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CAFR (Year Ended December 31, 1998) I �'� ► VILLAGEOAK BROOK t COMPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended December VILLAGE OF OAK BROOK, ILLINOIS COMPREHENSIVE ANNUAL FINANCIAL REPORT YEAR ENDED DECEMBER 31, 1998 Prepared by: Finance Department Darrell J. Langlois Finance Director/Treasurer i i VILLAGE OF OAK BROOK,ILLINOIS TABLE OF CONTENTS INTRODUCTORY SECTION Principal officials i Organizational chart Letter of transmittal from the Village Manager Letter of transmittal from the Finance Director/Treasurer iv-xii Certificate of excellence in financial reporting xiii FINANCIAL SECTION _ INDEPENDENT AUDITOR'S REPORT 1 GENERAL PURPOSE FINANCIAL STATEMENTS Combined balance sheet-All fund types and account groups 2 -3 Combined statement of revenues, expenditures and changes in fund balances- All governmental fund types 4 Combined statement of revenues, expenditures and changes in fund balances -Budget and actual -All governmental fund types 5 Combined statement of revenues, expenses and changes in retained earnings -All proprietary fund types 6 _ Combined statement of cash flows -All proprietary fund types 7 Combined statement of changes in plan net assets -Pension trust funds 8 Notes to financial statements 9 -24 SUPPLEMENTARY INFORMATION Required supplemental information: Schedule of funding progress: Illinois Municipal Retirement Fund 25 Police Pension Fund 26 Firefighters' Pension Fund 27 Year 2000 Issues 28 General Fund: Statement of revenues, expenditures and changes in fund balance -Budget and actual 29 Schedule of revenues -Budget and actual 30 Schedule of expenditures - Budget and actual 31 -38 Special Revenue Funds: Combining balance sheet 39 Combining statement of revenues, expenditures and changes 40 -41 in fund balances - Budget and actual VILLAGE OF OAK BROOK, ILLINOIS TABLE OF CONTENTS FINANCIAL SECTION (Continued) SUPPLEMENTARY INFORMATION (Continued) — Enterprise Funds: Combining balance sheet 42 -43 Combining statement of revenues, expenses, and changes in retained earnings 44 — Combining statement of cash flows 45 Waterworks System Fund: Statement of revenues, expenses, and changes in retained earnings - Budget and actual 46 Schedule of operating expenses -Budget and actual 47 — Schedule of property,plant and equipment and accumulated depreciation 48 -49 Sports Core Fund: Statement of revenues, expenses, and changes in retained earnings - Budget and actual 50 — Schedule of operating revenues -Budget and actual 51 Schedule of operating expenses - Budget and actual 52 -54 Schedule of property, plant and equipment and — accumulated depreciation 55 -56 Internal Service Funds: — Combining balance sheet 57 Combining statement of revenues, expenses and changes in retained earnings 58 _ Combining statement of cash flows 59 Self-Insurance Fund: _ Statement of revenues, expenses and changes in retained earnings -Budget and actual 60 Garage Fund: Statement of revenues, expenses and changes in retained earnings -Budget and actual 61 — Capital Replacement Fund: Statement of revenues, expenses and changes in _ retained earnings - Budget and actual 62 _ VILLAGE OF OAK BROOK, ILLINOIS PRINCIPAL OFFICIALS December 31, 1998 Karen M. Bushy, Village President Linda K. Gonnella, Village Clerk BOARD OF TRUSTEES Garry J. Bartecki Gerald McInerney George T. Caleel Alfred P. Savino -- William E. Kennv Mack H. Shumate, Jr. VILLAGE MANAGER Stephen B. Veitch, Village Manager _ FINANCE DEPARTMENT Darrell J. Langlois, Finance Director/Treasurer i VILLAGE OF OAK BROOK ORGANIZATIONAL CHART December, 1998 L s of Oak Brook Advisory Boards President and and Commissions Board of Trustees Village Clerk Electrical Commission 7 Board of Fire & Police Commissioners Village Attorney Village Manager Treasurer/Budget Officer Hotel, Convention &Visitors Committee Library Commission Plan Commission Safety Pathway Committee Zoning Board of Appeals Police Pension Board Information Services Firefighters' Pension Board & Purchasing FF—in a—nc i-a-11 Engineering and Library � Fire and Community Sports Services Works Capital Projects Police Development Core G� O F 0.4 P X90 � o ® t� o y A r 9CF0OUNT'i VILLAGE OF OAK BROOK 1200 OAK BROOK ROAD OAK BROOK, ILLINOIS 60523- 2255 PHONE: 630 990-3000 FAX: 630 990-0876 March 11, 1999 W E B S I T E: www.oak-brook.org President and Board of Trustees Village of-Oak Brook Oak Brook, IL 60521 President Bushy and Trustees: I am pleased to present the Comprehensive Annual Financial Report for the Village of Oak ' Brook for the fiscal year ended December 31, 1998. This report has been prepared by Finance Director and Village Treasurer Darrell Langlois and his staff in accordance with all applicable standards of the Government Accounting Standards Board and the Government Finance Officers Association. The Comprehensive Annual Financial Report is a very important and legally essential document for the Village Board and the community. It is even more valuable when viewed in conjunction with the Village's Five-Year Financial Plan. The Annual Report presents a"snapshot"' of the Village's financial condition at a specific point in time; the Five-Year Plan presents a long range continuous view. Taken together,these documents present a complete picture of the present and future financial condition of our Village. The Village's continued financial health is reflected clearly in the Annual Financial Report. This strength is attributable to the Village Board's conservative financial policies, a history of careful financial planning, and rigorous day-to-day management of the Village's financial affairs. The indicators of Oak Brook's financial condition continue to be positive. As you know, however, this situation can change quickly as a result of economic cycles, State and Federal legislation or policy decisions of Village Boards. Although we must continue to be vigilant, all information currently available suggests that the Village has an excellent opportunity to meet the challenges presented in coming years while maintaining a financial condition of which its citizens can be very proud. Sincer y, _ Stephen B. eitch Village Manager /sv iii GE pF 044, �P X90 � o f e � O - y G � 2 COUNTI ' VILLAGE OF OAK BROOK 1200 OAK BROOK ROAD OAK BROOK, ILLINOIS 60523- 2255 PHONE: 630 990-3000 FAX: 630 990-0876 W E B S I T E: www.oak-brook.org March 11, 1999 President and Board of Trustees Village of Oak Brook Oak Brook, Illinois 60523 The Comprehensive Annual Financial Report of the Village of Oak Brook for the year ended December 31, 1998 is submitted herewith. Responsibility for both the accuracy of the information presented and the thoroughness and fairness of the presentation, including all disclosures, rests with the Village. I believe the data, as presented, is accurate in all material respects; that it is presented in a manner designed to fairly set forth the financial position and results of operations of the Village as measured by the financial activity of its various funds; and that all disclosures necessary to enable the reader to gain the maximum understanding of the Village's financial affairs have been included. - The Comprehensive Annual Financial Report is presented in three sections: introductory, financial and statistical. The introductory section, which is unaudited, includes this transmittal letter, the Village's organizational chart and a list of principal officials as of the end of the reporting period. The financial section includes the general purpose financial statements and the combining and individual fund and account group financial statements and schedules, as well as the auditor's report on the financial statements and schedules. The statistical section, which is unaudited, includes financial and demographic information, which is generally presented on a multi-year basis. This Report includes all funds and account groups 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 general purpose financial statements of the Village. iv ECONOMIC CONDITION AND OUTLOOK The Village of Oak Brook is located about 15 miles west of the Chicago Loop, near the geographic center of the seven-county Chicago metropolitan area. Excellent transportation links are provided to all parts of the greater metropolitan area by a network of tollways and federal and state highways which pass through or near the Village. The Tri-State Tollway (1-294), 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 an extremely high degree of economic stability. While the Illinois unemployment rate hovers around 4.5%, DuPage County has established an unemployment rate of 2.7%, significantly lower than the norm. Based on current information provided by the Multiple Listing Service of Northern Illinois, the average selling price of completed homes in DuPage County is $221,070. In 1998, the average selling price of homes in Oak Brook was $580,076 and time on the market was approximately 91 days. According to the 1990 Census, over one-third of the households in Oak Brook are two- person, and over 62% of the occupants of the Village have resided in Oak Brook for over 10 years, indicating a strong level of population stability. Per capita income of Village residents in 1989 was $60,347 and the mean family income was $187,501. The Census also indicated that managerial, professional, and sales occupations are held by 74% 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 McDonalds 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 overall strength of the Illinois economy, have enabled the Village to continue to operate without a real estate tax due to the sales taxes generated from retail business activities. v Changes are occurring that should enable the Village to continue to be successful in to 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 Village as indicated by McDonald's commitment to remain in the Village well in to the 21St century, the renovation of several older office buildings, and construction or announcement of three major new buildings. The future viability of the office building sector is extremely important as approximately 35% of the Village's sales tax revenue is generated by this sector. MAJOR INITIATIVES 1998 The Village completed its 1998 paving program, substantially completed the reconstruction of the 22"d Street/York Road intersection, accelerated its program of replacing all water meters over approximately five years in order to improve unaccounted water flow, began construction of an addition to the Golf Club clubhouse, and continued the multi-year project of paving the golf carts at the Golf Club. In the Future Included in the 1999 budget is the 1999 paving program, replacement of the water mains in Yorkshire Woods, the start of construction of a new Library building, improvements to the Public Works building HVAC system, improvements to the pumps at the 31s' Street booster station, continuation of the water meter replacement program, completion of the Golf Club clubhouse addition, improvements at the Bath & Tennis - Club including construction of a pool side food service area and replacement of the pool deck, replacement of the irrigation system at the Sports Core, and the start of construction on the Municipal Building project. This project, as presently conceptualized, would be a major addition to Village Hall and would house Fire Station #1, Fire Department headquarters, Community Development, Engineering, Information Services, the Communications Center, and a multi-purpose training room and EOC. The project would also include improvements to the Village Hall site and renovation of the Police Department. In later years, the Five-Year Financial Plan includes continuation of the annual paving program, completion of the new Library building, completion of the Municipal Building Project, improvements to the Village's safety pathway system, and possible expansion of the Bath & Tennis clubhouse. The Village has carefully planned for and been accumulating funds over the last several years for all of these projects. In accordance with Village Board policy, it is anticipated that all of these projects will be completed without the issuance of bonded debt. Vi FINANCIAL INFORMATION Accounting System and Budgetary Control The Village's accounting records for general governmental operations are accounted for on a modified accrual basis of accounting. Revenues are recorded when available and measurable. Expenditures are recorded when services or goods are received and liabilities are incurred. Accounting records for the Village's Proprietary Funds and Pension Trust Funds are maintained on an accrual basis. The Village places a great deal of emphasis upon internal accounting controls as they affect the overall accounting system. In developing and evaluating the Village's accounting system, consideration is given to the adequacy of internal accounting controls. Internal accounting controls are designed to provide reasonable, but not absolute, assurance regarding: (1) the safeguarding of assets against loss from unauthorized use or disposition; and (2) the reliability of financial records for preparing financial statements and maintaining accountability for assets. The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the evaluation of costs and benefits requires estimates and judgments by management. All internal control evaluations occur within the above framework. We believe that the Village's internal accounting controls adequately safeguard assets and provide reasonable assurance of proper recording of financial transactions. Budgetary control is maintained through a system of monthly revenue and expenditure/expense versus budget accounting reports which are provided to all _ Trustees and department heads. All disbursements receive approval of the Board of Trustees. Total expenditures in any fund are legally restricted to the total amount budgeted, which is not changed without supplemental ordinance approval. The budget is monitored at the subfunction level by the encumbrance of estimated purchase amounts prior to the release of purchase orders to vendors. General Governmental Functions Revenues for general governmental functions as reported in the General Fund totaled $14,394,926 in 1998. Percent Increase of (Decrease) Source Amount Total Over 1997 Intergovernmental $11,988,509 83.28% $ (41,016) Licenses and Permits 391,789 2.72 (13,209) Service Charges 364,650 2.53 59,513 Fines and Penalties 222,239 1.54 8,153 Interest on Investments 840,191 5.84 61,243 Miscellaneous 587.548 4.09 341,058 14.394.926 100.00 415.742 Vii Intergovernmental revenue, primarily the general sales tax, is the major revenue source for the Village, producing 83.28% of current year revenues. The decrease in revenue from the prior year is attributable to a reduction in York Township's Road & Bridge tax levy, from which the Village receives 50% of the revenue which is attributed to property located within Oak Brook. The decrease in Licenses and Permits was due to slightly lower building and electrical permit activity in 1998. The increase in Service Charges was attributed to increases in ambulance fee revenue and a reduction in bad debts in 1998 as compared to 1997. The increase in interest income was attributed to higher investable balances. The increase in Miscellaneous Income was primarily attributed to an additional $307,043 being received from the