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Home My WebLink About5.7 Motion to waive rule requiring tworeadings of an Ordinance - Annual Budget4/10/2019 BoardDocs® Pro Agenda Item Details Meeting Apr 03, 2019 - REGULAR MEETING OF THE MOUNT PROSPECT VILLAGE BOARD - 7:00 p.m. - REVISED Category 5. CONSENT AGENDA Subject 5.7 Motion to waive the rule requiring two readings of an ordinance and adopt AN ORDINANCE MAKING CERTAIN AMENDMENTS TO THE ANNUAL BUDGET ADOPTED FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2018 AND ENDING DECEMBER 31, 2018. Access Public Type Action (Consent) Preferred Date Apr 03, 2019 Absolute Date Apr 03, 2019 Fiscal Impact Yes Budgeted Yes Budget Source Various Funds - Revenue projections revised or sufficient reserves on hand to support budget changes Recommended Action Adopt the proposed amendment #4 for the 2018 annual budget. Public Content Information Staff is recommending that the annual budget be amended for fiscal year beginning January 1, 2018 and ending December 31, 2018. This amendment for budget year 2018 makes adjustments to the Debt Service Fund, Police & Fire Building Construction Fund, Business District Fund, Parking System Revenue Fund, and the Fire Pension Fund. 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. Ordinance 6433 adopted February 19, 2019 further amended the budget for the year ending December 31, 2018. Ordinance 6443 adopted March 19, 2019 further amended the budget for year ending December 31, 2018. A proposed ordinance amending the 2018 annual budget is attached for the Board's consideration. This fourth amendment increases the budget for revenues by $1,742,000 and increases the budget for expenditures by $365,000. Adjustments are being made to various economic development, debt, capital and pension benefit accounts. 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 #4 for the 2018 annual budget. https://www.boarddocs.com/il/vomp/Board.nsf/Private?open&login# 1/2 4/10/2019 Administrative Content Executive Content BoardDocs® Pro 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 the audience so requests, in which the item will be removed from the Consent Agenda and considered in its sequence on the agenda. Motion & Voting Accept the monthly financial report for February 2019 Motion by Colleen Saccotelli, 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&login# 2/2 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 passed and approved Ordinance No. 6443 on March 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. 4 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. 4, 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. 4 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 Fund/Account Number 002 Debt Service Fund 002.00.00.00.2.519.487.001 002.00.00.00.2.519.488.001 002.00.00.00.2.519.488.002 VILLAGE OF MOUNT PROSPECT Budget Amendment No. 4 Fiscal Year January 1, 2018 through December 31, 2018 Account Description Transfer In Bond Proceeds Bond Premium All other Debt Service Fund accounts Total Debt Service Fund 025 Police & Fire Building Construction Fund 025.488.001 Bond Proceeds 025.488.002 Bond Premium Revenues All other Police & Fire Building Construction Fund accounts Total Police & Fire Building Construction Fund 048 Business District Fund 048.00.00.00.0.775.415.004 State Sales Tax All other Business District Fund accounts Total Business District Fund Total Village Budget Funds being changed All other Village Budget Accounts Total Village Budget after Changes 3 Current 1,742,000 48,386,868 Amended Budget I ncrease Budget Amount (Decrease) Amount - 1,642,000 1,642,000 5,638,000 302,000 5,940,000 1,524,700 (1,028,000) 496,700 7,162,700 916,000 8,078,700 5,046,168 - 5,046,168 12,208,868 916,000 13,124,868 32,802,000 (302,000) 32,500,000 - 1,028,000 1,028,000 32,802,000 726,000 33,528,000 161,000 - 161,000 32,963,000 726,000 33,689,000 420,000 100,000 520,000 420,000 100,000 520,000 1,053,000 - 1,053,000 1,473,000 100,000 1,573,000 46,644,868 1,742,000 48,386,868 114,319,487 - 114,319,487 160,964,355 1,742,000 162,706,355 Fund/Account Number 002 Debt Service Fund 002.00.00.00.2.519.564.001 VILLAGE OF MOUNT PROSPECT Budget Amendment No. 4 Fiscal Year January 1, 2018 through December 31, 2018 Expenditures Account Description Financing Costs All other Debt Service Fund accounts Total Debt Service Fund 025 Police & Fire Building Construction Fund 025.30.01.00.0.000.564.001 Financing Costs All other Police & Fire Building Construction Fund accounts Total Police & Fire Building Construction Fund 048 Business District Fund 048.00.00.00.0.775.415.004 RDA Interest Payment All other Business District Fund accounts Total Business District Fund 052 Parking System Revenue Fund 052.80.81.82.1.000.651.004 Train Station Improvements All other Parking System Revenue Fund accounts Total Parking System Revenue Fund 071 Firefighter Pension Fund 071.00.00.00.3.000.528.001 Retirement Pensions 071.00.00.00.3.000.530.003 Investment Advisors All other Firefighter Pension Fund accounts Total Firefighter Pension Fund Total Village Budget Funds being changed All other Village Budget Accounts Total Village Budget after Changes 4 Current - Amended Budget I ncrease Budget Amount (Decrease) Amount 80,000 11,000 864,900 (726,000) 138,900 864,900 (726,000) 138,900 9,034,137 - 9,034,137 9,899,037 (726,000) 9,173,037 - 726,000 726,000 - 726,000 726,000 1,325,000 - 1,325,000 1,325,000 726,000 2,051,000 1,473,000 100,000 1,573,000 1,473,000 100,000 1,573,000 100,000 1,573,000 1,473,000 30,000 30,000 30,000 30,000 173,209 - 173,209 173,209 30,000 203,209 4,440,880 224,000 4,664,880 80,000 11,000 91,000 4,520,880 235,000 4,755,880 1,325,330 - 1,325,330 5,846,210 235,000 6,081,210 18,716,456 124,625,218 365,000 19,081,456 - 124,625,218 143,341,674 365,000 143,706,674