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7.3 1st reading of AN ORDINANCE MAKING CERTAIN AMENDMENTS TO THE ANNUAL BUDGET
ADOPTED FOR FISCAL YEAR BEGINNING JANUARY 1, 2018 AND ENDING DECEMBER 31, 2108
Public
Action
Feb 19, 2019
Feb 19, 2019
Yes
Yes
Various Funds - Revenue projections revised or sufficient funds on hand to support changes to
budgeted expenditures.
Information
Staff is recommending that the annual budget be amended for fiscal year beginning January 1, 2018 and ending December
31, 2018.
Ordinance 6352, adopted December 5, 2017, established the annual budget for the year ending December 31, 2018.
Ordinance 6377, adopted March 6, 2018, amended the annual budget for the year ending December 31, 2018.
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 carry-over items, typically for capital projects started in the previous year but
not completed. This is not new monies being requested. Funds for these carry-over items were included in the prior year
budget. Amendments brought forward later in the year adjust the budget for material variations in revenu-
• • om extraordinary or unanticipated events and are necessary to comply with state statutes and the
Budget Officer Act.
A proposed ordinance amending the 2018 annual budget is attached for the Board"s consideration. In total, this amendment
increases the budget for revenues by $34,967,306 and increases the budget for expenditures by $16f678f887.
Adjustments increasing total revenues by $35.0 million are primarily due to the issuance of general obligation bonds for
development purposes and higher than anticipated activity in the state sales tax. Bond proceeds totaling $46.6 million were
used to support water and sewer projects, TIF projects, and construction of the separate police and fire headquarter
buildings. Additionally, higher than anticipated sales tax activity resulted in an increase in this revenue projection of $4.2
million. The large positive adjustments to revenue were offset by reductions in the expected returns of the police and fire
pension plans. Total reductions in revenues for these two plans for 2018 are $16.2 million. The remaining adjustments to
revenue total $4.3 million and are spread out over six (6) other village Funds (Capital Improvement, Street Construction,
CDBG, Business District, Water/Sewer and Vehicle Replacement).
Adjustments increasing total expenditures by $16.7 million are being made to various personnel, contractual service, supply
and capital accounts. In addition, the budget for debt service is being increased due to refunding of the Series 2009 bonds
that took place in October 2018. The total amount of this adjustment is $4.2 million. One notable adjustment being made to
expenditures is in the property acquisition account in the Prospect and Main TIF Fund. This is due to the purchases of
the 799 Biermann and 111 East Rand properties for the new Police and Fire Headquarters, respectively. Each property's
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availability on the market and their associated acquisition prices were not known at the time the 2018 budget was created.
The budget adjustment needed to support the purchase of these two properties is $6.2 million.
Staff will be on hand to make a detailed presentation on the 2018 budget amendment and answer questions as needed.
M1M=1 0 ffallIffle W10, 5=11M 191W4
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 #2 for the 2018 annual budge]
A
1
11
-i&nce - 201.8 e�nt #2.pdf (187 KB) : U 0 �rd i �r Ame�ndm
Administrative Content
Executive Content
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ORDINANCE NO.
AN ORDINANCE MAKING CERTAIN AMENDMENTS TO THE ANNUAL
BUDGET ADOPTED FOR THE FISCAL YEAR COMMENCING JANUARY 1, 2018
AND ENDING DECEMBER 31, 2018
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 , 2019.
ORDINANCE NO.
AN ORDINANCE MAKING CERTAIN AMENDMENTS TO THE ANNUAL
BUDGET ADOPTED FOR THE FISCAL YEAR COMMENCING JANUARY 1, 2018
AND ENDING DECEMBER 31, 2018
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
"Budget Officer System"; and
WHEREAS, pursuant to the aforesaid Ordinance and the Statutes of the State of Illinois an
annual budget for the fiscal year commencing January 1, 2018 and ending December 31,
2018 was adopted through the passage of Ordinance No. 6352 approved by the Corporate
Authorities of the Village of Mount Prospect on December 5, 2017; and
WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have
passed and approved Ordinance No. 6377 on March 6, 2018, amending the annual budget
for the fiscal year commencing January 1, 2018 and ending December 31, 2018; 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, 2018 and ending December 31, 2018; and
WHEREAS, the President and Board of Trustees of the Village of Mount Prospect believe
the changes, as specified on the attached January 1, 2018 through December 31, 2018
Budget Amendment No. 2 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. 2, 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, 2018 through December 31,
2018 for the Village of Mount Prospect is hereby amended, as detailed on Budget
Amendment No. 2 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 , 2019.
