HomeMy WebLinkAbout4.2 Annual Report of the Audit Committee and Acceptance of the 2024 Annual Comprehensive Financial Report (Audit) for the Village of Mount ProspectM+awn �'xytlts=e
Item Cover Page
Subject Annual Report of the Audit Committee and Acceptance of the
2024 Annual Comprehensive Financial Report (Audit) for the
Village of Mount Prospect
Meeting July 15, 2025 - REGULAR MEETING OF THE MOUNT PROSPECT
VILLAGE BOARD
Category MAYORS REPORT
Type Action Item
Information
The Audit Committee has prepared its annual report on committee activities for the Village
Board. A primary function of the Audit Committee is oversight of the annual audit process. The
audit process for 2024 has concluded and the Annual Comprehensive Financial Report (ACFR)
has been provided to the Village Board for review and final acceptance. The Audit Committee
Chair and Village staff will be available to present information and answer questions on the
recently concluded audit process and 2024 ACFR.
Discussion
The Audit Committee met with Village staff and Don Shaw, the Audit Manager from Lauterbach
& Amen LLP in charge of the audit, at the June 25, 2025 meeting. Staff and the auditors made
a presentation on the 2024 audit. Items discussed included the overall results of the audit,
financial statements, audit opinions, and the management letter.
The audit firm expressed a clean opinion on the Village's financial statements. A clean opinion
is the highest possible opinion a village can receive. This opinion means the financial
statements present fairly, in all respects, the financial position for the year ended December
31, 2024, in accordance with generally accepted accounting principles. While the actual audit
statement is much more detailed, it is the key statement from the audit firm, demonstrating
that they found no significant issues that impacted their overall determination on the accuracy
of the Village's financial statements and position.
Key takeaways from the audit include:
1. The General Fund Reserves are $55.7 million, of which $46.3 million is unrestricted.
The Village's General Fund reported remarkable growth in the Intergovernmental
Revenues. The sales tax, income tax, ambulance billing fees, and a few other
outperforming revenues allowed the Village to add $3.1 million to the overall reserves
of the General Fund. The actual surplus for 2024 is $9.6 million. The Village Board
approved certain transfers from the 2023 surplus of $14.8 million. For accounting
purposes, these transfers are booked as an expense for 2024.
2. All the departments performed within their approved budgetary constraints and were
reported under budget.
3. The overall Governmental Activity Fund Balance is $105.1 million, of which $46.3
million is unrestricted, $27.8 million is restricted, $28.6 million is assigned and $1.8
million is committed Fund Balance. The remaining small amount is a non -spendable
fund balance.
4. The overall Business Type Activity Fund Balance is $69.2 million, $49.3 million is
invested in capital assets and infrastructure.
5. Police and Fire Pension Funds show a funded ratio of 59.7 percent and 62.6 percent
respectively. The unfunded liability totals $65.9 million for the Police and $51.1 million
for the Fire Pension Fund.
6. The Committee also reviewed the audit firm's Management Letter and Auditor
Communication to the Board that accompanied the audit report. The Management
Letter communicates whether there are any material weaknesses in internal control.
The auditors did not report any material weaknesses in the internal control.
7. The 2024 Management Letter addressed the recommendation to implement two new
upcoming GASB standards. They are GASB Statement No. 102 - Certain Disclosures
and GASB Statement No. 103 - Financial Reporting Model Improvements. These are
new accounting standards applicable to the Village starting December 2025. Auditors
informed the Audit Committee that they will be working with staff to implement these
standards during the audit for the year 2025.
8. The ACFR also included the Certificate of Achievement for Excellence in Financial
Reporting received from GFOA for the 2023 Audit. This marks the 40th consecutive year
the Village has received this award. The Village has also submitted the 2024. The
Village became a Triple Crown Winner by winning awards in all three categories. 1)
Certificate of Achievement for Excellence in Financial Reporting, 2) Distinguished
Budget Award, and 3) PAFR - Popular Annual Financial Reporting. The Village is among
the 513 municipal towns nationwide to win all three awards.
Alternatives
1. Accept the annual report of the Audit Committee and the Annual Comprehensive
Financial Report for the Village for the year ended December 31, 2024.
2. Action at the discretion of the Village Board.
Staff Recommendation
Staff recommends acceptance of the annual report of the Audit Committee and the Annual
Comprehensive Financial Report for the Village for the year ended December 31, 2024.
Attachments
1. Mount Prospect ACFR 24
2. Mount Prospect Management Letter 24
3. Mount Prospect - SAS 114 Letter
4. Annual Report Audit Committee - 2024
Por the fiscal
yearended
S
,� M" JIIIVIX ", I Ili
Annual Comprehensive
Financial Report
VILLAGE OF MOUNT PROSPECT, ILLINOIS
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2024
Prepared by: Finance Department
Amit R. ThaUd ar
Director of Finance
Jennifer Fitzgerald
Deputy Director of Finance
VILLAGE OF MOUNT PROSPECT, ILLINOIS
TABLE OF CONTENTS
INTRODUCTORY SECTION
PAGE
List of Principal Officials 1
Organizational Chart 2
Letter of Transmittal 3
Certificate of Achievement for Excellence in Financial Reporting 9
FINANCIAL SECTION
INDEPENDENT AUDITOR'S REPORT 12
MANAGEMENT'S DISCUSSION AND ANALYSIS 16
BASIC FINANCIAL STATEMENTS
Government -Wide Financial Statements
Statement of Net Position
30
Statement of Activities
32
Fund Financial Statements
Balance Sheet - Governmental Funds
34
Reconciliation of Total Governmental Fund Balance to the
Statement of Net Position - Governmental Activities
36
Statement of Revenues, Expenditures and Changes in
Fund Balances - Governmental Funds
38
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances to the Statement of Activities - Governmental Activities
40
Statement of Net Position - Proprietary Funds
42
Statement of Revenues, Expenses, and Changes in Net Position - Proprietary Funds
44
Statement of Cash Flows - Proprietary
45
Statement of Fiduciary Net Position
46
Statement of Changes in Fiduciary Net Position
47
Notes to the Financial Statements
48
REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Employer Contributions
Illinois Municipal Retirement Fund 99
Police Pension Fund 100
Firefighters' Pension Fund 101
VILLAGE OF MOUNT PROSPECT, ILLINOIS
TABLE OF CONTENTS
PAGE
FINANCIAL SECTION - Continued
REQUIRED SUPPLEMENTARY INFORMATION - Continued
Schedule of Changes in the Employer's Net Pension Liability/(Asset)
Illinois Municipal Retirement Fund
102
Police Pension Fund
104
Firefighters' Pension Fund
106
Schedule of Investment Returns
Police Pension Fund
108
Firefighters' Pension Fund
109
Schedule of Changes in the Employer's Total OPEB Liability
Retiree Benefit Plan
110
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
General Fund
112
Prospect and Main TIF - Special Revenue Fund
113
Economic Emergency - Special Revenue Fund
114
OTHER SUPPLEMENTARY INFORMATION
Governmental Funds
Major Governmental Funds
General Fund
Schedule of Revenues - Budget and Actual
118
Schedule of Expenditures - Budget and Actual
121
Schedule of Detailed Expenditures - Budget and Actual
122
Debt Service Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
138
Nonmajor Governmental Funds
Combining Balance Sheet
141
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
142
Nonmajor Special Revenue Funds
Combining Balance Sheet
144
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
146
Motor Fuel Tax - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
148
Schedule of Expenditures - Budget and Actual
149
Refuse Disposal - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
150
Schedule of Revenues - Budget and Actual
151
Community Development Block Grant - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
152
Asset Seizure - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
153
VILLAGE OF MOUNT PROSPECT, ILLINOIS
TABLE OF CONTENTS
FINANCIAL SECTION - Continued
PAGE
OTHER SUPPLEMENTARY INFORMATION - Continued
Federal Equitable Share - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
154
DUI Fines - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
155
Foreign Fire Insurance - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
156
Business District - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
157
Pension Stabilization - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
158
South Mount Prospect TIF - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
159
Nonmajor Capital Projects Funds
Combining Balance Sheet
160
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
161
Capital Improvement - Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
162
Schedule of Expenditures - Budget and Actual
163
Flood Control Construction - Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
164
Schedule of Expenditures - Budget and Actual
165
Street Improvement Construction - Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
166
Proprietary Funds
Enterprise Funds
Water and Sewer Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
169
Schedule of Operating Revenues
170
Schedule of Operating Expenses - Budget and Actual
171
Nonmajor Enterprise Funds
Combining Statement of Net Position
174
Combining Statement of Revenues, Expenses and Changes in Net Position
175
Combining Statement of Cash Flows
176
Parking System Revenue Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
177
Schedule of Operating Expenses - Budget and Actual
178
VILLAGE OF MOUNT PROSPECT, ILLINOIS
TABLE OF CONTENTS
FINANCIAL SECTION - Continued
PAGE
OTHER SUPPLEMENTARY INFORMATION - Continued
Village Parking System Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
179
Schedule of Operating Expenses - Budget and Actual
180
Internal Service Funds
Combining Statement of Net Position
183
Combining Statement of Revenues, Expenses and Changes in Net Position
185
Combining Statement of Cash Flows
187
Computer Replacement Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
189
Schedule of Operating Expenses - Budget and Actual
190
Risk Management Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
191
Schedule of Operating Revenues
192
Schedule of Operating Expenses - Budget and Actual
193
Vehicle Replacement Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
194
Schedule of Operating Revenues
195
Schedule of Operating Expenses - Budget and Actual
196
Vehicle Maintenance Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
197
Schedule of Operating Revenues
198
Schedule of Operating Expenses - Budget and Actual
199
Fiduciary Funds
Pension Trust Funds
Combining Statement of Fiduciary Net Position
201
Combining Statement of Changes in Fiduciary Net Position
202
Consolidated Year -End Financial Report
203
SUPPLEMENTAL SCHEDULES
General Long -Term Debt
Long -Term Debt Payable by Governmental Funds
206
Long -Term Debt Requirements
General Obligation Refunding Bonds of 2016A
208
General Obligation Bonds of 2017
209
General Obligation Bonds of 2018A
210
General Obligation Bonds of 2018B
211
General Obligation Bonds of 2019A
212
General Obligation Bonds of 2019B
213
General Obligation Bonds of 2022A
214
General Obligation Refunding Bonds of 2022B
215
VILLAGE OF MOUNT PROSPECT, ILLINOIS
TABLE OF CONTENTS
STATISTICAL SECTION (Unaudited)
PAGE
Net Position by Component - Last Ten Fiscal Years
218
Changes in Net Position - Last Ten Fiscal Years
220
Fund Balances of Governmental Funds - Last Ten Fiscal Years
222
Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years
224
Assessed Value and Actual Value of Taxable Property - Last Ten Tax Levy Years
226
Direct and Overlapping Property Tax Rates - Last Ten Tax Levy Years
228
Principal Property Tax Payers - Current Fiscal Year and Nine Fiscal Years Ago
230
Property Tax Levies and Collections - Last Ten Fiscal Years
231
Sales Taxes by Category - Last Ten Fiscal Years
232
Business District Sales Taxes by Category - Last Ten Fiscal Years
234
Home Rule Sales Taxes by Category - Last Ten Fiscal Years
236
Direct and Overlapping Sales Tax Rates - Last Ten Fiscal Years
238
Ratios of Outstanding Debt by Type - Last Ten Fiscal Years
239
Ratios of General Bonded Debt Outstanding - Last Ten Fiscal Years
240
Schedule of Direct and Overlapping Governmental Activities Debt
241
Schedule of Legal Debt Margin
242
Demographic and Economic Statistics - Last Ten Fiscal Years
243
Principal Employers - Current Fiscal Year and Nine Fiscal Years Ago
244
Full -Time Equivalent Employees by Function/Program - Last Ten Fiscal Years
246
Operating Indicators by Function/Program - Last Ten Fiscal Years
248
Capital Asset Statistics by Function/Program - Last Ten Fiscal Years
250
Additional Disclosures Required by SEC Rule 15c2-12
253
INTRODUCTORY SECTION
This section includes miscellaneous data regarding the Village including:
• List of Principal Officials
• Organizational Chart
• Letter of Transmittal
• Certificate of Achievement for Excellence in Financial Reporting
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Principal Officials
December 31, 2024
Vincent Dante
Terri Gens
John J. Matuszak
LEGISLATIVE
Mayor
Paul Wm. Hoefert
Trustees
ADMINISTRATION
Michael J. Cassady, Village Manager
Alexander D. Bertolucci, Assistant Village Manager
Karen Agoranos, Village Clerk
Amit R. Thakkar, Director of Finance/Treasurer
Jason C. Shallcross, Director of Community Development
William M. Schroeder, Director of Building and Inspection Services
Julie K. Kane, Director of Human Services
Michael Eterno, Chief of Police
John Dolan, Fire Chief
Sean P. Dorsey, Director of Public Works
Agostino S. Filippone
William Grossi
Colleen E. Saccotelli
1
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Organizational Structure
MAYOR
Paul wrrw. Hoefeirt
VILLAGE MANAGER
Michael ]. Cassady
TRUSTEES
"Vincent J. Plante
Agostino S. Filippone
herd Denis
William A. Crossi
John J. MatUszak
Colleen E. Saccotelli
NMI
iM • ' "
June 12, 2025
The Honorable Paul W. Hoefert, Village President
Members of the Board of Trustees
Village Manager Michael J. Cassady, and
Citizens of the Village of Mount Prospect, Illinois
Phone: 8 47/392-fwoo9
Fax: 847/392-6022
www.rnountprospect.org
The Annual Comprehensive Financial Report of the Village of Mount Prospect, Illinois for the fiscal year ended
December 31, 2024, is submitted herewith. The report consists of management's representations concerning the
finances of the Village of Mount Prospect. Responsibility for both the accuracy of the data and the completeness
and fairness of the presentation, including all disclosures, rests with the Village.
To provide a reasonable basis for making these representations, the management of the Village has established a
comprehensive internal control framework that is designed both to protect the government's assets from loss, theft
or misuse and to compile sufficient reliable information for the preparation of the Village of Mount Prospect's
financial statements in conformity with Generally Accepted Accounting Principles (GAAP). Because the cost of
internal controls should not outweigh their benefits, the Village's comprehensive framework on internal controls
has been designed to provide reasonable rather than absolute assurance that the financial statements will be free
from material misstatement. The Village has implemented GASB Statement No. 34, Basic Financial Statements -
and Management Discussion and Analysis - for state and local governments, including infrastructure reporting. As
management, we assert that, to the best of our knowledge and belief, this financial report is complete and reliable
in all material respects.
The Village's financial statements have been audited by Lauterbach & Amen, LLP, a firm of licensed certified
public accountants. The goal of the independent audit is to provide reasonable assurance that the financial
statements of the Village of Mount Prospect for the year ended December 31, 2024, are free from material
misstatement. The independent audit involved examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements; assessing the accounting principles used and significant estimates made by
management; and evaluating the overall financial statement presentation. Based upon the audit, the independent
auditor concluded that there was a reasonable basis for rendering an unmodified opinion that the Village's
financial statements for the fiscal year ended December 31, 2024, are fairly presented in conformity with GAAP.
The independent auditor's report is presented as the first component of the financial section of this report.
GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic
financial statements in the form of Management's Discussion and Analysis (MD&A). This letter of transmittal is
designed to complement the MD&A and should be read in conjunction with it. The Village's MD&A is located
immediately following the report of the independent auditors.
3
Profile of the Village of Mount Prospect
The Village of Mount Prospect, a home rule community as defined by the Illinois Constitution, was incorporated
on February 3, 1917, and is located 23 miles northwest from downtown Chicago in Cook County. The Village
currently has land area of 10.8 square miles and a population of 56,852 (2020 Census).
The Village operates under the Council/Manager form of government. Policymaking and legislative authority are
vested in the Village Board, which consists of a Mayor, and six -member Board of Trustees. The Village Board is
responsible for, among other things, passing ordinances, adopting the budget, appointing committee members and
hiring the Village Manager. The Village Manager is responsible for carrying out the policies and ordinances of the
Village Board, overseeing the day-to-day operations of the Village, and appointing the heads of the Village's
departments. The Board is elected on a non -partisan basis. Board members are elected to four-year staggered
terms with three Board members elected every two years. The Mayor is elected to a four-year term. The Mayor
and Village Trustees are elected at large. The Village provides a full range of services including police, fire,
public works (including water and sewer), human services, finance, community development and communication
(television) services.
The annual budget serves as the foundation for the Village's financial planning and control. All departments of
the Village are required to submit their budget requests to the Finance Director by mid -July each year. Revenue
estimates are completed by the Finance Department in preparation for departmental budget reviews with the
Village Manager and Finance Director in early August. Initial budget requests are compiled by the end of August.
A proposed budget is prepared and delivered to the Village Board and Finance Commission at the end of
September. The proposed budget is also made available for public inspection in the Village Clerk's Office, on the
Village website, and at the Mount Prospect Public Library. A series of workshops are held with members of the
Village Board and Finance Commission in October and November. The Finance Commission also meets
separately with staff in October. The Village Board is required to hold a public hearing regarding the proposed
budget and to adopt a final budget no later than December 31st of each year, the close of the Village's previous
budget year. The budget is prepared by fund and by department. Expense cost centers are created within
departments giving a true picture of the cost of providing a particular service (e.g., Police Department
Investigations). Budget amendments require approval of the Village Board. Budget -to -actual comparisons are
provided for each individual governmental fund for which an appropriated annual budget has been adopted.
For the General Corporate Fund and major special revenue funds, this comparison is presented in the required
supplementary information. For governmental funds, other than the General Corporate Fund and major special
revenue funds, with appropriated annual budgets, this comparison is presented in the non -major governmental
fund subsection of this report.
Major Initiatives
The Village staff, following directives of the Village Board and the Village Manager, has been involved in a
variety of projects throughout the year - projects which reflect initiatives found in the Village's Strategic Plan and
a commitment to ensuring its citizens are able to live and work in an enviable environment. Below is a list of the
more significant accomplishments and initiatives that address various goals identified for 2024.
• Economic Emergency Fund: The Village initiated an Economic Emergency Fund in 2023. The Fund is
designed to handle short-term uncertainties and economic emergencies. In 2023, the Village funded the
Economic Emergency Fund with $6.5 million from the General Fund surplus from the year 2022. The
Village funded the second installment of $6.5 million in 2024, from the 2023 surplus. These funds are
actively invested as prescribed in the Village's investment policy. The fund holds a balance of $13.7
million at the end of the fiscal year 2024.
• Property Tax Abatements: The Village used $5.1 million from its recent surplus to abate part of the
pension and debt service levies. The Village was able to reduce its property tax levy by 6.3 percent. The
property tax levy totaled $18.2 million, and it is the lowest levy in the last 10 years.
0
Northwest Water Commission Interconnect: The Village used $5.1 million from the American Rescue
Plan and completed its emergency interconnect with the Northwest Water Commission. This project now
provides enough water to meet the Village's daily demand, in case the main source of water supply
(JAWA — Joint Action Water Agency) is interrupted.
Elk Grove Rural Fire Protection District: The Village finally concluded legislative dissolution of the
Elk Grove Rural Fire Protection District in July 2024. Since July 2024, the Village officials worked
toward concluding final business of the Fire District. The Village concluded its final audit, annual reports
and received approval from Cook County in early 2025, enabling the Village to obtain final funds from
the Fire District, totaling $1.0 million.
Elk Grove Rural EMS SSA: The Village finally received an approval from the Cook County Board of
Commissioners for an unincorporated special service area, for providing fire and emergency medical
services. This special service area will now generate $1.0 million in taxes and will provide support to the
Village to cover costs for recently added firefighters and paramedics.
Fire Station 11: As part of the settlement with the Elk Grove Rural Fire Protection District, the Village
took control of Fire Station 11. The station was outdated and did not meet the Village's standards. The
Village used part of the interest income from 2023 and allocated $1.7 million for the rehab. The Village
Public Works Department handled this project in-house and saved over a $1.0 million in the rehab costs.
The project was completed under -budget and on time.
Sidewalk Policy & Program: The Village successfully implemented various strategies to repair
sidewalks and mitigated over 2,000 vertical offsets in the Village's sidewalk network.
Streetlights Program: The Village completed the conversion of 80 streetlights to LED fixtures on
Central Road, reducing energy usage.
• Human Services Programs: The Village funded two studies for the Human Services Department from
the American Rescue Plan. These are going to explore Transit related issues and opportunities in the
Village, as well as the Needs Assessment for Community. These studies began in 2024 and are expected
to conclude in 2025.
• Traffic Control on Major Corridors: The Village completed the traffic control measure project for the
Rand Road/Central Road/Mount Prospect Road intersection. The Village also progressed with Phase 11
engineering for the Rand Road/Kensington Road/Route 83 intersection.
• American Rescue Plan: The Village deployed $5.1 million from the American Rescue Plan toward an
interconnect project with the Northwest Water Commission. The Village also deployed $1.1 million
toward a gravity sewer project at Fairview Garden and the project was concluded in 2024.
• Melas-Meadows Bridge: The Village concluded Phase II engineering for the Melas-Meadows Bridge
Project. The project received 80 percent grant funding from various Federal Agencies. The Village is
expected to move forward with the final steps for the project in 2025.
• South Mount Prospect TIF: The Village successfully established its South Mount Prospect Tax
Increment Financing District in 2022. The Tax Increment Financing District is expected to generate
significant increments supporting the infrastructure needs of the Village within the TIF district in the
coming years. The Cloud HQ data center project will be one of the main projects creating incremental
value for the TIF district. In the first year (2023), the South Mount Prospect TIF generated $0.8 million in
the TIF increment.
• Triple Crown Winner: GFOA's Triple Crown recognizes governments which have received GFOA's
Certificate of Achievement for Excellence in Financial Reporting, Popular Annual Financial Reporting
Award, and the Distinguished Budget Presentation Award. The Village of Mount Prospect received such
a prestigious status by winning all three awards. There are 402 municipalities which received this status
throughout the nation and the Village is proud to be on that list.
• Revenue Outperformance: The Village's General Fund revenues have outperformed significantly. The
Village has seen a significant increase in its intergovernmental revenues from the State of Illinois. This
item is discussed in detail in the Management Discussion and Analysis section.
• Collective Bargaining Agreement: In 2024, The Village negotiated and settled a three-year collecting
bargaining agreement with IAFF (International Association of Firefighters). This agreement was adopted
in February 2025 and goes through December 2027.
Please refer to the Strategic Plan tab of the 2025 Annual Budget document for a complete listing of major
initiatives and accomplishments. All Departments continue to perform exceptionally well by delivering high
quality services to our residents and business community. Initiatives included in the Village's strategic plan have
provided a focus for these services. The Village's Annual Budget and Audit Documents were again recognized
for their clarity and usability by the GFOA, and Mount Prospect was recognized as a Tree City U.S.A. for the 40"'
consecutive year.
Factors Affecting Financial Condition
The information presented in the financial statements is perhaps best understood when it is considered from the
broader perspective of the specific environment in which the Village operates.
Local economy. The Village continues to benefit from growth in the local economy. Several factors influence the
economy of a specific community, and various measures are used to gauge the economic outlook. Perhaps four of
the most objective measures are the level of retail sales, the employment level of the community, income levels in
the community and building activity. In Illinois, sales tax is allocated based on the point -of -sale and accordingly
represents the sales in the community. Total state sales tax received during the calendar year ended December 31,
2024, were $37.7 million compared to $34.9 million for the previous year, an increase of 8.2 percent. The Village
of Mount Prospect represents the fifth largest center of economic development in the State of Illinois. The
economic segment generating the most sales tax contains products with inelastic demand, which protects the
Village's sales tax revenue. Besides that, the 2020 Census data reflected an increase of 2,685 in the Village's
population. The newly added population counts have resulted in additional per capita allocation from the State of
Illinois (income tax, motor fuel tax, and use tax). In addition, the Village's median household income has
increased from $100,526 to $103,911. This increase in the median household income and a solid financial
position makes the Village a perfect candidate for AAA bond ratings in the near future.
Though the inflation has been neutralized to some extent by measures taken by the Federal Reserve System, the
global economy experienced a relatively inflationary environment in 2024. The current inflation rate, supply chain
issues, global uncertainties, market conditions and certain other external factors are affecting the regional
economy, and the Village is not an exception to these impacts. The Village is in a strong financial position and
has no immediate concern about any short -tern impacts of these factors. However, staff is evaluating the long-
term impacts of these factors and working to create an improvised financial plan that can provide sustainable and
long-term support for the Village's operations. The Village Administration started an Economic Emergency Fund
in FY 2023 and funded the same with $6.5 million from the 2022 surplus. The Village Administration further
funded a second installment of $6.5 million from the 2023 surplus in 2024. The fund stands at $13.7 million as of
December 31, 2024, and represents two months' operating cash for the General Fund.
The Village is divided mainly between Elk Grove Township and Wheeling Township, and a small portion is
within the jurisdiction of Maine Township. In the most recent triennial assessment of 2022, the Village gained
$325 million in its equalized assessed value for the tax year 2022, payable in 2023. The total equalized assessed
value is now $2.2 billion. The year 2025 is again a triennial assessment year and the Village expects an equitable
increase in its equalized assessed values. Due to increased assessed values and overall reduction in the property
tax levy, the Village's property tax rate has decreased to 0.883, a 6.3 percent from the previous rate.
Mount Prospect's average unemployment rate during 2024 was 4.1%. The unemployment rate increased from the
prior year (3.3% in 2023). The average unemployment rate for Cook County for 2024 was 5.4%, while the same
for the State of Illinois was 5.0%. Mount Prospect's median family income of $103,911 as of July 1, 2023 (per the
census.gov data) was 27.0% higher than the median for Cook County ($81,797) and 29.4% higher than the
median for the State of Illinois ($80,306).
The Village is strategically located in the middle of a thriving economic activity center for the Midwest region of
our country. It is close to major interstate highways, including I-90 and 1-294, while its proximity to O'Hare
International Airport makes the Village's location a prime spot. The Village's commercial and industrial real
estate has a very low vacancy rate. Despite certain economic challenges, the Village's revenues have performed
consistently due to a substantial and diversified tax base. The United Airlines HQ Campus was purchased by
Cloud HQ in December 2021. Cloud HQ is building a 1.8 million sq. ft. data center and is investing $2.5 billion in
the Village of Mount Prospect. The Chicago Bears (NFL team) recently announced the possibility of making
Arlington Heights Racecourse their new home; the Village of Mount Prospect Village Hall is approximately 5
miles away. The Bears will possibly be building an NFL stadium along with mixed -used space. This project is
expected to generate significant opportunities for all the surrounding towns including the Village of Mount
Prospect. The Village of Mount Prospect downtown is still seeing significant investments from private developers
and the Prospect & Main TIF district has made many major projects possible. The Village recently acquired I I I E
Busse property, a key downtown parcel in the Prospect & Main TIF. The Village will be seeking redevelopment
proposals from the developers in 2025 to develop this property. The South Mount Prospect TIF is also expected to
perform well and provide significant funding for the infrastructure improvements within the TIF district.
Long-term financial planning. In 2003, the Village conducted its first long-range financial planning workshop.
The workshop's goal was to put the Village's financial condition back on firm ground as to not overburden
residents and businesses from a tax standpoint or reduce the scope and quality of municipal services that would
jeopardize the livability and curb appeal of the community. The Village has continued this process since 2003 and
has regularly conducted annual financial planning and budgeting workshops. During FY 2022, the Village also
conducted its first Citizens' Summit, received feedback on its current strategic planning, and explored various
ideas. During workshops in 2024, Village staff discussed the prior year's unaudited and audited results, quarterly
financial performances, and major items of interest.
Two additional tools have been developed to manage the Village's long-range finances. The first is a Five -Year
Community Investment Program that outlines the major capital expenditure/project initiatives of the Village over
the next five years and identifies funding sources. Over the next five years (2025-2029), the Village has identified
$179.8 million in water and sewer, flood control, street, public building, equipment, and other miscellaneous
capital projects. The second is the Village Strategic Plan for 2024-2029, which was completed in the vicinity of
mid-2024. The strategic plan provides the mission, vision, goals for vision attainment, and the organization's
strategic action plan. An implementation guide was developed in August 2024, using the goals identified in the
Strategic Plan. This implementation guide provides the objectives, short-term challenges and opportunities, and
action items to be taken to accomplish the goals of the Village. Action items were prioritized as top or high
priority by the Village Board and fall into three categories: Policy Agenda, Management Agenda, and
Management in Progress. The implementation guide is updated annually, reflecting work completed and changing
priorities. Funding initiatives identified in the strategic plan are prioritized during the budget process.
Awards. The Government Finance Officers Association of the United States and Canada (GFOA) awarded a
Certificate of Achievement for Excellence in Financial Reporting to the Village of Mount Prospect for its
comprehensive annual financial report for the year ending December 31, 2023. The Certificate of Achievement is
a prestigious national award recognizing conformance with the highest standards for preparation of state and local
government financial reports.
To be awarded a Certificate of Achievement, a governmental unit must publish an easily readable and efficiently
organized Comprehensive Annual Financial Report and its contents must conform to program standards. Such
reports must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate
of Achievement is valid for a period of only one year. The Village of Mount Prospect has received Certificates of
Achievement since 1983. It is believed that the current report continues to conform to the Certificate of
Achievement program requirements and will be submitted to GFOA for evaluation.
In addition, the Village of Mount Prospect also received the Government Finance Officers Association's Award
for Distinguished Budget Presentation for its annual budget for the fiscal year beginning January 1, 2024, and
ending December 31, 2024. To qualify for the Distinguished Budget Presentation Award, a governmental unit
must publish a budget document that meets program criteria as a policy document, as an operations guide, as a
financial plan, and as a communications device. The Village of Mount Prospect has received this award each year
since 1994. The Village is awaiting word regarding the Budget Award for its 2025 Budget document.
7
Acknowledgments
The preparation of this report on a timely basis could not have been accomplished without the efficient and
dedicated services of the entire staff of the Finance Department. I would like to express special appreciation to
Jennifer Fitzgerald - Deputy Finance Director, Accountants Rumiana McCormick and Terri Atienza, and our
AP and Risk Coordinator - Mike Crrochocki, who contributed significantly to its preparation. Additionally, I
would like to acknowledge the Mayor, the Board of Trustees, the Finance Commission, the Audit Committee,
and the Village Manager for their leadership and support in planning and conducting the financial affairs of the
Village in a fiscally responsible and sustainable manner.
Respectfully submitted,
w� 1'7�41"�X
Amit R. Thakkar
Finance Director
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
Village of Mount Prospect
Illinois
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
December 31, 2023
Executive Director/CEO
0
FINANCIAL SECTION
This section includes:
Independent Auditor's Reports
Management's Discussion and Analysis
Basic Financial Statements
Required Supplementary Information
Other Supplementary Information
Supplemental Schedules
10
INDEPENDENT AUDITOR'S REPORTS
This section includes the opinion of the Village's independent auditing firm.
11
�0
INDEPENDENT AUDITOR'S REPORT
June 12, 2025
The Honorable Mayor
Members of the Board of Trustees
Village of Mount Prospect, Illinois
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying financial statements of the governmental activities, the business -type activities,
each major fund, and the aggregate remaining fund information of the Village of Mount Prospect, Illinois (the
Village), as of and for the year ended December 31, 2024, and the related notes to the financial statements, which
collectively comprise the Village's basic financial statements as listed in the table of contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective
financial position of the governmental activities, the business -type activities, each major fund, and the aggregate
remaining fund information of the Village of Mount Prospect, Illinois, as of year-end, and the respective changes in
financial position, and, where applicable, cash flows thereof for the year then ended in accordance with accounting
principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America
and the standards applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States. Our responsibilities under those standards are further described in the
Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be
independent of the Village, and to meet our other ethical responsibilities, in accordance with the relevant ethical
requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with
accounting principles generally accepted in the United States of America, and for the design, implementation, and
maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free
from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events,
considered in the aggregate, that raise substantial doubt about the Village's ability to continue as a going concern
for twelve months beyond the financial statement date, including any currently known information that may raise
substantial doubt shortly thereafter
12
Village of Mount Prospect, Illinois
June 12, 2025
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions.
Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that
an audit conducted in accordance with generally accepted auditing standards will always detect a material
misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than
for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or
the override of internal control. Misstatements are considered material if there is a substantial likelihood that,
individually or in the aggregate, they would influence the judgment made by a reasonable user based on the
financial statements.
In performing an audit in accordance with generally accepted auditing standards and Government Auditing
Standards, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, and design and perform audit procedures responsive to those risks. Such procedures include
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the Village's internal control. Accordingly, no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluate the overall presentation of the financial statements.
• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise
substantial doubt about the Village's ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit, significant audit findings, and certain internal control -related matters that we
identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management's discussion
and analysis, the budgetary comparison schedules, and supplementary pension and other post -employment benefit
(OPEB) schedules, as listed in the table of contents, be presented to supplement the basic financial statements. Such
information is the responsibility of management and, although not a part of the basic financial statements, is
required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial
reporting for placing the basic financial statements in an appropriate operational, economic, or historical context.
We have applied certain limited procedures to the required supplementary information in accordance with auditing
standards generally accepted in the United States of America, which consisted of inquiries of management about
the methods of preparing the information and comparing the information for consistency with management's
responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the
basic financial statements. We do not express an opinion or provide any assurance on the information because the
limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
13
Village of Mount Prospect, Illinois
June 12, 2025
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise
the Village of Mount Prospect, Illinois' basic financial statements. The other supplementary information and
supplemental schedules are presented for purposes of additional analysis and are not a required part of the basic
financial statements. Such information is the responsibility of management and was derived from and relates
directly to the underlying accounting and other records used to prepare the basic financial statements. The
information has been subjected to the auditing procedures applied in the audit of the basic financial statements and
certain additional procedures, including comparing and reconciling such information directly to the underlying
accounting and other records used to prepare the basic financial statements or to the basic financial statements
themselves, and other additional procedures in accordance with auditing standards generally accepted in the United
States of America. In our opinion, other supplementary information and supplemental schedules are fairly stated, in
all material respects, in relation to the basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual report. The other information comprises
the introductory and statistical sections but does not include the basic financial statements and our auditor's report
thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express
an opinion or any form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other information and
consider whether a material inconsistency exists between the other information and the basic financial statements,
or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude
that an uncorrected material misstatement of the other information exists, we are required to describe it in our
report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated June 12, 2025, on our
consideration of the Village's internal control over financial reporting and on our tests of its compliance with
certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that
report is to describe the scope of our testing of internal control over financial reporting and compliance and the
results of that testing, and not to provide an opinion on the effectiveness of the Village's internal control over
financial reporting or on compliance. That report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the Village's internal control over financial reporting and
compliance.
z"al" & Aof", .rC14v
LAUTERBACH & AMEN, LLP
14
MANAGEMENT'S DISCUSSION AND ANALYSIS
15
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended December 31, 2024
The Village of Mount Prospect (the "Village") Management's Discussion and Analysis is designed to (1) assist
the reader in focusing on significant issues, (2) provide an overview of the Village's financial activity, (3) identify
changes in the Village's financial position (its ability to address the next and subsequent year challenges), (4)
identify any material deviations from the financial plan (the approved budget), and (5) identify individual fund
issues or concerns.
Since the Management's Discussion and Analysis (MD&A) is designed to focus on the current year's activities,
resulting changes and currently known facts, please read it in conjunction with the Transmittal Letter, and the
Village's financial statements.
USING THE FINANCIAL SECTION OF THIS ANNUAL COMPREHENSIVE FINANCIAL REPORT
The primary focus of local governmental financial statements had been to summarize fund type information on a
current financial resource basis. This approach was modified by Governmental Accounting Standards Board
(GASB) Statement No. 34. As a result, these financial statements now present two kinds of statements, each with
a different snapshot of the Village's finances. The financial statement's focus under GASB Statement No. 34 is on
both the Village as a whole (government -wide) and on the major individual funds. Both perspectives
(government -wide and major fund) allow the user to address relevant questions, broaden a basis for comparison
(year to year or government to government) and enhance the Village's accountability.
Government -Wide Financial Statements
The government -wide financial statements are designed to be corporate -like in that all of the governmental and
business -type activities are consolidated into columns that add to a total for the Primary Government. The focus
of the Statement of Net Position (the "Unrestricted Net Position") is designed to be similar to bottom line results
for the Village and its governmental and business -type activities. This statement combines and consolidates the
governmental fund's current financial resources (short-term spendable resources) with capital assets and long-
term obligations using the accrual basis of accounting and economic resources measurement focus.
The Statement of Activities is focused on both the gross and net cost of various activities (including governmental
and business -type), which are supported by the government's general taxes and other resources. This is intended
to summarize and simplify the user's analysis of the cost of various governmental services and/or subsidy to
various business -type activities.
The governmental activities reflect the Village's basic services, including police, fire, public works, and
administration. Property taxes, sales and income taxes and local utility taxes finance the majority of these
services. The business -type activities reflect private sector type operations (water, sewer, and parking operations),
where the fee for service typically covers all or most of the cost of operation, including depreciation.
Fund Financial Statements
Traditional users of governmental financial statements will find the Fund Financial Statements presentation more
familiar. The focus is on major funds rather than (the previous model's) fund types.
The Governmental Major Fund presentation is organized on a sources and uses of liquid resources basis. This is
the manner in which the financial plan (the budget) is typically developed. The flow and availability of liquid
resources is a clear and appropriate focus of any analysis of a government. Funds are established for various
purposes and the Fund Financial Statement allows the demonstration of sources and uses and/or budgeting
compliance associated therewith.
(See independent auditor's report)
16
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
The Fund Financial Statements also allow the government to address its Fiduciary Funds (Pension Trust). While
these funds represent trust responsibilities of the government, these assets are restricted in purpose and do not
represent discretionary assets of the government. Therefore, these assets are not presented as part of the
Government -Wide Financial Statements.
While the Business -type Activities column on the Proprietary Fund Financial Statements is the same as the
Business -type column on the Government -Wide Financial Statement, the Governmental Funds total column
requires a reconciliation because of the different measurement focus (current financial resources versus total
economic resources) which is reflected on the page following each statement. The flow of current financial
resources will reflect bond proceeds and interfund transfers as other financial sources or uses, as well as capital
expenditures and bond principal payments as expenditures. The reconciliation will eliminate these transactions
and incorporate the capital assets and long-term obligation (bonds and others) into the Governmental Activities
column (in the government -wide statements).
Infrastructure Assets
Historically, a government's largest group of assets (infrastructure - i.e., roads, bridges, storm sewers, etc.) have
not been reported nor depreciated in governmental financial statements. GASB Statement No. 34 requires that
these assets be valued and reported within the Governmental Activities column of the Government -wide
Statements. Additionally, the government must elect to either (1) depreciate these assets over their estimated
useful life or (2) develop a system of asset management designed to maintain the service delivery potential to near
perpetuity. If the government develops the asset management system (the modified approach), which periodically
(at least every third year), by category, measures and demonstrates its maintenance of locally established levels of
service standards, the government may record its cost of maintenance in lieu of depreciation. The Village of
Mount Prospect has chosen to depreciate assets over their useful life. If a road project is considered maintenance -
a recurring cost that does not extend the road's original useful life or expand its capacity - the cost of the project
will be expensed. An "overlay" of a road will be considered maintenance whereas a "rebuild" of a road will be
capitalized.
GOVERNMENT -WIDE STATEMENTS
Statement of Net Position
The Village's combined net position for the primary government increased from $67.0 million to $103.6 million.
The net increase of $36.6 million is mainly attributable to intergovernmental revenues including state sales tax,
income tax, use tax, ambulance billing fees and government grants, as well as under budget performance by all
Village Departments. The net position for governmental activities is $34.4 million, while the net position for the
business -type activities is $69.2 million.
Table 1 reflects the condensed Statement of Net Position. For more detailed information see the Statement of Net
Position in the basic financial statements.
(This space is intentionally left blank.)
(See independent auditor's report)
17
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
Table 1
Statement of Net Position
As of December 31, 2024 (in millions)
Current and Other Assets
Capital Assets
Total Assets
Deferred Outflows of Resources
Total Assets and Deferred Outflows of Resources
Current Liabilities
Noncurrent Liabilities
Total Liabilities
Deferred Inflows of Resources
Total Liabilities and Deferred Inflows of Resources
Net Position
Net Investment in Capital Assets
Restricted
Unrestricted (Deficit)
Total Net Position
Governmental
Activities
Business -Type
Activities
Totals
2024
2023
2024
2023
2024
2023
$ 155.7
131.3
145.7
124.4
22.7
75.2
25.4
60.8
178.4
206.5
171.0
185.2
287.0
24.4
270.0
37.5
97.9
2.0
86.2
2.4
384.9
26.4
356.2
39.9
311.4
307.5
99.9
88.6
411.3
396.1
15.1
235.4
20.1
249.5
3.1
27.1
2.6
29.2
18.2
262.5
22.7
278.7
250.5
26.5
269.6
27.1
30.2
0.6
31.8
0.6
280.7
27.1
301.4
27.7
277.0
296.7
30.8
32.4
307.8
329.1
61.5
51.2
49.3 39.9 110.8
91.1
27.6
17.6
27.6
17.6
(54.7)
(58.0)
19.9 16.3 (34.8)
(41.7)
34.4
10.8
69.2 56.2 103.6
67.0
(Note: There may be some slight differences in totals due to rounding.)
Normal Impacts
There are six basic (normal) transactions that will affect the comparability of the Statement of Net Position
summary presentation.
Net results of activities - which will impact (increase/decrease) current assets and unrestricted net position.
Borrowingfor or capital - which will increase current assets and long-term debt.
Spending borrowed proceeds on new capital - which will reduce current assets and increase capital assets. There
is a second impact, an increase in invested in capital assets and an increase in related net debt which will not
change the invested in capital assets, net of debt.
Spending of non -borrowed current assets on new capital - which will (a) reduce current assets and increase capital
assets and (b) will reduce unrestricted net position and increase invested in capital assets, net of debt.
Principal payment on debt - which will (a) reduce current assets and reduce long-term debt and (b) reduce
unrestricted net position and increase invested in capital assets, net of debt.
Reduction of capital assets through depreciation - which will reduce capital assets and invested in capital assets,
net of debt.
(See independent auditor's report)
18
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
Current Year Impacts
Governmental activities net position increased by $29.1 million and the business -type activities net position
increased by $7.5 million. The governmental activities total assets and deferred outflows increased by $3.9
million and the governmental activities total liabilities and deferred inflows decreased by $19.7 million, of which
$14.0 million of decreases are attributable to the decreases in the noncurrent liabilities and $0.7 million of
decreases in the other current liabilities. The total assets increased by $17.0 million in governmental activities. Of
this amount, $10.0 million is due to an increase in the current and other assets and $6.9 million in attributable to
an increase in the capital assets. The decrease in deferred outflows of $13.0 million for the governmental activities
was due to decreases in the pension -related items for Police, Fire and IMRF pension funds.
The net position of the business -type activities increased by $7.5 million. The increase in total net position is
mainly attributable to the current surplus of revenues over expenses. The business -type activities total assets and
deferred outflows increased by $11.4 million and the business -type activities total liabilities and deferred inflows
decreased by $1.6 million. The current assets decreased by $2.6 million, mainly attributable to the use of cash for
capital projects. The business -type capital assets increased by $14.4 million. The liabilities for business -type
activities decreased from $31.8 million to $30.2 million. The noncurrent liabilities decreased by $2.1 million,
mainly due to decreases in the pension -related items for IMRF pension funds and scheduled paying down of
general obligation bonds.
Changes in Net Position
The Village's combined change in net position for the primary government in 2024 was an increase of $36.6
million versus an increase of $28.0 million in 2023. Activities for the governmental activities saw an increase in
net position of $29.1 million from 2023, while activities for the business -type funds saw an increase in net
position of $7.5 million from 2023. The following chart lists the revenues and expenses for the current and prior
fiscal years. Table 2 focuses on the changes in net position of the governmental and business -type activities.
(This space in intentionally left blank.)
(See independent auditor's report)
19
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
Table 2
Change in Net Position
For the Year Ended on December 31, 2024 (in millions)
Governmental Business -Type
Activities Activities Totals
2024 2023 2024 2023 2024 2023
Revenues
Program Revenues
Charges for Services
$ 12.3
12.0
21.8
20.8
34.1
32.8
Operating Grants/Contributions
3.9
2.9
3.9
2.9
Capital Grants/Contributions
0.1
-
-
-
0.1
-
General Revenues
Property Taxes
24.4
25.9
24.4
25.9
Utility Taxes
2.8
2.9
2.8
2.9
Business District Taxes
0.3
0.3
0.3
0.3
Sales/Use Taxes
47.8
44.6
47.8
44.6
Income Taxes
9.7
9.1
9.7
9.1
Other Taxes
5.4
5.4
5.4
5.4
American Rescue Plan Act
5.6
1.2
5.6
1.2
Investment Income
5.9
4.4
1.0
1.2
6.9
5.6
Other
1.1
1.7
1.5
0.1
2.6
1.8
119.3
110.4
24.3
22.1
143.6
132.5
Expenses
General Government
7.4
7.8
7.4
7.8
Public Safety
55.3
51.3
55.3
51.3
Highways and Streets
15.2
15.5
15.2
15.5
Health
5.4
5.3
5.4
5.3
Welfare
1.7
2.2 -
- 1.7
2.2
Culture and Recreation
0.4
0.4
0.4
0.4
Interest on Long -Term Debt
4.8
5.2
4.8
5.2
Water and Sewer
16.5
16.7 16.5
16.7
Parking
0.3
0.2 0.3
0.2
90.2
87.7 16.8
16.9 107.0
104.6
Change in Net Position Before Transfers 29.1 22.7 7.5 5.2 36.6 27.9
Transfers - Internal Activity (5.5) (0.9) 5.5 0.9
Change in Net Position 24 22 13 6 37 28
Net Position - Beginning I I (11) 56 50 67 39
Net Position - Ending 3.5.0 11.0 69.0 56.0 104.0 67.0
(Note: There may be some slight differences in totals due to rounding.)
(See independent auditor's report)
20
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
Normal Impacts
There are eight basic impacts on revenues and expenses and are reflected below.
Revenues:
Economic condition - This can reflect a declining, stable or growing economic environment and has a
substantial impact on state income, sales and utility tax revenue as well as public spending habits for building
permits, elective user fees and volumes of consumption.
Increase/decrease in Village approved rates - While certain tax rates are set by statute, the Village Board has
significant authority to impose and periodically increase/decrease rates (water, sewer, licenses and fees, home
rule sales tax, utility taxes, etc.).
Changing patterns in intergovernmental and grant revenue (both recurring and non -recurring) - Certain
recurring revenues (state shared revenues, etc.) may experience significant changes periodically while non-
recurring (or one-time) grants are less predictable and often distorting in their impact on year-to-year
comparisons.
Market impacts on investment income - The Village's investment portfolio is managed using a short-term
average maturity and the market condition may cause investment income to fluctuate less than alternative
longer -term options.
Expenses:
Introduction of new programs - Within the functional expense categories (Public Safety, Highways and
Streets, General Government, etc.) individual programs may be added or deleted to meet changing community
needs or unfunded mandates from other governmental levels.
Increase/Decrease in authorized personnel - Changes in service demand may cause the Village Board to
increase/decrease authorized staffing levels. Staffing costs (salary and related benefits) represent
approximately 42.0% of the Village's total budget.
Salary increases (annual adjustments and merit) - The ability to attract and retain human and intellectual
resources requires the Village to strive for a competitive salary range position in the marketplace. In addition,
the Village has four separate bargaining units representing various segments of the employee population.
Inflation - There is a higher rate environment and the inflation was at a forty -year high mark in 2022. Since
then, inflation has decreased but not to the expected level. The Village's budget and financial plan is flexible
to accommodate any short-term impacts on inflation. The Village is a major consumer of certain
commodities, supplies, fuels and parts and the cost of these commodities and supplies has increased due to
high inflation.
CURRENT YEAR IMPACTS
Governmental Activities
Revenue:
Total revenues for the Village's Governmental Activities for 2024 were $119.2 million.
