CAFR (Year Ended December 31, 2015) _
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VILLAGE OF OAK BROOK
COMPREHENSIVE ANNUAL FINANCIAL REPORT
For the Year Ended December 31 , 2015
_
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
OF THE
VILLAGE OF OAK BROOK, ILLINOIS
As of and for the Year Ended December 31, 2015
Prepared by the Finance Department
Sharon Dangles
Finance Director
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VILLAGE OF OAK BROOK
TABLE OF CONTENTS
As of and for the Year Ended December 31, 2015
Page(s)
INTRODUCTORY SECTION
Letter of Transmittal i-vi
Certificate of Achievement for Excellence in Financial Reporting vii
Organization Chart viii
Principal Officials ix
FINANCIAL SECTION
INDEPENDENT AUDITORS'REPORT 1 -3
REQUIRED SUPPLEMENTARY INFORMATION
Management's Discussion and Analysis 4- 16
BASIC FINANCIAL STATEMENTS
Government-Wide Financial Statements
Statement of Net Position 17
Statement of Activities 18- 19
Fund Financial Statements
Balance Sheet-Governmental Funds 20 -21
Reconciliation of the Balance Sheet of Governmental Funds to the Statement of
Net Position 22
Statement of Revenues, Expenditures and Changes in Fund Balances-
Govemmental Funds 23-24
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities 25
Statement of Net Position -Proprietary Funds 26-27
Statement of Revenues, Expenses and Changes in Net Position - Proprietary
Funds 28
Statement of Cash Flows-Proprietary Funds 29-30
Statement of Fiduciary Net Position-Fiduciary Funds 31
Statement of Changes in Fiduciary Net Position - Fiduciary Funds 32
Index to Notes to Financial Statements 33
Notes to Financial Statements 34-76
REQUIRED SUPPLEMENTARY INFORMATION
General Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance- Budget
and Actual-General Fund 77
VILLAGE OF OAK BROOK
TABLE OF CONTENTS (cont.)
As of and for the Year Ended December 31, 2015
REQUIRED SUPPLEMENTARY INFORMATION(cant.)
Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance-Budget
and Actual- Hotel/Motel Tax Fund 78
Historical Pension and Other Postemployment Benefit Plan Information
Illinois Municipal Retirement Fund -Schedule of Changes in the Village's Net
Pension Liability and Related Ratios 79
Illinois Municipal Retirement Fund -Schedule of Employer Contributions 80
Police Pension Fund -Schedule of Changes in the Village's Net Pension
Liability and Related Ratios 81
Police Pension Fund-Schedule of Employer Contributions 82-83
Police Pension Fund -Schedule of Investment Returns 84
Firefighters' Pension Fund -Schedule of Changes in the Village's Net Pension
Liability and Related Ratios 85 --
Firefighters' Pension Fund -Schedule of Employer Contributions 86-87
Firefighters' Pension Fund-Schedule of Investment Returns 88
Other Postemployment Benefit Plan -Schedule of Employer Contributions and
Schedule of Funding Progress 89 _
Notes to Required Supplementary Information 90
SUPPLEMENTARY INFORMATION .�
General Fund
Schedule of Revenues- Budget and Actual -General Fund 91
Schedule of Expenditures- Budget and Actual -General Fund 92-97
Governmental Funds
Combining Balance Sheet- Nonmajor Governmental Funds 98
Combining Statement of Revenues, Expenditures and Changes in Fund Balances-
Nonmajor Governmental Funds 99
Schedules of Revenues, Expenditures and Changes in Fund Balances (Deficit) -
Budget and Actual
Motor Fuel Tax Fund - Nonmajor Special Revenue Fund 100
Promenade TIF Fund - Nonmajor Capital Projects Fund 101
Infrastructure Fund -Major Capital Projects Fund 102- 105
Schedule of Revenues, Expenses and Changes in Fund Net Position - Budget and
Actual -Waterworks System Fund -Major Enterprise Fund 106
VILLAGE OF OAK BROOK
TABLE OF CONTENTS (cont.)
As of and for the Year Ended December 31, 2015
SUPPLEMENTARY INFORMATION(Cont.)
'— Schedule of Operating Expenses-Budget and Actual-Waterworks System Fund -
Major Enterprise Fund 107
Schedule of Revenues, Expenses and Changes in Net Position - Budget and
Actual -Sports Core Fund-Major Enterprise Fund 108
Schedule of Operating Revenues-Budget and Actual -Sports Core Fund -Major
Enterprise Fund 109
Schedule of Operating Expenses-Budget and Actual-Sports Core Fund -Major
Enterprise Fund 110- 112
Combining Statement of Net Position - Internal Services Funds 113
Combining Statement of Revenues, Expenses and Changes in Fund Net Position -
Internal Service Funds 114
Combining Statement of Cash Flows- Internal Service Funds 115 - 116
Statement of Revenues, Expenses and Changes in Net Position - Budget and
Actual
Self-Insurance Fund - Internal Service Fund 117
Garage Fund - Internal Service Fund 118
Capital Replacement Fund - Internal Service Fund 119
Combining Statement of Fiduciary Net Position - Pension Trust Funds 120
Combining Statement of Changes in Fiduciary Net Position - Pension Trust Funds 121
STATISTICAL SECTION
Net Position by Component- Last Ten Fiscal Years 122 - 123
Changes in Net Position -Last Ten Fiscal Years 124- 127
Fund Balances of Governmental Funds- Last Ten Fiscal Years 128- 129
Changes in Fund Balances of Governmental Funds-Last Ten Fiscal Years 130 - 131
Assessed Value and Estimated Actual Value of Taxable Property- Last Ten Fiscal
Years 132 - 133
Property Tax Rates- Direct and Overlapping Governments- Last Ten Levy Years 134 - 135
Principal Revenue Taxpayers- Current and Nine Years Ago 136
Direct and Overlapping Sales Tax Rates - Last Ten Fiscal Years 137 - 138
Ratios of Outstanding Debt by Type- Last Ten Fiscal Years 139 - 140
Schedule of Direct and Overlapping Bonded Debt 141
Legal Debt Margin Information - Last Ten Fiscal Years 142 - 143
Demographic and Economic Information - Last Ten Fiscal Years 144
Principal Employers-Current and Eight Years Ago 145
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VILLAGE OF OAK BROOK
TABLE OF CONTENTS (cont.)
As of and for the Year Ended December 31, 2015
STATISTICAL SECTION (cont.)
