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VILLAGE OF OAK BROOK, ILLINOIS
- COMPREHENSIVE ANNUAL FINANCIAL REPORT
- Year Ended December 31, 1997
VILLAGE OF OAK BROOK, ILLINOIS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED DECEMBER 31, 1997
Prepared by: Finance Department
Darrell J. Langlois
Finance Director/Treasurer
INTRODUCTORY SECTION
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 -xi
Certificate of excellence in financial reporting xii
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 plan net assets -Pension trust funds 8
Notes to financial statements 9 -29
SUPPLEMENTARY INFORMATION
Required supplemental information:
Analysis of funding progress
I1linois Municipal Retirement Fund 30
Schedule of funding progress
Police Pension Fund 31
Firefighters' Pension Fund 32
General Fund:
Schedule of revenues, expenditures and changes in
fund balance-Budget and actual 33
Schedule of revenues -Budget and actual 34
Schedule of expenditures -Budget and actual 35 -42
Special Revenue Funds:
Combining balance sheet 43
Combining statement of revenues, expenditures and changes 44 -45
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 46 -47
Combining statement of revenues, expenses, and changes in retained earnings 48
Combining statement of cash flows 49
Waterworks System Fund:
Statement of revenues, expenses, and changes in retained earnings -
Budget and actual 50
Schedule of operating expenses -Budget and actual 51
Schedule of property, plant and equipment and
accumulated depreciation 52 - 53
Sports Core Fund:
Statement of revenues, expenses, and changes in retained earnings -
Budget and actual 54
Schedule of operating revenues -Budget and actual 55
Schedule of operating expenses -Budget and actual 56 - 58
Schedule of property, plant and equipment and
accumulated depreciation 59 -60
Internal Service Funds:
Combining balance sheet 61
Combining statement of revenues, expenses and
changes in retained earnings 62
Combining statement of cash flows 63
Self-Insurance Fund: _
Statement of revenues, expenses and changes in
retained earnings -Budget and actual 64
Garage Fund:
Statement of revenues, expenses and changes in
retained earnings -Budget and actual 65 _
Capital Replacement Fund:
Statement of revenues, expenses and changes in
retained earnings -Budget and actual 66
VILLAGE OF OAK BROOK, ILLINOIS
TABLE OF CONTENTS
FINANCIAL SECTION (Continued)
SUPPLEMENTARY INFORMATION (Continued)
_ Pension Trust Funds:
Combining statement of plan net assets 67
Combining statement of changes in plan net assets 68
Police Pension Fund:
Statement of changes in plan net assets -Budget and actual 69
Firefighters'Pension Fund:
Statement of changes in plan net assets -Budget and actual 70
General Fixed Assets Account Group:
Schedule of general fixed assets -By source 71
Schedule of general fixed assets -By function and activity 72
Schedule of changes in general fixed assets - By function and activity 73
STATISTICAL SECTION
General governmental expenditures by function-Last ten fiscal years 74
General revenues by source -Last ten fiscal years 75
Property tax levies and collections -Last ten fiscal years 76
Assessed and estimated actual value of taxable property
(in thousands) -Last ten levy years 77
Property tax rates -All direct and overlapping governments -Last ten levy years 78
Ratio of net general bonded debt to equalized assessed value and
net general bonded debt per capita- Last ten fiscal years 79
Computation of legal debt margin 80
Schedule of direct and overlapping bonded debt 81
Ratio of annual debt service expenditures for general bonded
debt to total general expenditures - Last ten fiscal years 82
Revenue bond coverage-Waterworks system bonds -Last ten fiscal years 83
Demographic statistics 84
Property value and construction -Last ten fiscal years 85
Principal taxpayers 86
Schedule of insurance in force 87
Miscellaneous statistics 88
_ VILLAGE OF OAK BROOK, ILLINOIS
PRINCIPAL OFFICIALS
December 31, 1997
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. Kenny 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, 1997
Citizens of Oak Brook
Advisory Boards President and
and Commissions Board of TrusteesVillagei ----Clerk
N•
-EFe-cTrical G ommission
Board of Fire & Police Commissioners Village Attorney Village Manager Treasurer/Budget Officer
Hotel Committee
Library Commission
Plan Commission
Safety Pathway Committee
Zoning Board of Appeals
Police Pension Board Information Services
Firefighters' Pension Board & Purchasing
Financial Public Engineering and Q Fire and CommunityF Sports
Services Works Capital Projects Library Police Development Core
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VILLAGE OF OAK BROOK
1200 OAK BROOK ROAD
OAK BROOK , ILLINOIS 60523 -2255
PHONE: 630 990-3000
FAX: 630 990-0876
March 2, 1998
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, 1997. 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.
Virtually all of the indicators of financial condition are positive. As you know, however, this
situation can change quickly as a result of economic downturns, State and Federal legislation or
policy decisions of future 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.
Sincerel
Stephen B. Veitch
Village Manager
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VILLAGE OF OAK BROOK
1200 OAK BROOK ROAD
OAK BROOK , ILLINOIS 60523-2255
PHONE: 630 990-3000
FAX: 630 990-0876
March 2, 1998
President and Board of Trustees
Village of Oak Brook
Oak Brook, Illinois 60521
The Comprehensive Annual Financial Report of the Village of Oak Brook for the year
ended December 31, 1997 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.
The financial reporting entity includes all funds and account groups of the primary
government, as described in the notes to the financial statements, as well as its
component units. The Village provides a full range of services including public safety
(police, fire, bureau of inspection, and emergency medical service), public works
maintenance, the water utility, engineering and public improvements, planning and
zoning, general administration, operations of a free public library, and recreation
facilities at the Oak Brook Sports Core, including an 18-hole golf course. The Police
Pension Fund and the Firefighters' Pension Fund have been included as blended
component units due to the significance of their financial relationships with the Village.
However, the Intergovernmental Risk Management Agency and the DuPage Water
Commission have not met the established criteria for inclusion in the reporting entity
and, accordingly, are excluded from this Report.
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 4.7%, DuPage
County has established an unemployment rate of 2.9%, 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 $215,145. In 1997,
the average selling price of homes in Oak Brook was $608,774 and time on the market
was approximately 144 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 indicates 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 Waste Management, Inc.
and 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 21" century, and in the renovation of several older office 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
1997
The Village completed its 1997 paving program, continued implementation of Phase I of
the Technology Plan, continued the multi-year project of paving the golf cart paths at the
Golf Club, began the reconstruction of the 22nd Street/York Road intersection, entered
into an intergovernmental a reement with DuPage County for the widening of 31s'
Street, completed the design for the 1998 paving program, and began a program to
replace all water meters over approximately five years in order to improve unaccounted
water flow.
In the Future
Included in the 1998 budget is the 1998 paving program, the start of construction of a
new Library building, completion of the 22nd Street/York Road intersection reconstruction
project, improvements to the Village Hall HVAC/electrical system, design of a new or
renovated Fire Station #1, improvements to the pumps at the 31 St Street booster station,
cnntinuatinn and acceleration of the water meter replacement program, expansion of the
Golf Club clubhouse, and construction of a pool side food service area at the Bath &
Tennis Club.
In later years, the Five-Year Financial Plan includes continuation of the annual paving
program, completion of the new Library building, a substantial municipal building project
incorporating a new or renovated Fire Station #1, replacement of the irrigation system at
the Golf Club, significant building renovation in the Police Department, 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
$13,979,184 in 1997.
Percent
of
Source Amount Total
Intergovernmental $12,029,525 86.05%
Licenses and Permits 404,998 2.90
Service Charges 305,137 2.18
Fines and Penalties 214,086 1.53
Interest on Investments 778,948 5.57
Miscellaneous 246.490 1.77
13.979.184 1 0.00
Vii
Intergovernmental revenue, primarily the general sales tax, is the major revenue source
for the Village, producing 86.05% of current year revenues.
The Village has never levied a real estate tax for general governmental functions.
However, the 1996 assessed valuation of real property in the Village was $938,947,979,
an increase of$33,159,763, or 3.66% over the prior year.
Expenditures for general governmental purposes, grouped by function as required by
generally accepted accounting principles, totaled $12,428,077 in the General Fund.
Percent
of
Function Amount Total
General Government $ 3,402,007 27.37%
Public Safety 6,847,213 55.09
Public Works 1,510,401 12.15
Culture and Recreation 668.456 5.39
12.428.077 100.00
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, 1997 was $225,603. In the future Motor Fuel Tax
revenue will be used by the Village to partially finance strut reconstruction and
resurfacing projects.
Waterworks System Fund
Selected data for the past year is presented in the following tabulation:
Water Sales $3,145,814
Water Tap on Charges 115,247
Total Operating Revenues 3,432,412
Total Operating Expenses 3,268,633
Operating Income 163,779
Net Income 221,954
viii
Sports Core Fund
The 1997 financial statements reflect the seventeenth year of operation of the 18-hole
golf course and expanded operations of the Bath and Tennis Club. Operating revenues
totaled $2,724,169 and operating expenses, excluding depreciation, totaled $2,701,111.
Major department activity is summarized as follows:
Revenues
Golf Club $1,796,312 65.94%
Bath & Tennis Club 927.857 34.06
2.724.169 100.00
Operating_Expenses
Golf Club $1,232,683 41.37%
Bath & Tennis Club 1,468,428 49.28
Depreciation 278.606 9.35
2.979.717 100.00
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
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, 1997, the general fixed assets of the
Village amounted to $7,040,868. 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.
ix
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 1998-2002 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, 1997 the Village's investments, exclusive of
the Pension Trust Funds, were distributed as follows:
Illinois Public Treasurer's Investment Pool 51.47%
U. S. Government Securities 28.08
Illinois Metropolitan Investment Fund 12.45
Certificates of Deposit 8.00
100.00
For the year ended December 31, 1997 the Village received $1,384,626 in interest
income.
Rise 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.
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.
x
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, 1996.
In order to be awarded a Certificate of Achievement, a governmental unit must publish
an easily readable and efficiently organized comprehensive annual financial report,
whose contents conform to program standards. Such reports must satisfy both
generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. The Village has
successfully obtained the Certificate of Achievement for 20 consecutive years. We
believe that our current Report conforms to Certificate of Achievement Program
requirements, and we are submitting it to GFOA to determine its eligibility for another
Certificate.
Acknowledgments
The preparation of this Report could not be accomplished without the efficient and
dedicated services of the entire staff of the Village of Oak Brook. We wish to express
our appreciation to those persons who have made possible the publication of this
Report, and to thank the President and members of the Board of Trustees for their
interest and support in planning and conducting the financial operations of the Village in
a responsible and progressive manner.
Darrell J. La Blois
Finance Officer/Treasurer
Xi
_ 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, 1996
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
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CORPORATION President
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Executive Director
xii
FINANCIAL SECTION
INDEPENDENT AUDITOR'S REPORT
LVA
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, 1997, 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, 1997, 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.
As discussed in Note 10 to the financial statements, the Village adopted Governmental Accounting
Standards Board Statements No. 25, Financial Reporting for Defined Benefit Pension Plans and Note
Disclosures for Defined Contribution Plans, and No. 31, Accounting and Financial Reporting for
Certain Investments and for External Investment Pools.
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.
