HomeMy WebLinkAbout5.1 Monthly Financial Report for January 2021.c" t
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Item %Cover Page
,r
i
MonthlySubject ! •
Meeting - REGULAR MEETING OF THE MOUNT
PROSPECT VILLAGE BOARD -
Category AGENDACONSENT
Type Consent
Information
MonthlyAttached is the Monthly Financial Report for January 2021.
Alternatives
1. Accept the .: .l Report for
2. Action at the discretion of . • Board.
Staff Recommendation
Accept'! Monthly FinancialReport for1
ATTACH M E NTS:
Monthly Report Jan -2021. pdf
1
VILLAGE OF MOUNT PROSPECT
MONTHLY FINANCIAL REPORT
JANUARY 31, 2021
Prepared By
Amit Thakkar, CPA
Director of Finance
TO: VILLAGE PRESIDENT, BOARD OF TRUSTEES, AND FINANCE COMMISSION
FROM: AMIT THAKKAR, DIRECTOR OF FINANCE
DATE: MARCH 2, 2021
SUBJECT: MONTHLY FINANCIAL REPORT FOR THE MONTH OF JANUARY -2021
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 a 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 January 1, 2021, the beginning Cash and Cash Equivalents totaled $61.0 million.
During the month of January, the Village had cash receipts totaling $6.7 million. The investment income for
the month totaled $3,284. The payroll cost for the month was $1.7 million, and accounts payable were paid
in the amount of $5.0 million. The inter -fund activity decreased the cash position by $632, while other
disbursements totaled $12,853. As of January 31, 2021, the Village's Cash and Cash Equivalents totaled
$65.7 million
Balance, at. January 311, 20.2 1 S, 607950,7520 4,77007590 $ 65766071 10
The Village has $4.7 million invested in long-term investment options, including US Treasuries and FDIC
insured CDs. The Cash, Cash Equivalents, and Investments totaled $65.7 million as of January 31, 2021.
The Cash and Investment total amount did not change materially from the balance at the beginning of the
month. 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
Cash and Cash
Total Cash and
Eguiva , nts
Invel,stmelnt:s Investments
Balance, at January 1,w 2021
w 6,107 9,677'2 29,
4,77007 ►°0 $ 6576 77010,.
r-elce r pft ��
61767317'4
iiWqq�� qq�� ii W
iii q�q�
iiW W i.
Investment income,
31204
_u 31204,
Transfers from investments to cash
Transfers to rnvestrnent.s from cash
Interfund activity
(631,2)
-u (6312)
isbar-semiient.s ,,
Accounts payable
(4706773110)
_. 9,677 3110)
P a yrrc 11
17 7 0317611 )
_u 1 7 7 0317611 )
Ot.h,ler
1270531)
_. 1270531)
Balance, at. January 311, 20.2 1 S, 607950,7520 4,77007590 $ 65766071 10
The Village has $4.7 million invested in long-term investment options, including US Treasuries and FDIC
insured CDs. The Cash, Cash Equivalents, and Investments totaled $65.7 million as of January 31, 2021.
The Cash and Investment total amount did not change materially from the balance at the beginning of the
month. 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 type.
FU n D of a, I I s
A M 0,U nt
Genera] Fund
$ 1979,167313
S ooinJ RevenUe Rinds
5741 74 18
Debt Service Rinds
371,21671391
Capital Pro,ject l"Linds
617o ° 6 71,217"'
Enterprise Rinds
13 78,217 7 4
Interna] Sepitce Rinds
1,21758578910
Total Cosh and Cosh E LIivalento
61,0 7 916_917620
b) Revenues
The below data summarizes the revenue recognized by the Village during January 2021.
III rrope Taxes20p.5,65?2,�
Oct- 0
-0.00%-
Jan -2.1,
1,6 ,, G13
-
thea Taxes
1 ,3,00,00
44p,5,61
®4
45,,,9 0
(IF 339 ,
Intergovernmental Revenue
43,7. 5,343
643,8471.47%
Auto, ental Tax
561,824
82,102.3
Licenses,, �IlPermits, &. IFees,
3,,1067,1000
2.96,932.
9.68%217F
5t , ,
79,,,42:4
Charr es, IFore rviices
35,925,458, ,
,p8w p4
8®04%
2,815,339,
71F1,38,
Fines, &. Forfeits
458,500
3 3, IN
7.2.2%33,1056
"21691,
2,1 4821691.
