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Home My WebLink About4.2 Waive the rule 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, 2025 AND ENDING DECEMBER 31, 2025M+awn �'xytlts=e Item Cover Page Subject Waive the rule 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, 2025 AND ENDING DECEMBER 31, 2025 Meeting Fiscal Impact Dollar Amount Budget Source Category Type Information July 8, 2025 - SPECIAL VILLAGE BOARD MEETING AND COMMITTEE OF THE WHOLE OF THE MOUNT PROSPECT COMMITTEE OF THE WHOLE CONSENT AGENDA Ordinance The Village amends its annual budget from time to time, as needed. Village staff is proposing the following amendments to the adopted annual budget for the fiscal year 2025. The amendment includes revenue amendments totaling $5,000,000 and expenditure amendments totaling $11,514,500. Discussion General Fund The General Fund's current budget is $84,758,397. Staff are proposing an amendment totaling $5,037,500 to the General Fund Budget as discussed below. 1. Loan for the Prospect & Main TIF: The Village Board authorized the purchasing of 111 E. Busse Property for $5.0 million. This acquisition is funded by a loan from the General Fund. This loan will be paid by the Prospect & Main TIF with a 4% interest; the loan is expected to be repaid by 2033. The amount is not an expense for the year, and will be posted on the General Fund Balance Sheet as "Due from Prospect & Main TIF Fund". It is customary practice to budget for this transfer. In light of the same, the proposed amendment includes $5,000,000 in transfer -out to the Prospect & Main Fund. This is a corresponding transfer -in amendment for the Prospect & Main Fund for the exact amount. 2. Fire Department Amendment: The Fire Department started operating its fourth fire station (Station 11) in July 2024. With added firefighters/paramedics and a new facility, the Fire Department needed an additional $37,500 in various equipment, turn -out clothing, and other professional services. These amounts were not accurately budgeted in the original budget. The Fire Department also recently acquired the cloud -based software "Continuum" for operational needs. This software is approved by the Northwest Central Dispatch and the Village is getting a discount due to being a member of the Northwest Central Dispatch. This item was not in the original budget and is now being added to the budget. After the adoption of the above -mentioned amendments, the General Fund budget for 2025 will total $90,795,897. South Mount Prospect TIF The Village initially budgeted for the Oakton Watermain Project under the water/sewer fund. The South Mount Prospect TIF has generated enough tax incremental revenues to support this project. The South Mount Prospect TIF included an initial budget of $750,000 for the project, with a total project cost of $2,160,000. The proposed budget amendment increases the project budget under the South Mount Prospect TIF Fund by $1,410,000. With this proposed amendment, the annual budget for the South Mount Prospect TIF Fund will total $2,305,000. Parking System Revenue Fund The Village shares 1/3 of all the parking fees collected from the East and West Metra parking lots per the agreement in place. The estimated expenditure for this year is $55,000. The original budget did not include the revenue sharing to be paid as a lease payment to Union Pacific. The proposed amendment recognizes the same and provides for a budget of $55,000 for the lease payment to Union Pacific. The added credit card transactions and volume would require $12,000 in additional banking fees for the Parking System Revenue Fund. The total Parking System Revenue Fund budget will be $142,195 with these amendments. Prospect & Main TIF As discussed under the General Fund, there is a corresponding transfer -in amendment of $5.0 million for the Prospect & Main TIF. These funds are for the acquisition of 111 E. Busse property. This amount will be recognized as a liability for the fund and will be posted on the Balance Sheet of the Prospect & Main Fund as "Due to General Fund". This amount will be paid back by the Prospect & Main TIF Fund with 4% interest (per annum). The amendment also includes $5.0 million in property acquisition expenditure for 111 E. Busse. With the above -discussed amendments, the revenue budget for 2025 will total $165,943,865 and the expenditure budget will total $189,179,927. The current revenue levels are sufficient to cover these amendments. Additionally, the Village has enough cash on hand and reserves to accommodate these amendments. Please see the attached ordinance and exhibits for line -item details. Alternatives 1. Waive the rules requiring two readings of an ordinance and adopt the attached ordinance for budget amendment no.3., adding $5.0 million to the revenue budget and $11,514,500 to the expenditure budget. 2. Action at the discretion of the Village Board. Staff Recommendation Staff recommends waiving the rules requiring two readings of an ordinance and adopting the attached ordinance for budget amendment no.3., adding $5.0 million to the revenue budget and $11,514,500 to the expenditure budget. Attachments 1. 2025 Budget Amendment 3 ORDINANCE NO. AN ORDINANCE MAKING CERTAIN AMENDMENTS TO THE ANNUAL BUDGET ADOPTED FOR THE FISCAL YEAR COMMENCING JANUARY 1, 2025 AND ENDING DECEMBER 31, 2025 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, 2025 AND ENDING DECEMBER 31, 2025 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, 2025, and ending December 31, 2025, was adopted through the passage of Ordinance No. 6762 approved by the Corporate Authorities of the Village of Mount Prospect on November 6, 2024; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have passed and approved Ordinance No. 6782 on March 18, 2025 amending the annual budget for the fiscal year commencing January 1, 2025 and ending December 31, 2025; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have passed and approved Ordinance No. 6788 on April 15, 2025 amending the annual budget for the fiscal year commencing January 1, 2025 and ending December 31, 2025; 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, 