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Home My WebLink About4.1 2023 FIRST QUARTER REVIEW - JOINT WORKSHOP WITH VILLAGE BOARD AND FINANCE COMMISSIONIL Mr�GauC'd'+rt;�iect Item Cover Page Subject 2023 FIRST QUARTER REVIEW - JOINT WORKSHOP WITH VILLAGE BOARD AND FINANCE COMMISSION Meeting April 25, 2023 - 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. • 2022 Unaudited Financial Results o Revenues o Expenditures o Reserves o Pension Funds • QI-2023 • Revenues • Expenditures • Other Items • Fund Balance Policy • Economic Emergency Fund 6 Revenue Reallocations A report containing detailed information on the financial review item is attached herewith. Along with that, a presentation on the fund balance policy is also attached. The same presentation was shared with the Finance Commission during the Finance Commission's regular meeting of March 23, 2023. The Finance Commission has voted to support the revisions to the Fund Balance Policy as well as to start a new Economic Emergency Fund using the surplus from the FY 2022. 1 The new Fund Balance Policy recommends maintaining fund balance from 30 to 50 percent of the annual expenditure budget, with a target fund balance of 40 percent. The Finance Commission voted 5-0 to recommend approval of the proposed revisions to the Fund Balance Policy. The updated policy also states that, when the fund balance falls below 30%, staff will report if the decrease is a temporary decrease or permanent. In case of a permanent decrease, staff will be required to report to the Finance Commission and the Village Board if contingency planning should be deployed and/or use of Economic Emergency Fund should be triggered. The current Fund Balance Policy is from 2015 and requires maintaining the fund balance from 20 to 30 percent with a target of 25 percent. The Finance Commission also recommended approval 4 -1 to start an Economic Emergency Fund using $6.5 million from the 2022 surplus. The Village is in a good financial health currently, providing the opportunity to set aside some of its reserve for unforeseen circumstances. For example, during 2008-2009 downturn, the Village had to cut 100/0 of its workforce. Long-term contingency planning requires a thoughtful analysis of service and personnel levels. In the case of a long-term contingency or emergency, the Village will require more time in executing a good contingency plan. The Village staff recommends creating an emergency fund ("Economic Emergency Fund") with 2 months' worth of cash. The Village's total annual budget is around $78.0 million and two months worth of cash equates to $13.0 million. The Village can afford to start the fund with one -months' worth of cash totaling $6.5 million out of the 2022 General Fund surplus totaling $13.5 million. Staff is recommending allocating $6.5 million towards the Economic Emergency Fund. The fund will be invested in highly secured AAA rated interest earning investment with high liquidity. Staff will discuss more and provide further context and literature at the Joint Workshop with the Village Board and Finance Commission. Alternatives 1. Village Board, Finance Commission and the staff to discuss the Q1-2023 Financial Review. 2. Action at the discretion of the Village Board. ATTACHMENTS: Q1-2023_Review.pdf 03_March_Board_Reports_for_Upload_. pdf Fund Balance Policy - 2023 - 04212023.pdf 2 Village of Mount Prospect Finance Department First Quarter Financial Review For the Quarter Ended March 31, 2023 Prepared By: Amit Thakkar, CPA Director of Finance IIII iintiir°od ul e iiio iiia 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 2023. The report begins with summarized and unaudited financial results from the fiscal year 2022, 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, 2023. The report also contains a few special items of interests and updates. 022 11inaudited The fiscal year 2022 started with uncertain COVID-19 environment and market uncertainties. As year progressed, the Village faced many challenges including 40 -year high inflation, supply -chain issues, high interest rates, unrealized losses in pension fund investments due to volatile investment market and also faced delayed property tax payments from Cook County. Despite these major challenges, the Village had a stellar financial performance and collected record-breaking revenues, especially the State of Illinois shared revenues including State Sales Tax, State Income Tax, and Personal Property Replacement Tax. The Village also established a new Tax Increment Financing District in the southern part of our Village, called South Mount Prospect TIF. The Village has seen continued growth in the Downtown Mount Prospect with various multi -family projects. The Village also abated $2.1 million in property taxes in November 2022 for the 2022 levy payable in 2023. Property Taxes 200,873,259 2,00,873,259 200,4412,679 20,4485,08.8 (72,4409) -00.44° OttherTaxes 13,30044,500 13,30044,500 16,0009,7445 14,852,966, 1,156,779 7.9 Rnterp,overnamenttA Revenue X544,,713,,145 59,448,,145 51,345,773 48,691, 397 2,,6544,,381 5.5° Licenses, IPer€mlits &Dees 3"Cas" 3"Cas" 3,16f ,526 3,14144,953 15,568 fes Charges For 5erviices 38,333,258, 38,44 48,258 39,021„8402 37,4021,529 1,6000,33 4.3% dines & IForfelits, 5441,000 953,000 909,44144 628~522 280,392 444.7° Investment Income 118,070 690,070 1,2700,7240 (1001„1900) 1,371„915 +++ Otther lFIinancling Sources 20,580,,WG 25,550,,000 144,,75.3„5.82 44,,552,5D5 9,936�,377 2n040.8;° OttherRevenue 2,261„8600 2,261,860 1,896,591 3,1449~541 (1,252,953) -39,.&% Reiirmbursermentts 397,600 397,600 5100,970 396,441,5 1141,555 281.9% r i The above listed revenue sources are analyzed below: 1:1roperty tax Property tax is one of the most reliable revenue sources. The Village's total 2022 levy was $19.4 million, which includes 2.0% for losses and costs. The Village was expected to collect 98.5 percent of the 2021 levy payable in 2022. The actual property tax collection for the year 2022 totaled $19.1 million or 99.3 percent. The property tax budget for the year also included $1,650,000 for Tax Increment Financing District (TIF). The actual collection for the TIF was recorded at $1,307,969. Collectively, the Village collected $20.4 million in the property tax revenue against the total budget of $20.9 million. Some of the property taxes for the year are collected after December 31, 2022. However, the reported property tax payment reflects collection through February 2023 (per the GASB regulations). Otl.ier Taxes 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 2022 collection totals $16.0 million, which is higher than the 2021 collection by 1 lc�lrnl ii�ul�°' alles� Irc,�x 1,000,000 $1.2 million or 7.8 percent. $�, a M IFfscal fiscal fiscal fiscal fiscal fiscal Calendar Calendar Calendar Calendar Calendar Calendar~ 201..7 20718 201..9 207207 2021. 2022 Y d D The home rule sales tax collection totaled at $7.3 million, an increase of $659,967 or 9.9% compared to the 2021 collection. The Village collected $3.2 million in various utility taxes, $4.4 million in various use taxes, $701,365 in franchise fees and $307,732 in business district taxes. The Village tax collection increased by 5.3 percent for utility taxes, by 8.8 percent for use taxes, and 5.8 percent for Business District taxes. The Village collection for franchise fee decreased by $38,805 or 5.24 percent compared to 2021 collection. III,,rt;e r" overnornenW Revenue The intergovernmental revenues include revenues received from the other governmental units and agencies, mainly from the State of Illinois. The Village has recognized intergovernmental State 3alles..I..ax (in INAiilllliions) revenues totaling $35 $31.08 $29.29 $51.3 million for the $30 year 2022, an $25 $22.83 $23.36 $�192fi, ,rrr4um increase of $2.6 M.15 million or 5.5 percent $10 compared to the total 5 2021 $ intergovernmental Fiscal IF:rscal r:iscal r:iscal Fiscal Irrscal revenues. The most Calendar Calendar Calendar Calendar Calendar Calendar 2017 201..8 201..9 2020 2021 2022 YFID significant revenue IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII State Sales .t arc „,r,r,r,r,.,., Unear (S Late S ala=s I a)o 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 $3.11 billion were recorded for the year of 2022, and the Village received the total sales tax collection of $31.1 million. The 2022 state sales tax amount is higher by $1,785,846 or 6.1 percent compared to the 2021 revenues. Furthermore, the Village's income tax budget was initially set at $6.3 million for the year 2022, 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 $1,0.00 $8.00 $6.00 $4.00 $2..00 Irncolme ..I.. x II.... 11DIF (6 n IVIilhon.$) $9.26 MIM collection with all local $200Mgovernments based on population. The total oz $1.50.00 collection for the year $1.00M 2022 is recorded at $9.3 $50.00 million, an increase of f fiscal fiscal fiscal fiscal fiscal fiscal Calendar Calendar Calendar Calendar Calendar Calendar 201..7 201..8 201..9 2020 2021. 