HomeMy WebLinkAbout2c. 2011 Revised Forecast Budget
Village of Mount Prospect, Illinois
General Fund - Revenues and Expenditures
2011 Forecast
(a) (b) (c) (d) (e)
2010 2011 Forecast
Current Original Current Increase Percent
Projections Forecast Forecast (Decrease ) Change Notes
Revenues:
Property Taxes 11,575,000 12,642,000 12,642,000 0 0.00
Sales Taxes - ROT Portion 9,560,000 9,812,000 9,812,000 0 0.00
Sales Taxes - HMR Portion 1,246,000 1,296,000 1,296,000 0 0.00
Food and Beverage Tax 750,000 743,000 772,500 29,500 3.97 A
Real Estate Transfer Tax 600,000 650,000 600,000 (50,000) (7.69) B
Telecommunications Tax 2,900,000 2,900,000 2,900,000 0 0.00
Utility Taxes 1,913,000 1,968,000 1,932,000 (36,000) (1.83) C
Other Taxes 139,000 166,000 140,000 (26,000) (15.66) D
Vehicle Licenses 1,405,000 1,405,000 1,405,000 0 0.00
Other Licenses, Permits, Fees 2,021,000 2,055,000 2,055,000 0 0.00
State Income Tax 4,445,000 4,615,000 4,615,000 0 0.00 E
Other Intergovernmental 1,235,100 1,278,000 1,278,000 0 0.00
Charges for Services 1,640,000 1,666,500 1,666,500 0 0.00
Fines and Forfeits 600,000 642,000 600,000 (42,000) (6.54) F
Investment Income 100,000 292,500 200,000 (92,500) (31.62) G
Other Revenue 462,000 452,500 465,000 12,500 2.76
Total Revenues 40,591,100 42,583,500 42,379,000 (204,500) (0.48)
Expenditures
Public Representation 126,410 134,207 134,207 0 0.00
Village Manager's Office 2,518,951 2,944,533 2,944,533 0 0.00
Television Services Division 202,049 224,674 224,674 0 0.00
Village Clerk's Office 208,643 218,625 218,625 0 0.00
Finance Department 1,612,713 1,675,339 1,675,339 0 0.00
Community Development Dept. 2,288,046 2,387,774 2,387,774 0 0.00
Human Services Dept. 1,154,769 1,199,154 1 ,199,154 0 0.00
Police Department 15,038,164 16,305,497 16,305,497 0 0.00
Fire Department 11,478,827 12,506,528 12,506,528 0 0.00
Public Works Department 6,082,602 7,052,589 7,052,589 0 0.00
Community and Civic Services 387,756 433,085 433,085 0 0.00
Miscellaneous 46,600 46,750 46,750 0 0.00
Total Expenditures 41,145,530 45,128,755 45,128,755 0 0.00 H
Excess of Revenues over Expend. (554,430) (2,545,255) (2,749,755) (204,500)
Other Financing Sources/Uses
Transfers In 0 0 0 0
Transfers Out 0 0 0 0
Total Other Financing Uses 0 0 0 0
Excess of Revenues over Expend.
and Other Financing Uses: (554,430) (2,545,255) (2,749,755) (204,500)
1 of 2
General Fund Forecast 2011 - Q1
Village of Mount Prospect, Illinois
General Fund - Revenues and Expenditures
2011 Forecast
Notes
A Projection based on 2010 estimate. 3.0% growth from prior year results in 3.97% increase in the forecast budget.
S Projection based on 2010 estimate. Assumes no growth from prior year.
C Projection based on 2010 estimate. 1.0% growth from prior year results in 1.83% decrease in the forecast budget.
D Projection based on 2010 estimate. 1.0% growth from prior year results in 15.66% decrease in the forecast budget.
E Did not make an adjustment to the original budget amount. This could change if the State's proposal for
reducing the per capita amount for income tax comes to fruition. The impact would be a reduction in the
income tax of $1.3 million.
F Projection based on 2010 estimate. Assumes no growth from prior year.
G The estimated return on surplus funds is being calculated based on a return of 2.5% on an average balance
of $8.0 million.
H Typically annual savings from the annual budget range from 1-2%. To be conservative, no assumption were
made for the 2011 forecast. If the Village were to come in 1.0% below budget there would be a savings of $451 ,288.
The mid-year budget review is set for August.
The total forecast deficit for 2011 is projected to increase by $204,500 after considering the adjustments made to the
revenues. It is expected that this deficit would be eliminated through adjustments to existing revenues and
significant budget reductions during the 2011 budget review process.
2 of 2
General Fund Forecast 2011 - Q1