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Home My WebLink About7.5 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, 2024, AND ENDING DECEMBER 31, 2024M+awn �'xytlts=e Item Cover Page Subject 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, 2024, AND ENDING DECEMBER 31, 2024 Meeting Fiscal Impact (Y/N) Dollar Amount Budget Source Category Type Information April 15, 2025 - VILLAGE BOARD/COMMITTEE OF THE WHOLE MEETING OF THE MOUNT PROSPECT VILLAGE BOARD CONSENT AGENDA Ordinance The Village amends its annual budget from time to time, as needed. The Village recently amended its 2024 budget carrying over $11.4 million from 2024 to 2025. Now, the Village staff is proposing the final amendment for the year 2024. Discussion The final amendment to the 2024 budget recognizes the following items. Please refer to the attached memo, which discusses these items in detail. a) The amendment recognizes outperforming revenues totaling $10,926,400 for the General Fund. It also reduces the budget for underperforming revenue items by $2,135,377. The amendment also recognizes additional expenditures of $430,100 for the Fire Department. b) The amendment also recognizes outperforming investment income by $2.7 million for funds other than the General Fund. c) The amendment reduces the revenue budget for the Capital Project Fund by $2.2 million for the grants not received in 2024. These grants are expected to be received in 2025. d) The amendment also recognizes outperforming TIF increments of $649,500 for the South Mount Prospect TIF. e) The pass -through Business District Fund collected additional revenue of $881,000. The same is being recognized by this amendment. This results in additional payments to the owners of Randhurst Mall, which is also being recognized by this amendment. f) The Water and Sewer Fund collected $1.4 million in reimbursements from the Northwest Water Commission for the interconnect project. This item was not in the initial budget and is being recognized herewith. g) Risk Management Fund collected an additional $394,700 in insurance reimbursement, which is included in the budget now. h) The Rural Special Service Area (SSA) Fund was estimated to collect $160,000 in revenues. The SSA approval was granted in 2024, and the first levy will be collected in 2025, requiring the removal of a $160,000 budgeted amount. i) The amendment recognizes $6,200 in additional banking and credit card fees (Refuse and Parking Fund), $3,190 in additional other equipment budget (Asset Seizure Fund), $55,000 in additional equipment budget for the Foreign Fire Tax Fund, and $42,380 in Metra Lease payments (Parking System Revenue Fund). j) Lastly, the amendment increases the Risk Management Fund budget by $729,790 for additional insurance and workers' compensation claim costs. 001 General Fund 020,- Capital grrrprovernent Fund 024 - Flood Control Construcfiion Fund 036. iRural Special Service Area Fund 037- 5MP TIIFFund 038 - iEconorrnlc Emergency Fund 048 1Business District Fund 050 - water and Sewer Furid 0,61 - Vehicle Replacement Fund 063 - Risk Management FUnd Grand Total 81,4191,753 8,,791,02.3 90,210,776 7,147,825 (1,811,773) 5„336,052. 2,200,760 123,700 2,329,460 160,000 (160,000) 150,100 665,400 81.6,500 6,600,000 396,000 6„99�6,000 1,750,000 910,000 2,660,000 26,770,814 2,309,300 29,080,114 1,742,670 586,000 2,328,870 11,152,7291 732,700 11,935,429 164,943, 509 12, 598, 350 177, 541„859 001- General Fund 90,820,91.3 430,100 91,251,013 040 • Refuse Disposal Fund 5,502,565 5,000 5,507,565 3 - Asset Seizure Fund 5,000 3,190 8,190 046- Foreign Fire Tax Board Fund 141,000 55,000 196,000 048 - Business District Fuind 1,750,000 910,000, 2„660,000 051- village Parking System Fund 165,136 1„200, 166,336 052- Parking System Revenue Fund 92,756 42,380 135„136 063 - Risk Management Fund 10,771,827 729,790 11,501,617 u„1D1D1D1D1l��ll�»II+NIA» �l�Hl��Pll!If011 oD/lJHll l�r��rr��,oy,,��r+,�� r�o�r�ooa,li9�,» i»,v» »�»»> �d>» Grand Total 178,939,395 2,176,660 181,116,055 The above items are discussed at length in the attached memo. The Village has enough funds and cash on hand to support the expenditure portion of the amendment, while revenue outperformances are good news items and staff recommends approval of the attached final amendment for the year 2024. Alternatives 1. Waive the rules requiring two readings of an amendment and approve the attached amendment for the 2024 budget, setting the revenue budget at $177,541,859 and the expenditure budget at $181,116,055. 