2022 Vrll:1 IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Income Fax. -F"cr CalaiLai [Asr..ribu tion $2.1 million or 29.1 percent compared to the prior year collection. The Village also received $3.5 million from the American Rescue Plan in the year 2022. Although the American Rescue Plan revenue was received in 2022, the amount is restricted and will be treated as deferred revenue for the year 2022 and will not be part of the annual income or the unrestricted fund balance. The Intergovernmental revenue also includes $2.2 million in motor -fuel tax, $2.3 million in use tax, $1.5 million in the personal property replacement tax, $1.3 million in federal grants, and $1.7 million in state grants. The Village collected $1.5 million in personal property replacement tax, which reflects an increase of $738,511 or 102.1 percent compared to 2021 collection. Ucen (;*s . Q;;;lerrrift The Village collected $3,160,526 in license and permit fees. The amount collected is higher by $15,567 or 0.49 percent compared to 2021 collections. This category includes $1,320,592 in vehicle license fees, which is earmarked for the street resurfacing program. The Village has suspended the vehicle sticker program for the FY 2023, and the Village has pledged other intergovernmental revenues to support the street resurfacing program for the FY 2023. An average household received a tax break of $90 due to suspension of the vehicle sticker program. .;olhar es for Services The Village collected $39.0 million in charges for services for the year 2022. The amount is higher by $1.6 million, or 4.28 percent compared to 2021 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 increases 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 $836,798 collected through Ground Emergency Medical Transport (GEMT). The Water and Sewer Fund recorded revenues totaling $18.7 million. The total charges for services also includes $2.0 million in vehicle lease payments, $2.0 million in vehicle maintenance payments and $8.1 million in risk management payments including health insurance, general liability insurance, worker's comp and other payments. p,,,;ine & I,,,;orfeitures The Village collected $909,414 in fines and forfeitures during the year 2023. The collected amount is higher by $280,892 or 44.7 percent compared to the 2022 collection. The 2021 collection under this category was heavily impacted by COVID-19. Subsequently, the Village implemented a new in-house adjudication program and was able to reduce certain administrative costs by Cook County and was able to collect greater amounts. The above amount also includes $138,618 in water and sewer late payment penalties and fees. (rives-biierit Inc(.xyie The Village reported investment loss of $101,190 during Q1-2022 due to mark -to -market adjustment for its investments. Since then, those investments have matured and the Village has not only reversed these theoretical losses, but has also booked significant investment income. The Village has recognized an investment income totaling $1,270,724 during 2023. Increased federal and WSJ prime rates have allowed the Village to earn higher interest rates on its investments. Other Revenues All other revenue sources include interfund transfers, bond proceeds, other misc. revenues, and reimbursements. The Village refunded its series 2013 bonds. While doing that, the Village received $8.2 million in bond proceeds and the same was used to payoff the previously issued series 2013 bonds. The Village also received $2.0 million by selling the old Police and Fire HQ building. The Village has transferred to $4.5 million in interfund transfers from the General Fund and allowed the Capital Improvement Fund, Flood Control Construction Fund, Pension Stabilization Fund, and the Parking System Fund to recognize revenues totaling $2,700,000, $1,000,000, $750,000, and $75,000, respectively. 2022 Exp arm ii-tu rwl a in iib.'-.- The original Expenditure Budget for FY 2022 was $155.2 million. The actual spending for the year was $124.0 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 2022 by department and by expenditure category. 10 IPP lic Representation 6'1.3,657 455,939 74.3°% 457,,538 (1,,599) 29 'VIRllllage Adrmlinlisttratlion 5,201,643 4,,482,,346' 861.2'x% 4,017,,123 465,223 30 Finance 2,300,467 2,265,1 0<9 98.61% 3,194,,773 (925,664) 40 Community Development 4,434,367 3,286,392 74.1.°% 3,406,3GO (1,19,968) 50 Human Services 1,858,,890 1,301„918 70.'Cri°% 1,175,,556' 1,26,362 GO 18olllice 20,856,067 19,960,823 95.7% 20,162,,665, (2041,,845) 704 1 19,841,352 19,035,,987 95.9'.% 17,663,052 1,372,93.5 904 IPr,Ullic'Warks 65,9,50,604 39,2141„736' 59.4°% 38,689,452 512,284 190INon-DepartmenttA 37,,1071,236, 344,,1051„410 91.9°% 23,9449,537 110,101,,873 Total Expenditures 159,138,223 1244,10145,660 78.4% 112,7161,059 111329,601 Pers©nnell 53,462,957 51,928,6'69 ' 97.1% 1, Contractual SerVices 34,879,420 34,463,030 98.8°% 34,219%7049 243,320 O'ormrmodlitlies & Slupplllies 2,56�3,654 2,215,348 86.4°% 1,9,01,517 317,831 CaplitallImprovements 37,323,291 9,465,676, 25.4°% 9,482,380 X16,704), Debt Service 18,687,538 18,2444,954 97.6°% 9,807,675 8,437,279 Other Expenditures ........, ......... ......... ........., ......... 10,624,295 ........., ......... 7,723,9x33 ......... ........, ......... 72.70.% ........., 6,986,892 ........ ........., ......... 737,'0 .......... .......... Total Expernditores 157,546,155 124,045,660 15.5% 112,716,059 11,329,601 All the Village Departments have performed within the stipulated budget limits for the year 2022. The Village has spent a total $124.0 million in expenditures for the year 2022, which equates to 78.4 percent of the total approved budget. The Public Works Department 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 97.1 percent of Personnel costs, 98.8 percent of contractual services, 86.4 percent of supplies and commodities, and 18.2 percent of the debt service budget. The capital improvement items spent totaled $9.5 million, which equates to 25.4 percent of the total budget. General Fund Revenue 65,779,208 77,, 251, 2,CN8, 75,853,209 Expenses 69,211,,8,39 69,256,585 52,269,699 The total General Fund revenue budget for the year 2022 was $65.8 million, while the original expenditure budget was $69.2 million. The revenue budget was eventually revised to $77.2 million, while the expenditure budget was revised to $69.3 million. The actual recognized revenue for the General Fund totaled $75.8 million, while the expenditure totaled $62.3 million. As mentioned earlier, a few outperforming intergovernmental revenues including state sales tax, income tax, personal property replacement tax, and ambulance billing fees are the main reasons for the surplus for the year. Unrestricted Fund Balance as, of Jan 1, 2,022 Add: Release of Restricted Fund Balance Add: Net t 5urp lus, Less: Less: Restricted Fund Balance as of Dec 31,, 2,022 Less: Taxes Receivable from ithe 91taite & Otther Agencies 30,752,940 40.2 13,5 ,510 13,, 710, 769 1709' si U As mentioned in the above table, the General Fund started the fiscal year 2022 with $30.8 million in the unrestricted fund balance, while the actual spendable fund balance as of January 1, 2022, was $18.5 million. The net accounting surplus of $13.6 million (from 2022 activities) is added to the unrestricted fund balance. The above listed amounts do not include $7.0 million received from the American Rescue Plan. The fund balance as of December 31, 2022, equates to 58.0 percent of the 2023 annual budget and totals $44.3 million. Some portion of $44.3 million is not readily available for spending and it is occupied by taxes and other receivables totaling $13.7 million and that leaves the Village with a spendable fund balance of $30.6 million, which equates to 40 percent of the 2023 annual budget. The Finance Department has proposed a revision to the Fund Balance Policy and the same was discussed with the Finance Commission. The Finance Commission has supported these revisions, which will also be discussed the joint workshop. IIII°° ' IIII liii iiia IIII°°° Ilii hireIIID::'Ie iiia s Ilii l IIII°°° lirid Lilinatidited Overall, the fiscal year 2022 was a highly volatile year for the Police and Fire Pension funds and both funds have unrealized losses in the investments totaling $16.6 million and $15.4 million, respectively, to their net positions. The Village is still waiting for actuarial reports currently. Due to reduction in the investment values, the Village pension funds are expected to show a reduction in the funding ratios. 11 Inoame, Contributions Member 1,020,818, 8,11,SO4 Municipal 3,921,104 3,678,359 Total Conthiibution 4,841,922 4,490,163 Investment Income Interest & Dividends 6,67,458 485,621 Fair Value Increase/(De crease) (14,326,972) (12,514,648) Investment Expenses (77,211) (42,038) Total Investment Income (13,736,725) (12,071,065� Tot,al Wcorne, Expenditures AcImJnistration Pension Benefits &Refunds Total Expenditures nine Net Position Quiairteirl, (II::I()viiia uiii es (S,854,8,03) � 7,5,&G, 9,02), 68,343 65, 195 6,939,629 6,965,1087 6,907,972 7,03 ,28,6, '86,,474,332 85,017,228, Q1-2023 reflects the total recognized revenues of $22.0 million, and it represents 15.5 percent of the annual budgeted revenues. At the same time last year, the total collection was $26.4 million. The Q1 -2023 collection is trailing lower by $4.4 million, or 16.8 percent compared to the Q1-2022 collection, due to delayed property tax payments from Cook County. The data is summarized in the below table. 12 Property Taxes 22,078„821 5,161,537 23.4% 10,,774,,926 X5,613,883) -52.1% Other Taxes 13,713,156 978,,8,64 7.1% 1,074,,8,09 (95,945) -81.9 Intergovernmental Revenue 4%689,00.8 3,397,6,97 61.8% 3,9,03,936, (506,239) -1.3.0 Licenses, IPermits &Dees 1,959,500 590,5099 30.1% 1„16 1,448, (573,939) -499 3 Charles l6or Services 40,837,,772 9,8.51,508, 24.1% 9,049,625 8,61,8,8,3 8'. 