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VILLAGE OF OAK BROOK
COMPREHENSIVE ANNUAL FINANCIAL REPORT
For the Year Ended December 31, 2004
VILLAGE OF OAK BROOK, ILLINOIS
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
For the Year Ended
December 31, 2004
Prepared by the Finance Department
Darrell J. Langlois
Finance Director/Treasurer
—' VILLAGE OF OAK BROOK, ILLINOIS
TABLE OF CONTENTS
Page(s)
INTRODUCTORY SECTION
PrincipalOfficials............................................................................................................. i
OrganizationChart............................................................................................................ ii
Certificate of Achievement for
Excellence in Financial Reporting.................................................................................. iii
Letter of Transmittal from the Finance Director/Treasurer............................................... iv-x
'— FINANCIAL SECTION
INDEPENDENT AUDITOR'S REPORT........................................................................ 1-2
GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS
Management's Discussion and Analysis...................................................................... 3-16
— Basic Financial Statements
Government-Wide Financial Statements
Statement of Net Assets...................................................................................... 17
— Statement of Activities ....................................................................................... 18-19
Fund Financial Statements
Governmental Funds
Balance Sheet20
................................................................................................
Reconciliation of Fund Balances of Governmental Funds to the
— Governmental Activities in the Statement of Net Assets............................ 21
Statement of Revenues, Expenditures and Changes in Fund Balances......... 22
Reconciliation of the Governmental Funds Statement of Revenues,
— Expenditures and Changes in Fund Balances to the Governmental
Activities in the Statement of Activities...................................................... 23
VILLAGE OF OAK BROOK, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s) —
FINANCIAL SECTION (Continued)
GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS (Continued)
Basic Financial Statements (Continued) —
Fund Financial Statements (Continued)
Proprietary Funds
Statementof Net Assets................................................................................. 24 _
Statement of Revenues, Expenses and Changes in Net Assets ..................... 25
Statement of Cash Flows............................................................................... 26-27
Fiduciary Funds
Statement of Fiduciary Net Assets ................................................................ 28
Statement of Changes in Fiduciary Net Assets.............................................. 29
Notes to Financial Statements................................................................................. 30-54
REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Revenues, Expenditures and Changes in Fund Balance - `
Budget and Actual - General Fund............................................................................. 55
Notes to Required Supplementary Information............................................................ 56
Schedule of Funding Progress `
Illinois Municipal Retirement Fund ........................................................................ 57
PolicePension Fund................................................................................................ 58
Firefighters' Pension Fund...................................................................................... 59
Schedule of Employer Contributions '
Illinois Municipal Retirement Fund........................................................................ 60
PolicePension Fund................................................................................................ 61 —
Firefighters' Pension Fund...................................................................................... 62
COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES —
MAJOR GOVERNMENTAL FUNDS
Schedule of Revenues - Budget and Actual - General Fund................................... 63
Schedule of Expenditures - Budget and Actual - General Fund.............................. 64-70
Schedule of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual -Infrastructure Fund............................................................ 71
VILLAGE OF OAK BROOK, ILLINOIS
TABLE OF CONTENTS (Continued)
Pae s
FINANCIAL SECTION (Continued)
COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES
(Continued)
NONMAJOR GOVERNMENTAL FUNDS
CombiningBalance Sheet....................................................................................... 72
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances..................................................................................... 73
Schedule of Revenues, Expenditures and
Changes in Fund Balances - Budget and Actual
Hotel/Motel Tax Fund........................................................................................ 74
MotorFuel Tax Fund.......................................................................................... 75
Foreign Fire Insurance Fund............................................................................... 76
PROPRIETARY FUNDS
MAJOR ENTERPRISE FUNDS
Schedule of Revenues, Expenses and Changes in Net Assets -
Budget and Actual - Waterworks System Fund................................................ 77
Schedule of Operating Expenses - Budget and Actual -
WaterworksSystem Fund................................................................................. 78
Schedule of Revenues, Expenses and Changes in Net Assets -
Budget and Actual - Sports Core Fund............................................................. 79
Schedule of Operating Revenues - Budget and Actual -
SportsCore Fund.............................................................................................. 80
— Schedule of Operating Expenses - Budget and Actual -
SportsCore Fund.............................................................................................. 81-82
INTERNAL SERVICE FUNDS
Combining Statement of Net Assets................................................................... 83
Combining Statement of Revenues, Expenses and
Changes in Net Assets...................................................................................... 84
_ Combining Statement of Cash Flows................................................................. 85-86
Schedule of Revenues, Expenses and
Changes in Net Assets - Budget and Actual
_ Self-Insurance Fund....................................................................................... 87
GarageFund .................................................................................................. 88
Capital Replacement Fund ............................................................................ 89
VILLAGE OF OAK BROOK, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s) —
FINANCIAL SECTION (Continued)
COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES
(Continued)
FIDUCIARY FUNDS
PENSION TRUST FUNDS
Combining Statement of Plan Net Assets........................................................... 90
Combining Statement of Changes in Plan Net Assets........................................ 91 —
Schedule of Changes in Plan Net Assets - Budget and Actual
PolicePension Fund...................................................................................... 92
Firefighters' Pension Fund............................................................................ 93 —
LONG-TERM DEBT PAYABLE BY GOVERNMENTAL FUNDS
Schedule of General Long-Term Debt......................................................................... 94
STATISTICAL SECTION
Government-Wide Information
Government-Wide Revenues ....................................................................................... 95 —
Government-Wide Expenses by Function.................................................................... 96
Fund Information —
General Governmental Revenues by Source -
LastTen Fiscal Years................................................................................................. 97 —
General Governmental Expenditures by Function-
LastTen Fiscal Years................................................................................................. 98
Property Tax Levies and Collections - —
LastTen Fiscal Years................................................................................................. 99
Assessed and Estimated Actual Value of Taxable Property -
LastTen Levy Years................................................................................................... 100 —
Property Tax Rates -Direct and Overlapping Governments -
LastTen Levy Years................................................................................................... 101
Schedule of Direct and Overlapping Bonded Debt...................................................... 102
Schedule of Bond Coverage - Waterworks System Bonds -
LastTen Fiscal Years................................................................................................. 103
DemographicStatistics................................................................................................. 104 —
Property Value and Construction -
LastTen Fiscal Years................................................................................................. 105
Principal Taxpayers...................................................................................................... 106
Schedule of Insurance in Force.................................................................................... 107
Miscellaneous Statistics............................................................................................... 108-109
INTRODUCTORY SECTION
VILLAGE OF OAK BROOK, ILLINOIS
PRINCIPAL OFFICIALS
December 31, 2004
Kevin Quinlan, Village President
Linda K. Gonnella, Village Clerk
BOARD OF TRUSTEES
Stelios Aktipis Susan Chase Korin
George T. Caleel Elaine Zannis
John W. Craig Asif Yusif
VILLAGE MANAGER
Richard B. Boehm, Village Manager
FINANCE DEPARTMENT
Darrell J. Langlois, Finance Director/Treasurer
- i -
Certificate of
Achievement
- for Excellence
in Financial
Reporting
Presented to
Village of Oak Brook,
Illinois
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
December 31, 2003
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
—' Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports(CAFRs)achieve the highest
standards in government accounting
and financial reporting.
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Village of President and Board of Trustees
,,,)ak Brook Village of Oak Brook
1200 Oak Brook Road Oak Brook, Illinois 60523
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k Brook,IL 60523-2255
Website
www.oak-brook.org
The Comprehensive Annual Financial Report (CAFR) of the Village of Oak
LAdministration Brook for the year ended December 31, 2004 is submitted herewith.
630.99090.00 Responsibility for both the accuracy of the information resented and the
FAX 630.990.0876 p Y Y p
thoroughness and fairness of the presentation, including all disclosures, rests with
Community the Village. I believe the data, as presented, is accurate in all material respects;
Development that it is presented in a manner designed to fairly set forth the financial position
630.990.3045
FAX 630.990.3985 and results of operations of the Village as measured by the financial activity of its
I various funds and activities; and that all disclosures necessary to enable the reader
`„ Engineering to gain the maximum understanding of the Village's financial affairs have been
Department included.
-- 630.990.3010
FAX 630.990.3985
The Comprehensive Annual Financial Report has been prepared and presented in
Fire Department conformance with generally accepted accounting principles, including all
630.990.3040
FAX
630 990.23 requirements of GASB Statement No. 34 Basic Financial Statements - and
FAX 630.990.2392 q
�- Management Discussion and Analysis — for State and Local Governments.
Police Department Statement No. 34 significantly changed the required format of government
630.990.2358 financial statements in a number of ways. The most significant of these changes
FAX 630.990.7484 was to require that governments prepare entity-wide statements in addition to the
Public Works fund-based financial statements traditionally prepared. Also, as part of the entity-
Department wide statements, the Village is required to capitalize and depreciate its fixed
630.990.3044 assets, including infrastructure. The entity-wide financial statements attempt to
FAX 630.472.0223
present the Village's financial position and results of operation in a manner
similar to the business sector. More information on this new reporting model is
Oak Brook
Public Library providedManagement's Discussion anY
in the Mement' d Analysis, which is located in the
_. Financial Section of this report.
4 600 Oak Brook Road
k Brook,IL 60523-2200 The Comprehensive Annual Financial Report is presented in three sections:
630.990.2222 introductory, financial and statistical. The introductory section, which is
FAX 630.990.4509
unaudited, includes this transmittal letter, the Village's organizational chart and a
Oak Brook Sports Core list of principal officials as of the end of the reporting period. The financial
section includes the auditor's report, management's discussion and analysis
Bath&Tennis Club (MD&A), the basic financial statements, combining and individual fund
`700 Oak Brook Road statements and schedules, and required supplementary information. The
Oak Brook,IL 60523-4600
630.9990.3020 statistical section, which is unaudited, includes financial and demographic
LFAX 630.990.1002 information, which is generally presented on a multi-year basis.
Golf Club
L2606 York Road
k Brook,IL 60523-4602
630.990.3032
FAX 630.990.0245
L 1V
This Report includes all funds and activities of the Village. Generally accepted accounting
principles require that the financial reporting entity include (1) the primary government, (2)
organizations for which the primary government is financially accountable, and (3) other
organizations for which the nature and significance of their relationship with the primary
government are such that exclusion would cause the reporting entity's financial statements to be
misleading or incomplete. Based upon these criteria, there are no agencies or entities whose
financial data should be combined with and included in the basic financial statements of the
Village.
Economic Condition and Outlook
The Village of Oak Brook is located approximately 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 (I-294), running
along the Village's eastern boundary, provides rapid access to the northern and southern suburbs,
and into Wisconsin and Indiana. The East-West Tollway (1-88), passing through the Village's
northern sector, joins the Eisenhower Expressway to the northeast, providing direct access to
Chicago's Loop. Additional links include east-west arteries Illinois Route 38 and U.S. Route 34,
which pass, respectively, to the north and south of the Village, and Illinois Route 83, which
bisects the community in a north-south direction. The Oak Brook area is generally bounded on
the north by the communities of Lombard, Villa Park, Elmhurst and Oakbrook Terrace and on
the south by Downers Grove, Westmont, Clarendon Hills and Hinsdale.
— Oak Brook is a community that has demonstrated a high degree of economic stability. While the
Illinois unemployment rate is approximately 5.9%, Du Page County has established an
unemployment rate of 4.7%, significantly lower than the norm.
According to the 2000 Census, over 80% of the households in Oak Brook are two or more
persons, and over 74% of the occupants of the Village have resided in the same home in Oak
Brook for over 5 years, indicating a strong level of population stability. Per capita income of
Village residents in 2000 was $76,668 and the mean family income was $187,961. The Census
also indicates that managerial, professional, and sales occupations are held by 88% of Village
residents employed.
The Village of Oak Brook has been and continues to be one of the preeminent business centers in
the Chicago metropolitan area. Several Fortune 500 companies have facilities in the Village,
including the corporate headquarters of McDonald's Corporation. As a retail center, Oak Brook
offers upscale shopping, fine restaurants, and Oakbrook Center, one of the leading outdoor
shopping centers in the United States. These factors, as well as the performance of the Illinois
economy over time, have enabled the Village to continue to operate without a real estate tax due
-- to the sales taxes generated from retail business activities.
Changes are occurring that should enable the Village to continue to be successful well into the
21St century. As the Village evolved, thoughtful zoning regulations, particularly in the area of
building and bulk regulations, contributed to its early success. However, with increasing
competition from other suburbs, some changes to these regulations are occurring which will
allow for taller buildings and greater floor area ratios. This has had a positive impact on the
v
Village as indicated by McDonald's commitment to remain in the Village and in the renovation
of several older office buildings. —
Major Initiatives
In 2004, the Village completed the installation and implementation of a system-wide water meter —
reading system, completed the 2004 paving program, upgraded most of the light bars on patrol
vehicles, purchased several replacement vehicles including a new fire truck, replaced the —
pumping equipment at Reservoir A, installed landscape materials and an irrigation system at the
Library, and continued design and construction work on several safety pathway projects.
Included in the 2005 budget is the 2005 paving project, upgrade of the Village's telephone
system, computer hardware and software upgrades, pool painting and fence installation at the
Sports Core, pond bank stabilization at the Golf Club, several water main projects including —
replacement of a water main on Butterfield Road, numerous municipal building improvements
including installation of HVAC screening at the Library and Municipal Complex, and design and
construction of several safety pathway projects. —
In later years, the Five-Year Financial Plan includes continuation of the annual paving program,
improvements to the Village's safety pathway system, replacement of the roof at the Public
Works facility, exterior and structural repairs at Old Butler School, replacement of the Village's
accounting and Sports Core software packages, replacement of the street light cable on 22°d
Street, significant maintenance expenses for Reservoir B, painting of the Village's elevated water —
storage tanks, improvements to the water distribution system, and improvements to the ponds
and driving range at the Golf Club.
Financial Information
Accounting System and Budgetary Control —
The Village's accounting records for general governmental operations are accounted for on a
modified accrual basis of accounting. Revenues are recorded when available and measurable.
Expenditures are recorded when services or goods are received and liabilities are incurred.
Accounting records for the Village's Proprietary Funds and Pension Trust Funds are maintained
on an accrual basis. +
The Village places a great deal of emphasis upon internal accounting controls as they affect the
overall accounting system. In developing and evaluating the Village's accounting system,
consideration is given to the adequacy of internal accounting controls. Internal accounting
controls are designed to provide reasonable, but not absolute, assurance regarding: (1) the
safeguarding of assets against loss from unauthorized use or disposition; and (2) the reliability of
financial records for preparing financial statements and maintaining accountability for assets.
The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed
the benefits likely to be derived; and (2) the evaluation of costs and benefits requires estimates
and judgments by management.
vi
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.
Factors Affecting Financial Condition
The information presented in the financial statements is best understood when it is considered
from a broader perspective of the specific environment which the Village operates.
Local Economy
The Village of Oak Brook has a large and diverse retail sales tax base which has enabled the
Village to operate since inception without a real estate tax. With sales taxes being the largest
source of revenue, the local and national economy has a significant effect on the amount of
revenue the Village receives. Like most other communities, since the late 1990's through 2003
Oak Brook has experienced flat to declining sales tax revenue. In addition to the regional and
national trends, Oak Brook has experienced the relocation of several significant sales tax payers
to other local and out-of-state locations. This has resulted in revenue declines in excess of the
national averages and has caused many challenges in funding the cost of government services.
In order to find a permanent solution to this problem, the Village Board asked the voters to
authorize the imposition of a non-home rules sales tax of 0.25% at the March, 2004 primary
election. An overwhelming majority (74%) voted in favor of the proposal. Thus, the Village
began recognizing revenue from this new revenue source on July 1, 2004 and it is estimated that
in 2005 the Village will receive $2.4 million from the new tax. By statute the use of the new tax
is restricted to public works expenditures and infrastructure projects. This allows existing
revenue sources used for those purposes (primarily utility taxes) for use on other governmental
functions and should provide a long-term solution for funding governmental activities.
Long-term Financial Planning
The Village uses a number of processes to accomplish financial planning which are outlined as
follows:
Goals and Objectives-this is an annual process in which the Village Board and staff express
specific results to be accomplished. Typically, objectives relate to a specific task or project or to
a change in methods or operations designed to achieve the stated objective.
vii
Roadway Maintenance Plan-this plan is based on the Village's pavement management database
and on a visual inspection of every public street segment in the Village. The Plan, which is
updated annually, includes a long-range schedule of roadway maintenance activities as well as
cost projections over the next ten year period in order to plan for the orderly maintenance of the
Village's roadway system.
Five-Year Financial Plan-this document is prepared annually in order to provide the Village
Board and the community with a five year projection of the financial condition of each of the
twelve funds that comprise the Village's financial structure. This document is not as precise as
the annual budget but it does project both revenues and expenditures for each of the next five
years.
Annual Budget-using the information gathered through the goals and objectives process,
roadway maintenance plan, and five-year financial plan, the annual line item budget is prepared.
The budget is structured according to cost centers (called "programs") and sets the spending plan
for the coming year.
Pensions
Employees of the Village of Oak Brook participate in one of three pension plans. They are: (1)
the Police Pension Fund of the Village of Oak Brook, covering the Village's sworn personnel in
the Police Department; (2) the Firefighters' Pension Fund of the Village of Oak Brook, covering
the Village's sworn personnel in the Fire Department; and (3) the Illinois Municipal Retirement
Fund, which covers all of the remaining Village employees who are normally scheduled to work
in excess of 1,000 hours per year on a regular basis. Illinois Municipal Retirement Fund
employees also participate in Social Security. Based on the most recent actuarial studies IMRF
was 87.2% funded, the Police Pension Fund was 89.1% funded, and the Firefighters' Pension
Fund was 80.4% funded.
Debt Administration
As a means of financing, bonding has been used on three occasions in the Village's history. In
1973 and 1976, revenue bonds were issued for the purchase of the water system from the Oak
Brook Utility Company and for improvements and expansion of the system. After receiving
referendum approval, general obligation bonds were issued in 1977 for the purchase of the
Sports Core and improvements to the Golf Club. All of the bonds have since been retired, and
the Village is now in the enviable position of having no bonded debt outstanding. _
The Village has, however, occasionally issued debt that is not supported by real estate taxes. In
1999, installment contract certificates were issued in order to finance construction of an
irrigation system at the Golf Club. Repayment of this installment contract is anticipated to come
from future Sports Core Fund revenues. In 2000, installment contract certificates of$1.8 million
were issued in order to finance the Bath and Tennis Club clubhouse expansion and renovation.
Proceeds from the sale of land to Du Page County for the widening of 31" Street were used to
call $630,000 of the certificates during 2001. In 2003, the remaining certificates were called
using proceeds of the Series 2003 General Fund Refunding Certificates. This refunding was
done in order to adjust the annual debt service requirement to a level the Sports Core Fund could
viii
better support (the remaining repayment period was extended from 2007 to 2012). Both the
1999 and 2003 certificate issues are considered obligations of the Sports Core Fund.
During 2001, the Village issued installment contract certificates totaling $4.0 million in order to
partially fund the Municipal Complex project. These certificates were rated Aa2 by Moody's
Investor Service, Inc., a very strong rating since there is no real estate tax pledge for the
repayment of the certificates. Sales tax revenues will be utilized to repay these certificates.
Based on the latest Five-Year Financial Plan, no additional debt issues are anticipated.
Cash and Investment 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, certificates of deposit, the Illinois Funds, the Illinois
Metropolitan Investment Fund (IMET), and U.S. government and agency securities. The
benchmark rate for evaluating the Village's investment performance is the three month Treasury
bill rate plus 0.50%. For the year ended December 31, 2004 the total return on the Village's
investments was 1.17% as compared to the average benchmark rate of 1.95%. The below
benchmark performance is due to the Village's return from investments that are marked to
market (most significantly IMET), which were negatively effected by five increases in short-
term rates by the Federal Reserve in 2004.
The Police Pension Fund and Firefighter's Pension Fund may invest in any type of investment
instrument permitted by Illinois law, as described in 40 ILCS 5/1-113.1 through 113.4.
Permitted investments include U.S. government and agency securities, certificates of deposits,
common and preferred stocks, and mutual funds. By law stock and mutual fund investments are
limited to 45% of the Fund's total assets. For the year ended December 31, 2004, the
approximate rate of return on investments for the Police Pension Fund and Firefighters' Pension
Fund was 8.04% and 8.29%, respectively. The favorable returns are due mainly to the
performance of the Fund's equity mutual fund investments.
Risk Management
The Village of Oak Brook has an active risk management program in place. For employee
benefits, resources are accumulated in the Self-Insurance Fund in order to fund health and dental
insurance claims. Insurance coverage for liability, property damage, and workmen's
compensation is maintained through the Intergovernmental Risk Management Agency (IRMA)
for all claims greater than $2,500. Various risk control techniques, including employee safety
and accident prevention training, have been implemented to minimize accident related losses.
Independent Audit
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.
ix
Certificate of Achievement
The Government Finance Officers Association of the United States and Canada (GFOA)
awarded a Certificate of Achievement for Excellence in Financial Reporting to the Village of —
Oak Brook for its Comprehensive Annual Financial Report for the year ended December 31,
2003.
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 27 consecutive years. We believe that our current
Report conforms to Certificate of Achievement Program requirements, and we are submitting it
to GFOA to determine its eligibility for another Certificate.
Acknowledgments
The preparation of this Report could not be accomplished without the efficient and dedicated
services of the entire staff of the Village of Oak Brook. We wish to express our appreciation to
those persons who have made possible the publication of this report, and to thank the President _
and members of the Board of Trustees for their interest and support in planning and conducting
the financial operations of the Village in a responsible and progressive manner.
Ta� `
Darrell J. LanglAs
Finance Director/Treasurer —
x —
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INDEPENDENT AUDITOR'S REPORT
MEMBERS OF
AMERICAN INSTITUTE OF
Sikich Gardner & Co, LLP CERTIFIED PUBLIC ACCOUNTANTS
Accountants & Consultants ILLINOIS CPA SOCIETY
998 Corporate Boulevard
Aurora, IL 60504
A Member of Sikich Group, LLC
INDEPENDENT AUDITOR'S REPORT
The Honorable President
Members of the Board of Trustees
Village of Oak Brook
Oak Brook, Illinois
We have audited the accompanying basic financial statements of the Village of Oak Brook,
'— Illinois as of and for the year ended December 31, 2004, as listed in the table of contents. These
basic financial statements are the responsibility of the Village of Oak Brook, Illinois'
management. Our responsibility is to express an opinion on these basic financial statements
based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United
States of America. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the basic financial statements are free of material
_ misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the basic 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 basic 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, 2004,
and the results of its operations and cash flows of its proprietary fund types for the year then
— ended in conformity with accounting principles generally accepted in the United States of
America.
-- Our audit was made for the purpose of forming an opinion on the basic financial statements taken
as a whole. The accompanying financial information listed as combining and individual fund
financial statements and schedules in the table of contents is presented for purposes of additional
analysis and is not a required part of the basic financial statements of the Village of Oak Brook,
Illinois. The information has been subjected to the auditing procedures applied in the audit of the
basic financial statements and, in our opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
- 1 -
4
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V-
GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS
— VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS
December 31, 2004
As the management of the Village of Oak Brook (the "Village"), we offer readers of the
Village's financial statements this narrative overview and analysis of the financial activities of
the Village for the fiscal year ended December 31, 2004. We encourage readers to consider the
information presented here in conjunction with additional information that we have furnished in
the Transmittal Letter (beginning on page iv) and the Village's Financial Statements (beginning
on page 17).
