HomeMy WebLinkAbout5.) Allocation of RevenuesVillage Capital Program
and
Funding Sources/Uses
Home Rule Sales Tax Allocation — 1.0%
9
Flood Control -.25%
Capital Improvement Fund -.25% Streets -.25%
t?
General Fund -.Z5%
—1—
Capital Funding for Street Construction
Street Improvement Construction Fund
• One-quarter cent home rule sales tax
— $1,346,000
• Local motor fuel tax ($0.04 per gallon)
- $720,000 9
MFT Fund
• State motor fuel tax (per capita)
— $1,320,000
Capital Funding for Flood Control
• One-quarter cent home rule sales tax
Debt Service, $1,000,000
$197,000 for IEPA Loans
$421,000 for 2012 Installment Loan
• $371,000 for Series 2013 Flood Bonds
— Ongoing Flood Projects
$357,000
-2-
Capital Funding for Mid -Range Projects
6��
• One-quarter cent home rule sales tax
— $1,246,000
— $100,000 supports capital items in village
parking system fund 9
Mid -Range Projects Listing
• Field Cameras - MPTV
• Cardiac Monitors
• Furniture Replacement
• Detention Pond
Improvements
-3-
• Building Improvements
• Public Safety Radios
• Roof/HVAC Repairs
• Streetlight
Improvements
VILLAGE CODE AMENDMENTS To APPENDIX A, DlvlsiON II
VILLAGE WARD MEETING
00
1
VILLAGE CODE AMENDMENTS To APPENDIX A. Divism 11
Adjustments to fees and tax rates in support of
street funding plan
• Increase annual direct charge for refuse by $158 from
$100 to $258
• Increase local MFT by $0.02, from $0.02 to $0.04
• increase vehicle sticker fee by $9.00, from $36 to $45
• Reallocation of property tax levy
Implementation to occur over a 5 -year period
-4-
IMP�XMENTATIQN PLAN
Year One
• Increase indirect charge for refuse from $100 to $145
• Increase in local MFT from $0.02 to $0.04
Reserves in Refuse and Street Funds
• Issue $6.5 million in street construction bonds
Year Two
• Increase in direct charge for refuse from $145 to $190
• Increase in vehicle sticker from $36 to $40
• Reserves in Refuse Fund
IMPLEMENTATION PLAN
Year Three
• Increase in direct charge for refuse from $190 to $235
Increase in vehicle sticker from $40 to $45
Year Four
• Increase in direct charge for refuse from $235 to $250
Year Five
Increase in direct charge for refuse from $250 to $258
-5-
IMPLEMENTATION PLAN
Impact from issuing bonds
• No impact to property tax levy for first 4 years
• Years 5-10, increases range from .59% -.85%
Changes will...
• Fully fund annual street program
• Eliminate resurfacing backlog (13.3 miles)
• Match revenue source with their intended purpose
QUESTt4NS?
-6-
Village of Mount Prospect
Finance Commission
Street Funding Plan
2013
2014
2015
5 -Year Smoothed Implementation
General Refuse Street Const. Debt Serv.
Fund Fund Fund Fund Total
Current Funding -
Vehicle Stickers 1,385,000 -
1,385,000
Property Tax - 1,856,000
1,856,000
Refuse Direct Charge 1,275,000
1,275,000
1,385,000 3,131,000
4,516,000
ne
Year One-
vehicle
vehicle Stickers
(A) 340,000
-
1,045,000
1,385,000
Property Tax
(B) 1,045,000
340,000
-
471,000 1,856,000
Refuse Direct Charge
-
1,275,000
-
- 1,275,000
RerLIse Direct Charge Increase -yr. 1
(C)
575,[.'•0(?
-
575 v00
1.ocaI MFT Increase
(W -
-
340,000
34e1.1000
Reserves (Refuse)
(E)
941,000
-
941,000
Reserves (Streets)
(E)
_
400,000
- 400,000
1,385,000
3,131,000
1,785,000
471,400 6,772,000
(A & B) Reallocate a portion of the vehicle sticker revenue from General Fund to Street Improvement Construction Fund. Reallocate
portions of the refuse collection tax levy to General and Debt Service Fund.
(C) Increase direct charge for refuse by $45.00 from $100.00 to $145.00.
(D) Increase local MFT $0.02 from $0.02 to $0.04.
(E) Utilize reserves in the Street and Refuse Funds.
Year Two -
Vehicle Stickers
(F) -
-
1,385,000
- 1,385,000
Property Tax
(F) 1,385,000
471,000 1,856,000
Refuse Direct Charge
-
1,850,000
1,850,000
Refuse Direct Charge Increase -yr. 2
(G)
575,700
-
575,000
Vehicle Sticker Increase
(If)
-
155,000
155,000
Reserves (Refuse)
(I)
706,000
-
706,000
Local MFT
-
340,000
340,000
1,385,000
3,131,000
1,880,000
471,000 6,867,000
(F) Reallocate balance of the vehicle sticker revenue from General Fund to Street Improvement Construction Fund. Reallocate
remaining portion of the refuse collection tax levy to General and Debt Service Fund.
