HomeMy WebLinkAbout4.1 2022 First Quarter Review - Joint Workshop with the Village Board and Finance CommissionIL
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Item Cover Page
Subject 2022 First Quarter Review - Joint Workshop with
the Village Board .. Finance Commission
Meeting April 26, 2022 - JOINT VILLAGE BOARD AND FINANCE
COMMISSION SPECIAL WORKSHOP -
Fiscal Impact
Dollar Amount
Budget Source
Category Discussion Items
Type Discussion Item
Information
Each year the Finance Department prepares a first quarter review that presents
the preliminary results of operations for the prior year along with a first look at
the results of the first quarter financial activities and performances. The financial
review will cover following items.
a) FY 2021 Unaudited Financial Results and Analysis
The year 2021 started with many uncertainties. Early 2021 experienced the peak
of COVID-19 with a very high number of cases. In anticipation of the unfavorable
market conditions and economy, the Village Budget for the year 2021 assumed a
higher level of conservatism and caution. However, as the year progressed, the
Village emerged not only financially strong, but also achieved historical milestones
for many of its revenue sources. The Village collected $52.2 million in
intergovernmental revenues against the original budget of $43.7 million and the
attached report discusses each of the major revenue line item's performance.
Overall, the Village collected outperforming state sales tax, home rule sales tax,
income tax (LGDF) revenue, use tax, and ambulance billing fees. Additionally, the
Village received $3.5 million from the U.S. Treasury for the American Rescue Plan.
All of these items allowed the Village to collect $19.3 million more compared to
the revenues collected in the fiscal year 2020. However, the fiscal year 2020 was
heavily impacted by COVID-19 and a comparison of 2021 performance with 2020
may not represent a fair comparison. The attached report herewith provide more
1
details about revenues and expenditures for the year 2021.
b) FY 2021 General Fund Reserves
The total General Fund revenue budget for the year 2021 was $58.9 million, while
the original expenditure budget was $60.8 million. The revenue budget was
eventually revised to $71.1 million, while the expenditure budget was revised to
$63.3 million. The actual recognized revenue for the General Fund totaled $72.8
million, while the expenditure totaled $60.4 million. As mentioned earlier, a few
outperforming intergovernmental revenues including the state sales tax, income
tax, use tax, and ambulance billing fees, along with a one-time American Rescue
Plan Grant of $3.5 million contributed toward the recorded surplus for the year.
The General Fund started the fiscal year 2021 with $23.5 million in the
unrestricted fund balance, while the actual spendable fund balance as of January
1, 2021 was $15.8 million. During the year 2021, $2.3 million was released from
the restricted fund balance and was spent on a Flood Control Project for the year.
The net accounting surplus of $12.3 million (from 2021 activities) is added to the
unrestricted fund balance. At last, the newly restricted revenue source (American
Rescue Plan) will reduce the unrestricted fund balance by $3.5 million, and a new
unrestricted fund balance of $34.3 million is derived. The fund balance represents
49.5 percent of the annual budget, while the fund balance policy requires a fund
balance from 20 to 30 percent of the annual budget. It is important to note that
the actual spendable fund balance as of December 31, 2021 is $25.2 million
(36.3% of the annual budget); the remaining amount of the fund balance totaling
$9.1 million is not readily available, as it is a product of year end audit
adjustments for the state taxes receivable. (Collection normally lags by 3
months.)
c) FY 2021 Police and Fire Pension Funding Report
Overall, fiscal year 2021 was a good year for the Police and Fire Pension funds and
both funds added $9.6 million and $4.5 million, respectively, to their net positions.
Regardless of outperforming investment returns, both the pension funds' funding
ratio decreased by 2.0 percent. The downward pressure of returns in the
investment market and global uncertainties have caused both the consolidated
Police and Fire Pension Investment Funds to adjust their future earning
assumptions. The interest rate assumptions have been reduced from 7.25% to
7.00 percent. In addition, previously the Village used RP -2014 mortality tables,
but now the Department of Insurance has come up with the new mortality tables
called Pub -2010, which provides for a higher life expectancy for public safety
employees by 1.0 to 1.5 year. Both of these items are the primary results for the
2
higher pension costs for the coming years as well as the reduction in the funding
ratio for both pension funds. The attached report provides more details about both
the pension funds.
d) Q1 2022 Revenue Analysis
The Q1-2022 shows the total recognized revenues of $26.4 million, and it
represents 17.1 percent of the annual budgeted revenues. At the same time last
year, the total collected totaled $23.2 million. The Q1-2022 collection is trailing
higher by $3.2 million or 14.0 percent compared to the Q1-2021 collection. The
attached report provides more detailed analysis for the revenues recorded in Q1-
2022.
e) Q1 2022 Expenditure Analysis
Q1-2022 expenditures totaled $24.8 million or 15.5 percent of the annual budget.
