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HomeMy WebLinkAbout3.1 2024 First Quarter Financial ReviewM+awn �'xyt�lts�=e Item Cover Page Subject 2024 First Quarter Financial Review Meeting April 16, 2024 - JOINT VILLAGE BOARD & FINANCE COMMISSION WORKSHOP AND VILLAGE BOARD MEETING OF THE MOUNT PROSPECT VILLAGE BOARD Fiscal Impact (Y/N) Dollar Amount Budget Source Category WORKSHOP - JOINT VILLAGE BOARD AND FINANCE COMMISSION Type Presentation 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 the following items. 2023 Un -audited Financials: Revenues The fiscal year 2023 started with many uncertainties and volatile market conditions. However, the Village of Mount Prospect ended its fiscal year on December 31, 2023, stronger than ever. The year was filled with many challenges, including residual inflation from 2022, a high - interest environment, delayed property tax payments, supply chain issues, state legislative updates, and a low volume of real estate transactions. Despite these major challenges, the Village had a strong financial performance and collected higher than forecasted revenues, especially the State of Illinois shared revenues, including state sales Tax, home -rule sales tax, and state income tax. The Village's TIF districts also performed well and collected $5.4 million in TIF increments. Property Taxes 22,393,921 25,722,921 25,926,456 I'Ms% 20,412,679 5,515,777 27,o9% Other Taxes 13,743,156 14,980,500 1,5,017,3.23 100:.91% 16, 9,745 (992,42.1) -6.2% linter nvernmentall Revenue 49,639,608 54,753,008 52,904,534 96.6% 51,345,778 1,556,756 3.0% ILreenses, permits & Fees 1,9591,500 2,646„50,0 2,1601,734 1.02„7% 3,1641,526 (1,059,792:) W33.5 Charges, For Services 40,837,772 42,195,772 42,316,803 100.3% 39,021„942 3,294,961 &4% Fines & Forfeits 5301,140 530,140 572,015 107.91516 913,913 (346,965) -37.8% Investment (Income 273,266 5,5441,266 5,639,023 102,55" 933,725 4,755,303 509.3% otherFinancin6;9caurces 11,3.501,000 18,931,000 14,347,502 75.8% 14,952,283 (6494,731) `4.01% Other Revenue 2,166,550 21359,550 2,459,878 104.3% 2,222,423 237,455, 1.07% Reimbursements 203,000 610,0790 733,280 128.4% 510,970 272,310 53.3% Total Revenues, 143,1S1,313 167,576,657 162,119,556 96.7% 149,488,9154 12,630,602 8.4% A detailed analysis of each of the above revenue categories is provided in the attached quarterly review report. Expenditures The original Expenditure Budget for FY 2023 was $148.2 million, but the actual spending for the year was $137.4 million. Due to the timing issues of the projects, original budgets were revised and increased/decreased with carryover items from time to time. The tables below recap the annual budget and actual spending for 2023 by expenditure category. (Personnel 56, 49,70,5, 57,619,765 56,663,1241' '98.3% 51,421,934 5,241,,135 Contractual Services 38,331,191 39,671x315 37,561,533 94.7% 34,463,1030 3,098,5011 nrnlrnodutile's & Supplies 2,6418,315 2,634,020 2,141,693 81.3% 2,219„346 (78,655) Capitallmpruovernents 27„773,113 26,282,673' 11,008,791 36.9% 9,475',245 1,533,546 Debt Service 9,4937,425 9,679,425 6,756,076, 910.5% 16,1.93,727 J9,427,651) Other E:xpendRuries 13,601,305 22,0317,9105 20,025,728, 9115.7% 7,887,3,34 12,138,345 Total Expenditures 148,2611,054 1S9,975,102 136,1S5,946 8S.1% 123,650,718 12,' 415,228 All the Village Departments have performed within the stipulated budget limits for the year 2023. The Village has spent a total of $136.2 million in expenditures for the year 2023, which equates to 85.1 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 98.3 percent of budgeted personnel costs, 94.7 percent of the budgeted contractual services, and 86.4 percent of the budgeted supplies and commodities. General Fund The total General Fund revenue budget for 2023 was $76.5 million, while the original expenditure budget was $76.5 million. The revenue budget was eventually revised to $82.3 million, while the expenditure budget was revised to $84.7 million. The actual recognized revenue for the General Fund totaled $82.6 million, while the expenditure totaled $78.3 million. As mentioned earlier, a few outperforming intergovernmental revenues, including state sales tax, income tax, and home -rule sales tax, are the main reasons for the surplus for the year. Revenues p w a3291 82,264,329 82,620,395l Revenues • Unauudked 75,842,1.34 9,802,704 19,841,298 16,141.,1.4 36,835,229 82,6,20,395 -Expenses Unaudited (62,432,111) (,13,634,814) (21,,183,693) (14,141,367) (29,339,642) (78,299,426) Net