CAFR (Year Ended April 30, 1981) VILLAGE OF OAK BROOK, ILLINOIS
Comprehensive Annual Financial Report
Year Ended April 30, 1981
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VILLAGE OF OAK BROOK
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Year Ended April 30, 1981
TABLE OF CONTENTS
Exhibits
Combined
Financial Supplemental
Statements Information Page
INTRODUCTORY SECTION
Title Page 1
Table of Contents 2
Village Manager and Finance Officer's
Letter of Transmittal 6
_ Principal Officials of the Village of Oak Brook 14
Organization Chart 15
FINANCIAL SECTION
Auditor's Opinion . . . . . . . . . . . . . . . . . . 17
-- Combined Statements--Overview ("Liftable"
General Purpose Financial Statements) :
Combined Balance Sheet--All Fund Types and
Account Groups. . . . . . . . . . . . . . . . . 1 18
Combined Statement of Revenues, Expenditures,
and Changes in Fund Balances--All
Governmental Fund Types . . . 2 20
Combined Statement of Revenues, Expenditures,
and Changes in Fund Balances--Budget
(Budgetary Basis) and Actual--General
Corporate, Special Revenue, and
Capital Projects Fund Types . . . . . . . . . . 3 21
Combined Statement of Revenues, Expenses, and
Changes in Retained Earnings/Fund Balances--
All Proprietary Fund Types and Similar
Trust Funds . . . . . . . . 4 22
Combined Statement of Changes in Financial
Position--All Proprietary Fund Types
and Similar Trust Funds . . . . . . . . . . . . 5 23
Notes to Financial Statements . . . . . . . . . . 24
Financial Statements of Individual Funds:
General Corporate Fund:
_ Balance Sheet . . . . . . . . . . . . . . . . . . A-1 42
Statement of Revenues, Expenditures, and
Changes in Fund Balance--Budget
(Budgetary Basis) and Actual. . . . . . . . . . A-2 43
Statement of Expenditures, Compared to
Budget (Budgetary Basis). . . . . . . . . . . . A-3 45
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TABLE OF CONTENTS--Continued
Exhibits
Combined
Financial Supplemental
Statements Information Page
Financial Statements of Individual Funds--
Continued:
Special Revenue Funds:
Combining Balance Sheet . . . . . . . . . . . . B-1 51
Combining Statement of Revenues,
Expenditures, and Changes in Fund Balances. B-2 52
-- Motor Fuel Tax Fund:
Statement of Revenues, Expenditures,
and Changes in Fund Balance--
Budget (Budgetary Basis) and Actual . . . . B-3 53
Federal Revenue Sharing Fund:
Statement of Revenues, Expenditures,
and Changes in Fund Balance--
Budget (Budgetary Basis) and Actual . . . . B-4 54
Debt Service Fund:
Balance Sheet . . . . . . . . . . . . . . . . . C-1 56
Statement of Revenues, Expenditures,
and Changes in Fund Balance--
Budget (Budgetary Basis) and Actual . . . . . C-2 57
Capital Projects Funds:
Combining Balance Sheet . . . . . . . . . . . . D-1 59
Combining Statement of Revenues,
Expenditures, and Changes
in Fund Balances. . . . . . . . . . . . . . . D-2 60
Sports Core Capital Projects Fund:
Statement of Revenues, Expenditures,
_ and Changes in Fund Balance--
Budget (Budgetary Basis) and Actual . . . . D-3 61
Enterprise Funds:
Combining Balance Sheet . . . . . . . . . . . . E-1 63
Combining Statement of Revenues, Expenses,
and Changes in Retained Earnings (Deficit). E-2 65
Combining Statement of Changes in
Financial Position. . . . . . . . . . . . . . E-3 66
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TABLE OF CONTENTS--Continued
Exhibits
Combined
Financial Supplemental
Statements Information Page
Financial Statements of Individual Funds--
Continued:
T
Enterprise Funds--Continued:
Waterworks System Fund:
Statement of Revenues, Expenses, and
Changes in Retained Earnings--Budget
(Budgetary Basis) and Actual. . . . . . . . E-4 67
Statement of Operating Expenses by
Department, Compared to Budget
(Budgetary Basis) . . . . . . . . . . . . . E-5 69
Schedule of Property, Plant and Equipment
and Accumulated Depreciation
and Amortization. . . . . . . . . . . . . . E-6 70
Sports Core Fund:
Statement of Revenues, Expenses, and
Changes in Retained Earnings (Deficit)--
Budget (Budgetary Basis) and Actual E-7 71
Statement of Operating Expenses by
Department, Compared to Budget
(Budgetary Basis) . . . . . . . . . . . . . E-8 72
Schedule of Property, Plant and Equipment
and Accumulated Depreciation. . . . . . . . E-9 74
Fiduciary Funds:
Combining Balance Sheet . . . . . . . . . . . . F-1 76
Combining Statement of Revenues, Expenses,
and Changes in Fund Balances. . . . . . . . . F-2 77
Combining Statement of Changes in
Financial Position. . . . . . . . . . . . . . F-3 78
Police Pension Fund:
Statement of Revenue, Expenses, and
Changes in Fund Balance--Budget
(Budgetary Basis) and Actual. . . . . . . . F-4 79
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TABLE OF CONTENTS--Continued
"- Exhibits
Combined
Financial Supplemental
Statements Information Page
Financial Statements of Individual Funds--
Continued:
Fiduciary Funds--Continued:
Firemen's Pension Fund:
Statement of Revenue, Expenses, and
Changes in Fund Balance--Budget
(Budgetary Basis) and Actual. . . . . . . . F-5 80
General Fixed Assets Account Group:
1
Schedule of General Fixed Assets--By Sources. G-1 82
T Exhibit Page
STATISTICAL SECTION
General Governmental Expenditures by Function--
`' Last Ten Fiscal Years . . . . . . . . . . . . . . . H-1 84
General Revenues by Source--Last Ten Fiscal Years H-2 85
Property Tax Levies and Collections--
-- Last Three Fiscal Years . . . . . . . . . . . H-3 86
Assessed and Estimated Actual Value of Taxable
Property--Last Ten Fiscal Years . . . . . . . . . . H-4 87
Property Tax Rates--All Overlapping
Governments--Last Ten Fiscal Years. . . . . . . . . H-5 88
Ratio of Net General Bonded Debt to Assessed
Value and Net Bonded Debt per Capita--
Last Five Fiscal Years. . . . . . . . . . . . . . . H-6 89
Computation of Legal Debt Margin. . . . . . . . . . . H-7 90
Computation of Overlapping Debt . . . . . . . . . . . H-8 91
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Total General
Expenditures--Last Five Fiscal Years. . . . . . . . H-9 92
Revenue Bond Coverage--
Waterworks System Bonds--Last Six Fiscal Years. . . H-10 93
Demographic Statistics--Last Ten Fiscal Years . . . . H-11 94
Property Value, Construction, and Bank
Deposits--Last Ten Calendar Years . . . . . . . . . H-12 95
Principal Taxpayers . . . . . . . . . . . . . . . . . H-13 96
Insurance in Effect . . . . . . . . . . . . . . . . . H-14 97
Miscellaneous Statistical Data. . . . . . . . . . . . 11-15 98
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VILLAGE OF OAK BROOK
1200 OAK BROOK ROAD
OAK BROOK, ILLINOIS
654-2220
September 22, 1981
President and Board of Trustees
Village of Oak Brook
Oak Brook, Illinois
Gentlemen:
The Comprehensive Annual Financial Report of the Village of Oak
Brook for the fiscal year ended April 30, 1981, is submitted herewith.
Responsibility for both the accuracy of the presented data and the
completeness and fairness of the presentation, including all disclosures,
rests with the Village. We believe the data, as presented, is accurate
in all material aspects; that it is presented in a manner designed to
fairly set forth the financial position and results of operations of
the Village as measured by the financial activity of its various funds;
and that all disclosures necessary to enable the' reader to gain the
maximum understanding of the Village's financial affairs have been in-
cluded.
In addition to the financial statements required for each fund we
have included a group of self-balancing accounts known as the General
"- Fixed Assets and General Long Term Debt Account Groups.
The General Fixed Assets Group of accounts reflects all fixed assets
•- acquired by funds except the enterprise and trust funds. Schedules of
property plant and equipment for the two enterprise funds - Water and
Sports Core - are also included.
The Long Term Debt Account includes the General Obligation Bonds
issued in 1977 for the purchase of the Sports Core, and the debts for
the Village Hall and Library.
The last section of the Annual Report includes statistical data and
schedules which contribute to the value of the report as an official
reference document.
This letter describes the significant aspects of financial opera-
tions during the year. It is our hope that this report will materially
assist the Board of Trustees, Village Officials and personnel, and our
citizens in better understanding the financial activities and transac-
tions relating to our Village government.
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Accounting System and Budgetary Control
The Village's accounting records for general governmental opera-
tions are accounted for on a modified accrual basis of accounting. The
revenues are recorded when available and measureable. Expenditures
are recorded when the services or goods are received and the liabilities
are incurred. Accounting records for the Village's enterprise funds and
pension trust funds are maintained on the accrual basis.
In developing and evaluating the Village's accounting system, con-
sideration is given to the adequacy of internal accounting controls.
Internal accounting controls are designed to provide reasonable, but
not absolute, assurance regarding: (1) the safeguarding of assets
against loss from unauthorized use or disposition; (2) the reliability
of financial records for preparing financial statements and maintaining
accountability for assets. The concept of reasonable assurance recognizes
that: (1) the cost of a control should not exceed the benefits likely to
be derived; and (2) the evaluation of costs and benefits requires estimates
and judgments by management.
All internal control evaluations occur within the above framework.
We believe that the Village's internal accounting controls adequately safe-
guard assets and provide reasonable assurance of proper recording of
financial transactions.
Budgetary control is maintained at the subfunction level by the en-
cumberance of estimated purchase amounts prior to the release of purchase
orders to vendors. Open encumbrances are reported as reservations of fund
balance at April 30, 1981.
The Reporting Entity and Its Services
This report includes all of the funds and account groups of the
Village. The Village provides a full range of services contemplated by
statute or character. This includes public safety (police, fire, bureau
of inspection, and ambulance service) , street maintenance, public improve-
ments, planning and zoning, general administration services, water, and
operation of a free public library and recreation facilities at the Oak
Brook Sports Core (including an 18-hole course) .
The Oak Brook Park District, the various school and sanitary districts,
-- and the counties of DuPage and Cook are not included in the financial
statements of this report as they are independent special districts and are
not part of the Village of Oak Brook.
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General Governmental Functions
Operating revenue and other financing sources for general govern-
mental functions totaled $5,714,517, a decrease of $566,852, or 9% under
last year.
The amount of revenues from all sources and the increase or decrease
over last year are shown in the following tabulation:
INCREASE
(DECREASE)
SOURCE AMOUNT PERCENT OF TOTAL over 1980
Intergovernmental $4,644,790 81.3% $(343,152)
Licenses and Permits 195,474 3.4 3,430
Charges for Services 131,836 2.3 (16,661)
Fines and Penalties 109,239 1.9 20,561
Interest on Investments 482,251 8.4 135,868
._ Other Revenues 45,927 .8 (366,898)
Other Financing Sources 105,000 1.9 -
$5,714,517 100% $(566,852)
Intergovernmental Revenue is the major source of revenue for the Village,
producing 81.3% of current year revenue. The decrease over last year is
primarily due to a decrease of sales tax in the amount of $395,869, a
reflection of the recessionary trends experienced this year throughout the
nation.
The decline in charges for services is primarily due to decreased
engineering and review fees, anticipated as our Village reaches its growth
maturity.
Revenue from investment income increased by $135,868 over last year,
reflecting the Federal Reserve's attempts to curb inflation by increasing
rates to the highest in history.
Other revenue in 1980 included a one time contribution in the amount
of $350,000 from benefited properties adjacent to the Oak Brook Shopping
Center to offset the costs of roadway improvements. Hence, we see a sub-
stantial decrease in miscellaneous revenues for this current fiscal year.
- The Village has never levied taxes for general governmental functions.
However, the assessed valuation of real property of the Village was
$257,726,564, an increase of $44,084,029, or 20.6% over the prior year.
Expenditures and other financing uses for general governmental purposes
totalled $5,611,943, an increase of 8.3% over last year. (This includes
two years of tax abatement as explained below) . Increases in levels of
expenditures for major functions of the Village over the prior year are
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shown in the following tabulation:
INCREASE
(DECREASE)
FUNCTION AMOUNT PERCENT OF TOTAL OVER 1980
Legislative $ 126,202 2.2% $100,329
General Government 779,972 13.9 (47,800)
Public Safety 2,944,083 52.5 258,743
Public Works 989,810 17.7 (508,520)
Culture and Recreation 131,876 2.3 3,674
Transfer to Capital
Projects 40,000 .7 21,860
Tax Abatement of
•- Sports Core Tax 600,000 10. 7 600,000
$5,611,943 100% $428,286
In 1980, the Board of Trustees implemented a residential taxpayer
benefit by absorbing the cost of once-a-week curbside refuse collection,
originally valued at $5.00 per week per resident. In March, 1981 refuse
contractors increased rates to $5.50 per week. The total cost of this
service totalled $97,850 for the past year and is included in the Legis-
lative portion of expenditures.
The decrease in General Government Expenditures is primarily due
to a decrease in court costs and litigation.
-" Public Safety Functions represent the largest portion of expenditures,
and increased 9.6% over last year, primarily due to salary increases.
The decrease in the Public Works expense is due to the decrease of
capital improvements from 1980 - primarily the aforementioned roadway
improvements in the shopping center.
The 1981 Transfer to Capital Projects Fund expenditure of $40,000 is
earmarked for the future purchase of fire equipment.
The Village also abated $300,000 of Sports Core tax for both 1980 and
1981. The above-mentioned $600,000 represents the cash transfer of
$300,000 in 1980 and the accrual of the 1981 abatement.
Included in the $5,611,943 of expenses were capital expenses amounting
to $565,885.
The fund balance of the General Corporate Fund is $3,914,865 at
April 30, 1981, representing an increase of $104,401, or 2. 7%, over last
year.
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Debt Administration
The ratio of net bonded debt to assessed valuation and the amount
of bonded debt per capita are useful indicators of the Village's debt
position. This information for the Village at April 30, 1981 as com-
pared to April 30, 1980 is as follows:
April 30, 1981 April 30, 1980
Net Bonded Debt $9,490,212 $10,221,744
Ratio of Net Bonded Debt
_ to Assessed Valuation 3.682% 4.784%
Net Bonded Debt Per Capita $ 1,429 $ 1,936
General obligation bonds were issued for the purchase of the Sports
Core in 1977. At that time the Village also initiated a tax levy for
purposes of retiring the principal and interest payments of the bonds.
Collections in fiscal year 1980/81 totalled $479,949, or approximately
99% of the total tax levy. Due to the favorable fund balance in the
general corporate fund, the Village will abate the 1980 levy to be
collected in 1981/82 by $300,000 - the same amount of the abatement for
the 1979 levy. Reduced tax levy rates as the result of the abatements
are indicated below:
1980 - $.201 per $100 of assessed valuation
1979 - $.226 per $100 of assessed valuation
1978 - $.35 per $100 of assessed valuation
The general obligation bonds are due to be retired in December, 1994.