9% dines & Forfeits 530,140 121,934 23.0% 101,,359 20,575 20.3” Investment (Income 278,26,6 1,140,434 4013.8'% 23 8,123) 1.,378,557 -578,.9% Other 16iinanciing Sources 1CG,60f "GG0 3,500 CR.O - 3,5C0 +++ Other Revenue 2,166,550 627,954 29.10 544,723 83~2371 15.3% Reimbursements 203,o3o 122,226, 60.2% 56,048, 66,178 1181.1% Total Revenues 142,096,,213 21,,996,,165 15.5% 26,431,746 (4,,4: 5,5,92) -16.8% • The first installment of the property tax was due in March during FY 2022, while the same is due in April 2023 for the current year. Due to the delayed due date for the property tax, the Village is trailing behind by $5.6 million in property tax collections. • Other Taxes encompass locally enacted taxes, including home rule sales tax, food & beverage tax, hotel/motel tax, municipal motor fuel tax, real estate transfer tax and a few more. The collection is trailing marginally lowered by $95,945. The amount shown above is not final, as the home rule sales tax for Q1-2023 will be recognized in April 2023 and beyond. • The intergovernmental revenues totaling $3.4 million were collected during Q1- 2023. The collected amount is trailing lower by $506,239 or 13.0 percent. The revenues for Q1-2023 will be received in Q2-2023, as the State taxes lag by three months. The Village received a one-time Rebuild Illinois Grant Installment totaling $594,611 during Q1-2022, which is not expected to be received in FY 2023 and has resulted in a lower collection for FY 2023. • The Village suspended the vehicle sticker program for FY 2023. Due to the suspension, the Village has not collected any vehicle sticker revenue in FY 2023 and has resulted in lower collection for license and permits totaling $590,509. • Charges for Services are trailing higher by $801,883. The total $9,851,508 is si K3 recognized for Q1-2023 as charges for services. The higher amounts are attributable to the rate increases in water, sewer and refuse rates. • The Village collected $121,934 in fines and forfeitures during the quarter under review. The amount is trailing higher by $20,575. • An investment income totaling $1,140,434 is recognized during Q1-2023. There were certain US Treasury investments maturing in Q1-2023 and have resulted in a higher interest income for the quarter. • Most of the other items are on track as expected and are in line with the 2023 budgeted revenues. Quairteirl, 2023 IIIE,xllpeiiiridllli iii iiir s Q1-2023 expenditures totaled $23.2 million or 14.5 percent of the annual budget. The expenditures are trailing lower by $1.6 million compared to Q1-2022, mainly due to lower Personnel and Capital Improvement costs. A brief analysis of each of these categories is provided on the next page. 10 IPublliic Representation 624,596 77,029 12.3% 20 vlillllageAdministration 5,1193,601 953,1004 7184% 3C0Finance 2,5001,247 X767,876), -300.7% 410 Community R3evellopment 4,784,7 11 7200,877 15.1% 50 Human S-ervices 1,95 1,711 345,,248 17.7% 617 IPoluce 22, 158,993 4,913,9700 21.9% 70 lFire 20,357,9 9N 4,337,832 21.3% &D IPubEic works 72,010,0700 5,,248,,737 1.1.5° 00 Non -Departmental 30,339,135 4,369,543 14.4 Total Expenditures 16012251005 23,19+81465 14.5% 38,,131 38,895 9711,78,2 (18,,678) 6,2,44[0Il„230,316f) 768,153 (47,273) 3310,223 15,025 5,857,191 X943,224), 5,231.,223 X8,93,,391) 8,,045,8200 202,911,8, 3,116,4100 1,253,134 24,821,375 (1,622„91D) 14 Personnell 56,36%6,27 712,518,280 22.25./a 14,359,8„92 1,,841,602) ContractuA Services 3S,,232,054 7,8,6,7,,355 20.6% 7,,397,78,0 465,578, 6ormomodiibes & Supplies 2,608,, 215 636,0422 24.4% 524,299 111„724 6.apiitall lImprovements 40,407,790 2,114,337 5.2% 2,37,0,97,0 4256,632) Debt Sery lice 9,037,425 54,015 0.6% 24,074 25,941 Other Expenditures ........ ........, ......... ........., 13,569,9005 ......... ......... ........., 5,453 ......... ........., ......... CN.1% ......... ......... 144,371 ........., X135,918) ......... ............................ Total Expenditures 1601225,005 23,1381465 15.5% 24,8211175 (1,622,9110) • 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 2023 to April 2023. The change has resulted in a lower collection of property tax for the year 2022. 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. Due to delayed property tax payments, a lower pension costs are recognized and resulted in a lower recognition of personnel expenditures. The Village has spent $12.5 million in personnel related costs during Q1-2023. The amount represents 22.2 percent of the annual budget, and the amount is trailing lower by $1.8 million compared to the previous year. • The Village has spent $7.9 million in contractual services. The amount represents 20.6 percent of the annual budget and includes many big-ticket items including the JAWA water purchase, engineering studies, and other major contracts. The amount is on track with the expected spending, and it is trailing higher by $469,578 compared to last year due to various inflationary adjustments. • The Village has spent $636,022 in commodities and supplies, 24.4 percent of the annual budget. The amount is in line with the expected spending of the year, and it is trailing higher by $111,724 compared to the previous year's spending. The amount for year 2022 includes some timing issues with recognition, while the 2023 amount is incurred as expected. • The Q1-2023 capital improvement spending totaled $2.1 million. This amount represents 5.2 percent of the annual budget. Most of the capital projects have 15 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 Q1-2023. • The Village incurred $8,453 in Other Expenditures during Q1-2023. The amount represents 0.1 percent of the annual other expenditures budget. The category includes interfund transfers totaling $11.5 million, which will be executed during the third and fourth quarter of the current year. ' Illi -ii iiia I111talm a) It is recommended that fixed or semi -fixed revenue sources should be used to fund operating expenditures while variable revenue sources should be deployed towards funding capital/one-time project costs. Based on the current data and segment analysis, the Village should use certain portion of the state sales tax towards funding capital projects. Currently, the Village is using Home -rule sales tax to fund capital projects, while state sales tax is more suitable item for funding capital projects. • State Sales Tax • With the current data, it maybe concluded that: • $15.7 million is fixed — 52.33% • $12.0 million is variable — 40.0% • $1.6 million is semi -variable — 7.67% • Homerule Sales Tax: • $5.3 million is fixed — 76.8% • $1.6 million is variable — 23.2% • With the above data analysis, the Village Administration proposes to allocate 100.0 % of the home -rule sales tax to the General Fund and to allocate $2.0 million in the state sales tax to each of the three capital project funds. • The above concept was presented and discussed with the Finance Commission, and the Commission has voted in support of the proposed allocation. av-161111"I liii iia 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 2022 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 17 VILLAGE OF MOUNT PROSPECT BUDGET REVENUE EXPENDITURE SUMMARIES March 1— March 31, 2023 18 Revenue Budget by Account Classification Repor t hgoUg__ 0,13_1=e.� P-0- F�scal vea- AcbvO incluuz.- Summary I isung REVENUE TOTALS u -d DO- Genera —o -,a $76,454,329.00 $0.00 $76,454,329.00 $6,384,257.72 $0.00 $9,802,703.91 $66,651,625.09 13% $13,679,030.42 $76,454,329.00 $0.00 $76,454,329.00 $6,384,257.72 $0.00 $9,802,703.91 $66,651,625.09 $13,679,030.42 19 Adopted Budget Amended Current Month YTD YTD Budget - YTD % Used/ Account Classification Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD -Ird 001 - Genera Fund REVENUE Prvner:y, _axes 17,970,571.00 .00 17,970,571.00 4,215,013.29 .00 4,215,013.29 13,755,557.71 23 8,638,539.11 0 -he- _2xes 7,699,500.00 .00 7,699,500.00 354,836.01 .00 775,259.84 6,924,240.16 10 912,538.16 Licer-e-c. -erml:s -I -ees 1,958,500.00 .00 1,958,500.00 261,581.20 .00 590,238.78 1,368,261.22 30 507,891.75 ricere=`RevMue 45,245,308.00 .00 45,245,308.00 867,749.82 .00 2,976,144.58 42,269,163.42 7 2,963,668.56 harqeS -0- Sery ces 2,732,000.00 .00 2,732,000.00 357,034.19 .00 413,073.66 2,318,926.34 15 518,075.12 nes & -orfe -_- 307,300.00 .00 307,300.00 21,338.50 .00 50,985.50 256,314.50 17 51,334.76 MeM Incom_� 126,000.00 .00 126,000.00 238,173.95 .00 595,514.21 (469,514.21) 473 (29,905.75) Re mbu-se—e—s 177,000.00 .00 177,000.00 20,399.06 .00 59,185.87 117,814.13 33 44,711.45 Oz-er Revenue 238,150.00 .00 238,150.00 48,131.70 .00 127,288.18 110,861.82 53 72,177.26 0 e-- nanc ng Sounces .00 .00 .00 .00 .00 .00 .00 ... .00 REVENUE TOTALS u -d DO- Genera —o -,a $76,454,329.00 $0.00 $76,454,329.00 $6,384,257.72 $0.00 $9,802,703.91 $66,651,625.09 13% $13,679,030.42 $76,454,329.00 $0.00 $76,454,329.00 $6,384,257.72 $0.00 $9,802,703.91 $66,651,625.09 $13,679,030.42 19 Revenue Budget by Account Classification Repor t hgoijg__ 0,13_1=e.� P-0- F�scal vea- AcbvO incluuz.