2. Action at the discretion of the Village Board. Staff Recommendation Staff recommends waiving the rules requiring two readings of an amendment and approving the attached amendment for the 2024 budget, setting the revenue budget at $177,541,859 and the expenditure budget at $181,116,055. Attachments 1. 2024 Budget Amendment 5 - Final - Ordinance 2. Budget Amendment Memo - April 15 2025 ORDINANCE NO. AN ORDINANCE MAKING CERTAIN AMENDMENTS TO THE ANNUAL BUDGET ADOPTED FOR THE FISCAL YEAR COMMENCING JANUARY 1, 2024 AND ENDING DECEMBER 31, 2024 PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES the day of , 2025 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois the day of , 2025. ORDINANCE NO. AN ORDINANCE MAKING CERTAIN AMENDMENTS TO THE ANNUAL BUDGET ADOPTED FOR THE FISCAL YEAR COMMENCING JANUARY 1, 2024 AND ENDING DECEMBER 31, 2024 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, 2024, and ending December 31, 2024, was adopted through the passage of Ordinance No. 6708 approved by the Corporate Authorities of the Village of Mount Prospect on November 7, 2023; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have passed and approved Ordinance No. 6731 on March 19, 2024 amending the annual budget for the fiscal year commencing January 1, 2024 and ending December 31, 2024; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have passed and approved Ordinance No. 6745 on July 9, 2024 amending the annual budget for the fiscal year commencing January 1, 2024 and ending December 31, 2024; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have passed and approved Ordinance No.6771 on December 17, 2024 amending the annual budget for the fiscal year commencing January 1, 2024 and ending December 31, 2024; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have passed and approved Ordinance No.6781 on March 18, 2025 amending the annual budget for the fiscal year commencing January 1, 2024 and ending December 31, 2024; 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, 2024, and ending December 31, 2024, and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect believe the changes, as specified on the attached January 1, 2024, through December 31, 2024, Budget Amendment No. 5 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 Five, 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, 2024, through December 31, 2024, for the Village of Mount Prospect is hereby amended, as detailed on Budget Amendment No. 5 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: NAPES: ABSENT: PASSED and APPROVED this day of 12025. Paul Wm. Hoefert Mayor ATTEST Karen Agoranos Village Clerk Village of Mount Prospect Budget Amendment No. 5 Fiscal Year January 1, 2024 to December 31, 2024 Revenues Current Increase / Amended Fund/Account Number Budget (Decrease) Budget Amended Ilf'uunds 001 Gernerall (Fund Amended Accounts 001.401.003 - NICOR Gas Tax 830,000 (331,250) 498,750 001.402.003 - Food & Bev Tax 1,250,000 281,000 1,531,000 001.403.003 - HR Sales Tax-3rd 6,700,000 1,103,100 7,803,100 001.415.002 - State Income Tax 8,212,060 1,443,000 9,655,060 001.415.004 - State Sales Tax 25,000,000 5,241,000 30,241,000 001.415.005 - State Use Tax 2,387,784 (348,000) 2,039,784 001,418.027 -American Rescue Plan 6,706,133 (1,134,000) 5,572,133 001.456.001- Interest Income 1,193,000 1,525,000 2,718,000 001.467.006 - PMA - 309,200 309,200 001.479.005 - Miscellaneous Income - 151,900 151,900 001.70.00.00.0.000.449.001- Ambulance Fee 3,000,000 578,000 3,578,000 001.400.002 - Prop Taxes - PY - (322,127) (322,127) 001.473.019 - Ins. Reimb - TTD - 193,300 193,300 001.418.028 - General ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ - 100,900 100,900 Amended Accounts Total 55,278,977 8,791,023 