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Comprehensive
Annual Financial Report
of the
Village of Oak Brook, Illinois
For the Year Ended
April 30, 1987
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VILLAGE OF OAK BROOK, ILLINOIS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Year Ended April 30, 1987
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Prepared by:
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Finance Department
Terry C. Klein
Finance Officer
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L Introductory
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VILLAGE OF OAK BROOK, ILLINOIS
COMPREHENSIVE ANNUAL FINANCI&REPORT
Year Ended April 30, 1987
Page
INTRODUCTORY SECTION
Table of Contents 1
Organization Chart 5
Officers and Officials 6
Letter of Transmittal 7
FINANCIAL SECTION
Accountants' Report. . . . . . . . . . . . . . . . . . . . . . . 15
Combined Statements--Overview ("Liftable" General
Purpose Financial Statements):
Combined Balance Sheet--All Fund Types
and Account Groups . . . . . . . . . . . . . . . . . . . . 17
Combined Statement of Revenues, Expenditures,
and Changes in Fund Balances--All Governmental
Fund Types . . . . . . . . . . . . . . . . . . . . . . 19
Combined Statement of Revenues, Expenditures,
and Changes in Fund Balances--Budget and
Actual (Non-GAAP Basis) General Fund,
Certain Special Revenue Funds and
Debt Service Fund. . . . . . . . . . . . . . . . . . . . . 20
Combined Statement of Revenues, Expenditures, and
Changes in Retained Earnings/Fund Balances--All
Proprietary Fund Types and Pension Trust Funds . . . . . . 21
Combined Statement of Changes in Financial
Position--All Proprietary Fund Types and
Pension Trust Funds. . . . . . . . . . . . . . . . . . . . 22
Notes to Financial Statements. . . . . . . . . . . . . . . . 23
Combining, Individual Fund, and Account Group
Financial Statements and Schedules:
Governmental Funds:
General Fund . . . . . . . . . . . . . . . . . . . . . . . 45
Statment of Revenues, Expenditures, and Changes
in Fund Balance--Budget and Actual
(Non-GAAP Basis) . . . . . . . . . . . . . . . . . . . 46
Schedule of Expenditures--Budget and Actual--
(Non-GAAP Basis) . . . . . . . . . . . . . . . . . . . 47
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TABLE OF CONTENTS--Continued
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Combining, Individual Fund, and Account Group
Financial Statements and Schedules--Continued:
Governmental Funds--Continued:
Special Revenue Funds. . . . . . . . . . . . . . . . . . . 51
Combining Balance Sheet. . . . . . . . . . . . . . . . . 52
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances . . . . . . . . . . . . . 53
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances--Budget
and Actual . . . . . . . . . . . . . . . . . . . . . . 54
Capital Projects Funds . . . . . . . . . . . . . . . . . . 55
Combining Balance Sheet. . . . . . . . . . . . . . . . . 56
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances . . . . . . . . . . . . . 57
Proprietary Funds
Enterprise -Funds . . . . . . . . . . . . . . . . . . . . . 58
Combining Balance Sheet. . . . . . . . . . . . . . . . . 59
Combining Statement of Revenues, Expenses,
and Changes in Retained Earnings (Deficit) . . . . . . 60
Combining Statement of Changes in Financial
Position . . . . . . . . . . . . . . . . . . . . . . . 61
Waterworks Systems Fund:
Statement of Revenues, Expenses, and Changes
in Retained Earnings--Budget and Actual
(Non-GAAP Basis) . . . . . . . . . . . . . . . . 62
Schedule of Property, Plant, and Equipment
and Accumulated Depreciation . . . . . . . . . . . . 64
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TABLE OF CONTENTS--Continued
Page
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 (Non-GAAP
Basis) . . . . . . . . . . . . . . . . . . . . . . . 65
Schedule of Property, Plant, and Equipment
and Accumulated Depreciation . . . . . . . . . . . . 69
Fiduciary Funds--Pension Trust Funds . . . . . . . . . . . . 70
Combining Balance Sheet. . . . . . . . . . . . . . . . . . 71
Combining Statements of Revenues, Expenses,
and Changes in Fund Balances . . . . . . . . . . . . . . 72
Combining Statement of Changes in Financial Position . . . 73
Policemen's Pension Fund:
Statement of Revenues, Expenses, and Changes
in Fund Balance--Budget and Actual . . . . . . . . . . 74
Firemen's Pension Fund:
Statement of Revenues, Expenses, and Changes
in Fund Balance--Budget and Actual . . . . . . . . . . 75
General Fixed Assets Account Group . . . . . . . . . . . . . 76
Schedule of General Fixed Assets--By Sources . . . . . . . 77
Schedule of General Fixed Assets--By Function
and Activity . . . . . . . . . . . . . . . . . . . . . . 78
Schedule of Changes in General Fixed Assets--
By Function and Activity . . . . . . . . . . . . . . . . 79
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TABLE OF CONTENTS--Continued
Table Page
STATISTICAL SECTION (Unaudited)
General Governmental Expenditures by Function--
Last Ten Fiscal Years. 1 81
General Revenues by Source--Last Ten Fiscal Years. 2 82
Special Assessment Collections . . . . . . . . . . . . . 3 83 _
Property Tax Levies and Collections--Last Seven
Fiscal Years . . . . . . . .
Assessed and Estimated Actual Value of Taxable
Property--Last Ten Fiscal Years. . . . . . . . . . . . 5 85
Property Tax Rates--All Overlapping Governments--
Last Ten Fiscal Years. . . . . . . . 6 86
Ratio of Net General Bonded Debt to Assessed
Value and Net B9nded Debt Per Capita--Last
Nine Fiscal Years. 7 87
Computation of Legal Debt Margin . . . . . . . . . . 8 88
Computation of Overlapping Debt. . . . . . . . . . . . . 9 89
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Total General
Expenditures--Last Seven Fiscal Years. . . . . . . . . 10 90
Revenue Bond Coverage--Waterworks System Bonds--
Last Ten Fiscal Years. . . . . . . . . . . . . . . . . 11 91
Demographic Statistics . . . . . . . . . . . . . . . . . 12 92
Property Value, Construction, and Bank Deposits--
Last Ten Calendar Years. . . . . . . . . . . . . . . . 13 93
Principal Taxpayers. . . . . . . . . . . . . . . . . . . 14 94
Insurance in Effect. . 15 95
Miscellaneous Statistical Data . . . . . . . . . . . . . 16 96
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VILLAGE of OAK BROOK, ILLINOIS
ORGANIZATIONAL CHART
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ELECTED OFFICIALS
I1-President
6-Trustees
1-Clerk
!t Treasurer
Advisory Boards&Commissions Village Manager
Plan Zoning Board Electrical Fire&Police Library Asst.to Village Legal Department
ICommission of Appeals Commission Commission Commission Manager
Staff Service
Engineering Admmistratrve Services
Finance
Plan Review& Desion Administration Customer Payroll Water Accounts
Inspection Service Insurance B Ilmg Payable
Operating Departments
Sports Core Public Works Fire Service 'Police Service Library
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Open Golf Pool Club- Tennis Municipal Operation& Operation& Rescue.Extinguishment, Volunteer Bureau of Staff/Aux.Service Investigation Patrol,Traffic,
Fields Course house Garage Maintenance Drainage, Maintenance Emergency Medical Service Inspections Communication, Evidence, Juvenile Public
Traffic Control&Lighting Water Service,Training Maint.& Records,Supply& Detention information
and Public Land System Investigation Maintenance Court Uaison
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VILLAGE OF OAK BROOK, ILLINOIS
OFFICERS AND OFFICIALS
Year Ended April 30, 1987
President
Wence F. Cerne
Clerk
Marianne Lakosil
Trustees
Garry J. Bartecki
Karen M. Bushy
Walter C. Imrie
Ronald P. Maher
Joseph H. Rush
H. Richard Winters
— Village Manager
Stephen Berley
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V I LLAG E OF OAK BROOK
1 2 0 0 O A K BROOK R O A N
OAK BROOK, ILLINOIS 60521 -2255
October 30, 1987
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, 1987 is submitted herewith. Respon-
sibility for both the accuracy of the presented data and the complete-
ness and fairness of the presentation, including all disclosures, rests
with the Village. I 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, a group
of self-balancing accounts known as the General Fixed Assets and Gen-
eral Long-term Debt Account Groups are included in this report.
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, Waterworks System
and Sports Core, are also included in this report.
The Long-term Debt Account includes the General Obligation Recreation
_ 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 Comprehensive Annual Financial Report includes
statistical data and schedules which contribute to the value of the
report as an official document.
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This letter describes the significant aspects of financial operations --
during the year. It is my 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 trans-
actions relating to our Village government.
Accounting System and Budgetary 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, considera-
tion is given to the adequacy of internal accounting controls. Inter-
nal 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, 1987 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
or inspection, and emergency medical 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.
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The Oak Brook Park District, the various school and sanitary districts,
and the counties of Du Page 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.
During 1983, the National Council on Governmental Accounting ("NCGA")
Statement No. 3 "Defining the Governmental Reporting Entity" became
effective. This statement concluded that the basis--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 Fund totaled $7,954,459, an increase of $1,049,834 (15.2%)
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 1986
Intergovernmental $6,608,313 83.1% $ 906,162
Licenses and permits 279,693 3.5 31,350
Charges for services 215,853 2.7 (2,254)
Fines and penalties 146,691 1.8 (15,957)
Interest on investments 364,873 4.6 (18,125)
Other revenues 339,036 4.3 148,658
17.954,459 100.0% 11,049.834
Intergovernmental revenue is the major source of revenue for the
Village, producing 83.1% 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 affected the .nearby Oak Brook Mall.
The increase in licenses and permits is due to increased construction
in the Village.
Revenues from investment income decreased by $18,125 from last year,
reflecting a decline in interest rates from the previous year.
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The Village has never levied taxes for general governmental functions. -
However, the assessed valuation of real property of the Village was `
$445,776,000, an increase of $48,865,000, or 12.3% over the prior year.
Expenditures for general governmental purposes as reported in the
general fund totaled $7,183,344, an increase of $924,990 (14.8%) from
last year. Changes in levels of expenditures for major functions of
the Village over the prior year are shown in the following tabulation:
Percent Increase
of (Decrease)
Function Amount Total Over 1986
Legislative $ 254,617 3.5% $ (2,336)
General government 911,668 12.7 187,315
Public safety 4,450,380 62.0 402,517
Public works 1,384,901 19.3 332,981
Culture and recreation 181,778 2.5 4,513
' ��183,�44 100.0% 24
The increase in general government expenditures is due to increases in r
all our departments, especially in the area of personal services, which
increased $79,000.
Public safety expenditures, which represent our largest portion of
expenditures, increased 9.9% over last year, primarily due to increases
in personel services of $285,000 and increases in capital expenditures
of $129,000.
The Village also abated $300,000 of the 1985 Sports Core tax levy as a
result of prior years' accumulated surpluses in the General 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 propriety 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, 1987 as
compared to April 30, 1986 is a follows:
April 30 April 30
1987 1986 ...
Net bonded debt total $5,933,331 $6,662,364
Ratio of net bonded debt to _
assessed valuation 1.331% 1.679%
Net bonded debt per capita $ 742 $ 833
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General obligation recreation 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 1986/87 totaled $618,592, or
approximately 99% of the total tax levy. Because of the favorable fund
balance in the General Fund, the Village abated the tax levy to be
collected in fiscal 1987/88 by $300,000. Reduced tax levy rates as the
result of the abatements are indicated below:
Tax Fiscal
Year Year
.� 1986 1987 $.1366 per $100 of assessed valuation
1985 1986 $.1566 per $100 of assessed valuation
1984 1985 $.1524 per $100 of assessed valuation
_ 1983 1984 $.1704 per $100 of assessed valuation
1982 1983 $.1645 per $100 of assessed valuation
1981 1982 $.0944 per $100 of assessed valuation
1980 1981 $.2010 per $100 of assessed valuation
1979 1980 $.2265 per $100 of assessed valuation
1978 1979 $.3495 per $100 of assessed valuation
1977 1978 $.4535 per $100 of assessed valuation
The general obligation bonds are due to be retired in December 1984.
_ In addition, the Village has outstanding revenue bonds for the Water-
works 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:
Moody's
Investors
Service
General Obligation Bond 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, 1987, the Village's invest-
ments for all funds exclusive of the Pension Trust Funds were dis-
tributed as follows:
Treasurer's Investment Pool 3.1%
Repurchase agreements 26.9
Certificates of deposit and other
time deposits 69.8
For the year ended April 30, 1987, the Village received $1,431,000 in
interest income.
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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.
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, 1987 was $122,499. The funds
in the Motor Fuel Tax Fund have been traditionally used by the Village
to finance street reconstruction and resurfacing 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. The policy was
adhered to in the fiscal year ended April 30, 1987 with $21,606
expended through transfer to the General Fund for capital 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 the 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 1988.
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 uniformed personnel in the
Police Department; (2) the Firemen's Pension Fund of the Village of Oak
Brook, covering the Village's uniformed personnel in the Fire Depart-
ment; and (3) the Illinois Municipal Retirement Fund, which covers all
the remaining Village employees who work in excess of 1,000 hours per
year on a regular basis. The employees covered by the Illinois
Municipal Retirement Fund are also covered by Social Security.
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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, 1987, the general
fixed assets of the Village amounted to $12,396,448. This amount
represents the original cost of the assets and is considerably less
than their present value. Depreciation of general fixed assets is
properly not recognized in the Village's governmental fund types.
Waterworks System Fund
The Village's water utility continues to show increases in water sales,
although also showing slight declines in net income, and debt service
coverage as we continue the program of increasing rates about 52
annually. Comparative data for the past two fiscal years are presented
in the following tabulation:
1987 1986
Water sales $1,837,066 $1,724,591
Water tap on charges 151,124 261,448
_ Total operating revenues 2,188,632 2,181,683
Total operating expenses 1,141,062 1,033,632
Amount available for debt service 1,668,605 1,779,639
_ Annual debt service 566,450 559,950
Coverage (amount available for
debt service divided by annual
debt service) 2.95 3.18
During the year, $375,000 of regularly maturing revenue bonds were
retired in the Waterworks System Fund. Since fiscal year 1976/77, our
debt coverage as defined above has increased from 2.07 to 2.95.
Sports Core Fund
The 1987 financial statements reflect the sixth year of operation of
the 18-hole golf course and expanded operations of the Bath and Tennis
Club. Operating revenues and interest income totaled $1,608,048.