In addition, the Village has outstanding revenue bonds for the Water-
works System Fund. Schedules of maturities of both bonds issued are
located in the financial statement of the report.
T The Village's bonds have the following ratings:
Moody's Investors Service
General Obligation Bonds A a
1973 Water Works Revenue Bonds A
1976 Water Works Revenue Bonds A
Cash Management
It is the policy of the Village of Oak Brook to invest idle cash and
-" increase investment income by the efficient use of savings accounts, cer-
tificates of deposit, repurchase agreements, and the Illinois Public Treasurer's
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Investment Pool. At April 30, 1981, the Village's cash resources for
all funds exclusive of Trust funds were distributed as follows:
Savings Accounts 2.1%
Repurchase Agreements 9.1%
Certificates of Deposit 88.8%
_ The average yield on investments maturing during the year was 14.4%
and the amount of interest received was $1,039,591. This was $222,653
more than interest earned in fiscal year 79/80.
Capital Projects Funds
The proceeds of the general obligation bond issue are accounted for
in the Capital Projects Fund until improvement projects are completed.
At the end of the fiscal year completed projects are transferred to general
fixed assets. During fiscal year 1980/81 projects financed by general obli-
gation bonds and related interest on investment were completed at a cost
of $426,970.
The fund also accounted for a transfer made from the General Corporate
Fund in 1980-81 in anticipation of the purchase of fire equipment within
'- the next three years.
The Capital Projects Fund balances on hand at April 30, 1981 were
= represented primarily by investments totalling $95,610.
= General Fixed Assets
The general fixed assets of the Village are those fixed assets used in
the performance of general governmental functions and exclude the fixed
assets of the Enterprise Fund. As of April 30, 1981, the general fixed
assets of the Village amounted to $8,669,522. This amount represents the
original cost of the assets and is considerably less than their present
value. Depreciation of general fixed assets is not recognized in the
Village's accounting system.
Waterworks System Fund
The Village's water utility showed only a modest increase in water
sales as customers attempted to conserve water, Connection charges decreased
-- by 23%, indicating a slow down in new housing and commercial starts. Com-
parative data for the past two fiscal years are presented in the following
tabulation:
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1981 1980
-- Water Sales $1,102,711 $ 985,117
Water Connection Charges 168,868 220,275
Total operating revenue 1,407,702 1,368,851
Total operating expenses 475,741 374,346
Income available for debt service 859,289 771,019
Average annual debt service 494,738 497,531
Coverage (income available for
debt service divided by
average annual debt service) 1.74 1.55
During the year, $250,000 of regularly maturing revenue bonds were
retired in the Waterworks System Fund.
Sports Core Fund
The 1981 financial statements reflect the opening of the 18-hole golf
course in July, 1980. Revenues and contributed capital from the Capital
Projects Fund totalled $886,045. Operating expenditures excluding
depreciation totalled $769,855. Major department activity is summarized
as follows:
Revenues and Contributed Capital
Department Amount % of Total
T Golf Course $418,625 47.3%
Bath and Tennis Club 176,606 20.0
Open Fields 28,622 3.2
-' Food and Beverage 237,021 26.7
Administration 25,171 2.8
Total $886,045 100.0%
"- Operating Expenses
Department Amount % of Total
Golf Course $275,473 35.8%
Bath and Tennis Club 279,606 36.3
Open Fields 43,855 5.7
Food and Beverage 119,039 15.5
Administration 51,882 6. 7
Total $769,855 100.0%
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Independent Audit
Statutes require an annual audit to be made of the books of account,
financial records, and transactions of all administrative departments of
the Village by independent certified public accountants selected by the
Board of Trustees. This requirement has been complied with and the
auditor's opinion has been included in this report.
Certificate Of Conformance
The Municipal Finance Officers Association of the United States
and Canada (MFOA) awarded a Certificate of Conformance in Financial
Reporting to the Village of Oak Brook for its comprehensive annual finan-
cial report for the fiscal year ended April 30, 1979.
In order to be awarded a Certificate of Conformance, a governmental
unit must publish an easily readable and efficiently organized comprehen-
sive annual financial report, whose contents conform to program standards.
Such reports must satisfy both generally accepted accounting principles
and applicable legal requirements.
A Certificate of Conformance is valid for a period of one year only.
We believe our current report conforms to Certificate of Conformance
— Program requirements, and we are submitting it to MFOA to determine its
eligibility for a certificate.
Acknowledgements
The preparation of this report on a timely basis could not be accom-
plished without the efficient and dedicated services of the entire staff
of the Village of Oak Brook. We wish to express our appreciation to those
persons who have made possible the publication of this report, and to
thank the members of the Board of Trustees for their interest and support
in planning and conducting the financial operations of the Village in a
responsible and progressive manner.
41R,eectfully submitted,
eth G. Carmigna
Village Manager
Kathleen A. Gregory
Finance Officer
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PRESIDENT
Wence F. Cerne
4 CLERK
Marianne Lakosil
TRUSTEES
George Congreve
Walter C. Imrie
Arthur W. Philip
Barbara F. Reynolds
Joseph H. Rush
William R. Watson
VILLAGE MANAGER
Kenneth G. Carmignani
VILLAGE TREASURER
Kathleen A. Gregory
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FINANCIAL SECTION
Ernst &Whinney 150 South Wacker Drive
Chicago, Illinois 60606
312/368-1800
President, Board of Trustees and
Village Manager
Village of Oak Brook
Oak Brook, Illinois
We have examined the combined financial statements of the Village of Oak
Brook, Illinois as of and for year ended April 30, 1981, as listed as
combined financial statements in the Table of Contents. Our examination
was made in accordance with generally accepted auditing standards and,
accordingly, included such tests of the accounting records and such other
auditing procedures as we considered necessary in the circumstances.
In our opinion, the combined financial statements referred to above pre-
sent fairly the financial position of the Village of Oak Brook, Illinois
at April 30, 1981, and the results of its operations for the year then
ended, in conformity with generally accepted accounting principles
applied on a basis consistent with that of the preceding year.
The information presented hereinafter as listed as supplementary informa-
tion in the Table of Contents, is for purposes of additional analysis and
is not required for a fair presentation of the financial position and
results of operations of the Village. Such information has been sub-
jected to the auditing procedures applied in our examination of the com-
bined financial statements, and, in our opinion, is fairly stated in all
material respects in relation to the combined financial statements taken
as a whole.
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Chicago, Illinois
June 26, 1981
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VILLAGE OF OAK BROOK
COMBINED BALANCE SHEET--ALL FUND TYPES AND ACCOUNT GROUPS
April 30, 1981 -'
Governmental Fund Types
General Special Debt
Corporate Revenue Service
ASSETS
Cash $ 590 $ 1 $ 34
Investments, at cost or amortized cost 3,279,688 81,103 35410797
Receivables (net, where applicable , of
allowances for uncollectibles):
Sales taxes 1, 117,625
Property taxes--Note B 544,146
State income taxes 123,153
Customers:
Billed water sales
Estimated unbilled water sales
Allotments 5,071
Accrued interest 69,471 17,061
Other 3,096
1,202,345 5,071 561,207
Due from other funds--Notes D and G 12,794 300,000
Prepaid expenses
Inventory of supplies, at cost 15,266
Unamortized bond discount
Restricted assets:
Cash and investments, at cost or _
amortized cost 115,628
Fixed assets (net of allowances for
depreciation and amortization)--Note C
Amounts to be provided from future tax
levies and other sources
Amount available in Debt Service Fund
TOTAL ASSETS $4,626,311 $86,175 $1,216,038
See notes to financial statements.
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Exhibit 1
Fiduciary Account Groups
_ Proprietary Fund Type General General Total
Capital Fund Type Trust and Fixed Long-Term (Memorandum
Projects Enterprise Agency Assets Debt Only)
$ 9 $ 872 $ 75 $ 1,581
95,610 1,5485,612 3,888,287 9,248,097
1, 117,625
544,146
12,153
34,710 34,710
149,311 149,311
5,071
2,708 8,278 90,495 188,013
25,458 28,554
2,708 217,757 902495 2,079,583
84,533 397,327
49,072 49,072
15,266
67,973 67,973
476,272 591,900
17,242,541 $8,669,522 25,912,063
8849931 $9,518,440 10,403,371
109,788 109,788
$98,327 $19,603,099 $4,948,321 $8,669,522 $9,628,228 $48,876,021
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VILLAGE OF OAK BROOK _
COMBINED BALANCE SHEET--ALL FUND TYPES AND ACCOUNT GROUPS--Continued
Governmental Fund Types _
General Special Debt
Corporate Revenue Service _®
LIABILITIES AND FUND EQUITY
Accounts payable $ 154,118 $ 4,743
Contracts payable 11,643
Accrued payroll 35,565
Customer deposits
Due to other funds--Notes D and G 384,533 _
Due to other agencies 9,959
Principal and interest payable from
current tax levy--Note B $1,106,250
Payable from restricted assets:
Current portion of revenue bonds--Note D
Construction performance bonds 115,628
Revenue bonds--Note D
Payable from future revenues and
other sources: _
General obligation recreation
bonds--Note D
Notes--Note D
TOTAL LIABILITIES 711,446 4,743 1,106,250
FUND EQUITY
Contributed capital
Investment in general fixed assets
Retained earnings:
Reserved for revenue bond retirement
Reserved for encumbrances
Unreserved
Fund balance: `
Reserved for encumbrances 75,179
Reserved for debt service 109,788
Funded obligations for employees retirement: --
Statutory
Excess
Unfunded actuarial deficiency for prior
service costs of employee retirement--
Note F
Unreserved 3,839,686 81,432 _
TOTAL RETAINED EARNINGS AND FUND BALANCE 3,914,865 81,432 109,788
TOTAL FUND EQUITY 3,914,865 81,432 109,788
COMMITMENTS AND CONTINGENCIES--Note H
TOTAL LIABILITIES AND FUND EQUITY $4,626,311 $86,175 $1,216,038
See notes to financial statements.
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Exhibit 1-Cont.
w
Fiduciary Account Groups
_ Proprietary Fund Type General General Total
Capital Fund Type Trust and Fixed Long-Term (Memorandum
Projects Enterprise Agency Assets Debt Only)
$ 2,159 $ 105,537 $ 266,557
22,000 33,643
7,522 43,087
147,746 147,746
12,794 397,327
9,959
1,106,250
-' 275,000 275,000
115,628
5,000,000 5,000,000
$9,150,000 9,150,000
478,228 478,228
2,159 5,570,599 9,628,228 17,023,425
10,696,027 10,6969027
$8,669,522 8,669,522
201,272 201,272
_. 304,265 304,265
2,830,936 2,830,936
- 2,580 77,759
109,788
$ 367,000 367,000
3,696,390 3,696,390
8842931 884,931
93,588 4,014,706
96,168 31336,473 4,948,321 - - 12,487,047
96,168 14,032,500 4,948,321 8,669,522 - 31,852,596
$98327 $192603,099 $429481321 $8,669,522 $9,628,228 $48,876,021
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Exhibit 2
VILLAGE OF OAK BROOK
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES--ALL GOVERNMENTAL FUND TYPES
Year Ended April 30, 1981
Total
General Special Debt Capital (Memorandum
Corporate Revenue Service Projects Only)
Revenues:
Intergovernmental $4,529,067 $115, 723 $4,644,790
Property taxes--Note B $673,830 673,830
Licenses and permits 195,474 195,474
Service charges 131,836 131,836
-- Fines and penalties 109,239 1091239
Interest on investments 4713,058 11,193 413,241 $257,733 7813,225
Miscellaneous 45,927 45,927
TOTAL REVENUES 531482,601 126,916 715,071 257,733 6$ 82,321
Expenditures:
Legislative 126,202 126,202
General government 7795,972 779,972
Public safety 2,944,083 2,944,083
Public works 942,159 47,651 9891810
Culture and recreation 98,784 333,092 131,876
Service and maintenance 309000 30,000
Administration 7,050 7,050
Interest on purchase agreement 105,668 105,668
Miscellaneous 660 660
Debt service--Note B:
Principal retirement 450,000 4502000
Interest 433,825 433,825
Capital outlay 284,252 284,252
TOTAL EXPENDITURES 4,891,200 803,743 884,485 4261970 6,283,398
EXCESS (DEFICIENCY) OF
REVENUES OVER EXPENDITURES 591,401 46, 173 (169,414)(169,237) 298,923
Other financing sources (uses):
Operating transfers in 153,000 1392,054 2923,054
Operating transfers out (40)000) (48,000) (99)054) (187,054)
TOTAL OTHER FINANCING
SOURCES (USES) 113,000 (48,000) (99)054) 1391054 105,000
EXCESS (DEFICIENCY)
OF REVENUES AND OTHER
FINANCING SOURCES OVER
EXPENDITURES AND OTHER USES 7043*401 (1,827)(2683,468) (303, 183) 403,923
Fund balance (deficit) at
April 30, 1980 3,810,464 83,259 (221)744) 258,471 3,930,450
Residual equity transfers
in (out)--Note D (600)000) 600,000 (132,120) (132,120)
FUND BALANCE AT APRIL 303, 1981 $3,914,865 $ 81,432 $109,788 .$ 96,168 $4,202,253
See notes to financial statements.
