The URL can be used to link to this page

CAFR (Eight Months Ended December 31,1993) - � pF Oqk Q,G e,Q v O O IL O N G O OUN1 VILLAGE OF OAK BROOK, ILLINOIS COMPREHENSIVE ANNUAL FINANCIAL REPORT Eight Months Ended December 31, 1993 VILLAGE OF OAK BROOK ILLINOIS COMPREHENSIVE ANNUAL FINANCIAL REPORT EIGHT MONTHS ENDED DECEMBER 31, 1993 Prepared by: Finance Department i � _ _ � _ . � __ i i i i C O N T E N T S Page INTRODUCTORY SECTION Table of Contents Organizational Chart iv Officers and Officials v Letter of Transmittal vi - xiv GFOA Certificate of Achievement xv FINANCIAL SECTION Independent Auditors' Report 1 - 2 General Purpose Financial Statements Combined Balance Sheet - All Fund Types and Account Groups 3 - 4 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types 5 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual General, Special Revenue, and Debt Service Funds 6 Combined Statement of Revenues, Expenses and Changes in Retained Earnings/Fund Balances - All Proprietary and Pension Trust Fund Types 7 Combined Statement of Cash Flows - Enterprise Funds 8 Notes to Financial Statements 9 - 35 _ Required Supplemental Information Police Pension Fund Revenues by Source and Expenses by Type 36 Analysis of Funding Progress 37 Firefighters' Pension Fund Revenues by Source and Expenses by Type 38 Analysis of Funding Progress 39 — Illinois Municipal Retirement Fund Analysis of Funding Progress 40 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 41 Schedule of Expenditures - Budget and Actual 42 - 45 Special Revenue Funds _ Combining Balance Sheet 46 Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual 47 — - i - C O N T E N T S - Page FINANCIAL SECTION - Continued Combining, Individual Fund and Account Group Financial Statements and Schedules - Continued Governmental Funds - Continued Capital Projects Funds Combining Balance Sheet 48 Combining Statement of Revenues, Expenditures and Changes in Fund Balances 49 Proprietary Funds Enterprise Funds Combining Balance Sheet 50 Combining Statement of Revenues, Expenses and Changes in Retained Earnings 51 Combining Statement of Cash Flows 52 Waterworks System Fund Schedule of Revenues, Expenses and Changes in Retained Earnings - Unreserved - Budget and Actual 53 Schedule of Operating Expenses - Budget and Actual 54 Schedule of Changes in Retained Earnings - Reserved - Restricted Accounts 55 Schedule of Property, Plant and Equipment and Accumulated Depreciation 56 Sports Core Fund Schedule of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual 57 Schedule of Operating Revenues - Budget and Actual 58 Schedule of Operating Expenses - Budget and Actual 59 - 60 Schedule of Property, Plant and Equipment and Accumulated Depreciation 61 Internal Service Fund Self Insurance Fund Balance Sheet 62 Statement of Revenues, Expenses and Changes in Retained Earnings 63 Statement of Cash Flows 64 Fiduciary Funds Trust and Agency Funds Combining Balance Sheet 65 Combining Statement of Revenues, Expenses and Changes in Fund Balances - Pension Trust Funds 66 Statement of Changes in Assets and Liabilities - Agency Fund 67 - ii - C O N T E N T S Page FINANCIAL SECTION - Continued Combining, Individual Fund and Account Group Financial Statements and Schedules - Continued Trust and Agency Funds - Continued Police Pension Fund Schedule of Revenues, Expenses and Changes in Fund Balance - Budget and Actual 68 Firefighters' Pension Fund Schedule of Revenues, Expenses and Changes in Fund Balance - Budget and Actual 69 General Fixed Assets Account Group Schedule of General Fixed Assets - By Source 70 Schedule of General Fixed Assets - By Function and Activity 71 Schedule of Changes in General Fixed Assets - By Function and Activity 72 STATISTICAL SECTION (UNAUDITED) General Governmental Expenditures by Function - Last Ten Fiscal Years 73 '- General Revenues by Source - Last Ten Fiscal Years 74 Special Assessment Collections 75 Property Tax Levies and Collections - Last Ten Fiscal Years 76 Assessed and Estimated Actual Value of Taxable Property - In Thousands - Last Ten Fiscal Years 77 _ Property Tax Rates - All Direct and Overlapping Governments - Last Ten Years 78 Ratio of Net General Bonded Debt to Assessed Value and Net Bonded Debt Per Capita - Last — Ten Fiscal Years 79 Computation of Legal Debt Margin 80 Computation of Direct and Overlapping Bonded Debt 81 Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Expenditures - Last Ten Fiscal Years 82 Revenue Bond Coverage - Waterworks System Bonds - Last Ten Fiscal Years 83 Demographic Statistics 84 Property Value and Construction - Last Ten Calendar Years 85 Principal Taxpayers 86 Insurance in Force 87 Miscellaneous Statistics 88 Village of Oak Brook December 1993 ELOM(II icials Presi,lent 'I ruslccs(0) Clerk Village Attorney Village'Ireasurer Advisory Boards :] &Commissions Bath&Tennis Electrical Fire&Police Golf llotel/Motel Library C Plan Safety Pathway Zoning Village Manager Stall Services JE,hninistrative Servicrs Engineering Finance PufchasingiGrants (7perating Departments Fireilmpzction Library Police Pubhc Works Sports('ere VILLAGE OF OAK BROOK, ILLINOIS OFFICERS AND OFFICIALS EIGHT MONTHS ENDED DECEMBER 31, 1993 President Karen M. Bushy Clerk Linda K. Gonnella Trustees Garry J. Bartecki William E. Kenny Gerald McInerney Barbara A. Payovich Mack H. Shumate, Jr. W. Kelly Skinner Village Manager Margaret C. Powers Finance Officer/Treasurer Darrell J. Langlois v OF OAk 6 OOH A O M G O COUNT,(,`yy VILLAGE OF OAK BROOK 1200 OAK BROOK ROAD OAK BROOK, ILLINOIS 60521 -2255 708 990-3000 March 21, 1994 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, 1993 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. The Report includes all funds and account groups of the Village. The Village provides a full range of services. These services include public safety (police, fire, bureau of inspection, and emergency medical service) , street maintenance, public improvements, planning and zoning, general administration services, water, and operations of a free public library and recreation facilities at the Oak Brook Sports Core, including an 18-hole golf course. In addition to general government activities, the Village exercises oversight over the Oak Brook Public Library, Police Pension Employees Retirement System and the Firefighters Pension Employees Retirement System; therefore, these entities are included in the reporting entity. Vi 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. — On January 26, 1993 the Village Board approved an ordinance changing the Village's fiscal year end from April 30 to — December 31. This change was made for the following reasons: 1. Most of the other reporting done for the Village is on a calendar year basis, such as payroll, sales tax, — motor fuel tax, census information, etc. 2 . It will enable the Village to report on seasonal — operations at the Sports Core and various capital projects in the same accounting period. Prior to this change operations consistently overlapped between fiscal years. — Due to this change, the information presented in this Comprehensive Annual Financial Report is for a "short" , or eight month year. The data has not been annualized, thus comparative data has been omitted from the report. 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 then into Wisconsin and _ Indiana. The East-West Tollway, passing through the Village's northern sector, joins the Eisenhower Expressway to the northeast, providing direct access to the Loop. Additional links include east-west arteries Illinois Route 38 and U.S. Route 34 , — which pass, respectively, to the north and south of the Village, and Illinois Route 83 , which bisects the community in a north-south direction. The Oak Brook area is generally bounded — on the north by the communities of Lombard, Villa Park, Elmhurst and Oakbrook Terrace and on the south by Downers Grove, Westmont, Clarendon Hills and Hinsdale. Oak Brook is a community that has demonstrated an extremely high degree of economic stability. While the Illinois unemployment rate hovers around 5. 6%, DuPage County has established an — unemployment rate of 3 . 7% significantly lower than the norm. Vii The Village places a great deal of emphasis upon internal accounting controls as they affect the overall accounting system. In developing and evaluating the Village's accounting system, consideration is given to the adequacy of internal accounting controls. Internal accounting controls are designed to provide reasonable, but not absolute, assurance regarding: (1) the safeguarding of assets against loss from unauthorized use or disposition; and (2) the reliability of financial records for preparing financial statements and maintaining accountability for assets. The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the evaluation of costs and benefits requires estimates and judgments by management. All internal control evaluations occur within the above framework. We believe that the Village's internal accounting controls adequately safeguard assets and provide reasonable assurance of proper recording of financial transactions. Budgetary control is maintained through a system of monthly revenue and expenditure/expense versus budget accounting reports which are provided to all Trustees and department heads. All disbursements receive approval of the Board of Trustees. Total expenditures in any fund are legally restricted to the total amount budgeted, which is not changed without supplemental ordinance approval . The budget is monitored at the subfunction level by the encumbrance of estimated purchase amounts prior to the release of purchase orders to vendors. General Governmental Functions Revenues for general governmental functions as reported in the General Fund totaled $10, 585, 577 in 1993 . Percent of Source Amount Total Intergovernmental $ 7 , 739 , 550 73 . 11 Utility taxes 1, 648 , 740 15 . 58 Licenses and permits 261, 461 2 . 47 Charges for services 498 , 440 4 . 71 Fines and penalties 135, 419 1. 28 Interest on investments 117 , 762 1. 07 Other revenues 189 , 205 1 . 78 $10, 585 , 577 100 . 00 ----------- ------ ----------- ------ Intergovernmental revenue, mostly sales taxes, is the major revenue source for the Village, producing 73 . 11% of current year revenues. ix The Village has never levied real estate taxes for general governmental functions. However, the 1992 assessed valuation of real property in the Village was $878 , 225, 488 , an increase of $22 , 389 , 606, or 30 over the prior year. Expenditures for general governmental purposes as reported in the General Fund totaled $6, 911 , 331. Percent of Function Amount Total Legislative $ 94 , 504 1. 38 General government 819 , 890 11. 86 Public safety 4 , 332 , 750 62 . 69 Public works 1, 498 , 715 21. 68 Culture and recreation 165 , 472 2 . 39 $ 6 , 911, 331 100 . 00 ----------- ------ ----------- ------ Debt Administration The ratio of net bonded debt to assessed valuation and the amount of the debt per capita are useful indicators of the Village's debt position. This information for the Village as of December 31, 1993 is as follows: Net bonded debt total $634 , 553 Ratio of net bonded debt to assessed valuation . 072% Net bonded debt per capita $70 General obligation recreation bonds were issued for the purchase of the Sports Core in 1977 . At that time, the Village also initiated a tax levy for purposes of retiring the principal and interest payments of the bonds. Collections in 1993 totaled $846, 501 or 99 . 74% of the total levy. The current tax rate is $ . 0977 per $100 assessed valuation. The general obligation bonds are due to be retired in December, 1994 . In addition, the Village has outstanding revenue bonds for the Waterworks System Fund. Schedules of maturities of the bonds are located in the notes to the financial statements of the Report. x The Village's bonds have the following ratings: Moody's Investor Service General Obligation Bond Aa 1973 Water Works Revenue Bonds Aa Cash Management It is the policy of the Village of Oak Brook to invest idle cash and increase investment income by the efficient use of money market accounts and the Illinois Public Treasurer's Investment Pool . At December 31 , 1993 the Village's investments, exclusive of the Pension Trust Funds, were distributed as follows: Treasurer's Investment Pool 92 . 35 U.S. Treasury Notes 7 . 