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CAFR (Year Ended December 31, 2014) OF OAA, �• o - � o v C/) 0 COUNTI VILLAGE OF OAK BROOK COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Year Ended December 31 , 2014 VILLAGE OF OAK BROOK,ILLINOIS COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Year Ended December 31, 2014 Prepared by the Finance Department Sharon Dangles Finance Director VILLAGE OF OAK BROOK,ILLINOIS TABLE OF CONTENTS -- Page(s) INTRODUCTORY SECTION PrincipalOfficials............................................................................................................. i OrganizationChart............................................................................................................ ii Certificate of Achievement for _ Excellence in Financial Reporting.................................................................................. iii Letterof Transmittal ......................................................................................................... iv-ix FINANCIAL SECTION INDEPENDENT AUDITOR'S REPORT........................................................................ 1-3 GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS Management's Discussion and Analysis......................................................................MD&A 1-13 Basic Financial Statements Government-Wide Financial Statements Statement of Net Position................................................................................... 4 Statement of Activities....................................................................................... 5-6 Fund Financial Statements Governmental Funds BalanceSheet................................................................................................ 7 Reconciliation of Fund Balances of Governmental Funds to the Governmental Activities in the Statement of Net Position......................... 8 Statement of Revenues, Expenditures and Changes in Fund Balances......... 9 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances to the Governmental Activities in the Statement of Activities...................................................... 10 VILLAGE OF OAK BROOK,ILLINOIS TABLE OF CONTENTS (Continued) -- Pa e s FINANCIAL SECTION (Continued) GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS (Continued) Basic Financial Statements(Continued) Fund Financial Statements (Continued) Proprietary Funds -- Statementof Net Position.............................................................................. 11 Statement of Revenues, Expenses and Changes in Net Position................... 12 Statement of Cash Flows13-14 ............................................................................... Fiduciary Funds Statement of Fiduciary Net Position.............................................................. 15 Statement of Changes in Fiduciary Net Position........................................... 16 — Notes to Financial Statements................................................................................. 17-58 Required Supplementary Information Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual GeneralFund...................................................................................................... 59 _ Hotel/Motel Tax Fund........................................................................................ 60 Notes to Required Supplementary Information....................................................... 61-62 Schedule of Funding Progress — Illinois Municipal Retirement Fund ................................................................... 63 Sheriff s Law Enforcement Personnel................................................................ 64 PolicePension Fund........................................................................................... 65 -- Firefighters' Pension Fund................................................................................. 66 Other Postemployment Benefit Plan .................................................................. 67 Schedule of Employer Contributions — Illinois Municipal Retirement Fund ................................................................... 68 Sheriff s Law Enforcement Personnel................................................................ 69 PolicePension Fund........................................................................................... 70 — Firefighters' Pension Fund................................................................................. 71 Other Postemployment Benefit Plan .................................................................. 72 — VILLAGE OF OAK BROOK,ILLINOIS TABLE OF CONTENTS (Continued) Page(s) FINANCIAL SECTION(Continued) GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS (Continued) Required Supplementary Information (Continued) Schedule of Changes in the Employer's Net Pension Liability and Related Ratios PolicePension Fund....................................................................................... 73 Firefighters' Pension Fund ............................................................................. 74 Schedule of Investment Returns PolicePension Fund....................................................................................... 75 Firefighters' Pension Fund............................................................................. 76 COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES MAJOR GOVERNMENTAL FUNDS Schedule of Revenues - Budget and Actual - General Fund................................... 77 Schedule of Expenditures - Budget and Actual - General Fund.............................. 78-83 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Infrastructure Fund............................................................... 84-85 NONMAJOR GOVERNMENTAL FUNDS CombiningBalance Sheet....................................................................................... 86 Combining Statement of Revenues, Expenditures and Changes in Fund Balances..................................................................................... 87 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual MotorFuel Tax Fund.......................................................................................... 88 Foreign Fire Insurance Tax Fund........................................................................ 89 PromenadeTIF Fund.......................................................................................... 90 PROPRIETARY FUNDS MAJOR ENTERPRISE FUNDS Schedule of Revenues, Expenses and Changes in Net Position- Budget and Actual - Waterworks System Fund................................................ 91 Schedule of Operating Expenses - Budget and Actual - Waterworks System Fund................................................................................. 92 VILLAGE OF OAK BROOK,ILLINOIS TABLE OF CONTENTS (Continued) Page(s) FINANCIAL SECTION (Continued) — COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES _ (Continued) PROPRIETARY FUNDS (Continued) — MAJOR ENTERPRISE FUNDS (Continued) Schedule of Revenues, Expenses and Changes in Net Position- Budget and Actual - Sports Core Fund............................................................. 93 Schedule of Operating Revenues - Budget and Actual - SportsCore Fund.............................................................................................. 94 Schedule of Operating Expenses - Budget and Actual - Sports Core Fund 95-97 INTERNAL SERVICE FUNDS Combining Statement of Net Position................................................................ 98 Combining Statement of Revenues, Expenses and _ Changes in Net Position................................................................................... 99 Combining Statement of Cash Flows................................................................. 100-101 Schedule of Revenues, Expenses and _ Changes in Net Position - Budget and Actual Self-Insurance Fund....................................................................................... 102 GarageFund.................................................................................................. 103 _ Capital Replacement Fund ............................................................................ 104 FIDUCIARY FUNDS — PENSION TRUST FUNDS Combining Statement of Plan Net Position........................................................ 105 Combining Statement of Changes in Plan Net Position..................................... 106 Schedule of Changes in Plan Net Position- Budget and Actual ` PolicePension Fund...................................................................................... 107 Firefighters' Pension Fund............................................................................ 108 VILLAGE OF OAK BROOK, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) STATISTICAL SECTION Financial Trends Net Position by Component..................................................................................... 109-110 Change in Net Position............................................................................................. 111-114 Fund Balances of Governmental Funds................................................................... 115-116 Changes in Fund Balances of Governmental Funds ................................................ 117-118 Revenue Capacity Assessed and Estimated Actual Value of Taxable Property.................................... 119 Property Tax Rates - Direct and Overlapping Governments ................................... 120 Principal Revenue Taxpayers................................................................................... 121 Direct and Overlapping Sales Tax Rates.................................................................. 122 Debt Capacity Ratios of Outstanding Debt by Type........................................................................ 123 Schedule of Direct and Overlapping Bonded Debt.................................................. 124 _ Legal Debt Margin Information............................................................................... 125 Demographic and Economic Information Demographic and Economic Information................................................................ 126 PrincipalEmployers................................................................................................. 127 Retail Sales Volume - Top 25 Illinois Communities............................................... 128 Sales Tax Receipts - Cash Basis .............................................................................. 129 State Sales Tax Receipts by Month- Cash Basis..................................................... 130 Non-Home Rule Sales Tax Receipts by Month- Cash Basis.................................. 131 SalesTax by Category.............................................................................................. 132 �— Non-Home Rule Sales Tax by Category 133 Operating Information Budgeted Full-Time Equivalent Employees ............................................................ 134-135 OperatingIndicators................................................................................................. 136 Capital Asset Statistics............................................................................................. 137 VILLAGE OF OAK BROOK,ILLINOIS PRINCIPAL OFFICIALS December 31, 2014 Gopal Lalmalani, Village President Charlotte K. Pruss, Village Clerk BOARD OF TRUSTEES Donald N. Adler John Baar Michael Manzo Asif Yusuf Mark M. Moy Gerald Wolin VILLAGE MANAGER Riccardo Ginex, Village Manager FINANCE DEPARTMENT Sharon Dangles, Finance Director/Treasurer - i - :_•,., , Village of Oak Brook . $N Organization Chart Residents January 2014 of Oak Brook i i Village Clerk Village President and Board of Trustees ---- — Village Manager Village Attorney Village Attorney Boards and (General) (Labor) Commissions I, Public Works/ Community Assistant Village Oak Brook Public Sports Core Manager Finance Director Chief of Police Fire Chief Engineering Development Library Director Director Director Director - tt - Government Finance Officers Association 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, 2013 704 6 ir� Executive Director/CEO - iii - ..� Vt OF 04 4' P d \ 90 � f ® ® May 21, 2015 C y G � 9CFOOUNIN Village of Honorable Gopal Lalmalani, President Oak Brook Board of Trustees '-'1200 Oak Brook Road Citizens of the Village of Oak Brook, Illinois: Oak Brook,IL 60523-2255 Website www.oak-brook.org Illinois state statute requires that all general-purpose local governments Administration publish, within six months of the close of each fiscal year, a complete set 630.368.5000 of financial statements resented in conformity with United States FAX 630.368.5045 P tY Generally Accepted Accounting Principles (GAAP) and audited in Community accordance with generally accepted auditing standards by a firm of Development independent licensed certified public accountants. This report is published 630.368.5101 FAX 630.368.5128 to fulfill that requirement for the year ended December 31, 2014. Engineering Responsibility for both the accuracy of the presented data and the Department completeness and fairness of the presentation, including all disclosures, 630.368.5130 FAX 630.368.5128 rest with the management of the Village. We believe to the best of our knowledge, as presented, is accurate in all material respects and presented Fire Department in a manner designed to fairly set forth the financial position and results of 630.368.5200 FAX 630.368.5251 the operations. Police Department Management of the Village is responsible for establishing and maintaining 630.368.8700 internal controls designed to ensure that the assets of the Village are _ FAX 630.368.8739 protected from loss, theft or misuse and to ensure that sufficient, reliable, Public Works adequate accounting data is compiled for the preparation of financial Department statements in conformity with GAAP. Internal accounting controls have 630.368.5270 been designed to provide reasonable rather than absolute assurance that FAX 630.368.5295 the financials statements will be free from material misstatement. We believe that the Village's internal controls adequately safeguard assets and Oak Brook Public Library provide reasonable assurance of properly recorded financial transactions. 600 Oak Brook Road In addition, the Village maintains budgetary controls. The objective of ,_„tk Brook,IL 60523-2200 these controls is to ensure compliance with legal provisions embodied in 630.368.7700 the annual budget approved by the Village Board. All disbursements FAX 630.368.7704 receive approval from the Board of Trustees. The Village also maintains • Oak Brook Sports Core an encumbrance system that is used as an extension of formal budgetary integration. Bath&Tennis Club 700 Oak Brook Road The Village's financial statements have been audited by Sikich, a firm of Oak Brook,IL 60523-4600 licensed certified public accountants. The independent audit is to provide 630.368.6420 FAX 630.368.6439 reasonable assurance that the financial statements of the Village of Oak Brook are free of material misstatements. The independent audit involved Golf Club examining, on a test basis, evidence supporting the amounts and 2606 York Road ik Brook,IL 60523-4602 630.368.6400 FAX 630.368.6419 iv disclosures in the financial statements; assessing accounting principles used and significant estimates made by management; and the evaluation of the overall financial statement presentation. Based upon the audit for the year ending December 31, 2014, the independent auditors concluded, that there was a reasonable basis for rendering an unmodified opinion on the Village's financial statements. The independent auditor's report is presented as the first component of the financial section of this report. Management's discussion and analysis (MD&A) immediately follow the independent auditor's report and provides a narrative introduction, overview and analysis of the basic financial statements. The MD&A complements this letter of transmittal and should be read in conjunction with it. Profile of the Village of Oak Brook The Village of Oak Brook is located approximately 15 miles west of the Chicago Loop, near the geographic center of the seven-county Chicago metropolitan area. Excellent transportation links are provided to all parts _ of the greater metropolitan area by a network of tollways and federal and state highways which pass through or near the Village. The Tri-State Tollway (I-294), running along the Village's eastern boundary, provides _ rapid access to the northern and southern suburbs, and into Wisconsin and Indiana. The East-West Tollway (I-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 Oak Brook Terrace and on the south by Downers Grove, Westmont, Clarendon Hills and Hinsdale. The Village of Oak Brook operates under the Village form of government with an elected Village President and six (6) Trustees. Operational management is provided by a professional manager appointed by the Board of Trustees. The Village provides a wide range of municipal services including general government, public safety (police and fire), public works, road maintenance, community development and recreation facilities and a free public library. For additional information concerning the Village, please visit our website at-,vNvw,.oak-brook.ora. v New Office Development The Duchossois Redevelopment project is in the final stages for its 240,000 square ft. corporate facility. The renovation of Latisys Data Center and Kellogg's facility are now under construction. Labriola Pizza Bar is under review to take the space formerly occupied by Grotto's. Binny's and The Great Escape are now a part of the Oak Brook Court development. Real Urban Barbecue Restaurant in Clearwater opened this year. Long-term Financial Planning The Village uses a number of processes to accomplish financial planning which are outlined as follows: Goals and Objectives — this is an annual process in which the Village Board and staff express specific objectives to be accomplished. Typically, —' objectives relate to a specific task or project or to a change in methods or operations designed to achieve the stated objective. Roadway Maintenance Plan—this plan is based on the Village's pavement management database and on a visual inspection of every public street _ segment in the Village. The Plan, which is updated annually, includes a long-range schedule of roadway maintenance activities as well as cost projections over the next ten year period in order to plan for the orderly maintenance of the Village's roadway system. Five-Year Financial Plan —this document is prepared annually in order to provide the Village Board and the community with a five year projection of the financial condition of each of the twelve funds that comprise the Village's financial structure. This document is not as precise as the annual _ budget but it does project both revenues and expenditures for each of the next five years that can assist in identifying positive and negative trends. Annual Budget — using the information gathered through the goals and objectives process, roadway maintenance plan, and five-year financial plan, the annual line item budget is prepared. The budget is structured according to cost centers (called "programs") and sets the spending plan for the coming year. The foundation of all of the Village's financial planning is centered on the Village Board's well publicized policy of maintaining a cash and investment reserve in the General Fund that meets or exceeds six months of annual operating expenses. The six month policy level, which is higher than many other municipalities, was established due to the Village not vii having the predictability of real estate tax revenue and the fact that most of its general revenues that are collected by the State (sales and _ telecommunications taxes) have a three month delay. This conservative policy ensures that the Village will have sufficient funds on hand to operate in an emergency situation as well as having sufficient time to — address any economic downturns. The soundness of this financial policy has proven itself as the Village has been able to maintain adequate cash reserves in this recessionary environment. — Major Initiatives In 2014, improvements were made at Fire Station 93 for HVAC and rear drive replacement; improvements were made at the Heritage Center to the shutters, doors and the interior of the building; irrigation system was — installed at the Butler Government Center; exterior wood staining, audio visual equipment, and HVAC was completed at the library; public safety laptop replacement; replacement of fire gear in the Fire Department; — pedestrian access project is underway and part of the project was completed this year (Hotels and offices to Oakbrook Center); police and fire vehicles were replaced as well as a public works trailer and truck. — There were many improvements made at the Sports Core this year including locker room renovation, pool painting, boiler, lift at pool, sun shades, stair replacement, pool heater, pool structure, tennis exterior bathroom door and sidewalk replacement, soccer field drainage, fairway mower, and continuation of the golf drainage project. Water main improvements were completed at York Woods Phase II and the design for water main replacement in Brook Forest. Included in the 2015 budget is the 2015 paving program, equipment — replacement items for various departments, and numerous municipal building improvements. The Hotel/Motel Fund has planned various projects to attract and promote visitors to the area. The Hotel/Motel Fund — also has streetscape projects scheduled for new entry signs, completing Phase I of the pedestrian access projects, and beginning the Salt Creek to 1-294 and Clearwater to Golf Road Streetscape project. — In 2015 and after the Five-Year Financial Plan reflects the continuation of _ the annual paving program, Heritage Center improvements, police department remodeling, electrical to gas conversion project, self contained breathing apparatus replacement, defibrillators, power stretcher and load _ for the ambulances, library and sports core improvements, water main improvements, pedestrian access (Hotels and offices to Oakbrook Center), 22nd St. streetscape project(Salt Creek to 1294) and entry signage. — viii — Awards and Acknowledgements 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, 2013. 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 37 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. In addition, the Village of Oak Brook received the GFOA's Distinguished Budget Presentation Award for its annual budget for the 2015 fiscal year. In order to receive this award, a governmental unit must publish a budget document that meets program criteria as a policy document, as an operations guide,as a financial plan, and as a communications device. This is the third year the Village has received this award. The preparation of this report could not be published without the efficient and dedicated services of the entire Finance Department 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. Sharon Dangles Finance Director ix INDEPENDENT AUDITOR'S REPORT Sikich. 630.566.8400 // www.sikich.com 1415 W.Diehl Road,Suite 400 Certified Public Accountants&Advisors Naperville, Illinois 60563 Members of American Institute of Certified Public Accountants INDEPENDENT AUDITOR'S REPORT The Honorable President Members of the Board of Trustees Village of Oak Brook, Illinois We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund and the aggregate remaining fund information of the Village of Oak Brook, Illinois (the Village) as of and for the year ended December 31, 2014 and the related notes to financial statements, which collectively comprise the Village's basic financial statements as listed in the table of contents. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial — statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Village's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Village's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. - 1 - Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund and the aggregate remaining fund information of the Village of Oak Brook, Illinois, as of December 31, 2014, and the respective changes in financial position, and where applicable, cash flows thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America. Change in Accounting Principle The Village adopted GASB Statement No. 67, Financial Reporting for Pension Plans, which modified certain disclosures in the notes to financial statements and the required supplementary information. Our opinion is not modified with respect to this matter. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management's discussion and analysis and other required supplementary information listed in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information -' Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Village's basic financial statements as a whole. The introductory section, combining and individual fund financial statements and schedules and statistical section are presented for purposes of additional analysis and are not a required part of the basic financial statements. The combining and individual fund statements and schedules are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the basic financial statements as a whole. The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them. - 2 - We also have previously audited, in accordance with auditing standards generally accepted in the United States of America, the Village's basic financial statements for the year ended December 31, 2013, which are not presented with the accompanying financial statements. In our report dated May 12, 2014, we expressed unmodified opinions on the respective financial statements of the governmental activities, the business-type activities, each major fund and the aggregate remaining fund information. That audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Village's basic financial - statements as a whole. The 2013 comparative information included on certain combining and individual fund statements and schedules are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the 2013 basic financial statements. The information has been subjected to the auditing procedures applied in the audit of those basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the 2013 comparative information included on certain combining and individual fund statements and _ schedules are fairly stated in all material respects in relation to the basic financial statements from which they have been derived. Naperville, Illinois L�Q May 21, 2015 - 3 - GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS VILLAGE OF OAK BROOK, ILLINOIS L.., MANAGEMENT'S DISCUSSION AND ANALYSIS December 31,2014 As the management of the Village of Oak Brook (the "Village"), we offer readers of the Village's financial statements this narrative overview and analysis of the financial activities of the Village for the fiscal year ended December 31, 2014. We encourage readers to consider the information presented here in conjunction with additional information that we have furnished in -� the Transmittal Letter (beginning on page iv) and the Village's Financial Statements (beginning on page 4). This discussion and analysis is designed to (1) assist the reader in focusing on significant financial issues, (2) provide an overview of the Village's financial activity, (3) identify changes in the Village's financial position (its ability to address the next and subsequent year challenges), (4) identify any material deviations from the financial plan (the approved budget), and (5) identify individual fund issues or concerns. HIGHLIGHTS Financial Highlights • For the year ending December 31, 2014, the Village's assets exceeded liabilities by .. $118.7 million(net position). • The governmental activities reported total net position of $84.4 million, which is an increase of $2.1 million, or 2.6%, in comparison to the prior year. The unrestricted portion of the net position is $12.1 million or 14.5% of the total. `— • The business-type activities reported total net position of $34.3 million, which is no change compared to last year. Approximately 10.8% of the total, or $3.7 million is unrestricted. • The Village's total net position increased by $2.1 million, or 1.8% compared to the prior year. • The Village had a total of$15.8 million of unrestricted net position.. • Total revenues remained unchanged compared to the prior year. • Total expenses increased $2.4 million, or 6.9%, in comparison to the prior year. Government-Wide Financial Statements ►— The government-wide financial statements are designed to provide readers with a broad overview of the Village's finances, in a manner similar to a private-sector business. The focus of the Statement of Net Position presents information on all of the Village's assets/deferred -- outflows of resources and liabilities/deferred inflows of resources, with the difference between (See independent auditor's report) �„ MD&A 1 VILLAGE OF OAK BROOK,ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (continued) _ the two reported as net position. This statement combines and consolidates governmental fund's current financial resources (short-term spendable resources) with capital assets and long-term obligations using the accrual basis of accounting and economic resources measurement focus. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the Village is improving or deteriorating. The Statement of Activities presents information showing how the government's net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of the cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., earned but unused compensated absences). °- Both of the government-wide financial statements (see pages 4-6) distinguish functions of the Village that are principally supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business-type activities). The governmental activities of the Village reflect the Village's basic services, including administration, police, fire and emergency medical services, engineering,public works, library, and community development. The business- type activities of the Village, which are based on a fee for service designed to cover all or most of the cost of operation, include the waterworks system and operations of the Oak Brook Sports Core. Fund Financial Statements Traditional users of governmental financial statements will find the Fund Financial Statements to be more familiar. The focus of the presentation is on major funds rather than fund types. A fund _ is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The Village, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the Village can be divided into three categories: governmental funds,proprietary funds, and fiduciary funds. Governmental Funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government's near-term financing requirements. .. