CAFR (Year Ended April 30, 1985) VILLAGE OF OAK BROOK, ILLINOIS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Year ended April 30, 1985
Prepared by:
Finance Department
John H. Brechin
Village Manager
Terry C. Klein
Finance Officer
INTRODUCTORY SECTION
VILLAGE OF OAK BROOK, ILLINOIS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Year ended April 30, 1985
TABLE OF CONTENTS
Exhibit Page(s)
Introductory Section:
Table of Contents 1-4
Organization Chart 5
Officers and Officials 6
Village Manager's Letter of Transmittal 7-14
Certificate of Conformance in Financial Reporting 15
Financial Section:
Accountants' Report 16
Combined Financial Statements:
Combined Balance Sheet - All Fund Types
and Account Groups 1 17-18
Combined Statement of Revenues, Expenditures,
_ and Changes in Fund Balances - All
Governmental Fund Types 2 19
Combined Statement of Revenues, Expenditures,
and Changes in Fund Balances - Budget
and Actual - All Governmental Fund Types 3 20
Combined Statement of Revenues, Expenses, and
Changes in Retained Earnings/Fund Balances - All
Proprietary Fund Types and Similar Trust Funds 4 21
Combined Statement of Changes in Financial
Position - All Proprietary Fund Types and
Similar Trust Funds 5 22
Notes to Financial Statements 23-40
Statement Schedule Page(s)
Combining, Individual Fund, and Account Group
Financial Statements and Schedules:
Governmental Funds:
_ General Corporate Fund:
Statement of Revenues, Expenditures, and Changes
in Fund Balance - Budget and Actual A-1 41
Schedule of Expenditures - Budget and Actual A-2 42-45
1
VILLAGE OF OAK BROOK, ILLINOIS
COMPREHENSIVE ANNUAL FINANCIAL REPORT, Continued
Year ended April 30, 1985
TABLE OF CONTENTS
Statement Schedule Page(s)
Combining, Individual Fund, and Account Group
_ Financial Statements and Schedules, continued:
Governmental Funds, continued:
Special Revenue Funds:
Combining Balance Sheet B-1 46
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances B-2 47
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances - Budget
and Actual B-3 48
Capital Projects Funds:
Combining Balance Sheet C-1 49
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances C-2 50
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances - Budget
and Actual C-3 51
Proprietary Funds:
Enterprise Funds:
Combining Balance Sheet D-1 52
Combining Statement of Revenues, Expenses,
and Changes in Retained Earnings (Deficit) D-2 53
Combining Statement of Changes in
_- Financial Position D-3 54
Waterworks System Fund:
_ Statement of Revenues, Expenses, and Changes
in Retained Earnings - Budget and Actual D-4 55
Schedule of Operating Expenses by Department -
Budget and Actual D-5 56
Schedule of Property, Plant, and Equipment
and Accumulated Depreciation D-6 57
2
VILLAGE OF OAK BROOK, ILLINOIS
COMPREHENSIVE ANNUAL FINANCIAL REPORT, Continued
Year ended April 30, 1985
TABLE OF CONTENTS
-' Statement Schedule Page(s)
Combining, Individual Fund, and Account Group
-.. Financial Statements and Schedules, continued:
Proprietary Funds, continued:
Enterprise Funds, continued:
_ Sports Core Fund:
Statement of Revenues, Expenses, and Changes
in Deficit - Budget and Actual D-7 58-59
Schedule of Operating Expenses by Department -
Budget and Actual D-8 60-61
Schedule of Property, Plant, and Equipment
and Accumulated Depreciation D-9 62
Fiduciary Funds - Pension Trust Funds:
Combining Balance Sheet E-1 63
Combining Statement of Revenues, Expenses,
— and Changes in Fund Balances E-2 64
Combining Statement of Changes in
Financial Position E-3 65
Policemen's Pension Fund:
Statement of Revenues, Expenses, and Changes
in Fund Balance - Budget and Actual E-4 66
Firemen's Pension Fund:
Statement of Revenues, Expenses, and Changes
in Fund Balance - Budget and Actual E-5 67
General Fixed Assets Account Group:
Schedule of General Fixed Assets - By Sources F-1 68
Schedule of General Fixed Assets - By
Function and Activity F-2 69
Schedule of Changes in General Fixed Assets -
By Function and Activity F-3 70
3
VILLAGE OF OAK BROOK, ILLINOIS
COMPREHENSIVE ANNUAL FINANCIAL REPORT, Continued
Year ended April 30, 1985
TABLE OF CONTENTS
Table Page(s)
Statistical Section (unaudited):
-' General Governmental Expenditures by Function -
Last ten fiscal years 1 71
General Revenues by Source - Last ten fiscal years 2 72
Property Tax Levies and Collections - Last
seven fiscal years 3 73
Assessed and Estimated Actual Value of Taxable
_ Property - Last ten fiscal years 4 74
Property Tax Rates - All Overlapping Governments -
Last ten fiscal years 5 75
Ratio of Net General Bonded Debt to Assessed
Value and Net Bonded Debt Per Capita -
Last nine fiscal years 6 76
Computation of Legal Debt Margin 7 77
Computation of Overlapping Debt 8 78
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Total General
Expenditures - Last seven fiscal years 9 79
Revenue Bond Coverage - Waterworks System Bonds -
Last ten fiscal years 10 80
Demographic Statistics 11 81
Property Value, Construction, and Bank Deposits -
Last ten calendar years 12 82
Principal Taxpayers 13 83
Insurance in Effect 14 84
Miscellaneous Statistical Data 15 85
4
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1 5
VILLAGE OF OAK BROOK, ILLINOIS
OFFICERS AND OFFICIALS
Year ended April 30, 1985
President
Wence F. Cerne
Clerk
Marianne Lakosil
Trustees
Karen M. Bushy
Walter C. Imrie
Ronald P. Maher
Arthur W. Philip
Joseph H. Rush
H. Richard Winters
Village Manager
John H. Brechin
6
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COUNt�'
VI LLAGE OF OAK BROOK
1200 OAK BROOK ROAD
OAK BROOK, ILLINOIS
654-2220
November 19, 1985
President and Board of Trustees
Village of Oak Brook
Oak Brook, Illinois 60521
Gentlemen:
The Comprehensive Annual Financial Report of the Village of Oak Brook for the
fiscal year ended April 30, 1985 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 included.
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 Account Group reflects all fixed assets acquired by funds
except the Enterprise 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 accrued employee vacation liability as
required by the provisions of Statement No. 4 issued by the National Council on
Governmental Accounting.
The last section of the Annual Report includes statistical data and schedules which
contribute to the value of the report as an official document.
This letter describes the significant aspects of financial operations during the
year. It is our hope that this report will significantly assist the Board of
Trustees, village officials and personnel, and our citizens in better understanding
the financial activities and transactions relating to our Village government.
7
Accounting System and BudgetarrX Control
The Village's accounting records for general governmental operations are accounted
for on a modified accrual basis of accounting. Revenues are recorded when
available and measurable. Expenditures are recorded when services or goods are
received and liabilities are incurred. Accounting records for the Village's
Enterprise Funds and Pension Trust Funds are maintained on an accrual basis.
The Village places a great deal of emphasis upon internal accounting controls as
they affect the overall accounting system of the Village. In developing and
evaluating the Village's accounting system, consideration 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; and (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 safeguard assets and provide
reasonable assurance of proper recording of financial transactions.
Budgetary control is maintained through a system of monthly revenue and
expenditure/expense vs. budget accounting reports which are provided to all
Trustees and department heads. All disbursements receive prior approval of the
Board of Trustees . Expenditures in any fund are restricted to the total
appropriation budget, which is not changed without supplemental ordinance approval.
Amounts budgeted by account within each fund can be changed by Board action.
Budgetary control is maintained at the subfunction level by the encumbrance of
estimated purchase amounts prior to the release of purchase orders to vendors.
Open encumbrances at April 30, 1985 are reported as reservations of fund balance.
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 charter. This
includes public safety (police, fire, bureau of inspection, and ambulance service),
street maintenance, public improvements , 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 golf
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.
8
During 1983 the National Council on Governmental Accounting (NCGA) Statement No. 3
_ "Defining the Governmental Reporting Entity" became effective. This statement
concluded that the basic - but not the only - criterion for including a
governmental department, agency, institution, commission, public authority, or
other governmental organization in a governmental unit's reporting entity for
general purpose financial reports is the exercise of oversight responsibility over
such agencies by the governmental unit's elected officials. The Village has
reviewed NCGA Statement No. 3 and has determined that no change in the reporting
entities included in its general purpose financial reports is required in order to
comply with the provisions of the Statement.
General Governmental Functions
Operating revenues for general governmental functions as reported in the General
Corporate Fund totaled $6,951,914, an increase of $610,982 (9.6x) over last year.
The amount of revenues from all sources and the increase or decrease over last year
are shown in the following tabulation:
Percent Increase
of (decrease)
Source Amount total over 1984
Intergovernmental $ 5,784,466 83.2% $ 590,171
Licenses and permits 287,217 4.1 (39,416)
Charges for services 212,816 3.1 (1,942)
Fines and penalties 204,809 3.0 (1,029)
Interest on investments 406,217 5.8 59,737
-. Other revenues 56,389 .8 3,461
$ 6,951 914 100.0% $ 610,982
Intergovernmental revenue is the major source of revenue for the Village, producing
83.2% of current year revenues. The increase over last year is primarily due to
increased collections of sales taxes due to a general economic upturn which
effected the nearby Oak Brook Mall.
._ The decrease in licenses and permits is due to decreased construction in the
Village.
_ Revenues from investment income increased by $59,737 from last year, reflecting a
rise in interest rates over what was predicted for the fiscal year.
The Village has never levied taxes for general governmental functions. However,
the assessed valuation of real property of the Village was $373,265,867, an
increase of $25,995,237, or 7.5% over the prior year.
Expenditures for general governmental purposes totaled $6,495,726, an increase of
$439,223 (7.3%) from last year. Changes in levels of expenditures for major
functions of the Village over the prior year are shown in the following tabulation:
9
Percent Increase
of (decrease)
Function Amount total over 1984
— Legislative $ 222,469 3.4% $ 4,374
General government 726,444 11.2 (272,881)
Public safety 4,032,499 62.1 571,564
Public works 1,377,788 21.2 149,376
Culture and recreation 136,526 2.1� (13,210)
$ 6,495,726 100.0% $ 439,223
In 1980 the Board of Trustees implemented a residential taxpayer benefit by
absorbing the cost of once-a-week curbside refuse collection. The cost of this
service is currently valued at $6.40 per week per resident. The total cost of this
service was $169,536 for the past year and is included in the legislative portion
of expenditures.
The decrease in general government expenditures is primarily due to a decrease in
capital purchases.
Public safety expenditures, which represent our largest portion of expenditures,
increased 16.5% over last year, primarily due to increases in personnel expenses of
$300,000 and increases in capital expenditures of $211,000.
The Village also abated $300,000 of the 1983 Sports Core tax levy as a result of
prior years' accumulated surpluses in the General Corporate Fund.
—
In 1983 the Village adopted the provisions of Statement No. 4 issued by the NCGA
regarding recognition of liabilities for compensated absences. Accumulated unpaid
... vacation pay is accrued when incurred in the proprietary funds. For governmental
funds, the current portion of the liability is reported in the individual fund, and
the remainder is reported in the General Long-term Debt Account Group.
Debt Administration
The ratio of net bonded debt to assessed valuation and the amount of the debt per
capita are useful indicators of the Village's debt position. This information for
the Village at April 30, 1985 as compared to April 30, 1984 is as follows:
A�0,1985 AApr.3�0+1984
Net bonded debt total $ 7,325,358 $ 7,988,853
Ratio of net bonded debt to assessed
valuation 1.963% 2.301%
Net bonded debt per capita 1,009 1,100
10
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 1984/85
totaled $586,900, or approximately 99% of the total 1983 tax levy. Due to the
favorable fund balance in the General Corporate Fund, the Village abated the 1984
levy collected in 1985/86 by $300,000. Reduced tax levy rates as the result of the
abatements are indicated below:
1984 — $.1524 per $100 of assessed valuation
1983 — $.1704 per $100 of assessed valuation
1982 — $.1645 per $100 of assessed valuation
1981 — $.0944 per $100 of assessed valuation
1980 — $.2010 per $100 of assessed valuation
1979 — $.2265 per $100 of assessed valuation
1978 — $.3495 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 Waterworks System
Fund. Schedules of maturities of both bond issues are located in the notes to
financial statements of the report.
The Village's bonds have the following ratings:
Mood is Investors Service
General Obligation Bonds Aa
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, certificates of
deposit, repurchase agreements, and the Illinois Public Treasurer's Investment
Pool. At April 30, 1985 the Village's cash resources for all funds exclusive of
Trust funds were distributed as follows:
Treasurer's Investment Pool 4.3%
Repurchase agreements 25.1%
Certificates of deposit 70.6%
In 1984/85 the Village received $839,976 in interest income. The average yield on
investments maturing during the year was 10.2% versus an average yield in 1983/84
of 9.9%.
Capital Projects Funds
The proceeds of the general obligation bond issue are accounted for in the Sports
Core Construction Fund until improvement projects are completed. At the end of the
fiscal year, completed projects are transferred to fixed assets of the Sports Core
Enterprise Fund.
11
Motor Fuel Tax Fund
The Motor Fuel Tax Fund was established to account for the revenue received from
the State of Illinois for the local share of the motor fuel tax collections. The
State collects the tax on each gallon of fuel sold within the State of Illinois and
returns a percentage back to each municipality based on population. Motor Fuel Tax
_ revenue from the State for the fiscal year ended April 30, 1985 was $116,038. The
funds in the Motor Fuel Tax Fund have been traditionally used by the Village to
finance street reconstruction and resurfacting projects, and roadway deicer salt.
Federal Revenue Sharing Fund
The Federal Revenue Sharing Fund was established to account for revenue received
from the Federal Government in accordance with the Federal Revenue Sharing Program.
The Village has had a policy of utilizing these funds for capital outlays;
specifically the Village bike path system and the acquisition of library materials.
This policy was adhered to in the fiscal year ended April 30, 1985 with $40,000
expended through transfer to the General Corporate Fund for bike path system
improvements.
Special Service Area No. 1 Fund
In September 1981 this Special Service Area was created for the replacement of gas
lights with electric lights in the York Woods Subdivision, pursuant to the request
made by the York Woods Homeowners Association.