This discussion and analysis is designed to (1) assist the reader in focusing on significant
financial issues, (2) provide an overview of the Village's financial activity, (3) identify changes
in the Village's financial position (its ability to address the next and subsequent year challenges),
(4) identify any material deviations from the financial plan (the approved budget), and (5)
identify individual fund issues or concerns.
USING THE FINANCIAL SECTION OF THIS COMPREHENSIVE ANNUAL REPORT
Historically, the primary focus of local government financial statements has been summarized
fund type information on a current financial resource basis. Due to the requirements of
Government Accounting Standards Board Statement No. 34, beginning in 2003 this approach
was modified so that now the Village's financial statements present two kinds of statements,
each with a different snapshot of the Village's finances. The focus of the new financial
statements is on both the Village as a whole (government-wide) and on the major individual
funds. Both perspectives (government-wide and major fund) allow the user to address relevant
'— questions, broaden a basis for comparison (year to year or government to government) and
enhance the Village's accountability.
Government-Wide Financial Statements
The government-wide financial statements are designed to provide readers with a broad
_ overview of the Village's finances, in a manner similar to a private-sector business. The focus of
the Statement of Net Assets presents information on all of the Village's assets and liabilities,
with the difference between the two reported as net assets. This statement combines and
_ consolidates governmental fund's current financial resources (short-term spendable resources)
with capital assets and long-term obligations using the accrual basis of accounting and economic
resources measurement focus. Over time, increases or decreases in net assets may serve as a
useful indicator of whether the financial position of the Village is improving or deteriorating.
The Statement of Activities presents information showing how the government's net assets
changed during the most recent fiscal year. All changes in net assets are reported as soon as the
underlying event giving rise to the change occurs, regardless of the timing of the cash flows.
(See independent auditor's report)
- 3 -
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (continued) —
Thus, revenues and expenses are reported in this statement for some items that will only result in —
cash flows in future fiscal periods (e.g., earned but unused compensated absences).
Both of the government-wide financial statements (see pages 17-19) distinguish functions of the
Village that are principally supported by taxes and intergovernmental revenues (governmental
activities) from other functions that are intended to recover all or a significant portion of their
costs through user fees and charges (business-type activities). The governmental activities of the
Village reflect the Village's basic services, including administration, police, fire and emergency
medical services, engineering, public works, library, and community development. The —
business-type activities of the Village, which are based on a fee for service designed to cover all
or most of the cost of operation, include the waterworks system and operations of the Oak Brook
Sports Core. —
Fund Financial Statements
Traditional users of governmental financial statements will find the Fund Financial Statements —
to be more familiar. The focus of the presentation is on major funds rather than fund types. A
fund is a grouping of related accounts that is used to maintain control over resources that have
been segregated for specific activities or objectives. The Village, like other state and local _
governments, uses fund accounting to ensure and demonstrate compliance with finance-related
legal requirements. All of the funds of the Village can be divided into three categories:
governmental funds,proprietary funds, and fiduciary funds. —
Governmental Funds. Governmental funds are used to account for essentially the same
functions reported as governmental activities in the government-wide financial statements. —
However, unlike the government-wide financial statements, governmental fund financial
statements focus on near-term inflows and outflows of spendable resources, as well as balances
of spendable resources available at the end of the fiscal year. Such information may be useful in
evaluating a government's near-term financing requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial —
statements, it is useful to compare the information presented for governmental funds with similar
information presented for governmental activities in the government-wide financial statements.
By doing so, readers may better understand the long-term impact of the government's near-term
financing decisions. Both the governmental fund balance sheet and the governmental fund
statement of revenues, expenditures, and changes in fund balances provide a reconciliation to
facilitate this comparison between governmental funds and governmental activities. —
The Village maintains 5 individual governmental funds. Information is presented separately in
the governmental fund balance sheet and statement of revenues, expenditures, and changes in
fund balances for the General Fund and Infrastructure Fund, both of which are considered to be
"major" funds. Data from the other 3 governmental funds are combined into a single, aggregate
presentation. Individual fund data for each of these nonmajor governmental funds is provided in
the form of combining statements elsewhere in this report.
(See independent auditor's report) _
- 4 -
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (continued)
The Village adopts an annual budget for each of its governmental funds. A budgetary
comparison statement has been provided elsewhere in this report to demonstrate compliance with
the budget. The basic governmental fund financial statements can be found on pages 20 through
23 of this report.
Proprietary Funds. The Village maintains two different types of proprietary funds: enterprise
funds and internal service funds. Enterprise funds are used to report the same functions
presented as business-type activities in the government-wide financial statements. The Village
uses enterprise funds to account for its waterworks system and the operations of the Oak Brook
Sports Core. Internal service funds are an accounting device used to accumulate and allocate
costs internally among the Village's various functions. The Village uses internal service funds to
account for the costs of health and dental insurance, garage operations, and the funding of
equipment replacement. Because the Village's costs for these items relate to both governmental
and business-type functions, the costs have been allocated to each type of activity where
appropriate.
Proprietary funds provide the same type of information as the government-wide financial
statements, only in more detail. The proprietary fund financial statements provide separate
information for the Waterworks System and the Oak Brook Sports Core, both of which are
considered to be major funds of the Village. Conversely, the internal service funds are combined
into a single, aggregated presentation in the proprietary fund financial statements. Individual
fund data for the internal service funds is provided in the form of combining statements
elsewhere in this report.
The basic proprietary fund financial statements can be found on pages 24 through 27 of this
report.
Fiduciary Funds. Fiduciary funds are used to account for resources held for the benefit of
parties outside of the government. Fiduciary funds are not reflected in the government-wide
financial statements because the resources of those funds are not available to support the
Village's own programs. The accounting used for fiduciary funds is much like that used for
proprietary funds. The Village maintains two fiduciary funds: the Police Pension Fund and the
Firefighters' Pension Fund.
The basic fiduciary fund financial statements can be found on pages 28 through 29 of this report.
Infrastructure Assets
Historically, a government's largest group of assets (infrastructure assets- roads, bridges, storm
sewers, etc.) have not been reported nor depreciated in governmental financial statements.
GASB Statement No. 34 requires that these assets be valued and reported within the
Governmental column of the Government-wide Statements. Additionally, the government must
elect to (1) depreciate the assets over their estimated useful life or (2) develop a system of asset
management designed to maintain the service delivery potential to near perpetuity (modified
approach). The Village has chosen to depreciate assets over their useful life. If a road project is
considered maintenance-a recurring cost that does not extend the original useful life or expand its
(See independent auditor's report)
- 5 -
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (continued)
capacity-the cost of the project will be expensed. An "overlay" of a road will be considered —
maintenance whereas a"rebuild" of a road will be capitalized.
Notes to the Financial Statements
The notes provide additional information that is essential to a full understanding of the data
provided in the government-wide and fund financial statements. The notes to the financial _
statements can be found on pages 30 through 54 of this report.
Other Information _
In addition to the basic financial statements and accompanying notes, this report also presents
certain required supplementary information concerning the Village's progress in funding its
obligation to provide benefits to its employees. Required supplementary information can be —
found on pages 55 through 62 of this report.
The combining statements referred to earlier in connection with nonmajor governmental funds,
nonmajor enterprise funds, and internal service funds are presented immediately following the
required supplementary information on pensions. Combining and individual fund statements and
schedules can be found on pages 63 through 76 of this report. —
Financial Analysis of the Village as a Whole
Beyond presenting current year financial information in the government-wide and major —
individual fund formats, the Village also presents comparative information from the prior year in
the Management's Discussion and Analysis. By doing so, the Village is providing an additional
means of analyzing its financial condition and financial position as of December 31, 2004. —
(See independent auditor's report) -
- 6 -
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (continued)
GOVERNMENT-WIDE STATEMENTS
Net Assets
The following table reflects the condensed Statement of Net Assets.
Table 1
Statement of Net Assets
As of December 31, 2004 and 2003
(in millions)
Governmental Business-Type Total Primary
Activities Activities Government
2004 2003 2004 2003 2004 2003
Current and Other Assets $ 20.0 $ 19.8 $ 3.0 $ 3.7 $ 23.0 $ 23.5
Capital Assets 65.0 65.3 25.2 25.2 90.2 90.5
Total Assets 85.0 85.1 28.2 28.9 113.2 114.0
Long-Term Liabilities 3.1 3.3 1.3 1.4 4.4 4.7
Other Liabilities 3.5 3.1 0.4 0.7 3.9 3.8
Total Liabilities 6.6 6.4 1.7 2.1 8.3 8.5
Net Assets:
Invested in Capital Assets,
Net of Debt 61.8 61.9 24.0 23.8 85.8 85.7
Restricted 0.8 1.1 0.8 1.1
Unrestricted 15.8 15.7 2.5 3.0 18.3 18.7
Total Net Assets $ 78.4 $ 78.7 $ 26.5 $ 26.8 7 104.9 $ 105.5
The Village's combined net assets decreased slightly from $105.5 to $104.9 million during 2004.
Of this $0.6 million decrease, $0.3 million is attributable to governmental activities and $0.3
-- million is related to business-type activities. Depreciation expense was the primary cause of the
decrease in the net assets for both governmental and business-type activities.
For more detailed information, see the Statement of Net Assets on page 17.
(See independent auditor's report)
- 7 -
VILLAGE OF OAK BROOK,ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (continued)
Activities
The following table summarizes the revenue and expenses of the Village's activities for 2004
and 2003:
Table 2
Changes in Net Assets
For the Fiscal Year Ended December 31, 2004 and 2003
(in millions) _
Governmental Business-Type Total Primary
Activities Activities Government
2004 2003 2004 2003 2004 2003 i
REVENUES _
Program Revenues:
Charges for Services $ 2.1 $ 1.8 $ 7.3 $ 7.3 $ 9.4 $ 9.1
Grants and Contributions 0.4 0.3 0.4 0.3
General Revenues:
Sales and Local Use Taxes 11.9 9.8 11.9 9.8
Utility Taxes 4.3 4.5 4.3 4.5 _
Other Taxes 1.1 1.1 1.1 1.1
Gain on Sale of Capital Assets 0.6 0.6
Other 0.1 0.6 0.1 0.1 0.2 0.7 _
Total Revenues 19.9 18.1 7.4 8.0 27.3 26.1
EXPENSES
General Government 5.2 4.9 5.2 4.9
Public Safety 9.4 9.5 9.4 9.5
Public Works 3.7 3.0 3.7 3.0 _
Culture and Recreation 1.7 1.6 1.7 1.6
Waterworks System 4.3 5.4 4.3 5.4
Sports Core 3.4 3.7 3.4 3.7 _
Interest on Long-Term Debt 0.2 0.2 0.2 0.2
Total Expenses 20.2 19.2 7.7 9.1 27.9 28.3
Change in Net Assets $ (0.3) $ (1.1) $ (0.3) $ (1.1) $ (0.6) $ (2.2)
Total Net Assets $ 78.4 $78.7 $26.5 $26.8 $ 104.9 $ 105.5
(See independent auditor's report)
- 8 -
VILLAGE OF OAK BROOK,ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (continued)
2004 Revenues By Source
Other
Other 0.5% Charges for
Taxes Services
4.2% 34.4%
Utility Taxes
15.7%
Grants and
Contributions
1.5%
Sales and Use
Taxes
43.7%
2004 Expenses by Function
w
Sports Core General
12.1% Government
Waterworks 19.3%
System
15.4%
Culture &
Recreation
w
6.1%
Public Works Public Safety
13.4% 33.7%
There are eight basic impacts on revenues and expenses as reflected below:
Normal Impacts
Revenues
Economic condition- this can reflect a declining, stable, or growing economic environment and
has a substantial impact on state income, sales, and utility tax revenue as well as public spending
habits for building permits, elective user fees, and consumption volumes.
(See independent auditor's report)
- 9 -
VILLAGE OF OAK BROOK,ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (continued)
Increase/Decrease in Village approved rates- while certain tax rates are set by statute, the
Village Board has significant authority to impose and periodically increase or decrease rates
(water fees,utility tax rates,permit fees, etc.)
Changing patterns in intergovernmental and grant revenue (both recurring and non-
recurring- certain recurring revenues (state shared revenues, etc.) may experience significant
changes periodically while non-recurring or one-time grants are less predictable and often distort
their impact on year-to-year comparisons.
Market impacts on investment income- the Village's investment portfolio is managed using a
similar average maturity to most other governments. Market conditions may cause investment
income to fluctuate.
Expenses
i
Introduction of new programs- within functional expense categories, individual programs may
be added or deleted in order to meet the changing needs of the Village.
OEM
Changes in authorized personnel- changes in service demand may cause the Village Board to
increase or decrease staffing levels. Personnel costs are the Village's most significant operating
costs.
Salary increases (annual adjustments and merit)- the ability to attract and retain quality
personnel requires the Village to strive to have competitive salary ranges and pay practices.
Inflation-while overall inflation has been reasonably modest, the Village is a major consumer of
certain commodities such as supplies, fuels and parts. Some functions may experience unusual
commodity specific increases.
Current Year Impacts —.
Revenues
For the fiscal year ended December 31, 2004, revenues totaled $27.3 million, an increase of$1.8
million from 2003. Revenues from sales and use taxes, the Village's largest single revenue
source, amounted to more than $11.9 million or 43.7% of total revenue, an increase of $2.1
million from 2003. Of this increase, $1.3 million is attributable to recognition of six months of --
revenue from the implementation of a 0.25% non-home rule sales tax effective July 1, 2004
(authorized by referendum in March, 2004). The remaining increase of$0.8 million is due to
increased revenue from existing sales tax payers as well as the addition of one new large sales
tax payer in 2004.
Utility taxes, which includes the taxes imposed on electric, natural gas, and telecommunications
services, were $4.3 million or 15.7% of total revenues. This amounts to a decrease of $0.2
million or 4.4% as compared to 2003. The decline in this revenue source continues a trend seen
(See independent auditor's report)
- 10 -
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (continued)
in the last several years and is attributable to the overall economy in general as well as the high
level of competition in the telecommunications industry.
The "other taxes" classification includes a number of different revenue sources including income
taxes, personal property replacement taxes, foreign fire insurance taxes, and hotel taxes. For
2004, these revenues were $1.1 million or 4.2% of total revenues, which is essentially unchanged
from 2003. The economic factors in the overall economy that impact these revenue sources have
been relatively flat for the last several years and thus these revenues have not changed
significantly.
Charges for services, which include revenue from water sales as well as user fees from the Oak
Brook Sports Core, were $9.4 million or 34.4% of total revenue, an increase of$0.3 million from
2003. Water system revenues increased $0.3 million from 2003 levels due to an increase in the
water rate of $0.25 per thousand gallons effective January 1, 2004. Sports Core revenues
decreased $0.2 million due primarily to declines in special event food and beverage revenue.
Increased levels of permit and inspection activities are the primary cause of an increase of$0.2
million in charges for services for governmental activities.
Although not reflected on the revenue table and graphs, the comparative data shown on various
financial statements and schedules includes a special revenue item, which was a gain on sale of
assets of$616,470 in 2003. In 1998, the voters of Oak Brook authorized by referendum the sale
of approximately 3 acres of surplus real estate, consisting primarily of 3 residential lots, in the
Westchester Park subdivision. In 2003, one of the lots was sold, thus giving rise to the revenue
item. The remaining two lots were sold in 2005. The Sports Core Fund is the beneficiary of the
real estate sale proceeds.
Expenses
Oak Brook's expenses amounted to a total of$27.9 million in 2004, a decrease of$0.4 million
from 2003. As required by GASB Statement No. 34, the expense totals include depreciation
expense of$1.6 million for governmental activities and $0.7 million of business-type activities.
Depreciation expense, which includes depreciation on infrastructure, has been allocated over the
most appropriate functional category.
Public safety expenses related to the operations of the Police Department and Fire Department
accounted for $9.4 million or 33.7% of total expenses, a slight decrease of $0.1 from 2003.
_ General government expenses were $5.2 million, an increase of $0.3 million from 2003. In
addition to normal inflationary causes, general government expenditures increased by
approximately $0.1 million due to recognition of the settlement liability for litigation
surrounding the Infrastructure Maintenance Fee (IMF), which was imposed by the Village from
1998 to 2000 (see page 49 for a further explanation). Public works expenses were $3.7 million,
an increase of $0.7 million from 2003. Most of this change was due to an increased roadway
maintenance program as compared to 2003. Culture and recreation expenses were $1.7 million,
and increase of$0.1 million over 2003.
(See independent auditor's report)
- 11 -
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (continued)
For business-type activities, expenses for the waterworks system were $4.3 million, a decline of —
$1.1 million from 2003. The change in expenses is due to a reduction of$0.9 million in meter
reading system costs since the majority of expenses for this $1.1 million program were incurred
in 2003, and payments to the Du Page Water Commission declined $0.2 million from 2003 due
to a decrease in water purchased as well a decrease in fixed cost payments. For the Sports Core,
expenses were $3.4 million, a decrease of$0.3 million from 2003. The decrease in expenses is
due to the decline in business level for the food and beverage operations as compared to 2003 as
well the successful implementation of several different initiatives designed to lower payroll costs
of the operation in order to strive to achieve break-even results.
FINANCIAL ANALYSIS OF THE VILLAGES FUNDS
Governmental Funds
As noted earlier, the Village of Oak Brook uses fund accounting to ensure and demonstrate
compliance with finance-related legal requirements. As of December 31, 2004, the
governmental funds (as presented on the balance sheet on page 20) had a combined fund balance _
of$15.1 million. This reflects a combined increase of$0.6 million over the prior year and is due
to an increase of $0.1 million in the General Fund, an increase of $0.7 million in the
Infrastructure Fund and a reduction of $0.2 million in other governmental funds. The General —
Fund increase is due to normal operations, the Infrastructure Fund increase is due to revenue
from the new 0.25% non-home rule sales tax, and the decrease in other governmental funds is
due to utilizing Motor Fuel Tax funds to partially fund the 2004 roadway maintenance program.
Proprietary Funds
Net assets for the Village's two business-type activities declined $241,298 from 2003 (see pages
24 and 25). Depreciation expense is the cause of the decrease in both the Waterworks System
Fund and the Sports Core Fund. It is important to note, however, that in 2004 there were several _
initiatives done at the Sports Core designed to improve profitability such as reductions in payroll
costs, lowering Bath and Tennis Club membership fees in hopes of increasing the number of
members, and providing incentives through the membership to have members participate in more _
food and beverage events. Due primarily to these initiatives, an operating loss of$125,456 in
2003 improved to having operating income of$2,940 in 2004.
In 2003, the Village Board policy was to require budget transfers when an individual program or
fund exceeds its budget in total. In addition to these program transfers, beginning in 2004 the
Village Board approved an ordinance requiring a budget transfer for any individual line item —
account that exceeded its budget by more than 110%. In order to stay in compliance with these
policies, the Village Board amended the original budget seven times during the year. Since the
settlement payment for the Infrastructure Maintenance Fee litigation was unforeseen at the —
beginning of the year, the original budget in total for the General Fund was increased by
$126,490 in order to budget funds for this expense.
(See independent auditor's report)
- 12 -
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (continued)
Table 3
General Fund Budgetary Highlights
For the Fiscal Year Ended December 31, 2004
(in millions)
Original Amended
Budget Budget Actual
REVENUES AND TRANSFERS
Intergovernmental $ 11,054,000 $ 11,054,000 $ 11,401,599
Utility Taxes 3,977,200 3,977,200 3,638,052
Licenses &Permits 560,800 560,800 741,528
Charges for Services 631,100 631,100 745,027
Other 882,610 882,610 649,688
Total Revenues and Transfers 17,105,710 17,105,710 17,175,894
EXPENDITURES
General Government 5,146,365 5,202,960 5,144,466
Public Safety 9,458,270 9,606,140 9,572,845
Public Works 1,228,055 1,173,140 1,131,843
Culture and Recreation 1,204,500 1,181,440 1,177,862
Total Expenditures and Transfers 17,037,190 17,163,680 17,027,016
Change in Fund Balance $ 68,520 $ (57,970) $ 148,878
Due to some improvement in the economy, intergovernmental revenues were over budget due to
actual sales tax revenue exceeding the budgetary projections. Utility tax revenue was under
budget due to declines in the amount of telecommunications taxes that the Village receives.
Licenses and permits as well as charges for services were over budget due to increased activity in
these areas. Other income was under budget due to historically low market interest rates
negatively effecting investment income and donation revenue was under budget since the
Independence Day celebration was not sponsored this year.
Actual expenditures were 99.94% of the original budget and 99.20% of the revised budget.
None of the variances underlying these totals are individually significant.
(See independent auditor's report)
- 13 -
VILLAGE OF OAK BROOK,ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (continued) -
Capital Assets
The following schedule reflects the Village's capital asset balances as of December 31, 2004 and
2003.
Table 4 -
Capital Assets
As of December 31, 2004 and 2003
(in millions)
Governmental Business-Type _
Activities Activities Total
2004 2003 2004 2003 2004 2003
Land and Land Right of Way $ 32.3 $ 32.3 $ 8.3 $ 8.3 $ 40.6 $ 40.6
Buildings and Land Improvements 18.7 18.6 8.5 8.5 27.2 27.1
Machinery, Vehicles, and Equipment 6.9 6.4 4.8 4.6 11.7 11.0 -
Infrastructure 29.3 29.3 15.4 15.4 44.7 44.7
Construction in Progress 0.6 0.2 0.1 0.8 _0.1
87.8 86.6 37.2 36.9 125.0 123.5
Less:
Accumulated Depreciation (22.8) (21.3) (12.0) (11.7) (34.8) (_33.0)
Total $ 65.0 $ 65.3 $ 25.2 $ 25.2 $ 90.2 $ 90.5
At year-end, the Village's investment in capital assets (net of accumulated depreciation) for both
its governmental and business-type activities was $90.2 million, a decrease of 0.3 million from
2003 (see Note 5 in the Notes to the Financial Statements for further information regarding
capital assets). Major capital asset events during 2004 included the following:
• Five Police vehicles and one Fire truck totaling $0.5 million were purchased for use in
governmental activities and one vehicle totaling $0.1 million was purchased for use in _
business-type activities.
• Pumping equipment at Reservoir A and five golf maintenance equipment items were
replaced in 2004, adding $0.5 million to the capital assets of business-type activities. _
• An irrigation system and landscaping for the Library, landscaping at the Municipal Complex,
and the purchase of several IVAC MDT/Video units for use in police patrol vehicles added
$0.1 million to the capital assets of governmental activities. _
(See independent auditor's report)
- 14 - _
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (continued)
Long-Term Debt
As a non-home rule community, the Village's legal general obligation debt limit is 8.625 percent
of equalized assessed valuation (EAV), or $114,462,334 based on January 1, 2003 EAV of
$1,327,099,526. As of December 31, 2004, the Village has $4,400,000 of debt outstanding
attributed to three installment contracts that is applicable to the legal limit (see Note 7 in the
Notes to the Financial Statements for details of each issue). The table below summarizes the
Village's outstanding long-term debt:
Table 5
Long-term Debt
As of December 31,2004
Governmental Business-Type
Activities Activities Total
General Fund Certificates:
Series 1999 $ - $ 455,000 $ 455,000
Series 2001 3,195,000 3,195,000
Series 2003 (Refunding) 750,000 750,000
Total $ 3,195,000 $ 1,205,000 $ 4,400,000
The General Fund Certificates are general obligations of the Village but are not secured by a
pledge of property taxes. With respect to the 1999 and 2003 series certificates, the Village
_ intends to use Sports Core Fund revenues to pay the annual debt service. Thus, these obligations
have been included with business-type activities. Both the General Fund Certificates, Series
1999 and General Fund Certificates, Series 2001 received a rating of Aa2 from Moody's Investor
Service, Inc.
