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Meeting Location:
Mount Prospect Village Hall
50 South Emerson Street
CALL TO ORDER - ROLL CALL
Trustee Paul Hoefert
Trustee John Korn
Trustee Steven Polit
COMMITTEE OF THE WHOLE
AGENDA
Mayor Irvana K.
Meeting Date and Time:
Tuesday, August 14, 2012
7:00 p.m.
Wilks
Trustee Arlene Juracek
Trustee John Matuszak
Trustee Michael Zadel
II. ACCEPTANCE OF MINUTES OF THE COMMITTEE OF THE WHOLE MEETING OF
MAY 22, 2012
REQUEST DEFERRAL OF COMMITTEE OF THE WHOLE MINUTES FOR JULY 10,
2012
III. CITIZENS TO BE HEARD
IV. 2012 MID -YEAR REVIEW AND UPDATE OF THE 2013 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 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 26, 2012.
With the close of June financial activity, staff is in position to present mid -year financial
data for 2012 as well as review the 2013 forecast budget. Current projections for 2012
show a slight surplus at year -end of $122,342. Overall, revenues in the General Fund
are coming in slightly over budget. Material shortfalls are being seen in fines & forfeits,
other utility taxes and the food & beverage tax. These shortfalls have been offset
primarily by an increase to the telecommunication tax with smaller increases to other
revenue sources. We now expect total General Fund revenues to come in at
$41,951,738. This is an increase of $404,256 from the amended budget. Total
expenditures are estimated at $41,829,396. The Village's 2013 budget forecast for the
General Fund shows a deficit of $766,692 on revenues of $42,666,800 and expenditures
totaling $43,433,492. It is expected that this deficit will be reduced during the budget
process for 2013. In preparing the 2013 budget, departments are using 2012 budget
amounts as their base and increasing accounts only where necessary. Justifications are
required when 2013 budget amounts exceed 2012. This is the same direction
departments received in preparing their 2012 budgets. Discussion will also cover
changes to the General Fund fund balance and the proposed 2012 property tax levy.
Staff has prepared a comprehensive memorandum detailing the Village's financial
condition for both the balance of 2012 and forecast of 2013. 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.
V. CAPITAL FUNDING - FINANCE COMMISSION RECOMMENDATION
A number of capital improvement priorities were shared with the Village Board and
Finance Commission at the financial planning workshop held in April 2012. These
capital priorities included street improvements, flood control, tree removal /replacement
necessitated by the infestation of the Emerald Ash Borer, automated meter reading
(AMR) equipment and the Randhurst funding plan. The Finance Commission was asked
to prepare a recommendation for the Village Board to consider during deliberations on
the proposed 2013 budget. The recommendation was to include 1) a prioritization of the
competing capital improvement priorities and, 2) a proposed capital funding plan.
The Finance Commission met several times during June and July to gather information
on the various capital improvement projects and discuss funding options. Their formal
recommendation was approved at the July 26 Finance Commission meeting.
A detailed presentation will be made by staff on the various funding sources that go into
supporting the capital program. Finance Commission Chair Vince Grochocinski will be
on hand to present the Commission's proposed funding plan. Appropriate staff will be
on hand to answer questions and facilitate discussion.
VI. VILLAGE MANAGER'S REPORT
VII. ANY OTHER BUSINESS
VIII. ADJOURNMENT
NOTE: ANY INDIVIDUAL WHO WOULD LIKE TO ATTEND THIS MEETING BUT BECAUSE OF A DISABILITY
NEEDS SOME ACCOMMODATION TO PARTICIPATE, SHOULD CONTACT THE VILLAGE MANAGER'S OFFICE AT
50 SOUTH EMERSON, MOUNT PROSPECT, ILLINOIS 60056, 8471392 -6000, EXTENSION 5327, TDD #8471392 -6064