- Summary I isung REVENUE TOTALS r. d Se. rce oz_a s $4,681,906.00 $0.00 $4,681,906.00 $606,306.07 $0.00 $629,685.04 $4,052,220.96 13% $1,484,811.18 $4,681,906.00 $0.00 $4,681,906.00 $606,306.07 $0.00 $629,685.04 $4,052,220.96 $1,484,811.18 20 Adopted Budget Amended Current Month YTD YTD Budget - YTD % Used/ Account Classification Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD -Ird 002 - Deot Service REVENUE Prvner:y _axes 2,208,250.00 .00 2,208,250.00 579,649.80 .00 579,649.80 1,628,600.20 26 1,450,806.72 0 -he- _2xes 923,656.00 .00 923,656.00 .00 .00 .00 923,656.00 0 .00 irterracverrmerta 1—venue 145,000.00 .00 145,000.00 25,384.28 OD 46,723.52 98,276.48 32 33,838.51 "es imen- - room_e 5,000.00 .00 5,000.00 1,271.99 .00 3,311.72 1,688.28 66 165.95 Corer R&,,_nue .00 .00 .00 .00 .00 .00 .00 +++ .00 0—er -inancing Sources 1,400,000.00 .00 1,400,000.00 .00 .00 .00 1,400,000.00 0 .00 REVENUE TOTALS r. d Se. rce oz_a s $4,681,906.00 $0.00 $4,681,906.00 $606,306.07 $0.00 $629,685.04 $4,052,220.96 13% $1,484,811.18 $4,681,906.00 $0.00 $4,681,906.00 $606,306.07 $0.00 $629,685.04 $4,052,220.96 $1,484,811.18 20 Revenue ye Bd'g' by Account Classification Report REVENUE TOTALS u-0 020 - Capital improvement = z a -o -,els $2,508,000.00 $0.00 $2,508,000.00 $17,566.42 $0.00 $39,274.57 $2,468,725.43 2% $411.52 $2,508,000.00 $0.00 $2,508,000.00 3 $17,566.42 $0.00 $39,274.57 $2,468,725.43 $411.52 21 Adopted Budget Amended Current Month YTD YTD Budget - YTD % Used/ Account Classification Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD -Ird 020 - Ca _ta_ imorovernent � _n REVENUE v _axes 1,500,000.00 .00 1,500,000.00 .00 .00 .00 1,500,000.00 0 .00 rieracve-me-LaRevenue .00 .00 .00 .00 .00 .00 .00 +++ .00 8,000.00 .00 8,000.00 17,566.42 .00 39,274.57 (31,274.57) 491 411.52 ._.. _e :_ .00 .00 .00 .00 .00 .00 .00 +++ .00 C - ,t: nue .00 .00 .00 .00 .00 .00 .00 +++ .00 0-e 3v -g Sources 1,000,000.00 .00 1,000,000.00 .00 .00 .00 1,000,000.00 0 .00 REVENUE TOTALS u-0 020 - Capital improvement = z a -o -,els $2,508,000.00 $0.00 $2,508,000.00 $17,566.42 $0.00 $39,274.57 $2,468,725.43 2% $411.52 $2,508,000.00 $0.00 $2,508,000.00 3 $17,566.42 $0.00 $39,274.57 $2,468,725.43 $411.52 21 Revenue ye Bd'g' by Account Classification Report REVENUE TOTALS $4,123,000.00 $0.00 $4,123,000.00 $63,998.13 $0.00 $133,572.16 $3,989,427.84 3% $768,949.65 u 02 Sgreea wove =n, a se uc d - -,a $4,123,000.00 $0.00 $4,123,000.00 $63,998.13 $0.00 $133,572.16 $3,989,427.84 $768,949.65 4 22 Adopted Budget Amended Current Month YTD YTD Budget - YTD % Used/ Account Classification Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD -Ird 023 - Street imorovement Con iruo �u__-a REVENUE v ;xu_ 2,150,000.00 .00 2,150,000.00 54,769.73 .00 113,269.29 2,036,730.71 5 111,208.46 _5e__ earn. _ & _eeS .00 .00 .00 .00 .00 270.00 (270.00) +++ 656,556.00 t m -, ue 50,000.00 .00 50,000.00 .00 .00 .00 50,000.00 0 .00 e w .00 .00 .00 .00 .00 .00 .00 +++ .00 v ._.n_irc me 8,000.00 .00 8,000.00 9,228.40 .00 20,032.87 (12,032.87) 250 255.66 Re _e __ .00 .00 .00 .00 .00 .00 .00 +++ .00 0, 7 ..e . -e 15,000.00 .00 15,000.00 .00 .00 .00 15,000.00 0 929.53 0-e nano ng Sources 1,900,000.00 .00 1,900,000.00 .00 .00 .00 1,900,000.00 0 .00 REVENUE TOTALS $4,123,000.00 $0.00 $4,123,000.00 $63,998.13 $0.00 $133,572.16 $3,989,427.84 3% $768,949.65 u 02 Sgreea wove =n, a se uc d - -,a $4,123,000.00 $0.00 $4,123,000.00 $63,998.13 $0.00 $133,572.16 $3,989,427.84 $768,949.65 4 22 Revenue Budget by Account Classification Repor t g s _ REVENUE TOTALS $2,390,000.00 $0.00 $2,390,000.00 $4,244.62 $0.00 $6,217.47 $2,383,782.53 00/0 $4,248.75 $2,390,000.00 $0.00 $2,390,000.00 $4,244.62 $0.00 $6,217.47 $2,383,782.53 $4,248.75 5 23 Adopted Budget Amended Current Month YTD YTD Budget - YTD % Used/ Account Classification Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD -Ird 024 _ M000 Construction Fund REVENUE v _axe_ 575,000.00 .00 575,000.00 .00 .00 .00 575,000.00 0 .00 mRevenue 788,000.00 .00 788,000.00 .00 .00 .00 788,000.00 0 .00 __ame, -or Services10,000.00 .00 10,000.00 2,594.00 .00 3,305.00 6,695.00 33 4,182.00 "es u _e _ -. _, 2,000.00 .00 2,000.00 1,650.62 .00 2,912.47 .47) 146 66.75 me MDU-Sm—mrmS 15,000.00 .00 15,000.00 .00 .00 .00 15,000.00 0 .00 0,-,evine Sources 1,000,000.00 .00 1,000,000.00 .00 .00 .00 1,000,000.00 0 .00 REVENUE TOTALS $2,390,000.00 $0.00 $2,390,000.00 $4,244.62 $0.00 $6,217.47 $2,383,782.53 00/0 $4,248.75 $2,390,000.00 $0.00 $2,390,000.00 $4,244.62 $0.00 $6,217.47 $2,383,782.53 $4,248.75 5 23 Revenue ye Bd'g' by Account Classification Report Adopted Budget Amended Current Month YTD YTD Budget - YTD % Used/ Account Classification Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD -Ird 036 - Ru r - Dec_a_ Service Ares - _n REVENUE :y_axes 160,000.00 .00 160,000.00 .00 .00 .00 160,000.00 0 .00 REVENUE TOTALS --rd 0 a_ Dec a Sery ce Area _c-2 s $160,000.00 $0.00 $160,000.00 $0.00 $0.00 $0.00 $160,000.00 0% $0.00 $160,000.00 $0.00 $160,000.00 $0.00 $0.00 $0.00 $160,000.00 L $0.00 24 Revenue Budget by Account Classification Repor t g s REVENUE TOTALS $155,100.00 $0.00 $155,100.00 $0.00 $0.00 $0.00 $155,100.00 0% $0.00 �u a OW MP _ a_ _ u._d _c -a $155,100.00 $0.00 $155,100.00 $0.00 $0.00 $0.00 $155,100.00 $0.00 7 25 Adopted Budget Amended Current Month YTD YTD Budget - YTD % Used/ Account Classification Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD -Ird 037-S _P- ��u d REVENUE ry :y—axes 155,100.00 .00 155,100.00 .00 .00 .00 155,100.00 0 .00 0-h Revenue .00 .00 .00 .00 .00 .00 .00 +++ .00 O_`c -_c- itis .00 .00 .00 .00 .OD .00 .00 +++ .00 REVENUE TOTALS $155,100.00 $0.00 $155,100.00 $0.00 $0.00 $0.00 $155,100.00 0% $0.00 �u a OW MP _ a_ _ u._d _c -a $155,100.00 $0.00 $155,100.00 $0.00 $0.00 $0.00 $155,100.00 $0.00 7 25 Revenue Budget by Account Classification Repor t g s Adopted Budget Amended Current Month YTD YTD Budget - YTD % Used/ Account Classification Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD - r 039 - Pension stagy_=_¢ _ REVENUE v 3 __s 750,000.00 .00 750,000.00 .00 .00 .00 750,000.00 0 .00 REVENUE TOTALS un 039 - Pension stab___ _ __ _ ung =v ols $750,000.00 $0.00 $750,000.00 $0.00 $0.00 $0.00 $750,000.00 0% $0.00 $750,000.00 $0.00 $750,000.00 $0.00 $0.00 $0.00 $750,000.00 $0.00 8 26 Revenue ye Bd'g' by Account Classification Report REVENUE TOTALS $5,111,200.00 $0.00 $5,111,200.00 $601,592.95 $0.00 $1,313,685.57 $3,797,514.43 26% $1,230,622.68 $5,111,200.00 $0.00 $5,111,200.00 $601,592.95 01 $0.00 $1,313,685.57 $3,797,514.43 $1,230,622.68 27 Adopted Budget Amended Current Month YTD YTD Budget - YTD % Used/ Account Classification Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD -Ird 0-_0 - Refuse Disoosa_ Fun REVENUE v :y-axes .00 .00 .00 .00 .00 .00 .00 +++ .00 ChargeS o-ServceS 4,927,500.00 .00 4,927,500.00 576,483.25 .00 1,246,219.65 3,681,280.35 25 1,203,392.81 FinY & Forfe.I 36,100.00 .00 36,100.00 2,765.14 .00 9,906.63 26,193.37 27 9,920.73 "es o _e _ -. _, 1, 000.00 .00 1000.00 , 2485.55 , .00 5544.72 , 4,544.7 554 47.24 me } -. mna 1,000.00 .00 1,000.00 .00 .00 26,314.74 (25,314.74) 2631 .00 0— renue 145,600.00 .00 145,600.00 19,859.01 .00 25,699.83 119,900.17 18 17,261.90 REVENUE TOTALS $5,111,200.00 $0.00 $5,111,200.00 $601,592.95 $0.00 $1,313,685.57 $3,797,514.43 26% $1,230,622.68 $5,111,200.00 $0.00 $5,111,200.00 $601,592.95 01 $0.00 $1,313,685.57 $3,797,514.43 $1,230,622.68 27 Revenue Budget by Account Classification Repor t g s _ Account Classification Adopted Budget Budget Amendments Amended Budget Current Month Transactions YTD Encumbrances YTD Transactions Budget - YTD Transactions % Used/ Rec'd Prior Year YTD �Ia 041 - =rotor -sd_ -ax F Revenue Budget by Account Classification Repor t g s _ Account Classification Adopted Budget Budget Amendments Amended Budget Current Month Transactions YTD Encumbrances YTD Transactions Budget - YTD Transactions % Used/ Rec'd Prior Year YTD -Ird 042 - CDBG REVENUE irteroeverrmerta Revenue 430,000.00 .00 430,000.00 .00 .00 14,787.58 415,212.42 3 .00 _.ve__._,.. _--come .00 .00 .00 .00 .00 .00 .00 +++ .00 011er Revenue 50,000.00 .00 50,000.00 699.87 .00 699.87 49,300.13 1 .00 REVENUE TOTALS $480,000.00 $0.00 $480,000.00 $699.87 $0.00 $15,487.45 $464,512.55 3% $0.00 d 047 CDBG n a s $480,000.00 $0.00 $480,000.00 $699.87 $0.00 $15,487.45 $464,512.55 $0.00 11 29 Revenue Budget by Account Classification Repor t g s _ REVENUE TOTALS 043 - Asea Se. _ u_. c -N_ $1,150.00 $0.00 $1,150.00 $210.45 $0.00 $767.58 $382.42 67% $9.07 $1,150.00 $0.00 $1,150.00 $210.45 $0.00 $767.58 $382.42 $9.07 12 30 Adopted Budget Amended Current Month YTD YTD Budget - YTD % Used/ Account Classification Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD -Ird 043 - Asset s$_¢u_d REVENUE -Ines_.-- 1,000.00 .00 1,000.00 .00 .00 305.50 694.50 31 .00 _.ve__._,.. _--come 150.00 .00 150.00 210.45 .00 462.08 (312.08) 308 9.07 REVENUE TOTALS 043 - Asea Se. _ u_. c -N_ $1,150.00 $0.00 $1,150.00 $210.45 $0.00 $767.58 $382.42 67% $9.07 $1,150.00 $0.00 $1,150.00 $210.45 $0.00 $767.58 $382.42 $9.07 12 30 Revenue Budget by Account Classification Repor t g s _ REVENUE TOTALS s_a _ _ ed_ _ Eu_a= e Share __ _ c -a $50,800.00 $0.00 $50,800.00 $3,188.36 $0.00 $17,716.80 $33,083.20 35% $1.36 $50,800.00 $0.00 $50,800.00 $3,188.36 $0.00 $17,716.80 $33,083.20 $1.36 13 31 Adopted Budget Amended Current Month YTD YTD Budget - YTD % Used/ Account Classification Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD =Ia - �eaer _ Egu_t D_e share Funds REVENUE -Ines_.-- 50,500.00 .00 50,500.00 2,622.36 .00 16,238.24 34,261.76 32 .00 _.ve__._,.. _--come 300.00 .00 300.00 566.00 .00 1,478.56 (1,178.56) 493 1.36 REVENUE TOTALS s_a _ _ ed_ _ Eu_a= e Share __ _ c -a $50,800.00 $0.00 $50,800.00 $3,188.36 $0.00 $17,716.80 $33,083.20 35% $1.36 $50,800.00 $0.00 $50,800.00 $3,188.36 $0.00 $17,716.80 $33,083.20 $1.36 13 31 Revenue Budget by Account Classification Repor t g s _ REVENUE TOTALS $3,100.00 $0.00 $3,100.00 $133.61 $0.00 $412.40 $2,687.60 13% $1.80 $3,100.00 $0.00 $3,100.00 $133.61 $0.00 $412.40 $2,687.60 $1.80 14 32 Adopted Budget Amended Current Month YTD YTD Budget - YTD % Used/ Account Classification Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD �Ia OAS - DUI =_ d REVENUE -Ines_.-- 3,000.00 .00 3,000.00 .00 .00 .00 3,000.00 0 .00 _.ve__._,.. _--come 100.00 .00 100.00 133.61 .00 412.40 (312.40) 412 1.80 REVENUE TOTALS $3,100.00 $0.00 $3,100.00 $133.61 $0.00 $412.40 $2,687.60 13% $1.80 $3,100.00 $0.00 $3,100.00 $133.61 $0.00 $412.40 $2,687.60 $1.80 14 32 Revenue Budget by Account Classification Repor t hgoUg__ 0,13_1=e.� P-0- F�scal vea- AcbvO incluuz.