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Home My WebLink About7.6 An Ordinance Making Certain Amendments to 2017 Budget BoardDocs® ProPage 1 of 2 Agenda Item Details MeetingMar 06, 2018 - REGULAR MEETING OF THE MOUNT PROSPECT VILLAGE BOARD - 7:00 p.m. Category7. NEW BUSINESS Subject7.6 1st reading of AN ORDINANCE MAKING CERTAIN AMENDMENTS TO THE ANNUAL BUDGET ADOPTED FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2017 AND ENDING DECEMBER 31, 2017 AccessPublic TypeAction Preferred DateMar 06, 2018 Absolute DateMar 06, 2018 Fiscal ImpactYes BudgetedYes Budget SourceVarious Funds - Revenue projections revised or sufficient reserves on hand to support budget changes. Recommended ActionAdopt the proposed budget amendment #3 for the 2017 annual budget. Public Content Information Staff is recommending that the annual budget be amended for fiscal year beginning January 1, 2017 and ending December 31, 2017. Ordinance 6290, adopted December 20, 2016, established the annual budget for the year ending December 31, 2017. Ordinance 6308 adopted March 7, 2017 amended the annual budget for the year ending December 31, 2017. Ordinance 6314 adopted March 21, 2017 further amended the budget for the year ending December 31, 2017. Each year the Village prepares budget amendments impacting revenues and/or expenses to the current year’s budget. Accounts adjusted in the first amendment are typically for capital projects started in the previous year but not completed. Amendments brought forward later in the year adjust the budget for material variations in revenues and expenditures resulting from extraordinary or unanticipated events and are necessary to comply with state statutes and the Budget Officer Act. A proposed ordinance amending the 2017 annual budget is attached for the Board’s consideration. In total, this amendment increases the budget for revenues by $14,182,297 and increases the budget for expenditures by $2,294,685. Increases in the value of equities held in the Police and Fire Pension Funds are driving the amendment for revenues. A total of $11.4 million in investment gains were seen in the pension fund portfolios during 2017. The remaining adjustments to revenue total $2.8 million and are spread out over four (4) other village Funds (General, Capital Improvement, Street Construction and Risk Management). Adjustments increasing total expenditures by $2.3 million are being made to various personnel, contractual service, supply and capital accounts. In addition, the budgets for pension benefits in the two public safety pensions are being increased due to retirements that took place during the year. One notable adjustment being made to expenditures is in the Fire overtime account. This overtime account is being increased by $333,000. The increase is being driven by retirements and other staffing issues necessitating hire backs. https://www.boarddocs.com/il/vomp/Board.nsf/Private?open&login6/21/2018 BoardDocs® ProPage 2 of 2 It is recommended the Village Board adopt the proposed budget amendment #3 for the 2017 annual budget. Alternatives 1. Adopt the budget amendment ordinance. 2. Action at discretion of Village Board. Staff Recommendation It is recommended the Village Board adopt the proposed budget amendment #3 for the 2017 annual budget. Combined 2017 BA #3 - Board Docs.pdf (161 KB) Administrative Content Executive Content Motion & Voting Adopt the proposed budget amendment #3 for the 2017 annual budget. Motion by Paul Hoefert, second by William Grossi. Final Resolution: Motion Carries Yea: William Grossi, Eleni Hatzis, Paul Hoefert, Richard Rogers, Colleen Saccotelli, Michael Zadel https://www.boarddocs.com/il/vomp/Board.nsf/Private?open&login6/21/2018 ORDINANCE NO. _______________ AN ORDINANCE MAKING CERTAIN AMENDMENTS TO THE ANNUAL BUDGET ADOPTED FOR THE FISCAL YEAR COMMENCING JANUARY 1, 2017 AND ENDING DECEMBER 31, 2017 ________________________________________________________________________ PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES the day of , 2018 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois the day of , 2018. ORDINANCE NO. ________ AN ORDINANCE MAKING CERTAIN AMENDMENTS TO THE ANNUAL BUDGET ADOPTED FOR THE FISCAL YEAR COMMENCING JANUARY 1, 2017 AND ENDING DECEMBER 31, 2017 ________________________________________________________________________ WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have passed and approved Ordinance No. 2342 which sets the finances of the Village under the WHEREAS, pursuant to the aforesaid Ordinance and the Statutes of the State of Illinois an annual budget for the fiscal year commencing January 1, 2017 and ending December 31, 2017 was adopted through the passage of Ordinance No. 6290 approved by the Corporate Authorities of the Village of Mount Prospect on December 20, 2016; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have passed and approved Ordinance No. 6308 on March 7, 2017, amending the annual budget for the fiscal year commencing January 1, 2017 and ending December 31, 2017; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have passed and approved Ordinance No. 6314 on March 21, 2017, further amending the annual budget for the fiscal year commencing January 1, 2017 and ending December 31, 2017; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have reviewed certain additions and changes to the aforesaid budget for the fiscal year beginning January 1, 2017 and ending December 31, 2017; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect believe the changes, as specified on the attached January 1, 2017 through December 31, 2017 Budget Amendment No. 3 to be in the best interest of the Village of Mount Prospect; and WHEREAS, the Village has now revised the revenue projections or has reserves in each of the Funds in which the budget is being increased adequate in amount to cover the budget changes reflected in Budget Amendment No. 3, attached hereto. NOW THEREFORE BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: SECTION ONE: That the fiscal year budget for January 1, 2017 through December 31, 2017 for the Village of Mount Prospect is hereby amended, as detailed on Budget Amendment No. 3 attached hereto. SECTION TWO: That this ordinance shall be in full force and effect from and after its passage, approval and publication in pamphlet form as provided by law. AYES: NAYES: ABSENT: PASSED and APPROVED this day of , 2018. ____________________________________ Arlene A. Juracek Mayor ATTEST _______________________________________ Karen Agoranos Village Clerk VILLAGE OF MOUNT PROSPECT Budget Amendment No. 3 Fiscal Year January 1, 2017 through December 31, 2017 Revenues CurrentAmended BudgetIncreaseBudget Fund/Account NumberAccount DescriptionAmount(Decrease)Amount 001 General Fund 001.402.002Electronic Games Tax - 26,000 26,000 001.402.007Real Estate Trsfr Tax 1,075,000 115,500 1,190,500 001.410.006Public Imp Ins Permit 15,000 66,000 81,000 001.415.005State Use Tax 1,272,000 111,000 1,383,000 001.416.001Pers Prop Repl Tax 302,000 147,500 449,500 001.418.021AFG Grant - 160,000 160,000 001.456.001Interest Income 40,000 108,000 148,000 001.479.005Miscellaneous Income 30,000 34,500 64,500 001.492.001Sale of Property - 570,000 570,000 2,734,000 1,338,500 4,072,500 All other General Fund accounts 50,597,595 - 50,597,595 Total General Fund 53,331,595 1,338,500 54,670,095 020 Capital Improvement Fund 020.419.002DCEO Grants - 34,000 34,000 020.479.005Miscellaneous Income - 34,000 34,000 - 68,000 68,000 All other Capital Improvement accounts 2,065,000 - 2,065,000 Total Capital Improvement 2,065,000 68,000 2,133,000 023 Street Improvement Construc Fund 023.402.006Municipal MFT 675,000 32,000 707,000 675,000 32,000 707,000 All other Street Improvement Construc Fund accounts 3,172,000 - 3,172,000 Total Street Improvement Construc Fund 3,847,000 32,000 3,879,000 042 CDBG 042.418.002Comm Dev Block Grant 530,921 23,797 554,718 530,921 23,797 554,718 All other CDBG accounts 60,000 - 60,000 Total CDBG 590,921 23,797 614,718 063 Risk Management Fund 063.473.016Insurance Reimb 1,000 47,500 48,500 063.478.012Employee Dental Cont - 88,000 88,000 063.478.013Retiree Dental Cont - 20,500 20,500 1,000 156,000 157,000 All other Risk Management Fund accounts 7,863,833 - 7,863,833 Total Risk Management Fund 7,864,833 156,000 8,020,833 1 VILLAGE OF MOUNT PROSPECT Budget Amendment No. 3 Fiscal Year January 1, 2017 through December 31, 2017 Revenues CurrentAmended BudgetIncreaseBudget Fund/Account NumberAccount DescriptionAmount(Decrease)Amount 070 Police Pension