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VILLAGE OF OAK BROOK
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Year Ended December 31, 2000
VILLAGE OF OAK BROOK, ILLINOIS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED DECEMBER 31, 2000
Prepared by: Finance Department
Darrell J. Langlois
Finance Director/Treasurer
VILLAGE OF OAK BROOK,ILLINOIS
TABLE OF CONTENTS
INTRODUCTORY SECTION
Principal officials i
Organizational chart ii
Letter of transmittal from the Village Manager ill
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 changes in plan net assets-Pension trust funds 8
Notes to financial statements 9 -26
SUPPLEMENTARY INFORMATION
Required supplemental information:
Schedule of funding progress:
Illinois Municipal Retirement Fund 27
Police Pension Fund 28
Firefighters'Pension Fund 29
General Fund:
Statement of revenues, expenditures and changes in
— fund balance -Budget and actual 30
Schedule of revenues-Budget and actual 31
Schedule of expenditures- Budget and actual 32 - 39
Special Revenue Funds:
Combining balance sheet 40
Combining statement of revenues, expenditures and changes 41 -42
in fund balances - Budget and actual
Capital Project Fund- Infrastructure Fund:
Balance sheet 43
Statement of revenues, expenditures and changes 44
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 45 -46
Combining statement of revenues, expenses, and changes in retained earnings 47 _
Combining statement of cash flows 48
Waterworks System Fund: —
Statement of revenues, expenses, and changes in retained earnings -
Budget and actual 49
Schedule of operating expenses-Budget and actual 50 —
Schedule of property,plant and equipment and
accumulated depreciation 51 - 52
Sports Core Fund:
Statement of revenues, expenses, and changes in retained earnings-
Budget and actual 53 _
Schedule of operating revenues -Budget and actual 54
Schedule of operating expenses -Budget and actual 55 - 57
Schedule of property,plant and equipment and
accumulated depreciation 58 - 59
Internal Service Funds:
Combining balance sheet 60 —
Combining statement of revenues, expenses and
changes in retained earnings 61
Combining statement of cash flows 62 —
Self-Insurance Fund:
Statement of revenues, expenses and changes in '—
retained earnings-Budget and actual 63
Garage Fund: --
Statement of revenues, expenses and changes in
retained earnings- Budget and actual 64
Capital Replacement Fund:
Statement of revenues, expenses and changes in
retained earnings- Budget and actual 65
VILLAGE OF OAK BROOK,ILLINOIS
TABLE OF CONTENTS
FINANCIAL SECTION (Continued)
SUPPLEMENTARY INFORMATION (Continued)
Pension Trust Funds:
Combining statement of plan net assets 66
Combining statement of changes in plan net assets 67
Police Pension Fund:
Statement of changes in plan net assets-Budget and actual 68
Firefighters'Pension Fund:
Statement of changes in plan net assets-Budget and actual 69
General Fixed Assets Account Group:
Schedule of general fixed assets-By source 70
Schedule of general fixed assets-By function and activity 71
Schedule of changes in general fixed assets-By function and activity 72
STATISTICAL SECTION
General governmental expenditures by function- Last ten fiscal years 73
General revenues by source - Last ten fiscal years 74
Property tax levies and collections- Last ten fiscal years 75
Assessed and estimated actual value of taxable property
(in thousands) - Last ten levy years 76
Property tax rates- Direct and overlapping governments - Last ten levy years 77
Ratio of net general bonded debt to equalized assessed value and
net general bonded debt per capita -Last ten fiscal years 78
_ Computation of legal debt margin 79
Schedule of direct and overlapping bonded debt 80
Ratio of annual debt service expenditures for general bonded
debt to total general expenditures- Last ten fiscal years 81
Revenue bond coverage - Waterworks system bonds -Last ten fiscal years 82
Demographic statistics 83
Property value and construction-Last ten fiscal years 84
Principal taxpayers 85
Schedule of insurance in force 86
Miscellaneous statistics 87
INTRODUCTORY SECTION
VILLAGE OF OAK BROOK,ILLINOIS
PRINCIPAL OFFICIALS
December 31,2000
Karen M. Bushy, Village President
Linda K. Gonnella, Village Clerk
BOARD OF TRUSTEES
Adam Butler William E. Kenny
George T. Caleel Gerald McInerney
John W. Craig Alfred P. Savino
VILLAGE MANAGER
Stephen B. Veitch, Village Manager
FINANCE DEPARTMENT
Darrell J. Langlois, Finance Director/Treasurer
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VILLAGE OF OAK BROOK
ORGANIZATIONAL CHART
December, 2000
Citizens of Oak Brook
Advisory Boards President and
and Commissions Board of Trustees Village Clerk
Electrical Commission
Board of Fire& Police Commissioners Village Attorney Village Manager Treasurer/Budget Officer
Hotel Convention and Visitors Committee
Library Commission
Plan Commission
Safety Pathway Committee
Zoning Board of Appeals
Police Pension Board Information Services
Firefighters' Pension Board & Purchasing
Financial Public En ineerin and Sorts Community
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Services Works Capital Projects Library Police Fire Development
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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 6, 2001 W E B S I T E: www.oak-brook.org
President and Board of Trustees
Village of Oak Brook
Oak Brook, IL 60521
President Bushy and Trustees:
I am pleased to present the Comprehensive Annual Financial Report for the Village of Oak Brook
for the fiscal year ended December 31, 2000. Finance Director and Village Treasurer Darrell
Langlois and his staff, in accordance with applicable standards of the Government Accounting
Standards Board and the Government Finance Officers Association, have prepared this report.
The Comprehensive Annual Financial Report is an 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 the 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 tradition of careful
financial planning, and rigorous day-to-day management of the Village's financial affairs.
The indicators of Oak Brook's financial condition continue to be positive. As you know, however,
this situation can change quickly as a result of economic cycles, State and Federal legislation and
policy decisions of elected officials. Absent significant changes in Federal or State statutes or local
policies, the 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.
Sinc ly
tephe B Veitch
Village Manager
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ECONOMIC CONDITION AND OUTLOOK
The Village of Oak Brook is located about 15 miles west of the Chicago Loop, near the
geographic center of the seven-county Chicago metropolitan area. Excellent transportation links
are provided to all parts of the greater metropolitan area by a network of tollways and federal _
and state highways which pass through or near the Village. The Tri-State Tollway (1-294),
running along the Village's eastern boundary, provides rapid access to the northern and
southern suburbs, and into Wisconsin and Indiana. The East-West Tollway (1-88), passing
through the Village's northern sector, joins the Eisenhower Expressway to the northeast,
providing direct access to Chicago's Loop. Additional links include east-west arteries Illinois
Route 38 and U.S. Route 34, which pass, respectively, to the north and south of the Village, and
Illinois Route 83, which bisects the community in a north-south direction. The Oak Brook area is
generally bounded on the north by the communities of Lombard, Villa Park, Elmhurst and
Oakbrook Terrace and on the south by Downers Grove, Westmont, Clarendon Hills and
Hinsdale.
Oak Brook is a community that has demonstrated an extremely high degree of economic
stability. While the Illinois unemployment rate hovers around 4.5%, Du Page County has -
established an unemployment rate of 2.6%, significantly lower than the norm.
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 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.
Changes are occurring that should enable the Village to continue to be successful into the 21s'
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 21s' century, and in
the renovation of several older office buildings, and construction or announcement of four major
new buildings and a hotel. The future viability of the office building sector is extremely important
as approximately 20% of the Village's sales tax revenue is generated by this sector.
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MAJOR INITIATIVES
2000
The Village completed its 2000 paving program, continued the program of replacing all water
meters over approximately five years in order to reduce unaccounted water flow, completed the
replacement of the irrigation system at the Golf Club, began a multi-year program to increase
the number of fire department personnel, and completed the design on three major public
building projects: an addition to the Bath and Tennis Club clubhouse, a new Library building,
and the Municipal Complex project. The latter project includes a major addition to Village Hall
and that will house Fire Station #1, Fire Department administration, Community Development,
Engineering, Information Services, the Communications Center, and a multi-purpose training
room and an Emergency Operating Center. The project would also include improvements to the
Village Hall site and renovation of the Police Department.
In the Future
Included in the 2001 budget is the 2001 paving program, which includes major drainage work in
the Timber Trails/Merry Lane neighborhood, replacement of all street signs within the Village,
additional personnel in the public safety departments, the completion of the addition to the Bath
and Tennis Club clubhouse, and substantial construction work on the new Library building and
Municipal Complex project.
In later years, the Five-Year Financial Plan includes continuation of the annual paving program,
completion of the new Library building, completion of the Municipal Complex project, continued
improvements to the Village's safety pathway system, and additional enhancements in the
number of public safety personnel.
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.
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Budgetary control is maintained through a system of monthly revenue and expenditure/expense
versus budget accounting reports which are provided to all Trustees and department heads. All
disbursements receive approval of the Board of Trustees. Total expenditures in any fund are
legally restricted to the total amount budgeted, which is not changed without supplemental
ordinance approval. The budget is monitored at the subfunction level by the encumbrance of
estimated purchase amounts prior to the release of purchase orders to vendors.
General Governmental Functions
Revenues for general governmental functions as reported in the General Fund totaled
$16,504,518 in 2000.
Percent Increase
Of (Decrease)
Source Amount Total Over 1999
Intergovernmental $11,597,685 70.27% $ (695,555)
Utility Taxes 902,775 5.48 902,775
Licenses and Permits 623,858 3.78 191,134
Service Charges 389,557 2.36 (36,195)
Fines and Penalties 223,462 1.35 24,693
Interest on Investments 1,099,640 6.66 407,218 _
Miscellaneous 1,667,541 10.10 1,001,935
16 504.518 100.00 $1,796.005
Intergovernmental revenue, primarily the general sales tax, is the major revenue source for the
Village, producing 70.27% of current year revenues. While most of the tax distributions
received from the State of Illinois increased over 1999, there was a significant decrease in sales
taxes received resulting in an overall decrease of almost $700,000.
Beginning in 2000, the Village eliminated the 3% utility tax on intrastate telephone service
(which was an Infrastructure Fund revenue source) and replaced it with a 2%
telecommunication tax on both intrastate and interstate telephone service. Effective May 1,
2000, the 2% telecommunication tax was allocated to the General Fund, which resulted in over —
$900,000 of additional General Fund revenue for 2000. This revenue source is used primarily
to fund additional public safety expenditures.
The increase in Licenses and Permits was due to increased building and electrical permit
activity in 2000. The decrease in Service Charges was due to receipt of one-time fees
associated with the subdivision application for the Forest Gate subdivision in 1999. The
increase in interest income is attributable to higher investable balances and increased market
yields on the Village's marked to market investments due to declining interest rates in 2000.
The increase in Miscellaneous Income was primarily attributed to increased revenue from
telecommunications infrastructure maintenance fees (IMF) and credits in excess of $800,000
(General Fund portion) being received from the Intergovernmental Risk Management Agency
(IRMA) due to a revision to IRMA's fund balance policy. These credits were applied to fund all
of the Village's annual insurance contribution for 2000, with the remainder being applied to the -
Village's 2001 contribution.
vii _
The Village has never levied a real estate tax for general governmental functions. However, the
1999 assessed valuation of real property in the Village was $1,045,985,125, an increase of
$40,887,841, or 4.07% over the prior year.
Expenditures for general governmental 'purposes, grouped by function as required by generally
accepted accounting principles, totaled $15,738,005 in the General Fund.
Percent Increase
Of (Decrease)
Function Amount Total Over 1998
General Government $ 5,114,712 32.50% $1,081,847
Public Safety 8,216,647 52.21 780,905
Public Works 1,636,909 10.40 (41,590)
Culture and Recreation 769,737 4.89 (39,925)
15,738,005 100.00 1 781.237
General Government expenditures increased due primarily to planned expenditures for costs
associated with the new Library building and Municipal Complex project. Public Safety
expenditures increased due to additional personnel as well as significant cost increases in
health insurance and state mandated pensions. Public Works expenditures decreased due to
the allocation of one employee to the Garage Fund.
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, 2000
was $313,610, an increase of $78,585 over 1999. This increase is due to a positive change in
the amount distributed to local governments as part of the Illinois FIRST legislation. In the
future Motor Fuel Tax revenue will be used by the Village to partially finance street maintenance
and improvement projects.
Waterworks System Fund
Selected data for the past year is presented in the following tabulation:
Water Sales $3,293,815
Water Tap on Charges 88,672
Total Operating Revenues 3,599,840
Total Operating Expenses 3,970,741
Operating Income (Loss) (370,901)
Net Income (Loss) (287,506)
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Sports Core Fund
The 2000 financial statements reflect the twentieth year of operation of the 18-hole golf course
and expanded operations of the Bath and Tennis Club. Operating revenues totaled $3,569,662
and operating expenses, excluding depreciation, totaled $3,408,241. Major department activity
is summarized as follows:
Revenues
Golf Club $2,114,403 59.23%
Food and Beverage 1,022,985 28.66
Bath & Tennis Club 432,274 12.11
3.569 662 100.00
Operating Expenses
Golf Club $1,350,803 36.19%
Food and Beverage 1,232,412 33.02 _
Bath & Tennis Club 825,026 22.11
Depreciation 324,053 8.68
3 732 294 100.00
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, the
Police Pension Fund and IMRF were in excess of 100% funded, and the Firefighters' Pension
Fund was 96.2% 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, 2000, the general fixed assets of the Village amounted to
$10,009,022. 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.
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Debt Administration
As a means of financing, bonding has been used on three occasions in the Village's history. In
1973 and 1976, revenue bonds were issued for the purchase of the water system from the Oak
Brook Utility Company and for improvements and expansion of the system. After receiving
referendum approval, general obligation bonds were issued in 1977 for the purchase of the
Sports Core and improvements to the Golf Club. All of the bonds have since been retired, and
the Village is now in the enviable position of having no bonded debt outstanding.
Village Board policy states that a tax on real property would be imposed only to meet financial
obligations which have been approved by the voters at referendum. In accordance with this
policy, the latest edition of the Five Year Financial Plan does not contemplate issuing debt that
is supported by real estate taxes. The Village has, however, occasionally issued debt that is not
supported real estate taxes. In 1999, installment contract certificates were issued in order to
finance construction of an irrigation system at the Golf Club. Repayment of this installment
contract is anticipated to come from future Sports Core Fund revenues. In 2000, installment
contract certificates of $1.8 million were issued in order to finance the Bath and Tennis Club
clubhouse expansion and renovation. Proceeds from the sale of land to Du Page County for the
widening of 31St Street will be used to repay approximately 50% of the certificates, with the
remainder being repaid from future Sports Core Fund revenues. Both certificate issues are
considered obligations of the Sports Core Fund.
On January 4, 2001, the Village issued installment contract certificates totaling $4.0 million in
order to partially fund the Municipal Complex project. These certificates were rated Aa2 by
Moody's Investor Service, Inc., a very strong rating since there is no real estate tax pledge for
the repayment of the certificates. Since the proceeds were not received until 2001, this
obligation is not reflected in the financial statements. Sales tax revenues will be utilized to
repay these certificates. Based on the latest Five-Year Financial Plan, no additional debt issues
are anticipated.
Cash Management
It is the policy of the Village of Oak Brook to invest idle cash and increase investment income by
the efficient use of money market accounts, certificates of deposit, the Illinois Funds, the Illinois
Metropolitan Investment Fund, and U.S. government and agency securities. At December 31,
2000 the Village's investments, exclusive of the Pension Trust Funds, were distributed as
follows:
Illinois Funds 49.96%
U. S. Government and Agency Securities 23.53
Illinois Metropolitan Investment Fund 19.82
Certificates of Deposit 6.69
100.00
For the year ended December 31, 2000 the Village received $1,888,563 in interest income.