Monthly Surplus/(Deficit) 13,410,023 (3,832,110) (1,342,305) 1,999,797 7,495,587 4,3,20,969 As mentioned in the above table, the General Fund started the fiscal year 2023 with $40.6 million in the unrestricted fund balance, while the actual spendable fund balance as of January 1, 2023, was $30.1 million. The net accounting surplus of $4.3 million (from 2023 activities) is added to the unrestricted fund balance. The above -listed amounts do not include the $6.0 million remaining unrecognized revenues from the American Rescue Plan. As of December 31, 2023, the fund balance equates to 53.0 percent of the 2023 annual budget and totals $44.9 million. A detailed analysis of the fund balance and fund balance reconciliation is provided in the attached quarterly review report. Police and Fire Pension Fund During the year, the Police Pension Fund added $10.0 million to its beginning net position of $80.7 million, while the Fire Pension Fund added $9.1 million to its beginning net position of $70.4 million. The ending net position for the Police Pension Fund is $90.7 million, and the same for the Fire Pension Fund is $79.5 million. Please refer to the attached report for more granular details on the annual pension fund activities. Q1-2024 Revenues Q1-2024 reflects total recognized revenues of $30.3 million, representing 19.2 percent of the annual budgeted revenues. At the same time last year, the total collection was $21.2 million. The Q1-2024 revenue collection is higher by $8.3 million, or 37.6 percent, compared to the Q1-2023 collection, mainly due to the on-time property tax collection in 2024, which was delayed in 2023. Property Taxes 22,022,359 12,3910,315 56.3% 5,161,537 7,228,778 140.1 OtherTaxes 14,689,000 1,080,60111 7A% 978,864 101,736 10A% intergovernrnental Revenue 56,598,663 3,448,705 6.1% 3,397,697 51,008 1.5% Licenses, Permits & Fees 2,037,000 610,179 30.0% 590,509 19,670 3.3 Charges For Services 42,240,404 10, ,003 2.3.71,0 9,851,508 1.52,495 1.5% Purees & Forfeits 470,955 94,552 20.1% 121,934 (27,383) -22.5% Mves rnent Income 1,818,245 1,575,615 86.71,0 1,140,434 435,181 38.2% Other Financing Sources 14„779, - 0.01,E 3,500 (3,500) -10"10.0% boner Revenue 2,854,944 618,858 21.71 627,954 (9,097) -1.4 Reimbursements 337,000 438„545 130.1% 122,226 316,31.9 258.8% Total Revenues 157,947,5785 30,261,371 19.2% 21,996,165 9,265,28)7 37.6`1 • Last year, the first installment of the property tax was due in April, while the same was due in March for the current year. An earlier due date has resulted in an on- time and $7.2 million higher property tax collection for 2024. The Village collected $12.4 million in property taxes during Q1-2024. • 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 higher by $101,736, totaling $1,080,600. The above amount is not final, as the home rule sales tax for Q1-2024 will be recognized in April 2024 and beyond. • Intergovernmental revenues totaling $3.4 million were collected during Q1-2024. The collected amount is higher by $51,008 or 1.5 percent. The revenues for Q1- 2024 will be received in Q2-2024, as the State taxes lag by three months. The amount for Q1 includes state income tax -$2.3 million, use tax -$438,814, motor fuel tax -$391,694, and a few other miscellaneous taxes. • License and permit fees totaling $610,179 were collected during Q1-2024. The collected amount is higher by $19,670, or 3.3 percent, compared to the 2023 collections. • Charges for Services: A total of $10.0 million is recognized for Q1-2024 as charges for services. This amount is higher by $152,495, or 1.5 percent, compared to 2023 revenues. • The Village collected $121,934 in fines and forfeitures during the quarter under review. The amount is trailing lower by $27,383, or 22.5 percent, compared to last year. • Investment income totaling $1.6 million was recognized during Q1-2024. Investment income is up by $435,181 compared to 2023 revenues. The investment income budget was set at $1.8 Million. Q1 collection accounts for 86.7 percent of the annual budget. If rates are not lowered before December 2024, the annual investment income will be from $5.4 Million to $6.0 Million. • The Village received its initial contribution back from HELP, totaling $765,560. 