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government's near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. (See independent auditor's report) MD&A 2 VILLAGE OF OAK BROOK,ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (continued) Infrastructure Assets Prior to 2003, the Village's largest group of assets (infrastructure assets- roads, bridges, storm sewers, etc.) were not reported nor depreciated in governmental financial statements. GASB Statement No. 34, which was implemented in 2003, requires that these assets be valued and reported within the Governmental Activities column of the Government-wide Statements. Additionally, the Village must elect to (1) depreciate the assets over their estimated useful life or (2) develop a system of asset management designed to maintain the service delivery potential to near perpetuity (modified approach). The Village has chosen to depreciate assets over their useful life. If a road project is considered maintenance-a recurring cost that does not extend the original useful life or expand its capacity-the cost of the project will be expensed. An "overlay" of a road will be considered maintenance whereas a"rebuild" of a road will be capitalized. Notes to the Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the financial statements can be found on pages 17-58 of this report. _ Other Information In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the Village's progress in funding its obligation to provide benefits to its employees. Required supplementary information can be found on pages 59-76 of this report. The combining statements referred to earlier in connection with nonmajor governmental funds, nonmajor enterprise funds, and internal service funds are presented immediately following the required supplementary information on pensions. Combining and individual fund statements and schedules can be found on pages 77-108 of this report. Financial Analysis of the Village as a Whole Beyond presenting current year financial information in the government-wide and major individual fund formats, the Village also presents comparative information from the prior year in the Management's Discussion and Analysis. By doing so, the Village is providing an additional means of analyzing its financial condition and financial position as of December 31, 2014. GOVERNMENT-WIDE STATEMENTS The Government-wide Financial Statements were designed so that the user can determine if the Village's financial position has improved or deteriorated from the prior year. The Village's overall financial condition has remained stable. (See independent auditor's report) MD&A 4 VILLAGE OF OAK BROOK,ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (continued) Summary of Net Position The following table reflects a Summary of Net Position for fiscal years 2014 and 2013. Table 1 Statement of Net Position As of December 31,2014 and 2013 (in millions) Governmental Business-Type Total Primary Activities Activities Government +.• 2014 2013 2014 2013 2014 2013 Current and Other Assets $ 32.8 $ 31.3 $ 4.4 $ 5.3 $ 37.2 $ 36.6 Capital Assets 61.6 60.4 3 0.6 29.6 92.2 90.0 Total Assets 94.4 91.7 35.0 34.9 129.4 126.6 Long-Term Liabilities 6.8 6.7 0.1 0.1 6.9 6.8 Other Liabilities 3.2 2.7 0.6 0.5 3.8 3.2 Total Liabilities 10.0 9.4 0.7 0.6 10.7 10.0 Net Position: Net Investment in capital assets 60.7 59.3 3 0.6 29.6 91.3 88.9 Restricted 11.6 9.7 - - 11.6 9.7 Unrestricted 12.1 13.3 3.7 4.7 15.8 18.0 Total Net Position S 84.4 $ 82.3 $ 34.3 $ 34.3 $ 118.7 $ 116.6 L The Village's combined net position increased by $2.1 million from $116.6 to $118.7 million during 2014. The increase in net position of governmental activities is mainly due to an increase of cash and investments and capital assets compared to the prior year. The net position for business-type activities did not change in total compared to the prior year. However, there was a decrease in the cash and investments with an increase in capital assets. The net investment in capital assets is the largest portion of net position. This represents capital assets (land, buildings, improvements, equipment, infrastructure and construction in progress), net of accumulated depreciation, and the outstanding related debt used to acquire the assets. The Village uses these capital assets to provide services to its citizens and these assets are not available for future spending. For more detailed information, see the Statement of Net Position on page 4. (See independent auditor's report) MD&A 5 VILLAGE OF OAK BROOK,ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (continued) Summary of Changes in Net Position The following table summarizes the revenues and expenses of the Village's activities for 2014 and 2013: Table 2 Changes in Net Position For the Fiscal Year Ended December 31,2014 and 2013 (in millions) Governmental Business-Type Total Primary Activities Activities Government 2014 2013 2014 2013 2014 2013 REVENUES Program Revenues: Charges for Services $ 3.1 $ 3.2 $ 10.1 $ 10.1 $ 13.2 $ 13.3 Grants and Contributions 0.7 0.9 - - 0.7 0.9 General Revenues: Sales and Local Use Taxes 17.7 17.3 - - 17.7 17.3 Utility Taxes 5.2 5.0 - - 5.2 5.0 Other Taxes 2.4 1.8 - - 2.4 1.8 Transfers (0.5) (0.2) 0.5 0.2 - - Investment Income (0.2) - - - (0.2) - Other 0.1 0.8 - - 0.1 0.8 '■ Total Revenues 28.5 28.8 10.6 10.3 39.1 39.1 EXPENSES General Government 4.5 4.3 - - 4.5 4.3 ... Public Safety 14.7 13.7 - - 14.7 13.7 Public Works 4.9 4.8 - - 4.9 4.8 Culture and Recreation 2.0 1.8 - - 2.0 1.8 Waterworks System - - 7.0 6.3 7.0 6.3 Sports Core - - 3.6 3.3 3.6 3.3 Interest on Long-Term Debt 0.3 0.4 - - 0.3 0.4 Total Expenses 26.4 25.0 10.6 9.6 37.0 34.6 .. Change in Net Position $ 2.1 $ 3.8 $ - $ 0.7 $ 2.1 $ 4.5 -- Total Net Position $ 84.4 $ 82.3 $ 34.3 $ 34.3 $ 118.7 $ 116.6 - Total revenues remained unchanged compared to the prior year. Total expenses increased $2.4 million, or 6.9%, compared to the prior year. Governmental Activities - The net position of the Village's governmental activities increased by $2.1 million. The increase in the governmental activities net investment in capital assets is $1.4 million or 2.4% higher compared to the prior year. Cash and investments in current assets increased $2.2 million, or 9.4% compared to the prior year. r (See independent auditor's report) r MD&A 6 -- VILLAGE OF OAK BROOK, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (continued) The following chart shows revenues by source of governmental activities by percent of total revenues. 2014 Revenues By Source- Governmental Activities Other -1% Charges for Other Services Taxes 11% 8% Grants and Contributions 2% Utility Taxes 18% Sales and Use Taxes 62% The following is a chart of revenues by source for governmental activities for fiscal years 2014 and 2013. Revenues by Source-Governmental Activities Other Other �aXes i ■2013 utWt`! �aXes and�se.�aXes ®2014 Safes Ut�ons ' d contr nts an �b s for Se�ices Gra L Gharge 0 2 4 6 8 10 12 14 16 18 $ $ $ $ $ $ $ $ $ $ Millions L (See independent auditor's report) MD&A 7 VILLAGE OF OAK BROOK,ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (continued) Current Year Impacts Revenues–Governmental Activities For the fiscal year ended December 31, 2014, revenues totaled $28.5 million, a decrease of$.3 million from 2013. Revenue from sales and use taxes, which continues to be the Village's largest revenue source, amounted to $17.7 million or 62% of total revenue, an increase of$0.4 million or 2.3% from 2013. Utility taxes, which include the taxes imposed on electric, natural gas, and telecommunications services, were $5.2 million or 18% of total revenues. This represents an increase of 4.0% from the comparable amount in 2013. The "other taxes" classification includes a number of different revenue sources including income taxes, personal property replacement taxes, and hotel taxes. For 2014, these revenues were $2.4 million or 8% of total revenues,which is $.6 million increase from 2013. — Charges for services, which include revenue such as building/inspection fees, permit fees, ambulance fees have decreased $0.1 million, which is primarily attributed to a decrease in the amount of permits compared to 2013. Investments reported a loss due to part of the IMET Convenience Fund fraudulent investment(more information is provided on page 26). Expenses by Function - Governmental Activities 1 16 12 ■2014 C 8 .0 4 ■2013 '~ 2 F�" 0 -1 ORV �sve&,g- Expenses by Function–Governmental Activities Expenses for the Village of Oak Brook for Governmental activities amounted to a total of$26.4 million in 2014, an increase of$1.4 million from 2013. As required by GASB Statement No. 34, the expense totals include depreciation expense of $1.9 million for governmental activities. Depreciation expense, which includes depreciation on infrastructure, has been allocated over the most appropriate functional categories. General government expenses were $4.5 million, an increase of$0.2 million from 2013 due to an _ increase in operational and contractual commitments. (See independent auditor's report) MD&A 8 VILLAGE OF OAK BROOK,ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (continued) Public Safety expenses were $14.7 million, an increase of $1.0 million from 2013 due to an increase in personnel and operational and contractual costs. Public works expenses were $4.9 million, an increase of$.1 million from 2013, which is not a significant change comparable to 2013. Culture and recreation expenses were $2.0 million, an increase of$.2 million from 2013 due to an increase in personnel costs and material and supplies. Business-type Activities The business-type activities in net position remained unchanged compared to the prior year. For business-type activities, revenues for the waterworks system were $7.0 million, which increased slightly by $0.1 million compared to the prior year. Revenues for Sports Core were $3.6 million (includes a transfer of$.5 million), which increased $.2 million compared to the prior year. For business-type activities, expenses for the waterworks system were $7.0 million or 66.3% of total expenses, which is an increase of $0.7 million from 2013. Sports Core expenses were $3.6 �. million or 33.7% of total expenses,which is an increase of$.3 million from 2013. Golf Club operating revenues decreased $88,135 comparable to 2013, which is mainly due to `. decreases in greens fees, cart fees, and driving range fees. Total golf rounds decreased by 809 rounds comparable to 2013. Attendance at swimming increased by 2,236 for the season, or 32.8% compared to 2013. The outdoor tennis program and lesson hours decreased by 135 hours comparable to 2013. For more detail on Sports Core operations by program, refer to pages 93- 97. y- In 2014, the General Corporate fund transferred $474,057 to assist with sports core operations. Funds were transferred to the following programs: sports core general operations for operating expenses of$72,905; swimming operations for building improvements and general equipment of *- $163,806; polo operating expenses for $73,652; tennis for building improvement and sidewalk for $17,835; soccer field drainage for $7,147; Bath and Tennis clubhouse for building improvements of$12,971; golf course maintenance for equipment of$42,413; and golf drainage — for$83,328. FINANCIAL ANALYSIS OF THE VILLAGES FUNDS Governmental Funds As noted earlier, the Village of Oak Brook uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. As of December 31, 2014, the governmental funds (as presented on the balance sheet on page 7) had a combined fund balance of $27.6 million, which is an increase of $1.5 million over the prior year. The economy has shown �- improvement in consumer spending and user fees used to support the General Fund. The Infrastructure Fund, which is primarily supported by the Village's non-home rule sales tax, increased by $1.5 million compared to 2013 due to the final $1.5 million payment for the Illinois �.. Tollway agreement being made in 2013, which increases the 2014 cash in this Fund. (See independent auditor's report) MD&A 9 VILLAGE OF OAK BROOK,ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (continued) Proprietary Funds Net position for the Village's two business-type activities remained unchanged from 2013 (see pages 11-12). — In 2003, the Village Board policy was to require budget transfers when an individual program or fund exceeds its budget in total. In addition to these program transfers, beginning in 2004 the Village Board approved an ordinance requiring a budget transfer for any individual line item account that exceeded its budget by more than 110%. In October, 2006 this policy was further revised by eliminating the 110% threshold and instead requiring a line item budget transfer for any variance exceeding $10,000 in a personnel series account and variances exceeding $2,500 in all other accounts. Table 3 General Fund Budgetary Highlights For the Fiscal Year Ended December 31, 2014 Original Amended Budget Budget Actual REVENUES AND TRANSFERS Intergovernmental $ 13,116,720 $ 13,116,720 $ 13,296,146 Utility Taxes 4,950,000 4,950,000 5,203,835 Licenses&Permits 1,083,000 1,083,000 1,448,471 Charges for Services 948,400 948,400 1,044,934 Other 638,235 638,235 436,900 Total Revenues and Transfers 20,736,355 20,736,355 21,430,286 EXPENDITURES General Government 5,529,615 5,561,320 5,068,975 Public Safety 14,348,735 14,378,205 14,256,426 Public Works 694,070 646,420 633,886 Culture and Recreation 1,021,785 1,007,885 987,435 Debt Service 294,270 294,645 294,640 Total Expenditures and Transfers 21,888,475 21,888,475 21,241,362 OTHER FINANCING SOURCES(USES) Transfers(Out) - - (474,057) Change in Fund Balance $ (1,152,120) $ (1,152,120) $ (285,133) (See independent auditor's report) MD&A 10 VILLAGE OF OAK BROOK,ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (continued) Intergovernmental revenues were over budget due primarily to sales tax revenue receipts being $0.2 million higher than budget projections. Utility taxes were over budget due to increased receipts by $.3 million. Licenses and permits were over budget by $.4 million due to increased permit activity. w Actual expenditures were $0.6 million below of the original budget and the amended budget. The Village continues to be conservative in its spending. Capital Assets �- The following schedule reflects the Village's capital asset balances as of December 31, 2014 and 2013. Table 4 Capital Assets As of December 31, 2014 and 2013 (in millions) _ Governmental Business-Type Activities Activities Total 2014 2013 2014 2013 2014 2013 Land and Land Right of Way $ 33.2 $ 33.0 $ 8.3 $ 8.3 $ 41.5 $ 41.3 Buildings and Land Improvements 21.0 19.7 9.1 8.8 30.1 28.5 _ Machinery,Vehicles,and Equipment 9.9 9.4 5.9 5.9 15.8 15.3 Infrastructure 34.4 34.3 25.3 23.9 59.7 58.2 Construction in Progress 0.4 0.3 0.1 - 0.5 0.3 98.9 96.7 48.7 46.9 147.6 143.6 Less: Accumulated Depreciation (37.4) (36.2) (18.1) (17.4) (55.5) (53.6) Total $ 61.5 $ 60.5 $ 30.6 $ 29.5 $ 92.1 $ 90.0 At year-end, the Village's investment in capital assets (net of accumulated depreciation) for both its governmental and business-type activities was $92.1 million, with an increase of$2.1 million from 2013 (see Note 5 in the Notes to Financial Statements for further information regarding capital assets). Major capital asset events during 2014 included the following: • For governmental activities, there was HVAC replacement at Fire Station 93, restoration of windows and doors at the Heritage Center, four police vehicles, two fire vehicles, fire ladder truck, and a public works vehicle and trailer. • For business-type activities, there were water main improvements; diesel engine pumps for drainage; Bath and Tennis improvements were exterior stair replacement, HVAC replacement and locker room renovation; golf course drainage improvements, and mower for golf course operations. a (See independent auditor's report) MD&A 11 VILLAGE OF OAK BROOK,ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (continued) Long-Term Debt As a non-home rule community, the Village's legal general obligation debt limit is 8.625 percent of equalized assessed valuation (EAV), or $109,992,484 based on January 1, 2013 EAV of $1,275,275,179. As of December 31, 2014, the Village has $820,000 of debt outstanding attributed to one installment contract that is applicable to the legal limit (see Note 7 in the Notes to Financial Statements for details of each issue). The table below summarizes the Village's outstanding long-term debt: an Table S Long-term Debt As of December 31, 2014 Governmental Business-Type Activities Activities Total General Fund Certificates: Series 2009 (Refunding) $ 820,000 $ - $ 820,000 Note Payable 3,772,176 - 3,772,176 Total $ 4,592,176 $ - $ 4,592,176 The General Fund Certificates are general obligations of the Village but are not secured by a pledge of property taxes. The General Fund Certificates, Series 2009 (refunding) received a rating of Aa2 from Moody's Investor Service, Inc. The Village's note payable is to the Tax Increment Financing (TIF) District developers for certain improvements in the TIF area located at the Promenade (22nd Street and Meyers Road). The TIF Note is not a general obligation to the Village and it expires in 2024. Repayment of the note is limited to the availability of pledged taxes. Economic Factors and Next Year's Budget Whereas real estate taxes are typically a major source of revenue in most other municipalities, the Village of Oak Brook does not levy a tax on real estate. In addition, since Oak Brook is a non-home rule community and is subject to the tax cap, this effectively limits the Village's real estate tax levy at $-0-. Thus, as compared to other municipalities, Oak Brook's revenue stream is much more dependent on the local and national economy since sales taxes, utility taxes, and state-shared revenues are the primary sources of income to the Village. During the current fiscal year, unassigned fund balance in the General Fund decreased slightly from $15.9 million to $15.8 million primarily due to utilizing some of its cash reserves for —. capital improvements in the Sports Core Fund. The Village's intent is to hold some of this fund balance in reserves and plans to use $.7 million in the 2015 fiscal year budget for capital improvements in the General Corporate Fund. (See independent auditor's report) MD&A 12 VILLAGE OF OAK BROOK,ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (continued) The 2015 Budget continues to be a conservative financial plan while providing excellent services to its residents and business community. The 2015 budgeted revenues are $48.0 million, a 4.0% 16. increase from the 2014 Budget (excludes Pension Trust and Foreign Fire Tax Funds). This is mostly due to an increase in sales tax, grants, utility/telecom taxes, and permit revenues. The total spending in the 2015 Budget is $53.1 million, an increase of$5.1 million, or 10.7% from the 2014 Budget. This is mainly due to an increase in major capital improvements in the Hotel/Motel and Infrastructure Funds. The projected ending cash balance for 2015 in the General Corporate Fund of$11.6 million is equal to 6.9 months of operating expenditures, which is above the six month reserve requirement. CONTACTING THE VILLAGE'S FINANCIAL MANAGEMENT This financial report is designed to provide our citizens, customers, investors and creditors with a general overview of the Village's finances and to demonstrate accountability for the money it receives. Questions concerning this report or requests for additional financial information should be directed to Sharon A. Dangles, Finance Director/Treasurer, Village of Oak Brook, 1200 Oak Brook Road, Oak Brook, IL 60523. L Y� (See independent auditor's report) MD&A 13 (This page is intentionally left blank.) i i i i VILLAGE OF OAK BROOK,ILLINOIS STATEMENT OF NET POSITION December 31,2014 Governmental Business-Type Activities Activities Total ASSETS Cash and investments $ 25,679,748 $ 3,002,052 $ 28,681,800 - Receivables(net of allowances for uncollectibles) Sales taxes 5,479,643 - 5,479,643 -. Utility taxes 1,021,759 - 1,021,759 Accounts 274,876 - 274,876 Billed and unbilled water sales - 685,592 685,592 Allotments 19,851 - 19,851 Accrued interest 80,826 8,415 89,241 Other 669,978 44,767 714,745 Advances to(from)other funds 61,299 (61,299) - Internal balances (567,806) 567,806 - Inventories 40,013 209,416 249,429 Prepaid expenses 54,044 - 54,044 Capital assets Nondepreciable 33,615,942 8,378,313 41,994,255 Depreciable,net of accumulated depreciation 27,925,044 22,176,298 50,101,342 Total assets 94,355,217 35,011,360 129,366,577 LIABILITIES Accounts payable 1,587,017 518,034 2,105,051 Accrued payroll 513,543 54,810 568,353 Accrued interest 132,693 - 132,693 Claims payable 121,423 - 121,423 Deposits 765,306 54,121 819,427 Unearned revenue 106,072 22,563 128,635 Long-term liabilities Due within one year 1,264,263 96,129 1,360,392 Due in more than one year 5,495,115 - 5,495,115 Total liabilities 9,985,432 745,657 10,731,089 NET POSITION Net investment in capital assets 60,720,986 30,554,611 91,275,597 Restricted for Infrastructure 6,706,262 - 6,706,262 Highways and streets 1,038,649 - 1,038,649 Public safety 260,539 - 260,539 Culture and recreation 3,298,553 - 3,298,553 Economic development 228,557 - 228,557 Unrestricted 12,116,239 3,711,092 15,827,331 TOTAL NET POSITION $ 84,369,785 $ 34,265,703 $ 118,635,488 See accompanying notes to financial statements. - 4 - VILLAGE OF OAK BROOK,ILLINOIS STATEMENT OF ACTIVITIES For the Year Ended December 31, 2014 — Program Revenues Operating Capital FUNCTIONS/PROGRAMS Charges Grants and Grants and — PRIMARY GOVERNMENT Expenses for Services Contributions Contributions Governmental Activities General government $ 4,475,510 $ 1,896,337 $ - $ - — Public safety 14,723,265 1,159,614 45,495 - Public works 4,921,003 15,099 311,137 331,799 Culture and recreation 2,031,086 17,274 - - — Interest 341,571 - - - Total governmental activities 26,492,435 3,088,324 356,632 331,799 — Business-Type Activities Waterworks System 7,043,604 7,013,600 17,709 - _ Sports Core 3,577,945 3,147,012 - - Total business-type activities 10,621,549 10,160,612 17,709 - — TOTAL PRIMARY GOVERNMENT $ 37,113,984 $ 13,248,936 $ 374,341 $ 331,799 - 5 - Net(Expense)Revenue and Change in Net Position Primary Government Governmental Business-Type Activities Activities Total $ (2,579,173) $ - $ (2,579,173) (13,518,156) - (13,518,156) (4,262,968) - (4,262,968) (2,013,812) - (2,013,812) (341,571) - (341,571) (22,715,680) - (22,715,680) - (12,295) (12,295) (430,933) (430,933) (443,228) (443,228) -- (22,715,680) (443,228) (23,158,908) General Revenues — Taxes Property 326,896 - 326,896 Replacement 293,840 - 293,840 — Sales, local use 17,678,361 - 17,678,361 Utility 5,203,835 - 5,203,835 Hotel/motel 1,049,631 - 1,049,631 Other 66,595 - 66,595 Intergovernmental 754,748 - 754,748 Investment income (155,427) (16,745) (172,172) Miscellaneous 18,105 - 18,105 Transfers (474,057) 474,057 - — Total 24,762,527 457,312 25,219,839 CHANGE IN NET POSITION 2,046,847 14,084 2,060,931 NET POSITION, JANUARY 1 82,322,938 34,251,619 116,574,557 — NET POSITION,DECEMBER 31 $ 84,369,785 $ 34,265,703 $ 118,635,488 See accompanying notes to financial statements. - 6 - VILLAGE OF OAK BROOK,ILLINOIS GOVERNMENTAL FUNDS BALANCESHEET December 31,2014 Nonmajor Hotel/Motel Governmental Total General Tax Infrastructure Funds Governmental - ASSETS Cash and investments $ 12,288,453 $ 3,569,460 $ 5,165,271 $ 1,506,044 $ 22,529,228 Receivables Sales taxes 3,761,036 - 1,718,607 - 5,479,643 Utility taxes 1,021,759 - - - 1,021,759 - Accounts 274,876 - - - 274,876 Allotments - - - 19,851 19,851 Accrued interest 49,217 10,223 12,130 1,850 73,420 _ Other 158,160 124,348 360,872 - 643,380 Inventories 507 - - - 507 Advances to other funds 61,299 - - - 61,299 Prepaid items 47,286 - - 775 48,061 - TOTAL ASSETS $ 17,662,593 $ 3,704,031 $ 7,256,880 $ 1,528,520 $ 30,152,024 LIABILITIES AND FUND BALANCES LIABILITIES - Accounts payable $ 267,486 $ 405,478 $ 503,567 $ - $ 1,176,531 Accrued payroll 452,553 - 47,051 - 499,604 Deposits payable 765,306 - - - 765,306 Unearned revenue 63,979 - - - 63,979 Total liabilities 1,549,324 405,478 550,618 - 2,505,420 FUND BALANCES Nonspendable Inventories 507 - - - 507 Advances 61,299 - - - 61,299 Prepaid items 47,286 - - 775 48,061 Restricted Infrastructure - - 6,706,262 - 6,706,262 _ Highways and streets - - - 1,038,649 1,038,649 Public safety - - - 260,539 260,539 Culture and recreation - 3,298,553 - - 3,298,553 Economic development - - - 228,557 228,557 - Assigned DuComm 205,050 - - - 205,050 Unassigned _ General Fund 15,799,127 - - - 15,799,127 Total fund balances 16,113,269 3,298,553 6,706,262 1,528,520 27,646,604 TOTAL LIABILITIES AND FUND BALANCES $ 17,662,593 $ 3,704,031 $ 7,256,880 $ 1,528,520 $ 30,152,024 See accompanying notes to financial statements. - 7 - VILLAGE OF OAK BROOK, ILLINOIS RECONCILIATION OF FUND BALANCES OF GOVERNMENTAL FUNDS TO THE GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF NET POSITION December 31, 2014 FUND BALANCES OF GOVERNMENTAL FUNDS $ 27,646,604 Amounts reported for governmental activities in the statement of net position are different because: Capital assets used in governmental activities, excluding the internal service fund capital assets below, are not financial resources and, therefore, are not reported in the governmental funds 58,494,404 Interest payable is not due and payable in the current period and, therefore, is not reported in the governmental funds (132,693) Long-term liabilities are not due and payable in the current period and,therefore, are not reported in the governmental funds Installment contracts payable (820,000) Notes payable (3,772,176) Compensated absences payable (985,931) Net pension obligation (848,634) Net other postemployment benefit obligation (319,305) A portion of the net position of the internal service funds are included in the governmental activities in the statement of net position Capital assets 3,046,582 Other net position 2,060,934 NET POSITION OF GOVERNMENTAL ACTIVITIES $ 84,369,785 See accompanying notes to financial statements. - 8 - VILLAGE OF OAK BROOK,ILLINOIS GOVERNMENTAL FUNDS STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCES For the Year Ended December 31,2014 Nonmajor Total Hotel/Motel Governmental Governmental General Tax Infrastructure Funds Funds REVENUES Intergovernmental $ 13,296,146 $ 40,273 $ 331,799 $ 755,208 $ 14,423,426 Non-home rule sales tax - - 5,384,857 - 5,384,857 Utility taxes 5,203,835 - - - 5,203,835 Hotel/motel taxes - 1,049,631 - - 1,049,631 _ Licenses and permits 1,448,471 - - - 1,448,471 Charges for services 1,044,934 - - - 1,044,934 Fines and penalties 189,060 - - - 189,060 Investment income (109,993) (23,039) (18,632) (3,763) (155,427) Miscellaneous 357,833 64,412 2,307 - 424,552 Total revenues 21,430,286 1,131,277 5,700,331 751,445 29,013,339 EXPENDITURES Current General government 5,068,975 - - 3,230 5,072,205 Public safety 14,256,426 - - 68,294 14,324,720 Public works 633,886 - 4,303,260 - 4,937,146 Culture and recreation 987,435 910,958 - - 1,898,393 Debt service _ Principal 260,000 - - 165,000 425,000 Interest and fiscal charges 34,640 - - 311,454 346,094 Total expenditures 21,241,362 910,958 4,303,260 547,978 27,003,558 EXCESS(DEFICIENCY)OF REVENUES OVER EXPENDITURES 188,924 220,319 1,397,071 203,467 2,009,781 OTHER FINANCING SOURCES(USES) Transfers in - - 156,840 - 156,840 Transfers(out) (474,057) - - (156,840) (630,897) Total other financing sources(uses) (474,057) - 156,840 (156,840) (474,057) NET CHANGE IN FUND BALANCES (285,133) 220,319 1,553,911 46,627 1,535,724 FUND BALANCES,JANUARY 1 16,398,402 3,078,234 5,152,351 1,481,893 26,110,880 FUND BALANCES,DECEMBER 31 $ 16,113,269 $ 3,298,553 $ 6,706,262 $ 1,528,520 $ 27,646,604 - See accompanying notes to financial statements. - 9 - VILLAGE OF OAK BROOK,ILLINOIS RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES TO THE GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF ACTIVITIES For the Year Ended December 31, 2014 NET CHANGE IN FUND BALANCES - TOTAL GOVERNMENTAL FUNDS $ 1,535,724 Amounts reported for governmental activities in the statement of activities are different because: Governmental funds report capital outlays as expenditures; however, they are capitalized and depreciated in the statement of activities 11843,921 The repayment of long-term debt is reported as an expenditure when due in governmental funds but as a reduction of principal outstanding in the statement of activities 425,000 -- Some expenses in the statement of activities do not require the use of current financial resources and,therefore, are not reported as expenditures in governmental funds Depreciation, including internal service funds (1,855,060) Change in compensated absences 14,142 Change in interest payable 4,523 Change in net pension obligation (358,064) Change in net postemployment benefits obligation (147,860) The change in net position of certain activities of internal service funds, excluding depreciation, is included in governmental activities 584,521 CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES $ 2,046,847 See accompanying notes to financial statements. - 10 - VILLAGE OF OAK BROOK,ILLINOIS PROPRIETARY FUNDS STATEMENT OF NET POSITION December 31,2014 Business-Type Activities Waterworks Internal System Sports Core Total Service CURRENT ASSETS Cash and investments $ 2,671,377 $ 330,675 $ 3,002,052 $ 3,150,520 Receivables Billed and unbilled water sales 685,592 - 685,592 - Accrued interest 6,912 1,503 8,415 7,406 Other 7,568 37,199 44,767 26,598 _ Inventories - 209,416 209,416 39,506 Prepaid expenses - - - 5,983 Total current assets 3,371,449 578,793 3,950,242 3,230,013 CAPITAL ASSETS Nondepreciable 285,800 8,092,513 8,378,313 - _ Depreciable,net of accumulated depreciation 17,981,526 4,194,772 22,176,298 3,046,582 Total capital assets 18,267,326 12,287,285 30,554,611 3,046,582 Total assets 21,638,775 12,866,078 34,504,853 6,276,595 CURRENT LIABILITIES Accounts payable 432,668 85,366 518,034 410,486 Accrued payroll 36,213 18,597 54,810 13,939 Compensated absences payable 46,796 49,333 96,129 13,332 Deposits 241 53,880 54,121 - _ Unearned revenue - 22,563 22,563 42,093 Claims payable - - - 121,423 Total current liabilities 515,918 229,739 745,657 601,273 LONG-TERM LIABILITIES Advances from other funds - 61,299 61,299 - Total long-term liabilities - 61,299 61,299 - Total liabilities 515,918 291,038 806,956 601,273 _ NET POSITION Investment in capital assets 18,267,326 12,287,285 30,554,611 3,046,582 Unrestricted 2,855,531 287,755 3,143,286 2,628,740 TOTAL NET POSITION $ 21,122,857 $ 12,575,040 33,697,897 $ 5,675,322 Adjustment to reflect the consolidation .