HomeMy WebLinkAbout08/12/2008 COW agenda
COMMITTEE OF THE WHOLE
AGENDA
Meeting Location:
Mount Prospect Village Hall
50 South Emerson Street
Meeting Date and Time:
Tuesday, August 12,2008
7:00 p.m.
I. CALL TO ORDER - ROLL CALL
Mayor Irvana K. Wilks
Trustee Timothy Corcoran
Trustee Paul Hoefert
Trustee Steven Polit
Trustee Arlene Juracek
Trustee John Korn
Trustee Michael Zadel
II. ACCEPTANCE OF MINUTES OF COMMITTEE OF THE WHOLE MEETING OF JULY 8,2008
III. CITIZENS TO BE HEARD
IV. 2008 MID-YEAR REVIEW AND 2009 PRE- BUDGET WORKSHOP
Each year the Village Board engages in a mid-year review of the current budget as a means of
monitoring the revenue and expenditure levels contained therein. In addition, the Village Board
also engages in a pre-budget workshop specifically designed to look forward to the upcoming
budget year with the idea of setting fiscal parameters and giving staff direction for preparation of
next years budget.
With the close of June financial activity, staff is in position to present mid-year financial data for
2008 as well as review the 2009 forecast budget. Current projections for 2008 show a year-end
deficit, before transfers, of $568,565. Material variances were seen in sales taxes (both the state
and home rule portions), various permits and fees, intergovernmental revenues and investment
income. We now expect total General Fund revenues to come in at $39,610,956. This is an
increase of $233,125 over the amended budget. Total expenditures were estimated at
$40,179,521. Staff will continue to closely monitor revenues and expenditures through the end of
the year and make adjustments to spending as needed. The Village's 2009 budget forecast for
the General Fund also shows a deficit of $478,652 on revenues of $40,651,200 and expenditures
totaling $41,129,852. It is expected that this deficit will be reduced during the budget process for
2009. Discussion will also focus on significant items in other Village Funds and the impact new
or expanded programs currently being contemplated by staff will have on the budget if
implemented.
Staff has prepared a comprehensive memorandum detailing the Villages financial condition for
both the balance of 2008 and forecast of 2009. Staff will also share its current budget
preparation strategy and look to the Village Board for direction regarding the upcoming budget.
Appropriate staff will be on hand to answer questions and facilitate discussion.
V. VILLAGE MANAGER'S REPORT
VI. ANY OTHER BUSINESS
VII. ADJOURNMENT
CLOSED SESSION
LAND ACQUISITION 51LCS 120/2 (c) (5) - The purchase or lease of real propertyforthe use of
the public body, including meetings held for the purpose of discussing whether a particular parcel
should be acquired.
NOTE: ANY INDIVIDUAL WHO WOULD LIKE TO A TTEND THIS MEETING BUT BECAUSE OF A DISABILITY NEEDS SOME
ACCOMMODA TlON TO PARTlCIPA TE, SHOULD CONTACT THE VILLAGE MANAGER'S OFFICE AT 50 SOUTH EMERSON,
MOUNT PROSPECT, ILLINOIS 60056, 847/392-6000, EXTENSION 5327, TOD #847/392-6064