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HomeMy WebLinkAbout5. Old Business 12/18/2012It Mount nt Rrospc Village of Mount Prospect Mount Prospect, Illinois INTEROFFICE MEMORANDUM TO: MICHAEL E. JANONIS, VILLAGE MANAGER FROM: FINANCE DIRECTOR DATE: NOVEMBER 16, 2012 SUBJECT: 2012 GENERAL CORPORATE AND SPECIAL SERVICE AREA PROPERTY TAX LEVY AND ABATEMENT ORDINANCES PURPOSE: To obtain approval of the attached three ordinances related to the tax levies of the Village, the Mount Prospect Public Library, and the Village's Special Service Area. BACKGROUND: Prior to December 25, 2012 the Village must have on file with the County Clerk its 2012 tax levy ordinances. The Village will receive proceeds from the 2012 tax levy in 2013. The Village Board first discussed the proposed 2012 tax levy at its October 23rd Committee of the Whole meeting. Staff recommends a net Village tax levy of $16,477,872, an increase of 3.95% from the prior year. The Mount Prospect Library Board approved their tax levy request at its meeting on October 18, 2012. They are asking for a total levy, inclusive of a 2.0% provision for loss and cost, of $10,125,752. This represents an increase of 2.75% over the 2011 levy. DISCUSSION: The following table compares the proposed 2012 levy to the 2011 levy for the Village and Library. The amounts presented in the table are net of abatements and are inclusive of the 2% provision for loss and cost. Library Operations 2011 Levy 2012 Levy S Increase % Chancre Village 1,607,637 1,601,223 (6,414) (0.40%) General 7,521,422 7,854,269 332,847 4.43% Refuse 1,838,550 1,893,707 55,157 3.00% Debt Service 1,782,245 1,778,451 (3,794) (0.21 %) Police Pension 2,484,780 2,612,079 127,299 5.12% Fire Pension 2,225,356 2,339,366 114,010 5.12% Total Village 15,852,353 16,477,872 625,519 3.95% Library Operations 8,247,107 8,524,529 277,422 3.36% Debt Service 1,607,637 1,601,223 (6,414) (0.40%) Total Library 9,854,744 10,125,752 271,008 2.75% Total 25,707,097 26,603,624 896,527 3.49% A detailed spreadsheet of all proposed levies, including detailed levies for each outstanding bond issue, is also attached. 2012 Property Tax Levy November 16, 2012 Page 2 The Village's 2011 equalized assessed valuation (EAV) is $1,694,952,801. Our 2012 EAV is estimated to decrease approximately 0.60% from the prior year based on historical trends. This projection is subject to change based on the significant adjustments made by the Cook County Assessor for the 2011 values. The final 2012 EAV will not be available until August 2013. The Village's 2012 tax rate is expected to increase to $0.978 from the 2011 rate of $0.935. This is due to the decrease in the estimated EAV from the prior year (0.6 %) with a levy increase to 3.95 %. The Library's 2012 tax rate is estimated at $0.597, compared to the 2011 rate of $0.581. For illustration purposes only, a home with an EAV of $103,541 (a market value of approximately $350,000) in 2012 will pay taxes of $953 to the Village of Mount Prospect and $586 to the Library for the levy extended in 2012. Assuming valuations do not change, the Village portion of the levy for a typical home will increase $36 while the increase in the Library levy is $16 from the levy extended in 2011. These amounts will vary based on eligible tax reductions for homeowner or senior exemptions or senior assessment freezes. Special Service Area No. 5 was created in the mid - eighties to help fund the delivery of Lake Michigan water to the Village's water system. It is recommended the 2012 levy remain the same as the 2011 levy ($1,545,773). The Village Board is being asked to consider three ordinances related to the 2012 tax levy. Two of the ordinances establish the initial levy of the Village (including the Library) and the Village's special service area. The third is an abatement ordinance that reduces a portion of the Series 2009C debt service tax levy established by its bond ordinance. The abatement is the result of issuing these bonds as Build America Bonds (BAB). The BAB's provide a federal subsidy of 35% of the interest paid on the bonds to the issuer which lowers the overall cost of borrowing. The subsidy is used to abate a portion of the tax levy for debt service. The BAB subsidy for 2012 is $47,258. RECOMMENDATION: It is recommended the Village Board approve the attached 2012 property tax levy ordinances. David O. Erb Finance Director Attachment DOE/ CADocuments and Settings\ABertolu \Local Settings \Temporary Internet Files \Content. Outlook \QJ7000M1 \Levy Ordinance Cover Memo to Board - 2012.docx ORDINANCE NO. AN ORDINANCE AUTHORIZING THE LEVY AND COLLECTION OF TAXES FOR THE CORPORATE AND MUNICIPAL PURPOSES OF THE VILLAGE OF MOUNT PROSPECT FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2012 AND ENDING DECEMBER 31, 2012 PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES the day of , 2012 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois the day of , 2012. ORDINANCE NO. AN ORDINANCE AUTHORIZING THE LEVY AND COLLECTION OF TAXES FOR THE CORPORATE AND MUNICIPAL PURPOSES OF THE VILLAGE OF MOUNT PROSPECT FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2012 AND ENDING DECEMBER 31, 2012 NOW, THEREFORE, BE IT ORDAINED BY THE President and Board of Trustees of the Village of Mount Prospect, Cook County, Illinois, as follows: Section 1 : That the sum of Twenty -Six Million Eighty -One Thousand Nine Hundred Eighty -Three Dollars ($26,081,983), the same being the total amount to be levied of budget appropriations heretofore made for the corporate and municipal purposes for the fiscal year beginning January 1, 2012 and ending December 31, 2012 as approved by the President and Board of Trustees of the Village of Mount Prospect, be and the same is hereby levied on all taxable property within the Village of Mount Prospect according to the valuation of said property as is, or shall be assessed or equalized by the State and County purposes for the current year 2012. Section 2: The budgetary appropriations having been made by the President and Board of Trustees of the Village of Mount Prospect were passed and approved by Ordinance No. 5891 at a meeting hereof regularly convened and held in said Village of Mount Prospect, Illinois, on the 20"' day of December, 2011, and