Arlene A. Juracek
Mayor
ATTEST
Karen Agoranos
Village Clerk
VILLAGE OF MOUNT PROSPECT
Budget Amendment No. 2
Fiscal Year January 1, 2018 through December 31, 2018
Fund/Account Number
001 General Fund
001.401.004
001.402.007
001.410.001
001.410.009
001.415.004
001.416.001
001.453.011
001.456.001
001.492.001
001.70.00.00.0.000.449.001
All other General Fund accounts
Total General Fund
002 Debt Service Fund
002.00.00.00.2.519.488.001
002.00.00.00.2.519.488.002
Revenues
Current
Budget
Account Description Amount
Telecom Tax
Real Estate Trsfr Tax
Building Permit
Village Impact Fees
State Sales Tax
Pers Prop Repl Tax
Parking Fines
Interest Income
Sale of Property
Ambulance Fee
Bond Proceeds
Bond Premium
All other Debt Service Fund accounts
Total Debt Service Fund
020 Capital Improvement Fund
020.479.005 Miscellaneous Income
All other Capital Improvement accounts
Total Capital Improvement
023 Street Improvement Construc Fund
023.473.006 Other Reimbursements
023.479.005 Miscellaneous Income
All other Street Improvement Construc Fund accounts
Total Street Improvement Construc Fund
025 Police & Fire Building Const. Fund
025.456.001 Interest Income
025.488.001 Bond Proceeds
025.488.002 Bond Premium
All other Police & Fire Building Const. Fund accounts
Total Police & Fire Building Const. Fund
2,000,000
1,250,000
600,000
17,765,000
425,000
260,000
200,000
1,120,000
23,620,000
29,848,260
53,468,260
Increase
(Decrease)
(250,000)
180,000
185,000
105,000
4,160,000
(60,000)
(50,000)
110,000
715,000
(220,000)
4,875,000
4,875,000
6,305,000
250,000
6,555,000
5,011,668 -
5,011,668 6,555,000
Amended
Budget
Amount
1,750,000
1,430,000
785,000
105,000
21,925,000
365,000
210,000
310,000
715,000
900,000
28,495,000
29,848,260
58,343,260
6,305,000
250,000
6,555,000
5,011,668
11,566,668
- 57,000 57,000
- 57,000 57,000
2,061,000 - 2,061,000
2,061,000 57,000 2,118,000
30,000
30,000
3,632,000
3,662,000
72,000
160,000
232,000
232,000
85,000
32,138,000
1,275,000
33,498,000
72,000
190,000
262,000
3,632,000
3,894,000
85,000
32,138,000
1,275,000
33,498,000
- 33,498,000 33,498,000
VILLAGE OF MOUNT PROSPECT
Budget Amendment No. 2
Fiscal Year January 1, 2018 through December 31, 2018
Revenues
050 Water and Sewer Fund
050.456.001 Interest Income
050.80.84.87.0.000.446.001 Water Sales
050.80.84.88.0.000.446.002 Sewer Fees
All other Water and Sewer Fund accounts
Total Water and Sewer Fund
061 Vehicle Replacement Fund
061.456.001 Interest Income
061.493.001 Gain/Loss Sale of Assets
All other Vehicle Replacement accounts
Total Vehicle Replacement
2
15,000
11,098,000
2,185,000
13,298,000
6,392,300
19,690,300
50,000
65,000
115,000
1,619,300
1,734,300
147,000
(288,000)
(87,000)
(228,000)
(228,000)
71,000
69,000
140,000
140,000
162,000
10,810,000
2,098,000
13,070,000
6,392,300
19,462,300
121,000
134,000
255,000
1,619,300
1,874,300
Current
Amended
Budget
Increase
Budget
Fund/Account Number
Account Description
Amount
(Decrease)
Amount
042 CDBG
042.418.002
Comm Dev Block Grant
378,666
34,259
412,925
378,666
34,259
412,925
All other CDBG accounts
60,000
-
60,000
Total CDBG
438,666
34,259
472,925
048 Business District Fund
048.00.00.00.0.775.402.003
Food & Bev Tax
420,000
(50,000)
370,000
420,000
(50,000)
370,000
All other Business District Fund accounts
1,103,000
-
1,103,000
Total Business District Fund
1,523,000
(50,000)
1,473,000
049 Prospect and Main TIF District
049.00.00.00.0.395.488.001
Bond Proceeds
-
143,000
143,000
049.00.00.00.2.566.488.002
Bond Premium
-
159,000
159,000
049.400.011
Prop Tax Increment CY
253,953
216,047
470,000
049.456.001
Interest Income
-
86,000
86,000
049.479.005
Miscellaneous Income
-
170,000
170,000
049.488.001
Bond Proceeds
-
6,918,000
6,918,000