Funding of this project was shared between the Village at 30% and the residents
within the Special Service Area at 70%. The residential portion of the funding
will be collected via a tax levy through 1986.
Pensions
Employees of the Village of Oak Brook are covered by one of three pension plans.
They are: 1) The Policemen's Pension Fund of the Village of Oak Brook, covering
the Village's sworn personnel in the Police Department; 2) The Firemen's Pension
Fund of the Village of Oak Brook, covering the Village's sworn personnel in the
Fire Deparmtent; and 3) The Illinois Municipal Retirement Fund, which covers all
the remaining Village employees who work in excess of 1000 hours per year on a
.� regular basis. The employees covered by the Illinois Municipal Retirement Fund are
also covered by Social Security.
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 Funds. As of April 30, 1985 the general fixed assets of the Village
amounted to $11,316,536. 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.
12.
Operating xpens_
Description Amount % of Total
Golf course $ 561,974 38.1%
Bath and Tennis Club 687,945 46.6
Open fields 96,246 6.5
Administration, July 4th and
Oak Brook Day 128,908 8..8
$ 1,475,073 100.0%
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 Government Finance Officers Association of the United States and Canada (GFOA),
formerly the Municipal Finance Officers Association (MFOA), awarded a Certificate
of Conformance in Financial Reporting to the Village of Oak Brook for its
comprehensive annual financial report for the fiscal year ended April 30, 1984.
In order to be awarded a Certificate of Conformance, a governmental unit must
publish an easily readable and efficiently organized comprehensive 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 GFOA to determine its eligibility for another certificate.
Acknowledgements
The preparation of this report could not be accomplished 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.
h H. Bec in
Vil age Manager
JHB/3r
�, 14
Certificate
of
Conformance
in Financial
Reporting
Presented to
Village of
Oak Brook, Illinois
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
_ April 30, 1984
A Certificate of Conformance in Financial Reporting is
presented by the Government Finance Officers Association
of the United States and Canada to governmental units
and public employee retirement systems whose comprehensive
annual financial reports (CAFR's) are judged to substantially
- conform to program standards.
� eF 0FFjC�9 74resident
�STATES
AND CANADACgtPORATATN `�STF.XII. OtiExecutia Director
15
FINANCIAL SECTION
Coo ers certified public accountants 222 South Riverside Plaza in principal areas of the world
Chicago,Illinois 60606
& y rand telephone(312)559-5500
twx(910)221-5211
cables Colybrand
The President, Board of Trustees,
and Village Manager
Village of Oak Brook, Illinois
We have examined the combined financial statements of the Village of Oak Brook,
Illinois and its combining and individual fund and account group financial state—
ments as of and for the year ended April 30, 1985, as listed in the accompanying
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.
We did not examine the financial statements of the Intergovernmental Risk Management
Agency (IRMA), portions of which are included in Note (12) to the financial state—
ments. Those statements were examined by other auditors, and our opinion expressed
herein, insofar as it relates to the amounts included for IRMA is based upon the
-- report of other auditors.
In our opinion, the combined financial statements referred to above present fairly
the financial position of the Village of Oak Brook, Illinois at April 30, 1985,
the results of its operations and the changes in financial position of its pro—
prietary fund types and similar trust funds for the year then ended, in conformity
with generally accepted accounting principles applied on a basis consistent with
that of the preceding year. Also, in our opinion, the combining and individual
fund financial statements referred to above present fairly the financial position
of the individual funds of the Village of Oak Brook, Illinois at April 30, 1985,
and the results of operations of such funds and the changes in financial position
of individual proprietary and similar trust funds for the year then ended, in
conformity with generally accepted accounting principles applied on a basis
consistent with that of the preceding year.
Our examination was made for the purpose of forming an opinion on the combined
financial statements, taken as a whole, and on the combining and individual fund
and account group financial statements. The supplementary financial information
listed in the accompanying table of contents is not necessary for a fair presenta—
tion of the financial statements, but is presented as additional analytical data.
This supplemental information has been subjected to the audit procedures applied
in the examination of the combined, combining and individual fund and account
group financial statements and, in our opinion, is fairly stated in all material
respects in relation to the combined financial statements taken as a whole.
The information in the statistical section listed in the accompanying table of
contents was not examined by us and we express no opinion thereon.
Chicago, Illinois
November 1, 1985
16
VILLAGE OF OAK BROOK, ILLINOIS
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
April 30, 1985
Fiduciary Account Groups
Governmental Fund Types Proprietary Fund Type General General Total
General Special Debt Capital Fund Type Trust and Fixed Long-Term (Memorandum
Assets and Other Debits Corporate Revenue Service Projects Enterprise Agency Assets Debt Only)
Cash $ 4,385 $ 9 $ 7,853 $ 63 $ 12,310
Investments 4,240,323 $76,745 392,348 $95,085 363,743 8,728,701 13,896,945
Receivables (net, where applicable, of
allowances for uncollectibles):
Sales taxes 1,254,146 1,254,146
Property taxes 6,063 641,100 647,163
State income taxes 18,315 18,315
Customers:
Billed water sales 109,575 109,575
Estimated unbilled water sales 112,510 112,510
Allotments 11,356 11,356
Accrued interest 121,811 83,068 223,859 428,738
F ' Other 4,029 11,552 36,507 52,088
Total receivables 1,398,301 17,419 652,652 341,660 223,859 2,633,891
Due from other funds 32,157 4,379 903 59,806 97,245
Due from other agencies 135,050 135,050
Prepaid expenses 1,073 8,333 9,406
Inventory of supplies, at cost 31,930 20,062 51,992
Unamortized bond discount 45,438 45,438
Restricted assets - cash and investments
Fixed assets (net of allowance for 3,922,318 3,922,318
depreciation for proprietary funds)
Amount available in Debt Service Fund 17,054,001 $11,316,536 28,370,537
Amounts to be provided for retirement $ 224,642 224,642
of long-term debt 7,395,103 7,395,103
Total assets and other debits $5,843,219 $94,164 $1,045,009 $99,464 $21,764,311 $9,012,429 $11,316,536 $7,619,745 $56,794,877
See accompanying notes to financial statements.
X
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VILLAGE OF OAK BROOK, ILLINOIS
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS, Continued
April 30, 1985
Fiduciary Account Groups
Governmental Fund Types Proprietary Fund Type General General Total
General Special Debt Capital Fund Type Trust and Fixed Long-Term (Memorandum
Liabilities and Fund Equity Corporate Revenue Service Projects Enterprise Agency Assets Debt Only)
Accounts payable $ 154,797 $ 40 $ 183,951
$ 338,788
Accrued payroll 103,180 13,516 116,696
Accrued vacation liability 325,564 13,238 $ 69,745 408,547
Customer deposits 4,500 197,455 201,955
Due to other funds 65,088 16,460 $ 2,364 13,333 97,245
Current interest payable 177,000 177,000
Deferred tax revenue 6,063 641,100 647,163
Construction performance bonds 336,296 336,296
Revenue bonds 4,025,000 4,025,000
General obligation recreation bonds 7,550,000 7,550,000
Total liabilities 989,425 22,563 820,464 4,446,493 7,619,745 13,898,690
00 Fund equity:
Contributed capital 11,025,590 11,025,590
Investment in general fixed assets $11,316,536 11,316,536
Retained earnings:
Reserved according to bond ordinance 3,663,132 3,663,132
Reserved for Lake Michigan Water
Project 259,168 259,168
Unreserved 2,369,928 2,369,928
Fund balances (deficit):
Reserved for encumbrances 13,944 13,944
Reserved for inventory 31,930 31,930
Reserved for future collections 91,250 91,250
Reserved for debt service 224,545 224,545
Reserved for employees' retirement $7,601,638 7,601,638
Unreserved:
Designated for subsequent year's
expenditures 6,721 $54,565 61,286
Undesignated 4,716,670 64,880 44,899 1,410,791 6,237,240
Total retained earnings/fund
balances 4,853,794 71,601 224,545 99,464 6,292,228 9,012,429 20,554,061
Total fund equity 4,853,794 71,601 224,545 99,464 17,317,818 9,012,429 11,316,536 42,896,187 X
Total liabilities and fund equity $5,843,219 $94,164 $1,045,009 $99,464 $21,764,311 $9,012,429 $11,316,536 $7,619,745 $56,794,877 v
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See accompanying notes to financial statements.
Exhibit 2
VILLAGE OF OAK BROOK, ILLINOIS
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES
year ended April 30, 1985
1
Total
General Special Debt Capital (Memorandum
Corporate Revenue Service Projects Only)
Revenues:
Intergovernmental $5,784,468 $ 165,370 $5,949,838
Property taxes $ 691,686 691,686
-- Licenses and permits 287,217 287,217
Service charges 212,816 212,816
Fines and penalties 204,809 204,809
Interest on investments 406,217 7,865 39,573 $ 8,204 461,859
Miscellaneous 56,389 56,389
Total revenues 6,951,916 173,235 731,259 8,204 7,864,614
w
Expenditures:
Current:
Legislative 222,469 222,469
General government 726,444 726,444
Public safety 4,032,499 4,032,499
Public works 1,377,788 983 1,378,771
Culture and recreation 136,526 136,526
Administration
Debt service:
Principal retirement 600,000 600,000
Interest and fees 367,861 367,861
_. Total expenditures 6,495,726 983 967,861 7,464,570
Excess (deficiency) of
revenues over
`! expenditures 456,190 172,252 (236,602) 8,204 400,044
Other financing sources (uses):
Operating transfers in 268,600 300,000 568,600
Operating transfers out (310,217) (108,600) (418,817)
Total other financing
sources (uses) (41,617) (108,600) 300,000 149,783
Excess (deficiency) of
revenues and other
_ financing sources
over expenditures and
other financing uses 414,573 63,652 63,398 8,204 549,827
Fund balances at April 30, 1984 4,439,221 7,949 161,147 91,260 4,699,577
Fund balances at April 30, 1985 $4,853,794 $ 71,601 $ 224,545 $99,464 $5,249,404
See accompanying notes to financial statements.
19
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Exhibit 4
VILLAGE OF OAK BROOK, ILLINOIS
COMBINED STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN
RETAINED EARNING/FUND BALANCES — ALL PROPRIETARY
FUND TYPES AND SIMILAR TRUST FUNDS
year ended April 30, 1985
Fiduciary Total
Proprietary Fund Types (Memorandum
Fund Types Pension Trust Only)
Operating revenues:
Charges for services $3,650,836 $ 3,650,836
Interest on investments $ 901,018 901,018
Contributions:
Employees 199,790 199,790
Village 376,025 376,025
Miscellaneous 49,994 49,994
Total operating revenues 3,700,830 1,476,833 5,177,663
Operating expenses:
Operation of facilities 2,120,939 2,120,939
General and administrative 173,683 3,411 177,094
Depreciation 470,417 470,417
Benefit payments 62,631 62,631
Refunds
Total operating expenses 2,765,039 66,042 2,831,081
Operating income 935,791 1,410,791 2,346,582
Nonoperating revenues (expenses) :
Interest on investments 378,117 378,117
Interest on bonds (228,600) (228,600)
Amortization of bond discount (5,170) (5,170)
Fiscal agents' fees (383) (383)
Construction reimbursements 3,600 3,600
147,564 147,564
Inccme before operating transfers 1,083, 355 1,410,791 2,494,14-6
Operating transfers in 10,217 10,217
-- Operating transfers out (160,000) (160,000)
Net income 933,572 1,410,791 2,344,363
Retained earnings/fund balances
at April 30, 1984 5,358,656 7,601,638 12,960,294
Retained earnings/fund balances
at April 30, 1985 $6,292,228 $9,012,429 $15,304,657
See accompanying notes to financial statements.
21
Exhibit 5
VILLAGE OF OAK BROOK, ILLINOIS
COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION - ALL
PROPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS
year ended April 30, 1985
Proprietary Fiduciary Total
Fund Types Fund Types (Memorandum
Enterprise Pension Trust Only)
Sources of working capital:
Operations:
Net income $ 933,572 $1,410,791 $2,344,363
Items not requiring working capital:
Depreciation 470,417 470,417
Amortization of bond discount 5,170 5,170
Total provided by operations 1,409,159 1,410,791 2,819,950
Total sources of working capital 1,409,159 1,410,791 2,819,950
Uses of working capital:
Acquisition of fixed assets 242,334 242,334
Reduction in bonds payable 350,000 350,000
Net increase in restricted assets 803,387 803,387
Net increase in pension investments 1,393,488 1,393,488
'- Total uses of working capital 1,395,721 1,393,488 2,789,209
Net increase in working capital $ 13,438 $ 17,303 $ 30,741
Elements of net increase (decrease) in
working capital:
Cash $ 6,324 $ 14 $ 6,338
Investments 182,283 182,283
Receivables (17,354) 14,608 (2,746)
Due from other funds 2,681 2,681
- Prepaid expenses (74,072) (74,072)
_ Inventory 2, 683 2,683
Accounts payable (25,752) (25,752)
Accrued payroll (2,245) (2,245)
Accrued vacation liability (3,741) (3,741)
Customer deposits (55,164) (55,164)
Due to other funds 476 476
Net increase in working capital $ 13,438 $ 17,303 $ 30,741
See accompanying notes to financial statements.
22
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
(1) Summary of Significant Accounting Policies
The Village of Oak Brook, Illinois (Village) was incorporated February 21,
1958. The Village operates under a Board of Trustees—Manager form of govern—
ment and provides 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, planning and zoning, and
general administrative services.
The accounting policies of the Village conform to generally accepted accounting
principles (GAAP) as applicable to governments. The following is a summary of
the more significant policies:
(a) Basis of Presentation — Fund Accounting
The accounts of the Village are organized on the basis of funds
and account groups, each of which is considered a separate
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 Fund Types
Governmental funds are those through which most govern—
mental functions of the Village are financed. The Village's
expendable financial resources (except those accounted for
in proprietary funds) are accounted for through govern—
mental funds. The measurement focus is upon determination
of changes in financial position, rather than upon net
income determination. The following are the Village's
governmental fund types:
General Corporate Fund — The General Corporate
Fund is the general 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 pro—
jects) that are legally restricted to expendi—
tures for specified purposes.