Z el-1411
Mokena, Illinois
March 2, 1998
1
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, 1997
Fiduciary Account Groups
Governmental Fund Tes 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 $ 14,079,235 $ 1,257,679 $ 2,402,093 $ 5,178,746 $ 2,344,897 $ 33,051,385 $ - $ - $ 58,314,035
Receivables, net of allowances for
uncollectibles, where applicable
Sales taxes 2,948,492 - - - - - - - 2,948,492
Utility taxes - - 195,107 - - - - - 195,107
State income taxes 84,989 - - - - - - - 84,989
Accounts 66,633 - - 397,497 223 - - - 464,353
Allotments - 17,989 - - - - - - 17,989
Accrued interest 81,234 8,885 20,644 42,626 18,003 357,556 - - 528,948
Other 515 29,889 - 38,153 - - - - 68,557
Due from other funds 84,758 27,832 - - - - - - 112,590
Advances to other funds 650,000 - - - - - - - 650,000
Inventories 4,721 - - 130,470 31,382 - - - 166,573
Restricted assets,cash and investments - - - 28,021 - - - - 28,021
Fixed assets, net of accumulated
depreciation, where applicable - - - 21,359,038 1,481,328 - 7,040,868 - 29,881,234
Other assets, water purchase rights - - - 1,813,313 - - - - 1,813,313
Amounts to be provided
for retirement of
general long-term debt - - - - - - - 43,495 43,495
Total assets and other debits $18,000 577 $ 1,342,274 $ 2,617,844 $28,987,864 $ 3,875,833 $ 33,408,941 $ 7,040,868 $ 43,495 $ 95,317,696
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 $ 245,653 $ 130,689 $ 105,926 $ 295,549 $ 62,246 $ 9,200 $ - $ - $ 849,263
Accrued payroll 288,843 - - 11,983 767 - - - 301,593
Compensated absences 424,087 - - 36,919 3,089 - - 43,495 507,590
Claims payable - - - - 87,809 - - - 87,809
Deposits payable 350,199 - 16,000 18,500 - - - - 384,699
Due to other funds 27,832 - - 77,811 6,947 - - - 112,590
Advances from other funds - - - 650,000 - - - - 650,000
Notes payable - - - 144,994 - - - - 144,994
Total liabilities 1,336,614 130,689 121,926 1,235,756 160,858 9,200 - 43,495 3,038 538
Equity and Other Credits
Investment in general fixed assets - - - - - - 7,040,868 - 7,040,868
Contributed capital - - - 11,025,590 - - - - 11,025,590
Retained earnings:
Reserved-Golf surcharge - - - 28,021 - - - - 28,021
Unreserved - - - 16,698,497 3,714,975 - - - 20,413,472
Fund balances:
Reserved for inventories 4,721 - - - - - - - 4,721
Reserved for advances 650,000 - - - - - - - 650,000
Reserved for employee retirement - - - - - 33,399,741 - - 33,399,741
Unreserved 16,009,242 1,211,585 2,495,918 - - - - - 19,716,745
Total equity and other credits 16,663,963 1,211,585 2,495,918 27,752,108 3,714,975 33 399,741 7,040,868 - 92,279,158
Total liabilities,equity
and other credits $ 18,000,577 $ 1,342,274 $ 2,617,844 $ 28,987,864 $ 3,875,833 $33,408,941 $7,040,868 $ 43,495 $ 95,317,696
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, 1997
Total
Special Capital (Memorandum
General Revenue Project Only)
Revenues: / —
Intergovernmental $ 12,029,525-' $ 253,435 $ - 12,282,96(/
Utility taxes - - 1,989,147) 1,989,147
Hotel/motel taxes - 312,383) - 312,383 —
Licenses and permits 404,998,/ - - 404,998
Service charges 305,137 - - 305,137
Fines and penalties 214,086/ - - 214,086 —
Interest on investments 778,948/ 60,686/ 144,099/ 983,733
Miscellaneous 246,490 - - 246,490
Total revenues 13,979,184 626,504 2,133,246 16,738,934
Expenditures:
Current:
General government 3,402,007 - - 3,402,007
Public safety 6,847,213 - - 6,847,213
Public works 1,510,401 - - 1,510,401 —
Culture and recreation 668,456 342,344 - 1,010,800
Capital outlay - - 2,170,265 2,170,265
Total expenditures 12,428,077 342,344 2,170,265 14,940,686 —
Excess (deficiency) of revenues over expenditures 1,551,107 284,160 (37,019) 1,798,248
Other financing sources (uses): —
Operating transfers in 237,400 - 1,080 238,480
Operating transfers (out) (128,897) (1,080) - (129,977) —
108,503 (1,080) 1,080 108,503
Excess (deficiency)of revenues and other
financing sources over expenditures —
and other financing uses 1,659,610 283,080 (35,939) 1,906,751
Fund balances: _
Beginning, as restated(Note 14) 15,004,353 928,505 2,531,857 18,464,715
Ending $ 16,663,963 $ 1.211.585 $ 2,495,918 $ 20,371.466
See Notes to Financial Statements.
4
I VILj iAGE Lr OAK'nKOOk, iLLII uv!) I I I I I I I 1 I I 1
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES-BUDGET AND ACTUAL
ALL GOVERNMENTAL FUND TYPES
Year Ended December 31, 1997
General Special Revenue Capital Project
Variance Variance Variance
Favorable Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable)
Revenues:
Intergovernmental $ 12,290,025 $12,029,525 $ (260,500) $ 223,000 $ 253,435 $ 30,435 $ 166,060 $ - $ (166,060)
Utility taxes - - - - - - 2,005,000 1,989,147 (15,853)
Hotel/motel taxes - - - 278,500 312,383 33,883 - - -
Licenses and permits 361,200 404,998 43,798 - - - - - -
Service charges 327,100 305,137 (21,963) - - - - - -
Fines and penalties 231,500 214,086 (17,414) - - - - - -
Interest on investments 605,000 778,948 173,948 42,500 60,686 18,186 75,000 144,099 69,099
Miscellaneous 286,015 246,490 (39,525) - - - - - -
Total revenues 14,100,840 13,979,184 (121,656) 544,000 626,504 82,504 2,246,060 2,133,246 (112,814)
Expenditures:
Current:
General government 5,867,700 3,402,007 2,465,693 - - - - - -
Public safety 6,904,010 6,847,213 56,797 - - - - - -
Public works 1,655,180 1,510,401 144,779 - - - - - -
Culture and recreation 685,890 668,456 17,434 342,345 342,344 1 - - -
Capital outlay - - - - - - 3,495,950 2,170,265 1,325,685
Total expenditures 15,112,780 12,428,077 2,684,703 342 345 342,344 1 3,495,950 2170265 1,325,685
Excess(deficiency)of revenues
over expenditures (1,011,940) 1,551,107 2563047 201,655 284,160 82,505 (1,249,890) (37,019) 1,212,871
Other financing sources(uses):
Operating transfers in 237,400 237,400 - - - - - 1,080 1,080
Operating transfers(out) - (128,897) (128,897) (1,080) (1,080) - - - -
237400 108,503 (128,897) (1,080) (1,080) - - 1,080 1,080
Excess(deficiency)of revenues and other
financing sources over expenditures and
other financing uses $ (774.540) 1,659,610 $ 2-434-150 $ 200-575 283,080 $ 82,505 $ (1,249,890) (35,939) 1,213951
Fund balances:
Beginning,as restated(Note 14) 15,004,353 928,505 2,531,857
Ending $16.663,963 $ 1-211-585 $ 2 495 918
See Notes to Financial Statements.
5
VILLAGE OF OAK BROOK, ILLINOIS —
COMBINED STATEMENT OF REVENUES, EXPENSES,
AND CHANGES IN RETAINED EARNINGS
ALL PROPRIETARY FUND TYPES —
Year Ended December 31, 1997
Total —
Internal (Memorandum
Enterprise Service Only)
Operating revenues:
Charges for services $ 6,114,974 $ 1,618,827 $ 7,733,801
Miscellaneous 41,607 - 41,607 —
Total operating revenues 6,156,581 1,618,827 7,775,408
Operating expenses: —
Operations 5,508,359 301,378 5,809,737
Claims and insurance - 838,122 838,122
Depreciation and amortization 739,991 246,165 986,156 —
Total operating expenses 6,248,350 1,385,665 7,634,015
Operating income (loss) (91,769) 233,162 141,393
Nonoperating revenues (expenses):
Investment income 280,539 120,354 400,893 –.
Gain on sale of fixed assets 5,500 30,532 36,032
Interest expense (11,037) - (11,037)
Total nonoperating revenues (expenses) 275,002 150,886 425,888
Income before operating transfers 183,233 384,048 567,281
Operating transfers in 128,897 - 128,897
Operating transfers (out) (219,300) (18,100) (237,400)
Net income 92,830 365,948 458,778
Retained earnings: --
Beginning 16,633,688 3,349,027 19,982,715
Ending $ 16,726,518 $ 3,714,975 $ 20,441,493
See Notes to Financial Statements.
6
VILLAGE OF OAK BROOK,ILLINOIS
COMBINED STATEMENT OF CASH FLOWS
ALL PROPRIETARY FUND TYPES
Year Ended December 31, 1997 Total
Internal (Memorandum
Enterprise Service Only)
Cash Flows from Operating Activities
Operating income(loss) $ (91,769) $ 233,162 $ 141,393
Adjustments to reconcile operating income(loss)
to net cash provided by operating activities
Depreciation and amortization 739,991 246,165 986,156
Changes in assets and liabilities
Accounts receivable (24,017) - (24,017)
Other receivable 211 - 211
Inventories (28,985) 9,172 (19,813)
Accounts payable 6,951 43,063 50,014
Accrued payroll and compensated absences (31,833) (1,700) (33,533)
Claims payable - (21,788) (21,788)
Deposits payable 1,777 - 1,777
Net cash provided by operating activities 572,326 508,074 1,080,400
Cash Flows from Noncapital Financing Activities
Advances from other funds 650,000 - 650,000
Net increase(decrease)in amounts due to other funds (547,144) 2,205 (544,939)
Operating transfers in 128,897 - 128,897
Operating transfers(out) (219,300) (18,100) (237,400)
Net cash provided by(used in)
noncapital financing activities 12,453 (15,895) (3,442)
Cash Flows from Capital and Related
Financing Activities
Purchase of fixed assets (408,944) (247,778) (656,722)
Proceeds from sale of fixed assets 20,642 41,470 62,112
Proceeds from notes payable 149,425 - 149,425
Principal paid on notes payable (209,174) - (209,174)
Interest paid on notes payable (11,037) - (11,037)
Net cash(used in)capital and
related financing activities (459,088) (206,308) (665,396)
Cash Flows from Investing Activities
Investment purchases (1,000,967) (270,128) (1,271,095)
Investment maturities - 50,000 50,000
Water purchase rights rebate 91,075 - 91,075
Interest received on investments 270,667 119,459 390,126
Net cash (used in)investing activities (639,225) (100,669) (739,894)
Net increase(decrease) in cash and cash equivalents (513,534) 185,202 (328,332)
Cash and cash equivalents:
Beginning 2,692,525 880,935 3,573,460
Ending $ 2.178.991 $ 1066,137 $ 3 245.128
Reconciliation of Cash and Cash Equivalents
to Combined Balance Sheet
Cash and cash equivalents $ 2,178,991 $ 1,066,137 $ 3,245,128
Investments 3,027,776 1,278,760 4,306,536
$ 5-206-767 $ 2-344-897 $ 7551664
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, 1997 —
Total
Police Firefighters' (Memorandum
Pension Pension Only) —
Additions
Contributions: —
Employer $ 224,440 $ 178,626 $ 403,066
Plan members 163,534 121,790 285,324
Total contributions 387,974 300,416 688,390 —
Investment income:
Net appreciation in fair value of investments 191,290 84,867 276,157 —
Interest 1,560,706 1,461,466 3,022,172
Net investment income 1,751,996 1,546,333 3,298,329
Total additions 2,139,970 1,846,749 3,986,719/ —
Deductions
Benefits 493,036 568,091 1,061,127
Administrative expenses 40,956 75,988 116,944
Total deductions 533,992 644,079 1,178,071 _
Net increase 1,605,978 1,202,670 2,808,648
Net assets held in trust for pension benefits: —
Beginning, as restated (Note 10) 15,634,487 14,956,606 30,591,093
Ending $ 17,240,465 $ 16,159,276 $ 33,399,741 —
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 Rep orting 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
they 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 year-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
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 --
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:
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/Pa, ate: 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 cost (first-in, first-out) which approximates market. 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 are depreciated using the straight-line method over the estimated
useful lives of the respective assets ranging from 2 to 40 years.
Compensated Absences: Vested or accumulated vacation leave that is expected to be liquidated with expendable
available financial resources is reported as an expenditure and a 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. Vested or 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 will be taken as termination
benefit at retirement.
Reservations of Fund Balances: Reservations of fund balances represent those assets which are not available for —
appropriation and are not considered expendable available resources.
Memorandum Only 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 analysis. 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.
12
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
Note 2. Budgets and Deficits
Budgets
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 year 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.
f) 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 as presented in the report are as amended by the Village Board. After Village
Board transfers, no fund had an excess of expenditures/expenses, exclusive of depreciation and
amortization over budget for the fiscal year.
Deficit Fund Equity: The Sports Core Fund, an enterprise fund, had a deficit in retained earnings of$834,823 as
'- of December 31, 1997. This deficit is due primarily to depreciation expense. The deficit is expected to be
eliminated in the course of future operations of the Sports Core.
13
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
Note 3. Deposits and Investments
The Village maintains separate cash accounts for each fund and an investment pool that is available for use by all
funds, except the pension trust funds. Each fund type's cash account and its portion of this pool are 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, 1997, the carrying amount of the Village's deposits totaled $2,954,748, with the
bank balances totaled $3,647,346. 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 $ 3,647,346
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 -
$ 3,647,346
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 the 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 $ - $ - $ 337,893 $ 337,893
U.S. government securities 22,596,455 - 11,601,340 34,197,795
$ 22,596,455 $ - $ 11,939,233
Investments not subject to risk categorization:
Illinois Metropolitan Investment Fund 3,113,956
Insurance contracts 4.842,713
Illinois Public Treasurers'
Investment Pool 12,894,951
Total investments $ 55,387,308
The above deposits of $2,954,748 and investments of $55,387,308 totaling $58,342,056 are reported in the
financial statements as follows:
-- Cash and investments $ 58,314,035
Restricted assets, cash and investments 28,021
$ 58,342,056
Note 4. Fixed Assets
General Fixed Assets
The following is a summary of changes in the general fixed assets during the year:
Balance
January 1
As Balance
Previously January 1 Balance
Reported Adjustment As Restated Additions Retirements December 31
Land $ 616,829 $ - $ 616,829 $ - $ - $ 616,829
Buildings and improvements 4,225,453 - 4,225,453 86,647 - 4,312,100
Other equipment 1,193,571 - 1,193,571 89,109 - 1,282,680
Computer equipment 441,019 - 441,019 388,240 - 829,259
Library books 691,884 (691,884) - - - -
Totals $ 7,168,756 $ (691,884) $6,476,872 $ 563,996 $ - $ 7,040,868
15
VILLAGE OF OAK BROOK,ILLINOIS
NOTES TO FINANCIAL STATEMENTS
Note 4. Fixed Assets (continued)
As of January 1, 1997, the Village changed its capitalization policy to exclude from capitalization purchases of —
library books. As a result, the general fixed asset account group has been retroactively restated to remove the
cost of library books.
