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Comprehensive
Anneal Financial Report
of the
Viflage of Oak Brook, Illinois
For the Year Ended
April 309 1991
VILLAGE OF OAK BROOK, ILLINOIS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Year Ended April 30, 1991
i
Prepared by: Finance Department
C O N T E N T S
I Page
Table of Contents 2 - 4
Organizational Chart 5
Officers and Officials 6
Letter of Transmittal 7 - 14
GFOA Certificate of Achievement 15
Independent Auditors' Report 16 - 17
General Purpose Financial Statements
Combined Balance Sheet - All Fund Types
and Account Groups 18 - 19
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances - All Governmental
Fund Types 20
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances - Budget and Actual
General Fund, Special Revenue Funds, Debt
Service Fund and Capital Projects Fund 21 - 22
Combined Statement of Revenues, Expenses and
Changes in Retained Earnings/Fund Balances - All
Proprietary Fund Types and Pension Trust Funds 23
Combined Statement of Cash Flows - Enterprise Funds 24
Notes to Financial Statements 25 - 52
Required Supplemental Information
Police Pension Fund
Revenues by Source and Expenses by Type 54
Analysis of Funding Progress 55
Firefighters' Pension Fund
Revenues by Source and Expenses by Type 56
Analysis of Funding Progress 57
Illinois Municipal Retirement Fund Analysis
of Funding Progress 58
Supplemental Information
Combining, Individual Fund and Account Group
Financial Statements and Schedules
i
Governmental Funds
General Fund -
Schedule of Revenues, Expenditures and Changes
in Fund Balance Budget and Actual 59
Schedule of Expenditures - Budget and Actual 60 - 62
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C O N T E N T S
age
Combining, Individual Fund and Account Group
Financial Statements and Schedules - Continued
Special Revenue Funds
Combining Balance Sheet 63
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances - Budget and Actual 64
Capital Projects Funds
Combining Balance Sheet 65
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances - Budget and Actual 66
Proprietary Funds
Enterprise Funds
Combining Balance Sheet 67
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings (Accumulated Deficit) 68
Combining Statement of Cash Flows - Increase
(Decrease) in Cash and Equivalents 69 - 70
Waterworks System Fund
Schedule of Revenues and Expenses -
Budget and Actual 71
Schedule of Changes in Retained Earnings -
Reserved Restricted Accounts 72
Schedule of Property, Plant and Equipment and
Accumulated Depreciation 73
Sports Core Fund
Schedule of Revenues and Expenses -
Budget and Actual 74 - 75
Schedule of Property, Plant and Equipment and
Accumulated Depreciation 76
Fiduciary Funds
Combining Balance Sheet 77
Combining Statement of Revenues, Expenses and
Changes in Fund Balances 78
i�
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C O N T E N T S
'
Combining, Individual Fund and Account Group a e
Financial Statements and Schedules - Continued
Fiduciary Funds - Continued
Police Pension Fund
Schedule of Revenues, Expenses and Changes in
Fund Balance - Budget and Actual 79
Firefighters' Pension Fund
Schedule of Revenues, Expenses and Changes in
Fund Balance - Budget and Actual 80
Deferred Compensation Fund
Schedule of Changes in Assets and Liabilities 81
General Fixed Assets Account Group
Schedule of General Fixed Assets - By Source 82
Schedule of General Fixed Assets - By Function
and Activity 83
Schedule of Changes in General Fixed Assets -
By Function and Activity 84
L Statistical Section (Unaudited)
General Governmental Expenditures by Function -
Last Ten Fiscal Years 85
General Revenues by Source - Last Ten Fiscal Years 86
Special Assessment Collections 87
Property Tax Levies and Collections - Last Ten
Fiscal Years 88
Assessed and Estimated Actual Value of Taxable
Property Last Ten Fiscal Years 89
Property Tax Rates - All Direct and Overlapping Governments -
Last Ten Years 90
Ratio of Net General Bonded Debt to Assessed
Value and Net Bonded Debt Per Capita - Last
Ten Fiscal Years 91
Computation of Legal Debt Margin 92
Computation of Direct and Overlapping Debt 93
Ratio of AnnualDebt Service Expenditures for
General Bonded Debt to Total General-
Expenditures Last Ten Fiscal Years 94
Revenue Bond Coverage - Waterworks System Bonds -
Last Ten Fiscal Years 95
Demographic Statistics 96
Property Value, Construction and Bank Deposits -
Last Ten Calendar Years 97
Principal Taxpayers 98
Insurance in Effect 99
Miscellaneous Statistical Data 100
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Village of Oak Brook, Illinois
Organizational Chart
ELECTED OFFICIALS
I-President
6-Trustees
1-Clerk
1
11t
1
Advisory Boards i Commissions Village Manager
Plan [Zonng Board Electrical Fue i Police Library Asst to Village legal Department
Commauon of Appeals Commission Commotion Commisuon Manager
Staff Service- - ----1
Engineering Administrative Services Finance
Plan Revitw 6 Design Administration Customer Payroll Water Accounts
InipKtion Service Imurince Bilking Payable
Operating Departments --
Sports Core PublitWorks Fire Service Police Service library
OperationiMainte- Rescue,Extinguishment, Statl/Aw Service Invesliiatio^ pauoLlralLc,
Operatro R
Open Goll Pool Club' Tennis Municipal nmce Drainage,Tralhc Mamtenarce Emergency Medical volunteer Bupreau of Commumcatio 6 Detention Juvenile Pu1,1-
Fields Course house Garage Control i Lighting and Service,Training Mains Service Ins actions Records,Supp y tnlormation
Public I and Water System &Investigation Maintenance Court Liaison
OW so No
VILLAGE OF OAK BROOK, ILLINOIS
OFFICERS AND OFFICIALS
YEAR ENDED APRIL 30, 1991
President
Wence F. Cerne
Clerk
Linda Gonnella
Trustees
Garry J. Bartecki
Karen M. Bushy
Ronald P. Maher
Barbara A. Payovich
Joseph H. Rush
H. Richard Winters
Village Manager
Stephen Berley
Village Treasurer
Terry Klein
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V1 LLAGE OF OAK BROOK
1 1200 OAK BROOK ROAD
OAK BROOK, ILLINOIS 60521 -2255
August 7, 1991 708 990-3000
President and Board of Trustees
Village of Oak Brook
Oak Brook, Illinois 60521
Gentlemen:
The Comprehensive Annual Financial Report of the Village of Oak Brook for the
fiscal year ended April 30, 1991 is submitted herewith. Responsibility for both
the accuracy of the presented data and the completeness and fairness of the
presentation, including all disclosures, rests with the Village. I believe the
data, as presented, is accurate in all material aspects; that it is presented in a
manner designed to fairly set forth the financial position and results of
operations of the Village as measured by the financial activity of its various
funds; and that all disclosures necessary to enable the reader to gain the maximum
understanding of the Village's financial affairs have been included.
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. 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,
generally presented on a multiyear basis.
The Report includes all funds and account groups of the Village. The Village
provides a full range of services. These services include public safety (police,
fire, bureau of inspection, and emergency medical service) , street maintenance,
public improvements, planning and zoning, general administration services, water,
and operations of a free public library and recreation facilities at the Oak Brook
Sports Core, including an 18-hole golf course. In addition to general government
activities, the Village exercises oversight over the Oak Brook Public Library;
therefore, this entity is included in the reporting entity.
However, the Intergovernmental Risk Management Agency, Intergovernmental Personnel
Benefit Cooperative and the Du Page 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
Oak Brook, about 15 miles west of the Chicago Loop, is located 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 community's eastern boundary, provides
rapid access to the northern and southern suburbs, and then 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 the
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 7.7%, Du Page County
has established an unemployment rate of 4.5%, significantly lower than the norm.
In Oak Brook, that rate has dropped to less than 2.5%.
Based on current assessed valuations, the market value of completed homes in Du
Page County ranges from $135,000 to $185,000. In 1990, the average sale price of
homes in Oak Brook was $386,000, and time on the market was approximately 90 days.
According to the results of a February, 1988 survey of residents of the Village,
over one-third of the households in Oak Brook are two-person, and over 44% of the
occupants of the Village have resided in Oak Brook for over 10 years, indicating a
strong level of population stability.
The high level of income, along with local interviews and observed conditions,
indicates that managerial and professional people represent the majority of
residents. This condition will probably continue into the foreseeable future.
MAJOR INITIATIVES
Fiscal Year 1990-91
During 1990-91, the staff updated a Long-Range Financial Plan for fiscal years
1990-91 through 1994-95. The Financial Plan is our proposed capital improvement
program which is a listing of those items, projects, and possible facilities that
are suggested for acquisition or construction. The preparation of the Financial
Plan provides greater assurance that: (1) the project/item will be undertaken in
order of need; (2) that overlapping projects will be avoided, and; (3) that all
proposed projects are coordinated with each other.
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In the Future
Of major importance is resolving the various stormwater problems within the
Village. We have completed the preliminary study for Salt Creek and will shortly
complete the Ginger Creek study. The suggested funds which have been included for
stormwater items in next fiscal year are $70,000 for Salt Creek final engineering,
$40,000 for Ginger Creek final engineering, approximately $85,000 for miscellaneous
local stormwater problems, and $100,000 toward land acquisition of flood prone
properties.
After we do the final engineering, we may have specific mitigation projects to deal
with such as the possible Elmhurst Quarry, flood proofing of homes plus Ginger
Creek Outlet improvements, channel improvements to Ginger Creek, and possible
storage facilities. Any expenditures for these areas may come from part of our
Corporate Fund balance, which includes $300,000 from the Oakbrook Center for future
flood mitigation efforts, changing priorities to the items listed in the current
Five-Year Capital Program, or from other changes approved by the Village President
and Board.
FINANCIAL INFORMATION
Accounting System and Budg_etaly Control
The Village's accounting records for general governmental operations are accounted
for on a modified accrual basis of accounting. Revenues are recorded when
available and measurable. Expenditures are recorded when services or goods are
received and liabilities are incurred. Accounting records for the Village's
Enterprise Funds and Pension Trust Funds are maintained on an accrual basis.
The Village places a great deal of emphasis upon internal accounting controls as
they affect the overall accounting system of the Village. In developing and
evaluating the Village's accounting system, consideration is given to the adequacy
of internal accounting controls. Internal accounting controls are designed to
provide reasonable, but not absolute, assurance regarding: (1) the safeguarding of
assets against loss from unauthorized use or disposition; and (2) the reliability
of financial records for preparing financial statements and maintaining
accountability for assets. The concept of reasonable assurance recognizes that:
(1) the cost of a control should not exceed the benefits likely to be derived; and
' (2) the evaluation of costs and benefits requires estimates and judgments by
management.
All internal control evaluations occur within the above framework. We believe that
the Village's internal accounting controls adequately safeguard assets and provide
reasonable assurance of proper recording of financial transactions.
Budgetary control is maintained through a system of monthly revenue and
expenditure/expense versus budget accounting reports which are provided to all
Trustees and department heads. All disbursements receive prior approval of the
Board of Trustees. Total expenditures in any fund are legally restricted to the
total appropriation budget, 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.
9 -
General Governmental Functions
Operating revenues for general governmental functions as reported in the General
Fund totaled $8,651,604, an increase of $291,937 (3.5X) over last year.
The amount of revenues from all sources and the increase or decrease over last year
are shown in the following tabulation:
Percent Increase
of (Decrease)
Source Amount Total Over 1990
Intergovernmental $6,981,773 80.7% ($ 30,491)
Licenses and permits 342,354 4.0 37,269
Charges for services 371,368 4.3 151,884
Fines and penalties 196,640 2.3 ( 33,201)
Interest on investments 306,285 3.5 ( 132,644)
Other revenues 453.184 5.2 299.120
Totals $8.6� 100 $291,937
Intergovernmental revenue is the major source of revenue for the Village, producing
80.7% of current year revenues. The decrease over last year is due to decreased
sales tax revenue of $110,335. This decrease has been partially offset by an
increase in State income tax revenue of $79,791. The net effect of these two
sources is a $30,544 decrease.
The increase in licenses and permits is due to increased building activity.
The increase in charges for services is due to two new revenue line items,
recycling fees and sale of recyclables. The total of these two new revenue sources
is $91,780.
Revenues from interest on investments decreased by $132,644 because of lower
interest rates.
Other revenues were up because of a one-time payment of $300,000 from the Oakbrook
Center per the agreement with the Village for use in future mitigation efforts to
reduce Salt Creek flood elevations.
The Village has never levied taxes for general governmental functions. However,
the assessed valuation of real property of the Village was $806,397,000, an
increase of $61,005,000, or 7.6% over the prior year.
Expenditures for general governmental purposes as reported in the General Fund
totaled $8,724,321, an increase of $118,167 (1.4X) from last year. Changes in
levels of expenditures for major functions of the Village over the prior year are
shown in the following tabulation:
Percent Increase
of (Decrease)
Function Amount Total Over 1990
Legislative $ 407,461 4.7% ($208,839)
General government 1,114,704 12.8 73,547
Public safety 5,540,429 63.5 321,747
Public works 1,439,782 16.5 ( 70,822)
Culture and recreation 221.945 2.5 2.534
Totals $8,724.321100.0X $118,167
- 10 -
The decrease in general government (legislative) expenditures of $208,839 under
last year is because of a $210,000 property acquisition in conjunction with the
Village of Hinsdale and the Du Page County Forest Preserve District during fiscal
year 1989-90.
The increase in public safety of $321,747 is due to an increase in capital
expenditures of $100,000, and board approved salary, plus merit adjustments of
approximately $222,000.
The decrease in public works of $70,822 is due entirely to reduced capital
expenditures because of budget constraints.
Accumulated unpaid vacation pay is accrued when incurred in. the Proprietary Funds.
For governmental funds, the current portion of the liability is reported in the
individual fund, and the remainder is reported in the General Long-Term Debt
Account Group.
Debt Administration
The ratio of net bonded debt to assessed valuation and the amount of the debt per
capita are useful indicators of the Village's debt position. This information for
the Village at April 30, 1991 as compared to April 30, 1990 is as follows:
Avril 30.
1991 1990
tNet bonded debt total $3,247,532 $3,817,307
Ratio of net bonded debt
to assessed valuation .403% .512%
Net bonded debt per capita 355 417
General obligation recreation bonds were issued for the purchase of the Sports Core
in 1977. At that time, the Village also initiated a tax levy for purposes of
retiring the principal and interest payments of the bonds. Collections in fiscal
year 1990-91 totaled $601,406, or approximately 84% of the total tax levy. The
current tax rate is $.1044 per $100 of assessed valuation.
o
The general obligation bonds are due t be retired in December, 1994.
In addition, the Village has outstanding revenue bonds for the Waterworks System
Fund. Schedules of maturities of both bond issues are located in the notes to
financial statements of the Report.
The Village's bonds have the following ratings:
Moody's
Investors
Service
General Obligation Bond As.
1973 Water Works Revenue Bonds Aa
1976 Water Works Revenue Bonds As.
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Cash Management
It is the policy of the Village of Oak Brook to invest idle cash and increase
investment income by the efficient use of savings accounts, certificates of
deposit, repurchase agreements, and the Illinois Public Treasurer's Investment
Pool. At April 30, 1991, the Village's investments for all funds exclusive of the
Pension Trust Funds were distributed as follows:
Treasurer's Investment Pool .4%
Repurchase agreements 12.9
Certificates of deposit and other
time deposits 86.7
For the year ended April 30, 1991, the Village received $671,578 in interest
income.
Capital Projects Fund .
The proceeds of the general obligation bond issue are accounted for in the Capital
Projects Fund until improvement projects are completed. At the end of the fiscal
year, completed projects are transferred to the general account group or to the
fixed assets of the Sports Core Enterprise Fund. I�
Motor Fuel Tax Fund i
The Motor Fuel Tax Fund was established to account for the revenue received from
the State of Illinois for the local share of the motor fuel tax collections. The
State collects the tax on each gallon of fuel sold within the State of Illinois and
returns a percentage back to each municipality based on population. Motor Fuel Tax
revenue from the State for the fiscal year ended April 30, 1991 was $198,312. The
funds in the Motor Fuel Tax Fund have been traditionally used by the Village to
finance street reconstruction and resurfacing projects, and roadway deicer salt.
Pensions
Employees of the Village of Oak Brook are covered by one of three pension plans.
They are: (1) the Policemen's Pension Fund of the Village of Oak Brook, covering
the Village's uniformed personnel in the Police Department; (2) the Firefighters'
Pension Fund of the Village of Oak Brook, covering the Village's uniformed
personnel in the Fire Department; and (3) the Illinois Municipal Retirement Fund,
which covers all the remaining Village employees who work in excess of 1,000 hours
per year on a regular basis. The employees covered by the Illinois Municipal
Retirement Fund are also covered by Social Security.
General Fixed Assets
The general fixed assets of the Village are those fixed assets used in the
performance of general governmental functions and exclude the fixed assets of the
Enterprise Funds. As of April 30, 1991, the general fixed assets of the Village
amounted to $16,767,822. 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.
- 12 -
Waterworks System Fund
The 1991 water sales were down approximately $100,000 from 1990 because of a very
wet summer. Also, we were $56,000 lower than last year for water tap charges as
several expected private construction projects were not built due to the economic
slowdown of the country.
Comparative data for the past two fiscal years are presented in the following
tabulation:
1991 1990
Water sales $2,199,679 $2,300,334
Water tap on charges 34,421 90,640
Total operating revenues 2,371,300 2,538,641
Total operating expenses 1,089,610 1,015,261
Amount available for debt service 1,326,534 1,545,938
Annual debt service 601,138 602,150
Coverage (amount available for debt
service divided by annual debt service) 2.21 2.57
During the year, $500,000 of regularly maturing revenue bonds were retired in the
Waterworks System Fund. Since fiscal year 1976-77, our debt coverage as previously
defined has increased from 2.07 to 2.21.
Risk Management
The Village of Oak Brook has in place a limited risk management program for
Worker's Compensation. As part of this plan, resources are annually accumulated in
the General Fund to meet potential losses. In addition, various risk control
techniques, including employee safety and accident prevention training, and the
formation of a Village Safety Committee consisting of employee representatives for
each department of the Village, have been recently implemented to minimize accident
related losses. Third-party coverage is currently maintained for Worker's
Compensation claims greater than $100 and all other potential losses.
