Loading...
HomeMy WebLinkAboutAgenda Packet 08/10/2010 (workshop) IP � , Piling of AltIllif frasprf ' V7 111111101 -NOTE TIME AND LOCATION - ORDER OF BUSINESS JOINT FINANCIAL PLANNING WORKSHOP Meeting Location: Meeting Date and Time: Fire Station #14 Tuesday, August 10, 2010 2000 E. Kensington 6:30 P.M. Mount Prospect, Illinois 60056 I. CALL TO ORDER II. ROLL CALL VILLAGE BOARD Mayor Irvana Wilks Trustee Paul Hoefert Trustee Juracek Trustee John Korn Trustee John Matuszak Trustee Steven Polit Trustee Michael Zadel ROLL CALL FINANCE COMMISSION Chair - Vincent Grochocinski Pam Bazan Thomas Pekras Ann Similanic Wayne Gardner John Kellerhals Don Ocwieja III WORKSHOP TO DISCUSS 2010 MID -YEAR REVIEW AND UPDATE OF THE 2011 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 previously. The mid -year review was discussed with the Finance Commission at its meeting on July 22, 2010. 1 With the close of June financial activity, staff is in position to present mid -year financial data for 2010 as well as review the 2011 forecast budget. Current projections for 2010 show a year -end deficit of $425,430. Overall, revenues are in the General Fund are coming in at budget. Material shortfalls are being seen in the home rule sales tax, investment income and fines & forfeits. These shortfalls have been offset by increases to the state portion of the sales tax and property taxes. We now expect total General Fund revenues to come in at $40,720,100. This is an increase of $29,000 from the amended budget. Total expenditures were estimated at $41,145,530. The Village's 2011 budget forecast for the General Fund shows a deficit of $3.1 million on revenues of $42,016,500 and expenditures totaling $45,128,755. Significant effort will be needed during the budget process for 2011 to reduce this deficit. In preparing the 2011 budget, departments have been asked to hold spending at 2010 levels and look for other areas to reduce spending. Discussion at the workshop will also focus on significant items in other Village Funds and the proposed 2010 property tax levy. Staff has prepared a comprehensive memorandum detailing the Village's financial condition for both the balance of 2010 and forecast of 2011 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. IV. ADJOURNMENT 2 Mourn Prospect Village of Mount Prospect Mount Prospect, Illinois INTEROFFICE MEMORANDUM TO: MICHAEL E. JANONIS, VILLAGE MANAGER FROM: FINANCE DIRECTOR DATE: AUGUST 6, 2010 SUBJECT: 2010 MID -YEAR REVIEW AND UPDATE OF THE 2011 BUDGET FORECAST Each year, the Finance Department prepares for the Village Board and Finance Commission a mid -year review of the financial status of the current year's budget and a forecast for the upcoming year. The Finance Department also holds a joint workshop with the Village Board and Finance Commission earlier in the year to present a first - quarter review that includes a wrap -up of the prior year's activity and insight into early trends for the current fiscal year. This practice provides a solid foundation for preparation of the upcoming annual budget. This memorandum is intended to supplement the June 30, 2010 Budget Revenue and Expenditure Summaries that were submitted to the Commission and Board previously. The principal focus of this memorandum is on the General Fund, since it is the main operating fund of the Village. Also discussed to a lesser degree are a few of the more material operating and capital project funds. It should be pointed out that the current estimates of revenues and expenditures for 2010 are fluid and may change during the remaining six months of the fiscal year. 2010 MID -YEAR REVIEW GENERAL FUND The 2010 General Fund as approved by the Village Board in December 2009 showed a deficit of $383,000 and totaled $41,074,100. The deficit was the result of a planned drawdown of fund balance to support contributions to the Village's public safety pensions. The General Fund budget was amended in April to account for carry-over items from the prior year's budget. Adjustments to General Fund expenses were made in various areas totaling $71,430 bringing total General Fund expenditures to $41,145,530. After these changes, the amended budget reflects a deficit of $454,430. As part of the mid -year review, we looked at all revenue