Proprietary Fixed Assets
The following is a summary of proprietary fund type fixed assets as of December 31, 1997. _
Enterprise
Waterworks Sports
System Core Total
Land and improvements $ 215,800 $ 10,157,203 $ 10,373,003 _
Buildings and improvements 959,151 2,859,020 3,818,171
Equipment 611,277 944,795 1,556,072
Waterworks system 14,939,148 - 14,939,148
16,725,376 13,961,018 30,686,394
Less: accumulated depreciation 6,291,691 3,035,665 9,327,356
$ 10,433,685 $ 10,925,353 $ 21,359,038 —
Internal Service --
Capital
Garage Replacement Total
Automotive equipment $ - $ 3,032,555 $ 3,032,555
Equipment 112,602 - 112,602
112,602 3,032,555 3,145,157
Less: accumulated depreciation 76,903 1,586,926 1,663,829
$ 35,699 $ 1,445,629 $ 1,481,328
16
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
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 (IRMA) which is an organization of
municipalities and special districts in Northeastern Illinois which have formed an association under the Illinois
Intergovernmental Cooperation's Statute to pool its risk management needs. The Village pays annual premiums to
IRMA for its workers' compensation, general liability and property coverage.
The Village assumes the first $1,000 of each occurrence, with IRMA having a mix of self-insurance and
commercial insurance at various amounts above that level. The Village appoints one delegate, along with an
alternate delegate, to represent the Village on the Board of Directors. The Village does not exercise any control
over the activities of the Agency beyond it representation on the Board of Directors.
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 $939,767 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 $87,809.
A reconciliation of claims payable for the current year and that of the preceding year is as follows:
1997 1996
Claims payable, beginning of year $ 109,597 $ 55,632
_ Claims incurred and changes in estimate 711,771 590,934
Claims paid (733,559) (536,969)
Claims payable, end of year $ 87,809 $ 109,597
17
VILLAGE OF OAK BROOK,ILLINOIS
NOTES TO FINANCIAL STATEMENTS
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 $ 58,711 $ - $ 15,216 $ 43,495
Notes Payable
The Village has issued notes payable to provide funds for the acquisition of capital assets for proprietary
activities. These notes,therefore, are reported in the proprietary funds. Notes payable, currently outstanding, are
as follows:
Fund Debt Balances Balances
Issue Retired By January 1 Debt Issued Debt Retired December 31
1989 Sports Core Equipment
Refunding Note due in monthly
payments of$6,802 through
May 12, 1997 including interest
at 6.85%, secured by various Sports
Sports Core equipment Core $ 33,738 $ - $ 33,738 $ - -"
1993 Sports Core Tennis Dome
Refunding Note due in monthly -`
payments of$2,806 through
October 28, 1998 (at which time
the remainder is due) including Sports
interest at 4.81%, unsecured Core 171,005 149.425 175,436 144,994
$ 204,743 $ 149,425 $ 209,174 $ 144,994
18
VILLAGE OF OAK BROOK,ILLINOIS
T NOTES TO FINANCIAL STATEMENTS
Note 6. Long-Term Debt (continued)
Legal Debt Margin
1996 Assessed Valuation $ 938,947,979
Legal Debt Limit- 8.625%of Assessed Valuation $ 80,984,263
Amount of Debt Applicable to Debt Limit -
Legal Debt Margin $ 80,984,263
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."
Note 7. Interfund Account Balances
Individual fund interfund receivable and payable balances as of December 31, 1997, are as follows:
Due From/To Other Funds
Receivable Fund Payable Fund Amount
General Sports Core $ 72,455
General Water 5,356
_ General Garage 6,947
Foreign Fire Insurance Tax General 27,832
$ 112,590
Advance From/To Other Funds
Receivable Fund Pavable Fund Amount
General Sports Core $ 650,000
19
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
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
1998 $ 841,800
1999 841,800 --
2000 841,800
2001 841,800
2002 841,800
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$106,000 as of December 31, 1997.
20
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, 1997
is as follows:
Waterworks Sports
Svstem Core Total
Operating revenues $ 3,432,412 $ 2,724,169 $ 6,156,581
Depreciation and amortization expense 461,385 278,606 739,991
Operating income(loss) 163,779 (255,548) (911,769)
Operating transfers in - 128,897 128,897
Operating transfers (out) (219,300) - (219,300)
Net income (loss) 221,954 (129,124) 92,830
Plant, property and equipment
Additions 256,539 152,405 408,944
Deletions - 26,946 26,946
Total assets 17,840,680 11,147,184 28,987,864
Net working capital 5,314,343 (112,607) 5,201,736
Total equity 17,561,341 10,190,767 27,752,108
Note 10. Accounting Changes
Governmental Accounting Standards Board (GASB) Statement No. 25, Financial Reporting for Defined Benefit
Pension Plans and Note Disclosures for Defined Contribution Plans, establishes financial reporting standards
for defined benefit pension plans and for the notes to the financial statements of defined contribution plans of state
and local governmental entities. The standards of this Statement apply to the police and firefighters' pension trust
funds of the Village. In addition to certain changes in disclosure requirements, Statement No. 25 requires that
plan investments be reported at fair value. The Village adopted this Statement for the fiscal year ending
December 31, 1997, and the net assets held for pension benefits as of December 31, 1996, have been retroactively
restated to reflect this adoption. The effects of this restatement on the net assets held in trust for pension benefits
are as follows:
December 31, 1996
_ Police Firefighters'
Pension Pension
Trust Trust
Net assets held in trust for pension benefits, as previously reported $ 15.473,180 $ 14,591,868
Adjustment to recognize net appreciation in fair value of investments 161,307 364,738
Net assets held in trust for pension benefits, as restated $ 15,634,487 $ 14,956,606
21
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
Note 10. Accounting Changes (continued)
The effect of this change was to increase the change in net assets by $191,290 and $84,867 in the Police and
Firefighters' Pension Trust Funds, respectively, for the year ended December 31, 1997. The effect for the year
ended December 31, 1996, would have been to decrease the change in net assets by $553,537 and $371,816 in the
Police and Firefighters'Pension Trust Funds, respectively.
The Village also adopted GASB Statement No. 31,Accounting and Financial Reporting for Certain Investments
and for External Investment Pools as of January 1, 1997. GASB Statement No. 31 establishes fair value `
standards for investments in (a) participating interest-earning investment contracts, (b) external investment pools,
(c) open-ended mutual funds, (d) debt securities, and (e) equity securities, option contracts, stock warrants, and
stock rights that have readily determinable fair values. The Village is required to report these types of
investments at fair value in the balance sheet and recognize as revenue in the operating statements all investment
income which includes changes in the fair value of investments. The adoption of this Statement did not have a
material effect on the Village's financial statements.
Note 11. Deferred Compensation Plan
The Village offers its employees a deferred compensation plan created in accordance with Internal Revenue Code
Section 457. The plan, available to all Village employees, permits them to defer a portion of their salary until
future years.
In prior years, the Village accounted for the assets and related liabilities of the plan in an agency fund. Effective
January 1, 1997, the assets of the plan were placed in trust accounts with the plan administrators for the exclusive
benefit of the plan's participants and are no longer considered assets of the Village.
Note 12. Employee Retirement Systems
Plan Descriptions and Provisions:
Illinois Municipal Retirement Fund - The Village contributes to the Illinois Municipal Retirement Fund --
("IMRF"), a defined benefit agent multiple-employer public employee retirement system that acts as a common
investment and administrative agent for local governments and school districts in Illinois. The Village's total
payroll for the year ended December 31, 1997, was $8,797,716. Of this amount, $3,624,221 was reported to and -�-
covered by the IMRF system.
22
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
Note 12. Employee Retirement Systems (continued)
All employees hired in positions that meet or exceed the prescribed annual hourly standard must be enrolled in
IMRF as participating members. Pension benefits vest after eight years of service. Participating members who
retire at or after age 60 with 8 years of service are entitled to an annual retirement benefit, payable monthly for
life, in an amount equal to 1-2/3 percent of their final rate (average of the highest 48 consecutive months' earnings
during the last 10 years) of earnings, for each year of credited service up to 15 years, and 2 percent for each year
thereafter. IMRF also provides death and disability benefits. These benefit provisions and all other requirements
are established by state statute.
Participating members are required to contribute 4.5 percent of their annual salary to IMRF. The Village is
required to contribute the remaining amounts necessary to fund the coverage of its own employees in the system,
using the actuarial basis specified by state statute.
Police Pension Plan - Police sworn personnel are covered by the Police Pension Plan which is defined benefit
single-employer pension plan. Although this is a single-employer pension plan, the defined benefits and employee
and employer contributions levels are governed by Illinois Compiled Statutes and may be amended only by the
Illinois legislature. The Village's payroll for employees covered by the Police Pension Plan for the year ended
December 31, 1997, was $1,817,044 out of a total Village payroll of$8,797,716. As of December 31, 1997, the
Police Pension Plan membership consisted of:
Retirees and beneficiaries currently receiving benefits
Terminated employees entitled to benefits but not yet
receiving them 20
Current employees:
Vested/nonvested 39
Total 59
The Police Pension Plan provides retirement benefits as well as death and disability benefits. Employees attaining
the age of 50 or more with 20 or more years of creditable service are entitled to receive an annual retirement
benefit of one-half of the salary attached to the rank held on the last day of service, or for one year prior to the last
day, whichever is greater. The pension shall be increased by 2%of such salary for each additional year of service
over 20 years up to 30 years, and 1% of such salary for each additional year of service over 30 years, to a
maximum of 75% of such salary. Employees with at least 8 years but less than 20 years of credited service may
retire at or after age 60 and receive a reduced benefit. The monthly pension of a police officer who retired with 20
or more years of service after January 1, 1977, shall be increased 3%annually.
Covered employees are required to contribute 9%of their base salary to the Police Pension Plan. If an employee
leaves covered employment with less than 20 years of service, accumulated employee contributions may be
refunded without accumulated interest. The Village is required to contribute the remaining amounts necessary to
finance the plan as actuarially determined by an enrolled actuary. By the year 2033 the Village's contributions
must accumulate to the point where the past service cost for the Police Pension Plan is fully funded.
23
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
Note 12. Employee Retirement Systems (continued)
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 mandated by Illinois Compiled Statutes and may be
amended only by the Illinois legislature. The Village's payroll for employees covered by the Firefighters' Pension
Plan for the year ended December 31, 1997, was $1,476,242 out of a total Village payroll of$8,797,716. As of
December 31, 1997, the Firefighters' Pension Plan membership consisted of:
Retirees and beneficiaries currently receiving benefits
and terminated employees entitled to benefits but
not vet receiving them 21
Current employees:
Vested/nonvested 29
Total 50
The Firefighters' Pension Plan provides retirement benefits as well as death and disability benefits. Employees
attaining the age of 50 or more with 20 or more years of creditable service are entitled to receive a monthly
retirement benefit of one-half of the monthly salary attached to the rank held in the fire service at the date of
retirement. The monthly pension shall be increased by one-twelfth of 2% of such monthly salary for each _
additional month over 20 years of service through 30 years of service and one-twelfth of 1% of such monthly
service for each additional month over 30 years of service, to a maximum of 75% of such monthly salary.
Employees with at least 10 years but less than 20 years of credited service may retire at or after age 60 and
receive a reduced retirement benefit. The monthly pension of a firefighter who retired with 20 or more years of
service after January 1, 1977, shall be increased 3%annually.
Covered employees are required to contribute 8-1/4% of their salary to the Firefighters' Pension Plan. If an r
employee leaves covered employment with less than 20 years of service, accumulated employee contributions may
be refunded without accumulated interest. The Village is required to contribute the remaining amounts necessary
to finance the plan as actuarially determined by an enrolled actuary. By the year 2033 the Village's contributions
must accumulate to the point where the past service cost for the Firefighter's Pension Plan is fully funded.
Investment Concentrations
As of December 31, 1997, the Police Pension Plan holds an insurance contract from Nationwide Life Insurance
Company with a carrying value of$1,036,671 which represents 6.01%of Plan assets. W
Funding Status and Progress
The amount shown below as the "pension benefit obligation" is a standardized disclosure measure of the present
value of pension benefits, adjusted for the effects of projected salary increases and step-rate benefits, estimated to _
be payable in the future as a result of employee service to date. The measure is intended to help users assess the
funding status of the system on a going-concern basis, assess progress made in accumulating sufficient assets to
pay benefits when due, and make comparisons among employers. The measure is the actuarial present value of
credited projected benefits and is independent of the funding method used to determine contributions to the —'
systems.
