HomeMy WebLinkAbout08/10/2010 COW agenda (special) ,�����pIW / Sq:4, �
Xillagt of aunt fraspxrf
IIIIIIIIII
-NOTE TIME AND LOCATION -
ORDER OF BUSINESS
JOINT FINANCIAL PLANNING WORKSHOP
Meeting Location: Meeting Date and Time:
Fire Station #14 Tuesday, August 10, 2010
2000 E. Kensington 6:30 P.M.
Mount Prospect, Illinois 60056
CALL TO ORDER
II. ROLL CALL VILLAGE BOARD
Mayor lrvana Wilks
Trustee Paul Hoefert Trustee Juracek
Trustee John Korn Trustee John Matuszak
Trustee Steven Polit Trustee Michael Zadel
ROLL CALL FINANCE COMMISSION
Chair - Vincent Grochocinski
Pam Bazan Thomas Pekras
Ann Similanic Wayne Gardner
John Kellerhals Don Ocwieja
III WORKSHOP TO DISCUSS 2010 MID -YEAR REVIEW AND UPDATE OF THE
2011 BUDGET FORECAST
Each year the Village Board engages in a mid -year review of the current budget
as a means of monitoring the revenue and expenditure levels contained therein.
In addition, the Village Board also engages in a pre- budget workshop with the
Finance Commission specifically designed to look forward to the upcoming
budget year with the idea of setting fiscal parameters and giving staff direction for
preparation of next years budget. Finance Commission members have had the
opportunity to review the materials previously. The mid -year review was
discussed with the Finance Commission at its meeting on July 22, 2010.
1
With the close of June financial activity, staff is in position to present mid -year
financial data for 2010 as well as review the 2011 forecast budget. Current
projections for 2010 show a year -end deficit of $425,430. Overall, revenues are
in the General Fund are coming in at budget. Material shortfalls are being seen
in the home rule sales tax, investment income and fines & forfeits. These
shortfalls have been offset by increases to the state portion of the sales tax and
property taxes. We now expect total General Fund revenues to come in at
$40,720,100. This is an increase of $29,000 from the amended budget. Total
expenditures were estimated at $41,145,530.
The Village's 2011 budget forecast for the General Fund shows a deficit of $3.1
million on revenues of $42,016,500 and expenditures totaling $45,128,755.
Significant effort will be needed during the budget process for 2011 to reduce this
deficit. In preparing the 2011 budget, departments have been asked to hold
spending at 2010 levels and look for other areas to reduce spending. Discussion
at the workshop will also focus on significant items in other Village Funds and the
proposed 2010 property tax levy.
Staff has prepared a comprehensive memorandum detailing the Village's
financial condition for both the balance of 2010 and forecast of 2011 Staff will
also share its current budget preparation strategy and look to the Village Board
for direction regarding the upcoming budget. Appropriate staff will be on hand to
answer questions and facilitate discussion.
IV. ADJOURNMENT
2