HomeMy WebLinkAbout3.1 2018 Mid-Year Budget Review and Preliminary 2018 Property Tax Levy
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Agenda Item Details
MeetingAug 14, 2018 - Joint Village Board and Finance Commission Workshop- 6:00 P.M.
Category3. Finance Commission Workshop
Subject3.1 2018 Mid-Year Budget Review and Preliminary 2018 Property Tax Levy
AccessPublic
TypeDiscussion
Public Content
Information
Each year the Finance Department presents 1Q, mid-year and 3Q budget reviews to the Board and Finance Commission that
include a wrap-up of the prior year's activity, insight into trends for the current fiscal year and discussion on the annual property
tax levy. At the June 5, 2018 board meeting staff presented a 1Q review to the Village Board. Items from the June 5 meeting
included discussion on 2017 Year-End Results, 2018 Budget Review, and preliminary 2018 property tax levy.
A workshop to present the mid-year review of Village finances is planned with the Village Board and Finance Commission. For
this review a formal presentation has been prepared to guide the Board and Commission members through the following items:
1.2018 Mid-Year Budget Review
2.2018 Preliminary Property Tax Levy
While the overall financial position of the Village remains strong, there are a few budgetary items for 2018 worth noting. Total
Village revenues are estimated to come in $1.5 million under budget. This is the result of intergovernmental and other revenues
coming in over budget estimates by $1.1 million and investment income coming in $2.6 million under budget estimates. Sales
taxes are the biggest contributor to intergovernmental revenues and expected to exceed budget by $1.0 million. The investment
income category is made up primarily of earnings on the police and fire pension fund portfolios. It was anticipated that the
earnings generated from funds on hand would top $10.6 million. Due to the volatile market early in 2018, only $298,124 of
investment income was earned in the first quarter. A stronger second quarter prevented any further falling off in this revenue
category. The year-end estimate for this and other revenue category will be adjusted accordingly.
Total Village expenditures exceed current budgeted amounts by $7.8 million primarily due to the police and fire relocation
projects. It is important to note that we are not over budget in these items due to overspending. These items were not included
in the original 2018 budget because of the uncertainty of timing of when the work would take place and opportunities for
adaptive reuse were not known. A future budget amendment will adjust the budget to bring the budget into compliance. Funds
are on hand through the sale of bonds or regular operations to support these projects and additional spending. Expenditures in
the Community Investment Program are in excess of budget by $2.8 million. These are first-year construction costs related to
the new police and fire headquarters. Pension benefits are expected to exceed the original budget by $701,000 due to the high
number of retirements experienced to-date in 2018. Spending in the Special Revenue Fund category is related to charges in the
Prospect and Main TIF. The variance over budget of $4.2 million is related to the acquisition costs for the Biermann Ct and Rand
Road properties.
Again, funds are on hand from various sources to cover the additional spending. A budget amendment planned for the third
quarter will address these positive and negative account variances.
Discussion before the Board and Commission will help coordinate development of the Village Budget for 2019. Please note that
the information provided on the preliminary property tax levy is not intended to be final, only offer a stepping-off point for
discussion. A final recommendation and public hearing on the tax levy will take place in November.
Village staff will be on hand to provide a detailed presentation on the information.
Alternatives
https://www.boarddocs.com/il/vomp/Board.nsf/Public8/16/2018
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1. Village Board and Finance Commission direction on development of 2019 Village budget and preliminary 2018 property tax
levy.
2. Action at discretion of Village Board.
Staff Recommendation
Staff requests Village Board and Finance Commission direction on development of 2019 Village budget and preliminary 2018
property tax levy.
