HomeMy WebLinkAbout7.1 Quarterly Financial Review - Second Quarter 2025M+awn �'xyt�lts�=e
Item Cover Page
Subject Quarterly Financial Review - Second Quarter 2025
Meeting August 12, 2025 - MEETING OF THE MOUNT PROSPECT
COMMITTEE OF THE WHOLE
Fiscal Impact
Dollar Amount
Budget Source
Category JOINT VILLAGE BOARD AND FINANCE COMMISSION WORKSHOP
Type Presentation
Information
The Finance Department prepares and presents a financial activities review for the most
recently ended quarter. The report summarizes the financial activities, including an analysis of
revenues earned and expenditures incurred, as well as recent challenges and opportunities.
The report also provides information regarding the General Fund Reserves and other relevant
information.
Discussion
The Financial Review Highlights are:
The Village completed its strategic planning workshops in Q2-2025. The plan is a
crucial guide for the Village's action plan and budgeting (Capital and Operating)
decisions.
The Village also concluded its annual audit in June 2025 and received the highest
possible (unqualified) opinion on its financial statement. The Village's General Fund
reported an accounting surplus of $3.1 million for 2024 and a total fund balance of
$55.7 million. During 2024, the Village funded certain items from the 2023 surplus of
$10.8 million. However, for accounting purposes, these items are treated as yearly
expenditures. The Village reported an accounting surplus of $3.1 million after these
expenditures. The actual time -constrained surplus for 2024 is $9.6 million.
The Village collected $36.1 million in revenues during Q2-2025, an increase of $3.8
million over the same period last year. The YTD revenues stand at $67.4 million, while
at the same time last year, the Village recognized $62.5 million in revenues. The YTD
collections for 2025 reflect increased intergovernmental revenues and charges for
services.
The Village has collected $2.6 million in investment income through June 2025. The
amount collected reflects 66.5 percent of the annual budget. However, the collection is
lagging behind by $728,341 compared to last year's collection.
The Village incurred expenditures totaling $38.0 million during Q2-2025, an increase of
$4.3 million over the same period last year. The year-to-date expenditures total 66.5
million, an increase of $7.2 million, mainly due to the acquisition of the 111 E Busse
property for $5.0 million and other contractual increases.
• As of June 30, 2025, the Village's General Fund unassigned fund balance stood at
$47.1 million, or 51.8 percent of the annual expenditures. The Economic Emergency
Fund earned interest income totaling $291,009 and has an ending fund balance of
$13,982,643 as of June 30, 2025.
• The Police Pension Fund reported a positive $7.1 million change in its net position, and
the Fire Pension Fund reported a positive $4.0 million change. The ending net position
for the Police Pension Fund as of June 30, 2025, is reported at $104.7 million, while
the same for the Fire Pension Fund is $88.1 million.
Cash and Investments
As of June 30, 2025, the Village holds $120.1 million in cash and cash equivalents and also
has $22.8 million invested in long-term investments in compliance with the Village's
investment policy. Of this amount, the Village's General Fund holds $56.4 million.
Additionally, the Village also has $1.3 million in Escrow Accounts under the umbrella of Other
Trust and Agency Funds.
Revenues
Property Taxes
244,813,627
12,946„524
52.2%
13,005,979
(59,455)
-0.5r
Other Taxes
15,554,350
5,251,186
33.8%
4,788„662
462,524
9.775/6
kAer8overnmental Revenue
54„957,954
18,788,966
34.3%
17,093,461
1,695,505
9.9e6
Licenses, Permits & Fees
1,912,000
933,453
48.8%
987,160
(53,707)
-,5.4%
Charges For5eMces
47,342,301
23,473,679
49.6%
20,201,809
3,271,870
16.2%
Fines,& Forfeits
608,500
273,349
44.9%
276,792
(3,443)
•1.2%
lnvestrrrent Income
3,933,700
2,617,168
6&5%
3,345„509
(728,341)
-21.8%
Other Financing Sources
7,749,433
69,127
0e9%
-
69,127
++
Otheritevenuae
3,085,500
1,453,436
47.196
2,290,833
(837,397)
-36.6%
Rehm bursect"Qents
...
1,086,500
1,639,652
1.50.9%
....
559,664
1,079,987
..