23
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS, Continued
(1) Summary of Significant Accounting Policies, continued
(a) Basis of Presentation - Fund Accounting, continued
Governmental Fund Types, continued
Debt Service Fund - The Debt Service Fund is used
to account for the accumulation of resources for,
and the payment of, general obligation long-term
debt principal, interest, and related costs. The
Village's only Debt Service Fund is for the Sports
Core recreation bonds.
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 Fund Type
Proprietary funds are used to account for the Village's ongoing
organizations and activities which are similar to those often
found in the private sector. The measurement focus is upon
determination of net income.
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 depre-
ciation) of providing goods or services to the
general public on a continuing basis be financed
or recovered primarily 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
capital maintenance, public policy, management
control, accountability, or other purposes.
Fiduciary Fund Type
Fiduciary funds are used to account for assets held by the
Village in a trustee capacity or as an agent for individuals,
private organizations, other governmental units, and/or other
funds.
Trust Funds - Trust Funds are used to account for
assets held by the Village in a trustee capacity.
These include the Policemen's and Firemen's Pension
Trust Funds. These funds are accounted for in
essentially the same manner as proprietary funds.
24
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS, Continued
(1) Summary of Significant Accounting Policies, continued
(a) Basis of Presentation — Fund Accounting, continued
- Account Groups
Account groups are used to establish accounting control
and accountability for the Village's general fixed
assets and general long—term debt. The following are
the Village's account groups:
General Fixed Assets Account Group — This account
group is established to account for all fixed assets
of the Village, other than those accounted for in
the proprietary funds and trust funds.
^' General Long—Term Debt Account Group — This account
group is established to account for all long—term debt
of the Village except that accounted for in the pro—
prietary funds.
Fixed assets used in governmental fund type operations (general
fixed assets) are accounted for in the General Fixed Assets Account
Group, rather than in governmental funds. Public domain ("infra—
structure") general fixed assets consisting of certain improve—
ments 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 histor—
ical 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 governmental
funds are accounted for in the General Long—term Debt Account Group,
not in the governmental funds.
Depreciation of all exhaustible fixed assets used by proprietary
funds is charged as an expense against their operations. Accumu—
lated depreciation is reported on proprietary fund balance sheets.
Depreciation has been provided over the estimated useful lives
using the straight—line method. The estimated useful lives are
as follows:
Buildings 40 years
Waterworks system 10-40 years
Improvements other than buildings 10-20 years
Tennis courts and pools 15-20 years
Equipment 5-10 years
25
T
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS, Continued
(1) Summary of Significant Accounting Policies, continued
(b) 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 timing
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.
- Shared revenues remitted from the state government, such as the
state motor fuel tax allotments, state income taxes, and state
sales taxes were accrued applying the susceptible to accrual
concept based upon the month they were collected by the state.
In applying the susceptible to accrual concept to intergovern-
mental revenues, the legal and contractual requirements of the
numerous individual programs are used as guidance. There are,
however, essentially two types of these revenues. In one, monies
T
must be expended on the specific purpose or project before any
- amounts will be paid to the Village; therefore, revenues are
recognized based upon the expenditure recorded. In the other,
monies are virtually unrestricted as to purpose of expenditure
and are usually revocable only for failure to comply with pre-
scribed compliance requirements. These resources are reflected
as revenues at the time of receipt or earlier if the susceptible
to accrual criteria are met.
Licenses and permits, charges for services (other than enterprise
funds) , and miscellaneous revenues (except investment earnings)
are recorded as revenues when received in cash because they are
generally not measurable until actually received. Investment
earnings are recorded as earned since they are measurable and
available. See Note 2 for property tax accrual policy.
Expenditures, other than interest on long-term debt, are
recorded when the liability is incurred, if measurable.
All proprietary funds and pension trust funds are accounted for
using the accrual basis of accounting. Their revenues are recog-
nized when they are earned, and their expenses are recognized
when they are incurred. Unbilled Waterworks System Fund utility
service receivables are recorded at year-end.
26
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS, Continued
(1) Summary of Significant Accounting Policies, continued
(c) Budgets and Budgetary Accounting
The Village follows these procedures in establishing the budgetary
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 oper—
ating budget includes proposed expenditures for all
funds of the Village.
(2) Public hearings are conducted to obtain taxpayer
comments.
(3) Prior to August 1, the appropriations ordinance
(budget) , which is 10% greater than the proposed
operating budget, is legally enacted through pass—
age of an ordinance. All appropriations lapse
at year—end.
(4) Any revisions that alter the total expenditures of
any fund must be approved by the Board of Trustees.
Revisions made on the current year's budget were
in accordance with legal requirements.
(5) Budgets are legally adopted for all funds. Formal
«— budgetary integration is employed as a management
control device during the year. Expenditures may
not legally exceed appropriations on a fund basis
for each legally adopted annual budget.
(6) All budgets are prepared on the cash basis. Bud—
getary comparisons presented in this report are
-' on this non—GAAP basis.
(7) No amounts are budgeted or appropriated for depre—
ciation in the Water or Sports Core Funds.
(d) Encumbrances
Encumbrance accounting, under which purchase orders, contracts,
and other commitments for the expenditure of monies are recorded
in order to reserve that portion of the applicable appropriation,
is employed as an extension of formal budgetary integration in
the governmental funds. Encumbrances outstanding at year—end
are reported as reservations of fund balances since they do not
constitute expenditures or liabilities.
27
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS, Continued
(1) Summary of Significant Accounting Policies, continued
(e) Investments
Investments are stated at cost or amortized cost, which approxi-
mates market for all but the Policemen's and Firemen's Pension Trust
Funds. For these funds, market value was $4,223,134 and $4,591,490
as compared to their recorded cost of $4,200,203 and $4,528,498,
respectively, at April 30, 1985.
(f) Inventory
Inventory is valued at lower of cost (first-in, first-out) or
market (net realizable value) . Inventory in the General Corporate
Fund consists of expendable supplies held for consumption. Inven-
tory in the Sports Core Enterprise Fund consists of similar sup-
plies as well as inventory of the golf shop held for resale. The
cost is recorded as an expenditure/expense at the time individual
._ inventory items are utilized. Reported General Corporate Fund
inventories are equally offset by a fund balance reserve which
indicates that they do not constitute "available spendable re-
sources" even though they are a component of net current assets.
(g) Unpaid Vacation and Sick Pay
Vacation pay is computed and earned on a calendar year basis.
Vacation earned must be taken before the end of the next calendar
year. Employees are not allowed a given number of sick days a
year; any sick leave is at the discretion of the department heads.
Accumulated unpaid vacation pay is accrued when incurred in the
proprietary funds. For governmental funds, the current portion of
the liability is reported in the individual fund, and the remainder
is reported in the General Long-term Debt Account Group.
(h) Total Columns on Combined Statements
Total columns on the combined financial statements are captioned
memorandum only to indicate that they are presented only to
facilitate financial analysis. Data in these columns do not
present financial position, results of operations, or changes in
financial position in conformity with generally accepted accounting
�- principles. Neither is such data comparable to a consolidation.
Interfund eliminations have not been made in the aggregation of
this data.
28
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS, Continued
(1) Summary of Significant Accounting Policies, continued
(i) Reporting Entity
The Village has adopted the position of the National Council on
Governmental Accounting (NCGA) as outlined in its Statement 3
regarding the definition of the reporting entity. The basic
criteria for including a governmental department, agency,
institution, commission, public authority or other governmental
organization in a governmental unit's combined financial state-
ments is the exercise of oversight responsibility over such
— agencies by the governmental unit's elected officials. The
manifestations of such oversight responsibility are financial
interdependency, selection of governing authority, designation
of management, ability to significantly influence operations
and accountability for fiscal matters.
The Village participates in two joint ventures as defined in
NCGA Statement 7:
Intergovernmental Risk Management Agency (IRMA): This
_ venture is described in Note 12. The venture is accounted
for using the cost method.
Intergovernmental Personnel Benefit Cooperative (IPBC):
The Village's participation in this venture is not
material to the Village's combined financial statements.
The venture is accounted for using the cost method.
-" There are no other entities where there is a positive response
to the reporting entity inclusion criteria.
(2) Property Taxes
The Village's property tax is levied each calendar year on all taxable real
property located in the Village. The Village levies taxes only for the
payment of principal and interest on general obligation long-term debt and
for Special Service Area No. 1.
Property taxes attach as an enforceable lien on property as of January 1.
Taxes are levied on March 1 (Du Page County) and become due and payable in two
installments on June 1 and September 1 during the following fiscal year.
Taxes are billed and collected by county officials.
The Village, in fiscal 1982, adopted the provisions of Interpretation No. 3
issued by the NCGA regarding revenue recognition of property taxes. Since
1984, property tax revenues are not due within the current fiscal year, the
most recent tax levy (1984) has not been recognized as current revenues. The
receivable for the current tax levy has been recognized on the accompanying
balance sheets along with a corresponding amount of deferred tax revenue.
Likewise, the debt service payments and liabilities related to the 1983
levy are not reflected in the General Corporate or Debt Service Funds. These
liabilities are reflected in the General Long-Term Debt Account Group.
29
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS, Continued
(3) Fixed Assets
Changes in General Fixed Assets
A summary of changes in general fixed assets follows:
Balance at Balance at
April 30, 1984 Additions April 30, 1985
Land $ 273,741 $ 273,741
Buildings and improvements 4,848,011 $ 39,314 4,887,325
Furniture and fixtures 250,508 3,762 254,270
Roadway improvement 3,168,781 504,342 3,673,123
Automotive equipment 705,314 243,997 949,311
Other equipment 963,764 77,573 1,041,337
Library books 211,343 26,086 237,429
$10,421,462 $895,074 $11,316,536
Proprietary Fund Type Property, Plant and Equipment
A summary of proprietary fund type property, plant and equipment by fund at
April 30, 1985 follows:
Enterprise
Waterworks Sports
System Core
Fund Fund Total
Land and improvements $ 2,819 $ 9,784,030 $ 9,786,849
Buildings 778,547 778,547
Waterworks system structure
and equipment 8,595,975 8,595,975
Improvements other than buildings 296,223 296,223
Tennis courts and pools 436,841 436,841
Equipment 94,849 165,201 260,050
-- 8,693,643 11,456,619 20,150,262
Less allowances for depreciation (1,962,682) (1,133,579) (3,096,261)
$ 6,730,961 $10,323,040 $17,054,001
_ 30
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS, Continued
(4) Long—Term Debt
General Long—Term Debt Account Group
A summary of transactions for the year ended April 30, 1985 follows:
General Accrued
Obligation Vacation
Recreation Liability
Bonds (Note 1(g)) Total
Balance at April 30, 1984 $8,150,000 $55,243 $8,205,243
Additions 14,502 14,502
_ Transfers to Debt Service
Fund (600,000) (600,000)
Balance at April 30, 1985 $7,550,000 $69,745 $7,619,745
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.
Principal on the bonds is due serially December 1, 1979 to December 1,
1994. Interest is payable on each June 1 and December 1, 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.
Waterworks Revenue Bonds
A summary of transactions for the year ended April 30, 1985 follows:
Waterworks Revenue Bonds
1973 Series 1976 Series Total
Balance at April 30, 1984 $2,375,000 $2,000,000 $4,375,000
Retirements (150,000) (200,000) (350,000)
Balance at April 30, 1985 $2,225,000 $1,800,000 $4,025,000
The Waterworks Revenue Bonds were issued to fund the acquisition and
expansion of the Village's water system.
31
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS, Continued
(4) Long-Term Debt, continued
Waterworks Revenue Bonds, 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
Waterworks Revenue Bonds General Obligation
1973 Series 1976 Series Recreation Bonds
Principal Interest Principal Interest Principal Interest
Maturing as
follows,
year ending
-- April 30:
1986 $ 150,000 $108,075 $ 200,000 $101,875 $ 600,000 $ 354,000
1987 150,000 100,575 225,000 90,875 600,000 328,200
_ 1988 175,000 93,075 225,000 78,500 700,000 302,400
1989 175,000 84,325 250,000 66,125 700,000 270,200
1990 200,000 75,400 275,000 51,750 700,000 238,000
1991 200,000 65,200 300,000 35,938 800,000 205,800
1992 200,000 54,800 325,000 18,687 800,000 167,400
1993 225,000 44,400 850,000 129,000
1994 225,000 32,700 900,000 88,200
-- 1995 250,000 21,000 900,000 44,100
1996 275,000 11,000
$2,225,000 $690,550 $1,800,000 $443,750 $7,550,000 $2,127,300
(5) Waterworks System Fund
The ordinance authorizing the issuance of Waterworks Revenue Bonds Series 1973
and 1976 requires that separate accounts be maintained in the fund designated
as (balances in the accounts at April 30, 1985 are shown in parentheses):
(a) Operation and maintenance account ($346,178)
(b) Bond and interest account ($76,493)
(c) Bond reserve account ($669,163)
(d) Depreciation, improvement, and extension account ($762,698)
(e) Surplus revenue account ($2,154,778)
(f) Reserve for Lake Michigan Water Project ($259,168)
32
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS, Continued
(5) 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 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 pay—
ment 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. Since the Village has met their maximum principal
and interest requirements of all outstanding bonds, the surplus was transferred
to a separate Lake Michigan reserve as described below.
Funds accumulated in the depreciation, improvement, and extension account
shall be used to pay for any extraordinary maintenance, repairs, and necessary
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.
33
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS, Continued
(5) Waterworks System Fund, continued
During fiscal 1984, the Village began to separately reserve funds for future
expenditures which will be necessary to secure Lake Michigan water. See
Note 11(b) for a description of the Village's participation in the DuPage Water
Commission, the purpose of which is to supply Lake Michigan water to DuPage
County municipalities. At April 30, 1985, $259,168 has been reserved for the
Lake Michigan Water Project. This reserve has been approved by the Board of
Trustees and is in compliance with the revenue bond ordinance requirements
described on the preceding page.
Funds accumulated in all but the operation and maintenance account have been
classified as restricted assets on the combined balance sheet at April 30, 1985.
(6) Retirement Commitments
Village employees are covered under three separate retirement plans. Full—time
Village policemen and firemen are covered by separate pension trust funds estab—
lished in accordance with state law. Other full—time Village employees are
covered by the Illinois Municipal Retirement Fund (statewide program) .
(a) Policemen's Pension Fund
Funded Obligations
The Policemen's Pension Fund covers substantially all
uniformed members of the Village's police department.
The plan is a single employer plan administered by a
separate Village Police Pension Board.
