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Home My WebLink About6.11 Motion to Waive the Rules Requiring Two Readings of An Ordinance and Adopt AN ORDINANCE MAKING CERTAIN AMENDMENTS TO THE ANNUAL BUDGET ADOPTED FOR THE FISCAL YEAR COMMENCING JANUARY 1, 2023 AND ENDING DECEMBER 31, 2023.M+awn �'xytlts=e Item Cover Page Subject Motion to Waive the Rules Requiring Two Readings of An Ordinance and Adopt AN ORDINANCE MAKING CERTAIN AMENDMENTS TO THE ANNUAL BUDGET ADOPTED FOR THE FISCAL YEAR COMMENCING JANUARY 1, 2023 AND ENDING DECEMBER 31, 2023. Meeting November 7, 2023 - REGULAR MEETING OF THE MOUNT PROSPECT VILLAGE BOARD Fiscal Impact (Y/N) Yes Dollar Amount $1,000,000 Budget Source General Fund Category CONSENT AGENDA Type Ordinance Information The Village amends its annual budget from time to time, as needed. The Village staff is proposing the following amendments to the adopted annual budget for the fiscal year 2023. The Village recently approved a settlement agreement with the Elk Grove Rural Fire Protection District. Per the agreement, the Village acquired Fire Station 11 at 1415 Algonquin Road. The Village will be using this property as its fourth Fire Station. Fire Station 11 is a strategic asset and will help the Village serve the unincorporated area residents in the Elk Grove Township with quality Fire and EMS services. At the same time, the Village will also be able to improve its response time in South Mount Prospect. Based on the limited inspection conducted by Public Works and Fire Department staff, Station 11 would benefit from the following repairs and updates with their respective budget amounts. These amounts are estimated and provided by Public Works staff based on recent projects involving similar items. Bunk Beds $25,000 Bathroom $250,000 Remodeling Kitchen Upgrades $100,000 Dayroom $30,000 Upgrades Lockers for $51,394 Employees HVAC/Bay $35,000 IT Upgrades $100,000 Radios/AV $25,000 G2 Box Labor $40,000 Road $140,000 Improvements Roof/HVAC $100,000 Unknown Items $100,000 Total Budget $996,394 The above repairs and updates are not currently in the budget. The General Fund has seen an increase in its investment income. As of September 30, 2023, the General Fund has received $1,846,982 in investment income against the adopted annual budget of $125,000. Increased investment income offsets revenue losses caused by reduced real estate transfer tax totaling $350,000. The remaining amount is available currently for other necessary adjustments in the budget. Besides that, the current revenue levels, fund balance, and cash on hand are also sufficient to cover improvements mentioned above for Fire Station 11 with a total $1,000,000. This amendment will increase the General Fund budget (Transfer outs) by $1,000,000 and CIP spending for the Capital Improvement Fund by $1,000,000. The Capital Improvement Fund revenues will also increase by $1,000,000. The total expenditure budget after this amendment will be $170,377,207, while the revenue budget will be $151,052,657. Discussion Alternatives 1. Waive the rule requiring two readings of an ordinance and adopt the proposed Ordinance amending the 2023 annual budget as presented. 2. Action at the discretion of the Village Board. Staff Recommendation Waive the rule requiring two readings of an ordinance and adopt the proposed Ordinance amending the 2023 annual budget as presented. Attachments 2023 Budget Amendment 4 ORDINANCE NO. AN ORDINANCE MAKING CERTAIN AMENDMENTS TO THE ANNUAL BUDGET ADOPTED FOR THE FISCAL YEAR COMMENCING JANUARY 1, 2023 AND ENDING DECEMBER 31, 2023 PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES the day of , 2023 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois the day of , 2023. ORDINANCE NO. AN ORDINANCE MAKING CERTAIN AMENDMENTS TO THE ANNUAL BUDGET ADOPTED FOR THE FISCAL YEAR COMMENCING JANUARY 1, 2023 AND ENDING DECEMBER 31, 2023 WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have passed and approved Ordinance No. 2342, which sets the finances of the Village under the "Budget Officer System"; and WHEREAS, pursuant to the aforesaid Ordinance and the Statutes of the State of Illinois, an annual budget for the fiscal year commencing January 1, 2023, and ending December 31, 2023, was adopted through the passage of Ordinance No. 6649 approved by the Corporate Authorities of the Village of Mount Prospect on November 01, 2022; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have passed and approved Ordinance No. 6671 on March 21, 2023, amending the annual budget for the fiscal year commencing January 1, 2023, and ending December 31, 2023; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have passed and approved Ordinance No. 6680 