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Home My WebLink About6. NEW BUSINESS 12/04/2007 MEMORANDUM Village of Mount Prospect Community Development Department FROM: MICHAEL E. JANONIS, VILLAGE MANAGER DIRECTOR OF COMMUNITY DEVELOPMENT TO: DATE: NOVEMBER 26, 2007 CFRI/GOLUB MT. PROSPECT LLC (RAULAND-BORG CORPORATI )- REQUEST FOR APPROVAL OF A CLASS 6B EXTENSION - 1800 W. CENTRAL ROAD SUBJECT: Attached to this memorandum is a resolution that would grant approval of an extension of a Class 6b property tax incentive for the Rauland-Borg Corporation who is proposing to relocate its' international headquarters to 1800 W. Central Road. They would locate in the middle of the 700,000 square foot building, directly behind and adjacent to the Bosch offices. If approved, Rauland-Borg Corporation intends to occupy 247,000 square feet at this location. Rauland-Borg is a worldwide industrial manufacturing company. Rauland Borg proposes to bring approximately 350 new full time jobs to the Village of Mount Prospect. As stated in the application, the tenant has signed the Cook County Living Wage Ordinance Affidavit, indicating that all of these jobs are well paid industrial/manufacturing or management positions (a detailed salary survey is attached). Currently, the Cook County Assessor has been granting "vacancy" status to the subject space which substantially lowers the assessed value for properties suffering from economic vacancy. This in turn significantly lowers the actual tax dollars paid by the owners. If signed, this lease would negate much of the current vacancy. Although the 6b incentive would lower the overall assessment ratio from 36% to 16%, it is important to understand that when the property is actually occupied, the Assessor would also increase the value applied to the property. The attached spreadsheet demonstrates that the property would generate an additional $50,000 annually to all taxing districts if the 6b extension is approved. This is due to the increased assessed value that would be applied if the building is occupied. It is estimated that that this figure will grow to nearly $180,000 in years 2014-2016. Please forward this memorandum to the Village Board for their review and consideration at their meeting on December 4th. Staff will be present at that meeting to further discuss this matter. , WilliamJ. "D O.Keefe Lyons & Hynes, LLC November 14, 2007 30 North LaSalle Street Suite 4100 Chicago, Illinois 60602 312.621.0400 Facsimile 312.621.0297 J. Michael Heaton Direct 312.422.9145 mikeheaton@okeefe-Iaw.com Website: okeefe-Iaw.com Mr. William J. Cooney Jr. Director of Community Development The Board of Trustees of the Village of Mount Prospect Village of Mount Prospect 50 South Emerson St. Mount Prospect, IL 60056 Re: Class 6b Renewal Application Assessor's Original Control No. 61105 1800 West Central Road, Mr. Prospect, IL Township: Wheeling PINs: 03-33-300-081 & -082 Dear Mr. Cooney and Village of Mount Prospect Trustees: Please consider this a formal request on behalf of our client, CFRI/Golub Mt. Prospect LLC, the owner of 1800 West Central in Mount Prospect, for the Village to renew the Class 6b Incentive which is currently in its tenth year of existence. As required, attached hereto for the Village's perusal is a copy of the Class 6b renewal application that has been submitted to the Cook County Assessor for consideration. We have been asked by our client to try to get this before the ViIIage for a decision as soon as possible; therefore we would respectfully request your prompt action on this measure. The Proposed Lease and Newly Created Jobs The property is located at 1800 West Central in Mt. Prospect, and is identified by the Cook County taxing authorities as PINs 03-33-300-081 and -082. The owner, Golub & Company, is attempting to lease approximately 247,000 square feet of industrial space, space that has been vacant since 2003. The prospective tenant is Rauland-Borg, a worldwide industrial manufacturing company. Rauland Borg proposes to bring approximately 350 new full time industrial iobs to the Village of Mount Prospect if this lease can be worked out. As stated in the application, the tenant has signed the Cook County Living Wage Ordinance Affidavit, indicating that all of these jobs are well paid industrial! manufacturing or management positions. The Need For A Class 6b Incentive Renewal One of the contingencies necessary for the prospective tenant to make economic sense of this deal (i.e., to agree to the lease) is that a 6b tax incentive renewal be obtained. As indicated AU4022 O'Keefe Lyons & Hynes, LLC Mr. William 1. Cooney Jr. November 14,2007 Page 2 of 4 above, the property currently has a 6b incentive that was first applied by the Cook County Assessor in 1998; however, the incentive is now in its tenth year and will expire soon unless it is renewed. It is our understanding that a lease will only be signed, and the company will only agree to this arrangement, if a Class 6b renewal is approved. As a consequence, we request the Village Board to approve the 6b renewal request. We believe the approval will have a substantial and noticeable positive economic affect on the Village of Mount Prospect. By way of background, when the property became substantially vacant in 2003, the Assessor ceased applying the 6b Incentive benefits. As a result, the property has not benefited from the incentive since 2003. The Class 6b does not toll during this period; therefore for each year that the incentive was not applied due to vacancy, the incentive was lost. Thus, tax year 2007 is the tenth and final year of the incentive at the 16% ratio. Moreover, in terms of actual economic impact to Mount Prospect, it is important to note also that the Cook County Assessor has been granting "vacancy" relief since 2003 which substantially lowers the assessed value and corresponding taxes for properties suffering from economic vacancy. As a result as long as the property remains vacant, the property is not fulfilling its full tax revenue potential, even without the Class 6b. We have attached to this correspondence a spreadsheet that illustrates the impact of the Assessor's vacancy relief in terms of lost property tax revenues. We also included in the spreadsheet an estimate of the potential tax revenues were the property fully occupied and receiving the benefits of the Class 6b incentive renewal through 2016. Positive Impact of the Class 6b Incentive If signed, this lease would negate most of the current vacancy relief (and corresponding lost tax revenue) and trigger the Assessor to apply full valuation to the newly leased portion of the subject property. Thus although the 6b incentive would lower the overall assessment ratio for the subject property from 36% to 16%, when the property is actually occupied, the Assessor would also increase the value applied to the property by the Assessor. The impact of full valuation would offset most if not all of the 6b's impact on the Village's revenue. This is best illustrated in the spreadsheet showing the impact of the vacancy relief caused by the lack of a tenant, and the potential tax revenues created by applying the full value, even with the 6b applied. In addition to the creation of 350 new well paying industrial jobs for Mount Prospect and the obvious economic impact that those new jobs would bring, the net loss of tax dollars to Mount Prospect from a 6b assessment ratio decrease is negated by the fact that the Assessor will fully assess this occupied building. Indeed, as illustrated in the spreadsheet, Mount Prospect will actually receive more property tax revenue with a 6b incentive in place than it would without the 6b. AU4022 O'Keefe Lyons & Hynes, LLC Mr. William 1. Cooney Jr. November 14,2007 Page 3 of 4 Company Background As you requested, by way of company history, Rauland Manufacturing Company was founded in 1920 by inventor and radio enthusiast E. Norman Rauland. Throughout the Depression, Rauland manufactured consumer radios, sound systems and communications equipment. Rauland became firmly established as the dominant supplier of internal school communications systems. In the late 1930s, Rauland began developing the cathode ray tube (CRT), an essential component of televisions and computer monitors. The company became an important supplier of communications and radar equipment during WWII. In 1949, Raulandjoined forces with Borg-Warner and the Rauland-Borg Corporation was born. As the company further developed its commercial and industrial communications components, they remained an important military contractor providing the Navy's ship-to-shore radios, airborne radar jamming transmitters, walkie-talkies, classified cryptographic switching adapters, tank radios, intercom systems and radios for arctic regions. In the early 1960s, Rauland-Borg demonstrated its technological leadership by transforming its entire line of sound and communications products to transistorized and solid state components. Rauland introduced the first generation of Telecenter products in the late 1960s. Telecenter was the first-ever commercial application of touch-tone technology which has since become the backbone of school communications, worldwide. In the late 1970s, after the acquisition of the Picker-Briggs Company - manufacturer of the Responder health care communications systems - Rauland established itself as an leader in nurse call communications. Near the end of the 1980s, Rauland acquired Biamp Systems, a designer and manufacturer of Biamp@ and Advantage@ professional sound equipment. In the 1990s, the company expanded its existing product lines into Latin America and the Pacific Rim. Today, the company provides worldwide three distinct communication system product lines: Responder, designed for the health care industry, Telecenter systems which serve the educational market, and Secureplex, a security control system for the detention/security industry. All product lines reflect the company's longstanding commitment to the cutting edge of communication innovation, and help ensure that we always have a product that is an exact fit for its customers' needs. Rauland-Borg has been named to the Honor Roll of "Companies That Care" every year since 2003 in honor of its tangible commitment to work/life balance. According to Fast Company magazine, Raul and-Borg is one of top 35 Companies in the United States that employees would want to work for thanks to it family and employee focused atmosphere. It offers employees an extensive benefit programs, many paid at 100% by Rauland, include: · Medical, Dental and Vision · Life and Disability . Flexible Spending Accounts . Paid Vacation, Holidays, and Personal Days · Tuition Reimbursement AU4022 O'Keefe Lyons & Hynes, LLC Mr. William 1. Cooney 1 r. November 14, 2007 Page 4 of 4 · 40l(k)/Profit-Sharing or Pension Plan · On-site Wellness and Financial Programs We have requested that our client provide additional information in terms of brochures and its annual corporate report. In the meantime, should you wish to learn more about Rauland, please feel free to visit their webpage at www.rauland.com. which has substantial information about the company and products it manufactures. Conclusion By renewing this 6b Incentive, the Village of Mount Prospect will create an opportunity for Rauland Borg to conduct its business operations in the Village of Mount Prospect and to bring roughly 350 well paying industrial jobs to the Village. The obvious corresponding economic benefits that 350+/- employees would bring in terms of spending at local establishments along with the creation of increased local sales taxes, etc. would be substantial. According to our client, getting this lease signed is entirely contingent on securing a commitment to obtain a Class 6b incentive renewal from the Village of Mount Prospect. But for the incentive, the company will not sign this lease and the alternative is that the property will continue in its current vacant status, generating no additional jobs, taxes or revenue. Accordingly, Golub & Company would request the Village of Mount Prospect to support and consent to its Class 6b renewal application. As our client is attempting to secure this deal as soon as possible, a prompt response and action from the Village would be greatly appreciated. Should you need further information, please advise. Thank you, Bill, and our advance thanks to the entire Board of Trustees for its consideration. Very truly yours, \ : ; )/ -/4' / ...