Village of Oak Park budget presentation

8/12/2019 Village of Oak Park budget presentation

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Finance OverviewJune 23, 2014

Cara PavlicekVillage Manager


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Finance Overview

Chapter 2 of the Municipal Code establishes the foundation for theMunicipal Budget. Excerpts from Chapter 2 are attached which generallyprovide for the following:

The Village fiscal year is January 1 - December 31 annually.

The Board of Trustees must adopt the annual budget prior to the start of the Fiscal Yearand passage of the annual budget shall be in lieu of passage of the appropriationordinance.

On or before the Village Board of Trustees' first regular meeting in November of eachyear, the Village Manager shall submit to the Board of Trustees an annual Municipalbudget which contains estimates of revenues together with recommended expendituresin conformity with good fiscal management practice.


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Finance Overview

Chapter 2 (continued)

The recommended budget presented by the Village Manager shall show the specificfund from which each anticipated expenditure shall be made.

The annual budget may contain money set aside for contingency purposes not toexceed ten percent (10%) of the total budget.

At least one public hearing shall be held by the Board of Trustees on the tentativeannual budget prior to final action by the Board of Trustees. Copies of the tentativeannual budget shall be made available for public inspection for at least ten (10) days priorto the hearing. After said hearing, the tentative budget may be further revised and passedwithout further notice, inspection or hearing.


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4Source: 2011 Tax Year Rate Report. Cook County Clerk

Finance Overview

The Village accounts for its operations using funds, each of which is considered aseparate and distinct accounting entity.

Revenues are allocated to and accounted for within individual funds based upon the

purpose for which they are to be expended.


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Finance Overview

General Fund is the Villages primary operating fund. It accounts for allfinancial resources of the general government, except those required or approved tobe accounted for in another fund

Enterprise Funds are used to account for business-like activities of theVillage. The main operating assumption is that the costs of the function/system areborne by the users of the function/system and are not property tax supported.

Water and Sewer: accounts for the provision of water to the community such asthe purchase of water from the City of Chicago, and accountsfor the maintenance and operations of the undergroundinfrastructure that carries storm and sewage

Parking: accounts for the administration and operation of the Villagesparking garages, lots and meter system

Environ. Services: accounts for the internal support and contractual servicesfor refuse collection and recycling


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Finance Overview

Capital Funds are used to account for improvements to the public way,maintenance of Village-owned property as well as equipment intended to bedepreciated over time.

Internal Service Funds are used to account for and allocate costsacross several functions such as overall liability insurance as well as employee healthcare program costs.

Grant Fundsare utilized to ensure compliance reporting to the grantingagency

Special Revenue Fundsaccount for activity required to besegregated from the general operations of the Village and are not accounted forelsewhere.


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Finance Overview

$-

$10

$20

$30

$40

$50

$60

$70

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Millions

General Fund TrendRevenues and Expenditures

Revenues

Expenditures


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Finance Overview

Public Safety: Fire Police

Development Customer Services:Divisions of Business Services Neighborhood Services Planning Permit Processing


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Finance Overview


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Finance Overview


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The composition of who pays property taxes in Oak Parkhas changed over time . . .

While Equalized Assessed Value (EAV) of commercial property hasincreased, it has not grown at the same pace as residential.

Finance Overview


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Historical Property Tax Detail


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Historical Property Tax Detail


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A property tax dollar issplit across many taxingbodies.

In Oak Park, the Village

receives 13 of everydollar paid.

Source: Current Tax Year Rate Report. Cook County Clerk

Property Tax Overview

Current Tax Year


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Property Taxes reakdown, Tax Year 2012

Village Levied Property Taxes


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Fund Balance Policy

Appropriate fund balance levels are necessary to respond to unexpectedemergencies and annual cash flow requirements.

In the General Fund, an unreserved fund balance goal of no less than 10% andno more than 20% of the current years estimated operational expenses shall bemaintained. Of this balance, cash and investments should compose no less than60%.

For example, in the situation where the fund balance is $5,000,000 but the actual

cash and investments are less than $3,000,000, the policy objective would not bemet. This caveat discounts for situations where the general fund is owed moneyfrom other Village funds, and can reasonably be expected to repay within 12 to 24months.


