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HomeMy WebLinkAbout6.1 Monthly Financial Report - November 2020c" t �f Item %Cover Page ,r i Subject Monthly Financial Report - November 202,11, Meeting January 5, 2021 - REGULAR MEETING OF THE MOUNT PROSPECT BOA. Category AGENDACONSENT Type Consent Information AcceptAttached is the Monthly Financial Report for November 2020. Alternatives 1. •nthly Financial Report forNovember Action2. - • of - Village Board Staff Recommendation Accept•nthly Financial Report forNovember ATTACH M E NTS: Monthly Report Nov -2020. pdf 11 November Board Reports for Upload . pdf 1 VILLAGE OF MOUNT PROSPECT MONTHLY FINANCIAL REPORT NOVEMBER 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: DECEMBER 23, 2020 SUBJECT: MONTHLY FINANCIAL REPORT FOR THE MONTH OF NOVEMBER -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 based on the most recent available financial information (internal and external). The report is divided into five sections including a) Cash and Investments b) Revenues c) Expenses d) Fund Balance Analysis and e) Other items that may contain the 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 institutions for the smooth operation of the Village's day to day activities. The remainder of cash assets are invested in multiple interest-earning accounts and investment options in accordance with the Village's Investment Policy. As of November 1, 2020, the beginning Cash and Cash Equivalents totaled $67.9 million. During the month of November, the Village had cash receipts totaling $7.6 million. The investment income for the month totaled $4,154. The payroll cost for the month was $1.5 million, and accounts payable were paid in the amount of $11.9 million. The inter -fund activity increased the cash position by $4,643, while other disbursements totaled $10,601. As of November 30, 2020, the Village's Cash and Cash Equivalents totaled $62.1 million. GOVERNMENTAL ,AND ENTERPR] SE FUND,S Cash and Cash Equival1eints Balance, at O oto beirr 3117"2020 6 77 914 Y2,2 Cash rrecielipits 7763 3162, nveestme,nt income 7154. Transfers from inve°stments to cash _ Transfers to inveestments from .ash _ nteirfu nd activity 4,76,431 isburseme,nt.s Accounts payable, 11789578 15) Payroll 17545 474) Other i 07601) Balance t November 307 2020 S, °62714475,311 Total Cash and nvelstment,s Inveestmient.s $ 5,794 209 S, 73733' 71 _ 776,397 36 (117733) 27371 _ 4 70643 _.(117895,7815) _(17545 474) _. 107601) 5, 9319 42668 083 9,57' 7 7uw The Village has $5.9 million invested in long-term investment options, including US Treasuries and FDIC insured CDs. The Cash, Cash Equivalents, and Investments totaled $68.1 million as of November 30, 2020. The same amount at the beginning of the month was $73.9 million. Besides the funds as mentioned above, the Village of Mount Prospect also has $1.3 million in the Escrow Accounts under the umbrella of Other Trust and Agency Funds. 2 The below table summarizes the Cash and Cash Equivalents by Fund. FUnd DeteIIs A m eUnt General Rind ,213 74,214,711298 Special Re 'enL,ie Rinds 5748 "7156 Det Senilce FLInds 179947531 e p iteI Pre®iieets FLInds 61,732'37431 Enterprise F"Unds 14,9547651 Internal Sepolce Rinds 19786074,63 Tete;J Mesh end Mesh E Lllvalents 6271447631 b) Revenues The below data summarizes the revenue recognized by the Village from January 2020 to November 2020. IIP rro ' a rty, Ta x e si '9",'955,359, 19",899,,1097 99.72% 19"?' ' 4? 1 G� 8, 54,936 thea Ta x e si 13,,,591,3 75 9;015,815, 66.33% 110?x8,3,?139, 1,? 167p 3 24) IlRerrrr iiit &. Fees, ?t.. 2.,? 300 2,99,10, p X78, 16p79 Charges, IIIFo rr err iii ce s 34,3104,445, 3' , 5, 3 31 88.55% 2.915,00? 62.7 8, 74v 705, IIIF Iii n e si F rrfe liit's, .5 ,0 3 24?9 79 58, 425F5,75, (1101',595 III nvestment III n com e 1 7,00 4 7?985 60.74% 1? 