CAFR (Year Ended December 31, 1996) i
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VILLAGE OF OAK BROOK ILLINOIS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Year Ended December 31, 1996
VILLAGE OF OAK BROOK, ILLINOIS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED DECEMBER 31, 1996
Prepared by: Finance Department
Darrell J. Langlois
IFinance Officer/Treasurer
' INTRODUCTORY SECTION
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CONTENTS
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INTRODUCTORY SECTION
Officers and Officials i
Organization Chart ii
Letter of Transmittal from the Village Manager iii
Letter of Transmittal from the Finance Officer/Treasurer iv - x
Certificate of Achievement for Excellence in
Financial Reporting xi
FINANCIAL SECTION
Independent Auditors' Report 1 - 2
General Purpose Financial Statements
Combined Balance Sheet - All Fund Types
and Account Groups 3 - 6
Combined Statement of Revenues, Expenditures,
and Changes in Fund Balances - All Governmental Fund Types 7
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances - Budget and Actual -
All Governmental Fund Types 8 - 9
Combined Statement of Revenues, Expenses and
Changes in Fund Equity - All Proprietary and Fiduciary
(Pension Trust) Fund Types 10
Combined Statement of Cash Flows - All Proprietary Fund Types 11
Notes to the Financial Statements 12 - 43
Combining, Individual Fund and Account Group
Financial Statements and Schedules
Governmental Fund Types
General Fund
Statement of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual 44
Schedule of Revenues - Budget and Actual 45
Schedule of Expenditures - Budget and Actual 46-55
Special Revenue Funds
Combining Balance Sheet 56
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances - Budget and Actual 57-58
CONTENTS
Page
FINANCIAL SECTION (CONT.)
Combining, Individual Fund and Account Group
Financial Statements and Schedules (Cont.)
Governmental Funds (Cont.)
Capital Project Fund - Infrastructure Fund
Balance Sheet 59
Statement of Revenues, Expenditures and Changes
in Fund Balance - Budget and Actual 60
Proprietary Fund Types
Enterprise Funds
Combining Balance Sheet 61-62
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings 63
Combining Statement of Cash Flows 64
Waterworks System Fund i
Statement of Revenues, Expenses and Changes in Retained
Earnings - Unreserved - Budget and Actual 65
Schedule of Operating Expenses - Budget and Actual 66
Schedule of Changes in Retained Earnings -
Reserved - Restricted Accounts 67
Schedule of Property, Plant and Equipment and
Accumulated Depreciation 68-69
Sports Core Fund
Statement of Revenues, Expenses and Changes in
Retained Earnings - Budget and Actual 70
Schedule of Operating Revenues - Budget and Actual 71
Schedule of Operating Expenses - Budget and Actual 72-74
Schedule of Property, Plant and Equipment and
Accumulated Depreciation 75-76
Internal Service Funds
Combining Balance Sheet 77
Combining Statement of Revenues, Expenses and Changes in
Retained Earnings 78
Combining Statement of Cash Flows 79
Self-Insurance Fund
Statement of Revenues, Expenses and Changes in
Retained Earnings - Budget and Actual 80
CONTENTS
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FINANCIAL SECTION (Cont.)
Combining, Individual Fund and Account Group
Financial Statements and Schedules (Cont.)
Internal Service Funds (Cont.)
Garage Fund
Statement of Revenues, Expenses and Changes in
Retained Earnings - Budget and Actual 81
Capital Replacement Fund
Statement of Revenues, Expenses and Changes in
Retained Earnings - Budget and Actual 82
Fiduciary Fund Types
Trust and Agency Funds
Combining Balance Sheet 83
Combining Statement of Revenues, Expenses and
Changes in Fund Balances - Pension Trust Funds 84
Statement of Changes in Assets and Liabilities -
Deferred Compensation Fund 85
Police Pension Fund
Statement of Revenues, Expenses and Changes in
Fund Balance - Budget and Actual 86
Firefighters' Pension Fund
Statement of Revenues, Expenses and Changes in
Fund Balance - Budget and Actual 87
General Fixed Assets Account Group
Schedule of General Fixed Assets - By Source 88
Schedule of General Fixed Assets - By Function
and Activity 89-90
Schedule of Changes in General Fixed Assets -
' By Function and Activity 91
CONTENTS
Page
SUPPLEMENTAL INFORMATION
Police Pension Fund
Revenues by Source and Expenses by Type 92
Analysis of Funding Progress 93
Firefighters' Pension Fund
Revenues by Source and Expenses by Type 94
Analysis of Funding Progress 95
Illinois Municipal Retirement Fund
Analysis of Funding Progress 96
STATISTICAL SECTION (UNAUDITED)
General Governmental Expenditures by Function - Last Ten Fiscal Years 97
General Revenues by Source - Last Ten Fiscal Years 98
Special Assessment Billings and Collections - Last Ten Fiscal Years 99
Property Tax Levies and Collections - Last Ten Fiscal Years 100
Assessed and Estimated Actual Value of Taxable
Property - In Thousands - Last Ten Fiscal Years 101
Property Tax Rates - All Direct and Overlapping Governments -
Last Ten Years 102
Ratio of Net General Bonded Debt to Equalized Assessed Value and Net
General Bonded Debt Per Capita - Last Ten Fiscal Years 103
Computation of Legal Debt Margin 104
Computation of Direct and Overlapping Bonded Debt 105
Ratio of Annual Debt Service Expenditures for General Bonded
Debt to Total General Expenditures - Last Ten Fiscal Years 106
Revenue Bond Coverage - Waterworks System Bonds -
Last Ten Fiscal Years 107
Demographic Statistics 108
Property Valluc and Construction - Last Ten Fiscal Years 109
Principal Taxpayers 110
Insurance in Force 111
Miscellaneous Statistics 112
VILLAGE OF OAK BROOK ILLINOIS
OFFICERS AND OFFICIALS
DECEMBER 31, 1996
President
Karen M. Bushy
Clerk
Linda K. Gonnella
Trustees
Garry J. Bartecki
William E. Kenny
Gerald McInerney
Barbara A. Payovich
Alfred P. Savino
Mack H. Shumate, Jr.
Village Manager
Stephen B. Veitch
Finance Officer/Treasurer
Darrell J. Langlois
VILLAGE OF OAK BROOK
ORGANIZATIONAL CHART
December, 1996
Citizens of Oak Brook
Advisory Boards President and
and Commissions Board of Trustees Village Clerk
Electrical Commission
Board of Fire&Police Commissioners Village Attorney Village Manager Treasurer/Budget Officer
Hotel Convention and Visitors Committee
Library Commission
Plan Commission
Safety Pathway Committee
Zoning Board of Appeals
Information Services
Police Pension Board
Firefighters'Pension Board 8 Purchasing
Financial Pylic Engineering and Fire and Community Sports
Services Works Capital Projects Library Police Development Core
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VI LLAGE OF OAK BROOK
1200 OAK BROOK ROAD
OAK BROOK, ILLINOIS 60521 -2255
March 21, 1997 PHONE: 630 990-3000
FAX: 630 990-0876
' President and Board of Trustees
Village of Oak Brook
Oak Brook, IL 60521
President Bushy and Trustees:
It is a pleasure to present the Comprehensive Annual Financial Report for the Village of Oak
Brook for the fiscal year ended December 31, 1996. This report has been prepared by Finance
Officer and Village Treasurer Darrell Langlois and his staff in accordance with all applicable
standards of the Government Accounting Standards Board and the Government Finance Officers
Association.
The Comprehensive Annual Financial Report is a very important and legally essential document
for the Village Board and the community. It is even more valuable when viewed in conjunction
with the Village's Five-Year Financial Plan. The Annual Report presents a "snapshot"' of the
Village's financial condition at a specific point in time; the Five-Year Plan presents a long range
continuous view. Taken together, these documents present a complete picture of the present and
future financial condition of our Village.
The Village's continued financial health is reflected clearly in the Annual Financial Report. This
strength is attributable to the Village Board's conservative financial policies, a history of careful
financial planning, and rigorous day-to-day management of the Village's financial affairs.
Although virtually all of the indicators of financial condition are positive, this situation can
change quickly as a result of economic downturns, State and Federal legislation or policy
decisions of future Village Boards. Constant vigilance is necessary. Nevertheless, given the
information currently available, it appears that the Village has an excellent opportunity to meet
the challenges presented in coming years while maintaining a financial condition of which its
citizens can be very proud.
Sincere ,
Stephen B. Veitch
Village Manager
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VI LLAGE OF OAK BROOK
1200 OAK BROOK ROAD
OAK BROOK, ILLINOIS 60521 -2255
' PHONE: 630 990-3000
FAX: 630 990-0876
' March 21, 1997
President and Board of Trustees
Village of Oak Brook
Oak Brook, Illinois 60521
The Comprehensive Annual Financial Report of the Village of Oak Brook for the year
ended December 31, 1996 is submitted herewith. Responsibility for both the accuracy
of the information presented and the thoroughness and fairness of the presentation,
including all disclosures, rests with the Village. I believe the data, as presented, is
accurate in all material respects; 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.
The Comprehensive Annual Financial Report is presented in three sections:
introductory, financial and statistical. The introductory section includes this transmittal
letter, the Village's organizational chart and a list of principal officials as of the end of
the reporting period. The financial section includes the general purpose financial
statements and the combining and individual fund and account group financial
statements and schedules, as well as the auditor's report on the financial statements
and schedules. The statistical section includes financial and demographic information,
which is generally presented on a multi-year basis.
All funds and account groups of the Village, as described in the notes to the financial
statements, have been included in this Report. The Village provides a full range of
services including public safety (police, fire, bureau of inspection, and emergency
medical service), public works maintenance, the water utility, engineering and public
improvements, planning and zoning, general administration, operations of a free public
library, and recreation facilities at the Oak Brook Sports Core, including an 18-hole golf
course. The Police Pension Fund and the Firefighters' Pension Fund have been
included as blended component units due to the significance of their financial
relationships with the Village. However, the Intergovernmental Risk Management
1 Agency and the DuPage Water Commission have not met the established criteria for
inclusion in the reporting entity and, accordingly, are excluded from this Report.
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ECONOMIC CONDITION AND OUTLOOK
The Village of Oak Brook is located about 15 miles west of the Chicago Loop, near the
geographic center of the seven-county Chicago metropolitan area. Excellent
transportation links are provided to all parts of the greater metropolitan area by a
network of tollways and federal and state highways which pass through or near the
Village. The Tri-State Tollway, extending along the Village's eastern boundary,
provides rapid access to the northern and southern suburbs, and into Wisconsin and
Indiana. The East-West Tollway, passing through the Village's northern sector, joins
the Eisenhower Expressway to the northeast, providing direct access to Chicago's
Loop. Additional links include east-west arteries Illinois Route 38 and U.S. Route 34,
which pass, respectively, to the north and south of the Village, and Illinois Route 83,
which bisects the community in a north-south direction. The Oak Brook area is
generally bounded on the north by the communities of Lombard, Villa Park, Elmhurst
and Oakbrook Terrace and on the south by Downers Grove, Westmont, Clarendon Hills
and Hinsdale.
Oak Brook is a community that has demonstrated an extremely high degree of
economic stability. While the Illinois unemployment rate hovers around 5.3%, DuPage
County has established an unemployment rate of 3.4%, significantly lower than the
norm.
Based on current information provided by the Multiple Listing Service of Northern
Illinois, the average selling price of completed homes in DuPage County is $207,797.
In 1996, the average selling price of homes in Oak Brook was $587,527 and time on
the market was approximately 72 days.
According to the 1990 Census, over one-third of the households in Oak Brook are two- ,
person, and over 62% of the occupants of the Village have resided in Oak Brook for
over 10 years, indicating a strong level of population stability. Per capita income of
Village residents in 1989 was $60,347 and the mean family income was $187,501. The
Census also indicates that managerial, professional, and sales occupations are held by
74% of Village residents employed.
MAJOR INITIATIVES
1996
The Village completed its 1996 paving program, the Fire Station #2 expansion and
remodeling project, replaced all of the doors and windows at the Bath & Tennis
Clubhouse, began implementation of Phase I of the Technology Plan, and continued
the multi-year project of paving the golf cart paths at the Golf Club.
In the Future
Included in the 1997 budget is the 1997 paving program, the start of construction of a
new Library, reconstruction of the 22"d Street/York Road intersection, replacement of
the Yorkshire Woods and Kingston Drive water mains, and completion of Phase I of the
Technology Plan. In later years, the Five-Year Financial Plan includes continuation of
the annual paving program, a new or remodeled Fire Station #1, replacement of the
irrigation system at the Golf Club, and possible expansion of the Golf and Bath &
Tennis clubhouses (subject to the sale of surplus property in the Westchester Park
area).
FINANCIAL INFORMATION
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 Proprietary 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. In developing and evaluating the Village's
accounting system, consideration is given to the adequacy of internal accounting
controls. Internal accounting controls are designed to provide reasonable, but not
absolute, assurance regarding: (1) the safeguarding of assets against loss from
unauthorized use or disposition; and (2) the reliability of financial records for preparing
financial statements and maintaining accountability for assets. The concept of
reasonable assurance recognizes that: (1) the cost of a control should not exceed the
benefits likely to be derived; and (2) the evaluation of costs and benefits requires
estimates and judgments by management.
' All internal control evaluations occur within the above framework. We believe that the
Village's internal accounting controls adequately safeguard assets and provide
reasonable assurance of proper recording of financial transactions.
Budgetary control is maintained through a system of monthly revenue and
expenditure/expense versus budget accounting reports which' are provided to all
Trustees and department heads. All disbursements receive approval of the Board of
Trustees. Total expenditures in any fund are legally restricted to the total amount
budgeted, which is not changed without supplemental ordinance approval. The budget
is monitored at the subfunction level by the encumbrance of estimated purchase
amounts prior to the release of purchase orders to vendors.
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General Governmental Functions
Revenues for general governmental functions as reported in the General Fund totaled ,
$13,851,155 in 1996.
Percent
of
Source Amount Total
Intergovernmental $11,908,908 85.98%
Licenses and Permits 374,617 2.70
Service Charges 423,139 3.05
Fines and Penalties 211,809 1.54
Interest on Investments 636,200 4.59
Miscellaneous 296.482 2.14
3.8� 100.00
Intergovernmental revenue, primarily the general sales tax, is the major revenue source
for the Village, producing 85.98% of current year revenues.
The Village has never levied real estate taxes for general governmental functions. ,
However, the 1995 assessed valuation of real property in the Village was
$905,788,216, an increase of $18,197,092, or 2.05% over the prior year.
Expenditures for general governmental purposes, grouped by function as required by
generally accepted accounting principles, totaled $11,621,558 in the General Fund.
Percent
of
Function Amount Total
General Government $ 2,596,032 22.34%
Public Safety 6,786,918 58.40
Public Works 1,714,199 14.75 ,
Culture and Recreation 524,409 4.51
1,6� 100.00
Debt Administration
On May 1, 1996 the Village made the final payment on the 1973 Waterworks Revenue
Bonds. The Village now is in the enviable position of having no bonded debt
outstanding. Consistent with Village Board policy, no new bonded debt is anticipated in
the 1997-2001 edition of the Five-Year Financial Plan.
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Cash Management
iIt is the policy of the Village of Oak Brook to invest idle cash and increase investment
income by the efficient use of money market accounts, the Illinois Public Treasurer's
Investment Pool, and U.S. government securities. At December 31, 1996 the Village's
investments, exclusive of the Pension Trust Funds, were distributed as follows:
Illinois Public Treasurer's Investment Pool 58.65%
U. S. Government Securities 41.35
100.00
For the year ended December 31, 1996 the Village received $1,131,217 in interest
income.
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 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 year ended December 31, 1996 was $210,257. In the future Motor Fuel Tax
revenue will be used by the Village to help finance street reconstruction and resurfacing
projects.
Pensions
Employees of the Village of Oak Brook participate in one of three pension plans. They
are: (1) the Police Pension Fund of the Village of Oak Brook, covering the Village's
sworn personnel in the Police Department; (2) the Firefighters' Pension Fund of the
Village of Oak Brook, covering the Village's sworn personnel in the Fire Department;
and (3) the Illinois Municipal Retirement Fund, which covers all of the remaining Village
employees who work in excess of 1,000 hours per year on a regular basis. Illinois
Municipal Retirement Fund employees also participate in Social Security.
General Fixed Assets
The general fixed assets of the Village are those fixed assets used in the performance
of general governmental functions. These exclude the fixed assets of the Enterprise
Funds. As of December 31, 1996, the general fixed assets of the Village amounted to
$7,168,756. 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. The Village does not capitalize
infrastructure projects in the General Fixed Asset Account Group.
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Waterworks System Fund
Selected data for the past year is presented in the following tabulation:
Water Sales $3,118,559
Water Tap on Charges 108,878
Total Operating Revenues 3,393,279
Total Operating Expenses 3,766,251
Amount Available for Debt Service 583,801
Annual Debt Service 280,500
Coverage (Amount Available for ,
Debt Service Divided by Annual 2.08
Debt Service)
Risk Management
The Village of Oak Brook has a risk management program in place. For employee
benefits, resources are accumulated in the Self-Insurance Fund in order to fund health
and dental insurance claims. Insurance coverage for liability, property damage, and
workmen's compensation is maintained through the Intergovernmental Risk
Management Agency (IRMA) for all claims greater than $1,000. Various risk control
techniques, including employee safety and accident prevention training, have been
implemented to minimize accident related losses.
Sports Core Fund
The 1996 financial statements reflect the sixteenth year of operation of the 18-hole golf
course and expanded operations of the Bath and Tennis Club. Operating revenues
totaled $2,316,540 and operating expenses, excluding depreciation, totaled
$2,590,701. Major department activity is summarized as follows:
Revenues
Golf $1,501,205 64.80%
Bath & Tennis 815,335 35.20
2,316,540 100.00
Operating Expenses
Golf Club $1,168,548 40.56%
Bath & Tennis Club 1,422,153 49.36
Depreciation 290,496 10.08
8 100.00
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OTHER INFORMATION
' Statutes require an annual audit to be performed on 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 year
ended December 31, 1995.
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 satisfy both
generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. The Village has
successfully obtained the Certificate of Achievement for 19 consecutive years. We
believe that 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.
Darrell J. L glois
' Finance Officer/Treasurer
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Certificate of
1 Achievement
for Excellence
in Financial
1
Reporting
' Presented to
Village of Oak Brook,
Illinois
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
' December 31, 1995
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
' reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
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FINANCIAL SECTION
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' INDEPENDENT AUDITORS' REPORT
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FRI EDMAN EISENS'I'EIN 401 North Michigan Avenue
1 FERS RAl,,MER AND SCHWAR'1'Z, LLP I Chicago, Illinois 60611.4240 312.644.6000 rAx 312.644.4423
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INDEPENDENT AUDITORS' REPORT
March 21, 1997
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' The Honorable Village President
Members of the Board of Trustees
Village of Oak Brook, Illinois
We have audited the general purpose financial statements and the combining, individual fund and
' account group financial statements of the Village of Oak Brook, Illinois, as of and for the year
ended December 31, 1996, as listed in the accompanying table of contents. These financial
1 statements are the responsibility of the Village of Oak Brook, Illinois' management. Our
responsibility is to express an opinion on these financial statements based on our audit.
' We conducted our audit in accordance with generally accepted auditing standards. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the general purpose financial statements referred to above present fairly, in all
' material respects, the financial position of the Village of Oak Brook, Illinois, as of December 31,
1996, and the results of its operations and cash flows of its proprietary fund types for the year then
ended in conformity with generally accepted accounting principles. Also, in our opinion, the
combining, individual fund and account group financial statements referred to above present fairly,
in all material respects, the financial position of each of the individual funds and account groups of
' the Village of Oak Brook, Illinois, as of December 31, 1996, and the results of operations of such
funds and cash flows of individual proprietary funds for the year then ended in conformity with
generally accepted accounting principles.