-20-
VILLAGE OF OAK BROOK
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES--BUDGET (BUDGETARY BASIS) AND ACTUAL--GENERAL CORPORATE,
SPECIAL REVENUE, AND CAPITAL PROJECTS FUND TYPES
Year Ended April 30, 1981 -
General Corporate Fund
Adjustment
to
Budgetary Actual on Variance
Basis Budgetary Favorable
Actual (See Note) Basis Budget (Unfavorable)
Revenues:
Intergovernmental $4,529,067 $(74,437) $4,454,630 $4,729,556 $(274,926)
Licenses and permits 195,474 195,474 177,855 17,619
Service charges 131,836 131,836 268,450 (136,614)
Fines and penalties 109,239 11,933 121,172 77,000 44,172
Interest on investments 471,058 22,262 493,320 230,000 263,320
Miscellaneous 45,927 45,927 30,100 15,827
TOTAL REVENUES 5,482,601 (40,242) 5,442,359 5,512,961 (70,602)
Expenditures:
Legislative 126,202 16 126,218 143,416 17,198
General government 779,972 251 780,223 842,658 62,435
Public safety 2,944,083 (10,467) 2,933,616 3,408,909 475,293
Public works 942,159 (2,067) 940,092 1,327,638 387,546
Culture and recreation 98,784 (221) 98,563 111,333 12,770
Service and maintenance
Administration
Interest on purchase agreement
Capital outlay
TOTAL EXPENDITURES 4,891,200 (12,488) 4,878,712 5,833,954 955,242
EXCESS (DEFICIENCY) OF
REVENUES OVER EXPENDITURES 591,401 (27,754) 563,647 (320,993) 884,640
Other financing sources (uses):
Operating transfers in 153,000 153,000 142,950 10,050
Operating transfers out (40,000) (40,000) (40,000) -
TOTAL OTHER FINANCING SOURCES (USES) 113,000 113,000 102,950 10,050
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER USES 704,401 (27,754) 676,647 (218,043) 894,690 -
Fund balance at April 30, 1980 3,810,464 3,810,464 3,810,464 -
Residual equity tranfers in (out) (600,000) 3001000 (300,000) (330,000) 30,000
FUND BALANCE AT APRIL 30, 1981 $3,914,865 $272,246 $4,187,111 $3,262,421 $ 924,690
See notes to financial statements. -
Note--Budgets are prepared on the cash basis (see summary of significant
accounting policies). For purposes of this statement, actual GAAP amounts
have been adjusted to eliminate the effect of any accruals. -
-21-
Exhibit 3
Special Revenue Fund Types Capital Projects Fund Types
Adjustment Adjustment
to to
Budgetary Actual on Variance Budgetary Actual on Variance
Basis Budgetary Favorable Basis Budgetary Favorable
Actual (See Note) Basis Budget (Unfavorable) Actual (See Note) Basis Budget (Unfavorable)
$115,723 $116 $115,839 $ 98,000 $17,839 $257,733 $223,829 $481,562 $434,388 $ 47,174
11,193 11,193 4,500 6,693
126,916 116 127,032 102,500 24,532 257,,733 223,829 481,562 434,388 47,174
47,651 47,651 52,250 4,599
33,092 33,092 36,391 3,299
30,000 30,000 - (30,000)
7,050 7,050 2,915 (4,135)
105,668 52,833 158,501 174,351 15,850
284,252 39,688 323,940 331,194 7,254
' 80,743 80,743 88,641 7,898 426,970 92,521 519,491 508,460 (11,031)
46,173 116 46,289 13,859 32,430 (169,237) 131,308 (37,929) (74,072) 36,143
139,054 139,054 40,000 99,054
(48,000) (48,000) (37,950) (10,050)
(48,000) (48,000) (37,950) (10,050) 139,054 139,054 40,000 99,054
(1,827) 116 (1,711) (24,091) 22,380 (30,183) 131,308 101,125 (34,072) 135,197
83,259 83,259 83,259 - 258,471 258,471 258,471 -
(132,120) (132,120) (135,839) 3,719
811432 J1168$ 165485$ 9,1682$ 2,3809$ 6,16813�L j30822$ 7,4768$ 8,560 13$ 8,916
-21-
Exhibit 4
VILLAGE OF OAK BROOK
_ COMBINED STATEMENT OF REVENUES, EXPENSES, AND CHANGES
IN RETAINED EARNINGS/FUND BALANCES--ALL PROPRIETARY
FUND TYPES AND SIMILAR TRUST FUNDS
Year Ended April 30, 1981
Proprietary Fiduciary Total
Fund Type Fund Type (Memorandum
Enterprise Pension Trust Only)
Operating revenues:
Charges for services $2,098,522 $2,098,522
Interest $ 334,130 3343,130
Contributions:
Village 472,939 472,939
Employee 1283,811 128,811
Gifts 100 100
Miscellaneous 39,593 39,593
TOTAL OPERATING REVENUES 2,138,115 935,980 3,074,095
Operating expenses:
Operation of facilities 1, 193,714 1, 193,714
General and administrative 86,885 1,372 88,257
Depreciation and amortization 3523,662 352,662
Benefit payments 48,072 48,072
Refunds 39364 39364
TOTAL OPERATING EXPENSES 1,633,261 52,808 1,686,069
OPERATING INCOME 50410854 883, 172 1,388,026
Nonoperating revenues (expenses):
Interest 256,707 2561,707
Interest on bonds (289,425) (2893,425)
Amortization of bond discount (5,788) (5,788)
Fiscal agents' fees (451) (451)
Construction reimbursements 24,800 24,800
(141157) (14)157)
INCOME BEFORE OPERATING TRANSFERS 490,697 883,172 1,373,869
Operating transfers in (out) (1059000) (1053,000)
NET INCOME 385,697 883,172 13%268,869
Retained earnings/fund balance
at April 30, 1980 2,950, 776 33% 180,218 6,130,994
Unfunded actuarial deficiency for
prior service costs 884,931 8841,931
RETAINED EARNINGS/FUND
BALANCE AT APRIL 30, 1981 $3,336,473 $4,948,321 $8,284,794
See notes to financial statements.
'� -22-
Exhibit 5
VILLAGE OF OAK BROOK
COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION—
ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS
Year Ended April 30, 1981
Proprietary Fiduciary Total
Fund Types Fund Types (Memorandum
Enterprise Pension Trust Only)
Sources of working capital:
_ Operations:
Net income $ 385,697 $ 883, 172 $1,268,869
Add back items not requiring
working capital:
Depreciation and amortization 352,662 352,662
Amortization of bond discount 5,788 5,788
TOTAL PROVIDED BY OPERATIONS 744, 147 8833, 172 1,6273P319
Contributed capital 416,372 4161372
Investments maturing 1,075,000 1,075,000
TOTAL SOURCES OF WORKING CAPITAL 1,160,519 1,958,172 3,118,691
Uses of working capital:
Acquisition of fixed assets 505,313 505,313
— Reduction in bonds payable 275,000 2751000
Net increase in restricted assets 15,688 15,688
Purchase of investments 1,960,000 1,960,000
TOTAL USES OF WORKING CAPITAL 7963,001 1,960,000 2,756,001
NET INCREASE (DECREASE)
IN WORKING CAPITAL $ 364,518 $ (1,828) $ 362,690
Elements of net increase (decrease)
in working capital:
_ Cash $ 412 $ (38) $ 374
Investments 453,695 (571162) 396,533
Receivables 22,884 433,671 66,555
Due from other funds 11,701 11,701
Prepaid expenses 491$072 4931072
Accounts payable 173,151 1710151
Contracts payable (12)000) (12)000)
— Accrued payroll (766) (766)
Deposits (140)542) (140)542)
Due to other funds (388) (388)
- Current portion of bonds payable (25)000) (25,000)
NET INCREASE (DECREASE)
IN WORKING CAPITAL $ 364,518 $ (1,828) $ 3622690
See notes to financial statements.
-23-
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
April 30, 1981
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Village of Oak Brook was incorporated February 21, 1958. The Village
operates under a Board of Trustees-Manager form of government and pro-
vides the following services as authorized by its charter: public safety
(police and fire), highways and streets, recreation (golf course and bath
and tennis club) , water, public improvements, plannning and zoning, and
general administrative services. The boundaries of the Village include
portions of Du Page and Cook Counties.
The accounting policies of Village of Oak Brook conform to generally
accepted. accounting principles as applicable to governments. The follow-
ing is a summary of the more significant policies:
Fund Accounting
The accounts of the Village are organized on the basis of
funds and account groups, each of which is considered a sepa-
rate accounting entity. The operations of each fund are
accounted for with a separate set of self-balancing accounts
that comprise its assets, liabilities, fund equity, revenues,
and expenditures, or expenses, as appropriate. Government
resources are allocated to and accounted for in individual
funds based upon the purposes for which they are to be spent
and the means by which spending activities are controlled.
The various funds are grouped, in the financial statements in
this report, into six generic fund types and three broad fund
categories as follows:
GOVERNMENTAL FUNDS
General Corporate Fund--The General Corporate Fund is the gen-
eral operating fund of the Village. It is used to account for
all financial resources except those required to be accounted
for in another fund.
Special Revenue Funds--Special Revenue Funds are used to
account for the proceeds of specific revenue sources (other
than major capital projects) that are legally restricted to
expenditures for specified purposes.
-24-
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--Continued
Debt Service Funds--Debt Service Funds are used to account for
The accumulation of resources for, and the payment of, general
obligation long-term debt principal, interest, and related
costs.
Capital Projects Funds--Capital Projects Funds are used to
account for financial resources to be used for the acquisition
— or construction of major capital items (other than those
financed by proprietary funds).
PROPRIETARY FUNDS
Enterprise Funds--Enterprise Funds are used to account for
operations (a) that are financed and operated in a manner
similar to private business enterprises—where the intent of
the governing body is that the costs (expenses, including
depreciation) of providing goods or services to the general
public on a continuing basis be financed or recovered primar-
ily through user charges; or (b) where the governing body
has decided that periodic determination of revenues earned,
expenses incurred, and/or net income is appropriate for capi-
tal maintenance, public policy, management control, account-
ability, or other purposes.
FIDUCIARY FUNDS
Trust Funds--Trust Funds are used to account for assets held
by the Village in a trustee capacity. These include the
Police and Firemen's Pension Trust Funds. These funds are
accounted for in essentially the same manner as proprietary
funds.
Fixed Assets and Long-Term Liabilities
The accounting and reporting treatment applied to the fixed
assets and long-term liabilities associated with a fund are
determined by its measurement focus. All governmental funds
are accounted for on a spending or "financial flow" measure-
ment focus. This means that only current assets and current
liabilities are generally included on their balance sheets.
Their reported fund balance (net current assets) is considered
a measure of "available spendable resources". Governmental
-25-
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--Continued
fund operating statements present increases (revenues and
other financing sources) and decreases (expenditures and other
financing uses) in net current assets. Accordingly, they are
_ said to present a summary of sources and uses of "available
spendable resources" during a period.
Fixed assets used in governmental fund type operations (gen-
eral fixed assets) are accounted for in the General Fixed
Assets Account Group, rather than in governmental funds. Pub-
lic domain ("infrastructure") general fixed assets consisting
of certain improvements other than buildings, including roads,
bridges, curbs and gutters, streets and sidewalks, drainage
systems, and lighting systems, are capitalized along with
other general fixed assets. No depreciation has been provided
on general fixed assets.
All fixed assets are valued at historical cost or estimated
historical cost if actual historical cost is not available.
Donated fixed assets are valued at their estimated fair value
on the date donated.
Long-term liabilities expected to be financed from govern-
mental funds are accounted for in the General Long-Term Debt
Account Group, not in the governmental funds.
The two account groups are not "funds". They are concerned
only with the measurement of financial position. They are not
involved with measurement of results of operations.
Because of their spending measurement focus, expenditure
�- recognition for governmental fund types is limited to exclude
amounts represented by noncurrent liabilities. Since they do
not affect net current assets, such long-term amounts are not
recognized as governmental fund type expenditures or fund
liabilities. They are instead reported as liabilities in the
General Long-Term Debt Account Group.
-26-
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--Continued
All proprietary funds and Pension Trust Funds are accounted
for on a cost of services or "capital maintenance" measure-
ment focus. This means that all assets and all liabilities
(whether current or noncurrent) associated "with their activity
are included on their balance sheets. Their reported fund
equity (net total assets) is segregated into contributed
capital and retained earnings components. Proprietary fund
type operating statements present increases (revenues) and
decreases (expenses) in net total assets.
._ Depreciation of all exhaustible fixed assets used by proprie-
tary funds is charged as an expense against their operations.
Accumulated depreciation is reported on proprietary fund bal-
ance sheets. Depreciation has been provided over the esti-
mated useful lives using the straight-line method. The
estimated useful lives are as follows:
Buildings 40 years
Improvements 10-20 years
Equipment 5-10 years
Basis of Accounting
Basis of accounting refers to when revenues and expenditures
or expenses are recognized in the accounts and reported in the
financial statements. Basis of accounting relates to the tim-
ing of the measurements made, regardless of the measurement
focus applied.
All governmental funds are accounted for using the modified
accrual basis of accounting. Their revenues are recognized
when they become measurable and available as net current
assets. Taxpayer-assessed income and sales taxes are con-
sidered "measurable" when in the hands of intermediary col-
lecting governments and are recognized as revenue at that
time.
Expenditures are recognized under the modified accrual basis
of accounting when the related fund liability is incurred.
-27-
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--Continued
All proprietary funds and Pension Trust Funds are accounted
for using the accrual basis of accounting. Their revenues are
recognized when they are earned, and their expenses are recog-
nized when they are incurred. Unbilled Waterworks System Fund
utility service receivables are recorded at year-end.
Budgets and Budgetary Accounting
The Village follows these procedures in establishing the bud-
getary data reflected in the financial statements:
1. Prior to March 1, a proposed operating budget for the
fiscal year commencing the following May 1 is prepared
,- by the department heads, reviewed by the Village Manager
and Village Treasurer and submitted to the Board of
Trustees for their review. The operating budget
includes proposed expenditures for all funds of the
Village.
2. Public hearings are conducted to obtain taxpayer
comments.
3. Prior to April 1, the budget, which is ten percent
s greater than the proposed operating budget, is legally
enacted through passage of an ordinance. All appropria-
tions lapse at year-end.
4. Any revisions that alter the total expenditures of any
fund must be approved by the Board of Trustees. During
the current fiscal year no revisions were made.
5. All budgets are prepared on the cash basis. Budgetary
comparisons presented in this report are on this non-
GAAP basis.
-28-
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--Continued
Encumbrances
Encumbrance accounting, under which purchase orders, con-
tracts, and other commitments for the expenditure of monies
are recorded in order to reserve that portion of the appli-
cable appropriation, is employed as an extension of formal
budgetary integration in the General Fund, Enterprise Funds,
and Capital Projects Funds. Encumbrances outstanding at
year-end are reported as reservations of fund balances since
they do not constitute expenditures or liabilities.
Investments
Investments are stated at cost or amortized cost, which
approximates market.
Inventory
Inventory is valued at actual cost. Inventory in the General
Fund consists of expendable supplies held for consumption.
The cost is recorded as an expenditure at the time individual
inventory items are utilized.
Unpaid Vacation and Sick Pay
Vacation pay is computed and earned on a calendar year basis
with no accumulation of vacation leave permitted. Accord-
ingly, vacation leave is accounted for as disbursed and is
included with salaries and wages. Employees are not allowed
a given number of sick days a year; any sick leave is at the
discretion of the department heads. At April 30, 1981 there
were no material accumulations of unpaid vacation and sick
pay.
Total Columns on Combined Statements--Overview
Total columns on the Combined Statements--Overview are cap-
tioned Memorandum Only to indicate that they are presented
only to facilitate financial analysis. Data in this these
columns do not present financial position, results of opera-
tions, or changes in financial position in conformity with
generally accepted accounting principles. Neither is such
data comparable to a consolidation. Interfund eliminations
s. have not been made in the aggregation of this data.
-29-
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE B--PROPERTY TAXES
Property taxes attach as an enforceable lien on property as of January 1.
Taxes are levied on March 1 (Du Page County) and are payable in two
installments on June 1 and September 1. Taxes are billed and collected
by county officials. Village property tax revenues are recognized when
levied to the extent that they result in current receivables.
The Village levies taxes solely for the payment of principal and interest
�. on general obligation long-term debt.
