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HomeMy WebLinkAbout4. Old Business 12/16/2014PAGEO ..�.... f)A X VbFdiALJ)9 d"RIN:iAN, DLCkfiCvBER,;), 2014 P"LIBLIC HEARING d ' C u P,bhe on 't the Pr - MGM of Mount ProspeO u 6l be d"7u: W on Tuesday Do, cembor 16, 2014 at :00 P.m �p°pc rp rJr,� deur;, ^�tdd be held in 1e 50:'South, dAiW ° i nrq, Mo ur&d MAN The Proposed bud Orl Mp,:me Clerk ����p p,drra Wraq,,, dJ p p u f r„pbvcbrmp cm oppurr daap.,.pd. �(j ad kX r ib a t dencor',rua ments $Peu"9dh p h duuu,. idpr 'Fu xcO rWcup begM.. a.al(cuduu+% p,.p rpuu�rAmbru' ddrr:µ ruand TAge Finds-, General Ond U,81 9.407 SPcm:icfl Revenue F rub„' s ,3,3 Funds 1278196 Funds 20,620,562 Internal Orvice, Fund's I I A4 ds.d rind 6 a� u p uuo °ubncls 9 1151,� � '�� dc�V v98dr �... and d ubca r NJ. 1..1 Sain A drf,M G, E- N,.a � PpAjWih,i,a �uu If c ndyur Het (,,I d IL 24ta,aat P:s¢ Village of Mount Prospect Mount Prospect, Illinois INTEROFFICE MEMORANDUM TO: MICHAEL E. JANONIS, VILLAGE MANAGER FROM: FINANCE DIRECTOR DATE: NOVEMBER 26, 2014 SUBJECT: 2014 GENERAL CORPORATE AND SPECIAL SERVICE AREA PROPERTY TAX LEVY AND ABATEMENT ORDINANCES PURPOSE: To obtain approval of the attached three ordinances related to the tax levies of the Village (corporate and special service area levies), and the Mount Prospect Public Library. BACKGROUND: Prior to December 23, 2014 the Village must have on file with the County Clerk its 2014 tax levy ordinances. The Village will receive proceeds from the 2014 tax levy in 2015. The Village Board first discussed the proposed 2014 tax levy at its October 28th Committee of the Whole meeting. Staff recommends a net Village tax levy of $17,730,921, an increase of 2.48% from the prior year. The Mount Prospect Library Board approved their tax levy request at its meeting on October 16, 2014. They are asking for a total levy, inclusive of a 2.0% provision for loss and cost, of $10,534,637. This represents an increase of 2.0% over the 2013 levy. DISCUSSION: The following table compares the proposed 2014 levy to the 2013 levy for the Village and Library. The amounts presented in the table are net of abatements and are inclusive of the 2% provision for loss and cost. 2013 Levy 2014 Levy $ Increase % Chance Village General 9,345,540 10,064,897 719,357 7.70% Refuse 346,800 0 (346,800) (100.00%) Debt Service 2,271,009 2,290,113 19,104 0.84% Police Pension 2,900,278 2,882,852 (17,426) (0.60%) Fire Pension 2,438,139 2,493,059 54,920 2.25% Total Village 17,301,766 17,730,921 429,155 2.48% Library Operations 8,721,718 8,934,404 212,686 2.44% Debt Service 1,605,867 1,600,233(5,634)(0.35%) Total Library 10,327,585 10,534,637 207,052 2.00% Total 27.629.351 28.265.558 636.207 2.30% 2014 Property Tax Levy November 26, 2014 Page 2 The Village's 2013 equalized assessed valuation (EAV) is $1,357,294,084. Our 2014 EAV is estimated to increase approximately 1.6% from the prior year based on historical trends. The final 2014 EAV will not be available until August 2015. The Village's 2014 tax rate is estimated at $1.306, compared to the 2013 rate of $1.275. The Library's 2014 tax rate is estimated at $0.776, compared to the 2013 rate of $0.761. For illustration purposes only, a home with an EAV of $93,174 (a market value of approximately $350,000) in 2014 will pay taxes of $1,138 to the Village of Mount Prospect and $676 to the Library for the levy extended in 2014. Assuming valuations do not change, the Village portion of the levy for a typical home will increase $27 while the increase in the Library levy is $13 from the levy extended in 2013. These amounts will vary based on eligible tax reductions for homeowner or senior exemptions or senior assessment freezes. Special Service Area No. 5 was created in the mid -eighties to help fund the delivery of Lake Michigan water to the Village's water system. It is recommended the 2014 levy remain the same as the 2013 levy ($1,545,773). The Village Board is being asked to consider three ordinances related to the 2014 tax levy. Two of the ordinances establish the initial levy of the Village (including the Library) and the Village's special service area. The third is an abatement ordinance that reduces a portion of the Series 2009C and Series 2013 debt service tax levies established by its bond ordinance. The abatement of the Series 2009C levy is the result of issuing these bonds as Build America Bonds (BAB). The BAB's provide a federal subsidy of 35% of the interest paid on the bonds to the issuer which lowers the overall cost of borrowing. The BAB subsidy for 2015 is $42,766. Funds to abate the Series 2013 levy will come from the home rule sales tax dedicated to support flood control projects. RECOMMENDATION: It is recommended the Village Board approve the attached 2014 property tax levy ordinances. David O. Erb Finance Director Attachment DOE/ (:\Property Taxes\2014 Levy\Levy Ordinance Cover Memo to Board - 2014.docx ORDINANCE NO. AN ORDINANCE AUTHORIZING THE LEVY AND COLLECTION OF TAXES FOR THE CORPORATE AND MUNICIPAL PURPOSES OF THE VILLAGE OF MOUNT PROSPECT FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2014 AND ENDING DECEMBER 31, 2014 PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES the day of , 2014 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois the day of , 2014. ORDINANCE NO. AN ORDINANCE AUTHORIZING THE LEVY AND COLLECTION OF TAXES FOR THE CORPORATE AND MUNICIPAL PURPOSES OF THE VILLAGE OF MOUNT PROSPECT FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2014 AND ENDING DECEMBER 31, 2014 