According to the governing act, the Board of Trustees
of the Policemen's Pension 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 designate the proportionate amount needed annually
to ensure the accumulation of such actuarial reserve
over a 40—year period ending in 2020. The total
actuarial requirements at April 30, 1984 (the date
of the latest actuarial valuation) amounted to
$3,959,303 as determined by the Illinois State Depart—
ment of Insurance.
The current normal costs and the resultant liability
for the year ended April 30, 1985 are not reflected
as an increase in the actuarial reserve deficiency
34
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS, Continued
— (6) Retirement Commitments, continued
(a) Policemen's Pension Fund, continued
Funded Obligations, continued
because the date of the Illinois State Department of
Insurance determination was as of April 30, 1984. The
net assets of the Fund at April 30, 1984 were less than
actuarial requirements by $18,845 after adjustment by
the net transactions of the Fund for the year ended
April 30, 1984.
The significant actuarial assumptions used in the Illinois
State Department of Insurance valuation are as follows:
Actuarial cost method Entry age normal cost
Investment return 6.5%
Mortality rates Based on the 1971
Group Annuity
Mortality Table
Salary progression assumption 5%
Contributions
Employer contributions made during the year ended April 30,
1985 were $199,688 based upon actuarial requirements deter—
mined by the Illinois State Department of Insurance.
(b) Firemen's Pension Fund
Funded Obligations
The Firemen's Pension Fund covers substantially all
uniformed members of the Village's fire department.
The plan is a single employer plan administered by a
separate Village Firemen's Pension Board.
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 Illinois State Department of Insurance over a
40—year period ending in 2020. At April 30, 1984 (the
-- date of the latest computation) , the actuarial require—
ments of the Fund amounted to $4,290,751 as determined
by the Illinois State Department of Insurance. There
was no actuarial reserve deficiency at April 30, 1984.
35
VILLAGE OF OAK BROOK, ILLINOIS
_ NOTES TO FINANCIAL STATEMENTS, Continued
(6) Retirement Commitments, continued
(b) Firemen's Pension Fund, continued
Funded Obligations, continued
The unreserved fund balance of $685,201 has been adjusted by
the net transactions of the fund for the year ended April 30,
1985. However, the current normal costs and the resultant
liability for the year ended April 30, 1985 are not reflected
as an increase in the actuarial requirements because the date
of the Illinois State Department of Insurance determination
was as of April 30, 1984.
The significant actuarial assumptions used in the Illinois
State Department of Insurance valuation are as follows:
Actuarial cost method Entry age normal cost
Investment return 6.5%
Mortality rates Based on the 1971
Group Annuity
Mortality Table
Salary progression assumption 5%
Contributions
Employer contributions made during the year ended April 30,
1985 were $176,337 based upon the actuarial requirements
determined by the Illinois State Department of Insurance.
(c) Illinois Municipal Retirement Fund
As the Village does not have a property tax levy for funding
retirement benefits, no separate fund accountability is main-
tained for Illinois Municipal Retirement Fund purposes. Expen-
ditures 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, 1984 (date of the latest computation) the
present value of total IMRF pension obligations to be borne by
the Village of Oak Brook, Illinois was $1,293,871. The Village
had accumulated reserve assets to be used toward this obligation
of $412,287 on the same date. Therefore, the estimated present
' value of future contributions to be made by the Village was
$881,584. This pension obligation includes, in addition to future
36
VILLAGE OF OAK BROOK, ILLINOIS
_,. NOTES TO FINANCIAL STATEMENTS, Continued
(6) Retirement Commitments, continued
(c) Illinois Municipal Retirement Fund, continued
normal costs of $275,299, the amount of unfunded prior service
cost computed to be $606,285. The amount of unfunded prior
service cost was computed by using actuarial assumptions approved
by the IMRF Board of Trustees.
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 costs, term
cost of death and disability benefits, and the cost of administra-
tion of the Fund. Employer contributions made during the year
ended April 30, 1985 were $66,885.
(7) Interfund Balances
Individual interfund balances at April 30, 1985 are shown as follows:
Amounts Payable from
Enterprise
Funds
General Service Waterworks Debt
Corporate Area System Service
Amounts Payable To Fund No. 1 Fund Fund Total
General Corporate Fund $16,460 $13,333 $2,364 $32,157
— Fiduciary funds:
Policemen's Pension Fund $32,172 32,172
Firemen's Pension Fund 27,634 27,634
Capital projects -
Equipment Replacement 4,379 4,379
Enterprise funds:
Sports Core Fund 903 903
$65,088 $16,460 $13,333 $2,364 $97,245
(8) Amount Due from Other Agencies
The amount classified as due from other agencies in the General Corporate Fund
represents sales tax revenues of the Village which were improperly allocated to
other agencies by the Illinois Department of Revenue in prior years. These
underallocations from prior years, totaling $135,050, are to be remitted
monthly to the Village along with regular sales tax revenues in fiscal years
1985 through 1987. The long-term portion of amounts due are shown as a fund
balance reserve which indicates that they do not constitute "available spend-
able resources" even though they are a component of net current assets.
37
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS, Continued
(9) Designations of Fund Balance
A portion of the General Corporate Fund fund balance at April 30, 1985 has
been designated for future expenditures to be made on bike path improvements
that have been funded by transfers of approved monies from the Federal
Revenue Sharing Fund. In addition, the entire remaining fund balance in the
Federal Revenue Sharing Fund has been designated for the future bike path
-- improvements and the acquisition of library materials.
(10) Individual Fund Deficits
(a) Special Revenue Fund — Special Service Area No. 1
The deficit in this fund of $16,460 exists because the expendi—
ture for street light improvements was made in 1982, while the
related tax revenues will be received over a six—year period.
This deficit will be fully eliminated from future tax collections
from residents of the Special Service Area.
(b) Enterprise Fund — Sports Core
The Sports Core Fund deficit fund balance of $871,153 is due
primarily to depreciation expense. The deficit will be eliminated
—' in the course of future operations of the Sports Core.
(11) Contingent Liabilities
(a) Grant Participation
The Village participates in the Federal Revenue Sharing and
Illinois Motor Fuel Tax programs. These programs are subject
to program compliance audits by the grantors or their repre—
sentatives. The audits of these programs for or including
the year ended April 30, 1985 have not yet been conducted.
Accordingly, the Village's compliance with applicable grant
requirements will be established at some future date. The
amount, if any, of expenditures which may be disallowed by the
granting agencies cannot be determined at this time although
the Village expects such amounts, if any, to be immaterial.
(b) Litigation
There are several pending lawsuits in which the Village is
involved. Management believes that the potential claims
against the Village resulting from such litigation would not
materially affect the financial statements of the Village.
38
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS, Continued
(12) Intergovernmental Risk Management Agency (IRMA)
The following is a joint venture of the Village of Oak Brook as defined in
_ National Council on Governmental Accounting (NCGA) Statement 7, "Financial
Reporting for Component Units within the Governmental Reporting Entity."
(a) Description of Joint Venture
Intergovernmental Risk Management Agency (IRMA) is a voluntary
cooperative agency consisting of 38 Illinois municipal govern-
mental units. Its purpose is to manage and fund first-party
property losses and third-party liability claims (including
workers' compensation) of its member municipalities. Members
have a contractual obligation to fund any deficit of IRMA
attributable to a membership year during which they were a
member. The Village of Oak Brook joined IRMA on January 1,
1979 and, by contract, will participate in and be a member
�- thereof until December 31, 1987.
Each member municipality assumes the first $1,000 of each
and every loss or claim. The next $249,000 of any such loss
or claim is paid by the IRMA pool. Commercial insurance
would then pay to a limit of $25,000,000 per occurrence on
_ a liability claim (including Workers' Compensation) (with
certain sublimits) and up to a limit of $30,000,000 per
occurrence (with certain sublimits) on a first party property
loss. In 1984 the IRMA pool was protected by $2,000,000
annual aggregate excess insurance which attached at
$3,150,000, and a $250,000 per occurrence stop loss. In
1985 the IRMA pool was protected by $2,000,000 annual aggre-
gate excess insurance which attached at $5,000,000, and a
$250,000 per occurrence stop loss.
Management consists of a Board of Directors comprised of
"- one representative from each member. In addition, there
are two officers, a Risk Manager and a Treasurer. The
Village of Oak Brook does not exercise any control over
— the activities of the Agency.
39
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS, Continued
(12) Intergovernmental Risk Management Agency (IRMA) , continued
(b) Summary Financial Information of Joint Venture
The latest available financial statements of the Agency,
dated December 31, 1984, show the following:
Village of Oak Brook's
IRMA Share
Total assets $12,854,601 $503,386
Total liabilities 12,854,601 503,386
Total revenue 6,858,364 268,573
Total expense 6,858,364 268,573
(13) Leases and Other Commitments
The Village has no material operating lease agreements or commitments.
(14) Enterprise Funds
Segment information for the year ended April 30, 1985 is as follows:
Waterworks Sports
Type of Service System Core
Operating revenues $ 2,248,360 $ 1,452,470
Depreciation 229,077 241,340
Operating income (loss) 1,199,734 (263,943)
Operating transfers in 10,217
Operating transfers out (160,000)
Net income (loss) 1,179,122 (245,550)
Property, plant and equipment:
Additions 72,090 170,244
Deletions
Net working capital 489,664 (168,603)
Total assets 11,283,611 10,480,700
Bonds outstanding 4,025,000
Total equity 7,163,381 10,154,437
40
s
w
COMBINING, INDIVIDUAL FUND, AND ACCOUNT GROUP
FINANCIAL STATEMENTS AND SCHEDULES
GENERAL CORPORATE FUND
To 'account for resources traditionally associated with governments which are not
required to be accounted for in another fund.
Expenditures of the Village Library and the Police and Fire Departments are accounted
for in this fund.
A-1
VILLAGE OF OAK BROOK, ILLINOIS
.. GENERAL CORPORATE FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
year ended April 30, 1985
Adjustment
to Actual on Variance
Budgetary Budgetary Favorable
Actual Basis Basis Budget (Unfavorable)
Revenues:
Intergovernmental:
Municipal sales tax $5,489,100 $(261,980)$5,227,120 $ 5,247,000 $ (19,880)
Illinois state income tax 168,344 (400) 167,944 145,600 22,344
York Township road and
bridge tax 114,195 114,195 106,000 8,195
Foreign fire insurance tax 12,829 12,829 12,000 829
5,784,468 (262,380) 5,522,088 5,510,600 11,488
�- Licenses and permits 287,217 (2) 287,215 240,505 46,710
Service charges 212,816 1,551 214,367 188,597 25,770
Fines and penalties 204,809 (1,566) 203,243 175,923 27,320
Interest on investments 406,217 (4,160) 402,057 270,000 132,057
Miscellaneous 56,389 (945) 55,444 29,400 26,044
1,167,448 (5,122) 1,162,326 904,425 257,901
`- Total revenues 6,951,916 (267,502) 6,684,414 6,415,025 269,389
Expenditures:
Legislative 222,469 (11,284) 211,185 238,348 27,163
General government 726,444 (22,410) 704,034 885,841 181,807
Public safety 4,032,499 (318,840) 3,713,659 4,147,802 434,143
Public works 1,377,788 (80,382) 1,297,406 1,569,075 271,669
_. Culture and recreation 136,526 (3,495) 133,031 177,201 44,170
Total expenditures 6,495,726 (436,411) 6,059,315 7,018,267 958,952
Excess (deficiency)
of revenues over
expenditures 456,190 168,909 625,099 (603,242) 1,228,341
Other financing sources (uses):
Operating transfers in 268,600 3,707 272,307 274,600 (2,293)
_ Operating transfers out (310,217) (310,217) (310,217)
Total other financing
sources (uses) (41,617) 3,707 (37,910) (35,617) (2,293)
Excess (deficiency) of
revenues and other
financing sources
over expenditures
and other
financing uses 414,573 $ 172,616 $ 587,189 $ (638,859) $1,226,048
Fund balance at April 30, 1984 4,439,221
Fund balance at April 30, 1985 $4,853,794
See accompanying notes to financial statements.
41
A-2
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL CORPORATE FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
year ended April 30, 1985
Adjustment
to Actual on Variance
Budgetary Budgetary Favorable
Actual Basis Basis Budget (Unfavorable)
Legislative:
Board of Trustees:
Personal services $ 6,586 $ 413 $ 6,999 $ 7,370 $ 371
Contractual services 195,024 (11,518) 183,506 199,752 16,246
Fixed charges 2,651 27 2,678 2,514 (164)
Commodities 4,889 (201) 4,688 7,158 2,470
Capital outlay 332 332 351 19
209,482 (11,279) 198,203 217,145 18,942
Plan Commission:
Personal services 3,183 1 3,184 3,314 130
Contractual services 271 (1) 270 134 (136)
Fixed charges 392 (1) 391 401 10
Commodities 172 172 411 239
4,018 (1) 4,017 4,260 243
Board of Fire and Police:
Contractual services 3,284 (1) 3,283 10,241 6,958
Fixed charges 401 401 174 (227)
Commodities 56 56
3,685 (1) 3,684 10,471 6,787
Zoning Board of Appeals:
Personal services 3,183 1 3,184 3,314 130
Contractual services 1,607 (2) 1,605 2,256 651
Fixed charges 392 (1) 391 401 10
Commodities 102 (1) 101 501 400
5,284 (3) 5,281 6,472 1,191
.� Total legislative 222,469 (11,284) 211,185 238,348 27,163
General government:
Legal:
Personal services 53,972 (19,908) 34,064 60,830 26,766
Contractual services 1,458 (1) 1,457 6,331 4,874
Fixed charges 7,239 (30) 7,209 24,523 17,314
Commodities 1,605 (2) 1,603 2,475 872
Capital outlay 550 550
64,274 (19,941) 44,333 94,709 50,376
Village Manager's office:
Personal services 127,880 (1,495) 126,385 144,759 18,374
Contractual services 3,814 (2) 3,812 6,420 2,608
Fixed charges 25,677 (482) 25,195 28,012 2,817
Commodities 4,468 (49) 4,419 6,015 1,596
Capital outlay 16,316 16,316 (16,316)
178,155 (2,028) 176,127 185,206 9,079
T
See accompanying notes to financial statements.