and expenditure accounts to determine if any material variances were likely. We now expect total General Fund Mid -Year Budget Review August 6, 2010 Page 2 revenues to come in at $40,720,100, an increase of $29,000 over the amended budget. Total expenditures remain at $40,145,530. The projected deficit at the end of 2010 was reduced to $425,430 as a result of the changes. Exhibit I presents a summary of our current projections of revenues and expenditures, with a comparison to the amended budget. General Fund Revenues: General Fund revenues at June 30, 2010 were $14,814,400. This accounts for 36.4% of the amended budget. Being below 50% at mid -year itself should not be a concern as receipt of several significant revenue sources by the Village lag one to three months. These revenue sources include sales tax, income tax, utility taxes and other intergovernmental revenues. One area of concern is the state's remittance of income taxes to the Village. AS of the date of this memo, the state is currently four months behind their regular payment schedule. The four -month delay totals $1.7 million. General Fund Revenue Collections as a Percent of Annual Budget 100% c 80% 0.) 60% — L 40% n- 20% n 0% i , 5 �a + ,set 40 ac�a a cc , �.� o o z e p oe0 0 "cs oa ya5 o ecc� aGr �cc` c�\� �� C J c Q �> \a �a co ' co ,aa c5a� ` � J i Q- Revenue Type The preceding chart illustrates the percent of revenues received by the Village in several categories as of June 30 The current year -end estimate for revenues is slightly above the amended budget. Property tax revenues (for both the general and pension allocation) of $5,947,514 are running at 51.4% of budget. This is typical in that the first allotment of property taxes received is an estimate based on the prior year receipts while the second allotment, which comes in later in the year, captures the levy increase approved in the current tax year. Our year -end estimate is above the amended budget amount by 1.5 %. The average collection rate for property taxes since levy year 1999 is 98.7 %. We had originally anticipated a H:\ACCT \BUDGET \Budget 2010 \Quarterly & Mid -Year Review \VB 2010 Mid -Year Review Memo.doc Mid -Year Budget Review August 6, 2010 Page 3 collection rate of 97.5% in preparing the 2010 budget. Revenues classified as "Other Taxes" include such sources as the one - quarter cent home rule sales tax, food and beverage tax, real estate transfer tax, hotel /motel tax, telecommunications tax and the electric and gas utility taxes. In total, revenue collections from "Other Taxes" came to $2,435,568 as of June 30 which is 32.2% of annual budget. Again, this is a category where there is a three -month lag in receipt of two of the more significant revenues (home -rule sales tax and telecommunications tax). The Village's home rule sales tax is running 8.9% above the prior year through the first three months of the year. Although above prior year levels, the comparison is being made against a period when a major retailer was closed for seven months to complete a remodel and expansion of their Mount Prospect location. Receipts from the home rule sales tax are expected to fall short of budget by $146,000. It appears that the downturn in the economy continues to have an impact on retail goods that generate this tax. The real estate transfer tax has also been negatively impacted by the downturn in the economy, as the housing market continues to struggle. Transfer tax receipts are off almost 70% from their high level point in 2005. Projected receipts for this tax are expected to total $474,000, $175,000 below original budget projections. Collections from licenses and permit fees totaled $2,149,263, or 62.7% of the $3.4 million budget. Vehicle license revenue of $1,247,257 is at 88.8% of budget, which is expected given the timing for selling the 2010/2011 vehicle sticker. Activity for this revenue is coming in as expected. No changes were made to year -end estimates for this category of revenues. Intergovernmental revenues totaled $3,187,703 as of June 30 which is 20.9% of the $15.2 million annual budget. Intergovernmental revenues in the General Fund include the local share of the state sales tax, state income tax, use tax, replacement tax and other miscellaneous state and federal