HomeMy WebLinkAbout3. 2013 Mid-Year Review & Update of the 2014 Budget Forecast 08/13/2013IL t'sa: nt Prospect
Village of Mount Prospect
Mount Prospect, Illinois
INTEROFFICE MEMORANDUM
TO: MICHAEL E. JANONIS, VILLAGE MANAGER
FROM: FINANCE DIRECTOR
DATE: AUGUST 6, 2013
SUBJECT:: 2013 MID -YEAR REVIEW AND UPDATE OF THE 2014 BUDGET
FORECAST
Each year, the Finance Department holds a joint workshop with the Village Board and Finance
Commission earlier in the year to present a first - quarter review that includes a wrap -up of the
prior year's activity and insight into early trends for the current fiscal year. The Finance
Department also prepares for the Village Board and Finance Commission a mid -year review of
the financial status of the current year's budget and a forecast for the upcoming year. This
practice provides a solid foundation for preparation of the upcoming annual budget.
This memorandum is intended to supplement the June 30, 2013 financial reports that were
submitted to the Village Board previously. The sole focus of this memorandum is on the
General Fund, since it is the main operating fund of the Village.
It should be pointed out that current estimates of revenues and expenditures for 2013 are fluid
and may change during the remaining six months of the fiscal year.
2013 MID -YEAR REVIEW
GENERALFUND
The 2013 General Fund as approved by the Village Board in December 2012 was balanced and
totaled $44,321,998. The General Fund budget was amended in March and June to account for
carry-over items from the prior year's budget and unanticipated expenses. Adjustments to
General Fund expenses were made in various areas totaling $427,000 bringing total General
Fund expenditures to $44,748,998. No adjustments have been made to revenues at this time.
The amended budget currently reflects a deficit of $427,000.
As part of the mid -year review, we looked at all revenue and expenditure accounts to determine
if any material variances were likely. We now expect total General Fund revenues to come in at
$44,435,498, an increase of $113,500 over the amended budget. Total expenditures are
expected to remain at the amended budget amount of $44,748,998. Taking into consideration
adjusted revenues and expenses, the General Fund is now showing a deficit of $313,500.
Exhibit I presents a summary of our current projections of revenues and expenditures, with a
comparison to the amended budget.
Mid -Year Budget Review
August 6, 2013
Page 2
General Fund Revenues:
General Fund revenues at June 30, 2010 were $17,356,526. This accounts for 39.2% of the
amended budget. Being below 50% at mid -year itself should not be a concern as receipt of
several significant revenue sources by the Village lag one to three months. These revenue
sources include sales tax, income tax, utility taxes and other intergovernmental revenues. State
income taxes and the real estate transfer tax have appeared to have rebounded from recent
lows. Still a concern is the state's precarious financial position that could impact the village at a
local level. The state is regularly two to three months behind with their monthly income tax
payments. Delinquent revenue resulting from the delay is between $1.0 and $1.5 million.
The preceding chart illustrates the percent of revenues received by the Village in several
categories as of June 30. The current year -end estimate for revenues is approximately one
quarter of one percent above the amended budget (0.26 %).
Property tax revenues (for both the general and pension allocation) of $6,470,786 are running
at 50.3% of budget. This is typical in that the first allotment of property taxes received is an
estimate (55 %) based on the prior year receipts while the second allotment, which comes in
later in the year, captures the levy increase approved in the current tax year. Our year -end
estimate is at the amended budget amount. The average collection rate for property taxes since
levy year 2002 is 98.3 %.
Revenues classified as "Other Taxes" include sources such as the one - quarter cent home rule
sales tax, food and beverage tax, real estate transfer tax, hotel /motel tax, telecommunications
tax and the electric and gas utility taxes. In total, revenue collections from "Other Taxes" came
to $2,701,146 as of June 30, which is 33.6% of annual budget. Again, this is a category where
there is a lag in receipt of two of the more significant revenues (home -rule sales tax and
telecommunications tax).
General Fund Revenue Collections as a Percent of
Annual Budget
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The preceding chart illustrates the percent of revenues received by the Village in several
categories as of June 30. The current year -end estimate for revenues is approximately one
quarter of one percent above the amended budget (0.26 %).