Operating expenditures, excluding depreciation, totaled $1,460,197.
Major department activity is summarized as follows:
Revenues and Interest Income
Percent
of
Description Amount Total
Golf course $ 833,831 51.92
Bath and Tennis Club (including
special events) 695,334 43.2
Open fields 63,481 3.9
Interest income 15,402 1.0
$1.608.04 100.02
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Operating Expenses
Percent
of
Description Amount Total —
Golf course $ 633,003 43.3%
Bath and Tennis Club 637,561 43. 7
Open fields 32,517 2.2
Administration 157,116 10.8
$1.460.197 100.0%
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 Achievement
The Government Finance Officers Association of the United States and
Canada ("GFOA") awarded a Certificate of Achievement for Excellence in
Financial Reporting to the Village of Oak Brook for its comprehensive
annual financial report for the fiscal year ended April 30, 1985.
In order to be awarded a Certificate of Achievement, a governmental
unit must publish an easily readable and efficiently organized
comprehensive annual financial report, whose contents conform to _
program standards. Such reports must satify both generally accepted
accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only.
We believe our current report conforms to Certificate of Achievement
Program requirements, and we are submitting it to GFOA to determine its
eligibility for another certificate. _
Acknowledgments
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
President and 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. _.
Terry C. Klein
Finance Officer
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General Purpose
Financial Statements
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Ernst &VWhinney 150 South Wacker Drive
Chicago, Illinois 60606
-- 312/368-1800
The President, Board of Trustees,
_ and Village Manager
Village of Oak Brook, Illinois
We have examined the general purpose financial statements of the
Village of Oak Brook, Illinois and its combining, individual fund and
account group financial statements as of and for the year ended
April 30, 1987, as listed in the table of contents. Our examination
was made in accordance with generally accepted auditing standards and,
accordingly, included such tests of the accounting records and such
other auditing procedures as we considered necessary in the circum-
stances. The general purpose financial statements of the Village of
Oak Brook, Illinois and its combining, individual fund and account
group statements as of and for the year ended April 30, 1986, were
"- examined by other auditors who report, dated November 1, 1986,
expressed an unqualified opinion on those statements.
In our opinion, the general purpose financial statements referred to
above present fairly the financial position of the Village of Oak
Brook, Illinois at April 30, 1987, the results of its operations and
the changes in financial position of its proprietary fund types and
pension 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,
individual fund and account group financial statements referred to
above present fairly the financial position of the individual funds and
account groups of the Village of Oak Brook, Illinois at April 30, 1987,
and the results of operations of such funds and the changes in finan-
cial position of individual proprietary and pension 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.
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Our examination was made for the purpose of forming an opinion on the
general purpose financial statements taken as a whole and on the
combining, individual fund and account group financial statements. The
accompanying statistical information listed in the table of contents is
presented for purposes of additional analysis and is not a required
part of the general purpose, combining, individual fund and account
group financial statements of the Village of Oak Brook, Illinois. Such
information has not been subjected to the auditing procedures applied
in the examination of the general purpose, combining, individual fund
and account group financial statements and, accordingly, we express no
opinion on it.
TV'-
Chicago,
Chicago, Illinois
September 4, 1987 ,
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VILLAGE OF OAK BROOK, ILLINOIS
COMBINED BALANCE SHEET--ALL FUND TYPES AND ACCOUNT GROUPS
April 30, 1987
Governmental Fund Types
Special Debt Capital
General Revenue Service Projects
ASSETS AND OTHER DEBITS
Cash $ 17,863
Investments 6,116,292 $114,402 $ 563,784 $102,064
Receivables (net, where applicable,
of allowances for uncollectibles):
Sales taxes 1,288,794 _
Property taxes 5,615 609,352
State income taxes 24,504
Water customers
Allotments 9,633 '—
Accrued interest 97,195
Other 87,822
Due from other funds 20,287 111,879
Inventory of supplies 43,339
Unamortized bond discount
Other assets _
Restricted assets--investments
Fixed assets (net, where applicable,
of accumulated depreciation)
Amount available in Debt Service Fund '—
Amount to be provided for retirement
of general long-term debt
TOTAL ASSETS AND OTHER DEBITS 7.696,096 12 $1,173,136
See accompanying notes to financial statements.
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Fiduciary
Proprietary Fund Type Account Groups Totals
Fund Type Pension General General Long- (Memorandum Only)
Enterprise Trust Fixed Assets Term Debt 1987 1986
$ 97,248 $ 19,563 $ 134,674 $ 65,143
._ 2,261,243 11,548,862 20,706,647 17,479,172
_ 1,288,794 1,224,353
614,967 621,363
24,504 17,590
252,580 252,580 192,440
'- 9,633 9,068
60,651 213,538 371,384 414,560
42,758 19,575 150,155 63,525
65,821 197,987 102,563
20,670 64,009 53,277
35•,098 35,098 40,268
3,753 3,753 10,275
4,025,584 4,025,584 3,922,318
16,477,403 $12,396,448 28,873,851 28,398,352
$ 416,672 416,672 287,636
6,011,859 6,011,859 6,732,109
23,276,988 $11,867,359 t12,396,4AB $6,428,531 t63,18ZL51 $59,634,012
i
-17-
VILLAGE OF OAK BROOK, ILLINOIS
COMBINED BALANCE SHEET--ALL FUND TYPES AND ACCOUNT GROUPS--Continued -
April 30, 1987
Governmental Fund Types
Special Debt Capital
General Revenue Service Projects
LIABILITIES AND FUND EQUITY —
Accounts payable $ 328,781
Accrued payroll and vacation 398,951 _
Customer deposits 4,500
Due to other funds 152,700 $ 4,260 $ 2,364
Deferred revenue:
Property tax receivables 5,615 602,900
Other 51,445
Current interest payable 151,200
Construction performance bonds 590,160 --
Revenue bonds payable
General obligation bonds payable
TOTAL LIABILITIES 1,526,537 9,875 756,464 _
Fund equity:
Contributed capital
Investment in general fixed assets
Retained earnings:
Reserved under revenue bond
ordinance _
Reserved for Lake Michigan
Water Project
Unreserved
Fund balances: '-
Reserved for encumbrances 313,821
Reserved for inventory 43,339
Reserved for debt service 416,672
Reserved for employees '
retirement
Unreserved: _
Designated for subsequent
year's expenditures $140,898
Undesignated 5,812,399 119,775 73,045
TOTAL FUND EQUITY 6,169,559 119,775 416,672 213,943
TOTAL LIABILITIES AND FUND EQUITY 7.696,096 12 1.173.136 21 4
See accompanying notes to financial statements. _
-18-
_ Fiduciary
Proprietary Fund Type Account Groups Totals
Fund Type Pension General General Long- (Memorandum Only)
Enterprise Trust Fixed Assets Term Debt 1987 1986
$ 216,811 $ 15,363 $ 560,955 $ 488,188
37,568 $ 78,531 515,050 460,067
202,315 206,815 216,883
38,663 197,987 102,563
608,515 621,363
51,445
151,200 164,100
590,160 366,675
3,300,000 3,300,000 3,675,000
6,350,000 6,350,000 6,950,000
3,795,357 15,363 6,428,531 12,532,127 13,044,839
11,025,590 11,025,590 11,025,590
$12,396,448 12,396,448 11,756,070
3,690,082 3,690,082 3,636,082
362,502 362,502 286,218
4,403,457 4,403,457 3,485,846
313,821
43,339 36,171
416,672 287,636
10,190,749 10,190,749 8,046,222
140,898 56,633
1,661,247 7,666,466 7,972,705
19,481,631 11,851,996 12,396,448 50,650,024 46,589,173
$23,276,988 $11,867,359 tl2,396,44B t6,428,531 t63,182,151 59,634,012
-18-
i
IVILLAGE OF OAK BROOK, ILLINOIS
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCES--ALL GOVERNMENTAL FUND TYPES
Year Ended April 30, 1987
1
Totals
Special Debt Capital (Memorandum Only)
General Revenue Service Projects 1987 1986
Revenues:
Intergovernmental $6,608,313 $153,760 $123,654 $6,885,727 $5,952,519
1 Property taxes 6,063 592,279 598,342 570,623
Licenses and permits 279,693 279,693 248,343
Service charges 215,853 215,853 218,107
I Fines and penalties 146,691 146,691 162,648
Interest on investments 364,873 9,924 29,317 $ 3,210 407,324 430,964
Miscellaneous 339,036 339,036 190,378
TOTAL REVENUES 7,954,459 169,747 745,250 3,210 8,872,666 7,773,582
Expenditures.•
Current:
I Legislative 254,617 254,617 256,953
General government 911,668 911,668 724,353
Public safety 4,450,380 4,450,380 4,047,863
Public works 1,384,901 1,384,901 1,051,920
Culture and recreation 181,778 181,778 177,265
Debt service:
Principal retirement 600,000 600,000 600,000
Interest and fees 316,214 316,214 342,064
TOTAL EXPENDITURES 7,183,344 916,214 _ 8,099,558 7,200,418
EXCESS (DEFICIENCY) OF
IREVENUES OVER EXPENDITURES 771,115 169,747 (170,964) 3,210 773,108 573,164
Other financing sources (uses):
Operating transfers in 291,606 300,000 107,500 699,106 610,000
Operating transfers out (392,500) (131,606) (524,106) (460,727)
TOTAL OTHER FINANCING SOURCES (USES) (100,894) (131,606) 300,000 107,500 175,000 149,273
EXCESS OF REVENUES AND OTHER
FINANCING SOURCES OVER EXPENDITURES
AND OTHER FINANCING USES 670,221 38,141 129,036 110,710 948,108 722,437
Fund balances at May 1, 1986 5,499,338 81,634 287,636 103,233 5,971,841 5,249,404
FUND BALANCES AT APRIL 30, 1987 $6,169,559 112_,= JAIJL12 JjLj,_943 t6,919,949 $5.971,841
I
See accompanying notes to financial statements.
I
1
-19-
1
i
IVILLAGE OF OAK BROOK, ILLINOIS
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCES--BUDGET AND ACTUAL (NON-GAAP BASIS)
GENERAL FUND, CERTAIN SPECIAL REVENUE FUNDS
AND DEBT SERVICE FUND
IYear Ended April 30, 1987
General Fund Special Revenue Funds Debt Service Fund Total (Memorandum Only)
Actual-- Variance Actual-- Variance Actual-- Variance ctual-- Variance
Budgetary Favorable Budgetary Favorable Budgetary Favorable �udgetary Favorable
Basis Budget (Unfavorable) Basis Budget (Unfavorable) Basis Budget (Unfavorable) Basis Budget (Unfavorable)
Revenues:
Intergovernmental $6,608,313 $ 6,123,930 $ 484,383 $153,760 $156,000 $(2,240) $123,654 $ 79,000 $ 44,654 $6,885,727 $ 6,358,930 $ 526,797
I Property taxes 592,279 548,200 44,079 592,279 548,200 44,079
Licenses and permits 279,693 231,700 47,993 279,693 231,700 47,993
Service charges 215,853 183,405 32,448 215,853 183,405 32,448
Fines and penalties 146,691 137,600 9,091 146,691 137,600 9,091
Interest on investments 364,873 352,742 12,131 9,924 7,100 2,824 29,317 10,500 18,817 404,114 370,342 33,772
Miscellaneous 339,036 129,300 209,736 339,036 129,300 209,736
TOTAL REVENUES 7,954,459 7,158,677 795,782 163,684 163,100 584 745,250 637,700 107,550 8,863,393 7,959,477 903,916
IExpenditures:
Current:
I Legislative 254,617 255,546 929
254,617 255,546 929
General government 929,668 998,216 68,548 929,668 998,216 68,548
Public safety 4,542,454 4,747,669 205,215 . 4,542,454 4,747,669 205,215
Public works 1,582,375 2,240,952 658,577 50 50 1,582,375 2,241,002 658,627
Culture and recreation 188,051 199,880 11,829 188,051 199,880 11,829
J Debt service:
Principal retirement 600,000 600,000 600,000 600,000 -
Interest and fees 316,214 329,200 12,986 316,214 329,200 12,986
TOTAL EXPENDITURES 7,497,165 8,442,263 945,098 50 50 916,214 929,200 12,986 8,413,379 9,371,513 958,134
EXCESS (DEFICIENCY) OF
IREVENUES OVER EXPENDITURES 457,294 (1,283,586) 1,740,880 163,684 163,050 634 (170,964) (291,500) 120,536 450,014 (1,412,036) 1,862,050
Other financing sources (uses):
Operating transfers in 291,606 361,800 (70,194) 300,000 325,000 (25,000) 591,606 686,800 (95,194)
Operating transfers out (392,500) (392,500) (131,606) (194,600) 62,994 (524,106) (587,100) 62,994
TOTAL OTHER
FINANCING SOURCES (USES) (100,894) (30,700) (70,194) (131,606) (194,600) 62,994 300,000 325,000 (25,000) 67,500 99,700 (32,200)
EXCESS (DEFICIENCY) OF
REVENUES AND OTHER FINANCING
SOURCES OVER EXPENDITURES
AND OTHER FINANCING USES 356,400 x(1.314.286) 1.670.686 32,078 ( Q) $ 129,036 517,514 517,514 (1.312.336) 1.829.850
IFund balances at May 1, 1986 5,499,338 91,957 287,636 i5,878,931
FU10 BALANCES AT APRIL 30, 1987 5.855.738 12J 41 2 44�
I
II
-20-
I
VILLAGE OF OAK BROOK, ILLINOIS
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
RETAINED EARNINGS/FUND BALANCES--ALL PROPRIETARY
FUND TYPES AND PENSION TRUST FUNDS
Year Ended April 30, 1987
Fiduciary
Proprietary Fund Type Totals
Fund Type Pension (Memorandum Only)
Enterprise Trust 1987 1986
Operating revenues:
Charges for services $3,751,332 $ 3,751,332 $ 3,850,633
Interest on investments $ 999,552 999,552 945,505
Contributions:
Employees 206,546 206,546 183,973
Village 394,027 394,027 383,602
Miscellaneous 29,946 29,946 56,754
' TOTAL
OPERATING REVENUES 3,781,278 1,600,125 5,381,403 5,420,467
Operating expenses:
Operation of facilities 2,188,614 2,188,614 2,220,066
General and
administrative 177,638 3,779 181,417 146,909
Depreciation 460,422 460,422 470,722
Benefit payments 171,876 171,876 96,086
TOTAL
OPERATING EXPENSES 2,826,674 175,655 3,002,329 2,933,783
OPERATING INCOME 954,604 1,424,470 2,379,074 2,486,684
Nonoperating revenues
(expenses) :
Interest on investments 383,366 383,366 402,042
Interest on bonds (191,450) (191,450) (209,950)
Amortization of
bond discount (5,170) (5,170) (5,170)
Fiscal agents ' fees (3,384) (3,384) (918)
Construction
r
reimbursements 6,700 6,700 7,600
Other revenue 78,229 78,229
268,291 268,291 193,604
INCOME BEFORE
OPERATING TRANSFERS 1,222,895 1,424,470 2,647,365 2,680,288
Operating transfers in 10,000 10,000 10,727
Operating transfers out (185,000) (185,000) (160,000)
NET INCOME 1,047,895 1,424,470 2,472,365 2,531,015
Retained earnings/fund
balances at May 1, 1986 7,408,146 10,427,526 17,835,672 15,304,657
RETAINED EARNINGS/
FUND BALANCES AT
APRIL 30, 1987 $8.456.041 $11.851.996 $20.308,037 $17,835,672
See accompanying notes to financial statements.