grants. Sales tax collections, which make up approximately 63% of the "Intergovernmental" category, are at $2,334,181. This represents 24.4% of budget. The current projection for this revenue is $9,900,000. Year -to -date collections are running 17.5% above the same period last year. As was mentioned for the home rule sales tax, the comparison is being made against a period when a major retailer had been closed for seven months. When compared to 2008, our peak sales tax year, receipts for the first six months were up 3.0 %. Year end projections have sales taxes coming in over budget by $340,000 or 3.6 %. Receipts from the State's distribution of the state income tax totaled $415,403 at June 30 This is down from the same period last year by $1.7 million. The drop is due to the state being 5 months behind at June 30 in making their income tax remittances to H:\ACCT \BUDGET \Budget 2010 \Quarterly & Mid -Year Review \VB 2010 Mid -Year Review Memo.doc Mid -Year Budget Review August 6, 2010 Page 4 municipalities. Based on warrants received to -date the State is $1.9 million behind in income tax payments to the Village. No changes were made to the year -end projection for income taxes. Revenue from Fines totaled $241,904 for the first six months. This represents 37.7% of the $642,000 budgeted for the year. We expect this revenue to come in $66,000 below budget for 2010. Circuit court fines lag the 50% benchmark at June 30 as there is a two - month delay in receiving this money from Cook County. Investment income totaled just $20,087 for the first six months, representing 15.5% of the $130,000 projected for the year. Significantly lower rates paid for short -term investments are causing this shortfall. The budget anticipated an earnings rate on surplus fund of 1.5 %. Actual earnings are closer to 0.2 %. Other Revenue, consisting of reimbursements and other revenues, totaled $205,611 as of June 30 This is 44.5% of the $462,000 budgeted for the year. We expect these revenues to fall short of our projections by $16,000 for 2010. General Fund Expenditures: The amended 2010 budget totals $41,145,530. As of June 30 the Village had recorded expenditures of $18,347,248. This represents 44.6% of budget and is consistent with previous years. Most of the departments are at or below the benchmark 50 %. Only Public Representation deviates significantly from the benchmark. The following chart illustrates General Fund expenditures as a percentage of annual budget at June 30. General Fund Expenditures as a Percent of Annual Budget Public Representation € I Manager's Office Television Services Clerk's Office Finance Comm. Dev. E Human Services Q o Police Fire Public Works Misc. 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Percent Public Representation expenditures totaled $115,997 through June 30 representing 91.8% of budget. This budget is typically above the 50% benchmark as organizational H:\ACCT \BUDGET \Budget 2010 \Quarterly & Mid -Year Review \VB 2010 Mid -Year Review Memo.doc Mid -Year Budget Review August 6, 2010 Page 5 memberships are paid in the beginning of the year. For the past several years, total General Fund expenditures have come in anywhere from one to two percent under budget. With the tightening of department budgets, 2010 savings is expected to come in closer to 0.5% similar to the savings seen in 2009 (0.3 %). The chart below shows budget to actual expenditures since 2005. A 0.5% savings in expenditures for 2010 reduces the estimated deficit by over $200,000. Year Amended Budget Actual Expenditures Variance 2005 $34,269,738 $33,625,909 (1.87 %) 2006 $36,908,387 $36,282,681 (1.70 %) 2007 $39,470,568 $38,917,075 (1.40 %) 2008 $41,281,355 $40,534,554 (1.80 %) 2009 $40,697,094 $40,571,714 (0.30 %) Additional discussion on several other operating and capital funds worth noting include the Capital Improvement Fund, Street Improvement Fund, and Water and Sewer Fund. CAPITAL IMPROVEMENT FUND Beginning with calendar year 2008 the Capital Improvement Fund has as a dedicated revenue source in the home rule sales tax. It is estimated that $1 million of this new revenue would go to support capital projects with the remainder going towards rebuilding fund balance. It is now projected that just $900,000 will be available