2025, and ending December 31, 2025, and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect believe the changes, as specified on the attached January 1, 2025, through December 31, 2025, Budget Amendment No. 3 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 Three, 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, 2025, through December 31, 2025, for the Village of Mount Prospect is hereby amended, as detailed on Budget Amendment No. 3 attached hereto. SECTION TWO: That this ordinance shall be in full force and effect from and after its passage, approval and publication in pamphlet form as provided by law. AYES: NAYES: ABSENT: PASSED and APPROVED this day of 12025. Paul Wm. Hoefert Mayor ATTEST Karen Agoranos Village Clerk Village of Mount Prospect Budget Amendment No. 3 Fiscal Year January 1, 2024 to December 31, 2024 Revenues Current Increase / Amended Fund/Account Number Budget (Decrease) Budget Amended Il::uunds 049 •- IProspect and IMahn TIIIF IlAstiriict Amended Accounts 049.487.001 - Transfer In .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................. 5,000,000 5,000,000 Amended Accounts Total .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................. 5,000,000 5,000,000 Other Other Budgeted Accounts for the Fund .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................. 5,042,500 5,042,500 Other Total .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................. 5,042,500 - 5,042,500 049 ••. IProspect and IMahn TIIIF IlAstiriict "II"otall .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................. 5,042,500 5,000,000 10,042,500 Amended Funds Total .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................. 5,042,500 5,000,000 10,042,500 Other Il::uuinds Other IFunds Other Other Budgeted Accounts for the Fund .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................. 155,901,365 - 155,901,365 Other Total .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................. 155,901,365 - 155,901,365 Other IFunds "II"otall .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................. 15.5,901,36.5 - 1.55,90.1,365 Other Funds Total .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................. 155,901,365 - 155,901,365 Total All Funds 160,943,865 5,000,000 165,943,865 Village of Mount Prospect Budget Amendment No. 3 Fiscal Year January 1, 2025 to December 31, 2025 Expenditures Increase / Fund/Account Number Current Budget (Decrease) Amended Budget Amended Il::uunds 001 - Oeneirall (Fund Amended Accounts 001.00.00.00.0.000.697.001- Transfer Out 6,749,433 5,000,000 11,749,433 001.70.01.00.0.000.561.004 - Cloud -Based Service 55,000 25,200 80,200 001.70.71.00.0.000.530.006 - Other Prof. Serv. 8,323 4,000 12,323 001.70.71.00.0.000.665.051- Water Recovery Equip 7,000 3,800 10,800 001.70.71.00.0.300.668.001- Radio Equip -Fire 5,000 3,500 8,500 001.70.71.00.0.302.665.045 - Turn Out Clothing ............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 5,000 1,000 6,000 Amended Accounts Total ............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 6,829,756 5,037,500 11,867,256 Other Other Budgeted Accounts for the Fund ............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 78,928,641 78,928,641 Other Total ............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 78,928,641 78,928,641 001 - Oennerall (Fund "Ifotal ............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 85,758,397 5„037,500 90,795,897 037 - SIMII o "IFIIIF (Fund Amended Accounts 037.80.90.00.1.700.671.007 - Water Main - New ............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 750,000 1,410,000 2,160,000 Amended Accounts Total ............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 750,000 1,410,000 2,160,000 Other Other Budgeted Accounts for the Fund ............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 145,000 145,000 Other Total ............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 145,000 145,000 037 ... SUP "IFIIIF (Fund Total ............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 895,000 1,410,000 2„305,000 049 - Prospect and Main '11"1111F District Amended Accounts 049.40.90.00.0.710.636.004 - Property Acquisition ............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 5,000,000 5,000,000 Amended Accounts Total ............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 5,000,000 5,000,000 Other Other Budgeted Accounts for the Fund ............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 6,097,738 6,097,738 Other Total ............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 6,097,738 6,097,738 049 Prospect and IMain '11"1111F District "II"otall ............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 6,097,738 5,000,000 11,097,738 052 Parking System Revernue. IFund Amended Accounts 052.30.01.00.0.000.563.003 - Bank Processing Fees 12,000 12,000 052.80.81.81.0.000.550.001- Metra Land Lease ............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 55,000 55,000 Amended Accounts Total ............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 67,000 67,000 Other Other Budgeted Accounts for the Fund ............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 75,195 75,195 Other Total ............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 75,195 75,195 052 - Parking System Revenue Fund 1"otal ............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 75,195 67,000 142,195 Amended Funds Total 92,826,330 11,514,500 104,340,830 Other Funds Village of Mount Prospect Budget Amendment No. 3 Fiscal Year January 1, 2025 to December 31, 2025 Expenditures Increase / Fund/Account Number Current Budget (Decrease) Amended Budget - Other Funds Other Other Budgeted Accounts for the Fund 84,839,097 84,839,097 Other Total 84,839,097 84,839,097 ............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Other Funds ]Fomll 84,839,097 84,839,097 ............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Other Funds Total 84,839,097 84,839,097 Total All Funds 177,665,427 11,514,500 189,179,927