amended by Ordinance No. 6001 passed and approved on the 3 rd day of April, 2012 and further amended by Ordinance No. 6036 passed and approved on the 7 1 day of November 2012 and thereafter duly published according to law, the various objects and purposes for said budgetary appropriations are heretofore made and set forth under the column entitled "Amount Budgeted ", and the specific amount herein levied for each object and purpose is set forth under the column entitled "Amount Levied ", in Articles I through VI. VILLAGE OF MOUNT PROSPECT, ILLINOIS 2012 TAX LEVY ARTICLE I -GENERAL FUND 10 Public Representation Personal Services Employee Benefits Other Employee Costs Contractual Services Utilities Commodities & Supplies Other Expenditures Total Mayor and Board of Trustees 20 Village Administration Personal Services Employee Benefits Other Employee Costs Contractual Services Utilities Corrunodities & Supplies Office Equipment Other Equipment Total Village Adnnistration 30 Finance Department Personal Services Employee Benefits Other Employee Costs Contractual Services Utilities Insurance Commodities & Supplies Office Equipment Total Finance Department 40 Community Development Department Personal Services Employee Benefits Other Employee Costs Contractual Services Utilities Commodities & Supplies Office Equipment Total Community Development Department K Amount Amount Budgeted Levied 156,137 0 44,983 0 1,950 0 251,216 0 455 0 66,784 0 7,000 0 528,525 0 1,176,248 0 533,533 0 26,510 0 1,023,626 0 12,856 0 17,700 0 23,370 0 6,600 0 2,820,443 0 785,207 0 311,535 0 10,750 0 206,955 0 4,720 0 159,712 0 37,150 0 1,000 0 1,517,029 0 1,120,015 0 475,724 0 25,709 0 499,903 0 21,217 0 18,900 0 3,614 0 2,165,082 0 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2012 TAX LEVY 3 Amount Amount Budgeted Levied 50 Human Services Department Personal Services 650,484 0 Employee Benefits 242,758 0 Other Employee Costs 7,938 0 Contractual Services 87,900 0 Utilities 13,080 0 Commodities & Supplies 19,844 0 Building Improvements 95,000 0 Office Equipment 2,090 0 Total Human Services Department 1,119,094 0 60 Police Department Personal Services 9,083,904 3,850,132 Employee Benefits 4,498,808 0 Other Employee Costs 138,200 0 Contractual Services 1,458,242 0 Utilities 33,800 0 Commodities & Supplies 153,720 0 Office Equipment 10,150 0 Other Equipment 13,600 0 Total Police Department 15,390,424 3,850,132 70 Fire Department Personal Services 7,208,502 3,850,132 Employee Benefits 3,603,776 0 Other Employee Costs 138,925 0 Contractual Services 799,549 0 Utilities 35,000 0 Commodities & Supplies 62,995 0 Building Improvements 10,000 0 Office Equipment 12,656 0 Other Equipment 70,750 0 Total Fire Department 11,942,153 3,850,132 3 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2012 TAX LEVY 80 Public Works 89 Emergency Events 00 Retiree Pensions Amount Amount Budgeted Levied Personal Services 2,767,194 0 Employee Benefits 1,008,783 0 Other Employee Costs 33,016 0 Contractual Services 2,243,721 0 Utilities 143,663 0 Commodities & Supplies 310,026 0 Other Expenditures 4,000 0 Office Equipment 1,746 0 Other Equipment 56,393 0 Infrastructure 112,347 0 Total Public Works Department 6,680,889 0 Personal Services Employee Benefits Contractual Services Commodities & Supplies Total Emergency Events Pension Benefits Total Retiree Pensions TOTAL BUDGET FOR GENERAL FUND AMOUNT TO BE RAISED BY TAX LEVY ADD 2% FOR LOSS & COST OF COLLECTION TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR GENERAL FUND 0 0 0 0 6,505 0 0 0 6,505 0 46,005 0 46,005 0 42,216,149 7,700,264 154,005 7,854,269 4 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2012 TAX LEVY Amount Amount Budgeted Levied ARTICLE II - DEBT SERVICE FUND 00 Debt Service 00 00 510 G.O. Bonds - Series 2009 Bond Principal 0 0 Interest Expense 417,262 417,262 Bank and Fiscal Fees 428 0 Total G.O. Bonds - Series 2009 417,690 417,262 00 00 511 G.O. Bonds - Series 2009B Bond Principal 285,000 285,000 Interest Expense 92,850 92,850 Bank and Fiscal Fees 428 0 Total G.O. Bonds - Series 2009B 378,278 377,850 00 00 512 G.O. Bonds - Series 2009C Bond Principal 0 0 Interest Expense 135,023 87,765 Bar and Fiscal Fees 428 0 Total G.O. Bonds - Series 2009C 135,451 87,765 00 00 514 G.O. Bonds - Series 201113 Bond Principal 40,000 40,000 Interest Expense 127,386 127,386 Bank and Fiscal Fees 0 0 Total G.O. Bonds - Series 201 IB 167,386 167,386 00 00 515 G.O. Bonds - Series 2012 Bond Principal 620,000 620,000 Interest Expense 73,316 73,316 Bank and Fiscal Fees 0 0 Total G.O. Bonds - Series 2012 693,316 693,316 00 00 650 IEPA Loans Loan Principal 567,311 0 Loan Expense 46,045 0 Bank and Fiscal Fees 0 0 Total IEPA Loans 613,356 0 TOTAL BUDGET FOR DEBT SERVICE FUND 2,405,477 AMOUNT TO BE RAISED BY TAX LEVY 1,743,579 ADD 2% FOR LOSS & COST OF COLLECTION 34,872 TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR DEBT SERVICE FUND 1,778,451 5 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2012 TAX LEVY ARTICLE III - REFUSE DISPOSAL FUND 80 Public Works - Refuse Disposal Personal Services Employee Benefits Other Employee Costs Contractual Services Utilities Insurance Commodities & Supplies Total Refuse Disposal TOTAL BUDGET FOR REFUSE DISPOSAL FUND AMOUNT TO BE RAISED BY TAX LEVY ADD 2% FOR LOSS & COST OF COLLECTION TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR REFUSE DISPOSAL FUND ARTICLE IV - POLICE PENSION FUND 00 Police Pensions Pension Benefits Contractual Services Insurance Corrunodities & Supplies Other Expenditures Total Police Pensions TOTAL BUDGET FOR POLICE PENSION FUND AMOUNT TO BE RAISED BY TAX LEVY ADD 2` %o FOR LOSS & COST OF COLLECTION TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR POLICE PENSION FUND Amount Amount Budgeted Levied 237,856 0 94,834 0 1,200 0 4,017,873 1,856,575 572 0 27,331 0 38,537 0 4,418,203 1,856,575 4,418,203 1,856,575 37,132 1,893,707 3,646,470 2,560,862 125,500 0 10,000 0 500 0 12,000 0 3,794,470 2,560,862 3,794,470 2,560,862 51,217 2,612,079 6 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2012 TAX LEVY Amount Amount Budgeted Levied ARTICLE V - FIREFIGHTERS' PENSION FUND 00 Fire Pensions Pension Benefits 3,112,073 2,293,496 Contractual Services 133,000 0 Insurance 11,000 0 Commodities & Supplies 1,000 