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HomeMy WebLinkAbout3. 2011 Mid-Year Review and Update of the 2012 Budget Forcast 08/09/2011 Village of Mount Prospect Mount Prospect, Illinois INTEROFFICE MEMORANDUM TO: MICHAEL E. JANONIS, VILLAGE MANAGER FROM: FINANCE DIRECTOR DATE: AUGUST 3, 2011 2011 MID-YEAR REVIEW AND UPDATE OF 2012 BUDGET SUBJECT: FORECAST Each year, the Finance Department prepares for the Village Board and Finance Commission a mid- upcoming year. The Finance Department also holds a joint workshop with the Village Board and Finance Commission earlier in the year to present a first-quarter review that includes a wrap-current fiscal year. This practice provides a solid foundation for preparation of the upcoming annual budget. This memorandum is intended to provide an update from the first-quarter review. The principal focus of this memorandum is on the General Fund, since it is the main operating fund of the Village. Also discussed to a lesser degree are a few of the more material operating and capital project funds. It should be pointed out that the current estimates of revenues and expenditures for 2011 are fluid and may change during the remaining six months of the fiscal year. 2011 MID-YEAR REVIEW GENERAL FUND The 2011 General Fund as approved by the Village Board in December 2010 was balanced and totaled $40,570,430. The General Fund budget was amended in March to account for carry- and for expenses related to the February snow storm. Adjustments to General Fund expenses were made in various areas totaling $374,117 bringing total General Fund expenditures to $40,944,547. Revenue estimates for the year were increased $30,000 to account for the EAB Reforestation grant awarded earlier in the year. After these changes, the amended budget reflects a deficit of $344,117. As part of the mid-year review, we looked at all revenue and expenditure accounts to determine if any material variances were likely. We now expect total General Fund revenues to come in at $40,579,390, a decrease of $21,040 from the amended budget. Total expenditures are expected to increase $400,000 to $41,344,547. The large increase is due to the cost of managing and clean-up related to the June storm event. The projected deficit at the end of Please note there was a total of 2011 increased to $765,157 as a result of the changes. $657,000 added to the General Fund budget due to expenses related to two significant storm events in the first half of 2011. Exhibit I presents a summary of our current projections of revenues and expenditures, with a comparison to the amended budget. Mid-Year Budget Review August 3, 2011 Page 2 General Fund Revenues: General Fund revenues at June 30, 2010 were $15,187,298. This accounts for 37.4% of the amended budget. Being below 50% at mid-year itself should not be a concern as receipt of several significant revenue sources by the Village lag one to three months. These revenue sources include sales tax, income tax, utility taxes and other intergovernmental revenues. One area that remains a concern is . The state is currently three months behind their regular payment schedule. The delay is estimated to total $1.3 million. General Fund Revenue Collections as a Percent of Annual Budget 100% 75% 50% 25% 0% Revenue Type The preceding chart illustrates the percent of revenues received by the Village in several th categories as of June 30. The current year-end estimate for revenues is slightly below the amended budget. Property tax revenues (general and pension allocations) of $6,064,910 are running at 52.7% of budget. This is typical in that the first allotment of property taxes received is an estimate (55%) based on the prior year receipts while the second allotment, which comes in later in the year, captures the levy increase approved in the current tax year. Our year-end estimate is at the amended budget amount. The average collection rate for property taxes since levy year 2000 is 98.4%. Other Taxes one-quarter cent home rule sales tax, food and beverage tax, real estate transfer tax, hotel/motel tax, telecommunications th to $2,240,981 as of June 30, which is 31.4% of annual budget. Again, this is a category where there is a lag in receipt of two of the more significant revenues (home-rule sales tax and telecommunications tax). H:\ACCT\BUDGET\Budget 2011\Quarterly & Mid Year Review\VB Mid-Year Review Memo - August 2011.docx Mid-Year Budget Review August 3, 2011 Page 3 home rule sales