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BUSINESS AND PERSONALL CONSIJL'I'AN'l'S/C:ER"I'I1,IED PUBLIC: ACCOUN'T'ANTS
A MEMBER OF MOORES ROWLAND INTERNATIONAL
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FERS
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Our audit 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 financial information listed as supplemental and schedules in the
accompanying table of contents is presented for purposes of additional analysis and is not a required
part of the general purpose financial statements of the Village of Oak Brook, Illinois. Such
information has been subjected to the auditing procedures applied in the audit of the general
purpose, combining, individual fund and account group financial statements and, in our opinion, is
fairly stated in all material respects, in relation to the general purpose financial statements and each
of the combining, individual fund and account groups financial statements taken as a whole.
' The introductory and statistical information listed in the table of contents was not audited by us and,
accordingly, we do not express an opinion thereon.
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' GENERAL PURPOSE FINANCIAL STATEMENTS
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VILLAGE OF OAK BROOK, ILLINOIS
Combined Balance Sheet '
All Fund Types and Account Groups
December 31, 1996
r
Governmental Fund Types
Special Capital
General Revenue Project
ASSETS AND OTHER DEBITS '
Assets
Cash and Investments $ 12,512,252 929,536 2,183,418 '
Receivables (Net, Where Applicable,
of Allowances for Uncollectibles) '
Sales Taxes 3,477,728
Utility Taxes 259,817
State Income Taxes 73,766
Accounts 86,827
Allotments 15,641
Accrued Interest 73,865 3,396 18,397
Other 24,420
Due From Other Funds 694,492 198,154
Inventory 4,986
Restricted Assets
Cash and Investments
Fixed Assets (Net of Accumulated
Depreciation)
Other Assets
Water Purchase Rights
Other Debits
Amounts to be Provided for Retirement
of General Long-Term Debt
Total Assets and Other Debits 16,923,916 972,993 2,659,786
See accompanying Notes to the Financial Statements.
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' Fiduciary Account Groups
Proprietary Fund Types Fund Types General General Totals
Internal Trust and Fixed Long-Term (Memorandum
Enterprise Service Agency Assets Debt Only)
4,685,940`' 1,939,567,/ 33,256,282 55,506,995
3,477,728
259,817
J 73,766
373,480 223 460,530
15,641
32,754 17,108 334,511 480,031
38,364 62,784
892,646
101,485 l 40,554 .,/ 147,025
33,394 33,394
21,649,650 1,490,653 7,168,756 30,309,059
1,959,965 1,959,965
58,711 58,711
28,875,032 3,488,105 33,590,793 7,168,756 58,711 93,738,092
' (Cont.)
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VILLAGE OF OAK BROOK, ILLINOIS
Combined Balance Sheet
All Fund Types and Account Groups (Cont.)
December 31, 1996
Governmental Fund Types
Special Capital
General Revenue Project
LIABILITIES AND
EQUITY AND OTHER CREDITS
Liabilities
Accounts Payable $ 235,928 26,335 111,929
Accrued Payroll and Vacation 677,818
Claims Payable
Deposits Payable 345,708 16,000
Due to Other Funds 180,001 18,153
Deferred Compensation Payable
Notes Payable
Total Liabilities 1,439,455 44,488 127,929
Equity and Other Credits
Investment in General Fixed Assets
Contributed Capital
Retained Earnings '
Reserved - Golf Surcharge
Unreserved
Fund Balances
Reserved for Inventory 4,986
Reserved for Employee Retirement
Unreserved 15,479,475 928,505 2,531,857
Total Equity and Other Credits 15,484,461 928,505 2,531,857
Total Liabilities and
Equity and Other Credits 16,923,916 972,993 2,659,786
See accompanying Notes to the Financial Statements.
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Fiduciary Account Groups
Proprietary Fund Types Fund Types General General Totals
Internal Trust and Fixed Long-Term (Memorandum
Enterprise Service Agency Assets Debt Only)
288,598 19,183 8,600 690,573
80,735 5,556 58,711 822,820
r109,597 109,597
16,723 378,431
624,955 4,742 64,795 892,646
3,452,350 3,452,350
204,743 204,743
1,215,754 139,078 3,525,745 - 58,711 6,551,160
7,168,756 7,168,756
11,025,590 11,025,590
33,394 33,394
16,600,294 3,349,027 19,949,321
4,986
30,065,048 30,065,048
18,939,837
27,659,278 3,349,027 30,065,048 7,168,756 - 87,186,932
28,875,032 3,488,105 33,590,793 7,168,756 58,711 93,738,092
VILLAGE OF OAK BROOK, ILLINOIS
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances- All Governmental Fund Types
Year Ended December 31, 1996
Totals
Special Capital (Memorandum
General Revenue Project Only)
Revenues
Intergovernmental $ 11,908,908 210,257 30,594 12,149,759
Utility Taxes 1,956,984 1,956,984
Hotel/Motel Taxes 290,198 290,198
Licenses and Permits 374,617 374,617
Service Charges 423,139 423,139
Fines and Penalties 211,809 211,809 /
Interest on Investments 636,200 48,215 100,237 784,652✓
Miscellaneous 296,482 - - 296,482
Total Revenues 13,851,155 548,670 2,087,815 16,487,640
Expenditures
Current
General Government 2,596,032 2,596,032
Public Safety 6,786,918 6,786,918
Public Works 1,714,199 1,383,707 3,097,906
Culture and Recreation 524,409 202,411 726,820
Total Expenditures 11,621,558 202,411 1,383,707 13,207,676
Excess of Revenues Over Expenditures 2,229,597 346,259 704,108 3,279,964
Other Financing Sources (Uses)
Operating Transfers In 233,000 363,054 596,054
Operating Transfers (Out) (363,054) (363,054)
233,000 (363,054) 363,054 233,000
Excess of Revenues and Other
Financing Sources Over
Expenditures and Other
Financing (Uses) 2,462,597 (16,795) 1,067,162 3,512,964
Fund Balances
Beginning, as Restated 13,782,094 945,300 1,464,695 16,192,089
Residual Equity Transfers In (Out) (760,230) (760,230)
Ending 15,484,461 928,505 2,531,857 18,944,823
See accompanying Notes to the Financial Statements.
_ 7 _ i
VILLAGE OF OAK BROOK, ILLINOIS
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances- Budget and Actual '
All Governmental Fund Types
Year Ended December 31, 19%
General
Budget Actual Variances
Revenues
Intergovernmental $ 11,978,125 11,908,908 (69,217)
Utility Taxes
Hotel/Motel Taxes
Licenses and Permits 414,550 374,617 (39,933)
Service Charges 350,490 423,139 72,649
Fines and Penalties 220,000 211,809 (8,191)
Interest on Investments 483,000 636,200 153,200
Miscellaneous 328,770 296,482 (32,288)
Total Revenues 13,774,935 13,851,155 76,220 '
Expenditures
Current
General Government 3,325,720 2,596,032 729,688
Public Safety 7,087,225 6,786,918 300,307
Public Works 1,973,435 1,714,199 259,236
Culture and Recreation 554,670 524,409 30,261
Total Expenditures 12,941,050 11,621,558 1,319,492
Excess (Deficiency) of Revenues over Expenditures 833,885 2,229,597 1,395,712
Other Financing Sources (Uses)
Operating Transfers In 233,000 233,000
Operating Transfers (Out)
233,000 233,000 -
Excess (Deficiency) of Revenues and Other Financing
Sources over Expenditures and Other Financing (Uses) 1,066,885 2,462,597 1,395,712
Fund Balances
Beginning, as Restated 13,782,094
Residual Equity Transfers In (Out) (760,230)
Ending 15,484,461
See accompanying Notes to the Financial Statements.
- 8 -
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VILLAGE OF OAK BROOK, ILLINOIS
Combined Statement of Revenues, Expenses and
Changes in Fund Equity
All Proprietary and Fiduciary (Pension Trust) Fund Types
Year Ended December 31, 1996
Fiduciary
Proprietary Fund Types Fund Type Totals
Internal Pension (Memorandum
Enterprise Service Trust Only)
Operating Revenues
Charges for Services $ 5,666,794 1,489,190 7,155,984
Contributions 628,675 628,675
Interest on Investments 7.183,849 2,183,849
Miscellaneous 43,025 43,025
Total Operating Revenues 5,709,819 1,489,190 2,812,524 10,011,533
Operating Expenses
General and Administrative 115,536 115,536
Operation 5,926,441 290,263 6,216,704
Claims and Insurance 874,824 874,824
Depreciation and Amortization 721,007 214,186 935,193
Pension Benefits and Refunds 809,013 809,013
Total Operating Expenses 6,647,448 1,379,273 924,549 8,951,270
Operating Income (Loss) (937,629) 109,917 1,887,975 1,060,263
Nonoperating Revenues (Expenses)
Du Page Water Commission Rebates 507,475 507,475
Golf Surcharge 64,515 / 64,515
Interest on Investments 235,605 110,960✓ 346,565
Other Income 26,270 44,392 70,662
Interest Expense (26,181) (26,181)
Fiscal Agent Fees (135) (135)
807,549 155,352 - 962,901
Income (Loss) before Operating Transfers (130,080) 265,269 1,887,975 2,023,164
Operating Transfers (Out) (215,600) (17,400) (233,000)
Net Income (Loss) (345,680) 247,869 1,887,975 1,790,164
Fund Equity
Beginning, as Restated 16,219,138 3,101,158 28,177,073 47,497,369
Residual Equity Transfers In 760,230 760,230
Ending 16,633,688 3,349,027 30,065,048 50,047,763
See accompanying Notes to the Financial Statements.
- 10 -
VILLAGE OF OAK BROOK, ILLINOIS
Combined Statement of Cash Flows- All Proprietary Fund Types
Year Ended December 31, 1996
Totals
Internal (Memorandum
Enterprise Service Only)
Cash Flows from Operating Activities
Operating Income (Loss) $ (937,629) 109,917 (827,712)
Adjustments to Reconcile Operating Income (Loss)
to Net Cash Provided by Operating Activities
Depreciation and Amortization 721,007 214,186 935,193
Other Nonoperating Revenue 598,260 44,392 642,652
Changes to Assets and Liabilities
Current Assets 4,638 (6,690) (2,052)
Water Purchase Rights 225,615 225,615
Current Liabilities (383,146) 69,798 (313,348)
228,745 431,603 660,348
Cash Flows from Noncapital Financing Activities
Operating Transfers (Out) (215,600) (17,400) (233,000)
Residual Equity Transfers In 760,230 760,230
544,630 (17,400) 527,230
Cash Flows from Capital and Related Financing Activities
Acquisition of Capital Assets (377,713) (612,004) (989,717)
Principal Paid on Revenue Bonds (275,000) (275,000)
Interest Paid on Revenue Bonds (5,500) (5,500)
Proceeds From Notes Payable 254,090 254,090
Principal Paid on Notes Payable (355,310) (355,310)
Interest Paid on Notes Payable (20,681) (20,681)
Fiscal Agents' Fees Paid (135) (135)
(780,249) (612,004) (1,392,253)
Cash Flows from Investing Activities
Investment Purchases (790,820) (546,072) (1,336,892)
Investment Maturities 200,000 300,000 500,000
Interest Received on Investments 227,012 107,523 334,535
(363,808) (138,549) (502,357)
Net Increase (Decrease) in Cash and Cash Equivalents (370,682) (336,350) (707,032)
Cash and Cash Equivalents
Beginning 3,063,207 1,217,285 4,280,492
Ending 2,692,525 880,935 3,573,460
Cash and Investments
Cash and Cash Equivalents 2,692,525 880,935 3,573,460
Investments 2,026,809 1,058,632 3,085,441
4,719,334 1,939,567 6,658,901
See accompanying Notes to the Financial Statements. _ 11 -
VILLAGE OF OAK BROOK, ILLINOIS
Notes to the Financial Statements j
December 31, 1996
1. Summary of Significant Accounting Policies
The financial statements of the Village of Oak Brook, Illinois (Village), have been prepared in
conformity with generally accepted accounting principles (GAAP) as applied to governmental
units. The Governmental Accounting Standards Board (GASB) is the accepted standard-
setting body for establishing governmental accounting and financial reporting principles. The
more significant of the Village's accounting policies are described below.
A. Reporting Entity
The Village is a municipal corporation governed by an elected board. As required by
generally accepted accounting principles, these financial statements present the Village
(the primary government) and its component units. In evaluating how to define the
reporting entity, management has considered all potential component units. The
decision to include a potential component unit in the reporting entity was made based
upon the significance of their operational or financial relationships with the primary
government.
Blended Component Units
Police Pension Employees Retirement System
The Village's sworn police employees participate in the Police Pension Employees
Retirement System (PPERS). PPERS functions for the benefit of those employees and
is governed by a five-member pension board. Two members appointed by the
Village's President, one elected pension beneficiary and two elected police officers
constitute the pension board. The Village is obligated to fund all PPERS costs based
upon actuarial valuations. The State of Illinois is authorized to establish benefit levels
and the Village is authorized to approve the actuarial assumptions used in the
determination of contribution levels. Although it is legally separate from the Village,
the PPERS is reported as if it were part of the primary government because its sole
purpose is to provide retirement benefits for the Village's sworn police officers. The
PPERS is reported as a pension trust fund.
- 12 -
VILLAGE OF OAK BROOK, ILLINOIS
Notes to the Financial Statements
December 31, 1996
1. Summary of Significant Accounting Policies (Cont.)
A. Reporting Entity (Cont.)
Firefighters' Pension Employees Retirement System
The Village's sworn firefighters participate in the Firefighters' Pension Employees
Retirement System (FPERS). FPERS functions for the benefit of those employees and
is governed by a nine-member pension board. The Village's President, Treasurer,
Clerk, Attorney and Fire Chief, one elected pension beneficiary and three elected
firefighters constitute the pension board. The Village is obligated to fund all FPERS
costs based upon actuarial valuations. The State of Illinois is authorized to establish
benefit levels and the Village is authorized to approve the actuarial assumptions used in
the determination of contribution levels. Although it is legally separate from the
Village, the FPERS is reported as if it were part of the primary government because its
sole purpose is to provide retirement benefits for the Village's sworn firefighters. The
HERS is reported as a pension trust fund.
B. Fund Accounting
The Village uses funds and account groups to report on its financial position and the
results of its operations. Fund accounting is designed to demonstrate legal compliance
and to aid financial management by segregating transactions related to certain
government functions or activities.
A fund is a separate accounting entity with a self-balancing set of accounts. An
account group, on the other hand, is a financial reporting device designed to provide
accountability for certain assets and liabilities that are not recorded in the funds because
they do not directly affect net expendable available financial resources.
Funds are classified into the following categories: governmental, proprietary and
fiduciary. Each category, in turn, is divided into separate "fund types."
Governmental funds are used to account for substantially all of a Village's general
activities, including the collection and disbursement of earmarked monies (special
revenue funds), the acquisition or construction of general fixed assets and infrastructure
(capital projects funds), and the servicing of general long-term debt (debt service
funds). The general fund is used to account for all activities of the general government
not accounted for in some other fund.
- 13 -
VILLAGE OF OAK BROOK, ILLINOIS
Notes to the Financial Statements
December 31, 1996
1. Summary of Significant Accounting Policies (Cont.)
B. Fund Accounting (Cont.)
Proprietary funds are used to account for activities similar to those found in the private
sector, where the determination of net income is necessary or useful to sound financial
administration. Goods or services from such activities can be provided either to
outside parties (enterprise funds) or to other departments or agencies primarily within
the Village (internal service funds).
Fiduciary funds are used to account for assets held on behalf of outside parties,
including other governments, or on behalf of other funds within the Village. When
these assets are held under the terms of a formal trust agreement, a pension trust fund
is used. Agency funds generally are used to account for assets that the Village holds on
behalf of others as their agent.
C. Basis of Accounting
The accounting and financial reporting treatment applied to a fund is determined by its
measurement focus. All governmental funds are accounted for using a current
financial resources measurement focus. With this measurement focus, only current
assets and current liabilities generally are included on the balance sheet. Operating
statements of these funds present increases (i.e., revenues and other financing sources)
and decreases (i.e., expenditures and other financing uses) in net current assets.
All proprietary funds and pension trust funds are accounted for on a flow of economic
resources measurement focus. With this measurement focus, all assets and all
liabilities associated with the operation of these funds are included on the balance sheet.
Proprietary fund-type fund equity (i.e., net total assets) is segregated into contributed
capital and retained earnings components. Proprietary fund-type operating statements
present increases (i.e., revenues) and decreases (i.e., expenses) in net total assets.
The Village's proprietary funds apply all applicable Govermental Accounting Standards
Board (GASB) pronouncements as well as relevant Financial Accounting Standards
Board (FASB) pronouncements issued on or before November 30, 1989, unless those
pronouncements conflict or contradict GASB pronouncements, in which case, GASB '
prevails.
- 14 -
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rVILLAGE OF OAK BROOK, ILLINOIS
Notes to the Financial Statements
December 31, 1996
1. Summary of Significant Accounting Policies (Cont.)
C. Basis of Accounting (Cont.)
The modified accrual basis of accounting is used by all governmental fund types and
agency funds. Under the modified accrual basis of accounting, revenues are
recognized when susceptible to accrual (i.e., when they become both measurable and
available). "Measurable" means the amount of the transaction can be determined
and "available" means collectible within the current period. The Village recognizes
property taxes when they become both measurable and available in accordance with
GASB Codification Section P70. A one-year availability period is used for revenue
recognition for all other governmental fund revenues. Expenditures are recorded when
the related fund liability is incurred. Principal and interest on general long-term debt
are recorded as fund liabilities when due, or when amounts have been accumulated in
the debt service fund for payments to be made early in the following year.
Those revenues susceptible to accrual are property taxes, franchise taxes, licenses,
interest revenue, and charges for services. Sales, income, and motor fuel taxes
collected and held by the state at year end on behalf of the Village also are recognized
as revenue. Fines and permits revenues are not susceptible to accrual because
generally they are not measurable until received in cash.
The accrual basis of accounting is utilized by proprietary fund types and pension trust
funds. Under this method, revenues are recorded when earned and expenses are
recorded at the time liabilities are incurred.
D. Budgets
Budgets are adopted on a basis consistent with generally accepted accounting
principles. Budgets are adopted for the General, Special Revenue, Debt Service,
Capital Projects, Enterprise, Internal Service and Pension Trust funds. All annual
budgetary appropriations lapse at fiscal year end.
Encumbrances represent commitments related to unperformed contracts for goods or
services. Encumbrance accounting--under which purchase orders, contracts and other
commitments for the expenditure of resources are recorded to reserve that portion of
the applicable appropriation--is utilized in the governmental funds. Material
encumbrances outstanding at year end, if any, are reported as reservations of fund
balances and do not constitute expenditures or liabilities because the commitments will
be honored during the subsequent year.
- 15 -
VILLAGE OF OAK BROOK, ILLINOIS
Notes to the Financial Statements
December 31, 1996
1. Summary of Significant Accounting Policies (Cont.)
E. Cash and Investments
Cash and Cash Equivalents
For purposes of the statement of cash flows, the Village's proprietary fund types
consider all highly liquid investments with an original maturity of three months or less
when purchased to be cash equivalents.
Investments
Investments are stated at cost or amortized cost, subject to adjustment for market
declines judged to be other than temporary (lower of cost or market), except for
investments in the deferred compensation agency fund and insurance contracts in the
pension trust funds which are reported at market value.
F. Short-term Interfund Receivables/Payables
Duringthe course of operations, numerous transactions occur between individual funds
P
for goods provided or services rendered. These receivables and payables are classified
as "due from other funds" or "due to other funds" on the balance sheet. Short-term
interfund loans, if any, are classified as "interfund receivables/payables."