65 For the period ended December 31, 1993 the Village received $231, 578 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 the motor fuel tax collections. The State collects the tax on each gallon of fuel sold within the State of Illinois and returns a percentage back to each municipality based on population. Motor Fuel Tax revenue from the State for the year ended December 31, 1993 was $157 , 156 . The monies in the Motor Fuel Tax Fund have traditionally been used by the Village to finance street reconstruction and resurfacing projects, and to purchase roadway de-icer salt. Pensions Employees of the Village of Oak Brook are covered by one of three pension plans. They are: (1) the Police Pension Fund of the Village of Oak Brook, covering the Village's uniformed personnel in the Police Department; (2) the Firefighters Pension Fund of the Village of Oak Brook, covering the Village's uniformed personnel in the Fire Department; and (3) the Illinois Municipal Retirement Fund, which covers all of the remaining Village employees who work in excess of 1, 000 hours per year on a regular basis. Illinois Municipal Retirement Fund employees are also covered by Social Security. Xi General Fixed Assets The general fixed assets of the Village are those fixed assets used in the performance of general governmental functions and exclude the fixed assets of the Enterprise Funds. As of December 31, 1993 , the general fixed assets of the Village amounted to $11 , 286, 698 . 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 $2 , 367 , 686 Water tap on charges 28 , 420 Total operating revenues 2 , 540 , 661 Total operating expenses 2 , 445 , 945 Amount available for debt service 344 , 736 Annual debt service 257 , 700 Coverage (amount available for debt service divided by annual 1 . 34 debt service) Risk Management The Village of Oak Brook has in place a limited risk management program for Worker's Compensation. As part of this plan, resources are annually accumulated in the General Fund to meet potential losses. In addition, various risk control techniques, including employee safety and accident prevention training, and the formation of a Village Safety Committee consisting of employee representatives for each department of the Village, have been recently implemented to minimize accident related losses. Third-party coverage is currently maintained for Worker's Compensation claims greater than $100 and all potential losses. xii Sports Core Fund The 1993 financial statements reflect the thirteenth year of operation of the 18-hole golf course and expanded operations of the Bath and Tennis Club. Operating revenues totaled $2 , 011, 326 and operating expenses, excluding depreciation, totaled $1, 597 , 834 . Major department activity is summarized as follows: Revenues Golf course $1, 291, 400 64 . 21% Bath & Tennis Club 719 , 926 35. 79 $2 , 011, 326 100 . 00 ---------- ------ ---------- ------ Operating Expenses Golf course $ 718 , 196 41. 38% Bath & Tennis Club 672 , 653 38 . 75 General & Administrative * 206 , 985 11 . 92 Depreciation 137 , 911 7 . 95 $1, 735, 745 100. 00 ---------- ------ ---------- ------ * In prior years, general and administrative expenses were allocated to the Golf and Bath & Tennis operations using a ratio of profit center revenues to total revenues. This fiscal year's results reflect direct expenses of each operation without regard to such allocation. OTHER INFORMATION Statutes require an annual audit to be performed on the books of account, financial records, and transactions of all administrative departments of the Village by independent certified public accountants selected by the Board of Trustees. This requirement has been complied with and the auditor's opinion has been included in this Report. Certificate of Achievement The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the Village of Oak Brook for its Comprehensive Annual Financial Report for the fiscal year ended April 30, 1993 . Xili 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 16 years. We believe that our current Report conforms to Cc -tificate of Achievement Program requirements, and — we are submits- ng it to GFOA to determine its eligibility for another certificate. Acknowledgements The preparation of this Report could not be accomplished without the efficient and dedicated services of the entire staff of the — Village of Oak Brook. We wish to express our appreciation to those persons who have made possible the publication of this Report, and to thank the 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 . Langlois Finance Officer/Treasurer Xlv ?iii. fit .Rf, tit _ ; 3 ii-5 i!rit tt Certificate of Achievement for Excellence PH. in Financial Reporting Presented to Mi Village of Oak Brook, Illinois For its Comprehensive Annual Financial Report OT for the Fiscal Year Ended April 30, 1993 A Certificate of Achievement for Excellence in Financial 11 ROMP, Reporting is presented by the Government Finance Officers M.Ric 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. NCE 0 aJUUNOF CSN rtED STATES y w AND t y G""DAPresident rM O CORPORAMN CHICA6a O`� Executive Director General Purpose Financial Statements C— O FRIEDMAN,EISENSTEIN,RAEMER&SCHWARTZ Certified Public Accountants/Business&Personal Consultants A member of MOORES ROWLAND INTERNATIONAL with associated firms throughout the world INDEPENDENT AUDITORS' REPORT February 28, 1994 The President and Board of Trustees Village of Oak Brook Oak Brook, Illinois We have audited the accompanying general purpose financial statements and the combining, individual fund and account group financial statements and schedules of the Village of Oak Brook, Illinois, as of December 31, 1993, and for the eight months then ended, as listed in the table of contents. These financial statements are the responsibility of the Village of Oak Brook, Illinois management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the Village of Oak Brook, Illinois as of December 31, 1993, and the results of its operations and cash flows of its proprietary fund types for the eight months then ended, in conformity with generally accepted accounting principles . Also, in our opinion, the combining, individual fund and account group financial statements and schedules 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, 1993, and the results of operations of such funds and cash flows of individual proprietary funds for the eight months then ended, in conformity with generally accepted accounting principles. (Continued) - 1 - Three Continental Towers-1701 Golf Road • Rolling Meadows, Illinois 6000&4227 • (708) 364-5200 • Fax: (708) 364-5606 Offices:Chicago and Suburbs Q Our audit was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole and on the combining and individual fund and account group financial statements. The accompanying financial information listed as supplemental and schedules in the table of contents is presented for purposes of additional analysis and is not a required part of the financial statements of the Village of Oak Brook, Illinois. Such information has been subjected to the auditing procedures applied in the audit of the general purpose, combining and _ individual fund and account group financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements of each of the respective individual funds and account groups taken as a whole. 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. FLE ¢ s _ 2 THIS PAGE WAS LEFT BLANK INTENTIONALLY VILLAGE OF OAK BROOK, ILLINOIS _ COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS DECEMBER 31, 1993 ASSETS AND OTHER DEBITS Governmental Fund Types ` Special Debt Capital General Revenue Service Projects ASSETS Cash and investments $6,121,449 $460,278 $ 240,978 $2,538,017 Receivables (net of allowances) Sales taxes 3,290,186 Property taxes 651,850 State income taxes 58,096 24,469 Accounts 82,264 Allotments 20,252 Accrued interest Other 208,716 21,395 Due from other funds 26,491 Inventory 35,156 Restricted assets Cash and investments Fixed assets (net of accumulated depreciation) OTHER ASSETS Water purchase rights OTHER DEBITS Amount available for Debt Service Amount to be provided for retirement of general long-term debt Total Assets and Other Debits $9,822,358 5501,925 S 917,297 $2,538,017 3 - VILLAGE OF OAK BROOK. ILLINOIS — COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS - Continued DECEMBER 31. 1993 — LIABILITIES AND EQUITY AND OTHER CREDITS Governmental Fund Types — Special Debt Capital General Revenue Service Projects LIABILITIES Accounts payable $ 410,143 $ 17,804 $ - $ - Accrued payroll and vacation 656,920 Claims payable Deposits payable 243,940 Due to other funds Deferred revenues 16,000 651,850 — Deferred compensation payable Notes payable Revenue bonds payable — Unamortized bond discount General obligation bonds payable Total Liabilities 1,327.003 17.804 651.850 — 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 35,156 — Reserved for debt service 265,447 Reserved for employees' retirement Unreserved 8,460,199 484,121 2.538.017 Total Retained Earnings/Fund Balances 8.495.355 484.121 265,447 2.538.017 Total Equity and Other Credits 8,495,355 484,121 265.447 2.538,017 Total Liabilities, Equity and — Other Credits $9,822.358 $501,925 $ 917,297 $2,538,017 The accompanying notes are an integral part of this statement. 4 - Fiduciary Proprietary Fund Types Fund Type Account Groups Totals Internal Trust and General General Long- (Memorandum Enterprise Service Agency Fixed Assets Term Debt Only $ 361,706 $ - $ - $ - $ - $ 789,653 42,289 49,864 749,073 55,455 55,455 13,400 257,340 26,491 26,491 34,954 702,804 2,189,275 2,189,275 484,510 40,176 524,,686 750,000 750,000 ( 3,172) ( 3,172) 900,000 900,000 1,710,178 55,455 2,189,275 990,040 6,941,605 11,286,698 11,286,698 11,025,590 11,025,590 1,478,350 1,478,350 203,211 203,211 12,453,056 ( 53,070) 12,399,986 35,156 265,447 23,318,269 23,318,269 11,482,337 14,134,617 ( 53,070) 23,318,269 49,182,756 25,160,207 ( 53,070) 23,318,269 11,286,698 71,495,044 526,870,385 S 2,385 $25,507,544 $11,286,698 $ 990,040 578,436,649 VILLAGE OF OAK BROOK, ILLINOIS — COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES — EIGHT MONTHS ENDED DECEMBER 31, 1993 Special Debt Capital General Revenue Service Pro iects REVENUES — Intergovernmental $ 7,739,550 $157,156 $ 88,808 $ - Property taxes 846,501 Utility taxes 1,648,740 — Hotel/motel taxes 163,784 Licenses and permits 261,461 Service charges 498,440 Fines and penalties 135,419 — Interest on investments 112,762 7,012 13,799 37,847 Miscellaneous 189,205 Total Revenues 10,585,577 327.952 949,108 37,847 EXPENDITURES _ Current Legislative 94,504 General government 819,890 Public safety 4,332,750 — Public works 1,498,715 75,833 Culture and recreation 165,472 98,999 Debt service Principal retirement 900,000 — Interest and fees 44,820 Total Expenditures 6.911,331 174,832 944.820 — EXCESS OF REVENUES OVER EXPENDITURES 3,674,246 153.120 4,288 37,847 OTHER FINANCING SOURCES (USES) Operating transfers in 184,000 1,000,000 Operating transfers out ( 1,001,350) ( 817.350) 1.000.000 EXCESS OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES 2,856,896 153,120 4,288 1,037,847 FUND BALANCES Beginning 5,638,459 331.001 261,159 1,500,170 Ending S 8,495,355 JZ11.6447 52,538,017 — The accompanying notes are an integral part of this statement. 5 - Totals (Memorandum Only $ 7,985,514 846,501 1,648,740 163,784 261,461 498,440 135,419 171,420 189,205 11,900,484 _ 94,504 819,890 4,332,750 1,574,548 �- 264,471 900,000 44,820 8,030,983 3,869,501 1,184,000 ( 1,001,350) 182,650 4,052,151 7,730,789 $11,782,940 VILLAGE OF OAK BROOK, ILLINOIS COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL ALL GOVERNMENTAL FUND TYPES EIGHT MONTHS ENDED DECEMBER 31. 1993 General Variance _ Favorable Actual Bud eg t _ (Unfavorable) REVENUES _ Intergovernmental $ 7,739,550 $ 6,665,467 $1,074,083 Property taxes Utility taxes 1,648,740 1,900,344 ( 251,604) Hotel/motel taxes Licenses and permits 261,461 211,545 49,916 Service charges 498,440 491,035 7,405 Fines and penalties 135,419 138,300 ( 2,881) Interest on investments 112,762 70,000 42,762 — Miscellaneous 189.205 154,645 34,560 Total Revenues 10.585.577 9.631.336 954.241 EXPENDITURES Current Legislative 94,504 846,908 752,404 _ General government 819,890 971,380 151,490 Public safety 4,332,750 4,724,530 391,780 Public works 1,498,715 1,950,102 451,387 Culture and recreation 165,472 209,122 43,650 — Debt service Principal retirement Interest and fees Total Expenditures 6.911.331 8.702.042 1.790.711 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 3.674.246 929.294 2.744,952 OTHER FINANCING SOURCES (USES) Operating transfers in 184,000 184,000 _ Operating transfers out ( 1.001,350)( 1.021.000) 19.650 ( 817.350)( 837.000) 19.650 EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES 2,856,896 $2.294 52,764,602 FUND BALANCES Beginning 5.638.459 Ending S 8.495.355 — 6 - Special Revenue Debt Service Capital Proiects Variance Variance Variance Favorable Favorable Favorable Actual Budzet (Unfavorable) Actual Budget (Unfavorable) Actual Budget (Unfavorable) $157,156 $119,340 $ 37,816 $ 88,808 $ 117,440 ($ 28,632) $ - $ $ - 846,501 848,710 ( 2,209) 163,784 150,000 13,784 7,012 6,380 632 13,799 11,000 2,799 37,847 37,847 327.952 275.720 52.232 949.108 977.150 ( 28.042) 37.847 37.847 75,833 109,750 33,917 98,999 180,000 81,001 900,000 900,000 44.820 89.150 44,330 174.832 289.750 114,918 944,820 989.150 44.330 153.120 ( 14.030) 167.150 4.288 ( 12.000) 16.288 37.847 37.847 1,000,000 1,000,000 1.000.000 1.000.000 153,120 ( 14 030) $167,150 4,288 ($ 12,000) $ 6.288 1,037,847 $1,000.000 37,847 331.001 261.159 1.500.170 $484,121 265 447 $2.538,017 VILLAGE OF OAK BROOK, ILLINOIS COMBINED STATEMENT OF REVENUES. EXPENSES AND CHANGES IN RETAINED EARNINGS/FUND BALANCES - ALL PROPRIETARY AND PENSION TRUST FUND TYPES EIGHT MONTHS ENDED DECEMBER 31. 