0 Other Expenditures 12,000 0 Total Firefighters' Pensions 3,269,073 2,293,496 TOTAL BUDGET FOR FIREFIGHTERS' PENSION FUND 3,269,073 AMOUNT TO BE RAISED BY TAX LEVY 2,293,496 ADD 2% FOR LOSS & COST OF COLLECTION 45,870 TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR FIREFIGHTERS' PENSION FUND 2,339,366 ARTICLE VI - MOUNT PROSPECT LIBRARY FUND 90 Mount Prospect Library Component Unit Expenditures 8,179,500 8,357,381 Bond Principal 1,115,000 1,115,000 Interest Expense 454,826 454,826 Total Library Services 9,749,326 9,927,207 TOTAL BUDGET FOR MOUNT PROSPECT LIBRARY FUND 9,749,326 AMOUNT TO BE RAISED BY TAX LEVY - Component Unit Expenditures 8,357,381 AMOUNT TO BE RAISED BY TAX LEVY - Bond Principal and Interest 1,569,826 ADD 2 0 /o FOR LOSS & COST OF COLLECTION 198,545 TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR MOUNT PROSPECT LIBRARY FUND 10,125,752 7 VILLAGE OF MOUNT PROSPECT, ILLINOIS 2012 TAX LEVY SUMMARY Article Fund Amount to be Raised Amount by Budgeted Tax Levy $ 42,216,149 7,700,264 2,405,477 1,743,579 4,418,203 1,856,575 3,794,470 2,560,862 3,269,073 2,293,496 I General II Debt Service III Refuse Disposal IV Police Pension Fund V Firefighters' Pension Fund Village Totals VI Mount Prospect Library Library Services Library Debt Service Library Totals Village and Library Totals 56,103,372 16,154,776 8,179,500 8,357,381 1,569,826 1,569,826 9,749,326 9,927,207 $ 65,852,698 26,081,983 Total Amount Tax Levy for Loss Incl. Loss and Cost and Cost 154,005 7,854,269 34,872 1,778,451 37,132 1,893,707 51,217 2,612,079 45,870 2,339,366 323,096 16,477,872 167,148 8,524,529 31,397 1,601,223 198,545 10,125,752 521,641 26,603,624 E:3 Section 3 : The sum of $382,500 is budgeted to be received from personal property replacement tax revenue during the fiscal year commencing January 1, 2012 and ending December 31, 2012 and has been included herein as funds to be derived from sources other than property taxes for general obligation bonds and interest, pensions, library services and general corporate purposes. Section 4 : That the County Clerk is directed to add 2% to the requested tax levy as a provision for loss and cost. Section 5 : That the Village Clerk of the Village of Mount Prospect is hereby directed to certify a copy of this Ordinance and is hereby authorized and directed to file a copy of the same with the County Clerk of Cook County, Illinois, within the time specified by law. Section 6 : That, if any part or parts of this Ordinance shall be held to be unconstitutional or otherwise invalid, such constitutionality or invalidity, shall not affect the validity of the remaining parts of this Ordinance. The President and Board of Trustees of the Village of Mount Prospect hereby declares that they would have passed the remaining parts of the Ordinance of they had known that such parts or parts thereof would be declared unconstitutional or otherwise invalid. Section 7 : That this Ordinance shall be in full force and effect from and after its passage, approval, publication in pamphlet form and recording, as provided by law. AYES: NAYES: ABSENT: PASSED and APPROVED this day of December, 2012. Irvana K. Wilks, Mayor ATTEST: M. Lisa Angell, Village Clerk 9 ORDINANCE NO. AN ORDINANCE AUTHORIZING THE LEVY AND COLLECTION OF TAXES FOR THE MUNICIPAL PURPOSES OF SPECIAL SERVICE AREA NUMBER FIVE OF THE VILLAGE OF MOUNT PROSPECT FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2012 AND ENDING DECEMBER 31, 2012 PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES the day of , 2012 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois the _ day of 2 2012. E ORDINANCE NO. AN ORDINANCE AUTHORIZING THE LEVY AND COLLECTION OF TAXES FOR THE MUNICIPAL PURPOSES OF SPECIAL SERVICE AREA NUMBER FIVE OF THE VILLAGE OF MOUNT PROSPECT FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2012 AND ENDING DECEMBER 31, 2012 NOW THEREFORE, BE IT ORDAINED BY THE President and Board of Trustees of the Village of Mount Prospect, Cook County, Illinois: Section 1 : That the sum of One Million Five Hundred Fifteen Thousand Four Hundred Sixty -Four Dollars ($1,515,464), the same being the total amount to be levied of budget appropriations heretofore made for the municipal purposes for the fiscal year beginning January 1, 2012, and ending December 31, 2012, as approved by the President and Board of Trustees of the Village of Mount Prospect, be and the same is hereby levied on all taxable property within the Special Service Area Number 5 of the Village of Mount Prospect according to the valuation of said property as is, or shall be, assessed or equalized by State and County purposes for the current year 2012. The budgetary appropriations having been made heretofore by the President and Board of Trustees of the Village of Mount Prospect were passed and approved by Ordinance No. 5891 at a meeting hereof regularly convened and held in said Village of Mount Prospect, Illinois on the 20` day of December, 2011, and as amended by Ordinance No. 6001 passed and approved on the 5`' day of April, 2012, and further amended by Ordinance No. 6036 passed and approved on the 8` day of November, 2012 and thereafter duly published according to law, the various objects and purposes for said budgetary appropriations were heretofore made are set forth under the column entitled "Amount Budgeted," and the specific amount herein levied for each object and purpose is set forth under the column entitled "Amount Levied" in Article I. Section 2 : That the County Clerk is directed to add 2% to the requested tax levy as a provision for loss and cost. Section 3 : That the Village Clerk of the Village of Mount Prospect is hereby directed to certify a copy of this Ordinance and is hereby authorized and directed to file a copy of the same with the County Clerk of Cook County, Illinois, within the time specified by law. Section 4 : That, if any part of this Ordinance shall be held to be unconstitutional or otherwise invalid, such unconstitutionality or invalidity, shall not affect the validity of the remaining parts of this Ordinance. The President and Board of Trustees of the Village of Mount Prospect hereby declares that they would have passed the remaining parts of the Ordinance if they had known that such part or parts