in 2010 due to the drop in the home rule sales tax. The one - quarter percent home rule tax was originally budgeted to generate $1,250,000 annually. Due to slowing of the economy the home rule tax is expected to fall short by $146,000. As was the case in 2009, the shortfall in the home rule tax has required projects of lower priority to be deferred until the following year. STREET IMPROVEMENT CONSTRUCTION FUND This fund was created to account for the 1997 revenue enhancements that are earmarked for the street improvement program. Annual funding for this program comes from the home rule sales tax and municipal motor fuel tax in this fund and from the state motor fuel tax in the MFT fund. Revenue expected in 2010 from the home rule sales tax and municipal motor fuel tax was $1,246,000 and $260,000 respectively. In addition an EECBG grant for streetlights totaling of $210,600 is also expected. A total of $2,665,880 has been budgeted for street resurfacing and reconstruction. As of June 30 $1,333,458, or 50.0 %, has been expended. The balance of the street resurfacing program will be completed during the second half of the year. Modifications to the street program were necessary in 2009 and 2010 as revenue from the home rule sales tax and state motor fuel tax has fallen. WATER AND SEWER FUND Revenues through June 30 total $5,021,194, representing 41.1% of the $12.2 million budget. This is typical, as water consumption increases during the summer months. In H:\ACCT \BUDGET \Budget 2010 \Quarterly & Mid -Year Review \VB 2010 Mid -Year Review Memo.doc Mid -Year Budget Review August 6, 2010 Page 6 addition, there is a two -month lag for residential billing and one -month lag for commercial properties. The amended budget for the Water and Sewer Fund for 2010 is $13.5 million. After six months, actual expenditures have totaled $3,821,809, or 28.2% of budget. Expenditures appear to be low because of capital improvements scheduled for later in the year have not yet been started. Capital projects include water main replacement, overhead sewer program and combined sewer improvements. There are no material variances expected between now and the end of the year. 2011 FORECAST The 2010 Annual Budget included a forecast budget for the year 2011 for each operating and capital project fund. The purpose of this portion of this memorandum is to bring forward any material variances in revenues /expenditures now expected for the year 2011. GENERAL FUND Exhibit II has been prepared to compare the original forecast numbers to our most recent estimates. The original forecast budget showed an operating deficit of $2.5 million on revenues of $42,583,500 and expenditures totaling $45,128,755. Our more recent estimates now show that the deficit has increased to $3.1 million. Revenues falling short of budget include the home rule sales tax, real estate transfer tax, utility taxes and investment income. Revenues are now projected to come in at $42,016,500, $567,000 lower than the original forecast budget. General Fund Revenues: Below is an explanation of significant variances from the original budget forecast for 2011. The decrease in Property taxes is the result of limiting the overall increase of the property tax levy to 5.0 %. In order to meet this mark the General Fund portion of the levy was reduced $449,000. Home rule sales tax receipts are expected to come in below the original 2011 forecast by $185,000. This is based on projections for 2010 and assumes a 1°/0 growth for the year. Real Estate Transfer Tax receipts had been strong from 2002 to 2005 with the Village receiving over $1 million from this revenue source in each these four years. Much of this growth had to do with the downtown redevelopment and strong housing market. Beginning in 2006, the Village began to see a decline in this revenue due to a cooling of the housing market. A leveling off of the revenue has occurred which is expected to continue into 2011. As a result the forecast for 2011 was reduced $150,000 to $500,000. The forecast for Utility Taxes for gas and electric have been lowered $135,000, from H:\ACCT \BUDGET \Budget 2010 \Quarterly & Mid -Year Review \VB 2010 Mid -Year Review Memo.doc Mid -Year Budget Review August 6, 2010 Page 7 $1,968,000 to $1,833,000 based