HomeMy WebLinkAbout4.) 2016 Revised Forecast BudgetVillage of Mount Prospect, Illinois
Total Village Budget - Revenues and Expenditures
2016 Forecast - Q1
Revenues:
Property Taxes
Other Taxes
Licenses, Permits, and Fees
Intergovernmental Revenue
Charges for Services
Fines and Forfeits
Investment Income
Reimbursements
Other Revenue
Other Financing Sources
Total Revenues
Expenditures:
Personal Services
Pension Benefits
ContrEstimate Services
Insurance
Commodities and Supplies
Other Expenditures
Bond Principal and Interest
Capital
Interfund Transfers
Total Expenditures
Excess of Revenues
over Expenditures
2015
2016
$ Change
% Change
Estimate
Forecast
from PY
from PY
21,920,500
22,784,000
863,500
3.94%
13,396,074
13,547,868
151,794
1.13%
2,814,000
2,954,000
140,000
4.98%
23,396,497
23,998,267
601,770
2.57%
29,588,745
31,223,991
1,635,246
5.53%
614,250
614,250
0
0.00%
8,657,118
9,109,200
452,082
5.22%
233,500
235,500
2,000
0.86%
9,160,100
9,701,600
541,500
5.91%
30,000
20,000
(10,000)
-33.33%
109,810,784
114,188,676
4,377,892
3.99%
41,572,017
42,774,876
1,202,859
2.89%
8,852,794
9,071,616
218,822
2.47%
22,559,632
23,041,816
482,184
2.14%
8,472,828
8,853,760
380,932
4.50%
2,218,487
2,247,675
29,188
1.32%
3,536,209
3,401,914
(134,295)
-3.80%
5,868,652
6,035,399
166,747
2.84%
31,150,159
15,113,948
(16,036,211)
-51.48%
0
0
0
124,230,778
110,541,004
(13,689,774)
-11.02%
(14,419,994) 3,647,672
-1-
18.067.666
2016 Revised Forecast Budget
Total Village Budget — The 2016 Forecast Budget is currently showing total projected revenues of $114,188,676
and total projected expenditures of $110,541,004. The excess of revenues over expenses is reflective of the
surplus earnings in the two public safety pension funds. These monies are not available for general village use.
Total revenues forecast for 2016 are $114,188,676. This represents an increase of $4.4 million, or 4.0% from the
prior year. Increases in the charges for service, investment income and other revenue categories attributed to
the overall growth in revenue. The increase in charges for service is driven by the increases planned for refuse
collection and water service. Increases in investment income are wholly attributable to expected earnings in the
public safety pension portfolio. Increases in other revenues consist of public safety contributions in the form of
property taxes. Included below is a pie chart illustrating the 2016 forecast for total village revenues by major
revenue category.
2016 Total Forecast Budget - Revenue
$9,701,600 $20,000
$235,500-e $22,784,000
�.
$ 9,109,200
$614,250
$31,223,991
$23,998,267
1 $13,547,868
$2,954,000
Property Taxes
w Other Taxes
Licenses, Permits, and Fees
X Intergovernmental Revenue
Charges for Services
Fines and Forfeits
Investment Income
Reimbursements
Other Revenue
-Other Financing Sources
The property tax levy programmed into the 2016 Budget is 4.2% with the portion allocated for operations
increasing 3.5% while the portion for debt service on municipal debt increased $17,102 or 0.7%. The projected
increase to the portion of the levy allocated to public safety increased 7.0%. Please note that the tax levy (2015)
included in the 2016 forecast is only a placeholder and is intended as a stepping off point for discussion. The
decision on a final levy will not occur until after departmental budget presentations and is likely to change from
this initial amount based on anticipated revenue growth, expenditure adjustments and final board action.
Again, the figures presented here assume no reduction in revenue as a result of budget decisions made in
Springfield. The spring legislative session is currently open. Governor Rauner and the legislature are crafting the
State of Illinois budget for fiscal year 2015/2016. Depending on the outcome of the deliberations, there could
be a significant loss in revenue to both the General Fund and the Motor Fuel Tax Fund seriously impacting
operations and the street program, respectively.
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2016 Revised Forecast Budget
Total expenditures forecast for 2016 are $110,541,004, a decrease of $13.7 million, or 11.0% from the amended
2015 budget. The decrease is primarily due to capital projects for flood control, water and sewer and general
capital purchases being completed during the prior year. Included below is a pie chart illustrating contributions
to total village expenses by major revenue category.
2016 Total Forecast Budget - Expenses
$15,113,948
$6,035,399 "
$3,401,914 ?. c
$2,247,675
$8,853,760
$ 23,041,816 '
$9,071,616
-3-
$42,774,876
Personal Services
Pension Benefits
ContrEstimate Services
=Insurance
■Commodities and Supplies
■ Other Expenditures
■ Bond Principal and Interest
Capital
Village of Mount Prospect, Illinois
General Fund - Revenues and Expenditures
2016 Forecast - Q1
Excess of Revenues over Expend.