tax is running 5.7% above the prior year through the first three months of the year. Receipts from the home rule sales tax are expected to come in above budget by $20,000. The real estate transfer tax continues to be impacted by the slow recovery in the economy, specifically from the struggling housing market. Transfer tax receipts are off almost 70% from their high level point in 2005. Projected receipts for this tax are expected to total $400,000, this is $100,000 below original budget projections. Telecommunication taxes have fluctuated in the past several years since the State has taken responsibility of collecting this tax. Through June 30 this revenue is off 14%. The year-end estimate was reduced to reflect current monthly receipts. I have reached out to several nearby communities to see how their tax receipts for this item have come in. For each of these communities there has been a decline from the prior year of between 8.9% and 11.0%. It appears that the decline is universal and not unique to Mount Prospect. from licenses and permit fees Collections totaled $1,962,476, or 59.9% of the $3.3 million budget. Of this amount, vehicle license revenue totals $1,251,106. Vehicle stickers are at 89.1% of budget, which is expected given the timing for selling the 2011 - 2012 vehicle sticker. Activity for this revenue is coming in as expected. No changes were made to year-end estimates for this category of revenues. th Intergovernmental revenues totaled $3,826,623 as of June 30, which is 24.1% of the $15.9 million annual budget. Intergovernmental revenues in the General Fund include the local share of the state sales tax, state income tax, use tax, replacement tax and other miscellaneous state and federal grants. Sales tax collections, which make up approximately 64% are at $2,408,563. This represents 23.5% of budget. The current projection for this revenue is $10,495,000. Year-to-date collections are running over 2% above the same period last year. Year end projections have sales taxes coming in over budget by $266,000 or 2.6%. th state income tax totaled $863,852 at June 30. This is up slightly from the same period last year. We have lowered the year-end estimate based on the lower population figures now in place from the 2010 census. Fines Revenue from totaled $234,552 for the first six months. This represents 39.0% of the $601,000 budgeted for the year. We expect this revenue to come in at budget for 2011. Circuit th court fines lag the 50% benchmark at June 30as there is a two-month delay in receiving this Investment income money from Cook County. totaled just $14,989 for the first six months, representing 15.3% of the $97,500 projected for the year. Significantly lower rates paid for short-term investments are causing this shortfall. The budget anticipated an earnings rate on surplus fund of 1.5%. Actual earnings are closer to 0.2%. As such, the year-end estimate was Other Revenue lowered $67,500. , consisting of reimbursements and other revenues, totaled th $192,017 as of June 30. This is 31.2% of the $616,040 budgeted for the year. We expect these revenues to come in slightly above our projections by $38,960 for 2011. H:\ACCT\BUDGET\Budget 2011\Quarterly & Mid Year Review\VB Mid-Year Review Memo - August 2011.docx Mid-Year Budget Review August 3, 2011 Page 4 General Fund Expenditures: th The amended 2011 budget totals $40,944,547. As of June 30 the Village had recorded expenditures of $18,591,695. This represents 45.4% of budget and is consistent with previous years. All of the departments are at or below the benchmark 50%. The following chart illustrates General Fund expenditures as a percentage of annual budget at June 30. General Fund Expenditures as a Percent of Annual Budget Public Representation Manager's Office Television Services Clerk's Office Finance Comm. Dev. Human Services Police Fire Public Works Misc. 0%25%50%75%100% Percent For the past several years, total General Fund expenditures have come in anywhere from one to two percent under budget. The chart below shows budget to actual expenditures since 2006. A 1.0% savings in expenditures for 2011 reduces the estimated deficit by over $400,000. Year Amended Budget Actual Expenditures Variance 2006 $36,908,387 $36,282,681 (1.70%) 2007 $39,470,568 $38,917,075 (1.40%) 2008 $41,281,355 $40,534,554 (1.80%) 2009 $40,697,094 $40,571,714 (0.30%) 2010 $40,961,030 $40,043,801 (1.98%) Additional discussion on other operating and capital funds worth