HomeMy WebLinkAbout3. Budget Memo 11/08/2011Village of Mount Prospect
Mount Prospect, Illinois
INTEROFFICE MEMORANDUM
TO: MAYOR AND BOARD OF TRUSTEES
FINANCE COMMISSION MEMBERS
FROM: FINANCE DIRECTOR
DATE: OCTOBER 14, 2011
SUBJECT: 2012 PROPOSED BUDGET
The Village Manager and the entire management team would like to present the proposed 2012 Annual
Budget. The format of the budget document has been changed slightly from last year. Information on the
changes will be provided during my budget overview presentation. We encourage you to read the Village
Manager's budget message, which can be found in the Introductory Section of the budget document. This
correspondence discusses the state of the Village's finances and highlights the more significant issues relative
to the budget.
The total proposed budget for 2012 is $87,632,445. This represents an increase of 0.2% from the prior year.
The 2012 General Fund budget, as presented, is balanced. The initial budget deficit for 2012 was $1.5 million.
Significant effort was required by all the departments to eliminate the deficit. For 2013, the General Fund is
showing a deficit of $900,672. Following is a bullet list of noteworthy issues for the proposed 2011 budget:
• The General Fund, as presented, is balanced and totals $41,547,482.
• A property tax increase of 4.33% is projected for the 2011 tax levy.
A 5% increase to the water /sewer rate and a $25 increase to the annual refuse collection fee are the
only other tax or fee increases included in this budget.
Finance Commission meetings to review the budget are scheduled for October 20, 27, and November 3
while budget presentations to the Village Board will be held at Committee of the Whole meetings
scheduled for October 25 and November 8.
As in the past, each department will make a brief budget presentation where key staff will be on hand to
answer questions and help facilitate your review of the budget. Please contact the Village Manager or myself
with any questions.
The 2012 Proposed Budget is now available for viewing online at www.moKgtproVect.or1z/budge t
DAVID O. ERB
FINANCE DIRECTOR