-21-
VILLAGE OF OAK BROOK, ILLINOIS
COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION--ALL
PROPRIETARY FUND TYPES AND PENSION TRUST FUNDS
Year Ended April 30, 1987
Fiduciary
Proprietary Fund Type Totals
Fund Type Pension (Memorandum Only)
Enterprise Trust 1987 1986
Sources of working capital:
Operations:
Net income $1,047,895 $1,424,470 $2,472,365 $2,531,015 _
Items not requiring
working capital:
Depreciation 460,422 460,422 470,722
Amortization of
bond discount 5,170 5,170 5,170
TOTAL PROVIDED
BY OPERATIONS 1,513,487 1,424,470 2,937,957 3,006,907
TOTAL SOURCES OF
WORKING CAPITAL 1,513,487 1,424,470 2,937,957 3,006,907
Uses of working capital:
Acquisition of fixed assets 295,543 295,543 59,003
Reduction in bonds payable 375,000 375,000 350,000 _
Net increase in
pension investments 1,376,109 1,376,109 1 ,444,052
TOTAL USES OF
WORKING CAPITAL 670,543 1,376,109 2,046,652 1,853,055
NET INCREASE IN
WORKING CAPITAL $ 842.944 $ 48.361 j__891,305 $1.153.852
i
Elements of net increase
(decrease) in working
capital:
Cash $ 47,331 $ 18,887 $ 66,218 $ 42,677
Investments 802,645 802,645 1,198,121
Receivables 35,088 39,645 74,733 (52,053)
Other assets (5,275) (5,275) 695
Inventory 3,564 3,564 (2,956)
Accounts payable (11,302) (15,363) (26,665) (21,558)
Accrued payroll and
vacation liability (14,604) (14,604) 3,790
Customer deposits 10,068 10,068 (14,928)
Due to other funds (24,571) 5,192 (19,379) 64
NET INCREASE IN
WORKING CAPITAL $ 842,944 $ 48.361 J 891.305 11,153,852
See accompanying notes to financial statements.
-22-
VILLAGE OF OAK BROOK, ILLINOIS
` NOTES TO FINANCIAL STATEMENTS
Year Ended April 30, 1987
a
NOTE A--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 government 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 accompanying financial statements of the Village have been prepared
in conformity with generally accepted accounting principles as
prescribed in pronouncements of the Governmental Accounting Standards
Board ("GASB").
•- Reporting Entity: The financial statements of the Village, in
Conformance with National Council on Governmental Accounting ("NCGA")
Statement 3, as recognized by GASB Statement 1, include all funds and
accounts groups of the Village and of agencies, boards and commissions
over which the Village's Board of Trustees exercise oversight responsi-
bility. Oversight responsibility was defined to include the following
considerations: selection of governing authority, designation of
management, ability to significantly influence operations, accounta-
bility for fiscal matters, the scope of an organization's public
service, and/or special financial relationships.
Based on the foregoing criteria, the financial statements of the
following organization is included in the accompanying financial
statements:
Oak Brook Public Library--The Library provides services to
Village residents and the Village provides most of the Library's
operating funds.
The following organizations are not part of the Village and are
excluded in the accompanying financial statements:
Intergovernmental Risk Management Agency ("IRMA")--IRMA is a
voluntary cooperative agency consisting of 40 Illinois municipal
governmental units. Its purpose is to manage and fund first-
party property losses and third-party liability claims of its
member municipalities. The Village does not exercise any signi-
ficant control over the activities of IRMA. The Village
accounts for this joint venture using the cost method.
-23-
VILLAGE OF OAK BROOK, ILLINOIS —
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--Continued
Intergovernmental Personnel Benefit Cooperative ("IPBC")--IPBC
is a voluntary cooperative agency established by 22 Illinois
municipal governmental units to administer some or all of the
personnel benefit programs offered by its members. The Village
does not exercise any significant control over the activities of
IPBC. The Village accounts for this joint venture using the
cost method.
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, revenue 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 governmental
functions of the Village are financed. The Village's expendable
financial resources (except those accounted for in proprietary ..
funds) are accounted for through governmental funds. The measur-
ement focus is upon determination of changes in financial posi-
tion, rather than upon net income determination. The following _
are the Village's governmental fund types:
General Fund--The General 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 projects) that are legally restricted to _
expenditures for specified purposes.
-24-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--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
WIT related costs. The Village's only Debt Service Fund is for
the Sports Core general obligation recreation bonds.
Capital Project Funds--Capital Project 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
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
depreciation) 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.
e
-25-
VILLAGE OF OAK BROOK, ILLINOIS _
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--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 proprietary funds.
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, 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
measureable 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 are accrued
applying the susceptible to accrual concept based upon the month they "
are collected by the state.
In applying the susceptible to accrual concept to intergovernmental --
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 type, monies 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 type, monies are virtually
unrestricted as to purpose of expenditure and are usually revocable `
only for failure to comply with prescribed compliance requirements.
These resources are reflected as revenues at the time of receipt or
earlier if the susceptible to accrual criteria are met. --
-26-
VILLAGE OF OAK BROOK, ILLINOIS
ti
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--Continued
License and permit fees, charges for services (other than enterprise
funds), and miscellaneous revenues (except investment earnings) are
s 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.
With the exception of interest on long-term debt, expenditures are
generally recognized under the modified accrual accounting concept when
the related fund liability is incurred.
All proprietary funds and pension trust funds are accounted for using
the accrual basis of accounting. Their revenues are recognized when
,., they are earned, and their expenses are recognized when they are
incurred. Unbilled Waterworks System Fund utility service receivables
are recorded at year-end by taking the cycle billings sent to customers
after year-end and prorating the amount of days applicable to each
fiscal year.
Budgetary Accounting: The Village follows these procedures in estab-
lishing 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 operating budget includes proposed
expenditures for the General Fund, Special Revenue Funds
except the Special Service Area No. 1 Fund, Debt Service
Fund, Enterprise Funds and Pension Trust Funds.
2. Public hearings are conducted to obtain taxpayer comments.
r 3. Prior to August 1, the appropriations ordinance (budget) ,
which is 10% greater than the proposed operating budget, is
legally enacted through passage of an ordinance. All
appropriations lapse at year-end.
4. Changes or amendments to the total budgeted expenditures of
any fund must be approved by the Board of Trustees. No
supplemental appropriations were necessary during the past
fiscal year.
5. Expenditures may not legally exceed budgeted appropriations
on a fund basis for each legally adopted annual fund.
-27-
VILLAGE OF OAK BROOK, ILLINOIS _
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--Continued
Formal budgetary integration is employed as a management control device
during the year for all funds. Village budgets are prepared on a basis
of accounting consistent with generally accepted accounting principles
(GAAP) , except that encumbrances are treated as budgeted expenditures
in the year of purchase or commitment to purchase. No amounts are
budgeted or appropriated for depreciation in the Water and Sports Core
Funds, rather capital additions are budgeted. Budgetary comparisons
presented in this report are on the budgetary basis.
Adjustments necessary to convert the results of operations at the end
of the year on the GAAP basis to the budget basis are as follows:
Governmental Fund Types
Special Debt
General Revenue Service
Excess of revenues and other i
financing sources over _
expenditures and other
financing uses $670,221 $38,141 $129,036
Decrease due to:
Encumbrances:
Expenditures in 1987 of
amounts encumbered as of
April 30, 1986 - - -
Encumbered at April 30, _
1987, but recognized as
expenditures for budget
purpose (313,821) - -
Unbudgeted fund--Special
Service Area No.l (6,063) -
Excess of revenues and other
financing sources over
expenditures and other
financing uses--budgetary
basis _ 400: $32,078: 2 3
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 appropria-
tion, is employed as an extension of formal budgetary integration in
all funds. Encumbrances outstanding in the governmental funds at
year-end are reported as reservations of fund balances since they do
not constitute expenditures or liabilities.
-28-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--Continued
Total (Memorandum Only) Columns: Total columns represent an aggrega-
tion of the fund type and account group financial statements. They are
presented for information only and do not represent cnsolidated finan-
cial information. Interfund eliminations have not been made in the
aggregation of this data.
Investments: Investments are stated at cost, which approximates
market. Adjustments are made to cost, for any premium or discount,
which is amortized over the maturity of the investment.
Inventory: Inventory is valued at lower of cost (first-in, first-out)
or market (net realizable value). Inventory in the General Fund
consists of expendable supplies held for consumption; inventory in the
Sports Core Fund consists of similar expendable supplies and also
inventory of the pro shop held for resale. The cost is recorded as an
expenditure at the time individual inventory items are utilized.
Reported General Fund inventories are equally offset by a fund balance
reserve which indicates that they do not constitute "available spending
resources" even though they are a component of net current assets.
Fixed Assets and Long-Term Liabilities: Fixed assets acquired for use
in governmental fund type operations are recorded as expenditures in
the fund making the expenditure and are capitalized at cost in the
General Fixed Assets Account Group. If actual cost cannot be deter-
mined, estimated historical cost is used; donated fixed assets are
valued at their estimated fair value on the date donated. Public
domain ("infrastructure") general fixed assets consisting of certain
improvements other than buildings, including roads, bridges, curbs and
gutters, streets and sidewalks, drainage systems and lighting systems
are capitalized with other general fixed assets. In accordance with
generally accepted accounting principles, no depreciation is taken on
the general fixed assets.
Proprietary fund assets are stated at cost or, if donated, fair market
value at the date of donation, in the fund in which they are utilized.
_ Depreciation of all exhaustible fixed assets used by proprietary funds
is charged as an expense against their operations. Accumulated
-29-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued --
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--Continued
depreciation is reported on the proprietary funds' balance sheets. -•
Depreciation has been provided over the estimated useful lives using
the straight-line method. Estimated useful lives are as follows:
Buildings 40 years
Waterworks system 10-40 years
Improvements, other khan buildings 10-20 years
Tennis courts and pools 15-20 years
Equipment 5-10 years
Long-term liabilities expected to be financed from governmental funds _
are accounted for in the General Long-Term Debt Account Group. Long-
term liabilities of all proprietary funds are accounted for in the
respective funds.
Vacation pay is computed and earned on a calendar year basis. Vacation
earned must be taken before the end of the next calendar year. For _
governmental funds, the current portion of accumulated unpaid vacation
benefits is reported in the individual fund, and the remainder is
recorded in the General Long-Term Debt Account Group. Accumulated
unpaid vacation pay is accrued when incurred in the proprietary fund
types.
NOTE B--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 Janu-
ary 1. Taxes are levied on March 1 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.
-30-
VILLAGE OF OAK BROOK, ILLINOIS
e.
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE B--PROPERTY TAXES--Continued
NCGA Interpretation 3 "Revenue Recognition--Property Taxes," states
that property taxes should be recognized as revenue in the levy year
only when they are due and receivable in the current year or when they
are collected or expected to be collected within 60 days after the end
of the current year. In accordance with this Interpretation, the
Village does not recognize property taxes as revenue in the levy year
because the taxes are not due and receivable until the following fiscal
year.
NOTE C--CASH AND INVESTMENTS
At year-end, the carrying amount of the Village's deposits was
$134,674, and the bank balance was $176,208. Of the bank balance,
$139,935 was covered by federal depository insurance and $36,273 was
uninsured and uncollateralized.
Chapter 85, Section 902 of the Illinois Revised Statutes authorizes the
Village to invest in obligations of the United States Treasury and
United States agencies, direct obligations of any bank, commercial
paper rated within the three highest classifications set by two
standard rating services, or money-market funds investing in obliga-
tions of the United States Treasury and United States agencies.
The Village's investments are categorized in the following table to
give an indication of the level of risk assumed by the Village at
April 30, 1987. Category 1 includes investments that are insured or
registered or for which securities are held by the Village or its agent
in the Village's name. Category 2 includes the uninsured and unregis-
tered investments for which the securities are held by the broker's or
dealer's trust department or agent in the Village's name. Category 3
-31-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE C--CASH AND INVESTMENTS--Continued
includes uninsured and unregistered investments for which the securi-
ties are held by the broker or dealer, or by its trust department or
agent but not in the Village's name.
