HomeMy WebLinkAboutII. Financial Planning Memo 04/26/2011Village of Mount Prospect
Mount Prospect, Illinois
INTEROFFICE MEMORANDUM
TO: MICHAEL E. JANONIS, VILLAGE MANAGER
FROM: FINANCE DIRECTOR
DATE: APRIL 21, 2011
SUBJECT: MATERIALS FOR APRIL 26, 2011 FINANCIAL PLANNING WORKSHOP
The attached binder includes materials that will be discussed at the financial planning
workshop scheduled for April 26, 2011. The goal of the workshop is to provide for the
Village Board and Finance Commission an update of the Village's current fiscal condition
and material to begin preliminary work on the 2012 budget.
Included in the binder is an end -of -year review for 2010, a 1 St quarter review of 2011 and
a revised forecast for 2012, all for the General Fund. In addition there are preliminary
summary tables for the 2012 -2016 Capital Improvement Plan. The figures for the CIP
are placeholders containing raw data. Meetings with the departments to discuss funding
and priorities are not scheduled until mid May. Five -year financial forecasts are included
for the major operating and capital funds to show the long -term funding needs for each
fund based on expected revenue and expense growth and the impact resulting from the
proposed capital projects.
Also included in the binder are various scenarios for the 2011 property tax levy. These
scenarios take consideration potential impacts to the levy as a result of action taken by
the state legislature that could impact income tax and other state - collected revenues.
These scenarios are only meant to be used as a stepping -off point for discussion
purposes.
The final two tabs in the binder are for updates on significant legislation currently being
considered in Springfield that could impact the Village budget, both now and into the
future. Staff will be on hand to make a presentation and facilitate discussion on all the
attached materials.
David O. Erb
Finance Director
DOE/
H:\ACCTIBUDGET\Budget 2011 \Quarterly & Mid Year Review \Binder Cover Memo - 2011.docx