193.0%
Total Revenues
160,943,865
67,446,540
41.9%
62,549,869
4,896,672
7.89
The year-to-date collection for 2025 totaled $67.4 million, an increase of $4.9 million over the
same period last year. The year-to-date revenues account for 41.9 percent of the annual
budget. An increase in the total revenue is mainly attributed to increased intergovernmental
revenues and charges for services. Other major highlights are:
Property Taxes: The Village's total levy for the year is $18.2 million. The total property tax
budget, including TIF revenues, is $24.8 million. The Village has collected $12.9 million in
property taxes so far for the tax year 2024, payable in 2025. The Village is still waiting for the
final tax rate and tax increment related information for its TIF districts.
Other Taxes: The YTD tax collection under this category totals $5.2 million, trending higher by
$462.524 or 9.7 percent compared to the previous year. Most revenue lines under Other
Taxes are tracking higher than the previous year, except telecom excise taxes.
Intergovernmental Revenues: The YTD tax collection under this category totals $18.8 million.
As most of these taxes are collected by the State, there is a three-month lag between the
actual sales and the tax remittance. The table below covers major line items under the
category of intergovernmental revenues.
State 9aile5 Tax
9,717,,369
8,989, 75
728,294
8,1%
State nIncome Tax
5,825,4101
5,376,342
4491,068
8.41
State Motor Fuel Tax
1,031,171
980,641
50,530
5.2%
State OISe Tax
5816,715
9131,1610
(424,445)
-45.6%
Iidleo Giaming Tax
161,612
1.36,984
24,628
18,8%
annabii 1 ucation FlUndl
37 61117
401,122
(2,515)
-6.3%
Municipal Cannabis Tax
.....................................
201,6r3'2 ......
.....
22,244 ...................
(1,61.2
-7.2'
Total
17, ,516
16,476,56
8
The year-to-date collection totals $17.3 million and is trending higher by $823,948 or 5.0%
compared to 2024. Intergovernmental revenues represent the single most significant category
for the Village and represent 29.4 percent of the total Village revenue sources. The state sales
tax alone accounts for 23.0 percent of the total Village revenue and 78 percent of the total
intergovernmental revenue. The YTD sales tax revenue (Jan to March) received through June
2025 totaled $9.7 million, an increase of $728,294 or 8.1 percent over the 2024 year-to-date
amount. The YTD income tax collection through June 2024 totaled $5.8 million, an increase of
$449,068 or 8.4 percent over the 2024 collections. It is noteworthy to report that the use tax
collections total $506,715, a reduction of $424,445 or 45.6 percent compared to 2024.
Several changes made to the Leveling the Playing Field Act, effective January 1, 2025,
resulted in an estimated $16 million monthly reduction in local use tax (statewide), impacting
the Village and all other municipal governments in the State.
Charges for Services: The Village has received $23.5 million in charges for services through
June 2025. This amount represents 49.6% of the annual budgeted amount for the category
and is trending higher by $3.3 million compared to last year's collection, mainly due to
increases in water/sewer rates as well as increased ambulance billing fees. The Village
collected $1.6 million in ambulance billing fees compared to $900,056, at the same time last
year.
Investment Income: The Village has earned $2.6 million in investment income through June
2025. It is currently earning anywhere from 3.25% to 4.25% on its liquid investments. The
Village's investments are in compliance with its Investment Policy, and due to high federal
rates, the Village is earning a higher investment income. The collected amount represents
66.5 percent of the annual budget for the category and is expected to outperform the annual
budget of $3.9 million for the year.
Expenditures
Personnen
64,691,024
28,030,194
43.3%
29,384„005
(1,353,911)
-4.6%
Contractual Services
44,180,535
20,267,337
45.9�%
1.7„616,060
2,651,277
15.1%
Commodities & Supplies
2,831,710
1,228„218
43.4%
1,195„731
42,487
3.6%
CapitalImprovernents43,942,808
9,847,374
22.4%
8,810,818
1,036,556
1.1.8%
Debt Service
9,735,249
1,922,680
19.r%
2,191,958
(259,277)
-113%
Other Expenditures
12,321,601
5,229,209
42A%
189,1.06
5,040,103
2665.2
Total Expenditures
1.77,702,927
66,525,012
37.4%
59,367,678
7,1.57,334
12.9.E
Personnel Costs: The year-to-date expenditure for Personnel Costs, including benefits, are
$28.0 million or 43.3 percent of the annual budget for the category. The amount is trailing
behind by $1.4 million compared to 2024. The overtime expense through June 2025 totals
$1.3 million, while at the same time last year, the overtime expense totaled $1.2 million. The
Village executed $2.0 million in pension contribution payments from the Pension Stabilization
Fund in June 2024, while the same is executed in Q3-2025, resulting in a timing issue for the
year 2025 and reported lower year-to-date personnel costs.