64,070,000 Other Other Budgeted Accounts for the Fund ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ 26,140,776 - 26,140,776 Other Total 26,140,776 - 26,140,776 001 Generall Fund'Totall ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ 81,419,7.53 8,791,02.3 90,210,776 020 Capiitall Improvement (Fund Amended Accounts 020.456.001- Interest Income 95,200 276,500 371,700 020.418.006 - STP Grant 580,573 (580,573) - 020.420.003 - Other Grants 625,000 (625,000) - 020.418.018 - ITEP 979,052 (968,500) 10,552 020.418.028 - General ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ - 85,800 85,800 Amended Accounts Total ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ 2,279,825 (1,811,773) 468,052 Other Other Budgeted Accounts for the Fund ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ 4,868,000 - 4,868,000 Other Total ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ 4,868,000 - 4,868,000 020 Capital Ilmpr•ovement Fund Total ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ 7,14-7,82.5 (1,811,773) 5,336,052 024 IFllood Con -troll Construction (Fund Amended Accounts 024.456.001- Interest Income ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ 5,000 128,700 133,700 Amended Accounts Total ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ 5,000 128,700 133,700 Other Other Budgeted Accounts for the Fund 2,195,760 - 2,195,760 Village of Mount Prospect Budget Amendment No. 5 Fiscal Year January 1, 2024 to December 31, 2024 Revenues Current Increase / Amended Fund/Account Number ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ Budget (Decrease) Budget Other Total 2,195,760 - 2,195,760 024 Flood Control Construction Fund "Total ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ 2,200,760 128,700 2,329,460 036 . IRural Special Service Area (Fund Amended Accounts 036.400.007 - Prop Taxes - SSA CY ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ 160,000 (160,000) - Amended Accounts Total ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ 160,000 (160,000) - 036 Rural Special Service Area (Fund "'II"otall 160,000 (160,000) 037 SIIMP TIF Fund Amended Accounts 037,400.011- Prop Tax Increment CY 150,100 649,500 799,600 037.456.001- Interest Income ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ - 16,900 16,900 Amended Accounts Total ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ 150,100 666,400 816,500 Other Other Budgeted Accounts for the Fund ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ - - Other Total ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ - - - 037 SNIP TIF Fund Total 150,100 666,400 816,500 038 . (Economic (Emergency I•und Amended Accounts 038.456.001- Interest Income ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ 100,000 396,000 496,000 Amended Accounts Total ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ 100,000 396,000 496,000 Other Other Budgeted Accounts for the Fund ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ 6,500,000 - 6,500,000 Other Total 6,500,000 - 6,500,000 038 (Economic (Emergency (Fund "Total ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ 6,600,000 396,000 6,996,000 048 . Business District Fund Amended Accounts 048.00.00.00.0.775.402.003 - Food & Bev Tax 350,000 30,000 380,000 048.00.00.00.0.775.402.005 - Hotel/Motel Tax 235,000 40,000 275,000 048.00.00.00.0.775.402.008 - Movie Thtre Tax 52,000 1,000 53,000 048.00.00.00.0.775.415.004 - State Sales Tax 800,000 800,000 1,600,000 048.456.001- Interest Income 3,000 29,000 32,000 048.00.00.00.0.775.405.001- Business Dist Tax ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ 310,000 10,000 320,000 Amended Accounts Total ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ 1,750,000 910,000 2,660,000 Other Other Budgeted Accounts for the Fund ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ - - - Other Total ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ - - - 048 (Business (District Fund'Total ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ 1,750,000 910,000 2,660,000 050 Water and Sewer Fund Amended Accounts 050,456.001- Interest Income 120,000 873,200 993,200 Village of Mount Prospect Budget Amendment No. 5 Fiscal Year January 1, 2024 to December 31, 2024 Revenues Current Increase / Amended Fund/Account Number Budget (Decrease) Budget 050.479.005 - Miscellaneous Income .............