The expenditures are trailing higher by $3.2 million compared to Q1-2022, mainly
due to higher Personnel and Capital Improvement costs. The attached report
provides more detailed analysis for the expenses recorded in Q1-2022.
f) The report also provides a preliminary proposal from the Village Staff for
deploying the recent surplus from the General Fund, especially from Sales Tax.
The proposal is added for discussion purpose only and will be subject to Board
approval. The final proposal will be added to the 2023 Budget and will be finalized
as part of the annual budget process.
Alternatives
1. Discuss the first quarter review with the Village Board and Finance
Commission
2. Action at the discretion of the Village Board
Staff Recommendation
Discuss the first quarter review with the Village Board and Finance Commission.
ATTACHMENTS:
03 March Board Reports for Upload .pdf
Q12022 Review - 04262022.pdf
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Village of Mount Prospect
Finance Department
First Quarter Financial Review
For the Quarter Ended March 31, 2022
Prepared By:
Amit Thakkar, CPA
Director of Finance
47
IIII intirod tictioiiia
The Finance Department prepares and presents a review of the financial activities for the
most recently ended quarter. This report summarizes the financial activities of the Village
of Mount Prospect for the first quarter of the fiscal year 2022. The report begins with
summarized and unaudited financial results from the fiscal year 2021, followed by an
analysis of General Fund reserves and Police and Fire Pension Funds' funding reports.
Further, the report contains revenues and expenditure analysis for the quarter ended
March 31, 2022. The report also contains a few special items of interests and updates.
2021 Lhinauditedl IIIC° liii uir ui liii llll
The year 2021 started with many uncertainties. Early 2021 experienced the peak of
COVID-19 with a very high number of cases. In anticipation of the unfavorable market
conditions and economy, the Village Budget for the year 2021 assumed a higher level of
conservatism and caution. However, as the year progressed, the Village emerged not
only financial strong, but also achieved many historical milestones for many of its revenue
sources. The Village collected $52.2 million in intergovernmental revenues against the
original budget of $43.7 million and the report discusses each of the major revenue line
item's performance. Overall, the Village collected outperforming state sales tax, home
rule sales tax, income tax (LGDF) revenue, use tax, and ambulance billing fees.
Additionally, the Village received $3.5 million from the U.S. Treasury for the American
Rescue Plan. All of these items allowed the Village to collect $19.3 million more compared
to the revenues collected in the fiscal year 2020. However, the fiscal year 2020 was
heavily impacted by COVID-19 and a comparison of 2021 performance with 2020 may
not represent a fair comparison. The below table summarizes the 2021 revenue
performance. It is important to note that there is a three-month lag between actual
revenue recognition and collection. Therefore, while some of these revenues are
recognized in December 2021 per the GASB standards, the actual collection of the
48
revenue occurred between January 2022 and March 2022. The investment income is
reported per the GASB standard, which includes the premature withdrawal penalties. The
recognition of unrealized losses due to premature withdrawal is reflected in market value
but the Village is not planning to liquidate any of its investments prematurely. The Village
has the intention and capacity to hold these investments through their maturity (2023 -
2024) and the reported losses are merely an accounting adjustment.
Property Taxes
260,565,255,
260,565,255
26R, ,35,08,8
19,969,131
515,957
2,6
OtherTaxes
13,300,000
13,3 ,000
14,852,966
10.2,259,799
2,593,16,6,
21.2%
InitergoverntmenitM Revenue
43,755,343
52,459,104
52,205,332
37,89,9,5 53
14,3605,779
37.7%
Licenses, IPermits & Dees
3,6x67,000
3,067,000
3,7044,958
3,0483,18, 0
96,778,
3.2
Charges lrrrServices
35,925,469
36,793,46,9
37,4210,,.529
35,208,752
2,212,776
6,3
Fines & IForfelilts
45%500
45%500
6283,522
415,2609
213,,313
57.4%
Investment (Income
450,5,01
450,5,01
�16xJ„196G�
417,,26,9
(548,,459)
-1122,6%
Other lFinancungSources
106,,940,606060
7,340,606060
4,912,9105
5,7075,,56010
(262,5`3,6)
-5.1%
OtherR3evenue
2,269,926;
2,269,920
3,149,544
2,575,747
273,797
9.5
Reimbursements
445,000
445,000
396,4705
493,127
(960v712)
-19,6%
Tot,al Revenues,
137,177,990
137,153,751
137,091079
117,79!21269
1%303,810
-15.51%
The above listed revenue sources are analyzed below:
I::Iroll,,)erty fax
Property tax is one of the most reliable revenue sources. The Village's total 2021 levy
was $19.4 million, which includes 2.0% for losses and costs. The Village was expected
to collect 98.5 percent of the 2020 levy payable in 2021. The actual property tax collection
for the year 2021 totaled $19.1 million or 98.9 percent. The property tax budget for the
year also included $1,348,000 for Tax Increment Financing District (TIF). The actual
collection for the TIF was recorded at $1,483,537. The Village levy for the year 2020 as
well as for the year 2021 was approved with a 0% increase in the levy.
