| HERE'S WHAT YOU'LL FIND IN THE GENERAL FUND |
| FY 07-08 Estimated Actual Expenditures and Revenues |
| FY 08-09 Budget - Revenues |
| FY 08-09 Budget - Expenditures |
GENERAL FUND
FY 07-08 was budgeted with a planned $128,275 surplus. In January 2008, it was reported at the Budget Workshop that the preliminary FY 07-08 Budget surplus was projected to be approximately $301,290. Upon further review, we find that the FY 07-08 Budget will include a surplus of $229,295.
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GENERAL FUND REVENUE BUDGET |
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FY 08-09 Budget |
FY 07-08 Budget |
$ Change |
% Change |
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$8,708,345 |
$8,108,230 | $600,115 |
7.5% |
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GENERAL FUND REVENUE BUDGET |
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FY 08-09 Proposed Revenues |
FY 07-08 Estimated Actual |
$ Change |
% Change |
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$8,708,345 |
$8,316,050 | $392,295 | 4.7% |
FY 07-08 Budget – Expenditures
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GENERAL FUND EXPENDITURE BUDGET |
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FY 07-08 Budget |
FY 06-07 Budget |
$ Change |
% Change |
| $7,979,955 | $7,772,085 | $206,870 | 2.7% |
| GENERAL FUND EXPENDITURE BUDGET | |||
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FY 07-08 Proposed Revenues |
FY 06-07 Estimated Actual |
$ Change |
% Change |
| $7,979,955 | $7,887,975 | $91,980 | 1.2% |
For the 6th year in a row, the base sales tax has failed to meet budget projections. In FY 07-08, base sales tax in the amount of $1,735,535 fell short of the projected budget of $1,558,720 by $176,815 or 11.3%. Similarly, the ¼% non-home-rule sales tax also fell short of projections. Revenue from the Village Center sales tax is still very difficult to predict, since, as of this writing, the Village has yet to receive any sales tax revenue figures from the State of Illinois. However, based on how we projected sales tax for FY 07-08 and the fact that not all of the store space that could be occupied is occupied and the fact that the Center did not open until mid-November, it is our belief that the Village Center sales tax will also come in lower than anticipated.
Future year projected base sales tax includes only a modest 3.0% increase over the estimated actual. Non-home-rule sales tax is projected to increase 3.0% and the Village Center sales tax is projected to increase to $600,000 (with $250,000 of this amount to be used to reimburse Opus for off-site road improvements).
Future year non-home-rule sales tax will increase significantly as the additional ¼% increase is projected to be applied in July 2009 and future year Village Center sales tax is expected to increase to $700,000.
Building permit revenue is expected to come in lower than projected in FY 07-08. The FY 07-08 Estimated Actual of $723,880 was $243,880 more than what was budgeted in FY 07-08, which is due to the number of build out permits in the Village Center. As expected, total Permit & Fees for the FY 08-09 budget of $528,000 is $52,000 less than in FY 07-08.
The Village continues to rely heavily on State Income Tax. For the fourth year in a row, estimated revenues have exceeded projections. The FY 07-08 estimated actual is $1,039,740, which is $60,210 or 6.19% higher than originally estimated. In FY 08-09 $1,023,990 is projected, which is 1.5% lower than the FY 07-08 estimated actual and 4.5% more than the FY 07-08 Budget.
It should be noted that, although the Village has $308,750 in IRMA surplus remaining, this one-time revenue source was not used in the FY 08-09 Budget.
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GENERAL FUND EXPENDITURE BUDGET TO BUDGET |
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FY 08-09 Budget |
FY 07-08 Budget |
$ Change |
% Change |
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$8,553,365 |
$7,979,955 | $573,410 | 7.2% |
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GENERAL FUND EXPENDITURE BUDGET TO EST. ACTUAL |
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FY 08-09 Proposed Revenues |
FY 07-08 Estimated Actual |
$ Change |
% Change |
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$8,553,365 |
$8,086,755 | $466,610 | 5.8% |
The General Fund Expenditure Budget for FY 08-09 is $8,553,365, which is $573,410 or 7.2% more than the FY 07-08 Budget of $7,979,955 and $466,610 or 5.8% more than the FY 07-08 estimated actual of $8,086,755.
Although the FY 08-09 Budget increased 7.2%, there are several new expenditures included in the Budget not previously contemplated. The largest of these is the $250,000 reimbursement to Opus for off-site road improvements. If this expenditure was not included, the increase in the General Fund Expenditure Budget would be 4.1%