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MINUTES COMMITTE"4E OF THE WHOLE MAY 26� 1987 I. ROLL CALL The meeting was called to order at 7:33 p.m. Present at the meeting were: Mayor Carolyn Krause, Trustees Ralph Arthur, Gerald Farley, Leo Floros, Norma Murauskis, George Van Geem and Theodore Wattenberg. Also present at the meeting were: Village Manager John Fulton Dixon and Director of Public Works Herbert Weeks.. Also present were two persons from the print media. II. MINUTES The Minutes of the Committee of the Whole meeting of May 12, 1987 were accepted and filed. III.CITIZENS TO BE HEARD There being no citizens present wishing to be heard, the Committee moved on to the next item of business. IV. BROWNING -FERRIS INDUSTRIES REFUSE COLLECTION CONTRACT MayorKrause reviewed the memo from the Village Manager outlining the proposed increase in the Refuse Disposal Contract with Browning-Ferris Industries (BFI) and recommending that the Village Board enter into a negotiated contract instead of soliciting seated bids. The increase for the first year of the proposed contract would be 15% with a subsequent 10% increase the following year. All provisions of the proposed negotiated contract would remain the same except for the cost of pick -,up whi",ch, would change from an annual charge of $6.26 per unit to $7.20 per unit# The Village would, receive a discount of 1/2 of 1% for bills paid in a timely fashion. Trustee Wattenberg encouraged the Committee to promote recycling. Trustee Murauskis noted that under the BFI contract, recycling would cost an extra $,.40 per unit. When asked about placing a recycling center at the new Public Works facility, Director of Public Works Herbert Weeks responded that the new configura- tion of the facility would preclude construction of the center. Mr. Weeks was asked to look at the Public Works plans again to try to fit the recycling center in. Trustee Arthur noted that churches are the biggest recyclers in the Village and might oppose the Village becoming involved in recycling. He also stated that he objected to the BFI comment about Mount Prospect generating more trash per unit than any other municipality it serves. Trustee Arthur encouraged a clause in the contract that would provide for re -negotiation of the contract if the balefill is okayed. W, Mayor Krause stated that she was concerned about the compactor clause in the contract for multi -family dwellings and stated that these buildings might be short-changed by the contracts, Trustee Murauskis stated that she had no objection to the Village going to a bid as Trustee Farley suggested but was concerned about the timetable for going out to bid and receiving bids before the expiration of the contract. Village Manager Dixon noted that the administration could provide for a quick turn -around on bids. He also noted that the second -year 'increase was an unknown but the figure of $8.06 per unit was used as a maximum. If the costs to BFI are lower, then BFI will reduce the charge. Trustee Van Geem stated that he did not agree with BFI's analysis of Mount 0, Prospect's garbage generation. He agreed that the Village Managerl,s fig,ures showed that the BFI charges were reasonable and competitive with other corn muni V. BUSSES CENTRAL INTERSECTION Three proposals for engineering work to signalize the intersection of Busse and Central with the new Public Works facility were presented. The lowest quote was $5,500 from ,Gartman-Aschman Associates, however, due to extra costs that could be added at an hourly basis, it was felt that it would increase the cost substantially. The Village Manager and Director of Public Works recommended entering into a contract with Donohue and Associates for the intersection improve- ment at a cost of $8,.500. Trustee Murauskis asked whether the cost for the intersection work was considered in the estimate of the Public Works building total cost* Mr.' Weeks responded that this cost was not included in the overall cost of the facility. Trustee Murauskis asked how many items like this would be presented to the Board in the future. Mayor Krause asked if the cost of the traffic signal would cause the cost of the ,Public Works facility to, exceed the total', figure and whether the interest savings would make up for the, cost of the signal. Village Manager John Fulton Dixon res. ended that the rote rest rate, savings would allow the Village to not exceed the total figure that was presented to the residents. Mr. Weeks also noted that it was possible that the Illinois Department of Transportation may pick up part of the cost of the traffic signal. When asked why the Gartman-Aschman proposal was rejected, Mr. Weeks responded that the Gartman-Aschman proposal was not clear on the number of hours needed for each step of the process. Mr. Dixon noted that Bartman-Aschman in their proposal excluded Cook County from meetings plus they did not consider the engineering costs for turning lanes and other items. It was the opinion of the staff that these omissions would result in overcharges to the Village which may exceed the bid cost that was quoted by Donohue and Associates. It was the consensus of the Board to support Donohue and Associates as the successful bidder and asked that a Resolution be prepared for the next Village Board meeting. VI. MANAGER'S REPORT Mr. Dixon stated that Citizens Utilities will have a Hearing on June 4, 1987 before the Illinois Commerce Commission. There were several points that needed to be addressed in the Hearing. First, Citizens Utilities must use Lake watero The well water supplies are no longer adequate. Second, when Citizens Utilities connects to a Lake water supply, what would the rate be for Mount Prospect residents. Mr. Dixon noted that the contract with Glenview has a strong shut-off clause in the contract should there be no payments after three weeks. The Village should ask that Citizens Utilities be required to place money in an escrow account to allow that residents in the Citizens Utilities area receive a ninety -day notice of Lake water cut-off. The Village should oppose the clause in the contract with Glenview giving Citizens Utilities sole authority to determine if the rate of return is adequate. Citizens (A' Utilities should be required to move ahead with the contract despite this position. Mr. Dixon noted that the Fire Department and Public Works Department are concerned with the size of the water mains and asked that the Village be assured that residents in the Citizens Utilities area have an adequate pressure at all times. The Village should ask for a provision that Citizens Utilities be prohibited from giving extensions or obstructing extensions for new users until all residents in Mount Prospect have Lake water. 