Category Carrying Market
1 2 3 Amount Value
Repurchase
agreements $ 4,358,126 $ - $ 4,358,126 $ 4,358,126
Certificates of
deposits and
other time
deposits $9,949,538 2,041,070 11,990,608 11,990,608
U.S. Government
securities 4,351,607 4,351,607 4,434,947
U.S. Agency
securities 890,000 890,000 931,722
Mortgage-backed
securities 2,765,985 2,765,985 2,812,01E
9,949.538 $14.406.788 t 24,356,326 24,527,419
Investment in state treasurer's investment pool 375,905 375,905
j2A,Z32, t24,903,324
NOTE D--FIXED ASSETS
Changes in general fixed assets for the year ended April 30, 1987, are
presented below:
Balance at Balance at
April 30 April 30
1986 Additions Retirements 1987
Land $ 281,829 $ 281,829
Buildings and
improvements 4,888,475 4,888,475
Furniture and
fixtures 261,597 $ 2,070 263,667
Roadway
improvements 3,841,369 336,420 4,177,789
Automotive
equipment 1,087,715 145,625 $74,574 1,158,766
Other equipment 1,126,082 197,993 1,324,075
Library books 269,003 32,844 301,847
$11.756.070 _$714.952 4 4 12.396.44
-32-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS Continued
NOTE D--FIXED ASSETS--Continued
Proprietary fund type property, plant, and equipment at April 30, 1987,
consisted of the following:
Waterworks Total
System Sports Enterprise
Fund Core Fund Fund
Land and improvements $ 2,819 $ 9,795,458 $ 9,798,277
Buildings and improvements 806,510 806,510
Waterworks system structure
and equipment 8,655,171 8,655,171
Improvements other than
buildings 458,348 458,348
Tennis courts and pools 510,684 510,684
Equipment 104,747 171,071 275,818
8,762,737 11,742,071 20,504,808
"- Less allowances for
depreciation 2,429,498 1,597,907 4,027,405
16,333,239 $10,144,164 tl6,477,403
NOTE E--LONG-TERM DEBT
General Long-Term Debt Account Group:
The following is a summary of transactions in the general long-term
debt account group for the year ended April 30, 1987:
General
Obligation Accrued
Recreation Vacation
Bonds Liability Total
Balance at May 1, 1986 $6,950,000 $69,745 $7,019,745
Transfers to Debt Service Fund (600,000) (600,000)
Increase in accrued vacation
liability 8,786 8,786
Balance at April 30, 1987 $6,350,000 JZ $6,428,531
-33-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE E--LONG-TERM DEBT
A special election on June 21, 1977, authorized and approved the
issuance of $10,270,000 General Obligation Recreation Bonds--Sports -`
Core. Proceeds of these bonds were used to pay the cost of the
acquisition of approximately 269 acres of the Butler International
Sports Core and to improve and redevelop the existing Village golf _
course. The bonds were sold as of September 1, 1977 for a price of
$10,270,408 plus accrued interest of $71,611.50. Principal on the
bonds is due serially December 1, 1979 through December 1, 1994. +
Interest is payable semiannually on June 1 and December 1, at rates
from 4.3% to 4.9%. The Village levies taxes for retirement of the
bonds which are accounted for by the Debt Service Fund.
Waterworks Revenue Bonds:
The following is a summary of transactions for the year ended April 30, -.
1987:
Waterworks Revenue Bonds
1973 Series 1976 Series Total
Balance at May 1, 1986 $2,075,000 $1,600,000 $3,675,000
Retirements (150,000) (225,000) (375,000)
Balance at April 30, 1987 1.925.000 1.375.000 $3,300,000
i
The Waterworks Revenue Bonds were issued to fund the acquisition and
expansion of the Village's water system. The $3,300,000 Series 1973
bonds were sold as of February 1, 1973. Principal on the bonds is due _
serially May 1, 1976 through May 1, 1996. Semiannual interest is
payable on May 1 and November 1 at rates from 4% to 6%. The $3,000,000
1976 Series bond is due serially May 1, 1978 through May 1, 1992.
Interest is payable semiannually on May 1 and November 1 at rates of
4.4% to 5. 75%. Both series are payable from water revenues and are
accounted for in the Waterworks System Fund.
-34-
T
r�
VILLAGE OF OAK BROOK, ILLINOIS
+T NOTES TO FINANCIAL STATEMENTS--Continued
NOTE E--LONG-TERM DEBT--Continued
}* Debt Service Requirement:
The annual payments to amortize all long-term debt outstanding,
including interest, as of April 30, 1987, are as follows: �� ;
General Obligation Waterworks
Year Ended Recreation Bonds Revenue Bonds
April 30 Principal Interest Principal Interest Total
1988 $ 700,000 $ 302,400 $ 400,0000 $171,575 $ 1,573,975
*� 1989 700,000 270,200 425,000 150,450 1,545,650
1990 700,000 238,000 475,000 127,150 1,540,150
1991 800,000 205,800 500,000 101,138 1,606,938
1992 800,000 167,400 525,000 73,487 1,565,887
1993 850,000 129,000 225,000 44,400 1,248,400
1994 900,000 88,200 225,000 32,700 1,245,900
1995 900,000 44,100 250,000 21,000 1,215,100
4" 1996 275,000 11,000 286,000
6.350.000 $1,445.10 $3,300,00 $11,828,000
NOTE F--REVENUE BOND COVENANTS
The ordinance authorizing the issuance of Waterworks Revenue Bonds
Series 1973 and 1976 requires that the following separate accounts be
maintained in the Waterworks System Fund. On the first business day of
' each month, all monies held in the Fund are to be transferred to the
designated accounts as noted below:
*+ Accounts Amount
Operation and Maintenance An amount sufficient to pay the
Account reasonable expense of operation
and maintenance for the next
month. This account had a
balance of $88,786 at April 30,
1987.
Bond and Interest Account Amount equal to one-tenth and one
�- fifth of the next maturing princi-
pal and interest payments, respec-
tively. This account had no
balance at April 30,1987.
-35-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
tea..
�w.
NOTE F--REVENUE BOND COVENANTS--Continued
t
Accounts Amount
Bond Reserve Account $4,500 each month until all bonds
of this fund have been paid or s
payment provided for. This �-
account had a balance of $706,500
at April 30, 1987. `
Depreciation, Improvement $8,250 each month (or a greater
and Extension Account amount, as designated by the
Board) until a maximum of _.
$400,000 is on deposit in said
account. This account has a *—
balance of $400,000 at April 30,
1987.
Surplus Revenue Account All surplus funds remaining after
providing for all of the deposits L
listed above. This account had a
balance of $2,583,582 at
April 30, 1987.
Funds accumulated in the bond reserve account shall be used only for
the payment of interest or principal whenever there exists a deficiency
in the bond and interest account. However, whenever the balance in
said account is equal to the maximum principal and interest require–
ments of all outstanding bonds, the surplus may be transferred to the
depreciation improvement and extension account or the surplus revenue
account at the discretion of the President and Board of Trustees.
Since the Village has met their maximum principal and interest require–
ments of all outstanding bonds, the surplus was transferred to a r
separate Lake Michigan reserve as described below.
5
r
During fiscal 1984, the Village began to separately reserve funds for
future expenditures which will be necessary to secure Lake Michigan
water. At April 30, 1987, $362,502 has been reserved for the Lake f!
Michigan water project. This reserve has been approved by the Board of
Trustees and is in compliance with the revenue bond ordinance
requirements.
F
Funds accumulated in all but the operation and maintenance account have
been classified as restricted assets on the combined balance sheet at
April 30, 1987.
-36-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE G--RETIREMENT COMMITMENTS
Village employees are covered under three separate retirement plans.
Full-time Village policemen and firemen are covered by separate pension,
trust funds established in accordance with state law. Other full-time
employees are covered by the Illinois Municipal Retirement Fund (state-
wide public employees retirement system).
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 Police-
men's Pension Fund is required to establish and maintain a reserve not
to exceed the total actuarial requirements of the Fund. In municipali-
ties 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, 1986 (the date of
the latest actuarial valuation) amounted to $5,582,406 as determined by
the Illinois State Department of Insurance.
The unreserved fund balance of $164,737 has been adjusted by net
transactions of the Fund for the year ended April 30, 1987. However,
�.. the current normal costs and the resultant liability for the year ended
April 30, 1987 are not reflected as an increase in the actuarial
requirements because the date of the Illinois State Department of
r
Insurance determination was as of April 30, 1986. There was no
actuarial reserve deficiency at April 30, 1986.
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%
-37-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE G--RETIREMENT COMMITMENTS--Continued
Contributions:
Employer contributions made during the year ended April 30, 1987 were _
$203,271 based upon actuarial requirements determined by the Illinois
State Department of Insurance.
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 over a 40-year
period ending in 2020. At April 30, 1986 (the date of the latest
actuarial valuation), the actuarial requirements of the Fund amounted
to $4,608,343 as determined by the Illinois State Department of -�
Insurance.
The unreserved fund balance of $1,496,510 has been adjusted by net _
transactions of the Fund for the year ended April 30, 1987. However,
the current normal costs and the resultant liability for the year ended
April 30, 1987 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, 1986. There was no
actuarial reserve deficiency at April 30, 1986.
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%
-38-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
:VOTE G--RETIREMENT COMMITMENTS--Continued
Contributions:
Employer contributions made during the year ended April 30, 1987 were
$190,756 based upon actuarial requirements determined by the Illinois
State Department of Insurance.
Illinois Municipal Requirement Fund
The Illinois Municipal Retirement Fund ("IMRF") covers substantially
all Village employees except uniformed members of the Village's police
and fire departments and is administered on a statewide basis.
The IMRF actuary estimates that as of December 31, 1986 (date of latest
computation) the present value of total IMRF pension obligations to be
borne by the Village was $1,693,100. The Village has accumulated
reserve assets to be used toward this obligation of $575,967 on the
same date. Therefore, the estimated present value of future contribu-
tions to be made by the Village was $1,117,133. This pension obliga-
tion includes in addition to future normal costs of $315,969, the
amount of unfunded prior service cost computed to be $801,164. The
amount of unfunded prior service costs 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 administration of the
Fund. Employers contributions made during the year ended April 30,
1987 were $141,051.
-39-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE H--INTERFUND BALANCES
i
Individual fund interfund receivable and payable balances at April 30,
1987 are as follows:
Amounts Payable From
Service Water-
Area Debt Works Sports --
Amounts General No. 1 Service System Core
Payable to Fund Fund Fund Fund Fund Total
General Fund $4,260 $2,364 $13,663 $ 20,287
Sports Core Construction
Fund $25,000 25,000
Equipment Replacement
Fund $ 86,879 86,879
Policemen's Pension
Fund 34,811 34,811
Firemen's Pension
Fund 31,010 31,010
i
NOTE I--FUND DEFICITS
The following funds had deficits in fund equity at April 30, 1987:
Special Service Area No. 1 Fund--The deficit in this Fund of
$4,260 exists because the expenditure for street light improve-
ments was made in 1982, while related special assessments will ..
be received over a six-year period. This deficit will be fully
eliminated from future special assessment collections from
residents of the Special Service Area.
Sports Core Fund--The deficit in this Fund of $952,726 is due
primarily to depreciation expense. The deficit will be
eliminated in the course of future operations of the Sports Core.
-40-
a-.
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE J--JOINT VENTURES
Intergovernmental Risk Mangement Agency:
Intergovernmental Risk Management Agency ("IRMA") is a voluntary
cooperative agency consisting of 40 Illinois municipal governmental
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. At April 30, 1987, management knows of no
claim, asserted or unasserted, which if asserted and paid, would have a
materially adverse effect on the financial position of the various
funds of the Village.
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
$1,000,000 per occurrence on a liability claim (with certain sublimits)
and up to a limit of $30,000,000 per occurrence (with certain sub-
limits) on a first-party property loss (including workers ' compensation
up to statutory requirements). In 1985, the IRMA pool was protected by
$2,000,000 annual aggregate excess insurance which attached at
$5,000,000, and a $250,000 per occurrence stop loss. In 1986, the IRMA
pool was protected by $2,000,000 annual aggregate excess insurance
which attached at $6,350,000, and a $250,000 per occurrence stop loss.
Management consists of a Board of Directors comprised of one representa-
tive from each member. In addition, there are two officers, a Risk
Manager and a Treasurer. The Village of Oak Brook exercises no control
over the activities of the Agency.
The latest available financial statements of IRMA, dated December 31,
1986, show the following:
Village of
Oak Brook
IRMA Share (3.85%)
Total assets $19,977,551 $769,136
Total liabilities 19,977,551 769,136
Total revenue 8,691,247 334,613
Total expense 8,691,247 334,613
IRMA had no debt outstanding at December 31, 1986.
„� -41-
VILLAGE OF OAK BROOK, ILLINOIS —
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE J--JOINT VENTURES--Continued
Intergovernmental Personnel Benefit Cooperative:
The Intergovernmental Personnel Benefit Cooperative ("IPBC") is a
cooperative entity established by 22 Illinois municipal government
units to administer some or all of the personnel benefit programs
offered by these members. IPBC acts solely as an administrative agency
to receive, process and pay such claims as may come within the benefit
program of each member. At April 30, 1987, management knows of no
claim, asserted or unasserted, which if asserted and paid would have a
materially adverse effect on the financial position of the various
funds of the Village.
The latest available financial statements of IPBC, dated June 30, 1986,
show the following:
Village of
Oak Brook
IPBC Share _
Total assets $3,398,712
Total liabilities 3,398,712
Members ' contributions and
interest income 6,727,900 $298,789
Claim payments and insurance
premiums 6,352,815 334,613 .,
The Village's share of IPBC's assets and liabilities is not
known. IPBC had no debt outstanding at June 30, 1986.
-42-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE K--SEGMENT INFORMATION FOR ENTERPRISE FUNDS
The Village maintains two enterprise funds which provide water and golf
and other recreation services to the community. Segment information
for the year ended April 30, 1987, is as follows:
Waterworks Sports
System Fund Core Fund
Operating revenues $ 2,188,632 $ 1,592,646
Depreciation 235,007 225,415
Operating income (loss) 1,047,570 (92,966)
Operating transfers in 10,000
Operating transfers out 160,000 25,000
Nonoperating revenues 386,028 82,267
Nonoperating expenses 200,004
Net income (loss) 1,073,594 (25,699)
Property, plant and equipment:
Additions 42,414 253,129
Deletions
Net working capital 2,439,136 (171,300)
_ Total assets 12,854,867 10,422,121
Bonds outstanding 3,300,000
Total equity 9,408,767 10,072,864
NOTE L--COMMITMENTS
On September 1, 1986, the Village entered into a noncancelable water
supply contract with the Du Page Water Commission ("Commission"), which
expires on February 24, 2024. Under the contract, the Village has
agreed to purchase, beginning in 1992, an amount of Lake Michigan water
necessary to meet the potable water requirements of all of its then cur-
rent customers served by the Village's waterworks system.
On February 10, 1987, the Commission issued $200,000,000 of Water
Revenue Bonds, with serial bonds maturing on May 1, 1994 through 2001,
and term bonds maturing on May 1, 2007 and May 1, 2014. Interest rates
-- are fixed at 6.84%. The Commission will allocate the cost to retire
the Water Revenue Bonds to the participating villages based on their
usage of Lake Michigan water. The village's share of this debt is not
known at this time.
The Village has no other material commitments or operating lease
agreements.
-43-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
—
NOTE M--CONTINGENCIES
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 representatives. The audits
of these programs for or including the year then ended April 30, 1987
have not yet been conducted. Accordingly, the Village's compliance
w
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.
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.
-
-
-44- ,�
I
ry
j k
�s
E
t
i
Puna ujaua
I
!)
I
GENERAL FUND
To account for 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.
