HomeMy WebLinkAboutTab 3. 2012-Q1 Revised Forecast Budget (General Fund)Village of Mount Prospect, Illinois
General Fund - Revenues and Expenditures
2012 Forecast
1 of 2 General Fund Forecast 2012 - Q1.xlsx
(a)
(b)
(c)
(d)
(e)
2011
2012 Forecast
Current
Original
Current
Increase
Percent
Projections
Forecast
Forecast
(Decrease)
Change
Notes
Revenues:
Property Taxes
11,514,500
12,117,500
12,117,500
0
0.00
Sales Taxes - ROT Portion
10,495,000
10,600,000
10,700,000
100,000
0.94
A
Sales Taxes - HMR Portion
1,131,000
1,122,000
1,153,000
31,000
2.76
A
Food and Beverage Tax
807,000
765,000
823,000
58,000
7.58
B
Real Estate Transfer Tax
400,000
500,000
400,000
(100,000)
(20.00)
C
Telecommunications Tax
2,850,000
2,930,000
2,850,000
(80,000)
(2.73)
D
Other Utility Taxes
1,821,000
1,832,000
1,832,000
0
0.00
Other Taxes
50,000
41,000
50,000
9,000
21.95
Vehicle Licenses
1,405,000
1,405,000
1,405,000
0
0.00
Other Licenses, Permits, Fees
1,900,000
1,897,000
1,920,000
23,000
1.21
State Income Tax
4,445,000
4,445,000
4,445,000
0
0.00
Other Intergovernmental
1,394,000
1,177,100
1,190,000
12,900
1.10
Charges for Services
1,455,390
1,477,200
1,477,200
0
0.00
Fines and Forfeits
601,000
601,000
601,000
0
0.00
Investment Income
50,000
150,000
50,000
(100,000)
(66.67)
E
Other Revenue
636,040
661,540
640,000
(21,540)
(3.26)
Total Revenues
40,954,930
41,721,340
41,653,700
(67,640)
(0.16)
Expenditures
Public Representation
487,065
501,495
501,495
0
0.00
Village Manager's Office
2,588,729
2,674,485
2,674,485
0
0.00
Television Services Division
166,222
171,378
171,378
0
0.00
Village Clerk's Office
143,061
147,673
147,673
0
0.00
Finance Department
1,582,487
1,621,891
1,621,891
0
0.00
Community Development Dept.
2,174,030
2,256,193
2,256,193
0
0.00
Human Services Dept.
1,063,031
1,091,766
1,091,766
0
0.00
Police Department
14,723,106
15,453,284
15,453,284
0
0.00
Fire Department
11,424,557
12,005,147
12,005,147
0
0.00
Public Works Department
6,546,396
6,729,122
6,729,122
0
0.00
Miscellaneous
45,863
46,005
46,005
0
0.00
Total Expenditures
40,944,547
42,698,439
42,698,439
0
0.00
F
Excess of Revenues over Expend.
10,383
(977,099)
(1,044,739)
(67,640)
G
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:
10,383
(977,099)
(1,044,739)
(67,640)
G
1 of 2 General Fund Forecast 2012 - Q1.xlsx
Village of Mount Prospect, Illinois
General Fund - Revenues and Expenditures
2012 Forecast
Notes
A Projection based on 2011 estimate. 2.0% growth from prior year results in 0.94% increase in the forecast budget
A Projection based on 2011 estimate. 2.0% growth from prior year results in 2.76% increase in the forecast budget
B Projection based on 2011 estimate. 2.0% growth from prior year results in 7.58% increase in the forecast budget
C Reduced amount expected from real estate transfer tax to prior year levels until there is an indication that the housing
market is improving.
D Projection based on 2011 estimate. No growth is expected in this revenue source.
E Short term rates on surplus funds projected to remain low (10 -30 basis points).
F Typically annual savings from the annual budget range from 1 -2 %. To be conservative, no assumption were made
for the 2012 forecast. If the Villagewere to come in 1.0% below budget there would be a savings of $426,984. The
mid -year budget review is set for August where the 2012 forecast budget will again be reviewed.
G The total forecast deficit for 2012 is projected to increase by $67,640 after considering the adjustments made to the
revenues. It is expected that this deficit would be eliminated through adjustments to existing revenues and budget
reductions during the 2012 budget review process.
2 of 4 General Fund Forecast 2012 - Q1.xlsx