Economic Factors and Next Year's Budget
Whereas real estate taxes are typically a major source of revenue in most other municipalities,
the Village of Oak Brook does not levy a tax on real estate. In addition, since Oak Brook is a
non-home rule community and is subject to the tax cap, this effectively limits the Village's real
estate tax levy at $-0-. Thus, as compared to other municipalities, Oak Brook's revenue stream
is much more dependent on the local and national economy since sales taxes, utility taxes, and
state-shared revenues are the primary sources of income to the Village.
Over the last several years, the state of the economy as well as the relocation of several taxpayers
to other jurisdictions has resulted in significant declines in sales tax revenue. Decreases in
various state-shared revenues have been well documented. In order to offset these declines, the
Village has had to increase the rates of tax of various utility taxes to the state mandated
(See independent auditor's report)
- 15 -
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (continued) —
maximum rates of 5% on electric and natural gas service and to 5% (1% below the maximum —
rate) on telecommunications taxes. Despite these rate increases the Village has still struggled to
fund the ever-increasing cost of government with its existing revenue streams. In order to find a
permanent solution to the revenue situation, the Village Board asked the voters to authorize the
imposition of a non-home rules sales tax of 0.25% at the March, 2004 primary election. An
overwhelming majority of voters (74%)voted in favor of the proposal.
Imposition of the new non-home rule sales tax began on July 1, 2004 and the Village began
receiving payments in October, 2004. For 2005 it is estimated that this new tax will generate
additional revenue of $2.4 million annually. By statute the use of the new tax is restricted to
public works expenditures and infrastructure projects. This will free up existing revenue sources
used for those purposes (primarily utility taxes) for use on other governmental functions and
should provide a long-term solution for funding governmental activities. '-
CONTACTING THE VILLAGE'S FINANCIAL MANAGEMENT
This financial report is designed to provide our citizens, customers, investors and creditors with a
general overview of the Village's finances and to demonstrate accountability for the money it
receives. Questions concerning this report or requests for additional financial information should
be directed to Darrell J. Langlois, Finance DirectorNillage Treasurer, Village of Oak Brook,
1200 Oak Brook Road, Oak Brook, IL 60523. —
(See independent auditor's report)
- 16 -
VILLAGE OF OAK BROOK,ILLINOIS
STATEMENT OF NET ASSETS
December 31, 2004
Governmental Business-Type
Activities Activities Total
ASSETS
Cash and investments $ 12,681,372 $ 3,274,065 $ 15,955,437
Receivables(net of allowances
for uncollectibles)
_ Sales taxes 3,487,696 - 3,487,696
Utility taxes 866,527 - 866,527
Accounts 99,338 - 99,338
Billed and unbilled water sales - 375,158 375,158
Allotments 21,434 - 21,434
Accrued interest 4,693 1,306 5,999
Other 684,169 66,117 750,286
Due from other funds 933,352 (933,352) -
Advances to(from) other funds 1,290,000 (1,290,000) -
Inventories 40,220 169,846 210,066
Water purchase rights - 1,331,293 1,331,293
Capital assets
Non-depreciable 32,890,491 8,562,177 41,452,668
Depreciable, net of accumulated depreciation 32,065,345 16,671,706 48,737,051
Total assets 85,064,637 28,228,316 113,292,953
LIABILITIES
Accounts payable 536,123 271,599 807,722
Accrued payroll 499,140 71,587 570,727
Accrued interest 12,453 8,198 20,651
Claims payable 427,000 - 427,000
Deposits 979,704 26,423 1,006,127
Deferred revenue 202,140 60,134 262,274
Long-tern liabilities
Due within one year 919,493 229,206 1,148,699
Due in more than one year 3,054,180 1,045,000 4,099,180
Total liabilities 6,630,233 1,712,147 8,342,380
NET ASSETS
Invested in capital assets, net of related debt 61,760,836 24,028,883 85,789,719
Restricted for
Maintenance of roadways 459,431 - 459,431
Public safety 138,085 - 138,085
Culture and recreation 253,355 - 253,355
Unrestricted 15,822,697 2,487,286 18,309,983
TOTAL NET ASSETS $ 78,434,404 $ 26,516,169 $ 104,950,573
See accompanying notes to financial statements.
- 17 -
VILLAGE OF OAK BROOK,ILLINOIS
STATEMENT OF ACTIVITIES
For the Year Ended December 31,2004
Program Revenues _
Charges Operating Capital
FUNCTIONS/PROGRAMS Expenses for Services Grants Grants
PRIMARY GOVERNMENT
Governmental Activities -
General government $ 5,219,020 $ 1,180,314 $ - $ -
Public safety 9,384,398 839,275 3,774 -
Public works 3,739,706 16,608 248,355 151,203 _
Culture and recreation 1,703,244 26,584 - -
Interest 158,552 - - -
Total governmental activities 20,204,920 2,062,781 252,129 151,203
Business-Type Activities
Waterworks system 4,307,091 4,014,978 - -
Sports core 3,361,038 3,318,594 - -
Total business-type activities 7,668,129 7,333,572 - -
TOTAL PRIMARY GOVERNMENT $ 27,873,049 $ 9,396,353 $ 252,129 $ 151,203
General Revenues
Taxes
Replacement
Sales,local use
Utility
Hotel/motel
Income
Other —'
Investment income
Miscellaneous
Total
CHANGE IN NET ASSETS
NET ASSETS,JANUARY 1
NET ASSETS,DECEMBER 31
- 18-
Net(Expense)Revenue and Change in Net Assets
Primary Government
Governmental Business-Type
`— Activities Activities Total
$ (4,038,706) $ - $ (4,038,706)
(8,541,349) - (8,541,349)
(3,323,540) - (3,323,540)
(1,676,660) - (1,676,660)
(158,552) - (158,552)
(17,738,807) - (17,738,807)
(292,113) (292,113)
- (42,444) (42,444)
(334,557) (334,557)
(17,738,807) (334,557) (18,073,364)
187,252 - 187,252
11,925,906 - 11,925,906
4,298,744 - 4,298,744
323,325 - 323,325
553,034 - 553,034
85,749 - 85,749
104,869 32,453 137,322
2,016 - 2,016
i
17,480,895 32,453 17,513,348
(257,912) (302,104) (560,016)
78,692,316 26,818,273 105,510,589
$ 78,434,404 $ 26,516,169 $ 104,950,573
See accompanying notes to financial statements.
- 19-
VILLAGE OF OAK BROOK,ILLINOIS
GOVERNMENTAL FUNDS
BALANCE SHEET
i
December 31,2004
Nonmajor
Governmental Total
General Infrastructure Funds Governmental
ASSETS
Cash and investments $ 7,100,982 $ 2,264,034 $ 886,528 $ 10,251,544
Receivables
Sales taxes 2,751,254 736,442 - 3,487,696 ^
Utility taxes 823,912 42,615 - 866,527
Accounts 99,338 - - 99,338
Allotments - - 21,434 21,434
Accrued interest 3,104 444 417 3,965
Other 175,225 124,559 29,245 329,029
Due from other funds 933,352 - - 933,352
MM
Advances to other funds 1,290,000 - - 1,290,000
Inventories 2,859 - - 2,859
TOTAL ASSETS $ 13.180,026 $ ').168.094 S 937,624 S 17,285,744
LIABILITIES AND FUND BALANCES
LIABILITIES
Accounts payable $ 340,970 $ 96,150 $ 86,753 S 523,873
Accrued payroll. 490,909 - - 490,909 _
Deposits payable 966,440 13,264 - 979,704
Deferred revenue 139,727 62,413 - 202,140
I
Total liabilities 1,938,046 171,827 86,753 2.,196,626
FUND BALANCES
Reserved for inventories 2,859 - - 2,859 �r
Reserved for advances 1,290,000 - - 1,290,000
Reserved for maintenance of roadways - - 459,431 459,431
Reserved for public safety - - 138,085 138,085
Reserved for culture and recreation - - 253,355 253,355
Unreserved
Undesignated-general fund 9,949,121 - - 9,949,121
Undesignated-capital projects fund - 2,996,267 - 2,996,267
Total fund balances 11,241,980 2,996,267 850,871 15,089,118
TOTAL LIABILITIES AND
FUND BALANCES $ 13,180,026 $ 3,168,094 $ 937.624 $ 17.285,744
See accompanying notes to financial statements.
-20-
VILLAGE OF OAK BROOK, ILLINOIS
RECONCILIATION OF FUND BALANCES OF GOVERNMENTAL FUNDS TO THE
GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF NET ASSETS
December 31, 2004
FUND BALANCES OF GOVERNMENTAL FUNDS $ 15,089,118
Amounts reported for governmental activities in the
statement of net assets are different because:
Capital assets used in governmental activities are
not financial resources and, therefore, are not
reported in the governmental funds 63,076,005
Interest payable is not due and payable in the current period
and,therefore, is not reported in the governmental funds (12,453)
Long-term liabilities are not due and payable in the current
period and, therefore, are not reported in the
governmental funds:
Installment contracts payable (3,195,000)
Compensated absences payable (768,206)
A portion of the net assets of the internal service funds
are included in the governmental activities in the
statement of net assets 4,244,940
NET ASSETS OF GOVERNMENTAL ACTIVITIES $ 78,434,404
See accompanying notes to financial statements.
- 21 -
VILLAGE OF OAK BROOK,ILLINOIS
GOVERNMENTAL FUNDS
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
For the Year Ended December 31,2004
i
Nonmajor Total
Governmental Governmental
General Infrastructure Funds Funds
REVENUES
Intergovernmental $ 11,401,599 $ 151,203 $ 298,000 $ 11,850,802
Non-home rule sales tax - 1,304,467 - 1,304,467
Utility taxes 3,638,052 660,692 - 4,298,744
Hotel/motel taxes - - 323,325 323,325
Licenses and permits 741,528 - - 741,528
Charges for services 745,027 - - 745,027
Fines and penalties 401,616 - - 401,616
Investment income 71,442 24,636 8,791 104,869
Miscellaneous 176,630 - - 176,630
Total revenues 17,175,894 2,140,998 630,116 19,947,008 _
EXPENDITURES
Current
General government 5,144,466 - - 5,144,466
Public safety 9,572,845 - 18,071 9,590,916
Public works 1,131,843 451,330 440,811 2,023,984
Culture and recreation 1,177,862 - 385,595 1,563,457 r`
Capital outlay - 1,009,984 - 1,009,984
Total expenditures 17,027,016 1,461,314 844,477 19,332,807
NET CHANGE IN FUND BALANCES 148,878 679,684 (214,361) 614,201
FUND BALANCES,JANUARY 1 11,093,102 2,316,583 1,065,232 14,474,917
FUND BALANCES,DECEMBER 31 $ 11,241,980 $ 2,996,267 $ 850,871 $ 15,089,118
See accompanying notes to financial statements.
-22 -
VILLAGE OF OAK BROOK, ILLINOIS
RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES TO THE
GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF ACTIVITIES
For the Year Ended December 31, 2004
NET CHANGE IN FUND BALANCES -
TOTAL GOVERNMENTAL FUNDS $ 614,201
Amounts reported for governmental activities in the statement
activities are different because:
Governmental funds report capital outlays as expenditures
however, they are capitalized and depreciated in the
statement of activities 698,808
The repayment of long-term debt is reported as an
expenditure when due in governmental funds but as
a reduction of principal outstanding in the statement
of activities 215,000
Some expenses in the statement of activities do not require the
use of current financial resources and, therefore, are not
reported as expenditures in governmental funds:
Depreciation, including internal service funds (1,569,335)
Change in compensated absences 45,828
Change in interest payable 829
The change in net assets of certain activities of internal service
funds, excluding depreciation, is included in governmental activities (263,243)
CHANGES IN NET ASSETS OF GOVERNMENTAL ACTIVITIES $ (257,912)
See accompanying notes to financial statements.
- 231 -
VILLAGE OF OAK BROOK,ILLINOIS
PROPRIETARY FUNDS
STATEMENT OF NET ASSETS
December 31,2004
Business-Type Activities
Waterworks Internal
System Sports Core Total Service
CURRENT ASSETS
Cash and investments $ 2,908,196 $ 184,684 $ 3,092,880 $ 2,611,013
Receivables
Billed and unbilled water sales 375,158 - 375,158 -
Accrued interest 1,122 126 1,248 786
Other 13,276 52,841 66,117 355,140
Inventories - 169,846 169,846 37,361
Total current assets 3,297,752 407,497 3,705,249 3,004,300
CAPITAL ASSETS
Non-depreciable 333,866 8,228,311 8,562,177 -
Depreciable,net of accumulated depreciation 11,144,786 5,272,791 16,417,577 2,133,960
Total capital assets 11,478,652 13,501,102 24,979,754 2,133,960
�t
NONCURRENT ASSETS
Water purchase rights 1,331,293 - 1,331,293 -
Total assets 16,107,697 13,908,599 30,016,296 5.138.260
CURRENT LIABILITIES
Accounts payable 219,719 51,880 271,599 12,250
Accrued payroll 30,694 40,893 71,587 8,231
Accrued interest - 8,198 8,198 -
Compensated absences payable 24,189 45,017 69,206 10,467
Deposits - 26,423 26,423 - .�
Deferred revenue 11,064 49,070 60,134 -
Due to other funds - 933,352 933,352 -
Installment contracts payable - 160,000 160,000 -
Claims payable - - - 427,000 ^,
Total current liabilities 285,666 1,314,833 1,600,499 457,948
LONG-TERM LIABILITIES
Advances from other funds - 1,290,000 1,290,000 -
Installment contract payable - 1,045,000 1,045,000 -
Total long-term liabilities - 2,335,000 2,335,000 -
Total liabilities 285,666 3,649,833 3,935,499 457,948
NET ASSETS
Invested in capital assets,net of related debt 11,478,652 12,296,102 23,774,754 2,133,960
Unrestricted 4,343,379 (2,037,336) 2,306,043 2,546,352
.-w
TOTAL NET ASSETS $ 15,822,031 $ 10,258,766 26,080,797 $ 4,680,312
Adjustment to reflect the consolidation of internal service
fund activities related to enterprise funds 435,372 �►
$ 26,516,169
See accompanying notes to financial statements.
-24-
VILLAGE OF OAK BROOK,ILLINOIS
PROPRIETARY FUNDS
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS
For the Year Ended December 31, 2004
Business-Type Activities
Waterworks Internal
System Sports Core Total Service
OPERATING REVENUES
Charges for services $ 4,014,978 $ 3,318,594 $ 7,333,572 $ 2,554,803
.. Total operating revenues 4,014,978 3,318,594 7,333,572 2,554,803
OPERATING EXPENSES
Operations 3,810,475 3,049,013 6,859,488 456,211
Claims and insurance - - - 2,387,418
Miscellaneous - - - 38,341
Depreciation and amortization 435,810 266,641 702,451 325,492
Total operating expenses 4,246,285 3,315,654 7,561,939 3,207,462
OPERATING INCOME(LOSS) (231,307) 2,940 (228,367) (652,659)
NONOPERATING REVENUES (EXPENSES)
Miscellaneous income - - - 839
Investment income 30,009 2,444 32,453 32,222
Gain(loss)on sale of capital assets - - - 8,458
Interest expense - (45,384) (45,384) -
Total nonoperating revenues(expenses) 30,009 (42,940) (12,931) 41,519
CHANGE IN NET ASSETS (201,298) (40,000) (241,298) (611,140)
NET ASSETS,JANUARY 1 16,023,329 10,298,766 26,322,095 5,291,452
NET ASSETS,DECEMBER 31 $ 15,822,031 $ 10,258,766 26,080,797 $ 4,680,312
Adjustment to reflect the consolidation of internal service
fund activities related to enterprise funds 435,372
$ 26,516,169
See accompanying notes to financial statements.
-25 -
w
VILLAGE OF OAK BROOK,ILLINOIS
PROPRIETARY FUNDS +
STATEMENT OF CASH FLOWS
For the Year Ended December 31,2004
Business-Type Activities
Waterworks Internal
System Sports Core Total Service _
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from internal services transactions $ - $ - $ - $ 1,950,224
Receipts from customers and users 3,941,959 3,340,263 7,282,222 -
Receipts from miscellaneous revenue 48,392 - 48,392 605,340
Payments to suppliers (3,431,889) (1,211,061) (4,642,950) (2,880,813)
Payments to employees (570,801) (1,840,165) (2,410,966) (161,697)
Net cash from operating activities (12,339) 289,037 276,698 (486,946)
CASH FLOWS FROM NON-CAPITAL
FINANCING ACTIVITIES
None - - - -
,.a
Net cash from non-capital
financing activities - - - -
CASH FLOWS FROM CAPITAL AND -
RELATED FINANCING ACTIVITIES
Purchase of capital assets (466,301) (68,500) (534,801) (368,593)
Proceeds from sale of capital assets - - - 8,458 _
Principal paid on installment contract payable - (155,000) (155,000) -
Interest paid - (46,639) (46,639) -
Net cash from capital and
related financing activities (466,301) (270,139) (736,440) (360,135)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investments (16,494) (19,358) (35,852) (11,548) -
Interest received 33,982 2,861 36,843 35.003
Net cash from investing activities 17.488 (16,497) 991 23,455
NET INCREASE(DECREASE)IN
CASH AND CASH EQUIVALENTS (461,152) 2,401 (458,751) (823,626)
CASH AND CASH EQUIVALENTS,
JANUARY 1 1,876.083 14,079 1,890,162 2,389,124
' r
CASH AND CASH EQUIVALENTS,
DECEMBER 31 $ 1.414,931 $ 16,480 $ 1,431,411 $ 1,565,498
(This statement is continued on the following page.)
-26
VILLAGE OF OAK BROOK,ILLINOIS
PROPRIETARY FUNDS
STATEMENT OF CASH FLOWS(Continued)
For the Year Ended December 31,2004
Business-Type Activities
Waterworks Internal
System Sports Core Total Service
CASH AND INVESTMENTS
Cash and cash equivalents $ 1,414,931 $ 16,480 $ 1,431,411 $ 1,565,498
Investments 1,493,265 168,204 1,661,469 1,045,515
TOTAL CASH AND INVESTMENTS $ 2,908,196 $ 184,684 $ 3,092,880 $ 2,611,013
NONCASH TRANSACTIONS
Capital assets included in prior year prepaid expenses $ - $ - $ - $ 380,000
Capital assets included in accounts payable 27,957 6,000 33,957 6,000
Unrealized gain(loss)on investments (3,607) (393) (4,000) (2,525)
TOTAL NONCASH TRANSACTIONS $ 24,350 $ 5,607 $ 29,957 $ 383,475
RECONCILIATION OF OPERATING INCOME
(LOSS)TO NET CASH FLOWS FROM
OPERATING ACTIVITIES
Operating income(loss) $ (231,307) $ 2,940 $ (228,367) $ (652,659)
Depreciation and amortization 435,810 266,641 702,451 325,492
Miscellaneous income - - - 839
Adjustments to reconcile operating income
(loss)to net cash from operating activities
Changes in assets and liabilities
Accounts receivable (24,628) - (24,628) (355,118)
Other receivable 2,866 26,296 29,162 -
Inventories - (7,102) (7,102) 9,177
Accounts payable (187,768) 14,297 (173,471) (14,213)
Accrued payroll and compensated absences (4,447) (9,408) (13,855) (1,664)
Claims payable - - - 201,200
_ Deposits payable - (972) (972) -
Deferred revenue (2,865) (3,655) (6,520) -
NET CASH FROM OPERATING ACTIVITIES $ (12,339) $ 289,037 $ 276,698 $ (486,946)
See accompanying notes to financial statements.
-27-
VILLAGE OF OAK BROOK, ILLINOIS
STATEMENT OF FIDUCIARY NET ASSETS
December 31, 2004
Pension
Trust
ASSETS
Cash $ 572,633 _
Investments
Illinois Funds 343,928
Certificates of Deposit 100,154 _
U.S. Treasury Securities 5,466,847
U.S. Agency Securities 15,912,402
State and Local Obligations 2,133,878 —
Mutual Funds 18,813,975
Accrued interest receivable 214,272
Total assets 43,558,089
LIABILITIES J`
Accounts payable 5,370
Total liabilities 5,370
NET ASSETS HELD IN TRUST FOR _
PENSION BENEFITS $ 43,552,719
See accompanying notes to financial statements.
- 28 -
VILLAGE OF OAK BROOK,ILLINOIS
PENSION TRUST FUNDS
STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS
For the Year Ended December 31, 2004
ADDITIONS
Contributions
Employer contributions $ 940,264
Employee contributions 471,772
Total contributions 1,412,036
Investment income
Net appreciation in
fair value of investments 2,229,603
Interest 1,084,541
Total investment income 3,314,144
Less investment expense (72,089)
Net investment income 3,242,055
Total additions 4,654,091
DEDUCTIONS
Benefits and refunds 2.089,711
Administrative 56,983
.- Total deductions 2,146,694
NET INCREASE 2,507,397
NET ASSETS HELD IN TRUST
FOR PENSION BENEFITS
January 1 41,045,322
December 31 $ 43,552,719
—
See accompanying notes to financial statements.
-29 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
December 31, 2004
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the Village of Oak Brook, Illinois (the Village) have been
prepared in conformity with accounting principles generally accepted in the United States
of America(hereinafter referred to as generally accepted accounting principles (GAAP)),
as applied to government units. The Governmental Accounting Standards Board (GASB)
is the accepted standard-setting body for establishing governmental accounting and
financial reporting principles. The more significant of the Village's accounting policies are
described below.
a. Reporting Entity
The Village operates under a Village form of government with an elected Village
President and Board of Trustees. Operational management is provided by a
professional Village Manager employed by the Board of Trustees. Municipal
services include police protection, fire protection, recreation facilities, a free public
library, water supply, storm water collection, public works operations, road
maintenance, building and inspectional services and general administrative services.
As required by generally accepted accounting principles, these financial statements
present the Village (the primary government) and its component units.
The Village's financial statements include the following pension trust funds:
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 its pension board. The Village and PPERS participants are obligated
to fund all PPERS costs based upon actuarial valuations. The State of Illinois is
authorized to establish benefit levels and the Village is authorized to approve the
actuarial assumptions used in the determination of contribution levels. Although it
possesses many of the characteristics of a legally separate government the PPERS is
reported as if it were part of the primary government because its sole purpose is to
finance and administer the pensions of the Village's police employees and because of
—' the fiduciary nature of such activities. The PPERS is reported as a pension trust
fund.
- 30 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
a. Reporting Entity (Continued) `
Firefighters' Pension Employees Retirement System
The Village's firefighters participate in the Firefighters' Pension Employees
Retirement System (FPERS). FPERS functions for the benefit of these employees
and is governed by its pension board. The Village and FPERS participants are r
obligated to fund all FPERS costs based upon actuarial valuations.
The State of Illinois is authorized to establish benefit levels and the Village is
authorized to approve the actuarial assumptions used in the determination of
contribution levels. Although it possesses many of the characteristics of a legally
separate government, the FPERS is reported as if it were part of the primary —
government because its sole purpose is to finance and administer the pensions of the
Village's firefighters and because of the fiduciary nature of such activities. The
FPERS is reported as a pension trust fund.
b. Fund Accounting
The Village uses funds to report on its financial position, results of its operations and
cash flows. Fund accounting is designed to demonstrate legal compliance and to aid
financial management by segregating transactions related to certain government
functions or activities.
A fund is a separate accounting entity with a self-balancing set of accounts. The
minimum number of funds is maintained consistent with legal and managerial
requirements. Funds are classified into the following categories: governmental,
proprietary and fiduciary.
Governmental funds are used to account for all or most of a government's general
activities, including the collection and disbursement of earmarked monies (special
revenue funds), the acquisition or construction of general capital assets (capital
projects funds), and the servicing of general long-term debt (debt service funds). The
general fund is used to account for all activities of the general government not
accounted for in some other fund.