� of internal service fund activities related to enterprise funds 567,806 TOTAL NET POSITION OF BUSINESS-TYPE ACTIVITIES $ 34,265,703 See accompanying notes to financial statements. - 11 - VILLAGE OF OAK BROOK,ILLINOIS PROPRIETARY FUNDS STATEMENT OF REVENUES,EXPENSES AND CHANGES IN NET POSITION For the Year Ended December 31,2014 Business-Type Activities Waterworks Internal System Sports Core Total Service OPERATING REVENUES Charges for services $ 6,962,707 $ 3,147,012 $ 10,109,719 $ 4,113,224 Total operating revenues 6,962,707 3,147,012 10,109,719 4,113,224 OPERATING EXPENSES Operations 6,457,392 3,286,618 9,744,010 758,460 Claims and insurance - - - 2,786,871 Miscellaneous - - - 14,215 Depreciation and amortization 551,791 289,488 841,279 442,641 Total operating expenses 7,009,183 3,576,106 10,585,289 4,002,187 OPERATING INCOME(LOSS) (46,476) (429,094) (475,570) 111,037 NON-OPERATING REVENUES(EXPENSES) Investment income (12,466) (4,279) (16,745) (11,836) Grants - 17,709 17,709 - Gain(loss)on sale of capital assets (7,724) 2,072 (5,652) 64,803 Interest expense - (1,839) (1,839) - Total non-operating revenues(expenses) (20,190) 13,663 (6,527) 52,967 INCOME(LOSS)BEFORE TRANSFERS (66,666) (415,431) (482,097) 164,004 TRANSFERS Transfers in - 474,057 474,057 - Total transfers - 474,057 474,057 - CHANGE IN NET POSITION (66,666) 58,626 (8,040) 164,004 NET POSITION,JANUARY 1 21,189,523 12,516,414 5,511,318 NET POSITION,DECEMBER 31 $ 21,122,857 $ 12,575,040 $ 5,675,322 ' Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds 22,124 CHANGE IN NET POSITION OF BUSINESS-TYPE ACTIVITIES $ 14,084 See accompanying notes to financial statements. — - 12 - VILLAGE OF OAK BROOK,ILLINOIS PROPRIETARY FUNDS STATEMENT OF CASH FLOWS For the Year Ended December 31,2014 Business-Type Activities Waterworks Internal System Sports Core Total Service — CASH FLOWS FROM OPERATING ACTIVITIES Receipts from internal services transactions $ - $ - $ - $ 3,141,309 _ Receipts from customers and users 6,935,689 3,221,531 10,157,220 972,756 Payments to suppliers (5,644,683) (1,741,021) (7,385,704) (3,172,228) Payments to employees (802,225) (1,532,665) (2,334,890) (230,835) Net cash from operating activities 488,781 (52,155) 436,626 711,002 CASH FLOWS FROM NONCAPITAL _ FINANCING ACTIVITIES Repayment of interfund loan - (61,300) (61,300) - Receipt of grant proceeds - 17,709 17,709 - Transfers in - 474,057 474,057 - .� Net cash from noncapital financing activities - 430,466 430,466 - CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Purchase of capital assets (1,346,326) (380,958) (1,727,284) (247,046) _ Proceeds from sale of capital assets - 2,072 2,072 105,261 Interest paid - (1,839) (1,839) - Net cash from capital and related financing activities (1,346,326) (380,725) (1,727,051) (141,785) CASH FLOWS FROM INVESTING ACTIVITIES Purchase of investments (26,362) (56,294) (82,656) (24,640) Sale of investments 743,633 - 743,633 175,062 Interest received 9,784 1,284 11,068 7,633 Net cash from investing activities 727,055 (55,010) 672,045 158,055 ... NET INCREASE(DECREASE)IN CASH AND _ CASH EQUIVALENTS (130,490) (57,424) (187,914) 727,272 CASH AND CASH EQUIVALENTS, JANUARY 1 1,374,558 77,823 1,452,381 894,076 CASH AND CASH EQUIVALENTS, DECEMBER 31 $ 1,244,068 $ 20,399 $ 1,264,467 $ 1,621,348 (This statement is continued on the following page.) - 13 - VILLAGE OF OAK BROOK,ILLINOIS PROPRIETARY FUNDS STATEMENT OF CASH FLOWS(Continued) For the Year Ended December 31,2014 Business-Type Activities Waterworks Internal System Sports Core Total Service CASH AND INVESTMENTS Cash and cash equivalents $ 1,244,068 $ 20,399 $ 1,264,467 $ 1,621,348 Investments 1,427,309 310,276 1,737,585 1,529,172 TOTAL CASH AND INVESTMENTS $ 2,671,377 $ 330,675 $ 3,002.052 $ 3,150,520 RECONCILIATION OF OPERATING INCOME (LOSS)TO NET CASH FLOWS FROM OPERATING ACTIVITIES Operating income(loss) $ (46,476) $ (429,094) $ (475,570) $ 111,037 Depreciation and amortization 551,791 289,488 841,279 442,641 Adjustments to reconcile operating income(loss) to net cash from operating activities Changes in assets and liabilities Accounts receivable (19,471) - (19,471) 3,660 Other receivable (7,547) 80,847 73,300 - Prepaid expenses - - - 12,183 Inventories - (30,764) (30,764) 20,864 Accounts payable - 50,941 50,941 161,478 Accrued payroll and compensated absences 11,168 (7,245) 3,923 (251) Deposits payable (684) (7,417) (8,101) - Unearned revenue - 1,089 1,089 (2,807) Claims payable - - - (37,803) NET CASH FROM OPERATING ACTIVITIES $ 488,781 $ (52,155) $ 436,626 $ 711.002 NONCASH TRANSACTIONS Changes in assets and liabilities related to capital financing $ 69,544 $ $ 69,544 $ 926,947 TOTAL NONCASH TRANSACTIONS $ 69,544 $ - $ 69.544 $ 926,947 See accompanying notes to financial statements. - 14 - VILLAGE OF OAK BROOK, ILLINOIS STATEMENT OF FIDUCIARY NET POSITION December 31, 2014 ASSETS Cash $ 91,735 — Investments Illinois Funds 27,994 Money market mutual funds 1,197,699 U.S. Treasury securities 1,111,025 U.S. agency securities 9,130,331 — State and local obligations 2,297,363 Corporate bonds 9,457,655 Mutual funds 33,784,325 — Equities 698,254 Accrued interest receivable 231,526 Prepaid expenses 4,968 — Total assets 58,032,875 LIABILITIES Accounts payable 15,399 Total liabilities 15,399 NET POSITION HELD IN TRUST FOR PENSION BENEFITS $ 58,017,476 See accompanying notes to financial statements. - 15 - VILLAGE OF OAK BROOK, ILLINOIS — STATEMENT OF CHANGES IN FIDUCIARY NET POSITION For the Year Ended December 31, 2014 ADDITIONS Contributions Employer $ 2,830,566 — Employee 623,762 Other 2,035 Total contributions 3,456,363 Investment income Net depreciation in fair value of investments (69,510) Interest 2,492,387 Total investment income 2,422,877 Less investment expense (128,903) Net investment income 2,293,974 Total additions 5,750,337 DEDUCTIONS Benefits and refunds 4,674,184 Administrative 122,995 Total deductions 4,797,179 — NET INCREASE 953,158 NET POSITION HELD IN TRUST — FOR PENSION BENEFITS January 1 57,064,318 December 31 $ 58,017,476 See accompanying notes to financial statements. - 16 - (This page is intentionally left blank.) VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS December 31, 2014 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of the Village of Oak Brook, Illinois (the Village) have been prepared in conformity with accounting principles generally accepted in the United States of America (hereinafter referred to as generally accepted accounting principles (GAAP)), as applied to government units. The Governmental Accounting Standards Board(GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The more significant of the Village's accounting policies are described below. a. Reporting Entity The Village operates under a village form of government with an elected Village President and Board of Trustees. Operational management is provided by a professional Village Manager employed by the Board of Trustees. Municipal services include police protection, fire protection, recreation facilities, a free public library, water supply, storm water collection, public works operations, road maintenance, building and inspectional services and general administrative services. As required by generally accepted accounting principles, these financial statements present the -- Village (the primary government). There are no component units. The Village's financial statements include the following pension trust funds: Police Pension Employees Retirement System The Village's police employees participate in the Police Pension Employees Retirement System (PPERS). PPERS functions for the benefit of these employees and is governed by its pension board. The Village and PPERS participants are obligated to fund all PPERS costs based upon actuarial valuations. _ The State of Illinois is authorized to establish benefit levels and the Village is authorized to approve the actuarial assumptions used in the determination of contribution levels. Although it possesses many of the characteristics of a legally separate government, PPERS is reported as if it were part of the primary government because its sole purpose is to finance and administer the pensions of the Village's police employees and because of the fiduciary nature of such activities. PPERS is reported as a pension trust fund. - 17 - VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) —` 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) a. Reporting Entity(Continued) Firefighters' Pension Employees Retirement System _ The Village's firefighters participate in the Firefighters' Pension Employees Retirement System (FPERS). FPERS functions for the benefit of these employees and is governed by its pension board. The Village and FPERS participants are obligated to fund all FPERS costs based upon actuarial valuations. The State of Illinois is authorized to establish benefit levels and the Village is authorized to approve the actuarial assumptions used in the determination of contribution levels. Although it possesses many of the characteristics of a legally separate government, FPERS is reported as if it were part of the primary government because its sole purpose is to finance and administer the pensions of the Village's firefighters and because of the fiduciary nature of such activities. FPERS is reported as a pension trust fund. b. Fund Accounting The Village uses funds to report on its financial position, changes in its financial _ position and cash flows. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain government functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. The minimum number of funds is maintained consistent with legal and managerial requirements. Funds are classified into the following categories: governmental, proprietary and fiduciary. Governmental funds are used to account for all or most of a government's general activities. Special revenue funds are used to account for and report the proceeds of specific revenue sources that are restricted or committed to expenditure for specified — purposes other than debt service or capital projects. Capital project funds are used to account for and report financial resources that are restricted, committed, or assigned to expenditure for capital outlays, including the acquisition or construction of capital y facilities and other capital assets. Debt service funds are used to account for and report financial resources that are restricted, committed, or assigned to expenditure for principal and interest. The General Fund is used to account for and report all financial resources not accounted for and reported in another fund. .r - 18 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) b. Fund Accounting (Continued) Proprietary funds are used to account for activities similar to those found in the private sector,where the determination of net income is necessary or useful for sound financial administration. Goods or services from such activities can be provided either to outside parties (enterprise funds) or to other departments or agencies primarily within the government(internal service funds). Fiduciary funds are used to account for assets held on behalf of outside parties, including other governments, or on behalf of other funds within the government. The Village utilizes pension trust funds which are generally used to account for assets that the Village holds in a fiduciary capacity. C. Government-Wide and Fund Financial Statements The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the nonfiduciary activities of the Village. The effect of material interfund activity has been eliminated from these statements. Interfund services provided and used are not eliminated on these statements. Governmental activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, .— which rely to a significant extent on fees and charges for support. The statement of activities demonstrates the degree to which the direct expenses of a -- given function, segment or program are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include (1) charges to customers or applicants who purchase, use or directly benefit from goods, services or privileges provided by a given function or segment, and (2) grants and standard revenues that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not properly included among program revenues are reported instead as general revenues. Separate financial statements are provided for governmental funds, proprietary funds and fiduciary funds, even though the latter are excluded from the government-wide financial statements. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements. The Village reports the following major governmental funds: The General Fund is the Village's primary operating fund. It accounts for all financial resources of the general government, except those accounted for in another fund. - 19 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) C. Government-Wide and Fund Financial Statements(Continued) The Hotel/Motel Tax Fund, a special revenue fund, is used to account for local hotel/motel tax receipts restricted for promoting tourism and conventions in the Village. The Infrastructure Fund, a capital projects fund, is used to account for revenues restricted for and expenditures relative to the construction and maintenance of roadway,drainage and bike trail improvements. — The Village reports the following major enterprise funds: The Waterworks System Fund accounts for the revenues and expenses relative to the operation of the water utility. The Sports Core Fund accounts for the revenues and expenses relative to the operation of the Oak Brook Sports Core. Additionally,the Village reports the following internal service funds: Internal Service Funds account for the Village's self-insured employee health and dental insurance program; the operation and maintenance of the Village's vehicle fleet equipment, and the Village's capital replacement program provided to other departments or agencies of the Village on a cost reimbursement basis. The Village reports the following fiduciary funds: The Village reports pension trust funds as fiduciary funds to account for the Police Pension Fund and Firefighters' Pension Fund. — d. Measurement Focus, Basis of Accounting and Financial Statement Presentation The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary funds and fiduciary funds financial statements. Revenues and additions are recorded when earned and expenses and deductions are recorded when a liability is incurred. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Operating revenues/expenses include all revenues/expenses directly related to providing enterprise fund services. Incidental revenues/expenses are reported as non-operating. - 20 - VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) d. Measurement Focus,Basis of Accounting and Financial Statement Presentation (Continued) Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. The Village considers revenues to be available if they are collected within 60 days of the end of the current fiscal period, except for sales taxes and telecommunication taxes which use a 90-day period and income taxes a 120-day period. Expenditures generally are recorded when a fund liability is incurred. However, debt service expenditures are recorded only when payment is due by the end of the year. Those revenues susceptible to accrual are sales taxes, certain taxes collected and held by the State at year end on behalf of the Village, certain charges for services and interest. Permit revenues are not susceptible to accrual because generally they are not measurable until received in cash. The Village may report unavailable revenue on its financial statements as a deferred inflow of resources. Unavailable revenues arise when a potential revenue does not — meet both the measurable and available criteria for recognition in the current period. Unearned revenues arise when resources are received by the Village before it has a legal claim to them, as when grant monies are received prior to the incurrence of qualifying expenditures. In subsequent periods, when both revenue recognition criteria are met or when the Village has a legal claim to the resources, the deferred inflow for unavailable revenue or liability for unearned revenue is removed from the financial statements and revenue is recognized. There were no deferred inflows for unavailable revenues at December 31, 2014. In applying the susceptible to accrual concept to intergovernmental revenues (i.e., federal and state grants), the legal and contractual requirements of the numerous individual programs are used as guidance. There are, however, essentially two types of these revenues. In one, monies must be expended on the specific purpose or project before any amounts will be paid to the Village; therefore, revenues are recognized based upon the expenditures/expenses incurred. In the other, monies are virtually unrestricted as to purpose of expenditure/expense and are generally revocable only for failure to comply with prescribed eligibility requirements. These ., resources are reflected as revenues at the time of receipt or earlier if they meet the eligibility criterion. - 21 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) e. Cash and Investments Cash and Cash Equivalents _ For purposes of the statement of cash flows, the Village's proprietary funds consider all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Investments — In accordance with Governmental Accounting Standards Board Statement No. 31, Accounting and Financial Reporting for Certain Investments and for External Investment Pools, non-negotiable certificates of deposit and investments with maturity of less than one year at date of purchase, if any, are stated at amortized cost. All other investments are stated at fair value. Fair value is based on quoted market prices for the same or similar investments. All investments of the pension trust funds are stated at fair value. f. 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 nonspendable fund balance which indicates that they do not constitute "available spendable _ resources" even though they are a component of net current assets. g. Prepaid Items/Expenses -- Payments made to vendors for services that will benefit periods beyond the date of this report are recorded as prepaid items/expenses in both the government-wide and fund — financial statements. The cost of prepaid items/expenses is recorded as expenditures/expenses when consumed rather than when purchased. h. Capital Assets Capital assets, which include property, plant, equipment and infrastructure assets (e.g., _ roads, bridges, sidewalks and similar items), are reported in the applicable governmental or business-type activities columns in the government-wide financial statements. Capital assets are defined by the Village as assets with an initial, individual cost of$5,000 or more and an estimated useful life in excess of one year. - 22 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) h. Capital Assets (Continued) Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market value at the date of donation. Infrastructure acquired prior to the implementation of GASB Statement No. 34 is reported on the financial statements. ._ The costs of normal maintenance and repairs, including street overlays that do not add to the value of the asset or materially extend asset lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed. Interest incurred during the construction phase of capital assets of business-type activities is included as part of the capitalized value of the assets constructed. Property, plant and equipment is depreciated using the straight-line method over the following estimated useful lives: Assets Years Land improvements 20 Buildings and building improvements 5-50 Equipment 5-20 Vehicles 2-20 Infrastructure 20-75 i. Compensated Absences Vested or accumulated vacation, sick or compensatory leave including related social security and medicare of proprietary funds and governmental activities is recorded as an expense and liability of those funds as the benefits accrue to employees. In accordance with the provisions of GASB Statement No. 16, Accounting for Compensated Absences, no liability is recorded for nonvesting accumulating rights to receive sick pay benefits. However, a liability is recognized for that portion of accumulating sick leave benefits that it is estimated will be taken as a termination benefit at retirement. j. Interfund Transactions Interfund services are accounted for as revenues, expenditures or expenses. Transactions that constitute reimbursements to a fund for expenditures/expenses initially made from it that are properly applicable to another fund, are recorded as ,^ expenditures/expenses in the reimbursing fund and as reductions of expenditures/expenses in the fund that is reimbursed. All other interfund transactions, except interfund services transactions and reimbursements, are reported as transfers. - 23 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued) k. Interfund Receivables/Payables Activity between funds that are representative of lending/borrowing arrangements _ outstanding at the end of the fiscal year are referred to as either "due to/from other funds" (i.e., the current portion of interfund loans) or "advances to/from other funds" (i.e., the noncurrent portion of interfund loans). All other outstanding balances between _ funds are reported as"due to/from other funds." Advances between funds, as reported in the fund financial statements, are offset by _ nonspendable fund balance in applicable governmental funds to indicate that they are not available for appropriation and are not expendable available financial resources. 1. Long-Term Obligations In the government-wide financial statements and proprietary funds in the fund financial — statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities, business-type activities or proprietary fund financial statements. Bond premiums and discounts are deferred and amortized over the -- life of the bonds. Bonds payable are reported net of the applicable bond premium or discount. In the fund financial statements, governmental funds recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as expenditures. — In. Fund Balance/Net Position In the fund financial statements, governmental funds report nonspendable fund balance for amounts that are either not in spendable form or legally or contractually required to be maintained intact. Restrictions of fund balance are reported for _ amounts constrained by legal restrictions from outside parties for use for a specific purpose or externally imposed by outside entities. None of the restricted fund balance result from enabling legislation adopted by the Village. Committed fund balance is _ constrained by formal actions of the Village's Board, which is considered the Village's highest level of decision-making authority. Formal actions include ordinances approved by the Board. Assigned fund balance represents amounts r constrained by the Village's intent to use them for a specific purpose. The authority to assign fund balance has been delegated to the Village's finance director through the approved fund balance policy of the Village. Any residual fund balance of the General Fund and any deficit fund balance of any other governmental fund is reported as unassigned. - 24 - VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) in. Fund Balance/Net Position(Continued) The Village's flow of funds assumption prescribes that the funds with the highest level of constraint are expended first. If restricted or unrestricted funds are available --- for spending, the restricted funds are spent first. Additionally, if different levels of unrestricted funds are available for spending, the Village considers committed funds to be expended first followed by assigned and then unassigned funds. The Village has established fund balance policies for their governmental funds. It is the policy of the Village that every effort be made to maintain the greater of. (a) an uncommitted cash balance equal to six months of budgeted operating expenditures for the forthcoming fiscal year, exclusive of budgeted capital projects and one time significant items. In the government-wide financial statements, restricted net position is legally restricted by outside parties for a specific purpose. Net investment in capital assets, represents the Village's investment in the book value of capital assets, less any outstanding debt that was issued to construct or acquire the capital asset. n. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, deferred outflows, liabilities and deferred inflows and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures/expenses during the reporting period. Actual results could differ from those estimates. 2. DEPOSITS AND INVESTMENTS The Village maintains a cash and investment pool that is available for use by all funds, except the pension trust funds and the Foreign Fire Insurance Tax Fund. Separately held cash and investments for the Foreign Fire Insurance Tax Fund as well as each fund's portion of this pool is included on the statement of net position as "cash and investments." The deposits and investments of the pension trust funds are held separately from those of other funds. Permitted Deposits and Investments - The Village's investment policy allows for deposits/investments in insured commercial banks, savings and loan institutions, obligations of the U.S. Treasury and U.S. agencies, insured credit union shares, money market mutual funds with portfolios of securities issued or guaranteed by the United States Government or agreement to repurchase these same obligations, repurchase agreements, short-term commercial paper rated within the three highest classifications by at least two standard rating -25 - VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) — 2. DEPOSITS AND INVESTMENTS (Continued) services, corporate bonds,Illinois Funds (created by the Illinois State Legislature under the control of the State Comptroller that maintains a $1 per share value which is equal to the participants fair value) and the Illinois Metropolitan Investment Fund (IMET), a not-for- _ profit investment trust formed pursuant to the Illinois Municipal Code and managed by a Board of Trustees elected from the participating members. IMET is not registered with the SEC as an investment company. Investments in IMET are valued at IMET's share price, the price for which the investment could be sold. a. Deposits �- It is the policy of the Village to invest its funds in a manner which will provide the highest investment return with the maximum security while meeting the daily cash '- flow demands of the Village and conforming to all state and local statutes governing the investment of public funds, using the "prudent person" standard for managing the overall portfolio. The primary objective of the policy is legality, safety (preservation of capital and protection of investment principal), liquidity and yield. Village Deposits with Financial Institutions Custodial credit risk for deposits with financial institutions is the risk that in the _ event of a bank's failure, the Village's deposits may not be returned to it. The Village's investment policy requires pledging of collateral with a fair value of 110% of all bank balances in excess of federal depository insurance with the collateral held _ by an agent of the Village in the Village's name. b. Investments _ As of December 31, 2014, the Village had the following investments and maturities in debt securities. Investment Maturities(in Years) Fair Less More Value than 1 1-5 6-10 than 10 IMET $ 855 $ - $ 855 $ - $ - U.S.agencies 4,248,428 2,999,890 1,248,538 - - — State and local obligations 3,715,447 2,614,880 1,100,567 - - Corporate bonds 6,066,050 6,066,050 - - - — TOTAL $ 14,030,780 $11,680,820 $ 2,349,960 $ - $ - - 26 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 2. DEPOSITS AND INVESTMENTS (Continued) b. Investments (Continued) GASB Statement No. 40 - Operating Funds -- In accordance with its investment policy, the Village limits its exposure to interest rate risk by structuring the portfolio to remain sufficiently liquid to enable the Village to meet all operating requirements which may be reasonably anticipated in any Village fund. Maturities of investments in all funds covered by this policy shall not exceed five years, unless a temporary extension of maturities is approved by the Board of Trustees. The Village limits its exposure to credit risk, which is the risk that the issuer of a debt security will not pay its par value upon maturity. This is done primarily by investing in securities issued by the United States Government, securities issued by agencies of the United States Government, which are implicitly guaranteed by the United States Government, or corporate bonds rated within the three highest classifications by at least two standard rating services. Investments in corporate bonds are rated Aaa. Investments in state and local obligations are rated AAA. Illinois Funds and IMET are both AAA rated funds. In order to limit the exposure to concentration of credit risk, the Village's investment policy limits investments in any one financial institution to 25%, exclusive of securities guaranteed by the full faith and credit of the United States Government or obligations of agencies of the United States Government. The Village limits its exposure to custodial credit risk by utilizing an independent, third party institution, selected by the Village, to act as custodian for its securities and collateral. For an investment, custodial risk is the risk that, in the event of the failure of the counterparty, the Village will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. The IMET Convenience Fund is a short-term money market instrument developed and implemented in 2003 by public entities as a cooperative endeavor under the jurisdiction of the IMET Board of Trustees elected from the participating members. The board controls the fund and is responsible for policy formation and administrative oversight. The fund is not registered with the SEC as an investment company or rated by a credit rating agency. All pool shares are either FDIC insured or collateralized at 110%. The collateral is held in the name of IMET at the Federal Reserve Bank of New York. The fair value of the positions in the pool is the same as the value of the pool shares. In October 2014, the Illinois Metropolitan Investment Fund (IMET) notified all participants that over $50 million in loans, which were - 27 - VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) -` 2. DEPOSITS AND INVESTMENTS (Continued) b. Investments (Continued) GASB Statement No. 40 - Operating Funds (Continued) _ being held in the Convenience Fund's approximately $176 million assets, were fraudulent and in default. The forged guarantees on these loans were denied by the — USDA. The Village portion of the IMET Convenience Fund that has been impaired is $278,131. Recovery efforts are ongoing with the Village recovering $13,836 subsequent to year end. IMET issues a publicly available financial report. That report may be obtained by writing to IMET, 1220 Oak Brood Road, Oak Brook, Illinois 60523. 