HomeMy WebLinkAbout6.1 Monthly Financial Report - September 2020VILLAGE OF MOUNT PROSPECT
MONTHLY FINANCIAL REPORT
SEPTEMBER 30, 2020
Prepared By
Amit Thakkar, CPA
Director of Finance
TO: VILLAGE PRESIDENT, BOARD OF TRUSTEES, AND FINANCE COMMISSION
FROM: AMIT THAKKAR, DIRECTOR OF FINANCE
DATE: OCTOBER 22, 2020
SUBJECT: MONTHLY FINANCIAL REPORT FOR THE MONTH OF SEPTEMBER -2020
In our effort to provide the most transparent and relevant financial information in a timely manner, we are
submitting this report herewith. The report contains relevant data with analytical information for the Village's
current financial affairs. The report is prepared with the help of the most recent available financial
information (internal and external). The report is divided into various sub -sections such as a) Cash and
Investments b) Revenues c) Expenses d) Fund Balance Analysis e) Other items that may contain relevant
new issues and items representing and impacting the Village's financial interest and well-being.
a) Cash and Investments
Village of Mount Prospect maintains sufficient liquid cash balance at various banking and investment
institutes for the smooth operation of the Village's day to day operation. The remainder of cash assets are
invested in multiple interest-earning accounts and investment options permitted by the Village's Investment
Policy. As of September 1, 2020, the beginning Cash and Cash Equivalents totaled at $68.1 million.
During the month of September, the Village received cash receipts totaling $6.6 million. The investment
income for the month totaled $18,648. The payroll cost was $1.6 million, and accounts payable were paid
in the amount of $7.2 million. The inter -fund activity increased the cash position by $4,642, while
other disbursements totaled $17,107. As of September 30, 2020, the Village's Cash and Cash
Equivalents totaled $67.3 million.
GG EI NMENTAL AND ENTERP,RI SE FUND S
Balance, at: August 311, 2020
Cash receipts
Investment income,
Transfers from investments to cash
Transfers to investmients from cash
nt.erfu nd activity
isburseiment,s
Accounts payabl1e
Payroll
Ot,he r
Balance at. September 3107,20,20
Cash anild Cash
Equivat, nts
687 1 1 87627
X76,42
(7 168 74,8j
177107)
Total Cash and
Investments Investments
77327055 7,440762
_.
6,7592,73118
(17,42i )u 17Y2 28
(1 7777,00) _
_.4,7642,
_. ('771687748)
_. 0176077 2)
_
1777107)
uw5,79143117135,u
_6773111873118
The Village has $5.9 million invested in long-term investment options, including US Treasuries and FDIC
insured CDs and investment options. The Cash, Cash Equivalents, and Investment totaled at $73.3 million
as of September 30, 2020. The same amount at the beginning of the month was $75.4 million. Besides the
funds as mentioned above, the Village of Mount Prospect also has $1.2 million in the Escrow Accounts
under the umbrella of Other Trust and Agency Funds.
2
The below table summarizes the Cash and Cash Equivalent by Fund.
Fund Details
Amount
General Fund
$ 23,2471837
Special Revenue Funds
51995,991
Debt Service Funds
5,577,509
Capital Projects Funds
6,5997751
Enterprise Funds
14,881,637
Internal Service Funds
11, 0151 593
Total Cash and Cash Equivalents $ 67,3181318
b) Revenues
The below data shows the revenue recognized by the Village from Jan -2020 to September -2020.
Propert, Taxes
1, 55 5
. , �
�5 ,75�
2.8
. p�75?8 �'9(346"?1
.
Gather Ta x es
13,,59, 1 7
, ;4,579,
50.2.
7?7 ,1,? °5 .
(93 GA73)
VIII nit r � v rn nt ill n
55.7 �°
181 �
Licenses,,, Ilea r liit�s .IIFees,
v 112.,? 00
2. 761.;
88.74%
2,995,1710
(2.3241)
Charges, F o r e ry iii ce si
34,,31,04
,5,, 2.12p,581,
73-50%
24,? 2.2.8,,,? 606
, 3?975.
IliFiiiii n e s, . IliFn rfe iiiiit s,
55Z,,?55,,G
.v 2.88
43.381%
357,459
(115J.72.)