NOW, THEREFORE, BE IT ORDAINED BY THE President and Board of Trustees of the Village of Mount Prospect, Cook County, Illinois, as follows: Section 1: That the sum of Twenty -Seven Million Seven Hundred Eleven Thousand Three Hundred Thirty -One Dollars ($27,711,331), the same being the total amount to be levied of budget appropriations heretofore made for the corporate and municipal purposes for the fiscal year beginning January 1, 2014 and ending December 31, 2014 as approved by the President and Board of Trustees of the Village of Mount Prospect, be and the same is hereby levied on all taxable property within the Village of Mount Prospect according to the valuation of said property as is, or shall be assessed or equalized by the State and County purposes for the current year 2014. Section 2: The budgetary appropriations having been made by the President and Board of Trustees of the Village of Mount Prospect were passed and approved by Ordinance No. 6109 at a meeting hereof regularly convened and held in said Village of Mount Prospect, Illinois, on the 17th day of December, 2013, and amended by Ordinance No. 6130 passed and approved on the 18th day of March, 2014 and thereafter duly published according to law, the various objects and purposes for said budgetary appropriations are heretofore made and set forth under the column entitled "Amount Budgeted", and the specific amount herein levied for each object and purpose is set forth under the column entitled "Amount Levied", in Articles I through V. # ;t 2014 TAX LEVY 10 Public Representation Personal Services Employee Benefits Other Employee Costs Contractual Services Utilities Commodities & Supplies Other Expenditures Total Mayor and Board of Trustees 20 Village Administration Personal Services Employee Benefits Other Employee Costs Contractual Services Utilities Commodities & Supplies Office Equipment Other Equipment Total Village Administration 30 Finance Department Personal Services Employee Benefits Other Employee Costs Contractual Services Utilities Insurance Commodities & Supplies Office Equipment Total Finance Department 40 Community Development Department Personal Services Employee Benefits Other Employee Costs Contractual Services Utilities Commodities & Supplies Office Equipment Total Community Development Department 2 Amount Amount Budgeted Levied 171,291 57,059 1,989 325,450 423 63,109 7,000 626,321 1,197,605 590,547 33,942 1,151,322 11,324 17,618 20,400 11,200 3,033,958 824,236 378,873 9,750 236,733 4,835 350,519 41,428 0 1,846,374 1,186,624 550,131 26,253 531,137 19,436 19,351 0 2,332,932 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 TILLAGE OF 17MUIT '' V 2014 TAX LEVY 50 Human Services Department Amount Amount Bud8eted Levied Personal Services 667,204 0 Employee Benefits 289,905 0 Other Employee Costs 4,320 0 Contractual Services 102,811 0 Utilities 10,917 0 Commodities & Supplies 11,579 0 Building Improvements 0 0 Office Equipment 100 0 Total Human Services Department 1,086,836 1`D 60 Police Department Personal Services 9,520,543 4,933,773 Employee Benefits 5,192,357 0 Other Employee Costs 160,694 0 Contractual Services 1,462,149 0 Utilities 31,265 0 Commodities & Supplies 122,193 0 Office Equipment 27,200 0 Other Equipment 18,850 0 Total Police Department 16,535,251 4,933,773 70 Fire Department Personal Services 7,463,268 4,933„773 Employee Benefits 4,072,016 0 Other Employee Costs 136,497 0 Contractual Services 1,037,204 0 Commodities & Supplies 32,385 0 Utilities 46,777 0 Building Improvements 10,000 0 Office Equipment 250 0 Other Equipment 81,390 0 Total Fire Department 12,879,787 4,933,773 3 VILLAGE OF MOUNT PROSPECT,y 2014 TAX LEVY 80 Public Works Amount Amount Budgeted Levied Personal Services 2,888,973 0 Employee Benefits 1,213,426 0 Other Employee Costs 35,885 0 Contractual Services 2,245,801 0 Utilities 151,697 0 Commodities & Supplies 312,900 0 Other Expenditures 4,080 0 Office Equipment 1,780 0 Other Equipment 62,320 0 Infrastructure 604,092 0 Total Public Works Department 7,520,954 0 89 Emergency Events Personal Services 0 0 Employee Benefits 0 0 Contractual Services 52,500 0 Commodities & Supplies 54,500 0 Total Emergency Events 107,000 0 00 Retiree Pensions Pension Benefits 46,301 0 Total Retiree Pensions 46,301 0 TOTAL BUDGET FOR GENERAL FUND 46,015,714 AMOUNT TO BE RAISED BY TAX LEVY 9,867,546 ADD 2% FOR LOSS & COST OF COLLECTION 197,351 TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR GENERAL FUND 10,064,897 0 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2014 TAX LEVY ARTICLE II - DEBT SERVICE FUND 00 Debt Service 00 00 510 G.O. Bonds - Series 2009 Bond Principal Interest Expense Bank and Fiscal Fees Total G.O. Bonds - Series 2009 00 00 511 G.O. Bonds - Series 2009B Bond Principal Interest Expense Bank and Fiscal Fees Total G.O. Bonds - Series 2009B 00 00 512 G.O. Bonds - Series 2009C Bond Principal Interest Expense Bank and Fiscal Fees Total G.O. Bonds - Series 2009C 00 00 514 G.O. Bonds - Series 2011 B Bond Principal Interest Expense Bank and Fiscal Fees Total G.O. Bonds - Series 2011B 00 00 515 G.O. Bonds - Series 2012 Bond Principal Interest Expense Bank and Fiscal Fees Total G.O. Bonds - Series 2012 00 00 516 G.O. Bonds - Series 2013 Bond Principal Interest Expense Bank and Fiscal Fees Total G.O. Bonds - Series 2012 00 00 517 G.O. Bonds - Series 2014 Bond Principal Interest Expense Bank and Fiscal Fees Total G.O. Bonds - Series 2012 E Amount Amount Budgeted Levied 0 0 417,262 417,262 428 0 417,690 417,262 305,000 305,000 78,350 78,350 428 0 383,778 