- 31 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
b. Fund Accounting (Continued)
Proprietary funds are used to account for activities similar to those found in the
private sector, where the determination of net income is necessary or useful for sound
financial administration. Goods or services from such activities can be provided
either to outside parties (enterprise funds) or to other departments or agencies
primarily within the government (internal service funds). Pursuant to GASB
Statement No. 20,Accounting and Financial Reporting for Proprietary Funds and
Other Government Entities That Use Proprietary Fund Accounting,the Village has
chosen to apply all GASB pronouncements as well as those FASB pronouncements
issued on or before November 30, 1989 to account for its enterprise funds.
Fiduciary funds are used to account for assets held on behalf of outside parties,
including other governments, or on behalf of other funds within the government.
The Village utilizes pension trust funds which are generally used to account for
assets that the Village holds in a fiduciary capacity.
C. Government-Wide and Fund Financial Statements
The government-wide financial statements (i.e.,the statement of net assets and the
statement of activities)report information on all of the nonfiduciary activities of the
Village. The effect of material interfund activity has been eliminated from these
—' statements. Governmental activities, which normally are supported by taxes and
intergovernmental revenues, are reported separately from business-type activities,
which rely to a significant extent on fees and charges for support.
The statement of activities demonstrates the degree to which the direct expenses of a
given function, segment or program are offset by program revenues. Direct expenses
are those that are clearly identifiable with a specific function or segment. Program
revenues include 1) charges to customers or applicants who purchase,use or directly
benefit from goods, services or privileges provided by a given function or segment and
2) grants and standard revenues that are restricted to meeting the operational or capital
requirements of a particular function or segment. Taxes and other items not properly
included among program revenues are reported instead as general revenues.
Separate financial statements are provided for governmental funds,proprietary funds
and fiduciary funds, even though the latter are excluded from the govemment-wide
financial statements. Major individual governmental funds and major individual
enterprise funds are reported as separate columns in the fund financial statements.
- 32 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued) --
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
C. Government-Wide and Fund Financial Statements (Continued)
The Village reports the following major governmental funds:
The General Fund is the Village's primary operating fund. It accounts for all
financial resources of the general government, except those required to be
accounted for in another fund.
The Infrastructure Fund, a capital projects fund, is used to account for revenues
and expenditures relative to the construction and maintenance of roadway,
drainage and bike trail improvements.
The Village reports the following major enterprise funds:
The Waterworks System Fund accounts for the revenues and expenses relative to
the operation of the water utility.
The Sports Core Fund accounts for the revenues and expenses relative to the
operation of the Oak Brook Sports Core.
Additionally,the Village reports the following internal service funds:
Internal service funds account for the Village's self-insured employee health and _
dental insurance program;the operation and maintenance of the Village's vehicle
fleet equipment, and the Village's capital replacement program provided to other
departments or agencies of the Village on a cost reimbursement basis.
The Village reports the following fiduciary funds:
The Village reports pension trust funds as fiduciary funds to account for the
Police Pension Fund and Firefighters' Pension Fund.
- 33 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
d. Measurement Focus, Basis of Accounting and Financial Statement Presentation
The government-wide financial statements are reported using the economic resources
measurement focus and the accrual basis of accounting, as are the proprietary funds and
fiduciary funds fund financial statements. Revenues and additions are recorded when
earned and expenses and deductions are recorded when a liability is incurred. Grants
and similar items are recognized as revenue as soon as all eligibility requirements
imposed by the provider have been met. Operating revenues/expenses include all
revenues/expenses directly related to providing enterprise fund services. Incidental
revenues/expenses are reported as non-operating.
Governmental fund financial statements are reported using the current financial
resources measurement focus and the modified accrual basis of accounting. Revenues
are recognized as soon as they are both measurable and available. Revenues are
considered to be available when they are collectible within the current period or soon
enough thereafter to pay liabilities of the current period. A sixty-day availability
period is used for revenue recognition for most governmental fund revenues except
for sales tax and telecommunication tax which is 90 days. Expenditures generally are
recorded when a fund liability is incurred. However, debt service expenditures are
recorded only when payment is due by the end of the year.
_ Those revenues susceptible to accrual are sales taxes, certain taxes collected and held
by the State at year-end on behalf of the Village, certain charges for services and
interest. Permit revenues are not susceptible to accrual because generally they are
not measurable until received in cash.
The Village reports deferred revenue on its financial statements. Deferred revenues
arise when a potential revenue does not meet both the "measurable"and"available"or
"earned"criteria for recognition in the current period. Deferred revenues also arise
when resources are received by the Village before it has a legal claim to them, as when
grant monies are received prior to the incurrence of qualifying expenditures. In
subsequent periods,when both revenue recognition criteria are met, or when the
Village has a legal claim to the resources, the liability for deferred revenue is removed
-- from the financial statements and revenue is recognized.
- 34 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued) —
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
d. Measurement Focus, Basis of Accounting and Financial Statement Presentation
(Continued)
In applying the susceptible to accrual concept to intergovernmental revenues (i.e., —
federal and state grants), 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, 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 expenditures/expenses incurred. In the other, monies are
virtually unrestricted as to purpose of expenditure/expense and are generally
revocable only for failure to comply with prescribed eligibility requirements. These
resources are reflected as revenues at the time of receipt or earlier if they meet the
eligibility criterion.
e. Cash and Investments
Cash and Cash Equivalents
For purposes of the statement of cash flows, the Village's proprietary fund types
consider all highly liquid investments with an original maturity of three months or
less when purchased to be cash equivalents.
Investments
In accordance with Governmental Accounting Standards Board Statement No. 31,
Accounting and Financial Reporting for Certain Investments and for External
Investment Pools, non-negotiable certificates of deposit and investments with
maturity of less than one year at date of purchase, if any, are stated at amortized cost.
All other investments are stated at fair value. All investments of the pension trust
funds are stated at fair value.
f. Inventories
v
Inventories are valued at average cost, not in excess of replacement cost. Inventories
in the General Fund and Garage Fund consist of expendable supplies held for
consumption; inventories in the Sports Core Fund consist of inventory held for
resale. The cost is recorded as an expenditure at the time individual inventory items
are utilized or sold. General Fund inventories are equally offset by a fund balance --
reserve which indicates that they do not constitute "available spendable resources"
even though they are a component of net current assets.
- 35 -
-- VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
g. Prepaid Items/Expenses
Payments made to vendors for services that will benefit periods beyond the date of this
report are recorded as prepaid items/expenses.
h. Capital Assets
_ Capital assets, which include property,plant, equipment and infrastructure assets(e.g.,
roads, bridges, sidewalks and similar items), are reported in the applicable
governmental or business-type activities columns in the government-wide financial
_ statements. Capital assets are defined by the Village as assets with an initial, individual
cost of$5,000 or more and an estimated useful life in excess of one year.
Such assets are recorded at historical cost or estimated historical cost if purchased or
constructed. Donated capital assets are recorded at estimated fair market value at the
date of donation.
The costs of normal maintenance and repairs, including street overlays that do not add
to the value of the asset or materially extend asset lives are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are
constructed. Interest incurred during the construction phase of capital assets of
business-type activities is included as part of the capitalized value of the assets
constructed. Property,plant and equipment is depreciated using the straight line
method over the following estimated useful lives:
Assets Years
Land improvements 20
Buildings and building improvements 5 - 50
Equipment 5 -20
Vehicles 2 - 20
Infrastructure 20- 75
i. Intangible Assets - Water Purchase Rights
The Village is a customer of the DuPage Water Commission (the Commission) and
_ has executed a Water Supply Contract(the Contract) with the Commission for a term
ending in 2024. The Contract provides that the Village 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 charges from the Commission.
- 36 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued) _
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
j. Compensated Absences
Vested or accumulated vacation, sick or compensatory leave including related social
security and medicare of proprietary funds and governmental activities is recorded as
an expense and liability of those funds as the benefits accrue to employees. In
accordance with the provisions of Governmental Accounting Standards Board
Statement No.16,Accounting for Compensated Absences, no liability is recorded for
nonvesting accumulating rights to receive sick pay benefits. However, a liability is
recognized for that portion of accumulating sick leave benefits that it is estimated
will be taken as a termination benefit at retirement.
k. Interfund Transactions
Interfund services 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 interfund services transactions and
reimbursements, are reported as transfers.
1. Interfund Receivables/Payables
Activity between funds that are representative of lending/borrowing arrangements
outstanding at the end of the fiscal year are referred to as either"due to/from other
funds" (i.e.,the current portion of interfund loans) or"advances to/from other funds"
(i.e.,the non-current portion of interfund loans). All other outstanding balances
between funds are reported as"due to/from other funds".
Advances between funds, as reported in the fund financial statements, are offset by a
fund balance reserve account in applicable governmental funds to indicate that they are
not available for appropriation and are not expendable available financial resources.
in. Long-Term Obligations
In the government-wide financial statements and proprietary fund types in the fund
financial statements, long-term debt and other long-term obligations are reported as
liabilities in the applicable governmental activities, business-type activities or
proprietary fund type financial statements. Bond premiums and discounts, as well as
issuance costs, are deferred and amortized over the life of the bonds. Bonds payable
are reported net of the applicable bond premium or discount. Bond issuance costs are
reported as deferred charges and amortized over the term of the related debt.
- 37 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
M. Long-Term Obligations (Continued)
In the fund financial statements, governmental fund types recognize bond premiums
and discounts, as well as bond issuance costs, during the current period. The face
_ amount of debt issued is reported as other financing sources. Premiums received on
debt issuances are reported as other financing sources while discounts on debt
issuances are reported as other financing uses. Issuance costs,whether or not withheld
from the actual debt proceeds received, are reported as debt service expenditures.
n. Fund Equity/Net Assets
In the fund financial statements, governmental funds report reservations of fund
balance for amounts that are not available for appropriation or are legally restricted by
outside parties for use for a specific purpose. Designations of fund balance represent
tentative management plans that are subject to change. In the government-wide
financial statements, restricted net assets are legally restricted by outside parties for a
specific purpose. Invested in capital assets,net of related debt,represents the Village's
investments in the book value of capital assets, less any outstanding debt that was
issued to construct or acquire the capital asset.
2. DEPOSITS AND INVESTMENTS
The Village maintains a cash and investment pool that is available for use by all funds,
except the pension trust funds. Each fund type's portion of this pool is displayed on the
"cash and investments." In addition, investments are separately held by several of the
Village's funds. As required by State statute, the deposits and investments of the pension
trust funds are held separately from those of other funds. Cash on hand of$3,900 has been
excluded from the amounts shown below.
Permitted Deposits and Investments
Statutes authorize the Village to make deposits/invest in insured commercial banks,
savings and loan institutions, obligations of the U.S. Treasury and U.S. Agencies, insured
credit union shares, money market mutual funds with portfolios of securities issued or
guaranteed by the United States or agreements to repurchase these same obligations,
repurchase agreements, short-term commercial paper rated within the three highest
classifications by at least two standard rating services and Illinois Funds. Pension funds
may also invest in certain non-U.S. obligations, Illinois municipal corporations tax
anticipation warrants, veteran's loans, obligations of the State of Illinois and its political
subdivisions and Illinois insurance company general and separate accounts, mutual funds
and equity securities.
- 38 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued) --
2. DEPOSITS AND INVESTMENTS (Continued)
Illinois Funds is an investment pool managed by the State of Illinois, Office of the
Treasurer, which allows governments within the State to pool their funds for investment
purposes. Illinois Funds is not registered with the SEC as an investment company, but
does operate in a manner consistent with Rule 2a7 of the Investment Company Act of
1940. Investments in Illinois Funds are valued at Illinois Fund's share price, the price for
which the investment could be sold.
Illinois Metropolitan Investment Fund (IMET) is a not-for-profit investment trust formed
pursuant to the Illinois Municipal Code and managed by a Board of Trustees elected from
the participating members. IMET is not registered with the SEC as an investment
company. Investments in IMET are valued at IMET's share price, the price for which the
investment could be sold.
a. Deposits
At year-end, the carrying amount of the Village's deposits with financial institutions
totaled $280,549 and the bank balances totaled $209,643. The bank balance can be
categorized as follows:
Bank
Balances
Category 1
Deposits covered by federal depository insurance, or
by collateral held by the Village, or its agent, in the
Village's name. $ 209,643
Category 2
Deposits covered by collateral held by the pledging
financial institution's trust department, or its agent,
in the Village's name. -
Category 3
Deposits covered by collateral held by the pledging
financial institution, or its trust department, or its
agent but not in the Village's name, and deposits
which are uninsured and uncollateralized. -
TOTAL DEPOSITS $ 209,643
- 39 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
2. DEPOSITS AND INVESTMENTS (Continued)
b. Investments
— The Village's investments are categorized to give an indication of the level of risk
assumed by the entity at year-end. Category 1 includes investments that are insured
or registered or for which the securities are held by the Village or its agent in the
Village's name. Category 2 includes uninsured and unregistered investments for
which the securities are held by the counterparty's trust department or agent in the
Village's name. Category 3 includes uninsured and unregistered investments for
which the securities are held by the counterparty, or by its trust department or agent
but not in the Village's name, and uninsured, unregistered investments.
Fair Value
Category
1 2 3 Totals
U.S. government securities $ 1,287,535 $ - $ 5,159,931 $ 6,447,466
U.S. agency securities 3,724,706 - 12,187,696 15,912,402
State and local obligations - - 2,133,878 2,133,878
Negotiable certificates of deposit - - 100,154 100,154
$ 5,012,241 $ - $19,581,659 24,593,900
*Mutual Funds 18,813,975
*Illinois Funds 7,769,687
*Illinois Metropolitan Investment Fund 6,925,523
*Money Market Mutual Funds 911,720
TOTAL INVESTMENTS $59,014,805
*(Not Subject to Custodial Credit Risk Categorization)
The pension trust funds own 100% of the investments in Category 3.
The above deposits (including cash on hand) of$284,449 and investments of
~ $59,014,805 totaling $59,299,254 are reported in the financial statements as follows:
Cash and investments - statement of net assets $15,955,437
Cash and investments - statement of fiduciary net assets 43,343,817
TOTAL $59,299,254
- 40 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued) _
3. PROPERTY TAXES
Property taxes for 2004 attach as an enforceable lien on January 1, 2004, on property
values assessed as of the same date. Taxes are levied by December 31 of the fiscal year by
passage of a Tax Levy Ordinance. Tax bills are prepared by the County and issued on or
about May 1, 2005 and August 1, 2005 and are payable in two installments, on or about
June 1, 2005 and September 1, 2005. The County collects such taxes and remits them
periodically. The Village does not have a tax levy but does receive a share of road and
bridge taxes from local Townships.
4. RECEIVABLES
The following receivables are included in Other Receivables on the Statement of Net
Assets:
GOVERNMENTAL ACTIVITIES
IRMA excess surplus $ 97,830
State income tax 60,500
Hotel/motel tax 29,245
Grants 112,819 j
Reinsurance 355,000
Other miscellaneous 28,775
r.
TOTAL GOVERNMENTAL ACTIVITIES $ 684,169
BUSINESS-TYPE ACTIVITIES
IRMA excess surplus $ 29,486
Members charges 18,843
Special events 8,261
Other miscellaneous 9,527
TOTAL BUSINESS-TYPE ACTIVITIES $ 66,117
5. CAPITAL ASSETS
Capital asset activity for the year ended December 31, 2004 was as follows:
Beginning Ending
Balance Increases Decreases Balance
GOVERNMENTAL ACTIVITIES
Capital assets not being depreciated _
Land $ 616,829 $ - $ - $ 616,829
Land right of way 31,687,305 - - 31,687,305
Construction in progress 9,300 586,357 9,300 586,357
Total capital assets not being depreciated 32,313,434 586,357 9,300 32,890,491
s
- 41 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
5. CAPITAL ASSETS (Continued)
Beginning Ending
Balance Increases Decreases Balance
GOVERNMENTAL ACTIVITIES(Continued)
Capital assets being depreciated
Buildings,building and land improvements $18,606,090 $ 72,149 $ - $18,678,239
Computer equipment 828,480 - - 828,480
Other equipment 1,369,730 49,600 - 1,419,330
Vehicles 75,416 - - 75,416
Infrastructure 29,317,787 - - 29,317,787
Internal service fund vehicles 4,127,244 512,917 110,802 4,529,359
Total capital assets being depreciated 54,324,747 634,666 110,802 54,848,611
.� Less accumulated depreciation for
Buildings,building and land improvements 2,471,348 397,675 - 2,869,023
Computer equipment 556,753 108,432 - 665,185
Other equipment 628,900 124,950 - 753,850
Vehicles 29,221 19,066 - 48,287
Infrastructure 15,165,276 632,119 - 15,797,395
Internal service fund vehicles 2,473,235 287,093 110,802 2,649,526
Total accumulated depreciation 21,324,733 1,569,335 110,802 22,783,266
Total capital assets being depreciated,net 33,000,014 (934,669) - 32,065,345
GOVERNMENTAL ACTIVITIES
CAPITAL ASSETS,NET $65,313,448 $ (348,312) $ 9,300 $64,955,836
BUSINESS-TYPE ACTIVITIES
Capital assets not being depreciated
Land $ 8,353,918 $ - $ - $ 8,353,918
Construction in progress 90,193 118,066 - 208,259
_ Total capital assets not being depreciated 8,444,111 118,066 - 8,562,177
Capital assets being depreciated
Land improvements 2,851,545 - - 2,851,545
Building and building improvements 5,694,794 - - 5,694,794
Infrastructure 15,372,382 - - 15,372,382
Vehicles 14,337 - - 14,337
Machinery and equipment 4,194,918 450,694 294,420 4,351,192
Internal service fund vehicles 322,005 126,943 22,333 426,615
Total capital assets being depreciated 28,449,981 577,637 316,753 28,710,865
Less accumulated depreciation for
T Land improvements 1,771,236 76,328 - 1,847,564
Building and building improvements 1,638,917 122,430 - 1,761,347
Infrastructure 5,520,650 241,321 - 5,761,971
Vehicles 6,452 2,031 - 8,483
Machinery and equipment 2,590,245 191,482 294,420 2,487,307
Internal service fund vehicles 156,421 38,399 22,333 172,487
Total accumulated depreciation 11,683,921 671,991 316,753 12,039,159
Total capital assets being depreciated,net 16,766,060 (94,354) - 16,671,706
BUSINESS-TYPE ACTIVITIES
CAPITAL ASSETS,NET $25,210,171 $ 23,712 $ - $25,233,883
- 42 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued) —
5. CAPITAL ASSETS (Continued)
Depreciation expense was charged to functions of the primary government as follows:
GOVERNMENTAL ACTIVITIES
General government $ 364,315 —
Public safety 286,367
Public works 758,690
Culture and recreation 159,963
TOTAL DEPRECIATION EXPENSE- GOVERNMENTAL ACTIVITIES $ 1,569,335
Construction Contracts
The Village has entered into contracts for the construction or renovation of various facilities
as follows:
Project Expended
Authorizations to Date Commitment
2004 Water Main and Drainage $ 148,162 $ 133,734 $ 14,428
York/Harger Bike Trail 567,500 193,824 373,676
2004 paving projects 944,547 850,011 94,536
2004 paving projects 125,155 123,775 1,380
2005 paving projects 127,617 33,790 93,827
TOTALS $ 1,912,981 $ 1,335,134 $ 577,847
6. RISK MANAGEMENT
The Village is exposed to various risks of loss related to torts; theft of, damage to, and
destruction of assets; errors and omissions; injuries to employees; illnesses of employees;
and natural disasters.
The Village participates in the Intergovernmental Risk Management Agency (IRMA)
which is an organization of municipalities and special districts in Northeastern Illinois
which have formed an association under the Illinois Intergovernmental Cooperation's
Statute to pool its risk management needs. The Village pays annual premiums to IRMA
for its workers' compensation, general liability and property coverage.
The Village assumes the first $1,000 of each occurrence, with IRMA having a mix of self-
insurance and commercial insurance at various amounts above that level. The Village
appoints one delegate, along with an alternate delegate, to represent the Village on the
Board of Directors. The Village does not exercise any control over the activities of the
Agency beyond its representation on the Board of Directors.
- 43 -
-- VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
6. RISK MANAGEMENT (Continued)
The Village, along with IRMA's other members, has a contractual obligation to fund any
deficit of IRMA attributable to a membership year during which it was a member.
Supplemental contributions may be required to fund these deficits. No such contributions
have occurred during the past three years.
In addition, the Village provides medical and dental coverage to Village employees, their
dependents and retirees through a limited self-insurance program. Through June 30, 2004,
the Village was self-insured for the first $65,000 per individual for medical claims up to a
maximum limit of$1,910,176 for all individuals. As of July 1, 2004, the Village was self-
insured for the first $75,000 per individual for medical claims up to a maximum limit of
-- $2,055,497 for all individuals. Commercial insurance is carried for amounts in excess of
the self-insured amounts. Settlements did not exceed insurance coverage in any of the last
three years. The Village is entirely self-insured for dental claims up to the annual benefit
�— limit of$1,000 per individual. The Village's self-insurance activities are reported in the
Self-Insurance Fund, an Internal Service Fund.
Premiums are paid into the Self-Insurance Fund by the departments of the General Fund
and other funds, retirees, and COBRA participants based upon equivalent premium
estimates. Liabilities are reported when it is probable that a loss has occurred and the
amount of the loss can be reasonably estimated. Reported liabilities are estimated based on
historical cost information and include an amount for claims that have been incurred but
not reported. The total claim liability at year end was $427,000.
A reconciliation of claims payable for the current year and that of the preceding year is as
follows:
2004 2003
1
CLAIMS PAYABLE, BEGINNING OF YEAR $ 225,800 $ 223,031
Claims incurred and changes in estimate 2,094,505 1,361,993
Claims paid (1,893,305) (1,359,224)
CLAIMS PAYABLE, END OF YEAR $ 427,000 $ 225,800
-44 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
7. LONG-TERM DEBT
Installment Contract Payable "`
The Village has issued four installment contracts payable to provide funds for the
acquisition of capital assets. The installment contracts payable currently outstanding are as
follows:
Fund Debt Balance, Balance, Current
Issue Retired by January 1 Issuances Retirements Refundings December 31 Portion
General Fund Certificates, _
Series 1999 dated
September 24, 1999,4.93%
interest bearing contract,
due in annual installments _
ranging from$70,000 to
$100,000 through
September 15,2009,
interest payable March 15
and September 15 of each
year,secured by sales and Sports
use taxes. Core $ 535,000 $ - $ 80,000 $ - $ 455,000 $ 85,000
i
General Fund Certificates,
Series 2001 dated
December 1,2000,interest
at 4.625%to 4.701/o,due in j hl
annual installments ranging
from$190,000 to$370,000
through December 1,2010,
interest payable June I and
December I of each year,
secured by sales and use
taxes. General 3,410,000 - 215,000 - 3,195,000 225,000 ,t
General Fund Refunding
Certificates,Series 2003
dated June 1,2003,interest
at 1.50%to 3.20%,due in
annual installments ranging
from$65,000 to$125,000
through December 1,2012, •r
interest payable June 1 and
December 1 of each year,
secured by sales and use Sports
taxes. Core 825,000 75,000 - 750,000 75,000
TOTAL $4,770,000 $ - $ 370,000 $ - $ 4.400,000 $ 385,000
- 45 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
7. LONG-TERM DEBT (Continued)
Debt Service Requirements to Maturity
Annual debt service requirements to maturity are as follows:
Installment Contracts Installment Contracts
Fiscal Year Payable from Payable from Enterprise
Ending Governmental Activities Fund
December 31, Principal Interest Principal Interest
2005 $ 225,000 $ 149,438 $ 160,000 $ 41,531
2006 235,000 139,031 160,000 36,141
2007 250,000 128,162 165,000 30,751
2008 260,000 116,600 195,000 24,814
2009 275,000 104,575 200,000 17,730
2010 285,000 91,650 100,000 10,100
2011 300,000 78,255 100,000 7,100
2012 315,000 64,155 125,000 4,000
2013 330,000 49,350 - -
2014 350,000 33,840 - -
2015 370,000 17,390 - -
TOTALS $ 3,195,000 $ 972,446 $ 1,205,000 $ 172,167
-- Change in Long-Term Liabilities
During the fiscal year, the following changes occurred in long-term liabilities reported in
the governmental activities:
Balances Balances Current
January 1 Additions Reductions December 31 Portion
Installment contracts
Payable $ 3,410,000 $ - $ 215,000 $ 3,195,000 $ 225,000
Compensated absences* 814,034 - 45,828 768,206 684,026
Compensated absences
Internal Service Fund 10,467 - - 10,467 10,467
TOTAL
GOVERNMENTAL
ACTIVITIES $ 4,234,501 $ - $ 260,828 $ 3,973,673 $ 919,493
*The compensated absences for governmental activities typically has been liquidated by
the General Fund.