thereof would be declared unconstitutional or otherwise invalid. Section 5 : That this Ordinance shall be in full force and effect from and after its passage, approval, publication in pamphlet form and recording, as provided by law. AYES: NAYS: ABSENT: PASSED and APPROVED this day of , 2012 Irvana K. Wilks, Mayor ATTEST: M. Lisa Angell, Village Clerk 2 ARTICLE 1 - SPECIAL SERVICE AREA NO.5 050 Lake Water Acquisition 570.001 SSA #5 JAWA Water 570.004 SSA #5 JAWA Fixed Costs TOTAL APPROPRIATED FOR SPECIAL SERVICE AREA NO.5 LAKE WATER ACQUISITION AMOUNT TO BE RAISED BY TAX LEVY ADD 2% FOR LOSS AND COST OF COLLECTION TOTAL AMOUNT TO BE RAISED BY TAX LEVY FOR SPECIAL SERVICE AREA NO. 5 SUMMARY Amount Amount to Article Budgeted be Levied I Special Service Area No. 5 3,411,000 1,515,464 Amount Amount Budgeted Levied 2,720,000 874,464 691,000 641,000 3,411,000 1,515,464 30,309 1,545,773 Amount for Total Tax Loss & Cost Lew 30,309 1,545,773 ORDINANCE NO. AN ORDINANCE TO ABATE A PART OF THE TAXES LEVIED FOR CORPORATE AND MUNICIPAL PURPOSES OF THE VILLAGE OF MOUNT PROSPECT, ILLINOIS FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2012 AND ENDING DECEMBER 31, 2012 PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES the day of , 2012 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois, the _ day of , 2012. F ORDINANCE NO. AN ORDINANCE TO ABATE A PART OF THE TAXES LEVIED FOR CORPORATE AND MUNICIPAL PURPOSES OF THE VILLAGE OF MOUNT PROSPECT, ILLINOIS FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2012 AND ENDING DECEMBER 31, 2012 BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: Section One The President and Board of Trustees of the Village of Mount Prospect find as follows: A. That pursuant to Village Ordinance No. 5772 adopted December 1, 2009 authorizing the issuance of general obligation bonds for financing a portion of the costs of constructing a replacement fire station, emergency operations center and public works expansion there was levied for the year 2012 the sum of $135,022.50 for bond interest payments. Section Two It is hereby declared by the President and Board of Trustees of the Village of Mount Prospect that the amount of $135,022.50 levied for G.O. Bond Interest payments for the purpose of funding a portion of the costs of constructing a replacement fire station, emergency operations center and public works expansion pursuant to Ordinance No. 5772 be and the same is hereby abated in the amount of $47,257.88 leaving a balance of $87,764.62 as that amount levied for such bond and interest payments for the fiscal year commencing January 1, 2012 and ending December 31, 2012. Section Three Village Ordinance No. 5772 is hereby amended with respect to the tax abatements declared herein and set forth in Section Two of this Ordinance. Section Four The Village Clerk of the Village of Mount Prospect is hereby authorized and directed to file a certified copy of this Ordinance with the County Clerk of Cook County, Illinois within the time specified by law: Section Five This Ordinance shall be in full force and effect upon its passage, approval and publication in pamphlet form and filing as provided by law. AYES: NAYS: ABSENT: PASSED and APPROVED this day of 7 2012. Irvana K. Wilks, Mayor ATTEST: M. Lisa Angell, Village Clerk LI Village of Mount Prospect Mount Prospect, Illinois INTEROFFICE MEMORANDUM TO: MICHAEL E. JANONIS, VILLAGE MANAGER FROM: FINANCE DIRECTOR I tZ DATE: NOVEMBER 16, 2012 .. SUBJECT: PROPOSED 2013 BUDGET PURPOSE: To present for the Village Board's consideration an ordinance adopting the annual year beginning January 1, 2013 and ending December 31, 2013. BACKGROUND: The Village Manager released his proposed budget on October 12, 2012. Over the past two months the Finance Commission met three times to review the document. The Village Board, meeting as a Committee of the Whole (COW), reviewed the document on October 23 and November 13. DISCUSSION: Departmental presentations on the 2013 budget were made before both the Finance Commission and Village Board with various staff on hand to facilitate discussion. The proposed budget incorporates all of the policies and directives established by the Mayor, Board of Trustees and Finance Commission during the August 2012 mid -year budget review. The General Fund budget, as presented, is balanced. The proposed budget provides for a 3.95% increase in the property tax levy and a 9.5% water rate increase. No other tax or fee increases are proposed. Estimates of other revenue sources are, for the most part, showing modest growth from 2012. A public hearing on the proposed budget has been scheduled for December 18, 2012. Notice of the public hearing will be published in the Daily Herald on December 7, 2012. The ordinance included with this memo will officially adopt the budget for the Village of Mount Prospect. Once the ordinance is passed, the Finance Department will begin work on the final budget document. We hope to have the approved budget document produced no later than January 1, 2013. RECOMMENDATION: It is recommended the Village Board pass the accompanying ordinance adopting the 2013 annual budget. David 0. Erb Finance Director DOE/ Attachment I: \Budget 2013 \Ordinance Cover Memo - 2013 Budget.docx ORDINANCE NO. AN ORDINANCE ADOPTING AN ANNUAL BUDGET FOR THE VILLAGE OF MOUNT PROSPECT FOR THE FISCAL YEAR COMMENCING JANUARY 1, 2013 AND ENDING DECEMBER 31, 2013 IN LIEU OF PASSAGE OF AN APPROPRIATION ORDINANCE PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES the day of , 2012 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois the _ day of 2012. ORDINANCE NO. AN ORDINANCE ADOPTING AN ANNUAL BUDGET FOR THE VILLAGE OF MOUNT PROSPECT FOR THE FISCAL YEAR COMMENCING JANUARY 1, 2013 AND ENDING DECEMBER 31, 2013 IN LIEU OF PASSAGE OF AN APPROPRIATION ORDINANCE WHEREAS, the President and Board of Trustees of the Village of Mount Prospect in accordance with State Statutes, have provided for the preparation and adoption of an Annual Budget in lieu of passage of an Appropriation Ordinance; and WHEREAS, the tentative Annual Budget for the Village of Mount Prospect for the fiscal year beginning January 1, 2013 and ending December 31, 2013, as prepared by the Budget Officer for the Village and