G. Advances to Other Funds r
Noncurrent portions of long-term interfund loan receivables, if any, are reported as
advances and are offset equally by a fund balance reserve account which indicates that
they do not constitute expendable available financial resources and therefore are not
available for appropriation.
H. Inventory
Inventory is valued at cost (first-in, first-out) which approximates market. Inventory in
the General Fund and Garage Fund consists of expendable supplies held for
consumption; inventory in the Sports Core Fund consists of inventory held in the pro
shop for resale. The cost is recorded as an expenditure at the time individual inventory
items are utilized or sold. Reported General Fund inventories are equally offset by a
fund balance reserve which indicates that they do not constitute "available spending r
resources even though they are a component of net current assets.
- 16 -
VILLAGE OF OAK BROOK, ILLINOIS
Notes to the Financial Statements
December 31, 1996
1. Summary of Significant Accounting Policies (Cont.)
I. Fixed Assets
General fixed assets are not capitalized in the funds used to acquire or construct them.
Instead, capital acquisition and construction are reflected as expenditures in
governmental funds, and the related assets are reported in the general fixed assets
account group. All purchased fixed assets are valued at cost where historical records
are available and at estimated historical cost where no historical records exist. Donated
fixed assets are valued at their estimated fair market value on the date received.
The costs of normal maintenance and repairs that do not add to the value of the asset or
materially extend asset lives are not capitalized. Improvements are capitalized and
depreciated over the remaining useful lives of the related fixed assets, as applicable.
Public domain ("infrastructure") general fixed assets consisting of roads, bridges, curbs
and gutters, streets and sidewalks, drainage systems and lighting systems are not
capitalized, as these assets are immovable and of value only to the Village.
Assets in the general fixed assets account group are not depreciated. Depreciation of
buildings, equipment, water systems, and vehicles in the proprietary fund types is
computed using the straight-line method.
Interest is capitalized on proprietary fund assets acquired with tax-exempt debt. The
amount of interest to be capitalized, if any, is calculated by offsetting interest expense
incurred from the date of the borrowing until completion of the project with interest
earned on invested proceeds over the same period.
J. Restricted Assets
Certainroceeds of enterprise fund revenue bonds, as well as certain resources set
P rP
aside for their repayment, are classified as restricted assets on the balance sheet
because their use is limited by applicable bond covenants.
r
- 17 -
VILLAGE OF OAK BROOK, ILLINOIS
Notes to the Financial Statements
December 31, 1996
1. Summary of Significant Accounting Policies (Cont.)
K Intangibler h
Assets - Water Purchase ase Rtghts
The Village is a customer of the Du Page Water Commission, and has executed a Water
Supply Contract with the Commission for a term ending in 2024. The Contract
provides that the government pay its proportionate share of "fixed costs" (debt service
and capital costs) to the Commission, such obligation being unconditional and
irrevocable whether or not water is ever delivered. These costs were capitalized until
the Commission began to deliver water, and are amortized, using the straight-line
method over the remaining term of the contract, and expensed along with the other
"operation and maintenance" charges from the Commission.
L. Compensated Absences
Vested or accumulated vacation leave that is expected to be liquidated with expendable
available financial resources is reported as an expenditure and a fund liability of the
governmental fund that will pay it. Amounts of vested or accumulated vacation leave
that are not expected to be liquidated with expendable available financial resources are
reported in the general long-term debt account group. No expenditure is reported for
these amounts. Vested or accumulated vacation leave of proprietary funds is recorded
as an expense and liability of those funds as the benefits accrue to employees.
In accordance with the provisions of GASB Statement No. 16, Accounting for
Compensated Absences, no liability is recorded for nonvesting accumulating rights to
receive sick pay benefits. However, a liability is recognized for that portion of
accumulating sick leave benefits that it is estimated will be taken as termination benefit
at retirement.
M. Long-Term Obligations
Long-term debt is recognized as a liability of a governmental fund when due, or when
resources have been accumulated in the debt service fund for payment early in the
following year. For other long-term obligations, only that portion expected to be
financed from expendable available financial resources is reported as a fund liability of
a governmental fund. The remaining portion of such obligations is reported in the ,
general long-term debt account group. Long-term liabilities expected to be financed
from proprietary fund operations are accounted for in those funds.
- 18 -
VELLAGE OF OAK BROOK, ELLINOIS
' Notes to the Financial Statements
December 31, 1996
1. Summary of Significant Accounting Policies (Cont.)
N. Fund Equity
Contributed capital is recorded in proprietary funds that have received capital grants or
contributions from developers, customers, or other funds. Reserves represent those
portions of fund equity not appropriable for expenditure or legally segregated for a
specific future use. Retained Earnings - Reserved - Restricted Accounts represents
amounts required to be segregated by bond ordinance provisions. Designated fund
balances, if any, represent tentative plans for future use of financial resources.
O. Bond Discounts/Issuance Costs
In governmental fund types, bond discounts and issuance costs are recognized in the
current period. Bond discounts and issuance costs for proprietary fund types are
deferred and amortized over the term of the bonds using the bonds-outstanding method,
which approximates the effective interest method. Bond discounts are presented as a
reduction of the face amount of bonds payable whereas issuance costs are recorded as
deferred charges.
P. Interfund Transactions
' Quasi-external transactions are accounted for as revenues, expenditures, or expenses.
Transactions that constitute reimbursements to a fund for expenditures/expenses
initially made from it that are properly applicable to another fund, are recorded as
expenditures/ expenses in the reimbursing fund and as reductions of expenditures/
expenses in the fund that is reimbursed.
All other interfund transactions, except
t quasi-external transactions and reimbursements
are reported as transfers. Nonrecurring or nonroutine permanent transfers of equity
are reported as residual equity transfers. All other interfund transfers are reported as
operating transfers.
Q. Memorandum Only - Total Columns
' Total columns on the general purpose financial statements are captioned "memorandum
only" to indicate that they are presented only to facilitate financial analysis. Data in
these columns do not present financial position, results of operations, or cash flows in
conformity with generally accepted accounting principles. Neither are such data
comparable to a consolidation. Interfund eliminations have not been made in the
aggregation of this data.
- 19 -
VILLAGE OF OAK BROOK, ILLINOIS
Notes to the Financial Statements
December 31, 1996
2. Legal Compliance and Accountability
A. Budgets
The Village Manager submits to the Board of Trustees the proposed operating budget
for the fiscal year. The Village Manager's budget includes proposed expenditures and
the means of financing them.
Public Hearings are conducted to obtain citizen comments on the Village Manager's
proposed budget.
The budget is legally enacted through passage of an ordinance.
The Village Manager and Budget Officer are authorized to transfer budgeted amounts
between line items within any program; however, any revisions that alter the total
expenditures of a program of any fund must be approved by the Board of Trustees.
During the year, supplementary appropriations were made.
Expenditures may not legally exceed budgeted appropriations at the fund level as
established by State Statute.
B. Deficit Fund Balances/Retained Earnings of Individual Funds ,
The following fund had a deficit in fund balance/retained earnings as of the date of this
report:
Fund Deficit Balance
Enterprise - Sports Core $705,699
This deficit is due primarily to depreciation expense. The deficit is expected to be
eliminated in the course of future operations of the Sports Core.
C. Excess of Actual Expenditures/Expenses over Bud ct in Individual Fund or Activity
No fund or activity had an excess of actual expenditures/expenses (exclusive of ,
depreciation and amortization) over budget for the fiscal year.
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- 20 -
iVILLAGE OF OAK BROOK, ELLWOIS
Notes to the Financial Statements
December 31, 1996
3. Deposits and Investments
The Village maintains separate cash accounts for each fund and an investment pool that is
available for use by all funds, except the pension trust funds. Each fund type's cash accounts
and their portion of this investment pool are displayed on the combined balance sheet as "cash
and investments." The deposits and investments of the pension trust funds are held separately
from those of other funds.
Permitted Deposits and Investments - Statutes authorize the Village to make de osits/invest in
P g P
commercial banks, savings and loan institutions, obligations of the U.S. Treasury and U.S.
Agencies, obligations of States and their political subdivisions, credit union shares, repurchase
agreements, commercial paper rated within the three highest classifications by at least two
standard rating services, and the Illinois Public Treasurer's Investment Pool. Pension funds
may also invest in certain non-U.S. obligations, mortgages, veteran's loans, and life insurance
company contracts.
A. Deposits
At year-end the carrying amount of the Village's deposits totaled $1,371,571, and the
bank balances totaled $1,750,888.
Bank
Balances
Category 1
Deposits covered by Federal depository insurance, or by collateral
held by the government, or its agent, in the government's name. $ 1,750,888
' Category 2
Deposits covered by collateral held by the pledging financial
institution's trust department, or by its agent, in the government's
name. -
Category 3
Deposits covered by collateral held by the pledging financial
institution, or its trust department, or its agent but not in the
government's name, and deposits which are uninsured and
uncollateralized. -
Total Deposits 1,750,888
rFor pension trust funds the types of deposits authorized and the mix of credit risk
categories do not differ significantly from the other funds of the Village.
- 21 -
VILLAGE OF OAK BROOK, ILLINOIS
Notes to the Financial Statements
December 31, 1996
3. Deposits and Investments (Cont.)
B. Investments
The Village's investments are categorized to give an indication of the level of risk
assumed by the entity at year-end. Category 1 includes investments that are insured or
registered or for which the securities are held by the Village or its agent in the
Village's name. Category 2 includes uninsured and unregistered investments for which
the securities are held by the counterparty's trust department or agent in the Village's
name. Category 3 includes uninsured and unregistered investments for which the
securities are held by the counterparty, or by its trust department or agent but not in
the Village's name, and uninsured, unregistered and uncollateralized investments.
Carrying Amount
Category Market
1 2 3 Totals Value
U.S. Government
Securities $ 17,209,301 11,718,542 28,927,843 29,398,218
G.N.M.A.'s 1,743,465 1,743,465 1,845,062
U.S. Goverment
Agencies 3,405,790 3,405,790 3,378,979
22,358,556 - 11,718,542 34,077,098 34,622,259
*Deferred Compensation Plan Assets 3,452,350 3,452,350
*Illinois Public Treasurer's Investment Pool 12,847,927 12,847,927
*Insurance Contracts 3,791,443 3,791,443 ,
Total Investments 54,168,818 54,713,979
* (Not subject to risk categorization)
The pension trust funds own 60 percent of the investments in Category 1 and 100
percent of the investments in Category 3.
- 22 -
VILLAGE OF OAK BROOK, ILLINOIS
Notes to the Financial Statements
December 31, 1996
4. Fixed Assets
A. General Fixed Assets Account Group
The following is a summary of changes in the general fixed assets account group
during the fiscal year:
January 1 Balances
As Restated Additions Retirements December 31
Land $ 616,829 616,829
Buildings and Improvements 3,910,085 315,368 4,225,453
Other Equipment 1,005,579 202,502 14,510 1,193,571
Computer Equipment 319,968 121,051 441,019
Library Books 635,378 56,506 691,884
Totals 6,487,839 695,427 14,510 7,168,756
B. Proprietary Fixed Assets
The following is a summary of proprietary fund-type fixed assets as of the date of this
report:
Enterprise
' Waterworks Sports
System Core
Land and Improvements $ 215,800 10,139,963
Buildings and Improvements 959,151 2,859,020
Equipment 606,393 836,576
Waterworks System 14,687,493
Total 16,468,837 13,835,559
Less: Accumulated Depreciation 5,885,883 2,768,863
10,582,954 11,066,696
- 23 -
VILLAGE OF OAK BROOK, ILLINOIS
Notes to the Financial Statements
December 31, 1996
4. Fixed Assets (Cont.)
B. Proprietary Fixed Assets (Cont.)
Internal Service
Capital
Garage Replacement
Automotive Equipment $ 2,886,510
Equipment 112,602
Total 112,602 2,886,510
Less: Accumulated Depreciation 59,059 1,449,400
53,543 1,437,110
In proprietary funds, the following estimated useful lives are used to compute
depreciation:
Automotive Equipment 2-20 years
Buildings and Improvements 40 years
Equipment 5-10 years
Waterworks System 10-40 years
C. Construction Contracts
The Village has entered into contracts for the construction or renovation of various '
facilities as follows:
Required
Project Expended Further
Authorization To Date Commitment Financing
1996 Paving Project $621,764 $576,688 $45,076 None
- 24 -
r
VII.LAGE OF OAK BROOK, ILLINOIS
Notes to the Financial Statements
December 31, 1996
5. Risk Management
rA. Self-Insurance Program
The Village is exposed to various risks of loss related to Village employees, their
dependents, and retirees for medical and dental claims. These risks are provided for
through a limited self-insurance program. The Village is self-insured for the first
$25,000 per individual for medical claims up to a maximum limit of $669,145 for all
individuals. Commercial insurance is carried for amounts in excess of the self-insured
amounts. The Village is entirely self-insured for dental claims up to the annual benefit
limit of $1,000 per individual. The Village's self-insurance activities are reported in
the Self-Insurance - Internal Service Fund. There have been no significant changes in
coverage from the prior year and settlements have not exceeded coverage in any of the
prior three years.
Premiums are paid into the Self-Insurance Fund by the departments of the General
Fund and other funds based upon equivalent premium estimates. Liabilities are
reported when it is probable that a loss has occurred and the amount of the loss can be
reasonably estimated. Reported liabilities are estimated based on historical cost
information and include an amount for claims that have been incurred but not reported.
The total claim liability at year-end was $109,597.
rA reconciliation of medical and dental claims liability for the current year and that of
the preceding year is as follows:
r1996 1995
Unpaid Claims Liability - Beginning of Year $ 55,632 $ 55,455
Claims Incurred - Current Year 590,934 448,533
Claims Paid - Current Year (536,969) (448,356)
Unpaid Claims Liability - End of Year 109,597 55,632
' B. Intergovernmental Risk Management Agency (IRMA)
The Village participates in the Intergovernmental Risk Management Agency (IRMA).
IRMA is an insurance pool whose members are Illinois municipalities. IRMA manages
and funds first party property losses, third party liability claims, workers'
compensation claims and public officials liability claims of its member municipalities.
The Village's payments to IRMA are displayed on the financial statements as
expenditures/expenses in appropriate funds.
- 25 -
r
VILLAGE OF OAK BROOK, ILLINOIS
Notes to the Financial Statements
December 31, 1996
r
5. Risk Management (Cont.)
B. Intergovernmental Risk Management Agency (IRMA) (Cont.) r
Each member assumes the first $1,000 of each occurrence, and IRMA has self-
insurance retentions at various amounts above that level. There have been no
significant changes from the prior year and settlements have not exceeded coverage in
any of the prior three years.
Management consists of a Board of Directors comprised of one appointed
representative from each member. In addition, there are two officers, a Risk Manager
and a Treasurer. The Village does not exercise any control over the activities of the
Agency beyond its representation on the Board of Directors.
Initial contributions are determined in advance of each membership year based on the
individual member's eligible revenue as defined in the by-laws of IRMA and
assessment factors based on past member experience and the funding need for the
membership year. The Board of Directors may require that supplemental contributions
be made by members to ensure adequate funds are available to meet the obligations
applicable to the membership year. Members have a contractual obligation to fund any
deficit of IRMA attributable to a membership year during which they were a member.
The estimated liability for supplemental contributions is not material.
6. Lease Obligations
No material capital or operating leases were in effect as of the date of this report. r
r
r
- 26 -
VILLAGE OF OAK BROOK, ILLINOIS
Notes to the Financial Statements
December 31, 1996
7. Long-Term Debt
A. Revenue Bonds
The Village has issued bonds where the Village pledges income derived from the
acquired or constructed assets to pay debt service. Revenue bond activity for 1996 is
as follows:
Fund Debt Balances Balances
Issue Retired By January 1 Issuances Retirements December 31
1973 Waterworks Revenue
Bonds due in annual install-
ments of$50,000 to$275,000
through May 1, 1996 plus Waterworks - -
interest at 4% to 6% System $275,000 $275,000
B. Notes Payable
The Village has issued notes payable to provide funds for the acquisition of capital
assets for proprietary activities. These proprietary liabilities therefore are reported in
the proprietary funds. Notes payable currently outstanding are as follows:
fFund Debt Balances Balances
Issue Retired By January 1 Issuances Retirements December 31
1989 Sports Core Equipment
Refunding Note due in monthly pay- y
ments of$6,802 through May 12, 1997 185,28
including interest at 6.85%, secured Sports
by various Sports Core equipment Core 110,102 78,920 115,284 33,738
1993 Sports Core Tennis Dome
Refunding Note due in monthly
payments of$2,806 through
October 28, 1997(at which time
the remainder due)including interest Sports
at 4.81%,unsecured Core 195,861 175,170 200,026 171,005
305,963 254,090 355,310 204,743
- 27 -
VILLAGE OF OAK BROOK, ILLINOIS
Notes to the Financial Statements
December 31, 1996
7. Long-Term Debt (Cont.)
C. Debt Service Requirements to Maturity
Annual debt service requirements to maturity are as follows:
Notes Payable
1989 Sports 1993 Sports
Fiscal Year Core Core Tennis
Ending Equipment Dome
December 31 Refunding Refunding Total
Total Principal
and Interest-1997 $ 34,010 179,615 213,625
Interest Portion $ 272 8,610 8,882
D. Changes in Long-Term Liabilities
During the fiscal year the following changes occurred in liabilities reported in the
general long-term debt account group:
Balances Balances
January I Additions Retirements December 31
Accrued Vacation $ 71,856 13,145 58,711
E. Legal Debt Margin
Assessed Valuation - 1994 $905,788,216
Legal Debt Limit - 8.625% of Assessed Valuation $78,124,234
Amount of Debt Applicable to Debt Limit -
Legal Debt Margin $78,124,234
- 28 -
VILLAGE OF OAK BROOK, ILLINOIS
Notes to the Financial Statements
December 31, 1996
7. Long-Term Debt (Cont.)
E. Legal Debt Margin (Cont.)
iChapter 24, Section 8-5-1 of the Illinois Revised Statutes provides, "...no municipality
having a population of less than 500,000 shall become indebted in any manner or for
any purpose, to an amount, including existing indebtedness in the aggregate exceeding
8.625% on the value of the taxable property therein, to be ascertained by the last
assessment for state and county purposes, previous to the incurring of the indebtedness
' or, until January 1, 1983, if greater, the sum that is produced by multiplying the
municipality's 1978 equalized assessed valuation by the debt limitation percentage in
effect on January 1, 1979."
F. Revenue Bond Ordinance Disclosures
The ordinance authorizing the issuance of the 1973 Waterworks Revenue Bonds
provided for the creation of separate accounts into which there shall be credited as of
the first day of each month all revenues of the system in accordance with the following
priority:
Operation and Maintenance Account - an amount sufficient to cover the estimated
operating and maintenance expense of the waterworks system for the current month.
Bond and Interest Account - an amount at least equal to the sum of one-fifth of the
interest becoming due on the next interest payment date, and one-tenth of the aggregate
yearly amount of principal due on the next principal maturity date.
Bond Reserve Account - an amount of $3,000 each month until all bonds have been
paid or provision made for their payment. Funds accumulated shall be used for the
' payment of bond principal and interest, should the amount available in the bond
principal and interest account be insufficient to meet the payments when due.
Depreciation Improvement and Extension Account - an amount of $4,000 each month
until such account aggregate the sum of $400,000. Funds accumulated shall be used to
provide an adequate allowance for depreciation, for improvement and extension of the
system and for extraordinary maintenance and repairs.
As of December 31, 1996 all revenue bonds have been retired.