383,350 40,000 40,000 134,272 91,506 428 0 174,700 131,506 680,000 680,000 109,746 109,746 0 0 789,746 789,746 0 0 54,096 54,095 0 0 54,096 54,095 0 0 369,956 0 428 0 370,384 0 290,000 290,000 179,250 179,250 600 0 469,850 469,250 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2014 TAX LEVY 00 00 650 IEPA Loans Loan Principal Loan Expense Bank and Fiscal Fees Total IEPA Loans 00 00 659 Flood Installment Loan Loan Principal Loan Expense Total TEPA Loans TOTAL BUDGET FOR DEBT SERVICE FUND AMOUNT TO BE RAISED BY TAX LEVY ADD 2% FOR LOSS & COST OF COLLECTION TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR DEBT SERVICE FUND ARTICLE III - POLICE PENSION FUND 00 Police Pensions Pension Benefits Contractual Services Insurance Commodities & Supplies Other Expenditures Total Police Pensions TOTAL BUDGET FOR POLICE PENSION FUND AMOUNT TO BE RAISED BY TAX LEVY ADD 2% FOR LOSS & COST OF COLLECTION TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR POLICE PENSION FUND 6 Amount Amount Budge'led Levied 178,913 0 18,345 0 0 0 197,258 0 400,000 I`) 21,294 C) 421,294 0 3,278,796 2,245,209 44,904 2,290,113 3,937,366 2,826,325 135,350 0 15,000 0 100 0 12,000 0 4,099,816 2,826,325 4,099,816 2,826,325 56,527 2,882,852 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2014 TAX LEVY ARTICLE IV - FIREFIGHTERS' PENSION FUND 00 Fire Pensions Pension Benefits Contractual Services Insurance Commodities & Supplies Other Expenditures Total Firefighters' Pensions TOTAL BUDGET FOR FIREFIGHTERS' PENSION FUND AMOUNT TO BE RAISED BY TAX LEVY ADD 2% FOR LOSS & COST OF COLLECTION TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR FIREFIGHTERS' PENSION FUND ARTICLE V - MOUNT PROSPECT LIBRARY FUND Amount Amount Budgeted Levied 4,021,161 2,444,175 124,600 0 15,000 0 1,000 0 12,000 0 4,173,761 2,444,175 4,173,761 2,444,175 48,884 2,493,059 90 Mount Prospect Library Component Unit Expenditures 8,838,800 8,759,220 Bond Principal 1,155,000 1,155,000 Interest Expense 413,856 413,856 Total Library Services 10,407,656 10,328,076 TOTAL BUDGET FOR MOUNT PROSPECT LIBRARY FUND AMOUNT TO BE RAISED BY TAX LEVY - Component Unit Expenditures AMOUNT TO BE RAISED BY TAX LEVY - Bond Principal and Interest ADD 2% FOR LOSS & COST OF COLLECTION TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR MOUNT PROSPECT LIBRARY FUND 7 10,407,656 8,759,220 1,568,856 206,561 10,534,637 Article VILLAGE OF MOUNT PROSPECT, ILLINOIS 2014 TAX LEVY SUMMARY Fund I General II Debt Service III Police Pension Fund IV Firefighters' Pension Fund Village Totals V Mount Prospect Library Library Services Library Debt Service Library Totals Village and Library Totals E Amount Total to be Raised Amount Tax Levy Amount by for Loss Incl. Loss Budgeted Tax Levy and Cost and Cost $ 46,015,714 9,867,546 197,351 10,064,897 3,278,796 2,245,209 44,904 2,290,113 4,099,816 2,826,325 56,527 2,882,852 4,173,761 2,444,175 48,884 2,493,059 57,568,087 17,383,255 347,666 17,730,921 8,838,800 8,759,220 175,184 8,934,404 1,568,856 1,568,856 31,377 1,600,233 10,407,656 10,328,076 206,561 10,534,637 $ 67,975,743 27,711,331 554,227 28,265,558 E Section IT3: The sum of $365,000 is budgeted to be received from personal property replacement tax revenue during the fiscal year commencing January 1, 2014 and ending December 31, 2014 and has been included herein as funds to be derived from sources other than property taxes for general obligation bonds and interest, pensions, library services and general corporate purposes. Section 4: That the County Clerk is directed to add 2% to the requested tax levy as a provision for loss and cost. Section 5: That the Village Clerk of the Village of Mount Prospect is hereby directed to certify a copy of this Ordinance and is hereby authorized and directed to file a copy of the same with the County Clerk of Cook County, Illinois, within the time specified by law. Section 6: That, if any part or parts of this Ordinance shall be held to be unconstitutional or otherwise invalid, such constitutionality or invalidity, shall not affect the validity of the remaining parts of this Ordinance. The President and Board of Trustees of the Village of Mount Prospect hereby declares that they would have passed the remaining parts of the Ordinance of they had known that such parts or parts thereof would be declared unconstitutional or otherwise invalid. Section 7: That this Ordinance shall be in full force and effect from and after its passage, approval, publication in pamphlet form and recording, as provided by law. AYES: NAYES: ABSENT: PASSED and APPROVED this day of December, 2014. ATTEST: M. Lisa Angell, Village Clerk W Arlene A. Juracek, Mayor ORDINANCE NO. AN ORDINANCE AUTHORIZING THE LEVY AND COLLECTION OF TAXES FOR THE MUNICIPAL PURPOSES OF SPECIAL SERVICE AREA NUMBER FIVE OF THE VILLAGE OF MOUNT PROSPECT FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2014 AND ENDING DECEMBER 31, 2014 PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES the day of m 2014 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois the day of _..._................... _.._ _ 2014. ORDINANCE NO. AN ORDINANCE AUTHORIZING THE LEVY AND COLLECTION OF TAXES FOR THE MUNICIPAL PURPOSES OF SPECIAL SERVICE AREA NUMBER FIVE OF THE VILLAGE OF MOUNT PROSPECT FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2014 AND ENDING DECEMBER 31, 2014 NOW THEREFORE, BE IT ORDAINED BY THE President and Board of Trustees of the Village of Mount Prospect, Cook County, Illinois: Section 1: That the sum of One Million Five Hundred Fifteen Thousand Four Hundred