42
A-2
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL CORPORATE FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL, Continued
year ended April 30, 1985
Adjustment
to Actual on Variance
Budgetary Budgetary Favorable
Actual Basis Basis Budget (Unfavorable)
General government, continued:
Finance and accounting:
Personal services $ 109,429 $ (542) $ 108,887 $ 122,738 $ 13,851
Contractual services 31,400 (3) 31,397 34,399 3,002
Fixed charges 31,324 (115) 31,209 37,722 6,513
Commodities 5,516 (2) 5,514 5,693 179
Capital outlay 3,579 (690) 2,889 4,730 1,841
181,248 (1,352) 179,896 205,282 25,386
Engineering:
Personal services 106,762 3,889 110,651 121,110 10,459
Contractual services 6,198 (3,913) 2,285 13,475 11,190
Fixed charges 20,641 906 21,547 26,340 4,793
Commodities 3,403 (57) 3,346 4,840 1,494
Capital outlay 3,038 3,038 5,335 2,297
140,042 825 140,867 171,100 30,233
Village Hall:
Personal services 32,707 328 33,035 36,523 3,488
Contractual services 78,615 (3) 78,612 86,554 7,942
Fixed charges 16,874 (218) 16,656 17,317 661
Commodities 11,333 (21) 11,312 40,920 29,608
Capital outlay 23,196 23,196 48,230 25,034
162,725 86 162,811 229,544 66,733
Total general
government 726,444 (22,410) 704,034 885,841 181,807
Public safety:
Police service:
Personal services 1,438,427 (70,055) 1,368,372 1,502,156 133,784
Contractual services 41,404 (1,509) 39,895 58,819 18,924
Fixed charges 429,567 2,938 432,505 425,396 (7,109)
Commodities 91,613 (4,466) 87,147 97,104 9,957
�. Capital outlay 146,693 (38,169) 108,524 118,504 9,980
- 2,147,704 (111,261) 2,036,443 2,201,979 165,536
Fire service:
Personal services 1,140,150 (62,513) 1,077,637 1,161,885 84,248
Contractual services 25,053 (10) 25,043 48,640 23,597
Fixed charges 262,685 (1,095) 261,590 308,232 46,642
Commodities 41,495 (344) 41,151 55,660 14,509
Capital outlay 162,010 (138,060) 23,950 63,767 39,817
1,631,393 (202,022) 1,429,371 1,638,184 208,813
See accompanying notes to financial statements.
43
A-2
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL CORPORATE FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL, Continued
year ended April 30, 1985
Adjustment
to Actual on Variance
Budgetary Budgetary Favorable
Actual Basis Basis Budget (Unfavorable)
Public safety, continued:
Emergency medical service:
Personal services $ 40,547 $ (164) $ 40,383 $ 48,424 $ 8,041
Contractual services 1,136 (2) 1,134 3,400 2,266
Fixed charges 10,029 (29) 10,000 13,184 3,184
Commodities 5,753 (198) 5,555 6,078 523
Capital outlay 501 501 1,953 1,452
57,966 (393) 57,573 73,039 15,466
Bureau of Inspection:
Personal services 146,052 (4,759) 141,293 168,239 26,946
-- Contractual services 19,187 (5) 19,182 25,478 6,296
Fixed charges 23,236 (606) 22,630 29,726 7,096
Commodities 6,394 207 6,601 8,187 1,586
Capital outlay 567 (1) 566 2,970 2,404
195,436 (5,164) 190,272 234,600 44,328
Total public safety 4,032,499 (318,840) 3,713,659 4,147,802 434,143
Public works:
Administration:
Personal services 63,456 (4,093) 59,363 67,280 7,917
Contractual services 26,746 (399) 26,347 36,653 10,306
Fixed charges 103,171 (2,425) 100,746 91,500 (9,246)
Commodities 2,518 (68) 2,450 3,300 850
Capital outlay 322 322 440 118
196,213 (6,985) 189,228 199,173 9,945
Street maintenance:
Personal services 190,792 (11,069) 179,723 195,299 15,576
Contractual services 20,216 236 20,452 38,545 18,093
Fixed charges 22,015 (262) 21,753 27,766 6,013
Commodities 134,379 (1,303) 133,076 117,132 (15,944)
Capital outlay 6,613 (3,106) 3,507 1,452 (2,055)
374,015 (15,504) 358,511 380,194 21,683
Street light and traffic
control:
Personal services 9,949 3,377 13,326 27,255 13,929
Contractual services 127,813 (2,102) 125,711 154,573 28,862
.. Fixed charges 4,448 30 4,478 8,558 4,080
Commodities 18,369 (5) 18,364 27,060 8,696
160,579 1,300 161,879 217,446 55,567
Capital improvements:
Contractual services 20,728 69 20,797 20,900 103
Capital outlay 504,412 (54,682) 449,730 620,400 170,670
525,140 (54,613) 470,527 641,300 170,773
See accompanying notes to financial statements.
44
A-2
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL CORPORATE FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL, Continued
year ended April 30, 1985
Adjustment
to Actual on Variance
Budgetary Budgetary Favorable
Actual Basis Basis Budget (Unfavorable)
Public works, continued:
Municipal garage:
Personal services $ 64,585 $ (5,244) $ 59,341 $ 58,233 $ (1,108)
Contractual services 20,284 (4) 20,280 24,090 3,810
Fixed charges 7,470 (139) 7,331 7,070 (261)
Commodities 13,117 (43) 13,074 12,694 (380)
Capital outlay 16,385 850 17,235 28,875 11,640
121,841 (4,580) 117,261 130,962 13,701
Total public works 1,377,788 (80,382) 1,297,406 1,569,075 271,669
Culture and recreation:
Library:
Personal services 72,130 (3,411) 68,719 84,446 15,727
Public services 11,921 (4) 11,917 21,516 9,599
Fixed charges 14,760 (75) 14,685 18,224 3,539
Commodities 10,772 (4) 10,768 10,434 (334)
._ Capital outlay 26,943 (1) 26,942 42,581 15,639
Total culture and
recreation 136,526 (3,495) 133,031 177,201 44,170
Total expenditures $6,495,726 $(436,411) $6,059,315 $7,018,267 $958,952
See accompanying notes to financial statements.
45
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 construction of the Village bike—path
- system or other approved expenditures. Financing is provided by the Village's share
of federal revenue sharing funds.
Special Service Area No. 1 — to account for street light improvements in the York Woods
subdivision of the Village. Financing was provided by a specific tax levy on residents
of the subdivision, as well as by General Corporate Revenues.
B-1
VILLAGE OF OAK BROOK, ILLINOIS
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
April 30, 1985
Special
Motor Federal Service
Fuel Revenue Area
ASSETS Tax Sharing No. 1 Total
Investments:
Savings account $ 10 $ 15 $ 25
Repurchase agreements 69,974 6,746 76,720
69,984 6,761 76,745
Receivables, net:
Property taxes $ 6,063 6,063
Allotments 11,356 11,356
Total assets $81,340 $6,761 $ 6,063 $94,164
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable $ 40 $ 40
Due to other funds $ 16,460 16,460
Deferred tax revenue 6,063 6,063
Total liabilities 40 22,523 22,563
Fund balance (deficit) - unreserved:
_. Designated for subsequent year's
expenditures (Note 9) 6,721 6,721
Undesignated $81,340 (16,460) 64,880
Total liabilities and fund balances $81,340 $6,761 $ 6,063 $94,164
See accompanying notes to financial statements.
46
B-2
VILLAGE OF OAK BROOK, ILLINOIS
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
year ended April 30, 1985
Special
Motor Federal Service
Fuel Revenue Area
Tax Sharing No. 1 Total
Revenues:
Intergovernmental $116,038 $ 43,261 $ 6,071 $ 165,370
Interest on investments 5,997 1,868 7,865
Total revenues 122,035 45,129 6,071 173,235
Expenditures - public works 40 943 983
Excess of revenues over expenditures 122,035 45,089 5,128 172,252
Other financing uses - operating transfers out (68,600) (40,000) (108,600)
Excess of revenues over expenditures
and other financing uses 53,435 5,089 5,128 63,652
Fund balances (deficit) at April 30, 1984 27,905 1,632 (21,588) 7,949
® Fund balances (deficit) at April 30, 1985 $ 81,340 $ 6,721 $(16,460) $ 71,601
See accompanying notes to financial statements.
i
47
VILLAGE OF OAK BROOK, ILLINOIS
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL
year ended April 30, 1985
Rotor Fuel Tax Federal Revenue Sharing Special Service Are.Mo. 1 Total
Adjust at Adjustment AdJustaent AdJusteant
to Actual on Variance to Actual on Vert—. to Actual on Varianoe to Actual on Variance
Budgetary Budgetary Favorable Budgetary Budgetary Favorable Budgetary Budgetary Favorable Budgetary Budgetary Favorable
Actual Basis Basis Budget (Unfavorable) Actual Be 1a Basis Budget (Unfavorable) Actual Basis Basis Budget (Unfavorable) Actual Basi. Basis Budget (Unfavorable)
Revenues:
Intergovermental:
Allotments Iron
State of Illinois $116,038 3(3.186) $112,852 $110,000 $2,852 $ 6,071 3(6,071) $122,109 3(9.257) $112.852 3 110,000 3 2,852
Entitlements from
Federal goverment $43.261 $43,261 $41,DOD $2,261 43.261 43,261 41,000 2,261
Interest on investments 5.997 (1) 5.996 6.500 (504) 1,868 1,868 100 _1.768 7.865 (1) 7.864 6.600 1,264
Total revenues 122,035 (3.187) 118.848 116.500 2,348 45.129 45,129 41,100 4,029 6.071 (6,071) 173,235 (9.258) 163.977 157.600 6.377
Expenditures-public turas 40 40 55 is 943 (943) 983 (943) 40 55 15
Excess(defi.Lamy)
of revenues over
expenditures 122,035 (3,187) 118,848 116,500 2,348 45,089 45.089 41,045 4,044 5,128 (5,128) 172,252 (8,315) 163,937 157.545 6,392
OD
Other financing uses-
operating transfers out (68,600) (68.600) (75,460) 6,860 (40.000) (40,000) (44,000) 4,000 (108.600) (108.600) (119.460) 10.860
Excess(deficiency)
of revenues over
expenditures
and other
financing uses 53.435 $(3,187) $50.248 $41.040 $ 208 5.089 $ 5,089 $ (2,955) $8,044 5,128 (3 5.128) 63,652 (i 8.315) 5t 5.337 38,085 $17.252
Fund balances(deficit) at
April 30, 1984 27.905 1,632 (21,588) 7,949
Fund balances (deficit) at
April 30, 1985 $81,340 $ 6,721 (13 6,460) 3 71.601
See accompanying notes to financial statements.
(.V
CAPITAL PROJECTS FUNDS
Sports Core Construction 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.
Equipment Replacement Fund - to account for the financing and purchase of additional
equipment in the future. Financing will be provided by General Corporate Fund revenues.
C-1
VILLAGE OF OAK BROOK, ILLINOIS
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
April 30, 1985
Sports
Core Equipment
ASSETS Construction Replacement Total
Investments $44,899 $50,186 $95,085
Due from other funds 4,379 4,379
Total assets $44,899 $54,565 $99,464
FUND BALANCES
Fund balances - unreserved:
-. Designated for subsequent year's
expenditures $54,565 $54,565
Undesignated $44,899 44,899
Total fund balances $44,899 $54,565 $99,464
See accompanying notes to financial statements.
w
49
C-2
VILLAGE OF OAK BROOK, ILLINOIS
CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
year ended April 30, 1985
Sports
Core Equipment
.� Construction Replacement Total
Revenues — interest on investments $ 5,308 $ 2,896 $ 8,204
Expenditures
Excess of revenues over expenditures 5,308 2,896 8,204
Fund balances at April 30, 1984 39,591 51,669 91,260
Fund balances at April 30, 1985 $44,899 $54,565 $99,464
See accompanying notes to financial statements.
50
VILLAGE OF OAK BROOK, ILLINOIS
CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
year ended April 30, 1985
Sports Core Construction Equipment Replacement Total
Adjustment Adjustment Adjustment
to Actual on Variance to Actual on Variance to Actual on Variance
Budgetary Budgetary Favorable Budgetary Budgetary Favorable Budgetary Budgetary Favorable
Revenues interest on
Actual Basis Basis Budget (Unfavorable) Actual Basis Basis Budget (Unfavorable) Actual Basis Basis Budget (Unfavorable)
-
investments $ 5,308 $5,308 $ 500 $ 4,808 $ 2,896 $ 129 $3,025 $3,025 $ 8,204 $129 $8,333 $ 500 $ 7,833
Expenditures
Excess of revenues
over expenditures 5,308 5,308 500 4,808 2,896 129 3,025 3,025 8,204 129 8,333 500 7,833
Other financing sources (uses):
Operating transfers in 25,000 (25,000)
~ Total other financing 25,000 (25,000)
sources (uses) 25,000 (25,000) 25,000 (25,000)
Excess (deficiency)
of revenues and
other financing
sources over
expenditures
and other
financing uses 5,308 - $5,308 $ 25,500 $(20,192) 2,896 $ 129 $3,025 - $3,025 8,204 $129 $8,333 $ 25,500 $(17,167)
Fund balances at April 30, 1984 39,591 51,669 91,260
Fund balances at April 30, 1985 $44,899 $54,565 $99,464
See accompanying notes to financial statements.
I0
1
W
ENTERPRISE FUNDS
Waterworks System Fund — to account for the provision of water services to the
residents of the Village and some residents of surrounding communities and unincor—
porated areas. 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.