Other „u,,,,axes
Other Taxes mainly include locally enacted taxes comprised of home rule sales tax, food
& beverage tax, real estate transfer tax, municipal motor fuel tax, utility taxes, hotel/motel
taxes and cable franchise fees. The 2021 collection totals $14.9 million, which is higher
than the 2020 collection by $2.6 million or 21.2 percent. The home rule sales tax collection
49
totaled at $6.7 million, an increase of $1.4 million or 26.1% compared to the 2020
collection. In addition, there were a few major commercial real estate transactions, which
provided additional real estate transfer tax. The total real estate transfer tax collection for
the year 2021 was $1,471,917, an increase of $509,230 or 52.9 percent compared to the
total 2020 collection of $962,687. The food & beverage tax collection for the year totaled
$1,412,583, an increase of $296,759 or 26.6 percent compared to the total collection
recorded for the year 2020.
I rater (:.)vs.t nmen,W I eveurwe
The intergovernmental revenues includes revenues received from the other
governmental units and agencies, mainly from the State of Illinois. The Village has
recognized intergovernmental revenues totaling $52.2 million for the year 2021, an
increase of $14.3 million or 37.5 percent compared to the total 2020 intergovernmental
revenues. The most significant revenue source under this category is the state sales tax.
The State of Illinois shares 1% of all general merchandise sales that occurs within the
jurisdiction of the Village of Mount Prospect with the Village. All-time high sales totaling
$2.29 billion were recorded for the year of 2021, and the Village received the total sales
tax collection of $29.3 million. The 2021 state sales tax amount is higher by $7,361,395
or 33.6 percent compared to the 2020 revenues. The Village Administration will be
proposing a plan to use some of this sales tax surplus strategically during the budget
2023. A brief summary of the preliminary proposal is discusses later in this report.
Furthermore, the Village's income tax budget was kept flat at $5.3 million for the year
2021, but the actual collection at the State level was much higher. The income tax
revenue is shared as a per capita item and the State shares 6.6% of the income tax
collection with all local governments based on the population. The total collection for the
year 2021 is recorded at $7.2 million, an increase of $1.3 million or 21.9 percent compared
to the prior year collection. The Village also received $3.5 million from the American
Rescue Plan in the year 2021. Although the American Rescue Plan revenue is received
in 2021, the amount is restricted and will be treated as deferred revenue for the year 2021
and will not be part of the annual income or the unrestricted fund balance. The
50
Intergovernmental revenue also includes $19,238 in Municipal Cannabis Tax. The
amount collected is lower than the initially expected analysis but staff is tracking this
revenue source, and staff will provide further updates as and when available.
Licenses & I1:)erirniit
The Village collected $3,144,958 in license and permit fees. The amount collected is
higher by $96,778 or 3.17 percent compared to the 2020 collections. This category
includes $1,451,051 in vehicle license fees, which is earmarked for the street resurfacing
program. Moreover, the Village collected $739,596 in building permit fees. This category
also includes $632,111 in various business license and permit fees.
Chap rge for Seirviices
The Village collected $37.4 million in charges for services for the year 2021. The amount
is higher by $2.2 million or 6.28 percent compared to the 2020 collection. The charges for
services includes water and sewer fees, refuse fees, ambulance billing fees, parking fees,
internal service insurance payments and vehicle lease payments. The increase in the
charges for services are mainly due to planned increases in the water, sewer and refuse
fees and also due to additional ambulance billing fees of $800,000 collected through
Ground Emergency Medical Transport (GEMT). The Water and Sewer Fund recorded
revenues totaling $17.6 million. The total charges for services also includes $2.0 million
in vehicle lease payments, $2.4 million in vehicle maintenance payments and $7.8 million
in risk management payments including health insurance, general liability insurance,
worker's comp and other payments.