1 -t - oras -stated that ---there- would-be a-- residents-'- -meeting- on- citizens Utilities- Water on May 30, in the Public Safety Building, to answer any questions the residents might have. Trustee Farley asked if Citizens Utilities could tie into Mount Prospect's water supply. Mr. Weeks responded that Citizens Utilities was given an opportunity several years ago to connect to the Mount Prospect but neglected to do so* if they were to tie into the Mount Prospect system now, it would cause pressures problems for the rest of the Mount Prospect residents* M r,. Dixon gave an update on the negotiations with the Forest River Fire Protection District. He noted that the information we received was reasonable and the Village would be looking at the contract with the District. Mr. Dixon noted that progress was being made on the various labor contracts in the Village. Mr.. Dixon stated that Bond rates are still going down and may suggest on June 2 to the Board that the Village Board delay asking for bids for the Bonds at this time if the market was still going down. Mr. Dixon noted that the Village staff would be meeting with the Edgewood residents concerning drainage problems.. VII. ANY OTHER BUSINESS Trustee Farley stated that a resident had volunteered to inform residents in the northeast section regarding flood 'insurance and encouraged the Village to contact him. VIlle-ADJOURNMENT There being no further business to be discussed, the meeting was adjourned at 8:50 p.m. MJS/rcw Respectf ully submitted, MICHAEL I STEKLAC Research Assistant No, 4 — 0 TOO MAYOR CAROLYN Ho KRAUSE AND BOARD OF TRUSTEES FROM: VILLAGE MANAGER DATE: JUNE 199 1987 SUBJECT: END OF YEAR BUDGET REPORT Attached is the end of year Budget report for last fiscal year. The report indicates that we finished the year with an increase to our cash forward position. The Village continues to be in a good financial position. However, there are two items in the report that are alarming and I request that you look at it very closely. The chart on page 3 show's the General Fund expenditures for the last five years and the present budget, year. The increase from year to year is between $8,010,000 and $1 million to provide the, same level of services for the next year. We have to be aware that additional revenues of this amount must be found for future budgets. Staff is in the process of exploring additional sources and we expect to have this information to the Board in July at one of the Committee meetings. The second area of concern is the reduction of the increase in Sales Tax. For the last ten years, Sales Tax has increased by an annual average of 7-1/2%. Last year, the 'increase was only 3.2%. The first month of this fiscal year continues to show a lower Sales Tax amount. In fact, the amount is equivalent to the 1985 Sales Tax received. JOHN--FU1LTO`N'-D'1'XN0"' JFD/rcw attachment kv,1911age of MC 1t Prospect' Mount Prospect, 111'J"nols INTEROFFICE MEMORANDUM 1� TO: John Fulton Dixon, Village Manager FROM: David C. Jepson, DATE: June 19, 1987 Finance Director SUBJECT: 1986/87 Year -End Budget Report Attached are three schedules which summarize the results of the Village's 1986/87 fiscal year. Two of the schedules compare budgeted amounts with actual amounts and the third schedule shows actual unobligated fund balances at 4/30/87 compared with previously estimated balances. Explanatory notes are included with each schedule to provide further information. Following is a discussion of each schedule: Schedule 1 Year -End ,Bud get Report, General Fund This schedule compares 86/87 budget and actual for major revenue categories and department and/or division expenditures for the General Fund, Total revenue was $12,960,959 or $82,359 more than the budgeted total of $12,878,600. State Income Tax,, Licenses, Permits and Fees, and Fines were all significantly higher than the budgeted amounts while Property Taxes, Sales Tax, and Other Revenue were materially less than had been budgeted. 4 Total expenditures at $12,471,732 were $87,443 less than the budget total of $12,559?175. Specific reasons for thee -various increases and decreases are included in the explanatory notes which hich follow Schedule 1. It should be pointed out that reductions in Police, Fire, Streets and Engineering can be attributed at least in part to the relatively mild winter. Personal services, fuel, vehicle maintenance and supplies were all less than anticipated in these departments and divisions. The net result of the General Fund is that revenues exceeded expenditures by $489,227, a total of $169,802 more than had been expected. The excess of revenues over expenditures will be added to the fund balance and is especially helpful at this time as the balance had been reduced to $1,329,513 as of April 30, 19860 Schedule 2 Year -End ,Bud get ReportOther Funds I 0 * This schedule compares total budget revenues and expenditures with actual revenues and expenditures for the 86/87 fiscal year for seven funds and the debt service fund group. The excess or (deficiency) of revenues over expenditures, budget and actual, is also shown. Unusual variances are explained in the notes. John Fulton Dixon Page 2 1986/87 Year -End Budget Report Schedule 3 - Unobliqated Fund Balances This report shows the estimated fund balances that were used in preparing the 19B7/B8 budget compared to actual amounts and the increase or (decrease). The value of this report is that it shows the "available" or "spendable" fund balance on hand to start the current fiscal year. An increase over the estimated amount is a plus and provides an extra cushion over what had been anticipated. There are only two decreases from what had been expected and these are in Capital Projects Funds where it is more difficult to estimate expenditures. Some of the increases are because of deferred expenditures, or accellerated revenues, but three unplanned increases are in the General Fund, the Water and Sewer Fund, and the Risk Management Fund. The General Fund and the Water Fund are the primary operating funds of the Village and the Risk Management Fund provides funding for the Village's self-insurance program. The increase in fund balances in these funds is especially useful. It should be pointed out that the fund balances in the Police and Fire Pension Funds are not included in this report because they are specifically reserved for pension benefits. Two items that should be mentioned in conjunction with a review of the financial results of the previous year are the planned water and sewer rate increase for 87/B8 and the base of revenue sources in the General Fund. Previous projections