VILLAGE OF OAK BROOK, ILLINOIS
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
April 30, 1985
Waterworks Sports Waterworks Sports
ASSETS System Core Total LIABILITIES AND FUND EQUITY System Core Total
Current assets: Current liabilities:
Cash $ 413 $ 7,440 $ 7,853 Accounts payable $ 68,219 $ 115,732 $ 183,951
Investments: Accrued payroll 3.341 10,175 13,516
Savings accounts 88,993 88,993 Accrued vacation liability 9.913 3.325 13,238
Repurchase agreements 174,115 19.955 194,070 Customer deposits 424 197,031 197,455
Certificates of deposit 80,680 80,680 Due to other funds 13,333 13,333
263,108 100,635 363,743 Total current liabilities 95,230 326,263 421,493
Receivables:
Customers: Long-term liabilities - revenue bonds:
Billed water sales 109,575 109,575 Revenue bonds of 1973 2,225,000 2,225,000
Estimated unbilled water sales 112,510 112,510 Revenue bonds of 1976 1,800,000 1,800,000
Accrued interest 83,068 83,068
Other 16,158 20,349 36,507 Total long-term liabilities 4,025,000 4,025,000
321,311 20,349 341,660 Total liabilities 4,120,230 326,263 4,446,493
NDue from other funds 903 903 Fund equity:
Prepaid expenses 62 8,271 8,333 Contributed capital 11,025,590 11,025,590
Inventory 20,062 20,062 Retained earnings (deficit):
Reserved according to bond ordinance
Total current assets 584,894 157,660 742,554 (Note 5) 3,663,132 3.663,132
Reserved for Lake Michigan Water
Unamortized bond discount 45,438 45,438 Project (Note 5) 259.168 259,168
Unreserved 39241,081 (871,153) 2,369,928
Restricted assets (Note 5):
Cash 18 18 Total retained earnings (deficit) 7,163.381 (8719153) 6.292,228
Investments 3.922,300 3.922,300
Total fund equity 7,163.381 10,154,437 17,317.818
3.922.318 3.922,318
Property, plant and equipment 8,693,643 11,456,619 20,150,262
Less allowances for depreciation (1,962,682) (1,133.579) (3.096,261)
Net property, plant and equipment 6,730.961 10,323.040 17.054,001
Total assets $11,283.611 $10,480,700 $21,764,311 Total liabilities and fund equity $11,283,611 $10,480,700 $21,764,311
See accompanying notes to financial statements.
1
I-�
D-2
VILLAGE OF OAK BROOK, ILLINOIS
ENTERPRISE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS (DEFICIT)
year ended April 30, 1985
Waterworks Sports
System Core Total
Operating revenues:
Charges for services $2,225,721 $1,425,115 $3,650,836
Miscellaneous 22,639 27,355 49,994
Total operating revenues 2,248,360 1,452,470 3,700,830
Operating expenses:
Operation of facilities 774,774 1,346,165 2,120,939
General and administrative 44,775 128,908 173,683
Depreciation 229,077 241,340 470,417
Total operating expenses 1,048,626 1,716,413 2,765,039
Operating income (loss) 1,199,734 (263,943) 935,791
Nonoperating revenues (expenses):
Interest on investments 369,941 8,176 378,117
Interest on bonds (228,600) (228,600)
Amortization of bond discount (5,170) (5,170)
Fiscal agents' fees (383) (383)
Construction reimbursements 3,600 3,600
139,388 8,176 147,564
Income (loss) before operating
transfers 1,339,122 (255,767) 1,083,355
Operating transfers in 10,217 10,217
Operating transfers out (160,000) (160,000)
Net income (loss) 1,179,122 (245,550) 933,572
Retained earnings (deficit) at April 30, 1984 5,984,259 (625,603) 5,358,656
Retained earnings (deficit) at April 30, 1985 $7,163,381 $ (871,153)$6,292,228
See accompanying notes to financial statements.
53
D-3
VILLAGE OF OAK BROOK, ILLINOIS
ENTERPRISE FUNDS
COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION
year ended April 30, 1985
Waterworks Sports
System Core Total
Sources of working capital:
Operations:
Net income (loss) $1,179,122 $(245,550) $ 933,572
Items not requiring working capital:
Depreciation 229,077 241,340 470,417
Amortization of bond discount 5,170 5,170
Total provided by operations 1,413,369 (4,210) 1,409,159
Total sources of working capital 1,413,369 (4,210) 1,409,159
Uses of working capital:
Acquisition of fixed assets 72,090 170,244 242,334
Reduction in bonds payable 350,000 350,000
Net increase in restricted assets 803,387 803,387
Total uses of working capital 1,225,477 170,244 1,395,721
Net increase (decrease) in
working capital $ 187,892 $(174,454) $ 13,438
Elements of net increase (decrease) in
working capital:
_ Cash $ 40 $ 6,284 $ 6,324
Investments 199,732 (17,449) 182,283
Receivables (9,198) (8,156) (17,354)
Prepaid expenses 62 (74,134) (74,072)
Inventory 2,683 2,683
Accounts payable 750 (26,502) (25,752)
Accrued payroll 241 (2,486) (2,245)
Accrued vacation liability (4,185) 444 (3,741)
Customer deposits (55,164) (55,164)
Due to other funds 450 26 476
Net increase (decrease) in
working capital $ 187,892 $(174,454) $ 13,438
See accompanying notes to financial statements.
54
D-4
VILLAGE OF OAK BROOK, ILLINOIS
WATERWORKS SYSTEM FUND
STATEMENT OF REVENUES, EXPENSES AND CHANGES
IN RETAINED EARNINGS - BUDGET AND ACTUAL
year ended April 30, 1985
Adjustment
to Actual on Variance
Budgetary Budgetary Favorable
Actual Basis Basis Budget (Unfavorable)
Operating revenues:
Charges for services:
_ Water sales $1,612,908 $ (13,727) $1,599,181 $1,642,200 $(43,019)
Unmetered water 14,021 (1) 14,020 8,000 6,020
Water tap on charges 420,061 (13,708) 406,353 214,265 192,088
Fire service charges 142,474 (5,192) 137,282 126,465 10,817
Special service charges 11,639 11,639 11,880 (241)
Water meter sales 24,618 (1) 24,617 10,000 14,617
2,225,721 (32,629) 2,193,092 2,012,810 180,282
Miscellaneous 22,639 2,808 25,447 15,000 10,447
Total operating revenues 2,248,360 (29,821) 2,218,539 2,027,810 190,729
Operating expenses:
Operation of facilities:
Source of supply 13,845 1,637 15,482 17,744 2,262
Power and pumping 579,609 (23,372) 556,237 613,419 57,182
Purification 18,861 1,561 20,422 17,812 (2,610)
Transmission and distribution 162,459 (2,808) 159,651 218,902 59,251
774,774 (22,982) 751,792 867,877 116,085
General and administrative 44,775 (5) 44,770 56,192 11,422
Depreciation 229,077 (229,077)
Total operating expenses 1,048,626 (252,064) 796,562 924,069 127,507
Operating income 1,199,734 222,243 1,421,977 1,103,741 318,236
Nonoperating revenues (expenses):
Interest on investments 369,941 18,191 388,132 270,000 118,132
Interest on bonds (228,600) (228,600) (228,600)
Amortization of bond discount (5,170) 5,170
Fiscal agents' fees (383) 1 (382) (400) 18
Construction reimbursements 3,600 10,800 14,400 10,400 4,000
139,388 34,162 173,550 51,400 122,150
Income before operating
transfers 1,339,122 256,405 1,595,527 1,155,141 440,386
Operating transfers out (160,000) (160,000) (160,000)
Net income 1,179,122 $ 256,405 $1,435,527 $ 995,141 $440,386
Retained earnings at April 30, 1984 5,984,259
Retained earnings at April 30,1985 $7,163,381
See accompanying notes to financial statements.
55
D-5
VILLAGE OF OAK BROOK, ILLINOIS
WATERWORKS SYSTEM FUND
SCHEDULE OF OPERATING EXPENSES BY DEPARTMENT - BUDGET AND ACTUAL
year ended April 30, 1985
Adjustment
to Actual on Variance
Budgetary Budgetary Favorable
Actual Basis Basis Budget (Unfavorable)
Operating expenses:
Operation of facilities:
Source of supply:
Personal services $ 4,493 $ 1,625 $ 6,118 $ 2,393 $ (3,725)
Contractual services 3,334 3,334 11,046 7,712
Fixed charges 741 13 754 290 (464)
Commodities 5,277 (1) 5,276 4,015 (1,261)
13,845 1,637 15,482 17,744 2,262
Power and pumping:
Personal services 20,108 (64) 20,044 18,193 (1,851)
Contractual services 550,769 (23,110) 527,659 589,600 61,941
Fixed charges 2,478 (10) 2,468 2,209 (259)
Commodities 6,254 (188) 6,066 3,417 (2,649)
579,609 (23,372) 556,237 613,419 57,182
Purification:
Personal services 4,528 43 4,571 3,205 (1,366)
Contractual services 2,112 (1) 2,111 2,695 584
Fixed charges 557 5 562 389 (173)
Commodities 11,664 1,514 13,178 11,523 (1,655)
18,861 1,561 20,422 17,812 (2,610)
Transmission and distribution:
Personal services 94,351 (6,197) 88,154 101,418 13,264
Contractual services 28,191 103 28,294 67,052 38,758
Fixed charges 10,566 (80) 10,486 11,802 1,316
Commodities 29,351 3,366 32,717 38,630 5,913
162,459 (2,808) 159,651 218,902 59,251
Total operation of
facilities 774,774 (22,982) 751,792 867,877 116,085
General and administrative 44,775 (5) 44,770 56,192 11,422
Depreciation 229,077 (229,077)
Total operating expenses $1,048,626 $(252,064) $796,562 $924,069 $127,507
See accompanying notes to financial statements.
56
I I I I I I I I I I I I I I I I I I I
VILLAGE OF OAK BROOK, ILLINOIS
WATERWORKS SYSTEM FUND
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT
AND ACCUMULATED DEPRECIATION
year ended April 30, 1985
Rate of
Depreciation
Property, Plant and Equipment or Allowances for Depreciation Net Asset
Balance Additions and Balance Amortization Balance Additions and Balance Value
April 30, 1984 Transfers April 30, 1985 (Years) April 30, 1984 Transfers April 30, 1985 April 30, 1985
Waterworks property, plant and equipment:
Land and land rights $ 2,819 $ 2,819 $ 2,819
Service of supply plant - wells
and springs 314,753 314,753 40 $ 81,214 $ 7,870 $ 89,084 225,669
Structure and improvements 68,232 68,232 40 18,548 1,706 20,254 47,978
Electrical pumping equipment 119,123 119,123 40 33,290 2,978 36,268 82,855
Total water treatment equipment 5,325 $ 1,515 6,840 10 5,325 75 5,400 1,440
Distribution, reservoirs, mains
and standpipes 7,493,809 37,376 7,531,185 40 1,311,000 187,812 1,498,812 6,032,373
Meters and meter installation 346,051 32,099 378,150 15 155,059 24,140 179,199 198,951
Hydrants 177,192 500 177,692 40 34,920 4,436 39,356 138,336
t�n Miscellaneous tools and equipment:
4 Office furniture and equipment 3,449 3,449 10 3,449 3,449
Transportation equipment 38,163 38,163 6 38,163 38,163
Tools, shop and garage equipment 2,852 2,852 5 2,852 2,852
Laboratory equipment 1,070 1,070 5 1,070 1,070
Miscellaneous equipment 37,312 600 37,912 5 37,312 60 37,372 540
Intangible plant - organization 11,403 11,403 5 11,403 11,403
18,621,553 $72,090 $8,693,643 $1,733,605 $229,077 11,962,682 $6,730,961
See accompanying notes to financial statements.
It7
O�
D-7
VILLAGE OF OAK BROOK, ILLINOIS
SPORTS CORE FUND
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN
DEFICIT - BUDGET AND ACTUAL
year ended April 30, 1985
Adjustment
to Actual on Variance
Budgetary Budgetary Favorable
Actual Basis Basis Budget (Unfavorable)
Operating revenues:
Charges for services:
Memberships:
Golf course $ 413,139 $ 413,139 $ 405,768 $ 7,371
Bath and tennis 205,630 205,630 191,584 14,046
Open fields 55,158 55,158 47,964 7,194
673,927 673,927 645,316 28,611
Rentals:
Golf course 151,922 151,922 165,100 (13,178)
Bath and tennis 1,995 1,995 1,865 130
Open fields 8,868 8,868 11,423 (2,555)
162,785 162,785 178,388 (15,603)
Special events 29,936 29,936 28,980 956
Food and beverage sales
and service charges:
Golf course 121,505 121,505 122,750 (1,245)
Bath and tennis 105,285 105,285 89,439 15,846
Open fields 331,677 331,677 387,902 (56,225)
558,467 558,467 600,091 (41,624)
Miscellaneous:
Sales tax 27,355 27,355 24,160 3,195
Total operating
revenues 1,452,470 1,452,470 1,476,935 (24,465)
58
D-7
VILLAGE OF OAK BROOK, ILLINOIS
SPORTS CORE FUND
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN
-- DEFICIT - BUDGET AND ACTUAL, Continued
year ended April 30, 1985
- Adjustment
to Actual on Variance
Budgetary Budgetary Favorable
Actual Basis Basis Budget (Unfavorable)
Operating expenses:
Operation of facilities:
Golf course $ 497,602 $ (81,894) $ 415,708 $ 459,767 $ 44,059
Bath and tennis 572,847 (35,929) 536,918 573,569 36,651
Open fields 96,246 (12,931) 83,315 85,834 2,519
Food:
Golf course 64,372 478 64,850 62,362 (2,488)
Bath and tennis 82,086 (13) 82,073 77,530 (4,543)
Beverage - bath and
tennis 11,894 (1) 11,893 14,244 2,351
Grill operations 21,118 (2) 21,116 17,602 (3,514)
1,346,165 (130,292) 1,215,873 1,290,908 75,035
General and administrative 128,908 (22,975) 105,933 105,755 (178)
Depreciation 241,340 (241,340)
Total operating
expenses 1,716,413 (394,607) 1,321,806 1,396,663 74,857
Operating income
(loss) (263,943) 394,607 130,664 80,272 50,392
'- Nonoperating revenue -
interest on investments 8,176 653 8,829 10,000 (1,171)
Income (loss)
before oper-
ating transfers (255,767) 395,260 139,493 90,272 49,221
Operating transfers in 10,217 10,217 10,050 167
Net income (loss) (245,550)$ 395,260 $ 149,710 $ 100,322 $ 49,388
Deficit at April 30, 1984 (625,603)
_. Deficit at April 30, 1985 $ (871,153)
See accompanying notes to financial statements.
