HomeMy WebLinkAbout2b. 2010 First Quarter Review
Village of Mount Prospect, Illinois
General Fund - Revenues and Expenditures
2010 Quarterly Review - Q1
(a) (b) (c) (d) (e)
Budget
2010 YTD Actual 2010 Variance-
2009 Amended 01/01/10- Current Favorable
Actual Budget 3/31/2010 Estimate (Unfavorable) Notes
Revenues:
Property Taxes 10,641,494 11,575,000 5,683,274 11,575,000 0
Sales Taxes - ROT Portion 9,055,194 9,560,000 0 9,560,000 0
Sales Taxes - HMR Portion 1,036,021 1,246,000 0 1,246,000 0
Food and Beverage Tax 751,121 728,000 111,681 750,000 22,000 A
Real Estate Transfer Tax 405,300 650,000 88,220 600,000 (50,000) B
Telecommunications Tax 2,810,330 2,900,000 0 2,900,000 0
Other Utility Taxes 1,708,847 1,913,000 311,019 1,913,000 0
Other Taxes 142,124 139,000 54,287 139,000 0
Vehicle Licenses 1,395,204 1,405,000 584,650 1,405,000 0
Other Licenses, Permits, Fees 2,276,850 2,021,000 328,655 2,021,000 0
State Income Tax 4,573,162 4,445,000 0 4,445,000 0 C
Other Intergovernmental 1,246,017 1,235,100 151,271 1,235,100 0
Charges for Services 1,691,169 1,640,000 235,461 1,640,000 0
Fines and Forfeits 529,655 642,000 72,149 600,000 (42,000) D
Investment Income 64,954 130,000 9,820 100,000 (30,000) E
Other Revenue 538,028 462,000 122,117 462,000 0
Total Revenues 38,865,4 70 40,691,100 7,752,604 40,591,100 (100,000)
Expenditures
Public Representation 119,564 126,410 21,042 126,410 0
Village Manager's Office 3,015,431 2,518,951 456,215 2,518,951 0
Television Services Division 193,273 202,049 48,091 202,049 0
Village Clerk's Office 208,123 208,643 48,980 208,643 0
Finance Department 1,564,367 1,612,713 378,544 1,612,713 0
Community Development Dept. 2,149,201 2,288,046 476,945 2,288,046 0
Human Services Dept. 1,004,630 1 ,154,769 255,436 1,154,769 0
Police Department 14,150,720 15,038,164 3,803,617 15,038,164 0
Fire Department 11,338,492 11,478,827 2,990,302 11,478,827 0
Public Works Department 6,424,115 6,082,602 1,448,249 6,082,602 0
PW - Storm Expenses 0 0 0 0 0
Community and Civic Services 358,209 387,756 48,099 387,756 0
Miscellaneous 45,590 46,600 11 ,431 46,600 0
Total Expenditures 40,571,713 41,145,530 9,986,951 41,145,530 0
Excess of Revenues over Expend. (1,706,243) (454,430) (2,234,347) (554,430) (100,000)
Other Financing Sources/Uses
Transfers In 0 0 0 0 0
Transfers Out (635,100) 0 0 0 0
Total Other Financing Uses (635,100) 0 0 0 0
Excess of Revenues over Expend.
and Other Financing Uses: (2,341,343) (454,430) (2,234,347) (554,430) (100,000) F
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1 st Quarter Review - 2010
Village of Mount Prospect, Illinois
General Fund - Revenues and Expenditures
2010 Quarterly Review - Q1
Notes
A Actual food & beverage taxes for 2009 are higher than what was budgeted for 2010. The 2010 budget for this
revenue was adjusted accordingly. A 0% increase from 2009 provides a favorable budget variance for 2010.
B Transfer tax sales are expected to increase slightly in 2010 from 2009, but still fall short of the original budget
amount. When comparing the first quarters of 2009 and 2010, receipts are up $30,839 over the prior year.
C Did not make an adjustment to the original budget amount. This could change if the State's proposal for
reducing the per capita amount for income tax comes to fruition. The impact would be a reduction in the
income tax of $1.3 million.
o Fines and forfeits are being reduced based on 2009 actual receipts. Do not expect a significant change in the
amount we are having to send to collection or the amount remitted to the Village from the County.
E Investment returns on surplus revenue remain low (approximately 25 basis points). In addition, delays in the
receipt of state shared revenues are reducing the amount of available funds for investment.
Do expect some growth from 2009 when returns we at 10-15 basis points on surplus funds.
F The initial budget for 2010 showed a deficit of $383,000. The budget was amended for carryover items totaling
$71,430. The net result from these changes is a planned deficit of $454,430. Additionally, revenue projections
were adjusted for four (4) items. These adjustments lowered total revenues for the General Fund by $100,000,
resulting in a projected deficit in the 2010 General Fund budget of $554,430. Based on this projected deficit
fund balance falls to 19.21 %. Staff will continue to monitor revenues and make adjustments to expenditures
as needed.
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1st Quarter Review - 2010