CAFR (Year Ended December 31, 1994) i
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� VILLAGE OF OAK BROOK ILLINOIS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Year Ended December 31, 1994
VILLAGE OF OAK BROOK
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED DECEMBER 31, 1994
Prepared by: Finance Department
Darrell J. Langlois
Finance Officer/Treasurer
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CONTENTS
INTRODUCTORY SECTION
Officers and Officials i
Organization Chart ii
Letter of Transmittal from the Village Manager iii
Letter of Transmittal from the Finance Officer/Treasurer iv -xi
Certificate of Achievement for Excellence in
Financial Reporting xii
FINANCIAL SECTION
Independent Auditors' Report 1 - 2
General Purpose Financial Statements
Combined Balance Sheet- All Fund Types
and Account Groups 3 -6
Combined Statement of Revenues, Expenditures,
and Changes in Fund Balances - All Governmental Fund Types 7
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances -Budget and Actual -
All Governmental Fund Types 8 -9
Combined Statement of Revenues, Expenses and
Changes in Fund Equity -All Proprietary and Fiduciary
(Pension Trust) Fund Types 10
Combined Statement of Cash Flows -All Proprietary Fund Types 11
Notes to the Financial Statements 12 -43
Combining, Individual Fund and Account Group
Financial Statements and Schedules
Governmental Funds
General Fund
Statement of Revenues, Expenditures and Changes in
Fund Balance-Budget and Actual 44
Schedule of Revenues - Budget and Actual 45
Schedule of Expenditures - Budget and Actual 46-50
Special Revenue Funds
Combining Balance Sheet 51
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances - Budget and Actual 52 -53
CONTENTS
FINANCIAL SECTION (CONT.)
Combining, Individual Fund and Account Group
Financial Statements and Schedules (Cont.)
Governmental Funds (Cont.)
Capital Projects Funds
Combining Balance Sheet 54
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances -Budget and Actual 55 -56
Proprietary Funds
Enterprise Funds
Combining Balance Sheet 57 -58
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings 59
Combining Statement of Cash Flows 60
Waterworks System Fund
Statement of Revenues, Expenses and Changes in Retained
Earnings -Unreserved - Budget and Actual 61
Schedule of Operating Expenses -Budget and Actual 62
Schedule of Changes in Retained Earnings -
Reserved -Restricted Accounts 63
Schedule of Property, Plant and Equipment and
Accumulated Depreciation 64-65
Sports Core Fund
Statement of Revenues, Expenses and Changes in
Retained Earnings -Budget and Actual 66
Schedule of Operating Revenues -Budget and Actual 67
Schedule of Operating Expenses -Budget and Actual 68 -69
Schedule of Property, Plant and Equipment and
Accumulated Depreciation 70-71
Internal Service Fund
Self Insurance Fund
Balance Sheet 72
Statement of Revenues, Expenses and Changes in
Retained Earnings -Budget and Actual 73
Statement of Cash Flows 74
CONTENTS
EM
FINANCIAL SECTION (Cont,)
Combining, Individual Fund and Account Group
Financial Statements and Schedules (Cont.)
Fiduciary Funds
Trust and Agency Funds
Combining Balance Sheet 75
Combining Statement of Revenues, Expenses and
Changes in Fund Balances -Pension Trust Funds 76
Statement of Changes in Assets and Liabilities -
Deferred Compensation Fund 77
Police Pension Fund
Statement of Revenues, Expenses and Changes in
Fund Balance-Budget and Actual 78
Firefighters' Pension Fund
Statement of Revenues, Expenses and Changes in
Fund Balance-Budget and Actual 79
General Fixed Assets Account Group
Schedule of General Fixed Assets -By Source 80
Schedule of General Fixed Assets -By Function
and Activity 81 - 82
Schedule of Changes in General Fixed Assets -
By Function and Activity 83
CONTENTS
Pace
FINANCIAL SECTION (Cont.)
SUPPLEMENTAL
Police Pension Fund
Revenues by Source and Expenses by Type 84
Analysis of Funding Progress 85
Firefighters' Pension Fund
Revenues by Source and Expenses by Type 86
Analysis of Funding Progress 87
Illinois Municipal Retirement Fund
Analysis of Funding Progress 88
STATISTICAL SECTION (UNAUDITED)
General Governmental Expenditures by Function- Last Ten Fiscal Years 89
General Revenues by Source-Last Ten Fiscal Years 90
Special Assessment Billings and Collections -Last Ten Fiscal Years 91
Property Tax Levies and Collections -Last Ten Fiscal Years 92
Assessed and Estimated Actual Value of Taxable
Property -In Thousands -Last Ten Fiscal Years 93
Property Tax Rates -All Direct and Overlapping Governments -
Last Ten Years 94
Ratio of Net General Bonded Debt to Equalized Assessed Value and Net
General Bonded Debt Per Capita- Last Ten Fiscal Years 95
Computation of Legal Debt Margin 96
Computation of Direct and Overlapping Bonded Debt 97
Ratio of Annual Debt Service Expenditures for General Bonded
Debt to Total General Expenditures - Last Ten Fiscal Years 98
Revenue Bond Coverage-Waterworks System Bonds -
Last Ten Fiscal Years 99
Demographic Statistics 100
Property Value and Construction -Last Ten Fiscal Years 101
Principal Taxpayers 102
Insurance in Force 103
Miscellaneous Statistics 104
VILLAGE OF OAK BROOK, ILLINOIS
OFFICERS AND OFFICIALS
DECEMBER 31, 1994
President
Karen M. Bushy
Clerk
Linda K. Gonnella
Trustees
Garry J. Bartecki
William E. Kenny
Gerald McInerney
Barbara A. Payovich
Mack H. Shumate, Jr.
Emil R. Calzaretta
Village Manager
Stephen B. Veitch
Finance Officer/Treasurer
Darrell J. Langlois
Village of Oak Brook
December 1994
Elected Officials
President
Tnatees(6)
Clerk
Village Attorney [flE
Village Treasurer
4=ds
Eleclrical
Fire&Police
Firelighters'1'eaeion
I101e1/Molcl
Lilxary
Plan
Police Pension
Safety Pathway
Zoning
Village Manager
Staff Services
Administrative Services Engineering Finance 11 Purchasing/Grants
Operating Departments
PircJlnapeclion Lilxary Police Public Works Slxxls Core
O��F�gke9
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VILLAGE OF OAK BROOK
1200 OAK BROOK ROAD
OAK BROOK, ILLINOIS 60521 -2255
March 17, 1995 708 990- 3000
President and Board of Trustees
Village of Oak Brook
Oak Brook, IL 60521
President Bushy and Trustees:
It is a pleasure to present the Comprehensive Annual Financial Report for the Village of Oak
Brook for the fiscal year ended December 31, 1994. This report has been prepared by Finance
Officer and Village Treasurer Darrell Langlois and his staff in accordance with all applicable
standards of the Government Accounting Standards Board and the Government Finance Officers
Association.
The Comprehensive Annual Financial Report is a very important and legally essential document
for the Village Board and the community. It is even more valuable when viewed in conjunction
with the Village's Five-Year Financial Plan. The Annual Report presents a "snapshot"' of the
Village's financial condition at a specific point in time; the Five-Year Plan presents a long range
continuous view. Taken together, these documents present a complete picture of the present and
future financial condition of our Village.
The Village's financial condition remains healthy. This fact is reflected clearly in the Annual
Financial Report. This strength is attributable to the Village Board's conservative financial
policies, the Village's long history of careful planning and to rigorous day-to-day management
of the Village's financial affairs.
Although virtually all of the indicators of financial condition are positive, this situation can
change quickly as a result of economic downturns, State and Federal legislation or policy
decisions of future Village Boards. Constant vigilance is necessary. Nevertheless, given the
information currently available, it appears that the Village has an excellent opportunity to meet
the challenges presented in coming years while maintaining a financial condition of which its
citizens can be very proud.
Sincer ,
S ephen B. Veitch
Village Manager
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VILLAGE OF OAK BROOK
1200 OAK BROOK ROAD
OAK BROOK, ILLINOIS 60521 -2255
708 990-3000
March 17, 1995
President and Board of Trustees
Village of Oak Brook
Oak Brook, Illinois 60521
' The Comprehensive Annual Financial Report of the Village of Oak Brook for the year
ended December 31, 1994 is submitted herewith. Responsibility for both the accuracy
of the information presented and the thoroughness and fairness of the presentation,
including all disclosures, rests with the Village. I believe the data, as presented, is
accurate in all material respects; that it is presented in a manner designed to fairly set
forth the financial position and results of operations of the Village as measured by the
financial activity of its various funds; and that all disclosures necessary to enable the
reader to gain the maximum understanding of the Village's financial affairs have been
included.
The Comprehensive Annual Financial Report is presented in three sections:
introductory, financial and statistical. The introductory section includes this transmittal
letter, the Village's organizational chart and a list of principal officials as of the end of
the reporting period. The financial section includes the general purpose financial
statements and the combining and individual fund and account group financial
statements and schedules, as well as the auditor's report on the financial statements
and schedules. The statistical section includes financial and demographic information,
which is generally presented on a multi-year basis.
All funds and account groups of the Village, as described in the notes to the financial
statements, have been included in the Report. The Village provides a full range of
services including public safety (police, fire, bureau of inspection, and emergency
medical service), public works maintenance, the water utility, public improvements,
planning and zoning, general administration, operations of a free public library, and
recreation facilities at the Oak Brook Sports Core, including an 18-hole golf course.
The Police Pension Fund and the Firefighters' Pension Fund have been included as
blended component units due to the significance of their financial relationships with the
Village. However, the Intergovernmental Risk Management Agency and the DuPage
Water Commission have not met the established criteria for inclusion in the reporting
entity and, accordingly, are excluded from this Report.
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ECONOMIC CONDITION AND OUTLOOK
The Village of Oak Brook is located about 15 miles west of the Chicago Loop, near the
geographic center of, the seven-county Chicago metropolitan area. Excellent
transportation links are provided to all parts of the greater metropolitan area by a
network of tollways and Federal and State highways which pass through or near the
Village. The Tri-State Tollway, extending along the Village's eastern boundary,
provides rapid access to the northern and southern suburbs, and into Wisconsin and
Indiana. The East-West Toliway, passing through the Village's northern sector, joins
the Eisenhower Expressway to the northeast, providing direct access to Chicago's
Loop. Additional links include east-west arteries Illinois Route 38 and U.S. Route 34,
which pass, respectively, to the north and south of the Village, and Illinois Route 83,
which bisects the community in a north-south direction. The Oak Brook area is
generally bounded on the north by the communities of Lombard, Villa Park, Elmhurst
and Oakbrook Terrace and on the south by Downers Grove, Westmont, Clarendon Hills
and Hinsdale.
Oak Brook is a community that has demonstrated an extremely high degree of
economic stability. While the Illinois unemployment rate hovers around 4.2%, DuPage
County has established an unemployment rate of 2.8%, significantly lower than the
norm.
Based on current information provided by the DuPage Association of Realtors, the
average selling price of completed homes in DuPage County is $188,861. In 1994, the
average selling price of homes in Oak Brook was $485,387 and time on the market was
approximately 148 days.
According to the 1990 Census, over one-third of the households in Oak Brook are two-
person, and over 62% of the occupants of the Village have resided in Oak Brook for
over 10 years, indicating a strong level of population stability. Per capita income of
Village residents was $60,347 and the mean family income was $187,501. The
Census also indicates that managerial, professional, and sales occupations are held by
74% of Village residents employed.
MAJOR INITIATIVES
1994
The Village completed the 1994 pavement program, replaced water mains in the
Ginger Creek area, began a comprehensive review of the Village's information
systems, replaced its underground fuel storage tanks, and repaired the lakes on holes
#4 and #5 of the golf course. Also in 1994, the Village began a study of the
Comprehensive Plan and a facilities study for the Library and the Sports Core. In
addition, there was an increased emphasis placed on special events at the Bath and
Tennis Club in order to increase revenues in the Sports Core Fund.
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In the Future
1995 will mark the first year of operation for the Village based on the new budgeting
system introduced in 1994. This process began with the completion of a
comprehensive five-year financial plan in order to project revenues, expenditures, and
capital items for the next five years. Based on the Five-Year Financial Plan, program
budgets linking the traditional line-item budget with goals and objectives set by the
Board of Trustees and by each department were prepared. We believe that this new
system will aid in guiding the Village into the 21st century.
Included in the 1995 budget is the 1995 paving program, the implementation of new
information systems, completion of the Comprehensive Plan and zoning ordinance
update, completion of the study and long-range facilities plan for the Library and Sports
Core, remodeling of Fire Station #2, design of a new or remodeled Fire Station #1,
completion of the golf course lake repairs, and significant improvements to the Bath
and Tennis Clubhouse.
FINANCIAL INFORMATION
Accounting System and Budoetary Control
The Village's accounting records for general governmental operations are accounted
' for on a modified accrual basis of accounting. Revenues are recorded when available
and measurable. Expenditures are recorded when services or goods are received and
liabilities are incurred. Accounting records for the Village's Proprietary Funds and
Pension Trust Funds are maintained on an accrual basis.
The Village places a great deal of emphasis upon internal accounting controls as they
affect the overall accounting system. In developing and evaluating the Village's
' accounting system, consideration is given to the adequacy of internal accounting
controls. Internal accounting controls are designed to provide reasonable, but not
absolute, assurance regarding: (1) the safeguarding of assets against loss from
unauthorized use or disposition; and (2) the reliability of financial records for preparing
financial statements and maintaining accountability for assets. The concept of
reasonable assurance recognizes that: (1) the cost of a control should not exceed the
■ benefits likely to be derived; and (2) the evaluation of costs and benefits requires
j 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.
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Budgetary control is maintained through a system of monthly revenue and
expenditure/expense versus budget accounting reports which are provided to all
Trustees and department heads. All disbursements receive approval of the Board of
Trustees. Total expenditures in any fund are legally restricted to the total amount
budgeted, which is not changed without supplemental ordinance approval. The budget
is monitored at the subfunction level by the encumbrance of estimated purchase
amounts prior to the release of purchase orders to vendors.
General Govemmental Functions i
Revenues for general governmental functions as reported in the General Fund totaled
$13,847,196 in 1994.
Percent
of
Source Amount Total
Intergovernmental $10,851,611 78.37
Utility taxes 1,572,193 11.35
Licenses and permits 322,779 2.33
Charges for services 293,743 2.12
Fines and penalties 280,339 2.02
Interest on investments 292,695 2.11
Other revenues 233.836 1.70
$13.847.196 100.00
Intergovernmental revenue, primarily the general sales tax, is the major revenue source
for the Village, producing 78.37% of current year revenues.
The Village has never levied real estate taxes for general governmental functions.
However, the 1993 assessed valuation of real property in the Village was
$875,113,709, a decrease of$3,111,779, or .35% over the prior year. This decrease is
attributable to the reassessment of some of the low-rise office buildings and hotels
located in the Village.
Expenditures for general governmental purposes, grouped by function as required by
generally accepted accounting principals, totaled $9,998,236 in the General Fund.
Percent
of
Function Amount Total
Legislative $ 233,922 2.34
General government 1,435,607 14.36
Public safety 6,556,485 65.58
Public works 1,519,295 15.20
Culture and recreation 252.927 2.52
$ 9.998.236 100.00
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Debt Administration
General obligation recreation bonds were issued for the purchase of the Oak Brook
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 1994 totaled
$549,482 or 98.97% of the total levy. The 1993 tax rate is $.0641 per $100 assessed
valuation. The general obligation bonds were retired in December, 1994.
In addition, the Village has outstanding revenue bonds for the Waterworks System
' Fund. Schedules of maturities of the bonds are located in the notes to the financial
statements of the Report.
' The Village's bonds have the following ratings:
Moody's
Investor
' Service
1977 General Obligation Bonds Aa
1973 Water Works Revenue Bonds Aa
Cash Manaaement
jIt is the policy of the Village of Oak Brook to invest idle cash and increase investment
income by the efficient use of money market accounts and the Illinois Public
■ Treasurer's Investment Pool. At December 31, 1994 the Village's investments,
exclusive of the Pension Trust Funds, were distributed as follows:
Illinois Public Treasurer's Investment Pool 100.00%
For the year ended December 31, 1994 the Village received $542,118 in interest
income.
Motor Fuel Tax Fund
The Motor Fuel Tax Fund was established to account for the revenue received from the
State of Illinois for the local share of motor fuel tax collections. The State collects the
tax on each gallon of fuel sold within the State of Illinois and returns a percentage back
1 to each municipality based on population. Motor Fuel Tax revenue from the State for
the year ended December 31, 1994 was $207,169. The monies in the Motor Fuel Tax
Fund have traditionally been used by the Village to finance street reconstruction
projects , street resurfacing projects, and to purchase roadway de-icer salt.
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Pensions
Employees of the Village of Oak Brook participate in one of three pension plans. They
are: (1) the Police Pension Fund of the Village of Oak Brook, covering the Village's
sworn personnel in the Police Department; (2) the Firefighters' Pension Fund of the
Village of Oak Brook, covering the Village's sworn personnel in the Fire Department;
and (3) the Illinois Municipal Retirement Fund, which covers all of the remaining Village
employees who work in excess of 1,000 hours per year on a regular basis. Illinois
Municipal Retirement Fund employees also participate in Social Security.
General Fixed Assets
The general fixed assets of the Village are those fixed assets used in the performance
of general governmental functions. These exclude the fixed assets of the Enterprise
Funds. As of December 31, 1994, the general fixed assets of the Village amounted to
$12,001,930. This amount represents the original cost of the assets and is
considerably less than their present value. Depreciation of general fixed assets is
properly not recognized in the Village's governmental fund types. The Village does not
capitalize infrastructure projects in the General Fixed Asset Account Group.
Waterworks System Fund
Selected data for the past year is presented in the following tabulation:
Water sales $4,190,917
Water tap on charges 124,376
Total operating revenues 4,515,859
Total operating expenses 3,853,645
Amount available for debt service 1,437,115
Annual debt service 266,000
Coverage (amount available for
debt service divided by annual 5.40
debt service)
Risk Manaaement
The Village of Oak Brook has a risk management program in place. 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, have been implemented to minimize accident related losses.
Insurance coverage for liability, property damage, and workmen's compensation is
maintained through the Intergovernmental Risk Management Agency (IRMA) for all
claims greater than $1,000.