Board Doc Attachment - 2018 Mid-Year.pdf (3,064 KB)Mid-Year 2018 Presentation.pdf (163 KB)
Administrative Content
Executive Content
https://www.boarddocs.com/il/vomp/Board.nsf/Public8/16/2018
V ILLAGE OF
M OUNT P ROSPECT, I LLINOIS
2018 M ID-Y EAR R EVIEW
2018 B UDGET R EVIEW AND
2018 P RELIMINARY P ROPERTY T AX L EVY
August 14, 2018
2018 M ID-Y EAR R EVIEW
2018 B UDGET R EVIEW AND
2018 P RELIMINARY P ROPERTY T AX L EVY
T ABLE OF C ONTENTS
2018 M ID-Y EAR R EVIEW P AGE 1
2018 P RELIMINARY P ROPERTY P AGE 8
T AX L EVY
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Budget to
Estimate
Current
YTD Actual Variance -
Estimate
ActualBudget
1/1/18 - Favorable
201720182018
2%6%.5%3 !.$ /4(%2 3/52#%3 6/30/18 (Unfavorable)
Property Taxes 19,910,491 19,173,953 10,054,331 19,173,953 -
Other Taxes 13,801,151 13,980,518 5,555,819 13,980,518 -
Licenses, Permits & Fees 3,084,102 3,087,000 2,194,255 3,087,000 -
Intergovernmental Revenue 29,701,372 28,695,676 11,834,307 29,545,676 850,000
Charges for Services 29,619,883 31,320,374 14,892,297 31,320,374 -
Fines & Forfeits 634,031 654,300 291,921 614,300 (40,000)
Investment Income 18,815,929 10,654,300 2,706,958 8,054,300 (2,600,000)
Reimbursements 322,459 255,900 126,856 255,900 -
Other Revenue 11,240,122 10,652,828 5,613,137 10,902,828 250,000
Total Revenues & Other Sources 127,129,540 118,474,849 53,269,881 116,934,849 (1,540,000)
EXPENDITURES
Operating Budget 69,684,468 72,534,671 32,363,108 72,534,671 -
Community Investment Program 10,042,156 21,072,546 3,035,137 23,872,546 (2,800,000)
Debt Management 5,047,249 5,495,937 1,036,866 5,495,937 -
Pension Systems Budget 10,620,968 11,031,315 5,615,663 11,732,315 (701,000)
Internal Services Budget 10,779,150 10,639,548 6,581,510 10,639,548 -
Special Revenue Funds 1,458,790 4,673,000 6,440,658 8,947,000 (4,274,000)
Total Expenditures 107,632,781 125,447,017 55,072,942 133,222,017 (7,775,000)
Excess (Deficiency) of Revenues &
Other Sources Over Expenditures 19,496,759 (6,972,168) (1,803,061) (16,287,168) (9,315,000)
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Bond Proceeds 4,930,835 5,000,000 7,318,879 41,835,000 36,835,000
Gain/Loss on Disposition of Property 88,338 1,665,000 61,992 1,665,000 -
Transfers In 600,000 750,000 - 750,000 -
Transfers Out (600,000) (750,000) - (750,000) -
Total Other Financing Sources 5,019,173 6,665,000 7,380,871 43,500,000 36,835,000
Excess (Deficiency) of Revenues & Other
Sources Over Exp and Other Financing Sources 24,515,932 (307,168) 5,577,810 27,212,832 27,520,000
(a) Actual 2017 amount includes Property Acquisition expense of $503,473.
1
ЋЉЊБ aźķΏĻğƩ wĻǝźĻǞ
ƚƷğƌ źƌƌğŭĻ wĻǝĻƓǒĻƭ ğƓķ 9ǣƦĻƓķźƷǒƩĻƭ The total approved budget for expenditures 2018 was $123,691,763.
This was an increase of $5.3 million or 4.5% from the final 2017 amended budget. In March 2018, the first budget
amendment for 2018 was approved by the Village Board. The amendment consisted primarily of capital projects
deferred from the prior year. The current 2018 budget of $126,197,017 now reflects an increase of 6.6% from the
prior year.
ƚƷğƌ źƌƌğŭĻ 9ǣƦĻƓķźƷǒƩĻƭ
The total Village budget for 2018 shows a deficit of $307,168 on revenues and other financing sources of
$125,889,849 and expenditures and other financing uses of $126,197,017
Total revenues budgeted for 2018 are $118,474,849. This represents a decrease of $8.7 million, or 6.8% from the
prior year. The large decrease in 2018 is due to lower projected investment earnings in the police and fire pension
funds and a reduction in income taxes accounted for in intergovernmental revenue. The budget for 2018 built in
increases to the water rate (9%) and sewer rate (5%) accounting for the increase to Charges for Service revenue
category. Below is a pie chart illustrating the total village budget for revenue by major category.