-45-
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE--BUDGET AND ACTUAL
(NON-GAAP BASIS)
Year Ended April 30, 1987
Actual-- Variance
Budgetary Favorable
Basis Budget (Unfavorable)
REVENUES
Intergovernmental:
Municipal sales tax $6,293,665 $ 5,829,730 $ 463,935
Illinois state income tax 188,242 151,200 37,042
York Township road and
bridge tax 102,303 122,500 (20,197)
Foreign fire insurance tax 24,103 20,500 3,603
.- 6,608,313 6,123,930 484,383
Licenses and permits 279,693 231,700 47,993
Service charges 215,853 183,405 32,448
Fines and penalties 146,691 137,600 9,091
Interest on investments 364,873 352,742 12,131
Miscellaneous 339,036 129,300 209,736
1,346,146 1,034,747 311,399
TOTAL REVENUES 7,954,459 7,158,677 795,782
EXPENDITURES
Legislative 254,617 255,546 929
General government 929,668 998,216 68,548
_ Public safety 4,542,454 4,747,669 205,215
Public works 1,582,375 2,240,952 658,577
Culture and recreation 188,051 199,880 11,829
TOTAL EXPENDITURES 7,497,165 8,442,263 945,098
EXCESS (DEFICIENCY) OF
REVENUES OVER EXPENDITURES 457,294 (1,283,586) 1,740,880
OTHER FINANCING SOURCES (USES)
Operating transfers in 291,606 361,800 (70,194)
Operating transfers out (392,500) (392,500) -
TOTAL OTHER
FINANCING SOURCES (USES) (100,894) (30,700) (70,194)
EXCESS (DEFICIENCY) OF
REVENUES AND OTHER FINANCING
SOURCES OVER EXPENDITURES
AND OTHER FINANCING USES 356,400 $(1.314.286) $1.670.686
Fund balance at May 1, 1986 5,499,338
FUND BALANCE AT APRIL 30, 1987 $5.855,738
See accompanying notes to financial statements.
-46-
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL FUND
SCHEDULE OF EXPENDITURES--BUDGET AND ACTUAL
(NON-GAAP BASIS)
Year Ended April 30, 1987
Actual-- Variance
Budgetary Favorable
Basis Budget (Unfavorable)
LEGISLATIVE
Board of Trustees:
Personal services $ 7,459 $ 6,700 $ (759)
Contractual services 228,362 227,138 (1,224)
Fixed charges 2,843 2,529 (314)
Commodities 2,226 1,950 (276)
240,890 238,317 (2,573)
Plan Commission:
Personal services 2,671 2,628 (43)
Contractual services 261 250 (11)
Fixed charges 342 337 (5)
Commodities 52 75 23
3,326 3,290 (36)
Board of Fire and Police:
Contractual services 5,044 9,390 4,346
Fixed charges 175 200 25
Commodities - 50 50
5,219 9,640 4,421
Zoning Board of Appeals:
Personal services 2,671 2,628 (43)
Contractual services 2,104 1,305 (799)
Fixed charges 342 337 (5)
Commodities 65 29 (36)
5,182 4,299 (883)
TOTAL LEGISLATIVE 254,617 255,546 929
GENERAL GOVERNMENT
Legal:
Personal services 46,348 44,200 (2,148)
Contractual services 4,406 6,535 2,129
Fixed charges 9,525 20,770 11,245
Commodities 2,331 2,200 (131)
Capital outlay - 1,000 1,000
62,610 74,705 12,095
.r
-47-
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL FUND
SCHEDULE OF EXPENDITURES--BUDGET AND ACTUAL--Continued
(NON-GAAP BASIS)
Actual-- Variance
Budgetary Favorable
Basis Budget (Unfavorable)
GENERAL GOVERNMENT--Continued:
Village Manager's office:
Personal services $ 149,962 $ 155,628 $ 5,666
Contractual services 7,612 8,240 628
Fixed charges 30,245 34,434 4,189
Commodities 3,111 3,725 614
Capital outlay 7,222 12,480 5,258
198,152 214,507 16,355
Finance and accounting:
Personal services 137,785 128,100 (9,685)
Contractual services 48,588 38,825 (9,763)
Fixed charges 28,420 32,900 4,480
Commodities 6,244 5,600 (644)
Capital outlay 13,462 10,950 (2,512)
234,499 216,375 (18,124)
Engineering:
Personal services 129,187 127,700 (1,487)
Cntractual services 18,308 12,375 (5,933)
Fixed charges 31,092 29,900 (1,192)
Commodities 3,132 3,125 (7)
Capital outlay 20,646 22,650 2,004
202,365 195,750 (6,615)
Village hall:
Personal services 48,685 51,162 2,477
Contractual services 154,711 201,484 46,773
Fixed charges 14,710 17,023 2,313
Commodities 13,936 27,210 13,274
232,042 296,879 64,837
TOTAL GENERAL GOVERNMENT 929,668 998,216 68,548
PUBLIC SAFETY
Police service:
Personal services 1,543,531 1,532,004 (11,527)
Contractual services 65,757 76,180 10,423
Fixed charges 454,894 488,879 33,985
Commodities 73,942 92,630 18,688
Capital outlay 179,976 176,790 (3,186)
2,318,100 2,366,483 48,383
-48-
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL FUND
SCHEDULE OF EXPENDITURES--BUDGET AND ACTUAL--Continued
(NON-GAAP BASIS)
Actual-- Variance
Budgetary Favorable
Basis Budget (Unfavorable)
PUBLIC SAFETY--Continued:
Fire service:
Personal services $1,194,931 $1,132,108 $(62,823)
Contractual services 66,038 67,015 977
Fixed charges 387,505 423,830 36,325
Commodities 61,397 81,391 19,994
Capital outlay 75,530 146,530 71,000
1,785,401 1,850,874 65,473
Emergency medical service:
Personal services 140,504 188,165 47,661
Contractual services 5,359 8,825 3,466
Fixed charges 24,106 31,982 7,876
Commodities 6,434 7,790 1,356
Capital outlay 36,028 20,900 (15,128)
212,431 257,662 45,231
Bureau of inspection:
Personal services 154,406 177,258 22,852
Contractual services 20,410 26,172 5,762
Fixed charges 44,567 57,466 12,899
Commodities 5,892 5,854 (38)
Capital outlay 1,247 5,900 4,653
�- 226,522 272,650 46,128
TOTAL PUBLIC SAFETY 4,542,454 4,747,669 205,215
PUBLIC WORKS
Administration:
Personal services 67,078 65,198 (1,880)
Contractual services 39,613 40,217 604
Fixed charges 103,862 121,544 17,682
Commodities 3,803 3,170 (633)
Capital outlay 3,952 - (3,952)
218,308 230,129 11,821
Street maintenance:
_ Personal services 190,404 191,622 1,218
Contractual services 23,419 28,813 5,394
Fixed charges 24,469 29,041 4,572
Commodities 125,676 116,328 (9,348)
Capital outlay 80,776 81,274 498
444,744 447,078 2,334
-49-
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL FUND
SCHEDULE OF EXPENDITURES--BUDGET AND ACTUAL--Continued
(NON-GAAP BASIS)
Actual-- Variance
Budgetary Favorable
Basis Budget (Unfavorable)
PUBLIC WORKS--Continued
Street light and traffic
control:
Personal services $ 19,677 $ 28,680 $ 9,003
Contractual services 121,163 151,059 29,896
Fixed charges 5,394 6,868 1,474
Commodities 9,969 22,730 12,761
156,203 209,337 53,134
Capital improvements:
Contractual services 147,313 150,560 3,247
Capital outlay 513,160 1,089,000 575,840
660,473 1,239,560 579,087
Municipal garage:
Personal services 65,875 64,647 (1,228)
Contractual services 15,067• 26,214 11,147
Fixed charges 8,420 8,387 (33)
Commodities 11,682 12,550 868
Capital outlay 1,603 3,050 1,447
102,647 114,848 12,201
TOTAL PUBLIC WORKS 1,582,375 2,240,952 658,577
CULTURE AND RECREATION
Library:
Personal services 80,770 84,226 3,456
Contractual services 18,152 15,170 (2,982)
'Fixed charges 37,177 45,829 8,652
Commodities 9,843 11,405 1,562
Capital outlay 42,109 43,250 1,141
TOTAL CULTURE AND RECREATION 188,051 199,880 11,829
TOTAL EXPENDITURES t7,497,16a t8.442,2U $945
See accompanying notes to financial statements.
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VILLAGE OF OAK BROOK, ILLINOIS
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
April 30, 1987 and 1986
Federal Special
Motor Revenue Service Totals
Fuel Tax Sharing Area No. 1 1987 1986
ASSETS
Investments $114,402 $114,402 $ 93,665
Receivables, net:
Property taxes $5,615 5,615 6,063
Allotments 9,633 9,633 9,068
TOTAL ASSETS 4 Q _ $ 12 t108,796
LIABILITIES AND FUND EQUITY
_ Liabilities:
Due to other funds $4,260 $ 4,260 $ 21,099
Deferred revenue--property
tax receivable 5,615 5,615 6,063
TOTAL LIABILITIES 9,875 9,875 27,162
Fund balances (deficit):
Unreserved:
Undesignated $124,035 (4,260) 119,775 81,634
TOTAL LIABILITIES
AND FUND EQUITY tl29,650 t108,796
See accompanying notes to financial statements.
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-52-
—
VILLAGE OF OAK BROOK, ILLINOIS
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
Years Ended April 30, 1.987 and 1986
Federal Special
Motor Revenue Service Totals
Fuel Tax Sharing Area No. 1 1987 1986
Revenues:
Intergovernmental $122,499 $31,261 $153,760 $142,511 _
Property taxes $ 6,063 6,063 6,137
Interest on investments 9,173 751 9,924 11,385
TOTAL REVENUES 131,672 32,012 6,063 169,747 160,033
Expenditures--public works - - - - -
EXCESS OF REVENUES
OVER EXPENDITURES 131,672 32,012 6,063 169,747 160,033
Other financing uses--
operating transfers out (110,000) (21,606) (131,606) (150,000)
EXCESS OF REVENUES
OVER EXPENDITURES AND
OTHER FINANCING USES 21,672 10,406 6,063 38,141 10,033
Fund balances (deficit)
at May 1, 1986 102,363 (10,406) (10,323) 81,634 71,601
FUND BALANCES (DEFICIT)
AT APRIL 30, 1987124 4 2 ) t119,77a I 1,L14
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See accompanying notes to financial statements.
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VILLAGE OF OAK BROOK, ILLINOIS
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
' AND CHANGES IN FUND BALANCES--BUDGET AND ACTUAL
Years Ended April 30, 1987 and 1986
Motor Fuel Tax Federal Revenue SharingTotal
Actual-- Variance Actual-- Variance Actual-- Variance
GAAP Favorable GAAP Favorable GAAP Favorable
I Basis Budget (Unfavorable) Basis Budget (Unfavorable) Basis Budget (Unfavorable)
Revenues:
Intergovernmental:
I Allotments from State
of Illinois $122,499 $120,000 $ 2,499 $122,499 $120,000 $ 2,499
Entitlements from
Federal Government $31,261 $36,000 $(4,739) 31,261 36,000 (4,739)
Interest on investments 9,173 7,000 2,173 751 100 651 9,924 7,100 2,824
TOTAL REVENUES 131,672 127,000 4,672 32,012 36,100 (4,088) 163,684 163,100 584
Expenditures--public works - - - - 50 50 - 50 50
EXCESS OF REVENUES
OVER EXPENDITURES 131,672 127,000 4,672 32,012 36,050 (4,038) 163,684 1.63,050 634
Other financing uses--operating
transfers out (110,000) (158,600) 48,600 (21,606) (36,000) 14,394 (131,606) (194,600) 622994
EXCESS (DEFICIENCY) OF
REVENUES OVER EXPENDITURES
AND OTHER FINANCING USES 21,672 ) JIL272 10,406 $ 501 32,0780
I Fund balances (deficit)
at May 1 , 1986 102,363 (10,406) 91,957
FUND BALANCES AT APRIL 30, 1987 124 _ 124
ISee accompanying notes to financial statements.
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Capital Projects Funds
{
CAPITAL PROJECTS FUNDS
To account for financial resources to be used for the acquisition or
construction of major capital facilities (other than those financed by
enterprise funds or pension trust funds). The following funds are
currently established:
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 Fund revenues.
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-55-
VILLAGE OF OAK BROOK, ILLINOIS
— CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
April 30, 1987 and 1986
Sports Core Equipment Totals
Construction Replacement 1987 1986
ASSETS
Investments $48,045 $ 54,019 $102,064 $ 98,854
Due from other funds 25,000 86,879 111,879 4,379
TOTAL ASSETS 11gLM 1213,9431 z��
FUND EQUITY
Fund balance:
-- Unreserved--designated
for subsequent years 's
expenditures $140,898 $140,898 $ 56,633
Undesignated $73,045 73,045 46,600
TOTAL FUND EQUITY 14Q,3_9E $213,94a1 2
See accompanying notes to financial statements.
s
-56-
VILLAGE OF OAK BROOK, ILLINOIS
CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
a
Years Ended April 30, 1987 and 1986
Sports Core Equipment Totals
Construction Replacement 1987 1986
Revenues--interest on _
investments $ 1,445 $ 1,765 $ 3,210 $ 3,769 `
Expenditures - - - -
EXCESS OF REVENUES
OVER EXPENDITURES 1,445 1,765 3,210 3,769
1
Other financing sources--
operating transfers in 25,000 82,500 107,500 -
EXCESS OF REVENUES AND
OTHER FINANCING SOURCES
OVER EXPENDITURES 26,445 84,265 110,710 3,769
r'
Fund balances at May 1, 1986 46,600 56,663 103,263 99,464
FUND BALANCES
AT APRIL 30, 1987 73.045IJAD_,M t213,973 JLQ32 =_=}
See accompanying notes to financial statements.
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Enterprise Funds
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ENTERPRISE FUNDS
To account for operations that are financed and operated in a manner
similar to private business enterprises. The following funds are
currently established:
WATERWORKS SYSTEM FUND--to account for the provision of water
services to the residents of the Village and some residents of
surrounding communities and unincorporated areas. All activ-
ities 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.