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Risk Management
The Village of Oak Brook has a risk management program in place. For employee benefits,
resources are accumulated in the Self-Insurance Fund in order to fund health and dental
insurance claims. Insurance coverage for liability, property damage, and workmen's
compensation is maintained through the Intergovernmental Risk Management Agency (IRMA)
for all claims greater than $1,000. Various risk control techniques, including employee safety
and accident prevention training, have been implemented to minimize accident related losses.
OTHER INFORMATION
Statutes require an annual audit to be performed on the books of account, financial records, and
transactions of all administrative departments of the Village by independent certified public
accountants selected by the Board of Trustees. This requirement has been complied with and
the auditor's opinion has been included in this Report.
Certificate of Achievement
The Government Finance Officers Association of the United States and Canada (GFOA)
awarded a Certificate of Achievement for Excellence in Financial Reporting to the Village of Oak
Brook for its Comprehensive Annual Financial Report for the year ended December 31, 1999.
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 23 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.
-7
Darrell J. Lang is
Finance Director/Treasurer
X1
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, 1999
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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UNITED STATES y
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INDEPENDENT AUDITOR'S REPORT
„`�L MCGLADREY&PULLEN,LLP RSM
® Certified Public Accountants intemational
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, 2000, 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, 2000, and the
results of its operations and the cash flows of its proprietary fund types for the year then ended in
conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the general purpose financial statements
taken as a whole. The combining and individual fund and account group financial statements and
schedules, listed in the table of contents as supplementary information, are presented for purposes of
additional analysis and are not a required part of the general purpose financial statements of the Village
—" of Oak Brook, Illinois. Such information has been subjected to the auditing procedures applied in the
audit of the general purpose financial statements and, in our opinion, is fairly presented in all material
respects in relation to the general purpose financial statements taken as a whole.
Mokena, Illinois
March 6, 2001
1
GENERAL PURPOSE FINANCIAL STATEMENTS
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VILLAGE OF OAK BROOK, ILLINOIS
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
December 31,2000
Fiduciary Account Groups
Governmental Fund Types Proprietary Fund Types Fund Types General General Total
Special Capital Internal Trust and Fixed Long-Term (Memorandum
ASSETS AND OTHER DEBITS General Revenue Project Enterprise Service Agency Assets Debt Only)
Cash and investments $ 16,154,943 $ 951,366 $ 2,675,720 $ 6,929,759 $ 2,990,934 $ 38,199,724 $ - $ - $ 67,902,446
Receivables:
Sales taxes 2,856,199 - - - - - - - 2,856,199
Utility taxes 269,285 - 111,245 - - - - - 380,530
State income taxes 90,076 - - - - - - - 90,076
Replacement taxes 26,940 26,940
Accounts 244,938 - - 333,940 - - - - 578,878
Allotments - 21,867 - - - - - - 21,867
Accrued interest 124,064 6,324 17,246 33,524 19,161 309,393 - - 509,712
IRMA surplus credit 417,258 - - 126,431 - - - - 543,689
Other - 31,686 62,045 42,457 4,874 - - - 141,062
Due from other funds 1,530,725 - 12,309 - - - - - 1,543,034
Advances to other funds 790,000 - - - - - - - 790,000
Inventories 4,572 - - 166,435 41,795 - - - 212,802
Restricted assets,cash and investments - - - 185,628 - - - - 185,628
Fixed assets,net of accumulated
depreciation,where applicable - - - 23,222,691 1,764,620 - 10,009,022 - 34,996,333
Other assets,water purchase rights - - - 1,606,733 - - - - 1,606,733
Amounts to be provided
for retirement of
general long-term debt - - - - - - - 185,788 185,788
Total assets and other debits $22,509,000 $ 1,011,243 $ 2,878,565 $32,647,598 $ 4,821,384 $ 38,509,117 $ 10,009,022 $ 185,788 $ 112,571,717
I 1 1 1 1 1 1 1 1 21 1 1 1 M 1 1 t 1 1
I I I I I I I i I I I I I I I I I I I
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 $ 717,773 $ 46,506 $ 135,278 $ 312,603 $ 27,554 $ 10,329 $ - $ - $ 1,250,043
Accrued payroll 212,634 - - 35,067 2,611 - - - 250,312
Accrued interest payable - - - 18,596 - - - - 18,596
Compensated absences 529,357 - - 46,103 7,408 - - 82,309 665,177
Claims payable - - - - 174,000 - - - 174,000
Deposits payable 677,151 - 17,540 47,955 - - - - 742,646
Due to other funds - 12,309 - 1,530,725 - - - 1,543,034
Advances from other funds - - - 790,000 - - - - 790,000
Note payable - - - 59,011 - - - - 59,011
Installment contract payable - - - 2,555,000 - - - 2,555,000
Capital lease payable - - - 107,381 - - - 107,381
Net pension obligation - - - - - - - 103,479 103,479
Total liabilities 2,136,915 58,815 152,818 5,502,441 211,573 10,329 - 185,788 8,258,679
Equity and Other Credits
Investment in general fixed assets - - - - - - 10,009,022 - 10,009,022
Contributed capital - - - 11,025,590 - - - - 11,025,590
Retained earnings:
Reserved-Golf surcharge - - - 185,628 - - - - 185,628
Unreserved - - - 15,933,939 4,609,811 - - - 20,543,750
Fund balances:
Reserved for inventories 4,572 - - - - - - - 4,572
Reserved for advances 790,000 - - - - - - - 790,000
Reserved for employee retirement - - - - - 38,498,788 - - 38,498,788
Unreserved 19,577,513 952,428 2,725,747 - - - - - 23,255,688
Total equity and other credits 20,372,085 952,428 2,725,747 27,145,157 4,609,811 38,498,788 10,009,022 - 104,313,038
Total liabilities,equity
and other credits $22,509,000 $ 1,011,243 $ 2,878,565 $32,647,598 $ 4,821,384 $ 38,509,117 $ 10,009,022 $ 185,788 $ 112,571,717
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 31,2000 _
Total
Special Capital (Memorandum
General Revenue Project Only)
Revenues:
Intergovernmental $ 11,597,685 $ 313,610 $ 71,874 $ 11,983,169 r
Utility taxes 902,775 - 1,423,260 2,326,035
Hotel/motel taxes - 353,692 - 353,692
Licenses and permits 623,858 - - 623,858
Charges for services 389,557 - - 389,557
Fines and penalties 223,462 - - 223,462
Interest on investments 1,099,640 73,388 174,147 1,347,175
Miscellaneous 1,667,541 12,020 - 1,679,561
Total revenues 16,504,518 752,710 1,669,281 18,926,509
Expenditures:
Current:
General government 5,114,712 - - 5,114,712
Public safety 8,216,647 11,500 - 8,228,147
Public works 1,636,909 - - 1,636,909
Culture and recreation 769,737 335,205 - 1,104,942
Capital outlay - - 1,731,422 1,731,422
Total expenditures 15,738,005 346,705 1,731,422 17,816,132
Excess (deficiency) of revenues over expenditures 766,513 406,005 (62,141) 1,110,377
Other financing sources (uses):
Operating transfers in 263,200 - 615,434 878,634
Operating transfers (out) (156,600) (615,434) - (772,034)
106,600 (615,434) 615,434 106,600
Excess (deficiency) of revenues and other
financing sources over expenditures
and other financing (uses) 873,113 (209,429) 553,293 1,216,977 ...
Fund balances:
Beginning 19,498,972 1,161,857 2,172,454 22,833,283 _.
Ending $ 20,372,085 $ 952,428 $ 2,725,747 $ 24,050,260
See Notes to Financial Statements.
4
( V11 - GE 1- -- -.)AIN --001 .LIP( - - 1 1 I I I I I 1 I I I I 1
COMBINED STATEMENT OF REVENUES,EXPENDITURES AND
CHANGES IN FUND BALANCES-BUDGET AND ACTUAL
ALL GOVERNMENTAL FUND TYPES
Year Ended December 31,2000
General Special Revenue Capital Project
Variance Variance Variance
Favorable Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable)
Revenues:
Intergovernmental $ 12,644,000 $ 11,597,685 $ (1,046,315) $ 276,715 $ 313,610 $ 36,895 $ 259,800 $ 71,874 $ (187,926)
Utility taxes 614,000 902,775 288,775 - - - 1,402,700 1,423,260 20,560
Hotel/motel taxes - - - 331,000 353,692 22,692 - - -
Licenses and permits 392,270 623,858 231,588 - - - - - -
Charges for services 366,385 389,557 23,172 - - - - - -
Fines and penalties 216,500 223,462 6,962 - - - - - -
Interest on investments 750,000 1,099,640 349,640 48,750 73,388 24,638 85,000 174,147 89,147
Miscellaneous 616,115 1,667,541 1,051,426 - 12,020 12,020 - - -
Total revenues 15,599,270 16,504,518 905,248 656,465 752,710 96,245 1,747,500 1,669,281 (78,219)
Expenditures:
Current:
General government 8,127,385 5,114,712 3,012,673 - - - - - -
Public safety 8,652,270 8,216,647 435,623 22,350 11,500 10,850 - - -
Public works 1,779,805 1,636,909 142,896 - - - - - -
Culture and recreation 926,250 769,737 156,513 360,000 335,205 24,795 - - -
Capital outlay - - - - - - 2,574,000 1,731,422 842,578
Total expenditures 19,485,710 15,738,005 3,747,705 382,350 346,705 35,645 2,574,000 1,731,422 842,578
Excess(deficiency)of revenues
over expenditures (3,886,440) 766,513 4,652,953 274,115 406,005 131,890 (826,500) (62,141) 764,359
Other financing sources(uses):
Operating transfers in 263,200 263,200 - - - - 500,000 615,434 115,434
Operating transfers(out) (156,600) (156,600) - (500,000) (615,434) (115,434) - - -
106,600 106,600 - (500,000) (615,434) (115,434) 500,000 615,434 115,434
Excess(deficiency)of revenues and other
financing sources over expenditures and
other financing(uses) $ (3,779,840) 873,113 $ 4,652,953 $ (225,885) (209,429) $ 16,456 $ (326,500) 553,293 $ 879,793
Fund balances:
Beginning 19,498,972 1,161,857 2,172,454
Ending $20,372,085 $ 952,428 $ 2,725,747
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 31,2000
Proprietary Fund Types Total
Internal (Memorandum
Enterprise Service Only)
Operating revenues:
Charges for services S 6,986,711 S 2,152,639 S 9,139,350
Miscellaneous 182,791 - 182,791 _
Total operating revenues 7,169,502 2,152,639 9,322,141
Operating expenses:
Operations 6,868,246 358,665 7,226,911
Claims and insurance - 1,569,957 1,569,957
Depreciation and amortization 834,789 304,554 1,139,343
Total operating expenses 7,703,035 2,233,176 9,936,211 r
Operating income(loss) (533,533) (80,537) (614,070)
Nonoperating revenues (expenses):
Investment income 351,482 189,906 541,388
Loss on sale of fixed assets - (15,149) (15,149)
Interest expense (45,636) - (45,636)
Total nonoperating revenues (expenses) 305,846 174,757 480,603
Income (loss) before operating transfers (227,687) 94,220 (133,467)
Operating transfers in 156,600 - 156,600
Operating transfers (out) (243,400) (19,800) (263,200)
Net income(loss) (314,487) 74,420 (240,067)
Retained earnings:
Beginning 16,434,054 4,535,391 20,969,445
Ending S 16,119,567 S 4,609,811 $ 20,729,378
See Notes to Financial Statements.
6 "`
VILLAGE OF OAK BROOK,ILLINOIS
COMBINED STATEMENT OF CASH FLOWS
ALL PROPRIETARY FUND TYPES
Year Ended December 31,2000 Total
Internal (Memorandum
Enterprise Service Only)
Cash Flows from Operating Activities
Operating income(loss) S (533,533) S (80,537) S (614,070)
Adjustments to reconcile operating income(loss)
to net cash provided by operating activities:
Depreciation and amortization 834,789 304,554 1,139,343
Loss on sale of fixed asset 7,777 - 7,777
Changes in assets and liabilities:
Accounts receivable 75,175 (2,960) 72,215
_ IRMA surplus credit (126,431) - (126,431)
Other receivable (1,251) - (1,251)
Inventories (233) 180 (53)
Accounts payable (273,270) 5,269 (268,001)
Accrued payroll and compensated absences 9,408 2,283 11,691
Accrued interest payable 7,631 - 7,631
Claims payable - 54,300 54,300
Deposits payable 23,855 - 23,855
Net cash provided by operating activities 23,917 283,089 307,006
Cash Flows from Noncapital Financing Activities
Borrowings from other funds 316,993 - 316,993
Operating transfers in 156,600 - 156,600
'- Operating transfers(out) (243,400) (19,800) (263,200)
Net cash provided by(used in)
noncapital financing activities 230,193 (19,800) 210,393
Cash Flows from Capital and Related Financing Activities
Purchase of fixed assets (729,459) (200,665) (930,124)
Proceeds from sale of fixed assets - 39,010 39,010
Proceeds from notes payable 64,083 - 64,083
-" Principal paid on notes payable (94,136) - (94,136)
Proceeds from installment contract payable 1,800,000 - 1,800,000
Principal paid on installment contract payable (65,000) - (65,000)
Proceeds from capital lease payable 141,047 - 141,047
Principal paid on capital lease payable (33,666) - (33,666)
Interest paid (45,636) - (45,636)
Net cash provided by(used in)capital and
related financing activities 1,037,233 (161,655) 875,578
Cash Flows from Investing Activities
Investment purchases (493,014) (392,520) (885,534)
Investment maturities 1,000,000 607,694 1,607,694
Interest received on investments 324,065 174,490 498,555
Net cash provided by investing activities 831,051 389,664 1,220,715
Net increase in cash and cash equivalents 2,122,394 491,298 2,613,692
Cash and cash equivalents:
Beginning 2,403,212 1,128,352 3,531,564
Ending S 4,525,606 S 1,619,650 S 6,145,256
Reconciliation of Cash and Cash Equivalents
to Combined Balance Sheet
Cash and cash equivalents S 4,525,606 S 1,619,650 S 6,145,256
Investments(including 5185,628 of restricted assets) 2,589,781 1,371,284 3,961,065
S 7,1 15,387 S 2,990,934 S 10,106,321
Supplemental Schedule of Noncash Investing
and Financing Activities:
Appreciation in the
fair value of investments S 17,984 S 9,286 S 27,270
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, 2000
Additions
Contributions:
Employer $ 517,567
Plan members 349,081
Total contributions 866,648
Investment income:
Net appreciation in fair value of investments 150,991 _
Interest 1,217,893
Net investment income 1,368,884
Total additions 2,235,532
Deductions
Benefits and refunds 1,364,466
Administrative expenses 117,763
Total deductions 1,482,229
Net increase 753,303
Net assets held in trust for pension benefits: --
Beginning 37,745,485
Ending $ 38,498,788
See Notes to Financial Statements.
8
VILLAGE OF OAK BROOK,ILLINOIS
NOTES TO FINANCIAL STATEMENTS
Note 1. Financial Reporting Entity,Measurement Focus,Basis of Accounting and Basis of
Presentation,and Significant Accounting Policies
Financial Reporting Entity: The Village of Oak Brook, Illinois, (Village) operates under a Village form of
_ government with an elected Village President and Board of Trustees. Operational management is provided by a
professional Village Manager employed by the Board of Trustees. Municipal services include: police
protection, fire protection, recreation facilities, a free public library, water supply, storm water collection,
public works operations, road maintenance, building and inspectional services and general administrative
services.
Generally accepted accounting principles require that the financial reporting entity include (1) the primary
government, (2) organizations for which the primary government is financially accountable and (3) other
organizations for which the nature and significance of their relationship with the primary government are such
that exclusion would cause the reporting entity's financial statements to be misleading or incomplete. Based
upon this criteria, there are no agencies or entities whose financial data should be combined with and included
in the general purpose financial statements of the Village.
