HomeMy WebLinkAbout04/22/2003 COW agendaMeeting Location:
Mt. Prospect Community Center
1000 West Central Road
COMMITTEE OF THE WHOLE
AGENDA
Meeting Date and Time:
Tuesday, April 22, 2003
7:00 p.m.
I. CALL TO ORDER - ROLL CALL
Mayor Gerald L. Farley
Trustee Timothy Corcoran Trustee Michaele Skowron
Trustee Paul Hoefert Trustee Irvana Wilks
Trustee Richard Lohrstorfer Trustee Michael Zadel
II. ACCEPTANCE OF MINUTES OF APRIL 9, 2003
III. CITIZENS TO BE HEARD
IV. LONG-RANGE FINANCIAL PLAN
At the April 9, 2003 Committee of the Whole meeting, the administration presented a detailed
overview of the Village's looming General Fund deficit for 2004 and succeeding years. Also
presented was a preliminary Financial Plan designed to eliminate the deficit through a series
of spending cuts and revenue enhancements. The various elements of the preliminary
Financial Plan were derived from discussions by the Village Board at a series of workshops
held earlier in the year.
The particular elements included in the Preliminary Plan represent "majority positions" by
Board members and, in some cases, are not the unanimous view of the entire Board. The
elements with the biggest differences of opinion are: (1) direct charge for garbage, (2)
elimination of the vehicle sticker and (3) raising the Home Rule Sales Tax by .25%.
The purpose of the April 22, 2003 Committee of the Whole meeting is to continue
discussions that will lead to a "final" Financing Plan. Input from residents and the business
community is being sought. Village Board members will also share their differing opinions on
the appropriate elements of a final Financing Plan.
(Verbiage from April 9, 2003 Committee of the Whole Agenda)
With the adoption of the 2003 Municipal Budget last December, The Village Board and
Administration reluctantly embraced the Village's first deficit spending plan in more than a
decade. This conscious decision, in the face of a soft economy and shrinking revenues, was
grounded in the desire to hold the line on substantive tax increases. It was also done with
the knowledge that over the past several years, a concerted effort had been made to build up
the Village's "rainy day fund" (General Fund fund balance). The 2003 Budget called for a
draw down of $632,000 in General Fund surplus to cover ongoing operating expenses along
with modest expenditure reductions as part of a hold the line budget.
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 A T '100 SOUTH EMERSON, MOUNT PROSPECT, ILLINOIS 60056, 847/392-6000,
EXTENSION 5327, TDD #847/392-6064.
Anticipating a continuing sluggish economy through next year, the 2004 Forecast Budget
predicted a $1.3 million General Fund deficit (which has since grown to approximately $1.9
million due to a greater than anticipated shortfall in Home Rule Sales Tax revenues). With
continued draw downs on General Fund surplus, an unsound fiscal practice, the Village
Board committed to develop a Long-Term Financial Plan (five-year timeline) designed to
bring revenues and expenditures into balance while maintaining the Village as an attractive
community in which to live, work and operate a business. The goal for developing such a
Plan was the end of the first quarter of 2003.
Since the beginning of 2003, the Finance Commission and Village Board have met
(separately) on a number of occasions to analyze the various factors contributing to the
current fiscal situation. As part of the process, these bodies, along with staff have developed
a detailed methodology that includes review of revenue/expenditure trends, possible external
impacts, scope/mix of services, new/necessary initiatives, benchmarking, cuts and/or tax
increases. The analysis and discussions have been exhaustive.
At the April 9 Committee of the Whole meeting, a preliminary Financial Plan will be presented
and explained to the community. Subsequent Committee of the Whole meetings will be used
to solicit public comment with an eye on fine-tuning the Plan to meet general community
expectations. Appropriate staff will be on hand to answer questions and facilitate discussion.
VILLAGE MANAGER'S REPORT
ANY OTHER BUSINESS
VII. ADJOURNMENT