Property tax revenues (for both the general and pension allocation) of $6,470,786 are running
at 50.3% of budget. This is typical in that the first allotment of property taxes received is an
estimate (55 %) based on the prior year receipts while the second allotment, which comes in
later in the year, captures the levy increase approved in the current tax year. Our year -end
estimate is at the amended budget amount. The average collection rate for property taxes since
levy year 2002 is 98.3 %.
Revenues classified as "Other Taxes" include sources such as the one - quarter cent home rule
sales tax, food and beverage tax, real estate transfer tax, hotel /motel tax, telecommunications
tax and the electric and gas utility taxes. In total, revenue collections from "Other Taxes" came
to $2,701,146 as of June 30, which is 33.6% of annual budget. Again, this is a category where
there is a lag in receipt of two of the more significant revenues (home -rule sales tax and
telecommunications tax).
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Mid -Year Budget Review
August 6, 2013
Page 3
The Village's home rule sales tax is running below the prior year through the first six months of
the year (three months of receipts). Receipts from the home rule sales tax are expected to
come in below budget by $22,500.
Receipts from the real estate transfer tax have grown as a result of an improving housing
market. Several large property transfers have taken place during the first six months of the
year. While transfer tax receipts continue to be off from their high level point in 2005, projected
receipts for this tax are expected to total $725,000, an increase of $190,000 from 2012.
Telecommunication taxes have fluctuated in the past several years since the State has taken
responsibility of collecting this tax. Through June 30, revenues from this source are below prior
year levels. Year -end projections are expected to come in short of budget by $235,000
continuing the volatility from years past.
Collections from licenses and permit fees totaled $2,036,686, or 75.3% of the $2.7 million
budget. Vehicle license revenue of $1,260,310 is at 91.0% of budget, which is expected given
the timing for selling the 2013 -2014 vehicle sticker. Activity for this revenue is coming in as
expected. No changes were made to year -end estimates for this category of revenues.
Intergovernmental revenues totaled $4,924,297 as of June 30, which is 27.8% of the $17.7
million annual budget. Intergovernmental revenues in the General Fund include the local share
of the state sales tax, state income tax, use tax, replacement tax and other miscellaneous state
and federal grants.
Sales tax collections, which make up approximately 65% of the "Intergovernmental" category,
are at $2,509,487. This represents 21.9% of budget. The current projection for this revenue is
$11,200,000. Year -to -date collections are running slightly behind original projections and have
been adjusted downward $275,000.
Receipts from the State's distribution of the state income tax totaled $1,737,710 at June 30.
This is up 15.9% from the same period last year. The year -end projection assumes a 6.5%
increase over the prior year totaling $290,000.
Revenue from Fines totaled $240,263 for the first six months. This represents 50.0% of the
$480,000 budgeted for the year. We expect this revenue to come in at budget for 2013.
Investment income totaled $7,358 for the first six months, representing 21.0% of the $35,000
projected for the year. Significantly lower rates paid for short -term investments have caused the
amount budgeted for this revenue item to drop from over $400,000 in the early 2000's to where
it is today.
Other Revenue, consisting of reimbursements and other revenues, totaled $263,615 as of June
30. This is 25.8% of the $1,022,700 budgeted for the year. We expect these revenues to come
in slightly below budget for 2013.
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Mid -Year Budget Review
August 6, 2013
Page 4
General Fund Expenditures:
The amended 2013 budget totals $44,748,998. As of June 30 the Village had recorded
expenditures of $20,673,898. This represents 46.2% of budget and is consistent with previous
years. All of the departments are at or near the benchmark 50 %. The following chart illustrates
General Fund expenditures as a percentage of annual budget at June 30.
For the past several years, total General Fund expenditures have come in anywhere from one
to three percent under budget (except 2009). The chart below shows budget to actual
expenditures since 2007. A 1.0% savings in expenditures for 2013 amounts to over $447,000.
Savings can be used to offset shortfalls in revenue or unanticipated expenditures that can occur
during the year. If neither of these conditions exists, the savings go toward maintaining the
General Fund fund balance.
Year
Amended Budaet
General Fund Expenditures
Variance
2008
as a Percent of Annual Budget
$40,534,554
Public Representation
-. . .. ... . . .. . .. ...o... ..