-58-
VILLAGE OF OAK BROOK, ILLINOIS
ENTERPRISE FUNDS -
COMBINING BALANCE SHEET
April 30, 1987 and 1986
Waterworks Sports Totals
System Core 1987 1986
ASSETS
Current assets:
Cash $ 8,133 $ 89,115 $ 97,248 $ 49,917 _
Investments 2,133,024 128,219 2,261,243 1,611,781
Receivables (net, where
applicable, of
allowances for
uncollectibles):
Customers:
Billed water sales 138,686 138,686 99,889
Unbilled water sales 113,894 113,894 96,551
Accrued interest 60,651 60,651 86,816
Other 6,558 36,200 42,758 41,645
319,789 36,200 355,989 324,901
Other assets 3,753 3,753 9,028
Inventory 20,670 20,670 17,106
TOTAL CURRENT ASSETS 2,460,946 277,957 2,738,903 2,012,733
Unamortized bond discount 35,098 35,098 40,268
Restricted assets--
investments 4,025,584 4,025,584 3,922,318
Property, plant and
equipment 8,762,737 11,742,071 20,504,808 20,209,265
Less allowance for
depreciation (2,429,498) (1,597,907) (4,027,405) (3,566,983)
6,333,239 10,144,164 16,477,403 16,642,282
TOTAL ASSETS tl2,854,861 tlO.422,121 t23,276,988 t22,617,kQ1
-59-
Waterworks Sports Totals
System Core 1987 1986
LIABILITIES AND FUND EQUITY
Current liabilities:
Accounts payable $ 115,760 $ 101,051 $ 216,811 $ 205,509
Accrued payroll and
vacation 15,612 21,956 37,568 22,964
Customer deposits 1,065 201,250 202,315 212,383
Due to other funds 13,663 25,000 38,663 14,092
TOTAL CURRENT
LIABILITIES 146,100 349,257 495,357 454,948
Long-term liabilities:
Revenue bonds
outstanding--1973 issue 1,925,000 1,925,000 2,075,000
Revenue bonds
outstanding--1976 issue 1,375,000 1,375,000 1,600,000
TOTAL LONG-TERM
.,. LIABILITIES 3,300,000 3,300,000 3,675,000
TOTAL LIABILITIES 3,446,100 349,257 3,795,357 4,129,948
Fund equity:
Contributed capital 11,025,590 11,025,590 11,025,590
Retained earnings
(deficit):
Reserved under
revenue bond
ordinance 3,690,082 3,690,082 3,636,082
Unreserved for Lake
Michigan Water
Project 362,502 362,502 286,218
Unreserved 5,356,183 (952,726) 4,403,457 3,485,846
TOTAL RETAINED
EARNINGS (DEFICIT) 9,408,767 (952,726) 81456,041 7,408,146
TOTAL FUND EQUITY 9,408,767 10,072,864 19,481,631 18,433,736
TOTAL LIABILITIES
AND FUND EQUITY $12.854.8670.422.121 $23.276.988 t22,563,684
See accompanying notes to financial statements.
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VILLAGE OF OAK BROOK, ILLINOIS
ENTERPRISE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES, AND
CHANGES IN RETAINED EARNINGS (DEFICIT)
Years Ended April 30, 1987 and 1986
_ Waterworks Sports Totals
System Core 1987 1986
Operating revenues:
Charges for services $2,158,686 $1,592,646 $3,751,332 $3,850,633
Miscellaneous 29,946 29,946 56,754
TOTAL OPERATING REVENUES 2,188,632 1,592,646 3,781,278 3,907,387
Operating expenses:
Operation of facilities 885,533 1,303,081 2,188,614 2,220,066
General and administrative 20,522 157,116 177,638 145,012
Depreciation 235,007 225,415 460,422 470,722
TOTAL OPERATING EXPENSES 1,141,062 1,685,612 2,826,674 2,835,800
OPERATING INCOME (LOSS) 1,047,570 (92,966) 954,604 1,071,587
Nonoperating revenues
(expenses):
Interest on investments 367,964 15,402 383,366 402,042
Interest on bonds (191,450) (191,450) (209,950)
Amortization of bond
discount (5,170) (5,170) (5,170)
Fiscal agents' fees (3,384) (3,384) (918)
Construction
reimbursements 6,700 6,700 7,600
Other revenue 11,364 66,865 78,229
186,024 82,267 268,291 193,604
INCOME (LOSS) BEFORE
OPERATING TRANSFERS 1,233,594 (10,699) 1,222,895 1,265,191
Operating transfers in 10,000 10,000 10,727
Operating transfers out (160,000) (25,000) (185,000) (160,000)
NET INCOME (LOSS) 1,073,594 (25,699) 1,047,895 1,115,918
Retained earnings (deficit)
at May 1, 1987 8,335,173 (927,027) 7,408,146 6,292,228
RETAINED EARNINGS
(DEFICIT) AT APRIL 30, 1987 9.408.767 $ (952.726) 8.456.041 $Z,4U,146
See accompanying notes to financial statements.
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VILLAGE OF OAK BROOK, ILLINOIS
ENTERPRISE FUNDS l
COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION
Years Ended April 30, 1987 and 1986
7
Waterworks Sports Totals "?
System Core 1987 1986
Sources of working capital:
Operations:
Net income (loss) $1,073,594 $(25,699) $1,047,895 $1,115,918
Items not requiring
working capital:
Depreciation 235,007 225,415 460,422 470,722 j
Amortization of
bond discount 5,170 5,170 5,170
TOTAL PROVIDED
BY OPERATIONS 1,313,771 199,716 1,513,487 1,591,810
TOTAL SOURCES OF
WORKING CAPITAL 1,313,771 199,716 1,513,487 1,591,810 ..'
Uses of working capital:
Acquisition of fixed assets 42,414 253,129 295,543 59,003 mm A
Reduction in bonds payable 375,000 375,000 350,000
TOTAL USES OF
WORKING CAPITAL 417,414 253,129 670,543 409,003
NET INCREASE (DECREASE)
IN WORKING CAPITAL $ 896.357 3) $ 842.944 $1.182.807
Elements of net increase
(decrease) in working
capital:
Cash $ (1,459) $ 48,790 $ 47,331 $ 42,064
Investments 921,651 (119,006) 802,645 1,198,121
Receivables 27,196 7,892 35,088 (21,662)
Other assets (78) (5,197) (5,275) 695 .)
Inventory 3,564 3,564 (2,956)
Accounts payable (46,475) 35,173 (11,302) (21,558)
Accrued payroll and
vacation liability (4,169) (10,435) (14,604) 3,790
Customer deposits (411) 10,479 10,068 (14,928)
Due to other funds 102 (24,673) (24,571) (759)
NET INCREASE (DECREASE)
IN WORKING CAPITAL $ 896.3578 ) t 842,944 t1,182,807
See accompanying notes to financial statements.
-61-
VILLAGE OF OAK BROOK, ILLINOIS
WATERWORKS SYSTEM FUND
STATMENT OF REVENUES, EXPENSES, AND CHANGES
IN RETAINED EARNINGS--BUDGET AND ACTUAL
(NON-GAAP BASIS)
~ Year Ended April 30, 1987
Actual-- Actual-- Variance
_. GAAP Budgetary Favorable
Basis Adiustments Basis Budget (Unfavorable)
Operating revenues:
Charges for services:
Water sales $1,837,066 $1,837,066 $1,853,442 $(16,376)
Unmetered water 10,203 10,203 8,000 2,203
Water tap on
charges 151,124 151,124 200,000 (48,876)
Fire service
charges 134,567 134,567 127,000 7,567
�. Special service
charges 1,304 1,304 10,000 (8,696)
Water meter sales 24,422 24,422 12,500 11,922
2,158,686 2,158,686 2,210,942 (52,256)
Miscellaneous 29,946 29,946 26,250 3,696
TOTAL
OPERATING REVENUES 2,188,632 2,188,632 2,237,192 (48,560)
Operating expenses:
Operation of
facilities:
Source of
supply:
Personal
services 4,025 4,025 2,310 (1,715)
Contractual
services 8,197 $ 755 8,952 9,638 686
Fixed charges 516 516 296 (220)
Commodities 3,981 3,981 4,650 669
16,719 755 17,474 16,894 (580)
Power and pumping:
Personal services 20,515 20,515 17,773 (2,742)
_ Contractual
services 624,630 624,630 560,300 (64,330)
Fixed charges 2,636 2,636 2,279 (357)
Commodities 2,135 2,135 5,038 2,903
649,916 649,916 585,390 (64,526)
Purification:
.., Personal services 2,151 2,151 3,095 944
Contractual
services 6,726 6,726 3,050 (3,676)
Fixed charges 276 276 396 120
Commodities 17,188 17,188 12,685 (4,503)
Capital outlay - 662 662 1,050 388
26,341 662 27,003 20,276 (6,727)
See accompanying notes to financial statements .
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VILLAGE OF OAK BROOK, ILLINOIS
WATERWORKS SYSTEM FUND
STATMENT OF REVENUES, EXPENSES, AND CHANGES
IN RETAINED EARNINGS--BUDGET AND ACTUAL
(NON-GAAP BASIS)--Continued
Year Ended April 30, 1987
Actual-- Actual-- Variance
GAAP Budgetary Favorable
Basis Adjustments Basis Budget (Unfavorable)
Transmission and
distribution:
Personal services $ 96,519 $ 96,519 $ 91,594 $ (4,925) --
Contractual
services 60,254 60,254 61,690 1,436
Fixed charges 11,906 11,906 11,276 (630)
Commodities 23,878 23,878 32,855 8,977
Capital Outlay $ 68,479 68,479 545,800 477,321
192,557 68,479 261,036 743,215 482,179
TOTAL OPERATION
OF FACILITIES 885,533" 69,896x 955,429 1,365,775 410,346
General and
administrative 20,5221 1,376 21,898 29,428 7,530
Depreciation 235,007 (235,007)
TOTAL
OPERATING EXPENSES 1 ,141,062 (163,735) 977,327 1,395,203 417,876
OPERATING INCOME 1,047,570 163,735 1,211,305 841,989 369,316
Nonoperating revenue
(expenses):
Interest on
investments 367,964 367,964 360,000 7,964
Interest on bonds (191,450) (191,450) (191,450)
Amortization of
bond discount (5,170) (5,170) (5,170)
Fiscal agents' fees (3,384) (3,384) (400) (2,984)
Construction
reimbursements 6,700 6,700 6,700
Over revenues 11,364 11,364 11,364
186,024 186,024 168,150 17,874
INCOME BEFORE
OPERATING TRANSFERS 1,233,594 163,735 1,397,329 1,010,139 387,190
Operating transfers
out (160,000) (160,000) (160,000)
NET INCOME 1,073,594 $1.237.329 $--a50132 t387,19Q
Retained earnings at
May 1, 1986 8,335,173
Retained earnings at
April 30, 1987 $9.408.767
See accompanying notes to financial statements.
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VILLAGE OF OAK BROOK, ILLINOIS
WATERWORKS SYSTEM FUND
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT
AND ACCUMULATED DEPRECIATION
Year Ended Arpil 30, 1987
I
Rate of
J Property, Plant and Equipment Depreciation Allowances for Deprecition
Additions or Additions Net Asset
Balance and Balance Amortization Balance and Balance Value
Apr.30-1986 Transfers Apr.30-1987 (Years) Apr.30-1986 Transfers A2r.30-1987 Apr.30-1987
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 $ 96,954 $ 7,870 $I 104,824 209,929
Structure and improvements 68,232 68,232 40 21,960 1,706 23,666 44,566
Electrical pumping equipment 119,123 119,123 40 39,246 2,978 42,224 76,899
Total water treatment equipment 7,487 $ 662 8,149 10 5,576 781 6,357 1,792
Distribution, reservoirs, mains
and standpipes 7,531,185 2,084 7,533,269 40 1,687,091 188,306 11,875,397 5,657,872
1 Meters and meter installation 394,950 38,293 433,243 15 204,982 27,606 232,588 200,655
Hydrants 178,402 178,402 40 43,806 4,460 48,266 130,136
Miscellaneous tools and equipment:
Office furniture and equipment 11,322 1,375 12,697 10 3,843 1,300 5,143 7,554
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
I Miscellanous equipment 38,562 38,562 5 37,545 37,545 1,017
J Intangible plant--organization 11,403 11 ,403 5 11,403 11,403
8.7 0.32342 41� 8.762.737 $?.194.491 2 7 $12.429,498 $6.333.239
See accompanying notes to financial statements.
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VILLAGE OF OAK BROOK, ILLINOIS
SPORTS CORE FUND
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN
DEFICIT--BUDGET AND ACTUAL
(NON-GAAP BASIS)
Year Ended April 30, 1987
Actual-- Variance
Actual-- Budgetary Favorable
GAAP Basis Adjustments Basis Budget (Unfavorable)
Operating revenues:
Charges for services:
Memberships:
Golf course $ 522,717 $ 522,717 $ 477,453 $ 45,264
Bath and tennis 295,434 295,434 326,050 (30,616)
Open fields 3,747 3,747 2,000 1,747
821,898 821,898 805,503 16,395
Rentals:
Golf course 172,860 172,860 157,838 15,022
Bath and tennis 2,940 2,940 5,000 (2,060)
Open fields 53,152 53,152 34,499 18,653
228,952 228,952 197,337 31,615
Membership events 13,274 13,274 13,400 (126)
Food and beverage
sales and service
charges:
Golf course 138,254 138,254 132,977 5,277
Bath and tennis 383,686 383,686 483,404 (99,718)
Open fields 6,582 6,582 1,000 5,582
528,522 528,522 617,381 (88,859)
TOTAL OPERATING
REVENUES 1,592,646 1,592,646 1,633,621 (40,975)
See accompanying notes to financial statements.
