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HomeMy WebLinkAbout04/09/2003 COW agenda COMMI'I-rEE OF THE WHOLE AGENDA Meebng Location Meebng Date and Time' Mt Prospect Commun~tyCenter Wednesday, April 9, 2003 1000 West Central Road 7:00 p m II. III. IV. CALL TO ORDER - ROLL CALL Mayor Gerald L. Farley Trustee Timothy Corcoran Trustee M~chaele Skowron Trustee Paul Hoefert Trustee Irvana W~lks Trustee R~chard Lohrstorfer ~ Trustee M~chael Zadel ACCEPTANCE OF MINUTES OF MARCH 25, 2003 CITIZENS TO BE HEARD LONG-RANGE FINANCIAL PLAN W~th the adoption of the 2003 Municipal Budget last December, The V~llage Board and Administration reluctantly embraced the V~llage's first deficit spending plan ~n more than a decade. This conscious decision, in the face of a soft economy and shnnk~ng revenues, was grounded in the desire to hold the line on substanbve tax increases it was also done w~th the knowledge that over the past several years, a conceded effort had been made to build up the V~llage's "ra~nyday fund" (General Fund fund balance) The 2003 Budget called for a draw down of $632,000 ~n General Fund surplus to cover ongoing operating expenses along with modest expenditure reducbons as part ora hold the line budget Anbcipating a continuing sluggish economy through next year, the 2004 Forecast Budget predicted a $1.3 m~ll~on General Fund deficit (which has s~nce grown to approximately $1.9 m~ll~on due to a greater than anticipated shortfall in Home Rule Sales Tax revenues) W~th conbnued drawdowns on General Fund surplus, an unsound fiscal pracbce, the V~llage Board committed to develop a Long-Term F~nancial Plan (five-year bmel~ne) designed to bring revenues and expenditures into balance while maintaining the V~llage as an attracbve community in which to I~ve, work and operate a business The goal for developing such a Plan was the end of the first quarter of 2003 S~nce the beginning of 2003, the Finance Commission and V~llage Board have met (separately) on a number of occasions to analyze the various factors contributing to the current fiscal situabon As part of the process, these bodies, along w~th staff have developed a detailed methodology ~that includes review of revenue/expenditure trends, possible external impacts, scope/m~x of services, new/necessary in,bar,yes, benchmark~ng, cuts and/or tax increases The analysis and discussions have been exhaustive 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 100 SOUTH EMERSON, MOUNT PROSPECT, ILLINOIS 60056, 847/392-6000, EXTENSION 5327, TDD #847/392-6064. At the April 9 Committee of the Whole meebng, a prel~m~nary Financial Plan will be presented and explained to the community. Subsequent Committee of the Whole meetings will be used to soi~c~t public comment with an eye on fine-tuning the Plan to meet general community expectations. Appropriate staffwill be on hand to answer questions and facilitate d~scussion VILLAGE MANAGER'S REPORT ANY OTHER BUSINESS VII. ADJOURNMENT CLOSED SESSION PERSONNEL 5 ILCS 120/2 (c) (1) "The appointment, employment, compensation, d~sc~pl~ne, performance, or d~sm~ssal of specific employees of the pubhc body, including hearing testimony on a complaint lodged against an employee to determine ~ts vahd~ty."