HomeMy WebLinkAbout02/25/2021 FC MinutesFINANCE COMMISSION MEETING
MINUTES
Thursday, February 25, 2021
911 E. Kensington Rd., Mount Prospect, IL
I. Call to Order
Meeting called to order at 7:03 p.m.
Commission members present: Pam Bazan, Yulia Bjekic, Trisha Chokshi, Tom Pekras,
Vince Grochocinski
Staff present: Director of Finance Amit Thakkar, Assistant Village Manager Nellie Beckner,
Assistant to the Director of Finance Jennifer Fitzgerald and Assistant to the Village
Manager Alexander Bertolucci.
II. Approval of Minutes
a. Commissioner Pekras, seconded by Commissioner Grochocinski moved to approve
the minutes of the Finance Commission regular meeting of January 28, 2021.
Chair Chokshi called a voice vote.
Motion Passed unanimously.
III. Citizens to be Heard
None.
IV. Old Business
a) Approval of 2021 Work Plan
Commissioner Bjekic, seconded by Commissioner Grochocinski moved to approve
the 2021 Work Plan as presented.
Chair Chokshi called a voice vote.
Motion Passed unanimously.
V. New Business
a) Cyber Security Updates
Director of Finance Amit Thakkar reviewed the more common types of cyber security
attacks and the Village's approach to protecting its information technology
infrastructure. This includes training for staff on a regular basis. Mr. Thakkar explained
the purpose of cyber security insurance. He also explained how risk management
liability transfers to third parties when data is stored on their internet servers. He
presented improvements resulting from a soon to be installed new self -serve kiosk and
accompanying payment software.
Staff provided the following in response to questions from the Finance Commission:
• Reoccurring payments will be stored on the kiosk's servers.
• The new software will accept credit card payments.
• The online payments will replace the current login portal for making
payments..
• Kiosk does not give out change; overpayment will be credited on the next bill.
• The kiosk can scan and process checks. The check is returned immediately
Finance Commission Page 1 of 4 2/25/2021
to the customer.
• There is a built-in security camera.
• The kiosk provides customers the option to pay with cash.
• The Finance Department is working on promoting the kiosk.
• The kiosk will not have an immediate impact on staffing levels, but may allow
staff to redirect time to other back -end office work.
• The kiosk provider receives a fee per transaction; however, the fee now is
$0.75 per transaction instead of 3 percent of transaction.
• Employees are required to take IT security training.
b) Elk Grove Rural Fire Protection District Updates
Mr. Thakkar explained the upcoming need for a solution to provide fire protection and
emergency medical services to the Elk Grove Rural Fire Protection District (EGRFPD).
Staff presented a service plan to Cook County last year along with EGRFPD's financial
position. The County was initially interested in assisting, but they are no longer able to
do so due to the pandemic. Mr. Thakkar reviewed the current joint service proposal for
the EGRFPD area between Mount Prospect, Elk Grove Village and Des Plaines. The
proposal allocates response calls based on nearest fire station and would receive
funding through three special service area (SSA) tax districts for a total of $1 million.
Mr. Thakkar gave an overview of EGRFPD's calls and response by the three
municipalities..
Staff provided the following in response to questions from the Finance Commission:
• The Village should be able to respond to Mount Prospect's portion of
EGRFPD calls without affecting the current budget.
• Municipalities agreed to share the SSA revenue based on the number of
calls; the Village would take on 52 calls and receive about $160,000 from the
SSA.
• Mutual aid agreements with neighboring communities would remain.
• An intergovernmental agreement cannot exceed a 20 -year term; however,
the IGA maybe renewed. The SSA may surpass a 20 -year term.
• Any future annexations of unincorporated areas served by EGRFPD will
remain part of the SSA. The municipalities will abate their portions of the fire
levy from property taxes for the annexed properties.
• A SSA requires all included properties be contiguous. The proposal includes
three SSAs because the incorporated properties are not all contiguous.
• Explained the State Fire Marshal's roll in dictating which municipality would
serve these areas when EGRFPD is no longer financially capable of serving
the district's area.