Measurement Focus, Basis of Accounting and Basis of Presentation: The accounts of the Village are organized
on the basis of funds and account groups. A fund is an independent fiscal and accounting entity with a
self-balancing set of accounts. Fund accounting segregates funds according to their intended purpose and is
used to aid management in demonstrating compliance with finance-related legal and contractual provisions.
The minimum number of funds is maintained consistent with legal and managerial requirements. Account
groups are a reporting device to account for certain assets and liabilities of the governmental funds not recorded
directly in those funds.
The Village has the following funds and account groups:
Governmental funds are used to account for the Village's general government activities. Governmental fund
types use the flow of current financial resources measurement focus and the modified accrual basis of
accounting. Under the modified accrual basis of accounting revenues are recognized when susceptible to
accrual (i.e., when 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 accounted for on the economic resource measurement focus
and use the accrual basis of accounting. Plan member contributions are recognized in the period in
which the contributions are due. Employer contributions to the plan are recognized when due and the
employer has made a formal commitment to provide the contributions. Benefits and refunds are
recognized when due and payable in accordance with the terms of the plan. Pension trust funds account
for assets of the Village's police and firefighters'pension plans.
Account groups are not funds and are concerned only with measurement of financial position, and are not
involved with results of operations. The two account groups are as follows:
The general fixed assets account group is used to account for fixed assets not accounted for in
proprietary or trust funds.
The general long-term debt account group is used to account for the general long-term debt and
certain other liabilities that are not specific liabilities of proprietary or trust funds.
The significant accounting policies followed by the Village include the following:
—' Accounting Estimates: The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that affect the amounts reported
in the financial statements and accompanying notes. Actual results could differ from those estimates.
Cash Equivalents: For purposes of reporting cash flows, the Village considers all highly liquid investments,
with a maturity of three months or less when purchased, to be cash equivalents.
Investments: Investments are carried at fair value, except for insurance contracts which are carried at contract
value, which approximates fair value.
Short-term Interfund Receivables/Pavables: During the course of operations, numerous transactions occur
between individual funds for goods provided or services rendered. These receivables and payables are
classified as "due from other funds" or"due to other funds" on the balance sheet.
Advances to Other Funds: Noncurrent portions of long-term interfund loan receivables are reported as
advances and are offset equally by a fund balance reserve account which indicates that they do not constitute
expendable available financial resources and, therefore, are not available for appropriation.
Inventories: Inventories are valued at average cost, not in excess of replacement cost. Inventories in the
General Fund and Garage Fund consist of expendable supplies held for consumption; inventories in the Sports
Core Fund consist of inventory held for resale. The cost is recorded as an expenditure at the time individual
inventory items are utilized or sold. General Fund inventories are equally offset by a fund balance reserve
which indicates that they do not constitute "available spendable resources" even though they are a component
of net current assets.
11
VILLAGE OF OAK BROOK,ILLINOIS
NOTES TO FINANCIAL STATEMENTS
Note 1. Financial Reporting Entity,Measurement Focus,Basis of Accounting and Basis of
Presentation, and Significant Accounting Policies(continued)
Intangible Assets - Water Purchase Rights: The Village is a customer of the DuPage Water Commission, and —
has executed a Water Supply Contract with the Commission for a term ending in 2024. The Contract provides
that the Village pay its proportionate share of"fixed costs" (debt service and capital costs) to the Commission,
such obligation being unconditional and irrevocable whether or not water is ever delivered. These costs were —
capitalized until the Commission began to deliver water, and are amortized, using the straight-line method over
the remaining term of the contract, and expensed along with the other operation charges from the Commission.
Fixed Assets: Fixed assets used in governmental fund types of the Village are recorded in the general fixed
asset account group at cost or estimated historical cost if purchased or constructed. Donated fixed assets are
recorded at the estimated fair value at the date of donation. Assets in the general fixed asset account group are
not depreciated.
Public domain (infrastructure) general fixed assets consisting of roads, bridges, sidewalks, and other assets that
are immovable and of value only to the Village are not capitalized.
Property, plant and equipment in the proprietary funds of the Village are recorded at cost. Property, plant and
equipment donated to these proprietary fund type operations are recorded at their estimated fair value at the
date of donation.
Property,plant and equipment of the enterprise and internal service funds are depreciated using the straight-line
method over the following estimated useful lives of the assets.
Estimated
Useful Lives
Building and improvements 40 years
Equipment 4-40 years
Waterworks system 15-40 years
Automotive equipment 2-30 years
Compensated Absences: Accumulated vacation leave that is expected to be liquidated with expendable _
available financial resources is reported as an expenditure and a fund liability of the governmental fund that
will pay it. Amounts of vested or accumulated sick leave that are not expected to be liquidated with expendable
available financial resources are reported in the general long-term debt account group. No expenditure is _
reported for these amounts. Accumulated vacation leave of proprietary funds is recorded as an expense and
liability of those funds as the benefits accrue to employees.
In accordance with the provisions of GASB Statement No. 16, Accounting for Compensated Absences, no
liability is recorded for nonvesting accumulating rights to receive sick pay benefits. However, a liability is
recognized for that portion of accumulating sick leave benefits that is estimated to be taken as a termination _
benefit at retirement.
12
VILLAGE OF OAK BROOK,ILLINOIS
NOTES TO FINANCIAL STATEMENTS
Note 1. Financial Reporting Entity,Measurement Focus, Basis of Accounting and Basis of
Presentation, and Significant Accounting Policies (continued)
Reservations of Fund Balances: Reservations of fund balances represent those assets which are not available
for appropriation and are not considered expendable available resources.
Reservations of Retained Earnings: Reservations of retained earnings represent the amounts set aside as
restricted cash and investments on legally imposed reservations.
Memorandum 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.
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) A public hearing is 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 program budget in total.
i) Budgeted amounts are as originally adopted with the exceptions of approved transfers which were
not material in relation to the budgets taken as a whole. After Village Board transfers, no program
had an excess of expenditures/expenses, exclusive of depreciation and amortization over budget
for the fiscal year.
13
VILLAGE OF OAK BROOK,ILLINOIS
NOTES TO FINANCIAL STATEMENTS
Note 2. Budgets and Deficits (continued)
Deficit Fund Equity: The Sports Core Fund, an enterprise fund, had a deficit in retained earnings of$959,738
as of December 31, 2000. This deficit is due primarily to depreciation expense. The deficit is expected to be
eliminated within the course of future operations of the Sports Core and through potential sale of land.
The Self-Insurance Fund, an Internal Service Fund, had a deficit retained earnings of $111,867 as of
December 31, 2000. This deficit is expected to be eliminated within the course of future operations.
Note 3. Deposits and Investments
The Village maintains a cash pool and an investment pool that is available for use by all funds, except the
pension trust funds. Each fund type's portion of both pools is included in "cash and investments" on the
combined balance sheet. In addition, investments are separately held by several of the Village's funds. As
required by State statute, the deposits and investments of the pension trust funds are held separately from those
of other funds.
Statutes authorize the Village to make deposits in insured commercial banks and savings and loan institutions, _
and make investments in obligations of the U.S. Treasury and other U.S. agencies, insured credit union shares,
money market mutual funds with portfolios of securities issued or guaranteed by the United States or
agreements to repurchase these same obligations, repurchase agreements, short-term commercial paper rated
within the three highest classifications by at least two standard rating services, and the Illinois Funds. Pension
funds may also invest in other investments as allowed by Illinois compiled statutes.
Illinois Funds is an investment pool managed by the State of Illinois, Office of the Treasurer, which allows
governments within the State to pool their funds for investment purposes. Illinois Funds is not registered with
the SEC as an investment company, but does operate in a manner consistent with Rule 2a7 of the Investment
Company Act of 1940. Investments in Illinois Funds are valued at Illinois Fund's share price, which is the price
the investment could be sold for.
Illinois Metropolitan Investment Fund (I.M.E.T.) is a non-for-profit investment trust formed pursuant to the —
Illinois Municipal Code and managed by a Board of Trustees elected from the participating members. I.M.E.T.
is not registered with the SEC as an investment company. Investments in I.M.E.T. are valued at I.M.E.T.'s
share price, which is the price the investment could be sold for.
Deposits: As of December 31, 2000, the carrying amount of the Village's deposits totaled $2,831,100, with the
bank balances totaling $3,043,562. The Village's deposits are categorized below to give an indication of the
level of risk assumed by the Village.
14
VILLAGE OF OAK BROOK,ILLINOIS
NOTES TO FINANCIAL STATEMENTS
Note 3. Deposits and Investments (continued)
Category 1
Deposits covered by federal depository insurance, or by collateral held by the Village, or
its agent, in the Village's name $ 3,043,562
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 -
$ 3,043,562
Investments: The Village's investments are categorized to give an indication of the level of risk assumed by the
Village. Category 1 includes investments that are insured or registered or the securities are held by the Village
or its agent in the Village's name. Category 2 includes uninsured and unregistered securities which are held by
the counterparty's trust department or agent in the Village's name. Category 3 includes uninsured and
unregistered securities which securities are held by the counterparty, or by its trust department or agent but not
in the Village's name.
Carrying Amount
Category
1 2 3 Total
State and local obligations $ - $ - $ 817,888 $ 817,888
U.S. government securities 17,809,557 - 11,397,714 29,207,271
$ 17,809,557 S - $ 12,215,602
Investments not subject to risk categorization:
Illinois Metropolitan Investment Fund 5,917,694
Insurance contracts 839,749
Illinois Funds 15,046,325
Mutual funds 13,428,047
Total investments $ 65,256,974
The above deposits of $2,831,100 and investments of $65,256,974 totaling $68,088,074 are reported in the
financial statements as follows:
_ Cash and investments $ 67,902,446
Restricted assets, cash and investments 185,628
$ 68,088,074
15
VILLAGE OF OAK BROOK,ILLINOIS
NOTES TO FINANCIAL STATEMENTS —
Note 4. Fixed Assets —
General Fixed Assets
The following is a summary of changes in the general fixed assets during the year:
Balance Additions and Retirements Balance —
January 1 Transfers and Transfers December 31
Land $ 616,829 $ - $ - $ 616,829 —
Building and equipment 4,909,326 112,181 (346,292) 4,675,215
Other equipment 1,765,900 242,882 - 2,008,782
Computer equipment 1,197,294 184,904 (33,593) 1,348,605 —
Construction in progress - 1,359,591 - 1,359,591
Totals $ 8,489,349 $ 1,899,558 $ (379,885) $ 10,009,022 —
Proprietary Fixed Assets
The following is a summary of proprietary fund type fixed assets as of December 31, 2000:
Enterprise —
Waterworks Sports
System Core Total
Land and improvements $ 215,800 $ 11,080,676 $ 11,296,476
Buildings and improvements 1,052,254 4,264,087 5,316,341
Equipment 772,154 1,176,232 1,948,386 —
Waterworks system 15,467,292 - 15,467,292
Construction in progress - 204,562 204,562
17,507,500 16,725,557 34,233,057
Less: accumulated depreciation 7,383,381 3,626,985 11,010,366
$ 10,124,119 $ 13,098,572 $ 23,222,691 —
Internal Service
Capital —
Garage Replacement Total
Automotive equipment $ - $ 3,750,707 $ 3,750,707
Equipment 128,812 - 128,812
128,812 3,750,707 3,879,519 _
Less: accumulated depreciation 109,665 2,005,234 2,114,899
$ 19,147 $ 1,745,473 $ 1,764,620 —
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. No such contributions have occurred during the past three years.
In addition, the Village provides medical and dental coverage to Village employees, their dependents, and
retirees through a limited self-insurance program. The Village is self-insured for the first $50,000 per
individual for medical claims up to a maximum limit of$1,185,692 for all individuals. Commercial insurance
is carried for amounts in excess of the self-insured amounts nor did settlements exceed insurance coverage in
any of the last three years. The Village is entirely self-insured for dental claims up to the annual benefit limit
of $1,000 per individual. The Village's self-insurance activities are reported in the Self-Insurance Fund, an
Internal Service Fund.
Premiums are paid into the Self-Insurance Fund by the departments of the General Fund and other funds 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 $174,000.
A reconciliation of claims payable for the current year and that of the preceding year is as follows:
2000 1999
Claims payable,beginning of year $ 119,700 $ 96,374
Claims incurred and changes in estimate 1,373,512 984,100
Claims paid (1,319,212) (960,774)
Claims payable, end of year $ 174,000 $ 119,700
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 $ 84,398 $ - $ 2,089 $ 82,309
Net pension obligation 103,360 119 - 103,479
$ 187,758 $ 119 $ 2,089 $ 185,788
Note Payable
The Village has issued a note payable to provide funds for the acquisition of capital assets for proprietary _
activities. This note, therefore, is reported in the proprietary fund. The note payable, currently outstanding, is
as follows:
Fund Debt Balance Balance
Issue Retired By January 1 Debt Issued Debt Retired December 31
Sports Core Tennis Dome Refunding _
Notes due in monthly payments
of$2,806 through October 28, 2001
(at which time the remainder is due)
including interest at 4.81%, Sports
unsecured Core $ 89,064 $ 64,083 $ 94,136 $ 59,011
Installment Contract Payable
The Village has issued two installment contracts payable to provide funds for the acquisition of capital assets
for proprietary activities. These installment contracts payable, therefore, are reported in the proprietary fund.
The installment contracts payable, currently outstanding are as follows:
Fund Debt Balance Balance
Issue Retired By January I Debt Issued Debt Retired December 31
General Fund Certificates, Series 1999 —
dated September 24, 1999,4.93%
interest bearing contract, due in
annual installments ranging from
$70,000 to $100,000 through
September 15, 2009, interest
payable March 15 and
September 15 of each year, Sports
secured by sales and use taxes. Core $ 820,000 $ - $ 65,000 $ 755,000
18
VILLAGE OF OAK BROOK,ILLINOIS
NOTES TO FINANCIAL STATEMENTS
Note 6. Long-Term Debt (continued)
Fund Debt Balance Balance
Issue Retired By January 1 Debt Issued Debt Retired December 31
General Fund Certificates, Series 2000
dated December 1, 2000 4.96%
interest for 2001 through 2007 and
5.15% interest for 2008 through 2010;
due in annual installments ranging
from $145,000 to $220,000 through
December 1, 2010, interest payable
June 1 and December 1 of each year, Sports
secured by sales and use taxes. Core $ - $ 1,800,000 $ - $ 1,800,000
Capital Lease Payable
The Village has entered into a capital lease payable during fiscal year 2000 for the acquisition of its golf cart
fleet for the Sports Core Fund. The capital lease payable, therefore, is reported in the Sports Core Funds. The
capital lease payable currently outstanding, is as follows:
Fund Debt Balance Balance
Issue Retired By January 1 Debt Issued Debt Retired December 31
Dated March 15, 2000, interest rates
ranging from 6.45%to 6.50%, due
in monthly installments of$6,618
from May 15 through October 15 of
_ each year through October 15, 2004,
interest payable monthly from May 15
through October 15 of each year, Sports
_ secured by equipment. Core $ - $ 141,047 $ 33,666 $ 107,381
19
VILLAGE OF OAK BROOK,ILLINOIS
NOTES TO FINANCIAL STATEMENTS
Note 6. Long-Term Debt (continued)
Debt Service Requirements
Annual debt service requirements on the outstanding debt is as follows:
Installment Capital
Notes Contract Lease
Payable Payable Payable Total
2001 $ 60,906 $ 342,699 $ 39,711 $ 443,316
2002 - 342,056 39,710 381,766 _
2003 - 340,918 39,711 380,629
2004 - 339,285 - 339,285
2005 - 342,156 - 342,156
2006 - 339,286 - 339,286
2007 - 335,919 - 335,919
2008 - 337,058 - 337,058
2009 - 337,075 - 337,075
2010 - 231,330 - 231,330
$ 60,906 $ 3,287,782 $ 119,132 $ 3,467,820
Interest portion $ 1,895 $ 732,782 $ 11,751 $ 746,428
Legal Debt Margin
1999 Assessed Valuation(latest information available) $1,045,985,125
Legal Debt Limit- 8.625%of Assessed Valuation $ 90,216,217
Amount of Debt Applicable to Debt Limit 2,555,000
Legal Debt Margin $ 87,661,217 ...