742.,? 1 p ' ° th e a 111= iii n a n bii ng,Sau rrce si 4 G ,10003,,439,,,'9,8,9, .1 x..1,974, 795, � 5 4p,80 Other Revenue 2�,178,,,100 ,,? 148,F897 98,66% ,,? 178,,? 2.0 1 (29,v 3,04) Reimbursement si 391,937 3911Q?81,5, 9,9.71% 52.1,797 (130;9,82.) The above amounts do not represent all the revenues to be recognized for the period under review. There are certain state taxes, such as sales tax, home -rule sales tax, and a few other taxes, that will be received by the Village in December 2020 and beyond. The actual year to date revenue received by the Village is $97.3 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 $104.9 million, including bonds issued for the TIF projects. The 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 the Phase I Levee 37 project. The Village has also received grants for census programs and a COVID-19 grant from the Health and Human Services. The Village also received $502,578 from Cook County as Cares Act Relief Funds during the month of October -2020. The Village is also expected to receive additional $12,000 in Cares Act Grants from Cook County and $80,879 in Emergency Assistance Grants from FEMA. 3 During the month of November 2020, the Village received the following revenues from the State, which relates to a period prior to November 2020. These amounts are distributed after the State administrative fee deductions of $8,627. tate110 es Tei x A, ug- 2.0 Nov 2. IIN 2.0 1,935,1000 am eru 1 a Sa I esTa x ug- 2.0 Nov_ 2.0 IIN ov- 2.0 498,504 ilii a liiii t riiiii Tei - u IIN o _ .0 II o v - u . a _ o_ uio e t qg ov u Te I e com Ta x A, ug- 2.0 IIN o IIN ov'- 2.0 1 14�p 3..." Grand TiDti,a 1 5 21p" "1,p 119 71' 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 $19.9 million through November 2020, which equals to 99.7 percent of the annual budget. The property tax revenue collection was trailing behind by $1.47 million until September 2020. With the recent collection of property taxes in October, the Village has collected 98.7% of the annual levy amount totaling $19.0 million; the remainder of the collection amount ($919,696) belongs to Prospect & Main TIF. 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 November 2020, the Village has collected $9.0 million in other taxes. The total YTD collection is trailing behind the revenues collected at the same time last year by $1,167,324. During the month of November 2020, the Village collected $1,170,481 in other taxes. This category is expected to have a revenue shortfall of $1.3 million due to COVID-19 and the staff is monitoring the revenues as well as the factors impacting the revenue closely. Intergovernmental Revenue: - This category includes all the State shared taxes, including State Sales Tax, Income Tax, Use Tax, Motor Fuel Tax, and Grants. Through November 2020, year to date revenues received under this category totaled $28.3 million, while at the same time last year, the total revenue received was $25.9 million. The State of IL HB 62 grants, MWRD grant for the Levee 37 Phase I project, and Cook County Cares Act Relief Funds grant are the main reasons for the increases in the intergovernmental revenues. The intergovernmental revenues are also impacted due to the COVID-19 and are expected to have a shortfall of $1.7 million. The Village is estimated to have a sales tax revenue shortfall of $1.38 million due to COVID-19. The Village has tracked the year to date sales tax loss of $975,746 through November 2020. There are a few revenue sources which have outperformed even in the COVID-19 environment. The Village's year to date income tax revenue collection was trailing behind by $437,695 during the first half of the year, but the Village has received a higher allocation than expected during the third