Retail Sales Volume-Top 25 Illinois Communities 146
Sales Tax Receipts-Cash Basis- Last Ten Fiscal Years 147
'— State Sales Tax Receipts by Month -Cash Basis-Last Five Fiscal Years 148 - 149
Non-Home Rule Sales Tax Receipts by Month -Cash Basis- Last Ten Fiscal Years 150- 151
Sales Tax by Category- Last Ten Fiscal Years 152- 153
Non-Home Rule Sales Tax by Category-Last Ten Fiscal Years 154- 155
Budgeted Full-Time Equivalent Employees- Last Ten Fiscal Years 156- 157
Operating Indicators- Last Ten Fiscal Years 158- 159
Capital Assets Statistics- Last Ten Fiscal Years 160- 161
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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
wivw.ouk-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
FAX 630.368.5045 of financial statements presented in conformity with United States
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, 2015.
Engineering Responsibility for both the accuracy of the presented data and the
Department completeness and fairness of the presentation, including all disclosures,
630.368.5151 e rest with the management of the Villa We believe to the best of our
FAX 630.368.5123 g g
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,
Publicworks 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
Dart 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
Oak 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 630.368.7701
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 Baker Tilly,a
—Oak Brook,IL 60523-4600 firm of licensed certified public accountants. The independent audit is to
630.368.6420
FAX 630.368.6439 provide reasonable assurance that the financial statements of the Village of
Oak Brook are free of material misstatements. The independent audit
Golf Club involved examining,on a test basis,evidence supporting the amounts and
2606 York Road
Oak Brook,IL 60523-4602
630.368.6400
FAX 630.368.6419 i
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 31,2015,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 www.oak-brook.or . —"
u
Local Economy and Finances
The Village of Oak Brook has been and continues to be one of the
preeminent business centers in the Chicago metropolitan area. Several
Fortune 500 companies have facilities in the Village,including the
corporate headquarters of McDonald's Corporation and Ace Hardware.
As a retail center, Oak Brook offers upscale shopping,fine restaurants,
and Oakbrook Center,one of the leading outdoor shopping centers in the
United States. Oak Brook is comprised of 40,269 jobs (2015, IDES,
Where Workers Work);of them,20.3%are in the Administrative and
Support,Waste Management,and Remedial services, 15.5%are in the
Management of Companies and Enterprises, and 12.7%are in the
wholesale and retail trade. These factors, as well as the performance of
the Illinois economy over time,have enabled the Village to operate
without a real estate tax since inception due to the sales taxes generated
from retail business activities.
Overall, the Village has seen many revenue sources show signs of
improvement compared to five years ago. With sales taxes being the
_ largest source of General Fund revenue, the local and national economy
has a significant effect on the amount of revenue the Village receives.
Sales tax collections increased$372,210, or 3.1% compared to last year's
collections.
Oak Brook's total construction value indicates a positive development
trend from 2014 to 2015 at $110.9 million to $174.9 million, respectively
while building permits showed a 2 percent increase during the same time
frame.
New Commercial Development
There have been many changes and improvements in Oakbrook Center.
There is a $35 million commercial theater building, which is expected to
be completed in November of 2016,AMC 4 movie theater opened in May
of 2015,Mitchell Gold and Bob Williams signature furniture store project
is ongoing, the Gap store completed a $.8 million renovation project in
2015, and new stores continue to open up at Oakbrook Center.
Labriola's Pizza Barra opened in September and Xfinity completed its
renovations in Oak Brook Promenade.
Ili
New Office Development
The Duchossois Redevelopment Project is ongoing for the 245,000 square
foot corporate facility for the Duchossois Group. Completion of
construction is anticipated by early 2017.
Inland Real Estate completed a$1.3 million renovation, Golub's$1.5
million interior/exterior renovation of its buildings is ongoing, and _
Kellogg's $1.25 million interior renovation project was completed. The
Hyatt House is planning a$20 million building with an expected
completion date in 2018. Rush Medical office building has planned
construction costs of$50 - $75 million for a 103,000 square foot space
with an expected completion date in 2018.
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
iv
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
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 2015, electrical work was performed at the Municipal Complex to gain
more efficiencies, Fire Station 94 dispatch room was renovated providing
a functional office space with operational back-up dispatch capabilities,
patient stretcher lifts and a power stretcher were purchased improving
safety and preventing injuries, a new replacement ambulance was put into
service,replacement of cardiac monitors,Public Works garage floors were
reconditioned and resealed as well as improvements to the Heritage Center
and Library. Renovation plans in the police department are underway to
improve safety measures.
The 2015 Water Main project replaced water mains along Mockingbird
Lane and Camelot Drive, various street improvements were completed
throughout the Village, and various pedestrian access improvements in the
'— vicinity of the Oakbrook Center shopping area were completed.
There were many improvements made at the Sports Core this year
including new HVAC system and exterior staining at the Bath and Tennis
Clubhouse, improvements to the golf course to enhance playability,
several drainage systems were improved, and new fixed pumps were
installed.
Included in the 2016 budget are various street improvement projects,
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 project for 22nd Street Illinois Transportation
Improvement Project (ITEP) – Salt Creels to I-294 and Dover Road –
Clearwater to Dover is scheduled in 2016.
In 2016 and after the Five-Year Financial Plan reflects the continuation of
the annual paving program,Heritage Center improvements,police
v
department renovation,electrical to gas conversion project, library and
sports core improvements, equipment and vehicle replacements,water
main improvements,pedestrian access (Hotels and offices to Oakbrook
Center), 22nd St. streetscape project(Salt Creek to I294).
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, 31,2014.
In order to be awarded a Certificate of Achievement, a governmental unit —f
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 38
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 2016 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 fourth 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
Assistant Village Manager/Finance Director
vi
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, 2014
Executive Director/CEO
,r.. Village of Oak Brook
_ �M•. Organization Chart
y'n..V tiyy_
Residents ( Fiscal Year 2015
of
Oak Brook
Village Clerk Village President
and Board of Trustees
Village Manager Village Attorney Village Attorney Boards and
(General) (Labor) Commissions
Assistant
Village Public Works Development Oak Brook Sports Core
Manager Chief of Police Fire Chief Services Public Library
g Director Director Director Director
Finance
Director
viii
VILLAGE OF OAK BROOK, ILLINOIS
.— PRINCIPAL OFFICIALS
December 31,2015
Gopal Lalmalani,Village President
Charlotte K.Pruss,Village Clerk
BOARD OF TRUSTEES
Donald N.Adler John Baar
Michael Manzo Asif Yusuf
Mark M.Moy Edward Tiesenga
VILLAGE MANAGER
Riccardo Ginex,Village Manager
FINANCE DEPARTMENT
Sharon Dangles,Finance Director/Treasurer
ix
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-45�
BAKE R T I L LY
Baker Tilly Virchow Krause,LLP
1301 W 22nd St,Ste 400
Oak Brook,IL 60523-3389
rel 630 990 3131
fax 630 990 0039
bakertilly.com
INDEPENDENT AUDITORS' REPORT
To the Honorable President and Board of Trustees
Village of Oak Brook
Oak Brook, Illinois
Report on the Financial Statements
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,
as of and for the year ended December 31, 2015, and the related notes to the financial statements, which
collectively comprise the Village of Oak Brook'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.
