HomeMy WebLinkAbout10/31/1980 FC Financial ReportVillage of Mount Prospect , a
Mount Prospect, Illinois
a
INTEROFFICE MEMORANDUM)
TO: Finance Committee
Terrance L. Burghard, Village Manager
FROM: Martha H. Peppler, Director of Management
Services
Re: Second Quarter Financial Report -
Ending October 31, 1980
DATE: December 1, 1980
The following analysis represents the financial position of
the Village as of October 31, 1980. This information is being presented
to aid in the discussion of whether any property tax abatement would
be appropriate at this time.
Revenues
General Fund
The Village has collected approximately 45% of the projected
revenue estimate for this fiscal year. The major revenue components
of the General Fund are as follows:
Property Taxes - The Village has collected 390 of this projected
revenue. This collected amount is less than estimated, because the
reduction in the 1979 levy, and the subsequent effect that reduction
has on our collection cycle.
Income Taxes - The Village has collected 510 of this revenue, and
therefore is on schedule.
Sales Taxes - The Village has collected 44% of this revenue. This
collection is close to schedule because the months of February and
March are higher because of the Christmas season. Based on past
years, if we have a good Christmas, we should reach our estimate.
Fees/Licenses - The Village has collected 29% of this revenue.
This amount is less than the expected value of 500, because of
two major factors. 1.) Vehicle and Dog licenses go on sale
December 1, so the bulk of the revenue is not received until then;
and 2.) Building related permits and fees are way down due to the
general state of the economy. We do not expect to meet our esti-
mates in this area; it could be short by as much as $100,000.
- 2 -
Interest - Due to unexpectedly favorable interest rates the Village
has earned approximately 71% of this revenue as of October 31, 1980.
However, because cash balances were drawn down because of the property
tax receipt delay, we cannot expect to do quite this well for the
second six months.
Capital Improvement Fund _ - The collections for this fund are running
slightly behind schedule due to a reduction in taxes because of the
1979 levy.
Revenue Sharin Fund - The Village has collected 52% of the projected
revenue for this fund. Depending on what happens with the Revehue
Sharing legislation in Congress, it is difficult to predict what we
will receive in the next six months.
Waterworks & Sewerage Fund - The Village has collected 51% of the
estimated revenue for this fund, and so is on schedule.
Parking System Revenue Fund - This Fund's collections are 230% of
estimate due to the loan negotiated for the Boesche property. Opera-
ting revenues are being collected on schedule.
G. O. Bond & Interest Fund - These funds are being collected behind
schedule, because of the tax levy problem previously mentioned.
Police/'Fire Pension Funds - These funds are being collected at a
rate of 52% (Police) and 51% (Fire) and are therefore on schedule.
I.M.R.F. - This fund is being collected at a rate of 32%, which is
behind schedule due to the tax levy problem.
Motor Fuel. Tax Fund. - This fund is being collected at a rate of 43%
of estimate. This is lower than expected because the State_ reimburse-
ments on projects are behind schedule. Receipts from the State are
running very close to estimate.
Co orate Pu oses Construction Fund - 1973 - The Village has collected
7% of the estimated revenue for this fund, which is behind schedule
because we have not yet received any money from the proposed EPA Sewer
Rehabilitation grant.
CommuniDevel�en.t Block Grant - The Village has received 63% of the
projected revenue for this fund as the revenues are tied directly to
expenditures; this fund is on schedule.
- 3 -
SECOND QUARTER FINANCIAL REPORT
Revenues
General & Related Funds
Capital Improvement Fund
Revenue Sharing Fund
Waterworks & Sewerage Fund
Parking System Revenue Fund
G. O. Bond & Interest Fund
Police Pension Fund
Firemen's Pension Fund
I.M.R.F.
Motor Fuel Tax Fund
Corporate Purposes Construction
Fund - 1973
Community Development Block
Grant
(50% of Year)
Net Est.
Total
Balance
Total
Receipts
to be
Percent
1980-1981
Year to Date
Received
Received
$7,066,440
$3,037,883
$4,022,557
43%
127,828
55,956
71,872
44%
401,000
208,924
192,076
52%
1,954,000
989,901
964,099
51%
90,000
207,123
(117,123)
230%
665,478
216,345
449,133
33%
624,468
327,768
296,700
52%
765,481
392,989
372,492
51%
237,763
77,210
160,553
32%
845,000
364,186
480,814
43%
550,000
36,949
513,051
7%
853,630
540,000
313,630
63%
4 -
Wx w endi._tures
. ._.