Sports Core Fund
The 1991 financial statements reflect the tenth year of operation of the 18-hole
golf course and expanded operations of the Bath and Tennis Club. Operating
revenues and interest income totaled $1,849,760. Operating expenses, excluding
depreciation, totaled $1,891,873. Major department activity is summarized as
follows:
Revenues and Interest Income
Percent
Description Amount of Total
Golf course (including open fields) $1,241,866 65.8%
Bath and Tennis Club (including special events) 638,948 33.9
Interest income 4.780 _.3
Totals S1,885,594 100.0%
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Operating Expenses
Percent
Description Amount of Total
Golf course (including open fields) $1,033,490 53.6%
Bath and Tennis Club 778,113 40.3
Administration 80,270 4.2
Interest expense 36.829 1.9
Totals $1.902 100.0%
OTHER INFORMATION
Independent Audit
Statutes require an annual audit to be made of the books of account, financial
records, and transactions of all administrative departments of the Village by
independent certified public accountants selected by the Board of Trustees. This
requirement has been complied with and the auditor's opinion has been included in
this Report.
Certificate of Achievement
The Government Finance Officers Association of the United States and Canada
("GFOA") awarded a Certificate of Achievement for Excellence in Financial Reporting
to the Village of Oak Brook for its Comprehensive Annual Financial Report for the
fiscal year ended April 30, 1990.
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 r
has successfully obtained the Certificate of Achievement for 14 years. We believe
our current Report conforms to Certificate of Achievement Program requirements, and
we are submitting it to GFOA to determine its eligibility for another certificate.
Acknowledgments
The preparation of this Report could not be accomplished without the efficient and ,
dedicated services of the entire staff of the Village of Oak Brook. We wish to
express our appreciation to those persons who have made possible the publication of
this Report, and to thank the President and members of the Board of Trustees for
their interest and support in planning and conducting the financial operations of
the Village in a responsible and progressive manner.
-5. C.16 A
Terry C. Klein
Finance Officer/Treasurer
14 -
Certificate of
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
April 30, 1990
A Certificate of Achievement for Excellence in Financial
i 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 (CAFR's) achieve the highest
standards in government accounting
and financial reporting.
r
,w" President
�=
,
SLAAL� Z2�;t
Executive Director
FRIEDMAN,EISENSTEIN,RAEMER&SCHWARTZ
Certified Public Accountants I Business&Personal Consultants
A member of MOORES ROWLAND INTERNATIONAL
with associated firms throughout the world
INDEPENDENT AUDITORSREPORT
August 2, 1991
The President and Board of Trustees
Village of Oak Brook
Oak Brook, Illinois
We have audited the accompanying general purpose financial statements and the
combining, individual fund and account group financial statements of the Viilage of
Oak Brook, Illinois, as of April 30, 1991, and for the year then ended, as listed
in the table of contents. These financial 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 April 30, 1991, 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 April 30,
1991, 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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401 North Michigan Avenue Chicago, Illinois 60611-4240 (312)644-6000 Fax:(312)644-4423
Offices:Chicago and Suburbs
O
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 and individual fund and
account group financial statements. The accompanying financial information listed
as supplemental information in the table of contents is presented for purposes of
additional analysis and is not a required part of the 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 and
individual fund and account group financial statements and, in our opinion, is
fairly stated in all material respects in relation to the financial statements of
each of the respective individual funds and account groups taken as a whole.
i
17 _
f
VILLAGE OF OAK BROOK, ILLINOIS
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
APRIL 30, 1991
ASSETS
Governmental Fund Types
Special Debt Capital
General Revenue Service Projects
Cash and equivalents $2,489,010 $248,394 $ 277,561 $ 3,609
Investments 2,077,710 408 15,000
Receivables (net, where applicable,
of allowances for uncollectibles)
Sales taxes 1,334,186
Property taxes 832,941
State income taxes 58,593 8,199
Water customers
Allotments 13,250
Accrued interest 63,044
Other 109,834 15,793
Due from other funds 112,691
Inventory of supplies 56,215
Other assets 70,978
Restricted assets - investments
Investment in joint venture
Fixed assets (net, where applicable, of
accumulated depreciation)
Amount available in Debt Service Fund
Amount to be provided for retirement of
general long-term debt
Total Assets $6.3� $277,437 S1.1� $18,609
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Fiduciary
Proprietary Fund Type Account Groups Totals
Fund Type Trust and General General Long- (Memorandum Only)
Enterprise Agency Fixed Assets Term Debt 1991 1990
$ 169,991 $ 1,484,141 $ - $ - $ 4,672,706 $ 524,760
80,680 17,613,332 19,787,130 22,639,093
1,334,186 1 534 363
832,941 610,949
66,792 71,895
270,726 270,726 268,593
13,250 15,504
122,528 65,001 250,573 778,780
11,958 19,616 157,201 289,111
38,622 151,313 467,519
157,651 213,866 181,836
18,234 89,212 63,517
2,997,297 2,997,297 3,990,229
2,421,610 2,421,610 1,520,847
21,409,290 16,767,822 38,177,112 34,958,548
202,468 202,468 432,693
3.374.197 3.374.197 3.914.465
S27.659.965 $19.220.712 S16.767.822 53.5�65 S75.012.580 272.262.702
VILLAGE OF OAK BROOK. ILLINOIS
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS - Continued
APRIL 30, 1991
LIABILITIES AND FUND EQUITY
Governmental Fund Tyggs
Special Debt Capital
General Revenue Service Proiects
LIABILITIES
Accounts payable $ 405,597 $ 35,387 $ - $ 17,519
Accrued payroll and vacation 555,605
Customer deposits 2,145
Due to other funds 38,622
Deferred revenue
Property taxes 832,941
Other 89,758
Interest payable 83,700
Construction performance bonds 317,955
Note payable
Revenue bonds payable, net of bond
discount of $14,418
General obligation bonds payable
Deferred compensation benefits payable
Total Liabilities 1.409.682 35.387 916.641 17.519
FUND EQUITY
Contributed capital
Investment in general fixed assets
Retained earnings
Reserved under revenue bond ordinance
Unreserved
Fund balances
Reserved for encumbrances
Reserved for inventory 56,215
Reserved for debt service 202,468
Reserved for employees' retirement
Unreserved
Designated for subsequent year's
expenditures 1,090
Undesignated 4.906.364 242.050
Total Fund Equity 4.962.579 242.050 202.468 1.090
Total Liabilities and
Fund Equity 16.3�72.2,61 $277,437 S1.119.109: 18.609
The accompanying notes are an integral part of this statement.
19 -
Fiduciary
Proprietary Fund Type Account Groups Totals
Fund Tye Trust and General General Long- (Memorandum Only)
Enterprise Agency Fixed Assets Term Debt 1991 1990
$ 1,256,931 $ 28,259 $ - $ - $ 1,743,693 $ 1,152,340
66,831 126,665 749,101 655,203
22,535 24,680 290,475
109,541 3,150 151,313 467,519
832,941 603,141
251,169 340,927 194,725
83,700 102,900
317,955 358,924
402,539 402,539 462,025
1,485,582 1,485,582 1,980,412
3,450,000 3,450,000 4,250,000
1.386.450 1.386.450
3.595.128 1.417.859 3.576.665 10.968.881 10.517.664
11,025,590 11,025,590 11,025,590
16,767,822 16,767,822 16,158,982
2,997,297 2,997,297 3,948,207
10,041,950 10,041,950 8,448,193
221,529
56,215 55,516
202,468 432,693
17,490,712 17,490,712 15,581,198
1,090 239,580
312.141 5.460.555 5.633.550
24.064.837 17.802.853 16.767.822 64.043.699 61.745.038
$27.659.965 $19.220.712 $16.767.822 $3.5� S75.012.580 $72.262.702
i
VILLAGE OF OAK BROOK. ILLINOIS
COMBINED STATEMENT OF REVENUES. EXPENDITURES AND CHANGES
IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES
YEAR ENDED APRIL 30. 1991
(With 1990 for Cg=arison)
Special Debt Capital
General Revenue Service Proiects
REVENUES
Intergovernmental $6,981,773 $198,312 $114,780 $ -
Property taxes 603,129
Licenses and permits 342,354"
Service charges 371,368
Fines and penalties 196,640
Interest on investments 306,285 23,044 39,371 7,561
Hotel/motel taxes 89,664
Miscellaneous 453.184
Total Revenues 8.651.604 311.020 757.280 7,561
EXPENDITURES
Current
Legislative 407,461
General government 1,114,704
Public safety 5,540,429 302,455
Public works 1,439 782 200 653 64,016
Culture and recreation 21,945 -_ 56,140
Debt service
Principal retirement 800,000
Interest and fees 187.505
Total Expenditures 8.724.321 256.793 987.505 366.471
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES ( 72.717) 54.227 ( 230.225)( 358,910)
OTHER FINANCING SOURCES (USES)
Operating transfers in 202,125 60,000
Operating transfers out ( 77.500) ( 31.205)
Total Other Financing
Sources (Uses) 124.625 28.795
EXCESS (DEFICIENCY) OF REVENUES AND
OTHER FINANCING SOURCES OVER (UNDER)
EXPENDITURES AND OTHER FINANCING USES 51,908 54,227 ( 230,225)( 330,115)
FUND BALANCES
Beginning of year 4.910.671 187.823 432.693 331.205
End of year $4,962,579 $242,050 0 4 1,090
The accompanying notes are an integral part of this statement.
- 20 -
Totals
(Memorandum Only)
1991 1990
$ 7,294,865 $7,325,893
603,129 542,623
342,354 305,085
371,368 219,484
196,640 229,841
376,261 538,159
89,664
453.184 j 154.064
9.727.465 9.315.149
407,461 616,300
1,114,704 1,041,157
5,842,884 5,303,456
1,704,451 1,605,218
278,085 241,751
800,000 700,000
187.505 222.716
10.335.090 9.730.598
( 607.625)( 415.449)
262,125 412,590
( 108.705)( 235.090)
153.420 177.500
( 454,205)( 237,949)
5.862.392 6.100.341
S 5.408.187 S5.862.392
VILLAGE OF OAK BROOK, ILLINOIS
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - BUDGET AND ACTUAL
GENERAL FUND SPECIAL REVENUE FUNDS DEBT SERVICE FUND
AND CAPITAL PROJECTS FUND
YEAR ENDED APRIL 30, 1991
General Fund
Variance
Favorable
Actual Budget Unfavorable
REVENUES
Intergovernmental $6,981,773 $ 7,008,700 ($ 26,927)
Property taxes
Licenses and permits 342,354 253,860 88,494
Service charges 371,368 320,750 50,618
Fines and penalties 196,640 166,400 30,240
Interest on investments 306,285 290,000 16,285
Hotel/motel taxes
Miscellaneous 453.184 171.420 281.764
Total Revenues 8.651.604 8.211.130 440.474
EXPENDITURES
Current
Legislative 407,461 557,376 ( 149,915)
General government 1,114,704 1,125,470 ( 10,766)
Public safety 5,540,429 5,719,001 ( 178,572)
Public works 1,439,782 2,857,125 ( 1,417,343)
Culture and recreation 221,945 262,280 ( 40,335)
Debt service
Principal retirement
Interest and fees
Total Expenditures 8.724.321 10.521.252 ( 1.796.931)
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES ( 72.717)( 2.310.122) 2.237.405
OTHER FINANCING SOURCES (USES)
Operating transfers in 202,125 1,202,125 ( 1,000,000)
Operating transfers out ( 77.500)( 88.750)
Total Other Financing Sources (Uses) 124.625 1.113.375 ( 988.750)
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER (UNDER) EXPENDITURES
AND OTHER FINANCING USES 51,908 ($ 1.196.747) S1.2�4
FUND BALANCES
Beginning of year 4.910.671
End of year $4.962
- 21 -
Special Revenue Funds Debt Service Fund
Variance Variance
Favorable Favorable
Actual Budget (Unfavorable) Actual Budget (Unfavorable)
$198,312 $198,600 ($ 288) $114,780 $ 130,000 ($15,220)
603,129 603,140 ( 11)
23,044 9,520 13,524 39,371 53,900 ( 14,529)
89,664 80,000 9,664
311.020 288.120 22.900 757.280 787.040 ( 29.760)
200,653 272,650 ( 71,997)
56,140 80,000 ( 23,860)
800,000 800,000
187.505 ( 19.195)
256.793 352.650 ( 95.857) 987.505 1.006.700 ( 19.195)
54.227 ( 64.530) 118.757 ( 230.225)( 219.660) ( 10.565)
54,227 ( ) ( 230,225)(SS 219,660) (SS 1�)
� 4.�..r� 0
.�. S 11
187.823 432.693
S242,050 46
(Continued)
VILLAGE OF OAK BROOK, ILLINOIS
COMBINED STATEMENT OF REVENUES. EXPENDITURES AND CHANGES
IN FUND BALANCES - BUDGET AND ACTUAL
GENERAL FUND, SPECIAL REVENUE FUNDS. DEBT SERVICE FUND
AND CAPITAL PROJECTS FUND - Continued
YEAR ENDED APRIL 30, 1991
Capital Projects Fund
Variance
Favorable
Actual Budget (Unfavorable)
REVENUES
Intergovernmental $ - $ - $ -
Property taxes
Licenses and permits
Service charges
Fines and penalties
Interest on investments 7,561 12,948 ( 5,387)
Miscellaneous
Total Revenues 7.561 12.948 ( 5.387)
EXPENDITURES
Current
Legislative
General government
Public safety 302,455 200,000 102,455
Public works 64,016 64,016
Culture and recreation
Debt service
Principal retirement
Interest and fees
Total Expenditures 366.471 200.000 166.471
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES ( 358.910)( 187.052) ( 171.858)
OTHER FINANCING SOURCES (USES)
Operating transfers in 60,000 73,000 ( 139000)
Operating transfers out ( 31.205) ( 05)
Total Other Financing Sources (Uses) 28.795 73.000 ( 44.205)
EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING
SOURCES OVER (UNDER) EXPENDITURES AND OTHER
FINANCING USES ( 330,115)($114.052) (S216,063)
FUND BALANCES
Beginning of year 331.205
End of year $ 1,090
The accompanying notes are an integral part of this statement.
22 -
VILIAGE OF OAK BROOK. IUINOIS
COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN
RETAINED EARNINGS/FUND BALANCES - ALL PROPRIETARY
FUND TYPES AND PENSION TRUST FUNDS
YEAR ENDED APRIL 30. 1991
(With 1990 for Comparison)
Fiduciary
Proprietary Fund Type Totals
Fund Type Pension (Memorandum Only)
Enter2rise Trust - 1991 1990
OPERATING REVENUES -
Charges for services $ 4,152,681 $ $ 4,152,681 $ 4,376,452
Interest on investments 1,124,978 1,124,978 1,468,233
Contributions
Employees 249,692 249,692 231,548
Village 492,921 492,921 456,252
Miscellaneous 113.223 100 113.323 22.658
Total Operating Revenues 4.265.904 1.867.691 6.133.595 6.555.143
OPERATING EXPENSES
Operation of facilities 2,981,483 2,981,483 2,669,423
General and administrative 4,530 4,530 74,888
Depreciation 670,675 670,675 574,570
Pension refunds 24,789 24,789 20,729
Benefit payments 337.193 337.193 319.534
1 Total Operating Expenses 3.652.158 366.512 4.018.6LQ 3.659.144
OPERATING INCOME 613.746 1.501.179 2.114.925 2.895.999
NONOPERATING REVENUES (EXPENSES)
Interest on investments 295,317 295,317 714,922
Interest expense ( 137,967) ( 137,967)( 157,217)
Amortization of bond discount ( 5,170) ( 5,170)( 5,170)
Fiscal agents' fees ( 713) ( 713)( 375)
Other revenue 31.054 31.054 77.884
Total Nonoperating Revenues
(Expenses) 182.521 182.521 630.044
INCOME BEFORE OPERATING TRANSFERS 796.267 1.501.179 2.297.446 3.526.043
Operating transfers in 48,705 48,705 37,340
' Operating transfers out ( 202.125) ( 202.125)( 192.500)
Total Operating Transfers ( 153.420) ( 153.420)( 155.160)
NET INCOME 642,847 1,501,179 2,144,026 3,370,883
RETAINED EARNINGS/FUND BALANCE
Beginning of year 12.396.400 16.301.674 28.698.074 25.327.191
End of year S13.039.247 S17.802.853 $30.842.100 S28.698.074
The accompanying notes are an integral part of this statement.
- 23 -
VILLAGE OF OAK BROOK. ILLINOIS
COMBINED STATEMENT OF CASH FLOWS - ENTERPRISE FUNDS
YEAR ENDED APRIL 30, 1991
RECONCILIATION OF OPERATING INCOME TO NET CASH
PROVIDED BY OPERATING ACTIVITIES
Operating income S 613.746
Adjustments to reconcile operating income to net cash provided
by operating activities
Depreciation 670,675
Deferred revenue 244,350
Change in assets and liabilities
Decrease in receivables 155,264
Decrease in interfund receivables 51,528
(Increase) in inventory ( 31,331)
Decrease in other assets 43,279
Increase in accounts payable 512,569
Increase in accrued payroll 9,302
Increase in interfund payable 30,864
(Decrease) in customer deposits ( 265.523)
Total Adjustments 1.420.977
Net Cash Provided by Operating Activities 2.034.723
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Operating transfers in (out)
Capital Projects Fund 31,205
General Fund ( 184,625)1
Other nonoperating revenue 31.054
Net Cash Used for Noncapital Financing Activities ( 122.366)
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES I
Acquisition of capital assets ( 3,280,399)
Increase in investment in joint venture ( 900,763)
Principal paid on revenue bonds ( 500,000)
Interest paid on revenue bonds ( 101,138)
Principal paid on notes payable ( 59,486)
Interest paid on notes payable ( 36,829)1
Fiscal agents' fees paid ( 713)
Net Cash Used for Capital and Related Financing Activities ( 4.879.328)
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash flows from investments 2,518,177
Interest income 295.317
Net Cash Provided by Investing Activities 2.813.494
NET DECREASE IN CASH AND EQUIVALENTS ( 153,477)
CASH AND EQUIVALENTS
Beginning of year 323.468
End of year Sh9s
The accompanying notes are an integral part of this statement.