VIIInvestrrm ent III ncome
G 7� 700
3 88,v 1,40
57.78%1,,492,171,
(1,? 4 1 )
it:her Fi n a n bi ng Sou rce si
4,7 68 "
425, 347
71.8
.,11 1 2 : �u
1?? 3 117ether
Revenue
:,v .7 ,?
,?774, 0
� �
�7
",7 ?2,5'0
7? 05
eiiiirnb rsernents
39, 3 7
257p1 0 01
65.60
43 1,7 9
174?9)
25,51,
1. 8,991,981.
169.731%,
78 7 3,21691 1.
11 167 2,9�
The above amounts do not represent all the revenue to be recognized for the period under review.
There are certain state taxes, such as sales tax, use tax, and a few other taxes that will be received
by the Village in October 2020 and beyond. The actual year to date revenue received by the Village
is $79.9 million. The amount includes a transfer in of $3.4 million received by the Flood Control
Construction Fund from the General Fund. The total actual revenues collected at the same time
last year were $78.7 million. The property tax revenues, other taxes, license and permit fees, fines
and forfeitures, and investment income are trailing behind compared to last year. The reductions
in these revenue sources are attributable to a low volume of economic activities due to the COVID-
19. Increases in the intergovernmental revenues are attributable to various grant revenues received
in 2020. The Village has received House Bill 62 grant for the street programs in the amount of
$1,189,940 and $753,155 in grants from MWRD for Phase I Levee 37 project. The Village has also
received grants for census programs and a COVID-19 grant from the Health & Human Services.
The Village has also applied for the Cares Act grant from the Cook County. The grant application
is approved, and the payment is expected to arrive before the end of October -2020. All other major
intergovernmental revenues are trailing behind compared to the 2019 amounts at the same time
last year.
3
During the month of September 2020, the Village received the following revenues from the
State, which belongs to the period prior to the September -2020. These amounts are distributed
after the State admin fee deductions of $7,620.
State Sa I e s, T;ax
Jun- 2.0
S, e - 2.0
S, e - 2.0
1, 8,'' , 61 1 2.
o eru I e Sa I e s Ta x
Jan- 2.0e
- 2.0
,e - 2.0
464, 62.8,
Bus]inesis, Djlisllriictll'Tax
J a n- 2.0
,S, e - 2.0
,e - 2.0
2.3 6159
Auto, ei1
Tei
!in-u
e -
,e -.
�.
85
Te I e co,m Tei x
Jan- 2.0
,S, e - 2.0
,S,e - 2.0
117pO,83
Griiand T
$12p41411J.1671'
Property Taxes - The Village's total levy for the year is $19,469,004. The total property tax
revenue budget, including TIF revenues, is $19.95 million. The Village has received property
taxes totaling $18.5 million through YTD September -2020, which equals to 92.8 percent.
The property tax revenue collection is trailing behind by $346,132 compared to the amount
collected through the YTD September -2019. At the same time last year, the Village had collected
$18.5 million or 97.6 percent of the annual levy. This year, the Village has collected $17.7 million
or 92.3 percent of the annual levy. The due date for the second installment of the property tax
payment was extended from August 1 to October 1. The Village is expecting to collect the major
portion of the remainder of the levy ($1,475,906) in October -2020.
Other Taxes - The category of Other Taxes includes all the taxes enacted per the local
ordinances and includes Home -rule Sales Tax, Hotel/Motel, Food and Beverage, Municipal
Motor Fuel Tax, Utility taxes, etc. As some of these taxes are collected by the State, there is a
three month lag between the actual sales and the remittance of the tax. Through YTD
Sept -2020, we have collected $6.8 million. The collection is trailing behind by $936,473
compared to the revenues collected at the same time last year. During the month of Sept -2020,
the Village collected $1,053,813 in other taxes. This category is expected to have a revenue loss
of $1.3 million due to COVID-19, and staff is closely monitoring the revenues as well as the
impacting factors.
Intergovernmental - This category includes all State shared taxes, including State Sales Tax,
Income Tax, Use Tax, Motor Fuel Tax, and Grants. Through YTD September -2020,
revenues received under this category are totaled at $20.5 million, while at the same time last
year, the total revenue received was $18.5 million. The State of IL HB 62 grants, as well as the
MWRD grant for the Levee 37 Phase I project are the main reasons for the increases in
intergovernmental revenues. The intergovernmental revenues are most impacted due to
COVID-19 and are expected to have a loss of $1.7 million.