24
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
Note 12. Employee Retirement Systems (continued)
The pension benefit obligations were computed as part of actuarial valuations performed as of the following dates,
and the significant actuarial assumptions used in those valuations are as follows:
Illinois Municipal Police Pension Firefighters'Pension
Retirement Fund Plan Plan
Actuarial valuation date December 31, 1996 December 31, 1997 December 31, 1997
Significant actuarial assumptions
a) Rate of return on investment of 7.50 compounded 7.50%compounded 7.50%compounded
present and future assets annually annually annually
b) Projected salary increases- 4.00 compounded 5.25%compounded 5.50%compounded
attributable to inflation annually annually annually
c) Additional projected salary .4%to 7.0%depending on
increases-attributable to age and service attributable
seniority/merit to seniority and merit
d) Post-retirement benefit increases 3.00% 3.00%compounded 3.00%compounded
annually annually
* Separate information is not available.
The unfunded pension benefit obligation applicable to the Village's employees as of the preceding valuation dates
and within their respective system plan are as follows:
Illinois
Municipal Police Firefighters'
Retirement Pension Pension Total
Pension benefit obligation:
Retirees and beneficiaries
currently receiving benefits $ ** $ 7,993,529 $ 8,554,803 $ 16,548,332
_ Terminated employees not yet
receiving benefits 767,858 *** *** 767,858
Current employees:
Accumulated employee contributions including
allocated investment earnings 1,175,142 1,414,916 1,125,643 3,715,701
Employer-financed vested 2,328,404 6,073,977 4,788,684 13,191,065
Employer-financed nonvested 261,505 621,758 1,039,293 1,922,556
Total pension benefit obligation 4,532,909 16,104,180 15,508,423 36,145,512
Net assets available for benefits, at market 5,039,789 17,240,465 16,159,276 38,439,530
(Assets in excess of)pension
benefit obligation $ (506,880) $ (1,136,285) $ (650,853) $ (2,294,018)
25
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
Note 12. Employee Retirement Systems (continued)
** For IMRF, the pension benefit obligation applicable to retirees and beneficiaries currently receiving benefits _
is not included in the above schedule due to the fact that this obligation was transferred from the Village to
IMRF as a whole when the annuity became payable. The amount reported is from a separate plan within the
IMRF structure and represents one retired employee. _
*** The concept of vesting is not clearly defined in Illinois State Statutes. Benefit accrual rates are delineated,
but they do not assist in definitively determining vesting status. As such, no detail allocation can be _
determined for the Police and Firefighters' Pension Funds.
Actuarial assumptions used to determine the pension benefit obligation for 1996 for IMRF were changed due to _
the 1993-1995 experience study. The principal changes were:
• Fewer members are expected to take refunds. _
• Most SLEP members are expected to retire.
• The inflation salary assumption was lowered to 4.00%from 4.25%.
• Expected salary increases due to longevity were increased.
Actuarially Determined Contributions Required and Contributions Made:
The funding policy provides for actuarially determined periodic contributions at rates that will accumulate
sufficient assets to pay benefits when due without having to be increased for future taxpayers. The contribution
rate for normal cost is determined using the entry age normal actuarial funding method. All use the level
percentage of payroll method to amortize the unfunded liability over a 36-year period. Actuarial assumptions of
investment rate of return used to determine the pension benefit obligation for 1997 for Police Pension were
changed from 7.25%to 7.50%.
26
VILLAGE OF OAK BROOK,ILLINOIS
NOTES TO FINANCIAL STATEMENTS
Note 12. Employee Retirement Systems (continued)
The following contributions to the systems for the year ended December 31, 1997, were determined in accordance
with actuarially determined requirements computed through actuarial valuations:
Illinois
Municipal Police Firefighters'
Retirement Pension Pension
Contribution requirements:
As a dollar amount:
Normal cost $ 432,925 $ 376,306 $ 328,679
Amortization of unfunded actuarial accrued
liability/(surplus) 9,301 (17,977) (38,844)
Death and disability cost 10,905 - -
Supplemental retirement benefits 19,885 - -
$ 473,016 $ 358,329 $ 289,835
As a%of current covered payroll:
Normal cost 11.94% 20.71% 22.26%
Amortization of unfunded actuarial accrued
liability/(surplus) 0.26% (0.99)% (2.63)%
Death and disabilitv cost 0.30% - -
Supplemental retirement benefits 0.55% - -
13.05% 19.72% 19.63%
Contributions made:
_ As a dollar amount
Employer $ 309,925 $ 224,440 $ 178,626
Employee 163,091 163,534 121,790
$ 473,016 $ 387,974 $ 300,416
-- As a%of current covered payroll
Employer 8.55% 12.40% 12.10%
Employee 4.50% 9.00% 8.25%
13.05% 21.40% 20.35%
Trend Information: Historical trend information gives an indication of the progress made in accumulating
sufficient assets to pay benefits when due. The available trend information for these systems is presented within
the required supplementary information of this report.
27
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
Note 12. Employee Retirement Systems (continued)
Within the Village's financial statements the required three-year historical trend information for each system is as _
follows:
Illinois
Municipal Police Firefighters'
Fiscal Retirement Pension Pension
Year Fund Plan Plan
Net assets available for benefits 1995 96.89 97.95 103.73 _
as a%of the pension benefit 1996 111.18 101.43 102.36
obligation 1997 * 107.06 104.20
Unfunded(assets in excess of)pension
benefit obligation as a percentage 1995 4.16 16.07 (31.19)
of annual covered payroll 1996 (15.80) (12.39) (21.55)
1997 * (62.53) (44.09)
Employer contributions
As a percentage of annual 1995 9.17 16.12 17.92
covered payroll 1996 8.37 12.88 6.62
1997 8.55 12.35 12.10
* For IMRF, pension benefit obligation is not available at December 31, 1997.
Note 13. 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. _
28
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L
y
SUPPLEMENTARY FINANCIAL
INFORMATION
i
—
VILLAGE OF OAK BROOK,ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION
ANALYSIS OF FUNDING PROGRESS
ILLINOIS MUNICIPAL RETIREMENT FUND
December 31,1997
Net (Overfunded)
Assets Unfunded
Available Pension
for Benefit
Benefits Unfunded Obligation
_ Net as a (Assets in as a
Assets Percentage Excess of) Percentage
Calendar Available Pension of Pension Pension Annual of Annual
Year for Benefit Benefit Benefit Covered Covered
Ended Benefits Obligation Obligation Obligation Payroll Payroll
1987 $ 1,195,714 $ 1,490,597 80.22 % $ 294,883 $ 1,538,494 19.17 %
1988 1,331,778 1,715,964 77.61 384,186 1,726,898 22.25
1989 1,363,418 1,783,586 76.44 420,168 1,859,331 22.60
1990 1,720,746 2,266,520 75.92 545,774 2,017,357 27.05
1991 2,044,423 2,408,970 84.87 364,547 2,183,468 16.70
1992 2,369,632 2,559,996 92.56 190,364 2,285,435 8.33
1993 2,677,785 2,867,734 93.38 189,949 2,374,822 8.00
1994 2,972,261 3,123,466 95.16 151,205 2,706,579 5.59
1995 4,026,496 4,155,650 96.89 129,154 3,104,866 4.16
1996 5,039,789 4,532,909 111.18 (506,880) 3,207,244 (15.80)
Analysis of the dollar amounts of net assets available for benefits,pension benefit obligation, and unfunded
pension benefit obligation in isolation can be misleading. Expressing the net assets available for benefits as
a percentage of the pension benefit obligation provides one indication of funding status on a going-concern
basis. Analysis of this percentage over time indicates whether the system is becoming financially stronger
or weaker. Generally, the greater this percentage, the stronger the PERS. Trends in unfunded pension
benefit obligation and annual covered payroll are both affected by inflation. Expressing the unfunded
pension benefit obligation as a percentage of annual covered payroll approximately adjusts for the effects
of inflation and aids analysis of progress made in accumulating sufficient assets to pay benefits when due.
Generally,the smaller the percentage,the stronger the PERS.
30
VILLAGE OF OAK BROOK,ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF FUNDING PROGRESS
POLICE PENSION FUND
v
Actuarial OAAL as a
Actuarial Accrued Overfunded Percentage of
Actuarial Value of Liability(AAL) AAL Funded Covered Covered
Valuation Assets Entry Age (OAAL) Ratio Payroll Payroll
Date (a) (b) (b-a) (a/b) (c) ((b-a)/c) i
12/31/97 $ 17,240,465 $ 15,849,416 $(1,391,049) 108.8% $ 1,817,044 (76.56)%
SCHEDULE OF EMPLOYER CONTRIBUTIONS
Year Annual
Ended Required Percentage
December 31 Contribution Contributed
1997 $ 216,370 103.7%
Information is presented for all years for which the information, according to the parameters, is available.
The information presented in the required supplementary schedules was determined as part of the actuarial
valuations at the dates indicated. Additional information as of the latest actuarial valuation follows:
Valuation date 12/31/97
Actuarial cost method Entry age
Amortization method Level percentage of pay closed
Remaining amortization period 36 years
Asset valuation method Market
Actuarial assumptions:
Investment rate of return 7.5%
Projected salary increases * 5.25%
*Includes inflation at cost-of-living
Cost-of-living adjustments 3.0%per year
i
i
31
VILLAGE OF OAK BROOK,ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF FUNDING PROGRESS
FIREFIGHTERS' PENSION FUND
Actuarial OAAL as a
Actuarial Accrued Overfunded Percentage of
Actuarial Value of Liability(AAL) AAL Funded Covered Covered
Valuation Assets Entry Age (OAAL) Ratio Payroll Payroll
Date (a) (b) (b-a) (a/b) (c) ((b-a)/c)
12/31/97 $ 16,159,276 $ 15,009,251 $ (1,150,025) 107.7% $ 1,476,242 (77.90)%
SCHEDULE OF EMPLOYER CONTRIBUTIONS
Year Annual
_ Ended Required Percentage
December 31 Contribution Contributed
_ 1997 $ 180,026 99.2%
Information is presented for all years for which the information, according to the parameters, is available.
The information presented in the required supplementary schedules was determined as part of the actuarial
valuations at the dates indicated. Additional information as of the latest actuarial valuation follows:
_ Valuation date 12/31/97
Actuarial cost method Entry age
Amortization method Level percentage of pay closed
Remaining amortization period 36 years
Asset valuation method Market
Actuarial assumptions:
Investment rate of return 7.50%
Projected salary increases * 5.50%
* Includes inflation at cost-of-living
Cost-of-living adjustments 3.0%per year
32
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—
..
sem.
6.
GOVERNMENTAL FUND TYPES
V
w
GENERAL FUND
s
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
SCHEDULE OF REVENUES-BUDGET AND ACTUAL
GENERAL FUND
Year Ended December 31, 1997
Variance
Favorable
Budget Actual (Unfavorable)
Intergovernmental:
Municipal sales tax $ 11,323,000 $ 11,001,446 $ (321,554)
Illinois state income tax 632,840 691,348 58,508
Corporate personal property replacement taxes 170,385 191,222 20,837
York Township road and bridge tax 136,000 145,509 9,509
Foreign fire insurance tax 27,800 - (27,800)
12,290,025 12,029,525 (260,500)
Licenses and permits 361,200 404,998 43,798
Service charges 327,100 305,137 (21,963)
Fines and penalties 231,500 214,086 (17,414)
Interest on investments 605,000 778,948 173,948
Franchise fees 192,000 212,020 20,020 _
Other 94,015 34,470 (59,545)
1,810,815 1,949,659 138,844
Total revenues $ 14,100,840 $ 13,979,184 $ (121,656)
34
VILLAGE OF OAK BROOK,ILLINOIS
_ SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL
GENERAL FUND
Year Ended December 31, 1997
Variance
Favorable
Budget Actual (Unfavorable)
General government:
Legislative and General Management:
Board of Trustees:
Personnel $ 59,850 $ 52,413 $ 7,437
Materials and supplies 10,950 4,449 6,501
Operation and contractual 61,620 33,365 28,255
132,420 90,227 42,193
Village Clerk:
Personnel 72,355 72,352 3
Materials and supplies 11,435 9,475 1,960
Operation and contractual 11,885 11,882 3
95,675 93,709 1,966
Legal:
Personnel 103,895 103,894 1
Materials and supplies 3,655 3,066 589
Operation and contractual 40,770 40,766 4
148,320 147,726 594
General Management:
Personnel 253,085 253,082 3
Materials and supplies 2,850 2,147 703
Operation and contractual 2,585 733 1,852
258,520 255,962 2,558
Human Resources:
Personnel 45,685 45,522 163
Materials and supplies 1,040 1,040 -
Operation and contractual 163,165 163,160 5
209,890 209,722 168
Risk Management:
Personnel 16,225 15,746 479
Operation and contractual 487,300 476,160 11,140
503,525 491,906 11,619
(continued)
35
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL (Continued)
GENERAL FUND
Year Ended December 31, 1997
Variance
Favorable
Budget Actual (Unfavorable)
General government: (continued)
Legislative and General Management: (continued)
Emergency Management:
Personnel $ 11,500 $ 10,090 $ 1,410
Materials and supplies 1,485 608 877
Operation and contractual 3,950 1,837 2,113
Capital 3,900 3,550 350
20,835 16,085 4,750
General Services:
Personnel 41,650 36,072 5,578
Materials and supplies 37,850 32,406 5,444
Operation and contractual 130,940 130,939 1
Capital 42,360 - 42,360
252,800 199,417 53,383
Purchasing and Grants:
Personnel 67,850 63,070 4,780
Materials and supplies 2,870 2,869 1 r
Operation and contractual 365 70 295
71,085 66,009 5,076
Information Systems:
Personnel 184,745 159,289 25,456
Materials and supplies 45,090 26,849 18,241
r
Operation and contractual 137,415 82,178 55,237
Capital 388,245 388,240 5
755,495 656,556 98,939
r
Village Communications Center:
Personnel 405,455 381,372 24,083
r
Materials and supplies 990 987 3
Operation and contractual 12,720 9,373 3,347
Capital 40,000 18,133 21,867 _
459,165 409,865 49,300
Total Legislative and r
General Management 2,907,730 2,637,184 270,546
(continued)
36
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL (Continued)
GENERAL FUND
Year Ended December 31, 1997
Variance
Favorable
Budget Actual (Unfavorable)
General government: (continued)
_ Financial Services:
Financial Services Management:
Personnel $ 103,640 $ 103,218 $ 422
Materials and supplies 915 833 82
Operation and contractual 10,060 9,155 905
114,615 113,206 1,409
-" Accounting and Reporting:
Personnel 234,670 215,585 19,085
Materials and supplies 11,450 10,043 1,407
Operation and contractual 12,645 12,292 353
Capital 6,500 - 6,500
265,265 237,920 27,345
Total Financial Services 379,880 351,126 28,754
Engineering and Capital Projects:
Engineering:
Personnel 283,725 283,720 5
Materials and supplies 7,590 1,884 5,706
Operation and contractual 23,775 16,610 7,165
Capital 12,000 11,436 564
327,090 313,650 13,440
Municipal Building Improvements:
Operation and contractual 300,000 18,912 281,088
Capital 1,953,000 81,135 1,871,865
2,253,000 100,047 2,152,953
Total Engineering and
Capital Projects 2,580,090 413,697 2,166,393
Total general government 5,867,700 3,402,007 2,465,693
(continued)
37
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL (Continued)
GENERAL FUND
Year Ended December 31, 1997 _
Variance
Favorable
Budget Actual (Unfavorable)
Public safety:
Police Department:
Police Services Management:
Personnel $ 231,570 $ 231,569 $ 1
Materials and supplies 10,670 9,865 805
Operation and contractual 44,755 44,712 43
286,995 286,146 849
Police Field Services:
Personnel 2,175,810 2,175,810 -
Materials and supplies 6,640 6,242 398
Operation and contractual 206,820 206,401 419
Capital 23,000 22,989 11
2,412,270 2,411,442 828
Police General Support: _
Personnel 155,985 155,846 139
Materials and supplies 12,615 12,243 372
Operation and contractual 7,820 6,803 1,017
Capital 745 744 1
177,165 175,636 1,529
Police Investigations:
Personnel 388,875 387,850 1,025
Materials and supplies 10,450 7,617 2,833
Operation and contractual 32,400 26,863 5,537
Capital 6,300 5,426 874
438,025 427,756 10,269
(continued)
r.