1993 Fiduciary Proprietary Fund Types Fund Type Totals — Internal Pension (Memorandum Enterprise Service Trust Only) OPERATING REVENUES Charges for services $ 4,506,814 $ 378,753 $ - $ 4,885,567 Contributions 543,506 543,506 _ Interest on investments 1,540,700 1,540,700 Miscellaneous 45.173 45.173 Total Operating Revenues 4,551,987 378,753 2.084,206 7.014.946 — OPERATING EXPENSES General and administrative 206,985 112,461 39,951 359,397 _ Operation of facilities 3,494,031 3,494,031 Claims 319,362 319,362 Depreciation and amortization 480,674 480,674 Pension benefits and refunds 364.116 364.116 — Total Operating Expenses 4.181.690 431.823 404,067 5.017,580 OPERATING INCOME (LOSS) 370,297 ( 53.070) 1.680,139 1,997,366 NONOPERATING REVENUES (EXPENSES) — Golf surcharge 64,013 64,013 Other income 83,602 83,602 Interest on investments 60,158 60,158 Interest expense ( 39,166) ( 39,166) Fiscal agents' fees ( 25) ( 25) 168.582 168,582 INCOME (LOSS) BEFORE OPERATING TRANSFERS 538,879 ( 53,070) 1.680.139 2.165,948 Operating transfers in 1,350 1,350 Operating transfers out ( 184.000) ( 184,000) ( 182.650) ( 182,650) NET INCOME (LOSS) 356,229 ( 53,070) 1,680,139 1,983,298 RETAINED EARNINGS/FUND BALANCE Beginning 13.778.388 21.638.130 35.416.518 Ending $14,134,617 ($ 53,070) $23,318,269 $37,399,816 The accompanying notes are an integral part of this statement. _ - 7 - VILLAGE OF OAK BROOK, ILLINOIS COMBINED STATEMENT OF CASH FLOWS - ALL PROPRIETARY FUND TYPES EIGHT MONTHS ENDED DECEMBER 31, 1993 Totals Internal (Memorandum Enterprise Service Only) CASH FLOWS FROM OPERATING ACTIVITIES Operating income (loss) $ 370,297 ($ 53,070) $ 317,227 Adjustments to reconcile operating income (loss) to net cash provided by operating activities Depreciation and amortization 480,674 480,674 Other nonoperating revenue 147,615 147,615 Change in assets and liabilities Receivables ( 46,505) ( 46,505) Inventory 44,733 44,733 Other assets 35,850 35,850 Accounts payable 24,209 24,209 Accrued payroll 804 804 Claims payable 55,455 55,455 Customer deposits ( 1,793) ( 1,793) Interfund payable 26,491 26,491 Deferred revenue ( 197,162) ( 197,162) 885,213 2,385 887,598 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Operating transfers in 1,350 1,350 Operating transfers out ( 184,000) ( 184,000) ( 182,650) ( 182,650) CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Acquisition of capital assets ( 479,731) ( 479,731) Interest paid on revenue bonds ( 16,350) ( 16,350) Proceeds from notes payable 530,014 530,014 Principal paid on notes payable ( 608,259) ( 608,259) Interest paid on notes payable ( 22,816) ( 22,816) Fiscal agents' fees paid ( 25) ( 25) ( 597,167) ( 597,167) CASH FLOWS FROM INVESTING ACTIVITIES Interest income 60,158 60,158 NET INCREASE IN CASH AND EQUIVALENTS 165,554 2,385 167,939 CASH AND EQUIVALENTS Beginning 2,845,001 2,845,001 Ending $3,010,555 2 385 $3,012,940 The accompanying notes are an integral part of this statement. 8 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Village of Oak Brook, Illinois ("Village") was incorporated on February 21, 1958. The Village operates under a Board of Trustees - Manager form of government and provides the following services as authorized by its charter: public safety (police and fire) , highways and streets, recreation (golf course and bath and tennis club) , public library, water, public improvements, planning and zoning and general administrative services. The accompanying financial statements of the Village have been prepared in conformity with generally accepted accounting principles as promulgated in pronouncements of the Governmental Accounting Standards Board ("GASB") . REPORTING ENTITY The financial statements of the Village, in conformance with GASB standards, include all funds and accounts groups of the Village and its component units. The following blended component units are included in the Village's reporting entity because of the significance of their operational or financial relationships with the Village: Police Pension Employees Retirement System - The Village's police employees participate in the Police Pension Employees Retirement System (PPERS) . PPERS functions for the benefit of these 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 employees constitute the pension board. Although it is legally separate from the Village, the PPERS is reported as if it were part of the Village because its sole purpose is to provide pension benefits for the Village's police employees. Separate financial statements for PPERS are not issued. Firefighters' Pension Employees Retirement System - The Village's firefighters participate in the Firefighters' Pension Employees Retirement System (FPERS) . HERS functions for the benefit of these 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 fire employees constitute the pension board. Although it is legally separate from the Village, the HERS is reported as if it were part of the Village because its sole purpose is to provide pension benefits for the Village's firefighters. Separate financial statements for HERS are not issued. 9 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued REPORTING ENTITY - Continued BASIS OF PRESENTATION - FUND ACCOUNTING The accounts of the Village are organized on the basis of funds and account groups, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenue and expenditures or expenses, as appropriate. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The following fund types and account groups are used by the Village: Governmental Fund Types Governmental Funds are those through which most governmental functions of the Village are financed. The Village's expendable financial resources (except those accounted for in Proprietary Funds) are accounted for through governmental funds using the flow of financial resources measurement focus. The following are the Village's governmental fund types: General Fund - The General Fund is the general operating fund of the Village. It is used to account for all financial resources except those required to be accounted for in another fund. Special Revenue Funds - The Special Revenue Funds are used to account for the Village's share of the state motor fuel tax allotments, which are required by state law to be used to maintain streets and to account for the revenue provided by the hotel/motel tax, used to promote tourism and conventions within the Village and to attract nonresident overnight visitors to the Village. Debt Service Fund - The Debt Service Fund is used to account for the accumulation of resources for, and the payment of, general obligation long-term debt principal, interest and related costs. The Village's only Debt Service Fund is for the Sports Core general obligation recreation bonds. 10 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued BASIS OF PRESENTATION - FUND ACCOUNTING - Continued Governmental Fund Types - Continued Capital Projects Funds - The Capital Projects Funds are used to account for financial resources to be used for the acquisition or construction of major capital items (other than those financed by Proprietary Funds) . Proprietary Fund Types Proprietary Funds are used to account for the Village's ongoing activities that are similar to those often found in the private sector. The measurement focus is based on the flow of economic resources: Enterprise Funds - Enterprise Funds are used to account for operations (a) that are financed and operated in a manner similar to private business enterprises - where the intent of the governing body is that the costs (expenses, including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or (b) where the governing body has decided that periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability or other purposes. Internal Service Funds - Internal Service Funds are used to account for operations where the intent of the governing body is that the costs of providing services to other departments within the Village on a continuing basis be financed or recovered primarily through user charges. Fiduciary Fund Types Fiduciary Funds are used to account for assets held by the Village in a trustee capacity or as an agent for individuals, private organizations, other governmental units and/or other funds. Trust Funds - Trust Funds are used to account for assets held by the Village in a trustee capacity. These include the Police and Firefighters' Pension Trust Funds. These funds are accounted for in essentially the same manner as Proprietary Funds. Agency Fund - Agency Funds are custodial in nature (assets equal liabilities) and do not involve measurement of results of operations. - 11 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued BASIS OF PRESENTATION - FUND ACCOUNTING - Continued Account Groups Account groups are used to establish accounting control and accountability for the Village's General Fixed Assets and General Long-Term Debt. The following are the Village's account groups: General Fixed Assets Account Group - This account group is established to account for all fixed assets of the Village, other than those accounted for in the Proprietary Funds and Trust Funds. General Long-Term Debt Account Group - This account group is established to account for all long-term debt of the Village except that accounted for in the Proprietary Funds. CHANGE IN FISCAL YEAR During 1993 the government changed its fiscal year-end from April 30 to December 31. This change was implemented to permit operational activities to coincide with the fiscal period. BASIS OF ACCOUNTING Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements, regardless of the measurement focus applied. All governmental fund types and agency funds are accounted for using the modified accrual basis of accounting. Revenues are recognized when they become measurable and available as net current assets. Shared revenues remitted from the state government, such as the state motor fuel tax allotments, state income taxes and state sales taxes are accrued applying the susceptible to accrual concept based upon the month they are collected by the state. In applying the susceptible to accrual concept to intergovernmental revenues, the legal and contractual requirements of the numerous individual programs are used as guidance. There are, however, essentially two types of these revenues. In one type, monies must be expended on the specific purpose or project before any amounts will be paid to the Village; therefore, revenues are recognized based upon the expenditure recorded. In the other type, monies are virtually unrestricted as to purpose of expenditure and are usually revocable only for failure to comply with prescribed compliance requirements. These resources are reflected as revenues at the time of receipt or earlier if the susceptible to accrual criteria are met. 12 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued BASIS OF ACCOUNTING - Continued License and permit fees and miscellaneous revenues (except investment _ earnings) are recorded as revenues when received in cash because they are generally not measurable until actually received. Investment earnings and most charges for services are recorded as earned because they are measurable and available. ` With the exception of interest on long-term debt, expenditures are generally recognized under the modified accrual accounting concept when the related fund liability is incurred. Principal and interest on general long-term debt are recorded as fund liabilities when due or when amounts have been accumulated in the Debt Service Fund for payments to be made early in the following fiscal year. All Proprietary Funds and Pension Trust Funds are accounted for using the accrual basis of accounting. Their revenues are recognized when they are earned, and their expenses are recognized when they are incurred. Unbilled Waterworks System Fund utility service receivables are recorded at year-end by taking the cycle billings sent to customers after year-end _ and prorating the amount of days applicable to each fiscal year. Deferred revenue in the Sports Core Fund represents membership dues collected in advance of the period to which the dues pertain. BUDGETARY ACCOUNTING The Village follows these procedures in establishing the budgetary data _ reflected in the financial statements: 1. Prior to November 1, a proposed operating budget for the fiscal year commencing the following January 1 is prepared by the department heads, reviewed by the Village Manager and Village Treasurer, and submitted to the Board of Trustees for review. The operating budget includes proposed expenditures/expenses for the General, Special Revenue, Debt Service, Capital Projects, Enterprise and Pension Trust Funds. 