-46 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
7. LONG-TERM DEBT (Continued)
During the fiscal year, the following changes occurred in long-term liabilities reported in
the business-type activities:
Balances Balances Current
January 1 Additions Reductions December 31 Portion
Installment contracts
payable $ 1,360,000 $ - $ 155,000 $ 1,205,000 $ 160,000
Compensated absences 76,160 - 6,954 69,206 69,206
TOTAL BUSINESS-
TYPE ACTIVITIES $ 1,436,160 $ - $ 161,954 $ 1,274,206 $ 229,206
Legal Debt Margin `-
2003 assessed valuation (latest information available) $ 1,327,099,526
Legal debt limit- 8.625% of assessed valuation $ 114,462,334
Amount of debt applicable to debt limit 4,400,000 �.
LEGAL DEBT MARGIN $ 110,062,334
8. INTERFUND ACCOUNTS
Interfund receivable and payable balances as of December 31, 2004 are as follows: _
Due From/To Other Funds
Receivable Fund Payable Fund Amount
General Sports Core $ 933,352
The purpose of significant due to/due from other funds are as follows:
$933,352 to fund the golf clubhouse expansion, pool deck replacement, engineering and
subdivision expenses in Westchester Park and Bath and Tennis Clubhouse expansion. This
amount will be repaid when certain land parcels of the Sports Core are sold.
Advance From/To Other Funds
Receivable Fund Payable Fund Amount
General Sports Core $ 1,290,000
The purpose of this amount advanced to the Sports Core Fund from the General Fund is to
fund capital projects and operating needs.
- 47 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
9. COMMITMENTS
DuPage Water Commission
The Village is a customer of the DuPage Water Commission and has executed a Water
Supply Contract with the Commission for a term ending in 2024. The Contract provides
that the government pay its proportionate share of"fixed costs" (debt service and capital
costs)to the Commission, such obligation being unconditional and irrevocable whether or
not water is ever delivered. These costs are expensed along with the other operation
charges from the Commission.
Fiscal Year
Ending
December 31 Amount
_ 2005 $ 842,000
2006 842,000
2007 842,000
2008 842,000
2009 842,000
Thereafter 12,630,000
TOTAL $ 16,840,000
These amounts have been calculated using the Village's current allocation percentage. In
future years,this allocation percentage will be subject to change. Estimates for the
remaining years of the contract are not currently available. However, the Village does not
expect the minimum amounts for the remaining years of the contract to materially vary
from the amounts presented above.
10. CONTINGENT LIABILITIES
Litigation
The Village is a defendant in various lawsuits. Although the outcome of these lawsuits is
not presently determinable, in the opinion of the Village's attorney,the resolution of these
matters will not have a material adverse effect on the financial condition of the Village.
In addition, the Village may become responsible for certain legal costs associated with
other lawsuits. It is possible, but not probable, that the Village will become liable for these
costs. No liability, therefore, has been recorded on the financial statements for this
litigation.
- 48 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued) _
10. CONTINGENT LIABILITIES (Continued)
Grants
Amounts received or receivable from grantor agencies are subject to audit and adjustment
by grantor agencies, principally the federal government. Any disallowed claims, including r
amounts already collected, may constitute a liability of the applicable funds. The amount,
if any, of expenditures which may be disallowed by the grantor cannot be determined at _
this time although the Village expects such amounts, if any, to be immaterial.
DuPage Water Commission _
The Village's agreement with the DuPage Water Commission provides that each member
is liable for its proportionate share of any cost arising from defaults in payment obligations ...
by other members.
Municipal Infrastructure Maintenance Fees _
From January 1, 1998 through December 31, 2000, the Village imposed a municipal
telecommunications infrastructure maintenance fee (IMF) on persons in the business of
transmitting, supplying or furnishing telecommunications and all associated services (e.g.,
telecommunications retailers) in Illinois for the "use of public right-of-ways". The fee was
authorized by state statute (35 ILCS 635). In March 2001, a wireless telecommunications
provider brought action against an Illinois government challenging the constitutionality of
the municipal telecommunications infrastructure maintenance fee. The Illinois Supreme
Court (Court) found the IMF to be unconstitutional as applied to wireless carriers. The "
Court's decision held upon appeal. Potential damages to the Village under this case
precedent could aggregate the total of amounts remitted to the Village for IMF by all
carriers during the period from January 1, 1998 through December 31, 2000. The Village
has estimated its liability under potential IMF lawsuits as of December 31, 2004 to be
$126,490 and has recorded this in the General Fund.
11. DEFINED BENEFIT PENSION PLANS
The Village contributes to three defined benefit pension plans, the Illinois Municipal
Retirement Fund (IMRF), an agent-multiple-employer public employee retirement system;
the Police Pension Plan, which is a single-employer pension plan; and, the Firefighters' _
Pension Plan, which is also a single-employer pension plan. The benefits, benefit levels,
employee contributions and employer contributions for all three plans are governed by
Illinois Compiled Statutes and can only be amended by the Illinois General Assembly. The
police and firefighter' pension plans each issue separate financial statements. These
reports can be obtained from the Village of Oak Brook, 1200 Oak Brook Road, Oak Brook,
Illinois 60523-2255. IMRF issues a publicly available report that includes financial
statements and supplementary information for the plan as a whole, but not for individual
employers. That report can be obtained from IMRF, 2211 York Road, Suite 500, Oak
Brook, Illinois 60523.
- 49 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
11. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions
Illinois Municipal Retirement Fund
All employees (other than those covered by the Police or Firefighters' plans) hired in
positions that meet or exceed the prescribed annual hourly standard must be enrolled
in IMRF as participating members. Pension benefits vest after eight years of service.
Participating members who retire at or after age 60 with eight years of credited
service are entitled to an annual retirement benefit, payable monthly for life, in an
amount equal to 12/3% of their final rate of earnings, for each year of credited
service up to 15 years, and 2.00% 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 4.50%
of their annual salary to IMRF. The Village is required to contribute the remaining
_ amounts necessary to fund the IMRF as specified by statute. The employer
contribution for the year ended December 31, 2004 was 8.77% of covered payroll.
Police Pension Plan
Police sworn personnel are covered by the Police Pension Plan. Although this is a
single-employer pension plan, the defined benefits and employee and employer
contribution levels are governed by Illinois Compiled Statutes (40 ILCS 5/3-1) and
may be amended only by the Illinois legislature. The Village accounts for the plan as
a pension trust fund. At December 31, 2004, the Police Pension Plan membership
consisted of.
Retirees and beneficiaries currently receiving benefits 28
Terminated employees entitled to benefits but not
yet receiving them -
Current employees
Vested 22
Nonvested 20
TOTAL 70
The Police Pension Plan provides retirement benefits as well as death and disability
benefits. Covered employees attaining the age of 50 or more with 20 or more years
— of creditable service are entitled to receive an annual retirement benefit equal to 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 annual benefit shall be increased by
2.00% of such salary for each additional year of service over 20 years up to 30 years
to a maximum of 75.00% of such salary. Employees with at least eight years but less
than 20 years of credited service may retire at or after age 60 and receive a reduced
benefit. The monthly benefit of a police officer who retired with 20 or more years of
service after January 1, 1977 shall be increased annually, following the first
anniversary date of retirement and be paid upon reaching the age of at least 55 years,
by 3.00% of the original pension and 3.00% compounded annually each January 1
thereafter.
- 50 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued) _
11. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued) —
Police Pension Plan(Continued)
Employees are required by ILCS to contribute 9.91% 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.
Effective July 1, 1993, the Village has until the year 2033 to fully fund the past
service cost for the Police Pension Plan. For the year ended December 31, 2004, the
Village's contribution was 16.46% of covered payroll.
Firefighters' Pension Plan
Fire sworn personnel are covered by the Firefighters' Pension Plan. Although this is
a single-employer pension plan, the defined benefits and employee and employer
contribution levels are governed by Illinois Compiled Statutes (40 ILCS 5/4-1) and
may be amended only by the Illinois legislature. The Village accounts for the plan as
a pension trust fund. At December 31, 2004,the Firefighters' Pension Plan
membership consisted of.
Retirees and beneficiaries currently receiving benefits 34
Terminated employees entitled to benefits but not
yet receiving them - _
Current employees
Vested 19
Nonvested 14 _
TOTAL 67
The Firefighters' Pension Plan provides retirement benefits as well as death and
disability benefits. Covered employees attaining the age of 50 or more with 20 or
more years of creditable service are entitled to receive an annual retirement benefit of
one-half of the monthly salary attached to the rank held in the fire service at the date
of retirement. The monthly pension shall be increased by 1/12 of 2.50% of such
monthly salary for each additional month over 20 years of service through 30 years of —
service to a maximum of 75.00% of such monthly salary. Employees with at least
ten years but less than 20 years of credited service may retire at or after age 60 and
J
receive a reduced retirement benefit. The monthly pension of a covered employee
who retired with 20 or more years of service after January 1, 1977 shall be increased
annually, following the first anniversary date of retirement and paid upon reaching —
the age of at least 55 by 3.00% of the original pension and 3.00% compounded each
January 1 thereafter.
- 51 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
11. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Firefighters' Pension Plan (Continued)
Covered employees are required to contribute 8.455% (9.455% effective July 1,
2004) 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 finance the plan as actuarially determined by an enrolled actuary. Effective July 1,
1993, the Village has until the year 2033 to fully fund the past services costs for the
Firefighters' Pension Plan. For the year ended December 31, 2004,the Village's
contribution was 21.80% of covered payroll.
b. Significant Investments
The following are investments (other than U.S. Government guaranteed obligations)
in any one organization that represent 5.00% or more of plan net assets for either the
Police or the Firefighters' Pension Plans. Information for the IMRF is not available.
Plan Organization Amount
Police Pension Federal Farm Credit Bureau $ 1,266,413
Police Pension Vanguard Institutional Index Fund 4,056,748
$ 5,323,161
Firefighters' Pension Alger Mid Cap Growth Fund $ 978,833
Firefighters' Pension American Growth Fund 1,153,418
— Firefighters' Pension Davis NY Venture Fund 1,136,841
Firefighters' Pension Pimco PEA Value Fund 1,130,173
Firefighters' Pension Scudder High Return Fund 1,149,566
$ 5,548,831
- 52 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued) —
11. DEFINED BENEFIT PENSION PLANS (Continued)
C. Annual Pension Costs
Employer contributions have been determined as follows:
Illinois
Municipal Police Firefighters'
Retirement Pension Pension
Actuarial valuation date December 31, January 1, January 1,
2002 2004 2004
Actuarial cost method Entry-age Entry-age Entry-age
Normal Normal Normal
Asset valuation method 5 Year Market Market
Smoothed _
Market
Amortization method Level Level Level
Percentage of Percentage of Percentage of
Payroll Payroll Payroll
Amortization period 10 Years, 29 Years, 29 Years,
Closed Closed Closed
Significant actuarial assumptions —
a) Rate of return on 7.50% 7.25% 7.50%
present and future assets Compounded Compounded Compounded
Annually Annually Annually
b) Projected salary increase- 4.00% 5.25% 5.25%
attributable to inflation Compounded Compounded Compounded —
Annually Annually Annually
c) Additional projected .40 to 11.60% Not Available Not Available _
salary increases -
seniority/merit
- 53 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
11. DEFINED BENEFIT PENSION PLANS (Continued)
C. Annual Pension Costs (Continued)
Employer annual required contributions (ARC), actual contributions and the net
pension obligation (NPO) (asset) are as follows. The NPO (asset) is the cumulative
difference between the annual pension costs and the contributions actually made.
Illinois
Calendar Municipal Calendar Police Firefighters'
Year Retirement Year Pension Pension
Annual required
contribution(ARC) 2002 $ 346,663 2002 $ 338,565 $ 417,022
2003 395,206 2003 483,197 481,887
2004 500,558 2004 449,652 490,612
Actual contribution 2002 $ 346,663 2002 $ 338,565 $ 417,022
_ 2003 395,206 2003 483,197 481,887
2004 500,558 2004 449,652 490,612
Percentage of ARC 2002 100.00% 2002 100.00% 100.00%
—" contributed 2003 100.00 2003 100.00 100.00
2004 100.00 2004 100.00 100.00
NPO (Asset) 2002 $ - 2002 $ - $ -
2003 - 2003 - -
2004 - 2004 - -
- 54 -
i
i
i
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VILLAGE OF OAK BROOK,ILLINOIS
GENERAL FUND
SCHEDULE OF REVENUES,EXPENDITURES
AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL
For the Year Ended December 31,2004
(With Comparative Actual)
2004
Variance
Original Final Over 2003
Budget Budget Actual (Under) Actual
REVENUES
Intergovernmental $ 11,054,000 $ 11,054,000 $ 11,401,599 $ 347,599 $ 10,583,318
Utility taxes 3,977,200 3,977,200 3,638,052 (339,148) 3,427,393
Licenses and permits 560,800 560,800 741,528 180,728 570,261
Charges for services 631,100 631,100 745,027 113,927 703,634
Fines and penalties 436,400 436,400 401,616 (34,784) 353,513
Investment income 200,000 200,000 71,442 (128,558) 118,411
Donations 90,000 90,000 - (90,000) 410,000
Miscellaneous 156,210 156,210 176,630 20,420 228,477
Total revenues 17,105,710 17,105,710 17,175,894 70,184 16,395,007
EXPENDITURES
Current
General government 5,146,365 5,202,960 5,144,466 (58,494) 5,921,350
Public safety 9,458,270 9,606,140 9,572,845 (33,295) 9,488,880
Public works 1,228,055 1,173,140 1,131,843 (41,297) 1,160,946
Culture and recreation 1,204,500 1,181,440 1,177,862 (3,578) 1,165,118
Total expenditures 17,037,190 17,163,680 17,027,016 (136,664) 17,736,294
EXCESS(DEFICIENCY)OF REVENUES
OVER EXPENDITURES 68,520 (57,970) 148,878 206,848 (1,341,287)
OTHER FINANCING SOURCES(USES)
Transfers in - - - - 200,000
Total other financing sources(uses) - - - - 200,000
NET CHANGE IN FUND BALANCE $ 68,520 $ (57,970) 148,878 $ 206,848 (1,141,287)
FUND BALANCE,JANUARY 1 11,093,102 11,622,582
Prior period adjustment - 611,807
FUND BALANCE,JANUARY 1,
RESTATED 11,093,102 12,234,389
FUND BALANCE,DECEMBER 31 $ 11,241,980 $ 11,093,102
(See independent auditor's report.)
-55-
VILLAGE OF OAK BROOK, ILLINOIS _
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
December 31, 2004
Budgets
Budgets are adopted on a basis consistent with generally accepted accounting principles. Annual
budgets are adopted for the General, Special Revenue and Capital Projects Funds on the
modified accrual basis, and Enterprise, Internal Service and Pension Trust Funds on the accrual —
basis and a current financial resources measurement focus. The annual budget is legally enacted
and provides for a legal level of control at the program level. All annual appropriations lapse at
fiscal year end. —
The Village follows these procedures in establishing the budgetary data reflected in the financial
statements: _
1. All departments of the Village submit budget requests to the Village Manager so that a
budget may be prepared. `
2. The Village Manager submits to the Village Board of Trustees a proposed operating budget _
for the fiscal year commencing the following January 1. The operating budget includes
proposed expenditures and the means of financing them.
3. A public hearing is conducted by the Village to obtain taxpayer comments. —
4. Subsequently, the budget is adopted by the Village Board. _
5. Annual budgets are adopted for all funds on a basis consistent with generally accepted
accounting principles. _
6. Formal budgetary integration is employed as a management control device during the year
for all funds of the Village. _
7. Appropriations lapse at year end.
8. The Village Manager and Budget Officer are authorized to transfer budgeted amounts
between line items within any program; however, any revisions that alter the total
expenditures of any program or fund must be approved by the Village Board. The level of _
legal control is the individual program budget in total.
9. Budgeted amounts are as originally adopted with the exceptions of approved transfers which
were not material in relation to the budgets taken as a whole. After Village Board transfers,
no program had an excess of expenditures/expenses, exclusive of depreciation and
amortization over budget for the fiscal year. -
- 56 -
VILLAGE OF OAK BROOK, ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF FUNDING PROGRESS
ILLINOIS MUNICIPAL RETIREMENT FUND
— December 31, 2004
(4)
Unfunded
(2) (Overfunded) URAL
Actuarial Actuarial (OAAL)
Accrued Accrued As a
Actuarial (1) Liability (3) Liability Percentage
Valuation Actuarial (AAL) Funded (URAL) (5) of Covered
Date Value of Entry Age Ratio (OAAL) Covered Payroll
December 31, Assets Normal (1) /(2) (2) - (1) Payroll (4) /(5)
— 1999 $ 8,117,918 $ 7,701,764 105.40% $ (416,154) $ 4,129,559 (10.08%)
2000 9,739,416 8,934,915 109.00% (804,501) 4,636,007 (17.35%)
2001 10,663,509 9,939,211 107.29% (724,298) 4,967,579 (14.58%)
— 2002 11,189,319 11,194,278 99.96% 4,959 5,228,707 0.09%
2003 11,079,395 12,017,899 92.19% 938,504 5,589,904 16.79%
2004 10,795,206 12,381,519 87.19% 1,586,313 5,707,616 27.79%
(See independent auditor's report.)
- 57 -
VILLAGE OF OAK BROOK, ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF FUNDING PROGRESS
POLICE PENSION FUND
December 31, 2004
(2) UAAL
Actuarial (4) As a
Actuarial (1) Accrued (3) Unfunded Percentage
Valuation Actuarial Liability Funded AAL (5) of Covered
Date Value of (AAL) Ratio (UAAL) Covered Payroll
December 31, Assets -Entry Age (1)/(2) (2) - (1) Payroll (4)/(5)
1999 $ 19,542,081 $ 18,564,949 105.26% $ (977,132) $2,172,484 (44.98%)
2000 20,448,157 20,140,332 101.53% (307,825) 2,249,998 (13.68%)
2001 20.496,069 21,849,564 93.81% 1,353,495 2,616,001 51.74%
2002 20,521,085 23,581,098 87.02% 3,060,013 2,736,034 111.84%
2003 22,790,550 25,499,316 89.38% 2,708,766 2,854,299 94.90%
2004 24,157,442 27,106,938 89.12% 2,949,496 2,808,631 105.02%
(See independent auditor's report.)
- 58 -
VILLAGE OF OAK BROOK, ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF FUNDING PROGRESS
FIREFIGHTERS'PENSION FUND
�- December 31, 2004
—
(4) UAAL
(2) Unfunded (OAAL)
Actuarial (Overfunded) As a
Actuarial (1) Accrued (3) AAL Percentage
Valuation Actuarial Liability Funded (URAL) (5) of Covered
Date Value of (AAL) Ratio (OAAL) Covered Payroll
December 31, Assets - Entry Age (1) /(2) (2) - (1) Payroll (4)/(5)
1999 $18,203,403 $18,051,091 100.84% $ (152,312) $ 1,788,993 (8.51%)
2000 18,050,631 18,772,810 96.15% 722,179 1,887,874 38.25%
2001 17,487,246 19,819,493 88.23% 2,332,247 2,144,046 108.78%
2002 16,240,617 20,878,039 77.79% 4,637,422 2,222,646 208.64%
2003 18,254,770 22,439,963 81.35% 4,185,193 2,156,811 194.05%
2004 19,395,277 24,131,120 80.37% 4,735,843 2,298,601 206.03%
—
(See independent auditor's report.)
- 59 -
VILLAGE OF OAK BROOK, ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF EMPLOYER CONTRIBUTIONS
ILLINOIS MUNICIPAL RETIREMENT FUND
December 31, 2004
Annual _.
Fiscal Required
Year Employer Contribution Percentage
December 31, Contributions (ARC) Contributed
1999 $ 349,773 $ 349,773 100.00% ._
2000 343,528 343,528 100.00%
2001 359,653 359,653 100.00%
2002 346,663 346,663 100.00%
2003 395,206 395,206 100.00%
2004 500,558 500,558 100.00%
(See independent auditor's report.)
- 60 -
VILLAGE OF OAK BROOK, ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF EMPLOYER CONTRIBUTIONS
POLICE PENSION FUND
December 31, 2004
Annual
Fiscal Required
Year Employer Contribution Percentage
December 31, Contributions (ARC) Contributed
1999 $ 69,674 $ 69,674 100.00%
2000 218,523 218,523 100.00%
2001 271,765 271,765 100.00%
2002 338,565 338,565 100.00%
2003 483,197 483,197 100.00%
2004 449,652 449,652 100.00%
(See independent auditor's report.)
- 61 -
VILLAGE OF OAK BROOK, ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF EMPLOYER CONTRIBUTIONS
FIREFIGHTERS' PENSION FUND —
December 31, 2004
Annual
Fiscal Required
Year Employer Contribution Percentage _
December 31, Contributions (ARC) Contributed
1999 $ 71,334 $ 71,334 100.00% _
2000 299,044 299,044 100.00%
2001 357,168 357,168 100.00%
2002 417,022 417,022 100.00% —
2003 481,887 481,887 100.00%
2004 490,612 490,612 100.00%
(See independent auditor's report.)
- 62 -
t
VILLAGE OF OAK BROOK,ILLINOIS
GENERAL FUND
SCHEDULE OF REVENUES-BUDGET AND ACTUAL
For the Year Ended December 31,2004
(With Comparative Actual)
2004
Variance
Original Final Over 2003
-� Budget Budget Actual (Under) Actual
REVENUES
Intergovernmental
Municipal sales tax $ 10,225,000 $ 10,225,000 $ 10,529,690 $ 304,690 $ 9,749,858
Illinois state income and use tax 615,000 615,000 644,783 29,783 614,678
Corporate personal property
replacement taxes 162,000 162,000 187,252 25,252 167,291
York Township road and
bridge tax 52,000 52,000 36,100 (15,900) 49,682
Grants - - 3,774 3,774 1,809
Total intergovernmental 11,054,000 11,054,000 11,401,599 347,599 10,583,318
Utility taxes 3,977,200 3,977,200 3,638,052 (339,148) 3,427,393
Licenses and permits 560,800 560,800 741,528 180,728 570,261
Charges for services 631,100 631,100 745,027 113,927 703,634
Fines and penalties 436,400 436,400 401,616 (34,784) 353,513
Investment income 200,000 200,000 71,442 (128,558) 118,411
Donations 90,000 90,000 - (90,000) 410,000
Miscellaneous
Franchise fees 80,000 80,000 89,710 9,710 66,421
Other 76,210 76,210 86,920 10,710 162,056
Total miscellaneous 156,210 156,210 176,630 20,420 228,477
TOTAL REVENUES $ 17,105,710 $ 17,105,710 $ 17,175,894 $ 70,184 $ 16,395,007
(See independent auditor's report.)
