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Home My WebLink About6.07 Waive the rule requiring two readings of an ordinance and adopt AN ORDINANCE MAKING CERTAIN AMENDMENTS TO THE ANNUAL BUDGET ADOPTED FOR THE FISCAL YEAR COMMENCING JANUARY 1, 2025, AND ENDING DECEMBER 31, 2025. - MEMO AMENDED 10-27-2025r� Item Cover Page Subject Waive the rule requiring two readings of an ordinance and adopt AN ORDINANCE MAKING CERTAIN AMENDMENTS TO THE ANNUAL BUDGET ADOPTED FOR THE FISCAL YEAR COMMENCING JANUARY 1, 2025, AND ENDING DECEMBER 31, 2025. - 01n 0000n 2o000i Won Meeting Fiscal Impact Dollar Amount Budget Source Category Type Information October 28, 2025 - SPECIAL MEETING - AMENDED 10-27-2028 OF THE MOUNT PROSPECT VILLAGE BOARD CONSENT AGENDA Ordinance The Village amends its annual budget from time to time, as needed. Village staff propose the following amendments to the adopted annual budget for the fiscal year 2025. The amendment includes revenue amendments totaling $3.7 Million and expenditure amendments totaling $71401f700. Discussion General Fund The Village executed a redevelopment agreement with HQ Residence LLC in July 2022. This redevelopment agreement authorized the sale of the old police and fire HQ property for $2.0 million. This project is supported through tax increment financing assistance. Under the agreement, the Village agreed to reimburse the developer for certain TIF-eligible expenditures up to $5.475 million. Of this amount, $3.7 million is payable once the certificate of occupancy is issued for the residential and commercial portion of the project. Based on the agreement terms and current progress, the Developer has successfully met all requirements necessary to qualify for the $3.7 million payout. The HQ Residences project has been completed, all occupancy permits have been issued, and the Village has received the initial increment of property tax revenue from the property. Accordingly, under Section VII(A)(2)(a) of the agreement, the Village is obligated to issue the $3.7 million reimbursement to the developer, consistent with the approved TIF financing structure and timing outlined in the agreement. As planned and approved, this amount initially comes from the General Fund. The General Fund has reported this amount as a restricted fund balance starting in 2022. Now, the staff is proposing an amendment to finally transfer $3.7 million from the General Fund to the Prospect & Main TIF Fund. This item is not going to impact the General Fund Reserves (unrestricted), as the amounts are transferred from the restricted reserves. Besides the above, the staff is also proposing a small amendment of $1,700 for the Human Services Department for a Substance Abuse Prevention Event. This item is funded by the opioid settlement funds, as it is an eligible item that can be funded from such funds. Prospect &Main Fund The Prospect &Main Fund will receive the above -discussed transfers from the General Fund and will use these funds to meet its obligations of $3.7 million in payments to the developers of HQ Residence. The above -discussed $3.7 million transfer is a funding arrangement, and the Prospect & Main TIF Fund will repay this amount from the increments generated by the project with 2.25% interest. Alternatives 1. Waive the rules requiring two readings of an ordinance and adopt the attached ordinance for budget amendment number 4. 2. Action at the discretion of the Village Board. Staff Recommendation Staff recommends waiving the rules requiring two readings of an ordinance and adopting the attached ordinance for budget amendment number 4. Attachments 1. 2025 Budget Amendment 4 ORDINANCE NO. AN ORDINANCE MAKING CERTAIN AMENDMENTS TO THE ANNUAL BUDGET ADOPTED FOR THE FISCAL YEAR COMMENCING JANUARY 1, 2025 AND ENDING DECEMBER 31, 2025 PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES the day of , 2025 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois the day of , 2025. ORDINANCE NO. AN ORDINANCE MAKING CERTAIN AMENDMENTS TO THE ANNUAL BUDGET ADOPTED FOR THE FISCAL YEAR COMMENCING JANUARY 1, 2025 AND ENDING DECEMBER 31, 2025 WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have passed and approved Ordinance No. 2342, which sets the finances of the Village under the "Budget Officer System"; and WHEREAS, pursuant to the aforesaid Ordinance and the Statutes of the State of Illinois, an annual budget for the fiscal year commencing January 1, 2025, and ending December 311 2025, was adopted through the passage of Ordinance No. 6762 approved by the Corporate Authorities of the Village of Mount