59
D-8
VILLAGE OF OAK BROOK, ILLINOIS
SPORTS CORE FUND
SCHEDULE OF OPERATING EXPENSES BY DEPARTMENT - BUDGET AND ACTUAL
_ year ended April 30, 1985
Adjustment
to Actual on Variance
Budgetary Budgetary Favorable
Actual Basis Basis Budget (Unfavorable)
Operating expenses:
Operation of facilities:
Golf course:
Personal services $ 88,026 $ 1,293 $ 89,319 $ 93,085 $ 3,766
Contractual services 301,574 (79,212) 222,362 269,143 46,781
Fixed charges 73,310 118 73,428 71,771 (1,657)
Commodities 34,692 (4,093) 30,599 25,768 (4,831)
497,602 (81,894) 415,708 459,767 44,059
Bath and tennis:
Personal services 226,439 (2,289) 224,150 184,441 (39,709)
Contractual services 105,367 12,550 117,917 170,837 52,920
Fixed charges 78,386 (26,015) 52,371 65,018 12,647
Commodities 162,655 (20,175) 142,480 153,273 10,793
572,847 (35,929) 536,918 573,569 36,651
Open fields:
Personal services 2,096 2,096 660 (1,436)
Contractual services 86,659 (12,928) 73,731 72,186 (1,545)
Fixed charges 3,235 1,434 4,669 1,696 (2,973)
Commodities 4,256 (1,437) 2,819 11,292 8,473
96,246 (12,931) 83,315 85,834 2,519
Food - golf course:
Personal services 17,979 (87) 17,892 21,600 3,708
Contractual services 205 205 350 145
Fixed charges 1,259 (6) 1,253 1,512 259
Commodities 44,929 571 45,500 38,900 (6,600)
64,372 478 64,850 62,362 (2,488)
Food - bath and tennis:
Personal services 34,998 34,998 35,200 202
.� Contractual services 1,967 (2) 1,965 1,430 (535)
Fixed charges 2,449 655 3,104 2,576 (528)
Commodities 42,672 (666) 42,006 38,324 (3,682)
82,086 (13) 82,073 77,530 (4,543)
Beverage - bath and
tennis:
Personal services 3,996 3,996 4,598 602
Contractual services 69 69 385 316
Fixed charges 349 349 322 (27)
Commodities 7,480 (1) 7,479 8,939 1,460
11,894 (1) 11,893 14,244 2,351
See accompanying notes to financial statements.
60
D-8
VILLAGE OF OAK BROOK, ILLINOIS
SPORTS CORE FUND
-- SCHEDULE OF OPERATING EXPENSES BY DEPARTMENT - BUDGET AND ACTUAL, Continued
year ended April 30, 1985
-" Adjustment
to Actual on Variance
Budgetary Budgetary Favorable
Actual Basis Basis Budget (Unfavorable)
Operating expenses, continued:
Operation of facilities,
continued:
Grill operations:
Personal services $ 6,627 $ 6,627 $ 8,030 $ 1,403
Contractual services 332 332
Fixed charges 555 555 550 (5)
Commodities 13,936 $ (2) 13,934 8,690 (5,244)
21,118 (2) 21,116 17,602 (3,514)
Total operation
of facilities 1,346,165 (130,292) 1,215,873 1,290,908 75,035
General and administrative:
Personal services 68,507 (491) 68,016 60,885 (7,131)
Contractual services 22,368 (9,068) 13,300 20,747 7,447
Fixed charges 12,303 5,934 18,237 16,009 (2,228)
Commodities 25,730 (19,350) 6,380 8,114 1,734
128,908 (22,975) 105,933 105,755 (178)
Depreciation 241,340 (241,340)
Total operating
expenses $1,716,413 $(394,607) $1,321,806 $1,396,663 $ 74,857
See accompanying notes to financial statements.
61
I I I I I 1 1 I I i I i I I I I i I
VILLAGE OF OAK BROOK, ILLINOIS
SPORTS CORE FUND
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT
AND ACCUMULATED DEPRECIATION
year ended April 30, 1985
Rate
Depreciation
Property, Plant and Equipment or Allowances for Depreciation Net Asset
Balance Additions and Balance Amortization Balance Additions and Balance Value
April 30, 1984 Transfers April 30, 1985 (Years) April 30, 1984 Transfers April 30, 1985 April 30, 1985
Land and land rights $ 8,252,585 $ 8,252,585 $ 8,252,585
Golf course land improvements 1,196,203 $ 940 1,197,143 10 $425,574 $119,667 $ 545,241 651,902
Other land improvements 334,302 334,302 20 78,371 16,715 95,086 239,216
Clubhouse:
Golf 289,492 289,492 40 25,291 7,237 32,528 256,964
Bath and tennis 370,984 370,984 40 55,819 9,275 65,094 305,890
Other improvements 258,323 37,676 295,999 10 107,382 27,727 135,109 160,890
Pools 92,000 92,000 20 29,900 4,600 34,500 57,500
Tennis courts 339,538 5,303 344,841 15 61,605 22,828 84,433 260,408
N Clubhouse equipment 92,341 12,253 104,594 5 72,474 19,694 92,168 12,426
Golf equipment 60,607 60,607 5 35,823 12,121 47,944 12,663
Buildings 114,072 114,072 40 1,476 1,476 112,596
$11,286,375 $170,244 $11,456,619 $892,239 $241,340 $1,133.579 $10,323.040
See accompanying notes to financial statements.
I�
I
�o
i
FIDUCIARY FUNDS
Policemen's 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.
F-1
VILLAGE OF OAK BROOK, ILLINOIS
FIDUCIARY FUNDS
COMBINING BALANCE SHEET
April 30, 1985
'— Pension Trust Funds
Policemen's Firemen's
ASSETS Pension Pension Total
Cash $ 31 $ 32 $ 63
Investments:
Certificates of deposit 596,660 1,466,795 2,063,455
Government and agency securities 3,248,995 3,057,137 6,306,132
Savings accounts 354,548 4,566 359,114
4,200,203 4,528,498 8,728,701
Accrued interest receivable 136,519 87,340 223,859
Due from other fund 32,172 27,634 59,806
Total assets $4,368,925 $4,643,504 $9,012,429
FUND BALANCES
Fund balances:
Reserved for employees' retirement $3,643,335 $3,958,303 $7,601,638
Unreserved fund balance 725,590 685,201 1,410,791
Total fund balances $4,368,925 $4,643,504 $9,012,429
See accompanying notes to financial statements.
63
E-2
VILLAGE OF OAK BROOK, ILLINOIS
FIDUCIARY FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND BALANCES
year ended April 30, 1985
Pension Trust Funds
Policemen's Firemen's
Pension Pension Total
Operating revenues:
Interest on investments $ 449,674 $ 451,344 $ 901,018
Contributions:
Employees 119,298 80,492 199,790
Village 199,688 176,337 376,025
318,986 256,829 575,815
Total operating revenues 768,660 708,173 1,476,833
Operating expenses:
General and administrative 1,085 2,326 3,411
Benefit payments 41,985 20,646 62,631
Total operating expenses 43,070 22,972 66,042
Net income 725,590 685,201 1,410,791
Fund balances at April 30, 1984 3.643,335 3,958,303 7,601,638
Fund balances at April 30, 1985 $4,368,925 $4,643,504 $9,012,429
See accompanying notes to financial statements.
64
E-3
VILLAGE OF OAK BROOK, ILLINOIS
FIDUCIARY FUNDS
COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION
year ended April 30, 1985
Pension Trust Funds
Policemen's Firemen's
Pension Pension Total
Sources of working capital:
Operations — Net income $725,590 $685,201 $1,410,791
Uses of working capital:
Net increase in pension investments 698,105 695,383 1,393,488
Net increase (decrease)
in working capital $ 27,485 $(10,182) $ 17,303
-- Elements of net increase (decrease)
in working capital:
Cash $ 7 $ 7 $ 14
Receivables 26,547 (11,939) 14,608
Due from other funds 931 1,750 2,681
Net increase (decrease)
' in working capital $ 27,485 $(10,182) $ 17,303
See accompanying notes to financial statements.
65
E-4
VILLAGE OF OAK BROOK, ILLINOIS
POLICEMEN'S PENSION FUND
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL
-- year ended April 30, 1985
Adjustment
to Actual on Variance
Budgetary Budgetary Favorable
Actual Basis Basis Budget (Unfavorable)
Operating revenues:
Interest on investments $ 449,674 $(42,203) $407,471 $370,500 $36,971
Contributions:
Employees 119,298 (897) 118,401 93,528 24,873
Village 199,688 (34) 199,654 187,056 12,598
318,986 (931) 318,055 280,584 37,471
Total operating
revenues 768,660 (43,134) 725,526 651,084 74,442
Operating expenses:
General and administrative 1,085 80 1,165 975 (190)
Benefit payments 41,985 41,985 41,985
Total operating
expenses 43,070 80 43,150 42,960 (190)
Net income 725,590 $(43,214) $682,376 $608,124 $74,252
Fund balance at April 30,
1984 3,643,335
Fund balance at April 30,
1985 $4,368,925
See accompanying notes to financial statements.
66
E-5
VILLAGE OF OAK BROOK, ILLINOIS
FIREMEN'S PENSION FUND
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL
_ year ended April 30, 1985
Adjustment
to Actual on Variance
Budgetary Budgetary Favorable
Actual Basis Basis Budget (Unfavorable)
Operating revenues:
Interest on investments $ 451,344 $ 3,472 $454,816 $375,000 $79,816
Contributions:
Employees 80,492 (863) 79,629 79,706 (77)
Village 176,337 (888) 175,449 174,840 609
256,829 (1,751) 255,078 254,546 532
Total operating
revenues 708,173 1,721 709,894 629,546 80,348
Operating expenses:
General and administrative 2,326 (12) 2,314 995 (1,319)
Benefit payments 20,646 (1) 20,645 20,645
Total operating
expenses 22,972 (13) 22,959 21,640 (1,319)
Net income 685,201 $ 1,734 $686,935 1607,906 $79,029
Fund balance at April 30,
1984 3,958,303
Fund balance at April 30,
1985 $4,643,504
See accompanying notes to financial statements.
67
GENERAL FIXED ASSETS ACCOUNT GROUP
To account for fixed assets not used in Proprietary Fund operations or accounted
—. for in Pension Trust Funds.
F-1
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF GENERAL FIXED ASSETS — BY SOURCES
April 30, 1985
—' General fixed assets:
Land $ 273,741
Buildings and improvements 4,887,325
Furniture and fixtures 254,270
Roadway improvement 3,673,123
Automotive equipment 949,311
Other equipment 1,041,337
Library books 237,429
Total general fixed assets $11,316,536
Investment in general fixed assets from:
General Corporate Fund current revenues $ 8,806,637
_. Proceeds of indebtedness — Village Hall and Library renovation 1,582,783
Gifts 518,738
Motor Fuel Tax Fund revenues 246,098
Federal Revenue Sharing Fund revenues 131,751
Special Service Area #1 30,529
Total investment in general fixed assets $11,316,536
See accompanying notes to financial statements.
68
F-2
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY
April 30, 1985
Buildings
and Furniture Roadway
Improve- and Improve- Automotive Other Library
Function and Activity Land ments Fixtures ments Equipment Equipment Books Total
General government:
Counsel and legal $ 3,067 $ 7,294 $ 10,361
^^ Village manager 5,831 $ 7,000 22,858 35,689
Finance and accounting 15,019 94,319 109,338
Engineering 11,923 45,845 57,768
Village Hall $273,741 $2,729,384 118,338 9,929 4,231 3,135,623
Total general
government 273,741 2,729,384 154,178 16,929 174,547 3,348,779
Public safety:
Police Department 11,426 18,730 319,790 163,417 513,363
Fire Department 1,181,688 36,608 273,005 419,118 1,910,419
Emergency medical service 110,412 54,726 165,138
Inspection bureau 1,067 4,156 18,573 23,796
Total public safety 1,193,114 56,405 707,363 655,834 2,612,716
Public works:
Administrative 5,461 4,269 9,730
Street maintenance 220,750 159,288 380,038
Street improvements 30,363 $3,673,123 3,703,486
Municipal garage 763,695 5,246 35,014 803,955
Total public works 794,058 10,707 3,673,123 225,019 194,302 4,897,209
Culture and recreation:
Library 170,769 32,980 16,654 $237,429 457,832
Total general fixed
assets $273,741 14,887,325 $254,270 $3,673,123 1949,311 $1,041,337 $237,429 $11,316,536
See accompanying notes to financial statements.
69
F-3
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY
April 30, 1985
General General
Fixed Fixed
Assets Assets
Function and Activity May 1, 1984 Additions Deductions April 30, 1985
General government:
Counsel and legal $ 10,029 $ 332 $ 10,361
Village manager 19,373 16,316 35,689
Finance and accounting 106,449 2,889 109,338
Engineering 54,730 3,038 57,768
Village Hall 3,112,427 23,196 3,135,623
Total general government 3,303,008 45,771 3,348,779
Public safety:
Police Department 266,781 246,582 513,363
Fire Department 1,867,869 42,550 1,910,419
Emergency medical service 164,636 502 165,138
Inspection bureau 23,228 568 23,796
Total public safety 2,322,514 290,202 2,612,716
Public works:
Administrative 9,407 323 9,730
Street maintenance 376,530 3,508 380,038
Street improvements 3,199,144 504,342 3,703,486
Municipal garage 786,720 17,235 803,955
Total public works 4,371,801 525,408 4,897,209
'- Culture and recreation:
Library 424,139 33,693 457,832
Total general fixed
assets $10,421,462 $895,074 - $11,316,536
See accompanying notes to financial statements.
70
STATISTICAL SECTION
(Unaudited)
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION (1)
Last ten fiscal years
Fiscal Public
Year Administration Police Fire Building Engineering Works Library Pension Insurance Total
1985 $ 590,069 $1,751,420 $1,602,853 $150,875 $118,908 $1,246,572 $123,525 $497,936 $413,568 $6,495,726
1984 725,903 1,428,265 1,236,884 435,779 122,044 1,120,716 138,271 487,549 361,092 6,056,503
1983 676,049 1,421,976 1,084,517 354,505 113,223 712,756 102,148 591,807 335,819 5,392,800
1982 1,077,147 1,290,236 1,236,194 352,518 106,272 948,884 94,726 568,184 289,620 5,963,781
1981 396,298 1,193,727 1,087,356 344,257 96,839 861,170 89,569 564,553 257,431 4,891,200
1980 369,738 987,295 1,076,269 350,995 88,263 1,340,393 80,345 535,656 232,329 5,061,283
1979 429,812 882,185 714,978 93,972 56,795 497,209 48,346 389,922 258,847 3,372,066
~ 1978 319,670 712,034 628,507 86,428 76,074 254,755 41,772 339,943 207,215 2,666,398
1977 368,902 707,421 624,661 78,111 71,530 225,542 36,084 237,195 151,597 2,501,043
1976 381,669 688,536 593,024 74,076 58,437 238,476 23,590 200,868 112,194 2,370,870
(1) Includes expenditures of only the General Corporate Fund.