-..... ! .. /,/ II!-'-p f .. LA_..u-..j/~.L.;,..<~ /. Michael Heaton /Member JMH:ca Enclosure cc: 10hn Nyhan, Cook County Assessor's Office AU4022 Golub & Co. 1800 Central 2007 Estimated 6b Impact I. Actual Taxes 2003-2006 Without The 6b Incentive (With Occupancy Factor Applied) Original Original Revised Assessed Revised Tax Due to Proposed Value Due to Lost Tax Dollars Assessed Value Proposed Tax Occupancy Relief Vacancy 2003 3,974,541 $830,226 2,140,428 $447,105 $383,121 2004 3,654,067 $731,954 2,797,018 $560,276 $171,678 2005 5,046,843 $1,040,164 2,783,170 $573,617 $466,547 2006 5,046,837 $1,040,163 2,783,168 $575,200 $464,963 $539,050 $1,486,309 Avg Yearly Tax Total Lost Dollars II. Potential Property Tax Revenue at Full Occupancy and with the 6b Incentive Renewed Years: 2008-2010 2007 Proposed Market Value at Full Occupancy 6b Ratio 6bAV 2006 Equalizer 2006 Tax Rate Taxes with 6b Incentive in Place Percentage Increase Over Average Taxes 2003-2006 Annual Increase in Tax Revenue Years: 2011-2013 2011-13 (assuming 10% increase) Market Value at Full Occupancy 6b Ratio 6bAV 2006 Equalizer 2006 Tax Rate Taxes with 6b Incentive in Place Percentage Increase Over Average Taxes 2003-2006 Annual Increase in Tax Revenue Years: 2014-2016 2014-16 (assuming 10% increase) Market Value at Full Occupancy 6b Ratio 6bAV 2006 Equalizer 2006 Tax Rate Taxes with 6b Incentive in Place Percentage Increase Over Average Taxes 2003-2006 Annual Increase in Tax Revenue $17,954,299 16% 2,872,688 2.7076 7.63% $593,702 10% $54,652 $19,749,729 16% 3,159,957 2.7076 7.63% $653,072 21% $114,022 $21,724,702 16% 3,475,952 2.7076 7.63% $718,379 33% $179,329 gmployee Salaries Estimated Average Class Position # Employees Annual Compensation Exempt Officer 7 $338,643 Exempt Salesperson 19 $156,376 Exempt Administration 11 $81,597 Exempt Sales and Marketing 19 $87,596 Exempt Engineering 47 $90,857 Exempt Manufacturing 27 $67,253 Estimated Average Class Position # Employees Hourly Rate Non-Exempt Administration 14 $ 19.31 Non-Exempt Sales and Marketing 3 $ 21.38 Non-Exempt Engineering 22 $ 24.52 Non-Exempt Manufacturing 10 $ 22.83 Non-Exempt Mfg * 136 $ 19.71 * Members of ISEW 1031 Union mla 11/29/07 RESOLUTION NO. A RESOLUTION IN SUPPORT OF CFRIIGOLUB MT. PROSPECT (RAULAND-BORG CORPORATION), 1800 WEST CENTRAL ROAD, MOUNT PROSPECT, ILLINOIS, MAKING APPLICATION FOR RENEWAL OF COOK COUNTY CLASS 6B TAX ABATEMENT WHEREAS, the Village of Mount Prospect encourages community development to provide for economic growth and career opportunities; and WHEREAS, through property tax incentives offered by Cook County, various opportunities exist for new businesses to become established in the Village of Mount Prospect, Cook County; and WHEREAS, without the Cook County property tax incentives, the Village of Mount Prospect is at a competitive disadvantage with the neighboring counties of Lake and DuPage in attracting industrial development; and WHEREAS, the property currently has a Class 6b incentive that was first applied by Cook County Assessor in 1998, now in its tenth (10Ih) year, the incentive will expire in 2007 unless it is renewed; and WHEREAS, the property has remained vacant since 2003, and Cook County Assessor ceased applying the 6b tax incentive in 2003; WHEREAS, CFRIIGolub Mt. Prospect LLC (Rauland-Borg Corporation) has requested the Village of Mount Prospect support its application for renewal of the Class 6B Real Property Classification at 1800 West Central Road, Mount Prospect, Cook County (Property); and WHEREAS, the corporate authorities of the Village of Mount Prospect believe that their request is in the best interest of the economic development in the Village of Mount Prospect. NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: SECTION ONE: That the President and Board of Trustees of the Village of Mount Prospect do hereby support and consent to the renewal of the Class 6B Property Classification from Cook County for CFRl/Golub Mt. Prospect LLC (Rauland-Bor~ Corporation), which allows a 16% assessment level for the first 10 years, 23% in the 11t year and 30% in the 12th year for the Property located at 1800 West Central Road; PIN 03-33-300-081-0000 and 03-33-300-082-0000; and legally described as set forth in Exhibit "A," which is attached hereto and incorporated herein. Page 2/2 Class 6 Tax Abatement SECTION TWO: That the Village of Mount Prospect supports industrial growth, increased employment and economic development and this proposed development is in furtherance of this goal. The Board of Trustees of the Village of Mount Prospect further finds that this incentive is necessary for development to occur on the Property. SECTION THREE: That development of the property is subject to compliance with all requirements of the 1-1 (Light Industrial) District and development standards of the Village of Mount Prospect. SECTION FOUR: That this Resolution shall be in full force and effect from and after its passage and approval in the manner provided by law. AYES: NAYS: ABSENT: PASSED and APPROVED this day of December, 2007. Irvana K. Wilks Mayor M. Lisa Angell Village Clerk H:\CLKO\files\WIN\RES\Class 6 tax abatementcfrigolubmpraulandborgdec2007.doc NEW BUSINESS ITEM A. RESOLUTION AUTHORIZING APPROVAL OF A CLASS 6B EXTENSION FOR CFRI/GOLUB MT. PROSPECT, LLC (RAULAND- BORG CORPORATION) 1800 WEST CENTRAL ROAD LEGAL DESCRIPTION EXHIBIT "A" TO BE PROVIDED BY APPLICANT PRIOR TO DECEMBER 4, 2007 VILLAGE BOARD MEETING NOTICE OF PROPOSED PROPERTY TAX LEVY FOR THE VILLAGE OF MOUNT PROSPECT I. A public hearing to approve a proposed property tax levy for the Village qf Mount Prospect for the fiscal year beginning January 1, 2007 and ending December. 31 2007 will be held on December 4, 2007 at 7 :00 p.m.. , . at the Mount Prospect Village Board Room, 50 South Emerson Street, Mount Prospect, nlinois. Any person desiring to appear at the public hearing and present tes- timony to the taxing district may contact David O. Erb, Director of Finance, 50 South Emerson Street, Mount Prospect, lllinois (847) 392-6000. n. The corporate and special purpose property taxes ex- tended or abated for the fiscal year beginning January 1, 2006 and ended December 31,2006 were $18,318,508. The proposed corporate and special purpose property taxes to be levied for the fiscal year beginning January 1,2007 and ending December 31, 2007 are $19,314,761 This represents a 5.44% increase over the previous' ., '.? ~~ , m. The property taxes extended for debt service for the; fiscal year beginning January 1, 2006 and ended De~ cember 31, 2006 were $2,922,131. ' The estimated property taxes to be levied for debt ser- vice for the fiscal year beginning January 1, 2007 and ending December 31, 2007 are $2,894,025. This repre~ sents a 1.0% decrease from the previous year. lY. The total property taxes extended or abated for the fiscal year beginning January 1, 2006 and ended De- cember 31, 2006 were $21,240,639. The estimated total property taxes to be levied for the fiscal year beginning January 1, 2007 and ending De- cember 31, 2007 are $22,208,788. This represents a 4.56% increase over the previous year. Dated this 22nd day of November 2007. /s/ M. Lisa Angell Village Clerk CERTIFICATE OF PUBLICATION Paddock Publications, Inc. Daily Herald Corporation organized and existing under and by virtue of the laws of the State of Illinois, DOES HEREBY CERTIFY that it is the publisher of the DAILY HERALD. That said DAILY HERALD is a secular newspaper and has been circulated daily in the Village(s) of Arlington Heights, Barrington, Barrington Hills, Bartlett, Buffalo Grove, Des Plaines, South Elgin, Elk Grove Village, Hanover Park, Hoffman Estates, Inverness, Long Grove, Me Prospect, Palatine, Prospect Heights, Rolling Meadows, Schaumburg, South Barrington, Streamwood, Wheeling County(ies) of Cook . and State of Illinois, continuously for more than one year pnor to the dute of the first publication of the notice hereinafter referred to and is of general circulation throughout said Village(s), County(ies) and State. I further certify that the DAILY HERALD is a newspaper as defined in "an Act to revise the law in relation to notices" as amended in 1992 Illinois Compiled Statutes, Chapter 7150, Act 5, Section 1 and 5. That a notice of which the annexed printed slip is a true copy, was published November 22, 2007 in said DAILY HERALD. , IN WITNESS WHEREOF, the undersigned, the said PADDOCK PUBLICATIONS, Inc., has caused this certificate to be signed by, this authorized agent, at Arlington Heights, Illinois. PADDOCK PUBLICATIONS, INC. DAILY HERALD NEWSPAPERS BY ~ &l<i1-~ Authorized Agent Control # T4006806 Mount Prospect Village of Mount Prospect Mount Prospect, Illinois ~ INTEROFFICE MEMORANDUM FROM: MICHAEL E. JANONIS, VILLAGE MANAGER DIRECTOR OF FINANCE 'Be. I 11,.\ ~ dl TO: DATE: NOVEMBER 27,2007 SUBJECT: 2007 PROPERTY TAX LEVY AND ABATEMENT ORDINANCES PURPOSE: To obtain approval of the attached three ordinances related to the tax levies of the Village, the Mount Prospect Public Library, and the Village's special service area. BACKGROUND: Prior to December 25, 2007 the Village must have on file with the County Clerk its 2007 tax levy and abatement ordinances. The Village will receive proceeds from the 2007 tax levy in 2008. The Village Board first discussed the proposed 2007 tax levy at its October 24th Committee of the Whole meeting. Staff recommends a net Village tax levy of $14,014,838. an increase of 3.76% over the prior year's levy. The Mount Prospect Library Board approved their tax levy request at its meeting on October 18, 2007. They are asking for a total levy, inclusive of a 2% provision for loss and cost, of $8,193.950. This represents an increase of 5.95% over the 2006 levy. DISCUSSION: The following table compares the proposed 2007 levy to the 2006 levy for the Village and Library. The amounts presented in the table are net of abatements and are inclusive of the 2% provision for loss and cost. 2006 Levy 2007 Levy $ Increase % Change VILLAGE General 7,491,516 7,772,448 280,932 3.75% Refuse 2,006,404 2,066,597 60,193 3.00% Debt Service 1,320,654 1,321,572 918 0.07% Police Pension 1,359,949 1,436,591 76,642 5.64% Fire Pension 1,328,051 1,417,630 89,579 6.75% Total Village 13,506,574 14,014,838 508,264 3.76% LIBRARY Operations 6,132,588 6,621,497 488,909 7.97% Debt Service 1,601,477 1,572,453 (29,024) (1.81%) Total Library 7,734,065 8,193,950 459,885 5.95% TOTAL 21,240,639 22,208,788 968,149 4.56% A detailed spreadsheet of all proposed levies, including detailed levies and abatements for each outstanding bond issue, is also attached. r~ 2007 Property Tax Levy November 27,2007 Page 2 The Village's 2006 equalized assessed valuation (EAV) was $1,597,309,461. Our 2007 EAV is estimated to increase approximately 10.7% from the prior year consistent with historical trends since 1993. The Village's 2007 