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HomeMy WebLinkAboutOrd 6229 12/15/2015 Adopting an Annual Budget for the Fiscal Year '16 in Lieu of Passage of an Appropriation OrdinanceORDINANCE NO. 6229 AN ORDINANCE ADOPTING AN ANNUAL BUDGET FOR THE VILLAGE OF MOUNT PROSPECT FOR THE FISCAL YEAR COMMENCING JANUARY 1, 2016 AND ENDING DECEMBER 31, 2016 IN LIEU OF PASSAGE OF AN APPROPRIATION ORDINANCE I' : & • TI, AMAh1CA THE PRESIDENT AND BOARD OF TRUSTEES the 15th day of December, 2015 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois the 15th day of December, 2015. ORDINANCE NO. 6229 AN ORDINANCE ADOPTING AN ANNUAL BUDGET FOR THE VILLAGE OF MOUNT PROSPECT FOR THE FISCAL YEAR COMMENCING JANUARY 1, 2016 AND ENDING DECEMBER 31, 2016 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, 2016 and ending December 31, 2016, 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 9, 2015 for public inspection, as provided by Statute; and WHEREAS, pursuant to notice duly published on December 4, 2015, a public hearing was held by the President and Board of Trustees on said tentative annual budget on December 15, 2015, 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, 2016 and ending December 31, 2016, 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, 2016 and ending December 31, 2016, duly certified by the Chief Fiscal Office SECTION THREE: This Ordinance shall be in lull 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 15th day of December, 2015. ATTEST: Karen M. Agora os, Interim Deputy Village Clerk • ►,g: 0 VILLAGE OF IVivUNT PROSPECT 2016 BUDGET SUMMARY TOTAL VILLAGE BUDGET CHANGES IN FUND BALANCE Excess (Deficiency) of Revenues & Other Sources Over Expenditures 11,108,916 (19,672,940) (18,604,510) 2,509,706 5,893,936 FUND BALANCE Start of Budget Year 157,087,676 168,196,592 168,196,592 149,592,082 152,101,788 End of Budget Year Less: Pension Fund Balances (b) Actual Budget Estimate Budget Forecast AVAILABLE FUND BALANCE 2014 2015 2015 2016 2017 REVENUES AND OTHER SOURCES Property Taxes 21,254,401 21,920,500 21,964,500 22,784,200 23,555,200 Other Taxes 13,997,392 14,276,074 14,259,508 14,198,368 14,443,592 Licenses, Permits & Fees 2,675,473 3,028,000 2,987,000 2,944,000 2,949,000 Intergovernmental Revenue 23,601,029 24,310,024 24,305,120 25,413,467 26,002,435 Charges for Services 26,689,706 28,536,345 28,592,772 30,766,533 31,904,365 Fines & Forfeits 862,465 664,250 667,063 656,100 661,100 Investment Income 7,963,877 4,117,118 3,296,570 8,485,500 8,888,500 Reimbursements 848,962 233,500 193,100 194,500 196,500 Other Revenue 9,338,012 9,220,500 9,085,400 9,609,840 10,129,577 Other Financing Sources 6,667,729 20,000 10,000 - - Total Revenues & Other Sources 113,899,046 106,326,311 105,361,033 115,052,508 118,730,269 BUDGET EXPENDITURES Village Operating Budget 63,191,997 65,301,052 65,521,511 68,199,660 69,961,056 Village Capital Budget 15,599,616 34,969,734 33,129,263 18,301,281 16,193,584 Debt Services Budget 4,902,306 4,847,652 4,847,652 4,978,187 5,037,578 Pension Systems Budget 8,633,471 9,555,880 9,473,056 9,780,823 10,037,016 Internal Services Budget (a) 9,448,304 10,303,933 