049.492.001
Sale of Property
1,600,000
(1,600,000)
-
1,853,953
6,092,047
7,946,000
All other Prospect and Main TIF
District accounts
-
-
-
Total Prospect and Main TIF District
1,853,953
6,092,047
7,946,000
050 Water and Sewer Fund
050.456.001 Interest Income
050.80.84.87.0.000.446.001 Water Sales
050.80.84.88.0.000.446.002 Sewer Fees
All other Water and Sewer Fund accounts
Total Water and Sewer Fund
061 Vehicle Replacement Fund
061.456.001 Interest Income
061.493.001 Gain/Loss Sale of Assets
All other Vehicle Replacement accounts
Total Vehicle Replacement
2
15,000
11,098,000
2,185,000
13,298,000
6,392,300
19,690,300
50,000
65,000
115,000
1,619,300
1,734,300
147,000
(288,000)
(87,000)
(228,000)
(228,000)
71,000
69,000
140,000
140,000
162,000
10,810,000
2,098,000
13,070,000
6,392,300
19,462,300
121,000
134,000
255,000
1,619,300
1,874,300
Fund/Account Number
070 Police Pension Fund
070.460.001
070.466.001
070.466.003
070.467.001
070.467.003
070.468.001
070.468.002
070.478.010
070.478.011
VILLAGE OF MOUNT PROSPECT
Budget Amendment No. 2
Fiscal Year January 1, 2018 through December 31, 2018
Revenues
Account Description
Inv Inc -Manager S
Manager S
Manager M
Manager S
Manager M
Market Gain/Loss-Equities
Dividend Income
Village Contrib - RE Tax
Village Contrib - Other
All other Police Pension Fund accounts
Total Police Pension Fund
071 Fire Pension Fund
071.466.001
071.466.005
071.467.001
071.467.005
071.468.001
071.468.002
071.478.010
071.478.011
Manager S
Manager G
Manager S
Manager G
Market Gain/Loss-Equities
Dividend Income
Village Contrib - RE Tax
Village Contrib - Other
All other Fire Pension Fund accounts
Total Fire Pension Fund
Total Estimated Revenues
Fund being changed
All other Village Budget accounts
Current
Budget
Amount
418,000
10,000
10,000
100,000
100,000
2,939,000
1,260,000
3,616,500
8,453,500
1,292,000
9,745,500
10,000
10,000
100,000
100,000
2,888,000
1,238,000
3,334,500
7,680,500
1,436,800
9,117,300
108,305,947
17,583,902
Increase
(Decrease)
(53,000)
(145,000)
(166,000)
(357,000)
(369,000)
(9,271,000)
1,265,000
(317,500)
293,500
(9,120,000)
(9,120,000)
(120,000)
(74,000)
(350,000)
(335,000)
(7,587,000)
1,372,000
(360,500)
336,500
(7,118,000)
(7,118,000)
34,967,306
Amended
Budget
Amount
365,000
(135,000)
(156,000)
(257,000)
(269,000)
(6,332,000)
2,525,000
3,299,000
293,500
(666,500)
1,292,000
625,500
(110,000)
(64,000)
(250,000)
(235,000)
(4,699,000)
2,610,000
2,974,000
336,500
562,500
1,436,800
1,999,300
143,273,253
17,583,902
Total Estimated Revenues After Changes 125,889,849 34,967,306 160,857,155
VILLAGE OF MOUNT PROSPECT
Budget Amendment No. 2
Fiscal Year January 1, 2018 through December 31, 2018
Fund/Account Number
001 General Fund
001.00.00.00.0.000.697.001
001.00.00.00.3.000.528.003
001.30.01.00.0.000.636.027
001.60.61.65.0.253.500.001
001.60.61.65.0.253.503.001
001.60.61.65.0.253.504.001
001.60.61.65.0.253.505.001
001.60.61.65.0.253.506.001
001.60.61.65.0.253.510.001
001.60.61.65.0.253.510.004
001.60.61.65.0.253.511.002
001.60.61.65.0.253.513.004
001.70.71.00.0.000.619.011
001.70.71.00.0.000.665.032
All other General Fund accounts
Total General Fund
002 Debt Service Fund
002.00.00.00.2.519.564.001
002.00.00.00.2.519.694.011
Expenditures
Account Description
Transfer Out
Surv. Spouse Pensions
Annexation-EGFPD Cont
Full -Time Earnings
Overtime
Specialty Pay
Holiday Pay
Longevity Pay
Medical Insurance
Dental Insurance
Medicare
Employee Allowances
Firefighting Supplies
Paramedic Equip
Financing Costs
2018B GO Refunding Bond Pa
All other Debt Service Fund accounts
Total Debt Service Fund
025 Police & Fire Building Const. Fund
025.30.01.00.0.000.564.001
Financing Costs
025.60.90.00.0.706.530.006
Other Prof. Serv.
