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Home My WebLink About8.2 1st reading of AN ORDINANCE ADOPTING AN ANNUAL BUDGET FOR THE VILLAGE OF MOUNT PROSPECT, ILLINOIS FOR THE FISCAL YEARItem Cover Page wubject 1st reading of AN ORDINANCE ADOPTING AN ANNUAL BUDGET FOR THE VILLAGE OF MOUNT PROSPECT, ILLINOIS FOR THE FISCAL YEAR COMMENCING FROM JANUARY 1, 2020 AND ENDING DECEMBER 0 IN LIEU OF PASSAGE OF AN APPROPRIATION ORDINANCE. • ■ MEETING OF THE MOUN PROSPECT BOARD w w 1 •ry BUSINESSNEW Type Ordinance OctoberInformation The attached ordinance will establish the annual budget for the fiscal year 2021. A Joint Workshop with the Village Board and the Finance Commission was held on 1 1 to review the overall proposed 1 budget, departmental op r - •r • budgets, • the non -departmental budgeThe ts. Proposed r- 121 totals $132.5 million,decrease of • or 13.9% from the amended 1 0 Budget. The decrease is due to the significant completion of •r capital projects 1 1 including the Police and Fire Headquarters, the Maple Street Parking Deck, and Levee 37 Phase I project at Burning Bush Trails. The operating budget will see an increase of $68,472 or 0.1% from - 2020 Budget.1 operating budget o includes $143,697 for any unanticipated expenses(contingency) be spent subjectto the Village Board approval. The 5 -year Community Investment Plan for fiscal year 2021 totals$28.6 million,,and is $19.2 million• r • to the 2020 amendedbudget. • debt s- payments 1 be • million. During 2021,• w of • be repaid in outstanding r •. debt, totalwhile the - payment be $3.8 million. The 2021 plan also - 1 the issuance of $10.0 million in new debt/bondsfor ' Water and Sewer Fund per the approved 2017 Water and SewerRate study. The 2021bond issuance will be the last of and will '1p reduce - critical watermain infrastructure replacement • .11 years to 130 years. Completionof major TIF projects and reduced revenue for the Business District Fund due to COVID-19 are resulting in lower expenditures for the Special Revenue Funds. Property Taxes are one of the most reliable revenue sources for any local government and the Village of Mount Prospect is no exception to this fact. The total 2021 property tax revenue budget for the Village is $20.6 million. The total property tax levy amount is $19,469.,004 (same as 2019 levy) and the remainder of the property taxes are from Tax Increment Financing (TIF) revenues. An increase to the combined water and sewer rate of 8.0% approved last year is also included in this Proposed Budget to fund an expanded water/sewer main replacement program. The Village has not increased its refuse service rates in the last three years. The refuse service at the current rate is not sustainable due to the inflation in the cost of services. The proposed budget is recommending an 8.0% increase in the refuse services. The Village will see an increase in intergovernmental revenue primarily due to Rebuild Illinois Grants. The Village has received $1.1 million in grants from the Rebuild Illinois Streetprogram fromthe State of • • the year2020. Village is expecting to receive equalamounts in 2021d 2022.•d • ! Village has applied for a $5.0 million grant for the Aspen Trails Park Stormwater Improvements from the State of Illinois. The Village has already been awarded another grant • Metropolitan Water Reclamation District for the same Villageproject. The final award amount from the Metropolitan Water Reclamation District is not yet available, but staff is anticipating the grant amount to be approximately $1.4 million. The total project cost for this high -impact project is $9.4 million and the allocating jmillion•General ! reserves to • the project. The Proposed 2021 