20
VILLAGE OF OAK BROOK,ILLINOIS
NOTES TO FINANCIAL STATEMENTS
Note 7. Interfund Account Balances
Individual fund interfund receivable and payable balances as of December 31,2000, are as follows:
Due From/To Other Funds
Receivable Fund Payable Fund Amount
General Enterprise, Sports Core $ 1,530,725
Capital Project,Infrastructure Special Revenue, Motor Fuel Tax 12,309
$-1,543,034
Advance From/To Other Funds
Receivable Fund Payable Fund Amount
General Enterprise, Sports Core $ 790,000
Note 8. Commitments
DuPage Water Commission
The Village is a customer of the DuPage Water Commission, and has executed a Water Supply Contract with
the Commission for a term ending in 2024. The Contract provides that the government pay its proportionate
share of"fixed costs" (debt service and capital costs) to the Commission, such obligation being unconditional
and irrevocable whether or not water is ever delivered. These costs are expensed along with the other operation
charges from the Commission.
Fiscal Year Ending
December 31 Amount
2001 $ 833,000
2002 833,000
2003 833,000
2004 833,000
2005 833,000
Thereafter 15,827,000
$ 19,992,000
These amounts have been calculated using the Village's current allocation percentage. In future years, this
allocation percentage will be subject to change. Estimates for the remaining years of the contract are not
currently available. However, the Village does not expect the minimum amounts for the remaining years of the
contract to materially vary from the amounts presented above.
Other
The Village has construction and purchase commitments of approximately $14,400,000 of December 31, 2000.
21
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,
2000 is as follows:
Waterworks Sports
System Core Total
Operating revenues $ 3,599,840 $ 3,569,662 $ 7,169,502
Depreciation and amortization expense 510,736 324,053 834,789
Operating income (loss) (370,901) (162,632) (533,533) _
Operating transfers in - 156,600 156,600
Operating transfers (out) (243,400) - (243,400)
Net income (loss) (287,506) (26,981) (314,487)
Plant,property and equipment additions 164,042 565,417 729,459
Total assets 17,365,750 15,281,848 32,647,598
Net working capital 5,348,453 (14,468) 5,333,985
Total equity 17,079,305 10,065,852 27,145,157 —'
Note 10. Employee Retirement Plans —
All Village full-time employees are covered under one of the following employee retirement plans:
Illinois Municipal Retirement Fund
The Village's defined benefit pension plan, Illinois Municipal Retirement (IMRF), provides retirement,
disability, annual cost of living adjustments and death benefits to plan members and beneficiaries. IMRF is an
agent multiple employer pension plan that acts as a common investment and administrative agent for local
governments and school districts in Illinois. The Illinois Pension Code establishes the benefit provisions of the
plan that can only be amended by the Illinois General Assembly. IMRF issues a publicly available financial
report that includes financial statements and required supplementary information. That report may be obtained
by writing to the Illinois Municipal Retirement Fund, 2211 York Road, Suite 500, Oak Brook, Illinois 60523.
Employees participating in IMRF are required to contribute 4.50 percent of their annual covered salary. The
member rate is established by state statute. The Village is required to contribute at an actuarially determined
rate. The employer rate for calendar year 1999 was 8.47 percent of payroll. The employer contribution
requirements are established and may be amended by the IMRF Board of Trustees. IMRF's unfunded actuarial
accrued liability is being amortized as a level percentage of projected payroll on a closed basis. The remaining --
amortization period at December 31, 1999 was 33 years.
22
VILLAGE OF OAK BROOK,ILLINOIS
NOTES TO FINANCIAL STATEMENTS
Note 10. Employee Retirement Plans (continued)
For December 31, 1999, the Village's annual pension cost of$349,773 was equal to the Village's required and
actual contributions. The required contribution was determined as part of the December 31, 1997 actuarial
valuation using the entry age actuarial cost method. The actuarial assumptions included (a) 7.50% investment
rate of return (net of administrative expenses), (b) projected salary increases ranging from .4% to 11.6% per
year, and (c) 3% per year cost-of-living adjustments. Both (a) and (b) included an inflation component of
_ 4.00%. The actuarial value of IMRF assets was determined using techniques that smooth the effects of
short-term volatility in the market value of investments over a five-year period.
The assumptions used for the 1997 actuarial valuation were based on the 1993-1995 experience study.
However, the 1999 actuarial valuation information shown in the following trend information and required
supplemental information is based on the 1996-1998 experience study. The effect of the assumption change
increased the unfunded actuarial accrued liability by $181,515.
Trend Information
Calendar Annual Percentage
Year Pension of APC
Ending Cost(APC) Contributed
12/31/99 $ 349,773 100 %
12/31/98 313,899 100
12/31/97 309,871 100
The actuarial assumptions used to determine the actuarial accrued liability for 1999 were changed due to the
1996-1998 experience study. The principal changes were:
• More members are expected to take refunds early in their career.
• For both regular and SLEP members, more normal and early retirements are expected to occur.
• Expected salary increases due to longevity for employees with less than 6 years of service were
increased.
Police Pension Plan
Police sworn personnel are covered by the Police Pension Plan which is a defined benefit single-employer
pension plan. Although this is a single-employer pension plan, the defined benefits and employee and
employer contribution levels are governed by Illinois Compiled Statutes and may be amended only by the
Illinois Legislature. The plan provides retirement benefits as well as death and disability benefits. The plan
does not issue a separate stand alone financial report.
Covered employees are required to contribute 9% of their base salary to the Police Pension Plan. The member
rate is determined by state statute. The Village is required to contribute at an actuarially determined rate. The
employer rate for fiscal year 2000 was 10.07%of covered payroll.
23
VILLAGE OF OAK BROOK,ILLINOIS
NOTES TO FINANCIAL STATEMENTS
Note 10. Employee Retirement Plans(continued)
The Village's annual pension cost and net pension obligation to the Plan for the current year were as follows: _
Annual required contribution $ 218,673
Interest on net pension obligation 3,298 _
Adjustment to annual requirement contribution (1,833)
Annual pension cost 220,138
Contributions made 218,523
Increase in net pension obligation 1,615
Net pension obligation,beginning of year 43,969
Net pension obligation, end of year $ 45,584
The annual required contribution for the year ended December 31, 2000, was determined as part of the _
December 31, 1999 actuarial valuation report using the entry age normal cost method. The actuarial
assumptions included (a) 7.50% investment rate of return, (b) projected salary increases of 5.25%, (c) 3% per
year cost of living adjustments. Both(a)and (b) included an inflation component of 3%. The actuarial value of
Police Pension assets was determined using market value.
Trend Information
Calendar Annual Annual Percentage
Year Pension Contributions of APC
Ending Cost (APC) Made Contributed r
12/31/00 $ 220,138 $ 218,523 99.27% _
12/31/99 168,505 69,674 41.35%
12/31/98 146,032 192,824 132.04%
Membership in the plan consisted of the following as of December 31, 2000:
Retirees and beneficiaries receiving benefits 20 _
Terminated plan members entitled to but not yet receiving benefits 1
Active vested plan members 26
Active nonvested plan members 14
Total members 61
Investment Concentration: As of December 31, 2000, the Police Pension Plan holds shares in the Vanguard
Institutional Mutual Fund with a fair value of$3,753,273 which represents 18.4%of plan assets.
24
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
Note 10. Employee Retirement Plans(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 governed by Illinois Compiled Statutes and may be amended only by the
Illinois legislature. The plan provides retirement benefits as well as death and disability benefits. The plan
does not issue a separate stand alone financial report.
Covered employees are required to contribute 8.455% of their salary to the Firefighters' Pension Plan. The
Village is required to contribute at an actuarially determined rate. The employer rate for fiscal year 2000 was
— 16.53%of covered payroll.
The Village's annual pension cost and net pension obligation to the Plan for the current year were as follows:
Annual required contribution $ 295,662
Interest on net pension obligation 4,454
Adjustment to annual requirement contribution (2,568)
Annual pension cost 297,548
Contributions made 299,044
_ Decrease in net pension obligation (1,496)
Net pension obligation,beginning of year 59,391
Net pension obligation, end of year $ 57,895
The required contribution for the year ended December 31, 2000, was determined as part of the December 31,
1999, actuarial valuation report using the entry age normal cost method. The actuarial assumptions included
(a) 7.50% investment rate of return, (b) projected salary increases of 5.25%, (c) 3% per year cost of living
adjustments. Both (a) and (b) included an inflation component of 3%. The actuarial value of Firefighters'
Pension assets was determined using market value.
Trend Information
_ Calendar Annual Annual Percentage
Year Pension Contributions of APC
Ending Cost(APC) Made Contributed
12/31/00 $ 297,548 $ 299,044 100.5%
12/31/99 133,468 71,334 53.4%
12/31/98 160,885 165,029 102.6%
Membership in the plan consisted of the following as of December 31, 2000:
— Retirees and beneficiaries receiving benefits 24
Terminated plan members entitled to but not yet receiving benefits 1
Active vested plan members 16
Active nonvested plan members 18
Total members 59
25
VILLAGE OF OAK BROOK,ILLINOIS
NOTES TO FINANCIAL STATEMENTS
Note 10. Employee Retirement Plans(continued)
Investment Concentrations: As of December 31, 2000, the Fire Pension Plan holds shares in the Vanguard
Index Trust Mutual Fund with a fair value of$1,295,168 which represents 7.2% of plan assets and shares in the
Vanguard Index Trust Total Stock Market Portfolio Mutual Fund with a fair value of $1,094,512 which
represents 6.1% of plan assets.
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. For the fiscal year ended 2000,the Village made no contribution.
Note 12. Contingent Liabilities
Litigation: The Village is a defendant in various lawsuits. Although the outcome of these lawsuits is not
presently determinable, in the opinion of the Village's attorney, the resolution of these matters will not have a
material effect on the financial condition of the Village.
Grants: Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor
agencies, principally the federal government. Any disallowed claims, including amounts already collected,
may constitute a liability of the applicable funds. The amount, if any, of expenditures which may be disallowed
by the grantor cannot be determined at this time although the Village expects such amounts, if any, to be
immaterial.
DuPage Water Commission: The Village's agreement with the DuPage Water Commission provides that each
member is liable for its proportionate share of any cost arising from defaults in payment obligations by other
members.
Note 13. Authorized But Unissued Debt
As of December 31, 2000, the Village had authorized $4,000,000 installment contract certificates dated --
December 1, 2000. The transaction was not completed and the proceeds were not received until January 2001.
Note 14. Pronouncement Issued But Not Yet Adopted
GASB Statement No. 34, Basic Financial Statements and Management's Discussion and Analysis for State and
Local Governments, establishes financial reporting standards for state and local governments, including states,
cities, towns, villages, and special-purpose governments such as school districts and public utilities. Some of
the more significant aspects of the new standard include: reporting the overall state of the government's _
financial health, not just individual funds; providing the most complete information available about the cost of
delivering services to the citizens; including, for the first time, information about the government's public
infrastructure assets - such as bridges,roads, and storm sewers; and including an introductory section analyzing
the government's financial performance. The Village is required to adopt this Statement for the fiscal year
ending December 31, 2003. The adoption of this Statement will have a material effect on the Village's
financial statements.
26 —
SUPPLEMENTARY FINANCIAL
INFORMATION
VILLAGE OF OAK BROOK,ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF FUNDING PROGRESS
ILLINOIS MUNICIPAL RETIREMENT FUND
December 31,2000
Schedule of Funding Progress
Unfunded
Actuarial (Overfunded)
Accrued AAL as a
Actuarial Liability Unfunded Percentage
Actuarial Value (AAL) (Overfunded) Funded Covered of Covered
Valuation of Assets Entry Age AAL Ratio Payroll Payroll
Date (a) (b) (b-a) (a/b) (c) ((b-a)/c)
12/31/99 $ 8,117,918 $ 7,701,764 $ (416,154) 105.40% $ 4,129,559 (10.08)%
12/31/98 7,108,829 6,882,205 (226,624) 103.29% 3,777,360 (6.00)%
12/31/97 5,941,801 6,161,874 220,073 96.43% 3,578,453 6.15%
12/31/96 4,938,422 4,984,852 46,430 99.07% 3,207,244 1.45%
12/31/95 4,315,490 4,524,132 208,642 95.39% 3,104,866 6.72%
12/31/94 3,555,301 3,731,564 176,263 95.28% 2,706,579 6.51%
27
VILLAGE OF OAK BROOK,ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF FUNDING PROGRESS
POLICE PENSION FUND
Actuarial (Overfunded)
Accrued AAL as a
Actuarial Liability Percentage of
Actuarial Value of (AAL) (Overfunded) Funded Covered Covered
Valuation Assets Entry Age AAL Ratio Payroll Payroll
Date (a) (b) (b-a) (a/b) (c) ((b-a)/c)
12/31/00 $ 20,448,157 $ 20,140,332 $ (307,825) 101.5% $ 2,170,040 (14.2)%
12/31/99 19,542,082 18,564,949 (977,133) 105.3% 2,172,484 (45.0)%
12/31/98 18,904,148 17,216,822 (1,687,326) 109.8% 2,172,052 (77.7)%
12/31//97 17,240,465 15,849,416 (1,391,049) 108.8% 1,822,595 (76.3)%
The information presented in the required supplementary schedule was determined as part of the _
actuarial valuations at the dates indicated. Additional information as of the latest actuarial valuation
follows:
Valuation date 12/31/00
Actuarial cost method Entry age
Amortization method Level percentage of pay closed _
Remaining amortization period 33 years
Asset valuation method Market value
Actuarial assumptions: +
Investment rate of return * 7.50%
Projected salary increases * 5.25%
* Includes inflation for cost-of-living _
adjustment at 3%per year
28
— VILLAGE OF OAK BROOK,ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF FUNDING PROGRESS
FIREFIGHTERS' PENSION FUND
(Overfunded)
—' Actuarial Unfunded
Accrued AAL as a
Actuarial Liability (Overfunded) Percentage of
Actuarial Value of (AAL) Unfunded Funded Covered Covered
Valuation Assets Entry Age AAL Ratio Payroll Payroll
Date (a) (b) (b-a) (a/b) (c) ((b-a)/c)
12/31/00 $ 18,050,631 $ 18,772,810 $ 722,179 96.2% $ 1,809,099 39.9%
12/31/99 18,203,403 18,051,091 (152,312) 100.8% 1,788,993 (8.5)%
12/31/98 17,364,674 15,659,293 (1,705,381) 110.9% 1,530,499 (111.4)%
12/31/97 16,159,276 15,009,251 (1,150,025) 107.7% 1,424,744 (80.7)%
The information presented in the required supplementary schedule was determined as part of the
actuarial valuations at the dates indicated. Additional information as of the latest actuarial valuation
follows:
Valuation date 12/31/00
Actuarial cost method Entry age
Amortization method Level percentage of pay closed
Remaining amortization period 33 years
Asset valuation method Market Value
Actuarial assumptions:
Investment rate of return * 7.50%
Projected salary increases * 5.25%
* Includes inflation for cost-of-living
adjustment of 3%
29
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i
t
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GENERAL FUND
General Fund - to account for resources traditionally associated with gov-
ernments which are not required to be accounted for in another fund.