Sixty -Four Dollars ($1,515,464), the same being the total amount to be levied of budget appropriations heretofore made for the municipal purposes for the fiscal year beginning January 1, 2014, and ending December 31, 2014, as approved by the President and Board of Trustees of the Village of Mount Prospect, be and the same is hereby levied on all taxable property within the Special Service Area Number 5 of the Village of Mount Prospect according to the valuation of said property as is, or shall be, assessed or equalized by State and County purposes for the current year 2014. The budgetary appropriations having been made heretofore by the President and Board of Trustees of the Village of Mount Prospect were passed and approved by Ordinance No. 6109 at a meeting hereof regularly convened and held in said Village of Mount Prospect, Illinois on the 17th day of December, 2013, and as amended by Ordinance No. 6130 passed and approved on the 181h day of March, 2014, and thereafter duly published according to law, the various objects and purposes for said budgetary appropriations were heretofore made are set forth under the column entitled "Amount Budgeted," and the specific amount herein levied for each object and purpose is set forth under the column entitled "Amount Levied" in Article I. Section 2: That the County Clerk is directed to add 2% to the requested tax levy as a provision for loss and cost. Section 3: That the Village Clerk of the Village of Mount Prospect is hereby directed to certify a copy of this Ordinance and is hereby authorized and directed to file a copy of the same with the County Clerk of Cook County, Illinois, within the time specified by law. Section 4: That, if any part of this Ordinance shall be held to be unconstitutional or otherwise invalid, such unconstitutionality or invalidity, shall not affect the validity of the remaining parts of this Ordinance. The President and Board of Trustees of the Village of Mount Prospect hereby declares that they would have passed the remaining parts of the Ordinance if they had known that such part or parts thereof would be declared unconstitutional or otherwise invalid. Section 5: That this Ordinance shall be in full force and effect from and after its passage, approval, publication in pamphlet form and recording, as provided by law. AYES: NAYS: ABSENT: PASSED and APPROVED this day of ITITIT 2014 ATTEST: M. Lisa Angell, Village Clerk 2 Arlene A. Juracek, Mayor Amount Amount Budgeted Levied ARTICLE 1 - SPECIAL SERVICE AREA NO. 5 050 Lake Water Acquisition 570.001 SSA #5 JAWA Water 3,952,000 1,197,822 570.004 SSA #5 JAWA Fixed Costs 938,594 317,642 TOTAL APPROPRIATED FOR SPECIAL SERVICE AREA NO. 5 LAKE WATER ACQUISITION 4,890,594 AMOUNT TO BE RAISED BY TAX LEVY 1,515,464 ADD 2% FOR LOSS AND COST OF COLLECTION 30,309 TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR SPECIAL SERVICE AREA NO. 5 1,545,773 SUMMARY Amount Amount to Amount for Total Tax Article Budgeted be Levied Loss & Cost Levy I Special Service Area No. 5 4,890,594 1,515,464 30,309 1,545,773 ORDINANCE NO. AN ORDINANCE TO ABATE A PART OF THE TAXES LEVIED FOR CORPORATE AND MUNICIPAL PURPOSES OF THE VILLAGE OF MOUNT PROSPECT, ILLINOIS FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2014 AND ENDING DECEMBER 31, 2014 PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES the day of ____....... _, 2014 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois, the day of , 2014. ORDINANCE NO. AN ORDINANCE TO ABATE A PART OF THE TAXES LEVIED FOR CORPORATE AND MUNICIPAL PURPOSES OF THE VILLAGE OF MOUNT PROSPECT, ILLINOIS FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2014 AND ENDING DECEMBER 31, 2014 BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: Section One: The President and Board of Trustees of the Village of Mount Prospect find as follows: A. That pursuant to Village Ordinance No. 5772 adopted December 1, 2009 authorizing the issuance of general obligation bonds for financing a portion of the costs of constructing a replacement fire station, emergency operations center and public works expansion there was levied for the year 2014 the sum of $174,272.50 for bond interest payments. B. That pursuant to Village Ordinance No. 6090 adopted August 20, 2013 authorizing the issuance of general obligation bonds for financing the construction of various flood control projects throughout the village there was levied for the year 2014 the sum of $369,956.26 for bond interest payments. Section Two: It is hereby declared by the President and Board of Trustees of the Village of Mount Prospect that the amount of $174,272.50 levied for G.O. Bond Interest payments for the purpose of funding a portion of the costs of constructing a replacement fire station, emergency operations center and public works expansion pursuant to Ordinance No. 5772 be and the same is hereby abated in the amount of $42,766 leaving a balance of $131,506.50 as that amount levied for such bond and interest payments for the fiscal year commencing January 1, 2014 and ending December 31, 2014. Section Three: It is hereby declared by the President and Board of Trustees of the Village of Mount Prospect that the amount of $369,956.26 levied for G.O. Bond Interest payments for the purpose of funding the construction of various flood control projects throughout the village pursuant to Ordinance No. 6090 be and the same is hereby abated in the amount of $369,956.26 being the entire amount levied for such bond and interest payment purposes for the fiscal year commencing