Auditors'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 from 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 auditors'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 of Oak Brook'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 of Oak
Brook'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.
�, a ,aeneden �emoa, Page 1
BAKER TILLY
INTERNATIONAL .moi Affirmative Acrion Equal Oppo rruniry Employer
To the Honorable President and Board of Trustees
Village of Oak Brook
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, 2015 and the
respective changes in financial position and, where applicable, cash flows thereof for the year then ended in
accordance with accounting principles generally accepted in the United States of America.
Emphasis of Matter
As discussed in Note I, the Village of Oak Brook adopted the provisions of GASB Statement No. 68,Accounting
and Financial Reporting for Pensions-an amendment of GASB Statement No. 27 and GASB Statement No.
71, Pension Transition for Contributions Made Subsequent to the Measurement Date-an amendment of GASB
Statement No. 68, effective January 1, 2015. Net position as of January 1, 2015 has been restated as a result.
Our opinions are 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 required
supplementary information as 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 and
other auditors 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.
Supplementary Information, —
Our audit for the year ended December 31, 2015 was conducted for the purpose of forming opinions on the
financial statements that collectively comprise the Village of Oak Brook's basic financial statements. The
supplementary information for the year ended December 31, 2015 as listed in the table of contents is presented
for purposes of additional analysis and is 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 basic financial statements. The information has been subjected to the
auditing procedures applied in the audit of the basic financial statements for the year ended December 31, 2015
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 supplementary information is fairly stated in all
material respects, in relation to the basic financial statements as a whole.
Page 2
To the Honorable President and Board of Trustees
Village of Oak Brook
The Village of Oak Brook's basic financial statements for the year ended December 31, 2014 (not presented
herein), were audited by other auditors whose report thereon dated May 21, 2015, 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. The report of the other auditors dated May 21, 2015,
stated that the combining and individual fund statements and schedules for the year ended December 31, 2014
were subjected to the auditing procedures applied in the audit of the 2014 basic financial statements and
certain additional auditing procedures, including comparing and reconciling such information directly to the
underlying accounting and other records used to prepare those basic financial statements or the those basic
financial statements themselves, and other additional procedures in accordance with auditing standards
generally accepted in the United States of America and, in their opinion, were fairly stated in all material
respects in relation to the basic financial statements as a whole for the year ended December 31, 2014.
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the Village of Oak Brook's basic financial statements. The introductory and statistical sections are
presented for purposes of additional analysis and are not a required part of the basic financial statements. Such
information has 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 it.
Oak Brook, Illinois /
May 6, 2016
Page 3
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VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS
December 31,2015
_ 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, 2015. 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 i) and the Village's Financial Statements (beginning
on page 17).
This discussion and analysis is designed to (1) assist the reader in focusing on significant
._ financial issues, (2) provide an overview of the Village's financial activity, (3) identify changes
in the Village's financial position(its ability to address the next and subsequent year challenges),
(4) identify any material deviations from the financial plan (the approved budget), and (5)
identify individual fund issues or concerns.
HIGHLIGHTS
Financial Highlights
Village wide revenues of$41.1 million exceeded expenses of$40.7 million by $0.4 million,
resulting in an ending net position of$119.1 million before consideration of the adoption of
GASB Statements 68 and 71. This increase in net position is a result of 2015 operations. With
the implementation of GASB Statement No. 68–Accounting and Financial Reporting For
Pensions and GASB Statement No. 71 –Pension Transition for Contributions Made Subsequent
to the Measurement Date, the Village recognized an additional $10.4 million in pension
expenses, bringing total expenses to $51.1 million.
Excluding the impact of GASB Statements 68 and 71,the net position of governmental activities
increased $0.6 million, or 1.0% and net position of business type activities decreased by$0.2
million.
Net position for the prior year was restated for both governmental activities and business-type
activities related to the recording of pension liabilities for the Village's pension plans. The
_ governmental activities restated its beginning net position to $54.4 million, which is a decrease
of$30.0 million in comparison to the prior year. The business-type activities restated its
beginning net position to $33.9 million, which is a decrease of$0.4 million compared to the prior
year.
For the year ending December 31, 2015, the Village's assets exceeded liabilities by$78.3 million
—' (net position), which is a decrease of$40.4 million, or 34.0%, in comparison to the prior year net
position prior to the restatement for GASB Statements 68 and 71. The majority of the decrease
is primarily due to a decrease in the unrestricted net position as a result of the implementation of
new pension standards for pensions. This requires the net pension liability and related deferred
outflows and inflows to be reported in the financial statements. The net position is comprised of
(See independent auditor's report)
4
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (continued)
$92.1 million net investment in capital assets, $11.3 million in restricted, and a negative $25.1
million in unrestricted. _
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
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 17-19) distinguish functions of the
Village that are principally supported by taxes and intergovernmental revenues (governmental
activities) from other functions that are intended to recover all or a significant portion of their
costs through user fees and charges (business-type activities). The governmental activities of the
Village reflect the Village's basic services, including administration, police, fire and emergency _
medical services, engineering, public works, library, and community development. The business-
type activities of the Village, which are based on a fee for service designed to cover all or most
of the cost of operation, include the waterworks system and operations of the Oak Brook Sports
Core.
Fund Financial Statements _
Traditional users of governmental financial statements will find the Fund Financial Statements to
be more familiar. The focus of the presentation is on major funds rather than fund types. A fund
is a grouping of related accounts that is used to maintain control over resources that have been
segregated for specific activities or objectives. The Village, like other state and local
governments, uses fund accounting to ensure and demonstrate compliance with finance-related
legal requirements. All of the funds of the Village can be divided into three categories:
governmental funds,proprietary funds, and fiduciary funds. _
Governmental Funds. Governmental funds are used to account for essentially the same
functions reported as governmental activities in the government-wide financial statements. —'
However, unlike the government-wide financial statements, governmental fund financial
statements focus on near-term inflows and outflows of spendable resources, as well as balances _
of spendable resources available at the end of the fiscal year. Such information may be useful in
evaluating a government's near-term financing requirements.
(See independent auditor's report)
5
VILLAGE OF OAK BROOK,ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (continued)
Because the focus of governmental funds is narrower than that of the government-wide financial
statements, it is useful to compare the information presented for governmental funds with similar
information presented for governmental activities in the government-wide financial statements.
By doing so, readers may better understand the long-term impact of the government's near-term
financing decisions. Both the governmental fund balance sheet and the governmental fund
statement of revenues, expenditures, and changes in fund balances provide a reconciliation to
facilitate this comparison between governmental funds and governmental activities.
The Village maintains 6 individual governmental funds. Information is presented separately in
the governmental fund balance sheet and statement of revenues, expenditures, and changes in
fund balances for the General Fund, Hotel/Motel Tax Fund and Infrastructure Fund, all of which
are considered to be "major" funds. Data from the other 3 governmental funds are combined into
a single, aggregate presentation. Individual fund data for each of these non-major governmental
funds is provided in the form of combining statements elsewhere in this report.