The year 2024 was challenging due to the uncertain economic environment and high -interest rate
environment, but the Village revenues, especially intergovernmental revenues, were stronger than usual. The
Village collected an all-time high state sales tax. The sales and use tax revenue totaled $47.8 million, an
increase of $3.2 million compared to 2023 revenues totaling $44.6 million. The income tax collection totaled
$9.7 million, an increase of $0.6 million compared to the 2023 collection of $9.1 million. The Village also
recognized $5.6 million from the American Rescue Plan grant in 2024. Two major water and sewer projects
related projects were completed using the American Rescue Plan grant during the year 2024. The Village
collected $24.4 million in property tax payments, a decrease of $L5 million due to a planned decrease of 4.8
percent in the property tax levy. The Village also collected $5.9 million in investment income in 2024.
Overall, the Village recognized revenues totaling $119.3 million, an increase of $8.7 million compared to
2023 revenues totaling $110.4 million.
(See independent auditor's report)
21
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
Governmental Activities (cont.)
Expenses:
Total expenses for the Village's Governmental Activities for 2024 were $90.1 million.
Public Safety, which includes Police and Fire, accounts for the largest portion of governmental expenses.
Total Public Safety expenses in 2024 were $55.3 million, an increase of $4.1 million from 2023. The increase
in the expenses is mainly attributable to the personnel, pension costs, vehicle replacement lease payments, and
liability insurances. Expenses for Highways and Streets, which are made up of the Public Works divisions
(excluding water and sewer), is the second largest category of governmental expenses totaling $15.2 million.
The General Government expenses totaled $7.4 million, a decrease of $0.4 million from the prior year. This
decrease of $0.4 million is mainly attributable to timing issues with certain budgeted items and programs.
Business -Type Activities
Revenues:
Total revenues for the Village's Business -Type Activities for 2024 were $24.2 million.
Business -type activities in the Village consist of Water and Sewer Operations and Parking Operations.
Charges for services annually account for the largest share of revenue for business -type activities. Of the
$24.2 million generated in 2024, $21.6 million is from water sales and sewer fees and charges, $0.2 million is
from parking operations. Increased water and sewer rates contributed to the higher revenues for the Water and
Sewer Operations. The Village also collected $1 million in investment income, an increase of $0.2 million
decrease from 2023.
Expenses:
Total expenses for the Village's Business -Type Activities for 2024 were $16.8 million.
Of the total expenses for business -type activities, $16.5 million is attributable to Water and Sewer while $0.3
million is attributable to parking operations. $7.9 million in Water and Sewer Fund expenses were for the
acquisition of water through the Northwest Suburban Municipal Joint Action Water Agency (JAWA).
FINANCIAL ANALYSIS OF THE VILLAGE'S GENERAL FUND
The General Fund is the Village's primary operating fund. It supports a majority of the day-to-day services
delivered to its residences and businesses. The fund balance of the General Fund saw an increase of $3.1 million
in 2024 from $52.6 million to $55.7 million. This increase was due primarily to taxes, charges for services, fines
and forfeitures and investment income all coming in higher than the previous year. The Village earned $90.5
million in General Fund revenues against the approved budget of $90.2 million. The original Village budget was a.
balanced budget, and the Village did not expect any surplus or deficit; however, due to under budget expenditures
and outperforming revenues, the increase in the fund balance was $3.1 million. Out of the total fund balance of
$55.7 million, $9.0 million is considered assigned fund balance for various projects and items per the approved
redevelopment agreement.
During the year under review, the Village's revenue outperformed significantly. A robust local economy has
generated unprecedented growth for sales tax and increased population per the recent census, which also allowed
the Village to receive higher per capita allocations shared by the State. Additionally, the Village actively invested
the excess cash in the allowed investment instruments (per the Village's approved investment policy), and the
Village has earned higher -than -normal investment income. An outperforming intergovernmental revenues and
investment income is the main reason for an increase in the Fund Balance. Initially, the Village did not budget for
a second installment funding for the Economic Emergency Fund totaling $6.5 million. However, the Village did
an amendment during the year and funded a second installment of $6.5 million in the Economic Emergency Fund.
In the absence of the second installment funding, the surplus for the General Fund would have been $9.6 million.
(See independent auditor's report)
22
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
The unassigned fund balance as of December 31, 2024, totaled $46.3 million, and it equates to 54 percent of the
2025 annual budget, a balance higher than prescribed by the Village's Fund Balance Policy. The Village Fund
Balance Policy recommends a fund balance between 30 to 50 percent of the annual budget.
General Fund Budgeting Highlights
During 2024, the Village amended the General Fund budget one time. Table 3 below reflects the original and
revised budget and the actual revenues and expenditures for the General Fund.
Table 3
General Fund Budgetary Changes
For the Fiscal Year Ended December 31, 2024 (in millions)
Original
Final
Budget
Budget
Actual
Revenues and Other Financing Sources
Taxes
$ 30.2
30.9
31.1
Intergovernmental
43.4
48.7
48.8
Other
7.8
10.5
10.7
Total Revenues and Other Financing Sources
81.4
90.2
90.5
Expenditures and Other Financing Uses
Expenditures
67.4
70.0
67.9
Transfers Out
14.0
21.3
19.5
Total Expenditures and Other Financing Uses
81.4
91.3
87.4
Change in Fund Balance
Other Major Funds
0.0 (1.1) 3.1
(Note: There may be some slight differences in totals due to rounding.)
There are three (3) other Major Funds for Fiscal Year ended December 31, 2024. These three funds are 1)
Prospect and Main TIF Fund, 2) Debt Service Fund and 3) Economic Emergency Fund.
Prospect and Main TIF - This special revenue type TIF Fund is used to account for the resources to acquire
property and construct certain improvements in the Prospect and Main Tax Incremental Financing District.
Financing is being provided by incremental property taxes, general obligation bond proceeds, and investment
income. Total revenues for 2024 were $4.7 million, while the total revenues for 2023 were $3.5 million. The total
expenditures for 2024 were $3.0 million, of which $1.4 million was used for capital outlay items and $1.3 million
was used for the debt service payments.
Economic Emergency Fund - This fund is used for money set aside by the Village board for unplanned or
emergency expenses. The fund is created from reported surplus from the General Fund. A recommendation from
the Finance Commission and an approval from the Village Board is needed before these funds can be spent.. Total
revenues for 2024 were $0.5 million, while the total revenues for 2023 were $0.2 million. There were no expenses
incurred in this fund in 2024.
(See independent auditor's report)
23
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
Other Major Funds - Continued
Debt Service - This Fund is used to accumulate monies for the payment of principal and interest on general
obligation bonds and other borrowings. Total revenues for 2024 were $2.5 million, a decrease of $1.0 million
from the prior year. Of this total revenue amount, $1.2 million was from property taxes $0.9 million was from
state sales taxes, and $0.3 million was from other taxes. Total expenditures for 2024 were $4.5 million and it
includes S2.5 in principal retirements and $2 million in the interest expenditures. The overall fund balance
increased by $170,419 and the ending fund balance is $1.5 million, restricted for the future debt service payments.
Capital Assets
At the end of 2024, the Village had a combined total of $206.4 million invested in a broad range of capital assets
including Village facilities, roads, bridges, water/sewer lines and machinery and equipment (see Table 4 below).
Table 4
Capital Assets at Year End
Net of Depreciation (in millions)
Governmental
Business -Type
Activities
Activities
Totals
2024 2023
2024 2023
2024
2023
Land
$ 16.7 15.9
17.3 17.3
34.0
33.2
Construction in Progress
4.8 5.2
12.7 1.2
17.5
6.4
Buildings
61.6 59.6
1.1 1.2
62.7
60.8
Improvements Other than Buildings
0.9 1.0
0.9
1.0
Vehicles
4.8 4.2
4.8
4.2
Machinery and Equipment
3.7 3.8
0.9 1.0
4.6
4.8
Infrastructure
38.8 34.6
43.1 40.1
81.9
74.7
131.3 124.3
75.1 60.8
206.4
185.1
(Note: There may be some slight differences in totals due to rounding.)
This amount represents a net increase (including additions and deletions) of $21.4 million from 2023. The
following reconciliation in Table 5 summarizes the changes in Capital Assets.
(This space in intentionally left blank.)
(See independent auditor's report)
24
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
Table 5
Change in Capital Assets (in millions)
Governmental Business -Type
Activities Activities Totals
Beginning Balance $ 124.3 60.8
185.1
Additions
Depreciable 8.6 4.2
12.8
Nondepreciable 3.5 11.5
15.0
Retirements
Depreciable (0.5) (0.3)
(0.8)
Depreciation (5.1) (1.3)
(6.4)
Retirement 0.5 0.3
0.8
Ending Balance 131.3 75.2
206.5
(Note: There may be some slight differences in totals due to rounding.)
Table 5 above shows the change in capital assets during 2024. This year's major additions to the capital assets
include the following (in millions):
Governmental Activities
Land - $0.8
Various construction projects in -progress - $2.7
Buildings - $1.8
Vehicles for Public Safety, Public Works and Village Fleet - $1.3
Purchases of various machinery & equipment - $0.4
Infrastructure Improvements - $4.9
Business -Type Activities
Various construction projects in -progress - $11.5
Infrastructure Improvements - $4.2
More detailed information on capital asset activity can be found in Note 3 of the notes to the
financial statements.
(See independent auditor's report)
25
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
Debt Outstanding
The Village of Mount Prospect had total long-term debt and loans payable of $270.8 million as of December 31,
2024. Of this amount, $242.6 is governmental activities and $28.2 is business -type activities. Long-term debt is
comprised of general obligation debt, compensated absences to employees, total OPEB liability, notes payable,
claims and judgements, and net pension liabilities for Police, Fire, and IMRF. Pension liability for police and fire
decreased by $4.2 million. The compensated absences had a net increase of $0.2 million, while the total OPEB
(Other Post Employment Benefit) liability decreased by $2.1 million. Decreases in long term debt include the
retirement of $4.1 million (net of retirement of $3.9 million) in general obligation debt.
The Village of Mount Prospect maintains an AA+ rating from Standard and Poor's. As a home rule authority, the
Village of Mount Prospect does not have a legal debt limit.
More detailed information on long-term debt activity can be found in Note 3 of the notes to the financial
statements.
Economic Factors and Next Year's Budget
The Village's main operating General Fund held a strong cash and fund balance position as of December 31,
2024. The Village revised its fund balance policy in 2023. The new policy recommends that the Village maintain
its fund balance between 30 and 50 percent of its annual budget. As of December 31, 2024, the unassigned fund
balance stood at $46.4 million, representing 54.0 percent of the annual General Fund expenditures. Additionally,
the Village has pledged and set aside $9.0 million for various projects and items. This $9.0 million is reported as
an assigned fund balance for the General Fund. The assignment of fund balance is established for debt services,
pension stabilization, TIE redevelopment, and capital projects. The General Fund reported $3.1 million in surplus
for the year 2024. This surplus is after executing certain approved transfers from the 2023 surplus. However, these
transfers from the General Fund are executed in 2024; for accounting purposes, these transfers are accounted as
expenditures for 2023. In the absence of these transfers (conceptually funded from the 2023 surplus), the General
Fund would report a surplus of $9.6 million for the year 2024. The Village also initiated an Economic Emergency
Fund and funded it with $6.5 million from the 2023 General Fund surplus. The Fund will serve the Village in the
long run by helping it deal with economic uncertainties and emergencies.
The Village gained population in the most recent census of 2020. The Village's official population stands at
56,852 and reflects an increase of 2,685 from the previous census. The added population is helping the Village
obtain more per capita revenues from the State of Illinois. The Village gets motor fuel tax, income tax, and use tax
from the State of Illinois on a per capita basis.
The public safety pension fund reported net investment income of $17.1 million and a net change in the fiduciary
position of $14.2 million. The pension funding ratio for the Police Pension Fund has increased from 57.3 percent
to 59.6 percent, while the Fire Pension Fund has increased from 59.2 percent to 62.6 percent.
The Village has two Tax Increment Financing Districts, and both outperformed their tax increment forecast. The
Prospect and Main TIE District reported a tax increment of $4.6 million, while the South Mount Prospect TIE
District reported a tax increment of $0.8 million in its second year. Most of the major projects are now completed
in the Prospect and Main TIF. However, the Village is expected to see more projects and restaurants in the near
future. The Village recently acquired an important piece of downtown real estate at I I 1 E Busse. The Village will
be working to issue an RFP and seek redevelopment proposals in near future to develop this parcel, also known as
Block 56. The South Mount Prospect TIE District includes an under -construction data center by Cloud HQ,
representing $2.5 billion in investments from the private sector. The utility taxes to be generated from the Cloud
HQ project will provide a great revenue diversification, and tax increments from this project will allow the
Village to conduct various infrastructure improvement projects in South Mount Prospect. ComEd started building
a new substation with 252 megawatts as part of the project in 2024.
(See independent auditor's report)
26
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
The Village has implemented various strategies in recent times to achieve a "AAA" credit rating, including
establishment and funding of the Economic Emergency Fund, higher General Fund Reserves, revenue growth,
increase in number of housing units, populations, and downtown businesses, and increase in the real estate
equalized assessed values. The recent census also showed a significant increase in the median household income
for the Village. All these factors are expected to help the Village in obtaining a "AAA" credit rating.
The Village's average unemployment for 2024 was 4.1 percent. This is below the state unemployment rate of 5.0
percent and marginally above the national unemployment rate of 4.0 percent. The Village is mainly divided
between Elk Grove Township and Wheeling Township, with a small portion within Maine Township. 2022 was
the year of triennial assessments, and the last tax extension report accounted for a total equalized assessed value
of $2.2 billion. 2025 is again going to be the year of a triennial assessment and the Village is expected to report
higher equalized value than the prior assessment.
The 2025 (amended) budget totals $177.8 million, a decrease of 1.3% from the amended 2024 Budget. Of the
total $177.8 million budget, the operating budget totals $97.6 million, and the Community Investment Program
(capital improvement plan) totals $44.5 million, including $11.5 million in carryover capital project items from
2024 to 2025. The budget also includes $7.7 million in the debt service payments, $14.2 million in the internal
service fund budgets, $7.7 million in interfund transfers, and $6.1 million in other budgets. The General Fund
budget totals $85.8 million, a decrease of $5.4 million from the amended 2024 budget for the General Fund. This
decrease is mainly attributable to the conclusion of the American Rescue Plan funded programs and projects.
The Village's financial health and cash position are strong. The Village does not anticipate any short-term
concerns; its financial position can handle short to medium term uncertainties and emergencies. The Village
Board and Administration are committed to its strategic planning, and the Village Administration works diligently
to carry out action items from its strategic planning. The Village's strong financial health results from a robust
local economy, a fiscally responsible Village Board and Administration, and a talented team of employees.
Request for Information
This financial report is designed to provide a general overview of the Village of Mount Prospect's finances for all
those with an interest in the government's finances. Questions concerning any of the information provided in this
report or requests for additional financial information should be addressed to Amit Thakkar, Director of Finance/
Treasurer, Village of Mount Prospect, 50 South Emerson St, Mount Prospect, IL 60056.
(See independent auditor's report)
27
BASIC FINANCIAL STATEMENTS
The basic financial Statements include integrated sets of financial statements as required by the GAS13. The sets
of statements include:
• Government -Wide Financial Statements
• Fund Financial Statements
Governmental Funds
Proprietary Funds
Fiduciary Funds
In addition, the notes to the financial statements are included to provide information that is essential to a user's
understanding of the basic financial statements.
28
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Statement of Net Position
December 31, 2024
See Following Page
29
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Statement of Net Position
December 31, 2024
ASSETS
Current Assets
Cash and Cash Equivalents
Receivables - Net of Allowances
Due from Other Governments
Deposits - Insurance
Prepaids/Inventories
Total Current Assets
Noncurrent Assets
Capital Assets
Nondepreciable
Depreciable
Accumulated Depreciation
Total Capital Assets
Other Assets
Deposits - Insurance
Equity Interest in Joint Venture
Total Other Assets
Total Noncurrent Assets
Total Assets
DEFERRED OUTFLOWS OF RESOURCES
Deferred Items - IMRF
Deferred Items - Police Pension
Deferred Items - Firefighters' Pension
Deferred Items - RBP
Unamortized Asset Retirement Obligation
Loss on Refunding
Total Deferred Outflows of Resources
Total Assets and Deferred
Outflows of Resources
Primary Government
Governmental Business -Type
Activities Activities Totals
$ 112,516,386
19,959,442
132,475,828
34,246,201
2,517,278
36,763,479
2,470,621
139
2,470,760
4,131,831
—
4,131,831
880,703
263,381
1,144,084
154,245,742
22,740,240
176,985,982
21,504,357
30,025,137
51,529,494
223,752,263
70,878,432
294,630,695
(113,958,028)
(25,693,657)
(139,651,685)
131,298,592
75,209,912
206,508,504
11454,540 — 1,454,540
1,454,540
— 1,454,540
132,753,132
75,209,912 207,963,044
286,998,874
97,950,152 384,949,026
5,907,290
1,113,935
7,021,225
11,037,783
—
11,037,783
5,027,762
—
5,027,762
2,224,914
167,946
2,392,860
—
705,000
705,000
230,194
—
230,194
24,427,943
1,986,881
26,414,824
311,426,817 99,937,033 411,363,850
The notes to the financial statements are an integral part of this statement.
30
LIABILITIES
Current Liabilities
Accounts Payable
Accrued Payroll
Retainage Payable
Due to Other Governments
Accrued Interest Payable
Other Payables
Current Portion of Long -Term Liabilities
Compensated Absences Payable
Claims Payable
OPEB Liability - RBP
General Obligation Bonds Payable - Net
Business District Limited Tax Note Payable
Total Current Liabilities
Noncurrent Liabilities
Compensated Absences Payable
Claims Payable
Net Pension Liability - IMRF
Net Pension Liability - Police Pension
Net Pension Liability - Firefighters' Pension
Total OPEB Liability - RBP
Asset Retirement Obligation
General Obligation Bonds Payable - Net
Business District Limited Tax Note Payable
Total Noncurrent Liabilities
Total Liabilities
DEFERRED INFLOWS OF RESOURCES
Property Taxes
Deferred Items - Leases
Deferred Items - IMRF
Deferred Items - Police Pension
Deferred Items - Firefighters' Pension
Deferred Items - RBP
Total Deferred Inflows of Resources
Total Liabilities and Deferred Inflows
of Resources
NET POSITION
Net Investment in Capital Assets
Restricted
Public Safety - Police
Public Safety - Fire
Highways and Streets
Pension Stabilization
Debt Service
Unrestricted (Deficit)
Total Net Position
Primary Government
Governmental
Activities
Business -Type
Activities
Totals
$ 1,948,272
1,593,728
3,542,000
2,071,910
145,123
2,217,033
12,721
179,180
191,901
901,850
-
901,850
212,426
70,302
282,728
2,831,294
7,035
2,838,329
1,123,755
64,643
1,188,399
375,688
-
375,688
423,055
31,934
454,989
3,496,866
995,000
4,491,866
1,698,703
-
1,698,703
15,096,540
3,086,945
18,183,485
3,640,313
258,573
3,898,886
597,735
-
597,735
2,941,124
554,606
3,495,730
65,959,214
-
65,959,214
51,066,767
-
51,066,767
7,970,056
601,615
8,571,671
-
750,000
750,000
66,559,299
24,936,051
91,495,350
36,714,391
-
36,714,391
235,448,999
27,100,845
262,549,744
250,545,439
30,187,790
280,733,229
17,877,627
- 17,877,627
102,744
- 102,744
14,660
2,764 17,424
503,234
- 503,234
424,900
- 424,900
7,539,033
569,080 8,108,113
26,462,198
571,844 27,034,042
277,007,637 30,759,634 307,767,271
61,472,621 49,278,861 110,751,482
665,517
- 665,517
572,458
- 572,458
7,904,211
- 7,904,211
17,227,704
- 17,227,704
1,259,540
- 1,259,540
(54,682,871)
19,898,538 (34,784,333)
34,419,180
69,177,399 103,596,579
The notes to the financial statements are an integral part of this statement.
31
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Statement of Activities
For the Fiscal Year Ended December 31, 2024
Governmental Activities
General Government
Public Safety
Highways and Streets
Health
Welfare
Culture and Recreation
Interest on Long -Term Debt
Total Governmental Activities
Business -Type Activities
Water and Sewer
Parking
Total Business -Type Activities
Total Primary Government
Program Revenues
Charges Operating Capital
for Grants/ Grants/
Expenses Services Contributions Contributions
$ 7,406,435
8,181,609
55,349,218
4,041,602
423,234 —
15,200,506
96,093
3,383,264 96,178
5,350,249
1,693,364
—
94,918 —
386,962
4,761,173
90,147,907
12,319,304
3,901,416 96,178
16,496,384 21,569,635
255,686 187,410
16,752,070 21,757,045
106,899,977 34,076,349 3,901,416 96,178
The notes to the financial statements are an integral part of this statement.
32
Net (Expenses)/Revenues
Governmental Business -Type
Activities Activities Totals
775,174
— 775,174
(50,884,382)
— (50,984,382)
(11,624,971)
— (11,624,971)
(5,350,249)
— (5,350,249)
(1,598,446)
— (1,598,446)
(386,962)
— (386,962)
(4,761,173)
— (4,761,173)
(73,931,009)
— (73,931,009)
5,073,251 5,073,251
(68,276) (68,276)
5,004,975 5,004,975
(73,931,009) 5,004,975 (68,826,034)
General Revenues
Taxes
Property
24,387,676
—
24,387,676
Utility
2,810,973
—
2,810,973
Business District
315,653
—
315,653
Home Rule Sales
7,803,006
—
7,803,006
Food and Beverage
1,907,633
—
1,907,633
Real Estate Transfer
1,016,083
—
1,016,083
Municipal Motor Fuel
747,626
—
747,626
Hotel/Motel
403,143
—
403,143
Other Taxes
571,952
—
571,852
Intergovernmental - Unrestricted
Income Taxes
9,654,627
—
9,654,627
State Sales and Local Use Tax
39,970,604
—
39,970,604
Replacement Taxes
714,366
—
714,366
Charitable Games
2,540
—
2,540
American Rescue Plan Act
5,572,395
—
5,572,395
Investment Income
5,926,089
1,003,435
6,929,524
Miscellaneous
1,102,635
1,476,191
2,578,826
Transfers - Internal Activity
(5,468,312)
5,468,312
—
Total General Revenues
97,438,589
7,947,938
105,386,527
Change in Net Position 23,607,580 12,952,913 36,560,493
Net Position - Beginning 10,811,600 56,224,486 67,036,086
Net Position - Ending 34A 19,180 69,177,3 99 103,596,579
The notes to the financial statements are an integral part of this statement.
33
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Balance Sheet - Governmental Funds
December 31, 2024
ASSETS
Cash and Investments
Receivables - Net of Allowances
Property Taxes
Other Taxes
Leases
Other
Accrued Interest
Accounts
Due from Other Governments
Due from Other Funds
Inventories
Prepaids
Total Assets
LIABILITIES
Accounts Payable
Accrued Payroll
Retainage Payable
Due to Other Governments
Due to Other Funds
Other Payables
Total Liabilities
DEFERRED INFLOWS OF RESOURCES
Property Taxes
Deferred Items - Leases
Total Deferred Inflows of Resources
Total Liabilities and Deferred Inflows of Resources
FUND BALANCES
Nonspendable
Restricted
Committed
Assigned
Unassigned
Total Fund Balances
Total Liabilities, Deferred Inflows of Resources and Fund Balances
General
$ 48,069,450
17,656,260
11,865,311
114,266
214,153
391,148
54,717
535
350,091
78,715,931
837,917
1,997,551
671,350
1,773,007
5,279,825
17,656,260
102,744
17,759,004
23,038,829
350,626
8,977,677
46,348,799
55,677,102
78,715,931
The notes to the financial statements are an integral part of this statement.
34
Special Revenue
Prospect
and Main Economic Debt
TIF District Emergency Service Nonmajor Totals
4,160,017 13,651,595 1,439,580 27,072,920
94,393,562
184 — 221,367 —
17,877,811
3,203,447
15,068,758
114,266
40,039 — —
40,039
96,179
96,179
718,959
933,112
32,386 2,038,361
2,461,895
54,717
535
112,763 462,854
4,160,201 13,691,634 1,693,333 33,242,629 131,503,728
30,599 564,064
1,432,580
17,352
2,014,903
12,721
12,721
223,088 2,775
897,213
4,337
4,337
2,279,975
4,052,982
253,687 2,881,224 8,414,736
221,367 — 17,877,627
102,744
— 221,367 — 17,980,371
253,687 — 221,367 2,881,224 26,395,107
112,763
463,389
3,906,514 13,691,634 1,471,966 8,771,742
27,841,856
1,790,243
1,790,243
19,686,657
28,664,334
—
46,348,799
3,906,514 13,691,634 1,471,966 30,361,405
105,108,621
4,160,201 13,691,634 1,693,333 33,242,629 131,503,728
The notes to the financial statements are an integral part of this statement.
35
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Reconciliation of the Total Governmental Fund Balance to the Statement of Net Position - Governmental
Activities
December 31, 2024
Total Governmental Fund Balances $ 105,108,621
Amounts reported for governmental activities in the Statement of Net Position
are different because:
Capital assets used in governmental activities are not financial
resources and therefore, are not reported in the funds. 131,298,592
Less: Internal Service Capital Assets (7,796,863)
Deferred outflows (inflows) of resources related to the pensions not reported in the funds.
Deferred Items - IMRF 5,892,630
Deferred Items - Police Pension 10,534,549
Deferred Items - Firefighters' Pension 4,602,862
Deferred Items - RBP (5,137,007)
Internal Service Funds are used by the Village to charge the costs of vehicle and
equipment management and employee compensated absences to individual funds.
The assets and liabilities of the internal service funds are included in
the governmental activities in the Statement of Net Position. 29,418,999
Long-term liabilities are not due and payable in the current
period and therefore are not reported in the funds.
Compensated Absences Payable
(4,669,929)
Net Pension Liability - IMRF
(2,941,124)
Net Pension Liability - Police Pension
(65,959,214)
Net Pension Liability - Firefighters' Pension
(51,066,767)
Total OPEB Liability - RBP
(8,113,381)
General Obligation Bonds Payable - Net
(70,056,165)
Unamortized Loss on Refunding
230,194
Business District Limited Tax Note Payable
(38,413,094)
Plus: Amounts Recorded in the Governmental Funds Balance Sheet
1,698,703
Accrued Interest Payable
(212,426)
Net Position of Governmental Activities 34,419,180
The notes to the financial statements are an integral part of this statement.
36
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds
For the Fiscal Year Ended December 31, 2024
See Following Page
37
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds
For the Fiscal Year Ended December 31, 2024
Revenues
Taxes
Intergovernmental
Licenses and Permits
Charges for Services
Fines and Forfeitures
Investment Income
Miscellaneous
Total Revenues
Expenditures
General Government
Public Safety
Highways and Streets
Health
Welfare
Culture and Recreation
Capital Outlay
Debt Service
Principal Retirement
Interest and Fiscal Charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses)
Disposal of Capital Assets
Transfers In
Transfers Out
Net Change in Fund Balances
Fund Balances - Beginning
Adjustment - Nonmajor to Major Fund
Fund Balances - Beginning as Adjusted
Fund Balances - Ending
General
$ 31,077,645
48,772,638
2,643,731
3,987,981
339,380
3,067,673
643,328
90,532,376
8,129,342
45,959,885
11,415,344
210,731
1,771,696
405,787
67,892,785
22,639,591
520
(19,522,312)
(19,521,792)
3,117,799
52,559,303
52,559,303
55,677,102
The notes to the financial statements are an integral part of this statement.
38
Special Revenue
Prospect
and Main Economic Debt
TIF District Emergency Service Nonmajor Totals
4,591,577 — 1,579,946
2,714,477
39,963,645
882,240
10,257,248
59,912,126
—
2,643,731
5,348,212
9,336,193
339,380
60,551 495,944 69,372
1,068,007
4,761,547
459,307
1,102,635
4,652,128 495,944 2,531,558
19,847,251
118,059,257
336,978 80,683
8,547,003
2,222,509
48,182,394
2,334,064
13,749,408
5,274,199
5,484,930
135,138
1,906,834
405,787
1,365,650 9,636,577
11,002,227
670,000
— 2,500,000
2,319,352
5,489,352
639,388
— 2,032,139
235,078
2,906,605
3,012,016
— 4,532,139
22,237,600
97,674,540
1,640,112 495,944 (2,000,581) (2,390,349) 20,3 84,717
520
6,500,000 2,171,000 5,383,000 14,054,000
(19,522,312)
6,500,000 2,171,000 5,383,000 (5,467,792)
1,640,112 6,995,944 170,419 2,992,651 14,916,925
2,266,402 — 1,301,547 34,064,444 90,191,696
— 6,695,690 — (6,695,690) —
2,266,402 6,695,690 1,301,547 27,368,754 90,191,696
3,906,514 13,691, 634 1,471,966 30,361,405 105,108,621
The notes to the financial statements are an integral part of this statement.
39
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of the
Governmental Funds to the Statement of Activities - Governmental Activities
For the Fiscal Year Ended December 31, 2024
Net Change in Fund Balances - Total Governmental Funds $ 14,916,925
Amounts reported for governmental activities in the Statement of Activities
are different because:
Governmental funds report capital outlays as expenditures. However, in the
Statement of Activities the cost of those assets is allocated over their estimated
useful lives and reported as depreciation expense.
Capital Outlays 12,069,449
Depreciation Expense (5,100,682)
Disposals - Cost (522,558)
Disposals - Accumulated Depreciation 488,402
Less: Internal Service Funds (990,159)
The net effect of deferred outflows (inflows) of resources related
to the pensions not reported in the funds.
Change in Deferred Items - IMRF (1,907,018)
Change in Deferred Items - Police Pension (4,518,929)
Change in Deferred Items - Firefighters' Pension (5,164,043)
Change in Deferred Items - RBP (1,681,403)
The issuance of long-term debt provides current financial resources to
governmental funds, while the repayment of the principal on long-term
debt consumes the current financial resources of the governmental funds.
Change in Compensated Absences Payable
(168,604)
Change in Net Pension Liability/(Asset) - IMRF
4,035,138
Change in Net Pension Liability - Police Pension
1,005,045
Change in Net Pension Liability - Firefighters' Pension
3,184,271
Change in Total OPEB Liability - RBP
1,811,218
Retirement of Debt
3,170,000
Amortization of Bond Premium
176,866
Amortization of Loss of Refunding
(40,951)
Accreted Interest on Business District Limited Tax Note Payable
319,328
Change in Accrued Interest Payable
10,061
Internal service funds are used by the Village to charge the costs of vehicle and equipment
management and employee compensated absences to individual funds.
The net revenue of certain activities of internal service funds is
reported with governmental activities. 2,515,224
Changes in Net Position of Governmental Activities 23,607,580
The notes to the financial statements are an integral part of this statement.
40
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Statement of Net Position - Proprietary Funds
December 31, 2024
See Following Page
41
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Statement of Net Position - Proprietary Funds
December 31, 2024
Governmental
Business -Type Activities - Enterprise Activities
Water and Internal
Sewer Nonmajor Totals Service
EVO ON R
Current Assets
Cash and Investments
S 19,558,241
401,201 19,959,442
18,122,824
Receivables - Net of Allowances
Accounts - Billed
1,176,130
— 1,176,130
—
Accounts - Unbilled
1,339,459
— 1,339,459
—
Accrued Interest
79,330
Other
1,346
343 1,689
36,706
Due from Other Governments
139
— 139
8,726
Deposits - Insurance
4,131,831
Inventories
184,911
— 184,911
417,314
Prepaids
78,470
— 78,470
—
Total Current Assets
22,338,696
401,544 22,740,240
22,796,731
Noncurrent Assets
Capital Assets
Nondepreciable
30,025,137
— 30,025,137
1,136,614
Depreciable
70,701,632
176,800 70,878,432
18,568,215
Accumulated Depreciation
(25,516,857)
(176,800) (25,693,657)
(11,907,966)
Total Capital Assets
75,209,912
— 75,209,912
7,796,863
Other Assets
Deposits - Insurance
1,454,540
Total Noncurrent Assets
75,209,912
— 75,209,912
9,251,403
Total Assets
97,548,608
401,544 97,950,152
32,048,134
DEFERRED OUTFLOWS OF
RESOURCES
Deferred Items - IMRF 1,113,935 — 1,113,935 —
Deferred Items - RBP 167,946 — 167,946 74,153
Unamortized Asset Retirement Obligation 705,000 — 705,000 —
Total Deferred Outflows of Resources 1,986,881 — 1,986,881 74,153
Total Assets and Deferred
Outflows of Resources 99,535,489 401,544 99,937,033 32,122,287
The notes to the financial statements are an integral part of this statement.
42
Governmental
Business -Type Activities - Enterprise Activities
Water and Internal
Sewer Nonmajor Totals Service
LIABILITIES
Current Liabilities
Accounts Payable
$ 1,579,193
14,535 1,593,728
570,409
Accrued Payroll
145,123
- 145,123
57,007
Retainage Payable
179,180
- 179,180
-
Due to Other Governments
300
Claims Payable
-
375,688
Accrued Interest Payable
70,302
- 70,302
-
Other Payables
5,495
1,540 7,035
477,015
Compensated Absences Payable
64,643
- 64,643
18,828
Total OPEB Liability - RBP
31,934
- 31,934
14,100
General Obligation Bonds Payable
995,000
- 995,000
-
Total Current Liabilities
3,070,870
16,075 3,086,945
1,513,347
Noncurrent Liabilities
Compensated Absences Payable
258,573
- 258,573
75,311
Claims Payable
597,735
Net Pension Liability - IMRF
554,606
- 554,606
-
Total OPEB Liability - RBP
601,615
- 601,615
265,630
Asset Retirement Obligation
750,000
- 750,000
-
General Obligation Bonds Payable
24,936,051
- 24,936,051
-
Total Noncurrent Liabilities
27,100,845
- 27,100,845
938,676
Total Liabilities 30,171,715 16,075 30,187,790 2,452,023
DEFERRED INFLOWS OF
RESOURCES
Deferred Items - IMRF 2,764 - 2,764 -
Deferred Items - RBP 569,080 - 569,080 251,265
Total Deferred Inflows of Resources 571,844 - 571,844 251,265
Total Liabilities and Deferred
Inflows of Resources 30,743,559 16,075 30,759,634 2,703,288
NET POSITION
Net Investment in Capital Assets 49,278,861 - 49,278,861 7,796,863
Unrestricted 19,513,069 385,469 19,898,538 21,622,136
Total Net Position 68,791,930 385,469 69,177,399 29,418,999
The notes to the financial statements are an integral part of this statement.
43
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Statement of Revenues, Expenses and Changes in Net Position - Proprietary Funds
For the Fiscal Year Ended December 31, 2024
Operating Revenues
Charges for Services
Contributions
Miscellaneous
Total Operating Revenues
Operating Expenses
Administration
Insurance and Claims
Depreciation and Amortization
Total Operating Expenses
Operating Income (Loss)
Nonoperating Revenues (Expenses)
Disposal of Capital Assets
Interest Income
Other Income
Property Taxes
Interest Expense
Income (Loss) Before Transfers
Transfers In
Change in Net Position
Net Position - Beginning
Net Position - Ending
Governmental
Business -Type Activities - Enterprise Activities
Water and Internal
Sewer Nonmajor Totals Service
$ 21,569,635 187,410 21,757,045 13,151,216
1,889,745
1,265,679
21,569,635 187,410 21,757,045 16,306,640
14,417,703 255,686 14,673,389 2,860,154
10,865,617
1,188,108 — 1,188,108 1,273,966
15,605,811 255,686 15,861,497 14,999,737
5,963,824 (68,276) 5,895,548 1,306,903
(9,816)
—
(9,816)
21,269
993,188
10,247
1,003,435
1,164,542
1,486,007
—
1,486,007
22,510
(5,397)
—
(5,397)
—
(885,176)
—
(885,176)
—
1,578,806
10,247
1,589,053
1,208,321
7,542,630
(58,029)
7,484,601
2,515,224
5,293,312
175,000
5,468,312
—
12,835,942
116,971
12,952,913
2,515,224
55,955,988
268,498
56,224,486
26,903,775
68,791,930
385,469
69,177,399
29,418,999
The notes to the financial statements are an integral part of this statement.
44
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Statement of Cash Flows - Proprietary Funds
For the Fiscal Year Ended December 31, 2024
Governmental
Business -Type
Activities - Enterprise
Activities
Water and
Internal
Sewer
Nonmajor
Totals
Service
Cash Flows from Operating Activities
Receipts from Customers and Users
$ 22,202,231
187,314
22,389,545
4,293,345
Interfund Services Provided
11,214,166
Payments to Suppliers
(10,721,275)
(252,746)
(10,974,021)
(13,298,425)
Payments to Employees
(2,799,761)
—
(2,799,761)
—
8,681,195
(65,432)
8,615,763
2,209,086
Cash Flows from Noncapital Financing Activities
Property Taxes (5,397) — (5,397) —
Transfers In 5,293,312 175,000 5,468,312 —
5,287,915 175,000 5,462,915 —
Cash Flows from Capital and Related
Financing Activities
Disposal of Capital Assets
Purchase of Capital Assets
Principal Paid on Debt
Interest Paid on Debt
Cash Flows from Investing Activities
Interest Received
Net Change in Cash and Cash Equivalents
Cash and Cash Equivalents - Beginning
Cash and Cash Equivalents - Ending
55,425
(15,716,772)
— (15,716,772) (2,298,279)
(915,000)
— (915,000) —
(885,176)
— (885,176) —
(17,516,948)
— (17,516,948) (2,242,854)
993,188 10,247 1,003,435 1,164, 542
(2,554,650) 119,815 (2,434,835) 1,130,774
22,112,891 281,386 22,394,277 16,992,050
19,55 8,241 401,201 19,959,442 18,122, 824
Reconciliation of Operating Income to Net Cash
Provided (Used) by Operating Activities
Operating Income (Loss)
5,963,824
(68,276) 5,895,548
1,306,903
Adjustments to Reconcile Operating Income
Income to Net Cash Provided by
(Used in) Operating Activities:
Depreciation and Amortization
1,188,108
— 1,188,108
1,273,966
Other Income (Expense)
1,486,007
— 1,486,007
22,510
(Increase) Decrease in Current Assets
632,596
(96) 632,500
(821,639)
Increase (Decrease) in Current Liabilities
(589,340)
2,940 (586,400)
427,346
Net Cash Provided by Operating Activities 8,681,195 (65,432) 8,615,763 2,209,086
The notes to the financial statements are an integral part of this statement.
45
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Statement of Fiduciary Net Position
December 31, 2024
ASSETS
Cash and Cash Equivalents
Investments
Illinois Police Officer's Pension Investment Fund
Illinois Firefighters' Pension Investment Fund
Prepaids
Total Assets
LIABILITIES
Accounts Payable
Due to Other Funds
Total Liabilities
NET POSITION
Net Position Restricted for Pensions
Pension
Tn i ct
$ 1,506,183
96,798,110
84,644,172
25,944
182,974,409
22,352
54,717
` KIWE
182,897,340
The notes to the financial statements are an integral part of this statement.
46
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Statement of Changes in Fiduciary Net Position
For the Fiscal Year Ended December 31, 2024
Pension
Trust
Additions
Contributions - Employer
$ 10,398,605
Contributions - Plan Members
2,015,314
Total Contributions
12,413,919
Investment Income (Loss)
Interest Earned
2,212,742
Net Change in Fair Value
15,041,508
17,254,250
Less Investment Expenses
(169,777)
Net Investment Income
17,084,473
Total Additions 29,498,392
Deductions
Administration 178,613
Benefits and Refunds 15,145,012
Total Deductions 15,323,625
Change in Fiduciary Net Position 14,174,767
Net Position Restricted for Pensions
Beginning 168,722,573
Ending 182,897,340
The notes to the financial statements are an integral part of this statement.
47
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Village of Mount Prospect (Village), Illinois, was incorporated in 1917. The Village operates under the
Council/Manager form of government. The appointed manager administers daily operations with the community
while the elected Village Mayor and six -member Board of Trustees determine Village policy. The Village's major
operations include public works, finance, police, fire, community development, human services and
communications.
The government -wide financial statements are prepared in accordance with generally accepted accounting
principles (GAAP). The Governmental Accounting Standards Board (GASB) is responsible for establishing
GAAP for state and local governments through its pronouncements (Statements and Interpretations). The more
significant of the Village's accounting policies established in GAAP and used by the Village are described below.
REPORTING ENTITY
The Village is a municipal corporation governed by an elected mayor and six -member Board of Trustees. The
accompanying financial statements present the government and its component units, entities for which the
government is considered to be financially accountable. Blended component units are, in substance, part of the
primary government's operations, even though they are legally separate entities. Thus, blended component units
are appropriately presented as funds of the primary government. Each discretely presented component unit is
reported in a separate column in the government -wide financial statements to emphasize that it is both legally and
substantively separate from the government. Management has determined that there are two fiduciary component
units that are required to be included in the financial statements of the Village as pension trust funds and there are
no discretely component units to include in the reporting entity.
Police Pension Employees Retirement System
The Village's sworn police employees participate in the Police Pension Employees Retirement System (PPERS).
PPERS functions for the benefit of these employees and is governed by a five -member pension board. Two
members appointed by the Village's Mayor, one elected pension beneficiary and two elected police employees
constitute the pension board. The participants are required to contribute a percentage of salary as established by
state statute and the Village is obligated to fund all remaining PPERS costs based upon actuarial valuations. The
State of Illinois is authorized to establish benefit levels and the Village is authorized to approve the actuarial
assumptions used in the determination of contribution levels. Although it is legally separate from the Village, the
PPERS is reported as if it were part of the primary government because its sole purpose is to provide retirement
benefits for the Village's police employees. The PPERS is reported as a fiduciary fund, and specifically a pension
trust fund, due to the fiduciary responsibility exercised over the PPERS.
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
REPORTING ENTITY - Continued
Firefighters' Pension Employees Retirement System
The Village's sworn firefighters participate in the Firefighters' Pension Employees Retirement System (FPERS).
FPERS functions for the benefit of these employees and is governed by a five -member pension board, with two
members appointed by the Village's Mayor, two elected from active participants of the Fund, and one elected
pension beneficiary of the Fund. The participants are required to contribute a percentage of salary as established
by state statute and the Village is obligated to fund all remaining FPERS costs based upon actuarial valuations.
The State of Illinois is authorized to establish benefit levels and the Village is authorized to approve the actuarial
assumptions used in the determination of contribution levels. Although it is legally separate from the Village, the
FPERS is reported as if it were part of the primary government because its sole purpose is to provide retirement
benefits for the Village's sworn firefighters. The FPERS is reported as a fiduciary fund, and specifically a pension
trust fund, due to the fiduciary responsibility exercised over the FPERS.
BASIS OF PRESENTATION
Government -Wide Statements
The Village's basic financial statements include both government -wide (reporting the Village as a whole) and
fund financial statements (reporting the Village's major funds). Both the government -wide and fund financial
statements categorize primary activities as either governmental or business -type. The Village's police and fire
safety, highways and street maintenance and reconstruction, building code enforcement, public improvements,
economic development, planning and zoning, and general administrative services are classified as governmental
activities. The Village's waterworks and sewerage, and commuter parking activities are classified as business -
type activities.
In the government -wide Statement of Net Position, both the governmental and business -type activities columns
are: (a) presented on a consolidated basis by column, and (b) reported on a full accrual, economic resource basis,
which recognizes all long-term assets/deferred outflows and receivables as well as long-term debt/deferred
inflows and obligations.
The Village's net position is reported in three parts: net investment in capital assets; restricted; and unrestricted.
The Village utilizes restricted resources to finance qualifying activities.
The government -wide Statement of Activities reports both the gross and net cost of each of the Village's
functions and business -type activities (administration and finance, public safety, public works, development
services, etc.). The functions are supported by administration and finance revenues (property, sales and use taxes,
certain intergovernmental revenues, fines, permits and charges, etc.). The Statement of Activities reduces gross
expenses (including depreciation) by related program revenues, which include 1) charges to customers or
applicants who purchase, use or directly benefit from goods, services or privileges provided by a given function or
segment and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a
particular function or segment.
The net costs (by function or business -type activity) are normally covered by general revenue (property taxes,
intergovernmental revenues, fines, permits and charges, etc.).
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
BASIS OF PRESENTATION - Continued
Government -Wide Statements - Continued
This government -wide focus is more on the sustainability of the Village as an entity and the change in the
Village's net position resulting from the current year's activities.
Fund Financial Statements
The financial transactions of the Village are reported in individual funds in the fund financial statements. Each
fund is accounted for by providing a separate set of self -balancing accounts that comprise its assets/deferred
outflows, liabilities/deferred inflows, fund equity, revenues and expenditures/expenses. Funds are organized into
three major categories: governmental, proprietary, and fiduciary. The emphasis in fund financial statements is on
the major funds in either the governmental or business -type activities categories.
GASB Statement No. 34 sets forth minimum criteria (percentage of the assets/deferred outflows, liabilities/
deferred inflows, revenues or expenditures/expenses of either fund category or the governmental and enterprise
combined) for the determination of major funds. The Village electively added funds, as major funds, which either
had debt outstanding or specific community focus. The nonmajor funds are combined in a column in the fund
financial statements. A fund is considered major if it is a primary operating fund of the Village or meets the
following criteria:
Total assets/deferred outflows, liabilities/deferred inflows, revenues, or expenditures/expenses of that
individual governmental or enterprise fund are at least 10 percent of the corresponding total for all funds
of that category or type; and
Total assets/deferred outflows, liabilities/deferred inflows, revenues, or expenditures/expenses of the
individual governmental or enterprise fund are at least 5 percent of the corresponding total for all
governmental and enterprise funds combined.
The various funds are reported by generic classification within the financial statements. The following fund types
are used by the Village:
Governmental Funds
The focus of the governmental funds' measurement (in the fund statements) is upon determination of financial
position and changes in financial position (sources, uses, and balances of financial resources) rather than upon net
income. The following is a description of the governmental funds of the Village:
General Fund is the general operating fund of the Village. It accounts for all revenues and expenditures of the
Village which are not accounted for in other funds. The General Fund is a major fund.
50
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
BASIS OF PRESENTATION - Continued
Governmental Funds - Continued
Special Revenue Funds are used to account for the proceeds of specific revenue sources that are legally restricted
to expenditures for specified purposes. The Village maintains two major special revenue funds, the Prospect and
Main TIF Fund which is used to account for the resources to acquire property and construct certain improvements
in the Prospect and Main Tax Incremental Financing District; and the Economic Emergency Fund which is used
to account for money set aside by the Village board for unplanned or emergency expenses. Financing is being
provided by incremental property taxes, general obligation bond proceeds, and investment income. The Village
also maintains ten nonmajor special revenue funds.
Debt Service Funds are used to account for the accumulation of funds for the periodic payment of principal and
interest on general long-term debt. The Village maintains one major debt service fund, the Debt Service Fund.
The Debt Service Fund is used to account for the payment of interest and principal on the Village's general long-
term debt obligations for the governmental activities.
Capital Projects Funds are used to account for financial resources to be used for the acquisition or construction of
major capital facilities (other than those financed by business-type/proprietary funds). The Village maintains three
nonmajor capital projects funds.
Proprietary Funds
The focus of proprietary fund measurement is upon determination of operating income, changes in net position,
financial position, and cash flows. The generally accepted accounting principles applicable are those similar to
businesses in the private sector.
Enterprise Funds account for operations for which a fee is charged to external users for goods or services and the
activity (a) is financed with debt that is solely secured by a pledge of the net revenues, (b) has third party
requirements that the cost of providing services, including capital costs, be recovered with fees and charges or (c)
establishes fees and charges based on a pricing policy designed to recover similar costs. The Village maintains
one major enterprise fund, the Water and Sewer, which is used to account for the activities of the water and sewer
operations. The Village operates sewerage lift and relief stations and waste water collection systems and the water
distribution system. The Village maintains two nonmajor enterprise funds.
Internal Service Funds are used to account for the financing of goods or services provided by an activity to other
departments, funds or component units of the Village on a cost -reimbursement basis. The Village maintains four
internal services funds. The Computer Replacement Fund is used to account for the acquisition of Village
computer hardware. Financing is being provided by charges to various Village funds. The Risk Management Fund
is used to account for the servicing and payment of claims for liability, property, casualty coverage, workers'
compensation and medical benefits. Financing is being provided by charges in the various Village funds. The
Vehicle Replacement Fund is used to account for the acquisition and depreciation of Village vehicles. Financing
is being provided by charges to the General, Water and Sewer, Parking System Revenue and Village Parking
Funds. The Vehicle Maintenance Fund is used to account for the maintenance and repair of all Village vehicles.