24 -
' VILLAGE OF OAK BROOK. ILLINOIS
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Village of Oak Brook, Illinois ("Village") was incorporated on
February 21, 1958, The Village operates under a Board of Trustees - Manager
form of government and provides the following services as authorized by its
charter: public safety (police and fire) , highways and streets, recreation
(golf course and bath and tennis club) , water, public improvements, planning
and zoning and general administrative services.
The accompanying financial statements of the Village have been prepared in
conformity with generally accepted accounting principles as promulgated in
pronouncements of the Governmental Accounting Standards Board ("GASB") .
REPORTING ENTITY
The financial statements of the Village, in conformance with GASB
standards, include all funds and accounts groups of the Village and of
agencies, boards and commissions over which the Village's Board of
Trustees exercises oversight responsibility. Oversight responsibility is
defined to include the following considerations: selection of governing
authority, designation of management, ability to significantly influence
operations, accountability for fiscal matters, the scope of an
organization's public service and or/special financial relationships.
Based on the foregoing criteria, the financial statements of the
following organization are included in the accompanying financial
statements:
Oak Brook Public Library - The Library provides services to Village
residents and the Village provides most of the Library's operating
funds.
The following organizations are not part of the Village and are excluded
in the accompanying financial statements:
Intergovernmental Risk Management Agency ("IRMA") - IRMA is a
voluntary cooperative agency consisting of 47 Illinois municipal
governmental units. Its purpose is to manage and fund first-party
property losses and third-party liability claims of its member
municipalities. The Village does not exercise any significant
control over the activities of IRMA. The Village accounts for this
joint venture using the cost method as the joint venture is financed
by the General Fund.
25 -
VILLAGE OF OAK BROOK. ILLINOIS
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
REPORTING ENTITY - Continued
Intergovernmental Personnel Benefit Cooperative ("IPBC") - IPBC is a
voluntary cooperative agency established by 22 Illinois municipal
governmental units to administer some or all of the personnel benefit
programs offered by its members. The Village does not exercise any
significant control over the activities of IPBC. The Village accounts
for this ,joint venture using the cost method as the joint venture is
financed by the General Fund.
Du Page Water Commission ("Commission") - The Commission exists and
operates under the Water Commission Act of 1985 to provide facilities for
receiving, storing and transmitting Lake Michigan water to municipalities ,
and other customers in Du Page County. The Village does not exercise
control over the activities of the Commission. The Village accounts for
this joint venture, which is financed by the Water Fund, using the equity
method.
BASIS OF PRESENTATION - FUND ACCOUNTING
The accounts of the Village are organized on the basis of funds and
account groups, each of which is considered a separate accounting
entity. The operations of each fund are accounted for with a separate
set of self-balancing accounts that comprise its assets, liabilities,
fund equity, revenue and expenditures or expenses, as appropriate.
Government resources are allocated to and accounted for in individual
funds based upon the purposes for which they are to be spent and the
means by which spending activities are controlled. The following fund
types and account groups are used by the Village:
Governmental Fund Types
Governmental Funds are those through which most governmental
functions of the Village are financed. The Village's expendable
financial resources (except those accounted for in Proprietary
Funds) are accounted for through governmental funds using the flow
of financial resources measurement focus. The following are the
Village's governmental fund types:
General Fund - The General Fund is the general operating fund
of the Village. It is used to account for all financial
resources except those required to be accounted for in another
fund.
- 26 -
1
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
BASIS OF PRESENTATION - FUND ACCOUNTING - Continued
Governmental Fund Types - Continued
,Special Revenue Funds - The Special Revenue Funds are used to
account for the Village's share of the state motor fuel tax
allotments, which are required by state law to be used to
maintain streets and to account for the revenue provided by the
hotel/motel tax, implemented during the current year to promote
tourism and conventions within the Village and to attract
nonresident overnight visitors to the Village.
Debt Service Fund - The Debt Service Fund is used to account
for the accumulation of resources for, and the payment of,
general obligation long-term debt principal, interest and
related costs. The Village's only Debt Service Fund is for the
Sports Core general obligation recreation bonds.
Capital Projects Fund - The Capital Projects Fund is used to
account for financial resources to be used for the acquisition
or construction of major capital items (other than those
financed by Proprietary Funds) .
iProprietary Fund Types
Proprietary Funds are used to account for the Village's ongoing
activities that are similar to those often found in the private
sector. The measurement focus is based on the flow of economic
resources:
Entel2rise Funds - Enterprise Funds are used to account for
operations (a) that are financed and operated in a manner
similar to private business enterprises - where the intent of
the governing body is that the costs (expenses, including
depreciation) of providing goods or services to the general
public on a continuing basis be financed or recovered primarily
through user charges; or (b) where the governing body has
decided that periodic determination of revenues earned,
expenses incurred, and/or net income is appropriate for capital
maintenance, public policy, management control, accountability
or other purposes.
27 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
BASIS OF PRESENTATION FUND ACCOUNTING Continued
Fiduciary Fund Type
Fiduciary Funds are used to account for assets held by the Village
in a trustee capacity or as an agent for individuals, private
organizations, other governmental units and/or other funds.
Trust Funds - Trust Funds are used to account for assets held
by the Village in a trustee capacity. These include the
Policemen's and Firefighters' Pension Trust Funds. These funds
are accounted for in essentially the same manner as Proprietary
Funds.
Account Groups
Account groups are used to establish accounting control and
accountability for the Village's General Fixed Assets and General
Long-Term Debt. The following are the Village's account groups:
General Fixed Assets Account Group - This account group is
established to account for all fixed assets of the Village,
other than those accounted for in the Proprietary Funds and
Trust Funds.
General Long-Term Debt Account Grouv - This account group is
established to account for all long-term debt of the Village
except that accounted for in the Proprietary Funds.
BASIS OF ACCOUNTING
Basis of accounting refers to when revenues and expenditures or expenses
are recognized in the accounts and reported in the financial statements,
regardless of the measurement focus applied.
All governmental funds are accounted for using the modified accrual basis
of accounting. Revenues are recognized when they become measurable and
available as net current assets. Shared revenues remitted from the state
government, such as the state motor fuel tax allotments, state income
taxes and state sales taxes are accrued applying the susceptible to
accrual concept based upon the month they are collected by the state.
- 28 -
' VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
BASIS OF ACCOUNTING Continued
In applying the susceptible to accrual concept to intergovernmental
revenues, the legal and contractual requirements of the numerous
individual programs are used as guidance. There are, however,
essentially two types of these revenues. In one type, monies must be
expended on the specific purpose or project before any amounts will be
paid to the Village; therefore, revenues are recognized based upon the
expenditure recorded. In the other type, monies are virtually
unrestricted as to purpose of expenditure and are usually revocable only
for failure to comply with prescribed compliance requirements. These
resources are reflected as revenues at the time of receipt or earlier if
the susceptible to accrual criteria are met.
License and permit fees, charges for services (other than Enterprise
Funds) , and miscellaneous revenues (except investment earnings) are
recorded as revenues when received in cash because they are generally not
measurable until actually received. Investment earnings are recorded as
earned because they are measurable and available.
With the exception of interest on long-term debt, expenditures are
generally recognized under the modified accrual accounting concept when
the related fund liability is incurred. 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 fiscal year.
All Proprietary Funds and Pension Trust Funds are accounted for using the
accrual basis of accounting. Their revenues are recognized when they are
earned, and their expenses are recognized when they are incurred.
Unbilled Waterworks System Fund utility service receivables are recorded
at year-end by taking the cycle billings sent to customers after year-end
and prorating the amount of days applicable to each fiscal year.
Deferred revenue in the Sports Core Fund represents membership dues
collected in advance of the period to which the dues pertain.
BUDGETARY ACCOUNTING
The Village follows these procedures in establishing the budgetary data
reflected in the financial statements:
1. Prior to March 1, a proposed operating budget for the fiscal
year commencing the following May 1 is prepared by the
department heads, reviewed by the Village Manager and Village
29 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
BUDGETARY ACCOUNTING - Continued
Treasurer, and submitted to the Board of Trustees for review.
The operating budget includes proposed expenditures for the
General Fund, Special Revenue Funds, Debt Service Fund,
Capital Projects Fund, Enterprise Funds and Pension Trust
Funds.
2. Public hearings are conducted to obtain taxpayer comments.
3. Prior to August 1, the appropriations ordinance (budget) , which
is 10% greater than the proposed operating budget, is legally
enacted through passage of an ordinance. All appropriations
lapse at year-end.
4. Changes or amendments to the total budgeted expenditures of any
fund must be approved by the Board of Trustees. No
supplemental appropriations were necessary during the past
fiscal year.
5. Expenditures may not legally exceed budgeted appropriations on
a fund basis for each legally adopted annual budget.
Formal budgetary integration is employed as a management control device
during the year for all funds. Village budgets are prepared on a basis
of accounting consistent with generally accepted accounting principles
(GAAP) .
The Village converted its budgeting process from non-GAAP basis to the
GAAP basis for the current fiscal year.
ENCUMBRANCES
Encumbrance accounting, under which purchase orders, contracts and other
commitments for the expenditure of monies are recorded in order to
reserve that portion of the applicable appropriation, is employed as an
extension of formal budgetary integration in all funds. All encumbrances
lapse at the end of the year and any outstanding amounts are rebudgeted.
CASH AND EQUIVALENTS
Cash and equivalents represent cash on hand and cash deposited in
interest bearing checking and money market accounts.
30 -
VILLAGE OF OAK BROOK. ILLINOIS
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
INVESTMENTS
Investments are stated at cost, which approximates market. Adjustments
are made to cost, for any premium or discount, which is amortized over
the maturity of the investment.
Chapter 85, Section 902 of the Illinois Revised Statutes authorizes the
Village to invest in obligations of the United States Treasury and United
States agencies, direct obligations of any bank, commercial paper rated
within the three highest classifications set by two standard rating
services, or money market funds investing in obligations of the United
States Treasury and United States agencies.
INVENTORY
Inventory is valued at cost (first-in, first-out) which approximates
market. Inventory in the General Fund consists of expendable supplies
held for consumption; inventory in the Sports Core Fund consists of
similar expendable supplies and also inventory of the pro shop held for
' resale. The cost is recorded as an expenditure at the time individual
inventory items are utilized or sold. Reported General Fund inventories
are equally offset by a fund balance reserve which indicates that they do
not constitute "available spending resources" even though they are a
component of net current assets.
FIXED ASSETS AND LONG-TERM LIABILITIES
Fixed assets acquired for use in governmental fund type operations are
recorded as expenditures in the fund making the expenditure and are
capitalized at cost in the General Fixed Assets Account Group. If actual
cost cannot be determined, estimated historical cost is used; donated
fixed assets are valued at their estimated fair value on the date
donated. Public domain ("infrastructure") general fixed assets
consisting of certain improvements other than buildings, including roads,
bridges, curbs and gutters, streets and sidewalks, drainage systems and
lighting systems are capitalized with other general fixed assets. In
accordance with generally accepted accounting principles, no depreciation
is taken on the general fixed assets.
Proprietary Fund fixed assets are stated at cost or, if donated, fair
market value at the date of donation, in the fund in which they are
utilized. Depreciation of all exhaustible fixed assets used by
' Proprietary Funds is charged as an expense against their operations.
31 -
VILLAGE OF OAK BROOK. ILLINOIS
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES -
-Continued
FIXED ASSETS AND LONG-TERM LIABILITIES Continued
Accumulated depreciation is reported on the Proprietary Fund's balance
sheet. Depreciation has been provided over the estimated useful lives
using the straight-line method. Estimated useful lives are as follows:
Description Years
Buildings 40
Waterworks system 10 - 40
Improvements, other than buildings 10 - 20
Tennis courts and pools 15 - 20
Equipment 5 - 10
Long-term liabilities expected to be financed from governmental funds are
accounted for in the General Long-Term Debt Account Group. Long-term
liabilities of all Proprietary Funds are accounted for in the respective
funds.
Vacation pay is computed and earned on a calendar year basis. Vacation '
earned must be taken before the end of the next calendar year and is,
therefore, taken on a first-in, first-out basis. For governmental funds,
the portion of accumulated unpaid vacation benefits expected to be
liquidated with expendable available financial resources is reported in
the individual fund, and the remainder is recorded in the General Long-
Term Debt Account Group. Accumulated unpaid vacation pay is accrued when
incurred in the Proprietary Fund Types.
No liability is recorded for nonvesting accumulating rights to receive
sick pay benefits. The Village's employees are not eligible for
significant postretirement benefits except as provided by the pension
plans as disclosed in Note 7.
TOTAL (MEMORANDUM ONLY) COLUMNS ,
Total columns represent an aggregation of the fund type and account group
financial statements. They are presented for information only and do not
represent consolidated financial information. Interfund eliminations
have not been made in the aggregation of the data.
COMPARATIVE INFORMATION
The summary totals for 1990, presented in the accompanying financial
statements, are for comparison purposes only.
- 32 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
1
2. CASH AND INVESTMENTS
At year-end, the carrying amount of the Village's cash was $2,034,822 and the
bank balances were $2,059,798. The following table summarizes the Village's
cash at April 30, 1991:
Bank Balance
Insured (FDIC, FSLIC or SIPC) $ 562,713
Uninsured
Collateral held by pledging bank's
agent in Village's name 1,088,131
Uncollateralized 408.954
Total $2.059
The Village's investments are categorized in the following table to give an
indication of the level of risk assumed by the Village at April 30, 1991.
Category 1 includes investments that are insured or registered or for which
securities are held by the Village or its agent in the Village's name.
Category 2 includes the uninsured and unregistered investments for which the
' securities are held by the financial institution'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 financial institution or by its trust department or
agent, but not in the Village's name or securities held by a broker or
dealer.
Category Carrying Market
1 2 3 Amount Value
Repurchase - -
agreements $ 3,094,828 $ $ $ 3,094,828 $ 3,094,828
Certificates
of deposit 4,577,156 4,577,156 4,577,156
U.S.
Government
securities 10,613,552 10,613,552 11,376,563
U.S. Agency
securities 4.476.167 4.476.167 4.559.917
922.761.703 S 22,761,703 23,608,464
Annuities 1,178,069 1,312,613
' International City Managers Association
(Deferred Compensation Plan) 1,386,450 1,386,450
Illinois Public Treasurer's Investment Pool 96.089 96.089
S25.422.311 $26.403.616
- 33 -
VILLAGE OF OAK BROOK. ILLINOIS
NOTES TO FINANCIAL STATEMENTS
3. PROPERTY TAXES
The Village's property tax is levied each calendar year on all taxable real
property located in the Village. The Village levies taxes only for the
payment of principal and interest on general obligation long-term debt.
Property taxes attach as an enforceable lien on property as of January 1. In
the following year, taxes are levied on March 1 and become due and payable in
two installments on June 1 and September 1. Taxes are billed and collected by
county officials.
The GASB provides that property taxes should be recognized as revenue in the
levy year only when they are due and receivable in the current year or when
they are due within the year and collected or expected to be collected within
60 days after the end of the current year. As a result, the Village does not
recognize property taxes as revenue in the levy year because the taxes are not
due and receivable until the following fiscal year.
4. FIXED ASSETS
Changes in general fixed assets for the year ended April 30, 1991 are as
follows:
Balance at Balance at
May 1, April 30,
1990 Additions Retirements 1991
Land $ 491,829 $ - $ - $ 491,829
Buildings and
improvements 5,015,166 183,863 5,199,029
Furniture and fixtures 274,920 523 275,443
Roadway improvements 6,320,344 107,369 6,427,713
Automotive equipment 1,905,272 253,692 98,374 2,060,590
Other equipment 1,750,680 124,694 1,875,374
Library books 400.771 37.073 437.844
Totals S16.158.982 $707,214 S 98,374 $16,767,822
34 -
VILLAGE OF OAK BROOK. ILLINOIS
NOTES TO FINANCIAL STATEMENTS
a
4. FIXED ASSETS - Continued
Proprietary fund type property, plant and equipment at April 30, 1991
consisted of the following:
Waterworks Total
System Sports Enterprise
Fund Core Fund Fund
Land and improvements $ 215,800 $ 9,971,713 $10,187,513
Buildings and improvements 1,357,330 1,357,330
Waterworks system structure
and equipment 14,380,788 14,380,788
Improvements other than
buildings 503,302 503,302
Tennis courts and pools 575,760 575,760
Equipment 234.559 420.473 655.032
14,831,147 12,828,578 27,659,725
Less: Accumulated
depreciation 3.585.636 2.664.799 6.250.435
Totals S11.245.511 $10.163.779 521.409.290
' 5. LONG-TERM DEBT
GENERAL LONG-TERM DEBT ACCOUNT GROUP
The following is a summary of transactions in the General Long-Term Debt
Account Group for the year ended April 30, 1991:
General
Obligation Accrued
' Recreation Vacation
Bonds Liability- Total
Balance, May 1, 1990 $ 4,250,000 $ 97,158 $ 4,347,158
' Retirements ( 800,000) ( 800,000)
Increase in accrued vacation
liability 29.507 29.507
Balance, April 30, 1991 S 3.450.000 S 126.665 S 3.576.665
35 -
VILLAGE OF OAK BROOK. ILLINOIS
NOTES TO FINANCIAL STATEMENTS
5. LONG-TERM DEBT - Continued -
GENERAL LONG-TERM DEBT ACCOUNT GROUP Continued
A special election on June 21, 1977 authorized and approved the issuance
of $10,270,000 General Obligation Recreation Bonds - Sports Core.
Proceeds of these bonds were used to pay the cost of the acquisition of
approximately 269 acres of the Butler International Sports Core and to
improve and redevelop the existing Village golf course. The bonds were
sold as of September 1, 1977 for a price of $10,270,408 plus accrued
interest of $71,611. Principal on the bonds is due serially December 1,
1979 through December 1, 1994. Interest is payable semiannually on
June 1 and December 1, at rates from 4.3% to 4.9%. The Village levies
taxes for retirement of the bonds which are accounted for by the Debt
Service Fund.
