HomeMy WebLinkAboutTab 3: 2012 First Quarter ReviewVillage of Mount Prospect, Illinois
General Fund - Revenues and Expenditures
2012 Quarterly Review - Q1
1 of 2 1 st Quarter Review - 2012.xlsx
(a)
(b)
(c)
(d)
(e)
Budget
2012
YTD Actual
2012
Variance -
2011
Amended
01/01/12-
Current
Favorable
Actual
Budget
3/31/2012
Estimate
(Unfavorable)
Notes
Revenues:
Property Taxes
11,750,522
12,206,500
6,004,567
12,206,500
0
Sales Taxes - ROT Portion
10,614,601
10,890,000
0
10,800,000
(90,000)
A
Sales Taxes - HMR Portion
1,195,178
1,215,000
0
1,190,000
(25,000)
A
Food and Beverage Tax
867,630
840,000
221,879
700,000
(140,000)
B
Real Estate Transfer Tax
363,194
400,000
72,351
375,000
(25,000)
Telecommunications Tax
2,875,668
2,525,000
0
2,875,000
350,000
C
Other Utility Taxes
1,749,010
1,802,000
275,484
1,750,000
(52,000)
Other Taxes
112,572
192,000
17,848
192,000
0
Vehicle Licenses
1,376,506
1,405,000
524,814
1,405,000
0
Other Licenses, Permits, Fees
1,861,724
1,719,000
318,361
1,719,000
0
State Income Tax
4,328,196
4,430,000
0
4,375,000
(55,000)
D
Other Intergovernmental
1,592,714
1,411,619
230,755
1,411,619
0
Charges for Services
1,486,223
1,518,125
263,622
1,518,125
0
Fines and Forfeits
559,173
507,000
55,379
507,000
0
Investment Income
23,066
25,000
5,887
25,000
0
Other Revenue
417,007
461,238
153,019
461,238
0
Total Revenues
41,172,982
41,547,482
8,143,965
41,510,482
(37,000)
Expenditures
Public Representation
454,868
566,260
91,490
566,260
0
Village Manager's Office
2,645,350
2,468,604
552,769
2,468,604
0
Television Services Division
149,954
168,334
37,949
168,334
0
Village Clerk's Office
144,417
146,997
35,020
146,997
0
Finance Department
1,561,764
1,494,533
336,394
1,494,533
0
Community Development Dept.
2,109,428
2,160,692
431,528
2,160,692
0
Human Services Dept.
981,386
1,012,542
227,255
1,012,542
0
Police Department
14,649,653
15,222,990
4,287,692
15,222,990
0
Fire Department
11,444,291
11,885,304
3,327,651
11,885,304
0
Public Works Department
6,050,055
6,555,630
1,362,124
6,555,630
0
Emergency Events
549,077
6,505
0
6,505
0
Miscellaneous
45,862
46,005
11,501
46,005
0
Total Expenditures
40,786,106
41,734,396
10,701,372
41,734,396
0
E
Excess of Revenues over Expend.
386,877
(186,914)
(2,557,406)
(223,914)
(37,000)
F
Other Financing Sources /Uses
Transfers In
0
0
0
0
0
Transfers Out
0
0
0
0
0
Total Other Financing Uses
0
0
0
0
0
Excess of Revenues over Expend.
and Other Financing Uses:
386,877
(186,914)
(2,557,406)
(223,914)
(37,000)
F
1 of 2 1 st Quarter Review - 2012.xlsx
Village of Mount Prospect, Illinois
General Fund - Revenues and Expenditures
2012 Quarterly Review - Q1
Notes
A Sales taxes, for both the state and home rule portions are expected to drop during 2012 due to the loss of a major
sales tax remitter. The reduced revenue is expected to begin with July receipts so only six months of the decline
is being built into the projection. Future year projections will reflect the full year amount of approximately
$225,000.
B A reduction in the Food & Beverage tax is expected as a portion of these taxes generated by the businesses at
Randhurst Village will be utilized to satisfy the obligations of the redevelopment for that property.
C Projections for the Telecommunication tax have been revised to reflect actual receipts for 2011. This revenue
source had been reduced during the preparation of the 2012 budget. Receipts have since returned to normal
levels. No future growth is anticipated for 2013.
D The state income tax continues to lag prior years and is not expected to grow significantly over the next couple
years. Projections for 2012 are based on actual receipts from 2011. This per capita revenue is expected to
generate approximately $81.00 per resident. The population is 54,167 and is based on the 2010 census.
E The amended budget for 2012 reflects changes made to the budget per Budget Amendment #1 approved by the
Village Board in April. To be conservative, no other additional spending or savings are being built into this
projection. Typically there is between 1% and 2% of savings in total expenses annually. A 1% savings to the
budget returns approximately $417,000 to General Fund reserves to help maintain an appropriate fund balance.
F Overall, revenues are anticipated to come in $37,000 under the amended budget while expenses are assumed to
come in at the amended budget amount. The General Fund had shown a deficit of $186,914 after amendment #1.
Taking into consideration the shortfall in total revenues, the General Fund is showing a deficit of $223,914.
2 of 2 1 st Quarter Review - 2012.xlsx