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Home My WebLink About5.9 Motion to waive rule requiring two readings of an ordinance - making certain amendments to the annual budgetPage 1 of 2 Agenda Item Details Meeting Mar 1, 2019 - REGULAR MEETING OF THEM UT PROSPECT VILLA ARD - 7:00 p.m. CategoryCONSENTAGENDA Subject 5.9 Motion to waive the rule requiring two readings of an ordinance and adopt AN ORDINANCE MAKING CERTAIN AMENDMENTS TO THE ANNUAL BUDGET ADOPTED ' THE FISCAL YEAR BEGINNING JANUARY 1, 2108 AND ENDING DECEMBER 31, 2018 Access Type Preferred Date Absolute Date Fiscal Impact Budgeted Budget Source Recommended Action Public Content Action (Consent) Mar 19,2019 Mar 19,2019 Yes supportVarious Funds - Revenue projections revised or sufficient reserves on hand t* budget• .o•• • ••r - • Wo• M a M =6 • ffallMe W10, 5MIM spolwo•- Information Staff is recommending that the annual budget be amended for fiscal year beginning January 1, 2018 and ending December 31, 2018. This is the final amendment for budget year 2018. Ordinance 6352, adopted December 5, 2017, established the annual budget for the year ending Decembe 31f 2018. Ordinance 6377 adopted March 6, 2018 amended the annual budget for the year endin December 31, 2018. Ordinance 6433 adopted February 19, 2019 further amended the budget for the yea ending December proposed ••'. amending annual budget is attached •' Board"s consideration. third and final amendment increases the budget for revenues by $107,200 and increases the budget for expenditures by $465,770. Adjustments are being made to various debt service, risk management, and other capital expenditure accounts. The adjustments to the risk management budget relate to the transition to the Intergovernmental Risk Management Agency (IRMA). The Village became a member of IRMA on January 1, 2018. Previous to becoming a member of IRMA, the Village purchased separate insurance policies forproperty, •compensation and excess liability• . " adjustments • The adjustment in the General Fund for Other Expenditures is for the payment of sales taxes due Prospecl: Heights that were distributed by the Illinois Department of Revenue (IDOR) to Mount Prospect in erroll Page 2 of 2 There is a business located in Prospect Heights that was shown to be in Mount Prospect by the IDOR. As a result, the monthly sales tax remittances were being sent to Mount Prospect. This matter was brought to the attention of the Village by the City Manager of Prospect Heights. Village staff researched the matter and confirmed this to be the case. State statute limits the length of time it may go back in recapturing the sales tax to six months. The payment by the Village to Prospect Heights totaling $265,951 is for the period January 2015 through November 2017. Sales tax monies subsequent to November 2017 have been distributed to Prospect Heights. Alternatives 1. Adopt the budget amendment ordinance for 2018. 2. Action at discretion of Village Board. Staff Recommendation It is recommended the Village Board adopt the proposed budget amendment #3 for the 2018 annual budget. -i&nce - 201.8 is ds #3.pdf (1.46 KB) 1: U 11 0 ird i �r . ................ I Administrative Content Executive Content All items under Consent Agenda are considered routine by the Village Board and will be enacted by one motion. There will be no separate discussion of those items unless a Board member or member from th audience so requests, in which the item will be removed from the Consent Agenda and considered in its sequence on the agenda. I Motion &Voting 111111 111111!1 1, 1111 1�1�1111; Motion by Paul Hoefert, second by Richard Rogers. Final Resolution: Motion Carries Yea: William Grossi, Eleni Hatzis, Paul Hoefert, Richard Rogers, Colleen Saccotelli, Michael Zadel 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 , 2019 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 passed and approved Ordinance No. 6433 on February 19, 2019, further 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. 