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................. 50,000 1,436,100 1,486,100 Amended Accounts Total ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ 170,000 2,309,300 2,479,300 Other Other Budgeted Accounts for the Fund .............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................. 26,600,814 - 26,600,814 Other Total ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ 26,600,814 - 26,600,814 050 Water and sewer Fund 'Total ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ 26,770,814 2,309,300 29,080,114 061 Vehiiclle Repllacelrtnenll: IFund Amended Accounts 061.456.001- Interest Income 100,000 296,700 396,700 061.467.006 - PMA .............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................. - 289,300 289,300 Amended Accounts Total ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ 100,000 586,000 686,000 Other Other Budgeted Accounts for the Fund .............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................. 1,642,870 - 1,642,870 Other Total ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ 1,642,870 - 1,642,870 061 - Vehiiclle Repllacelmelrit 1Fund Total ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ 1,742,870 586,000 2,.328,870 063 Risk Management Fund Amended Accounts 063.456.001- Interest Income 25,000 388,000 413,000 063.473.016 - Insurance Reimb ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ - 394,700 394,700 Amended Accounts Total ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ 25,000 782,700 807,700 Other Other Budgeted Accounts for the Fund ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ 11,127,729 - 11,127,729 Other Total .............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................. 11,127,729 - 11,127,729 063 Risk Management Fund Total ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ 11,152,729 782,700 11,93.5,429 Amended Funds Total 139,094,851 12,598,350 151,693,201 Other Funds Other Funds Other Other Budgeted Accounts for the Fund ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ 25,848,658 - 25,848,658 Other Total ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ 25,848,658 - 25,848,658 Otherr Funds Total ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ 2.5,848,6.58 2.5,848,658 Other Funds Total ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ 25,848,658 - 25,848,658 Total All Funds 164,943,509 12,598,350 177,541,859 Village of Mount Prospect Budget Amendment No. 5 Fiscal Year January 1, 2024 to December 31, 2024 Expenditures Fund/Account Number Current Budget Amendments Amended Budget Amended Funds 001 GSeneralllFund Amended Accounts 001.70.01.00.0.000.513.003 - Retiree Sick Incentive - 141,100 141,100 001.70.01.00.0.000.567.016 - GEMT State Share ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 600,000 289,000 889,000 Amended Accounts Total ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 600,000 430,100 1,030,100 Other Other Budgeted Accounts for the Fund ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 90,220,913 90,220,913 Other Total ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 90,220,913 90,220,913 001 Generall Fund Tfotall ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 90,820,913 430,100 91,251,013 040 - Refuse Dislposai Fund Amended Accounts 040.30.01.00.0.102.563.003 - Bank Processing Fees ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 15,300 5,000 20,300 Amended Accounts Total ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 15,300 5,000 20,300 Other Other Budgeted Accounts for the Fund ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 5,487,265 5,487,265 Other Total ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 5,487,265 5,487,265 040 Refuse Dislposai Fund Tfotai ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 5,502,565 5,000 5,507,565 043 . Asset Seizure (Fund Amended Accounts 043.60.61.66.0.000.665.031 - Other