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METROPOLITAN WATER RECLAMATION DISTRICT OF GREATER CHICAGO 2009 BUDGET STATEMENT OF PERSONAL PROPERTY REPLACEMENT TAXES RECEIVABLE FOR 2008 AND PRIOR YEARS AT JANUARY 1, 2009 INCLUDING THE ESTIMATED COLLECTIONS FOR THE YEAR 2009 ACTUAL/ESTIMATED CASH COLLECTED ESTIMATED YEAR FUND RECEIVABLE THROUGH 2008 IN 2009 2008 Corporate $ 25,780,000 $ - $ 25,780,000 Retirement 6,547,800 - 6,547,800 Construction 2,010,000 - 2,010,000 Reserve Claim 4,328,000 - 4,328,000 Corporate Working Cash 3,987,000 - 3,987,000 Construction Working Cash - - - Stormwater Working Cash 847,200 - 847,200 Total $ 43,500,000 $ - $ 43,500,000 2007 Corporate $ 27,507,000 $ 27,507,000 $ - Retirement 6,338,200 6,338,200 - Construction - - - Reserve Claim 4,708,000 4,708,000 - Corporate Working Cash 4,337,000 4,337,000 - Construction Working Cash - - - Stormwater Working Cash 2,010,000 2,010,000 - Total $ 44,900,200 $ 44,900,200 $ - 2006 Corporate $ 25,662,440 $ 25,662,440 $ - Retirement 6,629,000 6,629,000 - Construction 1,096,653 1,096,653 - Reserve Claim 4,875,711 4,875,711 - Corporate Working Cash 4,493,602 4,493,602 - Construction Working Cash - - - Stormwater Working Cash 2,082,494 2,082,494 - Total $ 44,839,900 $ 44,839,900 $ - 2005 Corporate $ 23,453,177 $ 23,453,177 $ - Retirement 6,238,900 6,238,900 - Construction 2,477,341 2,477,341 - Reserve Claim 761,162 761,162 - Corporate Working Cash 3,615,759 3,615,759 - Construction Working Cash - - - Stormwater Working Cash 1,368,066 1,368,066 Total $ 37,914,405 $ 37,914,405 $ - 2004 Corporate $ 21,806,108 $ 21,806,108 $ - Retirement 3,813,700 3,813,700 - Construction 1,632,158 1,632,158 - Reserve Claim 564,054 564,054 - Corporate Working Cash 7,506,687 7,506,687 - Construction Working Cash - - - Total $ 35,322,707 $ 35,322,707 $ - 2003 Corporate $ 18,042,303 $ 18,042,303 $ - Retirement 3,504,700 3,504,700 - Construction 2,524,030 2,524,030 - Reserve Claim 466,537 466,537 - Corporate Working Cash 466,537 466,537 - Construction Working Cash - - - Total $ 25,004,107 $ 25,004,107 $ - 90 90
METROPOLITAN WATER RECLAMATION DISTRICT OF GREATER CHICAGO 2009 BUDGET CORPORATE FUND The Corporate Fund is the general fund of the District. It is used to account for the general operations and expenditures of the District. The 2009 appropriation request is $395,002,600, a decrease of $2.2 million, or 0.5 percent from 2008. The major reasons for this decrease include funding for the OPEB trust at the policy level of 2009 ($12.0 million), offset by expected increases in facility repairs ($9.4 million). Property taxes are the major source of revenue for the Corporate Fund. In 2009, the net property tax levy will provide 74.4 percent of the fund's revenue. The property tax levy proposed for 2009 is $242,027,000, an increase of $2.7 million or 1.2 percent from the 2008 levy. A fund balance within the $45 to $55 million range is viewed by District management and the financial markets as necessary to maintain financial stability and sustain us through economic uncertainties. This fund balance level is consistent with the level recommended by the Government Finance Officers Association. In order to ensure that an adequate fund balance is maintained, all net assets appropriable have not been reappropriated as revenue for the subsequent year. For 2009, a portion amounting to $20.8 million of the projected net assets will remain unappropriated to provide for a fiscally responsible fund balance. User charge revenue allocated to the Corporate Fund is estimated at $49.0 million in 2009, an increase of $1.0 million from the 2008 budget. Total user charge revenue for 2008 is estimated at $57.0 million, of which $0.3 million is allocated to the Construction Fund. While industries have made adjustments to reduce their loadings and associated expenses, current user charge rates continue to provide revenue paralleling the costs of treatment. However, the current downturn in the state economy may weaken both the food processing and chemical industries, two major categories of user charge payers. The third major segment of user charge payers is government operated airports and water