on the reduced estimate for 2010. Investment income was reduced by $192,500 for 2011 due to lower returns on invested surplus funds. The 2011 forecast originally anticipated returns of 3.5 %. I am now estimating returns to be just 1.0 %. General Fund Expenditures: At this time we are expecting expenditures to remain consistent with the original forecast. As mentioned earlier in this memo, the mid -year review and budget forecast update are intended to provide a foundation for preparation of the annual budget. Moving forward staff will incorporate directives and suggestions from the Village Board and Finance Commission for their 2011 budget proposals. Review of the 2011 proposed budget will occur in October and November with final approval occurring in December. BUDGET CALENDAR Attached as Exhibit III is the 2011 budget calendar as presented in the current 2010 budget document. We will anticipate moving forward with the 2011 budget process according to this calendar. H:\ACCT \BUDGET \Budget 2010 \Quarterly & Mid -Year Review \VB 2010 Mid -Year Review Memo.doc Exhibit 1 Village of Mount Prospect, Illinois General Fund - Revenues and Expenditures 2010 Mid -Year Review (a) (b) (c) (d) (e) Budget 2010 YTD Actual 2010 Variance - 2009 Amended 01/01/10- Current Favorable Actual Budget 6/30/2010 Estimate (Unfavorable) Notes Revenues: Property Taxes 10,641,494 11,575,000 5,947,514 11,750,000 175,000 A Sales Taxes - ROT Portion 9,055,194 9,560,000 2,334,181 9,900,000 340,000 B Sales Taxes - HMR Portion 1,036,021 1,246,000 233,754 1,100,000 (146,000) C Food and Beverage Tax 751,121 728,000 307,058 765,000 37,000 Real Estate Transfer Tax 405,300 650,000 210,875 475,000 (175,000) D Telecommunications Tax 2,810,330 2,900,000 775,176 2,950,000 50,000 Other Utility Taxes 1,708,847 1,913,000 840,171 1,833,000 (80,000) Other Taxes 142,124 139,000 68,534 139,000 0 Vehicle Licenses 1,395,204 1,405,000 1,247,257 1,405,000 0 Other Licenses, Permits, Fees 2,276,850 2,021,000 902,006 2,021,000 0 State Income Tax 4,573,162 4,445,000 415,403 4,445,000 0 Other Intergovernmental 1,246,017 1,235,100 438,119 1,235,100 0 Charges for Services 1,691,169 1,640,000 626,750 1,640,000 0 Fines and Forfeits 529,655 642,000 241,904 576,000 (66,000) Investment Income 64,954 130,000 20,087 40,000 (90,000) E Other Revenue 538,028 462,000 205,611 446,000 (16,000) Total Revenues 38,865,470 40,691,100 14,814,400 40,720,100 29,000 F Expenditures Public Representation 119,564 126,410 115,997 126,410 0 Village Manager's Office 3,015,431 2,518,951 1,034,701 2,518,951 0 Television Services Division 193,273 202,049 97,253 202,049 0 Village Clerk's Office 208,123 208,643 92,492 208,643 0 Finance Department 1,564,367 1,612,713 739,073 1,612,713 0 Community Development Dept. 2,149,201 2,288,046 972,217 2,288,046 0 Human Services Dept. 1,004,630 1,154,769 501,365 1,154,769 0 Police Department 14,150,720 15,038,164 6,771,114 15,038,164 0 Fire Department 11,338,492 11,478,827 5,204,282 11,478,827 0 Public Works Department 6,424,115 6,082,602 2,693,681 6,082,602 0 PW - Storm Expenses 0 0 0 0 0 Community and Civic Services 358,209 387,756 102,211 387,756 0 Miscellaneous 45,590 46,600 22,862 46,600 0 Total Expenditures 40,571,713 41,145,530 18,347,248 41,145,530 0 G Excess of Revenues over Expend. (1,706,243) (454,430) (3,532,848) (425,430) 29,000 Other Financing Sources /Uses Transfers In 0 0 0 0 0 Transfers Out (635,100) 0 0 (861,000) 861,000 H Total Other Financing Uses (635,100) 0 0 (861,000) 861,000 Excess of Revenues over Expend. and Other Financing Uses: (2,341,343) (454,430) (3,532,848) (1,286,430) 890,000 1 of 2 Mid -Year Review - 2010 Exhibit I Village of Mount Prospect, Illinois General Fund - Revenues and Expenditures 2010 Mid -Year Review Notes A The nine year average for collections of property taxes is 98.7% We had used an assumption of 97.5% when preparing the budget. In addition there are $37,500 estimated to come in from prior year levies not budgeted. B There is a 3 -month lag in receiving sales taxes from the State. Updated projection based on year -to -date receipts. Sales taxes through July (April activity) were 3.1% over 2008 levels. An adjustment was made for a one -time receipt of taxes totaling $350,000 in October 2008. C Projection for home rule