Services: This category covers most contractual services, including some large line items,
such as JAWA water purchases, budgeted and grant -funded engineering studies, and other
contracts. The year-to-date expenditure is $20.3 million, which equates to 45.9 percent of the
annual budgeted amount for the category. The expenditure amount is trending higher by $2.7
million, mainly due to inflationary and timing issues.
Supplies: Through June 2025, the village spent $1.2 million in supplies, totaling 43.4 percent
of the approved budget and trending higher by $42,487 or 3.6 percent compared to 2024.
Capital Improvements: The Village originally budgeted $32.9 million in approved capital
improvement projects for 2025. The Village has amended its budget to carry forward $11.0
million worth of projects from 2024 to 2025. At this time, many projects are in the pipeline
and are awarded. Major expenditure under this category will be recognized and paid in the fall
and later.
Debt Service: Per the established debt service schedules, the Village's bond payments are due
on June 1 and December 1. The Village processes these debt service payments a few days
before due dates and keeps sufficient funds to execute them. So far, the Village has paid its
debt service payments in May 2025 (due on June 1, 2025) totaling $1.9 million.
Other Expenditure: This category includes a budget of $12.3 million and includes interfund
transfers, various risk management items, as well as the TIF incentive amounts to be shared
per the redevelopment agreements. The Village recently approved a budget amendment (in
July 2025) for acquiring the 111 E Busse property. This property was acquired in Q2-2025 for
$5.0 million. The Village will be executing budgeted interfund transfers in the second half of
the year.
Fund Balance Anlysis
MonthlyNet
94
0,
N.». ,..,
363,803
Ending Unrestricted) Reserves
46,, ,799
43,243,643
46,712,602
46,712,602
t nencumbe-re'd cash Balance
34,239,750
41,705,474
46,623,754
46,623,754
BudgetAs % of General Fund
The above fund balance analysis is not audited and is subject to change. The unrestricted
fund balance as of June 2025 is estimated at $46.7 million. Not all revenues and expenditures
for the fiscal period are recognized, and the above amount will change as and when year-end
accruals and adjustments are added. In 2023, the Village revised its Fund Balance Policy, and
the new target is set to maintain the fund balance between 30 to 50 percent. As of June
2025, the Village has a fund balance above the targeted fund balance of 50%. The year-to-
date revenues for the General Fund totaled $33.8 million, while the expenditures totaled
$33.5 million. Besides that, a new Economic Emergency Fund was established, and transfers
totaling $13.0 million were executed as initial funding from the General Fund reserves (in
2024 and 2025, $6.5 million each). As of June 2025, the Economic Emergency Fund holds a
balance of $13,982,643.
Pension Funds
As of June 30, 2025, the Police Pension Fund reported a positive investment income of $7.1
million, while the same is $4.0 million for the Fire Pension Fund. An estimated funding ratio
for the Police Pension Fund is 64.0 percent, while the same for the Fire Pension Fund is 64.6
percent.
Staff will be presenting the above items at the joint workshop and please see the attached
report for more details.
Alternatives
1. Staff recommends discussing the second quarter financial review with the Village Board.
2. Action at the discretion of the Village Board.
Staff Recommendation
Staff recommends discussing the second quarter financial review with the Village Board.
