Long Term Financial Long Term Financial Security Committee Security Committee

UpdateUpdate

September 30, 2008September 30, 2008

Purpose Purpose

• Goal: Update on Village’s Goal: Update on Village’s financial statusfinancial status

Agenda Agenda

• Status on committee recommendationsStatus on committee recommendations• Fund balance projections – then and Fund balance projections – then and

nownow• Financial impact of the referendumFinancial impact of the referendum• Services to be addedServices to be added• Services to be reduced or eliminatedServices to be reduced or eliminated

RecommendationsRecommendations

• Fee increasesFee increases– Vehicle sticker fees increased to $65Vehicle sticker fees increased to $65– Business and liquor licensesBusiness and liquor licenses– Building permitsBuilding permits

• Implemented places for eating taxImplemented places for eating tax• Listed Northgate property for saleListed Northgate property for sale• Transfer of $1,000,000 undesignated Transfer of $1,000,000 undesignated

reserves for capital projectsreserves for capital projects• Updated fund balance policyUpdated fund balance policy• Joint dispatch is still under considerationJoint dispatch is still under consideration

Recommendations, Recommendations, cont’dcont’d

• Economic development toolsEconomic development tools

• Adopt real estate transfer feeAdopt real estate transfer fee– Requires home ruleRequires home rule

• Create a conservancyCreate a conservancy

• Reduce operating budget Reduce operating budget

Recommendations, Recommendations, cont’dcont’d

• Referendum to raise property taxesReferendum to raise property taxes

• Create special districts – such Create special districts – such as recreation or fireas recreation or fire

• Annex Riverside LawnAnnex Riverside Lawn

Fund balance projections at Fund balance projections at current service levels – current service levels –

then and nowthen and now

($1,000)

($500)

$0

$500

$1,000

$1,500

$2,000

2008 2009 2010 2011

Summer, 2007 Projections

Net Change in Fund BalanceAmount Over Target FB

($1,000)

($800)

($600)

($400)

($200)

$0

$200

$400

$600

$800

$1,000

2008 2009 2010 2011 2012

Current Projections

Net Change in Fund Balance

Amount Over Target FB (Undesignated Reserves)

Financial impacts on Financial impacts on residentsresidents

• 2009: $2862009: $286• Average 2009-Average 2009-

2012: $350 2012: $350 per yearper year

$450,000

Financial impacts on Financial impacts on VillageVillage

• 2009: 2009: $760,000$760,000

• Average 2009-Average 2009-2012: 2012: $930,000 per $930,000 per yearyear

Services to be addedServices to be added

Services to be Services to be reduced/eliminatedreduced/eliminated

SummarySummary

$450,000