HomeMy WebLinkAbout09/26/2024 FC MinutesFINANCE COMMISSION v M'""'t''")s-4�
MEETING MINUTES
Thursday, September 26, 2024
Emergency Operation Center
1700 W Central Road
Mount Prospect, IL 60056
I. Call to Order
The meeting was called to order at 6:07 p.m.
Commission members present: Vince Grochocinski, Ken Arndt and Edward Derfler
Commission members absent: Commissioner Don Ocwieja
Staff present: Director of Finance Amit Thakkar, Deputy Director of Finance Jennifer Fitzgerald,
Director of Public Works — Sean Dorsey and Jason Leib — Deputy Director of Public Works, Alex
Bertolucci — Assistant Village Manager, Mike Eterno — Police Chief, John Dolan — Fire Chief,
Anthony Adante — Deputy Police Chief, Bart Tweedie — Deputy Police Chief, Tom Wang — Deputy
Fire Chief, Bryan Loomis —Assistant Fire Chief, Josh Alain —Asst. to the Village Manager
II. Approval of Minutes
a. Motion by Ken Arndt, seconded by Vince Grochocinski, to approve the minutes of the Finance
Commission meeting of August 22, 2024.
Vice Chair Ed Derfler called a voice vote.
Motion Passed unanimously.
III. Citizens to be Heard
None
IV. Old Business
None
V. New Business
Budget 2025: Finance Director Thakkar gave a presentation on the budget 2025. The major
highlights of the budget was:
a) It is a balanced budget. Total revenue will be $160.9 million, and total expenditures will be
$165.4 million. The budget involves $4.5 million in planned cash use from previously issued
bonds and resources.
b) The total property tax levy for the year will be $18.2 million. The levy will be the lowest in
the last ten years. It reflects a 6.3 percent reduction compared to the current levy. For an
average household, this provides a reduction of $65 for the average Village levy.
c) In order to achieve a 6.3 percent reduction in the levy, the Village will be abating $2 million in
pension costs and $3.1 million in additional debt service abatements from the General Fund.
d) Water and Sewer charges will increase by 6.75 percent, an increase of $83 per year for an
average user of 5,000 gallons per month.
e) Refuse charges will increase from an annual amount of $281.4 to $291.3.
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f) The ambulance billing fee will be based on the actual cost per call and will increase to $3000
per call from $1500 per call.
g) There is an increase in the replacement cost of the vehicles, to the tune of 42% in some cases,
resulting in an increase of vehicle lease by 23 percent.
h) The budget includes two new charges, building improvement charges totaling $1.6 million,
and technology replacement charges totaling $783,943.
Finance Director Thakkar provided a detailed analysis of revenue items, property taxes, and
major revenue sources. He also provided a detailed analysis of expenditures, including
operating expenditures, CIP items, internal service fund and debt service funds. Finance
Director also handled the operating budget presentation of Village Administration, Finance
Department, Human Services, and Community & Economic Development Department.
Police Chief Mike Eterno presented the police department's operating budget and discussed
various budget components, including personnel, pension, operating, and other items. Fire
Chief John Dolan presented the Fire Department's budget and answered various questions
that the Finance Commission asked about Elk Grove Rural Fire Protection District. The Public
Works Director, Sean Dorsey, presented multiple components of the Public Works operating
budget and answered questions from the Finance Commission.
In the end, the Director of Finance presented the concluding part of the budget with the
General Fund reserves estimated at $41.9 million, 50 % of the next year's annual
expenditures.
Finance Commissioner Ken Arndt asked questions about the performance of the Prospect &
Main TIF. The Finance Director mentioned that the Commission had a presentation on TIF in
August, and more details will be shared soon. Trustee Ken Arndt also expressed concerns
about referendums from SD 57 and Mount Prospect Park District and the Village should
provide more information about the great job the Village is doing on the property tax front.
VI.
AnV Other Business
None
VII.
Chairperson's Report
None
VIII.
Finance Director's Report
None
IX.
Next Meeting:
October 24, 2024 — Budget Session
X.
Adiournment:
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Motion by Commissioner Arndt, seconded by Commissioner Vince Grochocinski, to adjourn the
meeting.
Vice Chair Derfler called a voice vote.
The motion was carried unanimously.
The meeting adjourned at 8:50 p.m.
Minutes Prepared by:
Amit Thakkar (Director of Finance)
Jennifer Fitzgerald (Deputy Director of Finance)
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