2. Public hearings are conducted to obtain taxpayer comments. 3. Prior to January 1, the budget is legally enacted through passage of an ordinance. - 13 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued BUDGETARY ACCOUNTING - Continued 4. The manager may be authorized by the corporate authorities to transfer budgeted amounts between departments within any fund; however, any revisions that alter the total expenditures/ expenses of any fund must be approved by the governing body. The budget was amended increasing total expenses in the Police Pension Fund by $36 ,000. S. Expenditures/expenses may not legally exceed budgeted amounts on a fund basis for each legally adopted annual budget. The level of budgetary control (level at which expenditures/ expenses may not exceed budget) is the fund. Formal budgetary integration is employed as a management control device during the year for all funds. Village budgets are prepared on a basis of accounting consistent with generally accepted accounting principles (GAAP) . The budget amounts are included in this report. ENCUMBRANCES Encumbrance accounting, under which purchase orders , contracts and other commitments for the expenditure of monies are recorded in order to reserve that portion of the applicable appropriation, is employed as an extension of formal budgetary integration in all funds. All encumbrances lapse at the end of the year and any outstanding amounts are rebudgeted. CASH AND EQUIVALENTS 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. Cash and equivalents represent cash on hand and cash deposited in interest bearing checking, money market accounts and the Illinois Public Treasurer's Investment Pool (IPTIP) . INVESTMENTS Investments are stated at cost or amortized cost, subject to adjustment for market declines judged to be other than temporary (lower of cost or market) , except for investments in the deferred compensation agency fund and insurance company separate accounts in the pension trust funds which are reported at market value. - 14 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued INVESTMENTS - Continued Chapter 50, Act 340/1 of the Illinois Compiled Statutes authorizes the Village to invest in obligations of the United States Treasury and United States agencies, direct obligations of any bank, commercial paper rated within the three highest classifications set by two standard rating services, or money market funds investing in obligations of the United States Treasury and United States agencies. INVENTORY Inventory is valued at cost (first-in, first-out) which approximates market. Inventory in the General Fund consists of expendable supplies held for consumption; inventory in the Sports Core Fund consists of similar expendable supplies and also inventory of the pro shop held for resale. The cost is recorded as an expenditure at the time individual inventory items are utilized or sold. Reported General Fund inventories are equally offset by a fund balance reserve which indicates that they do not constitute "available spending resources" even though they are a component of net current assets. FIXED ASSETS Fixed assets acquired for use in governmental fund type operations are recorded as expenditures in the fund making the expenditure and are capitalized at cost in the General Fixed Assets Account Group. If actual cost cannot be determined, estimated historical cost is used; donated fixed assets are valued at their estimated fair value on the date donated. Public domain (infrastructure) general fixed assets consisting of roads, bridges, curbs and gutters, streets and sidewalks, and drainage systems are not capitalized, as these assets are immovable and of value only to the government. In accordance with generally accepted accounting principles, no depreciation is taken on the general fixed assets. Proprietary Fund fixed assets are stated at cost or, if donated, fair market value at the date of donation, in the fund in which they are utilized. Depreciation of all exhaustible fixed assets used by Proprietary Funds is charged as an expense against their operations. Accumulated depreciation is reported on the Proprietary Fund's balance sheet. Depreciation has been provided over the estimated useful lives using the straight-line method. Estimated useful lives are as follows: Description Years Buildings 40 Waterworks system 10 - 40 Improvements, other than buildings 10 - 20 Tennis courts and pools 15 - 20 Equipment 5 - 10 - 15 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued 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. LONG-TERM LIABILITIES Long-term liabilities expected to be financed from governmental funds are accounted for in the General Long-Term Debt Account Group. Long-term liabilities of all Proprietary Funds are accounted for in the respective funds. Vacation pay is computed and earned on a calendar year basis. Vacation _ earned must be taken before the end of the next calendar year and is, therefore, taken on a first-in, first-out basis. For governmental funds, the portion of accumulated unpaid vacation benefits expected to be liquidated with expendable available financial resources is reported in the individual fund, and the remainder is recorded in the General Long- Term Debt Account Group. Accumulated unpaid vacation pay is accrued when incurred in the Proprietary Fund Types. No liability is recorded for nonvesting accumulating rights to receive sick pay benefits. The Village's employees are not eligible for significant postretirement benefits except as provided by the pension — plans as disclosed in Note 8. TOTAL (MEMORANDUM ONLY) COLUMNS Total columns represent an aggregation of the fund type and account group financial statements. They are presented for information only and do not _ represent consolidated financial information. Interfund eliminations have not been made in the aggregation of the data. 16 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS 2 . DEPOSITS AND INVESTMENTS At December 31, the carrying amount of the Village's deposits was $2,121,180 and the bank balances were $2,610,237 . The following table summarizes the Village's deposits: Bank Balance Insured (FDIC or SIPC) $1,358,456 Uninsured Collateral held by Village's agent in Village's name 1, 251,781 Total $2 , 610,237 The Village's investments are categorized in the following table to give an indication of the level of risk assumed by the Village. Category 1 includes investments that are insured or registered or for which securities are held by the Village or its agent in the Village's name. Category 2 includes the uninsured and unregistered investments for which the securities are held by the financial institution's trust department or agent in the Village's name. Category 3 includes uninsured and unregistered investments for which the securities are held by the financial institution or by its trust department or agent, but not in the Village's name or securities held by a broker or dealer. Category Carrying Market 1 2 3 Amount Value U.S. Government securities $15,628,712 $ $ $15,628 ,712 $17,394,430 U.S. Agency securities 3 ,182,430 3.182,430 3 ,439,652 $18 , 811, 142 $ - $ - 18,811,142 20,834,082 Insurance Company Contracts 2,259,118 2,280,710 International City Managers Association _ (Deferred Compensation Plan) 2, 189,275 2, 189,275 Illinois Public Treasurer's Investment Pool 12,413 ,879 12,413,879 $35 ,673 ,414 $37,717,946 - 17 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS 3. PROPERTY TAXES — The Village's property tax is levied each calendar year on all taxable real property located in the Village. The Village levies taxes only for the payment of principal and interest on general obligation long-term debt. Property taxes attach as an enforceable lien on property as of January 1. Taxes are levied by December and are billed by April 1 of the following year. Property taxes become due and payable in two installments on June 1 and September 1. Taxes are billed and collected by county officials. The GASB provides that property taxes should be recognized as revenue in the levy year only when they are due and receivable in the current year or when they are due within the year and collected or expected to be collected within 60 days after the end of the current year. As a result, the Village does not recognize property taxes as revenue in the levy year because the taxes are not due and receivable until the following fiscal year. — 4. FIXED ASSETS Changes in general fixed assets are as follows: — Balance at Balance at May 1 Additions Deletions December 31 — Land $ 616,829 $ $ $ 616,829 Buildings and improvements 5,312,412 13,622 5,326,034 Furniture and fixtures 340,469 16,412 356,881 Automotive equipment 2,175,116 272,793 165,750 2,282,159 Other equipment 2,052,351 103,098 2,155,449 Library books 520,251 29,095 549,346 Totals $11,017,428 $435,020 ,$ 165,750 $11,286,698 18 - VILLAGE OF OAK BROOK, ILLINOIS _ NOTES TO FINANCIAL STATEMENTS 4. FIXED ASSETS - Continued Proprietary fund type property, plant and equipment consist of the following: Enterprise _ Waterworks System Sports Core Total Land and improvements $ 215,800 $10,023,077 $10,238,877 Buildings and improvements 1,432,919 1,432,919 Waterworks system structure and equipment 14,952,044 14,952,044 _ Improvements other than buildings 522,158 522,158 Tennis courts and pools 931,150 931,150 Equipment 362.925 547.617 910.542 15,530,769 13,456,921 28,987,690 Less: Accumulated depreciation 4.714,114 3,228,110 7.942,224 Totals $10,816,655 $10,228,811 $21.045,466 ` 5. LONG-TERM DEBT GENERAL LONG-TERM DEBT ACCOUNT GROUP The following is a summary of transactions in the General Long-Term Debt _ Account Group: General _ Obligation Accrued Recreation Vacation Note Bonds Liability Payable Total Balance - May 1 $1,800,000 $143,951 $60,143 $ 2,004,094 Retirements ( 900,000) ( 19,967)( 919,967) Decrease in accrued vacation liability ( 94,087) ( 94.087) Balance - December 31 $ 900,000 49 864 40 176 S 990,040 - 19 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS 5. LONG-TERM DEBT - Continued GENERAL LONG-TERM DEBT ACCOUNT GROUP - Continued A special election on June 21, 1977 authorized and approved the issuance of $10,270,000 General Obligation Recreation Bonds - Sports Core. Proceeds of these bonds were used to pay the cost of the acquisition of approximately 269 acres of the Butler International Sports Core and to improve and redevelop the existing Village golf course. The bonds were sold as of September 1, 1977 for a price of $10,270,408 plus accrued interest of $71,611. Principal on the bonds is due serially December 1, 1979 through December 1, 1994. Interest is payable semiannually on June 1 and December 1, at rates from 4. 