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Sports Core Fund
The 1994 financial statements reflect the fourteenth year of operation of the 18-hole
golf course and expanded operations of the Bath and Tennis Club. Operating
revenues totaled $2,125,176 and operating expenses, excluding depreciation, totaled
$2,252,735. Major department activity is summarized as follows:
' Revenues
Golf course $1,543,206 72.62%
' Bath &Tennis Club 581.970 27.38
2.125.176 100.00
iOperatina Expenses
Golf course $1,079,213 43.91%
' Bath &Tennis Club 1,173,522 47.75
Depreciation 205,128 8.34
$2.457.863 100.00
OTHER INFORMATION
Statutes require an annual audit to be performed on the books of account, financial
records, and transactions of all administrative departments of the Village by
independent certified public accountants selected by the Board of Trustees. This
requirement has been complied with and the auditor's opinion has been included in this
Report.
CertWicate of Achievement
The Government Finance Officers Association of the United States and Canada
(GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to
the Village of Oak Brook for its Comprehensive Annual Financial Report for the year
ended December 31, 1993.
In order to be awarded a Certificate of Achievement, a governmental unit must publish
an easily readable and efficiently organized comprehensive annual financial report,
whose contents conform to program standards. Such reports must satisfy both
generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. The Village has
successfully obtained the Certificate of Achievement for 17 years. We believe that our
current Report conforms to Certificate of Achievement Program requirements, and
we are submitting it to GFOA to determine its eligibility for another Certificate.
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Acknowledaments
The preparation of this Report could not be accomplished without the efficient and
dedicated services of the entire staff of the Village of Oak Brook. We wish to express
our appreciation to those persons who have made possible the publication of this
Report, and to thank the President and members of the Board of Trustees for their
interest and support in planning and conducting the financial operations of the Village
in a responsible and progressive manner.
Darrell J. La glois
Finance Officer/Treasurer '
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Certificate of
1
Achievement
for Excellence
in Financial
1
Reporting
Presented to
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Village of Oak Brook,
f
Illinois
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
December 31, 1993
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
President
Z.
. G�
Executive Director
General Purpose Financial Statements
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FFRIEDNIAN EISENS"T•F.IN -401 North Michigan Avenue
ERS RAENIF,R ANIS SCHWARTZ, LLP Chicago, Illinois 60611.4240 312.64=4.6000 i 312.644.4423
INDEPENDENT AUDITORS, REPORT
March 10, 1995
The Honorable Village President
Members of the Board of Trustees
Village of Oak Brook, Illinois
We have audited the general purpose financial statements and the combining, individual fund and account
group financial statements and schedules of the Village of Oak Brook, Illinois, as of and for the year ended
December 31, 1994, as listed in the accompanying 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 December 31, 1994, and the
results of its operations and cash flows of its proprietary fund types for the year then ended in conformity
with generally accepted accounting principles. Also, in our opinion, the combining, individual fund and
account group financial statements referred to above present fairly, in all material respects, the financial
position of each of the individual funds and account groups of the Village of Oak Brook, Illinois, as of
December 31, 1994, 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.
erslNF.SS AND RERSONAI, CONST I;rA.N I'Sa:FRI II IFD r1 BLIC Acuol"NTAN'IS
A AI F.II HF.R OF MOORES ROR'LAND IN'1'EKNA'I'IUNA1.
FERS
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Our audit was made for the purpose of forming an opinion on the general purpose financial statements taken
as a whole and on the combining, individual fund and account group financial statements. The accompanying '
financial information listed as supplemental and schedules in the accompanying table of contents is presented
for purposes of additional analysis and is not a required part of the general purpose financial statements of
the Village of Oak Brook, Illinois. Such information has been subjected to the auditing procedures applied in '
the audit of the general purpose, combining, individual fund and account group financial statements and, in
our opinion, is fairly stated in all material respects, in relation to the general purpose financial statements and
each of the combining, individual fund and account groups financial statements taken as a whole.
The introductory and statistical information listed in the table of contents was not audited by us and,
accordingly, we do not express an opinion thereon. 1
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VILLAGE OF OAK BROOK, ILLINOIS
Combined Balance Sheet '
All Fund Types and Account Groups
December 31, 1994
Governmental Fund Types ,
Special Debt Capital
General Revenue Service Projects
ASSETS AND OTHER DEBITS
Assets
Cash and Investments S 8,403,533 604,463 22,675 2,340,167
Receivables (Net, Where Applicable, '
of Allowances for Uncollectibles)
Sales Taxes 3,304,876
Utility Taxes 191,103
State Income Taxes 55,387 24,940
Accounts 42,410
Allotments 12,823
Accrued Interest
Other 21,483
Due From Other Funds 262,841 96,699
Inventory 46,904
Restricted Assets
Cash and Investments
Fixed Assets (Net of Accumulated
Depreciation)
Other Assets ,
Water Purchase Rights
Other Debits
Amounts to be Provided for Retirement
of General Long-Term Debt
Total Assets and Other Debits 12,307,054 638,769 47,615 2,436,866
See accompanying Notes to the Financial Statements.
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Fiduciary Account Groups
Proprietary Fund Types Fund Types General General Totals
Internal Trust and Fixed Long-Term (Memorandum
Enterprise Service Agency Assets Debt Only)
1,960,004 328,424 27,581,801 41,241,067
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3,304,876
' 191,103
80,327
432,730 475,140
12,823
238,272 238,272
69,251 90,734
359,540
95,456 142,360
' 1,356,258 1,356,258
' 21,481,728 12,001,930 33,483,658
1,956,970 1,956,970
' 73,418 73,418
27,352,397 328,424 27,920,073 12,001,930 73,418 83,006,546
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VILLAGE OF OAK BROOK, ILLINOIS f
Combined Balance Sheet
All Fund Types and Account Groups (Cont.)
December 31, 1994 '
Governmental Fund Types
Special Debt Capital
General Revenue Service Projects '
LIABILITIES AND
EQUITY AND OTHER CREDITS
Liabilities
Accounts Payable $ 161,326 16,301 59,787 '
Accrued Payroll and Vacation 690,388
Claims Payable
Deposits Payable 311,519
Due to Other Funds 96,699 23,000
Deferred Compensation Payable
Notes Payable '
Revenue Bonds Payable
Unamortized Bond Discount
Total Liabilities 1,259,932 16,301 23,000 59,787 '
Equity and Other Credits
Investment in General Fixed Assets '
Contributed Capital
Retained Earnings
Reserved- Restricted Accounts '
Reserved- Golf Surcharge
Unreserved
Fund Balances '
Reserved for Inventory 46,904
Reserved for Debt Service 24,615
Reserved for Employee Retirement '
Unreserved 11,000,218 622,468 2,377,079
Total Equity and Other Credits 11,047,122 622,468 24,615 2,377,079
Total Liabilities and
Equity and Other Credits 12,307,054 638,769 47,615 2,436,866
See accompanying Notes to the Financial Statements-
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' Fiduciary Account Groups
Proprietary Fund Types Fund Types General General Totals
Internal Trust and Fixed Long-Term (Memorandum
' Enterprise Service Agency Assets Debt Only)
' 304,684 542,098
57,806 55,756 803,950
55,455 55,455
' 12,400 323,919
239,841 359,540
2,367,491 2,367,491
400,774 17,662 418,436
525,000 525,000
(1,812) (1,812)
1,538,693 55,455 2,367,491 - 73,418 5,394,077
' 12,001,930 12,001,930
11,025,590 11,025,590
' 1,260,500 1,260,500
169,472 169,472
13,358,142 272,969 13,631,111
46,904
24,615
' 25,452,582 25,452,582
13,999,765
25,813,704 272,969 25,452,582 12,001,930 - 77,612,469
1
27,352,397 328,424 27,820,073 12,001,930 73,418 83,006,546
1
' -6
VILLAGE OF OAK BROOK, ILLINOIS '
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances- All Governmental Fund Types
Year Ended December 31, 1994 '
Totals
Special Debt Capital (Memorandum '
General Revenue Service Proiects Only)
Revenues
Intergovernmental $ 10,851,611 207,169 136,946 23,176 11,218,902 ,
Property Taxes 549,482 549,482
Utility Taxes 1,572,193 1,572,193
Flotel/Motel Taxes 235,606 235,606
Licenses and Permits 322,779 322,779 '
Service Charges 293,743 293,743
Fines and Penalties 280,339 280,339
Interest on Investments 292,695 19,111 17,561 96,760 426,127 ,
Miscellaneous 233,836 233,836
Total Revenues 13,847,196 461,886 703,989 119,936 15,133,007
Expenditures '
Current
Legislative 233,922 233,922
General Government 1,435,607 1,435,607 '
Public Safety 6,556,485 63,009 6,619,494
Public Works 1,519,295 113,685 1,790,058 3,423,038
Culture and Recreation 252,927 209,854 462,781
Debt Service '
Principal Retirement 900,000 900,000
Interest and Fiscal Charges 44,821 44,821
Total Expenditures 9,998,236 323,539 944,821 1,853,067 13,119,663 '
Excess of Revenues Over
Expenditures 3,848,960 138,347 (240,832) (1,733,131) 2,013,344
Other Financing Sources(Uses) '
Operating Transfers In 275,000 1,572,193 1,847,193
Operating Transfers(Out) (1,572,193) (1,572,193) '
(1,297,193) - - 1,572,193 275,000
Excess(Deficiency)of Revenues and
Other Financing Sources Over Expendi-
tures and Other Financing(Uses) 2,551,767 138,347 (240,832) (160,938) 2,288,344 ,
Fund Balances
Beginning 8,495,355 484,121 265,447 2,538,017 11,78219-40-
Ending
1,782,940Ending 11,047,122 622,468 24,615 2,3772079 14,071,284
Seein Notes to the Financial Statements.
Y g
-7-
VILLAGE OF OAK BROOK,ILLINOIS '
Combined Statement of Revenues,Expenditures and ,
Changes in Fund Balances-Budget and Actual
All Governmental Fund Types
Year Ended December 31, 1994 '
General '
Budad Actual Variances
Revenues
Intergovernmental $ 10,474,711 10,851,611 376,900
Property Taxes '
Utility Taxes 1,595,000 1,572,193 (22,807)
Hotel/Motel Taxa
Licenses and Permits 331,450 322,779 (8,671)
Service Charges 282,895 293,743 10,848 ,
Fines and Penalties 209,800 280,339 70,539
Interest on Investments 127,100 292,69S 165,595
Miscellaneous 382,893 233,836 (149,057) '
Total Revenues 13,403,849 13,847,196 443,347
Expenditures
Current '
Legislative 531,413 233,922 297,491
General Government 1,627,081 1,435,607 191,474
Public Safety 6,879,915 6,556,485 323,430 '
Public Works 2,527,470 1,519,295 1,008,175
Culture and Recreation 313,592 252,927 60,665
Debt Service
Principal Retirement '
Interest and Fiscal Charges
Total Expenditures 11,879,471 9,998,236 1,881,235
Excess(Deficiency)of Revenues over Expenditures 1,524,378 3,848,960 2,324,582 ,
Other Financing Sources(Uses)
Operating Transfers In 275,000 275,000 ,
Operating Transfers(Out) (1,595,000) (1,572,193) 22,807
(1,320,000) (1,297,193) 22,807
Excess(Deficiency)of Revenues and Other '
Financing Sources over Expenditures and
Other Financing(Uses) 204,378 2,551,767 2,347,389
Fund Balances ,
Begging 8,495,355
Ending 11,047,122
See accompanying Notes to the Financial Statements.
-8- '
1
1
' Special Revenue Debt Service Capital Projects
Budget Actual Variances Budget Actual Variances Budget Actual Variances
208,100 207,169 (931) 137,000 136,946 (54) 724,000 23,176 (100,824)
' 629,970 549,482 (80,488)
220,000 235,606 15,606
9,700 19,111 9,411 13,000 17,561 4,561 75,000 %,760 21,760
' 4379800 461,886 24,066 779,970 703,989 (75,981) 799,000 119,936 (679,064)
104,400 63,009 41,391
148,000 113,685 34,315 3,173,600 1,790,058 1,383,542
250,650 209,854 40,796
' 9009000 900,000
44,730 44,821 (91)
398,650 323,539 75,111 944,730 944,821 (91) 3,278 000 1,853,067 1 424 933
39,150 138,347 99,197 (1649760) (240,832) (76,072) C2,479,000) (1,733,131) 745,869
' 1,595,000 1,572,193 22,807
1,595,000 19572,193 22,807
39,150 138,347 99,197 (164,760) (240,832) (76,072) (884,000) (160,938) 723,062
484,121 265,447 2,538,017
' 6 24,615 2,377,079
' 9-
VILLAGE OF OAK BROOK, ILLINOIS '
Combined Statement of Revenues,Expenses and
Changes in Fund Equity ,
All Proprietary and Fiduciary (Pension Trust) Fund Types
Year Ended December 31, 1994 '
Fiduciary ,
Proprietary Fund Types Fund Type Totals
Internal Pension (Memorandum
Enterprise Service Trust Only) '
Operating Revenues
Charges for Services $ 6,587,438 783,466 7,370,904
Contributions 841,223 841,223
Interest on Investments 1,967,543 1,967,543 '
Miscellaneous 53,597 53,597
Total Operating Revenues 6,641,035 783,466 2,808,766 10,233,267
Operating Expenses '
General and Administrative 220,313 103,890 324,203
Operation of Facilities 5,587,201 5,587,201
Claims 434,186 434,186
Depreciation and Amortization 724,307 724,307
Pension Benefits and Refunds 570,563 570,563 '
Total Operating Expenses 6,311,508 654,499 674,453 7,640,460
Operating Income 329,527 128,967 2,134,313 2,592,807 '
Nonoperating Revenues (Expenses)
Rebates 427,026 190,857 617,883 '
Golf Surcharge 74,076 74,076
Interest on Investments 109,776 6,215 115,991
Other Income 42,446 42,446 '
Interest Expense (54,214) (54,214)
Fiscal Agents Fees (140) (140)
598,970 197,072 - 796,042 '
Income before Operating Transfers 928,497 326,039 2,134,313 3,388,849
Operating Transfers(Out) (275,000) - - (275,000) '
Net Income 653,497 326,039 2,134,313 3,113,849
Fund Equity '
Beginning 25,160,207 (53,070) 23,318,269 48,425,406
Ending 25,813,704 272,969 25,452,582 51,539,255 '
See accompanying Notes to the Financial Statements. '
- 10- ,
1
' VILLAGE OF OAK BROOK, ILLINOIS
' Combined Statement of Cash Flows- All Proprietary Fund Types
Year Ended December 31, 1994
' Totals
Internal (Memorandum
Enterprise Service Only)
Cash Flaws from Operating Activities
' Operating Income $ 329,527 128,%7 458,494
Adjustments to Reconcile Operating Income
to Net Cash Provided by Operating Activities
Depreciation and Amortization 724,307 724,307
' Other Nonoperating Revenue 543,548 190,857 734,405
Changes in Assets and Liabilities
Receivables (69,486) (69,486)
' Inventory (9,071) (9,071)
Other Assets 262,840 262,840
Accounts Payable (58,652) (58,652)
' Accrued Payroll 15,517 15,517
Customer Deposits (11000) (11000)
Interfund Payable 213,350 213,350
Deferred Revenue (33,324) (33,324)
1,917,556 319,824 2,237,380
Cash Flows from Noncapital Financing Activities
Operating Transfers(Out) (275,000) - (275,000)
' Cash Flows from Capital and Related
Financing Activities
' Acquisition of Capital Assets (1,083,535) (1,083,535)
Principal Paid on Revenue Bonds (225,000) (225,000)
Interest Paid on Revenue Bonds (26,850) (26,850)
' Proceeds From Notes Payable 442,889 442,889
Principal Paid on Notes Payable (526,625) (526,625)
Interest Paid on Notes Payable (27,364) (27,364)
' Fiscal Agents' Fees Paid (140) (140)
(1,446,625) (1,446,625)
Cash Flows from Investing Activities -
Interest on Investments 109,776 6,215 115,991
' Net Increase in Cash and Cash Equivalents 305,707 326,039 631,746
' Cash and Cash Equivalents
Beginning 3,010,555 2,385 3,012,940
Ending 3,316,262 328,424 3,644,686
See accompanying Notes to the Financial Statements.
' - 11 -
VILLAGE OF OAK BROOK,ILLINOIS '
Notes to the Financial Statements
December 31, 1994 '
1. Summary of Significant Accounting Policies '
The financial statements of the Village of Oak Brook, Illinois (Village),have been prepared in conformity
with generally accepted accounting principles (GAAP) as applied to governmental units. The
Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for
establishing governmental accounting and financial reporting principles. The more significant of the ,
Village's accounting policies are described below.
A. Reporting Entity '
The Village is a municipal corporation governed by an elected board. As required by generally
accepted accounting principles, these financial staternents present the Village (the primary '
government) and its component units. In evaluating how to define the reporting entity,
management has considered all potential component units. The decision to include a potential
component unit in the reporting entity was made based upon the significance of their operational ,
or financial relationships with the primary government.
Blended Component Units '
Police Pension Employees Retirement System
The Village's sworn police employees participate in the Police Pension Employees Retirement '
System(PPERS). PPERS functions for the benefit of those employees and is governed by a five-
member pension board. Two members appointed by the Village's President, one elected pension
beneficiary and two elected police officers constitute the pension board. The Village is obligated
to fiuid all PPERS costs based upon actuarial valuations. The State of Illinois is authorized to
establish benefit levels and the Village is authorized to approve the actuarial assumptions used in
the determination of contribution levels. Although it is legally separate from the Village, the '
PPERS is reported as if it were part of the primary government because its sole purpose is to
provide retirement benefits for the Village's sworn police officers. The PPERS is reported as a
pension trust fund.
t
- 12 -
VILLAGE OF OAK BROOK,ILLINOIS
Notes to the Financial Statements
December 31, 1994
1. Summary of Significant Accounting Policies(Cont.)
A. Reporting Entity(Cont.)
Blended Component Units(Cont.)
Firefighters' Pension Employees Retirement System
' The Village's sworn firefighters participate in the Firefighters' Pension Employees Retirement
System (FPERS). FPERS functions for the benefit of those employees and is governed by a
' nine-member pension board. The Village's President, Treasurer, Clerk, Attorney and Fire Chief,
one elected pension beneficiary and three elected firefighters constitute the pension board. The
Village is obligated to fund all FPERS costs based upon actuarial valuations. The State of Illinois
is authorized to establish benefit levels and the Village is authorized to approve the actuarial
assumptions used in the determination of contribution levels. Although it is legally separate from
the Village, the FPERS is reported as if it were part of the primary government because its sole
purpose is to provide retirement benefits for the Village's sworn firefighters. The FPERS is
reported as a pension trust fund.
B. Fund Accounting
The Village uses funds and account groups to report on its financial position and the results of its
operations. Fund accounting is designed to demonstrate legal compliance and to aid financial
' management by segregating transactions related to certain government functions or activities.