January 1, 2014 and ending December 31, 2014. Section Four: Village Ordinance Nos. 5772 and 6090 are hereby amended with respect to the tax abatements declared herein and set forth in Sections Two and Three of this Ordinance. Section Five: The Village Clerk of the Village of Mount Prospect is hereby authorized and directed to file a certified copy of this Ordinance with the County Clerk of Cook County, Illinois within the time specified by law. 1 Section Six: This Ordinance shall be in full force and effect upon its passage, approval and publication in pamphlet form and filing as provided by law.. AYES: NAYS: ABSENT: PASSED and APPROVED this day of 2014. ATTEST: M. Lisa Angell, Village Clerk 2 Arlene A. Juracek, Mayor Village of Mount Prospect Mount Prospect, Illinois INTEROFFICE MEMORANDUM TO: MICHAEL E. JANONIS, VILLAGE MANAGER FROM: FINANCE DIRECTOR DATE: NOVEMBER 26, 2014 PROPOSED 2015 BUDGET SUBJECT: PURPOSE: year beginning January 1, 2015 and ending December 31, 2015. BACKGROUND: The Village Manager released his proposed budget on October 10, 2014. Over the past two months the Finance Commission met three times to review the document. The Village Board, meeting as a Committee of the Whole (COW), reviewed the document on October 28, November 11 and November 25. DISCUSSION: Departmental presentations on the 2015 budget were made before both the Finance Commission and Village Board with various staff on hand to facilitate discussion. The proposed budget incorporates all of the policies and directives established by the Mayor, Board of Trustees and Finance Commission during the August 2014 mid-year budget review and subsequent public meeting discussions. The General Fund budget, as presented, is balanced. The proposed budget provides for a 2.48% increase in the property tax levy and a 9.0% water rate increase. A public hearing on the proposed budget has been scheduled for December 16, 2014. Notice of the public hearing will be published in the Daily Herald on December 5, 2014. The ordinance included with this memo will officially adopt the budget for the Village of Mount Prospect. Once the ordinance is passed, the Finance Department will begin work on the final budget document. We hope to have the approved budget document produced no later than January 1, 2015. RECOMMENDATION: It is recommended the Village Board pass the accompanying ordinance adopting the 2015 annual budget. David O. Erb Finance Director DOE/ Attachment H:\\ADMN\\Administration\\Budget By Year\\Budget 2015\\Ordinance Cover Memo - 2015 Budget.docx ORDINANCE NO. AN ORDINANCE ADOPTING AN ANNUAL BUDGET FOR THE VILLAGE OF MOUNT PROSPECT FOR THE FISCAL YEAR COMMENCING JANUARY 1, 2015 AND ENDING DECEMBER 31, 2015 IN LIEU OF PASSAGE OF AN APPROPRIATION ORDINANCE __________________________________________________________________________________________________ PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES the day of , 2014 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois the day of , 2014. ORDINANCE NO. AN ORDINANCE ADOPTING AN ANNUAL BUDGET FOR THE VILLAGE OF MOUNT PROSPECT FOR THE FISCAL YEAR COMMENCING JANUARY 1, 2015 AND ENDING DECEMBER 31, 2015 IN LIEU OF PASSAGE OF AN APPROPRIATION ORDINANCE __________________________________________________________________________________________________ WHEREAS, the President and Board of Trustees of the Village of Mount Prospect in accordance with State Statutes, have provided for the preparation and adoption of an Annual Budget in lieu of passage of an Appropriation Ordinance; and WHEREAS, the tentative Annual Budget for the Village of Mount Prospect for the fiscal year beginning January 1, 2015 and ending December 31, 2015, as prepared by the Budget Officer for the Village and submitted to the President and Board of Trustees, was placed on file in the Office of the Village Clerk on October 10, 2014 for public inspection, as provided by Statute; and WHEREAS, pursuant to notice duly published on December 5, 2014, a public hearing was held by the President and Board of Trustees on said tentative annual budget on December 16, 2014, as provided by Statute; and WHEREAS, following said public hearing, said tentative Annual Budget was reviewed by the President and Board of Trustees and a copy of said tentative Annual Budget is attached hereto and hereby made a part hereof. NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: SECTION ONE: The Annual Budget for the Village of Mount Prospect for the fiscal year beginning January 1, 2015 and ending December 31, 2015, a copy of which is attached hereto and made a part hereof, is hereby approved and adopted as the Annual Budget for the Village of Mount Prospect for said fiscal year. SECTION TWO: Within thirty (30) days following the adoption of this Ordinance there shall be filed with the County Clerk of Cook County a copy thereof duly certified by the Village Clerk and Estimate of Revenues by source anticipated to be received by the Village in the fiscal year beginning January 1, 2015 and ending December 31, 2015, duly certified by the Chief Fiscal Office SECTION THREE: This Ordinance shall be in full force and effect from and after its passage, approval and publication in pamphlet form in the manner provided by law. AYES: NAYS: ABSENT: PASSED AND APPROVED this _______ day of ________________, 2014. ____________________________________________ ATTEST: Arlene A. Juracek, Mayor ___________________________________ M. Lisa Angell, Village Clerk VILLAGE OF MOUNT PROSPECT 2015 BUDGET SUMMARY TOTAL VILLAGE