Proposed Mount Prospect levy rise lowest since 2010

Mount Prospect trustees received good news from Finance Director David Erb, who has proposed the lowest tax levy increase for the village since 2010.

Erb last week proposed an increase of 1.66 percent, or $317,000, to $19.4 million. He estimated that on a home valued at $350,000, the village's portion of the tax bill would be $1,092, an increase of $18.

The usual range of the levy increase is 3.5 percent to 5 percent. Last year, the increase was 1.92 percent, the lowest since the 2010 increase of 0 percent.

Erb also delivered end-of-the-year results for 2017, showing the village received $127 million in revenue from all sources. The general operating fund showed revenues outpacing expenditures by $700,000 at $53.8 million, thanks to strong sales tax revenues and savings within village departments. Spending on bonds was $18 million. The fund balance at the end of the year was $19.4 million.

Revenue from the state fell less than anticipated. Erb said the loss from Local Government Distributive Fund would be $257,000, lower than the $513,000 anticipated. In addition, the state reduced the sales tax administrative fee by $26,000 to $80,000.

"This is our money that they collect for us and are supposed to return back to us," said Trustee Paul Hoefert. "Should anybody look upon this as the state is doing us a favor or giving us a gift, that isn't the case."

Trustee Michael Zadel said that the first "raid" last year of the Local Government Distributive Fund was supposed to last one year.

"This year, instead of 100 percent breaking the promise, they only 50 percent broke the promise," he said, attributing the improvement to a compromise worked out to "legislators who have common sense."