-63 -
VILLAGE OF OAK BROOK,ILLINOIS
GENERAL FUND "!
SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL
For the Year Ended December 31,2004 r`
(With Comparative Actual)
2004
Variance
Original Final Over 2003
Budget Budget Actual (Under) Actual
GENERAL GOVERNMENT
Legislative and general management .+
Board of trustees
Personnel $ 77,580 $ 77,580 $ 76,168 $ (1,412) $ 73,160
Materials and supplies 4,275 4,275 2,216 (2,059) 2,284
Operation and contractual 50,300 180,390 183,853 3,463 62,947 rs
Total board of trustees 132,155 262,245 262,237 (8) 138,391
Village clerk
Personnel 157,265 160,855 157,899 (2,956) 139,836
Materials and supplies 1,340 1,340 1,101 (239) 2,920
Operation and contractual 17,365 21,800 19,228 (2,572) 25,721
'T
Total Village clerk 175,970 183,995 178,228 (5,767) 168,477
Legal
Personnel 22,775 22,775 18,019 (4,756) 123,331
Materials and supplies 2,100 2,100 161 (1,939) 1,065
Operation and contractual 200,160 244,760 251,452 6,692 129,520
Total legal 225,035 269,635 269,632 (3) 253,916
General management
Personnel 322,435 322,435 324,114 1,679 257,211
Materials and supplies 2,390 2,390 1,704 (686) 1,774
Operation and contractual 7,365 3,765 1,793 (1,972) 9,562
Capital - - - - 23,900
Total general management 332,190 328,590 327,611 (979) 292,447
Human resources
Personnel 78,255 78,255 83,123 4,868 69,587
Materials and supplies 1,550 1,550 2,037 487 2,166
Operation and contractual 65,700 117,175 111,820 (5,355) 121,455
Total human resources 145,505 196,980 196,980 - 193,208 ...�
Risk management
Personnel 46,635 46,635 50,169 3,534 37,342
Operation and contractual 568,500 488,730 481,950 (6,780) 473,179 �.
Total risk management 615,135 535,365 532,119 (3,246) 510,521
Emergency management
Personnel 12,265 2,805 1,546 (1,259) 2,199
Materials and supplies 2,700 1,700 11 (1,689) 2,092
Operation and contractual 1,500 1,500 - (1,500) 40
Capital 6,000 2,000 341 (1,659) 2,431
Total emergency management 22,465 8,005 1,898 (6,107) 6,762
(This schedule is continued on the following pages.)
-64-
VILLAGE OF OAK BROOK,ILLINOIS
GENERAL FUND
SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL(Continued)
For the Year Ended December 31,2004
(With Comparative Actual)
2004
Variance
Original Final Over 2003
Budget Budget Actual (Under) Actual
GENERAL GOVERNMENT(Continued)
Legislative and general management(Continued)
General services
Personnel $ 63,540 $ 63,540 $ 62,368 $ (1,172) $ 60,177
Materials and supplies 62,325 62,325 49,789 (12,536) 55,872
Operation and contractual 153,500 160,980 174,728 13,748 211,540
Capital 5,000 - (42) (42) 25,605
Total general services 284,365 286,845 286,843 (2) 353,194
Purchasing
Personnel 124,705 125,570 126,064 494 117,109
Materials and supplies 1,340 1,845 1,421 (424) 1,342
Operation and contractual 70 70 - (70) 818
Total purchasing 126,115 127,485 127,485 - 119,269
Information systems
Personnel 348,580 348,680 351,173 2,493 318,065
Materials and supplies 13,150 12,290 11,691 (599) 17,310
Operation and contractual 67,735 74,225 64,636 (9,589) 71,714
Capital 62,500 55,400 61,333 5,933 107,879
_ Total information systems 491,965 490,595 488,833 (1.762) 514,968
Village communications center
Personnel 653,645 653,645 657,489 3,844 636,513
-- Materials and supplies 13,525 13,525 8,340 (5,185) 11,544
Operation and contractual 22,340 20,540 21,551 1,011 24,412
Capital 31,500 29,020 21,142 (7,878) 359364
Total Village communications center 721,010 716,730 708,522 (8,208) 707,833
Community events
Operation and contractual 110,000 88,310 88.309 (1) 147,208
Total community events 110,000 88,310 88,309 (1) 147,208
Total legislative and general
management 3381,910 1494,780 3,468,697 (26,083) 3,406,194
Community development management
Personnel 211,515 212,215 211,780 (435) 205,312
Materials and supplies 875 1,175 994 (181) 895
Operation and contractual 1,000 - - - 216
Total community development
management 213,390 213,390 212,774 (616) 206,423
(This schedule is continued on the following pages.)
-65-
VILLAGE OF OAK BROOK,ILLINOIS
GENERAL FUND
SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL(Continued)
For the Year Ended December 31,2004
(With Comparative Actual)
2004
Variance
Original Final Over 2003 -
Budget Budget Actual (Under) Actual
GENERAL GOVERNMENT(Continued)
Community development management(Continued) -
Code enforcement
Personnel $ 271,465 $ 271,465 $ 270,039 $ (1,426) $ 272,548
Materials and supplies 1,700 1,700 1,464 (236) 1,488
Operation and contractual 26,290 26,290 27,155 865 34,665
Total code enforcement 299,455 299,455 298,658 (797) 308,701
Total community development 512,845 512,845 511,432 (1,413) 515,124
Financial services
Financial services management
Personnel 137,220 142,220 142,495 275 133,486 .•�
Materials and supplies 1,400 1,400 779 (621) 3,135
Operation and contractual 31,560 32,360 32,677 317 32,215
Total financial services management 170,180 175,980 175,951 (29) 168,836
Accounting and reporting
Personnel 333,085 310,685 310,655 (30) 315,778
Materials and supplies 7,400 6,890 5,145 (1,745) 5,998
Operation and contractual 26,970 21,170 18,675 (2,495) 31,862 '~
Total accounting and reporting 367,455 338,745 334,475 (4,270) 353,638
Debt service "
Operation and contractual 374,985 374,985 374,981 (4) 374,463
Total debt service 374,985 374,985 374,981 (4) 374,463
--z
Total financial services 912,620 889,710 885,407 (4,303) 896,937
Engineering and capital projects
Engineering
Personnel 368,630 368,630 365,333 (3,297) 337,027
Materials and supplies 8,255 8,255 1,910 (6,345) 1,948
Operation and contractual 39,905 26,540 16,522 (10,018) 14,780
Total engineering 416,790 403,425 383,765 (19,660) 353,755
Municipal building improvements
Operation and contractual 10,000 8,445 1,413 (7,032) 8,673 ^
Capital 41,000 12,185 12,184 (1) 57,964
Total municipal building improvements 51,000 20,630 13,597 (7,033) 66,637
Library building project
Operation and contractual - - - - 2,643
Capital - - - - 35,673
Total library building project - - - - 38,316
(This schedule is continued on the following pages.)
-66-
VILLAGE OF OAK BROOK,ILLINOIS
GENERAL FUND
SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL(Continued)
For the Year Ended December 31,2004
(With Comparative Actual)
2004
Variance
Original Final Over 2003
Budget Budget Actual (Under) Actual
GENERAL GOVERNMENT(Continued)
Engineering and capital projects(Continued)
Municipal complex project
Operation and contractual $ $ $ $ $ 37,025
Capital - 10,370 10,368 (2) 659,562
Total municipal complex project - 10,370 10,368 (2) 696,587
Total engineering and capital projects 467,790 434,425 407,730 (26,695) 1,155,295
Reimbursement of Sports Core expenditures 101,000 101,000 101,000 - 145,800
Subtotal general government 5,376,165 5,432,760 5,374,266 (58,494) 6,119,350
Less reimbursements from other funds (229,800) (229,800) (229,800) (198,000)
Total general government 5,146,365 5,202,960 5,144,466 (58,494) 5,921,350
PUBLIC SAFETY
Police Department
Police services management
Personnel 479,245 572,595 572,593 (2) 475,504
Materials and supplies 4,100 4,100 2,878 (1,222) 3,268
�. Operation and contractual 48,475 41840 41,627 (1,213) 46,591
Total police services management 531,820 619,535 617,098 (2,437) 525,363
Police field services
Personnel 3,031,255 3,242,970 3,242,967 (3) 2,979,742
Materials and supplies 58,650 59,140 66,906 7,766 48,304
Operation and contractual 191,320 193,120 185,351 (7,769) 190,354
-- Capital - 40,300 40,300 - 150,980
Total police field services 3,281,225 3,535,530 3,535,524 (6) 3,369,380
Police general support
Personnel 185,860 141,885 141,559 (326) 265,480
Materials and supplies 19,450 21,200 21,139 (61) 16,181
Operation and contractual 1,625 1,625 1,605 (20) 1,088
Capital 10,350 3,605 3,605 - -
Total police general support 217,285 168,315 167,908 (407) 282,749
Police investigations
Personnel 590,525 527,925 527,922 (3) 548,276
Materials and supplies 11,650 8,690 7,614 (1,076) 6,735
Operation and contractual 24,050 20,520 20,519 (1) 27,149
Total police investigations 626,225 557,135 556,055 (1,080) 582,160
(This schedule is continued on the following pages.)
-67-
VILLAGE OF OAK BROOK,ILLINOIS
GENERALFUND ^
SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL(Continued)
For the Year Ended December 31,2004
(With Comparative Actual)
2004
Variance
Original Final Over 2003
Budget Budget Actual (Under) Actual
PUBLIC SAFETY(Continued)
Police Department(Continued)
Police records
Personnel $ 150,610 $ 140,745 $ 139,606 $ (1,139) $ 139,755
Materials and supplies 5,600 7,000 7,135 135 5,141
Operation and contractual 7,000 5,505 5,501 (4) 5,066 ..�
Total police records 163,210 153,250 152,242 (1,008) 149,962
Public relations/crime prevention .•t
Personnel 172,145 95,055 93,531 (1,524) 145,097
Materials and supplies 4,100 4,100 2,577 (1,523) 1,580
Operation and contractual 6,530 3,030 2,185 (845) 7,883
Total public relations/crime prevention 182,775 102,185 98,293 (3,892) 154,560
Total police department 5,002,540 5,135,950 5,127,120 (8,830) 5,064,174
Fire
Fire and EMS general salaries
Personnel 3,185,130 3,229,910 3,228,690 (1,220) 3,132,676
Total fire and EMS general salaries 3,185,130 3,229,910 3,228,690 (1,220) 3,132,676
Fire service management
Personnel 321,775 329,155 329,155 - 303,508
Materials and supplies 2,750 3,350 2,375 (975) 3,152
Operation and contractual 5,665 5,665 5,560 (105) 7,669
Total fire service management 330,190 338.170 337,090 (1,080) 314,329
Rescue and fire operation
Personnel 3,375 3,375 6,111 2,736 4,931
Materials and supplies 57,660 47,860 86,641 38,781 73,176
Operation and contractual 128,825 126,825 121,573 (5,252) 103,760
Capital 46,000 53,505 1,226 (52,279) 48,143
Total rescue and fire operation 235,860 231,565 215,551 (16,014) 230,010
Special teams operations
Personnel 30 30 - (30) 29 a..
Materials and supplies 12,500 9,860 10,362 502 6,423
Operation and contractual 3,625 3,625 3,152 (473) 5,046
Total special teams operations 16,155 13,515 13,514 (1) 11,498
Rescue and fire training
Personnel 25,125 18,125 17,782 (343) 32,504
Materials and supplies 1,460 1,100 530 (570) 752 "v
Total rescue and fire training 26,585 19,225 18,312 (913) 33,256
rr
(This schedule is continued on the following pages.)
-68-
VILLAGE OF OAK BROOK,ILLINOIS
GENERAL FUND
SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL(Continued)
For the Year Ended December 31,2004
(With Comparative Actual)
2004
Variance
Original Final Over 2003
Budget Budget Actual (Under) Actual
PUBLIC SAFETY(Continued)
Fire(Continued)
Emergency medical services
Personnel $ 49,180 $ 45,180 $ 45,568 $ 388 $ 42,231
Materials and supplies 13,505 13,505 11,211 (2,294) 12,421
Operation and contractual 406,665 406,665 408,345 1,680 394,948
Capital - - - - 59,913
Total emergency medical services 469,350 465,350 465,124 (226) 509,513
Prevention and public education
_ Personnel 179,080 159,075 156,350 (2,725) 149,949
Materials and supplies 3,950 3,950 1,969 (1,981) 3,792
Operation and contractual 9,430 9,430 9.125 (305) 39.683
Total prevention and public education 192,460 172,455 167.444 (5.011) 193.424
Total fire 4,455,730 4.470,190 4,445,725 (24,465) 4,424,706
Total public safety 9,458,270 9.606,140 9,572.845 (33,295) 9,488,880
PUBLIC WORKS
Public works management
Personnel 302,390 303,335 307,110 3,775 289,241
Materials and supplies 4,185 4,370 3,734 (636) 1,553
Operation and contractual 12,860 12,860 9.715 (3,145) 10,544
Total public works management 319,435 320,565 320,559 (6) 301,338
Mosquito control
Operation and contractual - - - - 61,332
Total mosquito control - - - - 61,332
Buildings and grounds
Personnel 74,760 67,105 66,498 (607) 72,365
Materials and supplies 27,310 26,835 24,083 (21,752) 27,329
Operation and contractual 213,550 195,550 167,619 (27,931) 174,809
Total buildings and grounds 315,620 289,490 258,200 (31,290) 274.503
Streets-general salaries
_ Personnel 586,260 586,260 583,001 (3,259) 554,949
Materials and supplies 6,420 6,420 3,207 (3,213) 3,047
Operation and contractual 2,860 2,860 2,326 (534) 2,330
Total streets-general salaries 595,540 595,540 588,534 (7,006) 560,326
(This schedule is continued on the following page.)
-69-
.r
VILLAGE OF OAK BROOK,ILLINOIS
GENERAL FUND '~
SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL(Continued)
For the Year Ended December 31,2004 s.e
(With Comparative Actual)
w
2004
Variance
Original Final Over 2003 ,.
Budget Budget Actual (Under) Actual
PUBLIC WORKS(Continued)
Snow removal
Personnel $ 49,925 $ 34,550 $ 31,608 $ (2,942) $ 31,621
Materials and supplies 49,960 41,420 41,367 (53) 28,491
Operation and contractual 25,625 19,625 19,625 - 23,235
ra
Total snow removal 125,510 95,595 92,600 (2,995) 83,347
Subtotal public works 1,356,105 1,301,190 1,259,893 (41,297) 1,280,846
Less reimbursements from
other funds (128,050) (128,050) (128,050) - (119,900)
Total public works 1,228,055 1,173,140 1,131,843 (41,297) 1,160,946
CULTURE AND RECREATION
Library general operations
Personnel 355,845 323,045 311,184 (11,861) 353,222
Materials and supplies 23,780 24,580 21,602 (2,978) 25,408
Operation and contractual 134,485 134,485 110,553 (23,932) 126,223
Capital 15,000 23,940 62,711 38,771 13,319
Total library general operations 529,110 506,050 506,050 - 518,172
Library technical services
Personnel 151,505 151,505 150,668 (837) 139,703
Materials and supplies 6,345 6,345 6,020 (325) 6,409
Operation and contractual 7,500 7,500 7,553 53 7,791
Total library technical services 165,350 165,350 164,241 (1,109) 153,903
Library reference and adult services
Personnel 151,235 151,160 150,036 (1,124) 136,685
Materials and supplies 127,450 127,450 126,577 (873) 131,030
Operation and contractual 7,850 7,850 7,381 (469) 5,829
Total library reference and
adult services 286,535 286,460 283,994 (2,466) 273,544
Library youth services
Personnel 170,380 170,455 170,474 19 159,364 _
Materials and supplies 46,400 46,400 46,383 (17) 53,431
Operation and contractual 6,725 6,725 6,720 (5) 6,704
i
Total library youth services 223,505 223,580 223,577 (3) 219,499
Total culture and recreation 1,204,500 1,181,440 1,177,862 (3,578) 1,165,118
TOTAL EXPENDITURES $ 17,037,190 $ 17,163,680 $ 17,027,016 $ (136,664) $ 17,736,294
i
(See independent auditor's report.)
-70-
VILLAGE OF OAK BROOK,ILLINOIS
INFRASTRUCTURE FUND
SCHEDULE OF REVENUES,EXPENDITURES AND
CHANGES IN FUND BALANCE-BUDGET AND ACTUAL
For the Year Ended December 31,2004
(With Comparative Actual)
2004
Variance
Original Final Over 2003
Budget Budget Actual (Under) Actual
REVENUES
Intergovernmental-grants $ 261,300 $ 261,300 $ 151,203 $ (110,097) $ 62,201
Non-home rule sales tax - - 1,304,467 1,304,467 -
Utility taxes 745,000 745,000 660,692 (84,308) 1,072,715
Investment income 26,000 26,000 24,636 (1,364) 24,956
Total revenues 1,032,300 1,032,300 2,140,998 1,108,698 1,159,872
EXPENDITURES
Current
Public works 664,315 664,315 451,330 (212,985) 466,259
Capital outlay 1,948,985 1,948,985 1,009,984 (939,001) 404,305
Total expenditures 2,613,300 2,613,300 1,461,314 (1,151,986) 870,564
NET CHANGE IN FUND BALANCE $ (1,581,000) $ (1,581,000) 679,684 $ 2,260,684 289,308
FUND BALANCE,JANUARY 1 2,316,583 2,027,275
'— FUND BALANCE,DECEMBER 31 $ 2,996,267 $ 2,316,583
(See independent auditor's report.)
-71 -
NONMAJOR GOVERNMENTAL FUNDS
NONMAJOR GOVERNMENTAL FUNDS
Hotel/Motel Tax Fund - to account for local hotel/motel tax receipts restricted for promoting
tourism and conventions in the Village.
Motor Fuel Tax Fund -to account for State Gasoline Tax Allocations restricted for local roadway
program expenditures.
Foreign:Fire Insurance Tax Fund- to account for Foreign Fire Insurance tax revenue restricted
for the purchase of items for the benefit of the fire department.
VILLAGE OF OAK BROOK, ILLINOIS
NONMAJOR GOVERNMENTAL FUNDS —
COMBINING BALANCE SHEET
December 31, 2004
Special Revenue Funds Total —
Foreign Fire Nonmajor
Hotel/Motel Motor Insurance Governmental
Tax Fuel Tax Tax Funds -'
ASSETS
Cash and investments $ 310,698 $ 437,745 $ 138,085 $ 886,528
Receivables
Allotments - 21,434 - 21,434
Accrued interest 165 252 - 417
Other, hotel/motel tax 29,245 - - 29,245
TOTAL ASSETS $ 340,108 $ 459,431 $ 138,085 $ 937,624
LIABILITIES AND FUND BALANCES
LIABILITIES
Accounts payable $ 86,753 $ - $ - $ 86,753 —
Total liabilities 86,753 - - 86,753
FUND BALANCES
Reserved for maintenance of roadways - 459,431 - 459,431
Reserved for public safety - - 138,085 138,085
Reserved for culture and recreation 253,355 - - 253,355
Total fund balances 253,355 459,431 138,085 850,871 —
TOTAL LIABILITIES AND
FUND BALANCES $ 340,108 $ 459,431 $ 138,085 $ 937,624
(See independent auditor's report.) -
- 72 -
VILLAGE OF OAK BROOK, ILLINOIS
NONMAJOR GOVERNMENTAL FUNDS
_ COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
ti
For the Year Ended December 31, 2004
Special Revenue Funds Total
' Foreign Fire Nonmajor
Hotel/Motel Motor Fuel Insurance Governmental
Tax Tax Tax Funds
REVENUES
_. Intergovernmental $ - $ 248,355 $ 49,645 $ 298,000
Hotel/motel taxes 323,325 - - 323,325
Investment income 3.189 5,577 25 8,791
Total revenues 326,514 253,932 49,670 630,116
EXPENDITURES
Current
Public safety - - 18,071 18,071
Public works - 440.811 - 440,811
Culture and recreation 385,595 - - 385,595
Total expenditures 385,595 440,811 18.071 844,477
NET CHANGE IN FUND BALANCES (59,081) (186,879) 31,599 (214,361)
FUND BALANCES, JANUARY l 312.436 646,310 106.486 1,065,232
FUND BALANCES, DECEMBER 31 $ 253,355 $ 459,431 $ 138,085 $ 850,871
(See independent auditor's report.)
- 73 -
004
VILLAGE OF OAK BROOK,ILLINOIS
HOTEL/MOTEL FUND 'f
SCHEDULE OF REVENUES,EXPENDITURES AND
CHANGES IN FUND BALANCE-BUDGET AND ACTUAL
For the Year Ended December 31,2004
(With Comparative Actual)
2004 ..r
Variance
Original Final Over 2003
Budget Budget Actual (Under) Actual
REVENUES
Hotel/motel taxes $ 335,000 $ 335,000 $ 323,325 $ (11,675) $ 306,365
Investment income 5,000 5,000 3,189 (1,811) 5,356
Total revenues 340,000 340,000 326,514 (13,486) 311,721
EXPENDITURES
Current
Culture and recreation 462,600 462,600 385,595 (77,005) 389.488
Total expenditures 462,600 462,600 385,595 (77,005) 389,488
NET CHANGE IN FUND BALANCE $ (122,600) $ (122,600) (59,081) $ 63,519 (77,767)
FUND BALANCE,JANUARY l 312,436 390,203
FUND BALANCE,DECEMBER 31 $ 253,355 $ 312.436
(See independent auditor's report.)
-74-
VILLAGE OF OAK BROOK,ILLINOIS
MOTOR FUEL TAX FUND
SCHEDULE OF REVENUES,EXPENDITURES AND
CHANGES IN FUND BALANCE-BUDGET AND ACTUAL
For the Year Ended December 31,2004
(With Comparative Actual)
2004
Variance
._ Original Final Over 2003
Budget Budget Actual (Under) Actual
REVENUES
Intergovernmental $ 251,500 $ 251,500 $ 248,355 $ (3,145) $ 246,969
Investment income 5,000 5,000 5,577 577 9,361
Total revenues 256,500 256,500 253,932 (2,568) 256,330
EXPENDITURES
Current
Public works 643,000 643,000 440,811 (202,189) 279,743
Total expenditures 643,000 643,000 440,811 (202,189) 279,743
NET CHANGE IN FUND BALANCE $ (386,500) $ (386,500) (186,879) $ 199,621 (23,413)
FUND BALANCE,JANUARY 1 646,310 669,723
FUND BALANCE,DECEMBER 31 $ 459,431 $ 646,310
(See independent auditor's report.)