3% to 4.9% . The Village levies taxes for retirement of the bonds which are accounted for by the Debt Service Fund. NOTE PAYABLE - GENERAL LONG-TERM DEBT Note payable to a bank in the amount of $40,176 is due September 13, 1995 bearing interest at a rate of 5.88%. The note is payable in monthly principal and interest installments of $2,005, and is secured by vehicles. The Village will retire this note through general revenues of the General Fund. NOTES PAYABLE - SPORTS CORE Note payable to a bank in the amount of $242,554 is due May 12, 1994 bearing interest at a rate of 6.85%. The note is secured by various golf course maintenance equipment and maintenance building. An additional note payable to a bank in the amount of $241, 956 is due October 28, 1994 bearing interest at a rate of 4.81%. The note is payable in monthly principal and interest installments of $2,806, with a balloon payment of $223,267. The loan is for the purpose of tennis dome financing. WATERWORKS REVENUE BONDS The following is a summary of transactions: 1973 Series Balance - May 1 $750,000 Retirements Balance - December 31 $750,000 - 20 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS 5. LONG-TERM DEBT - Continued WATERWORKS REVENUE BONDS - Continued The Waterworks Revenue Bonds were issued to fund the acquisition and expansion of the Village's water system. The $3,300,000 Series 1973 bonds were sold as of February 1, 1973. Principal on the bonds is due serially May 1, 1976 through May 1, 1996. Semiannual interest is payable on May 1 and November 1 at rates from 4% to 6%. Bonds are payable from water revenues and are accounted for in the Waterworks System Fund. DEBT SERVICE REQUIREMENTS The annual payments to amortize all long-term debt outstanding, including interest, are as follows: General Obligation Waterworks Year Ended Recreation Bonds Revenue Bonds December 31 Principal Interest Principal Interest 1994 $ 900,000 $ 44,100 $ 225 ,000 $ 32,700 1995 250,000 21,000 1996 275,000 11,000 Totals $ 900,000 S 44,100 $ 750,000 S 64,700 Note Payable Notes Payable General Long-Term Year Ended Sports Core Debt December 31 Principal Interest Principal Interest 1994 $ 484,510 $ 16,172 $ 22,285 $ 1,772 1995 17,891 439 1996 Totals $ 484, 510 J_!6_,172 $ 40, 176 2 211 6. REVENUE BOND COVENANTS The ordinance authorizing the issuance of Waterworks Revenue Bonds Series 1973 requires that the following separate accounts be maintained in the Waterworks System Fund. On the first business day of each month, all monies held in the Fund are to be transferred to the designated accounts as noted below: - 21 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS 6. REVENUE BOND COVENANTS - Continued Accounts Amount Operation and Maintenance An amount sufficient to pay the Account reasonable expense of operation and maintenance for the next month. Bond and Interest Account Amount equal to one-tenth and one-fifth of the next maturing principal and interest payments, respectively. Bond Reserve Account $4, 500 each month until all bonds of this Fund have been paid or payment provided for. Depreciation, Improvement $8,250 each month (or a greater and Extension Account amount, as designated by the Board) until a maximum of $400,000 is on deposit in said account. Surplus Revenue Account All surplus funds remaining after providing for all of the deposits listed above. These funds may be used for any lawful corporate purpose and therefore are not restricted. Funds accumulated in the bond reserve account shall be used only for the payment of interest or principal whenever there exists a deficiency in the bond and interest account. However, whenever the balance in said account is equal to the maximum principal and interest requirements of all outstanding bonds, the surplus may be transferred to the depreciation, improvement and extension account or the surplus revenue account at the discretion of the President and Board of Trustees. Funds accumulated in all but the surplus revenue account have been classified as restricted assets on the balance sheet. 22 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS 7. INTERFUND TRANSACTIONS Quasi-external transactions are accounted for as revenues, expenditures or expenses. Transactions that constitute reimbursements to a fund for expenditures/expenses initially made from it that are properly applicable to another fund, are recorded as expenditures/expenses in the reimbursing fund and as reductions of expenditures/expenses in the fund that is reimbursed. All other interfund transactions, except quasi-external transactions and reimbursements, are reported as transfers. Nonrecurring or nonroutine permanent transfers of equity are reported as residual equity transfers. All other interfund transfers are reported as operating transfers. 8. RETIREMENT COMMITMENTS Village employees are covered under three separate retirement plans. Full-time Village police officers and firefighters are covered by separate pension trust funds established in accordance with state law. Other full-time employees are covered by the Illinois Municipal Retirement Fund (statewide public employees retirement system) . PLAN DESCRIPTION Illinois Municipal Retirement Fund The Village contributes to the Illinois Municipal Retirement Fund ("IMRF") , an agent-multiple-employer public employee retirement system that acts as a common investment and administrative agent for 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 IMRF as participating members. Pension benefits vest after 8 years of service. Participating members who retire at or after age 60 with 8 years of credited service are entitled to an annual retirement benefit, payable monthly for life, in an - amount equal to 1-2/3% of their final rate of earnings, for each year of credited service up to 15 years and 2% for each year thereafter. IMRF also provides death and disability benefits. These benefit provisions and all other requirements are established by state statute. Participating members are required to contribute 4.5% of their annual salary to IMRF. The Village is required to contribute the remaining amounts necessary to fund the System, using the actuarial basis specified by statute. - 23 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS 8. RETIREMENT COMMITMENTS - Continued PLAN DESCRIPTION - Continued Police Pension Plan Substantially all uniformed police personnel are covered by the Police Pension Plan which is a defined benefit single-employer plan. Although this is a single-employer pension plan, the defined benefits and employee and employer contributions are governed by Illinois State Statutes and may be amended only by the Illinois legislature. The Village of Oak Brook accounts for the Plan as a pension trust fund. The Village's payroll for the period ended December 31, 1993, for employees covered by the Plan was $1,069,244 out of a total Village payroll of $4,546,550. At December 31, 1993 the Police 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 Vested and nonvested 39 53 The Police Pension Plan provides retirement benefits , as well as death and disability benefits. Employees attaining the age of 50 or more with 20 years of creditable service are entitled to receive an annual retirement benefit of one-half of the salary attached to the rank held on the last day of service, or for one year prior to the last day, whichever is greater. The pension shall be increased by 2% of such salary for each additional year of service over 20 years, up to 30 years, and 1% of such salary for each additional year of service over 30 years, to a maximum of 75% of such salary. Employees with at least 8 years, but less than 20 years, of credited service may retire at or after age 60 and receive a reduced benefit. The monthly pension of a police officer who retires after January 1, 1986 shall be increased annually, following the first anniversary date and be paid upon reaching the age of at least 55 years, by 3% of the originally granted pension for each full year that has elapsed since the pension began, and by an additional 3% in January of each year thereafter. - 24 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS 8. RETIREMENT COMMITMENTS - Continued PLAN DESCRIPTION - Continued Police Pension Plan - Continued Covered employees are required to contribute 9% of their base salary to the Police Pension Plan. If an employee leaves covered employment with less than 20 years of service, accumulated employee contributions may be refunded without accumulated interest. The Village is required to contribute the remaining amounts necessary to finance the Plan as actuarially determined by an enrolled actuary. By the year 2033, the Village's contribution must accumulate to the point where the past service cost for the Police Pension Plan is fully funded. Firefighters' Pension Plan Substantially all fire personnel are covered by the Firefighters' Pension Plan, which is a defined benefit single-employer pension plan. Although this is a single-employer pension plan, the defined benefits, as well as the employee and employer contribution levels, are mandated by Illinois State Statutes and may be amended only by the Illinois legislature. The Village of Oak Brook accounts for the Plan as a pension trust fund. The Village's payroll for the period ended December 31, 1993, for employees covered by the Plan was $999,091 out of a total Village payroll of $4,546, 550. At December 31, 1993, the Firefighters' Pension Plan membership consisted of: Retirees and beneficiaries currently receiving benefits and terminated employees entitled to benefits but not yet receiving them 11 Current employees Vested and nonvested 34 45 The Firefighters' Pension Plan provides retirement benefits, as well as death and disability benefits. Employees attaining the age of 50 or more with 20 years of creditable service are entitled to receive an annual retirement benefit of one-half of the salary attached to the rank held in the fire service at the date of retirement. The pension shall be increased by 1/12 of 2% of such monthly salary for each additional month of service over 20 years, up to 30 years of service, and 1/12 of 1% of such salary for each additional month of service over 30 years, to a maximum of 75% of such monthly salary. Employees with at least 10 years, but less than 20 years, of credited service may retire at or after age 60 and receive a reduced benefit. - 25 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS 8. RETIREMENT COMMITMENTS - Continued PLAN DESCRIPTION - Continued Firefighters' Pension Plan The monthly pension of a firefighter who retires after January 1, 1986 shall be increased annually, following the first anniversary date and be paid upon reaching the age of at least 55 years, by 3% of the originally granted pension for each full year that has elapsed since the pension began and by an additional 3% in each January thereafter. Covered employees are required to contribute 8 1/4% of their base salary to the Firefighters' Pension Plan. If an employee leaves covered employment with less than 20 years of service, accumulated employee contributions may be refunded without accumulated interest. The Village is required to contribute the remaining amounts necessary to finance the Plan as actuarially determined by an enrolled actuary. By the year 2033, the Village's contribution must accumulate to the point where the past service cost for the Firefighters' Pension Plan is fully funded. FUNDING STATUS AND PROGRESS The amounts shown as the "pension benefit obligation" for the Illinois Municipal Retirement Fund, Police Pension Plan and the Firefighters' Pension Plan is a standardized disclosure measure of the present value of pension 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 pension funds on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among employers . This measure is the actuarial present value of audited projected benefits and is intended to help users assess the funding status of the Plans on a going concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among other public employee retirement plans. This measure is independent of the funding method used to determine contributions to the Plans. - 26 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS 8 . RETIREMENT COMMITMENTS - Continued FUNDING STATUS AND PROGRESS - Continued Police Firefighters' IMRF Pension Pension Actuarial valuation date December 31, December 31, December 31, 1993 1993 1993 Significant actuarial assumptions a) Rate of return on investment of 7.5% 7 .25% 7.5% present and compounded compounded compounded future assets annually annually annually b) Projected salary increases - 4.25% 5. 25% 5.75% attributable to compounded compounded compounded inflation annually annually annually c) Additional projected salary increases - .6% per attributable year (Note - separate to seniority/ compounded information for b) and merit annually c) not available) d) Postretirement 3.0% 3 .0% 3.0% benefit annually compounded compounded increases annually annually - 27 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS 8. RETIREMENT COMMITMENTS - Continued FUNDING STATUS AND PROGRESS - Continued Police Firefighters' IMRF Pension Pension Total Pension benefit obligation Retirees and beneficiaries currently receiving benefits and terminated employees not yet receiving benefits $ 831,799 $ 4,121,227 $ 3,116,890 $ 8,069,916 Current employees Accumulated employees contributions including allocated investment earnings 734,292 1, 340,015 1,258 ,521 3, 332,828 Employer- financed vested 1,017,935 5,954,964 5,486,966 12,459,865 Employer- financed nonvested 283.708 1,395,430 1.510,821 3,189,959 Total Pension Benefit Obligation 2,867,734 12,811,636 11,373,198 27,052,568 Net assets avail- able for bene- fits, at cost 2,677,785 11.609,063 11,709,206 25,996 ,054 Unfunded Benefit Obligation $ 189 , 949 1, 202 , 573 ( 336 ,008) 1,056 , 514 Net assets at market $2,993,040 $12,747 ,125 $12 ,619,303 X28 , 359,468 - 28 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS 8. RETIREMENT COMMITMENTS - Continued ACTUARIALLY DETERMINED CONTRIBUTION REQUIREMENTS AND CONTRIBUTION MADE The Plan's funding policies provide for actuarially determined periodic contributions at rates that, expressed as percentages of annual covered payroll, are sufficient to accumulate assets to pay benefits when due. Level percentage of payroll employer contribution rates are determined using the entry age normal funding method. The Plans also use the level percentage of payroll method to amortize the unfunded liability over a 40-year period. The significant actuarial assumptions used to compute the actuarially determined contribution requirements are the same as those used to compute the pension benefit obligation as described above. Police Firefighters' IMRF Pension Pension Total Actuarial valuation date December 31, December 31, December 31, 1993 1993 1993 Actuarially determined contribution require- ments - employer As a dollar amount Normal cost $ 181,912 $179,868 $189,236 $551,016 Amortization of unfunded actuarial accrued liability 30,397 30,397 Death and disability cost 9,974 9 ,974 $ 222,283 $179,868 189,236 JIIL,,387 As a percent of covered payroll Normal cost 7.66% 14.50% 21.00% 12.47% Amortization of un- funded actuarial accrued liability 1.70 .74 14. 