Equipment ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 3,000 3,190 6,190 Amended Accounts Total ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 3,000 3,190 6,190 Other Other Budgeted Accounts for the Fund ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 2,000 2,000 Other Total ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 2,000 2,000 043 Asset Seizure IFund'Tfotai ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 5,000 3,190 8,190 046 . Foreign Fire'Tfax Board Fund Amended Accounts 046.70.71.00.0.301.605.001 - Other Equipment 48,000 48,000 046.70.71.00.0.301.665.045 - Turn Out Clothing ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 7,000 7,000 Amended Accounts Total ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 55,000 55,000 Other Other Budgeted Accounts for the Fund ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 141,000 141,000 Other Total ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 141,000 141,000 046 IForeiigin IFiire'Tfax Board IFund'Tfotall ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 1141,000 55,000 196,000 Village of Mount Prospect Budget Amendment No. 5 Fiscal Year January 1, 2024 to December 31, 2024 Expenditures Fund/Account Number Current Budget Amendments Amended Budget 048 . Business District Fund 048 Bushiness Distiriict IFund'Tfotai ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 1,750,000 910,000 2,660,000 051 Village Il"airldirag System (Fund Amended Accounts 051.30.01.00.0.000.563.003 - Bank Processing Fees ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 12,000 1,200 13,200 Amended Accounts Total ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 12,000 1,200 13,200 Other Other Budgeted Accounts for the Fund ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 153,136 153,136 Other Total ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 153,136 153,136 051 Villiage IlTarllding System IFund'Tfotai ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 165,136 1,200 166,336 052 . Parking System Revenue Fund Amended Accounts 052.80.81.81.0.000.550.001 - Metra Land Lease ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 42,380 42,380 Amended Accounts Total ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 42,380 42,380 Other Other Budgeted Accounts for the Fund ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 92,756 92,756 Other Total ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 92,756 92,756 052 Parlding System Revenue IFund'Tfotall ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 92,756 42,380 135,136 063 . 1Risk Management (Fund Amended Accounts 063.00.00.00.4.000.595.002 - Claims Admin-Medical 200,000 185,000 385,000 063.00.00.00.4.000.596.010 - IRMA Annual Contribution 1,000,000 77,790 1,077,790 063.00.00.00.4.000.599.003 - Workers' Comp. Claims ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 400,000 467,000 867,000 Amended Accounts Total ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 1,600,000 729,790 2,329,790 Other Other Budgeted Accounts for the Fund ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 9,171,827 9,171,827 Other Total ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 9,171,827 9,171,827 063 IRiislk IManageirnernt IFund'Tfotai ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 10,771,827 729,790 11,501,617 Amended Funds Total ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 109,249,197 2,176,660 111,425,857 Other Funds Other (Funds Other Other Budgeted Accounts for the Fund ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 69,690,198 69,690,198 Other Total ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 69,690,198 69,690,198 Other IFunds'Tfotall ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 69,690,198 69,690,198 Other Funds Total ...