- Summary I isung REVENUE TOTALS - unci 046 � Foreign re Tax Board Fund _c -a s $75,600.00 $0.00 $75,600.00 $1,203.69 $0.00 $2,746.16 $72,853.84 4% $34.69 $75,600.00 $0.00 $75,600.00 $1,203.69 $0.00 $2,746.16 $72,853.84 $34.69 15 33 Adopted Budget Amended Current Month YTD YTD Budget - YTD % Used/ Account Classification Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD Ira F Revenue Budget by Account Classification Repor t g s REVENUE TOTALS =r..,.0 Business D_sa_ _cs _ u_.d i; a s $1,421,500.00 $0.00 $1,421,500.00 $47,058.57 $0.00 $94,208.51 $1,327,291.49 7% $51,113.88 $1,421,500.00 $0.00 $1,421,500.00 $47,058.57 $0.00 $94,208.51 $1,327,291.49 $51,113.88 16 34 Adopted Budget Amended Current Month YTD YTD Budget - YTD % Used/ Account Classification Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD -Ird 0- - Business District REVENUE v _axe_ 820,000.00 .00 820,000.00 45,288.67 .00 90,335.15 729,664.85 11 51,060.55 mRevenue 600,000.00 .00 600,000.00 .00 .00 .00 600,000.00 0 .00 imf _ income 1,500.00 .00 1,500.00 1,769.90 .00 3,873.36 (2,373.36) 258 53.33 0—e cing SourceS .00 .00 .00 .00 .00 .00 .00 +++ .00 REVENUE TOTALS =r..,.0 Business D_sa_ _cs _ u_.d i; a s $1,421,500.00 $0.00 $1,421,500.00 $47,058.57 $0.00 $94,208.51 $1,327,291.49 7% $51,113.88 $1,421,500.00 $0.00 $1,421,500.00 $47,058.57 $0.00 $94,208.51 $1,327,291.49 $51,113.88 16 34 Revenue Budget by Account Classification Repor t g s _ REVENUE TOTALS $1,905,000.00 $0.00 $1,905,000.00 $368,735.82 $0.00 $373,151.37 $1,531,848.63 20% $685,537.15 $1,905,000.00 $0.00 $1,905,000.00 $368,735.82 $0.00 $373,151.37 $1,531,848.63 $685,537.15 17 35 Adopted Budget Amended Current Month YTD YTD Budget - YTD % Used/ Account Classification Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD �Ia sDe t and Main -g� District REVENUE ry :y_axes 1,900,000.00 .00 1,900,000.00 366,928.47 .00 366,928.47 1,533,071.53 19 685,537.15 _.ve__._,.. _--come .00 .00 .00 1,807.35 .00 6,222.90 (6,222.90) +++ .00 011er Revenue 5,000.00 .00 5,000.00 .00 .00 .00 5,000.00 0 .00 0—e cing SouroeS .00 .00 .00 .00 .00 .00 .00 +++ .00 REVENUE TOTALS $1,905,000.00 $0.00 $1,905,000.00 $368,735.82 $0.00 $373,151.37 $1,531,848.63 20% $685,537.15 $1,905,000.00 $0.00 $1,905,000.00 $368,735.82 $0.00 $373,151.37 $1,531,848.63 $685,537.15 17 35 Revenue Budget by Account Classification Repor t g s 18 36 Adopted Budget Amended Current Month YTD YTD Budget - YTD % Used/ Account Classification Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD _Ia 050 - Water and Sewer REVENUE ry :y-axes .00 .00 .00 (54.13) .00 (54.13) 54.13 +++ 37.00 icer_ u. m__ & -eeS 1,000.00 .00 1,000.00 .00 .00 .00 1,000.00 0 .00 e °t _ -'.' I-venue535,000.00 .00 535,000.00 .00 .00 .00 535,000.00 0 .00 Ch o- Sery ces 19,444,600.00 .00 19,444,600.00 1,448,722.02 .00 4,716,604.70 14,727,995.30 24 4,370,046.09 is 131,200.00 .00 131,200.00 18,432.45 .00 44,498.50 86,701.50 34 40,083.80 -_.v3_...�. _-:..u.=._ 25,000.00 .00 25,000.00 100,057.49 .00 259,060.84 (234,060.84) 1036 2,094.91 Te: e -.,emits .00 .00 .00 .00 .00 .00 .00 +++ .00 0-e- Revenue 35,000.00 .00 35,000.00 7,480.00 .00 18,620.00 16,380.00 53 13,614.43 O . er -Inancinq Sources 5,300,000.00 .00 5,300,000.00 .00 .00 .00 5,300,000.00 0 .00 REVENUE TOTALS $25,471,800.00 $0.00 $25,471,800.00 $1,574,637.83 $0.00 $5,038,729.91 $20,433,070.09 20% $4,425,876.23 050 VIVater any Sewer Cund -cza s $25,471,800.00 $0.00 $25,471,800.00 $1,574,637.83 $0.00 $5,038,729.91 $20,433,070.09 $4,425,876.23 18 36 Revenue Budget by Account Classification Repor t hgoijg__ 0,13_1=e.� P-0- F�scal vea- AcbvO incluuz.- Summary I isung REVENUE TOTALS --ro 051 -age Parking Systern Fund s $25,360.00 $0.00 $25,360.00 $2,897.02 $0.00 $8,142.72 $17,217.28 32% $4,057.37 $25,360.00 $0.00 $25,360.00 $2,897.02 $0.00 $8,142.72 $17,217.28 $4,057.37 19 37 Adopted Budget Amended Current Month YTD YTD Budget - YTD % Used/ Account Classification Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD -Ird 05L - __=age Parking System F Revenue Budget by Account Classification Repor t g s _ REVENUE TOTALS und 052 � Parking Systern Revenue Fun- _o -,_a s $87,336.00 $0.00 $87,336.00 $11,488.53 $0.00 $31,629.69 $55,706.31 36% $15,514.57 $87,336.00 $0.00 $87,336.00 $11,488.53 $0.00 $31,629.69 $55,706.31 $15,514.57 20 38 Adopted Budget Amended Current Month YTD YTD Budget - YTD % Used/ Account Classification Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD r O g - Parking System Revenue Fund REVENUE v _axe_ .00 .00 .00 .00 .00 .00 .00 +++ .00 m Revenue .00 .00 .00 .00 .00 .00 .00 +++ .00 _._ o _e 85,200.00 .00 85,200.00 10,488.45 .00 29,097.05 56,102.95 34 15,047.55 4� 216.00 .00 216.00 405.08 .00 942.24 (726.24) 436 8.17 Corer ,t_nue 1,920.00 .00 1,920.00 595.00 .00 1,590.40 329.60 83 458.85 0,-,evine Sources .00 .00 .00 .00 .00 .00 .00 +++ .00 REVENUE TOTALS und 052 � Parking Systern Revenue Fun- _o -,_a s $87,336.00 $0.00 $87,336.00 $11,488.53 $0.00 $31,629.69 $55,706.31 36% $15,514.57 $87,336.00 $0.00 $87,336.00 $11,488.53 $0.00 $31,629.69 $55,706.31 $15,514.57 20 38 Revenue Budget by Account Classification Repor t g s _ REVENUE TOTALS Una 060 - eh_c-e Maintenance _ and a $2,579,592.00 $0.00 $2,579,592.00 $217,089.33 $0.00 $649,446.20 $1,930,145.80 25% $508,152.06 $2,579,592.00 $0.00 $2,579,592.00 $217,089.33 $0.00 $649,446.20 $1,930,145.80 $508,152.06 21 39 Adopted Budget Amended Current Month YTD YTD Budget - YTD % Used/ Account Classification Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD -Ird 060 - Vehic_d Maintenance � _n REVENUE _ _- Lery ceF 2,577,792.00 .00 2,577,792.00 214,816.01 .00 644,448.03 1,933,343.97 25 508,097.70 _.ve__._,.. _--come 1,800.00 .00 1,800.00 2,273.32 .00 4,998.17 (3,198.17) 278 54.36 011er Revenue .00 .00 .00 .00 .00 .00 .00 +++ .00 0—e cing SouroeS .00 .00 .00 .00 .00 .00 .00 +++ .00 REVENUE TOTALS Una 060 - eh_c-e Maintenance _ and a $2,579,592.00 $0.00 $2,579,592.00 $217,089.33 $0.00 $649,446.20 $1,930,145.80 25% $508,152.06 $2,579,592.00 $0.00 $2,579,592.00 $217,089.33 $0.00 $649,446.20 $1,930,145.80 $508,152.06 21 39 Revenue Budget by Account Classification Repor t g s REVENUE TOTALS nd $2,412,370.00 $0.00 $2,412,370.00 $292,799.10 $0.00 $752,717.00 $1,659,653.00 31% $126,920.35 $2,412,370.00 $0.00 $2,412,370.00 $292,799.10 $0.00 $752,717.00 $1,659,653.00 $126,920.35 22 40 Adopted Budget Amended Current Month YTD YTD Budget - YTD % Used/ Account Classification Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD -Ird 061 - e _c=d Re _acd bnt - _n REVENUE _- Lery ceF 2,326,330.00 .00 2,326,330.00 193,860.83 .00 581,582.49 1,744,747.51 25 338,737.50 e rre is 1,040.00 .00 1,040.00 .00 .00 .00 1,040.00 0 20.00 e fe _ income 85,000.00 .00 85,000.00 98,938.27 .00 167,634.50 (82,634.50) 197 (211,837.15) ._.. _e :- .00 .00 .00 .00 .00 .00 .00 +++ .00 Corer venue .00 .00 .00 .00 .00 .00 .00 +++ .00 0,-,evine Sources .00 .00 .00 .00 .00 3,500.01 (3,500.01) +++ .00 REVENUE TOTALS nd $2,412,370.00 $0.00 $2,412,370.00 $292,799.10 $0.00 $752,717.00 $1,659,653.00 31% $126,920.35 $2,412,370.00 $0.00 $2,412,370.00 $292,799.10 $0.00 $752,717.00 $1,659,653.00 $126,920.35 22 40 Revenue ye Bd'g' by Account Classification Report REVENUE TOTALS $181,000.00 $0.00 $181,000.00 $15,989.81 $0.00 $47,231.52 $133,768.48 26% $52,539.15 -rd 052 Cornouter Reo_aAernrpt Cund T: $181,000.00 $0.00 $181,000.00 $15,989.81 $0.00 $47,231.52 $133,768.48 $52,539.15 23 41 Adopted Budget Amended Current Month YTD YTD Budget - YTD % Used/ Account Classification Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD ¢ REVENUE C._ _ ServiceF 181,000.00 .00 181,000.00 15,083.34 .00 45,250.02 135,749.98 25 52,524.99 -..ve__._,._--come .00 .00 .00 906.47 .00 1,981.50 (1,981.50) +++ 14.16 0-rer Financing Sources .00 .00 .00 .00 .00 .00 .00 +++ .00 REVENUE TOTALS $181,000.00 $0.00 $181,000.00 $15,989.81 $0.00 $47,231.52 $133,768.48 26% $52,539.15 -rd 052 Cornouter Reo_aAernrpt Cund T: $181,000.00 $0.00 $181,000.00 $15,989.81 $0.00 $47,231.52 $133,768.48 $52,539.15 23 41 Revenue Budget by Account Classification Report —hroug- 0_3/3_/23 D-& �scal vea- Ad M induuzu- !:�ummary �55 5-V REVENUE TOTALS una 063 � R sk Management Cund —c— $10,209,470.00 $0.00 $10,209,470.00 $976,337.65 $0.00 $2,658,178.67 $7,551,291.33 26% $2,481,009.38 $10,209,470.00 $0.00 $10,209,470.00 $976,337.65 24 $0.00 $2,658,178.67 $7,551,291.33 $2,481,009.38 42 Adopted Budget Amended Current Month YTD YTD Budget - YTD % Used/ Account Classification Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD -Ird 063 - Risk Management Fund REVENUE Chani.ges --or ServiceF 8,528,950.00 .00 8,528,950.00 789,168.90 .00 2,164,728.94 6,364,221.06 25 2,035,547.10 vesimen- --come 5,000.00 .00 5,000.00 1,118.85 .00 2,859.83 2,140.17 57 16.77 Re mbu-se—e-:s .00 .00 .00 22,066.96 .00 36,725.67 (36,725.67) +++ 5,227.10 0—e,je-ue 1,675,520.00 .00 1,675,520.00 163,982.94 .00 453,864.23 1,221,655.77 27 440,218.41 REVENUE TOTALS una 063 � R sk Management Cund —c— $10,209,470.00 $0.00 $10,209,470.00 $976,337.65 $0.00 $2,658,178.67 $7,551,291.33 26% $2,481,009.38 $10,209,470.00 $0.00 $10,209,470.00 $976,337.65 24 $0.00 $2,658,178.67 $7,551,291.33 $2,481,009.38 42 Revenue Budget by Account Classification Repor t g s Adopted Budget Amended Current Month YTD YTD Budget - YTD % Used/ Account Classification Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD REVENUE i-ves_ ircome .00 .00 .00 17.47 .00 375.42 (375.42) +++ .00 REVENUE TOTALS $0.00 d 07 E e w Denosit Tv a s $0.00 —and -c—as $143,151,313.00 $0.00 $0.00 $17.47 $0.00 $375.42 ($375.42) +++ $0.00 $0.00 $0.00 $17.47 $0.00 $375.42 ($375.42) $0.00 $0.00 $143,151,313.00 $11,382,120.48 $0.00 $21,996,540.22 $121,154,772.78 $26,431,746.39 25 43 Account Classification -Ird 001 - Genera_ Fu d EXPENSE w; cvee _, . e __ Dens Be -e- n c ua :. vice E _ nce OTer Eypend K. ice Equiemert e _q ..0 EXPENSE TOTALS --r,d 0 Genera - ugd -oma Expense Budget by Account Classification Report 1 = -55 5-v Adopted Budget Amended Current Month YTD YTD Budget - YTD °!o Used/ Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD 32,829,630.00 211,850.00 33,041,480.00 3,716,279.61 .00 7,293,054.05 25,748,425.95 22 6,835,355.93 17,106,395.00 57,072.00 17,163,467.00 2,540,420.10 .00 3,853,239.51 13,310,227.49 22 6,137,833.12 577,818.00 6,000.00 583,818.00 29,219.71 31,619.85 91,699.14 460,499.01 21 97,019.51 6,744.00 .00 6,744.00 562.12 .00 1,686.36 5,057.64 25 1,637.25 10,700,008.00 862.50 10,700,870.50 634,159.53 1,040,773.11 1,965,176.17 7,694,921.22 28 1,608,109.66 178,827.00 .00 178,827.00 7,850.58 .00 17,517.05 161,309.95 10 18,331.40 796,814.00 .00 796,814.00 65,047.94 .00 195,118.92 601,695.08 24 207,777.96 881,926.00 .00 881,926.00 61,939.73 78,004.75 139,490.45 664,430.80 25 97,161.40 99,305.00 .00 99,305.00 6,683.59 .00 6,683.59 92,621.41 7 6,544.99 4,000.00 .00 4,000.00 .00 .00 .00 4,000.00 0 .00 44,922.00 .00 44,922.00 5,867.29 .00 7,026.67 37,895.33 16 10,018.91 300,074.00 636.00 300,710.00 20,242.71 158,297.27 29,816.97 112,595.76 63 56,543.80 .00 .00 .00 .00 .00 .00 .00 +++ .00 1,626,690.00 1,219,876.83 2,846,566.83 14,003.48 1,425,157.84 34,304.99 1,387,104.00 51 3,063.75 11,350,000.00 .00 11,350,000.00 .00 .00 .00 11,350,000.00 0 .00 $76,503,153.00 $1,496,297.33 $77,999,450.33 $7,102,276.39 $2,733,852.82 $13,634,813.87 $61,630,783.64 21% $15,079,397.68 $76,503,153.00 $1,496,297.33 $77,999,450.33 $7,102,276.39 $2,733,852.82 $13,634,813.87 $61,630,783.64 $15,079,397.68 1 44 Ckrer inancing us Expense Budget by Account Classification Report h goug-1 0 1/3 V P-0- Fscal v--ra- AcIrvrtlY Includ-e.