A fund is a separate accounting entity with a self-balancing set of accounts. An account group,
on the other hand, is a financial reporting device designed to provide accountability for certain
assets and liabilities that are not recorded in the funds because they do not directly affect net
1 expendable available financial resources.
Funds are classified into the following categories: governmental,proprietary and fiduciary. Each
category, in turn,is divided into separate"fund types".
1
t - 13 -
VILLAGE OF OAK BROOK,ILLINOIS
Notes to the Financial Statements
December 31, 1994
1Summary of Significant Accounting Policies(Cont.)
B. Fund Accounting(Cont.)
Governmental funds are used to account for substantially all of a Village's general activities,
including the collection and disbursement of earmarked monies (special revenue funds), the
acquisition or construction of general fixed assets and infrastructure (capital projects funds), and
the servicing of general long-term debt(debt service funds). The general fund is used to account
for all activities of the general government not accounted for in some other fund. '
Proprietary funds are used to account for activities similar to those found in the private sector,
where the determination of net income is necessary or useful to sound financial administration.
Goods or services from such activities can be provided either to outside parties (enterprise funds)
or to other departments or agencies primarily within the Village(internal service funds).
Fiduciary funds are used to account for assets held on behalf of outside parties, including other
governments,or on behalf of other funds within the Village. When these assets are held under the
terms of a formal trust agreement, a pension trust fund is used. Agency funds generally are used
to account for assets that the Village holds on behalf of others as their agent.
C. Basis of Accounting
The accounting and financial reporting treatment applied to a fund is determined by its
measurement focus. All governmental funds are accounted for using a current financial resources
measurement focus. With this measurement focus, only current assets and current liabilities
generally are included on the balance sheet. Operating statements of these funds present
increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other
financing uses)in net current assets.
All proprietary funds and pension trust funds are accounted for on a flow of economic resources
measurement focus. With this measurement focus,all assets and all liabilities associated with the
operation of these funds are included on the balance sheet. Proprietary fund-type fund equity
(i.e., net total assets) is segregated into contributed capital and retained earnings components.
Proprietary fund-type operating statements present increases (i.e.., revenues) and decreases (i.e.,
expenses)in net total assets.
- 14 -
VILLAGE OF OAK BROOK,ILLINOIS
Notes to the Financial Statements
December 31, 1994
1. S of Significant Accounting Policies(Cont.)Summary g� �8 (
C. Basis of Accounting(Coot.)
The modified accrual basis of accounting is used by all governmental fund types and agency
funds. Under the modified accrual basis of accounting, revenues are recognized when susceptible
to accrual (i.e., when they become both measurable and available). "Measurable" means the
amount of the transaction can be determined and "available" means collectible within the
current period. The Village recognizes property taxes when they become both measurable and
available in accordance with GASB Codification Section P70. A one-year availability period is
used for revenue recognition for all other governmental fund revenues. Expenditures are recorded
when the related fund liability is incurred. Principal and interest on general long-term debt are
recorded as fund liabilities when due, or when amounts have been accumulated in the debt service
fund for payments to be made early in the following year.
1 Those revenues susceptible to accrual are property taxes, franchise taxes, licenses, interest
revenue, and charges for services. Sales, income, and motor fuel taxes collected and held by the
state at year end on behalf of the Village also are recognized as revenue. Fines and permits
revenues are not susceptible to accrual because generally they are not measurable until received
in cash.
The accrual basis of accounting is utilized by proprietary fund types and pension trust fiords.
Under this method, revenues are recorded when earned and expenses are recorded at the time
' liabilities are incurred.
D. Budgets
Budgets are adopted on a basis consistent with generally accepted accounting principles.
Budgets are adopted for the General, Special Revenue, Debt Service, Capital Projects,
Enterprise, Internal Service and Pension Trust funds. All annual budgetary appropriations lapse
at fiscal year end.
Encumbrances represent commitments related to unperformed contracts for goods or services.
Encumbrance accounting—under which purchase orders, contracts and other commitments for the
expenditure of resources are recorded to reserve that portion of the applicable appropriation--is
' utilized in the governmental funds. Material encumbrances outstanding at year end, if any, are
reported as reservations of fund balances and do not constitute expenditures or liabilities because
the commitments will be honored during the subsequent year.
1
- 15 -
VILLAGE OF OAK BROOK,ILLINOIS
Notes to the Financial Statements
December 31, 1994
1. Summary of Significant Accounting Policies(Cont.)
E. Cash and Investments
Cash and Cash Equivalents
For purposes of the statement of cash flows, the Village's proprietary fund types consider all
highly liquid investments with an original maturity of three months or less when purchased to be
cash equivalents.
Investments
Investments are stated at cost or amortized cost, subject to adjustment for market declines judged
to be other than temporary (lower of cost or market), except for investments in the deferred
compensation agency fiord and insurance contracts in the pension trust funds which are reported
at market value.
F. Short-term Interf ind Receivables/Payables
During the course of operations, numerous transactions occur between individual funds for goods
provided or services rendered. These receivables and payables are classified as "due from other
funds" or "due to other funds" on the balance sheet. Short-term interf ind loans, if any, are
classified as"interfimd receivables/payables".
G. Advances to Other Funds
Noncurrent portions of longterm interf ind loan receivables, if any, are reported as advances and
are offset equally by a fund balance reserve account which indicates that they do not constitute
expendable available financial resources and therefore are not available for appropriation.
H. Inventory
Inventory is valued at cost (first-in, first-out) which approximates market. Inventory in the
General Fuad consists of expendable supplies held for consumption; inventory in the Sports Core
Fund consists of inventory held in the pro shop for resale. The cost is recorded as an expenditure
at the time individual inventory items are utilized or sold. Reported General Fund inventories are
equally offset by a fund balance reserve which indicates that they do not constitute "available
spending resources"even though they are a component of net current assets.
- 16
VILLAGE OF OAK BROOK,ILLINOIS
Notes to the Financial Statements
December 31, 1994
1. Summary of Significant Accounting Policies(Cont.)
I. Fixed Assets
General fixed assets are not capitalized in the funds used to acquire or construct them. Instead,
capital acquisition and construction are reflected as expenditures in governmental funds, and the
related assets are reported in the general fixed assets account group. All purchased fixed assets
are valued at cost where historical records are available and at estimated historical cost where no
historical records exist. Donated fixed assets are valued at their estimated fair market value on
the date received.
The costs of normal maintenance and repairs that do not add to the value of the asset or
materially extend asset lives are not capitalized. Improvements are capitalized and depreciated
over the remaining useful lives of the related fixed assets,as applicable.
Public domain ("infrastructure") general fixed assets consisting of roads, bridges, curbs and
gutters, streets and sidewalks, drainage systems and lighting systems are not capitalized, as these
assets are immovable and of value only to the Village.
Assets in the general fixed assets account group are not depreciated. Depreciation of buildings,
equipment, water systems, and vehicles in the proprietary fund types is computed using the
straight-line method.
' Interest is capitalized on proprietary fiend assets acquired with tax-exempt debt. The amount of
interest to be capitalized,if any, is calculated by offsetting interest expense incurred from the date
of the borrowing until completion of the project with interest earned on invested proceeds over the
same period.
J. Restricted Assets
Certain proceeds of enterprise fiord revenue bonds,as well as certain resources set aside for their
repayment, are classified as restricted assets on the balance sheet because their use is limited by
applicable bond covenants.
1
- 17 -
VILLAGE OF OAK BROOK,ILLINOIS
Notes to the Financial Statements
December 31, 1994
1. Summary of Significant Accounting Policies(Cont.)
K. Intangible Assets-Water Purchase Rights
The government is a customer of the DuPage Water Commission, and has executed a Water
Supply Contract with the Commission for a term ending in 2024. The Contract provides that the
government pay its proportionate share of`Fixed costs"(debt service and capital costs) to the
Commission, such obligation being unconditional and irrevocable whether or not water is ever
delivered. These costs were capitalized until the Commission began to deliver water, and are
amortized, using the straight-line method over the remaining term of the contract, and expensed
along with the other"operation and maintenance"charges from the Commission.
L. Compensated Absences
Vested or accumulated vacation leave that is expected to be liquidated with expendable available
financial resources is reported as an expenditure and a fiord liability of the governmental fund
that will pay it. Amounts of vested or accumulated vacation leave that are not expected to be
liquidated with expendable available financial resources are reported in the general long-term
debt account group. No expenditure is reported for these amounts. Vested or accumulated
vacation leave of proprietary funds is recorded as an expense and liability of those finds as the
benefits accrue to employees.
In accordance with the provisions of Statement of Financial Accounting Standards No. 43,
Accounting for Compensated Absences, no liability is recorded for nonvesting accumulating ,
rights to receive sick pay benefits. However, a liability is recognized for that portion of
accumulating sick leave benefits that it is estimated will be taken as termination benefit at
retirement.
M. Long-Term Obligations
Loogterm debt is recognized as a liability of a governmental find when due, or when resources
have been accumulated in the debt service find for payment early in the following year. For
other long-term obligations, only that portion expected to be financed from expendable available
financial resources is reported as a find liability of a governmental fund. The remaining portion
of such obligations is reported in the general long-term debt account group. Long-term liabilities
expected to be financed from proprietary fiord operations are accounted for in those funds.
- 18 -
VILLAGE OF OAK BROOK,ILLINOIS
Notes to the Financial Statements
December 31, 1994
1. Summary of Significant Accounting Policies(Cont.)
N. Fund Equity
Contributed capital is recorded in proprietary funds that have received capital grants or
contributions from developers, customers, or other fiords. Reserves represent those portions of
fiwd equity not appropriable for expenditure or legally Segregated for a specific future use.
Retained Earnings-Reserved-Restricted Accounts represents amounts required to be segregated
by bond ordinance provisions. Designated fluid balances, if any, represent tentative plans for
future use of financial resources.
O. Bond Discounts/Issuance Costs
In governmental fund types, bond discounts and issuance costs are recognized in the current
period. Bond discounts and issuance costs for proprietary fund types are deferred and amortized
over the term of the bonds using the bonds-outstanding method, which approximates the effective
interest method. Bond discounts are presented as a reduction of the face amount of bonds
payable whereas issuance costs are recorded as deferred charges.
P. Interfund Transactions
Quasi-external transactions are accounted for as revenues, expenditures, or expenses.
Transactions that constitute reimbursements to a fund for expenditures/expenses initially made
from it that are properly applicable to another fund, are recorded as expenditures/expenses in the
reimbursing fund and as reductions of expenditures/expenses in the fund that is reimbursed.
All other interf nid 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.
Q. Memorandum Only-Total Columns
Total columns on the general purpose financial statements are captioned "memorandum only" to
indicate that they are presented only to facilitate financial analysis. Data in these columns do not
present financial position, results of operations, or cash flows in conformity with generally
accepted accounting principles. Neither are such data comparable to a consolidation. Interfimd
eliminations have not been made in the aggregation of this data.
' - 19 -
VILLAGE OF OAK BROOK,ILLINOIS
Notes to the Financial Statements
December 31, 1994
2. Legal Compliance and Accountability
A. Budgets
The Village Manager submits to the Board of Trustees the proposed operating budget for the
fiscal year. The Village Manager's budget includes proposed expenditures and the means of
financing them.
Public Hearings are conducted to obtain citizen comments on the Village Manager's proposed
budget.
The budget is legally enacted through passage of an ordinance.
The Village Manager and Budget Officer are authorized to transfer budgeted amounts between
line items within any activity; however, any revisions that alter the total expenditures of an
activity of any fund must be approved by the Board of Trustees. During the year, supplementary
appropriations were made.
Expenditures may not legally exceed budgeted appropriations at the fund level as established by
State Statute.
B. Deficit Fund Balances/Retained Earnings of Individual Funds
The following fiord had a deficit in fund balancetretained earnings as of the date of this report:
Fund Deficit Balance
Enterprise-Sports Core $1,212,578
This deficit is due primarily to depreciation expense. The deficit is expected to be eliminated in
the course of future operations of the Sports Core.
C. Excess of Actual Expenditures/Expenses over Budget in Individual Fund or Activity
No fund or activity had an excess of actual expenditures/expenses (exclusive of depreciation and
amortization)over budget for the fiscal year.
- 20 -
'
' VILLAGE OF OAK BROOK,ILLINOIS
Notes to the Financial Statements
December 31, 1994
3. Deposits and Investments
The Village maintains a cash and investment pool that is available for use by all favids, except the pension
trust funds. Each fiord type's portion of this pool is displayed on the combined balance sheet as "cash and
investments". In addition, investments are separately held by several of the Village's funds. The deposits
and investments of the pension trust funds are held separately from those of other funds.
' Permitted Deposits and Investments - Statutes authorize the Village to make deposits/invest in
commercial banks, savings and loan institutions, obligations of the U.S. Treasury and U.S. Agencies,
obligations of States and their political subdivisions, credit union shares, repurchase agreements,
commercial paper rated within the three highest classifications by at least two standard rating services,
and the Illinois Public Treasurer's Investment Pool. Pension funds may also invest in certain non-U.S.
obligations,mortgages,veteran's loans,and life insurance company contracts.
A. Deposits
At year-end the carrying amount of the Village's deposits totaled $1,484,388, and the bank
balances totaled$1,918,796.
Bank
Balances
Category 1
Deposits covered by federal depository insurance,or by collateral held
by the Village,or its agent,in the Village's name. $1,918,796
Category 2
Deposits covered by collateral held by the pledging financial
institution's trust department,or by its agent,in the Village's name. -
Category 3
Deposits covered by collateral held by the pledging financial institution,
or its trust department,or its agent but not in the Village's name,and
deposits which are uninsured and uncollateralized. -
Total Deposits 1,918,796
For pension trust funds the types of deposits authorized and the mix of credit risk categories do
not differ significantly from the other fiords of the Village.
-21 -
i
VILLAGE OF OAK BROOK,ILLINOIS
Notes to the Financial Statements
December 31, 1994
3. Deposits and Investments(Cont.)
B. Investments
The Village's investments are categorized to give an indication of the level of risk assumed by the
entity at year-end. Category 1 includes investments that are insured or registered or for which the
securities are held by the Village or its agent in the Village's name. Category 2 includes uninsured
and unregistered investments for which the securities are held by the counterparty's trust
department or agent in the Village's name. Category 3 includes uninsured and unregistered
investments for which the securities are held by the counterparty, or by its trust department or
agent but not in the Village's name,and uninsured,unregistered and uncollateralized investments.
Carrying Amount
Category
Market
1 2 3 Totals Value
U.S. Government
Securities $10,921,471 - 8,108,223 19,029,694 18,259,799
G.N.M.A.'s 2,405,994 2,405,994 2,403,591 '
13,327,465 - 8,108,223 21,435,688 20,663,390
*Deferred Compensation Plan Assets 2,367,491 2,367,491
*Illinois Public Treasurer's Investment Pool 14,613,645 14,613,645
*Insurance Contracts 2,696,113 2,696,113
Total Investments 41,112,937 40,340,639
* (Not Subject to Risk Categorization) i
The pension trust funds own 100 percent of the investments in Category 1 and Category 3.
-22 - '
iVILLAGE OF OAK BROOK,ILLINOIS
' Notes to the Financial Statements
December 31, 1994
4. Receivables-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 long-term debt. The
Village must file its tax levy ordinance for the year on or before the last Tuesday in December of each
year. Taxes levied in one year become due and payable in two installments, on June 1 and September 1 of
the following year. The levy becomes an enforceable lien against the property as of January 1
' immediately following the levy year. The County controls the lien dates and begins processing liens after
the 1 st of January.
For governmental funds, property taxes collected, which are due within the current year, are recognized
as revenue and net taxes receivable are reflected as deferred revenue. It is the Village's policy not to
recognize collections after fiscal year-end as revenues of that fiscal year.
Based upon collection histories, the Village has provided an allowance for uncollectible property taxes
equivalent to 1%of the levy. All uncollected taxes relating to prior years' levies have been written off.
5. Fixed Assets
A. General Fixed Assets Account Group
The following is a summary of changes in the general fixed assets account group during the fiscal
' year: Balances Balances
January 1 Additions Retirements December 31
' Lund 616,829 616,829
Buildings and
Improvements 5,326,034 182,818 5,508,852
Furniture and Fixtures 356,881 16,740 373,621
Automotive Equipment 2,282,159 74,364 (47,540) 2,308,983
Oder Equipment 2,155,449 447,955 2,603,404
Library Books 549,346 40,895 590,241
Total 11,286,698 762,772 (47,540) 12,001,930
' -23 -
VILLAGE OF OAK BROOK,ILLINOIS
Notes to the Financial Statements '
December 31, 1994
5. Fixed Assets(Cont.)
B. Proprietary Fixed Assets
The following is a summary of proprietary fund-type fixed assets as of the date of this report:
Enterprise Funds
Waterworks Sports
System Core
Land and Improvements S 215,800 10,052,548 '
Buildings and Improvements 860,699 1,767,832
Improvements Other Than Buildings 523,952
Equipment 814,922 715,021
Tennis Courts and Pools 631,032
Waterworks System 14,489,419
Total 16,380,840 13,690,385 ,
Less: Accumulated depreciation 5,156,259 3,433,238 ,
11,224,581 10,257,147
In proprietary funds,the following estimated useful lives are used to compute depreciation:
Buildings and Improvements 40 years
Waterworks System 10-40 years
Improvements Other Than Buildings 10-20 years '
Equipment 10 years
Tennis Courts and Pools 15-20 years
-24 - ,
VILLAGE OF OAK BROOK,ILLINOIS
' Notes to the Financial Statements
December 31, 1994
5. Fixed Assets(Cont.)
C. Construction Contracts
' The Village has entered into contracts for the construction or renovation of various facilities as
follows:
' Required
Project Expended Further
Authorization To Date Commitment Financing
1994 Paving and Water
Main Improvements $2,213,053 $2,122,195 $90,858 None
6. Risk Management
The Village participates in the Intergovernmental Risk Management Agency (IRMA). IRMA is an
insurance pool whose members are Illinois municipalities. IRMA manages and funds first party property
losses, third party liability claims, workers' compensation claims and public officials liability claims of
its member municipalities. The Village's payments to IRMA are displayed on the financial statements as
expenditures/expenses in appropriate funds.
' Each member assumes the first $1,000 of each occurrence, and IRMA has self-insurance retentions at
various amounts above that level.
' Management consists of a Board of Directors comprised of one appointed representative from each
member. In addition, there are two officers, a Risk Manager and a Treasurer. The Village does not
exercise any control over the activities of the Agency beyond its representation on the Board of Directors.
' Initial contributions are determined in advance of each membership year based on the individual
member's eligible revenue as defined in the by-laws of IRMA and assessment factors based on past
' member experience and the funding need for the membership year. The Board of Directors may require
that supplemental contributions be made by members to ensure adequate funds are available to meet the
obligations applicable to the membership year. Members have a contractual obligation to fund any deficit
of IRMA attributable to a membership year during which they were a member.
