HomeMy WebLinkAboutTab 1: 2013 Year-End ResultsVillage of Mount Prospect, Illinois
General Fund - Revenues and Expenditures
2013 End -of -Year Results - Preliminary
(a)
Revenues:
Property Taxes
Sales Taxes - ROT Portion
Sales Taxes - HMR Portion
Food and Beverage Tax
Real Estate Transfer Tax
Telecommunications Tax
Other Utility Taxes
Other Taxes
Vehicle Licenses
Other Licenses, Permits, Fees
State Income Tax
Other Intergovernmental
Charges for Services
Fines and Forfeits
Investment Income
Other Revenue
Total Revenues
Expenditures
Public Representation
Village Manager's Office
Television Services Division
Village Clerk's Office
Finance Department
Community Development Dept.
Human Services Dept.
Police Department
Fire Department
Public Works Department
Emergency Events
Miscellaneous
Total Expenditures
2012
Actual
12,184, 094
11,040,403
1,212, 506
710,328
515,330
3,034,829
1,623,436
205,537
1,383,836
2,143,263
4,759,513
1,386,713
1,539,503
410,371
29,927
438,133
42,617,723
509,625
2,799,917
158,051
148,893
1,505,297
2,064,816
1,086,049
15,286,395
11,946,075
6,302,933
4,213
46,004
41, 858,267
(c)
2013
Actual
12,734,443
12, 342,154
1,285, 012
719,190
853,617
2,168, 091
1,723,621
221,281
1,399,010
2,050,366
5,161,051
1,510,449
1,631,445
439,405
6,567
787,701
45,033,402
(b)
2013
Amended
Budget
12,853,668
12,015,000
1,275,000
740,000
855,000
2,150, 000
1,833,500
204,500
1,385,000
2,024,000
5,165,000
1,505,630
1,568,000
480,000
35,000
953,700
45, 042, 998
608,786
3,109,446
175,613
153,241
1,869,017
2,243,285
1,077,725
15, 964, 552
12,781,150
7,466,350
198,310
46,151
45,693,626
550,880
2,817,368
169,139
198,945
1,843,581
2,023,299
1,061,125
15,783,922
12,678,982
7,137,785
204,860
46,150
44, 516, 036
Excess of Revenues over Expend. 759,456 - 650,628 517,366
Other Financing Sources /Uses
Transfers In
Transfers Out
Total Other Financing Uses
Excess of Revenues over Expend.
and Other Financing Uses:
0 0
0 0
759,456 - 650,628 517,366
I
(d)
Budget
Variance -
Favorable
(Unfavorable) Notes
- 119,225
327,154
10,012
- 20,810
-1,383
18,091
- 109,879
16,781
14,010
26,366
-3,949
4,819
63,445
- 40,595
- 28,433
- 165,999
-9,596
57,906
292,078
6,474
- 45,704
25,436
219,986
16,600
180,630
102,168
328,565
-6,550
1
1,177, 590
0
B
C
C
E
F
G
1
J
IA
L
1 of 2 2013 End of Year Summary - GF.xlsx
Village of Mount Prospect, Illinois
General Fund - Revenues and Expenditures
2013 End -of -Year Results - Preliminary
Notes
A The increase in the state portion sales tax over the prior year was 11.8 %. An increase of 4.0% was
expected. Amended budget amounts reflects an increase from the original budget of $540,000.
B The real estate transfer tax grew $338,287 or 65.6% from the prior year. It appears that by the growth in
this revenue source that the housing market in Mount Prospect has returned. While the growth seen over
the past two years is encouraging, receipts are still almost 44% below the high point in the early 2000's.
C The telecommunications tax saw a significant drop from the prior year in 2013. The original budget for this
revenue source was reduced $785,000 from $2.9 million to $2.15 million. Future year budget were adjusted
accordingly.
D Growth in the state income tax during 2013 was also higher than expected. The original budget was
adjusted upward by $460,000 to $5.2 million. Actual growth in receipts from 2012 to 2013 was 8.4 %.
E The unfavorable variance in other revenue was due lower disbursements from IPBC, the Village's health
insurance cooperative. The draw down was $370,000 versus a budgeted amount of $504,000.
F Total revenues came in just under the amended budget by $9,596, but were $711,404 over the original
budget. Growth in the state sales tax, real estate transfer tax and state income tax were offset by declines
in the telecommunication tax, utility taxes and other revenue.
G Operational savings were seen in various expense line items in the Manager's Office and Information
Technology. A portion of the savings in the Manager's Office were related to a shift in personnel to the
Village Clerk. The move resulted in an unfavorable variance for the Village Clerk. Overall, the Managers
Office came in $256K under budget.
H Savings in Community Development were realized in the Building and Environmental Health Divisions.
Technical Services in the Building Division that covers the cost of third -party inspections came in $$65,600
below budget while a change in staffing resulted in over $45,000 in savings. A position previously
supported by Environmental Health is now part of the Building Division (beginning in 2014).
1 Savings in Public Works were realized in the Streets and Buildings Division (Maintenance /Repairs of Village
facilities) and Forestry (Contractual Services).
J Expenses for this emergency event were related to the April 2013 Flood event. Staff overtime and
contractual services accounted for over 90% of total expenses resulting from this storm event.
K While total expenditures in the General Fund for 2013 show a savings from the amended budget of $1.2
million, when compared to the original budget expenses were over $194,038.
L Final results of operations for 2013 in the General Fund show revenues of $45,033,402 and expenses of
$44,516,036. The favorable variance at year end was $517,366. As a result, Fund Balance remains
slightly above the benchmark 25 %, coming in at 26.3 %.
2 of 2 2013 End of Year Summary - GF.xlsx