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HomeMy WebLinkAbout08/12/2014 COW AgendaOf PH", o-4Amwnl �JvmmpnnA JOINT COMMITTEE OF THE WHOLE AGENDA Meeting Location: Mount Prospect Village Hall 50 S. Emerson ROLL CALL VILLAGE BOARD Mayor Arlene Juracek Trustee Paul Hoefert Trustee John Korn Trustee John Matuszak Meeting Date and Time: Tuesday, August 12, 2014 7:00 p.m. Trustee Steven Polit Trustee Richard Rogers Trustee Michael Zadel ROLL CALL FINANCE COMMISSION Chair Vincent Grochocinski Commissioner Pam Bazan Commissioner James Gregory Commissioner John Kellerhals Commissioner Don Ocwieja Commissioner Thomas Pekras APPROVAL OF COMMITTEE OF THE WHOLE MINUTES FOR MAY 27. 2014 CITIZENS TO BE HEARD IV. 2014 MID -YEAR REVIEW AND UPDATE OF THE 2015 BUDGET FORECAST Each year the Village Board engages in a mid -year review of the current budget as a means of monitoring the revenue and expenditure levels contained therein. In addition, the Village Board also engages in a pre- budget workshop specifically designed to look forward to the upcoming budget year with the idea of setting fiscal parameters and giving staff direction for preparation of the following year's budget. With the close of June financial activity, staff is in position to present mid -year financial data for 2014 as well as review the 2015 forecast budget. Current projections for 2014 show a slight surplus at year -end of just over $97,000. Overall, revenues in the General Fund are projected to come in above the amended budget amount. A material increase from the amended budget is expected in the state portion sales tax. This increase is being partially offset by a significant decrease expected in the telecommunication tax, continuing a downward trend in this revenue source. We now expect total General Fund revenues for 2014 to come in at $46,381,566. This is an increase of $567,500 from the amended budget. Total expenditures for 2014 are estimated at $46,283,714. The revised 2015 budget forecast for the General Fund shows a surplus of almost $263,000 on revenues of $47,647,664 and expenditures totaling $47,384,949. Changes to General Fund reserves and the preliminary 2014 property tax levy will also be discussed during the meeting. Staff has prepared a comprehensive memorandum detailing the Village's financial condition for both the balance of 2014 and forecast of 2015. Staff will also share its current budget preparation strategy and look to the Village Board for direction regarding the upcoming budget. Appropriate staff will be on hand to answer questions and facilitate discussion. V. MANAGER'S REPORT • Status VI. ANY OTHER BUSINESS Vll. ADJOURNMENT NOTE. ANY INDIVIDUAL WHO WOULD LIKE TO ATTEND THIS MEETING BUT BECAUSE OF A DISABILITY NEEDS SOME ACCOMMODATION TO PARTICIPATE, SHOULD CONTACT THE VILLAGE MANAGERS OFFICE AT 50 SOUTH EMERSON, MOUNT PROSPECT, ILLINOIS 60056, 847 1392 -6000, EXTENSION 5327.