tax rate is expected to decrease to $0.792 from the 2006 rate of $0.846. This is due to the large increase expected in the Village's EA V for 2007. The Library's 2007 tax rate is estimated at $0.463, compared to the 2006 rate of $0.482. For illustration purposes only, a home with an EAV of $94,020 (a market value of approximately $350,000) in 2007 will pay taxes of $745 to the Village of Mount Prospect and $435 to the Library for the levy extended in 2007. This does not include any tax reduction for homeowner or senior exemptions or senior assessment freezes. Also not accounted for in the above estimate is the impact from to the 7% expanded homeowner exemption recently renewed by the Illinois General Assembly. Special Service Area NO.5 was created in the mid-eighties to help fund the bringing of Lake Michigan water to the Village's water system. It is recommended the 2007 levy remain the same as the 2006 levy ($1,545,773). The resulting tax rate is estimated to be $0.106. The Village Board is being asked to consider three ordinances related to the 2007 tax levy. Two of the ordinances establish the initial levy of the Village (including the Library) and the Village's special service area. There is also one abatement ordinance that will reduce a portion of the debt service tax levies established by the various bond ordinances. The proposed levy ordinances reflect numbers as presented in the amended 2007 budget. RECOMMENDATION: It is recommended the Village Board approve the attached 2007 tax levy and abatement ordinances. v~~.U- DAVID O. ERB DIRECTOR OF FINANCE Attachment DOE! 1:\Property Taxes\2007 Levy\Levy and Abatement Ordinance Cover Memo to Board - 2007.doc VILLAGE OF MOUNT PROSPECT AND THE MOUNT PROSPECT PUBLIC LIBRARY SUMMARY OF 2007 PROPERTY TAX LEVY 2% Net Provision Total 2007 2007 Loss and 2007 1m Abatement 1m Costs Extension VILLAGE OF MOUNT PROSPECT General Corporate Fund 7,620,047 0 7,620,047 152,401 7,772,448 Refuse Fund 2,026,075 0 2,026,075 40,522 2,066,597 Police Pension Fund 1,408,423 0 1 ,408,423 28,168 1 ,436,591 Firefighters' Pension Fund 1,389,833 0 1,389,833 27,797 1 ,417,630 Debt Service Funds Series 1999 (Ord. 4999) 1,754,300 1,754,300 0 0 0 Series 2000 (Ord. 5114) 998,925 998,925 0 0 0 Series 2001 (Ord. 5212) 384,665 0 384,665 7,693 392,358 Series 2003 (Ord. 5301) 910,994 0 910,994 18,220 929,214 Total Village 16,493,262 2,753,225 13,740,037 274,801 14,014,838 MOUNT PROSPECT PUBLIC LIBRARY Library Operations 6,491,664 0 6,491,664 129,833 6,621,497 Library Debt Service 1,541,621 0 1,541,621 30,832 1,572,453 Total Library 8,033,285 0 8,033,285 160,665 8,193,950 TOTAL - VILLAGE OF MOUNT PROSPECT AND PUBLIC LIBRARY 24,526,547 2,753,225 21,773,322 435,466 22,208,788 SPECIAL SERVICE AREA NO.5 1,515,464 0 1,515,464 30,309 1,545,773 ORDINANCE NO. AN ORDINANCE AUTHORIZING THE LEVY AND COLLECTION OF TAXES FOR THE CORPORATE AND MUNICIPAL PURPOSES OF THE VILLAGE OF MOUNT PROSPECT FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2007 AND ENDING DECEMBER 31, 2007 PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES the day of ,2007 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois the day of , 2007. ORDINANCE NO. AN ORDINANCE AUTHORIZING THE LEVY AND COLLECTION OF TAXES FOR THE CORPORATE AND MUNICIPAL PURPOSES OF THE VILLAGE OF MOUNT PROSPECT FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2007 AND ENDING DECEMBER 31,2007 NOW, THEREFORE, BE IT ORDAINED BY THE President and Board of Trustees of the Village of Mount Prospect, Cook County, Illinois, as follows: Section 1: That the sum of Twenty-One Million Seven Hundred Seventy-Three Thousand Three Hundred and Twenty-Two ($21,773,322), the same being the total amount to be levied of budget appropriations heretofore made for the corporate and municipal purposes for the fiscal year beginning January 1, 2007 and ending December 31, 2007 as approved by the President and Board of Trustees of the Village of Mount Prospect, be and the same is hereby levied on all taxable property within the Village of Mount Prospect according to the valuation of said property as is, or shall be assessed or equalized by the State and County purposes for the current year 2007. Section 2: The budgetary appropriations having been made by the President and Board of Trustees of the Village of Mount Prospect were passed and approved by Ordinance No. 5599 at a meeting hereof regularly convened and held in said Village of Mount Prospect, Illinois, on the 19th day of December, 2006, and as amended by Ordinance No. 5622 passed and approved on the 18th day of April, 2007, and further amended by Ordinance No. 5662 passed and approved on the 20th day of November, 2007 thereafter duly published according to law, the various objects and purposes for said budgetary appropriations are heretofore made and set forth under the column entitled "Amount Budgeted", and the specific amount herein levied for each object and purpose is set forth under the column entitled "Amount Levied", in Articles I through IX. VILLAGE OF MOUNT PROSPECT, ILLINOIS 2007 TAX LEVY Amount Amount Budgeted Levied ARTICLE I - GENERAL FUND 01 Public Representation 01 Mayor and Board of Trustees Personal Services 25,000 0 Employee Benefits 2,717 0 Other Employee Costs 3,000 0 Contractual Services 75,053 0 Utilities 500 0 Commodities & Supplies 5,000 0 Total Mayor and Board of Trustees 111,270 0 02 Advisory Boards and Commissions Personal Services 10,466 0 Employee Benefits 3,644 0 Contractual Services 2,300 0 Commodities & Supplies 600 0 Total Advisory Boards and Commissions 17,010 0 Total Public Representation 128,280 0 11 Village Administration 01 Village Manager's Office Personal Services 394,140 0 Employee Benefits 93,726 0 Other Employee Costs 11,550 0 Contractual Services 8,067 0 Utilities 5,285 0 Commodities & Supplies 3,650 0 Office Equipment 300 0 Total Village Manager's Office 516,718 0 02 Legal Services Contractual Services 630,750 0 Total Legal Services 630,750 0 03 Personnel Services Personal Services 162,786 0 Employee Benefits 69,142 0 Other Employee Costs 26,550 0 Contractual Services 44,360 0 Commodities & Supplies 1,635 0 Office Equipment 330 0 Total Personnel Services 304,803 0 2 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2007 TAX LEVY Amount Amount Budgeted Levied 04 Management Information Systems Personal Services 300,854 0 Employee Benefits 112,642 0 Other Employee Costs 6,000 0 Contractual Services 468,919 0 Utilities 4,340 0 Commodities & Supplies 4,000 0 Office Equipment 26,290 0 Other Equipment 1,600 0 Total Management Information Systems 924,645 0 05 Public Information Personal Services 51,237 0 Employee Benefits 21,115 0 Other Employee Costs 2,300 0 Contractual Services 86,000 0 Utilities 520 0 Commodities & Supplies 2,700 0 Total Public Information 163,872 0 Total Village Administration 2,540,788 0 12 Television Services Division 02 Cable TV Operations Personal Services 74,141 0 Employee Benefits 30,884 0 Other Employee Costs 2,650 0 Contractual Services 8,420 0 Utilities 2,500 0 Commodities & Supplies 5,050 0 Other Equipment 7,500 0 Total Cable TV Operations 131,145 0 04 Intergovernmental Programming Personal Services 28,343 0 Employee Benefits 10,249 0 Other Employee Costs 4,730 0 Commodities & Supplies 2,000 0 Other Equipment 3,000 0 Total Intergovernmental Programming 48,322 0 Total Television Services Division 179,467 0 3 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2007 TAX LEVY Amount Amount Budgeted Levied 14 Village Clerk's Office 02 Village Clerk's Office Personal Services I 17,125 0 Employee Benefits 43,977 0 Other Employee Costs 2,625 0 Contractual Services 38,748 0 Utilities 1,650 0 Commodities & Supplies 5,113 0 Total Village Clerk's Office 209,238 0 17 Finance Department 01 Finance Administration Personal Services 140,664 0 Employee Benefits 41,632 0 Other Employee Costs 10,640 0 Contractual Services 98,301 0 Utilities 6,500 0 Commodities & Supplies 13,900 0 Office Equipment 6,000 0 Total Finance Administration 317,637 0 02 Accounting Personal Services 310,539 0 Employee Benefits 126,990 0 Contractual Services 5,100 0 Commodities 2,050 0 Total Accounting 444,679 0 05 Insurance Program Personal Services 52,860 0 Employee Benefits 17,980 0 Insurance 450,605 0 Total Insurance Program 521,445 0 06 Customer Services Personal Services 255,541 0 Employee Benefits 96,031 0 Contractual Services 49,375 0 Commodities & Supplies 8,290 0 Total Customer Services 409,237 0 4 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2007 TAX LEVY Amount Amount Budgeted Levied 07 Cash Management Personal Services 37,221 0 Employee Benefits 12,511 0 Total Cash Management 49,732 0 Total Finance Department 1,742,730 0 21 Community Development Department 01 Community Development Administration Personal Services 169,803 0 Employee Benefits 64,093 0 Other Employee Costs 3,699 0 Utilities 2,962 0 Commodities & Supplies 572 0 Total Community Development Administration 241,129 0 02 Planning & Zoning Personal Services 162,545 0 Employee Benefits 61,796 0 Other Employee Costs 6,147 0 Contractual Services 49,427 0 Utilities 2,546 0 Commodities & Supplies 3,119 0 Total Planning & Zoning 285,580 0 03 Economic Development Personal Services 52,426 0 Employee Benefits 14,823 0 Other Employee Costs 2,287 0 Contractual Services 39,000 0 Total Economic Development 108,536 0 05 Building Inspections Personal Services 505,134 0 Employee Benefits 208,052 0 Other Employee Costs 12,294 0 Contractual Services 78,829 0 Utilities 11,409 0 Commodities & Supplies 8,864 0 Total Building Inspections 824,582 0 5 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2007 TAX LEVY Amount Amount Budgeted Levied 06 Housing Inspections Personal Services 297,376 0 Employee Benefits 120,229 0 Other Employee Costs 4,900 0 Contractual Services 47,771 0 Utilities 3,058 0 Commodities & Supplies 3,846 0 Computer Equipment 13,000 0 Total Housing Inspections 490,180 0 07 Health Inspections Personal Services 77 ,634 0 Employee Benefits 28,674 0 Other Employee Costs 1,236 0 Contractual Services 16,557 0 Utilities 1,898 0 Commodities & Supplies 2,319 0 Total Health Inspections 128,318 0 Total Community Development Dept. 2,078,325 0 31 Human Services Department 01 Human Services Administration Personal Services 114,941 0 Employee Benefits 39,470 0 Other Employee Costs 1,600 0 Contractual Services 12,201 0 Utilities 8,000 0 Commodities & Supplies 6,640 0 Office Equipment 14,000 0 Total Human Services Administration 196,852 0 02 Social Services Personal Services 250,650 0 Employee Benefits 89,227 0 Other Employee Costs 1,950 0 Commodities & Supplies 1,000 0 Total Social Services 342,827 0 6 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2007 TAX LEVY Amount Amount Budgeted Levied 03 NursinglHealth Services Personal Services 95,955 0 Employee Benefits 34,801 0 Other Employee Costs 350 0 Contractual Services 49,400 0 Commodities & Supplies 32,215 0 Total Nursing/Health Services 212,721 0 04 Senior Center Leisure Programs Personal Services 24,215 0 Employee Benefits 8,107 0 Contractual Services 12,000 0 Commodities & Supplies 600 0 Total Senior Programs 44,922 0 Total Human Services Department 797,322 0 41 Police Department 01 Police Administration Personal Services 919,377 0 Employee Benefits 1,784,740 0 Other Employee Costs 119,000 0 Contractual Services 73,500 0 Utilities 49,200 0 Commodities & Supplies 16,873 0 Office Equipment 1,400 0 Total Police Administration 2,964,090 0 02 Patrol and Traffic Enforcement Personal Services 6,386,105 4,023,385 Employee Benefits 1,175,582 0 Contractual Services 550,142 0 Commodities & Supplies 71,300 0 Office Equipment 11,200 0 Other Equipment 21,000 0 Total Patrol and Traffic Enforcement 