License & Permits - The collected revenue under this category totals $2.8 million, which is trailing
behind by $233,241 compared to the YTD revenue at the same time last year. The extension of
the due date for displaying the vehicle stickers as well as reductions in the collection of Building
Permit fees compared to last year is the main reason for the shortfall in the category. During the
month of Sept -2020, the Village has collected a total of $187,844 in the License & Permit fees.
Charges for Services - The YTD revenues recognized under this category total $25.2 million
and include water/sewer charges, refuse fees, and parking permit fees. The amount recognized
is $983,975 higher compared to the amount recognized through YTD Sept -2019. The main
reason for the increase in revenue is the increases in the water/sewer charge per the adopted
rate study. During the month of September -2020, the Village has recognized $3.2 million in
Charges for Services. 4
Other Categories - All other revenue categories have collectively generated $8.6 million through
YTD September -2020. The amount recognized through September -2020 has decreased by
$251,671 compared to 2019, mainly due to a decrease in the investment income and
reimbursements.
0 Expenses
The below data describes the expenses incurred during the months of January 2020 to September
2020.
.II Pub][ic Rep,res,ientat,Jii o
7.11 .II5,61
e ry iii ce si,
:..II31.1%
2.0 Ilii I I a,lge A, d m ii n iiiii sit,r liiii on
476 6,85,616187
611987
2.�pS,65��pO94
61Y®1.
II IIF'Ji n a n ce
2., .II 03,553
.II VI W u
u
�� 7
7u %
40 o m a n iii , e sue I op,m e nib
RA .l
.I 0 , 3 39
4,,p6 I,Qp 3 GO
69j. 6%
50 Human e ry iiiii ce sI
1 ��, 1 98,�vg,82.
8119`? 153
8, 2.3 6100
61,8. 7
60 S o][ie
31 A I9 2., 757
1, 613 7,5617
d° A I/ A l 75
78.9%
70 S]iii re
2.0, 8, 65, 15,61
.II y .II .II
.II v 7 1 61
73.7%
SO IIS a b, I ii o rk s,
62,401, 764
2., 62.3 ,902.
7, 739j, 705
61Y ® %
II on �e ark en
x! , , '''61
.Ila ''�'
nVl
.II F.II6161Ip,81
X611®
rll n Tota
V 4VI �1 'r�
SII ii
iii "NI �A
� 99071"71,
o iii V
The above amounts do not include the expenditures for the Pension Funds as they are separate entities.
The data shows the Departmental Expenditures for the month of September -2020 as well as year to date
amount from January 1, 2020, to September 30, 2020. The Department of Community Development is
showing expenditures totaling $4.6 million, which includes the property acquisition of $1.3 million in the
Prospect & Main TIF Fund and $1.08 million in developer's reimbursement for Storm Sewer expenses. The
Police Department and the Fire Department YTD expenditures are higher due to the Pension Expenditure
recognition, which is equal to the total pension levy received. The amount recognized is employer
contributions (the Village's expenditure). The same amount is recognized by the Pension Funds as income.
IIP e slo n n e
»Qp4l,8,�� 79
e ry iii ce si,
3 61Y110,80, 2.76
u p p I iiies
.p7
Cap iiiiit III roue eni
611987
Djj e k ery iiie
I Q,0619,5,22
er endiiiii ares,
.iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii.iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii..iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
pub, ll W o
ria n TII.VI,VIm�
VIO�V II III
1, 664, 661,
70.7%
22,528,42,61
62.4%
I�r5,40,11049j
55.9%
,7
6®jj
71 3,414
2.61.9j%
jj 3 GOO
87.7%6
�41�.m®iiV IIm�41
VIO�V II III
5
Personnel Costs - The Personnel costs spending is on track compared to the budgeted amount. We
have spent 70.7 percent of the total budget through YTD September -2020. The year to date
expenditures for Personnel Costs, including benefits, are $35.7 million. We are hopeful for a positive
variance in this category and are expected to spend around 98.0 percent of the budgeted amount during
the fiscal year 2020. The YTD overtime costs are $1,206,086, while the overtime at the same time last
year was $1,624,676.