Financing is being provided by charges to various Village funds.
51
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
BASIS OF PRESENTATION - Continued
Proprietary Funds - Continued
The Village's internal service funds are presented in the proprietary funds financial statements. Because the
principal users of the internal services are the Village's governmental activities, the financial statements of the
internal service funds are consolidated into the governmental column when presented in the government -wide
financial statements. To the extent possible, the cost of these services is reported in the appropriate functional
activity (general government, public safety, highways and streets, etc.).
Fiduciary Funds
Fiduciary funds are used to report assets held in a trustee or custodial capacity for others and therefore are not
available to support Village programs. The reporting focus is on net position and changes in net position and is
reported using accounting principles similar to proprietary funds.
Pension Trust Funds are used to account for assets held in a trustee capacity for pension benefit payments. The
Police Pension Fund accounts for the accumulation of resources to pay retirement and other related benefits for
sworn members of the Village's police force. The Firefighters' Pension Fund accounts for the accumulation of
resources to pay retirement and other related benefits for sworn members of the Village's Fire Department.
The Village's pension trust funds are presented in the fiduciary fund financial statements. Since by definition
these assets are being held for the benefit of a third party (pension participants) and cannot be used to address
activities or obligations of the Village, these funds are not incorporated into the government -wide statements.
1►I I W.T.YII11i NOV I H a, 8 9C11*111 11017:X`:1 GA111 W.Taram"LIN Y le
Measurement focus is a term used to describe "which" transactions are recorded within the various financial
statements. Basis of accounting refers to "when" transactions are recorded regardless of the measurement focus
applied.
Measurement Focus
On the government -wide Statement of Net Position and the Statement of Activities, both governmental and
business -type activities are presented using the economic resources measurement focus as defined below.
In the fund financial statements, the "current financial resources" measurement focus or the "economic resources"
measurement focus is used as appropriate.
All governmental funds utilize a "current financial resources" measurement focus. Only current financial assets/
deferred outflows and liabilities/deferred inflows are generally included on their balance sheets. Their operating
statements present sources and uses of available spendable financial resources during a given period. These funds
use fund balance as their measure of available spendable financial resources at the end of the period.
52
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
MEASUREMENT FOCUS AND BASIS OF ACCOUNTING - Continued
Measurement Focus - Continued
All proprietary and pension trust funds utilize an "economic resources" measurement focus. The accounting
objectives of the "economic resources" measurement focus is the determination of operating income, changes in
net position (or cost recovery), financial position, and cash flows. All assets/deferred outflows, liabilities/deferred
inflows (whether current or noncurrent) associated with their activities are reported.
Basis of Accounting
In the government -wide Statement of Net Position and Statement of Activities, governmental and business -type
activities are presented using the accrual basis of accounting. Under the accrual basis of accounting, revenues are
recognized when earned and expenses are recorded when the liability/deferred inflow is incurred or economic
asset used. Revenues, expenses, gains, losses, assets/deferred outflows, and liabilities/deferred inflows resulting
from exchange and exchange -like transactions are recognized when the exchange takes place.
In the fund financial statements, governmental funds are presented on the modified accrual basis of accounting.
Under this modified accrual basis of accounting, revenues are recognized when "measurable and available."
Measurable means knowing or being able to reasonably estimate the amount. Available means collectible within
the current period or within sixty days after year end. The Village recognizes property taxes when they become
both measurable and available in accordance with GASB Codification Section P70. A sixty-day availability
period is used for revenue recognition for all other governmental fund revenues. Expenditures (including capital
outlay) are recorded when the related fund liability is incurred, except for general obligation bond principal and
interest which are recognized when due.
In applying the susceptible to accrual concept under the modified accrual basis, those revenues susceptible to
accrual are property taxes, sales and use taxes, income taxes, use taxes, telecommunications taxes, local and state
motor fuel taxes, food and beverages taxes, replacement taxes, franchise taxes, utility taxes, hotel/motel taxes,
fines, interest revenue, and charges for services. All other revenues are not susceptible to accrual because
generally they are not measurable until received in cash.
All proprietary funds and pension trust funds utilize the accrual basis of accounting. Under the accrual basis of
accounting, revenues are recognized when earned and expenses are recorded when the liability is incurred or
economic asset used.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and
expenses generally result from providing services and producing and delivering goods in connection with a
proprietary fund's principal ongoing operations. The principal operating revenues of the Village's enterprise funds
and of the Village's internal service funds are charges to customers for sales and services. The Village also
recognizes as operating revenue the portion of tap fees intended to recover the cost of connecting new customers
to the system. Operating expenses for enterprise funds and internal service funds include the cost of sales and
services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this
definition are reported as nonoperating revenues and expenses.
53
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
ASSETS/DEFERRED OUTFLOWS, LIABILITIES/DEFERRED INFLOWS, AND NET POSITION/
FUND BALANCE
Cash and Investments
Cash and cash equivalents on the Statement of Net Position are considered to be cash on hand, demand deposits,
cash with fiscal agent. For the purpose of the proprietary funds "Statement of Cash Flows," cash and cash
equivalents are considered to be cash on hand, demand deposits, cash with fiscal agent, and all highly liquid
investments with an original maturity of three months or less.
Investments are generally reported at fair value. Short-term investments are reported at cost, which approximates
fair value. For investments, the Village categorizes its fair value measurements within the fair value hierarchy
established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to
measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2
inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs.
Interfund Receivables, Payables and Activity
Interfund activity is reported as loans, services provided, reimbursements or transfers. Loans are reported as
interfund receivables and payables as appropriate and are subject to elimination upon consolidation. Services
provided, deemed to be at market or near market rates, are treated as revenues and expenditures/expenses.
Reimbursements are when one fund incurs a cost, charges the appropriate benefiting fund and reduces its related
cost as a reimbursement. All other interfund transactions are treated as transfers. Any residual balances
outstanding between the governmental activities and business -type activities are reported in the government -wide
financial statements as "internal balances."
Receivables
In the government -wide financial statements, receivables consist of all revenues earned at year-end and not yet
received. Allowances for uncollectible accounts receivable are based upon historical trends and the periodic aging
of accounts receivable. Major receivables balances for governmental activities include property taxes, sales and
use taxes, income taxes, utility taxes, and grants. Business -type activities report charges for services as their major
receivables.
Prepaids/Inventories
Prepaids/inventories are valued at cost, which approximates market, using the first-in/first-out (FIFO) method.
The cost of governmental fund -type prepaids/inventories are recorded as expenditures when consumed rather than
when purchased. Certain payments to vendors reflect costs applicable to future accounting periods and are
recorded as prepaids in both the government -wide and fund financial statements.
Deferred Outflows/Inflows of Resources
Deferred outflow/inflow of resources represents a consumption/acquisition of net assets that applies to a future
period and therefore will not be recognized as an outflow of resources (expense)/inflow of resources (revenue)
until that future time.
54
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
ASSETS/DEFERRED OUTFLOWS, LIABILITIES/DEFERRED INFLOWS, AND NET POSITION/
FUND BALANCE - Continued
Capital Assets
Capital assets, which include property, plant, equipment, and infrastructure assets (e.g., roads, bridges, storm
sewers, and similar items), are reported in the applicable governmental or business -type activities columns in the
government -wide financial statements. Capital assets, other than infrastructure, buildings and improvements,
purchased or acquired with an original cost of over $20,000 and infrastructure, buildings and improvements with
an original cost of over $50,000 are reported at historical cost, or estimated historical cost. Additions,
improvements, and other capital outlays that significantly extend the useful life of an asset are capitalized. Other
costs incurred for repairs and maintenance are expensed as incurred.
The accounting and financial reporting treatment applied to a fund is determined by its measurement focus.
General capital assets are long-lived assets of the Village as a whole. Infrastructure such as streets and storm
sewers are capitalized. In the case of the initial capitalization of general infrastructure assets (i.e., those reported
by the governmental activities) the government chose to include all such items regardless of their acquisition date.
The valuation basis for general capital assets is historical cost, or where historical cost is not available, estimated
historical cost based on replacement costs.
Capital assets in the proprietary funds are capitalized in the fund in which they are utilized. The valuation bases
for proprietary fund capital assets are the same as those used for the general capital assets. Donated capital assets
are capitalized at acquisition value on the date donated.
Depreciation on all assets is computed and recorded using the straight-line method of depreciation over the
following estimated useful lives:
Buildings and Improvements 20 - 50 Years
Vehicles 2 - 20 Years
Machinery and Equipment 2 - 20 Years
Infrastructure 15 - 50 Years
Compensated Absences
The Village accrues accumulated unpaid vacation and associated employee -related costs when earned (or
estimated to be earned) by the employee. In accordance with GASB Statement No. 16, no liability is recorded for
nonvesting accumulation rights to receive sick pay benefits. However, a liability is recognized for that portion of
accumulated sick leave that is estimated to be taken as "terminal leave" prior to retirement.
All vacation pay is accrued when incurred in the government -wide and proprietary fund financial statements. A
liability for these amounts is reported in the govermmental funds only if they have matured, for example, as a
result of employee resignations and retirements.
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
ASSETS/DEFERRED OUTFLOWS, LIABILITIES/DEFERRED INFLOWS, AND NET POSITION/
FUND BALANCE - Continued
Long -Term Obligations
In the government -wide financial statements, and proprietary fund types in the fund financial statements, long-
term debt and other long-term obligations are reported as liabilities in the applicable governmental activities,
business -type activities, or proprietary fund type Statement of Net Position. Bond premiums and discounts are
deferred and amortized over the life of the bonds using the effective interest method. Bonds payable are reported
net of the applicable bond premium or discount. Bond issuance costs are reported as expenses at the time of
issuance.
In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as
bond issuance costs, during the current period. The face amount of debt issued is reported as other financing
sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt
issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt
proceeds received, are reported as debt service expenditures.
Net Position
In the government -wide financial statements, equity is classified as net position and displayed in three
components:
Net Investment in Capital Assets - Consists of capital assets, including restricted capital assets, net of
accumulated depreciation, and reduced by the outstanding balances of any bonds, mortgages, notes or
other borrowings that are attributable to the acquisition, construction, or improvement of those assets.
Restricted - Consists of net position with constraints placed on the use either by (1) external groups such
as creditors, grantors, contributors, or laws or regulations of other governments; or (2) law through
constitutional provisions or enabling legislation.
Unrestricted - All other net position balances that do not meet the definition of "restricted" or "net
investment in capital assets."
Use of Estimates
The preparation of financial statements in conforinity with GAAP requires management to make estimates and
assumption that affect the reported amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of revenues and expenditures/expenses
during the reporting period. Actual results could differ from those estimates.
56
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 2 - STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY
BUDGETARY INFORMATION
All departments of the Village submit requests for appropriations to the Village Manager so that a budget may be
prepared. The budget is prepared by fund and includes information on the past year, current year estimates and
requested appropriations for the next fiscal year. Budgets are adopted on a basis consistent with generally
accepted accounting principles. Annual appropriated budgets are adopted for the General, Special Revenue, Debt
Service, Capital Projects, Enterprise, Internal Service and Pension Trust Funds. All annual appropriations lapse at
fiscal year end.
The proposed budget is presented to the governing body for review. The governing body holds public hearings
and may add to, subtract from, or change appropriations, but may not change the form of the budget.
The Village Manager is authorized to transfer budgeted amounts between departments within any fund; however,
any revisions that alter the total expenditures of any fund must be approved by the governing body. Expenditures
may not legally exceed budgeted appropriations at the fund level. During the year, budget amendments were
approved by the Village Board. The final budget figures included in this report reflect all budget amendments
made during the year.
NOTE 3 - DETAIL NOTES ON ALL FUNDS
DEPOSITS AND INVESTMENTS
The Village maintains a cash and investment pool that is available for use by all funds except the pension trust
funds. Each fund type's portion of this pool is displayed on the financial statements as "cash and investments." In
addition, investments are separately held by several of the Village's funds. The deposits and investments of the
pension trust funds are held separately from those of other funds.
Permitted Deposits and Investments - Illinois Statutes authorizes the Village to make deposits/invest in
commercial banks, savings and loan institutions, obligations of the U.S. Treasury and U.S. Agencies, obligations
of States and their political subdivisions, credit union shares, repurchase agreements, commercial paper rated
within the three highest classifications by at least two standard rating services, Illinois Funds and the Illinois
Public Reserves Investment Management Trust.
The Illinois Funds is an investment pool managed by the Illinois Public Treasurer's Office which allows
governments within the State to pool their funds for investment purposes. Illinois Funds is not registered with the
SEC as an investment company. Investments in Illinois Funds are valued at the share price, the price for which the
investment could be sold.
57
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
DEPOSITS AND INVESTMENTS - Continued
The Illinois Public Reserves Investment Management Trust (IPRIME) is an investment opportunity and cash
management service for Illinois Municipal Treasurers acting on behalf of counties, townships, cities, towns,
villages, special road districts, public water supply districts, fire protection districts, drainage districts, levee
districts, sewer districts, housing authorities, and all other political corporations or subdivisions of the State of
Illinois. Participation in IPRIME is voluntary. IPRIME is not registered with the SEC as an Investment Company.
Investments in IPRIME are valued at the share price, the price for which the investment could be sold.
Village
Deposits. At year-end, the carrying amount of the Village's deposits for governmental and business -type totaled
$33,111,111 and the bank balances totaled $37,532,015. In addition, the Village has $57,223,372 invested in
IPRIME and $42,141,345 invested in the Illinois Funds at year-end, which have an average maturity of less than
one year.
Interest Rate Risk. Interest rate risk is the risk that changes in interest rates will adversely affect the fair value of
an investment. In accordance with its investment policy, the Village limits its exposure to interest rate risk by
structuring the portfolio to provide liquidity for short and long-term cash flow needs while providing a reasonable
rate of return based on the current market. Unless matched to a specific cash flow, maturities should not exceed
two years from the date of purchase.
Credit Risk. Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its
obligations. The Village limits its exposure to credit risk by permitting investments in only those securities
allowed under law and by specifically prohibiting investments in leveraged or derivative securities. The Illinois
Funds were rated AAA by Fitch, IMET investments were rated AAAf by Standard & Poor's and the IPRIME
investments were rated AAAm by Standard & Poor's.
Custodial Credit Risk. In the case of deposits, this is the risk that in the event of a bank failure, the Village's
deposits may not be returned to it. The Village's investment policy requires pledging of collateral for all bank
balances in excess of federal depository insurance, at an amount not less than 105% of the fair market value of the
funds secured, with the collateral witnessed by a written collateral agreement and held by an independent third
party in the Village's name. At year-end, the entire amount of the bank balance of deposits was covered by
collateral, federal depository or equivalent insurance.
For an investment, this is the risk that in the event of the failure of the counterparty, the Village will not be able to
recover the value of its investments or collateral securities that are in the possession of an outside party. To limit
its exposure, the Village's investment policy requires all security transactions that are exposed to custodial credit
risk to be processed on a delivery versus payment (DVP) basis with the underlying investments held by an
independent third -party custodian and evidenced by safekeeping receipts and a written custodial agreement. The
Illinois Funds, and money market mutual funds are not subject to custodial credit risk.
58
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
DEPOSITS AND INVESTMENTS - Continued
Village - Continued
Concentration Risk. This is the risk of loss attributed to the magnitude of the Village's investment in a single
issuer. The Village's investment policy requires diversification of investment to avoid unreasonable risk. The
Village's investment policy states the Village's portfolio shall be diversified in order to limit the investment
holdings of a specific issuer or business sector to avoid over concentration in any one institution or area excluding
investments in U.S. Treasury securities and authorized investment pools. At year-end, the Village does not have
any investments over 5 percent of the cash and investment portfolio (other than investments issued or explicitly
guaranteed by the U.S. government and investments in mutual funds, external investment pools, and other pooled
investments).
Police Pension Fund
The Illinois Police Officers Pension Investment Fund (IPOPIF) is an investment trust fund responsible for the
consolidation and fiduciary management of the pension assets of Illinois suburban and downstate police pension
funds. IPOPIF was created by Public Act 101-0610, and codified within the Illinois Pension Code, becoming
effective January 1, 2020, to streamline investments and eliminate unnecessary and redundant administrative
costs, thereby ensuring assets are available to fund pension benefits for the beneficiaries of the participating
pension funds. Participation in IPOPIF by Illinois suburban and downstate police pension funds is mandatory.
Investments of the Fund are combined in a commingled external investment pool and held by IPOPIF. A schedule
of investment expenses is included in IPOPIF`s annual comprehensive financial report. For additional information
on IPOPIF's investments, please refer to their annual comprehensive financial report, which can be obtained from
IFPIF at 456 Fulton Street, Suite 402 Peoria, Illinois 61602 or at www.ipopi£org.
Deposits. The Fund retains all its available cash with one financial institution. Available cash is determined to be
that amount which is required for the current expenditures of the Fund. The excess of available cash is required to
be transferred to IPOPIF for purposes of the long-term investment for the Fund. At year-end, the carrying amount
of the Fund's cash on hand totaled $806,618 and the bank balances totaled $810,01 S.
Custodial Credit Risk. In the case of deposits, this is the risk that in the event of a. bank failure, the Fund's
deposits may not be returned to it. The Fund's investment policy does not address custodial credit risk for
deposits. At year-end, the entire carrying amount of the bank balance of deposits is covered by federal depository
or equivalent insurance.
For investments, the Fund's investment policy limits its exposure by requiring all security transactions that are
exposed to custodial credit risk to be processed on a delivery versus payment (DVP) basis with the underlying
investments held by a third party custodian, in the name of the respective Fund, and evidences by safekeeping
receipts.
Investments. At year-end the Fund has $96,798,110 invested in IPOPIF. The pooled investments consist of the
investments as noted in the target allocation table available at www.ipopif�org. Investments in IPOPIF are valued
at TPOPTF's share price, which is the price the investment could be sold. There are no unfunded commitments at
year-end. The fund may redeem shares with a seven calendar day notice. IPOPIF may, at its sole discretion and
based on circumstances, process redemption requests with fewer than a seven calendar day notice. Regular
redemptions of the same amount on a particular day of the month may be arranged with IPOPIF.
59
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
DEPOSITS AND INVESTMENTS - Continued
Police Pension Fund - Continued
Investment Policy. IPOPIF's current investment policy was adopted by the Board of Trustees on December 17,
2021. IPOPTF is authorized to invest in all investments allowed by Illinois Compiled Statutes (TLCS). The IPOPIF
shall not be subject to any of the limitations applicable to investments of pension fund assets currently held by the
transferor pension funds under Sections 1-113.1 through 1-113.12 or Article 3 of the Illinois Pension Code.
Rate of Return
For the year ended December 31, 2024, the annual money -weighted rate of return on pension plan investments,
net of pension plan investment expense, was 9.59%. The money -weighted rate of return expresses investment
performance, net of investment expense, adjusted for the changing amounts actually invested.
Firefighters' Pension Fund
The Illinois Firefighters' Pension Investment Fund (IFPIF) is an investment trust fund responsible for the
consolidation and fiduciary management of the pension assets of Illinois suburban and downstate firefighter
pension funds. IFPIF was created by Public Act 101-0610, and codified within the Illinois Pension Code,
becoming effective January 1, 2020, to streamline investments and eliminate unnecessary and redundant
administrative costs, thereby ensuring assets are available to fund pension benefits for the beneficiaries of the
participating pension funds. Participation in IFPIF by Illinois suburban and downstate firefighter pension funds is
mandatory. Investments of the Fund are combined in a commingled external investment pool and held by IFPIF.
A schedule of investment expenses is included in IFPIF's annual report. For additional information on IFPIF's
investments, please refer to their annual comprehensive financial report, which can be obtained from IFPIF at
1919 South Highland Avenue, Building A, Suite 237, Lombard, IL 60148 or at www.ifpi£org.
Deposits. The Fund retains all its available cash with two financial institutions. Available cash is determined to be
that amount which is required for the current expenditures of the Fund. The excess of available cash is required to
be transferred to IFPIF for purposes of the long-term investment for the Fund. At year-end, the carrying amount of
the Fund's cash on hand totaled $699,565 and the bank balances totaled $699,565.
Custodial Credit Risk. In the case of deposits, this is the risk that in the event of a bank failure, the Fund's
deposits may not be returned to it. The Fund's investment policy requires pledging of collateral for all bank
balances in excess of federal depository insurance, at an amount not less than 110% of the fair market value of the
funds secured, with the collateral held by an independent third parry or the Federal Reserve Bank, and evidenced
by safekeeping receipts. At year-end, the entire carrying amount of the bank balance of deposits is covered by
federal depository or equivalent insurance.
For investments, the Fund will not be able to recover the value of its investments that are in possession of an
outside party. To limit its exposure, the Fund's investment policy requires all security transactions that are
exposed to custodial credit risk to be processed on a delivery versus payment (DVP) basis with the underlying
investments held by a third -party custodian and evidenced by safekeeping receipts.
60
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
DEPOSITS AND INVESTMENTS - Continued
Firefighters' Pension Fund - Continued
Investments. At year-end the Fund has $84,644,172 invested in IFPIF. The pooled investments consist of the
investments as noted in the target allocation table available at www.ifpif.org. Investments in IFPIF are valued at
IFPIF's share price, which is the price the investment could be sold. There are no unfunded commitments at year-
end. The plan may redeem shares by giving notice by 5:00 pm central time on the 1st of each month. Requests
properly submitted on or before the Ist of each month will be processed for redemption by the 14th of the month.
Expedited redemptions may be processed at the sole discretion of IFPIF.
Investment Policy. IFPIF's current investment policy was adopted by the Board of Trustees on June 17, 2022.
IFPIF is authorized to invest in all investments allowed by Illinois Compiled Statutes (ILLS). The IFPIF shall not
be subject to any of the limitations applicable to investments of pension fund assets currently held by the
transferor pension funds under Sections 1-113.1 through 1-113.12 or Article 4 of the Illinois Pension Code.
Rate of Return
For the year ended December 31, 2024, the annual money -weighted rate of return on pension plan investments,
net of pension plan investment expense, was 10.92%. The money -weighted rate of return expresses investment
performance, net of investment expense, adjusted for the changing amounts actually invested.
PROPERTY TAXES
Property taxes for 2023 attach as an enforceable lien on January 1, on property values assessed as of the same
date. Taxes are levied by December of the subsequent fiscal year (by passage of a Tax Levy Ordinance). Tax bills
are prepared by Cook County and are payable in two installments, on or about March 1 and September 1 during
the following year. The County collects such taxes and remits them periodically.
61
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
CAPITAL ASSETS
Governmental Activities
Governmental capital asset activity for the year was as follows:
Beginning Ending
Balances Increases Decreases Balances
Nondepreciable Capital Assets
Land $ 15,942,776 769,203 — 16,711,979
Construction in Progress 5,200,705 2,748,595 3,156,922 4,792,378
21,143,481 3,517,798 3,156,922 21,504,357
Depreciable Capital Assets
Buildings
73,957,433
3,515,609
— 77,473,042
Improvements Other than Buildings
1,516,920
1,516,920
Vehicles
13,460,535
1,546,651
522,558 14,484,628
Machinery and Equipment
6,855,333
432,389
— 7,287,722
Infrastructure
116,776,027
6,213,924
— 122,989,951
212,566,248
11,708,573
522,558 223,752,263
Less Accumulated Depreciation
Buildings
14,380,407
1,507,193
— 15,887,600
Improvements Other than Buildings
556,657
42,997
— 599,654
Vehicles
9,225,935
982,753
488,402 9,720,286
Machinery and Equipment
3,054,695
510,773
— 3,565,468
Infrastructure
82,128,054
2,056,966
— 84,185,020
109,345,748
5,100,682
488,402 113,958,028
Total Net Depreciable Capital Assets 103,220,500 6,607,891 34,156 109,794,235
Total Net Capital Assets 124,363,981 10,125,689 3,191,078 131,298,592
62
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
CAPITAL ASSETS - Continued
Governmental Activities - Continued
Depreciation expense was charged to governmental activities as follows:
General Government
$ 564,301
Public Safety
1,072,585
Highways and Streets
2,176,489
Health
2,349
Welfare
3,752
Culture and Recreation
7,240
Internal Service
1,273,966
Business -Type Activities
Business -type capital asset activity for the year was as follows:
Nondepreciable Capital Assets
Land
Construction in Progress
Depreciable Capital Assets
Building and Improvements
Machinery and Equipment
Infrastructure
Less Accumulated Depreciation
Building and Improvements
Machinery and Equipment
Infrastructure
Total Other Capital Assets
Total Capital Assets
5,100,682
Beginning Ending
Balances Increases Decreases Balances
$ 17,318,818 17,318,818
1,229,427 11,545,346 68,454 12,706,319
18,548,245 11,545,346 68,454 30,025,137
4,311,808
4,311,808
4,860,968
4,860,968
57,769,756 4,239,880
303,980 61,705,656
66,942,532 4,239,880
303,980 70,878,432
3,131,098
50,352
3,181,450
3,889,396
53,539
3,942,935
17,688,915
1,174,521
294,164 18,569,272
24,709,409
1,278,412
294,164 25,693,657
42,233,123 2,961,468 9,816 45,184,775
60,781,368 14,506,814 78,270 75,209,912
63
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
CAPITAL ASSETS - Continued
Business -Type Activities - Continued
Depreciation expense was charged to business -type activities as follows:
Water and Sewer
INTERFUND TRANSFERS
lnterfund transfers for the year consisted of the following:
$ 1,278,412
Transfer In
Transfer Out
Amount
Economic Emergency
General
6,500,000
(3)
Debt Service
General
$ 2,171,000
(1)
Nonrajor Governmental
General
2,000,000
(2)
Capital Improvements
General
3,383,000
(4)
Water and Sewer
General
5,293,312
(5)
Nonmajor Business -Type
General
175,000
(6)
19,522,312
The purpose of significant transfers from/to between funds are as follows:
• $2,171,000 transferred from the General Fund to the Debt Service Fund to support debt service
requirements.
• $2,000,000 transferred from the General Fund to the Pension Stabilization Fund to provide an alternative
revenue source supporting the annual pension costs generally funded from the annual property tax levy
• $6,500,000 transferred to the Economic Emergency Fund from the General Fund to fund the savings of
two months of expenses in case of economic downturn.
• $3,383,000 transferred from the General Fund to the Capital Improvement Fund ($2,018,000) to fund to
support small to midsize capital projects for the Village, to the Street Improvement Fund ($1,100,000) to
replace vehicle sticker revenues and general support for the street resurfacing program, and to the Flood
Control Fund ($265,000) to support various flood control projects.
• $5,293,312 transferred to the Water and Sewer Fund from the General Fund to fund the Northwest Water
interconnect project.
• $175,000 transferred from the General Fund to the Village Parking System Fund to support parking
related projects and expenses.
64
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
INTERFUND BALANCES
Interfund balances are advances in anticipation of receipts. The composition of interfund balances as of the date of
this report, is as follows:
Receivable Fund Payable Fund Amount
General Police Pension $ 27,005
General Fire Pension 27,712
54,717
INTERGOVERNMENTAL RECEIVABLES
The following receivables are included in due from other governments on the Statement of Net Position:
Governmental Business -Type
Activities Activities Totals
Mount Prospect Public Library $ 8,844 8,844
Grants 2,098,824 — 2,098,824
Miscellaneous 362,953 139 363,092
2,470,621 139 2,470,760
LONG-TERM DEBT
General Obligation Bonds
The Village issues general obligation bonds to provide funds for the acquisition and construction of major capital
facilities. General obligation bonds have been issued for governmental and business -type activities. General
obligation bonds are direct obligations and pledge the full faith and credit of the Village. General obligation bonds
currently outstanding are as follows:
Fund Debt Beginning Ending
Issue Retired by Balances Issuances Retirements Balances
$9,100,000 General Obligation
Refunding Bonds of 2016A, due in
annual installments of $120,000 to
$1,905,000 plus interest at 3.00% Debt
through December 1, 2028. Service $ 8,345,000 — 1,060,000 7,285,000
65
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
LONG-TERM DEBT - Continued
General Obligation Bonds - Continued
Fund Debt Beginning Ending
Issue Retired by Balances Issuances Retirements Balances
$9,740,000 General Obligation Bonds
of 2017, due in annual installments of Prospect and
$125,000 to $460,000 plus interest at
Main TIF
4,350,000
— 185,000
4,165,000
2.50% to 4.00% through December 1,
Water and
2037.
Sewer
4,050,000
— 190,000
3,860,000
$11,950,000 General Obligation
Prospect and
Bonds of 2018A, due in annual
Main TIF
6,450,000
— 250,000
6,200,000
installments of $115,000 to $700,000
plus interest at 3.25% to 5.00%
Water and
through December 1, 2037.
Sewer
4,025,000
— 175,000
3,850,000
$38,440,000 General Obligation
Bonds of 2018B, due in annual
installments of $155,000 to
$3,110,000 plus interest at 3.625% to Debt
5.000% through December 1, 2043. Service 37,225,000
$9,600,000 General Obligation Bonds
of 2019A, due in annual installments
of $60,000 to $800,000 plus interest at
2.00% to 5.00% through December 1, Water and
2039. Sewer 8,745,000
770,000 36,455,000
315,000 8,430,000
66
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
LONG-TERM DEBT - Continued
General Obligation Bonds - Continued
Fund Debt Beginning Ending
Issue Retired by Balances Issuances Retirements Balances
$7,725,000 General Obligation Bonds
of 2019B, due in annual installments
of $210,000 to $740,000 plus interest
at 3.00% to 5.00% through December Prospect and
1, 2039. Main TIF $ 7,515,000
$8,935,000 General Obligation Bonds
of 2022A, due in annual installments
of $215,000 to $735,000 plus interest
at 3.00% to 5.00% through December Water and
1, 2041. Sewer 8,470,000
$8,230,000 General Obligation
Refunding Bonds of 2022B, due in
annual installments of $650,000 to
$855,000 plus interest at 2.80% Debt
through December 1, 2033. Service 7,580,000
Limited Tax Note Payable
235,000 7,280,000
235,000 8,235,000
— 670,000 6,910,000
96,755,000 — 4,085,000 92,670,000
The Village has issued a note payable (direct borrowing) related to a developer agreement. The limited tax note
payable has been issued for the governmental activities and is a limited obligation of the Village, payable solely
from certain tax revenues as set forth in the developer agreement. The developer agreement term will expire upon
the earlier to occur of (a) the expiration of the term of any bonds issued by the Village which yield developer
proceeds equal to the maximum reimbursement amount, (b) the date which all obligations under this agreement
have been discharged, including, but not limited to, payments on any bonds issued by the Village and on the note
payable, or (c) 35 years following the issuance of the note payable. After a final accounting is completed and any
remaining amounts are paid to the developer, the note payable shall be marked "cancelled" and returned to the
Village. Notes payable currently outstanding are as follows:
Fund Debt Beginning Issuances/ Ending
Issue Retired by Balances Accretion Retirements Balances
$25,000,000 Business District Limited
Tax Note Payable of 2010, due in
semiannual installments plus interest
at 6.710% contingent upon sufficient Business
pledged revenues. District $ 38,290,593 2,441,853 2,319,352 38,413,094
67
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
LONG-TERM DEBT - Continued
Asset Retirement Obligation
The Village has recognized an asset retirement obligation (ARO) and related deferred outflow of resources in
connection with its obligation to seal and abandon various water wells at the end of their estimated useful lives in
accordance with the Illinois Administrative Code Title 77. The ARO was measured using actual historical costs
for similar abandonments, adjusted for inflation through the end of the year. The estimated remaining useful lives
of the water wells are 97 years.
Long -Term Liabilities Activity
Changes in long-term liabilities during the fiscal year were as follows:
Amounts
Beginning Additions/ Ending within
Type of Debt Balances Accretion Deductions Balances One Year
Governmental Activities
Compensated Absences
General
Internal Services
Claims Payable
Net Pension Liability
IMRF
Police Pension
Firefighters' Pension
Total OPEB Liability - RBP
General
Internal Services
General Obligation Bonds
Unamortized Premium
Business District Limited Tax
Note Payable
Business -Type Activities
Compensated Absences
Net Pension Liability - IMRF
Total OPEB Liability - RBP
Asset Retirement Obligation
General Obligation Bonds
Unamortized Premium
$ 4,501,325
337,208 168,604
4,669,929 1,104,927
103,246
9,107 18,214
94,139 18,828
579,657
988,194 594,428
973,423 375,688
6,976,262
- 4,035,138
2,941,124 -
66,964,259
- 1,005,045
65,959,214 -
54,251,038
- 3,184,271
51,066,767 -
9,924,599
- 1,811,218
8,113,381
408,955
371,284
- 91,554
279,730
14,100
71,465,000
- 3,170,000
68,295,000
3,320,000
1,938,031
- 176,866
1,761,165
176,866
38,290,593
2,441,853 2,319,352
38,413,094
1,698,703
255,365,294
3,776,362 16,574,690
242,566,966
7,118,067
286,142
74,148 37,074
323,216 64,643
1,309,958
- 755,352
554,606 -
839,540
- 205,991
633,549 31,934
750,000
- -
750,000 -
25,290,000
- 915,000
24,375,000 995,000
1,653,855
97,804
1,556,051 -
30,129,495 74,148 2,011,221 28,192,422 1,091,577
68
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
LONG-TERM DEBT - Continued
Long -Term Liabilities Activity - Continued
For the governmental activities, payments on the compensated absences, the net pension liabilities, and the total
OPEB liability are made by the General Fund. Payments on general obligation bonds are being liquidated by the
Debt Service Fund and the Prospect and Main TIF Fund, and the Business District Limited Tax Note Payable is
being liquidated by the Business District Fund. Claims payable are being liquidated by the Risk Management
Fund. Internal service funds predominantly serve the governmental funds. Accordingly, long-term liabilities for
them are included as part of the above totals for governmental activities.
Additionally, for business -type activities, compensated absences are liquidated by the Water and Sewer Fund. The
net pension liability, the total OPEB liability, the asset retirement obligation, and the general obligation bonds are
being liquidated by the Water and Sewer Fund.
Debt Service Requirements to Maturity
The annual debt service requirements to maturity, including principal and interest, are as follows:
Governmental Activities
General Obligation
Fiscal Bonds
Business -Type Activities
General Obligation
Bonds
Year Principal Interest Principal Interest
2025 $
3,320,000
2,549,116
995,000
843,632
2026
3,480,000
2,434,986
1,085,000
795,932
2027
3,630,000
2,316,796
1,165,000
746,082
2028
3,800,000
2,197,422
1,255,000
699,882
2029
3,460,000
2,075,168
1,340,000
649,700
2030
3,750,000
1,932,872
1,435,000
595,750
2031
3,945,000
1,781,566
1,535,000
542,494
2032
4,150,000
1,622,362
1,625,000
484,306
2033
4,370,000
1,454,808
1,725,000
431,732
2034
3,715,000
1,280,170
1,825,000
377,920
2035
3,900,000
1,151,550
1,930,000
320,988
2036
4,090,000
1,014,519
2,030,000
261,244
2037
4,285,000
870,125
2,140,000
197,912
2038
3,260,000
718,400
1,390,000
130,650
2039
3,400,000
598,200
1,465,000
88,000
2040
2,765,000
469,600
700,000
43,050
2041
2,875,000
359,000
735,000
22,050
2042
2,990,000
244,000
—
—
2043
3,110,000
124,400
—
—
2044
—
—
Totals 68,295,000 25,195,060 24,375,000 7,231,324
69
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
LONG-TERM DEBT - Continued
Legal Debt Margin
Article VII, Section 6(k) of the 1970 Illinois Constitution governs the computation of legal debt margin.
"The General Assembly may limit by law the amount and require referendum approval of debt to the incurred by
home rule municipalities, payable from ad valorem property tax receipts, only in excess of the following
percentages of the assessed value of its taxable property ... (2) if its population is more than 25,000 and less than
500,000 an aggregate of one percent: indebtedness which is outstanding on the effective date (July 1, 1971) of this
constitution or which is thereafter approved by referendum... shall not be included in the foregoing percentage
amounts."
To date the Illinois General Assembly has set no limits for home rule municipalities. The Village is a home rule
municipality.
NET POSITION CLASSIFICATIONS
Net investment in capital assets was comprised of the following as of December 31, 2024:
Governmental Activities
Capital Assets - Net of Accumulated Depreciation $ 131,298,592
Plus:
Unamortized Refunding Loss
Less Capital Related Debt:
General Obligation Refunding Bonds of 2016A
General Obligation Bonds of 2017
General Obligation Bonds of 2018A
General Obligation Bonds of 2018B
General Obligation Bonds of 2019B
General Obligation Refunding Bonds of 2022B
Premium on Debt Issuance
Net Investment in Capital Assets
230,194
(7,285,000)
(4,165,000)
(6,200,000)
(36,455,000)
(7,280,000)
(6,910,000)
(1,761,165)
61,472,621
70
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
NET POSITION CLASSIFICATIONS - Continued
Business -Type Activities
Capital Assets - Net of Accumulated Depreciation $ 75,209,912
Less Capital Related Debt:
General Obligation Bonds of 2017 (3,860,000)
General Obligation Bonds of 2018A (3,850,000)
General Obligation Bonds of 2019A (8,430,000)
General Obligation Bonds of 2022A (8,235,000)
Premium on Debt Issuance (1,556,051)
Net Investment in Capital Assets 49,278,861
FUND BALANCE CLASSIFICATIONS
In the governmental funds financial statements, the Village considers restricted amounts to have been spent when
an expenditure is incurred for purposes for which both restricted and unrestricted fund balance is available. The
Village first utilizes committed, then assigned and then unassigned fund balance when an expenditure is incurred
for purposes for which all three unrestricted fund balances are available.
Nonspendable Fund Balance. Consists of resources that cannot be spent because they are either: a) not in a
spendable form; or b) legally or contractually required to be maintained intact.
Restricted Fund Balance. Consists of resources that are restricted to specific purposes, that is, when constraints
placed on the use of resources are either: a) externally imposed by creditors (such as through debt covenants),
grantors, contributors, or laws or regulations of other governments; or b) imposed by law through constitutional
provisions or enabling legislation.
Committed Fund Balance. Consists of resources constrained (issuance of an ordinance) to specific purposes by the
government itself, using its highest level of decision -making authority, the Board of Trustees; to be reported as
committed, amounts cannot be used for any other purpose unless the government takes the same highest -level
action to remove or change the constraint.
Assigned Fund Balance. Consists of amounts that are constrained by the Board of Trustees's intent to be used for
specific purposes but are neither restricted nor committed. Intent is expressed by a) the Board of Trustees itself or
b) a body or official to which the Board of Trustees has delegated the authority to assign amounts to be used for
specific purposes. The Village's highest level of decision -making authority is the Board of Trustees, who is
authorized to assign amounts to a specific purpose.
Unassigned Fund Balance. Consists of residual net resources of a fund that has not been restricted, committed, or
assigned within the General Fund and deficit fund balances of other governmental funds.
71
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
FUND BALANCE CLASSIFICATIONS - Continued
Minimum Fund Balance Policy. The Village's policy manual states that the General Fund should maintain an
unrestricted fund balance level between 30% to 50% of the subsequent fiscal year's expenditures, the special
revenue funds (except the CDBG Fund) should maintain a fund balance level between 10% and 25% of the annual
budgeted expenditures, not including capital, debt service and transfers, the Debt Service Fund should maintain a
fund balance level at a maximum of the amount of the next principal and interest payment due, and the Capital
Projects Fund should maintain a fund balance level between 25% and 50% of the five-year average for capital
expenditures supported by the fund to a maximum of $1 million.
The following is a schedule of fund balance classifications for the governmental funds as of the date of this report:
Special
Revenue
Prospect
and Main Economic Debt
General TIF Emergency Service Nonmajor Totals
Fund Balances
Nonspendable
Inventories $ 535 535
Prepaids 350,091 112,763 462,854
350,626 112,763 463,389
Restricted
Public Safety
Police
665,517
665,517
Fire
572,458
572,458
Highways and Streets
— 3,906,514 — — 3,997,697
7,904,211
Pension Stabilization
— — 13,691,634 — 3,536,070
17,227,704
Debt Service
— — — 1,471,966 —
1,471,966
— 3,906,514 13,691,634 1,471,966 8,771,742
27,841,856
Committed
Refuse Disposal 1,790,243 1,790,243
Assigned
Debt Service
3,277,677
3,277,677
TIF Redevelopment
3,700,000
3,700,000
Pension Stabilization
2,000,000 —
2,000,000
Capital Projects
—
19,686,657 19,686,657
8,977,677
19,686,657 28,664,334
Unassigned 46,348,799 46,348,799
Total Fund Balances 55,677,102 3,906,514 13,691,634 1,471,966 30,361,405 105,108,621
72
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
LEASES RECEIVABLE
The Village is a lessor on the following leases at year end:
Start
End
Interest
Lease Date Date Payments Rate
T-Mobile Cell Tower October 16, 2000 October 16, 2029 $25,200 per year 3.35%
During the fiscal year, the Village has recognized $20,679 of lease revenue.
The future minimum lease assets and the net present value of these minimum lease receipts as of year-end, are as
follows:
Fiscal
Year Principal Interest
2025
2026
2027
2028
2029
NOTE 4 - OTHER INFORMATION
RISK MANAGEMENT
21,372
3,828
22,088
3,112
22,828
2,372
23,593
1,607
24,385
817
114,266 11,736
The Village is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors
and omissions; natural disasters; and injuries to the Village's employees. These risks, along with medical claims
for employees and retirees, are provided for through the Village's participation in the Intergovernmental Risk
Management Agency (IRMA) and the Intergovernmental Personnel Benefit Cooperative (IPBC). There have been
no significant reductions in coverage from the prior year and settled claims have not exceeded coverage for any of
the past three years.
Intergovernmental Risk Management Agency (IRMA)
The Village participates in the Intergovernmental Risk Management Agency (IRMA). IRMA is an organization of
municipalities and special districts in Northeastern Illinois which have formed an association under the Illinois
Intergovernmental Cooperations Statute to pool its risk management needs. The agency administers a mix of self-
insurance and commercial insurance coverages; property/casualty and workers' compensation claim
administration/]itigation management services; unemployment claim administration; extensive risk management/
loss control consulting and training programs; and a risk information system and financial reporting service for its
members.
73
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 4 - OTHER INFORMATION - Continued
RISK MANAGEMENT - Continued
Intergovernmental Risk Management Agency (IRMA) - Continued
Each member appoints one delegate, along with an alternate delegate, to represent the member on the Board of
Directors. The Village does not exercise any control over the activities of the Agency beyond its representation on
the Board of Directors.
Initial contributions are determined each year based on the individual member's eligible revenue as defined in the
by-laws of IRMA and experience modification factors based on past member loss experience. Each member
assumes the first $10,000 (higher optional deductibles available) of each occurrence, and IRMA has self-
insurance retentions at various amounts above that level. Members have a contractual obligation to fund any
deficit of IRMA attributable to a membership year during which they were a member. Supplemental contributions
may be required to fund these deficits. The Village's payments to IRMA are displayed on the financial statements
as expenditures/expenses in the appropriate funds. The coverages provided by IRMA are generally consistent with
the coverages in the prior year.
The Village has chosen an optional higher deductible of $50,000. A related reserve deposit of $1,454,540 is being
held at IRMA at December 31, 2024.
The Village's insurance activities are reported in the Risk Management Fund which is an internal service fund.
Premiums are paid into the Risk Management Fund by the departments of the General Fund and other funds based
upon historical cost estimates.
The total claims liability remaining as of December 31, 2024 was $973,423.
Changes in the balances of claims liabilities during the fiscal year are as follows:
Workers' General
Compensation Liability Totals
Claims Payable - December 31, 2022 $
397,619
144,089
541,708
Incurred Claims
478,717
(28,798)
449,919
Claims Paid
(355,997)
(55,973)
(411,970)
Claims Payable - December 31, 2023
520,339
59,318
579,657
Incurred Claims
956,100
32,094
988,194
Claims Paid
(538,218)
(56,210)
(594,428)
Claims Payable - December 31, 2024 938,221 35,202 973,423
74
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 4 - OTHER INFORMATION - Continued
RISK MANAGEMENT - Continued
Intergovernmental Personnel Benefit Cooperative (IPBC)
Risks for medical and death benefits for employees and retirees are provided for through the Village's
participation in the Intergovernmental Personnel Benefit Cooperative (IPBC). IPBC acts as an administrative
agency to receive, process and pay such claims as may come within the benefit program of each member. IPBC
maintains specific reinsurance coverage for claims in excess of $75,000 per individual employee participant. The
Village pays premiums to IPBC based upon current employee participation and its prior experience factor with the
pool. Current year overages or underages for participation in the pool are adjusted into subsequent years
experience factor for premiums. There were no significant changes in insurance coverages from the prior year and
settlements did not exceed insurance coverage in any of the past three fiscal years.
A reserve deposit of $4,131,831 is being held at IPBC at December 31, 2024.
CONTINGENT LIABILITIES
Litigation
From time to time, the Village is party to various pending claims and legal proceedings with respect to
employment, civil rights, property taxes and other matters. Although the outcome of such matters cannot be
forecasted with certainty, it is the opinion of management and the Village attorney that the likelihood is remote
that any such claims or proceedings will have a material adverse effect on the Village's financial position or
results of operations.
Grants
Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies,
principally the federal government. Any disallowed claims, including amounts already collected, may constitute a
liability of the applicable funds. The amount, if any, of expenditures which may be disallowed by the grantor
cannot be detennined at this time although the Village expects such amounts, if any, to be immaterial.
COMMITMENTS
Solid Waste Agency of Northern Cook County (SWANCC)
Annual payments to Solid Waste Agency of Northern Cook County (SWANCC) are based on estimated tonnage
of waste transported to SWANCC. It is assumed that there will be no material changes in deliveries to SWANCC.
For 2025, the Village estimates it will pay SWANCC $1,127,196, with annual increases ranging from 0% to 3%
through 2031.
Northwest Suburban Municipal Joint Action Water Agency (JAWA)
The Village has committed to purchase water from the Northwest Suburban Municipal Joint Action Water
Agency (JAWA). A new agreement, negotiated by the Member Communities and JAWA was approved on March
13, 2018. This Revised Water Supply Agreement will expire in FY 2032. The obligation to pay minimum annual
amounts was removed from the new agreement.
75
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 4 - OTHER INFORMATION - Continued
JOINT VENTURES
Northwest Suburban Municipal Joint Action Water Agency (JAWA)
The Village is a member of the Northwest Suburban Municipal Joint Action Water Agency (JAWA) which
consists of seven municipalities. JAWA is a municipal corporation and public body politic and corporate
established pursuant to the Intergovernmental Cooperation Act of the State of Illinois. JAWA is empowered to
plan, construct, improve, extend, acquire, finance, operate and maintain a water supply system to serve its
members and other potential water purchasers.
The members form a contiguous geographic service area which is located 15 to 30 miles northwest of downtown
Chicago. Under the Agency Agreement, additional members may join JAWA upon the approval of each member.
JAWA is governed by a Board of Directors which consists of one elected official from each member municipality.
Each Director has an equal vote. The officers of JAWA are appointed by the Board of Directors. The Board of
Directors determines the general policy of JAWA, makes all appropriations, approves contracts for sale or
purchase of water, provides for the issuance of debt, adopts bylaws, rules and regulations, and exercises such
powers and performs such duties as may be prescribed in the Agency Agreement or the bylaws.
Complete financial statements can be obtained from the Northwest Suburban Municipal Joint Action Water
Agency, 901 Wellington Avenue, Elk Grove Village, Illinois 60007.
Revenues of the system consist of. (a) all receipts derived from Water Supply Agreements or any other contract
for the supply of water; (b) all income derived from the investment of monies; and (c) all income, fees, water
service charges, and all rates, rents and receipts derived by JAWA from the ownership and operation of the
system and the sale of water. JAWA covenants to establish fees and charges sufficient to provide revenues to
meet all its requirements.
JAWA has entered into Water Supply Agreements with the seven -member municipalities for a term of 40 years,
extending to December 31, 2032. The Agreements are irrevocable and may not be terminated or amended except
as provided in the General Resolution.
The obligation of the Village to make all payments as required by this agreement is unconditional and irrevocable,
without regard to performance or nonperformance by JAWA of its obligations under this Agreement.
The payments required to be made by the Village under this Agreement shall be required to be made solely from
revenues to be derived by the Village from the operation of the Water System. Members are not prohibited by the
Agreement, however, from using other available funds to make payments under the Agreement. This Agreement
shall not constitute an indebtedness of the Village within the meaning of any statutory or constitutional limitation.