Attachments
1. Q2-2025 Financial Report - 08052025
2. 06 June Board Reports for Upload
Village of Mount Prospect
Finance Department
Quarterly Financial Review
For the Quarter Ended June 30, 2025
Prepared By:
Amit Thakkar, CPA
Director of Finance
The Finance Department prepares and presents a review of the financial activities for the most recently
ended quarter. This report summarizes the financial activities of the Village of Mount Prospect for the
second quarter of the fiscal year 2025. The report begins with the major highlights, followed by an analysis
of revenues, expenditures, and fund balance for the second quarter. The report also contains an analysis
of financial statements for the Police and Fire Pension Funds. The report provides a general economic
outlook for the local and national outlook where possible and provides a few special items of interest and
updates.
a) The Village completed its strategic planning workshops in Q2-2025. The plan is a crucial guide for
the Village's action plan and budgeting (Capital and Operating) decisions.
b) The Village also concluded its annual audit in June 2025 and received the highest possible
(unqualified) opinion on its financial statement. The Village's General Fund reported an accounting
surplus of $3.1 million for 2024 and a total fund balance of $55.7 million. During 2024, the Village
funded certain items from the 2023 surplus of $10.8 million. However, for accounting purposes,
these items are treated as yearly expenditures. The Village reported an accounting surplus of $3.1
million after these expenditures. The actual time -constrained surplus for 2024 is $9.6 million.
c) The Village collected $36.1 million in revenues during Q2-2025, an increase of $3.8 million over
the same period last year. The YTD revenues stand at $67.4 million, while at the same time last
year, the Village recognized $62.5 million in revenues. The YTD collections for 2025 reflect
increased intergovernmental revenues and charges for services.
d) The Village has collected $2.6 million in investment income through June 2025. The amount
collected reflects 66.5 percent of the annual budget. However, the collection is lagging behind by
$728,341 compared to last year's collection.
e) The Village incurred expenditures totaling $38.0 million during Q2-2025, an increase of $4.3 million
over the same period last year. The year-to-date expenditures total 66.5 million, an increase of $7.2
million, mainly due to the acquisition of the 111 E Busse property for $5.0 million and other
contractual increases.
f) As of June 30, 2025, the Village's General Fund unassigned fund balance stood at $47.1 million,
or 51.8 percent of the annual expenditures. The Economic Emergency Fund earned interest income
totaling $291,009 and has an ending fund balance of $13,982,643 as of June 30, 2025.
g) The Police Pension Fund reported a positive $7.1 million change in its net position, and the Fire
Pension Fund reported a positive $4.0 million change. The ending net position for the Police
Pension Fund as of June 30, 2025, is reported at $104.7 million, while the same for the Fire Pension
Fund is $88.1 million.
Cash and �nvestffients
The Village of Mount Prospect maintains a sufficient cash balance at various banking and investment
institutions for the smooth operation of the Village's day-to-day activities. The remainder of the cash assets
are invested in multiple interest -earning accounts and investment options in accordance with the Village's
Investment Policy. As of April 1, 2025, the beginning Cash and Cash Equivalents totaled $115.3 million.
During the second quarter, the Village collected cash receipts totaling $32.2 million. The investment income
for the month totaled $1.4 million. The payroll cost for the quarter was $5.8 million, and accounts payable
were paid in the amount of $26.9 million. The inter -fund activity increased the cash position by $17,588,
while other disbursements totaled $61,255. As of June 30, 2025, the Village's Cash and Cash Equivalents
totaled $120.1 million.
2
Balance at April 1, 2025 $ 115,272,9�91 $ 26,919,680 $ 142,192,670
Cash Receipts 32,182,839 - 32,182,839
Investment i n co m e (Ions) 1,207,355 145,771 1,353,127
Transfers from investments to cash 4,26,7,6,02 (4,267,602) -
Transfers to iiinvestments, from cash
Interfund activity 17,588 17,588
Disbursements:
-
Accounts payable (25,945,517) (26,945,517)
Payroll (5,818,28,8) (5,818,28,8)
Other Items (61,255) (61,255)
As of June 30, the Village has a total of $22.8 million invested in long-term investment options, including
U.S. Treasuries, AAA+ rated money market Funds, and FDIC -insured CDs. The Cash, Cash Equivalents,
and Investments totaled $142.9 million as of June 30, 2025.
The table below summarizes the Cash and Cash Equivalents by Fund type as of June 30, 2025.
General 16und
Special Revenue (Funds
Debt Service (Funds
Capital (projects Funds
Enterprise (Funds
Internal Service 16unds
E
56,,378,,507
23,8,98,785
1,437,146,
20,490,524
22,773,456,
17,942,746,
In addition to the funds summarized above, the Village of Mount Prospect has $1.3 million in Escrow
Accounts under the umbrella of Other Trust and Agency Funds.