025.60.90.00.0.706.530.025
Architect Fees
025.60.90.00.0.706.644.001
Police Station
025.70.90.00.0.706.530.006
Other Prof. Serv.
025.70.90.00.0.706.530.025
Architect Fees
All other Police & Fire Building Const. Fund accounts
Total Police & Fire Building Const. Fund
040 Refuse Disposal Fund
040.80.85.00.0.000.568.002
040.80.85.00.0.000.568.005
040.80.85.00.0.000.568.008
040.80.85.00.0.000.568.013
040.80.85.00.0.000.568.015
M/F Refuse Collection
Tipping Fees - SWANCC
S/F Recycling
Single Fam Yard Waste Collect
Hazardous Waste Collection
All other Refuse Disposal Fund accounts
Total Refuse Disposal Fund
El
Current
Budget
Amount
Amended
Increase Budget
(Decrease) Amount
750,000
Pay
i
1,642,000
2,392,000
41,131
(41,131)
-
673,211
255,200
928,411
-
61,871
61,871
-
17,072
17,072
-
2,485
2,485
-
2,673
2,673
-
800
800
-
12,918
12,918
-
401
401
-
1,213
1,213
-
650
650
1,700
1,000
2,700
25,300
16,589
41,889
1,491,342
1,973,741
3,465,083
53,511,094
-
53,511,094
55,002,436
1,973,741
56,976,177
-
142,000
142,000
-
4,153,817
4,153,817
-
4,295,817
4,295,817
5,014,972
-
5,014,972
5,014,972
4,295,817
9,310,789
-
723,070
723,070
-
240,000
240,000
-
400,000
400,000
-
75,000
75,000
-
10,000
10,000
-
600,000
600,000
-
2,048,070
2,048,070
2,048,070
2,048,070
-
580,808
28,000
608,808
969,100
70,000
1,039,100
667,243
20,000
687,243
192,505
20,000
212,505
-
105,000
105,000
2,409,656
243,000
2,652,656
1,943,579
-
1,943,579
4,353,235
243,000
4,596,235
Fund/Account Number
042 CDBG
042.40.41.00.0.151.501.001
042.40.41.00.0.151.511.001
042.40.41.00.0.151.511.002
042.40.41.00.0.151.512.001
042.40.41.00.0.152.572.002
All other CDBG accounts
Total CDBG
043 Asset Seizure Fund
043.60.61.66.0.000.566.012
043.60.61.66.0.000.665.031
VILLAGE OF MOUNT PROSPECT
Budget Amendment No. 2
Fiscal Year January 1, 2018 through December 31, 2018
Expenditures
Account Description
Part -Time Earnings
Social Security
Medicare
Current
Budget
Amount
Amended
Increase Budget
(Decrease) Amount
27,440 27,440
1,702 1,702
398 398
IMRF Pension Expense -
2,953
2,953
Pads to Hope, Inc. 12,250
1,766
14,016
12,250
34,259
46,509
426,416
-
426,416
438,666
34,259
472,925
Investigative Purchases
Other Equipment
All other Asset Seizure Fund accounts
Total Asset Seizure Fund
045 DUI Fine Fund
045.60.61.65.0.000.665.031
All other DUI Fine Fund accounts
Total DUI Fine Fund
048 Business District Fund
048.00.00.00.0.775.691.002
2,000
1,000
3,000
3,000
15,000
18,000
5,000
16,000
21,000
38,900
-
38,900
43,900
16,000
59,900
Other Equipment 5,000
19,000
24,000
5,000
19,000
24,000
2,000
-
2,000
7,000
19,000
26,000
RDA Interest Payment 1,523,000
(50,000)
1,473,000
1,523,000
(50,000)
