HomeMy WebLinkAbout4.3 Annual Report of the Audit Committee and Acceptance of the 2025 Annual Comprehensive Financial Report (Audit) for the Village of Mount ProspectMORA
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Item Cover Page
Subject Annual Report of the Audit Committee and Acceptance of the
2025 Annual Comprehensive Financial Report (Audit) for the
Village of Mount Prospect
Meeting July 21, 2026 - 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 2025 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 2025 ACFR.
Discussion
The Audit Committee met on June 22, 2026, with Village staff and the Audit Manager in
charge of the audit, Don Shaw, from Lauterbach & Amen. Staff and auditors presented the
results of the 2025 Annual Comprehensive Financial Report (ACFR),, Auditor Communication to
the Village Board, and Management Letter comments as prepared by Lauterbach & Amen.
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 2025 Audit:
• On page 11 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, 2025, in accordance with generally accepted
accounting principles. 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 $69.4 million, of which $54.9 million is
unrestricted. The Village's General Fund reported remarkable growth in
the Intergovernmental Revenues. The state sales tax, home -rule sales
tax, income tax, and a few other outperforming revenues allowed the
Village to add $13.8 million to the overall reserves of the General Fund.
While $13.8 million is accounting surplus, the actual cash surplus for 2025
is $4.8 million. The Village has given a loan to the Prospect & Main TIF,
totaling $8.7 million (with accrued interest, the loan balance as of
December 31 was $9.0 million). Normally, these are treated as transfers
or expenses. However, these loans will be paid back by the Prospect &
Main TIF over a specific period of time. Until that time, the amount is
shown as anon -spendable fund balance as it is not readily available.
■ All the Village Departments performed within their approved budgetary
constraints and were reported under budget.
■ The overall Governmental Activity Fund Balance is $119.7 million, of
which $54.9 million is unrestricted.
■ The overall Business Type activity Fund Balance is $75.2 million, of which
$57.2 million is invested in capital assets and infrastructures.
■ Police and Fire Pension Funds show a funded ratio of 66.4 percent and
69.6 percent, respectively. The unfunded liability totals $57.3 million for
the Police and $42.8 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 2025 Management Letter addressed the recommendation to implement two new
upcoming GASB standards. They are GASB Statement No. 103 - Financial Reporting
Model Improvements and GASB Statement No. 104 - Disclosure on Certain Capital
Assets. These are new accounting standards applicable to the Village starting December
2026. Auditors informed the Audit Committee that the staff will be working to
implement these new standards during 2026 audit.
• The ACFR also included the Certificate of Achievement for Excellence in Financial
Reporting received from GFOA for the 2024 Audit. This marks the 33rd consecutive year
of the Village receiving this award. The Village has also submitted the 2025 budget for
this accreditation. 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 Audit Report (ACFR) is posted on the Village's website and can be accessed by clicking
here -
https://www.mountprospect.org/home/showpublisheddocument/21742/639184141675030000
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, 2025.
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, 2025.
Attachments
1. Mount Prospect ACFR 25
2. Mount Prospect Management Letter 25
3. Annual Report Audit Committee - 2025
..............
7"1
For the f iscal
..Annual Comprehensive
year ended
oecember3,,zo25 Financial Report
VILLAGE OF MOUNT PROSPECT, ILLINOIS
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025
Prepared by: Finance Department
Amit R. Thakkar
Director of Finance
Jennifer Fitzgerald
Deputy Director of Finance
VILLAGE OF MOUNT PROSPECT, ILLINOIS
TABLE OF CONTENTS
PAGE
INTRODUCTORY SECTION
List of Principal Officials 1
Organizational Chart 2
Letter of Transmittal 3
Certificate of Achievement for Excellence in Financial Reporting 8
FINANCIAL SECTION
INDEPENDENT AUDITOR'S REPORT 11
MANAGEMENT'S DISCUSSION AND ANALYSIS 15
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 - Last Ten Fiscal Years
Illinois Municipal Retirement Fund
99
Police Pension Fund
100
Firefighters' Pension Fund
101
Schedule of Changes in the Employer's Net Pension Liability/(Asset) - Last Ten Fiscal Years
Illinois Municipal Retirement Fund
102
Police Pension Fund
104
Firefighters' Pension Fund
106
Schedule of Investment Returns - Last Ten Fiscal Years
Police Pension Fund
108
Firefighters' Pension Fund
109
VILLAGE OF MOUNT PROSPECT, ILLINOIS
TABLE OF CONTENTS
PAGE
FINANCIAL SECTION - Continued
REQUIRED SUPPLEMENTARY INFORMATION - Continued
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
Nonmaj or 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
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
VILLAGE OF MOUNT PROSPECT, ILLINOIS
TABLE OF CONTENTS
PAGE
FINANCIAL SECTION - Continued
OTHER SUPPLEMENTARY INFORMATION - Continued
Nonmajor Special Revenue Funds - Continued
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
Rural Special Service Area - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
160
Nonmajor Capital Projects Funds
Combining Balance Sheet
161
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
162
Capital Improvement - Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
163
Schedule of Expenditures - Budget and Actual
164
Flood Control Construction - Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
165
Schedule of Expenditures - Budget and Actual
166
Street Improvement Construction - Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
167
Proprietary Funds
Enterprise Funds
Water and Sewer Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
170
Schedule of Operating Revenues
171
Schedule of Operating Expenses - Budget and Actual
172
Nonmajor Enterprise Funds
Combining Statement of Net Position
175
Combining Statement of Revenues, Expenses and Changes in Net Position
176
Combining Statement of Cash Flows
177
Parking System Revenue Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual 178
Schedule of Operating Expenses - Budget and Actual 179
Village Parking System Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual 180
Schedule of Operating Expenses - Budget and Actual 181
Internal Service Funds
Combining Statement of Net Position 184
Combining Statement of Revenues, Expenses and Changes in Net Position 186
Combining Statement of Cash Flows 188
VILLAGE OF MOUNT PROSPECT, ILLINOIS
TABLE OF CONTENTS
PAGE
FINANCIAL SECTION - Continued
OTHER SUPPLEMENTARY INFORMATION - Continued
Internal Service Funds - Continued
Computer Replacement Fund
Schedule of Revenues, Expenses and Changes in Net Position -
Budget and Actual
190
Schedule of Operating Expenses - Budget and Actual
191
Risk Management Fund
Schedule of Revenues, Expenses and Changes in Net Position -
Budget and Actual
192
Schedule of Operating Revenues - Budget and Actual
193
Schedule of Operating Expenses - Budget and Actual
194
Vehicle Replacement Fund
Schedule of Revenues, Expenses and Changes in Net Position -
Budget and Actual
195
Schedule of Operating Revenues - Budget and Actual
196
Schedule of Operating Expenses - Budget and Actual
197
Vehicle Maintenance Fund
Schedule of Revenues, Expenses and Changes in Net Position -
Budget and Actual
198
Schedule of Operating Revenues - Budget and Actual
199
Schedule of Operating Expenses - Budget and Actual
200
Building Improvements Fund
Schedule of Revenues, Expenses and Changes in Net Position -
Budget and Actual
201
Schedule of Operating Revenues - Budget and Actual
202
Fiduciary Funds
Pension Trust Funds
Combining Statement of Fiduciary Net Position
204
Combining Statement of Changes in Fiduciary Net Position
205
SUPPLEMENTAL SCHEDULES
General Long -Term Debt
Long -Term Debt Payable by Governmental Funds
208
Long -Term Debt Requirements
General Obligation Refunding Bonds of 2016A
210
General Obligation Bonds of 2017
211
General Obligation Bonds of 2018A
212
General Obligation Bonds of 2018B
213
General Obligation Bonds of 2019A
214
General Obligation Bonds of 2019B
215
General Obligation Bonds of 2022A
216
General Obligation Refunding Bonds of 2022B
217
VILLAGE OF MOUNT PROSPECT, ILLINOIS
TABLE OF CONTENTS
STATISTICAL SECTION (Unaudited)
PAGE
Net Position by Component - Last Ten Fiscal Years
220
Changes in Net Position - Last Ten Fiscal Years
222
Fund Balances of Governmental Funds - Last Ten Fiscal Years
224
Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years
226
Assessed Value and Actual Value of Taxable Property - Last Ten Tax Levy Years
228
Direct and Overlapping Property Tax Rates - Last Ten Tax Levy Years
230
Principal Property Tax Payers - Current Fiscal Year and Nine Fiscal Years Ago
232
Property Tax Levies and Collections - Last Ten Fiscal Years
233
Sales Taxes by Category - Last Ten Fiscal Years
234
Business District Sales Taxes by Category - Last Ten Fiscal Years
236
Home Rule Sales Taxes by Category - Last Ten Fiscal Years
238
Direct and Overlapping Sales Tax Rates - Last Ten Fiscal Years
240
Ratios of Outstanding Debt by Type - Last Ten Fiscal Years
241
Ratios of General Bonded Debt Outstanding - Last Ten Fiscal Years
242
Schedule of Direct and Overlapping Governmental Activities Debt
243
Schedule of Legal Debt Margin
244
Demographic and Economic Statistics - Last Ten Fiscal Years
245
Principal Employers - Current Fiscal Year and Nine Fiscal Years Ago
246
Full -Time Equivalent Employees by Function/Program - Last Ten Fiscal Years
248
Operating Indicators by Function/Program - Last Ten Fiscal Years
250
Capital Asset Statistics by Function/Program - Last Ten Fiscal Years
252
Additional Disclosures Required by SEC Rule 15c2-12
255
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, 2025
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
Thomas Wang, Fire Chief
Sean P. Dorsey, Director of Public Works
Elizabeth DiPrima
William Grossi
Colleen E. Saccotelli
1
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Organizational Structure
VILLAGE MANAGER
Michael Cassady
Mount Prospect
Karen Agoranos
847/392-6000
• 847/392-6022
WWW.Mountprospect.org
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Prosw%ct
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June 15, 2026
The Honorable Paul W. Hoefert, Village President
Members of the Board of Trustees
Village Manager Michael J. Cassady
Citizens of the Village of Mount Prospect, Illinois
The Annual Comprehensive Financial Report of the Village of Mount Prospect, Illinois, for the fiscal year ended
December 31, 2025, is hereby submitted. This report reflects management's representations concerning the
financial affairs of the Village. Responsibility for 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 these representations, Village management has established a comprehensive
system of internal controls designed to safeguard the Village's assets against loss, theft, or misuse and to ensure
the compilation of sufficient, reliable information for the preparation of the Village's financial statements in
conformity with Generally Accepted Accounting Principles (GAAP). Because the cost of internal controls should
not exceed their anticipated benefits, the Village's internal control framework has been designed to provide
reasonable, rather than absolute, assurance that the financial statements are free from material misstatement. The
Village has implemented GASB Statement No. 34, Basic Financial Statements and Management's Discussion
and Analysis for State and Local Governments, including infrastructure reporting. Accordingly, management
asserts 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 objective 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, 2025, are free from material
misstatement. The audit included examining, on a test basis, evidence supporting the amounts and disclosures
contained in the financial statements; assessing the accounting principles used and significant estimates made by
management; and evaluating the overall presentation of the financial statements. 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, 2025, are fairly presented in conformity
with GAAP. The independent auditor's report appears as the first component of the financial section of this
report.
GAAP further 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 intended to complement the MD&A and should be read in conjunction with it. The Village's
MD&A immediately follows the independent auditor's report.
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 of downtown Chicago in Cook County. The Village
currently encompasses 10.8 square miles and has a population of 56,852, according to the 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 a six -member Board of Trustees. The Village Board is
responsible, among other duties, for passing ordinances, adopting the budget, appointing committee members, and
hiring the Village Manager. The Village Manager is charged with implementing the policies and ordinances
adopted by the Village Board, overseeing the day-to-day operations of the Village, and appointing department
heads. The Board is elected on a nonpartisan basis. Trustees serve staggered four-year terms, with three members
elected every two years. The Mayor is elected to a four-year term. Both the Mayor and Trustees are elected at
large. The Village provides a full range of municipal services, including police, fire, public works, water and
sewer, human services, finance, community development, and communication (television) services.
The annual budget serves as the cornerstone of the Village's financial planning and control. All Village
departments are required to submit their budget requests to the Finance Director by mid -July each year. Revenue
estimates are prepared by the Finance Department in advance of departmental budget reviews conducted with the
Village Manager and Finance Director in early August. Initial budget requests are compiled by the end of August.
A proposed budget is then prepared and presented 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 is held with members of the
Village Board and Finance Commission in October and November, and the Finance Commission also meets
separately with staff in October. The Village Board is required to hold a public hearing on the proposed budget
and adopt a final budget no later than December 31 of each year, the close of the Village's preceding budget year.
The budget is prepared by funds and by department. Expense cost centers are established within departments to
provide a clear picture of the cost of delivering specific services, such as Police Department Investigations.
Budget amendments require approval of the Village Board. Budget -to -actual comparisons are provided for each
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, the comparison is presented in the nonmaj or governmental fund
subsection of this report.
Major Initiatives
Under the direction of the Village Board and Village Manager, staff has undertaken a wide range of projects
during the year that reflect the priorities established in the Village's Strategic Plan and the Village's ongoing
commitment to maintaining a community in which residents and businesses can thrive. Set forth below are several
of the most significant accomplishments and initiatives addressing goals identified for 2025.
Economic Emergency Fund: The Village established an Economic Emergency Fund in 2023 to address 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 2022. In 2024, the Village funded a second installment of $6.5
million from the 2023 surplus. These funds are actively invested in accordance with the Village's investment
policy. The fund held a balance of $14.3 million at the close of fiscal year 2025.
Property Tax Abatements: The Village utilized $5.1 million from recent surplus to abate a portion of the
pension and debt service levies. As a result, the Village achieved a zero percent property tax levy increase. The
property tax levy totaled $18.2 million, representing the lowest levy in the past 11 years.
E
Elk Grove Rural Fire Protection District: The Village completed the legislative dissolution of the Elk Grove
Rural Fire Protection District in July 2024. Thereafter, Village officials worked to conclude the Fire District's
remaining business. The Village completed its final audit and annual reports and received approval from Cook
County in early 2025, enabling it to obtain final funds from the Fire District totaling $1.0 million. The Village
collected $677,953 in special service area taxes for the year ended December 31, 2025. Due to technological
updates at Cook County, the remaining special service area property tax levies were delayed and will be received
in 2026.
Sidewalk Policy and Program: The Village successfully implemented multiple strategies to repair sidewalks and
mitigated more than 2,000 vertical offsets within the Village's sidewalk network.
Streetlights Program: The Village completed the conversion of 80 streetlights to LED fixtures on Central Road,
resulting in reduced energy usage.
Human Services Programs: The Village funded two Human Services Department studies with American Rescue
Plan resources. These studies explored transit -related issues and opportunities within the Village, as well as
community needs. The studies began in 2024 and were completed in 2025. The results were presented to the
Village Board in 2025, and implementation of identified action items will begin in 2026 and continue thereafter.
Traffic Control on Major Corridors: The Village completed the traffic control measure project for the Rand
Road/Central Road/Mount Prospect Road intersection and also advanced Phase II engineering for the Rand Road/
Kensington Road/Route 83 intersection.
Melas-Meadows Bridge: The Village completed Phase II engineering for the Melas-Meadows Bridge Project.
The project received 80 percent grant funding from various federal agencies. It has been approved by the Village
Board and is expected to begin construction in 2026, with completion anticipated in 2027.
South Mount Prospect TIF: The Village successfully established the South Mount Prospect Tax Increment
Financing District in 2022. The district is expected to generate substantial increment to support infrastructure
needs within the TIF area in the coming years. The C1oudHQ data center project will be one of the principal
developments generating incremental value for the district. During 2025, the South Mount Prospect TIF generated
$1.8 million in increment.
Public Safety Pension Fund: The Village's two pension funds reported net investment income of $31.7 million
and changes in net fiduciary position totaling $28.2 million. The combined ending net position was $211.1
million.
Triple Crown Winner: GFOA's Triple Crown recognizes governments that have received GFOA's Certificate of
Achievement for Excellence in Financial Reporting, Popular Annual Financial Reporting Award, and
Distinguished Budget Presentation Award. The Village of Mount Prospect attained this distinction by earning all
three awards. Nationwide, only 402 municipalities have achieved this status, and the Village is proud to be among
them.
Revenue Outperformance: General Fund revenues significantly outperformed expectations. The Village
experienced a substantial increase in intergovernmental revenues from the State of Illinois. This item is discussed
in greater detail in the Management's Discussion and Analysis section.
Please refer to the Strategic Plan tab of the 2026 Annual Budget document for a complete listing of major
initiatives and accomplishments. All departments continue to perform at a high level in delivering quality services
to residents and the business community. The initiatives set forth in the Village's Strategic Plan have provided
important direction and focus for these services. The Village's Annual Budget and Audit Documents were once
again recognized by the GFOA for their clarity and usability, and Mount Prospect was recognized as a Tree City
U. S.A. for the 41 St consecutive year.
5
Factors Affecting Financial Condition
The information presented in the financial statements is best understood when considered in the broader context
of the environment in which the Village operates.
Local Economy. The Village continues to benefit from growth in the local economy. A number of factors
influence the economic condition of a community, and several measures are commonly used to assess economic
outlook. Four of the most objective indicators are retail sales, employment levels, income levels, and building
activity. In Illinois, sales tax is allocated based on the point of sale and therefore reflects sales generated within
the community. Total state sales tax received during the calendar year ended December 31, 2025, was $44.2
million, compared to $37.7 million in the prior year, an increase of 17.2 percent. The Village of Mount Prospect
represents the third -largest center of economic development in the State of Illinois. The economic segment
generating the greatest amount of sales tax consists of products with inelastic demand, which helps insulate the
Village's sales tax revenue. In addition, 2020 Census data reflected an increase of 2,685 in the Village's
population. This increase has resulted in additional per capita allocations from the State of Illinois, including
income tax, motor fuel tax, and use tax. The Village's median household income is $101,720. This level of
household income, coupled with the Village's strong financial position, makes the Village a strong candidate for
AAA bond ratings in the near future.
Although inflation was moderated to some degree by actions taken by the Federal Reserve System, the global
economy remained relatively inflationary in 2025. Current inflation rates, supply chain issues, global uncertainty,
market conditions, and other external factors continue to affect the regional economy, and the Village is not
immune to those impacts. The Village nevertheless remains in a strong financial position and has no immediate
concern regarding the short-term effects of these factors. Staff is, however, evaluating their long-term
implications and working to develop an enhanced financial plan capable of providing sustainable, long-term
support for Village operations. The Village Administration established an Economic Emergency Fund in fiscal
year 2023 and funded it with $6.5 million from the 2022 surplus. In 2024, the Administration provided a second
installment of $6.5 million from the 2023 surplus. As of December 31, 2025, the fund stood at $14.3 million,
representing approximately two months of General Fund operating cash. The Village may consider funding an
additional $6.5 million later in 2026.
The Village lies primarily within Elk Grove Township and Wheeling Township, with a small portion located in
Maine Township. In the most recent triennial assessment of 2022, the Village gained $325 million in equalized
assessed value for tax year 2022, payable in 2023. Total equalized assessed value now stands at $2.2 billion. The
year 2025 was also a triennial assessment year, and the Village expects an equitable increase in equalized assessed
value. Due to increased assessed values and an overall reduction in the property tax levy, the Village's property
tax rate is approximately 0.826, one of the lowest rates among surrounding communities.
Mount Prospect's average unemployment rate during 2025 was 3.6 percent, a decrease from 4.1 percent in 2024.
The average unemployment rate for Cook County in 2025 was 4.8 percent, while the rate for the State of Illinois
was 4.5 percent. Mount Prospect's median family income of $101,720 as of July 1, 2024, according to census.gov
data, was 21.8 percent higher than the median for Cook County ($83,498) and 21.9 percent higher than the
median for the State of Illinois ($83,390).
The Village is strategically situated within a thriving economic corridor in the Midwest. It is located near major
interstate highways, including I-90 and I-294, and its proximity to O'Hare International Airport makes it an
especially attractive location. The Village's commercial and industrial real estate continues to maintain a very low
vacancy rate. Despite broader economic challenges, Village revenues have remained consistent because of a
substantial and diversified tax base. The former United Airlines headquarters campus was purchased by CloudHQ
in December 2021. CloudHQ is constructing a 1.8 million -square -foot data center and investing $2.5 billion in the
Village of Mount Prospect. Downtown Mount Prospect continues to experience significant private investment,
and the Prospect & Main TIF District has made many major projects possible. The Village recently acquired the
property at I I 1 E. Busse, a key downtown parcel within the Prospect & Main TIF and is actively pursuing its
redevelopment. The South Mount Prospect TIF is likewise expected to perform well and provide significant
funding for infrastructure improvements within that district.
Col
Long -Term Financial Planning. In 2003, the Village conducted its first long-range financial planning workshop.
The purpose of the workshop was to place the Village's financial condition on firm footing without overburdening
residents and businesses from a tax standpoint or diminishing the scope and quality of municipal services in a
manner that would compromise the community's livability and curb appeal. The Village has continued this effort
since 2003 and has regularly conducted annual financial planning and budgeting workshops. During fiscal year
2022, the Village also held its first Citizens' Summit, received feedback on its strategic planning efforts, and
explored a variety of ideas. During workshops in 2025, Village staff discussed the prior year's unaudited and
audited results, quarterly financial performance, and major items of interest.
Two additional tools have been developed to guide the Village's long-range financial planning. The first is a Five -
Year Community Investment Program, which outlines major capital expenditures and project initiatives over the
next five years and identifies anticipated funding sources. Over the next five years (2026-2030), the Village has
identified $194.5 million in water and sewer, flood control, street, public building, equipment, and other
miscellaneous capital projects. The second is the Village Strategic Plan for 2026-2030, completed around
mid-2025. The Strategic Plan sets forth the Village's mission, vision, goals for achieving that vision, and strategic
action plan. An implementation guide was developed in August 2025 using the goals identified in the Strategic
Plan. This guide outlines objectives, short-term challenges and opportunities, and action items necessary to
accomplish Village goals. Action items were prioritized by the Village Board as either top or high priority and fall
within three categories: Policy Agenda, Management Agenda, and Management in Progress. The implementation
guide is updated annually to reflect completed work and evolving 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 Annual
Comprehensive Financial Report for the year ended December 31, 2024. This Certificate of Achievement is a
prestigious national recognition of conformance with the highest standards in the preparation of state and local
government financial reports.
To receive a Certificate of Achievement, a governmental unit must publish an easily readable and efficiently
organized Annual Comprehensive Financial Report whose contents conform to program standards. Such reports
must satisfy both generally accepted accounting principles and applicable legal requirements. The Certificate of
Achievement is valid for 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 program requirements and will be
submitted to GFOA for evaluation.
In addition, the Village of Mount Prospect received the GFOA's Distinguished Budget Presentation Award for its
annual budget for the fiscal year beginning January 1, 2025, and ending December 31, 2025. To qualify for this
award, a governmental unit must publish a budget document that meets program criteria as a policy document, an
operations guide, a financial plan, and a communications device. The Village of Mount Prospect has received this
award each year since 1994. The Village is currently awaiting notification regarding the Budget Award for its
2026 Budget document.
Acknowledgments
The timely preparation of this report could not have been accomplished without the efficient and dedicated efforts
of the entire Finance Department staff. I would like to express special appreciation to Jennifer Fitzgerald - Deputy
Finance Director; Claire Wheatley - Customer Service Supervisor; accountants Rumiana McCormick and Terri
Atienza; and Mike Grochocki, AP and Risk Coordinator, each of whom contributed significantly to its
preparation. I would also like to acknowledge the Mayor, the Board of Trustees, the Finance Commission, the
Audit Committee, and the Village Manager for their leadership and continued support in planning and conducting
the financial affairs of the Village in a fiscally responsible and sustainable manner.
Respectfully submitted,
Amit R. Thakkar
Finance Director
7
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, 2024
Executive Director/CEO
E',
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
INDEPENDENT AUDITOR'S REPORTS
This section includes the opinion of the Village's independent auditing firm.
10
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INDEPENDENT AUDITOR'S REPORT
June 15, 2026
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 (the Village),
Illinois, as of and for the year ended December 31, 2025, 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 December 31, 2025, 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.
11
Village of Mount Prospect, Illinois
June 15, 2026
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.
12
Village of Mount Prospect, Illinois
June 15, 2026
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 15, 2026, 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.
0714 ,, rownlgd
LAUTERBACH & AMEN, LLP
13
MANAGEMENT'S DISCUSSION AND ANALYSIS
14
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended December 31, 2025
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)
15
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 on 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
expenses and bond principal payments as expenses. 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 $103.6 million to $13 8.6 million.
The net increase of $35.0 million is mainly attributable to stronger and outperforming intergovernmental revenues
and responsible spending plan by the Village. The net position for governmental activities is $63.0 million, while
the net position for the business -type activities is $75.6 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)
16
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
Table 1
Statement of Net Position
As of December 31, 2025 (in millions)
Governmental
Activities
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
Business -Type
Activities Totals
2025
2024
2025
2024
2025
2024
$ 177.4
155.7
20.5
22.7
197.9
178.4
141.8
131.3
823
75.2
224.1
206.5
319.2
287.0
102.8
98.0
422.0
384.9
15.5
24.4
1.6
2.0
17.1
26.4
334.6
311.4
104.4
99.9
439.1
411.4
17.8
15.1
2.6
3.1
20.4
18.2
214.1
235.4
25.8
27.1
239.9
262.5
231.9
250.5
283
30.2
260.3
280.7
39.7
26.5
0.5
0.6
40.2
27.0
271.E
277.0
28.8
30.8
300.4
307.8
74.0
61.5
57.2
49.3
1312
110.8
10.8
13.2
-
-
10.8
13.2
(21.8)
(40.2)
18.4
199
(3.4)
(20.3)
63.0
34.4
75.6
69.2
138.E
103.E
(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 -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)
17
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
Current Year Impacts
Governmental activities net position increased by $28.7 million and the business -type activities net position
increased by $6.4 million. The governmental activities total assets and deferred outflows increased by $23.2
million and the governmental activities total liabilities and deferred inflows decreased by $5.4 million, of which
$21.3 million of decreases are attributable to the decreases in the noncurrent liabilities offset by $13.2 million of
increases in the deferred inflows of resources. The total assets increased by $32.2 million in governmental
activities. Of this amount, $21.7 million is due to an increase in the current and other assets and $10.5 million in
attributable to an increase in the capital assets. The decrease in deferred outflows of $9.0 million for governmental
activities was due to reduction in the pension related deferred items and retirement balance plan obligations.
The net position of the business -type activities increased by $6.4 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 $4.5 million and the business -type activities total liabilities and deferred inflows
decreased by $2.0 million. The current assets decreased by $2.2 million, mainly attributable to the use of cash for
capital projects. The business -type capital assets increased by $7.1 million. The liabilities for business -type
activities decreased from $30.2 million to $28.3 million. The noncurrent liabilities decreased by $1.3 million,
mainly due to paying off the general obligation bonds per the established debt service schedule.
Changes in Net Position
The Village's combined change in net position for the primary government in 2025 was an increase of $35.0
million versus an increase of $36.6 million in 2024. Activities for the governmental activities saw an increase in
net position of $28.7 million from 2024, while activities for the business -type funds saw an increase in net
position of $6.4 million from 2024. 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)
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
Table 2
Change in Net Position
For the Year Ended on December 31, 2025 (in millions)
Governmental Business -Type
Activities Activities Totals
2025 2024 2025 2024 2025 2024
Revenues
Program Revenues
Charges for Services
Operating Grants/Contributions
Capital Grants/Contributions
General Revenues
Property Taxes
Utility Taxes
Business District Taxes
Sales/Use Taxes
Income Taxes
Other Taxes
American Rescue Plan Act
Investment Income
Other
Expenses
General Government
Public Safety
Highways and Streets
Health
Welfare
Culture and Recreation
Interest on Long -Term Debt
Water and Sewer
Parking
Change in Net Position Before Transfers
Transfers - Internal Activity
Change in Net Position
Net Position - Beginning
Net Position - Ending
$ 13.0
12.3
24.3
21.8
37.2
34.1
3.6
3.9
3.6
3.9
1.4
0.1
1.4
0.1
26.9
24.4
26.9
24.4
2.8
2.8
2.8
2.8
0.4
0.3
0.4
0.3
54.5
47.8
54.5
47.8
10.3
9.7
10.3
9.7
5.5
5.4
5.5
5.4
0.2
5.6
0.2
5.6
5.5
5.9
0.8
1.0
6.3
6.9
2.0
1.1
0.1
1.5
2.1
2.6
126.0
119.2
25.2
24.2
151.2
143.5
5.3
7.4
5.3
7.4
59.9
55.3
59.9
55.3
18.3
15.2
18.3
15.2
5.5
5.4
5.5
5.4
2.6
1.7
2.6
1.7
0.5
0.4
0.5
0.4
5.3
4.8
5.3
4.8
18.5
16.5
18.5
16.5
0.3
0.3
0.3
0.3
97.3 90.1 18.8 16.8 116.1 106.9
28.7
29.1
6.4
7.5 35.0 36.6
(0.1)
(5.5)
0.1
5.5
28.6
23.6
6.5
13.0 35.0 36.6
34.4
10.8
69.2
56.2 103.6 67.0
(Note: There may be some slight differences in totals due to rounding.)