indicated that water and sewer rate increases would be needed to cover the increased costs of obtaining Lake Michigan water. Planned increases have been postponed twice but an increase has been recommended in the 87/B8 budget. The rate 'increase was budgeted at 8% and was scheduled to be effective May 1, 1987. Based upon the better than expected results for 86/87 and revised projections for the next five years, it appears that a 51/0 increase for the last six months of 87/88 coupled with a 5'.,0' increase for 88/B9 will be sufficient for the present time. Future increases will be needed, but they can be determined prior to preparation of the 89/90 budget, As pointed, -out above, the General Fund did very well in 86/87, but there are some concerns that I believe should be mentioned. First, General Fund revenues in B6/87 included three significant one-time revenues. They are the special sales tax payment of $362,076, interest on sales taxes held by the State of Illinois of $98,937 and flood reimbursements in excess of expen- ditures of $34,358. The total of these three items equals $495,371. Without these three revenues, total revenues would have been approximately $6,000 less than total expenditures. One of my other concerns is the rate of growth of sales tax. For the 10 years prior to 86/87, sales tax revenue grew at an average annual rate of 7-1/2'/0'; however, in 1986/87 the total increase was 3.2 0 . Moreover, three of the last five months of 86/87 were less than the amount received in the same months of 85/86 and the first month of 87/88 was also less than the first month of 86/87. If sales tax revenue levels off or actually declines, it could seriously affect the fund balance of the General Fund and the funding of services in subsequent years. John Fulton Dixon Page 3 1986/87 Year -End Budget Report Additionally, I should mention that permit and building related fees are at an all-time high, and a slow -dawn in building activity could reduce these revenues very quickly. Also, 86/87 revenues included increases in fees for vehicle licenses, business licenses and liquor licenses that were enacted in 1986. A down -turn in any of these or other sources of revenue in the General Fund would have an immediate impact. I think we should be ,aware of the vulnerability of our revenue base, but a greater concern is that we need $800,000 to $1 , 000,000 of "new money" each year to provide the same level of services that have been provided in previous years. Following is a list of actual General Fund expenditures for 86/87 an d budgeted expenditures for 87/88: 82/83 Actual $ 89788,003 83/84 " 994499769 84/85 10,3869601 B/86 " 119382p641 86/87 " 12,4719732 87/88 Budget 13,2939520 The above is a record of what has occurred over the past five years and I believe it is a pattern of what we can expect in the future. However, the need for new money could increase dramatically if other services are added ' or additional amounts are ,allocated for street maintenance or resurfacing. I believe we should be aware of what our needs are and prepare to provide for those needs in the future. DCJ/sm Schedule VILLAGE OF MOUNT PROSPECT Year -End Budget Report For The Year Ended April 30, 1987 Property Taxes Sales Tax Sales Tax - Special Payment State Income Tax Other Taxes Licenses, Permits, Fees Fines Investment Income Other Revenue Total Revenue Expenditures: Public Representation Village Administration Finance Department Clerk' s Office Police Department Fire Department Central Dispatch Human Services Planning and Zoning Street Division Engineering Division Civic Groups Pensions Transfers to Other Funds Total Expenditures Excess or <Deficiency> Revenues Over Expenditures See attached explanatory notesO General Fund 86/87 Actual Increase or 224 Bud et (1) 4/30/87 <Decrease> $ 31633,300 $ 39545,438 $< 87,862> (1) 4t700,000 4,554,178 <145t822> (2) 350,000 3629076 12,076 19125,000 193659632 240,632 (3) 164,800 169,866 5,066 < 19535,600 1,692,552 156,952 (4) 2759000 3319999 569999 (5) 120,000 1319650 119650 (9) 9749900 8079568 0671�332> (6) $1298789600 $12t9609959 $ 829359 < $ 90,250 $ 90,474 $ 224 399,915 4219486 219571 (7) 5979,825 606,533 8,708 (8) 80,100 819653 19553 3,122,415 3,110,983 < 119432> 301399620 3,137,021 < 29599> 3009,000 2969671 < 39329> 169,545 154,056 < 159489> (9) 2219,800 223,188 19388 3,003,185 299399370 < 639815> (10) 4080,600 383,577 < 259023> (11) 65,320 62,385 < 295!35> 10,600 14,335 3,735 950,2000 qMWON00 95009,000 Ww .. ... ...... ... .Wo" $1295599175 $1294719732 $< 879443> 31 94=4=2 5 489 7 9.802 (12) VILLAGE OF MOUNT PROSPECT Year -End Budget Report For The Year Ended April 30, 1987 Explanatory Notes General Fund Property tax revenue is made up of the first installment of the 1986 levy and the second installment of the 1985 levy. Total receipts of $3,545,438 include $1,564,470 from 1986 and $1080,968 from 1985. The decrease from budget to actual is due to a lower percentage of 1986 taxes collected than had been anticipated. This shortfall in 1986/87 should result in higher than expected revenue in 1987/88 of approximately $80,000. 2 Sales tax revenue is $14.5,822 less than had been budgeted. It had been expected that sales tax receipts would increase 7.90' from 1985/86 to 1986/87. The actual increase was 3.2.1,0, 3. One of the unexpected revenue increases in 1986/87 was State Income Tax. Income tax receipts are di'stri. buted by the State on a per capita basis with 1986/87 receipts representing $25.95 per capita. In comparison, 1985/86 receipts were $22.37 per capita. State Income Tax receipts are an indication of the overall economy of the State of Illinois, 4. The increase in License,s, Permits, and Fees reflects the increased building act i'vi*ty in the Villageo, Approximately $79,000 of the increase of $1,56,,952 can be attributed to Plan Examination Fees and Public Improvement Inspections. The balance is due to higher building permit fees and business licenses. 5. The $57,000 increase in fines is due to stricter enforcement of local ,ordinances and a more aggressive collection policy. 