filtration facilities. The revenues from these sources are more affected by weather conditions than the general economy. User charge rates and revenues parallel changes in operations and maintenance costs. User charge rates are based on USEPArequired review of the classes of users to ensure that each class pays their proportionate share of actual operations, maintenance, and replacement (OM&R) costs. Large commercial, industrial and tax-exempt property are charged fees based on the volume and strength of their effluents, with credit given for the OM&R portion of any property taxes paid. The OM&R credit is adjusted for any users in tax increment financing (TIF) districts to give credit only for property taxes actually received. Residential and small commercial/industrial classes pay only property taxes. This rate method ensures that the costs of providing service to these classes of users are fully recaptured. User charge rate history, annual revenue history, and a list of major payers appears in the Appendix. Personal property replacement tax revenue is primarily based on a corporate income tax. It is budgeted at $25.8 million for 2009, a decrease of $1.7 million compared to the adjusted 2008 estimate. The total personal property replacement tax revenues have shown significant growth since 2002, trending with the state of the economy and is expected to reflect the current downturn. The allocation to the Corporate Fund has increased from $16.0 million in 2002. In 2009, land rental revenue is budgeted at $11.0 million. Real estate income for the District has trended upward in recent years. Expiring leases are reviewed and necessary environmental or other types of property remediation are attempted to be performed well ahead of lease expiration to expedite re-leasing at current market rates. This process should result in increased revenues in the future. Revenue from the sale of surplus land is estimated at $2 thousand in 2009 and $2 thousand in 2008. Investment income is budgeted for 2009 at $4.2 million. The adjusted estimate for 2008 is $4.4 million. The 2007 and 2006 actual amounts were $8.1 and $6.1 million, respectively. This level of income reflects stable short-term interest rates and fund balances available for investment during the past several years. The revenue estimate for sewer permit fees for 2009 is $1.8 million. Actual 2008 revenues are projected to be $1.5 million. The District's policy is to recapture 100 percent of the costs of the sewer permit program, and sewer permit fees are recalculated annually to accomplish this objective. Permits are required for new real estate development, and applications are expected to level off or decline slightly in 2009 due to the expected continued turmoil in the area real estate market. The Corporate Working Cash Fund is used to provide short-term financing to the Corporate Fund. As the property tax levy for one year is not collected until the next year, short-term financing of the current year tax levy is necessary. The District sells Working Cash Bonds and is authorized to extend a property tax levy to meet these needs. State statute allows loans in the amount of 100 percent of the property tax levy plus personal property replacement tax receivables. The estimated amount the District will allocate as available for loan in 2009 is $254.4 million or 95 percent of the maximum. Public Act 93-252 amended the District's Act to allow the Board of Commissioners, by a two-thirds vote to transfer fund balances between its Working Cash Funds. The Board also has authority to transfer accumulated investment income between funds by a two-thirds vote. Estimated revenues of $4.0 million Personal Property Replacement Tax to the Corporate Working Cash Fund for 2009 will provide sufficient resources to avoid the need to levy taxes in the foreseeable future. 91 91
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2009 Budget Metropolitan Water Recl
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Metropolitan Water Reclamation Dist
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SECTION I BUDGET FOREWORD BUDGET FO
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