FISCAL YEAR 2016 BUDGET City of Lockport, Illinois
The City is planning to draw down additional, available reserves from the: General Fund, MFT Fund, Capital Projects Fund and Water & Sewer Improvements Fund. This will provide Lockport with funds for additional Infrastructure Projects, while retaining a strong Fund (Equity) Balance. The City will remain within the parameters of its self-imposed Fund Balance Policy. BUDGET SUMMARY – BY FUND FundRevenueExpense Surplus/ (Deficit) Approximate Unrestricted Fund BalanceExplanation General Fund01 $ 13,868,200 $ 15,414,900 $ (1,546,700) $ 6,200,000 Drawdown of Reserves MFT Fund02 $ 626,200 $ 780,000 $ (153,800) $ 900,000 Drawdown of Reserves Bond Sinking Fund04 $ 2,416,800 $ - $ 8,000 Balanced Garbage Fund06 $ 2,304,800 $ - $ 230,000 Balanced TIF Fund12 $ 50,000 $ 142,000 $ (92,000) $ (130,000) Expenses budgeted if unplanned revenues are received Capital Projects Fund14 $ 7,682,600 $ 9,783,800 $ (2,101,200) $ 400,000 Drawdown of Reserves Water/Sewer Fund20 $ 7,830,300 $ (0) $ 4,500,000 Balanced Waster/Sewer Improvements Fund24 $ 6,246,300 $ 6,808,200 $ (561,900) $ 3,500,000 Drawdown of Reserves $ 41,025,200 $ 45,480,800 $ (4,455,600) $ 15,608,000
General Fund Revenues & Expenses Property Taxes make up the largest share of General Fund Revenues. The City’s portion of a tax bill is approximately 9-10%. The largest amount of the proposed budget’s General Fund Expenditures will be allocated to Police, followed by Public Works, & Administration
General Fund - Highlights The General Fund planned draw down of excess reserves $2,000,000 for Capital Ending General Fund balance 6 months (Policy 4 months) Plan to drawdown through 2017 Income Tax Revenue 15% reduction Property Tax will be discussed at November meeting. Police Pension: 60% funded Expense per Actuary Additional buy down
General Fund Operating Expenses - Highlights Bricks & Mortar Façade 50/50 Grant Code Compliance Grant Council Chamber Renovation Consultants Development Engineer Economic Development Consultant Attorneys/Misc. Consultants Events Central Square Festivities Lockport Art Series Canal Days
OTHER FUNDS
GARBAGE FUND The City’s Garbage operations are provided by Waste Management. Revenues - monthly garbage collection rate Expenditures – contract with Waste Management ends 10/31/2018 Small increase each November TIF FUND Created for Downtown and Star Business Park Revenues -Property Tax Expenses - Will not be frequent until additional resources are Realized in Fund
Water & Sewer Revenue and Expense
Water/Sewer Funds - Highlights The Water and Sewer Fund is a balanced budget. $520,000 transfer for Capital Repay $125,000 to the General Fund for 2008 loan Will consolidate Operating and Capital Funds (20 & 24) The Water and Sewer Improvements Fund will drawdown Fund Balance by $561,900 $5,135,000 projects, engineers and consultants Approximately $1,463,200 million in debt payments 2 IEPA loans 2012 Alternative Revenue Bond (pro-rated with Streets)
EMPLOYEE OVERVIEW
Stable employee base. During the economic downturn the City reduced the size of its staff, but is still 11% below the 2009 staffing levels. No new hires are anticipated in Full-Time Equivalent Positions
Payroll Breakdown
Capital Projects Fund This fund is utilized to budget for capital outlay and projects within governmental activities Several revenue sources are utilized for these activities: Non-Home Rule Sales Tax Electric Excise Tax Annexation/Road Impact Fees Telecom Utility Tax Grants/Contributions Transfers from the General Fund
Equipment Purchases The following equipment is scheduled to be purchased this year in accordance with the equipment replacement program: Police Dept:$200,000 Ford Interceptor Squad Cars $30,000 each (2 Capital & 3 Fed Seizure) Ford Taurus for Investigator (Fed Seizure) $25,000 Pickup Truck for Community Ser Officer (Capital) $25,000 Street Dept:$106,000 Equipment for Snow Plow $76,000 Pickup Truck $30,000 Sewer Dept:$160,000 2 Influent Pumps $55,000 each Lift Station Pump $50,000
CAPITAL PROJECTS
Capital Projects