The Village adopts an annual budget for each of its governmental funds, except for the Foreign
Fire Insurance fund. A budgetary comparison statement has been provided elsewhere in this
report to demonstrate compliance with the budget. The basic governmental fund financial
statements can be found on pages 20 through 25 of this report.
Proprietary Funds. The Village maintains two different types of proprietary funds: enterprise
funds and internal service funds. Enterprise funds are used to report the same functions presented
as business-type activities in the government-wide financial statements. The Village uses
enterprise funds to account for its waterworks system and the operations of the Oak Brook Sports
Core. Internal service funds are an accounting device used to accumulate and allocate costs
internally among the Village's various functions. The Village uses internal service funds to
account for the costs of health and dental insurance, garage operations, and the advance funding
of equipment replacement. Because the Village's costs for these items relate to both
_ governmental and business-type functions, the costs have been allocated to each type of activity
where appropriate.
Proprietary funds provide the same type of information as the government-wide financial
statements, only in more detail. The proprietary fund financial statements provide separate
information for the Waterworks System and the Oak Brook Sports Core, both of which are
considered to be major funds of the Village. Conversely, the internal service funds are combined
into a single, aggregated presentation in the proprietary fund financial statements. Individual
fund data for the internal service funds is provided in the form of combining statements
elsewhere in this report.
The basic proprietary fund financial statements can be found on pages 26 through 30 of this
report.
Fiduciary Funds. Fiduciary funds are used to account for resources held for the benefit of
parties outside of the government. Fiduciary funds are not reflected in the government-wide
financial statements because the resources of those funds are not available to support the
Village's own programs. The accounting used for fiduciary funds is much like that used for
proprietary funds. The Village maintains two fiduciary funds: the Police Pension Fund and the
Firefighters' Pension Fund.
(See independent auditor's report)
6
VILLAGE OF OAK BROOK,ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (continued)
The basic fiduciary fund financial statements can be found on pages 31 and 32 of this report. .._
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 34 through 76 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 77 through 90 of this report.
The combining statements referred to earlier in connection with non-major governmental funds,
non-major 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 98 through 121 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, 2015.
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 net
position has decreased due to the implementation of new pension standards where the liability is
recorded on the face of the financial statements. --
(See independent auditor's report)
7
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 2015 and 2014.
Table 1
Statement of Net Position
As of December 31,2015 and 2014
(in millions)
Governmental Business-Type Total Primary
Activities Activities Government
2015 2014* 2015 2014* 2015 2014*
ASSETS
Current and Other Assets $ 34.7 $ 32.8 $ 3.5 $ 4.4 $ 38.2 $ 37.2
Capital Assets 61.3 61.6 31.4 30.6 92.7 92.2
Total Assets 96.0 94.4 34.9 35.0 130.9 129.4
Deferred Outflows of Resources 7.6 - 0.4 - 8.0 -
LIABILITIES
Long-Term Liabilities 54.0 6.8 0.7 0.1 54.7 6.9
Other Liabilities 4.1 3.2 1.0 0.6 5.1 3.8
Total Liabilities 58.1 10.0 1.7 0.7 59.8 10.7
Deferred Inflows of Resources 0.7 - 0.1 - 0.8 -
NET POSITION
Net Investment in capital assets 60.7 60.7 31.4 30.6 92.1 91.3
Restricted 11.3 11.6 - - 11.3 11.6
Unrestricted 27.2 12.1 2.1 3.7 (25.1) 15.8
--- Total Net Position $ 44.8 $ 84.4 $ 33.5 $ 34.3 $ 78.3 $ 118.7
* Prior year information has not been updated for the effects of restatement due to the
implementation of GASB Statement No.68 and No. 71 in 2015.
The Village's combined net position decreased by$40.4 million from$118.7 (before
restatement) to $78.3 million during 2015. This is primarily due to a decrease in the unrestricted
net position as a result of the implementation of GASB Statement No. 68, Accounting and
Financial Reporting for Pensions and GASB Statement No. 71, Pension Transition for
Contributions Made Subsequent to the Measurement Date. The New Pension Standards
dramatically changes the accounting reporting requirements with respect to defined benefit
pension plans and the presentation in the Village's financial statements. Thus, GASB 68
changed by reporting pension obligations not only on the note disclosure and required
"- supplementary information sections, but also on the face of the basic financial statements. As a
result of implementing the new standards, the Village reported,under long-term liabilities, a net
pension liability of$48.3 million for governmental activities, a $0.8 million for business type
activities, for a total of$49.1 million as of December 31, 2015. GASB 68 affects the reporting
and accounting presentation of the Village's pension liability; it is not a new liability and the
�- Village has been disclosing and profoundly aware of this liability.
(See independent
auditor's report)
a 8
VILLAGE OF OAK BROOK,ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (continued)
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 17.
Summary of Changes in Net Position
The following table summarizes the revenues and expenses of the Village's activities for 2015
and 2014:
Table 2
Changes in Net Position
For the Fiscal Year Ended December 31, 2015 and 2014 _
(in millions)
Governmental Business-Type Total Primary
Activities Activities Government
2015 2014* 2015 2014* 2015 2014*
REVENUES
Program Revenues:
Charges for Services $ 3.0 $ 3.1 $ 10.9 $ 10.1 $ 13.9 $ 13.2
Grants and Contributions 0.2 0.7 - - 0.2 0.7
General Revenues:
Sales and Local Use Taxes 18.1 17.7 - - 18.1 17.7
Utility Taxes 5.7 5.2 - - 5.7 5.2
Other Taxes 2.8 2.4 - - 2.8 2.4
Transfers (0.5) (0.5) 0.5 0.5 - -
Investment Income 0.2 (0.2) - - 0.2 (0.2)
Other 0.2 0.1 - - 0.2 0.1
Total Revenues 29.7 28.5 11.4 10.6 41.1 39.1
EXPENSES
General Government 5.3 4.5 - - 53 4.5
Public Safety 24.6 14.7 - - 24.6 14.7
Public Works 7.7 4.9 - - 7.7 4.9
Culture and Recreation 1.5 2.0 - - 1.5 2.0
Waterworks System - - 8.0 7.0 8.0 7.0
Sports Core - - 3.7 3.6 3.7 3.6
Interest on Long-Term Debt 0.3 0.3 - - 0.3 0.3
Total Expenses 39.4 26.4 11.7 10.6 51.1 37.0 -
Change in Net Position $ (9.7) $ 2.1 $ (03) $ - $ (10.0) $ 2.1
Total Net Position $ 44.8 $ 84.4 $ 33.5 $ 34.3 $ 78.3 $ 118.7
-
* Prior year information has not been updated for the effects of restatement due to the
implementation of GASB Statement No.68 and No. 71 in 2015.
