HomeMy WebLinkAboutTab 2: 2014 First Quarter ReviewVillage of Mount Prospect, Illinois
General Fund - Revenues and Expenditures
2014 Quarterly Review - Q1
Expenditures
Public Representation
(a)
(b)
(c)
(d)
(e)
Village Manager's Office
2,817,368
2,633,208
586,309
2,633,208
Budget
Television Services Division
169,139
2014
YTD Actual
2014
Variance -
Village Clerk's Office
2013
Amended
01/01/14-
Current
Favorable
Finance Department
Actual
Budget
3/31/2014
Estimate
(Unfavorable)
Revenues:
2,023,299
2,332,932
475,799
2,332,932
0
Property Taxes
12,734,443
14,674,466
7,224,120
14,674,466
0
Sales Taxes - ROT Portion
12,342,154
11,360,000
0
11,910,000
550,000
Sales Taxes - HMR Portion
1,285,012
1,346,000
0
1,346,000
0
Food and Beverage Tax
719,190
725,000
168,093
725,000
0
Real Estate Transfer Tax
853,617
800,000
229,055
900,000
100,000
Telecommunications Tax
2,168,091
2,600,000
0
2,200,000
(400,000)
Other Utility Taxes
1,723,621
1,792,000
431,271
1,750,000
(42,000)
Other Taxes
221,281
255,500
21,236
230,000
(25,500)
Vehicle Licenses
1,399,010
340,000
143,454
340,000
0
Other Licenses, Permits, Fees
2,050,366
2,004,000
318,277
2,050,000
46,000
State Income Tax
5,161,051
5,275,000
497,676
5,275,000
0
Other Intergovernmental
1,510,449
1,448,100
292,610
1,448,100
0
Charges for Services
1,631,445
1,516,000
284,833
1,516,000
0
Fines and Forfeits
439,405
491,000
69,709
440,000
(51,000)
Investment Income
6,567
22,500
1,418
10,000
(12,500)
Other Revenue
787,701
1,164,500
142,286
1,293,000
128,500
Total Revenues
45,033,402
45,814,066
9,824,037
46,107,566
293,500
Expenditures
Public Representation
550,880
626,321
116,775
626,321
0
Village Manager's Office
2,817,368
2,633,208
586,309
2,633,208
0
Television Services Division
169,139
181,176
41,350
181,176
0
Village Clerk's Office
198,945
219,574
52,391
219,574
0
Finance Department
1,843,581
1,846,374
419,665
1,846,374
0
Community Development Dept.
2,023,299
2,332,932
475,799
2,332,932
0
Human Services Dept.
1,061,125
1,086,836
275,214
1,086,836
0
Police Department
15,783,922
16,535,251
4,565,552
16,535,251
0
Fire Department
12,678,982
12,879,787
3,634,133
12,879,787
0
Public Works Department
7,137,785
7,520,954
1,812,878
7,520,954
0
Emergency Events
204,860
107,000
13,946
175,000
(68,000)
Miscellaneous
46,150
46,301
11,575
46,301
0
Total Expenditures
44,516,036
46,015,714
12,005,586
46,083,714
(68,000)
Excess of Revenues over Expend.
517,366
(201,648)
- 2,181,549
23,852
225,500
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:
517,366
(201,648)
- 2,181,549
23,852
225,500
Notes
A
B
C
21
E
1 of 2 1 st Quarter Review - 2014.xlsx
Village of Mount Prospect, Illinois
General Fund - Revenues and Expenditures
2014 Quarterly Review - Q1
Notes
A Prior year receipts (2013) included an extraordinary amount collected for the month of December. Even with the
extraordinary amount removed, receipts would have been $11.9 million for 2013. As a result, sales taxes for
2014 were adjusted accordingly. Year -end receipts are expected to come in $550,000 higher than the original
budget.
B Revenue from the real estate transfer tax grew by over 65% between 2012 and 2013. Current activity indicate
that the trend continues into 2014. Year -end receipts for 2014 for this revenue source was increased to reflect
new property transfer levels.
C The telecommunications tax saw a significant drop during 2013. The original budget for that year was $2.9
million. The actual amount received was just under $2.2 million. The estimate for 2014 was reduced $400,000.
D The positive variance in other revenue was due to an insurance reimbursement for the sprinkler flood damage
that occurred in January 2014. The amount received from insurance after the $25,000 deductible was
$128,000. Expenses related to the incident were adjusted accordingly.
E Emergency events consist of the sprinkler flood mentioned in Note D. An initial budget amendment of $107,000
was done in March. An additional amendment of approximately $68,000 is expected after all expenses related
to the event are paid.
F Overall, revenues are anticipated to come in $293,500 over the amended budget while expenses are assumed
to come in $68,000 above the budgeted amount. The General Fund had shown a deficit of $201,648 after
amendment #1. Taking into consideration the adjustment in total revenues, the General Fund is showing a
surplus of $23,852.
2 of 2 1 st Quarter Review - 2014.xlsx