quarter of 2020. The year to date income tax revenue through November 2020 is $114,946 higher than year to date income tax revenue at the same time last year. The Village has collected 105.0 percent of the budgeted income tax revenue for the year through November 2020. At the same time, the Use tax revenue is higher by $416,261 compared to the amount collected at the same time last year. The outperforming income tax and use tax revenue will help in reducing the COVID-19 related losses. License & Permits: - The collected revenue under this category totals $3.0 million, which is trailing behind by $416,793 compared to the YTD revenue at the same time last year. The extension of 4 the due date for displaying the vehicle stickers as well as reductions in the collection of Building Permit fees compared to the last year are the main reasons for the shortfall in the category. During the month of November 2020, the Village collected a total of $57,727 in License & Permit fees. Charges for Services: - The YTD revenues recognized under this category total $30.4 million and includes water/sewer charges, refuse fees, and parking permit fees. The amount recognized is $874,705 higher compared to the year to date amount recognized through November 2019. The increase in the revenues are mainly attributable to annual increase in the water/sewer charges per the 2017 water rate study. Other Categories: - All other revenue categories have collectively generated $6.7 million through November 2020. The amount recognized through November 2020 has decreased by $10.1 million compared to 2019, mainly due to a decrease in the investment income and reimbursements and not having any bond issuances in 2020. c) Expenses The below data recaps the expenses incurred during the months of January 2020 to November 2020. 0 P u ilii c r tapt Ilii o 2.0 V iiiii I I age Ad m iii n iii f raf Ilii 0 iF ilii n a n c 40 Com m a n ilt 1t 50 H u m a 8 r , i c 60 IIp 0 [ilii c 70 IIiF Ilii r 90 IIP a ilii c o r' 1100 II No _ a rt a t�la ra n Tota 71 1, 62.3 1 7, G. 91 2.60, 635 8 6u. 8, 68. 73.10% 2., 108, 1 I&Q,988w . x783,1102.2. 84®7 0, 9� 7 2.7 ��05 ,�.0,78 . 78®2. . 1,918, u 8 8 2. 1 2,. P 0' � . P110310,4618, 86.110% 8. 69jj2:, 757 1 97. 430 2.8�, 8. 0 82. 85� ® 7 2.0,8,65 , 1,56 w 1 1 7 9155 ," "6 81 G. 1 u a 62.,E01 764 3,8,9 5,493 44,887,89. 71. 1 23,.5,22,911119116 82,7, 6,88 2;. ?1072,, 3 613 819"®6°., a o a ,a r 231,51116 31,3�16 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 November 2020 as well as year to date amounts from January 1, 2020, to November 30, 2020. The Police Department and the Fire Department YTD expenditures are higher due to the Pension Expenditure recognition, which equals 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. 5 Persnnne11 ', 3 3 6, 179 e r 'lie ilii? . 2.,p 2.76 a P, P, 1 iii e sr 2.p 755��vO49 Cla p�itla 11 m prove m e MIS, 1)0 I19,8, 3 75,. Debt, "e milli e 10,069,,522. 011h e ElIx p,,endiiiiitare 6, °p riia n d Tots 1 1, ,�ol'P 1. Personnel Costs: - The Personnel costs spending is on track compared to the budgeted amount. The Village has spent 86.6 percent of the total budget through November 2020. The year to date expenditures for Personnel Costs, including benefits, are $43.6 million. Staff is hopeful for a positive variance in this category and expects to spend around 97.0 percent of the budgeted amount during the fiscal year 2020. The YTD overtime costs are $1,580,221, while the overtime costs at the same time last year was $2)0751031. 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 $27.8 million, and the Village has spent 76.1 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 $1.8 million in supplies through November 2020. The spending totals around 74.5 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, lower fuel prices and cancellation of various Village sponsored programs. 