HomeMy WebLinkAboutTab 2. 2011 First Quarter Review
Village of Mount Prospect, Illinois
General Fund - Revenues and Expenditures
2011 Quarterly Review - Q1
(a)(b)(c)(d)(e)
Budget
2011YTD Actual2011Variance-
2010Amended01/01/11-CurrentFavorable
ActualBudget3/31/2011Estimate(Unfavorable)Notes
Revenues:
Property Taxes11,719,52911,514,5002,133,90611,514,5000
A
Sales Taxes - ROT Portion10,388,19610,229,000010,495,000266,000
A
Sales Taxes - HMR Portion1,120,6731,111,00001,131,00020,000
Food and Beverage Tax790,965765,000115,587807,00042,000
B
Real Estate Transfer Tax379,942500,00063,966400,000(100,000)
Telecommunications Tax2,838,9532,890,00002,850,000(40,000)
Other Utility Taxes1,750,2671,821,000392,3951,821,0000
Other Taxes52,73741,0003,91450,0009,000
Vehicle Licenses1,402,8631,405,000546,1541,405,0000
Other Licenses, Permits, Fees1,881,0961,874,000318,1211,900,00026,000
State Income Tax4,428,1764,445,00004,445,0000
C
Other Intergovernmental1,253,4101,235,000217,3891,394,000159,000
Charges for Services1,437,2821,455,390224,6841,455,3900
Fines and Forfeits569,838601,00082,521601,0000
D
Investment Income43,53997,5008,96150,000(47,500)
Other Revenue636,301616,040119,038636,04020,000
Total Revenues40,693,76740,600,4304,226,63740,954,930354,500
Expenditures
Public Representation469,072487,06550,222487,0650
Village Manager's Office2,460,7602,588,729559,3602,588,7290
Television Services Division189,273166,22237,914166,2220
Village Clerk's Office204,462143,06135,816143,0610
Finance Department1,577,6671,582,487366,0491,582,4870
Community Development Dept.2,162,4172,174,030481,0652,174,0300
Human Services Dept.1,085,3291,063,031248,4841,063,0310
Police Department14,626,34114,723,1063,218,20414,723,1060
Fire Department11,534,65911,424,5572,472,37111,424,5570
E
Public Works Department5,934,3596,546,3961,574,6886,546,3960
Miscellaneous45,72445,86311,46545,8630
Total Expenditures40,290,06340,944,5479,055,63840,944,5470
Excess of Revenues over Expend.F
403,704(344,117)(4,829,001)10,383354,500
Other Financing Sources/Uses
Transfers In00000
Transfers Out(450,000)0000
Total Other Financing Uses(450,000)0000
Excess of Revenues over Expend.
and Other Financing Uses:F
(46,296)(344,117)(4,829,001)10,383354,500
1 of 21st Quarter Review - 2011.xlsx
Village of Mount Prospect, Illinois
General Fund - Revenues and Expenditures
2011 Quarterly Review - Q1
Notes
Thereisa3-monthlaginreceivingsalestaxesfromtheState.JanuarytaxesreceivedinAprilshowedanincrease
A
of6.5%fromtheprioryearforthestateportionand14.8%inthehomeruleportion.Historically,thegrowthratein
homeruletaxhasdifferedfromthestateportionduetobeingassessedonadifferentsetofgoods.Basedonprior
yearactualsandusinganestimatedgrowthrateof1%wehaveincreasedouryearendestimatefor2011by1%
over the prior year resulting in increases of $266,000 and $20,000 respectively.
Wehavereducedtheamountexpectedtobegeneratedfromtherealestatetransfertaxtonear2010levels.Itdoes
B
notappearthattherealestatemarkethascomebacktothepointwecanassumeanykindofgrowthmoving
forward. As such, we were required to reduce the budget $100,000.
Otherintergovernmentalrevenuesincludesfederalandstategrants.Thebudgetforthisrevenuesourcewas
C
increase$159,000frombudgetprimarilyduethe$144,000thatisexpectedfromFEMAasanoffsettoadditional
snowremovalexpenseincurredduringtheearlyFebruary2011snowevent.Applicationforreimbursementhas
already been submitted to FEMA.
Duetouncertaintyinthefinancialmarket,surplusfundshavebeenplacedinshort-term,liquidmoneymarket
D
accounts.Interestratesbeingearnedonthesesurplusfundsrangebetween10and30basispoints.Rateshave
remainedatthislevelsinceearly2009andarenotexpectedtochange.Thebudgetfor2011estimatedratesto
climb to 1%. Investment earnings were adjusted accordingly.
ThebudgetforPublicWorkswasincreased$324,561asaresultofcarry-overitemsinthefirstbudgetamendment.
E
Ofthisamount,$257,000aretheresultofmajorsnowfalleventsinFebruarythatimpactedsnowremovalovertime
andcontractualsnowremovalaccounts.Therewasalsoa$30,000amendmenttotheEABReforestationaccount
supported by grant monies. The original Public Works budget for 2011 was $6,221,835.
Overall,revenuesareanticipatedtocomein$354,500overtheamendedbudgetwhileexpensesareassumedto
F
comeinattheamendedbudgetamount.TheGeneralFundhadshownadeficitof$344,117afteramendment#1.
TakingintoconsiderationadditionalrevenuesexpectedatthistimeabovetheamendedbudgettheGeneralFundis
showing a slight surplus of $10,383.
2 of 21st Quarter Review - 2011.xlsx