3. PROPERTY TAXES Property taxes for 2014 attach as an enforceable lien on January 1, 2014, on property r values assessed as of the same date. Taxes are levied by December 31 of the fiscal year by passage of a Tax Levy Ordinance. Tax bills are prepared by the County and issued on or _ about May 1 and August 1 and are payable in two installments, on or about June 1 and September 1. The County collects such taxes and remits them periodically. The Village does not have a tax levy but does receive a share of road and bridge taxes from local _ townships, as well as incremental property taxes from the Butterfield/Meyers Road Redevelopment Project Area(TIF). 4. RECEIVABLES The following receivables are included in other receivables on the statement of net position _ as of December 31, 2014: GOVERNMENTAL ACTIVITIES — State income tax $ 130,091 Hotel/motel tax 90,625 Intergovernmental 388,941 — Other miscellaneous 60,321 TOTAL GOVERNMENTAL ACTIVITIES $ 669,978 — BUSINESS-TYPE ACTIVITIES Members charges $ 29,633 _ Deposits 7,500 Other miscellaneous 7,634 TOTAL BUSINESS-TYPE ACTIVITIES $ 44,767 - 28 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 5. CAPITAL ASSETS Capital asset activity for the year ended December 31,2014 was as follows: Beginning Ending Balance Increases Decreases Balance GOVERNMENTAL ACTIVITIES Capital assets not being depreciated Land $ 616,829 $ - $ - $ 616,826 Land right of way 32,422,727 128,389 - 32,551,116 Construction in progress 254,380 447,997 254,380 447,997 Total capital assets not being depreciated 33,293,936 576,386 254,380 33,615,942 Capital assets being depreciated Buildings,building and land improvements 19,702,736 1,297,748 - 21,000,484 Computer equipment 1,496,438 49,935 - 1,546,373 Other equipment 1,995,355 22,995 - 2,018,350 Vehicles 31,006 - - 31,006 Infrastructure 34,264,187 151,237 - 34,415,424 Internal service fund vehicles 5,956,567 1,173,993 856,033 6,274,527 Total capital assets being depreciated 63,446,289 2,695,908 856,033 65,286,164 Less accumulated depreciation for Buildings,building and land improvements 7,040,083 524,322 - 7,546,405 Computer equipment 1,322,936 64,501 - 1,387,437 Other equipment 1,665,171 74,513 - 1,739,684 Vehicles 31,006 - - 31,006 Infrastructure 22,661,560 749,083 - 23,410,643 Internal service fund vehicles 3,600,879 442,641 815,575 3,227,945 Total accumulated depreciation 36,321,635 1,855,060 815,575 37,361,120 Total capital assets being depreciated,net 27,124,654 840,848 40,458 27,925,044 GOVERNMENTAL ACTIVITIES CAPITAL ASSETS,NET $ 60,418,590 $ 1,417,234 $ 294,838 $ 61,540,986 BUSINESS-TYPE ACTIVITIES Capital assets not being depreciated Land $ 8,292,266 $ - $ - $ 8,292,266 Construction in progress 69,227 86,047 69,227 86,047 _ Total capital assets not being depreciated 8,361,493 86,047 69,227 8,378,313 Capital assets being depreciated Land improvements 2,940,845 163,924 - 3,104,769 Building and building improvements 5,861,835 106,609 - 5,968,444 Infrastructure 23,931,182 1,385,699 51,289 25,265,592 Vehicles,machinery and equipment 5,861,647 123,776 39,500 5,945,923 Total capital assets being depreciated 38,595,509 1,780,008 90,789 40,284,728 L. -29 - VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 5. CAPITAL ASSETS (Continued) BUSINESS-TYPE ACTIVITIES(Continued) Less accumulated depreciation for Land improvements $ 2,345,381 $ 66,929 $ - $ 2,412,310 Building and building improvements 2,813,144 126,965 - 2,940,109 _ Infrastructure 7,838,337 389,168 43,565 8,183,940 Vehicles,machinery and equipment 4,353,354 258,217 39,500 4,572,071 Total accumulated depreciation 17,350,216 841,279 83,065 18,108,430 Total capital assets being depreciated,net 21,245,293 938,729 7,724 22,176,298 BUSINESS-TYPE ACTIVITIES CAPITAL ASSETS,NET $ 29,606,786 $ 1,024,776 $ 76,951 $ 30,554,611 Depreciation expense was charged to functions of the primary government as follows: GOVERNMENTAL ACTIVITIES General government $ 458,718 Public safety 487,474 Public works 778,711 Culture and recreation 130,157 TOTAL DEPRECIATION EXPENSE-GOVERNMENTAL ACTIVITIES $ 1,855,060 6. RISK MANAGEMENT — The Village is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; injuries to employees; illnesses of employees; and natural disasters. The Village participates in the Intergovernmental Risk Management Agency (IRMA) which is an organization of municipalities and special districts in Northeastern Illinois which have formed an association under the Illinois Intergovernmental Cooperation's Statute to pool its risk management needs. The Village pays annual premiums to IRMA for its workers' compensation, general liability and property coverage. The Village assumes the first $25,000 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 IRMA beyond its 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. - 30 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 6. RISK MANAGEMENT (Continued) In addition, the Village provides medical and dental coverage to village employees, their = dependents, retirees and employees of the Oak Brook Park District through a limited self-insurance program. The Village is self-insured for the first $85,000 per individual for medical claims up to a maximum limit of $2,685,860 for all individuals. Commercial insurance is carried for amounts in excess of the self-insured amounts. Settlements did not exceed insurance coverage in any of the last three years. The Village is entirely self-insured for dental claims up to the annual benefit limit of $1,500 per individual. The Village's self-insurance activities are reported in the Self-Insurance Fund, an Internal Service Fund. Premiums are paid into the Self-Insurance Fund by the departments of the General Fund and other funds, retirees, the Oak Brook Park District and COBRA participants based upon equivalent premium estimates. Liabilities are reported when it is probable that a loss has occurred and the amount of the loss can be reasonably estimated. Reported liabilities are estimated based on historical cost information and include an amount for claims that have been incurred but not reported. The total claim liability at year end was $121,423. A reconciliation of claims payable for the current year and that of the preceding year is as follows: 2014 2013 CLAIMS PAYABLE,BEGINNING OF YEAR $ 159,226 $ 176,970 Claims incurred and changes in estimate 1,967,420 2,029,794 Claims paid (2,005,223) (2,047,538) CLAIMS PAYABLE,END OF YEAR $ 121,423 $ 159,226 7. LONG-TERM DEBT Installment Contract Payable The Village has issued installment contracts payable to provide funds for the acquisition of capital assets. The installment contracts payable currently outstanding are as follows: Fund Debt Balance, Balance, Current Issue Retired by January 1 Issuances Retirements December 31 Portion General Fund Refunding Certificates,Series 2009 dated July 15,2009,interest at 2.0%to 3.5%,due in annual installments ranging from$205,000 to $280,000 through December 1, 2017,interest payable June 1 and December 1 of each year,secured by sales and use taxes. General $ 1,080,000 $ - $ 260,000 $ 820,000 $ 265,000 TOTAL $ 1,080,000 $ - $ 260,000 $ 820,000 $ 265,000 - 31 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) -` 7. LONG-TERM DEBT (Continued) Notes Payable The Village has issued notes payable related to developer and intergovernmental agreements. The notes payable and installment contracts payable currently outstanding are as follows: Fund Debt Balance, Balance, Current " Issue Retired by January 1 Issuances Retirements December 31 Portion $4,250,000 TIF note payable to developers dated June 6,2005 for certain improvements in the TIF area,interest at 8%due in semiannual installments contingent upon sufficient pledged incremental real estate tax and sales tax. Principal is due Promenade by February 1,2024. TIF $ 3,937,176 $ - $ 165,000 $ 3,772,176 $ - TOTAL $ 3,937,176 $ - $ 165,000 $ 3,772,176 $ - Debt Service Requirements to Maturity -- Annual debt service requirements to maturity are as follows: Installment Contracts Fiscal Year Payable from Governmental Ending Activities _ December 31, Principal Interest 2015 $ 265,000 $ 26,687 2016 275,000 18,738 — 2017 280,000 9,800 TOTAL $ 820,000 $ 55,225 _ The repayment of the TIF note payable is based on incremental real estate tax and sales tax received. As such, there is no debt service to maturity schedule. - - 32 - VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 7. LONG-TERM DEBT (Continued) Change in Long-Term Liabilities During the fiscal year, the following changes occurred in long-term liabilities reported in the governmental activities: Balance, Balance, Current January 1 Additions Reductions December 31 Portion Installment contracts payable $ 1,080,000 $ - $ 260,000 $ 820,000 $ 265,000 Notes payable 3,937,176 - 165,000 3,772,176 - Net other postemployment benefit obligation* 171,445 147,860 - 319,305 Net pension obligation* 490,570 358,064 - 848,634 - -- Compensated absences* 1,000,073 985,931 1,000,073 985,931 985,931 Compensated absences- Internal Service Fund 13,069 13,332 13,069 13,332 13,332 TOTAL GOVERNMENTAL ACTIVITIES $ 6,692,333 $ 1,505,187 $ 1,438,142 $ 6,759,378 $ 1,264,263 *The compensated absences for governmental activities typically have been liquidated by the General Fund and the Infrastructure Fund. The net other postemployment benefit obligation and net pension obligation typically have been liquidated by the General Fund. During the fiscal year, the following changes occurred in long-term liabilities reported in '— the business-type activities: Balance, Balance, Current January 1 Additions Reductions December 31 Portion Compensated absences $ 101,865 $ 96,129 $ 101,865 $ 96,129 $ 96,129 TOTAL BUSINESS- TYPE ACTIVITIES $ 101,865 $ 96,129 $ 101,865 $ 96,129 $ 96,129 Legal Debt Margin 2013 assessed valuation(latest information available) $ 1,275,275,179 Legal debt limit - 8.625%of assessed valuation $ 109,992,484 Amount of debt applicable to debt limit 820,000 LEGAL DEBT MARGIN $ 109,172,484 - 33 - VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 8. INTERFUND ACCOUNTS Advances to/from other funds Advance To Advance From Amount _ Sports Core General $ 61,299 The purpose of this amount advanced to the Sports Core Fund was to finance the purchase of golf carts. This amount will be repaid to the General fund. Transfer to/from other funds Transfer To Transfer From Amount " Sports Core General $ 474,057 Infrastructure Nonmajor Governmental 156,840 $ 630,897 The purpose of the amount transferred to the Sports Core Fund was to finance operating needs and capital improvements. Funds were transferred to the following programs: sports core general operations for operating expense ($72,905), swimming operations for building improvements and general equipment ($163,806), polo for operating expense ($73,652), summer tennis for building improvement and sidewalk ($17,835), open field for soccer field drainage ($7,147), b&t clubhouse for building improvements ($12,971), golf course maintenance for equipment($42,413) and the golf drainage project($83,328). The purpose of the amount transferred to the Infrastructure Fund was to provide funding for street paving and installation of a sidewalk. 9. COMMITMENTS DuPage Water Commission The Village is a customer of the DuPage Water Commission (the Commission) and has _ executed a Water Supply Contract (the Contract)with the Commission for a term ending in 2024. The Contract provides that the 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. - 34 - VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) — 9. COMMITMENTS DuPage Water Commission (Continued) Fiscal Year Ending December 31, Amount 2015 $ 282,245 2016 282,245 2017 282,245 2018 282,245 2019 282,245 Thereafter 1,411,225 TOTAL $ 2,822,450 These amounts have been calculated using the Village's current allocation percentage. In — future years, this allocation percentage will be subject to change. Estimates for the remaining years of the Contract are not currently available. However, the Village does not expect the minimum amounts for the remaining years of the Contract to materially vary from the amounts presented above. 10. CONTINGENT LIABILITIES a. Litigation The Village is a defendant in various lawsuits. Although the outcome of these lawsuits is not presently determinable, in the opinion of the Village's attorney, the resolution of these matters will not have a material adverse effect on the financial condition of the Village. — In addition, the Village may become responsible for certain legal costs associated with other lawsuits. It is possible, but not probable, that the Village will become liable for these costs. No liability, therefore, has been recorded on the financial statements for this litigation. b. 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. - 35 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) — 10. CONTINGENT LIABILITIES (Continued) C. 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. 11. DEFINED BENEFIT PENSION PLANS The Village contributes to four defined benefit pension plans, the Illinois Municipal — Retirement Fund (IMRF), an agent multiple-employer public employee retirement system; the Sheriff's Law Enforcement Personnel (SLEP) (also administered by IMRF), an agent multiple-employee retirement system; the Police Pension Plan, which is a single-employer pension plan; and the Firefighters' Pension Plan, which is also a single-employer pension plan. The benefits, benefit levels, employee contributions and employer contributions for all four plans are governed by Illinois Compiled Statutes and can only be amended by the Illinois General Assembly. The Police and Firefighters' Pension Plans do not issue separate reports. IMRF issues a publicly available report that includes financial statements and supplementary information for the plan as a whole, but not for individual employers. That — report can be obtained from IMRF, 2211 York Road, Suite 500, Oak Brook, Illinois 60523. a. Plan Descriptions Illinois Municipal Retirement Fund — IMRF provides two tiers of pension benefits. Employees hired prior to January 1, 2011, are eligible for Tier 1 benefits. For Tier 1 employees, pension benefits vest — after eight years of service. Participating members who retire at age 55 (reduced benefits) or after age 60 (full benefits) with eight years of credited service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to — 12/3% of their final rate of earnings, for each year of credited service up to 15 years, and 2% for each year thereafter. Employees hired on or after January 1, 2011, are eligible for Tier 2 benefits. For Tier 2 employees, pension benefits vest after ten years of service. Participating members who retire at age 62 (reduced benefits) or after age 67 (full benefits) with — ten years of credited service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 12/3% of their final rate of earnings, for each year of credited service up to 15 years, and 2% for each year thereafter. These benefit — provisions and all other requirements are established by state statute. - 36 - VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) _ 11. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Illinois Municipal Retirement Fund (Continued) Participating members are required to contribute 4.5% of their annual salary to IMRF. The Village is required to contribute the remaining amounts necessary to fund IMRF as specified by statute. The employer contribution for the year ended December 31, 2014 was 14.80%of covered payroll. Sheriff's Law Enforcement Personnel SLEP members, having accumulated at least 20 years of SLEP service and terminating IMRF participation on or after January 1, 1988, may elect to retire at or after age 50 with no early retirement discount penalty. SLEP members meeting these two qualifications are entitled to an annual retirement benefit, payable monthly for life, in an amount generally equal to 2.5% of their final rate of earnings, for each year of credited service up to 20 years, 2% of their final earnings rate for the next ten years of credited service and 1.00% for each year thereafter. For SLEP members retiring with less than 20 years of SLEP service, the regular IMRF pension formula applies. SLEP also provides death and disability benefits. These benefit provisions and all other requirements are established by Illinois _ Compiled Statute. Participating members are required to contribute 6.5% of their annual salary to SLEP. The Village is required to contribute the remaining amounts necessary to fund SLEP as specified by statute. The employer contribution for the year ended December 31, 2014 was 13.75% of covered payroll. Police Pension Plan Plan Administration Police sworn personnel are covered by the Police Pension Plan. Although this is a single-employer pension plan, the defined benefits and employee and employer contribution levels are governed by Illinois Compiled Statutes (40 ILCS 5/3-1) and may be amended only by the Illinois legislature. The Village accounts for the plan as a pension trust fund. The plan is governed by a by a five-member pension board. Two members are appointed by the Village's Board, one elected by retired pension members and two elected by active members constitute the pension board. _ The plan is accounted for on the economic resources measurement focus and the accrual basis of accounting. Employer and employee contributions are recognized when earned in the year that the contributions are required, benefits and refunds are recognized as an expense and liability when due and payable. - 37 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) — 11. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) — Police Pension Plan (Continued) — Plan Membership At December 31, 2014, the Police Pension Plan membership consisted of: Inactive plan members currently receiving benefits 37 — Inactive plan members entitled to but not yet receiving benefits 4 Active plan members 40 TOTAL 81 Number of participating employers 1 Benefits Provided The Police Pension Plan provides retirement benefits as well as death and disability — benefits. Tier 1 employees (those hired prior to January 1, 2011) attaining the age of 50 or older with 20 or more years of creditable service are entitled to receive an annual retirement benefit equal to one-half of the salary attached to the rank held on the last day of service, or for one year prior to the last day, whichever is greater. The annual benefit shall be increased by 2.5% of such salary for each additional year of service over 20 years up to 30 years to a maximum of 75% of such salary. Employees _ with at least eight years but less than 20 years of credited service may retire at or after age 60 and receive a reduced benefit. The monthly benefit of a police officer who retired with 20 or more years of service after January 1, 1977 shall be increased _ annually, following the first anniversary date of retirement and be paid upon reaching the age of at least 55 years, by 3% of the original pension and 3% compounded annually thereafter. Tier 2 employees (those hired on or after January 1, 2011) attaining the age of 55 or older with ten or more years of creditable service are entitled to receive an annual _ retirement benefit equal to the average monthly salary obtained by dividing the total salary of the police officer during the 96 consecutive months of service within the last 120 months of service in which the total salary was the highest by the number of _ months of service in that period. Police officers' salary for pension purposes is capped at $106,800, plus the lesser of% of the annual change in the Consumer Price Index or 3% compounded. The annual benefit shall be increased by 2.5% of such - 38 - VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 11. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Police Pension Plan (Continued) Benefits Provided(Continued) salary for each additional year of service over 20 years up to 30 years to a maximum .� of 75% of such salary. Employees with at least ten years may retire at or after age 50 and receive a reduced benefit (i.e., 1/2% for each month under 55). The monthly benefit of a Tier 2 police officer shall be increased annually at age 60 on the January 1St after the police officer retires, or the first anniversary of the pension starting date, whichever is later. Noncompounding increases occur annually, each January thereafter. The increase is the lesser of 3% or %2 of the change in the _ Consumer Price Index for the proceeding calendar year. Contributions Employees are required by ILCS to contribute 9.91% of their base salary to the Police Pension Plan. If an employee leaves covered employment with less than 20 years of service, accumulated employee contributions may be refunded without accumulated interest. Benefits and refunds are recognized when due and payable in accordance with the terms of the plan. The costs of administering the Police Pension Plan are financed through investment earnings. The Village is required to contribute the remaining amounts necessary to finance the plan as actuarially determined by an enrolled actuary. For the year ended December 31, 2014, the Village's contribution was 41.3% of covered payroll. The State of Illinois passed Public Act 096-1495 on December 30, 2010. As a result, effective January 1, 2011, the Village has until the year 2040 to fund 90% of the past service costs for the Police Pension Plan. Investment Policy _ ILCS limit the Police Pension Fund's (the Fund) investments to those allowable by ILCS and require the Fund's Board of Trustees to adopt an investment policy which can be amended by a majority vote of the Board of Trustees. The Fund can invest in the same securities as the Village, plus the following: certain non-U.S. obligations (corporate debt securities), Illinois municipal corporations tax anticipation warrants, veteran's loans, obligations of the State of Illinois and its political divisions, Illinois insurance company general and separate accounts, equity mutual funds and equity securities. During the year, the Board of Trustees approved changes to the investment policy effective October 22, 2014. These changes incorporated additional permitted investments under ILCS. - 39 - VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 11. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Police Pension Plan (Continued) Investment Policy(Continued) The Fund's investment manager establishes the following target allocation across asset classes: Long-Term Expected Real Rate Asset Class Target of Return Domestic Equity 34% 6.6% International Equity 18% 7.3% _ Bonds 42% 2.8% Real Estate 5% 5.4% Money Market 1% 0.9% Investment Valuations All investments in the plan are stated at fair value and are recorded as of the trade date. Fair value is based on quoted market prices at December 31 for debt securities, equity securities and mutual funds and contract values for any insurance contracts. Investment Rate of Return For the year ended December 31, 2014, the annual money-weighted rate of return on — pension plan investments, net of pension plan investment expense, was 3.54%. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested. — Deposits with Financial Institutions Custodial credit risk for deposits with financial institutions is the risk that in the event of a bank's failure, the Fund's deposits may not be returned to them. The _ Police Pension Fund's investment policy requires pledging of collateral with a fair value of 110% of all bank balances in excess of federal depository insurance with the collateral held by an agent of the Police Pension Fund in the Police Pension Fund's — name. -40 - VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 11. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Police Pension Plan (Continued) — Interest Rate Risk The following table presents the investments and maturities of the Fund's debt securities as of December 31, 2014: Investment Maturities(in Years) _ Fair Less More Value than 1 1-5 6-10 than 10 U.S.agencies $ 4,823,512 $ - $ 678,413 $ 3,024,041 $ 1,121,058 _- U.S.Treasuries 736,120 - 736,120 - - State and local obligations 1,273,033 252,420 494,691 417,535 108,387 Corporate bonds 4,984,600 4,984,600 - - - TOTAL $ 11,817,265 $ 5,237,020 $ 1,909,224 $ 3,441,576 $ 1,229,445 -- In accordance with its investment policy, the Fund limits its exposure to interest rate risk by structuring the portfolio to provide liquidity for operating expenses and benefits and maximizing yields for funds not needed within a one-year period. The investment policy does not limit the maximum maturity length of investments in the Fund. -- Credit Risk The Police Pension Fund strives to limit its exposure to credit risk, which is the risk -- that the issuer of a debt security will not pay the par value upon maturity. This is controlled by primarily investing in securities issued by the United States Government, securities issued by agencies of the United States Government that carry an implicit guarantee, high quality state or local obligations or corporate bonds rated within the three highest classifications by at least two standard rating services. United States Government and agency securities are considered to be AAA rated and — are generally considered free of credit risk due to the stability of the United States Government. Investments in state and local obligations are rated AAA. The corporate bonds are rated A to BBB. Custodial Credit Risk-Investments — The Police Pension Fund limits its exposure to custodial risk by utilizing a Trust Department to act as custodian for its fixed income securities. For an investment, custodial risk is the risk that, in the event of the failure of the counterparty,the Police Pension Fund will not be able to recover the value of its investments that are in the possession of an outside party. - 41 - VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) — 11. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Police Pension Plan (Continued) — Net Pension Liability The components of the net pension liability of the Police Pension Plan as of December 31, 2014 calculated in accordance with GASB Statement No. 67 were as follows: Total pension liability $ 49,812,443 Plan fiduciary net position 32,971,346 — Village's net pension liability 16,841,097 Plan fiduciary net position as a percentage of the total pension liability 66.19% _ See the schedule of changes in the employer's net pension liability and related ratios in the required supplementary information for additional information related to the — funded status of the Fund. Actuarial Assumptions — The total pension liability above was determined by an actuarial valuation performed using the following actuarial methods and assumptions. — Actuarial valuation date December 31, 2014 — Actuarial cost method Entry-age normal Assumptions Inflation 3.00% Salary increases 3.75% Interest rate 6.75% Cost of living adjustments 3.00% Asset valuation method Market Mortality rates were based on the RP-2000 Mortality Table (BCA). The actuarial — assumptions used in the December 31, 2014 valuation were based on the results of an actuarial experience study conducted by the Illinois Department of Insurance. -42 - VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 11. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Police Pension Plan (Continued) Discount Rate The discount rate used to measure the total pension liability was 6.75%. The projection of cash flows used to determine the discount rate assumed that member contributions will be made at the current contribution rate and that the Village contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the Fund's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected — rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. Discount Rate Sensitivity The following is a sensitive analysis of the net pension liability to changes in the discount rate. The table below presents the pension liability of the Village calculated using the discount rate of 6.75% as well as what the Village's net pension liability would be if it were calculated using a discount rate that is 1 percentage point lower (5.75%) or 1 percentage point higher(7.75%)than the current rate: Current 1%Decrease Discount Rate 1%Increase (5.75%) (6.75%) (7.75%) Net pension liability $ 23,512,981 $ 16,841,097 $ 11,316,436 — Firefighters' Pension Plan Plan Administration Firefighter sworn personnel are covered by the Firefighters' Pension Plan. Although this is a single-employer pension plan, the defined benefits and employee and employer contribution levels are governed by Illinois Compiled Statutes (40 ILCS 5/3-1) and may be amended only by the Illinois legislature. The Village accounts for the plan as a pension trust fund. The Plan is governed by a by a five-member pension board. Two members are _ appointed by the Village's Board, one elected by retired pension members and two elected by active members constitute the pension board. - 43 - VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 11. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Firefighters' Pension Plan (Continued) — Plan Administration (Continued) The Plan is accounted for on the economic resources measurement focus and the accrual basis of accounting. Employer and employee contributions are recognized when earned in the year that the contributions are required, benefits and refunds are — recognized as an expense and liability when due and payable. Plan Membership At December 31, 2014, the Firefighters' Pension Plan membership consisted of: Inactive plan members currently receiving benefits 56 Inactive plan members entitled to but not yet receiving benefits 4 Active plan members 32 TOTAL 92 Number of participating employers 1 — Benefits Provided The Firefighters' Pension Plan provides retirement benefits as well as death and disability benefits. Tier 1 employees (those hired prior to January 1, 2011) attaining the age of 50 or older with 20 or more years of creditable service are entitled to — receive an annual retirement benefit equal to one-half of the salary attached to the rank held at the date of retirement. The annual benefit shall be increased by 2.5% of such salary for each additional year of service over 20 years up to 30 years to a maximum of 75% of such salary. Employees with at least ten years but less than 20 years of credited service may retire at or after age 60 and receive a reduced benefit. The monthly benefit of a covered employee who retired with 20 or more years of _ service after January 1, 1977 shall be increased annually, following the first anniversary date of retirement and be paid upon reaching the age of at least 55 years, by 3% of the original pension and 3% compounded annually thereafter. - -44 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) — 11. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Firefighters' Pension Plan (Continued) Benefits Provided(Continued) Tier 2 employees (those hired on or after January 1, 2011) attaining the age of 55 or older with ten or more years of creditable service are entitled to receive an annual retirement benefit equal to the average monthly salary obtained by dividing the total salary of the firefighter during the 96 consecutive months of service within the last 120 months of service in which the total salary was the highest by the number of months of service in that period. Firefighters' salary for pension purposes is capped — at $106,800, plus the lesser of% of the annual change in the Consumer Price Index or 3% compounded. The annual benefit shall be increased by 2.5% of such salary for each additional year of service over 20 years up to 30 years to a maximum of 75% of — such salary. Employees with at least ten years may retire at or after age 50 and receive a reduced benefit (i.e. %2% for each month under 55). The monthly benefit of a Tier 2 firefighter shall be increased annually at age 60 on the January 1" after the ... firefighter retires, or the first anniversary of the pension starting date, whichever is later. Noncompounding increases occur annually, each January thereafter. The increase is the lesser of 3% or %2 of the change in the Consumer Price Index for the proceeding calendar year. Contributions Covered employees are required to contribute 9.455% of their base salary to the Firefighters' Pension Plan. If an employee leaves covered employment with less than 20 years of service, accumulated employee contributions may be refunded without accumulated interest. Benefits and refunds are recognized when due and payable in accordance with the terms of the plan. The costs of administering the Firefighters' '— Pension Plan are financed through investment earnings. The Village is required to finance the plan as actuarially determined by an enrolled actuary. For the year ended December 31, 2014, the Village's contribution was 58.74% of covered payroll. The State of Illinois passed Public Act 096-1495 on December 30, 2010. As a result, effective January 1, 2011, the Village has until the year 2040 to fund 90% of the past — service costs for the Firefighters' Pension Plan. -45 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) — 11. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Firefighters' Pension Plan (Continued) Investment Policy ILCS limit the Firefighters' Pension Fund's (the Fund) investments to those allowable by ILCS and require the Fund's Board of Trustees to adopt an investment policy which can be amended by a majority vote of the Board of Trustees. The Fund can invest in the same securities as the Village, plus the following: certain non-U.S. obligations (corporate debt securities), Illinois municipal corporations tax anticipation warrants, veteran's loans, obligations of the State of Illinois and its — political divisions, Illinois insurance company general and separate accounts, equity mutual funds and equity securities. During the year, no changes to the investment policy were approved by the Board of Trustees. The Fund's investment manager establishes the following target allocation across asset classes: — Long-Term _ Expected Real Asset Class Target Rate of Return Domestic Equity 20% 5.75%-6.25% International Equity 25% 6.00%-8.25% — Bonds 43.0% (0.25)%-2.25% Real Estate 10.0% 5.75% Cash 2.0% (1.25)% — Investment Valuations All investments in the plan are stated at fair value and are recorded as of the trade date. Fair value is based on quoted market prices at December 31 for debt securities, equity securities and mutual funds and contract values for any insurance contracts. - 46 - VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 11. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Firefighters' Pension Plan (Continued) Investment Rate of Return For the year ended December 31, 2014, the annual money-weighted rate of return on pension plan investments, net of pension plan investment expense, was 5.1%. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested. Deposits with Financial Institutions Custodial credit risk for deposits with financial institutions is the risk that in the event of a bank's failure, the Fund's deposits may not be returned to them. The Firefighters' Pension Fund's investment policy requires pledging of collateral with a fair value of 110% of all bank balances in excess of federal depository insurance with the collateral held by an agent of the Firefighters' Pension Fund in the Firefighters' Pension Fund's name. Interest Rate Risk The following table presents the investments and maturities of the Fund's debt securities as of December 31, 2014: Investment Maturities(in Years) Fair Less More Value than 1 1-5 6-10 than 10 U.S.agencies $ 4,306,819 $ 1,215,532 $ 3,091,287 $ - $ - U.S.Treasuries 374,905 - 374,905 - - State and local obligations 1,024,330 - 686,155 120,082 218,093 Corporate bonds 4,473,055 643,693 3,542,240 287,122 - TOTAL $ 10,179,109 $ 1,859,225 $ 7,694,587 $ 407,204 $ 218,093 In accordance with its investment policy, the Fund limits its exposure to interest rate risk by structuring the portfolio to provide liquidity for operating expenses and benefits and maximizing yields for funds not needed within a one-year period. The investment policy does not limit the maximum maturity length of investments in the Fund. -47 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) — 11. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Firefighters' Pension Plan (Continued) — Credit Risk The Firefighters' Pension Fund strives to limit its exposure to credit risk, which is the risk that the issuer of a debt security will not pay the par value upon maturity. This is controlled by primarily investing in securities issued by the United States — Government, securities issued by agencies of the United States Government that carry an implicit guarantee, or high quality state or local obligations. U.S. agency securities are rated AAA. For investments in state and local obligations, 100% are considered to be AAA rated investments. The corporate bonds are rated A to BBB. Custodial Credit Risk-Investments — The Firefighters' Pension Fund limits its exposure to custodial risk by utilizing the Trust Department of MB Financial Bank to act as custodian for its fixed income and equity securities. For an investment, custodial risk is the risk that, in the event of the failure of the counterparty, the Firefighters' Pension Fund will not be able to recover _ the value of its investments that are in the possession of an outside party. Net Pension Liability — The components of the net pension liability of the Firefighters' Pension Plan as of December 31, 2014 calculated in accordance with GASB Statement No. 67 were as _ follows: Total pension liability $ 45,602,454 — Plan fiduciary net position 25,046,130 Village's net pension liability 20,556,324 Plan fiduciary net position as a percentage of the — total pension liability 54.92% See the schedule of changes in the employer's net pension liability and related ratios in the required supplementary information for additional information related to the funded status of the Fund. - 48 - VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 11. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Firefighters' Pension Plan(Continued) Actuarial Assumptions The total pension liability above was determined by an actuarial valuation performed using the following actuarial methods and assumptions. Actuarial valuation date December 31, 2014 Actuarial cost method Entry-age normal Assumptions Inflation 3.00% Salary increases 3.75% Interest rate 6.75% Cost of living adjustments 3.00% Asset valuation method Market Mortality rates were based on the RP-2000 Mortality Table (BCA). The actuarial assumptions used in the December 31, 2014 valuation were based on the results of an actuarial experience study conducted by the Illinois Department of Insurance. Discount Rate The discount rate used to measure the total pension liability was 6.75%. The projection of cash flows used to determine the discount rate assumed that member contributions will be made at the current contribution rate and that the Village contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the Fund's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. - 49 - VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) — 11. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Firefighters' Pension Plan (Continued) — Discount Rate Sensitivity The following is a sensitive analysis of the net pension liability to changes in the discount rate. The table below presents the pension liability of the Village calculated using the discount rate of 6.75% as well as what the Village's net pension liability — would be if it were calculated using a discount rate that is 1 percentage point lower (5.75%) or 1 percentage point higher(7.75%)than the current rate: Current Discount I%Decrease Rate 1% Increase — (5.75%) (6.75%) (7.75%) Net pension liability $ 26,514,629 $ 20,556,324 $ 15,644,010 _ b. Annual Pension Costs Employer contributions have been determined as follows: Illinois Municipal Retirement and Sheriff's Law Enforcement Police Firefighters' — Personnel Pension Pension Actuarial valuation date December 31,2012 December 31, December 31, 2013 2013 — Actuarial cost method Entry-age Normal Projected Unit Projected Unit Credit Credit Asset valuation method 5 Year 5 Year 5 Year Smoothed Smoothed Smoothed Market Market Market Amortization method Level Level Level Percentage of Percentage of Percentage of Payroll Payroll Payroll — Amortization period 30 Years, 27 Years, 27 Years, Open Closed Closed - - 50 - VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 11. DEFINED BENEFIT PENSION PLANS (Continued) b. Annual Pension Costs (Continued) Illinois Municipal Retirement _ and Sheriff's Law Enforcement Police Firefighters' Personnel Pension Pension a) Rate of return on 7.50% 6.75% 6.75% present and future assets Compounded Compounded Compounded Annually Annually Annually b) Projected salary increase - 4.00% 3.75% 3.75% attributable to inflation Compounded Compounded Compounded Annually Annually Annually _ c) Additional projected .40 to 10% Not Available Not Available salary increases - seniority/merit Employer annual pension cost (APC), actual contributions and the net pension obligation (NPO) (asset) are as follows. The NPO (asset) is the cumulative difference between the annual pension costs and the contributions actually made. Sheriff's Illinois Law — Calendar Municipal Enforcement Police Firefighters' Year Retirement Personnel Pension Pension Annual pension cost(APC) 2012 $ 720,377 $ 52,030 $ 972,423 $ 1,066,582 2013 759,433 74,899 1,208,899 1,151,443 2014 782,775 84,718 1,487,937 1,700,693 Actual contribution 2012 $ 720,377 $ 52,030 $ 977,367 $ 1,001,528 2013 759,433 74,899 1,171,537 1,057,081 2014 782,775 84,718 1,259,824 1,570,742 Percentage of APC 2012 100.00% 100.00% 100.51% 93.90% _ contributed 2013 100.00% 100.00% 96.91% 91.80% 2014 100.00% 100.00% 84.67% 92.36% NPO(asset) 2012 $ - $ - $ 206,225 $ 152,621 2013 - - 243,587 246,983 2014 - - 471,700 376,934 - 51 - VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 11. DEFINED BENEFIT PENSION PLANS (Continued) b. Annual Pension Costs (Continued) The net pension obligation (asset) has been calculated as follows as of December 31, 2014: Police Firefighters' Pension Pension Annual required contributions $ 1,485,673 $ 1,698,405 Interest on net pension obligation 16,442 16,672 Adjustment to annual required contribution (14,178) (14,384) Annual pension cost 1,487,937 1,700,693 Contributions made 1,259,824 1,570,742 Increased (decrease) in net pension obligation 228,113 129,951 Net pension obligation(asset), January 1 243,587 246,983 NET PENSION OBLIGATION (ASSET), DECEMBER 31 $ 471,700 $ 376,934 - 52 - VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 11. DEFINED BENEFIT PENSION PLANS (Continued) C. Summary Financial Information The following is summary financial information for the Police and Firefighters' Pension Plans. Statement of Plan Net Position Pension Trust Police Firefighters' Pension Pension Total ASSETS Cash $ 44,458 $ 47,277 $ 91,735 Investments Illinois Funds 27,994 - 27,994 Money market mutual funds 772,473 425,226 1,197,699 U.S. Treasury securities 736,120 374,905 1,111,025 U.S. agency securities 4,823,512 4,306,819 9,130,331 State and local obligations 1,273,033 1,024,330 2,297,363 Corporate bonds 4,984,600 4,473,055 9,457,655 Mutual funds 19,490,647 14,293,678 33,784,325 Equities 698,254 - 698,254 Accrued interest receivable 126,660 104,866 231,526 Prepaid expenses 2,895 2,073 4,968 Total assets 32,980,646 25,052,229 58,032,875 LIABILITIES Accounts payable 9,300 6,099 15,399 Total liabilities 9,300 6,099 15,399 NET POSITION HELD IN TRUST _ FOR PENSION PLAN BENEFITS $ 32,971,346 $ 25,046,130 $ 58,017,476 - 53 - VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 11. DEFINED BENEFIT PENSION PLANS (Continued) C. Summary Financial Information(Continued) Statement of Changes in Plan Net Position Pension Trust Police Firefighters' Pension Pension Total ADDITIONS — Contributions Employer $ 1,259,824 $ 1,570,742 $ 2,830,566 Employee 356,304 267,458 623,762 Other 2,035 - 2,035 Total contributions 1,618,163 1,838,200 3,456,363 Investment income Net appreciation(depreciation) in fair value of investments (166,580) 97,070 (69,510) Interest 1,345,989 1,146,398 2,492,387 Total investment income 1,179,409 1,243,468 2,422,877 — Less investment expense (64,251) (64,652) (128,903) Net investment income 1,115,158 1,178,816 2,293,974 Total additions 2,733,321 3,017,016 5,750,337 — DEDUCTIONS Benefits and refunds $ 2,288,693 $ 2,385,491 $ 4,674,184 Administrative 47,609 75,386 122,995 Total deductions 2,336,302 2,460,877 4,797,179 — NET INCREASE 397,019 556,139 953,158 NET POSITION HELD IN TRUST FOR PENSION BENEFITS January 1 32,574,327 24,489,991 57,064,318 December 31 $ 32,971,346 $ 25,046,130 $ 58,017,476 - 54 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 11. DEFINED BENEFIT PENSION PLANS (Continued) d. Funded Status The funded status of the plans as of December 31, 2014 is as follows. The actuarial assumptions used to determine the funded status of the plans are the same actuarial assumptions used to determine the employer annual pension costs of the plans as disclosed in Note 11 b except for the use of the entry-age normal cost method: Illinois Sheriff s Law Municipal Enforcement Police Firefighters' Retirement Personnel Pension Pension Actuarial accrued liability(AAL) $ 19,283,478 $ 9,085 $ 49,812,443 $ 45,602,454 Actuarial value of plan assets 14,411,944 (613,428) 33,088,312 25,198,974 Unfunded actuarial accrued liability (UAAL) 4,871,534 622,513 16,724,131 20,403,480 Funded ratio(actuarial value of plan assets/AAL) 74.74% 0.00% 66.43% 55.26% Covered payroll(active plan members) $ 5,289,017 $ - $ 3,631,184 $ 2,818,219 UAAL as a percentage of covered payroll 92.11% 0.00% 460.57% 723.98% See the schedules of funding progress in the required supplementary information immediately following the notes to financial statements for additional information related to the funded status of the plans. 12. OTHER POSTEMPLOYMENT BENEFITS a. Plan Description In addition to providing the pension benefits described, the Village provides postemployment health care (OPEB) benefits for retirees and disabled employees through a single-employer defined benefit plan (the Plan). The benefits, benefit levels, employee contributions and any employer contributions are governed by the Village and can be amended by the Village through its personnel manual and union contracts. The Plan is not accounted for as a trust fund, as an irrevocable trust has not been established to account for the Plan. The Plan does not issue a separate report. The activity of the Plan is reported in the Village's Self-Insurance Fund. b. Benefits Provided The Village provides postemployment health care benefits to its retirees and certain disabled employees. To be eligible for benefits, an employee must qualify for retirement under one of the Village's retirement plans or meet COBRA requirements. For certain disabled employees who qualify for health insurance benefits under the Public Safety Employee Benefits Act (PSEBA), the Village is required to pay 100% of the cost of basic health insurance for the employee and their dependents for their lifetime. As of December 31, 2014, the Village has two disabled retirees receiving benefits under this statute. - 55 - VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) — 12. OTHER POSTEMPLOYMENT BENEFITS b. Benefits Provided(Continued) All health care benefits are provided through the Village's self-insured health plan. _ The benefit levels are the same as those afforded to active employees. Benefits include general inpatient and outpatient medical services; mental, nervous and substance abuse care; vision care; dental care; and prescriptions. Eligibility in village — sponsored health care plans is discontinued upon eligibility for federally sponsored health care benefits. C. Membership At December 31, 2013 (the latest information available), membership consisted of- Retirees £Retirees and beneficiaries currently receiving benefits 23 Terminated employees entitled to benefits but not yet receiving them - Current employees Vested 15 — Nonvested 91 TOTAL 129 Participating employers 1 _ d. Funding Policy All retirees contribute 100% of the actuarially determined premium to the Plan to cover the cost of providing the benefits to the retirees via the self-insured plan (pay as you go), which results in an implicit subsidy to the Village as defined by the — GASB Statement No. 45. The Village pays 100% of the actuarially determined premium for certain disabled employees. Since the Village is self-insured, these amounts fluctuate on an annual basis. For the fiscal year ended December 31, 2014, all retirees contributed $536,242 and the Village contributed $272,726. The Village is not required to and currently does not advance fund the cost of benefits that will become due and payable in the future. Active employees do not contribute to the Plan — until retirement. - 56 - VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 12. OTHER POSTEMPLOYMENT BENEFITS (Continued) e. Annual OPEB Costs and Net OPEB Obligation The Village's annual OPEB cost, the percentage of annual OPEB cost contributed to the Plan and the net OPEB obligation was as follows: Fiscal Annual Percentage of Year OPEB Employer Annual OPEB Net OPEB Ended Cost Contributions Cost Contributed Obligation December 31, 2012 $ 162,361 $ 112,079 69.0% $ 125,358 -- December 31, 2013 158,165 112,078 70.9% 171,445 December 31, 2014 420,586 272,726 64.8% 319,305 — The net OPEB obligation (NOPEBO) as of December 31, 2014 was calculated as follows: Annual required contribution $ 423,407 Interest on net OPEB obligation 7,710 Adjustment to annual required contribution (10,531) Annual OPEB cost 420,586 Contributions made 272,726 Increase in net OPEB obligation 147,860 Net OPEB obligation, beginning of year 171,445 NET OPEB OBLIGATION, END OF YEAR $ 319,305 f. Funded Status and Funding Progress — The funded status of the Plan as of December 31, 2013 (the latest information available)was as follows: Actuarial accrued liability (AAL) $ 4,873,373 Actuarial value of plan assets - Unfunded actuarial accrued liability (UAAL) 4,873,373 Funded ratio (actuarial value of plan assets/AAL) 0.00% Covered payroll (active plan members) $ 9,089,711 UAAL as a percentage of covered payroll 53.6% - 57 - VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) — 12. OTHER POSTEMPLOYMENT BENEFITS (Continued) f. Funded Status and Funding Progress (Continued) Actuarial valuations of an ongoing plan involve estimates of the value of reported — amounts and assumptions about the probability of occurrence of events far into the future. Examples include assumptions about future employment, mortality and the healthcare cost trend. Amounts determined regarding the funded status of the Plan and the annual required contributions of the employer are subject to continual revision as actual results are compared with past expectations and new estimates are made about the future. The schedule of funding progress, presented as required — supplementary information following the notes to financial statements, presents multi-year trend information that shows whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial accrued liabilities for benefits. g. Actuarial Methods and Assumptions — Projections of benefits for financial reporting purposes are based on the substantive plan (the Plan as understood by the employer and plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The _ actuarial methods and assumptions used include techniques that are designed to reduce short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculations. _ In the December 31, 2013 actuarial valuation, the entry-age actuarial cost method was used. The actuarial assumptions included a 4.5% investment rate of return (net _ of administrative expenses) and an initial annual healthcare cost trend rate of 7.5% and an ultimate healthcare cost trend rate of 4.5%. These rates include a 3% inflation assumption. The actuarial value of assets was not determined as the Village has not — advance funded its obligation. The Plan's unfunded actuarial accrued liability is being amortized as a level percentage of projected payroll on an open basis. The remaining amortization period at December 31, 2013 was 30 years. - - 58 - REQUIRED SUPPLEMENTARY INFORMATION VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF REVENUES,EXPENDITURES _ AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL GENERAL FUND For the Year Ended December 31,2014 (With Comparative Actual) 2014 Variance Original Final Over 2013 Budget Budget Actual (Under) Actual REVENUES Intergovernmental $ 13,116,720 $ 13,116,720 $ 13,296,146 $ 179,426 $ 13,032,334 Utility taxes 4,950,000 4,950,000 5,203,835 253,835 5,047,306 Licenses and permits 1,083,000 1,083,000 1,448,471 365,471 1,686,269 Charges for services 948,400 948,400 1,044,934 96,534 1,021,858 Fines and penalties 240,360 240,360 189,060 (51,300) 184,959 Investment income 50,000 50,000 (109,993) (159,993) 61,136 Miscellaneous 347,875 347,875 357,833 9,958 355,075 Total revenues 20,736,355 20,736,355 21,430,286 693,931 21,388,937 EXPENDITURES Current _ General government 5,529,615 5,561,320 5,068,975 (492,345) 4,285,385 Public safety 14,348,735 14,378,205 14,256,426 (121,779) 13,408,743 Public works 694,070 646,420 633,886 (12,534) 515,171 Culture and recreation 1,021,785 1,007,885 987,435 (20,450) 941,866 ... Debt service Principal 260,000 260,000 260,000 - 255,000 Interest and fiscal charges 34,270 34,645 34,640 (5) 40,003 Total expenditures 21,888,475 21,888,475 21,241,362 (647,113) 19,446,168 EXCESS(DEFICIENCY)OF REVENUES OVER EXPENDITURES (1,152,120) (1,152,120) 188,924 1,341,044 1,942,769 OTHER FINANCING SOURCES(USES) Transfers(out) - - (474,057) (474,057) (725,324) Total other financing sources(uses) - - (474,057) (474,057) (725,324) NET CHANGE IN FUND BALANCE $ 1,152,120 $ 1,l 52,120 (285,133) $ 866,987 1,217,445 FUND BALANCE,JANUARY 1 16,398,402 17,542,957 Prior period adjustment - (2,362,000) FUND BALANCE,JANUARY 1,RESTATED 16,398,402 15,180,957 FUND BALANCE,DECEMBER 31 $ 16,113,269 $ 16,398,402 (See independent auditor's report.) - 59 - VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL HOTEL/MOTEL TAX FUND For the Year Ended December 31,2014 (With Comparative Actual) 2014 Variance Original Final Over 2013 Budget Budget Actual (Under) Actual REVENUES Intergovernmental $ 203,000 $ - $ 40,273 $ 40,273 $ 68,679 Hotel/motel taxes 1,145,000 1,145,000 1,049,631 (95,369) 964,684 Investment income 7,500 7,500 (23,039) (30,539) 9,121 Miscellaneous - 203,000 64,412 (138,588) 2,925 Total revenues 1,355,500 1,355,500 1,131,277 (224,223) 1,045,409 _ EXPENDITURES Current Culture and recreation 794,635 794,635 870,788 76,153 703,410 Expenditure reimbursement paid to other funds 40,170 40,170 40,170 - 39,000 Total expenditures 834,805 834,805 910,958 76,153 742,410 NET CHANGE IN FUND BALANCE $ 520,695 $ 520,695 220,319 $ (300,376) 302,999 FUND BALANCE,JANUARY 1 3,078,234 2,775,235 FUND BALANCE,DECEMBER 31 $ 3,298,553 $ 3,078,234 (See independent auditor's report.) - 60 - VILLAGE OF OAK BROOK,ILLINOIS NOTES TO REQUIRED SUPPLEMENTARY INFORMATION December 31, 2014 BUDGETS Budgets are adopted on a basis consistent with generally accepted accounting principles. Annual budgets are adopted for the General, Special Revenue and Capital Projects Funds on the modified accrual basis. Enterprise, Internal Service and Pension Trust Funds are on the accrual basis and a current financial resources measurement focus except the Village does not budget depreciation but does budget capital outlay. The annual budget is legally enacted and provides for a legal level of control at the program level. All annual appropriations lapse at fiscal year end. The Village follows these procedures in establishing the budgetary data reflected in the financial — statements: 1. All departments of the Village submit budget requests to the Budget Officer so that a budget may be prepared. 2. The Village Manager submits to the Village Board of Trustees a proposed operating budget for the fiscal year commencing the following January 1. The operating budget includes proposed expenditures and the means of financing them. 3. A public hearing is conducted by the Village to obtain resident comments. 4. Subsequently, the budget is adopted by the Village Board. 5. Annual budgets are adopted for all funds on a basis consistent with generally accepted accounting principles. 6. Formal budgetary integration is employed as a management control device during the year for all funds of the Village. 7. Appropriations lapse at year end. 8. The Village Manager and Budget Officer are authorized to transfer budgeted amounts between line items within any program; however, any revisions that alter the total expenditures of any program or fund must be approved by the Village Board. The level of legal control is the individual program budget in total. 