6. The decrease in Other Revenue is due primarily to the delay in the release of balances from the Old Special Assessment Funds and reduced Industrial Revenue Bond Fees,, 7. The increase in Village Administration is due entirely to higher legal fees than had been budgeted. Most of the additional charges are for the Vistas of Old Orchard property and the Landlord/Tenant Case, Explanatory Notes - Page 2 General Fund 1. The increase in the Finance Department is due to an unexpected increase in Compensated Absences. The Compemated Absence account reflects the increase in the value of Accrued Vacation Time and Personal Days. The charge f or All General Fund Employees is 'included under Financef 9. The decrease in Human Services is due to reduced activity in the Senior Taxi Program and reduced personal services, 10. The decrease in the Street Division is due to the relatively mild winte which is reflected in lower costs for personal services, equipment main tenance, and fuel, Additionally, there• were lower costs for refuse disposal Ip 0 in the Leaf Program and somewhat reduced costs for building maintenance,, 11. The decrease in Engineering can be attributed to reduced costs for the Street Lighting Program, maintenance of brick sidewalks and reduced overtime and part-time salaries,. 12. Overall for the General Fund, revenues were $82,359 more than budgeted and expenditures were $87,443 less than budgeted. The net effect is that total revenues exceeded total expenditures by $489',227. y. A co coU14% M ON (Nco il w 4j Q C U � y '�' a) P . CL u C a) O UO)u , ""1 � C) Ur1Lr) . uh CYN rh1 „�• co % C� co C O .W .CL n a) C.4 co m ' '� v m '�°�,. -o ,,o:3 r- oo� � u co m 4M4 00 cu co 11110 n \0 0 � 1-4� co ON r**-� 1 W .W U PeN © Ch �V, 01 ars .- C Nbq � C L. cc C� � 0 ,,� Q aQ co Mu1 �'�' - C1 CN r� rte -Y n (D ON or o '�- r %- .-' '.r"` �r CO �n to ao -0 ` w � � �CO M � CO CO W w o ct o pr) cn CL �. CL w = � n o .4-� ca m �r, cr► �— a) < X, W 0r`*- U re) ON r- Clco C U r a Milk elk, Co W �.,_ , C) M, M W 1 cu C 0 © � ,+� W co C) hr"1 K'1 U•? CO cr \0 � m co �-- "�' r— V � r— � 11 O CXR Cm {}�� Li m ON C`J n cd m Chico N 0 4h m Lrr Co hn W �� C� CN V" CD LnCD V"1 C= 0 p p U) F N C)mf 0 VONr~ Q) (D hr1 m CY) 0 r1e), � -W r~ a) m CTS m C-4 ON C1,4 m mco N,O0 ol C Cn ca a) Cu U r -f � orml 110 c U U W '� N N C N a3 r -I U U C� x W ,0 4— > (D CL W U O V M w cd w p q) Vco U dC co ca © C X C} 0X N I— F-- W 1— F— W tYJ VILLAGE OF MOUNT PROSPECT Year -End Budget Report ror The Year Ended April 30, 1987 Explanatory Notes "Other Funds" lo The deficiency of revenues over expenditures in the IMRF Fund is $49,431, some $12,300 more than had been expected. Tax Receipts were approximately $7,000 less than expected and investment income $.5,000 less than the amount budgeted. It is expected that higher property tax revenues will bring revenues more in line with expenditures in 87/88. 20, In the Motor Fuel Tax Fund, revenues were less than the budgeted amount, and expenditures were also less than budgeted. The net result is that the draw -down of fund balance was only $72,029 instead of $330,500. The reason expenditures were less than expected is because the Moki*/Ho,pi/Burning Bush street improvement project and Busse/Lincoln traff"ic signal payment were not made in 86/87 and will be re -budgeted in, 87/88,41 These t,w,o, projects will increase expenditures in 87/88 by approximately $175,000. 3. In the Risk Management Fund, revenues exceeded expenditures by $747,438 rather than $503,500 as budgeted. The excess revenues were provided by the insurance reserve loan and lower general insurance claims than had been expected. The addition to fund balance will be used as a reserve for un- anticipated claims. 4. In the Debt Service Funds, it had been anticipated that expenditures would exceed revenues by $354,485 when the budget was prepared. However, a change in the timing of the insurance loan and the fire truck installment loan reduced the draw -down to $196,907. It should be mentioned that the draw -down was expected and total Debt Service fund balances are still in excess of $1 million. 5 One of the welcome surprises is in the Water & Sewer Fund where revenues were $22,000 higher than expected and expenditures were $344,000 less than expected. The result is revenues actually exceeded expenditures by $679436 rather than expenditures over revenues of $299,370. The reduced expenditures can be attributed to lower energy and chemical costs associated with Lake Michigan water and lower fuel and repair costs because of the relatively mild winter. VILLAGE OF MOUNT PROSPECT Unobligated Fund Balances For The Year Ended April 30, 1987 General Fund Special Revenue Funds: Revenue Sharing Fund Motor Fuel Tax Fund Community Develop. Grant Illinois Municipal Retirement Totals Capital Projects Funds: Capital Equipment Fund Corporate Purpose Downtown Redevelopment Construction Totals I Debt Service Funds Enterprise Funds: Water and Sewer Fund Parking Fund Totals Risk Management Fund Totals - All Fundt See Attached Explanatory Notes N - I 86/87 Budget 4/30/87 Increase or Estimate Actual <Decrease> $,.1, 117.264.550 $ 1 ,$26,483 $ 99,933 (1) ow, $ #*� 11", 3809990 5999629 2189639 (2) 200 216 16 38,11,190 5,991845 21 655 $ 1 9 0409, 9 2 0 $ 1 0, 08 763' $ 46,719 (3) 16 7 500 141984 < 1 9516> 3216 4,67,9 010, 434,410 (4) L7 1060 1,937,01 ,0 7 50 2 319 452 < 96 � 841 > (5) $ 38 2 772 1-1 r 029945 $ 120039961 400,110,92,016 $ 2,1322,1520 $ 2�15,141372 $ 19118,52 (6) 122t 3,6 0 128 548 6 � 1 B8 I o ''. I ft"*N�w " 1-1 ". ..040 $ '2 44418,801, T2 2- 1-9 2 0 $11 198 7879595 912,533 124,038 (7) 8,2 240 0 9, . 305 4 $1 *01,25 354, VILLAGE OF MOUNT PROSPECT Unobligated Fund Balances For The Year Ended April 30, 1987 Explanatory Notes 10 In the General Fund, the available fund balance as of April 30, 1987 is $1,826,483 or $99,933 more than had been anticipated. This total equals 13.71.,0 of budgeted expenditures for 1987/88. 2. The balance in the Motor Fuel Tax Fund is $218,639 more than had been expected. However, expenditures for the Hopi/Moki/Burning Bush street improvement and the first installment of the Lincoln/Busse traffic signal were expected in 86/87 but will be re -budgeted in 87/88. The total of these two projects is approximately $175,000. The balance of the increase is due to the elimination of the Traffic Marking Program and lower cost for traffic signal repairs* 3., The increase in the Capital Equipment Fund is due to a developer donation of $71,550 that was received on April 28, 1987. This amount had been budgeted as a revenue in 87/B8. 4, The additional balance in the Downtown Redevelopment Fund is due to deferred expenditures for land acquisition in Target Area A. 50, The reduction in the balance of the SSA #5 Construction Fund is due to an additional payment of $81,525 to JAWA for a contingency and replacement deposit. 69 The actual balance in the Water Fund is $2,514,372 compared to an estimated balance of $2,322,520 for an increase of $191 852. The increase is primarily due to lower expenditures than had been anticipated and could be used to defer a portion of the planned rate increase for 87/88. 