HomeMy WebLinkAbout1. COW Agenda 8/13/2013
COMMITTEE OF THE WHOLE
A G E N D A
Meeting Location:Meeting Date and Time:
Mount Prospect Village HallTuesday,August 13, 2013
50 S. Emerson7:00 p.m.
I.CALL TO ORDER -ROLL CALL
Mayor Arlene A. Juracek
Trustee Paul HoefertTrustee Steven Polit
Trustee John KornTrustee Richard Rogers
Trustee John MatuszakTrustee Michael Zadel
II.APPROVAL OF COMMITTEE OF THE WHOLE MINUTES FOR MARCH 26, 2013
III.CITIZENS TO BE HEARD
IV.2013 MID-YEAR REVIEW AND UPDATE OF THE 2014 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 year’s budget.
With the close of June financial activity, staff is in position to present mid-year financial
data for 2013 as well as review the 2014 forecast budget. Current projections for 2013
show a deficit at year-end of $427,000. Overall, revenues in the General Fund are
coming in slightly above the original budget amount. Material increases are being seen in
the real estate transfer tax and state income tax. These increases have been partially
offset by decreases expected for the sales tax (state and local portions) and
telecommunication tax. We now expect total General Fund revenues to come in at
$44,435,498. This is an increase of $113,500 from the amended budget. Total
expenditures are estimated at $44,748,998. The Village’s 2014 budget forecast for the
General Fund shows a deficit of $391,000 on revenues of $45,566,474 and expenditures
totaling $45,957,474. It is expected that this deficit will be reduced during the budget
process for 2014. Discussion will also cover changes to the General Fund fund balance
and the proposed 2013 property tax levy. 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 25.
Staff has prepared a comprehensive memorandum detailingthe Village’s financial
condition for both the balance of 2013 and forecast of 2014. 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.STREET FUNDING PLAN-FINANCE COMMISSION RECOMMENDATION
Revenue shortfalls in the street program have resulted in a reduced number of miles
being resurfaced on an annual basis. There is currently a backlog in street resurfacing of
11 miles due to this lack of funding. At the request of the Village Board, the Finance
Commission was asked to research potential new revenue sources and prepare a
recommendation for the Board to consider.
At a joint meeting of the Village Board and Finance Commission held on July 9, the
Finance Commission presented a recommended funding plan for the street resurfacing
program. After considerable discussion the Village Board asked the Finance
original
Commission to look into alternatives for revising the funding plan. The funding
plan called for the following:
Reallocation andlowering property tax levies between the General and Refuse Funds
Increase in the direct charge for refuse collection of $143.00(to $243.00 annually)
Increase in the local motor fuel tax of $0.03(to $0.05 per gallon)
Increase in vehicle sticker fees of approximately $9.00(to $45.00)
Total new revenue generated under this proposed funding plan is $2.2 million.
The Finance Commission met with staff on July 25 to discuss possible revisions to the
funding plan. Items considered included the use of available fund balance and step
increases planned for user fees and taxes. Revisions made to be original funding plan
will be presented. These revisions accomplish the goal of funding the ongoing street
but do not address the backlog of street resurfacing.
program into the future,
Finance Commission Chair, Vince Grochocinski, and Village staff will be on hand to make
a more detailed presentation on the materials and to answer questions and facilitate
discussion.
VI.MANAGER’S REPORT
Status
VII.ANY OTHER BUSINESS
ADJOURNMENT
VIII.
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, 847/392-6000, EXTENSION 5327, TDD #847/392-6064