8,215,329 4,023,385 03 Crime Prevention & Public Services Personal Services 269,112 0 Employee Benefits 58,184 0 Other Employee Costs 4,000 0 Contractual Services 2,400 0 Commodities & Supplies 9,050 0 Total Crime Prevention & Public Services 342,746 0 7 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2007 TAX LEVY Amount Amount Budgeted Levied 04 Investigative and Juvenile Program Personal Services 1,010,102 0 Employee Benefits 164,726 0 Contractual Services 24,400 0 Commodities & Supplies 4,450 0 Office Equipment 400 Other Equipment 600 Total Investigative and Juvenile Program 1,204,678 0 05 Crossing Guards Personal Services 27,153 0 Employee Benefits 2,077 0 Commodities & Supplies 150 0 Total Crossing Guards 29,380 0 06 Equipment Maintenance & Operations Contractual Services 776,703 0 Commodities & Supplies 13,600 0 Other Equipment 21,450 0 Total Equipment Maintenance & Operations 811,753 0 Total Police Department 13,567,976 4,023,385 42 Fire Department 01 Fire Administration Personal Services 561,473 0 Employee Benefits 1,581,785 0 Other Employee Costs 68,725 0 Contractual Services 31,900 0 Commodities & Supplies 8,925 0 Office Equipment 4,000 0 Other Equipment 6,680 0 Total Fire Administration 2,263,488 0 02 Fire Department Operations Personal Services 5,709,083 3,596,662 Employee Benefits 918,960 0 Other Employee Costs 63,950 0 Contractual Services 151,685 0 Commodities & Supplies 16,600 0 Building Improvements 4,000 0 Other Equipment 64,965 0 Total Fire Department Operations 6,929,243 3,596,662 8 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2007 TAX LEVY Amount Amount Budgeted Levied 03 Fire Training Academy Personal Services 9,000 0 Employee Benefits 131 0 Commodities & Supplies 12,600 0 Total Fire Training Academy 21,731 0 04 Fire Prevention Personal Services 383,921 0 Employee Benefits 139,065 0 Other Employee Costs 7,175 0 Contractual Services 1,850 0 Commodities & Supplies 11,750 0 Other Equipment 800 0 Total Fire Prevention 544,561 0 05 Fire Communications Contractual Services 15,500 0 Utilities 50,000 0 Commodities & Supplies 300 0 Other Equipment 5,500 0 Total Fire Communications 71 ,300 0 06 Equipment Maintenance Personal Services 127,182 0 Employee Benefits 46,378 0 Other Employee Costs 1,060 0 Contractual Services 260,784 0 Commodities & Supplies 69,729 0 Other Equipment 500 0 Total Equipment Maintenance 505,633 0 07 Emergency Preparedness Personal Services 20,000 0 Employee Benefits 3,420 0 Other Employee Costs 1,030 0 Contractual Services 5,300 0 Commodities & Supplies 10,335 0 Total Emergency Preparedness 40,085 0 9 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2007 TAX LEVY Amount Amount Budgeted Levied 08 Paid-an-Call Program Personal Services 22,960 0 Employee Benefits 2,058 0 Other Employee Costs 9,700 0 Other Equipment 1,030 0 Total Paid-an-Call Program 35,748 0 Total Fire Department 10,411,789 3,596,662 50 Public Works - Administration 01 Public Works Administration Personal Services 240,193 0 Employee Benefits 135,476 0 Other Employee Costs 30,095 0 Contractual Services 821,835 0 Utilities 18,990 0 Commodities & Supplies 14,475 0 Office Equipment 1,090 0 Other Equipment 605 0 Total Public Works Administration 1,262,759 0 51 Public Works - Streets/Bldgs/Parking 01 Street Division Administration Personal Services 115,290 0 Employee Benefits 31,570 0 Total Street Division Administration 146,860 0 02 Maintenance of Public Buildings Personal Services 372,377 0 Employee Benefits 125,408 0 Contractual Services 290,320 0 Utilities 129,100 0 Commodities & Supplies 82,010 0 Other Equipment 3,600 0 Total Maintenance of Public Buildings 1,002,815 0 04 Street Maintenance Personal Services 168,038 0 Employee Benefits 49,172 0 Contractual Services 51,058 0 Commodities & Supplies 24,338 0 Infrastructure 125,000 0 Total Street Maintenance 417,606 0 10 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2007 TAX LEVY Amount Amount Budgeted Levied 05 Snow Removal Personal Services 187,894 0 Employee Benefits 49,414 0 Contractual Services 56,400 0 Commodities & Supplies 9,785 0 Other Equipment 15,800 0 Total Snow Removal 319,293 0 07 Storm Sewer and Basin Maintenance Personal Services 119,176 0 Employee Benefits 41,364 0 Contractual Services 11,330 0 Commodities & Supplies 7,020 0 Total Storm Sewer and Basin Maintenance 178,890 0 08 Maintenance of State Highways Personal Services 22,861 0 Employee Benefits 7,617 0 Contractual Services 17,130 0 Commodities & Supplies 22,940 0 Total Maintenance of State Highways 70,548 0 09 Traffic Sign Maintenance Personal Services 75,319 0 Employee Benefits 24,622 0 Commodities & Supplies 19,975 0 Total Traffic Sign Maintenance 119,916 0 12 Flood Control Personal Services 35,000 0 Employee Benefits 5,700 0 Contractual Services 82,000 0 Commodities & Supplies 1,800 0 Total Flood control 124,500 0 13 Storm Event Personal Services 201,000 0 Employee Benefits 32,000 0 Contractual Services 500,000 0 Commodities & Supplies 16,000 0 Total Storm Event 749,000 0 Total Public Works - Streets/Bldgs/Parking 3,129,428 0 11 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2007 TAX LEVY Amount Amount Budgeted Levied 52 Public Works - Forestry/Grounds 01 Forestry Division Administration Personal Services 163,922 0 Employee Benefits 52,185 0 Total Forestry Division Administration 216,107 0 02 Maintenance of Grounds Personal Services 245,381 0 Employee Benefits 76,929 0 Contractual Services 174,300 0 Commodities & Supplies 8,380 0 Other Equipment 38,395 0 Total Maintenance of Grounds 543,385 0 03 Forestry Program Personal Services 263,910 0 Employee Benefits 91,483 0 Other Employee Costs 3,555 0 Contractual Services 747,673 0 Commodities & Supplies 11,905 0 Total Forestry Program 1,118,526 0 04 Public Grounds Beautification Personal Services 23,949 0 Employee Benefits 7,809 0 Contractual Services 14,055 0 Commodities & Supplies 50,185 0 Total Public Grounds Beautification 95,998 0 Total Public Works - Forestry/Grounds 1,974,016 0 52 Public Works - Engineering 01 Engineering Services Personal Services 542,727 0 Employee Benefits 163,036 0 Other Employee Costs 5,390 0 Contractual Services 57,969 0 Commodities & Supplies 6,985 0 Office Equipment 530 0 Other Equipment 1,590 0 Total Engineering Services 778,227 0 12 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2007 TAX LEVY Amount Amount Budgeted Levied 05 Traffic Control & Street Lighting Personal Services 89,589 0 Employee Benefits 28,891 0 Contractual Services 24,360 0 Utilities 90,000 0 Commodities & Supplies 40,000 0 Total Traffic Signals & Street Lighting 272,840 0 Total Public Works - Engineering 1,051,067 0 61 Community Service Programs 01 Community Groups & Misc. Contractual Services 116,100 0 Other Expenditures 10,000 0 Total Community Groups & Misc. 126,100 0 03 4th of July & Civic Events, Etc. Personal Services 80,000 0 Employee Benefits 13,680 0 Contractual Services 29,110 0 Commodities & Supplies 13,895 0 Total 4th of July & Civic Events, Etc. 136,685 0 04 Holiday Decorations Personal Services 6,730 0 Employee Benefits 2,383 0 Contractual Services 63,665 0 Commodities & Supplies 14,400 0 Total Holiday Decorations 87,178 0 05 Blood Donor Program Personal Services 1,920 0 Employee Benefits 147 0 Commodities & Supplies 820 0 Total Blood Donor Program 2,887 0 Total Community Service Programs 352,850 0 13 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2007 TAX LEVY 82 Retiree Pensions 01 Miscellaneous Pensions Pension Benefits Total Miscellaneous Pensions Total Retiree Pensions TOTAL BUDGET FOR GENERAL FUND AMOUNT TO BE RAISED BY TAX LEVY ADD 2% FOR LOSS & COST OF COLLECTION TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR GENERAL FUND ARTICLE II - REFUSE DISPOSAL FUND 56 Public Works - Refuse Disposal 01 Refuse Disposal Program Personal Services Employee Benefits Other Employee Costs Contractual Services Utilities Insurance Commodities & Supplies Total Refuse Disposal Program 2 Refuse Leaf Removal Program Personal Services Employee Benefits Commodities & Supplies Total Leaf Removal Program TOTAL REFUSE DISPOSAL FUND TOTAL BUDGET FOR REFUSE DISPOSAL FUND AMOUNT TO BE RAISED BY TAX LEVY ADD 2% FOR LOSS & COST OF COLLECTION TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR REFUSE DISPOSAL FUND 14 Amount Budgeted Amount Levied 44,533 44,533 44,533 o o o 39,470,568 7,620,047 152,401 7,772,448 85,369 0 28,082 0 1,785 0 3,654,352 2,026,075 590 0 52,660 0 3,000 0 3,825,838 2,026,075 145,175 0 43,364 0 15,230 0 203,769 0 4,029,607 2,026,075 4,029,607 2,026,075 40,522 2,066,597 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2007 TAX LEVY ARTICLE III - SERIES 1999 DEBT SERVICE FUND, DOWNTOWN REDEVELOPMENT 81 Debt Service 03 G.O.Bonds - Tax Increment Bond Principal Interest Expense Bank and Fiscal Fees Total G.O.Bonds - Tax Increment Total Debt Service TOTAL SERIES 1999 DEBT SERVICE FUND TOTAL BUDGET FOR SERIES 1999 DEBT SERVICE FUND AMOUNT TO BE RAISED BY TAX LEVY ADD 2% FOR LOSS & COST OF COLLECTION TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR SERIES 1999 DEBT SERVICE FUND, DOWNTOWN REDEVELOPMENT ARTICLE IV - SERIES 2000 DEBT SERVICE FUND, FLOOD CONTROL 81 Debt Service 04 G.O.Bonds - Flood Control Bond Principal Interest Expense Bank and Fiscal Fees Total G.O.Bonds - Flood Control Total Debt Service TOTAL SERIES 2000 DEBT SERVICE FUND TOTAL BUDGET FOR SERIES 2000 DEBT SERVICE FUND, FLOOD CONTROL AMOUNT TO BE RAISED BY TAX LEVY ADD 2% FOR LOSS & COST OF COLLECTION TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR SERIES 2000 DEBT SERVICE FUND, FLOOD CONTROL 15 Amount Budgeted Amount Levied 1,655,000 0 99,300 0 600 0 1,754,900 0 1,754,900 0 1,754,900 0 1,754,900 0 0 0 950,000 0 48,925 0 600 0 999,525 0 999,525 0 999,525 0 999,525 0 0 0 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2007 TAX LEVY ARTICLE V - SERIES 2001 DEBT SERVICE FUND, PUBLIC BUILDINGS 81 Debt Service 02 G.O.Bonds - Property Taxes Bond Principal Interest Expense Bank and Fiscal Fees Total G.O.Bonds - Property Taxes Total Debt Service TOTAL SERIES 2001 DEBT SERVICE FUND TOTAL BUDGET FOR SERIES 2001 DEBT SERVICE FUND, PUBLIC BUILDINGS AMOUNT TO BE RAISED BY TAX LEVY ADD 2% FOR LOSS & COST OF COLLECTION TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR SERIES 2001 DEBT SERVICE FUND, PUBLIC BUILDINGS ARTICLE VI - SERIES 2003 DEBT SERVICE FUND, PUBLIC BUILDINGS 81 Debt Service 02 G.O.Bonds - Property Taxes Bond Principal Interest Expense Bank and Fiscal Fees Total G.O.Bonds - Property Taxes Total Debt Service TOTAL SERIES 2001 DEBT SERVICE FUND TOTAL BUDGET FOR SERIES 2003 DEBT SERVICE FUND, PUBLIC BUILDINGS AMOUNT TO BE RAISED BY TAX LEVY ADD 2% FOR LOSS & COST OF COLLECTION TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR SERIES 2003 DEBT SERVICE FUND, PUBLIC BUILDINGS 16 Amount Budgeted Amount Levied 210,000 210,000 174,665 174,665 600 0 385,265 384,665 385,265 384,665 385,265 384,665 385,265 384,665 7,693 392,358 495,000 495,000 415,994 415,994 600 0 911,594 910,994 911,594 910,994 911,594 910,994 911,594 910,994 18,220 929,214 J VILLAGE OF MOUNT PROSPECT, ILLINOIS 2007 TAX LEVY ARTICLE VII - POLICE PENSION FUND 82 Retiree Pensions 02 Police Pensions Pension Benefits Contractual Services Commodities and Supplies Total Police Pensions Total Retiree Pensions TOTAL POLICE PENSION FUND TOTAL BUDGET FOR POLICE PENSION FUND AMOUNT TO BE RAISED BY TAX LEVY ADD 2% FOR LOSS & COST OF COLLECTION TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR POLICE PENSION FUND ARTICLE VIII - FIREFIGHTERS' PENSION FUND 82 Retiree Pensions 03 Firefighters' Pensions Pension Benefits Contractual Services Other Supplies Total Firefighters' Pensions Total Retiree Pensions TOTAL FIREFIGHTERS' PENSION FUND TOTAL BUDGET FOR FIREFIGHTERS' PENSION FUND AMOUNT TO BE RAISED BY TAX LEVY ADD 2% FOR LOSS & COST OF COLLECTION TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR FIREFIGHTERS' PENSION FUND 17 Amount Budgeted Amount Levied 2,470,583 1,408,423 4,300 0 250 0 2,475,133 1,408,423 2,475,133 1,408,423 2,475,133 1,408,423 2,475,133 1,408,423 28,168 1,436,591 2,636,208 1,389,833 1,500 0 250 0 2,637,958 1,389,833 2,637,958 1,389,833 2,637,958 1,389,833 2,637,958 1,389,833 27,797 1,417,630 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2007 TAX LEVY ARTICLE IX - MOUNT PROSPECT LIBRARY FUND 95 Mount Prospect Library 02 Library Services Component Unit Expenditures Bond Principal Interest Expense Total Library Services TOTAL MOUNT PROSPECT LIBRARY FUND TOTAL BUDGET FOR MOUNT PROSPECT LIBRARY FUND AMOUNT TO BE RAISED BY TAX LEVY - Component Unit Expenditures AMOUNT TO BE RAISED BY TAX LEVY - Bond Principal and Interest ADD 2% FOR LOSS & COST OF COLLECTION TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR MOUNT PROSPECT LIBRARY FUND 18 7,001,953 6,491,664 775,000 775,000 766,621 766,621 8,543,574 8,033,285 8,543,574 8,033,285 8,543,574 6,491,664 1,541,621 160,665 8,193,950 Amount Budgeted Amount Levied VILLAGE OF MOUNT PROSPECT, ILLINOIS 2007 TAX LEVY SUMMARY Amount Total to be Raised Amount Tax Levy Amount by for Loss Incl. Loss Article Fund Budgeted Tax Levy and Cost and Cost I General $ 39,470,568 7,620,047 152,401 7,772,448 II Refuse Disposal 4,029,607 2,026,075 40,522 2,066,597 III Series 1999 Debt Service, TIF 1,754,000 o (a) 0 0 IV Series 2000 Debt Service, Flood Ctrl. 999,525 o (a) 0 0 V Series 2001 Debt Service, Public Bldgs 385,265 384,665 7,693 392,358 VI Series 2003 Debt Service, Public Bldgs. 