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Home My WebLink About3.1 Minutes - 08/13/2024IM, "I"Nal", Village of Mount, Prospect Meeting of the Cornirnittee of the Whole Tuesdlay, August 13, 202411 6:00 PM CALL TO ORDER Mayor Hloefert called the Meeting of the Village Board to order at 6:18 p.m. in the boardroom at Village Hall, 50 S. Emerson St. ROLL, CALL Members present upon roll call by the Village Clerk: Mayor Paul H�oefert Trustee Vincent Dantei, Trustee Agostino Filippone, Trustee Terri Gens, Trustee Bill Grossi, Trustee John Matuszak, Trustee Colleen Saccotelli Absent: None Mayooefert noted the recent ribbon cutting for Raising Canes was an eixciting and lively event. Mayor Hoefert welcomed them to Mount Prospect. APPROVAL OF MINIUTES ,mmywromm-no anyjans rakizo3lowns =** im Motion by Vincent Dante, second by Bill Grossi to approve the minutes of the June 11, 20,24 Committee of the Whole: Yea: Vincent Dante, Agostino Filippone, Terri Gens, Bill Gros it John Matuszak, Colleen Saccotelli Nay: None Final Resolution., Motion Passed CITIZENS TO BE, HIEARD Several residents addressed the Board to express their concerns regarding the traffic issues on Audrey Lane. IM, 111"NAIII, Trustees Filippone and Dante responded with support and understanding of their concerns. Resident I . 11 llw4wll Concurred with Mr. LiRosi's concerns, shared her own experiences, and offereb suggestions to reduce speed in this areia. The neighborhood is dangerous for children playing outside-, speed is a concern and many motorists ignore the stop signs in this area. Mll Mayor Hloefert thanked the residents for bringing this issue forward. Noted he has similar concerns in this neighborhood as well-, similar concern in many areas of town. DISCUSSION ITEMS 5.1. Quarterly Financial Review - Second Quarter 2024 Director of Finance Amit Thakkar presented the Village's 2024 second-quarter reviiew., Mr. Thakkar reported that the Village closed the second quarter in a strong and stable financial position. The annual audit was concluded in June and the Village received the highest possible, unqualified opinion on its financial statement. Mr. Thakkar provided the following details: * The Village's General Fund reported an accounting surplus of $4.3 million for IM, 111"Nal", 2023 and a total fund balance of $52.6 million. • The Village collected $32.3 million in revenues during Q2-2024, a decrease of $10.2 million over the same period last year, due to timing issues with the property tax payment. • The Village incurred expenditures totaling $33.8 million during Q2-2024, a decrease of $5.2 million over the same period last year • As of 3une 30, 2024, the Village's General Fund unassigned fund balance stood at $44.2 million, or 48 percent of the annual expenditures. • The Police Pension Fund reported a positive $4.8, million change in its net position, and the Fire Pension Fund reported a positive $3.,7 million change. Mr. Thakkar provided details on the second quarter, comparing data from 2023 second quarter, regarding revenues, expenditures, Fund Balance and the Economic Emergency Fund. Mr. Thakkar reported 2024 revenues for year-to-date totaled $62.5 million, representing a decrease of $1.9 million over the same period last year. Mr. Thakkar stated the decrease in the reported revenue is mainly attributed to the timing issuies with the inter -fund transfers between the General Fund and the Economic Emergency Fund. Except for inter -fund transfers, the revenue collection is higher by $4.,6 million or 8 percent over last year. The top ten revenue sources for the Village totaled $38,.5 million in year-to-date revenues. Details were provided for the top revenue sources, which include sales tax, property tax, interest income, use taxes, Home Rule sales tax and utility tax. Mr. Thakkar reported the year-to-date expenditures for 2024 totaled $60.6 million, a decrease of $1.5 million over the same period last year. The total year-to-date expenditures amount to 33.5% of the annual budget. Expenditures include personnel, contractual services, capital improvements, debt service, and other expenditures. Mr. Thakkar reported that both the Police and Fire Pension funds reported positive investment income and a positive change in net position. Year-to-date, the ending net position for the Police Pension Fund is $94.8 million and the ending net position for the Fire Pension Fund is $82.5 million. The