38
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL (Continued)
GENERAL FUND
Year Ended December 31, 1997
Variance
Favorable
Budget Actual (Unfavorable)
Public safety: (continued)
_ Police Department: (continued)
Police Records:
Personnel $ 162,070 $ 162,066 $ 4
Materials and supplies 6,055 5,820 235
Operation and contractual 5,665 5,107 558
173,790 172,993 797
Public Relations/Crime Prevention:
Personnel 69,395 69,393 2
Materials and supplies 2,830 2,824 6
Operation and contractual 6,220 6,220 -
78,445 78,437 8
Total Police Department 3,566,690 3,552,410 14,280
Fire and Community Development:
Fire Service Management:
Personnel 210,430 210,425 5
Materials and supplies 660 483 177
Operation and contractual 7,405 7,403 2
218,495 218,311 184
Fire Suppression:
Personnel 1,822,705 1,822,703 2
Materials and supplies 18,365 18,365 -
Operation and contractual 199,700 199,695 5
Capital 52,055 52,051 4
2,092,825 2,092,814 11
Emergency Medical Services:
Personnel 323,855 315,180 8,675
Materials and supplies 7,050 6,557 493
Operation and contractual 203,045 190,313 12,732
Capital 10,000 6,050 3,950
543,950 518,100 25,850
(continued)
39
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL (Continued)
GENERAL FUND
Year Ended December 31, 1997 -
Variance
Favorable -
Budget Actual (Unfavorable)
Public safety: (continued)
Fire and Community Development: (continued)
Code Enforcement:
Personnel $ 284,060 $ 283,812 $ 248
Materials and supplies 6,740 6,738 2
Operation and contractual 39,380 39,360 20
Capital 7,460 7,456 4 -_
337,640 337,366 274
Planning and Zoning: ._
Personnel 115,060 112,450 2,610
Materials and supplies 1,500 180 1,320
Operation and contractual 27,850 15,582 12,268 _
144,410 128,212 16,198
Total Fire and Code Enforcement 3,337,320 3,294,803 42,517 _
Total public safety 6,904,010 6,847,213 56,797
Public works:
Public Works Management: -
Personnel 209,125 209,121 4 _
Materials and supplies 2,230 2,230 -
Operation and contractual 11,380 11,216 164
222,735 222,567 168
Mosquito Control:
Operation and contractual 50,520 36,083 14,437
Building and Grounds:
Personnel 91,230 57,740 33,490
Materials and supplies 8,905 6,465 2,440
Operation and contractual 143,520 129,197 14,323
Capital 12,900 7,968 4,932
256,555 201,370 55,185
(continued)
40
VILLAGE OF OAK BROOK, ILLINOIS
SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL (Continued)
GENERAL FUND
Year Ended December 31, 1997
Variance
Favorable
Budget Actual (Unfavorable)
Public works: (continued)
Streets -General Salaries:
Personnel $ 490,320 $ 490,318 $ 2
Street Maintenance:
Materials and supplies 2,740 1,996 744
Operation and contractual 123,125 107,630 15,495
Capital 1,000 857 143
126,865 110,483 16,382
Traffic and Lighting Maintenance:
Operation and contractual 116,110 116,107 3
Snow Removal:
Personnel 41,740 41,739 1
Materials and supplies 44,525 41,884 2,641
Operation and contractual 46,375 42,155 4,220
132,640 125,778 6,862
Drainage Maintenance:
Operation and contractual 57,285 57,281 4
Forestry:
Personnel 16,770 12,586 4,184
Materials and supplies 1,350 925 425
Operation and contractual 122,110 100,043 22,067
140,230 113,554 26,676
Safety Pathway Maintenance:
Operation and contractual 24,720 22,261 2,459
Recycling Subsidy:
Operation and contractual 5,200 4,951 249
Traffic and Lighting Improvements:
Capital 31,510 9,160 22,350
(continued)
41
VILLAGE OF OAK BROOK,ILLINOIS _
SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL (Continued)
GENERAL FUND
Year Ended December 31, 1997
Variance
Favorable
Budget Actual (Unfavorable)
Public works: (continued)
Jorie Boulevard Project:
Operation and contractual $ 490 $ 488 $ 2
Total public works 1,655,180 1,510,401 144,779
Culture and recreation: ._
Library General Salaries:
Personnel 338,265 335,138 3,127
Library General Operations:
Personnel 7,000 6,149 851
Materials and supplies 9,000 7,355 1,645 ..
Operation and contractual 44,310 37,069 7,241
Capital 4,500 4,446 54
64,810 55,019 9,791
Library Technical Services:
Materials and supplies 9,800 8,505 1,295
Operation and contractual 6,795 3,894 2,901
16,595 12,399 4,196
Library Reference and Adult Services:
Materials and supplies 24,160 24,156 4
Operation and contractual 9,740 9,739 1 _
Capital 55,575 55,556 19
89,475 89,451 24
Library Youth Services:
Materials and Supplies 1,055 1,055 -
Operation and Contractual 1,595 1,585 10 _
Capital 19,600 19,314 286
22,250 21,954 296
Community Events:
Operation and contractual 154,495 154,495 -
Total culture and recreation 685,890 668,456 17,434
Total expenditures $ 15,112,780 $ 12,428,077 $ 2,684,703
42
-
-
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, 1997
Foreign Fire
Hotel/Motel Motor Fuel Insurance
ASSETS Tax Tax Tax Total
Cash and investments $ 431,355 $ 826,324 $ - $ 1,257,679
_ Receivables:
Allotments - 17,989 - 17,989
Accrued interest 2,868 6,017 - 8,885
Other-Hotel/motel tax 29,889 - - 29,889
Due from other funds - - 27,832 27,832
Total assets $ 464,112 $ 850,330 $ 27,832 $ 1,342,274
LIABILITIES AND FUND BALANCES
Liabilities
—
Accounts payable $ 130,689 $ - $ - $ 130,689
Fund Balances
Unreserved 333,423 850,330 27,832 1,211,585
Total liabilities and
fund balances $ 464,112 $ 850,330 $ 27,832 $ 1,342,274
43
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, 1997
Hotel/Motel Tax
Variance
Favorable
Budget Actual (Unfavorable)
Revenues:
Intergovernmental $ - $ - $ -
Hotel/motel taxes 278,500 312,383 33,883
Interest on investments 10,000 19,397 9,397
Total revenues 288,500 331,780 43,280 --
Expenditures-current:
Culture and recreation 342,345 342,344 1
Excess (deficiency) of revenues
over expenditures (53,845) (10,564) 43,281 i
Other financing(uses):
Operating transfers (out) - - -
Excess (deficiency)of revenues and other
financing sources over expenditures ...
and other financing uses $ (53,845) (10,564) $ 43,281
Fund balances: ...
Beginning 343,987
Ending $ 333,423
i
44
-
Motor Fuel Tax Foreign Fire Insurance Tax Totals
_ Variance Variance Variance
Favorable Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ 223,000 $ 225,603 $ 2,603 $ - $ 27,832 $ 27,832 $ 223,000 $ 253,435 $ 30,435
- - - - - - 278,500 312,383 33,883
32,500 41,289 8,789 - - - 42,500 60,686 18,186
255,500 266,892 11,392 - 27,832 27,832 544,000 626,504 82,504
- - - - - - 342,345 342,344 1
255,500 266,892 11,392 - 27,832 27,832 201,655 284,160 82,505
(1,080) (1,080) - - - - (1,080) (1,080) -
$ 254,420 265,812 $ 11,392 $ - 27,832 $ 27,832 $ 200,575 283,080 $ 82,505
584,518 - 928,505
$ 850,330 $ 27,832 $1,211,585
45
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- PROPRIETARY FUND TYPES `
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VILLAGE OF OAK BROOK,ILLINOIS
COMBINING BALANCE SHEET
ENTERPRISE FUNDS
December 31, 1997
Waterworks Sports
ASSETS System Core Total
Current Assets
Cash and investments $ 5,148,714 $ 30,032 $ 5,178,746
Receivables,net of allowances for --
uncollectibles,where applicable
Billed water sales 134,759 - 134,759
Unbilled water sales 262,738 - 262,738
Accrued interest 42,626 - 42,626
Other 4,845 33,308 38,153
Inventories - 130,470 130,470 ...