BUDGET 2013 2014 2014 2015 2016 Actual Budget Estimate Budget Forecast REVENUES AND OTHER SOURCES 60,462,923 62,375,443 63,439,940 64,589,052 66,284,761 Property Taxes 20,486,856 21,454,466 21,216,000 21,920,500 22,784,000 Other Taxes 12,892,213 14,003,500 13,206,032 13,296,074 13,547,868 Licenses, Permits & Fees 2,789,493 2,683,000 2,666,500 2,814,000 2,954,000 Intergovernmental Revenue 21,239,489 19,806,478 22,184,268 21,825,237 22,325,224 Charges for Services 25,121,657 27,317,978 26,390,572 29,538,745 31,223,991 Fines & Forfeits 651,778 648,100 686,150 614,250 614,250 Investment Income 14,553,737 6,617,900 6,675,500 8,657,118 9,109,200 Reimbursements 470,455 234,000 378,334 233,500 235,500 Other Revenue 9,019,605 9,563,966 9,695,681 9,150,100 9,701,600 Other Financing Sources 10,092,327 6,580,000 6,580,000 20,000 20,000 Village Revenues & Other Sources 117,317,610 108,909,388 109,679,037 108,069,524 112,515,633 Mount Prospect Library Revenues 10,389,745 10,413,179 10,41.3,179 10,858,776 (a) Total Revenues & Other Sources 127,707,355 119,322,567 120,092,216 118,928,300 112,515,633 BUDGET EXPENDITURES Village Operating Budget 60,462,923 62,375,443 63,439,940 64,589,052 66,284,761 Village Capital Budget 12,289,684 35,393,630 21,416,455 27,621,114 18,312,019 Debt Services Budget 2,451,193 3,328,500 3,328,328 3,278,796 3,305,356 Pension Systems Budget 8,037,626 8,319,878 8,631,701 9,198,094 9,424,916 Internal Services Budget (b) 9,086,804 9,982,670 10,539,284 10,264,794 10,483,909 Business District Fund 1,600,557 923,100 984,000 1,021,000 1,057,000 Interfund Transfers 239,,977 Village Expenditures 94,168,764 120,323,221 108,339,708 115,972,850 108,867,961 Mount Prospect Library Expenditures 9,613,400 10,413,179 10,413,179 10,858,776 (ia) Total Expenditures 103,782,164 130,736,400 118,752,887 126,831,626 108,867,961 IANGES IN FUND BALANCE Excess (Deficiency) of Revenues & Other Sources Over Expenditures (c) 23,925,191 (11,413,833) 1,339,329 (7,903,326) 3,647,672 Fund Balance Start of Budget Year 141,093,975 165,019,166 165,019,166 166,358,495 158,455,169 End of Budget Year 165,019,166 153,605,333 166,358,495 158,455,169 162,102,841 Less: Pension Fund Balances (d) (109,092,391) (114,221,180) (113,973,191) (120,349,153) (127,379,953)I Mt Prospect Library Fund Balance (6,893,950) (6,893,950) (6,893,950) (6,893,950) (6,893,950)1 Available Fund Balance 49,032,825 32,490,203 45,491,354 31,212,.066 27,828,„938 (a) Not available as of December 16, 2014. (b) Internal Service Budget includes Vehicle Maintenance Fund and Risk Management Fund. The Motor Equipment Replacement Fund and Computer Replacement Funds are included in the Village Capital Budget. (c) Does not include the results of operation of the Mount Prospect Library for the 2016 Forecast. (d) Pension Fund Balances are reserved for pension benefits and not available for appropriation. VILLAGE OF MOUNT PROSPECT 2015 BUDGET SUMMARY REVENUES AND OTHER SOURCES BY REVENUE TYPE 2013 2014 2014 2015 2016 Actual Budget Estimate Budget Forecast VILLAGE REVENUES BY TYPE: Property Taxes 20,486,856 21,454,466 21,216,000 21,920,500 22,784,000 Other Taxes 12,892,213 14,003,500 13,206,032 13,296,074 13,547,868 Licenses, Permits & Fees 2,789,493 2,683,000 2,666,500 2,814,000 2,954,000 Intergovernmental Revenue 21,239,489 19,806,478 22,184,268 21,825,237 22,325,224 Charges For Services 25,121,657 27,317,978 26,390,572 29,538,745 31,223,991 Fines & Forfeits 651,778 648,100 686,150 614,250 614,250 Investment Income 14,553,737 6,617,900 6,675,500 8,657,118 9,109,200 Reimbursements 470,455 234,000 378,334 233,500 235,500 Other Revenue 9,019,605 9,563,966 9,695,681 9,150,100 9,701,600 107,225,283 102,329,388 103, 099,037 108,049,524 112,495,633 OTHER FINANCING SOURCES Bond Proceeds 9,800,000 6,500,000 6,500,000 Interfund Transfers 239,977 Sale of Property/Other 52,350 80,000 80,000 20,000 20,000 10,092,327 6,580,000 6,580,000 20,000 20,000 OTAL VILLAGE REVENUES AND OTHER OURCES 117,317,610 108,909,388 109,679,037 108,069,524 112,515,633 IOUNT PROSPECT LIBRARY REVENUES 10,389,745 10,413,179 10,413,179 10,858,776 (a) OTAL REVENUES AND OTHER SOURCES ILLAGE AND LIBRARY (b) 127,707,355 119,322,567 120,092,216 118,928,300 112,515,633 HANGES IN FUND BALANCE Total Revenues & Other Sources 127,707,355 119,322,567 120,092,216 118,928,300 112,515,63: Total Expenditures 103,782,164 130,736,400 118,752,887 126,831,626 108,867,96: Additions to(Use of) Fund Balances 23,925,191 (11,413,833) 1,339,329 (7,903,326) 3,647,67: ANALYSIS OF CHANGES IN FUND BALANCE Additions to (Use of) Pension Fund 12,936,186 5,128,789 Balances Additions to (Use of) Other Fund Balances 10,989,005 (16,542,622) 23,925,191 (11,413,833) (a) Figures not available as of December 16, 2014. (b) Does not include the Mount Prospect Public Library 2016 Forecast, 4,880,800 6,375,962 7,030,800 (3,541,471) (14,279,288) (3,383,128) 1,339,329 (7,903,326) 3,647,672 VILLAGE OF MOUNT PROSPECT 2015 BUDGET SUMMARY BUDGET EXPENDITURES 2013 2014 2014 2015 2016 Actual Budget Estimate Budget Forecast VILLAGE OPERATING BUDGET PUBLIC REPRESENTATION 550,880 626,321 609,037 635,574 661,036 VILLAGE ADMINISTRATION 3,133,063 2,931,349 3,180,592 3,404,512 3,458,854 [FINANCE DEPARTMENT 1,843,582 1,846,374 2,021,353 1,956,846 2,017,574 COMMUNITY DEVELOPMENT DEPARTMENT Community Development 2,024,261 2,333,972 2,307,135 2,348,828 2,380,167 CDBG 299,130 450,373 492,108 419,264 421,224 2,32.3,391 2,784,345 2,799,243 2,768,092 2,801,391 HUMAN SERVICES DEPARTMENT 1,061,124 1, , LL 086 836 1 105,193 1,060,839 1 