NOTE C--FIXED ASSETS
CHANGES IN GENERAL FIXED ASSETS
`— A summary of changes in general fixed assets follows:
Balance Balance
Apr.30-1980 Additions Deductions Apr.30-1981
Land $ 188,741 $ 188,741
Buildings and improvements 4,591,892 $ 2,362 4,594,254
Furniture and fixtures 230,808 1,307 232, 115
Roadway improvement 1,773,689 416,000 2,189,689
Automotive equipment 540,681 77,341 $46,398 571,624
T Other equipment 719,590 34,581 7549171
Library books 116,353 22,575 138,928
-- TOTAL $8,161 ,754 $554,166 $46,398 $8,669,522
-30-
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS--Continued
A
NOTE C--FIXED ASSETS--Continued
PROPRIETARY FUND TYPE PROPERTY, PLANT, AND EQUIPMENT
A summary of proprietary fund type property, plant, and equipment by fund
at April 30, 1981 follows:
Enterprise
Waterworks Sports
System Core
Fund Fund Total
Land and improvements $ 2,819 $ 9,567,657 $ 9,570,476
Buildings 615,544 615,544
Waterworks system
structures and equipment 7,687,382 7,687,382
Improvements other
than buildings 228,096 2281096
Tennis courts and pools 153,702 153,702
'^ Equipment 891130 119,104 208,234
Construction in progress 81 ,481 81,481
TOTAL 7,860,812 10,684,103 18,544,915
Less allowances for
depreciation and
T amortization 1 ,050,498 251 ,876 1,302,374
NET $6,810$ 14 $10,432,227 $17,242,541
NOTE D--LONG-TERM DEBT
-- GENERAL LONG-TERM DEBT ACCOUNT GROUP
A summary of transactions for the year ended April 30, 1981 follows :
Notes Payable General
Village Obligation
Hall Library Bonds Total
Balance, April 30, 1980 $689,111 $31,889 $9,600,000 $10,321,000
Retirements 210,883 31,889 242,772
Transfers to Debt Service Fund 450,000 450,000
Balance, April 30, 1981 $478,228 $ - $9,150,000 $ 9,628,228
-31-
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE D--LONG-TERM DEBT--Continued
The Village executed a 5 1/2/% loan in the amount of $1,412, 134 to finance
the construction of the Village Hall. The loan is to be paid in 84 consec-
utive monthly installments of principal and interest in the amount of
$20,293 each. The installments commenced on June 1, 1976, with the final
installment due on May 1, 1983. Payments are made by the General Corporate
Fund.
In fiscal 1976, the Village executed an agreement with a bank providing for
a line of credit of $170,649 to be used to finance the Oak Brook Library
renovation. The entire amount of the line of credit was drawn by the Vil-
lage. Payments of principal and interest were to be made in 60 consecutive
'- installments with the final installment made on January 1, 1981.
A special election on June 21, 1977 authorized and approved the issuance
of $10,270,000 General Obligation Recreation Bonds - Sports Core. The
bonds were sold and delivered as of September 1, 1977 for $10,270,408 and
are due serially December 1, 1979 to December 1, 1994 at rates from 4. 30%
to 4.90%. The Village levies taxes for retirement of the bonds which is
accounted for by the Debt Service Fund. At April 30, 1981 the Village has
accrued for property tax revenues which will be used to retire the bonds,
therefore, the expenditure and related liability for the principal and
-� interest payment due December 1, 1981 has been recognized in the Debt Ser-
vice Fund, and the debt principal amount of $450,000 has been removed from
the General Long-Term Debt Account Group. In addition, $600,000 has been
-- transferred from the General Corporate Fund to the Debt Service Fund
(accounted for as a residual equity transfer) representing (1) a payment of
$300,000 from the General Corporate Fund due to an abatement of the 1979
Debt Service Fund tax levy for the same amount in anticipation of payment
by the General Corporate Fund, and (2) an accrual of $300,000 for payment
of a 1980 tax levy abatement also to be paid by the General Corporate Fund.
WATERWORKS REVENUE BONDS
A summary of transactions for the year ended April 30, 1981 follows:
Waterworks Revenue Bonds
1973 Series 1976 Series Total
Balance, April 30, 1980 $2,875,000 $2,650,000 $5,525,000
Retirements 1255,000 1253,000 2501000
Balance, April 30, 1981 $22750,000 $2,5252000 $522752000
The Waterworks Revenue Bonds were issued to fund the acquisition and
expansion of the Village's water and sewer system.
-32-
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE D--LONG-TERM DEBT--Continued
The 1973 Series is due serially from May 1, 1982 to May 1, 1996, with
interest at 4% to 6%. The 1976 Series is due serially from May 1, 1982
to May 1, 1992, with interest at 4.40% to 5. 75%. Both series are payable
from water revenues.
DEBT REQUIREMENTS TO MATURITY--BONDS
Waterworks Revenue Bonds General Obligation
Series 1973 Series 1976 Recreation Bonds
Principal Interest Principal Interest Principal Interest
Maturing as
follows,
year ending
April 30:
1982 $ 125,000 $ 135,100 $ 150,000 $140,450 $ 450,000 $ 444,850
1983 125,000 128,725 175,000 132,800 500,000 422,800
1984 125,000 122,225 200,000 123,875 5003,000 401,300
1985 150,000 1152,725 200,000 112,875 600,000 379,800
... 1986 150,000 108,075 200,000, 1013,875 600,000 354,000
1987 150,000 100,575 2253,000 90,875 6001000 3283-200
1988 175,000 933,075 225,000 78,500 700,000 302,400
1989 175,000 84,325 250,000 663,125 70011000 2702200
1990 2003%000 75,400 275,000 51, 750 700,000 2383,000
1991 200,000 65,200 3001000 35,938 800,000 2052800
1992 200,000 5410800 325,000 18,687 800,000 1673,400
1993 2253P000 443400 - - 850,000 129,000
1994 2253,000 32,700 - - 900,000 88,200
1995 2503,000 212,000 - - 9003,000 44,100
1996 275,000 11,000 - - - -
$2,750,000 $1,192,325 $2,525,000 $953,750 $9,600,000 $3,776,050
NOTE E--WATERWORKS SYSTEM FUND
The ordinances authorizing the issuance of Waterworks Revenue Bonds Series
1973 and 1976 require that separate accounts be maintained in the fund desig-
nated as (balances in the accounts at April 30, 1981 are shown in parentheses) :
(a) Operation and maintenance account ($52,677)
(b) Bond and interest account ($1)
(c) Bond reserve account ($476,271)
(d) Depreciation, improvement and extension account ($164,617)
(e) Surplus revenue account ($1,084,943)
-33-
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE E--WATERWORKS SYSTEM FUND--Continued
.- On the first business day of each month all monies held in the fund are
to be transferred to the designated accounts as follows:
To the operation and maintenance account, an amount sufficient to
w
pay the reasonable expense of operation and maintenance for the
next succeeding month.
To the bond and interest account, an amount equal to 1/5th of the
interest and 1/10th of the principal becoming due on the next
payment date.
To the bond reserve account, $4,500 each month until all bonds of
this fund have been paid for or provision made for their payment.
To the depreciation, improvement and extension account, $8,250
each month (or a greater amount, as designated by the Board)
until a maximum of $400,000 is on deposit in said account.
To the surplus revenue account, all surplus funds remaining after
providing for all of the deposits herein above listed.
Funds accumulated in the bond reserve account shall be used only for the
payment of interest or principal whenever there exists a deficiency in
the bond and interest account. However, whenever the balance in said
account is equal to the maximum principal and interest requirements of
all outstanding bonds at the discretion of the President and Board of
Trustees, the surplus may be transferred to the depreciation, improvement
and extension account or the surplus revenue account. This account has
been classified as restricted assets on the balance sheet at April 30,
1981, as well as the bond and interest account.
Funds accumulated in the depreciation, improvement and extension account
shall be used to pay for any extraordinary maintenance, repairs and nec-
essary replacements, or if not so needed, for improvement or extension of
the system.
Funds accumulated in the surplus revenue account shall be held and used
for the following purposes:
(a) for making up any deficiency in the accounts above,
(b) for making principal or interest payments on any junior
lien bonds, or
(c) for any lawful corporate purpose.
-34-
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE F--RETIREMENT COMMITMENTS
Village employees are covered under three separate retirement plans.
Full-time Village police and firemen are covered by separate pension
trust funds established by state law. Other full-time Village employees
are covered by the Illinois Municipal Retirement Fund (state-wide pro-
gram). Part-time employees (under 600 hours a year) are covered by the
United States Social Security system.
POLICE PENSION FUND
Funded Obligation
According to the governing act, the Board of Trustees of the Police Pen-
sion Fund is required to establish and maintain a minimum reserve balance
of $10,000 for each policeman and each beneficiary. At April 30, 1981,
the minimum reserve balance (statutory requirement) of $360,000 had been
provided and in addition, the Board had exceeded the minimum by
$1,656,261 for a total funded obligation of $2,016,261. Village and
-- employee contributions for the year ended April 30, ,1981 were $202,701
and $69,016, respectively.
Actuarial Deficiency
According to the governing act, the Board of Trustees of the Police Pen-
sion Fund is required to establish and maintain a reserve not to exceed
the total actuarial requirements of the fund. In municipalities having
less than the actuarial requirements of the fund, the Board shall desig-
nate the proportionate amount needed annually to insure the accumulation
of such actuarial reserve over a 40-year period ending in 2006. The
total actuarial requirements at April 30, 1980 (the date of the latest
computation) amounted to $2,651,440 including the actuarial reserve
deficiency of $1,046,763 for prior service costs as determined by the
State Department of Insurance. The actuarial reserve deficiency at
April 30, 1981 has been adjusted by the amount due from other funds at
April 30, 1981 and the net transactions of the fund for the year ended
April 30, 1981. However, the current normal costs and the resultant
liability for the year ended April 30, 1981 are not reflected as an
increase in the actuarial reserve deficiency because the date of the
State Department of Insurance determination was as of April 30, 1980.
fs
-35-
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE F--RETIREMENT COMMITMENTS--Continued
FIREMEN'S PENSION FUND
Funded Obligation
According to the governing act, the Board of Trustees of the Firemen's
Pension Fund is required to establish and maintain a minimum reserve
balance of $1,000 for each 1,000 inhabitants. Under this provision the
minimum requirement is $7,000. At April 30, 1981 the Board had exceeded
this minimum by $2,040,129 for a total funded obligation of $2,047,129.
Village and employee contributions for the year ended April 30, 1981 were
$270,238 and $59,795, respectively.
Actuarial Deficiency
'- According to the governing act, the Board of Trustees of the Firemen's
Pension Fund is required to designate the proportionate amount needed
annually to amortize the actuarial reserve deficiency, as determined by
the State Department of Insurance over a 40-year period ending in 2007.
At April 30, 1980 (the date of the latest computation) the actuarial
requirements of the fund amounted to $2,296,881 including an actuarial
reserve deficiency of $720,257 for prior service costs, as determined by
the State Department of Insurance. The actuarial reserve deficiency at
April 30, 1981 has been adjusted by the amount due from other funds at
April 30, 1981 and the net transactions of the fund for the year ended
April 30, 1981. However, the current normal costs and the resultant
liability for the year ended April 30, 1981 are not reflected as an
increase in the actuarial reserve deficiency because the date of the
State Department of Insurance determination was as of April 30, 1980.
ILLINOIS MUNICIPAL RETIREMENT FUND
As the Village does not have a property tax levy, no separate fund
accountability is maintained for Illinois Municipal Retirement Fund
purposes. Expenditures for this purpose are included in the Corporate,
Waterworks System, and Sports Core Funds.
The Illinois Municipal Retirement Fund's actuary estimates that as of
-" December 31, 1980 the present value of total IMRF pension obligations to
be borne by the Village of Oak Brook was $612,455. The Village had accu-
mulated reserve assets to be used toward this obligation of $194, 128 on
the same date. Therefore, the estimated present value of future contri-
butions to be made by the Village on behalf of present employees was
$418,327. This pension obligation includes, in addition to future normal
T cost of $167,762, the amount of unfunded prior service cost, computed to
be $250,565.
-36-
Exhibit H-3
Current Year Percent of Total Percent of
Abatement and Total Tax Tax Collections Outstanding Delinquent
Forfeiture Collections and Writeoffs Delinquent Taxes to
Writeoffs and Writeoffs to Tax Levy Taxes Tax Levy
$1,409 $481,374 99.48% $29,385 6.07%
7,279 737,668 98.55 26,859 3.59
2,846 827,809 98.10 16,029 1.90
-86-
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE F--RETIREMENT COMMITMENTS--Continued
The annual Village contribution rate fixed by the IMRF Board of Trustees
provides for full funding of prior service costs, including interest as
determined actuarially over a future period of not more than 40 years, as
well as the normal retirement cost, term cost of death and disability
benefits and the cost of administration of the fund. Total contributions
for the year ended April 30, 1981 were $88,449 and $73,086, respectively,
for the Village and involved employees.
NOTE G--INTERFUND RECEIVABLES AND PAYABLES
Balances at April 30, 1981 by fund were:
Interfund Interfund
Fund Receivables Payables
Corporate $ 12,794 $384,533
Debt Service 300,000
Waterworks System 12,743
Sports Core 51
Police Pension 39,802
Fire Pension 44,731
$397,327 $397,327
NOTE H--CONTINGENCIES
Effective January 1, 1979, the Village entered into a contractual agree-
ment with 14 other municipalities to form the Intergovernment Risk
Management Agency (IRMA), which through its risk-sharing provisions, pro-
vides the Village with its insurance coverage for liability, property
damage and workmen's compensation insurance. As a self-insurance admin-
istrator, IRMA enables risk-sharing with other municipalities which in
turn share their risks with the Village. At December 31, 1980, IRMA has
assets of $4,278,489, reserves for losses of $1,772,565 and a fund
deficit of $741,906. Should a claim be paid by IRMA for which these
reserves proved inadequate, the Village would be responsible for paying a
portion of such deficiency. However, at April 30, 1981, management knows
of no claim, asserted or unasserted, which if asserted and paid would
.- have a materially adverse effect on the financial position of the various
funds of the Village of Oak Brook at April 30, 1981.
-37-
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE H--CONTINGENCIES--Continued
The Village participates in one federally assisted grant program, the
Federal Revenue Sharing Program. This program is subject to a financial
and compliance audit once every three years. The audit requirement for
years 1980, 1981, and 1982 has been satisfied and the Village is in com-
pliance with all expenditures allowed. The Village also participates in
the Illinois Motor Fuel Tax program. A compliance audit has been com-
pleted as of December 31, 1980 with all expenditures being allowed by the
grantors.
NOTE I--ENTERPRISE FUNDS
Segment information for the year ended April 30, 1981 is as follows:
Waterworks Sports
System Core
Type of service Water service. Recreation
Operating revenues $1,407,702 $ 753,925
Depreciation and amortization 2161496 136,166
Operating income (loss) 680,462 (152,096)
Operating transfers out 1051000 -
Sales tax revenues - 12,303
Net income (loss) 537,793 (1523,096)
Current capital:
Contributions - 284,252
Transfers - 132,120
Property, plant, and equipment:
Additions 177,231 328,082
Deletions - -
Net working capital 1, 182,264 63,450
Total assets 83,866,783 10,736,316
Bonds outstanding 5,275,000 -
Total equity 3,5361823 10,4953,677
-38-
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE J--EXCESSES OF EXPENDITURES OVER APPROPRIATIONS
Expenditures exceeded authorized appropriations for the following funds
at April 30, 1981:
Total Total
Fund Expenditures Appropriations Excess
Waterworks System $1,022,904 $ 762,635 $260,269
Sports Core 906,021 7392652 166,369
TOTAL $1,928,925 $1,502,287 $426,638
w
The above excesses are due primarily to depreciation, for which no
appropriation is made.
NOTE I:--SPORTS CORE DEFICIT FUND BALANCE
.- The Sports Core Fund (a proprietary fund) deficit fund balance is due
primarily to depreciation expense.