submitted to the President and Board of Trustees, was placed on file in the Office of the Village Clerk on October 12, 2012 for public inspection, as provided by Statute; and WHEREAS, pursuant to notice duly published on December 7, 2012, a public hearing was held by the President and Board of Trustees on said tentative annual budget on December 18, 2012, as provided by Statute; and WHEREAS, following said public hearing, said tentative Annual Budget was reviewed by the President and Board of Trustees and a copy of said tentative Annual Budget is attached hereto and hereby made a part hereof. NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: SECTION ONE The Annual Budget for the Village of Mount Prospect for the fiscal year beginning January 1, 2013 and ending December 31, 2013, a copy of which is attached hereto and made a part hereof, is hereby approved and adopted as the Annual Budget for the Village of Mount Prospect for said fiscal year. SECTION TWO Within thirty (30) days following the adoption of this Ordinance there shall be filed with the County Clerk of Cook County a copy thereof duly certified by the Village Clerk and Estimate of Revenues by source anticipated to be received by the Village in the fiscal year beginning January 1, 2013 and ending December 31, 2013, duly certified by the Chief Fiscal Office SECTION THREE This Ordinance shall be in full force and effect from and after its passage, approval and publication in pamphlet form in the manner provided by law. AYES: NAYS: ABSENT: PASSED AND APPROVED this day of ) 2012. ATTEST: M. Lisa Angell, Village Clerk Irvana K. Wilks, Mayor 4., RESOLUTION NO. 2012 A RESOLUTION APPROVING AND CERTIFYING THE 2013 BUDGET AND 2012 TAX LEVY DETERMINATION WHEREAS, heretofore the Board of Trustees of the Mount Prospect Public Library, Mount Prospect, Illinois, at open and public meetings have considered the financing requirements of the Mount Prospect Library for the year commencing January 1, 2013; and WHEREAS, the Board of Trustees of the Mount Prospect Public Library has determined the financial requirements of the Mount Prospect Public Library for the ensuing year and has caused to be made, a statement thereof, a copy of which is attached hereto and marked "Exhibit A," for inclusion in the 2013 budget of the Village of Mount Prospect; and WHEREAS, the Board of Trustees of the Mount Prospect Public Library has further determined the amount of money which in its judgment, it will be necessary to levy for library purposes in the 2012 tax levy ordinance to be adopted by the President and Board of Trustees of the Village of Mount Prospect; WHEREAS, expenditures from the LIBRARY FUND shall be under the direction of the Board of Trustees of the Mount Prospect Public Library. WHEREAS, that the amount of money hereby determined by the Board of Trustees of the Mount Prospect Public Library to be necessary for library purposes and to be included in the 2012 Tax Levy Ordinance of the Village of Mount Prospect (taking into consideration other income from accumulations from the prior year, anticipated tax shrinkage, fines, non - resident fees, and maintenance, repairs, and alterations of library buildings and equipment) and for the collection and deposit to the LIBRARY FUND, which includes funds for the Illinois Municipal Retirement Fund pursuant to Section 5/7 -171, Chapter 40 of the Illinois Compiled Statutes; and for the maintenance repairs, and alterations of the library buildings and equipment, pursuant to Section 5/3-4 of Chapter 75 of the Illinois Compiled Statutes; and for insurance and audit fees pursuant to Section 5/4-14 of Chapter 75 of the Illinois Compiled Statutes. WHEREAS, in accordance with Chapter 75, Section 5/3 -5 of the Illinois Compiled Statutes it is requested that the amount so determined be levied and collected in like manner with the other general taxes of the Village of Mount Prospect and that such taxes be paid directly by the County Collector to the Library fund. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE MOUNT PROSPECT PUBLIC LIBRARY, VILLAGE OF MOUNT PROSPECT: SECTION ONE: That the financial requirements for library purposes of the Mount Prospect Public Library require the budget for the year commencing January 1, 2013, and ending December 31, 2013, the sum of $10,139,456 such to be included within the 2013 Budget of the Village of Mount Prospect, Illinois. SECTION TWO: That the amount of money hereby determined by the Board of Trustees of the Mount Prospect Public Library to be necessary for library purposes and to be included in the 2012 tax levy and to be levied and collected in like manner with the other general taxes of the Village of Mount Prospect and that such taxes to be paid directly by the County Collector to the Library Fund: $9,927,207. Expenditures from the Library Fund shall be under the direction of the Board of Trustees of the Mount Prospect Public Library. SECTION THREE: That the Secretary of the Board of Trustees of the Mount Prospect Public Library file a copy of this Resolution, with the Village Clerk of the Village of Mount Prospect, for transmittal to the President and Board of Trustees of the Village of Mount Prospect. SECTION FOUR: That if any part or parts of this Resolution shall be held to be unconstitutional, such unconstitutionality shall not affect the validity of the remaining parts of this Resolution. The Board of Trustees of the Mount Prospect Public Library hereby declares that it would have passed the remaining parts of this Resolution if it had known that such part or parts thereof would be declared unconstitutional. SECTION FIVE: That this Resolution shall be in full force and effect as of October 18, 2012. Resolution No. 2012 - Page 1 of 2 AYES: Barbara Bums, Dale Draznin, Jane Everett, Brian Gilligan, Sylvia Haas, Dick Tani, John Zulaski NAYS: None ABSENT: None PASSED THIS 18th day of October, 2012. The undersigned, President of the Board of Trustees of the Mount Prospect Public Library, Village of Mount Prospect, Illinois, does certify that the foregoing Resolution was duly adopted by the vote specified at a legally convened meeting of the Board of Trustees of the Mount Prospect Public Library held at the Mount Prospect Public Library building on