HomeMy WebLinkAboutTab 3: 2014 Revised Forecast BudgetVillage of Mount Prospect, Illinois
General Fund - Revenues and Expenditures
2014 Forecast
Excess of Revenues over Expend.
and Other Financing Uses: 160,150 (323,900) (258,400) 65,500 D
1 of 2 General Fund Forecast 2014 - Q1.xlsx
(a)
(b)
(c)
(d)
(e)
2013
2014 Forecast
Current
Original
Current
Increase
Percent
Projections
Forecast
Forecast
(Decrease)
Change
Notes
Revenues:
Property Taxes
12,853,668
13,562,774
13,562,774
0
0.00
Sales Taxes - ROT Portion
11,475,000
11,950,000
11,950,000
0
0.00
Sales Taxes - HMR Portion
1,235,000
1,300,000
1,300,000
0
0.00
Food and Beverage Tax
740,000
775,000
775,000
0
0.00
Real Estate Transfer Tax
450,000
455,000
475,000
20,000
4.40
A
Telecommunications Tax
2,935,000
2,960,000
2,960,000
0
0.00
Other Utility Taxes
1,833,500
1,833,500
1,833,500
0
0.00
Other Taxes
204,500
215,000
215,000
0
0.00
Vehicle Licenses
1,385,000
1,385,000
1,385,000
0
0.00
Other Licenses, Permits, Fees
2,025,000
1,885,500
1,885,500
0
0.00
State Income Tax
4,760,000
4,820,000
4,820,000
0
0.00
Other Intergovernmental
1,510,630
1,571,600
1,571,600
0
0.00
Charges for Services
1,543,000
1,504,500
1,550,000
45,500
3.02
B
Fines and Forfeits
500,000
480,000
480,000
0
0.00
Investment Income
35,000
35,000
35,000
0
0.00
Other Revenue
1,007,700
900,700
900,700
0
0.00
Total Revenues
44,492,998
45,633,574
45,699,074
65,500
0.14
Expenditures
Public Representation
556,686
566,799
566,799
0
0.00
Village Manager's Office
2,579,736
2,698,840
2,698,840
0
0.00
Television Services Division
175,613
178,693
178,693
0
0.00
Village Clerk's Office
153,241
157,269
157,269
0
0.00
Finance Department
1,733,417
1,779,013
1,779,013
0
0.00
Community Development Dept.
2,243,285
2,296,833
2,296,833
0
0.00
Human Services Dept.
1,062,725
1,093,283
1,093,283
0
0.00
Police Department
15,834,702
16,359,722
16,359,722
0
0.00
Fire Department
12,582,942
13,007,037
13,007,037
0
0.00
Public Works Department
7,364,350
7,773,688
7,773,688
0
0.00
Miscellaneous
46,151
46,297
46,297
0
0.00
Total Expenditures
44,332,848
45,957,474
45,957,474
0
0.00
C
Excess of Revenues over Expend.
160,150
(323,900)
(258,400)
65,500
D
Other Financing Sources /Uses
Transfers in
0
0
0
0
Transfers Out
0
0
0
0
Total Other Financing Uses
0
0
0
0
Excess of Revenues over Expend.
and Other Financing Uses: 160,150 (323,900) (258,400) 65,500 D
1 of 2 General Fund Forecast 2014 - Q1.xlsx
Village of Mount Prospect, Illinois
General Fund - Revenues and Expenditures
2014 Forecast
Notes
A Projection based on 2013 estimate. Projection includes a 5.6% increase from the prior year. The larger than
usual increase is due to increased activity in the housing market.
B Projection based on 2012 estimate. Ambulance fees are expected to come in higher than projected.
C Typically annual savings from the annual budget range from 1 -2 %. To be conservative, no assumption were
made for the 2014 forecast. If the Village were to come in 1.0% below budget there would be a savings of
$459,575. The mid -year budget review is set for August where the 2014 forecast budget will again be reviewed.
D The total forecast deficit for 2014 is projected to decrease by $65,500 to $258,400 after considering the
adjustments made to the revenues. It is expected that this deficit would be eliminated through adjustments to
existing revenues and budget further reductions during the 2014 budget review process.
2 of 2 General Fund Forecast 2014 - Q1.xlsx