911,594 910,994 18,220 929,214 VII Police Pension Fund 2,475,133 1,408,423 28,168 1,436,591 VIII Firefighters' Pension Fund 2,637,958 1,389,833 27,797 1,417,630 Village Totals 52,663,650 13,740,037 274,801 14,014,838 IX Mount Prospect Library Library Services 7,001,953 6,491,664 129,833 6,621,497 Library Debt Service 1,541,621 1,541,621 30,832 1,572,453 Library Totals 8,543,574 8,033,285 160,665 8,193,950 Village and Library Totals 61,207,224 21,773,322 435,466 22,208,788 (a) Amount to be raised by tax levy has been reduced by planned abatements totaling $2,753,225. 19 Section 3: The sum of $451,800 is estimated to be received from personal property replacement tax revenue during the fiscal year commencing January 1, 2007 and ending December 31, 2007 and has been included herein as funds to be derived from sources other than property taxes for general obligation bonds and interest, pensions, library services and general corporate purposes. Section 4: That the County Clerk is directed to add 2% to the requested tax levy as a provision for loss and cost. Section 5: That the Village Clerk of the Village of Mount Prospect is hereby directed to certify a copy of this Ordinance and is hereby authorized and directed to file a copy of the same with the County Clerk of Cook County, Illinois, within the time specified by law. Section 6: That, if any part or parts of this Ordinance shall be held to be unconstitutional or otherwise invalid, such constitutionality or invalidity, shall not affect the validity of the remaining parts of this Ordinance. The President and Board of Trustees of the Village of Mount Prospect hereby declares that they would have passed the remaining parts of the Ordinance of they had known that such parts or parts thereof would be declared unconstitutional or otherwise invalid. Section 7: That this Ordinance shall be in full force and effect from and after its passage, approval, publication in pamphlet form and recording, as provided by law. AYES: NAYS: ABSENT: PASSED and APPROVED this _ day of December, 2007. Irvana K. Wilks Mayor ATTEST: M. Lisa Angell Village Clerk H:\CLKO\fi1es\WIN\ORDINANC\Levy Ordinance - Last Page -dec 2007.doc 20 ORDINANCE NO. AN ORDINANCE AUTHORIZING THE LEVY AND COLLECTION OF TAXES FOR THE MUNICIPAL PURPOSES OF SPECIAL SERVICE AREA NUMBER FIVE OF THE VILLAGE OF MOUNT PROSPECT FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2007 AND ENDING DECEMBER 31, 2007 PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES the _ day of , 2007 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois the _ day of , 2007. ORDINANCE NO. AN ORDINANCE AUTHORIZING THE LEVY AND COLLECTION OF TAXES FOR THE MUNICIPAL PURPOSES OF SPECIAL SERVICE AREA NUMBER FIVE OF THE VILLAGE OF MOUNT PROSPECT FOR THE FISCAL YEAR BEGINNING JANUARY 1,2007 AND ENDING DECEMBER 31,2007 NOW THEREFORE, BE IT ORDAINED BY THE President and Board of Trustees of the Village of Mount Prospect, Cook County, Illinois: Section 1: That the sum of One Million Five Hundred Fifteen Thousand Four Hundred Sixty- Four Dollars ($1,515,464), the same being the total amount to be levied of budget appropriations heretofore made for the municipal purposes for the fiscal year beginning January 1, 2007, and ending December 31, 2007, as approved by the President and Board of Trustees of the Village of Mount Prospect, be and the same is hereby levied on all taxable property within the Special Service Area Number 5 of the Village of Mount Prospect according to the valuation of said property as is, or shall be, assessed or equalized by State and County purposes for the current year 2007. The budgetary appropriations having been made heretofore by the President and Board of Trustees ofthe Village of Mount Prospect were passed and approved by Ordinance No. 5599 at a meeting hereof regularly convened and held in said Village of Mount Prospect, Illinois on the 19th day of December, 2006, and as amended by Ordinance No. 5622 passed and approved on the 18th day of April, 2007, and further amended by Ordinance No. 5662 passed and approved on the 20th day of November, 2007 and thereafter duly published according to law, the various objects and purposes for said budgetary appropriations were heretofore made are set forth under the column entitled "Amount Budgeted," and the specific amount herein levied for each object and purpose is set forth under the column entitled "Amount Levied" in Article I. Section 2: That the County Clerk is directed to add 2% to the requested tax levy as a provision for loss and cost. Section 3: That the Village Clerk of the Village of Mount Prospect is hereby directed to certify a copy of this Ordinance and is hereby authorized and directed to file a copy of the same with the County Clerk of Cook County, Illinois, within the time specified by law. Section 4: That, if any part of this Ordinance shall be held to be unconstitutional or otherwise invalid, such unconstitutionality or invalidity, shall not affect the validity of the remaining parts of this Ordinance. The President and Board of Trustees of the Village of Mount Prospect hereby declares that they would have passed the remaining parts of the Ordinance if they had known that such part or parts thereof would be declared unconstitutional or otherwise invalid. 1 Section 5: That this Ordinance shall be in full force and effect from and after its passage, approval, publication in pamphlet form and recording, as provided by law. AYES: NAYS: ABSENT: PASSED and APPROVED this day of , 2007 Irvana K. Wilks Mayor ATTEST: M. Lisa Angell Village Clerk H:\CLKO\fiIes\WIN\ORDINANC\Levy Ordinance - Special Service Area 5 - 2007.doc 2 ARTICLE 1 - SPECIAL SERVICE AREA NO.5 610 Lake Water Acquisition 6105512-540800 6105512-540815 SSA #5 JAWA Water SSA #5 JAWA Fixed Costs TOTAL APPROPRIATED FOR SPECIAL SERVICE AREA NO.5 LAKE WATER ACQUISITION AMOUNT TO BE RAISED BY TAX LEVY ADD 2% FOR LOSS AND COST OF COLLECTION TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR SPECIAL SERVICE AREA NO.5 SUMMARY Article Special Service Area No.5 Amount Budaeted 3,565,000 Amount to be Levied 1,515,464 Amount Budgeted 2,448,000 1,117,000 3,565,000 Amount for Loss & Cost 30,309 Amount Levied 398,464 1,117,000 1,515,464 30,309 1,545,773 Total Tax Levv 1,545,773 ORDINANCE NO. AN ORDINANCE TO ABATE A PART OF THE TAXES LEVIED FOR CORPORATE AND MUNICIPAL PURPOSES OF THE VILLAGE OF MOUNT PROSPECT, ILLINOIS FOR THE FISCAL YEAR BEGINNING JANUARY 1,2007 AND ENDING DECEMBER 31,2007 PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES the _ day of ,2007 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois, the _ day of , 2007. ORDINANCE NO. AN ORDINANCE TO ABATE A PART OF THE TAXES LEVIED FOR CORPORATE AND MUNICIPAL PURPOSES OF THE VILLAGE OF MOUNT PROSPECT, ILLINOIS FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2007 AND ENDING DECEMBER 31,2007 BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: Section One: The President and Board of Trustees of the Village of Mount Prospect find as follows: A. That pursuant to Village Ordinance No. 4999 adopted March 2, 1999 and authorizing issuance of general obligation bonds for financing the acquisition ofland within the Village's District No.1 Tax Increment Redevelopment Project Area there was levied for the year 2007 the sum of$l, 754,300.00 for bond principal and interest payments. B. That pursuant to Village Ordinance No. 5114 adopted June 6, 2000 and authorizing issuance of general obligation bonds for financing various flood control capital improvement projects there was levied for the year 2007 the sum of$998,925.00 for bond principal and interest payments. F. That as of December 1, 2007 there is available in the Village's Downtown Redevelopment Fund the amount of$l, 754,300.00 for application to bond principal and interest payments for the bonds issued pursuant to Village Ordinance No. 4999 adopted March 2, 1999. G. That as of December 1,2007 there is available in the Village's Series 2000 General Obligation Bond and Interest Fund the sum of$998,925.00 for application to bond principal and interest payments for the bonds issued pursuant to Village Ordinance No. 5114 adopted June 6, 2000. Section Two: It is hereby declared by the President and Board of Trustees of the Village of Mount Prospect that the amount of $1,754,300.00 levied for G.O. Bond and Interest payments for the purpose of funding property acquisition within the Village's District No. 1 Tax Increment Redevelopment Project Area pursuant to Ordinance No. 4999 be and the same is hereby abated in the amount of $1,754,300.00 being the entire amount levied for such bond and interest payment purposes for the fiscal year commencing January 1, 2007 and ending December 31, 2007. 1 Section Three: It is hereby declared by the President and Board of Trustees of the Village of Mount Prospect that the amount of$998,925.00 levied for G.O. Bond and Interest payments for the purpose of funding various flood control capital improvement projects pursuant to Ordinance No. 5114 be and the same is hereby abated in the amount of$998,925.00 being the entire amount levied for such bond and interest payment purposes for the fiscal year commencing January 1,2007 and ending December 31, 2007. Section Six: Village Ordinance Nos. 4999 and 5114 are and each is hereby amended with respect to the tax abatements declared herein and set forth in Sections Two and Three of this Ordinance. Section Seven: The Village Clerk of the Village of Mount Prospect is hereby authorized and directed to file a certified copy of this Ordinance with the County Clerk of Cook County, Illinois within the time specified by law: Section Eight: This Ordinance shall be in full force and effect upon its passage, approval and publication in pamphlet form and filing as provided by law. AYES: NAYS: ABSENT: PASSED and APPROVED this _ day of ,2007. Irvana K. Wilks Mayor ATTEST: M. Lisa Angell Village Clerk H:\CLKO\files\WIN\ORDINANC\General Village Levy Abatement Ordinance - 2007.doc 2 Mount Prospect INTEROFFICE MEMORANDUM Village of Mount Prospect Mount Prospect, Illinois FROM: MICHAEL JANONIS, VILLAGE MANAGER DIRECTOR OF FINANCE ~. ~~. 