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 $37.8 million. While various capital projects are on track, multiple capital projects totaling $3.4 million are postponed due to the revenue shortfalls 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 $9.1 million. The debt service payments due on December 1 are processed in November 2020. The remainder of the debt service payments will be performed in December 2020. Other Expenditure: - The Other Expenditure category includes transfers from the General Fund to the Flood Control Construction Fund, Capital Improvement Funds, and Street Construction Fund. Due to COVID-19, the 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 November 2020. 0 2.7, 78,19 , 76113 7 6.. % 7, 766 ,8 61 74.5% f��r • �1�81r 8vila 90. ' 3,393,100/0 87®7% 1231,E 16p 3131 II Personnel Costs: - The Personnel costs spending is on track compared to the budgeted amount. The Village has spent 86.6 percent of the total budget through November 2020. The year to date expenditures for Personnel Costs, including benefits, are $43.6 million. Staff is hopeful for a positive variance in this category and expects to spend around 97.0 percent of the budgeted amount during the fiscal year 2020. The YTD overtime costs are $1,580,221, while the overtime costs at the same time last year was $2)0751031. 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 $27.8 million, and the Village has spent 76.1 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 $1.8 million in supplies through November 2020. The spending totals around 74.5 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, lower fuel prices and cancellation of various Village sponsored programs. 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 $37.8 million. While various capital projects are on track, multiple capital projects totaling $3.4 million are postponed due to the revenue shortfalls 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 $9.1 million. The debt service payments due on December 1 are processed in November 2020. The remainder of the debt service payments will be performed in December 2020. Other Expenditure: - The Other Expenditure category includes transfers from the General Fund to the Flood Control Construction Fund, Capital Improvement Funds, and Street Construction Fund. Due to COVID-19, the 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 November 2020. 0 d) Fund Balance Analysis: The fund balance is an essential tool to check the fiscal health of any governmental organization. The below data summarizes the Village's monthly unassigned/unrestricted General fund reserves. The balance starting January 1, 2020, is unaudited. Revenues - Unaudited 12,076,917 1,069,601 2,886,546 7,747,392 3,576,801 3,350,853 3,083,371 5,396,463 7,831,824 3,637,345 5,175,876 3,387,193 Expenses - Unaudited (7,034,389) (2,663,438) (4,454,650) (6,853,453) (4,544,172) (6,998,597) (3,608,348) (4,568,357) (5,068,669) (3,724,735) (4,978,300) (3,749,609) Net Monthly Surplus/(Deficit) 5,042,528 (1,593,837) (1,568,104) 893,939 (967,371) (3,647,744) (524,977) 828,106 2,763,155 (87,390) 197,576 (362,416) Beginning Unrestricted Reserves 11 18,027,136 22,914,986 21,321,149 19,753,045 20,646,984 19,679,613 19,424,869 18,899,892 19,727,998 22,491,153 22,403,763 22,601,339 As % of General Fund Budget 36% 34% 31% 33% 31% 31% 30% 31% 36% 35% 36% 35% 11 As % of General Fund Budget 28% 25% 27% 33% 32% 31% 30% 32% 36% 36% 36% 36% *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 November 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 was carrying $17.4 million in unencumbered cash and cash equivalents, while the unassigned Fund balance is $22.9 million. The