HomeMy WebLinkAboutTab 3: 2015 Revised Forecast BudgetVillage of Mount Prospect, Illinois
General Fund - Revenues and Expenditures
2015 Forecast
1 of 2 General Fund Forecast 2015 - Q1.xlsx
(a)
(b)
(c)
(d)
(e)
2014
2015 Forecast
Current
Original
Current
Increase
Percent
Projections
Forecast
Forecast
(Decrease)
Change
Notes
Revenues:
Property Taxes
14,674,466
15,757,664
15,757,664
0
0.00
Sales Taxes - ROT Portion
11,910,000
11,500,000
12,375,000
875,000
7.61
A
Sales Taxes - HMR Portion
1,346,000
1,406,000
1,406,000
0
0.00
Food and Beverage Tax
725,000
730,000
750,000
20,000
2.74
Real Estate Transfer Tax
900,000
815,000
900,000
85,000
10.43
Telecommunications Tax
2,200,000
2,600,000
2,200,000
(400,000)
(15.38)
B
Other Utility Taxes
1,750,000
1,820,000
1,820,000
0
0.00
Other Taxes
230,000
256,000
256,000
0
0.00
Vehicle Licenses
340,000
0
0
0
0.00
Other Licenses, Permits, Fees
2,050,000
2,008,000
2,050,000
42,000
2.09
State Income Tax
5,275,000
5,430,000
5,430,000
0
0.00
Other Intergovernmental
1,448,100
1,494,000
1,494,000
0
0.00
Charges for Services
1,516,000
1,527,000
1,527,000
0
0.00
Fines and Forfeits
440,000
491,000
491,000
0
0.00
Investment Income
10,000
22,500
22,500
0
0.00
Other Revenue
1,293,000
931,500
931,500
0
0.00
Total Revenues
46,107,566
46,788,664
47,410,664
622,000
1.33
Expenditures
Public Representation
626,321
625,622
625,622
0
0.00
Village Manager's Office
2,633,208
2,816,709
2,816,709
0
0.00
Television Services Division
181,176
189,087
189,087
0
0.00
Village Clerk's Office
219,574
224,654
224,654
0
0.00
Finance Department
1,846,374
1,886,141
1,886,141
0
0.00
Community Development Dept.
2,332,932
2,338,585
2,338,585
0
0.00
Human Services Dept.
1,086,836
1,109,629
1,109,629
0
0.00
Police Department
16,535,251
17,056,841
17,056,841
0
0.00
Fire Department
12,879,787
13,309,021
13,309,021
0
0.00
Public Works Department
7,520,954
7,782,204
7,782,204
0
0.00
Emergency Events
175,000
0
0
0
0.00
Miscellaneous
46,301
46,456
46,456
0
0.00
Total Expenditures
46,083,714
47,384,949
47,384,949
0
0.00
C
Excess of Revenues over Expend.
23,852
(596,285)
25,715
622,000
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:
23,852
(596
25,715
622,000
D
1 of 2 General Fund Forecast 2015 - Q1.xlsx
Village of Mount Prospect, Illinois
General Fund - Revenues and Expenditures
2015 Forecast
Notes
A Projection based on 2014 estimate. Projection includes a 3.9% increase from the prior year. The larger than
usual increase is due to an overall positive trend in this revenue source.
B Projection based on 2014 estimate. No growth is expected in the telecommunication tax for 2014 or 2015.
C Typically annual savings from the annual budget range from 1 -2 %. To be conservative, no assumption were
made for the 2015 forecast. If the Village were to come in 1.0% below budget there would be a savings of
$473,850. The mid -year budget review is set for August where the 2014 forecast budget will again be reviewed.
D The total forecast deficit for 2015 is projected to decrease by $622,000 resulting in a slight surplus of $25,715.
The forecast deficit projected during the 2014 budget process was $596,285. Again, these early projections are
based on just 3 months of activity in 2014. More will be known as to how the surplus will hold up when the mid-
year review is done in August.
2 of 2 General Fund Forecast 2015 - Q1.xlsx