sales taxes was reduced based on year -to -date receipts. Although these taxes are expected to grow 6.2% from the prior year, they will still fall short of budget by $146,000. A much larger jump was expected in 2010 from the reopening of the Walmart store. D The real estate market continues to slump impacting this revenue source. Receipts remain almost 70% from the high point in 2005. E The estimated return on surplus funds is being calculated based on a return of 0.2 %. F Total revenues were increased by $129,000 based on activity in the first six months of the year. The next review of revenues will occur during the budget process for 2011 beginning in August. G To be conservative, expenses are projected to come in at budget. Typically, expenses come in 1 -2% below budget. Any realized savings from budget go to restoring the benchmark 25% fund balance level. H Reamining amount committed to support Phase I construction projects. Total commitment was $2.0 million. The amended budget shows a deficit of $454,430 due to a planned drawdown of fund balance of $383.000 and a budget amendment of $71,430. The deficit is now projected to be $325,430 due to slight adjustments in overall revenues for the year. 2 of 2 Mid -Year Review - 2010 Exhibit 11 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 11,750,000 12,642,000 12,225,000 (417,000) (3.30) A Sales Taxes - ROT Portion 9,900,000 9,812,000 10,300,000 488,000 4.97 B Sales Taxes - HMR Portion 1,100,000 1,296,000 1,111,000 (185,000) (14.27) C Food and Beverage Tax 765,000 743,000 788,000 45,000 6.06 Real Estate Transfer Tax 475,000 650,000 500,000 (150,000) (23.08) D Telecommunications Tax 2,950,000 2,900,000 2,950,000 50,000 1.72 Utility Taxes 1,833,000 1,968,000 1,833,000 (135,000) (6.86) E Other Taxes 139,000 166,000 140,000 (26,000) (15.66) 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 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 576,000 642,000 600,000 (42,000) (6.54) Investment Income 40,000 292,500 100,000 (192,500) (65.81) F Other Revenue 446,000 452,500 450,000 (2,500) (0.55) Total Revenues 40,720,100 42,583,500 42,016,500 (567,000) (1.33) G 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 Excess of Revenues over Expend. (425,430) (2,545,255) (3,112,255) (567,000) 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: (425,430) (2,545,255) (3,112,255) (567,000) H 1 of 2 General Fund Forecast 2011 - Mid -Year Review Exhibit 11 Village of Mount Prospect, Illinois General Fund - Revenues and Expenditures 2011 Forecast Notes A The 2010 property tax levy (payable in 2011) was limited to a 5% increase from the prior year resulting in a reduction in the General Fund portion of the levy. B Projection based on 2010 estimate. 3.0% growth from prior year results in 4.97% increase in the forecast budget. C Projection based on 2010 estimate. 1.0% growth from prior year results in 14.27% decrease in the forecast budget. D Projection based on 2010 estimate. Minimal growth is expected during 2011 as the housing market is slow to rebound. E Projection based on 2010 estimate. No growth is expected during 2011. F The estimated return on surplus funds is being calculated based on a return of 1.0% on an average balance of $10.0 million. G Total revenues were decreased $117,000 based on activity in the first six months of the year. The next review of revenues will occur during the budget process for 2011 beginning in August. H Planning is currently underway for addressing the deficit in 2011. Departments are preparing their 2011 budget submittals. Departmental budget meetings will begin at the end of August. It is expected that this deficit would be eliminated through adjustments to existing revenues and budget reductions. 