1.Excludes Other Financing Sources and Uses
2
ЋЉЊБ aźķΏĻğƩ wĻǝźĻǞ
Receipts through the second quarter are exceeding budget. First installment property taxes received to-date total
$10.1 million. This represents approximately fifty-two percent of the annual corporate levy. Property taxes related
to the TIF district and township will be received in the third and fourth quarters of the year. Charges for service
include ambulance billing, refuse collection and water/sewer utility billing. Receipts after six months for this
revenue category are $14.9 million, or 46.1% of budget. Although this revenue is slightly below the 50%
benchmark receipts will pick up during the third quarter when higher utility billings are experienced. Also, there
is a one month lag in the receipt of ambulance billing that contributed to the variance from benchmark.
The intergovernmental revenue category consists of sales and income taxes, use and replacement taxes, grants
and state reimbursements. The total amount projected to be received in 2018 was $28.7 million. To-date, the
Village has received $11.8 million or 41.2%. This is not concerning as there is a three-month lag in receiving sales
taxes, this categories largest revenue source and a one-month lag in income taxes. In addition, state
reimbursements and other intergovernmental revenues are typically not received until later in the year. Year-end
estimates for intergovernmental revenues now show a positive variance from budget of $850,000 driven primarily
from higher than expected property taxes. There remains a significant shortfall in year-to-date receipts for
investment income. The annual budget for investment income is $10.7 million. Year-to-date receipts are at just
$2.7 million or 25.2% of total budget. While improvement was seen in the second quarter, volatility in the market
has resulted in the lower returns. Year-end estimates for investment income are projected to show a negative
variance from budget of $2.6 million, all related to shortfalls in pension fund earnings. Slight adjustments in
fines/forfeitures and other revenue categories are the only variances from budget being made at this time. Total
Village revenues, excluding other financing sources, are now expected to come in at $116.9 million, a decrease of
$1.5 million from the amended budget.
Other financing sources include bond proceeds, gains on disposition of property and incoming transfers. The
amended budget for this category of revenues is $7.4 million. With the expected sale of police/fire headquarter
bonds in the third quarter, the amount of other financing sources for the year, net of transfers, is projected to be
$43.5. This is an increase of $36.8 million.
Included below is a pie chart illustrating total village expenditures by major category.
1.Excludes Other Financing Sources and Uses
3
ЋЉЊБ aźķΏĻğƩ wĻǝźĻǞ
Total expenditures budgeted for 2018 are $126,197,017, an increase of $18.2 million from the prior year. Included
in this total is a $750K transfer to the Capital Improvement Fund. The largest increase from actual expenditures
for 2017 is in spending on capital projects. The community Investment Program has $21.1 million budgeted for
2018 where only $10.0 was spent in the prior year. Carry-over projects account for the large swing in the capital
budget from last year to this. The Operating Budget also saw an increase from the prior year, just not as significant.
The 2018 operating budget totals $72.5 million, an increase of $3.0 million or 4.3% from the prior year. Included
in the operating budget is a 2.0% wage increase for all non-union employees and collectively bargained groups.
Personal service costs in 2018 are estimated to be $46,549,011, an increase of $1.3 million, or 2.8% from 2017.
Spending to-date in the Pension and Internal Service budgets are tracking as expected. This is true also for the CIP,
Debt and Special Revenue budgets. Expenditures in these budget are typically expected in the second and third
quarter of the year.
Projections for total village expenditures show a negative variance from budget (higher than budget) totaling $7.8
million. Expenditure categories impacting the total were capital spending in the Community Investment Program
(CIP) budget and Prospect and Main TIF Fund, and pension benefits paid for police and fire retirees.
Capital spending in the CIP is expected to exceed budget by $2.8 million. These are estimated expenses related to
police and fire headquarter construction. Bond proceeds from an anticipated October bond sale will support these
additional expenditures. Expenditures in the Prospect and Main TIF are expected to exceed budget by $4.3 million.
The additional spending is the result of property purchases, again related to police and fire headquarter
construction. Funds are on hand from the issuance of the Series 2018A bonds done in May 2018. New retirees in
both the police and fire pensions are expected to increase pension benefits paid by $0.7 million by the end of the
year. These additional expenditures are supported by monies available in their respective pension funds.