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 69,690,198 69,690,198 Total All Funds 178,939,395 2,176,660 181,116,055 Village of Mount Prospect Mount Prospect, Illinois INTEROFFICE MEMORANDUM TO: MICHAEL CASSADY — VILLAGE MANAGER, CC: ALEX BERTOLUCCI — ASST. VILLAGE MANAGER FROM: AMIT THAKKAR, DIRECTOR OF FINANCE DATE: APRIL 9, 2025 SUBJECT: BUDGET AMENDMENTS The Village amends its annual budget from time to time, as needed. The Village recently amended its 2024 budget carrying over $11.4 million from 2024 to 2025. Now, the Village staff is proposing the final amendment for the year 2024, as discussed below: a (3e n e III F:: U I -i The General Fund is the Village's main operating fund. The following revenue line items outperformed compared to their annual budget, and these items are discussed below: �G01.402.1003 - Faced & Sev Tax 1,2550,1�0p1�01( 2pp�$pp'�1,100 �1,53'�N.,�C)�^ �L4"0.9'�1.. 4M03.!'��03'-' HR, Sa[es• II ax-'3rd 6,.7 1L0,1LW1LW1LP JLL�Jt �LP3� hS"0.9' 7,803,11L4O 1.415.12 -State III ncome Tax 8,212;0150 1,443,10GO 9,655,060 G01.415.00 " 5tat'e SaaII'es Tax 25,1000,010 5,241,E 0 30,241,C)O Cry�,�ry^1.4ry55.ry001 _ IIpIn�ryt,'�er'est IlIncome 1,.193,010 1,52ry5yy,100�CCry) 2,71,8,C0GOry, �L4"'tp1.,467.!'L4"06 _ F'll'NI�A _ 3�L49,uChS"0 31,09,21L4"O 1.479.1005 - Miisc6lllllan'e'aus Income _ 151,9 151,9 � N.��SrrrIn lllanc�e, Fee 3,100,1011 578,1000 3,578,E O 001.473.1019 '-' Ins... Re`Illnll�i�'-' TTD _ 193,3�0.90 �J 93,300 1.418.1028 - Genera 111 I .9 I . 1. Food & Beverage Tax —New restaurants and overall inflationary increases have increased the food and beverage tax collection for the General Fund by $281,000, and the final amount for the year is $1,531,000. 2. Home -Rule Sales Tax —The Village has seen a significant increase in its home - rule sales tax collections, which totaled $7.8 million. An outperformance of $1.1 million is recorded and recognized herewith in the proposed budget amendment. 3. State Income Tax —The State of Illinois has increased the LGDF (Local Government Distributive Fund) allocation from 6.16% to 6.47%, resulting in an increase in overall income tax revenues. Besides that, increased income tax collection at the State level has increased the total LGDF allocation. The Village collected $9.7 million against the budgeted amount of $8.2 million. 4. State Sales Tax —The total sales tax collected for the year is $37.7 million. Of this amount, $6.0 million is allocated to three capital project funds, $1.5 million is recognized in the Business District Fund (per the redevelopment agreement with Randhurst), and the remaining amount is recognized in the General Fund. The General Fund budget amount was set at $25.0 million, while the actual amount recognized for the General Fund portion totaled $30.2 million. This amendment recognizes the outperformance of $5.2 million. 5. Interest Income: The Village collected investment income of $6.9 million, while the original budget was set at $1.8 million. Of this $6.9 million, the General Fund investment income totaled $3.0 million, while the original budget was set at $1.2 million, and the proposed amendment recognizes the investment income outperformance of $1.8 million. 6. Ambulance Billing — The ambulance billing budget was set at $3.0 million, while the actual revenue for the year totaled $3.6 million. The overall increased collection from the Ground Emergency Medical Transport program resulted in higher -than - expected collections. The proposed amendment recognized the outperformance of $578,000. The following revenue line items did not perform well against the budget: 1. NICOR Gas Tax — The total budget was set at $830,000. However, due to a milder winter, the total collection was $498,750, and the revenue line is reduced by $331,250. 2. American Rescue Plan — The original budget included $6.7 million in revenues. However, during the 2023 audit, $1.1 million was recognized for the year 2023, and the same amount is reduced herewith from the 2024 budget as the revenue was already recognized in the prior year. 3. State Use Tax— Due to recent changes in the State Law, certain items, which were previously subject to state use tax, are now covered under the sales tax. This change has shifted a portion of the state use tax revenue under sales tax and resulted in a reduction in the use tax. The same is being recognized by reducing the state use tax budget by $348,000. 