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, 2018 through December 31, 2018 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 , 2019. Arlene A. Juracek Mayor ATTEST Karen Agoranos Village Clerk VILLAGE OF MOUNT PROSPECT Budget Amendment No. 3 Fiscal Year January 1, 2018 through December 31, 2018 Fund/Account Number 002 Debt Service Fund 002.456.001 002.00.00.00.2.510.400.001 002.00.00.00.2.510.417.003 002.00.00.00.2.516.488.002 002.00.00.00.2.519.488.001 All other Debt Service accounts Total Debt Service Revenues Account Description Current Budget Amount Increase (Decrease) Amended Budget Amount Interest Income 1,000 23,500 24,500 Property Taxes 172,000 10,000 182,000 BAB Subsidy 42,000 1,000 43,000 Bond Premium - 1,274,700 1,274,700 Bond Proceeds 6,305,000 (667,000) 5,638,000 6,520,000 642,200 7,162,200 2,790,789 - 2,790,789 9,310,789 642,200 9,952,989 025 Police -Fire Construction Fund 025.456.001 Interest Income 025.479.005 Miscellaneous Income 025.488.001 Bond Proceeds 025.488.002 Bond Premium All other Police -Fire Construction Fund accounts Total Police -Fire Construction Fund Total Village Budget Funds being changed All other Village Budget Accounts Total Village Budget after Changes �3 85,000 55,000 140,000 - 21,000 21,000 32,138,000 664,000 32,802,000 1,275,000 (1,275,000) - 33,498,000 (535,000) 32,963,000 (535,000) 33,498,000 32,963,000 42,808,789 107,200 42,915,989 118,048,366 - 118,048,366 160,857,155 107,200 160,964,355 Fund/Account Number VILLAGE OF MOUNT PROSPECT Budget Amendment No. 3 Fiscal Year January 1, 2018 through December 31, 2018 Expenditures Account Description 001 General Fund 266,000 001.30.01.00.0.000.636.099 Other Expenditures 001.60.61.65.0.000.500.001 Full -Time Earnings 001.60.61.65.0.000.503.001 Overtime 001.60.61.65.0.000.504.001 Specialty Pay 001.60.61.65.0.000.505.001 Holiday Pay 001.60.61.65.0.000.506.001 Longevity Pay 001.60.61.65.0.000.510.001 Medical Insurance 001.60.61.65.0.000.510.004 Dental Insurance 001.60.61.65.0.000.511.002 Medicare 001.60.61.65.0.000.513.004 Employee Allowances All other General Fund accounts Total General Fund 002 Debt Service Fund 002.00.00.00.2.510.690.008 002.00.00.00.2.511.690.009 002.00.00.00.2.512.685.010 002.00.00.00.2.511.690.010 002.00.00.00.2.517.564.001 All other Debt Service accounts Total Debt Service 2009 GO Bond Interest 2009B GO Bond Interest 2009C Bond Principal 2009C GO Bond Interest Financing Costs 025 Police -Fire Construction Fund 025.30.01.00.0.000.564.001 Financing Costs All other Police -Fire Construction Fund accounts Total Police -Fire Construction Fund 063 Risk Management Fund 063.00.00.00.4.000.596.010 IRMA Annual Contribution 063.00.00.00.4.000.599.002 Liability Claims All other Risk Management Fund accounts Total Risk Management Fund Total Village Budget Funds being changed All other Village Budget Accounts Total Village Budget after Changes El Current Budget Amount Increase (Decrease) Amended Budget Amount - 266,000 266,000 6,657,295 (61,871) 6,595,424 400,014 (17,072) 382,942 209,307 (2,485) 206,822 228,670 (2,673) 225,997 45,840 (800) 45,040 1,050,526 (12,918) 1,037,608 36,803 (401) 36,402 42,986 (1,213) 41,773 40,950 (650) 40,300 8,712,391 165,917 8,878,308 48,263,786 - 48,263,786 56,976,177 165,917 57,142,094 24,000 (12,000) 12,000 51,675 (20,062) 31,613 95,000 (40,900) 54,100 127,655 (61,690) 65,965 142,000 722,900 864,900 440,330 588,248 1,028,578 8,870,459 - 8,870,459 9,310,789 588,248 9,899,037 723,070 (723,070) - 723,070 (723,070) - 8,587,719 - 8,587,719 9,310,789 (723,070) 8,587,719 - 328,675 328,675 100,000 106,000 206,000 100,000 434,675 534,675 8,513,338 - 8,513,338 8,613,338 434,675 9,048,013 84,211,093 465,770 84,676,863 58,664,811 - 58,664,811 142,875,904 465,770 143,341,674 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 , 2019 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 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 passed and approved Ordinance No. 6433 on February 19, 2019, further 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. 