VILLAGE OF OAK BROOK,ILLINOIS
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE -BUDGET AND ACTUAL
GENERAL FUND
Year Ended December 31,2000
Variance
Favorable
Budget Actual (Unfavorable)
Revenues:
Intergovernmental $ 12,644,000 $ 11,597,685 $ (1,046,315)
Utility taxes 614,000 902,775 288,775
Licenses and permits 392,270 623,858 231,588
Charges for services 366,385 389,557 23,172
Fines and penalties 216,500 223,462 6,962
Interest on investments 750,000 1,099,640 349,640
Miscellaneous 616,115 1,667,541 1,051,426
Total revenues 15,599,270 16,504,518 905,248
Expenditures -Current:
General government 8,127,385 5,114,712 3,012,673
Public safety 8,652,270 8,216,647 435,623
Public works 1,779,805 1,636,909 142,896
Culture and recreation 926,250 769,737 156,513
Total expenditures 19,485,710 15,738,005 3,747,705
Excess (deficiency) of revenues over expenditures (3,886,440) 766,513 4,652,953
Other financing sources(uses):
Operating transfers in 263,200 263,200 -
Operating transfers (out) (156,600) (156,600) -
106,600 106,600 -
Excess(deficiency) of revenues and other
financing sources over expenditures
and other financing(uses) $ (3,779,840) 873,113 $ 4,652,953
_ Fund balance:
Beginning 19,498,972
Ending $ 20,372,085
30
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF REVENUES-BUDGET AND ACTUAL
GENERAL FUND
Year Ended December 31, 2000 --
Variance
Favorable
Budget Actual (Unfavorable)
Intergovernmental: ...
Municipal sales tax $ 11,553,000 $ 10,455,044 $ (1,097,956)
Illinois state income tax 789,865 840,667 50,802
Corporate personal property replacement taxes 208,135 240,543 32,408 _..
York Township road and bridge tax 93,000 61,431 (31,569)
12,644,000 11,597,685 (1,046,315)
Utility taxes 614,000 902,775 288,775
Licenses and permits 392,270 623,858 231,588
Charges for services 366,385 389,557 23,172 _
Fines and penalties 216,500 223,462 6,962
Interest on investments 750,000 1,099,640 349,640
Miscellaneous:
Franchise/infrastructure maintenance fees 555,200 706,609 151,409
IRMA surplus credit - 822,324 822,324
Other 60,915 138,608 77,693
2,955,270 4,906,833 1,951,563
Total revenues $ 15,599,270 $ 16,504,518 $ 905,248
r
31
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL
GENERAL FUND
Year Ended December 31,2000
Variance
Favorable
Budget Actual (Unfavorable)
General government:
Legislative and general management:
Board of trustees:
Personnel $ 69,620 $ 66,685 $ 2,935
Materials and supplies 1,050 626 424
Operation and contractual 140,820 127,468 13,352
Capital 4,650 4,646 4
216,140 199,425 16,715
Village clerk:
Personnel 121,180 121,177 3
Materials and supplies 3,905 2,852 1,053
Operation and contractual 38,140 38,135 5
163,225 162,164 1,061
Legal:
Personnel 116,865 116,861 4
_ Materials and supplies 4,595 4,592 3
Operation and contractual 56,260 56,256 4
177,720 177,709 11
General management:
Personnel 284,975 287,210 (2,235)
Materials and supplies 2,050 1,462 588
Operation and contractual 4,865 2,374 2,491
Capital 2,500 2,343 157
294,390 293,389 1,001
Human resources:
_ Personnel 69,640 69,637 3
Materials and supplies 3,170 3,107 63
Operation and contractual 86,265 86,261 4
159,075 159,005 70
Risk management:
_ Personnel 43,710 43,202 508
Operation and contractual 429,385 429,383 2
473,095 472,585 510
(continued)
32
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF EXPENDITURES- BUDGET AND ACTUAL(Continued)
GENERAL FUND
Year Ended December 31,2000
Variance
Favorable y
Budget Actual (Unfavorable)
General government: (continued)
Legislative and general management: (continued)
Emergency management:
Personnel $ 7,080 $ 2,110 $ 4,970
Materials and supplies 1,200 396 804
Operation and contractual 4,310 2,272 2,038
Capital 7,000 1,039 5,961
19,590 5,817 13,773
General services: _
Personnel 47,875 47,103 772
Materials and supplies 53,675 48,722 4,953
Operation and contractual 164,710 164,709 1 r
Capital 49,490 4,615 44,875
315,750 265,149 50,601
Purchasing:
Personnel 87,900 87,889 11
Materials and supplies 985 983 2
Operation and contractual 12,705 12,705 -
101,590 101,577 13
Information systems:
Personnel 277,225 259,484 17,741
Materials and supplies 17,740 14,162 3,578
Operation and contractual 129,195 87,578 41,617
Capital 421,065 200,689 220,376
845,225 561,913 283,312
Village communications center:
Personnel 537,145 532,342 4,803
Materials and supplies 11,350 9,358 1,992
Operation and contractual 14,610 8,388 6,222
Capital 30,000 11,114 18,886
593,105 561,202 31,903
Community events
Operation and contractual 159,510 159,507 3
Total legislative and y
general management 3,518,415 3,119,442 398,973
(continued)
33
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL (Continued)
- GENERAL FUND
Year Ended December 31,2000
Variance
- Favorable
Budget Actual (Unfavorable)
General government: (continued)
Financial services:
Financial services management:
Personnel $ 111,595 $ 110,688 $ 907
- Materials and supplies 2,905 1,348 1,557
Operation and contractual 34,765 22,944 11,821
149,265 134,980 14,285
Accounting and reporting:
Personnel 261,370 249,922 11,448
Materials and supplies 12,155 12,149 6
- Operation and contractual 45,195 45,192 3
318,720 307,263 11,457
Debt service
Operation and contractual 1,015 1,015 -
Total financial services 469,000 443,258 25,742
Engineering and capital projects:
Engineering:
Personnel 351,675 322,869 28,806
- Materials and supplies 1,980 1,977 3
Operation and contractual 33,000 28,223 4,777
Capital 23,000 - 23,000
409,655 353,069 56,586
Municipal building improvements:
Operation and contractual 10,000 - 10,000
Capital 193,000 128,156 64,844
203,000 128,156 74,844
_ Traffic and lighting improvements:
Capital 34,000 - 34,000
Library building project:
- Operation and contractual 180,000 112,951 67,049
Capital 2,808,735 453,261 2,355,474
2,988,735 566,212 2,422,523
Municipal complex project
Operation and contractual 501,620 501,616 4
Capital 2,960 2,959 1
504,580 504,575 5
Total engineering and
capital projects 4,139,970 1,552,012 2,587,958
Total general government 8,127,385 5,114,712 3,012,673
(continued)
34
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL (Continued)
GENERAL FUND
Year Ended December 31, 2000 _
Variance
Favorable
Budget Actual (Unfavorable)
Public safety:
Police department:
Police services management:
Personnel $ 367,525 $ 367,521 $ 4
Materials and supplies 10,600 7,472 3,128
Operation and contractual 44,815 36,900 7,915
422,940 411,893 11,047
Police field services:
Personnel 2,285,225 2,179,203 106,022 _
Materials and supplies 36,160 36,156 4
Operation and contractual 273,475 273,472 3
Capital 41,800 36,270 5,530
2,636,660 2,525,101 111,559
Police general support:
Personnel 237,700 211,747 25,953
Materials and supplies 21,225 21,225 -
Operation and contractual 2,700 1,488 1,212
261,625 234,460 27,165
Police investigations:
Personnel 588,035 387,968 200,067
Materials and supplies 8,300 7,270 1,030
Operation and contractual 28,875 25,692 3,183
Capital outlay 14,000 11,020 2,980 -
639,210 431,950 207,260
(continued)
35
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF EXPENDITURES- BUDGET AND ACTUAL(Continued)
- GENERAL FUND
Year Ended December 31,2000
Variance
Favorable
Budget Actual (Unfavorable)
Public safety: (continued)
Police department: (continued)
Police records:
Personnel $ 117,245 $ 110,750 $ 6,495
Materials and supplies 9,075 5,819 3,256
Operation and contractual 2,960 2,957 3
Capital outlay 25,205 13,905 11,300
154,485 133,431 21,054
Public relations/crime prevention:
Personnel 131,280 128,525 2,755
Materials and supplies 5,700 2,353 3,347
Operation and contractual 6,660 5,547 1,113
143,640 136,425 7,215
Total police department 4,258,560 3,873,260 385,300
Fire and community development:
Fire and ems general salaries:
Personnel 2,558,675 2,558,668 7
Fire service management:
Personnel 263,540 252,673 10,867
Materials and supplies 3,210 2,894 316
Operation and contractual 9,035 7,719 1,316
275,785 263,286 12,499
Rescue and fire operation:
Personnel 2,520 1,457 1,063
Materials and supplies 45,190 45,187 3
Operation and contractual 220,315 219,224 1,091
Capital 155,945 155,892 53
423,970 421,760 2,210
Special teams operations
Personnel 205 155 50
Materials and supplies 870 727 143
Operation and contractual 25,865 25,861 4
Capital 16,300 16,042 258
43,240 42,785 455
Rescue and fire training
Personnel 35,945 35,943 2
Materials and supplies 7,650 4,034 3,616
Operation and contractual 1,350 - 1,350
44,945 39,977 4,968
Emergency medical services:
Personnel 45,100 42,328 2,772
Materials and supplies 13,095 9,991 3,104
Operation and contractual 393,595 393,591 4
Capital 5,900 5,668 232
457,690 451,578 6,112
(continued)
36
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL (Continued)
GENERAL FUND
Year Ended December 31,2000 _
Variance
Favorable _
Budget Actual (Unfavorable)
Public safety: (continued) _
Fire and community development: (continued)
Prevention and public education
Personnel $ 145,720 $ 135,468 $ 10,252 _
Materials and supplies 3,875 2,960 915
Operation and contractual 16,470 15,927 543
166,065 154,355 11,710 _
Community development management
Personnel 177,905 177,902 3 _
Materials and supplies 2,570 1,253 1,317
Operation and contractual 5,500 3,055 2,445
185,975 182,210 3,765
Code enforcement
Personnel 199,715 192,010 7,705 _
Materials and supplies 1,920 1,029 891
Operation and contractual 35,730 35,729 1
237,365 228,768 8,597
Total fire and code enforcement 4,393,710 4,343,387 50,323
Total public safety 8,652,270 8,216,647 435,623
Public works: _
Public works management:
Personnel 247,300 247,295 5
Materials and supplies 2,110 2,079 31 _
Operation and contractual 10,855 10,847 8
Capital 7,300 7,295 5
267,565 267,516 49
Mosquito control:
Operation and contractual 56,075 37,740 18,335
Building and grounds:
Personnel 62,630 58,394 4,236
Materials and supplies 26,735 26,735 -
Operation and contractual 138,260 138,256 4
Capital 25,560 9,667 15,893
253,185 233,052 20,133
(continued)
37
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL (Continued)
GENERAL FUND
Year Ended December 31,2000
Variance
Favorable
Budget Actual (Unfavorable)
Public works: (continued)
Streets - General salaries:
Personnel $ 505,440 $ 490,062 $ 15,378
Materials and supplies 4,790 3,788 1,002
Operation and contractual 5,135 2,415 2,720
515,365 496,265 19,100
Street maintenance:
Materials and supplies 20,100 13,530 6,570
_ Operation and contractual 95,480 92,347 3,133
115,580 105,877 9,703
Traffic and lighting maintenance:
Materials and supplies 16,000 13,289 2,711
Operation and contractual 111,200 91,243 19,957
Capital 37,400 944 36,456
- 164,600 105,476 59,124
Snow removal:
- Personnel 72,170 72,165 5
Materials and supplies 35,715 35,712 3
Operation and contractual 46,550 46,550 -
Capital 7,120 7,119 1
161,555 161,546 9
- Drainage maintenance:
Materials and supplies 4,800 4,675 125
Operation and contractual 52,555 49,488 3,067
57,355 54,163 3,192
Forestry:
- Personnel 15,500 8,664 6,836
Materials and supplies 1,030 995 35
Operation and contractual 140,260 133,884 6,376
156,790 143,543 13,247
Safety pathway maintenance:
Materials and supplies 10,800 10,796 4
Operation and contractual 20,935 20,935 -
31,735 31,731 4
Total public works 1,779,805 1,636,909 142,896
(continued)
38
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL (Continued)
GENERAL FUND
Year Ended December 31,2000 -
Variance
Favorable
Budget Actual (Unfavorable)
Culture and recreation:
Library general operations:
Personnel $ 264,615 $ 258,244 $ 6,371
Materials and supplies 28,500 17,034 11,466
Operation and contractual 81,415 53,044 28,371
Capital 82,500 - 82,500
457,030 328,322 128,708 -
Library technical services:
Personnel 81,500 80,820 680
Materials and supplies 11,550 5,846 5,704
Operation and contractual 7,675 4,942 2,733
100,725 91,608 9,117
Library reference and adult services:
Personnel 115,515 111,356 4,159
Materials and supplies 107,645 107,643 2
Operation and contractual 6,000 4,901 1,099
229,160 223,900 5,260 -
Library youth services:
Personnel 97,755 84,337 13,418 -
Materials and supplies 38,080 38,079 1
Operation and contractual 3,500 3,491 9
139,335 125,907 13,428 `
Total culture and recreation 926,250 769,737 156,513
Total expenditures $ 19,485,710 $ 15,738,005 $ 3,747,705
39
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, 2000
Foreign Fire
Hotel/Motel Motor Fuel Insurance
ASSETS Tax Tax Tax Total
Cash and investments $ 461,827 $ 399,539 $ 90,000 $ 951,366
Receivables:
Allotments - 21,867 - 21,867
Accrued interest 3,342 2,692 290 6,324
Other, hotel/motel tax 31,686 - - 31,686
Total assets $ 496,855 $ 424,098 $ 90,290 $ 1,011,243
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable $ 46,506 $ - $ - $ 46,506
Due to other funds - 12,309 - 12,309
Total liabilities 46,506 12,309 - 58,815
Fund balances:
Unreserved 450,349 411,789 90,290 952,428
Total liabilities and
fund balances $ 496,855 $ 424,098 $ 90,290 $ 1,011,243
40
VILLAGE OF OAK BROOK,ILLINOIS
COMBINING STATEMENT OF REVENUES,EXPENDITURES AND
CHANGES IN FUND BALANCES-BUDGET AND ACTUAL
SPECIAL REVENUE FUNDS
Year Ended December 31, 2000
Hotel/Motel Tax
Variance
Favorable
Budget Actual (Unfavorable) _
Revenues:
Intergovernmental $ - $ - $ -
Hotel/motel taxes 331,000 353,692 22,692
Interest on investments 22,250 28,329 6,079
Miscellaneous - 12,020 12,020 _
Total revenues 353,250 394,041 40,791
Expenditures- Current:
Public safety - - -
Culture and recreation 360,000 335,205 24,795
Total expenditures 360,000 335,205 24,795
Excess (deficiency)of revenues
over expenditures (6,750) 58,836 65,586
Other financing sources(uses),
operating transfers(out) - - -
Excess (deficiency)of revenues and other financing sources over
expenditures and other financing (uses) $ (6,750) 58,836 $ 65,586
Fund balances:
Beginning 391,513
Ending $ 450,349
41 _
Motor Fuel Tax Foreign Fire Insurance Tax Totals
Variance Variance Variance
Favorable Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ 257,200 $ 276,157 $ 18,957 $ 19,515 $ 37,453 $ 17,938 $ 276,715 $ 313,610 $ 36,895
- - - - - - 331,000 353,692 22,692
-- 25,000 41,086 16,086 1,500 3,973 2,473 48,750 73,388 24,638
- - - - - - - 12,020 12,020
282,200 317,243 35,043 21,015 41,426 20,411 656,465 752,710 96,245
- - - 22,350 11,500 10,850 22,350 11,500 10,850
- - - - 360,000 335,205 24,795
- - - 22,350 11,500 10,850 382,350 346,705 35,645
282,200 317,243 35,043 (1,335) 29,926 31,261 274,115 406,005 131,890
(500,000) (615,434) (115,434) - - - (500,000) (615,434) (115,434)
$ (217,800) (298,191) $ (80,391) $ (1,335) 29,926 $ 31,261 $ (225,885) (209,429) $ 16,456
709,980 60,364 1,161,857
$ 411,789 $ 90,290 $ 952,428
42
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CAPITAL PROJECT FUND
Infrastructure Fund - to account for revenues and expenditures relative to
the construction of paving, drainage and bike trail improvements.