NOTE PAYABLE
Note payable to a bank in the amount of $402,539 is due May 15, 1992
bearing interest at a rate of 6.85%. The note is payable in monthly
principal and interest installments of $7,500, secured by various golf
course maintenance equipment and maintenance building.
WATERWORKS REVENUE BONDS
The following is a summary of transactions for the year ended April 30, '
1991:
1973 Series 1976 Series Total '
Balance, May 1, 1990 $1,375,000 $625,000 $2,000,000
Retirements ( 200.000) ( 300.000) ( 500.000)
Balance, April 30, 1991 S1.17 S325.000: S1.5�000
The Waterworks Revenue Bonds were issued to fund the acquisition and
expansion of the Village's water system. The $3,300,000 Series 1973
bonds were sold as of February 1, 1973. Principal on the bonds is due
serially May 1, 1976 through May 1, 1996. Semiannual interest is payable
on May 1 and November 1 at rates from 4% to 6%. The $3,000,000 1976
Series bond is due serially May 1, 1978 through May 1, 1992. Interest is
payable semiannually on May 1 and November 1 at rates of 4.4% to 5.75%. ,
Both series are payable from water revenues and are accounted for in the
Waterworks System Fund.
- 36 -
VILLAGE OF OAK BROOK. ILLINOIS
NOTES TO FINANCIAL STATEMENTS
5. LONG-TERM DEBT - Continued
DEBT SERVICE REQUIREMENTS
The annual payments to amortize all long-term debt outstanding, including
interest, as of April 30, 1991, are as follows:
General Obligation Waterworks
Year Ended Recreation Bonds Revenue Bonds
April 30. Principal Interest Principal Interest
1992 $ 800,000 $167,400 $ 525,000 $ 73,487
1993 850,000 129,000 225,000 44,400
1994 900,000 88,200 225,000 32,700
1995 900,000 44,100 250,000 21,000
1996 275.000 11.000
Totals $3,450,000 $428,700 $1,500,000 $182,587
Year Ended Note Payable
April 30. Principal Interest Total
1992 $ 58,884 $ 23,616 $1,648,387
1993 343,655 1,962 1,594,017
' 1994 1,245,900
1995 1,215,100
1996 286.000
Totals SS 402.539 S 2i S5.989.404
6. REVENUE BOND COVENANTS
The ordinance authorizing the issuance of Waterworks Revenue Bonds Series 1973
and 1976 requires that the following separate accounts be maintained in the
Waterworks System Fund. On the first business day of each month, all monies
held in the Fund are to be transferred to the designated accounts as noted
below:
Accounts Amount
' Operation and Maintenance An amount sufficient to pay the
Account reasonable expense of operation
and maintenance for the next
' month. This account had a balance
of $222,646 at April 30, 1991.
37 -
VILLAGE OF OAK BROOK. ILLINOIS
NOTES TO FINANCIAL STATEMENTS
6. REVENUE BOND COVENANTS - Continued
Accounts Amount '
Bond and Interest Account Amount equal to one-tenth and
one-fifth of the next maturing
principal and interest payments,
respectively. This account had a
zero balance at April 30, 1991.
Bond Reserve Account $4,500 each month until all bonds
of this Fund have been paid or '
payment provided for. This
account had a balance of $760,500
at April 30, 1991. ,
Depreciation, Improvement $8,250 each month (or a greater
and Extension Account amount, as designated by the
Board) until a maximum of
$400,000 is on deposit in said
account. This account has a
balance of $400,000 at April 30,
1991.
Surplus Revenue Account All surplus funds remaining after
providing for all of the deposits
listed above. This account had a
balance of $1,614,151 at
April 30, 1991. '
Funds accumulated in the bond reserve account shall be used only for the
payment of interest or principal whenever there exists a deficiency in the
bond and interest account. However, whenever the balance in said account is
equal to the maximum principal and interest requirements of all outstanding
bonds, the surplus may be transferred to the depreciation improvement and
extension account or the surplus revenue account at the discretion of the
President and Board of Trustees.
Funds accumulated in all but the operation and maintenance account have been ,
classified as restricted assets on the combined balance sheet at April 30,
1991.
- 38 -
i
' VILLAGE OF OAK BROOK. ILLINOIS
NOTES TO FINANCIAL STATEMENTS
7. 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 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.
8. RETIREMENT COMMITMENTS
Village employees are covered under three separate retirement plans.
' Full-time Village police officers and firefighters are covered by separate
pension trust funds established in accordance with state law. Other full-time
employees are covered by the Illinois Municipal Retirement Fund (statewide
public employees retirement system) .
PLAN DESCRIPTION
' Illinois Municipal Retirement Fund
The Village contributes to the Illinois Municipal Retirement Fund
("IMRF") , an agent-multiple-employer public employee retirement system
that acts as a common investment and administrative agent for 2,515 local
governments and school districts in Illinois. The Village's total
payroll for the year ended April 30, 1991 was $6,013,808. Of this
' amount, $2,017,357 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 after 8 years of service. Participating members
who retire at or after age 60 with 8 years of credited service are
' entitled to an annual retirement benefit, payable monthly for life, in an
amount equal to 1-2/3% of their final rate 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 state statute.
' Participating members are required to contribute 4.5% of their annual
salary to IMRF. The Village is required to contribute the remaining
amounts necessary to fund the System, using the actuarial basis specified
by statute.
39 -
VILLAGE OF OAK BROOK. ILLINOIS
NOTES TO FINANCIAL STATEMENTS
8. RETIREMENT COMMITMENTS - Continued
PLAN DESCRIPTION - Continued '
Police Pension Plan
Substantially all uniformed police personnel are covered by the Police
Pension Plan which is a defined benefit single-employer plan. Although
this is a single-employer pension plan, the defined benefits and employee
and employer contributions are governed by Illinois State Statutes
(Chapter 108 1/2, Article 3) and may be amended only by the Illinois
legislature. The Village of Oak Brook accounts for the Plan as a pension '
trust fund. The Village's payroll for employees covered by the Plan for
the year ended April 30, 1991 was $1,498,284 out of a total Village
payroll of $6,013,808. At April 30, 1991 the Police Pension Plan
membership consisted of:
Retirees and beneficiaries currently receiving
benefits and terminated employees entitled
to benefits but not yet receiving them 9
Current employees
Vested 35 '
Nonvested 4
48
The Police Pension Plan provides retirement benefits, as well as death
and disability benefits. Employees attaining the age of 50 or more with
20 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 shall be 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 retires after January 1, 1986 ,
shall be increased annually, following the first anniversary date and be
paid upon reaching the age of at least 55 years, by 3% of the originally
granted pension for each full year that has elapsed since the pension '
began, and by an additional 3% of the originally granted pension in
January of each year thereafter.
- 40 -
' VILLAGE OF OAK BROOK. ILLINOIS
NOTES TO FINANCIAL STATEMENTS
8. RETIREMENT COMMITMENTS - Continued
' PLAN DESCRIPTION - Continued
Police Pension Plan - Continued
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 2020, the
Village's contribution must accumulate to the point where the past
service cost for the Police Pension Plan is fully funded.
' Firefighters' Pension Plan
Substantially all fire 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 contribution levels, are mandated by Illinois
State Statutes (Chapter 108 1/2, Article 4) and may be amended only by
the Illinois legislature. The Village of Oak Brook accounts for. the Plan
as a pension trust fund. The Village's payroll for employees covered by
the Plan for the year ended April 30, 1991 was $1,385,899 out of a total
' Village payroll of $6,013,808. At April 30, 1991, the Firefighters'
Pension Plan membership consisted of:
Retirees and beneficiaries currently receiving
benefits and terminated employees entitled
to benefits but not yet receiving them 8
Current employees
Vested 28
Nonvested 6
The Firefighters' Pension Plan provides retirement benefits, as well as
death and disability benefits. Employees attaining the age of 50 or more
' with 20 years of creditable service are entitled to receive an annual
retirement benefit of one-half of the salary attached to the rank held in
the fire service at the date of retirement. The pension shall be
increased by 1/12 of 2% of such monthly salary for each additional month
of service over 20 years, up to 30 years of service, and 1/12 of 1% of
such salary for each additional month of service over 30 years, 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 benefit.
41 -
VILLAGE OF OAK BROOK. ILLINOIS
NOTES TO FINANCIAL STATEMENTS
8. RETIREMENT COMMITMENTS - Continued
PLAN DESCRIPTION - Continued '
Firefighters' Pension Plan '
The monthly pension of a firefighter who retires after January 1, 1986
shall be increased annually, following the first anniversary date and be '
paid upon reaching the age of at least 55 years, by 3% of the originally
granted pension for each full year that has elapsed since the pension
began and by an additional 3% in each January thereafter. '
Covered employees are required to contribute 8 1/4X of their base 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 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 2020,
the Village's contribution must accumulate to the point where the past
service cost for the Firefighters' Pension Plan is fully funded.
FUNDING STATUS AND PROGRESS
The amounts shown below as the "pension benefit obligation" for the
Illinois Municipal Retirement Fund, Police Pension Plan and the
Firefighters' Pension Plan are standardized disclosure measures of the
present value of pension benefits, adjusted for the effects of projected
salary increases, estimated to be payable in the future as a result of '
employee service to date. This measure is the actuarial present value of
audited projected benefits and is intended to help users assess the
funding status of the Plans on a going concern basis, assess progress
made in accumulating sufficient assets to pay benefits when due, and make '
comparisons among other public employee retirement plans. This measure
is independent of the funding method used to determine contributions to
the Plans.
Police Firefighters'
IMRF Pension Pension
Actuarial valuation ,
date December 31, April 30, April 30,
1990 1990 1990 '
- 42 -
' VILLAGE OF OAK BROOK. ILLINOIS
NOTES TO FINANCIAL STATEMENTS
8. RETIREMENT COMMITMENTS - Continued
FUNDING STATUS AND PROGRESS - Continued
' Police Firefighters'
IMRF Pension Pension
' Significant
actuarial
assumptions
' a) Rate of return
on investment of 7.0% 7.0% 7.0%
present and compounded compounded compounded
' future assets annually annually annually
b) Projected salary
increases - 4.25% 5.5% 5.5%
attributable to compounded compounded compounded
inflation annually annually annually
' c) Additional
projected
salary
increases - 1.0% per
attributable year (Note - separate
to seniority/ compounded information for b) and
merit annually c) not available)
d) Postretirement 3.0% 3.0% 3.0%
benefit annually simple compounded
increases interest annually
annually
- 43 -
VILLAGE OF OAK BROOK. ILLINOIS '
NOTES TO FINANCIAL STATEMENTS
8. RETIREMENT COMMITMENTS - Continued
FUNDING STATUS AND PROGRESS - Continued
Police Firefighters' '
IMRF Pension Pension Total
Pension benefit
obligation
Retirees and
beneficiaries
currently
receiving '
benefits and
terminated
employees not '
yet receiving
benefits $ 281,332 $2,866,618 $2,313,944 $ 5,461,894
Current employees '
Accumulated
employees
contributions '
including
allocated
investment
earnings 611,650 6,208,848 6,101,302 12,921,800
Employer-
financed '
vested 1,062,908 (Note 1) (Note 1) 1,062,908
Employer-
financed
nonvested 310.630 (Note 1) (Note 1) 310.630
Total Pension '
Benefit
Obligation 2,266,520 9,075,466 8,415,246 19,757,232
Net assets avail- '
able for bene-
fits, at cost 1.720.746 7.875.918 8.425.753 18.022.417
Unfunded (Assets '
in Excess of)
Pension Benefit
Obligation SS 5 .774 S1.1�9,548 (S0,507) S 1.734.815 ,
Note 1 - Separate information for current employees is not reported by
the Illinois Department of Insurance. '
44 -
VILLAGE OF OAK BROOK. ILLINOIS
NOTES TO FINANCIAL STATEMENTS
8. RETIREMENT COMMITMENTS - Continued
ACTUARIALLY DETERMINED CONTRIBUTION REOUIUMENTS AND CONTRIBUTION MADE
' The Plan's funding policies provide for actuarially determined periodic
contributions at rates that, expressed as percentages of annual covered
payroll, are sufficient to accumulate sufficient assets to pay benefits
' when due. Level percentage of payroll employer contribution rates are
determined using the entry age normal funding method. The Plans also use
the level percentage of payroll 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
above.
' Police Firefighters'
IMRF Pension Pension Total
Actuarial valuation
date December 31, April 30, April 30,
1988 1990 1990
' Actuarially determined
contribution require-
ments - employer
As a dollar amount
Normal cost $ 140,005 $206,261 $264,850 $611,116
' Amortization of
unfunded
actuarial accrued
liability 40,952 97,002 137,954
Credit for surplus ( 735) ( 735)
Death and disability
cost 10.086 10.086
SS 191,043 $303,263 $264,115 $758,421
' As a percent of fiscal
1991 covered payroll
Normal cost 6.94% 13.77% 19.11% 39.82%
Amortization of un-
funded actuarial
accrued liability 2.03 6.47 8.50
' IM 20.24 19.1
45 -
VILLAGE OF OAK BROOK. ILLINOIS ,
NOTES TO FINANCIAL STATEMENTS
8. RETIREMENT COMMITMENTS - Continued
ACTUARIALLY DETERMINED CONTRIBUTION REQUIREMENTS AND CONTRIBUTION MADE -
Continued
Police Firefighters' '
IMRF Pension Pension Total
Contribution made dur-
ing fiscal 1991
As a dollar '
amount
Employer $ 191,043 $254,708 $235,603 $ 681,354
Employee 90.780 124.278 107.270 322.328 '
S 2� 8� $378,986 $342,873 $1.003
As a percent of fiscal '
1991 covered payroll
Employer 9.47% 17.00% 17.00% 43.47%
Employee 4.50 9.02 8.25 21.77 '
13,97% 26,02% 25,25% 65,24%
The Village's contribution to both the Police and Firefighters' Pension Plans '
are established at 17.5% of base salaries.
TREND INFORMATION
Trend information gives an indication of the progress made in
accumulating sufficient assets to pay benefits when due. '
Police Firefighters'
Year IMRF Pension Pension '
Net assets available for benefits
As a percent of the pension 1988 80.21% 90 % 107 % '
benefit obligation (PBO) 1989 77.61 87 104
1990 76.44 87 101
1991 75.92 87 100
Unfunded (assets in excess of) PBO '
As a percent of annual covered
payroll (expressing the un- '
funded pension benefit
obligation as a percentage of
annual covered payroll
approximately adjusts for 1988 19.17 51.50 ( 33.80) '
the effects of inflation for 1989 22.24 72.90 ( 23.00)
analysis purposes) 1990 22.60 79.10 ( 5.80)
1991 27.05 80.00 ( 7.60)
- 46 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
8. RETIREMENT COMMITMENTS - Continued
TREND INFORMATION - Continued
' Police Firefighters'
Year IMRF Pension Pension
Employer contributions
' As a percent of annual
covered payroll
Required 1988 5.76% 15.95% 16.02%
' 1989 6.04 16.40 17.20
1990 8.03 17.02 17.05
1991 9.47 17.00 17.00
As a dollar amount
Required 1988 $ 88,637 $217,180 $230,788
1989 104,304 255,609 218,350
' 1990 149,303 270,117 244,412
1991 191,043 303,263 264,115
Made 1988 88,637 196,043 189,011
1989 104,304 212,268 201,205
1990 149,303 234,611 221,641
1991 191,043 256,092 236,829
Note: See 10-year trend data on pages 54 - 58.
' DEFERRED COMPENSATION PLAN
The Village of Oak Brook offers its elected officials and employees a
deferred compensation plan created in accordance with Internal Revenue
Code Section 457. The plan is administered by the ICMA Retirement
Corporation. The plan, available to all Village employees, permits them
to defer a portion of their current salary to all future years. The
deferred compensation is not available to the participants until
termination, retirement, death or an unforeseeable emergency occurs.
' Participants' rights created under the plan are equivalent to those of
general creditors of the Village and only in an amount equal to the fair
market value of the deferred account maintained with respect to each
participant. In the past, the plan assets have been used for no purpose
other than to pay benefits. In addition, the Village believes that it is
unlikely that it will use the assets to satisfy the claims of general
creditors in the future.
' The Village and its agent have no liability for losses under the plan,
but do have the duty of care that would be required of an ordinary
prudent investor.
- 47 -
VILLAGE OF OAK BROOK. ILLINOIS '
NOTES TO FINANCIAL STATEMENTS
8. RETIREMENT COMMITMENTS - Continued '
DEFERRED COMPENSATION PLAN Continued
The following summarizes the plan activity for the period May 1, 1990 '
through April 30, 1991:
Balance, May 1, 1990 $1,137,421 '
Employee contributions 166,527
Net investment earnings 146,010
Administrative expenses ( 1,764)
Payments to eligible participants '
and beneficiaries ( 61.744)
Balance, April 30, 1991 $1.3 '
9. INTERFUND BALANCES '
Interfund balances at April 30, 1991 are as follows:
Due From Due To '
General Fund $ 38,622 $112,691
Sports Core Fund 109,541 '
Police Pension Fund 1,575 19,800
Firefighters' Pension Fund 1.575 18.822
$151,313 $151M3 '
10. OPERATING TRANSFERS
The following is a schedule of operating transfers: '
Transfers Transfers '
In Out
General Fund $202,125 $ 77,500
Capital Projects Funds 60,000 31,205 ,
Sports Core Fund 48,705
Water Fund 202.125
$310,830 $310330 '
- 48 -
' VILLAGE OF OAK BROOK. ILLINOIS
NOTES TO FINANCIAL STATEMENTS
t 11. FUND DEFICITS
The Sports Core Fund had a deficit in retained earnings at April 30, 1991 of
$1,574,376, which is due primarily to depreciation expense. The deficit is
expected to be eliminated in the course of future operations of the Sports
Core.
