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HomeMy WebLinkAbout08/13/2013 COW Agenda 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