073,748 PUBLIC SAFETY AND PROTECTION Police Department 15,823,939 16,551,651 16,578,747 16,554,256 17,039,727 Fire Department 12,693,676 12,905,187 12,972.,,470 12,997,.579 13,400,328 28,517,615 29,456,838 29,551,217 29,551,835 30,440,055 PUBLIC WORKS DEPARTMENT Administration 1,491,184 1,466,143 1,505,829 1,518,558 1,551,648 Streets/Buildings 2,657,432 2,858,469 2,846,699 3,128,696 3,202,816 Forestry and Grounds 1,733,750 1,824,278 1,819,278 1,777,824 1,823,394 Engineering 1,404,908 1,474,772 1,472,012 1,444,652 1,478,393 Refuse Disposal 4,315,484 4,521,273 4,489,881 4,713,964 4,898,436 Water and Sewer Division 10,929,345 10,884,653 11,591,628 12,116,857 12,532,078 Parking 296,305 506,792 328,692 510,803 345,338 22,828,408 23,536,380 24,054,019 25,211,354 25,83.''2,1,03 EMERGENCY EVENTS 204,860 107,000 119,286 I.OTAL OPERATING BUDGET 60,462,923 62,375,443 63,439,940 64,589,052 66,284,761 VILLAGE OF MOUNT PROSPECT 2015 BUDGET SUMMARY BUDGET EXPENDITURES 2013 2014 2014 2015 2016 Actual Budget Estimate Budget Forecast VILLAGE CAPITAL BUDGET 46,301 46,301 46,456 46,61E Police Pensions 3,968,055 Capital Improvement Plan 8,608,036 30,375,928 16,562,933 23,283,025 12,702,570 Other Capital Fund Expenditures :3,681,648 5,017,702 4,853,522 4,338,089 5,609,449 9,198,094 12,289,,684 35,393,,630 21,416,4.55 27,621,.114 18,312,019 DEBT SERVICE BUDGET 2,451,193 3,328,500 3,328,328 3,278,796 3,305,356 ENSION SYSTEMS BUDGET Miscellaneous Pensions 46,149 46,301 46,301 46,456 46,61E Police Pensions 3,968,055 4,099,816 4,280,500 4,653,370 4,763,65 Fire Pensions 4„023,422 . 4,173,761 4,304®900 4„498,268 4,614,64-- 8,037,626 8,319,878 8,631,701 9,198,094 9,424,911 ....... . ILLAGE INTERNAL SERVICES BUDGET (a) Vehicle Maintenance 2,163,813 2,152,732 2,188,028 2,194,898 2,229,06: Risk Management 6,92.2,.991 7,829,,938 8,351.,256 8,069,896 8,254,84; 9,086,804 9,982,670 10,539,284 10,264,794 10,,483,90! BUSINESS DISTRICT FUND 1,600,557 923,100 984,000 1,021,000 1,057,000 J'TERFUND TRANSFERS 239,977 - OTAL VILLAGE EXPENDITURES 94,168,764 120,323,221 108,339,708 115,972,850 108,867,969 MOUNT PROSPECT LIBRARY BUDGET 9,613,400 10,413,179 10,413,179 10,858,776 (b) OTAL - BUDGET EXPENDITURES (c) 103,782,164 130,736,400 118,752,887 126,831,626 108,867,969 (a) Internal Service Budget includes Vehicle Maintenance Fund and Risk Management Fund. The Motor Equipment Replacement Fund and Computer Replacement Funds are included in the Village Capital Budget. (b) Figures not available as of December 16, 2014. (c) Does not include the Mount Prospect Public Library 2016 Forecast. VILLAGE OF MOUNT PROSPECT 2015 BUDGET SUMMARY REVENUES AND OTHER SOURCES BY FUND 2013 2014 2014 2015 2016 Actual Budget Estimate Budget Forecast GENERAL FUND 45,033,408 45,814,066 46,678,654 46,818,407 48,107,400 DEBT SERVICE FUND 2,436,868 3,336,937 3,314,637 3,285,381 3,313,168 CAPITAL PROJECT FUNDS Capital Improvement Fund 1,932,241 1,257,000 1,370,400 1,267,000 1,295,000 Series 2009 Construction Fund 8 1,296,100 1,872,200 1,331,200 1,331,200 Downtown Redevelopment Construct 2,665,747 2,672,000 2,581,300 2,709,500 2,830,500 Street Improvement Construc Fund 1,661,343 9,608,100 9,671,000 3,602,100 3,830,100 Flood Control Construction Fund 10,540,517 289,968 276,000 358,100 375,100 DUI Fine Fund 16,799,856 13,827,068 13,898,700 7,936,700 8,330,700 SPECIAL REVENUE FUNDS Refuse Disposal Fund 4,404,853 3,626,500 3,624,000 3,946,000 4,587,000 Motor Fuel Tax Fund 1,582,776 1,296,100 1,872,200 1,331,200 1,331,200 Cmmty Development Block Grant 299,128 450,373 492,108 419,264 471,224 Asset Seizure Fund 16,882 2,100 45,100 2,100 2,100 DEA Shared Funds Fund 6,595 200 25,100 200 200 DUI Fine Fund 35,108 20,100 40,100 20,100 20,100 Foreign Fire Tax Board Fund 63,602 71,000 65,100 70,100 70,100 Justice Assistance Grant Fund Business District Fund 1,166,521 943,100 984,000 1,021,000 1,057,000 7,575,465 6,409,473 7,147,708 6,809,964 7,538,924 ENTERPRISE FUNDS Water and Sewer Fund 13,108,674 14,385,100 13,311,200 15,529,600 16,179,600 Village Parking System Fund 135,483 131,700 140,700 130,700 130,700 Parking System Revenue Fund 203,370 202,100 209,000 219,000 219,000 13,447,527 14,718,900 13,660,900 15,879,300 16,529,300 INTERNAL SERVICE FUNDS Vehicle Maintenance Fund 2,193,967 2,138,317 2,138,317 2,158,489 2,229,062 Vehicle Replacement Fund 1,495,170 1,421,300 1,424,650 1,398,850 1,398,850 Computer Replacement Fund 866 24,088 24,088 273,307 268,936 Risk Management Fund 7,406,820 7,816,873 7,925,183 7,981,526 8,390,193 11,096, 823 11,400,578 11,512,238 11,812,172 12,287,041 VILLAGE OF MOUNT PROSPECT 2015 BUDGET SUMMARY REVENUES AND OTHER SOURCES BY FUND 2013 2014 2014 2015 2016 Actual Budget Estimate Budget Forecast DUCIARY FUNDS Police Pension Fund 10,421,380 7,158,124 7,108,000 8,125,975 8,587,301 Fire Pension Fund 10,506,283 6,244,242 6,358,200 7,401,625 7,821,801 20,927,663 13,402,366 13,466, 200 15,527, 600 16,409,101 )TAL REVENUES & OTHER SOURCES - LLAGE FUNDS 117,317,610 108,909,388 109,679,037 108,069,524 112,515,63 MOUNT PROSPECT LIBRARY FUND 10,389,745 10,413,179 10,413,179 10,858,776 (a) )TAL REVENUES & OTHER SOURCES - 127,707,355 119,322,567 120,092,216 118,928,300 112,515,63 tLAGE & LIBRARY FUNDS (b) (a) Figures not available as of December 16, 2014. (b) Does not Include the Mount Prospect Public Library 2016 Forecast, VILLAGE OF MOUNT PROSPECT 2015 BUDGET SUMMARY EXPENDITURES BY FUND 2013 2014 2014 2015 2016 Actual Budget Estimate Budget Forecast ,GENERAL FUND 44,719,153 46,015,714 46,518,343 46,818,407 48,077,331 DEBT SERVICE