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General Fund Balance, unreserved

Source: Comprehensive Annual Financial Reports (CAFRs)


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Source: Comprehensive Annual Financial Reports (CAFRs)

Fiscal Year 2014 Debt Service

IssuanceGross Debt

Service Principal Interest Abatement Net Levy

2004 B $613,600 $590,000 $23,600($241,156) $372,444

2005 A $699,890 $630,000 $69,890($84,827) $615,063

2006 A $146,280 $115,000 $31,280($96,862) $47,418

2006 B $500,000 $364,440 $135,560$0 $500,000

2006 C $413,563 0 $413,563($413,563) $0

2006 D $688,000 $530,000 $158,000($688,000) $0

2007 $145,938 $50,000 $95,398$0 $145,938

2007 A $617,200 $375,000 $242,200($551,905) $65,295

2010 A $1,973,025 $1,785,000 $188,025($1,973,025.00) $0

2010 B $1,638,942.50 $1,515,000 $123,942.50($1,638,942.50) $0

2010 C $1,714,450 $1,275,000 $439,450$1,338,670 $375,780

2011 A $668,500 $550,000 $118,500($668,500.00) $0

2011 B $193,688.76 $0 $193,688.76($193,688.76) $0

2012 A $271,573 $75,000 $196,573$0 $271,573

2012 B $673,391 $660,000 $13,391$0 $673,391

TOTAL $10,958,041 $8,514,440 $2,443,061 ($5,211,799) $3,066,902


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Finance Overview

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$2

$4

$6

$8

$10

$12

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032

Millions

Annual Debt Service,Gross Vs. Net of Abatements - current($)

Gross DS

Net DS


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Finance Overview


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Finance Overview


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Finance Overview


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Finance Overview


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Finance Overview


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Finance Overview


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FY15 Tent. Budget Schedule

June 23 -- Preliminary Budget Discussion Village Board

June 23 - July 3 -- Finance develops preliminary revenue/rate estimates

June 24 27 -- Village Manager/Finance Preliminary Budget Kickoff withDepartments

June 30 -- Finance begins Department Budget Training/Finance Committeeof the Board meeting to review debt analysis

July 11 -- Partner Agencies funding requests due to Staff Liaisons

July 14 -- Finance Committee of the Village Board meeting to reviewEngineering/Alleys/Streets

July 18 -- Department budget requests due to Finance Department


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FY15 Schedule (contd.)

July 7 -- August 1 -- Finance updates revenue/rate estimates

July 18 -- July 28 -- Finance reviews/analyzes budget requests

July 28 -- Finance Committee of the Village Board meeting to review

Adjudication/Public Health

August 4 -- September 6 -- Village Manager meets individually withDepartments to review budget requests

August 25 -- Finance Committee of the Village Board meeting to review Water

Rate Study

September 19 -- Village Manager submits FY15 Recommended Budget toFinance Committee of the Village Board

October -- Finance Committee conducts budget review (proposed to meet

Thursdays, October 2, 9, 16 & 23)


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FY15 Budget Schedule (contd.)

October 31 -- Budget recommendation with Finance Committee comments

to Village Board

November 3 -- Truth in Taxation Public Hearing before Village Board & FirstReading of Ordinances related to Fees

November 6, 10, 20 -- Tentative special Board meeting to review budget

November 17 -- Village Board Public Hearing on Budget & 2ndreading of

Ordinances Related to Fees

December 1 -- Village Board scheduled to adopt FY15 Budget


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VILLAGE BOARD MEETINGS/STUDY SESSIONS JUNE 2014MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SAT/SUN

/ 1

27:30pm Regular Board Mting CC) 3 4 5 6 7/ 8

97:00pm Special Board Mting101)10 117:00pm FairHousing Task Force130)

127:00pm FinanceCommittee 130)13 14/15

167:30pm Regular Board Mting CC) 17 18 19 20 21/ 22

237:00pm Special Board Mting101)/Pre-Budget Direction24 257:00pm FairHousing Task Force

130)

26 27 28/29

306:30pm Finance Committee/DebtAnalysis 130)

VILLAGE BOARD MTGS EXECUTIVE SESSIONS SPECIAL MTGS BUDGET SESSIONS HOLIDAYS SPECIAL EVENTS

VMO CREATED 11/11/13, 5/5/14, 6/19/14


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VILLAGE BOARD MEETINGS/STUDY SESSIONS JULY 2014MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SAT/SUN1 2 3 INDEPENDENCEDAY VILLAGEHALL CLOSED

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77:30pm Regular Board Mting (CC) 8 97:00pm FairHousing Task Force(130)10 11 12/13

146:30pm Exec Session/PoliceDeployment (130)7:00pm Finance Cmte/ReviewEngineering, StreetsAlleys Funding (130)

15 16 177:00pm ReinventingGovernment Mting(130)18 19/20

216:30pm Personnel Cmte (130)7:30pm Regular Board Mting (CC)