12. EXCESS OF EXPENDITURES OVER APPROPRIATIONS
Expenditures exceeded appropriations in the following funds for the year ended
April 30, 1991:
ARRrogriations Expenditures
' Sports Core Fund $2,035,414 $2,190,321
' Police Pension Fund $ 756,957 $ 822,804
Capital Projects Fund $ 200,000 $ 366,471
' 13. JOINT VENTURES
INTERGOVERNMENTAL RISK MANAGEMENT AGENCY
Intergovernmental Risk Management Agency ("IRMA") is a voluntary
cooperative agency consisting of 47 Illinois municipal governmental
units. Its purpose is to manage and fund first-party property losses and
third-party liability claims (including workers' compensation) of its
member municipalities. Members have a contractual obligation to fund any
' deficit of IRMA attributable to a membership year during which they were
a member. The Village of Oak Brook joined IRMA on January 1, 1989, and,
by contract, will participate in and be a member thereof until
' December 31, 1991.
Each member municipality assumes the first $1,000 of each and every loss
or claim. The next $249,000 of any such loss or claim is paid by the
' IRMA pool. Commercial insurance would then pay to a limit of $3,000,000
per occurrence on a liability claim (with certain sublimits) and up to a
limit of $492,500,000 per occurrence (with certain sublimits) on a first-
party property loss (including worker's compensation up to statutory
requirements) . In 1985, IRMA pool was protected by $2,000,000 annual
aggregate excess insurance that attached at $5,000,000 and a $250,000 per
' occurrence stop loss. In 1986, the IRMA pool was protected by $2,000,000
annual aggregate excess insurance that attached at $6,350,000, and a
$250,000 per occurrence stop loss. IRMA did not purchase aggregate
excess insurance coverage for 1987 and all subsequent years.
- 49 -
VILLAGE OF OAK BROOK. ILLINOIS '
NOTES TO FINANCIAL STATEMENTS
13. JOINT VENTURES - Continued
INTERGOVERNMENTAL RISK MANAGEMENT AGENCY - Continued ,
IRMA management consists of a Board of Directors comprised of one
representative from each member. In addition, there are two officers, a
risk manager and a treasurer. The Village of Oak Brook exercises no
control over the activities of the Agency.
The latest available financial statements of IRMA, dated December 31, ,
1990, show the following:
Village of '
Oak Brook
IRMA Shares (2.81X)
Total assets $41.940.009 $1.1�8,514 '
Total liabilities and member balances S41.940.009 $1.1�8,51 4 '
Total revenue $13,445,546 $ 377,820
Total expense ( 14.111.691) ( 396.539)
Net decrease in member balances (S 666.145) (S 18,719) ,
IRMA had no debt outstanding at December 31, 1990.
INTERGOVERNMENTAL PERSONNEL BENEFIT COOPERATIVE
Intergovernmental Personnel Benefit Cooperative (IPBC) acts solely as an '
administrative agency to receive, process and pay such claims as may come
within the benefit program of each member.
The latest available financial statements of IPBC, dated June 30, 1990, '
show the following:
Village of '
Oak Brook
IPBC Share
Total assets S6.7�739 S - '
Total liabilities $6.7� �
Members' contributions and interest income $9,165,761 $556,504 ,
Claim payments and insurance premiums ( 8.647.300) ( 437.464)
Net increase in assets and liabilities S518.461 $119,040 '
The Village's share of IPBC's assets and liabilities is not known. IPBC
had no debt outstanding at June 30, 1990. '
- 50 -
1
VILIAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
13. JOINT VENTURES - Continued
DU PAGE WATER COMMISSION
Du Page Water Commission ("Commission") exists and operates under the
Water Commission Act of 1985 to provide facilities for receiving, storing
and transmitting Lake Michigan water to municipalities and other
customers in Du Page County. The Village does not exercise control over
the activities of the Commission. The Village accounts for this joint
venture, which is financed by the Water Fund, using the equity method.
' The Commission will begin to provide water to customers in 1992. The
Village's investment in the Du Page Water Commission at April 30, 1991 is
$2,421,610. As the Commission's facilities are presently under
' construction, no operating revenue or expenses have been recognized.
The Du Page Water Commission Board consists of 11 Board members appointed
by the Du Page County Board and Mayors of Municipalities within the Du
Page County districts. Selected financial information of the Du Page
Water Commission at April 30, 1990 is as follows:
Total assets $489.653.316
Total liabilities $379,197,058
Total equity 110.456.258
$489.653.316
Total outstanding debt S346.885.114
r14. SEGMENT INFORMATION FOR ENTERPRISE FUNDS
The Village maintains two enterprise funds that provide water and golf and
other recreation services to the community. Segment information for the year
ended April 30, 1991 is as follows:
Waterworks Sports
System Fund Core Fund Totals
Operating revenues $ 2,416,144 $ 1,781,381 $ 4,197,525
Depreciation 372,227 298,448 670,675
Operating income (loss) 954,307 ( 408,940) 545,367
Operating transfers in 48,705 48,705
' Operating transfers out ( 202,125) ( 202,125)
Nonoperating revenues 290,537 104,213 394,750
Nonoperating expenses 107,021 36,829 143,850
Net income (loss) - 51 935,698 ( 292,851) 642,847
r
-
1
VILLAGE OF OAK BROOK. ILLINOIS
NOTES TO FINANCIAL STATEMENTS
14. SEGMENT INFORMATION FOR ENTERPRISE FUNDS - Continued
Waterworks Sports
,system Fund Core Fund Totals
Property, plant and equipment '
Additions $ 3,070,623 $ 209,776 $ 3,280,399
Net working capital 2,432,084 ( 310,026) 2,122,058
Total assets 17,220,340 10,439,625 27,659,965
Bonds outstanding 1,485,582 1,485,582
Total equity 14,613,623 9,451,214 24,064,837
15. COMMITMENTS
On September 1, 1986, the Village entered into a noncancelable water supply ,
contract, which expires on February 24, 2024, with the Du Page Water
Commission ("Commission") . Under the contract, the Village has agreed to
purchase, beginning in 1992, an amount of Lake Michigan water necessary to
meet the potable water requirements of all of its then current customers
currently served by the Village's waterworks system.
On February 10, 1987, the Commission issued $200,000,000 of Water Revenue
Bonds, with serial bonds maturing on May 1, 1994 through 2001, and term bonds
maturing on May 1, 2007 and May 1, 2014. Interest rates are fixed at 6.84%.
The Commission will allocate the cost to retire the Water Revenue Bonds to the
participating villages based on their usage of Lake Michigan water. The
Village's share of this debt is not known at this time.
Additionally, as of April 30, 1991, the Village's balance due for construction
work performed on the Reservoir B project was approximately $640,000.
16. CONTINGENCIES
There are several pending lawsuits in which the Village is involved.
Management believes that the potential claims against the Village resulting
from such litigation will not materially affect the financial statements of
the Village.
17. BOND DISCOUNTS
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.
- 52 -
s ■r r r rr r rr r man r m m mm M� w
VILLAGE OF OAK BROOK, ILLINOIS
POLICE PENSION FUND
REVENUES BY SOURCE AND EXPENSES BY TYPE
YEAR ENDED APRIL 30, 1991
REQUIRED SUPPLEMENTAL INFORMATION
Revenues by source
Contribu-
tion as a
Percentage
Fiscal Employee Employer Investment Other of Covered
Year Contributions Contributions Income Contributions Total Payroll
1981 $ 69,016 $202,701 $170,713 $100 $ 442,530 Note 1
1982 77,482 190,768 230,458 100 498,808 Note 1
1983 81,375 201,044 332,040 100 614,559 .20
1984 87,000 196,083 375,794 150 659,027. .18
1985 119,298 199,688 449,674 - 768,660 .17
1986 99,357 197,994 414,235 - 711,586 .17
1987 110,689 203,271 510,982 - 824,942 .16
1988 110,697 196,043 468,630 100 775,470 .16
1989 114,088 212,268 506,724 152 833,232 .16
1990 124,278 234,611 600,359 100 959,348 .17
1991 134,760 256,092 636,988 100 1,027,940 .17
Expenses by type
Fiscal Administrative
Year Benefits Expenses Refunds Total
1981 $ 27,426 $ 580 $ 1,857 $ 29,863
1982 27,908 505 14,063 42,476
1983 27,908 600 4,504 33,012
1984 38,466 1,065 30,301 69,832
1985 41,985 1,085 - 43,070
1986 55,664 850 - 56,514
1987 100,585 1,211 Note 2 101,796
1988 93,126 1,631 19,592 114,349
1989 114,024 4,645 - 118,669
1990 183,102 2,425 20,729 206,256
1991 185,959 2,238 16,939 205,136
Note 1 - Information concerning covered payroll is not available prior to 1983.
Note 2 - Separate information is not available for refunds for fiscal 1987.
54 -
1 VILLAGE OF OAK BROOK
POLICE PENSION FUND
ANALYSIS OF FUNDING PROGRESS
REQUIRED SUPPLEMENTAL INFORMATION
(6)
(4) Unfunded
(1) Unfunded Pension Benefit
Net Assets (2) (3) Pension (5) Obligation as
Available Pension Percentage Benefit Annual a Percentage of
Fiscal for Benefit Funded Obligation Covered Covered Payroll
Year Benefits* Obligation (1) . (2) (2) - (1) Payroll (4) a (5)
1988 $5,726,809 $6,359,386 .90 $ 632,577 $1,229,426 .51
1989 6,408,264 7,353,693 .87 945,429 1,296,036 .73
1990 7,122,825 8,213,468 .87 1,090,643 1,378,366 .79
1991 7,875,918 9,075,466 .87 1,199,548 1,498,284 .80
' Note - 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
benefits as a percentage of the pension benefit_ obligation provides one
indication of the Police Pension Fund's 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 Public Employee Retirement
System (PERS) . Trends in unfunded pension benefit obligation and annual
covered payroll are both affected by inflation. Expressing the unfunded
' pension benefit obligation as a percentage of annual covered payroll
approximately adjusts for the effects of inflation and aids analysis of
the Police Pension Fund's 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 1988 through 1991.
* At cost.
55 -
VILLAGE OF OAK BROOK. ILLINOIS
FIREFIGHTERS' PENSION FUND
REVENUES BY SOURCE AND EXPENSES BY TYPE '
YEAR ENDED APRIL 30. 1991
REQUIRED SUPPLEMENTAL INFORMATION
Revenues by source
Contribution
as a
Percentage
Fiscal Employee Employer Investment Other of Covered
Year Contributions Contributions Income Contributions Total Payroll
1981 $ 59,795 $270,238 $163,417 $ $ 493,450 Note 1
1982 65,916 271,802 261,593 - 599,311 Note 1
1983 71,422 285,549 350,184 - 707,155 .29
1984 75,842 173,758 419,533 - 669,133 .17
1985 80,492 176,337 451,344 - 708,173 .16
1986 84,616 185,608 531,270 - 801,494 .17
1987 95,857 190,756 488,570 - 775,183 .15
1988 97,322 189,011 459,037 - 745,370 .16
1989 98,367 201,205 459,707 - 759,279 .17
1990 107,270 221,641 867,874 - 1,196,785 .17
1991 114,932 236,829 487,990 - 839,751 .17
E Apenses by tyRee
Fiscal Administrative
Year Benefits ExIIenses Refunds Total
1981 $ 20,646 $ 792 $ 1,507 $ 22,945
1982 20,646 740 - 21,386
1983 20,646 792 - 21,438 ,
1984 20,646 955 - 21,601
1985 20,646 2,326 - 22,972
1986 40,422 1,047 - 41,469
1987 71,291 2,568 - 73,859
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
Note 1 - Information concerning covered payroll is not available prior to 1983.
- 56 -
VILLAGE OF OAK BROOK
FIREFIGHTERS' PENSION FUND
ANALYSIS OF FUNDING PROGRESS
REQUIRED SUPPLEMENTAL INFORMATION
(4) (6)
Unfunded Unfunded
(Assets in (Assets in Excess
(1) Excess of) of) Benefit
Net Assets (2) (3) Pension (5) Obligation as
Available Pension Percentage Benefit Annual a Percentage of
Fiscal for Benefit Funded Obligation Covered Covered Payroll
Year Benefits* Obligation (1) a (2) (2) - (1) Payroll (4) _ (5)
1988 $6,095,213 $5,696,360 1.07 ($398,853) $1,179,992 (.34)
1989 6,135,173 6,465,524 1.04 ( 269,649) 1,174,639 (.23)
1990 7,367,730 7,292,386 1.01 ( 75,344) 1,300,239 (.06)
1991 8,425,753 8,415,246 1.00 ( 10,507) 1,385,899 (.08)
' Note - 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
benefits as a percentage of the pension benefit obligation provides one
indication of the Firefighters' Pension Fund's 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 Public Employee Retirement
System (PERS) . Trends in unfunded pension benefit obligation and annual
covered payroll are both affected by inflation. Expressing the unfunded
pension benefit obligation as a percentage of annual covered payroll
approximately adjusts for the effects of inflation and aids analysis of
the Firefighters' Pension Fund's 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 1988 through 1991.
* At cost.
57 -
VILLAGE OF OAK BROOK
ILLINOIS MUNICIPAL RETIREMENT FUND
ANALYSIS OF FUNDING PROGRESS
REQUIRED SUPPLEMENTAL INFORMATION
(6)
(4) Unfunded
(1) Unfunded Pension Benefit
Net Assets (2) (3) Pension (5) Obligation as
Available Pension Percentage Benefit Annual a Percentage of
Fiscal for Benefit Funded Obligation Covered Covered Payroll
Year Benefits* Obligation (1) . (2) (2) - (1) Payroll (4) j (5)
1988 $1,195,714 $1,490,597 80.21% $ 294,883 $1,538,494 19.17%
1989 1,331,778 1,715,964 77.61 384,186 1,726,898 22.24
1990 1,363,418 1,783,586 76.44 420,168 1,859,331 22.60
1991 1,720,746 2,266,520 75.92 545,774 2,017,357 27.05
Note - 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
benefits as a percentage of the pension benefit obligation provides one
indication of the IMRF's 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 Public Employee Retirement System (PERS) .
Trends in unfunded pension benefit obligation and annual covered payroll
are both affected by inflation. Expressing the unfunded pension benefit
obligation as a percentage of annual covered payroll approximately
adjusts for the effects of inflation and aids analysis of the IMRF's
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 1988 through 1991.
* At cost.