50% of the received amount ($382,780) is recognized as income for 2024. This unexpected receipt resulted in a higher reported amount for Q1-2024 reimbursements. • Most other items are on track as expected and align with the 2024 budgeted revenues for the year. Q1-2024 Expenditures Q1-2024 expenditures totaled $26.9 million or 14.9 percent of the annual budget. The expenditures are higher by $3.7 million compared to Q1-2023, mainly due to higher personnel and contractual costs. Personnel 60,91.0,762 15,903,922 26.1% 12,51.8,280 3,385,642 27.0% Contractual Services 40,372,510 8,958,935 2-2.2% 7,867,526 1,091,409 13.9% Commodities & Supplies 2,689,749 698,802 26.0% 635,022 62,780 9.9% Capital Improvements 49,166,227 1,241.,297 2.5% 2,114,337 (873,040) -41.3% Debt Service 9,392,309 57,41.5 0.6% 54„015 3„400 6.3% Other Expenditures 17,558,326 9,767 0.156 8,453 1,31.4 15.5% Total Expenditures 180,089,883 26,870,138 14.9% 23,198,633 3,671,506 15.8% vwx�lsmRoom. 10 Public Representation 708,940 126,339 17.8% 77,029 49,31.0 64.096 20 Village Administration 6„206,145 1,1.79,469 19. W/o 953,272 226,1.96 23.7% 30 Finance 2,574,094 505,413 19,6% 444,662 60,750 13. 7,6 40 Community Development 5,428,453 770,417 14.2% 720,877 49„540 6.90% 50 Human Services 1,902,802 363,840 19.1% 345,248 18„592 5A% 60 Police 25,086,548 6„,744,606 26.9`,^a 4„913,970 1,830,636 37.3%, 70 Fire 24„802.,876 5,836,812 23.5% 4,337,832 1,498,980 34.e6 80 PublicWorks 78„477,228 7,,843,245 10.0% 8,248,737 (405,493) -4.9% 00 Non -Departmental 34,902,797 3„499,999 10.0`0 3,157,0615 342,994 10.9% Total Expenditures 180,089,883 26,870,138 14.9% 23,198,633 3,671,546 15.8" • 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 in Q1-2023. Meanwhile, property taxes are collected on time during Q1-2024. This has resulted in an early recognition of pension contribution in Q1-2024 compared to Q1-2023. Overall, the Village has spent $15.9 million of the budgeted amount in personnel costs during Q1-2024, and the amounts are tracking in line with the annual budget. • The Village spent $9.0 million in contractual services during Q1-2024. This represents 22.2 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 expected spending, and it is trailing higher by $1,091,409 compared to last year due to various inflationary adjustments and timing issues. • The Village has spent $698,802 in commodities and supplies, 26.0 percent of the annual budget. The amount aligns with the year's expected spending, trailing higher by $62,780 compared to the previous year's. • The Q1-2024 capital improvement spending totaled $1.2 million, representing 2.5 percent of the annual budget. Most of the capital projects have started for the year, and major costs are expected to be paid out during the summer and fall. A few projects might face supply chain issues, which may result in delayed projects and expenditure recognition. • The major debt service payments are due on June 1 and December 1. There are no significant debt service payments in Q1-2024. $57,415 is recognized as an expense for 2024 for the Randhurst developer's note. • The Village incurred $9,767 in Other Expenditures during Q1-2023, which represents 0.1 percent of the annual other expenditures budget. This category includes inter -fund transfers totaling $14.8 million, which will be executed during the third and fourth quarters of the current year. Staff will present the financial review at the joint workshop and discuss the above -listed items with the Village Board and the Finance Commission. Discussion The above items are discussed in detail in the attached Q1 Financial Review report. Alternatives 1. Village Board, Finance Commission, and the staff to discuss the Q1- 2024 Financial Review. 2. Action at the discretion of the Village Board. Staff Recommendation Staff recommends the Village Board, Finance Commission, and the staff to discuss the Q1- 2024 Financial Review. Attachments 1. Q1-2024 Financial Review 2. 03 March Board Reports for Upload Village of Mount Prospect Finance Department First Quarter Financial Review For the Quarter Ended March 31, 2024 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 2024. The report begins with summarized and unaudited financial results from the fiscal year 2023, 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, 2024. 2023 Unaudited III[°° liii ui uir�u liii�llll The fiscal year 2023 started with many uncertainties and volatile market conditions. However, the Village of Mount Prospect ended its fiscal year on December 31, 2023, stronger than ever. The year was filled with many challenges, including residue inflation from 2022, a high -interest environment, delayed property tax payments, supply chain issues, state legislative updates, and a low volume of real estate transactions. 