The obligation of the Village to make payments required by this Agreement from revenues of the Water System
shall be payable from the operation and maintenance account of the Water and Sewer Fund.
In accordance with the joint venture agreement, the Village remitted $7,915,241 to JAWA for the year ended
December 31, 2024. All payments were paid from the Water and Sewer Fund. Deposits with JAWA in the amount
of $0 represent amounts held for security of debt service.
76
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 4 - OTHER INFORMATION - Continued
JOINT VENTURES - Continued
Solid Waste Agency of Northern Cook County (SWANCC)
The Village is a member of the Solid Waste Agency of Northern Cook County (SWANCC) which consists of
twenty-three municipalities. SWANCC is a municipal corporation and public body politic, established pursuant to
the Constitution of the State of Illinois and the Intergovernmental Cooperation Act of the State of Illinois, as
amended (the Act). SWANCC is empowered under the Act to plan, construct, finance, operate, and maintain a
solid waste disposal system to serve its members. SWANCC is reported as a nonequity proprietary joint venture.
SWANCC is governed by a Board of Directors which consists of one appointed representative from each member
municipality. Each Director has an equal vote. The officers of SWANCC are appointed by the Board of Directors.
The Board of Directors determines the general policy of SWANCC, makes all appropriations, approves contracts,
adopts resolutions providing for the issuance of bonds or notes by SWANCC, adopts by-laws, rules and
regulations, and exercises such powers and performs such duties as may be prescribed in the SWANCC
agreement or by-laws. Separate audited financial statements are available from SWANCC's administrative office
at 77 W Hintz Road, Suite 200, Wheeling, Illinois 60090.
The Village's contract with SWANCC provides that each member is liable for its proportionate share of annual
operating and fixed costs. The Village's share of these costs is expected to be funded through tipping fees paid by
refuse haulers. In addition, the Village is obligated for any costs arising from defaults in payment obligations by
other members.
In accordance with the joint venture agreement, the Village remitted $1,226,464 to SWANCC for the year ended
December 31, 2024, which is recorded in the Village's Refuse Disposal Fund.
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS
The Village contributes to three defined benefit pension plans, the Illinois Municipal Retirement Fund (IMRF), a
defined benefit agent multiple -employer public employee retirement system, the Police Pension Plan which is a
single -employer pension plan, and the Firefighters' Pension Plan which is also a single -employer pension plan.
IMRF does issue a publicly available financial report that includes financial statements and required
supplementary information for the plan as a whole, but not by individual employer. That report may be obtained
online at www.imrf ore. The Police and Firefighters' Pension Plans also issue separate reports that may be
obtained by writing the Village at 50 South Emerson, Mount Prospect, Illinois 60056. The benefits, benefit levels,
employee contributions and employer contributions are governed by Illinois Compiled Statutes (ILCS) and can
only be amended by the Illinois General Assembly.
77
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - Continued
The aggregate amounts recognized for the pension plans are:
Pension
Expenses/ Net Pension Deferred Deferred
(Revenues) Liabilities Outflows Inflows
IMRF
(1,487,740)
3,495,730
7,021,225
17,424
Police Pension
9,114,653
65,959,214
11,037,783
503,234
Firefighters' Pension
6,777,608
51,066,767
5,027,762
424,900
15,892,261 117,025,981 16,065,545 928,134
Illinois Municipal Retirement Fund (IMRF)
Plan Descriptions
Plan Administration. All employees (other than those covered by the Police and Firefighters' Pension Plan) hired
in positions that meet or exceed the prescribed annual hourly standard must be enrolled in IMRF as participating
members. The plan is accounted for on the economic resources measurement focus and the accrual basis of
accounting. Employer and employee contributions are recognized when earned in the year that the contributions
are required, benefits and refunds are recognized as an expense and liability when due and payable.
Benefits Provided. IMRF has three benefit plans. The vast majority of IMRF members participate in the Regular
Plan (RP). The Sheriffs Law Enforcement Personnel (SLEP) plan is for sheriffs, deputy sheriffs, and selected
police chiefs. Counties could adopt the Elected County Official (ECO) plan for officials elected prior to August 8,
2011 (the ECO plan was closed to new participants after that date).
IMRF provides two tiers of pension benefits. Employees hired before January 1, 2011, are eligible for Tier 1
benefits. Tier 1 employees are vested for pension benefits when they have at least eight years of qualifying service
credit. Tier 1 employees who retire at age 55 (at reduced benefits) or after age 60 (at full benefits) with eight years
of service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1-2/3% of
the final rate of earnings for the first 15 years of service credit, plus 2% for each year of service credit after 15
years to a maximum of 75% of their final rate of earnings. Final rate of earnings is the highest total earnings
during any consecutive 48 months within the last 10 years of service, divided by 48. Under Tier 1, the pension is
increased by 3% of the original amount on January I every year after retirement.
78
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLAN - Continued
Illinois Municipal Retirement Fund (IMRF) - Continued
Plan Descriptions - Continued
Benefits Provided - Continued. Employees hired on or after January 1, 2011, are eligible for Tier 2 benefits. For
Tier 2 employees, pension benefits vest after ten years of service. Participating employees who retire at age 62 (at
reduced benefits) or after age 67 (at full benefits) with ten years of service are entitled to an annual retirement
benefit, payable monthly for life, in an amount equal to 1-2/3% of the final rate of earnings for the first 15 years
of service credit, plus 2% for each year of service credit after 15 years to a maximum of 75% of their final rate of
earnings. Final rate of earnings is the highest total earnings during any 96 consecutive months within the last 10
years of service, divided by 96. Under Tier 2, the pension is increased on January I every year after retirement,
upon reaching age 67, by the lesser of:
• 3% of the original pension amount, or
• 1/2 of the increase in the Consumer Price Index of the original pension amount.
Plan Membership. As of December 31, 2023, the measurement date, the following employees were covered by
the benefit terms:
Inactive Plan Members Currently Receiving Benefits 295
Inactive Plan Members Entitled to but not yet Receiving Benefits 208
Active Plan Members 263
Total
766
The IMRF data included in the table above includes membership of both the Village and the Library.
Contributions. As set by statute, the Village's Regular Plan Members are required to contribute 4.50% of their
annual covered salary. The statute requires employers to contribute the amount necessary, in addition to member
contributions, to finance the retirement coverage of its own employees. For the year -ended December 31, 2024,
the Village's and the Library's contribution rate to IMRF was 6.33%, but due to employees hitting the tier 2 wage
limit the true contribution rate for the year was 6.26% of wages.
Net Pension Liability. The Village's net pension liability was measured as of December 31, 2023. The total
pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date.
79
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLAN - Continued
Illinois Municipal Retirement Fund (IMRF) - Continued
Plan Descriptions - Continued
Actuarial Assumptions. The total pension liability was determined by an actuarial valuation performed, as of
December 31, 2023, using the following actuarial methods and assumptions:
Actuarial Cost Method Entry Age
Normal
Asset Valuation Method Fair Value
Actuarial Assumptions
Interest Rate 7.25%
Salary Increases 2.85% to 13.75%
Cost of Living Adjustments 2.75%
Inflation 2.25%
For non -disabled retirees, the Pub-2010, Amount -Weighted, below -median income, General, Retiree, Male
(adjusted 108.0%) and Female (adjusted 106.4%) tables, and future mortality improvements projected using scale
MP-2021. For disabled retirees, the Pub-2010, Amount -Weighted, below -median income, General, Disabled
Retiree, Male and Female (both unadjusted) tables, and future mortality improvements projected using scale
MP-2021. For active members, the Pub-2010, Amount -Weighted, below -median income, General, Employee,
Male and Female (both unadjusted) tables, and future mortality improvements projected using scale MP-2021.
The long-term expected rate of return on pension plan investments was determined using a building-block method
in which best -estimate ranges of expected future real rates of return (expected returns, net of pension plan
investment expense, and inflation) are developed for each major asset class. These ranges are combined to
produce the long-term expected rate of return by weighting the expected future real rates of return to the target
asset allocation percentage and adding expected inflation. The target allocation and best estimates of geometric
real rates of return for each major asset class are summarized in the following table:
80
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLAN - Continued
Illinois Municipal Retirement Fund (IMRF) - Continued
Plan Descriptions - Continued
Actuarial Assumptions - Continued.
Long -Term
Expected Real
Asset Class Target Rate of Return
Fixed Income
24.50%
4.75%
Domestic Equities
34.50%
5.00%
International Equities
18.00%
6.35%
Real Estate
10.50%
6.30%
Blended
11.50%
6.05% - 8.65%
Cash and Cash Equivalents
1.00%
3.80%
Discount Rate
The discount rate used to measure the total pension liability was 7.25%, the same as the prior valuation. The
projection of cash flows used to determine the discount rate assumed that member contributions will be made at
the current contribution rate and that Village contributions will be made at rates equal to the difference between
the actuarially determined contribution rates and the member rate. Based on those assumptions, the Fund's
fiduciary net position was projected to be available to make all project future benefit payments of current plan
members. Therefore, the long-term expected rate of return on pension plan investments was applied to all period
of projected benefit payments to determine the total pension liability.
Discount Rate Sensitivity
The following is a sensitivity analysis of the net pension liability/(asset) to changes in the discount rate. The table
below presents the net pension liability/(asset) of the Village and the Library calculated using the discount rate as
well as what the Village's and Library's net pension liability/(asset) would be if it were calculated using a discount
rate that is one percentage point lower or one percentage point higher than the current rate:
Current
1% Decrease Discount Rate 1% Increase
(6.25%) (7.25%) (8.25%)
Village $ 14,470,259 3,495,730 (5,163,798)
Library 4,755,742 1,148,894 (1,697,115)
Net Pension Liability/(Asset) 19,226,001 4,644,624 (6,860,913)
81
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - Continued
Illinois Municipal Retirement Fund (IMRF) - Continued
Changes in the Net Pension Liability
Total Pension Liability
Service Cost
Interest
Differences Between Expected
and Actual Experience
Change of Assumptions
Benefit Payments, Including
Refunds of Member Contributions
Net Change in Total Pension Liability
Total Pension Liability - Beginning
Total Pension Liability - Ending
Plan Fiduciary Net Position
Contributions - Employer
Contributions - Members
Net Investment Income
Benefit Payments, Including Refunds
of Member Contributions
Other (Net Transfer)
Net Change in Plan Fiduciary Net Position
Plan Net Position - Beginning
Plan Net Position - Ending
Village Library Totals
$ 1,349,853 443,638 1,793,491
6,728,872 2,250,973 8,979,845
580,571 190,809 771,380
(24,518) (8,058) (32,576)
(5,121,331)
(1,683,158)
(6,804,489)
3,513,447
1,194,204
4,707,651
92,647,650
33,717,782
126,365,432
96,161,097 34,911,986 131,073,083
986,062
324,076
1,310,138
700,921
230,362
931,283
9,657,507
3,174,001
12,831,508
(5,121,331)
(1,683,158)
(6,804,489)
2,080,778
683,861
2,764,639
8,303,937
2,729,142
11,033,079
84,361,430
31,033,950
115,395,380
92,665,367 33,763,092 126,428,459
Employer's Net Pension Liability 3,495,730 1,148,894 4,644,624
82
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - Continued
Illinois Municipal Retirement Fund (IMRF) - Continued
Pension Expense, Deferred Outflows of Resources, and Deferred Inflows of Resources Related to Pensions
For the year ended December 31, 2024, the Village recognized pension revenue of $1,487,740 and the Library
recognized pension revenue of $493,616. At December 31, 2024, the Village and the Library reported deferred
outflows or resources and deferred inflows of resources related to pensions from the following sources:
Difference Between Expected
and Actual Experience
Change in Assumptions
Net Difference Between Projected and Actual
Earnings on Pension Plan Investments
Total Expense to be Recognized in Future Periods
Contributions Sub to Measurement Date
Total Deferred Amounts Related to IMRF
Village Library
Deferred Deferred Deferred Deferred
Outflows of (Inflows) of Outflows of Inflows of
Resources Resources Resources Resources Totals
$ 1,210,942
(17,424)
397,984
— 1,608,926
(5,726) (23,150)
4,767,948
— 1,567,016
— 6,334,964
5,978,890
(17,424) 1,965,000
(5,726) 7,920,740
1,042,335
— 342,570
— 1,384,905
7,021,225
(17,424) 2,307,570
(5,726) 9,305,645
$1,042,335 for the Village and $342,570 for the Library reported as deferred outflows of resources related to
pensions resulting from employer contributions subsequent to the measurement date and will be recognized as a
reduction of the net pension liability in the reporting year ended December 31, 2025. Amounts reported as
deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension
expense in future periods as follows:
Fiscal Deferred Outflows/(inflows) of Resources
Year Village Library Totals
2025
$ 1,230,815
404,515
1,635,330
2026
1,981,031
651,078
2,632,109
2027
3,431,594
1,127,815
4,559,409
2028
(681,974)
(224,134)
(906,108)
2029
Thereafter
Totals 5,961,466 1,959,274 7,920,740
83
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - Continued
Police Pension Plan
Plan Descriptions
Plan Administration. The Police Pension Plan is a single -employer defined benefit pension plan that covers all
sworn police personnel. The defined benefits and employee and minimum employer contribution levels are
governed by Illinois Compiled Statutes (40 ILCS 5/3-1) and may be amended only by the Illinois legislature. The
Village accounts for the Fund as a pension trust fund. The Fund is governed by a five -member pension board.
Two members of the Board are appointed by the Village President, one member is elected by pension
beneficiaries and two members are elected by active police employees.
Plan Membership. At December 31, 2024, the measurement date, membership consisted of the following:
Inactive Plan Members Currently Receiving Benefits 87
Inactive Plan Members Entitled to but not yet Receiving Benefits 15
Active Plan Members 90
Total
192
Benefits Provided. The following is a summary of the Police Pension Plan as provided for in Illinois State
Statutes.
The Police Pension Plan provides retirement benefits through two tiers of benefits as well as death and disability
benefits. Covered employees hired before January 1, 2011 (Tier 1), attaining the age of 50 or older with 20 or
more years of creditable service are entitled to receive an annual retirement benefit of/z of the salary attached to
the rank held on the last day of service, or for one year prior to the last day, whichever is greater. The annual
benefit shall be increased by 2.5 percent of such salary for each additional year of service over 20 years up to 30
years, to a maximum of 75 percent of such salary. Employees with at least eight years but less than 20 years of
credited service may retire at or after age 60 and receive a reduced benefit. The monthly benefit of a police officer
who retired with 20 or more years of service after January 1, 1977 shall be increased annually, following the first
anniversary date of retirement and be paid upon reaching the age of at least 55 years, by 3 percent of the original
pension and 3 percent compounded annually thereafter.
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - Continued
Police Pension Plan - Continued
Plan Descriptions - Continued
Benefits Provided - Continued. Covered employees hired on or after January 1, 2011 (Tier 2), attaining the age of
55 or older with 10 or more years of creditable service are entitled to receive an annual retirement benefit equal to
the average monthly salary obtained by dividing the total salary of the police officer during the 48 consecutive
months of service within the last 60 months of service in which the total salary was the highest by the number of
months of service in that period. Police officer salary for the pension purposes is capped at $106,800, plus the
lesser of/Z of the annual change in the Consumer Price Index or 3 percent compounded. The annual benefit shall
be increased by 2.5 percent of such a salary for each additional year of service over 20 years up to 30 years to a
maximum of 75 percent of such salary. Employees with at least 10 years may retire at or after age 50 and receive
a reduced benefit (i.e., '/z percent for each month under 55). The monthly benefit of a Tier 2 police officer shall be
increased annually at age 60 on the January V after the police officer retires, or the first anniversary of the
pension starting date, whichever is later. Noncompounding increases occur annually, each January thereafter. The
increase is the lesser of 3 percent or '/z of the change in the Consumer Price Index for the proceeding calendar
year.
Contributions. Covered employees are required to contribute 9.91% of their base salary to the Police Pension
Plan. If an employee leaves covered employment with less than 20 years of service, accumulated employee
contributions may be refunded without accumulated interest. The Village is required to contribute the remaining
amounts necessary to finance the plan and the administrative costs as actuarially determined by an enrolled
actuary. However, effective January 1, 2011, ILCS requires the Village to contribute a minimum amount annually
calculated using the projected unit credit actuarial cost method that will result in the funding of 90% of the past
service cost by the year 2040. For the year -ended December 31, 2024, the Village's contribution was 50.87% of
covered payroll.
Concentrations. At year end, the Pension Plan does not have any investments over 5 percent of net plan position
available for retirement benefits (other than investments issued or explicitly guaranteed by the U.S. government
and investments in mutual funds, external investment pools, and other pooled investments).
'11
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - Continued
Police Pension Plan - Continued
Actuarial Assumptions
The total pension liability was determined by an actuarial valuation performed, as of December 31, 2024, using
the following actuarial methods and assumptions:
Actuarial Cost Method Entry Age Normal
Asset Valuation Method Fair Value
Actuarial Assumptions
Interest Rate 6.80%
Salary Increases 4.00%
Adjustments Tier 1: 3.00%, Tier 2: 1.25%
Inflation 2.50%
Mortality rates for healthy individuals were based on the Pub-2010 Public Safety Mortality Table with with
generational improvement scale MP-2021 applied from 2010. Mortality rates for disabled individuals were based
the Pub-2010 Disabled Retiree Mortality Table with generational improvement scale MP-2021 applied from 2010.
Discount Rate
The discount rate used to measure the total pension liability was 6.80%, the same as the prior valuation. The
projection of cash flows used to determine the discount rate assumed that member contributions will be made at
the current contribution rate and that Village contributions will be made at rates equal to the difference between
the actuarially determined contribution rates and the member rate. Based on those assumptions, the Fund's
fiduciary net position was projected to be available to make all projected future benefit payments of current plan
members. Therefore, the long-term expected rate of return on pension plan investments was applied to all period
of projected benefit payments to determine the total pension liability.
86
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - Continued
Police Pension Plan - Continued
Discount Rate Sensitivity
The following is a sensitive analysis of the net pension liability to changes in the discount rate. The table below
presents the net pension liability of the Village calculated using the discount rate as well as what the Village's net
pension liability would be if it were calculated using a discount rate that is one percentage point lower or one
percentage point higher than the current rate:
Net Pension Liability
Changes in the Net Pension Liability
Balances at December 31, 2023
Current
1% Decrease Discount Rate 1% Increase
(5.80%) (6.80%) (7.80%)
$ 89,398,161 65,959,214 48,708,328
Changes for the Year:
Service Cost
Interest on the Total Pension Liability
Changes of Benefit Terms
Difference Between Expected and Actual
Experience of the Total Pension Liability
Changes of Assumptions
Contributions - Employer
Contributions - Employees
Net Investment Income
Benefit Payments, Including Refunds
of Employee Contributions
Other (Net Transfer)
Net Changes
Total
Pension
Plan Fiduciary
Net Pension
Liability
Net Position
Liability
(A)
(B)
(A) - (B)
$ 156,925,069
89,960,810
66,964,259
2,285,160 — 2,285,160
10,568,174 — 10,568,174
1,361,284 — 1,361,284
— 5,600,769 (5,600,769)
1,117,864 (1,117,864)
8,576,577 (8,576,577)
(7,591,825) (7,591,825) —
(75,547) 75,547
6,622,793 7,627,838 (1,005,045)
Balances at December 31, 2024 163,547,862 97,588,648 65,959,214
87
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - Continued
Police Pension Plan - Continued
Pension Expense, Deferred Outflows of Resources, and Deferred Inflows of Resources Related to Pensions
For the year ended December 31, 2024, the Village recognized pension expense of $9,114,653. At December 31,
2024, the Village reported deferred outflows of resources and deferred inflows of resources related to pensions
from the following sources:
Difference Between Expected and Actual Experience $
Change in Assumptions
Net Difference Between Projected and Actual
Earnings on Pension Plan Investments
Deferred
Deferred
Outflows of
Inflows of
Resources
Resources Totals
4,409,692 (422,269) 3,987,423
4,423,336 (80,965) 4,342,371
2,204,755 2,204,755
Total Deferred Amounts Related to Police Pension 11,037,783 (503,234) 10,534,549
Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be
recognized in pension expense in future periods as follows:
Outflows/
Fiscal (Inflows)
Year of Resources
2025
$ 4,440,320
2026
5,951,928
2027
(351,785)
2028
267,207
2029
226,879
Thereafter
—
Total
10,534,549
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - Continued
Firefighters' Pension Plan
Plan Descriptions
Plan Administration. The Firefighters' Pension Plan is a single -employer defined benefit pension plan that covers
all sworn firefighter personnel. The defined benefits and employee and minimum employer contribution levels are
governed by Illinois Compiled Statutes (40 ILCS 5/4-1) and may be amended only by the Illinois legislature. The
Village accounts for the Fund as a pension trust fund. The Fund is governed by a five -member pension board.
Two members of the Board are appointed by the Village President, one member is elected by pension
beneficiaries and two members are elected by active fire employees.
Plan Membership. At December 31, 2024, the measurement date, membership consisted of the following:
Inactive Plan Members Currently Receiving Benefits 93
Inactive Plan Members Entitled to but not yet Receiving Benefits 4
Active Plan Members 78
Total
175
Benefits Provided. The following is a summary of the Firefighters' Pension Plan as provided for in Illinois State
Statutes.
The Firefighters' Pension Plan provides retirement benefits through two tiers of benefits as well as death and
disability benefits. Covered employees hired before January 1, 2011 (Tier 1), attaining the age of 50 or older with
20 or more years of creditable service are entitled to receive an annual retirement benefit of 1/2 of the salary
attached to the rank held on the last day of service, or for one year prior to the last day, whichever is greater. The
annual benefit shall be increased by 2.5 percent of such salary for each additional year of service over 20 years up
to 30 years, to a maximum of 75 percent of such salary. Employees with at least eight years but less than 20 years
of credited service may retire at or after age 60 and receive a reduced benefit. The monthly benefit of a firefighter
who retired with 20 or more years of service after January 1, 1977 shall be increased annually, following the first
anniversary date of retirement and be paid upon reaching the age of at least 55 years, by 3 percent of the original
pension and 3 percent compounded annually thereafter.
M
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - Continued
Firefighters' Pension Plan - Continued
Plan Descriptions - Continued
Benefits Provided - Continued. Covered employees hired on or after January 1, 2011 (Tier 2), attaining the age of
55 or older with 10 or more years of creditable service are entitled to receive an annual retirement benefit equal to
the average monthly salary obtained by dividing the total salary of the firefighter during the 48 consecutive
months of service within the last 60 months of service in which the total salary was the highest by the number of
months of service in that period. Firefighters' salary for the pension purposes is capped at $106,800, plus the
lesser of/Z of the annual change in the Consumer Price Index or 3 percent compounded. The annual benefit shall
be increased by 2.5 percent of such a salary for each additional year of service over 20 years up to 30 years to a
maximum of 75 percent of such salary. Employees with at least 10 years may retire at or after age 50 and receive
a reduced benefit (i.e., '/z percent for each month under 55). The monthly benefit of a Tier 2 firefighter shall be
increased annually at age 60 on the January I" after the firefighter retires, or the first anniversary of the pension
starting date, whichever is later. Noncompounding increases occur annually, each January thereafter. The increase
is the lesser of 3 percent of/z of the change in the Consumer Price Index for the proceeding calendar year.
Contributions. Covered employees are required to contribute 9.455% of their base salary to the Firefighters'
Pension Plan. If an employee leaves covered employment with less than 20 years of service, accumulated
employee contributions may be refunded without accumulated interest. The Village is required to contribute the
remaining amounts necessary to finance the plan and the administrative costs as actuarially determined by an
enrolled actuary. However, effective January 1, 2011, ILCS requires the Village to contribute a minimum amount
annually calculated using the projected unit credit actuarial cost method that will result in the funding of 90% of
the past service cost by the year 2040. For the year -ended December 31, 2024, the Village's contribution was
50.66% of covered payroll.
Concentrations. At year end, the Fund does not have any investments over 5 percent of net plan position available
for retirement benefits (other than investments issued or explicitly guaranteed by the U.S. government and
investments in mutual funds, external investment pools, and other pooled investments).
90
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - Continued
Firefighters' Pension Plan - Continued
Actuarial Assumptions
The total pension liability was determined by an actuarial valuation performed, as of December 31, 2024, using
the following actuarial methods and assumptions:
Actuarial Cost Method Entry Age Normal
Asset Valuation Method Fair Value
Actuarial Assumptions
Interest Rate 7.125%
Salary Increases 4.00%
Cost of Living Adjustments Tier 1: 3.00%, Tier 2: 1.125%
Inflation 2.25%
Mortality rates for healthy individuals were based on the Pub-2010 Public Safety Mortality Table with with
generational improvement scale MP-2021 applied from 2010. Mortality rates for disabled individuals were based
the Pub-2010 Disabled Retiree Mortality Table with generational improvement scale MP-2021 applied from 2010.
Discount Rate
The discount rate used to measure the total pension liability was 7.125%, the same as the prior valuation. The
projection of cash flows used to determine the discount rate assumed that member contributions will be made at
the current contribution rate and that Village contributions will be made at rates equal to the difference between
the actuarially determined contribution rates and the member rate. Based on those assumptions, the Fund's
fiduciary net position was projected to be available to make all projected future benefit payments of current plan
members. Therefore, the long-term expected rate of return on pension plan investments was applied to all period
of projected benefit payments to determine the total pension liability.
91
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - Continued
Firefighters' Pension Plan - Continued
Discount Rate Sensitivity
The following is a sensitive analysis of the net pension liability to changes in the discount rate. The table below
presents the net pension liability of the Village calculated using the discount rate as well as what the Village's net
pension liability would be if it were calculated using a discount rate that is one percentage point lower or one
percentage point higher than the current rate:
Net Pension Liability
Changes in the Net Pension Liability
Balances at December 31, 2023
Current
1% Decrease Discount Rate 1% Increase
(6.125%) (7.125%) (8.125%)
$ 68,947,822 51,066,767 36,377,011
Changes for the Year:
Service Cost
Interest on the Total Pension Liability
Changes of Benefit Terms
Difference Between Expected and Actual
Experience of the Total Pension Liability
Changes of Assumptions
Contributions - Employer
Contributions - Employees
Net Investment Income
Benefit Payments, Including Refunds
of Employee Contributions
Other (Net Transfer)
Net Changes
Total
Pension Plan Fiduciary Net Pension
Liability Net Position Liability
(A) (B) (A) - (B)
$ 133,012,801 78,761,763 54,251,038
1,973,338 — 1,973,338
9,348,680 — 9,348,680
(406,173) — (406,173)
4,797,836
(4,797,836)
897,450
(897,450)
8,507,896
(8,507,896)
(7,553,187) (7,553,187) —
(103,066) 103,066
3,362,658 6,546,929 (3,184,271)
Balances at December 31, 2024 136,375,459 85,308,692 51,066,767
92
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - Continued
Firefighters' Pension Plan - Continued
Pension Expense, Deferred Outflows of Resources, and Deferred Inflows of Resources Related to Pensions
For the year ended December 31, 2024, the Village recognized pension expense of $6,777,608. At December 31,
2024, the Village reported deferred outflows of resources and deferred inflows of resources related to pensions
from the following sources:
Difference Between Expected and Actual Experience
Change in Assumptions
Net Difference Between Projected and Actual
Earnings on Pension Plan Investments
Total Deferred Amounts Related to Firefighters' Pension
Deferred
Deferred
Outflows of
Inflows of
Resources
Resources Totals
$ 948,012 (338,477) 609,535
2,710,435 (86,423) 2,624,012
1,369,315 1,369,315
5,027,762 (424,900) 4,602,862
Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be
recognized in pension expense in future periods as follows:
Outflows/
Fiscal (Inflows)
Year of Resources
2025
$ 3,340,838
2026
3,521,095
2027
(1,606,272)
2028
(585,106)
2029
(67,693)
Thereafter
—
Total 4,602,862
93
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 4 - OTHER INFORMATION - Continued
OTHER POST -EMPLOYMENT BENEFITS
General Information about the OPEB Plan
Plan Description. The Village's defined benefit OPEB plan, Village of Mount Prospect Retiree Benefit Plan
(RBP), provides OPEB for all permanent full-time general and public safety employees of the Village. RBP is a
single -employer defined benefit OPEB plan administered by the Village. Article ] l of the State Compiled Statutes
grants the authority to establish and amend the benefit terms and financing requirements to the Village Board. No
assets are accumulated in a trust that meets the criteria in paragraph 4 of Statement 75.
Benefits Provided. RBP provides pre and post -Medicare postretirement health insurance to retirees, their spouses,
and dependents (enrolled at time of employee's retirement).
Plan Membership. As of December 31, 2024, the measurement date, the following employees were covered by
the benefit terms:
Inactive Plan Members Currently Receiving Benefits 71
Inactive Plan Members Entitled to but not yet Receiving Benefits —
Active Plan Members 309
Total
The plan membership as noted above includes both the Village and the Library members.
Total OPEB Liability
380
The Village's total OPEB liability was measured as of December 31, 2024, and was determined by an actuarial
valuation as of that date.
Actuarial Assumptions and Other Inputs. The total OPEB liability in the December 31, 2024 actuarial valuation
was determined using the following actuarial assumptions and other inputs, applied to all periods included in the
measurement, unless otherwise specified:
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 4 - OTHER INFORMATION - Continued
OTHER POST -EMPLOYMENT BENEFITS - Continued
Total OPEB Liability - Continued
Actuarial Assumptions and Other Inputs - Continued.
Inflation 2.75%
Salary Increases 3.25%
Discount Rate 4.28%
Healthcare Cost Trend Rates 7.50% decreasing to an ultimate rate of 4.50%
Retirees' Share of Benefit -Related Costs 100% of projected health insurance premiums for retirees
The discount rate was based on the S&P Municipal Bond 20 Year High -Grade Rate Index for tax exempt general
obligation municipal bonds rated AA or better as of December 31, 2023.
Mortality rates were based on the SOA Pub-2010 General Headcount Weighted Mortality Table fully generational
using Scale MP-2021.
Change in the Total OPEB Liability
Balance at December 31, 2023
Changes for the Year:
Service Cost
Interest on the Total OPEB Liability
Changes of Benefit Terms
Difference Between Expected and Actual Experience
Changes of Assumptions or Other Inputs
Benefit Payments
Net Changes
Balance at December 31, 2024
Total
OPEB
Liability
S 11,135,423
560,934
458,844
(2,863,488)
189,936
(454,989)
(2,108,763)
9,026,660
R
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 4 - OTHER INFORMATION - Continued
OTHER POST -EMPLOYMENT BENEFITS - Continued
Sensitivity of the Total OPEB Liability to Changes in the Discount Rate
The discount rate used to measure the total pension liability was 4.28%, while the prior valuation used 4.00%. The
following presents the total OPEB liability, calculated using the discount rate, as well as what the total OPEB
liability would be if it were calculated using a discount rate that is one percentage point lower or one percentage
point higher:
Current
1% Decrease Discount Rate 1% Increase
(3.28%) (4.28%) (5.28%)
Total OPEB Liability $ 10,246,599 9,026,660 8,013,338
Sensitivity of the Total OPEB Liability to Changes in the Healthcare Cost Trend Rates
The following presents the total OPEB liability, calculated using a variable Healthcare Trend Rate, as well as
what the total OPEB liability would be if it were calculated using a Healthcare Trend Rate that is one percentage
point lower or one percentage point higher:
Healthcare
Cost Trend
1 % Decrease Rates 1% Increase
(Varies) (Varies) (Varies)
Total OPEB Liability $ 7,752,684
9,026,660 10,653,766
96
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2024
NOTE 4 - OTHER INFORMATION - Continued
OTHER POST -EMPLOYMENT BENEFITS - Continued
OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB
For the year ended December 31, 2024, the Village recognized OPEB expense of $184,283. At December 31,
2024, the Village reported deferred outflows of resources and deferred inflows of resources related to OPEB from
the following sources:
Difference Between Expected and Actual Experience $
Change in Assumptions
Net Difference Between Projected and Actual Earnings
Total Deferred Amounts Related to OPEB
Deferred Deferred
Outflows of Inflows of
Resources Resources Totals
— (5,389,290)
2,392,860 (2,718,823)
(5,389,290)
(325,963)
2,392,860 (8,108,113) (5,715,253)
Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be
recognized in OPEB expense as follows:
Net Deferred
Fiscal (Inflows)
Year of Resources
2025
$ (835,495)
2026
(835,498)
2027
(517,971)
2028
(606,424)
2029
(846,788)
Thereafter
(2,073,077)
Totals
(5,715,253)
97
REQUIRED SUPPLEMENTARY INFORMATION
Required supplementary information includes financial information and disclosures that are required by the
GASB but are not considered a part of the basic financial statements. Such information includes:
• Schedule Employer Contributions
Illinois Municipal Retirement Fund
Police Pension Fund
Firefighters' Pension Fund
• Schedule of Changes in the Employer's Net Pension Liability/(Asset)
Illinois Municipal Retirement Fund
Police Pension Fund
Firefighters' Pension Fund
• Schedule of Investment Returns
Police Pension Fund
Firefighters' Pension Fund
• Schedule of Changes in the Employer's Total OPEB Liability
Retiree Benefit Plan
• Budgetary Comparison Schedules
General Fund
Prospect and Main TIF - Special Revenue Fund
Notes to the Required Supplementary Information
Budgetary information - Budgets are adopted on a basis consistent with generally accepted accounting principles.
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Illinois Municipal Retirement Fund
Schedule of Employer Contributions - Last Ten Fiscal Years
December 31, 2024
Actuarially
Fiscal Determined
Year Contribution
Contributions
in Relation to
the Actuarially Contribution
Determined Excess/
Contribution (Deficiency)
Contributions as
Covered a Percentage of
Payroll Covered Payroll
2015
Totals
$ 1,863,012 $
1,863,012 $
—
$ 16,256,645
11.46%
2016
Totals
1,968,206
2,031,571
63,365
16,567,389
12.26%
2017
Totals
1,900,189
1,941,668
41,479
16,965,974
11.44%
2018
Totals
1,930,380
2,032,727
102,347
17,940,334
11.33%
2019
Totals
1,600,357
1,677,888
77,531
18,248,083
9.19%
2020
Totals
2,006,703
2,006,703
—
17,965,116
11.17%
2021
Totals
2,064,998
2,080,887
15,889
18,772,708
11.08%
2022
Totals
1,590,076
1,590,076
—
19,414,843
8.19%
2023
Totals
1,310,138
1,310,138
—
20,599,652
6.36%
2024 Village 1,042,335 1,054,447 12,112 16,901,397 6.24%
Library 342,570 340,661 (1,909) 5,381,694 6.33%
Totals 1,384,905 1,395,108 10,203 22,283,091 6.26%
Notes to the Required Supplementary Information:
Actuarial Cost Method
Aggregate Entry Age Normal
Amortization Method
Level % Pay (Closed)
Remaining Amortization Period
20 Years
Asset Valuation Method
5-Year Smoothed Fair Value
Inflation
2.25%
Salary Increases
2.75% to 13.75%, Including Inflation
Investment Rate of Return
7.25%
Retirement Age
Experience -based table of rates that are specific to the type of
eligibility condition. Last updated for the 2020 valuation pursuant to
an experience study of the period 2017-2019.
Mortality
For non -disabled retirees, the Pub-2010, Amount -Weighted, below -
median income, General, Retiree, Male (adjusted 106%) and Female
(adjusted 105%) tables, and future mortality improvements projected
using scale MP-2020. For disabled retirees, the Pub-2010, Amount -
Weighted, below -median income, General, Disabled Retiree, Male
and Female (both unadjusted) tables, and future mortality
improvements projected using scale MP-2020. For active members,
the Pub-2010, Amount -Weighted, below -median income, General,
Employee, Male and Female (both unadjusted) tables, and future
mortality improvements projected using scale MP-2020.
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Police Pension Fund
Schedule of Employer Contributions - Last Ten Fiscal Years
December 31, 2024
Fiscal
Year
Actuarially
Determined
Contribution
Contributions
in Relation to
the Actuarially
Determined
Contribution
Contribution
Excess/
(Deficiency)
Covered
Payroll
Contributions as
a Percentage of
Covered Payroll
2015
$ 2,909,868
$ 2,918,395
$ 8,527
$ 8,049,995
36.25%
2016
3,204,363
3,232,887
28,524
8,276,985
39.06%
2017
3,817,579
3,747,825
(69,754)
8,354,290
44.86%
2018
3,601,216
3,608,602
7,386
8,526,976
42.32%
2019
3,607,934
3,582,409
(25,525)
8,505,172
42.12%
2020
3,864,556
3,855,754
(8,802)
8,791,984
43.86%
2021
3,985,302
3,977,102
(8,200)
9,034,880
44.02%
2022
3,820,016
3,821,104
1,088
9,702,264
39.38%
2023
4,760,936
4,836,758
75,822
10,434,700
46.35%
2024
5,629,067
5,600,769
(28,298)
11,008,986
50.87%
Notes to the Required Supplementary Information:
Actuarial Cost Method Entry Age Normal
Amortization Method Level % Pay (Closed)
Remaining Amortization Period 18 Years
Asset Valuation Method 5-Year Smoothed Fair Value
Inflation 2.50%
Salary Increases 4.00%
Investment Rate of Return 6.80%
Retirement Age See the Notes to the Financial Statements
Mortality RP-2014 Mortality Table with a Blue Collar Adjustment, with improvement
Scale MP-2020 applied generationally from 2013.
100
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Firefighters' Pension Fund
Schedule of Employer Contributions - Last Ten Fiscal Years
December 31, 2024
Fiscal
Year
Actuarially
Determined
Contribution
Contributions
in Relation to
the Actuarially
Determined
Contribution
Contribution
Excess/
(Deficiency)
Covered
Payroll
Contributions as
a Percentage of
Covered Payroll
2015
$ 2,526,101
2,532,316 $
6,215
$ 6,441,588
39.31%
2016
2,589,599
2,806,983
217,384
6,981,704
40.20%
2017
3,206,186
3,396,834
190,648
7,284,199
46.63%
2018
3,320,940
3,332,773
11,833
7,519,070
44.32%
2019
3,375,839
3,363,390
(12,449)
7,854,176
42.82%
2020
3,488,379
3,494,838
6,459
8,024,566
43.55%
2021
3,649,130
3,651,864
2,734
8,353,578
43.72%
2022
3,667,817
3,678,359
10,542
8,566,519
42.94%
2023
4,427,561
4,499,543
71,982
9,305,298
48.35%
2024
4,827,193
4,797,836
(29,357)
9,470,521
50.66%
Notes to the Required Supplementary Information:
Actuarial Cost Method Entry Age Normal
Amortization Method Level % Pay (Closed)
Remaining Amortization Period 18 Years
Asset Valuation Method 5-Year Smoothed Fair Value
Inflation 2.50%
Salary Increases 4.00%
Investment Rate of Return 7.125%
Retirement Age See the Notes to the Financial Statements
Mortality RP-2014 Mortality Table with a blue collar adjustment, with improvement
scale MP-2020 applied generationally from 2013.
101
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Illinois Municipal Retirement Fund
Schedule of Changes in the Employer's Net Pension Liability/(Asset) - Last Ten Fiscal Years
December 31, 2024
Total Pension Liability
Service Cost
Interest
Changes in Benefit Terms
Differences Between Expected and Actual Experience
Change of Assumptions
Benefit Payments, Including Refunds
of Member Contributions
Net Change in Total Pension Liability
Total Pension Liability - Beginning
Total Pension Liability - Ending
Plan Fiduciary Net Position
Contributions - Employer
Contributions - Members
Net Investment Income
Benefit Payments, Including Refunds
of Member Contributions
Other (Net Transfer)
Net Change in Plan Fiduciary Net Position
Plan Net Position - Beginning
Plan Net Position - Ending
Employer's Net Pension Liability/(Asset)
Plan Fiduciary Net Position as a Percentage
of the Total Pension Liability
Covered Payroll
Employer's Net Pension Liability/(Asset) as a
Percentage of Covered Payroll
12/31 /2014 12/31 /2015 12/31 /2016 12/31 /2017
Total Total Total Total
$ 1,830,586 1,810,785 1,768,746 1,811,298
5,880,604 6,548,331 6,803,558 7,087,425
1,583,453 (1,203,005) (756,505) 570,864
3,126,293 113,021 (232,520) (3,034,659)
(3,179,063)
(3,603,793)
(3,834,437)
(4,289,989)
9,241,873
3,665,339
3,748,842
2,144,939
79,082,287
88,324,160
91,989,499
95,738,341
88,324,160 91,989,499 95,738,341 97,883,280
$ 1,908,296
1,863,011
2,031,571
1,941,668
757,565
731,552
745,535
766,547
4,666,652
403,461
5,536,369
14,755,335
(3,179,063)
(3,603,793)
(3,834,437)
(4,289,989)
284,199
(349,936)
403,724
(1,351,715)
4,437,649
(954,705)
4,882,762
11,821,846
76,759,094
81,196,743
80,242,038
85,124,800
81,196,743 80,242,038 85,124,800 96,946,646
$ 7,127,417 11,747,461 10,613,541 936,634
91.93% 87.23% 88.91% 99.04%
$ 16,258,793 16,256,645 16,567,389 16,965,974
43.84% 72.26% 64.06% 5.52%
Changes of Assumptions. Changes in assumptions related to the discount rate were made in 2014 through 2020.
Changes in assumptions related to the demographics were made in 2014 and 2017.
102
12/31 /2018 12/31/2019 12/31 /2020 12/31 /2021 12/31/2022 12/31 /2023
Total Total Total Total Total Village Library Totals
1,690,492
1,858,283 1,889,347 1,729,570 1,789,066
1,349,853
443,638
1,793,491
7,223,810
7,700,258 8,093,842 8,171,763 8,584,118
6,728,872
2,250,973
8,979,845
3,043,104
1,402,150 (2,265,155) 2,012,623 1,766,189
580,571
190,809
771,380
3,019,891
— (798,053) — —
(24,518)
(8,058)
(32,576)
(4,822,107)
(5,514,317)
(5,580,626)
(5,950,015)
(6,562,081)
(5,121,331)
(1,683,158)
(6,804,489)
10,155,190
5,446,374
1,339,355
5,963,941
5,577,292
3,513,447
1,194,204
4,707,651
97,883,280
108,038,470
113,484,844
114,824,199
120,788,140
92,647,650
33,717,782
126,365,432
108,038,470 113,484,844 114,824,199 120,788,140 126,365,432 96,161,097 34,911,986 131,073,083
2,032,727
1,677,888
2,006,704
2,080,887
1,590,076
986,062
324,076
1,310,138
1,104,133
879,607
828,036
920,693
909,433
700,921
230,362
931,283
(5,230,039)
17,276,295
15,388,334
20,022,657
(17,095,047)
9,657,507
3,174,001
12,831,508
(4,822,107)
(5,514,317)
(5,580,626)
(5,950,015)
(6,562,081)
(5,121,331)
(1,683,158)
(6,804,489)
1,969,030
527,892
(302,878)
79,127
212,325
2,080,778
683,861
2,764,639
(4,946,256)
14,847,365
12,339,570
17,153,349
(20,945,294)
8,303,937
2,729,142
11,033,079
96,946,646
92,000,390
106,847,755
119,187,325
136,340,674
84,361,430
31,033,950
115,395,380
92,000,390 106,847,755 119,187,325 136,340,674 115,395,380 92,665,367 33,763,092 126,428,459
16,038,080 6,637,089 (4,363,126) (15,552,534) 10,970,052 3,495,730 1,148,894 4,644,624
85.16% 94.15% 103.80% 112,88% 91.32% 96.36% 96.71% 96.46%
17,940,334 18,248,083 17,965,116 18,772,708 19,414,843 15,504,124 5,095,528 20,599,652
89.40% 36.37% (24.29%) (82.85%) 56.50% 22.55% 22.55% 22.55%
103
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Police Pension Fund
Schedule of Changes in the Employer's Net Pension Liability - Last Ten Fiscal Years
December 31, 2024
Total Pension Liability
Service Cost
Interest
Changes in Benefit Terms
Differences Between Expected and Actual Experience
Change of Assumptions
Benefit Payments, Including Refunds
of Member Contributions
Net Change in Total Pension Liability
Total Pension Liability - Beginning
Total Pension Liability - Ending
Plan Fiduciary Net Position
Contributions - Employer
Contributions - Members
Net Investment Income
Benefit Payments, Including Refunds
of Member Contributions
Administrative Expenses
Net Change in Plan Fiduciary Net Position
Plan Net Position - Beginning
Plan Net Position - Ending
Employer's Net Pension Liability
Plan Fiduciary Net Position as a Percentage
of the Total Pension Liability
Covered Payroll
Employer's Net Pension Liability as a Percentage of
Covered Payroll
12/31/2015 12/31/2016 12/31/2017
$ 1,777,310 1,732,924 1,557,284
7,210,826 8,221,483 7,951,856
95,650
(5,201,074)
(1,650,048)
7,268,193
29,971
385,618
(4,529,962)
(4,688,978)
(4,404,364)
11,822,017
94,326
3,840,346
98,409,322
110,231,339
110,325,665
110,231,339 110,325,665 114,166,011
$ 2,918,395
3,232,887
3,747,825
795,827
815,684
830,240
545,802
4,161,658
8,967,014
(4,529,962)
(4,688,978)
(4,404,364)
(49,947)
(44,605)
(48,339)
(319,885)
3,476,646
9,092,376
58,819,925
58,500,040
61,976,686
58,500,040 61,976,686 71,069,062
$ 51,731,299 48,348,979 43,096,949
53.07% 56.18% 62.25%
$ 8,049,995 8,276,985 8,354,290
642.63% 584.14% 515.87%
104
12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
1,575,461
1,576,407
1,571,647
1,613,165
1,825,295
2,162,652
2,285,160
8,195,228
8,574,834
8,826,306
8,899,357
9,808,132
10,014,814
10,568,174
-
202,152
(208,550)
(439,430)
(2,533,619)
1,303,302
1,372,725
3,231,740
1,361,284
1,320,658
(343,513)
(485,790)
12,017,565
834,969
(5,407,697)
(5,887,879)
(6,306,360)
(6,518,558)
(6,839,629)
(7,196,326)
(7,591,825)
5,475,100
3,682,571
1,072,184
17,314,831
7,001,492
8,212,880
6,622,793
114,166,011
119,641,111
123,323,682
124,395,866
141,710,697
148,712,189
156,925,069
119,641,111 123,323,682 124,395,866 141,710,697 148,712,189 156,925,069 163,547,862
3,608,602
3,582,499
3,855,754
3,977,102
3,821,104
4,836,758
5,600,769
838,893
860,265
860,062
887,126
1,020,818
1,337,196
1,117,864
(3,697,156)
13,440,246
10,224,907
11,280,599
(13,736,952)
10,383,139
8,576,577
(5,407,697)
(5,887,879)
(6,306,360)
(6,518,558)
(6,839,629)
(7,196,326)
(7,591,825)
(37,596)
(35,695)
(59,676)
(60,168)
(68,343)
(71,287)
(75,547)
(4,694,954)
11,959,436
8,574,687
9,566,101
(15,803,002)
9,289,480
7,627,838
71,069,062
66,374,108
78,333,544
86,908,231
96,474,332
80,671,330
89,960,810
66,374,108 78,333,544 86,908,231 96,474,332 80,671,330 89,960,810 97,588,648
53,267,003 44,990,138 37,487,635 45,236,365 68,040,859 66,964,259 65,959,214
55.48% 63.52% 69.86% 68.08% 54.25% 57.33% 59.67%
8,526,976 8,505,172 8,791,984 9,034,880 9,702,264 10,434,700 11,008,986
624.69% 528.97% 426.38% 500.69%
701.29% 641.75% 599.14%
105
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Firefighters' Pension Fund
Schedule of Changes in the Employer's Net Pension Liability - Last Ten Fiscal Years
December 31, 2024
Total Pension Liability
Service Cost
Interest
Changes in Benefit Terms
Differences Between Expected and Actual Experience
Change of Assumptions
Benefit Payments, Including Refunds
of Member Contributions
Net Change in Total Pension Liability
Total Pension Liability - Beginning
Total Pension Liability - Ending
Plan Fiduciary Net Position
Contributions - Employer
Contributions - Members
Net Investment Income
Benefit Payments, Including Refunds
of Member Contributions
Administrative Expenses
Net Change in Plan Fiduciary Net Position
Plan Net Position - Beginning
Plan Net Position - Ending
Employer's Net Pension Liability
Plan Fiduciary Net Position as a Percentage
of the Total Pension Liability
Covered Payroll
Employer's Net Pension Liability as a Percentage of
Covered Payroll
12/31/2015 12/31/2016 12/31/2017
$ 1,515,101 1,429,810 1,426,033
6,270,507 7,296,444 7,228,968
1,603,162
(1,491,027)
1,470,077
7,648,623
396,832
(572,774)
(4,594,876)
(4,981,207)
(5,427,385)
12,442,517
2,650,852
4,124,919
85,904,197
98,346,714
100,997,566
98,346,714 100,997,566 105,122,485
2,532,317
606,932
1,806,126
2,806,983
668,070
3,049,538
3,396,834
678,476
9,323,369
(4,594,876)
(4,981,207)
(5,427,385)
(62,136)
(55,257)
(50,783)
288,363
1,488,127
7,920,511
56,568,339
56,856,702
58,344,829
56,856,702 58,344,829 66,265,340
$ 41,490,012 42,652,737 38,857,145
57.81% 57.77% 63.04%
$ 6,441,588 6,981,704 7,284,199
644.10% 610.92% 533.44%
106
12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
1,427,248
1,479,272
1,581,259
1,623,510
1,746,912
1,831,764
1,973,338
7,510,621
7,617,301
7,829,880
8,064,784
8,784,556
9,057,113
9,348,680
-
403,544
-
-
-
-
-
(2,255,993)
64,710
970,396
1,328,239
80,779
454,716
(406,173)
809,820
(346,430)
(518,533)
7,790,489
227,213
(5,909,909)
(6,234,640)
(6,541,877)
(6,788,536)
(6,965,087)
(7,232,805)
(7,553,187)
1,581,787
2,983,757
3,321,125
12,018,486
3,874,373
4,110,788
3,362,658
105,122,485
106,704,272
109,688,029
113,009,154
125,027,640
128,902,013
133,012,801
106,704,272 109,688,029 113,009,154 125,027,640 128,902,013 133,012,801 136,375,459
3,332,773
3,363,390
3,494,838
3,651,864
3,678,359
4,499,543
4,797,836
688,000
793,037
758,838
782,338
811,804
864,081
897,450
(1,914,014)
10,947,884
11,556,727
7,021,828
(12,071,065)
10,309,190
8,507,896
(5,909,909)
(6,234,640)
(6,541,877)
(6,788,536)
(6,965,087)
(7,232,805)
(7,553,187)
(63,660)
(40,260)
(36,998)
(109,735)
(69,199)
(80,286)
(103,066)
(3,866,810)
8,829,411
9,231,528
4,557,759
(14,615,188)
8,359,723
6,546,929
66,265,340
62,398,530
71,227,941
80,459,469
85,017,228
70,402,040
78,761,763
62,398,530
71,227,941
80,459,469
85,017,228
70,402,040
78,761,763
85,308,692
44,305,742
38,460,088
32,549,685
40,010,412
58,499,973
54,251,038
51,066,767
58.48% 64.94% 71.20% 68.00% 54.62% 59.21% 62.55%
7,519,070 7,854,176 8,024,566 8,353,578 8,566,519 9,305,298 9,470,521
589.24% 489.68% 405.63% 478.96%
682.89% 583.01% 539.22%
107
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Police Pension Fund
Schedule of Investment Returns - Last Ten Fiscal Years
December 31, 2024
Annual Money -
Weighted Rate
of Return, Net
Fiscal of Investment
Year Expense
2015
0.92%
2016
7.15%
2017
14.29%
2018
(5.21%)
2019
20.29%
2020
13.20%
2021
15.66%
2022
(14.40%)
2023
12.96%
2024
9.59%
108
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Firefighters' Pension Fund
Schedule of Investment Returns - Last Ten Fiscal Years
December 31, 2024
Annual Money -
Weighted Rate
of Return, Net
Fiscal of Investment
Year Expense
2015
3.38%
2016
5.58%
2017
16.49%
2018
(2.80%)
2019
16.52%
2020
16.49%
2021
8.87%
2022
(14.43%)
2023
14.80%
2024
10.92%
109
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Retiree Benefit Plan
Schedule of Changes in the Employer's Total OPEB Liability
December 31, 2024
12/31/2018
Total OPEB Liability
Service Cost
$ 523,084
Interest
463,660
Changes in Benefit Terms
—
Differences Between Expected and Actual
Experience
(1,152,702)
Change of Assumptions or Other Inputs
(1,704,999)
Benefit Payments
(387,384)
Net Change in Total OPEB Liability
(2,258,341)
Total OPEB Liability - Beginning
13,147,473
Total OPEB Liability - Ending 10,889,132
Covered -Employee Payroll $ 26,110,072
Total OPEB Liability as a Percentage of
Covered -Employee Payroll 41.70%
Notes:
This schedule is intended to show information for ten years. Information for additional years will be displayed as
it becomes available.