(See independent auditor's report)
19
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 3 5.0% 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 2025 were $126.0 million.
The year 2025 presented continued economic uncertainty, although inflationary pressures and interest rates
began to stabilize compared to prior years. Despite these challenges, the Village experienced strong growth in
governmental activity revenues, particularly from economically sensitive revenue sources. Sales and use tax
revenues reached an all-time high of $54.5 million in 2025, an increase of $6.7 million, or 14.0 percent,
compared to $47.8 million in 2024. Income tax revenues totaled $10.3 million, an increase of $0.6 million
from the $9.7 million collected in 2024. Property tax revenues increased to $26.9 million, reflecting growth of
$2.5 million, or 10.2 percent, over the prior year's collections of $24.4 million. Charges for services increased
to $13.0 million from $12.3 million in 2024, while capital grants and contributions increased to $1.4 million
from $0.1 million in the prior year. The Village recognized $0.2 million of American Rescue Plan Act
(ARPA) revenue during 2025, compared to $5.6 million recognized in 2024, as federally funded projects were
substantially completed in prior years. Investment income remained strong at $5.5 million, although slightly
below the record $5.9 million earned in 2024 due to moderating interest rates.
(See independent auditor's report)
20
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
CURRENT YEAR IMPACTS (cont.)
Governmental Activities (cont.)
Revenue (cont.):
Overall, governmental activity revenues totaled $126.0 million in 2025, an increase of $6.8 million, or 5.7
percent, from $119.2 million in 2024. The continued strength of the Village's diversified revenue base
contributed to another year of solid revenue performance.
Expenses:
Total expenses for the Village's Governmental Activities for 2025 were $97.3 million.
Public Safety, which includes Police and Fire operations, accounts for the largest portion of governmental
activities expenses. Total Public Safety expenses were $59.9 million in 2025, an increase of $4.5 million, or
8.2 percent, from $55.3 million in 2024. The increase reflects the Village's continued investment in
maintaining high -quality public safety services and supporting the operational needs of its Police and Fire
Departments. Expenses for Highways and Streets, which include the Public Works divisions excluding water
and sewer operations, represent the second-largest category of governmental activities expenses. Total
expenses in this category were $18.3 million in 2025, an increase of $3.1 million, or 20.3 percent, from $15.2
million in 2024. The increase is primarily attributable to ongoing investments in transportation infrastructure,
maintenance activities, and public works operations. General Government expenses totaled $5.3 million in
2025, a decrease of $2.1 million, or 28.2 percent, from $7.4 million in 2024. The decrease is primarily
attributable to lower administrative and governmental support expenses compared to the prior year. Overall,
governmental activities expenses increased from $90.1 million in 2024 to $97.3 million in 2025, an increase
of $7.2 million, or 7.9 percent. Public Safety and Highways and Streets continue to comprise the majority of
the Village's governmental activities expenses, reflecting the Village's commitment to providing essential
public services and maintaining critical infrastructure.
Business -Type Activities
Revenues:
Total revenues for the Village's Business -Type Activities for 2025 were $25.2 million.
Business -type activities consist of Water and Sewer Operations and Parking Operations. Total business -type
activity revenues were $25.2 million in 2025, an increase of $0.9 million from $24.2 million in 2024. Charges
for services remain the primary source of revenue, totaling $24.3 million in 2025 compared to $21.8 million
in the prior year, driven primarily by increased water and sewer rates and continued customer demand.
Parking operations revenues remained relatively consistent with prior -year levels. Business -type activities
also generated $0.8 million in investment income in 2025, a decrease of $0.2 million from 2024 due to lower
interest rates. Overall, business -type activities continued to generate sufficient revenues to support their
operations and capital needs.
Expenses:
Total expenses for the Village's Business -Type Activities for 2025 were $18.8 million.
Total expenses for business -type activities were $18.8 million in 2025, compared to $16.8 million in 2024. Of
the 2025 total, $18.5 million was attributable to Water and Sewer Operations and $0.3 million to Parking
Operations. A significant portion of Water and Sewer expenses, approximately $8.1 million, was related to
the purchase of water from the Northwest Suburban Municipal Joint Action Water Agency (JAWA). Despite
increased operating expenses, business -type activities continued to generate revenues sufficient to support
operations and maintain a positive change in net position during the year.
(See independent auditor's report)
21
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
FINANCIAL ANALYSIS OF THE VILLAGE'S GENERAL FUND
The General Fund is the Village's primary operating fund and supports most of the day-to-day services provided
to residents and businesses. During 2025, the General Fund balance increased by $13.8 million, from $55.7
million to $69.4 million. This increase was primarily attributable to strong intergovernmental revenues,
particularly sales tax and home rule sales tax revenues, combined with prudent expenditure management. General
Fund revenues totaled $92.2 million, exceeding the adopted budget of $92.0 million. While the original budget
was structurally balanced and did not anticipate either a surplus or deficit, revenues outperformed expectations
and expenditures remained below budget, resulting in the significant increase in fund balance. Of the total General
Fund balance of $69.4 million, $5.1 million is classified as assigned fund balance for Village Board -approved
purposes, while $9.4 million is classified as nonspendable and is therefore not readily available for appropriation.
The nonspendable balance consists primarily of approximately $9.0 million in advances made to the Prospect &
Main TIF Fund for redevelopment projects. In accordance with the approved redevelopment agreements and
financial plans, these advances are expected to be repaid to the General Fund over the next several years.
During 2025, the Village's revenues significantly exceeded budget expectations. Strong economic activity
continued to drive record sales tax and home rule sales tax collections, while population growth reflected in recent
census estimates resulted in higher state -shared revenues, including income tax distributions. In addition, the
Village actively managed its investment portfolio in accordance with its adopted Investment Policy, generating
investment earnings that remained well above historical norms. The combination of stronger -than -anticipated
intergovernmental revenues and investment income was the primary factor contributing to the increase in General
Fund balance during the year.
The unassigned fund balance as of December 31, 2025, totaled $54.9 million, and it equates to 60.4 percent of
the 2026 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.
(This space in intentionally left blank.)
(See independent auditor's report)
22
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
General Fund Budgeting Highlights
During 2025, the Village amended the General Fund budget multiple times. 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, 2025 (in millions)
Original Final
Budget Budget Actual
Revenues and Other Financing Sources
Taxes
Intergovernmental
Other
Total Revenues and Other Financing Sources
Expenditures and Other Financing Uses
Expenditures
Transfers Out
Total Expenditures and Other Financing Uses
Change in Fund Balance
Other Major Funds
$ 30.8
32.7
33.3
41.7
47.6
47.3
10.2
11.7
11.7
82.7
92.0
92.3
76.9
5.7
76.0
14.4
73.0
5.5
82.7
90.5
78.6
0.0
1.5
13.8
(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, 2025. 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 2025 were $5.9 million, while the total revenues for 2024 were $4.7 million. The total
expenditures for 2025 were $8.6 million, of which $6.5 million was used for capital outlay items and $1.7 million
was used for the debt service payments. Expenditures exceeded revenues by $2.7. This decrease is due to planned
capital outlay investments within the TIF district.
Economic Emergency Fund - The Economic Emergency Fund is used to accumulate resources designated by
the Village Board for unforeseen events, economic disruptions, and other emergency expenditures. The fund is
primarily financed through transfers of General Fund surpluses and serves as a financial stabilization reserve for
the Village. Expenditures from the fund require a recommendation from the Finance Commission and approval by
the Village Board. Total revenues for 2025 were $0.6 million, compared to $0.5 million in 2024. The increase was
attributable to investment income earned on the fund's growing balance. No expenditures were incurred from the
fund during 2025, allowing the fund balance to continue to grow and further strengthen the Village's financial
resilience.
(See independent auditor's report)
23
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
Other Major Funds - Continued
Debt Service - The Debt Service Fund is used to accumulate resources for the payment of principal and interest
on general obligation bonds and other long-term borrowings. Total revenues for 2025 were $1.6 million, a
decrease of $1.0 million from the prior year. Revenues consist of, $0.2 million from property taxes, $0.9 million
from state sales taxes, and $0.4 million from other tax sources. The fund also received $3.1 million in the inter -
fund transfers from the General Fund. Total expenditures for 2025 were $4.5 million, including $2.6 million in
principal retirements and $1.9 million in interest expenditures. As a result, the fund's net position increased by
$131,466, bringing the ending fund balance to $1.6 million, which is restricted for future debt service
requirements. The increase in fund balance was primarily attributable to higher -than -anticipated video gaming tax
collections.
Capital Assets
At the end of 2025, the Village had a combined total of $224.1 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
2025 2024
2025 2024
2025
2024
Land
$ 16.7 16.7
17.3 17.3
34.0
34.0
Construction in Progress
7.2 4.8
0.2 12.7
7.4
17.5
Buildings
60.3 61.6
1.1 1.1
61.4
62.7
Improvements Other than Buildings
0.9 0.9
0.9
0.9
Vehicles
5.3 4.8
5.3
4.8
Machinery and Equipment
4.6 3.7
0.9 0.9
5.5
4.6
Infrastructure
46.8 38.8
62.7 43.1
109.6
81.9
141.8 131.3
82.3 75.2
224.1
206.4
(Note: There may be some slight differences in totals due to rounding.)
This amount represents a net increase (including additions and deletions) of $17.5 million from 2024. 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 $ 131.3 75.2
206.5
Additions
Depreciable 12.0 8.4
20.4
Nondepreciable 4.0 0.2
4.2
Retirements
Depreciable (1.6) (0.3)
(1.9)
Depreciation (5.4) (1.5)
(6.9)
Retirement 1.5 0.2
1.7
Ending Balance 141.8 82.3
224.0
(Note: There may be some slight differences in totals due to rounding.)
Table 5 above shows the change in capital assets during 2025. This year's major additions to the capital assets
include the following (in millions):
Governmental Activities
Various construction projects in -progress - $4.0
Buildings - $0.3
Improvements other than buildings - $0.04
Vehicles for Public Safety, Public Works and Village Fleet - $0.9
Purchases of various machinery &equipment - $1.4
Infrastructure Improvements - $9.4
Business -Type Activities
Various construction projects in -progress - $0.2
Purchases of various machinery &equipment - $0.03
Infrastructure Improvements - $8.4
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 $248.4 million as of December 31,
2025. Of this amount, $221.4 is governmental activities and $27.0 is business -type activities. Long-term debt is
comprised of general obligation debt, compensated absences to employees, total OPEB liability, notes payable,
claims and judgments, and net pension liabilities for Police, Fire, and IMRF. Pension liability for police and fire
decreased by $16.9 million. The compensated absences had a net increase of $0.1 million and the total OPEB
(Other Post Employment Benefit) liability increased by $0.4 million. Decreases in long term debt include the
retirement of $4.3 million (net of retirement of $4.3 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 primary operating General Fund maintained a strong cash and fund balance position as of
December 31, 2025. In 2023, the Village revised its fund balance policy, which recommends maintaining reserves
between 30 and 50 percent of annual General Fund expenditures. As of December 31, 2025, the unassigned fund
balance totaled $54.9 million, representing 60.0 percent of annual General Fund expenditures. In addition, $5.1
million is classified as assigned fund balance, designated for debt service, pension stabilization, and capital
projects. The General Fund also reports $9.3 million in nonspendable fund balance, which is not available for
appropriation, primarily consisting of advances made to the Prospect & Main TIF District that are expected to be
repaid over the next several years. In total, General Fund reserves amounted to $69.4 million.
For the year ended 2025, the General Fund reported a surplus of $13.8 million, driven by strong revenue
performance and continued expenditure discipline. In 2023 and 2024, The Village funded the Economic
Emergency Fund with $13.0 million, utilizing surplus resources from prior years. This fund is intended to enhance
long-term financial resilience and provide resources for economic uncertainty and emergency needs. The Village
may consider funding additional contributions to the Economic Emergency Fund in 2026 or later.
The Village's population remains at 56,852 per the 2020 Census, reflecting growth of 2,685 residents over the
prior census period. This population increase continues to support higher per capita distributions from the State of
Illinois, including income tax, use tax, and motor fuel tax revenues.
The Public Safety Pension Funds reported net investment income of $31.7 million and a net increase in fiduciary
net position of $28.2 million. Funded ratios improved to 66.4 percent for the Police Pension Fund and 69.6
percent for the Fire Pension Fund, reflecting continued investment gains and strengthened funded status.
Both Tax Increment Financing (TIF) districts exceeded projected performance. The Prospect and Main TIF
District generated $5.9 million in tax increment, while the South Mount Prospect TIF District generated $1.8
million in its third year. While major redevelopment in the Prospect and Main TIF District is largely complete,
additional private investment and commercial activity, including new restaurants, is expected. The Village's
acquisition of the downtown property at 111 E Busse (Block 56) represents a key redevelopment opportunity, and
efforts are underway to advance future redevelopment of the site. The South Mount Prospect TIF District
continues to support a major data center development by Cloud HQ, representing approximately $2.5 billion in
private investment. This project is expected to generate significant utility tax revenue and long-term tax increment
growth to support infrastructure improvements in southern areas of the Village. ComEd began construction of a
252-megawatt substation in 2025 to support the project.
(See independent auditor's report)
26
VILLAGE OF MOUNT PROSPECT, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (Continued)
Economic Factors and Next Year's Budget - Continued
The Village continues to pursue strategies aimed at achieving a AAA credit rating, including strengthening
reserves through the Economic Emergency Fund, maintaining robust fund balances, expanding the property tax
base, and supporting growth in housing, population, and commercial development. In addition, increases in
equalized assessed valuation and median household income further support long-term fiscal capacity.
The Village's average unemployment rate in 2025 was 3.6 percent, below the State average of 4.5 percent and
slightly below the national rate of 4.2 percent. The Village is primarily located within Elk Grove and Wheeling
Townships, with a smaller portion in Maine Township. 2025 was a triennial reassessment year, and the most
recent tax extension report (tax year 2024) reflected a total equalized assessed valuation of $2.2 billion. Results of
the most recent reassessment cycle will be available later this year.
The 2026 amended budget totals $209.1 million, an increase of 12.7 percent over the 2025 amended budget. Of
this total, the operating budget is $102.6 million and the Community Investment Program totals $62.2 million,
including $11.0 million in carryover projects. Additional components include $7.8 million in debt service, $15.2
million in internal service funds, $8.7 million in interfund transfers, and $5.0 million in other expenditures. The
General Fund budget totals $90.8 million, which includes $7.7 million in various transfers.
Overall, the Village's financial condition remains strong. The Village does not anticipate any short-term financial
concerns and remains well positioned to manage short- to medium -term economic uncertainty. This stability is
supported by a strong local economy, disciplined financial policies, prudent fiscal management by the Village
Board and Administration, and the continued dedication of Village staff.
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 Thald-c-ar, 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 GASB. 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, 2025
See Following Page
WE
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Statement of Net Position
December 31, 2025
ASSETS
Current Assets
Cash and Cash Equivalents
Receivables - Net of Allowances
Due from Other Governments
Deposits - Insurance
Assets Held for Resale
Prepaids/Inventorie s
Total Current Assets
Noncurrent Assets
Capital Assets
Nondepreciable
Depreciable
Accumulated Depreciation
Total Capital Assets
Other Assets
Deposits - Insurance
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
$ 11412469743
1717751948
132,0221691
4617989300
214941234
49,2921534
310959270
253
3,0951523
416869619
4061619
510069182
5061182
11)965,578
2711731
2,2371309
17517989692
2015421166
196,3401858
2319119827
1715491391
41,461,218
23517529499
9117081567
327,4611066
(11798849062)
(26,9829248)
(144,866,310)
14117809264
8212751710
224,0551974
115919262
1,591,262
14393719526
8292759710 22516479236
31991709218
10218171876 42199881094
410481357
7801972
4,8291329
711451187
7,1451187
212161917
2,2161917
11)863,425
1361599
2001024
6971500
697,500
1899243
1891243
1514631129
116151071
1710781200
33416339347 10414321947 439,0661294
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
Capital Projects
Debt Service
Unrestricted (Deficit)
Total Net Position
Primary Government
Governmental
Business -Type
Activities
Activities
Totals
$ 6,833,592
982,180
7,815,772
6521356
461943
6991299
421311
1931040
235,351
2331017
2331017
2021916
661329
2691245
2,5451859
31562
2,549,421
111581543
661351
1,224,894
441300
44,300
3901294
28,476
418,770
316561866
1,1821804
4,839,670
210211901
2,021,901
1717811955
2,56905
20,351,640
317191470
2651405
3,9841875
1501812
150,812
214391708
4701646
2,910,354
5713831970
57,383,970
42,7291893
42,729,893
814241520
6171697
9,042,217
750,000
75000
6219021433
23,655,443
86,557,876
3613881525
361388,525
21411391331
2517591191
239,8981522
23119211286
28,3281876
260,250,162
1718779627
17,8771627
871504
871)504
81743
11687
101430
717851840
7,785,840
714681178
7,4681178
614681128
4741149
6,9421277
3916961020
4751836
40,171,856
27116179306
2818041712
3001)4221018
7319891304 57,244,423 131,233,727
6411069
6411069
5811628
581,628
515581692
5,5581692
216441205
2,6441205
1,400,516
— 1,400,516
(21,79%373)
18,3831812 (3,415,561)
6310165041
75,6281235 138,644,276
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, 2025
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
$ 5,3141508
7,927,872
59091999
4,865,509
5971912
1812871753
164,976
216031096 1,407,738
514741714
2,5851174
3961261
454,395
5,298,226
971)3041769
12,958,357
315971269 1,407,738
18,5481708
24,044,403
2821177
235,128
18,8301885
24,279,531
116,135,654 37,237,888 3,597,269 1,407,738
The notes to the financial statements are an integral part of this statement.
32
Net (Expenses)/Revenues
Governmental Business -Type
Activities Activities Totals
2,613,364
21613,364
(54,426,578)
(54,4265578)
(I4,1111943)
(14,1115943)
(5,4741714)
(514745714)
(2,188,913)
(211885913)
(454,395)
(454,395)
(5,298,226)
(512985226)
(79,341,405)
(79,341,405)
5,495,695
51495,695
(47,049)
(475049)
514481646
51448,646
(79,341,405)
55448,646
(731892,759)
General Revenues
Taxes
Property
26,933,581
26,933,581
Utility
2,8291009
2182909
Business District
3751125
375,125
Home Rule Sales
9,2781630
91278,630
Food and Beverage
1,900,877
11900,877
Real Estate Transfer
I,1791678
111795678
Municipal Motor Fuel
749,464
749,464
Hotel/Motel
420,197
420,197
Other Taxes
625,442
625,442
Intergovernmental - Unrestricted
Income Taxes
10,2521936
101252,936
State Sales and Local Use Tax
45,2301873
451230,873
Replacement Taxes
6071812
607,812
Charitable Games
11589
1,589
American Rescue Plan Act
2001000
2005000
Investment Income
5,45208
8121033
61264,041
Miscellaneous
2,001,045
90,157
2,091,202
Transfers - Internal Activity
(100,000)
1 WOW
Total General Revenues
107,938,266
1,002,190
108,940,456
Change in Net Position 28,5961861 654501836 351047,697
Net Position - Beginning 34,4191180 6911771399 1031596,579
Net Position - Ending 63,0161041 75,6281235 13816441276
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, 2025
ASSETS
Cash and Investments
Receivables - Net of Allowances
Property Taxes
Other Taxes
Leases
Other
Due from Other Governments
Due from Other Funds
Advances to Other Funds
Assets Held for Resale
Inventories
Prepaids
Total Assets
LIABILITIES
Accounts Payable
Accrued Payroll
Retainage Payable
Due to Other Governments
Due to Other Funds
Advances from 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
The notes to the financial statements are an integral part of this statement.
34
S 45,632,996
22,3 871169
15,032,761
92,894
9841367
8681587
1,500
9,048,000
2,738
9413931584
9511760
6261049
232,939
3,970,870
7,209,099
17,656,260
17,743,764
24,952,863
9,393,310
5,101,000
69,440,721
94,393,584
Special Revenue
Prospect
and Main Economic
Debt
TIF District Emergency
Service
Nonmajor
Totals
1,826,420 14,2711440
1,571,637
31,252,049
9455541542
3,4801304
221,367
2,035,784
28,1241624
1,774,180
16061941
92,894
31,795
7371050
117531212
2122603
3,0951270
1,500
990481000
510061182
510061182
2,738
95,967
4381539
10,3121906 1412711440
1,824,799
38,1211713
1581924,442
315196
1,816,222
257991178
61755
6321804
42,311
421311
2321939
11500
3,972,370
9,0481000
910481000
31139,030
4,5661511
9,0791196
510051818
21,294,113
221,367
17,8771627
87,504
221,367
17,965,131
9,0791196
221,367
5051818
39,2591244
95,967
9,4891277
112331710
103,432
8,19104
1110291026
141271440
219961170
17,267,610
21,831,874
26,9321874
54,946,411
1,2331710 14,2711440
11603432
33,1151895
11905,198
10,3121906 14,2711440 11824,799 38,121,713 158,924442
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, 2025
Total Governmental Fund Balances $ 119051198
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. 141,780,264
Less: Internal Service Capital Assets (8,2961002)
Deferred outflows (inflows) of resources related to the pensions not reported in the funds.
Deferred Items - IMRF 4,0391614
Deferred Items -Police Pension (640,653)
Deferred Items -Firefighters' Pension (5,2511261)
Deferred Items - RBP (4,4741080)
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. 35,0741800
Long-term liabilities are not due and payable in the current
period and therefore are not reported in the funds.
Compensated Absences Payable
(4,8021009)
Net Pension Liability - IMRF
(2,4391708)
Net Pension Liability - Police Pension
(57,3831970)
Net Pension Liability - Firefighters' Pension
(42,729,893)
Total OPEB Liability - RBP
(8,5641762)
General Obligation Bonds Payable - Net
(66,5591299)
Unamortized Loss on Refunding
18%243
Business District Limited Tax Note Payable
(38,4101426)
Plus: Amounts Recorded in the Governmental Funds Balance Sheet
2,021,901
Accrued Interest Payable
(202,916)
Net Position of Governmental Activities 63,0161041
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, 2025
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, 2025
General
Revenues
Taxes
$ 33,306,994
Intergovernmental
47,3151352
Licenses and Permits
2,1711468
Charges for Services
4,7791906
Fines and Forfeitures
4455560
Investment Income
215961339
Miscellaneous
1,611,687
Total Revenues
92,2271306
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
Fund Balances - Ending
8,378,423
48,936,580
13,049,799
2461772
1,982,544
4301601
73,024,719
19,202,587
95,465
665,000
(6J99,433)
(51438,968)
13,763,619
55,677,102
69,440,721
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
5,9035732
610,500
4,470,777
44,2925003
878,480
13,104,385
61,2985217
2,1711468
5,5611423
10,341,329
4451560
211977
5791806
65,972
1,024,128
412881222
477,972
2,0891659
5,9251709
5791806
11554,952
24,6381685
124,9261458
4351457
34,642
8,8481522
2,2601527
51,1971107
2,452,273
15,5021072
5,2941704
5,5411476
462,047
2,4441591
4301601
6,4675318
10,9395607
1754065925
7401000
2,58000
2,4521198
5,7721198
9551738
1,942,919
3231197
3,2211854
8,5981513
415225919
24,219,195
110,3651346
(2fi72,804)
5791806
(21967,967)
4191490
14,5611112
95,465
3,09%433
3,000,000
6,7641433
(665,000)
(6,8641433)
3,099,433
2,33500
(41535)
(2,672,804)
5791806
131,466
2,754,490
14,5561577
3,9065514
1316911634
1,471,966
30,3611405
105,1085621
1,2331710 1412711440 11603,432 33,115,895 119051198
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, 2025
Net Change in Fund Balances - Total Governmental Funds $ 14,5561577
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 16061476
Depreciation Expense (5,381,386)
Disposals - Cost (I,598,770)
Disposals - Accumulated Depreciation 1,4551352
Less: Internal Service Funds (499,139)
The net effect of deferred outflows (inflows) of resources related
to the pensions not reported in the funds.
Change in Deferred Items - IMRF (1,853,016)
Change in Deferred Items -Police Pension (11,175,202)
Change in Deferred Items -Firefighters' Pension (9,8541123)
Change in Deferred Items - RBP 6625927
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
(132,080)
Change in Net Pension Liability - IMRF
5011416
Change in Net Pension Liability - Police Pension
8,5755244
Change in Net Pension Liability - Firefighters' Pension
813361874
Change in Total OPEB Liability - RBP
(451,381)
Retirement of Debt
3,3201000
Amortization of Bond Premium
176,866
Amortization of Loss of Refunding
(40,951)
Accreted Interest on Business District Limited Tax Note Payable
32506
Change in Accrued Interest Payable
91510
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. 5,65501
Changes in Net Position of Governmental Activities 28,596,861
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, 2025
See Following Page
41
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Statement of Net Position - Proprietary Funds
December 31, 2025
Governmental
Business -Type Activities - Enterprise Activities
Water and Internal
Sewer Nonmaj or Totals Service
ASSETS
Current Assets
Cash and Investments
$ 171306,857
4691091
17,775,948
1902,201
Receivables - Net of Allowances
Accounts - Billed
1)102,621
1,102,621
Accounts - Unbilled
113 89,517
113 891517
Accrued Interest
111410
Property Taxes
50
50
Other
1,127
919
21046
91219
Due from Other Governments
253
253
Deposits - Insurance
406,619
Inventories
161,423
161,423
436,821
Prepaids
110,308
110,308
1,087,480
Total Current Assets
20,072,156
470,010
20,542,166
25,923,750
Noncurrent Assets
Capital Assets
Nondepreciable
171549,391
17,5491391
1,122,345
Depreciable
911531,767
1761800
9117081567
1912731759
Accumulated Depreciation
(261805,448)
(176,800)
(26,9821248)
(12,100,102)
Total Capital Assets
82,275,710
82,275,710
8,29602
Other Assets
Deposits - Insurance
1,591,262
Total Noncurrent Assets
821275,710
82,275,710
907,264
Total Assets
1021347,866
4701010
102,817,876
35,811,014
DEFERRED OUTFLOWS OF
RESOURCES
Deferred Items - IMRF
780,972
7801972
Deferred Items - RBP
136,599
1361599 52,860
Unamortized Asset Retirement Obligation
697,500
697,500
Total Deferred Outflows of Resources
11615,071
116151071 521860
Total Assets and Deferred
Outflows of Resources
1031962,937
4701010 104,4321947 35031874
The notes to the financial statements are an integral part of this statement.