A second budget amendment is anticipated in the third quarter of 2018 to capture changes expected to the total
village budget.
The following information has been included in previous quarterly reviews, but worth mentioning again. The
village maintains a multi-step contingency plan that can be implemented if the Village were to experience a decline
in revenues resulting from action taken in Springfield. The multi-step plan provides for increasing levels of
response to loss of revenue depending upon the timing and severity of cuts imposed by the State. A listing of the
steps taken in response to revenue loss, in order of least to most significant, are:
1.Eliminate or defer capital projects/purchases.
2.Reduce funding (lease payments) of computer and vehicle replacement programs.
3.Institute a freeze or reduction in commodity, contractual service and supply accounts, where possible.
4.Review catalog of programs and services provided by the village.
5.Review of staffing levels.
The Finance Department will continue to review budgeted revenues and expenditures monthly and report back
to the Village Board and Finance Commission if significant changes are expected.
4
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Budget to
Estimate
Current
YTD Actual Variance -
Estimate
ActualBudget
1/1/18 - Favorable
201720182018
2%6%.5%3 !.$ /4(%2 3/52#%3 6/30/18 (Unfavorable)
Property Taxes 16,112,040 16,540,000 8,897,793 16,540,000 -
Other Taxes 7,947,170 8,210,000 3,270,511 8,115,000 (95,000)
Licenses, Permits & Fees 1,416,127 1,417,000 671,268 1,410,000 (7,000)
Intergovernmental Revenue 25,986,586 24,883,860 10,959,378 25,958,860 1,075,000
Charges for Services 1,234,665 1,305,000 391,069 1,213,000 (92,000)
Fines & Forfeits 425,439 437,000 201,127 427,000 (10,000)
Investment Income 132,925 205,000 146,150 265,000 60,000
Reimbursements 178,007 218,900 93,938 183,900 (35,000)
Other Revenue 369,004 251,500 332,434 414,500 163,000
Total Revenues & Other Sources 53,801,963 53,468,260 24,963,668 54,527,260 1,059,000
EXPENDITURES
Operating
Public Representation 719,947 773,873 342,553 773,873 -
Village Administration 4,092,007 4,163,926 1,765,582 4,163,926-
Finance Department 2,466,917 2,638,570 901,147 2,638,570-
Community Development Department 2,403,808 2,793,443 1,216,132 2,793,443-
Human Services Department 1,117,712 1,246,498 569,280 1,246,498-
Police Department 17,823,167 18,584,620 8,903,783 18,584,620-
Fire Department 15,512,511 15,518,129 7,238,923 15,518,129-
Public Works 6,818,583 7,261,289 3,223,469 7,261,289-
Non-Operating
Community Investment Program (a) 1,485,909 1,225,138 200,572 1,225,138-
Miscellaneous Pensions 46,780 46,950 2,909 46,950-
Total Expenditures 52,487,341 54,252,436 24,364,350 54,252,436 -
Excess (Deficiency) of Revenues &
Other Sources Over Expenditures 1,314,622 (784,176) 599,318 274,824 1,059,000
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Transfers Out (600,000) (750,000) - (750,000)-
Total Other Financing Uses (600,000) (750,000) - (750,000) -
Excess (Deficiency) of Revenues & Other
Sources Over Exp and Other Financing Uses 714,622 (1,534,176) 599,318 (475,176) 1,059,000
(a) Actual 2017 amount includes Property Acquisition expense of $503,473.
5
ЋЉЊБ aźķΏĻğƩ wĻǝźĻǞ
DĻƓĻƩğƌ CǒƓķ The 2018 General Fund amended budget is showing a deficit of $1.5 million on revenue of
$53,468,260 and expenses of $55,002,436 (including a $750K capital transfer). As of June 30, the General Fund
had recorded expenditures of $24,963,668. This represents 46.7% of the budget, slightly below budgeted
spending through mid-year. The current estimate of revenues in 2018 is expected to come in $1,059,000 over
budget. This positive variance is due primarily to sales taxes coming in higher than expected. Minor adjustments
were made in the other revenue categories based on current year trends.
With the additional revenue anticipated, the deficit at year-end in the General Fund is expected to fall to $475,176.