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, home -rule sales tax, and state income tax. The Village's TIF districts also performed well and collected $5.4 million in TIF increments. Property Taxes 22,393,921 25,722,921 25,928,456 100.8 20,41.2,679 5,515-,777 27.00° OthherTaxes, 1,3,743,156 14,88+60,590 15,617,323 1[00.9°./0 16,[0[09,745 x,992,421; -6.2% Intergovernmental) Revenue 449,689,069,8 54,753,00L8 52,9604,534 96.6% 51,3405,778 1,558,756 3.0% Licenses, Ilrermlits & Dees 1,959,,56060 2,60446,,56060 2,16060,734 1102.7% 3,1610,526 �1,059,792) -33.5©6 Charges lLorServices 460,837,772 42,195,772 442,316,803 1600.3% 39,621„5442 3,2944,961 5.440 Fines & 16orfelits 530,1400 530,1400 572,6018 107.9% 918,983 �3446,96.5� -37.80° Investment )Income 278„266 5,5448„266 5,689,028 1002.5% 933,725 4,755,3603 5609.3° Other (Financing Sources 1,1„3560,66060 18,931,66060 14,347,5602 75.8% 144,952,283 ,6044,751; -44.00% OtherRevenue 2,166,5513 2,355,5513 2,4159,878 1044.3a 2,222,4423 237,405,5 10.7% Reiimbursements 203,,60660 6160,60660 783,25,60 128.4% 510,97'CM 272,310 53.3° Total Revenues 143„151„313 167„576„657 162„119,556 916.7% 149,488,954 12,636,602 9.4 The above -listed revenue sources are analyzed below: 0„3rollti er "tax Property tax is one of the most reliable revenue sources. The Village's total 2022 levy was $20.4 million, which includes 2.0% for losses and costs. The Village was expected to collect 98.5 percent of the 2022 levy, payable in 2023. The property tax collection for 2022 (collected in 2023) totaled $20.3 million, or 99.6 percent. The original property tax budget for the year also included $2.0 million for the Tax Increment Financing District (TIF). The actual collection for the TIF was recorded at $5.5 million. The Village collected $25.9 million in property tax revenue against the original budget of $22.4 million. The budget was revised from $22.4 million to $25.7 million. Some of the property taxes for the year are collected after December 31, 2023. However, the reported property tax payment reflects collection through February 2024 (per the GASB regulations). Ot her IIaxes Other taxes include locally enacted taxes, such as 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 2023 collection totals $15.0 million, $992,421, or 6.2 percent lower than 2022, mainly due to lower real estate transfer tax collections. The home rule II,,,,,loirne.....irulle SAes ...I...ax $8,000,,000 $7,000,000 $6,000,000 $5,549,089 $5,362,712 $5,450,453 $5,428,737 $5,318,561 $5,000,000 $4,000,000 $3,000,000 $2.,000,000 $1., 000„000 201..6 201.7 201..8 201.9 2020 202.1 2022 2023 sales tax collection totaled $7,275,092, a marginal increase of $27,398 or 0.4% compared to the 2022 collection. The Village collected $2.9 million in utility taxes, $3.8 million in various use taxes, $650,392 in franchise fees, and $304,261 in business district tax. The Village collected $956,954 in real estate transfer taxes in 2023, a reduction of $598,737 or 38.5 percent compared to the 2022 collections, mainly due to high mortgage rates and low inventory of real estate in the market. Dnter overrwieriuta Revenue The intergovernmental revenues include revenues received from other governmental units and agencies, mainly from the State of Illinois. The Village has recognized intergovernmental revenues totaling $52.9 million for 2023, an increase of $1.6 million or 3.0 percent compared to 2022 intergovernmental revenues. The most significant revenue source under this category is the state sales tax. The State of Illinois shares 1% of all general merchandise sales within the jurisdiction of the Village of Mount Prospect with the Village. All-time high sales totaling $40,000,000 $35,000,000 $2.5,000,000 $2.0),000,0)00 $18,521,934 $16,344,573 iiiiiiiiiiiiiiiiiiiiiillillililI $1.5,000,000 $5,000,000 $22,826,343 $23,379,614 $21,922,547 mum mum mum mum mum mum mum mum 201.6 2071.7 2018 201.9 2020 2021 2022 2023 $3.49 billion were recorded for 2023, and the Village received a total sales tax collection of $34.9 million. The 2023 state sales tax amount is higher by $3.8 million, or 12.2 percent, compared to 2022 revenues. Furthermore, the Village's income tax budget was initially set at $7.5 million for 2023, but the actual collection at the State level was much higher. The income tax revenue is shared as a per capita item, and the State shares 6.6% of the income tax collection with all local governments based on population. The total collection for 2023 is recorded at $9.1 million, a decrease of $183,513 or 2.0 percent compared to the prior year's collection. $1,0,000,000 $9,000,000 $8,000,000 $7,000,000 $6,000,000 $5,000,000 $4,0'0'0',000 $.3,000,0:00:4 $2.,000,000 $5,272,834 $7,175,489 201..6 201.7 201..8 2019 2.02.0 2021. 