42
Governmental
Business -Type Activities - Enterprise Activities
Water and Internal
Sewer Nonmaj or Totals Service
LIABILITIES
Current Liabilities
Accounts Payable
$ 965,916
169264
9821180
631544
Accrued Payroll
46,943
461943
191552
Retainage Payable
193,040
1931040
Due to Other Governments
78
Claims Payable
44,300
Accrued Interest Payable
66X9
66X9
Other Payables
112
3,450
3,562
1,249
Compensated Absences Payable
66,351
66,351
15,201
Total OPEB Liability - RBP
28,476
281476
101888
General Obligation Bonds Payable
11182,804
111821804
Total Current Liabilities
21549,971
191714
2,5691685
154,812
Noncurrent Liabilities
Compensated Absences Payable
265,405
2651405
6003
Claims Payable
150,812
Net Pension Liability - IMRF
470,646
470,646
Total OPEB Liability - RBP
61707
6171697
2391164
Asset Retirement Obligation
75000
7501000
General Obligation Bonds Payable
231655,443
2316551443
Total Noncurrent Liabilities
251759J 91
2517591191
4501779
Total Liabilities
281309J62
191714
2813281876
605,591
DEFERRED INFLOWS OF
RESOURCES
Deferred Items - IMRF
107
11687
Deferred Items - RBP
474,149
474,149
183,483
Total Deferred Inflows of Resources
475,836
4751836
1831483
Total Liabilities and Deferred
Inflows of Resources
28,784,998
19,714
2804,712
78%074
NET POSITION
Net Investment in Capital Assets
571244,423
57,2441423
8,29602
Unrestricted
171933,516
4501296
18,383,812
26,778,798
Total Net Position
75,177,939
450,296
75,628,235
35,074,800
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, 2025
Governmental
Business -Type Activities - Enterprise
Activities
Water and
Internal
Sewer
Nonmaj or
Totals
Service
Operating Revenues
Charges for Services
$ 249044,403
235,128
241279,531
16,208,528
Contributions
1,914,275
Miscellaneous
1,155,092
Total Operating Revenues
2410441403
2351128
24,2791531
19,277,895
Operating Expenses
Administration
161277,325
2821177
1615591502
3,2061345
Insurance and Claims
10,4271516
Depreciation and Amortization
194301425
114301425
1,314,843
Total Operating Expenses
171707,750
282,177
17,9891927
14,948,704
Operating Income (Loss)
613361653
(47,049)
612891604
4,329,191
Nonoperating Revenues (Expenses)
Disposal of Capital Assets
(42,872)
(42,872)
1621824
Interest Income
8001157
111876
8121033
111631786
Other Income
1331029
1331029
Property Taxes
50
50
Interest Expense
(841,008)
(841,008)
49,356
111876
61,232
1,326,610
Income (Loss) Before Transfers
61386,009
(35,173)
6,3501836
516551801
Transfers In
1001000
1001000
Change in Net Position
6,386,009
641827
614501836
5,65501
Net Position - Beginning
681791,930
3851469
69,1771399
29,418,999
Net Position - Ending
751177,939
4501296
7516281235
35,0741800
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, 2025
Governmental
Business -Type Activities - Enterprise
Activities
Water and
Internal
Sewer
Nonmaj or
Totals
Service
Cash Flows from Operating Activities
Receipts from Customers and Users
$ 2414231869
2341552
24,6581421
4,2301391
Interfund Services Provided
13,374,434
Payments to Suppliers
(14,204, 851)
(278,538)
(14,483,3 89)
(14,4661820)
Payments to Employees
(2,805,202)
(2,8051202)
(I,081,256)
7,4131816
(43,986)
7,369,830
2,056,749
Cash Flows from Noncapital Financing Activities
Property Taxes
50
50
Transfers In
1001000
1001000
50
1001000
1001050
Cash Flows from Capital and Related
Financing Activities
Disposal of Capital Assets
217,628
Purchase of Capital Assets
(8,629,399)
(8,6291399)
(1,868,786)
Principal Paid on Debt
(995,000)
(995,000)
Interest Paid on Debt
(841,008)
(841,008)
(10,465 5407)
(10,465,407)
(1,651,15 8)
Cash Flows from Investing Activities
Interest Received
800,157
111876 8121033
1,1631786
Net Change in Cash and Cash Equivalents (2,2511384) 671890 (2,183,494) 1,569,377
Cash and Cash Equivalents - Beginning 19,5581241 401,201 19,959,442 18,122,824
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:
Depreciation and Amortization
Other Income (Expense)
(Increase) Decrease in Current Assets
Increase (Decrease) in Current Liabilities
Net Cash Provided by Operating Activities
17,306,857 469,091 17,775,948 19,692,201
61336,653 (47,049) 612891604 4,329,191
114301425
1,4301425 1,314,843
1331029
1331029
3791466
(576) 3781890 (1,673,070)
(8659757)
31639 (862,118) (1,914,215)
7,413,816 (43,986) 7,369,830 2,056,749
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, 2025
ASSETS
Pension
Trust
Cash and Cash Equivalents $ L467145 8
Investments
Illinois Police Officer's Pension Investment Fund 11 M491814
Illinois Firefighters' Pension Investment Fund 9512881190
Due from Other Funds 3,9701870
Prepaids 261672
Total Assets 211,1031004
LIABILITIES
Accounts Payable 101566
NET POSITION
Net Position Restricted for Pensions 211 M92143 8
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, 2025
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
Pension
T,--„ 0+
$ M550,314
1 1 A0 Al 1
2,365,130
10 41 1 ccQ
J 1 �7 / VIVOO
'(11 Q'2 G O I l
AA 2Q7 All
1711296
1 ti AIK Al 7
1 K 1 0 7 112
28J95,098
1 Q1 Q07 2An
211 M92143 8
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, 2025
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, 2025
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.).
.J
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
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 nonmaj or 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, 2025
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 eleven 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 five
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. The Building Improvements Fund is used to
account for for maintenance and repairs of Village buildings. Financing is being provided by charges to various
Village funds.
51
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
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.
MEASUREMENT FOCUS AND BASIS OF ACCOUNTING
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, 2025
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, 2025
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 I 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. All of the
Village's investments are in 2a7-like investment pools that are measured at the net asset value per share
determined by the pool.
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 prep aids/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, 2025
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's policy allows full time and part time employees to earn varying amounts of sick and vacation pay
for each year employed.
Full time employees accrue vacation between five to twenty-three days. Employees are eligible to accrue vacation
based on their length of service with the Village. Vacation time may be carried forward year to year up to twice
the employee's annual accrual (368 vacation hours), unless otherwise stated in the collective bargaining
agreement. Full time employees earn one sick day per month and may accrue up to 96 days. Part time employees
may accrue paid time off on a prorated basis, vacation time may carry over one year of vacation accrual.
Upon separation of employment any unused and accrued vacation, sick, or paid time off is paid out to the
employee. Sick time is paid out if certain criteria for retirement have been met.
55
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
ASSETS/DEFERRED OUTFLOWS, LIABILITIES/DEFERRED INFLOWS, AND NET POSITION/
FUND BALANCE - Continued
Compensated Absences - Continued
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 governmental funds only if they have matured, for example, as a
result of employee resignations and retirements.
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 conformity 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, 2025
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, and Internal Service 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, 2025
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
$42,303,384 and the bank balances totaled $44,424,373.
Investments. The Village has the following investment fair values and maturities:
Investment Maturities (in Years)
Fair Less Than More Than
Investment Type Value 1 1-5 6-10 10
IPRIME 53,515,104 48,393,047 511221057
Illinois Funds 36,204,203 36,204,203
Totals 89,7191307 84,597,250 511221057
The Village has the following recurring fair value measurements as of year-end:
• IPRIME of $53,515,104 is valued using net asset value per share as determined by the pool
• Illinois Funds of $36,204,203 is valued using net asset value per share as determined by the pool
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 AAAmmf by Fitch 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.
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
DEPOSITS AND INVESTMENTS - Continued
Village - Continued
Custodial Credit Risk - Continued. 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 IPRIME are not subject to custodial credit risk.
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.ipopif.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 $769,265 and the bank balances totaled $773,161.
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.
WX
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
DEPOSITS AND INVESTMENTS - Continued
Police Pension Fund - Continued
Investments. At year-end the Fund has $110,349,814 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 IPOPIF'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.
Investment Policy. IPOPIF's current investment policy was adopted by the Board of Trustees on December 17,
2021. IPOPIF is authorized to invest in all investments allowed by Illinois Compiled Statutes (ILCS). 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, 2025, the annual money -weighted rate of return on pension plan investments,
net of pension plan investment expense, was 17.79%. 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.ifpif.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 $698,193 and the bank balances totaled $698,193.
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 party 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.
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
DEPOSITS AND INVESTMENTS - Continued
Firefighters' Pension Fund - Continued
Custodial Credit Risk - Continued. 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.
Investments. At year-end the Fund has $95,288,190 invested in IFPIF. The pooled investments consist of the
investments as noted in the target allocation table available at www.ifbif.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 1 st 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 (ILCS). 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, 2025, the annual money -weighted rate of return on pension plan investments,
net of pension plan investment expense, was 17.56%. 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 2024 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, 2025
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
CAPITAL ASSETS
Governmental Activities
Governmental capital asset activity for the year was as follows:
Beginning
Balances
Ending
Increases Decreases Balances
Nondepreciable Capital Assets
Land
$ 1617111979
M7111979
Construction in Progress
417921378
319901642
L5831172
7,1991848
2115041357
319901642
L5831172
23,9111827
Depreciable Capital Assets
Buildings
7714731042
2831492
7717561534
Improvements Other than Buildings
115161920
431680
521273
1,508,327
Vehicles
1414841628
115861864
110631383
15081109
Machinery and Equipment
712871722
154611853
4831064
8,2665511
Infrastructure
12219891951
1052231117
50
133,2135018
22317521263
1315991006
115981770
235,7521499
Less Accumulated Depreciation
Buildings
1518871600
115451184
17,4321784
Improvements Other than Buildings
5991654
421783
261137
6161300
Vehicles
917201286
110261379
110081579
9,7381086
Machinery and Equipment
315651468
5431393
4201586
3085275
Infrastructure
8411851020
212231647
50
8614081617
1131958M28
513811386
L4551352
117041062
Total Net Depreciable Capital Assets
10917941235
8,217,620
143,418
117,868,437
Total Net Capital Assets
13112981592
12,2081262
1,726,590
141,780>4
62
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
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 $ 5931462
Public Safety l J 23 X0
Highways and Streets 2,3361420
Health 21349
Welfare 31752
Culture and Recreation 71240
Internal Service 113141843
5,381,386
Business -Type Activities
Business -type capital asset activity for the year was as follows:
Beginning Ending
Balances Increases Decreases Balances
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
$ 1713181818
121706,319
2301573
12,706,319
17,3181818
2301573
3010251137
2301573
12,7061319
17,5491391
493111808
418601968
6117051656
251085
21,0801060
2751010
4,3111808
418861053
82,5101706
7018781432
21,1051145
275,010
91,708,567
31181,450
31942,935
1815691272
451332
491352
114261045
2321138
3,2261782
319921287
19,7631179
25031657
1,520,729
2321138
26,9821248
4511841775
1915841416
421872
64,7261319
75,209,912
M8141989
12,749,191
82,275,710
63
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
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
Interfund transfers for the year consisted of the following:
1 __520_729
Transfer In Transfer Out Amount
General Nonmajor Governmental $ 6651000
Debt Service General 3,099,433
Nonmajor Governmental General 3100000
Nonmajor Business -Type General 10000
6,864,433
The purpose of significant transfers from/to between funds are as follows:
• $665,000 transferred to the General Fund from the Rural Special Service Area Fund to offset the fire
department expenses from having to cover new special service area.
• $3,099,433 transferred from the General Fund to the Debt Service Fund to support debt service
requirements.
• $3,000,000 transferred from the General Fund to the Pension Stabilization Fund ($2,000,000) to provide
an alternative revenue source supporting the annual pension costs generally funded from the annual
property tax levy and to the Capital Improvement Fund ($1,000,000) to fund support of small to midsize
capital projects for the Village.
• $100,000 transferred from the General Fund to the Village Parking System Fund to support parking
related projects and expenses.
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 Nonmaj or Governmental $ 11500
Police Pension General 212271807
Firefighters' Pension General 1,743,063
3,972,370
Ism
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
INTERFUND ADVANCES
Interfund advances as of the date of this report are as follows:
Receivable Fund
Payable Fund Amount
General Prospect and Main TIF District $ 9,0481000
Interfund advances represent payments of tax increment financing expenditures on behalf of these funds. These
amounts will be paid over several years including interest at 4.00%.
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 $ 81882 81882
Grants 25994,549 21994,549
Miscellaneous 91,839 253 92,092
31095,270 253 31095,523
LONG-TERM OBLIGATIONS
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
$9,1001000 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 $ 7,28500 117401000 5,54500
65
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
LONG-TERM OBLIGATIONS - Continued
General Obligation Bonds - Continued
Issue
Fund Debt
Retired by
Beginning
Balances Issuances
Ending
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
411651000
2001000 3196500
2.50% to 4.00% through December 1,
Water and
2037.
Sewer
30000
20500 316551000
$11,9501000 General Obligation Prospect and
Bonds of 2018A, due in annual p
Main TIF 6,20000 2801000 5,9201000
installments of $115,000 to $700,000
plus interest at 3.25% to 5.00% Water and
through December 1, 2037. Sewer 318501000 1901000 316601000
$3 8,440,000 General Obligation
Bonds of 2018B, due in annual
installments of $15500 to
$3,110,000 plus interest at 3.625% to Debt
5.000% through December 1, 2043. Service 36,45500 1551000 36,30000
$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 8,43000 3451000 810851000
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
LONG-TERM OBLIGATIONS - 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 $ 7,28000 2601000 710201000
$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 8,23500 25500 7,98000
$8123000 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 6,910,000 68500 6,22500
92,670,000 4,315,000 88,355,000
Limited Tax Note Payable
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 $ 3814131094 214491530 214521198 38,4101426
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
LONG-TERM OBLIGATIONS - 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 96 years.
Long -Term Liabilities Activity
Changes in long-term liabilities during the fiscal year were as follows:
Beginning Additions/ Ending
Type of Debt Balances Accretion Deductions Balances
Governmental Activities
Compensated Absences
Governmental
Internal Services
Claims Payable
Net Pension Liability
IMRF
Police Pension
Firefighters' Pension
Total OPEB Liability - RBP
Governmental
Internal Services
General Obligation Bonds
Unamortized Premium
Business District Limited Tax
Note Payable
$ 416699929
941139
9731423
2,941,124
6519591214
5110661767
Amounts
within
One Year
1325080 4180209 l J43,342
18 J 35 761004 151201
778,311 195 J 12 441300
501,416
8,575,244
8,336,874
8,11313 81 4515381
2791730 29,678
6812951000 3,320,000
117611165 176,866
3814131094 2,4491530 2,452,198
2,439,708
57,3 83,970
42,729,893
8,564,762 379,406
2501052 101888
64197500 314801000
11584,299 176,866
381410,426 210211901
242,5661966
3M321991
24J W722
221,4111235
71271,904
Business -Type Activities
Compensated Absences
3231216
81540
3311756
66,351
Net Pension Liability - IMRF
5541606
83,960
4701646
Total OPEB Liability - RBP
6331549
121624
646,173
28,476
Asset Retirement Obligation
7501000
75000
General Obligation Bonds
2413751000
99500
23138000
110851000
Unamortized Premium
115561051
9704
11458,247
971804
2811921422
211164
1,176,764
27M36,822
1,277,631
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
LONG-TERM OBLIGATIONS - Continued
Long -Term Liabilities Activity - Continued
For the governmental activities, 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, 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. Compensated
absences are reported as the net change amount for the fiscal year.
Debt Service Requirements to Maturity
The annual debt service requirements to maturity, including principal and interest, are as follows:
Governmental Activities Business -Type Activities
General Obligation General Obligation
Fiscal Bonds Bonds
Year Principal Interest Principal Interest
2026 $
3,480,000
21434,986
1108500
7951932
2027
31630,000
21316,796
11165,000
7461082
2028
30000
21197,422
1125500
6991882
2029
31460,000
21075,168
1,340,000
649,700
2030
3175000
119321872
114351000
5951750
2031
319451000
11781,566
115351000
5421494
2032
4115000
11622,362
1162500
484,306
2033
4137000
1145408
1172500
4311732
2034
3,71500
1,280,170
1182500
3771920
2035
3,900,000
11151,550
11930,000
3201988
2036
4109000
11014,519
2103000
2611244
2037
4128500
870,125
2,140,000
1971912
2038
31260,000
718,400
1139000
1301650
2039
3,400,000
598,200
114651000
881000
2040
2176500
4691600
7001000
431050
2041
2187500
35900
7351000
221050
2042
2199000
24400
2043
31110,000
124,400
Totals 64,975,000 22,645,944 23,380,000 6,387,692
I• X
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
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, 2025:
Governmental Activities
Capital Assets - Net of Accumulated Depreciation $ 141,780,264
Plus:
Unamortized Refunding Loss 189,243
Less Capital Related Debt:
Capital Related Accounts Payable
(1,378,593)
Retainage Payable
(42,31 1)
General Obligation Refunding Bonds of 2016A
(5,5451000)
General Obligation Bonds of 2017
(31965,000)
General Obligation Bonds of 2018A
(5,9201000)
General Obligation Bonds of 2018B
(36,300,000)
General Obligation Bonds of 2019B
(7,020,000)
General Obligation Refunding Bonds of 2022B
(6,2251000)
Premium on Debt Issuance
(1,584,299)
Net Investment in Capital Assets 73,989,304
01
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
NOTE 3 - DETAIL NOTES ON ALL FUNDS - Continued
NET POSITION CLASSIFICATIONS - Continued
Business -Type Activities
Capital Assets - Net of Accumulated Depreciation $
Less Capital Related Debt:
Retainage Payable
General Obligation Bonds of 2017
General Obligation Bonds of 2018A
General Obligation Bonds of 2019A
General Obligation Bonds of 2022A
Premium on Debt Issuance
82,275,710
(193,040)
(3,6551000)
(3,6601000)
(8,0851000)
(7,9801000)
(1,458,247)
Net Investment in Capital Assets 57,244,423
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; orb) 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, 2025
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 Nonmaj or
Totals
Fund Balances
Nonspendable
Inventories $
21738
2,738
Prepaids
3421572
951967
438,539
Advances to Other Funds
910485000
910481000
V939310
959967
9,489,277
Restricted
Public Safety
Police
641 X9
641 M69
Fire
5811628
581,628
Highways and Streets
L233,710
413241982
5,558,692
Capital Projects
216441205
2,644,205
Debt Service
1,603,432
1,603,432
11233,710
11603,432 811911884
111029M26
Committed
Pension Stabilization
1412711440
7621659
15M34M99
Refuse Disposal
212331511
2,233,511
14,271,440
2,996,170
17>7,610
Assigned
Debt Service
311011000
3 J O L000
Pension Stabilization
210009000
2001000
Capital Projects
2118311874
211831,874
51101 NO
2118311874
26,9321874
Unassigned
54,946,411
54,946,411
Total Fund Balances
69,440,721
L233,710
14,2711440
11603,432 3311151895
11905J98
72
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
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 $15,240 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
2026
$ 2208
31112
2027
22,828
2,372
2028
23,593
11607
2029
24,385
817
92,894 7,908
NOTE 4 - OTHER INFORMATION
RISK MANAGEMENT
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/litigation 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.
AW
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
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 $1,591,262 is being
held at IRMA at December 31, 2025.
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, 2025 was $195,112.
Changes in the balances of claims liabilities during the fiscal year are as follows:
Workers' General
Compensation Liability Totals
Claims Payable - December 31, 2023 $
5201339
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
9381221
35,202
9731423
Incurred Claims
(332,152)
6501
(266,471)
Claims Paid
(458,660)
(53J80)
(511,840)
Claims Payable - December 31, 2025 1471409 47,703 195,112
/r'
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
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 $4,686,619 is being held at IPBC at December 31, 2025.
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 determined 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 2026, the Village estimates it will pay SWANCC $1,150,086, 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, 2025
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 $8,067,707 to JAWA for the year ended
December 31, 2025. 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.
A
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
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 $1,127,196 to SWANCC for the year ended
December 31, 2025, 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.or . 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 (ILLS) and can
only be amended by the Illinois General Assembly.
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - Continued
The aggregate amounts recognized for the pension plans are:
Pension Net Pension Deferred Deferred
Expenses Liabilities Outflows Inflows
IMRF 2,741,918
2,910,354
4,8291329
101430
Police Pension 8,3361145
5713831970
711451187
717851840
Firefighters' Pension 6,331,376
4217291893
212161917
714681178
14,5667,521 100,113,3863 9,362,104 15,254,018
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 Sheriff's Law Enforcement Personnel (SEEP) 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 1 every year after retirement.
/:
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - 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, 2024, the measurement date, the following employees were covered by
the benefit terms:
Inactive Plan Members Currently Receiving Benefits 314
Inactive Plan Members Entitled to but not yet Receiving Benefits 213
Active Plan Members 261
Total
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, 2025,
the Village's and the Library's contributions were 6.29% and 6.52% of covered payroll, respectively.
Net Pension Liability. The Village's net pension liability was measured as of December 31, 2024. The total
pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date.
A
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - 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, 2024, using the following actuarial methods and assumptions:
Actuarial Cost Method Entry Age
Normal
Asset Valuation Method Fair Value
Actuarial Assumptions
Interest Rate 7.2 5 %
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 abuilding-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:
:1
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
NOTE 4 - OTHER INFORMATION - Continued
EMPLOYEE RETIREMENT SYSTEM - DEFINED BENEFIT PENSION PLANS - Continued
Illinois Municipal Retirement Fund (IMRF) -Continued
Plan Descriptions - Continued
Actuarial Assumptions - Continued.
Asset Class
Target
Long -Term
Expected Real
Rate of Return
Fixed Income
24.50%
5.20%
Domestic Equities
33.50%
4.35%
International Equities
18.00%
5.40%
Real Estate
10.50%
6.40%
Blended
12.50%
4.85% - 6.25%
Cash and Cash Equivalents
1.00%
3.60%
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 $ 141583,224
21910,354
(6,255,769)
Library 41605,024
919,018
(11975,418)
Net Pension Liability/(Asset) 19,188,248 3,829,372 (8123 1 , I87)
M6
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
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
Employer's Net Pension Liability
Village Library Totals
$ 114031100
4431065
1, 846,165
7,1101367
2,2001249
9,3101616
1,513,709
4771992
1,991,701
(5,432,347)
(1,715,401)
(71147,748)
415941829 1,405,905 6001734
9611611097 34,9111986 131M7303
100,7551926 36,3171891 137,073,817
1,056,430
727,295
914461747
(5,4321347)
(617,920)
333,594
229,662
2,983,050
(I ,715,401)
(195J24)
L390M24
956,957
12,429,797
(71147,748)
(813,044)
5,1801205 1,6351781 6,815,986
92,6651367 33,763,092 126,428,459
971845,572 35,398,873 133,244,445
219101354 9191018 3,8291372
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
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, 2025, the Village recognized pension expense of $2,741,918 and the Library
recognized pension expense of $ 893,977. At December 31, 2025, 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
$ 114821226
468,051
119501277
(10,430)
(31294) (13,724)
212391626
707,218
219461844
317211852
(10,430) 1,175,269
(31294) 41883,397
111071477
349,714
1,457,191
418291329
(10,430) 1,524,983
(31294) 6,3401588
$1,107,477 for the Village and $349,714 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, 2026. 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
Year
Deferred Outflows/(Inflows) of Resources
Village Library Totals
2026
$ 1,944,548
614,041
2,558,589
2027
31409,312
110761577
4148509
2028
(11115,415)
(352,220)
(1,467,63 5)
2029
(527,023)
(166,423)
(693,446)
2030
Thereafter
Totals 317111422 111711975 4031397
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
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 asingle-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 afive-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, 2025, the measurement date, membership consisted of the following:
Inactive Plan Members Currently Receiving Benefits 92
Inactive Plan Members Entitled to but not yet Receiving Benefits 15
Active Plan Members 89
Total
196
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 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 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, 2025
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 1/2 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., 1/2 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 1 St 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 1/2 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, 2025, the Village's contribution was 50.63% 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).
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
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, 2025, using
the following actuarial methods and assumptions:
Actuarial Cost Method Entry Age Normal
Asset Valuation Method Market 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.
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
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:
Current
1 % Decrease Discount Rate 1 % Increase
(5.80%) (6.80%) (7.80%)
Net Pension Liability $ 81,483,084 571383,970 371752,858
Changes in the Net Pension Liability
Balances at December 31, 2024
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
Balances at December 31, 2025
Total
Pension
Plan Fiduciary
Net Pension
Liability
Net Position
Liability
(A)
(B)
(A) - (B)
$ 163,5471862
97,5881648
65,959,214
2,3185256 2,318,256
11,002,594 11,002,594
1,998,910
1,998,910
5,7361187
(5,736J87)
1,1441907
(1,144,907)
171091,834
(17,091,834)
(8J261519)
(8J26,519)
(77,924)
77,924
7,1931241
15,768,485
(85575,244)
17017411103
113,3571133
575383,970
87
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
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, 2025, the Village recognized pension expense of $ 8,3 3 6,145 . At December 31,
2025, the Village reported deferred outflows of resources and deferred inflows of resources related to pensions
from the following sources:
Deferred
Deferred
Outflows of
Inflows of
Resources
Resources Totals
Difference Between Expected and Actual Experience $ 4031941 4031941
Change in Assumptions 2,2811246 2,2811246
Net Difference Between Projected and Actual
Earnings on Pension Plan Investments (71785,840) (7,7851840)
Total Deferred Amounts Related to Police Pension 7,145,187 (7,785,840) (640,653)
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:
Net Deferred
Outflows/
Fiscal (Inflows)
Year of Resources
2026
$ 41184,920
2027
(21118,793)
2028
(11499,801)
2029
(11540,129)
2030
3331150
Thereafter
Total
(640fi53)
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
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 asingle-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 afive-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, 2025, the measurement date, membership consisted of the following:
Inactive Plan Members Currently Receiving Benefits 91
Inactive Plan Members Entitled to but not yet Receiving Benefits 5
Active Plan Members 80
Total
176
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 V2 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.
:E
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
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 1/2 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., 1/2 percent for each month under 55). The monthly benefit of a Tier 2 firefighter shall be
increased annually at age 60 on the January 1 St 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 1/2 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, ILC S 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, 2025, the Village's contribution was
48.06% 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).
r1
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
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, 2025, using
the following actuarial methods and assumptions:
Actuarial Cost Method Entry Age Normal
Asset Valuation Method Market 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
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.
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
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:
Current
1 % Decrease Discount Rate 1 % Increase
(6.125%)
(7.125%)
(8.125%)
Net Pension Liability $
61,211,513
421729,893
27154208
Changes in the Net Pension Liability
Total
Pension
Plan Fiduciary
Net Pension
Liability
Net Position
Liability
(A)
(B)
(A) - (B)
Balances at December 31, 2024
$ 136,375,459
85,308,692
511066,767
Changes for the Year:
Service Cost
159721824
1,972,824
Interest on the Total Pension Liability
9,5751895
9,575,895
Changes of Benefit Terms
Difference Between Expected and Actual
Experience of the Total Pension Liability
440,528
440,528
Changes of Assumptions
Contributions - Employer
4,814,127
(4,814J27)
Contributions - Employees
1,004,104
(1,004,104)
Net Investment Income
14015262
(14fi0l>2)
Benefit Payments, Including Refunds
of Employee Contributions
(7,899,508)
(7,8991508)
Other (Net Transfer)
(93,372)
931372
Net Changes
4091739
12,426,613
(8,336,874)
Balances at December 31, 2025
1401465,198
97,7351305
4217291893
92
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
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, 2025, the Village recognized pension expense of $6,3 31,3 76. At December 31,
2025, 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
$ 842,766 (270,781) 571,985
1,374,151 1,374,151
(71197,397) (71197,397)
Total Deferred Amounts Related to Firefighters' Pension 21216,917 (71468, 178) (5,2511261)
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:
Net Deferred
Outflows/
Fiscal
(Inflows)
Year
of Resources
2026
$ 118741418
2027
(3,2521949)
2028
(2,2311783)
2029
(1,7141370)
2030
731423
Thereafter
Total (51251,261)
93
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
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 11 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 GASB 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, 2025, the measurement date, the following employees were covered by
the benefit terms:
Inactive Plan Members Currently Receiving Benefits 68
Inactive Plan Members Entitled to but not yet Receiving Benefits
Active Plan Members 317
Total
The plan membership as noted above includes both the Village and the Library members.
Total OPEB Liability
385
The Village's total OPEB liability was measured as of December 31, 2025, and was determined by an actuarial
valuation as of December 31, 2024.
Actuarial Assumptions and Other Inputs. The total OPEB liability in the December 31, 2025 actuarial valuation
was determined using the following actuarial assumptions and other inputs, applied to all periods included in the
measurement, unless otherwise specified:
00
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
NOTE 4 - OTHER INFORMATION - Continued
OTHER POST -EMPLOYMENT BENEFITS - Continued
Total OPEB Liability - Continued
Actuarial Assumptions and Other Inputs - Continued.
Inflation
Salary Increases
Discount Rate
Healthcare Cost Trend Rates
Retirees' Share of Benefit -Related Costs
2.75%
2.75%
4.83%
Initial rate of 8.00% decreasing annually to an ultimate rate of
4.50%
100% of the 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/Aa or better.
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, 2024
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, 2025
Total
OPEB
Liability
$ 9,0261660
5221692
3991844
(263,608)
1941169
(418,770)
4341327
01 .
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
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 4.83%, while the prior valuation used 4.28%. 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:
1% Decrease
(3.83%)
Current
Discount Rate
(4.8 3 %)
1 % Increase
(5.83%)
Total OPEB Liability $ 10,707,125 914601987 81419,357
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:
1 %Decrease
(Varies)
Total OPEB Liability $ 810761533
Healthcare
Cost Trend
Rates
(Varies)
1 %Increase
(Varies)
914601987 1112171377
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Notes to the Financial Statements
December 31, 2025
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, 2025, the Village recognized OPEB expense of $80,097. At December 31,
2025, the Village reported deferred outflows of resources and deferred inflows of resources related to OPEB from
the following sources:
Deferred
Deferred
Outflows of
Inflows of
Resources
Resources Totals
Difference Between Expected and Actual Experience $ (4,75 1 ,230) (4,75 1 ,230)
Change in Assumptions 20024 (2, 191 ,047) (191 ,023)
Net Difference Between Projected and Actual Earnings
Total Deferred Amounts Related to OPEB 210001024 (6,9421277) (41942,253)
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
2026
$ (842,442)
2027
(524,915)
2028
(613,368)
2029
(853,732)
2030
(853,732)
Thereafter
(1,254,064)
Totals
(41942,253)
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 - Last Ten Fiscal Years
Illinois Municipal Retirement Fund
Police Pension Fund
Firefighters' Pension Fund
• Schedule of Changes in the Employer's Net Pension Liability/(Asset) -Last Ten Measurement Years
Illinois Municipal Retirement Fund
Police Pension Fund
Firefighters' Pension Fund
• Schedule of Investment Returns - Last Ten Fiscal Years
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
Economic Emergency - 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, 2025
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
2016
Totals
$ 1,968,206
$ 2,0311571
$ 63,365
$ 16,5671389
12.26%
2017
Totals
1,900,189
1,941,668
411479
16,965,974
11.44%
2018
Totals
1,9301380
2,0321727
1021347
1719401334
11.33%
2019
Totals
1,6001357
1,6771888
771531
1812481083
9.19%
2020
Totals
2061703
2061703
1719651116
11.17%
2021
Totals
2,0641998
2001887
151889
1817721708
11.08%
2022
Totals
1,590,076
1,590,076
19,4141843
8.19%
2023
Totals
1,3101138
1,3101138
20,5991652
6.36%
2024
Totals
1,3901024
1,3901024
21,9591303
6.33%
2025
Village
I,1071477
1,1421392
341915
18,162,029
6.29%
Library
3491714
3431698
(61016)
5,2711445
6.52%
Totals
1,457,191
1,486,090
281899
23,4331474
6.34%
Notes to the Required Supplementary Information:
Actuarial Cost Method
Aggregate Entry Age Normal
Amortization Method
Level % Pay (Closed)
Remaining Amortization Period
19 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, 2025
Contributions
in Relation to
Actuarially the Actuarially Contribution Contributions as
Fiscal Determined Determined Excess/ Covered a Percentage of
Year Contribution Contribution (Deficiency) Payroll Covered Payroll
2016 $ 3,204,363
$ 3,23207 $
28,524 $
8,276,985
39.06%
2017 318171579
31747X5
(69,754)
81354,290
44.86%
2018 316011216
316081602
71386
815261976
42.32%
2019 31607,934
315821409
(25,525)
81505 J 72
42.12%
2020 31864,556
3,8551754
(81802)
817911984
43.86%
2021 3,985,302
3,977,102
(81200)
9M341880
44.02%
2022 3,820,016
3,82I J04
L088
9,7021264
39.38%
2023 4,760,936
4,836,758
751822
M434,700
46.35%
2024 5,62907
500,769
(28,298)
11,008,986
50.87%
2025 611261944
51736J 87
(390,757)
111328,728
50.63%
Notes to the Required Supplementary Information:
Actuarial Cost Method
Entry Age Normal
Amortization Method
Level % Pay (Closed)
Remaining Amortization Period
17 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
Pub-2010 Public Safety
Employee Mortality Table improved
generationally
using scale MP-2021 applied
from 2010.