noting include the Motor Fuel Tax/Street Improvement Fund, Capital Improvement Fund, Flood Control Fund and Water and Sewer Fund. MOTOR FUEL TAX / STREET IMPROVEMENT FUNDS Motor Fuel tax receipts have seen a decline in the past several years. Per capita amounts have dropped since 2005 when they averaged $29.64. The current estimate for budget year 2012 is $23.91. This drop amounts to a loss of $322,000 in motor fuel revenues. In addition, the final population figures from the 2010 census showed a decrease of 2,098 which reduced these taxes by another $50,000. Home rule sales taxes in the Street Improvement Fund have also declined since 2007 resulting in a loss of $200,000 annually. The combined loss of these two revenues along with a flattening of the locally collected motor fuel tax has necessitated scaling H:\ACCT\BUDGET\Budget 2011\Quarterly & Mid Year Review\VB Mid-Year Review Memo - August 2011.docx Mid-Year Budget Review August 3, 2011 Page 5 back the annual street resurfacing program. Lane miles being resurfaced annual have dropped from a targeted 6.9 miles to approximately 5.0 miles. There is currently a backlog approximately $3.5 million in resurfacing projects. Other options for funding the street program will need to be considered to prevent streets from deteriorating to the point where more costly repairs are required. CAPITAL IMPROVEMENT FUND Beginning with calendar year 2008 the Capital Improvement Fund has a one-quarter cent home rule sales tax as a dedicated revenue source. Initially, a portion of the new revenue was to go towards building fund balance. Projects were limited during the first three years while the reserve was being built. Now that this has been accomplished it is estimated that $1 million is available to support these mid-range capital projects. The backlog of projects exceeds the amount available for funding. Projects with higher priority will continue to be slotted first. FLOOD CONTROL CONSTRUCTION FUND Funds to support projects for flood control come from the one-quarter cent home rule sales tax. Previously, this revenue was used to cover debt service payments related to earlier constructed flood projects. About one-half of the outstanding flood control debt was retired by 2010 which now frees up a portion of home rule sales tax revenue to support ongoing flood projects. th Revenue through June 30 was $156,561, 29.2% of the total expected for 2011. Again, being under 50% at this point is not a concern as there is the three-month lag in receiving sales tax. Projects included in the 2011 budget include creek bank tree trimming and stabilization and the first year of the three-year Prospect Meadows storm sewer project. There are no material variances expected for this fund for 2011. WATER AND SEWER FUND th Revenues through June 30 total $5,121,237, representing 47.1% of the $10.9 million budget. This is typical, as water consumption increases during the summer months. In addition, there is a two-month lag for residential billing and one-month lag for commercial properties. Expenditures are budgeted at $13.2 million for the year. After six months, actual expenditures have totaled $4,614,596, or 35.02% of budget. Expenditures appear to be low because of capital improvements planned for later in the year. There are no material variances expected between now and the end of the year. 2012 FORECAST The 2011 Annual Budget included a forecast budget for the year 2012 for each operating and capital project fund. The purpose of this portion of this memorandum is to bring forward any material variances in revenues/expenditures now expected for the year 2012. GENERAL FUND Exhibit II has been prepared to compare the original forecast numbers to our most recent estimates. The original forecast budget showed an operating deficit of $977,099 on revenues of $41,721,340 and expenditures totaling $42,698,439. Our more recent estimates now show that the deficit has increased to $1.1 million. Revenues falling short of budget include the real estate transfer tax, telecommunication tax and investment income. Revenues are now projected to come in at $41,437,240. This is $284,100 lower than the original forecast budget. H:\ACCT\BUDGET\Budget 2011\Quarterly & Mid Year Review\VB Mid-Year Review Memo - August 2011.docx Mid-Year Budget Review August 3, 2011 Page 6 General Fund Revenues: Below is an explanation of significant variances from the original budget forecast for 2012. Real Estate Transfer Tax