1::::1ne & I1:::::orfeftuire
The Village collected $628,522 in fines and forfeitures during the year 2021. The collected
amount is higher by $213,313 or 51.3 percent compared to the 2020 collection. The 2020
collection under this category was heavily impacted by COVID-19. Subsequently, the
Village implemented a new in-house adjudication program, was able to reduce certain
administrative costs charges by Cook County, and was able to collect greater amounts.
51
The above amount also includes $131,397 in water and sewer late payment penalties
and fees.
Inver-bi°neint IInconie
The Village conducted an analysis during the year 2021 and invested excess liquid funds
in the U.S. Treasuries and other allowed secured investments. Per the GASB standards,
all the investments have to be recorded at the market value. The market value for given
investments include premature withdrawal penalties, which is to some extent an
unrealized loss. These losses will be realized only if the Village prematurely withdraws
these investments. The Village has the intention and capacity to hold these investments
through their maturities. The investment income is reporting a negative income due to
mark -to -market adjustments of premature withdrawal penalties, which are merely
accounting adjustments. Upon reaching maturity, these investments will reverse all the
recorded losses and will register a positive income in the years 2023 and 2024.
Other II°tevenUe
All other revenue sources includes Other Financing Sources (interfund Transfers), Other
Misc. Revenues and Reimbursements. All of these sources combined recorded revenues
totaling $8.5 million. This amount includes $4.5 million in interfund transfers from the
General Fund. Of this amount, $3.79 million is transferred to the Flood Control
Construction Fund and $750,000 is transferred to the CIP Fund. This category also
includes $2.6 million in health insurance contributions from employees as well as retirees
and other risk management reimbursements. Additionally, this category also includes
$396,415 in various reimbursements from other Governmental agencies.
202.1, Dgoenditur (uu audit.'E
The original Expenditure Budget for FY 2021 was $132.5 million. The actual spending for
the year was $121.8 million. Original budgets were revised and increased/decreased with
carryover items from time to time due to the timing issues of the projects The below tables
recap the annual budget and actual spending for the year 2021 by department and by
expenditure category.
52
Personnel
51,397,880
51,649,675
50,589,445
97.9%
50,046,503
542,942
1.1%
Contractual Services
34,904,060
35,690,976
34,207,305
95.8%
34,094,838
112,467
0.3%
Supplies & Commodities
2,311,566
2,303,901
1,901,517
82.5%
1,803,131
98,386
5.5%
Debt Service
10,287,668
10,287,668
9,807,675
95.3%
9,078,379
729,296
8.0%
Capital Improvements
27,872,085
27,785,109
20,265,564
72.9%
35,303,421
(15,037,858)
-42.6%
Other Expenditures
5,750,131
6,599,119
5,023,922
76.1%
9,731,352
(4,707,430)
-48.4%
Total Expenditures
132,523,390
134,316,448
121,795,429
90.7%
140,057,625
(18,262,196)
-13.0%
10Public Representation
574,,153
457,,538
79.7%
20 'VIRllllage Admliniistrati on
4,,817,,963
4,,144,,8+02
86.0%
30 Finance
2,,230,,348,
2,102,,571
94.3%
40 Community Development
4,,26,2,,9,01
3,406,360
79.9'%
50 Neuman Services
1„222,,340
1,175,556,
96.2%
GO Police
20,595,6,34
20,281„326,
98.5%
7,0 Fire
18,842,420
1,3,,,646�,8+08,
99.0%
90 IPublic Works
56,624,942
47,630,931
84.1%
00 IND
25,141„746,
23,949,537
95.3%
Personnel
51,649,675
50,589,445
97.9%
Contractual Services
35,690,976
34,207,305
95.8%
Supplies & Commodities
2,303,901
1,901,517
82.5%
Debt Service
10,287,668
9,807,675
95.3%
Capital Improvements
27,785,109
20,265,564
72.9%
Other Expenditures
6,599,119
5,023,922
76.1%
All the Village Departments have performed within the stipulated budget limits for the year
2021. The Village has spent a total $121.8 million in expenditures for the year 2021, which
equates to 90.7 percent of the total approved budget. The Department of Public Works is
responsible for various capital projects. Some of these projects are either delayed due to
supply chain issues, or they are grant funded and the grant amounts have not yet been
received to conduct the projects. The expenditure by category (as mentioned in the
second table) shows that the Village has spent 97.9 percent of Personnel costs, 95.8
53
percent of contractual services, 82.5 percent of supplies and commodities, and 95.3
percent of the debt service budget. The capital improvement items spent totaled $20.3
million, which equates to 72.9 percent of the total budget.