(G) Increase direct charge for refuse by $45.00 from $145.00 to $190.00.
(H) Increase vehicle sticker fee $4.00 from $36.00 to $40.00. Senior discount adjusted to maintain at 1/3 of the cost of a regular
passenger sticker (from $12.00 to $13.00).
(1) Utilize reserves in the Refuse Fund.
H:\ADMN\Administrative Ass istant\FINANCE COMM\2013\Reallocation of Revenues.xlsx
4/23/2015 5 -Year Smoothed
-7-
Village of Mount Prospect
Finance Commission
Street Funding Plan
2016
5 -Year Smoothed Implementation
General Refuse Street Const. Debt Serv.
Fund Fund Fund Fund Total
Year Three
Vehicle Stickers
Vehicle Stickers
-
1,540,000
- 1,540,000
Property Tax
1,385,000 -
-
471,000 1,856,000
Refuse Direct Charge
- 2,425,000
200,000
- 2,425,000
Refuse Direct Charge Increase -yr. 3
(J) 575,000
-
575,000
Vehicle Sticker Increase
(K) -
195,000
195,000
Reserves (Refuse)
131,000
-
131,000
Local MFT
-
340,000
340,000
1,385,000 3,131,000
2,075,000
471,000 7,062,000
(J) Increase direct charge for refuse by $45.00 from $190.00 to $235.00.
(K) Increase vehicle sticker fee $5.00 from $40.00 to $45.00. Senior discount adjusted to maintain at 1/3 of the cost of a regular
passenger sticker (from $13.00 to $15.00).
2017
2018
Year Four
Vehicle Stickers
- 1,385,000
- 1,385,000
Property Tax
1,385,000 -
471,000 1,856,000
Refuse Direct Charge
- 3,000,000
- 3,000,000
Refuse Direct Charge Increase -yr. 4
(L) 200,0170
200,000
Local MFT
340,000
340,000
Vehicle Sticker Increase
- 350,000
350,000
1,385,000 3,200,000 2,075,000
471,000 7,131,000
(L) Increase direct charge for refuse by $15.00 from $235.00 to $250.00.
Year Five
Vehicle Stickers
- 1,385,000
1,385,000
Property Tax
1,385,000 -
471,000 1,856,000
Refuse Direct Charge
- 3,200,000
3,200,000
Refuse Direct Charge Increase
(M) 96,000
96,000
Local MFT
- 340,000
340,000
Vehicle Stickers
- 350,000
- 350,000
1,385,000 3,296,000 2,075,000
471,000 7,227,000
(M) Implement regular increases to refuse utility charge similar to how water/sewer rates are treated. A 3% increase to the total
refuse rate is $8.00. The annual direct charge for refuse would increase from $250.00 to $258.00.
H:\ADMN\Administrative Assistant\FINANCE COMM\2013\Reallocation of Revenues.xlsx
4/23/2015 5-Year5moothed
-8-
5
m
40
N
U,
m
M 00 O Ln
N 0000
N
il00
h M lD
ILO
al lD
r-- 00 N
-t} Vl- -tn
Q=
n
N
O
O
9.0m
N
t4
N
LL.
�
>
N
M
v
N
cu
m
H
L
Q
a
V)
X
~
L
N
O
E
au
a
N0
V)
C
a)
ccN
+�+
4J
c
N
W
L
a- +C
U_
L"
L
O
N
w
L
ca
u
N
L
0
-0
fII
N
M
O
U
C
a,
N
E
+jL
LnaJ
a
S
v,
4-
C
N
E
N
w
N
�
v
w
t
O
L
c/)
dA
w
�
L.L
L
N
t
O
U,
m
M 00 O Ln
N 0000
N
il00
h M lD
ILO
al lD
r-- 00 N
-t} Vl- -tn
Q=
n
N
O
O
9.0m
N
t4
N
M
N
�
00
a)
I
Ln
(Y)
M
q }
l0
N
RT
{n
U,
m
M 00 O Ln
N 0000
N
il00
h M lD
ILO
al lD
r-- 00 N
-t} Vl- -tn
Q=
n
N
O
O
9.0m
N
t4
N
N N
O N
LL U
L
N E Ln
o
EU C
L C C
N> O N > ca
A/ O
1■i■ i O aj LnN E aC IL
L L N O E N QJ
O }, _
a 0 U it 0 0
LL
ca
L
o
co
co 00
m
- ri
� �-
N
00
r�
0
0
0
0
N
00 N Q1 Ln
m r'!
r 0
r -i
000 CY)
-10-