' 7. Lease Obligations
' No material capital or operating leases were in effect as of the date of this report.
' -25 -
VILLAGE OF OAK BROOK,ILLINOIS
Notes to the Financial Statements
December 31, 1994
8. Long-Tenn Debt ,
A. General Obligation Bonds
General obligation bonds are direct obligations and pledge the full faith and credit of the Village.
General obligation bonds currently outstanding are as follows:
Fund Debt Balances Balances
Issue Retired By January 1 Issuances Retirements December 31
1977 General Obligation
Recreation due in annual
installments of$270,000 ,
to$900,000 through
December 1, 1994 plus Debt
interest at 4.3%to 4.9%. Service $900,000 - 900,000
B. Revenue Bonds
Fund Debt Balances Balances
Issue Retired By January 1 Issuances Retirements December 31
1973 Waterworks Revenue '
Bonds due in annual install-
ments of$50,000 to$275,000 Water-
through May 1,1996 plus works ,
interest at 4%to 6% System $750,000 - 225,000 525,000
C. Installment Contracts/Notes Payable '
The Village enters into installment contracts/notes payable to provide funds for the acquisition of
capital assets. Installment contracts/notes payable have been issued for both general government
and proprietary activities. Any proprietary liabilities therefore are reported in the proprietary
funds. Installment contracts/notes payable currently outstanding are as follows:
-26 - '
r
' VILLAGE OF OAK BROOK,ILLINOIS
Notes to the Financial Statements
December 31, 1994
8. Long-Term Debt(Cont.)
C. Installment Contracts/Notes Payable(Cont.)
Fund Debt Balances Balances
Issue Retired By January 1 Issuances Retirements December 31
1992 Dump Truck
Note payable due in monthly
payments of$2,005 through
September 22, 1995 including
interest at 5.88%secured by
' the equipment General 40,176 - 22,514 17,662
1989 Spats Care Equipment
Refwrding Note due in
' monthly payments of$6,802
through May 12, 1995(at
which time the remainder is
due)including interest at
6.95%,secured by various Sports -
Sports Core equipment Core 242,554 61,212 181,342
1993 Sports Core Tennis Dame
Refunding Note due in
monthly payments of$2,806
through October 28,1995(at
' which time the remainder is -
due)including interest at Sports
4.91%,unsecured Core 241,956 22,524 219,432
' 524,686 - 106,260 418,436
D. Debt Service Requirernents to Maturity
' Annual debt service requirements to maturity are as follows:
Revenue Bonds Installment Contracts/Notes Payable
Fiscal Year 1989 Sports 1993 Sports
Ending 1973 1992 Core Equipment Con Tennis
December 31 Waterworks Dump Truck Refunding Bubble Refunding Total
1995 266,000 18,045 193,764 229,987 441,796
1996 280,500
Total Principal
and Interest 546,500 18,045 193,764 229,987 441,796
' Interest Portion 21,500 383 12,422 10,555 23,360
- 27 -
VILLAGE OF OAK BROOK,ILLINOIS
Notes to the Financial Statements
December 31, 1994
8. Long-Term Debt(Cont.)
E. Changes in Long-Term Liabilities '
During the fiscal year the following changes occurred in liabilities reported in the general long-
term debt account group:
Balances Balances
January 1 Additions Retirements December 31
General Obligation Bonds $ 900,000 900,000
Accrued
Vacation 49,864 5,892 55,756
Notes Payable 40,176 22,514 17,662
Totals 990,040 5,892 922,514 73,418 ,
F. Legal Debt Margin
Assessed Valuation- 1993 $875,113,709
Legal Debt Limit-8.625%of Assessed Valuation $75,478,557
Amount of Debt Applicable to Debt Limit -
Legal Debt Margin 75,478,557 '
Chapter 24, Section 8-5-1 of the Illinois Revised Statutes provides, "...no municipality having a
population of less than 500,000 shall become indebted in any manner or for any purpose, to an
amount, including existing indebtedness in the aggregate exceeding 8.625% on the value of the
taxable property therein, to be ascertained by the last assessment for state and county purposes,
previous to the incurring of the indebtedness or, until January 1, 1983, if greater,the sum that is
produced by multiplying the municipality's 1978 equalized assessed valuation by the debt
limitation percentage in effect on January 1, 1979."
-28 -
VILLAGE OF OAK BROOK,ILLINOIS
Notes to the Financial Statements
December 31, 1994
8. Long-Term Debt(Cont.)
G. Revenue Bond Ordinance Disclosures
The ordinance authorizing the issuance of the 1973 Waterworks Revenue Bonds provided for the
creation of separate accounts into which there shall be credited as of the first day of each month
all revenues of the system in accordance with the following priority:
Operation and Maintenance Account-an amount sufficient to cover the estimated operating and
maintenance expense of the waterworks system for the current month.
Bond and Interest Account - an amount at least equal to the sum of one-fifth of the interest
becoming due on the next interest payment date, and one-tenth of the aggregate yearly amount of
principal due on the next principal maturity date.
Bond Reserve Account - an amount of$3,000 each month until all bonds have been paid or
provision made for their payment. Funds accumulated shall be used for the payment of bond
principal and interest, should the amount available in the bond principal and interest account be
insufficient to meet the payments when due.
Depreciation Improvement and Extension Account-an amount of$4,000 each month until such
account aggregate the sum of$400,000. Funds accumulated shall be used to provide an adequate
allowance for depreciation, for improvement and extension of the system and for extraordinary
' maintenance and repairs.
Supplemental information required under bond ordinance provisions,not subject to audit:
' Number of Water Customers 5,209
' Quantity of Water Pumped-Gallons(in Thousands) 1,377,000
' -29 -
VILLAGE OF OAK BROOK,ILLINOIS I
Notes to the Financial Statements
December 31, 1994
9. Interfund Assets/Liabilities-Due Fronv To Other Funds
Receivable Fund Payable Fund Amount '
General Debt Service 23,000
Waterworks System 6,524
Sports Core 233,317
262,841
Infrastructure General 72,524
Capital Replacement General 24,175 ,
96,699
359,540
10. Commitments-DuPage Water Commission
The government is a customer of the DuPage Water Commission, and has executed a Water Supply
Contract with the Commission for a term ending in 2024. The Contract provides that the government pay
its proportionate share of "fixed costs" (debt service and capital costs) to the Commission, such
obligation being unconditional and irrevocable whether or not water is ever delivered. These costs are
expensed along with the other"operation and maintenance"charges from the Commission. '
Fiscal Year Ending
December 31 Amount
1995 $868,000
1996 868,000 ,
1997 868,000
1998 868,000
1999 868,000 ,
These amounts have been calculated using the Village's current allocation percentage. In future years,
this allocation percentage will be subject to change. Estimates for the remaining years of the contract are
not currently available. However, the Village does not expect the minimum amounts for the remaining
years of the contract to materially vary from the amounts presented above.
- 30 -
' VILLAGE OF OAK BROOK,ILLINOIS
Notes to the Financial Statements
December 31, 1994
11. Segment Information-Enterprise Funds
' The Village maintains the following enterprise funds which are intended to be self-supporting through
user fees charged for services to the public. Financial segment information as of the date of this report
' and for the fiscal year is as follows:
Waterworks Sports
System Core Totals
Operating Revenues $4,515,859 2,125,176 6,641,035
' Depreciation and Amortization Expense 519,179 205,128 724,307
Operating Income(Loss) 662,214 (332,687) 329,527
' Operating Grants,Entitlements,and Shared
Revenues - - -
Operating Transfers In - - -
Operating Transfers(Out) (275,000) - (275,000)
Tax Revenues - - -
' Net Income(Loss) 890,946 (237,449) 653,497
' Current Capital Contributions - - -
Current Capital Transfers - - -
iPlant,Property,and Equipment
Additions 850,071 233,464 1,083,535
Deletions - - -
Total Assets 16,789,814 10,562,583 27,352,397
' Net Working Capital 1,831,829 (539,893) 1,291,936
Bonds and Other Long-Term Liabilities
' Payable from Operating Revenues 525,000 = 525,000
Payable from Other Sources
Total Equity 16,000,692 9,813,012 25,813,704
' - 31 -
VILLAGE OF OAK BROOK,ILLINOIS ,
Notes to the Financial Statements
December 31, 1994
12. Contributed Capital
During the fiscal year contributed capital increased/decreased by the following amounts: '
Sports ,
Core
Increases
Decreases -
Net Increase(Decrease) - '
Contributed Capital '
January 1 11,025,590
December 31 11,025,590
13. Contingent Liabilities
A. Litigation
The Village is a defendant in various lawsuits. Although the outcome of these lawsuits is not
presently determinable, in the opinion of the Village's attorney the resolution of these matters will
not have a material adverse effect on the financial condition of the Village.
B. Grants '
Amounts received or receivable from grantor agencies are subject to audit and adjustment by ,
grantor agencies, principally the federal government. Any disallowed claims, including amounts
already collected, may constitute a liability of the applicable funds. The amount, if any, of
expenditures which may be disallowed by the grantor cannot be determined at this time although '
the Village expects such amounts, if any,to be immaterial.
C. DuPage water Commission
The Village's agreement with the DuPage Water Commission provides that each member is liable
for its proportionate share of any cost arising from defaults in payment obligations by other
members.
- 32 - '
' VILLAGE OF OAK BROOK,ILLINOIS
Notes to the Financial Statements
' December 31, 1994
' 14. Deferred Compensation Plan
' The Village offers its employees a deferred compensation plan created in accordance with Internal
Revenue Code Section 457. The plan, available to all Village employees, permits them to defer a portion
of their salary until future years. Participation in the plan is optional. The deferred compensation is not
' available to employees until termination, retirement, death or unforeseeable emergency. All amounts of
compensation deferred under the plan, all property and rights purchased with those amounts, and all
income attributable to those amounts,property,or rights are(until paid or made available to the employee
' or other beneficiary) solely the property and rights of the Village subject only to the claims of the
Village's general creditors. Participants' rights under the plan are equal to those of general creditors of
the Village in an amount equal to the fair market value of the deferred account for each participant.
' The Village has no liability for losses under the plan but does have the duty of due care that would be
required of an ordinary prudent investor. The Village believes that it is unlikely that it will use the assets
' to satisfy the claims of general creditors in the future.
15. Employee Retirement Systems
A. Plan Descriptions and Provisions
' Illinois Municipal Retirement
The Village contributes to the Illinois Municipal Retirement Fund (IMRF), a defined benefit
' agent multiple-employer public employee retirement system that acts as a common investment
and administrative agent for local governments and school districts in Illinois. The Village's total
payroll for the year ended December 31, 1993, was $6,621,814. Of this amount, $2,374,822 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 WRF as participating members. Pension benefits vest after eight years of service.
Participating members who retire at or after age 60 with 8 years of service are entitled to an
annual retirement benefit, payable monthly for life, in an amount equal to 1 2/3%of their final
rate(average of the highest 48 consecutive months'earnings during the last 10 years)of earnings,
' for each year of credited service up to 15 years, and 2% for each year thereafter. 04RF also
provides death and disability benefits. These benefit provisions and all other requirements are
established by Illinois State Statute.
1
- 33 -
VILLAGE OF OAK BROOK,ILLINOIS ,
Notes to the Financial Statements '
December 31, 1994
15. Employee Retirement Systems(Cont.)
A. Plan Descriptions and Provisions(Cont.)
Illinois Municipal Retirement(Cont.) ,
Participating employees are required to contribute 4.5% of their annual salary to B4RF. The
Village is required to contribute the remaining amounts necessary to fund the benefits of its own '
employees in the System, using the actuarial basis specified by state statute (entry age normal);
for 1993 the rate was 9.36%.
Police Pension '
Police sworn personnel are covered by the Police Pension Plan which is a defined benefit single- ,
employer pension plan. Although this is a single-employer pension plan,the defined benefits and
employee and employer contributions levels are governed by Illinois Compiled Statutes and may
be amended only by the Illinois legislature. The Village accounts for the plan as a pension trust
fund. The Village's payroll for employees covered by the Police Pension Plan for the year ended
December 31, 1994 was$1,786,978 out of a total payroll of$7,299,028. At December 31, 1994
the Police Pension Plan membership consisted of.
Retirees and Beneficiaries Currently Receiving Benefits and Terminated
Employees Entitled to Benefits but not yet Receiving Them 13
Current Employees 41 ,
Total 54 ,
The following is a summary of the Police Pension Plan as provided for in Illinois State Statutes.
The Police Pension Plan provides retirement benefits as well as death and disability benefits.
Employees attaining the age of 50 or more with 20 or more years of creditable service are entitled
to receive an annual retirement benefit of one-half of the salary attached to the rank held on the '
last day of service, or for one year prior to the last day, whichever is greater. The pension is
increased by 2%of such salary for each additional year of service over 20 years up to 30 years,
and 1%of such salary for each additional year of service over 30 years,to a maximum of 75%of ,
such salary. Employees with at least 8 years but less than 20 years of credited service may retire
at or after age 60 and receive a reduced benefit.
- 34 - '
' VILLAGE OF OAK BROOK,ILLINOIS
Notes to the Financial Statements
December 31, 1994
15. Employee Retirement Systems(Cont.)
' A. Plan Descriptions and Provisions(Cont.)
' Police Pension(Cont.)
The monthly pension of a police officer who retired with 20 or more years of service after
' January 1, 1977 is increased annually, following the first anniversary date of retirement and be
paid upon reaching the age of at least 55 years, by 3%of the original pension and 3%annually
thereafter.
' Covered employees are required to contribute 9%of their base salary to the Police Pension Plan.
If an employee leaves covered employment with less than 20 years of service, accumulated
employee contributions may be refunded without accumulated interest. The Village is required to
contribute the remaining amounts necessary to finance the plan as actuarially determined by an
enrolled actuary. By the year 2020 the Village's contributions must accumulate to the point
' where the past service cost for the Police Pension Plan is fully fiinded.
Firefighters' Pension
' Fire sworn personnel are covered by the Firefighters' Pension Plan which is a defined benefit
single-employer pension plan. Although this is a single-employer pension plan, the defined
' benefits as well as the employee and employer contributions levels are mandated by Illinois
Compiled Statutes and may be amended only by the Illinois legislature. The Village accounts for
the plan as a pension trust fiord. The Village's payroll for employees covered by the Firefighters'
' Pension Plan for the year ended December 31, 1994 was $1,508,618 out of a total payroll of
$7,299,028. At December 31, 1994 the Firefighters'Pension Plan membership consisted of:
' Retirees and Beneficiaries Currently Receiving Benefits and Terminated
Employees Entitled to Benefits but not yet Receiving Them 14
Current Employees 34
Total 48
- 35 -
VILLAGE OF OAK BROOK,ILLINOIS ,
Notes to the Financial Statements '
December 31, 1994
15. Employee Retirement Systems(Cont.)
A. Plan Descriptions and Provisions(Cont.) ,
Firefighters' Pension(Cont.) '
The following is a summary of the Firefighters' Pension Plan as provided for in Illinois State
Statutes. ,
The Firefighters' Pension Plan provides retirement benefits as well as death and disability
benefits. Employees attaining the age of 50 or more with 20 or more years of creditable service ,
are entitled to receive a monthly retirement benefit of one-half of the monthly salary attached to
the rank held in the fire service at the date of retirement. The monthly pension is increased by
one-twelfth of 2% of such monthly salary for each additional month over 20 years of service ,
through 30 years of service and one-twelfth of 1% of such monthly service for each additional
month over 30 years of service, to a maximum of 75%of such monthly salary. Employees with
at least 10 years but less than 20 years of credited service may retire at or after age 60 and '
receive a reduced retirement benefit. The monthly pension of a firefighter who retired with 20 or
more years of service after January 1, 1977 is increased annually, following the first anniversary
date of retirement and paid upon reaching at least the age 55, by 3%of the original pension and '
3%annually thereafter.
Covered employees are required to contribute 8 1/4%of their salary to the Firefighters' Pension ,
Plan. If an employee leaves covered employment with less than 20 years of service, accumulated
employee contributions may be refunded without interest. The Village is required to contribute
the remaining amounts necessary to finance the plan as actuarially determined by an enrolled ,
actuary. By the year 2020 the Village's contributions must accumulate to the point where the
past service cost for the Firefighters'Pension Plan is fully funded.
i
' VILLAGE OF OAK BROOK,ILLINOIS
' Notes to the Financial Statements
December 31, 1994
15. Employee Retirement Systems(Cont.)
B. Summary of Significant Accounting Policies and Plan Asset Matters
Basis of Accounting
The financial statements are prepared using the accrual basis of accounting. Employee and
employer contributions are recognized as revenues in the period in which employee services are
performed.
' Method Used to Value Investments
' Fixed income securities are reported at amortized cost with discounts or premiums amortized
using the effective interest rate method, subject to adjustment for market declines judged to be
other than temporary(lower of cost or market). Investment income is recognized as earned.
Gains and losses on sales and exchanges of fixed-income securities are recognized on the
transaction date. Equity securities(insurance contracts)are reported at market.
Significant Investments
There are no investments (other than U.S. government and U.S. government-guaranteed
' obligations) in any one organization that represent 5 percent or more of net assets available for
benefits.
' Related Party Transactions
There are no securities of the Village or any other related parties included in plan assets,
including any loans.
- 37 -
VILLAGE OF OAK BROOK,ILLINOIS ,
Notes to the Financial Statements '
December 31, 1994
15. Employee Retirement Systems(Cont.)
C. Funding Status and Progress
The amount shown below as the"pension benefit obligation" is a standardized disclosure measure '
of the present value of pension benefits, adjusted for the effects of projected salary increases and
step-rate benefits, estimated to be payable in the future as a result of employee service to date.