' -39-
FINANCIAL STATEMENTS OF INDIVIDUAL FUNDS
.r
-40-
Exhibit A-1
VILLAGE OF OAK BROOK
GENERAL CORPORATE FUND
BALANCE SHEET
-- April 30, 1981
._ ASSETS
Cash $ 590
Investments, at cost:
Savings account 316
Certificates of deposit 33,234,713
Repurchase agreements 44,659
3,279,688
Receivables:
-- Accrued interest 69,471
Sales taxes 13,11710625
State income taxes 12, 153
Other 3,096
1,202,345
Restricted assets, investments, at cost 115,628
Due from other funds 121794
Inventory of supplies 15,266
TOTAL ASSETS $43,626,311
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable $ 154, 118
Accrued payroll 35,565
Contracts payable 11,643
Due to other funds 3843,533
Due to other agencies 9,959
Payable from restricted assets:
Construction performance bonds 115,628
TOTAL LIABILITIES 711,446
Fund balance:
Reserved for encumbrances 75, 179
Unreserved 3,839,686
TOTAL FUND BALANCE 3,914,865
TOTAL LIABILITIES AND FUND BALANCE $42626,311
See notes to financial statements.
-42-
Exhibit A-2
VILLAGE OF OAK BROOK
GENERAL CORPORATE FUND
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE--BUDGET (BUDGETARY BASIS) AND ACTUAL
Year Ended April 30, 1981
Adjustment
._ to Budgetary Actual on Variance
Basis Budgetary Favorable
Actual (See Note) Basis Budget (Unfavorable)
Revenues:
Intergovernmental:
Municipal sales tax $4,301,208 $(72,625) $4,228,583 $4,543,000 $(314,417)
Illinois state
-- income tax 94,542 (15,812) 9210730 92,000 730
York Township road
and bridge tax X110,367 `►110,367 849000 263,367
State grants and
reimbursements 10,100 10, 100 - 10,100
Foreign fire
_ insurance tax 129850 121,850 10,556 2,294
4,5291,067 (74,437) 43,454,630 4,729,556 (2743,926)
Service charges ` 131,836 1313,836 2683,450 (1361614)
Licenses and permits X19521474 `ti195,474 177,855 17,619
Fines and penalties X10931239 11,933 121, 172 77,000 443, 172
Interest on investments 471 ,058 22,262 493,320 230,000 263,320
Miscellaneous 459927 45,927 30,100 15,827
-- TOTAL REVENUES 5,4823,601 (403,242) 5,442,359 5,5123,961 (703,602)
Expenditures:
Legislative 126,202 16 126,218 14330416 17,198
General government 779,972 251 7803,223 842,658 62,435
Public safety 21,944,083 (10,467) 2,933,616 3,4083,909 475,293
Public works 942,159 (2,067) 9409092 1,327,638 387,546
Culture and recreation 9831784 (221) 989563 111,333 12,770
TOTAL EXPENDITURES 4,8910200 (12,488) 4,878,712 5,833,954 955,242
EXCESS (DEFICIENCY)
OF REVENUES
OVER EXPENDITURES 5913,401 (27,754) 563,647 (320,993) 884,640
-43-
Exhibit A-2-Cont.
VILLAGE OF OAK BROOK
GENERAL CORPORATE FUND
STATE14ENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE--BUDGET (BUDGETARY BASIS) AND ACTUAL--Continued
Adjustment
to Budgetary Actual on Variance
Basis Budgetary Favorable
Actual (See Note) Basis Budget (Unfavorable)
Other financing
sources (uses) :
Operating transfers in $ 153,000 $ 153,000 $ 142, 950 $ 10,050
Operating transfers
-- out (40)000) (40,000) (40,000) -
TOTAL OTHER
FINANCING SOURCES 113,000 $ - 113,000 102,950 10,050
EXCESS (DEFICIENCY) OF
REVENUES AND OTHER
FINANCING SOURCES
_ OVER EXPENDITURES
AND OTHER USES 704,401 (27,754) 676,647 (218,043) 894,690
Fund balance at
April 30, 1980 331810,464 - 3318,10,464 3,810,464 -
Residual equity transfers
in (out) (600)000) 300,000 (300)000) (330)000) (30)000)
FUND BALANCE
AT APRIL 30, 1981 $3,914,865 $2721..246 $4,187,111 $3,262,421 $ 924,690
See notes to financial statements.
Note--Budgets are prepared on the cash basis (see summary of significant
accounting policies). For purposes of this statement, actual GAAP amounts
have been adjusted to eliminate the effect of any accruals.
-44-
Exhibit A-3
VILLAGE OF OAK BROOK
GENERAL CORPORATE FUND
STATEMENT OF EXPENDITURES, COMPARED TO BUDGET (BUDGETARY BASIS)
Year Ended April 30, 1981
Adjustment
to Budgetary Actual on Variance
Basis Budgetary Favorable
Actual (See Note) Basis Budget (Unfavorable)
'- Legislative:
Board of Trustees:
Personal services $ 5,255 $ 125 $ 5,380 $ 9,064 $ 3,684
-- Contractual services 1023,034 102,034 114,345 12,311
Fixed charges 1,899 1, 899 2,253 354
Commodities 150346 1,346 1,650 304
110,534 125 110,659 1273,312 163,653
Plan Commission:
Personal services 3,076 (67) 3,009 2,640 (369)
Contractual services 151 151 918 767
Fixed charges 349 349 358 9
Commodities 317 317 286 (31)
3,893 (67) 3,826 4,202 376
- Board of Fire and Police:
Contractual services 53,932 5, 932 4,345 (11,587)
Fixed charges 125 125 110 (15)
Commodities - - 110 110
63,057 - 6,057 4,565 (1,492)
Zoning Board of Appeals:
Personal services 3,051 (42) 3,009 2,640 (369)
Contractual services 2,496 2,496 3,806 1,310
Fixed charges - - 374 374
Commodities 171 171 187 16
59718 (42) 5,676 71,007 11,331
TOTAL LEGISLATIVE $ 126,202 $ 16 $ 126,218 $ 1432086 $ 16,868
General Government:
Legal:
Personal services $ 44,649 $ (69) $ 44,580 $ 47,806 $ 3,226
Contractual services 2,251 23,251 4,070 1,819
Fixed charges 283,711 28,711 27,035 (13,676)
_ Commodities 1,686 1,686 23,695 1,009
Capital outlay (167) (167) 24 191
77,130 (69) 77,061 81,630 4,569
-45-
Exhibit A-3-Cont.
VILLAGE OF OAK BROOK
GENERAL CORPORATE FUND
STATEMENT OF EXPENDITURES, COMPARED TO BUDGET (BUDGETARY BASIS)--Continued
Adjustment
to Budgetary Actual on Variance
Basis Budgetary Favorable
Actual (See Note) Basis Budget (Unfavorable)
General Government--
^ Continued:
Village Manager's
Office:
Personal services $ 85,581 $ 79 $ 85,660 $ 93,070 $ 7,410
Contractual
services 3,003 3,003 5,489 2,486
-- Fixed charges 1631774 16,774 17,535 761
Commodities 4,535 4,535 3,201 (13,334)
Capital outlay 9,018 9,018 440 (8,578)
1183,911 79 118,990 119,735 745
Elections:
Personal services - - 275 275
L Contractual services 60 60 1,303 13,243
Fixed charges - - 55 55
L Commodities - - 110 110
60 60 1, 743 1,683
Finance and Accounting: -
1�3 Personal services 52,471 1,260 53,731 69,002 153,271
.,! Contractual services 38,826 38,826 36,784 (2,042)
Fixed charges 25,501 25,501 28,722 3,221
Commodities 2,598 2,598 2,096 (502)
," Capital outlay 318 318 2,310 1,992
11931-714-- _ 1,260 120,974 138,914 17,940
Engineering:
Personal services 79,187 (879) 783-308 891,540 11,232
Contractual services 13,686 13,686 21,137 73,451
Fixed char-es 15,665 15,665 18,417 2, 752
Commodities 3,653 3,653 3,960 307
Capital outlay - - 110 110
1123,191 (879) 11131312 133,164 211852
Village Hall:
Personal services 22,510 (140) 22,370 19,356 (33,014)
Contractual services 61$ 28 619328 56$ 44 (4,984)
Fixed charges 11,729 11,729 132,065 1,336
Commodities 11,248 1110248 10,450 (798)
Capital outlay 1, 631 1,631 385 (1,246)
Payment of
installment debt
obligation 243,520 243,520 267,872 24,352
351,966 (140) 351,826 3671472 15,646
TOTAL GENERAL
GOVERNMENT $ 779,972 $ 251 $ 7802223 $ 842,658 $ 62,435
-46-
Exhibit A-3-Cont.
VILLAGE OF OAK BROOK
GENERAL CORPORATE FUND
STATEMENT OF EXPENDITURES, COMPARED TO BUDGET (BUDGETARY BASIS)--Continued
Adjustment
to Budgetary Actual on Variance
Basis Budgetary Favorable
Actual (See Note) Basis Budget (Unfavorable)
Public Safety:
Police Service:
Personal services $ 990,911 $ (4,375) $ 986,536 $1, 146,310 $159,774
Contractual services 39,282 39,282 463,757 7,475
Fixed charges 326,794 (652) 326, 142 389,365 63,223
Commodities 72,082 72,082 59,656 (123,426)
Capital outlay 673,519 67,519 86,071 183,552
1,4963,588 (5)027) 1,491,561 11,72811159 236,598
Fire Service:
- Personal services 788,917 (4,011) 784,906 856,708 71,802
Contractual services 22,285 22,285 36,674 14,389
Fixed charges 337, 778 (700) 337,078 383,633 46,555
Commodities 39,835 393,835 39,121 (714)
Capital outlay 36,584 36,584 123,403 863,819
1,225,399 (4)711) 1,220,688 1,4393,539 2183,851
Emergency Medical
Service:
Personal services 25,254 25,254 409585 15,331
Contractual services 1,662 1,662 13,474 (188)
Fixed charges 14,039 14,039 13,930 (109)
Commodities 2,536 2,536 4,180 1,644
Capital outlay 5,122 5,122 2,200 (2)922)
48,613 - 48,613 62,369 13,756
- Bureau of Inspection:
Personal services 1151, 173 (729) 114,444 121,921 7,477
Contractual services 19,325 19,325 17,722 (1,603)
Fixed charges 24,481 24,481 23,485 (996)
Commodities 6,830 61830 63-749 (81)
Capital outlay 7,674 7,674 8,965 1,291
_ 1733P483 (729) 1723P754 1781842 6,088
TOTAL PUBLIC SAFETY $2,944,083 $(10,467) $2,933,616 $3,408,909 $475,293
-47-
Exhibit A-3-Cont.
VILLAGE OF OAK BROOK
GENERAL CORPORATE FUND
STATEMENT OF EXPENDITURES, COMPARED TO BUDGET (BUDGETARY BASIS)--Continued
- Adjustment
to Budgetary Actual on Variance
Basis Budgetary Favorable
Actual (See Note) Basis Budget (Unfavorable)
Public Works:
Administration:
Personal services $ 47,883 $ (461) $ 47,422 $ 50,889 $ 3,467
Contractual services 27,974 27,974 27,568 (406)
Fixed charges 13,603 13,603 19,060 5,457
Commodities 33,516 3,516 21,673 (843)
92,976 (461) 929515 100, 190 7,675
Street Maintenance:
Personal services 127,955 (13,305) 126,650 144,701 18,051
Contractual services 14,623 149623 41,319 26,696
Fixed charges 529442 52,442 60,983 8,541
Commodities 71,229 71,229 59,703 (119526)
Capital outlay 15585 1,585 2,640 15055
267,834 (11305) 266,529 309,346 42,817
Street Light and Traffic
Control:
Contractual services 341110 34,110 53,790 19,680
Fixed charges 15,826 15,826 28,280 12,454
Commodities 10, 110 109110 129870 29760
Capital outlay 700 700 770 70
60,746 - 60, 746 95,710 34, 964
Capital Improvements:
Contractual services 13,762 13,762 34, 100 20,338
Capital outlay 411,365 411,365 698,500 287,135
4259127 - 425, 127 732,600 307,473
Municipal Garage:
Personal services 40,309 (301) 40,008 40,880 872
Contractual services 21,924 21,924 33,660 11,736
Fixed charges 8,370 8$ 70 8,019 (351)
Commodities 23,567 23,567 7,233 (16$ 34)
Capital outlay 1,306 1,306 - (1)306)
951)476 (301) 95,175 89,792 (5)383)
- TOTAL PUBLIC WORKS $ 9421159 $ (2,067) $ 940,092 $193272638 $387,546
- -48-
Exhibit A-3-Cont.
VILLAGE OF OAK BROOK
GENERAL CORPORATE FUND
STATEMENT OF EXPENDITURES, COMPARED TO BUDGET (BUDGETARY BASIS)--Continued
Adjustment
to Budgetary Actual on Variance
Basis Budgetary Favorable
Actual (See Note) Basis Budget (Unfavorable)
Health and Welfare:
Pest control $ - $ - $ - $ - $
Cardiopulmonary
resuscitation
training
— TOTAL HEALTH AND WELFARE $ - $ - $ - $ - $ -
Culture and Recreation:
— Library:
Personal services $ 48,192 $ (221) $ 47,971 $ 54, 194 $ 6,223
Contractual services 73,668 7,668 8,934 131266
Fixed charges 11$ 35 113,535 13,764 23,229
— Commodities 8,159 8,159 7,007 (1,152)
Capital outlay 23,230 23,230 27,434 4,204
TOTAL CULTURE
— AND RECREATION $ 98,784 $ (221) $ 981563 $ 111 ,333 $ 12,770
TOTAL EXPENDITURES $4,891,200 $(12)488) $4,878,712 $5,833,624 $954,912
See notes to financial statements.
Note--Budgets are prepared on the cash basis (see summary of significant
accounting policies). For purposes of this statement, actual GAAP amounts
have been adjusted to eliminate the effect of any accruals.
-49-
SPECIAL REVENUE FUNDS
Motor Fuel Tax Fund--to account for maintenance of Village-owned streets ,
including winter salting, repavement, and electricity for street lights.
Financing is provided by the Village's share of state motor fuel tax
allotments. State law requires these allotments to be used to maintain
streets.
Federal Revenue Sharing Fund--to account for debt repayment of Village
Library renovation and construction of the Village Bikepath System.
_ Financing is provided by the Village's share of federal revenue sharing
funds.
-50-
Exhibit B-1
VILLAGE OF OAK BROOK
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
April 30, 1981
Motor Federal
_ Fuel Revenue
Tax Sharing Total
ASSETS
Cash $ - $ 1 $ 1
Investments, at cost:
Savings account 34 50 84
Repurchase agreements 80,442 577 813,019
80,476 627 81, 103
Allotments receivable 5,071 - 5,071
TOTAL ASSETS $85,547 $628 $86,175
-" LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable $ 4,697 $ 46 $ 4,743
Fund balance:
Unreserved--undesignated 801850 582 81 ,432
TOTAL LIABILITIES AND FUND BALANCE $85,547 $628 $86,175
See notes to financial statements.