VILLAGE OF OAK BROOK,ILLINOIS
BALANCESHEET
CAPITAL PROJECT FUND-INFRASTRUCTURE FUND
December 31,2000
ASSETS
Cash and investments $ 2,675,720
Receivables:
Utility taxes 111,245
'— Accrued interest 17,246
Other 62,045
Due from other funds 12,309
Total assets $ 2,878,565
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable $ 135,278
Deposit payable 17,540
Total liabilities 152,818
Fund Balance:
Unreserved 2,725,747
Total liabilities and fund balances $ 2,878,565
43
VILLAGE OF OAK BROOK,ILLINOIS
STATEMENT OF REVENUES,EXPENDITURES AND
CHANGES IN FUND BALANCES-BUDGET AND ACTUAL
CAPITAL PROJECT FUND-INFRASTRUCTURE FUND
Year Ended December 31,2000
Variance
Favorable
Budget Actual (Unfavorable) _
Revenues:
Intergovernmental -grants $ 259,800 $ 71,874 $ (187,926) _
Utility taxes 1,402,700 1,423,260 20,560
Interest on investments 85,000 174,147 89,147
Total revenues 1,747,500 1,669,281 (78,219)
Expenditures:
Public works 2,574,000 1,731,422 842,578 _
Excess(deficiency)of revenues
over expenditures (826,500) (62,141) 764,359 _
Other financing sources(uses),
operating transfers in 500,000 615,434 115,434
Excess (deficiency) of revenues and other financial
sources over expenditures and other financing(uses) $ (326,500) 553,293 $ 879,793
Fund balance:
Beginning 2,172,454
Ending $ 2,725,747
44
PROPRIETARY FUND TYPES
ENTERPRISE FUNDS
Waterworks System Fund - to account for revenues and expenses relative
to the operation of the water utility.
Sports Core Fund - to account for revenues and expenses relative to the
operation of the Sports Core.
This page was intentionally left blank.
VILLAGE OF OAK BROOK,ILLINOIS
COMBINING BALANCE SHEET
ENTERPRISE FUNDS
December 31, 2000 —
y
Waterworks Sports
ASSETS System Core Total
Current Assets
Cash and investments $ 5,202,021 $ 1,727,738 $ 6,929,759
Receivables: y
Billed water sales 16,987 - 16,987
Unbilled water sales 316,953 - 316,953
Accrued interest 33,524 - 33,524
IRMA surplus credit 51,348 75,083 126,431
Other 14,065 28,392 42,457
Inventories - 166,435 166,435
Total current assets 5,634,898 1,997,648 7,632,546 �.
Restricted Assets
Cash and investments - 185,628 185,628
Fixed Assets
Property,plant and equipment 17,507,500 16,725,557 34,233,057
Accumulated depreciation (7,383,381) (3,626,985) (11,010,366)
10,124,119 13,098,572 23,222,691
Other Assets
Water purchase rights 1,606,733 - 1,606,733
Total assets $ 17,365,750 $ 15,281,848 $ 32,647,598
45
Waterworks Sports
LIABILITIES AND FUND EQUITY System Core Total
Current Liabilities
Accounts payable $ 253,195 $ 59,408 $ 312,603
Accrued payroll 15,595 19,472 35,067
Accrued interest payable - 18,596 18,596
Compensated absences 17,655 28,448 46,103
Deposits payable - 47,955 47,955
Due to other funds - 1,530,725 1,530,725
Note payable - 59,011 59,011
Installment contract payable - 215,000 215,000
Capital lease payable 33,501 33,501
Total current liabilities 286,445 2,012,116 2,298,561
Long-term Liabilities
Advances from other funds - 790,000 790,000
Installment contract payable - 2,340,000 2,340,000
Capital lease payable - 73,880 73,880
- 3,203,880 3,203,880
Total liabilities 286,445 5,215,996 5,502,441
Fund Equity
Contributed capital - 11,025,590 11,025,590
Retained earnings:
Reserved- Golf surcharge - 185,628 185,628
Unreserved (deficit) 17,079,305 (1,145,366) 15,933,939
Total retained earnings 17,079,305 (959,738) 16,119,567
Total fund equity 17,079,305 10,065,852 27,145,157
Total liabilities and fund equity $ 17,365,750 $ 15,281,848 $ 32,647,598
46
VILLAGE OF OAK BROOK,ILLINOIS
COMBINING STATEMENT OF REVENUES,EXPENSES, r
AND CHANGES IN RETAINED EARNINGS
ENTERPRISE FUNDS
Year Ended December 31,2000 _
Waterworks Sports
System Core Total
Operating revenues:
Charges for services $ 3,417,049 $ 3,569,662 $ 6,986,711
Miscellaneous 182,791 - 182,791
Total operating revenues 3,599,840 3,569,662 7,169,502
Operating expenses:
Operation of facilities 3,460,005 3,408,241 6,868,246
Depreciation and amortization 510,736 324,053 834,789
Total operating expenses 3,970,741 3,732,294 7,703,035
Operating income(loss) (370,901) (162,632) (533,533)
Nonoperating revenues(expenses):
Interest on investments 326,795 24,687 351,482
Interest expense - (45,636) (45,636)
Income (loss)before operating transfers (44,106) (183,5 81) (227,687)
Operating transfers in - 156,600 156,600 _
Operating transfers (out) (243,400) - (243,400)
Net income(loss) (287,506) (26,981) (314,487)
Retained earnings(deficit):
Beginning 17,366,811 (932,757) 16,434,054
Ending $ 17,079,305 $ (959,738) $ 16,119,567
47
VILLAGE OF OAK BROOK,ILLINOIS
COMBINING STATEMENT OF CASH FLOWS
ENTERPRISE FUNDS
Year Ended December 31,2000
Waterworks Sports
System Core Total
Cash Flows from Operating Activities
Operating(loss) $ (370,901) $ (162,632) S (533,533)
Adjustments to reconcile operating(loss)to net
cash provided by(used in)operating activities:
Depreciation and amortization 510,736 324,053 834,789
Loss on sale of fixed asset 6,064 1,713 7,777
Changes in assets and liabilities:
Accounts receivable 75,175 - 75,175
IRMA surplus credit (51,348) (75,083) (126,431)
Other receivable (9,870) 8,619 (1,251)
Inventories - (233) (233)
Accounts payable (17,961) (255,309) (273,270)
Accrued payroll and compensated absences 5,820 3,588 9,408
Accrued interest payable - 7,631 7,631
Deposits payable - 23,855 23,855
Net cash provided by(used in)operating activities 147,715 (123,798) 23,917
Cash Flows from Noncapita)Financing Activities
Borrowings from other funds - 316,993 316,993
- Operating transfers in - 156,600 156,600
Operating transfers(out) (243,400) - (243,400)
Net cash provided by(used in)
noncapital financing activities (243,400) 473,593 230,193
Cash Flows from Capital and Related Financing Activities
Purchase of fixed assets (164,042) (565,417) (729,459)
Proceeds from note payable 64,083 64,083
Principal paid on note payable - (94,136) (94,136)
Proceeds from installment contract payable 1,800,000 1,800,000
Principal paid on installment contract payable (65,000) (65,000)
Proceeds from capital lease payable - 141,047 141,047
Principal paid on capital lease payable (33,666) (33,666)
Interest paid - (45,636) (45,636)
Net cash provided by(used in)capital
and related financing activities (164,042) 1,201,275 1,037,233
Cash Flows from Investing Activities
Investment purchases (463,422) (29,592) (493,014)
Investment maturities 1,000,000 - 1,000,000
Interest received on investments 300,362 23,703 324,065
Net cash provided by(used in)investing activities 836,940 (5,889) 831,051
Net increase in cash and cash equivalents 577,213 1,545,181 2,122,394
Cash and cash equivalents:
Beginning 2,220,655 182,557 2,403,212
Ending S 2,797,868 S 1,727,738 S 4,525,606
Reconciliation of Cash and Cash Equivalents
to Combining Balance Sheet
Cash and cash equivalents S 2,797,868 S 1,727,738 S 4,525,606
Investments(including S185,628 of restricted assets) 2,404,153 185,628 2,589,781
S 5,202,021 S 1,913,366 S 7,115,387
Supplemental Schedule of Noncash Investing
and Financing Activities:
Appreciation in the
fair value of investments S 17,000 S 984 S 17,984
48
VILLAGE OF OAK BROOK,ILLINOIS
STATEMENT OF REVENUES,EXPENSES,AND CHANGES IN
RETAINED EARNINGS-BUDGET AND ACTUAL
WATERWORKS SYSTEM FUND _
Year Ended December 31,2000
Variance
Favorable
Budget Actual (Unfavorable)
Operating revenues:
Charges for services:
Water sales $ 3,238,220 $ 3,293,815 $ 55,595
Unmetered sales 5,000 9,979 4,979 _
Water tap on charges 40,000 88,672 48,672
Fire service charges - 4,743 4,743
Meter fees and special services 24,800 19,840 (4,960)
Miscellaneous 39,000 182,791 143,791
Total operating revenues 3,347,020 3,599,840 252,820
Operating expenses:
Operation of facilities 3,479,720 3,460,005 19,715
Depreciation and amortization - 510,736 (510,736) _
Total operating expenses 3,479,720 3,970,741 (491,021)
Operating income(loss) (132,700) (370,901) (238,201)
Nonoperating revenues:
Interest on investments 220,000 326,795 106,795
Income(loss) before operating transfers 87,300 (44,106) (131,406)
Operating transfers (out) (243,400) (243,400) -
Net income(loss) $ (156,100) (287,506) $ (131,406) _
Retained earnings:
Beginning 17,366,811
Ending $ 17,079,305
49
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF OPERATING EXPENSES- BUDGET AND ACTUAL
WATERWORKS SYSTEM FUND
Year Ended December 31,2000
Variance
Favorable
Budget Actual (Unfavorable)
Operation of facilities:
— Public works:
Water operations:
Personnel $ 404,030 $ 404,028 $ 2
Materials and supplies 123,345 123,342 3
Operation and contractual 2,952,345 2,932,635 19,710
Total water operations 3,479,720 3,460,005 19,715
Capital improvements:
Capital 609,740 164,042 445,698
Less: items capitalized (609,740) (164,042) (445,698)
Total capital improvements - - -
Total operation of facilities 3,479,720 3,460,005 19,715
Depreciation and amortization:
Depreciation - 441,876 (441,876)
Amortization - 68,860 (68,860)
Total depreciation and amortization - 510,736 (510,736)
Total operating expenses $ 3,479,720 $ 3,970,741 $ (491,021)
50
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF PROPERTY,PLANT AND EQUIPMENT
AND ACCUMULATED DEPRECIATION
WATERWORKS SYSTEM FUND _
Year Ended December 31, 2000
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 718,555 25,246 (6,300) 737,501 _
Electrical pumping equipment 583,170 9,967 - 593,137
Water treatment equipment 8,149 - - 8,149
Distribution, reservoirs, mains
and standpipes 14,298,793 12,937 (188,856) 14,122,874
Meters and meter installation 1,047,054 115,892 - 1,162,946
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 117,443 - 117,443
Intangible plant- Organization 11,403 - - 11,403
$ 17,538,614 $ 164,042 $ (195,156) $ 17,507,500 —
51
Rate of
Depreciation Accumulated Depreciation
or Additions
Amortization Balance and Balance Net Asset
(Years) January 1 Transfers Disposals December 31 Value
$ 215,800
40 204,499 7,869 - 212,368 102,385
40 164,378 18,279 (236) 182,421 555,080
40 175,228 14,704 - 189,932 403,205
10 8,149 - - 8,149 -
40 5,694,323 357,632 (188,856) 5,863,099 8,259,775
15 612,428 37,453 - 649,881 513,065
40 105,560 4,537 - 110,097 71,375
10 20,763 - - 20,763 -
5 20,001 188 - 20,189 -
5 1,070 - - 1,070 -
5 112,795 1,214 - 114,009 3,434
5 11,403 - - 11,403 -
$ 7,130,597 $ 441,876 $ (189,092) $ 7,383,381 $ 10,124,119
52
VILLAGE OF OAK BROOK,ILLINOIS
STATEMENT OF REVENUES,EXPENSES,AND CHANGES IN
RETAINED EARNINGS-BUDGET AND ACTUAL
SPORTS CORE FUND
Year Ended December 31,2000
Variance
Favorable
Budget Actual (Unfavorable)
Operating revenues:
Charges for services:
Golf $ 1,901,745 $ 2,114,403 $ 212,658
Bath and tennis 445,090 432,274 (12,816)
Food and beverage 1,085,150 1,022,985 (62,165)
Total operating revenues 3,431,985 3,569,662 137,677
Operating expenses:
Golf club 1,405,375 1,350,803 54,572
Bath and tennis 2,097,525 2,057,438 40,087
Depreciation - 324,053 (324,053)
Total operating expenses 3,502,900 3,732,294 (229,394) _
Operating income(loss) (70,915) (162,632) (91,717)
Nonoperating revenues(expenses):
Interest on investments 15,800 24,687 8,887
Interest expense (43,045) (45,636) (2,591)
Income(loss) before operating transfers (98,160) (183,581) (85,421)
Operating transfers in 156,600 156,600 -
Net income (loss) $ 58,440 (26,981) $ (85,421) _
Retained earnings (deficit):
Beginning (932,757)
Ending $ (959,738)
53
VILLAGE OF OAK BROOK,ILLINOIS
_ SCHEDULE OF OPERATING REVENUES- BUDGET AND ACTUAL
SPORTS CORE FUND
Year Ended December 31,2000
Variance
Favorable
Budget Actual (Unfavorable)
Charges for services:
Golf:
— Fees $ 1,338,795 $ 1,319,722 $ (19,073)
Golf surcharge 70,500 71,291 791
Memberships 279,275 317,150 37,875
— Merchandise sales 213,175 216,752 3,577
Miscellaneous - 189.488 189,488
1,901,745 2,114,403 212,658
Bath and tennis:
Fees 218,950 125,043 (93,907)
Memberships 219,840 220,229 389
Merchandise sales 1,500 1,260 (240)
Miscellaneous 4,800 85,742 80,942
— 445,090 432,274 (12,816)
Food and beverage:
— Food sales 674,250 609,326 (64,924)
Beverage sales 340,900 330,598 (10,302)
Miscellaneous 70,000 83,061 13,061
— 1,085,150 1,022,985 (62,165)
Total operating revenues $ 3,431,985 $ 3,569,662 $ 137,677
54
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF OPERATING EXPENSES- BUDGET AND ACTUAL
SPORTS CORE FUND
Year Ended December 31,2000
Variance
Favorable _
Budget Actual (Unfavorable)
Operations -Golf club: _
General operations:
Personnel $ 355,425 $ 355,423 $ 2
Materials and supplies 213,725 213,722 3
Operation and contractual 159,695 159,690 5
728,845 728,835 10
Range operations:
Personnel 39,285 38,316 969
Materials and supplies 13,320 12,491 829 _
Operation and contractual 3,000 2,241 759
55,605 53,048 2,557
Golf cart operations:
Personnel 29,925 21,063 8,862
Materials and supplies 6,500 4,472 2,028 _
Operation and contractual 45,000 8,435 36,565
81,425 33,970 47,455
Golf course maintenance:
Personnel 368,155 368,150 5
Materials and supplies 141,655 138,192 3,463 _
Operation and contractual 29,690 28,608 1,082
539,500 534,950 4,550
Total golf club 1,405,375 1,350,803 54,572
(continued)
55
- VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF OPERATING EXPENSES- BUDGET AND ACTUAL (Continued)
- SPORTS CORE FUND
Year Ended December 31,2000
Variance
Favorable
Budget Actual (Unfavorable)
Operations-Bath and tennis:
General operations:
- Personnel $ 338,680 $ 338,679 $ 1
Materials and supplies 28,910 28,905 5
Operation and contractual 134,060 134,055 5
501,650 501,639 11
Swimming operations:
Personnel 99,095 86,292 12,803
Materials and supplies 18,015 18,010 5
Operation and contractual 31,750 31,748 2
148,860 136,050 12,810
Tennis operations -Outdoor:
Personnel 81,810 81,807 3
Materials and supplies 12,930 12,927 3
Operation and contractual 15,850 15,848 2
110,590 110,582 8
Tennis operations - Indoor:
- Personnel 61,700 46,415 15,285
Materials and supplies 11,600 4,270 7,330
Operation and contractual 30,700 26,070 4,630
104,000 76,755 27,245
- (continued)
56
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF OPERATING EXPENSES- BUDGET AND ACTUAL (Continued)
SPORTS CORE FUND
Year Ended December 31,2000
Variance
Favorable ,r
Budget Actual (Unfavorable)
Operations -Bath and tennis: (continued)
Food and beverage:
Personnel $ 605,505 $ 605,504 $ 1
Materials and supplies 454,015 454,004 11 _
Operation and contractual 172,905 172,904 1
1,232,425 1,232,412 13
Total bath and tennis 2,097,525 2,057,438 40,087
Capital improvements: _
Capital outlay 744,450 565,417 179,033
Less: items capitalized (744,450) (565,417) (179,033)
Total capital improvements - - -
Depreciation - 324,053 (324,053)
Total operating expenses $ 3,502,900 $ 3,732,294 $ (229,394)
57
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VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF PROPERTY,PLANT AND EQUIPMENT
AND ACCUMULATED DEPRECIATION
SPORTS CORE FUND
Year Ended December 31, 2000
Property,Plant and Equipment
Additions
Balance and Balance _
January 1 Transfers Disposals December 31
Land $ 8,292,249
Land improvements -Golf course 1,771,250 865,566 - 2,636,816
Land improvements -Bath and tennis 151,611 - - 151,611
Buildings- Golf 1,980,158 10,959 - 1,991,117 _
Buildings- Bath and tennis 2,147,542 125,428 - 2,272,970
Machinery and equipment- Golf 886,119 279,934 (192,000) 974,053
Machinery and equipment-Bath and tennis 149,254 4,611 - 153,865 _
Computer equipment 21,367 - - 21,367
Construction in progress -Golf 837,914 (836,201) (1,713) -
Construction in progress -Bath and tennis 89,442 115,120 - 204,562 _
Vehicles 26,947 - - 26,947
$ 16,353,853 $ 565,417 $ (193,713) $ 16,725,557
58
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 1,076,476 88,944 - 1,165,420 1,471,396
10 151,611 - - 151,611 -
40 296,724 49,064 - 345,788 1,645,329
40 1,280,570 88,352 - 1,368,922 904,048
10 558,604 78,545 (192,000) 445,149 528,904
10 96,254 17,449 - 113,703 40,162
5 21,367 - - 21,367 -
- - - - - 204,562
4 13,326 1,699 - 15,025 11,922
$ 3,494,932 $ 324,053 $ (192,000) $ 3.626,985 $ 13.098.572
59
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INTERNAL SERVICE FUNDS
Self-Insurance Fund - to account for all costs associated with self-
insurance risks for employee health and dental insurance.