7* The Risk Management Fund has a balance of $912,533 as of April 30, 1987. The balance is $'124,938 higher than projected and can be attributed to lower general claims than had been expected. The balance will provide for unanticipated claims in the future. I a e c f IV �jnt Prospec'', Mount Prospect, Illinois INTEROFFICE MEMORANDUM TO: John Fulton Dixon, Village Manager FROM: David C. Jepson, Finance Director L-01 DATE: June 18, 1987 SUBJECT: Moody's Credit Report for the Village of Mount Prospect Attached is a copy of the credit report that we received from Moody's Investors Service, Inc. that they prepared in conjunction with rating the Village's 1987 general obligation bonds. The report assigns an Aa (double A) rating to the Village's bonds. By Moody's definition, "Bonds which are rated Aa are judged to be of high quality by all standards. Together with the Aaa group they comprise what are generally known as high grade bonds." Their overall opinion states, "Sound finances supported by a diverse revenue mix, a growing tax base, and excellent tax collections provide ample security for the general obligation debt of this affluent community." I The report is organized with their rating, opinion, key facts and an analysis on the first page and then separate sections identifying various factors that were used in the rating and opinion on the next five pages. The report contains a considerable amount of information concerning the Village and its financial condition and gives insight into what kind of information is important to the rating agency* One item that should be mentioned is that Moody's included our commitment to JAWA in our overall debt total. Even with that estimated debt of $13 t 321 , 000 included, the per capita debt is $445 and 1.5'/10/ of the value of property within the Village. As a comparison, the median for all cities in the 50,000-99,999 population range is $403 per capita and 1.7% of property value. Each of the /0 sections is interesting but I would especially like to point out the section on Population and Housing characteristics on page 5. In this section Mount Prospect is compared with the norms for all cities over 20,000 in the Great Lakes Region and for the entire United States* I think we can be pleased with the findings in the report and the excellent rating the Village has received. I will be happy to review the report with you and the Village Board, DC,J/sm Enc ........... ..... ... ----- Awwhh� ash Nr w �. � v �ni� A ME re, Mount Prospect, Illinois June 4, 1987 New Issue General Obligation/Special Tax . .. .... --------------- ------------ sale: $49725t000 General Obligation Bonds, Series 1987 B $ 425,000 General Obligation Bonds, Series 1987 C date: Sold June 2 Moody's rating: Aa . . ............. — ---- - . . . . . . . . . . . . . . . . . . . opinion: Sound finances supported by a diverse revenue mix, provide ample security for the general obligation a growing tax base, and excellent tax collections debt of this affluent community. . .......... . . . ..... key facts: Debt Burden: Payout, Ten Years: Annual Growth F.V., 1982-87: ff] 2.9% Median Family Income, 1980: $30,617 CJ Owner Occupied Median Value, 1980: $88,500 Undesignated General Fund 8.4% Balance as % of Revenues, 1986: 12.1% ID Includes commitment to purchase water from Northwest Suburban Joint Action Water Agency. analysis: Located in northwest Cook County, the Village of Mount Prospect has developed into a relatively affluent community with sizable commercial and industrial sectors. Rapid population growth and annexation have apparently ended, but the value of building permits continues to increase, particularly in the last two years, and continued tax base growth is expected. The village has invested in a downtown redevelopment tax increment project to encourage further commercial and residential development. Proceeds of the current issue, Series C bonds, will fund the purchase of additional land for the district. A general obligation bond issued in 1986 for the district is expected to be refinanced later this year in order to restructure payout so that it more closely follows the receipt of tax increment revenues. Proceeds from Series B bonds will be used primarily for construction of a new public works building, with the balance of the costs to be paid from appropriation of funds on hand and the proceeds of a small general obligation issue sold earlier this year. The village is considering a street improvement project sometime during the year that would include approximately $350,000 of debt for both the village and the benefiting property owners. The property owners' portion would be incorporated into a special service area tax district. In addition, the village may issue up to $5 million on behalf of the library for expansion. However, the library will only undertake this project if voter approval is received for a tax rate increase, scheduled for later in the year. The village's debt burden is moderate in spite of the inclusion of approximately $13 million of the village's proportli-mate share of Northwest Suburban Joint Action Water Agency debt. Payout is slowed by the inclusion of agency's debt, because the agency's debt is structured for slower payout than the village's direct debt. The village pays its share of agency debt service from Capital Fund property tax levies that are transferred to'the Water and Sewer Fund. General Obligation/Spe( Ix June 4, Mount Prospect, Illinois .......... . . . .......... . ...... . . . . ............................. . ...... . . . . . . ..................... Continued satisfactory financial operations reflect revenues. Unaudited 1987 results indicate a the ample property tax base, absence of property General Fund balance increase, even though an tax rate limits, and increasing state sales tax increased amount was transferred to the General Fund. details of bond Legal Name of Issuer, Mount Prospect, Illinois, NIC: 6.8763%. sale: Security: G.O., ULT. interest Payable: Semiannually beginning Date of Bonds: June 1, 1987. IF January 1, 1988. Denomination: Annual Maturities 1/1 ($ 0001 ZW7M16T111yX*-] Year Amount Year Amount 1989 $100 1998 $250 1990 255 1999 265 1991 220 2000 170 1992 255 2001 250 1993 325 2002 195 1994 335 2003 215 1995 350 2004 280 1996 365 2005 300 1997 355 2006 240 mffimm��Nmm Series 1987 C ... . . ........ Year Amount Year Amount Call Features: ng January 1, 1998 a Begt 10 Registrar: American National Bank and Trust Chicago, Chicago. Paying Agent: American National Bank and Trust Co. of Chicago, Chicago• . Delivery: June 23, 1987. Bond Counsel: Borge and Pitt, Chicago. Financial Officer: David Jepson, Director of Finance. Advisors: R.V. Norene & Assoc., Inc., Chicago. Auditor-, Karrison & Byme (FY 1986). 