-75-
VILLAGE OF OAK BROOK,ILLINOIS
FOREIGN FIRE INSURANCE FUND
SCHEDULE OF REVENUES,EXPENDITURES AND
CHANGES IN FUND BALANCE-BUDGET AND ACTUAL
For the Year Ended December 31,2004
(With Comparative Actual)
2004 _
Variance
Original Final Over 2003
Budget Budget Actual (Under) Actual
REVENUES
Intergovernmental $ 317100 $ 31,100 $ 49,645 $ 18,545 $ 51,278
Investment income 500 500 25 (475) 398
Total revenues 31,600 31,600 49,670 18,070 51,676
EXPENDITURES
Current
Public safety 42,600 42,600 18,071 (24,529) 48,574
Total expenditures 42,600 42,600 18,071 (24,529) 48,574
NET CHANGE IN FUND BALANCE $ (11,000) $ (11,000) 31,599 $ 42,599 3,102
FUND BALANCE,JANUARY 1 106,486 103,384
FUND BALANCE,DECEMBER 31 $ 138,085 $ 106,486
(See independent auditor's report.) -
-76-
PROPRIETARY FUNDS
MAJOR ENTERPRISE FUNDS
VILLAGE OF OAK BROOK,ILLINOIS
WATERWORKS SYSTEM FUND
SCHEDULE OF REVENUES,EXPENSES AND
CHANGES IN NET ASSETS-BUDGET AND ACTUAL rft
For the Year Ended December 31,2004
(With Comparative Actual)
2004
Variance
Original Final Over 2003
Budget Budget Actual (Under) Actual
OPERATING REVENUES
Charges for services
Water sales $ 4,249,000 $ 4,249,000 $ 3,830,751 $ (418,249) $ 3,567,471
Unmetered sales 30,000 30,000 28,850 (1,150) 28,953
Water tap on charges 50,000 50,000 62,790 12,790 64,930
Fire service charges - - 9,486 9,486 -
Meter fees and special services 29,500 29,500 34,709 5,209 24,779
Miscellaneous 50,000 50,000 48,392 (1,608) 68,226
Total operating revenues 4,408,500 4,408,500 4,014,978 (393,522) 3,754,359
OPERATING EXPENSES
Operation of facilities 5,425,225 5,425,225 3,810,475 (1,614,750) 4,947,282
Depreciation and amortization - - 435,810 435,810 430,460
Total operating expenses 5,425,225 5,425,225 4,246,285 (1,178,940) 5,377,742
r
OPERATING INCOME(LOSS) (1,016,725) (1,016,725) (231,307) 785,418 (1,623,383)
NONOPERATING REVENUES ,.
(EXPENSES)
Investment income 43,000 43,000 30,009 (12,991) 48,868
Loss on sale of fixed assets - - - - (5,283)
Total nonoperating revenues
(expenses) 43,000 43,000 30,009 (12,991) 43,585
CHANGE IN NET ASSETS $ (973,725) $ (971725) (201,298) $ 772,427 (1,579,798)
NET ASSETS,JANUARY 1 16,023,329 15,596,058
Prior period adjustment - 2,007,069
NET ASSETS,JANUARY 1, ..�
RESTATED 16,023,329 17,603,127
NET ASSETS,DECEMBER 31 $ 15,822,031 $ 16,023,329
..r
(See independent auditor's report.)
- 77-
_ VILLAGE OF OAK BROOK,ILLINOIS
WATERWORKS SYSTEM FUND
—' SCHEDULE OF OPERATING EXPENSES-BUDGET AND ACTUAL
For the Year Ended December 31,2004
(With Comparative Actual)
2004
Variance
Original Final Over 2003
Budget Budget Actual (Under) Actual
OPERATING EXPENSES EXCLUDING
DEPRECIATION
Operation of facilities
Public works-water operations
Personnel $ 566,175 $ 564,820 $ 566,354 $ 1,534 $ 529,544
Materials and supplies 94,350 94,655 204,163 109,508 80,270
Operation and contractual 3,305,200 3,306,250 2,714,958 (591,292) 4,127,912
Reimbursements for general
fund services 325,000 325,000 325,000 - 286,000
Total public works-water
operations 4,290.725 4,290,725 3,810,475 (480,250) 5,023,726
Capital improvements
Capital outlay 1,134,500 1,134,500 494,258 (640,242) 58,576
Total capital improvements 1,134,500 1,134,500 494,258 (640,242) 58,576
TOTAL OPERATING EXPENSES
EXCLUDING DEPRECIATION-
BUDGETARY BASIS $ 5,425,225 $ 5,425,225 4,304,733 $ (1,120,492) 5,082,302
ADJUSTMENTS TO GAAP BASIS
Capital expenditures (494,258) (135,020)
Depreciation expense 366,950 361,600
Amortization expense 68,860 68,860
Total adjustments to GAAP basis (58,448) 295,440
TOTAL OPERATING EXPENSES $ 4,246.285 $ 5,377,742
(See independent auditor's report.)
-78-
VILLAGE OF OAK BROOK,ILLINOIS
SPORTS CORE FUND
SCHEDULE OF REVENUES,EXPENSES AND
CHANGES IN NET ASSETS-BUDGET AND ACTUAL '"►
For the Year Ended December 31,2004
(With Comparative Actual) ,,t
2004 •s
Variance
Original Final Over 2003
Budget Budget Actual (Under) Actual •�
OPERATING REVENUES
Charges for services
,w
Golf $ 2,186,710 $ 2,186,710 $ 2,125,578 $ (61,132) $ 2,063,144
Bath and tennis 326,215 326,215 306,720 (19,495) 303,701
Food and beverage 1,282,505 1,282,505 886,296 (396,209) 1,191,116
Total operating revenues 3,795,430 3,795,430 3,318,594 (476,836) 3,557,961
OPERATING EXPENSES
Golf club 1,480,690 1,525,820 1,504,713 (21,107) 1,352,858
Bath and tennis 953,145 908,015 565,042 (342,973) 797,040
Food and beverage 1,231,965 1,231,965 979,258 (252,707) 1,292,830
Depreciation - - 266,641 266,641 240,689
Total operating expenses 3,665,800 3,665,800 3,315,654 (350,146) 3,683,417
OPERATING INCOME(LOSS) 129,630 129,630 2,940 (126,690) (125,456)
NONOPERATING REVENUES
(EXPENSES)
Investment income 5,000 5,000 2,444 (2,556) 2,653
Interest expense (201,650) (201,650) (45,384) 156,266 (55,768)
Gain on sale of capital assets - - - - 621,753 •►
Total nonoperating revenues
(expenses) (196,650) (196,650) (42,940) 153,710 568,638
+a
CHANGE IN NET ASSETS $ (67,020) $ (67,020) (40,000) $ 27,020 443,182
NET ASSETS,JANUARY 1 10,298,766 10,102,570
Prior period adjustment - (246,986)
NET ASSETS,JANUARY 1,
RESTATED 10,298,766 9,855.584
NET ASSETS,DECEMBER 31 $ 10,258,766 S 10,298,766
(See independent auditor's report.)
-79-
VILLAGE OF OAK BROOK,ILLINOIS
SPORTS CORE FUND
SCHEDULE OF OPERATING REVENUES-BUDGET AND ACTUAL
For the Year Ended December 31,2004
(With Comparative Actual)
2004
Variance
Original Final Over 2003
Budget Budget Actual (Under) Actual
CHARGES FOR SERVICES
Golf
Fees $ 1,613,860 $ 1,613,860 $ 1,542,201 $ (71,659) $ 1,500,807
Golf surcharge 70,500 70,500 66,633 (3,867) 68,507
Memberships 320,700 320,700 302,425 (18,275) 295,553
Merchandise sales 181,650 181,650 214,319 32,669 191,321
Miscellaneous - - - - 6,956
Total golf 2,186,710 2,186,710 2,125,578 (61,132) 2,063,144
Bath and tennis
_ Fees 111,350 111,350 112,772 1,422 111,277
Memberships 206,765 206,765 192,865 (13,900) 177,005
Merchandise sales 3,200 3,200 794 (2,406) 3,861
Miscellaneous 4,900 4,900 289 (4,611) 11,558
Total bath and tennis 326,215 326,215 306,720 (19,495) 303,701
Food and beverage
Food sales 822,570 822,570 508,429 (314,141) 761,357
Beverage sales 370,435 370,435 313,541 (56,894) 341,908
Miscellaneous 89,500 89,500 64,326 (25,174) 87,851
Total food and beverage 1,282,505 1,282,505 886,296 (396,209) 1,191,116
_ TOTAL OPERATING REVENUES $ 3,795,430 $ 3,795,430 $ 3,318,594 $ (476,836) $ 3,557,961
(See independent auditor's report.)
- 80-
VILLAGE OF OAK BROOK,ILLINOIS
SPORTS CORE FUND
SCHEDULE OF OPERATING EXPENSES-BUDGET AND ACTUAL
For the Year Ended December 31,2004
(With Comparative Actual)
.r
2004
Variance
Original Final Over 2003
Budget Budget Actual (Under) Actual
OPERATING EXPENSES EXCLUDING
DEPRECIATION
Operations-golf club
Golf club general operations
Personnel $ 398,480 $ 398,480 $ 405,516 $ 7,036 $ 371,802
Materials and supplies 178,420 215,050 213,501 (1,549) 191,366
Operation and contractual 179,375 178,225 173,924 (4,301) 184,154
Total golf club general operations 756,275 791,755 792,941 1,186 747,322
Golf club range operations
Personnel 55,045 55,045 49,114 (5,931) 61,779
Materials and supplies 14,500 14,500 12,695 (1,805) 13,845 04
Operation and contractual 10,300 10,300 10,861 561 12,335
Total golf club range operations 79,845 79,845 72,670 (7,175) 87,959
Golf cart operations
Personnel 22,965 22,965 24,395 1,430 25,135
Materials and supplies 1,400 1,400 188 (1,212) 1,460
Operation and contractual 9,000 9,000 7,194 (1,806) 3,445
Total golf cart operations 33,365 33,365 31,777 (1,588) 30,040
r
Golf course maintenance
Personnel 447,055 447,055 451,004 3,949 410,021
Materials and supplies 133,150 140,300 139,492 (808) 44,344
Operation and contractual 31,000 33,500 16,829 (16,671) 33,172
Total golf course maintenance 611,205 620,855 607,325 (13,530) 487,537
Total operations-golf club 1,480,690 1,525,820 1,504,713 (21,107) 1,352,858
Operations-bath and tennis
General operations-Sports Core,Polo
and Open Fields
Personnel 325,465 308,630 217,447 (91,183) 296,258
Materials and supplies 21,100 30,935 35,067 4,132 36,099
Operation and contractual 119,685 126,685 88,602 (38,083) 156,982 •.
Total general operations 466,250 466,250 341,116 (125,134) 489,339
Swimming operations
Personnel 108,450 108,450 89,297 (19,153) 132,872
Materials and supplies 23,500 23,500 14,517 (8,983) 16,435
Operation and contractual 28,200 28,200 34,663 6,463 25,542
Total swimming operations 160,150 160,150 138,477 (21,673) 174,849
(This schedule is continued on the following page.)
-81 -
VILLAGE OF OAK BROOK,ILLINOIS
SPORTS CORE FUND
�. SCHEDULE OF OPERATING EXPENSES-BUDGET AND ACTUAL(Continued)
For the Year Ended December 31,2004
(With Comparative Actual)
r.
2004
Variance
Original Final Over 2003
Budget Budget Actual (Under) Actual
..r
OPERATING EXPENSES EXCLUDING
DEPRECIATION(Continued)
Operations-bath and tennis(Continued)
e- Tennis operations-outdoor
Personnel $ 75,895 $ 75,895 $ 64,188 $ (11,707) $ 82,787
Materials and supplies 9,000 9,000 2,555 (6,445) 7,880
Operation and contractual 15,850 15,850 11,292 (4,558) 18,301
1
Total tennis operations-outdoor 100,745 100,745 78,035 (22,710) 108,968
Total operations-bath and tennis 727,145 727,145 557,628 (169,517) 773,156
Food and beverage
Personnel 626,415 616,865 529,796 (87,069) 600,429
Materials and supplies 434,450 435,050 320,143 (114,907) 513,158
Operation and contractual 171,100 180,050 129,319 (50,731) 179,243
Total food and beverage 1,231,965 1,231,965 979,258 (252,707) 1,292,830
Capital outlay 226,000 180,870 81,914 (98,956) 76,390
TOTAL OPERATING EXPENSES-
BUDGETARY BASIS $ 3,665,800 $ 3,665,800 3,123,513 $ (542,287) 3,495,234
ADJUSTMENTS TO GAAP BASIS
Capital expenditures (74,500) (52,506)
Depreciation expense 266,641 240,689
Total adjustments to GAAP basis 192,141 188,183
TOTAL OPERATING EXPENSES $ 3,315,654 $ 3,683,417
v
r.
•.r
(See independent auditor's report.)
-82-
INTERNAL SERVICE FUNDS
Self-Insurance Fund -to account for all costs associated with self-insurance risks for employee
health and dental insurance.
Garage Fund - to account for all costs associated with the operation and maintenance of the
Village's vehicle fleet equipment.
Capital Replacement Fund -to account for revenues and expenditures relative to the replacement
of major capital equipment, primarily vehicles.
VILLAGE OF OAK BROOK, ILLINOIS
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF NET ASSETS
December 31, 2004
Self- Capital
Insurance Garage Replacement Total
CURRENT ASSETS
Cash and investments $ 82,708 $ 74,419 $ 2,453,886 $ 2,611,013
Receivables
Accrued interest - - 786 786
Other 355,040 100 - 355,140
Inventories - 37,361 - 37,361
Total current assets 437,748 111,880 2,454,672 3,004,300
CAPITAL ASSETS
Depreciable, net of —
accumulated depreciation - 5,299 2,128,661 2,133,960
Net capital assets - 5,299 2,128,661 2,133,960
Total assets 437,748 117,179 4,583,333 5,138,260
CURRENT LIABILITIES
Accounts payable - 6,250 6,000 12,250
Accrued payroll - 8,231 - 8,231 ..
Compensated absences payable - 10,467 - 10,467
Claims payable 427,000 - - 427,000
v
Total current liabilities 427,000 24,948 6..000 457,948
NET ASSETS
Invested in capital assets, net
of related debt - 5,299 2,128,661 2,133,960
Unrestricted 10,748 86,932 2,448,672 2,546,352
TOTAL NET ASSETS $ 10,748 $ 92,231 $ 4,577,333 $ 4,680,312
(See independent auditor's report.) -t
- s3 -
VILLAGE OF OAK BROOK, ILLINOIS
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF REVENUES,EXPENSES
AND CHANGES IN NET ASSETS
For the Year Ended December 31,2004
_ Self- Capital
Insurance Garage Replacement Total
ti.
OPERATING REVENUES
Charges for services $ 2,035,103 $ 469,100 $ 50,600 S 2.554,803
Total operating revenues 2,035,103 469,100 50,600 2.554,803
OPERATING EXPENSES
*' Claims and insurance 2,387,418 - - 2,387,418
Garage operations - 456,211 - 456,211
Miscellaneous - - 38,341 38,341
Depreciation - 9,878 315,614 325,492
Total operating expenses 2,387,418 466,089 353,955 3,207,462
v
OPERATING INCOME(LOSS) (352,315) 3,011 (303,355) (652,659)
NONOPERATING REVENUES (EXPENSES)
Miscellaneous income - 839 - 839
Investment income 3,866 898 27,458 32,222
Gain on sale of capital assets - - 8.458 8,458
Total nonoperating revenues (expenses) 3,866 1,737 35,916 41,519
`.. CHANGE IN NET ASSETS (348,449) 4,748 (267,439) (611,140)
NET ASSETS,JANUARY 1 359,197 87,483 4,844,772 5,291,452
NET ASSETS,DECEMBER 31 S 10.748 S 92,231 S 4.577,333 S 4,680,312
1
�1
tt
(See independent auditor's report.)
-84-
VILLAGE OF OAK BROOK,ILLINOIS
INTERNAL SERVICE FUNDS •.
COMBINING STATEMENT OF CASH FLOWS
For the Year Ended December 31,2004
Self- Capital
Insurance Garage Replacement Total
CASH FLOWS FROM OPERATING ACTIVITIES •`►
Receipts from internal services transactions $ 1,430,602 $ 469,022 $ 50,600 $ 1,950,224
Receipts from miscellaneous revenue 604,501 839 - 605,340
Payments to suppliers (2,541,258) (301,214) (38,341) (2,880,813)
Payments to employees - (161,697) - (161.697)
Net cash from operating activities (506,155) 6,950 12,259 (486,946)
CASH FLOWS FROM NON-CAPITAL
FINANCING ACTIVITIES
None - - - -
Net cash from non-capital financing activities - - - -
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Purchase of capital assets - - (368,593) (368,593)
Proceeds from sale of capital assets - - 8,458 8,458
Net cash from capital and
related financing activities - (360.135) (360.135)
CASH FLOWS FROM INVESTING ACTIVITIES —
Purchase ofinvestments - - (11,548) (11,548)
Interest received 3,866 898 30.239 35.003
Net cash from investing activities 3,866 898 18.691 23,455 `
NET INCREASE(DECREASE)IN
CASH AND CASH EQUIVALENTS (502,289) 7,848 (329,185) (823,626)
�r
CASH AND CASH EQUIVALENTS,
JANUARY 1 584,997 66,571 1,737,556 2,389,124
CASH AND CASH EQUIVALENTS,
DECEMBER 31 $ 82,708 $ 74,419 $ 1,408,371 $ 1,565,498
CASH AND INVESTMENTS
Cash and cash equivalents $ 82,708 S 74,419 $ 1,408,371 $ 1,565,498
Investments - - 1,045,515 1,045,515
TOTAL CASH AND INVESTMENTS $ 82.708 S 74.419 S 2.453.886 S 2.611.013
NONCASH TRANSACTIONS
Capital assets included in prior year prepaid expenses $ - S - $ 380,000 $ 380,000
Capital assets included in accounts payable - - 6,000 6,000
Unrealized gain(loss)on investments - - (2,525) (2,525)
TOTAL NONCASH TRANSACTIONS $ - $ - $ 383,475 $ 383,475
(This statement is continued on the following page.) -�
-85-
VILLAGE OF OAK BROOK,ILLINOIS
INTERNAL SERVICE FUNDS
ti COMBINING STATEMENT OF CASH FLOWS(Continued)
For the Year Ended December 31,2004
Self Capital
Insurance Garage Replacement Total
RECONCILIATION OF OPERATING INCOME
(LOSS)TO NET CASH FLOWS FROM
�- OPERATING ACTIVITIES
Operating income(loss) $ (352,315) $ 3.011 $ (303,355) $ (652,659)
Depreciation 9,878 315,614 325,492
Miscellaneous income 839 - 839
Adjustments to reconcile operating income
(loss)to net cash from operating activities
Changes in assets and liabilities
r, Accounts receivable (355,040) (78) - (355,118)
Inventories - 9,177 - 9,177
Accounts payable - (14,213) - (14,213)
Accrued payroll and compensated absences - (1,664) - (1,664)
Claims payable 201,200 - - 201,200
NET CASH FROM OPERATING ACTIVITIES $ (506,155) $ 6,950 $ 12,259 $ (486,946)
w
r
(See independent auditor's report.)
-86-
VILLAGE OF OAK BROOK,ILLINOIS
SELF-INSURANCE FUND ..
SCHEDULE OF REVENUES,EXPENSES AND
CHANGES IN NET ASSETS-BUDGET AND ACTUAL
For the Year Ended December 31,2004
(With Comparative Actual) rt
2004
Variance
Original Final Over 2003
Budget Bud2ct Actual (Under) Actual ,r
OPERATING REVENUES
Charges for services $ 1,961,600 $ 1,961,600 $ 2,035,103 $ 73,503 $ 1,837,129
Total operating revenues 1,961,600 1,961,600 2,035,103 73,503 1,837,129
OPERATING EXPENSES
Claims and insurance
Insurance and administration 326,880 326,880 292,914 (33,966) 264,905
Health claims 1,450,000 1,920,538 1,962,923 42,385 1,229,041
Dental claims 140,000 140,000 131,581 (8,419) 132,952
Total operating expenses 1,916,880 2,387,418 2,387,418 - 1,626,898
•.r
OPERATING INCOME(LOSS) 44,720 (425,818) (352,315) 73,503 210,231
NONOPERATING REVENUES
(EXPENSES)
Investment income 4,000 4,000 3,866 (134) 3,687
Total nonoperating revenues _
(expenses) 4,000 4,000 3,866 (134) 3,687
CHANGE IN NET ASSETS $ 48,720 $ (421,818) (348,449) $ 73,369 213,918
NET ASSETS,JANUARY 1 359,197 145,279
NET ASSETS,DECEMBER 31 $ 10,748 $ 359,197
(See independent auditor's report.)
- 87-
VILLAGE OF OAK BROOK,ILLINOIS
GARAGE FUND
SCHEDULE OF REVENUES,EXPENSES AND
CHANGES IN NET ASSETS-BUDGET AND ACTUAL
For the Year Ended December 31,2004
(With Comparative Actual)
2004
Variance
Original Final Over 2003
- Budget Budget Actual (Under) Actual
OPERATING REVENUES
Charges for services $ 469,100 $ 469,100 $ 469,100 $ - $ 469,100
Total operating revenues 469,100 469,100 469,100 - 469,100
OPERATING EXPENSES EXCLUDING
DEPRECIATION
Garage operations
Personnel 174,190 168,310 160,035 (8,275) 161,038
Materials and supplies 120,845 120,845 134,694 13,849 110,644
Operations and contractual 125,520 150,840 161,482 10,642 160,713
Capital outlay 8,000 8,000 - (8,000) 933
Total operating expenses
excluding depreciation 428,555 447,995 456,211 8,216 433,328
OPERATING INCOME 40,545 21,105 12,889 8,216 35,772
NONOPERATING REVENUES
(EXPENSES)
_ Miscellaneous income - - 839 839 -
Investment income 1,000 1,000 898 (102) -
Total nonoperating revenues
(expenses) I,000 1,000 1,737 737 -
NET INCOME BEFORE TRANSFERS 41,545 22,105 14,626 (7,479) 35,772
TRANSFERS(OUT) (22,250) (22,250) - 22,250 (200,000)
CHANGE IN NET ASSETS-
BUDGETARY BASIS $ 19,295 $ (145) 14,626 $ 14,771 (164,228)
ADJUSTMENTS TO GAAP BASIS
Depreciation expense (9,878) (7,346)
Total adjustments to GAAP basis (9,878) (7,346)
CHANGE IN NET ASSETS-GAAP BASIS 4,748 (171,574)
NET ASSETS,JANUARY 1 87,483 250,612
Prior period adjustment - 8,445
NET ASSETS,JANUARY 1,RESTATED 87,483 259,057
NET ASSETS,DECEMBER 31 $ 92,231 $ 87,483
(See independent auditor's report.)
-88-
VILLAGE OF OAK BROOK,ILLINOIS
CAPITAL REPLACEMENT FUND
SCHEDULE OF REVENUES,EXPENSES AND
CHANGES IN NET ASSETS-BUDGET AND ACTUAL _
For the Year Ended December 31,2004
(With Comparative Actual)
2004 _
Variance
Original Final Over 2003
Budget Budget Actual (Under) Actual
OPERATING REVENUES
Charges for services $ 50,600 $ 50,600 $ 50,600 $ - $ 48,100
Total operating revenues 50,600 50,600 50,600 - 48,100
OPERATING EXPENSES EXCLUDING
DEPRECIATION _
Capital outlay 709,750 709,750 678,201 (31,549) 371.705
Total operating expenses
excluding depreciation 709,750 709,750 678,201 (31,549) 371,705 �.