Budget for the General Fund totals $60.8 million. This is a balanced budget based on staff assumptions for current period revenues and available cash reserves. Cash reserves are being used for the purpose of funding a major Flood Control Project. Absent these actions,, the Proposed Budget of the General Fund returns a surplus of $307,,875. Items of note regarding the 2021 Budget • 2 The General Fund budget represents a decrease of $1.3 million, or 2.1 percent,compared to the amended 2020 budget. The proposed 1 • ••-` includes a contingency•- of $143,697• - the • •- Office. Should the need arise, the budget be available for spending subject to Village Board approval. Cash reserves • • $3.0 million will be used to support transfers several capital project funds. The funds will be used for a storm wate� improvement project at the Asr- Park and forother smal capital projects. Of this amount, $2.25 millionbe transferred to the •• Control Project an• the remainder • $750,000 will be transferred • Capital r • - - r to support the small capitalprojects. balance policy permits this use of cash reserves when the fund balanc exceeds 30.0%. 1 Finance Commission meton October2020 and further discussed the budget chargeand related items. After the discussion, the Finance Commission unanimously recommended adopting the budget as presented with a recommendation that any future user • !' be program c•sts. A recommendation letter fr• • • !' The proposed budget can be accessed here - Proposed 2021 Budget - Click Here accompanyingAlternatives 1. Approve the inance adopting the 2021 annual budget. 2. Action i ion of the Village Board. Staff Recommendation Approve the accompanying ordinance .••r r the 2021 annual budget. ATTACH M E NTS: Budget !•- Budget Ordinance - Draft - Oct 28 2020.pdf Budget Recommendation from the Finance Commission 2020-10-28.pdf 3 ORDINANCE NO, AN ORDINANCE ADOPTING AN ANNUAL BUDGET FOR THE VILLAGE OF MOUNT PROSPECT FOR THE FISCAL YEAR COMMENCING JANUARY 1, 2021 AND ENDING DECEMBER 31, 2021 IN LIEU OF PASSAGE OF AN APPROPRIATION ORDINANCE Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois this day of November, 2019. Ell ORDINANCE NO, AN ORDINANCE ADOPTING AN ANNUAL BUDGET FOR THE VILLAGE OF MOUNT PROSPECT FOR THE FISCAL YEAR COMMENCING JANUARY 1, 2021 AND ENDING DECEMBER 31, 2021 IN LIEU OF PASSAGE OF AN APPROPRIATION ORDINANCE WHEREAS, the President and Board of Trustees of the Village of Mount Prospect in accordance with State Statutes, have provided for the preparation and adoption of an Annual Budget in lieu of passage of an Appropriation Ordinance; and-- WHEREAS, nd..- WHEREAS, the proposed Annual Budget for the Village of Mount Prospect for the fiscal year beginning January 1, 2021 and ending December 31, 2021, as prepared by the Budget Officer for the Village and submitted to the President'and, Board of Trustees, was placed on file in the Office of the Village Clerk on September 30, 20201 -for -public inspection,; , as provided by Statute; and WHEREAS, pursuant to notice duly published. on October 20, 2020, a public hearing was held by the President and Board of Trustees on said tentative annual budget on November 4, 2020, as provided by Statute, and WHEREAS, following said public hearing, said proposed Annual Budget was reviewed by the President and Board 'ofTrustees' and a copy of said proposed Annual Budget is attached hereto and hereby made a part hereof. NOW, THEREFORE, BE IT -ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE ---OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: SECTION ONE: The Annual Budget for the Village of Mount Prospect for the fiscal year beginning January 1, 2021 and ending December 31, 2021, a