- Summary I isung Adopted Budget Amended Current Month YTD YTD Budget - YTD G/o Used/ Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD .00 .00 .00 .00 .00 .00 .00 . . . .00 .00 .00 .00 .00 .00 .00 .00 . . . .00 2,385,000.00 .00 2,385,000.00 .00 .00 .00 2,385,000.00 0 .00 2,191,156.00 .00 2,191,156.00 .00 .00 .00 2,191,156.00 0 .00 1,950.00 .00 1,950.00 .00 .00 1,328.00 622.00 68 1,778.00 .00 .00 .00 .00 .00 .00 .00 . . . .00 .00 .00 .00 .00 .00 .00 .00 . . . .00 EXPENSE TOTALS $4,578,106.00 and 002 � Debt Service Fund -ota s $4,578,106.00 $0.00 $4,578,106.00 $0.00 $0.00 $1,328.00 $4,576,778.00 0% $1,778.00 $0.00 $4,578,106.00 $0.00 $0.00 $1,328.00 $4,576,778.00 $1,778.00 45 Account Classification -Ird 020 - Caolta_ lmorovement Fund EXPENSE Jprnen- Expense Budget by Account Classification Report g s _- �_a_ e- '__I Include. - Adopted Budget Amended Current Month YTD YTD Budget - YTD °!o Used/ Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD .00 .00 .00 .00 .00 .00 .00 +++ .00 891,000.00 18,600.00 909,600.00 .00 18,600.00 .00 891,000.00 2 .00 .00 .00 .00 .00 .00 .00 .00 +++ .00 613,500.00 2,275,419.31 2,888,919.31 24,594.06 2,049,614.04 37,462.91 801,842.36 72 106,462.89 100,000.00 .00 100,000.00 .00 .00 .00 100,000.00 0 .00 .00 .00 .00 .00 .00 .00 .00 +++ .00 149,000.00 .00 149,000.00 .00 56,440.00 .00 92,560.00 38 .00 2,135,331.00 205,956.20 2,341,287.20 1,755.00 221,354.61 2,707.00 2,117,225.59 10 15,642.26 .00 .00 .00 .00 .00 .00 .00 +++ .00 EXPENSE TOTALS $3,888,831.00 $2,499,975.51 $6,388,806.51 020 - Caolta_ am - ver ent _ and - to s $3,888,831.00 $2,499,975.51 $6,388,806.51 $26,349.06 $2,346,008.65 $40,169.91 $4,002,627.95 37% $122,105.15 $26,349.06 $2,346,008.65 $40,169.91 $4,002,627.95 $122,105.15 3 46 Account Classification -Ird 023 - Street imorovement Construe �u__-a EXPENSE Expense Budget by Account Classification Report 1 = -55 5-v Adopted Budget Amended Current Month YTD YTD Budget - YTD °!o Used/ Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD 40,000.00 .00 40,000.00 .00 40,000.00 .00 .00 100 .00 .00 .00 .00 .00 .00 .00 .00 +++ .00 .00 .00 .00 .00 .00 .00 .00 +++ .00 3,450,000.00 2,341,003.80 5,791,003.80 39,473.41 3,951,166.97 45,535.45 1,794,301.38 69 812,711.45 .00 .00 .00 .00 .00 .00 .00 +++ .00 EXPENSE TOTALS $3,490,000.00 $2,341,003.80 $5,831,003.80 023 - Street imDrovement Construe and -o_a : $3,490,000.00 $2,341,003.80 $5,831,003.80 4 $39,473.41 $3,991,166.97 $45,535.45 $1,794,301.38 69% $812,711.45 $39,473.41 $3,991,166.97 $45,535.45 $1,794,301.38 $812,711.45 47 Expense Budget by Account Classification Report g s _- �_a_ e- '__I Include. - Account Classification Budget -Ird 024 _ M000 Construction Fund 67,469.52 EXPENSE 159,483.87 Cvn:ractua: e v.ceF 229,840.00 u_ e.eS 6,780.00 0 a t eS & S,DD u_ 5,410.00 �. -xDen. _v; v 5,000.00 Ozrer Eaert .00 Dis, on Sv _ .00 c u 1,668,000.00 EXPENSE TOTALS $1,915,030.00 024 .Ind Contra_ Constructio u' -ota s $1,915,030.00 Budget Amended Current Month YTD YTD Budget - YTD °!o Used/ Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD .00 229,840.00 2,811.07 67,469.52 2,886.61 159,483.87 31 5,115.08 .00 6,780.00 .00 .00 .00 6,780.00 0 .00 .00 5,410.00 .00 .00 .00 5,410.00 0 .00 .00 5,000.00 .00 .00 .00 5,000.00 0 .00 .00 .00 .00 .00 .00 .00 +++ .00 .00 .00 .00 .00 .00 .00 +++ .00 .00 1,668,000.00 .00 2,167.76 .00 1,665,832.24 0 9,350.00 $0.00 $1,915,030.00 $2,811.07 $69,637.28 $2,886.61 $1,842,506.11 4% $14,465.08 $0.00 $1,915,030.00 $2,811.07 $69,637.28 $2,886.61 $1,842,506.11 $14,465.08 5 48 Account Classification - r 037-S IO- ��u d EXPENSE --, =s say -0-IMI-C! t,k, & S,DD u_ Expense Budget by Account Classification Report g s _- �_a_ -- '__I Include. - Summary Adopted Budget Amended Current Month YTD YTD Budget - YTD °!o Used/ Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD 5,000.00 .00 5,000.00 .00 .00 .00 5,000.00 0 .00 100,000.00 .00 100,000.00 168.00 .00 168.00 99,832.00 0 .00 100.00 .00 100.00 .00 .00 .00 100.00 0 .00 50,000.00 .00 50,000.00 .00 .00 .00 50,000.00 0 .00 EXPENSE TOTALS $155,100.00 _-.-d 037 S PTs_ _ u. m -oya s $155,100.00 $0.00 $155,100.00 $168.00 $0.00 $168.00 $154,932.00 0% $0.00 $0.00 $155,100.00 $168.00 $0.00 $168.00 $154,932.00 $0.00 6 49 Expense Budget by Account Classification Report g s _- �_a_ -- '__I Include. - Account Classification Budget -1-im tion EXPENSE Emn e Ben&:s 750,000.00 EXPENSE TOTALS $750,000.00 .-.-d 035 Penson Saab_ -z a_ n _ #n= -ota s $750,000.00 Budget Amended Current Month YTD YTD Budget - YTD °!o Used/ Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD .00 750,000.00 .00 .00 .00 750,000.00 0 .00 .00 .00 .00 .00 .00 .00 +++ .00 $0.00 $750,000.00 $0.00 $0.00 $0.00 $750,000.00 0% $0.00 $0.00 $750,000.00 $0.00 $0.00 $0.00 $750,000.00 $0.00 7 50 Account Classification -Ird 0-_0 - Refuse _ o a_ Fund EXPENSE --o cvee B . e __ Expense Budget by Account Classification Report g s _- �_a_ e- '__I Include. - Adopted Budget Amended Current Month YTD YTD Budget - YTD °!o Used/ Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD 342,239.00 .00 342,239.00 38,337.40 .00 76,112.67 266,126.33 22 75,715.68 136,688.00 .00 136,688.00 19,522.35 .00 38,863.46 97,824.54 28 33,132.21 1,636.00 .00 1,636.00 .00 .00 .00 1,636.00 0 .00 4,502,935.00 .00 4,502,935.00 358,998.92 .00 802,992.54 3,699,942.46 18 757,760.14 .00 .00 .00 .00 .00 .00 .00 +++ .00 16,164.00 .00 16,164.00 1,347.00 .00 4,041.00 12,123.00 25 4,095.99 44,475.00 .00 44,475.00 6,284.12 10,936.88 6,284.12 27,254.00 39 929.48 EXPENSE TOTALS $5,044,137.00 t 04 Refuse Disoosa_ _ and ota s $5,044,137.00 $0.00 $5,044,137.00 $424,489.79 $10,936.88 $928,293.79 $4,104,906.33 19% $871,633.50 $0.00 $5,044,137.00 $424,489.79 $10,936.88 $928,293.79 $4,104,906.33 $871,633.50 g 51 Account Classification -Ird 041 - =rotor -ue_ Tax Fund EXPENSE -_. ` cl t,k, & S,DD u_ irfmKruc-ure Expense Budget by Account Classification Report g s _- �_a_ e- '__I Include. - Adopted Budget Amended Current Month YTD YTD Budget - YTD °!o Used/ Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD 389,711.00 .00 389,711.00 17,870.95 128,531.60 67,035.58 194,143.82 50 77,148.19 264,160.00 .00 264,160.00 15,779.35 .00 28,758.65 235,401.35 11 39,801.47 403,104.00 .00 403,104.00 102,132.98 8,646.99 212,426.97 182,030.04 55 147,483.15 .00 .00 .00 .00 .00 .00 .00 +++ .00 2,200,000.00 .00 2,200,000.00 .00 2,100,000.00 .00 100,000.00 95 .00 EXPENSE TOTALS $3,256,975.00 ,,. y 041 - Moto- _ ue_ _ax _ and -orals $3,256,975.00 $0.00 $3,256,975.00 $135,783.28 $2,237,178.59 $308,221.20 $711,575.21 78% $264,432.81 $0.00 $3,256,975.00 $135,783.28 $2,237,178.59 $308,221.20 $711,575.21 $264,432.81 9 52 Account Classification -Ird 042 - CDBG EXPENSE B . e __ u.. Lana o tea, c w -e Expense Budget by Account Classification Report g s _- �_a_ e- '__I Include. - Adopted Budget Amended Current Month YTD YTD Budget - YTD °!o Used/ Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD .00 .00 .00 .00 .00 .00 .00 +++ .00 .00 .00 .00 .00 .00 .00 .00 +++ .00 .00 .00 .00 .00 .00 .00 .00 +++ .00 480,000.00 .00 480,000.00 8,809.47 .00 8,809.47 471,190.53 2 22,732.48 .00 .00 .00 .00 .00 .00 .00 +++ .00 .00 .00 .00 .00 .00 .00 .00 +++ .00 .00 .00 .00 .00 .00 .00 .00 +++ .00 .00 .00 .00 .00 .00 .00 .00 +++ .00 .00 .00 .00 .00 .00 .00 .00 +++ .00 EXPENSE TOTALS $480,000.00 _ C.DBG nta,� $480,000.00 $0.00 $480,000.00 $8,809.47 $0.00 $8,809.47 $471,190.53 2% $22,732.48 $0.00 $480,000.00 $8,809.47 $0.00 $8,809.47 $471,190.53 10 $22,732.48 53 Account Classification -Ird 043 - Asset Selzure EXPENSE -,,r Emp cvsay Cz—adua Sery ces -0-1ral-cl t eS & S,DD zr-, 01.eDmer_ EXPENSE TOTALS u-cl 043 - Asset Se zure und -orals $6,000.00 $0.00 $6,000.00 $3,188.00 $0.00 $3,188.00 nmugn is #-, $0.00 $6,000.00 $0.00 $6,000.00 $3,188.00 P-0- Fscal vera- Ac'MrLY includ-e.