OPERATING INCOME(LOSS) (659,150) (659,150) (627,601) (31,549) (323,605)
NONOPERATING REVENUES
(EXPENSES)
Investment income 58,445 58,445 27,458 (30,987) 39,686
Gain on sale of capital assets 15,000 15,000 8,458 (6,542) 7,546
Total nonoperating revenues
(expenses) 73,445 73,445 35.916 (37,529) 47,232
CHANGE IN NET ASSETS-
BUDGETARY BASIS $ (585,705) $ (585,705) (591,685) $ (5,980) (276,373)
ADJUSTMENTS TO GAAP BASIS
Capital expenditures 639,860 362,001
Depreciation expense (315,614) (302,300)
Total adjustments to GAAP basis 324.246 59,701
CHANGE IN NET ASSETS-GAAP BASIS (267,439) (216,672)
r
NET ASSETS,JANUARY 1 4,844,772 4,922,931
Prior period adjustment - 138.513
NET ASSETS,JANUARY 1,RESTATED 4,844,772 5.061.444
NET ASSETS,DECEMBER 31 $ 4,577,333 S 4.844.772 _
(See independent auditor's report.)
- 89-
SCMIA AHVIXIGIA
PENSION TRUST FUNDS
Police Pension Fund -to account for the accumulation of resources to pay pension costs.
Resources are contributed by sworn police personnel at rates fixed by State Statutes and by the
Village as a percentage of payroll based upon an annual actuarial valuation.
_ Firefighters' Pension Fund -to account for the accumulation of resources to pay pension costs.
Resources are contributed by sworn fire personnel at rates fixed by State Statutes and by the
Village as a percentage of payroll based upon an annual actuarial valuation.
VILLAGE OF OAK BROOK, ILLINOIS
FIDUCIARY FUNDS
COMBINING STATEMENT OF PLAN NET ASSETS —
December 31, 2004
Pension Trust —
Police Firefighters'
Pension Pension Total
ASSETS
Cash $ 344,750 $ 227,883 $ 572,633 _
Investments
Illinois Funds 24,065 319,863 343,928
Certificates of Deposit 100,154 - 100,154 —
U.S. Treasury Securities 3,525,734 1,941,113 5,466,847
U.S. Agency Securities 9,344,899 6,567,503 15,912,402
State and Local Obligations 1,212,399 921,479 2,133,878
Mutual Funds 9,482,425 9,331,550 18,813,975
Accrued interest receivable 126,332 87,940 214,272
Total assets 24,160,758 19,397,331 43,558,089
LIABILITIES —
Accounts payable 3,316 2,054 5,370
Total liabilities 3,316 2,054 5,370 —
NET ASSETS HELD IN TRUST —
FOR PENSION PLAN BENEFITS $ 24,157,442 $ 19,395,277 $ 43,552,719
(See independent auditor's report.) .-
- 90 -
VILLAGE OF OAK BROOK, ILLINOIS
FIDUCIARY FUNDS
COMBINING STATEMENT OF CHANGES IN PLAN NET ASSETS
For the Year Ended December 31, 2004
Pension Trust
_ Police Firefighter's
Pension Pension Total
ADDITIONS
Contributions
Employer contributions $ 449,652 $ 490,612 $ 940,264
Employee contributions 271,295 200,477 471,772
Total contributions 720,947 691,089 1,412,036
Investment income
Net appreciation in
fair value of investments 1,087,899 1,141,704 2,229,603
Interest 726,990 357,551 1,084,541
Total investment income 1,814,889 1,499,255 3,314,144
Less investment expense (43,108) (28,981) (72,089)
Net investment income 1,771,781 1,470,274 3,242,055
Total additions 2,492,728 2,161,363 4,654,091
_ DEDUCTIONS
Benefits and refunds 1,103,002 986,709 2,089,711
Administrative 22,835 34,148 56,983
Total deductions 1,125,837 1,020,857 2,146,694
NET INCREASE 1,366,891 1,140,506 2,507,397
NET ASSETS HELD IN TRUST
FOR PENSION BENEFITS
January 1 22,790,551 18,254,771 41,045,322
December 31 $ 24,157,442 $ 19,395,277 , $ 43,552,719
(See independent auditor's report.)
- 91 -
VILLAGE OF OAK BROOK,ILLINOIS
POLICE PENSION FUND
SCHEDULE OF CHANGES IN PLAN NET ASSETS -BUDGET AND ACTUAL
For the Year Ended December 31,2004
(With Comparative Actual)
2004 _
Variance
Original Final Over 2003
Budget Budget Actual (Under) Actual
ADDITIONS
Contributions
Employer contributions $ 494,590 $ 494,590 $ 449,652 $ (44,938) $ 483,197 +.
Employee contributions 288,300 288,300 271,295 (17,005) 279,774
Total contributions 782,890 782,890 720,947 (61,943) 762,971
Investment income
Net appreciation in
fair value of investments - - 1,087,899 1,087,899 1,783,951
Interest 1,589,000 1,589,000 726,990 (862,010) 667,809
Total investment income 1,589,000 1,589,000 1,814,889 225,889 2,451,760 _
Less investment expense (55,500) (55,500) (43,108) 12,392 (36,844)
Net investment income 1,533,500 1,533,500 1,771,781 238,281 2,414,916 _
Total additions 2,316,390 2,316,390 2,492,728 176,338 3,177,887
DEDUCTIONS
Benefits and refunds 1,063,000 1,105,000 1,103,002 (1,998) 883,057
Administrative 9,915 12,475 22,835 10,360 25,364 •,
Total deductions 1,072,915 1,117.1475 1,125,837 8.362 908,421
NET INCREASE $ 1,243,475 $ 1,198,915 1,366,891 $ 167,976 2,269,466
NET ASSETS HELD IN TRUST
FOR PENSION BENEFITS
January 1 22,790,551 20,521,085
December 31 $ 24..157,442 $ 22,790,551
(See independent auditor's report.)
-92-
VILLAGE OF OAK BROOK,ILLINOIS
FIREFIGHTERS'PENSION FUND
SCHEDULE OF CHANGES IN PLAN NET ASSETS-BUDGET AND ACTUAL
For the Year Ended December 31,2004
�- (With Comparative Actual)
2004
Variance
Original Final Over 2003
Budget Budget Actual (Under) Actual
ADDITIONS
Contributions
Employer contributions $ 532,675 $ 532,675 $ 490,612 $ (42,063) $ 481,887
Employee contributions 195,800 195,800 200,477 4,677 176,151
Total contributions 728,475 728,475 691,089 (37,386) 658,038
Investment income
Net appreciation in
fair value of investments - - 1,141,704 1,141,704 2,066,820
Interest 1,305,800 1,305,800 357,551 (948,249) 316,352
Total investment income 1,305,800 1,305,800 1,499,255 193,455 2,383,172
Less investment expense (73,750) (73,750) (28,981) 44,769 (44,798)
Net investment income 1,232,050 1,232,050 1,470,274 238,224 2,338,374
Total additions 1,960,525 1,960,525 2,161,363 200,838 2,996,412
DEDUCTIONS
Benefits and refunds 1,074,000 1,070,345 986,709 (83,636) 945,914
Administrative 7.865 11,520 34,148 22,628 36,344
Total deductions 1.081,865 1,081,865 1,020,857 (611,008) 982,258
NETINCREASE $ 878,660 $ 878,660 1,140,506 $ 261.846 2,014,154
�. NET ASSETS HELD IN TRUST
FOR PENSION BENEFITS
January 1 18,254,771 16,240,617
December 31 $ 19,395,277 $ 18,254,771
(See independent auditor's report.)
-93 -
LONG-TERM DEBT PAYABLE BY GOVERNMENTAL FUNDS
LONG-TERM DEBT PAYABLE BY GOVERNMENTAL FUNDS
To account for the noncurrent portion of the Village's compensated absences and installment
contract payable from Governmental Funds.
MM
VILLAGE OF OAK BROOK, ILLINOIS
LONG-TERM DEBT PAYABLE BY GOVERNMENTAL FUNDS
SCHEDULE OF GENERAL LONG-TERM DEBT
December 31,2004
..
Compensated Installment
Absences Contract Totals
AMOUNT AVAILABLE AND TO BE
PROVIDED FOR THE RETIREMENT
OF GENERAL LONG-TERM DEBT
r
Amount available for debt service $ - $ - $ -
Amount to be provided for retirement .�
of general long-term debt 768,206 3,195,000 3,963,206
TOTAL $ 768.206 $ 3,195,000 $ 3,963,206
GENERAL LONG-TERM --
DEBT PAYABLE
Compensated absences $ 768,206 $ - $ 768,206 —
Installment contract payable - 3,195,000 3,195,000
TOTAL $ 768.206 $ 3,195,000 $ 3,963,206
(See independent auditor's report.) r
- 94 -
STATISTICAL SECTION
VILLAGE OF OAK BROOK, ILLINOIS
GOVERNMENT-WIDE REVENUES
Last Two Fiscal Years
2004 2003
PROGRAM REVENUES
Charges for services $ 9,396,353 $ 9,108,134
Operating grants 252,129 248,778
Capital grants 151,203 62,201
GENERAL REVENUES
Taxes 17,374,010 15,439,260
Investment income 137,322 210,003
Donations - 410,000
Miscellaneous 2,016 60,071
Gain on sale of capital assets - 616,470
TOTAL REVENUES $ 27.313,033 $ 26,154,917
NOTE: The Village implemented GASB 5-34 for the fiscal year ended December 31, 2003.
Data Source
Village Records
- 95 -
VILLAGE OF OAK BROOK, ILLINOIS
GOVERNMENT-WIDE EXPENSES BY FUNCTION
Last Two Fiscal Years —
2004 2003
GOVERNMENTAL ACTIVITIES
General government $ 5,219,020 $ 4,934,634
Public safety 9,384,398 9,507,203
Public works 3,739,706 2,993,872
Culture and recreation 1,703,244 1,642,384
Interest 158,552 168,863
Total governmental activities 20,204,920 19,246,956
BUSINESS-TYPE ACTIVITIES
Water and sewer 4,307,091 5,350,750
Sports Core 3,361,038 3,739,185
Total business-type activities 7,668,129 9,089,935
TOTAL PRIMARY GOVERNMENT $ 27,873,049 $ 28,336,891
NOTE: The Village implemented GASB S-34 for the fiscal year ended December 31, 2003.
Data Source
Village Records
- 96 -
r r r i r r r r r r r r t
VILLAGE OF OAK BROOK,ILLINOIS
GENERAL GOVERNMENTAL REVENUES BY SOURCE
Last Ten Fiscal Years
Fiscal Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Intergovernmental $ 12,106,579 $ 12,149,759 $ 12,282,960 $ 12,251,058 $ 12,598,948 $ 11,983,169 $ 10,665,042 $ 12,015,110 $ 10,943,766 $ 11,850,802
Non-home rule sales tax - - - - - - - - - 1,304,467
Property taxes 5,410 - - - - - - - - -
Utility taxes 1,873,147 1,956,984 1,989,147 1,692,113 1,715,573 2,326,035 3,351,774 4,422,058 4,500,108 4,298,744
Hotel/motel taxes 274,041 290,198 312,383 330,953 338,951 353,692 308,101 297,911 306,365 323,325
Licenses and permits 477,624 374,617 404,998 391,789 432,724 623,858 324,131 468,403 570,261 741,528
Service charges 336,146 423,139 305,137 364,650 425,752 389,557 374,409 560,204 703,634 745,027
Fines and penalties 220,593 211,809 214,086 222,239 198,769 223,462 300,311 311,750 353,513 401,616
Investment income 713,992 784,652 983,733 1,043,142 849,568 1,347,175 1,135,564 486,149 158,482 104,869
Miscellaneous 253,327 296,482 246,490 603,548 665,606 1,679,561 497,185 125,766 638,477 176,630
TOTAL REVENUES $ 16,260,859 $ 16,487,640 $ 16,738,934 $ 16,899,492 $ 17,225,891 $ 18,926,509 $ 16,956,517 $ 18,687,351 $ 18,174,606 $ 19,947,008
NOTE: Includes General,Special Revenue,Debt Service and Capital Projects Funds.
Data Source
Village Records
-97-
VILLAGE OF OAK BROOK,ILLINOIS
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION
Last Ten Fiscal Years
Fiscal Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
General government $ 2,329,107 $ 2,596,032 $ 3,402,007 $ 3,307,267 $ 4,032,865 $ 5,114,712 $ 11,569,493 $ 10,847,376 $ 5,921,350 $ 5,144,466
Public safety 6,685,874 6,786,918 6,847,213 7,017,793 7,443,818 8,228,147 8,976,293 9,269,396 9,537,454 9,590,916
Public works 3,363,157 3,097,906 3,680,666 4,050,672 3,811,388 3,368,331 3,782,110 2,689,909 2,311,253 3,033,968
Culture and recreation 539,734 726,820 1,010,800 1,056,802 1,144,361 1,104,942 1,245,024 1,603,019 1,554,606 1,563,457
Debt service - - - - - - - - - -
TOTAL EXPENDITURES $ 12,917,872 $ 13,207,676 $ 14,940,686 $ 15,432,534 $ 16,432,432 $ 17,816,132 $ 25,572,920 $24,409,700 $ 19,324,663 $ 19,332,807
NOTE: Includes General,Special Revenue,Debt Service and Capital Projects Funds.
Data Source
Village Records
-98-
j
VILLAGE OF OAK BROOK, ILLINOIS
PROPERTY TAX LEVIES AND COLLECTIONS
Last Ten Fiscal Years
Percent
Tax Total Total of Total Tax
Fiscal Levy Tax Tax Collections to
Year Year Levy Collection Tax Levy
1995 1994 $ - $ - N/A
1996 1995 - - N/A
1997 1996 - - N/A
1998 1997 - - N/A
1999 1998 - - N/A
2000 1999 - - N/A
2001 2000 - - N/A
2002 2001 - - N/A
2003 2002 - - N/A
2004 2003 - - N/A
NOTE: The Village has levied property taxes for debt service purposes only. The
levies were abated by $300,000 paid by the General Fund for 1984-1988, by $300,000
in 1989 paid for by the Debt Service Fund and by $290,000 paid for by the Debt
Service Fund in 1993. All debt was retired in 1994.
Data Source
Village Records
- 99 -
VILLAGE OF OAK BROOK,ILLINOIS
Oft
ASSESSED AND ESTIMATED ACTUAL VALUE
OF TAXABLE PROPERTY
Last Ten Levy Years
i
Real Property Ratio of
Estimated Total Assessed
Tax Assessed Actual Value to
Levy Value Value Total Estimated
Year (in thousands) (in thousands) Actual Value
1994 $ 887,591 $ 2,662,773
1995 905,788 2,717,364 33.33
1996 938,948 2,816,844 33.33
1997 972,447 2,917,341
1998 1,005,097 3,015,291 33.33
1999 1,045,985 3,137,955 33.33
2000 1,100,468 3,301,404 33.33
2001 1,181.481 3,544,443 33.33
2002 1,293,804 3,881,412 33.33
2003 1,327,100 3,981.300 33.33
Data Source —
Office of the County Clerk _
- 100 -
VILLAGE OF OAK BROOK, ILLINOIS
PROPERTY TAX RATES-DIRECT AND OVERLAPPING GOVERNMENTS
Last Ten Levy Years
Tax Levy Year 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
TAX RATES
Village of Oak Brook - - - - - - - - - -
Basic Town 0.8089 0.7141 0.6095 0.6072 0.5834 0.5601 0.5379 0.5072 0.4685 0.4375
Junior College#502 0.2068 0.2062 0.2053 0.2042 0.2027 0.2006 0.1966 0.1930 0.2179 0.2097
Grade School#53 1.0763 1.0605 1.0458 1.0362 1.0237 0.9862 0.9689 0.9476 0.8877 0.8984
High School#86 1.6122 1.5907 1.4944 1.4885 1.5258 1.4881 1.4367 1.4250 1.3858 1.3094
Oak Brook Park District 0.2064 0.2045 0.1997 0.1932 0.1911 0.1877 0.1674 0.1538 0.1667 0.1666
TOTAL TAX RATES 3.9106 3.7760 3.5547 3.5293 3.5267 3.4227 3.3075 3.2266 3.1266 3.0216
NOTE: Includes all county, forest preserve and water commission rates. Property tax rates are per$100 of assessed valuation.
Data Source
Office of the County Clerk
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VILLAGE OF OAK BROOK, ILLINOIS
SCHEDULE OF DIRECT AND OVERLAPPING BONDED DEBT
December 31, 2004 —
(2)
*Percentage
(1) of Debt (3) _
Gross Applicable to **Government's
Governmental Unit Bonded Debt Government Share of Debt
Village of Oak Brook $ - 100.00 $ -
DuPage County 204,155,000 4.36 8,910,219
DuPage Forest Preserve 194,996,835 4.36 8,510,517 _
DuPage Water Commission 75,465,000 4.56 3,444,564
Park Districts 2,625,000 73.66 1,933.,495
Elementary School Districts 90,464,000 3.92 3,549,272
High School Districts 94,728,627 7.60 7,195,081
Junior Collece 502 118,405,000 3.98 4,714,583
Unit District 205 84,750,000 7.21 6,113,433 _
TOTAL $ 865,589,462 $ 44,371..164
* Determined by ratio of assessed value of property subject to taxation in overlapping
unit to value of property subject to taxation in the Village of Oak Brook, Illinois.
** Amount in column (2) multiplied by amount in column (1). -
Totals may not be exact due to rounding.
Data Source
Office of the County Clerk `
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I I I - { r r f
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF BOND COVERAGE
WATERWORKS SYSTEM BONDS
Last Ten Fiscal Years
Fiscal Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Gross revenue $ 3,973,247 $ 3,393,279 $ 3,432,412 $ 3,511,768 $ 3,631,527 $ 3,599,840 $ 3,421,386 $ 3,683,958 $ 3,754,359 $ 4,014,978
Expenses 3,827,515 3,766,251 3,268,633 3,364,481 4,038,892 3,970,741 3,930,927 4,207,445 4,947,282 3,810,475
NET REVENUE AVAILABLE
FOR DEBT SERVICE $ 145,732 $ (372,972) $ 163,779 $ 147,287 $ (407,365) $ (370,901) $ (509,541) $ (523,487) $ (1,192,923) $ 204,503
DEBT SERVICE REQUIREMENTS
Principal $ 250,000 $ 275,000 $ - $ - $ - $ - $ - $ - $ - $ -
Interest 16,000 5,500 - - - - - - -
TOTAL DEBT SERVICE $ 266,000 $ 280,500 $ - $ - $ - $ - $ - $ - $ $
COVERAGE 0.55 (1.33) - - - - - - -
Data Source
Village Records
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VILLAGE OF OAK BROOK, ILLINOIS
DEMOGRAPHIC STATISTICS
December 31, 2004
(2) (2)
Per (2) Unemploy-
Fiscal (1) Capita Median ment
Year Population Income Age Percentage
1970 4,164 $ 8,997 34 0.07% —
1984 7,263 22,737 39 3.14
1989 9,151 26,818 41 2.05
1992 9,087 60,347 42 5.70
2000 8,702 76,668 50 3.60 —
Data Sources --
(1) U.S. Census Bureau
(2) Illinois Department of Bureau of Labor Statistics
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VILLAGE OF OAK BROOK, ILLINOIS
PROPERTY VALUE AND CONSTRUCTION
Last Ten Fiscal Years
(1) (1)
Commercial Residential
Property Construction Construction
_ Fiscal Value Number Value Number Value
Year (In Thousands) of Units (In Thousands) of Units (In Thousands)
1995 $ 2,662,773 2 $ 4,000 10 $ 10,000
1996 2,717,364 2 12,345 22 14,035
1997 2,816,844 2 7,980 22 11,533
1998 2,917,341 4 16,655 32 20,047
1999 3,015,291 5 29,983 22 9,894
2000 3,137,955 1 2,000 37 31,587
2001 3,301,404 2 16,246 37 27,972
2002 3,544,443 0 0 32 22,614
2003 3,881,412 0 0 30 19,561
2004 3,981,299 3 18,250 27 19,418
Data Source
(1) Village Records
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VILLAGE OF OAK BROOK, ILLINOIS
PRINCIPAL TAXPAYERS
December 31, 2004 —
Percentage
2003 of Total
Assessed Assessed
Taxpayers Type of Business Valuation Valuation
Oakbrook Shopping Center, LLC Shopping Center $ 82,864,570 6.24%
McDonald's Corporation Office Buildings 39,125,630 2.95% _
Equity Office Properties Office Buildings 26,110,240 1.97%
D&T Office Buildings 18,490,860 1.39%
SFERS Real Estate Group Executive Towers 14,705,060 1.11% —
Carramerica Office Buildings 12,473,090 0.94%
Rouse Company Hotel 12,243,380 0.92%
Equity Office Property Office Building 10,945,810 0.83%
2211-15 York Rd LLC Office Buildings 9,874,470 0.74%
The John Buck Company Office Building 9,847,430 0.74%
$ 236,680.540 17.83%
Data Source _
Office of the County Clerk
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VILLAGE OF OAK BROOK, ILLINOIS
SCHEDULE OF INSURANCE IN FORCE
_ December 31, 2004
Insurance Coverage Amount of
Type of Insurance Company Expires Coverage
Village Manager's Bond Intergovernmental Risk Management Agency 12/31/04 $ 150,000
Treasurer's Bond Intergovernmental Risk Management Agency 12/31/04 100,000
Host Liquor Liability Lloyds of London Insurance Company 11/24/05 1000,000
Contingent Business
Interruption Insurance
for Loss of Sales Tax Revenues Intergovernmental Risk Management Agency 12/31/04 7,000,000
The Village entered into a contractual agreement with 14 other municipalities to form the Intergovernmental Risk
Management Agency(IRMA),which through its risk-sharing provisions,provides the Village with its insurance
coverage for liability,property damage,workmens'compensation and surety risks not covered by the Village's
Treasurers'or Village Manager's Bond. The Village's contribution to this cooperative agency was determined
by the pro rata share for each municipality's audited expenses and create sufficient reserves for claim payments
and the purchase of excess insurance. The Village's deductible is$2,500 per occurrence. IRMA is required to pay
up to$250,000 per occurrence for loss or injury within the scope of its self-insurance coverage for property claims
and up to$10,000,000 for general liability and auto liability. IRMA has also purchased excess catastrophe insurance
over the amount of its obligations and aggregate stop loss insurance. The amount of excess insurance is
$7,000,000 per occurrence for liability claims and$1,000,000,000 for property claims. As of December 31, 2004,
IRMA members totaled 76 municipalities.
Data Source
Village Records,IRMA
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VILLAGE OF OAK BROOK, ILLINOIS
MISCELLANEOUS STATISTICS
December 31,2004
Date of Incorporation February 21, 1958 --
Form of Government Seven-member Board of Trustees, including President:
Village Manager appointed by Board of Trustees --
Area 8.5 Square Miles
Miles of Streets 48 miles
Number of Street Lights 565 _
Fire Protection
Number of stations 2
Number of firefighters 33
Number of paid on call firefighters 6
Police Protection —
Number of stations 1
Number of policemen and officers 45
Detention facilities
Juvenile 2
Adult 2
Education
Attendance centers 2
Number of teachers 76
Number of students 489
Municipal Water Department
Number of customers 5,557
Total water pumped(in thousands) 1,382,000 gallons
Average daily consumption 3.786 million gallons
Miles of water mains 115
Building permits issued 891
Recreation
Oak Brook Sports Core-
269 acres including Bath and Tennis club and 18 hole golf course _
Oak Brook Park District
110 acres including indoor tennis, outdoor tennis, and recreation and aquatics center
DuPage County Forest Preserve
449 acres
(This schedule is continued on the following page.)
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VILLAGE OF OAK BROOK,ILLINOIS
MISCELLANEOUS STATISTICS (Continued)
December 31,2004
Culture
Number of libraries 1
Number of books,audiovisual materials, and other collection items 89,292
Census data
1960 324
1970 4,164
1975 5,281
1980 6,641
1984 7,263
1990 9,087
2000 8,702
Employees
_ Full-time 162
Part-time/seasonal 250
Data Source
Village Records
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