Total revenues increased $2.0 million, or 5.1%, compared to the prior year.
(See independent auditor's report) -
9
VILLAGE OF OAK BROOK,ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (continued)
Total expenses increased$14.1 million, or 38.1%, compared to the prior year, which is mainly
attributable to recording $10.4 million of pension expense on the financial statements and an
_ increase in street improvements. More detailed information on pensions can be found on pages
58-71.
•— Governmental Activities
The net position of the Village's governmental activities decreased by$39.6 million, or 46.9%.
Cash and investments in current assets increased$1.6 million, or 6.2% compared to the prior
year.
Revenues–Governmental Activities
Revenues By Source - Governmental Activities
Other Other
Taxes Charges for Services
0% 10%
9%
Grants and
Contributions
1%
'— Utility Taxes
19%
momi
Sales and Use
Taxes
61%
For the fiscal year ended December 31, 2015,revenues totaled $29.7 million, an increase of$1.2
million from 2014. Revenue from sales and use taxes, which continues to be the Village's
largest revenue source, amounted to $18.1 million or 61.0% of total revenue, an increase of$0.4
million or 2.3% from 2014. Utility taxes, which include the taxes imposed on electric, natural
gas, and telecommunications services, were $5.7 million or 19.0% of total revenues. This
represents an increase of$0.5 million, or 9.6%, from the comparable amount in 2014.
(See independent auditor's report)
10
VILLAGE OF OAK BROOK,ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (continued)
The "other taxes" classification includes a number of different revenue sources including income
taxes, personal property replacement taxes, and hotel taxes. For 2015, these revenues were $2.8
million or 9.0%of total revenues,which is a$0.4 million, or 16.7%, increase from 2014. ...�
Expenses by Function—Governmental Activities
Expenses by Function - Governmental Activities _
Culture& Recreations Interest General
Public Works 4% 1% Government
20%
Public Safety
62%
Expenses for the Village of Oak Brook for governmental activities amounted to a total of$39.4
million in 2015, an increase of$13.0 million from 2014. 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. As required by GASB Statement No. 68, the expense
totals include the recording of pension expense of $10.3 million for governmental activities
starting with the 2015 financials,which accounts for the majority of the increase from 2014.
General government expenses were $5.3 million, an increase of $0.8 million, or 17.8%, from
2014 which was due to a reporting change of the internal service allocation by the Village. In
the prior year, the internal service allocation was netted against revenues, therefore in 2015 it
appears general government expenses increased when in fact it was a neutral effect.
Public Safety expenses were $24.6 million, an increase of$9.9 million, or 67.3%, from 2014 due
to a $10.3 million increase in pension expense being recorded based on new reporting changes.
Public Safety expenses were $14.3 million before the GASB 68 pension expense, a decrease of
$0.4 million, or 2.7%, from 2014.
Public works expenses were $7.7 million, an increase of$2.8 million, or 57.1%, from 2014 due
to an increase in street improvement projects to include 35th street and St. Paschal and various
resurfacing projects.
Culture and recreation expenses were $1.5 million, a decrease of$0.5 million, or 25.0%, from
2014 due to a decrease in Hotel/Motel Tax fund capital spending.
(See independent auditor's report)
11
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (continued)
Business-type Activities
The business-type activities net position decreased $0.8 million, or 2.3%, compared to the prior
year after implementing GASB 68 and 71. For business-type activities, revenues for the
waterworks system were $7.7 million, which increased by $0.7 million compared to the prior
year, due to an increase in Water Sales. Revenues for Sports Core were $3.2 million (excludes a
transfer of$.5 million), which increased slightly compared to the prior year. For business-type
activities, expenses for the waterworks system were $8.0 million or 68.3% of total expenses,
which is an increase of$0.9 million from 2014. The majority of the increase is due to the new
accounting standard for the recording of pension expense for IMRF in the Village's financial
statements. Sports Core expenses were $3.7 million or 31.7% of total expenses, which is a slight
increase from 2014.
In 2015, the General Corporate fund transferred $459,098 to assist with sports core operations
and capital items. Funds were transferred to the following programs: sports core general
._ operations for operating expenses and capital of $87,190; swimming operations for building
improvements and general equipment of$59,021; polo operating expenses for $150,205; tennis
for building improvement for $15,000; soccer field soil for $630; Bath and Tennis clubhouse for
building improvements of$83,842; and golf course maintenance for equipment of$63,210.
Expenses and Program Revenues: Business-type Activities
For the Fiscal Year Ended December 31,2015
Program
Activities Expenses Revenues
Waterworks System $ 7,983,819 $ 7,683,245
Sports Core 3,699,018 3,188,035
Totals $ 11,682,837 $ 10,871,280
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, 2015, the governmental
funds (as presented on the balance sheet on pages 20 through 21) had a combined fund balance
of $28.6 million, which is an increase of $0.9 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,
decreased by $0.9 million compared to 2014 due to increased capital spending on road
improvements.
(See independent auditor's report)
12
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (continued)
Proprietary Funds _
Net position for the Village's two business-type activities decreased $0.8 million over the prior
year after implementing GASB 68 and 71. Of the decrease, $0.3 million was due to operations
and $0.5 million was due to a prior period adjustment to record the beginning net pension
liability as of 1/1/2015. (see pages 26 through 28).
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, 2015
Original Amended
Budget Budget Actual
REVENUES
Intergovernmental $ 13,765,965 $ 13,765,965 $ 13,604,940 _
Utility Taxes 5,170,000 5,170,000 5,673,868
Licenses &Permits 1,349,850 1,349,850 1,385,341
Charges for Services 1,038,500 1,038,500 1,058,929 —'
Other 681,375 681,375 853,009
Total Revenues 22,005,690 22,005,690 22,576,087 _
EXPENDITURES
General Government 5,639,245 5,634,755 4,602,212 —
Public Safety 14,867,445 14,870,910 14,475,532
Public Works 714,585 715,610 622,962
Culture and Recreation 1,033,205 1,033,205 977,641
Debt Service 292,495 292,495 292,491
Total Expenditures 22,546,975 22,546,975 20,970,838
OTHER FINANCING SOURCES(USES)
Transfers In 61,300 61,300
Transfers (Out) (213,705) (482,450) (459,098)
Change in Fund Balance $ (693,690) $ (962,435) $ 1,146,151
(See independent auditor's report)
13
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (continued)
Intergovernmental revenues were under budget due primarily to sales tax revenue receipts being
$0.2 million lower than budget projections. Utility taxes were over budget due to increased
receipts by $0.5 million.
Actual expenditures were $1.7 million below the original budget and $1.9 million below 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, 2015 and
2014.