9. Budgeted amounts are as originally adopted with the exceptions of approved transfers which were not material in relation to the budgets taken as a whole. - 61 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO REQUIRED SUPPLEMENTARY INFORMATION — BUDGETS (Continued) After Village Board transfers, the following funds had an excess of expenditures/expenses: Fund Final Budget Actual Promenade TIF Fund $ 461,025 $ 479,684 Foreign Fire Insurance Tax Fund 54,275 68,294 Hotel/Motel Tax Fund 834,805 910,958 - 62 - VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF FUNDING PROGRESS ILLINOIS MUNICIPAL RETIREMENT FUND December 31,2014 (2) Actuarial UAAL Accrued (4) as a Actuarial (1) Liability (3) Unfunded Percentage Valuation Actuarial (AAL) Funded AAL (5) of Covered Date Value of Entry-Age Ratio (UAAL) Covered Payroll December 31, Assets Normal (1)/(2) (2)-(l) Payroll (4)/(5) 2009 $ 9,609,171 $ 14,603,710 65.80% $ 4,994,539 $ 6,567,736 76.05% 2010 9,534,465 15,208,443 62.69% 5,673,978 5,273,109 107.60% 2011 9,699,712 15,535,903 62.43% 5,836,191 5,214,086 111.93% 2012 10,784,804 16,504,611 65.34% 5,719,807 5,091,006 112.35% 2013 13,338,894 18,235,832 73.15% 4,896,938 5,148,695 95.11% 2014 14,411,944 19,283,478 74.74% 4,871,534 5,289,017 92.11% (See independent auditor's report.) - 63 - VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF FUNDING PROGRESS SHERIFF'S LAW ENFORCEMENT PERSONNEL December 31,2014 (2) Actuarial UAAL Accrued (4) as a Actuarial (1) Liability (3) Unfunded Percentage Valuation Actuarial (AAL) Funded AAL (5) of Covered Date Value of Entry-Age Ratio (UAAL) Covered Payroll December 31, Assets Normal (1)/(2) (2)-(l) Payroll (4)/(5) 2009 $ 202,440 $ 248,486 81.47% $ 46,046 $ 126,795 36.32% 2010 234,928 282,824 83.07% 47,896 126,304 37.92% 2011 (745,925) - 0.00% 745,925 57,101 1306.33% 2012 (737,742) - 0.00% 737,742 - 0.00% 2013 (693,449) - 0.00% 693,449 - 0.00% 2014 (613,428) 9,085 0.00% 622,513 - 0.00% Note: The Village no longer had any participants in SLEP as of December 31,2011. (See independent auditor's report.) - 64 - VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF FUNDING PROGRESS POLICE PENSION FUND December 31,2014 (4) (2) Unfunded UAAL Actuarial Actuarial as a Actuarial (1) Accrued (3) Accrued Percentage Valuation Actuarial Liability Funded Liability (5) of Covered Date Value of (AAL) Ratio (UAAL) Covered Payroll December 31, Assets Entry-Age (1)/(2) (2)-(1) Payroll (4)/(5) 2009 $ 26,391,636 $ 36,801,319 71.71% $ 10,409,683 $ 3,433,002 303.22% 2010 28,421,357 38,718,877 73.40% 10,297,520 3,288,064 313.18% 2011 27,922,983 40,706,989 68.60% 12,784,006 3,310,998 386.11% 2012 29,803,246 44,517,503 66.95% 14,714,257 3,646,309 403.54% 2013 31,756,410 45,144,711 70.34% 13,388,301 3,598,016 372.10% 2014 33,088,312 49,812,443 66.43% 16,724,131 3,631,184 460.57% (See independent auditor's report.) - 65 - VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF FUNDING PROGRESS FIREFIGHTERS'PENSION FUND December 31,2014 (4) (2) Unfunded UAAL Actuarial Actuarial as a -- Actuarial (1) Accrued (3) Accrued Percentage Valuation Actuarial Liability Funded Liability (5) of Covered Date Value of (AAL) Ratio (UAAL) Covered Payroll _ December 31, Assets Entry-Age (1)/(2) (2)-(1) Payroll (4)/(5) 2009 $ 20,779,262 $ 32,813,804 63.32% $ 12,034,542 $ 2,573,691 467.60% 2010 22,275,798 36,057,657 61.78% 13,781,859 2,668,624 516.44% 2011 22,155,173 36,277,226 61.07% 14,122,053 2,687,097 525.55% 2012 23,351,147 38,030,219 61.40% 14,679,072 2,762,080 531.45% 2013 24,322,142 43,174,124 56.33% 18,851,982 2,674,017 705.01% 2014 25,198,974 45,602,454 55.26% 20,403,480 2,818,219 723.98% _ (See independent auditor's report.) - 66 - VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF FUNDING PROGRESS OTHER POSTEMPLOYMENT BENEFIT PLAN December 31,2014 (4) (2) Unfunded UAAL Actuarial Actuarial as a Actuarial (1) Accrued (3) Accrued Percentage Valuation Actuarial Liability Funded Liability (5) of Covered Date Value of (AAL) Ratio (UAAL) Covered Payroll December 31, Assets Entry-Age (1)/(2) (2)-(1) Payroll (4)/(5) 2009 $ - $ 3,108,091 0.00% $ 3,108,091 $ 13,426,525 23.15% 2010 N/A N/A N/A N/A N/A N/A 2011 - 2,673,072 0.00% 2,673,072 12,657,543 21.12% 2012 N/A N/A N/A N/A N/A N/A 2013 - 4,873,373 0.00% 4,873,373 9,089,711 53.61% 2014 N/A N/A N/A N/A N/A N/A N/A-Information not available. (See independent auditor's report.) - 67 - VILLAGE OF OAK BROOK, ILLINOIS SCHEDULE OF EMPLOYER CONTRIBUTIONS ILLINOIS MUNICIPAL RETIREMENT FUND December 31, 2014 Annual — Fiscal Required Year Employer Contribution Percentage December 31, Contributions (ARC) Contributed — 2009 $ 674,506 $ 674,506 100.00% 2010 649,120 649,120 100.00% 2011 691,908 691,908 100.00% 2012 720,377 720,377 100.00% 2013 759,433 759,433 100.00% 2014 782,775 782,775 100.00% (See independent auditor's report.) - 68 - VILLAGE OF OAK BROOK, ILLINOIS SCHEDULE OF EMPLOYER CONTRIBUTIONS SHERIFF'S LAW ENFORCEMENT PERSONNEL December 31, 2014 Annual Fiscal Required Year Employer Contribution Percentage December 31, Contributions (ARC) Contributed 2009 $ 14,848 $ 14,848 100.00% — 2010 18,125 18,125 100.00% 2011 8,458 8,458 100.00% 2012 52,030 52,030 100.00% 2013 74,899 74,899 100.00% 2014 84,718 84,718 100.00% (See independent auditor's report.) - 69 - VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF EMPLOYER CONTRIBUTIONS POLICE PENSION FUND Last Ten Fiscal Years 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Actuarially determined contribution $ 497,650 $ 549,750 $ 564,283 $ 617,619 $ 958,641 $ 944,808 $ 885,339 $ 969,024 $ 1,205,519 $ 1,485,673 Contributions in relation to the actuarially determined contribution 497,650 549,750 564,283 617,619 958,641 944,808 674,170 977,367 1,171,537 1,259,824 CONTRIBUTION DEFICIENCY(Excess) $ - $ - $ - $ - $ - $ - $ 211,169 $ (8,343) $ 33,982 $ 225,849 Covered-employee payroll N/A N/A N/A $ 3,288,064 $ 3,433,002 $ 3,288,064 $ 3,310,998 $ 3,646,309 $ 3,598,016 $ 3,631,184 Contributions as a percentage of covered-employee payroll N/A N/A N/A 18.78% 27.92% 28.73% 20.36% 26.80% 32.56% 34.69% Annual Fiscal Required Year Employer Contribution Percentage December 31, Contributions (ARC) Contributed 2009 $ 958,641 $ 958,641 100.00% 2010 944,808 944,808 100.00% 2011 674,170 885,339 76.15% 2012 977,367 969,024 100.86% 2013 1,171,537 1,205,519 97.18% 2014 1,259,824 1,485,673 84.80% N/A-Actuarially information is not available prior to 2008. Notes to the Required Supplementary Information: This information directly above is presented in accordance with GASB Statement No.25. The information presented was determined as part of the actuarial valuations as of January 1.Additional information as of the latest actuarial valuation presented is as follows: the actuarial cost method was entry-age normal;the amortization method was level percent of pay,closed and the amortization period was 27 years;the asset valuation method was at market value;and the significant actuarial assumptions were an investment rate of return at 6.75%annually,projected salary increases assumption of 3.75%compounded annually and postretirement benefit increases of 3%compounded annually. (See independent auditor's report.) VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF EMPLOYER CONTRIBUTIONS FIREFIGHTERS'PENSION FUND Last Ten Fiscal Years 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Actuarially determined contribution $ 490,244 $ 584,388 $ 564,945 $ 671,683 $ 839,550 $ 933,925 $ 1,082,677 $ 1,065,173 $ 1,144,966 $ 1,698,405 Contributions in relation to the actuarially determined contribution 490,244 584,388 564,945 671,683 839,550 933,925 995,110 1,001,528 1,057,081 1,570,742 CONTRIBUTION DEFICIENCY(Excess) $ - $ - $ - $ - $ - $ - $ 87,567 $ 63,645 $ 87,885 $ 127 663 Covered-employee payroll N/A N/A N/A $ 2,668,624 $ 2,573,691 $ 2,668,624 $ 2,687,097 $ 2,762,080 $ 2,674,017 $ 2,818,219 Contributions as a percentage of covered-employee payroll N/A N/A N/A 25.17% 32.62% 35.00% 37.03% 36.26% 39.53% 55.74% Fiscal Required Year Employer Contribution Percentage December 31, Contributions (ARC) Contributed 2009 $ 839,550 $ 839,550 100.00% 2010 933,925 933,925 100.00% 2011 995,110 1,082,677 91.91% 2012 1,001,528 1,065,173 94.02% 2013 1,057,081 1,144,966 92.32% 2014 1,570,742 1,698,405 92.48% N/A-Actuarially information is not available prior to 2008. Notes to the Required Supplementary Information: This information directly above is presented in accordance with GASB Statement No.25. The information presented was determined as part of the actuarial valuations as of January 1.Additional information as of the latest actuarial valuation presented is as follows: the actuarial cost method was entry-age normal;the amortization method was level percent of pay,closed and the amortization period was 27 years;the asset valuation method was at market value;and the significant actuarial assumptions were an investment rate of return at 6.75%annually,projected salary increases assumption of 3.75%compounded annually and postretirement benefit increases of 3%compounded annually. (See independent auditor's report.) - 71 - VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF EMPLOYER CONTRIBUTIONS OTHER POSTEMPLOYMENT BENEFIT PLAN December 31,2014 Annual Fiscal Required Net _ Year Employer Contribution Percentage OPEB December 31, Contributions (ARC) Contributed Obligation (Asset) 2009 $ 137,854 $ 100,374 137.34% $ (21,542) 2010 137,854 186,027 74.10% 24,858 2011 137,854 186,027 74.10% 75,076 2012 112,079 156,077 71.81% 125,358 2013 112,078 156,077 71.81% 171,445 2014 272,726 423,407 64.41% 319,305 (See independent auditor's report.) - 72 - VILLAGE OF OAK BROOK,ILLINOIS _ SCHEDULE OF CHANGES IN THE EMPLOYER'S NET PENSION LIABILITY AND RELATED RATIOS POLICE PENSION FUND December 31, 2014 TOTAL PENSION LIABILITY Service cost $ 826,067 Interest 3,141,175 Changes of benefit terms - Differences between expected and actual experience 1,279,682 Changes of assumptions - - Benefit payments, including refunds of member contributions (2,288,693) Net change in total pension liability 2,958,231 Total pension liability - beginning 46,854,212 — TOTAL PENSION LIABILITY-ENDING $ 49,812,443 PLAN FIDUCIARY NET POSITION Contributions - employer $ 1,259,824 Contributions - member and other 358,339 — Net investment income 1,115,158 Benefit payments, including refunds of member contributions (2,288,693) Administrative expense (47,609) Net change in plan fiduciary net position 397,019 — Plan fiduciary net position-beginning 32,574,327 PLAN FIDUCIARY NET POSITION - ENDING $ 32,971,346 EMPLOYER'S NET PENSION LIABILITY $ 16,841,097 Plan fiduciary net position as a percentage of the total pension liability 66.2% Covered-employee payroll $ 3,631,184 — Employer's net pension liability as a percentage of covered-employee payroll 463.8% (See independent auditor's report.) — - 73 - VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF CHANGES IN THE EMPLOYER'S NET PENSION LIABILITY AND RELATED RATIOS FIREFIGHTERS' PENSION FUND December 31, 2014 — TOTAL PENSION LIABILITY Service cost $ 746,748 Interest 2,926,848 Changes of benefit terms - Differences between expected and actual experience 507,637 Changes of assumptions - Benefit payments, including refunds of member contributions (2,385,491) Net change in total pension liability 1,795,742 Total pension liability -beginning 43,806,712 — TOTAL PENSION LIABILITY-ENDING $ 45,602,454 PLAN FIDUCIARY NET POSITION Contributions - employer $ 1,570,742 Contributions - member 267,458 Net investment income 1,178,816 Benefit payments, including refunds of member contributions (2,385,491) — Administrative expense (75,386) Net change in plan fiduciary net position 556,139 — Plan fiduciary net position-beginning 24,489,991 PLAN FIDUCIARY NET POSITION-ENDING $ 25,046,130 EMPLOYER'S NET PENSION LIABILITY $ 20,556,324 — Plan fiduciary net position — as a percentage of the total pension liability 54.9% Covered-employee payroll $ 2,818,219 — Employer's net pension liability as a percentage of covered-employee payroll 729.4% (See independent auditor's report.) - 74 - VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF INVESTMENT RETURNS POLICE PENSION FUND December 31, 2014 2014 Annual money-weighted rate of return, net of investment expense 5.54% (See independent auditor's report.) - 75 - VILLAGE OF OAK BROOK, ILLINOIS SCHEDULE OF INVESTMENT RETURNS FIREFIGHTERS'PENSION FUND December 31, 2014 2014 _ Annual money-weighted rate of return, net of investment expense 5.1% — (See independent auditor's report.) - 76 - COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES MAJOR GOVERNMENTAL FUNDS MAJOR GOVERNMENTAL FUNDS General Fund - to account for resources traditionally associated with governments which are not accounted for in another fund. Hotel/Motel Tax Fund - to account for local hotel/motel tax receipts restricted for promoting tourism and conventions in the Village. Infrastructure Fund - to account for revenues restricted for and expenditures relative to the construction and maintenance of roadways, drainage and safety pathway systems. VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF REVENUES-BUDGET AND ACTUAL GENERAL FUND For the Year Ended December 31,2014 (With Comparative Actual) 2014 Variance Original Final Over 2013 Budget Budget Actual (Under) Actual REVENUES - Intergovernmental Municipal sales tax $ 11,835,000 $ 11,835,000 $ 12,043,854 $ 208,854 $ 11,784,117 Illinois state income and use tax 884,000 884,000 908,928 24,928 883,629 Corporate personal property - replacement taxes 285,000 285,000 293,840 8,840 290,032 York Township road and bridge tax 7,570 7,570 4,029 (3,541) 13,594 - Grants 105,150 105,150 45,495 (59,655) 60,962 Total intergovernmental 13,116,720 13,116,720 13,296,146 179,426 13,032,334 Utility taxes 4,950,000 4,950,000 5,203,835 253,835 5,047,306 Licenses and permits 1,083,000 1,083,000 1,448,471 365,471 1,686,269 Charges for services 948,400 948,400 1,044,934 96,534 1,021,858 - Fines and penalties 240,360 240,360 189,060 (51,300) 184,959 Investment income 50,000 50,000 (109,993) (159,993) 61,136 Miscellaneous Franchise fees 165,000 165,000 191,727 26,727 183,510 Other 182,875 182,875 166,106 (16,769) 171,565 Total miscellaneous 347,875 347,875 357,833 9,958 355,075 TOTAL REVENUES $ 20,736,355 $ 20,736,355 $ 21,430,286 $ 693,931 $ 21,388,937 (See independent auditor's report.) - - 77 - VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL GENERAL FUND For the Year Ended December 31,2014 (With Comparative Actual) 2014 Variance Original Final Over 2013 Budget Budget Actual (Under) Actual GENERAL GOVERNMENT Legislative and general management Board of trustees Personnel $ 75,105 $ 75,105 $ 82,440 $ 7,335 $ 72,212 Materials and supplies 3,500 3,500 248 (3,252) 784 Operation and contractual 67,050 74,085 69,998 (4,087) 79,233 Total board of trustees 145,655 152,690 152,686 (4) 152,229 Village clerk Personnel 149,670 135,965 137,681 1,716 128,783 Materials and supplies 2,630 2,630 2,548 (82) 1,972 Operation and contractual 14,400 12,775 8,222 (4,553) 8,661 Total Village clerk 166,700 151,370 148,451 (2,919) 139,416 Legal Personnel 28,555 28,555 28,278 (277) 29,273 Materials and supplies 175 175 157 (18) 442 Operation and contractual 335,500 671,250 668,205 (3,045) 251,823 Total legal 364,230 699,980 696,640 (3,340) 281,538 General management Personnel 363,080 328,255 329,620 1,365 340,497 Materials and supplies 55,985 60,515 63,235 2,720 56,173 Operation and contractual 22,915 124,135 137,410 13,275 26,763 Total general management 441,980 512,905 530,265 17,360 423,433 Human resources Personnel 205,550 192,789 191,770 (1,019) 204,873 ^' Materials and supplies 2,150 2,150 2,349 199 1,708 Operation and contractual 117,500 126,780 123,563 (3,217) 130,342 Total human resources 325,200 321,719 317,682 (4,037) 336,923 Risk management Personnel 51,435 32,222 2,603 (29,619) 40,945 Materials and supplies 1,000 1,000 - (1,000) 976 Operation and contractual 431,150 454,695 454,695 - 489,133 Total risk management 483,585 487,917 457.298 (30,619) 531,054 Transportation Personnel 100 100 - (100) 12 Operational and contractual 100,000 - - (100) - ._ Total transportation 100,100 100 - (200) 12 (This schedule is continued on the following pages.) - 78 - VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL(Continued) GENERAL FUND For the Year Ended December 31,2014 _ (With Comparative Actual) 2014 Variance Original Final Over 2013 Budget Budget Actual (Under) Actual GENERAL GOVERNMENT(Continued) Legislative and general management(Continued) Emergency management Personnel $ 5,000 $ - $ (63) $ (63) $ 6,043 Materials and supplies 9,050 14,050 12,715 (1,335) 16,448 Operation and contractual 7,810 7,810 7,519 (291) 20,091 Total emergency management 21,860 21,860 20,171 (1,689) 42,582 Communications and marketing Personnel 17,100 2,100 - (2,100) - Materials and supplies 5,800 2,970 2,497 (473) - Operation and contractual 63,000 23,065 23,065 - - Total communications and marketing 85,900 28,135 25,562 (2,573) - _ Purchasing Personnel 82,385 72,779 69,568 (3,211) 80,370 Materials and supplies 21,825 20,510 16,894 (3,616) 22,050 Operation and contractual 5,500 5,500 4,468 (1,032) 10,968 Total purchasing 109,710 98,789 90,930 (7,859) 113,388 Information systems Personnel 342,650 308,855 305,031 (3,824) 323,084 Materials and supplies 27,350 22,460 22,772 312 25,739 Operation and contractual 349,000 340,300 338,117 (2,183) 312,425 Capital 190,000 190,000 187,673 (2,327) 178,603 Total information systems 909,000 861,615 853,593 (8,022) 839,851 Total legislative and general management 3,153,920 3,337,080 3,293,278 (43,902) 2,860,426 Administration Personnel 314,520 292,260 303,866 11,606 299,355 Materials and supplies 1,505 1,505 1,109 (396) 969 Operation and contractual 4,725 1,725 - (1,725) 818 Total administration 320,750 295,490 304,975 9,485 301,142 Economic development Personnel 1,800 1,800 - (1,800) 539 Materials and supplies 500 500 - (500) - Operation and contractual 82,500 78,500 75,940 (2,560) 70,594 Total economic development 84,800 80,800 75,940 (4,860) 71,133 (This schedule is continued on the following pages.) - 79 - VrLLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF EXPENDITiJRES-BUDGET AND ACTUAL(Continued) GENERAL FUND For the Year Ended December 31,2014 (With Comparative Actual) 2014 Variance Original Final Over 2013 Budget Budget Actual (Linder) Actual GENERAL GOVERNMENT(Continued) Community development management(Continued) Code enforcement Personnel $ 553,145 $ 553,145 $ 531,581 $ (21,564) $ 456,180 Materials and supplies 8,285 7,160 4,716 (2,444) 2,091 Operation and contractual 34,740 41,145 40,771 (374) 32,466 Total code enforcement 596,170 601,450 577,068 (24,382) 490,737 Total community development management 1,001,720 977,740 957,983 (19,757) 863,012 Financial services Financial services management Personnel 146,905 146,905 142,784 (4,121) 136,045 Materials and supplies 2,700 2,700 1,765 (935) 47 Operation and contractual 54,860 50,960 50,295 (665) 45,475 Total financial services management 204,465 200,565 194,844 (5,721) 181,567 Accounting and reporting Personnel 256,550 256,550 254,300 (2,250) 250,152 -- Materials and supplies 5,420 5,420 3,629 (1,791) 5,321 Operation and contractual 30,800 34,195 31,107 (3,088) 21,525 Total accounting and reporting 292,770 296,165 289,036 (7,129) 276,998 PSEBA benefits Personnel 36,705 45,690 45,687 (3) 49,650 Customer service Personnel 46,000 46,000 45,710 (290) 40,852 Total financial services 579,940 588,420 575,277 (13,143) 549,067 Engineering and capital projects Municipal building improvements Capital 763,000 646,000 645,982 (18) 393,280 Total engineering and capital projects 763,000 646,000 645,982 (18) 393,280 Expenditure reimbursements paid to other funds 620,880 601,925 125,000 (476,925) 120,000 Subtotal general government 6,119,460 6,151,165 5,597,520 (553,745) 4,785,785 Less reimbursements from other funds (589,845) (589,845) (528,545) 61,300 (500,400) Total general government 5,529,615 5,561,320 5,068,975 (492,445) 4,285,385 (This schedule is continued on the following pages.) - 80 - VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL(Continued) GENERALFUND For the Year Ended December 31,2014 (With Comparative Actual) 2014 Variance Original Final Over 2013 Budget Budget Actual (Under) Actual _ PUBLIC SAFETY Police department Police services management _ Personnel $ 552,165 $ 543,385 $ 544,653 $ 1,268 $ 515,080 Materials and supplies 3,500 3,500 2,060 (1,440) 2,500 Operation and contractual 64,695 53,295 51,853 (1,442) 74,011 Capital outlay 78,020 - - - - Total police services management 698,380 600,180 598,566 (1,614) 591,591 Police field services Personnel 4,275,700 4,286,610 4,286,481 (129) 4,121,086 Materials and supplies 36,410 31,010 29,438 (1,572) 91,580 Operation and contractual 425,515 425,515 421,698 (3,817) 342,582 Capital outlay 12,680 12,680 10,682 (1,998) - Total police field services 4,750,305 4,755,815 4,748,299 (7,516) 4,555,248 Support services general �- Personnel 567,630 571,830 579,508 7,678 562,101 Materials and supplies 71,200 71,200 63,922 (7,278) 21,819 Operation and contractual 4,275 4,275 3,827 (448) 3,060 Total support services general 643,105 647,305 647,257 (48) 586,980 Support services detectives Personnel 920,625 844,100 840,797 (3,303) 871,299 Materials and supplies 4,450 9,775 8,466 (1,309) 7,144 Operation and contractual 39,105 39,105 38,959 (146) 25,717 Total support services detectives 964,180 892,980 888,222 (4,758) 904,160 Support services records Personnel 206,590 195,590 196,737 1,147 206,918 Materials and supplies 25,895 22,795 16,510 (6,285) 9,489 Operation and contractual 430,585 426,785 422,911 (3,874) 416,545 Capital outlay - - - - 1,776 Total support services records 663,070 645,170 636,158 (9,012) 634,728 Total police department 7,719,040 7,541,450 7,518,502 (22,948) 7,272,707 Fire department Fire,rescue and EMS operations Personnel 4,805,435 5,170,575 5,102,199 (68,376) 4,549,420 Materials and supplies 34,470 37,470 38,252 782 25,944 Operation and contractual 403,600 412,500 407,430 (5,070) 293,846 Capital outlay 41,600 46,875 46,874 (1) 27,953 Total fire,rescue and EMS operations 5,285,105 5,667,420 5,594,755 (72,665) 4,897,163 (This schedule is continued on the following pages.) - 81 - VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL(Continued) GENERALFUND For the Year Ended December 31,2014 (With Comparative Actual) 2014 _ Variance Original Final Over 2013 Budget Budget Actual (L?nder) Actual PUBLIC SAFETY(Continued) Fire department(Continued) Fire service management Personnel $ 396,920 $ 254,720 $ 244,627 $ (10,093) $ 330,360 .,_ Materials and supplies 3,450 6,650 3,368 (3,282) 2,767 Operation and contractual 185,035 185,035 177,399 (7,636) 164,110 Other 24,505 - - - - Total fire service management 609,910 446,405 425,394 (21,011) 497,237 Special teams operations Materials and supplies 5,000 2,500 2,193 (307) 4,323 �. Operation and contractual 5,860 8,360 8,164 (196) 4,707 Total special teams operations 10,860 10,860 10,357 (503) 9,030 Rescue and fire training Personnel 42,770 40,170 39,246 (924) 17,867 Materials and supplies 650 650 - (650) - -- Total rescue and fire training 43,420 40,820 39,246 (1,574) 17,867 Emergency medical services Personnel 34,585 25,435 24,408 (1,027) 20,838 Materials and supplies 17,500 17,500 15,529 (1,971) 7,917 Operation and contractual 609,315 609,315 608,418 (897) 572,046 Capital outlay 19,000 19,000 19,817 817 113,938 Total emergency medical services 680,400 671,250 668,172 (3,078) 714,739 Total fire department 6,629,695 6,836,755 6,737,924 (98,831) 6,136,036 Total public safety 14,348,735 14,378,205 14,256,426 (121,779) 13,408,743 PUBLIC WORKS Mosquito control Operation and contractual 68,115 68,115 63,353 (4,762) 66,129 Total mosquito control 68,115 68,115 63,353 (4,762) 66,129 Buildings and grounds Personnel 96,560 96,560 97,490 930 89,243 Materials and supplies 43,725 48,475 47,944 (531) 36,820 Operation and contractual 237,015 236,815 235,273 (1,542) 197,242 Total buildings and grounds 377,300 381,850 380,707 (1,143) 323,305 (This schedule is continued on the following page.) - 82 - VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL(Continued) GENERALFUND For the Year Ended December 31,2014 _ (With Comparative Actual) 2014 Variance Original Final Over 2013 Budget Budget Actual (Under) Actual ._ PUBLIC WORKS(Continued) Forestry Personnel $ 19,985 $ 4,540 $ (681) $ (5,221) $ 22,877 _ Materials and supplies 3,265 3,265 1,729 (1,536) 1,100 Operation and contractual 225,405 188,650 188,778 128 101,760 Total forestry 248,655 196,455 189,826 (6,629) 125,737 Total public works 694,070 646,420 633,886 (12,534) 515,171 CULTURE AND RECREATION Library general operations Personnel 369,200 362,900 357,286 (5,614) 347,068 Materials and supplies 12,925 12,925 13,549 624 12,233 Operation and contractual 81,415 81,415 73,937 (7,478) 78,156 Capital outlay - - - 4,992 Total library general operations 463,540 457,240 444,772 (12,468) 442,449 Library technical services Personnel 131,660 128,660 127,016 (1,644) 122,146 Materials and supplies 3,290 3,290 3,336 46 3,291 Operation and contractual 7,930 7,930 7,904 (26) 5,555 Total library technical services 142,880 139,880 138,256 (1,624) 130,992 Library reference and adult services Personnel 176,850 166,250 163,597 (2,653) 159,759 Materials and supplies 102,700 102,700 102,431 (269) 102,784 Operation and contractual 3,500 3,500 3,490 (10) 1,465 Total library reference and adult services 283,050 272,450 269,518 (2,932) 264,008 Library youth services Personnel 101,015 97,215 94,063 (3,152) 74,091 Materials and supplies 29,300 39,100 38,828 (272) 28,827 Operation and contractual 2,000 2,000 1,998 (2) 1,499 Total library youth services 132,315 138,315 134,889 (3,426) 1042417 Total culture and recreation 1,021,785 1,007,885 987,435 (20,450) 941,866 DEBT SERVICE Principal 260,000 260,000 260,000 - 255,000 Interest and fiscal charges 34,270 34,645 34,640 (5) 40,003 Total debt service 294,270 294,645 294,640 (5) 295,003 TOTAL EXPENDITURES $ 21,888,475 $ 21,888,475 $ 21,241,362 $ (647,213) $ 19,446,168 _ (See independent auditor's report.) - 83 - (This page is intentionally left blank.) VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL INFRASTRUCTURE FUND For the Year Ended December 31,2014 (With Comparative Actual) 2014 Variance Original Final Over 2013 Budget Budget Actual (Under) Actual REVENUES Intergovernmental-grants $ 454,000 $ 454,000 $ 331,799 $ (122,201) $ 10,380 Non-home rule sales tax 5,315,000 5,315,000 5,384,857 69,857 5,171,232 Investment income 10,000 10,000 (18,632) (28,632) 13,645 Miscellaneous 25,000 25,000 2,307 (22,693) 4,938 Total revenues 5,804,000 5,804,000 5,700,331 (103,669) 5,200,195 - EXPENDITURES Public works Geographic information systems _ Personnel 1,050 1,050 - (1,050) - Materials and supplies 1,950 1,950 1,801 (149) 607 Operation and contractual 125,370 125,370 120,755 (4,615) 146,720 Capital 10,000 10,000 - (10,000) - _ Total geographic information systems 138,370 138,370 122,556 (15,814) 147,327 Management Personnel 313,890 313,890 314,635 745 303,983 Materials and supplies 3,020 3,020 3,083 63 2,788 Operation and contractual 148,595 208,595 204,816 (3,779) 165,202 Total management 465,505 525,505 522,534 (2,971) 471,973 r Streets-general salaries Personnel 701,465 721,465 626,159 (95,306) 624,692 Materials and supplies 3,990 3,990 2,755 (1,235) 2,587 Operation and contractual 3,000 3,000 3,078 78 2,454 Total streets-general salaries 708,455 728,455 631,992 (96,463) 629,733 Streets and traffic maintenance Materials and supplies 186,870 34,870 27,290 (7,580) 41,499 Operation and contractual 351,890 341,590 319,000 (22,590) 272,771 Total streets and traffic maintenance 538,760 376,460 346,290 (30,170) 314,270 Snow removal Personnel 66,650 90,650 95,739 5,089 81,012 ._ Materials and supplies 100,740 131,940 129,660 (2,280) 91,620 Operation and contractual 68,395 68,395 62,395 (6,000) 56,905 Total snow removal 235,785 290,985 287,794 (3,191) 229,537 _ Drainage maintenance Materials and supplies 20,000 14,800 13,467 (1,333) 10,774 Operation and contractual 68,635 78,935 78,766 (169) 75,309 _ Capital - 152,000 151,237 (763) - Total drainage maintenance 88,635 245,735 243,470 (2,265) 86,083 (This schedule is continued on the following page.) - 84 - VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL(Continued) INFRASTRUCTURE FUND For the Year Ended December 31,2014 (With Comparative Actual) 2014 .� Variance Original Final Over 2013 Budget Budget Actual (Under) Actual EXPENDITURES(Continued) Public works(continued) Safety pathway maintenance Materials and supplies $ 20,000 $ 20,000 $ 6,153 $ (13,847) $ 8,630 Operation and contractual 26,045 26,045 25,895 (150) 65,613 Capital 5,000 5,000 - (5,000) - Total safety pathway maintenance 51,045 51,045 32,048 (18,997) 74,243 Engineering and capital projects Engineering Personnel 423,645 423,645 422,401 (1,244) 405,163 Materials and supplies 4,750 4,750 908 (3,842) 753 Operation and contractual 117,680 117,680 62,982 (54,698) 53,026 Total engineering 546,075 546,075 486,291 (59,784) 458,942 Roadway improvements Operation and contractual 507,000 447,000 303,691 (143,309) 272,058 Intergovernmental agreements 2,597,000 2,527,000 1,346,869 (1,180,131) 1,300,568 Total roadway improvements 3,104,000 2,974,000 1,650,560 (1,323,440) 1,572,626 Note payment - - - - 1,503,954 Expenditure reimbursement paid to other fimds 142,000 142,000 142,000 - 114,000 Subtotal expenditures 6,018,630 6,018,630 4,465,535 (1,553,095) 5,602,688 Less reimbursements from other funds (862,275) (862,275) (162,275) 700,000 (156,200) Total expenditures 5,156,355 5,156,355 4,303,260 (853,095) 5,446,488 OTHER FINANCING SOURCES(USES) Transfers in - - 156,840 156.840 - Total other financing sources(uses) - - 156,840 156,840 - r.. NET CHANGE IN FUND BALANCE S 647,645 $ 647,645 1,553,911 $ 906.266 (246,293) FUND BALANCE,JANUARY 1 5,152,351 5,398,644 6- FUND BALANCE,DECEMBER 31 $ 6,706,262 $ 5,152,351 L (See independent auditor's report.) - 85 - a s NONMAJOR GOVERNMENTAL FUNDS NONMAJOR GOVERNMENTAL FUNDS SPECIAL REVENUE FUNDS Motor Fuel Tax Fund - to account for state gasoline tax allocations restricted for local roadway program expenditures. Foreign Fire Insurance Tax Fund - to account for foreign fire insurance tax revenue restricted for the purchase of items for the benefit of the fire department. CAPITAL PROJECTS FUND Promenade TIF Fund - to account for the revenues and expenditures restricted to the Tax Increment Financing District located at 22nd Street and Meyers Road. VILLAGE OF OAK BROOK,ILLINOIS COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS December 31,2014 Capital Special Revenue Funds Projects Fund Total Foreign Fire Nonmajor Motor Insurance Promenade Governmental Fuel Tax Tax TIF Funds ASSETS Cash and investments $ 1,016,948 $ 260,539 $ 228,557 $ 1,506,044 Receivables Allotments 19,851 - - 19,851 Accrued interest 1,850 - - 1,850 Prepaid items - 775 - 775 TOTAL ASSETS $ 1,038,649 $ 261,314 $ 228,557 $ 1,528,520 LIABILITIES AND FUND BALANCES LIABILITIES None $ - $ - $ - $ - Total liabilities - - - - FUND BALANCES Nonspendable Prepaid items 775 775 Restricted Highways and streets 1,038,649 - - 1,038,649 Public safety - 260,539 - 260,539 Economic development - - 228,557 228,557 Total fund balances 1,038,649 261,314 228,557 1,528,520 TOTAL LIABILITIES AND FUND BALANCES $ 1,038,649 $ 261,314 $ 228,557 $ 1,528,520 - - (See independent auditor's report.) - 86 - VILLAGE OF OAK BROOK,ILLINOIS COMBINING STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS For the Year Ended December 31,2014 Capital Special Revenue Funds Projects Fund Total Foreign Fire Nonmajor Motor Fuel Insurance Promenade Governmental Tax Tax TIF Funds REVENUES Intergovernmental $ 270,864 $ 61,977 $ 422,367 $ 755,208 Investment income (3,826) 50 13 (3,763) Total revenues 267,038 62,027 422,380 751,445 EXPENDITURES Current General government - - 3,230 3,230 Public safety - 68,294 - 68,294 Debt service Principal - - 165,000 165,000 Interest and fiscal charges - - 311,454 311,454 Total expenditures - 68,294 479,684 547,978 EXCESS(DEFICIENCY)OF REVENUES OVER EXPENDITURES 267,038 (6,267) (57,304) 203,467 OTHER FINANCING SOURCES(USES) Transfers(out) (156,840) - - (156,840) Total other financing sources(uses) (156,840) - - (156,840) NET CHANGE IN FUND BALANCES 110,198 (6,267) (57,304) 46,627 FUND BALANCES,JANUARY 1 928,451 267,581 285,861 1,481,893 FUND BALANCES,DECEMBER 31 $ 1,038,649 $ 261,314 $ 228,557 $ 1,528,520 (See independent auditor's report.) - 87 - VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL MOTOR FUEL TAX FUND For the Year Ended December 31,2014 (With Comparative Actual) 2014 Variance _ Original Final Over 2013 Budget Budget Actual (Under) Actual REVENUES Intergovernmental $ 200,000 $ 200,000 $ 270,864 $ 70,864 $ 230,669 Investment income 2,200 2,200 (3,826) (6,026) 2,150 Miscellaneous - - - - 1,514 Total revenues 202,200 202,200 267,038 64,838 234,333 EXPENDITURES Current None - - - - - Total expenditures - - - - - EXCESS(DEFICIENCY)OF REVENUES OVER EXPENDITURES 202,200 202,200 267,038 64,838 234,333 OTHER FINANCING SOURCES(USES) Transfers(out) (700,000) (700,000) (156,840) 543,160 - Total other financing sources(uses) (700,000) (700,000) (156,840) 543,160 - NET CHANGE IN FUND BALANCE $ (497,800) $ (497,800) 110,198 $ 607,998 234,333 FUND BALANCE,JANUARY 1 928,451 694,118 FUND BALANCE,DECEMBER 31 $ 1,038,649 $ 928,451 (See independent auditor's report.) - 88 - VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL FOREIGN FIRE INSURANCE TAX FUND For the Year Ended December 31,2014 (With Comparative Actual) 2014 Variance Original Final Over 2013 Budget Budget Actual (Under) Actual REVENUES Intergovernmental $ 50,000 $ 50,000 $ 61,977 $ 11,977 $ 66,223 Investment income 250 250 50 (200) 208 Total revenues 50,250 50,250 62,027 11,777 66,431 EXPENDITURES Current Public safety 54,275 54,275 68,294 14,019 32,054 Total expenditures 54,275 54,275 68,294 14,019 32,054 NET CHANGE IN FUND BALANCE $ (4,025) $ (4,025) (6,267) $ (2,242) 34,377 FUND BALANCE,JANUARY 1 267,581 233,204 FUND BALANCE,DECEMBER 31 $ 261,314 $ 267,581 (See independent auditor's report.) - 89 - VILLAGE OF OAK BROOK,ILLINOIS V SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL PROMENADE TIF FUND For the Year Ended December 31,2014 (With Comparative Actual) 2014 Variance Original Final Over 2013 Budget Budget Actual (Under) Actual REVENUES Property tax $ 345,000 $ 345,000 $ 326,896 $ (18,104) $ 344,233 Sales tax 80,000 80,000 95,471 15,471 163,732 Investment income 50 50 13 (37) 26 Total revenues 425,050 425,050 422,380 (2,670) 507,991 EXPENDITURES Current General government 4,250 4,250 3,230 (1,020) 4,130 Debt service Principal 145,000 145,000 165,000 20,000 117,800 Interest and fiscal charges 311,775 311,775 311,454 (321) 322,126 Total expenditures 461,025 461,025 479,684 18,659 444,056 NET CHANGE IN FUND BALANCE $ (35,975) $ (35,975) (57,304) $ (21,329) 63,935 FUND BALANCE,JANUARY 1 285,861 221,926 FUND BALANCE,DECEMBER 31 $ 228,557 $ 285,861 (See independent auditor's report.) - 90 - PROPRIETARY FUNDS MAJOR 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 Oak — Brook Sports Core. VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF REVENUES,EXPENSES AND CHANGES IN NET POSITION-BUDGET AND ACTUAL _ WATERWORKS SYSTEM FUND For the Year Ended December 31,2014 (With Comparative Actual) 2014 Variance Original Final Over 2013 Budget Budget Actual (Under) Actual OPERATING REVENUES Charges for services Water sales $ 7,140,000 $ 7,140,000 $ 6,785,329 $ (354,671) $ 6,649,030 Unmetered sales 25,000 25,000 29,423 4,423 19,643 - Water tap on charges 20,000 20,000 27,600 7,600 42,570 Meter fees and special services 47,000 47,000 57,443 10,443 53,726 Miscellaneous 70,400 70,400 62,912 (7,488) 81,835 Total operating revenues 7,302,400 7,302,400 6,962,707 (339,693) 6,846,804 OPERATING EXPENSES Operation of facilities 7,860,105 7,860,105 6,457,392 (1,402,713) 5,684,313 Depreciation and amortization - - 551,791 551,791 564,351 Total operating expenses 7,860,105 7,860,105 7,009,183 (850,922) 6,248,664 OPERATING INCOME(LOSS) (557,705) (557,705) (46,476) 511,229 598,140 NON-OPERATING REVENUES (EXPENSES) Investment income 10,000 10,000 (12,466) (22,466) 9,300 Grants - - - - 358 - Gain(loss)on sale of capital assets - - (7,724) (7,724) (1,637) Total non-operating revenues ✓- (expenses) 10,000 10,000 (20,190) (30,190) 8,021 CHANGE IN NET POSITION $ (547,705) $ (547,705) (66,666) $ 481,039 606,161 NET POSITION,JANUARY 1 21,189,523 20,583,362 NET POSITION,DECEMBER 31 $ 21,122,857 $ 21,189,523 - - (See independent auditor's report.) - 91 - VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF OPERATING EXPENSES-BUDGET AND ACTUAL WATERWORKS SYSTEM FUND For the Year Ended December 31,2014 (With Comparative Actual) 2014 Variance Original Final Over 2013 Budget Budget Actual (Under) Actual OPERATING EXPENSES EXCLUDING DEPRECIATION Operation of facilities Public works-water operations Personnel $ 772,095 $ 812,095 $ 812,709 $ 614 $ 754,190 Materials and supplies 96,040 221,315 177,475 (43,840) 238,869 Operation and contractual 5,149,095 5,288,320 5,088,833 (199,487) 4,343,854 Reimbursements for general fund services 378,375 378,375 378,375 - 347,400 Total public works-water operations 6,395,605 6,700,105 6,457,392 (242,713) 5,684,313 — Capital improvements Capital outlay 1,464,500 1,160,000 1,415,870 255,870 267,990 Total capital improvements 1,464,500 1,160,000 1,415,870 255,870 267,990 TOTAL OPERATING EXPENSES EXCLUDING DEPRECIATION- BUDGETARY BASIS $ 7,860,105 $ 7,860,105 7,873,262 $ 13,157 5,952,303 ADJUSTMENTS TO GAAP BASIS Capital expenditures (1,415,870) (267,990) Depreciation and amortization expense 551,791 564,351 Total adjustments to GAAP basis (864,079) 296,361 TOTAL OPERATING EXPENSES $ 7,009,183 $ 6,248,664 (See independent auditor's report.) - 92 - VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF REVENUES,EXPENSES AND CHANGES IN NET POSITION-BUDGET AND ACTUAL SPORTS CORE FUND For the Year Ended December 31,2014 (With Comparative Actual) 2014 Variance Original Final Over 2013 Budget Budget Actual (Under) Actual OPERATING REVENUES Charges for services ... Golf $ 2,009,690 $ 2,009,690 $ 1,734,256 $ (275,434) $ 1,822,391 Swimming and tennis 363,535 363,535 312,318 (51,217) 342,407 Special events 300,500 300,500 345,845 45,345 293,203 Rentals and commissions 365,460 365,460 400,988 35,528 416,453 -- Food and beverage 382,690 382,690 353,605 (29,085) 341,875 Total operating revenues 3,421,875 3,421,875 3,147,012 (274,863) 3,216,329 OPERATING EXPENSES INCLUDING DEPRECIATION Golf club 2,174,595 2,173,615 2,000,708 (172,907) 1,916,995 Swimming and tennis 255,965 177,530 466,980 289,450 495,405 Special events 389,705 451,845 388,909 (62,936) 371,631 Rentals and commissions 394,365 395,985 349,470 (46,515) 208,514 Food and beverage 361,620 377,275 370,039 (7,236) 368,929 Total operating expenses 3,576,250 3,576,250 3,576,106 (144) 3,361,474 OPERATING INCOME(LOSS) (154,375) (154,375) (429,094) (274,719) (145,145) NON-OPERATING REVENUES (EXPENSES) Investment income 900 900 (4,279) (5,179) 1,057 Grants 187,800 187,800 17,709 (170,091) 3,633 Gain on sale of capital assets - - 2,072 2,072 - Interest expense (11,840) (1,840) (1,839) 1 (2,758) Total non-operating revenues (expenses) 186,860 186,860 13,663 (173,197) 1,932 NET INCOME(LOSS)BEFORE TRANSFERS 32,485 32,485 (415,431) (447,916) (143,213) TRANSFERS Transfers in 150,000 150,000 474,057 324,057 210,324 _ Transfers(out) (61,300) (61,300) - 61,300 - Total transfers 88,700 88,700 474,057 385,357 210,324 CHANGE IN NET POSITION $ 121,185 $ 121,185 58,626 $ (62,559) 67,111 NET POSITION,JANUARY 1 12,516,414 10,087,303 Prior period adjustment - 2,362,000 NET POSITION,JANUARY 1,RESTATED 12,516,414 12,449,303 NET POSITION,DECEMBER 31 $ 12,575,040 $ 12,516,414 (See independent auditor's report.) - 93 - VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF OPERATING REVENUES-BUDGET AND ACTUAL .! SPORTS CORE FUND For the Year Ended December 31,2014 (With Comparative Actual) 2014 Variance Original Final Over 2013 Budget Budget Actual (Under) Actual CHARGES FOR SERVICES Golf Fees $ 1,506,350 $ 1,506,350 $ 1,282,093 $ (224,257) $ 1,338,946 Golf surcharge 120,000 120,000 101,567 (18,433) 119,872 Memberships 182,040 182,040 168,010 (14,030) 182,038 Merchandise sales 201,300 201,300 182,586 (18,714) 181,535 Total golf 2,009,690 2,009,690 1,734,256 (275,434) 1,822,391 Swimming and tennis Fees 84,310 84,310 66,841 (17,469) 78,300 Memberships 277,550 277,550 240,290 (37,260) 262,698 Merchandise sales 525 525 190 (335) 10 Miscellaneous 1,150 1,150 4,997 3,847 1,399 Total swimming and tennis 363,535 363,535 312,318 (51,217) 342,407 Special events Fees 52,500 52,500 34,898 (17,602) 57,882 Merchandise sales 10,000 10,000 23,589 13,589 10,275 Promotions 58,000 58,000 98,075 40,075 42,200 Independence Day/Taste of Oak Brook 180,000 180,000 176,500 (3,500) 182,747 Special groups - - 8,714 8,714 - Miscellaneous - - 4,069 4,069 99 Total special events 300,500 300,500 345,845 45,345 293,203 Rentals and commissions Open field rental 203,460 203,460 261,183 57,723 256,183 Other rental income 162,000 162,000 139,805 (22,195) 160,270 Total rentals and commissions 365,460 365,460 400,988 35,528 416,453 Food and beverage Food sales 182,050 182,050 154,713 (27,337) 151,024 Beverage sales 200,640 200,640 198,892 (1,748) 190,851 Total food and beverage 382,690 382,690 353,605 (29,085) 341,875 TOTAL OPERATING REVENUES $ 3,421,875 $ 3,421,875 $ 3,147,012 $ (274,863) $ 3,216,329 (See independent auditor's report.) - - 94 - VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF OPERATING EXPENSES-BUDGET AND ACTUAL SPORTS CORE FUND For the Year Ended December 31,2014 (With Comparative Actual) 2014 Variance Original Final Over 2013 Budget Budget Actual (Under) Actual OPERATING EXPENSES EXCLUDING DEPRECIATION Operations-golf club Golf club general operations Personnel $ 463,520 $ 463,520 $ 422,639 $ (40,881) $ 441,283 Materials and supplies 185,260 213,060 167,806 (45,254) 142,107 Operation and contractual 263,755 270,955 183,565 (87,390) 125,130 Capital outlay 35,000 - - - - Total golf club general operations 947,535 947,535 774,010 (173,525) 708,520 Golf club range operations Personnel 61,325 61,325 58,590 (2,735) 58,356 -� Materials and supplies 17,000 17,000 11,696 (5,304) 8,915 Operation and contractual 14,700 14,700 14,007 (693) 16,396 Total golf club range operations 93,025 93,025 84,293 (8,732) 83,667 Golf cart operations Personnel 23,910 23,910 26,623 2,713 20,483 _ Materials and supplies 1,400 1,400 285 (1,115) 42 Operation and contractual 4,100 4,100 5,527 1,427 2,858 Total golf cart operations 29,410 29,410 32,435 3,025 23,383 Golf course maintenance Personnel 671,675 655,195 650,250 (4,945) 642,840 Materials and supplies 229,850 233,090 212,648 (20,442) 207,997 Operation and contractual 38,100 50,360 42,917 (7,443) 45,265 Capital outlay 165,000 165,000 64,575 (100,425) 30,358 Total golf course maintenance 1,104,625 1,103,645 970,390 (133,255) 926,460 Total operations-golf club 2,174,595 2,173,615 1,861,128 (312,487) 1,742,030 Operations-swimming and tennis General operations Personnel 52,880 92,045 107,750 15,705 80,182 Materials and supplies 22,250 22,785 21,515 (1,270) 18,285 Operation and contractual 184,000 191,845 136,126 (55,719) 168,777 Subtotal general operations 259,130 306,675 265,391 (41,284) 267,244 Less reimbursements from other funds (584,080) (584,080) (238,200) 345,880 (122,855) Total general operations (324,950) (277,405) 27,191 304,596 144,389 (This schedule is continued on the following pages.) - 95 - VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF OPERATING EXPENSES-BUDGET AND ACTUAL(Continued) SPORTS CORE FUND For the Year Ended December 31,2014 (With Comparative Actual) _ 2014 Variance Original Final Over 2013 Budget Budget Actual (Under) Actual OPERATING EXPENSES EXCLUDING DEPRECIATION(Continued) Operations-swimming and tennis (Continued) Swimming operations Personnel $ 31,350 $ 31,350 $ 31,391 $ 41 $ 28,368 Materials and supplies 25,175 24,875 25,251 376 13,951 Operation and contractual 131,990 193,530 194,719 1,189 141,810 '- Capital outlay 210,000 49,635 142,125 92,490 - Total swimming operations 398,515 299,390 393,486 94,096 184,129 Tennis operations-outdoor Personnel 90,825 73,970 70,276 (3,694) 69,794 Materials and supplies 9,310 4,310 4,928 618 2,828 Operation and contractual 33,765 33,765 33,331 (434) 22,027 Capital outlay 48,500 43,500 17,835 (25,665) - Total tennis operations-outdoor 182,400 155,545 126,370 (29,175) 94,649 Total operations-swimming and tennis 255,965 177,530 547,047 369,517 423,167 _ Special events Personnel 25,355 9,605 1,269 (8,336) 2,319 Materials and supplies 46,050 58,450 47,927 (10,523) 64,485 Operation and contractual 318,300 383,790 339,713 (44,077) 304,827 Total special events 389,705 451,845 388,909 (62,936) 371,631 Rentals and commissions Personnel 101,315 101,315 105,658 4,343 69,331 Materials and supplies 6,450 12,745 13,176 431 4,709 Operation and contractual 176,600 234,115 230,636 (3,479) 134,474 Capital outlay 110,000 47,810 16,047 (31,763) 12,122 Total rentals and commissions 394,365 395,985 365,517 (30,468) 220,636 -- Food and beverage Poolside grill Personnel 5,915 17,215 18,549 1,334 10,907 Materials and supplies 30,800 17,425 13,024 (4,401) 26,879 -" Operation and contractual 4,800 1,800 1,828 28 3,831 Total poolside grill 41,515 36,440 33,401 (3,039) 41,617 (This schedule is continued on the following page.) - 96 - VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF OPERATING EXPENSES-BUDGET AND ACTUAL(Continued) SPORTS CORE FUND For the Year Ended December 31,2014 •�. (With Comparative Actual) 2014 Variance Original Final Over 2013 Budget Budget Actual (Under) Actual OPERATING EXPENSES EXCLUDING DEPRECIATION(Continued) Food and beverage(Continued) Golf clubhouse Personnel $ 154,080 $ 140,935 $ 139,352 $ (1,583) $ 153,604 Materials and supplies 151,900 178,780 172,885 (5,895) 157,652 Operation and contractual 14,125 21,120 18,961 (2,159) 11,424 Capital outlay - - 140,376 140,376 23,549 Total golf clubhouse 320,105 340,835 471,574 130,739 346,229 Total food and beverage 361,620 377,275 504,975 127,700 387,846 - Nondepartmental expenses Interfund loan repayment 61,300 61,300 61,300 - (61,300) Total nondepartmental expenses 61,300 61,300 61,300 - (61,300) TOTAL OPERATING EXPENSES- BUDGETARY BASIS $ 3,637,550 $ 3,637,550 3,728,876 $ 91,326 3,084,010 ADJUSTMENTS TO GAAP BASIS Capital expenditures (380,958) (66,029) Depreciation expense-golf 204,155 205,323 Depreciation expense-swimming and tennis 79,893 72,238 Depreciation expense-food and beverage 5,440 4,632 Interfund loan repayment (61,300) 61,300 Total adjustments to GAAP basis (152,770) 277,464 TOTAL OPERATING EXPENSES $ 3,576,106 $ 3,361,474 (See independent auditor's report.) - 97 - 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 expenses relative to the replacement of major capital equipment,primarily vehicles. VILLAGE OF OAK BROOK,ILLINOIS COMBINING STATEMENT OF NET POSITION INTERNAL SERVICE FUNDS December 31, 2014 Self- Capital Insurance Garage Replacement Total _ CURRENT ASSETS Cash and investments $ 713,325 $ 89,508 $ 2,347,687 $ 3,150,520 _ Receivables Accrued interest - - 7,406 7,406 Other 25,681 917 - 26,598 Inventories - 39,506 - 39,506 Prepaid expenses 5,983 - - 5,983 Total current assets 744,989 129,931 2,355,093 3,230,013 CAPITAL ASSETS Depreciable,net of accumulated depreciation - 88,857 2,957,725 3,046,582 Net capital assets - 88,857 2,957,725 3,046,582 Total assets 744,989 218,788 5,312,818 6,276,595 CURRENT LIABILITIES Accounts payable 345,171 20,501 44,814 410,486 Accrued payroll 7,171 6,768 - 13,939 Compensated absences payable - 13,332 - 13,332 Unearned revenue 42,093 - - 42,093 Claims payable 121,423 - - 121,423 _ Total current liabilities 515,858 40,601 44,814 601,273 NET POSITION Investment in capital assets - 88,857 2,957,725 3,046,582 Unrestricted 229,131 89,330 2,310,279 2,628,740 TOTAL NET POSITION $ 229,131 $ 178,187 $ 5,268,004 $ 5,675,322 (See independent auditor's report.) - 98 - VILLAGE OF OAK BROOK,ILLINOIS COMBINING STATEMENT OF REVENUES,EXPENSES AND CHANGES IN NET POSITION INTERNAL SERVICE FUNDS For the Year Ended December 31,2014 — Self- Capital Insurance Garage Replacement Total OPERATING REVENUES Charges for services $ 2,679,004 $ 810,065 $ 624,155 $ 4,113,224 Total operating revenues 2,679,004 810,065 624,155 4,113,224 OPERATING EXPENSES -- Claims and insurance 2,786,871 - - 2,786,871 Garage operations - 758,460 - 758,460 Miscellaneous - - 14,215 14,215 Depreciation - 14,460 428,181 442,641 Total operating expenses 2,786,871 772,920 442,396 4,002,187 OPERATING INCOME(LOSS) (107,867) 37,145 181,759 111,037 _ NON-OPERATING REVENUES (EXPENSES) Investment income 101 8 (11,945) (11,836) Gain on sale of capital assets - - 64,803 64,803 Total non-operating revenues(expenses) 101 8 52,858 52,967 CHANGE IN NET POSITION (107,766) 37,153 234,617 164,004 NET POSITION,JANUARY 1 336,897 141,034 5,033,387 5,511,318 NET POSITION,DECEMBER 31 $ 229,131 $ 178,187 $ 5,268,004 $ 5,675,322 (See independent auditor's report.) - 99 - r VILLAGE OF OAK BROOK,ILLINOIS COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS For the Year Ended December 31,2014 Self- Capital Insurance Garage Replacement Total CASH FLOWS FROM OPERATING ACTIVITIES Receipts from internal services transactions $ 1,705,589 $ 811,565 $ 624,155 $ 3,141,309 Receipts from customers and users 972,756 - - 972,756 Payments to suppliers (2,642,916) (515,097) (14,215) (3,172,228) _ Payments to employees - (230,835) - (230,835) Net cash from operating activities 35,429 65,633 609,940 711,002 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES None - - - - Net cash from noncapital financing activities - - - CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Purchase of capital assets - - (247,046) (247,046) Proceeds from sale of capital assets - - 105,261 105,261 Net cash from capital and related fmancing activities - - (141,785) (141,785) CASH FLOWS FROM INVESTING ACTIVITIES Purchase of investments - - (24,640) (24,640) Sale of investments - - 175,062 175,062 Interest received 101 8 7,524 7,633 Net cash from investing activities 101 8 157,946 158,055 NET INCREASE IN CASH AND CASH EQUIVALENTS 35,530 65,641 626,101 727,272 CASH AND CASH EQUIVALENTS, JANUARY 1 677,795 23,867 192,414 894,076 CASH AND CASH EQUIVALENTS, _ DECEMBER 31 $ 713,325 $ 89,508 $ 818,515 $ 1,621,348 CASH AND INVESTMENTS Cash and cash equivalents $ 713,325 $ 89,508 $ 818,515 $ 1,621,348 Investments - - 1,529,172 1,529,172 TOTAL CASH AND INVESTMENTS $ 713,325 $ 89,508 $ 2,347,687 $ 3,150,520 (This statement is continued on the following page.) _ 100 - VILLAGE OF OAK BROOK,ILLINOIS COMBINING STATEMENT OF CASH FLOWS(Continued) INTERNAL SERVICE FUNDS For the Year Ended December 31,2014 Self- Capital Insurance Garage Replacement Total RECONCILIATION OF OPERATING INCOME (LOSS)TO NET CASH FLOWS FROM OPERATING ACTIVITIES Operating income(loss) $ (107,867) $ 37,145 $ 181,759 $ 111,037 Depreciation - 14,460 428,181 442,641 Adjustments to reconcile operating income (loss)to net cash from operating activities Changes in assets and liabilities Accounts receivable 2,160 1,500 - 3,660 Prepaid items 12,183 - - 12,183 Inventories - 20,864 - 20,864 Accounts payable 169,575 (8,097) - 161,478 Accrued payroll and compensated absences (12) (239) - (251) Unearned revenue (2,807) - - (2,807) Claims payable (37,803) - - (37,803) NET CASH FROM OPERATING ACTIVITIES $ 35,429 $ 65,633 $ 609,940 $ 711,002 NONCASH TRANSACTIONS Changes in assets and liabilities related to capital financing $ - $ - $ 926,947 $ 926,947 TOTAL NONCASH TRANSACTIONS $ - $ - $ 926,947 $ 926,947 (See independent auditor's report.) - 101 - i VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF REVENUES,EXPENSES AND CHANGES IN NET POSITION-BUDGET AND ACTUAL SELF-INSURANCE FUND For the Year Ended December 31,2014 (With Comparative Actual) 2014 Variance Original Final Over 2013 Budget Budget Actual (Under) Actual OPERATING REVENUES Charges for services $ 3,050,360 $ 3,050,360 $ 2,679,004 $ (371,356) $ 2,666,395 Total operating revenues 3,050,360 3,050,360 2,679,004 (371,356) 2,666,395 OPERATING EXPENSES Claims and insurance Insurance and administration 987,140 987,140 773,319 (213,821) 763,397 Health claims 2,182,360 2,182,360 1,871,607 (310,753) 1,905,253 Dental claims 175,000 175,000 141,945 (33,055) 150,886 Total operating expenses 3,344,500 3,344,500 2,786,871 (557,629) 2,819,536 OPERATING INCOME(LOSS) (294,140) (294,140) (107,867) 186,273 (153,141) NON-OPERATING REVENUES (EXPENSES) Investment income 250 250 101 (149) 114 _ Total non-operating revenues (expenses) 250 250 101 (149) 114 INCOME(LOSS)BEFORE TRANSFERS (293,890) (293,890) (107,766) 186,124 (153,027) TRANSFERS Transfers in - - - - 515,000 Transfers(out) - - - - - Total transfers - - - - 515,000 CHANGE IN NET POSITION $ (293,890) $ (293,890) (107,766) $ 186,124 361,973 NET POSITION,JANUARY 1 336,897 (25,076) NET POSITION,DECEMBER 31 $ 229,131 $ 336,897 (See independent auditor's report.) - 102 - VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF REVENUES,EXPENSES AND CHANGES IN NET POSITION-BUDGET AND ACTUAL GARAGE FUND For the Year Ended December 31,2014 (With Comparative Actual) 2014 Variance Original Final Over 2013 Budget Budget Actual (Under) Actual OPERATING REVENUES Charges for services $ 810,065 $ 810,065 $ 810,065 $ - $ 785,010 Total operating revenues 810,065 810,065 810,065 - 785,010 OPERATING EXPENSES EXCLUDING DEPRECIATION Garage operations Personnel 244,915 244,915 230,596 (14,319) 229,906 •-� Materials and supplies 285,335 264,035 247,382 (16,653) 251,774 Operations and contractual 221,260 242,560 243,207 647 218,250 Expense reimbursements paid to other funds 37,275 37,275 37,275 - 36,200 Capital outlay 6,400 6,400 - (6,400) 3,000 Total operating expenses _ excluding depreciation 795,185 795,185 758,460 (36,725) 739,130 OPERATING INCOME 14,880 14,880 51,605 36,725 45,880 NON-OPERATING REVENUES (EXPENSES) Investment income 25 25 8 (17) 7 Total non-operating revenues (expenses) 25 25 8 (17) 7 _ CHANGE IN NET POSITION- BUDGETARY BASIS $ 14,905 $ 14,905 51,613 $ 36,708 45,887 ADJUSTMENTS TO GAAP BASIS Capital expenditures - 3,000 Depreciation expense (14,460) (14,460) Total adjustments to GAAP basis (14,460) (11,460) CHANGE IN NET POSITION-GAAP BASIS 37,153 34,427 NET POSITION,JANUARY 1 141,034 106,607 NET POSITION,DECEMBER 31 $ 178,187 $ 141,034 (See independent auditor's report.) - 103 - VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF REVENUES,EXPENSES AND CHANGES IN NET POSITION-BUDGET AND ACTUAL CAPITAL REPLACEMENT FUND For the Year Ended December 31,2014 (With Comparative Actual) 2014 Variance Original Final Over 2013 Budget Budget Actual (Under) Actual OPERATING REVENUES Charges for services $ 624,155 $ 624,155 $ 624,155 $ - $ 331,750 Total operating revenues 624,155 624,155 624,155 - 331,750 OPERATING EXPENSES EXCLUDING DEPRECIATION Capital outlay 1,384,945 1,370,645 1,173,993 (196,652) 2,094,523 ... Miscellaneous - 14,300 14,215 (85) 10,910 Total operating expenses excluding depreciation 1,384,945 1,384,945 1,188,208 (196,737) 2,105,433 OPERATING INCOME(LOSS) (760,790) (760,790) (564,053) (196,737) (1,773,683) NON-OPERATING REVENUES (EXPENSES) Investment income 10,000 10,000 (11,945) (21,945) 10,748 Gain(loss)on sale of capital assets 100,000 100,000 64,803 (35,197) (29,839) �— Total non-operating revenues (expenses) 110,000 110,000 52,858 (57,142) (19,091) CHANGE IN NET POSITION- BUDGETARY BASIS $ (650,790) $ (650,790) (511,195) $ 139,595 (1,792,774) ADJUSTMENTS TO GAAP BASIS Capital expenditures 1,173,993 2,094,523 Depreciation expense (428,181) (404,040) Total adjustments to GAAP basis 745,812 1,690,483 CHANGE IN NET POSITION-GAAP BASIS 234,617 (102,291) NET POSITION,JANUARY 1 5,033,387 5,135,678 NET POSITION,DECEMBER 31 $ 5,268,004 $ 5,033,387 (See independent auditor's report.) - 104 - SCMA9 AxVIXnQl3 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 POSITION FIDUCIARY FUNDS December 31, 2014 Pension Trust Police Firefighters' Pension Pension Total ASSETS Cash $ 44,458 $ 47,277 $ 91,735 Investments Illinois Funds 27,994 - 27,994 Money market mutual funds 772,473 425,226 1,197,699 U.S. Treasury securities 736,120 374,905 1,111,025 U.S. agency securities 4,823,512 4,306,819 9,130,331 State and local obligations 1,273,033 1,024,330 2,297,363 Corporate bonds 4,984,600 4,473,055 9,457,655 Mutual funds 19,490,647 14,293,678 33,784,325 Equities 698,254 - 698,254 Accrued interest receivable 126,660 104,866 231,526 Prepaid expenses 2,895 2,073 4,968 — Total assets 32,980,646 25,052,229 58,032,875 LIABILITIES Accounts payable 9,300 6,099 15,399 Total liabilities 9,300 6,099 15,399 NET POSITION HELD IN TRUST _ FOR PENSION PLAN BENEFITS $ 32,971,346 $ 25,046,130 $ 58,017,476 (See independent auditor's report.) - 105 - VILLAGE OF OAK BROOK,ILLINOIS _ COMBINING STATEMENT OF CHANGES IN PLAN NET POSITION FIDUCIARY FUNDS For the Year Ended December 31, 2014 Pension Trust Police Firefighters' Pension Pension Total ADDITIONS Contributions Employer $ 1,259,824 $ 1,570,742 $ 2,830,566 Employee 356,304 267,458 623,762 Other 2,035 - 2,035 Total contributions 1,618,163 1,838,200 3,456,363 Investment income Net appreciation(depreciation) in fair value of investments (166,580) 97,070 (69,510) Interest 1,345,989 1,146,398 2,492,387 Total investment income 1,179,409 1,243,468 2,422,877 Less investment expense (64,251) (64,652) (128,903) Net investment income 1,115,158 1,178,816 2,293,974 Total additions 2,733,321 3,017,016 5,750,337 _ DEDUCTIONS Benefits and refunds 2,288,693 2,385,491 4,674,184 Administrative 47,609 75,386 122,995 Total deductions 2,336,302 2,460,877 4,797,179 NET INCREASE 397,019 556,139 953,158 NET POSITION HELD IN TRUST FOR PENSION BENEFITS January 1 32,574,327 24,489,991 57,064,318 December 31 $ 32,971,346 $ 25,046,130 $ 58,017,476 (See independent auditor's report.) - 106 - VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF CHANGES IN PLAN NET POSITION-BUDGET AND ACTUAL POLICE PENSION FUND For the Year Ended December 31,2014 (With Comparative Actual) 2014 Variance _ Original Final Over 2013 Budget Budget Actual (Under) Actual ADDITIONS Contributions Employer $ 1,219,075 $ 1,219,075 $ 1,259,824 $ 40,749 $ 1,171,537 Employee 364,985 364,985 356,304 (8,681) 351,137 Other - - 2,035 2,035 24 Total contributions 1,584,060 1,584,060 1,618,163 34,103 1,522,698 Investment income Net appreciation(depreciation) in fair value of investments 2,100,000 2,100,000 (166,580) (2,266,580) 2,353,787 Interest - - 1,345,989 1,345,989 1,098,726 Total investment income 2,100,000 2,100,000 1,179,409 (920,591) 3,452,513 Less investment expense (85,000) (85,000) (64,251) 20,749 (79,277) Net investment income 2,015,000 2,015,000 1,115,158 (899,842) 3,373,236 ... Total additions 3,599,060 3,599,060 2,733,321 (865,739) 4,895,934 DEDUCTIONS Benefits and refunds 2,130,400 2,130,400 2,288,693 158,293 2,093,848 Administrative 44,025 44,025 47,609 3,584 31,006 Total deductions 2,174,425 2,174,425 2,336,302 161,877 2,124,854 NET INCREASE(DECREASE) $ 1,424,635 $ 1,424,635 397,019 $ (1,027,616) 2,771,080 NET POSITION HELD IN TRUST FOR PENSION BENEFITS January 1 32,574,327 29,803,247 December 31 $ 32,971,346 $ 32,574,327 (See independent auditor's report.) - 107 - VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF CHANGES IN PLAN NET POSITION-BUDGET AND ACTUAL FIREFIGHTERS'PENSION FUND For the Year Ended December 31,2014 (With Comparative Actual) 2014 Variance Original Final Over 2013 Budget Budget Actual (Under) Actual ADDITIONS Contributions Employer $ 1,106,340 $ 1,106,340 $ 1,570,742 $ 464,402 $ 1,057,081 Employee 268,905 268,905 267,458 (1,447) 258,613 Total contributions 1,375,245 1,375,245 1,838,200 462,955 1,315,694 Investment income Net appreciation in fair value of investments - - 97,070 97,070 1,037,254 Interest 1,700,000 1,700,000 1,146,398 (553,602) 944,925 Total investment income 1,700,000 1,700,000 1,243,468 (456,532) 1,982,179 Less investment expense (75,000) (75,000) (64,652) 10,348 (62,989) Net investment income 1,625,000 1,625,000 1,178,816 446,184 1,919,190 Total additions 3,000,245 3,000,245 3,017,016 16,771 3,234,884 DEDUCTIONS Benefits and refunds 2,145,480 2,145,480 2,385,491 240,011 2,040,745 Administrative 43,575 43,575 75,386 31,811 55,296 Total deductions 2,189,055 2,189,055 2,460,877 271,822 2,096,041 NET INCREASE(DECREASE) $ 811,190 $ 811,190 556,139 $ (255,051) 1,138,843 NET POSITION HELD IN TRUST FOR PENSION BENEFITS January 1 24,489,991 23,351,148 December 31 $ 25,046,130 $ 24,489,991 (See independent auditor's report.) - 108 - STATISTICAL SECTION This part of the Village of Oak Brook, Illinois' comprehensive annual financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures and required supplementary information says about the Village's overall financial health. Contents Page(s) Financial Trends These schedules contain trend information to help the reader understand how the Village's financial performance and well-being have changed over time. 109-118 Revenue Capacity These schedules contain information to help the reader assess the Village's ability to generate its property and sales taxes. 119-122 Debt Capacity These schedules present information to help the reader assess the affordability of the Village's current levels of outstanding debt and the Village's ability to issue additional debt in the future. 123-125 _ Demographic and Economic Information These schedules offer demographic and economic indicators to help the reader understand the environment within which the Village's financial activities take place and to help make comparisons over time and with other governments. 126-133 Operating Information These schedules contain information about the Village's operations and resources to help the reader understand how the Village's financial information relates to the services the Village provides and the activities it performs. 