- $2,812.00 $0.00 Summary Adopted Budget Amended Current Month YTD YTD Budget - YTD G/o Used/ Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD 1,000.00 .00 1,000.00 .00 .00 .00 1,000.00 0 .00 2,000.00 .00 2,000.00 .00 .00 .00 2,000.00 0 .00 .00 .00 .00 .00 .00 .00 .00 . . . .00 3,000.00 .00 3,000.00 3,188.00 .00 3,188.00 (188.00) 106 .00 $6,000.00 $0.00 $6,000.00 $3,188.00 $0.00 $3,188.00 $2,812.00 53% $0.00 $6,000.00 $0.00 $6,000.00 $3,188.00 $0.00 $3,188.00 $2,812.00 $0.00 11 54 Expense Budget by Account Classification Report ro _ 0 3 Summary 1 = —55 5-v Adopted Budget Amended Current Month YTD YTD Budget - YTD °!o Used/ Account Classification Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD =Iz - �eaen_ Egu_tE_e Shave Funds EXPENSE Ctn_. _ ctu _ `erviceF 1,000.00 .00 1,000.00 .00 .00 .00 1,000.00 0 .00 ro __ .00 .00 .00 .00 .00 .00 .00 +++ .00 one - 90,000.00 .00 90,000.00 .00 .00 .00 90,000.00 0 .00 EXPENSE TOTALS $91,000.00 una 044 _ e era Eau_ta _e Scene _ un s -ora' $91,000.00 $0.00 $91,000.00 $0.00 $0.00 $0.00 $91,000.00 0% $0.00 $0.00 $91,000.00 $0.00 $0.00 $0.00 $91,000.00 $0.00 12 55 Account Classification Ira OAS - DUI Hne EXPENSE -M- -,,r Emp cvsay Cz-adua Sery ces Moz- en: 0-EeDmer- irrer�und EXPENSE TOTALS und 04DUI Rne und ota S $3,000.00 $0.00 $3,000.00 $0.00 $0.00 $0.00 $3,000.00 0% $9,052.00 $3,000.00 $0.00 $3,000.00 $0.00 $0.00 $0.00 $3,000.00 13 $9,052.00 56 nmugn is #-, P -b- Fscal v--ra- Ac'MrLY includ-e.- Summary Adopted Budget Amended Current Month YTD YTD Budget - YTD G/o Used/ Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD 1,000.00 .00 1,000.00 .00 .00 .00 1,000.00 0 .00 1,000.00 .00 1,000.00 .00 .00 .00 1,000.00 0 .00 .00 .00 .00 .00 .00 .00 .00 . . . .00 1,000.00 .00 1,000.00 .00 .00 .00 1,000.00 0 9,052.00 .00 .00 .00 .00 .00 .00 .00 . . . .00 $3,000.00 $0.00 $3,000.00 $0.00 $0.00 $0.00 $3,000.00 0% $9,052.00 $3,000.00 $0.00 $3,000.00 $0.00 $0.00 $0.00 $3,000.00 13 $9,052.00 56 Account Classification =Iz =Drain Fire- Board �u__d EXPENSE i-,rance EJ dinq ., v- e `'```'u`- EXPENSE TOTALS 046 _Foreign- _re - Bo_A _ u_.d -o-_.s Expense Budget by Account Classification Report ro _ 0 3 Summary 1 = -55 5-v Adopted Budget Amended Current Month YTD YTD Budget - YTD °!o Used/ Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD .00 .00 .00 .00 .00 .00 .00 +++ .00 5,000.00 .00 5,000.00 920.03 .00 1,810.09 3,189.91 36 1,630.33 .00 .00 .00 .00 .00 .00 .00 +++ .00 65,000.00 .00 65,000.00 .00 6,683.26 .00 58,316.74 10 .00 .00 .00 .00 .00 .00 .00 .00 +++ .00 .00 .00 .00 .00 .00 .00 .00 +++ 328.50 $70,000.00 $0.00 $70,000.00 $920.03 $6,683.26 $1,810.09 $61,506.65 12% $1,958.83 $70,000.00 $0.00 $70,000.00 $920.03 $6,683.26 $1,810.09 $61,506.65 $1,958.83 14 57 Expense Budget by Account Classification Report g s _- �_a_ e- '__L Include. - Adopted Account Classification Budget -Ird 0- - Business District EXPENSE B r r p= .00 _u 1,421,500.00 EXPENSE TOTALS $1,421,500.00 =, ..0 Bus_n D_sar_®a _ anu - y $1,421,500.00 Budget Amended Current Month YTD YTD Budget - YTD °!o Used/ Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD .00 .00 .00 .00 .00 .00 +++ .00 .00 1,421,500.00 28,370.85 .00 54,015.34 1,367,484.66 4 24,074.15 $0.00 $1,421,500.00 $28,370.85 $0.00 $54,015.34 $1,367,484.66 4% $24,074.15 $0.00 $1,421,500.00 $28,370.85 $0.00 $54,015.34 $1,367,484.66 $24,074.15 15 58 Expense Budget by Account Classification Report g s _- �_a_ -- '__I Include. - Account Classification Budget =Ir 049 - DrosDect and =lain -g� District .00 EXPENSE 1,500.00 - -, p £= s s:s 1,500.00 . u.-._. __ua _-, ry c . 80,000.00 0-1 a t eS & S,DD u_ 1,500.00 0- �. _x en. _v v 1,206,000.00 1 664.50 _r rnprov n -s .00 c u- .00 Rord DrirciDal 605,000.00 irteiest ExPerse667,038.00 .00 ,v_,k u__, -eee 1,000.00 e.. _. na -i -Ffers .00 EXPENSE TOTALS $2,562,038.00 049 D_ Deet and Main _a� District - a s $2,562,038.00 Budget Amended Current Month YTD YTD Budget - YTD °!o Used/ Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD .00 1,500.00 .00 .00 .00 1,500.00 0 .00 .00 80,000.00 1,185.90 .00 1,185.90 78,814.10 1 664.50 .00 1,500.00 .00 .00 .00 1,500.00 0 .00 .00 1,206,000.00 1,769.28 .00 1,769.28 1,204,230.72 0 137,826.18 .00 .00 .00 .00 .00 .00 +++ .00 .00 .00 .00 .00 .00 .00 +++ .00 .00 .00 .00 .00 .00 .00 +++ .00 .00 605,000.00 .00 .00 .00 605,000.00 0 .00 .00 667,038.00 .00 .00 .00 667,038.00 0 .00 .00 1,000.00 .00 .00 900.00 100.00 90 900.00 .00 .00 .00 .00 .00 .00 +++ .00 $0.00 $2,562,038.00 $2,955.18 $0.00 $3,855.18 $2,558,182.82 0% $139,390.68 $0.00 $2,562,038.00 $2,955.18 $0.00 $3,855.18 $2,558,182.82 $139,390.68 16 59 Expense Budget by Account Classification Report g s _- �_a_ -- I__tlinclude.- Account Classification Adopted Budget Budget Amendments Amended Budget Current Month Transactions YTD Encumbrances YTD Transactions Budget - YTD Transactions °!o Used/ Rec'd Prior Year YTD �Ir 5� - Water and Sewer EXPENSE _._ = Services, Sa arles Waces2,555,299.00 .00 2,555,299.00 301,367.32 .00 568,589.66 1,986,709.34 22 550,177.34 3, . e __ 965,373.00 .00 965,373.00 107,744.56 .00 242,447.64 722,925.36 25 255,992.10 Ozle _ -n o•v_e C _ s 47,211.00 .00 47,211.00 5,696.37 6,008.01 11,055.11 30,147.88 36 10,709.82 Ccn--a__, a- __ery c s 9,870,945.00 .00 9,870,945.00 699,037.49 446,793.59 1,572,624.35 7,851,527.06 20 1,633,822.62 Ut . _ 131,785.00 .00 131,785.00 9,154.17 .00 12,527.81 119,257.19 10 15,796.09 _ 208,340.00 .00 208,340.00 17,361.67 .00 52,085.01 156,254.99 25 42,657.75 Crnmcu u _ , 311,600.00 .00 311,600.00 41,346.84 111,389.92 61,231.43 138,978.65 55 69,231.96 0-.-.erxDen a -s .00 .00 .00 .00 .00 .00 .00 +++ .00 BJ as .00 .00 .00 .00 .00 .00 .00 +++ .00 .'� n Dior __ 5,500,000.00 .00 5,500,000.00 30,450.00 .00 30,450.00 5,469,550.00 1 109,179.98 Dmert 1,170.00 .00 1,170.00 .00 .00 .00 1,170.00 0 .00 `= e - 136,831.00 .00 136,831.00 10,365.68 16,160.00 14,081.41 106,589.59 22 13,962.95 DistliDuJan Svstems 7,975,400.00 5,706,774.56 13,682,174.56 1,600,756.54 4,757,658.95 1,786,657.05 7,137,858.56 48 1,122,235.78 e_ .00 .00 .00 .00 .00 .00 .00 +++ .00 BorDrinclPe 840,000.00 .00 840,000.00 .00 .00 .00 840,000.00 0 .00 yerest - xperse 927,731.00 .00 927,731.00 .00 .00 .00 927,731.00 0 .00 scc-e, u 1,450.00 .00 1,450.00 .00 .00 1,350.00 100.00 93 900.00 -. ie- _v .. :._. . _ .00 .00 .00 .00 .00 .00 .00 +++ .00 __nDO- .00 .00 .00 .00 .00 .00 .00 +++ .00 EXPENSE TOTALS $29,473,135.00 $5,706,774.56 $35,179,909.56 $2,823,280.64 $5,338,010.47 $4,353,099.47 $25,488,799.62 28% $3,824,666.39 �und 050 Water And Sewer _ un -tta s $29,473,135.00 $5,706,774.56 $35,179,909.56 $2,823,280.64 $5,338,010.47 $4,353,099.47 $25,488,799.62 $3,824,666.39 17 60 Account Classification -Ird 05s - ___a d Parking System� Ind EXPENSE _. _ Services, Sa a. B . e __ UI .nce -MmccRies os 017rer ExpenS R,naings 13,1 dina .-o ems EXPENSE TOTALS and 0:5___age Parking System . •• n a,_ Expense Budget by Account Classification Report g s _- �_a_ e- '__I Include. - Adopted Budget Amended Current Month YTD YTD Budget - YTD °!o Used/ Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD .00 .00 .00 .00 .00 .00 .00 +++ 4,462.80 .00 .00 .00 .00 .00 .00 .00 +++ 2,484.29 51,002.00 .00 51,002.00 2,863.17 12,687.55 5,591.86 32,722.59 36 5,094.23 10,400.00 .00 10,400.00 1,208.81 .00 2,733.49 7,666.51 26 3,450.18 5,865.00 .00 5,865.00 488.75 .00 1,466.25 4,398.75 25 81.51 608.00 .00 608.00 .00 .00 607.88 .12 100 584.81 .00 .00 .00 .00 .00 .00 .00 +++ .00 .00 .00 .00 .00 .00 .00 .00 +++ .00 .00 .00 .00 .00 .00 .00 .00 +++ .00 75,000.00 .00 75,000.00 .00 2,694.00 1,137.40 71,168.60 5 899.17 .00 .00 .00 .00 .00 .00 .00 +++ .00 $142,875.00 $0.00 $142,875.00 $4,560.73 $15,381.55 $11,536.88 $115,956.57 19% $17,056.99 $142,875.00 $0.00 $142,875.00 $4,560.73 $15,381.55 $11,536.88 $115,956.57 $17,056.99 IN 61 Expense Budget by Account Classification Report g s _- �_a_ -- '__L Include. - Account Classification Budget Oi52 � Parking System Revenue Fund Ira 3 .00 EXPENSE .00 _._ Services, va a. .00 B . e __ .00 Services 98,005.00 Uy 10,764.00 �- .nce 1,502.00 -Mmcaiiies & S-DDios 11,681.00 017rer Expenal u .00 R,naings .00 13,1 dina .-o ems .00 Cl .. .._.e-_ .00 EXPENSE TOTALS $121,952.00 . -rd 002 Parking king System Revenue _CFund -o_a v $121,952.00 Budget Amended Current Month YTD YTD Budget - YTD °!o Used/ Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD .00 .00 .00 .00 .00 .00 +++ 4,462.78 .00 .00 .00 .00 .00 .00 +++ 2,483.99 .00 98,005.00 1,527.49 10,938.26 5,354.64 81,712.10 17 1,749.62 .00 10,764.00 411.62 .00 789.46 9,974.54 7 864.56 .00 1,502.00 125.17 .00 375.51 1,126.49 25 468.75 .00 11,681.00 .00 .00 974.73 10,706.27 8 3,945.20 .00 .00 .00 .00 .00 .00 +++ .00 .00 .00 .00 .00 .00 .00 +++ .00 .00 .00 .00 .00 .00 .00 +++ .00 .00 .00 .00 .00 .00 .00 +++ .00 $0.00 $121,952.00 $2,064.28 $10,938.26 $7,494.34 $103,519.40 15% $13,974.90 $0.00 $121,952.00 $2,064.28 $10,938.26 $7,494.34 $103,519.40 $13,974.90 19 62 Account Classification -Ird 060 - e _c_d Maintenance Fund EXPENSE B . e __ Ut CmMCU . u Equipment 0_,. - Dme _ Expense Budget by Account Classification Report g s _- �_a_ e- '__I Include. - Adopted Budget Amended Current Month YTD YTD Budget - YTD °!o Used/ Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD 1,085,980.00 .00 1,085,980.00 128,964.65 .00 245,187.62 840,792.38 23 253,243.10 428,797.00 .00 428,797.00 39,168.16 .00 93,393.14 335,403.86 22 95,091.67 7,395.00 .00 7,395.00 50.00 900.00 2,951.20 3,543.80 52 80.00 174,386.00 .00 174,386.00 6,410.83 12,463.00 13,290.59 148,632.41 15 12,952.07 4,773.00 .00 4,773.00 262.12 .00 428.13 4,344.87 9 429.11 13,819.00 .00 13,819.00 1,151.58 .00 3,454.74 10,364.26 25 3,523.26 860,411.00 .00 860,411.00 101,017.74 398,948.33 213,818.85 247,643.82 71 204,583.12 .00 .00 .00 .00 .00 .00 .00 +++ .00 664.00 .00 664.00 62.93 .00 170.62 493.38 26 .00 2,531.00 .00 2,531.00 162.50 .00 162.50 2,368.50 6 .00 EXPENSE TOTALS $2,578,756.00 M 060 - Veh_c_e Ma_ ggn nce _ and -o_aI $2,578,756.00 $0.00 $2,578,756.00 $277,250.51 $412,311.33 $572,857.39 $1,593,587.28 38% $569,902.33 $0.00 $2,578,756.00 $277,250.51 $412,311.33 $572,857.39 $1,593,587.28 $569,902.33 20 63 Account Classification -Ird 061 - e _c_d Re _acd ent =und EXPENSE _M Er Expenditures u_ q , °t? cl k. S Expense Budget by Account Classification Report g s _- �_a_ e- '__I Include. - Adopted Budget Amended