General Fund
Revenue 58,8 9,777 71,078,712 72,776,979,
Expenses, 50,739,402 63,261,044 50,442,105
4 2,10.5
The total General Fund revenue budget for the year 2021 was $58.9 million, while the
original expenditure budget was $60.8 million. The revenue budget was eventually
revised to $71.1 million, while the expenditure budget was revised to $63.3 million. The
actual recognized revenue for the General Fund totaled $72.8 million, while the
expenditure totaled $60.4 million. As mentioned earlier, a few outperforming
intergovernmental revenues including the state sales tax, income tax, use tax, and
ambulance billing fees, along with a one-time American Rescue Plan Grant of $3.5 million
contributed toward the recorded surplus for the year.
Unrestricted Fund Balance as of Jan 1, 2,021
Add: Release of Restricted Fund Balance
Add: I et Surplus
Less: Less: Restricted Fund Balance as of Dec 31, 2,021
Less: Taxes Receivable from tthe Share & Other Agende
23,492,469 37.1%
2,300,000
12,w 3 34,,3,74
3, 8,.54, 38,.51
9,113,145 13.2%
As mentioned in the above table, the General Fund started the fiscal year 2021 with $23.5
million in the unrestricted fund balance, while the actual spendable fund balance as of
54
January 1, 2021 was $15.8 million. During the year 2021, $2.3 million was released from
the restricted fund balance and was spent on a Flood Control Project for the year. The
net accounting surplus of $12.3 million (from 2021 activities) is added to the unrestricted
fund balance. At last, the newly restricted revenue source (American Rescue Plan) will
reduce the unrestricted fund balance by $3.5 million, and a new unrestricted fund balance
of $34.3 million is derived. The fund balance represents 49.5 percent of the annual
budget, while the fund balance policy requires a fund balance from 20 to 30 percent of
the annual budget. It is important to note that the actual spendable fund balance as of
December 31, 2021 is $25.2 million; the remaining amount of the fund balance totaling
$9.1 million is not readily available, as it is a product of year end audit adjustments for the
state taxes receivable. (Collection normally lags by 3 months.)
The Village Administration will be proposing a plan at the Joint Workshop for strategically
utilizing the General Fund Surplus and the plan should be implemented as a part of the
2023 budget subject to the Village Board approval.
I1°°1' IIII liii ,,.i aind III°°° iiii hire IIII°°1 iin liiiain 11""ixind Unaudited
Overall, the fiscal year 2021 was a good year for the Police and Fire Pension funds and
both funds added $9.6 million and $4.5 million, respectively, to their net positions.
Regardless of outperforming investment returns, both the pension funds' funding ratio
decreased by 2.0 percent. The downward pressure of returns in the investment market
and global uncertainties have caused both the consolidated Police and Fire Pension
Investment Funds to adjust their future earning assumptions. The interest rate
assumptions have been reduced from 7.25 % to 7.00 percent. In addition, previously the
Village used RP -2014 mortality tables, but now the Department of Insurance has come
up with the new mortality tables called Pub -2010, which provides for a higher life
expectancy for public safety employees by 1.0 to 1.5 year. Both of these items are the
primary results for the higher pension costs for the coming years as well as the reduction
in the funding ratio for both pension funds. Overall results for both the pension funds are
summarized in the table below.
55
Income,
Contributions
Member
8,87,1 26,
78,2,338,
Municipal
3,9,65,48,2
3,641,606
Total Conthibution
4,852,608,
4,423,944
Investment Income
Interest & Dividends,
4,459,487
4,749,613
�F a li r Value I n cre a se/(D,e cre a s e)
6,960,854
2,387,708,
Investment Expenses
(136,111�
(11,5,6,99,)
Total Investment Income
11,284,230
7,021,622
Tot,al Income,
Expenditures,
Administration
Pension Benefits & Refunds
Tot,al Expenditures
nning Net Pos,ition
Accrued Liability
Percentage, Funded
Percentage, Unfunded
.16,136,838, 11,445,566
53,354 104,290
5,518,558, 6,,78,3,,5 3 G
5,571,912 6,5;92,815
I I M vil I W, I
The Police Pension Costs/Levy for the year 2022, payable in 2023, will be $4,760,936,
an increase of $940,920 or 24.6 percent from the prior amount. The same amount for the
Fire Pension Fund will be $4,427,561, an increase of $759,744 or 20.7 percent from the
prior year amount. These increases are unusual and represent approximately 8.7 percent
of the total Village Levy.