3
a) Revenues
The below data summarizes the revenue recognized by the Village through June 2025.
Property Taxes
24,813,627
12,946,524
5 2. Zlb
13,005,979
( 5 9,45 5),
-0.5%
OtherTaxes
15,554,35D
5,251,166,
33.&%
4,768,562
462,524
9.7%
Intergovernmentall Revenue
54,857,954
18,78,8,966,
34.3%
17,093?46,1
1,6,95,505
9.9%
Licenses, lPermlits & IFees
1,912,000
93 3,45 3
48.9%
9,97,160
�53,707)
-5.4%
Charges IFor Services
47,342,301
23,473,679
49.6%
20,201?8,a9
3,271,870
16.2%
Fines & IForfelits
6,08,5DO
273,349
44.9%
276,792
� 3,443
-1.2%
Investment IIncorme
3,933,700
2,617,168,
56.5%
3,345,509
728,341),
-21.811/0
Other Financling Sources
7,749,433
6,%127
0.9%
6%127
++
OtherRevenue
3,085,500
1,453,436,
47.1%
2,290?833
837,397),
-361.61%
Reimbursements
1,08,6,5430
1,63%6,52
150.95/a
55 % 6,64
1,07%987
193.0%
Total Revenues
160,943,965
67,446o540
41.9%
62,549,o&69
4,89,6,672
7.8%
The above amounts do not represent all revenues to be recognized for the period under review. Certain
state taxes, such as sales tax, home rule sales tax, and a few other taxes, will be received by the Village in
July 2025 and later.
The table below summarizes the top 10 governmental revenue sources with their respective year-to-date
amounts for 2025 and 2024. The amount excludes enterprise fund (water and sewer charges) and internal
service fund charges (vehicle replacement, vehicle maintenance, and insurance charges).
415-
State Taxes
17,300,517
16,476,570
8,23,947
5.0%
400-
IPro perty Tax
12,946,525
13,005,975
(5%453)
-0.5%
403-
Home Rule Sales, Tax
2,006,317
1,709,346,
296,971
17.4%
402-
Use Taxes
1,S97,775
1,791,329
106,447
5.9%
456-
I1nterest (Income
1,647,111
2,221,754
(574,643)
-25.9%
449-
Service Charge
1,5,S%6,78,
914r027
675,651
73.9%
473-
Reimbursements
Ir238,185
147J,58
Ir,091,026f
741.4%
401-
Utility Tax
IJ38,608,
Ir069,,030
6% 5 79
6.5%
409 -
Business Licenses & Permits
616fr937
583 r S58
33,079
5.7%
410-
INonbusliness Licenses & Permits
316fr51.6f
403r302
(8,6,78,6f)
-21.5%
Total Revenues
40?699?170
38?322?352
2375F917
6.2%
The year-to-date collection for 2025 totaled $67.4 million, an increase of $4.9 million over the same period
last year. The year-to-date revenues account for 41.9 percent of the annual budget. An increase in the total
revenue is mainly attributed to increased intergovernmental revenues and charges for services.
Property Taxes: The Village's total levy for the year is $18.2 million. The total property tax budget, including
TIF revenues, is $24.8 million. The Village has collected $12.9 million in property taxes so far for the tax
year 2024, payable in 2025. The Village is still waiting for the final tax rate and tax increment related
0
information for its TIF districts. The second installment of property taxes is delayed at least by a few months.
The Village is expected to collect 98.5% of the total budgeted levy property taxes and $6.0 million in TIF
increments.
Other Taxes: The category of Other Taxes includes all the taxes enacted per local ordinances,
including Home Rule Sales Tax, Hotel/Motel, Food and Beverage, Municipal Motor Fuel Tax, Utility
Taxes, etc. As the State collects some of these taxes, there is a three-month lag between the actual
sales and the tax remittance. In addition, all the local economic activities for Q2-2025 are reported
in Q3-2025. The YTD tax collection under this category totals $5.2 million, trending higher by
$462.524 or 9.7 percent compared to the previous year. Most revenue lines under Other Taxes are
tracking higher than the previous year, except telecom excise taxes. The following items represent
not all but major other taxes line items.
Horne -rune Sales Tax
2,006�,31.7
1„709,346,
296�,971.