' - 29 -
VELLAGE OF OAK BROOK, ELLINOIS
Notes to the Financial Statements
December 31, 1996
7. Long-Term Debt (Cont.)
F. Revenue Bond Ordinance Disclosures (Cont.)
Supplemental information required under bond ordinance provisions, not subject to
audit:
Number of Water Customers 5280
Quantity of Water Pumped - Gallons (in Thousands) 1,339,000
8. Interfund Assets/Liabilities ,
A. Due From/To Other Funds
Payable Fund Receivable Fund Amount
Sports Core General $ 624,955
Garage General 4,742
Firefighters' Pension General 64,795
General Infrastructure 180,001
Motor Fuel Tax Infrastructure 18,153 '
892,646
9. Commitments - DuPage Water Commission ,
The government is a customer of the DuPage Water Commission, and has executed a Water
Supply Contract with the Commission for a term ending in 2024. The Contract provides that
the government pay its proportionate share of "fixed costs" (debt service and capital costs) to
the Commission, such obligation being unconditional and irrevocable whether or not water is
ever delivered. These costs are expensed along with the other "operation and maintenance"
charges from the Commission.
- 30 -
'
VILLAGE OF OAK BROOK, ILLINOIS
Notes to the Financial Statements
December 31, 1996
9. Commitments - DuPage Water Commission (Cont.)
Fiscal Year
' Ending
December 31 Amount
1997 $852,400
1998 852,400
1999 852,400
'I 2000 852,400
2001 852,400
These amounts have been calculated using the Village's current allocation percentage. In
future years, this allocation percentage will be subject to change. Estimates for the remaining
years of the contract are not currently available. However, the Village does not expect the
minimum amounts for the remaining years of the contract to materially vary from the amounts
presented above.
' 10. Segment Information - Enterprise Funds
' The Village maintains the following enterprise funds which are intended to be self-supporting
through user fees charged for services to the public. Financial segment information as of the
date of this report and for the fiscal year is as follows:
- 31 -
VILLAGE OF OAK BROOK, ILLINOIS
Notes to the Financial Statements
December 31, 1996
10. Segment Information - Enterprise Funds (Cont.)
Waterworks Sports
System Core Totals ,
Operating Revenues $3,393,279 2,316,540 5,709,819
Depreciation and Amortization Expense 430,511 290,496 721,007
Operating Income(Loss) (372,972) (564,657) (937,629)
Operating Grants, Entitlements,and Shared
Revenues - - -
Operating Transfers In - - -
Operating Transfers(Out) (215,600) - (215,600)
Tax Revenues - - -
Net Income(Loss) 147,655 (493,335) (345,680)
Current Capital Contributions - - -
Current Capital Transfers - - -
Plant,Property,and Equipment
Additions 251,118 126,595 377,713
Deletions - - -
Total Assets 17,621,809 11,253,223 28,875,032
Net Working Capital 4,796,468 (780,199) 4,016,269
Bonds and Other Long-Term Liabilities
Payable from Operating Revenues - - -
Payable from Other Sources - - -
Total Equity 17,339,387 10,319,891 27,659,278
- 32 -
VILLAGE OF OAK BROOK, ILLINOIS
Notes to the Financial Statements
December 31, 1996
11. Contributed Capital
During the fiscal year contributed capital increased/decreased by the following amounts:
Sports
Core
Increases $ -
Decreases -
Net Increase -
Contributed Capital
January 1 11,025,590
December 31 11,025,590
12. Fund Equity - Restatements
' In 1996, the Village changed the reporting of the Capital Replacement Fund from a Capital
Projects Fund to an Internal Service Fund. The effect of this change is to increase net fixed
assets and retained earnings by $1,040,401.
In 1996, the Village capitalized payments made in the Waterworks System Fund in a previous
' year to the DuPage Water Commission. The effect of this change is to increase water
purchase rights and increase retained earnings by $752,682.
In 1996, the Village capitalized assets acquired in a previous year by the Garage Fund. The
effect of this change is to increase net fixed assets and increase retained earnings by $52,435.
' As a result of the changes noted above, the Investment in General Fixed Assets in the General
Fixed Assets Account Group was reduced by $2,357,127 from amounts previously reported.
- 33 -
VILLAGE OF OAK BROOK, ILLINOIS
Notes to the Financial Statements
December 31, 1996
13. Contingent Liabilities
A Litigation
The Village is a defendant in various lawsuits. Although the outcome of these lawsuits
is not presently determinable, in the opinion of the Village's attorney the resolution of
these matters will not have a material adverse effect on the financial condition of the
Village.
B. Grants
Amounts received or receivable from grantor agencies are subject to audit and
adjustment by grantor agencies, principally the federal government. Any disallowed
claims, including amounts already collected, may constitute a liability of the applicable
funds. The amount, if any, of expenditures which may be disallowed by the grantor
cannot be determined at this time although the Village expects such amounts, if any, to
be immaterial.
C. DuPage Water Commission
The Village's agreement with the DuPage Water Commission provides that each
member is liable for its proportionate share of any cost arising from defaults in '
payment obligations by other members.
14. Deferred Compensation Plan '
The Village offers its employees a deferred compensation plan created in accordance with '
Internal Revenue Code Section 457. The plan, available to all Village employees, permits
them to defer a portion of their salary until future years. Participation in the plan is optional.
The deferred compensation is not available to employees until termination, retirement, death
or unforeseeable emergency. All amounts of compensation deferred under the plan, all
property and rights purchased with those amounts, and all income attributable to those
amounts, property, or rights are (until paid or made available to the employee or other '
beneficiary) solely the property and rights of the Village subject only to the claims of the
Village's general creditors. Participants' rights under the plan are equal to those of general
creditors of the Village in an amount equal to the fair market value of the deferred account for
each participant.
The Village has no liability for losses under the plan but does have the duty of due care that ,
would be required of an ordinary prudent investor. The Village believes that it is unlikely that
it will use the assets to satisfy the claims of general creditors in the future. ,
- 34 -
iVILLAGE OF OAK BROOK, ILLINOIS
Notes to the Financial Statements
December 31, 1996
15. Employee Retirement Systems
A. Plan Descriptions and Provisions
Illinois Municipal Retirement
The Village contributes to the Illinois Municipal Retirement Fund (IMRF), a defined
benefit agent multiple-employer public employee retirement system that acts as a
common investment and administrative agent for local governments and school districts
in Illinois. The Village's total payroll for the year ended December 31, 1995, was
$7,757,809. Of this amount, $3,104,866 in payroll earnings were reported to and
covered by the IMRF system.
All employees hired in positions that meet or exceed the prescribed annual hourly
standard must be enrolled in IMRF as participating members. Pension benefits vest
iafter eight years of service. Participating members who retire at or after age 60 with 8
years of service are entitled to an annual retirement benefit, payable monthly for life,
in an amount equal to 1 2/3% of their final rate (average of the highest 48 consecutive
months' earnings during the last 10 years) of earnings, for each year of credited service
up to 15 years, and 2% for each year thereafter. IMRF also provides death and
disability benefits. These benefit provisions and all other requirements are established
by Illinois State Statute.
Participating employees are required to contribute 4.50% of their annual salary to
IMRF. The Village is required to contribute the remaining amounts necessary to fund
the benefits of its own employees in the System, using the actuarial basis specified by
' state statute (entry age normal); for 1995 the rate was 8.65%.
Police Pension
Police sworn personnel are covered by the Police Pension Plan which is a defined
benefit single-employer pension plan. Although this is a single-employer pension plan,
' the defined benefits and employee and employer contributions levels are governed by
Illinois Compiled Statutes and may be amended only by the Illinois legislature. The
Village accounts for the plan as a pension trust fund. The Village's payroll for
employees covered by the Police Pension Plan for the year ended December 31, 1996
was $1,783,678 out of a total payroll of $8,068,960. At December 31, 1996 the
' Police Pension Plan membership consisted of:
- 35 -
VILLAGE OF OAK BROOK, ELLINOIS
Notes to the Financial Statements
December 31, 1996
15. Employee Retirement Systems (Cont.)
A. Plan Descriptions and Provisions (Cont.)
Police Pension (Cont.)
Retirees and Beneficiaries Currently Receiving Benefits and Terminated
Employees Entitled to Benefits but not yet Receiving Them 17
Current Employees 37
Total 54 ,
The following is a summary of the Police Pension Plan as provided for in Illinois State
Statutes.
The Police Pension Plan provides retirement benefits as well as death and disability
benefits. Employees attaining the age of 50 or more with 20 or more years of
creditable service are entitled to receive an annual retirement benefit of one-half of the
salary attached to the rank held on the last day of service, or for one year prior to the
last day, whichever is greater. The pension is increased by 2% of such salary for each
additional year of service over 20 years up to 30 years, and 1% of such salary for each
additional year of service over 30 years, to a maximum of 75% of such salary.
Employees with at least 8 years but less than 20 years of credited service may retire at
or after age 60 and receive a reduced benefit.
The monthly pension of a police officer who retired with 20 or more years of service
after January 1, 1977 is increased annually, following the first anniversary date of ,
retirement and be paid upon reaching the age of at least 55 years, by 3% of the original
pension and 3% annually thereafter.
Covered employees are required to contribute 9% of their
base salary to the Police
Pension Plan. If an employee leaves covered employment with less than 20 years of
service, accumulated employee contributions may be refunded without accumulated
interest. The Village is required to contribute the remaining amounts necessary to
finance the plan as actuarially determined by an enrolled actuary. By the year 2033 the
Village's contributions must accumulate to the point where the past service cost for the
Police Pension Plan is fully funded.
- 36 -
VILLAGE OF OAK BROOK, ILLINOIS
' Notes to the Financial Statements
December 31, 1996
15. Employee Retirement Systems (Cont.)
A. Plan Descriptions and Provisions (Cont.)
Firefighters' Pension
Fire sworn personnel are covered by the Firefighters' Pension Plan which is a defined
benefit single-employer pension plan. Although this is a single-employer pension plan,
the defined benefits as well as the employee and employer contributions levels are
' mandated by Illinois Compiled Statutes and may be amended only by the Illinois
legislature. The Village accounts for the plan as a pension trust fund. The Village's
payroll for employees covered by the Firefighters' Pension Plan for the year ended
December 31, 1996 was $1,601,685 out of a total payroll of$8,068,960.
At December 31, 1996 the Firefighters' Pension Plan membership consisted of:
Retirees and Beneficiaries Currently Receiving Benefits an d Terminated
ated
Employees Entitled to Benefits but not yet Receiving Them 19
Current Employees 31
' Total 50
The following is a summary of the Firefighters' Pension Plan as provided for in Illinois
State Statutes.
The Firefighters' Pension Plan provides retirement benefits as well as death and
disability benefits. Employees attaining the age of 50 or more with 20 or more years
of creditable service are entitled to receive a monthly retirement benefit of one-'calf of
the monthly salary attached to the rank held in the fire service at the date of retirement.
The monthly pension is increased by one-twelfth of 2% of such monthly salary for each
' additional month over 20 years of service through 30 years of service and one-twelfth
of 1% of such monthly service for each additional month over 30 years of service, to a
maximum of 75% of such monthly salary. Employees with at least 10 years but less
than 20 years of credited service may retire at or after age 60 and receive a reduced
retirement benefit. The monthly pension of a firefighter who retired with 20 or more
years of service after January 1, 1977 is increased annually, following the first
anniversary date of retirement and paid upon reaching at least the age 55, by 3% of the
original pension and 3% annually thereafter.
- 37 -
VELLAGE OF OAK BROOK, ELLINOIS
Notes to the Financial Statements ,
December 31, 1996
15. Employee Retirement Systems (Cont.)
A. Plan Descriptions and Provisions (Cont.)
Firefighters' Pension (Cont.)
Covered employees are required to contribute 8 1/4% of their salary to the
Firefighters' Pension Plan. If an employee leaves covered employment with less than
20 years of service, accumulated employee contributions may be refunded without
interest. The Village is required to contribute the remaining amounts necessary to
finance the plan as actuarially determined by an enrolled actuary. By the year 2033 the '
Village's contributions must accumulate to the point where the past service cost for the
Firefighters' Pension Plan is fully funded:
B. Summary of Significant Accounting Policies and Plan Asset Matters
Basis of Accounting ,
The financial statements are prepared using the accrual basis of accounting. Employee
and employer contributions are recognized as revenues in the period in which employee
services are performed.
Method Used to Value Investments
Fixed income securities are reported at amortized cost with discounts or premiums
amortized using the effective interest rate method, subject to adjustment for market
declines judged to be other than temporary (lower of cost or market). Investment
income is recognized as earned.
Gains and losses on sales and exchanges of fixed-income securities are recognized on
the transaction date. Equity securities (insurance contracts) are reported at market.
Significant Investments '
There are no investments (other than U.S. government and U.S. government-
guaranteed obligations) in any one organization that represent 5 percent or more of net
assets available for benefits.
- 38 - S
VILLAGE OF OAK BROOK, ILLINOIS
Notes to the Financial Statements
December 31, 1996
15. Employee Retirement Systems (Cont.)
B. Summary of Significant Accounting Policies and Plan Asset Matters (Cont.)
' Related Party Transactions
There are no securities of the Village or any other related parties included in plan
assets, including any loans.
C. Funding Status and Progress
' The amount shown below as the "pension benefit obligation" is a standardized
P g
disclosure measure of the present value of pension benefits, adjusted for the effects of
projected salary increases and step-rate benefits, estimated to be payable in the future
as a result of employee service to date. The measure is intended to help users assess
' the funding status of the System on a going-concern basis, assess progress made in
accumulating sufficient assets to pay benefits when due, and make comparisons among
employers. The measure is the actuarial present value of credited projected benefits
and is independent of the funding method used to determine contributions to the
System.
' Illinois Fire-
Municipal Police fighters'
Retirement Pension Pension
December 31, December 31, December 31,
Actuarial Valuation Date 1995 1996 1996
Significant Actuarial Assumptions
(a) Rate of Return on Investment 7.50% 7.25% 7.50%
of Present and Future Assets compounded compounded compounded
annually annually annually
(b) Projected Salary Increases - 4.25% 5.25% 5.50%
Attributable to Inflation compounded compounded compounded
annually annually annually
(c) Additional Projected Salary
Increases - Attributable to (Note- separate information
' Seniority/Merit .60% for (b) and (c) not available)
(d) Postretirement Benefit 3.00% 3.00% 3.00%
Increases annually compounded compounded
annually annually
- 39 -
VILLAGE OF OAK BROOK, ILLINOIS
Notes to the Financial Statements
December 31, 1996
15. Employee Retirement Systems (Cont.)
C. Funding Status and Progress (Cont.)
Illinois Fire Totals r
Municipal Police fighters' (Memorandum
Retirement Pension Pension Only)
Pension Benefit Obligation
Retirees and beneficiaries
currently receiving benefits and (Note A) '
terminated employees not yet
receiving benefits $ 889,674 6,639,715 7,067,362 14,596,751
Current employees
Accumulated employee '
contributions including
allocated investment earnings 996,961 1,457,638 1,208,299 3,662,898
Employer- financed vested 1,989,032 6,383,256 5,596,867 13,969,155 '
Employer- financed nonvested 279,983 932,807 738,965 1,951,755
Total Pension Benefit Obligation 4,155,650 15,413,416 14,611,493 34,180,559
Net assets available for benefits,at lower
of cost or market 4,026,496 15,473,180 14,591,868 34,091,544
Unfunded (Assets in Excess of) Pension '
Benefit Obligations 129,154 (59,764) 19,625 89,015
Net assets at market value 4,067,847 15,634,486 14,956,606 34,658,939
(Note A) The pension benefit obligation applicable to retirees and beneficiaries ,
currently receiving benefits is not included in the above schedule due to
the fact that this obligation was transferred from the Village to IMRF as
a w:ole when the annuity became payable.
Effects on the Pension Benefit Obligation of Current-Year Changes
Illinois Municipal Retirement
Current-year changes in the actuarial assumptions, benefit provisions and methodology
are reflected in the pension benefit obligation previously shown. This amount has been
calculated by the System's actuary using the measure previously described. The dollar
effect of these changes on the pension benefit obligation was not economically
determinable on an individual employer basis by IMRF.
- 40 - '
VILLAGE OF OAK BROOK, ILLINOIS
' Notes to the Financial Statements
December 31, 1996
15. Employee Retirement Systems (Cont.)
D. Contributions Required and Contributions Made
' Illinois Municipal Retirement
The Systems' funding policy provides for actuarially determined periodic contributions
at rates that, for individual employees, accumulate assets gradually over time so that
sufficient assets will be available to pay benefits when due. The rate for the Village's
' employee group as a whole has tended to remain level as a percentage of annual
covered payroll. The contributions rate for normal cost is determined using the entry
age normal actuarial funding method.
Police Pension and Firefighters' Pension
g
' The Systems' funding policy provides for actuarially determined periodic contributions
at rates that, for individual employees, increase gradually over time so that sufficient
' assets will be available to pay benefits when due. The rate for the Village's employee
group as a whole has tended to remain level as a percentage of annual covered payroll.
The contribution rate for normal cost is determined using the entry age normal
' actuarial funding method. The Systems also use the level dollar amount method to
amortize the unfunded liability over a 40 year period.
' The significant actuarial assumptions used to compute the actuarially determined
contribution requirements are the same as those used to compute the pension benefit
obligation as described in C. above.
Effects on the Contribution Requirements of Current-Year Changes
' Illinois Municipal Retirement
The new actuarial assumptions adopted in the 1990-1992 experience study will be
' incorporated into the 1996 contribution rates. The dollar effect of these changes was
not economically determinable on an individual employer basis by IMRF.
1
- 41 -
VELLAGE OF OAK BROOK, ILLINOIS
Notes to the Financial Statements ,
December 31, 1996
15. Employee Retirement Systems (Cont.)
D. Contributions Required and Contributions Made (Cont.)
Illinois *Fire Totals
Municipal *Police fighters (Memorandum ,
Retirement Pension Pension Only)
Actuarial Valuation Date December 31, December 31, December 31,
1994 1995 1995
Actuarially Determined
Contribution Requirement
As a dollar amount '
Employer
Normal cost $ 224,171 245,514 109,937 579,622
Amortization of unfunded
actuarial accrued
liability 16,456 16,456
Death and disability cost 8,694 8,694
Supplemental retirement cost 19,250 19,250
268,571 245,514 109,937 624,022
Employee-Normal Cost 139,719 173,021 139,162 451,902
408,290 418,535 249,099 1,075,924 '
As a 96 of current covered
payroll
Employer
Normal cost 7.22 % 12.77 6.52 7.47
Amortization of unfunded
actuarial accrued '
liability 0.53 0.21
Death and disability cost 0.28 0.11
Supplemental retirement cost 0.62 0.25
8.65 12.77 6.52 8.04 ,
Employee-Normal Cost 4.50 9.00 8.25 5.83
13.15 21.77 14.77 13.87
Contribution Made
As a dollar amount
Employer $ 268,571 229,913 106,092 604,576
Employee 139,719 160,531 132,139 432,389 '
408,290 390,444 239,231 1,036,965
As a `lo of current covered
payroll '
Employer 8.65 `j'o 12.88 6.62 7.79
Employee 4.50 9.00 8.25 5.57
13.15 21.88 14.87 13.36 '
* Actual contributions are made on a percent of payroll basis.
- 42 - '
VILLAGE OF OAK BROOK, ILLINOIS
' Notes to the Financial Statements
December 31, 1996
15. Employee Retirement Systems (Cont.)
E. Trend Information
' Trend information gives an indication of the progress made in accumulating sufficient
assets to pay benefits when due. Ten-year trend information may be found in the
supplemental section of the government's annual financial report.