9,938,961 10,185,751 10,456,999 Business District Fund 1,014,436 1,021,000 1,055,100 1,097,100 1,150,100 Total Expenditures 102,790,130 125,999,251 123,965,543 112,542,802 112,836,333 CHANGES IN FUND BALANCE Excess (Deficiency) of Revenues & Other Sources Over Expenditures 11,108,916 (19,672,940) (18,604,510) 2,509,706 5,893,936 FUND BALANCE Start of Budget Year 157,087,676 168,196,592 168,196,592 149,592,082 152,101,788 End of Budget Year Less: Pension Fund Balances (b) 168,196,592 (115,388,264) 148,523,652 (116,866,440) 149,592,082 (116,035,964) 152,101,788 (122,183,097) 157,995,724 (128,924,124) AVAILABLE FUND BALANCE 52,808,328 31,657,212 33,556,118 29,918,691 29,071,600 (a) Internal Services 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) Pension Fund Balances are reserved for pension benefits and not available for appropriation. VILLAGE OF MuUNT PROSPECT 2016 BUDGET SUMMARY REVENUES AND OTHER SOURCES BY REVENUE TYPE Actual Budget Estimate Budget Forecast 2014 2015 2015 2016 2017 REVENUES BY TYPE Property Taxes 21,254,401 21,920,500 21,964,500 22,784,200 23,555,200 Other Taxes 13,997,392 14,276,074 14,259,508 14,198,368 14,443,592 Licenses, Permits & Fees 2,675,473 3,028,000 2,987,000 2,944,000 2,949,000 Intergovernmental Revenue 23,601,029 24,310,024 24,305,120 25,413,467 26,002,435 Charges For Services 26,689,706 28,536,345 28,592,772 30,766,533 31,904,365 Fines & Forfeits 862,465 664,250 667,063 656,100 661,100 Investment Income 7,963,877 4,117,118 3,296,570 8,485,500 8,888,500 Reimbursements 848,962 233,500 193,100 194,500 196,500 Other Revenue 9,338,012 9,220,500 9,085,400 9,609,840 10,129,577 Total Revenues 107,231,317 106,306,311 105,351,033 115,052,508 118,730,269 OTHER FINANCING SOURCES Bond Proceeds 6,584,697 - - - - Sale of Property/Other 83,032 20,000 10,000 - - Total Other Financing Sources 6,667,729 20,000 10,000 - - TOTAL REVENUES AND OTHER SOURCES 113,899,046 106,326,311 105,361,033 115,052,508 118,730,269 CHANGES IN FUND BALANCE Total Revenues & Other Sources 113,899,046 106,326,311 105,361,033 115,052,508 118,730,269 Total Expenditures 102,790,130 125,999,251 123,965,543 112,542,802 112,836,333 Additions to(Use of) Fund Balances 11,108,916 (19,672,940) (18,604,510) 2,509,706 5,893,936 ANALYSIS OF CHANGES IN FUND BALANCE Additions to (Use of) Pension Fund Balances 6,295,875 1,478,176 647,700 6,147,133 6,741,027 Additions to (Use of) Other Fund Balances 4,813,041 (21,151,116) (19,252,210) (3,637,427) (847,091) Additions to(Use of) Fund Balances 11,108,916 (19,672,940) (18,604,510) 2,509,706 5,893,936 VILLAGE OF IVivUNT PROSPECT 2016 BUDGET SUMMARY BUDGET EXPENDITURES Actual Budget Estimate Budget Forecast 2014 2015 2015 2016 2017 OPERATING BUDGET PUBLIC REPRESENTATION 563,535 636,934 656,313 699,374 709,302 VILLAGE ADMINISTRATION FINANCE DEPARTMENT 3,092,320 3,703,112 3,709,544 2,007,008 1,990,478 1,995,361 3,668,430 2,035,030 3,620,718 2,046,287 COMMUNITY DEVELOPMENT DEPARTMENT Community Development 2,242,247 2,426,828 2,446,706 2,426,654 2,478,206 CDBG 280,182 672,791 672,791 587,104 588,95Q Total Community Development Dept 2,522,429 3,099,619 3,119,497 3,013,758 3,067,156 