17.4
Real Estate Transfer Tax
681„429
.500,969
15+0,46+0
36.0%
Food & Beverage Tax
747,,058,
Sr04,,31.1.
(57,,243)
-7.1
Utliillliity Taxes
1„138,605,
1„069,030
69, 579
6.5°
Municipal Motor Fuel
3,04,,41.3
31.6,,586,
(1.2,,173)
-3.8
4,877,836,
4,400,242
477,594
10.9°
As mentioned above, the home -rule sales tax recorded a growth of 17.4 percent, while the real-
estate transfer tax line reported an increase of 36.0 percent over the 2024 collections. A few high -
value real estate transactions have resulted in higher real estate transfer tax collections.
Intergovernmental Revenue: This category includes all the State shared taxes, including State
Sales Tax, Income Tax, Use Tax, Motor Fuel Tax, and Grants. The Village is vigilantly tracking all
intergovernmental revenues. The YTD tax collection under this category totals $18.8 million. As
most of these taxes are collected by the State, there is a three-month lag between the actual sales
and the tax remittance. The table below covers major line items under the category of
intergovernmental revenues.
State Sales Tax
9,717,,369
5,989�,075
728,294
8,.1�%
State (Income Tax
5,825,410
.5,376�,342
449,068,
8.4%
Sitate Mottor IFuel Tax
1,,031„171
980,641
50,530
5.2%
Spate Use Tax
506�,715
931.,,1.60
(424,445)
-45.6%
Video GarniingTax
1.61„612
136�,954
24,6,28
1,5,.0%
Cannabis Education (Fund
37,607
40,122
(2,51.5)
-6.3%
Municipal Cannabis Tax
........ ......... ......... .........
20,632
......... ......... .........
22,2
......... .........
(1„612)
........ .........
-7.2%
..................
Tota l
17300516 516
16,476568
82%9M
5.0%
The year-to-date collection totals $17.3 million and is trending higher by $823,948 or 5.0%
compared to 2024. Intergovernmental revenues represent the single most significant category for
the Village and represent 29.4 percent of the total Village revenue sources. The state sales tax
alone accounts for 23.0 percent of the total Village revenue and 78 percent of the total
intergovernmental revenue. The YTD sales tax revenue (Jan to March) received through June 2025
totaled $9.7 million, an increase of $728,294 or 8.1 percent over the 2024 year-to-date amount.
5
The YTD income tax collection through June 2024 totaled $5.8 million, an increase of $449,068 or
8.4 percent over the 2024 collections. It is noteworthy to report that the use tax collections total
$506,715, a reduction of $424,445 or 45.6 percent compared to 2024. Several changes made to
the Leveling the Playing Field Act, effective January 1, 2025, resulted in an estimated $16 million
monthly reduction in local use tax (statewide), impacting the Village and all other municipal
governments in the State.
Licenses 8r Permits: The Village has collected $933,453 in License and Permit Fees through June
2025. This amount is trailing behind by $53,707, or 5.4%, compared to last year's collection at the
same time. The lower collection represents a lower construction and development activity level
than last year.
Charges for Services: The Village has received $23.5 million in charges for services through June
2025. This amount represents 49.6% of the annual budgeted amount for the category and is
trending higher by $3.3 million compared to last year's collection, mainly due to increases in
water/sewer rates as well as increased ambulance billing fees. The Village collected $1.6 million in
ambulance billing fees compared to $900,056, at the same time last year.
Investment Income: The Village has earned $2.6 million in investment income through June 2025.
It is currently earning anywhere from 3.25% to 4.25% on its liquid investments. The Village's
investments are in compliance with its Investment Policy, and due to high federal rates, the Village
is earning a higher investment income. The collected amount represents 66.5 percent of the annual
budget for the category and is expected to outperform the annual budget of $3.9 million for the
year.
Other Categories: All other revenue categories have collectively generated $3.4 million through
June 2025. The amount mainly includes $273,349 in fines and forfeitures, $1.5 million in other
revenues, and $1.6 million in reimbursements.
b) Expenditure
The data below recaps the expenditures incurred through June 2025.