Conservatively, no changes are being considered to the year-end estimate for expenditures. Spending in the
General Fund has typically come in 1.0% to 2.0% below budget. If this trend continues, the entire deficit for 2018
would be eliminated.
Please note that the original deficit was a planned draw down of reserves in support of a capital transfer and
property tax subsidy. The total amount of the planned draw down is $1.4 million. Excluding the draw down, the
deficit was just $154,175. Included below is a pie chart estimating General Fund revenues broken out by major
revenue category.
The amended 2018 General Fund budget for expenses is $55,002,436. Budget amendments in this fund totaling
$187,018 were approved by the Village Board in March. The amendments impacted various commodity and
contractual service accounts. No changes were made to any expense category for the 2018 General Fund budget
for this mid-year analysis. The following pie chart illustrates a breakdown of estimated General Fund expenses
broken out by major category.
6
ЋЉЊБ aźķΏĻğƩ wĻǝźĻǞ
As was mentioned previously, the General Fund typically experiences a saving from budget of between one and
two percent. Any savings will work to reduce the deficit and if the savings are more significant, the funds could
be used to further strengthen our fund balance (reserves) in preparation for the possible loss of revenue or to
make future capital transfers in support of some larger projects in need of completion.
7
Village of Mount Prospect
Mount Prospect, Illinois
INTEROFFICE MEMORANDUM
TO: VILLAGE PRESIDENT AND BOARD OF TRUSTEES
FINANCE COMMISSION
FROM: FINANCE DIRECTOR
DATE: AUGUST 10, 2018
SUBJECT: PRELIMINARY 2018 PROPERTY TAX LEVY
The Forecast Budget for 2019 included a projected amount for property taxes to be derived from the 2018
levy. Included with this memo for your review is the forecast 2018 levy, and a revised projected levy for
2018 after adjusting for required pension contributions. Also included for reference are the final 2017 levy
and a levy history for the period 2002 - 2017. Below are a few points on each of these items to help
facilitate discussion. For discussion purposes, the Corporate Levy is the tax levy that includes allocations
for public safety, debt service and police and fire pensions. Please note that while the forecast levy was
included as part of the 2019 Forecast Budget, it is by no means final. It is only presented as a stepping
off point for budget discussion purposes.
Reserves in the General Fund are being used to subsidize the levy for public safety pensions. This subsidy
became necessary when actuarial results from 2015 returned excessive increases to the annual funding
of pension. The subsidy will allow for the increase to be added more gradually. The period of the subsidy
is 2016-2019. The amount of reserves committed to the 2018 levy is $420,000. The commitment in final
year of the subsidy, levy year 2019, is $210,000.
Final 2017 Levy (Exhibit I)
Corporate Levy - The total extended levy for 2017 was $19,087,264. This represented an increase of
$359,960, or 1.92% from the prior year. The levy is set for the purpose of funding public safety (police
and fire protection), debt service, police and fire pensions. The public safety portion of the levy did not
increase while the debt service portion of the levy increased $108,575 or 4.7%. The portion of the levy for
police and fire pension contributions increased $251,385, or 4.1%. Increases to the tax levies for 2012
through 2016 are shown below.
2012 3.95%
2013 5.00%
2014 2.48%
2015 3.28%
2016 2.27%
Special Service Area #5 Levy The total extended levy for 2017 was $1,545,773. There was no increase
in the special service levy from the prior year. The final year of the SSA #5 levy is 2017.
8
Preliminary 2018 Property Tax Levy
August 10, 2018
Page 2 of 2
Forecast 2018 Levy (Exhibit II)
Corporate Levy - The forecast levy for 2018 for receipt in 2019 totals $19,836,408. This represented an
increase of $749,143 or 3.92% from the prior year. This levy was prepared using an estimated
contribution amounts for the annual pension contribution. The public safety portion of the levy is held
flat while the debt service portion of the levy increases $40,701 or 1.7%. The portion of the levy for police
and fire pension contributions increased $708,442 or 11.0%. It is important to note that the levy for the
Series 2017 AND Series 2018 Bonds is being fully abated using money from the TIF and Water and Sewer
Funds.
Special Service Area #5 Levy This special service area property tax is no longer levied.