HUMAN SERVICES DEPARTMENT 1,049,679 1,067,027 1,034,472 1,107,503 1,125,261 PUBLIC SAFETY AND PROTECTION Police Department 16,593,258 16,674,844 16,694,217 17,500,244 18,048,293 Fire Department 13,213,019 11252,459 13,300,023 14,410,987 14,990,239 Total Public Safety and Protection 29,806,277 29,927,303 29,994,240 31,911,231 33,038,532 PUBLIC WORKS DEPARTMENT Administration 1,501,722 1,549,558 1,582,654 1,649,446 1,701,987 Streets/Buildings 3,022,148 3,128,696 3,133,163 3,209,124 3,274,601 Forestry and Grounds 1,725,371 1,777,824 1,772,824 1,706,132 1,740,338 Engineering 1,377,885 1,448,152 1,445,979 1,479,280 1,510,415 Refuse Disposal 4,438,186 4,713,964 4,658,805 4,769,144 4,938,525 Water and Sewer Division 11,658,656 11,747,582 11,982,856 12,617,248 12,919,983 Parking 284,498 510,803 435,803 333,960 267,951 Total Public Works Department 24,008,466 24,876,579 25,012,084 25,764,334 26,353,800 EMERGENCY EVENTS 142,283 - - - TOTAL OPERATING BUDGET 63,191,997 65,301,052 65,521,511 68,199,660 69,961,056 VILLAGE OF MuLINT PROSPECT 2016 BUDGET SUMMARY BUDGET EXPENDITURES Actual Budget Estimate Budget Forecast 2014 2015 2015 2016 2017 CAPITAL BUDGET Capital Improvement Plan 11,938,120 29,565,239 27,919,694 12,637,564 10,452,915 Other Ca ital Fund Expenditures 3,661,496 S 404 495 5,209,569 5 663 717 5,740,669 Total Capital Budget 15,599,616 34,969,734 33,129,263 18,301,281 16,193,584 DEBT SERVICE BUDGET 4,902,306 4,847,652 4,847,652 4,978,187 5,037,578 PENSION SYSTEMS BUDGET Miscellaneous Pensions 46,300 46,456 46,456 46,616 46,616 Police Pensions 4,280,027 4,760,503 4,678,800 4,833,176 4,959,200 Fire Pensions 4,307,144 4 748 921 4,747,800 4 901031 S,031,200 Total Pension Systems Budget 8,633,471 9,555,880 9,473,056 9,780,823 10,037,016 INTERNAL SERVICES BUDGET (a) Vehicle Maintenance 2,053,195 2,234,037 2,121,961 2,134,037 2,177,133 Risk Management 7,395,109 8 069 896 7,817,000 8 051714 8,279,866 Total Internal Services Budget (a) 9,448,304 10,303,933 9,938,961 10,185,751 10,456,999 BUSINESS DISTRICT FUND 1,014,436 1,021,000 1,055,100 1,097,100 1,150,100 TOTAL EXPENDITURES 102,790,130 125,999,251 123,965,543 112,542,802 112,836,333 (a) Internal Services 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. VILLAGE OF Yv#0UNT PROSPECT 2016 BUDGET SUMMARY REVENUES AND OTHER SOURCES BY FUND Actual Budget Estimate Budget Forecast 2014 2015 2015 2016 2017 GENERAL FUND 47,287,888 48,802,811 48,720,800 49,658,220 50,910,370 DEBT SERVICE FUND 4,912,449 4,854,237 4,854,237 4,987,011 5,050,457 CAPITAL PROJECTS FUNDS Capital Improvement Fund 1,395,372 1,343,000 1,374,350 1,415,500 1,443,500 Downtown Redevelopment Construct 2,564,475 2,709,500 2,844,250 2,998,500 3,170,500 Street Improvement Construc Fund 9,884,562 3,651,100 3,593,200 3,761,500 3,789,500 Flood Control Construction Fund 311,114 388,100 434,000 447,000 474,000 Total Capital Projects Funds 14,155,523 8,091,700 8,245,800 8,622,500 8,877,500 SPECIAL REVENUE FUNDS Refuse Disposal Fund 3,646,133 3,946,000 3,957,700 4,600,000 4,831,680 Motor Fuel Tax Fund 1,849,721 1,331,200 1,237,200 1,237,500 1,237,500 CDBG 280,182 672,791 672,791 587,104 588,950 Asset Seizure