- 58 -
VILLAGE OF OAK BROOK. ILLINOIS
GENERAL FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES
N FUND BALANCE - BUDGET AND ACTUAL
YEAR ENDED APRIL 30, 1991
Variance
Favorable
Actual Budget (Unfavorable)
REVENUES
Intergovernmental
Municipal sales tax $6,217,079 $ 6,325,900 ($ 108,821)
Illinois state income tax 585,591 511,000 74,591
York Township road and bridge tax 152,298 145,300 6,998
Foreign fire insurance tax 26.805 26.500 305
6.981.773 7.008.700 ( 26.927)
Licenses and permits 342,354 253,860 88,494
Service charges 371,368 320,750 50,618
Fines and penalties 196,640 166,400 30,240
Interest on investments 306,285 290,000 16,285
Miscellaneous income 453.184 171.420 281.764
1.669.831 1.202.430 467.401
Total Revenues 8.651.604 8.211.130 440.474
EXPENDITURES
Legislative 407,461 557,376 ( 149,915)
General government 1,114,704 1,125,470 ( 10,766)
Public safety 5,540,429 5,719,001 ( 178,572)
Public works 1,439,782 2,857,125 ( 1,417,343)
Culture and recreation 221.945 262.280 ( 40.335)
Total Expenditures 8.724.321 10.521.252 ( 1.796.931)
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES ( 72,717)( 2,310,122) 2,237,405
OTHER FINANCING SOURCES (USES)
Operating transfers in 202,125 1,202,125 ( 1,000,000)
Operating transfers out ( 77.500)( 88.750)
Total Other Financing Sources (Uses) 124.625 1.113.375 ( 988.750)
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER (UNDER) EXPENDITURES
AND OTHER FINANCING USES 51,908 (S 1.196.747) S1.2
FUND BALANCE
Beginning of year 4.910.671
IEnd of year $4.962
- 59 -
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
YEAR ENDED APRIL 30, 1991
Variance
Favorable
Actual Budget (Unfavorable)
LEGISLATIVE
Board of Trustees
Personnel $ 27,793 $ 26,618 $ 1,175
Materials and supplies 8,102 8,840 ( 738)
Operation and contractual 367,795 395,618 ( 27,823)
Capital 3.771 126.300 ( 122,529)
Total Legislative 407.461 557.376 ( 149.915)
GENERAL GOVERNMENT
Legal
Personnel 91,242 89,012 2,230
Materials and supplies 3,293 3,050 243
Operation and contractual 1,861 27,245 ( 25,384)
Capital 1.171 1.170
97.567 120.477 ( 22.910)
Village Manager's office
Personnel 331,816 325,503 6,313
Materials and supplies 9,216 7,860 1,356
Operation and contractual 9,282 8,875 407
Capital 21.466 25.450 ( 3.984)
371.780 367.688 4.092
Finance and accounting
Personnel 269,872 256,840 13,032
Materials and supplies 21,153 18,060 3,093
Operation and contractual 58,136 45,205 12,931
Capital 19.902 8.000 11.902
369.063 328.105 40.958
Engineering
Personnel 209,832 211,575 ( 1,743)
Materials and supplies 3,256 2,640 616 ,
Operation and contractual 39,972 62,985 ( 23,013)
Capital 23.234 32.000
276.294 309.200 ( 32.906)
Total General Government 1.114.704 1.125.470 ( 10.766)
- 60 -
i
VILLAGE OF OAK BROOK. ILLINOIS
GENERAL FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL - Continued
YEAR ENDED APRIL 30. 1991
Variance
Favorable
Actual Budget (Unfavorable)
PUBLIC SAFETY
Police department
Personnel $2,556,264 $ 2,685,499 ($129,235)
Materials and supplies 77,020 60,830 16,190
Operation and contractual 178,032 179,995 ( 1,963)
Capital 134.982 79.050 55.932
2.946.298 3.005.374 ( 59.076)
Fire service
Personnel 1,660,603 1,731,789 ( 71,186)
Materials and supplies 21,316 22,115 ( 799)
Operation and contractual 149,404 165,830 ( 16,426)
Capital 34.825 33.225 1.600
1.866.148 1.952.959 ( 86.811)
Emergency medical services
Personnel 295,663 329,313 ( 33,650)
Materials and supplies 6,694 7,655 ( 961)
Operation and contractual 123.789 125.810 ( 2.021)
426.146 462.778 ( 36.632)
Bureau of inspection
Personnel 238,531 237,828 703
Materials and supplies 8,721 8,200 521
Operation and contractual 53,935 50,862 3,073
Capital 650 1.000 ( 350)
301.837 297.890 3.947
Total Public Safety 5.540.429 5.719.001 ( 178.572)
rPUBLIC WORKS
Building and grounds
Personnel 93,519 95,994 ( 2,475)
Materials and supplies 12,447 11,950 497
Operation and contractual 81,939 83,770 ( 1,831)
Capital 72.228 23.000 49.228
260.133 214.714 45.419
61 -
r
VILLAGE OF OAK BROOK. ILLINOIS
GENERAL FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL - Continued
YEAR ENDED APRIL 30, 1991
Variance
Favorable
Actual Budget-e (Unfavorable)
PUBLIC WORKS - Continued
Street
Personnel $ 489,954 $ 487,588 $ 2,366
Materials and supplies 33,399 31,720 1,679
Operation and contractual 314,248 316,070 ( 1,822)
Capital 37,006 41,000 ( 3,994)
874,607 876,378 ( 1,771)
Garage
Personnel 87,769 109,717 ( 21,948)
Material and supplies 8,842 7,850 992
Operation and contractual 36,413 31,095 5,318
Capital 7,356 8,500 ( 1,144)
140,380 157,162 ( 16,782)
Capital improvements
Materials and supplies 931 350 581
Operation and contractual 56,362 149,000 ( 92,638)
Capital 107,369 1,459,521 ( 1.352,152)
164,662 1,608,871 ( 1,444,209)
Total Public Works 1,439,782 2,857,125 ( 1,417,343)
CULTURE AND RECREATION
Library
Personnel 124,899 137,557 ( 12,658)
Materials and supplies 7,473 7,973 ( 500)
Operation and contractual 52,500 79,170 ( 26,670)
Capital 37,073 37,580 ( 507)
Total Culture and Recreation 221,945 262,280 ( 40,335)
Total Expenditures $8,7�s $10,521,252 ($1,796,931)
- 62 -
VILLAGE OF OAK BROOK. ILLINOIS
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
APRIL 30. 1991
(With 1990 for CozRarison)
ASSETS
Hotel/Motel Motor Fuel Totals
Tax Tax 1991 1990
Cash and equivalents $42,777 $205,617 $248,394 $ 499
Investments 352,835
Receivables
Allotments 13,250 13,250 15,504
Other - hotel/motel tax 15.793 15.793
Total Assets $58,570 S218367 $277,437368 838
LIABILITIES AND FUND EQUITY
LIABILITIES
Accounts payable $25,046 $ 10,341 $ 35,387 $ 4,654
Due to other funds 176.361
Total Liabilities 25,046 10,341 35,387 181,015
FUND BALANCES
Unreserved 33.524 208.526 242.050 187.823
Total Liabilities and
Fund Equity $58,570 $218,867 $277,437 $368,838
- 63 -
r
VILLAGE OF OAK BROOK. ILLINOIS
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
YEAR ENDED APRIL 30. 1991
Hotel/Motel Tax Fund
Variance
Favorable
Actual Budget (Unfavorable)
REVENUES
Intergovernmental $ - $ - $ -
Interest on investments
Hotel/motel taxes 89.664 80.000 9.664
Total Revenues 89,664 80,000 9.664
EXPENDITURES
Public works
Culture and recreational 56.140 80.000 ( 23.860)
Total Expenditures 56.140 80,000 ( 23.860)
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES 33,524 $ - $33,524
FUND BALANCES
Beginning of year
End of year $33,524
- 64 -
Motor Fuel Tax Fund Total Special Revenue Funds
Variance Variance
Favorable Favorable
Actual Budget (Unfavorable) Actual Budget (Unfavorable)
$198,312 $198,600 ($ 288) $198,312 $198,600 ($ 288)
23,044 9,520 13,524 23,044 9,520 13,524
89.664 80.000 9.664
221.356 208.120 13.236 311.020 288.120 22.900
200,653 272,650 ( 71,997) 200,653 272,650 ( 71,997)
56.140 80.000 ( 23.860)
200.653 272.650 ( 71.997) 256.793 352.650 ( 95.857)
20,703 (S 64,530) S8� 54,227 (S 64,530) S118,757
187.823 187.823
S208,526 S242,050
1
' VILLAGE OF OAK BROOK. ILLINOIS
CAPITAL PROJECTS FUND
COMBINING BALANCE SHEET
APRIL 30. 1991 AND 1990
ASSETS
Sports Core Equipment Totals
' Construction Replacement 1991 1990
Cash and equivalents $ - $ 3,609 $ 3,609 $ 98
Investments 15,000 15,000 230,481
' Due from other funds 123.966
Total Assets S S18,609 $18,609 S354,545
iLIABILITIES AND FUND EQUITY
LIABILITIES
Accounts payable $ - $17,519 $17,519 $ 1,000
Due to other funds 22.340
Total Liabilities 17.519 17.519 23.340
FUND BALANCE
Unreserved
Designated for subsequent
year's expenditures 1,090 1,090 239,580
Undesignated 91.625
Total Fund Equity 1.090 1.090 331.205
' Total Liabilities and Fund Equity S S18.609 $18.609 $354,545
- 65 -
VILLAGE OF OAK BROOK. ILLINOIS
CAPITAL PROJECTS FUND
COMBINING STATEMENT OF REVENUES. EXPENDITURES AND '
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
YEARS ENDED APRIL 30, 1991
Sports
Core Equipment Variance ,
Construc- Replace- Total Total Favorable
tion went Actual Budget (Unfavorable)
REVENUES, interest on
investments S 3,596 S 3,965 561 12,948 ( 5,387)
EXPENDITURES
Public safety 302,455 302,455 200,000 ( 102,455)
Public works 64.016 64.016 ( 64.016)
Total Expenditures 64.016 302.455 366.471 200.000 ( 166.471)
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES ( 60,420) 298,490) ( 358,910)( 187,052) ( 171.858)
OTHER FINANCING SOURCES (USES)
Operating transfers in 60,000 60,000 73,000 ( 13,000)
Operating transfers out ( 31.205) ( 31.205) ( 31.205)
Total Other Financing
Sources (Uses) ( 31.205) 60.000 28,795 73.000 ( 44.205)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES '
OVER (UNDER) EXPENDITURES
AND OTHER FINANCING USES ( 91,625) ( 238,490) ( 330,115)($114,052) ($216,063)
FUND BALANCES
Beginning of year 91,625239.580 331.205
End of year - 1,090 1,090
- 66 -
i
VILLAGE OF OAK BROOK. ILLINOIS ,
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
APRIL 30. 1991
(With 1990 for Comparison)
ASSETS
Waterworks Sports Totals ,
System Core 1991 1990
CURRENT ASSETS
Cash and equivalents S 169.991 S - S 169.991 S 323.468
Investments 80.680 80.680 1.605.925
Receivables (net, where
applicable, of allowances for
uncollectibles) '
Customers
Billed water sales 71,376 71,376 109,421
Unbilled water sales 199,350 199,350 159,172
Accrued interest 107,424 15,104 122,528 231,249
Other 11.958 11.958 60.634
378.150 27.062 405,212 560.476
Due from other funds 51,528
Inventory 157,651 157,651 126,320
Other assets 7.781 10.453 18.234 61.513 '
Total Current Assets 555.922 275.846 831.768 2.729.230
RESTRICTED ASSETS
Investments 2.997.297 2.997.297 3.990.229
INVESTMENT IN JOINT VENTURE 2.421.610 2.421.610 1.520.847 j
PROPERTY. PLANT AND EQUIPMENT
Property, plant and equipment 14,831,147 12,828,578 27,659,725 24,389,326
Less: Accumulated depreciation ( 3.585.636)( 2.664.799)( 6.250.435)( 5.589.760)
Total Property, Plant
and Equipment 11,245,511 10,163,779 21,409,290 18,799,566
Total Assets $17,220,340 0 43 $27,659,965 S27.039.872
- 67 -
LIABILITIES AND FUND EQUITY
' Waterworks Sports Totals
System Core 1991 1990
CURRENT LIABILITIES
Accounts payable $ 1,108,544 $ 148,387 $ 1,256,931 $ 744,362
Accrued payroll and vacation 12,591 54,240 66,831 57,529
Customer deposits 22,535 22,535 288,058
Due to other funds 109,541 109,541 78,677
Deferred revenue 251.169 251.169 6.819
' Total Current Liabilities 1.121.135 585.872 1.707.007 1.175.445
NONCURRENT LIABILITIES
' Note payable 402,539 402,539 462,025
Revenue bonds outstanding -
1973 issue 1,175,000 1,175,000 1,375,000
Revenue bonds outstanding -
1976 issue 325,000 325,000 625,000
Unamortized bond discounts on
1973 and 1976 issues ( 14.418) ( 14.418)( 19.588)
' Total Noncurrent Liabilities 1.485.582 402.539 1.888.121 2.442.437
Total Liabilities 2.606.717 988.411 3.595.128 3.617.882
FUND EQUITY
Contributed capital 11.025.590 11.025.590 11.025.590
1 Retained earnings (accumulated
deficit)
Reserved under revenue bond
ordinance 2,997,297 2,997,297 3,948,207
Unreserved 11.616.326 ( 1.574.376) 10.041.950 8.448.193
Total Retained Earnings
' (Deficit) 14.613.623 ( 1.574.376) 13.039.247 12.396.400
Total Fund Equity 14.613.623 9.451.214 24.064.837 23.421.990
Total Liabilities and
Fund Equity S17.220.340 S10.439.625 S27.659.965 S27.039.872
i
1
VILLAGE OF OAK BROOK. ILLINOIS ,
ENTERPRISE FUNDS
COMBINING STATEMENT OF REVENUES. EXPENSES AND ,
CHANGES IN RETAINED EARNINGS (ACCUMULATED DEFICIT)
YEAR ENDED APRIL 30. 1991
(With 1990 for ComRarison) ,
Waterworks Sports Totals
System Core 1991 1990 ,
OPERATING REVENUES
Charges for services $ 2,371,300 $1,781,381 $ 4,152,681 $ 4,376,452
Miscellaneous 44.844 68.379 113.223 22.558
Total Operating Revenues 2.416.144 1.849.760 4.265.904 4.399.010
OPERATING EXPENSES i
Operation of facilities 1,089,610 1,891,873 2,981,483 2,669,423
Administrative and general 70,133
Depreciation 372.227 298.448 670.675 574.570 ,
Total Operating Expenses 1.461.837 2.190.321 3.652.158 3.314.126
OPERATING INCOME (LOSS) 954.307 ( 340.561) 613.746 1.084.884
NONOPERATING REVENUES (EXPENSES)
Interest on investments 290,537 4,780 295,317 714,922
Interest expense ( 101,138)( 36,829)( 137,967)( 157,217)
Amortization of bond discount ( 5,170) ( 5,170)( 5,170)
Fiscal agents' fees ( 713) ( 713)( 375)
Other revenue 31.054 31.054 77.884
Total Nonoperating Revenues
(Expenses) 183.516 ( 995) 182.521 630.044
INCOME (LOSS) BEFORE OPERATING
TRANSFERS 1.137.823 ( 341.556) 796.267 1.714.928 '
Operating transfers in 48,705 48,705 37,340
Operating transfers out ( 202.125) 1 ( 202.125)( 192.500)
Total Operating Transfers ( 202.125) 48.705 ( 153.420)( 155.160)
NET INCOME (LOSS) 935,698 ( 292,851) 642,847 1,559,768 ,
RETAINED EARNINGS (ACCUMULATED '
DEFICIT)
Beginning of year 13.677.925 ( 1.281.525) 12.396.400 10.836.632
End of year 914.613.623 ($1,574,376) $13.039.247 $12.396.400 ,
- 68 -
1
' VILLAGE OF OAK BROOK. ILLINOIS
ENTERPRISE FUNDS
' COMBINING STATEMENT OF CASH FLOWS - INCREASE
DECREASE N CASH AND EQUIVALENTS
YEAR ENDED APRIL 30. 1991
Waterworks Sports
' System Core Totals
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET
' CASH PROVIDED BY OPERATING ACTIVITIES
Operating income (loss) S 954.307 ($340,561) S 613.746
Adjustments to reconcile operating income (loss) to
net cash provided by operating activities
' Depreciation 372,227 298,448 670,675
Deferred revenue 244,350 244,350
Change in assets and liabilities
' Decrease in receivables 131,357 23,907 155,264
Decrease in interfund receivable 51,528 51,528
(Increase) in inventory ( 31,331)( 31,331)
(Increase) decrease in other assets ( 7,781) 51,060 43,279
' Increase (decrease) in accounts payable 539,619 ( 27,050) 512,569
Increase (decrease) in accrued payroll ( 2,005) 11,307 9,302
Increase (decrease) in interfund payable ( 20,528) 51,392 30,864
(Decrease) in customer deposits ( 1.665)( 263.858)( 265.523)
Total Adjustments 1.011.224 409.753 1.420.977
' Net Cash Provided by Operating Activities 1.965.531 69.192 2.034.723
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
' Operating transfers in (out)
Capital Projects Fund 31,205 31,205
General Fund ( 202,125) 17,500 ( 184,625)
Other nonoperating revenue 31.054 31.054
Net Cash Provided by (Used for) Noncapital
' Financing Activities ( 202.125) _ 79.759 ( 122.366)
CASH FLOWS FROM CAPITAL AND RELATED FINANCING
ACTIVITIES
' Acquisition of capital assets ( 3,070,623)( 209,776)( 3,280,399)
Increase in investment in joint venture ( 900,763) ( 900,763)
Principal paid on revenue bonds ( 500,000) ( 500,000)
Interest paid on revenue bonds ( 101,138) ( 101,138)
Principal paid on notes payable ( 59,486)( 59,486)
Interest paid on notes payable ( 36,829)( 36,829)
Fiscal agents' fees paid ( 713) ( 713)
rNet Cash Used for Capital and Related
Financing Activities ( 4.573.237)( 306.091)( 4.879.328)
69 -
VILLAGE OF OAK BROOK. ILLINOIS '
ENTERPRISE FUNDS
COMBINING STATEMENT OF CASH FLOWS - INCREASE ,
(DECREASE) IN CASH AND EOUIVALENTS - Continued
YEAR ENDED APRIL 30. 1991
Waterworks Sports '
System Core Totals
CASH FLOWS FROM INVESTING ACTIVITIES ,
Net cash flows from investments $2,485,160 $ 33,017 $2,518,177
Interest income 290.537 4.780 295.317
Net Cash Provided by Investing Activities 2.775.697 37.797 2.813.494
NET DECREASE IN CASH AND EQUIVALENTS ( 34,134)( 119,343)( 153,477)
CASH AND EQUIVALENTS '
Beginning of year 204.125 119.343 323.468
End of year S5 1169+ S s SS 1� ,
70 -
VILLAGE OF OAK BROOK. ILLINOIS
WATERWORKS SYSTEM FUND
' SCHEDULE OF REVENUES AND EXPENSES - BUDGET AND ACTUAL
YEAR ENDED APRIL 30. 1991
Variance
' Favorable
Actual Budget (Unfavorable)
OPERATING REVENUES
' Charges for services
Water sales $2,199,679 $2,568,000 ($ 368,321)
Unmetered sales 5,747 6,570 ( 823)
Water tap on charges 34,421 150,000 ( 115,579)
Fire service charges 111,515 115,630 ( 4,115)
Meter fees 8,515 14,000 ( 5,485)
Special services 11,423 11,500 ( 77)
Miscellaneous 44.844 26.700 18.144
Total Operating Revenues 2.416.144 2.892.400 ( 476.256)
OPERATING EXPENSES
Public works
Water department
Personnel 195,026 214,711 ( 19,685)
' Materials and supplies 20,109 21,250 ( 1,141)
Operation and contractual 657,611 1,597,005 ( 939,394)