56
Quairteir, SII ,........... IIII° e! in tie
The Q1-2022 shows the total recognized revenues of $26.4 million, and it represents 17.1
percent of the annual budgeted revenues. At the same time last year, the total collected
totaled $23.2 million. The Q1-2022 collection is trailing higher by $3.2 million or 14.0
percent compared to the Q1-2021 collection. The data is summarized in the below table.
Property Taxes
20,873,259
20,873,259
10,774,92f
8,,519,226
2„25.5,694
26.5%
OthherTaxes
13,304,500
13,304,5,00
1,074~809
841,359
233,451
27.7°.
Intergouernmentall Revenue
54,713J45
54,713w145
3,503,536,
3J93,551
705,986
22.2%
Licenses, Iperrmiits &Dees
3,008,,000
3,008,,000
1,164,448
1,170,082
X5,635)
-0.5
Charges lFor 5ervIices
38,~333,258
38,,333,258,
9,049~625
8,,469,806
579,820
6.81%
Fines & IForfelfts
541,000
541,000
101,359
1012,878
1,518)
-1.5
InvestmentIIncorne
118,,,070
118w070
(238,123),
17,493
(255,616)
-1461.2%
Other IFiinanciing Sources
20,580,000
20,580,000
-
297,971
(297,971)
0.0
OtherRevenue
2~261,860
2~261,860
544,723
527,428
17,295
3.3
IRelirmbursements
397,000
397,000
5 6,048,
48,195
7,853
16.3%
TotaI Revenues
154,130,092
154,130,092
26,431,746
23„188,389
3,243,„358
14.0%
• Q1-2022 Property Tax collection for the first installment is higher by $2,255,694
compared to the Q1-2021 collection. The first installment due date was
extended during the year 2021 and that resulted in delayed payment for the
first installment. While no such extension is granted for the year 2022. The
second installment of the property tax from Cook County may be delayed. The
Village holds sufficient funds at this time and the probable delay in the Property
Tax payments are not expected to affect the Village operation.
• Other Taxes encompass locally enacted taxes, including home rule sales tax,
food & beverage tax, hotel/motel tax, municipal motor fuel, real estate transfer
tax and a few more. The collection is trailing higher by $231,169. The amount
shown above is not final, as the home rule sales tax for the Q1-2022 will be
recognized in April 2022 and beyond.
• The intergovernmental revenues totaling $3.9 million were collected during the
57
Q1-2022. The collected amount is trailing higher by $709,986 or 22.2 percent.
For the most part, the revenues for Q1-2022 will be received in Q2-2022, as
the State taxes lag by three months. The Village received a Rebuild Illinois
Grant Installment totaling $594,611 during Q1-2022.
• License and permit fees are tracking lower by $5,635 compared to the Q1-2021
collection. The total Q1-2022 collection is $1,164,447 and it includes vehicle
license fees totaling $656,556. The amount also includes $507,891 in various
building permits and business license revenues.
• Charges for Services are trailing higher by $579,820. The total $9,049,625 is
recognized for the Q1-2022 as charges for services. The higher amounts are
attributable to the rate increases in the water, sewer and refuse rates. The total
recognized revenue includes $4.4 million in water and sewer fees, $1.2 million
in refuse fees and $518,075 in various General Fund service charges including
ambulance billing fees.
• The Village collected $101,359 in fines and forfeitures during the quarter under
review. The amount is marginally trailing behind by $1,518.
• Investment income is reporting an unrealized loss totaling $238,122 due to
changes in the market rates as well as premature withdrawal penalties. These
losses are merely accounting adjustments and will reverse themselves out
upon maturity.
• The majority of the other items are on track as expected and are in line with the
2022 budgeted revenues.
Quarter 1II w 2022IIID x,11 uir-i ° liii taii vires
Q1-2022 expenditures totaled $24.8 million or 15.5 percent of the annual budget. The
expenditures are trailing higher by $3.2 million compared to Q1-2022, mainly due to
higher Personnel and Capital Improvement costs. A brief analysis of each of these
categories is provided on the next page.