41
Investment : Il Income e
45,x501
8',1026,
1. 780/6
1102,358,
9`4?342)
Other 11 Fiiirmarmciiiin ; ourrces
16,9410 ,000
-
.00
-
-
Other Re u e
2,263,,13,2.0
158,556,
5.131191%
238,,,87 9,
(8,0? '
Re iirmm burr e m sant.,
............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5? �
31,8, 4
7.17%
14,183)
46,1077
Grand T to 1
13171`. 171 1712,990
4.? 1042400
2.991%,
42001,p 701,
102r,M1
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 February 2021 and beyond. Additionally during the month of
January 2021, the Village received the following revenues from the State, which relates to a period
prior to January 2021. These amounts are distributed after the State administrative fee deductions
of $8,192.
State a I e Ta
Oct- 0
pec- p
Jan -2.1,
1,6 ,, G13
I ormmerr rll e ales Tax
pct- 2.0
D ec,- 0
J am 2. 1,
45 ,,,31,4
Bu silii n e sigDi st rrliict: Ta x
Olctl2.0
D e & 2.0
J a 2.1,
22p 701
Auto, ental Tax
Oct- 2.0
D e&2. p
J ani 2. 1,
2.p,516:
Local Use Tax
Dec- 2.0
Dec- 0
1 ani .1
2.14,291.
Te Iec rmm Tax
Oct- 2.0
Dec- 0
J am 2.1,
114p 2,55,
ria nd Tota 1
"21691,
2,1 4821691.
The actual year to date revenue received by the Village is $4.1 million. The amount represent 3.0
percent of the annual budget. January is the first month of our fiscal year and the majority of the
revenue to be recognized in January 2021 will become available in later periods.
Property Taxes: - The Village's total levy for the year is $19,469,004. The total property tax
revenue budget, including TIF revenues, is $20.6 million. The first installment is due at the County
in March 2021 and the Village is expected to receive payments from County in March 2021.
3
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. Also, all the local economic activites for the
month of January are reported in February. Hence, no major revenues are reported in January so
far. Payments received in January 2021 belong to the year 2020 and are not reflected in the above
revenue numbers.
Intergovernmental Revenue: - This category includes all the State shared taxes, including State
Sales Tax, Income Tax, Use Tax, Motor Fuel Tax, and Grants. It is too early to receive these
revenues or the data associated with these revenue sources. The Village is vigilantly tracking all
the intergovernmental revenues. Recently, the LGDF (Local Government Distributive Fund) and
the Local Use Tax has performed beyond the Village's expectation. Both of these items are
distributed as per capita items. In spite of COVID-19, the State Income Tax collection has
outperformed previous years' collections and Local Use Tax has outperformed due to increased
online sales. Per the available recent news items, the State might use the LGDF allocation to offset
some of it's deficit. Though the Village has seen an annual payment of $5.8 million in income tax
(LGDF) revenues, the Village Administration has kept 2021 budget at $5.25 million. These
conservative efforts are expected to serve the Village in the longrun in building a sustainable fiscal
health.
License & Permits: - The Village has collected $296,932 in License & Permit Fees in January
2021. The amount represents 9.7 percent of the annual budgeted amount.
Charges for Services: - The Village has received $2.9 million in Charges for Services. As
expected, the amount represents 8.0 percent of the annual budgeted revenue under this category
and mainly represets the Village Water, Sewer and Refuse revenues.
Other Categories: - All other revenue categories have collectively generated $ 231,583 during
January 2021.
c) Expenses
The below data recaps the expenses incurred during the months of January 2021.
, iii a re e t t hili o,n
IIIA a ii
7
v°2.7
7 2�7
7
.II ®.
2.0 Vli e d iiiii n iii
�� ii stllrat,Ji on
4� 7061 663
215��p 25,61
2;.11 p 2561
4.61%
Illir liiii n a n c e
2,, 2, 1, 348,
70,90G,
70;9,061
3.2%
40 n u n linty' De4lop,mentll'7
7
.II G, 679
.I .I R 79
2.9
n Se rvli ce sII
!,,p 2.2.2.,E 08,
67,9j"98
67,9ji,98
® 64
SIO Illi o iiiii e
2.0 ,5131)19 )9 73
88II 7 W86W
78,
7110 lF liiii re
I1
18,49"9,48,7
.7.11
8,77
7.1 ,177
80 P a iiia or
�IIv 61182.A BVI- 7
.II 72.
.II A 644,
.II v v .II 72.
