HomeMy WebLinkAbout2c. 2009 First Quarter Review
Village of Mount Prospect, Illinois
General Fund - Revenues and Expenditures
2009 Quarterly Review - Q1
(a) (b) (c) (d) (e)
Budget
2009 YTD Actual 2009 Variance-
2008 Amended 01/01/09- Current Favorable
Actual Budget 3/31/2009 Estimate (U nfavorable) Notes
-
Revenues:
Property Taxes 10,346,986 10,637,000 4,749,074 10,637,000 0
Sales Taxes - ROT Portion 10,066,919 9,319,000 0 9,500,000 181,000 A
Sales Taxes - HMR Portion 1,221,967 1,250,000 0 1,125,000 (125,000) A
Food and Beverage Tax 776,268 760,000 111,857 760,000 0
Real Estate Transfer Tax 643,082 760,000 57,381 640,000 (120,000) B
Telecommunications Tax 2,7~0,473 2,630,000 0 2,630,000 0
Other Utility Taxes 1,987,506 2,052,000 446,151 2,052,000 0
Other Taxes 151,679 142,000 46,368 142,000 0
Vehicle Licenses 1,403,190 1,405,000 571,514 1,405,000 0
Other Licenses, Permits, Fees 1,691,638 2,370,000 401,698 2,370,000 0
State Income Tax 5,326,270 5,424,000 937,516 5,295,000 (129,000) C
Other Intergovernmental 1,803,622 1,507,500 182,413 1,507,500 0
Charges for Services 1,511,172 1,590,500 233,903 1,590,500 0
Fines and Forfeits 720,351 699,000 75,152 699,000 0
Investment Income 256,845 402,000 25,072 200,000 (202,000) 0
Other Revenue 405,090 512,000 98,274 512,000 0
Total Revenues 41,083,058 41,460,000 7,936,373 41,065,000 (395,000) r
Expenditures
Public Representation 163,821 137,304 25,492 137,304 0
Village Manager's Office 2,828,498 2,875,216 571,125 2,875,216 0
Television Services Division 193,430 191,413 55,192 191,413 0
Village Clerk's Office 198,860 217,076 50,533 217,076 0
Finance Department 1,584,722 1,594,795 384,854 1,594,795 0
Community Development Dept. 2,170,474 2,503,720 504,301 2,503,720 0
Human Services Dept. 838,999 1,210,291 188,972 1,210,291 0
Police Department 13,883,560 14,383,522 3,715,697 14,383,522 0
Fire Department 11,068,222 11,379,031 2,957,363 11,379,031 0
Public Works Department 6,981,997 6,981,652 1,482,160 6,981,652 0
PW - Storm Expenses 194,622 0 0 0 0
Community and Civic Services 381,889 434,380 53,671 434,380 0
Miscellaneous 45,460 46,500 11,398 46,500 0
Total Expenditures 40,534,554 41,954,900 10,000,758 41,954,900 0 F
Excess of Revenues over Expend. 548,504 (494,900) (2,064,385) (889,900) (395,000) G
Other Financing Sources/Uses
Transfers In 0 0 0 0 0
Transfers Out (822,274) 0 0 0 0
Total Other Financing Uses (822,274) 0 0 0 0
Excess of Revenues over Expend.
and Other Financing Uses: (273,770) (494,900) (2,064,385) (889,900) (395,000)
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1 st Quarter Review - 2009
Village of Mount Prospect, Illinois
General Fund - Revenues and Expenditures
2009 Quarterly Review - Q1
Notes
A There is a 3-month lag in receiving sales taxes from the State. January taxes received in April showed a
decrease of 4.7% from the prior year for the state portion and a decrease of 18.7% in the home rule portion.
Historically, the home rule tax in the Village has experienced greater volatility in both up and down economies.
Based on the state of the economy the projected year-end sales tax figures are expected to be down from
the prior year 5.6% for the state portion and 8.0% for the home rule portion.
B The Real Estate Transfer tax is down slightly at the end of the 1 st quarter. There are typically some larger
commercial property sales that boost this revenue, but that has not been the case to-date. It is anticipated
that this revenue will be off 15.8% from budget. This is in line with actual receipts for 2008.
C Updated estimates received from the Illinois Municipal League have the per capita amount for Income Tax
dropping from $96.40 to $94.10 during 2009. The adjustment in the budget amount reflects this change.
D The estimated return on surplus funds is being calculated based on a return of 1.6% on an average balance
of $12.5 million.
E Total revenues were decreased by $395,000 based on activity in the first three months of the year. Additional
adjustments (upward or downward) may be necessary when the mid-year review is prepared. At this
time these are conservative estimates for what is expected through the end of the year.
~ Typically annual savings from the annual budget range from 1-2%. To be conservative, no assumption were
made for this in 2009. If the Village were to come in 1.5% below budget, there would be a savings of
$629,323. The mid-year budget review is set for August. Additional budget adjustments could be considered
at that time. For 2008, final General Fund expenses came in 1.8% under budget.
G The initial budget for 2009 was balanced. The budget was amended for carryover items totaling $319,900.
The budget amendment also included a reduction in prior year property taxes of $175,000. The net result from
these changes is a planned deficit of $494,900. The prior year operating surplus is $548,504, sufficient to
support the additional expenses.
The 2009 budget is expected to have a shortfall of $889,900 after accounting for budget carry-overs and
revenue adjustments. Staff is formulating a plan to address the reduction in revenue ($395,000) if it appears
the trend will carry through to the end of the year. Adjustments to expenditures may occur before the mid-year
review.
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1 st Quarter Review - 2009