HomeMy WebLinkAboutI. COW Agenda 08/11/2009
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COMMITTEE OF THE WHOLE
AGENDA
Meeting Location:
Mount Prospect Village Hall
50 South Emerson Street
Meeting Date and Time:
Tuesday, August 11, 2009
7:00 p,m.
I. CALL TO ORDER - ROLL CALL
Trustee Paul Hoefert
Trustee John Korn
Trustee Steven Pol it
Mayor Irvana K. Wilks
Trustee Arlene Juracek
Trustee John Matuszak
Trustee Michael Zadel
II. ACCEPTANCE OF MINUTES OF THE COMMITTEE OF THE WHOLE JULY 14,2009
III. CITIZENS TO BE HEARD
IV. 2009 MID-YEAR REVIEW AND UPDATE OF THE 2010 BUDGET FORECAST
2009 MID-YEAR REVIEW AND UPDATE OF THE 2010 BUDGET FORECAST
Each year the Village Board engages in a mid-year review of the current budget as
a means of monitoring the revenue and expenditure levels contained therein. In
addition, the Village Board also engages in a pre-budget workshop with the Finance
Commission specifically designed to look forward to the upcoming budget year with
the idea of setting fiscal parameters and giving staff direction for preparation of next
years budget. Finance Commission members have had the opportunity to review
the materials as well. The mid-~ear review was discussed at the Finance
Commission meeting held August 5 h.
With the close of June financial activity, staff is in position to present mid-year
financial data for 2009 as well as review the 2010 forecast budget. Current
projections for 2009 show a year-end deficit of $1 ,493,209. Overall, revenues are
down in the General Fund. Material shortfalls were seen in income taxes,
investment income, real estate transfer tax and utility taxes. We now expect total
General Fund revenues to come in at $39,970,000. This is a decrease of
$1,490,000 from the amended budget. Total expenditures were estimated at
$41,463,209. Expenses have already been reduced by $491,000 through budget
cuts from all departments in an effort to reduce the deficit. Departments are being
asked to cut an additional $458,000 from their budgets to further address the
revenue shortfall. Staff will continue to closely monitor revenues and expenditures
through the end of the year and make adjustments to spending as needed.
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The Village's 2010 budget forecast for the General Fund shows a deficit of
$2,022,135 on revenues of $40,938,000 and expenditures totaling $42,960,135. It
is expected that this deficit will be reduced during the budget process for 2010. In
preparing the 2010 budget, departments have been asked to hold spending at 2009
levels, post budget cuts. Discussion will also focus on significant items in other
Village Funds and the impact pension funding will have on the 2009 property tax
levy.
Staff has prepared a comprehensive memorandum detailing the Village's financial
condition for both the balance of 2009 and forecast of 201 O. Staff will also share its
current budget preparation strategy and look to the Village Board for direction
regarding the upcoming budget. Appropriate staff will be on hand to answer
questions and facilitate discussion.
V. MANAGER'S REPORT
. Status
VI. ANY OTHER BUSINESS
VII. ADJOURNMENT
NOTE: ANY INDIVIDUAL WHO WOULD LIKE TO A TTEND THIS MEETING BUT BECAUSE OF A
DISABILITY NEEDS SOME ACCOMMODA TlON TO PARTlCIPA TE, SHOULD CONTACT THE VILLAGE
MANAGER'S OFFICE AT 50 SOUTH EMERSON, MOUNT PROSPECT, ILLINOIS 60056, 847/392-6000,
EXTENSION 5327, TDD #847/392-6064
Page 2 of 2
Committee of the Whole Agenda
8/11/2009
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