%
$40,697,094
Manager's Office
(0.30 %)
2010
$40,961,030
$40,043,801
(1.98 %)
Television Services
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$41,858,267
Finance
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Human Services
Police
Fire
Public Works
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Percent
For the past several years, total General Fund expenditures have come in anywhere from one
to three percent under budget (except 2009). The chart below shows budget to actual
expenditures since 2007. A 1.0% savings in expenditures for 2013 amounts to over $447,000.
Savings can be used to offset shortfalls in revenue or unanticipated expenditures that can occur
during the year. If neither of these conditions exists, the savings go toward maintaining the
General Fund fund balance.
Year
Amended Budaet
Actual Expenditures
Variance
2008
$41,281,355
$40,534,554
(1.80 %)
2009
$40,697,094
$40,571,714
(0.30 %)
2010
$40,961,030
$40,043,801
(1.98 %)
2011
$41,975,978
$40,786,106
(2.83%
2012
$42,585,149
$41,858,267
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Mid -Year Budget Review
August 6, 2013
Page 5
2014 FORECAST
The 2013 Annual Budget included a forecast budget for the year 2014 for each operating and
capital project fund. The purpose of this portion of this memorandum is to bring forward any
material variances in revenues /expenditures now expected for the year 2014.
GENERALFUND
Exhibit II has been prepared to compare the original forecast numbers to our most recent
estimates. The original forecast budget showed an operating deficit of $323,900 on revenues of
$45,633,574 and expenditures totaling $45,957,474. Our more recent estimates now show that
the deficit has increased slightly to $391,000. Sales and telecommunication taxes are projected
to come in slightly below the forecast budget while the real estate transfer and income tax are
projected to come in higher than forecast. Revenues are now projected to come in at
$45,566,474. This is $67,100 below the original forecast budget.
General Fund Revenues:
Below is an explanation of significant variances from the original budget forecast for 2014.
The forecast for state and local sales taxes were decreased $420,000 and $65,000
respectively based on prior year estimates. Prior projections anticipated higher growth over the
two -year period 2013 -2014. It appears that growth for the two years will average 3.0% rather
than the 4 -5% thought previously.
The forecast for the Telecommunication Tax was decreased by $260,000 based on prior year
estimates. Monthly volatility in this revenue source has made it difficult to project on an annual
basis. No growth is anticipated from 2013 to 2014.
State income and real estate transfer tax receipts are both showing signs of strong growth.
The projection for income taxes was increased by almost 10% ($405,000) from the forecast
budget while the real estate transfer tax is expected to come in over 60% higher than forecast
($295,000). Despite recent growth, both of these revenue sources remain below levels from
2008 and 2009.
General Fund Expenditures:
At this time we are expecting expenditures for 2014 to remain consistent with the original
forecast. The forecast budget reflects increases to contractual and commodities accounts of
2.0% from 2013 levels. This will be the starting point for departmental budgets. Any deviation
above the forecast amount will need to include justifications for the increase.
As mentioned earlier in this memo, the mid -year review and budget forecast update are
intended to provide a foundation for preparation of the annual budget. Moving forward staff will
incorporate directives and suggestions from the Village Board and Finance Commission for their
2014 budget proposals. Departmental review of proposed budgets begins in early September.
Review of the 2014 proposed budget before the Finance Commission and Village Board will
occur in October and November. Final approval is set for December.
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Mid -Year Budget Review
August 6, 2013
Page 6
BUDGET CALENDAR
Exhibit III included with this memo is the 2014 budget calendar as presented in the current 2013
budget document. We will anticipate moving forward with the 2014 budget process according to
this calendar.