22 237:00pm FairHousing Task Force(130)24 25 26/27

286:30pm Finance Cmte/ReviewHealth, Adjudication (130)29 30 31

VILLAGE BOARD MTGS EXECUTIVE SESSIONS SPECIAL MTGS BUDGET SESSIONS HOLIDAYS SPECIAL EVENTSVMO CREATED 11/11/13, 6/19/14


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VILLAGE BOARD MEETINGS STUDY SESSIONS AUGUST 2014MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SAT SUN

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4

7:30pm Regular Board Mting

(CC)

5 6 7 8 9 /10

11 12 13

7:00pm Fair Housing

Task Force (130)

14 15 16/ 17

18 19 20 21 22 23/ 24

25

6:30pm Finance Cmte/WaterRate Study(130)

26 27

7:00pm Fair HousingTask Force (130)

28 29 30/ 31

VILLAGE BOARD MTGS EXECUTIVE SESSIONS SPECIAL MTGS BUDGET

SESSIONS

HOLIDAYS SPECIAL EVENTS

VMO CREATED 11/11/13, 5/5/14, 6/19/14


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VILLAGE BOARD MEETINGS/STUDY SESSIONS SEPTEMBER 2014MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SAT/SUN1 LABOR DAY HOLIDAYVILLAGE HALL CLOSED

27:30pm Regular BoardMting CC)3 4 5 6 /7

87:00pm Special Board Mting101)9 107:00pm Fair HousingTask Force 130)

11 12 13/14

157:30pm Regular Board MtingCC)16 17 18 19Draft 2015Budget Submit toBoard

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227:00pm Special Board Mting101)23 247:00pm Fair HousingTask Force 130)

25 26 27/28

29 30



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VILLAGE BOARD MEETINGS/ STUDY SESSIONS OCTOBER 2014MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SAT/SUN1 26:30pm FinanceCmte 130)

3YOM KIPPUR 4/5YOM KIPPUR

67:30pm Regular Board Mting CC) 7 87:00pm Fair Housing TaskForce 130)96:30pm FinanceCmte 130)

10 11/12

137:00pm Special Board Mting101)14 15 166:30pm FinanceCmte 130)

17 18/19

207:30pm Regular Board Mting CC) 21 227:00pm Fair Housing TaskForce 130)236:30pm FinanceCmte 130)

24 25/26

277:00pm Special Board Mting101)28 29 306:30pm FinanceCmte 130)

31Send RevisedBudget PostFinance CmteReview) to BoardPost to WebVILLAGE BOARD MTGS EXECUTIVE SESSIONS SPECIAL MTGS BUDGET SESSIONS HOLIDAYS SPECIAL EVENTSVMO CREATED 11/11/13, 6/19/14


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VILLAGE BOARD MEETINGS/STUDY SESSIONS NOVEMBER 2014MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SAT/SUN1 /2

37:30pm Regular Board Mting/Truth-n-Taxation/ First Reading ofFee Rates Increase for 2015Budget CC)

4 5 6TENTATIVE IfNeeded) 7:00pmSpecial Mtg/Budget101)

7 8 /9

107:00pm Special Board Mting/Budget 101)11 127:00pm Fair HousingTask Force 130)

13 14 15/16

177:30pm Regular Board Mting/Public Hearing on Budget CC)18 197:00pm EarlyChildhood Tri-BoardLocation TBD)

20TENTATIVE IfNeeded) 7:00pmSpecial Mtg/Budget101)

21 22/ 23

24 25 267:00pm Fair HousingTask Force 130)27THANKSGIVING

HOLIDAY

VILLAGE HALL

CLOSED

28THANKSGIVING

HOLIDAY

VILLAGE HALL

CLOSED

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VILLAGE BOARD MEETINGS/STUDY SESSIONS DECEMBER 2014MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SAT/SUN17:30pm Regular Board Mting/Budget Adoption CC)

2 3 4 5 6/7

8 9 107:00pm Fair HousingTask Force 130)11 12 13/14

15 16 17 18 19 20/21

22 23 24 CHRISTMASOBSERVANCEVILLAGE HALLCLOSED AT NOON

25 CHRISTMASHOLIDAY VILLAGEHALL CLOSED

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29 30 31TENTATIVE 7:00pm FairHousing Task Force130)VILLAGE BOARD MTGS EXECUTIVE SESSIONS SPECIAL MTGS BUDGET SESSIONS HOLIDAYS SPECIAL EVENTS

VMO CREATED 11/11/13, 6/19/14

Village of Oak Park budget presentation

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