No assets are accumulated in a trust that meets the criteria in paragraph 4 of Statement 75.
Changes of Assumptions. Changes in assumptions related to the discount rate were made in 2018 through 2024.
110
12/31/2019
12/31/2020
12/31/2021
12/31/2022
12/31/2023
12/31/2024
457,933
560,011
882,943
836,978
509,065
560,934
457,768
407,957
329,431
338,311
456,913
458,844
(530,505)
(1,053,887)
(966,849)
(1,745,478)
(136,031)
(2,863,488)
1,326,575
3,217,155
(283,951)
(3,099,372)
437,350
189,936
(422,580)
(452,279)
(404,187)
(433,573)
(443,407)
(454,989)
1,289,191
2,678,957
(442,613)
(4,103,134)
823,890
(2,108,763)
10,889,132
12,178,323
14,857,280
14,414,667
10,311,533
11,135,423
12,178,323
14,857,280
14,414,667
10,311,533
11,135,423
9,026,660
26,958,649
27,836,531
28,741,218
29,641,953
30,605,316
33,151,644
45.17%
53.37%
50.15%
34.79%
36.38%
27.23%
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Budget
Original Final Actual
Revenues
Taxes
$ 30,194,334
30,925,057
31,077,645
Licenses and Permits
2,765,617
2,765,617
2,643,731
Intergovernmental
43,444,002
48,746,902
48,772,638
Charges for Services
3,309,500
3,887,500
3,987,981
Fines and Forfeitures
273,200
273,200
339,380
Interest
1,193,000
3,027,200
3,067,673
Miscellaneous
240,100
585,300
643,328
Total Revenues
81,419,753
90,210,776
90,532,376
Expenditures
General Government
8,879,207
8,931,207
8,129,342
Public Safety
44,760,586
46,367,575
45,959,885
Highways and Streets
10,921,778
12,041,049
11,415,344
Health
171,180
171,180
210,731
Welfare
2,163,960
1,966,960
1,771,696
Culture and Recreation
494,042
494,042
405,787
Total Expenditures
67,390,753
69,972,013
67,892,785
Excess (Deficiency) of Revenues
Over (Under) Expenditures
14,029,000
20,238,763
22,639,591
Other Financing Sources (Uses)
Disposal of Capital Assets
520
Transfers Out
(14,029,000)
(21,279,000)
(19,522,312)
(14,029,000)
(21,279,000)
(19,521,792)
Net Change in Fund Balance
—
(1,040,237)
3,117,799
Fund Balance - Beginning as Restated
52,559,303
Fund Balance - Ending
55,677,102
112
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Prospect and Main TIF - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Revenues
Taxes
Property Taxes
Interest
Miscellaneous
Total Revenues
Expenditures
General Government
Other Employee Costs
Contractual Services
Capital Outlay
Other
Debt Service
Principal Retirement
Interest and Fiscal Charges
Total Expenditures
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending
Budget
Original Final Actual
$ 2,500,000 2,500,000 4,591,577
5,000 5,000 60,551
5,000 5,000 —
2,510,000 2,510,000 4,652,128
201,500
165,000
1,131,000
301,500
165,000
1,388,000
222,286
114,692
1,365,650
670,000
670,000
670,000
639,388
639,388
639,388
2,806,888
3,163,888
3,012,016
(296,888) (653,888) 1,640,112
2,266,402
3,906,514
113
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Economic Emergency - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Budget
Original Final Actual
Revenues
Interest $ 100,000 496,000 495,944
Expenditures
General Government
Contractual Services
Excess (Deficiency) of Revenues
Over (Under) Expenditures 100,000 496,000 495,944
Other Financing Sources
Transfers In — 6,500,000 6,500,000
Net Change in Fund Balance 100,000 6,996,000 6,995,944
Fund Balance - Beginning 6,695,690
Fund Balance - Ending 13,691,634
114
OTHER SUPPLEMENTARY INFORMATION
Other supplementary information includes financial statements and schedules not required by the GASB, nor a
part of the basic financial statements, but are presented for purposes of additional analysis.
Such statements and schedules include:
• Budgetary Comparison Schedules - Major Governmental Funds
• Combining Statements - Nonmajor Governmental Funds
• Budgetary Comparison Schedules - Nonmajor Governmental Funds
• Budgetary Comparison Schedules - Enterprise Funds
• Combining Statements - Internal Service Funds
• Budgetary Comparison Schedules - Internal Service Funds
• Combining Statements - Pension Trust Funds
• Consolidated Year -End Financial Report
115
GOVERNMENTAL FUNDS
116
MAJOR GOVERNMENTAL FUNDS
GENERAL FUND
General Fund: The General Fund is used to account for all financial resources except those required to be
accounted for in another fund.
SPECIAL REVENUE FUND
Prospect and Main TIF Fund: The Prospect and Main TIF Fund is used to account for the resources to acquire
property and construct certain improvements in the Prospect and Main Tax Incremental Financing District.
Financing is being provided by incremental property taxes, general obligation bond proceeds, and investment
income. See the Schedule of Revenues, Expenditures and Changes in Fund Balance in the Required
Supplementary Information section of this report.
Economic Emergency Fund: The Economic Emergency Fund is used to account for money set aside by the
Village board for unplanned or emergency expenses. The fund is created from reported surplus from the General
Fund. A recommendation from the Finance Commission and an approval from the Village Board is needed
before these funds can be spent.
DEBT SERVICE FUND
Debt Service Fund: The Debt Service Fund is used to account for the accumulation of funds for the periodic
payment of principal and interest on general long-term debt.
117
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Revenues - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Taxes
Property Taxes - General
Property Taxes - Police Pension
Property Taxes - Firefighters' Pension
Road and Bridge Property Tax
Auto Rental Tax
Food and Beverage Tax
Real Estate Transfer Tax
Hotel/Motel Tax
Telecommunications Tax
Home Rule Sales Tax
Gas Utility Tax
Electric Utility Tax
Total Taxes
Licenses and Permits
Liquor Licenses
Business Licenses
Contractor Licenses
Alarm Licenses
Elevator Licenses
Building Permit Fees
Reinspection Fees
Gaming License Fees
Vacant Structure Registration Fees
Truck Rental Fees
Utility Permit Fees
ZBA Hearing Fees
Village Impact Fees
False Alarm Fees
Landlord/Tenant Fees
Cable TV Franchise Fees
Total Licenses and Permits
Budget
Original Final Actual
$ 9,396,074
9,073,947
9,248,543
4,629,067
4,629,067
4,600,770
3,827,193
3,827,193
3,797,836
125,000
125,000
106,444
33,000
33,000
30,461
1,250,000
1,531,000
1,530,914
900,000
900,000
1,016,083
106,000
106,000
132,615
1,160,000
1,160,000
1,070,579
6,700,000
7,803,100
7,803,006
942,000
610,750
603,842
1,126,000
1,126,000
1,136,552
30,194,334 30,925,057 31,077,645
180,000
180,000
194,500
165,000
165,000
162,263
130,000
130,000
135,200
45,000
45,000
42,438
27,500
27,500
26,555
1,000,000
1,000,000
1,009,009
1,117
1,117
5,225
90,500
90,500
112,600
4,000
4,000
2,000
2,500
2,500
6,580
3,000
3,000
4,200
5,000
5,000
3,000
75,000
75,000
20,130
12,000
12,000
22,200
320,000
320,000
322,301
705,000
705,000
575,530
2,765,617 2,765,617 2,643,731
118
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Revenues - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2024
Intergovernmental
State Sales Tax
State Income Tax
State Use Tax
Charitable Games Tax
Cannabis Education Fund
Municipal Cannabis Tax
Replacement Taxes
Replacement Taxes - Road and Bridge
Grant - Body Armor
Grant - American Rescue Plan Act
Grant- Other
Total Intergovernmental
Charges for Services
Maintenance of State Highways
Ambulance Transport Fees
Forest River Rural FPD
Other Programs
Special Detail Revenue
Police Training Revenue
Fire Training Revenue
Lease Payments - Cell Towers
General Store Lease
Total Charges for Services
Fines and Forfeitures
Fines - Parking
Fines - Local Ordinances
Fines - Code Enforcement
Fines - Circuit Court
Fines - Parental Responsibility
Forfeited Escrow Funds
Total Fines and Forfeitures
Budget
Original Final Actual
$ 25,000,000
30,241,000
30,240,722
8,212,060
9,655,060
9,654,627
2,387,784
2,039,784
2,040,366
3,000
3,000
2,540
92,000
92,000
91,597
60,000
60,000
90,462
932,750
932,750
700,676
17,275
17,275
13,690
8,000
8,000
7,018
6,706,133
5,572,133
5,572,395
25,000
125,900
358,545
43,444,002 48,746,902 48,772,638
80,000
80,000
96,093
3,000,000
3,578,000
3,577,890
45,000
45,000
70,858
25,952
15,000
15,000
18,821
22,302
9,500
9,500
12,351
100,000
100,000
98,292
60,000
60,000
65,422
3,309,500 3,887,500 3,987,981
145,000
145,000
115,359
1,000
1,000
-
16,200
16,200
34,261
90,000
90,000
122,770
1,000
1,000
750
20,000
20,000
66,240
273,200 273,200 339,380
119
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Revenues - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2024
Interest
Investment Income
Interest - Escrow Funds
Total Interest
Miscellaneous
Reimburse - H/S Youth Officer
Reimburse - Mount Prospect Library
Shared Cost - Sidewalk
Other Reimbursements
Human Services Revenue
Nursing
Fire and Police Reports
Animal Release Fees
Subpoena Fees
Other Revenue
Total Miscellaneous
Total Revenues
Budget
Original Final Actual
$ 1,193,000 3,027,200 3,029,208
38,465
1,193,000 3,027,200 3,067,673
110,000
110,000
103,341
34,921
2,196
5,000
198,300
193,951
5,600
5,600
835
2,000
2,000
782
6,225
150
305
117,500
269,400
300,622
240,100 585,300 643,328
81,419,753 90,210,776 90,532,376
120
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual
For the Fiscal Year Ended December 31, 2024
General Government
Public Representation - Administration
Village Administration
Finance Department
Community Development - Administration
Benefit Payments
Total General Government
Public Safety
Community Development - Code Enforcement
Police Department
Fire Department
Total Public Safety
Highways and Streets
Public Works Department
Health
Community Development - Health
Welfare
Human Services Department
Community Development - Housing
Total Welfare
Culture and Recreation
Public Representation - Community and Civic Services
Total Expenditures
Budget
Original Final Actual
$ 214,898
214,898
223,716
5,377,645
5,377,645
4,909,613
1,814,976
1,866,976
1,744,045
1,464,740
1,464,740
1,245,020
6,948
6,948
6,948
8,879,207 8,931,207 8,129,342
1,454,267
1,454,267
1,409,982
23,383,282
23,392,877
23,177,731
19,923,037
21,520,431
21,372,172
44,760,586 46,367,575 45,959,885
10,921,778 12,041,049 11,415,344
171,180 171,180 210,731
1,874,802 1,677,802 1,497,283
289,158 289,158 274,413
2,163,960 1,966,960 1,771,696
494,042 494,042 405,787
67,390,753 69,972,013 67,892,785
121
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual
For the Fiscal Year Ended December 31, 2024
General Government
Public Representation - Administration
Mayor and Board of Trustees
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Total Public Representation - Administration
Village Administration
Village Manager's Office
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Office and Other Equipment
Insurance
Other Expenditures
Total Village Manager's Office
Legal Services
Contractual Services
Human Resources
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Total Human Resources
Budget
Original Final Actual
$ 25,006
25,006
25,000
1,917
1,917
1,912
4,600
4,600
4,308
177,350
177,350
186,674
6,025
6,025
5,822
214,898 214,898 223,716
703,074
703,074
654,890
495,798
495,798
231,192
27,500
27,500
17,858
56,172
56,172
29,661
4,000
4,000
2,817
8,865
8,865
5,580
250
250
-
33,119
33,119
33,119
200,000
200,000
10,567
1,528,778 1,528,778 985,684
632,500 632,500 909,866
331,605
331,605
289,529
319,822
319,822
486,719
71,635
71,635
23,404
24,400
24,400
18,718
1,835
1,835
1,278
749,297 749,297 819,648
122
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2024
Budget
Original Final Actual
General Government - Continued
Village Administration - Continued
Information Technology
Personal Services
$ 464,307
464,307
467,653
Employee Benefits
163,324
163,324
160,156
Other Employee Costs
7,000
7,000
447
Contractual Services
783,185
783,185
678,226
Utilities
28,500
28,500
24,854
Commodities and Supplies
500
500
406
Office and Other Equipment
15,000
15,000
5,098
Total Information Technology
1,461,816
1,461,816
1,336,840
Communications
Personal Services
105,267
105,267
105,560
Employee Benefits
40,707
40,707
41,912
Other Employee Costs
2,200
2,200
-
Contractual Services
42,750
42,750
44,102
Utilities
29
Total Communications
190,924
190,924
191,603
Television Services
Personal Services
79,113
79,113
73,581
Employee Benefits
31,129
31,129
29,283
Contractual Services
5,562
5,562
5,417
Commodities and Supplies
10
Office and Other Equipment
45,000
45,000
9,571
Total Television Services
160,804
160,804
117,862
Marketing and Public Relations
Personal Services
106,041
106,041
108,052
Employee Benefits
23,957
23,957
24,117
Contractual Services
265,500
265,500
190,420
Other Employee Costs
4,000
4,000
668
Total Marketing and Public Relations
399,498 399,498 323,257
123
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2024
General Government - Continued
Village Administration - Continued
Community Engagement
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Total Community Engagement
Village Clerk's Office
Administration and Support
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Total Village Clerk's Office
Total Village Administration
Finance Department
Administration and Support
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Office and Other Equipment
Insurance
Total Administration and Support
Budget
Original Final Actual
$ 6,000
6,000 480
22,000
22,000 15,590
1,300
1,300 909
1,125
1,125 998
30,425 30,425 17,977
135,300
135,300
132,508
46,831
46,831
47,911
2,050
2,050
288
38,172
38,172
24,447
1,250
1,250
1,722
223,603 223,603 206,876
5,377,645 5,377,645 4,909,613
271,748
271,748
279,466
80,935
80,935
85,429
28,500
28,500
5,454
237,000
237,000
184,956
2,000
2,000
1,735
7,175
7,175
6,769
123,500
175,500
221,963
16,454
16,454
16,454
767,312 819,312 802,226
124
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2024
General Government - Continued
Finance Department - Continued
Accounting
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Total Accounting
Insurance
Customer Service
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Total Customer Service
Total Finance Department
Community Development - Administration
Administration and Support
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Insurance
Total Administration and Support
Budget
Original Final Actual
$ 425,237
425,237
389,144
145,624
145,624
125,089
4,200
4,200
1,783
500
500
4,935
3,000
3,000
1,912
578,561 578,561 522,863
27,583 27,583 28,080
302,487
302,487
302,648
80,778
80,778
73,247
3,000
3,000
100
47,515
47,515
13,876
7,740
7,740
1,005
441,520 441,520 390,876
1,814,976 1,866,976 1,744,045
144,888
144,888
137,609
42,794
42,794
122,396
5,045
5,045
4,428
36,000
36,000
58,885
3,210
3,210
2,464
1,180
1,180
351
12,714
12,714
12,714
245,831 245,831 338,847
125
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2024
General Government - Continued
Community Development - Administration - Continued
Planning and Zoning
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Total Planning and Zoning
Economic Development
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Total Economic Development
Administration and Support - Building and Inspections
Personal Services
Employee Benefits
Utilities
Commodities and Supplies
Insurance
Total Administration and Support - Building and Inspections
Total Community Development - Administration
Benefit Payments
Contractual Services
Total General Government
Budget
Original Final Actual
$ 315,933
315,933
295,555
94,754
94,754
97,774
8,305
8,305
8,216
27,754
27,754
13,962
5,800
5,800
3,963
452,546 452,546 419,470
56,396
56,396
59,580
13,637
13,637
24,374
3,120
3,120
2,401
250,000
250,000
121,697
323,153 323,153 208,052
304,836
304,836
179,758
110,492
110,492
71,133
7,684
7,684
7,204
358
20,198
20,198
20,198
443,210 443,210 278,651
1,464,740 1,464,740 1,245,020
6,948 6,948 6,948
8,879,207 8,931,207 8,129,342
126
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2024
Public Safety
Community Development - Code Enforcement
Building Inspection
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Total Community Development - Code Enforcement
Police Department
Administration and Support
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Office and Other Equipment
Insurance
Total Administration and Support
Records
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Office and Other Equipment
Total Records
Patrol and Traffic Enforcement
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Office and Other Equipment
Budget
Original Final Actual
$ 897,263
897,263
878,312
369,121
369,121
389,510
14,500
14,500
12,018
149,283
149,283
113,228
24,100
24,100
16,914
1,454,267 1,454,267 1,409,982
1,023,588
1,023,588
1,017,373
5,004,155
5,004,155
4,974,409
186,770
186,770
187,218
370,510
325,331
268,237
10,000
10,000
7,250
30,245
30,245
20,278
23,335
23,335
12,519
228,446
228,446
228,446
6,877,049 6,831,870 6,715,730
504,148
504,148
503,414
201,239
201,239
206,276
6,000
6,000
4,041
5,790
5,790
3,599
560
560
-
717,737 717,737 717,330
9,898,305
9,954,674
9,796,191
1,729,111
1,742,949
1,839,969
557,690
557,690
430,930
113,820
98,387
80,847
6,815
6,815
3,098
Total Patrol and Traffic Enforcement
127
12,305,741 12,360,515 12,151,035
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2024
Public Safety - Continued
Police Department - Continued
K-9 Unit
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Total K-9 Unit
Crime Prevention and Public Services
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Budget
Original Final Actual
$ 23,726
23,726
30,109
2,208
5,800
5,800
3,247
5,040
5,040
3,447
34,566
34,566
39,011
308,721
308,721
348,159
67,874
67,874
65,118
4,910
4,910
3,943
3,870
3,870
2,484
39,955
39,955
48,981
Total Crime Prevention and Public Services
425,330
425,330
468,685
Civic Events
Personal Services
63,768
Employee Benefits
1,425
Total Civic Events
65,193
Investigative
Personal Services
1,722,277
1,722,277
1,795,983
Employee Benefits
254,418
254,418
239,373
Contractual Services
29,730
29,730
23,754
Utilities
3,500
3,500
1,023
Commodities and Supplies
4,990
4,990
4,182
Office and Other Equipment
875
875
-
Total Investigative
2,015,790
2,015,790
2,064,315
Equipment Maintenance
Contractual Services
954,584
954,584
930,648
Commodities and Supplies
42,150
42,150
23,451
Office and Other Equipment
10,335
10,335
2,333
Total Equipment Maintenance
1,007,069
1,007,069
956,432
Total Police Department
23,383,282
23,392,877
23,177,731
128
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2024
Public Safety - Continued
Fire Department
Administration and Support
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Office and Other Equipment
Insurance
Total Administration and Support
Fire Department Operations
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Office and Other Equipment
Total Fire Department Operations
Fire Prevention
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Total Fire Prevention
Communications
Contractual Services
Utilities
Commodities and Supplies
Office and Other Equipment
Total Communications
Budget
Original Final Actual
$ 829,746
829,746
848,618
4,166,650
4,307,750
4,270,632
53,300
56,300
48,280
585,500
992,550
987,222
13,000
14,500
11,845
5,500
5,500
5,489
201,236
201,236
201,236
5,854,932 6,407,582 6,373,322
9,879,078
10,879,078
10,808,817
1,790,780
1,790,780
1,804,665
85,732
90,232
98,512
156,980
165,925
165,102
24,550
24,550
16,907
163,986
181,443
177,542
12,101,106
13,132,008
13,071,545
309,883
309,883
302,936
123,366
123,366
122,447
3,280
3,280
3,625
2,500
2,500
653
17,450
21,330
21,880
456,479 460,359 451,541
4,000
4,000
1,167
14,000
14,000
13,762
11,500
11,500
1,969
4,000
9,950
9,948
33,500 39,450 26,846
129
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2024
Public Safety - Continued
Fire Department - Continued
Equipment Maintenance
Contractual Services
Commodities and Supplies
Emergency Preparedness
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Total Emergency Preparedness
Paid on Call
Personal Services
Employee Benefits
Other Employee Costs
Office and Other Equipment
Total Paid on Call
Total Fire Department
Total Public Safety
Highways and Streets
Public Works Department
Administration and Support
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Office and Other Equipment
Insurance
Total Administration and Support
Budget
Original Final Actual
$ 1,110,691 1,110,691 1,110,691
100
1,110,691 1,110,691 1,110,791
208,262
208,262
205,895
72,268
72,268
76,073
1,000
1,000
872
3,500
3,625
3,621
16,200
16,500
11,444
301,230 301,655 297,905
49,597
49,597
24,368
3,252
3,252
1,868
8,500
8,905
7,054
3,750
6,932
6,932
65,099 68,686 40,222
19,923,037 21,520,431 21,372,172
44,760,586 46,367,575 45,959,885
324,367
324,367
327,732
183,040
183,040
170,378
34,198
36,760
39,775
1,223,735
1,222,465
1,227,131
4,638
4,638
6,764
36,505
36,505
36,592
5,646
4,354
3,105
256,818
256,818
256,818
2,068,947 2,068,947 2,068,295
130
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2024
Highways and Streets - Continued
Public Works Department - Continued
Street and Buildings Division
Administration
Personal Services
Employee Benefits
Utilities
Commodities and Supplies
Total Administration
Maintenance - Public Buildings
Personal Services
Employee Benefits
Contractual Services
Utilities
Commodities and Supplies
Other Expenditures
Total Maintenance - Public Buildings
Street Maintenance
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Total Street Maintenance
Snow Removal
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Office and Other Equipment
Total Snow Removal
Budget
Original Final Actual
$ 142,995
142,995
134,545
50,814
50,814
54,419
4,638
4,638
4,212
3,807
3,807
237
202,254 202,254 193,413
689,227
689,227
697,810
246,047
246,047
243,120
510,555
505,555
474,985
45,676
54,443
18,950
170,234
166,467
143,423
4,826
4,826
-
1,666,565 1,666,565 1,578,288
371,170
371,170
335,810
98,080
98,080
93,680
475,988
472,147
470,673
52,859
57,514
65,385
998,097 998,911 965,548
496,695
496,695
493,597
149,414
149,414
146,720
118,916
118,916
69,449
16,354
16,354
8,527
12,854
12,854
10,461
794,233 794,233 728,754
131
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2024
Highways and Streets - Continued
Public Works Department - Continued
Street and Buildings Division - Continued
Storm Sewer/Basin Maintenance
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Total Storm Sewer/Basin Maintenance
Maintenance of State Highways
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Total Maintenance of State Highways
Traffic Sign Maintenance
Personal Services
Employee Benefits
Commodities and Supplies
Total Traffic Sign Maintenance
Civic Events
Personal Services
Employee Benefits
Commodities and Supplies
Total Civic Events
Capital Expenditures
Other
Total Street and Buildings Division
Budget
Original Final Actual
$ 107,765
107,765
97,678
29,495
29,495
30,144
12,219
12,219
6,112
11,203
11,203
4,119
160,682
160,682
138,053
48,981
48,981
44,167
14,119
14,119
14,004
22,266
22,266
17,929
36,004
36,004
15,050
121,370
121,370
91,150
96,274
96,274
91,467
20,524
20,524
20,208
37,062
37,062
36,632
153,860 153,860 148,307
48,297 48,297 43,179
15,579 15,579 14,924
211 211 13
64,087 64,087 58,116
775,000 786,394
4,161,148 4,936,962 4,688,023
132
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2024
Highways and Streets - Continued
Public Works Department - Continued
Forestry Division
Administration and Support
Personal Services
Employee Benefits
Commodities and Supplies
Total Administration and Support
Maintenance of Grounds
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Office and Other Equipment
Total Maintenance of Grounds
Forestry Program
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Total Forestry Program
Public Grounds Beautification
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Total Public Grounds Beautification
Budget
Original Final Actual
$ 134,957
134,957
133,867
41,702
41,702
41,079
3,117
3,117
3,250
179,776 179,776 178,196
234,151
234,151
201,496
68,628
68,628
63,297
346,618
346,618
320,657
10,863
10,863
9,803
39,630
39,630
29,873
699,890 699,890 625,126
588,633
588,633
549,279
185,876
185,876
177,781
6,723
10,006
10,212
503,298
500,015
485,695
8,355
8,355
5,582
13,418
13,418
11,393
1,306,303 1,306,303 1,239,942
126,565
126,565
115,382
42,822
42,822
40,083
2,953
2,953
1,497
40,400
40,400
35,177
212,740 212,740 192,139
133
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2024
Highways and Streets - Continued
Public Works Department - Continued
Forestry Division
Civic Events
Personal Services
Employee Benefits
Total Civic Events
Holiday Decorations
Personal Services
Employee Benefits
Total Holiday Decorations
Total Forestry Division
Engineering Division
Engineering Services
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Office and Other Equipment
Total Engineering Services
Traffic Control and Street Lighting
Personal Services
Employee Benefits
Contractual Services
Utilities
Commodities and Supplies
Total Traffic Control and Street Lighting
Total Engineering Division
Budget
Original Final Actual
$ 55,759 55,759 51,657
18,330 18,330 17,277
74,089 74,089 68,934
11,870 11,870 10,982
4,544 4,544 4,074
16,414 16,414 15,056
2,489,212 2,489,212 2,319,393
931,238
885,338
838,843
260,919
260,919
250,997
5,786
5,786
6,366
131,601
178,601
204,693
6,556
6,556
4,452
10,041
8,941
4,156
2,738
2,738
2,581
1,348,879
1,348, 879
1,312,088
56,553
56,553
57,086
12,451
12,451
19,424
18,891
18,891
6,340
5,000
5,000
21,352
31,347
31,347
27,881
124,242 124,242 132,083
1,473,121 1,473,121 1,444,171
134
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2024
Highways and Streets - Continued
Public Works Department - Continued
Capital Expenditures
Infrastructure
Resurfacing/Curbs
Miscellaneous - Forestry
Total Capital Expenditures
Total Highways and Streets
Health
Community Development - Health
Health Inspections
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Total Health
Welfare
Human Services Department
Administration and Support
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Office and Other Equipment
Insurance
Total Administration and Support
Budget
Original Final Actual
$ 485,000 828,457 656,870
244,350 244,350 238,592
729,350 1,072,807 895,462
10,921,778 12,041,049 11,415,344
135,186
135,186
163,792
27,442
27,442
39,286
8,402
8,402
6,951
150
150
702
171,180 171,180 210,731
177,494
177,494
173,829
59,969
59,969
57,931
3,332
2,941
222
38,596
39,996
35,958
4,257
4,257
4,691
4,529
4,529
3,703
586
586
542
15,307
15,307
15,307
304,070 305,079 292,183
135
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2024
Welfare - Continued
Human Services Department - Continued
Social Services
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Total Social Services
Nursing
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Office and Other Equipment
Total Nursing
Senior Activities
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Total Senior Activities
Community Connections Center
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Office and Other Equipment
Total Community Connections Center
Total Human Services Department
Budget
Original Final Actual
$ 394,661
394,661
399,460
127,309
127,309
125,809
4,618
4,618
2,406
315,000
115,000
75,446
1,500
1,500
1,614
843,088
643,088
604,735
102,708
102,708
105,356
16,183
16,183
16,042
935
1,326
1,245
500
-
-
6,578
6,031
5,010
721
1,768
1,768
127,625 128,016 129,421
35,258
35,258
24,676
4,941
4,941
3,454
4,000
3,000
1,505
6,000
7,000
3,029
50,199 50,199 32,664
261,412
261,412
254,780
73,139
73,139
72,439
2,750
2,750
1,645
103,086
104,686
101,664
5,164
5,164
3,411
4,269
4,269
4,341
100,000
100,000
-
549,820
551,420
438,280
1,874,802
1,677, 802
1,497,283
136
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2024
Welfare - Continued
Community Development - Housing
Housing Inspections
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Total Community Development - Housing
Total Welfare
Culture and Recreation
Public Representation - Community and Civic Services
Community Groups and Miscellaneous
Contractual Services
Other Expenditures
Total Community Groups and Miscellaneous
4th of July and Civic Events
Contractual Services
Commodities and Supplies
Total 4th of July and Civic Events
Holiday Decorations
Contractual Services
Commodities and Supplies
Total Holiday Decorations
Total Culture and Recreation
Total Expenditures
Budget
Original Final Actual
$ 187,465
187,465
166,308
57,560
57,560
60,985
43,833
43,833
46,895
300
300
225
289,158
289,158
274,413
2,163,960
1,966,960
1,771,696
227,250
227,250
231,677
5,000
6,500
6,550
232,250
233,750
238,227
59,098
59,098
44,018
46,727
45,227
24,514
105,825
104,325
68,532
87,571
87,571
41,457
68,396
68,396
57,571
155,967
155,967
99,028
494,042 494,042 405,787
67,390,753 69,972,013 67,892,785
137
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Debt Service Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Revenues
Taxes
Property - Levy
Other Taxes
Video Gaming Tax
Intergovernmental
State Sales Tax
Interest
Total Revenues
Expenditures
Debt Service
Principal Retirement
Interest and Fiscal Charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources
Transfers In
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending
Budget
Original Final Actual
$ 1,234,925
235,000
1,234,925 1,234,925
235,000 345,021
882,240
882,240
882,240
9,125
9,125
69,372
2,361,290
2,361,290
2,531,558
2,500,000
2,500,000
2,500,000
2,032,290
2,032,290
2,032,139
4,532,290
4,532,290
4,532,139
(2,171,000) (2,171,000) (2,000,581)
2,171,000 2,171,000 2,171,000
170,419
1,301,547
1,471,966
138
NONMAJOR GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS
Motor Fuel Tax Fund: The Motor Fuel Tax Fund is used to account for the activities involved with street
maintenance and construction. Financing is provided by the Village's share of state gasoline taxes. State law
requires these gasoline taxes to be used to maintain streets.
Refuse Disposal Fund: - The Refuse Disposal Fund is used to account for the revenues and expenditures
associated with providing solid waste collection services. Financing provided by restricted user fees and
recycling income.
Community Development Block Grant (CDBG) Fund: The Community Development Block Grant Fund is
used to account for the revenue and expenditures associated with the CDBG. The grant is provided by the U.S.
Department of Housing and Urban Development to develop urban communities by expanding economic
opportunities and providing decent housing and a suitable living environment. The beneficiaries of CDBG must
be individuals with low and/or moderate incomes.
Asset Seizure Fund: The Asset Seizure Fund is used to account for the revenues and expenditures associated
with the asset seizure program in which the Village participates. Funds received are restricted for use in the
fight against drugs.
Federal Equitable Share Fund: The Federal Equitable Share Fund is used to account for the revenues and
expenditures associated with the Federal Shared Funds program. The use of funds is restricted for use in the
fight against drugs.
DUI Fines Fund: The DUI Fines Fund is used to account for the revenues and expenditures associated with the
Cook County DUI fine program. Use of funds is restricted to fight against drunk driving.
Foreign Fire Insurance Fund: The Foreign Fire Insurance Fund is used to account for the revenues derived
from the Foreign Fire Insurance Tax and disbursement of these funds for the benefit, use and maintenance
related to the Fire Department.
Business District Fund: The Business District Fund is used to account for the revenues and expenditures
associated with the Business Districts within the Village. The Village currently has one Business District, the
Randhurst Village Business District Area.
Pension Stabilization Fund: The Pension Stabilization Fund is used to account for amounts set aside for future
pension levy abatements. A pension stabilization fund is a financial reserve or pool of assets established to
provide stability and support for a pension system. It is primarily designed to address funding shortfalls or
unfunded liabilities within a pension plan.
139
NONMAJOR GOVERNMENTAL FUNDS - Continued
SPECIAL REVENUE FUNDS - Continued
South Mount Prospect TIF Fund : The South Mount Prospect TIF Fund is used to account for the resources
to acquire properties, conduct economic development activities, and construct infrastructure improvements in
the South Mount Prospect Tax Increment Financing District. Financing is provided by incremental property
CAPITAL PROJECTS FUNDS
Capital Improvement Fund: The Capital Improvement Fund is used to account for the resources to provide
for certain capital improvements and the replacement of Village equipment. Financing is being provided by
sales tax, developer contributions, transfers from other funds, and investment income.
Flood Control Construction Fund: The Flood Control Construction fund is used to account for the resources
to implement flood control projects throughout the Village. Financing is provided by sales taxes, service
charges, and investment income.
Street Improvement Construction Fund: The Street Improvement Construction Fund is used to account for
the resources to reconstruct Village streets. Financing is being provided by various taxes, licenses, permits, fees
and interest income.
140
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmajor Governmental Funds
Combining Balance Sheet
December 31, 2024
ASSETS
Cash and Investments
Receivables - Net of Allowances
Other Taxes
Other
Accrued Interest
Accounts
Due from Other Governments
Prepaids
Total Assets
LIABILITIES
Accounts Payable
Accrued Payroll
Retainage Payable
Due to Other Governments
Due to Other Funds
Other Payables
Total Liabilities
FUND BALANCES
Nonspendable
Restricted
Committed
Assigned
Total Fund Balances
Total Liabilities and Fund Balances
Special Capital
Revenue Projects Totals
$ 10,333,215 16,739,705 27,072,920
1,621,918 1,581,529 3,203,447
718,959 — 718,959
— 96,179
96,179
557,332 1,481,029
2,038,361
102,818 9,945
112,763
13,334,242 19,908,387 33,242,629
369,337
194,727
564,064
17,352
—
17,352
—
12,721
12,721
2,775
—
2,775
—
4,337
4,337
2,279,975
—
2,279,975
2,669,439
211,785
2,881,224
102,818
9,945 112,763
8,771,742
— 8,771,742
1,790,243
— 1,790,243
—
19,686,657 19,686,657
10,664,803
19,696,602 30,361,405
13,334,242 19,908,387 33,242,629
141
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmajor Governmental Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
For the Fiscal Year Ended December 31, 2024
Revenues
Taxes
Intergovernmental
Charges for Services
Investment Income
Miscellaneous
Total Revenues
Expenditures
General Government
Public Safety
Highways and Streets
Health
Welfare
Capital Outlay
Debt Service
Principal Retirement
Interest and Fiscal Charges
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources
Transfers In
Net Change in Fund Balances
Fund Balances - Beginning
Adjustment - Nonmajor to Major Fund
Fund Balances - as Adjusted
Fund Balances - Ending
Special Capital
Revenue Projects Totals
$ 1,966,851
747,626
2,714,477
4,187,126
6,070,122
10,257,248
5,348,212
—
5,348,212
311,180
756,827
1,068,007
238,435
220,872
459,307
12,051,804
7,795,447
19,847,251
80,683
— 80,683
2,222,509
— 2,222,509
2,334,064
— 2,334,064
5,274,199
— 5,274,199
135,138
— 135,138
—
9,636,577 9,636,577
2,319,352
235,078
— 2,319,352
— 235,078
12,601,023
9,636,577 22,237,600
(549,219) (1,841,130) (2,390,349)
2,000,000 3,383,000 5,383,000
1,450,781 1,541,870 2,992,651
15,909,712
18,154,732 34,064,444
(6,695,690)
— (6,695,690)
9,214,022
18,154,732 27,368,754
10,664,803 19,696,602 30,361,405
142
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmajor Governmental - Special Revenue Funds
Combining Balance Sheet
December 31, 2024
See Following Page
143
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmajor Governmental - Special Revenue Funds
Combining Balance Sheet
December 31, 2024
ASSETS
Cash and Investments
Receivables - Net of Allowances
Other Taxes
Other
Accrued Interest
Due from Other Governments
Prepaids
Total Assets
LIABILITIES
Accounts Payable
Accrued Payroll
Due to Other Governments
Other Payables
Total Liabilities
FUND BALANCES
Nonspendable
Restricted
Committed
Total Fund Balances
Total Liabilities and Fund Balances
Motor Community
Fuel Refuse Development Asset
Tax Disposal Block Grant Seizure
$ 3,816,125 1,463,996 24,980 110,520
213,484
1,544 655,596
1,040 — 556,292 -
- 98,172 — —
4,032,193 2,217,764 581,272 110,520
31,721 311,997
— 17,352 — —
2,775
— — 581,272 —
34,496 329,349 581,272 —
— 98,172 — —
3,997,697 110,520
— 1,790,243 — —
3,997,697 1,888,415 — 110,520
4,032,193 2,217,764 581,272 110,520
144
South
Economic
Federal Foreign Mount
Emergency
Equitable DUI Fire Business Pension Prospect
(Formerly
Share Fines Insurance District Stabilization TIF
Nonmajor) Totals
424,102 130,895 582,080 228,450 753,547 2,798,520
- 10,333,215
- - - 1,408,434 - -
- 1,621,918
- - - 61,819 - -
- 718,959
-
557,332
4,646
102,818
428,748 130,895 582,080 1,698,703 753,547 2,798,520
- 13,334,242
9,622 - 15,997 - 369,337
17,352
2,775
1,698,703 - - - 2,279,975
9,622 1,698,703 - 15,997 - 2,669,439
4,646
102,818
424,102 130,895 572,458 753,547 2,782,523
- 8,771,742
1,790,243
428,748 130,895 572,458 753,547 2,782,523
- 10,664,803
428,748 130,895 582,080 1,698,703 753,547 2,798,520
- 13,334,242
145
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmajor Governmental - Special Revenue Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
For the Fiscal Year Ended December 31, 2024
Motor Community
Fuel Refuse Development Asset
Tax Disposal Block Grant Seizure
Revenues
Taxes
$
Intergovernmental
2,527,080
—
94,918
36,103
Charges for Services
—
5,348,212
—
—
Investment Income
179,801
47,350
—
3,292
Miscellaneous
88,534
109,681
40,220
—
Total Revenues
2,795,415
5,505,243
135,138
39,395
Expenditures
General Government
Public Safety
6,190
Highways and Streets
2,334,064
Health
—
5,274,199
—
—
Welfare
—
—
135,138
—
Debt Service
Principal Retirement
Interest and Fiscal Charges
Total Expenditures
2,334,064
5,274,199
135,138
6,190
Excess (Deficiency) of Revenues
Over (Under) Expenditures
461,351
231,044
—
33,205
Other Financing Sources
Transfers In
Net Change in Fund Balances
461,351
231,044
—
33,205
Fund Balances - Beginning
3,536,346
1,657,371
—
77,315
Adjustment - Changes from Nonmajor
to Major Fund
Fund Balances - as Adjusted
3,536,346
1,657,371
—
77,315
Fund Balances - Ending
3,997,697
1,888,415
—
110,520
146
South
Economic
Federal Foreign Mount
Emergency
Equitable DUI Fire Business Pension Prospect
(Formerly
Share Fines Insurance District Stabilization TIF
Nomnajor) Totals
- - 143,454 1,015,816 - 807,581
- 1,966,851
21,568 - - 1,507,457 - -
- 4,187,126
5,348,212
6,729 2,358 20,071 31,157 3,547 16,875
- 311,180
23 8,4315
28,297 2,358 163,525 2,554,430 3,547 824,456
- 12,051,804
- - - - 80,683
- 80,683
26,939 12,800 176,580 2,000,000
2,222,509
2,334,064
5,274,199
-
135,138
- - - 2,319,352 - -
- 2,319,352
- - - 235,078 - -
- 2355078
26,939 12,800 176,580 2,554,430 2,000,000 80,683
- 12,601,023
1,358 (10,442) (13,055) (1,996,453) 743,773
- (549,219)
- - - 2,000,000 -
- 2,000,000
1,358 (10,442) (13,055) 3,547 743,773 - 1,450,781
427,390 141,337 585,513 750,000 2,038,750 6,695,690 15,909,712
(6,695,690) (6,695,690)
427,390 141,337 585,513 750,000 2,038,750 - 9,214,022
428,748 130,895 572,458 753,547 2,782,523 - 10,664,803
147
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Motor Fuel Tax - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Revenues
Intergovernmental
Motor Fuel Tax Allotments
Investment Income
Miscellaneous
Total Revenues
Expenditures
Highway and Streets
Street Maintenance
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending
Budget
Original Final Actual
S 2,416,210
2,416,210
2,527,080
75,000
75,000
179,801
10,000
10,000
88,534
2,501,210
2,501,210
2,795,415
2,591,600 2,591,600 2,334,064
(90,390) (90,390) 461,351
3,536,346
3,997,697
148
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Motor Fuel Tax - Special Revenue Fund
Schedule of Expenditures - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Highway and Streets
Street Division
Street Maintenance
Contractual Services
Snow Removal
Contractual Services
Commodities and Supplies
Total Snow Removal
Traffic Control/Street Lighting
Contractual Services
Utilities
Total Traffic Control/Street Lighting
Street Improvement Projects
Infrastructure
Total Expenditures
Budget
Original Final Actual
$ 200,087 200,087 198,866
92,286 92,286 87,901
415,197 415,197 274,060
507,483 507,483 361,961
109,030 109,030 90,014
225,000 225,000 233,351
334,030 334,030 323,365
1,550,000 1,550,000 1,449,872
2,591,600 2,591,600 2,334,064
149
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Refuse Disposal - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Budget
Original Final Actual
Revenues
Charges for Services
$ 5,279,326
5,279,326
5,348,212
Investment Income
15,000
15,000
47,350
Miscellaneous
208,240
208,240
109,681
Total Revenues
5,502,566
5,502,566
5,505,243
Expenditures
Health
Refuse Disposal Division
Personal Services
369,945
369,945
344,707
Employee Benefits
142,783
142,783
128,064
Other Employee Costs
1,636
1,636
291
Contractual Services
4,941,640
4,946,640
4,765,043
Commodities and Supplies
27,932
27,932
17,465
Insurance
18,630
18,630
18,629
Total Expenditures
5,502,566
5,507,566
5,274,199
Net Change in Fund Balance
—
(5,000)
231,044
Fund Balance - Beginning
1,657,371
Fund Balance - Ending
1,888,415
150
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Refuse Disposal - Special Revenue Fund
Schedule of Revenues - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Charges for Services
Single -Family Service Charges
Multi -Family Service Charges
Single -Family Penalties
Multi -Family Penalties
Contract Administrative Fees
Recycling Bins
Yard Waste Cart Rental
Total Charges for Services
Investment Income
Miscellaneous
Reimbursements
Other
Total Miscellaneous
Total Revenues
Budget
Original Final Actual
$ 3,861,676
3,861,676
3,869,403
1,235,649
1,235,649
1,308,231
31,930
31,930
28,962
5,253
5,253
9,611
117,214
117,214
100,000
2,060
2,060
675
25,544
25,544
31,330
5,279,326 5,279,326 5,348,212
15,000 15,000 47,350
200,000 200,000 91,413
8,240 8,240 18,268
208,240 208,240 109,681
5,502,566 5,502,566 5,505,243
151
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Community Development Block Grant - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Revenues
Intergovernmental
Grant - CDBG
Miscellaneous
Program Income
Total Revenues
Expenditures
Welfare
Community Programs
Residential Rehabilitation
Total Expenditures
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending
Budget
Original Final Actual
$ 446,399 446,399 94,918
50,000 50,000 40,220
496,399 496,399 135,138
76,899
35,575
24,109
410,824
537,033
111,029
487,723
572,608
135,138
8,676 (76,209)
152
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Asset Seizure - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Budget
Original Final Actual
Revenues
Intergovernmental
Seized Assets
$ 1,000
1,000
36,103
Investment Income
500
500
3,292
Total Revenues
1,500
1,500
39,395
Expenditures
Public Safety
Other Employee Costs
1,000
1,000
—
Contractual Services
1,000
1,000
—
Equipment
3,000
6,190
6,190
Total Expenditures
5,000
8,190
6,190
Net Change in Fund Balance
(3,500)
(6,690)
33,205
Fund Balance - Beginning
77,315
Fund Balance - Ending
110,520
153
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Federal Equitable Share - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Revenues
Intergovernmental
Federal Equitable Shared Funds
Investment Income
Total Revenues
Expenditures
Public Safety
Contractual Services
Equipment
Total Expenditures
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending
Budget
Original Final Actual
$ 5,500 5,500 21,568
300 300 6,729
5,800 5,800 28,297
500 500 —
62,000 62,000 26,939
62,500 62,500 26,939
(56,700) (56,700) 1,358
497 i9n
428,748
154
VILLAGE OF MOUNT PROSPECT, ILLINOIS
DUI Fines - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Revenues
Intergovernmental
DUI Fines
Investment Income
Total Revenues
Expenditures
Public Safety
Other Employee Costs
Equipment
Total Expenditures
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending
Budget
Original Final Actual
$ 3,000 3,000 —
100 100 2,358
3,100 3,100 2,358
1,000 1,000 —
1,000 13,000 12,800
2,000 14,000 12,800
1,100 (10,900) (10,442)
141 117
130,895
155
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Foreign Fire Insurance - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Revenues
Taxes
Other Taxes
Foreign Fire Insurance Tax
Investment Income
Total Revenues
Expenditures
Public Safety
Other Employee Costs
Contractual Services
Equipment
Total Expenditures
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending
Budget
Original Final Actual
$ 120,000
120,000
143,454
5,000
5,000
20,071
125,000
125,000
163,525
10,000
10,000
25,685
16,000
16,000
14,494
115,000
170,000
136,401
141,000
196,000
176,580
(16,000)
(71,000)
(13,055)
585,513
572,458
156
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Business District - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Budget
Original Final Actual
Revenues
Taxes
Other Taxes
Food and Beverage Tax
$ 350,000
380,000
376,719
Hotel/Motel Tax
235,000
275,000
270,528
Movie Theater Tax
52,000
53,000
52,916
Business District Tax
310,000
320,000
315,653
Intergovernmental
State Sales Tax
800,000
1,600,000
1,507,457
Investment Income
3,000
32,000
31,157
Total Revenues
1,750,000
2,660,000
2,554,430
Expenditures
Debt Service
Principal Retirement
2,319,352
Interest and Fiscal Charges
1,750,000
2,660,000
235,078
Total Expenditures
1,750,000
2,660,000
2,554,430
Net Change in Fund Balance
Fund Balance - Beginning —
Fund Balance - Ending —
157
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Pension Stabilization - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Budget
Original Final Actual
Revenues
Investment Income $ 3,547
Expenditures
Public Safety
Employee Benefits 2,000,000 2,000,000 2,000,000
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources
Transfers In
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending
(2,000,000) (2,000,000) (1,996,453)
2,000,000 2,000,000
2,000,000
3,547
750,000
753,547
158
VILLAGE OF MOUNT PROSPECT, ILLINOIS
South Mount Prospect TIF - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Budget
Original Final Actual
Revenues
Taxes
Other Taxes
Property Taxes
$ 150,100
799,600
807,581
Investment Income
—
16,900
16,875
Total Revenues
150,100
816,500
824,456
Expenditures
General Government
Administration and Support
5,000
5,000
—
Contractual Services
95,000
95,000
80,683
Commodities and Supplies
100
100
—
Capital Outlay
Other
50,000
50,000
—
Total Expenditures
150,100
150,100
80,683
Net Change in Fund Balance
—
649,500
743,773
Fund Balance - Beginning
Fund Balance - Ending
2,038,750
2,782,523
159
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmajor Governmental - Capital Projects Funds
Combining Balance Sheet
December 31, 2024
ASSETS
Cash and Investments
Receivables - Net of Allowances
Other Taxes
Accounts
Due from Other Governments
Prepaids
Total Assets
LIABILITIES
Accounts Payable
Retainage Payable
Due to Other Governments
Due to Other Funds
Total Liabilities
FUND BALANCES
Flood Street
Capital Control Improvement
Improvement Construction Construction Totals
$ 7,846,398 2,844,102
6,049,205 16,739,705
200,000 1,117,760
263,769 1,581,529
96,179
96,179
— 765,270
715,759 1,481,029
— 9,945
— 9,945
8,142,577 4,737,077 7,028,733 19,908,387
142,459 9,985 42,283 194,727
12,721 12,721
4,337 4,337
155,180 9,985 46,620 211,785
Nonspendable — 9,945 — 9,945
Assigned 7,987,397 4,717,147 6,982,113 19,686,657
Total Fund Balances 7,987,397 4,727,092 6,982,113 19,696,602
Total Liabilities and Fund Balances 8,142,577 4,737,077 7,028,733 19,908,387
160
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmajor Governmental - Capital Projects Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
For the Fiscal Year Ended December 31, 2024
Flood Street
Capital Control Improvement
Improvement Construction Construction Totals
Revenues
Taxes
Other
$
747,626
747,626
Intergovernmental
2,096,178
1,883,030
2,090,914
6,070,122
Licenses, Permits and Fees
Investment Income
371,633
133,625
251,569
756,827
Miscellaneous
—
15,544
205,328
220,872
Total Revenues
2,467,811
2,032,199
3,295,437
7,795,447
Expenditures
Capital Outlay
4,307,572
1,281,330
4,047,675
9,636,577
Excess (Deficiency) of Revenues
Over (Under) Expenditures
(1,839,761)
750,869
(752,238)
(1,841,130)
Other Financing Sources
Transfers In
2,018,000
265,000
1,100,000
3,383,000
Net Change in Fund Balances
178,239
1,015,869
347,762
1,541,870
Fund Balances - Beginning
7,809,158
3,711,223
6,634,351
18,154,732
Fund Balances - Ending
7,987,397
4,727,092
6,982,113
19,696,602
161
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Capital Improvement - Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Budget
Original Final Actual
Revenues
Intergovernmental
State Sales Tax
S 2,000,000
2,000,000
2,000,000
Grants
1,604,052
96,352
96,178
Investment Income
95,200
371,700
371,633
Total Revenues
3,699,252
2,468,052
2,467,811
Expenditures
Capital Outlay
Equipment
Building Improvements
Infrastructure
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources
Transfers In
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending
840,000
631,925
4,135,327
677,788
2,708,905
3,471,520
96,194
2,071,455
2,139,923
5,607,252 6,858,213 4,307,572
(1,908,000) (4,390,161) (1,839,761)
2,118,000 2,868,000 2,018,000
210,000 (1,522,161) 178,239
'FAHOUNW.