unencumbered 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 year progresses. The payments received from the State for 2019 taxes and the property taxes received in March 2020 and August 2020 narrowed the gap between the Fund Balance and unencumbered Cash Balance. The gap between the Cash Balance and the 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 the loss of revenues due to the COVID-19 and it will impact the Fund Balance. To reduce the impact of the COVID-19 on the Fund Balance, the Village leadership team has worked on a plan based on the contingency plan in place. The Contingency Plan defines the steps, including deferral of capital projects, suspension of internal vehicle lease payments, instituting a freeze or reduction in commodities, contractual services & supplies, review of programs and services provided as well as the staffing analysis. The Village has frozen and postponed certain operational and capital items. The Village is in strong financial health and the implemented contingency plan represents a fiscally responsible step. The below data shows the sales tax shortfall tracking due to the COVID-19. Currently, the Village has already experienced a loss of $1,133,875 in sales taxes (State sales tax + home -rule sales tax) and is expected to experience an additional loss of $331,598 for the remainder of the year. However, a few outperforming revenues including Income Tax and Use Tax will reduce the impact of the Sales Tax shortfall. Also, the property tax collection through November 2020 reached 98.7%, which was trailing behind by 7 percent before October 2020. Through November 2020, the Village has collected $5,525,786 in income tax revenue, which represents 105.0 percent of the annual budgeted amount. The Village also collected $2,040,685 in use taxes, which represents 136 percent of the annual budget as well as 25.6 percent growth over the 2019 collection. The outperforming collection through November 2020 is reducing the overall loss experienced by the other revenue categories. The initial loss estimate was $5.6 million, which was reduced to $4.9 million in July. The loss is further revised in early December to $3.2 million. 7 .III M, III .M e) Other Items: a. The Village has submitted an application to FEMA for the COVID-19 response cost reimbursements of $155,815. The Village expected to get 75% reimbursements of the submitted costs ($116,861). The amount included $112,860 in actual costs and $42,955 in N95 masks replacement costs. The Village did not purchase the N95 masks in 2020; it was used from the inventory on hand since 2012. N95 masks were valued at a replacement cost of $8 per mask. FEMA had requested additional details, and we have provided the same right away. Initial determination shows the approval of $107,838, and the Village should be getting 75% of the approved amount - $80,879. FEMA apparently is reimbursing costs incurred primarily by Fire, Police and Human Services. b. As of the date of the report, the Village has sold 35,086 vehicle stickers and has collected $1,405,167. At the same time last year, the Village had sold 37,863 stickers and collected $1,512,629. The due date to buy the vehicle sticker was extended due to the COVID-19 and has resulted in a lower volume of sales and collected amounts. c. During November 2020, the Village has issued 123 real estate transfer tax stamps, of which 8 USI a mrulla gun, "iu Sales Payment lGri ,Wiinial Revenue Actulial Profelctedl Actuial + Month Month u l liet "ectedlLoss, III Il"a dll. sse lection, Actjuial Loss Ums ect dill J a n - 20 Apir-20.6I lu®II 7 1,11 5,511 ®,I 11„ ! ,511 -. ( SII , 1 II 94) F e, I - 2''' �+'XL.P"' � aV- `,2m Y'XL.P"' ® 61123..119-48 IXL.M"'�I��I:: I 5l' . �, 135 e 119 e' it ,.II , XL.P"' yew (�3��5 , II ' E�'.2) (35'"1196112) I3 5',II 'Gil ) Mar,-, 20 Jun-, Y e m I5,I 2+02,76 �"ApI r u 3 3 �u ' e.'II ,, I VI P 2,61,011-115,1211311 �, III 3 M a 20 ::..