58
Personnel
53,,006,755
14,,3 55,882
27.1%
11,986,36.5
2,,373,,516,
Contractual Services
35,206,88.5
7,,397,,75+0
21.0%
8µ020,g405
(622,,625)
Supplies
2,405,821
524,299
21.8%
6,76,826,
(1,52,527)
Capital Improvements
49,987,999
2,,370,970
4.7%
8,32,,5,77
1,,538µ093
Debt Servllce
9,988µ211
24,,074
0.2%
43,,397
(19,323)
Otther Expenditures
..................................... ........., .........
.................. ........., .........
9,892x595
........., ......... .........
........., ......... .........
144x371
........., .........
........., .........
1.5%
........., .........
........., .........
78µ384
........., .........
........., .........
6.5x987
......... ..................
......... ..................
Total Expenditures,
160,? 4912?5i�66
24,w821,„375
15.51%,
21,„639„�25�6
3J93 119
10 (Public (Representation
613,657
35,134
6.2%
55,750
(17,646)
20 village Administration
4,893r316,
971,x782
19.9%
986fr297
(14r515)
30 (Finance
2,r300,r407
46f2,r440
20.1%
431r428,
31,x012
40 Community Development
4r434r367
768µ150
17.3%
61%063
14%087
50 Human Services
1,x5=61,x38,5,
330223
17.7%
264r530
6.5x693
GO Police
20,r752,r384
5r8,.57,r194
28.2%
5r107,r557
74%637
70 Fire
20,r051,r352
5r231,r223
26.1%
4,r268,145
963,x075,
SO IPublic Works
78,µ257,r235
5r046fr821
10.3%
6fr78 , 41X4
1,x25 , 406f
00 1N on-Deparltrmontall
......... ......... ........., ......... .........,
27,r328µ460
......... .........
3,r115,r4G5
........., .........
11.4%
........., .........
3,ril7,r,042
........, .........
�1,r63X4)
......... ..................
Total Expenditures,
160,? 49/22566
24,w821,„375
15.51%,
21,„638„25�6
%I83JIL91
• Normally, the property tax collection for the first quarter includes the pension
levy. The due date for the property tax levy was extended for the first installment
from March 1 to May 3 for the year 2021. The change has resulted in a lower
collection of property tax for the year 2021. When the property tax is received
for the pension levy, it is an income for the Pension Fund and an expense for
the General Fund. There was no such extension granted for the year 2022 and
the expenditures as well as revenues are recognized as expected.
• Contractual Services are trailing behind by $622,628 due to timing issues as
well as delays resulting from supply chain issues. Overall, contractual service
expenditures are within the expected range. There are some concerns about
inflationary pressure and increase in costs. There are certain bid results, which
have come in higher than expected and may require adjustments to the 2022
budget. So far, the contractual service expenditures are under control and
59
within the expected budgetary constraints.
• Commodities and Supplies show a decrease of $152,527 compared to Q1-
2021 and totals $524,299, which includes fuel costs, salt, water/sewer parts
purchases, general repair parts, as well as a few other miscellaneous items.
This category is the most vulnerable to inflation and will reflect the impact of
inflation sooner than other categories of expenditures.
• The Q1-2022 capital improvement spending totaled $2,370,970. This amount
represents 4.7 percent of the annual budget. Most of the capital projects have
started for the year and major costs are expected to be paid out during the
summer and the fall. A few projects might face supply chain issues and may
result in delayed projects as well as expenditure recognition.
• The major debt service payments are due on June 1 and December 1. There
are no significant debt service payments in Q1-2022.
• The Village incurred $144,371 in Other Expenditures during Q1-2022. The
amount represents 1.5 percent of the annual other expenditures budget.
Otheir 111terns
• Most towns use 100% of the Home rule sales tax for capital projects while the
Village of Mount Prospect has used 25% of the home rule sales tax for funding the
General Fund operating expenditures. In light of the excellent financial
performance and recent surplus, staff is proposing to reallocate home rule sales
tax with a new formula listed below:
General Fund
Street Construction Fund
Flood Control Construction Fund
Capital Improvement Fund
25%
1,50,0
- -
25%
1,500,00
33.33 2"000"000
25%
1,500,000
33.33% 2,"CWCWCN"000
25%
1,500,000
33.33% 2,"000,"000
6,000,000
6,000,000
60
The additional state sales tax collection should provide sufficient support to the
General Fund and the home rule sales tax allocation relieved by the General Fund
will provide critical support to the above-mentioned three capital project funds.