Prospect on November 6, 2024; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have passed and approved Ordinance No. 6782 on March 18, 2025 amending the annual budget for the fiscal year commencing January 1, 2025 and ending December 31, 2025; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have passed and approved Ordinance No. 6789 on April 15, 2025 amending the annual budget for the fiscal year commencing January 1, 2025 and ending December 31, 2025; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have passed and approved Ordinance No. 6794 on July 8, 2025 amending the annual budget for the fiscal year commencing January 1, 2025 and ending December 31, 2025; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have further reviewed certain additions and changes to the aforesaid budget for the fiscal year beginning January 1, 2025, and ending December 31, 2025, and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect believe the changes, as specified on the attached January 1, 2025, through December 31, 2025, Budget Amendment No. 4 to be in the best interest of the Village of Mount Prospect; and WHEREAS, the Village has now revised the revenue projections or has reserves in each of the Funds in which the budget is being increased adequate in amount to cover the budget changes reflected in Budget Amendment Number Four, attached hereto. NOW, THEREFORE BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS : SECTION ONE: That the fiscal year budget for January 1, 2025, through December 31, 2025, for the Village of Mount Prospect is hereby amended, as detailed on Budget Amendment No. 4 attached hereto. SECTION TWO: That this ordinance shall be in full force and effect from and after its passage, approval and publication in pamphlet form as provided by law. AYES: ABSENT: PASSED and APPROVED this day of ATTEST Karen Agoranos Village Clerk 12025. Paul Wm. Hoefert Mayor Village of Mount Prospect Budget Amendment No. 4 Fiscal Year January 1., 2025 to December 31, 2025 Revenues Current increase / Amended Fund/Account Number Budget (Decrease) Budget A nin ear d e d !:::� u n d s Prospect and Main TIF District Amended Accounts 049.487.001 - Transfer In ..................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 5.,000,000 31700.,000 81700,000 Amended Accounts Total 5?0001000 3,700?000 8,?700,000 Other Other Budgeted Accounts for the Fund 51042.,500 5,042,500 Other Total ..................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 51042.,500 5y042,?500 Prospect and Main TII F District Total 1Q?042,v500 3?700?000 13,?742?500 Amended Funds Total ..................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 10,p042,f 500 3,700?000 13,?742,500 Other !:::�txnds Other Funds Other Other Budgeted Accounts for the Fund ..................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 155,,901,,365 155,901,365 Other Total ..................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 155.,9011365 155.,901.,365 Other Funds Total ..................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 155y9011365 155y901,9365 Other Funds Total ..................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 155.,901..365 155.,901.,365 Total All Funds 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165,943,,865 3.,700,000 169,643p865 Village of Mount Prospect Budget Amendment No. 4 Fiscal Year January 1, 2025 to December 31, 2025 Expenditures Increase / Fund/Account Number Current Budget (Decrease) Amended Budget iimended Funds 1- General Fun Amended Accounts 001.00.00.00.0.000.697.001- Transfer Out 111749,433 3,700,000 15,449,433 001.50.51.00.0.000.573.012 - Opioid Funds - 1,700 1,700 Amended Accounts Total 11,7491433 31701,700 15,451,133 Other Other Budgeted Accounts for the Fund 79,046,464 - 79,046,464 Other Total 791F046..464 - 79,046,464 - General Fun 'T t III 900795o897 3,p'7010700 94,p4970597 049 - Prospect and In ' °IIF District Amended Accounts 049.40.45.00.0.000.636.019 - Developer Incentives 1,480,000 3,700,000 5,180,000 Amended Accounts Total 1,480,000 3,700,000 5,180,000 Other Other Budgeted Accounts for the Fund 9,617,738 - 9,617,738 Other Total 91F617,738 - 9,617,738 049 - Prospect and MainT11F District Total 11;097,p738 3p7OOwOOO14,p797,w738 Amended Funds Total 101,893,635 7,4011700 109,295,335 Other 1°°'uinds Other Funds Other Other Budgeted Accounts for the Fund 87,286,292 - 87,286,292 Other Total 8712861292 - 87,286,292 Other Funds Total , ,8'70286,p292 Other Funds Total 87,286,292 - 87,286,292 Total All Funds 189,179,927 7,4011700 196,5811627