1 .1992 $90 1998 $60 1993-97 55 . .. ...... . ......... ...... . ...... . . . .. ..... .... rating history: November 1973: Aa analyst: A. Z. Lowenthal Moody's Investors Service, Inc. has used due care and caution in the preparation of this publication. The information herein has been obtained from sources believed to be accurate and r b eha Ie, butbecause, of the poisibifity orhuman and M, echanical orror.its accuracy or completeness is not guaranteed.,, Moody's ratings are opinions, not recommendations to buy or sell, and their act,untcy is not, guaranteed. A rating shouldbe Weightclsolcly as one actor in anirivestment decision,, and you should make your own study and evaluation ofany issuer whose spec urities or, debt obligations you consider buying orselling. Most issuers of corpo�rate ,bond,%„rnunici,paI bonds and notes, prcr1c,,rrtd stock, and cornmercial paper which are rated by Moody's Investors Service, Inc, have, prior to receiving the rating, agreed to pay a fee to Mo<xiy,*s for the appraisal and rating The ret raii.ges, rrom 61,000 to S125,000, Copyright @ 1987 by Moody's Investors Service, In,,, Publishing and executive offices at 99 Church Street, New York, NY 10007 .. . . ............ . General Obf ),n/Special Tax )ne 4, 1987 3 Mount Prospect, Illinois debt factors: Debt Statement as of 5/22/871 nnni Bonded debt outstanding D $69893 Current offering (6/2/87) 5,150 Gross bonded debt $129043 Installment contract 112 Commitment to Northwest Suburban Joint Action Water Agency F21 13,321 Gross direct debt $25,476 Less: Special service area bonds 1,734 Direct net debt $23,742 Overlapping debt CD 20,977 Overall net debt $44.719 1Includes S 1. 7 3 4, 000 special sery ice area bonds (D This amount represents the village's anticipated proportionate share (13%) of debt service issued by the agency. However, this percentage may vary depending on actual consumption. , For additional information please refer to Moody's 1986 Municipal and Govemment Manual, page 1847. Security: G.O., ULT. Defaults: No record found. o Debt Ratios Rate of Retirement [D Net Per M1 Median Principal Amount % of Debt . Capita (E Median % F.V. ...... . . . . . . . . . .. Amount Due 0.000) Total Direct $445 $403 1.5 1.7 In 5 years $3,566 15.0 Overall 837 684 2.9 2.9 In 10 years 8,879 37.4 [D For cities withpopulations 50,000-99,999. (D Includes commitment to purchase water from the Northwest Suburban Joint Action Water Agency. Use of Proceeds: Mostly construction of public payout coincides more closely with anticipated tax works building. increment revenues. In addition, the village may Structure: Level debt service issue $350,000 general obligation debt later this CIP/Future Borrowing: Village plans to refund year for street improvements and up to $5 million $1.7 million general obligation bonds, Series 1985 on behalf of the library for expansion. The sale for in September in order to restructure debt so that the library will only take place if voter approval is received fora tax rate increase. administrative Form of Government: Home rule; . ......... contracts expire August 1; currently both contracts factors: board/manager consisting of president/mayor and are in negotiation. Participating member of six trustees elected at large to four overlapping statewide Illinois Municipal Retirement Fund; terms. Village manager appointed for day-to-day contributed $319,946 in 1986. The village's administration. contribution is determined on an annual basis and Public Employees: 253 full-time. Police contracts is provided by the IMRF tax levy. expired May 1987, and public work employee Legislation/ Referenda/Litigation: None reported. 4 General Obligation/Spr Tax June 4, Mount Prospect, Illinois ..... . .......... . . . . . . ....... . . ...... ------ . ................ . . . ........ ..... -------- property Mount Prospect valuation and Fiscal Assessed % Tax Rate/ Levy % Total tax data: Year Valuation (000) Chan e $1 1000 A.V. (000y Collected 1985 $449,546 1E -2.3 $12.83 $5,767 100.22 1986 463,833 3.2 11.39 59283 100-12 1987 Cl n3 517,264 11.5 11-40 5,904 99.27 M Excludes 5604,171 of incremental valuation for tax increment financing area. (E Decrease due to increases in exemptions and decrease in state -imposed equalizer from 1.9288 in 1982 to 1.9122 in 1983. [N Quadrennial reassessment year for Elk Grove Township which comprises 55% of the village-, 44.90/c of the village is in Wheeling Township and 0.1 %a in Maine Township. 0 _0000,000010 1987 Full Valuation: $1955197917000 Average Annual Growth F.V., 1982-87: 8.4% 1987 Equalization Rate: 33.3% 1987 Full Value per Capita: 29,065 Taxpayers Business Propeqy Randhurst Corp Shopping center $289428,406 Lincoln Colony Association Colony square apartments 1179389107 Salvatore DiMucci Various 9,578,176 Salvatore DiMucci, Sr. Various 9,276,084 AM International, Inc. Multigraphics - offset equipment 799259829 Alter TR. No. 49501 Office buildings 69564v582 Venture Stores, Inc. Discount store 496719041 Mount Prospect Plaza Assoc. Shopping center 495929945 Alter No. 43923 Forest Cove Apartments 493989183 Shell Oil Company ......... . . .......... . ...... ..... Storage facilities 49013v427 economic Population: Mount Prospect Location: 20 miles northwest of Chicago. factors: Year Population % Chane Area: 9.88 square miles 1970 349995 Population Density: 5,403 per square mile 1980 529634 50.4 1984 (est.) 539390 1.4 Source: U.S. Census Bureau. op General Obli'' 'In/Special Tax %jie 4, 1987 5 IF Mount Prospect, Illinois .......... Population and Housing Characteristics: Mount Prospect 82.1 67.6 63.6 64.4 % built before 1939 Norms U. S. 1970 1980 Fil 1980 1980 Population: 12.8 25.9 Owner occupied median value Median age 27.1 31.4 30.4 30.0 % school age 31.4 21.3 19.5 20.9 % working age 54.9 66.0 60.9 60.7 % 65 and over 4.8 7.1 12.3 11.3 No. persons/household 3.5 2.8 2.6 2.75 Income: Median family income % below poverty level Per capita income $169503 $30,617 $219638 $19o908 1.9 2.6 11.1 12.5 $4,576 $ K767 $79776 $7,313 % owner occupied 82.1 67.6 63.6 64.4 % built before 1939 - 2.1 35.2 26.1 % built since last census 41.7 31.9 12.8 25.9 Owner occupied median value $329894 $889500 $439393 $47,300 Median gross rent $193 $338 $240 $243 Occupied housing units 10,071 ED 18,769 Source: U.S. Census Bureau. 11] 1970-80 % change: 86.4%. M Norms are for all cities with population greater than 20,000 in the Great Lakes Region. Labor Market Characteristics: Mount Prospect Village Civilian Total Unemployed Unemployed Unemployed Year Labor Force Em to ment ON State U.S. 1979 M 23,254 22,471 3.4 5.5 5.8 198091 24,928 23,718 4.9 8.3 7.1 1981 25,027 23,727 5.2 8.5 7.6 1982 M 259006 239072 7.7 11.3 9.7 1983 ED 25,613 23,488 8.3 11.4 9.6 1984 M 259732 24,121 6.3 9-1 7.5 1985 26,367 24,764 6.1 9.0 7.2 1/8691 26,164 24,847 5.0 8.6 7.3 1/8791 31,475 30,146 4.2 8.2 7.3 Source: Department of Labor, Bureau of Labor Statistics. [I] Data not consistent with preceding years due to changes in the benchmarking process. 