2.® i
N o,n _ D e p,a rt m e nt
23; ' VI II
.II VI p .II 72,
.II .II 72.
6.611°
riia n Tota
rVl VI
rI r� °
iii IIV I
3
2 I
.ff
The above amounts do not include the expenditures for the Pension Funds as they are separate
entities. The above amounts are not final. The financial audit for the year 2020 may result in the
accrual and/or reversal of additional expenditures per the GASB standards.
4
IlP,ers,onneI, 395,,8,S0 2,pG01,p 619
Se rvlllil ce s 34?906,060 6, 386
Ilii e si, 2.��p 3 11�,5,6161 144;977
Cap,Jit'1141 Improv e m e nt .7vu , , v 5,83 0.1%
De t e rv°llli ce .II °gip 8 7 6161, 8" 0.0%
Other Elxpendlitures,, w p7 ')0p13 a 0.0%
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G riia n d Tota 1 1.131 319
Personnel Costs: The year to date expenditures for Personnel Costs, including benefits, are $2.0 million
or 4.0 percent of the annual budget. The overtime costs for January 2021 are $73,250, while the overtime
costs at the same time last year was $100,666.
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 $3.1 million, and the Village has spent 9.0 percent of the budgeted amount
during January 2021.
Supplies: - The Village has spent $144,977 in supplies during January 2021. The spending totals
approximately 6.3 percent of the approved budget.
Capital Improvements: - The Village has $27.9 million in approved capital improvement projects for the
year 2021. The majority of these projects are expected to start in Spring -2021. During January 2021, the
Village has undertaken some of the approved projects but no major payments were made in January 2021.
Debt Service: - Per the established debt service schedules, the Village's bond payments are due on June
1 and December 1. The Village will be making these Debt Service payments in May 2021 and November
2021. Until then, this category is not expected to report any major expenditues.
Other Expenditure: - The Other Expenditure category includes interfund transfers. These transfers are
expected to be executed during the second quarter 2021.
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 7, 7, 9I . 3,083,371 3,6,37,34.5 8,565,584 1,1. 181,1
Expenses - Unaudited (7,034,389) (6,853,453) (31608,1F348) (3,724,735) (8,244,865) (2,,437,,218,
Net Monthly Surplus/(Dieficlt)51�,042P15,2 19,91131,911319 (5,24F977) (97, 31,910) 320.F71 (1p,249P084)
Beginning Unrestricted Reserves 18,027,136, 19,75 ,045, 19,424,869,22,4131,153 2.2, 38,13I .2,559,
As, of enerrallll IlFund Budget, 6 % 310% 35% 6% '°
As of GeneralI IIS"wund B,udget: 3 % 310 6% 285/a 3100/0
*Unaudited and Subject to Change
5
The above amounts are not final as the Sales tax and other major revenues for December 2020 is yet
to be recognized and accrued. The pertaining data is expected to become available in March 2021. At
the beginning of the year 2020, the Village was carrying $18.1 million in unencumbered cash and cash
equivalents, while the unrestricted reserve balance was $18.0 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 ending unrestricted reserve balance for 2020 is expected to increase once the accrual
adjustments are posted. The ending unencumbered cash balance is not expected to change, even after
the accruals adjustments.
The Village experienced the loss of revenues due to the COVID-19 and it is impacting the Fund
Balance. To reduce the impact of the COVID-19 on the Fund Balance, the Village leadership team
implemented the contingency plan in place. This 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 a
staffing analysis. The Village had frozen and postponed certain operational and capital items in 2020.
The strong and healthy fiscal sustainability and strong local economic activities (in spite of pandemic)
resulted in a lower level of revenue losses than expected and has allowed the Village to resume some
of the suspended Vehicle Lease Payments as defined and implemented per the Contingency Plan.
The below data shows the sales tax shortfall tracking due to the COVID-19. Currently, the Village has
already experienced a loss of $1,668,993 in sales taxes (State sales tax + home -rule sales tax) and is
expected to experience an additional loss of $68,093 for December 2020. However, a few
outperforming revenues including Income Tax and Use Tax will reduce the impact of the Sales Tax
shortfall. Through December 2020, the Village collected $5,886,270 in income tax revenue, which
represents 112.1 percent of the annual budgeted amount. The Village also collected $2,254,976 in use
taxes, which represents 150 percent of the annual budget as well as 25.4 percent growth over the 2019
collection. The outperforming collection through December 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. The final
revenue loss amount is expected to be finalized in April 2021.