The measure is intended to help users assess the funding status of the System on a going-concern '
basis,assess progress made in accumulating sufficient assets to pay benefits when due, and make
comparisons among employers. The measure is the actuarial present value of credited projected
benefits and is independent of the fiuxhng method used to determine contributions to the System. '
Illinois Fire- ,
Municipal Police fighters'
Retirement Pension Pension
December 31, December 31, December 31, '
Actuarial Valuation Date 1993 1994 1994
Significant Actuarial Assumptions '
(a) Rate of Return on Investment 7.50% 7.25% 7.25%
of Present and Future Assets compounded compounded compounded
annually annually annually
(b) Projected Salary Increases- 4.25% 5.25% 5.75% ,
Attributable to Inflation compounded compounded compounded
annually annually annually
(c) Additional Projected Salary '
Increases-Attributable to (Note-separate information
Seniority/Merit .60% for(b and c)not available)
(d) Postrefirenient Benefit 3.00% 3.00%
Increases 3.00% compounded compounded '
annually annually annually
- 38 - ,
VILLAGE OF OAK BROOK,ILLINOIS
Notes to the Financial Statements
December 31, 1994
1
15. Employee Retirement Systems(Cont.)
C. Funding Status and Progress(Cont.)
' Illinois Fire- Totals
Municipal Police fighters' (Memorandum
Retirement Pension Pension Only)
' Pension Benefit Obligation
Retirees and Beneficiaries
Currently Receiving
Benefits and Terminated (Note A)
' Employees not yet
Receiving Benefits $ 831,799 4,090,393 4,075,217 8,997,409
Current Employees
Accumulated Employee
Contributions Including
Allocated Investment
Earnings 734,292 1,474,337 1,252,071 3,460,700
Employer-Financed
Vested 1,017,935 7,390,280 5,903,840 14,312,055
Employer-Financed
Nonvested 283,708 1,064,023 1,167,851 2,515,582
Total Pension Benefit
Obligation 2,867,734 14,019,033 12,398,979 29,285,746
' Net Assets Available for
Benefits,at Lower of
Cost or Market 2,677,785 13,004,199 12,448,383 28,130,367
' Unfunded Pension
Benefit Obligation 189,949 1,014,834 (49,404) 1,155,379
' Net Assets at Market 2,993,040 12,744,115 12,199,415 27,936,570
(Note A) The pension benefit obligation applicable to retirees and beneficiaries currently
receiving benefits is not included in the above schedule due to the fact that this
obligation was transferred from the Village to IMRF as a whole when the
annuity became payable.
- 39 -
VILLAGE OF OAK BROOK,ILLINOIS
Notes to the Financial Statements
December 31, 1994
15. Employee Retirement Systems(Cont.) '
C. Funding Status(Cont.)
Effects on the Pension Benefit Obligation of Current-Year Changes
Illinois Municipal Retirement '
Current-year changes in the actuarial assumptions, benefit provisions and methodology are '
reflected in the pension benefit obligation previously shown. This amount has been calculated by
the System's actuary using the measure previously described. The dollar effect of these changes
on the pension benefit obligation was not economically determinable on an individual employer '
basis by IMRF.
D. Contributions Required and Contributions Made
Illinois Municipal Retirement
The Systems' funding policy provides for actuarially determined periodic contributions at rates '
that, for individual employees, accumulate assets gradually over time so that sufficient assets will
be available to pay benefits when due. The rate for the Village's employee group as a whole has '
tended to remain level as a percentage of annual covered payroll. The contributions rate for
normal cost is determined using the entry age normal actuarial funding method.
Police Pension and Firefighters'Pension '
The Systems' funding policy provides for actuarially determined periodic contributions at rates
that, for individual employees, increase gradually over time so that sufficient assets will be
available to pay benefits when due. The rate for the Village's employee group as a whole has
tended to remain level as a percentage of annual covered payroll. The contribution rate for '
normal cost is determined using the entry age normal actuarial funding method. The Systems
also use the level dollar amount method to amortize the unfunded liability over a 40 year period.
The significant actuarial assumptions used to compute the actuarially determined contribution '
requirements are the same as those used to compute the pension benefit obligation as described in
C. above.
r
' VILLAGE OF OAK BROOK,ILLINOIS
Notes to the Financial Statements
December 31, 1994
15. Employee Retirement Systems(cont.)
D. Contributions Required and Contributions Made(Cont.)
' 1111nols Fire- Totals
Municipal Ponce fighten' (Memorandum
Retirement Penson Pension Only)
' December 31, December 31, December 31,
Actuarial Valuation Date 1993 1993 1993
' Actuarially Determined Contribution
Requirement
As a Dollar Amount
' Employer
Normal Cost 181,912 279,126 264,159 725,197
Amortization of Unfunded Actuarial
Accrued Liability 30,397 30,397
Death and Disability Cost 9,974 9,974
222,283 279,126 264,159 765,568
Employee-Normal Cast 106,867 155,406 133,767 396,040
329,150 434,532 397,926 1,161,608
As a%of Current Covered Payroll
' Employer
Normal Cost 7.66 15.62 17.51 12.78
Amortization of Unfunded Actuarial
Accrued Liability 1.28 .54
' Death and Disability Cost .42 .18
9.36 15.62 17.51 13.50
Employee-Normal Coat 4.50 9.00 8.25 6.98
' 18.36 24.62 25.76 20.48
' Contribution Made
As a Dollar Amount
Employer 222,283 284,793 271,141 778,217
' Employee 106,867 160,828 124,461 392,156
329,150 445,621 395,602 1,170,373
' As %of Current Covered Payroll
Employer 9.36 15.94 17.97 13.72
Employee 4.50 9.00 8.25 6.92
' 18.36 24.94 26.22 20.64
' -41 -
VILLAGE OF OAK BROOK,ILLINOIS '
Notes to the Financial Statements
December 31, 1994
15. Employee Retirement Systems(Cont.)
D. Contributions Required and Contributions Made(Cont.)
Effects on the Contribution Requirements of Current-Year Changes '
Illinois Municipal Retirement
The new actuarial assumptions adopted in the 1990-1992 experience study will be incorporated '
into the 1995 contribution rates. The net effect of these changes is estimated to increase the
obligation by$33,054. '
t
-42 -
'
VILLAGE OF OAK BROOK,ILLINOIS
' Notes to the Financial Statements
December 31, 1994
1
r15. Employee Retirement Systems(Cont.)
' E. Trend Information
Trend information gives an indication of the progress made in accumulating sufficient assets to
' pay benefits when due. Ten-year trend information may be found in the supplemental section of
the government's annual financial report.
(1)
' For Illinois Fire- Totals
Fiscal Municipal Police flghten' (Memorandum
Year Retirement Pension Pension Only)
' Net Assets Available for Benefits 1993 92.56% 89.71% 97.41% N/A %
As a%of the Pension Benefit 1993* 93.38 90.61 102.95 96.09
Obligation(PBO) 1994 93.38 92.76 100.40 96.05
Unfunded(Assets in Excess of)
PBO As a%of Annual Covered
Payroll(Expressing the unfunded
pension benefit obligation as a
percentage of annual covered
payroll approximately adjusts for 1993 8.33% 66.84% 17.74% N/A %
the effects of inflation for analysis 1993* 8.00 74.98 (22.42) 23.78
' purposes) 1994 8.00 56.79 (3.27) 20.38
Employer Contributions
' As a%of Annual Covered
Payroll 1993 10.55% 17.00% 17.00% N/A %
1993* 9.36 14.50 21.00 13.21
1994 9.36 15.94 17.97 13.72
' Required 1993 $241,113 $324,137 $308,594 $873,844
1993* 222,283 179,868 189,236 591,387
1994 222,283 279,126 264,159 765,568
' Made 1993 $241,113 $282,773 $253,496 $777,382
1993* 222,283 155,040 209,809 587,132
1994 222,283 284,793 271,141 778,217
' (1) Actuarial information for the plan year ended December 31, 1993 has been included for both fiscal
December 1993 and 1994 as it was the most current information available.
* During 1993,the Village changed its fiscal year-end from April 30 to December 31. This information
is for the eight months ended December 31, 1993,covered payroll has been annualized where appropriate.
1
-43 -
Govermnental Fund Types
GENERAL FUND
General Fund-to account for resources traditionally associated with governments which are not required
to be accounted for in another fund.
VILLAGE OF OAK BROOK, ILLINOIS
General Fund
Statement of Revenues, Expenditures and
Changes in Fund Balance-Budget and Actual
Year Ended December 31, 1994
Variance
Favorable
Budget Actual (Unfavorable)
Revenues
Intergovernmental $ 10,474,711 10,851,611 376,900
Utility Taxes 1,595,000 1,572,193 (22,807)
Licenses and Permits 331,450 322,779 (8,671)
Service Charges 282,895 293,743 10,848
Fines and Penalties 209,800 280,339 70,539
Interest on Investments 127,100 292,695 165,595
Miscellaneous 382,893 233,836 (149,057)
Total Revenues 13,403,849 13,847,196 443,347
Expenditures
Legislative 531,413 233,922 297,491
General Government 1,627,081 1,435,607 191,474
Public Safety 6,879,915 6,556,485 323,430
Public Works 2,527,470 1,519,295 1,008,175
Culture and Recreation 313,592 252,927 60,665
Total Expenditures 11,879,471 9,998,236 1,881,235
Excess of Revenues over Expenditures 1,524,378 3,848,960 2,324,582
Other Financing Sources (Uses)
Operating Transfers In 275,000 275,000
Operating Transfers (Out) (1,595,000) (1,572,193) 22,807
(1,320,000) (1,297,193) 22,807
Excess of Revenues and Other Financing
Sources over Expenditures and Other
Financing (Uses) 204,378 2,551,767 2,347,389
Fund Balance
Beginning 8,495,355
Ending 11,047,122
See accompanying Notes to the Financial Statements.
-44-
VILLAGE OF OAK BROOK, ILLINOIS
(neral Fund
Schedule of Revenues -Budget and Actual
' Year Faded December 31, 1994
Variance
Favorable
Budget Actual (Unfavorable)
' Revenues
Intergovernmental
Municipal Sales Tax $ 9,800,000 10,135,288 335,288
Illinois State Income Tax 504,075 539,375 35,300
York Township Road and Bridge Tax 132,000 134,614✓ 2,614
Foreign Fire Insurance Tax 32,000 35,698 3,698
Grants 6,636 6,636
10,474,711 10,851,611 376,900
Utility Taxes 1,595,000 1 572 193 22 807
Ut ty ( )
Licenses and Permits 331,450 322,779 (8,671)
Service Charges 282,895 293,743 10,848
Fines and Penalties 209,800 280,339 70,539
Interest on Investments 127,100 292,695 165,595
Miscellaneous
Franchise Fees 140,100 160,607 20,507
Other 242,793 73,229 (169,564)
2,929,138 2,995,585 66,447
Total Revenues 13,403,849 13,847,196 443,347
-45 -
VILLAGE OF OAK BROOK, ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual
Year Ended December 31, 1994
Variance
Favorable
Budget Actual (Unfavorable)
Legislative '
Board of Trustees
Personnel S 42,297 24,869 17,428
Materials and Supplies 6,850 4,940 1,910
Operation and Contractual 370,418 122,678 247,740
Capital 21,155 21,155
440,720 173,642 267,078
Village Clerk
Personnel 63,398 36,648 26,750
Materials and Supplies 14,555 11,721 2,834
Operation and Contractual 1,060 369 691
Capital 11,680 11,542 138
90,693 60,280 30,413
Total Legislative 531,413 233,922 297,491
General Government
Legal
Personnel 99,323 99,318 5
Materials and Supplies 2,920 2,919 1
Operation and Contractual 40,949 40,451 498
Capital 4,355 4,355
147,547 147,043 504
Village Manager's Office
Personnel 408,397 330,095 78,302
Materials and Supplies 5,650 5,615 35
Operation and Contractual 44,199 37,653 6,546
Capital 13,106 13,103 3
471,352 386,466 84,886
-46-
VILLAGE OF OAK BROOK, ILLINOIS
General Fund
Schedule of Expenditures -Budget and Actual (Cont.)
1 Year Ended December 31, 1994
Variance
Favorable
Budget Actual (Unfavorable)
General Government (Cont.)
General Services
Materials and Supplies S 35,300 19,929 15,371
Operation and Contractual 91,700 90,732 968
Capital 6,500 6,500
133,500 110,661 22,839
Finance and Accounting
Personnel 279,071 279,066 5
Materials and Supplies 17,825 14,581 3,244
Operation and Contractual 89,518 83,837 5,681
Capital 9,626 1,846 7,780
396,040 379,330 16,710
' Purchasing/Grants
Personnel 116,126 113,042 3,084
Materials and Supplies 5,810 4,256 1,554
Operation and Contractual 4,495 790 3,705
Capital 4,780 4,780
131,211 122,868 8,343
Engineering
Personnel 264,924 251,345 13,579
Materials and Supplies 9,800 3,697 6,103
Operation and Contractual 61,084 24,293 36,791
Capital 11,623 9,904 1,719
r347,431 289,239 58,192
Total General Government 1,627,081 1,435,607 191,474
-47-
VILLAGE OF OAK BROOK, ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual (Cont.)
Year Ended December 31, 1994 '
Variance
Favorable
Budget Actual (Unfavorable)
Public Safety
Police Department
Administration
Personnel 428,159 399,699 28,460
Materials and Supplies 950 832 118
Operation and Contractual 138,010 128,856 9,154
Capital 34,280 20,424 13,856
601,399 549,811 51,588
Field Services i
Personnel 1,860,502 1,840,066 20,436
Materials and Supplies 42,275 42,046 229
Operation and Contractual 38,782 27,929 10,853
Capital 4,900 4,809 91
1,946,459 1,914,850 31,609
Support Services
Personnel 822,313 821,426 887
Materials and Supplies 34,455 28,151 6,304
Operation and Contractual 72,698 66,144 6,554
Capital 32,350 21,006 11,344
961,816 936,727 25,089
Total Police Department 3,509,674 3,401,388 108,286
Fire Department
Fire Services
Personnel 2,012,375 1,942,933 69,442
Materials and Supplies 28,850 17,847 11,003
Operation and Contractual 132,057 109,957 22,100
Capital 141,865 131,265 10,600
2,315,147 2,202,002 113,145
i
-48-
VILLAGE OF OAK BROOK, ELLINOIS
General Fund
Schedule of Expenditures -Budget and Actual (Cont.)
Year Ended December 31, 1994
' Variance
Favorable
Budget Actual (Unfavorable)
Public Safety (Cont.)
Fire Department(Cont.)
Emergency Medical Services
Personnel S 357,676 322,049 35,627
Materials and Supplies 8,800 7,092 1,708
Operation and Contractual 157,978 157,629 349
Capital 30,605 26,101 4,504
555,059 512,871 42,188
Bureau of Inspection
Personnel 371,408 338,195 33,213
Materials and Supplies 20,275 7,816 12,459
Operation and Contractual 80,734 76,500 4,234
Capital 27,618 17,713 9,905
500,035 440,224 59,811
Total Fire Department 3,370,241 3,155,097 215,144
Total Public Safety 6,879,915 6,556,485 323,430
Public Works
Building and Grounds
Personnel 118,868 111,142 7,726
Materials and Supplies 19,160 9,826 9,334
Operation and Contractual 106,297 106,287 10
Capital 354,500 115,437 239,063
598,825 342,692 256,133
Streets
Personnel 622,447 599,768 22,679
Materials and Supplies 38,780 34,653 4,127
Operation and Contractual 414,466 322,027 92,439
Capital 110,460 43,456 67,004
1,186,153 999,904 186,249
-49-
VILLAGE OF OAK BROOK, ILLINOIS
General Fund
i Expenditures - d Actual (Cont.)Schedule o pen Budget an (Con
Year Ended December 31, 1994 ,
Variance
Favorable
Budget Actual (Unfavorable)
Public Works (Cont.)
Garage
Personnel $ 134,257 119,697 14,560
Materials and Supplies 15,055 11,620 3,435
Operation and Contractual 15,180 15,179 1
Capital 200,000 25,247 174,753
364,492 171,743 192,749
Capital Improvements
Materials and Supplies
Operation and Contractual 5,000 3,547 1,453
Capital 373,000 1,409 371,591
378,000 4,956 373,044
Total Public Works 2,527,470 1,519,295 1,008,175
Culture and Recreation
Library ,
Personnel 159,101 142,916 16,185
Materials and Supplies 9,867 9,353 514
Operation and Contractual 71,146 35,286 35,860
Capital 73,478 65,372 8,106
Total Culture and Recreation 313,592 252,927 60,665 i
Total Expenditures 11,879,471 9,998,236 1,881,235
-50
SPECIAL REVENUE FUNDS
' Hotel/Motel Tax Fund- to account for local hotel/motel tax receipts restricted for promoting tourism and
conventions in the Village.
Motor Fuel Tax Fund - to account for State Gasoline Tax Allocations restricted for local roadway
program expenditures.
VIIJ AGE OF OAK BROOK, ILLINOIS
Special Revenue Funds
Combining Balance Sheet
December 31, 1994
Hotel/ Motor
Motel Fuel
Tax Tax Total
ASSETS
Cash and Investments $ 167,296 437,167 604,463
Receivables
Allotments 12,823 12,823
Other -Hotel/Motel Tax 21,483 21,483
Total Assets 188,779 449,990 638,769 r
LIABILITIES AND FUND BALANCES j
Liabilities
Accounts Payable 13,999 2,302 16,301
Fund Balances '
Unreserved 174,780 447,688 622,468
Total Liabilities and
Fund Balances 188,779 449,990 638,769
See accompanying Notes to the Financial Statements.
-51 -
VILLAGE OF OAK BROOK, ELU NOIS
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances -Budget and Actual
Year Ended December 31, 1994 ,
Hotel/Motel Tax
Variance
Favorable
Budget Actual (Unfavorable)
Revenues
Intergovernmental $ ,
Hotel/Motel Taxes 220,000 235,606 15,606
Interest on Investments 1,300 4,950 3,650
Total Revenues 221,300 240,556 19,256
Expenditures
Public Works
Culture and Recreational 250,650 209,854 40,796
Total Expenditures 250,650 209,854 40,796
Excess (Deficiency) of Revenues
over Expenditures L29z35T 30,702 60,052
Fund Balances
Beginning 144,078
Ending 174,780
See accompanying Notes to the Financial Statements.
-52 - r
1
Motor Fuel Tax Totals
Variance Variance
' Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
208,100 207,169 (931) 208,100 207,169 (931)
220,000 235,606 15,606
8,400 14,161 5,761 9,700 19,111 9,411
216,500 221,330 4,830 437,800 461,886 24,086
148,000 113,685 34,315 148,000 113,685 34,315
250,650 209,854 40,796
148,000 113,685 34,315 398,650 323,539 75,111
68,500 107,645 39,145 39,150 138,347 99,197
340,043 484,121
447,688 622,468
i
i
- 53 -
CAPITAL PROJECTS FUND
Infrastructure Fund - to account for revenues and expenditures relative to the construction of paving,
drainage and bike trail improvements.