134-137 Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year. VILLAGE OF OAK BROOK,ILLINOIS NET POSITION BY COMPONENT Last Ten Fiscal Years -. Fiscal Year 2005 2006 2007 2008 GOVERNMENTAL ACTIVITIES _ Net investment in capital assets $ 63.3 $ 63.0 $ 62.4 $ 61.6 Restricted 0.6 - - - Unrestricted 16.2 17.7 19.7 22.7 ._ TOTAL GOVERNMENT ACTIVITIES $ 80.1 $ 80.7 $ 82.1 $ 84.3 BUSINESS-TYPE ACTIVITIES Net investment in capital assets $ 23.8 $ 23.3 $ 22.7 $ 24.5 Restricted - - - - _ Unrestricted 4.0 5.0 7.0 5.8 TOTAL BUSINESS-TYPE ACTIVITIES $ 27.8 $ 28.3 $ 29.7 $ 30.3 PRIMARY GOVERNMENT Net investment in capital assets $ 87.1 $ 86.3 $ 85.1 $ 86.1 _ Restricted 0.6 - - - Unrestricted 20.2 22.7 26.7 28.5 TOTAL PRIMARY GOVERNMENT $ 107.9 $ 109.0 $ 111.8 $ 114.6 Data Source Audited Financial Statements Data in millions _ 109 - 2009 2010 2011 2012 2013 2014 $ 60.6 $ 55.3 $ 56.2 $ 57.6 $ 59.3 $ 60.7 - 3.5 9.4 9.4 9.8 11.5 16.9 17.4 13.7 14.0 13.3 12.1 - $ 77.5 $ 76.2 $ 79.3 $ 81.0 $ 82.4 $ 84.3 $ 24.5 $ 26.5 $ 28.5 $ 30.0 $ 29.6 $ 30.6 5.5 3.6 1.8 1.2 4.6 3.7 $ 30.0 $ 30.1 $ 30.3 $ 31.2 $ 34.2 $ 34.3 $ 85.1 $ 81.8 $ 84.7 $ 87.6 $ 88.9 $ 91.3 - 3.5 9.4 9.4 9.8 11.5 22.4 21.0 15.5 15.2 17.9 15.8 $ 107.5 $ 106.3 $ 109.6 $ 112.2 $ 116.6 $ 118.6 VILLAGE OF OAK BROOK,ILLINOIS CHANGE IN NET POSITION Last Ten Fiscal Years Fiscal Year 2005 2006 2007 2008 EXPENSES Governmental activities General government $ 4.3 $ 4.7 $ 5.3 $ 6.2 Public safety 11.3 12.0 12.3 12.6 Public works 4.6 4.1 4.3 3.2 _ Culture and recreation 1.7 1.9 1.8 2.0 Interest on long-term debt 0.1 0.1 0.1 0.1 Total governmental activities expenses 22.0 22.8 23.8 24.1 Business-type activities Water 4.5 3.9 4.4 3.9 ... Sports Core 3.4 3.7 3.7 3.8 Total business-type activities expenses 7.9 7.6 8.1 7.7 TOTAL PRIMARY GOVERNMENT EXPENSES $ 29.9 $ 30.4 $ 31.9 $ 31.8 PROGRAM REVENUES Governmental activities Charges for services General government $ 1.1 $ 1.2 $ 1.7 $ 1.3 Public safety 0.8 0.8 0.9 0.8 Other activities 0.0 0.0 0.0 0.0 Operating grants and contributions 2.8 0.3 0.5 0.4 Capital grants - - - - Total governmental activities program revenues 4.7 2.3 3.1 2.5 Business-type activities Charges for services Water 4.5 4.4 4.6 4.0 Sports Core 3.4 3.6 3.8 3.6 Total business-type activities program revenues 7.9 8.0 8.4 7.6 ,.. TOTAL PRIMARY GOVERNMENT PROGRAMS REVENUES $ 12.6 $ 10.3 $ 11.5 $ 10.1 NET REVENUE(EXPENSE) Governmental activities $ (17.3) $ (20.5) $ (20.7) $ (21.6) Business-type activities - 0.4 0.3 (0.1) TOTAL PRIMARY GOVERNMENT NET REVENUE(EXPENSE) $ (17.3) $ (20.1) $ (20.4) $ (21.7) - ZII - I'£Z $ S'OZ) $ b'iZ $ L'6I $ i'OZ $ 8'8Z $ G,O) b'0 0'I Z'0 - Z'0) (9'ZZ) $ (6'OZ) $ (vZZ) $ (6'61) $ Q'OZ) $ (9'8Z) $ 6'£1 $ Z'bi $ 67I $ 8'11 $ I'll $ 9'6 $ 1'01 1'01 6'6 Z'8 9'L £'L VE Z'£ Z'£ 67 S'Z £'£ 0'L 6'9 L'9 £'S I'S 0'b 8'£ i'b 0'£ 9'£ S'£ £'Z £'0 9'0 - L'0 L'0 - 17'0 17'0 £'0 £'0 £'0 £'0 - - - - - F0 _ Z'i i'i i'i 9'1 i'I 8'0 6'1 $ i'Z $ 91 $ i'i $ b'i $ I'I $ 0'L£ $ L'b£ $ £'b£ $ S'i£ $ TIE $ 17'8£ $ 9'01 L'6 68 0'8 9'L S'L 9'£ b'£ £'£ I'£ I'£ S'£ 0'L £'9 9'9 6'17 S', 0'v b'9Z 0'9Z b'SZ 9'£Z 9'£Z 60£ £'0 b'0 b'0 17'0 b'0 I'0 07 8'1 8'1 L'i L'I L'I 617 8'17 1'9 6'b b'b 6'11 L'ti L'£i b'£i £'Zi Z'£i 6'11 �— S'b $ £'b $ L'£ $ Z'tl $ 6'£ $ £'S $ vloz £IOZ ZiOZ iIOZ OiOZ 60OZ VILLAGE OF OAK BROOK,ILLINOIS CHANGE IN NET POSITION(Continued) Last Ten Fiscal Years Fiscal Year 2005 2006 2007 2008 GENERAL REVENUES AND OTHER CHANGES IN NET POSITION i Governmental activities Taxes Sales and local use taxes $ 13.0 $ 14.2 $ 14.4 $ 16.1 _ Utility 4.3 3.8 4.2 4.5 Other 1.6 1.5 2.5 2.5 Investment earnings - 0.7 0.8 0.5 Miscellaneous - 0.2 0.2 0.3 i Transfers - - - - Total governmental activities 18.9 20.4 22.1 23.9 i Business-type activities Investment earnings 0.1 0.2 0.3 0.2 i Miscellaneous 1.1 - 0.8 0.2 Transfers - - - - Total business-type activities 1.2 0.2 1.1 0.4 TOTAL PRIMARY GOVERNMENT $ 20.1 $ 20.6 $ 23.2 $ 24.3 CHANGE IN NET POSITION Governmental activities $ 1.6 $ (0.1) $ 1.4 $ 2.3 Business-type activities 1.2 0.6 1.4 0.3 TOTAL PRIMARY GOVERNMENT CHANGE IN NET POSITION $ 2.8 $ 0.5 $ 2.8 $ 2.6 Data Source Audited Financial Statements i Data in millions i - 113 - i'Z $ S'b $ L'Z $ 0'£ $ 0'£ $ FL $ 9'0 0'1 - (I'0) (Z'0) I'Z $ 6'£ $ L'I $ 0'£ $ i'£ $ (6'9) $ — Z'SZ $ 0'9Z $ 1'17Z $ 67Z $ I'£Z $ L'IZ $ 9'0 Z'0 - - (I'0) - 9'0 Z'0 - - - - - - - - - (i'0) - L'bZ 8'bZ i'bZ 67Z Z'£Z L'IZ (SO) - - - - - (Z'0) 1'0 - - I'0 1'0 S'Z b'Z S'Z Z'Z £'Z 97 Z'9 — Z'S 0'9 6'17 L'b L'b 6T L'L1 $ £'Li $ L'9I $ 0'91 $ I'91 $ Z'tbi $ tTOZ £IOZ ZiOZ IiOZ OiOZ 60OZ VILLAGE OF OAK BROOK,ILLINOIS FUND BALANCES OF GOVERNMENTAL FUNDS Last Ten Fiscal Years Fiscal Year 2005 2006 2007 2008 GENERAL FUND Reserved $ 1,291,561 $ 1,292,073 $ 1,291,112 $ 1,291,975 Unreserved 11,651,504 11,731,876 12,152,083 11,493,855 Nonspendable - - - - Restricted - - - - _ Unrestricted Committed - - - - Assigned - - - - Unassigned - - - - TOTAL GENERAL FUND $ 12,943,065 $ 13,023,949 $ 13,443,195 $ 12,785,830 INFRASTRUCTURE FUND Unreserved $ 1,696,960 $ 1,919,422 $ 2,110,918 $ 4,792,595 Nonspendable - - - - Restricted - - - - TOTAL INFRASTRUCTURE FUND $ 1,696,960 $ 1,919,422 $ 2,110,918 $ 4,792,595 ALL OTHER GOVERNMENTAL FUNDS Restricted $ - $ - $ - $ - Unreserved,reported in Special Revenue Funds 609,248 780,902 1,365,470 2,225,973 Capital Project Fund - 15,156 17,407 136,330 Nonspendable - - - - TOTAL ALL OTHER GOVERNMENTAL FUNDS $ 609,248 $ 796,058 $ 1,382,877 $ 2,362,303 Note: GASB Statement No. 54 was implemented in 2010 and applied prospectively on this schedule. Data Source Audited Financial Statements - - 115 - 2009 2010 2011 2012 2013 2014 $ 1,495,000 $ - $ - $ - $ - $ - 10,787,853 - - - - - - 1,917,000 2,087,000 2,545,898 168,016 109,092 364,483 224,878 224,878 - - - - 102,525 205,050 - 11,708,050 13,532,992 14,772,181 15,902,982 15,799,127 $ 12,282,853 $ 13,625,050 $ 15,984,475 $ 17,542,957 $ 16,398,401 $ 16,113,269 $ 4,682,620 $ - $ - $ - $ - $ - - 337,699 - - - - - 5,004,945 5,864,870 5,398,644 5,152,351 6,706,262 $ 4,682,620 $ 5,342,644 $ 5,864,870 $ 5,398,644 $ 5,152,351 $ 6,706,262 $ - $ 3,672,971 $ 3,451,553 $ 3,924,483 $ 4,560,128 $ 4,826,298 2,986,576 - - - - - 225,075 - - - - - - - - - - 775 $ 3,211,651 $ 3,672,971 $ 3,451,553 $ 3,924,483 $ 4,560,128 $ 4,827,073 VILLAGE OF OAK BROOK,ILLINOIS CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS Last Ten Fiscal Years Fiscal Year 2005 2006 2007 2008 REVENUES Sales tax revenue $ 10,497,102 $ 11,461,184 $ 11,396,397 $ 10,873,975 Non-home rule sales tax 2,422,549 2,641,030 2,618,565 4,874,978 Other intergovernmental 1,513,492 1,535,507 1,711,638 1,893,862 Utility taxes 4,268,283 3,822,020 4,247,675 4,520,563 Hotel/motel taxes 349,615 416,507 1,262,808 1,137,614 _ Licenses and permits 669,726 858,401 850,965 720,847 Charges for services 791,638 835,390 832,008 839,504 Fines and penalties 334,869 292,331 375,717 345,937 Investment income 286,859 562,590 682,728 431,753 Donations 15,000 25,311 45,150 - Miscellaneous 166,340 190,225 281,864 391,106 Total revenues 21,315,473 22,640,496 24,305,515 26,030,139 EXPENDITURES General government 4,070,435 5,052,804 5,529,429 5,846,600 Public safety 11,158,837 12,047,821 12,156,303 12,280,965 Public works 2,954,815 2,338,619 2,460,937 2,394,176 Culture and recreation 1,594,661 1,855,514 1,746,352 2,011,660 Capital outlay 1,001,532 855,582 1,214,933 493,000 Debt service Principal - - - - Interest and issuance costs - - - - Total expenditures 20,780,280 22,150,340 23,107,954 23,026,401 EXCESS(DEFICIENCY)OF REVENUES OVER EXPENDITURES 535,193 490,156 1,197,561 3,003,738 OTHER FINANCING SOURCES(USES) _ Transfers in - - - - Transfers(out) - - - - Debt issuance - - - - Debt issuance premium - - - - Payment to refund bond escrow agent - - - - Sale of capital assets - - - - Total other financing sources(uses) - - - - NET CHANGE IN FUND BALANCES $ 535,193 $ 490,156 $ 1,197,561 $ 3,003,738 DEBT SERVICES AS A PERCENTAGE OF NONCAPITAL EXPENDITURES 0.00% 0.00% 0.00% 0.00% Data Source Audited Financial Statements 2009 2010 2011 2012 2013 2014 $ 9,748,649 $ 11,121,649 $ 11,070,404 $ 11,326,929 $ 11,385,834 $ 12,149,324 4,410,438 4,833,425 4,833,972 5,230,137 5,171,232 5,384,857 1,771,733 2,545,066 2,411,395 1,841,378 2,530,416 2,274,102 4,922,115 4,669,414 4,657,683 4,900,869 5,047,306 5,203,835 882,649 881,887 853,638 940,008 964,684 1,049,631 741,380 843,139 948,872 1,201,998 1,686,269 1,448,471 695,630 943,638 1,089,783 970,778 1,021,858 1,044,934 313,395 229,246 248,120 231,865 184,959 189,060 80,345 110,837 31,018 47,363 86,287 (155,427) 403,580 532,891 323,742 355,548 364,452 424,552 23,969,914 26,711,192 26,468,627 27,046,873 28,443,297 29,013,339 4,932,449 3,522,790 3,319,839 3,600,061 4,289,515 5,072,205 11,496,681 12,536,938 11,755,031 12,986,730 13,440,798 14,324,720 10,458,211 4,036,771 4,698,190 4,706,731 4,457,705 4,937,146 1,596,440 1,536,853 1,569,3 77 1,638,863 1,684,276 1,898,393 994,776 382,039 281,457 607,097 - - 1,706,163 1,769,263 1,827,087 1,842,163 1,876,754 425,000 95,415 462,997 386,259 375,042 362,129 346,094 31,280,135 24,247,651 23,837,240 25,756,687 26,111,177 27,003,558 (7,310,221) 2,463,541 2,631,387 1,290,186 2,332,120 2,009,781 - - 275,000 - 156,840 - - - - (725,324) (630,897) 9,788,606 - - - - - 8,861 - - - - - _ (2,250,850) - - - - - - - 28,846 - - - 7,546,617 - 28,846 275,000 (725,324) (474,057) $ 236,396 $ 2,463,541 $ 2,660,233 $ 1,565,186 $ 1,606,796 $ 1,535,724 5.81% 9.42% 9.55% 8.75% 9.11% 3.06% VILLAGE OF OAK BROOK,ILLINOIS ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY Last Ten Levy Years (data in thousands) Total Estimated Estimated Less: Total Taxable Direct Actual Actual Levy Residential Commercial Railroad Tax-Exempt Assessed Tax Taxable Taxable Year Property Property Property Property Value Rate Value Value 2004 $ 869,932 $ 555,935 $ - $ - $ 1,425,867 $ - $ 4,277,601 33.333% 2005 934,030 547,901 - - 1,481,931 - 4,445,793 33.333% 2006 1,011,883 566,390 - - 1,578,273 - 4,734,819 33.333% 2007 1,089,808 598,096 - - 1,687,904 - 5,063,712 33.333% 2008 1,179,126 607,923 - - 1,787,049 - 5,361,147 33.333% 2009 1,176,749 562,531 - - 1,739,280 - 5,217,840 33.333% 2010 1,088,414 511,191 - - 1,599,605 - 4,798,815 33.333% •�. 2011 1,003,641 490,189 - - 1,493,830 - 4,481,490 33.333% 2012 910,922 448,374 13 - 1,359,309 - 4,077,927 33.333% 2013 856,140 419,122 13 - 1,275,275 - 3,825,825 33.333% Note:Property in the Village is reassessed each year. Property is assessed at 33%of actual value. Data Source Office of the County Clerk VILLAGE OF OAK BROOK,ILLINOIS PROPERTY TAX RATES-DIRECT AND OVERLAPPING GOVERNMENTS Last Ten Levy Years Tax Levy Year 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Tax Rates Village of Oak Brook $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Basic Town 0.4120 0.3961 0.3878 0.3662 0.3567 0.3579 0.3956 0.4166 0.4567 0.4892 Junior College#502 0.1972 0.1874 0.1929 0.1888 0.1858 0.2127 0.2349 0.2495 0.2681 0.2956 Grade School#53 0.8527 0.8530 0.8319 0.8060 0.7936 0.8159 0.9164 1.0099 1.1465 1.2491 High School#86 1.2310 1.1910 1.1418 1.0943 1.0804 1.0948 1.2011 1.3362 1.4984 1.5681 Oak Brook Park District 0.1589 0.1621 0.1583 0.1530 0.1504 0.1555 0.1659 0.1904 0.2174 0.2369 TOTAL TAX RATES $ 2.8518 $ 2.7896 $ 2.7127 $ 2.6083 $ 2.5669 $ 2.6368 $ 2.9139 $ 3.2026 $ 3.5871 $ 3.8389 Note:Basic Town includes all county,forest preserve and township rates. Property tax rates are per$100 of assessed valuation. Data Source Office of the County Clerk - 120 - VILLAGE OF OAK BROOK,ILLINOIS PRINCIPAL REVENUE TAXPAYERS Current Year and Nine Years Ago 2014 2005 Sales Sales Taxes Taxes Taxpayer Revenue Taxpayer Revenue Apple Computer Costco Wholesale Costco Wholesale Lord&Taylor LLC Lord&Taylor LLC Marshall Fields _ Macy's Marshall Fields Home Store Neiman Marcus Neiman Marcus Nordstrom,Inc. Nordstrom,Inc. _ Nordstrom Rack Nordstrom Rack Sears Roebuck&Co. Sears Roebuck&Co. Tesla Motors,Inc. Tiffany&Co. Tiffany&Co. Walter E. Smithe TOP TEN TOTAL $ 6,180,056 TOP TEN TOTAL $ 4,694,522 TOTAL SALES TAX REVENUE $ 12,004,427 TOTAL SALES TAX REVENUE $ 10,572,493 TOP TEN AS A PERCENT OF TOP TEN AS A PERCENT OF SALES TAX REVENUE 51.48% SALES TAX REVENUE 44.40% Note: Confidentiality rules of the Illinois Department of Revenue prohibit disclosure of individual taxpayer payment information. The data presented above is organized alphabetically with revenue for the top ten taxpayers reported in aggregate for the years presented. Data Source Illinois Department of Revenue -" VILLAGE OF OAK BROOK,ILLINOIS DIRECT AND OVERLAPPING SALES TAX RATES Last Ten Fiscal Years Village DuPage County Regional Village Fiscal Direct State DuPage County Water Transportation Non-Home Rule Total Year Rate Rate Rate Commission Authority Rate Rate 2005 1.00% 5.00% 0.25% 0.25% 0.25% 0.25% 7.00% 2006 1.00% 5.00% 0.25% 0.25% 0.25% 0.25% 7.00% 2007 1.00% 5.00% 0.25% 0.25% 0.25% 0.25% 7.00% 2008 1.00% 5.00% 0.25% 0.25% 0.75% 0.50% 7.75% 2009 1.00% 5.00% 0.25% 0.25% 0.75% 0.50% 7.75% 2010 1.00% 5.00% 0.25% 0.25% 0.75% 0.50% 7.75% 2011 1.00% 5.00% 0.25% 0.25% 0.75% 0.50% 7.75% 2012 1.00% 5.00% 0.25% 0.25% 0.75% 0.50% 7.75% 2013 1.00% 5.00% 0.25% 0.25% 0.75% 0.50% 7.75% 2014 1.00% 5.00% 0.25% 0.25% 0.75% 0.50% 7.75% Data Source Village and County Records - 122 - VILLAGE OF OAK BROOK,ILLINOIS RATIOS OF OUTSTANDING DEBT BY TYPE Last Ten Fiscal Years Governmental Business-Type Activities Activities Ratio of Total Total Total Fiscal Installment Installment Total Outstanding Debt Outstanding Outstanding Year Notes Notes Capital Primary To Equalized Debt Per Debt Per Ended Payable Payable Leases Government Assessed Valuation* Personal Income Capita* 2005 $ 2,970,000 $ 1,045,000 $ 120,643 $ 4,135,643 0.29% 0.28% $ 475.25 2006 2,735,000 885,000 82,378 3,702,378 0.25% 0.25% 425.46 2007 2,485,000 720,000 42,195 3,247,195 0.21% 0.22% 373.16 2008 2,225,000 525,000 - 2,750,000 0.16% 0.19% 316.02 2009 12,332,443 325,000 - 12,657,443 0.71% 0.86% 1,454.54 2010 10,563,180 731,511 - 11,294,691 0.65% 0.76% 1,297.94 2011 8,736,093 462,674 - 9,198,767 0.58% 0.89% 1,166.91 2012 6,984,930 168,837 - 7,153,767 0.48% 0.69% 907.49 2013 5,017,176 - - 5,017,176 0.37% 0.48% 636.46 2014 4,592,176 - - 4,592,176 0.36% 0.44% 582.54 * See the schedule of Demographic and Economic Information on page 125 for personal income and population data. Note:Details of the Village's outstanding debt can be found in the notes to financial statements. - 123 - VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF DIRECT AND OVERLAPPING BONDED DEBT December 31,2014 (2) *Percentage (1) of Debt (3) Gross Applicable to **Government's ._ Governmental Unit Debt Government Share of Debt DIRECT DEBT _ Village of Oak Brook*** $ 820,000 100.00% $ 820,000 OVERLAPPING DEBT DuPage County 266,392,785 3.92% 10,442,597 DuPage Forest Preserve 216,146,058 3.92% 8,472,925 DuPage Water Commission - 4.34% - Promenade TIF District*** 3,772,176 100.00% 3,772,176 Park Districts 3,519,806 98.56% 3,469,121 Elementary School Districts 84,182,250 3.53% 2,971,633 High School Districts 171,995,000 8.89% 15,290,356 Junior College#502 303,465,000 4.06% 12,320,679 Unit District#205 111,653,936 5.46% 6,096,305 Total overlapping debt 1,161,127,011 62,835,792 TOTAL $1,161,947,011 $ 63,655,792 * Determined by ratio of assessed value of property subject to taxation in overlapping unit to value of property subject to taxation in the Village. ** Amount in column(2)multiplied by amount in column(1). ***TIF debt is secured by the incremenetal taxes collected from the respective districts and are not the general obligations of the Village. Therefore,the debt is not included as direct debt of the Village but overlapping debt. Note: Totals may not be exact due to rounding. Data Source Office of the County Clerk - 124 - VILLAGE OF OAK BROOK,ILLINOIS LEGAL DEBT MARGIN INFORMATION Last Ten Fiscal Years Fiscal Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Legal debt limit $ 122,938,821 $ 127,816,578 $ 136,066,752 $ 145,581,763 $ 154,132,970 $ 150,013,021 $ 137,966,087 $ 128,842,981 $ 117,890,946 $ 109,992,484 Total net debt applicable to limit 4,015,000 3,620,000 3,205,000 2,750,000 2,400,000 2,055,000 1,710,000 1,335,000 1,080,000 820,000 LEGAL DEBT MARGIN $ 118,9238 21 $ 124,196,578 $ 132,921,063 $ 142,831,763 $ 151,732,970 $ 147,958,021 $ 136 256,087 $ 127,507,981 $ 116,810,946 $ 109,172,484 Total net debt applicable to the limit as a percentage of debt limit 3.27% 2.83% 2.35% 1.89% 1.56% 1.37% 1.24% 1.04% 0.92% 0.75% Legal Debt Margin Calculation for Fiscal Year 2013 Assessed Value $ 1,275,275,179 Legal debt margin 8.625% Debt limit 109,992,484 Debt applicable to limit General obligation bonds 820,000 LEGAL DEBT MARGIN $ 109,172,484 - 125 - 1 I I I l 1 1 I ! 1 I I ! I I I 1 1 VILLAGE OF OAK BROOK,ILLINOIS DEMOGRAPHIC AND ECONOMIC INFORMATION Last Ten Fiscal Years Per Capita Total DuPage County Fiscal Personal Personal Unemployment Year Population Income Income Rate 2005 8,702 (E) $ 169,718 $ 1,476,886,036 4.7% 2006 8,702 (E) 169,718 1,476,886,036 3.6% 2007 8,702 (E) 169,718 1,476,886,036 3.8% 2008 8,702 (E) 169,718 1,476,886,036 8.6% 2009 8,702 (E) 169,718 1,476,886,036 8.4% 2010 8,702 (E) 169,718 1,476,886,036 8.3% 2011 7,883 (A) 131,719 1,038,340,877 7.3% 2012 7,883 (E) 131,719 1,038,340,877 7.3% 2013 7,883 (E) 131,719 1,038,340,877 7.5% 2014 7,883 (E) 131,719 1,038,340,877 5.7% (A)Actual (E)Estimate Note: Latest information available Data Source U.S.Bureau of Labor Statistics - 126 - VILLAGE OF OAK BROOK,ILLINOIS PRINCIPAL EMPLOYERS Current Year and Eight Years Ago 2014 2006 Percentage of Percentage of Total Village Total Village Employer Rank Employees Population Rank Employees Population Oak Brook Center Mall 1 4,500 57.1% 1 3,500 40.2% McDonald's Corporation 2 2,525 32.0% 2 2,800 32.2% Advocate Healthcare 3 1,906 24.2% 4 580 6.7% Ace Hardware Corporation 4 836 10.6% 3 1,000 11.5% Inland Real Estate Group of Companies 5 783 9.9% 4 Hub Group 6 540 6.9% ADT Security Services, Inc. 7 360 4.6% Lions Club International 8 280 3.6% 8 300 3.4% Newell Rubbermaid 9 263 3.3% Blistex, Inc. 10 210 2.7% 10 175 2.0% Safeway, Inc. 5 400 4.6% Elkay Manufacturing 7 325 3.7% Federal Signal Corporation 9 200 2.3% Data Source A-Z Database; Selective Telephone Survey - 127 - 1 1 I 1 I I 1 1 I I I I I I I I 1 I VILLAGE OF OAK BROOK,ILLINOIS RETAIL SALES VOLUME- TOP 25 ILLINOIS COMMUNITIES State Collection Period January 1, 2014 Through December 31, 2014 - (1) Estimated Sales 2013 Municipality Rank Sales Per Capita Population Chicago 1 $ 26,496,737,100 $ 9,830 2,695,598 Naperville 2 3,283,304,500 23,146 141,853 Schaumburg 3 3,066,968,800 41,319 74,227 Springfield 4 2,765,572,300 23,790 116,250 Rockford 5 2,292,985,100 14,999 152,871 Aurora 6 2,187,450,900 11,053 197,899 Peoria 7 2,158,257,300 18,766 115,007 Joliet 8 2,073,271,000 14,062 147,433 Orland Park 9 2,001,089,600 35,251 56,767 Champaign 10 1,594,551,800 19,672 81,055 Glenview 11 1,558,792,600 34,879 44,692 Niles 12 1,503,730,200 50,456 29,803 _ Bolingbrook 13 1,435,199,900 19,562 73,366 Skokie 14 1,413,802,200 21,823 64,784 Elgin 15 1,375,053,500 12,710 108,188 Vernon Hills 16 1,355,549,400 53,978 25,113 Mount Prospect 17 1,335,797,600 24,661 54,167 Bloomington 18 1,335,405,800 17,431 76,610 Tinley Park 19 1,310,537,500 23,112 56,703 Gurnee 20 1,278,099,100 40,840 31,295 Downers Grove 21 1,242,913,600 25,984 47,833 - Oak Brook 22 1,209,120,800 153,383 7,883 Arlington Heights 23 1,185,353,000 15,783 75,101 Decatur 24 1,153,495,600 15,153 76,122 Sycamore 25 1,148,689,100 65,568 17,519 (1) Distributions to municipalities of the I%municipal tax were used to calculate the estimated retail sales. Actual sales tax amounts were received by the municipalities March 1, 2014 through February 28, 2015. Data Source Illinois Department of Revenue -Local Tax Allocation Division and the U.S. Census Bureau. - 128 - VILLAGE OF OAK BROOK,ILLINOIS SALES TAX RECEIPTS-CASH BASIS Last Ten Fiscal Years %Change %Change %Change -� Fiscal Year Village Share/ from Non-Home Rule from Total from Ended State Sales Preceding Sales Tax Preceding Sales Tax Preceding December 31, Tax Receipts Year Receipts Year Receipts Year 2005 $ 10,572,493 2.0% $ 2,422,386 326.5% $ 12,994,879 18.8% 2006 11,138,321 5.4% 2,559,593 5.7% 13,697,914 5.4% 2007 11,340,036 1.8% 2,608,471 1.9% 13,948,507 1.8% 2008 11,066,103 -2.4% 4,272,671 63.8% 15,338,774 10.0% 2009 10,024,077 -9.4% 4,447,786 4.1% 14,471,863 -5.7% 2010 10,457,375 4.3% 4,703,153 5.7% 15,160,528 4.8% ` 2011 11,048,561 5.7% 4,939,565 5.0% 15,988,126 5.5% 2012 11,147,846 0.9% 5,132,229 3.9% 16,280,075 1.8% 2013 11,641,063 4.4% 5,171,736 0.8% 16,812,799 3.3% 2014 12,004,427 3.1% 5,336,836 3.2% 17,341,263 3.1% Note: The Village's non-home rule sales tax increased from.25%to.50%in 2008. Data Source Village Records - 129 - VILLAGE OF OAK BROOK,ILLINOIS STATE SALES TAX RECEIPTS BY MONTH-CASH BASIS Last Four Fiscal Years Percentage Change Fiscal Year Fiscal Year Fiscal Year Fiscal Year From Preceding Year Month Ended 12/31/11 Ended 12/31/12 Ended 12/31/13 Ended 12/31/14 FY 2012 FY 2013 FY 2014 January $ 895,308 $ 861,209 $ 871,423 $ 965,587 -3.8% 1.2% 10.8% February 956,493 940,756 968,174 1,007,170 -1.6% 2.9% 4.0% March 1,477,682 1,537,599 1,564,960 1,684,678 4.1% 1.8% 7.6% April 666,930 723,341 810,073 668,268 8.5% 12.0% -17.5% May 695,977 754,571 792,731 746,691 8.4% 5.1% -5.8% June 871,520 914,767 887,312 982,179 5.0% -3.0% 10.7% July 877,924 835,975 851,415 911,040 -4.8% 1.8% 7.0% August 933,061 905,677 917,736 994,734 -2.9% 1.3% 8.4% September 926,998 820,913 956,861 1,070,696 -11.4% 16.6% 11.9% October 900,670 859,114 947,429 980,261 -4.6% 10.3% 3.5% November 938,459 1,020,879 1,026,555 1,039,263 8.8% 0.6% 1.2% December 907,539 973,045 1,046,394 953,862 7.2% 7.5% -8.8% TOTAL $ 11,048,561 $ 11,147,846 $ 11,641,063 $ 12,004,429 0.9% 4.4% 3.1% Data Source Village Records - 130 - VILLAGE OF OAK BROOK,ILLINOIS NON-HOME RULE SALES TAX RECEIPTS BY MONTH-CASH BASIS Last Four Fiscal Years Percentage Change Fiscal Year Fiscal Year Fiscal Year Fiscal Year From Preceding Year Month Ended 12/31/11 Ended 12/31/12 Ended 12/31/13 Ended 12/31/14 FY 2012 FY 2013 FY 2014 January $ 400,224 $ 379,832 $ 400,764 $ 432,662 -5.1% 5.5% 8.0% February 445,276 424,255 444,306 447,936 -4.7% 4.7% 0.8% March 672,765 715,934 740,816 758,692 6.4% 3.5% 2.4% April 286,122 314,634 337,086 292,394 10.0% 7.1% -13.3% May 305,329 346,379 332,311 331,429 13.4% -4.1% -0.3% June 390,791 422,481 396,344 416,907 8.1% -6.2% 5.2% July 396,236 385,728 390,534 405,594 -2.7% 1.2% 3.9% August 418,978 419,118 418,782 436,072 0.0% -0.1% 4.1% September 417,209 443,846 433,709 457,975 6.4% -2.3% 5.6% October 409,666 395,512 414,622 439,287 -3.5% 4.8% 5.9% November 389,815 435,755 420,938 453,963 11.8% -3.4% 7.8% _ December 407,154 448,755 441,524 463,924 10.2% -1.6% 5.1% TOTAL $ 4,939,565 $ 5,132,229 $ 5,171,736 $ 5,336,835 3.9% 0.8% 3.2% Note: The Village's non-home rule sales tax was effective July 1,2004 with collections beginning in October 2004. Data Source Village Records - 131 - I I I t I I t I I I I I I I I I I I VILLAGE OF OAK BROOK,ILLINOIS SALES TAX BY CATEGORY Last Ten Fiscal Years Fiscal Years 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 General merchandise $ 2,243,966 $ 3,031,452 $ 2,384,953 $ 2,064,241 $ 1,864,664 $ 1,988,286 $ 2,025,257 $ 2,087,873 $ 1,859,342 $ 1,611,302 Food 41,125 46,714 56,332 54,585 68,576 49,666 45,910 49,616 52,331 57,974 Drinking and eating places 1,105,997 1,181,813 1,266,893 1,248,272 1,270,903 1,388,881 1,428,598 1,506,289 1,615,029 1,717,184 Apparel 2,813,176 3,051,925 3,075,294 2,876,511 2,711,321 2,987,468 3,034,654 3,110,107 3,065,618 3,141,898 Furniture,H.H.and radio 945,017 961,241 1,080,877 1,076,836 840,999 957,980 975,472 1,090,244 1,251,860 1,421,458 Lumber,building and hardware 105,873 104,720 85,382 39,312 32,472 17,588 12,853 24,600 10,653 8,686 Automotive and filling stations 1,333,253 1,465,864 1,544,153 1,708,234 1,568,808 1,623,980 1,509,528 1,619,343 1,674,689 1,682,593 Drugs and other retail 1,179,604 1,285,354 1,240,805 1,141,709 1,046,055 1,265,890 1,472,117 1,124,986 1,250,569 1,530,596 Agriculture and all others 397,129 451,957 491,738 507,663 414,462 354,622 422,368 418,871 421,724 486,652 Manufacturers 77,311 68,531 72,399 72,003 100,642 83,952 126,281 174,572 687,312 451,814 TOTAL $ 10,242,451 $ 11,649,570 $ 11,298,826 $ 10,789,366 $ 9,918,902 $ 10,718,314 $ 11,053,038 $ 11,206,501 $ 11,889,127 $ 12,1101156 Village direct sales tax rate 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% Note: Gross receipts include both Cook and DuPage County 1%municipal sales tax.Amounts reflect sales tax collected by the Village between April 1 and March 31 as reported by the State. Data Source Illinois Department of Revenue-Local Tax Allocation Division - 132 - VILLAGE OF OAK BROOK,ILLINOIS NON-HOME RULE SALES TAX BY CATEGORY Last Ten Fiscal Years Fiscal Years 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 General merchandise $ 556,016 $ 743,530 $ 590,403 $ 1,024,873 $ 926,187 $ 973,309 $ 1,006,608 $ 1,028,630 $ 923,522 $ 799,234 Food 4,444 5,150 8,577 19,275 20,652 19,332 20,436 22,769 24,206 26,475 Drinking and eating places 275,357 294,331 315,085 615,357 632,360 692,224 710,688 749,294 804,095 854,898 Apparel 702,672 762,294 768,375 1,433,462 1,353,324 1,492,720 1,516,414 1,554,292 1,532,230 1,570,256 Furniture,H.H.and radio 231,825 240,036 269,738 534,252 419,064 478,065 486,841 544,734 624,646 707,730 Lumber,building and hardware 26,448 26,171 21,290 19,735 16,233 8,807 6,427 12,299 5,326 4,341 Automotive and filling stations 183,613 204,893 207,328 410,617 419,622 438,722 413,502 444,986 462,595 461,447 Drugs and other retail 260,634 278,768 275,639 501,254 455,080 496,243 522,092 574,857 581,045 717,631 Agriculture and all others 83,805 108,407 108,766 224,370 191,955 160,284 190,247 186,919 189,403 221,375 Manufacturers 19,327 17,079 18,064 35,964 50,271 41,947 63,114 75,056 74,826 78,163 TOTAL $ 2,344,141 $ 2,680,659 $ 2,583,267 $ 4,819,159 $ 4,484,747 $ 4,801,654 $ 4,936,369 $ 5,193,836 $ 5,221,894 $ 5,441,550 Village non-home rule sales tax rate 0.25% 0.25% 0.25% 0.25% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% Note: Gross receipts include both Cook and DuPage County 1%municipal sales tax. Amounts reflect sales tax collected between April 1 and March 31 as reported by the State. The Village's non-home rule sales tax increased from.25%to.50%effective January 1,2008. Data Source Illinois Department of Revenue-Local Tax Allocation Division - 133 - 1 1 I 1 I I 1 1 1 1 1 I I I I I I I 1 (This page is intentionally left blank.) VILLAGE OF OAK BROOK,ILLINOIS BUDGETED FULL-TIME EQUIVALENT EMPLOYEES Last Ten Fiscal Years Function/Program 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 GENERAL GOVERNMENT Board of Trustees 0.50 1.00 1.00 0.50 0.50 0.50 0.75 0.50 0.50 0.50 Village Clerk 2.75 2.75 3.25 3.25 3.25 1.50 1.75 1.95 1.25 1.25 Legal 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.35 0.25 0.25 General Management 3.50 3.25 3.25 2.50 2.50 2.25 3.00 2.55 2.50 3.00 Human Resources 1.00 1.00 1.00 1.00 1.50 1.75 1.50 1.75 2.00 2.00 Risk Management 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.40 0.50 0.50 General Services 1.25 1.25 1.25 1.25 1.25 2.00 1.75 1.35 0.00 0.00 Business Licenses - 0.25 0.25 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Communications and Marketing - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.50 Purchasing 1.50 1.50 1.50 1.50 0.00 0.50 0.50 0.85 1.00 1.00 Information Services 3.50 3.50 3.50 3.50 3.00 2.25 2.00 2.60 2.00 2.00 FINANCIAL SERVICES Financial Services Management 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Accounting and Reporting 4.50 4.50 4.50 4.50 5.00 3.00 2.75 2.75 3.00 3.00 Customer Service 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.50 PUBLIC WORKS Buildings and Grounds 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Garage Operations 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 Water Operations 7.50 7.50 7.50 7.50 7.50 6.50 6.00 6.00 7.00 7.00 Public Works Management 3.00 3.00 3.00 3.00 3.00 2.50 2.50 2.00 2.50 2.50 Streets-General Salaries 8.00 8.00 8.00 8.00 8.00 8.00 8.00 8.00 6.50 6.50 ENGINEERING AND CAPITAL PROJECTS Engineering 4.00 4.00 4.00 4.00 4.00 3.50 3.25 3.50 3.50 3.50 LIBRARY Library General Operations 7.00 7.00 7.00 7.00 7.00 4.00 4.50 5.25 5.50 5.50 Technical Services 2.50 2.50 2.50 2.50 2.50 3.00 2.75 2.75 2.00 2.00 Reference and User Services 2.50 2.50 2.50 2.50 2.50 1.75 2.25 2.50 3.00 3.00 Youth Services 2.75 2.75 2.75 2.75 2.75 1.50 2.00 1.50 1.50 2.00 - 134 - VILLAGE OF OAK BROOK,ILLINOIS BUDGETED FULL-TIME EQUIVALENT EMPLOYEES(Continued) Last Ten Fiscal Years Function/Program 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 POLICE Police Services Management 3.00 3.00 3.00 3.00 3.00 3.00 2.00 2.00 3.00 3.00 Police Field Services 37.00 35.00 35.00 36.25 35.25 31.50 31.50 32.20 31.00 31.00 Police General Support 2.00 2.50 3.00 3.50 3.50 3.00 3.00 3.00 4.00 4.00 Police Investigations 6.00 6.00 7.00 7.00 6.00 8.00 8.00 7.00 6.00 6.00 Village Communications Center 10.00 11.00 12.00 12.50 12.00 9.00 7.00 0.00 0.00 0.00 Police Records 3.00 3.00 3.00 3.00 3.00 2.50 2.50 6.55 3.50 3.50 Police Public Relations/Crime Prevention 1.00 2.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Police Adjudication 0.00 0.00 0.00 0.00 0.00 0.00 0.50 0.00 0.00 0.00 FIRE*** Fire and EMS-General Salaries** 33.00 33.00 33.00 33.00 33.00 31.00 31.00 31.00 31.00 31.00 Rescue and Fire Service Management 3.00 3.00 3.00 3.00 2.50 1.50 1.50 1.50 1.50 2.20 Fire Prevention and Public Safety Education 2.00 2.00 2.00 2.00 0.00 0.00 0.00 0.00 0.00 0.00 SPORTS CORE Sports Core General Operations 2.75 2.75 2.75 2.75 2.25 1.75 1.50 0.75 0.25 1.50 Sports Core Food and Beverage Operations 1.50 2.00 2.50 2.50 2.75 0.00 0.50 0.50 0.50 1.00 Golf Club Food and Beverage Operations - - - - 0.25 0.50 0.50 0.50 0.50 0.50 Golf Club General Operations 3.25 3.25 3.25 3.25 3.25 2.75 2.25 2.00 2.00 2.00 Golf Course Maintenance 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 COMMUNITY DEVELOPMENT Community Development Management 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.50 Code Enforcement 3.00 3.00 4.00 4.00 3.50 3.50 3.50 4.25 4.25 5.50 TOTAL 176.00 177.50 180.00 180.75 174.25 152.25 150.25 146.80 141.00 148.20 Data Source Village Records - 135 - VILLAGE OF OAK BROOK,ILLINOIS OPERATING INDICATORS Last Ten Fiscal Years Function/Program 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 PUBLIC SAFETY Police Physical arrests 357 330 319 293 399 357 267 234 178 196 Parking violations 1,112 579 1,472 1,420 1,113 877 1,245 636 501 306 Traffic violations 4,180 3,984 4,240 3,371 3,464 5,370 3,374 3,137 2,897 2,986 Fire EMS incidents 1,059 1,138 1,093 1,037 1,069 1,188 1,037 912 1,049 1,321 Fire incidents 949 716 823 752 802 918 788 656 667 742 Communications Center Police calls dispatched 11,766 10,864 10,880 10,667 9,911 9,666 9,666 12,696 18,552 19,853 Fire/EMS calls dispatched 2,148 2,013 2,250 2,214 2,176 2,240 2,240 2,071 2,294 2,448 WATER New water meters installed 47 31 31 21 10 10 11 14 15 16 Water main breaks repaired 110 63 109 58 63 59 50 61 48 36 Water pumped(mil.gals.) 1,530 1,261 1,336 1,210 1,105 1,136 1,060 1,173 1,113 1,080 LIBRARY Total circulation 98,754 96,414 99,009 96,631 90,287 87,906 84,768 91,017 93,300 90,485 Avg.daily circulation 289.6 286.1 292.1 282.5 267.9 260.5 253.0 269.0 274.0 265.0 Total holdings 96,721 103,951 106,181 105,493 111,051 116,386 124,757 128,343 131,658 131,973 COMMUNITY DEVELOPMENT Building permits issues 903 947 856 742 606 696 705 770 811 837 Inspections 1,129 2,268 1,754 1,772 2,090 2,193 2,139 2,311 2,617 2,648 Estimated construction value $ 73,549,628 $ 76,294,249 $ 81,953,372 $ 46,663,489 $ 51,776,407 $ 51,559,533 $ 58,775,804 $ 76,987,646 $ 131,935,998 $ 110,922,495 SPORTS CORE B&T recreation membership 311 302 291 303 259 300 320 363 347 338 Social memberships 122 106 120 129 80 64 59 67 68 82 Total events 215 224 226 202 123 39 35 56 66 72 Golf memberships 260 262 235 226 219 207 182 154 146 143 Total golf rounds 44,005 42,324 43,561 40,336 39,686 37,750 35,196 38,637 34,670 33,861 Data Source Various village departments - 136 - VILLAGE OF OAK BROOK,ILLINOIS CAPITAL ASSETS STATISTICS Last Ten Fiscal Years Function/Program 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 PUBLIC SAFETY Police Stations 1 1 1 1 1 1 1 1 1 1 Area patrols 5 5 5 5 5 4 5 5 5 5 Patrol units 15 15 15 15 15 12 11 11 11 11 Fire Fire stations 2 2 2 2 2 2 2 2 2 2 Fire trucks 7 7 7 7 7 7 7 7 7 7 PUBLIC WORKS Arterial streets(miles) 8.5 8.5 8.5 8.5 8.5 8.5 8.5 8.5 8.5 8.5 Residential streets(miles) 49 49 49 49 49 49 49 49 49 49 Streetlights 565 565 565 565 565 565 565 565 565 565 Traffic intersections 11 11 11 I 1 11 11 11 11 11 11 WATER Water mains(miles) 115 115 115 105 105 105 105 105 105 105 Fire hydrants 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 Storage capacity(gallons) 8.0 mil. 8.0 mil. 8.0 mil. 8.0 mil. 8.0 mil. 8.0 mil. 8.0 mil. 8.0 mil. 8.0 mil. 8.0 mil. Data Source Various village departments - 137 -