7,987,397
162
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Capital Improvement - Capital Projects Fund
Schedule of Expenditures - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Capital Outlay
Equipment
Furniture and Equipment
Radio Equipment - Police/Fire Public Works
Total Equipment
Building Improvements
Public Works Facility Improvements
HVAC Replacements
Village Hall Facility Improvements
Fire Station Improvements
Other Public Building Improvements
Total Building Improvements
Infrastructure
Residential Street Lights
Residential Street Light Improvements
Corridor Street Lights
Facade Program
Flood Control Improvement
Kensington Road Bike Path
Brick Sidewalks
Bridge Rehab
Pedestrian Bridge
Central Road Pedestrian Crossing
Total Infrastructure
Budget
Original Final Actual
90,000 90,000 -
750,000 587,788 96,194
840,000 677,788 96,194
-
210,171
40,562
69,300
208,000
177,842
86,625
166,896
71,916
226,000
1,994,590
1,724,507
250,000
129,248
56,628
631,925 2,708,905 2,071,455
222,137
222,137
70,609
225,000
194,365
186,268
50,000
51,591
51,591
300,000
135,000
59,112
918,000
845,445
530,286
1,405,190
1,025,036
249,957
250,000
250,000
249,300
-
13,865
8,719
-
120,223
120,223
765,000
613,858
613,858
4,135,327 3,471,520 2,139,923
Total Expenditures 5,607,252 6,858,213 4,307,572
163
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Flood Control Construction - Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Budget
Original Final Actual
Revenues
Intergovernmental
State Sales Tax
S 1,117,760
1,117,760
1,117,760
Grants
788,000
788,000
765,270
Investment Income
5,000
133,700
133,625
Miscellaneous
Fees
10,000
10,000
7,044
Reimbursements
15,000
15,000
8,500
Total Revenues
1,935,760
2,064,460
2,032,199
Expenditures
Capital Outlay
Public Improvements
Infrastructure
Other
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources
Transfers In
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending
1,852,674 2,307,074 1,078,094
324,616 202,192 203,236
2,177,290 2,509,266 1,281,330
(241,530)
(444,806)
750,869
265,000 265,000 265,000
23,470 (179,806) 1,015,869
4,727,092
164
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Flood Control Construction - Capital Projects Fund
Schedule of Expenditures - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Capital Outlay
Public Improvements
Infrastructure
Levee Repairs
Culvert and Ditch
Levee Supplies
Creek Bank Stabilization
Creek Tree Trimming
Private Property Drainage
Weller Creek Improvements
Natural Gas
Storm Sewer Improvements
Total Infrastructure
Other
Electricity
Contractual Services
Total Other
Budget
Original Final Actual
$ 44,578
44,578
28,498
33,434
33,434
25,654
5,572
5,572
-
25,000
25,000
-
25,000
25,000
19,900
150,000
150,000
44,831
250,000
224,400
24,350
3,090
3,090
-
1,316,000
1,796,000
934,861
1,852,674 2,307,074 1,078,094
3,893 3,893 4,939
320,723 198,299 198,297
324,616 202,192 203,236
Total Expenditures 2,177,290 2,509,266 1,281,330
165
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Street Improvement Construction - Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Revenues
Taxes
Other Taxes
Municipal Motor Fuel Tax
Intergovernmental
State Sales Tax
Grants
Investment Income
Miscellaneous
Other
Total Revenues
Expenditures
Capital Outlay
Contractual Services
Infrastructure
Street Resurfacing
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources
Transfers In
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending
Budget
Original Final Actual
$ 700,000
700,000
747,626
2,000,000
2,000,000
2,000,000
90,914
63,020
63,020
251,569
250,000
250,000
205,328
3,013,020
3,013,020
3,295,437
40,000 40,000 17,948
4,973,020 5,393,551 4,029,727
5,013,020 5,433,551 4,047,675
(2,000,000) (2,420,531) (752,238)
2,000,000 2,000,000 1,100,000
— (420,531) 347,762
6,634,351
6,982,113
166
PROPRIETARY FUNDS
167
ENTERPRISE FUNDS
The Enterprise Funds are used to account for operations that are financed and operated in a manner similar to
private business enterprises where the intent is that costs of providing goods or services to the general public on
a continuing basis be financed or recovered primarily through user charges; or where it has been decided that
periodic determination of revenues earned, expenses incurred and/or net income is appropriate for capital
maintenance, public policy, management control, accountability or other purpose.
Water and Sewer Fund: The Water and Sewer Fund is a major fund and is used to account for the activities of
the water and sewer operations. The Village operates sewerage lift and relief stations and waste water collection
systems and the water distribution system.
Parking System Revenue Fund: The Parking System Revenue Fund is a nonmajor fund and is used to account
for the provision of public parking services with fees shared with the commuter railroad. All activities are
accounted for including administration, operations, maintenance and collection.
Village Parking System Fund: The Village Parking System Fund is a nonmajor fund and is used to account
for the provision of Village -owned public parking services including the Village Hall parking deck and leased
commuter spaces. All activities are accounted for including administration, operations, maintenance, financing,
related debt service and billing and collection.
168
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Water and Sewer - Enterprise Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Operating Revenues
Charges for Services
Operating Expenses
Administration and Maintenance
Operating Income (Loss)
Nonoperating Revenues (Expenses)
Investment Income
Other Income
Property Taxes
Disposal of Capital Assets
Principal Payment
Interest Expense
Transfers and Contributions
Transfers In
Change in Net Position - Budgetary Basis
Adjustments to GAAP Basis
Depreciation
Amortization of Unamortized Bond Premium
Amortization of Asset Retirement Obligation
Total Adjustments to GAAP Basis
Change in Net Position - GAAP Basis
Net Position - Beginning
Net Position - Ending
Budget
Original Final Actual
$ 21,284,448 21,299,814 21,569,635
28,963,449 31,543,223 14,417,703
(7,679,001) (10,243,409) 7,151,932
120,000 993,200 993,188
51,000 1,487,100 1,486,007
(5,397)
(9,816)
(915,000)
(915,000) —
(889,056)
(889,056) (885,176)
(1,633,056)
676,244 1,578,806
5,300,000 5,300,000 5,293,312
(4,012,057) (4,267,165) 14,024,050
(1,278,412)
97,804
(7,500)
(1,188,108)
12,835,942
55 955 OR
68,791,930
169
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Water and Sewer - Enterprise Fund
Schedule of Operating Revenues - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Charges for Services
Water Sales
Sewer Fees
Sewer Construction Charge
Water Penalties
Water Meter Fees
Water and Sewer Taps
Sewer Penalties
Budget
Original Final Actual
$ 16,607,550
16,607,550
17,157,701
3,972,668
3,972,668
4,236,176
(203)
111,300
111,300
118,287
29,998
45,364
24,030
160
160
4,955
27,772
27,772
28,689
535,000
535,000
—
Total Operating Revenues 21,284,448 21,299,814 21,569,635
170
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Water and Sewer - Enterprise Fund
Schedule of Operating Expenses - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Administration and Maintenance
Administration and Support
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Insurance
Commodities and Supplies
Total Administration and Support
Maintenance of Buildings
Personal Services
Employee Benefits
Contractual Services
Utilities
Commodities and Supplies
Total Maintenance of Buildings
Maintenance of Grounds
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Total Maintenance of Grounds
Water Supply Maintenance and Repair
Personal Services
Employee Benefits
Contractual Services
Utilities
Commodities and Supplies
Distribution System
Total Water Supply Maintenance and Repair
Budget
Original Final Actual
$ 580,252
534,352
504,526
267,798
267,798
(230,247)
47,963
48,906
48,480
372,691
487,649
469,163
11,997
11,997
8,019
235,114
235,114
235,114
16,336
16,336
8,510
1,532,151 1,602,152 1,043,565
217,164
217,164
204,883
60,568
60,568
55,572
7,856
7,856
3,235
7,382
7,382
6,560
1,845
1,845
-
294,815 294,815 270,250
60,805
60,805
45,915
15,486
15,486
13,669
57,683
57,683
52,429
7,274
7,274
6,349
141,248 141,248 118,362
450,645
450,645
447,214
152,308
152,308
139,261
104,916
94,916
84,093
89,158
89,158
112,383
59,959
59,959
53,472
41,200
36,200
24,090
898,186 883,186 860,513
171
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Water and Sewer - Enterprise Fund
Schedule of Operating Expenses - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2024
Administration and Maintenance - Continued
Water Distribution Maintenance and Repair
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Distribution System
Capital Expenses
Total Water Distribution Maintenance and Repair
Water Valve and Hydrant Maintenance
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Total Water Valve and Hydrant Maintenance
Water Meter Installation, Repair and Replacement
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Capital Expenses
Total Water Meter Installation, Repair and Replacement
Equipment Maintenance
Contractual Services
Sanitary Sewer Maintenance and Repair
Personal Services
Employee Benefits
Contractual Services
Utilities
Commodities and Supplies
Total Sanitary Sewer Maintenance and Repair
Budget
Original Final Actual
$ 708,147
708,147
666,581
217,612
217,612
196,006
259,959
259,959
220,726
91,480
91,480
54,650
10,712
10,712
3,602
1,205
1,205
-
1,289,115 1,289,115 1,141,565
256,112
256,112
244,305
64,747
64,747
62,738
67,734
67,734
65,526
113,008
113,008
85,634
501,601 501,601 458,203
67,120
67,120
60,564
12,672
12,672
11,948
138,967
138,967
117,375
3,828
3,828
3,738
72,441
87,807
93,294
295,028 310,394 286,919
959,345 959,345 959,345
456,788
456,788
436,986
147,161
147,161
141,233
191,931
191,931
131,876
27,201
27,201
19,365
27,791
27,791
16,282
850,872 850,872 745,742
172
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Water and Sewer - Enterprise Fund
Schedule of Operating Expenses - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2024
Administration and Maintenance - Continued
Water System Improvements
Capital Expenses
Sanitary System Improvements
Capital Expenses
Storm Sewer Improvements
Capital Expenses
Improvements to Public Buildings
Capital Expenses
Lake Michigan Water Acquisition
Contractual Services
Total Lake Michigan Water Acquisition
Total Operating Expenses
Budget
Original Final Actual
$ 8,100,000 6,299,381 193,193
5,150,000 4,929,292 429,695
800,000 800,000 39,991
— 4,530,734 (44,881)
8,151,088 8,151,088 7,915,241
8,151,088 8,151,088 7,915,241
28,963,449 31,543,223 14,417,703
173
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmajor Enterprise Funds
Combining Statement of Net Position
December 31, 2024
ASSETS
Current Assets
Cash and Investments
Receivables - Net of Allowances
Other
Total Current Assets
Noncurrent Assets
Capital Assets
Depreciable
Accumulated Depreciation
Total Noncurrent Assets
Total Assets
Accounts Payable
Other Payables
Total Liabilities
LIABILITIES
NET POSITION
Parking System Village Parking
Revenue System Totals
$ 261,591 139,610
343
401,201
343
261,591 139,953 401,544
176,800 — 176,800
(176,800) — (176,800)
261,591 139,953 401,544
10,180
4,355
14,535
640
900
1,540
10,820
5,255
16,075
Unrestricted 250,771 134,698 385,469
174
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmajor Enterprise Funds
Combining Statement of Revenues, Expenses and Changes in Net Position
For the Fiscal Year Ended December 31, 2024
Operating Revenues
Charges for Services
Parking Fees
Rental Fees
Convenience Fees
Total Operating Revenues
Operating Expenses
Administration, Maintenance and Improvements
Operating Income (Loss)
Nonoperating Revenues
Investment Income
Income (Loss) Before Transfers
Transfers In
Change in Net Position
Net Position - Beginning
Net Position - Ending
Parking System Village Parking
Revenue System Totals
$ 127,138 42,325
169,463
— 7,853
7,853
8,244 1,850
10,094
135,382 52,028
187,410
100,763 154,923 255,686
34,619 (102,895) (68,276)
8,180 2,067
10,247
42,799 (100,828)
(58,029)
— 175,000
175,000
42,799 74,172 116,971
207,972 60,526 268,498
250,771 134,698 385,469
175
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmajor Enterprise Funds
Combining Statement of Cash Flows
For the Fiscal Year Ended December 31, 2024
Cash Flows from Operating Activities
Receipts from Customers and Users
Payments to Suppliers
Cash Flows from Noncapital Financing Activities
Transfers In
Cash Flows from Investing Activities
Interest Received
Net Change in Cash and Cash Equivalents
Cash and Cash Equivalents - Beginning
Cash and Cash Equivalents - Ending
Reconciliation of Operating Income to Net Cash
Provided (Used) by Operating Activities
Operating Income (Loss)
Adjustments to Reconcile Operating Income
Income to Net Cash Provided by
(Used in) Operating Activities:
(Increase) Decrease in Current Assets
Increase (Decrease) in Current Liabilities
Net Cash Provided by Operating Activities
Parking System Village Parking
Revenue System Totals
$ 135,382
51,932
187,314
(100,819)
(151,927)
(252,746)
34,563
(99,995)
(65,432)
175,000 175,000
8,180 2,067 10,247
42,743 77,072 119,815
218,848 62,538 281,386
261,591 139,610 401,201
34,619 (102,895) (68,276)
— (96) (96)
(56) 2,996 2,940
34,563 (99,995) (65,432)
176
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Parking System Revenue - Enterprise Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Operating Revenues
Charges for Services
Parking Fees
Convenience Fees
Total Operating Revenues
Operating Expenses
Administration, Maintenance and Improvements
Operating Income (Loss)
Nonoperating Revenues
Interest Income
Change in Net Position
Net Position - Beginning
Net Position - Ending
Budget
Original Final Actual
$ 117,000
3,500
117,000
3,500
127,138
8,244
120,500
120,500
135,382
90,756
135,136
100,763
29,744 (14,636) 34,619
500 500 8,180
30,244 (14,136) 42,799
250,771
177
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Parking System Revenue - Enterprise Fund
Schedule of Operating Expenses - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Administration, Maintenance and Improvements
Contractual Services
Utilities
Insurance
Commodities and Supplies
Budget
Original Final Actual
$ 66,299
110,679
88,242
11,087
11,087
2,805
1,337
1,337
1,337
12,033
12,033
8,379
Total Operating Expenses 90,756 135,136 100,763
178
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Village Parking System - Enterprise Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Operating Revenues
Charges for Services
Parking Fees
Rental Fees
Convenience Fees
Total Operating Revenues
Operating Expenses
Administration, Maintenance and Improvements
Operating (Loss)
Nonoperating Revenues
Interest Income
Income Before Transfers
Transfers In
Change in Net Position
Net Position - Beginning
Net Position - Ending
Budget
Original Final Actual
$ 15,500
15,500
42,325
12,000
12,000
7,853
500
500
1,850
28,000
28,000
52,028
197,337 166,336 154,923
(169,337) (138,336) (102,895)
1,500
1,500
2,067
(167,837)
(136,836)
(100,828)
175,000
175,000
175,000
7,163 38,164 74,172
60,526
134,698
179
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Village Parking System - Enterprise Fund
Schedule of Operating Expenses - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Administration, Maintenance and Improvements
Contractual Services
Insurance
Commodities and Supplies
Capital Expenses
Budget
Original Final Actual
$ 53,756
59,956
52,531
5,243
5,243
5,243
626
626
626
137,712
100,511
96,523
Total Operating Expenses 197,337 166,336 154,923
180
INTERNAL SERVICE FUNDS
Internal Service Funds are used to account for the financing of goods or services provided by one department or
agency to other departments or agencies other governmental unit, or to other governmental units, on a cost -
reimbursement basis.
Computer Replacement Fund: The Computer Replacement Fund is used to account for the acquisition of
Village computer hardware. Financing is being provided by charges to various Village funds.
Risk Management Fund: The Risk Management Fund is used to account for the servicing and payment of
claims for liability, property, casualty coverage, workers' compensation and medical benefits. Financing is
being provided by charges in the various Village funds.
Vehicle Replacement Fund: The Vehicle Replacement Fund is used to account for the acquisition and
depreciation of Village vehicles. Financing is being provided by charges to the General, and Water and Sewer
Funds.
Vehicle Maintenance Fund: The Vehicle Maintenance Fund is used to account for the maintenance and repair
of all Village vehicles. Financing is being provided by charges to various Village funds.
181
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Internal Service Funds
Combining Statement of Net Position
December 31, 2024
See Following Page
182
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Internal Service Funds
Combining Statement of Net Position
December 31, 2024
ASSETS
Current Assets
Cash and Investments
Receivables - Net of Allowances - Accounts
Accrued Interest
Other
Due from Other Governments
Deposits - Insurance
Inventories
Total Current Assets
Noncurrent Assets
Capital Assets
Nondepreciable
Depreciable
Accumulated Depreciation
Other Assets
Deposits - Insurance
Total Noncurrent Assets
Total Assets
DEFERRED OUTFLOWS OF RESOURCES
Deferred Items - RBP
Total Assets and Deferred Outflows of Resources
LIABILITIES
Current Liabilities
Accounts Payable
Accrued Payroll
Claims Payable
Other Payables
Compensated Absences Payable
Total Current Liabilities
Noncurrent Liabilities
Compensated Absences Payable
Claims Payable
Total OPEB Liability - RBP
Total Noncurrent Liabilities
Total Liabilities
DEFERRED INFLOWS OF RESOURCES
Deferred Items - RBP
Total Liabilities and Deferred Inflows of Resources
NET POSITION
Investment in Capital Assets
Unrestricted
Total Net Position
Computer
Replacement
$ 603,640
603,640
201,675
(16,544)
185,131
185,131
788,771
788,771
185,131
603,640
788,771
183
Risk Vehicle Vehicle
Management Replacement Maintenance Totals
1,204,606 14,663,302 1,651,276 18,122,824
- 79,330 - 79,330
1,941 34,765 - 36,706
8,726 8,726
4,131,831 - - 4,131,831
417,314 417,314
5,338,378 14,777,397 2,077,316 22,796,731
- 1,136,614
- 1,136,614
- 18,274,478
92,062 18,568,215
- (11,799,360)
(92,062) (11,907,966)
- 7,611,732
- 7,796,863
1,454,540 -
- 1,454,540
1,454,540 7,611,732
- 9,251,403
6,792,918 22,3 89,129
2,077,316 32,048,134
74,153 74,153
6,792,918 22,389,129 2,151,469 32,122,287
27,972
516,467 25,970
570,409
57,007
57,007
375,688
- -
375,688
477,015
- -
477,015
18,828
18,828
880,675
516,467 101,805
1,498,947
75,311
75,311
597,735 - -
597,735
265,630
265,630
597,735 - 340,941
938,676
1,478,410 516,467 442,746
2,437,623
251,265 251,265
1,478,410 516,467 694,011 2,688,8 88
- 7,611,732 - 7,796,863
5,314,508 14,260,930 1,443,058 21,622,136
5,314,508 21,872,662 1,443,058 29,418,999
184
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Internal Service Funds
Combining Statement of Revenues, Expenses and Changes in Net Position
For the Fiscal Year Ended December 31, 2024
Operating Revenues
Charges for Services
Contributions
Miscellaneous
Total Operating Revenues
Operating Expenses
Administration and Maintenance
Insurance and Claims
Depreciation
Total Operating Expenses
Operating Income
Nonoperating Revenues
Disposal of Capital Assets
Interest Income
Other Income
Change in Net Position
Net Position - Beginning
Net Position - Ending
Computer
Replacement
$ 229,000
229,000
89,395
5,584
94,979
134,021
16,882
16,882
150,903
637,868
788,771
185
Risk Vehicle Vehicle
Management Replacement Maintenance Totals
8,678,073
1,889,745
1,226,526
1,642,870
39,153
2,601,273
13,151,216
1,889,745
1,265,679
11,794,344 1,682,023 2,601,273 16,306,640
402,717 14,251 2,353,791 2,860,154
10,865,617 10,865,617
1,268,382 — 1,273,966
11,268,334 1,282,633 2,353,791 14,999,737
526,010 399,390 247,482 1,306,903
21,269
—
21,269
412,975
685,878
48,807
1,164,542
22,510
—
22,510
412,975
729,657
48,807
1,208,321
938,985
1,129,047
296,289
2,515,224
4,375,523
20,743,615
1,146,769
26,903,775
5,314,508 21,872,662 1,443,058 29,418,999
186
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Internal Service Funds
Combining Statement of Cash Flows
For the Fiscal Year Ended December 31, 2024
Computer
Replacement
Cash Flows from Operating Activities
Receipts from Customers and Users $ —
Interfund Services Provided 229,000
Payments to Suppliers (110,252)
118,748
Cash Flows from Capital and Related Financing Activities
Disposal of Capital Assets —
Purchase of Capital Assets —
Cash Flows from Investing Activities
Interest Received 16,882
Net Change in Cash and Cash Equivalents 135,630
Cash and Cash Equivalents - Beginning 468,010
Cash and Cash Equivalents - Ending 603,640
Reconciliation of Operating Income to Net Cash
Provided (Used) by Operating Activities
Operating Income 134,021
Adjustments to Reconcile Operating Income
to Net Cash Provided by (Used in)
Operating Activities
Depreciation 5,584
Other Income —
(Increase) Decrease in Current Assets —
Increase (Decrease) in Current Liabilities (20,857)
Net Cash Provided by Operating Activities 118,748
187
Risk Vehicle Vehicle
Management Replacement Maintenance Totals
4,254,192
6,789,723
39,153
1,573,787
2,621,656
4,293,345
11,214,166
(11,241,968) 489,773 (2,435,978) (13,298,425)
(198,053) 2,102,713 185,678 2,209,086
55,425
55,425
(2,298,279) — (2,298,279)
(2,242,854) — (2,242,854)
412,975 685,878 48,807 1,164,542
214,922
545,737
234,485
1,130,774
989,684 14,117,565 1,416,791 16,992,050
1,204,606 14,663,302 1,651,276 18,122,824
526,010 399,390 247,482 1,306,903
1,268,382 — 1,273,966
22,510 — 22,510
(750,429) (91,593) 20,383 (821,639)
26,366 504,024 (82,187) 427,346
(198,053) 2,102,713 185,678 2,209,086
188
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Computer Replacement - Internal Service Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Operating Revenues
Charges for Services
Water and Sewer Fund
General Fund
Total Operating Revenues
Operating Expenses
Administration
Capital Outlay
Depreciation
Total Operating Expenses
Operating Income
Nonoperating Revenues
Investment Income
Change in Net Position
Net Position - Beginning
Net Position - Ending
Budget
Original Final Actual
$ 11,450 11,450 11,450
217,550 217,550 217,550
229,000 229,000 229,000
229,000 229,000 89,395
5,584
229,000 229,000 94,979
134,021
16,882
150,903
637,868
788,771
189
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Computer Replacement - Internal Service Fund
Schedule of Operating Expenses - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Administration
Capital Outlay
Depreciation
Budget
Original Final Actual
$ 229,000 229,000 89,395
5,584
Total Operating Expenses 229,000 229,000 94,979
190
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Risk Management - Internal Service Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Budget
Original Final Actual
Operating Revenues
Charges for Services
$ 8,837,443
8,837,443
8,678,073
Contributions
1,940,286
1,940,286
1,889,745
Miscellaneous
350,000
744,700
1,226,526
Total Operating Revenues
11,127,729
11,522,429
11,794,344
Operating Expenses
Administration
550,000
387,500
402,717
Insurance and Claims
10,569,327
11,114,117
10,865,617
Total Operating Expenses
11,119,327
11,501,617
11,268,334
Operating Income
8,402
20,812
526,010
Nonoperating Revenues
Investment Income
25,000
413,000
412,975
Change in Net Position
33,402
433,812
938,985
Net Position - Beginning
4,375,523
Net Position - Ending
5,314,508
191
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Risk Management - Internal Service Fund
Schedule of Operating Revenues - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Charges for Services
General Fund
Refuse Disposal Fund
Water and Sewer Fund
Parking System Revenue Fund
Village Parking System Fund
Vehicle Maintenance Fund
Library
Total Charges for Services
Contributions
Employee
Health Insurance
Dental Insurance
Additional Life Insurance
Vision Insurance
Retiree
Health Insurance
Dental Insurance
Vision Insurance
Total Contributions
Miscellaneous
Other Reimbursements
Miscellaneous Income
Total Miscellaneous
Budget
Original Final Actual
$ 7,232,291
7,232,291
7,160,000
26,032
26,032
26,032
272,125
272,125
272,125
1,337
1,337
1,337
5,243
5,243
5,243
75,415
75,415
75,415
1,225,000
1,225,000
1,137,921
8,837,443
8,837,443
8,678,073
782,805
782,805
760,289
152,135
152,135
153,106
27,500
27,500
36,304
20,000
20,000
(4,886)
925,000
925,000
908,529
32,096
32,096
35,285
750
750
1,118
1,940,286 1,940,286 1,889,745
- 394,700
785,802
350,000 350,000
440,724
350,000 744,700
1,226,526
Total Operating Revenues 11,127,729 11,522,429 11,794,344
192
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Risk Management - Internal Service Fund
Schedule of Operating Expenses - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Administration
Casualty and Property Program
Other Equipment
Other Contractual Services
Total Casualty and Property Program
Medical Program
Claims Administration
Total Administration
Insurance and Claims
Casualty and Property Program
Liability Insurance
Other Insurance
Property Claims
Liability Claims
Workers' Compensation Claims
Unemployment Compensation Claims
Tree Hazard Study
Other Claims
Total Casualty and Property Program
Medical Program
Medical Expense - HMO Plan
Medical Expense - Indemnity Plan
Medical Expense - Dental
Medical Expense - Vision
Health and Wellness Supplies
Life Insurance
Total Medical Program
Total Insurance and Claims
Budget
Original Final Actual
$ 350,000 2,500 2,500
14,773
350,000 2,500 17,273
200,000 385,000 385,444
550,000 387,500 402,717
1,000,000
1,077,790
1,077,790
50,000
50,000
18,844
80,000
80,000
-
170,000
170,000
57,795
400,000
867,000
866,529
25,000
25,000
7,163
10,712
10,712
10,165
25,000
25,000
24,292
1,760,712
2,305,502
2,062,578
1,375,320
1,375,320
1,220,543
6,995,495
6,995,495
7,112,738
320,300
320,300
380,092
25,000
25,000
-
37,500
37,500
18,559
55,000
55,000
71,107
8,808,615
8,808,615
8,803,039
10,569,327 11,114,117 10,865,617
Total Operating Expenses 11,119,327 11,501,617 11,268,334
193
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Vehicle Replacement - Internal Service Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Operating Revenues
Charges for Services
Miscellaneous
Total Operating Revenues
Operating Expenses
Administration
Depreciation
Total Operating Expenses
Operating Income (Loss)
Nonoperating Revenues
Disposal of Capital Assets
Investment Income
Other Income
Change in Net Position
Net Position - Beginning
Net Position - Ending
Budget
Original Final Actual
$ 1,642,870 1,642,870 1,642,870
39,153
1,642,870 1,642,870 1,682,023
5,182,000 5,527,832 14,251
1,268,382
5,182,000 5,527,832 1,282,633
(3,539,130) (3,884,962) 399,390
21,269
100,000 686,000 685,878
22,510
100,000 686,000 729,657
(3,439,130) (3,198,962) 1,129,047
20,743,615
21,872,662
194
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Vehicle Replacement - Internal Service Fund
Schedule of Operating Revenues - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Charges for Services
General Fund
Manager's Office
Community Development
- Planning
Community Development
- Building
Community Development
- Housing
Community Development
- Health
Police Department
Fire Department
Public Works Department
Engineering Division
Human Services
Water and Sewer Fund
Miscellaneous
Budget
Original Final Actual
$ 17,970
17,970
17,970
1,500
1,500
1,500
15,520
15,520
15,520
13,520
13,520
13,520
1,500
1,500
1,500
224,780
224,780
224,780
699,430
699,430
699,430
320,310
320,310
320,310
10,620
10,620
10,620
1,380
1,380
1,380
336,340
336,340
336,340
39,153
Total Operating Revenues 1,642,870 1,642,870 1,682,023
195
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Vehicle Replacement - Internal Service Fund
Schedule of Operating Expenses - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Administration
Capital Outlay
T.V. Service Vehicles
Human Services Vehicles
Police Vehicles
Fire Vehicles
Public Works
Total Capital Outlay
Depreciation
Budget
Original Final Actual
$ 32,000
32,000 -
-
39,000 —
550,000
515,632 —
2,568,000
2,388,000 477
2,032,000
2,553,200 13,774
5,182,000 5,527,832 14,251
1,268,382
Total Operating Expenses 5,182,000 5,527,832 1,282,633
196
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Vehicle Maintenance - Internal Service Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Operating Revenues
Charges for Services
Operating Expenses
Administration and Maintenance
Operating Income (Loss)
Nonoperating Revenues
Interest Income
Change in Net Position
Net Position - Beginning
Net Position - Ending
Budget
Original Final Actual
$ 2,601,273 2,601,273 2,601,273
2,603,229 2,622,799 2,353,791
(1,956) (21,526) 247,482
2,000 2,000 48,807
44 (19,526) 296,289
1,146,769
1,443,058
197
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Vehicle Maintenance - Internal Service Fund
Schedule of Operating Revenues - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Charges for Services
General Fund
Manager's Office
Television Services Division
Community Development - Planning
Community Development - Building
Community Development - Housing
Community Development - Health
Police Department
Fire Department
Public Works Department
Engineering Division
Human Service Charges
Water and Sewer Fund
Budget
Original Final Actual
$ 3,902
3,902
3,902
4,162
4,162
4,162
3,902
3,902
3,902
5,463
5,463
5,463
27,313
27,313
27,313
3,902
3,902
3,902
662,544
662,544
662,544
411,261
411,261
411,261
809,516
809,516
809,516
42,401
42,401
42,401
3,902
3,902
3,902
623,005
623,005
6231005
2,601,273 2,601,273 2,601,273
198
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Vehicle Maintenance - Internal Service Fund
Schedule of Operating Expenses - Budget and Actual
For the Fiscal Year Ended December 31, 2024
Administration and Maintenance
Vehicle Division Administration
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Office Equipment
Insurance
Total Vehicle Division Administration
Vehicle Maintenance Program
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Other Equipment
Total Vehicle Maintenance Program
Budget
Original Final Actual
$ 136,000
136,000
133,485
67,644
67,644
11,612
7,395
12,440
8,843
25,914
22,861
22,671
4,916
4,916
3,214
2,890
898
781
684
684
-
55,383
55,383
55,383
300,826 300,826 235,989
1,072,790
1,072,790
973,853
327,836
327,836
317,696
110,877
105,827
84,918
788,294
788,294
716,022
2,606
27,226
255313
2,302,403 2,321,973 2,117,802
Total Operating Expenses 2,603,229 2,622,799 2,353,791
199
PENSION TRUST FUNDS
Police Pension Fund: The Police Pension Fund is used to account for the resources necessary to provide
retirement and disability benefits to personnel of the Mount Prospect Police Department. Revenues are provided
by the following: Village contributions (made possible by a property tax levy), employee withholdings and
investment income.
Firefighters' Pension Fund: The Firefighters' Pension Fund is used to account for the resources necessary to
provide retirement and disability benefits to personnel of the Mount Prospect Fire Department. Revenues are
provided by the following: Village contributions (made possible by a property tax levy), employee withholdings
and investment income.
200
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Pension Trust Funds
Combining Statement of Fiduciary Net Position
December 31, 2024
ASSETS
Cash and Cash Equivalents
Investments
Illinois Police Officer's Pension Investment Fund
Illinois Firefighters' Pension Investment Fund
Prepaids
Total Assets
LIABILITIES
Police Firefighters'
Pension Pension
Totals
$ 806,618 699,565 1,506,183
96,798,110 — 96,798,110
— 84,644,172 84,644,172
13,166 12,778 25,944
97,617,894 85,356,515 182,974,409
Accounts Payable
2,241
20,111
22,352
Due to Other Funds
27,005
27,712
54,717
Total Liabilities
29,246
47,823
77,069
NET POSITION
Net Position Restricted for Pensions 97,588,648 85,308,692 182,897,340
201
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Pension Trust Funds
Combining Statement of Changes in Fiduciary Net Position
For the Fiscal Year Ended December 31, 2024
Additions
Contributions - Employer
Contributions - Plan Members
Total Contributions
Investment Income (Loss)
Interest Earned
Net Change in Fair Value
Less Investment Expenses
Net Investment Income
Total Additions
Deductions
Administration
Benefits and Refunds
Total Deductions
Change in Fiduciary Net Position
Net Position Restricted for Pensions
Beginning
Ending
Police Firefighters'
Pension Pension Totals
$ 5,600,769 4,797,836 10,398,605
1,117,864 897,450 2,015,314
6,718,633 5,695,286 12,413,919
576,397
1,636,345
2,212,742
8,058,592
6,982,916
15,041,508
8,634,989
8,619,261
17,254,250
(58,412)
(111,365)
(169,777)
8,576,577
8,507,896
17,084,473
15,295,210
14,203,182
29,498,392
75,547 103,066 178,613
7,591,825 7,553,187 15,145,012
7,667,372 7,656,253 15,323,625
7,627,838 6,546,929 14,174,767
89,960,810 78,761,763 168,722,573
97,588,648 85,308,692 182,897,340
202
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Consolidated Year -End Financial Report
December 31, 2024
CSFA # Program Name State Federal Other Total
494-00-1439 Statewide Planning and Research Funds S
420-00-1769 Installation and/or
Replacement of Utilities
Other Grant Programs and Activities
All Other Costs Not Allocated
72,724 72,724
765,270 765,270
— 6,075,328 — 6,075,328
99,986,655 99,986,655
837,994 6,075,328 99,986,655 106,899,977
203
SUPPLEMENTAL SCHEDULES
204
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Schedule of General Long -Term Debt
Long -Term Debt Payable by Governmental Funds
December 31, 2024
See Following Page
205
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Schedule of General Long -Term Debt
Long -Term Debt Payable by Governmental Funds
December 31, 2024
AMOUNTS TO BE PROVIDED FOR THE
RETIREMENT OF GENERAL LONG-
TERM DEBT
GENERAL LONG-TERM DEBT PAYABLE
General Obligation Bonds Payable
Business District Limited Tax Note Payable
Compensated Absences Payable
Net Pension Liability - IMRF
Net Pension Liability - Police Pension
Net Pension Liability - Firefighters' Pension
Total OPEB Liability - RBP
Unamortized Bond Premium
Totals
General
General
General
General
Obligation
Obligation
Obligation
Obligation
Bonds of
Bonds of
Bonds of
Bonds of
2016A
2017
2018A
2018B
$ 7,285,000 4,165,000 6,200,000 36,455,000
$ 7,285,000 4,165,000 6,200,000 36,455,000
7,285,000 4,165,000 6,200,000 36,455,000
206
General
General
Business
Net
Net
Net
Obligation
Obligation
District
Pension
Pension
Pension Total Unamortized
Bonds of
Bonds of
Limited Tax Compensated
Liability
Liability
Liability OPEB Bond
2019B
2022B
Note Absences
IMRF
Police
Firefighters Liability Premiums Totals
7,280,000 6,910,000 38,413,094 4,764,068 2,941,124 65,959,214 51,066,767 8,393,111 1,761,165 241,593,543
7,280,000 6,910,000 —
38,413,094
4,764,068
2,941,124 — — -
- 65,959,214 — -
- 51,066,767 —
8,393,111
— 68,295,000
— 38,413,094
— 4,764,068
— 2,941,124
— 65,959,214
— 51,066,767
— 8,393,111
1,761,165 1,761,165
7,280,000 6,910,000 38,413,094 4,764,068 2,941,124 65,959,214 51,066,767 8,393,111 1,761,165 241,593,543
207
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Long -Term Debt Requirements
General Obligation Refunding Bonds of 2016A
December 31, 2024
Date of Issue
Date of Maturity
Authorized Issue
Interest Rate
Interest Dates
Principal Maturity Date
Payable at
December 1, 2016
December 1, 2028
$9,100,000
3.00%
June 1 and December 1
December 1
Zions Bancorporation
CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS
Fiscal Requirements Interest Due On
Year Principal Interest Totals Jun.I Amount Dec.I Amount
2025 $ 1,740,000
218,550
1,958,550
2025 109,275 2025
109,275
2026 1,795,000
166,350
1,961,350
2026 83,175 2026
83,175
2027 1,845,000
112,500
1,957,500
2027 56,250 2027
56,250
2028 1,905,000
57,150
1,962,150
2028 28,575 2028
28,575
7,285,000 554,550 7,839,550
277,275 277,275
208
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Long -Term Debt Requirements
General Obligation Bonds of 2017
December 31, 2024
Date of Issue
Date of Maturity
Authorized Issue
Interest Rates
Interest Dates
Principal Maturity Date
Payable at
December 20, 2017
December 1, 2037
$9,740,000
2.50% to 4.00%
June I and December I
December 1
Zions Bancorporation
CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS
Fiscal Requirements Interest Due On
Year Principal Interest Totals Jun.l Amount Dec.1 Amount
2025 $
405,000
256,900
661,900
2025
128,450
2025
128,450
2026
440,000
240,700
680,700
2026
120,350
2026
120,350
2027
465,000
227,500
692,500
2027
113,750
2027
113,750
2028
500,000
215,876
715,876
2028
107,938
2028
107,938
2029
530,000
202,750
732,750
2029
101,375
2029
101,375
2030
565,000
188,174
753,174
2030
94,087
2030
94,087
2031
600,000
171,932
771,932
2031
85,966
2031
85,966
2032
640,000
147,932
787,932
2032
73,966
2032
73,966
2033
690,000
122,332
812,332
2033
61,166
2033
61,166
2034
730,000
100,770
830,770
2034
50,385
2034
50,385
2035
775,000
77,956
852,956
2035
38,978
2035
38,978
2036
820,000
53,738
873,738
2036
26,869
2036
26,869
2037
865,000
28,112
893,112
2037
14,056
2037
14,056
8,025,000 2,034,672 10,059,672
4,165,000 Governmental Activities
3,860,000 Business -Type Activities
8,025,000
1,017,336 1,017,336
209
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Long -Term Debt Requirements
General Obligation Bonds of 2018A
December 31, 2024
Date of Issue
Date of Maturity
Authorized Issue
Interest Rates
Interest Dates
Principal Maturity Date
Payable at
May 1, 2018
December 1, 2037
$11,950,000
3.25% to 5.00%
June 1 and December I
December 1
Zions Bancorporation
CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS
Fiscal Requirements Interest Due On
Year Principal Interest Totals Jun.l Amount Dec.l Amount
2025
$ 470,000
374,118
844,118
2025
187,059
2025
187,059
2026
520,000
350,618
870,618
2026
175,309
2026
175,309
2027
565,000
324,618
889,618
2027
162,309
2027
162,309
2028
610,000
302,018
912,018
2028
151,009
2028
151,009
2029
655,000
277,618
932,618
2029
138,809
2029
138,809
2030
710,000
251,418
961,418
2030
125,709
2030
125,709
2031
765,000
223,018
988,018
2031
111,509
2031
111,509
2032
815,000
198,156
1,013,156
2032
99,078
2032
99,078
2033
870,000
171,668
1,041,668
2033
85,834
2033
85,834
2034
925,000
141,220
1,066,220
2034
70,610
2034
70,610
2035
985,000
108,844
1,093,844
2035
54,422
2035
54,422
2036
1,050,000
75,600
1,125,600
2036
37,800
2036
37,800
2037
1,110,000
38,850
1,148,850
2037
19,425
2037
19,425
10,050,000 2,837,764 12,887,764
6,200,000 Governmental Activities
3,850,000 Business -Type Activities
10,050,000
1,418,882 1,418,882
210
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Long -Term Debt Requirements
General Obligation Bonds of 2018B
December 31, 2024
Date of Issue
Date of Maturity
Authorized Issue
Interest Rates
Interest Dates
Principal Maturity Date
Payable at
October 16, 2018
December 1, 2043
$38,440,000
3.625% to 5.000%
June I and December 1
December 1
Zions Bancorporation
CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS
Fiscal Requirements Interest Due On
Year Principal Interest Totals Jun.l Amount Dec.l Amount
2025
$ 155,000
1,530,250
1,685,250
2025
765,125
2025
765,125
2026
160,000
1,522,500
1,682,500
2026
761,250
2026
761,250
2027
165,000
1,514,500
1,679,500
2027
757,250
2027
757,250
2028
175,000
1,506,250
1,681,250
2028
753,125
2028
753,125
2029
1,645,000
1,497,500
3,142,500
2029
748,750
2029
748,750
2030
1,820,000
1,415,250
3,235,250
2030
707,625
2030
707,625
2031
1,910,000
1,324,250
3,234,250
2031
662,125
2031
662,125
2032
2,005,000
1,228,750
3,233,750
2032
614,375
2032
614,375
2033
2,105,000
1,128,500
3,233,500
2033
564,250
2033
564,250
2034
2,210,000
1,023,250
3,233,250
2034
511,625
2034
511,625
2035
2,295,000
943,138
3,238,138
2035
471,569
2035
471,569
2036
2,380,000
857,075
3,237,075
2036
428,538
2036
428,537
2037
2,470,000
767,825
3,237,825
2037
383,913
2037
383,912
2038
2,560,000
675,200
3,235,200
2038
337,600
2038
337,600
2039
2,660,000
576,000
3,236,000
2039
288,000
2039
288,000
2040
2,765,000
469,600
3,234,600
2040
234,800
2040
234,800
2041
2,875,000
359,000
3,234,000
2041
179,500
2041
179,500
2042
2,990,000
244,000
3,234,000
2042
122,000
2042
122,000
2043
3,110,000
124,400
3,234,400
2043
62,200
2043
62,200
36,455,000 18,707,238 55,162,238
9,353,620 9,353,618
211
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Long -Term Debt Requirements
General Obligation Bonds of 2019A
December 31, 2024
Date of Issue
Date of Maturity
Authorized Issue
Interest Rates
Interest Dates
Principal Maturity Date
Payable at
June 3, 2019
December 1, 2039
$9,600,000
2.00% to 5.00%
June 1 and December I
December 1
Zions Bancorporation
CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS
Fiscal Requirements Interest Due On
Year Principal Interest Totals Jun.l Amount Dec.l Amount
2025 $
345,000
282,300
627,300
2025
141,150
2025
141,150
2026
375,000
265,050
640,050
2026
132,525
2026
132,525
2027
405,000
246,300
651,300
2027
123,150
2027
123,150
2028
435,000
230,100
665,100
2028
115,050
2028
115,050
2029
465,000
212,700
677,700
2029
106,350
2029
106,350
2030
495,000
194,100
689,100
2030
97,050
2030
97,050
2031
525,000
179,250
704,250
2031
89,625
2031
89,625
2032
555,000
163,500
718,500
2032
81,750
2032
81,750
2033
585,000
146,850
731,850
2033
73,425
2033
73,425
2034
620,000
129,300
749,300
2034
64,650
2034
64,650
2035
655,000
110,700
765,700
2035
55,350
2035
55,350
2036
685,000
91,050
776,050
2036
45,525
2036
45,525
2037
725,000
70,500
795,500
2037
35,250
2037
35,250
2038
760,000
48,750
808,750
2038
24,375
2038
24,375
2039
800,000
25,000
825,000
2039
12,500
2039
12,500
8,430,000 2,395,450 10,825,450
1,197,725 1,197,725
212
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Long -Term Debt Requirements
General Obligation Bonds of 2019B
December 31, 2024
Date of Issue
Date of Maturity
Authorized Issue
Interest Rates
Interest Dates
Principal Maturity Date
Payable at
November 25, 2019
December 1, 2039
$7,725,000
3.00% to 5.00%
June 1 and December I
December 1
Zions Bancorporation
CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS
Fiscal Requirements Interest Due On
Year Principal Interest Totals Jun.l Amount Dec.l Amount
2025 $
260,000
243,100
503,100
2025
121,550
2025
121,550
2026
290,000
230,100
520,100
2026
115,050
2026
115,050
2027
320,000
215,600
535,600
2027
107,800
2027
107,800
2028
350,000
199,600
549,600
2028
99,800
2028
99,800
2029
380,000
185,600
565,600
2029
92,800
2029
92,800
2030
415,000
170,400
585,400
2030
85,200
2030
85,200
2031
445,000
157,950
602,950
2031
78,975
2031
78,975
2032
475,000
144,600
619,600
2032
72,300
2032
72,300
2033
510,000
130,350
640,350
2033
65,175
2033
65,175
2034
545,000
115,050
660,050
2034
57,525
2034
57,525
2035
580,000
98,700
678,700
2035
49,350
2035
49,350
2036
615,000
81,300
696,300
2036
40,650
2036
40,650
2037
655,000
62,850
717,850
2037
31,425
2037
31,425
2038
700,000
43,200
743,200
2038
21,600
2038
21,600
2039
740,000
22,200
762,200
2039
11,100
2039
11,100
7,280,000 2,100,600 9,380,600
1,050,300 1,050,300
213
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Long -Term Debt Requirements
General Obligation Bonds of 2022A
December 31, 2024
Date of Issue
Date of Maturity
Authorized Issue
Interest Rates
Interest Dates
Principal Maturity Date
Payable at
February 8, 2022
December 1, 2041
$8,935,000
3.00% to 5.00%
June 1 and December 1
December 1
Zions Bancorporation
CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS
Fiscal Requirements Interest Due On
Year Principal Interest Totals Jun.I Amount Dec.I Amount
2025
$ 255,000
294,050
549,050
2025
147,025
2025
147,025
2026
280,000
281,300
561,300
2026
140,650
2026
140,650
2027
305,000
267,300
572,300
2027
133,650
2027
133,650
2028
335,000
252,050
587,050
2028
126,025
2028
126,025
2029
360,000
235,300
595,300
2029
117,650
2029
117,650
2030
390,000
217,300
607,300
2030
108,650
2030
108,650
2031
425,000
197,800
622,800
2031
98,900
2031
98,900
2032
455,000
176,550
631,550
2032
88,275
2032
88,275
2033
480,000
162,900
642,900
2033
81,450
2033
81,450
2034
510,000
148,500
658,500
2034
74,250
2034
74,250
2035
540,000
133,200
673,200
2035
66,600
2035
66,600
2036
570,000
117,000
687,000
2036
58,500
2036
58,500
2037
600,000
99,900
699,900
2037
49,950
2037
49,950
2038
630,000
81,900
711,900
2038
40,950
2038
40,950
2039
665,000
63,000
728,000
2039
31,500
2039
31,500
2040
700,000
43,050
743,050
2040
21,525
2040
21,525
2041
735,000
22,050
757,050
2041
11,025
2041
11,025
8,235,000
2,793,150
11,028,150
1,396,575
1,396,575
214
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Long -Term Debt Requirements
General Obligation Refunding Bonds of 2022B
December 31, 2024
Date of Issue
Date of Maturity
Authorized Issue
Interest Rate
Interest Dates
Principal Maturity Date
Payable at
September 7, 2022
December 1, 2033
$8,230,000
2.80%
June I and December 1
December I
PNC Bank
CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS
Fiscal Requirements Interest Due On
Year Principal Interest Totals Jun.I Amount Dec.I Amount
2025
$ 685,000
193,480
878,480
2025
96,740
2025
96,740
2026
705,000
174,300
879,300
2026
87,150
2026
87,150
2027
725,000
154,560
879,560
2027
77,280
2027
77,280
2028
745,000
134,260
879,260
2028
67,130
2028
67,130
2029
765,000
113,400
878,400
2029
56,700
2029
56,700
2030
790,000
91,980
881,980
2030
45,990
2030
45,990
2031
810,000
69,860
879,860
2031
34,930
2031
34,930
2032
830,000
47,180
877,180
2032
23,590
2032
23,590
2033
855,000
23,940
878,940
2033
11,970
2033
11,970
6,910,000 1,002,960 7,912,960
501,480 501,480
215
STATISTICAL SECTION
(Unaudited)
This part of the annual comprehensive financial report presents detailed information as a context for
understanding what the information in the financial statements, note disclosures, and required supplementary
information says about the Village's overall financial health.