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VILLAGE OF OAK BROOK, ILLINOIS
SPORTS CORE FUND
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN
DEFICIT--BUDGET AND ACTUAL
(NON-GAAP BASIS)--Continued
Year Ended April 30, 1987
Actual-- Variance
Actual-- Budgetary Favorable
GAAP Basis Adjustments Basis Budget (Unfavorable)
Operating expenses:
Operation of i
facilities:
Golf course:
Personal
services $ 117,716 $ 117,716 $ 94,740 $(22,976)
Contractual
services 330,477 330,477 343,293 12,816 _
Fixed charges 60,152 60,152 59,520 (632)
Commodities 46,715 $ 113 46,828 27,975 (18,853)
Capital outlay 13,789 13,789 28,000 14,211
555,060 13,902 568,962 553,528 (15,434) i
Bath and tennis:
Personal
services 218,696 218,696 257,421 38,725
Contractual
services 102,441 102,441 101,640 (801)
Fixed charges 44,382 44,382 54,506 10,124
Commodities 151,862 151,862 167,135 15,273
Capital outlay 87,004 87,004 144,550 57,546
517,381 87,004 604,385 725,252 120,8b7
Open fields:
Personal
services 992 992 2,000 1,008
Contractual
services 26,004 26,004 24,000 (2,004) _
Fixed charges 1,805 1,805 1,445 (360)
Commodities 3,716 3,716 (3,716)
Capital outlay 8,203 8,203 15,000 6, 797
32,517 8,203 40,720 42,445 1,725 -
Food--golf course:
Personal
i
services 21,093 21,093 20,304 (789)
Contractual
services 287 287 100 (187) _
Fixed charges 1,508 1,508 1,465 (43)
Commodities 55,055 55,055 51,745 (3,310)
Capital outlay 127 127 350 223
77,943 127 78,070 73,964 (4,106)
See accompanying notes to financial statements. i
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VILLAGE OF OAK BROOK, ILLINOIS
SPORTS CORE FUND
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN
DEFICIT--BUDGET AND ACTUAL
(NON-GAAP BASIS)--Continued
Year Ended April 30, 1987
Actual-- Variance
Actual-- Budgetary Favorable
GAAP Basis Adjustments Basis Budget (Unfavorable)
Operating expenses--
Continued:
Operation of
facilities--
Continued:
Food--bath and
tennis:
Personal
services $ 41,927 $ 41,927 $ 34,730 $ (7,197)
Contractual
services 3,056 3,056 2,825 (231)
Fixed charges 5,012 5,012 2,983 (2,029)
Commodities 28,949 28,949 26,200 (2,749)
78,944 78,944 66,738 (12,206)
Beverage--
bath and tennis:
Personal
services 4,050 4,050 4,019 (31)
Fixed charges 289 289 288 (1)
Commodities 10,596 10,596 4,850 (5,746)
14,935 14,935 9,157 (5,778)
Grill
operations:
Personal
services 8,995 8,995 5,328 (3,667)
Contractual
services 899 899 770 (129)
Fixed charges 643 643 380 (263)
Commodities 15,764 15,764 14,295 (1,469)
26,301 26,301 20,773 (5,528)
TOTAL OPERATION
OF FACILITIES 1,303,081 $109,236 1,412,317 1,491,857 79,540
See accompanying notes to financial statements.
-67-
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VILLAGE OF OAK BROOK, ILLINOIS
SPORTS CORE FUND
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN
DEFICIT--BUDGET AND ACTUAL
(NON-GAAP BASIS)--Continued
Year Ended April 30, 1987
Actual-- Variance
Actual-- Budgetary Favorable
GAAP Basis Adjustments Basis Budget (Unfavorable)
Operating expenses--
Continued:
General and
administrative:
Personal _
services $ 87,372 $ 87,372 $ 81,500 $ (5,872)
Contractual
services 32,315 32,315 30,850 (1,465)
Fixed charges 32,440 32,440 22,413 (10,027)
Commodities 4,989 4,989 6,575 1,586
Capital outlay $154,072 154,072 150,000 (4,072)
157,116 154,072 311,188 291,338 (19,850)
Depreciation 225,415 (225,415)
TOTAL OPERATING
EXPENSES 1,685,612 (37,893) 11723,505 1,783,195 59,690
OPERATING LOSS (92,966) 37,893 (130,859) (149,574) 18,715
Nonoperating revenue:
Interest on
investments 15,402 15,402 10,000 5,402
Other revenue 66,865 66,865 66,865
82,267 82,267 10,000 72,267
LOSS BEFORE
OPERATING TRANSFERS (10,699) 37,893 (48,592) (139,574) 90,982
Operating transfers in 10,000 10,000 10,000
Operating transfers out (25,000) (25,000) (25,000)
NET LOSS (25,699) $ (63,592)$_(154,574 $�
Deficit at May 1, 1986 (927,027)
DEFICIT AT
APRIL 30, 1987
See accompanying notes to financial statements.
-68-
i
IVILLAGE OF OAK BROOK, ILLINOIS
SPORTS CORE FUND
` SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT
AND ACCUMULATED DEPRECIATION
Year Ended April 30, 1987
Rate of
Property, Plant and Equipment Depreciation Allowances for Depreciation
Additions or Additions Net Asset
I Balance and Balance Amortization Balance and Balance Value
Apr.30-1986 Transfers Apr.30-1987 (Years) Apr.30-1986 Transfers Apr.30-1987 Apr.30-1987
Land and land rights $ 8,252,585 $ 8,252,585 $ 8,252,585
Golf course land improvements 1,203,338 1,203,338 10 $ 665,265 $120,334 $ 785,599 417,739
Other land improvements 339,535 339,535 20 112,111 16,977 129,088 210,447
1 Clubhouse:
Golf 293,897 $ 12,269 306,166 40 39,820 7,500 47,320 258,846
Bath and tennis 375,113 8,663 383,776 40 74,421 9,486 83,907 299,869
Other improvements 296,073 162,275 458,348 10 164,712 37,738 202,450 255,898
Pools 97,781 6,637 104,418 20 39,244 5,055 44,299 60,119
Tennis courts 347,124 59,142 406,266 15 107,510 25,113 132,623 273,643
Clubhouse equipment 108,618 1,647 110,265 5 104,996 329 105,325 4,940
Golf equipment 60,806 60,806 5 60,085 60,085 721
Buildings 114,072 2,496 116,568 40 4,328 2,883 7,211 109,357
I 11,488,942 JZ53,12 11,742,071 $1 ,3Z2,422 1225,415 $1,597,907 $10,144,164
See accompanying notes to financial statements.
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Pension Trust Funds
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PENSION TRUST FUNDS
To account for assets held by the Village in a trustee capacity. The
following funds are currently established:
_ POLICEMEN'S PENSION FUND--to account for the accumulation of
resources to be used for retirement annuity payments to uniformed
police department personnel 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.
FIREMEN'S PENSION FUND--to account for the accumulation of resources
to be used for retirement annuity payments to uniformed fire depart-
ment personnel 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.
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VILLAGE OF OAK BROOK, ILLINOIS
PENSION TRUST FUNDS
— COMBINING BALANCE SHEET
April ,30, 1987 and 1986
Policemen's Firemen's Totals
Pension Pension 1987 1986
ASSETS
Cash $ 6,443 $ 13,120 $ 19,563 $ 676
Investments 5,608,290 5,940,572 11,548,862 10,172,753
Receivables:
Accrued interest
receivable 95,535 118,003 213,538 193,468
Other 10,234 9,341 19,575
Due from other funds 34,811 31,010 65,821 60,629
TOTAL ASSETS $5,755,312 $6.112,046 $11.867.359 10.427.526
LIABILITIES
Accounts payable $ 8,170 $ 7,193 $ 15,363
TOTAL LIABILITIES 8,170 7,193 15,363
FUND EQUITY
Fund balances:
Reserved for
employees '
retirement 5,582,406 4,608,343 10,190,749 $ 8,046,222
Unreserved-
undesignated 164,737 1,496,510 1,661,247 2,381,304
TOTAL FUND EQUITY 5,747,143 6,104,853 11,851,996 10,427,526
TOTAL LIABILITIES
AND FUND EQUITY $5.755.313 $6.112.046 $11.867,359 $10,427.526
See accompanying notes to financial statements.
-71-
VILLAGE OF OAK BROOK, ILLINOIS
PENSION TRUST FUNDS
... COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION
Years Ended April 30, 1987 and 1986
Policemen's Firemen's Totals
�- Pension Pension 1987 1986
Sources of working
capital--
Operations—
net income $723,146 $701,324 $1,424,470 $1,415,097
Uses of working capital--
Net increase in
pension investments 708,898 667,211 1,376,109 1,444,052
NET INCREASE
�- (DECREASE) IN
WORKING CAPITAL J–JL,2-4-E 48.361 t (28.955)
Elements of net increase
(decrease) in working
capital:
Cash $ 6,393 $ 12,494 $ 18,887 $ 613
Receivables 12,747 26,898 39,645 (30,391)
Due from other
funds 3,278 1,914 5,192 823
Accounts payable (8,170) (7,193) (15,363)
NET INCREASE
(DECREASE) IN
WORKING CAPITAL I_IL,113 48.361 $ (28.955)
See accompanying notes to financial statements.
—73—
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, 1987
E'
Variance
Actual-- Favorable -.
GAAP Basis Budget (Unfavorable)
Operating revenues:
Interest on investments $ 510,982 $410,000 $100,982
Contributions:
Employees 110,689 130,000 (19,311)
Village 203,271 220,000 (16,729)
313,960 350,000 (36,040)
TOTAL OPERATING REVENUES 824,942 760,000 64,942
Operating expenses:
General and administrative 1,211 1,450 (239)
Benefit payments 100,585 85,000 15,585
TOTAL OPERATING EXPENSES 101,796 86,450 15,346
NET INCOME 723,146 _ 673.550 4 2!z
is
Fund balance at May 1, 1986 5,023,997
FUND BALANCE AT
APRIL 30, 1987 5.747.143
a.
-74-
VILLAGE OF OAK BROOK, ILLINOIS
.s
FIREMEN'S PENSION FUND
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN
FUND BALANCE--BUDGET AND ACTUAL
Year Ended April 30, 1987
Variance
Actual-- Favorable
GAAP Basis Budget (Unfavorable)
Operating revenues:
Interest on investments $ 488,570 $420,000 $68,570
Contributions:
Employees 95,857 92,500 3,357
Village 190,756 210,000 (19,244)
286,613 302,500 (15,887)
TOTAL OPERATING REVENUES 775,183 722,500 52,683
Operating expenses:
General and administrative 2,568 1,700 868
Benefit payments 71,291 45,300 25,991
TOTAL OPERATING EXPENSES 73,859 47,000 26,859
NET INCOME 701,324 2 24
Fund balance at May 1, 1986 5,403,529
FUND BALANCE AT
APRIL 30, 1987 $6,104,853
See accompanying notes to financial statements.
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Account Group
VILLAGE OF OAK BROOK, ILLINOIS
i
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF GENERAL FIXED ASSETS--BY SOURCES
April 30, 1987 and 1986
1987 1986
General fixed assets:
Land $ 281,829 $ 281,829
Buildings and improvements 4,888,475 4,888,475
Furniture and fixtures 263,667 261,597
Roadway improvements 4,177,789 3,841,369
Automotive equipment 1,158,766 1,087,715
Other equipment 1,324,075 1,126,082
Library books 301,847 269,003
TOTAL GENERAL FIXED ASSETS $12,396.448 tll,756,070
Investment in general fixed assets from:
Current revenues $ 9,886,549 $ 9,246,171
Proceeds of indebtedness 1,582,783 1,582,783
Gifts 518,738 518,738
Motor Fuel Tax Fund revenues 246,098 246,098
Federal Revenue Sharing Fund revenues 131,751 131, 751
Special Service Area No. 1 Fund revenues 30,529 30,529
TOTAL INVESTMENT IN
GENERAL FIXED ASSETS t12,396,4ka $11,756,070
See accompanying notes to financial statements.
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-77-
VILLAGE OF OAK BROOK, ILLINOIS
lr GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF GENERAL FIXED ASSETS--BY FUNCTION AND ACTIVITY
April 30, 1987
Buildings Furniture
and amd Roadway Automotive Other Library
Function and Activity Land Improvements Fixtures Improvements Equipment Equipment Books Total
General government:
Counsel and legal $ 3,067 $ 7,294 $ 10,361
Village manager 5,831 $ 16,367 24,611 46,809
Finance and accounting 15,019 108,470 123,489
Engineering $ 6,580 14,557 10,857 55,883 87,877
Village Hall 273,741 $2,729,384 118,338 9,929 4,231 3,135,623
TOTAL GENERAL GOVERNMENT 280,321 2,729,384 156,812 37,153 200,489 3,404,159
Public safety:
Police Department 11,426 19,550 333,684 259,241 623,901
Fire Department 1,181,688 37,562 273,005 532,697 2,024,952
Emergency medical service 813 154,640 87,186 242,639
Inspection bureau 2,611 17,396 19,249 39,256
r TOTAL PUBLIC SAFETY 1,193,114 60,536 778,725 898,373 2,930,748
IPublic works:
Administrative 5,461 41,941 4,848 52,250
Street maintenance 300,947 159,868 460,815
Street improvements 30,363 $4,177,789 5 4,208,157
Municipal garage 763,695 5,386 39,034 808,115
TOTAL PUBLIC WORKS 794,058 10,847 4,177,789 342,888 203,755 5,529,337
Culture and recreation--Library 12508 171,919 35,472 21,458 $301,847 532,204
TOTAL GENERAL
FIXED ASSETS t4,888,475 $263,667 X4.177.789 $1,158,766 1,324,075 1 4 12.396.448
jSee accompanying notes to financial statements.
-78-
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS--
BY FUNCTION AND ACTIVITY
April 30, 1987
General General
Fixed Fixed
Assets Assets
May 1 April 30
'--� Function and Activity 1986 Additions Retirements 1986
General government:
Counsel and legal $ 10,361 $ 10,361
Village manager 45,313 $ 1,496 46,809
Finance and
accounting 120,256 3,233 123,489
Engineering 67,229 20,648 87,877
Village Hall 3,135,623 3,135,623
TOTAL GENERAL
GOVERNMENT 3,378,782 25,377 3,404,159
Public safety:
Police Department 564,186 134,289 $74;574 623,901
Fire Department 1,963,657 61,295 2,024,952
Emergency medical
service 210,182 32,457 242,639
Inspection bureau 38,008 1,248 39,256
TOTAL
PUBLIC SAFETY 2,776,033 229,289 74,574 2,930,748
Public works:
Administrative 48,298 3,952 52,250
Street maintenance 380,038 80,777 460,815
Street improvements 3,871,732 336,425 4,208,157
Municipal garage 806,511 1,604 808,115
TOTAL
PUBLIC WORKS 5,106,579 422,758 5,529,337
Culture and
-- recreation--
Library 494,676 37,528 532,204
TOTAL GENERAL
FIXED ASSETS $11.756.070 714.952174,574t12,39_6.448
See accompanying notes to financial statements.