General Fund unassigned fund balance is estimated at $44.2 million as of 3une 30, 2024., In addition, the Economic Emergency Fund reported a balance of $6,871,970. This included an initial funding of $6.5 million and interest income of $371,970. Mr. Thakkar concluded his presentation by highlighting the Village's strengths., He stated the Village is fiscally strong and is suipported by the local economy. The Village is set to collect $36.,0 million in sales tax and $7.2 millin in home -rule sales tax. The expenditures are on track as planned. He reported that the Village will likely outperform its revenue forecast again for 2024. Mr. Thakkar stated the Village is working toward achieving a AAA credit rating. Mr. Thakkar answered questions from the Board., 5.2. Community Investment Plan - Fiscal Year 2625 to 2629 IM, 111"Nal", Mr. Thakkar introduced the Community Investment Plan for the fiscal year 2025-2029., Mr., Thakkar stated the capital budget, also referred to as the Community Investment Plan (CIP), accounts for major expenditures that last beyond one year and include roads, buildings, water and sewer mains, etc. The proposed five-year CIP plan from 2025-,2029 totals $177.8, million. The proposed capital spending for 2025 is $31.5 million., By department, Mr. Thakkar stated the Public Works department accounts for 94% of the CIP budget., The largest project and expenditure is street resurfacing and sidewalk projects totaling $70.7 million. The plan also included $18.,2 million in street construction projects and various street and street -related projects. Other major project categories are for the water system, $40 million, improvements to public buildings, and vehicle replacement. Mr. Thakkar provided details regarding the Village's source of funds for the projects in the Capital Improvement Plan. Mr. Thakkar provided details of the CIP by department: _C_o_m_m_u_naliy--a—nd--E'.conomic Developm-q.ELt 1., Body -worn cameras and In -car Video system - $300,000. This item is in the discovery phase and was added as a placeholder. 2., New Squad for the Special Response Team - $64,000. Funds for this expenditure come from the Asset Seiizure Fund. Fire Department. 1., Nine (9) Cardiac Monitors - $674,208. These will replace monitors that have reached their end of life. 2. Replacement of power cots and $142,500 in 2026 3., Radio replacement - $750,000. Northwest Central Dispatch. load stretchers - $142,500 in 2025 and The majority of the costs will be paid by Director of Public Works Sean Dorsey summarized Public Works projects. Recurring projects include water system improvements, sanitary system improvements and street resurfacing and sidewalk programs. In addition, Phase II of the bike path improvement project for Kensington Road and Central Road is scheduled for 2025. Other key projects in 2025 include the Busse Road Reconstruction and the Northwest Highway and Central Road Gateway project. The Busse Road Reconstruction project is a Cook County Department of Transportation project and is estimated to cost $10 million to complete. However, the potential Village's share is $650,000 for streetlights, and shared -use paths. This project will take approximately two years to complete and is scheduled to start in 2025 or 2026. The Northwest Highway and Central Gateway Road Gateway Project includes demolishing the former auto repair shop located at 310 W. Northwest Highway to IM, 111"Nal", construct a green space gateway to downtown Mount Prospect. The Gateway will feature a clock tower, planting beds, and a small parking lot. The estimated cost for demolition and construction is $1.2 million. Another key project is the Rand/Kensington/Elmhurst Road Intersection improvements. Construction is scheduled to begin in Spring 2026. The estimated total cost is $15,420,103. The Village expects to receive $12 million in federal grant funding. Vehicle replacements for both Police ($695,000) and Public Works ($2.2 million) are planned for 2024. Mr. Dorsey and Mr. Thakkar answered questions from the Board. .1. As submitted 2r ^� �r M,� VILLAGE MANIAG,ER'S REPORT ANY OTHER BUSINIESS ADJOURNMENT' With no additional business to conduct, Mayor Hoefert asked for a motion to adjourn. Trustee Grossi seconded by Trustee Saccoteilli motioned to adjourn the meeting. By unanimous voice vote, the August 13, 2024 Committee of the Whole meeting adjourned at 8:07 p.m. Respectfully submitted,