Table 4
Capital Assets
As of December 31, 2015 and 2014
(in millions)
Governmental Business-Type Total Primary
Activities Activities Government
2015 2014 2015 2014 2015 2014
Land and Land Right of Way $ 33.3 $ 33.2 $ 8.4 $ 8.3 $ 41.7 $ 41.5
Buildings and Land Improvements 21.8 21.0 9.2 9.1 31.0 30.1
'- Machinery, Vehicles,and Equipment 9.5 9.9 6.0 5.9 15.5 15.8
Infrastructure 34.5 34.4 26.6 25.3 61.1 59.7
Construction in Progress - 0.4 - 0.1 - 0.5
99.1 98.9 50.2 48.7 149.3 147.6
Less:
Accumulated Depreciation (37.8) (37.4) (18.8) (18.1) (56.6) (55.5)
Total $ 61.3 $ 61.5 $ 31.4 $ 30.6 $ 92.7 $ 92.1
At year-end, the Village's investment in capital assets (net of accumulated depreciation) for both
its governmental and business-type activities was $92.7 million, with an increase of$0.6 million
from 2014 (see Note II.C. in the Notes to the Financial Statements for further information
regarding capital assets). Major capital asset events during 2015 included the following:
• For governmental activities, there was HVAC gas heat automation upgrade at Village Hall;
pedestrian access improvements; ambulance stretcher lifts; various vehicle replacements; and
IT equipment upgrades.
• For business-type activities, there were water main improvements; fuel tank replacement;
Bath and Tennis improvements were tennis court fencing, HVAC replacement; pool heater
replacements; golf course drainage improvements, and mower for golf course operations.
(See independent auditor's report)
14
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (continued)
Long Term Debt
As a non-home rule community, the Village's legal general obligation debt limit is 8.625 percent
of equalized assessed valuation (EAV), or $109,084,108 based on January 1, 2014 EAV of
$1,264,743,279. As of December 31, 2015, the Village has $555,000 of debt outstanding _
attributed to one installment contract that is applicable to the legal limit (see Note II.E. in the
Notes to the Financial Statements for details of each issue). The table below summarizes the
Village's outstanding long-term debt: _
Table 5
Long-term Debt
As of December 31, 2015
Governmental Business-Type Total Primary
Activities Activities Government _
General Fund Certificates:
Series 2009 (Refunding) $ 555,000 $ - $ 555,000
Note Payable 3,652,263 - 3,652,263 '—
Total $ 4,2074263 $ - $ 4,207,263
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 increased from
$15.8 million to $17.2 million primarily due to an overall increase in revenues. The Village's
intent is to hold some of this fund balance in reserves.
The 2016 Budget continues to be a conservative financial plan while providing excellent services _
to its residents and business community. The 2016 budgeted revenues are $49.1 million, an
increase of$1.1 million, or 2.3%, from the 2015 Budget (excludes Pension Trust and Foreign
(See independent auditor's report)
15
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT'S DISCUSSION AND ANALYSIS (continued)
Fire Tax Funds). This is mostly due to an increase in sales tax, utility/telecommunications tax,
interest, and water sales. The total spending in the 2016 Budget is $51.4 million, a decrease of
$1.7 million, or 3.2% from the 2015 Budget. This is mainly due to a decrease in major capital
improvements in the Hotel/Motel and Infrastructure Funds.
The projected ending cash balance for 2016 in the General Corporate Fund of$12.8 million is
equal to 7.1 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, Assistant Village Manager/Finance Director, Village of Oak
Brook, 1200 Oak Brook Road, Oak Brook, IL 60523.
(See independent auditor's report)
16
THIS PAGE IS INTENTIONALLY LEFT BLANK
VILLAGE OF OAK BROOK
STATEMENT OF NET POSITION
As of December 31, 2015
Governmental Business-
Activities Type Activities Totals
ASSETS
Cash and investments $ 27,263,019 $ 1,832,201 $ 29,095,220
Receivables (net)
Property taxes 325,700 - 325,700
Sales taxes 5,419,869 - 5,419,869
Utility taxes 1,277,189 - 1,277,189
Accounts 250,074 - 250,074
Billed and unbilled water sales - 800,171 800,171
Allotments 17,791 - 17,791
Accrued interest 108,889 7,974 116,863
Other 416,240 54,012 470,252
Internal balances (678,854) 678,854 -
Inventories 35,148 178,198 213,346
Prepaid items 293,215 - 293,215
Capital Assets
Capital assets not being depreciated 33,262,579 8,352,494 41,615,073
Capital assets, net of accumulated depreciation 27,987,539 23,013,717 51,001,256
Total Assets 95,978,398 34,917,621 130,896,019
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to pensions 7,598,309 465,932 8,064,241
Total Deferred Outflows of Resources 7,598,309 465,932 8,064,241
_ LIABILITIES
Accounts payable 2,358,601 594,444 2,953,045
Accrued payroll 684,838 50,722 735,560
Accrued interest 123,303 - 123,303
Claims payable 68,304 - 68,304
Deposits 726,529 70,385 796,914
Unearned revenue 154,937 20,799 175,736
Noncurrent Liabilities
Due within one year 1,254,918 95,903 1,350,821
Due in more than one year 52,691,675 874,313 53,565,988
Total Liabilities 58,063,105 1,706,566 59,769,671
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pensions 426,227 131,626 557,853
Deferred property taxes 325,700 - 325.700
Total Deferred Inflows of Resources 751,927 131,626 883,553
NET POSITION
Net investment in capital assets 60,695,118 31,366,211 92,061,329
Restricted for
Infrastructure 5,791,896 - 5,791,896
Highways and streets 1,235,456 - 1,235,456
Fire department 190,916 - 190,916
Culture and recreation 3,847,510 - 3,847,510
Economic development 230,211 - 230,211
Unrestricted (27,229,432) 2,179,150 (25,050,282)
TOTAL NET POSITION $ 44,761,675 $ 33,545,361 $ 78,307,036
See accompanying notes to financial statements.