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Statistical Section
STATISTICAL SECTION
(Unaudited)
-80-
Table 1
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION (1)
Last Ten Fiscal Years
Culture Health
Fiscal General Public Public and Debt and Total
Year Legislative Government Safety Works Recreation Service Welfare Expenditures
1987 $254,617 $911,668 $4,450,380 $1,384,901 $181,778 $916,214 $ - $8,099,558
1986 256,953 724,353 4,047,863 1,051,920 177,265 942,064 - 7,200,418
1985 222,469 726,444 4,032,499 1,378,771 136,526 967,861 - 7,464,570
00 1984 218,095 999,325 3,460,935 11229,691 149,736 891,320 - 6,949,102
1983 193,109 878,409 3,396,808 812,987 113,037 912,849 - 6,307,199
1982 650,781 960,601 3,208,328 1,170,176 105,712 8849488 - 6,980,086
1981 126,202 779,972 2,944,083 989,810 131,876 884,485 - 5,856,428
1980 - 8240226 2,538,696 598,430 105,186 854,650 16,595 4,937,783
1979 - 829,778 21222,086 707,163 100,629 740,930 16,550 4,617,136
1978 - 712,195 1,890,706 551,758 108,004 835,468 15,883 4,114,014
Note 1--Includes expenditures of General Fund, Special Revenue Funds,
and Debt Service Fund.
Table 2
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL REVENUES BY SOURCE (1)
Last Ten Fiscal Years
Licenses Fines Interest
Fiscal Property and Service and on
Year Intergovernmental Taxes Permits Charges Penalties Investment Miscellaneous Total
1987 $6,885,727 $598,342 $279,693 $215,853 $146,691 $404,114 $339,036 $8,869,456
1986 5,952,519 570,623 248,343 218,107 162,648 427,195 190,378 7,769,813
1985 5,949,838 691,686 287,217 212,816 204,809 453,655 56,389 7,856,410
N 1984 5,343,246 602,517 326,633 214,758 205,838 387,418 52,928 7,133,338
1983 4,955,919 352,932 212,984 159,897 139,872 472,537 13,314 6,307,455
1982 4,894,684 518,701 238,017 309,682 155,465 619,703 99,191 6,835,443
1981 4,644,790 673,830 195,474 131,836 109,239 523,492 45,927 6,324,588
1980 4,987,942 444,767 192,044 148,497 88,678 395,543 400,565 6,658,036
1979 3,560,387 740,060 215,235 240,561 103,367 246,731 32,646 5,138,987
1978 3,180,197 843,838 195,112 1110512 77,664 80,685 43,604 4,532,612
Note 1--Includes revenues of General Fund, Special Revenue Funds, and
Debt Service Fund.
1. J. 1 ! ! 1 1
Table 3
VILLAGE OF OAK BROOK, ILLINOIS
SPECIAL ASSESSMENT COLLECTIONS (1)
Last Five Fiscal Years
Ratio of
Current Current Collections Total
Fiscal Assessments Assessments of Amount Outstanding
Year Due Collected Due Assessments
1987 $6,000 $6,063 101.05% $ 5,615
1986 6,000 6,137 102.28 11,615
1985 6,000 6,071 101.18 17,615
1984 6,000 6,061 101.02 23,615
1983 6,000 6,066 101.10 29,615
Note 1--Special assessments are levied by the Village on properties in
the York Woods subdivision of the Village for street light improve-
ments. There were no special assessments prior to 1983.
-83-
Table 4
VILLAGE OF OAK BROOK, ILLINOIS
PROPERTY TAX LEVIES AND COLLECTIONS
Last Ten Fiscal Years (1)
Total Tax
Current Collections Outstanding
Year and Delinquent
Fiscal Abatement Total Tax Write-Offs Taxes as
Year Percent Delinquent and Collections as Percent Outstanding Percent of
Tax Ended Total Current Tax of Levy Tax Forfeiture and of Current Delinquent Current
Year April 30 Tax Levy Collections Collected Collections Write-Offs Write-Offs Levy Taxes Levy
1985(2)(4) 1987 $621,310 $618,592 99.56% $1,069 $1,880 $621,541 .100.04% $ 838 .13%
1984(2) 1986 568,597 562,842 98.99 3,473 4,924 571,239 100.46 831 .15
1983(2) 1985 591,472 582,336 98.46 4,785 8,431 595,552 100.69 705 .12
1982(2) 1984 523,892 519,179 99.10 3,067 1,375 523,621 99.95 271 .05
1981(3) 1983 277,439 273,157 98.46 1,609 4,800 279,566 100.77 - -
1980(2) 1982 518,030 514,912 99.40 3,789 2,967 521,668 100.70 - -
1979(2) 1981 483,900 479,949 99.18 16 1,409 481,374 99.48 2,526 .52
1978 1980 748,498 729,257 97.43 1,132 7,279 737,668 98.55 10,830 1.45
1977 1979 843,838 823,267 97.56 1,696 2,846 827,869 98.10 16,029 1.90
Note 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, collec-
tions are made in the fiscal year two years behind the year of the levy.
Note 2--The 1979, 1980, 1982, 1983, 1984 and 1985 levies were abated by $300,000.
These funds were contributed from excess revenues of the General Fund.
Note 3--The 1981 levy was abated by $600,000. These funds were contributed from
excess revenues of the General Fund.
Note 4--The 1986 levy, to be collected in. the summer of 1987, was $608,701 after a
$300,000 abatement to be paid by the General Fund.
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Table 5
VILLAGE OF OAK BROOK, ILLINOIS
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY (2)
Last Ten Fiscal Years
Ratio of
Total
Personal Assessed/
Real Property Proyerty(1) Total Total
Estimated Estimated Estimated Estimated
Fiscal Actual Actual Actual Actual
Year Assessed Value Assessed Value Assessed Value Value
1987 $445,776 $1,350,836 $445,776 $1,350,836 33.00%
1986 396,911 1,202,761 396,911 1,202,761 33.00
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
Note 1--Personal property tax not assessed as of 1980 due to enactment
of the personal property replacement tax by state statute.
Note 2--Dollar amounts in thousands.
-85-
Table 6
VILLAGE OF OAK BROOK, ILLINOIS
PROPERTY TAX RATES--ALL OVERLAPPING GOVERNMENTS _
(Per $100 Assessed Valuation)
Last Ten Fiscal Years
i
Village Junior Grade High Oak Brook Hinsdale
Fiscal of Basic College School School Park Sanitary
Year Total Oak Brook Town(l) #502 #53 #86 District District
1987 4.6970 .1366 .9572 .2551 1.2297 1.9233 .1423 .0528 i
1986 5.1729 .1566 1.2444 .2450 1.3314 1.9461 .1918 .0576
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 i
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 .9350 .1953 1.7895 1.9910 .2414 .1065
1978 5.8798 .4535 .9789 .1973 1.8380 1.9781 .3103 .1237
Note 1--Includes all county, forest preserve, township and water
commission rates.
Source: Du Page County Clerk's office, Revenue Division.
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Table 7
VILLAGE OF OAK BROOK, ILLINOIS
RATIO OF NET GENERAL BONDED DEBT TO ASSESSED VALUE
AND NET BONDED DEBT PER CAPITA
Last Ten 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
1987 8,000 $445,776 $ 6,350,000 $416,669 $ 5,933,331 1.331% $ 742
1986 8,000 396,911 6,950,000 287,636 6,662,364 1.679 833
1985 7,263(2) 373,266 7,550,000 224,642 7,325,358 1.963 1,009
IT-
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
Note 1--Includes total gross bonded debt, including all components of
the general long-term debt account group, with the exception of accrued
vacation pay.
Note 2--1983 special census.
Note 3--1980 census.
Note 4--1975 census.
Note 5--General Obligation Recreation Bonds were issued on September 1,
1977 with the first principal payment due December 1, 1979.
Note 6--July 1986 annexation of the Oak Brook Club increased population
to approximately 8,000.
-87-
Table 8
VILLAGE OF OAK BROOK, ILLINOIS --
COMPUTATION OF LEGAL DEBT MARGIN
April 30, 1987
Assessed value $445.775.748
Debt limit 8.625% of assessed value $ 38,448,158 —�
Debt applicable to debt limit--General
Obligation Recreation Bonds 6,350,000
y
LEGAL DEBT MARGIN $ 32.098.158 k.
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Table 9
VILLAGE OF OAK BROOK, ILLINOIS
COMPUTATION OF OVERLAPPING DEBT
April 30, 1987
w
Percentage Amount
Applicable to Applicable to
Net Debt Village of Village of
Jurisdiction Outstanding Oak Brook Oak Brook
Village of Oak Brook $ 6,350,000 100.00% $ 6,350,000
Du Page County 12,360,000 5.49 678,212
Du Page Forest Preserve 69,375,000 5.49 3,806,714
' Du Page Water Commission 150,000,000 5.70 8,543,972
Sanitary districts 2,625,000 24.79 650,717
Junior college district 6,300,000 5.12 322,339
Elementary school districts 9,414,000 11.53 1,085,401
High school districts 22,906,000 10.00 2,290,880
TOTAL t23,728.235
Source: Du Page County Clerk's office.
-89-
Table 10
VILLAGE OF OAK BROOK, ILLINOIS
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL
BONDED DEBT TO TOTAL GENERAL EXPENDITURES
Last Eight Fiscal Years
Ratio of
Total Debt Service
Fiscal Debt Total General to Total
Year Principal Interest Service Expenditures(1) Expenditures
1987 $600,000 $328,200 $928,000 $7,183,344 12.92%
1986 600,000 354,000 954,000 6,258,354 15.24
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 r
1980(2) 270,000 477,410 747,410 5,061,283 14.77
Note 1--Includes General Fund only.
Note 2--Bonds were issued on September 1, 1977 with the first principal
payment due December 1, 1979.
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Table 11
VILLAGE OF OAK BROOK, ILLINOIS
REVENUE BOND COVERAGE--WATERWORKS SYSTEM BONDS
Last Ten Fiscal Years
.._ Net Revenue
Available
Fiscal Gross for Debt Debt Service Requirements
Year Revenue(1) Expenses(2) Service(3) Principal Interest Total Coverage
1987 $2,574,660 $906,055 $1,668,605 $375,000 $191,450 $566,450 295%
1986 2,581,462 801,823 1,779,639 350,000 209,950 559,950 318
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
T
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
-- Note 1--Represents gross revenue, including operating revenue, interest
on investments, reimbursements and other revenue.
Note 2--Represents operating expenses, excluding depreciation.
Note 3--Represents gross revenue less expenses.
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Table 12
VILLAGE OF OAK BROOK, ILLINOIS
DEMOGRAPHIC STATISTICS
F
Education
Level in -►.
Per Years of -
Fiscal Capita Median Formal Unemployment
Year Population Income Age Education Rate
L;
1984(1) 7,263 $22,737 39 14.5 3.14%
1970(2) 4,164 8,997 34 13.3 .07
Source 1--1983 Special Census and 1980 Federal Census.
Source 2--1970 Federal Census.
i
F�
F
_G
2
1
r�
�fc
L
.�1
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Table 13
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 (in of Value (in Bank Deposits(1) Value (in
Year Units Thousands) Units Thousands) (in Thousands) Thousands )
1986 4 $52,985 113 $34,263 $1,041,202,000 $1,350,836
1985 1 1,975 124 28,453 929,645,000 1,202,761
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
Source--Polling of all banks in Village of Oak Brook. Data for years
prior to 1980 was not available.
—
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Table 14
VILLAGE OF OAK BROOK, ILLINOIS
PRINCIPAL TAXPAYERS
April 30, 1987
Percentage of
1986 Total
Assessed Assessed
Taxpayer Type of Business Valuation Valuation
Urban Investment and Oak Brook Shopping
Development Co. Center property $ 17,673,920 3.9%
McDonald's Corporation Office Campus 17,133,420 3.8
Oak Brook International
Office Office buildings 10,371,020 2.3
La Salle Partners Commerce Plaza 9,800,950 2.2
McDonald's Corporation Corporate office
headquarters 9,375,800 2.1
Regency Towers Office buildings 8,687,990 1.9
Drake Hotel and offices 8,233,060 1.8
Marshall Field & Co.-Batus
Holdings Retail store 5,758,930 1.3
Manufactures Life Real
Estate Executive towers 5,340,440 1.2
Oak Brook Hyatt House Hotel 5,185,250 1.2
Eastman Kodak Regional headquarters 4,773,700 1.1
Marriott Hotel 4,648,950 1.0
John Buck Co. Office building 4,348,970 .9
Chicago Bridge and Iron Corporate office 4,254,850 .9
Sears, Roebuck & Co. Retail store 3,256,660 .7
r
$118.843.910 26.3%
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Table 15
VILLAGE OF OAK BROOK, ILLINOIS
INSURANCE IN EFFECT
Fiscal Year 1987-1988
�r
Name of Company Policy Period Amount of
Type of Insurance (Policy Number) From To Coverage Premium
Employee benefit St. Paul Insurance 5-15-87 5-15-88 $ 750,000 $ 258
programs liability Company
(GL00606862)
`r Boiler and machinery Chubb Group of 5-15-87 5-15-88 1,000,000 1,475
insurance Insurance
Companies
(7829-49-77)
Treasurer's bond Kemper Group 4-13-87 4-13-88 100,000 93
Insurance Company
4 (35M-061-900-31)
Volunteer accident Home Insurance 5-15-87 5-15-88 20,000 1,155
^- insurance Company
(HVF-7-25-85)
Host Liquor Continental 11-24-86 11-24-87 1,000,000 2,733
Liability Casualty
(RDD7176568)
Lloyds, London
(BL25507CA)
Note--The Village entered into a contractual agreement with 14 other
municipalities 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 contribution to this cooperative agency for 1987
was $278,002 and was determined by the pro rata share for each munic-
ipality's audited revenues and loss experience for the previous year,
to be sufficient annually to fund administrative expenses and create
sufficient reserves for claim payments and the purchase of excess
insurance. The Agency provides loss protection in excess of a deduct-
ible 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 insurance is $33,250,000 per occurrence for liability claims and
$29,750,000 for property claims. The Agency has contracted the
services of Gallagher Bassett Insurance Service for the claims adminis-
tration function. As of April 30, 1987, IRMA members totaled 44
municipalities.
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Table 16
VILLAGE OF OAK BROOK, ILLINOIS
MISCELLANEOUS STATISTICAL DATA �--
April 30, 1987
Date of incorporation February 21, 1958 t
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 445
Fire protection: Number of stations 2 . ,.
Number of firemen 35
Number of volunteers 24
Police protection: Number of stations 1 K
Number of policemen
and officers 38
Detention facilities Juvenile 2
Adult 6
Education (elementary
only): Attendance centers 2
Number of teachers 45
Number of students 483
Municipal water
department: Number of customers 4,882
Total water pumped Gallons 1,393,915,000
Average daily
consumption Gallons 3,098,402
Miles of water mains 77
Building permits issued 117
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 34,500
Census data 1960, 324; 1970, 4,164;
1975, 5,281; 1980,
6,641; 1984, 7,263 m i
Employees: 120 full time
248 part time/seasonal
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