100
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Firefighters' Pension Fund
Schedule of Employer Contributions - Last Ten Fiscal Years
December 31, 2025
Contributions
in Relation to
Actuarially the Actuarially Contribution Contributions as
Fiscal Determined Determined Excess/ Covered a Percentage of
Year Contribution Contribution (Deficiency) Payroll Covered Payroll
2016 $ 2,589,599
206,983 $
217,384 $
6,981,704
40.20%
2017 312061186
31396,834
19048
712841199
46.63%
2018 313201940
313321773
111833
7,5191070
44.32%
2019 31375,839
3,3631390
(12,449)
7,854,176
42.82%
2020 31488,379
3,494,838
61459
8,0241566
43.55%
2021 3,649,130
3,6511864
21734
8,3531578
43.72%
2022 307,817
3,6781359
101542
8,5661519
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%
2025 511331242
4,814,127
(319,115)
101016189
48.06%
Notes to the Required Supplementary Information:
Actuarial Cost Method
Entry Age Normal
Amortization Method
Level % Pay (Closed)
Remaining Amortization Period
17 Years
Asset Valuation Method
5-Year Smoothed Fair Value
Inflation
2.25%
Salary Increases
4.00%
Investment Rate of Return
7.125%
Retirement Age
See the Notes to the Financial Statements
Mortality
Pub-2010 Public Safety Employee Mortality Table improved generationally
using scale MP-2021 applied from 2010.
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, 2025
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
12/31 /2015 12/31 /2016 12/31 /2017 12/31 /2018
Total Total Total Total
$ 1,810,785
11768,746
118119298
1,690,492
615481331
61803,558
710879425
7,223,810
(1,203,005)
(756,505)
5701864
31043,104
113,021
(232,520)
(31034,659)
3,019,891
(3,6031793)
(31834,437)
(41289,989)
(4,8221107)
305,339
3,748,842
211445939
10,155,190
88,324,160
91,989,499
9517389341
9703,280
91,989,499 951738,341 97031280 10810381470
$ 118631011
210311571
119411668
210321727
731,552
7451535
7665547
11104,133
403,461
51536,369
1417559335
(5,2301039)
(3,6031793)
(3,834,437)
(41289,989)
(4,8221107)
(348,936)
403,724
(11351,715)
119691030
(954,705)
4,882,762
11,821,846
(4,9461256)
81,1961743
80,242,038
8511241800
9619461646
8012421038 8511241800 9619461646 921000,390
$ 11,747,461 101613,541 936,634 16,03800
87.23% 88.91 % 99.04% 85.16%
$ 16,256,645 16,567,389 161965,974 17,940,334
Employer's Net Pension Liability/(Asset) as a
Percentage of Covered Payroll 72.26% 64.06% 5.52% 89.40%
Changes of Assumptions. Changes in assumptions related to the discount rate were made in 2015 through 2018 and 2020.
Changes in assumptions related to the demographics were made in 2017 and 2023.
102
12/31 /2019 12/31 /2020 12/31 /2021 12/31 /2022 12/31 /2023 12/31 /2024
Total Total Total Total Total Village Library Totals
1,8581283 11889,347 117291570 1,789,066 1,793,491 15403,100 4431065 1,846,165
7,7001258 8,093,842 811719763 8,5841118 8197%845 7911 0,3 67 212001249 913101616
1,402,150
(2,265,155)
21012,623
1,766,189
7711380
15513,709
4771992
1,991,701
(798,053)
(32,576)
(5,514,317)
(5,580fiM)
(5,9501015)
(6,562,08 1)
(6,804,489)
(51432,347)
(11715,401)
(7, 147,748)
5,4461374
11339,355
519631941
5,5771292
4,707,651
41594,829
114051905
6,000,734
108,0381470
1131484,844
114,8249199
120,788,140
126,365,432
961161,097
34,9111986
131107303
113,4841844 114,824,199 1201788,140 12613651432 131107303 1005755,926 3613171891 13710731817
1,67708
206,704
2108007
1,590,076
1,310,138
19056,430
333,594
1,390,024
87907
828,036
920,693
90%433
9311283
7271295
2291662
956,957
17,2761295
151388,334
20,0221657
(171095,047)
12,831,508
91446,747
2,9831050
12,42%797
(5,514,317)
(51580,626)
(51950,015)
(6,562,081)
(6,804,489)
(51432,347)
(19715,401)
(71147,748)
5271892
(302,878)
79,127
2121325
21764,639
(617,920)
(195,124)
(813,044)
14,8471365
12,339,570
17,153,349
(201945,294)
11,033,079
5,180,205
1,6351781
6,815,986
92001390
106,847,755
1191187,325
136,3401674
115,395,380
9205,367
33,7631092
126,428,459
106,8471755
119,187,325
1361340,674
115,395,380
126,428,459
97,845,572
35,3981873
133,244,445
6,63709
(41363,126)
(15,552,534)
10,970,052
4,644,624
29910,354
919,018
3,829,372
94.15% 103.80% 112.88% 91.32% 96.46% 97.11 % 97.47% 97.21 %
18,24803 17,965,116 18,772,708 19,4141843 20,599,652 1609,249 5,2701054 21,959,303
36.37% (24.29%) (82.85%) 56.50% 22.55% 17.44% 17.44% 17.44%
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, 2025
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 /2016 12/31 /2017 12/31 /2018
$ 1,732,924
1,5571284
1,575,461
8,2211483
7,9511856
8,1951228
(5,2011074)
(1,650,048)
(208,550)
291971
3851618
1,3201658
(41688,978)
(4,4041364)
(5,4071697)
941326
3,8401346
5,4751100
110,231,339
110,325,665
114,1661011
110,325,665 1 14, 1661011 119,641,111
$ 312321887
317471825
3081602
8151684
8301240
8381893
411611658
8,9671014
(3,6971156)
(41688,978)
(4,4041364)
(5,4071697)
(44,605)
(48,339)
(37,596)
3,4761646
9,0921376
(4fi941954)
5815001040
6119761686
71,069,062
6119761686 7110691062 66,3741108
$ 48,3481979 43,096,949 53,2671003
56.18% 62.25% 55.48%
$ 812761985 81354,290 8,5261976
584.14% 515.87% 624.69%
104
12/31 /2019
12/31 /2020
12/31 /2021
12/31 /2022
12/31 /2023
12/31 /2024
12/31 /2025
115761407
115711647
116131165
118251295
211621652
212851160
2,3181256
815741834
818261306
818991357
918081132
10,0141814
1015681174
11,002,594
2021152
(439,430)
(2,5331619)
1,303,302
11372,725
31231,740
113611284
1,998,910
(343,513)
(485,790)
12,017,565
834,969
(5,887,879)
(6,306,360)
(6,518,558)
(61839fi29)
(71196,326)
(7,5911825)
(8J261519)
316821571
110721184
171314,831
710011492
812121880
616221793
7,1931241
11916411111
12313231682
12413951866
14117101697
14817121189
15619251069
163,5471862
123X31682 1241395,866 141,710,697 148,712,189 156,925,069 16315471862 170,7411103
3,5821499
3,855,754
3,977,102
31821,104
418361758
516001769
5,736,187
8601265
86002
887,126
11020,818
113371196
1,117,864
1,1441907
1314401246
1012241907
1112801599
(13,736,952)
1013831139
815761577
17,0911834
(5,8871879)
(6,3061360)
(61518,558)
(61839,629)
(71196,326)
(7,5911825)
(8J261519)
(35,695)
(59fi76)
(60, 168)
(68,343)
(71,287)
(75,547)
(77,924)
11,959,436
66,374,108
8,57407
78,333,544
9,566,101
86,908,231
(151803,002)
961474,332
91289,480
8016711330
716271838
8919601810
15,7681485
97,588,648
7813331544
8619081231
9614741332
8016711330
8919601810
9715881648
113,3571133
4419901138
3714871635
45,236,365
681040,859
661964,259
6519591214
57,3831970
63.52%
69.86%
68.08%
54.25%
57.33%
59.67%
66.39%
815051172
817911984
9103400
917021264
1014341700
1110081986
11,328,728
528.97%
426.38%
500.69%
701.29%
641.75%
599.14%
506.53%
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, 2025
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 /2016 12/31 /2017 12/31 /2018
$ 1,4291810
1,426,03 3
1,427,248
7,2961444
7,2281968
7,5101621
(I,491,027)
1,470,077
(2,2551993)
3961832
(572,774)
8091820
(41981,207)
(5,4271385)
(5,9091909)
216501852
4,1241919
1,5811787
98,3461714
100,9971566
105,1221485
100,9971566 105,1221485 106,704,272
$ 218061983
313961834
3,3321773
6681070
6781476
6881000
310491538
9,3231369
(I,914,014)
(4198 1 ,207)
(5,4271385)
(5,9091909)
(55,257)
(50,783)
(63,660)
1,488,127
7,9201511
(3,8661810)
5618561702
5813441829
66,2651340
5813441829 6612651340 62,3981530
$ 42,6521737 38,8571145 44,3051742
57.77% 63.04% 58.48%
$ 619811704 7,284,199 7,5191070
610.92% 533.44% 589.24%
106
12/31 /2019 12/31 /2020 12/31 /2021 12/31 /2022 12/31 /2023 12/31 /2024 12/31 /2025
114791272
115811259
116231510
117461912
118311764
119731338
119721824
716171301
718291880
810641784
817841556
9,0571113
913481680
915751895
4031544
641710
9701396
1,328,239
80,779
454,716
(406,173)
4401528
(346,430)
(518,533)
7,790,489
227,213
(6,234fi4O)
(6,541 ,877)
(6,788,536)
(61965,087)
(71232,805)
(7,5531187)
(7,8991508)
219831757 313211125 121018,486 318741373 411101788 313621658 4091739
10617041272 10916881029 11310091154 12510271640 12819021013 13310121801 13613751459
109081029 113,009,154 125,027,640 1281902,013 133,01201 13613751459 140,4651198
3,3631390
3,494,838
3,65104
31678,359
414991543
417971836
4,8141127
7931037
758,838
782,338
81104
8641081
897,450
1,004,104
1019471884
1115561727
710211828
(12,071,065)
1013091190
815071896
1416011262
(6,2341640)
(6,5411877)
(61788,536)
(61965,087)
(71232,805)
(7,5531187)
(71899,508)
(40,260)
(36,998)
(109,735)
(69, 199)
(80,286)
(103,066)
(93,372)
8,829,411 9,231,528 4,557,759 (14,615j88) 81359,723 615461929 12,426,613
62,398,530 71,227,941 80,459,469 851017,228 7014021040 7817611763 85,308,692
7112271941
8014591469
8510171228
7014021040
7817611763
8513081692
9717351305
3814601088
3215491685
40,010,412
581499,973
541251,038
5110661767
4217291893
64.94%
71.20%
68.00%
54.62%
59.21%
62.55%
69.58%
718541176
810241566
81353,578
815661519
913051298
914701521
10,0161890
489.68%
405.63%
478.96%
682.89%
583.01%
539.22%
426.58%
107
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Police Pension Fund
Schedule of Investment Returns - Last Ten Fiscal Years
December 31, 2025
Annual Money -
Weighted Rate
of Return, Net
Fiscal of Investment
Year Expense
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%
2025
17.79%
10061,
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Firefighters' Pension Fund
Schedule of Investment Returns - Last Ten Fiscal Years
December 31, 2025
Annual Money -
Weighted Rate
of Return, Net
Fiscal of Investment
Year Expense
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%
2025
17.56%
109
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Retiree Benefit Plan
Schedule of Changes in the Employer's Total OPEB Liability
December 31, 2025
Total OPEB Liability
Service Cost
Interest
Changes in Benefit Terms
Differences Between Expected and Actual
Experience
Change of Assumptions or Other Inputs
Benefit Payments
Net Change in Total OPEB Liability
Total OPEB Liability - Beginning
Total OPEB Liability - Ending
Covered -Employee Payroll
Total OPEB Liability as a Percentage of
Covered -Employee Payroll
12/31/2018
$ 5231084
4631660
(IJ521702)
(I,704,999)
(387,384)
(2,2581341)
13,147,473
10,889,132
$ 26,1101072
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 GASB Statement 75.
Changes of Assumptions. Changes in assumptions related to the discount rate were made in 2018 through 2025.
110
12/31 /2019 12/31 /2020 12/31 /2021 12/31 /2022 12/31 /2023 12/31 /2024 12/31 /2025
4571933 5601011 882,943 836,978 5091065 5601934
4571768 4071957 329,431 3381311 4561913 4581844
(530,505)
(1,05307)
1,326,575
3,217,155
(422,580)
(452,279)
(966,849)
(11745,478)
(283,951)
(31099,372)
(404, 187)
(433,573)
(1369031)
(2,8631488)
437,350
1891936
(443,407)
(454,989)
5221692
3991844
(263,608)
194,169
(418,770)
112891191 216781957 (442,613) (41103J34) 823,890 (21108,763) 4341327
1018891132 1211781323 141857,280 1414141667 1013111533 1111351423 9,0261660
12,1781323
141857,280
14,41407
101311,533
111135,423
910261660
9,4601987
26,958,649
27,836,531
28,741,218
291641,953
301605,316
33,1511644
34,0631314
45.17%
53.37%
50.15%
34.79%
36.38%
27.23%
27.77%
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, 2025
Budget
Original
Final
Actual
Revenues
Taxes
$ 301838460
3216531860
33,306,994
Licenses and Permits
2071000
217231800
2,171,468
Intergovernmental
4116631082
47,629,382
47,315,352
Charges for Services
44701046
416861046
4,7791906
Fines and Forfeitures
3231500
4121500
4451560
Interest
211121000
212521500
215961339
Miscellaneous
640,300
116211900
1,611,687
Total Revenues
82,654,388
9119791988
92,2271306
Expenditures
General Government
910141095
%0291845
8,378423
Public Safety
50,2461625
5012531649
48,9361580
Highways and Streets
14,9651147
1318961876
1310491799
Health
2821149
2531938
2461772
Welfare
1,889417
211061417
1,982,544
Culture and Recreation
507,522
5071522
4301601
Total Expenditures
761904,955
7610481247
73,024,719
Excess (Deficiency) of Revenues
Over (Under) Expenditures
5,7491433
1519311741
l %202,587
Other Financing Sources (Uses)
Disposal of Capital Assets
951465
Transfers In
1,000,000
110001000
6651000
Transfers Out
(61749,433)
(15,4491433)
(6J991433)
(51749,433)
(14,4491433)
(5,4381968)
Net Change in Fund Balance 114821308 13,763,619
Fund Balance - Beginning 5516771102
Fund Balance - Ending 6914401721
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, 2025
Budget
Original
Final
Actual
Revenues
Taxes
Property Taxes
$ 510111000
5,9031750
5,903,732
Interest
301000
301000
21,977
Miscellaneous
1,500
1,500
Total Revenues
510421500
519351250
519251709
Expenditures
General Government
Other Employee Costs
4751000
4751000
3181974
Contractual Services
1651000
1651000
1161483
Capital Outlay
Building Improvements
2001000
2001000
1991197
Land Improvements
114251000
112251201
1,0951315
Other
211051000
1014051000
5117206
Debt Service
Principal Retirement
7401000
7401000
7401000
Interest and Fiscal Charges
6071738
6071738
9551738
Total Expenditures
517171738
1318171939
81598,513
Net Change in Fund Balance
(675,238)
(7,8821689)
(21672,804)
Fund Balance - Beginning
319061514
Fund Balance - Ending
1,2331710
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, 2025
Revenues
Interest
Expenditures
General Government
Contractual Services
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending
Budget
Original Final Actual
$ 3631750 5791750 5791806
3631750 5791750 5791806
13,691,634
14,271,440
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 - Nonmaj or 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
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, 2025
Budget
Original
Final
Actual
Taxes
Property Taxes - General
$ 813965074
8,3961074
9,717,568
Property Taxes - Police Pension
5,126,944
5,1261944
4,737,272
Property Taxes - Firefighters' Pension
4,1339242
4,1331242
3,815,040
Road and Bridge Property Tax
1255000
1251000
64,043
Auto Rental Tax
301000
301000
241275
Food and Beverage Tax
1,400,000
1,520,600
1,520,610
Real Estate Transfer Tax
110205000
111791700
1,1791678
Hotel/Motel Tax
951000
951000
1401869
Telecommunications Tax
110255000
9291400
9291400
Home Rule Sales Tax
7,50000
9,2781700
9,2781630
Gas Utility Tax
862,200
7141200
720,13 8
Electric Utility Tax
111255000
1,1251000
1,1791471
Total Taxes
3018381460
32,6531860
33,3061994
Licenses and Permits
Liquor Licenses
1905000
1901000
1911475
Business Licenses
16500
1651000
1671058
Contractor Licenses
130,000
1301000
133,780
Alarm Licenses
455000
451000
421101
Elevator Licenses
309000
301000
241770
Building Permit Fees
8751000
1,1261400
6231535
Reinspection Fees
85500
81500
1,300
Gaming License Fees
981000
981000
1161175
Vacant Structure Registration Fees
35500
31500
41000
Truck Rental Fees
6,500
61500
21410
Utility Permit Fees
31500
31500
61950
ZBA Hearing Fees
25000
21000
101950
Village Impact Fees
5000
501000
False Alarm Fees
301000
101000
81900
Landlord/Tenant Fees
3251000
3255000
3201122
Cable TV Franchise Fees
6451000
5301400
5171942
Total Licenses and Permits
216071000 217231800 2,1711468
118
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Revenues - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2025
Budget
Original
Final
Actual
Intergovernmental
State Sales Tax
$ 280000
34091200
34091166
State Income Tax
9150000
1012501000
M252,936
State Use Tax
2,31 ONO
837J 00
837J 03
Charitable Games Tax
35500
31500
L589
Cannabis Education Fund
951000
951000
861439
Municipal Cannabis Tax
851000
851000
781592
Replacement Taxes
6665582
6661582
5631789
Replacement Taxes - Road and Bridge
105000
10,000
449023
Grant - Body Armor
55000
51000
41600
Grant - American Rescue Plan Act
20000
Grant - Other
9889000
98800
557,115
Total Intergovernmental
4116631082
47162913 82
47X 5,352
Charges for Services
Maintenance of State Highways
1205000
1201000
1641976
Ambulance Transport Fees
410611046
412771046
4,2771429
Forest River Rural FPD
5000
501000
691262
Other Programs
42,500
421500
2%252
Special Detail Revenue
255000
251000
151442
Police Training Revenue
85500
81500
391399
Fire Training Revenue
21100
21100
181417
Lease Payments - Cell Towers
1005000
1001000
1011000
General Store Lease
605900
601900
641729
Total Charges for Services
41470M46
4061046
4,7791906
Fines and Forfeitures
Fines - Parking
1455000
2021500
2021257
Fines - Local Ordinances
I NO
11000
Fines - Code Enforcement
171500
171500
451696
Fines - Circuit Court
1005000
1315500
131,421
Fines - Parental Responsibility
11200
Forfeited Escrow Funds
6000
601000
641986
Total Fines and Forfeitures
323,500
4121500
445,560
119
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Revenues - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2025
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
$ 211001000 212401500 2,5611968
12,000 121000 34,371
2,1125000 2,2521500 2,596,339
2645000
2641000
2611100
155000
1500
359049
21000
21000
377
871500
1 M691100
L025,368
600
61000
9
800
800
11324
6,500
61500
61195
500
500
325
500
500
170
2575500
2571500
2811770
640,300 1,621,900 1,611,687
82,654,388 91,9791988 92,227,306
120
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual
For the Fiscal Year Ended December 31, 2025
Budget
Original
Final
Actual
General Government
Public Representation - Administration
$ 2721098
2721098
2961588
Village Administration
5,6221809
5,626M59
5J31,821
Finance Department
1,907,525
1,907,525
1,78%072
Community Development - Administration
112041516
1,217,016
l J 53,786
Benefit Payments
71147
71147
71156
Total General Government
910141095
9M291845
8X81423
Public Safety
Community Development - Code Enforcement
1,434,689
1,442,401
1,404,849
Police Department
25,9701846
25,932,658
25 J43,872
Fire Department
2218411090
22,8781590
22,3871859
Total Public Safety
5012461625
50,2531649
48,9361580
Highways and Streets
Public Works Department
14,9651147
13,8961876
13M491799
Health
Community Development - Health
2821149
2531938
2461772
Welfare
Human Services Department
115831765
1001765
L7451361
Community Development - Housing
3051652
3051652
2371183
Total Welfare
1091417
2,1061417
1,982,544
Culture and Recreation
Public Representation - Community and Civic Services
5071522
5071522
4301601
Total Expenditures
7619041955
76M481247
73M241719
121
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual
For the Fiscal Year Ended December 31, 2025
Budget
Original
Final
Actual
General Government
Public Representation - Administration
Mayor and Board of Trustees
Personal Services
$ 2506
251006
24,505
Employee Benefits
1,917
11917
11874
Other Employee Costs
6M00
61000
51982
Contractual Services
2221375
2221375
2511265
Commodities and Supplies
600
600
51462
Office and Other Equipment
1000
101000
7,500
Total Public Representation - Administration
272M98
2721098
2961588
Village Administration
Village Manager's Office
Personal Services
706,148
7061148
7281298
Employee Benefits
482,569
4821569
235,762
Other Employee Costs
2800
281000
141104
Contractual Services
53,276
531276
241232
Utilities
400
41000
21437
Commodities and Supplies
V 15
91315
6,385
Office and Other Equipment
250
250
180
Insurance
29,568
291568
291568
Other Expenditures
20000
2001000
Total Village Manager's Office
11513J26
115131126
110401966
Legal Services
Contractual Services
760,825
7681825
84604
Total Legal Services
760,825
7681825
8461664
Human Resources
Personal Services
3511665
3511665
3011038
Employee Benefits
364,783
364,783
4661265
Other Employee Costs
75,250
701500
37,436
Contractual Services
66,650
661650
471500
Commodities and Supplies
1,875
11875
1 M70
Total Human Resources
860,223
8551473
8531309
122
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2025
General Government - Continued
Village Administration - Continued
Information Technology
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Office and Other Equipment
Total Information Technology
Communications
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Utilities
Commodities and Supplies
Total Communications
Marketing and Public Relations
Personal Services
Employee Benefits
Contractual Services
Other Employee Costs
Total Marketing and Public Relations
Budget
Original
Final
Actual
$ 482,589
4821589
4841325
165,495
1651495
161,879
71000
71000
11078
8W475
8001475
7535799
28,500
28,500
261699
500
500
198
1500
151000
41903
11499,559
114991559
L4321881
189,224
1891224
1851095
73 M 16
731016
741616
4,300
41300
747
93,523
931523
911111
L300
11300
921
1M50
11050
1M44
362,413
3621413
3531534
11 MOO
1 K700
114,001
24,502
249502
28,576
256,500
2561500
2411125
400
41000
31066
395,702 3951702 3861768
123
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2025
General Government - Continued
Village Administration - Continued
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
Accounting
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Total Accounting
Budget
Original Final
Actual
$ 140,538
1401538
138,519
471773
471773
491241
2M50
21050
411
38,550
38,550
281588
2,050
21050
940
230,961 2301961 2171699
5162209 516261059 5 J 31,821
28908
2891698
2931320
9300
931660
841563
2800
281660
71195
266,890
2661890
258,793
1,700
21700
21447
71175
71175
51509
163,500
1461000
1271689
15,395
151395
151395
866,678
8501178
794,911
442,900
4421900
4071750
131,998
1311998
1241227
4,500
41500
31522
11,500
111500
91722
3,200
31200
11964
594M98 5941098 5471185
124
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2025
General Government - Continued
Finance Department - Continued
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
Planning and Zoning
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Total Planning and Zoning
Budget
Original
Final
Actual
$ 28J26
291626
291467
3131148
3131148
3131443
7705
921685
995150
3,090
3 M90
60
17,275
171275
3,421
7,425
71425
11435
418,623
4331623
4171509
119071525
1 N71525
117891072
133,416
1331416
1341198
42,143
421143
381534
5,750
51750
41282
72,500
521000
32X2
31300
31300
11819
1,500
11500
817
V20
V20
91720
268,329
2471829
2211692
32301
3231001
325,793
1011552
1161552
1141779
M700
171200
65798
29,511
29,511
221820
I I NO
121500
8,280
483,764 4981764 4781470
125
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2025
General Government - Continued
Community Development - Administration - Continued
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
Community Development - Code Enforcement
Building Inspection
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Total Community Development - Code Enforcement
Budget
Original
Final
Actual
$ 52,572
521572
441370
1403
141683
11,905
31500
31500
10000
1001000
1025357
170,755
1701755
158,632
185,504
1851504
1911558
69J 36
871136
76,232
71684
71684
81216
(358)
M344
l V44
191344
28108
2991668
2941992
11204,516
112171016
l J 53,786
7,147
71147
75156
91014,095
910291845
M78,423
90053
9361639
9M932
3291200
3371200
3641845
14,569
141569
155268
157,767
129,268
851655
24,500
241725
M 149
1143409
1,442,401
1,404,849
126
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2025
Public Safety
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
Total Patrol and Traffic Enforcement
K-9 Unit
Personal Services
Employee Benefits
Contractual Services
Commodities and Supplies
Total K-9 Unit
Budget
Original
Final
Actual
$ 11051,833
110511833
1 M511506
51539,599
515391599
5J38,981
1861770
2151770
2141915
11678,417
1163 715 96
115 811826
10,000
101000
101285
32,170
311170
26,671
23,335
231335
11670
195,821
1951821
195,821
81717,945
8,7051124
8,221,675
526,410
5261410
5131349
2W492
2081492
2061864
400
41800
51121
5,870
51870
41457
500
500
746,072 7461072 7291791
101393,971
1013 931971
9,8401029
1,714,710
117141710
1,898,194
436,275
4361275
4211412
116,290
1001723
851311
6,350
61350
6,742
1216671596
12,6521029
1212511688
23,720
231720
1241400
345
345
221732
7,575
71575
101445
6,040
61040
5,779
3700
371680
1631356
127
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2025
Public Safety - Continued
Police Department - Continued
Crime Prevention and Public Services
Personal Services
Employee Benefits
Other Employee Costs
Contractual Services
Commodities and Supplies
Total Crime Prevention and Public Services
Civic Events
Personal Services
Employee Benefits
Total Civic Events
Investigative
Personal Services
Employee Benefits
Contractual Services
Utilities
Commodities and Supplies
Office and Other Equipment
Total Investigative
Equipment Maintenance
Contractual Services
Commodities and Supplies
Office and Other Equipment
Total Equipment Maintenance
Total Police Department
Budget
Original
Final
Actual
$ 357X1
3571921
3601933
6309
631869
77,936
51050
51050
51779
3,895
31895
15871
36,395
36,395
451220
467J 30
4671130
4911739
63,395
11484
641879
11935,620
119351620
L8851058
26403
2641603
2881696
27,460
241460
181816
2,500
21500
748
51010
51010
31854
35,890
351890
145120
2127103
212681083
2,211,292
110K595
110091595
9611773
43,410
431410
44,701
101335
31535
21978
11063,340
11056,540
1 M091452
251970,846
2519321658
25J431872
128
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2025
Budget
Original
Final
Actual
Public Safety - Continued
Fire Department
Administration and Support
Personal Services
$ 881 J 90
8811190
8841020
Employee Benefits
41608,212
408,212
4,439,543
Other Employee Costs
591550
591550
561305
Contractual Services
11942,376
L8351576
1,519,222
Commodities and Supplies
1300
111000
101914
Office and Other Equipment
5,614
5,614
404
Insurance
160,393
160,393
1601393
Total Administration and Support
71670,335
7,5611535
7M75> 1
Fire Department Operations
Personal Services
1018841590
11 M041590
11 M351030
Employee Benefits
118451481
1,845,481
1,903,450
Other Employee Costs
113,700
113,700
791267
Contractual Services
167,750
167,750
1581735
Commodities and Supplies
23,850
331850
261712
Office and Other Equipment
186,858
1981658
203,306
Total Fire Department Operations
131222,229
13,3641029
134061500
Fire Prevention
Personal Services
320,727
3201727
3121451
Employee Benefits
126,218
126,218
1221480
Other Employee Costs
2,750
2,750
21317
Contractual Services
1,500
11500
790
Commodities and Supplies
1900
191000
201319
Total Fire Prevention
470,195
4701195
4581357
Communications
Contractual Services
200
200
11152
Utilities
1400
1400
131992
Commodities and Supplies
1,500
11500
21067
Office and Other Equipment
500
81500
3,710
Total Communications
22,500
261000
201921
129
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2025
Budget
Original
Final
Actual
Public Safety - Continued
Fire Department - Continued
Equipment Maintenance
Contractual Services
$ L07102
L07102
1 M7102
Commodities and Supplies
16
1107102
1 M711802
1 M711818
Emergency Preparedness
Personal Services
214,740
214,740
2131241
Employee Benefits
73,302
731302
801587
Other Employee Costs
I NO
1,000
867
Contractual Services
400
41000
31258
Commodities and Supplies
161900
161900
141931
Total Emergency Preparedness
3091942
3091942
31218 84
Paid on Call
Personal Services
57,531
57,531
279227
Employee Benefits
2,556
2,556
21090
Other Employee Costs
900
101200
81162
Office and Other Equipment
500
400
4,639
Total Paid on Call
7407
75M87
42,118
Total Fire Department
2218411090
22,8781590
22,3871859
Total Public Safety
501246,625
501253,649
48,9361580
Highways and Streets
Public Works Department
Administration and Support
Personal Services
344,510
3441510
350,754
Employee Benefits
19307
1931087
1941924
Other Employee Costs
341706
341706
341123
Contractual Services
210681495
210681495
210751605
Utilities
4,777
4,777
61652
Commodities and Supplies
37,598
37,598
361981
Office and Other Equipment
5,815
5,815
51000
Insurance
183,262
1831262
1831265
Total Administration and Support
21872,250
218721250
2071304
130
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2025
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
$ 148,632
1481632 1391317
58,265
581265 501956
41777
41777 3,878
3,921
31921
215,595 2151595 1941151
74000
7401800
7301914
254,196
2541196
2491096
525,631
5231231
4861150
471046
1041026
881955
181,787
1781307
1481920
4,971
41971
11754,431
118051531
L7041035
3991848
3991848
3741252
102,831
1021831
971547
11519,357
L2881434
112731087
54,444
741444
721419
21076,480
118651557
L8171305
539J 99
5391199
5191716
156,471
1561471
147,459
2171542
2171542
1631521
444,294
4241294
2651104
13,239
131239
81097
11370,745 113501745 1,1031897
131
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2025
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
Total Street and Buildings Division
Budget
Original
Final
Actual
$ 1 14,3 86
1141386
108J55
311536
311536
281671
12,585
121585
65493
11,539
11,539
31086
170,046
1701046
1461405
52,286
521286
46,550
141917
141917
131317
22,934
221934
125833
3704
3704
261369
127,221
1271221
991069
104X2
1041922
11 M09
221721
221721
231629
38J74
381174
375352
165,817
1651817
171,690
51X1
511021
461205
16,547
161547
1407
217
217
67,785
67,785
611072
51948J20
517681297
5,2971624
132
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2025
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
$ 1391949
1391949
1381344
42,766
421766
491062
3J48
31148
21878
18503
1851863
1901284
248,814
2481814
2291564
691151
691151
661776
375,412
3201712
2231573
11,189
181189
171337
40,819
401819
251838
745,385
6971685
5631088
6351504
6351504
6411043
192,812
1921812
2011252
6,723
61723
71751
518,396
5171796
4741343
006
81606
51127
13,820
141420
131444
1137501
113751861
1,342,960
136,511
1361511
1271083
43,223
431223
421157
2,953
21953
41,612
411612
331686
224,299 2241299 2021926
133
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2025
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
$ 60,176
181716
601176
181716
58,746
181942
78,892
781892
771688
12,875
4,472
121875
41472
12,199
4 J 89
171347
171347
161388
21627,647
2,5791947
2,3935334
924,978
9241978
8491360
280X4
2801024
2521845
5,786
71386
61342
237,811
1971811
1841451
6,753
61753
41045
607
61607
31533
2,759
21759
945
11464,718
114261318
1,301,521
631599
631599
601254
18,919
181919
211972
126,220
1261220
751888
230J 50
2651150
2611085
32,287
321287
251415
471,175 5061175 4441614
11935,893 119321493 L7461135
134
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2025
Budget
Original
Final
Actual
Highways and Streets - Continued
Public Works Department - Continued
Capital Expenditures
Infrastructure
Resurfacing/Curbs
$ 1130200
4641652
462,308
Miscellaneous - Public Buildings
301000
301000
271692
Miscellaneous - Forestry
249,237
2491237
2355402
Total Capital Expenditures
11581,237
7431889
725,402
Total Highways and Streets
141965J47 13,8961876
13M491799
Health
Community Development - Health
Health Inspections
Personal Services
225,242
197,256
1901598
Employee Benefits
47,371
471371
49,112
Contractual Services
8,711
81711
71211
Commodities and Supplies
825
600
(149)
Total Health
282J49
2531938
246,772
Welfare
Human Services Department
Administration and Support
Personal Services
191,815
1911815
1881858
Employee Benefits
64,993
641993
601163
Other Employee Costs
L582
11582
618
Contractual Services
51,745
471445
4105
Utilities
41500
41500
41117
Commodities and Supplies
4,974
41974
45126
Office and Other Equipment
3 J 04
3 J 04
21707
Insurance
13,856
131856
13,856
Total Administration and Support
336,569
3321269
3161250
135
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2025
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
Total Community Connections Center
Total Human Services Department
Budget
Original
Final
Actual
$ 416,298
4161298
4171643
135,353
1351353
132,989
41687
41687
31275
2011700
1895868
1600
1600
81989
572,338
7741038
7521764
11202
1241682
1181601
24M63
241063
211226
989
989
783
515
515
43
6,708
61708
41201
743
41043
31878
145,700
1611000
1481732
41,912
411912
481681
5,940
51940
61964
41120
41120
31345
8,500
101500
61601
60,472
621472
651591
271,702
2711702
272M74
75M18
751018
751389
2,875
21875
11608
1091082
1091082
1051779
5,500
51500
31984
4,509
61809
31190
46806
4701986
4621024
11583,765
L8001765
L7451361
136
VILLAGE OF MOUNT PROSPECT, ILLINOIS
General Fund
Schedule of Detailed Expenditures - Budget and Actual - Continued
For the Fiscal Year Ended December 31, 2025
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
$ 187,711
73,536
431655
750
1871711
731536
431655
750
1371824
55,365
431775
219
305,652
3051652
237J 83
118K417
2,1061417
1,982,544
245,850
500
245,850
61000
2441277
5,797
250,850
2511850
2501074
481708
4602
471708
461862
411005
195091
95,570
941570
60M96
K384
70,718
901384
701718
581633
61,798
161,102
1611102
1205431
507,522
5071522
43001
761904,955 76M481247 73M241719
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, 2025
Budget
Original
Final
Actual
Revenues
Taxes
Property - Levy
$ 2211367
2211367
221,367
Other Taxes
Video Gaming Tax
3001000
3001000
3 89113 3
Intergovernmental
State Sales Tax
8781480
8781480
8781480
Interest
261250
661050
651972
Total Revenues
1,426,097
1,465,897
1,554,952
Expenditures
Debt Service
Principal Retirement
215801000
215801000
2,5801000
Interest and Fiscal Charges
119441180
119441180
1,942,919
Total Expenditures
415241180
415241180
4,5221919
Excess (Deficiency) of Revenues
Over (Under) Expenditures
(31098,083)
(3,0581283)
(2,9671967)
Other Financing Sources
Transfers In
310991433
310991433
3 M99,43 3
Net Change in Fund Balance
11350
411150
1311466
Fund Balance - Beginning
1,471,966
Fund Balance - Ending
103,432
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
taxes and investment income.