2022 2023 The Intergovernmental revenue also includes $2.4 million in motor fuel tax, $2.3 million in use tax, $1.2 million in the personal property replacement tax, $1.9 million in federal grants, and $472,028 in other grants. L.Jcense .1:1errnit The Village collected $2.1 million in license and permit fees. The amount collected is lower by $1.1 million or 33.5 percent compared to 2022 collections. This category previously included $1.3 million in vehicle license fees. The Village suspended the vehicle sticker program for FY 2023, and the Village has pledged other intergovernmental revenues to support the street resurfacing program for FY 2023. An average household received a tax break of $90 due to the suspension of the vehicle sticker program. Vehicle stickers are permanently eliminated starting 2024. Charges for ervices The Village collected $42.3 million in charges for services for the year 2023. The amount is higher by $3.3 million, or 8.4 percent, compared to 2022 collections. The charges for services include 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 water, sewer, and refuse fees. The category includes $13.3 million in internal service payments for risk management premiums, vehicle and computer replacement leases, and vehicle maintenance internal service charges. 1:::;ine & 1:"orf6tures The Village collected $572,018 in fines and forfeitures during the year 2023. This amount is lower by $346,965, or 37.8 percent, compared to the 2022 collection. In 2022, the Village received a one-time payment of $413,407 from a federal drug seizure program. This item was not repeated in 2023, resulting in a lower collection compared to 2022. The 2023 collection amount includes $163,634 in late penalties for water and sewer bills. 1nves-tffient 1ncorne The original budget for investment income for 2023 was $278,266. However, due to high interest rates in the market, the Village earned an investment income of $5.7 million. Part of the general fund's interest income was used to fund capital improvements for Fire Station 11. Ofl,i , r Revenues All other revenue sources include inter -fund transfers, reimbursements, and other miscellaneous revenues. The original budget included inter -fund transfers from the General Fund totaling $11.4 million. The budget was revised several times during the year, and the final inter -fund transfer amount was set at $18.9 million. Not all the budgeted transfers are executed. The Village executed inter -fund transfers totaling $14.3 million. ,002 De bitS e ry Ii ce Fund 1,236,599 020 Capital Improvement Fund 2,000,000 023 Street I rn p rov e rn e nt Co n sltru c Fund 1,900"000 024 IFlood Control Construction Fund 1"000"000 038, Economic Emergency Fund 6,500,000 039 Pension Stabilization IEund 750,000 050 Wat�er and Sewer IFund (Frorn ARP) 594,312 The Village also collected other revenues totaling $2.5 million and reimbursement amounts totaling $783,280. 2023 Expenditures (i.xiriaudi-ted) The original Expenditure Budget for FY 2023 was $148.2 million, but the actual spending for the year was $137.4 million. Due to the timing issues of the projects, original budgets were revised and increased/decreased with carryover items from time to time. The tables below recap the annual budget and actual spending for 2023 by department and by expenditure category. 10 1 Repres,entatlion 6,24,596, 658,596 56,1,712 85.3% 20 VII Admlinistratlion 5,293,6,01 5,438,501 4,97,5,3914 91.5% 3141 2,501,347 2,495,447 2,194,159 87.9% 40 Community Devellopment 4,839,744 5,843,502 5,180,817 SS.7% 50 Human SerVices 1,952,212 1,926,711 1,397,171 72.5% GO PoIllice 22,514,071 22,914G,527 22,394,548 97.9% 70 IF ii re 20,522,909 21,584,672 21,364,522 1 %427,651� 80 1 Works 59,613,439 50,005,812 44,297,03,1 73.9% ,&G Non-Departmentall 30,339,135 39,121,135 33,787,545 S5.4% Total Expenditures 148,201-1054 159,9751102 1136,1155,946 85.1% 455,939 105,773 4,452,346, 496,,,0" 2,236,,343 X42,1841, 3,28,6,,392 1,8,94,425 1, 3,01,918, 95,253 19,970,392 2,424,156, 19,035,9197 2,328,,535 38,727,8,17 5,569,264 32,941,,046, 846,5W 12214391190 13J171766 