Page 17
VILLAGE OF OAK BROOK
STATEMENT OF ACTIVITIES
For the Year Ended December 31, 2015
Program Revenues _
Operating
Charges for Grants and
Functions/Programs Expenses Services Contributions
Governmental Activities
General government $ 5,278,193 $ 1,784,072 $ -
Public safety 24,603,026 1,202,005 19,410
Public works 7,698,904 15,501 192,719
Culture, education and recreation 1,512,080 16,727 -
Interest and fiscal charges 317,075 - - —
Total Governmental Activities 39.409,278 3,018,305 212,129
Business-type Activities _
Waterworks System 7,983,819 7,683,245 -
Sports Core 3,699,018 3,188,035 -
Total Business-type Activities 11,682,837 10,871,280 -
Total $ 51,092,115 $ 13,889,585 $ 212,129
General Revenues
Taxes
Property _
Sales, local use
Utility taxes
Hotel/motel
Other —`
Intergovernmental
State sales tax
State income tax
Replacement
Gain (loss)on disposal of capital assets
Investment income
Miscellaneous
Transfers
Total
Change in net position
NET POSITION - Beginning of Year
(as restated)
NET POSITION - END OF YEAR
See accompanying notes to financial statements. --
Page 18
Net(Expenses) Revenues and Changes in Net Position
Governmental Business-type
Activities Activities Totals
$ (3,494,121) $ - $ (3,494,121)
(23,381,611) - (23,381,611)
(7,490,684) - (7,490,684)
(1,495,353) - (1,495,353)
(317,075) - (317,075)
(36,178,844) - (36,178,844)
(300,574) (300,574)
- (510,983) (510,983)
- (811,557) (811,557)
(36,178,844) (811,557) (36,990,401)
325,654 - 325,654
5,911,143 - 5,911,143
5,673,868 - 5,673,868
1,194,811 - 1,194,811
64,920 - 64,920
12,248,035 - 12,248,035
838,776 - 838,776
309,403 - 309,403
63,523 (14,098) 49,425
152,936 16,134 169,070
229,793 - 229,793
(459,098) 459.098 -
26,553,764 461,134 27,014,898
(9,625,080) (350,423) (9,975,503)
54,386,755 33,895,784 88,282,539
$ 44,761,675 $ 33,545,361 $ 78,307,036
See accompanying notes to financial statements.
Page 19
VILLAGE OF OAK BROOK
BALANCE SHEET
GOVERNMENTALFUNDS
As of December 31, 2015
Nonmajor
Hotel/Motel Governmental
General Tax Infrastructure Funds
ASSETS
Cash and investments $ 13,521,248 $ 3,832,269 $ 5,623,289 $ 1,636,239
Receivables
Property taxes - - - 325,700
Sales taxes 3,698,895 - 1,720,974 -
Utility taxes 1,277,189 - - -
Accounts 250,074 - - -
Allotments - - - 17,791
Accrued interest 63,701 17,434 18,406 2,553 —'
Other 194,837 128,353 1,670 -
Inventories 686 - - -
Prepaid items 52.720 - - 775
TOTAL ASSETS $ 19,059,350 $ 3,978,056 $ 7,364,339 $ 1,983,058
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES,AND FUND BALANCES _
Liabilities
Accounts payable $ 400,135 $ 130,546 $ 1,531,187 $ -
Accrued payroll 603,604 - 41,256 -
Deposits 726,529 - -
Unearned revenues 69,662 - - -
Total Liabilities 1.799.930 130.546 1,572.443 -
Deferred Inflows of Resources
Deferred property taxes - - - 325,700
Total Deferred Inflows of Resources - - - 325.700
Fund Balances
Nonspendable for inventory 686 - - -
Nonspendable for prepaid items 52,720 - - 775
Restricted for infrastructure - - 5,791,896 -
Restricted for highways and streets - - - 1,235,456
Restricted for fire department - - - 190,916
Restricted for culture and recreation - 3,847,510 - -
Restricted for economic development - - - 230,211
Unassigned 17,206,014 - - -
Total Fund Balances 17.259,420 3,847.510 5.791,896 1.657,358
TOTAL LIABILITIES,
DEFERRED INFLOWS OF
RESOURCES,AND FUND --
BALANCES $ 19,059,350 $ 3,978,056 $ 7,364,339 $ 1,983,058
See accompanying notes to financial statements. —"
Page 20
Totals
$ 24,613,045
325,700
5,419,869
1,277,189
250,074
17,791
102,094
324,860
686
53,495
$ 32,384,803
$ 2,061,868
644,860
726,529
69,662
3,502,919
325,700
325,700
686
53,495
5,791,896
1,235,456
190,916
3,847,510
230,211
17,206,014
28,556,184
$ 32,384,803
See accompanying notes to financial statements.
Page 21
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VILLAGE OF OAK BROOK
RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF NET POSITION
As of December 31, 2015
Total Fund Balances-Governmental Funds $ 28,556,184
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. 57,778,887
Interest payable is not due and payable in the current period and, therefore, is not
reported in the governmental funds. (123,303)
Deferred outflows of resources related to pensions do not relate to current financial
resources and are not reported in the governmental funds. 7,532,996
Deferred inflows of resources related to pensions do not relate to current financial
resources and are not reported in the governmental funds. (407,776)
Internal service funds are reported in the statement of net position as governmental
activities. 5,241,388
Some liabilities (excluding those reported in the internal service funds amount
above), including long-term debt, are not due and payable in the current period
and therefore, are not reported in the funds.
Installment contracts payable (555,000)
Notes payable (3,652,263)
Compensated absences payable (972,713)
Net pension liability (48,212,100)
Net other postemployment benefit obligation (424.625)
NET POSITION OF GOVERNMENTAL ACTIVITIES $ 44,761,675
See accompanying notes to financial statements.
Page 22
VILLAGE OF OAK BROOK
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES-
GOVERNMENTAL FUNDS _
For the Year Ended December 31, 2015
Nonmajor
Hotel/Motel Governmental
General Tax Infrastructure Funds _
REVENUES
Intergovernmental $ 13,604,940 $ - $ - $ 342,225
Non-home rule sales tax - - 5,637,241 -
Utility taxes 5,673,868 - -
Hotel and motel taxes - 1,194,811 - -
Licenses and permits 1,385,341 - - -
Charges for services 1,058,929 - - -
Property taxes - - - 325,654
Fines, forfeitures and penalties 177,588 - - -
Investment income 91,621 18,688 22,985 5,299
Miscellaneous 583,800 36,007 5,697 -
Total Revenues 22.576,087 1,249,506 5,665,923 673.178
EXPENDITURES
Current
General government 4,602,212 42,500 141,873 3,975
Public safety 14,475,532 - - 121,478
Public works 622,962 - 6,438,416 -
Culture and recreation 977,641 658,049 - -
Debt Service
Principal 265,000 - - 119,913
Interest and fiscal charges 27,491 - - 298.974
Total Expenditures 20.970,838 700.549 6.580,289 544,340
Excess (deficiency) of revenues over --
expenditures 1,605,249 548,957 (914,366) 128.838
OTHER FINANCING USES --
Transfers out (459,098) - - -
Total Other Financing Uses (459,098) - - -
Net Change in Fund Balances 1,146,151 548,957 (914,366) 128,838
FUND BALANCES- Beginning of Year 16.113,269 3,298,553 6,706,262 1.528,520
FUND BALANCES -END OF YEAR $ 17,259,420 $ 3,847,510 $ 5,791,896 $ 1,657,358
See accompanying notes to financial statements.
Page 23
Totals
$ 13,947,165
5,637,241
5,673,868
1,194,811
1,385,341
1,058,929
325,654
177,588
138,593
_ 625.504
30.164,694
4,790,560
._ 14,597,010
7,061,378
1,635,690
384,913
326.465
28,796,016
1,368,678
(459,098)
(459,098)
909,580
27,646,604
$ 28,556,184
See accompanying notes to financial statements.