Rural Special Service Area: The Rural Special Service Area Fund is used to account for property taxes paid
from the old Elk Grove Rural Fire District. The Village took over the District and now levies taxes to
households and businesses for fire services in this area.
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
Nonmaj or Governmental Funds
Combining Balance Sheet
December 31, 2025
ASSETS
Cash and Investments
Receivables - Net of Allowances
Property Taxes
Other Taxes
Other
Due from Other Governments
Prepaids
Total Assets
LIABILITIES
Accounts Payable
Accrued Payroll
Retainage Payable
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 Proj ects Totals
$ K5611626 20,6901423 31,252M49
2M351784
2M351784
110101323
7631857 1,774,180
7371050
7371050
4641579
197621104 2,2261683
861049
91918 951967
14,8951411 23,2261302 38J211713
4371629
113781593 1,816,222
61755
65755
361394
51917 425311
11500
11500
3J391030
3J391030
3,6211308
L3841510 5051818
865049
91918 955967
8J911884
811911884
219961170
2,9961170
21,831,874 21,8311874
11,274,103
2158411792 33J I5,895
14,895,411 23,2261302 38J21,713
141
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmaj or Governmental Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
For the Fiscal Year Ended December 31, 2025
Special
Capital
Revenue
Projects
Totals
Revenues
Taxes
$ 3,7211313
7491464
4,470,777
Intergovernmental
4091025
8,4151360
13,104,385
Charges for Services
5,5611423
5,5611423
Investment Income
3191678
7041450
1,024,128
Miscellaneous
1951567
2821405
4771972
Total Revenues
14,4871006
1 0, 1511679
24,6381685
Expenditures
General Government
341642
341642
Public Safety
2,2601527
2,260,527
Highways and Streets
2,4521273
2,452,273
Health
512941704
5,2941704
Welfare
4621047
4621047
Capital Outlay
1,9331118
%0061489
10,9391607
Debt Service
Principal Retirement
214521198
2,4521198
Interest and Fiscal Charges
3231197
3231197
Total Expenditures
15,2121706
9061489
24,219,195
Excess (Deficiency) of Revenues
Over (Under) Expenditures
(725,700)
111451190
4191490
Other Financing Sources (Uses)
Transfers In
210001000
1001000
3001000
Transfers Out
(665,000)
(665,000)
1,3351000
1001000
2,33500
Net Change in Fund Balances
6091300
2,1451190
2,7541490
Fund Balances - Beginning
10641803
19,6961602
30,3611405
Fund Balances - Ending
1112741103
21,841,792
33,1151895
142
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmaj or Governmental - Special Revenue Funds
Combining Balance Sheet
December 31, 2025
See Following Page
143
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmaj or Governmental - Special Revenue Funds
Combining Balance Sheet
December 31, 2025
ASSETS
Cash and Investments
Receivables - Net of Allowances
Property Taxes
Other Taxes
Other
Due from Other Governments
Prepaids
Total Assets
LIABILITIES
Accounts Payable
Accrued Payroll
Retainage Payable
Due to Other Funds
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
$ 41089,636 119359306 1041392
230J63
5J83 669,254
4641579
86M49
41324,982 216909609 4641579 1041392
364,294 101950
6,755
11500
4521129
3711049 4641579
86M49
4X4,982 104,392
2,233,511
413241982 213191560 1041392
41324,982 216901609 4641579 1041392
144
South
Rural
Federal Foreign Mount
Special
Equitable DUI Fire Business Pension Prospect
Service
Share Fines Insurance District Stabilization TIF
Area Totals
4151028 1211649 629,095 111791128
7801160
621613
762,659 113241733
L357,831
M561,626
6775953 2M351784
1M101323
7371050
4641579
86M49
4151028 1211649 629,095 210211901 7621659 216821564 677,953 14,8951411
60,420
1,965
4371629
61755
36,394
36,394
1,500
210211901
6651000
3J391030
601420 210211901
38,359
6651000
3,6211308
861049
415M28 121,649 568,675
2,644,205
121953
8 J 9104
762,659
2,996,170
4151028 121,649 5681675
7621659 216441205
121953
11,274,103
4151028 121,649 6291095 210211901 7621659 202,564 6771953 14,8951411
145
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmaj or Governmental - Special Revenue Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
For the Fiscal Year Ended December 31, 2025
Motor
Community
Fuel
Refuse
Development
Asset
Tax
Disposal
Block Grant
Seizure
Revenues
Taxes
$
Intergovernmental
21595,474
3961261
101003
Charges for Services
515611423
Investment Income
170,507
481222
21972
Miscellaneous
13,577
1161204
651786
Total Revenues
2,779,558
5,725, 849
4621047
121975
Expenditures
General Government
Public Safety
191103
Highways and Streets
214521273
Health
512941704
Welfare
4621047
Capital Outlay
Debt Service
Principal Retirement
Interest and Fiscal Charges
Total Expenditures
214521273
512941704
4621047
191103
Excess (Deficiency) of Revenues
Over (Under) Expenditures
327,285
4311145
(61128)
Other Financing Sources (Uses)
Transfers In
Transfers Out
Net Change in Fund Balances
327,285
4311145
(61128)
Fund Balances - Beginning
3,997,697
11888,415
1101520
Fund Balances - Ending
4X4,982
2,3191560
1041392
146
Federal
Equitable
Share
DUI
Fines
Foreign
Fire
Insurance
Business
District
Pension
Stabilization
South
Mount
Prospect
TIF
Rural
Special
Service
Area
Totals
1641474
1,082,280
1179606
6771953
3,7211313
261194
116611093
4091025
5,561,423
5,168
1,594
17,245
321022
91112
32,836
3191678
1951567
311362
1,594
181,719
2,7751395
91112
1,829,442
677,953
14,4871006
3 4, 642 3 4, 642
451082 10,840 1851502 210001000 2,260,527
2,452,273
5,294,704
4621047
1,933,118 1,9331118
2,4521198
3231197
2,452,198
323,197
451082
10,840
1851502
217751395 210001000
119671760
15,2121706
(13,720)
(9,246)
(31783)
(11990,888)
(138X8)
677,953
(725,700)
20000
(665,000)
20000
(665,000)
210001000
(665,000)
1,3351000
(13,720)
428,748
(9,246)
130,895
(31783)
572,458
91112
753,547
(138,318)
2,782,523
12,953
6091300
10641803
415,028 121,649 5681675 762,659 2,644,205 121953 11,274,103
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, 2025
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
$ 2,42000
2,5951500
2,595,474
96,400
170,500
170,507
81000
81000
131577
215241400
217741000
2,7791558
2,524,400 2,5521300 2,4521273
221,700 327,285
4X4,982
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, 2025
Highway and Streets
Traffic Control/Street Lighting
Contractual Services
Street Improvement Projects
Infrastructure
Total Expenditures
Budget
Original Final Actual
$ 271900 27,873
21524,400 2,5241400 2,4241400
25524,400 2,552,300 2,4521273
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, 2025
Budget
Original
Final
Actual
Revenues
Charges for Services
$ 5,45000
5,5611000
5,5611423
Investment Income
3100
481300
48,222
Miscellaneous
16700
107,000
116,204
Total Revenues
516481800
517161300
5,7251849
Expenditures
Health
Refuse Disposal Division
Personal Services
397,225
3971225
3781533
Employee Benefits
143 M68
1431068
12%733
Other Employee Costs
1,636
L636
Contractual Services
417241888
417571888
4,7511299
Commodities and Supplies
281770
281770
181759
Insurance
161380
161380
161380
Total Expenditures
513115967
513441967
5,2941704
Net Change in Fund Balance
336,833
3711333
4311145
Fund Balance - Beginning
108,415
Fund Balance - Ending
2, 319, 5 60
150
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Refuse Disposal - Special Revenue Fund
Schedule of Revenues - Budget and Actual
For the Fiscal Year Ended December 31, 2025
Budget
Original
Final
Actual
Charges for Services
Single -Family Service Charges
$ 3,996,900
4,1071900
4011953
Multi -Family Service Charges
L278,900
1,278,900
L384,833
Single -Family Penalties
3300
33M00
30,967
Multi -Family Penalties
101000
101000
91680
Contract Administrative Fees
1001000
1001000
1001000
Recycling Bins
11200
11200
675
Yard Waste Cart Rental
305000
301000
331315
Total Charges for Services
5,45000
5,5611000
5,5611423
Investment Income
31 NO
48,300
48,222
Miscellaneous
Reimbursements
1551000
951000
941966
Other
125000
121000
211238
Total Miscellaneous
16700
1071000
1161204
Total Revenues
5M800
5,7161300
5,725,849
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, 2025
Budget
Original
Final
Actual
Revenues
Intergovernmental
Grant - CDBG
$ 29500
3961260
396> 1
Miscellaneous
Program Income
301000
651800
651786
Total Revenues
3251000
4621060
4621047
Expenditures
Welfare
Community Programs
42,493
421493
401336
Residential Rehabilitation
240,792
4351792
421,711
Total Expenditures
283,285
478,285
462M47
Net Change in Fund Balance
411715
(161 '),q )
Fund Balance - Beginning
Fund Balance - Ending
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, 2025
Revenues
Intergovernmental
Seized Assets
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
$ 2000
201000
101003
1NO
11800
2,972
211800
211800
121975
1 NO
11000
21000
21000
649000
641000
191103
671000
671000
191103
(45,200) (45,200) (61128)
1041392
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, 2025
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
$ 1600
5,200
161000
5,200
26,194
5 J 68
211200
211200
311362
500
I NO
101000
361000
101000
351082
1,500
461000
4502
191700 (24,800). (13,720)
4151028
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, 2025
Budget
Original
Final
Actual
Revenues
Intergovernmental
DUI Fines
$ 1NO
11000
Investment Income
2,250
2,250
1,594
Total Revenues
31250
31250
11594
Expenditures
Public Safety
Other Employee Costs
81600
81550
Contractual Services
I NO
11000
Equipment
I NO
21300
2,290
Total Expenditures
200
11,900
1040
Net Change in Fund Balance
11250
(81650)
(91246)
Fund Balance - Beginning
1301895
Fund Balance - Ending
1211649
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, 2025
Budget
Original
Final
Actual
Revenues
Taxes
Other Taxes
Foreign Fire Insurance Tax
$ 122,400
122,400
164,474
Investment Income
141000
141000
171245
Total Revenues
1361400
1361400
1811719
Expenditures
Public Safety
Other Employee Costs
2000
291000
261042
Contractual Services
11,000
761000
74,512
Commodities and Supplies
1000
1000
6,524
Equipment
1101000
1011000
781424
Total Expenditures
1511000
2161000
1851502
Net Change in Fund Balance
(14,600)
(79,600)
(31783)
Fund Balance - Beginning
5721458
Fund Balance - Ending
568,675
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, 2025
Budget
Original
Final
Actual
Revenues
Taxes
Other Taxes
Food and Beverage Tax
$ 37500
380,300
380,267
Hotel/Motel Tax
2501000
2791300
2791328
Movie Theater Tax
621500
771500
471560
Business District Tax
3101000
3751200
3751125
Intergovernmental
State Sales Tax
110005000
116611100
1011093
Investment Income
3000
321000
321022
Total Revenues
2M27,500
2051400
2,775,395
Expenditures
Debt Service
Principal Retirement
2,4521198
Interest and Fiscal Charges
210275500
218051400
3231197
Total Expenditures
210275500
218051400
2,7751395
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, 2025
Revenues
Investment Income
Expenditures
Public Safety
Employee Benefits
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
$ 9,150
Actual
9,112
210001000 210001000 210001000
(21000,000) (11990,850) (1,9901888)
2001000 2001000 20000
91150 91112
7621659
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, 2025
Budget
Original
Final
Actual
Revenues
Taxes
Other Taxes
Property Taxes
$ 8001000
1061400
1,796,606
Investment Income
321800
321836
Total Revenues
8001000
118391200
118291442
Expenditures
General Government
Contractual Services
951000
9500
34,642
Capital Outlay
Water Main
7501000
2,1601000
1,933,118
Other
501000
501000
Total Expenditures
8951000
213051000
119671760
Net Change in Fund Balance
(95,000)
(4651800L
(138,318)
Fund Balance - Beginning
2,782,523
Fund Balance - Ending
2,644,205
159
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Rural Special Service Area - Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
For the Fiscal Year Ended December 31, 2025
Revenues
Taxes
Other Taxes
Property Taxes
Expenditures
General Government
Contractual Services
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing (Uses)
Transfers Out
Net Change in Fund Balance
Fund Balance - Beginning
Fund Balance - Ending
Budget
Original Final Actual
$ 1001000 1001000 677,953
I M001000 1001000 6771953
(11000,000) (11000,000) (665,000)
12,953
12,953
160
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmajor Governmental - Capital Projects Funds
Combining Balance Sheet
December 31, 2025
Flood
Street
Capital
Control
Improvement
Improvement
Construction
Construction
Totals
ASSETS
Cash and Investments
$ V681002
3,8621904
7,5591517
2000,423
Receivables - Net of Allowances
Other Taxes
3201000
4431857
7631857
Due from Other Governments
5661481
7651958
4291665
1,762,104
Prepaids
91918
91918
Total Assets
10J541483
41638,780
8,4331039
23,2261302
LIABILITIES
Accounts Payable
2001925
1701768
110061900
L3781593
Retainage Payable
51917
51917
Total Liabilities
2061842
1701768
1M061900
1,3841510
FUND BALANCES
Nonspendable
91918
%918
Assigned
%9471641
414581094
714261139
21,8311874
Total Fund Balances
919471641
4,4681012
714261139
21 M 1,792
Total Liabilities and Fund Balances
I0,1541483
4,6381780
814331039
23,2261302
161
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, 2025
Flood
Street
Capital
Control
Improvement
Improvement
Construction
Construction
Totals
Revenues
Taxes
Other
$
749,464
7491464
Intergovernmental
318411780
7651958
31807,622
8,4151360
Investment Income
3071569
1501486
2461395
7041450
Miscellaneous
91177
2731228
2821405
Total Revenues
411491349
9251621
510761709
1 0, 1511679
Expenditures
Capital Outlay
3,1891105
1,1841701
4,6321683
906,489
Excess (Deficiency) of Revenues
Over (Under) Expenditures
9601244
(259,080)
444,026
1,1451190
Other Financing Sources
Transfers In
1001000
1001000
Net Change in Fund Balances
1,960,244
(259,080)
4441026
2,145,190
Fund Balances - Beginning
719871397
417271092
6,982,113
19,6961602
Fund Balances - Ending
9,9471641
414681012
714261139
21,841,792
162
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, 2025
Budget
Original
Final
Actual
Revenues
Intergovernmental
State Sales Tax
$ 3,2001000
3,200,000
3,20000
Grants
1991392
7901092
6411780
Investment Income
2101000
3071570
3071569
Total Revenues
316091392
412971662
4,1491349
Expenditures
Capital Outlay
Equipment
1,3711708
1,712,448
1,553,524
Building Improvements
6231075
6021359
183,922
Infrastructure
2,9891480
2,761,411
1,451,659
Total Expenditures
419841263
510761218
3,1891105
Excess (Deficiency) of Revenues
Over (Under) Expenditures
(11374,871)
(778,556)
9601244
Other Financing Sources
Transfers In
1,500,000
1,500,000
10000
Net Change in Fund Balance
1251129
7211444
1,960,244
Fund Balance - Beginning
7,9871397
Fund Balance - Ending
9,9471641
163
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Capital Improvement - Capital Projects Fund
Schedule of Expenditures - Budget and Actual
For the Fiscal Year Ended December 31, 2025
Capital Outlay
Equipment
Village Hall AV Equipment
Paramedic Equipment
Extrication Equipment
Mobile Video Rec System
Other 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
Kensington Road Bike Path
Bridge Rehab
Pedestrian Bridge
Central Road Pedestrian Crossing
Intersection Improvements
Total Infrastructure
Budget
Original
Final
Actual
$ 7000
7000
67M96
8161708
816,708
78%934
1341728
1351128
3001000
3431800
3431753
551000
551000
531614
1301000
2921212
1631999
L3711708
1,712,448
1,553,524
1381700
981700
691300
691300
161322
1001000
871619
751075
1151075
501669
2401000
2311665
1161931
623 M75
602,359
183 N2
2431980
2431980
201939
3001000
2921339
2271977
757
7001000
1021718
1021718
640,500
351,549
351,549
35500
35500
8,430
59201
59201
1001000
1721407
1471385
6501000
6501000
2,9891480 2,761,411 1,451,659
Total Expenditures 4,984,263 5,076,218 3 J 89 J 05
164
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, 2025
Budget
Original
Final
Actual
Revenues
Intergovernmental
Grants
$
7661000
765,958
Investment Income
821800
1511485
150,486
Miscellaneous
Fees
101000
101000
71677
Reimbursements
51000
51000
11500
Total Revenues
971800
9321485
9251621
Expenditures
Capital Outlay
Public Improvements
Infrastructure
9521314
1,463, 826
1,066,441
Other
621395
1201473
1181260
Total Expenditures
110141709
1,5 84,299
1,1841701
Net Change in Fund Balance
(916,909)
(65118 1
(259,080)
Fund Balance - Beginning
4,727,092
Fund Balance - Ending
4,4681012
165
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Flood Control Construction - Capital Projects Fund
Schedule of Expenditures - Budget and Actual
For the Fiscal Year Ended December 31, 2025
Budget
Original
Final
Actual
Capital Outlay
Public Improvements
Infrastructure
Levee Repairs
$ 451915
53,915
43,714
Culvert and Ditch
121000
101000
31870
Levee Supplies
51739
51739
31846
Creek Bank Stabilization
851000
771000
161462
Creek Tree Trimming
251570
251570
241850
Private Property Drainage
1501000
1501000
31300
Weller Creek Improvements
31811
31811
Levee 37
5000
Natural Gas
31090
3 M90
Detention Basin
6251000
2611610
1711607
Storm Sewer Improvements
8231091
7941981
Total Infrastructure
9521314
1,463,826
1 M661441
Other
Electricity
500
700
7,442
Contractual Services
571395
113,473
1 M818
Total Other
621395
1201473
1181260
Total Expenditures
I M 141709
L5 84,299
1,1841701
166
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, 2025
Budget
Original
Final
Actual
Revenues
Taxes
Other Taxes
Municipal Motor Fuel Tax
$ 7321250
7321250
74%464
Intergovernmental
State Sales Tax
318001000
318001000
3001000
Grants
2971000
2971000
71622
Investment Income
1461250
2461394
2461395
Miscellaneous
Other
1221500
1221500
2731228
Total Revenues
5M981000
5 J 98,144
5M76,709
Expenditures
Capital Outlay
Contractual Services
951000
951000
691660
Infrastructure
Street Resurfacing
4,4921922
4001924
4,5631023
Total Expenditures
4,5871922
4,6951924
4,6321683
Net Change in Fund Balance
5101078
5021220
444M26
Fund Balance - Beginning
6,9821113
Fund Balance - Ending
7,4261139
167
PROPRIETARY FUNDS
i.:
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 nonmaj or 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 nonmaj or 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.