�.Y Aug -,20 2e663e 68 1 5,1% '06,1116, 1, 655 , 26 . �I 40811-458 U , 5 � Ju _ 0 �+ Si -,20 ®® 12% 23�1 11 " 1 ,�, .611, 17'3-4E4 17311,464 ' ,SII J� a VIII - 2I'NLM'° g� ,SII �4-MJ ;-J�-" �Y'NLM'° eu f^ a 36 2,, ° i u �I Aug-2,10 ".26 N v-20 2,135,3461 .., ' eu I 2,19311-1347" u 2W1, Sepi-2+ De c-20 1,9,24'e1;519 9, ; , 6l11 dell �,'2,104 (1,17,103,S) 20 a n -e2 ,, , 2 .110617 e , f % 61,37" 1 661,.,, 56i1t. 1 6I 6I. . ,1 5 Eli 1VI I F e I-,. 2,, 1, 1,II 5� � ®® � �! 3 78, I " P 7,91 Dec -,20 M r-,'2,, 1, 1., 119.511911, 3 611,51 315111 61,01.5,75, &P.1157''15, 5' �1'S ii5 2:3,075,000 1,385,186, Ill 5,624, '975,7416 5a„314 1 281,060 . -_ prole t dl Loss Percentage,--> 5.61% IIu ruJ IIII e 'Sai IIII es tai JDCYR Sales a IIF"IIa ^mt l ,r'i Wii 111al m u'iii uuial tuiur 'jullaiI + Month Monthtai poet Il"et dill Uoss '% l"ectedl Losses Collection uu, iia I Loss Il"ect dl "ect dl J a n - 2,0 Apir-204-17,8,01, MII -, 42.9,". 13821 (1,101111"511911,11 -, (1,101111"511911,11 5 e -, 20 M ay- 2,,1 e � I% P(1,3111,683"1( 31 �u II� Y Mar1-2 IIS � Jun -e2 Irc ° II^'� i 4264 u 'ljir a� 1 ;I 5 540 u � �� 371, x'74 IIS, a 1 51, u�, 2 11 51, pIr- r a -, 20 4.2 m„ 01) ZSV5', 1,2411, 6132, ° �, )05�.11 2, 11'7,548 1 7,541 w M a -, 2,0 Au.5 2 I.+ ' 0e 123 2 5% , 1,1711.747" 387 < P 'I -,119,2,11949 J u n - 2.0 Sepi-,20 4`62 e 73 15 MII 69,11.4-1,10 4E P2.II 1,11 5 �w - 1,11 5 �w J u - 20 Oct.- 2,,1 '52e17.3 1,10% 45,217 45 ,41103,98, 98 (2,71 5) -, (2,71 5) Aug -,20N oI -, 20 497.1,1.1, E 1711.104,19 4198,111504, (11, 392) (1,1,, 392) Sep,-,20 Dec 4-381, 333 2 61,01, 473-4311 5' 5,1, - 5,, 51 U 2 2 o1 IA AYL,�Y IIi I. �. ii-e,WIL,, ,: 4-7' WIL e �4 1, u De c-20 Mar -,21, 5171,42119 7% 7e51 .3 7,523 ; 7,523 5w,,5 51f , .P 3,338,403, 151118,1 2,19 2:16,294 1,94,41 .3 a I--PMJect dl ILGss rcientawge-,- I ' .1 ' e) Other Items: a. The Village has submitted an application to FEMA for the COVID-19 response cost reimbursements of $155,815. The Village expected to get 75% reimbursements of the submitted costs ($116,861). The amount included $112,860 in actual costs and $42,955 in N95 masks replacement costs. The Village did not purchase the N95 masks in 2020; it was used from the inventory on hand since 2012. N95 masks were valued at a replacement cost of $8 per mask. FEMA had requested additional details, and we have provided the same right away. Initial determination shows the approval of $107,838, and the Village should be getting 75% of the approved amount - $80,879. FEMA apparently is reimbursing costs incurred primarily by Fire, Police and Human Services. b. As of the date of the report, the Village has sold 35,086 vehicle stickers and has collected $1,405,167. At the same time last year, the Village had sold 37,863 stickers and collected $1,512,629. The due date to buy the vehicle sticker was extended due to the COVID-19 and has resulted in a lower volume of sales and collected amounts. c. During November 2020, the Village has issued 123 real estate transfer tax stamps, of which 8 46 were issued as exempt stamps and 77 were non-exempt. During November 2020, the Village collected $103,923 in real estate transfer tax, and the average selling price for the real estate was $391,361. At the same time last year, the Village sold 93 transfer tax stamps, of which 32 were exempt and 61 were non-exempt. The Village collected $174,759 in November 2019 and the average selling price was $265,793. The November 2019 included a commercial transaction with selling price of $42.3 million and paid $126,900 in real estate transfer taxes, which is excluded from the average selling price calculation. d. The Finance Department has filed annual budget, property tax levy and abatements for 2020 levy with Cook County Clerk's Office in December -2020. e. Starting January 2021, the Village will have the IRMA insurance coverage with $50,000 deductible per claim. The current deductible is $100,000 per claim. After analyzing the claims data for last three years, the Village has decided to lower the deductibles from $100,000 per claim to $50,000 per claim and this step is expected to lower the risk management costs for the Village. 