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, 2018 through December 31, 2018 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 , 2019. ____________________________________ Arlene A. Juracek Mayor ATTEST _______________________________________ Karen Agoranos Village Clerk VILLAGE OF MOUNT PROSPECT Budget Amendment No. 3 Fiscal Year January 1, 2018 through December 31, 2018 Revenues CurrentAmended BudgetIncreaseBudget Fund/Account NumberAccount DescriptionAmount(Decrease)Amount 002 Debt Service Fund 002.456.001Interest Income 1,000 23,500 24,500 002.00.00.00.2.510.400.001Property Taxes 172,000 10,000182,000 002.00.00.00.2.510.417.003BAB Subsidy 42,000 1,000 43,000 002.00.00.00.2.516.488.002Bond Premium - 1,274,7001,274,700 002.00.00.00.2.519.488.001Bond Proceeds 6,305,000 (667,000)5,638,000 6,520,000 642,2007,162,200 All other Debt Service accounts 2,790,789 -2,790,789 Total Debt Service 9,310,789 642,2009,952,989 025 Police-Fire Construction Fund 025.456.001Interest Income 85,000 55,000140,000 025.479.005Miscellaneous Income - 21,000 21,000 025.488.001Bond Proceeds 32,138,000 664,000 32,802,000 025.488.002Bond Premium 1,275,000 (1,275,000)- 33,498,000 (535,000) 32,963,000 All other Police-Fire Construction Fund accounts - -- Total Police-Fire Construction Fund 33,498,000 (535,000) 32,963,000 Total Village Budget Funds being changed 42,808,789 107,200 42,915,989 All other Village Budget Accounts 118,048,366 -118,048,366 Total Village Budget after Changes 160,857,155 107,200160,964,355 3 VILLAGE OF MOUNT PROSPECT Budget Amendment No. 3 Fiscal Year January 1, 2018 through December 31, 2018 Expenditures CurrentAmended BudgetIncreaseBudget Fund/Account NumberAccount DescriptionAmount(Decrease)Amount 001 General Fund 001.30.01.00.0.000.636.099Other Expenditures - 266,000266,000 001.60.61.65.0.000.500.001Full-Time Earnings 6,657,295 (61,871)6,595,424 001.60.61.65.0.000.503.001Overtime 400,014 (17,072)382,942 001.60.61.65.0.000.504.001Specialty Pay 209,307 (2,485)206,822 001.60.61.65.0.000.505.001Holiday Pay 228,670 (2,673)225,997 001.60.61.65.0.000.506.001Longevity Pay 45,840 (800) 45,040 001.60.61.65.0.000.510.001Medical Insurance 1,050,526 (12,918)1,037,608 001.60.61.65.0.000.510.004Dental Insurance 36,803 (401) 36,402 001.60.61.65.0.000.511.002Medicare 42,986 (1,213) 41,773 001.60.61.65.0.000.513.004Employee Allowances 40,950 (650) 40,300 8,712,391 165,9178,878,308 All other General Fund accounts 48,263,786 - 48,263,786 Total General Fund 56,976,177 165,917 57,142,094 002 Debt Service Fund 002.00.00.00.2.510.690.0082009 GO Bond Interest 24,000 (12,000) 12,000 002.00.00.00.2.511.690.0092009B GO Bond Interest 51,675 (20,062) 31,613 002.00.00.00.2.512.685.0102009C Bond Principal 95,000 (40,900) 54,100 002.00.00.00.2.511.690.0102009C GO Bond Interest 127,655 (61,690) 65,965 002.00.00.00.2.517.564.001Financing Costs 142,000 722,900864,900 440,330 588,2481,028,578 All other Debt Service accounts 8,870,459 -8,870,459 Total Debt Service 9,310,789 588,2489,899,037 025 Police-Fire Construction Fund 025.30.01.00.0.000.564.001Financing Costs 723,070 (723,070)- 723,070 (723,070)- All other Police-Fire Construction Fund accounts 8,587,719 -8,587,719 Total Police-Fire Construction Fund 9,310,789 (723,070)8,587,719 063 Risk Management Fund 063.00.00.00.4.000.596.010IRMA Annual Contribution - 328,675328,675 063.00.00.00.4.000.599.002Liability Claims 100,000 106,000206,000 100,000 434,675534,675 All other Risk Management Fund accounts 8,513,338 -8,513,338 Total Risk Management Fund 8,613,338 434,6759,048,013 Total Village Budget Funds being changed 84,211,093 465,770 84,676,863 All other Village Budget Accounts 58,664,811 - 58,664,811 Total Village Budget after Changes 142,875,904 465,770143,341,674 4