Fund 49,054 2,100 15,020 15,100 15,100 Federal Equitable Share Funds 24,657 200 120 200 200 DUI Fine Fund 38,559 20,100 25,030 20,100 20,100 Foreign Fire Tax Board Fund 67,681 70,100 70,070 70,100 70,100 Business District Fund 1,014,353 1,021,000 1,055,100 1,097,100 1,150,100 Total Special Revenue Funds 6,970,340 7,063,491 7,033,031 7,627,204 7,913,730 ENTERPRISE FUNDS Water and Sewer Fund 13,933,447 14,364,600 14,107,700 15,669,600 16,224,600 Village Parking System Fund 145,464 130,700 138,700 168,700 183,700 Parking System Revenue Fund 210,107 219,000 221,000 146,000 161,000 Total Enterprise Funds 14,289,018 14,714,300 14,467,400 15,984,300 16,569,300 INTERNAL SERVICE FUNDS Vehicle Maintenance Fund 2,139,393 2,158,489 2,159,489 2,044,649 2,177,133 Vehicle Replacement Fund 1,434,348 1,398,850 1,402,393 1,608,200 1,608,200 Computer Replacement Fund 23,825 273,307 272,807 254,550 256,285 Risk Management Fund 7,803,216 7,981,526 8,130,776 8,384,534 8,635,867 Total Internal Service Funds 11,400,782 11,812,172 11,965,465 12,291,933 12,677,485 FIDUCIARY FUNDS Police Pension Fund 7,723,976 5,950,975 5,528,175 8,266,000 8,703,000 Fire Pension Fund 7,159,070 5,036,625 4,546,125 7,615,340 8,028,427 Total Fiduciary Funds 14,883,046 10,987,600 10,074,300 15,881,340 16,731,427 TOTAL REVENUES & OTHER SOURCES 113,899,046 106,326,311 105,361,033 115,052,508 118,730,269 VILLAGE OF iviOUNT PROSPECT 2016 BUDGET SUMMARY EXPENDITURES BY FUND Actual Budget Estimate Budget Forecast 2014 2015 2015 2016 2017 GENERAL FUND 46,320,858 47,640,383 47,728,533 49,658,220 50,867,669 DEBT SERVICE FUND 4,902,306 4,847,652 4,847,652 4,978,187 5,037,578 CAPITAL PROJECTS FUNDS Capital Improvement Fund 718,353 3,364,416 3,000,051 2,581,000 1,477,150 Downtown Redevelopment Construct 2,978,005 4,562,130 4,227,729 3,387,271 3,225,574 Street Improvement Construc Fund 7,822,794 6,863,886 6,863,886 3,631,000 3,588,500 Flood Control Construction Fund 556,308 10,672,951 10,772,951 839,546 536,535 Total Capital Projects Funds 12,075,460 25,463,383 24,864,617 10,438,817 8,827,759 SPECIAL REVENUE FUNDS Refuse Disposal Fund 4,438,444 4,718,706 4,663,547 4,769,144 4,953,525 Motor Fuel Tax Fund 791,218 2,156,955 1,556,955 2,111,834 1,530,071 CDBG 280,182 672,791 672,791 587,104 588,950 Asset Seizure Fund 8,039 19,000 6,500 7,000 7,000 Federal Equitable Share Funds 16,233 2,000 2,000 2,000 2,000 DUI Fine Fund 2,767 22,000 22,000 2,000 2,000 Foreign Fire Tax Board Fund 53,049 30,500 60,500 50,500 50,500 Business District Fund 1,014,436 1,021,000 1,055,100 1,097,100 1,150,100 Total Special Revenue Funds 6,604,368 8,642,952 8,039,393 8,626,682 8,284,146 ENTERPRISE FUNDS Water and Sewer Fund 13,779,500 17,408,935 17,281,984 15,835,178 15,940,983 Village Parking System Fund 175,219 310,160 310,160 257,796 667,249 Parking System Revenue Fund 154,770 250,643 175,643 226,164 157,890 Total Enterprise Funds 14,109,489 17,969,738 17,767,787 16,319,138 16,766,122 INTERNAL SERVICE FUNDS Vehicle Maintenance Fund 2,053,195 2,234,037 2,121,961 2,134,037 2,177,133 Vehicle Replacement Fund 581,073 1,182,406 1,147,000 2,327,000 2,354,000 Computer Replacement Fund 155,413 