1. Budget Hearing #3: Wrap-up Session
Mr. Muetz presented the following Power Point presentation to the Board.
Tonight is the third meeting to discuss the FY 14/15 budget.
The Approval of the FY 14/15 is expected to be included on the April 7th Board Agenda.
Fiscal Year starts May 1st
In May or June we will pass the Appropriation Ordinance.
FY 14/15 Budget Highlights
Balanced Budget –
All Funds Combined – $2.56 million surplus.
General Fund - $631 thousand surplus.
No New Taxes or Tax Increases.
7.05 Full Time Equivalent Increase in Headcount.
$3.3 million dedicated solely to roadway improvements.
FY 13/14 Year End Highlights
General Fund for FY 13/14 is expected to end with $700k deficit due to $3.4 million transfer to capital.
Revenues = $36.74 million, Expenditures = $37.44 million
Without transfer, General Fund would finish with a $2.68 million surplus.
Revenues = $36.74 million, Expenditures = $34.04 million
Revenues projected to exceed budget by 2.4%.
Expenditures are projected to exceed budget by 7.3% due to the transfer to the Capital Improvement Fund. When Capital Transfer is removed, expenditures would end 2.5% under budget.
Beginning Unrestricted Cash May 1, 2014 $21,961,352
Revenues FY 14/15 $37,121,647
Expenditures FY 14/15 ($35,490,115)
Projected Unrestricted Cash April 30, 2015 $22,592,884
Capital Improvement Fund
Beginning Unrestricted Cash May 1, 2014 $5,938,914
Revenues FY 14/15 $764,000
Expenditures FY 14/15 ($4,485,500)
Projected Unrestricted Cash April 30, 2015 $2,217,514
Utility Fund Combined
Beginning Unrestricted Cash May 1, 2014 $4,751,956
Revenues FY 14/15 $8,313,929
Expenditures FY 14/15 ($7,778,224)
Projected Unrestricted Cash April 30, 2015 $5,287,661
All Funds Combined
Beginning Unrestricted Cash May 1, 2014 $102,334,950
Revenues FY 14/15 $57,949,836
Expenditures FY 14/15 ($55,388,938)
Projected Unrestricted Cash April 30, 2015 $104,895,848
Trustee Park said the State of Illinois has had a number of discussions regarding reducing the amount of funding to Illinois communities and asked if the Village is prepared to adjust.
Mr. Muetz the response of the Village will depend on the severity of the reductions. Management would look to Departments to curtail spending, however, if serve, the Village may have to look at its reserves.
Village Finance Director, Ms. Lembesis said if the State cuts our funding percentage we may have to go into reserves. She said keep in mind any reduction wouldn’t happen until January of 2015.
Trustee Park said the State has also had discussions on transportation capital bill. He said a very sizable portion is for localized roadways. He also said it included both bonded and pay as you go options. He stated it is worth-while for the Village to keep an eye on this. He finished by saying a funding mechanism being discussed is a sales tax on services.
Mayor Kovarik said we watch it but we try to be self-sufficient.
Trustee Wilson thanked Village staff for their work on the budget.
Mr. Muetz stated the Finance Director and Department Heads did a very good job this year preparing the budget and making adjustments as the process evolved.