2 of 2 General Fund Forecast 2011 - Mid -Year Review Exhibit 111 VILLAGE OF MOUNT PROSPECT BUDGET CALENDARS 2010 and 2011 2010 2011 DATE ACTION DATE 3/6/09 Capital Improvement Plan (CIP) Worksheets forwarded to Department 3/5/10 Directors 3/20/09 Completed Computer CIP Worksheets returned to Finance Department 3/19/10 4/3/09 Remaining CIP Worksheets returned to Finance Department 4/2/10 4/28/09 Prior Year Budget Wrap -up and Preliminary Q1 Review 4/27/10 5/11/09 Department CIP reviews with Village Manger and Finance Director 5/10/10 to 5/15/09 to 5/14/10 5/22/08 Complete Proposed CIP Amounts 5/21/10 6/5/09 Deliver Proposed CIP to Village Board and Finance Commission 6/11/10 6/25/09 Review Proposed CIP with Finance Commission 6/24/10 7/14/09 Committee of the Whole - CIP Review Session 7/13/10 7/21/09 Acceptance of Proposed CIP at Village Board Meeting 7/20/10 7/10/09 Budget Kickoff Meeting (Staff) and Budget Worksheets forwarded to 7/9/10 Department Directors 7/17/09 Departmental Staffing Request Submittals Due to Village Manager 7/16/10 8/11/09 Committee of the Whole - Mid -Year Budget Review and Pre - Budget 8/10/10 Workshop 8/7/09 CIP available for distribution 8/6/10 8/7/09 Completed Budget Worksheets returned to Finance Department 8/6/10 Exhibit 111 VILLAGE OF MOUNT PROSPECT BUDGET CALENDARS 2010 and 2011 2010 2011 DATE ACTION DATE 8/7/09 Revenue Estimates completed by Finance Department 8/6/10 8/27/09 Personnel Budget Review 8/26/10 8/31/09 Department Budget reviews with Village Manager and Finance Director 8/30/10 to 9/03/09 to 9/02/10 9/16/09 Complete Proposed Budget Amounts 9/17/10 10/9/09 Deliver Proposed Budget to Village Board and Finance Commission 10/8/10 10/9/09 Proposed Budget available for public inspection at the Village Clerk's 10/8/10 Office and the Mount Prospect Public Library 10/15/09 Review of Proposed Budget with the Finance Commission 10/14/10 10/22/09 10/21/10 10/29/09 10/28/10 10/27/09 Committee of the Whole - First Budget Hearing (7:OOpm - 10:OOpm) 10/26/10 Overview, Departmental Presentations 11/10/09 Committee of the Whole - Second Budget Hearing (7:OOpm - 10:OOpm) 11/9/10 Departmental Presentations 11/24/09 Committee of the Whole - Third Budget Hearing (7:OOpm - 10:OOpm) 11/23/10 (If Necessary) 12/1/09 Truth in Taxation Public Hearing 12/7/10 12/1/09 First Reading of Proposed Budget Ordinance at Village Board Meeting 12/7/10 12/15/09 Public Hearing and Second Reading of Proposed Budget Ordinance at 12/21/10 Village Board Meeting 1/15/10 Approved Budget available for distribution 1/21/11 MAYOR VILLAGE MANAGER Mourg Prospect Irvana K Wilks Michael E. Janonis TRUSTEES VILLAGE CLERK Paul Wm. Hoefert M. Lisa Angell Arlene A. Juracek A. John Kom Phone: 847/392 -6000 John J. Matuszak Fax 847/392 -6022 Steven S. Polit TDD: 847/392 -6064 Michael A. Zadel wuratmountprospect.org Village of Mount Prospect 50 South Emerson Street, Mount Prospect, Illinois 60056 MEETING CANCELLATION THE VILLAGE OF MOUNT PROSPECT COMMITTEE OF THE WHOLE MEETING SCHEDULED FOR TUESDAY, AUGUST 10, 2010 HAS BEEN CANCELLED .•- THE NEXT REGULAR VILLAGE BOARD MEETING IS SCHEDULED FOR TUESDAY AUGUST 17, 2010 Dated this 25 day of April, 2010 MAYOR Irvana K. Wilks M P aspect VILLAGE MANAGER Michael E. Janonis TRUSTEES VILLAGE CLERK Paul Wm. Hoefert • Arlene A. Juracek M. Lisa Angell A. John Kom John J. Matuszak Phone: 847/392 -6000 Steven S. Polit Fax: 847/392 -6022 Michael A. Zadel TDD: 847/392 -6064 www.mountprospect.org Village of Mount Prospect 50 South Emerson Street, Mount Prospect, Illinois 60056 Mount Prospect Special Events Commission Meeting — Saturday, August 7, 2010 Community Center1 Floor, Village Hall 9:00 a.m. AGENDA 1. Call to Order 2. Approval of Meeting Minutes: July 10, 2010 3. Current Financial Report: Mike Janonis 4. Current Business a. Do it yourself Sousa: Wrap -up report: Martha Helm b. Family Bike Ride — Saturday, August 28 - Update and volunteer needs: Christina Greco/Teresa VanOpdorp 5. New Business a. Open positions on Commission b. 2011 Celestial Celebration — Saturday, February 5 - Planning: Kathy Janonis c. Meeting dates d. TEAM SEC 6. Gratitude and Adjournment "Differences are not intended to separate, to alienate. We are different precisely in order to realize our need of one another" -- Desmond Mpilo Tutu Next meeting date: Saturday, September mount Prospect Director Deputy Director Glen R. Andler Sean P. Dorsey Mount Prospect Public Works Department 1700 W. Central Road, Mount Prospect, Illinois 60056 -2229 NOTICE THE AUGUST 9, 2010 MEETING OF THE SAFETY COMMISSION HAS BEEN CANCELLED. THE NEXT REGULAR MEETING IS SCHEDULED FOR MONDAY, SEPTEMBER 13 AT 7:00 P.M. AN AGENDA OR CANCELLATION NOTICE WILL BE SENT PRIOR TO THIS MEETING. DATED THIS 28 DAY OF JULY, 2010. ? ,. d :;6;;) Fax 9; :931 7 ". ^iw . :T'€ unts.3'C} j"Ject org