Mt. Prospect revenue down, but big plans still afoot

Mount Prospect midyear budget estimates show a roughly $568,000 deficit due to less-than-expected revenues.

Even so, the village will attempt to add a neighborhood center, upgrades to the village Web site and an implementation of a marketing plan in next year's budget, village officials said during a committee of the whole meeting Tuesday night.

A slowdown in the economy has caused the village revenues to drop, resulting in the projected deficit in the midyear calculations.

Revenues totaled about $39.6 million, while expenditures were about $40.1 million in the village's general fund.

So, by year's end, the village staff will look at expenditures to trim, Finance Director Dave Erb said.

Drops in the sales, food and beverage and real estate transfer taxes accounted for the dip in revenue. Money from village licenses, permits and fees also was down, he said.

Looking ahead to the projected 2009 budget, Erb calculated the end-of-year deficit would be about $478,000, which means the finance department would have to find places to trim the budget again.

Also, the village had hoped to put in next year's budget expenditures a neighborhood community center, costing about $180,000; upgrades to the village Web site, totaling more than $20,000; and a marketing plan to showcase the village, costing between $31,000 and $314,000, depending on the scope.

The village will see how finances progress in order to determine if the projects can be added, he said.

The midyear budget review and next year's projections are designed to give the village a snapshot about how its finances are developing, official said.