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Home My WebLink About04/28/1998 COW agenda COMMITTEE OF THE WHOLE AGENDA Meeting Location: Meeting Date and Time: Mount Prospect Senior Center Tuesday, April 28, 1998 50 South Emerson Street 7:30 P.M. I. CALL TO ORDER - ROLL CALL II. ACCEPTANCE OF MINUTES OF MARCH 24, 1998 III. CITIZENS TO BE HEARD IV. 1998 FIRST QUARTER REVIEW OF FINANCIAL CONDITION As part of the 1998 Budget approval process, the Viitage Board preliminarily considered a 1999 Forecast Budget which predicted a General Fund deficit of approximately $450,000. Concerns were aisc raised about the lack of a long-term, permanent funding source for mid-range Capital Improvement Projects (approximately $700,000 annually). In a proactive effort to address the predicted General Fund deficit, a majority of the Village Board approved an additional 1% increase in the 1997 Property Tax Levy (from 4% to 5%) and an increase in Landlord/Tenant Fees (from $14.00 to $21.00 in 1998 with modest yearly increases thereafter until a maximum fee of $31.00 is reached in 2000). Prior to the end of calendar year 1997, staff also recommended changes in the Village's Medical Insurance Plan which resulted in previously unanticipated future savings. As a result of these actions, the predicted 1999 General Fund deficit was reduced markedly. Notwithstanding, the Village Board directed staff to prepare a review of the Village's overall financial condition for early in 1998. Besides General Fund health and Capital Improvement Program funding, the Vitlage Board also wanted to look at the Village's direct and overlapping Debt position and General Fund balance policy. With the close of the first quarter of the 1998 fiscal year, staff is prepared to bring forward information on each of these three main topics: Future Year Budget Deficits and Permanent Funding for Capital Improvements. The actions mentioned above have markedly improved the Village's near term General Fund condition. A robust economy also provides an opportunity to at least partially fund mid-range annual Capital Improvement Projects. information is provided which reviews a revised ten-year window on the anticipated financial condition of these two Funds. General Fund Fund B~lance Survey. The subject of an appropriate General Fund fund balance policy has come up several times over the last several years. The Village's current policy is to retain 15% of current year expenditures. For 1998, the Village Board also approved reservation of an additional 1.25% to serve as an undesignated Disaster Contingency Fund. The Village Board directed that the 15% poticy be brought back for review and discussion during 1998. The information provided includes an updated survey of the Fund balance policies of neighboring municipalities. This information can serve as a benchmark for discussion. NOTE: ANY INDIVIDUAL WHO WOULD LIKE TO ATTEND THIS MEETING BUT BECAUSE OF A DISABILITY NEEDS SOME ACCOMMODATION TO PARTICIPATE, SHOULD CONTACT THE VILLAGE MANAGER'S OFFICE AT lO0 SOUTH EMERSON, MOUNT PROSPECT, iLLINOIS 60056, 847/392-6000, EXTENSION 5327, TDD #847/392-6064. Village. General Obligation Debt Position. Historically, the Viilage Board has been sensitive to the Levels of direct and overlapping Debt covering the Village. Past practice has been to issue General Obligation Bonds in an effort to get the best interest rates possible but to designate alternate non- Property Tax revenues to support major debt categories; i.e., Flood Control Projects are funded by a ~¼¢ Home Rule Sales Tax. Debt has also been structured to be retired as quickly as possible. These policies have served the ViIlage well. During the 1998 Budget discussions, the Village Board again asked staff to provide information regarding the level of the Village's direct and overlapping Debt. This review aids the Village Board in planning future major Capital Improvement Projects so as to maintain the Village's strong financial position, Bond rating and minimize the burden on taxpayers. The information included in the Agenda provides a current snapshot of the Village's Debt position. Review of the Village's financial condition at this early stage of the 1998 fiscal year will help to chart the appropriate course in preparing the 1999 fiscal year Budget as well as the 2000 Forecast Budget. Appropriate staff will be in attendance to answer questions and facilitate discussion. V, RAND ROAD CORRIDOR STUDY DISCUSSION One of the initiatives undertaken by the Department of Community Development over the past several years is the study of major Corridors throughout the Village. The purpose of Corridor Studies is to provide the Village with a general vision of how key areas of the Village should be developed and/or redeveloped. The critical aspect of this future planning is taking into account things tike impact on existing properties, especially residential, as well as heightened concerns about traffic safety and flooding. This is an effort to take a proactive stance so that when development and redevelopment opportunities present themselves, the Village can see how those plans fit into the community's concept of "where we should go and what we want to be." The Rand Road Corridor Study was first presented to the ViIlage Board in September of 1996. Previous to that, the Corridor Plan had been presented to the community in the form of public information meetings and Public Hearing formats before the Plan Commission. I~sues were identified and adjustments made to the Study based upon input from property owners and Plan Commission members. When presented to the Village Board for the first time, considerable discussion took place regarding the residential versus commercial character of the corridor. Based upon a consensus of the Village Board, the Study was returned to the Plan Commission with the general direction to recognize the significant role that current residential development plays in the Corridor. The Plan Commission restudied the initial report and held a second Public Hearing on February 4, 1998. That revised report was transmitted to the Village Board for consideration and formal adoption at the April 7 Village Board meeting. At that time, continuing concerns were expressed regarding an under-emphasis on the residential character of the Corridor as well as the need to identify more specific improvements designed to enhance the already existing commercial clusters along the Corridor; i.e., improved access and use of a frontage-type road system. Trustee Corcoran has offered a number of specific text changes throughout the process. He has, again, provided proposed Study language based on the April 7 Village Board discussion. Those proposed changes are included in the attached information package. Also included in the package is the original Corridor Study text and the deliberations of the Plan Commission based on the February 4 Public Hearing. Trustee Corcoran's most recent proposed modifications represent modest changes to the revised Plan forwarded by the Plan Commission. The statutory 90-day windbw for adoption of an Amendment to the Comprehensive Plan expires on Tuesday, Ma~, 5, 1998. If Tuesday evening's discussion results in a consensus document, same can be adopted without the need to go back through the Public Hearing process. To facilitate this, the Plan Commission has been invited to attend and participate in the Committee of the Whole discussion. Also, interested residents were invited to attend and participate in the meeting. In addition to the background information on the text changes, staff has developed several concept drawings highlighting possibte access enhancements and frontage road improvements in the various commercial clusters. At this time, the sketches serve only as preliminary discussion points. Appropriate staff will also be in attendance to answer questions and facilitate discussion. VI. MANAGER'S REPORT VII. ANY OTHER BUSINESS VIII. ADJOURNMENT CLOSED SESSION Property Acquisition 5 ILCS 120/2 (c) (5) -"The purchase or lease of rear property for the use of the public body, including meetings held for the purpose of discussing whether a particular parcel should be acquired. X ',US ERS\ROBE RTAC\WIN\OFFICE\COWAGN\428OOW.AGN