receipts had been strong from 2002 to 2005 with the Village receiving over $1 million from this revenue source in each these four years. Much of this growth had to do with the downtown redevelopment and strong housing market. Beginning in 2006, the Village began to see a decline in this revenue due to a cooling of the housing market. A falling off of the revenue has occurred which is expected to continue into 2011. As a result the forecast for 2012 was reduced $100,000 to $400,000. Telecommunication Tax The forecast for the was reduced $330,000 based on prior year estimates. It appears that traditional land line users may be moving to cellular phones which could also account for the drop in this revenue source. Investment income was reduced by $100,000 for 2012 due to lower returns on invested surplus funds. The 2012 forecast originally anticipated returns of 1.5%. I am now estimating returns to be 0.3%. General Fund Expenditures: At this time we are expecting expenditures to remain consistent with the original forecast except for the Fire Department. Earlier in 2011 Fire Union membership agreed to extend their contract one year (which was set to expire on December 31, 2011). Included with this offer was a one- year freeze in salaries (except for regular step increases). This will result in a savings of $164,000 which is accounted for in the current deficit amount. As mentioned earlier in this memo, the mid-year review and budget forecast update are intended to provide a foundation for preparation of the annual budget. Moving forward staff will incorporate directives and suggestions from the Village Board and Finance Commission for their 2012 budget proposals. Review of the 2012 proposed budget will occur in October and November with final approval occurring in December. BUDGET CALENDAR Attached as Exhibit III is the 2012 budget calendar as presented in the current 2011 budget document. We will anticipate moving forward with the 2012 budget process according to this calendar. DAVID O. ERB FINANCE DIRECTOR H:\ACCT\BUDGET\Budget 2011\Quarterly & Mid Year Review\VB Mid-Year Review Memo - August 2011.docx Exhibit I Village of Mount Prospect, Illinois General Fund - Revenues and Expenditures 2011 Mid-Year Review (a)(b)(c)(d)(e) Budget 2011YTD Actual2011Variance- 2010Amended01/01/11-CurrentFavorable ActualBudget6/30/2011Estimate(Unfavorable)Notes Revenues: Property Taxes11,719,52911,514,5006,064,91011,514,5000 A Sales Taxes - ROT Portion10,388,19610,229,0002,408,56310,495,000266,000 A Sales Taxes - HMR Portion1,120,6731,111,000248,9311,131,00020,000 Food and Beverage Tax790,965765,000322,384807,00042,000 B Real Estate Transfer Tax379,942500,000178,190400,000(100,000) C Telecommunications Tax2,838,9532,890,000637,1802,575,000(315,000) Other Utility Taxes1,750,2671,821,000834,1111,821,0000 Other Taxes52,73741,00020,18560,00019,000 Vehicle Licenses1,402,8631,405,0001,251,1061,405,0000 Other Licenses, Permits, Fees1,881,0961,874,000711,3701,874,0000 D State Income Tax4,428,1764,445,000863,8524,362,500(82,500) E Other Intergovernmental1,271,9601,235,000554,2081,393,000158,000 Charges for Services1,437,2821,455,390650,7531,455,3900 Fines and Forfeits569,838601,000234,552601,0000 F Investment Income43,53997,50014,98930,000(67,500) Other Revenue636,301616,040192,017655,00038,960 Total Revenues40,712,31640,600,43015,187,29840,579,390(21,040) Expenditures Public Representation468,890487,065161,200487,0650 Village Manager's Office2,451,6412,588,7291,126,1642,588,7290 Television Services Division188,258166,22270,349166,2220 Village Clerk's Office203,020143,06165,125143,0610 Finance Department1,571,1321,582,487739,3831,582,4870 Community Development Dept.2,151,8712,174,030985,8342,174,0300 Human Services Dept.1,082,5511,063,031476,0691,063,0310 Police Department14,512,41014,723,1066,731,26514,723,1060 Fire Department11,443,14611,424,5575,207,87311,424,5570 G Public Works Department5,925,1596,546,3963,005,3636,546,3960 Miscellaneous45,72445,86322,93145,8630 H Storm Event 201100139400,000(400,000) Total Expenditures40,043,80140,944,54718,591,69541,344,547(400,000) I Excess of Revenues over Expend.668,515(344,117)(3,404,396)(765,157)(421,040) 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:218,515(344,117)(3,404,396)(765,157)(421,040)I 1 of 22011 General Fund - mid-year.xlsx Exhibit I Village of Mount Prospect, Illinois General Fund - Revenues and Expenditures 2011 Mid-Year Review Notes