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 Village's monthly financial activities and also provides relevant updates concerning the fiscal health of the Village. November 2020 shows steady recovery from the COVI D-19, and staff is hopeful of collecting normal monthly revenues in the coming few months. The approved 2021 budget includes 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 9 TOM TOM w O � F�ilI N N "+ O M N w � w z ,;r T--1 t0 m 00 1.0 V- M Nr O O t0 m M M M NLr; O M O v: O M Ln ,T -I OLO 00 00 00 m Ln m M N M 110 l0 Ln I� V- Ln Ln N N N ,--1 O r14 N 00 V- T -1N M N N l0 Ln ,--I N ,--1 ,--i N M Ln O N O Nr M N co + ,--i ,--i + + N 00 NO M to M Ln O 06LO T-iONr m LO 00 00 O MLO N to I O I M O N .--i N ,�-I ,�-1 cn a) 00 t0 t0 M M N N � O N 00 t0 M t0 Nr O O M N Ln m ,-i M .-i m M O O Nr O Ln N O M N m N .--I Ln T --I N N O Nr ■--1 N ,--i ,--i N O O O O O O O O O O O O O O O O O O O O ^ I� .--I M ,- q co � M V- O � N 00 t0 N Ln 00 00 t0 O '4 110 rN O O Ln t0 00 00 MI 00 N 00 Ln T-1 C) N r Ln M O N N M .--i Ln to ,--1 . 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R) cz 0 > .......... o 01 J ILA 0 ........... ) CD "IT O O O Ll O "IT r -i 11W Im (DI rNij 11c) 0 C) Ln cu 0111 fu .0 L - -0 _0 :) a) fu .0 u u fu Ln cr C: _0 fu 0 u fu V) C: fu (n rufu ru :3 u c LU cn C: 0 0 u ru a) C: ru u _0 a) _0 -0 =3 E ca < x ui Ln 4-j a) ou) E -0-0 C: E O O O Ll O "IT r -i fuu fu u u O T --i O N T V- O O O O O V- O M 00 ,--i O O +--i O O O V O 1 00 Ln O O Ln ,--� O M 00 M 00 T O 00 00 O M + 00 CN + O N O M tO C) O O Lf) O O C) C) m V- O OO U) O L) � O O M +� O 00M ,M-� M Ln C00 ) 00 N O 00 O Lf) N M N O O O O O N O O (71 �-o N O Ln O O c5 NO rN to ko rN al �O (DINC)N Ul) O m T 9.0 00 O N Q1 N O T --i O N 110 O O O O to M O O O O O O O O Lf) N O O O O 00 00 O M 00 N 00 V- O O O O O M O O m O O O Lf) O O O m O O m O O I� M N 00ON 9.0 . . . M Ln O Lf) M O O O O OIN O O O O O O O O O rO O O O O O j O O %.O N O r� O Lf) %.o Lf) O O O O O ,-i M ,-i Ln T 00 O ko ,--i N 00 M 110 Ln . . N 110 O O O O O O O O O O O Lr)O O O C) . . r -q 00 Ln M M 1,0 MLn. N 1�0 O O O O O O O O O O O O O O O O O O O O O O O j O O O r-� O ,-i M ,-i 00 Ln 910 .-i M Lf) M 00 N O I� II 0 C) Hill Ln m 011111 11 fu o ou > fu u fu Ln fu U) fufu ru ru u LU cn Ln G) u µ ruru ullll uullllumu„ G) iivi m III m °1 muuo m III � u�vi cluuu ) E ca Q)Q) x ui Ln 4-j a) fuu fu u u O T --i O N T V- O O O O O V- O M 00 ,--i O O +--i O O O V O 1 00 Ln O O Ln ,--� O M 00 M 00 T O 00 00 O M + 00 CN + O N O M tO C) O O Lf) O O C) C) m V- O OO U) O L) � O O M +� O 00M ,M-� M Ln C00 ) 00 N O 00 O Lf) N M N O O O O O N O O (71 �-o N O Ln O O c5 NO rN to ko rN al �O (DINC)N Ul) O m T 9.0 00 O N Q1 N O T --i O N 110 O O O O to M O O O O O O O O Lf) N O O O O 00 00 O M 00 N 00 V- O O O O O M O O m O O O Lf) O O O m O O m O O I� M N 00ON 9.0 . . . M Ln O Lf) M O O O O OIN O O O O O O O O O rO O O O O O j O O %.O N O r� O Lf) %.o Lf) O O O O O ,-i M ,-i Ln T 00 O ko ,--i N 00 M 110 Ln . . N 110 O O O O O O O O O O O Lr)O O O C) . . r -q 00 Ln M M 1,0 MLn. N 1�0 O O O O O O O O O O O O O O O O O O O O O O O j O O O r-� O ,-i M ,-i 00 Ln 910 .