Other Financing Sources/Uses
Transfers In
Transfers Out
Total Other Financing Uses
Excess of Revenues over Expend.
and Other Financing Uses:
124.585 30.069 70.069 40.000
124,585 30,069 70,069 40,000
—4—
2015
2016 Forecast
Current
Original
Cui-rent
Increase
% Chang
Projections
Forecast
Forecast
(Decrease)
from PY
Revenues:
Property Taxes
15,427,500
16,152,000
16,152,000
0
4.70%
Sales Taxes - ROT Portion
13,418,000
13,771,000
13,771,000
0
2.63%
Sales Taxes - HMR Portion
1,346,000
1,374,000
1,374,000
0
2.08%
Food and Beverage Tax
755,000
770,000
770,000
0
1.99%
Real Estate Transfer Tax
900,000
800,000
840,000
40,000
-6.67%
Telecommunications Tax
1,650,000
1,650,000
1,650,000
0
0.00%
Other Utility Taxes
1,860,000
1,885,000
1,885,000
0
1.34%
Other Taxes
275,566
286,000
286,000
0
3.79%
Other Licenses, Permits, Fees
2,027,000
2.020,000
2,020,000
0
-0.35%
State Income Tax
5,200,000
5,280,000
5,280,000
0
1.54%
Other Intergovernmental
1,567,827
1,521,800
1,521,800
0
-2.94%
Charges for Services
1,623,000
1,660,600
1,660,600
0
2.32%
Fines and Forfeits
439,000
439,000
439,000
0
0.00%
Investment Income
5,918
6,000
6,000
0
1.39%
Other Revenue
486,000
492,000
492,000
0
1.23%
Total Revenues
46,980,811
48,107,400
48,147,400
40,000
2.48%
Expenditures
Public Representation
635,574
661,036
661,036
0
4.01%
Village Manager's Office
3,111,828
3,183,010
3,183,010
0
2.29%
Television Services Division
187,337
190,403
190,403
0
1.64%
Village Clerk's Office
218,547
223,053
223,053
0
2.06%
Finance Department
1,958,096
2,017,574
2,017,574
0
3.04%
Community Development Dept.
2,347,767
2,379,087
2,379,087
0
1.33%
Human Services Dept.
1,067,027
1,073,748
1,073,748
0
0.63%
Police Department
16,554,256
17,022,027
17,022,027
0
2.83%
Fire Department
12,979,579
13,382,328
13,382,328
0
3.10%
Public Works Department
7,749,759
7,898,449
7,898,449
0
1.92%
Miscellaneous
46,456
46,616
46,616
0
0.34%
Total Expenditures
46,856,226
48,077,331
48,077,331
0
2.61%
Excess of Revenues over Expend.
Other Financing Sources/Uses
Transfers In
Transfers Out
Total Other Financing Uses
Excess of Revenues over Expend.
and Other Financing Uses:
124.585 30.069 70.069 40.000
124,585 30,069 70,069 40,000
—4—
2016 Revised Forecast Budget
General Fund —The original 2016 General Fund forecast budget showed a slight surplus of $30,069 on revenues
of $47,107,400 and expenses of $47,077,331. While not significant, the projected surplus is a departure from
previous forecast amounts that have typically projected a deficit. Our adjusted estimate for 2016 now projects a
surplus of $70,069.
In this early estimate, revenues for the real estate transfer tax are expected to come in higher than budget
based on expectations for 2015. Revenues are now projected to come in at $48,147,400. This is $40,000 above
the original forecast budget and $1.2 million or 2.5% over the prior year. Included below is a pie chart estimating
General Fund revenues broken out by major revenue category.
2016 General Fund Forecast - Revenues
$937,000
$1,660,600 \
$1,521,800 ,
:$5,280,000
$2,020,000 $15,145,000
$5,431,000
Property Taxes
Sales Tax
Other Taxes
Licenses, Permits, Fees
State Income Tax
Other Intergovernmental
Charges for Services
Other Revenue
The 2015 General Fund forecast budget for expenses is $48,077,331. Overall growth in General Fund
expenditures from the prior is forecast to be $1.2 million or 2.6%. Beginning with the 2016 budget we start to
see the structural imbalance with growth in revenues falling short of expenses (2.5% versus 2.6%). This
imbalance will need to be addressed during the budget process for 2016/2017. To be conservative no
assumptions were made to any expense category for the 2015 General Fund budget. The following pie chart
illustrates a breakdown of estimated General Fund forecast expenses broken out by department.
2015 General Fund Estimate - Expenses
$1,067,027,-
$2,347,767
1,067,027..$2,347,767
$2,004,552
$3,517,712
$635,574 $7,749,759
Public Representation
Village Manager's Office
'Finance Department
$16,554,256 a Community Development
N Human Services Dept.
$12,979,579
Police Department
Fire Department
Public Works Department
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