Current Month YTD YTD Budget - YTD °!o Used/ Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD .00 .00 .00 .00 .00 .00 .00 +++ .00 1,295,000.00 885,000.00 2,180,000.00 19,155.29 210,715.31 105,375.18 1,863,909.51 14 22,029.17 .00 .00 .00 .00 .00 .00 .00 +++ .00 EXPENSE TOTALS $1,295,000.00 $885,000.00 $2,180,000.00 u.:__ 061 - eg_c_e ReD-acement _ and —ora - $1,295,000.00 $885,000.00 $2,180,000.00 $19,155.29 $210,715.31 $105,375.18 $1,863,909.51 14% $22,029.17 $19,155.29 $210,715.31 $105,375.18 $1,863,909.51 $22,029.17 21 64 Account Classification -Ird 062 - Comouter Reo-ace __bnt � Ind EXPENSE _M Er Expenditures E-i,ding -m. ro __ EXPENSE TOTALS u.._ 067 ornDuter ReD_ac _rnegt _ urs -z)ra s Expense Budget by Account Classification Report g s _- �_a_ e- '__I Include. - Adopted Budget Amended Current Month YTD YTD Budget - YTD °!o Used/ Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD .00 .00 .00 .00 .00 .00 .00 +++ .00 220,000.00 .00 220,000.00 .00 .00 .00 220,000.00 0 .00 181,000.00 .00 181,000.00 .00 13,321.80 16,261.14 151,417.06 16 5,699.25 $401,000.00 $0.00 $401,000.00 $0.00 $13,321.80 $16,261.14 $371,417.06 7% $5,699.25 $401,000.00 $0.00 $401,000.00 $0.00 $13,321.80 $16,261.14 $371,417.06 $5,699.25 22 I Account Classification -Ird 063 - Risk Management Fund EXPENSE -_. ` a t,k, & S,DD u_ 01.e _` e _ e..a_ un .. ._ e Expense Budget by Account Classification Report g s _- �_a_ e- '__I Include. - Adopted Budget Amended Current Month YTD YTD Budget - YTD °!o Used/ Budget Amendments Budget Transactions Encumbrances Transactions Transactions Rec'd Prior Year YTD 10,400.00 .00 10,400.00 .00 .00 .00 10,400.00 0 10,400.00 9,940,566.00 .00 9,940,566.00 780,901.14 .00 3,097,725.79 6,842,840.21 31 2,919,744.96 22,500.00 .00 22,500.00 180.66 .00 1,187.63 21,312.37 5 379.39 .00 .00 .00 .00 .00 .00 .00 +++ 73,789.91 .00 .00 .00 .00 .00 .00 .00 +++ .00 EXPENSE TOTALS $9,973,466.00 $0.00 $9,973,466.00 $781,081.80 $0.00 $3,098,913.42 $6,874,552.58 31% $3,004,314.26 �„ - 0 s.Management - to S $9,973,466.00 $0.00 $9,973,466.00 $781,081.80 $0.00 $3,098,913.42 $6,874,552.58 $3,004,314.26 ta_ $148,201,054.00 $12,929,051.20 $161,130,105.20 $11,682,987.78 $17,396,143.17 $23,198,632.73 $120,535,329.30 $24,821,375.10 23 66 Fund Balance Definit • In the context of financial report term fund balance is used to desc net position of governmental fur calculated in accordance with ge accepted accounting principles • In simple term • What a business reports und, section, is called Fund Balani Governmental Accounting. • Three Categories • Nonspendable Fund Bala • Restricted Fund Balance • Unrestricted Fund Balani Unrestricted Fund Balance Unrestricted Fund Balance — is made up of three components: a. Committed Fund Balance —the portion of a Governmental Fund's fund balance with self-imposed constraints or limitations that have been placed highest level of decision making through formal Board action. The action is required to remove the commitment of fund balance. at the same b. Assigned Fund Balance — the portion a Governmental Fund's fund balance denote an intended use of resources of to but with no formal Board action. c. Unassigned Fund Balance —available expendable financial resources in a governmental fund that are not the object of tentative management plans. Why is Fund Balance needed? • Not all revenues are collected upfront. • Property Taxes are collected twice a year. State Taxes are normally lagging three months. • Prompt Payment Act requirements • Smoother Operation • Ontime Debt Service Compliance • Risk Management • Stable Tax Rates What does Fund Balance Policy do? • It defines minimum, maximum and entity. • It defines action items in required fund balance. • It also level. target fund balance case the fund balance fall below n defines uses of excess fund balance when it reaches • It ensures the continuity of operation. • It is also an important criteria evaluated by credit rating a( including S&P, Moody's and Fitch. Higher the fund balanc requirement, higher the creditworthiness, which results in interest rate. in ■ Current Fund Balance Policy • Updated in 2015 • Calls for fund balance to be maintained between 20 percent, with a target fund balance of 25% of the nex annual budgeted expenditures. • Maximum Fund Balance is capped at 50 percent. in ■ Recently Fund Balance is used for: • To fund $3.5 Million Flood Control Project at Burning Bush • To fund $3.8 Million Flood Control Project at Aspen Trails • To abate pension levies: • 2021 Levy - $625,334 • 2022 Levy - $750,000 • To Abate Police and Fire HQ Debt Levy • 2022 Levy - $1,400,000 • To replace Vehicle Sticker revenue • FY 2023 - $1,400,000 in ■ Problem with Current Fund Balance Policy • It focuses on the accounting fund balance, while unencumbered cash balance on hand. it • The Village does not have an official rainy -day fund. The Generc officially the single most operating fund and serves as a rainy -c The 25% fund balance is good for operating purposes but does n needs for short-term and long-term contingency planning. • The Village has seen tough times in 2008 and the Village was f, face certain tough financial decisions. Recently, the Village wa: survive Covid-19 outbreak without losing any major revenue sou Village needs to brace itself and should have long-term con reserves for possible economic downturn, legislative impacts ai other items. in ■ Fund Balance as we know today: Revenues - Unaudited Expenses - Unaudited N et Month ly Sian lus/(Def icit) As% of General cued Budget As 5/b of General Fund Budget in ■ 58, 741,295, (5%245,0761- f 6131,063,051 (60,442,1101 I 3 9FO/O W/o 290/0 2 70/b 75,9-53,20� (G42MGIJ-� ITVI.mm Fund Balance Calculation - How much is enou, Line Item Lag General Fund Impact Sales Tax 3 Months 7,500,000 HR Sales Tax 3 Months 375,000 Telecom Tax 1 Month 120,000 Use Tax 1 Month 180,000 Property Tax 12 Months 18,191,262 Contingency 1 Month 6,250,000 Ideal Fund Balance 32,616,262 Fund Balance Ratio 43% Unencumbered Cash Balance 24,441,262 Cash Balance Ratio 33% WOO Cash Reserve 4 4 Months ■ Near Future Uses of Fund Balance • $1.4 million to Vehicle Sticker Fund • Gives an average family a break of $90 per year • $2.0 million towards additional pension abatements (current abatement is at $750,000) • Gives an average family a break of 9.7 percent or $113 for the year • $1.4 million towards Police and Fire HQ Bond in ■ • Gives an average family a break of 6.8 percent or $79 for the year Staff Recommendation • Fund Balance should range from 30% to 50% of the annual k expenditures, target fund balance should be around 40%. • When the Fund balance increases beyond 60%, the surplus should be used to • Abate Pension and Debt Levy • Fund Capital Projects • Adjust Economic Emergency Fund to keep up with 2 months worth of operating cash it • When the Fund balance decreased below 30%, the staff will be reporting if the a temporary decrease or permanent. In case of a permanent decrease, s required to report to the Finance Commission and the Village Board if the c planning should be deployed and/or use of Economic Emergency Fund triggered. (Voted 5/0) • Starting an Economic Emergency Fund with one month worth ($6,500,000) . The amount will be transferred to this fund from 2022 surplL 4/1). in ■ Economic Emergency Fund - Why? • Unforeseen Emergencies: • Natural Disasters • Economic Downturn • Unexpected Expenses • Loss of a major revenue source • Contingency Planning (Short term - first three steps, long term - step four • 1. Eliminate or defer capital projects/purchases. in ■ • 2. Reduce funding (lease payments) of computer and vehicle replacement • 3. Institute a freeze or reduction in commodity, contractual service, and supr accounts, where possible. • 4. Review the catalog of programs and services provided by the Village. • 5. Review of staffing levels. Economic Emergency Fund - Why? • Budgeting Flexibility: A rainy day fund can provide bu flexibility, allowing local governments to address une; expenses without having to cut other programs or services. help avoid budget crises and ensure that essential services disrupted. in ■ Credit Rating: A rainy day fund can improve the local governments, making it easier and cheaper to when needed. A good credit rating can also attract credit r b o rro \A busine.( investors to the area, which can boost the local economy. Revenue Reallocation • It is recommended that fixed or semi -fixed revenue source be used to fund operating expenditures while variable i sources should be deployed towards funding capital/c project costs. in ■ Based on the current use some portion of projects. Currently, th capital projects, whi funding capital projects. data and segment analysis, the Villag( the state sales tax towards funding e Village is using Home -rule sales tax le state sales tax is more suitable i Variable vs. Fixed Revenues State Sales Tax • With the current data, it maybe concluded that • $15.7 million is fixed - 52.33 • $12.0 million is variable - 40.0% • $1.6 million is semi -variable - 7.67% • Homerule Sales Tax • $5.3 million is fixed - 76.8% • $1.6 million is variable - 23.2% (Above sensitivity data analysis includes 2016 as in ■ - It is recommen more stable or sources for OPE allocate varic sources for c project costs. - Based on the analysis, it is re( use home -rule operating expe some portion of be allocated to funds. base data) Current Allocation mm_ue Saes Tax State Sales -rax Proposed Allocatioi Mate Mes aX -- - -- --- --- - WOO • Staff is proposing allocating 100% of home -rule sales tax to the General Fund • Staff is proposing allocating $2.0 million to each of the Capital Project Fund frc Sales Tax, and remaining will be allocated to the General Fund ($24.0 million) Questions? in ■