Capital Replacement Fund - to account for revenues and expenditures relative to the acquisition and
replacement of capital assets.
i
1
i
VILLAGE OF OAK BROOK, ILLINOIS
Capital Projects Funds
Combining Balance Sheet
December 31, 1994
Infra- Capital
structure Replacement Total
ASSETS
Cash and Investments $ 1,237,258 1,102,909 2,340,167
Due From Other Funds 72,524 24,175 96,699
Total Assets 1,309,782 1,127,084 2,436,866
LIABILITIES AND FUND BALANCES
' Liabilities
Accounts Payable 59,787 59,787
Fund Balances
Unreserved 1,249,995 1,127,084 2,377,079
Total Liabilities and Fund Balances 1,309,782 1,127,084 2,436,866
i
1
1
1
i
See accompanying Notes to the Financial Statements.
i -54-
VILLAGE OF OAK BROOK, ILLINOIS
Capital Projects Funds
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances -Budget and Actual
Year Ended December 31, 19%
Infrastructure
Variance
Favorable
Budget Actual (Unfavorable)
Revenues
Intergovernmental -grants $ 724,000 23,176 (700,824)
Interest on Investments 52,500 62,144 9,644
Total Revenues 776,500 85,320 (691,180)
Expenditures
Capital Outlay 3,053,600 1,790,058 1,263,542
Excess (Deficiency) of Revenues
Over Expenditures (2,277,100) (1,704,738) 572,362
Other Financing Sources
Operating Transfers In 1,196,250 1,179,145 (17,105)
Excess (Deficiency)of Revenues and Other
Financing Sources over Expenditures (1,080,850) (525,593) 555,257
Fund Balances
Beginning 1,775,588
Ending 12249,995
See accompanyingNotes to the Financial Statements.
-55 -
Capital Replacement Totals
Variance Variance
Favorable Favorable
' Budget Actual (Unfavorable) Budget Actual (Unfavorable)
724,000 23,176 (700,824)
r22,500 34,616 12,116 75,000 96,760 21,760
22,500 34,616 12,116 799,000 119,936 (679,064)
224,400 63,009 161,391 3,278,000 1,853,067 1,424,933
(201,900) (28,393) 173,507 (2,479,000) (1,733,131) 745,869
398,750 393,048 (5,702) 1,595,000 1,572,193 (22,807)
1966 850 364,655 167,805 (884,000) (160,938) 7232062
' 762,429 2,538,017
1,127,084 2,377,079
-56-
' Proprietary Fund Types
A
1
1
1
1
1
1
1
1
1
1
' ENTERPRISE FUNDS
Waterworks System Fund - to account for revenues and expenses relative to the operation of the water
utility.
Sports Core Fund - to account for revenues and expenses relative to the operation of the Sports Core.
1
VILLAGE OF OAK BROOK, ILLINOIS '
Enterprise Funds '
Combining Balance Sheet
December 31, 1994
Waterworks Sports '
System Core Total
ASSETS ,
Current Assets '
Cash and Investments S 1,908,928 51,076 1,960,004
Receivables (Net of Allowances) ,
Accounts
Billed Water Sales 113,549 113,549
Unbilled Water Sales 319,181 319,181
Other 6,105 63,146 69,251
Inventory 95,456 95,456
2,347,763 209,678 2,557,441
Restricted Assets '
Cash and Investments 1,260,500 95,758 1,356,258
Fixed Assets '
Property, Plant and Equipment 16,380,840 13,690,385 30,071,225
Accumulated Depreciation (5,156,259) (3,433,238) (8,589,497)
11,224,581 10,257,147 21,481,728 '
Other Assets ,
Water Purchase Rights 1,956,970 - 1,956,970
Total Assets 16,789,814 10,562,583 27,352,397 ,
1
See accompanying Notes to the Financial Statements.
-57 -
Waterworks Sports
System Core Total
' LIABILITIES AND FUND EQUITY
' Current Liabilities
Accounts Payable 238,299 66,385 304,684
Accrued Payroll and Vacation 21,111 36,695 57,806
' Deposits Payable 12,400 12,400
Due to Other Funds 6,524 233,317 239,841
Notes Payable 400,774 400,774
' Revenue Bonds Payable 250,000 250,000
515,934 749,571 1,265,505-
Long-Term Liabilities
Revenue Bonds Payable 275,000 275,000
Unamortized Bond Discounts (1,812) (1,812)
273,188 - 273,188
Total Liabilities 789,122 749,571 1,538,693
Fund Equity
' Contributed Capital 11,025,590 11,025,590
Retained Earnings
Reserved -Restricted Accounts 1,260,500 1,260,500
' Reserved -Golf Surchrge 169,472 169,472
Unreserved 14,740,192 (1,382,050) 13,358,142
' Total Retained Earnings 16,000,692 (1,212,578) 14,788,114
Total Fund Equity 16,000,692 9,813,012 25,813,704
Total Liabilities and Fund Equity 16,789,814 10,562,583 27,352,397
' -58 -
VILLAGE OF OAK BROOK, ILLINOIS '
Enterprise Funds '
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings '
Year Ended December 31, 1994
Waterworks Sports
System Core Total '
Operating Revenues
Charges for Services $ 4,462,262 2,125,176 6,587,438 '
Miscellaneous 53,597 53,597
Total Operating Revenues 4,515,859 2,125,176 6,641,035
Operating Expenses '
Operation of Facilities 3,334,466 2,252,735 5,587,201
Depreciation and Amortization 519,179 205,128 724,307 '
Total Operating Expenses 3,853,645 2,457,863 6,311,508
Operating Income(Loss) 662,214 (332,687) 329,527
Nonoperating Revenues (Expenses)
DuPage Water Commission Rebate 427,026 427,026 '
Golf Surcharge 74,076 74,076
Interest on Investments 103,696 6,080 109,776
Other Income 42,446 42,446 '
Interest Expense (26,850) (27,364) (54,214)
Fiscal Agent Fees (140) (140) '
503,732 95,238 598,970
Income (Loss) Before Operating Transfers 1,165,946 (237,449) 928,497 '
Operating Transfers (Out) (275,000) - (275,000)
Net Income (Loss) 890,946 (237,449) 653,497 ,
Retained Earnings ,
Beginning 15,109,746 (975,129) 14,134,617
Ending 16,000,692 (1,212,578) 14,788,114 '
See accompanying Notes to the Financial Statements.
-59 -
,
' VILLAGE OF OAK BROOK, ILLINOIS
' Enterprise Funds
Combining Statement of Cash Flows
Year Ended December 31, 1994
' Waterworks Sports
System Core Totals
' Cash Flows from Operating Activities
Operating Income(Loss) $ 662,214 (332,687) 329,527
Adjustments to Reconcile Operating Income(Loss)
to Net Cash Provided by Operating Activities
Depreciation and Amortization 519,179 205,128 724,307
Other Nonoperating Revenue 427,026 116,522 543,548
Changes in Assets and Liabilities
' Receivables (61,672) (7,814) (69,486)
Inventory (9,071) (9,071)
Water Purchase Rights 262,840 262,840
' Accounts Payable (61,182) 2,530 (58,652)
Accrued Payroll 3,224 12,293 15,517
Deposits Payable (11000) (11000)
' Interfund Payables (18,239) 231,589 213,350
Deferred Revenue (33,324) (33,324)
1,733,390 184,166 1,917,556
' Cash Flows from Noncapital Financing Activities
Operating Transfers(Out) (275,000) - (275,000)
Cash Flows from Capital and Related
Financing Activities
Acquisition of Capital Assets (850,071) (233,464) (1,083,535)
' Principal Paid on Revenue Bonds (225,000) (225,000)
Interest Paid on Revenue Bonds (26,850) (26,850)
Proceeds From Notes Payable 442,889 442,889
' Principal Paid on Notes Payable (526,625) (526,625)
Interest Paid on Notes Payable (27,364) (27,364)
Fiscal Agents' Fees Paid (140) (140)
' (1,102,061) (344,564) (1,446,625)
Cash Flows from Investing Activities
Interest Income 103,696 6,080 109,776
Net Increase(Decrease)in Cash and Cash Equivalents 460,025 (154,318) 305,707
' Cash and Cash Equivalents
Beginning 2,709,403 301,152 3,010,555
Ending 3,169,428 146,834 3,316,262
1 \\
See accompanying Notes to the Financial Statements.
�� -sok
VILLAGE OF OAK BROOK,ILLINOIS '
Waterworks System Fund ,
Statement of Revenues,Expenses and Changes in
Retained Earnings-Unreserved-Budget and Actual
Year Ended December 31, 1994 '
variance '
Favorable
Budget Actual (Unfavorable)
Operating Revenues '
Charges for Services
Water Sales $ 4,125,000 4,190,917 65,917
Unmetered Sales 4,000 12,395 8,395 '
Water Tap on Charges 60,000 124,376 64,376
Fire Service Charges 107,900 118,132 10,232
Meter Fees 3,100 6,808 3,708 ,
Special Services 12,000 9,634 (2,366)
Miscellaneous 49,200 53,597 4,397
Total Operating Revenues 4,361,200 4,515,859 154,659
Operating Expenses ,
Operation of Facilities 3,349,604 3,334,466 15,138
Depreciation and Amortization 519,179 (519,179) '
Total Operating Expenses 3,349,604 3,853,645 (504,041)
Operating Income 1,011,596 662,214 (349,382)
Nonoperating Revenues(Expenses) '
DuPage Water Commission Rebate 427,026 427,026
Interest on Investments 78,361 103,696 25,335 '
Bond Principal (225,000) 225,000
Interest Expense (25,000) (26,850) (1,850)
Fiscal Agent Fees (150) (140) 10
(171,789) 503,732 675,521 '
Income Before Operating Transfers 839,807 1,165,946 326,139
Operating Transfers(Out) (275,000) (275,000)
Net Income(Lova) 564,807 890,946 326,139
Other Changes in Retained Earnings- '
Unreserved-Intrafimd Transfers in-
Restricted Accounts 217,850 '
Net Increase in Retained Earnings-Unreserved 1,108,796
Retained Earnings-Unreserved ,
Beginning 13,631,396
Ending 14,740,192
See accompanying Notes to the Financial Statements.
-61 -
,
' VILLAGE OF OAK BROOK, ILLINOIS
' Waterworks System Fund
Schedule of Operating Expenses -Budget and Actual
Year Ended December 31, 1994
' Variance
Favorable
Budget Actual (Unfavorable)
Operation of Facilities
' Public Works
Water Department
Personnel $ 314,015 303,842 10,173
' Materials and Supplies 19,835 16,072 3,763
Operation and Contractual 3,014,754 3,013,556 1,198
Capital 1,000 996 4
' Total Water Department 3,349,604 3,334,466 15,138
Capital Improvements
Materials and Supplies 100 100
Operation and Contractual 144,710 77,429 67,281
Capital 998,300 772,642 225,658
' Total 1,143,110 850,071 293,039
Less: Items Capitalized (1,143,110) (850,071) (293,039)
' Total Capital Improvements - - -
Total Operation of Facilities 3,349,604 3,334,466 15,138
' Debt Service
Fiscal Agent Fees 150 140 10
' Interest 1973 Revenue Bonds 25,000 26,850 (1,850)
Principal 1973 Revenue Bonds 225,000 225,000
Total 250,150 251,990 (1,840)
' Less: Nonoperating Items (250,150) (251,990) 1,840
Total Debt Service
' Depreciation and Amortization
Depreciation 442,145 (442,145)
Amortization 77,034 (77,034)
Total Depreciation and Amortization - 519,179 (519,179)
' Total Operating Expenses 3,349,604 3,853,645 (504,041)
-62 -
VE LAGE OF OAK BROOK, ILLINOIS
Waterworks System Fund
Schedule of Changes in Retained Earnings-
Reserved-Restricted Accounts
Year Ended December 31, 1994
Operation Bond Depreciation,
and and Bond Improvement
Maintenance Interest Reserve and Extension Totals
Increases
Required Transfers Per Bond Ordinance $ 34,000 266,240 - - 300,240
Decreases
Payment of Bond Principal 225,000 225,000
Payment of Bond Interest 26,850 26,850
Required Transfers Per Bond Ordinance 266,240 266,240
- 251,850 266,240 - 518,090
Net Increase(Decrease) 34,000 14,390 (266,240) - (217,850)
Account Balances
Beginning 280,000 189,810 608,540 400,000 1,478,350
Ending 314,000 204,200 342,300 400,000 1,260,500
-63 -
VILLAGEAK O F BROOK, '
O 00 , ILLINOIS
Waterworks System Fund '
Schedule of Property, Plant and Equipment '
and Accumulated Depreciation
Year Ended December 31, 1994
Property, Plant and Equipment ,
Additions
Balance and Balance
January 1 Transfers Disposals December 31 '
Land and land rights $ 215,800 215,800 '
Service of supply plant-
wells and springs 314,753 314,753
Structure and improvements 505,859 40,087 545,946
Electrical pumping equipment 431,254 431,254
Water treatment equipment 8,149 8,149
Distribution, reservoirs, mains
and standpipes 12,937,279 779,056 TU 13,716,335
Meters and meter installation 573,278 18,334 591,612
Hydrants 181,472 181,472 ,
Miscellaneous tools and equipment
Office furniture and equipment 20,763 20,763
Transportation equipment 211,661 211,661 '
Tools, shop and garage equipment 14,500 4,739 19,239
Laboratory equipment 1,070 1,070 '
Miscellaneous equipment 103,528 7,855 111,383
Intangible plant-organization 11,403 11,403
15,530,769 850,071 - 16,380,840
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-64 -
1
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Rate of
1 Depreciation Accumulated Depreciation
or Additions
Amortization Balance and Balance Net Asset
(Years) January 1 Transfers Disposals December 31 Value
215,800
40 157,287 7,869 165,156 149,597
40 71,095 13,147 84,242 461,704
40 108,321 10,781 119,102 312,152
10 8,149 8,149
40 3,621,122 333,170 3,954,292 9,762,043
15 450,740 26,759 477,499 114,113
40 78,338 4,537 82,875 98,597
' 10 15,415 2,076 17,491 3,272
6 94,547 35,277 129,824 81,837
5 4,506 3,374 7,880 11,359
5 1,070 1,070
5 92,121 5,155 97,276 14,107
5 11,403 11,403
4,714,114 442,145 - 5,156,259 11,224,581
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VILLAGE OF OAK BROOK, ILLINOIS
Sports Core Fund
Statement of Revenues, Expenses and Changes
in Retained Earnings -Budget and Actual
Year Ended December 31, 1994
Variance
Favorable
Budget Actual (Unfavorable)
Operating Revenues
Charges for Services
Golf $ 1,455,250 1,543,206 87,956
Bath and Tennis 1,273,995 581,970 (692,025)
Total Operating Revenues 2,729,245 2,125,176 (604,069)
Operating Expenses
Operation of Facilities
Golf 1,106,595 1,079,213 27,382
Bath and Tennis 1,383,185 1,173,522 209,663
Depreciation 205,128 (205,128)
Total Operating Expenses 2,489,780 2,457,863 31,917
Operating Income (Loss) 239,465 (332,687) (572,152) 1
Nonoperating Revenue (Expense)
Golf Surcharge 177,292 74,076 (103,216)
Interest on Investments 7,200 6,080 (1,120)
Other Income 27,000 42,446 15,446
Interest Expense (34,162) (27,364) 6,798
177,330 95,238 (82,092)
Net Income (Loss) 416,795 (237,449) (654,244)
Retained Earnings
Beginning (975,129)
Ending (1,212,578)
r
See accompanying Notes to the Financial Statements.
-66 -
VILLAGE OF OAK BROOK, ILLINOIS
Sports Core Fund
Schedule of Operating Revenues-Budget and Actual
Year Ended December 31, 1994
Variance
Favorable
Budget Actual (Unfavorable)
Charges for Services
Golf
' Fees $ 959,725 1,020,325 60,600
Memberships 202,425 202,200 (225)
Merchandise Sales 162,000 179,465 17,465
' Food Sales 58,600 58,080 (520)
Beverage Sales 72,000 82,900 10,900
Miscellaneous 500 236 (264)
1,455,250 1,543,206 87,956
Bath and Tennis
Fees 246,330 117,934 (128,396)
Memberships 246,190 170,135 (76,055)
Merchandise Sales 1,500 4,325 2,825
Food Sales 663,375 205,656 (457,719)
Beverage Sales 109,600 74,281 (35,319)
Miscellaneous 7,000 9,639 2,639
1,273,995 581,970 (692,025)
Total Operating Revenues 2,729,245 2,125,176 (604,069)
i
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-67 -
VILLAGE OF OAK BROOK, ILLINOIS
Sports Core Fund
Schedule of Operating Expenses -Budget and Actual
Year Ended December 31, 1994
Variance
Favorable
Budget Actual (Unfavorable)
Operation of Facilities -Golf
Memberships and Operation
Personnel $ 216,730 216,497 233 j
Materials and Supplies 189,332 189,244 88
Operation and Contractual 62,897 62,813 84
468,959 468,554 405 ,
Driving Range/Open Fields
Personnel 60,850 60,659 191
Materials and Supplies 6,600 6,450 150
Operation and Contractual 4,300 3,892 408
71,750 71,001 749
Golf Carts
Personnel 28,681 28,612 69
Operation and Contractual 47,750 47,196 554
76,431 75,808 623
Golf Course Maintenance
Personnel 264,807 248,000 16,807
Materials and Supplies 84,340 82,029 2,311
Operation and Contractual 38,056 32,081 5,975
387,203 362,110 25,093
Golf Course Lounge
Personnel 32,652 32,612 40
Materials and Supplies 68,450 68,024 426
Operation and Contractual 1,150 1,104 46
102,252 101,740 512
Total Golf 1,106,595 1,079,213 27,382
-68 -
VILLAGE OF OAK BROOK, ILLINOIS
Sports Core Fund
Schedule of Operating Expenses - Budget and Actual (Cont.)
