HomeMy WebLinkAbout2b. 2008 Year End Results
Village at Mount Prospect, Illinois
General Fund - Revenues and Expenditures
2008 End-at-Year Results. PRELIMINARY
(a) (b) (c) (d)
Budget
2008 Variance-
2007 Amended 2008 Favorable
Actual Budget Actual (Unfavorable) Notes
Revenues:
Property Taxes 9,896,594 10,690,256 10,346,986 (343,270) A
Sales Taxes - ROT Portion 8,811,400 9,300,000 10,066,919 766,919 B
Sales Taxes - HMR Portion 1,320,765 1,250,000 1,221,967 (28,033)
Food and Beverage Tax 797,730 760,000 776,268 16,268
Real Estate Transfer Tax 789,912 760,000 643,082 (116,918) C
Telecommunications Tax 2,741,121 2,535,000 2,770,473 235,473 D
Other Utility Taxes 1,879,135 1,939,500 1,987,506 48,006
Other Taxes 161,322 140,500 151,679 11 ,179
Vehicle Licenses 1,396,941 1,405,000 1 ,403,190 (1,810)
Other Licenses, Permits, Fees 2,048,429 1,771,500 1,691,638 (79,862)
State Income Tax 4,980,054 5,300,000 5,326,270 26,270
Other Intergovernmental 1,963,210 1,621,700 1,803,622 181,922 E
Charges for Services 1,631,636 1,553,375 1,511,172 (42,203)
Fines and Forfeits 720,673 634,000 720,351 86,351
Investment Income 479,704 282,000 256,845 (25,155)
Other Revenue 319,091 368,000 405,090 37,090
Total Revenues 39,937,717 40,310,831 41,083,058 772,227 F
Expenditures
Public Representation 123,983 173,926 163,821 10,105
Village Manager's Office 2,442,227 2,787,444 2,828,498 (41,054)
Television Services Division 164,809 183,164 193,430 (10,266)
Village Clerk's Office 196,054 209,499 198,860 10,639
Finance Department 1,732,616 1,685,886 1,584,722 101,164
Community Development Dept. 2,010,947 2,470,900 2,170,474 300,426 G
Human Services Dept. 752,836 858,447 838,999 19,448
Police Department 13,318,324 14,282,653 13,883,560 399,093 H
Fire Department 10,549,631 11,091,273 11,068,222 23,051
Public Works Department 6,371,138 6,906,562 6,981,997 (75,435)
PW - Storm Expenses 928,240 194,500 194,622 (122)
Community and Civic Services 281,737 391,501 381,889 9,612
Miscellaneous 44,533 45,600 45,460 140
Total Expenditures 38,917,075 41,281,355 40,534,554 746,801
Excess of Revenues over Expend. 1,020,642 (970,524 ) 548,504 1,519,028 J
Other Financing Sources/Uses
Transfers In 105 0 0 0
Transfers Out (12,902) (721,000) (822,274) (101,274) K
Total Other Financing Uses (12,797) (721,000) (822,274) (101,274)
Excess of Revenues over Expend.
and Other Financing Uses: 1,007,845 (1,691,524) (273,770) 1,417,754 L
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2008 End of Year Summary - GF
Village at Mount Prospect, Illinois
General Fund - Revenues and Expenditures
2008 End-at-Year Results - PRELIMINARY
Notes
A The Village received 96.8% of the budgeted amount for property taxes for 2008. Included in this
amount is current and prior year levies. On a year by year basis, the Village has typically
received between 97.5% and 100% of the total annual levy.
B Sales taxes were 8.3% over budget and 14.3% over prior year. In general, most of the major
sales tax remitters had shown an increase from the prior year. The Village did see a one-time
payment of past taxes of approximately $300,000. Excluding this payment, sales taxes grew
8.4% from the prior year.
C This tax has continued to fall from its high point in 2005 when the Village received $1.5 million.
Expect to see this tax remain at this level until the housing market picks up.
D Telecommunication taxes are now collected and distributed by the State of Illinois. Total taxes
were up 1.1 % from the prior year and 9.3% from budget. The 2008 budget was adjusted based
on an earlier trend showing a drop from the prior year, but actual receipts at the end of year
exceeded projections.
E FEMA reimbursement of storm expenses totaled $144,442. Excluding this item, revenues for
this category were flat from the prior year.
F Overall, revenues exceeded the prior year and budget by 2.9% and 1.9% respectively. This is
a testament to the diversification of the Village's tax base in its ability to weather the early
stages of the economic slowdown.
G Savings in Community Development were seen in several contractual service type accounts
related to economic development and process improvement. In addition, a budgeted purchase
for new computers was delayed until 2009.
H Overtime savings in Police Patrol and Traffic Enforcement accounted for over $150,000 of the
savings in 2008 for the Police Department budget. Savings were also seen in a number of
employee benefit and contractual service type accounts.
Expenditures were 1.8% below budget. This amount is consistent with savings seen in past
years. Overall, departments managed budgets well. Savings would have been greater had
it not been for costs related to snow removal.
J There was an operating surplus in the General Fund for 2008 of $548,504. A deficit of
$970,524 was anticipated due to budget carry-overs and expenses related to snow removal
and motor vehicle fuel.
K The Transfers Out were a planned drawdown of fund balance to cover the cost of the new
Village-wide phone system and preliminary architectural services for Fire Station #14 and
companion projects.
L The General Fund had a deficit in 2008 of $273,770. This was due to the planned drawdown
mentioned in Note K. Excluding this item, the General Fund would have ended 2008 with a
surplus. This is notable in light of the slowdown in the economy that occurred during the year.
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2008 End of Year Summary - GF