Financial Trends
These schedules contain trend information to help the reader understand how the Village's financial performance
and well-being have changed over time.
Revenue Capacity
These schedules contain information to help the reader assess the Village's most significant local revenue sources.
Debt Capacity
These schedules present information to help the reader assess the affordability of the Village's current levels of
outstanding debt and the government's ability to issue additional debt in the future.
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader understand the environment within
which the Village's financial activities take place.
Operating Information
These schedules contain service and infrastructure data to help the reader understand how the information in the
Village's financial report relates to the services the Village provides and the activities it performs.
216
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Net Position by Component - Last Ten Fiscal Years*
December 31, 2024 (Unaudited)
See Following Page
217
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Net Position by Component - Last Ten Fiscal Years*
December 31, 2024 (Unaudited)
Governmental Activities
Net Investment in Capital Assets
Restricted
Unrestricted
Total Governmental Activities Net Position
Business -Type Activities
Net Investment in Capital Assets
Unrestricted
Total Business -Type Activities Net Position
Primary Government
Net Investment in Capital Assets
Restricted
Unrestricted
Total Primary Government Net Position
Data Source: Audited Financial Statements
2015 (1) 2016 2017
$ 43,755,661
33,224,875
34,171,129
5,319,794
4,557,424
4,104,560
(99,563,419)
(91,778,462)
(95,150,426)
(50,487,964) (53,996,163) (56,874,737)
36,336,899 36,588,628 35,765,755
5,580,049 4,610,400 6,266,907
41,916,948 41,199,028 42,032,662
80,092,560
69,813,503
69,936,884
5,319,794
4,557,424
4,104,560
(93,983,370)
(87,168,062)
(88,883,519)
(8,571,016) (12,797,135) (14,842,075)
(1) The Village implemented GASB Statement No. 68 in fiscal year 2015.
(2) The Village implemented GASB Statement No. 75 for fiscal year 2018.
* Accrual Basis of Accounting
218
2018(2) 2019 2020 2021 2022 2023 2024
30,192,091
31,568,036
26,448,689
38,294,932
42,417,521
51,232,095
61,472,621
7,065,413
8,691,355
5,811,511
7,199,628
8,842,728
17,597,803
27,629,430
(107,779,949)
(107,707,787)
(90,600,371)
(75,314,733)
(62,385,336)
(58,018,298)
(54,682,871)
(70,522,445) (67,448,396) (58,340,171) (29,820,173) (11,125,087) 10,811,600 34,419,180
32,472,358 33,196,889 20,547,932 29,676,988 28,959,971 39,945,439 49,278,861
8,411,004 5,924,760 17,346,891 15,780,856 21,248,084 16,279,047 19,898,538
40,883,362 39,121,649 37,894,823 45,457,844 50,208,055 56,224,486 69,177,399
62,664,449
64,764,925
46,996,621
67,971,920
71,377,492
91,177,534
110,751,482
7,065,413
8,691,355
5,811,511
7,199,628
8,842,728
17,597,803
27,629,430
(99,368,945)
(101,783,027)
(73,253,480)
(59,533,877)
(41,137,252)
(41,739,251)
(34,784,333)
(29,639,083) (28,326,747) (20,445,348) 15,637,671 39,082,968 67,036,086 103,596,579
219
10 Q\ O
01
�D
1D
1D
r
O V O V]
P
W 1D
V
G1 M
M
P
ar
V P
O P
10
l- In
x
V
M
1G
O M m V1
7
N O
1�
N l�
P
10
l�
P aJ
1D
O
In
P
M oo
N P
P
o
O
cv
t a; a
oo _
v
Ir _
N
o
_ _
vi
a;
l� N V N
N
V N
1D
l� N
P
10
P
P
10
ti
l� Vi V'i
N
vi
l�
10
10
�
a
rl
M
M O Vl a;
h
in
O
P N
l0
O
00 O V
l�
N
V
o0 P
f
O Vt
M N
V1
n
CO
ar
7
N
7 00
O
1D
M
M
M
M
O
O
N
m
l� O1 41 M
a;
r P
M
M P
N ^
O
M
P
l� M M N
V o0 �
�
O
Vl h
V Vl
G:•
1G
� N
O d'
�
CC
VJ
M
cF
41
� h
M V
N l�
N O
CFi
O
V
V1
�
N
7t lG
O
N
P
x
M
In
M
10 Vl
Nrq
W
P. C
P
W
O
OO "S Ol V'1
7
V'1
M -
-
M
N
N G]
N GC
t
N
a, 10ac
oo
co n
m N
�n
N
v�
�n
N 1c
1c V
In
m
o
x O
10
x
r
M 01 ar
O
O G1
P
01
to
Cl
iIn 10
10
O
!`
10
N
l�
V
N
't N
m
V
cn M In 1n
O
In,.1D
In1D
1C
N
l�
N
NL`
'n r O
N
N
O
l� -- 7 M
O M 7 m
P
O 10
'tn
N
m
l0
<)
In .c
Ol
In 01 m
X
M
1n
X
M
01 Vl l V1
1D M
O
O N
M
l�
1D
O Vl
01
a,
In
M
N P O N
m
�n M
V
N
10
O
N
O O
O
lc
N
00 O V CL
O Vf � O1
M
l�
Vt P
� r
P
,-.
N
10 .-•
V
r
M
P
P
N
M l�
ar .�
� M
O O
�
ID
�
• O� C
al a7 C O
Q`
yt
O
V
M
1C
O
O, P
O
V
N O1 N
P M P
O
_
N
Vt P
V
�n O1
O M
It
dJ
01
P C\
P N
I- 11:
O
M
P
M c
M C
— N N
O �J
V':
N
ar t` CI
— M vt M
.�
V ; 1Ci
l�
7 10
�
vl
P 00
1Ci •� V
1D
M
\0 p
ll3
a
�
v
y
a
o
0
C7
O 4ti
cd
.O,
W O
Cct
N 3 x
o
o
cc
°° L
�c
y .y
otb
o 0
F-
a
a L7
Cq
o
o C7
U
O L)
O
FO
CJ
W
G.
N
N
O lO d' a M Ni
M n M
N M
,c N 7 �r r, n In a I c r` aN �
�D V� a In 10 10
C` C`
a c,
a
N M
00 M M l0 --i N CO 00 Vl OC M
Vl r` d' a �O Vl a CC O O
n o
N M
O M l0 V •--� [� —
N M
O \O Cl --
a N o0
d' In
a O N m a N ll
a M• �n N �t �n N
-N
�'t o M co o d• o a r` c
n r N C K
O N 11 N d<
r. N
n a v N a
00 �D V1 �n N O � O o0 Vi a
N
O C N r- M C 17
Ic vi
a O a r
M V M M CO Cq a V
n N V N
�n M M V1 O
a 00
O M V1 M
M
N
.ry
W N V 1p a
V1 � V1 M
W V1 �
Vti
M
Cl
lli
G
o r
v
w
O
lD C
.-- --i
In
r`
M
M f'
o
N
�-
00 O
M
N
N
°
N a
r
oC
W
a. G
a
N
W
-y
�
�
M
M
r
� C
N
lC N
co
vl
N �
O � O N
V'1
O
vri
II�aII��
N.
M
N
V
a a
NI��nII�N
a 0
O
a
M C
� c
Qa
N
N
a r O C` a
V N h C,
N n^ �D
M 1p v1
fl, n^ d'
C� v,
v
V
r` m M a
^�
F O
O .
a
� �
z
N
b
O O
W
v
't tC
t
�H
N
N
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Fund Balances of Governmental Funds - Last Ten Fiscal Years*
December 31, 2024 (Unaudited)
General Fund
Nonspendable
Committed
Assigned
Unassigned
Total General Fund
All Other Governmental Funds
Nonspendable
Restricted
Committed
Assigned
Unassigned
Total All Other Governmental Funds
Total Fund Balances
Data Source: Audited Financial Statements
*Modified Accrual Basis of Accounting
2015
2016
2017
$ 204,023
17,016,920
188,247
18,496,104
261,219
19,137,752
17,220,943
18,684,351
19,398,971
107,609
96,771
83,232
5,212,985
4,557,424
8,919,560
3,679,129
3,224,446
3,579,214
(448,034)
(688,716)
—
8,551,689
7,189,925
12,582,006
25,772,632
25,874,276
31,980,977
222
2018 2019 2020 2021 2022 2023 2024
220,065 370,162 381,902 342,372 407,655 314,189 350,626
- 3,393,000 2,300,000 - - - -
- - - 3,700,000 7,250,000 - 8,977,677
22,837,502 22,914,986 23,492,469 30,752,940 40,587,665 43,700,864 46,348,799
23,057,567 26,678,148 26,174,371 34,795,312 48,245,320 44,015,053 55,677,102
74,703 100,288 108,495
79,781
100,675
99,081
112,763
39,339,578 28,845,580 6,071,511
7,456,454
9,073,560
17,820,290
27,841,856
934,034
1,012,349
1,289,792
1,558,290
1,790,243
7,182,152 7,245,942 7,150,936
8,157,144
14,469,146
18,154,732
19,686,657
46,596,433
36,191,810
14,264,976
16,705,728
24,933,173
37,632,393
49,431,519
69,654,000
62,869,958
40,439,347
51,501,040
73,178,493
81,647,446
105,108,621
223
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Changes in Fund Balances for Governmental Funds - Last Ten Fiscal Years*
December 31, 2024 (Unaudited)
2015
2016
2017
Revenues
Taxes
$ 33,433,891
34,113,260
31,784,137
Intergovernmental
26,018,173
27,434,551
29,199,312
Licenses, Permits, and Fees
3,915,635
4,001,458
3,982,497
Charges for Services
5,664,398
6,347,775
5,810,731
Fines and Forfeitures
511,536
414,884
415,189
Investment Income
24,784
76,594
196,995
Other Reimbursements
—
35,000
19,824
Miscellaneous
656,877
549,816
592,352
Total Revenues
70,225,294
72,973,338
72,001,037
Expenditures
General Government
7,598,649
9,435,601
10,060,904
Public Safety
30,350,270
32,512,612
34,279,062
Highways and Streets
7,744,122
8,148,696
8,762,136
Health
4,589,156
4,585,572
4,500,280
Welfare
1,961,516
1,994,918
1,953,055
Culture and Recreation
467,611
499,208
585,907
Capital Outlay
20,998,508
10,718,553
5,786,667
Debt Service
Principal Retirement
3,048,912
3,243,840
3,518,904
Interest and Fiscal Charges
1,799,590
2,017,192
1,378,256
Total Expenditures
78,558,334
73,156,192
70,825,171
Excess (Deficiency) of Revenues
Over Expenditures
(8,333,040)
(182,854)
1,175,866
Other Financing Sources (Uses)
Disposal of Capital Assets
Debt Issuance
Premium on Debt Issuance
Payment to Escrow Agent
Transfers In
Transfers Out
Net Change in Fund Balances
Debt Service as a Percentage of
Noncapital Expenditures
Data Source: Audited Financial Statements
*Modified Accrual Basis of Accounting
— 17,835,000
4,815,000
— 1,022,839
115,835
— (18,573,342)
—
81,599 1,637,926
600,000
(281,599) (1,637,926)
(600,000)
(200,000) 284,497
4,930,835
(8,533,040) 101,643 6,106,701
6.20% 7.32% 6.99%
224
2018
2019
2020
2021
2022
2023
2024
33,080,547
32,718,562
31,600,945
34,781,161
35,967,861
40,590,810
39,963,645
32,811,854
34,650,218
36,297,359
46,969,768
49,245,896
51,699,077
59,912,126
4,085,141
4,249,613
3,816,507
3,913,269
3,888,922
2,782,616
2,643,731
5,834,187
6,267,680
6,785,463
7,967,914
8,930,352
8,898,278
9,336,193
403,842
286,328
242,004
445,604
313,457
332,710
339,380
675,700
1,375,199
234,783
986
841,017
3,833,039
4,761,547
112,429
31,204
1,660,393
621,494
2,089,687
1,798,702
2,755,196
1,770,302
1,102,635
78,664,093
80,200,298
81,066,748
95,877,404
101,942,701
109,906,832
118,059,257
9,566,297
9,384,171
8,044,415
8,079,371
7,190,518
7,853,335
8,547,003
36,287,527
36,783,615
37,584,244
38,791,777
39,908,856
44,916,332
48,182,394
9,658,459
10,456,537
10,576,961
12,006,572
12,959,107
13,179,467
13,749,408
4,835,310
4,849,613
4,793,171
4,985,328
5,037,865
5,165,746
5,484,930
1,798,458
1,676,723
1,824,289
2,126,344
2,030,206
2,161,070
1,906,834
572,169
388,375
166,740
306,890
303,830
396,530
405,787
15,245,784
26,616,871
33,239,574
11,101,659
5,581,945
10,462,289
11,002,227
3,671,871
3,787,500
4,015,000
4,590,000
6,054,521
4,968,030
5,489,352
2,484,885
3,409,229
3,253,348
3,123,295
3,134,366
2,902,474
2,906,605
84,120,760
97,352,634
103,497,742
85,111,236
82,201,214
92,005,273
97,674,540
(5,456,667) (17,152,336) (22,430,994) 10,766,168 19,741,487 17,901,559 20,384,717
-
646,600
383
295,525
1,990,817
5,956
520
45,500,000
7,725,000
-
-
8,230,000
-
-
1,783,506
394,075
(4,153,816)
-
-
-
(8,249,328)
-
-
2,354,391
3,709,981
5,188,000
4,544,819
4,613,401
13,386,599
14,054,000
(2,354,391)
(2,170,362)
(5,188,000)
(4,544,819)
(4,688,401)
(14,280,911)
(19,522,312)
43,129,690
10,305,294
383
295,525
1,896,489
(888,356)
(5,467,792)
37,673,023 (6,847,042) (22,430,611) 11,061,693 21,637,976 17,013,203 14,916,925
8.00% 9.60% 9.46% 10.72% 12.29% 9.69% 9.81 %
225
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Assessed Value and Actual Value of Taxable Property - Last Ten Tax Levy Years
December 31, 2024 (Unaudited)
Tax
Levy
Residential
Commercial
Industrial
Railroad
Year
Property
Property
Property
Property
2014
$ 989,619,882
$ 285,736,126
$ 114,184,895
$ 836,775
2015
962,934,812
279,463,359
111,147,033
1,005,644
2016
1,191,992,297
304,999,806
121,128,843
1,037,906
2017
1,185,479,107
321,277,244
162,946,209
1,022,879
2018
1,171,019,649
326,069,226
171,888,945
1,095,851
2019
1,352,621,864
405,952,345
211,550,243
1,182,888
2020
1,341,377,216
418,382,455
230,358,924
1,224,387
2021
1,230,475,305
399,062,987
215,638,131
1,224,387
2022
1,525,284,520
417,627,492
227,197,566
1,417,634
2023
1,572,472,060
397,082,680
236,141,030
1,521,604
Data Source: Office of the Cook County Clerk
Note: Property in the Village is reassessed every three years. Property is assessed at 33% of actual value.
226
Total
Taxable
Assessed
Value
Total Direct
Tax Rate
Estimated
Actual
Taxable
Value
Estimated Actual
Taxable Value
as a Percentage
of Actual Value
$ 1,390,377,678
1.276
$ 4,171,133,034
33,333%
1,354,550,848
1.352
4,063,652,544
33.333%
1,619,158,852
1.157
4,857,476,556
33.333%
1,670,725,439
1.143
5,012,176,317
33.333%
1,670,073,671
1.142
5,010,221,013
33.333%
1,971,307,340
0.988
5,913,922,020
33.333%
1,991,342,982
0.978
5,974,028,946
33.333%
1,846,400,810
1.055
5,539,202,430
33.333%
2,171,527,212
0.942
6,514,581,636
33.333%
2,207,217,374
0.882
6,621,652,122
33.333%
227
M
O
r
0
7
r
M
N
N
�o
N
1�
`0
r
O
M
V-
cl
N
o
o
r
o
00
0
0o
M
r
v
;;-,
�
M
C
m
o
o
m
o
0
0
0
0
0
N
o
0
0
0
0
0 0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
o
N
o
0
o
N o
N
o
o
C
o
r
v
o
o
C
o
M
r
N
r
N
o,
"Ao
o
r
p
O
C
O
CD
N
In,
N N
Ci
a
V
m
V
o
O
0o
O
r
M
O
v
O
M
O
O
O
o
O
O
v
O
O
o
O
M
V
V
o
O
v v
oo V1
N
O
O
O
O
O
C O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
N
O
O
O
N O
O
r
O
M
10
a, O
oo
N
oo
h
N
h
oo
�_
~
v r
N
C
h
C
U
C0
r
V)
V)
00
V1
r
-�
O
V)
V1
N
O
r
p
O
O
N N
C
�O
V
O
O
M
C
O
O
C
C
O
O
O
O
C
�O
V
V1
O
OV
N
O
O
O
O
O
C C
O
O
O
O
O
O
C
O
C
C
C
O
C
C
C
N
C
O
O
M C
p
C
x
C
M
In
M
00
M
M
C
00
W
M
N
r
--i
C
00
M_
�
M_
O_
N
a,
a,
O
V1 't
N
p
O
O
In
CDQ`
O
r
Vl N
N N
r
O,
Q1
V1
V)
V
O
O
V)
O
r
M
V)
O
N
O
M
O
_
O
O
O
O
O
O
Vl
O
O
O
cc
M
O
V
l0
V
O
O
M V1
r V1
N
O
O
O
O
O
C C
C
C
C
O
O
C
C
C
C
C
C
C
O
O
O
O
N
O
C
C
N C
O
N
M
C
O
V1
Q,
r
�O N
DD
O1
Ql
'll
h
O
M
Ol
h
101
W
h
h
M
M
00
M
_
O
O
GO
O
�_
M
ul
�_
O_
\O
h
M
O
r
h
O
O
--i r
h
O
O
M
O
O
O
O
O
O
O
O
O
O
M
V
V
O
r N
N
O
O
O
O
O
G G
O
O
O
G
O
O
O
O
O
O
O
O
O
O
O
O
N
O
O
O
N O
x
Cl
o
ac
v
O
o
ac
o
N
a
N N
o rn
N
v
a
a,
o0
O
0
O
a1c,
a,
t
o
0
0
10
In
v
7
O
o
M M
r M
0
0
o
N
M N
o
V
O
O
M
0
0
0
0
0
0
0
0
0
0
to
v
n
o
o
v
o
0
oc
o
v
oo
a
M
N
v
N
o
v
C_
M
v
M_
a`
r
v�
O_
M
p
O
O
N
M M
\O
V
O
O
V
O
O
O
O
O
O
O
O
O
Vl
V
V
O �O
O
In O
�p
C
C
M
7
O
C
_
O
r
CA_
N
r
V1
r
00
In
"I
O
C
In1O
1-0
C
1
1-0C
oC
7
M_
r
N
o0
O
\°
\°
V1
�_
O_
r
N
�°
00
00
oC
a a
p
O
O
N
M M
1-O
V1
O
O
V
O
O
O
O
O
O
O
O
O
V1
V
Vn+
_
V1
in
C
C
C
\O
C
N
N
a`
1C
oo
't
h
r--�
O_
x
O
_--�
1°
In.
h
C
ac
Ol
C O
G
l0
r
x
h
oc
V'
O
G
Q`
l0
O
M
\O
r
4\
'--+
N
h
r
'--+
ON
N
'--+
'--+
Z
'--+
'--+
r
\O
oc
\O 'll
o
G
N
o O
N
r
G
G
v
o
0
0
o
c
o
0
0
o
r
.
N
O
O
O
O
O
G G
O
O
G
G
O
O
O
O
O
O
G
G
O
O
G
N
O
G
G
M O
N
0
V1
In Q
O.
Q
o
o�
Q
°'
y
W
ro
b
°hn
�o
h°n
"o
°
"0
w
a
C4
o
0
o
o
DOo°
o
w
°
vN
d
d
d
CO
CO
CO
x
Y x
o
n
°
by80
h9
Oc-
L� Pa
C7 a
w
v
a
U U
w
H
H
H c7
C7
c7
cG
cG
cG
Z ¢�
U ¢�
U5
N
N
c
N
x
r
1n
x
m
10
Vn
r
O
tV':
41
D1
r
N
In
In
O
V
O
to
In
CC
O
M
°�
p
N
CS
M
r
M
r
O
V1
V
x
O
x
M
N
V1
O
V
^•
CT
N O
V'
p
r
r
\O
M
M
O
CT
-�t
of
r \O
'
p
V1
M
�°
CT
r
V
00
Uf
U(
V
O
O
O
f+l
O
O
M
N Ol
U
N
N
M
M
O
M
O
M
M
x
p�
O
Cl
\O
N-.
N
m
m
o
m
o
m�
o
o�
o
N
o ri
oc
x
r
NC,
r
v
o
v
o
m
N
cri
In
O
V
O
to
In
U
oIt
v
o
o
It
IcIrl
o
In
Cr
r
v
r
N
°
7
r
O
°
oG
O
O
r
O
M N
O
O
N
N
M
O
V
O
M
V
O
O
—
O
N
O 1,,
7t
O
O\
N
N_
N
N
\O
O
O
x
r
O
p
M
r
r
"c
O
7
U'
"
O
O
V
V
O
CT
r x
N V
x
O
x
x
N
7t
N
Cl
°T
x
pT
N
CT
x M
r
r
r
v:
x
x
N
cn
N
�n
N
o
N
r
C
N
O
N
ry
M
M
O
(=
rn
v
on
•-,
CA
c� Cy
O -i
a
�
�
v x
O
•
U
It
N
Q
a��
Q
4
w
a
t
a�
Ca
U
' a
x
a
x
C4 o
j o
0
0
F
on
w
p o
0
F
hn
a
4 Ca
E•
Ca
°o
Ca Ca
°o
.�
y
° a"i rii
Q
°
Y
�'
o
y
F.
y 0 ,0
°
V) A"
0 o
a`"i
°'
o
o
si si
a
n.
o
� � .�
0 5n
� o
p
H
. �
W
sue.
p
0
0
y �
s°'.
5
s.
w
� ai
0 0
i a
cG
a
a
a ra
p
Ca
a
W a
o
U v
a
F
ro
v
Ca z
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Principal Property Tax Payers - Current Fiscal Year and Nine Fiscal Years Ago
December 31, 2024 (Unaudited)
2024
2015
Percentage
Percentage
of Total Village
of Total Village
Taxable Taxable
Taxable Taxable
Assessed Assessed
Assessed Assessed
Taxpayer Value Rank Value
Value Rank Value
CRP 3 West Central LLC
LBX Mount Prospect LLC
DLC Management Corp
Maple Street Lofts
Home Properties Colony
Menard -Properties
Golf Plaza 11
Mt. Prospect Greens LLC
Costco
Walgreens
Randhurst Improvements, LLC
Ramco-Gershenson Properties, LLC
Home Properties Colony
Golf Plaza I & II
United Airlines Inc.
CRP 3 Acquisitions, LLC
First Industrial Rlty
LIT Industrial Limited
Costco Properties
Cummins Alison Corp
Totals
$ 23,709,382
1
1.07%
19,099,248
2
0.87%
15,365,626
3
0.70%
14,122,998
4
0.64%
11,406,531
5
0.52%
11,137,407
6
0.50%
10,751,677
7
0.49%
10,086,498
8
0.46%
9,123,327
9
0.41%
8,516,043
10
0.39%
133,318,737
Data Source: Office of the Cook County Clerk
21,621,707
1
1.60%
21,063,705
2
1.56%
15,776,353
3
1.16%
13,805,868
4
1.02%
11,320,095
5
0.84%
10,134,949
6
0.75%
7,854,178
7
0.58%
7,308,985
8
0.54%
7,286,163
9
0.54%
6,949,469
10
0.51%
6.05% 123,121,472
9.10%
Note: Every effort has been made to seek out and report the largest taxpayers. However, many of the taxpayers contain
multiple parcels and it is possible that some parcels and their valuations were overlooked.
230
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Property Tax Levies and Collections - Last Ten Fiscal Years
December 31, 2024 (Unaudited)
Taxes
Collected within the
Collections
Tax
Levied for
Fiscal Year of the Levy
in
Total Collections to Date
Fiscal
Levy
the Fiscal
Percentage
Subsequent
Percentage
Year
Year
Year
Amount
of Levy
Years
Amount
of Levy
2015
2014
$ 17,730,922
$ 17,521,845
98.82% $
(132,702)
$ 17,389,143
98.07%
2016
2015
18,312,756
18,130,372
99.00%
(225,511)
17,904,861
97.77%
2017
2016
18,727,305
18,534,114
98.97%
(257,365)
18,276,749
97.59%
2018
2017
19,087,264
18,865,586
98.84%
(289,497)
18,576,089
97.32%
2019
2018
19,087,266
18,710,515
98.03%
(169,621)
18,540,894
97.14%
2020
2019
19,469,004
19,187,932
98.56%
(240,753)
18,947,179
97.32%
2021
2020
19,469,002
19,207,967
98.66%
(142,897)
19,065,070
97.93%
2022
2021
19,469,003
19,181,887
98.53%
49,027
19,230,914
98.78%
2023
2022
20,443,677
20,367,778
99.63%
71,440
20,439,218
99.98%
2024
2023
19,469,004
19,382,291
99.55%
—
19,382,291
99.55%
Data Source: Office of the County
Note: Property in the Village is reassessed each year. Property is assessed at 33% of actual value
Other Information: The Statement requires that the information in this schedule be shown for each period for
which levied and should be consistent with the periods shown in the schedule of direct and overlapping revenue
rates and schedule of direct and overlapping property tax rates. Therefore, most Illinois governments should
disclose this by the tax levy year, not the fiscal year.
231
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Sales Taxes by Category - Last Ten Fiscal Years
December 31, 2024 (Unaudited)
General Merchandise
Food
Drinking and Eating Places
Apparel
Furniture and H.H., and Radio
Lumber, Building Hardware
Automobile and Filling Stations
Drugs and Miscellaneous Retail
Agriculture and All Others
Manufacturers
Totals
Village Direct Sales Tax Rate
Number of Taxpayers
Data Source: Illinois Department of Revenue
2015 2016 2017
$ 1,112,640
1,114,510
1,082,424
949,277
951,863
877,665
825,994
884,477
879,654
162,116
163,438
157,352
220,663
209,712
202,302
791,285
821,872
846,376
1,540,910
1,492,452
1,676,338
5,460,292
6,594,754
8,965,486
3,629,675
3,611,295
3,649,578
433,798
500,200
184,759
15,126,650 16,344,573 18,521,934
1.00% 1.00% 1.00%
997 987 1,102
Data available for calendar year only. The fiscal year of the Village is the same as the calendar year. Excludes
Home Rules Tax portion.
232
2018 2019 2020 2021 2022 2023 2024
1,086,859
992,680
863,330
955,318
992,430
1,036,858
1,099,955
856,379
884,898
985,767
985,071
1,142,947
1,231,263
1,265,937
937,398
997,318
870,374
1,035,832
1,182,293
1,240,628
1,323,575
140,366
172,171
145,070
220,190
207,198
215,273
236,865
210,670
197,569
160,490
193,957
296,442
322,244
506,469
913,446
965,237
1,095,425
1,151,396
1,185,052
1,128,800
1,133,721
1,816,029
1,942,864
1,951,579
2,276,879
2,509,920
2,422,544
2,653,087
13,018,288
13,336,938
14,089,151
18,596,445
19,688,632
22,337,303
25,126,064
3,751,156
3,788,000
1,629,707
3,653,554
3,715,106
4,806,367
4,280,367
95,752
101,939
131,654
200,527
155,768
141,178
122,139
22,826,343 23,379,614 21,922,547 29,269,169 31,075,788 34,882,458 37,748,179
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1,078
1,040
987
3,616
4,914
5,928
7,256
233
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Business District Sales Taxes by Category - Last Ten Fiscal Years
December 31, 2024 (Unaudited)
General Merchandise
Food
Drinking and Eating Places
Apparel
Furniture, H.H., and Radio
Lumber, Building Hardware
Automobile and Filling Stations
Drugs and Miscellaneous Retail
Agriculture and All Others
Manufacturers
Total
Village Direct Sales Tax Rate
2015 2016 2017
$ 84,364
82,142
76,426
20,747
21,846
20,186
51,419
54,393
51,629
19,963
21,716
20,126
16,088
15,551
14,438
107,339
108,480
109,058
37,063
31,889
25,843
5,057
5,323
5,230
342,040 341,340 322,936
0.25% 0.25% 0.25%
Data Source: Illinois Department of Revenue
Data available for calendar year only. The fiscal year of the Village is the same as the calendar year.
Note: Amount reported net of IDOR 2% compliance administration and enforcement charge.
234
2018 2019 2020 2021 2022 2023 2024
62,848
28,214
19,626
23,759
24,910
25,942
30,582
20,417
18,526
21,501
25,736
23,049
22,611
23,561
50,063
53,476
36,543
40,161
42,631
50,144
47,367
18,060
22,600
12,802
16,484
16,453
15,590
16,408
12,976
12,336
3,661
2,308
14,906
16,640
22,014
112,957
115,524
126,618
139,161
137,256
131,069
128,730
16
53
22
1
31,732
29,430
26,739
38,231
42,507
36,128
39,020
6,372
7,101
2,566
4,941
5,849
6,018
7,656
-
80
119
97
314
315,425
287,207
250,056
290,877
307,733
304,261
315,653
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
235
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Home Rule Sales Taxes by Category - Last Ten Fiscal Years
December 31, 2024 (Unaudited)
2015*
2016*
2017**
General Merchandise
$ 861,799
858,739
822,252
Food
249,683
246,759
231,474
Drinking and Eating Places
808,304
862,052
831,312
Apparel
161,630
162,986
154,603
Furniture and H.H. and Radio
217,031
206,542
196,588
Lumber, Building Hardware
787,000
817,396
828,391
Automobile and Filling Stations
893,301
831,269
937,688
Drugs and Miscellaneous Retail
488,963
439,702
473,116
Agriculture and All Others
548,380
623,624
702,386
Manufacturers
431,129
497,623
179,655
Total
Number of Taxpayers
Village Home Rule Sales Tax Rate
Data Source: Illinois Department of Revenue
5,447,220 5,546,692 5,357,465
997 987 1,102
1.00% 1.00% 1.00%
Data available for calendar year only. The fiscal year of the Village is the same as the calendar year.
Interest income included in warrants is not reflected in this schedule.
*Excluding additional allocations received (excluded from IDOR online report).
**Amount reported net of IDOR compliance administration and enforcement charge.
236
2018** 2019** 2020** 2021** 2022** 2023** 2024**
806,891
675,585
577,971
678,058
669,247
697,195
732,998
238,527
249,420
268,755
306,796
331,838
339,570
337,363
852,731
913,754
764,116
932,604
1,058,134
1,124,167
1,199,935
137,624
169,062
142,434
216,205
203,245
210,969
232,087
204,642
192,307
157,506
190,925
290,069
313,838
494,367
891,206
942,053
1,068,094
1,125,051
1,155,838
1,099,583
1,104,986
1,029,522
1,031,563
924,782
1,172,729
1,346,105
1,305,812
1,330,040
517,588
533,057
754,906
1,148,221
1,223,910
1,212,637
1,280,148
667,655
611,860
528,437
722,886
803,621
795,136
921,106
91,683
97,836
126,659
194,381
150,434
138,034
118,468
5,438,069
5,416,497
5,313,660
6,687,856
7,232,441
7,236,941
7,751,498
1,078
1,040
987
3,616
4,914
5,928
7,256
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
237
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Direct and Overlapping Sales Tax Rates - Last Ten Fiscal Years
December 31, 2024 (Unaudited)
Fiscal
Year
State
Tax
County
Rate
Regional
Transportation
Authority
Village
Direct
Rate
Total
2015
5.00%
1.00%
1.00%
1.00%
9.00%
2016
5.00%
2.00%
1.00%
1.00%
10.00%
2017
5.00%
2.00%
1.00%
1.00%
10.00%
2018
5.00%
2.00%
1.00%
1.00%
10.00%
2019
5.00%
2.00%
1.00%
1.00%
10.00%
2020
5.00%
2.00%
1.00%
1.00%
10.00%
2021
5.00%
2.00%
1.00%
1.00%
10.00%
2022
5.00%
2.00%
1.00%
1.00%
10.00%
2023
5.00%
2.00%
1.00%
1.00%
10.00%
2024
5.00%
2.00%
1.00%
1.00%
10.00%
Data Source: State of Illinois
Note: Business district is assessed additional 0.25% sales tax.
238
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Ratios of Outstanding Debt by Type - Last Ten Fiscal Years
December 31, 2024 (Unaudited)
Business -Type
Governmental Activities Activities
Business
Percentage
Fiscal
General
IEPA
District
General
Total
of
Year
Obligation
Loan Installment
Limited Tax
Obligation
Primary
Personal
Per
Ended
Bonds
Payable (1) Note (2)
Note Payable
Bonds
Government
Income (3)
Capita (3)
2015
$ 45,927,931 $
543,015 $ 1,940,000 $
31,790,140 $
—
$ 80,201,086
4.46% $
1,481
2016
43,905,073
359,175 1,525,000
31,767,253
—
77,556,501
4.31%
1,432
2017
45,784,843
170,271 1,105,000
32,525,273
5,063,964
84,649,351
4.71%
1,563
2018
85,737,998
57,500 590,000
33,192,363
9,827,936
129,405,797
7.19%
2,389
2019
90,476,575
35,329,187
19,567,083
145,372,845
8.08%
2,684
2020
86,146,970
35,905,176
19,206,498
141,258,644
6.50%
2,587
2021
81,283,168
36,730,522
18,644,92t
136,658,611
5.94%
2,404
2022
76,644,366
37,600,588
27,881,659
142,126,613
5.76%
2,500
2023
73,403,031
38,290,593
26,943,855
138,637,479
5.12%
2,439
2024
70,056,165
38,413,094
25,931,051
134,400,310
4.91 %
2,364
Data Source: Audited Financial
(1) The Village entered into five installment contracts with the Illinois Environmental Protection Agency to provide
funds for the construction of flood control projects. The contracts are for a 20-year period with equal semiannual
installments. Only one of the five original loans remain outstanding.
(2) The Village entered into an installment note to provide funding for the construction of certain flood control
projects. The loan is payable in annual installments over a seven-year period.
(3) See the schedule of Demographic and Economic Information for personal income and population data.
Note: Details of the Village's outstanding debt can be found in the notes to financial statements.
239
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Ratios of General Bonded Debt Outstanding - Last Ten Fiscal Years
December 31, 2024 (Unaudited)
Fiscal
Year
General
Obligation
Bonds
Less Amounts
Available
in Debt
Service Fund
Total
Percentage of
Total Taxable
Assessed
Value of
Property (1)
Per
Capita (2)
2015
$ 45,927,931
$ 154,206
$ 45,773,725
1.10%
$ 845
2016
43,905,073
168,152
43,736,921
1.08%
807
2017
50,848,807
184,195
50,664,612
1.04%
935
2018
95,565,934
2,546,115
93,019,819
1.86%
1,717
2019
110,043,658
1,850,968
108,192,690
2.16%
1,997
2020
105,353,468
1,261,124
104,092,344
1.76%
1,906
2021
99,928,089
1,533,779
98,394,310
1.65%
1,731
2022
104,526,025
864,746
103,661,279
1.87%
1,823
2023
100,346,886
1,079,060
99,267,826
1.52%
1,746
2024
95,987,216
1,259,540
94,727,676
1.43%
1,666
Data Sources: Audited financial statements and Office of the County Clerk
(1) See the schedule of Assessed Value and Actual Value of Taxable Property for property value data.
(2) See the schedule of Demographic and Economic Information for personal income and population data.
Note: Details regarding the Village's outstanding debt can be found in the notes to the financial statements.
240
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Schedule of Direct and Overlapping Governmental Activities Debt
December 31, 2024 (Unaudited)
Governmental Unit
(1)
Gross
Debt
(2)
Percentage
Debt Applicable
to the Village of
Mount Prospect
(3)
Village
Share
of Debt
Village of Mount Prospect
$ 108,469,259
100.00% $
108,469,259
County of Cook
2,093,131,750
1.11 %
23,254,694
Forest Preserve District of Cook County
87,340,000
1.11%
970,347
Metropolitan Water Reclamation District
1,703,345,000
1.13%
19,247,799
Community College District #535
54,930,000
0.02%
9,887
Community College District #512
222,130,000
9.74%
21,635,462
School District #214
19,405,000
19.17%
3,720,715
School District #207
151,240,000
0.08%
125,529
School District #57
4,400,000
94.31%
4,149,640
School District #26
10,100,000
78.48%
7,926,177
School District #25
77,575,000
2.38%
1,848,612
School District #23
10,170,000
8.68%
882,349
School District #21
2,123,228
2.74%
58,113
School District #59
17,400,000
17.76%
3,090,066
Arlington Heights Park District
7,779,000
1.90%
148,034
Des Plaines Park District
5,724,000
1.57%
89,924
Mount Prospect Park District
20,277,050
68.27%
13,843,548
Total Overlapping Debt
4,487,070,028
101,000,896
Total Direct and Overlapping Debt 4,595,539,287 209,470,155
Data Source: Governmental units and the percentage of overlapping debt from the County Clerk's office. Gross
debt of the overlapping governmental units obtained from ACFR's on file with the Cook County Treasurer's
Office.
(1) Gross bonded debt excluding outstanding general obligation (alternate revenue bonds) which are expected to
be paid from sources other then general taxation.
(2) Determined by ratio of 2021 assessed value of property subject to taxation in overlapping unit to value of
property subject to taxation in the Village.
(3) Amount in column (2) multiplied by amount in column (1).
241
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Schedule of Legal Debt Margin
December 31, 2024 (Unaudited)
The Village is a home rule municipality.
Article VII, Section 6(k) of the 1970 Illinois constitution governs computation of legal debt margin.
The General Assembly may limit by law the amount and require referendum approval of debt to be incurred
by some home rule municipalities, payable from ad valorem property tax receipts, only in excess of the
following percentages of the assessed value of its taxable property ... (2) if its population is more than 25,000
and less than 500,000 an aggregate of one percent: indebtedness which is outstanding on the effective date
(July 1, 1971) of this constitution or which is thereafter approved by referendum... shall not be included in
the foregoing percentage amounts.
To date the General Assembly has set no limits for home rule municipalities. The government is a home rule
municipality.
242
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Demographic and Economic Statistics - Last Ten Fiscal Years
December 31, 2024 (Unaudited)
Fiscal
Year
(1)
Population
(2)
Equalized
Assessed Value
Personal
Income
(1)
Per
Capita
Personal
Income
(3)
Unemployment
Rate
2015
54,167
$ 1,390,377,678
$ 1,798,831,903
$ 33,209
4.30%
2016
54,167
1,354,550,848
1,798,831,903
33,209
4.60%
2017
54,167
1,619,158,852
1,798,831,903
33,209
3.70%
2018
54,167
1,670,725,439
1,798,831,903
33,209
2.90%
2019
54,167
1,670,073,671
1,798,831,903
33,209
2.70%
2020
54,604
1,971,307,340
2,174,658,904
39,826
6.60%
2021
56,852
1,991,342,982
2,299,777,104
40,452
5.00%
2022
56,852
1,846,400,810
2,466,751,428
43,389
3.50%
2023
56,852
2,171,527,212
2,706,951,128
47,614
6.70%
2024
56,852
2,207,217,374
2,735,320,276
48,113
5.00%
Data source:
(1) U.S. Department of Commerce, Bureau of the Census
(2) Office of the Cook County Cleric
(3) IDES Local Area Unemployment Statistics
N/A - Not Available
243
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Principal Employers - Current Fiscal Year and Nine Fiscal Years Ago
December 31, 2024 (Unaudited)
Employer
C V S Caremark
Robert Bosch Tool Corporation
Village of Mount Prospect
Mount Prospect School District 57
Miskan America
Township High School District 214
Rauland Borg
Costco
Wal-Mart
Home Depot
Cummins -Allison Corporation
Carson Pirie Scott
Jewel Food Stores
Data Sources: Village Records
2024
2015
Percentage Percentage
of Total of Total
Village Village
Employees Rank Employment Employees Rank Employment
723 1
650 2
335 3
323 4
319 5
300 6
300 7
273 8
271 9
260 10
3,754
1.27%
1,445
1
2.67%
1.14%
650
2
1.20%
0.59%
307
4
0.57%
0.57%
300
5
0.55%
0.56%
0.53%
225
8
0.42%
0.53%
300
5
0.55%
0.48%
0.48%
200
9
0.37%
0.46%
189
10
0.35%
391
3
0.72%
291
6
0.54%
240
7
0.44%
6.61%
4,538
8.38%
244
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Full -Time and Part -Time Employees by Function/Program - Last Ten Fiscal Years
December 31, 2024 (Unaudited)
See Following Page
245
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Full -Time Equivalent Employees by Function/Program - Last Ten Fiscal Years
December 31, 2024 (Unaudited)
Function/Program
2015
2016
2017
Public Representation/Community
and Civic Services
2.15
2.20
2.10
General Government
Village Administration
Administration
16.85
16.75
17.35
Finance
13.00
13.00
13.00
Total
29.85
29.75
30.35
Community Development
Community Development
18.50
18.75
18.75
Community Development/CDBG
1.00
0.75
0.75
Total
19.50
19.50
19.50
Human Services Department
9.50
9.50
9.55
Public Safety and Protection
Police Department
99.50
101.50
102.50
Fire Department
75.00
81.00
81.00
Total
174.50
182.50
183.50
Public Works Department
Administration
2.85
3.85
3.35
Streets/Buildings/Parking
12.40
12.35
12.35
Forestry
9.25
8.35
8.35
Engineering
8.00
8.00
8.00
Water/Sewer
24.75
2.90
25.25
Refuse Disposal
2.90
24.75
2.90
Parking
0.90
0.90
0.90
Vehicle Maintenance
10.75
10.75
10.75
Total
71.80
71.85
71.85
Village Total
307.30
315.30
316.85
Data Source: Village Budget
246
2018
2019
2020
2021
2022
2023
2024
2.05
0.80
0.80
0.70
0.70
0.70
0.70
15.85
15.50
16.00
16.00
15.50
16.00
16.00
13.50
13.50
14.00
13.00
13.00
13.00
13.00
29.35
29.00
30.00
29.00
28.50
29.00
29.00
21.00
21.25
21.25
20.75
20.75
21.75
21.75
21.00
21.25
21.25
20.75
20.75
21.75
21.75
10.55
9.55
9.55
9.55
11.05
11.05
11.50
103.00
81.00
104.00
80.75
105.50
80.75
105.50
80.75
104.50
86.79
105.50
87.45
110.50
87.45
184.00
184.75
186.25
186.25
191.29
192.95
197.95
4.75
5.10
5.10
5.10
5.10
5.10
5.10
14.20
16.05
16.30
16.00
16.00
17.00
17.00
8.35
9.55
9.55
9.55
9.55
9.55
9.55
7.90
8.40
8.40
8.40
8.40
8.40
8.40
25.75
23.30
23.30
23.30
23.85
23.85
23.85
10.75 9.60 10.10 9.65 9.65 9.65 9.65
71.70 72.00 72.75 72.00 72.55 73.55 73.55
318.65 317.35 320.60 318.25 324.84 329.00 334.45
247
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Operating Indicators by Function/Program - Last Ten Fiscal Years
December 31, 2024 (Unaudited)
Function/Program
2015
2016
2017
Finance Department
Vehicle Stickers Issued
41,964
41,323
40,638
Utility Bills
152,703
152,872
152,689
Real Estate Transfer Tax Stamps Sold
1,433
1,541
1,472
Community Development
Building Division
Permits Issued
2,490
2,500
2,375
Plan Reviews
536
513
425
Building Code Inspections
10,590
9,535
9,640
Environmental Health Division
Inspections
Food Service
409
405
400
Multi -family Buildings
1,043
1,000
1,000
Public Safety
Police
Number of Crimes
2,399
2,235
2,387
Number of Service Calls
18,906
18,232
18,393
Number of Arrests
1,178
1,083
1,102
Moving Violations
4,839
4,137
3,842
Parking Citations
7,166
5,637
8,179
Fire
Fire Calls
1,883
1,889
1,816
EMS Calls
4,061
4,032
4,105
Fire Prevention Inspections
2,700
3,800
2,075
Training Hours
25,990
29,024
31,626
Public Works
Streets
Street Resurfacing (Miles)
9.80
6.30
7.00
Crack Filling (Lbs)
51,412
53,623
51,412
Leaves Removed (Tons)
1,988
1,676
1,848
Water
Water Mains Installed (Lineal Feet)
1,990
600
1,990
Water Billed (1,000 Gallons)
1,204,478
1,224,661
1,208,079
Sanitary Sewers Cleaned (Ft)
120,000
75,000
100,000
Refuse (Single/Multi-Family)
Solid Waste Collected (Tons)
30,605
26,574
29,613
Recycling (Tons)
5,369
5,355
5,492
Data Source: Various Village Departments
* Numbers affected by COViD-19.