the 18th day of October, 2012. Jane W. Everett, President Resolution No. 2012 - Page 2 of 2 MOUNT PROSPECT PUBLIC LIBRARY 2013 Budget and 2012 Tax Levy EXHIBIT A 2013 Budget 2012 Tax Levy Fund Amount Request LIBRARY GENERAL FUND Salaries & Benefits 4110 Salaries 5,061,629 $ 4,992,379 4120 I M R F Pension 524,645 514,358 4130 FICA & MIC 386,021 378,452 4140 Medical Insurance 614,500 602,451 4150 Unemployment Comp 12,000 11,765 4250 Totals 6,598,795 $ 6,499,405 Management Expense 4210 Audit 4,300 $ 4,216 4220 Legal Fees 40,000 4430 39,216 4230 Printing 32,000 Janitorial 31,373 4240 Marketing 62,611 125,800 62,168 4250 Resources 15,999 55,970 15,236 4260 Professional Dues 6,829 6,695 4270 Board 4,000 3,922 4280 Human Resources 66,890 65,568 4290 Other Operating Expense 9,800 9,608 Totals 242,429 $ 238,002 Operating Expenses 4310 Telecommunications 45,345 $ 44,456 4320 Insurance 79,500 77,941 4340 Office Supplies 27,000 26,471 4350 Library Supplies 20,000 19,608 4360 Postage 18,600 18,235 4380 Contract Services 25,092 24,600 4390 Computer Services 49,402 48,433 Totals 264,939 $ 259,744 Building Maintenance Costs 4410 Building Maintenance 91,289 $ 89,499 4420 Equipment Maintenance 93,182 91,355 4430 Equipment Rental 24,638 24,155 4440 Janitorial 52,776 51,741 4450 Equipment 125,800 123,333 4460 Utilities 57,089 55,970 Totals 444,774 $ 436,053 Library Services 4610 Adult Print 229,750 $ 225,245 4620 Adult AV 79,450 77,892 4630 Youth Print 140,400 137,647 4640 Youth AV 42,600 41,765 4650 Subscriptions 20,400 20,000 4660 Electronic Resources 148,137 $ 144,930 (Continued On the Next Page) MOUNT PROSPECT PUBLIC LIBRARY 2013 Budget and 2012 Tax Levy 2013 Budget 2012 Tax Levy Fund Amount Request LIBRARY GENERAL FUND (Continued) Library Services (Continued) 4661 Electronic Media 16,718 16,390 4662 Electronic Services 23,337 22,879 4670 Microform 10,500 10,294 4680 Processing Supplies 42,000 41,176 4690 Programs 40,400 38,900 Totals 793,692 $ 777,118 GENERAL FUND TOTALS 8,344,630 $ 8,210,322 BUILDING & EQUIPMENT FUND 7705 Equipment & Building 111,700 $ 109,510 7730 Other Building Projects 38,300 37,549 7735 Trans to Library Operating 0 - 1,569,826 0 _ BUILDING FUND TOTALS 150,000 $ 147,059 TOTAL GENERAL FUND & BUILDING FUND 8,494,630 $ 8,357,381 DEBT SERVICE FUND 3701•Interest Payments 454,826 454,826 3711 Principal Payments 1,115,000 1,115,000 0 _ DEBT SERVICE FUND TOTALS 1,569,826 $ 1,569,826 GIFT FUND 8740 Library Special Projects 50,000 $ _ 8990 Contingencies 25,000 GIFT FUND TOTALS 75,000 $ - ALL FUNDS - TOTALS 10,139,456 $ 9,927,207 2012 TAX LEVY SUMMARY Library Fund Levy (General Fund & Building Fund) Library Bonds & Interest Levy TOTAL LIBRARY TAX LEVY Levy Total Request 2% Loss Tax Levy 8,357,381 $ 167,148 $ 8,524,529 1,569,826 $ 31,397 1,601,223 9,927,207 $ 198,545 $ 10,125,752 VILLAGE OF MOUNT PROSPECT an BUDGET SUMMARY TOTAL VILLAGE BUDGET 2011 2012 2012 2013 2014 Actual Budget Estimate Budget Forecast REVENUES AND OTHER SOURCES Property Taxes 19,622,916 19,882,500 19,877,112 20,653,068 21,404,774 Other Taxes 11,813,090 12,828,800 12,693,100 12,784,000 13,189,000 Licenses, Permits & Fees 2,670,733 2,751,000 2,739,000 2,720,000 2,595,000 Intergovernmental Revenue 19,020,799 19,258,627 19,159,319 19,658,091 20,070,189 Charges for Services 20,640,059 22,289,597 22,147,995 24,246,914 25,337,091 Fines & Forfeits 749,999 587,000 647,000 686,750 686,750 Investment Income 1,464,065 5,202,600 3,276,500 4,578,500 4,762,500 Reimbursements 231,000 253,500 250,021 305,000 308,000 Other Revenue 8,065,323 7,990,742 7,892,012 9,060,268 9,376,374 Other Financing Sources 5,304,570 988,000 50,000 50,000 50,000 Village Revenues & Other Sources 89,582,554 92,032,366 88,732,059 94,742,591 97,779,678 Mount Prospect Library Revenues 14,125,745 9,926,514 9,926,514 10,139,456 (a) Total Revenues & Other Sources 103,708,299 101,958,880 98,658,573 104,882,047 97,779,678 BUDGET EXPENDITURES Village Operating Budget 54,874,543 57,317,333 57,315,218 60,198,648 62,394,994 Village Capital Budget 10,649,704 14,458,626 12,578,251 12,248,178 20,115,007 Debt Services Budget 7,574,747 2,409,795 2,409,798 2,405,477 2,245,581 Pension Systems Budget 7,454,216 7,635,544 7,584,893 7,988,558 8,174,891 Internal Services Budget (b) 9,297,182 9,059,848 9,108,511 9,804,666 10,277,105 Business District Fund - 414,587 414,587 496,521 671,000 Village Expenditures 89,850,392 91,295,733 89,411,258 93,142,048 103,878,578 Mount Prospect Library Expenditures 13,470,776 9,926,514 9,926,514 10,139,456 (a) Total Expenditures 103,321,168 101,222,247 99,337,772 103,281,504 103,878,578 CHANGES IN FUND BALANCE Excess (Deficiency) of Revenues & Other Sources Over Expenditures (c) Fund Balance Start of Budget Year End of Budget Year Less:_.P_ension Fund Balances (d) Mt Prospect Library Fund Balance Available Fund Balance 387,131 736,633 (679,199) 1,600,543 125,329,555 125,716,686 125, 716,686 125,037,487 126, 638,030 125,716,686 126,453,319 125,037,487 126,638,030 120,539,130 (88,642,124) (92,291,885) (90,469,448) (93,405,009) (96, (5,381,931) (5,381,931) (5,381,931) (5,381,931) (5, 1 28,779,503 29,186,108 27,851,090 18,448,710 (a) Not available as of December 18, 2012. (b) Internal Service Budget includes Vehicle Maintenance Fund and Risk Management Fund. The Motor Equipment Replacement Fund and Computer Replacement Funds are included in the Village Capital Budget. (c) Does not include the results of operation of the Mount Prospect Library for the 2014 Forecast. (d) Pension Fund Balances are reserved for pension benefits and not available for appropriation. VI LLAGE OF MOUNT PROSPE 2013 BUDGET SUMMARY REVENUES AND OTHER SOURCES BY REVENUE TYPE 2011 2012 2012 2013 2014 Actual Budget Estimate Budget Forecast VILLAGE REVENUES BY TYPE: Property Taxes 19,622,916 19,882,500 19,877,112 20,653,068 21,404,774 Other Taxes 11,813,090 12,828,800 12,693,100 12,784,000 13,189,000 Licenses, Permits & Fees 2,670,733 2,751,000 2,739,000 2,720,000 2,595,000 Intergovernmental Revenue 19,020,799 19,258,627 19,159,319 19,658,091 20,070,189 Charges For Services 20,640,059 22,289,597 22,147,995 24,246,914 25,337,091 Fines & Forfeits 749,999 587,000 647,000 686,750 686,750 Investment Income 1,464,065 5,202,600 3,276,500 4,578,500 4,762,500 Reimbursements 231,000 