David O. Erb
Finance Director
Copy: Michael E. Janonis, Village Manager
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Exhibit I
Village of Mount Prospect, Illinois
General Fund - Revenues and Expenditures
2013 Budget - Mid -Year Review
Expenditures
Notes
A
A
B
C
Public Representation
(a)
(b)
(c)
(d)
(e)
Village Manager's Office
2,799,917
2,846,736
1,373,692
2,846,736
Budget
Television Services Division
158,051
2013
YTD Actual
2013
Variance -
Village Clerk's Office
2012
Amended
01/01/13-
Current
Favorable
Finance Department
Actual
Budget
06/30/13
Estimate
(Unfavorable)
Revenues:
2,064,816
2,243,285
939,902
2,243,285
0
Property Taxes
12,184,094
12,853,668
6,470,786
12,853,668
0
Sales Taxes - ROT Portion
11,040,403
11,475,000
2,509,487
11,200,000
(275,000)
Sales Taxes - HMR Portion
1,212,506
1,235,000
272,275
1,212,500
(22,500)
Food and Beverage Tax
710,328
740,000
284,201
700,000
(40,000)
Real Estate Transfer Tax
515,330
435,000
508,867
725,000
290,000
Telecommunications Tax
3,034,829
2,935,000
571,123
2,700,000
(235,000)
Other Utility Taxes
1,623,436
1,833,500
813,838
1,833,500
0
Other Taxes
205,537
204,500
83,519
204,500
0
Vehicle Licenses
1,383,836
1,385,000
1,260,310
1,385,000
0
Other Licenses, Permits, Fees
2,143,263
1,979,000
943,697
2,025,000
46,000
State Income Tax
4,759,513
4,705,000
1,737,710
5,070,000
365,000
Other Intergovernmental
1,386,713
1,510,630
677,100
1,510,630
0
Charges for Services
1,539,503
1,493,000
712,376
1,493,000
0
Fines and Forfeits
410,371
480,000
240,263
480,000
0
Investment Income
29,927
35,000
7,358
35,000
0
Other Revenue
438,133
1,022,700
263,615
1,007,700
(15,000)
Total Revenues
42,617,723
44,321,998
17,356,526
44,435,498
113,500
Expenditures
Notes
A
A
B
C
Public Representation
509,625
556,686
208,138
556,686
0
Village Manager's Office
2,799,917
2,846,736
1,373,692
2,846,736
0
Television Services Division
158,051
175,613
81,360
175,613
0
Village Clerk's Office
148,893
159,141
90,398
159,141
0
Finance Department
1,505,297
1,749,017
836,578
1,749,017
0
Community Development Dept.
2,064,816
2,243,285
939,902
2,243,285
0
Human Services Dept.
1,086,049
1,062,725
492,815
1,062,725
0
Police Department
15,286,395
15,842,102
7,386,628
15,842,102
0
Fire Department
11,946,075
12,607,882
5,843,704
12,607,882
0
Public Works Department
6,302,933
7,364,350
3,305,517
7,364,350
0
Emergency Events
4,213
95,310
92,092
95,310
0
Miscellaneous
46,004
46,151
23,075
46,151
0
Total Expenditures
41,858,267
44,748,998
20,673,898
44,748,998
0 E
Excess of Revenues over Expend.
759,456
(427,000)
(3,317,372)
(313,500)
113,500 F
Other Financing Sources /Uses
Transfers In
0
0
0
0
0
Transfers Out
0
0
0
0
0
Total Other Financing Uses
0
0
0
0
0
Excess of Revenues over Expend.
and Other Financing Uses:
759,456
(427,000)
(3,317,372)
(313,500)
113,500 F
1 of 2 General Fund Budget 2013 - Mid.xlsx
Exhibit I
Village of Mount Prospect, Illinois
General Fund - Revenues and Expenditures
2013 Budget - Mid -Year Review
Notes
A Sales taxes, both the state and local portions, were projected to increase 4% from 2012 receipts. It now appears
that the growth will be slightly lower at 1.5% for the state portion and flat (no growth) in the home rule portion. The
year -end estimate was adjusted accordingly.
B There has been noticeable increase in activity in the real estate transfer tax through the first six months of 2013.
Through June 30, the Village has received $508,867 against a budget of $435,000. Several large property transfers
also contributed to the increase.
C The telecommunication tax has been most difficult to budget for in recent years. Monthly volatility has been
considerable. 2012 receipts included a one -time payment for prior - period taxes. No growth is expected from base
2012 receipts (excluding one -time payment).
D State income tax receipts exceed budget by 6.5 %. The Illinois Municipal League increased their estimated per
capita rate for income tax to $95.40. Our year -end estimate is projected to come in slightly below the IML estimate
($93.60).