Personnel) 56,849,705 57,619,765 56,663,120 98.3% 51,421,9,94 5,241,135 contractual SerVices 38,331,191 35,671,315 37,561,538, 94.7% 34,463,030 3,098,5433 Commodlitlies & Supplilies 2,603,315 2,634,020 2,140,693 81.3% 2,219,348 �78,655� Caplitall Improvements 27,773,113 28,282,673 11,008,,791 38.9% 9,475,245 1,533,546' Debt SerVice 9,037,425 9,679,425 3,756,076, 90.5° % 18,,183,727 1 %427,651� Other Expenditures 13,6,01,305 22,037,905 20,025,728, 90.7% 7,8,87,384 12,138,345 Total Expenditure's 148,201,054 159,975,102 136J55�p945 85.1% 123�,6501718 12,505,228 All the Village Departments have performed within the stipulated budget limits for the year 2023. The Village has spent a total of $136.2 million in expenditures for the year 2023, which equates to 85.1 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 98.3 percent of budgeted personnel costs, 94.7 percent of the budgeted contractual services, and 86.4 percent of the budgeted supplies and commodities. General Fund Reve,rn a e,s itures 76P454,3291 8212'641329 921620?3 5 76 503,153 ?7''31?052 78Y29191,426 The total General Fund revenue budget for 2023 was $76.5 million, while the original expenditure budget was $76.5 million. The revenue budget was eventually revised to $82.3 million, while the expenditure budget was revised to $84.7 million. The actual recognized revenue for the General Fund totaled $82.6 million, while the expenditure totaled $78.3 million. As mentioned earlier, a few outperforming intergovernmental revenues, including state sales tax, income tax, and home -rule sales tax, are the main reasons for the surplus for the year. Revenues - Unaudited 75,542,134 9,802,704 19,841,298 16,141,164 36,835,229 52,620,395 Expenses - Unaudited (62,432,111) (13,634,814) (21,183,603) (14,141,367) (29,339,642) (78,299,426) Net Monthly 5uirpllus/(Defliclit) 13,410,023 (3,832,110) (1,342,305) 1,999,797 7,495,587 4,320,969 As % of General Fund 8udlget 48% 43% 42% 44% 5:3% 53% As % of General Fund 8udlget 36% 47% 46% 48% 44% 44% As mentioned in the above table, the General Fund started the fiscal year 2023 with $40.6 million in the unrestricted fund balance, while the actual spendable fund balance as of January 1, 2023, was $30.1 million. The net accounting surplus of $4.3 million (from 2023 activities) is added to the unrestricted fund balance. The above -listed amounts do not include the $6.0 million remaining unrecognized revenues from the American Rescue Plan. As of December 31, 2023, the fund balance equates to 53.0 percent of the 2023 annual budget and totals $44.9 million. Some portion of $44.9 million is not readily available for spending, and it is occupied by taxes and other receivables totaling $7.7 million, which leaves the Village with a spendable fund balance of $37.2 million, which equates to 44 percent of the 2024 annual budget. The actual surplus from 2023 activities is higher than $4.3 million. The same has been clarified in the fund balance reconciliation provided below. Some items incurred and recognized in 2023 are funded from the 2022 surplus. For accounting purposes, these items are booked in 2023 and included in the annual expenditure for the General Fund. In fact, if these items are excluded, as mentioned below, the net surplus for the General Fund for the year 2023 is $14.1 million. Revenues - 2023 Su iiirplu_us firourn 2022 Economic IEimeirgency Fund - Transfer Debt Service Abatement Pension Levy Abatement Other IRe3uilair Expenditures For the Year Total IExpenditures Flet Remaining Surplus 2'02'2'Surplus 2023 Actuals - 32,620,395 13,410,023 - Total 32,620,395 13,410,023 6,500,000 6,500,000 1,236,599 1,236,599 2,000,000 210�0�0�,000 - 68,562,827 68,562,827 9,7361,599 68,562,827 78,299,4261 3',6 "3,424 14,057,568, 17,730,992 111"1 IIII iiii Iind IIII°°°" 1I it IIIC,° &I I1 ulr1 11"""'Uirld L uinll n,u, ° iiii IIIC°° iiii ulr ulr iiii llll Overall, the fiscal year 2023 was a positive year for the Police and Fire Pension funds, and both funds have recouped some of the 2022 unrealized losses in investment values. The Village is currently waiting for actuarial reports. The Village hopes to see an increase in the funding ratio of the actuarial reports for the 2023 audit. Revenues Contributions Village 5,571,5,05 5,210,069 Employees 1,337,19,6, 8,64,081 Total Controbutions 6,908,701 6,074,149 Investment Income Interest & Dividends 592,915 1,285,004 Net Change lin FaJr Value 9,915,658, 5,113,958 Tota I IInvestrmnent (Income 10,508,573 