• Recently, the Village has seen a 33% growth in state sales tax revenues. Village
staff is still examining consistency and stability of the recent growth. If proven
stable and consistent, Village staff may propose the following changes to the
Village Budget for the year 2023 and onwards:
o Deploying $1.0 million from the state sales tax revenue toward the Street
Construction Program. The sales tax allocation totaling $1.0 million along
with additional home rule sales tax totaling $500,000 should be sufficient to
replace the vehicle sticker/license revenues, which may allow the Village to
eliminate the Vehicle Sticker Program.
o Deploying $500,000 from the state sales tax revenue toward the Flood
Control Project Fund (based on need). Along with additional home rule
sales tax, totaling $500,000 the Village may eliminate the implementation
of the Strom Sewer Utility Fees.
o The Police and Fire Head Quarter bonds have an annual levy totaling $1.4
million. Subject to availability of the sufficient sales tax revenue, staff may
propose to use the sales tax revenues for debt service, which will allow the
Village to abate the debt service levy for the series 2018B bonds totaling
$1.4 million.
o As noted earlier in the report, the Police and Fire Pension funds have higher
pension costs for the year 2023 and beyond. For the tax year 2022, payable
in 2023, the pension levy is increasing by $1.7 million, which equates to an
8.7% increase in the property tax levy. Such a high percentage of increase
is not sustainable in the short or long term. At this time, staff is proposing to
start a stabilization fund with an annual sales tax allocation of $750,000.
The pension stabilization fund will only be utilized to abate the pension
levies. The annual allocation can be part of the annual budget process and
the amount can be adjusted based on the sufficiency of sales tax revenues
as well as other aspects.
61
o All the above items are not final and will be discussed with the Village Board
and the Finance Commission and are subject to consistency and stability of
sales tax revenue. These items may be presented as part of the 2023
budget and may be adopted subject to the Village Board approval.
• The current inflation rate is approximately 8.5 percent; this rate is the highest in
last 30 years and represents a real threat. The higher inflation will result in higher
supply prices, contractual obligations, construction costs/bid results and higher
personnel and benefit costs. Normally, the Village allows anywhere from 2 % to
4% for inflationary adjustments, and expected increases in revenues have been
approximately 3.5%. The year 2021 was an exceptional year and the Village
recorded unusual growth. The Village is in a strong position to digest any short-
term impact of inflation but in the long -run the Village may have to change its
strategies regarding procurement of goods and services.
_Apr 2021 Ju 12021 O�t 2021 Jan 2022
■111111111
Recently, the interest rate yield curve was inverse, i.e. short-term interest rates are higher
than long-term rates. Recently, the interest rate for 2 year Treasuries were 20 basis points
higher than the 10 -year interest rates. Per some economists, the inverted yield curve is a
reflection of a recession in the near future. As of now, the yield curve is not inverted, but
current market conditions, the global climate, and uncertainties may cause a recession.
The Village is in strong financial health and although no major impacts are anticipated in
the near future, the Village Administration is alert and already has a contingency plan (if
needed).
62
lint,
6
_Apr 2021 Ju 12021 O�t 2021 Jan 2022
■111111111
Recently, the interest rate yield curve was inverse, i.e. short-term interest rates are higher
than long-term rates. Recently, the interest rate for 2 year Treasuries were 20 basis points
higher than the 10 -year interest rates. Per some economists, the inverted yield curve is a
reflection of a recession in the near future. As of now, the yield curve is not inverted, but
current market conditions, the global climate, and uncertainties may cause a recession.
The Village is in strong financial health and although no major impacts are anticipated in
the near future, the Village Administration is alert and already has a contingency plan (if
needed).
62
• The Police Department is requesting an additional headcount of sworn Police
Officer. The new officer will have a title of Community Relations Officer and will be
performing a variety of functions, including various community outreach programs,
social media management, community policing and attending Citizen's Police
Academy programs. Staff believes that the Community Relation Officer will be an
essential position for strengthening the bonds between the Community and the
Police and will help in achieving the mission statement of the Mount Prospect
Police Department. The total cost for this position (including benefits and pension
contribution) is expected to be around $176,831. The Village Administration is
supportive of this request from the Police Department and agrees with the analysis
provided by the Police Department.
inclll tjii liiiaini
The Village is in strong and sustainable fiscal health and can provide quality governmental
services to its residents and businesses consistently with a strong fiscal backbone. The
Village's performance in the year 2021 proves a strong and robust local economy. The
recent affirmation from S&P also proves the faith in the Village's fiscal strength and ability
to serve its residents and business community for a sustainable future. This report and
other items will be discussed at the Joint Workshop with the Village Board and the
Finance Commission.
Respectfully Submitted,
Amit Thakkar, Director of Finance
63