10 IPublliic Representation
779,520
779,620
273,877
35.1%
253,7447
10,1.30
3.8%
20 ViillllageAdministratiion
6,231,809
6,679,309
2,806,097
442.0°%
2,283,918,
516,280
22.5%
30IFnance
3,2442,072
3,28.7,072
997,56.5
30.3%
I276,3448)
1,273,913
-4461.0%
4P0, Communlity Development
6y1,51,291
6,696,291
7,040,7443
105.1%
2,252,583
4JUJ60
21.2.6%
50 Human Services
1,583,765
1,78.3,765
793,574
4144.5%
700,319-
93,255
13.3%
60IPoLice
28,036,3446
28,21,5,092
1.2,257,4436
443.44%
1.2,1447,115
1.10,321
0.9°
70, Fire
26v858,798
27,373,238,
10,605,314
38.7%
10,795,4440
190,1.26)
-1.8%
S01PublliicWorks
63,612,299
73,9447,4437
23,630,006
32.0%
22,38.0,127
1,2449,5.79
5-.6%
00 INon Departmental)
........ ........., ......... .........,
28,9441,1044
.........
28,9441,1044
......... .........,
5,120,399
......... .........,
281.1%
......... .........
8,814,878,
........., .........
�6944,4478]
.........,
-7.9%
...................
Total Expenditures
165,437,,104
177,7021927
&6152%012
37.4%
591367,678
7,157,334
12.11%
The above amounts do not include the expenditure for the Pension Funds, as they are separate entities.
The above amounts are unaudited and subject to change with accrual/audit adjustments.
9
personnel)
64,691,024
28,030,194
43.3%
29,38 4,005
�1„353,8,11)
-4.5%
Conttracttuall5eruces
44,1&0,535
20,267,337
45.9"%o
17,61 ,060
2,651,277
15.1%
Commodities & 5uppllies
2,,831,710
1,228„218
43.4%
1,185,731
42,,487
3.5%
C.apittall lImprovements
43,942,E,0.8,
9,8 47,374
22.4%
8,81 N,5,18,
Il„036,556,
11.9%
Debt Service
9,735,249
1,522,,680
19.7%
2j81,958,
�259,277)
-➢L9%
Other Expenditures
........ ......... ........., .........
12,321,501
........, .........
5,229,2f;9
......... .........,
�42.4%
......... .........
18,%ID6
........., .........
5,040,103
......... .........,
2665.2°
...................
Dotal Expenditures
177,702,927'
66,,525,012
17.4%
591,167,678
7,157,334
12.1%
Personnel Costs: The year-to-date expenditure for Personnel Costs, including benefits, are $28.0 million
or 43.3 percent of the annual budget for the category. The amount is trailing behind by $1.4 million
compared to 2024. The overtime expense through June 2025 totals $1.3 million, while at the same time
last year, the overtime expense totaled $1.2 million. The Village executed $2.0 million in pension
contribution payments from the Pension Stabilization Fund in June 2024, while the same is executed in Q3-
2025, resulting in a timing issue for the year 2025 and reported lower year-to-date personnel costs.
Services: This category covers most contractual services, including some large line items, such as JAWA
water purchases, budgeted and grant -funded engineering studies, and other contracts. The year-to-date
expenditure is $20.3 million, which equates to 45.9 percent of the annual budgeted amount for the category.
The expenditure amount is trending higher by $2.7 million, mainly due to inflationary and timing issues.
Supplies: Through June 2025, the village spent $1.2 million in supplies, totaling 43.4 percent of the
approved budget and trending higher by $42,487 or 3.6 percent compared to 2024.
Capital Improvements: The Village originally budgeted $32.9 million in approved capital improvement
projects for 2025. The Village has amended its budget to carry forward $11.0 million worth of projects from
2024 to 2025. At this time, many projects are in the pipeline and are awarded. Major expenditure under this
category will be recognized and paid in the fall and later.
Debt Service: Per the established debt service schedules, the Village's bond payments are due on June 1
and December 1. The Village processes these debt service payments a few days before due dates and
keeps sufficient funds to execute them. So far, the Village has paid its debt service payments in May 2025
(due on June 1, 2025) totaling $1.9 million.
Other Expenditure: This category includes a budget of $12.3 million and includes interfund transfers,
various risk management items, as well as the TIF incentive amounts to be shared per the redevelopment
agreements. The Village recently approved a budget amendment (in July 2025) for acquiring the 111 E
Busse property. This property was acquired in Q2-2025 for $5.0 million. The Village will be executing
budgeted interfund transfers in the second half of the year.
d) Fund Balance Analysis:
The fund balance is an essential tool for checking the fiscal health of any governmental organization. The
data below summarizes the Village's monthly unassigned/unrestricted General Fund reserves. The fund
balance data is unaudited.