imposition of the telecommunications infrastructure maintenance fees (IMF) in lieu of the previously received franchise fees. This change increased both the number of payers and replaced the per line franchise fee with the IMF at 1% of gross receipts.. The Village has never levied a real estate tax for general governmental functions. However, the 1997 assessed valuation of real property in the Village was $972,447,396, an increase of $33,499,417, or 3.58% over the prior year. Expenditures for general governmental purposes, grouped by function as required by generally accepted accounting principles, totaled $12,513,062 in the General Fund. Percent Increase of (Decrease) Function Amount Total Over 1997 General Government $ 3,307,267 26.43% $ (94,740) Public Safety 7,008,468 56.00 161,255 Public Works 1,458,185 11.65 (52,216) Culture and Recreation 739.142 5.92 70.686 12.513.062 100.00 84.985 The significant changes in General Government expenditures were increases in personnel costs attributed to implementation of the triennial pay and classification study, which were more than offset by a reduction technology-related expenditures over 1997. Public Safety expenditures increased due to increases in personnel costs in the Police and Fire Departments. Public Works expenditures decreased due primarily to less snow removal activity in 1998 as compared to 1997. Culture and Recreation expenditures increased due to increases in both personnel and materials in the Library, consistent with the Five-Year Financial Plan. Viii Motor Fuel Tax Fund The Motor Fuel Tax Fund was established to account for the revenue received from the State of Illinois for the local share of motor fuel tax collections. The State collects the tax on each gallon of fuel sold within the State of Illinois and returns a percentage back to each municipality based on population. Motor Fuel Tax revenue from the State for the year ended December 31, 1998 was $214,058. In the future Motor Fuel Tax revenue will be used by the Village to partially finance street reconstruction and resurfacing projects. Waterworks System Fund Selected data for the past year is presented in the following tabulation: Water Sales $3,276,302 Water Tap on Charges 62,873 Total Operating Revenues 3,511,768 Total Operating Expenses 3,364,481 Operating Income 147,287 Net Income 213,117 Sports Core Fund The 1998 financial statements reflect the eighteenth year of operation of the 18-hole golf course and expanded operations of the Bath and Tennis Club. Operating revenues totaled $3,130,195 and operating expenses, excluding depreciation, totaled $2,945,037. Major department activity is summarized as follows: Revenues Golf Club $1,993,809 63.70% Bath & Tennis Club 1.136.386 36.30 3.130.195 100.00 Operating Expenses Golf Club $1,282,368 40.00% Bath & Tennis Club 1,662,669 51.86 Depreciation 261.159 8.14 3.206.196 100.00 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 ix 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, all three funds were in excess of 100% funded. General Fixed Assets The general fixed assets of the Village are those fixed assets used in the performance of general governmental functions. These exclude the fixed assets of the Enterprise and Internal Service Funds. As of December 31, 1998, the general fixed assets of the Village amounted to $7,363,934. This amount represents the original cost of the assets and is considerably less than their current value. Depreciation of general fixed assets is properly not recognized in the Village's governmental fund types. The Village does not capitalize infrastructure projects in the General Fixed Asset Account Group. 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, with the Village now in the enviable position of having no bonded debt outstanding. Consistent with Village Board policy, no new bonded debt is anticipated in the 1999-2003 edition of the Five-Year Financial Plan. Cash Management It is the policy of the Village of Oak Brook to invest idle cash and increase investment income by the efficient use of money market accounts, certificates of deposit, the Illinois Public Treasurers' Investment Pool, the Illinois Metropolitan Investment Fund, and U.S. - government securities. At December 31, 1998 the Village's investments, exclusive of the Pension Trust Funds, were distributed as follows: Illinois Public Treasurer's Investment Pool 62.43% U. S. Government Securities 10.96 Illinois Metropolitan Investment Fund 15.71 Certificates of Deposit 10.90 100.00 For the year ended December 31, 1998 the Village received $1,480,513 in interest income. x Risk Management The Village of Oak Brook has a risk management program in place. For employee benefits, resources are accumulated in the Self-Insurance Fund in order to fund health and dental insurance claims. Insurance coverage for liability, property damage, and workmen's compensation is maintained through the Intergovernmental Risk Management Agency (IRMA) for all claims greater than $1,000. Various risk control techniques, including employee safety and accident prevention training, have been implemented to minimize accident related losses. Year 2000 The Village of Oak Brook recognizes the potential for computer hardware and software problems related to the year 2000 (commonly referred to as the Y2K Millennium Bug). The Village has completed an assessment during which all systems and equipment have been inventoried, prioritized, and responsibilities assigned for year 2000 compliance. Most of the Village's personal computers, network equipment, and financial systems were acquired in 1997, with the exception of water billing, which is scheduled to be implemented during the second quarter of 1999. The Village has received Y2K compliance letters from its most critical hardware and software vendors, and will be testing all systems in the third quarter of 1999. The status of this project is reviewed at least monthly by the Village's Emergency Management Team, and it does not appear that Y2K will adversely impact the Village's ability to operate beyond January 1, 2000. OTHER INFORMATION Statutes require an annual audit to be performed on the books of account, financial records, and transactions of all administrative departments of the Village by independent certified public accountants selected by the Board of Trustees. This requirement has been complied with and the auditor's opinion has been included in this Report. Certificate of Achievement The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the Village of Oak Brook for its Comprehensive Annual Financial Report for the year ended December 31, 1997. 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. Xi A Certificate of Achievement is valid for a period of one year only. The Village has successfully obtained the Certificate of Achievement for 21 consecutive years. We believe that our current Report conforms to the Certificate of Achievement Program requirements, and we are submitting it to GFOA to determine its eligibility for another Certificate. Acknowledgments The preparation of this Report could not be accomplished without the efficient and dedicated services of the entire staff of the Village of Oak Brook. We wish to express our appreciation to those persons who have made possible the publication of this Report, and to thank the President and members of the Board of Trustees for their interest and support in planning and conducting the financial operations of the Village in a responsible and progressive manner. Darrell J. Lang" Finance Officer/Treasurer xii 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, 1997 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. PNCE OfFj� OF orata TW S urulE9 .= AMNO N :` �1NA°AmN President coa�oaAs LAI {{I Executive Director xiii 1 1 1 1 1 1 i 1 1 1 1 1 1 1 1 1 1 1 1 INDEPENDENT AUDITOR'S REPORT `MA McGLADREY&PULLEN,LLP Certified Public Accountants and Consultants INDEPENDENT AUDITOR'S REPORT To the Honorable Village President and Members of the Board of Trustees Village of Oak Brook, Illinois We have audited the accompanying general purpose financial statements of the Village of Oak Brook, Illinois, as of and for the year ended December 31, 1998, as listed in the table of contents. These general purpose financial statements are the responsibility of the Village's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the Village of Oak Brook. Illinois, as of December 31, 1998, and the results of its operations and the cash flows of its proprietary fund types for the year then ended in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The combining and individual fund and account group financial statements and schedules, listed in the table of contents as supplementary information, are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of the Village of Oak Brook, Illinois. Such information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, is fairly presented in all material respects in relation to the general purpose financial statements taken as a whole. The Schedule of Year 2000 Issues supplementary information on page 28 is not a required part of the basic financial statements but is supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the supplementary information. However, we did not audit the information and do not express an opinion on it. In addition, we do not provide assurance that the Village of Oak Brook is or will become Year 2000 compliant, that the Village of Oak Brook Year 2000 remediation efforts will be successful in whole or in part, or that parties with which the Village of Oak Brook does business are or will become Year 2000 compliant. Mokena, Illinois March 11, 1999 — 1 i i i 'I GENERAL PURPOSE FINANCIAL STATEMENTS This page was intentionally left blank. VILLAGE OF OAK BROOK, ILLINOIS COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS December 31, 1998 Fiduciary Account Groups Governmental Fund Types Proprietary Fund Types Fund Types General General Total Special Capital Internal Trust and Fixed Long-Term (Memorandum ASSETS AND OTHER DEBITS General Revenue Project Enterprise Service Agency Assets Debt Only) Cash and investments $ 16,094,843 $ 1,018,349 $ 2,584,896 $ 5,625,039 $ 2,691,566 $ 35,983,240 $ - $ - $ 63,997,933 Receivables, net of allowances for uncollectibles, where applicable: Sales taxes 2,837,983 - - - - - - - 2,837,983 Utility taxes - - 135,779 - - - - - 135,779 State income taxes 87,272 - - - - - - - 87,272 Accounts 154,651 - - 435,933 - - - - 590,584 Allotments - 17,815 - - - - - - 17,835 Accrued interest 90,650 6,936 13,517 28,264 16,531 297,439 - - 443,337 Other - 37,681 - 55,098 - - - - 92,779 Due from other funds 75,896 - 113,500 - - - - - 189,396 Advances to other funds 650,000 - - - - - - - 650,000 Inventories 4,729 - - 140,738 35,709 - - - 181,176 Restricted assets, cash and investments - - - 78,002 - - - - 78,002 Fixed assets, net of accumulated depreciation, where applicable - - - 21,099,837 1,639,277 - 7,363,934 - 30,103,048 Other assets,water purchase rights - - - 1,744,453 - - - - 1,744,453 Amounts to be provided for retirement of general long-term debt - - - - - - - 50,184 50,184 Total assets and other debits $19,986,024 $ 1,080,801 $ 2,847,692 $29,207,364 $4,383,083 $ 36,280,679 $ 7,363,934 $ 50,184 $ 101,199,761 2 Fiduciary Account Groups Governmental Fund Types Proprietary Fund Types Fund Types General General Total LIABILITIES,EQUITY AND Special Capital Internal Trust and Fixed Long-Term (Memorandum OTHER CREDITS General Revenue Project Enterprise Service Agency Assets Debt Only) Liabilities Accounts payable $ 195,791 $ 111,322 $ 411,074 $ 243,391 $ 26,300 $ 11,857 $ - $ - $ 999,735 Accrued payroll 311,449 - - 16,281 1,613 - - - 329,343 Compensated absences 448,179 - - 41,268 3,095 - - 50,184 542,726 Claims payable - - - - 96,374 - - - 96,374 Deposits payable 391,578 - - 23,350 - - - - 414,928 Due to other funds - 113,500 - 75,896 - - - - 189,396 Advances from other funds - - - 650,000 - - - - 650,000 Notes payable - - - 117,703 - - - - 117,703 Total liabilities 1346,997 224,822 411,074 1,167 889 127,3i2 11,857 - 50,184 3,340,205 Equity and Other Credits Investment in general fixed assets - - - - - - 7,363,934 - 7,363,934 Contributed capital - - - 11,025,590 - - - - 11,025,590 Retained earnings: Reserved-Golf surcharge - - - 78,002 - - - - 78,002 Unreserved - - - 16,935,883 4,255,701 - - - 21,191,584 Fund balances: Reserved for inventories 4,729 - - - - - - - 4,729 Reserved for advances 650,000 - - - - - - - 650,000 Reserved for employee retirement - - - - - 36,268,822 - - 36,268,822 Unreserved 17,984,298 855,979 2,436,618 - - - - - 21,276,895 Total equity and other credits 18,639,027 855,979 2,436,618 28,039,475 4,2552701 36,268,822 7,363,934 - 97,859,556 Total liabilities,equity and other credits $ 19,986,024 $ 1,080,801 $ 2,847,692 $ 29,207,364 $4,383,083 $36,280,679 $7,363,934 $ 50,184 $ 101,199,761 See Notes to Financial Statements. 3 VILLAGE OF OAK BROOK, ILLINOIS _ COMBINED STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCES- ALL GOVERNMENTAL FUND TYPES Year Ended December 31, 1998 Total _ Special Capital (Memorandum General Revenue Project Only) Revenues: Intergovernmental $ 11,988,509 $ 233,577 $ 28,972 $ 12,251,058 Utility taxes - - 1,692,113 1,692,113 Hotel/motel taxes - 330,953 - 330,953 Licenses and permits 391,789 - - 391,789 Service charges 364,650 - - 364,650 Fines and penalties 222,239 - - 222,239 Interest on investments 840,191 63,647 139,304 1,043,142 Miscellaneous 587,548 - 16,000 603,548 Total revenues 14,394,926 628,177 1,876,389 16,899,492 Expenditures: Current: General government 3,307,267 - - 3,307,267 Public safety 7,008,468 9,325 - 7,017,793 Public works 1,458,185 - - 1,458,185 — Culture and recreation 739,142 317,660 - 1,056,802 Capital outlay - - 2,592,487 2,592,487 Total expenditures 12,513,062 326,985 2,592,487 15,432,534 -- Excess (deficiency) of revenues over expenditures 1,881,864 301,192 (716,098) 1,466,958 Other financing sources (uses): Operating transfers in 243,600 - 656,798 900,398 Operating transfers (out) (150,400) (656,798) - (807,198) — 93,200 (656,798) 656,798 93,200 Excess (deficiency)of revenues and other financing sources over expenditures _ and other financing uses 1,975,064 (355,606) (59,300) 1,560,158 Fund balances: _ Beginning 16,663,963 1,211,585 2,495,918 20,371,466 Ending $ 18,639,027 $ 855,979 $ 2,436,618 $ 21,931,624 ._ See Notes to Financial Statements. 4 VILLAGE OF OAK BROOK, ILLINOIS _ COMBINED STATEMENT OF REVENUES,EXPENSES, AND CHANGES IN RETAINED EARNINGS _ ALL PROPRIETARY FUND TYPES Year Ended December 31, 1998 Proprietary_ Fund Types Total Internal (Memorandum Enterprise Service Only) Operating revenues: Charges for services $ 6,596,632 $ 1,767,572 $ 8,364,204 Miscellaneous 45,331 - 45,331 Total operating revenues 6,641,963 1,767,572 8,409,535 Operating expenses: Operations 5,829,099 240,111 6,069,210 Claims and insurance - 901,358 901,358 Capital Improvements - 1,802 1,802 Depreciation and amortization 741,578 268,765 1,010,343 Total operating expenses 6,570,677 1,412,036 7,982,713 Operating income 71,286 355,536 426,822 Nonoperating revenues (expenses): Investment income 297,408 139,963 437,371 Gain on sale of fixed assets - 63,827 63,827 Interest expense (6,727) - (6,727) Total nonoperating revenues (expenses) 290,681 203,790 494,471 Income before operating transfers 361,967 559,326 921,293 Operating transfers in 150,400 - 150,400 Operating transfers (out) (225,000) (18,600) (243,600) Net income 287,367 540,726 828,093 Retained earnings: Beginning 16,726,518 3,714,975 20,441,493 Ending $ 17,013,885 $ 4,255,701 $ 21,269,586 See Notes to Financial Statements. 