253,500 250,021 305,000 308,000 Other Revenue 8,065,323 7,990,742 7,892,012 9,060,268 9,376,374 84,277,984 91,044,366 88,682,059 94,692,591 97,729,678 OTHER FINANCING SOURCES Other Financing Sources 5,304,570 988,000 50,000 50,000 50,000 5,304,570 988,000 50,000 50,000 50,000 OTAL VILLAGE REVENUES AND OTHER SOURCES 89,582,554 92,032,366 88,732,059 94,742,591 97,779,678 MOUNT PROSPECT LIBRARY REVENUES 14,125,745 9,926,514 9,926,514 10,139,456 (a) TOTAL REVENUES AND OTHER SOURCES VILLAGE AND LIBRARY (b) 103,708,299 101,958,880 98,658,573 104,882,047 97,779,678 CHANGES IN FUND BALANCE Total Revenues & Other Sources 103,708,299 101,958,880 98,658,573 104,882,047 97,779,678 Total Expenditures 103,321,168 101,222,247 99,337,772 103,281,504 103,878,578 Additions to(Use of) Fund Balances 387,131 736,633 (679,199) 1,600,543 (6,098,900) ANALYSIS OF CHANGES IN FUND BALANCE Additions to (Use of) Pension Fund 240,837 3,649,761 1,827,324 2,935,561 3,303,480 Balances Additions to (Use of) Other Fund Balances 146,294 (2,913,128) (2,506,523) (1,335,018) (9 387,131 736,633 (679,199) 1,600,543 (6,098,900) (a) Figures not available as of December 18, 2012. (b) Does not include the Mount Prospect Public Library 2014 Forecast. VILLAGE OF MOUNT PROSPECT 2l 1"UDOET BUDGET EXPENDITURES 2011 2012 2012 2013 2014 Actual Budget Estimate Budget Forecast VILLAGE OPERATING BUDGET PUBLIC REPRESENTATION 454,867 528,525 554,113 556,686 562,949 VILLAGE ADMINISTRATION 2,939,727 2,801,543 2,772,157 2,849,840 2,926,852 FINANCE DEPARTMENT 1,561,763 1,517,029 1,497,184 1,733,417 1,779,013 COMMUNITY DEVELOPMENT Community Development Department 2,110,344 2,166,082 2,203,161 2,234,275 2,297,873 CDBG 354,577 502,750 406,111 290,203 296,331 2,464,921 2,668,832 2,609,272 2,524,478 2,594,204 HUMAN SERVICES DEPARTMENT 981,385 1,119,094 1,092,320 1,062,725 1,093,283 PUBLIC SAFETY AND PROTECTION Police Department 14,691,051 15,429,753 15,339,668 15,868,202 16,389,222 Fire Department 11,452,139 11,970,653 11,858,054 12,605,442 13,018,037 26,143,190 27AOOA06 27,197,722 28,473,644 29,407,259 PUBLIC WORKS DEPARTMENT Administration 1,190,702 1,290,014 1,294,746 1,482,775 1,499,186 Streets /Buildings 2,315,457 2,554,360 2,485,388 2,653,909 2,783,680 Forestry and Grounds 1,681,249 1,893,237 1,962,677 1,789,742 1,811,152 Engineering 1,294,164 1,378,733 1,394,818 1,450,900 1,490,532 Refuse Disposal 4,149,304 4,418,203 4,406,172 4,474,769 4,643,274 Water and Sewer Division 8,821,513 9,260,802 9,689,914 10,604,161 11,469,066 Parking 327,224 480,050 358,735 541,602 334,544 19,779,613 21,275,399 21,592,450 22,997,858 24,031,434 EMERGENCY EVENTS 549,077 6,505 - - - TOTAL OPERATING BUDGET 54,874,543 57,317,333 57,315,218 60,198,648 62,394,994 VI LLAG E OF MOUNT PROSPECT 2013 BUDGET SUMMARY BUDGET EXPENDITURES 2011 2012 2012 2013 2014 Actual Budget Estimate Budget Forecast VILLAGE CAPITAL BUDGET Capital Improvement Plan 5,205,038 10,011,836 8,240,051 8,444,297 15,041,025 Other Capital Fund Expenditures 5,444,666 4,446,790 4,338,200 3,803,881 5,073,982 10,649,704 14,458,626 12,578,251 12,248,178 20,115,007 DEBT SERVICE BUDGET 7,574,747 2,409,795 2,409,798 2,405,477 2,245,581 PENSION SYSTEMS BUDGET Miscellaneous Pensions 45,861 46,005 46,005 46,151 46,297 Police Pensions 3,741,549 3,794,470 3,770,428 3,993,416 4,085,351 Fire Pensions 3,666,806 3,795,069 3,768,460 3,948,991 4,043,243 7,454,216 7,635,544 7,584,893 7,988,558 8,174,891 VILLAGE INTERNAL SERVICES BUDGET Vehicle Maintenance 1,952,872 2,115,393 2,078,918 2,153,304 2,210,114 Risk Management 7,344,310 6,944,455 7,029,593 7,651,362 8,066,991 9,297,182 9,059,848 9,108,511 9,804,666 10,277,105 BUSINESS DISTRICT FUND - 414,587 414,587 496,521 671,000 TOTAL VILLAGE EXPENDITURES 89,850,392 91,295,733 89,411,258 93,142,048 103,878,578 MOUNT PROSPECT LIBRARY BUDGET 13,470,776 9,926,514 9,926,514 10,139,456 (a) TOTAL - BUDGET EXPENDITURES (b) 103,321,168 101,222,247 99,337,772 103,281,504 103,878,578 (a) Figures not available as of December 18, 2012. (b) Does not include the Mount Prospect Public Library 2014 Forecast. VILLAGE OF MOUNT PRO SPECT - 2013-BUDGET - SUMMARY - REVENUES AND OTHER SOURCES BY FUND 2011 2012 2012 2013 2014 Actual Budget Estimate Budget Forecast I GENERALFUND 41,172,986 42,435,544 42,381,362 44,321,998 45,633,574 DEBT SERVICE FUND 7,784,962 2,410,212 2,407,612 2,406,614 2,253,671 CAPITAL PROJECT FUNDS Capital Improvement Fund 1,472,475 2,068,000 1,141,500 1,140,500 1,205,500 Series 2009 Construction Fund 27,165 - - - - Downtown Redevelopment Construct 2,821,541 2,605,000 2,606,000 2,682,000 2,761,000 Street Improvement Construc Fund 1,562,574 1,555,500 1,525,100 1,550,500 1,620,500 Flood Control Construction Fund 534,482 665,646 665,667 685,644 918,187 DUI Fine Fund 6,418,237 6,894,146 5,938,267 6,058,644 6,505,187 SPECIAL REVENUE FUNDS Refuse Disposal Fund 4,033,821 4,469,150 4,398,700 4,458,500 4,530,500 Motor Fuel Tax Fund 1,660,794 1,711,000 1,702,500 1,705,100 1,460,100 Cmmty Development Block Grant 415,132 502,750 406,111 290,203 296,331 Asset Seizure Fund 4,261 3,500 3,000 3,100 3,100 DEA Shared Funds Fund 35 3,000 100 1,100 1,100 DUI Fine Fund 21,887 9,500 18,000 20,100 20,100 Foreign Fire Tax Board Fund 62,745 55,500 55,000 55,000 55,000 Justice Assistance Grant Fund 10,203 - - - - Business District Fund 77,195 630,800 630,800 671,000 689,000 6,286,073 7,385,200 7,214,211 7,204,103 7,055,231 ENTERPRISE FUNDS Water and Sewer Fund 10,683,253 11,627,000 11,538,800 12,220,000 12,839,000 Village Parking System Fund 156,611 157,100 157,300 126,100 126,100 Parking System Revenue Fund 170,007 163,500 167,000 200,500 200,500 Risk Management Fund 11,009,871 11,947, 600 11,863,100 12,546,600 13,165, 600 INTERNAL SERVICE FUNDS Vehicle Maintenance Fund 1,903,537 2,011,205 2,010,205 2,193,313 2,210,114 Vehicle Replacement Fund 751,830 1,267,800 1,252,300 1,462,850 1,462,850 Computer Replacement Fund 267,714 1,000 500 1,000 1,000 Risk Management Fund 6,338,152 6,440,359 6,298,290 7,669,501 8,060,377 9,261,233 9,720,364 9,561,295 11,326,664 11,734,341 VILLAGE OF MOUNT PROSPECT - 20i313UDGET SUMMARY REVENUES AND OTHER SOURCES BY FUND 2011 2012 2012 2013 2014 Actual Budget Estimate Budget Forecast FIDUCIARY FUNDS Police Pension Fund 3,978,388 5,867,000 4,867,586 5,690,721 