on May 16, 2023, amending the annual budget for the fiscal year commencing January 1, 2023, and ending December 31, 2023; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have passed and approved Ordinance No. 6681 on June 6, 2023, amending the annual budget for the fiscal year commencing January 1, 2023, and ending December 31, 2023; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have further reviewed certain additions and changes to the aforesaid budget for the fiscal year beginning January 1, 2023, and ending December 31, 2023, and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect believe the changes, as specified on the attached January 1, 2023, through December 31, 2023, Budget Amendment No. 4 to be in the best interest of the Village of Mount Prospect; and WHEREAS, the Village has now revised the revenue projections or has reserves in each of the Funds in which the budget is being increased adequate in amount to cover the budget changes reflected in Budget Amendment Number Four, attached hereto. NOW, THEREFORE BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: SECTION ONE: That the fiscal year budget for January 1, 2023, through December 31, 2023, for the Village of Mount Prospect is hereby amended, as detailed on Budget Amendment No. 4 attached hereto. SECTION TWO: That this ordinance shall be in full force and effect from and after its passage, approval and publication in pamphlet form as provided by law. AYES: NAYES: ABSENT: PASSED and APPROVED this day of , 2023. Paul Wm. Hoefert Mayor ATTEST Karen Agoranos Village Clerk Village of Mount Prospect Budget Amendment No. 4 Fiscal Year January 1, 2023 to December 31, 2023 Revenues Current Budget Fund/Account Number Amount Ar vended Funds 020 Call pall lmlproveirneint Fund Amendments Increase/ Amended (Decrease) Budget 020.487.001 - Transfer In from General Fund .............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................. 1,000,000 1,000,000 2,000,000 Amendments Total .............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................. 1,000,000 1,000,000 2,000,000 Other Budgeted Accounts for the Fund .............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................. 2,008,000 - 2,008,000 020 CalputaV lm1proveirsrnernt IFund Too .............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................. 3,008,000 1,00O„000 4,008,000 .............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................. Amended Funds Total .............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................. 3,008,000 1,000,000 4,008,000 AIII Other Wage Budgeted Accounts 147,044,657 - 1.47,044,657 Total All Funds 150,052,657 1,000,000 151,052,657 Village of Mount Prospect Budget Amendment No. 4 Fiscal Year January 1, 2023 to December 31, 2023 Expenditures 020 Capiitall Improvement Fund Amendments 020.80.90.00.0.706.648.020 - Fire Station #11 Facility Improvements 1,000,000 1,000,000 ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Amendments Total 1,000,000 1,000,000 ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Other Budgeted Accounts for the Fund 6,388,807 6,388,807 ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 02.0 Capirtall Improvement Fund'Total 6,388,807 1,000,000 7,388,807 ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Amended Funds Total AIIII Otheu° Village Budgeted Accounts 91,035,359 2,000,000 93,035,359 7.7,341.,848 - 77,341,848 Total All Funds 168,377,207 2,000,000 170,377,207 Current Budget Budget Amended Fund/Account Number Amount Amendment Budget Anieu°nded IFunds 001 General (Fund Amendments 001.00.00.00.0.000.697.001 - Transfers Transfer Out ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 17,850,000 1,000,000 18,850,000 Amendments Total ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 17,850,000 1,000,000 18,850,000 Other Budgeted Accounts for the Fund ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 66,796,552 - 66,796,552 0071. General lFund'Totall 84,646,552 1,000,000 85,646,552 020 Capiitall Improvement Fund Amendments 020.80.90.00.0.706.648.020 - Fire Station #11 Facility Improvements 1,000,000 1,000,000 ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Amendments Total 1,000,000 1,000,000 ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Other Budgeted Accounts for the Fund 6,388,807 6,388,807 ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 02.0 Capirtall Improvement Fund'Total 6,388,807 1,000,000 7,388,807 ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Amended Funds Total AIIII Otheu° Village Budgeted Accounts 91,035,359 2,000,000 93,035,359 7.7,341.,848 - 77,341,848 Total All Funds 168,377,207 2,000,000 170,377,207