** Village suspended Vehicle Sticker issuance
248
2018
2019
2020
2021
2022
2023
2024
39,214
37,945
35,337
35,687
33,000
- **
-
152,689
149,186
149,305
152,408
153,437
156,083
153,593
1,473
1,455
1,485
1,596
1,477
1,172
1,180
2,562
2,502
2,500
2,935
2,454
2,379
2,322
465
575
600
636
992
972
963
9,320
9,100
9,000
10,480
7,336
8,560
10,442
359
406
432
1,216
447
471
493
1,025
1,015
1,000
902
1,303
1,693
1,847
2,335
2,392
2,102
1,645
1,694
1,785
1,715
18,339
18,483
15,650
22,138
16,186
17,372
17,828
1,019
1,113
919
628
785
789
893
3,440
3,404
2,501
2,087
2,958
2,946
3,680
5,564
4,366
3,692
6,691
4,289
4,688
2,700
1,884
1,855
1,793
1,767
2,037
1,902
2,203
4,195
4,598
4,069
4,734
4,986
5,394
5,588
2,600
3,000
1,500 *
1,956
2,530
3,000
2,398
31,651
31,258
24,221 *
29,587
31,440
36,900
30,287
7.00
6.80
7.10
7.73
8.55
9.21
7.36
54,000
54,000
54,000
55,371
52,251
43,961
46,202
1,856
1,853
1,889
1,100
1,941
2,050
1,935
3,900
4,510
5,326
6,513
6,785
12,884
14,039
1,179,096
1,183,694
1,219,545
1,259,250
1,259,369
1,271,971
1,290,940
75,000
60,000
60,000
52,000
48,000
43,562
45,750
28,235
28,854
28,776
28,704
20,488
21,884
20,605
5,086
4,672
4,859
4,486
4,398
4,067
4,109
249
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Capital Asset Statistics by Function/Program - Last Ten Fiscal Years
December 31, 2024 (Unaudited)
Function/Program 2015 2016 2017
Public Safety
Police
Stations
Patrol Units
Fire
Fire Stations
Fire Engines/Vehicles
Public Works
Residential Streets (Miles)
Water
Water Mains (Miles)
Fire Hydrants
Storage Capacity (Gallons)
Wastewater
Sanitary Sewer (Miles)
Storm Sewers (Miles)
Combined Sewers (Miles)
Data Source: Various Village departments
1
1
1
32
30
31
3
3
3
22
21
21
134 135 135
160
160
160
2,240
2,243
2,246
8.8M
8.8M
8.8M
71 72 72
108 108 110
54 55 55
250
2018 2019 2020 2021 2022 2023 2024
1
1
1
1
1
1
1
31
30
30
30
32
31
30
3
3
3
3
3
4
4
21
22
22
22
24
25
27
135 135 135 136 136 136 136
160
160
160
160
160
160
160
2,246
2,246
2,246
2,246
2,246
2,246
2,246
8.8M
8.8M
8.8M
8.8M
8.8M
8.8M
8.8M
72
72
72
72
72
72
72
110
110
110
110
110
110
110
55
55
55
55
55
55
55
251
ADDITIONAL DISCLOSURES REQUIRED BY SEC RULE 15C2-12
252
VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS
FINANCIAL INFORMATION
STATEMENT OF INDEBTEDNESS
Assessed Valuation of Taxable Real Property, 2023
Estimated True Value of Taxable Real Property, 2023
Direct Bonded Debt payable from Property Taxes (l )
Payable From Property taxes
Self -Supporting Debt
Total Direct Bonded Debt
Overlapping Bonded Debt Payable from Property Taxes (2)
Schools
Other Than Schools
Total Overlapping Bonded Debt
Total Direct and Overlapping Bonded Debt
Total Direct and Overlapping Bonded Debt Excl. Self -Supporting
Amount
As Percent of
Per Capita
Applicable as of
Assessed
Estimated
2020 Census
December 31, 2024
Value
True Value
56,852
$2,207,217,374
100.00%
33.33%
$38,823.92
6,621,652,122
300.00%
100.00%
116,471.75
$43,740,000
1.98%
0.66%
$769.37
89,104,259
4.04%
1.35%
1,567.30
$132,844,259
6.02%
2.01%
$2,336.67
43,446,550
1.97%
0.66%
$764.20
57,554,346
2.61%
0.87%
1,012.35
$101,000,896
4.58%
1.53%
$1,776.55
$233,845,155
10.59%
3.53%
$4,1 13.23
$144,740,896
6.56%
2.19°/6
$2,545.92
Notes: 1. The Village is a home -rule unit under the Illinois constitution and, therefore, has no debt limit nor is it
required to seek referendum approval for the issuance of general obligation debt.
2. See "Detailed Overlapping Bonded Indebtedness Payable From Property Taxes at December 31, 2024".
RETIREMENT SCHEDULE OF OUTSTANDING VILLAGE GENERAL OBLIGATION BONDED
DEBT (Note 1)
(As of December 31, 2024)
Principal Maturities
Due Source of Payments Total Maturities
Calendar Property Annual Cumulative
Date Taxes Amount Percent
Debt Service Tax Levies
Levy Property
Year Taxes
2025
4,315,000
4,315,000
8.7%
2024
7,707,749
2026
4,565,000
4,565,000
13.4%
2025
7,795,919
2027
4,795,000
4,795,000
18.4%
2026
7,857,879
2028
5,055,000
5,055,000
23.6%
2027
7,952,304
2029
4,800,000
4,800,000
28.5%
2028
7,524,869
2030
5,185,000
5,185,000
33.9%
2029
7,713,624
2031
5,480,000
5,480,000
39.6%
2030
7,804,060
2032
5,775,000
5,775,000
45.5%
2031
7,881,668
2033
6,095,000
6,095,000
51.8%
2030
7,981,540
2034
5,540,000
5,540,000
57.6%
2031
7,198,088
2035
5,830,000
5,830,000
63.6%
2034
7,302,538
2036
6,120,000
6,120,000
69.9%
2035
7,395,763
2037
6,425,000
6,425,000
76.5%
2036
7,493,038
2038
4,650,000
4,650,000
81.4%
2037
5,499,050
2039
4,865,000
4,865,000
86.4%
2038
5,551,200
2040
3,465,000
3,465,000
90.0%
2039
3,977,650
2041
3,610,000
3,610,000
93.7%
2040
3,991,050
2042
2,990,000
2,990,000
96.8%
2041
3,234,000
2043
3,110,000
3,110,000
100.0%
2042
3,234,400
$92,670,000
$92,670,000
253
Notes: 1. The Village is a home rule unit under the 1970 Illinois Constitution and as such has no debt limit, nor is it
required to seek referendum approval for the issuance of general obligation debt. The Village has used
alternative revenue sources including Home -rule sales tax, water/sewer charges etc. to perform the debt
service for certain bonds. The Village abates the property taxes for the bonds paid with the alternative
revenue sources.
DEBT RATIOS AND PER CAPITAL DEBT -GENERAL OBLIGATION BOND SALES 2006-2024 (Note 1)
Ratio to Equalized Assessed Value
Per Capita (3)
Direct
Debt
Direct & Overlapping Debt
Direct & Overlapping Debt
Including
Excluding
Including
Excluding
Including
Excluding
Village Issue
Self-
Self-
Self-
Self-
Self-
Self -
Sale Date
Amount
Supporting
Supporting (2)
Supporting
Supporting (2)
Supporting
Supporting (2)
December 15, 2006
10,000,000
0.78%
0.69%
2.72%
2.63%
2,362.39
2,287.21
February 17, 2009
10,000,000
0.72%
0.72%
2.45%
2.45%
2,445.85
2,445.85
December 1, 2009
3,430,000
0.70%
0.70%
2.47%
2.47%
2,749.42
2,749.42
December 1, 2009
2,650,000
0.70%
0.70%
2.47%
2.47%
2,749.42
2,749.42
July 29, 2011
4,100,000
0.60%
0.60%
2.80%
2.80%
2,921.82
2,921.82
July 29, 2011
5,160,000
0-60%
0.60%
2.80%
2.80%
2,921.82
2,921.82
January 3, 2012
2,975,000
0.60%
0.60%
2.80%
2.80%
2,921.82
2,921.82
September 10, 2013
9,800,000
0.92%
0.92%
3.42%
3.42%
3,042.80
3,043.80
February 4, 2014
6,279,000
1.13%
1.09%
3.74%
3.71%
3,253.40
3,223.59
September 8, 2016
8,735,000
2.00%
1.16%
5.29%
4.45%
3,356.50
3,309.47
December 1, 2016
9,100,000
1.90%
1.09%
5.25%
4.43%
3,356.50
3,296.96
December 20, 2017
9,740,000
1.64%
1.04%
3.78%
3.19%
3,385.89
2,829.19
May 1, 2018
7,060,000
1.62%
0.62%
3.79%
2.75%
4,214.20
2,450.93
October 16, 2018
38,440,000
2.39%
1.28%
4.55%
3.41%
4,214.20
3,135.48
June 3, 2019
9,600,000
6.87%
2.56%
12.69%
8.38%
4,444.69
2,935.89
November 25, 2019
7,725,000
6.87%
2.56%
12.69%
8.38%
4,444.69
2,935.89
February 8, 2022
8,935,000
7.70%
2.56%
13.68%
8.55%
4,443.50
2,776.43
September 7, 2022
8,230,000
7.70%
2.56%
13.68%
8.55%
4,443.50
2,776.43
Notes: 1. Information in table pulled from applicable Official Statements.
2. Excludes the Village's general obligation bonds which are payable from non -property taxes.
3. Village population estimates used in these calculations were 56,265 in 2001-2009, and 54,167 in 2010-2019
and 56,852 beginning in 2020.
EQUALIZED ASSESSED VALUATION FOR TAXING PURPOSES (Note 1)
Real Property
Tax Net For Plus Total For All Increase
Levy General Taxing Incremental Taxing Over
Year (2) Purposes (3) Valuation Purposes (4) Prior Year
2012
1,568,774,082
38,247,882
1,607,021,964
(7.5%)
2013
1,357,294,084
32,976,484
1,390,270,568
(13.5%)
2014
1,357,146,990
33,230,688
1,390,377,678
0.0%
2015
1,322,298,998
32,251,850
1,354,550,848
(2.6%)
2016
1,571,489,433
47,669,419
1,619,158,852
19.5%
2017
1,670,725,439
-
1,670,725,439
3.2%
2018
1,667,794,096
2,279,575
1,670,073,671
0.0%
2019
1,962,779,503
8,527,837
1,971,307,340
18.0%
2020
1,977,147,038
14,195,944
1,991,342,982
1.0%
2021
1,834,713,374
11,687,436
1,846,400,810
(7.3%)
2022
2,111,145,161
60,382,051
2,171,527,212
17.6%
2023
2,167,918,473
39,298,901
2,207,217,374
1.6%
254
Notes: 1. Property in Cook County is separated into two primary classifications for assessment purposes (10%
for residential and 25% for commercial property). After the assessor establishes the fair market value
of a parcel of land, the value is multiplied by one of the classification percentages to arrive at the
assessed valuation for that parcel. The Illinois Department of Revenue furnishes each county with an
adjustment factor (the equalization factor) to equalize the level of assessment between counties. After
the equalization factor is applied, the valuation of the property for taxing purposes has been established,
and tax rates are applied to the equalized valuation.
2. Under the current triennial reassessment system in Cook County, the Village was most recently
reassessed in 2022, and its equalized assessed value increased by 17.6 percent, or $325.1 million,
compared to the prior year.
3. Excludes four categories of exemptions: the Senior Citizens' Homestead Exemption; the General
Homestead Exemption; the Senior Citizens' Tax Freeze Homestead Exemption and the Long -Term
Homeowner Exemption.
4. The Village's tax rate is calculated based on the village's Net Equalized Assessed Valuation (shown in
this table as "Net for General Taxing Purposes") and is extended against its entire Equalized Assessed
Valuation (shown in this table as "Total for all Taxing Purposes") excluding only the statuary
exemptions. Of the taxes collected, that portion applicable to incremental valuation (valuation of tax
increment districts) is remitted to the Village by the County Collector for deposit in the applicable tax
allocation fund. The Equalized Assessed Valuation for which the Village receives its portion of the
total tax rate for all non-TIF purposes is shown in this table as "Net for General Taxing Purposes".
DETAILED OVERLAPPING BONDED INDEBTEDNESS PAYABLE FROM PROPERTY TAXES
AT DECEMBER 31, 2024
SCHOOL DISTRICTS:
Elementary Districts:
Mount Prospect No. 57
Community Consolidated No. 59
River Trails No. 26
Wheeling Community Consolidated No. 21
Arlington Heights No. 25
Prospect Heights No. 23
High School Districts:
Wheeling/Elk Grove No. 214
Maine Township No. 207
Community Colleges:
Oakton No. 535
Harper No. 512
Total Schools
OTHER THAN SCHOOL DISTRICTS:
Cook County, Including Forest Preserve District
Metropolitan Water Reclamation District
Park Districts:
Mount Prospect
Arlington Heights
Des Plaines
Total Other Than Schools
Percent of Village's Applicable Share
Village's 2023 of Gross Debt to be
Real Property Gross Paid From Property Taxes (1)
in Taxing Body Bonded Debt Percent Amount
37.7%
4,400,000
94.364%
4,149,640
26.7%
17,400,000
18.295%
3,090,066
26.4%
10,100,000
78.593%
7,926,177
3.4%
2,123,228
2.700%
58,113
3.2%
77,575,000
2.374%
1,848,612
2.5%
10,170,000
8.914%
882,349
99.8%
19,405,000
19.361%
3,720,715
0.2%
151,240,000
0.081%
125,529
0.2%
54,930,000
0.017%
9,887
99.8%
222,130,000
9.884%
21,635,462
43,446,550
100.0%
2,180,471,750
1.179%
24,225,041
100.0%
1,703,345,000
1.198%
19,247,799
66.8%
20,277,050
68.699%
13,843,548
2.8%
7,779,000
1.910%
148,034
1.8%
5,724,000
1.588%
89,924
57,554,346
Notes: 1. Village's share based upon 2023 Real Property valuations.
255
TAX RATES PER $100 EQUALIZED ASSESSED VALUATION (Note 1)
Village of Mount Prospect:
Bonds and Interest
Pensions (Police, Fire)
Police Protection
Fire Protection
Total Village
Cook County, Including Forest Preserve District
Metropolitan Water Reclamation District
Mount Prospect Park District
Mount Prospect Public Library
Special Service Area No. 5
Community Consolidated School District No. 59
Township High School District No. 214
Harper College No. 512
All Other
Total (2)
Village as a Percent of Total
Tax Levv Year
2019
2020
2021
2022
2023
$0.132
$0.138
$0.157
$0.104
$0.057
0.370
0.366
0.379
0.397
0.391
0.261
0.223
0.240
0.204
0.201
0.225
0.251
0.279
0.237
0.233
$0.988
$0.978
$1.055
$0.942
$0.882
0.543
0.511
0.523
0.512
0.493
0.389
0.378
0.382
0.374
0.345
0.547
0.554
0.617
0.547
0.561
0.599
0.593
0.647
0.495
0.502
2.751
2.735
3.076
2.844
2.913
2.356
2.382
2.664
2.352
2.445
0.403
0.409
0.457
0.410
0.413
0.090
0.087
0.095
0.081
0.084
$8.666
$8.627
$9.516
$8.557
$8.638
11.4%
11.3%
11.1%
11.0%
10.2%
Notes 1. As a home rule unit under the 1970 Illinois Constitution, the Village has no statutory tax rate or levy
limitations.
2. Tax rate applicable to the largest tax code in the Village and most recent available from Cook County.
TAX EXTENSIONS AND COLLECTIONS
(Village Purposes Only)
Total Taxes Collected as
Levy Collection Total Taxes of December 31, 2024 (Note 1)
Year Year Extended Amount Percent (2)
2014
2015
17,741,219
17,421,947
98.20%
2015
2016
18,313,527
17,948,393
98.01%
2016
2017
18,733,668
18,385,014
98.14%
2017
2018
19,096,392
18,804,998
98.47%
2018
2019
19,088,942
18,708,934
98.01%
2019
2020
19,469,004
19,187,932
98.56%
2020
2021
19,469,002
19,238,747
98.82%
2021
2022
19,469,002
19,341,087
99.34%
2022
2023
20,443,677
20,367,778
99.63%
2023
2024
19,469,004
19,382,291
99.55%
Notes: 1. Source: Cook County Treasurer's Office. Tax payments, including late payments and proceeds from
tax sales, are shown as collections in the year when due. The "Amount Collected" is not the same as
distributions to the Village because tax refunds (pursuant to court orders, first time homestead
exemptions other exemptions, etc.) are deducted from "Amount Collected" and interest earnings are
added to "Amount Collected" in calculating the distributions.
2. Cook County property taxes are payable in two installments: the first on March 1, and the second on
the latter of August 1 or 30 days after the mailing of the tax bills. The first installment is an estimated
bill and is 55% of the prior year's bill. The second installment is based on the current levy,
assessment and equalization and reflects any changes from the prior year in those factors.
256
TEN LARGEST TAXPAYERS
Equalized
Assessed Percent of
Rank Taxpayer Business/Properties Valuation (1) Village (2)
1 CRP 3 West Center LLC
2 LBX Mount Prospect LLC
3 DLC Management Corp
4 Maple Street Lofts
5 Home Properties
6 Menards - Properties
7 CR Golf Plaza II LLC
8 MT Prospect Greens LLC
9 Costco
10 Walgreens
Industrial
Shopping Center
Shopping Center
Apartments
Apartments
Hardware and Home Building Store
Shopping Center
Apartments
Membership Warehouse Club
Pharmacy
Notes: 1. Valuations as of January 1, 2023 for 2023 tax purposes (payable 2024).
2. Total 2023 Village valuation is $ 2,207,217,374
23,709,382
1.07%
19,099,248
0.87%
15,365,626
0.70%
14,122,998
0.64%
11,406,531
0.52%
11,137,407
0.50%
10,751,677
0.49%
10,086,498
0.46%
9,123,327
0.41%
8,516,043
0.39%
$133,318,737
6.05%
2016 AND 2024 TAX BASE DISTRIBUTION BY PROPERTY CLASSIFICATION*
Village of Mount Prospect
Taxable Valuation
Percent of Total
Classification
2016
2024
%
2016
2024
Residential
1,191,992,297
1,572,472,060
31.9%
73.62%
71.24%
Commercial
304,999,806
397,082,680
30.2%
18.84%
17.99%
Industrial
121,128,843
236,141,030
95.0%
7.48%
10.70%
Railroad
1,037,906
1,521,604
46.6%
0.06%
0.07%
Total
1,619,158,852
2,207,217,374
36.3%
100.00%
100.00%
* A breakdown by property classification of the Village's levy year 2024 valuation is not available as of the date
of this report.
257
GENERAL FUND (Note 1)
Summary Statement of Revenues, Expenditures and Changes in Fund Balance
(Fiscal Years Ending December 31)
Revenues:
Property Taxes
Sales Taxes
State Income Taxes
Licenses, Permits & Fees
Utility Taxes
Charges for Service
Fines & Forfeits
Investment Income
Food & Beverage Tax
Real Estate Transfer Tax
All Other Revenues
Total Revenues
Expenditures:
General Government
Public Representation Division
Village Manager's Office
Finance Department
Community Development -Administration
Benefit Payments
Total General Government
Public Safety:
Code Enforcement
Police Department
Fire & Emergency Protection Department
Total Public Safety
Highways & Streets
Health
Welfare
Culture & Recreation
Net Transfers (In)/Out
Total Expenditures
Revenues Over (Under) Expenditures
Ending Fund Balance
Actual 2024
2020
2021
2022
2023
Budget
Actual
$ 16,367,630
16,226,617
16,286,923
18,253,378
17,655,207
17,753,593
22,693,522
30,100,672
30,307,782
35,151,212
38,044,100
38,043,788
5,886,270
7,175,489
9,263,878
9,080,365
9,655,060
9,654,627
2,402,150
3,462,218
2,568,330
2,782,346
2,765,617
2,643,731
3,025,210
3,053,871
3,215,723
1,846,913
1,736,750
1,736,750
2,320,837
3,153,582
3,938,175
3,737,078
3,887,500
3,987,981
242,004
445,604
313,457
332,710
273,200
339,380
99,325
(3,025)
606,334
2,746,117
3,027,200
3,067,673
819,911
1,080,890
1,246,766
1,216,606
1,531,000
1,530,914
962,687
1,471,917
1,555,691
956,954
900,000
1,016,083
3,870,492
2,895,216
6,539,583
6,509,756
10,735,142
10,758,376
$ 58,689,038 69,063,051 75,842,642 92,613,435 90,210,776 90,532,896
120,925
166,216
152,110
165,182
214,898
223,716
3,498,838
3,689,825
4,252,225
4,708,504
5,377,645
4,909,613
1,548,016
1,515,447
1,624,954
1,533,547
1,866,976
1,744,045
1,723,458
1,063,237
1,085,561
1,157,543
1,464,740
1,245,020
6,173
6,358
6,549
6,745
6,948
6,948
6,897,410
6,441,083
7,121,399
7,571,521
8,931,207
8,129,342
1,062,597 1,094,230 1,126,233 1,313,094 1,454,267 1,409,982
19,085,680 20,023,450 19,942,165 21,926,267 23,392,877 23,177,731
17,096,913 17,616,782 18,751,795 20,736,486 21,520,431 21,372,172
37,245,190 38,734,462 39,820,193 43,975,847 46,367,575 45,959,885
8,705,967 9,370,338 8,807,969 10,276,613 12,041,049 11,415,344
132,833 166,502 128,135 125,878 171,190 210,731
1,446,675 1,422,835 1,562,184 1,672,152 1,966,960 1,771,696
166,740 306,890 303,830 396,530 494,042 405,787
4,598,000 4,000,000 4,688,401 14,280,911 21,279,000 19,522,312
59,192,815 60,442,110 62,432,111 78,299,452 91,251,013 87,415,097
(503,777) 8,620,941 13,410,531 4,313,983 (1,040,237) 3,117,799
$ 26,174,371 34,795,312 48,245,320 52.559,303 51,519,066 55,677,102
258
Assets:
Cash & Investments
Receivables
Property Taxes
Other Taxes
All Other
Due From Other Funds
Due From Other Governments
All Other Assets
Total Assets
Liabilities & Fund Balance
Accounts Payable
Deferred Revenues
Property Taxes
All Other Liabilities
Fund Balance:
Nonspendable
Restricted
Committed
Assigned
Unassigned
Total Fund Balance
Total Liabilities & Fund Balance
Balance Sheet - December 31
2020 2021 2022 2023 2024
$ 20,649,384 29,375,181 46,145,782 50,957,108 48,069,450
16,397,406
16,259,186
17,863,091
17,853,762
17,656,260
7,968,423
9,859,038
9,727,019
10,731,093
11,865,311
305,811
312,830
473,104
404,875
328,419
10,000
20,000
54,717
48,244
92,748
296,195
81,434
391,148
906,902
2,143,866
407,655
314,189
350,626
$ 46,276,170
58,042,849
74,922,846
80,362,461
78,715,931
$ 606,869 773,678 552,803 742,182 837,917
16,354,772 16,156,364 14,164,411 17,614,813 17,656,260
3,140,158 6,317,495 11,960,312 9,446,163 4,544,652
381,902 342,372 407,655 314,189 350,6216
2,300,000
—
3,700,000
7,250,000
8,544,250
8,977,677
23,492,469
30,752,940
40,587,665
43,700,864
46,348,799
$ 26,174,371
34,795,312
48,245,320
52,559,303
55,677,102
$ 46,276,170
58,042,849
74,922,846
80,361461
78,715,931
Notes: 1. This condensed financial information for the years ending December 31, 2020-2024 has been excerpted
from the full Annual Comprehensive Financial Reports of the Village. The accounting policies of the
Village conform to GAAP and are disclosed in the audited financial statements. A summary of some of
the policies are: The General Fund is accounted for using the modified accrual basis of accounting.
Revenues are recognized when they become measurable and available as net current assets.
Expenditures are generally recognized when the related fund liability is incurred.
259
COMBINED STATEMENT -ALL FUNDS (Note 1)
Fund Balances 2020-2024 and Summary 2024 Revenues, Excess Revenues and Fund Balance
(Fiscal Years Ended December 31)
Governmental Fund Types (2):
2020
General Fund * S
26,174,371
Special Revenue Funds:
Motor Fuel Tax S
3,789,560
Community Development Block Grant
Refuse Disposal
1,020,102
Asset Scizurc
120,643
DEA shared Funds
51,989
DUI Fines
149962
Foreign Fire Tax Fund
413,755
Business District Fund
Police & Fire Building Construction*
44,134
Pension Stabilization Fund
Economic Emergency Fund
South Mount Prospect TIF
Prospect and Main TIF*
25,991
Total Special Revenue
5,616,136
Debt Service *
3,126,865
Capital Projects (3)
5,521,975
Total Governmental S
40,439,347
Proprietary & Fiduciary Fund Types
Enterprise Funds (4):
2021
2022
2023
Fiscal
Revenue Incl.
Property
Tax
Year Ended December
Transfers
Total
31, 2024
Revenue
Over
(Under)
Expenditures
Fund
Balance
34,834,799
48245,320
52,559,303
17,753,593
90,532,896
3,117,799
55,677,102
4,480,280
3,805,306
3,536,346
2,795,415
461,351
3,997,697
135,138
1,091,050
1380,549
1,657,371
5,505,243
231,044
1,888,415
105,505
90,381
77,315
39,395
33,205
110,520
57,872
472,562
427,390
28,297
1,358
428,748
148677
138910
141,337
2358
(10,442)
130,895
478,M4
543,266
585,513
163,525
(13,055)
572,458
2,554,430
750,000
750,000
2,003,547
3,547
753,547
6,695,690
6,995,944
6,995,944
13,691,634
2,038,750
S07,581
824,456
743,773
2,782,523
395,781
2.177,557
2,266,402
4,591,577
4,652,128
1.640,112
3,906,514
6,757,979
9358,531
18,176,114
5,399,158
25,699,876
K086,837
28,262,951
1,782,485
1,095,578
1,301,547
t,579,946
4,702,558
t70,419
1,47t,966
8,165,264
14,479,064
18,154,732
11,178,447
1,541,870
19,696,602
51,540,517 73,178,493 90,191,696 24,732,697 132,113,777 14.916,925 105,108,621
Water and Sewer *
42,982,296
45,147,298
49,885,089
55,955,988
Village Parking System
430,837
310,546
322,966
268,498
Internal Service Funds (5)
23,618,874
25,752,604
25.202,939
26,903,775
Pension Trust Funds:
Police Pension
86,908,231
96,474,332
80,671,330
89,960,810
Firelighter's Pension
80,459,469
85,017,228
70A02,040
78,761,763
Total Proprietary & Fiduciary
S 234,399,707
252,702,008
226A84,364
251,850,834
Total All Funds (Memo Only)
S 274,839,054
304,242,525
299,662,857
342,042,530
* Designated as major funds.
Cash & Invesmrents at 12/31 (6): 2020 2021 2022 2023
29,342,142
372,657
17,514,960
15,353,622
14,314,547
76,897,928
24 732,697 209,011,705
2023
General Fund
S 20,649,384
29.375.181
46.145.782
50,957,108
48,069,450
Internal Service Funds
13,783,192
14,008,929
13909,933
16,992,050
18,122,823
Police & Fire Building Construction
153,863
Prospect & Main TIF
10,018
341,682
1,927,204
3,517,866
4,160,017
Other Special Revenue Funds
5,825,227
6,378,108
7,404,244
13,478,849
23,984,810
Debt Service Funds
3,119,837
1,767,712
448,161
1,276,937
1,439,580
Subtotal
S 43,541,521
51,871,612
69,835,324
86,222,810
95,776,680
Capital Project Funds
5,325,291
7,948,358
12,304,169
17,859,553
16,739,705
Water &Sewer
17,631,177
16,311,963
25,934,241
22,112,891
19,558,241
Other Enterprise Funds
446,638
327,112
335,433
281,386
401,201
Pension Trust Funds
167,194,366
191,536,191
150.542,958
168,630,998
182,948,465
Total
S 234,138,993
257,995,226
258,952,125
295,107,638
315,424,292
+ Starting year 2019 Other Fiduciary Funds are merged with General Fund
12,835,942 68,791,930
116,971 385,469
2,515,223 29,418,999
7,627,838 97,588,648
6,546,929 85,308,692
29,642,903 281,493,737
44,559,828 386,602,358
260
Notes: 1. This condensed financial information for the years ending December 31, 2019-2023 has been excerpted
from the full Annual Comprehensive Financial Reports of the Village. The accounting policies of the
village conform to GAAP and are disclosed in the audited financial statements. A summary of some of
the policies are: All Governmental Funds are accounted for using the modified accrual basis of
accounting. Revenues are recognized when they become measurable and available as net current assets;
expenditures are recognized when the related fund liability is incurred. All Proprietary Funds and
Pension Trust Funds are accounted for using the accrual basis of accounting. The Village's Annual
Comprehensive Financial Report for the year ended December 31, 2023, included an unmodified
"Independent Auditor's Report". Similar unqualified/unmodified opinions were included in the
Village's Annual Comprehensive Financial Reports for the years ending December 31, 2019-2023. The
"Independent Auditor's Report" included in the latest audit states, in part:
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business -type activities, each major
fund, and the aggregate remaining fund information of the Village of Mount Prospect, Illinois, as of
December 31, 2023, and the respective changes in financial position and, where applicable, cash flows
thereof for the year then ended in accordance with accounting principles generally accepted in the
United States of America. "
2. The Village's property tax revenue recognition policy conforms to the provisions of "NCGA
Interpretation 3, Revenue Recognition Property Taxes." The current net tax levy receivable is
recognized in the balance sheet along with a corresponding amount of deferred revenue. In addition,
the debt service payments and liabilities related to the current net tax levy are not reflected in the Debt
Service Funds; the un-matured principal is reflected in the General Long -Term Debt Account Group.
3. Includes the Capital Improvement Fund, which accounts for the resources used to provide for mid-
sized capital projects. Financing is provided by sales tax, developer contributions, inter -fund
transfers, investment income, and bond proceeds.
4. Fund balances shown for the Enterprise Funds are total fund equity, including contributed capital and
retained earnings, and the column "Revenue Over Expenditures" represents the change in that
amount.
5. The Village has created a new Police and Fire Building Construction fund during the year 2018. This
fund is created to account for bond proceeds and construction cost associated with new Police and
Fire buildings.
6. The Village created a Risk Management Fund in 1984 to account for the servicing and payment of
claims for liability, property, casualty coverage and Workers' Compensation. Financing is provided
by charges to the various Village funds. The Village created a Vehicle Replacement Fund in fiscal
year 1991 to account for the acquisition and depreciation of Village vehicles. Financing is provided
by charges to the General, Water and Sewer, and Parking Funds. The Village created a Vehicle
Maintenance Fund in 1996 to account for the maintenance and repair of all Village vehicles except
Fire Department vehicles. In 1997, the Village created a Computer Replacement Fund to account for
the acquisition and depreciation of Village computer hardware.
7. The Village created the Pension Stabilization Fund starting in 2022. The fund will provide alternative
revenue sources (other than property taxes) for funding the annual pension costs and will allow the
Village to abate a portion of the real estate taxes levied for the public safety pensions.
8. The Village created an Economic Emergency Fund in 2023. The fund will provide support for $6.5
million from the 2022 surplus from the General Fund. The fund is invested according to the Village's
investment policy.
9. Excludes agency funds.
261
CAPITAL ASSETS (Note)
(December 31, 2024)
Governmental
Business Type
Activities
Activities
Capital Assets Not Being Depreciated
Capital Assets Not Being Depreciated
Land
$
16,711,979
Land
$
17,318,818
Construction in Progress
4,792,378
Construction in Progress
12,706,319
Total Assets Not Being Depreciated
$
21,504,357
Total Assets Not Being Depreciated
$
30,025,137
Capital Assets Being Depreciated
Capital Assets Being Depreciated
Buildings
$
77,473,042
Buildings and Improvements
S
4,311,808
Improvements Other Than Buildings
1,516,920
Equipment
4,860,968
Infrastructure and All Other
144,762,301
Infrastructure
61,705,656
Total Capital Assets Being Depreciated
$
223,752,263
Total Capital Assets Being Depreciated
$
70,878,432
Less Accumulated Depreciation
$
113,958,028
Less Accumulated Depreciation
$
25,693,657
Total Capital Assets Being Depreciated, Net
$
109,794,235
Total Capital Assets Being Depreciated, Net
S
45,184,775
Net Assets
$
131,298,592
Net Assets
$
75,209,912
Note: Capital assets, which include property, plant, equipment, and infrastructure assets (e.g., roads, bridges,
storm sewers, and similar items), are reported in the applicable governmental or business -type activities
columns in the government -wide financial statements. Capital assets are defined by the Village as
assets with an initial, individual cost of more than $20,000, except for infrastructure for which the cost
is $50,000 and an estimated useful life in excess of one year. Such assets are recorded at historical cost
or estimated historical cost if purchased or constructed. Donated capital assets are recorded at
estimated fair market value at the date of donation.
262
FOR THE FISCAL YEAR ENDED
DECEMBER 31, 2024
50 South Emerson St
Mount Prospect, IL 60056
Phone: 847.818.5276
www.mountprospect.org
June 12, 2025
The Honorable Mayor
Members of the Board of Trustees
Village of Mount Prospect, Illinois
In planning and performing our audit of the financial statements of the Village of Mount Prospect (the Village),
Illinois, for the year ended December 31, 2024, we considered its internal control structure in order to determine
our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide
assurance on the internal control structure.
We do not intend to imply that our audit failed to disclose commendable aspects of your system and structure. For
your consideration, we herein submit our comments and suggestions which are designed to assist in effecting
improvements in internal controls and procedures. Those less -significant matters, if any, which arose during the
course of the audit, were reviewed with management as the audit field work progressed.
The accompanying comments and recommendations are intended solely for the information and use of the Board,
Director of Finance and senior management of the Village of Mount Prospect, Illinois.
We will review the status of these comments during our next audit engagement. We have already discussed many
of these comments and suggestions with various Village personnel. We would be pleased to discuss our
comments and suggestions in further detail with you at your convenience, to perform any additional study of these
matters, or to review the procedures necessary to bring about desirable changes.
We commend the finance department for the well prepared audit package and we appreciate the courtesy and
assistance given to us by the entire Village staff.
LAUTERBACH & AMEN, LLP
UPCOMING STANDARDS
GASB STATEMENT NO. 102 CERTAIN DISCLOSURES
In December 2023, the Governmental Accounting Standards Board (GASB) issued Statement No. 102,
Certain Risk Disclosures, which establishes the requirements for disclosing, in the notes to the financial
statements, the risks related to a government's vulnerabilities due to certain concentrations or constraints
that are essential to their analyses for making decisions or assessing accountability. Governments may be
vulnerable to risks from certain concentrations or constraints that limit their ability to acquire resources or
control spending. Concentration risk is a lack of diversity related to an aspect of a significant inflow of
resources (revenues) or outflow of resources (expenses). Constraint risk is a limitation that is imposed by
an external party or by formal action of a government's highest level of decision -making authority. GASB
Statement No. 102, Certain Risk Disclosures is applicable to the Village's financial statements for the
year ended December 31, 2025.
2. GASB STATEMENT NO. 103 FINANCIAL REPORTING MODEL IMPROVEMENTS
In April 2024, the Governmental Accounting Standards Board (GASB) issued Statement No. 103,
Financial Reporting Model Improvements, which establishes improvements to key components of the
financial reporting model to enhance effectiveness in providing information that is essential for decision
making and assessing a government's accountability. The Statement addresses application issues related
to management's discussion and analysis, unusual or infrequent items, presentation of the proprietary
fund statements of revenues, expenses, and changes in fund net position, major component unit
information, and budgetary comparison information. GASB Statement No. 103, Financial Reporting
Model Improvements is applicable to the Village's financial statements for the year ended December 31,
2026.
., V
�,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,��,�„a� ,�a�
June 12, 2025
The Honorable Mayor
Members of the Board of Trustees
Village of Mount Prospect, Illinois
We have audited the financial statements of the governmental activities, the business -type activities, each major
fund, and the aggregate remaining fund information of the Village of Mount Prospect (the Village), Illinois for the
year ended December 31, 2024. Professional standards require that we provide you with information about our
responsibilities under generally accepted auditing standards (and, if applicable, Government Auditing Standards
and the Uniform Guidance), as well as certain information related to the planned scope and timing of our audit.
We have communicated such information in our letter to you dated June 12, 2025. Professional standards also
require that we communicate to you the following information related to our audit.
Significant Audit Findings
Qualitative Aspects of Accounting Practices
Management is responsible for the selection and use of appropriate accounting policies. The significant
accounting policies used by the Village are described in the Note 1 to the financial statements No new accounting
policies were adopted, and the application of existing policies was not changed during the year ended
December 31, 2024, except for the implementation of GASB Statement No. 100, Accounting Changes and Error
Corrections and GASB Statement No. 101, Compensated Absences. We noted no transactions entered into by the
Village during the year for which there is a lack of authoritative guidance or consensus. All significant
transactions have been recognized in the financial statements in the proper period.
Accounting estimates are an integral part of the financial statements prepared by management and are based on
management's knowledge and experience about past and current events and assumptions about future events.
Certain accounting estimates are particularly sensitive because of their significance to the financial statements and
because of the possibility that future events affecting them may differ significantly from those expected. The most
sensitive estimates affecting the governmental and business -type activities' financial statements were:
Management's estimate of the depreciation expense on capital assets is based on assumed useful lives of
the underlying capital assets, the compensated absences liability related to sick leave is based on historical
usage trends, the net pension liability is based on estimated assumptions used by the actuary, the total
OPEB liability is based on estimated assumptions used by the actuary, and the asset retirement obligation
is based on historical costs for similar abandonments, adjusted for inflation. We evaluated the key factors
and assumptions used to develop the depreciation expense, the compensated absences liability, the net
pension liability, the total OPEB liability, and the asset retirement obligation estimates in determining that
it is reasonable in relation to the financial statements taken as a whole.
The financial statement disclosures are neutral, consistent, and clear.
Difficulties Encountered in Performing the Audit
We encountered no significant difficulties in dealing with management in performing and completing our audit.
Village of Mount Prospect, Illinois
June 12, 2025
Page 2
Significant Audit Findings - Continued
Corrected and Uncorrected Misstatements
Professional standards require us to accumulate all known and likely misstatements identified during the audit,
other than those that are clearly trivial, and communicate them to the appropriate level of management. Any
material misstatements detected as a result of audit procedures were corrected by management.
Disagreements with Management
For purposes of this letter, a disagreement with management is a financial accounting, reporting, or auditing
matter, whether or not resolved to our satisfaction, that could be significant to the financial statements or the
auditor's report. We are pleased to report that no such disagreements arose during the course of our audit.
Management Representations
We have requested certain representations from management that are included in the management representation
letter dated June 12, 2025.
Management Consultations with Other Independent Accountants
In some cases, management may decide to consult with other accountants about auditing and accounting matters,
similar to obtaining a "second opinion" on certain situations. If a consultation involves application of an
accounting principle to the Village's financial statements or a determination of the type of auditor's opinion that
may be expressed on those statements, our professional standards require the consulting accountant to check with
us to determine that the consultant has all the relevant facts. To our knowledge, there were no such consultations
with other accountants.
Other Audit Findings or Issues
We generally discuss a variety of matters, including the application of accounting principles and auditing
standards, with management each year prior to retention as the Village's auditors. However, these discussions
occurred in the normal course of our professional relationship and our responses were not a condition to our
retention.
Other Matters
We applied certain limited procedures to the required supplementary information (RSI), as listed in the table of
contents, that supplements the basic financial statements. Our procedures consisted of inquiries of management
regarding the methods of preparing the information and comparing the information for consistency with
management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during
our audit of the basic financial statements. We did not audit the RSI and do not express an opinion or provide any
assurance on the RSI.
Village of Mount Prospect, Illinois
June 12, 2025
Page 3
Other Matters - Continued
We were engaged to report on the other supplementary information and supplemental schedules, as listed in the
table of contents, which accompany the financial statements but are not RSI. With respect to this supplementary
information, we made certain inquiries of management and evaluated the form, content, and methods of preparing
the information to determine that the information complies with the accounting principles generally accepted in
the United States of America, the method of preparing it has not changed from the prior period, and the
information is appropriate and complete in relation to our audit of the financial statements. We compared and
reconciled the supplementary information to the underlying accounting records used to prepare the financial
statements or to the financial statements themselves.
We were not engaged to report on the introductory section and statistical section, which accompany the financial
statements but are not RSL Such information has not been subjected to the auditing procedures applied in the
audit of the basic financial statements, and accordingly, and we do not express an opinion or provide any
assurance on it.
Restrictions on Use
This information is intended solely for the use of the Board of Trustees and management of the Village and is not
intended to be, and should not be, used by anyone other than these specified parties.
We wish to express our gratitude to the Board of Trustees and staff (in particular the Finance Department) of the
Village of Mount Prospect, Illinois for their valuable cooperation throughout the audit engagement.
LAUTERBACH & AMEN, LLP
.Village of Mount Prospect wnt p(
Mount Prospect, Illinois
INTEROFFICE MEMORANDUM
1
TO: VILLAGE PRESIDENT AND BOARD OF TRUSTEES
FROM: VINCENT GROCHOCINSKI, AUDIT COMMITTEE CHAIR
DATE: JULY 10, 2025
SUBJECT: ANNUAL REPORT OF AUDIT COMMITTEE — 2024
The audit for the fiscal year 2024 is complete and included as part of your materials for review and
acceptance. The audit firm of Lauterbach & Amen, LLP performed the Village's external audit. This audit
marked the fifth year of a five-year engagement with the Village. The audit committee and the Village
Board voted last year to extend the engagement for a sixth year.
The Audit Committee met on June 25, 2025, to discuss the 2024 audit report and findings. The meeting
agenda included discussing the results of the 2024 Annual Comprehensive Financial Report (ACFR),
Auditor Communication to the Village Board, and Management Letter comments as prepared by
Lauterbach & Amen.
Audit Committee activities included:
• At the June 25 meeting, the Audit Committee met with the Village staff and the Audit Manager in
charge of the audit, Don Shaw. A presentation on the 2024 audit was made by staff and Auditors.
Items discussed included the overall results of the audit, financial statement, audit opinion, and
management letter items.
The following are some of the significant items from the 2024 Audit.
• On page 12 of the Comprehensive Annual Financial Report, the firm expresses its opinion that the
financial statements present fairly, in all respects, the financial position for the year ended
December 31, 2024, in accordance with generally accepted accounting principles.
o While the actual statement at the top of the page is much more detailed, it is the key
statement from the audit firm demonstrating that they found no significant issues that
impact their overall determination on the accuracy of the Village's financial statements
and position.
o Other items and comments on Financials:
■ The General Fund Reserves are $55.7 million, of which $46.3 million is
unrestricted. The Village's General Fund reported remarkable growth in the
Intergovernmental Revenues. The sales tax, income tax, ambulance billing fees, ,
and a few other outperforming revenues allowed the Village to add $3.1 million
to the overall reserves of the General Fund. The actual surplus for the 2024 is $9.6
million. The Village Board approved certain transfers from the 2023 surplus of
$14.8 million. For accounting purposes, these transfers are booked as an expense
Annual Report of Audit Committee — 2024 Activities
July 10, 2024
Page 2
for 2024.
■ All the Village Departments performed within their approved budgetary
constraints and were reported under budget.
■ The overall Governmental Activity Fund Balance is $105.1 million, of which $46.3
million is unrestricted, $27.8 million is restricted, $28.6 million is assigned and
$1.8 million is committed Fund Balance.
■ The overall Business Type activity Fund Balance is $69.2 million, of which $49.3
million is invested in capital assets and infrastructures.
■ Police and Fire Pension Funds show a funded ratio of 59.7 percent and 62.6
percent, respectively. The unfunded liability totals $65.9 million for the Police and
$51.1 million for the Fire Pension Fund.
• The Committee also reviewed the audit firm's Management Letter and Auditor Communication
to the Board that accompanied the audit report. The Management Letter communicates whether
there are any material weaknesses in internal control. The auditors did not report any material
weaknesses in the internal control.
• The 2024 management letter addressed the recommendation to implement two new upcoming
GASB standards. They are GASB Statement No. 102 —Certain Disclosures and GASB Statement No.
103 — Financial Reporting Model Improvements. These are new accounting standards applicable
to the Village starting December 2025. Auditors informed the Audit Committee that they will be
working with staff to implement these standards during the audit for the year 2025.
• The ACFR also included the Certificate of Achievement for Excellence in Financial Reporting
received from GFOA for the 2023 Audit. This marks the 40th consecutive year the Village receiving
this award. The Village has also submitted for the award for 2024. The Village became a Triple
Crown Winner by winning awards in all three categories. 1) Certificate of Achievement for
Excellence in Financial Reporting, 2) Distinguished Budget Award, and 3) PAFR - Popular Annual
Financial Reporting. The Village is among the 513 municipal towns nationwide to win all three
awards.
• The Auditor also commended the efforts of the staff. They were impressed with the amount of
work performed ahead of their arrival. Each request was handled in a timely manner, and overall,
the books were kept very neat and clean. The Audit Committee also acknowledges efforts and
hardwork that the Finance Department puts in the audit for the year.
• Staff also informed the Audit Committee that 2025 would be the final year for the current
auditors. The Village will be publishing an RFP seeking a new audit firm in spring 2026.
Please contact me should you have any questions or need additional information related to this report or
the Audit Committee activities.
Respectfully Submitted,
Vincent Grochocinski