12. &.(of 0'1 TO: DATE: NOVEMBER 27, 2007 SUBJECT: PROPOSED 2008 BUDGET PURPOSE: To present for the Village Board's consideration an ordinance adopting the annual budget for the fis al year beginning January 1, 2008 and ending December 31,2008. BACKGROUND: The Village Manager released his proposed budget on October 5, 2007. Over the past two months the Finance Commission met four times to review the document. The Village Board, meeting as a Committee of the Whole, reviewed the document on October 23rd and November 13th. DISCUSSION: Attached hereto are changes to the proposed 2008 budget that resulted from the above-mentioned meetings held with the Village Board and Finance Commission. Changes to the 2008 Proposed Budget Total Village revenues were increased $210,000 from $88,851 ,655 to $89,061 ,655 while total Village expenditures increased $466,000 from $87,000,279 to $87,466,279. These figures do not include the budget for the Mount Prospect Public Library. Included with this memo is a spreadsheet detailing the changes from the proposed budget for total Village revenues and expenditures. General Fund: The increase in total revenue for the Village is the result of adjustments to two accounts in this fund. The first account is the Real Estate Transfer Tax. $700,000 was originally projected for 2008. After reviewing the activity for 2007 it was felt that the Village could realize an additional $85,000 in 2008. This tax is expected to generate $800,000 during 2007, in what is seen as an extreme down market. The second change will account for a grant from the Regional Technical Assistance Program (RTAP) in the amount of $125,000. This is a matching grant that requires the Village to cover $25,000 of the project's cost. Total budgeted revenues for 2008 now total $39,971,831. Total expenditures for 2008 are also expected to increase $210,000 to $39,971 ,831. Adjustments to three line items account for the change from the original proposed budget. $40,000 was added to the Information Technology budget to support a security review of the IT system. It is anticipated that an outside vendor will be contracted to perform a complete review of the Village IT network. $150,000 is being added to cover the cost of the work related to the RT AP grant. This grant provides for consulting services for the study of transportation needs in the area. $20,000 is being included in the budget for an Employer Homebuyer Assistance Program. This employee benefit provides for financial assistance to Village employees similar to the home-buyer assistance program offered to the general public. Community Development Block Grant Fund: Two adjustments were made to the proposed budget of this fund that have a net affect of zero. $50,000 was budgeted for corridor improvements in the Dempster/Algonquin/Busse corridor. This account was reduced by $25,000 while the Algonquin Road A 2008 Proposed Budget November 27, 2007 Page 2 District Improvements account was increase by the same amount. The adjustment was done to account for a carry-over project from the 2007 budget. Water & Sewer Fund: The budget for water purchased from the Joint Action Water Agency (JAWA) was increased $256,000 reflecting a 15% increase from the prior year. In a letter dated November 13, 2007, the Village was notified that water rates to JAWA will be increasing 15%, 15% and 14% over the next three years. Changes to the budget reflect the rate increase. Library Fund: At the time the proposed budget was prepared and distributed, the Mount Prospect Public Library budget, included in the Village's budget as a component unit, was not yet available. The Library's budget for 2008 reflects revenues and expenditures of $8,645,501. Included in their budget is $1,542,621 for debt service on the Library's Series 2002 G.O. and Series 2006 Refunding bonds the Village issued on their behalf. A copy of the Library's 2008 budget and 2007 tax levy as approved by the Library Board is attached for your review. Changes to 2009 Forecast Budget Total Village revenues increased $100,000 from the forecast budget amount. The Real Estate Transfer Tax was increased from $700,000 to $800,000 to reflect what is expected to be generated by this revenue source. Total Village expenditures increased $560,000 for water purchased from the City of Chicago through JAWA. Changes impacting the 2008 budget for the purchase of water also carried over into the 2009 forecast budget. Summary With the aforementioned changes, the proposed 2008 budget for the Village totals $96,111,780 (including the Library). This represents a 6.4% increase from the current 2007 budget. Projected revenues for the Village in 2008 are $97,707,156. This is an increase of 9.1 %. A public hearing on the proposed budget has been scheduled for December 18th. Notice of the public hearing will be published in the Daily Herald on December 6, 2007. The proposed ordinance attached will officially adopt the budget for the Village of Mount Prospect. Once the ordinance is passed, the Finance Department will revise the budget document to incorporate the approved changes. We expect to have the approved budget document produced no later than January 18th. RECOMMENDATION: It is recommended the Village Board pass the accompanying draft ordinance adopting the 2008 annual budget. ~tP"a. DAVID O. ERB DIRECTOR OF FINANCE DOEI Attachment 1:\Budget 2008\Ordinance Cover Memo - 2008 Budget.doc VILLAGE OF MOUNT PROSPECT 2008 PROPOSED BUDGET SUMMARY OF RECOMMENDED CHANGES - REVENUES Account Name VILLAGE GENERAL FUND Real Estate Transfer Tax RT AP Grant Other Revenues Village General Fund. Total Revenues LIBRARY FUND Property Taxes Library Services IMRF & FICA Building Maintenance & Repair Insurance & Audit Bond & Interest Other Revenues Library Fund. Total Revenues Account Number 0010000-414400 0010000-434402 2008 Original Proposed Budget 700,000 39,061,831 39,761,831 Total Proposed Budget Revenues Total Original Proposed Budget Recommended Changes Total Proposed Budget as Amended Page 1 5,423,589 5,423,589 592,500 592,500 387,000 387,000 88,575 88,575 1,541,621 1,541,621 612,216 612,216 8,645,501 8,645,501 Recommended Change 85,000 125,000 210,000 2008 Proposed Budget As Amended 785.000 125.000 39,061.831 39,971,831 88,851,655 8,855,501 97,707,156 VILLAGE OF MOUNT PROSPECT 2008 PROPOSED BUDGET SUMMARY OF RECOMMENDED CHANGES - EXPENDITURES 2008 2008 Original Proposed Proposed Recommended Budget Account Name Account Number Budget Change As Amended VILLAGE GENERAL FUND Village Manager's Office Information Technology IT System Security 0011104-540111 40,000 40,000 Community Development Ad ministration Employer Homebuyer Assistance 0012101-540263 20,000 20,000 Planning & Zoning RT AP Grant 0021102-540284 150,000 150,000 Other General Fund Expenditures 39,761,831 39,761,831 Village General Fund - Total Expenditures 39,761,831 210,000 39,971,831 COMMUNITY DEVELOPMENT BLOACK GRANT FUND Residential Rehab Programs Corridor Improvements 0702307-620008 50,000 (25,000) 25,000 Algonquin Road District 0702307-690033 25,000 25,000 Other CDBG Fund Expenditures 696,976 696,976 CDBG Fund - Total Expenditures 746,976 746,976 WATER & SEWER FUND Lake Michigan Water Supply JAWA - Water Purchase 6105512-540800 2,192,000 256,000 2,448,000 Other Water & Sewer Fund Expenditures 9,188,493 9,188,493 Water & Sewer Fund - Total Expenditures 11,380,493 256,000 11,636,493 Page 2 VILLAGE OF MOUNT PROSPECT 2008 PROPOSED BUDGET SUMMARY OF RECOMMENDED CHANGES - EXPENDITURES Account Name Account Number 2008 Original Proposed Budget Recommended Change 2008 Proposed Budget As Amended LIBRARY FUND Library Fund - Total Expenditures 9509502-900110 4,065,391 4,065,391 9509502-900120 599,623 599,623 9509502-900130 361,734 361,734 9509502-900140 60,190 60,190 9509502-900150 108,144 108,144 9509502-900155 56,399 56,399 9509502-900160 89,815 89,815 9509502-900170 103,875 103,875 9509502-900171 89,275 89,275 9509502-900200 67,100 67,1 00 9509502-900210 136,000 136,000 9509502-900220 62,730 62,730 9509502 -900225 127,908 127,908 9509502-900226 52,300 52,300 9509502-900300 380,000 380,000 9509502-900310 138,900 138,900 9509502-900311 128,496 128,496 9509502-900313 375,000 375,000 9509502-900330 100,000 100,000 9509502-900700 1,542,621 1,542,621 8,645,501 8,645,501 Salaries IMRF Pension Medical Insurance Postage/Printing Program Expenditures Outside Services Supplies Other Expenses Audit & Insurance Building Maintenance Building Utilities Equipment Maintenance Equipment Other Building Expenses Books & Print Items Non-Print Items Other Materials Building & Equipment Fund Gift Fund Bond & Interest Total Proposed Budget Expenditures Total Original Proposed Budget Recommended Changes Total Proposed Budget as Amended 87,000,279 9,111,501 96,111,780 Page 3 RESOLUTION NO. 2007 A RESOLUTION APPROVING AND CERTIFYING THE 2008 BUDGET AND 2007 TAX LEVY DETERMINATION WHEREAS, heretofore the Board of Trustees of the Mount Prospect Public Library, Mount Prospect, Illinois, at open and public meetings have considered the financing requirements of the Mount Prospect Library for the year commencing January 1, 2007; and WHEREAS, the Board of Trustees of the Mount Prospect Public Library has determined the financial requirements of the Mount Prospect Public Library for the ensuing year and has caused to be made, a statement thereof, a copy of which is attached hereto and marked "Exhibit A,. for inclusion in the 2008 budget of the Village of Mount Prospect; and WHEREAS, the Board of Trustees of the Mount Prospect Public Library has further determined the amount of money which in its judgment, it will be necessary to levy for library purposes in the 2007 tax levy ordinance to be adopted by the President and Board of Trustees of the Village of Mount Prospect; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE MOUNT PROSPECT PUBLIC LIBRARY, VILLAGE OF MOUNT PROSPECT: SECTION ONE: That the financial requirements for library purposes of the Mount Prospect Public Library require the budget for the year commencing January 1, 2008, and ending December 31, 2008, the sum of $8,645,501 such to be included within the 2008 Budget of the Village of Mount Prospect, Illinois. SECTION TWO: That the amount of money hereby determined by the Board of Trustees of the Mount Prospect Public Library to be necessary for library purposes and to .be included in the 2007 tax levy and to be levied and collected in like manner with the other general taxes of the Village of Mount Prospect and that such taxes to be paid directly by the County Collector to the Library Fund: $8,033,285. Expenditures from the Library Fund shall be under the direction of the Board of Trustees of the Mount Prospect Public Library. SECTION THREE: That the Secretary of the Board of Trustees of the Mount Prospect Public Library file a copy of this Resolution, with the Village Clerk of the Village of Mount Prospect, for transmittal to the President and Board of Trustees of the Village of Mount Prospect SECTION FOUR: That, if necessary, a committee hereof confer with the Board of Trustees of the Village of Mount Prospect or a committee thereof, or appear before the said Village Board, as may be necessary in conjunction with the enactment of the 2008 Budget and 2007 Levy. SECTION FIVE: That if any part or parts of this Resolution shall be held to be unconstitutional, such unconstitutionality shall not affect the validity of the remaining parts of this Resolution. The Board of Trustees of the Mount Prospect