Services - This category covers the majority of the contractual services that include some large line
items, including JAWA water purchase, Budgeted and Grant Funded Engineering studies, and other
contracts. The year to date expenditure is $22.5 million, and the Village has spent 62.4 percent of
the budgeted amount year to date. The Village is expected to see a positive variance and savings in this
category due to the cancellation of various Village sponsored programs.
Supplies - The Village has spent $1.5 million in supplies through YTD September -2020. The spending
totals around 55.9 percent of the approved budget. The Village is hopeful to see a positive Budget
vs. Actual variance at the end of the year due to the mild winter and lower fuel prices.
Capital Improvements - The major capital projects, including Police and Fire HQ, are completed now.
The construction of the Maple Street Parking Deck is also completed significantly. The YTD spending for
capital improvements is $35.4 million. While various capital projects are on track, multiple capital
projects totaling $3.4 million are postponed due to the revenue loss caused by the outbreak of COVID-19.
These projects are expected to resume in 2021.
Debt Service - Per the established debt service schedules, the Village's bond payments are due on June
1 and December 1. The YTD debt service expenditures are $2.7 million. The remainder of the debt
service payments are due on December 1.
Other Expenditure - The Other Expenditure includes the transfer out from the General Fund to the Flood
Control Construction Fund, Capital Improvement Funds, and Street Construction Fund. Due to
COVID-19, transfer to the Capital Improvement Fund is postponed while the transfer to the Street
Construction Fund will be reduced. A major transfer of $3.39 million for the Levee 37 Flood Control
project is executed through September -2020.
d) Fund Balance Analysis:
The fund balance is an essential tool to check the fiscal health of any Governmental organization. The
below data defines our monthly unassigned/unrestricted General fund reserves. The balance starting
January 1, 2020, are unaudited.
Revenues, - Unaudited 12,076,917 1,055,601 2,886,546, 7,747,39,2 3,576,901 3,350,853 3,083,371 5,396,463 7,8,31,8,24 3,5,37,345
Expenses eases - Unaudited (7,034,389) (2,663, 438) (4,454,650) (5,853,453) (4,5 ,172) (6,9, ,597) (3,608,348) (4,56 ,3.57) (5,06%5,5�9) (3,724,735)f
N et Month ly a rpi u s/(Deficit) 5.P 2P529 (1,593,8N) (1,569,104) 993,93,9 (967,37'1) P,647,744) (5240977) 829,106 20763,1,5.5 (97,3,910)
Beginning Unrestricted Reserves 18,027,136, 22,9,14,986, �1,3 1,149, 19,753,0 4,5 20,646,984 19,679,61�3 19,424,869, �9, 1 , 9,9,99, 19,727,999 22, 49,1,153
� q. . u ryu. N Yu n � BIi Yu � A � ,!� q• p iii 9f BP H .. � n� ryP.. n. 5��'IPo 9i s. Po. ryu. IPo i l91 m: N ryP,. A eq M.
s ° of General (Fund Budget 36 34% 31% 33 31% 31 30% 31% 36% 35° r
As % of General IFund Budget 9 25 o 7% 33' 3'/b 31'10 30% 3 % 36�% 361%
*Unaudited and Subject to Change
For the above analysis, the unrestricted Fund Balance is reduced by $3.4 million for the Levee 37
project commitment (January to April only). Through YTD Sept -2020, the Village has executed a
transfer of committed fund balance of $3.4 million, and that has eliminated the need to adjust the fund
balance. At the beginning of the year, the Village is carrying $17.4 million in unencumbered cash and
cash equivalents, while the unassigned Fund balance is $22.9 million. The un -encumbered cash
balance is the actual Cash Balance reduced by outstanding Accounts Payable at the end of the month.
The gap between the Unassigned Fund Balance and the unencumbered cash balance narrows as the
6
year progresses. The payment received from the State for 2019 taxes and the property tax received in
March -2020 and August -2020 narrowed the gap between the Fund Balance and unencumbered Cash
Balance. The gap between Cash Balance and Fund Balance is expected to widen in the upcoming
months due to the revenue losses caused by COVID-19. The delayed and reduced taxes will deplete
the unencumbered cash and fund balance. The current estimate is projecting the year-end fund balance
at $19.4 million or 32.0 percent.