Garage Fund - to account for all costs associated with the operation and
maintenance of the Village's vehicle fleet equipment.
Capital Replacement Fund - to account for revenues and expenditures
relative to the replacement of major capital equipment, primarily vehicles.
VILLAGE OF OAK BROOK,ILLINOIS
COMBINING BALANCE SHEET
INTERNAL SERVICE FUNDS
December 31,2000
Self- Capital
ASSETS Insurance Garage Replacement Total
Current Assets
Cash and investments $ 57,284 $ 189,724 $ 2,743,926 $ 2,990,934
Receivables:
Accrued interest 575 1,502 17,084 19,161
Other 4,874 - - 4,874
Inventories - 41,795 - 41,795
Total current assets 62,733 233,021 2,761,010 3,056,764
Fixed Assets
Equipment - 128,812 3,750,707 3,879,519
Accumulated depreciation - (109,665) (2,005,234) (2,114,899)
Total fixed assets - 19,147 1,745,473 1,764,620
Total assets $ 62,733 S 252,168 $ 4,506,483 $ 4,821,384
LIABILITIES AND FUND EQUITY
Current Liabilities
Accounts payable $ 600 $ 26,954 $ - $ 27,554
Accrued payroll - 2,611 - 2,611
Compensated absences - 7,408 - 7,408
Claims payable 174,000 - - 174,000
Total liabilities 174,600 36,973 - 211,573
Fund Equity:
Retained earnings (deficit), unreserved (111,867) 215,195 4,506,483 4,609,811
Total liabilities and fund equity $ _62,733 $ 252,168 $ 4,506,483 $ 4,821,384
60
VILLAGE OF OAK BROOK,ILLINOIS
COMBINING STATEMENT OF REVENUES,EXPENSES AND --
CHANGES IN RETAINED EARNINGS
INTERNAL SERVICE FUNDS
Year Ended December 31,2000 —
Self- Capital —
Insurance Garage Replacement Total
Operating revenues: —
Charges for services $ 1,261,379 $ 372,000 $ 519,260 $ 2,152,639
Operating expenses:
Operation of garage - 358,665 - 358,665
Claims and insurance 1,569,957 - - 1,569,957
Depreciation - 12,882 291,672 304,554 —
Total operating expenses 1,569,957 371,547 291,672 2,233,176
Operating income (loss) (308,578) 453 227,588 (80,537) —
Nonoperating revenues (expenses):
Interest on investments 10,160 12,501 167,245 189,906 _
Loss on sale of fixed assets - - (15,149) (15,149)
Income(loss) before operating transfers (298,418) 12,954 379,684 94,220
Operating transfers(out) - (19,800) - (19,800)
Net income (loss) (298,418) (6,846) 379,684 74,420
Retained earnings (deficit):
Beginning 186,551 222,041 4,126,799 4,535,391 —
Ending $ (111,867) $ 215,195 $ 4,506,483 $ 4,609,811
61
VILLAGE OF OAK BROOK,ILLINOIS
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
Year Ended December 31, 2000
Self- Capital
Insurance Garage Replacement Total
Cash Flows From Operating Activities
Operating income (loss) $ (308,578) $ 453 $ 227,588 $ (80,537)
Adjustments to reconcile operating income(loss)
to net cash provided (used in)by operating activities:
Depreciation - 12,882 291,672 304,554
Changes in assets and liabilities:
Accounts receivable (2,949) (11) - (2,960)
_ Inventories - 180 - 180
Accounts payable - 5,269 - 5,269
Accrued payroll and compensated absences - 2,283 - 2,283
Claims payable 54,300 - - 54,300
Net cash provided by(used in)
operating activities (257,227) 21,056 519,260 283,089
Cash Flows From Noncapital Financing Activities
Operating transfers(out) - (19,800) - (19,800)
Net cash flows (used in) noncapital financing activities - (19,800) - (19,800)
Cash Flows From Capital and Related Financing Activities
Acquisition of equipment - (2,000) (198,665) (200,665)
Proceeds from sale of equipment - - 39,010 39,010
Net cash (used in) capital and
related financing activities - (2,000) (159,655) (161,655)
Cash Flows from Investing Activities
Investment purchases (6,693) (104,734) (281,093) (392,520)
Investment maturities 107,694 - 500,000 607,694
Interest received on investments 10,048 10,872 153,570 174,490
Net cash provided by(used in)
investing activities 111,049 (93,862) 372,477 389,664
Net increase (decrease) in cash and cash equivalents (146,178) (94,606) 732,082 491,298
Cash and cash equivalents:
Beginning 162,245 179,430 786,677 1,128,352
Ending $ 16,067 $ 84,824 $ 1,518,759 $ 1,619,650
Reconciliation of Cash and Cash Equivalents
to Combining Balance Sheet
Cash and cash equivalents $ 16,067 $ 84,824 $ 1,518,759 $ 1,619,650
Investments 41,217 104,900 1,225,167 1,371,284
$ 57,284 $ 189,724 $ 2,743,926 $ 2,990,934
Supplemental Schedule of Noncash Investing
and Financing Activities:
Appreciation (depreciation) in the
fair value of investments $ 703 $ 166 $ 8,417 $ 9,286
62
VILLAGE OF OAK BROOK,ILLINOIS
STATEMENT OF REVENUES,EXPENSES AND CHANGES IN
RETAINED EARNINGS- BUDGET AND ACTUAL
SELF-INSURANCE FUND
Year Ended December 31,2000
Variance
Favorable
Budget Actual (Unfavorable)
Operating revenues:
Charges for services $ 1,149,560 $ 1,261,379 $ 111,819
Operating expenses:
Claims and insurance:
Insurance and administration 206,650 196,445 10,205 _
Health claims 1,244,765 1,244,545 220
Dental claims 118,545 128,967 (10,422)
Total operating expenses 1,569,960 1,569,957 3 _
Operating income(loss) (420,400) (308,578) 111,822
Nonoperating revenues (expenses):
Interest on investments 15,000 10,160 (4,840)
Net income(loss) $ (405,400) (298,418) $ 106,982
Retained earnings(deficit): _
Beginning 186,551
Ending $ (111,867)
63
VILLAGE OF OAK BROOK,ILLINOIS
STATEMENT OF REVENUES,EXPENSES AND CHANGES IN
RETAINED EARNINGS-BUDGET AND ACTUAL
GARAGE FUND
Year Ended December 31, 2000
Variance
Favorable
Budget Actual (Unfavorable)
Operating revenues:
Charges for services $ 372,000 $ 372,000 $ -
Operating expenses:
Garage operations:
Personnel 139,795 135,870 3,925
Materials and supplies 96,910 96,906 4
Operation and contractual 125,890 125,889 1
Capital 5,450 2,000 3,450
Less: items capitalized (5,450) (2,000) (3,450)
362,595 358,665 3,930
Depreciation - 12,882 (12,882)
Total operating expenses 362,595 371,547 (8,952)
Operating income 9,405 453 (8,952)
Nonoperating revenues (expenses):
Interest on investments 8,000 12,501 4,501
Income before operating transfers 17,405 12,954 (4,451)
Operating transfers (out) (19,800) (19,800) -
Net income (loss) $ (2,395) (6,846) $ (4,451)
Retained earnings:
Beginning 222,041
Ending $ 215,195
64
VILLAGE OF OAK BROOK,ILLINOIS
STATEMENT OF REVENUES,EXPENSES AND CHANGES IN
RETAINED EARNINGS- BUDGET AND ACTUAL
CAPITAL REPLACEMENT FUND
Year Ended December 31,2000
Variance
Favorable
Budget Actual (Unfavorable) —
Operating revenues:
Charges for services $ 519,260 $ 519,260
Operating expenses:
Capital 215,555 198,665 16,890 —
Less: items capitalized (215,555) (198,665) (16,890)
Depreciation - 291,672 (291,672) —
Total operating expenses - 291,672 (291,672)
Operating income 519,260 227,588 (291,672)
Nonoperating revenues (expenses): _
Interest on investments 115,000 167,245 52,245
Loss on sale of fixed assets 12,000 (15,149) (27,149)
Net income $ 646,260 379,684 $ (266,576) —
Retained earnings:
Beginning 4,126,799 —
Ending $ 4,506,483
65
FIDUCIARY FUND TYPES
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 31,2000
Police Firefighters'
ASSETS Pension Pension Total
Cash and investments $ 20,274,481 $ 17,925,243 $ 38,199,724
Accrued interest receivable 173,676 135,717 309,393
Total assets 20,448,157 18,060,960 38,509,117
LIABILITIES
Accounts payable - 10,329 10,329
Net assets held in trust for pension benefits $ 20,448,157 $ 18,050,631 $ 38,498,788
66
VILLAGE OF OAK BROOK,ILLINOIS
COMBINING STATEMENT OF CHANGES IN PLAN NET ASSETS
PENSION TRUST FUNDS
Year Ended December 31,2000 _
Police Firefighters' _
Pension Pension Total
Additions _
Contributions:
Employer $ 218,523 $ 299,044 $ 517,567
Plan members 195,304 153,777 349,081 _
Total contributions 413,827 452,821 866,648
Investment income: _
Net appreciation (depreciation) in fair value
of investments 588,087 (437,096) 150,991
Interest 604,348 613,545 1,217,893
Net investment income 1,192,435 176,449 1,368,884
Total additions 1,606,262 629,270 2,235,532
Deductions
Benefits and refunds 646,118 718,348 1,364,466
Administrative expenses 54,069 63,694 117,763
Total deductions 700,187 782,042 1,482,229
Net increase(decrease) 906,075 (152,772) 753,303
Net assets held in trust for pension benefits:
Beginning 19,542,082 18,203,403 37,745,485
Ending $ 20,448,157 $ 18,050,631 $ 38,498,788
67
VILLAGE OF OAK BROOK,ILLINOIS
STATEMENT OF CHANGES IN PLAN NET ASSETS-BUDGET AND ACTUAL
POLICE PENSION FUND
Year Ended December 31, 2000
Budget Actual Variance
Additions
Contributions:
Employer $ 241,515 $ 218,523 $ (22,992)
Plan member 217,360 195,304 (22,056)
Total contributions 458,875 413,827 (45,048)
Investment income:
Net appreciation in fair value of investments - 588,087 588,087
Interest 1,425,000 604,348 (820,652)
Net investment income 1,425,000 1,192,435 (232,565)
Total additions 1,883,875 1,606,262 (277,613)
Deductions
Benefits and refunds 646,120 646,118 2
Administrative expense 58,490 54,069 4,421
Total deductions 704,610 700,187 4,423
Net increase S 1179,265 906,075 $ (273,190)
Net assets held in trust for pension benefits:
Beginning 19,542,082
Ending $ 20,448,157
68
VILLAGE OF OAK BROOK,ILLINOIS
STATEMENT OF CHANGES IN PLAN NET ASSETS-BUDGET AND ACTUAL +
FIREFIGHTERS' PENSION FUND
Year Ended December 31,2000 _
Budget Actual Variance
Additions
Contributions:
Employer $ 270,000 $ 299,044 $ 29,044
Plan member 165,705 153,777 (11,928)
Total contributions 435,705 452,821 17,116
Investment income:
Net depreciation in fair value of investments - (437,096) (437,096)
Interest 1,312,500 613,545 (698,955)
Net investment income 1,312,500 176,449 (1,136,051)
Total additions 1,748,205 629,270 (1,118,935)
Deductions
Benefits and refunds 718,350 718,348 2
Administrative expense 68,440 63,694 4,746
Total deductions 786,790 782,042 4,748
Net increase(decrease) $ 961,415 (152,772) $ (1,114,187)
Net assets held in trust for pension benefits:
Beginning 18,203,403
Ending $ 18,050,631
69
i
i
i
i
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 31,2000
General Fixed Assets
Land $ 616,829
Buildings and improvements 4,675,215
Other equipment 2,008,782
Computer equipment 1,348,605
Construction in progress 1,359,591
$ 10,009,022
Investment in General Fixed Assets
Current revenues $ 7,824,199
Proceeds of indebtedness 1,659,881
Gifts 524,942
$ 10,009,022
70
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF GENERAL FIXED ASSETS-
BY FUNCTION AND ACTIVITY
GENERAL FIXED ASSETS ACCOUNT GROUP _
December 31, 2000
Buildings
and Other Computer Construction
Function and Activity Land Improvements Equipment Equipment in Progress Totals _
General government:
Board of trustees $ 616,829 $ 78,536 $ 7,508 $ - $ - $ 702,873
Village clerk - 2,495 19,716 - - 22,211
General management - 2,468,940 55,145 - 527,045 3,051,130
General services - - 8,225 - - 8,225
Emergency management - - 12,156 - - 12,156
Village communication center - - 90,980 - - 90,980
Purchasing and grants - - 942 - - 942 _
Information services - 2,258 - 1,348,605 - 1,350,863
Finance and accounting - - 21,513 - - 21,513
Engineering - - 30,488 - - 30,488
616,829 2,552,229 246,673 1,348,605 527,045 5,291,381
Public safety:
Police department - 126,384 637,925 - - 764,309
Fire department - 775,626 877,983 - - 1,653,609
- 902,010 1,515,908 - - 2,417,918
Public works:
Administrative - 682,410 13,436 - - 695,846
Street maintenance - 268,143 152,438 - - 420,581 _
Forestry - - 65,335 - - 65,335
- 950,553 231,209 - - 1,181,762
Culture and recreation:
Library - 270,423 14,992 - 832,546 1,117,961
$ 616,829 $ 4,675,215 $ 2,008,782 $ 1,348,605 $ 1,359 591 $10,009,022
71
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, 2000
Balance Balance
January 1 Additions Retirements December 31
General government:
Board of trustees $ 698,227 $ 4,650 $ - $ 702,877
Village clerk 19,716 1,200 - 20,916
General management 2,561,528 2,343 (38,491) 2,525,380