169
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, 2025
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
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
$ 22,500,870
2215001870
24,0441403
2512221334
2714431926
16,2771325
(21721,464)
(4,9431056)
7,7671078
42500
8001150
8001157
851500
851500
133,029
50
(42,872)
(995,000)
(995,000)
(845,206)
(845,206)
(841,008)
(1,329,706)
(954,556)
491356
(4105 1 , 170)
(5,89716
7,8161434
(1,s2o,729)
97,804
(7,500)
6,3 86,009
75,177,939
170
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Water and Sewer - Enterprise Fund
Schedule of Operating Revenues - Budget and Actual
For the Fiscal Year Ended December 31, 2025
Charges for Services
Water Sales
Sewer Fees
Water Penalties
Water Meter Fees
Water and Sewer Taps
Sewer Penalties
Miscellaneous
Budget
Original
Final
Actual
$ 17,5821600
17,5821600
K4681068
4,1601000
4,1601000
4,5111531
14000
14000
119,516
481100
481100
121960
170
170
31730
351000
351000
281598
5351000
5351000
9001000
Total Operating Revenues 22,5001870 22,5001870 24M44,403
171
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Water and Sewer - Enterprise Fund
Schedule of Operating Expenses - Budget and Actual
For the Fiscal Year Ended December 31, 2025
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
$ 5631302
5631302
5311106
251,256
2751256
268,533
50J06
521606
51,516
4291294
4711794
4411479
121357
121357
8,534
1811111
1811111
1811112
151654
151654
81811
115031080
1157200
1,491,091
23801
23801
236J61
6006
601686
791120
61517
61517
51399
71603
71603
61168
11900
11900
3151507
3151507
3261848
63,795
631795
49,932
151599
151599
171154
591414
591414
571326
7,493
71493
61726
1461301
1461301
1311138
484,949
4841949
485J48
144,840
1441840
1951801
1081063
1041331
991853
919833
1181442
1151615
611757
531880
461071
42,436
421436
351407
9331878
9481878
9771895
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, 2025
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
$ 7361067
7361067
7351971
204,192
2041192
2751450
267,756
267,756
2151802
941224
941224
1151272
91000
91000
31788
1,241
11241
113125480 1,3121480 1,346,283
274,445
274,445
270,148
67,564
67,564
921929
691766
691766
671279
1161399
1131148
1041955
5281174 5241923 5351311
71,490
711490
67,153
13,471
13,471
18,308
1431135
1411447
1281922
31942
31942
31769
74,614
641553
641138
306,652
2941903
2821290
11036,812
110361812
1,036,812
4879169
4871169
4451200
1501347
1501347
1801796
19709
1971689
1811851
201000
201000
301935
28,625
281625
21,789
883,830
8831830
8601571
173
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, 2025
Administration and Maintenance - Continued
Water System Improvements
Capital Expenses
Sanitary System Improvements
Capital Expenses
Flood Control Improvements
Capital Expenses
Storm Sewer Improvements
Capital Expenses
Improvements to Public Buildings
Capital Expenses
Lake Michigan Water Acquisition
Contractual Services
Total Operating Expenses
Budget
Original
Final
Actual
$ 714101000
V531360
7091934
212701000
117991232
4091531
1001000
801000
431161
8001000
801000
801000
291032
81395,620
813951620
8M971428
25,222,334 27,4431926 16,277,325
174
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmaj or Enterprise Funds
Combining Statement of Net Position
December 31, 2025
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
Current Liabilities
Accounts Payable
Other Payables
Total Liabilities
LIABILITIES
NET POSITION
Parking System Village Parking
Revenue System Totals
$ 3121740 156,351 4691091
919 919
3121740 1571270 4701010
17600
(176,800)
17600
(176,800)
3121740
1571270 4701010
10,565
51699
161264
840
21610
31450
111405
81309
191714
Unrestricted 301,335 148,961 450,296
175
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmaj or Enterprise Funds
Combining Statement of Revenues, Expenses and Changes in Net Position
For the Fiscal Year Ended December 31, 2025
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
$ 1361438
781910
2151348
8,012
8,012
81614
3,154
111768
1451052
901076
2351128
1021369
1791808
2821177
421683
(89,732)
(47,049)
71881
31995
111876
501564
(85,737)
(35,173)
1001000
10000
501564
14,263
64,827
2501771
1341698
3851469
3011335 1481961 450,296
176
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Nonmaj or Enterprise Funds
Combining Statement of Cash Flows
For the Fiscal Year Ended December 31, 2025
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
$ 1451052
891500
234,552
(101,784)
(176,754)
(278,538)
43,268
(87,254)
(43,986)
1001000 1001000
71881 31995 111876
51 J49 16,741 67,890
2611591 139,610 4011201
312,740 156,351 469,091
4203 (89,732) (47,049)
— (576) (576)
585 31054 31639
43,268 (87,254) (43,986)
177
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, 2025
Budget
Original
Final
Actual
Operating Revenues
Charges for Services
Parking Fees
$ 1281500
1281500
1361438
Convenience Fees
81000
81000
014
Total Operating Revenues
1361500
136,500
1451052
Operating Expenses
Administration, Maintenance and Improvements
751195
1421195
1021369
Operating Income (Loss)
611305
(51695)
421683
Nonoperating Revenues
Interest Income
31500
3,500
71881
Change in Net Position
641805
(21195)
501564
Net Position - Beginning
250,771
Net Position - Ending
3011335
178
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Parking System Revenue - Enterprise Fund
Schedule of Operating Expenses - Budget and Actual
For the Fiscal Year Ended December 31, 2025
Administration, Maintenance and Improvements
Contractual Services
Utilities
Insurance
Commodities and Supplies
Budget
Original Final Actual
$ 541777 1211777 911216
61837 61837 11689
1,187 1,187 1,187
121394 121394 81277
Total Operating Expenses 751195 1421195 1021369
179
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, 2025
Budget
Original
Final
Actual
Operating Revenues
Charges for Services
Parking Fees
$ 371700
371700
78,910
Rental Fees
81400
81400
8,012
Convenience Fees
11500
11500
31154
Total Operating Revenues
471600
471600
901076
Operating Expenses
Administration, Maintenance and Improvements
178,436
2221637
1791808
Operating (Loss)
(130,836)
(175,037)
(89,732)
Nonoperating Revenues
Interest Income
11200
11200
31995
Income Before Transfers
(129,636)
(173,837)
(85,737)
Transfers In
150,000
1501000
1001000
Change in Net Position
201364
(23,837)
14,263
Net Position - Beginning
1341698
Net Position - Ending
1481961
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Village Parking System - Enterprise Fund
Schedule of Operating Expenses - Budget and Actual
For the Fiscal Year Ended December 31, 2025
Administration, Maintenance and Improvements
Contractual Services
Insurance
Commodities and Supplies
Capital Expenses
Budget
Original Final Actual
$ 541302 611302 601462
1,456 1,456 1,456
645 645 577
1221033 1591234 1171313
Total Operating Expenses 1781436 2221637 1791808
181
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.
Building Improvements Fund: The Building Improvements Fund is used to account for maintenance and
repairs of Village buildings. Financing is being provided by charges to various Village funds.
182
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Internal Service Funds
Combining Statement of Net Position
December 31, 2025
See Following Page
183
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Internal Service Funds
Combining Statement of Net Position
December 31, 2025
ASSETS
Current Assets
Cash and Investments
Receivables - Net of Allowances - Accounts
Accrued Interest
Other
Deposits - Insurance
Inventories
Prepaids
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
Due to Other Governments
Claims Payable
Other Payables
Compensated Absences Payable
Total OPEB Liability - RBP
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
$ 1,434,075
1 4) 4341075
2011675
(22,127)
179,548
1791548
1 4) 6131623
1,613,623
21993
21993
2,993
21993
1791548
1,431,082
1,610,630
184
Risk Vehicle Vehicle Building
Management Replacement Maintenance Improvements Totals
542,283 14,078,053 2,037,597 1001193 19,6921201
111410
11,410
481 8,738
91219
416861619
4061619
436,821
436,821
1,0731814 1306
1,087,480
5,2291383 1511631277 25496,822
1,600,193 25,9231750
11122,345
11)1221345
1819801022 92,062
19,2731759
(11,985,913) (92,062)
(12,100,102)
8,1161454
8129602
1,591,262
1,591,262
1,591,262 811161454
907,264
618201645 2312791731 21496,822
1,600,193 35,8111014
52,860 5200
618201645 2312791731 2,549,682 11001193 35,863,874
261230
— 34,321
— 631544
19,552
191552
60
18
78
44,300
44,300
11249
1,249
15,201
151201
1008
1008
71,839
79,980
154,812
6003
601803
1501812
150,812
239,164
2391164
1501812 299,967
450,779
222)651 379,947
605,591
183,483 1831483
2221651 563,430 7891074
811161454 8,2961002
6,597,994 15,1631277 1,986,252 1,600,193 26,778,798
6,597,994 23,279,731 1,986,252 1,600,193 35,074,800
I:,1
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, 2025
Computer
Replacement
Operating Revenues
Charges for Services $
9951443
Contributions
Miscellaneous
Total Operating Revenues
9951443
Operating Expenses
Administration and Maintenance
1941440
Insurance and Claims
Depreciation
51584
Total Operating Expenses
200M24
Operating Income
7951419
Nonoperating Revenues
Disposal of Capital Assets
Interest Income
261440
261440
Change in Net Position
821,859
Net Position - Beginning
7881771
Net Position - Ending L6101630
I:•
Risk
Vehicle
Vehicle
Building
Management
Replacement
Maintenance
Improvements
Totals
818721732
21023 M30
2,727,148
115901175
16,2081528
119141275
1,914,275
11155M92
1,1551092
11,942,099
21023 M30
2,727,148
1,590,175
M2771895
738,644
391564
212331697
3,2061345
101427,516
M4271516
113091259
L3141843
111166 J 60
11348,823
2123307
14,9481704
7751939
6741207
493,451
1,590,175
4X9,191
1621824
1621824
5071547
5701038
49,743
10,018
1 J63,786
5071547
7321862
49,743
M018
L3261610
1,283,486
11407M69
543 J 94
1,600,193
5,6551801
5,3141508 2118721662 11443M58 29,418,999
615971994 231279,731 11986,252 116001193 35M741800
187
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Internal Service Funds
Combining Statement of Cash Flows
For the Fiscal Year Ended December 31, 2025
Computer
Replacement
Cash Flows from Operating Activities
Receipts from Customers and Users
$
Interfund Services Provided
995,443
Payments to Suppliers
(191 ,448)
Payments to Employees
8031995
Cash Flows from Capital and Related Financing Activities
Disposal of Capital Assets
Purchase of Capital Assets
Cash Flows from Investing Activities
Interest Received
261440
Net Change in Cash and Cash Equivalents
8305435
Cash and Cash Equivalents - Beginning
6031640
Cash and Cash Equivalents - Ending 1,434,075
Reconciliation of Operating Income to Net Cash
Provided (Used) by Operating Activities
Operating Income 7955419
Adjustments to Reconcile Operating Income
to Net Cash Provided by (Used in)
Operating Activities
Depreciation 5,584
(Increase) Decrease in Current Assets
Increase (Decrease) in Current Liabilities 2,992
Net Cash Provided by Operating Activities
8031995
1 ::
Risk Vehicle Vehicle Building
Management Replacement Maintenance Improvements Totals
41230,391
4,2301391
710211658
110511902 2,715,256
1,590,175 13,3741434
(12,4211919)
(5565031) (1,297,422)
(14,4661820)
(11081,256)
(I,081,256)
(I,169,870)
4951871 336,578
1,590,175 2,0561749
2171628
2171628
(11868,786)
(1,868,786)
(11651,158)
(lfi5l,158)
5071547 5701038 49,743
(662,323) (585,249) 386,321
1120406 141663,302 11651,276
1018 1,163,786
1,600,193
1,569,377
18,1221824
5421283 1410781053 21037,597 1,600,193 19021201
775,939 674,207 493,451
1,309,259 (690,050) (971,128) (11 ,892)
(1,255,759) (516,467) (144,981)
1,590,175 4,329,191
1,314,843
(I,673,070)
(I,914,215)
(1,169,870) 495,871 336,578 1,590,175 2,056,749
189
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, 2025
Operating Revenues
Charges for Services
Water and Sewer Fund
General Fund
Police
Fire
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
$ 101575
101575
M575
2001925
200X5
200X5
3991276
38407
3841667
3841667
3991276
3991276
9955443
9951443
9951443
211,500
2051900
194,440
500
5,584
2111500
2111500
2001024
7835943
7831943
7951419
261440
261440
7831943 8K383 8211859
L610,630
190
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Computer Replacement - Internal Service Fund
Schedule of Operating Expenses - Budget and Actual
For the Fiscal Year Ended December 31, 2025
Administration
Capital Outlay
Depreciation
Total Operating Expenses
Budget
Original Final
$ 2111500
Actual
2051900 1941440
500 5,584
2111500 2111500 2001024
191
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, 2025
Budget
Original
Final
Actual
Operating Revenues
Charges for Services
$ 816011189
819571689
8,8721732
Contributions
119909500
1,9901500
1,914,275
Miscellaneous
8901000
1031400
1,1551092
Total Operating Revenues
1114811689
12,0311589
11,942,099
Operating Expenses
Administration
27500
7331500
7381644
Insurance and Claims
11,218,43 3
11,207,43 3
10,4271516
Total Operating Expenses
1114931433
11,940,933
11,1661160
Operating Income (Loss)
(11,744)
901656
7751939
Nonoperating Revenues
Investment Income
125500
5071600
5071547
Change in Net Position 756 5981256 1,283,486
Net Position - Beginning 5,3141508
Net Position - Ending 6,5971994
192
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Risk Management - Internal Service Fund
Schedule of Operating Revenues - Budget and Actual
For the Fiscal Year Ended December 31, 2025
Budget
Original
Final
Actual
Charges for Services
General Fund
$ 7M471251
7,4031751
7,4071770
Refuse Disposal Fund
25,380
25,380
25,380
Water and Sewer Fund
2291912
22%912
22%912
Parking System Revenue Fund
11187
11187
11187
Village Parking System Fund
11456
11456
11456
Vehicle Maintenance Fund
461003
461003
461003
Library
1,250,000
1,250,000
1,1611024
Total Charges for Services
8011189
8,9571689
8,8721732
Contributions
Employee
Health Insurance
8051000
8051000
7891631
Dental Insurance
1601000
1601000
1671858
Additional Life Insurance
321500
321500
401289
Vision Insurance
201000
201000
(51248)
Retiree
Health Insurance
9401000
9401000
8801068
Dental Insurance
3200
3200
40M20
Vision Insurance
11000
1 NO
1,657
Total Contributions
1,990,500
1,990,500
1,914,275
Miscellaneous
Other Reimbursements
5401000
7331400
6141196
Miscellaneous Income
3501000
3501000
5401896
Total Miscellaneous
89000
103,400
1,155M92
Total Operating Revenues
11,481,689
12M31,589
11,942M99
193
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Risk Management - Internal Service Fund
Schedule of Operating Expenses - Budget and Actual
For the Fiscal Year Ended December 31, 2025
Budget
Original
Final
Actual
Administration
Casualty and Property Program
Other Equipment
$
447,500
342,149
Other Contractual Services
11,000
10,373
Total Casualty and Property Program
4581500
3521522
Medical Program
Claims Administration
2751000
2751000
3861122
Total Administration
2751000
7331500
7381644
Insurance and Claims
Casualty and Property Program
Liability Insurance
1,1501000
1,1501000
1,3031429
Other Insurance
501000
391000
81265
Property Claims
801000
801000
Liability Claims
1501000
1501000
291506
Workers' Compensation Claims
6001000
6001000
Unemployment Compensation Claims
2500
2500
2,639
Tree Hazard Study
111033
11,033
10,947
Other Claims
251000
251000
141466
Total Casualty and Property Program
2,0911033
2001033
1,3691252
Medical Program
Medical Expense - HMO Plan
1,269,900
1,269,900
1,0101940
Medical Expense - Indemnity Plan
7,32500
7,32500
7,527,327
Medical Expense - Dental
40500
40500
416,096
Medical Expense - Vision
251000
2500
Health and Wellness Supplies
371500
371500
251046
Life Insurance
651000
651000
781855
Total Medical Program
9,1271400
9,1271400
9,0581264
Total Insurance and Claims
11,218,43 3
11,207,43 3
10,4271516
Total Operating Expenses
11,493,433
11,940,933
11,166,160
194
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, 2025
Budget
Original
Final
Actual
Operating Revenues
Charges for Services
$ 210231030
2,0231030
2,023,030
Miscellaneous
251000
251000
Total Operating Revenues
2,0481030
2,0481030
2,0231030
Operating Expenses
Administration
419811000
216881839
391564
Depreciation
1,3091259
Total Operating Expenses
41981 NO
2081839
1,348,823
Operating Income (Loss)
(2,9321970)
(640,809)
674,207
Nonoperating Revenues
Disposal of Capital Assets
1621825
1621824
Investment Income
3001000
5701100
5701038
3001000
7321925
7321862
Change in Net Position (2fi321970) 921116 1,407,069
Net Position - Beginning 21,872,662
Net Position - Ending 23,2791731
195
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Vehicle Replacement - Internal Service Fund
Schedule of Operating Revenues - Budget and Actual
For the Fiscal Year Ended December 31, 2025
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 Services
Water and Sewer Fund
Total Charges for Services
Miscellaneous
Budget
Original
Final
Actual
$ 13,360
13,360
13,360
191160
1%160
1%160
11500
11500
11500
141240
141240
141240
131520
131520
131520
11500
11500
11500
2431490
2431490
2431490
6401640
6401640
6401640
673,530
673,530
673,530
141420
14,420
14,420
41010
41010
41010
3831660
3831660
3831660
2M231030
2M231030
2M231030
251000 251000
Total Operating Revenues 2M481030 2M48M30 2M23M30
196
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Vehicle Replacement - Internal Service Fund
Schedule of Operating Expenses - Budget and Actual
For the Fiscal Year Ended December 31, 2025
Administration
Capital Outlay
T.V. Service Vehicles
Police Vehicles
Fire Vehicles
Public Works
Total Capital Outlay
Depreciation
Budget
Original
$ 55,000
6951000
1X0,000
2,3 11 1000
i •: 111'
Final Actual
55,000
813 J 34 27X0
951000 101642
1,725,705 11852
2081839 391564
L309,259
Total Operating Expenses 4,9811000 208,839 L348X3
197
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, 2025
Operating Revenues
Charges for Services
Operating Expenses
Administration and Maintenance
Operating Income
Nonoperating Revenues
Interest Income
Change in Net Position
Net Position - Beginning
Net Position - Ending
Budget
Original
Final
Actual
$ 2,727,148 2,7271148 2,727,148
216881148 216881148 2,2331697
391000 391000 4931451
39M00 391000 491743
7800 781000 543 J 94
1,986,252
198
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Vehicle Maintenance - Internal Service Fund
Schedule of Operating Revenues - Budget and Actual
For the Fiscal Year Ended December 31, 2025
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
$ 4M91
4M91
4M91
41363
4,363
4,363
41091
41091
41091
51727
51727
51727
281635
281635
281635
41091
41091
41091
6941605
6941605
6941605
4311162
4311162
4311162
84807
84807
84807
441453
44,453
44,453
41091
41091
41091
6531152
6531152
6531152
Total Operating Revenues 2,7271148 2,7271148 2,7271148
199
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Vehicle Maintenance - Internal Service Fund
Schedule of Operating Expenses - Budget and Actual
For the Fiscal Year Ended December 31, 2025
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
$ 140,978
140,978
143,142
711527
71,527
(24,140)
71395
71395
41203
291293
291293
201394
51063
51063
31065
21976
21976
670
705
705
221503
221503
221503
2801440 280,440 16%837
1,1521056
1,1521056
9381114
3451487
3451487
3131879
1101568
1171568
1191474
7961942
7891942
6911235
2,655
2,655
1,158
2,4071708 2,4071708 2,0631860
Total Operating Expenses 2081148 2081148 2,2331697
200
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Building Improvements - Internal Service Fund
Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual
For the Fiscal Year Ended December 31, 2025
Budget
Original Final Actual
Operating Revenues
Charges for Services $ 1,590,175 1,590,175 1,590,175
Operating Expenses
Administration and Maintenance
Operating Income
Nonoperating Revenues
Interest Income
Change in Net Position
Net Position - Beginning
Net Position - Ending
115901175 115901175 1,590,175
101018
1,590,175 1,590,175 1,600,193
1,6001193
201
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Building Improvements - Internal Service Fund
Schedule of Operating Revenues - Budget and Actual
For the Fiscal Year Ended December 31, 2025
Charges for Services
General Fund
Public Works Department
Police Department
Fire Department
Budget
Original
$ 450,000
8981925
2411250
Final Actual
450,000
898X5
2411250
450,000
898X5
2411250
Total Operating Revenues 1,590,175 1,590,175 1,590,175
202
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.
203
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Pension Trust Funds
Combining Statement of Fiduciary Net Position
December 31, 2025
ASSETS
Cash and Cash Equivalents
Investments
Illinois Police Officer's Pension Investment Fund
Illinois Firefighters' Pension Investment Fund
Due from Municipality
Prepaids
Total Assets
LIABILITIES
Accounts Payable
NET POSITION
Net Position Restricted for Pensions
Police Firefighters'
Pension Pension Totals
$ 7691265 698 J 93 L467,458
11013491814 11 M491814
95,2881190 95,2881190
212271807 117431063 3,9701870
131492 13J80 26,672
11313601378 97,7421626 211,1031004
31245 71321 101566
113,3571133 97,7351305 211 M921438
204
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Pension Trust Funds
Combining Statement of Changes in Fiduciary Net Position
For the Fiscal Year Ended December 31, 2025
Police
Firefighters'
Pension
Pension
Totals
Additions
Contributions - Employer
$ 5,7361187
4,8141127
10,550,314
Contributions - Plan Members
I,1441907
1041104
2,149,011
Total Contributions
6011094
5,818,231
12,6991325
Investment Income (Loss)
Interest Earned
5911440
1,773,690
2,3651130
Net Change in Fair Value
1615951756
1310151802
29,6111558
1711871196
1417891492
31,976,688
Less Investment Expenses
(95,362)
(188,230)
(283,592)
Net Investment Income
17,0911834
14011262
3103,096
Total Additions
2319721928
2014191493
44,3921421
Deductions
Administration
771924
931372
1711296
Benefits and Refunds
811261519
718991508
16,0261027
Total Deductions
8,2041443
7,9921880
16,197,323
Change in Fiduciary Net Position
1517681485
1214261613
28,1951098
Net Position Restricted for Pensions
Beginning
9715881648
8513081692
182,8971340
Ending
113,3571133
97,7351305
211,092,438
205
SUPPLEMENTAL SCHEDULES
206
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Schedule of General Long -Term Debt
Long -Term Debt Payable by Governmental Funds
December 31, 2025
See Following Page
207
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Schedule of General Long -Term Debt
Long -Term Debt Payable by Governmental Funds
December 31, 2025
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
$ 5154500 3,96500 5X01000 36,30000
$ 5154500
3,9651000 5,920,000 36,3001000
595459000 3,9651000 5992000 36,3001000
KIWI,
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
7M2000 6122500 3814101426 4,878,013 214391708 57,383,970 421729,893 8,814,814 19584,299 221,2161123
7,020,000 692251000
38,4101426
4,878,013
214391708
57,383,970
42,729,893
8,814,814
64,975,000
3814101426
418781013
2,439,708
57,383,970
42,729,893
8,814,814
115841299 11584,299
710201000 6122500 3814101426 4,878,013 214391708 57,383,970 4297299893 818141814 L584,299 22112161123
209
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Long -Term Debt Requirements
General Obligation Refunding Bonds of 2016A
December 31, 2025
Date of Issue
Date of Maturity
Authorized Issue
Interest Rate
Interest Dates
Principal Maturity Date
Payable at
Fiscal
Year
December 1, 2016
December 1, 2028
$91100,000
3.00%
June 1 and December 1
December 1
Zions Bancorporation
CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS
Requirements
Principal Interest Totals
Interest Due On
Jun.I Amount Dec.1 Amount
2026 $ 117951000
1661350
1,9611350
2026 83,175 2026
2027 118451000
1121500
119571500
2027 561250 2027
2028 1,90500
57,150
119621150
2028 28,575 2028
5,5451000
33600
5,8811000
16800
83,175
56,250
168,000
210
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Long -Term Debt Requirements
General Obligation Bonds of 2017
December 31, 2025
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 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. 1
Amount
Dec. 1
Amount
2026
$ 4401000
2401700
6801700
2026
1201350
2026
1201350
2027
46500
2271500
6921500
2027
113,750
2027
1131750
2028
5001000
215,876
7151876
2028
107,938
2028
1071938
2029
53000
202,750
7321750
2029
101,375
2029
1011375
2030
56500
188,174
7531174
2030
9407
2030
941087
2031
60000
171,932
7711932
2031
85,966
2031
851966
2032
64000
1471932
787,932
2032
73,966
2032
73,966
2033
69000
122,332
812,332
2033
61,166
2033
61,166
2034
7301000
1001770
8301770
2034
50,385
2034
501385
2035
775,000
771956
8521956
2035
38,978
2035
381978
2036
8201000
531738
8731738
2036
26,869
2036
261869
2037
86500
28 J 12
8931112
2037
14,056
2037
141056
7162000 117771772 9,3971772
3,96500 Governmental Activities
3,65500 Business -Type Activities
7,620,000
88806 8881886
211
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Long -Term Debt Requirements
General Obligation Bonds of 2018A
December 31, 2025
Date of Issue
Date of Maturity
Authorized Issue
Interest Rates
Interest Dates
Principal Maturity Date
Payable at
May 1, 2018
December 1, 2037
$11,9501000
3.25% 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. 1
Amount
Dec. 1
Amount
2026
$ 5201000
3501618
8701618
2026
1751309
2026
1751309
2027
56500
3241618
8891618
2027
162,309
2027
1621309
2028
6101000
302,018
9121018
2028
151,009
2028
1511009
2029
65500
277,618
9321618
2029
13809
2029
1381809
2030
710,000
251,418
9611418
2030
125,709
2030
1251709
2031
76500
223,018
9881018
2031
111,509
2031
1111509
2032
81500
1981156
1,013,156
2032
99,078
2032
9%078
2033
87000
17108
1,041,668
2033
85,834
2033
85,834
2034
9251000
1411220
1,066,220
2034
70,610
2034
701610
2035
98500
1081844
110931844
2035
54,422
2035
541422
2036
110501000
751600
1,1251600
2036
3700
2036
371800
2037
1,110,000
38,850
1,1481850
2037
19,425
2037
191425
9558000 21463,646 12,0431646
5,92000 Governmental Activities
316601000 Business -Type Activities
995801000
1,231,823 1,2311823
212
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Long -Term Debt Requirements
General Obligation Bonds of 2018B
December 31, 2025
Date of Issue
Date of Maturity
Authorized Issue
Interest Rates
Interest Dates
Principal Maturity Date
Payable at
October 16, 2018
December 1, 2043
$3 8,440,000
3.62 5 % to 5.000%
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. 1
Amount
Dec. 1
Amount
2026
$ 16000
115221500
1,682,500
2026
761,250
2026
761,250
2027
1651000
1,514,500
116791500
2027
757,250
2027
7571250
2028
1751000
1,506,250
116811250
2028
753,125
2028
7531125
2029
156451000
1,497,500
3,1421500
2029
748,750
2029
7481750
2030
1582000
11415,250
3,2351250
2030
707,625
2030
7071625
2031
1991000
11324,250
3,2341250
2031
662,125
2031
6621125
2032
2100500
112281750
3,2331750
2032
614,375
2032
6141375
2033
2110500
111281500
3,2331500
2033
564,250
2033
564,250
2034
21210,000
110231250
3,2331250
2034
511,625
2034
511,625
2035
212951000
9431138
3,23 8,13 8
2035
471,569
2035
4711569
2036
213801000
8571075
312371075
2036
428,538
2036
4281537
2037
254701000
767,825
3,2371825
2037
383,913
2037
3831912
2038
2556000
675,200
3,2351200
2038
33700
2038
3371600
2039
2966000
57600
3,2361000
2039
28800
2039
2881000
2040
2176500
4691600
3,2341600
2040
23400
2040
2341800
2041
2187500
3591000
3,2341000
2041
179,500
2041
179,500
2042
2199000
2441000
3,2341000
2042
12200
2042
12200
2043
311101000
1241400
3,2341400
2043
62,200
2043
621200
3653001000 17,176,988 53,4761988
81588495 85881493
213
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Long -Term Debt Requirements
General Obligation Bonds of 2019A
December 31, 2025
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 1
December 1
Zions Bancorporation
CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS
Fiscal
Requirements
Interest Due On
Year
Principal
Interest
Totals
Jun. 1
Amount
Dec. 1
Amount
2026
$ 3751000
2651050
6401050
2026
1321525
2026
1321525
2027
40500
2461300
6511300
2027
123,150
2027
1231150
2028
4351000
230,100
6651100
2028
115,050
2028
1151050
2029
46500
212,700
6771700
2029
106,350
2029
1061350
2030
49500
194,100
6891100
2030
97,050
2030
971050
2031
52500
179,250
7041250
2031
89,625
2031
891625
2032
55500
1631500
718,500
2032
81,750
2032
81,750
2033
58500
146,850
7311850
2033
73,425
2033
73,425
2034
6201000
1291300
7491300
2034
64,650
2034
641650
2035
65500
1101700
7651700
2035
55,350
2035
551350
2036
6851000
911050
7761050
2036
45,525
2036
451525
2037
72500
70,500
7951500
2037
35,250
2037
351250
2038
76000
48,750
8081750
2038
24,375
2038
241375
2039
80000
2500
82500
2039
12,500
2039
12,500
8108500 211131150 10,1981150
1,056,575 1,056,575
214
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Long -Term Debt Requirements
General Obligation Bonds of 2019B
December 31, 2025
Date of Issue
Date of Maturity
Authorized Issue
Interest Rates
Interest Dates
Principal Maturity Date
Payable at
Fiscal
Year
November 25, 2019
December 1, 2039
$7,725,000
3.00% to 5.00%
June 1 and December 1
December 1
Zions Bancorporation
CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS
Requirements
Principal Interest Totals
Interest Due On
Jun. 1 Amount Dec. 1 Amount
2026
$ 29000
2301100
5201100
2026
115,050
2026
2027
32000
2151600
5351600
2027
10700
2027
2028
35000
1991600
5491600
2028
9900
2028
2029
38000
1851600
5651600
2029
9200
2029
2030
41500
170,400
585,400
2030
85,200
2030
2031
44500
1571950
6021950
2031
78,975
2031
2032
47500
1441600
6191600
2032
72,300
2032
2033
5101000
1301350
6401350
2033
651175
2033
2034
54500
1151050
6601050
2034
57,525
2034
2035
58000
981700
6781700
2035
49,350
2035
2036
61500
811300
6961300
2036
40,650
2036
2037
65500
621850
7171850
2037
31,425
2037
2038
70000
431200
7431200
2038
2100
2038
2039
74000
221200
7621200
2039
11,100
2039
7102000
118571500
8,8771500
928,750
1151050
1071800
99,800
92,800
85,200
78,975
72,300
65,175
57,525
49,350
40,650
31,425
21,600
9281750
215
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Long -Term Debt Requirements
General Obligation Bonds of 2022A
December 31, 2025
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.1 Amount Dec.1 Amount
2026
$ 2801000
281,300
5611300
2026
1401650
2026
1401650
2027
30500
267,300
5721300
2027
133,650
2027
1331650
2028
33500
2521050
5871050
2028
1261025
2028
1261025
2029
36000
235,300
5951300
2029
117,650
2029
1175650
2030
3901000
2171300
6071300
2030
108,650
2030
1085650
2031
42500
19700
6221800
2031
981900
2031
981900
2032
45500
176,550
6311550
2032
881275
2032
881275
2033
48000
162,900
6421900
2033
81,450
2033
811450
2034
5101000
1481500
6581500
2034
741250
2034
741250
2035
54000
133,200
6731200
2035
661600
2035
661600
2036
57000
1171000
6871000
2036
581500
2036
581500
2037
60000
991900
6991900
2037
49,950
2037
491950
2038
63000
811900
7111900
2038
401950
2038
401950
2039
6651000
631000
7281000
2039
311500
2039
311500
2040
70000
43,050
7431050
2040
211525
2040
21,525
2041
73500
22,050
7571050
2041
11,025
2041
115025
7,98000 2,499,100 10,479,100
1,2491550 1,24%550
216
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Long -Term Debt Requirements
General Obligation Refunding Bonds of 2022B
December 31, 2025
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 1 and December 1
December 1
PNC Bank
CURRENT AND LONG-TERM PRINCIPAL AND INTEREST REQUIREMENTS
Fiscal
Requirements
Interest Due On
Year
Principal
Interest
Totals
Jun.l
Amount
Dec.I
Amount
2026
$ 7051000
1741300
8791300
2026
871150
2026
871150
2027
7251000
154,560
8791560
2027
771280
2027
771280
2028
7451000
134,260
8795260
2028
67,130
2028
671130
2029
7651000
113,400
8785400
2029
561700
2029
561700
2030
7901000
91,980
881,980
2030
451990
2030
45,990
2031
8101000
69,860
879,860
2031
34,930
2031
34,930
2032
8301000
47,180
877,180
2032
23,590
2032
23,590
2033
8551000
231940
8781940
2033
11,970
2033
111970
6,2251000
8091480
710341480
4041740
4041740
217
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.