4. Property Tax — (Previous Years) — Due to appeals and settlement of property tax disputes by the County, the Village was required to pay back $322,127 in taxes collected previously. The same is being recognized as an amendment to the budget herewith. Both the outperforming items and revenue items being reduced as discussed above; staff is proposing an overall increase in the revenue budget by $8,791,023. With the amendment, the final General Fund revenue budget for 2024 will be $90,210,776. 2 Expenditures The following expense line items for the Fire Department need budget amendments: 1. Retiree Sick Incentive: The Village pays accumulated sick hours upon retirement to employees. This line item is normally not budgeted as it is hard to predict. During the year, the Village paid $141,100 in retiree sick payout and the same has been added to the current amendment. 2. GEMT State Share: The Village collects a significant amount from the Federal Government under the Ground Emergency Medical Transport (GEMT) program. The Village has to share 50 % of the collected amount with the State. The initial budget was set at $600,000. However, the amount that the Village needs to share is $889,000, resulting in a need for an amendment totaling $289,000. With the above proposed amendments for the Fire Department totaling $430,100, the General Fund budget will be set at $91,251,013. 1. Investment Income: The Village deployed active investment strategies and has earned significant investment income. The following funds need budget amendments for their investment income line items. � 21^ - Cap iitalll IlI mprov'erm'ent Fund 95,21010 276,500 371,710 24 - Hood Eontr&l Construction Fund 5,101010 12 8,7 100 13333,700 037 - 5MP'TIIIF Fund - 16,900 16,900 '38 - Econormliic Erm'ergency Fund 1100,101010 3 9 6,C00 496,, 48 - Business District Fund 3,010 29,0GO 52,0GO 50 - Watna'r and Sewer Fund 120,0 873,2100 993,2 0 061 - V'eMlVlclll'e R'epl ac'erm'ent Fund 1100,101010 5 8,6,C00 68,6,1000 063 - Risk Management Fund 25,000 31SS:, o 413,000 2. Grant Timing Issues: The Village budgeted $2.2 million in various grants under the Capital Project Fund. The village did not receive these grants in 2024 and is expected to receive them in 2025. These grants are on a reimbursement basis, and the Village is still conducting some of these projects. These grants are listed below: STP Grant - $580,573 (Central Road Resurfacing) ITEP Grant - $968,500 (Algonquin Rd and Kensington Rd Bike Path) Other Grant - $625,000 (CMAQ Grant for Rand/Central/Mount Prospect) IN 3. South Mount Prospect TIF Increment: The South Mount Prospect TIF is in its early years, and the Village budgeted $150,000 in TIF increments. The actual increment reached $799,600, and the staff is proposing an amendment of $649,500 to recognize this outperformance. 4. Business District Fund: The Business District Fund is a pass -through fund. The Village receives certain revenue line items, as listed below, which are shared with the owners of Ranhurst Mall. The following line items outperformed, and the same is being recognized herewith. 048.00 CID.DO6 775.4,02.CDO3 - Fa ad & Rev flax. 350,,000 30,000 380,000 048.�00.� ,G.�DO.� .775.40'2.�DC)5 - HataIlll/Matall Tax 235,,000 40,000 275,000 048.CIO. 0.CDC.CG.775.4,02.6C)8-Mow eThtreTax 52,000 1,00D 53,000 048.,00.CID.,DO.0775.425 CD04 - State Sales Tax s00,000 8,00,000 1,,600,000 04y8.100.60.!QO.6.775.405.QOQI - BUSness Dist Tax 3t6,af a 210,000 312 0,00 IIIIIIIIIIIIIIIIIII IIII IIIIII II III�II III �' �'�' 1 III Ill�llli Q�.I��-.I��. 5. Water and Sewer Fund: The Village completed the Northwest Water Commission Interconnect project in 2024. As part of the project, the Village received reimbursement from the Northwest Water Commission totaling $1,436,100. This amount was originally not budgeted, and the proposed amendment recognized this revenue line item for the water and sewer fund. 6. Risk Management Fund: The Village received miscellaneous insurance reimbursements totaling $394,700, which was not initially budgeted for the year. The same is being recognized with an amendment herewith. 