5,970,832 Fire Pension Fund 3,670,804 5,372,300 4,498,626 5,187,247 5,461,242 7,649,192 11,239,300 9,366,212 10,877,968 11,432,074 TOTAL REVENUES & OTHER SOURCES - 89,582,554 92,032,366 88,732,059 94,742,591 97,779,678 VILLAGE FUNDS MOUNT PROSPECT LIBRARY FUND 14,125,745 9,926,514 9,926,514 10,139,456 (a) TOTAL REVENUES & OTHER SOURCES - 103,708,299 101,958,880 98,658,573 10082,047 97,779,678 VILLAGE & LIBRARY FUNDS (b) (a) Figures not available as of December 18, 2012. (b) Does not include the Mount Prospect Public Library 2014 Forecast. VILLAGE OF MOUNT PROSPECT -- - 2013- BUDGET-SUMMARY EXPENDITURES BY FUND 2011 2012 2012 2013 2014 Actual Budget Estimate Budget Forecast GENERAL FUND 40,786,102 42,216,149 42,087,707 44,321,998 45,957,474 DEBT SERVICE FUND 7,574,747 2,409,795 2,409,798 2,405,477 2,245,581 CAPITAL PROJECT FUNDS Capital Improvement Fund Series 2009 Construction Fund Downtown Redevelopment Construct Street Improvement Construc Fund Flood Control Construction Fund 839,523 2,759,399 1,677,742 1,674,747 4,249,986 148,139 - - - - 4,343,358 2,781,300 2,792,860 3,292,521 3,176,502 2,001,296 1,788,239 1,655,339 1,495,500 2,693,100 57,241 730,710 228,000 757,150 482,190 7,389,557 8,059,648 6,353,941 7,219,918 10,601,778 SPECIAL REVENUE FUNDS Refuse Disposal Fund Motor Fuel Tax Fund Cmmty Development Block Grant Asset Seizure Fund DEA Shared Funds Fund DUI Fine Fund Foreign Fire Tax Board Fund Justice Assistance Grant Fund Business District Fund 4,149,304 4,418,203 4,406,172 4,474,769 4,653,274 1,094,105 1,597,463 1,527,854 1,764,366 2,021,351 415,132 502,750 406,111 290,203 296,331 10,466 17,008 15,500 17,500 17,500 11,875 3,000 1,100 5,000 1,000 19,057 15,925 10,000 11,000 11,000 7,849 28,500 8,170 28,500 28,500 - 13,599 10,203 - - - 414,587 414,587 496,521 671,000 5,707,788 7,011,035 6,799,697 7,087,859 7,699,956 ENTERPRISE FUNDS Water and Sewer Fund Village Parking System Fund Parking System Revenue Fund 10,444,248 12,836,158 13,235, 270 12,842,921 16,388,816 114,406 254,402 182,507 296,350 185,391 212,818 275,648 226,228 295,252 199,153 10,771,472 13,366,208 13,644,005 13,434,523 16,773,360 INTERNAL SERVICE FUNDS Vehicle Maintenance Fund Vehicle Replacement Fund Computer Replacement Fund Risk Management Fund 1,952,872 2,115,393 2,078,918 2,153,304 2,210,114 855,193 1,338,111 1,229,611 664,000 1,940,500 51,404 233,900 233,900 246,200 239,230 7,352,902 6,955,955 7,034,793 7,666,362 8,081,991 10,212,371 10,643,359 10,577,222 10,729,866 12,471,835 VILLAGE OF MOUNT P R O SPECT 2013 BUDGET SUMMARY EXPENDITURES BY FUND 2011 2012 2012 2013 2014 Actual Budget Estimate Budget Forecast FIDUCIARY FUNDS Police Pension Fund 3,741,549 3,794,470 3,770,428 3,993,416 4,085,351 Fire Pension Fund 3,666,806 3,795,069 3,768,460 3,948,991 4,043,243 7,408,355 7,589,539 7,538,888 7,942,407 8,128,594 TOTAL EXPENDITURES - VILLAGE FUNDS 89,850,392 91,295,733 89,411,258 93,142,048 103,878,S78 MOUNT PROSPECT LIBRARY FUND 13,470,776 9,926,514 9,926,514 10,139,456 (a) TOTAL EXPENDITURES - VILLAGE AND 103,321,168 101,222,247 99,337,772 103,281,504 103,878,578 LIBRARY FUNDS (b) (a) Figures not available as of December 18, 2012. (b) Does not include the Mount Prospect Public Library 2014 Forecast. VILLAGE OF MOUNT PROSPECT - 2013 BUDGET AVAILABLE FUND BALANCES /NET ASSETS 12 -31 -2013 Estimated 2013 2013 Estimated Recommended Balance Budget Budget Balance Balance 1/1/2013 Revenues Expenditures 12 /31/2013 12/31/2013 GENERAL FUND 10,997,937 44,321,998 44,321,998 10,997,937 9,191,495 DEBT SERVICE FUND 128,377 2,406,614 2,405,477 129,514 632,150 CAPITAL PROJECT FUNDS Capital Improvement Fund 1,345,705 1,140,500 1,674,747 811,458 482,745 Series 2009 Construction Fund 36,858 - - 36,858 - Downtown Redevelopment Construct 1,108,028 2,682,000 3,292,521 497,507 67,350 Street Improvement Construc Fund (135,168) 1,550,500 1,495,500 (80,168) 626,200 Flood Control Construction Fund 788,888 685,644 757,150 717,382 267,500 DUI Fine Fund 3,144,311 6,058,644 7,219,918 1,983,037 1,443,795 SPECIAL REVENUE FUNDS Refuse Disposal Fund 1,993,422 4,458,500 4,474,769 1,977,153 465,327 Motor Fuel Tax Fund 511,040 1,705,100 1,764,366 451,774 202,135 Cmmty Development Block Grant - 290,203 290,203 - - Asset Seizure Fund 41,500 3,100 17,500 27,100 27,100 DEA Shared Funds Fund 3,909 1,100 5,000 9 9 DUI Fine Fund 52,132 20,100 11,000 61,232 61,232 Foreign Fire Tax Board Fund 217,443 55,000 28,500 243,943 243,943 Business District Fund 293,408 671,000 496,521 467,887 467,887 3,112,854 7,204,103 7,087,859 3,229,098 1,467,633 .NTERPRISE FUNDS (a) Water and Sewer Fund 3,351,884 12,220,000 12,842,921 2,728,963 1,915,334 Village Parking System Fund 295,244 126,100 296,350 124,994 22,610 Parking System Revenue Fund (260,047) 200,500 295,252 (354,799) 33,259 Risk Management Fund 3,387,081 12,546,600 13,434,523 2,499,158 1,971,203 INTERNAL SERVICE FUNDS (a) Vehicle Maintenance Fund 438,268 2,193,313 2,153,304 478,277 478,277 Vehicle Replacement Fund 6,162,844 1,462,850 664,000 6,961,694 6,961,694 Computer Replacement Fund 625,141 1,000 246,200 379,941 379,941 Risk Management Fund 1,189,295 7,669,501 7,666,362 1,192,434 1,713,795 8,415,548 11,326,664 10,729,866 9,012,346 9,533,707 (a) Estimated balances reflect unrestricted net assets only. VIL LAGE OF MOUN P R OS PECT 2013 BUDGET SUMMARY AVAILABLE FUND BALANCES /NET ASSETS 12 -31 -2013 Estimated 2013 2013 Estimated Recommended Balance Budget Budget Balance Balance 1/1/2013 Revenues Expenditures 12/31/2013 12/31 /2013 FIDUCIARY FUNDS (b) Police Pension Fund 45,874,305 5,690,721 3,993,416 47,571,610 84,199,556 Fire Pension Fund 44,595,143 5,187,247 3,948,991 45,833,399 76,710,720 90,469,448 10,877,968 7,942,407 93,405,009 160,910,276 TOTAL - VILLAGE FUNDS 119,655,556 94,742,591 93,142,048 121,256,099 185,150,259 Less: Fiduciary Funds (b) (90,469,448) (10,877,968) (7,942,407) (93,405,009) (160,910,276) TOTAL AVAILABLE BALANCES VILLAGE 29 ,186,108 83,864,623 85,199,641 27,851,090 24,239,983 FUNDS MOUNT PROSPECT LIBRARY FUND 5,381,931 10,139,456 10,139,456 5,381,931 5,381,931 TOTAL AVAILABLE BALANCES VILLAGE 8e LIBRARY FUNDS 34,568,039 94,004,079 95,339,097 33,233,021 29,621,914 (b) Fiduciary Funds are restricted for future pension benefits and do not constitute "Available Fund Balances."