The Village is experiencing a loss of revenues due to COVID-19, and it will impact the Fund Balance. To
reduce the impact of COVID-19 on the Fund Balance, the Village leadership team has
implemented a contingency plan. The Contingency Plan defines the steps, including deferment of
capital projects, suspension of internal vehicle lease payments, instituting a freeze or reduction in
commodity, contractual services & supplies. The Village has frozen and postponed certain operational
and capital items. The Village is in strong financial health and will be able to digest these losses with
the help of the implemented contingency plan. The initial estimated loss was $5.6 million. The revenues
came in a little stronger than expected, and the loss forecast is reduced from $5.6 million to $4.9
million.
The below data shows the sales tax loss tracking due to COVID-19. Currently, we have already
experienced a loss of $1,097,007 in sales taxes and are expected to experience an additional loss of
$457,353 for the remainder of the year.
III es Ta
oma-ruIIIIe'SaIIIe Ta
sales
IMunth
IDOR
Ofiginal
ProiM dll
LDSS 11%
Uri ectedl
Lasses
lu is l
Rio
a is 11 Lass
Future
pr jllea dll
lu iii3I +
IPr jllea dll
sailes
Payment
Revenue
Projected
Uri ectedl
uual
Future
tua I +
IMonth
Month
Rudget
LOSS 11%
LassesR
io
uia 11 Lass
Projected
IProjected
J a n �-, 2,D
Apr -,20
I,611�11- 151157
1&%
540
371,474
22,1-1951,
b-, 2,D
M ay 20%
4.23,1115,03
2°5°��'
(35,,'962)
F' 65,113,181"D
(35,�962)
r,-, 2,D
J a n-, 20
1,18,9N,9N."573,%
2 5,1%11R
202,1-'763
1�70,911.1305�
1 �769
Air -.'20
JuIIII-' +
x' .2 55,
1 511%
2,84 1115,2 3,
1,161,191 1,732
2,,60 1523
.,
2,6 ,52,3
Mai-, 2,D
Aug ,20
2,106,131.Efi.
151%
3 A' 161
11 655, 22�
8, �58���
_(2,:71
5)
u n -.2,D
Spw_ �1".19,78-1075,
4-37',1,1,1,
2
2,3711 ,
1"'ISD41611,
1 3 p464
1 p' ' '"
173,,464-
7 , 64-
J
J u VII[ 2,r
is t.- �0
1, 1 7, 31612,
"%
175,1'7361
1,'51 , 5�
1801,767
5p 6101,
is, 601.
ug' -2
N ov-, 20
2.,135,3 6
51%
1 p1 w
1 p1 w
15 ,15
5epi-°'20
Dec -,20
1, 324,16,5,
'511%
5317 �
531 7 6,g
3,,'765
Dec..1-2
M a r�-, 2,, 1
521,428
2,%
71115,23
71523
7,523
N - 2
F e, ,-' :1,
1, 9,5'x' '0 .
°5p ° 53
2,'966,4168
204,572
°5,' : 3
,'9 �3
Dec. -2
M a r�-, 2,, 1
1,555355
31%
p5�"5
p5�5
60,575
2:3,075,0W
12,2319,421.
992,435
405,42.0
6.11G%
<--projected Loss P r en tawgle-
oma-ruIIIIe'SaIIIe Ta
sales
IMunth
IDOR
Payment
Month
Ofiginal
Revenue
Ruftet
ProiM dll
LDSS 11%
Uri ectedl
Lasses
lu is l
Rio
a is 11 Lass
Future
pr jllea dll
lu iii3I +
IPr jllea dll
J a n -, 2,D
Apir-2104.17,
SDI,
1&%
42,81"1 3S2,,
F e b-, 2,D
M ay 20
540. 84.
1&%
553;967
(13, � 3)
(1.'3 , EN83;
r
0
,
540
371,474
22,1-1951,
Apr -,20
J u IIII -' �0
4.23,1115,03
2°5°��'
124'163' ,,
3 5;95,2,
117'11,5 8���
Aug ,20
,, " , 123
2 5,1%11R
J u n -, 2,D
Se p _' +
4.52 7'3!3
1 511%
619,11141,10464162,81'
1..p 5 5
J u III -- 2,D
Gict-20
4.52,1 "3
I'D%
45,12,17"I'D'
4,5411,1999
2,11715)
_(2,:71
5)
ug' -'2
N ov-, 20
4-37',1,1,1,
1,711-10419,
1 p' ' '"
1711,104-119
5epi-°'20
Dec -,20
4.38 , 330
2,
5p KI,
5p 6101,
is, 601.