Year Ended December 31, 1994
Variance
Favorable
Budget Actual (Unfavorable)
Operation of Facilities -Bads and Tennis
Memberships and Administration
Personnel $ 225,863 195,775 30,088
Materials and Supplies 35,200 34,155 1,045
Operation and Contractual 129,334 91,321 38,013
390,397 321,251 69,146
Swim
Personnel 68,302 68,256 46
Materials and Supplies 5,850 5,826 24
Operation and Contractual 14,650 14,555 95
88,802 88,637 165
Tennis
Personnel 128,512 128,329 183
Materials and Supplies 5,400 5,101 299
Operation and Contractual 61,600 61,557 43
195,512 194,987 525
Food and Beverage
Personnel 321,553 292,539 29,014
Materials and Supplies 303,619 193,087 110,532
Operation and Contractual 83,302 83,021 281
708,474 568,647 139,827
Total Bath and Tennis 1,383,185 1,173,522 209,663
rCapital Improvements
Capital Outlay 384,715 233,464 151,251
Less: Items Capitalized (384,715) (233,464) (151,251)
Total Capital Improvements - - -
Depreciation - 205,128 (205,128)
Total Operating Expenses 2,489,780 2,457,863 31,917
-69 -
VILLAGE OF OAK BROOK, ILLINOIS
Sports Core Fund
Schedule of Property, Plant and Equipment
and Accumulated Depreciation
Year Ended December 31, 1994
Property, Plant and Equipment
Additions
Balance and Balance
January 1 Transfers Disposals December 31
Golf Course Well $ 88,243 88,243
Sports Core Maintenance
Equipment 298,173 49,891 348,064
Land and Land Rights 8,292,249 8,292,249
Golf Course Land Improvements 1,303,050 117,714 1,420,764
Other Land Improvements 339,535 339,535
Clubhouse
Golf 730,959 730,959
Bath and Tennis 534,758 2,801 537,559
Other Improvements 522,158 1,794 523,952
Pools 172,435 8,948 181,383
Tennis Courts 449,649 449,649
Clubhouse Equipment 149,468 21,024 170,492
Golf Equipment 99,976 8,246 108,222
Buildings 167,202 15,844 183,046
Tennis Dome 309,066 7,202 316,268
13,456,921 233,464 - 13,690,385
-70 -
Rate of
Depreciation Accumulated Depreciation
or Additions
Amortization Balance and Balance Net Asset
(Years) January 1 Transfers Disposals December 31 Value
10 24,988 8,824 33,812 54,431
7 152,411 46,160 198,571 149,493
8,292,249
10 1,296,589 6,554 1,303,143 117,621
20 242,268 16,977 259,245 80,290
40 148,622 18,274 166,896 564,063
40 162,043 13,649 175,692 361,867
10 510,272 7,036 517,308 6,644
20 89,026 8,846 97,872 83,511
15 326,987 29,977 356,964 92,685
5 139,775 6,026 145,801 24,691
5 93,642 7,159 100,801 7,421
40 27,097 4,379 31,476 151,570
10 14,390 31,267 45,657 270,611
3,228,110 205,128 - 3,433,238 10,257,147
-71 -
INTERNAL SERVICE FUND
Health and Dental Insurance Fund - to account for all costs associated with self-insurance risks for
health and dental insurance.
j
VILLAGE OF OAK BROOK, ILLINOIS
Self-Insurance Fund
Balance Sheet
December 31, 1994
�I ASSETS
Current Assets
Cash and Investments $ 328,484
LIABILITIES AND FUND EQUITY
Current Liabilities
Claims Payable 55,455
Fund Equity
Retained Earnings -Unreserved 272,969
Total Liabilities and Fund Equity 328,424
See accompanying Notes to the Financial Statements.
-72 -
VILLAGE OF OAK BROOK, ILLINOIS
Self-Insurance Fund
Statement of Revenues, Expenses and Changes in
Retained Earnings -Budget and Actual
Year Ended December 31, 1994
Variance r
Favorable
Budget Actual (Unfavorable)
Operating Revenues
Charges for Services $ 790,005 783,466 (6,539)
Operating Expenses
Administrative and General
Insurance Expense 218,700 220,313 (1,613)
Claims
Health Claims 523,900 369,394 154,506
Dental Claims 82,700 64,792 17,908
Total Operating Expenses 825,300 654,499 170,801
Operating Income (Loss) (35,295) 128,967 164,262
Nonoperating Revenues
LPBC Rebate 190,857 190,857
Interest on Investments 6,215 6,215
197,072 197,072
Net Income (Loss) (35,295) 326,039 361,334
Retained Earnings
Beginning (53,070)
Ending 272,969
See accompanying Notes to the Financial Statements.
-73 -
VILLAGE OF OAK BROOK, ILLINOIS
Self-Insurance Fund
Statement of Cash Flows
Year Ended December 31, 1994
Cash Flows From Operating Activities
Operating Income 128,967
Adjustments to Reconcile Operating Income to Net Cash
J � 8
Provided by Operating Activities
Other Nonoperating Revenue 190,857
319,824
Cash Flows from Investing Activities
Interest on Investments 6,215
Net Increase in Cash and Cash Equivalents 326,039
Cash and Cash Equivalents
Beginning 2,385
Ending 328,424
See accompanying Notes to the Financial Statements.
-74 -
Fiduciary Fund Types
1
TRUST AND AGENCY FUNDS
Pension Trust Funds
Police Pension Fund- to account for the accumulation of resources to pay pension costs. Resources are
contributed by sworn police personnel at rates fixed by state statutes and by the Village as a percentage
of payroll based upon an annual actuarial valuation.
Firefighters' Pension Fund - to account for the accumulation of resources to pay pension costs.
Resources are contributed by sworn fire personnel at rates fixed by state statutes and by the Village as a
percentage of payroll based upon an annual actuarial valuation.
Agency Fund
Deferred Compensation Plan Fund - to account for changes in assets and liabilities of the Village's
deferred compensation plan offered to the Village's employees.
VILLAGE OF OAK BROOK, ILLINOIS
Trust and Agency Funds
Combining Balance Sheet
December 31, 1994
Pension Trust Agency
Fire- Deferred
Police fighters' Compensa-
Pension Pension tion Total
ASSETS
Cash and Investments $ 12,859,602 12,354,708 2,367,491 27,581,801
Receivables
Accrued Interest 144,597 93,675 238,272
Total Assets 13,004,199 12,448,383 2,367,491 27,820,073
LIABILITIES AND
FUND BALANCES
Liabilities
Deferred Compensation Payable 2,367,491 2,367,491
Fund Balances
Reserved for Employees'
Retirement 13,004,199 12,448,383 25,452,582
Total Liabilities and
Fund Balances 13,004,199 12,448,383 2,367,491 27,820,073
See accompanying Notes to the Financial Statements.
-75 -
VILLAGE OF OAK BROOK, ELU NOIS
Pension Tnist Funds
Combining Statement of Revenues, Expenses and
Changes in Fund Balances
Year Ended December 31, 1994
Police Firefighters'
Pension Pension Total
Operating Revenues
Contributions
Employees $ 160,828 124,461 285,289
Village 284,793 271,141 555,934
Interest on Investments 1,288,428 679,115 1,967,543
Total Operating Revenues 1,734,049 1,074,717 2,808,766
Operating Expenses
General and Administrative 49,691 54,199 103,890
Benefits and Refunds 289,222 281,341 570,563
Total Operating Expenses 338,913 335,540 674,453
Net Income 1,395,136 739,177 2,134,313
Fund Balances
i Beginning 11,609,063 11,709,206 23,318,269
■ Ending 13,004,199 12,448,383 25,452,582
1 See accompanying Notes to the Financial Statements.
- 76 -
VILLAGE OF OAK BROOK, ILLINOIS
Deferred Compensation Fund
Statement of Changes in Assets and liabilities
Year Ended December 31, 1994
Balance Balance
January 1 Additions Deductions December 31
ASSETS
Cash and Investments $ 2,189,275 293,765 115,549 2,367,491
LIABILITIES
Deferred Compensation Payable 2,189,275 293,765 115,549 2,367,491
See accompanying Notes to the Financial Statements.
-77 -
rVILLAGE OF OAK BROOK, ILLINOIS
Police Pension Fund
Statement of Revenues, Expenses and Changes
in Fund Balance-Budget and Actual
Year Ended December 31, 1994
Variance
Favorable
Budget Actual (Unfavorable)
Operating Revenues
Contributions
Employees S 160,000 160,828 828
Village 257,400 284,793 27,393
Interest on Investments 780,000 1,288,428 508,428
Total Operating Revenues 1,197,400 1,734,049 536,649
Operating Expenses
General and Administrative 61,885 49,691 12,194
Benefit Payments 291,528 289,222 2,306
Pension Refunds 14,500 14,500
Total Operating Expenses 367,913 338,913 29,000
Net Income 829,487 1,395,136 565,649
Fund Balance
Beginning 11,609,063
Ending 13,004,199
See accompanying Notes to the Financial Statements.
-78 -
VILLAGE OF OAK BROOK, ILLINOIS
Firefighters' Pension Fund
Statement of Revenues, Expenses and Changes
in Fund Balance-Budget and Actual
Year Ended December 31, 1994
Variance
Favorable
Budget Actual (Unfavorable)
Operating Revenues
Contributions
Employees 127,000 124,461 (2,539)
Village 323,433 271,141 (52,292)
Interest on Investments 720,000 679,115 (40,885)
Total Operating Revenues 1,170,433 1,074,717 (95,716)
Operating Expenses
General and Administrative 55,260 54,199 1,061
Benefit Payments 301,000 281,341 19,659
Total Operating Expenses 356,260 335,540 20,720
Net Income 814,173 739,177 (74,996)
Fund Balance
Beginning 11,709,206
Ending 12,448,383
See accompanying Notes to the Financial Statements.
-79 -
1
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1
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1
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VILLAGE OF OAK BROOK, ILLINOIS
General Fixed Assets Account Group
Schedule of General Fixed Assets -By Source
' December 31, 1994
General Fixed Assets
Land $ 616,829
Buildings and Improvements 5,508,852
Furniture and Fixtures 373,621
Automotive Equipment 2,308,983
Other Equipment 2,603,404
Library Books 590,241
12,001,930
Investment in General Fixed Assets
Current Revenues 9,819,311
Proceeds of Indebtedness 1,659,881
Gifts 522,738
12,001,930
- 80 -
VILLAGE OF OAK BROOK, ILLINOIS
General Fixed Assets Account Group
Schedule of General Fixed Assets -
By Function and Activity
December 31, 1994
Buildings Furniture r
and and
Function and Activity Land Improvements Fixtures
General Government
Counsel and Legal $ 335,000 9,526
Village Manager 11,213
Purchasing
Finance and Accounting 16,764
Engineering 6,580 18,490
Village Hall 273,741 2,819,564 169,939
615,321 2,819,564 225,932
Public Safety
Police Department 139,343 37,327
Fire Department 1,301,769 43,557
Emergency Medical Service 813
Inspection Bureau 5,445 5,598
1,446,557 87,295
Public Works
Administrative 260,475 13,515
Street Maintenance 62
Street Improvements 30,363
Municipal Garage 771,052 5,386
- 1,061,952 18,901
Culture and Recreation
Library 1,508 180,779 41,493
616,829 5,508,852 373,621
- 81 -
Automotive Other Library
Equipment Equipment Books Totals
65,985 410,511
16,367 82,661 110,241
4,780 4,780
95,791 112,555
10,857 91,610 127,537
9,929 58,342 3,331,515
37,153 399,169 - 4,097,139
512,310 471,296 1,160,276
911,052 794,671 3,051,049
' 185,813 140,847 327,473
30,786 59,168 100,997
1,639,961 1,465,982 - 4,639,795
41,941 96,592 412,523
' 566,228 252,313 818,603
54,647 85,010
23,700 269,748 1,069,886
631,869 673,300 - 2,386,022
- 64,953 590,241 878,974
2,308,983 2,603,404 590,241 12,001,930
i
i
- 82 -
VILLAGE OF OAK BROOK, ILLINOIS ,
General Fixed Assets Account Group
Schedule of Changes in General Fixed Assets-
By Function and Activity
Year Ended December 31, 1994
Balances Balances
January 1 Additions Retirements December 31
General Government
Counsel and Legal $ 374,583 35,928 410,511
Village Manager 97,137 13,104 110,241
Purchasing 4,780 4,780
Finance and Accounting 110,709 1,846 112,555
Engineering 117,634 9,903 127,537
Village Hall 3,330,390 1,125 3,331,515
4,030,453 66,686 - 4,097,139
Public Safety
Police Department 1,098,607 109,209 (47,540) 1,160,276
Fire Department 2,914,808 136,241 3,051,049
Emergency Medical Service 298,560 28,913 327,473
Inspection Bureau 84,422 16,575 100,997
4,396,397 290,938 (47,540) 4,639,795
Public Works
Administrative 298,402 114,121 412,523
Street Maintenance 796,850 21,753 818,603 ,
Street Improvements 85,010 85,010
Municipal Garage 867,116 202,770 1,069,886
2,047,378 338,644 - 2,386,022 ,
Culture and Recreation
Library 812,470 66,504 - 878,974
11,286,698 762,772 (47,540) 12,001,930
- 83 -
1
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1
' Supplemental
1
1
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1
VQ.LAGE OF OAK BROOK,ILIAVOIS '
Police Pension Fund
Revenues by Source and Expenses by Type ,
Required Supplementary Information
December 31, 1994
Employer '
Contributions
as a
Fiscal Revenues by Source Percentage
Year Employee Employer Investment Other of Covered
Ended Contributions Contributions Income Contributions Total Payroll
1986 $ 99,357 $ 197,994 $ 414,235 $ - $ 711,586 17.00 %
1987 110,689 203,271 510,982 - 824,942 16.00
1988 110,697 196,043 468,630 100 775,370 16.00
1989 114,088 212,268 506,724 152 833,080 16.00
1990 124,278 234,611 600,359 100 959,248 17.00 '
1991 134,760 256,092 636,988 100 1,027,840 17.00
1992 148,568 280,628 757,001 - 1,186,197 17.00
1993 149,700 282,773 769,310 - 1,201,783 17.00
1993* 96,232 155,040 886,917 - 1,138,189 14.50
1994 160,828 284,793 1,288,428 - 1,734,049 15.94
Expenses by Type
Fiscal Adminis-
Year trstive
Ended Benefits Expenses Refunds Total
1986 $ 55,664 $ 850 $ - $ 56,514
1987 100,585 1,211 - 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
1992 189,342 6,284 - 195,626
1993 193,250 14,279 4,102 211,631
1993* 198,527 10,045 - 208,572
1994 289,222 49,691 - 338,913
* During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is for
the eight months ended December 31, 1993.
i
i
' VHXAGE OF OAK BROOK,ILLINOIS
Police Pension Fund
Analysis of Funding Progress
Required Supplementary Information
I)ecamber 31, M4
Net
Assets Unfunded
Available Pension
' for Benefit
Benefits Obligation
Net as a as a
Assets Percentage Unfunded Percentage
Fiscal Available Pension of Pension Pension Annual of Annual
Year for Benefit Benefit Benefit Covered Covered
' Ended Benefits Obligation Obligation Obligation Payroll Payroll
1989 $ 5,726,809 $ 7,353,693 77.88 % $ 1,626,884 $ 1,296,036 125.53 %
1990 6,408,264 8,213,468 78.02 1,805,204 1,378,366 130.97
1991 7,122,825 9,075,466 78.48 1,952,641 1,498,284 130.33
1992 7,875,918 9,890,752 79.63 2,014,834 1,650,756 122.06
1993 9,689,294 10,801,060 89.71 1,111,766 1,663,338 66.84
1993* 11,609,063 12,811,636 90.61 1,202,573 1,603,900 74.98
1994 13,004,199 14,019,033 92.76 1,014,834 1,786,978 56.79
Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation and
unfunded pension benefit obligation in isolation can be misleading. Expressing the net assets
available for benefit as a percentage of the pension benefit obligation provides one indication of
funding status on a going-concern basis. Analysis of this percentage over time indicates whether the
system is becoming financially stronger or wearer. Generally, the greater this percentage, the
stronger the PERS Trends in unfunded/(overfunded) pension benefit obligation and annual covered
payroll are both affected by inflation. Expressing the unfunded/(overfunded) pension benefit
obligation as a percentage of annually covered payroll approximately adjusts for the effects of
inflation and aids analysis of progress made in accumulating sufficient assets to pay benefits when
due. Generally, the smaller this percentage, the stronger the PERS. Information concerning the
pension benefit obligation is available only for 1988 through 1993.
i
* During 1993 the Village changed its fiscal year-end from April 30 to December 31. This
' information is for the eight months ended December 31, 1993, covered payroll has been
annualized for comparability.
- 85 -
VILLAGE OF OAK BROOK,ILLINOIS '
Firefighters'Pension Fund '
Revenues by Source and Ez mem by Type
Required Supplementary Information
December 31, 19%
Employer
Contributions
as a
Fiscal Revenues by Source Percentage
Year Employee Employer Investment Other of Covered
Ended Contributions Contributions Income Contributions Total Payroll
1986 $ 84,616 $ 185,608 $ 531,270 $ - $ 801,494 17.00 %
1987 95,857 190,756 488,570 - 775,183 15.00
1988 97,322 189,011 459,037 - 745,370 16.00
1989 98,367 201,205 459,707 - 759,279 17.00 ,
1990 107,270 221,641 867,874 - 1,196,785 17.00
1991 114,932 236,829 487,990 - 839,751 17.00
1992 123,368 254,212 686,802 - 1,064,382 17.00
1993 123,020 253,496 868,846 - 1,245,362 17.00
1993* 82,425 209,809 653,783 - 946,017 21.00
1994 124,461 271,141 679,115 - 1,074,717 17.97
Expenses by Type
Fiscal Adminir
Year trative
Ended Benefits Expenses Refunds Total
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
1992 176,682 18,044 11,846 206,572
1993 197,354 46,475 - 243,829
1993* 165,589 29,906 - 195,495
1994 281,341 54,199 - 335,540
* During 1993 the Village changed its fiscal year-owl from April 30 to December 31. This information is for
the eight months ended December 31, 1993.
86
' VILLAGE OF OAK BROOK, ILLINOIS
' Firefighters' Pension Fund
Analysis of Funding Progress
Required Supplementary Information
December 31, 1994
' Net
Assets Unfunded
' Available Pension
for Benefit
Benefits Obligation
Net as a as a
Assets Percentage Unfunded Percentage
Fiscal Available Pension of Pension Pension Annual of Annual
Year for Benefit Benefit Benefit Covered Covered
' Ended Benefits Obligation Obligation Obligation Payroll Payroll
1989 $ 6,095,213 $ 6,465,524 94.27 % $ 370,311 $ 1,174,639 31.53 %
' 1990 6,735,173 7,292,386 92.36 557,213 1,300,239 42.85
1991 7,367,730 8,415,246 87.55 1,047,516 1,385,899 75.58
1992 8,425,753 9,339,630 90.22 913,877 1,495,367 61.11
' 1993 9,957,151 10,221,683 97.41 264,532 1,491,151 17.74
1993* 11,709,206 11,373,198 102.95 (336,008) 1,498,600 (22.42)
1994 12,448,383 12,398,979 100.40 (49,404) 1,508,618 (3.27)
1
Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation and
unfunded pension benefit obligation in isolation can be misleading. Expressing the net assets
available for benefit as a percentage of the pension benefit obligation provides one indication of
funding status on a going-concern basis. Analysis of this percentage over time indicates whether the
system is becoming financially stronger or weaker. Generally, the greater this percentage, the
' stronger the PERS Trends in unfunded/(overfunded) pension benefit obligation and annual covered
payroll are both affected by inflation. Expressing the unfunded/(overfunded) pension benefit
obligation as a percentage of annually covered payroll approximately adjusts for the effects of
inflation and aids analysis of progress made in accumulating sufficient assets to pay benefits when
due. Generally, the smaller this percentage, the stronger the PERS. Information concerning the
pension benefit obligation is available only for 1988 through 1993.