IDOR
Sales,Payment l fig"i allay Revenue "eaedl Actuiial +
Month Month Buiftletl"ectedlossl%IlProjeal dill ses Actuiia [ IL LOSS II"e ted
Jai 20
A, pr2
1,68S, 7
(1I e 8 '
,,IIp� p I
1 ,5, )
-. (195,5 844)
F e, 1 2
l� ay- .,.I
e A. 11 ' II S
� 1ful .;
I�'pI„' e: 1 fYL�)
,, 6,5 11p 1110
, ' II �V hA 12 �M
��-.. a II I
1 fYV�)
ar dYV�+R_f'
ry�}�
J a n-`,IG2'^L+R_f'
r1q
i eII � V Vp
.. �AL°�'
uA.
+lbil... ��e, A.NVI
�:' R..11'' �:I'�W <.
rq
iII VI
uA.
rgtl
��-.. 3"pH 11e. A.NVI
II AG I r YYV��
J aVIII -.I ��0
55
1 5
I O IFIL °
1 hAw� !L}.I ��
ii
2,610,523
ay 20
a -2
e �D 61i�, 6I8
1,5 5�
30��e: 1 6,
1�, 6w55`.226
: �
�IL
409,11.4.58,
�
40811,458
Jun 20
Sepi 2
dell 11 , 5
,2`5,�
711, a 611
1 ' , 'S
1 � A '
J a VIII fYV�I
Oct -2,10
.iI V�' L},A. 12.
Ill
'
1 75��A. 3 6,
g�pE111.1,
�:'II��V�,A'Ai���p III�p,�w
30111"767" .
g�
��-.. 0111 �� p..�w� "
A.N`
30111"767”
Aug,20
� ov-, 2�
e 135 , 6V
5
1� 6,
,II " „AJ PIb 6 6 "
rya
�LYX6.il 6 34'7
+0011,^il���
'
"e:pI 2�0
1e,c-..20
e11 .24',, 1, 611's,
'1.......611
5 1�
1S 3e..76119Y
1,,11941p2
(1,17'.10I )
(1,17 .103 )
O1,1 . I
Jan -21,2,1111067",
e 6 ,IY
'5 J
,,
@
e56
N o -, 20
F eI-.21,
1,,119,57',
I�
�II
11
xp V
I w
l .
23,107.5,0W
1,3,85,186
19,1647,16416
1,41679,89
160,57.5 1.x,5 . ,56
6.11D% <--pr jim dl Lass P r 1 ntlaw ._-> 61.61%
0
Ho m e,- r u Illi 15 Illi eTa x
Sales
Month
IDOR
IPIllaymern
Month
Or' nial Revenue
ftftet
Il"ected,Ums 1%
l"eaedl Losses
Actual CGI[ealonAm,",iia
lLoss
Fu tu", re
Prqjeaed
fiWtlila l +
1ected
J a n 20
4, p r-'2+
417,801,
'D%
37`31,763
4-28 38211
(110 5 91)
April
(1,10.5 S1')
F e, bi, 2,0
M ay-, 20
540, 2,914
'D%
1,131,97�.749
5,53-11967"
June'3"S
3 .263
(1, 3, &83�)
M a r 2,0
J u n 2,,10
315411,42,611
5
35�,540
371,474.
22, 1195 1,
364„.1,,,5
22,1 5,
Apir20
J u VIII 20
3, 500
29%
124�1632,
305 . 9'.5 2,,
117','548
2,71.547
1,17,"549
M ay 2,0
u' .+
43,011, 123
2 5%
1,17",747"
3,87", 17.5
1192,119,48
Testa ll
1192,11343
J u n-, 20
Sep -2,10
462,.733
15,1%
6119,11.4-1,10
4,64162.8
1,, 1191195)
, 2 53.100'
(1"1139.5')
J u VIII 2,0
Clict-2,10
45 ,2,1 17'a
1,10%
4511.2,17"
4-54.81'98
W 2,17' 1 5)
(2,1'71 5)
A, ug-, 2,0
N olv-, 20
48711, 1, 1, 1,
41%
(1, 1,31192
2)
sepi,20
Dec -,20
4ag 3,33
2%
6101,
4.7311-4311
(35�.105 1)
(35,
Gct-,20
J a n-, 2,, 1,
46,5111, 71191119
2%
91 . 31 6
'S1 ^P 314
6 AS " 5,
E, - 48 "5,
2%
119, .445
4-35�..9,51
361,1311911,
61311 1,
Dec 20
M a r-'21,
521,.4281'
2%
71,52.3
7,1115,23
7,15 23
5,556"ON
444,490
4,833,567
2.01,00.5
7,523
208a'528
SLIG5'��
LDSS Perole ntage->
3.11 '%
11 nico mie, Tax
L,G DF
2020 CD14,ection
2.,01,19 CDIII, ectimi
Increase /
(Decreiarse),
JanuaFy
1,63,1074.