*
' For Illinois * Fire Totals
Fiscal Municipal Police fighters' (Memorandum
Year Retirement Pension Pension Only)
Net assets available for
benefits as a % of the 1994 93.38 % 92.76 100.40 96.05
Pension Benefit 1995 95.16 97.95 103.73 100.12
Obligation (PBO) 1996 96.89 100.39 99.87 99.73
Unfunded(assets in excess
' of)PBO as a % of annual
covered payroll(express-
ing the unfunded pension
benefit obligation as a %
of annual covered pay-
roll approximately adjusts
for the effects of 1994 8.00 % 56.79 (3.27) 20.38
' inflation for analysis 1995 5.59 16.07 (31.19) (0.61)
purposes) 1996 4.16 (3.35) 1.23 1.37
Employer contributions
as a % of annual 1994 9.36 % 15.94 17.97 13.72
covered payroll 1995 9.17 16.12 17.92 13.53
' 1996 8.65 12.88 6.62 7.79
Required 1994 $ 222,283 279,126 264,159 765,568
1995 248,193 312,981 294,585 855,759
' 1996 268,571 245,514 109,937 624,022
Made 1994 $ 222,283 284,793 271,141 778,217
1995 248,193 304,088 282,848 835,129
1996 268,571 229,913 106,092 604,576
' * Actual contributions are made on a percent of payroll basis.
- 43 -
� 1 GOVERNMENTAL FUND TYPES
1
1
1
1
1
GENERAL FUND
1
General Fund - to account for resources traditionally associated with
governments which are not required to be accounted for in another fund.
t
VILLAGE OF OAK BROOK, ILLINOIS
General Fund
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual
Year Ended December 31, 1996
Variance
Favorable
Budget Actual (Unfavorable)
Revenues
Intergovernmental $ 11,978,125 11,908,908 (69,217)
Licenses and Permits 414,550 374,617 (39,933)
Service Charges 350,490 423,139 72,649
Fines and Penalties 220,000 211,809 (8,191)
Interest on Investments 483,000 636,200 153,200
Miscellaneous 328,770 296,482 (32,288)
Total Revenues 13,774,935 13,851,155 76,220
Expenditures
General Government 3,325,720 2,596,032 729,688
Public Safety 7,087,225 6,786,918 300,307
Public Works 1,973,435 1,714,199 259,236
Culture and Recreation 554,670 524,409 30,261
Total Expenditures 12,941,050 11,621,558 1,319,492
Excess of Revenues over Expenditures 833,885 2,229,597 1,395,712
Other Financing Sources (Uses)
Operating Transfers In 233,000 233,000
Operating Transfers (Out)
233,000 233,000 -
Excess (Deficiency) of Revenues and Other
Financing Sources over Expenditures
and Other Financing(Uses) 1,066,885 2,462,597 1,395,712
Fund Balance
Beginning 13,782,094
Residual Equity Transfer In (Out) (760,230)
' Ending 15,484,461
See accompanying Notes to the Financial Statements.
-44 -
VILLAGE OF OAK BROOK, ILLINOIS
General Fund
Schedule of Revenues -Budget and Actual
Year Ended December 31, 1996
Variance
Favorable
Budget Actual (Unfavorable)
Intergovernmental
Municipal Sales Tax $ 11,071,000 10,939,840 (131,160)
Illinois State Income Tax 735,430 804,620�/ 69,190
York Township Road and Bridge Tax 136,000 136,654 654
Foreign Fire Insurance Tax 35,695 27,794)
11,978,125 11,908,908 f (69,217)
J
Licenses and Permits 414,550 374,617 (391933)
Service Charges 350,490 423,139// 72,649
Fines and Penalties 220,000 211,809/ (8,191) '
Interest on Investments 483,000 636,200 153,200
Miscellaneous
Franchise Fees 164,600 181,192,)/ 16,592
Other 164,170 115,290 (48,880)
1,796,810 1,942,247 145,437
Total Revenues 13,774,935 13,851,155 76,220
- 45 -
VILLAGE OF OAK BROOK, ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual
Year Ended December 31, 1996
Variance
Favorable
Budget Actual (Unfavorable)
General Government
t Legislative and General Management
Board of Trustees
Personnel $ 51,640 50,052 1,588
Materials and Supplies 9,285 8,029 1,256
Operation and Contractual 34,560 23,029 11,531
95,485 81,110 14,375
Village Clerk
Personnel 68,545 67,365 1,180
Materials and Supplies 20,240 7,376 12,864
Operation and Contractual 6,860 4,936 1,924
Capital 3,000 1,940 1,060
98,645 81,617 17,028
Legal
Personnel 112,390 101,256 11,134
Materials and Supplies 4,150 4,121 29
Operation and Contractual 31,845 31,657 188
148,385 137,034 11,351
General Management
Personnel 246,480 242,533 3,947
Materials and Supplies 3,750 3,124 626
Operation and Contractual 5,770 725 5,045
256,000 246,382 9,618
- 46 -
� II
VILLAGE OF OAK BROOK, ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual (Cont.)
Year Ended December 31, 1996
Variance
Favorable
Budget Actual (Unfavorable)
General Government (Cont.)
Legislative and General Management (Cont.)
Human Resources
Personnel $ 39,040 38,567 473
Materials and Supplies 4,325 2,669 1,656
Operation and Contractual 73,700 73,662 38
117,065 114,898 2,167
Risk Management
Personnel 14,675 14,020 655
Operation and Contractual 459,645 381,324 78,321
474,320 395,344 78,976
Emergency Management
Personnel 28,035 28,035
Materials and Supplies 7,860 7,860
Operation and Contractual 7,090 7,090
42,985 42,985 -
General Services
erv' es
Personnel 39,895 34,250 5,645
Materials and Supplies 37,900 32,245 5,655
Operation and Contractual 128,100 106,612 21,488
Capital 33,000 27,015 5,985
238,895 200,122 38,773
- 47 -
VILLAGE OF OAK BROOK, ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual (Cont.)
Year Ended December 31, 1996
Variance
Favorable
Budget Actual (Unfavorable)
General Government (Cont.)
Legislative and General Management (Cont.)
Purchasing and Grants
Personnel $ 68,670 62,762 5,908
Materials and Supplies 2,650 856 1,794
Operation and Contractual 680 378 302
72,000 63,996 8,004
Information Systems
Personnel 134,990 90,748 44,242
Materials and Supplies 22,355 20,147 2,208
Operation and Contractual 106,380 74,509 31,871
Capital 514,400 128,578 385,822
778,125 313,982 464,143
Total Legislative and
General Management 2,321,905 1,677,470 644,435
Financial Services
Financial Services Management
Personnel 95,195 94,374 821
Materials and Supplies 975 385 590
Operation and Contractual 10,750 10,750
106,920 105,509 1,411
1 Accounting and Reporting
Personnel 216,515 202,012 14,503
Materials and Supplies 12,805 11,312 1,493
Operation and Contractual 12,035 12,029 6
Capital 6,000 6,000
247,355 225,353 22,002
Total Financial Services 354,275 330,862 23,413
- 48 -
VILLAGE OF OAK BROOK, ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual (Cont.)
Year Ended December 31, 1996
Variance
Favorable
Budget Actual (Unfavorable)
General Government (Cont.)
Engineering and Capital Projects
Engineering
Personnel $ 269,965 253,705 16,260
Materials and Supplies 13,460 3,751 9,709
Operation and Contractual 54,740 24,610 30,130
Capital 5,700 - 5,700
343,865 282,066 61,799
Municipal Building Improvements
Operation and Contractual 55,050 55,011 39
Capital 250,625 250,623 2
305,675 305,634 41
Total Engineering and
Capital Projects 649,540 587,700 61,840
Total General Government 3,325,720 2,596,032 729,688
Public Safety
Police Department
Police Services Management
Personnel 236,535 228,822 7,713
Materials and Supplies 14,880 14,139 741
Operation and Contractual 44,600 44,598 2
296,015 287,559 8,456
- 49 -
VILLAGE OF OAK BROOK, ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual (Cont.)
Year Ended December 31, 1996
MVariance
Favorable
Budget Actual (Unfavorable)
Public Safety (Cont.)
Police Department (Cont.)
Police Field Services
Personnel $ 2,014,315 1,963,698 50,617
Materials and Supplies 19,155 15,214 3,941
Operation and Contractual 230,520 218,652 11,868
Capital 38,300 28,875 9,425
2,302,290 2,226,439 75,851
Police General Support
Personnel 129,645 126,338 3,307
Materials and Supplies 11,240 11,237 3
Operation and Contractual 7,425 6,343 1,082
Capital 3,230 2,355 875
151,540 146,273 5,267
Police Investigations
Personnel 425,965 328,961 97,004
Materials and Supplies 9,380 8,473 907
Operation and Contractual 19,135 19,133 2
Capital 4,175 4,172 3
458,655 360,739 97,916
Police Communications
Personnel 340,025 333,359 6,666
Materials and Supplies 700 691 9
Operation and Contractual 8,530 7,061 1,469
Capital 6,000 800 5,200
355,255 341,911 13,344
- 50 -
VILLAGE OF OAK BROOK, ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual (Cont.)
Year Ended December 31, 1996
Variance
Favorable
Budget Actual (Unfavorable)
Public Safety (Cont.)
Police Department (Cont.)
Police Records
Personnel $ 140,250 136,339 3,911
Materials and Supplies 4,885 3,380 1,505
Operation and Contractual 6,020 69015 5
Capital 6,700 6,682 18
157,855 152,416 5,439
Public Relations/Crime Prevention
Personnel 62,390 60,427 1,963
Materials and Supplies 3,000 2,858 142
Operation and Contractual 600 600
Capital 22,000 22,000
87,990 85,885 2,105
Total Police Department 3,809,600 3,601,222 208,378
Fire and Code Enforcement
Fire Service Management
Personnel 140,195 131,531 8,664
Materials and Supplies 1,100 919 181
Operation and Contractual 7,925 3,857 4,068
Capital 12,500 8,724 3,776
161,720 145,031 16,689
Fire Suppression
Personnel 1,714,645 1,713,754 891
Materials and Supplies 16,055 16,050 5
Operation and Contractual 187,615 184,358 3,257
Capital 77,150 73,224 3,926
1,995,465 1,987,386 8,079
- 51 -
VILLAGE OF OAK BROOK, ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual (Cont.)
Year Ended December 31, 1996
Variance
Favorable
Budget Actual (Unfavorable)
Public Safety (Cont.)
Fire and Code Enforcement (Cont.)
Emergency Medical Services
Personnel $ 435,310 421,694 13,616
Materials and Supplies 7,400 6,555 845
Operation and Contractual 187,825 186,892 933
Capital 7,000 5,361 1,639
637,535 620,502 17,033
r
Code Enforcement
Personnel 291,850 274,451 17,399
Materials and Supplies 6,575 6,353 222
Operation and Contractual 41,960 41,957 3
Capital 1,800 1,441 359
342,185 324,202 17,983
Planning & Zoning
Personnel 107,695 107,212 483
Materials and Supplies 2,025 1,363 662
Operation and Contractual 31,000 31,000
140,720 108,575 32,145
Total Fire and
Code Enforcement 3,277,625 3,185,696 91,929
Total Public Safety 7,087,225 6,786,918 300,307
- 52 -
VILLAGE OF OAK BROOK, ILLINOIS ,
General Fund '
Schedule of Expenditures - Budget and Actual (Cont.)
Year Ended December 31, 1996
Variance
Favorable
Budget Actual (Unfavorable)
Public Works
Public Works Management
Personnel $ 200,570 200,570
Materials and Supplies 11,085 11,080 5
Operation and Contractual 7,170 6,887 283
218,825 218,537 288
Mosquito Control
Operation and Contractual 41,800 41,014 786
Building and Grounds
Personnel 90,470 57,380 33,090
Materials and Supplies 10,640 7,505 3,135
Operation and Contractual 140,230 140,230
Capital 26,500 18,970 7,530
267,840 224,085 43,755
Streets - General Salaries
Personnel 470,780 467,365 3,415
Street Maintenance
Materials and Supplies 2,850 2,848 2
Operation and Contractual 138,580 108,097 30,483
Capital 8,000 3,409 4,591
149,430 114,354 35,076
Traffic and Lighting improvements ,
Operation and Contractual 99,405 94,407 41998
- 53 -
VILLAGE OF OAK BROOK, ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual (Cont.)
Year Ended December 31, 1996
Variance
Favorable
Budget Actual (Unfavorable)
Public Works (Cont.)
Snow Removal
Personnel $ 37,165 21,762 15,403
Materials and Supplies 42,985 42,982 3
Operation and Contractual 47,875 38,375 9,500
128,025 103,119 24,906
Drainage Maintenance
Operation and Contractual 57,160 52,997 4,163
Forestry
Personnel 35,400 7,153 28,247
Materials and Supplies 150 150
Operation and Contractual 122,550 93,515 29,035
Capital 84,000 40,355 43,645
242,100 141,023 101,077
Safety Pathways
Operation and Contractual 57,540 41,863 15,677
Recycling Subsidy
Operation and Contractual 34,530 30,999 3,531
Traffic and Lighting Improvements
Capital 24,000 4,158 19,842
lorie Boulevard Project
Operation and Contractual 500 500
Capital 181,500 180,278 1,222
182,000 180,278 1,722
Total Public Works 1,973,435 1,714,199 259,236
- 54 -
VILLAGE OF OAK BROOK, ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual (Cont.)
Year Ended December 31, 1996
Variance
Favorable
Budget Actual (Unfavorable)
Culture and Recreation
Library General Salaries
Personnel $ 249,230 245,536 3,694
Library General Operations
Personnel 5,875 4,574 1,301
Materials and Supplies 16,400 11,911 4,489
Operation and Contractual 39,285 31,064 8,221
Capital 10,500 4,229 6,271
72,060 51,778 20,282
Library Technical Services
Materials and Supplies 4,525 4,302 223
Operation and Contractual 6,725 2,567 4,158
11,250 6,869 4,381
Library Reference and Adult Services
Materials and Supplies 18,500 18,469 31
Operation and Contractual 5,500 3,731 1,769
Capital 38,200 38,145 55
62,200 60,345 1,855
Library Youth Services
Materials and Supplies 540 536 4
Operation and Contractual 1,040 1,021 19
Capital 16,480 16,458 22
18,060 18,015 45
Community Events
Operation and Contractual 141,870 141,866 4
Total Culture and Recreation 554,670 524,409 30,261
Total Expenditures 12,941,050 11,621,558 1,319,492
- 55 -
SPECIAL REVENUE FUNDS
Hotel/Motel Tax Fund - to account for local hotel/motel tax receipts
restricted for promoting tourism and conventions in the Village.
Motor Fuel Tax Fund - to account for State Gasoline Tax Allocations
restricted for local roadway program expenditures.
I
VILLAGE OF OAK BROOK, ILLINOIS
Special Revenue Funds
Combining Balance Sheet
December 31, 1996
Hotel/ Motor
Motel Fuel
Tax Tax Total
ASSETS
Cash and Investments $ 345,902 583,634 929,536
Receivables
Allotments 15,641 15,641
Accrued Interest 3,396 3,396
Other - Hotel/Motel Tax 24,420 24,420
Total Assets 370,322 602,671 972,993
LIABILITIES AND FUND BALANCES
Liabilities
Accounts Payable 26,335 26,335
Due to Other Funds 18,153 18,153
Total Liabilities 26,335 18,153 44,488
Fund Balances
Unreserved 343,987 584,518 928,505
Total Liabilities and
Fund Balances 370,322 602,671 972,993
See accompanying Notes to the Financial Statements.
- 56 -
VILLAGE OF OAK BROOK, ILLINOIS
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances - Budget and Actual
Year Ended December 31, 1996
Hotel/Motel Tax
Variance
Favorable
Budget Actual (Unfavorable)
Revenues
Intergovernmental $
Hotel/Motel Taxes 261,490 290,198 28,708
Interest on Investments 7,270 12,170 4,900
Total Revenues 268,760 302,368 33,608
Expenditures
Culture and Recreation 318,090 202,411 115,679
Excess (Deficiency) of Revenues
over Expenditures (49,330) 99,957 149,287
Other Financing Sources (Uses)
Operating Transfers (Out)
Excess (Deficiency) of Revenues and Other
Financing Sources Over Expenditures and
Other Financing (Uses) (49,330) 99,957 149,287
Fund Balances
Beginning 244,030
Ending 343,987
See accompanying Notes to the Financial Statements.
- 57 -
' Motor Fuel Tax Totals
Variance Variance
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
220,000 210,257 (9,743) 220,000 210,257 (9,743)
' 261,490 290,198 28,708
17,300 36,045 18,745 24,570 48,215 23,645
' 237,300 246,302 9,002 506,060 548,670 42,610
- - - 318,090 202,411 115,679
237,300 246,302 9,002 187,970 346,259 158,289
(650,000) (363,054) 286,946 (650,000) (363,054) 286,946
(412,700) (116,752) 295,948 (462,030) (16,795) 445,235
701,270 945,300
584,518 928,505
r
- 58 -
i
t
t
CAPITAL PROJECT FUND
Infrastructure Fund - to account for revenues and expenditures relative to
the construction of paving, drainage and bike trail improvements.
L
VILLAGE OF OAK BROOK, ILLINOIS
Capital Project Fund-Infrastructure Fund
Balance Sheet
December 31, 1996
ASSETS
Cash and Investments $ 2,183,418
Receivables
Utility Taxes 259,817
Accrued Interest 18,397
Due from Other Funds 198,154
Total Assets 2,659,786
LIABILITIES AND FUND BALANCE
Liabilities
Accounts Payable 111,929
Deposits Payable 16,000
Total Liabilities 127,929
Fund Balances
Unreserved 2,531,857
Total Liabilities and Fund Balance 2,659,786
See accompanyingNotes to the Financial Statements.
- 59 -
VILLAGE OF OAK BROOK, ILLINOIS
Capital Project Fund-Infrastructure Fund
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual
Year Ended December 31, 1996
Variance
Favorable
Budget Actual (Unfavorable)
Revenues
Intergovernmental - grants $ 193,275 30,594 (162,681)
Utility Taxes 1,894,000 1,956,984 62,984
Interest on Investments 57,325 100,237 42,912
Total Revenues 2,144,600 2,087,815 (56,785)
Expenditures
Public Works 2,999,950 1,383,707 1,616,243
Excess (Deficiency) of Revenues
Over Expenditures (855,350) 704,108 1,559,458
Other Financing Sources
Operating Transfers In 650,000 363,054 (286,946)
Excess (Deficiency) of Revenues and Other
Financing Sources over Expenditures (205,350) 1,067,162 1,272,512
Fund Balance
Beginning 1,464,695
Ending 2,531,857
See accompanying Notes to the Financial Statements.
- 60 -
r
i
' PROPRIETARY FUND TYPES
■
i
1
1
ENTERPRISE FUNDS
Waterworks System Fund - to account for revenues and expenses relative
to the operation of the water utility.
Sports Core Fund - to account for revenues and expenses relative to the
operation of the Sports Core.
1
VILLAGE OF OAK BROOK, ILLINOIS t
Enterprise Funds
Combining Balance Sheet
December 31, 1996
Waterworks Sports
System Core Total
ASSETS
Current Assets
Cash and Investments $ 4,669,993 15,947 4,685,940
Receivables (Net of Allowances) ,
Accounts
Billed Water Sales 116,542 116,542
Unbilled Water Sales 256,938 256,938
Accrued Interest 32,754 32,754
Other 2,663 35,701 38,364
Inventory 101,485 101,485
5,078,890 153,133 5,232,023
Restricted Assets
Cash and Investments - 33,394 33,394
Fixed Assets
Property, Plant and Equipment 16,468,837 13,835,559 30,304,396
Accumulated Depreciation (5,885,883) (2,768,863) (8,654,746)
10,582,954 11,066,696 21,649,650
Other Assets
Water Purchase Rights 1,959,965 1,959,965
Total Assets 17,621,809 11,253,223 28,875,032
See accompanying Notes to the Financial Statements.