' * During 1993 the Village changed its fiscal year-end from April 30 to December 31. This
information is for the eight months ended December 31, 1993, covered payroll has been
' annualized for comparability.
- 87 -
VILLAGE OF OAK BROOK,ILLINOIS ,
Illinois Municipal Retirement Fund ,
Analysis of Funding Progress
Required Supplementary Information ,
December 31, 1994
Net 'Assets Unfunded
Available Pension
for Benefit
Benefits Obligation
Net as a as a
Assets Percentage Unfunded Percentage
Calendar Available Pension of Pension Pension Annual of Annual
year for Benefit Benefit Benefit Covered Covered
Ended Benefits Obligation Obligation Obligation Payroll Payroll '
1987 $ 1,195,714 S 1,490,597 80.22 % $ 294,883 $ 1,538,494 19.17 %
1988 1,331,778 1,715,964 77.61 384,186 1,726,898 22.25 ,
1989 1,363,418 1,783,586 76.44 420,168 1,859,331 22.60
1990 1,720,746 2,266,520 75.92 545,774 2,017,357 27.05
1991 2,044,423 2,408,970 84.87 364,547 2,183,468 16.70 ,
1992 2,369,632 2,559,996 92.56 190,364 2,285,435 8.33
1993 2,677,785 2,867,734 93.38 189,949 2,374,822 8.00
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 asses ,
available for benefit as a percentage of the pension benefit obligation provides one indication of
funding status on a going-concern basis. Analysis of this percentage over time indicates whether the
system is becoming financially stronger or weaker. Generally, the greater this percentage, the
stronger the PERS Trends in unfunded/(overfunded) pension benefit obligation and annual covered
payroll are both affected by inflation. Expressing the unfunded/(overfunded) pension benefit
obligation as a percentage of annually covered payroll approximately adjusts for the effects of
inflation and aids analysis of progress made in accumulating sufficient assets to pay benefits when
due. Generally, the smaller this percentage, the stronger the PERS. Information concerning the
pension benefit obligation is available only for 1988 through 1993. '
i
1
_ 88 _
� Statistical Section (Unaudited)
VILLAGE OF OAK BROOK, ILLINOIS
General Governmental Expenditures by Function
Last Ten Fiscal Years
December 31, 1994
Fiscal Year 1986 1987 1988 1989 1990 1991 1992 1993 *1993 1994
Legislative $ 256,953 254,617 311,918 327,739 616,300 407,461 563,675 426,126 94,504 233,922
General Government 724,353 911,668 895,764 1,124,734 1,041,157 1,114,704 1,133,344 1,030,627 819,890 1,435,607
Public Safety 4,047,863 4,450,380 4,616,312 5,184,506 5,303,456 5,842,884 5,900,826 5,821,460 4,332,750 6,619,494
Public Works 1,051,920 1,384,901 2,089,485 2,076,858 1,605,218 1,704,451 3,099,903 4,076,547 1,574,548 3,423,038
Culture and Recreation 177,265 181,778 195,341 196,584 241,751 278,085 412,685 418,978 264,471 462,781
Debt Service 942,064 916,214 987,234 955,025 922,716 987,505 949,288 959,375 944,820 944,821
7,200,418 8,099,558 910961054 9,865,446 9,730,598 10,335,090 12,059,721 12,733,113 8,030,983 13,119,663
* During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is for the eight months ended December 31, 1993.
NOTE: Includes General,Special Revenue,Debt Service and Capital Projects Funds.
Data Source
Village Records
-89-
VILLAGE OF OAK BROOK, ILLINOIS
General Revenues by Source
Last Ten Fiscal Years
December 31, 1994
Fiscal Year 1986 1987 1988 1989 1990 1991 1992 1993 *1993 1994
Intergovernmental $ 5,952,519 6,885,727 6,695,200 7,151,393 7,325,893 7,294,865 8,250,633 10,248,950 7,985,514 11,218,902
Property Taxes 570,623 598,342 627,708 582,861 542,623 603,129 877,289 963,125 846,501 549,482
Utility Taxes 1,098,386 2,239,243 1,648,740 1,572,193
Hotel/Motel Taxes 89,664 196,609 210,066 163,784 235,606
Licenses and Permits 248,343 279,693 295,364 261,081 305,085 342,354 299,111 353,747 261,461 322,779
Service Charges 218,107 215,853 204,889 263,759 219,484 371,368 338,453 584,727 498,440 293,743
Fines and Penalties 162,648 146,691 189,558 166,238 229,841 196,640 176,868 238,858 135,419 280,339
Interest on Investment 427,195 404,114 421,013 418,479 538,159 376,261 221,019 173,404 171,420 426,127
Miscellaneous 190,378 339,036 185,943 234,158 154,064 453,184 82,512 81,625 189,205 233,836
7,769,813 8,869,456 8,619,675 9,077,969 9,315,149 9,727,465 11,540,880 15,093,745 11,900,484 15,133,007
* During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is for the eight months ended December 31, 1993.
NOTE: Includes General, Special Revenue, Debt Service and Capital Projects Funds.
Data Source
Village Records
-90-
' VILLAGE OF OAK BROOK, ILLINOIS
Special Assessment Billings and Collections
Last Ten Fiscal Years
December 31, 1994
Ratio of
Current Current Collections Total
Fiscal Assessments Assessments To Amounts Outstanding
' Year Billed Collected Billed (1) Assessments
1985 $ 6,000 6,071 101.18 17,615
' 1986 6,000 6,137 102.28 11,615
' 1987 6,000 6,063 101.05 5,615
1
Note: Special assessments are levied by the Village on properties in the York Woods subdivision
' of the Village for street light improvements. There were no special assessments prior
to 1983 or subsequent to 1987.
' Data Source
Village Records
' -91 -
VILLAGE OF OAK BROOK, ILLINOIS ,
Property Tax Levies and Collections '
Last Ten Fiscal Years
December 31, 1994
Percent of
Tax Total Total Total Tax '
Fiscal Levy Tax Tax Collections
Year Year Levy Collection to Tax Levy
1986 1984 $ 568,597 571,239 100.46 % '
1987 1985 621,310 621,541 100.04 '
1988 1986 608,701 602,586 99.00 ,
1989 1987 580,309 585,620 100.92
1990 1988 551,811 548,259 99.36
1991 1989 609,854 602,304 98.76 '
1992 1990 814,693 854,988 104.95
1993 1991 842,077 840,958 99.87 '
*1993 1992 848,710 846,501 99.74 '
1994 1993 555,221 549,482 98.97 ,
* During 1993 the Village changed its fiscal year-end from April 30 to December 31. This ,
information is for the eight months ended December 31, 1993.
r only. Th levies were ted b '
Note: The Village levies property taxes for debt service purposes y. a abated y
$300,000 paid by the General Fund for 1984-1988 and the Debt Service Fund for 1989, and '
by $290,000 paid by the Debt Service fund in 1993.
Data Source '
Village Records
-92- '
1
' VILLAGE OF OAK BROOK, ILLINOIS
Assessed and Estimated Actual Value of Taxable Property-In Thousands
Last Ten Fiscal Years
December 31, 1994
Real Property Ratio of Total
Estimated Assessed/Total
Levy Actual Estimated
Year Assessed Value Actual Value
1984 S 373,266 1,131,109 33.00 %
' 1985 396,911 1,202,761 33.00
' 1986 445,776 1,350,836 33.00
1987 611,665 1,853,530 33.00
1 1988 669,030 2,027,364 33.00
' 1989 745,392 2,258,764 33.00
1990 806,397 2,443,627 33.00
t 1991
855,836 2,593,442 33.00
' 1992 878,225 2,634,675 33.00
1993 875,114 2,625,341 33.00
1
1
' Data Source
County Clerk's Office
' -93 -
VILLAGE OF OAK BROOK,ILLINOIS
Property Tax Rates-Direct and Overlapping Governments
Last Ten F'ncal Years
December 31,IM
Tax Levy Year 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993
Village of Oak Brook $ 0.1524 0.1566 0.1366 0.0949 0.0825 0.0818 0.1044 0.0994 0.0977 0.0641
Basic Town 1.0265 1.2444 0.9572 1.0587 1.1111 0.9311 0.8708 0.8354 0.8171 0.8348
Junior College#502 0.2424 0.2450 0.2551 0.2341 0.2088 0.2009 0.2092 0.2085 0.2087 0.2058
Grade School#53 1.2050 1.3314 1.2297 0.9364 0.9093 0.9134 0.9389 0.9923 1.0248 1.0683
High School#86 1.9570 1.9461 1.9233 1.8906 1.8774 1.7786 1.7205 1.6855 1.6595 1.6406
Oak Brook Park District 0.2035 0.1918 0.1423 0.1014 0.1834 0.1733 0.1695 0.2037 0.2051 0.2098
Hinsdale Sanitary District 0.0608 0.0576 0.0528 0.0379 0.0434 0.0000 0.0000 0.0080 0.0000 0.0000
Total 4.8476 5.1729 4.6970 4.3540 4.4159 4.0791 4.0133 4.0328 4.0129 4.0234
Note: Includes all county,forest preserve,township and water commission rates. Rates are per$100 of assessed valuation.
Data Source
County Clerk's Office
-94-
VILLAGE OF OAK BROOK,ILLINOIS
Ratio of Net General Bonded Debt to Equalized Assessed Value
and Net General Bonded Debt Per Capita
Last Ten Fiscal Years
December 31, 1994
Fiscal Year 1986 1987 1988 1989 1990 1991 1992 1993 •1993 1994
Population(1) 8,000 8,000 8,000 9,151 9,151 9,151 9,087 9,087 9,087 9,087
Equalized Assessed Value
(in Thousands) $ 396,911 445,776 611,665 669,030 745,392 806,397 855,836 878,225 878,225 875,114
Gross General Bonded
Debt 6,950,000 6,350,000 5,650,000 4,950,000 4,250,000 3,450,000 2,650,000 1,8001000 900,000 -
Debt Service Monies
Available 287,636 416,669 510,389 629,291 432,693 202,468 242,137 261,159 265,447 -
Net General Bonded Debt 6,662,364 5,933,331 5,139,611 4,320,709 3,817,307 3,247,532 2,407,863 1,538,841 634,553 -
Ratio of Net General
Bonded Debt to
Equalized Assessed
Value 16.79% 13.31% 0.84% 0.65% 0.51% 0.40% 0.28% 0.18% 0.07% 0.00%
Net General Bonded
Debt Per Capita 832.80 741.67 642.45 472.16 417.15 354.88 264.98 169.35 69.83 -
s During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is for the eight months ended December 31, 1993.
Data Sources
(1) Bureau of Census
(2) County Clerk's Office
(3) Village Records
-95-
VILLAGE OF OAK BROOK, ILLINOIS '
Computation of Legal Debt Margin '
December 31, 1994
Assessed Value (1) $ 875,113,709 '
Debt Limit 8.625% of Assessed Value $ 75,478,557 '
Debt Applicable to Debt Limit -
$ 75478,
Legal Debt Margin 557 '
g g
1
Data Sources
(1) County Clerk's Office '
(2) Village Records
-96 - '
' VILLAGE OF OAK BROOK, ELLINOIS
' Schedule of Direct and Overlapping Bonded Debt
December 31, 1994
' Percentage
of Debt
Applicable
' Gross to Oak Brook's
Governmental Unit Bonded Debt Oak Brook Share of Debt
Village of Oak Brook $ - 100 % -
Du Page County 180,445,000 5.50 9,924,475
Du Page Airport Commission 66,750,000 5.50 3,671,250
' Du Page Forest Preserve 167,835,000 5.70 9,566,595
Du Page Water Commission 149,970,000 5.90 8,848,230
Cook County School District 57 4,201,751 9.00 378,158
' Park Districts 1,717,178 80.50 1,382,328
Elementary School Districts 18,888,437 29.70 5,609,866
' High School Districts 13,507,301 14.30 1,931,544
Total 603,314,667 41,312,446
1
Data Source
' County Clerk's Office
' -97 -
VILLAGE OF OAK BROOK,ILLINOIS
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Total General Expenditures s
Last Ten Fiscal Years
December 31, 1994
Fiscal Year 1986 1987 1988 1989 1990 1991 1992 1993 *1993 1994
Principal $ 600,000 600,000 700,000 700,000 700,000 800,000 800,000 850,000 900,000 900,000
interest 354,000 328,200 302,400 270,200 238,000 205,800 149,288 109,375 44,100 44,821
Total Debt Service 954,000 _928,200 1,002,400 970,200 938,000 1,005,800 949,288 959,375 944,100 944,821
Total General
Expenditures 7,200,418 8,099,558 9,096,054 9,865,446 9,610,564 10,239,015 12,059,721 12,733,113 8,030,983 13,119,663
Ratio of Debt Service
Expenditures to
General Expenditures 13.25 11.46 11.02 9.83 9.76 9.82 7.87 7.53 11.76 7.20
* During 1993 the Village changed its fiscal year-aid from April 30 to December 31. This information is for the eight months ended December 31, 1993.
Data Source
Village Records
-98 -
VILLAGE OF OAK BROOK,ILLINOIS
Revenue Bond Coverage-Waterworks System Bonds
Last Ten Fiscal Years
December 31, IM
Fiscal Year 1986 1987 1988 1989 1990 1991 1992 1993 *1993 1994
Gross Revenue $ 2,581,462 2,574,660 2,778,938 3,126,240 3,260,984 2,706,681 3,569,522 4,275,374 2,594,477 4,515,859
Expenses 801,823 906,055 810,900 1,294,568 1,015,261 1,089,610 1,954,069 3,148,968 2,103,182 3,853,645
Net Revenue Available
for Debt Service 1,779,639 1,668,605 1,968,038 1,831,672 2,245,723 1,617,071 1,615,453 1,126,406 491,295 662,214
Debt Service Requirements
Principal 350,000 375,000 400,000 425,000 475,000 500,000 225,000 225,000 - 225,000
interest 209,950 191,450 171,575 150,450 127,150 101,138 44,400 32,700 16,350 26,850
559,950 566,450 571,575 575,450 602,150 601,138 269,400 257,700 16,350 251,850
Coverage 3.18 2.95 3.44 3.18 3.73 2.69 5.99 4.37 30.05 5.40
* During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is for the eight months ended December 31, 1993.
Data Source
Village Records
-99-
VILLAGE OF OAK BROOK, ILLINOIS '
Demographic Statistics '
December 31, 1994
1
(1) (2)
Per (1) Unemploy- '
Fiscal (1) Capita Median meat
Year Population Income Age Percentage
1970 4,164 S 8,997 34 0.07 % '
1984 7,263 22,737 39 3.14 ,
1989 9,151 26,818 41 2.05 '
1990 9,087 60,347 42 5.70
Data Sources '
(1) Bureau of Census
(2) Bureau of Labor Statistics ,
- 100-
'
1
1
VILLAGE OF OAK BROOK,ILLINOIS
' Property Value and Construction
Last Ten Fiscal Years
December 31, 1994
' Commercial Residential
Construction Construction
Fiscal Number Value Number Value Property Value
' Year Of Units (in Thousands) of Units (in Thousands) (in Thousands)
1985 3 $ 15,349 105 $ 25,861 1,131,109
' 1986 1 1,975 124 28,453 1,202,761
1987 4 52,985 113 34,263 1,350,836
1988 1 35,000 100 36,462 1,573,724
' 1989 2 8,399 47 39,548 1,823,100
1990 3 10,100 30 10,939 2,030,900
' 1991 1 15,400 15 5,834 2,197,400
' 1992 1 8,000 17 8,500 2,567,508
1993 - - 14 13,815 2,634,675
1993* 1 1,753 11 5,114 2,634,675
1994 2 2,602 22 15,834 2,625,341
' * During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is
for the eight months ended December 31, 1993.
' Data Sources
Village Records
VILLAGE OF OAK BROOK, ILLINOIS '
Principal Taxpayers ,
December 31, 1994
1993 Percentage '
Assessed of Total
Valuation Assessed '
Taxpayers Type of Business (in Thousands) Valuation
Urban Investment and Development Co. Shopping Center $ 74,604 8.52 % ,
McDonald's Corporation Office Campus 36,984 4.23
La Salle National Bank Office buildings 21,810 2.49
Metropolitan Life Insurance Co. Life insurance 15,866 1.81 ,
Manufactures Life Real Estate Executive towers 11,464 1.31
Butler National Golf Club Golf Course 11,297 1.29 '
Bradford Companies Office buildings 9,783 1.11
New York Life Insurance Co. Life insurance 8,003 0.91
Eastman Kodak Office buildings 7,485 0.86 '
Equitable Life Office building 7,166 0.82
1
Data Source ,
County Clerk's Office
- 102 -
,
' VILLAGE OF OAK BROOK,ILLINOIS
Schedule of Insurance in Force
December 31, 19%
Insurance Coverage Amount of
Type of Insurance Company Expires Coverage
Village Manager's Bond Kemper Insurance Company 11/21/95 150,000
' (3SM61253003)
Treasurer's Bond Kemper Insurance Company 1/1/96 100,000
' (3SM61338501)
Host Liquor Liability Lloyds of London Insurance Company 11/24/95 1,000,000
' (RBJ 114736)
The Village entered into a contractual agreement with 14 other municipalities to form the Intergovernmental Risk
' Management Agency (IRMA), which through its risk-sharing provisions provides the Village with its insurance
coverage for liability, property damage, workmen's compensation and surety risks not covered by the Village's
Treasurer's or Village Manager's Bond. The Village's contribution to this cooperative agency was determined by the
' pro rata share for each municipality's audited revenues and loss experience for the previous year, to be sufficient
annually to fund administrative expenses and create sufficient reserves for claim payments and the purchase of excess
insurance. The Agency provides loss protection in excess of a deductible of$1,000 per occurrence to be paid by
' 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. As of December 31, 1994, IRMA members
' totaled 54 municipalities.
' Data Source
Village Records
- 103-
1
VILLAGE OF OAK BROOK, ILLINOIS '
Miscellaneous Statistics
December 31, 1994 '
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 16
Police Protection Number of stations 1 '
Number of policemen
and officers 41
Detention facilities Juvenile 2 '
Adult 4
Education (Elementary '
Only) Attendance centers 2
Number of teachers 46
Number of students 500 t
Municipal Water
Department Number of customers 5,209
Total water pumped Gallons (in Thousands) 1,377,000 '
Average daily consumption Gallons 3.77 million
Miles of water mains 77
Building Permits Issued 918 '
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 38,928 ,
Census data 1960, 324; 1970, 4,164; 1975, 5,281;
1980, 6,641; 1984, 7,263; 1990, 9,087
Employees 143 full-time '
247 part-time/seasonal
Data Source '
Village Records
- 104 -
'