Thereisa3-monthlaginreceivingsalestaxesfromtheState.MarchtaxesreceivedinJuneshowedanincrease A of2%fromtheprioryearforthestateportionand3%inthehomeruleportion.Historically,thegrowthratein homeruletaxhasdifferedfromthestateportionduetobeingassessedonadifferentsetofgoods.Basedon prioryearactualsandusinganestimatedgrowthrateof1%wehaveincreasedouryearendestimatefor2011by 1% over the prior year resulting in increases of $266,000 and $20,000 respectively. Wehavereducedtheamountexpectedtobegeneratedfromtherealestatetransfertaxtonear2010levels.It B doesnotappearthattherealestatemarkethascomebacktothepointwecanassumeanykindofgrowthmoving forward. As such, we were required to reduce the budget $100,000. Telecommunicationtaxreceiptsinthefirst3monthsoftheyear(thereisa3-monthlag)are14%behind2010 C levels.Receiptsarevolatileandhardtopredictsincethestatebecameresponsibleforcollectingthisrevenuefor the village. Based on YTD receipts and past trends I have lowered the estimate for this tax 10%. UpdatedcensusfiguresshowedtheVillage'spopulationdropingto54,167.Thepercapitaestiamteforincome D taxeswasestimatedat$79.00.2,098*$79.00=$165,742.ThenewcensusfigureswereeffectiveJuly1.We anticiapte losing approximately one half, or $82,500 for calendar year 2011. Otherintergovernmentalrevenuesincludesfederalandstategrants.Thebudgetforthisrevenuesourcewas E increase$158,000frombudgetprimarilyduethe$143,000thatcameinfromFEMAasanoffsettoadditional snow removal expense incurred during the early February 2011 snow event. Duetouncertaintyinthefinancialmarket,surplusfundshavebeenplacedinshort-term,liquidmoneymarket F accounts.Interestratesbeingearnedonthesesurplusfundsrangebetween10and30basispoints.Rateshave remainedatthislevelsinceearly2009andarenotexpectedtochange.Thebudgetfor2011estimatedratesto climb to 1%. Investment earnings were adjusted accordingly. ThebudgetforPublicWorkswasincreased$324,561asaresultofcarry-overitemsinthefirstbudget G amendment.Ofthisamount,$257,000aretheresultofmajorsnowfalleventsinFebruarythatimpactedsnow removalovertimeandcontractualsnowremovalaccounts.Therewasalsoa$30,000amendmenttotheEAB Reforestation account supported by grant monies. The original Public Works budget for 2011 was $6,221,835. ExpensesrelatedtotheJunestormeventhavebeensegregatedfromnormaloperationalexpensesfortracking H purposes.Itisestimatedthatwhenallworkiscompletedthetotalcostofthestormwillcomeinat$400,000.No reimbursement is expected from FEMA. Overall,revenuesareanticipatedtocomeinfairlyclosetobudget($21,040)whileexpensesareassumedtocome I inattheamendedbudgetamountwiththeexceptionoftheadditionalamountexpectedfortheJunestormevent. TheGeneralFundhadshownadeficitof$344,117afteramendment#1.Takingintoconsiderationadjusted revenues and the previously mentioned storm expenses the General Fund is now showing a deficit of $765,157. 2 of 22011 General Fund - mid-year.xlsx Exhibit II Village of Mount Prospect, Illinois General Fund - Revenues and Expenditures 2012 Forecast (a)(b)(c)(d)(e) 2011 2012 Forecast CurrentOriginalCurrentIncreasePercent ProjectionsForecastForecast(Decrease)ChangeNotes Revenues: Property Taxes11,514,50012,117,50012,117,50000.00% Sales Taxes - ROT Portion10,495,00010,600,00010,705,000105,0000.99%A Sales Taxes - HMR Portion1,131,0001,122,0001,154,00032,0002.85%A Food and Beverage Tax807,000765,000823,00058,0007.58%B Real Estate Transfer Tax400,000500,000400,000(100,000)-20.00%C Telecommunications Tax2,575,0002,930,0002,600,000(330,000)-11.26%D Other Utility Taxes1,821,0001,832,0001,832,00000.00% Other Taxes60,00041,00041,00000.00% Vehicle Licenses1,405,0001,405,0001,405,00000.00% Other Licenses, Permits, Fees1,874,0001,897,0001,920,00023,0001.21% State Income Tax4,362,5004,445,0004,400,000(45,000)-1.01%E Other Intergovernmental1,393,0001,177,1001,250,00072,9006.19% Charges for Services1,455,3901,477,2001,477,20000.00% Fines and Forfeits601,000601,000601,00000.00% Investment Income30,000150,00050,000(100,000)-66.67%F Other Revenue655,000661,540661,54000.00% Total Revenues40,579,39041,721,34041,437,240(284,100)-0.68% Expenditures Public Representation487,065501,495501,49500.00% Village Manager's Office2,588,7292,674,4852,674,48500.00% Television Services Division166,222171,378171,37800.00% Village Clerk's Office143,061147,673147,67300.00% Finance Department1,582,4871,621,8911,621,89100.00% Community Development Dept.2,174,0302,256,1932,256,19300.00% Human Services Dept.1,063,0311,091,7661,091,76600.00% Police Department14,723,10615,453,28415,453,28400.00% Fire Department11,424,55712,005,14711,841,147(164,000)-1.37%G Public Works Department6,546,3966,729,1226,729,12200.00% Miscellaneous45,86346,00546,00500.00% Storm Event 2011400,0000000.00% Total Expenditures41,344,54742,698,43942,534,439(164,000)-0.38%H Excess of Revenues over Expend.