Budget Message / Highlights - Metropolitan Water Reclamation ...

More documents

Recommendations

Info

METROPOLITAN WATER RECLAMATION DISTRICT OF GREATER CHICAGO 2009 BUDGET CONSTRUCTION WORKING CASH FUND ESTIMATED BALANCE SHEET JANUARY 1, 2009 and 2008 AND ESTIMATED AMOUNTS AVAILABLE FOR 2009 AND 2008 ASSETS 2009 2008 AVAILABLE FOR AVAILABLE FOR AMOUNT APPROPRIATION AMOUNT APPROPRIATION CURRENT ASSETS Cash & Investments $ 26,716,473 $ 26,716,473 $ 15,173,705 $ 15,173,705 Taxes Receivable - - - - Replacement Tax - - - - Due to Corporate Working Cash Fund - - - - Due from Construction Fund - - 5,900,000 5,900,000 Total Current Assets $ 26,716,473 $ 26,716,473 $ 21,073,705 $ 21,073,705 FUND EQUITY Estimated Revenue and Other Financing Sources $ 678,000 $ 338,000 ASSETS AVAILABLE FOR 2009 AND 2008 $ 27,394,473 $ 21,411,705 FUND EQUITY $ 26,716,473 $ 21,073,705 CONSTRUCTION WORKING CASH FUND REVENUES 2009 - 2006 ESTIMATED ACTUAL 2009 2008 2008 REVENUE DESCRIPTION BUDGET ADJUSTED BUDGET 2007 2006 Revenue from Money and Property Investment Income $ 678,000 $ 338,000 $ 338,000 $ 269,769 $ 102,849 Revenue from Miscellaneous Sources - - - - - Other Financing Sources Transfer Out - Stormwater Working Cash - - - - - Adjustment to Prior Period Tax - - - - - TOTAL $ 678,000 $ 338,000 $ 338,000 $ 269,769 $ 102,849 102 102
METROPOLITAN WATER RECLAMATION DISTRICT OF GREATER CHICAGO 2009 BUDGET OTHER FUNDS NARRATIVE The Stormwater Management Fund was established by Public Act 93-1049 on January 1, 2005. This Fund accounts for tax levies and other revenue to be used for stormwater management activities throughout all of Cook County. The 2009 property tax levy for the Stormwater Management Fund is $8.8 million, a decrease of $6.4 million or 41.8 percent from the 2008 Budget as adjusted. During 2005, Public Act 94-474 authorized the creation and use of a Stormwater Management Working Cash Fund for the sole purpose of providing temporary loans to the Stormwater Management Fund in anticipation of tax collections. Details of this fund’s purpose and $33.8 million 2009 appropriation are presented on pages 403 through 418. The Reserve Claim Fund is essentially the District’s self-insurance fund, and is financed primarily through an annual property tax levy of one-half cent (0.5¢) per $100 of the last known equalized assessed valuation (EAV). This one-half cent tax rate is the maximum allowed by state statute, however for 2009, a tax levy of $3.2 million is budgeted. The available fund balance and amount available for appropriation for the Reserve Claim Fund are based on the net impact of current revenues and current expenditures. The 2009 appropriation for this fund is $67.5 million, an increase of $12.0 million from 2008. This increase will move the fund toward the maximum fund balance allowable. The allowance for accounts payable and estimated liabilities is estimated at $4.3 million. In 2002, $10 million was transferred from the Corporate Fund. The Corporate Fund had $10 million in assets that were designated to provide for environmental liabilities. This designation was removed to allow the transfer of the assets to the Reserve Claim Fund where a more appropriate statutory definition exists for the use of appropriations on environmental liabilities. This fund is the District’s self-insurance fund and it is important that all potential claims and contingencies are evaluated to ensure that sufficient resources are set aside. The Board adopted a policy for the 1998 budget year and subsequent years, for the accumulation of fund balance towards the statutory limit and a continuance of the maximum annual tax levy for the fund. The Board of Commissioners annually reaffirms the policy to accumulate toward the statutory limit and to levy at the statutory allowable tax rate to provide necessary resources for environmental liabilities. The maximum fund balance that can be accumulated is .05 percent of the