Capital 299.490 ( 299.490)
' 872.746 2.132.456 ( 1.259.710)
Capital improvements
Materials and supplies 84 250 ( 166)
Operation and contractual 216,780 130,700 86,080
Capital 3.070.623 2.432.100 638.523
3,287,487 2,563,050 724,437
' Less: Items capitalized ( 3.070.623) ( 3.070.623)
216.864 2.563.050 ( 2.346,186)
' Total Operation of Facilities 1.089.610 4.695.506 ( 3.605.896)
DEPRECIATION 372.227 372,227
Total Operating Expenses 1.461.837 4.695.506 (3.233.669)
' OPERATING INCOME 954.307 ( 1.803.106) 2.757.413
NONOPERATING REVENUES (EXPENSES)
Interest 290,537 316,600 ( 26,063)
Water Commission reimbursement pressure
adjusting station 430,186
Interest on bonds ( 101,138)( 101,138)
Payment on bonds ( 500,000)
Amortization of bond discount ( 5,170) ( 5,170)
Fiscal agents fees ( 713)( 2.700) 1.987
183.516 142.948 40.568
INCOME BEFORE OPERATING TRANSFERS 1,137,823 ( 1,660,158) 2,797,981
Operating transfers out ( 202.125)( 202.125)
NET INCOME SS 95.698 ($1.8 ) $2,797,981
- 71 -
VILLAGE OF OAK BROOK. ILLINOIS
WATERWORKS SYSTEM FUND
SCHEDULE OF CHANGES IN RETAINED EARNINGS
RESERVED - RESTRICTED ACCOUNTS
YEAR ENDED APRIL 30, 1991
Operation Depreciation, ,
and Bond and Bond Improvement
Maintenance Interest Reserve and Extension
INCREASES
Net income $935,698 $ - $ - $ -
Required transfers per bond ordinance 601,138
Transfer from unreserved
Total Increases 935.698 601.138
DECREASES
Payment of bond principal 500,000
Payment of bond interest 101,138 ,
Capital expenditures from surplus
Required transfers per bond ordinance 917.177
Total Decreases 917.177 601.138 '
NET INCREASE (DECREASE) 18,521
ACCOUNT BALANCES '
Beginning of year 204.125 760.500 400.000
End of year $222,646 $- $760,500 S400.000:
i
1
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72 _
1
1
i
' Surplus
Revenue Total
$ - $ 935,698
316,039 911,177
1.428.823 1.428.823
1.744.862 3.281.698
500,000
' 101,138
2,714,293 2,714,293
917.177
' 2.714.293 4.232.608
( 969,431)( 950,910)
2.583.582 3.948.207
S1.614.15 S2.997.297
1
VILLAGE OF OAK BROOK. ILLINOIS '
WATERWORKS SYSTEM FUND
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT '
AND ACCUMULATED DEPRECIATION
YEAR ENDED APRIL 30. 1991
Property. Plant and Equipment '
Balance Additions Balance
May 1, and April 30,
1990 Transfers Disposals 1991
Waterworks property, plant
and equipment
Land and land rights $ 215,800 $ - $ - $ 215,800
Service of supply plant -
wells and springs 314,753 3141753
Structure and improvements 217,537 227,739 445,276
Electrical pumping equipment 430,463 791 431,254
Total water treatment equipment 8,149 8,149
Distribution, reservoirs, mains
and standpipes 9,785,589 2,714,292 12,499,881
Meters and meter installation 485,794 15,577 501,371
Hydrants 180,104 180,104
Miscellaneous tools and equipment
Office furniture and equipment 12,850 3,999 16,849
Transportation equipment 37,905 103,090 10,000 130,995
Tools, shop and garage equipment 2,852 2,852
Laboratory equipment 1,070 1,070
Miscellaneous equipment 66,255 5,135 71,390
Intangible plant - organization 11.403 11.403
S11.770.524 $3.0� $10,000 $14.831.147 ,
- 73 -
I,
Rate of
' Depreciation Accumulated Depreciation Net Asset
or Balance Additions Balance Value
Amortization May 1, and April 30, April 30,
(Years) 1990 Transfers DisRosals 1991 1991
$ - $ - $ - $ - $ 215,800
40 128,434 7,869 136,303 178,450
40 30,650 8,285 38,935 406,341
40 68,801 10,771 79,572 351,682
10 8,149 8,149
40 2,491,214 278,568 2,769,782 9,730,099
15 324,779 32,906 357,685 143,686
40 61,753 4,503 66,256 113,848
10 8,980 1,485 10,465 6,384
6 32,162 14,075 10,000 36,237 94,758
' 5 2,852 2,852
5 1,070 1,070
5 53,162 13,765 66,927 4,463
5 11.403 11.403
' S3.2�09 $372,227 $10,000 $3.5�s S11.245.511
VILLAGE OF OAK BROOK. ILLINOIS '
SPORTS CORE FUND
SCHEDULE OF REVENUES AND EXPENSES - BUDGET AND ACTUAL '
YEAR ENDED APRIL 30, 1991
Variance
Favorable '
Actual Budget (Unfavorable)
OPERATING REVENUES ,
Golf
Fees $ 768,780 $ 809,677 ($ 40,897)
Memberships 128,667 137,850 ( 9,183)
Merchandise sales 169,032 186,000 ( 16,968) '
Food sales 52,673 79,000 ( 26,327)
Beverage sales 23,281 33,000 ( 9,719)
Miscellaneous 68.379 39.500 28.879 '
1.210.812 1.285.027 ( 74.215)
Bath and tennis '
Fees 55,537 51,900 3,637
Memberships 238,656 269,345 ( 30,689)
Merchandise sales 11,880 15,000 ( 3,120) '
Food sales 223,235 308,000 ( 84,765)
Beverage sales 109,640 118,000 ( 8,360)
Miscellaneous 16.000 ( 16.000)
638.948 778.245 ( 139.297)
Total Operating Revenues 1.849:760 2.063.272 ( 213.512) '
OPERATING EXPENSES
Administrative and general '
Personnel 255,388 217,270 ( 38,118)
Materials and supplies 82,623 65,675 ( 16,948)
Operation and contractual 128,183 104,200 ( 23,983) '
Overhead allocation ( 385:924)( 337.567) 48.357
80.270 49.578 ( 30.692)
Golf '
Personnel 446,444 445,329 ( 1,115)
Materials and supplies 272,347 280,050 79703
Operation and contractual 121,737 121,575 ( 162) ,
Overhead allocation 192.962 168.784 ( 24.178)
1.033.490 1.015.738 ( 17.752) '
74 -
VILLAGE OF OAK BROOK. ILLINOIS
SPORTS CORE FUND
' SCHEDULE OF REVENUES AND EXPENSES - BUDGET AND ACTUAL - Continued
YEAR ENDED APRIL 30. 1991
Variance
' Favorable
Actual Budget (Unfavorable)
' OPERATING EXPENSES - Continued
Bath and tennis
Personnel $ 326,652 $ 346,210 $ 19,558
Materials and supplies 176,002 195,095 19,093
' Operation and contractual 82,497 62,810 ( 19,687)
Overhead allocation 192.962 168.783 ( 24.179)
' 778.113 772.898 ( 5.215)
Capital 209,776 197,200 ( 12,576)
' Less: Items capitalized ( 209.776) 209.776
197.200 197.200
' Total Operation of Facilities 1.891.873 2.035.414 143.541
DEPRECIATION 298.448 ( 298.448)
Total Operating Expenses 2.190.321 2.035.414 ( 154.907)
OPERATING INCOME (LOSS) ( 340.561) 27.858 368.419
' NONOPERATING REVENUE (EXPENSE)
Interest income 4,780 15,000 ( 10,220)
Interest expense ( 36,829)( 30,000) ( 6,829)
Other revenue 31.054 34.578 ( 3.524)
' ( 995) 19.578 ( 20.573)
INCOME (LOSS) BEFORE OPERATING TRANSFERS ( 341,556) 47,436 ( 388,992)
Operating transfers in 48.705 48.705
NET INCOME (LOSS) (SS 2851) S 47,436 ( 340 8 )
75 -
VILLAGE OF OAK BROOK. ILLINOIS '
SPORTS CORE FUND
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT '
AND ACCUMULATED DEPRECIATION
YEAR ENDED APRIL 30. 1991
Property. Plant and Equipment '
Additions
Balance and Balance
May 1. 1990 Transfers April 30. 1991 '
Golf course well $ 22,340 $ 64,503 $ 86,843
Sports Core maintenance equipment 196,138 39,319 235,457
Land and land rights 8,252,585 8,252,585
Golf course land improvements 1,273,824 18,926 1,292,750
Other land improvements 339,535 339,535
Clubhouse '
Golf 724,076 724,076
Bath and tennis 452,630 64,056 516,686
Other improvements 498,949 4,353 503,302
Pools 129,683 2,874 132,557 ,
Tennis courts 441,403 1,800 443,203
Clubhouse equipment 110,265 13,665 123,930
Golf equipment 60,806 280 61,086 '
Buildings 116.568 116.568
$12.618.802 $209,776 $12.828.578
1
76 -
Rate of
' Depreciation Accumulated Depreciation
or Additions Net Asset
Amortization Balance and Balance Value
(Years) MAX 1. 1990 Transfers April 30, 1991 April 30, 1991
10 $ - $ 1,512 $ 1,512 $ 85,331
7 26,944 29,936 56,880 178,577
' 8,252,585
10 1,150,125 128,119 1,278,244 14,506
20 180,019 16,977 196,996 142,539
' 40 82,047 18,102 100,149 623,927
40 114,946 12,116 127,062 389,624
10 344,800 49,895 394,695 108,607
' 20 61,881 6,556 68,437 64,120
15 218,565 29,487 248,052 195,151
5 110,265 2,834 113,099 10,831
' 5 60,806 60,806 280
40 15.953 2.914 18.867 97.701
$2,3� $298,448 $2,6� 6� $10.163.779
1 •
VILLAGE OF OAK BROOK. ILLINOIS
FIDUCIARY FUNDS
1 COMBINING BALANCE SHEET
APRIL 30. 1991
(With 1990 for Comparison)
ASSETS
Deferred
Fire- Compensa-
Police fighters' tion Totals
Pension Pension Fund 1991 1990
Cash and equivalents $ 379,409 $1,104,732 $ - $ 1,484,141 $ 54,139
' Investments 8,290,374 7,936,508 1,386,450 17,613,332 15,769,273
Receivables
Accrued interest
receivable 15,921 49,080 65,001 458,635
' Other 10,482 9,134 19,616 19,708
Due from other funds 19.800 18.822 38.622 35.413
Total Assets S8.7� S9.1� S1.3� S19.220.712 $16.337.168
LIABILITIES AND FUND EQUITY
LIABILITIES
Accounts payable $ 15,688 $ 12,571 $ - $ 28,259 $ 33,994
Due to other funds 1,575 1,575 3,150 1,500
Deferred compensation
benefits payable 1.386.450 1.386.450
Total Liabilities 17.263 14.146 1.386.450 1.417.859 35.494
FUND EQUITY
Reserved for employees'
retirement 9,075,466 8,415,246 17,490,712 15,581,198
Unreserved ( 376.743) 688.884 312.141 720.476
Total Fund Equity 8.698.723 9.104.130 17.802.853 16.301.674
Total Liabilities
and Fund Equity S8.7� S9.1� S1.3� S19.220.712 S16.337.168
i
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77 -
VILLAGE OF OAK BROOK. ILLINOIS
FIDUCIARY FUNDS
COMBINING STATEMENT OF REVENUES EXPENSES AND '
CHANGES IN FUND BALANCES
YEAR ENDED APRIL 30. 1991
(With 1990 for Comparison) ,
Police Firefighters' Totals
Pension Pension 1991 1990
OPERATING REVENUES
Interest on investments $ 636,988 $ 487,990 $ 1,124,978 $ 1,468,233
Contributions
Employees 134,760 114,932 249,692 231,548 '
Village 256,092 236,829 492,921 456,252
Miscellaneous 100 100 100
Total Operating Revenues 1.027.940 839.751 1.867.691 2.156.133 ,
OPERATING EXPENSES
Administrative and general 2,238 2,292 4,530 4,755
Pension refunds 16,939 7,850 24,789 20,729
Benefit payments 185.959 151.234 337.193 319.534
Total Operating Expenses 205.136 161.376 366.512 345.018
NET INCOME 822,804 678,375 1,501,179 1,811,115
FUND BALANCES
Beginning of year 7.875.919 8.425.755 16.301.674 14.490.559
End of year $8.6�s $9.1�,130 $17.802.853 $16.301.674
r
- 78 -
VILLAGE OF OAK BROOK, ILLINOIS
POLICE PENSION FUND
` SCHEDULE OF REVENUES. EXPENSES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL
YEAR ENDED APRIL 30. 1991
' Variance
Favorable
Actual Budget (Unfavorable)
OPERATING REVENUES
Interest on investments $ 636,988 $552,400 $84,588
Contributions
' Employees 134,760 132,300 2,460
Village 256,092 270,117 ( 14,025)
Miscellaneous 100 150 ( 50)
Total Operating Revenues 1.027.940 954.967 72.973
OPERATING EXPENSES
Administrative and general 2,238 3,710 1,472
Pension refunds 16,939 13,300 ( 3,639)
Benefit payments 185.959 181.000 ( 4.959)
Total Operating Expenses 205.13691 8.010 ( 7.126)
' NET INCOME 822,804 $756,957 $65,847
FUND BALANCE
Beginning of year 7.875.919
End of year S8.6�s
r
79 -
VILLAGE OF OAK BROOK. ILLINOIS
FIREFIGHTERS' PENSION FUND
SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL
YEAR ENDED APRIL 30, 1991
r
Variance
Favorable
Actual Budget (Unfavorable)
OPERATING REVENUES
Interest on investments $ 487,990 $568,000 ($80,010)
Contributions
Employees 114,932 115,300 ( 368)
Village 236,829 217,920 18.909
Total Operating Revenues 839,751 901,220 ( 61,469)
OPERATING EXPENSES
Administrative and general 2,292 2,855 563
Pension refunds 7,850 ( 7,850)
Benefit payments 151,234 171,000 19,766
Total Operating Expenses 161,376 173,855 12,479
NET INCOME 678,375 $727,365 ($48,990)
FUND BALANCE
Beginning of year 8,425,755
End of year $9,1� '
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' VILLAGE OF OAK BROOK, ILLINOIS
DEFERRED COMPENSATION FUND
SCHEDULE OF CHANGES IN ASSETS AND LIABILITIES
APRIL 30. 1991
' ASSETS
Balance Balance
' May 1, April 30,
1990 Additions Deductions 1991
Investments $1.137.421 $312.537 $63,508 $1.386.450
Total Assets 91.1�.421 S3�37 $63,508 $1,386,450
LIABILITIES
Deferred compensation
' benefits payable $1.137.421 $312.537 $63,508 $1.386.450
Total Liabilities S1.1� 37.421 $312,537 S63.508 $1,386,450
81 -
VILLAGE OF OAK BROOK. ILLINOIS
GENERAL FIXED ASSETS ACCOUNT GROUP
' SCHEDULE OF GENERAL FIXED ASSETS - BY SOURCE
YEAR ENDED APRIL 30. 1991
(With 1990 for Comparison)
' 1991 1990
GENERAL FIXED ASSETS
Land $ 491,829 $ 491,829
Buildings and improvements 5,199,029 5,015,166
Furniture and fixtures 275,443 274,920
Roadway improvements 6,427,713 6,320,344
Automotive equipment 2,060,590 1,905,272
Other equipment 1,875,374 1,750,680
Library books 437.844 400.771
Total General Fixed Assets $16,767.822 $16,158,982
INVESTMENT IN GENERAL FIXED ASSETS FROM
Current revenues $14,257,923 $13,649,083
Proceeds of indebtedness 1,582,783 1,582,783
Gifts 518,738 518,738
Motor Fuel Tax Fund revenues 246,098 246,098
Federal Revenue Sharing Fund revenues 131,751 131,751
Special Service Area No. 1 Fund revenues 30.529 30.529
Total Investment in General Fixed Assets $16.767.822 $16,158,982
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i
VILLAGE OF OAK BROOK. ILLINOIS
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY ,
APRIL 30. 199
Buildings Furniture
and and
Function and Activity Land Imurovements Fixtures
GENERAL GOVERNMENT
Counsel and legal $210,000 $ - $ 3,217
Village manager 5,831
Finance and accounting 15,484
Engineering 6,580 16,647
Village Hall 273.741 2.729.384 118.338
Total General Government 490.321 2.729.384 159.517
PUBLIC SAFETY
Police department 129,405 25,761
Fire department 1,216,320 39,862
Emergency medical service 813
Inspection bureau 3.171
Total Public Safety 1.345.725 69.607
PUBLIC WORKS
Administrative 142,571 5,461 '
Street maintenance
Street improvements 30,363
Municipal garage 771.052 5.386
Total Public Works 943.986 10.847
CULTURE AND RECREATION ,
Library 1.508 179.934 35.472
Total General Fixed Assets S491,829 S5.1�9,029 S275.443
83 -
Roadway Automotive Other Library
larovements Equipment Equipment Books Total
$ - $ - $ 21,216 $ - $ 234,433
16,367 57,777 79,975
139,613 155,097
10,857 80,197 114,281
9.929 49.389 3.180.781
37.153 348.192 3.764.567
438,002 397,276 990,444
52,813 892,721 641,169 2,842,885
174,356 104,004 279,173
17.396 32,496 53.063
52.813 1.522.475 1.174.945 4.165.565
41,941 5,568 195,541
456,314 215,800 672,114
6,374,900 54,647 6,459,910
2.707 51.205 830.350
' 6.374.900 500.962 327.220 8.157.915
25.017 437.844 679.775
$6.4� $2.0� S1.8�4 S437,844 S16.767.822
i
i
VILLAGE OF OAK BROOK. ILLINOIS
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - 1
BY FUNCTION AND ACTIVITY
APRIL 30, 1991
General General
Fixed Fixed
Assets Assets
May 1, April 30,
1990 Additions Retirements 1991
GENERAL GOVERNMENT
Counsel and legal $ 229,491 $ 4,942 $ - $ 234,433
Village manager 58,508 21,467 79,975
Finance and accounting 151,435 3,662 155,097
Engineering 91,046 23,235 114,281
Village Hall 3.180.781 3.180.781
Total General Government 3.711.261 53.306 3.764.567
PUBLIC SAFETY
Police department 863,808 175,010 48,374 990,444
Fire department 2,664,326 228,559 50,000 2,842,885
Emergency medical service 279,173 279,173
Inspection bureau 52.413 650 53.063
Total Public Safety 3.859.720 404.219 98.374 4.165.565
PUBLIC WORKS
Administrative 126,345 69,196 195,541
Street maintenance 643,420 28,694 672,114
Street improvements 6,352,541 107,369 6,459,910
Municipal garage 822.993 7.357 830.350
Total Public Works 7.945.299 212.616 8.157.915
CULTURE AND RECREATION
Library 642.702 37.073 679.775
Total General Fixed Assets $16.158.982 $707,214 $98,374 $16.767.822 '
- 84 -
� r r r it rr� rr �r rr �r rr rr r� r rr rr r� �r rr
Table 1
VILLAGE OF OAK BROOK. ILLINOIS
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION (1)
LAST TEN FISCAL YEARS
Culture
Fiscal General Public Public and Debt Total
Year Legislative Government Safety Works Recreation Service Expenditures
1991 $ 407,461 $1,098,463 $5,774,394 $1,693,107 $278,085 $987,505 $10,239,015
1990 616,300 1,041,157 5,303,456 1,605,218 241,751 922,716 9,730,598
1989 327,739 1,124,734 5,184,506 2,076,858 196,584 955,025 9,865,446
1988 311,918 895,764 4,616,312 2,089,485 195,341 987,234 9,096,054
1987 254,617 911,668 4,450,380 1,384,901 181,778 916,214 8,099,558
1986 256,953 724,353 4,047,863 1,051,920 177,265 942,064 7,200,418
1985 222,469 726,444 4,032,499 1,378,771 136,526 967,861 7,464,570
1984 218,095 999,325 3,460,935 1,229,691 149,736 891,320 6,949,102
1983 193,109 878,409 3,396,808 812,987 113,037 912,849 6,307,199
1982 650,781 960,601 3,208,328 1,170,176 105,712 884,488 6,980,086
Note 1 - Includes expenditures of General Fund, Special Revenue Funds, Debt Service Fund and Capital Projects
Fund.