(765,157)(977,099)(1,097,199)(120,100)I Other Financing Sources/Uses Transfers In0000 Transfers Out0000 Total Other Financing Uses0000 Excess of Revenues over Expend. and Other Financing Uses:(765,157)(977,099)(1,097,199)(120,100)I 1 of 2General Fund Forecast 2012 - mid-year.xlsx Exhibit II Village of Mount Prospect, Illinois General Fund - Revenues and Expenditures 2012 Forecast Notes Projectionbasedon2011estimate.2.0%growthfromprioryearresultsin0.99%increaseintheforecast A budget. Projectionbasedon2011estimate.2.0%growthfromprioryearresultsin2.85%increaseintheforecast A budget. Projectionbasedon2011estimate.2.0%growthfromprioryearresultsin7.58%increaseintheforecast B budget. Reducedamountexpectedfromrealestatetransfertaxtoprioryearlevelsuntilthereisanindicationthatthe C housing market is improving. Projection based on 2011 estimate. Minimal growth is expected in this revenue source. D Projectionbasedon2011estimate.1.0%growthfromprioryearresultsin1.01%decreaseintheforecast E budget. Figure also reflects new 2010 census figures for the village (54,167). Short term rates on surplus funds projected to remain low (10-30 basis points). F EmployeescoveredbytheCBA(LieutenantsandFirefighters)agreedtoextendthecurrentcontractoneyear G and accept a 0% wage increase for 2012. Typicallyannualsavingsfromtheannualbudgetrangefrom1-2%.Tobeconservative,noassumptionsexcept H forthewagefreezeforfirefighters/lieutenants,weremadetothe2012forecast.IftheVillageweretocomein 1.0% below budget there would be a savings of $425,344. Thetotalforecastdeficitfor2012isprojectedtoincreaseby$120,000afterconsideringtheadjustmentsmade I totherevenuesandFireDepartmentexpenses.Itisexpectedthatthisdeficitwillbeeliminatedthrough adjustments to existing revenues and budget reductions during the 2012 budget review process. 2 of 2General Fund Forecast 2012 - mid-year.xlsx Exhibit III VILLAGE OF MOUNT PROSPECT BUDGET CALENDARS 2011 and 2012 20112012 DATE ACTIONDATE 3/5/10Capital Improvement Plan (CIP) Worksheets forwarded to Department 3/4/11 Directors 3/19/10Completed Computer CIP Worksheets returned to Finance Department3/18/11 4/2/10Remaining CIP Worksheets returned to Finance Department4/1/11 4/27/10Prior Year Budget Wrap-up and Preliminary Q1 Review4/26/11 5/10/10Department CIP reviews with Village Manger and Finance Director5/9/11 to 5/14/10to 5/13/11 5/21/10Complete Proposed CIP Amounts5/20/11 6/11/10Deliver Proposed CIP to Village Board and Finance Commission6/10/11 6/24/10Review Proposed CIP with Finance Commission6/23/11 7/13/10Committee of the Whole - CIP Review Session7/12/11 7/20/10Acceptance of Proposed CIP at Village Board Meeting7/19/11 7/9/10Budget Kickoff Meeting - Access to Logos.NET Budget Software7/13/11 8/10/10Committee of the Whole - Mid-Year Budget Review and Pre-Budget 8/9/11 Workshop 8/6/10CIP available for distribution8/19/11 8/6/10Completed Departmental Budgets Advanced to Level 3 - Finance8/12/11 8/6/10Revenue Estimates completed by Finance Department8/12/11 Exhibit III VILLAGE OF MOUNT PROSPECT BUDGET CALENDARS 2011 and 2012 20112012 DATE ACTIONDATE 8/26/10Personnel Budget Review8/25/11 8/30/10Department Budget reviews with Village Manager and Finance Director8/29/11 to 9/02/10to 9/01/11 9/17/10Complete Proposed Budget Amounts9/16/11 10/8/10Deliver Proposed Budget to Village Board and Finance Commission10/14/11 10/15/10Proposed Budget available for public inspection at the Village Clerk's 10/14/11 Office and the Mount Prospect Public Library 10/21/10Review of Proposed Budget with the Finance Commission10/20/11 10/28/1010/27/11 11/4/1011/3/11 10/26/10Committee of the Whole - First Budget Hearing (7:00pm - 10:00pm) 10/25/11 Overview, Departmental Presentations 11/9/10Committee of the Whole - Second Budget Hearing (7:00pm - 10:00pm) 11/8/11 Departmental Presentations 11/23/10Committee of the Whole - Third Budget Hearing (7:00pm - 10:00pm) 11/22/11 (If Necessary) 12/7/10Truth in Taxation Public Hearing12/6/11 12/7/10First Reading of Proposed Budget Ordinance at Village Board Meeting12/6/11 12/21/10Public Hearing and Second Reading of Proposed Budget Ordinance at 12/20/11 Village Board Meeting 1/21/11Approved Budget available for distribution1/20/12