• The county sheriff will continue to serve the unincorporated areas.
c) Financial Updates — COVID-19 Loss Tracking
Mr. Thakkar shared 2020 to 2021 budget carryovers, which staff will present to the
Village Board on March 2. Carryovers are mostly CIP items except for a few operating
items. He reviewed 2020 revenues based on 11 months (Jan. — Nov.). Staff estimated
a loss of $1.4 million in sales tax revenue. $19 million was collected to date and the
budget originally projected $23 million revenue. The Village is expecting a 6.6 percent
loss; however, the collection ratio is still good. Staff estimated an 8 percent loss for
home rule sales tax, but the Village actually collected more than expected with a
Finance Commission Page 2 of 4 2/25/2021
revised estimated loss of 4%. Income tax and use tax outperformed. Use tax applies
to an item bought online out of state. The state is distributing this revenue to all towns
on the same per capita basis. The Village is receiving about 40% more and amounts
are consistently increasing. Last year, income tax increased by approximately 18%.
The outperforming revenues helps to offset some revenue loss from COVID-19.
Staff provided the following in response to questions from the Finance Commission:
• Increases in sales and use tax revenues correlate with federal stimulus payments.
• The Village will not see any reduction in property tax revenues. Some taxing bodies
levy a rate and some levy a dollar amount. The Assessor's Office determines the
property value, the Village defines the revenue amount and County calculates the
rate.
• The Village received 98.7% of the levied property tax amount for 2020.
• Overall loss is $3.2 million as estimated in December. Staff initially forecasted a
$5.6 million revenue loss due to COVID-19 and implemented the contingency plan
by reducing the operational and CIP budgets by $7 million. In addition, overtime
costs were $500,000 less in 2020 than in 2019.
• The Village received a $514,000 grant (CARES Act) from Cook County, which
equals to $9 per capita. DuPage County municipalities received $56 per capita
from the CARES Act. The Village's FEMA reimbursement is still in progress.
• Staff reviewed COVID-19 impact on sale tax revenue for surrounding
municipalities.
• Recreational cannabis tax collection becomes applicable July 1, 2021, and the
Village will begin receiving the revenue in October 2021.
VI. Any Other Business
None.
VII. Chairman's Report
None.
VIII. Finance Director's Report
a) Financial Updates
Mr. Thakkar stated he would share the monthly financials when they are available.
XI. Next Meeting:
Thursday, March 25, 2021, 7:00 p.m.
IX. Adjournment:
Motion by Commissioner Bjekic, seconded by Commissioner Grochocinski, to adjourn
the meeting.
Chair Chokshi called a voice vote.
Motion Carried unanimously.
The meeting adjourned at 8:33 pm.
Finance Commission Page 3 of 4 2/25/2021
Alexander Bertolucci
Assistant to the Village Manager
Finance Commission Page 4 of 4 2/25/2021
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
GOVERNMENTAL AND ENTERPRISE FUND'S
Cash and Cash
Equivalents
Balance at January 1.,, 2.02.1 $ 60,967,229,
Cash receipts 6.,1673,,412.
Investment income 3,,284
Transfers from investments to cash -
Transfers to investments from cash -
Interfund activity (632)
Disburs,ements:
Accounts payable (4.,,067„31 fib)
Payroll (1.,1703,,611),
Other (12„863)
Total Cash and
Investments Investments
4.,,700.,,500 $ 65,667.,,810
- 6,,673 ,,412.
3,1284
(632)
(4 0,67 ,, 310)
(1 703,,611),
(12.,,853)
Balance at January 31„ 2021 $ 60.,1050,5,20 $ 4.,1700.,1500 $, 65.,16,60.,1110
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.
Fund Details
Amount
General Fund
19„915„313
Special Revenue Fends
5„410,„408
Debt Service Funds
3„126„139
Capital Projects Fends
6„095,277
Enterprise Funds
13,827,493
Internal Service Funds
12„585„8918
Total Cash and Cash Equivalents
60,959,520
b) Revenues
The below data summarizes the revenue recognized by the Village during January 2021.
Property Taxes
29,565,258
-
G.00%
-
IHomerulleSales Tax
OtherTaxes
13,300,9Crr7
4144,561
G.34%
45,900
Q1,339)
Intergovernmental revenue
43,756,343
6443,8447
1.47%
561,824
5,2,023
Licenses, (Permits & Dees
3,067,000
296,932
5.68:9&
217,5,08
79,44244
Charges Ir'or Services
35,925,468
2,88,7,477
8,04% 4%
2,816,339
71,138
Fines & IForfeiits
458,506
33,107
7.22%
33,056
41.