-51-
Exhibit B-2
VILLAGE OF OAK BROOK
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES
Year Ended April 30, 1981
Motor Federal
Fuel Revenue
Tax Sharing Total
Revenues:
Intergovernmental revenue $66,996 $48,727 $115,723
Interest on investments 8,498 23,695 11,193
TOTAL REVENUES 75,494 51,422 126,916
Expenditures:
Public works 47,651 - 47,651
Culture and recreation - 331092 33,092
TOTAL EXPENDITURES 47,651 33,092 80,743
EXCESS OF REVENUES OVER EXPENDITURES 27,843 18,330 46,173
Other financing uses:
Operating transfers in (out) - (48)000) (48,000)
�- EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES AND OTHER USES 27,843 (29,670) (1,827)
Fund balances at April 30, 1980 53,00.7 30,252 83,259
FUND BALANCES AT APRIL 30, 1981 $80,850 $ 582 $ 81,432
See notes to financial statements.
-52-
Exhibit B-3
VILLAGE OF OAK BROOK
MOTOR FUEL TAX FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCE--BUDGET (BUDGETARY BASIS) AND ACTUAL
Year Ended April 30, 1981
Adjustment
to Budgetary Actual on Variance
- Basis Budgetary Favorable
Actual (See Note) Basis Budget (Unfavorable)
Revenues:
- Intergovernmental:
Allotments from
State of Illinois $66,996 $116 $67,112 $58,000 $ 9,112
Interest on investments 83,498 8,498 3,000 53,498
TOTAL REVENUES 75,494 116 75,610 61,000 14,610
Expenditures--public works:
Chemicals 21,644 21,644 31, 680 10,036
Street signal lighting 26,007 26,007 20,570 (53,437)
TOTAL EXPENDITURES 47,651 - 47,651 52,250 43,599
EXCESS OF REVENUES
OVER EXPENDITURES 27,843 116 27,959 8,750 19,209
Fund balance at April 30, 1980 53,007 53,007 53,007 -
FUND BALANCE AT APRIL 303, 1981 $80,850 $116 $802966 $61,757 $19,209
See notes to financial statements.
Note--Budgets are prepared on the cash basis (see summary of significant
accounting policies). For purposes of this statement, actual GAAP amounts
have been adjusted to eliminate the effect of any accruals.
-53-
Exhibit B-4
VILLAGE OF OAK BROOK
FEDERAL REVENUE SHARING FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCE--BUDGET (BUDGETARY BASIS) AND ACTUAL
Year Ended April 30, 1981
Adjustment
to Budgetary Actual on Variance
Basis Budgetary Favorable
Actual (See Note) Basis Budget (Unfavorable)
Revenues:
-- Intergovernmental:
Entitlements from
Federal Government $48,727 $ - $48,727 $40,000 $ 8,727
_ Interest on investments 2,695 2,695 1,500 1,195
TOTAL REVENUES 51,422 - 51,422 41,500 9,922
_ Expenditures--culture and
recreation:
Payments on note:
Principal 31,898 31,898 -35,078 33, 180
'- Interest 821 821 928 107
Other 373 373 385 12
TOTAL EXPENDITURES 33,092 - 33,092 36,391 3,299
EXCESS OF REVENUES
OVER EXPENDITURES 183,330 - 18,330 5, 109 13,221
Other financing uses:
Operating transfers in (out) (483,000) - (48,000) (37,950) (10,050)
(DEFICIENCY) OF REVENUES OVER
EXPENDITURES AND OTHER USES (29,670) - (29,670) (32,841) 33% 171
Fund balance at April 30, 1980 30,252 - 30,252 30,252 -
FUND BALANCE AT APRIL 30, 1981 $ 582 $ - $ 582 $(2,589) $ 3,171
See notes to financial statements.
_ Note--Budgets are prepared on the cash basis (see summary of significant
accounting policies). For purposes of this statement, actual GAAP amounts
have been adjusted to eliminate the effect of any accruals.
-54-
DEBT SERVICE FUND
To account for the accumulation of resources for, and the payment of, the
_ general obligation recreation (Sports Core) bonds partially through the
levying of real estate taxes.
— -55-
Exhibit C-1
VILLAGE OF OAK BROOK
DEBT SERVICE FUND
BALANCE SHEET
April 30, 1981
ASSETS
Cash $ 34
Investments, at cost or amortized cost 3543,797
'- Receivables (net, where applicable, of
allowances for uncollectibles) :
Property taxes 544, 146
Accrued interest 17,061
561, 207
Due from other funds 300,000
TOTAL ASSETS $1,216,038
LIABILITIES AND FUND EQUITY
Principal and interest payable from
current tax levy $1, 106,250
FUND EQUITY
Fund balance--reserved for debt service 109,788
TOTAL LIABILITIES AND FUND EQUITY $1,216,038
See notes to financial statements.
-56-
CAPITAL PROJECTS FUNDS
Sports Core Fund--to account for the financing and construction of the
Sports Core golf course and improvements to the Bath and Tennis Club.
Construction of the golf course was completed during fiscal 1981.
Financing was provided by general obligation recreation bond proceeds
($10,720,000) and related investment income. Additional Bath and Tennis
Club improvements are expected to commence in the fall of 1981 and will
be financed by monies earned on investments and Sports Core revenues.
Equipment Replacement Fund--to account for the financing and purchase of
additional equipment in the future. Financing will be provided by Cor-
porate Fund revenues.
-58-
Exhibit D-1
VILLAGE OF OAK BROOK
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
April 30, 1981
Sports Equipment
Core Replacement Total
ASSETS
-" Cash $ 9 $ 9
Investments, at cost:
Certificates of deposit 54,344 54$ 44
Repurchase agreements 1,266 $40,000 41 ,266
55,610 40,000 9531610
Accrued interest receivable 2,708 25708
TOTAL ASSETS $58,327 $40,000 $98,327
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable $ 2, 159 $ 2, 159
Fund balances:
Reserved for encumbrances 2,580 2,580
Unreserved 533-588 $40,000 93,588
TOTAL FUND BALANCES 563,168 40,000 96,168
TOTAL LIABILITIES AND FUND BALANCES $58,327 $40,000 $98,327
See notes to financial statements.
-59-
Exhibit D-2
VILLAGE OF OAK BROOK
CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES
Year Ended April 30, 1981
Sports Equipment
Core Replacement Total
Revenues:
Interest on investments $257,733 $ - $257,733
Expenditures:
Service and maintenance 30,000 30,000
Administration 79050 79050
Interest on purchase agreement 105,668 105,668
Capital outlay 284,252 284,252
TOTAL EXPENDITURES 426,970 - 426,970
(DEFICIENCY) OF REVENUES OVER EXPENDITURES (169,237) - (169)237)
Other financing sources:
Operating transfers in 99,054 40,000 1393,054
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER SOURCES OVER EXPENDITURES (703, 183) 40,000 (3031183)
Fund balances at April 30, 1980 258,471 - 258,471
Residual equity transfer in (out) .(132,120) - (132)120)
FUND BALANCES AT APRIL 303, 1981 $_ 561168 $40,000 $ 96,168
See notes to financial statements.
— -60-
Exhibit D-3
VILLAGE OF OAK BROOK
SPORTS CORE CAPITAL PROJECTS FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCE--BUDGET (BUDGETARY BASIS) AND ACTUAL
Year Ended April 30, 1981
Adjustment
to Budgetary Actual on Variance
Basis Budgetary Favorable
Actual (See Note) Basis Budget (Unfavorable)
Revenues:
Interest on investments $257,733 $223,829 $481,562 $434,388 $ 47,174
Expenditures:
Service and maintenance 303,000 301P000 - (309000)
Administration 73%050 79050 2,915 (43,135)
Interest on purchase
agreement 1051,668 52,833 158,501 174$ 51 15,850
Capital outlay 284,252 39,688 323,940 331,194 73,254
TOTAL EXPENDITURES 4263,970 92,521 519,491 5081460 (11)031)
(DEFICIENCY) OF REVENUES
OVER EXPENDITURES (169,237) 1313,308 (37,929) (74,072) 36, 143
Other financing sources:
Operating transfers in 99,054 - 99,054 - 99,054
EXCESS (DEFICIENCY) OF
REVENUES AND OTHER
SOURCES OVER EXPENDITURES (70, 183) 131,308 61, 125 (74)072) 1353, 197
Fund balance at April 30, 1980 258,471 - 258,471 258,471 -
Residual equity transfer
in (out) (132,120) - (132,120)(135,839) 3,719
- FUND BALANCE
AT APRIL 30, 1981 $ 56,168 $131,308 $187,476 $ 48,560 $138,916
See notes to financial statements.
Note--Budgets are prepared on the cash basis (see summary of significant
accounting policies). For purposes of this statement, actual GAAP amounts
have been adjusted to eliminate the effect of any accruals.
-61-
ENTERPRISE FUNDS
Waterworks System Fund--to account for the provision of water services to
the residents of the Village and some residents of surrounding communi-
ties. All activities necessary to provide such services are accounted
for in this fund.
Sports Core Fund--to account for the operations and maintenance of the
Sports Core, including the golf course and bath and tennis club.
-62-
Exhibit E-1
VILLAGE OF OAK BROOK
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
April 30, 1981
Waterworks Sports
System Core Total
ASSETS
Cash $ 8 $ 864 $ 872
Investments, at cost:
Savings accounts 112,461 - 1129461
Certificates of deposit 97231557 153,208 1,125,765
Repurchase agreements 2173,211 93,175 3103,386
1,3023,229 246,383 1$ 48,612
Receivables:
Customers:
Billed water sales 34,710 - 34, 710
Estimated unbilled water sales 149,311 - 1493,311
Accrued interest 2, 941 5,337 8,278
Other 23,025 2,433 251458
209,987 7,770 217,757
Prepaid expenses - 4931072 49,072
TOTAL CURRENT ASSETS 1,512,224 304,089 1,816,313
Unamortized bond discount 67,973 - 67,973
Restricted assets; cash and
investments, at cost:
Bond interest account 1 - 1
Bond reserve account 476,271 - 476,271
Property, plant, and equipment 7,860,812 10,6849103 18,544,915
Less allowances for depreciation
and amortization (1)050,498) (251,876) (1,302,374)
NET PROPERTY, PLANT, AND EQUIPMENT 6,8103,314 10,432,227 17,242,541
TOTAL ASSETS $8,866,783 $10,736,316 $19,603,099
See notes to financial statements.
-63-
Exhibit E-1-Cont.
VILLAGE OF OAK BROOK
ENTERPRISE FUNDS
COMBINING BALANCE SHEET--Continued
Waterworks Sports
System Core Total
LIABILITIES AND FUND EQUITY
Liabilities:
Accounts payable $ 23, 939 $ 81$ 98 $ 105,537
Contracts payable 16,000 63,000 223,000
Accrued payroll 1, 144 6$ 78 7$ 22
Deposits 1,134 1461V612 147,746
-- Due to other funds 121,743 51 12, 794
Current portion of bonds payable 275,000 - 2755000
TOTAL CURRENT LIABILITIES 3293,960 2403,639 570,599
Bonds payable:
Revenue bonds of 1973 2,625,000 - 21,625,000
Revenue bonds of 1976 2,375,000 - 2,375,000
TOTAL LONG-TERM LIABILITIES 5,000,000 - 5,000,000
TOTAL LIABILITIES 5$ 29,960 2403P639 5,5703,599
Fund equity:
Contributed capital - 10,696,027,1 10,696,027
Retained earnings (deficit):
Reserved per revenue bond indentures 2011,272 - 201, 272
Reserved for encumbrances 2853,721 18$ 44 304,265
Unreserved 3,049,830 (218)894) 2,830,936
TOTAL RETAINED EARNINGS (DEFICIT) 3,536,823 (200,350) 313363,473
TOTAL FUND EQUITY 3,536,823 10,495,677 14,032,500
TOTAL LIABILITIES AND FUND EQUITY $8,866,783 $10,736,316 $19,603,099
See notes to financial statements.
-64-
Exhibit E-2
VILLAGE OF OAK BROOK
ENTERPRISE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES, AND
CHANGES IN RETAINED EARNINGS (DEFICIT)
Year Ended April 30, 1981
Waterworks Sports
System Core Total
Operating revenues:
Charges for services 1$1,3881364 $ 710,158 $2,098,522
Miscellaneous 19,338 20,255 39,593
TOTAL OPERATING REVENUES, 1,407,702 7303P413 2,138,115
Operating expenses:
Operation of facilities 475,741 717,973 1,193,714
General and administrative 35,003 51,882 86,885
Depreciation and amortization 216,496 136,166 3521662
TOTAL OPERATING EXPENSES 7271240 906,021 1,633,261
OPERATING INCOME (LOSS) 6809462 (175,608) 504,854
Nonoperating revenues (expenses):
Interest 233,195 23,512 25631707
Interest on bonds (2891425) (289,425)
Amortization of bond discount (5,788) (5,788)
Fiscal agents' fees (451) (451)
Construction reimbursements 24,800 24,800
(3710669) 23,512 (14,157)
INCOME (LOSS) BEFORE OPERATING TRANSFERS 642,793 (1529096) 490,697
Operating transfers in (out) (105,000) - (105,000)
NET INCOME (LOSS) 537,793 (152)096) 385,697
Retained earnings (deficit) at April 30, 1980 2,999,030 (4811254) 2,950,776
RETAINED EARNINGS (DEFICIT) AT APRIL 30, 1981 $3,5362823 $(200,350) $3,336,473
See notes to financial statements.
-65-
Exhibit E-3
VILLAGE OF OAK BROOK
ENTERPRISE FUNDS
COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION
Year Ended April 30, 1981
Waterworks Sports
System Core Total
Sources of working capital:
Operations:
Net income (loss) $537,793 $(152,096) $ 385,697
Add back items not requiring working capital:
Depreciation and amortization 216,496 136,166 352,662
Amortization of bond discount 5,788 - 5,788
TOTAL PROVIDED (USED) BY OPERATIONS 760,077 (159930) 7449147
Contributed capital 416,372 416,372
TOTAL SOURCES OF WORKING CAPITAL 760,077 4009442 1, 160,519
Uses of working capital:
Acquisition of fixed assets 177,231 328,082 505,313
Reduction in bonds payable 275,000 275,000
Net increase in restricted assets 15,688 15,688
TOTAL USES OF WORKING CAPITAL 467,919 328,082 796,001
NET INCREASE IN WORKING CAPITAL $292,158 $ 72,360 $ 364,518
Elements of net increase in working capital:
Cash $ (1) $ 413 $ 412
Investments 226,048 227,647 4535,695
Receivables 15,525 73o359 221,884
Prepaid expenses 493*072 49,072
Accounts payable 79,933 (62,782) 17, 151
Contracts payable (69000) (61000) (129000)
Accrued payroll 23%300 (3,066) (766)
Deposits (310) (140)232) (140,542)
Due to other funds (337) (51) (388)
Current portion of bonds payable (25,000) (25)000)
NET INCREASE IN WORKING CAPITAL $292,158 $ 72,360 $ 364,518
See notes to financial statements.