85 -
Table 2
VILLAGE OF OAK BROOK. ILLINOIS
GENERAL REVENUES BY SOURCE (1)
LAST TEN FISCAL YEARS
Licenses Hotel/ Interest
Fiscal Property and Service Fines and Motel on
Year Intergovernmental Taxes Permits Charges Penalties Taxes Investment Miscellaneous Total
1991 $7,294,865 $603,129 $342,354 $371,368 $196,640 $89,664 $376,261 $453,184 $9,727,465
1990 7,325,893 542,623 305,085 219,484 229,841 - 538,159 154,064 9,315,149
1989 7,151,393 582,861 261,081 263,759 166,238 - 418,479 234,158 9,077,969
1988 6,695,200 627,708 295,364 204,889 189,558 - 421,013 185,943 8,619,675
1987 6,885,727 598,342 279,693 215,853 146,691 - 404,114 339,036 8,869,456
1986 5,952,519 570,623 248,343 218,107 162,648 - 427,195 190,378 7,769,813
1985 5,949,838 691,686 287,217 212,816 204,809 - 453,655 56,389 7,856,410
1984 5,343,246 602,517 326,633 214,758 205,838 - 387,418 52,928 7,133,338
1983 4,955,919 352,932 212,984 159,897 139,872 - 472,537 13,314 6,307,455
1982 4,894,684 518,701 238,017 309,682 155,465 - 619,703 99,191 6,835,443
Note 1 - Includes revenues of General Fund, Special Revenue Funds, Debt Service Fund and Capital Projects Fund.
86 -
r r■ r r r �■r� r■� r r� �r r. �r rr rr rr rr �r r r
' Table 3
VILLAGE OF OAK BROOK, ILLINOIS
SPECIAL ASSESSMENT COLLECTIONS (1)
' LAST TEN FISCAL YEARS
Ratio of
Current Current Collections Total
Fiscal Assessments Assessments of Amount Outstanding
Year Due Collected Due Assessments
1987 $6,000 $6,063 101.05% $ 5,615
' 1986 6,000 6,137 102.28 11,615
1985 6,000 6,071 101.18 17,615
1984 6,000 6,061 101.02 23,615
1983 6,000 6,066 101.10 29,615
Note 1 - Special assessments are levied by the Village on properties in the York
Woods subdivision of the Village for street light improvements. There
were no special assessments prior to 1983 or subsequent to 1987.
87 -
1
Table 4
VILLAGE OF OAK BROOK. ILLINOIS
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS (1)
Total
Current Collections
Year and
Fiscal Abatement Total Tax Write-Offs
Year Percent Delinquent and Collections as Percent
Ended Total Current Tax of Levy Tax Forfeiture and of Current
Tax Year . April 30, Tax Levy Collections Collected Collections Write-Offs Write-Offs Levy
1989 1991 $715,955 $601,406 84.00% $1,709 $ - $603,115 84.20%
1988(5) 1990 551,811 539,680 97.80 2,570 6,009 548,259 99.36
1987(4) 1989 580,309 576,597 99.36 6,026 2,997 585,620 100.92
1986(2)(4) 1988 608,701 598,279 98.30 3,053 1,254 602,586 99.00
1985(2)(4) 1987 621,310 618,592 99.56 1,069 1,880 621,541 100.04
1984(2) 1986 568,597 562,842 98.99 3,473 4,924 571,239 100.46
1983(2) 1985 591,472 582,336 98.46 4,785 8,431 595,552 100.69
1982(2) 1984 523,892 519,179 99.10 3,067 1,375 523,621 99.95
1981(3) 1983 277,439 273,157 98.46 1,609 4,800 279,566 100.77
1980(2) 1982 518,030 514,912 99.40 3,789 2,967 521,668 100.70
Note 1 - Prior to the 1981 tax levy, the Village levied property taxes for debt service purposes only and
commenced such levies for the 1977 tax year. Taxes are collected during the summer months of the year
following the year of the levy. Thus, collections are made in the fiscal year two years behind the year
of the levy.
Note 2 - The 1979, 1980, 1982, 1983, 1984 and 1985 levies were abated by $300,000. These funds were contributed
from excess revenues of the General Fund.
Note 3 - The 1981 levy was abated by $600,000. These funds were contributed from excess revenues of the General
Fund.
Note 4 - The 1986, 1987 and 1988 levies were abated by $300,000 paid by the General Fund.
Note 5 - The 1989 levy was abated by $300,000 paid by the Debt Service Fund.
- 88 -
Table 5
VILLAGE OF OAK BROOK, ILLINOIS
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY ( )
' LAST TEN FISCAL YEARS
' Ratio of
Total
Assessed/
' Real Property Total
Estimated Estimated
Fiscal Actual Actual
Year Assessed Value Value
' 1991 $806,397 $2,443,627 33.00%
1990 745,392 2,258,764 33.00
1989 669,030 2,027,364 33.00
1988 611,665 1,853,530 33.00
1987 445,776 1,350,836 33.00
1986 396,911 1,202,761 33.00
1985 373,266 1,131,109 33.00
1984 347,271 1,052,336 33.00
1983 318,675 965,680 33.00
1982 293,897 890,597 33.00
1981 257,727 780,990 33.00
Note 1 - Dollar amounts in thousands.
1
89 -
Table 6 ,
VILLAGE OF OAK BROOK. ILLINOIS ,
PROPERTY TAX RATES - ALL DIRECT AND OVERLAPPING GOVERNMENTS
(Per $100 Assessed Valuation) '
LAST TEN FISCAL YEARS
Village Junior Grade High Oak Brook Hinsdale
Fiscal of Basic College School School Park Sanitary
Year Total Oak Brook Town(1) #502 #53 #86 District District
1991 4.0133 .1044 .8708 .2092 .9389 1.7205 .1695 .0000 '
1990 4.0791 .0818 .9311 .2009 .9134 1.7786 .1733 .0000
1989 4.4159 .0825 1.1111 .2088 .9093 1.8774 .1834 .0434
1988 4.3540 .0949 1.0587 .2341 .9364 1.8906 .1014 .0379
1987 4.6970 .1366 .9572 .2551 1.2297 1.9233 .1423 .0528
1986 5.1729 .1566 1.2444 .2450 1.3314 1.9461 .1918 .0576
1985 4.8476 .1524 1.0265 .2424 1.2050 1.9570 .2035 .0608 ,
1984 4.6286 .1704 .9162 .2426 1.1507 1.9201 .1663 .0623
1983 4.9090 .1645 .9452 .2318 1.4383 1.8883 .1763 .0646
1982 4.6863 .0944 .9425 .2222 1.3649 1.8334 .1598 .0691
Note 1 - Includes all county, forest preserve, township and water commission
rates. I I
Source: Du Page County Clerk's office, Revenue Division.
90 -
Table 7
VILLAGE OF OAK BROOK, ILLINOIS
RATIO OF NET GENERAL BONDED DEBT TO ASSESSED VALUE
' AND NET BONDED DEBT PER CAPITA
LAST TEN FISCAL YEARS
Ratio of
' Net Net
Assessed Debt Bonded Bonded
Value Gross Service Net Debt to Debt
Fiscal (in Bonded Monies Bonded Assessed Per
Year Population Thousands) Debt(1) Available Debt Value Capita
1991 9,151(5) $806,397 $ 3,450,000 $202,468 $3,247,532 .403% $ 355
1990 9,151(5) 745,392 4,250,000 432,693 3,817,307 .512 417
1989 9,151(5) 669,030 4,950,000 629,291 4,320,709 .646 472
1988 8,000(2) 611,665 5,650,000 510,389 5,139,611 .840 642
1987 8,000(2) 445,776 6,350,000 416,669 5,933,331 1.331 742
1986 89000(2) 3969911 6,950,000 287,636 696629364 1.679 833
' 1985 7,263(3) 373,266 7,550,000 224,642 7,325,358 1.963 1,009
1984 7,263(3) 347,271 8,150,000 161,147 7,988,853 2.301 1,100
1983 6,641(4) 318,675 8,670,105 120,337 8,549,768 2.683 1,287
1982 6,641(4) 293,897 9,441,158 163,155 9,278,003 3.157 1,397
Note 1 - Includes total gross bonded debt, including all components of the General
Long-Term Debt Account Group, with the exception of accrued vacation
pay.
Note 2 - July 1986 annexation of the Oak Brook Club increased population to
approximately 8,000.
Note 3 - 1983 Special Census.
' Note 4 - 1980 Census.
Note 5 - 1988 Special Census.
91 -
Table 8 ,
VILLAGE OF OAK BROOK. ILLINOIS
COMPUTATION OF LEGAL DEBT MARGIN
APRIL 30. 1991
Assessed value $806.396.578
Debt limit 8.625% of assessed value $ 69,551,705 '
Debt applicable to debt limit - General
Obligation Recreation Bonds 3.450.000
Legal Debt Margin S 66.101.705
i
92 -
VILLAGE OF OAK BROOK. ILLINOIS Table 9
' COMPUTATION OF DIRECT AND OVERLAPPING DEBT
APRIL 30. 1991
' Percentage Amount
Applicable to Applicable to
Gross Debt Village of Village of
Jurisdiction Outstanding— Oak Brook Oak Brook
Village of Oak Brook $ 3,450,000 100.00% $ 3,450,000
Du Page County 9,260,000 5.49 508,374
' Du Page Forest Preserve 49,720,000 5.49 2,729,628
Du Page Water Commission 190,000,000 5.70 10,830,000
Sanitary districts 760,000 24.79 188,404
' Junior college district 3,804,000 5.12 194,765
Elementary school districts 6,094,000 11.53 702,638
' High school districts 16,077,000 10.00 1.607.700
Total $20.211.509
Source: Du Page Count Clerk's office.
County
93 -
Table 10 '
VILLAGE OF OAK BROOK. ILLINOIS '
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL
BONDED DEBT TO TOTAL GENERAL EXPENDITURES '
LAST TEN FISCAL YEARS
Ratio of '
Total Debt Service
Fiscal Debt Total General to Total
Year PrinciRal Interest Service Expenditures(1) Expenditures ,
1991 $800,000 $205,800 $1,005,800 $10,239,015 9.82
1990 700,000 238,000 938,000 9,610,564 9.76 '
1989 700,000 270,200 970,200 9,865,446 9.84
1988 700,000 302,400 1,002,400 9,096,054 11.02 ,
1987 600,000 328,200 928,200 8,099,558 11.46 '
1986 600,000 354,000 954,000 7,200,418 13.25
1985 600,000 379,800 979,800 7,464,570 13.13 '
1984 500,000 390,550 890,550 6,949,102 12.81
1983 500,000 412,050 912,050 6,307,199 14.46
1982 450,000 433,825 883,825 6,980,086 12.66
Note 1 - Includes General Fund, Special Revenue Funds, Debt Service Fund and
Capital Projects Fund. '
94 -
Table 11
VILLAGE OF OAK BROOK. ILLINOIS
REVENUE BOND COVERAGE - WATERWORKS SYSTEM BONDS
' LAST TEN FISCAL YEARS
Net Revenue
Available
' Fiscal Gross for Debt Debt Service Requirements
Year Revenue(1) Expenses(2) Service(3) Principal Interest Total Coverage
1991 $2,706,681 $1,089,610 $1,617,071 $500,000 $101,138 $601,138 269%
1990 3,260,984 1,015,261 2,245,723 475,000 127,150 602,150 373
1989 3,126,240 1,294,568 1,831,672 425,000 150,450 575,450 318
1988 2,778,938 810,900 1,968,038 400,000 171,575 571,575 344
' 1987 2,574,660 906,055 1,668,605 375,000 191,450 566,450 295
' 1986 2,581,462 801,823 1,779,639 350,000 209,950 559,950 318
1985 2,621,901 819,550 1,802,351 350,000 228,600 578,600 312
' 1984 2,248,398 712,692 1,535,706 325,000 246,100 571,100 269
1983 2,002,585 540,260 1,462,325 300,000 261,525 561,525 260
1982 1,814,363 436,134 1,378,229 275,000 275,550 550,550 250
' Note 1 - Represents gross revenue, including operating revenue, interest on
investments, reimbursements and other revenue.
' Note 2 - Represents operating expenses, excluding depreciation.
Note 3 - Represents gross revenue less expenses.
95 -
Table 12 '
VILLAGE OF OAK BROOK, ILLINOIS
DEMOGRAPHIC STATISTICS
Education ,
Level in
Per Years of
Fiscal Capita Median Formal Unemployment
Year Population Income Aze Education Rate
1989(3) 9,151 $26,818 41 15.5 2.05%
1984(1) 7,263 22,737 39 14.5 3.14 ,
1970(2) 4,164 8,997 34 13.3 .07
Source 1 - 1983 Special Census and 1980 Federal Census.
Source 2 - 1970 Federal Census. '
Source 3 - 1988 Special Census.
96 -
Table 13
VILLAGE OF OAK BROOK. ILLINOIS
PROPERTY VALUE. CONSTRUCTION AND BANK DEPOSITS
LAST TEN CALENDAR YEARS
Commercial Residential Estimated
' Construction Construction Total
Number Number Property
Calendar of Value (in of Value (in Bank Deposits Value (in
Year Units Thousands) Units Thousands) sin Thousands) Thousands)
1990 1 $15,400 15 $ 5,934 $1,632,441,000 $2,197,400
' 1989 3 10,100 30 10,939 1,465,387,000 2,030,900
1988 2 8,399 47 39,548 1,315,428,000 1,823,100
' 1987 1 35,000 100 36,462 1,171,352,000 1,573,724
' 1986 4 52,985 113 34,263 1,041,202,000 1,350,836
1985 1 1,975 124 28,453 929,645,000 1,202,761
1984 3 15,349 105 25,861 841,308,000 1,131,109
1983 5 15,575 98 22,398 754,645,000 1,052,336
' 1982 2 11,943 55 6,937 657,982,000 965,680
' 1981 1 798 63 14,618 508,321,000 890,597
Source - Polling of all banks in Village of Oak Brook.
97 -
Table 14 '
VILLAGE OF OAK BROOK. ILLINOIS '
PRINCIPAL TAXPAYERS
APRIL 30. 1991 '
Percentage of
1990 Total
Assessed Assessed ,
Taxpayer Type of Business Valuation Valuation
Urban Investment and Oak Brook Shopping '
Development Co. Center property $ 27,892,482 3.5%
McDonald's Corporation Office Campus 26,733,340 3.3
Oak Brook International
Office Office buildings 15,969,379 2.0 '
La Salle Partners Commerce Plaza 15,467,583 1.9
McDonald's Corporation Corporate office
headquarters 14,629,096 1.8 '
Regency Towers Office buildings 13,377,836 1.7
Drake Hotel and offices 12,993,184 1.6
Marshall Field & Co. - Batus ,
Holdings Retail store 8,985,679 1.1
Manufactures Life Real
Estate Executive towers 8,223,253 1.0
Oak Brook Hyatt House Hotel 8,183,215 1.0 '
Eastman Kodak Regional headquarters 7,448,421 .9
Marriott Hotel 7,158,489 .9
John Buck Co. Office building 6,863,421 .9 '
Chicago Bridge and Iron Corporate office 6,638,858 .8
Sears, Roebuck & Co. Retail store 5.014.632 .6
S185.578.868 223.0% '
98 -
' Table 15
' VILLAGE OF OAK BROOK, ILLINOIS
INSURANCE IN EFFECT
' FISCAL YEAR 1990-1991
Name of Company Policy Period Amount of
Type of Insurance (Policy Number) From To Coverage Premium
' Treasurer's bond Kemper Group 4-13-91 4-13-92 $ 100,000 $ 123
Insurance Company
' (35M-061-900-05)
Volunteer accident Home Insurance 5-15-90 5-15-91 20,000 1,407
insurance Company
(HVF-7-25-85)
Host Liquor Continental 11-24-90 11-24-91 1,000,000 2,532
' Liability Casualty
(RDD7176568)
Lloyds, London
' (BL25507CA)
Note - The Village entered into a contractual agreement with 14 other
municipalities to form the Intergovernmental Risk Management Agency
(IRMA) , which through its risk-sharing provisions provides the Village
with its insurance coverage for liability, property damage, workmen's
' compensation and surety risks not covered by the Village's Treasurer's
Bond. The Village's contribution to this cooperative agency for 1991 was
$280,612 and was determined by the pro rata share for each municipality's
audited revenues and loss experience for the previous year, to be
' sufficient annually to fund 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 each municipality. The Agency is required to
pay up to $250,000 per occurrence for loss or injury within the scope of
its self-insurance coverage. The Agency has also purchased excess
' catastrophe insurance over the amount of its $250,000 obligation and
aggregate stop loss insurance. The amount of excess insurance is
$3,000,000 per occurrence for liability claims and $492,500,000 for
property claims. The Agency has contracted the services of Gallagher
Basset Insurance Service for the claims administration function. As of
April 30, 1991, IRMA members totaled 47 municipalities.
1
99 -
Table 16
VILLAGE OF OAK BROOK. ILLINOIS '
MISCELLANEOUS STATISTICAL DATA
APRIL 30. 1991 '
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 34 '
Number of volunteers 20
Police protection Number of stations 1
Number of policemen '
and officers 39
Detention facilities Juvenile 2
Adult 6 t
Education (elementary
only) Attendance centers 2
Number of teachers 45
Number of students 625 '
Municipal water
department Number of customers 5,050
Total water pumped Gallons 1,386,130,000 '
Average daily
consumption Gallons 3,797,000
Miles of water mains - 77 '
Building permits issued
Recreation Oak Brook Sports Core
269 acres including
Bath and Tennis Club '
and 18-hole golf course
Oak Brook Park District -
66 acres including ,
indoor and outdoor
tennis
Du Page County Forest '
Preserve - 141 acres
Culture Number of libraries 1
Number of volumes 37,250
Census data 1960, 324; 1970, 4,164; '
1975, 5,281; 1980,
6,641; 1984, 7,263
Employees 120 full-time '
248 part-time/seasonal
- 100 -