4441S11,416,
46,21SE,
FebFuaFy
223,760
54-01. 611 94.
(29 '�9"75)
MaFoh
37`31,763
3 5 ,5,61,
541-2102,
April
5,57.7 77
5,22,.11920
34.857
May
54.6, 1 14
1,131,97�.749
413DJ146,2"
June'3"S
3 .263
140,'763,
(1,.431)
July
5371. 15 '
501,91.1012,
29,145,
August
73 .4019
364„.1,,,5
62,. 214
SeptembeF
416,12.6
322,. 2,,98
193,A,28
October
602,. 87
5,75,104.0
2,71.547
NovembeF
4-07P1 3'
375.!3
31,871,
BecembeF
3,60.4,84.
35 .6
5,840
Testa ll
5,886,270
5,765,4S4
121ROV7,96
Budget
, 2 53.100'
. 2 513,11D'DG
Cve,�/(U n d er)
6W2770
5,15,484
e) Other Items:
Staite, Use Tax.Collection
2020
2.,01,19 CoIII ection
11ncrea,,se,
(Decrease),
January
1,63,1074.
1"" 11,90
FebFuaFy
223,760
1195�.756
61,1877
MaFoh
I
April
1, 3 ,, 648
1,3o"181s
21,0192
May
11P'2:11
14-81,717
413DJ146,2"
June
1,1911.32 5,
140,'763,
32, ,,608
July
201, 65'
1 1,371,
601.1893
August
2,03 5,861
143,718
62,. 214
SeptembeF
205 .1865
14-7.7,50
62,.1 �6,
October
1,196".1G32,
141...55"2:
481.2,92,
NovembeF
204�.5161
15 .5,57
62,;S164
BecembeF
21 .' 2,91,
17 .1066,
55,754
Taal
Z.254,9716
1,798,499
Budget
1,4198,753
1,4448,1000
a. The Village started selling vehicle stickers for the year 2021-2022 on February 1, 2021. As
of the date of the report, the Village has sold 11,207 stickers and has generated $427,752
in revenues. At the same time last year, the Village had sold 11,425 stickers and had
generated $431,690 in revenues.
b. During January 2021, the Village issued 91 real estate transfer tax stamps, of which 46
were issued as exempt stamps and 45 were non-exempt. During January 2021, the Village
collected $45,161 in real estate transfer tax, and the average selling price for the real estate
was $329,521. At the same time last year, the Village sold 112 transfer tax stamps, of
which 58 were exempt and 54 were non-exempt. The Village collected real estate transfer
tax of $45,165 in January 2020, and the average selling price was $278,767.
c. The Village received the final $12,000 Cares Act Relief Payment from Cook County in
January 2021.
d. The Village and the Police Department coordinated the implementation of enforcement
software Quicket. The software went live in March 2021, allowing customers to pay parking
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tickets and other violation fines using online services.
e. The Village is on track with implementation of a new online payment system and kiosk at
the Village Hall. The kiosk is expected to be availabale for use in April 2021, followed by
an over -simplified online payment system. Staff is currently going through the UAT (User
Acceptance Testing) phase of the implementation and is very satisfied with the
performance of the implementation team from City6ase, Inc.
Conclusion
The Village is hopeful for a return to normalcy by mid -2021. The Village has several challenges to face due
to COVID-19 and the deficit at the State level, which may result in lower State shared revenues. At the
same time, added grant opportunities from the Federal Government and other agencies provides a support
that will allow the Village to provide additional services and capital asset improvements. The Village has
seen an abnormal growth with some of the revenue streams. While, the same growth cannot be expected
for all the upcoming years, the changing e-commerce provides additional opportunities as well as threats
to the existing business environment. The Village is in strong fiscal health and the staff is trying all the
strategies at it's discretion to preserve and improve the fiscal sustainability to provide long-term support at
a reasonable rate of governmental services for the residents and businesses.
Respectfully Submitted,
Amit Thakkar
Director of Finance
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