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Home My WebLink AboutOrd 4538 04/21/1993 ORDINANCE NO. 4538 AN ORDINANCE ADOPTING AN ANNUAL BUDGET FOR THE VILLAGE OF MOUNT PROSPECT FOR THE FISCAL YEAR COMMENCING MAY 1, 1993 TO APRIL 30, 1994 IN LIEU OF PASSAGE OF AN APPROPRIATION ORDINANCE PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES the .21st day of APril , 1993 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois, the ~nd .. day of April , 1993. ORDINANCE NO. 4538 AN ORDINANCE ADOPTING AN ANNUAL BUDGET FOR THE VILLAGE OF MOUNT PROSPECT FOR THE FISCAL YEAR COMMENCING MAY 1, 1993 TO APRIL 30, 1994 IN LIEU OF PASSAGE OF AN APPROPRIATION ORDINANCE WHEREAS, the President and Board of Trustees of the Village of Mount Prospect in accordance with Statutes, have provided for the preparation and adoption of an annual budget in lieu of passage of an Appropriation Ordinance for the fiscal year commencing May 1, 1993 to April 30, 1994; and WHEREAS, the tentative annual budget for the Village of Mount Prospect for the fiscal year beginning May 1, 1993 and ending April 30, 1994, 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 April 7, 1993, for public inspection, as provided by Statute; and WHEREAS, pursuant to notice duly published on April 8, 1993, a public hearing was held by the President and Board of Trustees on said tentative annual budget on April 21, 1993, 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 beginning May 1, 1993 and ending April 30, 1994, 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 thit-ty (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 May 1, 1993 and ending April 30, 1994, 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: Busse, C]-owes, Corcoran, Floros, Hoefert, Wilks NAYS: None ABSENT: None PASSED AND APPROVED this 21st day of April, 1993. Carol A. Fields Village Clerk VILLAGE OF MOUNT PROSPECT Changes to Proposed 1993/94 Budget Revenues Proposed Revised 93/94 Increases 93/94 Budget /Decreases) Budget General Fund $18,101,800 $ $18,101,800 Special Revenue Funds 4,230,025 4,230,025 Capital Projects Funds 2,962,715 3,910,625 6,873,340 Enterprise Funds 6,530,000 550,000 7,080,000 Internal Service Funds 3,537,500 3,537,500 Pension Funds 4,203,515 4,203,515 Debt Service Funds 2,865,350 (144,500) 2,720,850 Totals - Village Funds $42,430,905 $4,316,125 $46,747,030 Less: Interfund Transfers / 784,750) 134,750 /650,000) Total Revenues - Village Funds $41,646,155 $4,181,375 $46,097,030 Library Fund 3,047,100 3,047,100 Total Revenues - Village & Library Funds $41,646,155 $7,228,475 $49,144,130 The change in the Capital Projects Funds is made up of an increase in the EPA Flood Loan of $3,729,900, an increase of $300,000 in the Downtown Redevelopment Fund of $300,000, and a decrease of Investment Income of $119,275. The decrease in Investment Income is because we had anticipated thesaie of G. O. Bonds of $3,850,000 in April 1993 for the Prospect Manor/North Main Project, but when the EPA Flood Loan became available this portion of the bond sale was cancelled. The increase in the Downtown Redevelopment Fund of $300,000 along with the increase in the Enterprise Funds of $550,000 is because the bond proceeds from the April 21, 1993 bond sale will not be received until after May 1, 1993. The decrease of $144,500 in the Debt Service Funds is also related to the EPA Flood Lean. Because that portion of the G. O. Bond issue was cancelled, a transfer of $134,750 from the Bond Proceeds Fund to the Bond and Interest Fund was eliminated along with a reduction of Investment Income of $9,750. VILLAGE OF MOUNT PROSPECT Changes to Proposed 1993/94 Budget Expenditures Proposed Revised 93/94 Increases 93/94 Budeet (Decreases) Budeet General Fund $18,431,825 $ $18,431,825 Special Revenue Funds 4,345,025 4,345,025 Capital Projects Funds 8,379,675 (139,375) 8,240,300 Enterprise Funds 7,640,970 7,640,970 Internal Service Funds 3,481,110 3,481,110 Pension Funds 2,068,700 7,500 2,076,200 Debt Service Funds 2,973,065 (76,125) 2,896,940 Totals - Village Funds $47,320,370 $ (208,000/ $47,112,370 Less: Interfund Transfers / 784,750) 134,750 (650,000) Total Expenditures - Village Funds $46,535,620 $ (73,250) $46,462,370 Library Fund 3.047.100 3.047.100 Total Expenditures - Village & Library Funds $46,535,620 $2,973,850 $49,509,470 The reduction of $139,375 in the Capital Projects Funds is made up of a decrease of $79,625 in Flood Project costs, the elimination of the $134,750 transfer from the Flood Project Fund to the Flood Bond and Interest Fund and an increase of $75,000 in the Downtown Redevelopment Project. The increase in the Pension Funds is due to the additional Police Pension Costs for three new police officers. The decrease in Debt Service Funds is the result of lower interest costs associated with the EPA Loan. PUBLIC NOTICE A Budget Hearing will be held on April 21, 1993 for all interested citizens of the Village of Mount Prospect, Illinois. The following budget is proposed for fiscal year beginning May 1, 1993: Village Funds: General Fund ........................ (;18,431,825 Special Revenue Funds .................. 4,345,025 Debt Service Funds .................... 2,896,940 Capital Projects Funds .................. 8,240,300 Enterprise Fund ....................... 7,640,970 Internal Service Funds ................... 3,481,110 Pension Funds ........................ 2,076.200 Totals ........................ $47,112,370 Less Interfund Transfers ............ (650,000) Totals - Village Funds .............. $46,462,370 Library Fund .............................. 3.047,100 Totals - Village and Library Funds ........... ~49,509,470 The meeting will be held in the Mount Prospect Senior Center, 50 South Emerson Street, Mount Prospect, Illinois, for the purpose of discussion of the proposed budget at 7:30 p.m. The proposed budget may be examined on weekdays in the Office of the Village Clerk in the Village Hall, 100 South Emerson Street, Mount Prospect, Illinois between 8:30 a.m. and 5:00 p.m. All interested citizens will have the opportunity to give written and oral comments. MICHAEL E. JANONIS Village Manager Published in Mt. Prospect Herald April 8, 1993.