Public Library hereby declares that it would have passed the remaining parts of this Resolution if it had known that such part or parts thereof would be declared unconstitutional. SECTION SIX: That this Resolution shall be in full force and effect as of October 18, 2007. AYES: NAYS: ABSENT: Draznin, Everett, Hinaber, Tani, Walters, Zulaski None Fuller PASSED THIS 18th day of October, 2007. The undersigned, President of the Board of Trustees of the Mount Prospect Public Library, Village of Mount Prospect, Illinois, does certify that the foregoing Resolution was duly adopted by the vote specified at a legally convened meeting of the Board of Trustees of the Mount Prospect Public Library held at the Mount Prospect Public Library building on the 18th day of October, 2007. a n, President MOUNT PROSPECT PUBLIC LIBRARY EXHIBIT A 2008 Budget and 2007 Tax Levy 2008 Budget 2007 Tax Levy Fund Amount Request LIBRARY GENERAL FUND Salaries & Benefits 4110 Salaries $ 4,059,391 $ 4,050,000 4120 I M R F Pension 289,080 287,500 4130 FICA&M/C 310,543 305,000 4140 Medical Insurance 361,734 355,000 4150 Unemployment Camp 6,000 5,000 Totals $ 5,026,748 $ 5,002,500 Management Expense 4210 Audit $ 3,575 $ 3,575 4220 Legal Fees 20,000 15,000 4230 Printing 37,090 32,000 4240 Community Services 79,889 70,000 4250 Programs ; 28,255 25,000 4260 Professional Dues : 7,025 7,000 4270 Board 6,000 6,000 4280 Human Resources 64,650 54,656 4290 Other Operating Expense 6,200 6,000 Totals $ 252,684 $ 219,231 Operating Expenses 4310 Telecommunications $ 30,000 $ 30,000 4320 Insurance 85,700 85,000 4340 Office Supplies 30,115 30,000 4350 Library Supplies 24,000 24,000 4360 Postage 23,100 23,000 4370 Consultant Services 5,000 5,000 4380 Contract Services 15,120 15,000 4390. Computer Services 36,279 35,000 Totals $ 249,314 $ 247,000 Building Maintenance Costs 4410 Building Maintenance $ 67,100 $ 60,000 4420 Equipment Maintenance 62,730 57,000 4430 Equipment Rental 26,808 20,000 4440 Janitorial 52,300 50,000 4450 Equipment 101,100 100,000 4460 Utilities 106,000 100,000 Totals $ 416,038 $ 387,000 (Continued On the Next Page) 1 of 2 Pages MOUNT PROSPECT PUBLIC LIBRARY EXHIBIT A 2008 Budget and 2007 Tax Levy 2008 Budget 2007 Tax Levy Fund Amount Request LIBRARY GENERAL FUND (Continued) . Library Materials 4610 Aduh Print $ 233,000 $ 225,000 4620 Aduh A V 82,000 80,000 4630 Y outb Print 128,000 120,000 4640 YoutbAV 34,500 30,000 4650 Subscriptions 19,000 15,000 . 4660 Electronic Resources 122,046 111,000 4661 Electronic Media 6,450 5,000 4670 Microfonn 22,400 20,000 ## 4680 Processing Supplies 35,700 29,933 Totals $ 683,096 $ 635,933 GENERAL FUND TOTALS $ 6,627,880 $ 6,491,664 DEBT SERVICE FUND 3701 Interest Payments $ 766,621 766,621 3711 Principal Payments 775,000 775,000 3800 Fiscal Agent Fees 1,000 DEBT SERVICE FUND TOTALS $ 1,542,621 $ 1,541,621 BUILDING & EQUIPMENT FUND 7705 Building and Grounds $ 48,000 $ 7730 Library Equipment 65,000 7735 Library Furnishing 27,000 7750 Other Building Projecs 110,000 7760 Trans To Library Operating Fund 125,000 BUILDING FUND TOTALS $ 375,000 S GIFT FUND 8740 Library Special Projects $ 60,000 $ 8990 Contingencies 40,000 GIFT FUND TOTALS S 100,000 S ALL FUNDS - TOTALS S 8,645,501 $ 8,033,285 2007 TAX LEVY SUMMARY Levy Total Request 2% Loss Tax Levy Library Fund Levy $ 6,491,664 $ 129,833 $ 6,621,497 Library Bonds & Interest Levy 1,541,621 30,832 1,572,453 TOTAL LmRARY TAX LEVY S 8,033,285 S 160,665 $ 8,193,950 2 of 2 Pages ORDINANCE NO. AN ORDINANCE ADOPTING AN ANNUAL BUDGET FOR THE VILLAGE OF MOUNT PROSPECT FOR THE FISCAL YEAR COMMENCING JANUARY 1,2008 AND ENDING DECEMBER 31,2008 IN LIEU OF PASSAGE OF AN APPROPRIATION ORDINANCE PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES the _ day of ,2007 Published in pamphlet fonn by authority of the corporate authorities of the Village of Mount Prospect, Illinois the _ day of , 2007. ORDINANCE NO. AN ORDINANCE ADOPTING AN ANNUAL BUDGET FOR THE VILLAGE OF MOUNT PROSPECT FOR THE FISCAL YEAR COMMENCING JANUARY 1,2008 AND ENDING DECEMBER 31,2008 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, the tentative Annual Budget for the Village of Mount Prospect for the fiscal year beginning January I, 2008 and ending December 31, 2008, 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 October 5, 2007 for public inspection, as provided by Statute; and WHEREAS, pursuant to notice duly published on December 6, 2007, a public hearing was held by the President and Board of Trustees on said tentative annual budget on December 18, 2007, as provided by Statute; and WHEREAS, following said public hearing, said tentative Annual Budget was reviewed by the President and Board of Trustees and a copy of said tentative 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 1,2008 and ending December 31,2008, 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: Within thirty (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 I, 2008 and ending December 31,2008, duly certified by the Chief Fiscal Officer. 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: PASSED AND APPROVED this day of ,2007. ATTEST: Irvana K. Wilks Mayor M. Lisa Angell Village Clerk H:\CLKO\fiIes\WIN\ORDINANC\2008 Budget Ordinance. doc VILLAGE OF MOUNT PROSPECT 2008 BUDGET SUMMARY TOTAL VILLAGE BUDGET 2006 2007 2007 2008 2009 Actual Budget Estimate Budget Forecast REVENUES AND OTHER SOURCES Property Taxes 13,010,983 13,374,952 13,612,676 13,873,756 14,497,500 Other Taxes 14,359,742 15,384,659 14,146,156 15,909,500 16,272,500 Licenses, Permits & Fees 3,234,467 2,954,888 3,337,529 3,283,900 3,328,100 Intergovernmental Revenue 16,632,591 16,480,809 17,158,638 18,133,476 17,820,776 Charges for Service 19,694,091 21,409,733 21,181,721 22,053,887 23,182,574 Fines and Forfeits 553,146 553,000 608,500 598,500 598,500 Investmentlncorne 8,300,292 5,501,950 5,906,950 6,893,250 6,981,250 Reimbursements 336,763 271,240 271,000 220,000 223,000 Other Revenue 4,956,214 4,972,704 5,107,364 5,535,386 5,952,932 Interfund Transfers 548,292 Other Financing Sources 64,753 60,000 60,000 2,560,000 60,000 Village Revenues and Other Sources 81,691,334 80,963,935 81,390,534 89,061,655 88,917,132 Mount Prospect Library Revenues 7,839,781 8,572,028 8,572,028 8,645,501 (a) Total Revenues and Other Sources 89,531,115 89,535,963 89,962,562 97,707,156 88,917,132 BUDGET EXPENDITURES Village Operating Budget 50,446,008 55,421,034 56,325,011 57,272,858 58,806,614 Village Capital Budget 6,129,324 8,897,838 7,6 I 1,195 11,794,775 8,357,500 Debt Service Budget 3,971,001 4,163,928 4,179,528 4,664,639 1,905,202 Pension Systems Budget 5,037,566 5,137,624 5,246,844 5,409,150 5,539,550 Internal Services Budget (b) 7,099,580 8,150,304 8,012,243 8,324,857 9,005,234 Total Village Expenditures 72,683,479 81,770,728 81,374,821 87,466,279 83,614,100 Mount Prospect Library Budget 5,639,651 8,572,028 8,572,028 8,645,501 (a) Total Expenditures (d) 78,323,130 90,342,756 89,946,849 96,111,780 83,614,100 CHANGES IN FUND BALANCES (d) Excess (Deficiency) of Revenues & Other Sources Over Expenditures 11,207,985 (806,793) 15,713 1,595,376 5,303,032 Fund Balances Start of Budget Year 106,032,921 117,240,906 117,240,906 117,256,619 118,851,995 End of Budget Year 117,240,906 116,434,1 13 117,256,619 118,851,995 124,155,027 Less: Pension Fund Balances ( c ) (80,251,532) (79,207,198) (83,138,261) (87,334,511) (91,998,261 ) Available Fund Balances 36,989,374 37,226,915 34,118,358 31,517,484 32,156,766 (a) Not available as of December 18,2007. (b) Internal Services Budget includes Vehicle Maintenance Fund and Risk Management Fund. The Equipment Replacement Fund and Computer Replacement Fund are included in the Village Capital Budget. (c) Pension Fund Balances are reserved for pension benefits and not available for appropriation. (d) Does not include the results of operation of the Mount Prospect Library for 2009 Forecast. VILLAGE OF MOUNT PROSPECT 2008 BUDGET SUMMARY REVENUES AND OTHER SOURCES BY REVENUE TYPE 2006 2007 2007 2008 2009 Actual Budget Estimate Budget Forecast PROPERTY TAXES 13,010,983 13,374,952 13,612,676 13,873,756 14,497,500 OTHER TAXES Home Rule Sales Tax 3,896,51 I 4,080,000 3,866,249 5,304,000 5,412,000 Food & Beverage Tax 755,045 775,000 775,000 798,500 822,500 Special Service Area Taxes 1,541,494 1,534,100 1,508,500 1,508,500 1,508,500 Property Tax Increment 2,093,020 2,308,359 2,224,407 2,480,000 2,670,000 Real Estate Transfer Tax 1,082,498 1,331,000 800,000 785,000 800,000 Otility Taxes 4,359,595 4,8 I 8,000 4,420,000 4,474,500 4,495,500 Municipal Motor Fuel Tax 415,648 328,700 360,000 363,500 367,000 Other Taxes 215,931 209,500 192,000 195,500 197,000 14,359,742 15,384,659 14,146,156 15,909,500 16,272,500 LICENSES, PERMITS & FEES Vehicle Licenses 1,379,430 1,385,000 1,405,000 1,405,000 1,405,000 Other Licenses 346,058 341,500 361,000 355,500 355,500 Permit Fees 760,050 532,000 553,000 568,500 585,000 Franchise Fee 408, I 29 375,000 467,500 491,000 5 I 6,000 Other Fees 340,800 321,388 551,029 463,900 466,600 3,234,467 2,954,888 3,337,529 3,283,900 3,328,100 INTERGOVERNMENTAL REVENUE State Sales Tax 8,824, I 03 8,5 I 1,000 8,850,000 9,027,000 9,207,500 State Income Tax 4,606,804 4,524,000 4,900,000 5,126,000 5,255,000 State Motor Fuel Tax 1,647,423 1,587,500 1,664,000 1,664,000 1,664,000 Other State Taxes 1,068,256 1,071,500 1,138,438 1,192,000 1,226,000 Community Devl Block Grant 283,900 489,809 478,000 666,976 413,076 Other Grants 202,105 297,000 128,200 457,500 55,200 16,632,591 16,480,809 17,158,638 18,133,476 17,820,776 CHARGES FOR SERVICE Water & Sewer Charges 8,460,405 9,420,000 9,072,500 9,780,000 10,230,000 Parking Charges 191,887 198,000 190,100 190,000 190,000 Refuse Disposal Charges 2,039,084 2,211,475 2,219,000 2,278,000 2,344,500 Internal Service Fund Charges 7,815,485 8,028,251 8,028,251 8,075,262 8,632,399 Other Service Charges 1,187,230 1,552,007 1,671,870 1,730,625 1,785,675 19,694,091 21,409,733 21,181,721 22,053,887 23,182,574 FINES AND FORFEITS 553,146 553,000 608,500 598,500 598,500 INVESTMENT INCOME General Fund 474,141 397,000 520,500 461,000 411,000 Pension Funds 6,796,262 4,335,500 4,239,000 5,372,000 5,634,000 Other Funds 1,029,889 769,450 1,147,450 1,060,250 936,250 8,300,292 5,501,950 5,906,950 6,893,250 6,981,250 VILLAGE OF MOUNT PROSPECT 2008 BUDGET SUMMARY REVENUES AND OTHER SOURCES BY REVENUE TYPE 2006 2007 2007 2008 2009 Actual Budget Estimate Budget Forecast REIMBURSEMENTS 336,763 271,240 271,000 220,000 223,000 OTHER REVENUE Village Police & Fire Pension Contributions 2,484,717 2,677,040 2,677,040 2,970,800 3,262,800 Developer Donations 9,400 14,500 14,500 Employee & Retiree Contributions 2,113,164 2,050,064 2,126,224 2,306,086 2,486,632 Other Revenue 348,933 231,100 289,600 258,500 203,500 4,956,214 4,972,704 5,107,364 5,535,386 5,952,932 TOTAL VILLAGE REVENUES 81,078,289 80,903,935 81,330,534 86,501,655 88,857,132 INTERFUND TRANSFERS 548,292 - I OTHER FINANCING SOURCES Bond Proceeds 2,500,000 Sale of Property 64,753 60,000 60,000 60,000 60,000 64,753 60,000 60,000 2,560,000 60,000 MOUNT PROSPECT LIBRARY REVENUES 7,839,781 8,572,028 8,572,028 8,645,501 (a) CHANGES IN FUND BALANCES (b) Total Revenues & Other Sources 89,531,115 89,535,963 89,962,562 97,707,156 88,917,132 Total Expenditures 78,323,130 90,342,756 89,946,849 96,111,780 83,614,100 Additions to <Use of.