Total current assets 5,593,682 193,810 5,787,492
Restricted Assets
Cash and investments - 28,021 28,021
Fixed Assets
Property, plant and equipment 16,725,376 13,961,018 30,686,394
Accumulated depreciation (6,291,691) (3,035,665) (9,327,356)
10,433,685 10,925,353 21,359,038
Other Assets
Water purchase rights 1,813,313 - 1.813,313
Total assets $ 17,840,680 $ 11,147,184 $ 28,987,864
46
Waterworks Sports
LIABILITIES AND FUND EQUITY System Core Total
_ Current Liabilities
Accounts payable $ 253,571 $ 41,978 $ 295,549
Accrued payroll 3,336 8,647 11,983
Compensated absences 17,076 19,843 36,919
Deposits payable - 18,500 18,500
Due to other funds 5,356 72,455 77,811
Notes payable - 144,994 144,994
Total current liabilities 279,339 306,417 585,756
Advances from other funds - 650,000 650,000
Total liabilities 279,339 956,417 1,235,756
Fund Equity
Contributed capital - 11,025,590 11,025,590
Retained earnings (deficit):
Reserved-Golf surcharge - 28,021 28,021
Unreserved 17,561,341 (862,844) 16,698,497
Total retained earnings (deficit) 17,561,341 (834,823) 16,726,518
Total fund equity 17,561,341 10,190,767 27,752,108
Total liabilities and fund equity $ 17,840,680 $ 11,147,184 $ 28,987,864
47
VILLAGE OF OAK BROOK,ILLINOIS
COMBINING STATEMENT OF REVENUES,EXPENSES,
AND CHANGES IN RETAINED EARNINGS
ENTERPRISE FUNDS
Year Ended December 31, 1997
Waterworks Sports
System Core Total
Operating revenues:
Charges for services $ 3,390,805 $ 2,724,169 $ 6,114,974
Miscellaneous 41,607 - 41,607 _
Total operating revenues 3,432,412 2,724,169 6,156,581
Operating expenses:
Operation of facilities 2,807,248 2,701,111 5,508,359 _
Depreciation and amortization 461,385 278,606 739,991
Total operating expenses 3,268,633 2,979,717 6,248,350
Operating income(loss) 163,779 (255,548) (91,769)
Nonoperating revenues (expenses):
Interest on investments 277,475 3,064 280,539
Gain on sale of fixed assets - 5,500 5,500
Interest expense - (11,037) (11,037)
Total nonoperating revenues (expenses) 277,475 (25473) 275,002
Income(loss)before operating transfers 441,254 (258,021) 183,233
Operating transfers in - 128,897 128,897
Operating transfers (out) (219,300) - (219,300)
Net income(loss) 221,954 (129,124) 92,830
Retained earnings (deficit):
Beginning 17,339,387 (705,699) 16,633,688
Ending $ 17,561,341 $ (834,823)$ 16,726,518
i
48
VILLAGE OF OAK BROOK,ILLINOIS
COMBINING STATEMENT OF CASH FLOWS
ENTERPRISE FUNDS
_. Year Ended December 31, 1997
Waterworks Sports
System Core Total
Cash Flows from Operating Activities
Operating income(loss) $ 163,779 $ (255,548) $ (91,769)
Adjustments to reconcile operating income(loss)to net
cash provided by(used in)operating activities:
Depreciation and amortization 461,385 278,606 739,991
Changes in assets and liabilities:
Accounts receivable (24,017) - (24,017)
Other receivable (2,182) 2,393 211
Inventories - (28,985) (28,985)
Accounts payable 3,384 3,567 6,951
Accrued payroll and compensated absences (11,823) (20,010) (31,833)
Deposits payable - 1,777 1,777
Net cash provided by(used in)operating activities 590,526 (18,200) 572,326
Cash Flows from Noncapital Financing Activities
Advances from other funds - 650,000 650,000
Net increase(decrease)in amounts due to other funds 5,356 (552,500) (547,144)
Operating transfers in - 128,897 128,897
Operating transfers(out) (219,300) - (219,300)
Net cash provided by(used in)
noncapital financing activities (213,944) 226,397 12,453
Cash Flows from Capital and Related Financing Activities
_ Purchase of fixed assets (256,539) (152,405) (408,944)
Proceeds from sale of fixed assets - 20,642 20,642
Proceeds from notes payable - 149,425 149,425
Principal paid on notes payable - (209,174) (209,174)
Interest paid on notes payable - (11,037) (11,037)
Net cash(used in)capital and
related financing activities (256,539) (202,549) (459,088)
Cash Flows from Investing Activities
Investment purchases (1,000,967) - (1,000,967)
Water purchase rights rebate 91,075 - 91,075
Interest received on investments 267,603 3,064 270,667
Net cash provided by(used in)investing activities (642,289) 3,064 (639,225)
_ Net increase(decrease)in cash and cash equivalents (522,246) 8,712 (513,534)
Cash and cash equivalents:
Beginning 2,643,184 49,341 2,692,525
Ending $ 2,120,938 $ 58,053 $ 2,178.991
Reconciliation of Cash and Cash Equivalents
to Combining Balance Sheet
Cash and cash equivalents $ 2,120,938 $ 58,053 $ 2,178,991
Investments 3,027,776 - 3,027,776
$ 5,148,714 $ 58,053 $ 5,206,767
49
VILLAGE OF OAK BROOK,ILLINOIS
STATEMENT OF REVENUES,EXPENSES,AND CHANGES IN
RETAINED EARNINGS -BUDGET AND ACTUAL
r
WATERWORKS SYSTEM
Year Ended December 31, 1997
Variance
Favorable
Budget Actual (Unfavorable)
Operating revenues:
Charges for services:
Water sales $ 3,249,500 $ 3,145,814 $ (103,686)
Unmetered sales 7,500 4,147 (3,353)
Water tap on charges 48,400 115,247 66,847
Fire service charges 42,000 95,924 53,924
Meter fees and special services 25,700 29,673 3,973
Miscellaneous 39,700 41,607 1,907
Total operating revenues 3,412,800 3,432,412 19,612
Operating expenses:
Operation of facilities 3,040,350 2,807,248 233,102
Depreciation and amortization - 461,385 (4611385)
Total operating expenses 3,040,350 3,268,633 (228,283)
Operating income 372,450 163,779 (208,671) -�
Nonoperating revenues (expenses):
Interest on investments 210,000 277,475 67,475
Income before operating transfers 582,450 441,254 (141,196)
Operating transfers (out) (219,300) (219,300) -
Net income $ 363,150 221,954 $ (141,196) --
Retained earnings:
Beginning 17,339,387
Ending $ 17,561,341
50
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF OPERATING EXPENSES-BUDGET AND ACTUAL
WATERWORKS SYSTEM
Year Ended December 31, 1997
a
Variance
Favorable
Budget Actual (Unfavorable)
_ Operation of facilities:
Public Works:
Water Operations:
Personnel $ 361,390 $ 360,097 $ 1,293
'— Materials and supplies 9,945 4,609 5,336
Operation and contractual 2,669,015 2,442,542 226,473
Total water operations 3,040,350 2,807,248 233,102
Capital Improvements:
Capital 712,620 256,539 456,081
Less: items capitalized (712,620) (256,539) (456,081)
Total capital improvements - - -
Total operation of facilities 3,040,350 2,807,248 233,102
Depreciation and amortization:
Depreciation - 405,808 (405,808)
Amortization - 55,577 (55,577)
Total depreciation and amortization - 461,385 (461,385)
Total operating expenses $ 3,040,350 $ 3,268,633 $ (228,283)
s
51
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT
AND ACCUMULATED DEPRECIATION
WATERWORKS SYSTEM FUND
Year Ended December 31, 1997
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 - - 644,398
Electrical pumping equipment 432,286 4,884 - 437,170
Water treatment equipment 8,149 - - 8,149
Distribution, reservoirs,mains ._
and standpipes 13,848,358 166,172 - 14,014,530
Meters and meter installation 657,663 85,483 - 743,146
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
$_16,468,837 $ 256,539 $ - $ 16,725,376
r
52
Rate of
Depreciation Accumulated Depreciation
or Additions
Amortization Balance and Balance Net Asset
(Years) January 1 Transfers Disposals December 31 Value
$ - $ - $ 215,800
40 180,894 7,869 - 188,763 125,990
40 113,930 16,109 - 130,039 514,359
40 140,677 10,868 - 151,545 285,625
10 8,149 - - 8,149 -
40 4,641,758 348,286 - 4,990,044 9,024,486
15 555,136 10,480 - 565,616 177,530
40 91,949 4,537 - 96,486 84,986
10 20,763 - - 20,763 -
5 15,666 3,938 - 19,604 585
5 1,070 - - 1,070 -
5 104,488 3,721 - 108,209 4,324
5 11,403 - - 11,403 -
$ 5,885,883 $ 405,808 $ - $ 6,291,691 $ 10,433,685
53
VILLAGE OF OAK BROOK,ILLINOIS
STATEMENT OF REVENUES,EXPENSES,AND CHANGES IN
RETAINED EARNINGS-BUDGET AND ACTUAL
SPORTS CORE FUND
Year Ended December 31, 1997
Variance
Favorable
Budget Actual (Unfavorable)
Operating revenues:
Charges for services:
Golf $ 1,754,960 $ 1,796,312 $ 41,352
Bath and tennis 965,685 927,857 (37,828)
Total operating revenues 2,720,645 2,724,169 3,524
Operating expenses:
Golf club 1,283,825 1,232,683 51,142
Bath and tennis 1,508,005 1,468,428 39,577
Depreciation - 278,606 (278,606)
Total operating expenses 2,791,830 2,979,717 (18707)
Operating(loss) (71,185) (255,548) (184,363)
Nonoperating revenues (expenses): ._
Interest on investments 2,500 3,064 564
Gain on sale of fixed assets 785,000 5,500 (779,500)
Interest expense (11,065) (11,037) 28 ...
776,435 (2,473) (778,908)
Income (loss) before operating transfers 705,250 (258,021) (963,271)
Operating transfers in 123,675 128,897 5,222
Net income(loss) $ 828,925 (129,124) $ (958,049)
Retained earnings (deficit):
Beginning (705,699)
Ending $ (834,823)
54
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF OPERATING REVENUES-BUDGET AND ACTUAL
SPORTS CORE FUND
Year Ended December 31, 1997
Variance
Favorable
Budget Actual (Unfavorable)
Charges for services:
_ Golf
Fees $ 1,087,160 $ 1,158,049 $ 70,889
Golf surcharge 70,500 71,712 1,212
Memberships 240,450 232,232 (8,218)
Merchandise sales 193,600 184,604 (8,996)
Food sales 75,050 57,952 (17,098)
Beverage sales 88,200 91,763 3,563
1,754,960 1,796,312 41,352
Bath and Tennis:
—" Fees 104,010 193,367 89,357
Memberships 205,875 195,520 (10,355)
Merchandise sales 1,500 376 (1,124)
'— Food sales 436,900 358,849 (78,051)
Beverage sales 144,300 116,728 (27,572)
Miscellaneous 73,100 63,017 (10,083)
965,685 927,857 (37,828)
Total operating revenues $ 2,720,645 $ 2,724,169 $ 3,524
55
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF OPERATING EXPENSES -BUDGET AND ACTUAL
SPORTS CORE FUND
Year Ended December 31, 1997
Variance
Favorable
Budget Actual (Unfavorable)
Operations -Golf Club:
General Operations:
Personnel $ 265,240 $ 262,545 $ 2,695
Materials and supplies 198,045 198,040 5
Operation and contractual 87,860 87,854 6
551,145 548,439 2,706
Range Operations:
Personnel 77,435 45,094 32,341
Materials and supplies 8,225 5,989 2,236 --
Operation and contractual 2,300 2,300 -
87,960 53,383 34,577
Golf Cart Operations:
Personnel 20,030 20,026 4
Materials and supplies 575 344 231
Operation and contractual 42,150 42,148 2
62,755 62,518 237
Y
Golf Course Maintenance:
Personnel 318,320 318,318 2
Materials and supplies 115,975 107,942 8,033 -•
Operation and contractual 39,920 38,034 1,886
474,215 464,294 9,921
Golf Course Lounge Operations:
Personnel 35,005 35,002 3
Materials and supplies 71,745 69,047 2,698
Operation and contractual 1,000 - 1,000
107,750 104,049 3,701
Total golf club 1,283,825 1,232,683 51,142
(continued)
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56
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF OPERATING EXPENSES -BUDGET AND ACTUAL (Continued)
SPORTS CORE FUND
Year Ended December 31, 1997
Variance
Favorable
Budget Actual (Unfavorable)
Operations -Bath and Tennis:
General Operations:
Personnel $ 234,700 $ 233,314 $ 1,386
Materials and supplies 30,190 30,187 3
_ Operation and contractual 103,145 103,144 1
368,035 366,645 1,390
_ Swimming Operations:
Personnel 104,570 98,780 5,790
Materials and supplies 10,235 10,232 3
Operation and contractual 30,850 25,109 5,741
145,655 134,121 11,534
Tennis Operations -Outdoor:
Personnel 67,030 67,025 5
Materials and supplies 20,540 20,537 3
Operation and contractual 13,985 13,981 4
101,555 101,543 12
Tennis Operations -Indoor:
Personnel 78,985 78,972 13
Materials and supplies 2,470 2,457 13
Operation and contractual 70,150 44,332 25,818
151,605 125,761 25,844
(continued)
57
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF OPERATING EXPENSES-BUDGET AND ACTUAL (Continued)
SPORTS CORE FUND
Year Ended December 31, 1997
Variance
Favorable
Budget Actual (Unfavorable)
Operations -Bath and Tennis: (continued)
Food and Beverage:
Personnel $ 349,590 $ 351,597 $ (2,007)
Materials and supplies 257,310 255,255 2,055
Operation and contractual 134,255 133,506 749
741,155 740,358 797
Total bath and tennis 1,508,005 1,468,428 39,577
Capital Improvements:
Capital outlay 268,940 152,405 116,535
Less: items capitalized (268,940) (152,405) (116,535)
Total capital improvements - - -
Depreciation - 278,606 (278,606)
Total operating expenses $ 2,791,830 $ 2,979,717 $ (187,887)
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VILLAGE OF OAK BROOK,ILLINOIS
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SCHEDULE OF PROPERTY,PLANT AND EQUIPMENT
AND ACCUMULATED DEPRECIATION
SPORTS CORE FUND
Year Ended December 31, 1997
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 1,696,103 17,240 - 1,713,343
Land improvements -Bath and tennis 151,611 - - 151,611
Buildings -Golf 726,184 - - 726,184
Buildings -Bath and tennis 2,132,836 - - 21132,836
Machinery and equipment-Golf 699,588 118,890 26,946 791,532
Machinery and equipment-Bath and tennis 103,011 16,275 - 119,286 ..