50% 2= 13.21% - 29 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS 8. RETIREMENT COMMITMENTS - Continued ACTUARIALLY DETERMINED CONTRIBUTION REQUIREMENTS AND CONTRIBUTION MADE - Continued Police Firefighters' IMRF Pension Pension Total Contribution made As a dollar amount Employer $ 222,283 $155,040 $209,809 $587,132 Employee 106,867 96 .232 82,425 285.524 329 , 150 251 272 $292 , 234 872 656 As a percent of covered payroll Employer 9.36% 14.50% 21.00% 13.21% Employee 4.50 9.00 8.25 6.43 13. 86% 23. 50% 29.25% 19.64% The Village's contribution to both the Police and Firefighters' Pension Plans are established at 14.50% and 21.00% of base salaries. TREND INFORMATION Trend information gives an indication of the progress made in accumulating sufficient assets to pay benefits when due. Police Firefighters' Year IMRF Pension Pension Net assets available for benefits As a percent of the pension 1992 84.87% 79.63% 90.22% benefit obligation (PBO) 1993 92.56 89.71 97.41 *1993 93.38 90.61 102.95 Unfunded (assets in excess of) PBO As a percent of annual covered payroll (expressing the un- funded pension benefit obligation as a percentage of annual covered payroll approximately adjusts for 1992 16.70 122.06 61.11 the effects of inflation for 1993 8.33 66.84 17.74 analysis purposes) *1993 8.00 74.98 (22.42) - 30 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS 8. RETIREMENT COMMITMENTS - Continued TREND INFORMATION - Continued Police Firefighters' Year IMRF Pension Pension Employer contributions As a percent of annual covered payroll Required 1992 9.90% 17.00% 17.00% 1993 10.55 17.00 17.00 *1993 9. 36 14.50 21.00 As a dollar amount Required 1992 $216,163 $316,608 $303,652 1993 241,113 324,137 308,594 *1993 222,283 179,868 189,236 Made 1992 $216,163 $280,628 $254,212 1993 241,113 282,773 253,496 *1993 222,283 155,040 209,809 * 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. Note: See 10-year trend data in required supplemental information. DEFERRED COMPENSATION PLAN The Village of Oak Brook offers its elected officials and employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. The plan is administered by the ICMA Retirement Corporation. The plan, available to all Village employees, permits them to defer a portion of their current salary to all future years. The deferred compensation is not available to the participants until termination, retirement, death or an unforeseeable emergency occurs. Participants' rights created under the plan are equivalent to those of general creditors of the Village and only in an amount equal to the fair market value of the deferred account maintained with respect to each participant. In the past, the plan assets have been used for no purpose other than to pay benefits. In addition, the Village believes that it is unlikely that it will use the assets to satisfy the claims of general creditors in the future. The Village and its agent have no liability for losses under the plan, but do have the duty of care that would be required of an ordinary prudent investor. - 31 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS 8. RETIREMENT COMMITMENTS - Continued DEFERRED COMPENSATION PLAN - Continued The following summarizes the plan activity for the period: Balance - May 1 $1,919,943 Employee contributions 147,312 Net investment earnings 161,599 Administrative expenses ( 63) Disbursements ( 39,516) Balance - December 31 $2,189,275 9. INTERFUND BALANCES Interfund balances are as follows: Due From Due To General Fund $ - $ 26,491 Waterworks System Fund 24,763 Sports Core Fund 1,728 S26,491 $ 26,491 10. OPERATING TRANSFERS The following is a schedule of operating transfers: Transfers Transfers In Out General Fund $ 184,000 $1,001,350 Infrastructure Fund 750,000 Capital Replacement Fund 250,000 Waterworks System Fund 184,000 Sports Core Fund 1.350 $1,185,350 $1,185,350 32 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS 11. FUND DEFICITS The Sports Core Fund had a deficit in retained earnings of $975,129, which is due primarily to depreciation expense. The deficit is expected to be eliminated in the course of future operations of the Sports Core. The Self-Insurance Fund had a deficit in retained earnings of $53,070. The deficit is expected to be eliminated by increased Village contributions in the coming year. 12. EXCESS OF EXPENDITURES/EXPENSES OVER BUDGET No fund had an excess of expenditures/expenses over budget for the period. 13. SEGMENT INFORMATION FOR ENTERPRISE FUNDS The Village maintains cwo enterprise funds that provide water and golf and other recreation services to the community. Segment information is as follows: Waterworks Sports System Core Totals Operating revenues $ 2,540,661 $ 2,011,326 $ 4,551,987 Depreciation and amortization ( 342,763) ( 137,911) ( 480,674) Operating income 94,716 275,581 370,297 Operating transfers in - 1,350 1,350 Operating transfers out ( 184,000) ( 184,000) Nonoperating revenues 53,816 153,957 207,773 Nonoperating expenses ( 16,375) ( 22,816) ( 39,191) Net income (loss) ( 51,843) 408,072 356,229 Property, plant and equipment Additions 164,217 315,514 479,731 Net working capital 1,041,085 ( 309,727) 731,358 Total assets 16, 198,705 10,671,680 26,870,385 Bonds outstanding 750,000 750,000 Total equity 15,109,746 10,050,461 25,160,207 - 33 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS 14. COMMITMENTS 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. The government capitalized these costs until the Commission began to deliver water, and is amortizing them using the straight-line method over the remaining term of the contract. On February 10, 1987, the Commission issued $200,000,000 of Water Revenue Bonds, with serial bonds maturing on May 1, 1994 through 2001, and term bonds maturing on May 1, 2007 and May 1, 2014. Interest rates are fixed at 6.84%. The Commission will allocate the cost to retire the Water Revenue Bonds to the participating villages based on their usage of Lake Michigan water. The Village's share of this debt is not known at this time. 15. CONTINGENCIES There are several pending lawsuits in which the Village is involved. Management believes that the potential claims against the Village resulting from such litigation will not materially affect the financial statements of the Village. 16. BOND DISCOUNTS _ In governmental fund types, bond discounts and issuance costs are recognized in the current period. Bond discounts and issuance costs for Proprietary Fund Types are deferred and amortized over the term of the bonds using the bonds- outstanding method, which approximates the effective interest method. Bond discounts are presented as a reduction of the face amount of bonds payable whereas issuance costs are recorded as deferred charges. 17. RISK MANAGEMENT The government has established a Self-Insurance Fund (an internal service fund) . The government is self-insured for health and dental claims. The government has also purchased excess coverage policies. 34 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS 17. RISK MANAGEMENT - Continued The government also participates in the Intergovernmental Risk Management Agency (IRMA) . IRMA is a public entity risk 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 government's payments to IRMA are displayed on the financial statements as expenditures/expenses in appropriate funds. - 35 - VILLAGE OF OAK BROOK, ILLINOIS POLICE PENSION FUND REVENUES BY SOURCE AND EXPENSES BY TYPE REQUIRED SUPPLEMENTAL INFORMATION Revenues by source Employer Contribu- tion as a Percentage Fiscal Employee Employer Investment Other of Covered Year Contributions Contributions Income Contributions Total Payroll 1984 $ 87,000 $196,083 $375,794 $150 $ 659,027 18.00% 1985 119,298 199,688 449,674 - 768,660 17.00 1986 99,357 197,994 414,235 - 711,586 17.00 1987 110,689 203,271 510,982 - 824,942 16.00 1988 110,697 196,043 468,630 100 775,470 16.00 1989 114,088 212,268 506,724 152 833,232 16.00 1990 124,278 234,611 600,359 100 959,348 17.00 1991 134,760 256,092 636,988 100 1,027,940 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 Expenses by type Fiscal Administrative Year Benefits Expenses Refunds Total 1984 $ 38,466 $1,065 $30,301 $ 69,832 1985 41,985 1,085 - 43,070 1986 55,664 850 - 56,514 1987 100,585 1,211 Note 1 101,796 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 Note 1 - Separate information is not available for refunds for fiscal 1987. * 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. 36 - REQUIRED SUPPLEMENTAL INFORMATION VILLAGE OF OAK BROOK POLICE PENSION FUND ANALYSIS OF FUNDING PROGRESS REQUIRED SUPPLEMENTAL INFORMATION (6) (4) Unfunded (1) Unfunded Pension Benefit Net Assets (2) (3) Pension (5) Obligation as Available Pension Percentage Benefit Annual a Percentage of Fiscal for Benefit Funded Obligation Covered Covered Payroll Year Benefits Obligation (1) . (2) (2) - (1) Payroll (4) : (5) 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 1,498,284 130.32 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 Note - Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation and unfunded pension benefit obligation in isolation can be misleading. Expressing the net assets available for benefits as a percentage of the pension benefit obligation provides one indication of the Police Pension Fund's funding status on a going concern basis. Analysis of this percentage over time indicates whether the system is becoming financially stronger or weaker. Generally, the greater this percentage, the stronger the Public Employee Retirement System (PERS) . Trends in unfunded pension benefit obligation and annual covered payroll are both affected by inflation. Expressing the unfunded pension benefit obligation as a percentage of annual covered payroll approximately adjusts for the effects of inflation and aids analysis of the Police Pension Fund's progress made in accumulating sufficient assets to pay benefits when due. Generally, the smaller this percentage, the stronger the PERS. Information concerning the pension benefit obligation is available only for 1988 through 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. - 37 - VILLAGE OF OAK BROOK, ILLINOIS FIREFIGHTERS' PENSION FUND REVENUES BY SOURCE AND EXPENSES BY TYPE REQUIRED SUPPLEMENTAL INFORMATION Revenues by source Employer Contribution as a Percentage Fiscal Employee Employer Investment Other of Covered Year Contributions Contributions Income Contributions Total Payroll 1984 $ 75 ,842 $173 ,758 $419,533 $ - $ 669 ,133 17.00% 1985 80,492 176,337 451, 344 - 708,173 16.00 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 Expenses by type Fiscal Administrative Year Benefits Expenses Refunds Total 1984 $ 20,646 $ 955 $ - $ 21,601 1985 20,646 2, 326 - 22,972 1986 40,422 1,047 - 41,469 1987 71,291 2,568 - 73,859 1988 113,326 1,724 - 115,050 1989 125,618 1,102 - 126,720 1990 136,432 2,330 - 138,762 1991 151,234 2,292 7,850 161,376 1992 176,682 18,044 11,846 206,572 1993 197, 354 46,475 - 243,829 *1993 165,589 29,906 - 195,495 * 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. - 38 - VILLAGE OF OAK BROOK FIREFIGHTERS' PENSION FUND ANALYSIS OF FUNDING PROGRESS REQUIRED SUPPLEMENTAL INFORMATION (4) (6) Unfunded Unfunded (Assets in (Assets in Excess (1) Excess of) of) Benefit Net Assets (2) (3) Pension (5) Obligation as Available Pension Percentage Benefit Annual a Percentage of Fiscal for Benefit Funded Obligation Covered Covered Payroll Year Benefits Obligation (1) : (2) (2) - (1) Payroll (4) : (5) 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) Note - Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation and unfunded pension benefit obligation in isolation can be misleading. Expressing the net assets available for benefits as a percentage of the pension benefit obligation provides one indication of the Firefighters' Pension Fund's funding status on a going concern basis. Analysis of this percentage over time indicates whether the system is becoming financially stronger or weaker. Generally, the greater this percentage, the stronger the Public Employee Retirement System (PERS) . Trends in unfunded pension benefit obligation and annual covered payroll are both affected by inflation. Expressing the unfunded pension benefit obligation as a percentage of annual covered payroll approximately adjusts for the effects of inflation and aids analysis of the Firefighters' Pension Fund's progress made in accumulating sufficient assets to pay benefits when due. Generally, the smaller this percentage, the stronger the PERS. Information concerning the pension benefit obligation is available only for 1988 through 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. 