6 VILLAGE OF OAK BROOK,ILLINOIS COMBINED STATEMENT OF CASH FLOWS ALL PROPRIETARY FUND TYPES Year Ended December 31, 1998 Total Internal (Memorandum Enterprise Service Only) Cash Flows from Operating Activities Operating income $ 71,286 $ 355,536 $ 426,822 Adjustments to reconcile operating income to net cash provided by operating activities: Depreciation and amortization 741,578 268,765 1,010,343 Changes in assets and liabilities: Accounts receivable (38,436) 223 (38,213) Other receivable (16,945) - (16,945) Inventories (10,268) (4,327) (14,595) Accounts payable (52,158) (35,946) (88,104) Accrued payroll and compensated absences 8,645 852 9,497 Claims payable - 8,565 8,565 Deposits payable 4,850 - 4,850 Net cash provided by operating activities 708,552 593,668 1,302,220 Cash Flows from Noncapital Financing Activities Borrowings from other funds 3,441 - 3,441 Repayments of due to other funds (5,356) (6,947) (12,303) Operating transfers in 150,400 - 150,400 Operating transfers(out) (225,000) (18,600) (243,600) Net cash(used in) noncapital financing activities (76,515) (25,547) (102,062) Cash Flows from Capital and Related Financing Activities Purchase of fixed assets (413,515) (440,492) (854,007) Proceeds from sale of fixed assets - 77,605 77,605 Proceeds from notes payable 122,293 - 122,293 Principal paid on notes payable (149,584) - (149,584) Interest paid on notes payable (6,727) - (6,727) Net cash(used in)capital and related financing activities (447,533) (362,887) (810,420) Cash Flows from Investing Activities Investment purchases .(262,910) (80,617) (343,527) Investment maturities 1,213,966 200,000 1,413,966 Interest received on investments 311,770 141,435 453,205 Net cash provided by investing activities 1,262,826 260,818 1,523,644 Net increase in cash and cash equivalents 1,447,330 466,052 1,913,382 Cash and cash equivalents: Beginning 2,178,991 1,066,137 3,245,128 Ending $ 3-626321 $ 1.532 189 $ 5.158.510 Reconciliation of Cash and Cash Equivalents to Combined Balance Sheet Cash and cash equivalents $ 3,626,321 $ 1,532,189 $ 5,158,510 Investments 2,076,720 1,159,377 3,236,097 $ 5.703.041 $ 2.691566 $ 8.394.607 See Notes to Financial Statements. 7 VILLAGE OF OAK BROOK, ILLINOIS — COMBINED STATEMENT OF CHANGES IN PLAN NET ASSETS PENSION TRUST FUNDS — Year Ended December 31, 1998 Additions Contributions: Employer $ 357,853 Plan members 333,035 Total contributions 690,888 — Investment income: Net appreciation in fair value of investments 828,410 — Interest 2,623,442 Net investment income 3,451,852 Total additions 4,142,740 Deductions — Benefits and refunds 1,166,636 Administrative expenses 107,023 Total deductions 1,273,659 Net increase 2,869,081 Net assets held in trust for pension benefits: Beginning 33,399,741 Ending $ 36,268,822 See Notes to Financial Statements. 8 VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS Note 1. Financial Reporting Entity,Measurement Focus, Basis of Accounting and Basis of Presentation, and Significant Accounting Policies Financial Reporting Entity: The Village of Oak Brook, Illinois, (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. 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 this criteria, there are no agencies or entities whose financial data should be combined with and included in the general purpose financial statements of the Village. — Measurement Focus. Basis of Accounting and Basis of Presentation: The accounts of the Village are organized on the basis of funds and account groups. A fund is an independent fiscal and accounting entity with a self-balancing set of accounts. Fund accounting segregates funds according to their intended purpose and is used to aid management in demonstrating compliance with finance-related legal and contractual provisions. The minimum number of funds is maintained consistent with legal and managerial requirements. Account groups are a reporting device to account for certain assets and liabilities of the governmental funds not recorded directly in those funds. The Village has the following funds and account groups: Governmental funds are used to account for the Village's general government activities. Governmental fund types use the flow of current financial resources measurement focus and the modified accrual basis of accounting. Under the modified accrual basis of accounting revenues are recognized when susceptible to accrual (i.e., when thev are "measurable and available"). "Measurable" means the amount of the transaction can be determined and "available" means collectible within the current period or soon enough thereafter to pay liabilities of the current period. The Village considers all revenues available if they are collected within 60 days after year-end. Expenditures are recorded when the related fund liability is incurred, except for unmatured principal and interest on general long-term debt which is recognized when due, and certain compensated absences which are recognized when the obligations are expected to be liquidated with expendable available financial resources. Sales taxes, taxes collected and held by the State at vear-end on behalf of the Village, certain charges for services, and interest are susceptible to accrual and are recognized as revenue. Other receipts and taxes become measurable and available when cash is received by the Village and are recognized as revenue at that time. Entitlements and grants are recorded as revenue at the time of receipt or earlier if the susceptible to accrual criteria are met. Expenditure-driven grants are recognized as revenue when the qualifying expenditures have been incurred and all other grant requirements have been met. 9 VILLAGE OF OAK BROOK, ILLINOIS — NOTES TO FINANCIAL STATEMENTS Note 1. Financial Reporting Entity,Measurement Focus,Basis of Accounting and Basis of Presentation, and Significant Accounting Policies (continued) Governmental funds include the following fund types: General Fund — The General Fund is the Village's primary operating fund. It accounts for all financial resources of the Village, except those required to be accounted for in another fund. — Special Revenue Funds The special revenue funds account for revenue sources that are legally restricted to expenditures for specific purposes (not including expendable trusts or major capital projects). Capital Project Fund The Capital Project Fund accounts for the acquisition of fixed assets or construction of major capital — projects not being financed by proprietary funds. Proprietary funds are accounted for on the flow of economic resources measurement focus and use the accrual basis of accounting. Under this method, revenues are recorded when earned and expenses are recorded at the time the liabilities are incurred. The Village applies all applicable Governmental Accounting Standards Board (GASB) pronouncements as well as Financial Accounting Standards Board pronouncements issued on or before November 30, 1989, unless those pronouncements conflict with or contradict GASB pronouncements. The proprietary funds include the following fund types. Enterprise Funds r Enterprise funds are used to account for those operations that are financed and operated in a manner _ similar to private business or where the Board has decided that the determination of revenues earned, costs incurred and/or net income is necessary for management accountability. Internal Service Funds r Internal service funds account for operations that provide services to other departments of the Village on a cost-reimbursement basis. — Fiduciary funds account for assets held by the Village in a trustee capacity or as an agent on behalf of others. The fiduciary funds consist of the pension trust funds. 10 VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS Note 1. Financial Reporting Entity, Measurement Focus, Basis of Accounting and Basis of Presentation, and Significant Accounting Policies (continued) Pension Trust Funds Pension trust funds financial statements are prepared using the accrual basis of accounting. Plan member contributions are recognized in the period in which the contributions are due. Employer contributions to the plan are recognized when due and the employer has made a formal commitment to provide the contributions. Benefits and refunds are recognized when due and payable in accordance with the terms of the plan. Pension trust funds account for assets of the Village's police and firefighters' pension plans. Account groups are not funds and are concerned only with measurement of financial position, and are not involved with results of operations. The two account groups are as follows: The general fixed assets account group is used to account for fixed assets not accounted for in proprietary or trust funds. The general long-term debt account group is used to account for the general long-term debt and certain other liabilities that are not specific liabilities of proprietary or trust funds. The significant accounting policies followed by the Village include the following: Accounting Estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Cash Equivalents: For purposes of reporting cash flows, the Village considers all highly liquid investments, with a maturity of three months or less when purchased, to be cash equivalents. Investments: Investments are carried at fair value, except for insurance contracts which are carried at contract value, which approximates fair value. Short-term Interfund Receivables/Pavables: During the course of operations, numerous transactions occur between individual funds for goods provided or services rendered. These receivables and payables are classified as "due from other funds" or"due to other funds" on the balance sheet. Advances to Other Funds: Noncurrent portions of long-term interfund loan receivables are reported as advances and are offset equally by a fund balance reserve account which indicates that they do not constitute expendable available financial resources and, therefore, are not available for appropriation. Inventories: 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. 11 VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS Note 1. Financial Reporting Entity, Measurement Focus, Basis of Accounting and Basis of Presentation, and Significant Accounting Policies (continued) Intangible Assets -Water Purchase Rights: 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 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 and maintenance" charges from the Commission. Fixed Assets: Fixed assets used in governmental fund types of the Village are recorded in the general fixed asset account group at cost or estimated historical cost if purchased or constructed. Donated fixed assets are recorded at the estimated fair value at the date of donation. Assets in the general fixed asset account group are not depreciated. Public domain (infrastructure) general fixed assets consisting of roads, bridges, sidewalks, and other assets that are immovable and of value only to the Village are not capitalized. Property, plant and equipment in the proprietary funds of the Village are recorded at cost. Property, plant and equipment donated to these proprietary fund type operations are recorded at their estimated fair value at the date of donation. Property, plant and equipment of the enterprise and internal service funds are depreciated using the straight-line method over the following estimated useful lives of the assets. Estimated Useful Lives Building and improvements 40 years Equipment 4-40 years Waterworks system 15-40 years Automotive equipment 2-30 years Compensated Absences: Accumulated vacation leave that is expected to be liquidated with expendable available financial resources is reported as an expenditure and a fund liability of the governmental fund that will pay it. Amounts of vested or accumulated sick leave that are not expected to be liquidated with expendable available financial resources are reported in the general long-term debt account group. No expenditure is reported for these amounts. Accumulated vacation leave of proprietary funds is recorded as an expense and liability of those funds as the benefits accrue to employees. In accordance with the provisions of GASB Statement No. 16, Accounting for Compensated Absences, no liability is recorded for nonvesting accumulating rights to receive sick pay benefits. However, a liability is recognized for that portion of accumulating sick leave benefits that it is estimated to be taken as a termination benefit at retirement. 12 VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS Note 1. Financial Reporting Entity, Measurement Focus, Basis of Accounting and Basis of Presentation, and Significant Accounting Policies (continued) Reservations of Fund Balances: Reservations of fund balances represent those assets which are not available for appropriation and are not considered expendable available resources. Reservations of Retained Earnings: Reservations of retained earnings represent the amounts set aside as restricted - cash and investments on legally imposed reservations. Memorandum Onlv Total Columns: The total columns on the general purpose financial statements are captioned "memorandum only" because they do not represent consolidated financial information and are presented only to facilitate financial analvsis. The columns do not present information that reflects financial position, results of operations or cash flows in accordance with generally accepted accounting principles. Interfund eliminations have not been made in the aggregation of this data. Note 2. Budgets and Deficits Bud gts The Village follows these procedures in establishing the budgetary data reflected in the financial statements: a) All departments of the Village submit budget requests to the Village Manager so that a budget may be prepared. b) The Village Manager submits to the Village Board of Trustees a proposed operating budget for the fiscal vear commencing the following January 1. The operating budget includes proposed expenditures and the means of financing them. c) Public hearings are conducted by the Village to obtain taxpayer comments. d) Subsequently, the budget is adopted by the Village Board. e) Annual budgets are adopted for all funds on a basis consistent with generally accepted accounting principles. - fl Formal budgetary integration is employed as a management control device during the year for all funds of the Village. g) Appropriations lapse at year-end. h) 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 fund budget in total. i) Budgeted amounts are as originally adopted with the exceptions of Board approved transfers which were not material in relation to the budgets taken as a whole. After Village Board transfers, no fund had an excess of expenditures/expenses. exclusive of depreciation and amortization over budget for the fiscal year. 13 VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS Note 2. Budgets and Deficits (continued) Deficit Fund Equity: The Sports Core Fund, an enterprise fund,had a deficit in retained earnings of$760,573 as of December 31, 1998. This deficit is due primarily to depreciation expense. The deficit is expected to be eliminated within the course of future operations of the Sports Core and through potential sale of land. Note 3. Deposits and Investments The Village maintains a cash pool and an investment pool that is available for use by all funds, except the pension trust funds. Each fund type's portion of both pools is included in "cash and investments" on the combined balance sheet. 