-66-
Exhibit E-4
VILLAGE OF OAK BROOK
WATERWORKS SYSTEM FUND
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN
RETAINED EARNINGS--BUDGET (BUDGETARY BASIS) AND ACTUAL
Year Ended April 30, 1981
Adjustment
to Budgetary Actual on Variance
Basis Budgetary Favorable
Actual (See Note) Basis Budget (Unfavorable)
Operating revenues:
Charges for services:
Water sales $1,096,814 $(22,858) $1,073,956 $1,009,291 $ 64,665
Unmetered water 5,897 5,897 9,000 (3,103)
Water tap on charges 168,868 1681,868 201,600 (32,732)
Fire service charges 100,115 100,115 883,000 123,115
Water meter sales 165670 161670 15,500 1,170
1,388,364 (22,858) 1,3650506 1,323,391 42,115
Miscellaneous 19,338 19,338 10,000 93-338
TOTAL
OPERATING REVENUES 19407,702 (22)858) 1,3843,844 1,33331391 51,453
Operating expenses:
Operation of facilities:
- Source of supply 34,068 (18) 34,050 42,617 89567
Power and pumping 302$ 36 (28) 302$ 08 229,192 (731316)
Purification 153% 135 (18) 15, 117 17,582 2,465
Transmission and
distribution 124,002 (271) 123,731 119,436 (4,295)
475,741 (335) 475,406 408,827 (661-579)
- General and
administrative 35,003 35,003 35,000 (3)
Depreciation and
amortization 2163-496 (216,496) - - -
TOTAL
OPERATING EXPENSES 7273,240 (216)831) 510,409 4431827 (66,582)
OPERATING INCOME 680,462 193,973 874,435 889,564 (15,129)
See notes to financial statements.
-67-
Exhibit E-4-Cont.
VILLAGE OF OAK BROOK
WATERWORKS SYSTEM FUND
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN
RETAINED EARNINGS--BUDGET (BUDGETARY BASIS) AND ACTUAL--Continued
Adjustment
to Budgetary Actual on Variance
Basis Budgetary Favorable
Actual (See Note) Basis Budget (Unfavorable)
Nonoperating revenues
-' (expenses) :
Interest $ 233,195 $ 8,598 $ 241,793 $ 125,000 $116,793
Interest on bonds (289)425) (289)425) (318,368) 28,943
Amortization of
bond discount (53,788) 5,788 - - -
Fiscal agents' fees (451) (451) (440) (11)
Construction
reimbursements 24,800 (600) 24,200 11,400 12,800
(37)669) 139786 (231883) (182,408) 158,525
INCOME BEFORE
OPERATING TRANSFERS 642,793 207,759 8503,552 707,156 143,396
Operating transfers
in (out) (105,000) - (1051000) (105,000) -
NET INCOME 537,793 207,759 745,552 602,156 143,396
Retained earnings at
April 30, 1980 2,999,030 - 23,999,030 259992030 -
RETAINED EARNINGS
AT APRIL 30, 1981 $3,536,823 $207,759 $3,744,582 $3,601,186 $143,396
See notes to financial statements.
Note--Budgets are prepared on the cash basis (see summary of significant
accounting policies). For purposes of this statement, actual GAAP amounts
have been adjusted to eliminate the effect of any accruals and depreciation
expense.
-68-
Exhibit E-5
VILLAGE OF OAK BROOK
WATERWORKS SYSTEM FUND
STATEMENT OF OPERATING EXPENSES BY DEPARTMENT, COMPARED TO BUDGET
(BUDGETARY BASIS)
Year Ended April 30, 1981
Adjustment
to Budgetary Actual on Variance
Basis Budgetary Favorable
Actual (See Note) Basis Budget (Unfavorable)
Operating expenses:
Operation of facilities:
!' Source of Supply:
Personal services $ 4,836 $ (18) $ 4,818 $ 7,197 $ 2,379
Contractual services 14,932 14,932 13,376 (1)556)
Fixed charges 7,324 7,324 133%024 5,700
Commodities 631976 610976 9,020 2,044
34,068 (18) 343,050 42,617 8,567
_ Power and Pumping:
Personal services 71,061 (28) 7,033 11,912 43,879
Contractual services 289,381 289$ 81 212,300 (77,081)
Fixed charges 1,342 1,342 2, 120 778
Commodities 41752 43,752 2,860 (1)892)
302,536 (28) 3023,508 229,192 (73)316)
Purification:
Personal services 4,413 (18) 4,395 4,887 492
Contractual services 11604 1,604 1,705 101
Fixed charges 895 895 19008 113
Commodities 8,223 8,223 9,982 1,759
15, 135 (18) 15, 117 17,582 2,465
Transmission and
Distribution:
Personal services 643,664 (271) 64,393 73,801 9,408
Contractual services 12,484 1231484 123,740 256
Fixed charges 30,279 30,279 19,475 (10,804)
Commodities 16,575 16,575 13,420 (3)155)
124,002 (271) 123,731 119,436 (4,295)
TOTAL OPERATION
OF FACILITIES 475,741 (335) 475,406 408,827 (66)579)
General and administrative:
_ Reimbursement of
Corporate Fund 35,000 35,000 35,000 -
Miscellaneous 3 3 - (3)
Depreciation 2161)496 (216,496) - - -
TOTAL OPERATING EXPENSES $727,240 $(2162831) $510,409 $443,827 $(66,582)
See notes to financial statements.
Note--Budgets are prepared on the cash basis (see summary of significant
accounting policies). For purposes of this statement, actual GAAP amounts
have been adjusted to eliminate the effect of any accruals and depreciation.
-69-
VILLAGE OF OAK BROOK
WATERWORKS SYSTEM FUND
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED
DEPRECIATION AND AMORTIZATION
Year Ended April 30, 1981
Property, Plant and Equipment
Balance Additions and Balance
Apr.30-1980 Transfers Apr.30-1981
Waterworks property, plant and equipment: -
Land and land rights $ 2,819 $ - $ 2,819
Service of supply plant--
wells and springs 314,753 - 314,753
Structure and improvements 68,232 - 683,232
Electrical pumping equipment 118,745 - 1181,745
Total water treatment equipment 5,325 - 53,325 _
Distribution, reservoirs, mains
and standpipes 6,690,560 93,527 6,784,087
Meters and meter installation 2441,603 24,776 269,379
Hydrants 1243,257 2,604 1263,861
Miscellaneous tools and equipment:
Office furniture and equipment 33,449 - 33,449
Transportation equipment 29,339 8,824 38,163
Tools, shop and garage equipment 2,852 - 2,852 _
Laboratory equipment 13,070 - 1,070
Miscellaneous equipment 31,047 1, 146 32, 193
Intangible plant--organization 11,403 - 111403
Construction in progress 35,127 46,354 811481
$7,683,581 $177,231 $7,860,812
See notes to financial statements.
-70-
Exhibit E-6
Rate of
Depreciation
or Allowances for Depreciation and Amortization Net Asset
Amortization Balance Additions and Balance Value
(Years) Apr.30-1980 Transfers Apr.30-1981 Apr.30-1981
- $ - $ - $ - $ 21,819
40 49,740 710869 57,609 257, 144
40 1111725 111706 13,431 54,801
40 20,906 21969 23,875 94,870
10 3,727 533 4,260 11065
40 5909075 169,602 7593,677 69024,410
15 84,979 17,968 102,947 166,432
40 20,819 310172 23,991 102,870
10 2,398 345 23,743 706
6 13,651 6,362 209013 18,150
5 23,852 - 21,852 -
5 1,070 - 11070 -
5 20,657 5,970 263,627 5,566
5 11,403 - 1111403 -
- - - - 81,481
$8343,002 $216,496 $1,050,498 $6,810,314
-70-
Exhibit E-8-Cont.
VILLAGE OF OAK BROOK
SPORTS CORE FUND
STATEMENT OF OPERATING EXPENSES BY DEPARTMENT, COMPARED TO BUDGET
(BUDGETARY BASIS)--Continued
Adjustment
to Budgetary Actual on Variance
Basis Budgetary Favorable
Actual (See Note) Basis Budget (Unfavorable)
Operating expenses--Continued:
_ General and administration:
Personal services $ 30,978 $ (391) $ 30,587 $ 28,380 $ (2,207)
Contractual services 10,970 10,970 8,217 (2,753)
Fixed charges 71735 73%735 7,667 (68)
Commodities 2,199 23,199 1,101 (1,098)
513,882 (391) 513,491 45,365 (6, 126)
Depreciation 136,166 (136,166) - - -
TOTAL OPERATING EXPENSES $906,021 $(138,139) $767,882 $736,912 $(30,970)
See notes to financial statements.
Note--Budgets are prepared on the cash basis (see summary of significant
accounting policies). For purposes of this statement, actual GAAP amounts
have been adjusted to eliminate the effect of any accruals.
-73-
VILLAGE OF OAK BROOK
SPORTS CORE FUND
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT
AND ACCUMULATED DEPRECIATION
Year Ended April 30, 1981
Property, Plant and Equipment
Balance Additions and Balance
Apr.30-1980 Transfers Apr.30-1981
Land and land rights $ 8,244,900 $ - $ 8,244,900
Golf course land improvements 3103,000 8215,757 1, 131,757
Other land improvements 1913,000 - 191,000
Clubhouse--bath and tennis 327,646 - 327,646
Pools 92,000 - 923000
Golf equipment - 473,528 473,528
Tennis courts 610702 - 611,702
Clubhouse--golf - 287)-898 / 287,898 _
Other improvements 80,149 1473,947 - 228,096
Clubhouse equipment 67,027 49549 - 71,576
Construction in progress 9813,597 (981,597) -
$10,356,021 $328,082 $10,684,103
See notes to financial statements.
-74-
Exhibit E-9
Rate of Allowance for Depreciation Net Asset
Depreciation Balance Additions and Balance Value
(Years) Apr.30-1980 Transfers Apr.30-1981 Apr.30-1981
- $ - $ - $ - $ 8,244,900
10 - 729087 723,087 19059,670
20 233,875 910550 3331425 157,575
40 209346 8, 191 28,537 299, 109
20 11,500 4,600 169100 75,900
5 - 49753 43,753 42,775
15 101166 4,113 14,279 4711423
40 - 33,599 3,599 284,299
10 19,922 15,413 353,335 19210761
5 291,901 139860 431,761 279815
$115,710 $136,166 $2511876 $10,432,227
-74-
FIDUCIARY FUNDS
PENSION TRUST FUNDS
Police and Firemen's Pension Funds--to account for the accumulation of
resources to be used for retirement annuity payments. at appropriate
amounts and times in the future. Resources are contributed by employees
at rates fixed by law and by the Village at amounts determined by an
annual actuarial study.
-75-
Exhibit F-1
VILLAGE OF OAK BROOK
FIDUCIARY FUNDS
COMBINING BALANCE SHEET
April 30, 1981
Pension Trust Funds
Police Firemen's
Pension Pension Total
ASSETS
Cash $ 46 $ 29 $ 75
Investments, at amortized cost:
— Certificates of deposit 280,000 98Q-1000 1,260,000
Government and agency securities 'j1,611,86792,253 2,564,120
Savings accounts 35,390 28,777 64,167
_. 1,927,257 1,961,030 3,888,287
Accrued interest receivable 49,156 41,339 90,495
— Due from other funds 39,802 44,731 843,533
Amounts to be provided from other sources
to fund actuarial deficiency for
prior service costs 635,179 249,752 884,931
TOTAL ASSETS $2,651 ,440 $2,296,881 $4,948,321
LIABILITIES AND FUND BALANCE
Fund balances:
Funded obligations for
employees retirement :
Statutory $ 360,000 $ 7,000 $ 367,000
_ Excess 1,656,261 2,040,129 3,696,390
Unfunded actuarial deficiency
for prior service costs of
employees retirement 635,179 249,752 884,931
TOTAL LIABILITIES AND FUND BALANCES $2,651 ,440 $2,296,881 $4,948,321
See notes to financial statements.
-76-
Exhibit F-2
VILLAGE OF OAK BROOK
FIDUCIARY FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND BALANCES
April 30, 1981
Pension Trust Funds
Police Firemen's
Pension Pension Total
Operating revenues:
Contributions:
Employees $ 69,016 $ 59,795 $ 128,811
Village 202,701 270,238 472,939
271,717 330,033 601,750
_ Interest on investments 170,713 163,417 334,130
Gifts 100 100
TOTAL OPERATING REVENUES 442$ 30 493,450 9352980
Operating expenses:
Benefit payments 27,426 20,646 48,072
Refunds 1,857 1$ 07 3,364
Administration 580 792 1,372
TOTAL OPERATING EXPENSES 29,863 221945 52,808
NET INCOME 412,667 470,505 883,172
Fund balances at April 30, 1980 1,603,594 1,576,624 3,180,218
Unfunded actuarial deficiency for prior
service costs of employees retirement 635,179 249,752 884,931
FUND BALANCES AT APRIL 30, 1981 $2,651 ,440 $2,296,881 $4,948,321
See notes to financial statements.
-77-
Exhibit F-3
VILLAGE OF OAK BROOK
FIDUCIARY FUNDS
COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION
Year Ended April 30, 1981
Pension Trust Funds
Police Firemen's
Pension Pension Total
Sources of working capital:
Operations--net income $412,667 $ 470,505 $ 883,172
Investments maturing 180,000 895,000 1 ,075,000
TOTAL SOURCES OF WORKING CAPITAL 5923,667 1,365,505 13,958,172
Uses of working capital--
purchase of investments 565,000 1,395,000 1,960,000
NET INCREASE (DECREASE) IN WORKING CAPITAL $ 27,667 $ (29,495) $ (1 ,828)
_ Elements of net increase (decrease)
in working capital:
Cash $ (8) $ (30) $ (38)
Investments 3,226 (60,388) (57,162)
Receivables 17,478 26,193 43,671
Due from other funds 61971 4,730 11,701
NET INCREASE (DECREASE) IN WORKING CAPITAL $. 27,667 $ (292495) $ (1,828)
See notes to financial statements.
-78-
Exhibit F-4
VILLAGE OF OAK BROOK
POLICE PENSION FUND
STATEMENT OF REVENUE, EXPENSES, AND CHANGES IN
FUND BALANCE--BUDGET (BUDGETARY BASIS) AND ACTUAL
Year Ended April 30, 1981
Adjustment
_ to Budgetary Actual on Variance
Basis Budgetary Favorable
Actual (See Note) Basis Budget (Unfavorable)
Operating revenues:
— Contributions:
Employees $ 69,016 $ (2,453) $ 66,563 $ 71,322 $ (4,759)
Village 202,701 (4)518) 198,183 234,944 (36,761)
271,717 (65971) 264,746 306,266 (41,520)
Interest on investments 170,713 (4)292) 166,421 140,000 263,421
_ Gifts 100 100 100 -
TOTAL OPERATING
REVENUES 4423,530 (11)263) 4311267 446,366 (15,099)
— Operating expenses:
Benefit payments 27,426 27,426 30,697 31-271
Refunds 1,857 1,857 - (1,857)
— Administrative 580 580 611 31
TOTAL OPERATING
EXPENSES 29,863 - 29,863 31,308 1,445
NET INCOME 412,667 (11)263) 401,404 415,058 (13)654)
Fund balance at April 30,
1980 1,603,594 1,603,594 1,603,594 -
Unfunded actuarial
deficiency for prior
costs of employees
retirement 6351,179 635,179 635,179 -
FUND BALANCE AT
APRIL 30, 1981 $2,651,440 $(11,263) $2,640,177 $2,653,831 $(13,654)
See notes to financial statements.
— Note--Budgets are prepared on the cash basis (see summary of significant
accounting policies). For purposes of this statement, actual GAAP amounts
have been adjusted to eliminate the effect of any accruals.