39 - VILLAGE OF OAK BROOK ILLINOIS MUNICIPAL RETIREMENT FUND ANALYSIS OF FUNDING PROGRESS REQUIRED SUPPLEMENTAL INFORMATION (6) (4) Unfunded (1) Unfunded Pension Benefit Net Assets (2) (3) Pension (5) Obligation as Available Pension Percentage Benefit Annual a Percentage of Fiscal for Benefit Funded Obligation Covered Covered Payroll Year Benefits Obligation (1) : (2) (2) - (1) Payroll (4) : (5) 1988 $1,195,714 $1,490,597 80.21% $ 294,883 $1,538,494 19.17% 1989 1,331,778 1,715,964 77.61 384,186 1,726,898 22.24 1990 1,363,418 1,783,586 76.44 420,168 1,859,331 22.60 1991 1,720,746 2,266,520 75.92 545,774 2,017, 357 27.05 1992 2,044,423 2,408,970 84.87 364,547 2,183,468 16.70 1993 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 Note - Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation and unfunded pension benefit obligation in isolation can be misleading. Expressing the net assets available for benefits as a percentage of the pension benefit obligation provides one indication of the IMRF's funding status on a going concern basis. Analysis of this percentage over time indicates whether the system is becoming financially stronger or weaker. Generally, the greater this percentage, the stronger the Public Employee Retirement System (PERS) . Trends in unfunded pension benefit obligation and annual covered payroll are both affected by inflation. Expressing the unfunded pension benefit obligation as a percentage of annual covered payroll approximately adjusts for the effects of inflation and aids analysis of the IMRF's progress made in accumulating sufficient assets to pay benefits when due. Generally, the smaller this percentage, the stronger the PERS. Information concerning the pension benefit obligation is available only for 1988 through 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. - 40 - Governmental Fund Types VILLAGE OF OAK BROOK, ILLINOIS GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL EIGHT MONTHS ENDED DECEMBER 31, 1993 Variance Favorable Actual Budget (Unfavorable) REVENUES Intergovernmental Municipal sales tax $ 7,203,055 $ 6,250,000 $ 953,055 Illinois state income tax 359,323 271,167 88,156 York Township road and bridge tax 144,990 99,300 45,690 Foreign fire insurance tax 32,182 35,000 ( 2,818) Grants 10,000 ( 10,000) 5506,665,467 1,074,083 Utility taxes _ 648,74 1,900,344 ( 251,604) Licenses and permits 261, 61 211,545 49,916 Service charges 498,440 491,035 7,405 Fines and penalties 135,419 138,300 ( 2,881) Interest on investments 112,762 70,000 42,762 Miscellaneous Franchise fees 110,720 78,500 32,220 Other 78 ,485 76,145 2.340 2 ,846 ,027 2,965,869 ( 119,842) Total Revenues 10, 585 ,577 9,631,336 954,241 EXPENDITURES Legislative 94, 504 846,908 752,404 General government 819,890 971,380 151,490 Public safety 4, 332,750 4,724,530 391,780 Public works 1,498,715 1,950,102 451,387 Culture and recreation 165 ,472 209,122 43,650 Total Expenditures 6,911 , 331 8,702,042 1,790,711 EXCESS OF REVENUES OVER EXPENDITURES 3 ,674,246 929,294 2,744,952 OTHER FINANCING SOURCES (USES) Operating transfers in 184,000 184,000 Operating transfers out 1,001 , 350) ( 1,021,000) 19,650 ( 817 , 350) ( 837,000) 19,650 EXCESS OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES 2 ,856, 896 $ 92,294 $2,764,602 FUND BALANCE Beginning 5,638 ,459 - Ending $ 8,495 , 355 The accompanying notes are an integral part of this statement. 41 - VILLAGE OF OAK BROOK, ILLINOIS GENERAL FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL EIGHT MONTHS ENDED DECEMBER 31, 1993 Variance Favorable Actual Budget (Unfavorable) LEGISLATIVE Board of Trustees Personnel $ 20,689 $ 26,050 $ 5,361 _ Materials and supplies 5,051 5,062 11 Operation and contractual 23,987 747,455 723,468 Capital 15,000 15,000 49,727 793,567 743,840 Village Clerk Personnel 23,450 24,076 626 Materials and supplies 21,205 27,315 6,110 Operation and contractual 122 1,950 1,828 44,777 53,341 8,564 Total Legislative 94,504 846,908 752,404 - GENERAL GOVERNMENT Legal Personnel 66,174 66,187 13 Materials and supplies 3,340 3,340 Operation and contractual 23,500 23,635 135 93.014 93,162 148 Village Manager's office - Personnel 215,456 246,309 30,853 Materials and supplies 10,290 10,485 195 Operation and contractual 26,955 61,058 34,103 - 252,701 317,852 65,151 General services - Materials and supplies 17,517 17,517 Operation and contractual 53,031 53,184 153 70,548 70,701 153 Finance and accounting _ Personnel 172,639 204,749 32,110 Materials and supplies 13,265 14,563 1,298 Operation and contractual 25,104 31,392 6,288 Capit 3.097 5,300 2,203 - $ 214,105 S 256,004 S 41,899 42 - VILLAGE OF OAK BROOK, ILLINOIS GENERAL FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL - Continued EIGHT MONTHS ENDED DECEMBER 31, 1993 Variance Favorable Actual BudF-et (Unfavorable) GENERAL GOVERNMENT - Continued Engineering Personnel $ 172,209 $ 191,519 $ 19,310 Materials and supplies 4,550 5,260 710 Operation and contractual 12.763 36.882 24.119 189. 522 233.661 44.139 Total General Government 819,890 971.380 151.490 PUBLIC SAFETY Police department Administration Personnel 275,854 326,114 50,260 Materials and supplies 257 730 473 Operation and contractual 54,060 69,555 15,495 Capital 6.690 6.690 336.861 403,089 66.228 Field services Personnel 1,159,058 1,237,796 78,738 Materials and supplies 29,666 29,666 Operation and contractual 16,452 27,457 11,005 Capital 119,438 152,588 33,150 1,324,614 1.447,507 122.893 Support services Personnel 482,341 511,425 29,084 Materials and supplies 15,495 20,870 5,375 Operation and contractual 44,875 62,858 17,983 Capital 5,359 16.000 10.641 548.070 611.153 63.083 Total Police Department 2.209,545 2.461.749 252.204 Fire department Fire services Personnel 1,321,030 1,341,952 20,922 Materials and supplies 12,815 16,136 3,321 Operation and contractual 52,795 86,204 33,409 Capital 52,949 52.978 29 $ 1.439.589 $ 1,497,270 $ 57,681 43 - VILLAGE OF OAK BROOK, ILLINOIS GENERAL FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL - Continued EIGHT MONTHS ENDED DECEMBER 31, 1993 Variance - Favorable Actual Budget (Unfavorable) PUBLIC SAFETY - Continued Fire department - Continued Emergency medical services _ Personnel $ 231,352 $ 255,137 $ 23,785 Materials and supplies 4,626 6,204 1,578 Operation and contractual 96,722 97,885 1,163 Capital 76,512 103,500 26,988 - 409,212 462,726 53,514 Bureau of inspection - Personnel 219,359 234,992 15,633 Materials and supplies 4,620 7,077 2,457 Operation and contractual 33,555 43,826 10,271 Capital 16,870 16,890 20 274,404 302,785 28, 381 Total Fire Department 2,123,205 2,262,781 139,576 Total Public Safety 4,332,750 4,724,530 391,780 PUBLIC WORKS Building and grounds - Personnel 76,598 77,603 1,005 Materials and supplies 12,952 14,770 1,818 Operation and contractual 58,484 70,006 11,522 Capital 21,712 27,030 5,318 169,746 189,409 19,663 Streets Personnel 386,754 427,219 40,465 Materials and supplies 20,452 25,160 4,708 Operation and contractual 456,447 552,131 95,684 Capital 43,609 46,700 3,091 $ 907,262 $ 1,051,210 S 143,948 - 44 - VILLAGE OF OAK BROOK, ILLINOIS GENERAL FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL - Continued EIGHT MONTHS ENDED DECEMBER 31, 1993 Variance Favorable Actual Budget (Unfavorable) PUBLIC WORKS - Continued Garage Personnel $ 76,760 $ 86,833 $ 10,073 Material and supplies 7,495 9,800 2,305 Operation and contractual 3,447 11,630 8,183 Capital 50,829 58.000 7.171 138,531 166,263 27.732 Capital improvements Materials and supplies 282 400 118 Operation and contractual 113,081 166,820 53,739 Capital 169.813 376.000 206.187 283.176 543.220 260.044 Total Public Works 1.498,715 1,950,102 451,387 CULTURE AND RECREATION Library Personnel 102,919 105,578 2,659 Materials and supplies 7,235 7,560 325 Operation and contractual 21,338 59,409 38,071 Capital 33,980 36.575 2.595 Total Culture and Recreation 165,472 209,122 43,650 Total Expenditures 6,911,331 8,702.042 $1.790,711 - 45 - THIS PAGE WAS LEFT BLANK INTENTIONALLY VILLAGE OF OAK BROOK, ILLINOIS SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET DECEMBER 31, 1993 ASSETS Hotel/Motel Motor Fuel Tax Tax Total Cash and investments $134,421 $325,857 $460,278 Receivables Allotments 20,252 20,252 Other - hotel/motel tax 21,395 21,395 Total Assets $155,816 $346,109 501,925 LIABILITIES AND FUND BALANCES LIABILITIES '— Accounts payable $ 11,738 $ 6,066 $ 17,804 FUND BALANCES Unreserved 144,078 340,043 484,121 Total Liabilities and Fund Balances $155,816 $346,109 J2QL,925 The accompanying notes are an integral part of this statement. 46 - VILLAGE OF OAK BROOK, ILLINOIS —' SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL EIGHT MONTHS ENDED DECEMBER 31, 1993 _ Hotel/Motel Tax — Variance Favorable Actual Budget (Unfavorable) REVENUES Intergovernmental $ - $ - $ - Hotel/motel taxes 163,784 150,000 13,784 — Interest on investments 857 1,100 ( 243) Total Revenues 164,641 151,100 13,541 — EXPENDITURES Public works Culture and recreational 98,999 180,000 81,001 — Total Expenditures 98,999 180,000 81,001 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 65,642 ($ 28,900) S 94,542 FUND BALANCES Beginning 78,436 Ending 144 078 — The accompanying notes are an integral part of this statement, - 47 - Motor Fuel Tax Totals Variance Variance Favorable Favorable Actual Budget (Unfavorable) Actual Budget (Unfavorable) $157,156 $119,340 $ 37,816 $157,156 $119,340 $ 37,816 163,784 150,000 13,784 6,155 5,280 875 7,012 6,380 632 163,311 124,620 38,691 327,952 275,720 52,232 75,833 109,750 33,917 75,833 109,750 33,917 98,999 180,000 81,001 75,833 109,750 33,917 174,832 289,750 114,918 87,478 $ I4,870 LIZ 153,120 (L-L4.,030) 5167,150 252,565 331,001 1340,043 $484,121 THIS PAGE WAS LEFT BLANK INTENTIONALLY VILLAGE OF OAK BROOK, ILLINOIS CAPITAL PROJECTS FUNDS COMBINING BALANCE SHEET DECEMBER 31, 1993 ASSETS Infra- Capital structure Replacement Total Cash and investments $1,775,588 $762,429 $2.538.017 FUND BALANCES ., Fund Balances Unreserved $1,775,588 $762,429 $2,538,017 The accompanying notes are an integral part of this statement. 48 - VILLAGE OF OAK BROOK, ILLINOIS CAPITAL PROJECTS FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL EIGHT MONTHS ENDED DECEMBER 31, 1993 Infrastructure Variance Favorable Actual Budget (Unfavorable) REVENUES Interest on investments $ 25,503 $ - $ 25,503 EXPENDITURES ` EXCESS OF REVENUES OVER EXPENDITURES 25,503 25,503 OTHER FINANCING SOURCES Operating transfers in 750,000 750,000 EXCESS OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES 775,503 750 000 S 25.503 FUND BALANCES Beginning 1.000.085 ,. Ending $1,775,588 The accompanying notes are an integral part of this statement. - 49 - Capital Replacement Totals Variance Variance Favorable Favorable Actual Budget (Unfavorable) Actual Budget (Unfavorable) $ 12,344 $ - $12,344 $ 37,847 $ - $37,847 12,344 12,344 37,847 37,847 250,000 250,000 1,000,000 1,000,000 262,344 ILL344 1,037,847 $37,847 500,085 1,500,170 762 429 $2,538,017 THIS PAGE WAS LEFT BLANK INTENTIONALLY - Proprietary Fund Types THIS PAGE WAS LEFT BLANK INTENTIONALLY VILLAGE OF OAK BROOK, ILLINOIS -- ENTERPRISE FUNDS COMBINING BALANCE SHEET DECEMBER 31, 1993 ASSETS Waterworks Sports System Core Total CURRENT ASSETS Cash and investments $ 1,231,053 $ 169,775 $ 1,400,828 Receivables, (net of allowances) Accounts Billed water sales 45,232 45,232 Unbilled water sales 319,181 319,181 Other 12,750 55,332 68,082 Inventory 86,385 86,385 1,608,216 311,492 1,919,708 RESTRICTED ASSETS Cash and investments 1,478,350 131,377 1,609,727 FIXED ASSETS Property, plant and equipment 15,530,769 13,456,921 28,987,690 Accumulated depreciation ( 4,714,114) ( 3,228,110) ( 7,942,224) 10,816,655 10,228,811 21,045,466 OTHER ASSETS Water Purchase Rights 2,295,484 2,295,484 Total Assets $16,198,705 $10,671,680 $26,870,385 _ The accompanying notes are an integral part of this statement. 