HomeMy WebLinkAbout2d. 2010 Revised Forecast Budget
Village of Mount Prospect, Illinois
General Fund. Revenues and Expenditures
2010 Forecast
(a) (b) (c) (d) (e)
2009 2010 Forecast
Current Original Current Increase Percent
Projections Forecast Forecast (Decrease) Change Notes
Revenues:
Property Taxes 10,637,000 11,235,000 11,060,000 (175,000) (1.56) A
Sales Taxes - ROT Portion 9,500,000 9,575,000 9,785,000 210,000 2.19 B
Sales Taxes - HMR Portion 1,125,000 1,265,000 1,181,000 (84,000) (6.64) C
Food and Beverage Tax 760,000 790,000 790,000 0 0.00
Real Estate Transfer Tax 640,000 800,000 700,000 (100,000) (12.50) 0
Telecommunications Tax 2,630,000 2,640,000 2,640,000 0 0.00
Utility Taxes 2,052,000 2,124,000 2,124,000 0 0.00
Other Taxes 142,000 146,000 146,000 0 0.00
Vehicle Licenses 1,405,000 1,405,000 1,405,000 0 0.00
Other Licenses, Permits, Fees 2,370,000 2,101,000 2,101,000 0 0.00
State Income Tax 5,295,000 5,586,000 5,295,000 (291,000) (5.21 ) E
Other Intergovernmental 1,507,500 1,424,500 1,424,500 0 0.00
Charges for Services 1,590,500 1,616,000 1,616,000 0 0.00
Fines and Forfeits 699,000 699,000 699,000 0 0.00
Investment Income 200,000 500,000 300,000 (200,000) (40.00) F
Other Revenue 512,000 486,000 486,000 0 0.00
Total Revenues 41,065,000 42,392,500 41,752,500 (640,000) (1.51 ) G
Expenditures
Public Representation 137,304 137,599 137,599 0 0.00
Village Manager's Office 2,875,216 2,858,352 2,858,352 0 0.00
Television Services Division 191,413 197,551 197,551 0 0.00
Village Clerk's Office 217,076 218,774 218,774 0 0.00
Finance Department 1,594,795 1,625,945 1,625,945 0 0.00
Community Development Dept. 2,503,720 2,336,234 2,336,234 0 0.00
Human Services Dept. 1,210,291 1 ,163,427 1,163,427 0 0.00
Police Department 14,383,522 14,963,006 14,963,006 (25,000) (0.17) H
Fire Department 11,379,031 11,843,097 11,843,097 (25,000) (0.21 ) H
Public Works Department 6,981,652 7,203,622 7,203,622 0 0.00
Community and Civic Services 434,380 426,528 426,528 0 0.00
Miscellaneous 46,500 47,000 47,000 0 0.00
Total Expenditures 41,954,900 43,021,135 43,021,135 (50,000) (0.12)
Excess of Revenues over Expend. (889,900) (628,635) (1,268,635) (590,000) J
Other Financing Sources/Uses
Transfers In 0 0 0 0
Transfers Out 0 0 0 0
Total Other Financing Uses 0 0 0 0
Excess of Revenues over Expend.
and Other Financing Uses: (889,900) (628,635) (1,268,635) (590,000) J
1 of 2
General Fund Forecast 2010 - Q1
Village of Mount Prospect, Illinois
General Fund - Revenues and Expenditures
2010 Forecast
Notes
A Prior-year property taxes were reduced based on credits being given on property tax appeals.
B Projection based on 2009 estimate. 3.0% growth from prior year results in 2.19% increase in the forecast budget.
C Projection based on 2009 estimate. 5.0% growth from prior year results in 6.64% decrease in the forecast budget.
D Projection based on 2009 estimate. 10.0% growth from prior year results in 12.5% decrease in the forecast budget.
These adjustments return this revenue to more normal levels that can be expected moving forward.
E The IML estimates for 2009 were carried over into 2010. The per capita rate remains $94.10.
F The estimated return on surplus funds is being calculated based on a return of 3.0% on an average balance
of $10.0 million.
G Total revenues are being adjusted by $640,000 based on slight growth expected from prior year levels.
The mid-year budget review will include a review of the 2010 forecast. Adjustments to the forecast will be
made at that time if necessary.
H Contributions to the Police and Fire pension funds are based on property tax receipts expected during the
year. Since the prior year property taxes were reduced by $25,000 for both the Police and Fire pension, an
equal amount was reduced from the contribution expense.
Typically annual savings from the annual budget range from 1-2%. To be conservative, no assumption were
made for the 2010 forecast except for Police and Fire pension contributions. If the Village were to come in'
1.5% below budget. there would be a savings of $645,317. The mid-year budget review is set for August.
Additional budget adjustments could be considered at that time.
J It is expected that this deficit would be eliminated through adjustments to existing revenues and budget
reductions during the 2010 budget review process.
2 of 2
General Fund Forecast 2010 - Q1