7. Rural Special Service Area Fund: The Rural Special Service Area Fund was estimated to have revenues totaling $160,000. However, the SSA approval was granted in 2024, and the first levy will be received in 2025. In light of the same, $160,000 in special service area taxes were removed for the year 2024. c) Other Expenditure Arnendr-nents 1. Banking Fees: The Refuse Fund and the Parking System Fund fell short on their banking fee budget by $6,200. The proposed amendment includes an additional $6,200 in banking and credit card fees. Bank Processing Fees 15,300 50100 20,3,00 Bank Processing Fees I2,GGO 1,2100 133,2GO 2. Asset Seizure Fund: The other equipment budget was $3,000, while the actual expenditure for the year is $6,190. The amendment proposed an additional $6,190 12 for the line item. 3. Foreign Fire Tax Fund: The Foreign Fire Tax Board has authorized additional expenditures for certain furniture items for the newly renovated Fire Station 11. These items were not in the original budget. The fund has enough cash balance on hand to support these items. The Foreign Fire Tax Board is a separate body and is responsible for the management and approval of these expenditures. The Village hereby merely acts in an accounting capacity. 4. Business District Fund: The Business District Tax fund is a pass -through fund, and it collects certain revenue items, which are passed on to the owners of Randhurst Mall. The Village collected additional revenue items and now needs to pass on to the owners of Randhurst Mall. The same additional amount is recognized here as an expense ($910,000) 5. Parking System Revenue Fund — The Metra Lot lease amount is based on the collected parking revenues. The Village collected $127,140 in parking fees and now needs to pay $42,380 in lease payments to Metra (Union Pacific). 6. Risk Management Fund: Due to inflationary and other reasons, the Village needed to pay an extra $185,000 to the Intergovernmental Personnel Benefit Corporation for insurance payments. Additionally, the IRMA insurance premium budget was $1.0 million, while the actual premium was $1,077,790. Per the accounting rules, the Village has to book an estimated provision amount for all the open workers' compensation claims. The Village has recently seen an increase in its workers' compensation claims and needed to book an additional $467,000 for all the open claims as of December 31, 2024. With the above -discussed revenue amendments, the Village's total revenue budget will be $177,541,859, while the expenditure budget will be $181,116,055. 001 - General) (Fund 81,419,753 8,7971,023 9,0,210,776 020 - Capiiitall (Improvement Fund 7,1447,825 I 1„811,773; 5,336,052 0244 - (Hood Control) Construction (Fund 2,200,760 128,700 2,329,4464 036 - Rurall Speciiall Service Area (Fund 164,000 (1.613,000) 037 SMIIP TIIIF (Fund 150,100 656,4400 8,16,,5GG 038. - Economlic Emergency (Fund 6,,600,000 396,,000 6,9,96,GGG 0448- Busiiness District Fund 11,75 ,000 all'0,000 2,66,OvG G 050 - Waiter and Sewer (Fund 26,,770,8144 2,309,300 29,08,OJ144 061 - Vehhiiclle Repllacement Fund 1,7442,87f} 586,,000 2,32%8.70 063 - Risk Management Fund 7171,152,729 732,700 11,935,4429 »,,,,si» �u »»i» »»»»i,», i Ij i » plllpiiiii»iiiuulluiiilU 11++++1N+ 1Jl lJ Jllll, 1///l l J iyi ,lt I1 »(III 1,1J, u..II 1111�111��11J Grand Total 164194:3509 12,59R3,3 0 17'7,,5411859 A 001 - General) Fund 90,820,913 430,100 91,251,013 040 - Refuse Disposal) Fund 5,5D2,5 65 5,000 5,507,565 043 - Asset Selizure Fund 5,000 3,190 8,190 046, - IForelign Fire Tax Board Fund 141,,GGO 5 5,000 19,6,000 048 - Busimess District Fund 1,750,,GGO 910"GO6 2,660,000 051 - ViIIIIage IPark,ling System Fund 165,136 1,2,00 166,336, 052 - IParkling System Revenue Fund 92,75 6, 42,38,0 135,136, 063 - Rlisk Management Fund 10,771,827 729,79,0 11,501,617 G r,a n d Total 178,939,395 2,176p660 181,116'6M5s The Village has enough fund balance and cash on hand to accommodate the above expenditure amendments, while the revenue budget amendments will recognize the actual outperformance of reported line items. Staff recommends approval of the proposed budget amendment. Thank you. Respectfully Submitted, Amit Thakkar, Director of Finance 0