10,398,962 Less Investment Expenses, (125,435) 195,123) Net Investment IIncom e 10,38,3,138, 10'303'8'39 Total Revenues 17,291,8,39 16,377,988 Expenditures A cl m i n ui strati en 71,791 8,0, 8,6,6, Pension Benefits & Refunds Pension Benefits 7,153,642 7,139,494 Refunds 42,694 93'311 Total IPensiion Benefits & Refunds 7,196,326, 7,232,&05 Total Expenditures 7,268,117 7,313,6,71 Beginning Net IPosiitien 80,671,330 70,402,040 Accrued Liability (Previous Amount), 14S,,712,IS9 128,902,013 �Percentage IFuanded 61.0% 61.6% �Percentage Unfunded 39.0% 39.4% Ll iiirt eiir 1II , ,........... IIII° eviiia es Q1-2024 reflects total recognized revenues of $30.3 million, representing 19.2 percent of the annual budgeted revenues. At the same time last year, the total collection was $21.2 million. The Q1-2024 revenue collection is higher by $8.3 million, or 37.6 percent, compared to the Q1-2023 collection, mainly due to the on-time property tax collection in 2024, which was delayed in 2023. Property Taxes 22,022,359 71,2,350,315 56.3% 5,161,537 7,228,,778 1440.1. OtthherTaxes 144,685,000 1,080,,6 7.44©. 978„8,644 101,736 10.44. InttergovernrmenttM Revenue 56,598,663 3,41448,705 6.1% 3,897,697 51,00.8 1.5% Licenses, Permits & Dees 2,037,000 610,179 3().,C;% 550,509 19,67,0 3.3% Charges Icor Services 442,244 ,444744 10,004,1W3 23.7% 9,851„5008 152,4495 1.5% Fines & ILorfeiitts 4470,955 941552 200.1% 121,,9341 X27,383) -22.5. Investment IIncorne 1,81,8,2445 1,575,615 8=53% 1,1444:0,44344 4435,181 38„2°. Other Iriinanciing Sources 14,779,000 - G.G% 3,5000 X3,54747) 1047,47° OtherRevenue 2,85 4,944p4 618,858, 21.7% 627,9544 X9,69'7) -1.44 Reimbursements 337,DOG 4138,5415 130.1% 122,226f 316,319 258.8° Total Revenues 15718471570 3012611371 19.2% 21,996,165 81265,207' 37.6% • Last year, the first installment of the property tax was due in April, while the same is due in March for the current year. An earlier due date has resulted in an on-time and $7.2 million higher property tax collection for 2024. The Village collected $12.4 million in property taxes during Q1-2024. • 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 higher by $101,736, totaling $1,080,600. The above amount is not final, as the home rule sales tax for Q1- 2024 will be recognized in April 2024 and beyond. • Intergovernmental revenues totaling $3.4 million were collected during Q1- 2024. The collected amount is higher by $51,008 or 1.5 percent. The revenues for Q1-2024 will be received in Q2-2024, as the State taxes lag by three months. The amount for Q1 includes state income tax -$2.3 million, use tax - $438,814, motor fuel tax -$391,694, and a few other miscellaneous taxes. • License and permit fees totaling $610,179 were collected during Q1-2024. The collected amount is higher by $19,670, or 3.3 percent, compared to the 2023 collections. • Charges for Services: A total of $10.0 million is recognized for Q1-2024 as charges for services. This amount is higher by $152,495, or 1.5 percent, compared to 2022 revenues. • The Village collected $121,934 in fines and forfeitures during the quarter under review. The amount is trailing lower by $27,383, or 22.5 percent, compared to last year. • Investment income totaling $1.6 million was recognized during Q1-2024. Investment income is up by $435,181 compared to 2023 revenues. The investment income budget was set at $1.8 Million. Q1 collection accounts for 86.7 percent of the annual budget. If rates are not lowered before December 2024, the annual investment income will be from $5.4 Million to $6.0 Million. • The Village received its initial contribution back from HELP, totaling $765,560. 50% of the received amount ($382,780) is recognized as income for 2024. This unexpected receipt resulted in a higher reported amount for Q1-2024 reimbursements. • Most other items are on track as expected and align with the 2024 budgeted revenues for the year. scilla iiiriiir IIIE :Illi. ui liiiuu uire Q1-2024 expenditures totaled $26.9 million or 14.9 percent of the annual budget. The expenditures are higher by $3.7 million compared to Q1-2023, mainly due to higher personnel and contractual costs. A brief analysis of each of these categories is provided on the next page. 10 IPublllic Representation 70..8,94404 1.26,33.8 1.7.8° 200 Villlla8,e Administration 6,2006,1445 1,,1,79,,4469 19.00° 300 Finance 2,574,094 .5045,441.3 1.9.6% 4404 Corm4munlity Devellc,prment: 5,4428,4453 7700,441.7 144.20/ 500 Human SerVices 1,9042,,5042 363,,54404 1.9.1° 6,018olllice 25,0486,5448 6,, 7444,6006, 261.9�� 70 Fire 244,802,876 5,836,81.2 23.5©0 SO IPublllic Works 78,4477,228 7,8443,2445 10.04° 0001Non-Depart4mentall ......... ......... ......... ......... 