Fund 070.468.001Market Gain/Loss on Inv 2,536,000 3,426,000 5,962,000 070.468.002Dividend Income 362,000 2,163,000 2,525,000 070.478.006Police Portability Contrib - 430,500 430,500 070.478.011Village Contrib - Other 61,000 331,000 392,000 2,959,000 6,350,500 9,309,500 All other Police Pension Fund accounts 5,566,125 - 5,566,125 Total Police Pension Fund 8,525,125 6,350,500 14,875,625 071 Fire Pension Fund 071.468.001Market Gain/Loss on Inv 2,683,000 3,960,000 6,643,000 071.468.002Dividend Income 383,000 1,845,000 2,228,000 071.478.011Village Contrib - Other 230,560 408,500 639,060 3,296,560 6,213,500 9,510,060 All other Fire Pension Fund accounts 4,706,020 - 4,706,020 Total Fire Pension Fund 8,002,580 6,213,500 14,216,080 Total Estimated Revenues Fund being changed 84,227,054 14,182,297 98,409,351 All other Village Budget accounts 34,072,985 - 34,072,985 Total Estimated Revenues After Changes 118,300,039 14,182,297 132,482,336 2 VILLAGE OF MOUNT PROSPECT Budget Amendment No. 3 Fiscal Year January 1, 2017 through December 31, 2017 Expenditures CurrentAmended BudgetIncreaseBudget Fund/Account NumberAccount DescriptionAmount(Decrease)Amount 001 General Fund 001.00.00.00.0.000.636.004Property Acquisition - 289,473289,473 001.00.00.00.0.000.636.005Relocation Expense - 214,000214,000 001.20.90.00.0.707.561.004Cloud-Based Service 15,881 35,000 50,881 001.70.01.00.0.000.513.003Retiree Sick Incentive - 101,000101,000 001.70.71.00.0.000.503.001Overtime 385,556 333,000718,556 001.70.71.00.0.000.665.004Breathing Apparatus 7,410 172,050179,460 408,847 1,144,5231,553,370 All other General Fund accounts 53,003,991 - 53,003,991 Total General Fund 53,412,838 1,144,523 54,557,361 042 CDBG 042.40.41.00.0.152.572.002Pads to Hope, Inc. 14,000 1,455 15,455 042.40.41.00.0.152.572.009Northwest CASA - 1,5331,533 042.40.41.00.0.152.572.010Wings 9,000 12,030 21,030 042.40.41.00.0.152.572.014SPHCC Access to Care - 1,9811,981 042.40.41.00.0.152.572.015Resources for Comm. Living 5,000 1,6036,603 042.40.41.00.0.152.572.019Comm. Connections Ctr 3,000 3,2236,223 042.40.41.00.0.152.572.044Northwest Compass Inc. 13,000 1,972 14,972 44,000 23,797 67,797 All other CDBG accounts 546,921 -546,921 Total CDBG 590,921 23,797614,718 043 Asset Seizure Fund 043.60.61.66.0.000.525.004Training 1,000 15,000 16,000 043.60.61.66.0.000.665.031Other Equipment 3,000 14,365 17,365 4,000 29,365 33,365 All other Asset Seizure Fund accounts 3,000 -3,000 Total Asset Seizure Fund 7,000 29,365 36,365 046 Foreign Fire Tax Board Fund 046.70.71.00.0.301.665.021Furniture & Equipment 30,000 26,500 56,500 30,000 26,500 56,500 All other Foreign Fire Tax Board F accounts 35,500 - 35,500 Total Foreign Fire Tax Board F 65,500 26,500 92,000 063 Risk Management Fund 063.00.00.00.4.000.597.001Medical - PPO Premiums 4,099,339 252,0004,351,339 063.00.00.00.4.000.597.005Dental Premiums - 188,000188,000 063.00.00.00.4.000.599.002Liability Claims 100,000 220,500320,500 063.00.00.00.4.000.599.003Workers' Comp. Claims 500,000 72,000572,000 4,699,339 732,5005,431,839 All other Risk Management Fund accounts 3,009,981 -3,009,981 Total Risk Management Fund 7,709,320 732,5008,441,820 3 VILLAGE OF MOUNT PROSPECT Budget Amendment No. 3 Fiscal Year January 1, 2017 through December 31, 2017 Expenditures CurrentAmended BudgetIncreaseBudget Fund/Account NumberAccount DescriptionAmount(Decrease)Amount 070 Police Pension Fund 070.00.00.00.3.000.528.001Retirement Pensions 3,812,710 62,0003,874,710 070.00.00.00.3.000.528.003Surv. Spouse Pensions 515,190 37,500552,690 4,327,900 99,5004,427,400 All other Police Pension Fund accounts 610,410 -610,410 Total Police Pension Fund 4,938,310 99,5005,037,810 071 Fire Pension Fund 071.00.00.00.3.000.528.001Retirement Pensions 4,103,724 192,0004,295,724 071.00.00.00.3.000.528.002Disability Pensions 767,529 9,000776,529 071.00.00.00.3.000.528.003Surv. Spouse Pensions 305,352 26,000331,352 071.00.00.00.3.000.528.005Refund of Contrib. - 11,500 11,500 5,176,605 238,5005,415,105 All other Fire Pension Fund accounts 172,805 -172,805 Total Fire Pension Fund 5,349,410 238,5005,587,910 Total Village Budget Funds being changed 72,073,299 2,294,685 74,367,984 All other Village Budget Accounts 44,005,180 - 44,005,180 Total Village Budget after Changes 116,078,479 2,294,685118,373,164 4