4-1 Monthly data not seasonally adjusted. General Obligation/Spe Tax June 4, ' Mount Prospect., Illinois .......... . . Approximate 1986 No. of Lar est Emplaer ® Empl ogees Multigraphics, 800 Township High School No. 214 171-1302 WCI Financial 1191 280 GTE Directories Corp. 266 Village of Mount Prospect 253 Mount Prospect State Bank 235 Illinois Range Co. 200 Community Consol. S.D. No. 59 n3200 Mitsubishi Electric Sales of America, Inc. 185 The NutraSweet Company E 185 ED Includes 77 administrative and central maintenance employees who will be moving from their current work places in Mount Prospect to new quarters in neighboring Arlington Heights. They will occupy a high school building that was closed in June, 1986. (E WCI Financial is a wholly owned subsidiary of the Wickes Corporation. M School District No. 59 has three grade schools (K-5) and one junior high (6-8) in the village. The employment figure includes a small number of part-time employees. E Since July 1, 1985 NutraSweet has been a wholly owned subsidiary of Monsanto Corporation. Searle Pharmaceuticals, another wholly owned subsidiary of Monsanto, operates a manufacturing facility in Mount Prospect and employs 125. Taken together, these two facilities employ 310 persons. Both are located in Kensington Center, a 300 -acre business park. (E As of April 1987. financial Operating Funds Financial Performance (fiscal years ended 4/30 $ 00+0)1 factors: 4985 11986 % Chan e Revenues $119771 $11,759 -0.1 Expenditures 11,295 12,297 8.9 Operating surplus (deficit) n2 453 (388) - M General and Debt Service Funds (modified accrual method of accounting). M General Fund only. 11986 Sources of Revenue % 11986 Items of Expenditure % Sales tax 37.5 Public safety 49.5 Property taxes 31.1 Highways and streets 14.7 Licenses and permits 12.3 Health 9.7 Intergovernmental 10.6 General government 9.6 Interest income 2.3 Debt service 7.4 OtheL- 6.2 Other 9.1 General Fund Financial Position (fiscal years ended 4/30 $ 000) 1985 1986 Cash and investments $19979 $1,727 Operating loans Other current liabilities 814 961, Year-end cash surplus $1,165 $ 766 Receivables $ 540 $ 564 Fund balance $1,846 $1,459 Undesignated fund balance 1,709 1,330 4170B01 U Vill'age of IVI ')jnt Prospec Mount Prospect, Illinois INTEROFFICE MEMORANDUM 0 TOO John Fulton Dixon, Village Manager FROM: David C. Jepson, Finance Director`'7"`" DATE: June 19, 1987 SUBJECT: Forest River Fire Protection District Agreement The 1986 agreement with the Forest River Fire Protection District called for payments to be made to the Village in the following manner: 2. b. The payments by the District to the Village shall be made in the following manner: (I) The sum of Five Hundred Dollars ($500.00) shall be paid upon the execution of this agreement. (II) The sum of Five Hundred Dollars ($500.00) on or before April 1, 1986. (III) The sum of Five Hundred Dollars ($500.00) on or before July 1, 1986. IV) The balance remaining after all expenses have been paid on or before December 31, 1986. Prior agreements also included the same language. Because the agreement is on a calendar year basis, 'the Village's fiscal year is from May 1 through April 30, and the Fire Protection District from July 1 through June 30, it has been difficult to reconcile the payments recorded by the DiStrict and the revenue received by the Village. I believe this possible confusion could be a' voj''.ded by changing the payment prod, ions so that all revenues collected dur.ing each calendar quarter less the co is of running the Distri''ct would be paid to the Village within 15 days after the end of the quarter. It is my recommen- dation that Section 2.b be changed to read as follows: John Fulton Dixon Page 2 Forest River Fire Protection District Agreement 2, b, The payments by the District to the Village shall be made in the following manner: (I) On or before April 15, 1987 the total of all monies received from tax receipts, replacement taxes, interest and miscellaneous Income collected during the period beginning January 1 , 1987 and ending March 31, 1987 less all reasonable costs of running said District disbursed during the same period,, (II) On or before July 15, 1987 the total of all monies received from tax receipts, replacement taxes, interest and miscellaneous income collected during the period beginning April 1, 1987 and ending June 30, 1987 less all reasonable costs of running said District disbursed during the same period* ( I I I ) On or before October 15, 1987 the total of all monies received from tax receipts, replacement taxesq interest and miscella- neous income collected during the period beginning July 1, 1987 and ending September 30, 1987 less all reasonable costs of running said District disbursed during the same period. (IV) On or before January 15, 1988 the total of all monies received from tax receipts, replacement taxes, interest and miscella- neous income collected during the period beginning October 1, 1987 and ending December 31, 1987 less all reasonable costs of running said District disbursed during the same period. I believe it would be reasonable for the District to maintain a balance in their checking account of $500.00 to cover possible disbursements until property tax revenue is received. However, because their primary purpose is to levy taxes and pay for the services received by the Village, I believe it is a more reasonable way for the Village to receive those payments. I would also like to see a quarterly report received along with the payments that would list the opening cash and investment balances, receipts and disbursements during the quarter and the ending cash balance. To accomplish this the following provision should be added as Section 2. c. (V): ft 2. ce (V) A quarterly report listing the opening cash and investment balances, receipts and disbursements during the quarter, and the ending cash balance* I believe the above changes would help to resolve the problems we have had in the past . 10 0141,01 Village of rw...