HomeMy WebLinkAbout1. COW Agenda 08/09/2011
COMMITTEE OF THE WHOLE
A G E N D A
Meeting Location: Meeting Date and Time:
Mount Prospect Village Hall Tuesday, August 9, 2011
50 South Emerson Street 7:00 p.m.
I. CALL TO ORDER - ROLL CALL
Mayor Irvana K. Wilks
Trustee Paul Hoefert Trustee Arlene Juracek
Trustee John Korn Trustee John Matuszak
Trustee Steven Polit Trustee Michael Zadel
II. ACCEPTANCE OF MINUTES OF COMMITTEE OF THE JOINT SPECIAL TRAFFIC
WORKSHOP OF JUNE 13, 2011
III. CITIZENS TO BE HEARD
IV. 2011 MID-YEAR REVIEW AND UPDATE OF THE 2012 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 28,
2011.
With the close of June financial activity, staff is in position to present mid-year financial data
for 2011 as well as review the 2012 forecast budget. Current projections for 2011 show a
year-end deficit of $765,157. Overall, revenues are in the General Fund are coming in
slightly under budget. Material shortfalls are being seen in the real estate transfer tax,
telecommunication tax and investment income. These shortfalls have been offset by
increases to the sales tax, food & beverage tax and other intergovernmental revenues. We
now expect total General Fund revenues to come in at $40,579,390. This is a decrease of
$21,040 from the amended budget. Total expenditures are estimated at $41,344,547. The
2 budget forecast for the General Fund shows a deficit of $1.1 million on
revenues of $41,437,240 and expenditures totaling $42,534,439. It is expected that this
deficit will be reduced during the budget process for 2012.
NOTE: ANY INDIVIDUAL WHO WOULD LIKE TO ATTEND THIS MEETING BUT BECAUSE OF A DISABILITY NEEDS SOME
ACCOMMODATION TO PARTICIPATE, SHOULD CONTACT THE VILLAGE MANAGER'S OFFICE AT 50 SOUTH EMERSON, MOUNT
PROSPECT, ILLINOIS 60056, 847/392-6000, EXTENSION 5327, TDD #847/392-6064
In preparing the 2012 budget, departments are using 2011 budget amounts as their base
and increasing accounts only where necessary. Justifications are required when 2012
budget amounts exceed 2011. Discussion will also focus on significant items in other village
Funds and the proposed 2011 property tax levy.
Staff has prepared a comprehensive memorandum detailing the Villages financial condition
for both the balance of 2011 and forecast of 2012. 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.
V. VILLAGE MANAGER'S REPORT
VI. ANY OTHER BUSINESS
VII. ADJOURNMENT
Page 2 of 2 COW Agenda August 9, 2011