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. Statutes authorize the Village to make deposits in insured commercial banks and savings and loan institutions, and _ make investments in obligations of the U.S. Treasury and other 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 the Illinois Public Treasurers' Investment Pool. 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 life insurance general and separate accounts. -" Deposits: As of December 31, 1998, the carrying amount of the Village's deposits totaled $3,843,972, with the bank balances totaled$4,350,155. The Village's deposits are categorized below to give an indication of the level of risk assumed by the Village. Category 1 _ Deposits covered by federal depository insurance, or by collateral held by the Village, or its agent, in the Village's name $ 4,350,155 Category 2 Deposits covered by collateral held by the pledging financial institution's trust department, or by its agent, in the Village's name - — Category 3 Deposits covered by collateral held by the pledging financial institution, or its trust —' department, or its agent but not in the Village's name, and deposits which are uninsured and uncollateralized _ $ 4,350,155 Investments: The Village's investments are categorized to give an indication of the level of risk assumed by the Village. Category 1 includes investments that are insured or registered or the securities are held by the Village or its agent in the Village's name. Category 2 includes uninsured and unregistered securities which are held by the counterparty's trust department or agent in the Village's name. Category 3 includes uninsured and unregistered -- securities which securities are held by the counterparty, or by its trust department or agent but not in the Village's name. 14 VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS Note 3. Deposits and Investments (Continued) Carrying Amount Category_ 1 2 3 Total State and local obligations $ - $ - $ 315,147 $ 315,147 U.S. government securities 17,424,212 - 12,372,697 29,796,909 $ 17,424,212 $ - $ 12:687,844 Investments not subject to risk categorization: Illinois Metropolitan Investment Fund 4,321,968 Insurance contracts 3,982,626 Illinois Public Treasurers' Investment Pool 17,179,927 Mutual funds 4,635,386 Total investments $ 60,231,963 The above deposits of $3,843,972 and investments of $60,231,963 totaling $64,075,935 are reported in the financial statements as follows: Cash and investments $ 63,997,933 Restricted assets, cash and investments 78,002 $ 64,075.935 Note 4. Fixed Assets General Fixed Assets The following is a summary of changes in the general fixed assets during the year: Balance Balance January 1 Additions Retirements December 31 Land $ 616,829 $ - $ - $ 616,829 Building and equipment 4,312,100 88,514 - 4,400,614 Other equipment 1,282,680 129,875 - 1,412,555 Computer equipment 829,259 104,677 - 933,936 Totals $ 7,040,868 $ 323,066 $ - $ 7,363,934 15 VILLAGE OF OAK BROOK,ILLINOIS — NOTES TO FINANCIAL STATEMENTS Note 4. Fixed Assets (continued) Proprietary Fixed Assets — The following is a summary of proprietary fund type fixed assets as of December 31, 1998, Enterprise Waterworks Sports System Core Total — Land and improvements $ 215,800 $ 10,170,603 $ 10,386,403 Buildings and improvements 1,006,894 2,859,020 3,865,914 Equipment 611,277 1,035,858 1,647,135 Waterworks system 15,089,482 - 15,089,482 Construction in progress - 110,975 110,975 16,923,453 14,176,456 31,099,909 Less: accumulated depreciation 6,703,248 3,296,824 10,000,072 $ 10,220,205 $ 10,879,632 $ 21,099,837 Internal Service — Capital Garage Replacement Total Automotive equipment $ - $ 3,182,849 $ 3,182,849 Equipment 121,103 - 121,103 121,103 3,182,849 3,303,952 Less: accumulated depreciation 84,283 1,580,392 1,664,675 $ 36,820 $ 1,602,457 $ 1,639,277 _ Note 5. 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, and natural disasters. The Village participates in the Intergovernmental Risk Management Agency (IRNA) 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 it representation on the Board of Directors. 16 VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS Note 5. 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. In addition, the Village provides medical and dental coverage to Village employees, their dependents, and retirees — through a limited self-insurance program. The Village is self-insured for the first $25,000 per individual for medical claims up to a maximum limit of $868,586 for all individuals. Commercial insurance is carried for amounts in excess of the self-insured amounts. The Village is entirely self-insured for dental claims up to the annual benefit limit of $1,000 per individual. The Village's self-insurance activities are reported in the Self-Insurance Fund, an Internal Service Fund. Premiums are paid into the Self-Insurance Fund by the departments of the General Fund and other funds based upon equivalent premium estimates. Liabilities are reported when it is probable that a loss has occurred and the amount of the loss can be reasonably estimated. Reported liabilities are estimated based on historical cost -- information and include an amount for claims that have been incurred but not reported. The total claim liability at year-end was $96,374. A reconciliation of claims payable for the current year and that of the preceding year is as follows: 1998 1997 Claims payable, beginning of year $ 87,809 $ 109,597 Claims incurred and changes in estimate 738,301 711,771 Claims paid (729,736) (733,559) Claims payable, end of year $ 96,374 $ 87,809 Note 6. Long-Term Debt Changes in long-term debt: During the year, the changes in general long-term debt were as follows: Balances Balances January 1 Increases Decreases December 31 Compensated absences $ 43,495 $ 6,689 $ - $ 50,184 17 1 VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS Note 6. Long-Term Debt (continued) Notes Payable The Village has issued a note payable to provide funds for the acquisition of capital assets for proprietary activities. This note, therefore, is reported in the proprietary fund. Notes payable, currently outstanding, is as — follows: Fund Debt Balances Balances — Issue Retired By January 1 Debt Issued Debt Retired December 31 1993 Sports Core Tennis Dome — Refunding Note due in monthly payments of$2,806 through October 28, 1999 (at which time the remainder is due) including Sports interest at 4.81%,unsecured Core $ 144,994 $ 122,293 $ 149,584 $ 117,703 Legal Debt Margin 1997 Assessed Valuation $ 972,447,396 Legal Debt Limit- 8.625%of Assessed Valuation $ 83,873,588 — Amount of Debt Applicable to Debt Limit - Legal Debt Margin $ 83,873,588 Chapter 24, Section 8-5-1 of the Illinois Revised Statutes provides, ".. no municipality having a population of less than 500,000 shall become indebted in any manner or for any purpose, to an amount, including existing indebtedness in the aggregate exceeding 8.625% on the value of the taxable property therein, to be ascertained by _ the last assessment for state and county purposes, previous to the incurring of the indebtedness or, until January 1, 1983, if greater, the sum that is produced by multiplying the municipality's 1978 equalized valuation by the debt limited percentage in effect on January 1, 1979." — 18 VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS Note 7. Interfund Account Balances Individual fund interfund receivable and payable balances as of December 31, 1998, are as follows: _ Due From/To Other Funds Receivable Fund Payable Fund Amount General Sports Core $ 75,896 Infrastructure Motor Fuel Tax 113,500 $ 189,396 Advance From/To Other Funds Receivable Fund Pavable Fund Amount General Sports Core $ 650,000 Note 8. 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 "operation and maintenance" charges from the Commission. Fiscal Year Ending December 31 Amount 1999 $ 821,000 2000 821,000 2001 821,000 2002 821,000 2003 821,000 $ 4,105,000 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. Other The Village has construction commitments of approximately$1,046,000 as of December 31, 1998. 19 VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS Note 9. Segment Information - Enterprise Funds The Village maintains the following enterprise funds which are intended to be self-supporting through user fees charged for services to the public. Financial segment information as of and for the year ended December 31, 1998 is as follows: Waterworks Sports System Core Total Operating revenues $ 3,511,768 $ 3,130,195 $ 6,641,963 Depreciation and amortization expense 480,419 261,159 741,578 Operating income(loss) 147,287 (76,001) 71,286 — Operating transfers in - 150,400 150,400 Operating transfers (out) (225,000) - (225,000) Net income 213,117 74,250 287,367 Plant, property and equipment additions 198,077 215,438 413,515 Total assets 17,978,791 11,228,573 29,207,364 Net working capital 5,809,800 (42,617) 5,767,183 — Total equity 17,774,458 10,265,017 28,039,475 Note 10. Accounting Changes The Village adopted Governmental Accounting Standards Board (GASB) Statement No. 27, Accounting for — Pensions by State and Local Government Employers. GASB Statement No. 27 integrates the requirements of Statement Nos. 25 and 26 into the Village's financial statements, provides guidance on the amount of pension cost that is recognized in the financial statements of the Village, and changes the disclosures relating to funding status — of the plans from a standardized measure of disclosure to one linked to the individual funding assumptions used by the specific pension plans. The adoption of this Statement did not have a material effect on the Village's financial statements. — Note 11. Employee Retirement Plans — All Village full-time employees are covered under one of the following employee retirement plans: Illinois Municipal Retirement Fund The Village's defined benefit pension plan, Illinois Municipal Retirement (IMRF), provides retirement, disability, — annual cost of living adjustments and death benefits to plan members and beneficiaries. IMRF is an agent multiple employer pension plan that acts as a common investment and administrative agent for local governments and school districts in Illinois. The Illinois Pension Code establishes the benefit provisions of the plan that can only be amended by the Illinois General Assembly. IMRF issues a publicly available financial report that includes financial statements and required supplementary information. That report may be obtained by writing to the Illinois Municipal Retirement Fund, 2211 York Road, Suite 500, Oak Brook, Illinois 60523. 20 VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS Note 11. Employee Retirement Plans (continued) Employees participating in IMRF are required to contribute 4.50 percent of their annual covered salary. The member rate is established by state statute. The Village is required to contribute at an actuarially determined rate. The employer rate for calendar year 1997 was 8.55 percent of payroll. The employer contribution requirements are established and may be amended by the IMRF Board of Trustees. For December 31, 1997, the Village's annual pension cost of$309,871 was equal to the Village's required and actual contributions. The required contribution was determined as part of the December 31, 1995 actuarial valuation using the entry age actuarial cost method. The actuarial assumptions included (a) 7.50% investment rate of return (net of administrative expenses), (b)projected salary increases ranging from .4%to 11.6%per year, and (c) 3%per year cost-of-living adjustments. Both (a) and (b) included an inflation component of 4.25%. The actuarial value of IMRF assets was determined using techniques that smooth the effects of short-term volatility in the market value of investments over a five-year period. IMRF's unfunded actuarial accrued liability is being amortized as a level percentage of projected payroll on a closed basis. The remaining amortization period at December 31, 1997 was 35 years. Trend Information Calendar Annual Percentage Year Pension of APC Ending Cost(APC) Contributed 12/31/97 $ 309,871 100 % 12/31/96 271,563 100 12/31/95 268.571 100 Actuarial assumptions used to determine the pension benefit obligation for IMRF for 1996 were changed due the 1993-1995 experience study. The principal changes were: • fewer members are expected to take refunds. • The inflation salary assumption was lowered to 4.00%from 4.25%. • Expected salary increases due to longevity were increased. Police Pension Plan Police sworn personnel are covered by the Police Pension Plan which is a defined benefit single-employer pension plan. Although this is a single-employer pension plan, the defined benefits and employee and employer _ contribution levels are governed by Illinois Compiled Statues and may be amended only by the Illinois Legislature. The plan provides retirement benefits as well as death and disability benefits. Covered employees are required to contribute 9% of their base salary to the Police Pension Plan. The member rate is determined by state statute. The Village is required to contribute at an actuarially determined rate. The emplover rate for fiscal year 1998 was 8.0%of covered payroll. 21 VILLAGE OF OAK BROOK,ILLINOIS _ NOTES TO FINANCIAL STATEMENTS Note 11. Employee Retirement Plans (continued) The Village's annual pension cost and net pension obligation to the Plan for the current year were as follows: Annual required contribution $ 146,313 Interest on net pension obligation (605) Adjustment to annual requirement contribution 324 Annual pension cost 146,032 Contributions made 192,824 Decrease in net pension obligation (46,792) Net pension obligation,beginning of year (8,070) Net pension obligation, end of year $ (54,862) The annual required contribution for the year ended December 31, 1998, was determined as part of the _ December 31, 1997, actuarial valuation report using the entry age normal cost method. The actuarial assumptions included (a) 7.50% investment rate of return, (b) projected salary increases of 5.25%, (c) 3% per year cost of living adjustments. Both (a) and (b) included an inflation component of 3%. The actuarial value of _ Police Pension assets was determined using market value. Trend Information Calendar Annual Annual Percentage Year Pension Contributions of APC _ Ending Cost(APC) Made Contributed 12/31/98 $ 146,032 $ 192,824 132.04% 12/31/97 216,370 224,376 103.70% Investment Concentration: As of December 31, 1998, the Police Pension Plan holds an insurance contract from _ Nationwide Life Insurance Company with a fair value of$980,607 which represents 5.2%of plan assets. Firefighters' Pension Plan Fire sworn personnel are covered by the Firefighters' Pension Plan which is a defined benefit single-employer pension plan. Although this is a single-employer pension plan, the defined benefits as well as the employee and employer contributions levels are governed by Illinois Compiled Statutes and may be amended only by the Illinois i legislature. The plan provides retirement benefits as well as death and disability benefits. Covered employees are required to contribute 8-1/4% of their salary to the Firefighters' Pension Plan. The Village is required to contribute at an actuarially determined rate. The employer rate for fiscal year 1998 was 11.30%of covered payroll. 