Revised Projected 2018 Levy (Exhibit III)
Corporate Levy - The projected levy for 2018 for receipt in 2019 totals $19,405,016. This represented an
increase of $317,751 or 1.66% from the prior year. This levy was prepared using the actuarial determined
contribution amounts for the annual pension contribution. The public safety portion is held flat while the
debt service portion of the levy increases $40,701 or 1.7%. The portion of the levy for police and fire
pension contributions increased $277,050 or 4.3%. It is important to note that the levy for both the Series
2017 AND Series 2018 Bonds are being fully abated using money from the TIF and Water and Sewer
Funds.
Public Safety Pension Levy History (Exhibit IV)
A table covering calendar years 2002 - 2017 of the public safety contribution and funding levels is included
with this memo. The table includes the ARC (annual required contribution) for the police and fire
pensions, percent change from year-to-year and funding level. The five-year increase (2012-2017) in
required contributions for police and fire are 26.03% and 39.05% respectively. The average annual
increase over the same period is 5.21% for the police pension and 7.81% for the fire pension.
In spite of the increasing level of contributions, the overall funding level of both the police and fire pension
funds has fallen from over 75% funded in 2002 to 60% or below for year-ending 2017. While funding the
pensions at the ARC has placed stress on the annual property tax levy and General Fund, the Village is
committed to proper funding in the current period not
recommendation will be brought to the Village Board which will formalize the process followed for
funding our public safety pensions. This policy discussion will take place during the budget process for
2019. As mentioned at the start of this memo, this information should provide a good stepping-off point
for discussion. A more detailed presentation on the proposed property tax levy for 2018 will be made at
the June 5 Village Board Meeting.
David O. Erb
Finance Director
9
9IL.L L
VILLAGE OF MOUNT PROSPECT AND THE
MOUNT PROSPECT PUBLIC LIBRARY
2017 PROPERTY TAX LEVY - FINAL
2%
NetProvisionTotal
2017Subsidy/2017Loss and2017
LevyAbatementLevyCostsExtension
VILLAGE OF MOUNT PROSPECT
Police Protection4,933,77304,933,77398,6755,032,448
Fire Protection5,107,77305,107,773102,1555,209,928
Police Pension Fund3,601,216293,5003,307,71666,1543,373,870
Firefighters' Pension Fund3,320,940336,5002,984,44059,6893,044,129
Debt Service Funds
Series 200924,000024,00048024,480
Series 2009B381,6750381,6757,634389,309
Series 2009C222,65542,000180,6553,613184,268
Series 2011B792,0780792,07815,842807,920
Series 201254,095054,0951,08255,177
Series 2013369,956369,956000
Series 2014557,4000557,40011,148568,548
Series 2016389,4000389,4007,788397,188
Series 2017282,363282,363000
Total Village20,037,3241,324,31918,713,005374,26019,087,265
MOUNT PROSPECT PUBLIC LIBRARY
Library Operations9,568,40609,568,406191,3689,759,774
Library Debt Service1,576,15001,576,15031,5231,607,673
Total Library11,144,556011,144,556222,89111,367,447
TOTAL - VILLAGE OF MOUNT PROSPECT
AND PUBLIC LIBRARY31,181,8801,324,31929,857,561597,15130,454,712
SPECIAL SERVICE AREA NO. 51,515,46401,515,46430,3091,545,773
20162017
Total Levy Amount18,727,30519,087,265
Increase Over Prior Year359,9601.92%
10
9IL.L LL
VILLAGE OF MOUNT PROSPECT AND THE
MOUNT PROSPECT PUBLIC LIBRARY
2018 TAX LEVY - FORECAST
2%
NetProvisionTotal