Investment (Income
450,501
8,026
1.78:%
102,358
4,944,3442)
Other Iriinanciing Sources
16,940,0DO
-
0.009
-
Other revenue
2,269,920
1.55,556
6.9,95
238,8,79
X80,3231
relimbursements
........ ......... ........., .........
4445,006
........., .........
31,894
......... ........., .........
7.17%
.........,
114,183)
......... .........,
46,077
......... ........,.
Grand Total
137„177,990
4,104,400
2.99%
4,001„701
102,69'9
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 Sales Tax
Oct -20
Dec -20
Jan -21.
1,669,613
IHomerulleSales Tax
Oct -20
Dec -20
!Ian -21.
459,314
rusiinessDistrict Tax
fact -20
Dec -20
!Ian -21
22,701
Auto Rental Tax
Oct -20
Dec -20
Jan -21
2,5716
Local Use Tax
Dec -20
Dec -20
Jan -21
214,291
Tellecorn Tax
......... ......... .........
Gct-20
Dec -20
Jan -21 .........
114,25.5
...........
Grand Total
$
2,48211691
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 Iongrun 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.
10 IPublic Representation
570!,453
7,027
7,027
1.2
20 'Village Admlinliistratlion
4,,706�,663
21.5,256,
21.5,256
4.6
30 Finance
2,,230,,348
70,,906,
70,,906
3.2
40 Community Development
4,,017,,075
116,679
116,679
2.a%
50 Human Services
1„222,808,
67,938
67,998,
5.6
60 Police
20,599,573
8,86�,478,
8,86�,478,
4.3%
70 Fire
18,495,497
71.9,877
71.9,877
3.9
S0 IPublic Works
56,68,2,887
1,644,172
1,644,172
2®9'
0^0 Non -Departmental
23,,99 4,,096
1.,584,,172
Il,58 4,,172
6.6
Grand Total
132?523,3900
5,3125+65
5312565
4.
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
Personnel
51„595,,5,,Sr0
2,,001,619
309%
Services
34,906,060
5,1.26,35=6,
9.0%
Supplies
2,51.1.,566,
1.44,977
6.5'
Capital Improvements
27,,572,,055
39,,523
0.1%
Debt Service
10, 287,668,
-
0.0%
Other Expenditures
......... .........
5,750,1.51.
0.0
Grand Total
1,2152%3130
5,31 ,505
4.0'
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 9717 7,747,392 3,083,371 3,637,345 8,565,584 1,18=8,1.33
Expenses Unaudiited (7,034,389; (6,853,453; (3,608.,348( (3,724,735; (8,244,865; (2,437,218;
Net Monthly Surplusf(deficit) 5,042,528 843,434 (524,47'7) (87',390) 320,718 (1,244,1184)
Beginning Unrestricted Reserves 18,027,136 19,753,045 19,424,369 22,491,153 22,238.,922 22,559,640
As% of General) (Fund Budget 36% 33% 3O% 35% 36% 34%
As % of General) (Fund Budget 28:% 33% 30% 36% 28% 30%
*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.
Salues Tax
0
IDOR
RemaWng
Sales
IPaymenut
Offipginal Rewnue
Projected)
Actual+
I anUtlhu
Month
Budget
Projected) Vass'%
PrGi nterdl Losses
Actual llecftcyn
Actual ILGss
LOSS
Projected
Jan -20
Apr -20
1,6390,�01�57
�N
(1 5,584)
1„3741641
(135,564)
(195,584)
Feb -20
May -20
1,623,1343
N
(35,9,62,)
1,,659"31101
(35,9,K)
(35,9,62)
Mar -20
Jun -20
1,E990,�573
11%
202,769
1,7107191905
190176S
190,7156
Apr -20
Julll-20
1,�E tl1'�,55
15'"%
2S4152,3
1,,619,1732
7&01,52,3
2&871,523
May -20
Au,g-20
2,163,634
15'"%
301011916
1,,1555,226
407+31453
4031459
Jun -20
Sep -20
1,9r73,,1075
12%
237,3.65,
1„30741611
173,464
173,464
Ju 11
-20
1,99,71362
9%
175,736
1„ 916, 59 6
301767
5071, 767
Au,g`-20
Nov -'2!07
2,135,,3446
5'"%
1410111,016
1„535,410191
2001347
20711,347
Sep -'M
Leo -20
1,824,1169,
519.