FUND 2,451,193 3,328,500 3,328,328 3,278,796 3,305,356 CAPITAL PROJECT FUNDS Capital Improvement Fund 2,128,161 1,890,847 1,529,847 2,235,747 3,817,897 Series 2009 Construction Fund 36,865 1,631,900 846,900 2,156,955 1,646,833 Downtown Redevelopment Construct 2,958,933 3,421,962 3,006,877 3,758,455 3,054,741 Street Improvement Construc Fund 1,128,833 10,014,880 9,212,880 4,822,000 4,179,700 Flood Control Construction Fund 2,372,487 10,894,800 696,040 9,804,360 209,788 DUI Fine Fund 8,625,279 26,222,489 14,445,644 20,620,562 11,262,126 "ECIAL REVENUE FUNDS Refuse Disposal Fund 4,315,484 4,526,273 4,489,881 4,713,964 4,898,436 Motor Fuel Tax Fund 1,753,385 1,631,900 846,900 2,156,955 1,646,833 Cmmty Development Block Grant 299,130 450,373 492,108 419,264 471,224 Asset Seizure Fund 14,702 19,000 16,000 19,000 19,300 DEA Shared Funds Fund 9,930,185 2,000 2,000 2,000 2,000 DUI Fine Fund 25,252 11,000 6,000 2,000 2,000 Foreign Fire Tax Board Fund 17,603 30,500 30,500 30,500 30,500 Justice Assistance Grant Fund 836 Business District Fund 1,600,557 923,100 984,000 1,021,000 1,057,000 8,026,949 7,594,146 6,867,389 8,364,683 8,127,293 ENTERPRISE FUNDS Water and Sewer Fund 12,078,224 16,309,153 15,763,628 15,564,787 15,230,008 Village Parking System Fund 172,957 306,760 203,660 310,160 210,047 Parking System Revenue Fund 173,347 250,032 175,032 250,643 185,291 12,424,528 16,865,945 16,142,320 16,125,590 15,625,346 INTERNAL SERVICE FUNDS Vehicle Maintenance Fund 2,163,813 2,152,732 2,188,028 2,194,898 2,229,062 Vehicle Replacement Fund 602,512 1,777,700 1,656,000 909,000 2,420,000 Computer Replacement Fund 236,694 247,480 247,000 429,380 178,300 Risk Management Fund 6,927,166 7,844,938 8,361,256 8,079,896 8,264,847 9,930,185 12,022,850 12,452,284 11,613,174 13,092,209 VILLAGE OF MOUNT PROSPECT 2015 BUDGET SUMMARY EXPENDITURES BY FUND 2013 2014 2014 2015 2016 Actual Budget Estimate Budget Forecast )UCIARY FUNDS Police Pension Fund 3,968,055 4,099,816 4,280,500 4,653,370 4,763,65 sire Pension Fund 4,023,422 4,173,761 4,304,900 4,498,268 4,614,64 7,991477 8,273,577 8,585,400 9,151,638 9,378,3C ITAL EXPENDITURES - VILLAGE FUNDS 94,168,764 120,323,221 108,339,708 115,972,850 108,867,9E MOUNT PROSPECT LIBRARY FUND 9,613,400 10,413,179 10,413,179 10,858,7766 (a) TOTAL. EXPENDITURES - VILLAGE AND LIBRARY FUNDS (b) 103,782,164 130,736,400 118,752,887 126,831,626 108,867,961 (a) Figures not available as of December 16, 2014. (b) Does not include the Mount Prospect Public Library 2016 Forecast. VILLAGE OF MOUNT PROSPECT 2015 BUDGET SUMMARY AVAILABLE FUND BALANCES/NET ASSETS 12/31/2015 Estimated _ 2015 2015 Estimated Recommended Balance Budget Budget Balance Balance 1/1/2015 Revenues Expenditures 12/31/2015 12/31/2015 GENERAL FUND 11,741,131 46,818,407 46,818,407 11,741,131 9,615,466 DEBT SERVICE FUND 106,970 3,285,381 3,278,796 113,555 969,023 CAPITAL PROJECT FUNDS Capital Improvement Fund 1,937,856 1,267,000 2,235,747 969,109 640,176 Downtown Redevelopment Construct 643,356 2,709,500 3,758,455 (405,599) 64,500 Street Improvement Construc Fund 1,325,072 3,602,100 4,822,000 105,172 1,000,000 Flood Control Construction Fund 11,252,278 358,100 9,804,360 1,.806,018 83,500 DEA Shared Funds Fund 15,158,562 7,936,700 20,620,562 2,474,700 1,788,176 SPECIAL REVENUE FUNDS Refuse Disposal Fund 1,448,375 3,946,000 4,713,964 680,411 489,844 Motor Fuel Tax Fund 1,364,161 1,331,200 2,156,955 538,406 164,683 Cmmty Development Block Grant (200,277) 419,264 419,264 15,879 30'0 16,125,590 Asset Seizure Fund 71,759 2,100 19,000 54,859 19,300 DEA Shared Funds Fund 34,614 200 2,000 32,814 2,000 DUI Fine Fund 99,387 20,100 2,000 117,487 2,000 Foreign Fire Tax Board Fund 307,862 70,100 30,500 347,462 3,050 Business District Fund 83 1,021,000 1,021,000 83 3,326,241 6,809,964 8,364,683 1,771,522 680,877 ENTERPRISE FUNDS (a) Water and Sewer Fund 5,514,090 15,529,600 15,564,787 5,478,903 3,133,020 Village Parking System Fund 231,120 130,700 310,160 51,660 40,012 Parking System Revenue Fund (168„634) 219,000 250,643 (200,277) 46,323 5,576,576 15,879 30'0 16,125,590 5,330,286 3,219,355 INTERNAL SERVICE FUNDS (a) Vehicle Maintenance Fund 508,094 2,158,489 2,194,898 471,685 222,906 Vehicle Replacement Fund 7,303,167 1,398,850 909,000 7,793,017 7,793,017 Computer Replacement Fund 264,317 273,307 429,380 108,244 108,244 Risk Management Fund 1,506,296 7,981,526 8,079,896 1,407,926 1,322,129 9,58:1,874 11„81.2,172 11,613,174 9,780,872 9,446,296 (a) Estimated balances reflect unrestricted net assets only, VILLAGE OF MOUNT PROSPECT 2015 BUDGET SUMMARY AVAILABLE FUND BALANCES/NET ASSETS 12/31/2015 Estimated 2015 2015 Estimated Recommende Balance Budget Budget Balance Balance 1/1/2015 Revenues Expenditures 12/31/2015 12/31/2015 )UCIARY FUNDS (b) Police Pension Fund 58,203,476 8,125,975 4,653,370 61,676,081 93,838,67 Fire Pension Fund 55,769,715 7,401,625 4,498,268 .58,673,072 83,969,57 113,973,191 15,527,600 9,151,638 120,349,153 177,808,24 TOTAL - VILLAGE FUNDS 159,464,545 108,069,524 115,972,850 151,561,219 203,527,442 Less: Fiduciary Funds (b) (113,973,191) (15,527,600) (9,151,638) (120,349,153) (177„808,249) TOTAL AVAILABLE BALANCES VILLAGE 'FUNDS 45,491,354 92,541,924 106,821,212 31,212,066 25,719,193 D 6,893,950 10,858,776 10,858,776 6,893,950 6,893,950 MOUNT PROSPECT LIBRARY FUN .._..mmm ............... )TAL AVAILABLE BALANCES VILLAGE & 3RARY FUNDS 52,385,304 103,400,700 117,679,988 38,106,016 32,613,14 (b) Fiduciary Funds are restricted for future pension benefits and do not constitute "Available Fund Balances,”