E The amended budget for 2013 reflects changes made to the budget through June 30, including expenses related to
the April flood event. To be conservative, no other additional spending or savings are being built into this projection.
Typically there is between 1 % and 2% of savings in total expenses annually. A 1 % savings to the amended budget
($447,000) would eliminate the deficit projected at year end.
F Overall, revenues are anticipated to come in $113,500 over the amended budget while expenses are assumed to
come in at the amended budget amount. The General Fund had shown a deficit of $427,000 after amendment #2.
Taking into consideration the adjustment in total revenues, the General Fund is showing a deficit of $313,500 for
2013.
2 of 2 General Fund Budget 2013 - Mid.xlsx
Exhibit II
Village of Mount Prospect, Illinois
General Fund - Revenues and Expenditures
2014 Forecast Budget - Mid -Year Review
Expenditures
Public Representation
(a)
(b)
(c)
(d)
(e)
Village Manager's Office
2013
2,698,840
2014 Forecast
0
0.00
Current
Original
Current
Increase
Percent
0.00
Projections
Forecast
Forecast
(Decrease)
Change
Revenues:
Finance Department
1,749,017
1,779,013
1,779,013
0
Property Taxes
12,853,668
13,562,774
13,562,774
0
0.00
Sales Taxes - ROT Portion
11,200,000
11,950,000
11,530,000
(420,000)
(3.51)
Sales Taxes - HMR Portion
1,212,500
1,300,000
1,235,000
(65,000)
(5.00)
Food and Beverage Tax
700,000
775,000
735,000
(40,000)
(5.16)
Real Estate Transfer Tax
725,000
455,000
750,000
295,000
64.84
Telecommunications Tax
2,700,000
2,960,000
2,700,000
(260,000)
(8.78)
Other Utility Taxes
1,833,500
1,833,500
1,833,500
0
0.00
Other Taxes
204,500
215,000
215,000
0
0.00
Vehicle Licenses
1,385,000
1,385,000
1,385,000
0
0.00
Other Licenses, Permits, Fees
2,025,000
1,885,500
1,925,000
39,500
2.09
State Income Tax
5,070,000
4,820,000
5,225,000
405,000
8.40
Other Intergovernmental
1,510,630
1,571,600
1,550,000
(21,600)
(1.37)
Charges for Services
1,493,000
1,504,500
1,504,500
0
0.00
Fines and Forfeits
480,000
480,000
480,000
0
0.00
Investment Income
35,000
35,000
35,000
0
0.00
Other Revenue
1,007,700
900,700
900,700
0
0.00
Total Revenues
44,435,498
45,633,574
45,566,474
(67,100)
0.15
Expenditures
Public Representation
556,686
566,799
566,799
0
0.00
Village Manager's Office
2,846,736
2,698,840
2,698,840
0
0.00
Television Services Division
175,613
178,693
178,693
0
0.00
Village Clerk's Office
159,141
157,269
157,269
0
0.00
Finance Department
1,749,017
1,779,013
1,779,013
0
0.00
Community Development Dept.
2,243,285
2,296,833
2,296,833
0
0.00
Human Services Dept.
1,062,725
1,093,283
1,093,283
0
0.00
Police Department
15,842,102
16,359,722
16,359,722
0
0.00
Fire Department
12,607,882
13,007,037
13,007,037
0
0.00
Public Works Department
7,364,350
7,773,688
7,773,688
0
0.00
Emergency Events
95,310
0
0
0
Miscellaneous
46,151
46,297
46,297
0
0.010
Total Expenditures
44,748,998
45,957,474
45,957,474
0
0.00
Excess of Revenues over Expend.
(313,500)
(323,900)
(391,000)
(67,100)
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:
(313,500)
(323,900)
(391,000)
(67,100)
Notes
A
A
B
C
D
E
F
1 of 2 General Fund Forecast 2014 - Mid.xlsx
I= 1110T1111111
Village of Mount Prospect, Illinois
General Fund - Revenues and Expenditures
2014 Forecast Budget - Mid -Year Review
Notes
A Projection based on 2013 estimate. Projections reflect increases of 3.0% and 2.0% respectively for the state
and local poritons. Sales taxes for the two sources are based on a different set of goods accounting for the
different changes from the prior year.