93,765,
1,,941,2414
(117,0135)
(117,N35)
Gct-'M
Jan -2,1
2,667,183
4'9.
92,697
1,665,1613
357,567
397,567
Nov -20
Feb -2,1
1,9t57,10544
4'9.
731133
1,367„409
941675
94,675
Dec -20
Mar -2,1
1,9t69�,366
3'9.
60,575
60,1575
60,.575
23,075,10W
1,395,196
19,,647,646
1,4667,989
604,57;5
1,528,5114
6.1,%.
c-._,Projlerted Loss P'eroernta,g-e>
6.6%
0
Hearn e-ruleSales Tax
11DOR
Safes
IPaiyment 04ginat Revenue
2019 collectilon
Increase I
(Decrease)
January
Putuilre
Actuiall +
Month
Month
BU, idlget
Projected Los %
Projected LGsses
Actual Collecdon
Adalat Loss Projected
Projected
Jan -20
Apr -29
4171,801
051;
54,957
4291382
(1,101581)
(1101581)
F e b- 20
May -29
5401294
G111;
(1,431)
553, 567
537,157
(13,683)
Mar -20
Jun -29
3941426
91%
33,540
372,474
22;9,51
22,951
Apr -20
Julll-29
423,5D0
2991;
124,632
305,952
117,548
117,549
lv1 a V- 2D
Aug -20
4801123
25%
217,747
3,97,175
9,2;948
92,'5449
Jun -2D
Sep -251
462;,733
151%
69,1420
464,629
(1"89'5)
1 5,250,10110110
Jull-201
Oct -20
452„273
101;
45,227
454,999
(2„715)
(2,715)
4,ug-201
Nov -20
4971121
4%
17110149,
4'9,9,5,04
(11,392)
(11,3'92)
Sep -201
Dec -20
4331383
25'.
8,601
473,431
(35,1051)
('35"051)
Oct -201
Jan -21
465,799,
231.
9,1316
459,,314
6,,485 -
6,455
Nov -'2101
Feb -21
472;,241
231.
9,1445
435,851,
3613911
361391
Dec -201
Polar -2.1
521,428
231.
71523
71523
7,523
51155610W
444,490
4,833,567
201,005 7,523
208,528
8.101%
<__Projletted! Loss Percentage—>
3.S%
hmme Tax
LGOF
2020 Collection
2019 collectilon
Increase I
(Decrease)
January
495,702
February 223,7601
461286
February
510,709
_449,416
540!,634
(291975)
March
379,,763
325,561
54,202
April
557,777
522.920
54,957
May
546,114
1, 087,748
60,883
June
338,,:2.66
339.700
(1,431)
July
537,157
5,01,9.10112
29,145
August
7341409
364.159
62,964
September
4161126
322,298
93,828
October
6012,587
575,10,40
27,547
November
407,173
1„448,0100
32,971
BeoembeF
360,494
_375,3972
354.644
5,840
Total
5,886,270
5,755,484
1210,796
Budget
5,25,010103
1 5,250,10110110
[ave r,((U n d e r)
636 70
1 515,484
120,7
e) Other Items:
2020
State Use Tax Col lection
2019 Collection
Increase I
(Decrease),
January 1,63,1074
161,883
1,140
February 223,7601
195,756
61,877
march 1541,943
1,13,556
April 134,648
I3E1,818
21,0'92
May 172,281
148,717
443,462
June 182,325
1401,7153
32,608
July 201,657
141,371
60,883
August 203,5,96
143,719
62,224
September 205,865
147,750
62,146
October 19,61032
141,552
48,292
Novernbeff 204,516
159,537
62,964
December 214,291
174,0165
55,754
Total 2,254,976
1,798,489
Budget 1,49,9175,01
1„448,0100
756,226
350,489
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
7
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 CityBase, 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