-i M Lf) M 00 N O I� Lf) 00 O O Lf) O N fPr 0 N ON M to O O N O O M Lf) ON O M O� ON O O O Lf) N O O N O O M M M M 1- 1 - Ln Lf) N N M M rl rl c6 o6 M M M M O O M M Ln Ln 0000 00 00 iA- 4d) - C) O O O M M N N Lf)Lf) 00 00 ,--I ,--I Lf)Lf) N N iA- -U:�- 22 (N) III .................. uj all. uu al III co qlT ui rl Ln G) µ ullll uullllumu„ G) iivi m III m °1 muuo m III � u�vi cluuu ) Q)Q) Lf) 00 O O Lf) O N fPr 0 N ON M to O O N O O M Lf) ON O M O� ON O O O Lf) N O O N O O M M M M 1- 1 - Ln Lf) N N M M rl rl c6 o6 M M M M O O M M Ln Ln 0000 00 00 iA- 4d) - C) O O O M M N N Lf)Lf) 00 00 ,--I ,--I Lf)Lf) N N iA- -U:�- 22 (N) III .................. uj all. uu al III co qlT ui rl V- �.o M V- M Ln O O O O O �.o M O O N O O O N Ln M 00 110 N N O O O O t0 O O O �.o O O O O o0 O N ,--i M v O ,--1 , O ,--1 Ln ,--i V- O N N N O N 00 O O 00 N M O M �o ,--� O) O O �--i �--i Cl O N . . . . . . . . . . . . r -I M M Ln N 00 IT O O M O 00 Ln N M N M N I� N 00 O + + 0-1 Ln 00 T w 00 N O Ln 00 + + + O O M + + + + + M N +--i O Ln O O O O I'D O to O O O N O O O M M ---i T --i O O N O O O O M M O O Ln O O O N o0 M Ln �O N Ln M M r� v: O N Ln O O N 00 O N O M V- O V- N 1.0 T O V- Ln N ---i N l0 t0 . . . . . . . . . . . . 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O O Ln M �-o V- V- Ln .--i 00 N Ln .--i N V- N M to M M O I� ,--I N MO N ,-I ,-I M Ln ,-I 00 M 00 N T --i O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O N O O O O O O . . . . . . . . . . . . . . . . . . . O O Ln .--i O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O . . . . . . . . . . . . . . . . . . . N O; I� M � N o0 O M o0 N O o0 O Ln N � T--1 N OIN 00 O O N V- O V- O NO1 M O �--i 00 to O ,--i N �--i O Nm . . . . . . . . . . . . . . O O Ln M �-o V- V- Ln .--i 00 00 Ln .--i N V- N T M to M M 00 N Ln N M O N ,-I ,-I M M ,-I I� M 00 N ,-� O% Ln II I" 11c) 0 C) Ln L fu .0 Ln OQ fu L!! fu Ln U) ru V) ruru mu cz fu fu u LU cn(� u ru LI) ru Qj .. i� �'l... E ca ui t Ul) �� i. �.'' 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Ln N N N T N V- 0� ,--q O T --i ---i N 00 N O M 00 � ,--i N 00 m Ln Ln O T --i O O 00 O O M O O M O O O 110 �-0 00 01% O O N O O ,--i O N O O O IT O O O N N T N 1--i 00 �--i O M O O M I'D N Ln .--i T ON 00 ,--i O O N O1 . . . . . r -q. . . . . . . � 00 N O N N N o0 N Lnr*lj r -i 110 N IT 00 00 Nm �--i N M 00 O O O to O O O O O to O 00 00 O O O O O O O O O 00 O O Ln O O I� O M �o O O O O O O . . . . . . . . . . . . . . . . . . . 00 � Ln rn � O O 00 I� %-0 V- 00 N 00 M +--i T --i M O M O O O O T M O O ON O O O 00 ,--1 +--i Ln O O N O O O O 00 � O O M O O O ,i N N M ,4 M M l0 O O m 01 Ln T N O M N O � 00 Ln 00 00 N O M L!) Lf) Ln k-0 N T 110 N M r -I 110 N M M O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O N O O O O O O . . . . . . . . . . . . . . . . . . . N O; I� M � N o0 O M o0 N O o0 O Ln N � T --i N O 00 O O N V- O V- O NO1 M O �--i 00 to O ,--i N Ln O N Ln . . . . . . . . . . . . . . O O Ln M �-o V- V- Ln .--i 00 N Ln .--i N V- N M to M M O I� ,--I N MO N ,-I ,-I M Ln ,-I 00 M 00 N T --i O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O N O O O O O O . . . . . . . . . . . . . . . . . . . O O Ln .--i O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O . . . . . . . . . . . . . . . . . . . N O; I� M � N o0 O M o0 N O o0 O Ln N � T--1 N OIN 00 O O N V- O V- O NO1 M O �--i 00 to O ,--i N �--i O Nm . . . . . . . . . . . . . . O O Ln M �-o V- V- Ln .--i 00 00 Ln .--i N V- N T M to M M 00 N Ln N M O N ,-I ,-I M M ,-I I� M 00 N ,-� O% Ln N O� O M O 00 Ln 0 00 N O N O �o N �o O Ln O Ln O O Ln ,--I 00 O �o M N 00 00 N Ln N Ln O O� co co -belr -belr N O O M O 00 Ln ,--1 -bl5r N O N O� to N to O Ln O� Ln O O L!) ,--I 00 .--i O t -o M N 00 00 N Ln N Ln �O O� co co O to to O O Ln O N O N O O O O O O 6 6 t.0 t.o Ln Ln �o �o O O N N 4A- -b9- Se j fu III Ln CL IIII um III um 0) mu cz Qj .. i� �'l... t Ul) �� i. �.'' 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