22 VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS Note 11. Employee Retirement Plans (continued) The Village's annual pension cost and net pension obligation to the Plan for the current year were as follows: Annual required contribution $ 160,834 Interest on net pension obligation 105 Adjustment to annual requirement contribution (54) Annual pension cost 160,885 Contributions made 165.029 Decrease in net pension obligation (4,144) Net pension obligation, beginning of year 1,401 Net pension obligation, end of year $ (2,743) The required contribution for the year ended December 31, 1998, was determined as part of the December 31, 1997, actuarial valuation report using the entre age normal cost method. The actuarial assumptions included (a) 7.50% investment rate of return, (b) projected salary increases of 5.5%, (c) 3% per year cost of living adjustments. Both (a) and (b) included an inflation component of 3%. The actuarial value of Firefighters' Pension assets was determined using market value. Trend Information Calendar Annual Annual Percentage Year Pension Contributions of APC Ending Cost (APC) Made Contributed 12/31/98 $ 160,885 $ 165,029 102.6% 12/31/97 180,026 178,586 99.2% Investment Concentrations: As of December 31, 1998, the Fire Pension Plan holds an insurance contract with Nationwide Life Insurance Company with a fair value of $880,945 which represents 5.1% of plan assets and shares in the Vanguard Index Trust Mutual Fund with a fair value of$1,179,920 which represents 6.8% of plan assets. 23 VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS Note 12. 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 effect on the financial condition of the Village. Grants: Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies, principally the federal government. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures which may be disallowed by the grantor cannot be determined at this time although the Village expects such amounts, if any,to be immaterial. 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. 24 i i i i VILLAGE OF OAK BROOK,ILLINOIS REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF FUNDING PROGRESS ILLINOIS MUNICIPAL RETIREMENT FUND December 31, 1998 Schedule of Funding Progress Actuarial Accrued UAAL as a Actuarial Liability Unfunded Percentage Actuarial Value (AAL) AAL Funded Covered of Covered Valuation of Assets Entry Age (UAAL) Ratio Payroll Payroll Date (a) (b) (b-a) (a/b) (c) ((b-a)/c) 12/31/97 $ 5,941,801 $ 6,161,874 $ 220,073 96.43% $ 3,578,453 6.15% 12/31/96 4,938,422 4,984,852 46,430 99.07% 3,207,244 1.45% 12/31/95 4,315,490 4,524,132 208,642 95.39% 3,104,866 6.72% 12/31/94 3,555,301 3,731,564 176,263 95.28% 2,706,579 6.51% 12/31/93 3,144,278 3,394,340 250,062 92.63% 2,374,822 10.53% 12/31/92 2,685,364 3,126,852 441,488 85.88% 2,285,435 19.32% 25 VILLAGE OF OAK BROOK, ILLINOIS — REQUIRED SUPPLEMENTARY INFORMATION POLICE PENSION FUND — SCHEDULE OF FUNDING PROGRESS Actuarial Accrued Unfunded UAAL as a — Actuarial Liability (Overfunded) Percentage of Actuarial Value of (AAL) AAL Funded Covered Covered Valuation Assets Entry Age (UAAL) Ratio Payroll Payroll _ Date (a) (b) (b-a) (a/b) (c) ((b-a)/c) 12/31/98 $ 18,904,148 $ 17,216,822 $ (1,687,326) 109.80% $ 2,172,052 (77.7)% _ 12/31//97 17,240,465 15,849,416 (1,391,049) 108.78% 1,822,595 (76.3)% The information presented in the required supplementary schedule was determined as part of the actuarial valuations at the dates indicated. Additional information as of the latest actuarial valuation follows: Valuation date 12/31/98 Actuarial cost method Entry age Amortization method Level percentage of pay closed — Remaining amortization period 35 years Asset valuation method Market value Actuarial assumptions: — Investment rate of return * 7.50% Projected salary increases * 5.25% * Includes inflation for cost-of-living adjustment at 3%per year 26 VILLAGE OF OAK BROOK, ILLINOIS REQUIRED SUPPLEMENTARY INFORMATION FIREFIGHTERS' PENSION FUND SCHEDULE OF FUNDING PROGRESS Actuarial Accrued Unfunded UAAL as a Actuarial Liabilit}, (Overfunded) Percentage of Actuarial Value of (AAL) AAL Funded Covered Covered Valuation Assets Entry Age (UAAL) Ratio Pavroll Payroll Date (a) (b) (b-a) (a/b) (c) ((b-a)/c) _ 12/31/98 $ 17,364,674 $ 15,659,293 $ (1,705,381) 110.9% $ 1,530,499 (111.4)% 12/31/97 16,159,276 15,009,251 (1,150,025) 107.7% 1,424,744 (80.7)% The information presented in the required supplementary schedule was determined as part of the actuarial valuations at the dates indicated. Additional information as of the latest actuarial valuation follows: Valuation date 12/31/98 Actuarial cost method Entry age Amortization method Level percentage of pay closed Remaining amortization period 35 vears Asset valuation method Market Value Actuarial assumptions: Investment rate of return * 7.50% Projected salary increases * 5.50% * Includes inflation for cost-of-living adjustment of 3% 27 VILLAGE OF OAK BROOK,ILLINOIS REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF YEAR 2000 ISSUES A. General Description The Village of Oak Brook is currently addressing Year 2000 issues relating to its computer systems and other electronic equipment. The Year 2000 issue refers to the fact that many computer programs use only the last two digits to refer to a year. Therefore, both 1900 and 2000 would be referred to as "00." Computer programs have to be adjusted to recognize the difference between those two years or the programs will fail or create errors. Also some programs may not be able to recognize that 2000 is a leap year. Further, the Year 2000 issue could affect electronic equipment containing computer chips that have date recognition features. The Village has identified certain computer systems and electronic equipment that are mission-critical and is subjecting those systems and equipment to the following stages of work to address Year 2000 issues: 1. Awareness stage -establishing a budget and project plan for dealing with the Year 2000 issue. 2. Assessment stage - identifying the systems and components for which Year 2000 compliance work is needed. 3. Remediation stage-making changes to the systems and equipment. 4. Validation/testing stage - validating and testing the changes that were made during the remediation stage. B. Status The Village had decentralized the Year 2000 Project. The Village has an overall project officer to coordinate Village-wide issues, with each department responsible for the execution of its own Year 2000 efforts. The Village has utilized its computer hardware vendors to update mission-critical systems and electronic equipment. No significant external resources have been committed as of December 31, 1998 towards this project. The Village has completed the awareness and assessment stage for all its mission critical systems and electronic equipment. The Village is in the process of completing the remediation and validation/testing stages. Because of the unprecedented nature of the Year 2000 issue, its effects and the success of related remediation efforts will not be fully determinable until the Year 2000 and thereafter. Management can not assure that the Village of Oak Brook is or will be Year 2000 ready, that the Village's remediation efforts will be successful in whole or in part, or that parties with whom the Village does business will be Year 2000 ready. 28 i GENERAL FUND -- General Fund - to account for resources traditionally associated with gov- ernments which are not required to be accounted for in another fund. VILLAGE OF OAK BROOK,ILLINOIS STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE- BUDGET AND ACTUAL GENERAL FUND Year Ended December 31, 1998 Variance — Favorable Budget Actual (Unfavorable) _ Revenues: Intergovernmental $ 12,363,205 $ 11,988,509 $ (374,696) Licenses and permits 350,280 391,789 41,509 Service charges 343,750 364,650 20,900 Fines and penalties 226,500 222,239 (4,261) Interest on investments 715,000 840,191 125,191 Miscellaneous 311,075 587,548 276,473 Total revenues 14,309,810 14,394,926 85,116 Expenditures: General government 5,265,125 3,307,267 1,957,858 Public safety 7,362,690 7,008,468 354,222 Public works 1,657,510 11458,185 199,325 Culture and recreation 804,165 739,142 65,023 Total expenditures 15,089,490 12,513,062 2,576,428 — Excess (deficiency) of revenues over expenditures (779,680) 1,881,864 2,661,544 Other financing sources (uses): Operating transfers in 243,600 243,600 - Operating transfers (out) (150,400) (150,400) - 93,200 93,200 - Excess (deficiency)of revenues and other financing sources over expenditures and other financing uses $ (686,480) 1,975,064 $ 2,661,544 Fund balance: Beginning 16,663,963 Ending $ 18,639,027 29 VILLAGE OF OAK BROOK,ILLINOIS — SCHEDULE OF REVENUES- BUDGET AND ACTUAL GENERAL FUND — Year Ended December 31, 1998 Variance Favorable + Budget Actual (Unfavorable) Intergovernmental: Municipal sales tax $ 11,360,000 $ 10,947,063 $ (412,937) Illinois state income tax 683,575 735,693 52,118 Corporate personal property replacement taxes 183,130 212,762 29,632 — York Township road and bridge tax 136,500 92,991 (43,509) 12,363,205 11,988,509 (374,696) Licenses and permits 350,280 391,789 41,509 Service charges 343,750 364,650 20,900 Fines and penalties 226,500 222,239 (4,261) ' Interest on investments 715,000 840,191 125,191 Franchise fees 286,000 526,063 240,063 Other 25,075 61,485 36,410 1,946,605 2,406,417 459,812 Total revenues $ 14,309,810 $ 14,394,926 $ 85,116 — 30 VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL GENERAL FUND Year Ended December 31, 1998 Variance Favorable Budget Actual (Unfavorable) General government: - Legislative and general management: Board of trustees: Personnel $ 61,580 $ 57,261 $ 4,319 Materials and supplies 1,145 1,141 4 Operation and contractual 200,735 46,333 154,402 263,460 104,735 158,725 - Village clerk: Personnel 77,010 75,938 1,072 Materials and supplies 1,780 1,780 - - Operation and contractual 29,500 18,128 11,372 108,290 95,846 12,444 Legal: Personnel 108,825 108,823 2 Materials and supplies 2,740 2,720 20 Operation and contractual 66,455 66,451 4 178,020 177,994 26 General management: Personnel 261,810 261,806 4 Materials and supplies 2,540 2,540 - Operation and contractual 840 839 1 265,190 265,185 5 Human resources: Personnel 50,715 49,241 1,474 Materials and supplies 2,240 1,355 885 Operation and contractual 134,125 134,121 4 187,080 184,717 2,363 Risk management: Personnel 31,305 28,142 3,163 Operation and contractual 490,795 471,289 19,506 522,100 499.431 22,669 (continued) 31 VILLAGE OF OAK BROOK,ILLINOIS - SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL (Continued) GENERAL FUND - Year Ended December 31, 1998 Variance _ Favorable Budget Actual (Unfavorable) General government: (continued) Legislative and general management: (continued) Emergency management: Personnel $ 9,790 $ 3,437 $ 6,353 - Materials and supplies 525 429 96 Operation and contractual 4,355 4,353 2 Capital 740 - 740 15,410 8,219 7,191 General services: - Personnel 43,405 40,720 2,685 Materials and supplies 53,150 46,531 6,619 Operation and contractual 135,540 135,535 5 Capital 34,830 3,610 31,220 266,925 226,396 40,529 Purchasing and grants: Personnel 70,480 66,137 4,343 Materials and supplies 2,010 2,006 4 - Operation and contractual 670 583 87 73,160 68,726 4,434 Information sv_stems: Personnel 216,490 178,895 37,595 Materials and supplies 59,705 23,592 36,113 - Operation and contractual 87,930 82,933 4,997 Capital 290,655 106,986 183,669 654,780 392,406 262,374 Village communications center: Personnel 414,415 414,413 2 Materials and supplies 5,160 4,959 201 Operation and contractual 8,250 8,243 7 Capital 16,260 16,257 3 - 444,085 443,872 213 Total legislative and general management 2,978,500 2,467,527 510,973 (continued) 32 VILLAGE OF OAK BROOK,ILLINOIS -- SCHEDULE OF EXPENDITURES- BUDGET AND ACTUAL (Continued) GENERAL FUND Year Ended December 31, 1998 Variance Favorable Budget Actual (Unfavorable) General government: (continued) Financial services: Financial services management: Personnel $ 113,100 $ 108,602 $ 4,498 Materials and supplies 2,175 1,197 978 Operation and contractual 10,840 9,859 981 126,115 119,658 6,457 Accounting and reporting: Personnel 239,905 219,953 19,952 _ Materials and supplies 12,075 5,236 6,839 Operation and contractual 16,150 14,888 1,262 Capital - - 268,130 240,077 28,053 Total financial services 394,245 359,735 34,510 Engineering and capital projects: Engineering: Personnel 292,795 292,792 3 Materials and supplies 3,595 2,520 1,075 Operation and contractual 41,785 25,648 16,137 Capital 7,000 - 7,000 345,175 320,960 24,215 Municipal building improvements: Operation and contractual 390,000 57,828 332,172 Capital 1,151,205 99,465 1,051,740 1,541,205 157,293 1,383,912 Traffic and lighting improvements capital 6,000 1,752 4,248 Total engineering and capital projects 1,892,380 480,005 1,412,375 Total general government 5,265,125 3.307,267 1,957,858 (continued) 33 VILLAGE OF OAK BROOK, ILLINOIS SCHEDULE OF EXPENDITURES- BUDGET AND ACTUAL (Continued) GENERAL FUND Year Ended December 31, 1998 Variance _ Favorable Budget Actual (Unfavorable) Public safety: Police department: Police services management: Personnel $ 237,540 $ 207,786 $ 29,754 Materials and supplies 8,965 3,998 4,967 Operation and contractual 73,315 52,510 20,805 319,820 264,294 55,526 Police field services: Personnel 2,138,035 2,138,031 4 - Materials and supplies 31,740 31,738 2 Operation and contractual 249,685 249,683 2 Capital 5,600 (1,207) 6,807 2,425,060 2,418,245 6,815 Police general support: - Personnel 160,645 159,672 973 Materials and supplies 16,000 15,751 249 Operation and contractual 4,600 2,442 2,158 181,245 177,865 3,380 Police investigations: Personnel 540,145 372,211 167,934 Materials and supplies 11,280 10,492 788 Operation and contractual 30,290 25,414 4,876 - Capital 2,600 2,527 73 584,315 410,644 173,671 (continued) - 34 VILLAGE OF OAK BROOK, ILLINOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND Year Ended December 31, 1998 Variance Favorable Budget Actual (Unfavorable) Public safety: (continued) Police department: (continued) Police records: Personnel $ 166,560 $ 157,030 $ 9,530 _ Materials and supplies 9,900 3,758 6,142 Operation and contractual 5,925 4,550 1,375 182,385 165,338 17,047 Public relations/crime prevention: Personnel 135,880 74,500 61,380 Materials and supplies 6,100 2,625 3,475 - Operation and contractual 10,030 8,516 1,514 152,010 85,641 66,369 -' Total police department 3,844,835 3,522,027 322,808 Fire and community development: '- Fire service management: Personnel 155,035 155,032 3 Materials and supplies 2,290 2,287 3 Operation and contractual 10,705 10,704 1 168,030 168,023 7 - Fire suppression: Personnel 2,030,295 2,030,294 1 Materials and supplies 31,670 31,666 4 Operation and contractual 195,750 195,750 - Capital 54,820 54.818 2 2,312,535 2,312,528 7 Emergency medical services: Personnel 301,800 301,494 306 - Materials and supplies 10,925 10,924 1 Operation and contractual 203,910 203,660 250 Capital 9,030 9,030 - 525,665 525,108 557 (continued) 35 VILLAGE OF OAK