-79-
Exhibit F-5
VILLAGE OF OAK BROOK
FIREMEN'S PENSION FUND
STATEMENT OF REVENUE, EXPENSES, AND CHANGES IN
FUND BALANCE--BUDGET (BUDGETARY BASIS) AND ACTUAL
Year Ended April 30, 1981
Adjustment
_ to Budgetary Actual on Variance
Basis Budgetary Favorable
Actual (See Note) Basis Budget (Unfavorable)
Operating revenues:
Contributions:
Employees $ 59,795 $ (858) $ 58,937 $ 59,487 $ (550)
Village 270,238 (3,873) 266,365 268,651 (2,286)
3303,033 (4, 731) 325,302 328,138 (29836)
Interest on investments 163,417 (16)947) 146,470 100,000 46,470
_ TOTAL OPERATING
REVENUES 493,450 (219678) 471,772 4283,138 43,634
Operating expenses:
Benefit payments 20,646 20,646 22,710 2,064
Refunds 1,507 1,507 - (19507)
Administrative 792 792 760 (32)
TOTAL OPERATING
EXPENSES 22,945 - 22,945 23 470 525
NET INCOME 470,505 (21,678) 448,827 404,668 44,159
Fund balance at April 30,
1980 1,576,624 1,576,624 1,5763,624 -
Unfunded actuarial
deficiency for prior
service costs of
employees retirement 2491752 249,752 249,752 -
FUND BALANCE AT
APRIL 30, 1981 $2,2962881 $(212678) $2,2754203 5222312044 $442159
See notes to financial statements.
Note--Budgets are prepared on the cash basis (see summary of significant
accounting policies). For purposes of this statement, actual GAAP amounts
have been adjusted to eliminate the effect of any accruals.
-80-
GENERAL FIXED ASSETS ACCOUNT GROUP
_ To account for fixed assets not used in proprietary fund operations or
accounted for in Trust Funds.
-81-
Exhibit G-1
VILLAGE OF OAK BROOK
SCHEDULE OF GENERAL FIXED ASSETS--BY SOURCES
April 30, 1981
General fixed assets:
Land $ 188,741
Buildings and improvements 4,594,254
Furniture and fixtures 232, 115
Roadway improvement 2,189,689
Automotive equipment 571,624
Other equipment 754,171
Library books 138,928
TOTAL GENERAL FIXED ASSETS $8,669,522
Investment in general fixed assets from:
General Corporate Fund current revenues $6,222,589
Proceeds of indebtedness 13,5821,783
_ Gifts 518,738
Motor Fuel Tax Fund revenues 2131,661
Federal Revenue Sharing Fund revenues 131,751
TOTAL INVESTMENT IN
GENERAL FIXED ASSETS $8,669$ 22
See notes to financial statements.
-82-
STATISTICAL SECTION
-83-
Exhibit H-4
VILLAGE OF OAK BROOK
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY (2)
Last Ten Fiscal Years
Real Property Personal Property(1) Total Ratio of Total
- Estimated Estimated Estimated Assessed/Total
Fiscal Actual Actual Actual Estimated
Year Assessed Value Assessed Value Assessed Value Actual Value
1981 $257,727 $780,990 $ - $ - $257,727 $780,990 33.00%
1980 2130643 647,403 - - 213,643 6473,403 33.00
1979 1843,832 554,551 29,230 87,699 214,062 642,250 33.33
1978 163,202 489,655 22,854 68,569 186,056 558,224 33.33
1977 143,620 430,860 20,767 62,301 164,387 493,161 33.33
1976 1283,005 382,904 20,797 62,210 148,802 445,114 33.43
1975 118,870 3849195 171489 569525 136,359 440,720 30.94
1974 109,890 330,894 13,729 41,339 123,619 372,233 33.21
1973 103,295 285,819 10,784 29,839 1.14,079 315,658 36. 14
1972 921,625 225,914 10,678 26,043 103,303 2513,957 41.00
(1) Personal property tax not assessed as of 1980 due to enactment of
the personal property replacement tax by state statute.
(2) Dollar amounts in thousands.
-87-
Exhibit H-5
VILLAGE OF OAK BROOK
PROPERTY TAX RATES--ALL OVERLAPPING GOVERNMENTS
(per $100 assessed valuation)
Last Ten Fiscal Years
Village Junior Grade High Oak Brook Hinsdale
Fiscal of Basic College School School Park Sanitary
Year Total Oak Brook Town(1) #502 453 #86 District District
1981 5. 1113 .2010 1.0036 .1904 1.5661 1.9150 . 1558 .0794
1980 5. 8149 .2265 1.0629 .2070 .2. 2248 1. 8620 . 1341 .0976
1979 5.6082 .3495 0.9350 .1953 1.7895 1.9910 .2414 .1065
1978 5. 8798 .4535 0. 9789 .1973 1. 8380 1. 9781 .3103 .1237
1977 5.5792 - 0.9446 .1929 2.0464 1.9431 .3159 .1363
1976 5. 787 - 1.067 .160 2.065 2.002 .333 .160
1975 5.804 - .899 .151 2.114 1.987 .329 .324
1974 6.067 - .952 .157 2. 225 2.051 .317 .365
1973 6.110 - .833 .159 2.270 2.013 .245 .590
1972 5. 895 - .794 .160 2.137 1.982 .260 .562
(1) Includes all county, forest preserve and township rates.
-88-
Exhibit H-6
VILLAGE OF OAK BROOK
RATIO OF NET GENERAL BONDED DEBT TO ASSESSED VALUE
AND NET BONDED DEBT PER CAPITA
Last Five Fiscal Years
Ratio of
Net Net
Debt Bonded Bonded
Assessed Gross Service Debt to Debt
Fiscal Population Value Bonded Monies Net Bonded Assessed Per
Year (in Thousands) (in Thousands) Debt(1) Available Debt Value Capita
1981 6,641(2) $257,727 $ 9,600,000 $109,788 $ 9,490,212 3.682% $1,429
1980 5,281(3) 213,643 10,000,000 (221, 744) 10,221,744 4.784 13,936
1979 5,281 21410062 10,2701000 1163,239 101,153,761 4.743 1,923
1978 5,281 1863,056 10,2701000 82,481 10, 187,519 5.476 1, 929
1977(4) 53%281 164,387 - - - - -
(1) Includes only the general obligation recreation bonds.
(2) 1980 census.
(3) 1975 census.
(4) General obligation bonds were issued on September 1, 1977 with the
first principal payment due December 1, 1979.
-89-
Exhibit H-7
VILLAGE OF OAK BROOK
COMPUTATION OF LEGAL DEBT MARGIN
April 30, 1981
Assessed value $257,7271)000
Debt limit 8.625% of assessed value $ 22,228,954
-- Debt applicable to debt limit:
General Obligation Recreation Bonds $9,600,000
Heritage/Pullman Bank lease purchase 4781228
TOTAL APPLICABLE DEBT 10,078,228
LEGAL DEBT MARGIN $ 12,150,726
-90-
Exhibit H-8
- VILLAGE OF OAK BROOK
COMPUTATION OF OVERLAPPING DEBT
April 30, 1981
Percentage Amount
Applicable to Applicable to
Net Debt Village of Village of
Jurisdiction Outstanding Oak Brook Oak Brook
Village of Oak Brook $10,078,228 100.00% $10,078,228
Du Page County 729949,480 4.74 3,457,805
Sanitary Districts 6,550,000 23. 24 1$ 22,220
Junior College District 1391759000 4.74 6249495
Elementary School Districts 1799339800 19. 57 39509,645
High School Districts 189612,372 12.64 29352,604
TOTAL $21 ,544,997
-91-
Exhibit H-9
VILLAGE OF OAK BROOK
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL
BONDED DEBT TO TOTAL GENERAL EXPENDITURES
Last Five Fiscal Years
Ratio of
Total Total Debt Service
Fiscal Debt General to Total
Year Principal Interest Service Expenditures(1) Expenditures
1981 $450,000 $433,825 $883,825 $4,891,200 18.07%
1980 400,000 4543,650 854,650 5,061,283 16. 89
1979 (2) 270,000 477,410 747,,410 33,372,066 22. 16
1978 (2) -
1977 (2) -
(1) Includes General Corporate Fund only.
(2) Bonds were issued on September 1, 1977 with the first principal
payment due December 1, 1979 which was accrued for in the Debt
Service Fund- as of April 30, 1979.
-92-
Exhibit H-10
VILLAGE OF OAK BROOK
REVENUE BOND COVERAGE--WATERWORKS SYSTEM BONDS
Last Six Fiscal Years
Fiscal Year
1981 1980 1979 1978 1977 1976
Net income of
Waterworks System
Fund $ 537,793 $ 557,228 $ 743,542 $505,836 $ 646,795 $357,508
Add:
Depreciation 216,496 210,741 1523, 142 106,794 983,818 94,087
Interest expense 289,425 300,925 312,425 322,825 2821712 168,100
Amortization of bond
issuance costs 5,789 5,788 9,136 91443 12,639 21862
Amounts available for
_ revenue bond debt
service $1,049,503 $1,074,682 $1,217,245 $944,898 $1,040,964 $622,557
Revenue bond debt
service:
Principal $ 250,000 $ 225,000 $ 225,000 $200,000 $ 75,000 $ 50,000
Interest 289,425 300,925 312,425 3223,825 282,712 1681100
$ 5392425 $ 525,925 $ 537,425 $522,825 $ 357,712 $218,100
Coverage 1.95 2.04 2.26 1.81 2.91 2.85
-93-
Exhibit H-11
VILLAGE OF OAK BROOK
_ DEMOGRAPHIC STATISTICS
Last Two Fiscal Years
Education
Level in
Per Years of
Capita Medium Formal Unemployment
Fiscal Year Population Income Age Education Rate
1981 (1) 6,641 $ - - - -
1980 (2) 4,164 8,997 34 13.3 0.07
(1) The 1980 census indicates a population of 6,641, however, other
statistical data will not be available until 1982.
(2) Source: 1970 Federal Census.
-94-
Exhibit H-12
VILLAGE OF OAK BROOK
PROPERTY VALUE, CONSTRUCTION, AND BANK DEPOSITS
Last Ten Calendar Years
Commercial Residential
Construction Construction Estimated
Number Number Bank Total
Calendar of Value of Value Deposits(1) Property
Year Units (in Thousands) Units (in Thousands) (in Thousands) Value
1980 6 $143,554 81 $19,446 $433,987,000 $773,257,018
1979 6 18,167 119 17,487 647,403,000
1978 17 29,295 138 16,367 642,250,000
1977 13 10,050 132 14,944 558,224,000
1976 3 11-740 73 7,941 493111619000
1975 5 14,040 39 4$ 79 445, 1149000
1974 4 4,350 27 2,391 440,7203,000
1973 14 44,408 50 4, 146 372,233,000
1972 6 4,542 41 2,751 315,6589000
1971 9 10, 194 51 39250 25119957,000
(1) Source: Polling of all banks in Village of Oak Brook. Data for years prior
to 1980 was not available.
-95-
Exhibit H-13
VILLAGE OF OAK BROOK
PRINCIPAL TAXPAYERS
April 30, 1981
Percentage
1980 of Total
Assessed Assessed
Taxpayer Type of Business Valuation Valuation
LaSalle National Bank Oak Brook Shopping
Trust No. 49475 Center Property $ 8,304,750 3. 22%
Arthur Rubloff & Co. Commerce Plaza 5,414,360 2. 10
Regency Towers Office Buildings 4, 187,800 1. 62
McDonald's Corporation Corporate Headquarters 33,230,490 1.25
Marshall Field & Company Retail Store 3,0551020 1. 19
Manufacturers Life
Real Estate Executive Towers 3,014,480 1. 17
_ Oak Brook Hyatt House Hotel 2,745,620 1.07
Eastman Kodak Regional Headquarters 2,6371780 1.02
Marriott Hotel Hotel 295523-260 .99
Sears, Roebuck & Co. Retail Store 2,215,090 .86
$372357,650 14.49%
-96-
Exhibit H-14
VILLAGE OF OAK BROOK
_ INSURANCE IN EFFECT
Fiscal Year 1981-1982
Name of Company Policy Period Amount of
Type of Insurance (Policy Number) From To Coverage Premium
Employee benefit St. Paul Insurance $100,000
programs liability Company each
(512TD2984) 5-15-81 5-15-92 occurrence $ 154
Excess liability International
Surplus Lines $5,000,000
Insurance Company each
(XSI 7267) 1-1-81 1-1-82 occurrence 4,048
Boiler and machinery Chubb/Pacific $1,000,000
insurance Indemnity Group each
(7826-26-62) 5-15-81 5-15-82 occurrence 208
Treasurer's bond American Motorists
Insurance Company
(ISM-061-900) 4-13-81 4-13-82 $100,000 73
Volunteer accident Home Insurance
insurance Company $17,500 each
(HVF-7-14-61) 5-15-81 5-15-82 occurrence 860
Host Liquor Continental
Liability Casualty
(ROD6925030 $1,000,000
Lloyds, London each
BL24008) 11-24-80 11-24-81 occurrence 1,318
Note--The Village entered into a contractual agreement with 14 other munic-
ipalities to form the Intergovernmental Risk Management Agency (IRMA), which
through its risk-sharing provisions provides the Village with its insurance
coverage for liability, property damage, workmen's compensation and surety
risks not covered by the Village's Treasurer's Bond. The Village's contri-
bution to this cooperative agency for 1981 was $115,675 and was determined
by the pro rata share for each municipality's audited revenues and loss
experience for the previous year, to be sufficient annually to fund adminis-
trative expenses and create sufficient reserves for claim payments and the
purchase of excess insurance. The Agency provides loss protection in excess
of a deductible of $1,000 per occurrence to be paid by each municipality.
The Agency is required to pay up to $250,000 per occurrence for loss or
injury within the scope of its self-insurance coverage. The Agency has also
purchased catastrophe excess insurance over the amount of its $250,000
obligation and aggregate stop loss insurance. The amount of excess insur-
ance is $9,750,000 per occurrence for property exposures, and $4,750,000 for
vehicle, general liability and workmen's compensation exposures. The Agency
has contracted the services of Gallagher Bassett Insurance Service for the
claims administration function. As of April 30, 1981, IRMA members totaled
31 municipalities.
-97-
Exhibit H-15
— VILLAGE OF OAK BROOK
MISCELLANEOUS STATISTICAL DATA
April 30, 1981
Date of incorporation: 2-21-58
Form of government: Seven member Board of Trustees, including
President; Village Manager appointed by Board of
Trustees
Area: 8.5 square miles
Miles of streets: 53 miles
Number of street lights: 385
Fire protection: Number of stations 2
Number of firemen 33
Number of volunteers 20
Police protection: Number of stations 1
Number of policemen and officers 36
Detention facilities 2 juvenile; 6 adult
Education (elementary
only) : Attendance centers 2
Number of teachers 42
Number of students 497
Municipal water department: Number of customers 3,875 residential;
324 commercial
Total water pumped 1,058,981,000 gallons
Average daily
consumption 29901,000 gallons
Miles of water mains 70
— Building permits issued: 87
Recreation: Oak Brook Sports Core--269 acres including bath and
— tennis club and 18-hole golf course
Oak Brook Park District--66 acres including indoor
and outdoor tennis
— DuPage County Forest Preserve--141 acres
Culture: Number of libraries 1
Number of volumes 269742
Census data: 1960--324; 1970--4,164; 1975--5,281; 1980--6,641
Employees: 120 full-time
112 part-time
-98-