7
Revenues
r
Endlinig Unrestricted Reserves
46,348,799
43,2413,.643
446,712,.602
46,712,602
U'nencurnbPeredl Cash Balance
344;239,:750
411,705,474
446,623,:7544
446,623,754
The above fund balance analysis is not audited and is subject to change. The unrestricted fund balance as
of June 2025 is estimated at $46.7 million. Not all revenues and expenditures for the fiscal period are
recognized, and the above amount will change as and when year-end accruals and adjustments are added.
In 2023, the Village revised its Fund Balance Policy, and the new target is set to maintain the fund balance
between 30 to 50 percent. As of June 2025, the Village has a fund balance above the targeted fund balance
of 50%. The year-to-date revenues for the General Fund totaled $33.8 million, while the expenditures
totaled $33.5 million.
Besides that, a new Economic Emergency Fund was established, and transfers totaling $13.0 million were
executed as initial funding from the General Fund reserves (in 2024 and 2025, $6.5 million each). As of
June 2025, the Economic Emergency Fund holds a balance of $13,982,643.
Funding from the General lFund
6�,500,000
6�,500,000
- - 13"000"GOO
Interest (Income
155,690
455,944
118,,134 172,,874 982,,643
6,655,690
6,,M5,944
118,,134 172,,8,74 13,98,2,,643
Expenditures
-
-
- - -
Net Monthly 5urpiusf De;fkit
6,6915, 10
6,9�9�5�,944
118,134 1722?874 13, 2,643
The Economic Emergency Fund is part of the strategies adopted by the Village to achieve AAA credit
ratings from S&P. The above fund is expected to help the Village with providing support at the time of
emergency (subject to Board approval) and strengthen the Village's financial health. The above funds are
invested in interest -bearing accounts and instruments (in compliance with the Village's Investment Policy).
e) Police and Fire Pension Funds (as of June 30, 2025):
Revenues,
Contributions
- Village
- Employees
Total Contributions
Investment Iincome
interest & Dividends
NO Change iin Fair Value
Total Investment Income
Less Ilnvestrnent Expenses
�Net lnvestrnenit Income
Total Revenues
Expenditures
Administration
Pension Benefits & Refunds
Pension Benefits
Refunds,
Total IPensiion Benefits & Refunds
Total Expenditures
Beginning INet Position
Accrued Liability (Estimated)
Percentage(Funded
Percentage Unfunded
2,495,864 2,063,697
552,560
479,337
3,048,424
2,543,034
305,093
6,60,317
7,8,62,703,
3,673,531
8,167,801
4,333,848,
(45,662)
(63,066)
8,122,13'9
4,270,782
11,170,563 6"813,816,
33,801 40,234
4,011,654 3,952,081
5,245 -
4,016,900 3,952,081
4,056,701 3,592,315
97,58S,648, 85,308,692
163,547,862
64.0%
361.0%
136,375,459
64.5%
35®4
Both above -listed pension funds experienced a positive investment income during the first half of the year.
The Police Pension Fund reported a positive investment income of $7.1 million, while the same is $4.0
million for the Fire Pension Fund. An estimated funding ratio for the Police Pension Fund is 64.0 percent,
while the same for the Fire Pension Fund is 64.6 percent.
1.1
Other Items
a) The Village started working on its Five-year Community Investment Plan and Operating Budget for
the year 2026. The Village will be discussing the Community Investment Plan in August with the
Village Board. The Operating Budget will be presented in October 2025.
b) The Illinois Municipal League has forecasted an estimated per capital revenue totaling $247.66
from the State of Illinois. The amount includes $177 in income tax revenues, $24 in the state use
tax, $22.04 in the motor fuel tax, $22.98 in transportation renewal tax, and $1.65 in the cannabis
education fund. The year-to-date income tax revenue for the Village has reflected 8.4 percent
growth compared to 2024.
c) Staff is expected to discuss a Grocery Tax Ordinance with the Village Board in Q3-2025.
Respectfully Submitted,
Amit Thakkar
Director of Finance
10
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