BROOK, ILLINOIS _ SCHEDULE OF EXPENDITURES- BUDGET AND ACTUAL (Continued) GENERAL FUND _ Year Ended December 31, 1998 Variance Favorable Budget Actual (Unfavorable) Public safety: (continued) Fire and community development: (continued) Code enforcement: Personnel $ 280,335 $ 271,959 $ 8,376 Materials and supplies 5,925 5,009 916 Operation and contractual 79,520 79,517 3 365,780 356,485 9,295 Planning and zoning: Personnel 123,495 123,495 - Materials and supplies 1,050 111 939 Operation and contractual 21,300 691 20,609 145,845 124,297 21,548 Total fire and code enforcement 3,517,855 3,486,441 31,414 Total public safety 7,362,690 7,008,468 354,222 Public works: Public works management: Personnel 223,395 223,393 2 Materials and supplies 2,565 2,564 1 Operation and contractual 13,575 13,575 - 239,535 239,532 3 Mosquito control, operation and contractual 49,815 42,460 7,355 Building and grounds: Personnel 58,075 57,194 881 Materials and supplies 21,665 21,664 1 _ Operation and contractual 139,850 98,398 41,452 Capital 4,500 1,472 3,028 224,090 178,728 45,362 _ (continued) 36 VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF EXPENDITURES- BUDGET AND ACTUAL (Continued) GENERAL FUND Year Ended December 31, 1998 Variance Favorable Budget Actual (Unfavorable) -- Public works: (continued) Streets -General salaries: Personnel $ 505,130 $ 505,128 $ 2 Materials and supplies 3,330 2,981 349 Operation and contractual 3,605 2,526 1,079 512,065 510,635 1,430 Street maintenance: Materials and supplies 20,125 12,208 7,917 Operation and contractual 102,230 88,936 13,294 Capital 3,000 1,139 1,861 125,355 102,283 23,072 Traffic and lighting maintenance: Materials and supplies 18,180 18,176 4 Operation and contractual 98,035 79,152 18,883 Capital 9,000 9,680 (680) 125,215 107,008 18,207 Snow removal: Personnel 43,185 12,562 30,623 Materials and supplies 43,860 31,186 12,674 Operation and contractual 43,675 38,675 5,000 Capital 11,250 9,736 1,514 141,970 92,159 49,811 Drainage maintenance: Materials and supplies 5,925 5,924 1 Operation and contractual 50,835 50,835 - 56,760 56,759 1 Forestry: Personnel 17,975 6,138 11,837 Materials and supplies 1,200 921 279 Operation and contractual 114,200 99,608 14,592 133,375 106,667 26,708 Safety pathway maintenance: Materials and supplies 2,500 125 2,375 Operation and contractual 46,540 21,540 25,000 49,040 21,665 27,375 Recycling subsidy, operation and contractual 290 289 1 Total public works 1,657,510 1,458,185 199,325 (continued) 37 VILLAGE OF OAK BROOK,ILLINOIS - SCHEDULE OF EXPENDITURES- BUDGET AND ACTUAL (Continued) GENERAL FUND - Year Ended December 31, 1998 Variance _ Favorable Budget Actual (Unfavorable) Culture and recreation: Library general operations: Personnel $ 192,580 $ 187,038 $ 5,542 Materials and supplies 21,975 14,731 7,244 - Operation and contractual 52,675 37,463 15,212 Capital 5,700 4,568 1,132 272,930 243,800 29,130 - Library technical services: Personnel 63,140 59,904 3,236 - Materials and supplies 8,200 3,963 4,237 Operation and contractual 4,400 3,232 1,168 75,740 67,099 8,641 -' Library reference and adult services: Personnel 104,980 86,526 18,454 Materials and supplies 89,930 89,929 1 Operation and contractual 5,070 1,481 3,589 199,980 177,936 22,044 Library youth services: Personnel 71,695 66,584 5,111 Materials and supplies 28,600 28,511 89 Operation and contractual 2,200 2,197 3 102,495 97,292 5,203 - Community events: Operation and contractual 153,020 153,015 5 - Total culture and recreation 804,165 739,142 65,023 - Total expenditures $ 15,089,490 $ 12,513,062 $ 2,576,428 38 SPECIAL REVENUE FUNDS Hotel/Motel Tax Fund - to account for local hotel/motel tax receipts re- stricted for promoting tourism and conventions in the Village. Motor Fuel Tax Fund - to account for State Gasoline Tax Allocations re- stricted for local roadway program expenditures. Foreign Fire Insurance Tax Fund - to account for Foreign Fire Insurance revenue restricted for the purchase of items for the benefit of the fire department. VILLAGE OF OAK BROOK,ILLINOIS COMBINING BALANCE SHEET SPECIAL REVENUE FUNDS December 31, 1998 Foreign Fire Hotel/Motel Motor Fuel Insurance ASSETS Tax Tax Tax Total Cash and investments $ 439,353 $ 539,936 $ 39,060 $ 1,018,349 Receivables: Allotments - 17,835 - 17,835 Accrued interest 3,059 3,613 264 6,936 Other, hotel/motel tax 37,681 - - 37,681 Total assets $ 480,093 $ 561,384 $ 39,324 $ 1,080,801 LIABILITIES AND FUND BALANCES Liabilities Accounts payable $ 111,322 $ - $ - $ 111,322 Due to other funds - 113,500 - 113,500 111,322 113,500 - 224,822 _ Fund balances: Unreserved 368,771 447,884 39,324 855,979 _ Total liabilities and fund balances $ 480,093 $ 561,384 $ 39,324 $ 1,080,801 39 VILLAGE OF OAK BROOK,ILLINOIS _ COMBINED STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL _ SPECIAL REVENUE FUNDS Year Ended December 31, 1998 Hotel/Motel Tax Variance Favorable Budget Actual (Unfavorable) Revenues: Intergovernmental $ - $ - $ - Hotel/motel taxes 307,900 330,953 23,053 Interest on investments 19,250 22,055 2,805 Total revenues 327,150 353,008 25,858 Expenditures -Current: Public safety - - - Culture and recreation 326,900 317,660 9,240 Total expenditures 326,900 317,660 9,240 Excess (deficiency) of revenues over expenditures 250 35,348 35,098 Other financing(uses), operating transfers (out) - - - Excess (deficiency)of revenues over expenditures and other financing uses $ 250 35,348 $ 35,098 Fund balances: Beginning 333,423 Ending $ 368,771 40 Motor Fuel Tax Foreign Fire Insurance Tax Totals _ Variance Variance Variance Favorable Favorable Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable) $ 213,900 $ 214,058 $ 158 $ 27,800 $ 19,519 $ (8,281) $ 241,700 $ 233,577 $ (8,123) - - - - - - 307,900 330,953 23,053 31,625 40,294 8,669 1,000 1,298 298 51,875 63,647 11,772 245,525 254,352 8,827 28,800 20,817 (7,983) 601,475 628,177 26,702 - - - 23,000 9,325 13,675 23,000 9,325 13,675 - - - 326,900 317,660 9,240 - - - 23,000 9,325 13,675 349,900 326,985 22,915 245,525 254,352 8,827 5,800 11,492 (7,983) 251,575 301,192 35,942 (750,000) (656,798) 93,202 - - - (750,000) (656,798) 93,202 $ (504.475) (402,446) $ 102.029 $ 5.800 11,492 $ (7,983) $ (498,425) (355,606) $ 129,144 850,330 27,832 1,211.585 $ 447,884 $ 39,324 $ 855,979 41 This page was intentionally left blank. i i ENTERPRISE FUNDS Waterworks System Fund - to account for revenues and expenses relative to the operation of the water utility. Sports Core Fund - to account for revenues and expenses relative to the operation of the Sports Core. This page was intentionally left blank. VILLAGE OF OAK BROOK,ILLINOIS _ COMBINING BALANCE SHEET ENTERPRISE FUNDS _ December 31, 1998 Waterworks Sports ASSETS System Core Total Current Assets Cash and investments $ 5,547,723 $ 77,316 $ 5,625,039 Receivables,net of allowances for uncollectibles,where applicable: Billed water sales 143,423 - 143,423 Unbilled water sales 292,510 - 292,510 Accrued interest 28,264 - 28,264 Other 2,213 52,885 55,098 Inventories - 140,738 140,738 -- Total current assets 6,014,133 270,939 6,285,072 Restricted Assets: — Cash and investments - 78,002 78,002 Fixed Assets — Property, plant and equipment 16,923,453 14,176,456 31,099,909 Accumulated depreciation (6,703,248) (3,296,824) (10,000,072) 10,220,205 10,879,632 21,099,837 -- Other Assets Water purchase rights 1,744,453 - 1,744,453 — Total assets $ 17,978,791 $ 11,228,573 $ 29,207,364 42 Waterworks Sports LIABILITIES AND FUND EQUITY Svstem Core Total Current Liabilities Accounts payable $ 181,519 $ 61,872 $ 243,391 Accrued payroll 4,412 11,869 16,281 Compensated absences 18,402 22,866 41,268 Deposits payable - 23,350 23,350 Due to other funds - 75,896 75,896 Notes payable 117,703 117,703 Total current liabilities 204,333 313,556 517,889 Advances from other funds - 650,000 650,000 Total liabilities 204,333 963,556 1,167,889 Fund Equity Contributed capital - 11,025,590 11,025,590 Retained earnings (deficit): Reserved -Golf surcharge - 78,002 78,002 Unreserved 17,774,458 (838,575) 16,935,883 Total retained earnings (deficit) 17,774,458 (760,573) 17,013,885 Total fund equity 17,774,458 10,265,017 28,039,475 Total liabilities and fund equity $ 17,978,791 $ 11,228,573 $ 29,207,364 43 VILLAGE OF OAK BROOK,ILLINOIS _ COMBINING STATEMENT OF REVENUES,EXPENSES, AND CHANGES Ih RETAINED EARNINGS ENTERPRISE FUNDS Year Ended December 31,1998 Waterworks Sports System Core Total Operating revenues: Charges for services $ 3,466,437 $ 3,130,195 $ 6,596,632 Miscellaneous 45,331 - 45,331 _ Total operating revenues 3,511,768 3,130,195 6,641,963 Operating expenses: _ Operation of facilities 2,884,062 2,945,037 5,829,099 Depreciation and amortization 480,419 261,159 741,578 Total operating expenses 3,364,481 3,206,196 6,570,677 Operating income (loss) 147,287 (76,001) 71,286 Nonoperating revenues(expenses): Interest on investments 290,830 6,578 297,408 Interest expense - (6,727) (6,727) Income(loss) before operating transfers 438,117 (76,150) 361,967 Operating transfers in - 150,400 150,400 Operating transfers(out) (225,000) - (225,000) Net income 213,117 74,250 287,367 + Retained earnings (deficit): Beginning 17,561,341 (834,823) 16,726,518 Ending $ 17,774,458 $ (760,573) $ 17,013,885 44 VILLAGE OF OAK BROOK,ILLINOIS COMBINING STATEMENT OF CASH FLOWS ENTERPRISE FUNDS Year Ended December 31, 1998 Waterworks Sports Svstem Core Total Cash Flows from Operating Activities Operating income(loss) $ 147,287 $ (76,001) $ 71,286 Adjustments to reconcile operating income(loss)to net cash provided by operating activities: Depreciation and amortization 480,419 261,159 741,578 Changes in assets and liabilities: Accounts receivable (38,436) - (38,436) Other receivable 2,632 (19,577) (16,945) Inventories - (10,268) (10,268) Accounts payable (72,052) 19,894 (52,158) Accrued payroll and compensated absences 2,400 6,245 8,645 Deposits payable - 4,850 4,850 Net cash provided by operating activities 522,250 186,302 708,552 Cash Flows from Noncapital Financing Activities Borrowings from other funds - 3,441 3,441 Repayments of due to other funds (5,356) - (5,356) Operating transfers in - 150,400 150,400 Operating transfers(out) (225,000) - (225,000) Net cash provided by(used in) noncapital financing activities (230,356) 153,841 (76,515) Cash Flows from Capital and Related Financing Activities Purchase of fixed assets (198,077) (215,438) (413,515) Proceeds from notes payable - 122,293 122,293 Principal paid on notes payable - (149,584) (149,584) Interest paid on notes payable - (6,727) (6,727) Net cash (used in) capital and related financing activities (198,077) (249,456) (447,533) Cash Flows from Investing Activities Investment purchases (170,942) (91,968) (262,910) Investment maturities 1,200,000 13,966 1,213,966 Interest received on investments 305,192 6,578 311,770 Net cash provided by (used in) investing activities 1.334,250 (71,424) 1,262,826 Net increase in cash and cash equivalents 1,428,067 19,263 1,447,330 Cash and cash equivalents: Beginning 2,120,938 58,053 2,178,991 Ending $ 3,549,005 $ 77,316 $ 3,626,321 Reconciliation of Cash and Cash Equivalents to Combining Balance Sheet Cash and cash equivalents $ 3,549,005 $ 77,316 $ 3,626,321 Investments 1,998,718 78,002 2,076,720 $ 5,547,723 $ 155,318 $ 5,703,041 45 VILLAGE OF OAK BROOK,ILLINOIS STATEMENT OF REVENUES,EXPENSES,AND CHANGES IN RETAINED EARNINGS- BUDGET AND ACTUAL WATERWORKS SYSTEM Year Ended December 31, 1998 Variance Favorable Budget Actual (Unfavorable) Operating revenues: Charges for services: Water sales $ 3,260,000 $ 3,276,302 $ 16,302 Unmetered sales 5,000 7,279 2,279 Water tap on charges 20,000 62,873 42,873 Fire service charges - 101,289 101,289 Meter fees and special services 26,200 18,694 (7,506) Miscellaneous 39,700 45,331 5,631 Total operating revenues 3,350,900 3,511,768 160,868 Operating expenses: Operation of facilities 2,993,860 2,884,062 109,798 Depreciation and amortization - 480,419 (480,419) Total operating expenses 2,993,860 3,364,481 (370,621) Operating income 357,040 147,287 (209,753) Nonoperating revenues: Interest on investments 247,500 290,830 43,330 Income before operating transfers 604,540 438,117 (166,423) Operating transfers (out) (225,000) (225,000) - Net income $ 379,540 213,117 $ (166,423) Retained earnings: Beginning 17,561,341 Ending $ 17,774,458 46 VILLAGE OF OAK BROOK, ILLINOIS _ SCHEDULE OF OPERATING EXPENSES- BUDGET AND ACTUAL WATERWORKS SYSTEM Year Ended December 31, 1998 Variance Favorable Budget Actual (Unfavorable) Operation of facilities: Public works: Water operations: Personnel $ 373,845 $ 364,228 $ 9.617 Materials and supplies 57,580 43,553 14,027 Operation and contractual 2,562,435 2,476,281 86.154 Total water operations 2.993,860 2,884,062 109,798 Capital improvements: Capital 561,000 198,077 362,923 Less: items capitalized (561,000) (198,077) (362,923) Total capital improvements - - - Total operation of facilities 2,993,860 2,884,062 109,798 Depreciation and amortization: Depreciation - 411,557 (411557) Amortization - 68,862 (68,862) Total depreciation and amortization - 480,419 (480,419) Total operating expenses $ 2.993,860 $ 3,364,481 $ (370,621) 47 VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION WATERWORKS SYSTEM FUND Year Ended December 31, 1998 Property, Plant, and Equipment Additions Balance and Balance January 1 Transfers Disposals December 31 Land and land rights $ 215,800 $ - $ - $ 215,800 — Service of supply plant- Wells and springs 314,753 - - 314,753 Structure and improvements 644,398 47,743 - 692,141 — Electrical pumping equipment 437,170 - 437,170 Water treatment equipment 8,149 - - 8,149 Distribution, reservoirs, mains and standpipes 14,014,530 - 14,014,530 Meters and meter installation 743,146 150,334 - 893,480 Hydrants 181,472 - - 181,472 — Office furniture and equipment 20,763 - - 20,763 Tools, shop and garage equipment 20,189 - - 20,189 Laboratory equipment 1,070 - - 1,070 Miscellaneous equipment 112,533 - - 112,533 Intangible plant-Organization 11,403 - - 11,403 $ 16,725,376 $ 198,077 $ - $ 16,923,453 48 Rate of Depreciation Accumulated Depreciation or Additions Amortization Balance and Balance Net Asset (Years) January 1 Transfers Disposals December 31 Value $ - $ - $ - $ - $ 215,800 40 188,763 7,867 - 196,630 118,123 40 130,039 16,706 - 146,745 545,396 40 151,545 10,929 - 162,474 274,696 10 8,149 - - 8,149 - 40 4,990,044 350,363 - 5,340,407 8,674,123 15 565,616 18,341 - 583,957 309,523 40 96,486 4,537 - 101,023 80,449 10 20,763 - - 20,763 - 5 19,604 (266) - 19,338 851 5 1,070 - - 1,070 - 5 108,209 3,080 - 111,289 1,244 5 11,403 - - 11,403 -- $ 6,291,691 $ 411,557 $ - $ 6,703,248 $ 10,220,205 49 VILLAGE OF OAK BROOK,ILLINOIS STATEMENT OF REVENUES,EXPENSES,AND CHANGES IN RETAINED EARNINGS-BUDGET AND ACTUAL SPORTS CORE FUND Year Ended December 31, 1998 Variance Favorable Budget Actual (Unfavorable) Operating revenues: Charges for services: Golf $ 1,823,235 $ 1,993,809 $ 170,574 ` Bath and tennis 898,735 1,136,386 237,651 Total operating revenues 2,721,970 3,130,195 408,225 Operating expenses: Golf club 1,324,105 1,282,368 41,737 Bath and tennis 1,663,075 1,662,669 406 Depreciation - 261,159 (261,159) Total operating expenses 2,987,180 3,206,196 (219,016) Operating(loss) (265,210) (76,001) 189,209 Nonoperating revenues (expenses): — Interest on investments 7,300 6,578 (722) Interest expense (6,380) (6,727) (347) Income(loss) before operating transfers (264,290) (76,150) 