last known equalized assessed valuation. For the 2009 Budget, using the last known EAV of 2009, the maximum accumulation will be $78.0 million. The financial status of this fund is closely monitored. Administrative risk management programs in the Claims and Safety areas are in place to help control the rate of growth for the employee disability component. A detail presentation of this fund is presented on page 419. The Bond and Interest (B&I) Fund is a series of subfunds that account for the property tax levies and other revenues received to pay for the principal and interest of bonds issued by the District. The property tax levies for outstanding bond issues are collected and paid through this fund. The 2009 property tax levy for the B&I Fund is $120.1 million, a decrease of $18.8 million or approximately 13.6 percent from the 2008 Budget as adjusted. Appropriations and tax levies are adjusted for new bond sales or state revolving fund loans. The 2009 appropriation for this fund is $134.4 million, which is a decrease of $44.7 million from 2008 adjusted. The 2008 appropriation adjustments were primarily due to the refunding of May 2006 and March 2007 bond series, and a call for redemption of $43.7 million principal value Refunding Bond, series July, 1997, maturities of 2010 through 2014. Property tax levy collections are invested prior to the time when actual principal and interest payments must be made. Investment income earned on tax collections is credited to the specific sub-funds for each bond issue. The amount of estimated investment income for 2009 is $3.5 million, which is essentially level with the adjusted 2008 budget estimate. Investment income has decreased from the $5.7 million received in 2006; this is primarily due to decreasing short-term investment income rates. Excess investment income will be used to abate a portion of the levy. A detailed presentation on the B & I Fund is found on pages 421 and 422. The Retirement Fund receives the proceeds of the annual tax levy that the District extends on behalf of the Metropolitan Water Reclamation District Retirement Fund, a pension trust fund. The amounts, as certified by the Retirement Fund Board, are levied by the District and appropriated when received. The tax levy for 2009 is $26.8 million compared to the 2008 levy of $25.7 million and these are based on a statutory multiplier of employee contributions made in 2007 and 2006, respectively. The District’s Early Retirement and Optional Retirement Programs terminated on December 31, 2002. A subsequent modified optional contribution program and early retirement option expired on December 31, 2007. These programs leveled out the rate of retirements over the last several years. The appropriable resources and appropriation consist of the collection of the previous year’s tax levy plus personal property replacement tax receipts. In 2006, a review of the calculation for loss in collection of taxes resulted in a higher allocation of personal property replacement taxes going forward. The District's Retirement Fund is part of the aggregate levy under the Tax Cap law that is limited to annual increases of 5.0 percent or the CPI, whichever is less. Due to the irregular nature of levy requirements of the fund which parallel retirements, the District's Board of Commissioners established a policy in 1995 to exclude the Retirement Fund levy from any future adjustments to the aggregate levy required by tax caps. When required, adjustments or limitations have been made to other funds subject to the aggregate levy limit. An expanded presentation on the Retirement Fund is made on pages 424 and 425. 103 103
Page 1 and 2:
2009 Budget Metropolitan Water Recl
Page 3 and 4:
Metropolitan Water Reclamation Dist
Page 5 and 6:
METROPOLITAN WATER RECLAMATION DIST
Page 7 and 8:
Page 9 and 10:
Page 11 and 12:
SECTION I BUDGET FOREWORD BUDGET FO
Page 13 and 14:
Page 15 and 16:
Page 17 and 18:
Page 19 and 20:
Page 21 and 22:
Page 23 and 24:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
Page 31 and 32:
Page 33 and 34:
Page 35 and 36:
Page 37 and 38:
Page 39 and 40:
Page 41 and 42:
Page 43 and 44:
Page 45 and 46:
Page 47 and 48:
Page 49 and 50:
Page 51 and 52:
Page 53 and 54:
Page 55 and 56:
Page 57 and 58:
Page 59 and 60:
Page 61 and 62:
Page 63 and 64:
Page 65 and 66: METROPOLITAN WATER RECLAMATION DIST
Page 77 and 78: Mr. Richard Lanyon October 21, 2008
Page 79 and 80: Five-Year Financial Forecast, 2009-
Page 81 and 82: Five-Year Financial Forecast, 2009-
Page 89 and 90: SECTION III FINANCIAL STATEMENTS BY
Page 115: METROPOLITAN WATER RECLAMATION DIST
Page 125 and 126: SECTION IV DETAIL OF DEPARTMENT APP
Page 137 and 138: GENERAL ADMINISTRATION BOARD OF COM
Page 167 and 168:
Page 169 and 170:
Page 171 and 172:
Page 173 and 174:
Page 175 and 176:
Page 177 and 178:
Page 179 and 180:
Page 181 and 182:
Page 183 and 184:
Page 185 and 186:
BOARD OF COMMISSIONERS CIVIL SERVIC
Page 187 and 188:
Page 189 and 190:
Page 191 and 192:
Page 193 and 194:
Page 195 and 196:
Page 197 and 198:
Page 199 and 200:
Page 201 and 202:
Page 203 and 204:
Page 205 and 206:
Page 207 and 208:
Page 209 and 210:
Page 211 and 212:
Page 213 and 214:
Page 215 and 216:
Page 217 and 218:
Page 219 and 220:
Page 221 and 222:
Page 223 and 224:
Page 225 and 226:
Page 227 and 228:
Page 229 and 230:
Page 231 and 232:
Page 233 and 234:
Page 235 and 236:
Page 237 and 238:
Page 239 and 240:
Page 241 and 242:
Page 243 and 244:
Page 245 and 246:
Page 247 and 248:
Page 249 and 250:
Page 251 and 252:
Page 253 and 254:
Page 255 and 256:
Page 257 and 258:
Page 259 and 260:
Page 261 and 262:
Page 263 and 264:
Page 265 and 266:
Page 267 and 268:
Page 269 and 270:
Page 271 and 272:
Page 273 and 274:
Page 275 and 276:
Page 277 and 278:
Page 279 and 280:
Page 281 and 282:
Page 283 and 284:
Page 285 and 286:
Page 287 and 288:
Page 289 and 290:
Page 291 and 292:
Page 293 and 294:
Page 295 and 296:
Page 297 and 298:
Page 299 and 300:
Page 301 and 302:
Page 303 and 304:
Page 305 and 306:
Page 307 and 308:
Page 309 and 310:
Page 311 and 312:
Page 313 and 314:
Page 315 and 316:
Page 317 and 318:
Page 319 and 320:
Page 321 and 322:
Page 323 and 324:
Page 325 and 326:
Page 327 and 328:
Page 329 and 330:
Page 331 and 332:
Page 333 and 334:
Page 335 and 336:
Page 337 and 338:
Page 339 and 340:
Page 341 and 342:
Page 343 and 344:
Page 345 and 346:
Page 347 and 348:
Page 349 and 350:
Page 351 and 352:
Page 353 and 354:
Page 355 and 356:
Page 357 and 358:
Page 359 and 360:
Page 361 and 362:
Page 363 and 364:
Page 365 and 366:
Page 367 and 368:
Page 369 and 370:
Page 371 and 372:
Page 373 and 374:
Page 375 and 376:
Page 377 and 378:
Page 379 and 380:
Page 381 and 382:
Page 383 and 384:
Page 385 and 386:
Page 387 and 388:
Page 389 and 390:
Page 391 and 392:
Page 393 and 394:
Page 395 and 396:
Page 397 and 398:
Page 399 and 400:
Page 401 and 402:
Page 403 and 404:
Page 405 and 406:
Page 407 and 408:
Page 409 and 410:
Page 411 and 412:
Page 413 and 414:
Page 415 and 416:
Page 417 and 418:
Page 419 and 420:
Page 421 and 422:
Page 423 and 424:
Page 425 and 426:
Page 427 and 428:
Page 429 and 430:
Page 431 and 432:
Page 433 and 434:
Page 435 and 436:
Page 437 and 438:
Page 439 and 440:
Page 441 and 442:
Page 443 and 444:
Page 445 and 446:
Page 447 and 448:
SECTION VII OTHER FUNDS Other funds
Page 449 and 450:
Page 451 and 452:
Page 453 and 454:
Page 455 and 456:
Page 457 and 458:
Page 459 and 460:
Page 461 and 462:
Page 463 and 464:
Page 465 and 466:
SECTION IX APPENDIX This section ex
Page 467 and 468:
Page 469 and 470:
Page 471 and 472:
Page 473 and 474:
Page 475 and 476:
Page 477 and 478:
Page 479 and 480:
Page 481 and 482:
Page 483 and 484:
Page 485 and 486:
Page 487:
Tunnel Access Pump Station Grit Fac
show all

Budget Message / Highlights - Metropolitan Water Reclamation ...

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?