Computer equipment 21,367 - - 21,367
Vehicles 12,610 - - 12,610
$ 13,835,559 $ 152,405 $ 26,946 $ 13,961,018
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Rate of
Depreciation Accumulated Depreciation
or Additions
Amortization Balance and Balance Net Asset
(Years) January 1 Transfers Disposals December 31 Value
$ - $ - $ - $ - $ 8,292,249
25 868,936 68,268 - 937,204 776,139
10 130,937 13,783 - 144,720 6,891
40 228,909 17,380 - 246,289 479,895
40 1,011,901 92,261 - 1,104,162 1,028,674
10 444,030 72,148 11,804 504,374 287,158
10 52,575 13,540 - 66,115 53,171
5 20,669 545 - 21,214 153
4 10,906 681 - 11,587 1,023
$ 2,768,863 $ 278,606 $ 11,804 $ 3,035,665 $ 10,925,353
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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, 1997
Self- Capital
ASSETS Insurance Garage Replacement Total
Current Assets
Cash and investments $ 310,400 $ 64,059 $ 1,970,438 $ 2,344,897
Receivables: -
_ Accounts - 223 - 223
Accrued interest 2,414 - 15,589 18,003
Inventories - 31,382 - 31,382
Total current assets 312,814 95,664 1,986,027 2,394,505
Fixed Assets
Equipment - 112,602 3,032,555 3,145,157
Accumulated depreciation - (76,903) (1,586,926) (1,663,829)
Total fixed assets - 35,699 1,445,629 1,481,328
Total assets $ 312,814 $ 131,363 $ 3,431,656 $ 3,875,833
LIABILITIES AND FUND EQUITY
Current Liabilities
Accounts payable $ 500 $ 7,750 $ 53,996 $ 62,246
Accrued payroll -. 767 - 767
Compensated absences - 3,089 - 3,089
Claims payable 87,809 - - 87,809
Due to other funds - 6,947 - 6,947
Total liabilities 88,309 18,553 53,996 160,858
Fund Equity
Retained earnings 224,505 112,810 3,377,660 3,714,975
Total liabilities and fund equity $ 312,814 $ 131,363 $ 3,431,656 $ 3,875 833
61
VILLAGE OF OAK BROOK,ILLINOIS
COMBINING STATEMENT OF REVENUES,EXPENSES AND
CHANGES IN RETAINED EARNINGS
INTERNAL SERVICE FUNDS
Year Ended December 31, 1997
Self- Capital `
Insurance Garage Replacement Total
Operating revenues:
Charges for services $ 837,277 $ 332,100 $ 449,450 $ 1,618,827
Operating expenses: -
Operation of garage - 301,378 - 301,378
Claims and insurance 838,122 - - 838,122
Depreciation - 17,844 228,321 246,165
Total operating expenses 838,122 319,222 228,321 1,385,665
Operating income(loss) (845) 12,878 221,129 233,162
Nonoperating revenues:
Interest on investments 12,357 3,671 104,326 120,354 ...
Gain on sale of fixed assets - - 30,532 30,532
Income before operating transfers 11,512 16,549 355,987 384,048
Operating transfers (out) - (18,100) - (18,100)
Net income(loss) 11,512 (1,551) 355,987 365,948
Retained earnings: _
Beginning 212,993 114,361 3,021,673 3,349,027
Ending $ 224,505 $ 112,810 $ 3377,660 $ 3,714,975
62
VILLAGE OF OAK BROOK,ILLINOIS
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
Year Ended December 31, 1997
Self- Capital
Insurance Garage Replacement Total
_ Cash Flows From Operating Activities
Operating income (loss) $ (845) $ 12,878 $ 221,129 $ 233,162
Adjustments to reconcile operating income(loss)to
net cash provided by(used in) operating activities:
Depreciation - 17,844 228,321 246,165
Changes in assets and liabilities:
Inventories - 9,172 - 9,172
_ Accounts payable 500 (11,433) 53,996 43,063
Accrued payroll and compensated absences - (1,700) - (1,700)
Claims payable (21,788) - - (21,788)
Net cash provided by(used in)
operating activities (22,133) 26,761 503,446 508,074
Cash Flows From Noncapital Financing Activities
Net increase in amounts due to other funds - 2,205 - 2,205
Operating transfers (out) - (18,100) - (18,100)
Net cash flows (used in)noncapital financing activities - (15,895) - (15,895)
Cash Flows From Capital and Related Financing Activities
Acquisition of equipment - - (247,778) (247,778)
Proceeds from sale of equipment - - 41,470 41,470
Net cash (used in) capital and
related financing activities - - (206,308) (206,308)
Cash Flows from Investing Activities
Investment purchases (11,730) - (258,398) (270,128)
Investment maturities 50,000 - - 50,000
Interest received on investments 13,332 3,671 102,456 119,459
Net cash provided by(used
in) investing activities 51,602 3,671 (155,942) (100,669)
-
Net increase in cash and cash equivalents 29,469 14,537 141,196 185,202
Cash and cash equivalents:
Beginning 109,478 49,522 721,935 880,935
Ending $ 138,947 $ 64,059 $ 863,131 $ 1,066,137
Reconciliation of Cash and Cash Equivalents
to Combining Balance Sheet
Cash and cash equivalents $ 138,947 $ 64,059 $ 863,131 $ 1,066,137
Investments 171,453 - 1,107,307 1,278,760
$ 310,400 $ 64,059 $ 1,970,438 $ 2,344,897
63
VILLAGE OF OAK BROOK,ILLINOIS
STATEMENT OF REVENUES,EXPENSES AND CHANGES IN
RETAINED EARNINGS-BUDGET AND ACTUAL _
SELF-INSURANCE FUND
Year Ended December 31, 1997
Variance
Favorable
Budget Actual (Unfavorable)
Operating revenues:
Charges for services $ 853,700 $ 837,277 $ (16,423)
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Operating expenses:
Claims and insurance:
Insurance 166,495 160,463 6,032
Health claims 586,335 593,666 (7,331)
Dental claims 85,300 83,993 1,307
Total operating expenses 838,130 838,122 8
Operating income(loss) 15,570 (845) (16,415)
Nonoperating revenues:
Interest on investments 17,500 12,357 (5,143)
Net income $ 33.070 11,512 $ (21,558)
Retained earnings: ,..
Beginning 212,993
Ending $ 224,505
64
VILLAGE OF OAK BROOK,ILLINOIS
STATEMENT OF REVENUES,EXPENSES AND CHANGES IN
RETAINED EARNINGS-BUDGET AND ACTUAL
GARAGE FUND
Year Ended December 31, 1997
_ Variance
Favorable
Budget Actual (Unfavorable)
Operating revenues:
Charges for services $ 332,100 $ 332,100 $ -
Operating expenses:
Garage Operations:
Personnel 77,255 77,250 5
Materials and supplies 85,960 85,956 4
Operation and contractual 136,395 136,390 5
Capital 1,785 1,782 3
301,395 301,378 17
Depreciation - 17,844 (17,844)
Total operating expenses 301,395 319,222 (17,827)
Operating income 30,705 12,878 (17,827)
Nonoperating revenues:
Interest on investments 2,625 3,671 1,046
Income before operating transfers 33,330 16,549 (16,781)
Operating transfers (out) (18,100) (18,100) -
Net income(loss) $ 15,230 (1,551) $ (16,781)
Retained earnings:
Beginning 114,361
Ending $ 112,810
65
VILLAGE OF OAK BROOK,ILLINOIS
STATEMENT OF REVENUES,EXPENSES AND CHANGES IN
RETAINED EARNINGS -BUDGET AND ACTUAL
CAPITAL REPLACEMENT FUND
Year Ended December 31, 1997
Variance
Favorable
Budget Actual (Unfavorable)
Operating revenues:
Charges for services $ 449,450 $ 449,450 $ - -"
Operating expenses:
Capital 332,225 247,778 84,447
Less: items capitalized (332,225) (247,778) (84,447)
Depreciation - 228,321 (228,321)
Total operating expenses - 228,321 (228,321)
Operating income 449,450 221,129 (228,321)
Nonoperating revenues:
Interest on investments 84,000 104,326 20,326
Gain on sale of fixed assets - 30,532 30,532
Net income $ 533,450 355,987 $ (177,463)
Retained earnings: ...
Beginning 3,021,673
Ending $ 3,377,660
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FIDUCIARY FUND TYPES
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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, 1997
Police Firefighters'
ASSETS Pension Pension Total
Cash and investments $ 17,045,903 $ 16,005,482 $ 33,051,385
Accrued interest receivable 194,562 162,994 357,556
Total assets 17,240,465 16,168,476 33,408,941
LIABILITIES
Accounts payable - 9,200 9,200
Net assets held in trust for pension benefits $ 17,240,465 $ 16,159,276 $ 33,399,741
67
VILLAGE OF OAK BROOK,ILLINOIS
COMBINING STATEMENT OF CHANGES IN PLAN NET ASSETS
PENSION TRUST FUNDS
Year Ended December 31, 1997
Police Firefighters'
Pension Pension Total
Additions
Contributions:
Employer $ 224,440 $ 178,626 $ 403,066
Plan members 163,534 121,790 285,324
Total contributions 387,974 300,416 688,390
Investment income:
Net appreciation in fair value of investments 191,290 84,867 276,157
Interest 1,560,706 1,461,466 3,022,172
Net investment income 1,751,996 1,546,333 3,298,329
Total additions 2,139,970 1,846,749 3,986,719
—
Deductions
Benefits 493,036 568,091 1,061,127
Administrative expenses 40,956 75,988 116,944
Total deductions 533,992 644,079 1,178,071
Net increase 1,605,978 1,202,670 2,808,648 —
Net assets held in trust for pension benefits:
Beginning, as restated(Note 10) 15,634,487 14,956,606 30,591,093
Ending $ 17,240,465 $ 16,159,276 $ 33,399 741
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VILLAGE OF OAK BROOK,ILLINOIS
STATEMENT OF CHANGES IN PLAN NET ASSETS-BUDGET AND ACTUAL
POLICE PENSION FUND
Year Ended December 31, 1997
Budget Actual Variance
Additions
Contributions:
Employer $ 289,090 $ 224,440 $ (64,650)
Plan member 181,620 163,534 (18,086)
Total contributions 470,710 387,974 (82,736)
Investment income:
Net appreciation in fair value of investments - 191,290 191,290
Interest 1,007,500 1,560,706 553,206
Net investment income 1,007,500 1,751,996 744,496
Total additions 1,478,210 2,139,970 661,760
Deductions
Benefits 493,040 493,036 4
Administrative expense 41,955 40,956 999
Total deductions 534,995 533,992 1,003
Net increase $ 943,215 1,605,978 $ 662,763
Net assets held in trust for pension benefits:
Beginning, as restated(Note 10) 15,634,487
Ending $ 17,240,465
69
VILLAGE OF OAK BROOK,ILLINOIS
STATEMENT OF CHANGES IN PLAN NET ASSETS -BUDGET AND ACTUAL
FIREFIGHTERS' PENSION FUND
Year Ended December 31, 1997
Budget Actual Variance
Additions
Contributions:
Employer $ 193,070 $ 178,626 $ (14,444)
Plan member 126,960 121,790 (5,170)
Total contributions 320,030 300,416 (19,614)
Investment income:
Net appreciation in fair value of investments - 84,867 84,867
Interest 955,500 1,461,466 505,966
Net investment income 955,500 1,546,333 590,833
Total additions 1,275,530 1,846,749 571,219 —
Deductions
Benefits 568,095 568,091 4 _
Administrative expense 75,990 75,988 2
Total deductions 644,085 644,079 6
Net increase $ 631,445 1,202,670 $ 571,225
Net assets held in trust for pension benefits: ...
Beginning, as restated(Note 10) 14,956,606
Ending $ 16,159,276 ...