2018Subsidy/2018Loss and2018
LevyAbatementLevyCostsExtension
VILLAGE OF MOUNT PROSPECT
Police Protection4,933,77304,933,77398,6755,032,448
Fire Protection5,107,77305,107,773102,1555,209,928
Police Pension Fund3,853,301195,0003,658,30173,1663,731,467
Firefighters' Pension Fund3,553,406225,0003,328,40666,5683,394,974
Debt Service Funds
Series 200924,000024,00048024,480
Series 2009B380,1250380,1257,603387,728
Series 2009C243,38042,000201,3804,028205,408
Series 2011B793,5560793,55615,871809,427
Series 201254,095054,0951,08255,177
Series 2013369,956369,956000
Series 2014700,2500700,25014,005714,255
Series 2016265,8000265,8005,316271,116
Series 2017286,131286,131000
Series 2018570,319570,319000
Total Village21,135,8651,688,40619,447,459388,94919,836,408
MOUNT PROSPECT PUBLIC LIBRARY
Library Operations00000
Library Debt Service00000
Total Library00000
TOTAL - VILLAGE OF MOUNT PROSPECT
AND PUBLIC LIBRARY21,135,8651,688,40619,447,459388,94919,836,408
20172018
Total Levy Amount19,087,26519,836,408
Increase Over Prior Year749,1433.92%
11
9IL.L LLL
VILLAGE OF MOUNT PROSPECT AND THE
MOUNT PROSPECT PUBLIC LIBRARY
2018 TAX LEVY - PROJECTED
2%
NetProvisionTotal
2018Subsidy/2018Loss and2018
LevyAbatementLevyCostsExtension
VILLAGE OF MOUNT PROSPECT
Police Protection4,933,77304,933,77398,6755,032,448
Fire Protection5,107,77305,107,773102,1555,209,928
Police Pension Fund3,607,934195,0003,412,93468,2593,481,193
Firefighters' Pension Fund3,375,839225,0003,150,83963,0173,213,856
Debt Service Funds
Series 200924,000024,00048024,480
Series 2009B380,1250380,1257,603387,728
Series 2009C243,38042,000201,3804,028205,408
Series 2011B793,5560793,55615,871809,427
Series 201254,095054,0951,08255,177
Series 2013369,956369,956000
Series 2014700,2500700,25014,005714,255
Series 2016265,8000265,8005,316271,116
Series 2017286,131286,131000
Series 2018570,319570,319000
Total Village19,856,481831,95619,024,525380,49119,405,016
MOUNT PROSPECT PUBLIC LIBRARY
Library Operations00000
Library Debt Service00000
Total Library00000
TOTAL - VILLAGE OF MOUNT PROSPECT
AND PUBLIC LIBRARY19,856,481831,95619,024,525380,49119,405,016
20172018
Total Levy Amount19,087,26519,405,016
Increase Over Prior Year317,7511.66%
12
EXHIBIT IV
VILLAGE OF MOUNT PROSPECT
ANNUAL PENSION CONTRIBUTIONS AND FUNDING LEVEL
2002 - 2017
ARC = Annual Required Contribution
% Change% Change
Police ARCin ARCPolice % FundedFire ARCin ARCFire % Funded
20021,062,739 -75.30%1,059,381 -80.10%
20031,077,6451.40%77.50%1,175,13510.93%78.80%
20041,246,95415.71%74.50%1,159,480-1.33%78.80%
20051,333,2836.92%74.10%1,302,01112.29%76.40%
20061,408,4235.64%75.40%1,389,8336.75%76.70%
20071,515,6727.61%75.50%1,414,1101.75%78.20%
20082,208,17445.69%58.90%1,925,11036.14%63.90%
20092,467,52711.75%60.60%2,140,66411.20%65.00%
20102,484,8590.70%59.30%2,224,1223.90%63.40%
20112,631,8115.91%59.20%2,323,6094.47%63.30%
20122,922,97911.06%58.10%2,468,5546.24%63.20%
20132,909,868-0.45%59.90%2,526,1012.33%64.20%
20143,204,36310.12%57.90%2,589,5992.51%63.00%
20153,817,57919.14%54.60%3,206,18623.81%58.00%
20163,601,216-5.67%57.90%3,320,9403.58%59.30%
20173,607,9340.19%60.60%3,375,8391.65%60.70%
5-Year Increase (2011-2016)26.03%39.05%
5-Year Average Annual Increase5.21%7.81%
Annual Contribution and Funding Level
$8.090.0%
80.0%
$7.0
70.0%
$6.0
60.0%
$5.0
50.0%
$4.0
40.0%
$3.0
30.0%
$2.0
Funding Level (%)
20.0%
$1.0
10.0%
$0.00.0%
Annual Required Contribution (in millions)
Police ARCFire ARCPolice % FundedFire % Funded
13