218
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Net Position by Component -Last Ten Fiscal Years*
December 31, 2025 (Unaudited)
See Following Page
219
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Net Position by Component -Last Ten Fiscal Years*
December 31, 2025 (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
2016 Zola Zolg (i)
$ 3312245875
3411711129
30,1921091
415575424
411041560
7,0651413
(91,778,462)
(95J50,426)
(I07,779,949)
(53,996J63)
(56,8741737)
(70,5221445)
3615881628
3517651755
32,4721358
416105400
612661907
8,4111004
41,199,028
42,0321662
40031362
6918131503
6919361884
62041449
415571424
411041560
7,0651413
(871168,062)
(8818831519)
(99,3681945)
(121797J35) (14,8421075) (29fi391083)
Data Source: Audited Financial Statements
(1) The Village implemented GASB Statement No. 75 for fiscal year 2018.
* Accrual Basis of Accounting
220
2019
2020
2021
2022
2023
2024
2025
31,568,036
26,44809
381294,932
42,417,521
5112325095
6114721621
73,9891304
8,6911355
5,811,511
7,199,628
8,842,728
1715975803
2716291430
10,826,110
(107,7071787)
(90fi00,371)
(75,314,733)
(621385,336)
(58,018,298)
(54fi82,871)
(21,7991373)
(67,4481396)
(58,3401171)
(29,820, 173)
(111 125,087)
10,81100
34,41 % 180
63,016,041
33,1961889
20,5471932
291676,988
28,95%971
3919451439
4912781861
57,2441423
519241760
17,346,891
151780,856
21,248,084
1612795047
1918981538
18,3831812
39,1211649
37,894,823
45,457,844
50,208,055
56,224,486
69,1771399
75,6281235
64,7641925
46,9961621
67,971,920
7113771492
9111771534
11017511482
131,2331727
816911355
5,8111511
7119%628
818421728
1715971803
2716291430
10,826,110
(101,7831027)
(73,2531480)
(5%533,877)
(41,137,252)
(41173%25 1)
(34,784,333)
(3,4151561)
(28,3261747) (20,4451348) 15,637,671 3902,968 6710365086 10315961579 138,6441276
221
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VILLAGE OF MOUNT PROSPECT, ILLINOIS
Fund Balances of Governmental Funds - Last Ten Fiscal Years*
December 31, 2025 (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
2016
2017
2018
$ 1885247
2611219
2201065
18,4961104
19,1371752
22,837,502
18041351
19,398,971
23,057,567
961771
831232
741703
415575424
8,9191560
3%3391578
3,224,446
3,5791214
7,1821152
(688,716)
7,1891925
12,58206
46,596,433
2518741276 3119801977 69,6541000
Data Source: Audited Financial Statements
*Modified Accrual Basis of Accounting
(1) In fiscal year 2025, the Economic Emergency Fund and Pension Stabilization Fund fund balances were
reclassified from restricted to committed fund balances.
224
2019
2020
2021
2022
2023
2024
2025(1)
370J62
381N2
342,372
407,655
3141189
350,626
9,393,310
31393,000
2,30000
3,7001000
712501000
819771677
5 J 01,000
221914N6
23,492,469
30,752,940
4015871665
4317001864
4613481799
54,946,411
2616781148
26J74,371
3417951312
481245X0
4410151053
5516771102
69,440,721
100,288
108,495
79,781
10075
991081
1121763
95,967
28,8451580
6M71,511
71456,454
91073,560
1718201290
27,8411856
11 M291026
934M34
1 M 12,349
112891792
115581290
117901243
17,267,610
71245,942
7J50,936
8,157,144
1414691146
1811541732
19061657
2118311874
36J911810
14,264,976
16,705,728
241933J73
3716321393
4914311519
50,2241477
6209,958 40,439,347 51,501 M40 731178,493 8116471446 105 J 08,621 11905J98.
225
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Changes in Fund Balances for Governmental Funds -Last Ten Fiscal Years*
December 31, 2025 (Unaudited)
Revenues
Taxes
Intergovernmental
Licenses, Permits, and Fees
Charges for Services
Fines and Forfeitures
Investment Income
Other Reimbursements
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 Expenditures
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
2016 2017 2018
$ 3411131260
3157841137
33005547
2714345551
2911991312
32,8111854
4,001145 8
319821497
4051141
6,3471775
518101731
5,8341187
4141884
4151189
4031842
761594
1961995
6751700
351000
191824
1121429
5495816
5921352
1,6605393
7219731338
7210011037
7816641093
914351601
10001904
9,566,297
3215121612
3412791062
36,2871527
8,1481696
8,7621136
9,658,459
415851572
415001280
4,8351310
1,994,918
119531055
1,798,458
4991208
5851907
5721169
1017181553
517861667
15,2451784
312435840
3,5181904
3,671,871
2,0171192
113781256
2,4841885
73,1561192
70,8251171
84,120,760
(182,854)
111751866
(5,4561667)
1718351000
418151000
45,5001000
1,0221839
115,835
1,783,506
(18,5731342)
(4, 153,816)
1,6371926
6001000
2,3541391
(11637,926)
(600,000)
(2,3541391)
2841497
419301835
43,1291690
1015643 651061701 37,673,023
7.32% 6.99% 8.00%
226
2019 2020 2021 2022 2023 2024 2025
32,718,562
31,600,945
34,781,161
35196701
40,590,810
3919631645
44,29203
34,6501218
3612971359
461969,768
4912451896
5116991077
5919121126
61,298,217
4,2491613
318161507
31913,269
318881922
217821616
216431731
211711468
6,26700
6,785,463
7,967,914
81930,352
81898,278
9,3361193
10,341,329
2861328
24204
44504
313,457
3321710
3391380
4451560
1,3751199
234,783
986
841,017
31833,039
417611547
4,2881222
31,204
621,494
20907
1,798,702
21755,196
11770,302
1,102,635
2,089,659
80,200,298
81,066,748
95,877,404
101,942,701
109,906,832
1181059,257
124,926,458
9,384,171
8,044,415
8,079,371
71190,518
71853,335
815471003
8,848,522
36,7831615
371584,244
3 81791 ,777
395908,856
44,9161332
4811821394
51,1971107
10,4561537
10,576,961
1206,572
121959,107
131179,467
1317491408
15,5021072
4,8491613
4,793,171
4,985,328
51037,865
511651746
514841930
5,5411476
1,676,723
1,824,289
2,126,344
21030,206
21161,070
1,906,834
2,444,591
388,375
166,740
306,890
303,830
396,530
405,787
43001
2616161871
3312391574
11,101,659
515811945
1014621289
1110021227
17,4061925
3,787,500
4,01500
4,59000
61054,521
41968,030
5,4891352
5,772,198
3,4091229
3,253,348
31123,295
35134,366
2,9021474
219061605
3,2211854
97,3521634
103,497,742
85,111,236
821201,214
921005,273
9716741540
110,3651346
(17J52,336)
(22,430,994)
10,766,168
191741,487
17,901,559
2013841717
14,561,112
64600
383
295,525
119901817
5,956
520
95,465
7,7251000
812301000
3941075
(81249,328)
3,709,981
5,188,000
4,544,819
41613Al
13,386,599
1410541000
6,764,433
(2J70,362)
(5J88,000)
(4,544,819)
(41688,401)
(14,280,911)
(19,5221312)
(6,864,433)
10,3051294
383
295,525
11896,489
(888,356)
(5,4671792)
(41535)
(6,847,042)
(22,430,611)
11,061,693
2116371976
17,013,203
1419161925
14,556,577
9.60%
9.46%
10.72%
12.29%
9.69%
9.81 %
9.53%
227
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Assessed Value and Actual Value of Taxable Property -Last Ten Tax Levy Years
December 31, 2025 (Unaudited)
Tax
Levy
Year
Residential
Property
Commercial
Property
Industrial
Property
Railroad
Property
2015
$ 962,9341812
$ 2791463,359
$ I I I J47M33
$ 105,644
2016
1,191,992,297
304199906
121 J28,843
L0371906
2017
1118514791107
3211277,244
1621946,209
1 M221879
2018
1117110191649
326M69,226
171081945
1 M951851
2019
11352,6211864
405,952,345
211,550,243
l J 8208
2020
11341 X7,216
4181382,455
2301358X4
L2241387
2021
L230,4751305
3991062,987
215,638,131
1,224,387
2022
1152512841520
417,627,492
227 J 97,566
1,417,634
2023
1,572,472,060
3970200
236J411030
1,521,604
2024
11569X41544
394157901
241,409,332
1,479,290
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.
228
Total
Taxable
Assessed
Value
Total Direct
Tax Rate
Estimated
Actual
Taxable
Value
Estimated Actual
Taxable Value
as a Percentage
of Actual Value
$ L35415501848
1.352
$ 4M6316521544
33.333%
1161911581852
1.157
4,85714761556
33.333%
L670,7251439
1.143
5101211761317
33.333%
11670M731671
1.142
5M1012211013
33.333%
L971,3071340
0.988
5,91319221020
33.333%
L99 L342,982
0.978
5,97410281946
33.333%
1,846,400,810
1.055
5,53912021430
33.333%
21171,527,212
0.942
6151415811636
33.333%
2,20712171374
0.882
6,62116521122
33.333%
2,207,2921967
0.826
6,62118781901
33.333%
229
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N
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Principal Property Tax Payers -Current Fiscal Year and Nine Fiscal Years Ago
December 31, 2025 (Unaudited)
2025*
2016
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 $
2318601314
1
1.08%
LBX Mount Prospect LLC
19,2201816
2
0.87%
DLC Management Corp
1514631471
3
0.70%
Maple Street Lofts
13,5241980
4
0.61 %
Menard - Properties
11,208,317
5
0.51 %
Golf Plaza II
10,820,125
6
0.49%
Mt. Prospect Greens LLC
10,1501712
7
0.46%
Home Properties Colony
1028,867
8
0.45%
Costco
9,181,407
9
0.42%
Walgreens
8,5701255
10
0.39%
Randhurst Improvements, LLC
Ramco-Gershenson Properties, LLC
Home Properties
Golf Plaza I & II
United Airlines Inc.
CRP 3 Acquisitions, LLC
First Industrial Rlty
Costco Properties
LIT Industrial Limited
Cummins Alison Corp
Totals
132,029,264
21J7101
1
1.56%
20,212,777
2
1.49%
15,4471546
3
1.14%
13,252,769
4
0.98%
13,2431050
5
0.98%
10,943,334
6
0.81 %
8,269,908
7
0.61 %
7,134,307
8
0.53%
7,098,640
9
0.52%
604,630
10
0.50%
5.98% 1231577,962
Data Source: Office of the Cook County Clerk
*Collections received in 2025 for 2024 Tax Year due to delay in Property Tax Billing
9.12%
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.
232
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Property Tax Levies and Collections -Last Ten Fiscal Years
December 31, 2025 (Unaudited)
Taxes
Tax Levied for
Fiscal Levy the Fiscal
Year Year Year
Collected within the Collections
Fiscal Year of the Levy in
Percentage Subsequent
Amount of Levy Years
2016
2015
$ 181312,756 $
18,130,372
2017
2016
18,7271305
18,534,114
2018
2017
1910871264
1805,586
2019
2018
1910871266
18,710,515
2020
2019
19,46904
19,187,932
2021
2020
19,4691002
19,207,967
2022
2021
19,4699003
1938107
2023
2022
2014431677
20,3671778
2024
2023
19,46904
19,3 82,291
2025 *
2024
* 18,23 5,179
18,23 5,179
Total Collections to Date
Percentage
Amount of Levy
99.00% $
(225,511)
$ 17,904,861
97.77%
98.97%
(257,365)
18,2761749
97.59%
98.84%
(289,497)
18,5761089
97.32%
98.03%
(268,956)
18,441,559
96.62%
98.56%
(252,241)
181935,691
97.26%
98.66%
(173,885)
19,0341082
97.77%
98.53%
15,547
19,197,434
98.61 %
99.63%
(94,869)
20,272,909
99.16%
99.55%
(49,60 1)
191332,690
99.30%
100.00%
18,23 5,179
100.00%
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.
*Please note that the figures in this report reflect incomplete data, as Cook County reporting was available only
through October 31, 2025, and no subsequent updates were provided for distributions issued after that date.
233
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Sales Taxes by Category -Last Ten Fiscal Years
December 31, 2025 (Unaudited)
2016
2017
2018
General Merchandise
$ 111145510
1,082,424
1,086,859
Food
9511863
8771665
8565379
Drinking and Eating Places
8849477
8791654
9371398
Apparel
1631438
1571352
1401366
Furniture and H.H., and Radio
2091712
2021302
2101670
Lumber, Building Hardware
8211872
8461376
9131446
Automobile and Filling Stations
114921452
1,6761338
1,816,029
Drugs and Miscellaneous Retail
6,5941754
8,9651486
13,0181288
Agriculture and All Others
31611,295
3,6495578
3,7515156
Manufacturers
5001200
1841759
951752
Totals
1613441573
18,5211934
22,8261343
Village Direct Sales Tax Rate
1.00%
1.00%
1.00%
Number of Taxpayers
Data Source: Illinois Department of Revenue
987 15102 11078
Data available for calendar year only. The fiscal year of the Village is the same as the calendar year. Excludes
Home Rules Tax portion.
234
2019
2020
2021
2022
2023
2024
2025
99200
863,330
955,318
992,430
110361858
L09%955
1,142,003
884,898
985,767
985M71
11142,947
112311263
L2651937
L2961237
997,318
870X4
110351832
11182,293
112401628
L3231575
L3991059
1721171
1451070
220,190
2071198
2151273
2361865
3521550
197,569
160,490
193,957
296,442
3221244
5061469
5081450
965,237
L095,425
11151,396
11185M52
111281800
111331721
1,250,899
1,942,864
1,951,579
2,276,879
21509X0
214221544
216531087
2,7241479
13,3361938
140%151
18,596,445
191688,632
2213371303
25J261064
30,3831936
3,78800
1,629,707
3,653,554
31715J06
418061367
4,2801367
4,957,259
101,939
131,654
200,527
155,768
1411178
1221139
2131867
2313791614
21 X2,547
29126%169
3110751788
3418821458
37,7481179
4412281739
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1 M40 987 3,616 4,914 5X 8 7,256 13,443
235
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Business District Sales Taxes by Category -Last Ten Fiscal Years
December 31, 2025 (Unaudited)
2016
2017
2018
General Merchandise
$ 829142
761426
621848
Food
215846
201186
201417
Drinking and Eating Places
54,393
511629
501063
Apparel
211716
201126
1800
Furniture, H.H., and Radio
151551
14,438
12,976
Lumber, Building Hardware
1081480
1091058
1121957
Automobile and Filling Stations
Drugs and Miscellaneous Retail
315889
251843
311732
Agriculture and All Others
59323
51230
61372
Manufacturers
Total
3411340
3221936
315,425
Village Direct Sales Tax Rate
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.
236
2019 2020 2021 2022 2023 2024 2025
28,214
M626
23,759
24,910
251942
301582
35,221
18,526
21,501
25,736
23M49
221611
231561
24,156
53,476
36,543
40,161
425631
50,144
47,367
441461
221600
121802
16,484
165453
151590
161408
171111
12,336
301
2,308
145906
161640
22,014
341487
1151524
126,618
139J61
137,256
1311069
1281730
1571759
16
53
22
1
50
29,430
26,739
38,231
42,507
361128
39M20
45,559
7,101
2,566
4,941
5,849
61018
71656
15,653
80
119
97
314
668
287,207
250M56
290,877
3075733
3041261
3151653
3751125
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
237
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Home Rule Sales Taxes by Category -Last Ten Fiscal Years
December 31, 2025 (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
Total
Number of Taxpayers
Village Home Rule Sales Tax Rate
2016* 2017** 2018**
$ 8589739
8221252
8061891
2465759
2311474
2381527
862,052
8311312
8521731
1621986
1541603
137,624
2061542
196,588
204,642
8171396
8281391
8911206
831,269
9371688
1,029,522
4395702
4731116
5171588
6239624
7021386
6671655
4975623
1791655
911683
5,5461692
5,3571465
5,43809
987
11102
11078
1.00%
1.00%
1.00%
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.
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.
238
2019**
2020**
2021**
2022**
2023**
2024**
2025**
675,585
577,971
6781058
669,247
6971195
7321998
764,551
249,420
268,755
306,796
331,838
3391570
337,363
372,586
9131754
764,116
93204
L0585134
1,1241167
1,199,935
1,261,176
1691062
142,434
216,205
2035245
2109969
2321087
3451913
1921307
157,506
1W925
2905069
3139838
4941367
4961564
942M53
L068M94
1,125M51
1,155,838
110995583
111041986
1,220,047
L0311563
9241782
1,172,729
1,346,105
113055812
L3301040
L3941283
533M57
754N6
1,148,221
L223,910
L212,637
1,280,148
106N8
61100
528,437
72206
803,621
7951136
9211106
L478MD
971836
126,659
1941381
1501434
1381034
1181468
1881537
5,416,497
5,31300
69687,856
712325441
71236,941
7,7511498
9J 88,578
1 M40
987
3,616
4,914
59928
71256
13,443
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
239
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Direct and Overlapping Sales Tax Rates -Last Ten Fiscal Years
December 31, 2025 (Unaudited)
Fiscal
Year
State
Tax
County
Rate
Regional
Transportation
Authority
Village
Direct
Rate
Total
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%
2025
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.
240
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Ratios of Outstanding Debt by Type -Last Ten Fiscal Years
December 31, 2025 (Unaudited)
Fiscal
Year
Ended
General
Obligation
Bonds
Governmental Activities
IEPA
Loan Installment
Payable (1) Note (2)
Business -Type
Activities
Business
District General
Limited Tax Obligation
Note Payable Bonds
Total
Primary
Government
Percentage
of
Personal
Income (3)
Per
Capita (3)
2016
$ 4319059073 $
3591175 $ I,525,000 $
311767,253 $
$
77,556,501
4.31% $
11432
2017
451784,843
1701271 151051000
32,525,273
503,964
84,649,351
4.71%
11563
2018
8517379998
571500 59000
3311929363
918271936
129,4051797
7.19%
21389
2019
9014761575
3513291187
1915671083
145,372,845
8.08%
21684
2020
8611461970
351905J76
1912061498
14112581644
6.50%
21587
2021
8112831168
36,730,522
18,644,921
136,658,611
5.94%
2,404
2022
7616449366
3716009588
2718811659
142J261613
5.76%
21500
2023
7314031031
3812901593
2619431855
138,6371479
5.12%
21439
2024
7010561165
3814131094
251931 M51
134,400,310
4.91 %
21364
2025
6615591299
38,410,426
24,8381247
129071972
4.69%
21283
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.
241
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Ratios of General Bonded Debt Outstanding -Last Ten Fiscal Years
December 31, 2025 (Unaudited)
Less Amounts
General Available
Fiscal Obligation in Debt
Year Bonds Service Fund
Percentage of
Total Taxable
Assessed
Value of Per
Total Property (1) Capita (2)
2016
$ 43N5M73
$ 1681152
$ 43,736,921
1.08% $
807
2017
50M807
1841195
5016641612
1.04%
935
2018
95,565,934
215461115
9310191819
1.86%
11717
2019
110M43,658
1,850,968
108119200
2.16%
11997
2020
105,353,468
1>11124
104M92,344
1.76%
1,906
2021
9919281089
L5331779
9813941310
1.65%
11731
2022
104,5261025
8641746
10316611279
1.87%
11823
2023
100,34606
1 M791060
99>7,826
1.52%
11746
2024
95,987,216
1,259,540
94,727,676
1.43%
106
2025
9113971546
1,400,516
891997M30
1.36%
11583
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.
242
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Schedule of Direct and Overlapping Governmental Activities Debt
December 31, 2025 (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
$ 104,9691725
100.00% $
104,9691725
County of Cook
1,93001,750
1.06%
20,4261401
Forest Preserve District of Cook County
75,29000
1.06%
7961568
Metropolitan Water Reclamation District
159K9351000
1.08%
20,5401141
Community College District #535
53 J 85,000
0.02%
91573
Community College District #512
212,34000
9.78%
20,7731222
School District #214
16,41500
19.30%
3J67,767
School District #207
144,160,000
0.09%
123,978
School District #57
17,585,000
94.07%
16,5421913
School District #26
32124000
78.75%
25,3901290
School District #25
96,120,000
2.44%
2,3411483
School District #23
9,1801000
8.69%
7971558
School District #21
74M4500
2.71%
210071360
School District #59
13,27000
18.02%
2,3911519
Arlington Heights Park District
5,54500
1.93%
106N8
Des Plaines Park District
3,24900
1.57%
51 J 39
Mount Prospect Park District
191627,635
68.97%
13,5371180
Total Overlapping Debt
41611,8481385
129041000
Total Direct and Overlapping Debt 4,716,818,110 233,9731725
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 2024 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).
243
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Schedule of Legal Debt Margin
December 31, 2025 (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.
244
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Demographic and Economic Statistics -Last Ten Fiscal Years
December 31, 2025 (Unaudited)
Fiscal
Year
(1)
Population
(2)
Equalized
Assessed Value
Personal
Income
(1)
Per
Capita
Personal
Income
(3)
Unemployment
Rate
2016
54,167
$ 1,619J 58,852
$ 1,798,831,903
$ 33,209
4.60%
2017
54,167
L670,7251439
L798,8311903
331209
3.70%
2018
54,167
1,670M731671
L798,8311903
331209
2.90%
2019
541167
L971,3071340
L798,8311903
331209
2.70%
2020
5404
1,991,342N2
2J 74,658N4
39X6
6.60%
2021
561852
1184614001810
2129917771104
401452
5.00%
2022
561852
2J71,5271212
2,466,7511428
431389
3.50%
2023
561852
2,207,2171374
2,706,9511128
471614
6.70%
2024
56,852
2,207,292,967
2,735XO2 276
48,113
5.00%
2025
561852
N/A
2176614751172
481661
5.30%
Data source:
(1) U.S. Department of Commerce, Bureau of the Census
(2) Office of the Cook County Clerk
(3) IDES Local Area Unemployment Statistics
N/A -Not Available
245
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Principal Employers -Current Fiscal Year and Nine Fiscal Years Ago
December 31, 2025 (Unaudited)
2025
2016
Percentage Percentage
of Total of Total
Village Village
Employer Employees Rank Employment Employees Rank Employment
CVS Caremark
Robert Bosch Tool Corporation
Village of Mount Prospect
Mount Prospect School District 57
Township High School No. 214
Rauland Borg
Costco
Wal-Mart
School District 59
TJX Companies
Cummins -Allison Corporation
Carson Pirie Scott
Jewel Food Stores
Home Depot
Data Sources: Village Records
655 1
650 2
334 3
326 4
300 5
300 6
277 7
271 8
266 9
201 10
3,580
1.15%
1,250
1
2.31%
1.14%
650
2
1.20%
0.59%
315
4
0.58%
0.57%
300
5
0.55%
0.53%
225
8
0.42%
0.53%
300
6
0.55%
0.49%
0.48%
189
9
0.35%
0.47%
0.35%
500
3
0.92%
267
7
0.49%
189
9
0.35%
189
10
0.35%
6.30% 4,374
8.07%
246
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Full -Time Equivalent Employees by Function/Program -Last Ten Fiscal Years
December 31, 2025 (Unaudited)
See Following Page
247
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Full -Time Equivalent Employees by Function/Program -Last Ten Fiscal Years
December 31, 2025 (Unaudited)
Function/Program
2016
2017
2018
Public Representation/Community
and Civic Services
2.20
2.10
2.05
General Government
Village Administration
Administration
16.75
17.35
15.85
Finance
13.00
13.00
13.50
Total
29.75
30.35
29.35
Community Development
Community Development
18.75
18.75
21.00
Community Development/CDBG
0.75
0.75
Total
19.50
19.50
21.00
Human Services Department
9.50
9.55
10.55
Public Safety and Protection
Police Department
101.50
102.50
103.00
Fire Department
81.00
81.00
81.00
Total
182.50
183.50
184.00
Public Works Department
Administration
3.85
3.35
4.75
Streets/Buildings/Parking
12.35
12.35
14.20
Forestry
8.35
8.35
8.35
Engineering
8.00
8.00
7.90
Water/Sewer
2.90
25.25
25.75
Refuse Disposal
24.75
2.90
Parking
0.90
0.90
Vehicle Maintenance
10.75
10.75
10.75
Total
71.85
71.85
71.70
Village Total
315.30
316.85
318.65
Data Source: Village Budget
248
2019
2020
2021
2022
2023
2024
2025
0.80
0.80
0.70
0.70
0.70
0.70
0.70
15.50
13.50
16.00
14.00
16.00
13.00
15.50
13.00
16.00
13.00
16.00
13.00
16.00
13.00
29.00
30.00
29.00
28.50
29.00
29.00
29.00
21.25
21.25
20.75
20.75
21.75
21.75
21.75
21.25
21.25
20.75
20.75
21.75
21.75
21.75
9.55
9.55
9.55
11.05
11.05
11.50
12.00
104.00
80.75
105.50
80.75
105.50
80.75
104.50
86.79
105.50
87.45
110.50
87.45
111.50
90.45
184.75
186.25
186.25
191.29
192.95
197.95
201.95
5.10
5.10
5.10
5.10
5.10
5.10
5.10
16.05
16.30
16.00
16.00
17.00
17.00
17.00
9.55
9.55
9.55
9.55
9.55
9.55
9.55
8.40
8.40
8.40
8.40
8.40
8.40
8.40
23.30
23.30
23.30
23.85
23.85
23.85
23.85
9.60
10.10
9.65
9.65
9.65
9.65
8.15
72.00
72.75
72.00
72.55
73.55
73.55
72.05
317.35 320.60 318.25 324.84 329.00 334.45 337.45
249
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Operating Indicators by Function/Program -Last Ten Fiscal Years
December 31, 2025 (Unaudited)
Function/Program
2016
2017
2018
Finance Department
Vehicle Stickers Issued
411323
401638
391214
Utility Bills
1521872
1529689
15209
Real Estate Transfer Tax Stamps Sold
11541
11472
1,473
Community Development
Building Division
Permits Issued
21500
21375
2,562
Plan Reviews
513
425
465
Building Code Inspections and Reinspections
91535
91640
9,320
Environmental Health Division
Inspections and Reinspections
Food Service
405
400
359
Multi -family Buildings
11000
11000
11025
Public Safety
Police
Number of Crimes
21235
21387
2,335
Number of Service Calls
18,232
181393
181339
Number of Arrests
11083
11102
1,019
Moving Violations
41137
31842
3,440
Parking Citations
51637
81179
51564
Fire
Fire Calls
11889
1,816
1,884
EMS Calls
41032
41105
4,195
Fire Prevention Inspections
31800
21075
200
Training Hours
29,024
311626
31,651
Public Works
Streets
Street Resurfacing (Miles)
6.30
7.00
7.00
Crack Filling (Lbs)
531623
519412
541000
Leaves Removed (Tons)
11676
11848
11856
Water
Water Mains Installed (Lineal Feet)
600
11990
3,900
Water Billed (1,000 Gallons)
1,224,661
1,208,079
1,179,096
Sanitary Sewers Cleaned (Ft)
751000
1001000
7500
Refuse (Single/Multi-Family)
Solid Waste Collected (Tons)
261574
291613
28,235
Recycling (Tons)
51355
59492
51086
Data Source: Various Village Departments
* Numbers affected by COVID-19.