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ACCOUNT GROUPS
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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, 1997
_ General Fixed Assets
Land $ 616,829
Buildings and improvements 4,312,100
_ Other equipment 1,282,680
Computer equipment 829,259
$ 7,040,868
Investment in General Fixed Assets
_ Current revenues $ 4,856,045
Proceeds of indebtedness 1,659,881
Gifts 524,942
$ 7,040,868
71
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF GENERAL FIXED ASSETS-
BY FUNCTION AND ACTIVITY
GENERAL FIXED ASSETS ACCOUNT GROUP i
December 31, 1997
Buildings
and Other Computer
Function and Activity Land Improvements Equipment Equipment Totals
General government:
Board of Trustees $ 616,829 $ 9,974 $ 1,882 $ - $ 628,685
Village Clerk - - 4,228 - 4,228
General Management - 2,466,969 52,802 - 2,519,771
Emergency Management - - 5,182 - 5,182
Village Communication Center - - 53,309 - 53,309
Purchasing and Grants - - 941 - 941
Information Services - - - 829,259 829,259 i
Finance and Accounting - - 21,512 - 21,512
Engineering - - 26,017 - 26,017
616,829 2,476,943 165,873 829,259 4,088,904
Public safety:
Police Department - 124,778 473,352 - 598,130
Fire Department - 754,804 503,336 - 1,258,140
- 879,582 976,688 - 1,856,270
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Public works:
Administrative - 686,046 9,385 - 695,431
Street Maintenance - 49,740 54,867 - 104,607
Forestry - - 65,335 - 65,335
735,786 129,587 - 865,373
Culture and recreation:
Library - 219,789 10,532 - 230,321
$ 616.829 $ 4,312,100 $ 1,282,680 $ 829,259 $ 7,040,868
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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, 1997
Balance
January 1 Balance
as Restated Additions Retirements December 31
General government:
Board of Trustees $ 628,685 $ - $ - $ 628,685
Village Clerk 4,228 - - 4,228
General Management 2,477,751 42,020 - 2,519,771
Emergency Management 1,632 3,550 - 5,182
Village Communication Center 39,538 13,771 - 53,309
Purchasing and Grants 941 - - 941
Information Services 441,019 388,240 - 829,259
Financial Services 21,512 - - 21,512
Engineering 14,581 11,436 - 26,017
3,629,887 459,017 - 4,088,904
Public safety:
Police Department 571,583 26,546 - 598,129
Fire Department 1,193,279 64,861 - 1,258,140
1,764,862 91,407 - 1,856,269
Public works:
Administrative 680,292 8,656 - 688,948
Street Maintenance 111,091 - - 111,091
Forestry 65,335 - - 65,335
856,718 8,656 - 865,374
Culture and recreation:
Library 225,405 4,916 - 230,321
$ 6,476,872 $ 563,996 $ - $ 7,040,868
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STATISTICAL SECTION
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kLLAGE OF OAK BROOK,ILLINOIS
GENERAL GOVERNMENTAL EXPENDITURES BV FUNCTION
LAST TEN FISCAL YEARS
December 31, 1997
1989 1990 1991 1992 1993 *1993 1994 1995 1996 1997
General government $ 1,452,473 $ 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
Public safety 5,184,506 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
Public works 2,076,858 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
Culture and
recreation 196,584 241,751 278,085 412,685 418,978 264,471 462,781 539,734 726,820 1,010,800
Debt service 955,025 922,716 987,505 949,288 959,375 944,820 944,821 - - -
9,865,446 $ 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
*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
74
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL REVENUES BY SOURCE
LAST TEN FISCAL YEARS
December 31, 1997
1989 1990 1991 1992 1993 *1993 1994 1995 1996 1997
Intergovernmental $ 7,151,393 $ 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
Property taxes 582,861 542,623 603,129 877,289 963,125 846,501 549,482 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
Hotel/motel taxes - - 89,664 196,609 210,066 163,784 235,606 274,041 290,198 312,383
Licenses and permits 261,081 305,085 342,354 299,111 353,747 261,461 322,779 477,624 374,617 404,998
Service charges 263,759 219,484 371,368 338,453 584,727 498,440 293,743 336,146 423,139 305,137
Fines and penalties 166,238 229,841 196,640 176,868 238,858 135,419 280,339 220,593 211,809 214,086
Interest on
investment 418,479 538,159 376,261 221,019 173,404 171,420 426,127 713,992 784,652 983,733
Miscellaneous 234,158 154,064 453,184 82,512 81,625 189,205 233,836 253,327 296,482 246,490
$ 9,077,969 $ 9,315,149 $ 9,727,465 $ 11,540,880 $ 15 093,745 $ 11,900,484 $ 15,133,007 $ 16,260,859 $ 16,487,640 $ 163W934
934
* 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
751 { I I { I { I 1 {
.. VILLAGE OF OAK BROOK,ILLINOIS
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
December 31, 1997
�. Percent of
Tax Total Total Total Tax
Fiscal Levy Tax Tax Collections
Year Year Levy Collection to Tax Levy
1989 1987 $ 580,309 $ 585,620 100.92
1990 1988 551,811 548,259 99.36
1991 1989 609,854 602,304 98.76
1992 1990 814,693 854,988 104.95
1993 1991 842,077 840,958 99.87
*1993 1992 848,710 846,501 99.74
1994 1993 555,221 549,482 98.97
1995 1994 - - N/A
1996 1995 - - N/A
1997 1996 - - 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
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VILLAGE OF OAK BROOK, ILLINOIS
ASSESSED AND ESTIMATED ACTUAL VALUE OF +
TAXABLE PROPERTY (in thousands)
LAST TEN LEVY YEARS
December 31, 1997
Real Property Ratio of Total
Estimated Assessed/Total
Levy Actual Estimated
Year Assessed Value Actual Value
1987 $ 611,665 $ 1,853,530 33.00 %
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
Data Source
County Clerk's Office
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VILLAGE OF OAK BROOK, ILLINOIS
PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS
LAST TEN LEVY YEARS
December 31, 1997
1987 1988 1989 1990 1991 1992 1993 1994 1995 1996
Village of Oak Brook 0.0949 0.0825 0.0818 0.1044 0.0994 0.0977 0.0641 0.0000 0.0000 0.0000
Basic Town 1.0587 1.1111 0.9311 0.8708 0.8354 0.8171 0.8348 0.8089 0.7141 0.6095
Junior College#502 0.2341 0.2088 0.2009 0.2092 0.2085 0.2087 0.2058 0.2068 0.2062 0.2053
Grade School#53 0.9364 0.9093 0.9134 0.9389 0.9923 1.0248 1.0683 1.0763 1.0605 1.0458
High School #86 1.8906 1.8774 1.7786 1.7205 1.6855 1.6595 1.6406 1.6122 1.5907 1.4944
Oak Brook Park District 0.1014 0.1834 0.1733 0.1695 0.2037 0.2051 0.2098 0.2064 0.2045 0.1997
Hinsdale Sanitary District 0.0379 0.0434 0.0000 0.0000 0.0080 0.0000 0.0000 0.0000 0.0000 0.0000
Total 4.3540 4.4159 4.0791 4.0133 4.0328 4.0129 4.0234 3.9106 3.7760 3.5547
Note: includes all county, forest preserve, township and water commission rates. Rates are per$100 of assessed
valuation.
Data Source
County Clerk's Office
78
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, 1997
1989 1990 1991 1992 1993 *1993 1994 1995 1996 1997
Population(1) 9,151 9,151 9,151 9,087 9,087 9,087 9,087 9,087 9,087 9,087
Equalized assessed value
(in thousands) $ 669,030 $ 745,392 $ 806,397 $ 855,836 $ 878,225 $ 878,225 $ 875,114 $ 887,591 $ 905,788 $ 938,948
Gross general bonded debt 4,950,000 4,250,000 3,450,000 2,650,000 1,800,000 900,000 - - - -
Debt service monies available 629,291 432,693 202,468 242,137 261,159 265,447 - - - -
Net general bonded debt 4,320,709 3,817,307 3,247,532 2,407,863 1,538,841 634,553 - - - -
Ratio of net general bonded debt
to equalized assessed value 0.01% 0.01% 0.00% 0.00% 0.00% 0.00% - - - -
Net general bonded debt per capita 472.2 417.1 354.9 265 169.3 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
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VILLAGE OF OAK BROOK,ILLINOIS
COMPUTATION OF LEGAL DEBT MARGIN
December 31, 1997
Assessed value(1) $ 938,947,979
Debt limit 8.625%of assessed value $ 80,984,263
Debt applicable to debt limit -
$ 80,984,263
—
Data Sources
(1) County Clerk's Office
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80
VILLAGE OF OAK BROOK, ILLINOIS
SCHEDULE OF DIRECT AND OVERLAPPING BONDED DEBT
December 31, 1997
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 138,045,000 4.85 6,689,850
Du Page Forest Preserve 215,980,000 4.85 10,466,686
Du Page Water Commission 132,975,000 5.09 6,774,485
Park Districts 1,195,000 72.93 871,510
Elementary School Districts 30,960,000 9.65 2,986,525
High School Districts 20,275,000 5.94 1,203,648
Unit District 205 1,840,000 7.86 144,645
Total $ 541,270,000 $ 29,137,349
Data Source
County Clerk's Office
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81
i ILLAGE OF OAK BROOK, ILLINOIS
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR
GENERAL BONDED DEBT TO TOTAL GENERAL EXPENDITURES
LAST TEN FISCAL YEARS
December 31, 1997
1989 1990 1991 1992 1993 *1993 1994 1995 1996 1997
Principal $ 700,000 $ 700,000 $ 800,000 $ 800,000 $ 850,000 $ 900,000 $ 900,000 $ - $ - $ -
Interest 270,200 238,000 205,800 149,288 109,375 44,100 44,821 - - -
Total debt service $ 970,200 $ 938,000 $ 1,005,800 $ 949,288 $ 959,375 $ 944,100 $ 944,821 $ - $ - $
Total general
expenditures $ 9,865,446 $ 9,610,564 $ 10.239,015 $ 12,059,721 $ 12,733,113 $ 8,030,983 $ 13,119,663 $ 12,917,872 $ 13,207,676 $ 14,940,686
Ratio of debt service
expenditures to
general expenditures 9.83 9.76 9.82 7.87 7.53 11.76 7.2 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
82
VILLAGE OF OAK BROOK, ILLINOIS
REVENUE BOND COVERAGE-WATERWORKS SYSTEM BONDS
LAST TEN FISCAL YEARS
December 31, 1997
1989 1990 1991 1992 1993 *1993 1994 1995 1996 1997
Gross revenue $ 3,126,240 $ 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
Expenses 1,294,568 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
Net revenue available for
debt service $ 1,831,672 $ 2,245,723 $ 1,617,071 $ 1,615,453 $ 1,126,406 $ 491,295 $ 662,214 $ 145,732 $ (372,972) $ 163,779
Debt service
requirements
Principal $ 425,000 $ 475,000 $ 500,000 $ 225,000 $ 225,000 $ - $ 225,000 $ 250,000 $ 275,000 $ -
Interest 150,450 127,150 101,138 44,400 32,700 16,350 26,850 16,000 5,500 -
$ 575,450 $ 602,150 $ 601,138 $ 269,400 $ 257,700 * 16,350 $ 251,850 $ 266,000 $ 280,500 $ -
Coverage 3.18 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
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VILLAGE OF OAK BROOK, ILLINOIS
DEMOGRAPHIC STATISTICS
December 31, 1997
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
1990 9,087 60,347 42 5.70
Data Sources
(1) Bureau of Census
(2) Bureau of Labor Statistics
84
VILLAGE OF OAK BROOK,ILLINOIS
PROPERTY VALUE AND CONSTRUCTION
LAST TEN FISCAL YEARS
December 31, 1997
Commercial Residential
Construction Construction
Fiscal Number Value Number Value Property Value
Year Of Units (in Thousands) of Units (in Thousands) (in Thousands)
1989 2 $ 8,399 47 $ 39,548 $ 1,823,100
1990 3 10,100 30 10,939 2,030,900
1991 1 15,400 15 5,834 2,197,400
1992 1 8,000 17 8,500 2,567,508
1993 - - 14 13,815 2,634,675
1993* 1 1,753 11 5,114 2,634,675
1994 2 2,602 22 15,834 2,625,341
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
* 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
85
VILLAGE OF OAK BROOK,ILLINOIS
PRINCIPAL TAXPAYERS
December 31, 1997
1996 Percentage
Assessed of Total
Valuation Assessed
Taxpayers Type of Business (in Thousands) Valuation
Oak Brook Urban Venture Shopping center $ 73,798 7.85 %
McDonald's Corporation Office campus 48,772 5.19
Metropolitan Life Insurance Co. Life insurance 16,055 1.71
Manufacturers Life Real Estate Executive towers 12,045 1.28
Butler National Golf Club Golf course 11,674 1.24
York Road Limited Partnership Hotel/office building 10,693 1.14
Equitable Life Insurance Office buildings 10,563 1.12
Marshall Fields Retail stores 9,923 1.07
The Crossings of Oak Brook Office buildings 9,813 1.05
Teachers'Insurance and Annuity Assn. Office buildings 9,359 1.00
Data Source
County Clerk's Office
86
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF INSURANCE IN FORCE
December 31, 1997
Insurance Coverage Amount of
Type of Insurance Company Expires Coverage
Village Manager's Bond Hartford Insurance Company 12/31/98 $ 150,000
(4668010)
Treasurer's Bond Hartford Insurance Company 12/31/98 100,000
(4668010)
Host Liquor Liability Lloyds of London Insurance Company 11/24/98 1,000,000
(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's Treasurers'
or Village Manager's Bond. The Village's contributions to this cooperative agency was determined by the pro
rata share for each municipality's audited revenues and loss experience for the previous year, to be sufficient
annually to fund administrative expenses and create sufficient reserves for claim payments and the purchase of
excess insurance. The Agency provides loss protection in excess of a deductible of$1,000 per occurrence to be
paid by each municipality. The Agency is required to pay up to $250,000 per occurrence for loss or injury
within the scope of its self-insurance coverage 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, 1997, IRMA members totaled 67
municipalities.
Data Source
Village Records
87
VILLAGE OF OAK BROOK,ILLINOIS
MISCELLANEOUS STATISTICS
December 31, 1997
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 28
Number of volunteers 11
Police Protection Number of stations 1
Number of policemen
and officers 39
'— Detention facilities Juvenile 2
Adult 4
Education(Elementary Only) Attendance centers 2
Number of teachers 53
Number of students 613
Municipal Water Department Number of customers 5,236
Total water pumped Gallons (in 1,390,000
Thousands)
Average daily consumption Gallons 3.81 million
Miles of water mains 77
Building Permits Issued 580
Recreation Oak Brook Sports Core -
269 acres including Bath and
Tennis club and 18-hole
golf course
Oak Brook Park District -
66 acres including indoor tennis,
outdoor tennis, and recreation
center
Du Page County Forest
Preserve- 373 acres
Culture Number of libraries 1
Number of books and audiovisual materials 52,604
Census data 1960, 324; 1970, 4,164; 1975, 5,281;
1980, 6,641; 1984, 7,263; 1990, 9,087
Employees 145 full-time
288 part-time/seasonal
Data Source
Village Records
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