344,9,02,7'97 ......... ......... ......... 3,4499,999 ......... ......... 10.00° ......... ... Total Expenditures 180,0891883 26,87041138 14.9% 77,0429 49,314 644.Cti 953,,272 226,196 23.7. 444,552 50,750 1.3.7% 7200,577 49,54404 6'.9% 3445,2448 18,592 5.44% 44,913,,9700 1,,830,636 37.3% 44,337,532 1,4498,9500 344.6% 8,2448,737 (4405,4493 -44.9% 3,157,,005 ..... ......... 3442,9'944 ......... ......... 104.9'. .................. 23,1981633 3,671,506 15.8% personlnell 60,9104,762 15,903,922 26.1% 12,518,,2800 3,355,6442 27.00°x, Contractuall SerVices 4404,372,.510 5„955,,935 22.2% 7,,56,7,526, 1„091,,409 13.9° Commodities &Supplllies 2,,659,7449 693,802 26.0% 636,022 62,,780 9.9% CapitalllImprovements 449,166,227 1,2441,297 2.5% 2,1.144,337 873,04440� -441.3"% Debt Service 9,392,309 57,4415 0.6% 544,015 3,4400 6.3° Other Expenditures ........ ......... ......... ......... 17,558,326 ........ ......... 9,767 ......... ......... 04.1% ......... ......... 5,,4453 ......... ......... 1.,,3144 ......... ......... 15.5° .................. Tectal Expenditures IW,0089,883 26,870,138 14.9'% 23,198„633 3,671,506 15.8% • 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 in Q1-2023. Meanwhile, property taxes are collected on time during Q1-2024. This has resulted in an early recognition of pension contribution in Q1-2024 compared to Q1-2023. Overall, the Village has spent $15.9 million of the budgeted amount in personnel costs during Q1-2024, and the amounts are tracking in line with the annual budget. • The Village spent $9.0 million in contractual services during Q1-2024. This represents 22.2 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 expected spending, and it is trailing higher by $1,091,409 compared to last year due to various inflationary adjustments and timing issues. • The Village has spent $698,802 in commodities and supplies, 26.0 percent of the annual budget. The amount aligns with the year's expected spending, trailing higher by $62,780 compared to the previous year's. • The Q1-2024 capital improvement spending totaled $1.2 million, representing 2.5 percent of the annual budget. Most of the capital projects have started for the year, and major costs are expected to be paid out during the summer and fall. A few projects might face supply chain issues, which may result in delayed projects and expenditure recognition. • The major debt service payments are due on June 1 and December 1. There are no significant debt service payments in Q1-2024. $57,415 is recognized as an expense for 2024 for the Randhurst developer's note. • The Village incurred $9,767 in Other Expenditures during Q1-2023, which represents 0.1 percent of the annual other expenditures budget. This category includes inter -fund transfers totaling $14.8 million, which will be executed during the third and fourth quarters of the current year. CiirldIII ii liii iinil The Village is in strong and sustainable fiscal health and can consistently provide quality governmental services to its residents and businesses with a strong fiscal backbone. The Village's performance in 2023 proves a strong and robust local economy. The Village hopes for a AAA credit rating on its subsequent bond issuance scheduled in 2027. All of its recent efforts, including the start of an Economic Emergency Fund and revised fund balance policy, are designed to help the Village achieve the strategic goals provided by the Village Board efficiently and economically. Village staff plans to propose a second installment of $6.5 million in funding for the Economic Emergency Fund from the 2023 surplus. Respectfully Submitted, Amit Thakkar, Director of Finance w M N v O N M � v A v CC w 0 a 2 5 � U 111 11 M, m t- Co Co ko O .--I N Co O N W n 111 tD Uf N W O .M -i LOIS] M ti n m W W O N N O CT 111 N .�1 r, OLD M O N Ln CT I� N n N CT 7 N 7 N SM r� O I\ .-1 .^ M 7 m + + 7 N N N I� N .--I W 7 O O CT ,I: M Co t0 M CT Co O m m .--I W - I Ill I;r 10 m M N N N LD ID 10 CT rl 10 cc l0 a N M N O N I.f) M M Co 10 /n 7 O 11 LD r1z, M M fV .--i O CV O O w O w M N N N M m M .^-I M tD n n l0 rl I- M O W Co n O v LO Lr Co tD O M W (T a, M 0 0 0 0 0 0 0 0 0 0 rn c rn � o rn o M Ln w ID 7 N .--I O 01 t0 Co Lr � Ln N n CC's (T I1 z. 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