Oct- 2,D
as n
2,
, 3-161
,
II
ISI - 2,D
F e. ° .1
4.72., 241,
2,%
19111-445
91,44.5,
" 9,4445
Dec..1-2
M a r�-, 2,, 1
521,428
2,%
71115,23
71523
7,523
5,55 a
Vie,
2,'966,4168
204,572
516}933
256j5
3.5%
4. 6
7
e) Other Items:
a. Staff will be presenting the first reading of the property tax levy and the budget ordinance
on November 4, 2020. The proposed ordinance will include the combined levy for the
Village and the Mount Prospect Library. The Library also has chosen to have a zero
percent levy increase over the 2019 extension/levy. There is also a budget public hearing
scheduled for November 4, 2020. The Truth in Taxation Public Hearing will be held on
November 17, 2020.
b. The Village's grant application under the Cares Act is approved by the Cook County and a
check of $502,578.25 is received. The below table provides details about the status of the
current grant applications.
P"r j t Graj nit Agen,cy Arron i u int StatuJi ;
nffirmieedl
CO" IIII „-19, mares Act Cook County 5,02,578,25 Application Ills approved and funds are received.
In IProcess - Grant Will be received either byt eyear
CO 'Ill „-19, Public Assiiistacne Grant FEMA 11 iµ .00 emend or early next year
Aspen Trails MWRD - Storm S,evier Partnership IPro rarmn M"+ RD ,GC Uren .rend Oren Grant iiis Awarded. Amount iiis still wuenkno iren
Re,bu ll,rl Illinois,Grants,
HE 6 - Deep Well State of Illinois 5 3 5,0GO.00 Expected Ilion 2021/2022
HE 6 - Detention (Pond Improvement State of Illinois 28,,0,GG0.0 b Expected Ilion 2,02-1/2,022
HE 6 - Storm Sewer Inspection State of Illinois - DCEO 788,0GO.00 Expected Ilion 2,02-1/2,022
HE 6 - IPlatform Extension State of Illinois - DCEO 9,00µC ®C 0 Expected Ilion 2,02-1/2,022
Received - in 2020. To e received - 3 lumen 2021
Local Roads- Rebuild Illinois tate of Illinois - IDT 3µ565,818,0 and 33% lin 2,022
I gen on irmed
Berm Trails Rebuild Illinois - Community Infrastructure State of Illinois - DCE0, 5,000,0&0.00 0 Applliiicatiiion Ills submitted - Grant Statues Ills unknown.
c. As of the date of the report, the Village has sold 33,690 vehicle stickers and has collected
$1,359,854. At the same time last year, the Village had sold 37,286 stickers and collected
$1,496,073. The due date to buy the vehicle sticker was extended due to COVID-19 and
has resulted in a lower volume of sales and collected amounts. The Village is expected to
catch up with the difference in the next few months with vehicle sticker enforcement from
the Police Department.
d. During September -2020, the Village has issued 156 real estate transfer tax stamps, of
which 40 are issued as exempt stamps, and 116 are non-exempt. During September -2020,
the Village collected $122,799 in real estate transfer tax, and the average selling price for
the real estate was $351,091. At the same time last year, the Village sold 137 transfer tax
stamps, of which 52 were exempt, and 85 were non-exempt. The Village collected
$313,794 in Sept -2019, and the average selling price was $336,867. The amount collected
in Sept -2019 is unusually high due to a single high-value transaction.
Conclusion
The Village is currently in a healthy fiscal condition. The Village is facing short-term challenges due to
COVID-19, but the strong tax base and diversified income sources are helping the Village in achieving
short-term and long-term goals. The Monthly Financial Report attempts to draw a transparent picture of the
Village's monthly financial activities and also provides the relevant updates concerning the fiscal health of
the Village. Sept -2020 shows steady recovery from COVI D-19, and we are hopeful of collecting normal
monthly revenues in the coming few months. The upcoming 2021 budget is expected to show some
impacts of COVID-19, but the current cash and fund balance positions are capable of supporting Village's
current long-term and short-term goals. If you have any questions or concerns about the report,
please do not hesitate to contact me.
Respectfully Submitted,
Amit Thakkar
Director of Finance
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