* * Village suspended Vehicle Sticker issuance
250
2019
2020
2021
2022 2023 2024 2025
37,945
35,337
3507
335000 **
149,186
149,305
153J 91
1531437 1561083 153,593 156,616
1,455
11485
1,596
15477 1,172 1,180 11056
21502
2,500
21935
29454
21379
21322
21282
575
600
636
992
972
963
11108
9,100
900
1M80
71336
81560
101442
61305
406
432
1,216
447
471
493
656
L015
11000
902
11303
103
1,847
21585
2,392
2,102
1,645
11694
11785
11715
11733
M483
15,650
22J38
161186
17X2
17X8
17,248
11113
919
628
785
789
893
11380
3,404
2,501
207
29958
2,946
300
5345
4,366
31692
61691
41289
41688
2,700
51748
11855
1,793
1,767
21037
11902
21203
21215
4,598
4M69
4,734
49986
51394
51588
51694
3NO
1,500 *
1,956
21530
31000
21398
21359
31,258
24,221 *
29,587
311440
361900
30,287
311153
6.80
7.10
7.73
8.55
9.21
7.36
6.90
54,000
54,000
551371
521251
43,961
461202
711800
1,853
L889
1,100
15941
21050
11935
21160
4,510
5,326
6,513
6,785
1204
14,039
161879
1,183,694
11219,545
11259,250
112591369
1,271,971
1,290,940
1,265,807
601000
WOO
52,000
481000
43,562
45,750
52,450
28,854
281776
281704
209488
2104
2005
22,706
4,672
41859
41486
41398
4M67
4,109
31794
251
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Capital Asset Statistics by Function/Program -Last Ten Fiscal Years
December 31, 2025 (Unaudited)
Function/Program 2016 2017 2018
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
30
31
31
3
3
3
21
21
21
135 135 135
160
160
160
21243
21246
21246
8.8M
8.8M
8.8M
72
72
72
108
110
110
55
55
55
252
2019 2020 2021 2022 2023 2024 2025
1
1
1
1
1
1
1
30
30
30
32
31
30
31
3
3
3
3
4
4
4
22
22
22
24
25
27
28
135 135 136 136 136 136 136
160
160
160
160
160
160
160
21246
2,246
2,246
2,246
21246
21246
2,254
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
253
ADDITIONAL DISCLOSURES REQUIRED BY SEC RULE 15C2-12
254
VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS
FINANCIAL INFORMATION
STATEMENT OF INDEBTEDNESS
Amount
As Percent of
Per Capita
Applicable as of
Assessed Estimated
2020 Census
December 31, 2025
Value True Value
56,852
Assessed Valuation of Taxable Real Property, 2024 $ 2922993449352
100.00% 33.33%
$ 399213.12
Estimated True Value of Taxable Real Property, 2024 6968890339056
300.00% 100.00%
1179639.36
Direct Bonded Debt payable from Property Taxes (1)
Payable From Property taxes
$
41,84500
1.88%
0.63%
$
736.03
Self -Supporting Debt
86,504,725
3.88%
1.29%
L521.58
Total Direct Bonded Debt
$
128,349,725
5.76%
1.92%
$
2,257.61
Overlapping Bonded Debt Payable from Property Taxes (2)
Schools
$
73,54503
3.30%
1.10%
$
1,293.63
Other Than Schools
55,458,337
2.49%
0.83%
975.49
Total Overlapping Bonded Debt
$
1290400
5.79%
1.93%
$
2,269.12
Total Direct and Overlapping Bonded Debt
$
257,353,725
11.54%
3.85%
$
4,526.73
Total Direct and Overlapping Bonded Debt Excl. Self -Supporting
$
17098499000
7.66%
2.55%
$
39005.15
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, 2025".
RETIREMENT SCHEDULE OF OUTSTANDING VILLAGE GENERAL OBLIGATION BONDED
Principal Maturities
Due
Source of Payments
Total Maturities
Debt Service Tax Levies
Calendar
Property
Annual
Cumulative
Levy
Property
Date
Taxes
Amount
Percent
Year
Taxes
2026
4,56500
4,56500
5.2%
2025
7,795,919
2027
4,79500
4,79500
10.6%
2026
7,857,879
2028
5,05500
5,05500
16.3%
2027
7,952,304
2029
40000
40000
21.7%
2028
7,524,869
2030
5,185,000
5,185,000
27.6%
2029
7,713,624
2031
5,48000
5,48000
33.8%
2030
704,060
2032
5,77500
5,77500
40.4%
2031
70108
2033
6,09500
6,09500
47.3%
2030
7,981,540
2034
5,54000
5,54000
53.5%
2031
7,198,088
2035
5,83000
5,83000
60.1%
2034
7,302,538
2036
6,120,000
6,120,000
67.0%
2035
7,395,763
2037
6,42500
6,42500
74.3%
2036
7,493,038
2038
4,65000
4,65000
79.6%
2037
5,499,050
2039
4,86500
4,86500
85.1%
2038
5,551,200
2040
3,46500
3,46500
89.0%
2039
3,977,650
2041
3 M O 000
3 M O 000
93.1 %
2040
3,991,050
2042
2,99000
2,99000
96.5%
2041
3,23400
2043
3 J M000
3 J M000
100.0%
2042
3,234,400
$W35500
$W35500
DEBT (Note 1) (As of December 31, 2025)
255
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 2006-2025 (Note 1)
Ratio to Equalized Assessed Value
Per Capita (3)
Direct Debt Direct & Overlapping Debt Direct & Overlapping Debt
Including
Excluding
Including
Village Issue
Self-
Self-
Self -
Sale Date
Amount
Supporting
Supporting
Supportin
(2)
g
December 15, 2006
10,000,000
0.78%
0.69%
2.72%
February 17, 2009
10,000,000
0.72%
0.72%
2.45%
December 1, 2009
3,430,000
0.70%
0.70%
2.47%
December 1, 2009
2,650,000
0.70%
0.70%
2.47%
July 29, 2011
4,100,000
0.60%
0.60%
2.80%
July 29, 2011
5,160,000
0.60%
0.60%
2.80%
January 3, 2012
2,975,000
0.60%
0.60%
2.80%
September 10, 2013
9,800,000
0.92%
0.92%
3.42%
February 4, 2014
6,279,000
1.13%
1.09%
3.74%
September 8, 2016
8,735,000
2.00%
1.16%
5.29%
December 1, 2016
9,100,000
1.90%
1.09%
5.25%
December 20, 2017
9,740,000
1.64%
1.04%
3.78%
May 1, 2018
7,060,000
1.62%
0.62%
3.79%
October 16, 2018
38,440,000
2.39%
1.28%
4.55%
June 3, 2019
9,600,000
6.87%
2.56%
12.69%
November 25, 2019
7,725,000
6.87%
2.56%
12.69%
February 8, 2022
8,935,000
7.70%
2.56%
13.68%
September 7, 2022
8,230,000
7.70%
2.56%
13.68%
Excluding
Self-
Supporting
(2)
Including
Self-
Supporting
Excluding
Self -
Supporting
(2)
2.63%
2,362.39
2,287.21
2.45%
2,445.85
2,445.85
2.47%
2,749.42
2,749.42
2.47%
2,749.42
2,749.42
2.80%
2,921.82
2,921.82
2.80%
2,921.82
2,921.82
2.80%
2,921.82
2,921.82
3.42%
3,042.80
3,043.80
3.71%
3,253.40
3,223.59
4.45%
3,356.50
3,309.47
4.43%
3,356.50
3,296.96
3.19%
3,385.89
2,829.19
2.75%
4,214.20
2,450.93
3.41%
4,214.20
3,135.48
8.38%
4,444.69
2,935.89
8.38%
4,444.69
2,935.89
8.55%
4,443.50
2,776.43
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, 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
Prior
Year (2)
Purposes (3)
Valuation
Purposes (4)
Year
2013
1135712941084
3219761484
1139012701568
(13.5%)
2014
1135711461990
3312301688
1139013771678
0.0%
2015
1132212981998
3212511850
1135415501848
(2.6%)
2016
1157114891433
4716691419
1161911581852
19.5%
2017
1167017251439
-
1167017251439
3.2%
2018
1166717941096
212791575
1167010731671
(0.0%)
2019
1196217791503
815271837
1197113071340
18.0%
2020
1197711471038
1411951944
1199113421982
1.0%
2021
1183417131374
1116871436
1184614001810
(7.3%)
2022
2111111451161
6013 821051
2117115271212
17.6%
2023
2116719181473
3912981901
2120712171374
1.6%
2024
2116910631662
6012801690
2120712921967
0.0%
256
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.
3. 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.
4. 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, 2025
Percent of
Village's Applicable Share
Village's 2024
of Gross Debt to be
Real Property
Gross
Paid From Property Taxes (1)
in Taxing
SCHOOL DISTRICTS:
Body
Bonded Debt
Percent
Amount
Elementary Districts:
Mount Prospect No. 57
37.7%
17,58500
94.1%
16,542M3
Community Consolidated No. 59
26.7%
13,27000
18.0%
2,391,519
River Trails No. 26
26.4%
32,24000
78.8%
25,390,290
Wheeling Community Consolidated No. 21
3.4%
74,04500
2.7%
207,360
Arlington Heights No. 25
3.2%
96,120,000
2.4%
2,341,483
Prospect Heights No. 23
2.5%
9,180,000
8.7%
797,558
High School Districts:
Wheeling/Elk Grove No. 214
99.8%
16,41500
19.3%
3,167,767
Maine Township No. 207
0.2%
144,160,000
0.1%
123,978
Community Colleges:
Oakton No. 535
0.2%
53,18500
0.0%
%573
Harper No. 512
99.8%
212,34000
9.8%
20,773,222
Total Schools
73,54503
OTHER THAN SCHOOL DISTRICTS:
Cook County, Including Forest Preserve District
100.0%
205,951,750
1.1%
21,222,969
Metropolitan Water Reclamation District
100.0%
1,908,93500
1.1%
20,540,141
Park Districts:
Mount Prospect
66.8%
1%627,635
69.0%
13,537,180
Arlington Heights
2.8%
5,54500
1.9%
106,908
Des Plaines
1.8%
3,24%000
1.6%
51,139
Total Other Than Schools
55,458,337
257
Notes: 1. Village's share based upon 2024 Real Property valuations.
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
2020
2021
2022
2023
2024
$0.138
$0.157
$0.104
$ 0.057
$ 0.010
0.366
0.379
0.397
0.391
0.428
0.223
0.240
0.204
0.201
0.201
0.251
0.279
0.237
0.233
0.187
$ 0.978
$ 1.055
$ 0.942
$ 0.882
$ 0.826
0.511
0.523
0.512
0.493
0.459
0.378
0.382
0.374
0.345
0.340
0.554
0.617
0.547
0.561
0.594
0.593
0.647
0.495
0.502
0.512
2.735
3.076
2.844
2.913
3.098
2.382
2.664
2.352
2.445
2.574
0.409
0.457
0.410
0.413
0.434
0.087
0.095
0.081
0.084
0.088
$ 8.627
$ 9.516
$ 8.557
$ 8.638
$ 8.924
11.3%
11.1%
11.0%
10.2%
9.3%
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)
Levy
Collection
Total Taxes
Year
Year
Extended
2014
2015
17173 01922
2015
2016
1813121756
2016
2017
1817271305
2017
2018
1910871264
2018
2019
1910871266
2019
2020
1914691004
2020
2021
1914691002
2021
2022
1914691002
2022
2023
2014431677
2023
2024
1914691004
2024
2025
1812351179
Total Taxes Collected as
of December 31, 2025 (Note 1)
Amount
Percent (2)
1713891140
98.07%
1719041861
97.77%
1812761749
97.59%
1815761089
97.32%
1814411559
96.62%
18193 51691
97.26%
1910341082
97.77%
1911971434
98.61 %
2012721909
99.16%
1913321690
99.30%
18,23 5,179
100.00%
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.
258
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.
TEN LARGEST TAXPAYERS
Equalized
Assessed Percent of
Rank Taxpayer Business/Properties Valuation (1) Village (2)
1
CRP 3 West Center LLC
Industrial
2318601314
1.08%
2
LBX Mount Prospect LLC
Shopping Center
1912201816
0.87%
3
DLC Management Corp
Shopping Center
1514631471
0.70%
4
Maple Street Lofts
Apartments
1315241980
0.61 %
5
Menards - Properties
Hardware and Home Building Store
1112081317
0.51%
6
CR Golf Plaza II LLC
Shopping Center
1018201125
0.49%
7
MT Prospect Greens LLC
Apartments
1011501712
0.46%
8
Home Properties
Apartments
1010281867
0.45%
9
Costco
Membership Warehouse Club
911811407
0.42%
10
Walgreens
Pharmacies
815701255
0.39%
$ 13210291264
5.98%
Notes: 1. Valuations as of January 1, 2024, for 2024 tax purposes (payable 2025).
2. Total 2023 Village valuation is $ 2,207,292,967
2017 AND 2024 TAX BASE DISTRIBUTION BY PROPERTY CLASSIFICATION*
Classification
2017
Residential
1118514791107
Commercial
32112771244
Industrial
16219461209
Railroad
110221879
Total
1167017251439
Village of Mount Prospect
Taxable Valuation Percent of Total
2024
% Increase
2017
2024
1156918241544
32.42%
70.96%
71.12%
39415791801
22.82%
19.23%
17.88%
24114091332
48.15%
9.75%
10.94%
114791290
44.62%
0.06%
0.07%
2120712921967
32.12%
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.
259
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 T axes
Charges for Service
Fines & Forfeits
Investment Income
Food & Beverage Tax
Real Estate Transfer Tax
American Rescue Plan Grant
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
2025
2021
2022
2023
2024
Budget
Actual
16,226,617
16,286,923
18,253,378
17,753,593
17,781,260
18,332,923
30,100,672
30,307,782
35,151,212
38,043,788
43,967,900
43,967,796
7,175,489
9,263,878
9,080,365
9,654,627
10,250,000
10,252,936
3,462,218
2,568,330
2,782,346
2,643,731
2,723,800
2,171,468
3,053,871
3,215,723
1,846,913
1,736,750
1,839,200
1,899,609
3,153,582
3,938,175
3,737,078
3,987,981
4,686,046
4,779,906
445,604
313,457
332,710
339,380
412,500
445,560
(3,025)
606,334
2,746,117
3,067,673
2,252,500
2,596,339
1,080,890
1,246,766
1,216,606
1,530,914
1,520,600
1,520,610
1,471,917
1,555,691
956,954
1,016,083
1,179,700
1,179,678
-
70,898
1,184,577
5,572,395
200,000
200,000
2,895,216
6,468,685
5,325,179
5,185,981
5,166,482
4,880,480
$ 69,063,051 $
75,842,642 $
82,613,435 $
90,532,896
$ 91,979,988 $
92,227,305
166,216
152,110
165,182
223,716
272,098
296,588
3,689,825
4,252,225
4,708,504
4,909,613
5,626,059
5,131,821
1,515,447
1,624,954
1,533,547
1,744,045
1,907,525
1,789,072
1,063,237
1,085,561
1,157,543
1,245,020
1,217,016
1,153,786
6,358
6,549
6,745
6,948
7,147
7,156
$ 6,441,083 $
7,121,399 $
7,571,521 $
8,129,342
$ 9,029,845 $
8,378,423
1,094,230 1,126,233 1,313,094 1,409,982 1,442,401 1,404,849
20,023,450 19,942,165 21,926,267 23,177,731 25,932,658 25,143,872
17,616,782 18,751,795 20,736,486 21,372,172 22,878,590 22,387,859
$ 38,734,462 $ 39,820,193 $ 43,975,847 $ 45,959,885 $ 50,253,649
9,370,338 8,807,969 10,276,613 11,415,344 13,896,876
166,502 128,135 125,878 210,731 253,938
1,422,835 1,562,184 1,672,152 1,771,696 2,106,417
306,890 303,830 396,530 405,787 507,522
4,000,000 4,688,401 14,280,911 19,522,312 7,700,000
$ 60,442,110 $ 62,432,111 $ 78,299,452 $ 87,415,097 $ 83,748,247
$ 8,620,941 $ 13,410,531 $ 4,313,983 $ 3,117,799 $ 8,231,741
$ 34,795,312 $ 48,245,320 $ 52,559,303 $ 55,677,102 $ 63,908,843
13,049,799
246,772
1,982,544
430,601
5,438,967
$ 78,463,686
$ 13,763,619
$ 69,440,721
260
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
General Fund
Balance Sheet - December 31
2021
2022
2023
2024
2025
$ 2%375,181
$ 46,145,782
$ 50,957,108
$ 48A%450
$ 45,632,996
16,25%186
17A3M91
17,853,762
17,656,260
22,387J69
%85%038
%727,019
M731M93
M865,311
15M32,761
312,830
473,104
404,875
328,419
L046,594
-
M000
2000
54,717
%04%500
921748
2961195
811434
3911148
8991254
2J43A6
407,655
314,189
350,626
345,310
$ 773,678
$ 55203
$ 742,182
$ 837M7
$ 951,760
16,156,364
14,164,411
17,614,813
17,656,260
17,656,260
6,317,495
11,960,312
%446,163
4,544,652
6,344,843
342,372
407,655
314,189
350,626
%393,310
3,70000
7,25000
8,544,250
8,977,677
5JOL000
30,752,940
40,58705
43,70004
46,348,799
54,946,411
Notes: 1. This condensed financial information for the years ending December 31, 2021-2025 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.
261
COMBINED STATEMENT -ALL FUNDS (Note 1)
Fund Balances 2021-2025 and Summary 2025 Revenues, Excess Revenues and Fund Balance
(Fiscal Years Ended December 31)
Fiscal Year Ended December
31, 2025
Revenue
Revenue Incl. Transfers
Over
Property
(Under)
Fund
Governmental Fund Types (2):
2021
2022
2023
2024
Tax
Total
Expenditures
Balance
General Fund *
34,834,789
48,245,320
52,559,303
$ 55,677,102
$ 18,332,923
$ 92,987,770
$ 13,763,619
$ 69,440,721
Special Revenue Funds:
Motor Fuel Tax
4,480,280
3,805,306
3,536,346
$ 3,997,697
$ -
$ 2,779,558
$ 327,285
$ 4,324,982
Community Development Block Gra
-
-
-
-
-
462,047
-
-
Refuse Disposal
1,091,050
1,380,549
1,657,371
1,888,415
-
5,725,849
431,145
2,319,560
Asset Seizure
105,505
90,381
77,315
110,520
-
12,975
(6,128)
104,392
DEA shared Funds
57,872
472,562
427,390
428,748
-
31,362
(13,720)
415,028
DUI Fines
148,677
138,910
141,337
130,895
-
1,594
(9,246)
121,649
Foreign Fire Tax Fund
478,814
543,266
585,513
572,458
-
181,719
(3,783)
568,675
Business District Fund
-
-
-
-
-
2,775,395
-
-
Pension Stabilization Fund
-
750,000
750,000
753,547
-
2,009,112
9,112
762,659
Economic Emergency Fund
-
-
6,695,690
13,691,634
-
579,806
579,806
14,271,440
Rural Special Service Area
-
-
-
-
677,953
677,953
12,953
12,953
South Mount Prospect TIF
-
-
2,038,750
2,782,523
807,581
1,829,442
(138,318)
2,644,205
Prospect/Main TIF*
395,781
2,177,557
2,266,402
3,906,514
4,591,577
5,925,709
(2,672,804)
1,233,710
Total Special Revenue
6,757,979
9,358,531
18,176,114
$ 28,262,951
$ 6,077,111
$ 22,992,521
(1,483,698)
26,779,253
Debt Service *
1,782,485
1,095,578
1,301,547
1,471,966
1,579,946
4,654,385
131,466
1,603,432
Capital Projects (3)
8,165,264
14,479,064
18,154,732
19,696,602
-
11,151,679
2,145,190
21,841,792
Total Governmental
$ 51,540,517
73,178,493
$ 90,191,696
$ 105,108,621
$ 25,989,980
$ 131,786,355
$ 14,556,577
$ 119,665,198
Proprietary & Fiduciary Fund Types
Enterprise Funds (4):
Water and Sewer *
45,147,298
49,885,089
55,955,988
$ 68,791,930
$ -
$ 30,430,412
$ 6,386,009
75,177,939
Village Parking System
310,546
322,966
268,498
385,469
-
335,128
(35,173)
450,296
Internal Service Funds (5)
25,752,604
25,202,939
26,903,775
29,418,998
-
19,277,895
5,655,801
35,074,800
Pension Trust Funds:
-
-
-
Police Pension
96,474,332
80,671,330
89,960,810
97,588,648
-
23,972,928
15,768,485
113,357,133
Firefighter's Pension
85,017,228
70,402,040
78,761,763
85,308,692
-
2,041,993
12,426,613
97,735,305
Total Proprietary & Fiduciary
$ 252,702,008
$ 226,484,364
$ 251,850,834
$ 281,493,737
$ -
$ 76,058,356
$ 40,201,735
$ 321,795,473
Total All Funds (Memo Only)
$ 304,242,525
$ 299,662,857
$ 342,042,530
$ 386,602,358
$ 25,989,980
$ 207,844,711
$ 54,758,312
$ 441,460,671
* Designated as major funds.
Cash & Investments at 12/31 (6):
2021
2022
General Fund
$ 29,375,181
$ 46,145,782
Internal Service Funds
14,008,929
13,909,933
Prospect & Main TIF
341,682
1,927,204
Economic Emergency Fund
-
-
Other Special Revenue Funds
6,378,108
7,404,244
Debt Service Funds
1,767,712
448,161
Subtotal
$ 51,871,612
$ 69,835,324
Capital Project Funds
7,948,358
12,304,169
Water & Sewer
16,311,963
25,934,241
Other Enterprise Funds
327,112
335,433
Pension Trust Funds
181,536,181
150,542,958
Total
$ 257,995,226
$ 258,952,125
+ Starting year 2019 Other Fiduciary
Funds are merged with
General Fund
2023 2024 2025
$ 50,957,108 $ 48,069,450 $ 45,632,996
16,992,050 18,122,823 19,692,201
3,517,866 4,160,017 1,826,420
6,695,690 13,651,595 14,271,440
6,783,159 10,333,215 10,561,626
1,276,937 1,439,580 1,571,637
$ 86,222,810
17,859,553
22,112,891
281,386
168,630,998
$ 95,776,680
16,739,705
19,558,241
401,201
182,948,465
$ 93,556,320
20,690,423
17,306,857
469,091
207,105,462
$ 295,107,638 $ 315,424,292 $ 339,128,153
Notes:
1. This condensed financial information for the years ending December 31, 2021-2025 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, 2025, 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, 2021-2025. The "Independent Auditor's Report"
included in the latest audit states, in part:
262
"7n our opinion, the financial statements referred to above presentfairly, 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, 2025, and the respective changes in financial position and, where
applicable, cash flows theNeof for the year then ended in accordance with accounting principles
generally accepted in the United States ofAmerica. "
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 one -quarter cent home rule 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 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. The Village also created a
building improvement fund in 2025, accumulating funds for known future building improvements.
6. 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.
7. The Village created Elk Grove Rural Emergency SSA Fund in 2025. The fund collects the special
service area levy for providing Fire and EMS services to the unincorporated Cook County
residents.
8. The Village created an Economic Emergency Fund in 2023. The fund will provide support for
Village operations during economic emergencies and uncertainties. In 2023, the village funded
$6.5 million from the 2022 surplus from the General Fund. The fund is invested according to the
Village's investment policy. In 2024, the Village funded additional $6.5 million from the 2023
surplus from the General Fund.
9. Excludes agency funds.
263
Capital Assets Not Being Depreciated
Land
Construction in Progress
Total Assets Not Being Depreciated
CAPITAL ASSETS (Note)
(December 31, 2025)
Governmental
Activities
Capital Assets Not Being Depreciated
$ 16,71I,979 Land
$ 7,19%848 Construction in Progress
$ 23,911,827 Total Assets Not Being Depreciated
Business Type
$ 17,318,818
m ... �. �....
Capital Assets Being Depreciated
Capital Assets Being Depreciated
Buildings
$ 77,756,534
Buildings and Improvements
$ 4,311,808
Improvements Othern Than Buildings
1,508,327
Equipment
406,053
Infrastructure and All Other
156,487,638
Infrastructure
82,510,706
Total Capital Assets Being Depreciated
$ 235,752,499
Total Capital Assets Being Depreciated
$ 91,708,567
Less Accumulated Deprteciation
$117,884,062 Less Accumulated Deprteciation
Total Capital Assets Being Depreciated, Net $117,868,437 Total Capital Assets Being Depreciated, Net $ 64,726,319
Net Assets $141,780,264 Net Assets $ 82,275,710
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.
264
FOR THE FISCAL YEAR ENDED
DECEMBER 31, 2025
50 South Emerson St
Mount Prospect, IL 60056
Phone: 847.818.5276
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June 15, 2026
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, 2025, 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
1. 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.
2. GASB STATEMENT NO. 104 DISCLOSURE OF CERTAIN CAPITAL ASSETS
In September 2024, the Governmental Accounting Standards Board (GASB) issued Statement No. 104,
Disclosure of Certain Capital Assets, which provide users of government financial statements with
essential information about certain types of capital assets. This statement establishes requirements for (1)
Certain types of capital assets to be disclosed separately in the capital assets note disclosures, and (2)
Capital assets held for sale, including additional disclosures for those capital assets. GASB Statement No.
104, Disclosure of Certain Capital Assets is applicable to the Village's financial statements for the year
ended December 31, 2026.
•
.Village of Mount Prospect M I Pm -
Mount Prospect, Illinois
INTEROFFICE MEMORANDUM
TO: VILLAGE PRESIDENT AND BOARD OF TRUSTEES
FROM: VINCENT GROCHOCINSKI, AUDIT COMMITTEE CHAIR
DATE: J U LY 141 2026
SUBJECT: ANNUAL REPORT OF AUDIT COMMITTEE — 2026
The audit for the fiscal year 2025 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 sixth and the final year of engagement with the Village.
The Audit Committee met on June 22, 2026, to discuss the 2025 audit report and findings. The meeting
agenda included discussing the results of the 2025 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 22 meeting, the Audit Committee met with the Village staff and the Audit Manager in
charge of the audit, Don Shaw. A presentation on the 2025 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 2025 Audit.
• On page 11 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, 2025, 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 $69.4 million, of which $54.9 million is
unrestricted. The Village's General Fund reported remarkable growth in the
Intergovernmental Revenues. The state sales tax, home -rule sales tax, income
tax, and a few other outperforming revenues allowed the Village to add $13.8
million to the overall reserves of the General Fund. While $13.8 million is
accounting surplus, the actual cash surplus for 2025 is $4.8 million. The Village
has given a loan to the Prospect & Main TIF, totaling $8.7 million (with accrued
interest, the loan balance as of December 31 was $9.0 million). Normally, these
Annual Report of Audit Committee — 2025 Activities
July 14, 2026
Page 2
are treated as transfers or expense. However, these loans will be paid back by the
Prospect & Main TIF over a specific period of time. Until that time, the amount is
shown as a non -spendable fund balance as it is not readily available.
■ All the Village Departments performed within their approved budgetary
constraints and were reported under budget.
■ The overall Governmental Activity Fund Balance is $119.7 million, of which $54.9
million is unrestricted.
■ The overall Business Type activity Fund Balance is $75.2 million, of which $57.2
million is invested in capital assets and infrastructures.
■ Police and Fire Pension Funds show a funded ratio of 66.4 percent and 69.6
percent, respectively. The unfunded liability totals $57.3 million for the Police and
$42.8 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 2025 management letter addressed the recommendation to implement two new upcoming
GASB standards. They are GASB Statement No. 103 — Financial Reporting Model Improvements
and GASB Statement No. 104 — Disclosure on Certain Capital Assets. These are new accounting
standards applicable to the Village starting December 2026. Auditors informed the Audit
Committee that the staff will be working to implement these new standards during 2026 audit.
• The ACFR also included the Certificate of Achievement for Excellence in Financial Reporting
received from GFOA for the 2024 Audit. This marks the 33rd consecutive year the Village receiving
this award. The Village has also submitted the 2025. 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.
• Staff also informed the Audit Committee that 2025 was the final year for the current auditors. The
staff has received two responses for the auditing services for a new 5-year engagement and will
be conducting a meeting to review responses in late July/August.
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