Note: This schedule includes additional expenditure data by function. Individual
department totals will not agree to the basic financial statements, since
reclassifications have been made for the purposes of additional analysis.
H
N
Cr
M
E-+
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL REVENUES BY SOURCE (1)
Last ten fiscal years
Licenses Other Charges Fines
Fiscal General and Inter- for and Investment
Year Sales Tax Permits Government Services Forfeits Interest Miscellaneous Total
1985 $5,489,098 $287,217 $295,368 $212,816 $204,809 $406,217 $ 56,389 $6,951,914
1984 4,923,767 326,633 270,528 214,758 205,838 346,480 52,928 6,340,932
1983 4,559,420 212,984 248,064 159,897 139,872 413,163 13,314 5,746,714
N
1982 4,546,477 238,017 201,409 309,682 155,465 549,906 28,385 6,029,341
1981 4,301,208 195,474 227,859 131,836 109,239 471,058 45,927 5,482,601
1980 4,697,077 192,044 184,740 148,497 88,678 336,901 517,825 6,165,762
1979 3,286,830 215,235 165,992 240,561 103,367 203,992 32,646 4,248,623
1978 2,960,236 195,112 110,242 112,083 77,664 71,414 178,419 3,705,170
1977 2,353,858 123,894 157,971 74,062 55,534 82,410 204,385 3,052,114
1976 2,103,221 97,815 104,660 159,909 57,026 101,971 176,612 2,801,214
(1) Includes revenues of only the General Corporate Fund.
H
N
N
lD
N
1 I 1 iI I I I I I 1 ( 1 i
VILLAGE OF OAK BROOK, ILLINOIS
PROPERTY TAX LEVIES AND COLLECTIONS
Last seven fiscal years (1)
Current Percent of
Year Total Tax
Abatement Total Tax Collections Percent of
Percent Delinquent and Collections and Outstanding Delinquent
Total Current Tax of Levy Tax Forfeiture and Write-Offs Delinquent Taxes to
Fiscal Year Tax Levy Collections Collected Collections Write-Offs Write-Offs to Tax Levy Taxes Tax Levy
1985 (1983
levy)
(2)(4) $591,472 $582,336 98.46% $4,785 $8,431 $595,552 100.00% $ 705 .12%
1984 (1982
levy)
(2)(4) 523,892 519,179 99.10 3,067 1,375 523,621 99.95 271 .05
1983 (1981
levy)
(3) 277,439 273,157 98.46 1,609 4,800 279,566 100.00
w 1982 (1980
levy)
(2) 518,030 514,912 99.40 39789 2,967 521,668 100.00
1981 (1979
levy)
(2) 483,900 479,949 99.18 16 1,409 4819374 99.48 2,526 .52
1980 (1978
levy) 748,498 729,257 97.43 1,132 7,279 737,668 98.55 109830 1.45
1979 (1977
levy) 843,838 823,267 97.56 1,696 2,846 827,809 98.10 16,029 1.90
(1) Prior to the 1981 tax levy, the Village levied property taxes for debt service
purposes only and commenced such levies for the 1977 tax year. Taxes are
collected during the summer months of the year following the year of the levy.
Thus, collections are made in the fiscal year two years behind the year of
the levy.
(2) The 1979, 1980, 1982 and 1983 levies were abated by $300,000. These funds
were contributed from excess revenues of the General Corporate Fund.
(3) The 1981 levy was abated by $600,000. These funds were contributed from
excess revenues of the General Corporate Fund. y
d
(4) The 1984 levy, to be collected in the summer of 1985, was $568,596 after
a $300,000 abatement to be paid by the General Corporate Fund.
W
Table 4
VILLAGE OF OAK BROOK, ILLINOIS
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY (2)
�^ Last ten fiscal years
Ratio of
Personal Total
Real Property Property (1) Total Assessed/
Estimated Estimated Estimated Total
Fiscal Actual Actual Actual Estimated
Year Assessed Value Assessed Value Assessed Value Actual Value
1985 $373,266 $1,131,109 $373,266 $1,131,109 33.00%
1984 347,271 1,052,336 347,271 1,052,336 33.00
1983 318,675 965,680 318,675 965,680 33.00
1982 293,897 890,597 293,897 890,597 33.00
1981 257,727 780,990 257,727 780,990 33.00
1980 213,643 647,403 213,643 647,403 33.00
1979 184,832 554,551 $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 128,005 382,904 20,797 62,210 1489802 445,114 33.43
(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.
74
Table 5
VILLAGE OF OAK BROOK, ILLINOIS
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 #53 #86 District District
1985 4.8476 .1524 1.0265 .2424 1.2050 1.9570 .2035 .0608
1984 4.6286 .1704 .9162 .2426 1.1507 1.9201 .1663 .0623
1983 4.9090 .1645 .9452 .2318 1.4383 1.8883 .1763 .0646
1982 4.6863 .0944 .9425 .2222 1.3649 1.8334 .1598 .0691
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
(1) Includes all county, forest preserve, and township rates.
Source: Du Page County Clerk's office.
75
Table 6
VILLAGE OF OAK BROOK, ILLINOIS
RATIO OF NET GENERAL BONDED DEBT TO ASSESSED VALUE
AND NET BONDED DEBT PER CAPITA
Last nine fiscal years
Ratio of
Net Net
Assessed Debt Bonded Bonded
Population Value Gross Service Net Debt to Debt
Fiscal (in (in Bonded Monies Bonded Assessed Per
Year Thousands) Thousands) Debt (1) Available Debt Value Capita
1985 7,263(2) $373,266 $ 7,550,000 $ 224, 642 $ 7,325,358 1.963% $1,009
1984 7,263(2) 347,271 8,150,000 161,147 7,988,853 2.301 1,100
1983 6,641(3) 318,675 8,670,105 120,337 8,549,768 2.683 1,287
1982 6,641(3) 293,897 9,441,158 163,155 9,278,003 3.157 1,397
1981 6,641(3) 257,727 10,078,228 178,051 9,900,177 3.841 1,491
1980 5,281(4) 213,643 10,721,000 (221,744) 10,942,744 5.122 2,072
1979 5,281 214,062 11,402,317 116,239 11,286,078 5.272 2,137
1978 5,281 186,056 11,727,209 82,481 11,644,728 6.259 2,205
1977(5) 5,281 164,387 1,961,687 1,961,687 1.193 371
(1) Includes total gross bonded debt, including all components of the general
long—term debt account group, with the exception of accrued vacation pay.
(2) 1983 special census.
(3) 1980 census.
(4) 1975 census.
(5) General Obligation Recreation Bonds were issued on September 1, 1977 with
the first principal payment due December 1, 1979.
76
Table 7
._ VILLAGE OF OAK BROOK, ILLINOIS
COMPUTATION OF LEGAL DEBT MARGIN
April 30, 1985
Assessed value $373,265,867
.._ Debt limit 8.625% of assessed value $ 32,194,181
Debt applicable to debt limit - General
Obligation Recreation Bonds 7,550,000
~ Legal debt margin $ 24,644,181
77
Table 8
VILLAGE OF OAK BROOK, ILLINOIS
COMPUTATION OF OVERLAPPING DEBT
April 30, 1985
Percentage Amount
Applicalbe to Applicable to
Net Debt Village of Village of
Jurisdiction Outstanding Oak Brook Oak Brook
Village of Oak Brook $ 7,550,000 100.00% $ 7,550,000
Oak Brook Park District 250,000 98.10 245,250
DuPage County 19,950,000 4.74 945,630
Sanitary districts 4,875,000 23.24 1,132,950
Junior college district 13,575,000 4.74 643,455
Elementary school districts 6,519,000 19.57 1,275,768
High school districts 14,345,000 12.64 1,813,208
Total $13,606,261
Source: DuPage County Clerk's office.
78
Table 9
VILLAGE OF OAK BROOK, ILLINOIS
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL
BONDED DEBT TO TOTAL GENERAL EXPENDITURES
Last seven fiscal years
Ratio of
Total Total Debt Service
Fiscal Debt General to Total
Year Principal Interest Service Expenditures(1) Expenditures
1985 $600,000 $379,800 $979,800 $6,495,726 15.08%
.� 1984 500,000 390,550 890,550 6,056,503 14.70
1983 500,000 412,050 912,050 5,392,800 16.91
1982 450,000 433,825 883,825 5,963,781 14.82
1981 400, 000 454,650 854,650 4,891,200 17.47
1980(2) 270,000 477,410 747,410 5, 061,283 14.77
1979(2) 3,372,066
(1) Includes General Corporate Fund only.
(2) Bonds were issued on September 1, 1977 with the first principal payment
due December 1, 1979.
79
Table 10
VILLAGE OF OAK BROOK, ILLINOIS
REVENUE BOND COVERAGE - WATERWORKS SYSTEM BONDS
Last ten fiscal years
Net Revenue
Available Debt Service
Fiscal Gross for debt Requirements
- Year . Revenue(1) Expenses(2) Service (3) Principal Interest Total Coverage
1985 $2,621,901 $819,550 $1,802,351 $350,000 $228,600 $578,600 312%
1984 2,248,398 712,692 1,535,706 325,000 246,100 571,100 269
1983 2,002,585 540,260 1,462,325 300,000 261,525 561,525 260
1982 1,814,363 436,134 1,378,229 275,000 275,550 550, 550 250
1981 1,665,697 510,744 1,154,953 250,000 289,425 539,425 214
1980 1,557,714 374,346 1,183,368 225,000 300,925 525,925 225
1979 1,604,002 386,149 1,217,853 225,000 312,425 537,425 227
1978 1,252,199 306,835 945,364 200,000 322,825 522,825 181
1977 1,254,182 212,790 1,041,392 75,000 282,712 357,712 291
1976 850,587 227, 807 622,780 50,000 168,100 218,100 286
(1) Represents gross revenue, including operating revenue, interest on investments,
.� and reimbursements.
(2) Represents operating expenses, excluding depreciation.
(3) Represents operating income plus interest on investments, reimbursements, and
depreciation.
-
80
Table 11
VILLAGE OF OAK BROOK, ILLINOIS
DEMOGRAPHIC STATISTICS
_ Education
Level in
- Per Years of
Fiscal Capita Median Formal Unemployment
Year Population Income Age Education Rate
1984(1) 7,263 $22,737 39 14.5 3.14%
1970(2) 4,164 8,997 34 13.3 0.07
-- (1) Source - 1983 Special Census and 1980 Federal Census.
(2) Source - 1970 Federal Census.
w
81
Table 12
-� VILLAGE OF OAK BROOK, ILLINOIS
PROPERTY VALUE, CONSTRUCTION, AND BANK DEPOSITS
Last ten calendar years
Commercial Residential Estimated
Construction Construction Total
Number Number Property
Calendar of Value of Value Bank Deposits (1) Value
Year Units (in thousands) Units (in thousands) (in thousands) (in thousands)
-- 1984 3 $15,349 105 $25,861 $841,308,000 $1,131,109
1983 5 15,575 98 22,398 754,645,000 1,052,336
1982 2 11,943 55 6,937 657,982,000 965,680
1981 1 798 63 14,618 508,321,000 890,597
1980 6 14,554 81 19,446 433,987,000 780,990
1979 6 18,167 119 17,487 647,403
1978 17 29,295 138 16,367 642,250
1977 13 10,050 132 14,944 558,224
1976 3 1,740 73 7,941 493,161
1975 5 14,040 39 4,379 445,114
(1) Source - Polling of all banks in Village of Oak Brook. Data for years prior
to 1980 was not available.
82
Table 13
VILLAGE OF OAK BROOK, ILLINOIS
PRINCIPAL TAXPAYERS
April 30, 1985
1984 Percentage of
Assessed Total Assessed
Taxpayer Type of Business Valuation Valuation
Urban Investment Oak Brook Shopping Center $16,358,110 4.38$
Development Co. property
Oak Brook International Office buildings 9,102,690 2.44
Office
McDonald's Corporation Corporate office headquarters 8,785,620 2.35
Regency Towers Office buildings 7,856,640 2.10
Arthur Rubloff & Co. Commerce plaza 6,803,670 1.82
Manufacturing Life Executive towers 5,890,150 1.58
Real Estate
Marshall Field & Co. Retail store 5,396,420 1.45
Bat Holdings
Oak Brook Hyatt House Hotel 4,996,430 1.34
Marriott Hotel 4,356, 310 1.17
Eastman Kodak Regional headquarters 4,325,570 1.16
Sears, Roebuck & Co. Retail store 3,697,100 .99
- $77,568,710 20.78%
t:.
83
Table 14
.. VILLAGE OF OAK BROOK, ILLINOIS
INSURANCE IN EFFECT
Fiscal year 1985-1986
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
(660512TG255) 5-15-85 5-15-86 occurrence $ 264
Boiler and machinery Great Northern $1,000,000
-. insurance Insurance Co. each
(7829-49-77) 5-15-85 5-15-86 occurrence 1,180
Treasurer's bond American Motorists
Insurance Company
(3SM-061-900) 4-13-85 4-13-86 $100,000 73
Volunteer accident Home Insurance $17,500
insurance Company each
(HVF-7-14-61) 5-15-85 5-15-86 occurrence 932
Host Liquor Continental Casualty
Liability (RDD6925030 $1,000,000
Lloyds, London each
~� (BL25507CA) 11-24-84 11-24-85 occurence 1,988
�- Note: The Village entered into a contractual agreement with 14 other municipali-
ties 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 contribu-
tion to this cooperative agency for 1985 was $168,806 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 excess catastrophe 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 liability claims and $19,750,000
for property claims. The Agency has contracted the services of Gallagher
Bassett Insurance Service for the claims administration function. As of
April 30, 1985, IRMA members totaled 37 municipalities.
84
Table 15
VILLAGE OF OAK BROOK, ILLINOIS
MISCELLANEOUS STATISTICAL DATA
April 30, 1985
—
Date of incorporation February 21, 1958
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
Number of volunteers
Police protection: Number of stations 1
Number of policemen and officers
Detention facilities
Education (elementary
only): Attendance centers 2
Number of teachers 42
Number of students 450
Municipal water
.r
department: Number of customers:
Total water pumped
Average daily -consumption
Miles of water mains
Building permits issued
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
Du Page County Forest Preserve - 141 acres
.: Culture: Number of libraries 1
Number of volumes 32,000
Census data 1960, 324; 1970, 4,164; 1975, 5,281;
1980, 6,641; 1984, 7,263
Employees: 121 full time
95 part time
85