> Fund Balances 11,207,985 (806,793) 15,713 1,595,376 5,303,032 ANALYSIS OF CHANGES IN FUND BALANCES (b) Additions to Pension Fund Balances (4,993,957) 75,870,844 76,188,223 83,698,105 83,424,082 Additions to Other Fund Balances <Use ot> Other Fund Balances 16,201,942 (76,677,637) (76,172,510) (82,102,729) (78,121,050) 11,207,985 (806,793) 15,713 1,595,376 5,303,032 (a) Figures not available as of December 18,2007. (b) Does not include the Mount Prospect Library for 2009 Forecast. VILLAGE OF MOUNT PROSPECT 2008 BUDGET SUMMARY BUDGET EXPENDITURES 2006 2007 2007 2008 2009 Actual Budget Estimate Budget Forecast VILLAGE OPERATING BUDGET PUBLIC REPRESENTATION 116,279 128,280 130,030 13],]76 133,946 VILLAGE ADMINISTRATION Village Manager's Office 2, I ] 0,672 2,492,3] 0 2,427,642 2,637,569 2,583,614 Television Services Division ]74,]64 ] 78,567 ] 74,225 ]83,]64 ]92,130 Village Clerk's Office ] 95,420 205,188 207,575 208,499 215,688 Finance Department 1,676,8] 3 ],726,380 ],757,82] 1,652,794 ],652,143 Totals 4,157,069 4,602,445 4,567,263 4,682,026 4,643,575 COMMUNITY DEVELOPMENT Community Development 1,782,290 2,046,634 2,095,926 2,390,450 2,217,868 Community Development/CDBG 320,761 752,309 678,369 746,976 438,076 Totals 2,103,051 2,798,943 2,774,295 3,137,426 2,655,944 HUMAN SERVICES DEPARTMENT 728,017 756,007 771,180 787,447 818,594 PUBLIC SAFETY AND PROTECTION Police Department 12,485,88] 13,552,976 13,495,10] 14,]46,913 ]4,724,181 Fire Department 9,961,624 10,409,062 10,404,311 10,880,023 ] 1,451,045 Totals 22,447,505 23,962,038 23,899,412 25,026,936 26,175,226 PUBLIC WORKS DEPARTMENT Administration 1,179,043 ],259,759 1,260,981 1,239,180 1,286,224 StreetsIBldgslParking 2,531,375 2,758,700 3,786,557 2,832,224 2,869,809 Forestry 1,392,717 1,802,279 1,894,080 1,976,747 2,026,353 Engineering I ,297,254 ] ,294,207 1,302,368 ] ,326,046 1,588,268 Water/Sewer 9,200,273 1l,675,9]9 11,533,719 11,636,493 11,958,302 Refuse Disposal 3,752,450 4,029,607 4,050,667 4,135,231 4,271,101 Totals 19,353,112 22,820,471 23,828,372 23,145,921 24,000,057 COMMUNITY & CIVIC SERVICES 333,148 352,850 354,459 361,926 379,272 CONTINGENCIES & EQUITY TRANSFERS 1,207,827 VILLAGE OF MOUNT PROSPECT 2008 BUDGET SUMMARY BUDGET EXPENDITURES 2006 Actual 2007 Budget 2007 Estimate 2008 Budget 2009 Forecast VILLAGE CAPITAL BUDGET Village Improvements & Equip 1,124,627 891,993 783,749 1,295,875 1,401,750 Community Improvement Projects 44,996 60,000 60,000 30,000 235,000 Downtown Redevelopment Constr 840,963 2,454,287 I ,634,518 4,850,500 318,000 Flood Control Projects 299,860 244,000 94,000 515,000 510,000 Street Improvement Projects 2,819,234 3,591,698 3,514,218 3,701,000 3,632,000 Motor Equipment Replacement 857,347 1,406,810 1,284,710 1,263,900 2,069,300 Computer Replacement 142,297 249,050 240,000 138,500 191,450 Totals 6,129,324 8,897,838 7,611,195 11,794,775 8,357,500 DEBT SERVICE BUDGET Debt Service - Property Tax ] ,450,359 ] ,685,359 1,700,959 1,296,859 ] ,29] ,848 Debt Service - Tax Increment 1,013,] 88 ],069,675 1,069,675 ],754,900 Debt Service - Home Rule Sales Tax ] 1,386,84] 1,408,894 1,408,894 ],612,880 613,354 Debt Service - Home Rule Sales Tax 2 ]20,6]3 Totals 3,97] ,001 4,] 63,928 4,179,528 4,664,639 ],905,202 PENSION SYSTEMS BUDGET Miscellaneous Pensions 43,609 44,533 44,533 45,600 46,500 Police Pensions 2,419,352 2,465,133 2,512,546 2,580,050 2,647,050 Fire Pensions 2,574,605 2,627,958 2,689,765 2,783,500 2,846,000 Totals 5,037,566 5,137,624 5,246,844 5,409,]50 5,539,550 VILLAGE INTERNAL SERVICES BUDGET Vehicle Maintenance Services ],44] ,500 1,578,353 1,480,553 1,568,128 1,599,593 Risk Management Casualty and Property Insurance ] ,62] ,995 ] ,360,353 ] ,306,224 ],182,700 ] ,277,200 Medical Insurance 4,036,085 5,211,598 5,225,466 5,574,029 6,128,44] Totals 7,099,580 8,150,304 8,012,243 8,324,857 9,005,234 MOUNT PROSPECT LIBRARY BUDGET 5,639,651 8,572,028 8,572,028 8,645,50] (a) (a) Figures not available as of December 18,2007. (b) Does not include the Mount Prospect Library for 2009 Forecast. VILLAGE OF MOUNT PROSPECT 2008 BUDGET SUMMARY REVENUES AND OTHER SOURCES BY FUND 2006 Actual 2007 Budget 2007 Estimate 2008 Budget 2009 Forecast GENERAL FUND 37,574,247 38,420,223 39,012,694 39,971,831 40,873,125 SPECIAL REVENUE FUNDS Refuse Disposal Fund 4,046,440 4,300,751 4,320,500 4,438,000 4,565,500 Motor Fuel Tax Fund 1,721,611 1,628,750 1,716,000 1,685,000 1,676,000 Law Enforcement Block Grant 1,000 1,050 1,000 1,000 Community Dev. Block Gmt 320,761 549,809 571,000 746,976 438,076 Asset Seizure Fund 15,039 2,600 11,000 3,000 3,000 DEA Shared Funds Fund 1,559 2,500 2,500 2,500 2,500 DUI Fine Fund 20,523 20,350 21,250 21,250 21,250 Foreign Fire Tax Board Fund 83,411 51,500 42,500 42,500 42,500 6,209,344 6,557,260 6,685,800 6,940,226 6,749,826 DEBT SERVICES FUNDS G.O. Bonds - Property Taxes 1,781,103 1,321,750 1,541,250 1,324,500 1,319,500 G.O. Bonds - Tax Increment 924,828 1,165,007 1,184,307 1,208,500 - .. G.O. Bonds - Home Rule Sales Tax 1 1,311,741 1,367,550 1,275,999 1,331,000 1,353,000 Special Service Area Bonds 14,746 1,000 4,032,418 3,854,307 4,002,556 3,864,000 2,672,500 CAPITAL PROJECTS FUNDS Capital Improvement Fund 208,872 262,800 42,000 1,484,800 1,259,500 Downtown Redevlpmnt Const 1,278,594 1,220,052 1,158,600 3,921,500 2,720,000 Street Improve Const Fund 2,027,587 1,711,100 1,722,900 1,739,500 1,770,000 Flood Control Const Fund 36,794 32,000 25,500 10,000 3,551,847 3,225,952 2,949,000 7,155,800 5,749,500 ENTERPRISE FUNDS Water And Sewer Fund Village Parking System Fund Parking System Revenue Fund 10,250,337 101,655 113,641 10,465,633 11,149,100 96,738 111,100 11,356,938 10,867,500 103,869 100,000 11,071,369 11,576,500 144,150 156,000 11,876,650 12,027,000 144,350 156,000 12,327,350 INTERNAL SERVICE FUNDS Vehicle Maintenance Fund 1,457,170 1,573,353 1,576,453 1,568,128 1,599,593 Vehicle Replacement Fund 1,221,166 1,093,626 1,241,126 1,212,700 1,212,700 Computer Replacement Fund 188,044 189,547 197,047 191,800 207,150 Risk Management Fund 6,500, 101 6,473,939 6,565,449 6,720,720 7,368,588 9,366,481 9,330,465 9,580,075 9,693,348 10,388,031 VILLAGE OF MOUNT PROSPECT 2008 BUDGET SUMMARY REVENUES AND OTHER SOURCES BY FUND 2006 2007 2007 2008 2009 Actual Budget Estimate Budget Forecast FIDUCIARY FUNDS Police Pension Fund 5,492,855 4,125,500 4,032,250 4,783,500 5,086,500 Fire Pension Fund 4,998,509 4,093,290 4,056,790 4,776,300 5,070,300 10,491,364 8,218,790 8,089,040 9,559,800 10,156,800 MOUNT PROSPECT LIBRARY FUND 7,839,781 8,572,028 8,572,028 8,645,501 (a) (a) Figures not available as of December 18,2007. (b) Does not include the Mount Prospect Library for 2009 Forecast. VILLAGE OF MOUNT PROSPECT 2008 BUDGET SUMMARY EXPENDITURES BY FUND 2006 2007 2007 2008 2009 Actual Budget Estimate Budget Forecast GENERAL FUND 36,282,759 38,192,984 39,176,949 39,971,831 41,129,852 SPECIAL REVENUE FUNDS Refuse Disposal Fund 3,752,450 4,029,607 4,050,667 4,135,231 4,271,101 Motor Fuel Tax Fund 2,049,300 1,764,301 1,862,186 1,777,302 2,016,391 Local Law Enforcement Block Grant 1,000 1,000 1,000 1,000 Community Development Block Grant 320,761 752,309 678,369 746,976 438,076 Asset Seizure Fund 1,000 5,000 1,000 1,000 DEA Shared Funds Fund 5,629 1,000 1,000 1,000 1,000 DUI Fine Fund 1,957 1,000 26,000 1,500 1,500 Foreign Fire Tax Board Fund 30,877 10,473 10,500 10,500 10,500 Totals 6,160,974 6,560,690 6,634,722 6,674,509 6,740,568 DEBT SERVICE FUNDS G.O. Bonds - Property Taxes 1,450,359 1,685,359 1,700,959 1,296,859 I ,291 ,848 G.O. Bonds - Tax Increment 1,013,188 1,069,675 1,069,675 1,754,900 G.O. Bonds - Home Rule Sales Tax I 1,507,454 1,408,894 .1,408,894 1,6 I 2,880 613,354 Special Service Area Bonds Totals 3,971,001 4,163,928 4,179,528 4,664,639 1,905,202 CAPITAL PROJECTS FUNDS Capital Improvement Fund 1,040,168 1,026,993 843,749 1,425,875 1,636,750 Downtown Redevelop Const Fund 841,763 2,455,187 1,635,418 4,851,450 318,955 Street Improvement Const Fund 1,365,771 2,258,907 2,241,907 2,360,000 2,372,000 Flood Control Const Fund 299,860 244,000 94,000 515,000 510,000 Totals 3,547,562 5,985,087 4,815,074 9,152,325 4,837,705 ENTERPRISE FUNDS Water and Sewer Fund Village Parking System Revenue Fund Parking System Revenue Fund Totals 9,200,273 139,303 280,170 9,619,746 11,675,919 123,154 156,448 11,955,521 11,533,719 123,154 159,148 11,816,021 11,636,493 122,269 142,164 11,900,926 11,958,302 126,241 145,617 12,230,160 INTERNAL SERVICE FUNDS Vehicle Maintenance Fund 1,441,500 1,578,353 1,480,553 1,568,128 1,599,593 Vehicle Replacement Fund 857,347 1,406,810 1,284,710 1,263,900 2,069,300 Computer Replacement 142,297 249,050 240,000 138,500 191,450 Risk Management Fund 5,666,336 6,585,214 6,544,953 6,767,971 7,417,220 Totals 8,107,480 9,819,427 9,550,216 9,738,499 11,277,563 VILLAGE OF MOUNT PROSPECT 2008 BUDGET SUMMARY EXPENDITURES BY FUND 2006 Actual 2007 Budget 2007 Estimate 2008 Budget 2009 Forecast FIDUCIARY FUNDS Police Pension Fund Fire Pension Fund Totals 2,419,352 2,574,605 4,993,957 2,465,133 2,627,958 5,093,091 2,512,546 2,689,765 5,202,311 2,580,050 2,783,500 5,363,550 2,647,050 2,846,000 5,493,050 MOUNT PROSPECT LIBRARY BUDGET 5,639,651 8,572,028 8,572,028 8,645,501 (a) (a) Figures not available as of December 18,2007. (b) Does not include the Mount Prospect Library for 2009 Forecast. VILLAGE OF MOUNT PROSPECT 2008 BUDGET SUMMARY AVAILABLE FUND BALANCES 12-31-2008 Estimated Balance 1-1-08 2008 Budget Revenues 2008 Budget Ex enditures Estimated Balance 12-31-08 GENERAL FUND 11,642,813 39,971,831 39,971,831 11,642,813 SPECIAL REVENUE FUNDS Refuse Disposal Fund 2,250,610 4,438,000 4,135,231 2,553,379 Motor Fuel Tax Fund 391,117 1,685,000 1,777,302 298,815 Local Law Enf. Block Grant 213 1,000 1,000 213 Community Development Block Gmt (107,369) 746,976 746,976 (107,369) Asset Seizure Fund 80,769 3,000 1,000 82,769 DEA Shared Funds Fund 50,993 2,500 1,000 52,493 DUI Fine Fund 31,024 21,250 1,500 50,774 Foreign Fire Tax Board Fund 84,533 42,500 10,500 116,533 TOTAL 2,781,890 6,940,226 6,674,509 3,047,607 DEBT SERVICES FUNDS G.O. Bonds - Property Taxes 363,861 1,324,500 1,296,859 391,502 G.O. Bonds - Tax Increment 546,503 1,208,500 1,754,900 103 G.O. Bonds - Home Rule Sales Tax I (622,347) 1,331,000 1,612,880 (904,227) Special Service Area Bonds 17,830 17,830 TOTAL 305,847 3,864,000 4,664,639 (494,792) CAPITAL PROJECTS FUNDS Capital Improvement Fund 123,939 1,484,800 1,425,875 182,864 Downtown Redevelop Const Fund 970,252 3,921,500 4,851,450 40,302 Street Improvement Const Fund 909,901 1,739,500 2,360,000 289,401 Flood Control Const Fund 557,897 10,000 515,000 52,897 TOTAL 2,561,989 7,155,800 9,152,325 565,464 ENTERPRISE FUNDS Water and Sewer Fund (a) 3,244,970 11,576,500 11,636,493 3,184,977 Village Parking System Fund (a) 48,194 144,150 122,269 70,075 Parking System Revenue Fund (a) (55,733) 156,000 142,164 (41,897) TOTAL 3,237,431 11,876,650 11,900,926 3,213,155 (a) Estimated balances reflect cash and investment balance, not fund equity. VILLAGE OF MOUNT PROSPECT 2008 BUDGET SUMMARY AVAILABLE FUND BALANCES 12-31-2008 Estimated 2008 2008 Estimated Balance Budget Budget Balance 1-1-08 Revenues Expenditures 12-31-08 INTERNAL SERVICE FUNDS (b) Vehicle Maintenance Fund 649,]46 ],568,]28 ],568,]28 649,]46 Vehicle Replacement Fund 6,] 77,] 50 ],2]2,700 ],263,900 6,125,950 Computer Replacement Fund 658,732 191,800 138,500 712,032 Risk Management Fund 1,737,021 6,720,720 6,767,971 1,689,770 TOTAL 9,222,049 9,693,348 9,738,499 9,176,898 PENSION FUNDS (c) Police Pension Fund 41,604,351 4,783,500 2,580,050 43,807,801 Fire Pension Fund 41,533,910 4,776,300 2,783,500 43,526,710 TOTAL 83,138,261 9,559,800 5,363,550 87,334,511 Totals - Village Funds 112,890,280 89,061,655 87,466,279 114,485,656 Less: Pension Funds (c) (83,138,261) (9,559,800) (5,363,550) (87,334,511) MOUNT PROSPECT LIBRARY FUND 4,366,339 8,645,501 8,645,501 4,366,339 (b) Estimated balances for Internal Service Funds reflect umestricted net assets only. (c) Pension Funds are restricted for future pension benefits and do not constitute "Available Fund Balances."