copy of which is attached hereto and made a part hereof, is hereby approved and adopted as the Annual Budget for the Village of Mount Prospect for said fiscal year. SECTION TWO: Withinthirty (30) days following the adoption of this Ordinance there shall be filed with the County Clerk of Cook County a copy thereof duly certified by the Village Clerk and Estimate of Revenues by source anticipated to be received by the Village in the fiscal year beginning January 1, 2021 and ending December 31, 2021, duly certified by the Chief Fiscal Office SECTION THREE: This Ordinance shall be in full force and effect from and after its passage, approval and publication in pamphlet form in the manner provided by law. AYES: NAYS: ABSENT: ABSTAIN: PASSED AND APPROVED this day of November, 2020. Arlene A. Juracek, Mayor X "1"'0 "' m .11 A. ., I . 1I,,E . . ' ipuh r ill r Village Operating Budget 711871,048 72,895,273 77,242,622 74,032,289 177,308.,594 78,722,055 0.1% Non -Operating Expenditures 2018 2019 2020 2020 2021,,, 2022 Change Community Investment Program Actual Actual Budget Estimate Budget Forecast 20 to 21 IRe eiinues 10,680,605 7,770,630 8,521,927 8,521,052 81903,33,8 9,396,361 4.5% Property Taxes 19,223,535 19,054,332 191,955,359 19,268,945 20,565.,258 22,139,949 3.1% Other Taxes 14,084,956 13,908,983 13,591,375 12,082,460 1,,,3,3 , 15,007,895 -2.1% Licenses, Permits & Fees 3,298,693 3,461,600 3,112,300 2,937,000 3, 67,? 0 3,113,005 -1.5% Intergovernmental Revenue 33,481,944 35,225,923 361,723,800 36,748,480 3,? 56,3 3 420947,383 19.1% Charges For Services 30,820,500 32,666,189 34,304,445 32,488,848 35,?925.,468 37,507,630 4.7% Fines & Forfeits 591,472 502,032 558,550 308,800 458,0500 474,455 -17.9% Investment Income 1,019,573 1,879,804 671,700 521,450 450,?501,,, 471,647 -32.9% Reimbursements 373,622 686,835 391,937 291,500 445.,000 407,000 13.5% Other Revenue 2,882,439 2,296,291 21,178,000 2,197,200 2.,269,9920 2,255,500 4.2% Other Financing Sources 50,313,549 13,723,095 31,868,000 3,693,500 I,6.,940,pOOO 750,000 338.0% Revenues Total 156,090,283 123,405,084 1151,355,466 110,538,183 137p] 77.,990 1250074,464 18.9% ipuh r ill r Village Operating Budget 711871,048 72,895,273 77,242,622 74,032,289 177,308.,594 78,722,055 0.1% Non -Operating Expenditures Community Investment Program 10,132,179 31,802,457 47,779,285 42,1071634 2 ', 2 , 3 31,734,581 -40.1% Debt Services Budget 10,680,605 7,770,630 8,521,927 8,521,052 81903,33,8 9,396,361 4.5% Internal Service Funds (a) 10,392,248 11,539,058 11,931,836 11,397,340 1,,9p6.15 121102,903 -0.1% Business District Fund 1,571,930 111458,547 1,554,095 844,000 1,13 ° , 11422,725 -10.6% Prospect/Main TIF Dist Other Non - Op Exp 10,717,521 11,663,734 2,991,636 2,541,523 237, 483,000 -92.1% Non -Operating Expenditures Total 43,494,483 54,234,426 72,778,779 65,411,549 5,1 7" ,7 6 55,139,570 -29.8% Other Financing Uses Interfund Transfers 2,354,391 3,709,981 3,868,000 3,393,000 4j,40,000 750,000 7.0% Other Financing Uses Total 2,354,391 3,709,981 3,868,000 3,393,000 4j40,000 750,000 7.0% Expenditures Total 117,7191922 130,839,680 1531,889,401 142,836,838 1,3 ,523,3 134,6111625 -13.9% Excess (Deficiency) of Revenues ,,,, iiia a iiia°ces Over Expeindituires 3 3 0 361 (714341,596) (3 533 °5) (32j,298,655)4..654,6003 7 � ],,, 1 1,,,2.1,,, WIND ID B E N E aN E'l ASSE°"1FS Start of Budget Year 481525,288 86,895,649 79,461,053 79,461,053 471162,398 51,816,998 End of Budget Year 86,895,649 79,461,053 40,927,118 471162,398 51,816,998 421279,837 (a) Internal Services Budget includes Vehicle Maintenance Fund and Risk Management Fund. The Vehicle Replacement and Computer Replacement Funds are included in the Village Capital Budget. 7