Excerpts from the Journal-Topics.com:
Mount Prospect officials anticipate a $1.1 million surplus in the village’s day-to-day General Fund by the end of this year. They’re also expecting a balanced budget by the end of next year. The proposed 2015 village property tax levy is expected to increase by 3.28%.
General Fund reserves by Dec. 31, 2015 are expected to total $13.66 million, or 27.5% of total expenditures. The village’s policy level is to have savings in the range of 20%-30% of total expenditures. For 2016, General Fund projections show revenues and expenditures matching at $49.58 million. Should that remain true, the village’s reserves would remain at the $13.66 million mark.
The overall proposed 2016 budget, comprised of day-to-day costs, capital projects, debt service, pensions and funding for things such as computer and vehicle replacements, shows revenues at nearly $114.9 million and expenditures at nearly $112.4 million equating to a $2.5 million surplus. The surplus is attributed to higher than expected interest earnings for the police and pension funds. Included in the 2016 budget is a 2% wage increase for all non-union employees and collectively bargained groups.
The proposed 2016 budget includes the hiring of six new firefighters/paramedics to redeploy Fire Engine 13 downtown, which was made possible through the Staffing for Adequate Fire & Emergency Response (SAFER) Grant. That grant totals $1.3 million and covers the full amount of salary and benefits for those new firefighters for the first two years of employment.
The budget also includes the addition of two full-time and two part-time community service officers to allow existing sworn officers to be reassigned to policing efforts.
“Generally, things are improving for the village, but we have big unknowns out there from the state that could permanently reduce revenues in the future,” Erb said, referring to a possible property tax freeze or continuation of no police and fire pension reform.
Village trustees will discuss the budget again at 7 p.m. Tuesday, Nov. 10 at village hall. The 2016 budget is expected to be formally adopted at the Dec. 15 village board meeting.
thnaks Dan