- 61 -
i
Waterworks Sports
System Core Total
LIABILITIES AND FUND EQUITY
Current Liabilities
Accounts Payable 250,187 38,411 288,598
Accrued Payroll and Vacation 32,235 48,500 80,735
Deposits Payable 16,723 16,723
Due to Other Funds 624,955 624,955
Notes Payable 204,743 204,743
Total Liabilities 282,422 933,332 1,215,754
Fund Equity
Contributed Capital 11,025,590 11,025,590
Retained Earnings
Reserved-Golf Surcharge 33,394 33,394
Unreserved 17,339,387 (739,093) 16,600,294
Total Retained Earnings 17,339,387 (705,699) 16,633,688
Total Fund Equity 17 339 387 10 319 891 27 659 278
ota q y ,
Total Liabilities and Fund Equity 17,621,809 11,253,223 28,875,032
- 62 -
VILLAGE OF OAK BROOK, ILLINOIS '
Enterprise Funds
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings
Year Ended December 31, 1996
Waterworks Sports
System Core Total
Operating Revenues
Charges for Services $ 3,350,254 2,316,540 5,666,794
Miscellaneous 43,025 43,025
Total Operating Revenues 3,393,279 2,316,540 5,709,819
Operating Expenses
Operation of Facilities 3,335,740 2,590,701 5,926,441
Depreciation and Amortization 430,511 290,496 721,007
Total Operating Expenses 3,766,251 2,881,197 6,647,448
Operating Income (Loss) (372,972) (564,657) (937,629)
Nonoperating Revenues (Expenses) /
DuPage Water Commission Rebate 507,475 / 507,475 '
Golf Surcharge 64,515 64,515
Interest on Investments 234,387 1,218 / 235,605
Other Income 26,270 26,270 j
Interest Expense (5,500) (20,681) (26,181)
Fiscal Agent Fees (135) (135)
736,227 71,322 807,549
Income (Loss) Before Operating Transfers 363,255 (493,335) (130,080)
Operating Transfers (Out) (215,600) (215,600)
Net Income (Loss) 147,655 (493,335) (345,680)
Retained Earnings
Beginning- As Restated 17,191,732 (972,594) 16,219,138
Residual Equity Transfer In (Out) 760,230 760,230
Ending 17,339,387 (705,699) 16,633,688
See accompanying Notes to the Financial Statements.
- 63 -
VILLAGE OF OAK BROOK, ILLINOIS
' Enterprise Funds
Combining Statement of Cash Flows
Year Ended December 31, 1996
Waterworks Sports
' System Core Totals
Cash Flows from Operating Activities
Operating Income (Loss) $ (372,972) (564,657) (937,629)
Adjustments to Reconcile Operating Income (Loss)
to Net Cash Provided by Opercting Activities
Depreciation and Amortization 430,511 290,496 721,007
Other Nonoperating Revenue 507,475 90,785 598,260
Changes in Assets and Liabilities
Current Assets (23,388) 28,026 4,638
Water Purchase Rights 225,615 225,615
Current Liabilities 45,460 (428,606) (383,146)
' 812,701 (583,956) 228,745
Cash Flows from Noncapital Financing Activities
Operating Transfers (Out) (215,600) (215,600)
Residual Equity Transfer (In) 760,230 760,230
(215,600) 760,230 544,630
Cash Flows from Capital and Related Financing Activities
Acquisition of Capital Assets (251,118) (126,595) (377,713)
Principal Paid on Revenue Bonds (275,000) (275,000)
Interest Paid on Revenue Bonds (5,500) (5,500)
Proceeds From Notes Payable 254,090 254,090
Principal Paid on Notes Payable (355,310) (355,310)
Interest Paid on Notes Payable (20,681) (20,681)
Fiscal Agents' Fees Paid (135) (135)
(531,753) (248,496) (780,249)
Cash Flows from Investing Activities
Investment Purchases (790,820) (790,820)
Investment Maturities 200,000 200,000
Interest Received on Investments 225,794 1,218 227,012
(365,026) 1,218 (363,808)
' Net Increase (Decrease) in Cash and Cash Equivalents (299,678) (71,004) (370,682)
Cash and Cash Equivalents
Beginning 2,942,862 120,345 3,063,207
' Ending 2,643,184 49,341 2,692,525
Cash and Investments
Cash and Cash Equivalents 2,643,184 49,341 2,692,525
Investments 2,026,809 2,026,809
4,669,993 49,341 4,719,334
See accompanying Notes to the Financial Statements.
- 64 -
VILLAGE OF OAK BROOK, ILLINOIS '
Waterworks System Fund
Statement of Revenues, Expenses and Changes in
Retained Earnings - Unreserved - Budget and Actual '
Year Ended December 31, 1996
Variance ,
Favorable
Budget Actual (Unfavorable)
Operating Revenues
Charges for Services
Water Sales $ 3,132,000 3,118,559 (13,441)
Unmetered Sales 7,500 4,427 (3,073)
Water Tap on Charges 57,740 108,878 51,138
Fire Service Charges 102,000 91,707 (10,293)
Meter Fees and Special Services 15,900 26,683 10,783
Miscellaneous 36,000 43,025 7,025
Total Operating Revenues 3,351,140 3,393,279 42,139
Operating Expenses
Operation of Facilities 3,456,820 3,335,740 121,080
Depreciation and Amortization 430,511 (430,511)
Total Operating Expenses 3,456,820 3,766,251 (309,431)
Operating Income (105,680) (372,972) (267,292) '
Nonoperating Revenues (Expenses)
DuPage Water Commission Rebate 600,000 507,475 (92,525) '
Interest on Investments 183,750 234,387 50,637
Bond Principal (275,000) 275,000
Interest Expense (5,500) (5,500) -
Fiscal Agent Fees (135) (135) -
503,115 736,227 233,112
Income Before Operating Transfers 397,435 363,255 (34,180)
Operating Transfers (Out) (215,600) (215,600) -
Net Income 181,835 147,655 (34,180)
Other Changes in Retained Earnings - Unreserved '
Transfers in Restricted Accounts 998,500
Net Increase in Retained Earnings - Unreserved 1,146,155
Retained Earnings - Unreserved
Beginning-As Restated 16,193,232
Ending 17,339,387
See accompanying Notes to the Financial Statements.
- 65 -
VILLAGE OF OAK BROOK, ILLINOIS
Waterworks System Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended December 31, 1996
Variance
Favorable
Budget Actual (Unfavorable)
Operation of Facilities
Public Works
Water Operations
Personnel $ 345,470 320,159 25,311
Materials and Supplies 7,210 6,370 840
Operation and Contractual 3,102,140 3,008,160 93,980
Capital 2,000 1,051 949
Total Water Operations 3,456,820 3,335,740 121,080
Capital Improvements
Capital 659,900 251,118 408,782
' Less: Items Capitalized (659,900) (251,118) (408,782)
Total Capital Improvements - - -
Total Operation of Facilities 3,456,820 3,335,740 121,080
Debt Service
Fiscal Agent Fees 135 135
Interest 1973 Revenue Bonds 5,500 5,500
Principal 1973 Revenue Bonds 275,000 275,000 -
Total 280,635 280,635
Less: Nonoperating Items (280,635) (280,635) -
Total Debt Service - - -
Depreciation and Amortization
Depreciation 430,058 (430,058)
Amortization 453 (453)
Total Depreciation and Amortization - 430,511 (430,511)
Total Operating Expenses 3,456,820 3,766,251 (309,431)
- 66 -
VILLAGE OF OAK BROOK, ILLINOIS
Waterworks System Fund
Schedule of Changes in Retained Earnings -
Reserved - Restricted Accounts
Year Ended December 31, 1996
Operation Bond Depreciation,
and and Bond Improvement
Maintenance Interest Reserve and Extension Totals
Increases
Required Transfers Per Bond Ordinance $ 58,300 58,300
Decreases
Payment of Bond Principal 275,000 275,000
Payment of Bond Interest 5,500 5,500
Required Transfers Per Bond Ordinance 318,000 58,300 400,000 776,300
318,000 280,500 58,300 400,000 1,056,800
Net Increase (Decrease) (318,000) (222,200) (58,300) (400,000) (998,500)
Account Balances
Beginning 318,000 222,200 58,300 400,000 998,500
Ending - - - - -
-67 -
VILLAGE OF OAK BROOK, ILLINOIS
Waterworks System Fund
Schedule of Property, Plant and Equipment ,
and Accumulated Depreciation
Year Ended December 31, 1996
Property, Plant and Equipment
Balance Additions
January 1 and Balance ,
As Restated Transfers Disposals December 31
Land and land rights $ 215,800 215,800
Service of supply plant -
wells and springs 314,753 314,753 ,
Structure and improvements 592,386 52,012 644,398
Electrical pumping equipment 431,254 1,032 432,286
Water treatment equipment 8,149 8,149
Distribution, reservoirs, mains
and standpipes 13,716,335 132,023 13,848,358
Meters and meter installation 591,612 66,051 657,663
Hydrants 181,472 181,472
Miscellaneous tools and equipment
Office furniture and equipment 20,763 20,763
Tools, shop and garage equipment 20,189 20,189
Laboratory equipment 1,070 1,070
Miscellaneous equipment 112,533 112,533
Intangible plant - organization 11,403 11,403
16,217,719 251,118 - 16,468,837
- 68 - '
Rate of
Depreciation Accumulated Depreciation
or Balance Additions
Amortization January 1 and Balance Net Asset
(Years) As Restated Transfers Disposals December 31 Value
215,800
40 173,025 7,869 180,894 133,859
40 98,471 15,459 113,930 530,468
40 129,883 10,794 140,677 291,609
10 8,149 8,149
40 4,297,200 344,558 4,641,758 9,206,600
15 516,940 38,196 555,136 102,527
40 87,412 4,537 91,949 89,523
10 19,567 1,196 20,763 -
5 11,823 3,843 15,666 4,523
5 1,070 1,070 -
5 100,882 3,606 104,488 8,045
5 11,403 11,403
5,455,825 430,058 - 5,885,883 10,582,954
i
' - 69 -
VILLAGE OF OAK BROOK, ILLINOIS '
Sports Core Fund
Statement of Revenues, Expenses and Changes
in Retained Earnings - Budget and Actual
Year Ended December 31, 1996
Variance
Favorable
Budget Actual (Unfavorable)
Operating Revenues
Charges for Services
Golf $ 1,673,585 1,501,205 (172,380)
Bath and Tennis 925,860 815,335 (110,525)
Total Operating Revenues 2,599,445 2,316,540 (282,905)
Operating Expenses ,
Operations
Golf Club 1,192,260 1,168,548 23,712
Bath and Tennis 1,408,850 1,422,153 (13,303)
Depreciation 290,496 (290,496)
Total Operating Expenses 2,601,110 2,881,197 (280,087)
Operating Income (Loss) (1,665) (564,657) (562,992)
Nonoperating Revenue (Expense)
Golf Surcharge 67,500 64,515 (2,985)
Interest on Investments 500 1,218 718
Other Income 6,500 26,270 19,770
Sale of Surplus Property 785,000 (785,000)
Interest Expense (20,725) (20,681) 44
838,775 71,322 (767,453)
Net Income (Loss) 837,110 (493,335) (1,330,445)
Retained Earnings
Beginning (972,594)
Res;dual Equity Transfer In (Out) 760,230
Ending (705,699)
See accompanying Notes to the Financial Statements.
- 70 - ,
VILLAGE OF OAK BROOK, ILLINOIS
' Sports Core Fund
Schedule or Operating Revenues - Budget and Actual
Year Ended December 31, 1996
Variance
' Favorable
Budget Actual (Unfavorable)
Charges for Services
Golf
Fees $ 1,116,000 982,448 (133,552)
' Memberships 217,655 212,354 (5,301)
Merchandise Sales 184,400 182,200 (2,200)
Food Sales 71,530 47,547 (23,983)
Beverage Sales 84,000 76,656 (7,344)
1,673,585 1,501,205 (172,380)
' Bath and Tennis
Fees 137,350 180,887 43,537
Memberships 191,210 182,158 (9,052)
Merchandise Sales 2,000 1,032 (968)
Food Sales 409,100 325,122 (83,978)
Beverage Sales 149,200 107,431 (41,769)
Miscellaneous 37,000 18,705 (18,295)
925,860 815,335 (110,525)
Total Operating Revenues 2,599,445 2,316,540 (282,905)
' - 71 -
VILLAGE OF OAK BROOK, ILLINOIS
Sports Core Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended December 31, 1996
Variance '
Favorable
Budget Actual (Unfavorable)
Operations - Golf Club
General Operations
Personnel $ 260,250 258,545 1,705
Materials and Supplies 193,580 193,577 3 '
Operation and Contractual 80,875 78,213 2,662
534,705 530,335 4,370
Range Operations
Personnel 62,865 59,694 3,171
Materials and Supplies 8,865 6,079 2,786
Operation and Contractual 2,200 1,897 303
73,930 67,670 6,260
Golf Cart Operations
Personnel 19,660 18,490 1,170
Materials and Supplies 705 705
Operation and Contractual 42,520 42,516 4 ,
62,885 61,711 1,174
Golf Course Maintenance
Personnel 293,385 290,478 2,907
Materials and Supplies 98,685 90,203 8,482
Operation and Contractual 39,475 39,431 44
431,545 420,112 11,433
Golf Course Lounge Operations
Personnel 31,555 31,517 38
Materials and Supplies 57,040 57,038 2
Operation and Contractual 600 165 435
89,195 88,720 475
Total Golf Club 1,192,260 1,168,548 23,712
- 72 -
VILLAGE OF OAK BROOK, ILLINOIS
Sports Core Fund
Schedule of Operating Expenses - Budget and Actual (Cont.)
Year Ended December 31, 1996
Variance
Favorable
Budget Actual (Unfavorable)
Operations - Bath and Tennis
General Operations
Personnel $ 252,665 250,630 2,035
' Materials and Supplies 33,310 33,310
Operation and Contractual 91,290 117,273 (25,983)
377,265 401,213 (23,948)
Swimming Operations
Personnel 105,415 105,415
Materials and Supplies 9,025 6,631 2,394
Operation and Contractual 33,570 30,749 2,821
' 148,010 142,795 5,215
Tennis Operations - Outdoor
Personnel 59,440 58,090 1,350
Materials and Supplies 9,800 7,532 2,268
Operation and Contractual 19,960 19,956 4
89,200 85,578 3,622
Tennis Operations - Indoor
Personnel 67,575 67,571 4
Materials and Supplies 1,300 1,296 4
Operation and Contractual 35,390 35,385 5
104,265 104,252 13
Food and Beverage
' Personnel 289,900 289,888 12
Materials and Supplies 257,725 255,948 1,777
Operation and Contractual 142,485 142,479 6
690,110 688,315 1,795
Total Bath and Tennis 1,408,850 1,422,153 (13,303)
- 73 -
VILLAGE OF OAK BROOK, ILLINOIS ,
Sports Core Fund '
Schedule of Operating Expenses - Budget and Actual (Cont.)
Year Ended December 31, 1996
Variance
Favorable '
Budget Actual (Unfavorable)
Capital Improvements
Capital Outlay $ 243,895 126,595 117,300
Less: Items Capitalized (243,895) (126,595) (117,300) ,
Total Capital Improvements - - -
Depreciation 290,496 (290,496)
Total Operating Expenses 2,601,110 2,881,197 (280,087) ,
- 74 -
VILLAGE OF OAK BROOK, ILLINOIS
Sports Core Fund
Schedule of Property, Plant and Equipment '
and Accumulated Depreciation
Year Ended December 31, 1996
Property, Plant and Equipment
Additions 1
Balance and Balance
January 1 Transfers Disposals December 31 ,
Land $ 8,292,249 8,292,249
Land Improvements-Golf Course 1,680,773 15,330 1,696,103 1
Land Improvements-Bath & Tennis 151,611 151,611
Buildings-Golf 726,184 726,184 ,
Buildings-Bath & Tennis 2,069,608 63,228 2,132,836
Machinery & Equipment-Golf 681,254 18,334 699,588
Machinery & Equipment-Bath & Tennis 73,308 29,703 103,011 '
Computer Equipment 21,367 21,367
Vehicles 12,610 12,610
i
13,708,964 126,595 - 13,835,559
r
1
- 75 - 1
' Rate of
Depreciation Accumulated Depreciation
or Additions
Amortization Balance and Balance Net Asset
(Years) January 1 Transfers Disposals December 31 Value
- 8,292,249
' 25 801,323 67,613 868,936 827,167
10 117,154 13,783 130,937 20,674
' 40 211,529 17,380 228,909 497,275
40 917,881 94,020 1,011,901 1,120,935
10 357,027 87,003 444,030 255,558
' 10 43,516 9,059 52,575 50,436
5 19,715 954 20,669 698
' 4 10,226 680 10,906 1,704
2,478,371 290,492 - 2,768,863 11,066,696
- 76 -
1
' INTERNAL SERVICE FUNDS
1
Self-Insurance Fund - to account for all costs associated with self-
insurance risks for health and dental insurance.
Garage Fund - to account for all costs associated with the operation and
maintenance of the Village's vehicle fleet equipment.
' Capital Replacement Fund - to account for revenues and expenditures
relative to the replacement of major capital equipment, primarily vehicles.
' VILLAGE OF OAK BROOK, ILLINOIS
' Internal Service Funds
' Combining Balance Sheet
December 31, 1996
Self- Capital
' Insurance Garage Replacement Total
ASSETS
' Current Assets
Cash and Investments $ 319,201 49,522 1,570,844 1,939,567
1 Receivables
Accounts 223 223
Accrued Interest 3,389 13,719 17,108
Inventory 40,554 40,554
' 322,590 90,299 1,584,563 1,997,452
Fixed Assets
Property, Plant and Equipment 112,602 2,886,510 2,999,112
Accumulated Depreciation (59,059) (1,449,400) (1,508,459)
' - 53,543 1,437,110 1,490,653
' Total Assets 322,590 143,842 3,021,673 3,488,105
LIABILITIES AND FUND EQUITY
Current Liabilities
Accounts Payable 19,183 19,183
Accrued Payroll and Vacation 5,556 5,556
Claims Payable 109,597 109,597
Due to Other Funds 4,7424,742
-
Total Liabilities 109,597 29,481 139,078
' Fund Equity
Retained Earnings - Unreserved 212,993 114,361 3,021,673 3,349,027
' Total Liabilities and Fund Equity 322,590 143,842 3,021,673 3,488,105
' See accompanying Notes to the Financial Statements.