188,140 Operating transfers in 150,400 150,400 - ` Net income(loss) $ (113,890) 74,250 $ 188,140 Retained earnings (deficit): Beginning (834,823) _ Ending $ (760,573) 50 VILLAGE OF OAK BROOK,ILLINOIS -- SCHEDULE OF OPERATING REVENUES- BUDGET AND ACTUAL SPORTS CORE FUND Year Ended December 31, 1998 Variance Favorable Budget Actual (Unfavorable) Charges for services: _ Golf: Fees $ 1,124,285 $ 1,297,652 $ 173,367 Golf surcharge 70,500 75,506 5,006 Memberships 258,650 250,406 (8,244) Merchandise sales 204,000 193,845 (10,155) Food sales 67,100 68,891 1,791 Beverage sales 98,700 107,509 8,809 1,823.235 1,993,809 170,574 Bath and tennis: Fees 157,670 201,842 44,172 Memberships 216,315 209,438 (6,877) Merchandise sales 500 1,108 608 Food sales 351,300 491,928 140,628 Beverage sales 117,550 158,447 40,897 _ Miscellaneous 55,400 73,623 18,223 898,735 1,136,386 237,651 Total operating revenues $ 2,721,970 $ 3,130,195 $ 408,225 51 VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF OPERATING EXPENSES-BUDGET AND ACTUAL SPORTS CORE FUND Year Ended December 31, 1998 Variance Favorable Budget Actual (Unfavorable) Operations -Golf club: General operations: Personnel $ 278,120 $ 277,931 $ 189 Materials and supplies 210,880 210,880 - Operation and contractual 134,620 134,616 4 623,620 623,427 193 Range operations: Personnel 41,355 37,218 4,137 Materials and supplies 11,000 9,746 1,254 Operation and contractual 2,200 (1,345) 3,545 54,555 45,619 8,936 Golf cart operations: Personnel 21,105 21,105 - Materials and supplies 890 889 1 -' Operation and contractual 44,065 44,061 4 66,060 66,055 5 Golf course maintenance: Personnel 331,390 326,322 5,068 Materials and supplies 108,650 85,846 22,804 Operation and contractual 30,660 25,938 4,722 470,700 438,106 32,594 Golf course lounge operations: Personnel 38,185 38,182 3 Materials and supplies 69,495 69,493 2 Operation and contractual 1,490 1,486 4 109,170 109,161 9 Total golf club 1,324,105 1,282,368 41,737 (continued) 52 VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF OPERATING EXPENSES-BUDGET AND ACTUAL (Continued) SPORTS CORE FUND Year Ended December 31, 1998 Variance Favorable Budget Actual (Unfavorable) Operations -Bath and tennis: General operations: Personnel $ 292,820 $ 292,817 $ 3 Materials and supplies 21,575 21,572 3 Operation and contractual 109,545 109,544 1 423,940 423,933 7 Swimming operations: Personnel 111,440 111,438 2 Materials and supplies 19,585 19,581 4 Operation and contractual 23,755 23,753 2 154,780 154,772 8 Tennis operations -Outdoor: Personnel 68,215 68,213 2 Materials and supplies 7,665 7,661 4 Operation and contractual 31,170 31,167 3 107,050 107,041 9 Tennis operations -Indoor: Personnel 82,265 82,263 2 Materials and supplies 3,160 3,158 2 _ Operation and contractual 33,490 33,488 2 118,915 118,909 6 (continued) 53 VILLAGE OF OAK BROOK, ILLINOIS SCHEDULE OF OPERATING EXPENSES-BUDGET AND ACTUAL (Continued) SPORTS CORE FUND _ Year Ended December 31, 1998 Variance _ Favorable Budget Actual (Unfavorable) Operations -Bath and tennis: (continued) Food and beverage: Personnel $ 365,525 $ 365,169 $ 356 Materials and supplies 303,180 303,164 16 Operation and contractual 189,685 189,681 4 858,390 858,014 376 Total bath and tennis 1,663,075 1,662,669 406 Capital improvements: _ Capital outlay 324,385 215,438 108,947 Less: items capitalized (324,385) (215,438) (108,947) Total capital improvements - - - Depreciation - 261,159 (261,159) Total operating expenses $ 2,987,180 $ 3,206,196 $ (219,016) 54 This page was intentionally left blank. VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF PROPERTY,PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION — SPORTS CORE FUND Year Ended December 31, 1998 Property, Plant and Equipment Additions _ Balance and Balance January 1 Transfers Disposals December 31 Land $ 8,292,249 $ - $ - $ 8,292,249 — Land improvements-Golf course 1,713,343 13,400 - 1,726,743 Land improvements -Bath and tennis 151,611 - - 151,611 Buildings -Golf 726,184 - - 726,184 — Buildings -Bath and tennis 2,132,836 - - 2,132,836 Machinery and equipment-Golf 791,532 76,723 868,255 Machinery and equipment-Bath and tennis 119,286 14,340 - 133,626 — Computer equipment 21,367 - - 21,367 Construction in progress-Golf - 96,270 96,270 Construction in progress-Bath and tennis - 14,705 14,705 Vehicles 12,610 - - 12,610 $ 13,961,018 $ 215,438 $ - $ 14,176,456 — 55 Rate of Depreciation Accumulated Depreciation or Additions Amortization Balance and Balance Net Asset (Years) January 1 Transfers Disposals December 31 Value $ - $ - $ - $ - $ 8,292,249 25 937,204 68,880 - 1,006,084 720,659 10 144,720 6,891 - 151,611 - 40 246,289 17,380 - 263,669 462,515 40 1,104,162 88,235 - 1,192,397 940,439 10 504,374 62,720 567,094 301,161 10 66,115 16,219 - 82,334 51,292 5 21,214 153 - 21,367 - - - - - - 96,270 - - - - - 14,705 4 11,587 681 - 12,268 342 $ 3,035,665 $ 261,159 $ - $ 3,296,824 $ 10,879,632 56 INTERNAL SERVICE FUNDS Self-Insurance Fund - to account for all costs associated with self- insurance risks for health and dental insurance. Garage Fund - to account for all costs associated with the operation and maintenance of the Village's vehicle fleet equipment. Capital Replacement Fund - to account for revenues and expenditures relative to the replacement of major capital equipment, primarily vehicles. VILLAGE OF OAK BROOK,ILLINOIS COMBINING BALANCE SHEET INTERNAL SERVICE FUNDS December 31, 1998 _ Self- Capital ASSETS Insurance Garage Replacement Total _ Current Assets Cash and investments $ 391,171 $ 119,549 $ 2,180,846 $ 2,691,566 Receivables, accrued interest 2,710 - 13,821 16,531 Inventories - 35,709 - 35,709 Total current assets 393,881 155,258 2,194,667 2,743,806 Fixed Assets Equipment - 121,103 3,182,849 3,303,952 Accumulated depreciation - (84,283) (1,580,392) (1,664,675) Total fixed assets - 36,820 1,602,457 1,639,277 Total assets $ 393,881 $ 192,078 $ 3,797,124 $ 4,383,083 LIABILITIES AND FUND EQUITY Current Liabilities Accounts payable $ 500 $ 2,633 $ 23,167 $ 26,300 Accrued payroll - 1,613 - 1,613 Compensated absences - 3,095 - 3,095 Claims payable 96,374 - - 96,374 Total liabilities 96,874 7,341 23,167 127,382 Fund Equity Retained earnings 297,007 184,737 3,773,957 4,255,701 Total liabilities and fund equity $__ 393,881 $ 192,078 $ 3,797,124 $ 4,383,083 57 VILLAGE OF OAK BROOK,ILLINOIS COMBINING STATEMENT OF REVENUES, EXPENSES AND - CHANGES IN RETAINED EARNINGS INTERNAL SERVICE FUNDS Year Ended December 31, 1998 - Self- Capital - Insurance Garage Replacement Total Operating revenues: - Chargesforservices $ 954,242 $ 332,100 $ 481,230 $ 1,767,572 Operating expenses: - Operation of garage - 240,111 - 240,111 Claims and insurance 901,358 - - 901,358 Repairs - - 1,802 1,802 - Depreciation - 7,380 261,385 268,765 Total operating expenses 901,358 247,491 263,187 1,412,036 Operating income 52,884 84,609 218,043 355,536 Nonoperating revenues: - Interest on investments 19,618 5,918 114,427 139,963 Gain on sale of fixed assets - - 63,827 63,827 Income before operating transfers 72,502 90,527 396,297 559,326 Operating transfers (out) - (18,600) - (18,600) - Net income 72,502 71,927 396,297 540,726 Retained earnings: Beginning 224,505 112,810 3,377,660 3,714,975 Ending $ 297,007 $ 184,737 $ 3,773,957 $ 4,255,701 58 VILLAGE OF OAK BROOK,ILLINOIS COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS Year Ended December 31, 1998 Self- Capital Insurance Garage Replacement Total _ Cash Flows From Operating Activities Operating income $ 52,884 $ 84,609 $ 218.043 $ 355.536 Adjustments to reconcile operating income to net cash provided by operating activities: Depreciation - 7,380 261,385 268,765 Changes in assets and liabilities: Accounts receivable - 223 - 223 Inventories - (4,327) - (4,327) Accounts payable - (5,117) (30,829) (35,946) Accrued payroll and compensated absences - 852 - 852 Claims payable 8,565 - - 8,565 Net cash provided by operating activities 61.449 83,620 448,599 593,668 Cash Flows From Noncapital Financing Activities Repayments of due to other funds - (6,947) - (6,947) Operating transfers (out) - (18,600) - (18,600) Net cash flows (used in) noncapital financing activities - (25,547) - (25,547) Cash Flows From Capital and Related Financing Activities Acquisition of equipment - (8,501) (431,991) (440,492) Proceeds from sale of equipment - - 77,605 77,605 Net cash (used in) capital and related financing activities - (8,501) (354,386) (362,887) Cash Flows from Investing Activities Investment purchases (10,586) - (70,031) (80,617) Investment maturities - - 200,000 200,000 Interest received on investments 19,322 5,918 116,195 141,435 Net cash provided by investing activities 8,736 5,918 246,164 260,818 Net increase in cash and cash equivalents 70,185 55,490 340,377 466,052 Cash and cash equivalents: Beginning 138,947 64,059 863,131 1,066,137 - Ending $ 209.132 $ 119.549 $ 1.203.508 $ 1.532.189 Reconciliation of Cash and Cash Equivalents to Combining Balance Sheet Cash and cash equivalents $ 209,132 $ 119,549 $ 1,203,508 $ 1,532,189 Investments 182,039 - 977,338 1,159,377 $ 391,171 $ 119,549 $ 2,180,846 $ 2,691,566 59 VILLAGE OF OAK BROOK,ILLINOIS STATEMENT OF REVENUES,EXPENSES AND CHANGES IN RETAINED EARNINGS- BUDGET AND ACTUAL SELF-INSURANCE FUND — Year Ended December 31, 1998 Variance — Favorable Budget Actual (Unfavorable) Operating revenues: Charges for services $ 958,600 $ 954,242 $ (4,358) Operating expenses: Claims and insurance: Insurance and administration 179,575 173,833 5,742 — Health clauns 648,900 635,599 13,301 Dental claims 82,400 91,926 (9,526) Total operating expenses 910,875 901,358 9,517 — Operating income 47,725 52,884 5,159 Nonoperating revenues: Interest on investments 15,000 19,618 4,618 Net income $ 62,725 72,502 $ 9,777 Retained earnings: Beginning 224,505 Ending $ 297,007 — 60 i VILLAGE OF OAK BROOK,ILLINOIS -- STATEMENT OF REVENUES,EXPENSES AND CHANGES IN RETAINED EARNINGS- BUDGET AND ACTUAL GARAGE FUND Year Ended December 31, 1998 Variance Favorable Budget Actual (Unfavorable) Operating revenues: Charges for services $ 332,100 $ 332,100 $ - Operating expenses: Garage operations: _ Personnel 84,230 74,666 9,564 Materials and supplies 84,360 66,490 17,870 Operation and contractual 101,745 98,955 2,790 Capital 8,505 8,501 4 Less: items capitalized (8,505) (8,501) (4) 270,335 240,111 30,224 Depreciation - 7,380 (7,380) Total operating expenses 270,335 247,491 22,844 Operating income 61,765 84,609 22,844 Nonoperating revenues: Interest on investments 4,125 5,918 1,793 Income before operating transfers 65,890 90,527 24,637 Operating transfers (out) (18,600) (18,600) - Net income $ 47,290 71,927 $ 24,637 Retained earnings: Beginning 112,810 Ending $ 184,737 61 VILLAGE OF OAK BROOK,ILLINOIS _ STATEMENT OF REVENUES,EXPENSES AND CHANGES IN RETAINED EARNINGS- BUDGET AND ACTUAL CAPITAL REPLACEMENT FUND — Year Ended December 31, 1998 Variance Favorable Budget Actual (Unfavorable) " Operating revenues: Charges for services $ 481,230 $ 481,230 $ - Operating expenses: Capital 444,295 433,793 10,502 Less: items capitalized (442,490) (431,991) (10,499) 1,805 1,802 3 Depreciation - 261,385 (261,385) — Total operating expenses 1,805 263,187 (261,382) Operating income 479,425 218,043 (261,382) Nonoperating revenues: _ Interest on investments 99,000 114,427 15,427 Gain on sale of fixed assets 61,000 63,827 2,827 Net income $ 639,425 396,297 $ (243,128) Retained earnings: _ Beginning 3,377,660 Ending $ 3,773,957 — 62 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 COMBINING STATEMENT OF PLAN NET ASSETS PENSION TRUST FUNDS December 31, 1998 —. Police Firefighters' ASSETS Pension Pension Total Cash and investments $ 18,727,566 $ 17,255,674 $ 35,983,240 Accrued interest receivable 178,574 118,865 297,439 Total assets 18,906,140 17,374,539 36,280.679 LIABILITIES Accounts payable 1,992 9,865 11,857 Net assets held in trust for pension benefits $ 18,904,148 $ 17,364,674 $ 36,268,822 63 VILLAGE OF OAK BROOK,ILLINOIS — COMBINING STATEMENT OF CHANGES IN PLAN NET ASSETS PENSION TRUST FUNDS Year Ended December 31, 1998 — Police Firefighters' — Pension Pension Total Additions — Contributions: Employer $ 192,824 $ 165,029 $ 357,853 Plan members 203,214 129,821 333,035 — Total contributions 396,038 294,850 690,888 Investment income: — Net appreciation in fair value of investments 542,023 286,387 828,410 Interest 1,317,693 1,305,749 2,623,442 Net investment income 1,859,716 1,592,136 3,451,852 — Total additions 2,255,754 1,886,986 4,142,740 Deductions Benefits and refunds 549,092 617,544 1,166,636 Administrative expenses 42,979 64,044 107,023 — Total deductions 592,071 681,588 1,273,659 Net increase 1,663,683 1,205,398 2,869,081 — Net assets held in trust for pension benefits: Beginning 17,240,465 16,159,276 33,399,741 — Ending $ 18,904,148 $ 17,364,674 $ 36,268,822 64 VILLAGE OF OAK BROOK,ILLINOIS STATEMENT OF CHANGES IN PLAN NET ASSETS- BUDGET AND ACTUAL POLICE PENSION FUND Year Ended December 31, 1998 Budget Actual Variance Additions Contributions: Employer $ 277,405 $ 192,824 $ (84,581) Plan member 190,000 203,214 13,214 Total contributions 467,405 396,038 (71,367) _ Investment income: Net appreciation in fair value of investments - 542,023 542,023 Interest 1,172,500 1,317,693 145,193 Net investment income 1,172,500 1,859,716 687,216 Total additions 1,639,905 2,255,754 615,849 Deductions Benefits and refunds 550,230 549,092 1,138 Administrative expense 50,620 42,979 7,641 Total deductions 600.850 592,071 8,779 Net increase $ 1,039,055 1,663,683 $ 624,628 Net assets held in trust for pension benefits: Beginning 17,240,465 Ending $ 18,904,148 65 VILLAGE OF OAK BROOK,ILLINOIS STATEMENT OF CHANGES IN PLAN NET ASSETS- BUDGET AND ACTUAL FIREFIGHTERS' PENSION FUND Year Ended December 31, 1998 Budget Actual Variance Additions Contributions: Employer $ 196,735 $ 165,029 $ (31,706) Plan member 129,845 129,821 (24) Total contributions 326,580 294,850 (31,730) Investment income: Net appreciation in fair value of investments - 286,387 286,387 Interest 1,085,000 1,305,749 220,749 Net investment income 1,085,000 1,592,136 507,136 Total additions 1,411,580 1,886,986 475,406 — Deductions Benefits and refunds 677,800 617,544 60,256 — Administrative expense 75,450 64,044 11,406 Total deductions 753,250 681,588 71,662 Net increase $ 658,330 1,205,398 $ 547,068 Net assets held in trust for pension benefits: Beginning 16,159,276 Ending $ 17.364,674 66 r GENERAL FIXED ASSETS ACCOUNT GROUP General Fixed Assets Account Group - to account for fixed assets not ac- counted for in Proprietary or Trust Funds. VILLAGE OF OAK BROOK,ILLINOIS _ SCHEDULE OF GENERAL FIXED ASSETS - BY SOURCE GENERAL FIXED ASSETS ACCOUNT GROUP December 31, 1998 General Fixed Assets Land $ 616.829 Buildings and improvements 4,400,614 Other equipment 1.412,555 Computer equipment 933.936 $ 7,363,934 Investment in General Fixed Assets Current revenues $ 5,179,111 Proceeds of indebtedness 1,659,881 Gifts 524,942 $ 7,363,934 67 VILLAGE OF OAK BROOK, ILLINOIS - SCHEDULE OF GENERAL FIXED ASSETS- BY FUNCTION AND ACTIVITY - GENERAL FIXED ASSETS ACCOUNT GROUP December 31, 1998 Buildings and Other Computer Function and Activity Land Improvements Equipment Equipment Totals - General government: Board of trustees $ 616,829 $ 75,454 $ 2,862 $ - $ 695,145 - Village clerk - - 4,228 - 4,228 General management - 2,468,940 52,802 - 2,521,742 Emergency management - - 5,182 - 5,182 - Village communication center - - 69,567 - 69,567 Purchasing and grants - - 941 - 941 Information services - - - 933,936 933,936 - Finance and accounting - - 21,512 - 21,512 Engineering - - 30,487 - 30,487 616,829 2,544,394 187,581 933,936 4,282,740 - Public safety: Police department - 124,778 488,091 - 612,869 - Fire department - 754,804 569,203 - 1,324,007 - 879,582 1,057,294 - 1,936,876 Public works: Administrative - 682,409 14,196 - 696,605 Street Maintenance - 53,378 75,422 - 128,800 - Forestry - - 65,335 - 65,335 - 735,787 154,953 - 890,740 Culture and recreation: - Library - 240,851 12,727 - 253,578 $ 616,829 $ 4AW614 $ 1.412,555 $ 933,936 $ 7,363 934 68 VILLAGE OF OAK BROOK,ILLINOIS _ SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY GENERAL FIXED ASSETS ACCOUNT GROUP Year Ended December 31, 1998 Balance Balance January 1 Additions Retirements December 31 General government: Board of trustees $ 628,685 $ 66,460 $ - $ 695,145 Village clerk 4,228 - - 4,228 General management 2,519,771 1,971 - 2,521,742 Emergency management 5,182 - - 5,182 Village communication center 53,309 16,258 - 69,567 Purchasing and grants 941 - - 941 Information services 829,259 104,677 - 933,936 Financial services 21,512 - - 21,512 Engineering 26,017 4,470 - 30,487 4,088,904 193,836 - 4,282,740 Public safety: Police department 598,129 14,740 - 612,869 Fire department 1,258,140 65,867 - 1,324,007 1,856,269 80,607 - 1,936,876 Public works: Administrative 688,948 - - 688,948 Street maintenance 111,091 25,366 - 136,457 Forestry 65,335 - - 65,335 865,374 25,366 - 890,740 Culture and recreation: Library 230,321 23,257 - 253,578 $ 7.040.868 $ 323,066 $ - $ 7,363,934 69 This page was intentionally left blank. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 I I I I I I I I I I i i I I i I I I I VILLAGE OF OAK BROOK, ILLINOIS GENERAL GOVERNMENTAL EXPENDITURES BV FUNCTION LAST TEN FISCAL YEARS December 31, 1998 1990 1991 1992 1993 *1993 1994 1995 1996 1997 1998 General government $ 1,657,457 $ 1,522,165 $ 1,697,019 $ 1,456,753 $ 914,394 $ 1,669,529 $ 2,329,107 $ 2,596,032 $ 3,402,007 $ 3,307,267 Public safety 5,303,456 5,842,884 5,900,826 5,821,460 4,332,750 6,619,494 6,685,874 6,786,918 6,847,213 7,017,793 Public works 1,605,218 1.704,451 3,099,903 4,076,547 1,574,548 3,423,038 3,363,157 3,097,906 3,680,666 4,050,672 Culture and recreation 241,751 278,085 412,685 418,978 264,471 462,781 539,734 726,820 1,010,800 1,056,802 Debt service 922,716 987,505 949,288 959,375 944,820 944,821 - - - - $ 9,730,598 $ 10,335,090 $ 12,059,721 $ 12,733,113 $ 8,030,983 $ 13,119,663 $ 12,917,872 $ 13,207,676 $ 14,940,686 $ 15,432,534 * During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is for the eight months ended December 31, 1993. NOTE: Includes General, Special Revenue, Debt Service and Capital Projects Funds. Data Source Village Records 70 VILLAGE OF OAK BROOK, ILLINOIS GENERAL REVENUES BY SOURCE LAST TEN FISCAL YEARS December 31, 1998 1990 1991 1992 1993 *1993 1994 1995 1996 1997 1998 Intergovernmental $ 7,325,893 $ 7,294,865 $ 8,250,633 $ 10,248,950 $ 7,985,514 $ 11,218,902 $ 12,106,579 $ 12,149,759 $ 12,282,960 $ 12,251,058 Property taxes 542,623 603,129 877,289 963,125 846,501 549,482 5,410 - - - Utility taxes - - 1,098,386 2,239,243 1,648,740 1,572,193 1,873,147 1,956,984 1,989,147 1,692,113 Hotel/motel taxes - 89,664 196,609 210,066 163,784 235,606 274,041 290,198 312,383 330,953 Licenses and permits 305,085 342,354 299,1 1 1 353,747 261,461 322,779 477,624 374,617 404,998 391,789 Service charges 219,484 371,368 338,453 584,727 498,440 293,743 336,146 423,139 305,137 364,650 Fines and penalties 229,841 196,640 176,868 238,858 135,419 280,339 220,593 211,809 214,086 222,239 Interest on investment 538,159 376,261 221,019 173,404 171,420 426,127 713,992 784,652 983,733 1,043,142 Miscellaneous 154,064 453,184 82,512 81,625 189,205 233,836 253,327 296,482 246,490 603,548 $ 9,315,149 $ 9,727,465 $ 11,540,880 $ 15,093,745 $ 11,900,484 $ 15,133,007 $ 16,260,859 $ 16,487,640 $ 16,738,934 $ 16,899,492 * During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is for the eight months ended December 31, 1993. NOTE: Includes General, Special Revenue, Debt Service and Capital Projects Funds. Data Source Village Records 71 VILLAGE OF OAK BROOK,ILLINOIS PROPERTY TAX LEVIES AND COLLECTIONS -- LAST TEN FISCAL YEARS December 31, 1998 _ Percent of Tax Total Total Total Tax Fiscal Levy Tax Tax Collections Year Year Lew Collection to Tax Lew 1990 1988 $ 551,811 $ 548,259 99.36 1991 1989 609,854 602,304 98.76 1992 1990 814,693 854,988 104.95 1993 1991 842,077 840,958 99.87 *1993 1992 848,710 846,501 99.74 1994 1993 555,221 549,482 98.97 1995 1994 - - N/A 1996 1995 - - N/A 1997 1996 - - N/A 1998 1997 - - N/A * During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is for the eight months ended December 31, 1993. Note: The Village levies property taxes for debt service purposes only. The levies were abated by $300,000 paid by the General Fund for 1984-1988 and the Debt Service Fund for 1989, Paid by$290,000 paid by the Debt Service fund in 1993. All debt was retired in 1994. Data Source -- Village Records 72 VILLAGE OF OAK BROOK, ILLINOIS ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY (in thousands) LAST TEN LEVY YEARS December 31, 1998 Real Property Ratio of Total Estimated Assessed/Total Levy Actual Estimated Year Assessed Value Actual Value 1988 $ 669,030 $ 2,027,364 33.00 % 1989 745,392 2,258,764 33.00 1990 806,397 2,443,627 33.00 1991 855,836 2,593,442 33.00 1992 878,225 2,634,675 33.00 1993 875,114 2,625,341 33.00 1994 887,591 2,662,773 33.00 1995 905,788 2,717,364 33.00 1996 938,948 2,816,844 33.00 1997 972.447 2,917,341 33.00 Data Source County Clerk's Office 73 VILLAGE OF OAK BROOK, ILLINOIS PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS LAST TEN LEVY YEARS December 31, 1998 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 Village of Oak Brook 0.0825 0.0818 0.1044 0.0994 0.0977 0.0641 0.0000 0.0000 0.0000 0.0000 Basic Town 1.1 1 1 1 0.9311 0.8708 0.8354 0.8171 0.8348 0.8089 0.7141 0.6095 0.6072 Junior College 9502 0.2088 0.2009 0.2092 0.2085 0.2087 0.2058 0.2068 0.2062 0.2053 0.2042 Grade School 453 0.9093 0.9134 0.9389 0.9923 1,0248 1.0683 1.0763 1.0605 1.0458 1.0362 High School #86 1.8774 1.7786 1.7205 1.6855 1.6595 1.6406 1.6122 1.5907 1.4944 1.4885 Oak Brook Park District 0.1834 0.1733 0.1695 0.2037 0.2051 0.2098 0.2064 0.2045 0.1997 0.1932 Hinsdale Sanitary District 0.0434 0.0000 0.0000 0.0080 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 Total 4.4159 4.0791 4.0133 4.0328 4.0129 4.0234 3.9106 3.7760 3.5547 3.5293 Note: Includes all county, forest preserve, township and water commission rates. Rates are per$100 of assessed valuation. Data Source County Clerk's Office 74 VILLAGE OF OAK BROOK, ILLINOIS RATIO OF NET GENERAL BONDED DEBT TO EQUALIZED ASSESSED VALUE AND NET GENERAL BONDED DEBT PER CAPITA LAST TEN FISCAL YEARS December 31, 1998 1990 1991 1992 1993 *1993 1994 1995 1996 1997 1998 Population(1) 9,151 9,151 9,087 9,087 9,087 9,087 9,087 9,087 9,087 9,087 Equalized assessed value (in thousands) $ 745,392 $ 806,397 $ 855,836 $ 878,225 $ 878,225 $ 875,114 $ 887,591 $ 905,788 $ 938,948 $ 972,447 Gross general bonded debt 4,250,000 3,450,000 2,650,000 1,800,000 900,000 - - - - - Debt service monies available 432,693 202,468 242,137 261,159 265,447 - - - - - Net general bonded debt 3,817,307 3,247,532 2,407,863 1,538,841 634,553 - - - - - Ratio of net general bonded debt to equalized assessed value 0.01% 0.00% 0.00% 0.00% 0.00% - - - - - Net general bonded debt per capita 417.1 354.9 265 169.3 69.8 - - - - - * During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is for the eight months ended December 31, 1993. Data Sources (1) Bureau of Census (2) County Clerk's Office (3) Village Records 75 I 1 I I I I I I I I I I I I I I I I I VILLAGE OF OAK BROOK,ILLINOIS COMPUTATION OF LEGAL DEBT MARGIN December 31, 1998 Assessed value(1) $ 972,447,396 — Debt limit 8.625%of assessed value $ 83,873,588 Debt applicable to debt limit - $ 83,873,588 — Data Sources (1) County Clerk's Office 76 VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF DIRECT AND OVERLAPPING BONDED DEBT December 31, 1998 Percentage of Debt Applicable Gross to Oak Brook's Governmental Unit Bonded Debt Oak Brook Share of Debt Village of Oak Brook $ - 100.00% $ - –` Du Page County 129,165,000 4.79% 6,183,437 Du Page Forest Preserve 204,580,000 4.79% 9,793,732 Du Page Water Commission 126,625,000 5.26% 6,660,203 — Park Districts 960,000 66.96% 642,796 Elementary School Districts 36,387,000 7.79% 2,834,484 High School Districts 68,584,440 6.92% 4,743,257 — Unit District 205 890,000 7.71% 68,576 Total $ 567,191,440 $ 30,926,485 — Data Source County Clerk's Office 77 VILLAGE OF OAK BROOK, ILLINOIS RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL BONDED DEBT TO TOTAL GENERAL EXPENDITURES LAST TEN FISCAL YEARS December 31, 1998 1990 1991 1992 1993 *1993 1994 1995 1996 1997 1998 Principal $ 700,000 $ 800,000 $ 800,000 $ 850,000 $ 900,000 $ 900,000 $ - $ - $ - $ - Interest 238,000 205,800 149,288 109,375 44,100 44,821 - - - Total debt service $ 938,000 $ 1,005,800 $ 949,288 $ 959,375 $ 944,100 $ 944,821 $ - $ - $ - $ Total general expenditures $ 9,730,598 $ 10,335,090 $ 12,059,721 $ 12,733,113 $ 8,030,983 $ 13.119,663 $ 12,917,872 $ 13,207,676 $ 14,940,686 $ 15,432.534 Ratio of debt service expenditures to general expenditures 9.64 9.73 7.87 7.53 11.76 7.2 N/A N/A N/A N/A * During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is for the eight months ended December 31, 1993. Data Source Village Records 78 VILLAGE OF OAK BROOK, ILLINOIS REVENUE BOND COVERAGE-WATERWORKS SYSTEM BONDS LAST TEN FISCAL YEARS December 31, 1998 1990 1991 1992 1993 *1993 1994 1995 1996 1997 1998 Gross revenue $ 3,260,984 $ 2,706,681 $ 3,569,522 $ 4,275,374 $ 2,594,477 $ 4,515,859 $ 3,973,247 $ 3,393,279 $ 3,432,412 $ 3,511,768 Expenses 1,015,261 1,089,610 1,954,069 3,148,968 2,103,182 3,853,645 3,827,515 3,766,251 3,268,633 3,364,481 Net revenue available for debt service $ 2,245,723 $ 1,617,071 $ 1,615,453 $ 1,126,406 $ 491,295 $ 662,214 $ 145,732 $ (372,972) $ 163,779 $ 147,287 Debt service requirements Principal $ 475,000 $ 500,000 $ 225,000 $ 225,000 $ - $ 225,000 $ 250,000 $ 275,000 - Interest 127,150 101,138 44,400 32,700 16,350 26,850 16,000 5,500 - - $ 602,150 $ 601,138 $ 269,400 $ 257,700 $ 16,350 $ 251,850 $ 266,000 $ 280,500 $ Coverage 3.73 2.69 5.99 4.37 30.05 2.63 0.55 (1.32) - - *During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is for the eight months ended December 31, 1993. Data Source Village Records 79 I { I I I I I I I I I I I I I I I I I VILLAGE OF OAK BROOK,ILLINOIS DEMOGRAPHIC STATISTICS December 31, 1998 Per (1) Unemploy- Fiscal (1) Capita Median ment Year Population Income Age Percentage 1970 4,164 $ 8,997 34 0.07 % 1984 7,263 22,737 39 3.14 1989 9,151 26,818 41 2.05 — 1992 9,087 60,347 42 5.70 Data Sources (1) Bureau of Census (2) Bureau of Labor Statistics 80 VILLAGE OF OAK BROOK,ILLINOIS PROPERTY VALUE AND CONSTRUCTION LAST TEN FISCAL YEARS December 31, 1998 Commercial Residential Construction Construction Fiscal Number Value Number Value Property Value Year Of Units (in Thousands) of Units (in Thousands) (in Thousands) 1990 3 $ 10,100 30 $ 10,939 $ 2,030,900 1991 1 15,400 15 5,834 2,197,400 1992 1 8,000 17 8,500 2,567,508 1993 - - 14 13,815 2,634,675 1993* 1 1,753 11 5,114 2,634,675 1994 2 2,602 22 15,834 2,625,341 1995 2 4,000 10 10,000 2,662,773 1996 2 12,345 22 14,035 2,717,364 1997 2 7,980 22 11,533 2,816,844 1998 4 16,655 32 20,047 2,917,341 * During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is for the eight months ended December 31, 1993. Data Sources Village Records 81 — VILLAGE OF OAK BROOK,ILLINOIS PRINCIPAL TAXPAYERS December 31, 1998 1997 Percentage Assessed of Total Valuation Assessed Taxpayers Type of Business (in Thousands) Valuation Oak Brook Urban Venture Shopping center $ 76,012,000 7.81 % McDonald's Corporation Office campus 49,330,000 5.07 MS Management Service Life insurance 17,032,000 1.75 WHOBT Real Estate Office buildings 14,420,000 1.48 Manufacturers Life Real Estate Executive towers 12,407,000 1.27 Butler National Golf Club Golf course 12,025,000 1.24 York Road Limited Partnership Hotel/office building 11,014,000 1.13 Marshall Fields Retail stores 10,395,000 1.07 _ The Crossings of Oak Brook Office buildings 10,241,000 1.05 Teachers' Insurance and Annuity Assn. Office buildings 9,315,000 0.96 Data Source County Clerk's Office 82 VILLAGE OF OAK BROOK, ILLINOIS SCHEDULE OF INSURANCE IN FORCE December 31, 1998 Insurance Coverage Amount of Type of Insurance Company Expires Coverage Village Manager's Bond Intergovernmental Risk Management Agency 12/31/99 $ 150,000 Treasurer's Bond Intergovernmental Risk Management Agency 12/31/99 100,000 — Host Liquor Liability Lloyds of London Insurance Company 11/24/99 2,000,000 (RBJ122592) — Contingent Business Arkwright Insurance Company 12/31/98 7,000,000 Interruption Insurance — for Loss of Sales Tax Revenues 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 the Village with its insurance coverage for liability, property damage, workmens' compensation and surety risks not covered by the Village Treasurers' or Village Manager's Bond. The Village's contributions to this cooperative agency were determined by the pro rata share for each municipality's audited revenues and loss experience for the previous year, to be sufficient annually to fund administrative expenses and create sufficient reserves for claim payments and the purchase of excess insurance. The Agency provides loss protection in excess of a deductible of$1,000 per occurrence to be paid by each municipality. The Agency is required to pay up to $250,000 per occurrence for loss or injury within the scope of its self-insurance coverage for property claims and up to$3,000,000 for general liability and auto liability. The Agency has also purchased excess catastrophe insurance over the amount of its obligations and aggregate stop loss insurance. The amount of excess insurance is $7,000,000 per occurrence for liability claims and $1,000,000,000 for property- claims. As of December 31, 1998, IRMA members totaled 67 — municipalities. Data Source Village Records 83 VILLAGE OF OAK BROOK, ILLINOIS MISCELLANEOUS STATISTICS December 31, 1998 Date of Incorporation February 21, 1958 Form of Government Seven-member Board of Trustees, including President; Village Manager appointed by Board of Trustees Area 8.5 square miles Miles of Streets 55 miles Number of Street Lights 453 Fire Protection Number of stations 2 Number of firefighters 33 _ Number of volunteers 15 Police Protection Number of stations I Number of policemen and officers 42 Detention facilities Juvenile 2 Adult 4 Education(Elementary Only) Attendance centers 2 Number of teachers 51 Number of students 513 Municipal Water Department Number of customers 35,300 Total water pumped Gallons (in 1,419,000 Thousands) Average daily consumption Gallons 3.88 million Miles of water mains 79 Building Permits Issued 848 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 center Du Page County Forest Preserve - 390 acres Culture Number of libraries 1 Number of books and audiovisual materials 58,951 Census data 1960, 324; 1970. 4.164. 1975, 5,281; 1980, 6,641; 1984, 7.263; 1990, 9,087 Employees 151 full-time 298 part-time/seasonal Data Source Village Records 84