Budget Message / Highlights - Metropolitan Water Reclamation ...

METROPOLITAN WATER RECLAMATION DISTRICT OF GREATER CHICAGO
2009 BUDGET
Budget Message / Highlights
Tax Levy, Tax Rate, and Appropriations
The overall 2009 tax levy required to finance the 2009 Budget is $412.3 million, a decrease of $13.9 million or 3.3 percent
from the 2008 Adjusted Tax Levy. This overall decrease is due to levy increases of $2.8 million in the Corporate Fund, $11.4
million in the Construction Fund, $1.1 million in the Retirement Fund offset by decreases of $18.8 million in the Bond
Redemption and Interest Fund, $6.4 million in the Stormwater Management Fund, and $3.9 million in the Reserve Claim Fund.
The overall tax rate for 2009, based on the most recent equalized assessed valuation, totals 26.45 cents, a decrease of .9 cents
from 2008 as adjusted. The allowance for loss in collection of property taxes is budgeted at 3.5 percent, the same as 2008. The
budgeted loss will be maintained at this level, based on trends in the required refunds of prior property tax payments.
Overall appropriations for 2009 total $1,630.6 million, an increase of $157.9 million from 2008 adjusted appropriation.
Increases in the Construction Fund of $3.4 million, the Capital Improvements Bond Fund of $189.5 million, Retirement Fund
of $1.0, Reserve Claim Fund $12.0 are offset by decreases in the Corporate Fund of $2.2 million, the Stormwater Management
Fund of $1.1 million, and the Bond Redemption and Interest Fund of $44.7 million. Explanations of these changes are provided
in the following detailed Fund summaries.
The following tables and narratives provide clearer explanations of budgetary differences between the 2009 Budget and the
2008 Budget as Adjusted:
Increase Percent
Levies 2009 2008 Adjusted (Decrease) Change
Corporate Fund $ 242,027,000 $ 239,261,800 $ 2,765,200 1.2 %
Stormwater Management Fund 8,849,000 15,211,800 (6,362,800) (41.8) %
Construction Fund 11,390,000 - 11,390,000 100.0 %
Retirement Fund 26,751,300 25,664,500 1,086,800 4.2 %
Reserve Claim Fund 3,182,000 7,073,432 (3,891,432) (55.0)%
Bond Redemption and Interest Fund 120,118,410 138,960,584 (18,842,174) (13.6)%
TOTAL $ 412,317,710 $ 426,172,116 $ (13,854,406) (3.3)%
Increase Percent
Appropriations 2009 2008 (Decrease) Change
Corporate Fund $ 395,002,600 $ 397,186,600 $ (2,184,000) (0.5) %
Stormwater Management 33,807,000 34,924,000 (1,117,000) (3.2) %
Construction Fund 35,583,800 32,160,100 3,423,700 10.6 %
Retirement Fund 31,385,921 30,371,534 1,014,387 3.3 %
Reserve Claim Fund 67,500,000 55,500,000 12,000,000 21.6 %
Capital Improvements Bond Fund 932,866,800 743,350,100 189,516,700 25.5 %
Bond Redemption and Interest Fund 134,447,869 179,167,802 (44,719,933) (25.0) %
TOTAL $1,630,593,990 $1,472,660,136 $ 157,933,854 10.7 %
Comparisons on the estimated taxes paid by the owner of a home with a market value of $100,000 for 2009 as budgeted, and
2008 as adjusted for the 2007 Equalized Assessed Valuation, are as follows:
Percent
2009 Budgeted 2008 Adjusted Decrease Change
Estimated taxes for $100,000 home $107.13 $110.73 $ 3.60 (3.3%)
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