Budget Message / Highlights - Metropolitan Water Reclamation ...

METROPOLITAN WATER RECLAMATION DISTRICT OF GREATER CHICAGO
FINANCIAL NARRATIVE (continued)
2009 BUDGET
TOTAL REVENUES and EXPENDITURES
Exhibit 6 displays the favorable balance between revenues and
Exhibit 6
expenditures. The margin between revenues and expenditures is Million
primarily accounted for by bond sale proceeds to finance future $1,600
Total Revenue & Expenditures
payments for capital projects. In general, a balance is maintained
between revenues and expenditures to fully utilize net assets
appropriable, therefore limiting property taxes.
$1,400
$1,200
For 2009, a portion of the Corporate Fund projected net assets will
remain unappropriated to ensure a fiscally responsible fund balance.
District management and the financial markets view a Corporate Fund
balance within the $45 to $55 million range as necessary to maintain
financial stability in the face of economic uncertainties. This fund
$1,000
$800
$600
balance level is consistent with the level recommended by the
Government Finance Officers Association. This strategy is an integral
part of a long-term plan that also includes reductions of future
expenditures to better match current revenues. The 2009 beginning
fund balance is likely to be reduced as property tax refunds are
$400
$200
$0
Expenditures Revenues
processed, and appeals delay 2008 receipts.
2005 2006 2007 2008 2009
SUMMARY FINANCIAL STATEMENTS
Estimated Projected
Summary financial statements presented on pages 81-88 provide comparisons of revenues and expenditures for all funds for
the years 2007-2009. These statements provide a financial summarization by fund of the 2009 Budget as adopted, the
estimated status at year-end of the 2008 Budget, and the actual results of operations for the 2007 Budget. The relationships
among the pages are diagramed below.
Page 82
2009 Budgeted
Revenues
by type vs Fund
Page 85
2009 Budgeted
Assets
Appropriable by
Fund
Page 88
2008 & 2009
Appropriations for
Liabilities by Fund
Page 81
Summary by Fund
2009 Budgeted
2008 Estimated
2007 Actual
Expenditures
by Dept. vs Fund
Page 84
Page 83
2008 Estimated
Revenues
by type vs Fund
Expenditures
by Dept. vs Fund
Pages 86 - 87
2007 Actual
Revenues
by type vs Fund
2006 & 2007
Assets & Liabilities
by Fund on GAAP
basis.
Expenditures
by Dept. vs Fund
The table of taxes receivable on page 89 provides detailed data on property tax levies and tax receipts from 2004 to 2008.
While 2004 through 2006 show high levels of collection, delayed refunds continue to be processed through the Property Tax
Appeals Board and the Circuit Courts. Estimated refunds affecting levy years prior to 2004 are summarized.
Specific details about all revenue sources, assets, liabilities and appropriable revenue are presented in the various funds’
financial narratives and statements on pages 91 through 110.
80
80