- 77 -
r
VILLAGE OF OAK BROOK, ILLINOIS r
Internal Service Funds '
Combining Statement of Revenues, Expenses, and
Changes in Retained Earnings
Year Ended December 31, 1996
1
Self- Capital '
Insurance Garage Replacement Total
Operating Revenues r
Charges for Services $ 760,870 332,100 396,220 1,489,190
Operating Expenses
Operation of Garage 290,263 290,263 '
Claims and Insurance 874,824 874,824
Depreciation 11,194 202,992 214,186
Total Operating Expenses 874,824 301,457 202,992 1,379,273 '
Operating Income (Loss) (113,954) 30,643 193,228 109,917 '
Nonoperating Revenues
Interest on Investments 17,785 2,025 91,150 110,960 '
Miscellaneous 44,392 44,392
17,785 2,025 135,542 155,352
Income (Loss) Before Operating Transfers (96,169) 32,668 328,770 265,269
Operating Transters (Out) - (17,400) - (17,400) '
Net Income (Loss) (96,169) 15,268 328,770 247,869 r
Retained Earnings '
Beginning, as Restated 309,162 99,093 2,692,903 3,101,158
Ending 212,993 114,361 3,021,673 3,349,027
r
See accompanying Notes to the Financial Statements: 78 - r
' VILLAGE OF OAK BROOK, ILLINOIS
Internal Service Funds
Combining Statement of Cash Flows
' Year Ended December 31, 1996
Self- Capital
Insurance Garage Replacement Total
' Cash Flows From Operating Activities
Operating Income(Loss) $ (113,954) 30,643 193,228 109,917
Adjustments to Reconcile Operating Income
to Net Cash Provided by Operating Activities
Depreciation 11,194 202,992 214,186
Other Non-Operating Revenue 44,392 44,392
Changes in Assets and Liabilities
Current Assets (6,690) (6,690)
Current Liabilities 53,965 15,833 69,798
(59,989) 50,980 440,612 431,603
' Cash Flows From Noncapital Financing Activities
Operating Transfers (Out) - (17,400) - (17,400)
' Cash Flows From Capital and Related Financing Activities
Acquisition of Capital Assets (12,303) (599,701) (612,004)
' Cash Flows from Investing Activities
Investment Purchases (107,830) (438,242) (546,072)
Investment Maturities 300,000 300,000
Interest Received on Investments 16,110 2,025 89,388 107,523
(91,720) 2,025 (48,854) (138,549)
' Net Increase (Decrease) in Cash and Cash Equivalents (151,709) 23,302 (207,943) (336,350)
' Cash and Cash Equivalents
Beginning 261,187 26,220 929,878 1,217,285
' Ending 109,478 49,522 721,935 880,935
Cash and Investments
' Cash and Cash Equivalents 109,478 49,522 721,935 880,935
Investments 209,723 848,909 1,058,632
319,201 49,522 1,570,844 1,939,567
See accompanying Notes to the Financial Statements.
-79 -
t
VILLAGE OF OAK BROOK, ILLINOIS '
Self-Insurance Fund '
Statement of Revenues, Expenses and Changes in ,
Retained Earnings - Budget and Actual
Year Ended December 31, 1996
Variance
Favorable '
Budget Actual (Unfavorable)
Operating Revenues '
Charges for Services $ 830,175 760,870 (69,305)
Operating Expenses
Claims and Insurance
Insurance 222,610 196,138 26,472 '
Health Claims 581,085 590,934 (9,849)
Dental Claims 71,135 87,752 (16,617)
Total Operating Expenses 874,830 874,924 6 '
Operating Income (Loss) (44,655) (113,954) (69,299) '
Nonoperating Revenues
Interest on Investments 18,000 17,785 (215) ,
Net Income (Loss) (26,655) (96,169) (69,514)
Retained Earnings
Beginning 309,162 ,
Ending 212,993
1
See accompanying Notes to the Financial Statements.
- 80 -
L
VILLAGE OF OAK BROOK, ILLINOIS
Garage Fund
Statement of Revenues, Expenses and Changes in
Retained Earnings - Budget and Actual
Year Ended December 31, 1996
Variance
Favorable
Budget Actual (Unfavorable)
Operating Revenues
Charges for Services $ 332,100 332,100
Operating Expenses
Garage Operations
Personnel 72,130 71,612 518
Materials and Supplies 89,300 89,296 4
Operation and Contractual 129,375 129,355 20
Capital 12,305 12,303 2
303,110 302,566 544
Less: Items Capitalized (12,305) (12,303) (2)
290,805 290,263 542
Depreciation 11,194 (11,194)
Total Operating Expenses 290,805 301,457 (10,652)
Operating Income 41,295 30,643 (10,652)
Nonoperating Revenues
Interest on Investments 1,000 2,025 1,025
Income Before Operating Transfers 42,295 32,668 (9,627)
Operating Transfers (Out) (17,400) (17,400)
Net Income 24,895 15,268 (9,627)
LRetained Earnings
Beginning, As Restated 99,093
Ending 114,361
See accompanying Notes to the Financial Statements.
- 81 -
VILLAGE OF OAK BROOK, ILLINOIS
Capital Replacement Fund
Statement of Revenues, Expenses and Changes in
Retained Earnings - Budget and Actual
Year Ended December 31, 1996
Variance
Favorable
Budget Actual (Unfavorable)
Operating Revenues
Charges for Services $ 396,220 396,220 -
Operating Expenses
Capital 599,325 599,701 (376)
Less: Items Capitalized (599,325) (599,701) 376
Depreciation 202,992 (202,992)
Total Operating Expenses - 202,992 (202,992)
Operating Income 396,220 193,228 (202,992)
Nonoperating Revenues
Interest on Investments 71,065 91,150 20,085
Miscellaneous 44,392 44,392
71,065 135,542 64,477
Net Income 467,285 328,770 (138,515)
Retained Earnings
Beginning, as Restated 2,692,903
Ending 3,021,673
See accompanying Notes to the Financial Statements.
- 82 -
' FIDUCIARY FUND TYPES
1
1
■
1
1
1
1
1
1
TRUST AND AGENCY FUNDS
1
Pension Trust Funds
Police Pension Fund - to account for the accumulation of resources to pay
' pension costs. Resources are contributed by sworn police personnel at
rates fixed by State Statutes and by the Village as a percentage of payroll
based upon an annual actuarial valuation.
Firefighters' Pension Fund - to account for the accumulation of resources
to pay pension costs. Resources are contributed by sworn fire personnel at
rates fixed by State Statutes and by the Village as a percentage of payroll
' based upon an annual actuarial valuation.
Agency Fund
' Deferred Compensation Fund - to account for changes in assets and
liabilities of the Village's deferred compensation plan offered to the
Village's employees.
1
VILLAGE OF OAK BROOK, ILLINOIS
' Trust and Agency Funds
Combining Balance Sheet
December 31, 1996
Pension Trust Agency
' Fire- Deferred
Police fighters' Compensa-
Pension Pension tion Total
ASSETS
' Cash and Investments $ 15,278,950 14,524,982 3,452,350 33,256,282
Receivables
Accrued Interest 194,230 140,281 334,511
Total Assets 15,473,180 14,665,263 3,452,350 33,590,793
LIABILITIES AND
' FUND BALANCES
Liabilities
Accounts Payable 8,600 8,600
Due to Other Funds 64,795 64,795
Deferred Compensation Payable 3,452,350 3,452,350
Total Liabilites - 73,395 3,452,350 3,525,745
' Fund Balances
Reserved for Employees'
Retirement 15,473,180 14,591,868 - 30,065,048
' Total Liabilities and
Fund Balances 15,473,180 14,665,263 3,452,350 33,590,793
r
See accompanying Notes to the Financial Statements.
- 83 -
VILLAGE OF OAK BROOK, ILLINOIS
Pension Trust Funds '
Combining Statement of Revenues, Expenses and
Changes in Fund Balances
Year Ended December 31, 1996
Police Firefighters' r
Pension Pension Total
Operating Revenues
Contributions
Employees $ 160,531 132,139 292,670
Village 229,913 106,092 336,005
Interest on Investments 1,037,521 1,146,328 2,183,849
Total Operating Revenues 1,427,965 1,384,559 2,812,524
Operating Expenses ,
General and Administrative 57,763 57,773 115,536
Pension Benefits and Refunds 400,003 409,010 809,013 ,
Total Operating Expenses 457,766 466,783 924,549
Net Income 970,199 917,776 1,887,975 '
Fund Balances
Beginning 14,502,981 13,674,092 28,177,073
Ending 15,473,180 14,591,868 30,065,048 '
r
See accompanying Notes to the Financial Statements.
- 84 - ,
1
VILLAGE OF OAK BROOK, ILLINOIS
' Deferred Compensation Fund
Statement of Changes in Assets and Liabilities
Year Ended December 31, 1996
1
' Balance Balance
January 1 Additions Deductions December 31
ASSETS
' Cash and Investments $ 2,916,370 664,496 (128,516) 3,452,350
r
LIABILITIES
rDeferred Compensation Payable 2,916,370 664,496 (128,516) 3,452,350
1
r
r
r
r
r
r
r
r
See accompanying Notes to the Financial Statements.
r - 85 -
VILLAGE OF OAK BROOK, ILLINOIS
Police Pension Fund '
Statement of Revenues, Expenses and Changes
in Fund Balance - Budget and Actual
Year Ended December 31, 1996
Variance '
Favorable
Budget Actual (Unfavorable)
Operating Revenues
Contributions
Employees $ 176,740 160,531 (16,209) r
Village 319,115 229,913 (89,202)
Interest on Investments 840,100 1,037,521 197,421 '
Total Operating Revenues 1,335,955 1,427,965 92,010
Operating Expenses
General and Administrative 63,760 57,763 5,997
Pension Benefit Payments 400,005 400,003 2 '
Pension Refunds 10,000 10,000
Total Operating Expenses 473,765 457,766 15,999
Net Income 862,190 970,199 108,009 '
Fund Balance
Beginning 14,502,981
Ending 15,473,180
See accompanying Notes to the Financial Statements. ,
- 86 - '
' VILLAGE OF OAK BROOK, ILLINOIS
Firefighters' Pension Fund
Statement of Revenues, Expenses and Changes
in Fund Balance- Budget and Actual
Year Ended December 31, 19%
Variance
Favorable
Budget Actual (Unfavorable)
' Operating Revenues
Contributions
Employees $ 135,820 132,139 (3,681)
Village 296,330 106,092 (190,238)
Interest on Investments 871,250 1,146,328 275,078
Total Operating Revenues 1,303,400 1,384,559 81,159
' Operating Expenses
General and Administrative 56,610 57,773 (1,163)
Pension Benefit Payments 406,810 409,010 (2,200)
Pension Refunds 5,000 5,000
Total Operating Expenses 468,420 466,783 1,637
' Net Income 834,980 917,776 82,796
' Fund Balance
Beginning 13,674,092
' Ending 14,591,868
' See accompanying Notes to the Financial Statements.
- 87 -
1
1
1
1
1
' ACCOUNT GROUPS
1
1
' GENERAL FIXED ASSETS ACCOUNT GROUP
General Fixed Assets Account Group - to account for fixed assets not
' accounted for in Proprietary or Trust Funds.
' VILLAGE OF OAK BROOK, ILLINOIS
' General Fixed Assets Account Group
Schedule of General Fixed Assets - By Source
December 31, 1996
1
' General Fixed Assets
Land $ 616,829
' Buildings and Improvements 4,225,453
Other Equipment 1,193,571
Computer Equipment 441,019
' Library Books 691,884
' 7,168,756
Investment in General Fixed Assets
' Current Revenues 4,983,933
Proceeds of Indebtedness 1,659,881
' Gifts 524,942
7,168,756
1
- 88 -
VILLAGE OF OAK BROOK, ILLINOIS ,
General Fixed Assets Account Group '
Schedule of General Fixed Assets - ,
By Function and Activity
December 31, 1996
Buildings ,
and Other
Function and Activity Land Improvements Equipment
General Government
Board of Trustees $ 616,829 9,974 1,882
Village Clerk 4,228 '
General Management 2,424,949 55,375
Information Services '
Finance and Accounting 21,512
Engineering 14,581
616,829 2,434,923 97,578 '
Public Safety ,
Police Department 121,312 489,809
Fire Department 725,229 468,050
846,541 957,859 '
Public Works
Administrative 673,753 6,539 '
Street Maintenance 53,378 57,713
Forestry 65,335 '
727,131 129,587
Culture and Recreation '
Library - 216,858 8,547
616,829 4,225,453 1,193,571 '
- 89 - '
Computer Library
Equipment Books Totals
A
628,685
4,228
2,480,324
441,019 441,019
21,512
_ 14,581
441,019 3,590,349
' 611,121
1,193,279
1,804,400
' 680,292
111,091
' 65,335
- 856,718
- 691,884 917,289
441,019 691,884 7,168,756__
- 90 -
VILLAGE OF OAK BROOK, ILLINOIS '
General Fixed Assets Account Group '
Schedule of Changes in General Fixed Assets -
By Function and Activity
Year Ended December 31, 1996
Balance
January 1 Balance '
as Restated Additions Retirements Decei.iber 31
General Government A
Board of Trustees $ 618,711 9,974 628,685
Village Clerk 4,228 4,228
General Management 2,404,427 90,407 (14,510) 2,480,324
Information Services 319,968 121,051 4419019
Financial Services 21,512 21,512 '
Engineering 14,581 14,581
3,383,427 221,432 (14,510) 3,590,349
Public Safety
Peace Department 551,814 59,307 611,121 ,
Fire Department 920,213 273,066 1,193,279
1,472,027 332,373 - 1,804,400
Public Works
Administrative 676,609 3,683 680,292
Street Maintenance 105,282 5,809 1119091
Forestry 249980 40,355 65,335 '
806,871 49,847 - 856,718
Culture and Recreation ,
Library 825,514 91,775 - 917,289
6,487,839 695,427 (14,510) 7,168,756
- 91 -
SUPPLEMENTAL INFORMATION
1
1
1
rVILLAGE OF OAK BROOK, ILLINOIS
Police Pension Fund
Revenues by Source and Expenses by Type
Required Supplementary Information
December 31, 1996
Employer
Contributions
as a
Fiscal Revenues by Source Percentage
Year Employee Employer Investment Other of Covered
Ended Contributions Contributions Income Contributions Total Payroll
1988 $ 110,697 $ 196,043 $ 468,630 $ 100 $ 775,370 16.00 %
1989 114,088 212,268 506,724 152 833,080 16.00
1990 124,278 234,611 600,359 100 959,248 17.00
1991 134,760 256,092 636,988 100 1,027,840 17.00
1992 148,568 280,628 757,001 - 1,186,197 17.00
1 1993 149,700 282,773 769,310 - 1,201,783 17.00
1993* 96,232 155,040 886,917 - 1,138,189 14.50
1 1994 160,828 284,793 1,288,428 - 1,734,049 15.94
1995 169,774 304,088 1,376,166 1,850,028 16.12
1996 160,531 229,913 1,037,521 - 1,427,965 12.88
�j Expenses by Type
Fiscal Adminis-
Year trative
Ended Benefits Expenses Refunds Total
1988 $ 93,126 $ 1,631 $ 19,592 $ 114,349
1989 114,024 4,645 - 118,669
1990 181,102 2,425 20,729 206,256
1991 185,959 2,238 16,939 205,136
1992 189,342 6,284 - 195,626
1993 193,250 14,279 4,102 211,631
1993* 198,527 10,045 208,572
1994 289,222 49,691 - 338,913
1995 297,162 54,084 - 351,246
1996 400,003 57,763 - 457,766
* During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information
is for the eight months ended December 31, 1993.
- 92 -
VILLAGE OF OAK BROOK, ILLINOIS
Police Pension Fund
Analysis of Funding Progress
Required Supplementary Information
December 31, 1996
Net
Assets Unfunded
Available Pension
for Benefit
Benefits Unfunded Obligation
Net as a (Assets in as a
Assets Percentage Excess of) Percentage
Fiscal Available Pension of Pension Pension Annual of Annual
Year for Benefit Benefit Benefit Covered Covered
Ended Benefits Obligation Obligation Obligation Payroll Payroll
1989 $ 5,726,809 $ 7,353,693 77.88 % $ 1,626,884 $ 1,296,036 125.53 %
1990 6,408,264 8,213,468 78.02 1,805,204 1,378,366 130.97
1991 7,122,825 9,075,466 78.48 1,952,641 1,498,284 130.33
1992 7,875,918 9,890,752 79.63 2,014,834 1,650,756 122.06
1993 9,689,294 10,801,060 89.71 1,111,766 1,663,338 66.84
1993* 11,609,063 12,811,636 90.61 1,202,573 1,603,900 74.98
1994 13,004,199 14,019,033 92.76 1,014,834 1,786,978 56.79
1995 14,502,981 14,806,134 97.95 303,153 1,886,378 16.07
1996 15,473,180 15,413,416 100.39 (59,764) 1,783,678 (3.35)
Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation and unfunded
pension benefit obligation in isolation can be misleading. Expressing the net assets available for benefit as
a percentage of the pension benefit obligation provides one indication of funding status on a going-concern
basis. Analysis of this percentage over time indicates whether the system is becoming financially stronger
or weaker. Generally, the greater this percentage, the stronger the PERS Trends in unfunded/(overfunded)
pension benefit obligation and annual covered payroll are both affected by inflation. Expressing the
unfunded/(overfunded) pension benefit obligation as a percentage of annually covered payroll approximately
adiusts for the effects of inflation and aids analysis of progress made in accumulating sufficient assets to pay
benefits when due. Generally, the smaller this percentage, the stronger the PERS. Information concerning
the pension benefit obligation is available only for 1989 through 1996.
* During 1993 the Village changed its fiscal year-end from April 30 to December 31. This
information is for the eight months ended December 31, 1573, covered payroll has been
annualized for comparability.
- 93 -
VILLAGE OF OAK BROOK, ILLINOIS
]Firefighters' Pension Fund
Revenues by Source and Expenses by Type
N Required Supplementary Information
December 31, 1996
Employer
Contributions
as a
Fiscal Revenues by Source Percentage
Year Employee Employer Investment Other of Covered
Ended Contributions Contributions Income Contributions Total Payroll
1988 $ 97,322 $ 189,011 $ 459,037 $ - $ 745,370 16.00 %
1989 98,367 201,205 459,707 - 759,279 17.00
1990 107,270 221,641 867,874 - 1,196,785 17.00
1991 114,932 236,829 487,990 - 839,751 17.00
1992 123,368 254,212 686,802 - 1,064,382 17.00
1993 123,020 253,496 868,846 - 1,245,362 17.00
1993* 82,425 209,809 653,783 - 946,017 21.00
1994 124,461 271,141 679,115 - 1,074,717 17.97
1995 130,217 282,848 1,207,689 - 1,620,754 17.92
1996 132,139 106,092 1,146,328 1,384,559 6.62
Expenses by Type
Fiscal Adminis-
Year trative
Ended Benefits Expenses Refunds Total
' 1988 $ 113,326 $ 1,724 $ - $ 115,050
1989 125,618 1,102 126,720
1990 136,432 2,330 - 138,762
' 1991 151,234 2,292 7,850 161,376
1992 176,682 18,044 11,846 206,572
1993 197,354 46,475 - 243,829
1993* 165,589 29,906 - 195,495
1994 281,341 54,199 - 335,540
1995 341,370 53,675 - 395,045
1996 409,010 57,773 466,783
* During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information
is for the eight months ended December 31, 1993.
r -94 -
VILLAGE OF OAK BROOK, ILLINOIS
Firefighters' Pension Fund
Analysis of Funding Progress
Required Supplementary Information
December 31, 1996
Net
Assets Unfunded
Available Pension
for Benefit
Benefits Unfunded Obligation
Net as a (Assets in as a
Assets Percentage Excess oQ Percentage
Fiscal Available Pension of Pension Pension Annual of Annual
Year for Benefit Benefit Benefit Covered Covered
Ended Benefits Obligation Obligation Obligation Payroll Payroll
1989 $ 6,095,213 $ 6,465,524 94.27 % $ 370,311 $ 1,174,639 31.53 %
1990 6,735,173 7,292,386 92.36 557,213 1,300,239 42.85
1991 7,367,730 8,415,246 87.55 1,047,516 1,385,899 75.58
1992 8,425,753 9,339,630 90.22 913,877 1,495,367 61.11
1993 9,957,151 10,221,683 97.41 264,532 1,491,151 17.74
1993* 11,709,206 11,373,198 102.95 (336,008) 1,498,600 (22.42)
1994 12,448,383 12,398,979 100.40 (49,404) 1,508,618 (3.27)
1995 13,674,092 13,181,817 103.73 (492,275) 1,578,388 (31.19)
1996 14,591,868 14,611,493 99.87 19,625 1,601,685 1.23
Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation and
unfunded pension benefit obligation in isolation can be misleading. Expressing the net assets available '
for benefit as a percentage of the pension benefit obligation provide-, one indication of funding status on
a going-concern basis. Analysis of this percentage over time indicates whether the system is becoming
financially stronger or weaker. Generally, the greater this percentage, the stronger the PERS Trends in
unfunded/(overfunded) pension benefit obligation and annual covered payroll are both affected by
inflation. Expressing the unfunded/(overfunded) pension benefit obligation as a percentage of annually
covered payroll approximately adjusts for the effects of inflation and aids analysis of progress made in
accumulating sufficient assets to pay benefits when due. Generally, the smaller this percentage, the
stronger the PERS. Information concerning the pension benefit obligation is available only for 1989
through 1996.