General services 3,610 4,615 8,225
Emergency management 12,156 - - 12,156
Village communication center 81,302 9,678 - 90,980
Purchasing and grants 941 - - 941
Information services 1,197,294 187,161 (33,593) 1,350,862
Financial services 21,512 - - 21,512
Engineering 30,487 - - 30,487
4,626,773 209,647 (72,084) 4,764,336
Public safety:
Police department 715,116 49,192 - 764,308
Fire department 1,475,885 177,725 - 1,653,610
2,191,001 226,917 - 2,417,918
_ Public works:
Administrative 688,948 6,897 - 695,845
Street maintenance 353,647 66,935 - 420,582
_ Forestry 65,335 - - 65,335
1,107,930 73,832 - 1,181,762
Construction in progress:
Village hall - 527,045 - 527,045
New library - 832,546 - 832,546
- 1,359,591 - 1,359,591
Culture and recreation:
Library 563,645 29,571 (307,801) 285,415
$ 8,489,349 $ 1,899,558 $ (379,885) $ 10,009,022
72
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STATISTICAL SECTION
1 1 1 I 1 1 I I I I I I I + I I + I I
VILLAGE OF OAK BROOK,ILLINOIS
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION
LAST TEN FISCAL YEARS
December 31,2000
1992 1993 *1993 1994 1995 1996 1997 1998 1999 2000
General government $ 1,697,019 $ 1,456,753 $ 914,394 $ 1,669,529 $ 2,329,107 $ 2,596,032 $ 3,402,007 $ 3,307,267 $ 4,032,865 $ 5,114,712
Public safety 5,900,826 5,821,460 4,332,750 6,619,494 6,685,874 6,786,918 6,847,213 7,017,793 7,443,818 8,228,147
Public works 3,099,903 4,076,547 1,574,548 3,423,038 3,363,157 3,097,906 3,680,666 4,050,672 3,811,388 3,368,331
Culture and
recreation 412,685 418,978 264,471 462,781 539,734 726,820 1,010,800 1,056,802 1,144,361 1,104,942
Debt service 949,288 959,375 944,820 944,821 - - - _ - -
$ 10,335,090 $ 12,059,721 $ 12,733,1 13 $ 8,030,983 $ 13,1 19,663 $ 12,917,872 $ 13,207,676 $ 15,432,534 $ 16,432,432 $ 17,816,132
* 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
73
VILLAGE OF OAK BROOK,ILLINOIS
GENERAL REVENUES BY SOURCE
LAST TEN FISCAL YEARS
December 31,2000
1992 1993 *1993 1994 1995 1996 1997 1998 1999 2000
Intergovernmental $ 8,250,633 $ 10,248,950 $ 7,985,514 $ 11,218,902 $ 12,106,579 $ 12,149,759 $ 12,282,960 $ 12,251,058 $ 12,598,948 $ 11,983,169
Property taxes 877,289 963,125 846,501 549,482 5,410 - - - - -
Utility taxes 1,098,386 2,239,243 1,648,740 1,572,193 1,873,147 1,956,984 1,989,147 1,692,113 1,715,573 2,326,035
Hotel/motel taxes 196,609 210,066 163,784 235,606 274,041 290,198 312,383 330,953 338,951 353,692
Licenses and permits 299,111 353,747 261,461 322,779 477,624 374,617 404,998 391,789 432,724 623,858
Service charges 338,453 584,727 498,440 293,743 336,146 423,139 305,137 364,650 425,752 389,557
Fines and penalties 176,868 238,858 135,419 280,339 220,593 211,809 214,086 222,239 198,769 223,462
Interest on
investment 221,019 173,404 171,420 426,127 713,992 784,652 983,733 1,043,142 849,568 1,347,175
Miscellaneous 82,512 81,625 189,205 233,836 253,327 296,482 246,490 603,548 665,606 1,679,561
$ 11,540,880 $ 15,093,745 $ 11,900,484 $ 15,133,007 $ 16,260,859 $ 16,487,640 $ 16,738,934 $ 16,899,492 $ 17,225,891 $ 18,926,509
* 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
I I I I I I I 1 1 '71 I 1 ! I 1 I I ! I
VILLAGE OF OAK BROOK,ILLINOIS
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
December 31, 2000
Percent of
Tax Total Total Total Tax
Fiscal Levy Tax Tax Collections
Year Year Levy Collection to Tax Levy
1992 1990 $ 814,693 $ 854,988 104.95 %
1993 1991 842,077 840,958 99.87
*1993 1992 848,710 846,501 99.74
1994 1993 555,221 549,482 98.97
1995 1994 - - N/A
1996 1995 - - N/A
1997 1996 - - N/A
1998 1997 - - N/A
1999 1998 - - N/A
2000 1999 - - 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 has levied property taxes for debt service purposes only. The levies were abated by
$300,000 paid by the General Fund for 1984-1988, by $300,000 in 1989 paid for by the Debt Service
Fund, and by $290,000 paid for by the Debt Service Fund in 1993. All debt was retired in 1994.
Data Source
Village Records
75
VILLAGE OF OAK BROOK,ILLINOIS
ASSESSED AND ESTIMATED ACTUAL VALUE OF
TAXABLE PROPERTY(in thousands)
LAST TEN LEVY YEARS
December 31, 2000
Real Property Ratio of Total +
Estimated Assessed/Total
Levy Actual Estimated
Year Assessed Value Actual Value
1990 $ 806,397 $ 2,443,627 33.00 %
1991 855,836 2,593,442 33.00
1992 878,225 2,634,675 33.00
1993 875,114 2,625,341 33.00
1994 887,591 2,662,773 33.00
1995 905,788 2,717,364 33.00
1996 938,948 2,816,844 33.00
1997 972,447 2,917,341 33.00
1998 1,005,097 3,015,292 33.00
1999 1,045,985 3,137,955 33.00
Data Source
County Clerk's Office
76
VILLAGE OF OAK BROOK,ILLINOIS
PROPERTY TAX RATES- DIRECT AND OVERLAPPING GOVERNMENTS
LAST TEN LEVY YEARS
December 31, 2000
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
Village of Oak Brook 0.1044 0.0994 0.0977 0.0641 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Basic Town 0.8708 0.8354 0.8171 0.8348 0.8089 0.7141 0.6095 0.6072 0.5834 0.5601
Junior College #502 0.2092 0.2085 0.2087 0.2058 0.2068 0.2062 0.2053 0.2042 0.2027 0.2006
Grade School #53 0.9389 0.9923 1.0248 1.0683 1.0763 1.0605 1.0458 1.0362 1.0237 0.9862
High School #86 1.7205 1.6855 1.6595 1.6406 1.6122 1.5907 1.4944 1.4885 1.5258 1.4881
Oak Brook Park District 0.1695 0.2037 0.2051 0.2098 0.2064 0.2045 0.1997 0.1932 0.1911 0.1877
Hinsdale Sanitary District 0.0000 0.0080 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Total 4.0133 4.0328 4.0129 4.0234 3.9106 3.7760 3.5547 3.5293 3.5267 3.4227
Note: Includes all county, forest preserve, township and water commission rates. Rates are per$100 of assessed valuation.
Data Source
County Clerk's Office
77
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 31,2000
1992 1993 *1993 1994 1995 1996 1997 1998 1999 2000
Population(1) 9,087 9,087 9,087 9,087 9,087 9,087 9,087 9,087 9,087 9,087
Equalized assessed value
(in thousands) $ 855,836 $ 878,225 $ 878,225 $ 875,114 $ 887,591 $ 905,788 $ 938,948 $ 972,447 $ 1,005,097 $ 1,045,985
Gross general bonded debt 2,650,000 1,800,000 900,000 - - - - - - -
Debt service monies available 242,137 261,159 265,447 - - - - - -
Net general bonded debt 2,407,863 1,538,841 634,553 - - - - - -
Ratio of net general bonded debt
to equalized assessed value 0.00% 0.00% 0.00% - - - - - - -
Net general bonded debt per capita 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
7
1 i 1 1 1 1 1 1 1 1 1 1 I 1 t 1 I I I
VILLAGE OF OAK BROOK,ILLINOIS
COMPUTATION OF LEGAL DEBT MARGIN
December 31, 2000
1999 Assessed Valuation (latest information available) (1) $ 1,045,985,125
Legal Debt Limit- 8.625% of Assessed Valuation $ 90,216,217
Debt Applicable to Debt Limit 2,555,000
Legal Debt Margin $ 87,661,217
_ Data Sources
(1) County Clerk's Office
79
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF DIRECT AND OVERLAPPING BONDED DEBT _
December 31,2000
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 123,550,000 4.64% 5,730,203
Du Page Forest Preserve 261,196,835 4.64% 12,114,211
Du Page Water Commission 112,835,000 4.91% 5,539,152 _
Park Districts 445,000 30.81% 137,110
Elementary School Districts 36,318,000 6.39% 2,319,595
High School Districts 72,800,381 6.27% 4,560,959
Unit District 205 22,606,450 7.42% 1,678,173 !
Total $ 629,751,666 $ 32,079,403
Data Source
County Clerk's Office
80
VILLAGE OF OAK BROOK, ILLINOIS
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR
GENERAL BONDED DEBT TO TOTAL GENERAL EXPENDITURES
LAST TEN FISCAL YEARS
December 31, 2000
1992 1993 *1993 1994 1995 1996 1997 1998 1999 2000
Principal $ 800,000 $ 850,000 $ 900,000 $ 900,000 $ - $ - $ - $ - $ - $ -
Interest 149,288 109,375 44,100 44,821 - - - - - -
Total debt service $ 949,288 $ 959,375 $ 944,100 $ 944,821 $ - $ - $ - $ - $ - $ -
Total general
expenditures $ 12 059,721 $ 12,733,113 $ 8,030,983 $ 13,119,663 $ 12,917,872 $ 13,207,676 $ 14,940,686 $ 15,432,534 $ 16,432,432 $ 17,816 132
Ratio of debt service
expenditures to
general expenditures 7.87 7.53 11.76 7.2 N/A N/A N/A N/A N/A N/A
* During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is for the eight months ended December 31, 1993.
Data Source
Village Records
81
VILLAGE OF OAK BROOK,ILLINOIS
REVENUE BOND COVERAGE-WATERWORKS SYSTEM BONDS
LAST TEN FISCAL YEARS
December 31,2000
1992 1993 *1993 1994 1995 1996 1997 1998 1999 2000
Gross revenue $ 3,569,522 $ 4,275,374 $ 2,594,477 $ 4,515,859 $ 3,973,247 $ 3,393,279 $ 3,432,412 $ 3,511,768 $ 3,631,527 $ 3,599,840
Expenses 1,954,069 3,148,968 2,103,182 3,853,645 3,827,515 3,766,251 3,268,633 3,364,481 4,038,892 3,970,741
Net revenue available for
debt service $ 1,615,453 $ 1,126,406 $ 491,295 $ 662,214 $ 145,732 $ (372,972) $ 163,779 $ 147,287 $ (407,365) $ (370,901)
Debt service
requirements
Principal $ 225,000 $ 225,000 $ - $ 225,000 $ 250,000 $ 275,000 $ - $ - $ - $ -
Interest 44,400 32,700 16,350 26,850 16,000 5,500 - - - -
$ 269,400 $ 257,700 $ 16,350 $ 251,850 $ 266,000 $ 280,500 $ - $ - $
Coverage 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
I I I I 1 I I I I RI 1 1 I I I I I I I
VILLAGE OF OAK BROOK,ILLINOIS
DEMOGRAPHIC STATISTICS
December 31, 2000
Per (1) Unemploy-
Fiscal (1) Capita Median ment
Year Population Income Age Percentage
1970 4,164 $ 8,997 34 0.07 %
1984 7,263 22,737 39 3.14
1989 9,151 26,818 41 2.05
1992 9,087 60,347 42 5.70
Data Sources
_ (1) Bureau of Census
(2) Bureau of Labor Statistics
83
VILLAGE OF OAK BROOK,ILLINOIS
PROPERTY VALUE AND CONSTRUCTION _
LAST TEN FISCAL YEARS
December 31, 2000
Commercial Residential
Construction Construction
Fiscal Number Value Number Value Property Value _
Year Of Units (in Thousands) of Units (in Thousands) (in Thousands)
1992 1 $ 8,000 17 $ 8,500 $ 2,567,508
1993 - - 14 13,815 2,634,675
1993* 1 1,753 11 5,114 2,634,675
1994 2 2,602 22 15,834 2,625,341
1995 2 4,000 10 10,000 2,662,773
1996 2 12,345 22 14,035 2,717,364
1997 2 7,980 22 11,533 2,816,844
1998 4 16,655 32 20,047 2,917,341
1999 5 29,983 22 9,894 3,015,292
2000 1 2,000 37 31,587 3,136,643
* 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
84
VILLAGE OF OAK BROOK,ILLINOIS
PRINCIPAL TAXPAYERS
December 31,2000
1999 Percentage
Assessed of Total
— Valuation Assessed
Taxpayers Type of Business (in Thousands) Valuation
Oak Brook Urban Venture Shopping center $ 80,172,270 7.67 %
McDonald's Corporation Office campus 37,470,100 3.58
Metlife Life insurance 18,842,770 1.80
WHOBT Real Estate Office buildings 16,348,230 1.56
SFERS Real Estate Corp. Executive towers 13,341,210 1.28
Jones, Lang, LaSalle Hotel/office building 11,692,580 1.12
— Carramerica Office buildings 11,426,200 1.09
Marshall Fields Retail stores 10,074,400 0.96
Equity Office Property Office building 10,048,890 0.96
— The John Buck Company Office building 9,514,950 0.91
— Data Source
County Clerk's Office
85
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF INSURANCE IN FORCE
December 31,2000
Insurance Coverage Amount of
Type of Insurance Company Expires Coverage
Village Manager's Bond Intergovernmental Risk Management Agency 12/31/01 $ 150,000
Treasurer's Bond Intergovernmental Risk Management Agency 12/31/01 100,000 _
Host Liquor Liability Lloyds of London Insurance Company 11/24/01 2,000,000
(RBJ123759)
Contingent Business Intergovernmental Risk Management Agency 12/31/01 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, provides the Village with its
insurance coverage for liability, property damage, workmens' compensation and surety risks not covered by
the Village's Treasurers' or Village Manager's Bond. The Village's 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, 2000, IRMA members totaled 72 municipalities.
Data Source
Village Records
86