Public Rehr®esentation
Expenditures are on schedule
Villa a Mana er's Office
Expenditures are on schedule
Management Services
Finance Division
Clerk's Office
52% Expended
52% Expended
40%
58%'
The Finance Division's expenditures are slightly behind schedule
because a major insurance expenditure will not be made until the
end of December.
The Village Clerk's Office expenditures are running ahead of
budget because of higher than estimated costs for publishing
legal notices, business license decals, and offset repairs
and supplies.
Public Safety and Protection
Police Department
Fire Department
Central Dispatch
51%
51%
34%
Expenditures for the Police and Fire Departments are running on
schedule. Central Dispatch expenses are also running on schedule,
but their billing is behind schedule.
Health and Environment
Health Services
Senior Citizens
51%
48%
The expenditures for the Health and Enviromnent Services are on
schedule.
Communit Development
Planning Division
MO
Operating expenses are on schedule for this division, and when the
Senior Citizen Site is acquired, the project expenditures will
also be on schedule.
5
Maintenance of Public Facilities
Street Division 55%
Water & Sewer Division 45%
Parking Division 93%
Engineering Division 23%
The Street and the Water and Sewer Division expenditures are
running on schedule. Parking operating expenditures are on
schedule, and since the Boesche property was purchased, the
Parking Division project expenditures are also on schedule.
The Engineering Division is behind schedule on expenditures
largely because the Flood Control and Drainage Program and
Street Lighting projects have not been started.
Communit & Civic Services
Community Groups 24%
Share of 4th of July Celebration 75%
Christmas Decorations 58%
Community Group expenditures are behind schedule because the
Historical Society has not requested its yearly donation.
The Share of 4th of July Celebration is totally expended for
the year. Christmas Decorations expenditures are running on
schedule.
Trust and Debts
Police Pension Fund 14%
Firemen's Pension Fund 5%
I.M.R.F. 54%
G. O. Bond and Interest 21%
Revenue Bonds 10%
Public Benefit 132%
These expenditures are made when the real estate taxes are
received, or when scheduled bond and interest payments are made.
Except for Public Benefit, they are all on schedule. Public
Benefit is over budget because two special assessments were
paid in full from surplus Public Benefit funds realized when
certain old special assessments were closed out.
In conclusion, the revenues are being collected on or slightly
behind schedule, and expenditures are being incurred at budget level.
- 6 -
SECOND QUARTER FINANCIAL REPORT
Expenditures
Public Representation
Village Manager's Office
Management Services
Finance Division
Village Clerk's Office
Public Safety & Protection
Police Department
Fire Department
Central Dispatch
Health & Evironment
Health Services
Senior Citizens
Community Development
Planning Division
Maintenance of Public Facilities
Street Division
Water & Sewer Division
Parking Division
Engineering Division
Community & Civic Services
Trust & Debts
Police Pension
Firemen's Pension
I.M.R.F.
G. O. Bond & Interest
Revenue Bonds
Public Benefit
(50% of Year)
Total
Unexpended
Annual
Disbursements
Annual
Percent
Budget
Year to Date
Budget
Expended
$ 83,350
$ 43,696
$ 39,654
52%
257,671
133,949
123,722
52%
782,495
312,962
469,533
40%
79,678
46,216
33,463
58%
2,196,015
1,124,230
1,071,786
51%
2,213,513
1,130,822
1,082,694
51%
178,000
60,523
117,477
34%
887,099
449,311
437,789
51%
73,783
35,574
38,209
48%
948,000
75,153
872,848
8%
1,300,489
715,549
584,941
55%
2,281,055
1,021,395
1,259,661
45%
196,316
182,575
13,741
93%
2,359,475
553,924
1,805,551
23%
24,546
14,189
10,358
58%
318,400
45,569
272,831
14%
420,500
19,894
400,606
5%
228,500
123,136
105,364
54%
679,396
142,115
537,283
21%
218,275
21,638
196,638
10%
23,479
30,967
-7,488
132%
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