429,380 200,000 264,800 241,660 Risk Management Fund 7,400,797 8,079,896 7,822,000 8,061,714 8,289,866 Total Internal Service Funds 10,190,478 11,925,719 11,290,961 12,787,551 13,062,659 FIDUCIARY FUNDS Police Pension Fund 4,280,027 4,760,503 4,678,800 4,833,176 4,959,200 Fire Pension Fund 4,307,144 4,748,921 4,747,800 4,901,031 5,031,200 Total Fiduciary Funds 8,587,171 9,509,424 9,426,600 9,734,207 9,990,400 TOTAL EXPENDITURES 102,790,130 125,999,251 123,965,543 112,542,802 112,836,333 VILLAGE OF iviOUNT PROSPECT 2016 BUDGET SUMMARY AVAILABLE FUND BALANCES/NET ASSETS 12/31/2016 Estimated Balance 1/1/2016 2016 2016 Estimated Recommended Budget Budget Balance Balance Revenues Expenditures 12/31/2016 12/31/2016 GENERAL FUND 13,500,724 49,658,220 49,658,220 13,500,724 10,173,534 DEBT SERVICE FUND 136,663 4,987,011 4,978,187 145,487 950,607 CAPITAL PROJECTS FUNDS Capital Improvement Fund 1,145,377 1,415,500 2,581,000 (20,123) 523,013 Downtown Redevelopment Construct (728,075) 2,998,500 3,387,271 (1,116,846) 40,000 Street Improvement Construc Fund (341,966) 3,761,500 3,631,000 (211,466) 1,000,000 Flood Control Construction Fund 1,088,173 447,000 839,546 695,627 176,250 Total Capital Projects Funds 1,163,509 8,622,500 10,438,817 (652,808) 1,739,263 SPECIAL REVENUE FUNDS Refuse Disposal Fund 810,344 4,600,000 4,769,144 641,200 495,353 Motor Fuel Tax Fund 1,077,610 1,237,500 2,111,834 203,276 153,007 CDBG - 587,104 587,104 - - Asset Seizure Fund 92,195 15,100 7,000 100,295 7,000 Federal Equitable Share Funds 18,058 200 2,000 16,258 2,000 DUI Fine Fund 104,110 20,100 2,000 122,210 2,000 Foreign Fire Tax Board Fund 292,344 70,100 50,500 311,944 5,050 Business District Fund - 1,097,100 1,097,100 - - Total Special Revenue Funds 2,394,661 7,627,204 8,626,682 1,395,183 664,410 ENTERPRISE FUNDS (a) Water and Sewer Fund 4,443,507 15,669,600 15,835,178 4,277,929 3,229,996 Village Parking System Fund 92,865 168,700 257,796 3,769 27,515 Parking System Revenue Fund (101,908) 146,000 226,164 (182,072) 39,473 Total Enterprise Funds 4,434,464 15,984,300 16,319,138 4,099,626 3,296,984 INTERNAL SERVICE FUNDS (a) Vehicle Maintenance Fund 684,720 2,044,649 2,134,037 595,332 217,713 Vehicle Replacement Fund 8,146,311 1,608,200 2,327,000 7,427,511 7,427,511 Computer Replacement Fund 441,499 254,550 264,800 431,249 431,249 Risk Management Fund 2,653,567 8,384,534 8,061,714 2,976,387 1,322,129 Total Internal Service Funds 11,926,097 12,291,933 12,787,551 11,430,479 9,398,602 FIDUCIARY FUNDS (b) Police Pension Fund 59,669,300 8,266,000 4,833,176 63,102,124 110,572,714 Fire Pension Fund 56,366,664 7,615,340 4,901,031 59,080,973 96,521,956 Total Fiduciary Funds 116,035,964 15,881,340 9,734,207 122,183,097 207,094,670 Total - Village Funds 149,592,082 115,052,508 112,542,802 152,101,788 233,318,070 Less: Fiduciary Funds (b) (116,035,964) (15,881,340) (9,734,207) (122,183,097) (207,094,670) TOTAL AVAILABLE BALANCES 33,556,118 99,171,168 102,808,595 29,918,691 26,223,400 (a) Estimated balances reflect unrestricted net assets only. (b) Fiduciary Funds are restricted for future pension benefits and do not constitute "Available Fund Balances.