�lunt Prosplect. low Mount Prospect, lllinol*s � ��Y� .INTEROFFICE MEMORANDUM TO: VILLAGE MANAGER JOHN FULTON DIXON FROM: RESEARCH ASSISTANT DATE: JUNE 59 1987 SUBJECT: MOUNT PROSPECT PROFILE BOOKLET The Chamber of Commerce has again contracted with Profile Publications, Inc., to update the Mount Prospect Profile booklet. Profile Publications has contacted the Village about purchasing advertising space in the booklet. In 1984, the Village purchased a two-page, four-color ad in the center of the booklet at a cost of $3,395.00. Profile Publications printed a total of 5,00,0 booklets. The cost for a similar ad in the 1987 booklet is $3,735.00. The President of Profile Publications has agreed to waive an additional 10% charge for the center position in the booklet. The expected print run for the 1987 publication will again be 5,000 booklets. The cost of the 1987 ad calculates out to $-75 per booklet. In comparison, the cost of the four-color brochure for the Public Works Facility Referendum was $-30 per brochure. Profile Publications is unwilling to give any further discounts beyond the 10% surcharge. According to the Chamber of Commerce, the booklets are given to an average of 50 new families per month in the Village.. The booklets are also used by area companies for recruitment and by the Chamber of Commerce and the Village for economic development. While the booklet is an important piece of promotional and informational literature I'll for the Yilfa,ge, the cost seems excessive. Instead of the tWO-page ad, the Village might consider purchasin,g a full-page, four, -color ad ($2,195*00), a full-page, two-col,or, ad ($1,S95.00) or the inside back cover ad C$2, 7 0, 451.0)., Since these items are usually charged to the Public Representation budget, you may want to ask the Mayor which ad she wishes to purchase. If you have any questions, please contact me. MICHAEL T., STEKLAC MJS/rcw R" I 414 ............... j ........ . . . . . 01 Advertising Rates Non- Free FOUR PAGE Members Members Books Four -Color $7,565.00 150 TWO PAGE Four -Color $3,835.00 75 COVERS/FOUR -COLOR Outside Back .................... $3,245.00 $3,345.00 65 Inside Back .......................$2,745.x0 $2,845.00 50'' Inside Front ...................... $2,745.00 $2,845.00 50 1 DIRECTORY LISTING: Included at no charge with Display advertising GUARANTEED POSITION PAGE: (Four-Coloronly) add 10%. (Pages 1 2,3,4,6, Center Spread, Opposite IBC). TERMS: 1/3 with contract, balance due upon publication. Second color in Two -Color ads is Process Blue Ads are not commissionable Mechanical Requirements & Additional Charges BOOK SIZE: 8112 " x 11 "Trim (Vertical) FOUR-PAGE SPREAD: Four photos** included. Additional Four-Colorphotos at $150. 00 each. TWO-PAGE SPREAD: 16" x 100, two photos ** included. Additional Four -Color photos at $150. 00 each. Bleed size 17114" x 111/4", at $100.00 additional. FULL-PAGE: 71/2" x 10", one photo ** included in ad. Additional Four -Color photos at $150. 00 each. BIW photos at $75.00 each. Bleed size 8314 1, f x 111141,00 $50.00 additional. In Two -Color ads, for second color other than Process Blue, add 10% to ad rate. HALF -PAGE: 7" x 51f horizontal, one photo** included in ad. Additional Four -Color photos at $150.00 each. BIW photos at $7`5.00 each. In Two -Color ads, for second color other than Process Blue, add 10% to ad rate. DOUBLE COLUMN AD,: 43/4" x 30, Two -Color (Black & Process Blue) logo, head, copy, color tint. COLUMN AD: 231811 x 3", Two -Color (Black & Process Blue) logo, head, copy, color tint, NO PHOTO. For second color other than Process Blue add 10% to ad rate. PREFERRED MATERIAL: Negatives (Right Reading, Emulsion Down) with proof, 150 Line Screen, Camera -Ready Art. "PHOTOGRAPHY: Basic Product/Location photography utilizing 35 mm format cameras with available light or small portable strobe units on location will be included. Additional photo requirements (i.e. special equipment, films, etc.) must be quoted from office. Non- Free FALL PACE Members Members Books Four-Color$2j295-00 40 Two -Color* $1j995-00 35 HALF PACE Four -Color v445.00 $1,545-00 30 Two -Color* t245.00 $1o345-00 25 COLUMN AD Double/Two Color* ...........$ 945.00 $1,045.00 20 Column/Two-Color* .......... $-545.00 $ 645.00 10 DIRECTORY LISTING ..$ 175.00 1 DIRECTORY LISTING: Included at no charge with Display advertising GUARANTEED POSITION PAGE: (Four-Coloronly) add 10%. (Pages 1 2,3,4,6, Center Spread, Opposite IBC). TERMS: 1/3 with contract, balance due upon publication. Second color in Two -Color ads is Process Blue Ads are not commissionable Mechanical Requirements & Additional Charges BOOK SIZE: 8112 " x 11 "Trim (Vertical) FOUR-PAGE SPREAD: Four photos** included. Additional Four-Colorphotos at $150. 00 each. TWO-PAGE SPREAD: 16" x 100, two photos ** included. Additional Four -Color photos at $150. 00 each. Bleed size 17114" x 111/4", at $100.00 additional. FULL-PAGE: 71/2" x 10", one photo ** included in ad. Additional Four -Color photos at $150. 00 each. BIW photos at $75.00 each. Bleed size 8314 1, f x 111141,00 $50.00 additional. In Two -Color ads, for second color other than Process Blue, add 10% to ad rate. HALF -PAGE: 7" x 51f horizontal, one photo** included in ad. Additional Four -Color photos at $150.00 each. BIW photos at $7`5.00 each. In Two -Color ads, for second color other than Process Blue, add 10% to ad rate. DOUBLE COLUMN AD,: 43/4" x 30, Two -Color (Black & Process Blue) logo, head, copy, color tint. COLUMN AD: 231811 x 3", Two -Color (Black & Process Blue) logo, head, copy, color tint, NO PHOTO. For second color other than Process Blue add 10% to ad rate. PREFERRED MATERIAL: Negatives (Right Reading, Emulsion Down) with proof, 150 Line Screen, Camera -Ready Art. "PHOTOGRAPHY: Basic Product/Location photography utilizing 35 mm format cameras with available light or small portable strobe units on location will be included. Additional photo requirements (i.e. special equipment, films, etc.) must be quoted from office. mr "1 4 T ®r, W IMA, 11A 4, Reprints exactly as ad appears in Profile Book. Any changes, alterations, additions, etc., require quotation from home office. 1. ONE PAGE, PRINTED ONE SIDE, FLAT, NO FOLD QUANTITYQUANTITY PRICE W 100000 000, WIN, millillillimily�, One -Color or Two -Color Four -Color 5,000 $ 795-00 $1,425-00 10,000 $17145.00 $18795.00 15,000 $19525-00 $2,175.00 25,000 $19825-00 $2t645-00 50,000 $3,200-00 $5,025-00 ONE PAGE, PRINTED FRONT AND BACK, FLAT, NO FOLD I QUANTITY PRICE QUANTITY PRICE $ 95-00 One -Color Four -Color, Two -Color 15,000 or or $245-00 Two -Color Four -Color, Four -Color 5,000 $ 995.00 $17970.00 107000 $17435-00 $2,645.00 15,000 $1*1865-00 $37250-00 25,000 $29175-00 $39595-00 509000 $49145-00 $6?825-00 FOLDING PRICES FOR ONE SHEET 81/2" X 11" or 11" X 81/2.1" ADD FOLDING CHARGES TO ABOVE REPRINT PRICES. FOLDED TO FIT #10 ENVELOPE QUANTITY PRICE 5,000 $ 95-00 10,000 $125-00 15,000 $155.00 2590 00 $245-00 50,000 $445.00 QUANTITY QUANTITY PRICE One -Color Four -Color, Two -Color or or Two -Color Four -Color, Four -Color 51000 $1,675-00 $27725-00 10,000 $2,245.00 $3,250.00 15,000 $2, 7 75.00 $37 72 5-00 259000 $3,745-00 $4,725.00 50,000 $79075.00 $87975.00