1,473,000
All other Business District Fund accounts
Total Business District Fund
049 Prospect and Main TIF District Fund
049.00.00.00.2.566.564.001 Financing Costs
049.00.00.00.2.566.690.037 2018A GO Bond Interest
049.20.00.00.0.000.530.006 Other Prof. Serv.
049.20.00.00.0.000.531.007
Legal TIF
049.40.45.00.0.000.530.006
Other Prof. Serv.
049.40.45.00.0.000.636.004
Property Acquisition
049.40.45.00.0.000.636.005
Relocation Expense
All other Prospect and Main TIF District Fund accounts
Total Prospect and Main TIF District Fund
050 Water and Sewer Fund
050.00.00.00.2.566.564.001 Financing Costs
050.00.00.00.2.566.685.037 2018A GO Bond Principal
050.00.00.00.2.566.690.037 2018A GO Bond Interest
050.80.84.87.0.378.570.001 JAWA - Water Purchase
All other Water and Sewer Fund accounts
Total Water and Sewer Fund
1,523,000
(50,000)
1,473,000
-
103,000
103,000
-
160,000
160,000
-
11,000
11,000
-
117,000
117,000
10,000
19,000
29,000
1,000,000
6,213,000
7,213,000
2,000,000
1,000,000
3,000,000
3,010,000
7,623,000
10,633,000
2,500,919
-
2,500,919
5,510,919
7,623,000
13,133,919
-
82,000
82,000
-
180,000
180,000
-
110,000
110,000
4,976,000
(600,000)
4,376,000
4,976,000
(228,000)
4,748,000
14,153,956
-
14,153,956
19,129,956
(228,000)
18,901,956
VILLAGE OF MOUNT PROSPECT
Budget Amendment No. 2
Fiscal Year January 1, 2018 through December 31, 2018
Expenditures
Fund/Account Number
Account Description
060 Vehicle Maintenance Fund
95,990
060.80.86.89.0.000.503.001
Overtime
060.80.86.89.0.000.512.001
IMRF Pension Expense
060.80.86.89.0.000.513.002
Vac/Pers Leave Incent.
060.80.86.89.0.000.513.003
Retiree Sick Incentive
060.80.86.89.0.000.625.003
Vehicle Maint Supplies
060.80.86.89.0.000.627.001
Gas Vehicles
All other Vehicle Maintenance Fund accounts
Total Vehicle Maintenance Fund
070 Police Pension Fund
070.00.00.00.3.000.528.001 Retirement Pensions
All other Police Pension Fund accounts
Total Police Pension Fund
071 Fire Pension Fund
071.00.00.00.3.000.528.002 Disability Pensions
071.00.00.00.3.000.528.003 Surv. Spouse Pensions
All other Fire Pension Fund accounts
Total Fire Pension Fund
Total Village Budget
Funds being changed
All other Village Budget Accounts
Total Village Budget after Changes
Current
Budget
Amount
Amended
Increase Budget
(Decrease) Amount
102,314
47,000
149,314
95,990
60,000
155,990
1,903
22,000
23,903
-
30,000
30,000
238,154
58,000
296,154
275,000
26,000
301,000
713,361
243,000
956,361
1,342,849
-
1,342,849
2,056,210
243,000
2,299,210
4,071,454
375,000
4,446,454
4,071,454
375,000
4,446,454
1,152,701
-
1,152,701
5,224,155
375,000
5,599,155
787,480
52,000
839,480
359,900
34,000
393,900
1,147,380
86,000
1,233,380
4,612,830
-
4,612,830
5,760,210
86,000
5,846,210
104,064,659
16,678,887
120,743,546
22,132,358
-
22,132,358
126,197,017
16,678,887
142,875,904