50 - LIABILITIES AND FUND EQUITY Waterworks Sports System Core Total CURRENT LIABILITIES Accounts payable $ 299,481 $ 62,225 $ 361,706 Accrued payroll and vacation 17,887 24,402 42,289 Deposits payable 13,400 13,400 Due to other funds 24,763 1,728 26,491 Deferred revenues 34,954 34,954 Notes payable 484,510 484,510 Revenue bonds payable 225.000 225.000 567.131 621.219 1.188.350 LONG-TERM LIABILITIES Revenue bonds payable 525,000 525,000 Unamortized bond discounts ( 3,172) ( 3.172) 521.828 521,828 Total Liabilities 1.088,959 621,219 1.710,178 FUND EQUITY Contributed capital 11.025.590 11.025,590 Retained earnings Reserved - restricted accounts 1,478,350 1,478,350 Reserved - golf surcharge - 203,211 203,211 Unreserved 13.631.396 ( 1,178,340) 12.453.056 Total Retained Earnings 15,109,746 ( 975,129) 14,134,617 Total Fund Equity 15.109.746 10.050,461 25.160,207 Total Liabilities and Fund Equity $16,198,705 $10,671,680 $26.870,385 VILLAGE OF OAK BROOK, ILLINOIS ENTERPRISE FUNDS COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS EIGHT MONTHS ENDED DECEMBER 31, 1993 Waterworks Sports System Core Total OPERATING REVENUES Charges for services $ 2,495,488 $2,011,326 $ 4,506,814 Miscellaneous 45.173 45,173 Total Operating Revenues 2.540,661 2.011,326 4.551.987 OPERATING EXPENSES General and administrative 206,985 206,985 Operation of facilities 2,103,182 1,390,849 3,494,031 Depreciation and amortization 342.763 137,911 480,674 ` Total Operating Expenses 2,445,945 1.735.745 4,181.690 OPERATING INCOME 94.716 275.581 370.297 NONOPERATING REVENUES (EXPENSES) Golf surcharge 64,013 64,013 _ Other income 83,602 83,602 Interest on investments 53,816 6,342 60,158 Interest expense ( 16,350)( 22,816) ( 39,166) _ Fiscal agent fees ( 25) ( 25) 37.441 131,141 168,582 INCOME BEFORE OPERATING TRANSFERS 132.157 406.722 538,879 Operating transfers in 1,350 1,350 — Operating transfers out ( 184,000) ( 184,000) ( 184.000) 1.350 ( 182.650) NET INCOME (LOSS) ( 51,843) 408,072 356,229 RETAINED EARNINGS Beginning 15.161.589 ( 1,383.201) 13.778.388 Ending $15,109,746 (S 975 129) 14,134,617 _ The accompanying notes are an integral part of this statement. - 51 - VILLAGE OF OAK BROOK, ILLINOIS ENTERPRISE FUNDS COMBINING STATEMENT OF CASH FLOWS EIGHT MONTHS ENDED DECEMBER 31, 1993 Waterworks Sports System Core Totals CASH FLOWS FROM OPERATING ACTIVITIES Operating income $ 94,716 $275,581 $ 370,297 Adjustments to reconcile operating income to net cash provided by operating activities Depreciation and amortization 342,763 137,911 480,674 Other nonoperating revenue 147,615 147,615 Change in assets and liabilities Receivables 85 ( 46,590) ( 46,505) Inventory 44,733 44,733 Other assets 4,448 31,402 35,850 Accounts payable 83,864 ( 59,655) 24,209 Accrued payroll 4,339 ( 3,535) 804 Customer deposits ( 1,793) ( 1,793) Interfund payables 24,763 1,728 26,491 Deferred revenue ( 197.162) ( 197,162) 554,978 330,235 885.213 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Operating transfers in 1,350 1,350 Operating transfers out ( 184,000) ( 184,000) ( 184,000) 1.350 ( 182,650) CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Acquisition of capital assets ( 164,217) ( 315,514) ( 479,731) Interest paid on revenue bonds ( 16,350) ( 16,350) Proceeds from notes payable 530,014 530,014 Principal paid on notes payable ( 608,259)( 608,259) Interest paid on notes payable ( 22,816) ( 22,816) Fiscal agents' fees paid ( 25) ( 25) ( 180,592)( 416.575)( 597.167) CASH FLOWS FROM INVESTING ACTIVITIES Interest income 53.816 6.342 60,158 NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS 244,202 ( 78,648) 165,554 CASH AND EQUIVALENTS Beginning 2,465.201 379,800 2,845,001 Ending $2.709,403 301 152 $3,010,555 The accompanying notes are an integral part of this statement. 52 - THIS PAGE WAS LEFT BLANK INTENTIONALLY VILLAGE OF OAK BROOK, ILLINOIS WATERWORKS SYSTEM FUND STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS - UNRESERVED - BUDGET AND ACTUAL EIGHT MONTHS ENDED DECEMBER 31, 1993 Variance Favorable Actual Budget (Unfavorable) OPERATING REVENUES Charges for services Water sales $ 2,367,686 $2,739,875 ($372,189) Unmetered sales 1,204 4,020 ( 2,816) Water tap on charges 28,420 26,000 2,420 Fire service charges 73,394 73,000 394 Meter fees 5,062 7,500 ( 2,438) Special services 19,722 14,735 4,987 _ Miscellaneous 45,173 37,900 7,273 Total Operating Revenues 2,540,661 2,903,030 ( 362,369) OPERATING EXPENSES Operation of facilities 2,103,182 2,565,505 462,323 Depreciation and amortization 342,763 ( 342,763) Total Operating Expenses 2,445,945 2,565,505 119,560 OPERATING INCOME 94,716 337,525 ( 242,809) NONOPERATING REVENUES (EXPENSES) Interest on investments 53,816 126,816 ( 73,000) Interest expense ( 16,350) ( 22,500) 6,150 Fiscal agent fees ( 25) ( 150) 125 37,441 104,166 ( 66,725) INCOME BEFORE OPERATING TRANSFERS 132,157 441,691 ( 309,534) Operating transfers out ( 184,000) ( 184,000) - NET INCOME (LOSS) ( 51,843) $ 257,691 ( 309 534) OTHER CHANGES IN RETAINED EARNINGS - UNRESERVED Intrafund transfers in - restricted accounts 2,150 NET INCREASE (DECREASE) IN RETAINED EARNINGS - UNRESERVED ( 49,693) RETAINED EARNINGS - UNRESERVED Beginning 13,681,089 Ending $13,631,396 The accompanying notes are an integral part of this statement. —' - 53 - VILLAGE OF OAK BROOK. ILLINOIS — WATERWORKS SYSTEM FUND SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL EIGHT MONTHS ENDED DECEMBER 31, 1993 Variance _ Favorable Actual Budget (Unfavorable) OPERATION OF FACILITIES Public works Water department — Personnel $ 150,562 $ 219,695 $ 69,133 Materials and supplies 11,976 17,955 5,979 Operation and contractual 1,899,445 2,217,896 318,451 Capital 2.281 45.770 43.489 Total Water Department 2.064,264 2.501,316 437.052 Capital improvements Materials and supplies 100 100 Operation and contractual 38,918 64,089 25,171 Capital 164.217 236.689 72.472 Total 203,135 300,878 97,743 Less: Items capitalized ( 164.217) ( 236,689) ( 72,472) Total Capital Improvements 38,918 64,189 25,271 Total Operation of Facilities 2.103.182 2.565,505 462,323 DEBT SERVICE Fiscal agent fees 25 150 125 — Interest 1973 revenue bonds 16,350 22.500 6.150 Total 16,375 22,650 6,275 — Less: Nonoperating items ( 16,375) ( 22,650) ( 6.275) Total Debt Service DEPRECIATION AND AMORTIZATION Depreciation 291,407 ( 291,407) Amortization 51,356 ( 51.356) — Total Depreciation and Amortization 342.763 ( 342.763) Total Operating Expenses $2,445.945 2,565,505 $119,560 ... 54 - VILLAGE OF 0-Y BROOK ILLINOIS WATERWORKS SYSTEM FUND SCHEDULE OF CHANGES IN RETAINED EARNINGS - RESERVED - RESTRICTED ACCOUNTS —" EIGHT :MONTHS ENDED DECF-MBER 31, 1993 Operation Depreciation, and Bond and Bond Improvement Maintenance Interest Reserve and Extension Totals INCREASES Required transfers per bond ordinance S $206.160 $ S S 206 , 160 DECREASES Payment of bond interest 16,350 16,350 Required transfers per bond ordinance 40,000 151.960 191.950 Total Decreases 40.000 16.350 151.960 208 . 310 NET INCREASE (DECREASE) ( 40,000) 189,810 ( 151,960) ( 2,150) ACCOUNT BALANCES Beginning 320.000 - 760. 500 400.000 1.480.500 Ending $280,000 $189,810 608 540 400 000 Sly 55 - VILLAGE OF OAK BROOK, ILLINOIS WATERWORKS SYSTEM FUND SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION EIGHT MONTHS ENDED DECEMBER 31, 1993 Property, Plant and Equipment Additions Balance and Balance May 1 Transfers Disposals December 31 Waterworks property, plant and equipment Land and land rights $ 215,800 $ - $ - $ 215,800 Service of supply plant - wells and springs 314,753 314,753 Structure and improvements 505,859 505,859 _ Electrical pumping equipment 431,254 431,254 Total water treatment equipment 8,149 8,149 Distribution, reservoirs, mains and standpipes 12,897,597 39,682 12,937,279 Meters and meter installation 543,191 30,087 573,278 Hydrants 181,472 181,472 Miscellaneous tools and equipment Office furniture and equipment 20,763 20,763 Transportation equipment 130,995 80,666 211,661 Tools, shop and garage equipment 10,316 4,184 14,500 Laboratory equipment 1,070 1,070 Miscellaneous equipment 93,930 9,598 103,528 Intangible plant - organization 11.403 11,403 $15.366.552 $ 164,217 $15,530,769 - 56 - Rate of Depreciation Accumulated Depreciation or Additions Amortization Balance and Balance Net Asset (Years) May 1 Transfers Disposals December 31 Value $ - $ - $ - $ - $ 215,800 40 152,041 5,246 157,287 157,466 40 62,664 8,431 71,095 434,764 40 101,133 7,188 108,321 322,933 10 8,149 8,149 40 3,406,029 215,093 3,621,122 9,316,157 15 425,929 24,811 450,740 122,538 40 75,313 3,025 78,338 103,134 10 14,031 1,384 15,415 5,348 6 75,511 19,036 94,547 117,114 5 2,852 1,654 4,506 9,994 5 1,070 1,070 5 86,582 5,539 92,121 11,407 5 11,403 11,403 $4,422,707 291 407 , - $4,714,114 $10,816,655 VILLAGE OF OAK BROOK, ILLINOIS SPORTS CORE FUND STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL EIGHT MONTHS ENDED DECEMBER 31, 1993 Variance Favorable Actual Budget (Unfavorable) OPERATING REVENUES Charges for services Golf $1,291,400 $1,319,925 ($ 28,525) Bath and tennis 719,926 834.126 ( 114,200) Total Operating Revenues 2,011,326 2.154,051 ( 142,725) OPERATING EXPENSES General and administrative 206,985 323,292 116,307 Operation of facilities Golf 718,196 831,916 113,720 Bath and tennis 672,653 725,866 53,213 Depreciation 137 .911 ( 137.911) Total Operating Expenses 1.735.745 1.881,074 145.329 OPERATING INCOME 275,581 272,977 2,604 NONOPERATING REVENUE (EXPENSE) Golf surcharge 64,013 64,013 Other income 83,602 65,900 17,702 Interest on investments 6,342 3,000 3,342 Interest expense ( 22 ,816) ( 28,606) 5,790 131,141 40,294 90.847 INCOME BEFORE OPERATING TRANSFERS 406,722 313,271 93,451 Operating transfers in 1. 350 21.000 ( 19,650) NET INCOME 408 ,072 $ 334.271 73 801 RETAINED EARNINGS Beginning ( 1, 383 ,201) Ending ( 975 ,129) The accompanying notes are an integral part of this statement. - 57 - VILLAGE OF OAK BROOK, ILLINOIS SPORTS CORE FUND SCHEDULE OF OPERATING REVENUES - BUDGET AND ACTUAL EIGHT MONTHS ENDED DECEMBER 31, 1993 Variance Favorable Actual Budget (Unfavorable) CHARGES FOR SERVICES Golf Fees $ 842,351 $ 881,500 ($ 39,149) Memberships 187,504 157,225 30,279 Merchandise sales 132,318 151,800 ( 19,482) Food sales 58,874 51,800 7,074 Beverage sales 66,863 74,000 ( 7,137) Miscellaneous 3,490 3,600 ( 110) 1,291,400 1,319,925 ( 28,525) Bath and tennis Fees 119,015 151,403 ( 32,388) _ Memberships 296,283 350,823 ( 54,540) Merchandise sales 827 827 Food sales 199,887 225,900 ( 26,013) Beverage sales 96,415 102,000 ( 5,585) Miscellaneous 7,499 4,000 3,499 719,926 834,126 ( 114,200) Total Operating Revenues $2,011,326 $2,154,051 ( 142 725) - 58 - VILLAGE OF OAK BROOK, ILLINOIS SPORTS CORE FUND SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL EIGHT MONTHS ENDED DECEMBER 31, 1993 Variance Favorable Actual Budget (Unfavorable) - GENERAL AND ADMINISTRATIVE Personnel $ 104,940 $ 197,757 $ 92,817 Materials and supplies 35,270 43,950 8,680 Operation and contractual 66,775 81,585 14,810 206,985 323,292 116,307 OPERATION OF FACILITIES - GOLF Memberships and operation Personnel 114,288 123,557 9,269 - Materials and supplies 120,015 130,489 10,474 Operation and contractual 43,496 44,091 595 277,799 298,137 20,338 Driving range/open fields Personnel 46,417 61,225 14,808 Materials and supplies 5,346 9,500 4,154 Operation and contractual 2,078 10,158 8,080 53,841 80,883 27,042 Golf carts Personnel 15,696 15,698 2 Operation and contractual 38,118 41,857 3,739 53,814 57,555 3,741 - Golf course maintenance Personnel 161,268 208,961 47,693 - Materials and supplies 58,351 72,469 14,118 Operation and contractual 30,772 31,308 536 250,391 312,738 62,347 Golf course lounge Personnel 26,832 26,832 Materials and supplies 55,519 55,519 Operation and contractual 252 252 82,351 82,603 252 Total Golf $ 718,196 S 831,916 $113,720 - - 59 - VILLAGE OF OAK BROOK, ILLINOIS SPORTS CORE FUND SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL - Continued EIGHT MONTHS ENDED DECEMBER 31, 1993 _ Variance Favorable Actual Bud eg t (Unfavorable) OPERATION OF FACILITIES - BATH AND TENNIS Memberships and administration Personnel $ 32,154 $ 61,670 $ 29,516 Materials and supplies 5,180 13,000 7,820 Operation and contractual 42,350 43,800 1.450 79,684 118,470 38,786 Swim Personnel 64,495 64,499 4 Materials and supplies 6,908 6,910 2 Operation and contractual 11, 395 11,424 29 82,798 82,833 35 _ Tennis Personnel 96,198 108,909 12,711 Materials and supplies 11,423 11,818 395 Operation and contractual 9,479 10,749 1.270 117,100 131,476 14,376 Food and beverage Personnel 196,094 196,102 8 Materials and supplies 154,242 154,246 4 Operation and contractual 42 ,735 42,739 4 393,071 393,087 16 Total Bath and Tennis 672 ,653 725,866 53,213 CAPITAL IMPROVEMENTS Capital outlay 315, 514 500,782 185,268 Less: Items capitalized ( 315 ,514) ( 500,782) ( 185,268) Total Capital Improvements DEPRECIATION 137 ,911 ( 137,911) Total Operating Expenses $1, 735, 745 $1,881,074 $145,329 60 -