* During 1993 the Village changed its fiscal year-end from April 30 to December 31. This
information is for the eight months ended December 31, 1993, covered payroll has been
annualized for comparability.
- 95 -
' VILLAGE OF OAK BROOK, ILLINOIS
Illinois Municipal Retirement Fund
Analysis of Funding Progress
Required Supplementary Information
December 31, 1996
Net
Assets Unfunded
Available Pension
for Benefit
Benefits Obligation
Net as a as a
Assets Percentage Unfunded Percentage
Calendar Available Pension of Pension Pension Annual of Annual
Year for Benefit Benefit Benefit Covered Covered
Ended Benefits Obligation Obligation Obligation Payroll Payroll
1987 S 1,195,714 1 1,490,597 80.22 % S 294,883 S 1,538,494 19.17 %
1988 1,331,778 1,715,964 77.61 384,186 1,726,898 22.25
1989 1,363,418 1,783,586 76.44 420,168 1,859,331 22.60
1990 1,720,746 2,266,520 75.92 545,774 2,017,357 27.05
1991 2,044,423 2,408,970 84.87 364,547 2,183,468 16.70
1992 2,369,632 2,559,996 92.56 190,364 2,285,435 8.33
1993 2,677,785 2,867,734 93.38 189,949 2,374,822 8.00
1994 2,972,261 3,123,466 95.16 151,205 2,706,579 5.59
1995 4,026,496 4,155,650 96.89 129,154 3,104,866 4.16
r
Analysis of t.,- dollar amounts of net assets available for benefits, pension benefit obligation and unfunded
Y P g
pension benefit obligation in isolation can be misleading. Expressing the net assets available for benefit as
a percentage of the pension benefit obligation provides one indication of funding status on a going-concern
basis. Analysis of this percentage over time indicates whether the system is becoming financially stronger
' or weaker. Generally, the greater this percentage, the stronger the PERS Trends in
unfunded/(overfunded) pension benefit obligation and annual covered payroll are both affected by
inflation. Expressing the unfunded/(overfunded) pension benefit obligation as a percentage of annually
covered payroll approximately adjusts for the effects of inflation and aids analysis of progress made in
accumulating sufficient assets to pay benefits when due. Generally, the smaller this percentage, the
stronger the PERS. Information concerning the pension benefit obligation is available only for 1987
through 1995.
- 96 -
STATISTICAL SECTION (UNAUDITED)
1
1
1
1
i
VILLAGE OF OAK BROOK, ILLINOIS
General Governmental Expenditures by Function
Last Ten Fiscal Years
December 31, 1996
Fiscal Year 1988 1989 1990 1991 1992 1993 *1993 1994 1995 1996
General Government $ 1,207,682 1,452,473 1,657,457 1,522,165 1,697,019 1,456,753 914,394 1,669,529 2,329,107 2,596,032
Public Safety 4,616,312 5,184,506 5,303,456 5,842,884 5,900,826 5,821,460 4,332,750 6,619,494 6,685,874 6,786,918
Public Works 2,089,485 2,076,858 1,605,218 1,704,451 3,099,903 4,076,547 1,574,548 3,423,038 3,363,157 3,097,906
Culture and Recreation 195,341 196,584 241,751 278,085 412,685 418,978 264,471 462,781 539,734 726,820
Debt Service 987,234 955,025 922,716 987,505 949,288 959,375 944,820 944,821_____
9,096,054 9,865,446 9,730,598 10,335,090 12,059,721 12,733,113 8,030,983 13,119,663 12,917,872 13,207,676
* During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is for the eight months ended December 31, 1993.
NOTE: Includes General, Special Revenue, Debt Service and Capital Projects Funds.
Data Source
Village Records
-97-
VILLAGE OF OAK BROOK, ILLINOIS
General Revenues by Source
Last Ten Fiscal Years
December 31, 1996
Fiscal Year 1988 1989 1990 1991 1992 1993 *1993 1994 1995 1996
Intergovem mental $ 6,695,200 7,151,393 7,325,893 7,294,865 8,250,633 10,248,950 7,985,514 11,218,902 12,106,579 12,149,759
Property Taxes 627,708 582,861 542,623 603,129 877,289 963,125 846,501 549,482 5,410
Utility Taxes 1,098,386 2,239,243 1,648,740 1,572,193 1,873,147 1,956,984
Hotel/Motel Taxes 89,664 196,609 210,066 163,784 235,606 274,041 290,198
Licenses and Permits 295,364 261,081 305,085 342,354 299,111 353,747 261,461 322,779 477,624 374,617
Service Charges 204,889 263,759 219,484 371,368 338,453 584,727 498,440 293,743 336,146 423,139
Fines and Penalties 189,558 166,238 229,841 196,640 176,868 238,858 135,419 280,339 220,593 211,809
Interest on Investments 421,013 418,479 538,159 376,261 221,019 173,404 171,420 426,127 713,992 784,652
Miscellaneous 185,943 234,158 154,064 453,184 82,512 81,625 189,205 233,836 253,327 296,482
8,619,675 9,077,969 9,315,149 9,727,465 11,540,880 15,093,745 11,900,484 15,133,007 16,260,859 16,487,640
* During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is for the eight months ended December 31, 1993.
NOTE: Includes General,Special Revenue, Debt Service and Capital Projects Funds.
Data Source
Village Records
-98-
VILLAGE OF OAK BROOK, ILLINOIS
' Special Assessment Billings and Collections
Last Ten Fiscal Years
December 31, 1996
Ratio of
Current Current Collections Total
Fiscal Assessments Assessments To Amounts Outstanding
' Year Billed Collected Billed (1) Assessments
1986 $ 6,000 6,137 102.28 11,615
1987 6,000 6,063 101.05 5,615
' Note: Special assessments are levied by the Village on properties in the York Woods
subdivision of the Village for street light improvements. There were no special
' assessments prior to 1983 or subsequent to 1987.
Data Source
Village Records
-99 -
VILLAGE OF OAK BROOK, ILLINOIS ,
Property Tax Levies and Collections
Last Ten Fiscal Years
December 31, 1996
Percent of
Tax Total Total Total Tax
Fiscal Levy Tax Tax Collections
Year Year Levy Collection to Tax Levy '
1988 1986 $ 608,701 602,586 99.00 %
1989 1987 580,309 585,620 100.92
1990 1988 551,811 548,259 99.36
1991 1989 609,854 602,304 98.76
1992 1990 814,693 854,988 104.95
1993 1991 842,077 840,958 99.87 ,
*1993 1992 848,710 846,501 99.74 '
1994 1993 555,221 549,482 98.97
1995 1994 - - N/A ,
1996 1995 - - N/A ,
* During 1993 the Village changed its fiscal year-end from April 30 to December 31. This
information is for the eight months ended December 31, 1993.
Note: The Village levies property taxes for debt service purposes only. The levies were abated '
by $300,000 paid by the General Fund for 1984-1988 and the Debt Service Fund for 1989,
paid by $290,000 paid by the Debt Service fund in 1993. All debt was retired in 1994. '
Data Source
Villzge Records
- 100 -
' VILLAGE OF OAK BROOK, ILLINOIS
' Assessed and Estimated Actual Value of Taxable Property - In Thousands
Last Ten Fiscal Years
December 31, 1996
Real Property Ratio of Total
Estimated Assessed/Total
Levy Actual Estimated
Year Assessed Value Actual Value
1986 $ 445,776 1,350,836 33.00 %
1987 611,665 1,853,530 33.00
1988 669,030 2,027,364 33.00
' 1989 745,392 2,258,764 33.00
1990 806,397 2,443,627 33.00
1991 855,836 2,593,442 33.00
' 1992 878,225 2,634,675 33.00
1993 875,114 2,625,341 33.00
1994 887,591 2,662,773 33.00
1995 905,788 2,717,364 33.00
Data Source
County Clerk's Office
- 101 -
VILLAGE OF OAK BROOK, ILLINOIS
Property Tax Rates-Direct and Overlapping Governments
Last Ten FSscal Years
December 31, 1996
Tax Levy Year 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995
Village of Oak Brook $ 0.1366 0.0949 0.0825 0.0818 0.1044 0.0994 0.0977 0.0641 0.0000 0.0000
Basic Town 0.9572 1.0587 1.1111 0.9311 0.8708 0.8354 0.8171 0.8348 0.8089 0.7141
Junior College#502 0.2551 0.2341 0.2088 0.2009 0.2092 0.2085 02087 0.2058 0.2068 0.2062
Grade School X53 1.2297 0.9364 0.9093 0.9134 0.9389 0.9923 1.0248 1.0683 1.0763 1.0605
High School#86 1.9233 1.8906 1.8774 1.7786 1.7205 1.6855 1.6595 1.6406 1.6122 1.5907
Oak Brook Park District 0.1423 0.1014 0.1834 0.1733 0.1695 0.2037 0.2051 0.2098 0.2064 0.2045
Hinsdale Sanitary District 0.0528 0.0379 0.0434 0.0000 0.0000 0.0080 0.0000 0.0000 0.0000 0.0000
Total 4.6970 4.3540 4.4159 4.0791 4.0133 4.0328 4.0129 4.0234 3.9106 3.7760
Note: Includes all county, forest preserve,township and water commission rates. Rates are per$100 of assessed valuation.
Data Source
County Clerk's Office
- 102-
W
102-
W M M M M r M M r M a � M M M M M M
'M M err M MM MM M M r MM r r r r � ■r
VILLAGE OF OAK BROOK, ILLINOIS
Ratio of Net General Bonded Debt to Equalized Assessed Value
and Net General Bonded Debt Per Capita
Last Ten Fiscal Years
December 31, 1996
Fiscal Year 1988 1989 1990 1991 1992 1993 '1993 1994 1995 1996
Population(1) 8,000 9,151 9,151 9,151 9,087 9,087 9,087 9,087 9,087 9,087
Equalized Assessed Value
(in Thousands) $ 611,665 669,030 745,392 806,397 855,836 878,225 878,225 875,114 887,591 905,788
Gross General Bonded
Debt 5,650,000 4,950,000 4,250,000 3,450,000 2,650,000 1,800,000 900,000 - - -
Debt Service Monies
Available 510,389 629,291 432,693 202,468 242,137 261,159 265,447
Net General Bonded Debt 5,139,611 4,320,709 3,817,307 3,247,532 2,407,863 1,538,841 634,553
Ratio of Net General
Bonded Debt to
Equalized Assessed
Value 0.94% 0.65% 0.51% 0.40% 0.28% 0.18% 0.07;70 0.00% 0.00% 0.00%
Net General Bonded
Debt Per Capita 642.45 472.16 417.15 354.88 264.98 169.35 69.83 - - -
s During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is for the eight months ended December 31, 1993.
Data Sources
(1) Bureau of Census
(2) County Clerk's Office
(3) Village Records
- 103-
VILLAGE OF OAK BROOK, ILLINOIS ,
Computation of Legal Debt Margin '
December 31, 1996
Assessed Value (1) $ 905,788,216 '
Debt Limit 8.625% of Assessed Value $ 78,124,234
Debt Applicable to Debt Limit -
Legal Debt Margin $ 78,124,234
Data Source
(1) County Clerk's Office
- 104 -
VILLAGE OF OAK BROOK, ILLINOIS
' Schedule of Direct and Overlapping Bonded Debt
December 31, 1996
' Percentage
of Debt
Applicable
Gross to Oak Brook's
Governmental Unit Bonded Debt Oak Brook Share of Debt
Village of Oak Brook - 100.00 % -
Du Page County 147,430,000 4.92 7,258,215
Du Page Airport Commission 5,075,000 5.11 259,493
' Du Page Forest Preserve 150,780,000 4.92 7,423,141
Du Page Water Commission 139,010,000 5.37 7,469,029
' Park Districts 1,415,000 75.79 1,072,400
Elementary School Districts 26,132,000 11.40 2,979,603
High School Districts 23,610,000 6.18 1,458,976
' Unit District 205 1,840,000 7.69 141,564
Total 495,292,000 28,062,421
1
' Data Source
County Clerk's Office
- 105 -
VILLAGE OF OAK BROOK, ILLINOIS
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Total General Expenditures •
Last Ten Fiscal Years
December 31, 19%
Fiscal Year 1988 1989 1990 1991 1992 1993 *1993 1994 1995 1996
Principal $ 700,000 700,000 700,000 800,000 800,000 850,000 900,000 900,000
Interest 302,400 270,200 238,000 205,800 149,288 109,375 44,100 44,821
Total Debt Service 1,002,400 970,200 938,000 1,005,800 949,288 959,375 944,100 944,821 -
Touil Gcneral
Expenditures 9,096,054 9,865,446 9,610,564 10,239,015 12,059,721 12,733,113 8,030,983 13,119,663 12,917,872 13,207,676
Ratio of Debt Service
Expenditures to
General Expenditures 11.02 9.83 9.76 9.82 7.87 7.53 11.76 7.20 N/A N/A
* During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is for the eight months ended December 31, 1993.
Data Source
Village Records
- 106-
M M M M M M M M M M M M M M = r M M M
VILLAGE OF OAK BROOK, a,LINOIS
Revenue Bund Coverage-Waterworks System Bonds
Last Ten Fiscal Years
December 31, 19%
Fiscal Year 1987 1988 1989 1990 1991 1992 1993 *1993 1994 1995 1996
Gross Revenue $ 2,574,660 2,778,938 3,126,240 3,260,984 2,706,681 3,569,522 4,275,374 2,594,477 4,515,859 3,973,247 3,393,279
Expenses 906,055 810,900 1,294,568 1,015,261 1,089,610 1,954,069 3,148,968 2,103,182 3,853,645 3,827,515 3,766,251
Net Revenue Available
for Debt Service 1,668,605 1,968,038 1,831,672 2,245,723 1,617,071 1,615,453 1,126,406 491,295 662,214 145,732 (372,972)
Debt Service Requirements
Principal 375,000 400,000 425,000 475,000 500,000 225,000 225,000 - 225,000 250,000 275,000
Interest 191,450 171,575 150,450 127,150 101,138 44,400 32,700 16,350 26,850 16,000 5,500
566,450 571,575 575,450 602,150 601,138 269,400 257,700 16,350 251,850 266,000 280,500
Coverage 2.95 3.44 3.18 3.73 2.69 5.99 4.37 30.05 2.63 0.55 (1.32)
* During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is for the eight months ended December 31, 1993.
Data Source
Village Records
- 107-
VILLAGE OF OAK BROOK, ILLINOIS ,
Demographic Statistics '
December 31, 1996
(1) (2) ,
Per (1) Unemploy-
Fiscal (1) Capita Median ment
Year Population Income Age Percentage
1970 4,164 $ 8,997 34 0.07 %
1984 7,263 22,737 39 3.14 '
1989 9,151 26,818 41 2.05 ,
1990 9,087 60,347 42 5.70 ,
Data Sources
(1) Bureau of Census
(2) Bureau of Labor Statistics
- 108 -
1
VILLAGE OF OAK BROOK, ILLINOIS
' Property Value and Construction
Last Ten Fiscal Years
December 31, 1996
' Commercial Residential
Construction Construction
Fiscal Number Value Number Value Property Value
' Year Of Units in Thousands) of Units (in Thousands) (in Thousands)
1987 4 $ 52,985 113 $ 34,263 $ 1,350,836
' 1988 1 35,000 100 36,462 1,573,724
1989 2 8,399 47 39,548 1,823,100
' 1990 3 10,100 30 10,939 2,030,900
1991 1 15,400 15 5,834 2,197,400
1992 1 8,000 17 8,500 2,567,508
1993 - - 14 13,815 2,634,675
1993* 1 1,753 11 5,114 2,634,675
1994 2 2,602 22 15,834 2,625,341
' 1995 2 4,000 10 10,000 2,662,773
1996 2 12,345 22 14,035 2,717,364
' * During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is
for the eight months ended December 31, 1993.
Data Sources
Village Records
' - 109 -
VILLAGE OF OAK BROOK, ILLINOIS
Principal Taxpayers 1
December 31, 1996
1995 Percentage ,
Assessed of Total
Valuation Assessed '
Taxpayers Type of Business (in Thousands) Valuation
Urban Investment and Development Co. Shopping Center $ 64,169 7.08 %
McDonald's Corporation Office Campus 44,221 4.88
La Salle National Bank Office buildings 19,962 2.20 '
Metropolitan Life Insurance Co. Life insurance 15,542 1.72
Manufactures Life Real Estate Executive towers 12,173 1.34
Butler National Golf Club Golf Course 11,674 1.29
Equitable Life Office buildings 9,438 1.04
Bradford Companies Office buildings 9,240 1.02
Teachers Insurance & Annuity Assn. Office buildings 9,009 0.99 1
HT Oak Brook, Inc. Hotel 8,047 0.89
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Data Source '
County Clerk's Office
' VILLAGE OF OAK BROOK, ILLINOIS
Schedule of Insurance in Force
December 31, 1996
Insurance Coverage Amount of
Type of Insurance Company Expires Coverage
' Village Manager's Bond Kemper Insurance Company 12/31/97 150,000
(3SM61253005)
Treasurer's Bond Kemper Insurance Company 12/31/97 100,000
(3SM61338504)
' Host Liquor Liability Lloyds of London Insurance Company 11/24/97 1,000,000
(RBJ 121329)
' 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 or Village Manager's Bond. The Village's contribution to this cooperative agency was determined by the
pro rata share for each municipality's audited revenues and loss experience for the previous year, to be sufficient
annually to fund administrative expenses and create sufficient reserves for claim payments and the purchase of excess
insurance. The Agency provides loss protection in excess of a deductible of $1,000 per occurrence to be paid by
1 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 for property claims and up to $3,000,000 for general liability and auto liability. The
Agency has also purchased excess catastrophe insurance over the amount of its obligations and aggregate stop loss
' insurance. The amount of excess insurance is $5,000,000 per occurrence for liability claims and $1,000,000,000 for
property claims. As of December 31, 1996, IRMA members totaled 68 municipalities.
' Data Source
Village Records
VILLAGE OF OAK BROOK, ILLINOIS ,
Miscellaneous Statistics '
December 31, 1996
Date of Incorporation February 21, 1958 ,
Form of Government Seven-member Board of Trustees, including President;
Village Manager appointed by Board of Trustees
Area 8.5 square miles
Miles of Streets 55 miles
Number of Street Lights 452 ,
Fire Protection Number of stations 2
Number of firemen 31
Number of volunteers 12 '
Police Protection Number of stations I
Number of policemen ,
and officers 38
Detention facilities Juvenile 2
Adult 4 '
Education (Elementary
Only) Attendance centers 2
Number of teachers 52 '
Number of students 487
Municipal Water
Department Number of customers 5,280 ,
Total water pumped Gallons (in Thousands) 1,339,000
Average daily consumption Gallons 3.67 million '
Miles of water mains 79
Building Permits Issued 592
Recreation Oak Brook Sports Core - '
269 acres including Bath and
Tennis club and 18-hole
golf course
Oak Brook Park District -
h6 acres including indoor tennis,
outdoor tennis, and recreation '
center
Du Page County Forest '
Preserve - 373 acres
Culture Number of libraries I
Number of volumes 40,241 ,
Census data 1960, 324; 1970, 4,164; 1975, 5,281;
1980, 6,641; 1984, 7,263; 1990, 9,087
Employees 136 full-time ,
278 part-time/seasonal
Data Source '
Village Records - 112 -