B Projection based on 2013 estimate. Continued growth in the real estate market is expected into 2014. Growth
is projected to be between 3.5% to 5.0 %. Projections for this estimate used the lower rate.
C Projection based on 2013 estimate. This revenue source continues to be difficult to project due to its month to
month volatility. No growth is assumed for 2014.
D Projection based on 2013 estimate. Growth of 3.0% is assumed for 2014.
E Typically annual savings from the annual budget range from 1% to 2 %. To be conservative, no changes were
made for the 2014 forecast. If the Village were to come in 1.0% below budget there would be a savings of
$460,000.
F The total forecast deficit for 2014 is projected to increase by $67,100 to $391,000 after considering the
adjustments made to the revenues. It is expected that this deficit would be eliminated through adjustments to
existing revenues and budget further reductions during the 2014 budget review process.
2 of 2 General Fund Forecast 2014 - Mid.xlsx
Exhibit III
VILLAGE OF MOUNT PROSPECT, ILLINOIS
BUDGET CALENDAR
2013 and 2014
2013
DATE
ACTION
2014
DATE
3/2/12
Capital Improvement Plan (CIP) Worksheets forwarded to Department Directors
3/1/13
3/16/12
Completed Computer CIP Worksheets returned to Finance Department
3/15/13
3/30/12
Remaining CIP Worksheets returned to Finance Department
3/29/13
4/24/12
Prior Year Budget Wrap -up and Preliminary Q1 Review
4/23/13
5/7/12
Department CIP reviews with Village Manger and Finance Director
5/7/13
to 5/11/12
to 5/9/13
5/18/12
Complete Proposed CIP Amounts
5/17/13'
6/15/12
Deliver Proposed CIP to Village Board and Finance Commission
6/14/13
6/28/12
Review Proposed CIP with Finance Commission
6/27/13
7/10/12
Committee of the Whole - CIP Review Session
7/9/13
7/17/12
Acceptance of Proposed CIP at Village Board Meeting
7/16/13
7/11/12
Budget Kickoff Meeting - Access to Logos.NET Budget Software
7/10/13
8/14/12
Committee of the Whole - Mid -Year Budget Review and Pre - Budget Workshop
8/13/13
8/17/12
CIP available for distribution
8/16/13
8/10/12
Completed Departmental Budgets Advanced to Level 3 - Finance
8/9/13
8/10/12
Revenue Estimates completed by Finance Department
8/9/13
8/23/12
Personnel Budget Review
9/3/13
Exhibit III
VILLAGE OF MOUNT PROSPECT, ILLINOIS
BUDGET CALENDAR
2013 and 2014
2013
DATE
ACTION
2014
DATE
-
Preliminary Budget Review - VMO and Finance
9/6/13
8/27/12
Department Budget reviews with Village Manager and Finance Director
9/10/13
to 8/29/12
Committee of the Whole - First Budget Hearing (7:00pm - 10:00pm)
to 9/12/2013
9/14/12
Complete Proposed Budget Amounts
9/20/13
10/12/12
Deliver Proposed Budget to Village Board and Finance Commission
10/11/13
10/12/12
Proposed Budget available for public inspection at the Village Clerk's Office and the
10/11/13
11/27/12
the Mount Prospect Public Library
11/26/13
10/18/12
Review of Proposed Budget with the Finance Commission
10/17/13
10/25/12
10/24/13
11/1/12
10/31/13
10/23/12
Committee of the Whole - First Budget Hearing (7:00pm - 10:00pm)
10/22/13
Overview, Departmental Presentations
11/13/12
Committee of the Whole - Second Budget Hearing (7:00pm - 10:00pm)
11/12/13
Departmental Presentations
11/27/12
Committee of the Whole - Third Budget Hearing (7:00pm - 10:00pm)
11/26/13
If Necessary
12/4/12
Truth in Taxation Public Hearing
12/3/13
12/4/12
First Reading of Proposed Budget Ordinance at Village Board Meeting
12/3/13
12/18/12
Public Hearing and Second Reading of Proposed Budget Ordinance at Village Board
12/17/13
Board Meeting
1/18/13
Approved Budget available for distribution
1/17/14