Page 24
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VILLAGE OF OAK BROOK
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
For the Year Ended December 31, 2015
Net change in fund balances-total governmental funds $ 909,580
Amounts reported for governmental activities in the statement of activities are different
because:
Governmental funds report capital outlays as expenditures. However, in the statement of
net position the cost of these assets is capitalized and they are depreciated over their
estimated useful lives and reported as depreciation expense in the statement of activities.
Capital outlay is reported as an expenditure in the fund financial statements but is
capitalized in the government-wide financial statements 776,213
Depreciation is reported in the government-wide financial statements (1,485,749)
Net book value of assets retired (5,980)
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. 384,913
Some expenses in the statement of activities do not require the use of current financial
resources and, therefore, are not reported as expenditures in the governmental funds.
Compensated absences 13,218
Interest payable 9,390
Net postemployment benefits obligation (105,320)
Net pension liability (9,164,129)
Deferred outflows of resources related to pensions (789,491)
Deferred inflows of resources related to pensions (359,739)
The change in net position of certain activities of internal service funds is included in
governmental activities. 192.014
CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES $ (9,625,080)
See accompanying notes to financial statements.
Page 25
VILLAGE OF OAK BROOK
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
As of December 31, 2015
Business-type Activities- Enterprise Funds
Governmental
Activities- _
Waterworks Internal
System Sports Core Totals Service Funds
ASSETS
Current Assets
Cash and investments $ 1,473,811 $ 358,390 $ 1,832,201 $ 2,649,974
Receivables
Billed and unbilled water sales 800,171 - 800,171 -
Accrued interest 6,405 1,569 7,974 6,795
Other 14,818 39,194 54,012 91,380
Inventories - 178,198 178,198 34,462 —'
Prepaid items - - - 239,720
Total Current Assets 2,295,205 577,351 2,872,556 3,022,331
Noncurrent Assets
Capital assets not being depreciated 276,029 8,076,465 8,352,494 -
Capital assets, net of accumulated
depreciation 18,851,916 4,161,801 23,013,717 3,471,231
Total Noncurrent Assets 19,127,945 12,238,266 31,366,211 3,471,231
Total Assets 21,423,150 12,815,617 34,238,767 6,493,562
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to pensions 186,771 279,161 465,932 65,313
Total Deferred Outflows of Resources 186,771 279,161 465,932 65,313
See accompanying notes to financial statements. '—
Page 26
Business-type Activities- Enterprise Funds
Governmental
Activities-
Waterworks Internal
System Sports Core Totals Service Funds
LIABILITIES
Current Liabilities
Accounts payable $ 551,602 $ 42,842 $ 594,444 $ 296,733
Accrued payroll 27,347 23,375 50,722 39,978
Compensated absences payable 48,251 47,652 95,903 7,205
Deposits 1,950 68,435 70,385 -
Unearned revenues - 20,799 20,799 85,275
Claims payable - - - 68,304
Total Current Liabilities 629,150 203,103 832,253 497,495
Noncurrent Liabilities
Net pension liability- IMRF 327,585 489,632 817,217 114,556
Other post employment benefits payable 38,570 18,526 57,096 8,131
Total Noncurrent Liabilities 366,155 508,158 874,313 122,687
Total Liabilities 995,305 711,261 1,706,566 620,182
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pensions 52,763 78,863 131,626 18,451
Total Deferred Inflows of Resources 52,763 78,863 131,626 18,451
NET POSITION
Investment in capital assets 19,127,945 12,238,266 31,366,211 3,471,231
Unrestricted 1,433,908 66,388 1,500,296 2,449,011
TOTAL NET POSITION $ 20,561,853 $ 12,304,654 32,866,507 $ 5.920,242
Adjustments to reflect the consolidation of
internal service funds activities related to
enterprise funds. 678.854 (678,854)
Net Position Business-type Activities $ 33,545,361
Net internal service funds reported in the
statement of net position as governmental
activities $ 5,241,388
See accompanying notes to financial statements.
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VILLAGE OF OAK BROOK
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
PROPRIETARY FUNDS
For the Year Ended December 31, 2015
Business-type Activities- Enterprise Funds
— Governmental
Activities-
Waterworks Internal
System Sports Core Totals Service Funds
OPERATING REVENUES
Charges for services $ 7,683,245 $ 3,188,035 $ 10,871,280 $ 4,297,786
Total Operating Revenues 7.683,245 3,188,035 10,871,280 4.297,786
OPERATING EXPENSES
Operation of facilities 7,548,159 3,399,541 10,947,700 724,749
Claims and insurance - - - 2,881,575
Miscellaneous - - - 9,886
Depreciation and amortization 549.293 295,973 845,266 493,840
Total Operating Expenses 8,097,452 3.695,514 11,792,966 4,110,050
Operating Income (Loss) (414,207) (507,479) (921,686) 187,736
'— NONOPERATING REVENUES (EXPENSES)
Investment income 13,046 3,088 16,134 14,343
Gain (loss) on disposal of capital assets (6,556) (7,542) (14,098) 100,983
Interest and fiscal charges - (919) (919) -
Total Nonoperating Revenues
(Expenses) 6,490 (5,373) 1,117 115,326
Income(Loss) Before Transfers (407,717) (512,852) (920,569) 303,062
TRANSFERS
Transfers in - 459,098 459.098 -
Total Transfers - 459,098 459.098 -
Change in Net Position (407,717) (53,754) (461,471) 303,062
NET POSITION -Beginning of Year(as
restated) 20.969,570 12,358,408 5.617,180
NET POSITION -END OF YEAR $ 20,561,853 $ 12,304,654 $ 5,920,242
Adjustment to reflect the consolidation of
internal service funds activities related to
enterprise funds 111.048
Change in Net Position of Business-type
Activities $ (350,423)
See accompanying notes to financial statements.
Page 28
VILLAGE OF OAK BROOK
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For the Year Ended December 31, 2015 —"
Business-type Activities- Enterprise Funds
Governmental
Activities-
Waterworks Internal
System Sports Core Totals Service Funds
CASH FLOWS FROM OPERATING
ACTIVITIES '—
Received from customers $ 7,563,125 $ 3,198,831 $ 10,761,956 $ 973,779
Receipts from internal service transactions - - - 3,302,407
Paid to suppliers for goods and services (6,825,384) (2,102,104) (8,927,488) (3,581,722)
Paid to employees for services (532,392) (1,214,418) (1,746,810) (163,428)
Net Cash Flows From Operating
Activities 205,349 (117,691) 87,658 531,036 —'
CASH FLOWS FROM INVESTING
ACTIVITIES —'
Investments sold and matured 3,522,632 454,454 3,977,086 1,666,613
Investment income 13,677 3,102 16,779 15,068
Purchase of investments (3,200,587) (415,051) (3,615,638) (1,309,944) _
Net Cash Flows From Investing
Activities 335.722 42,505 378,227 371,737
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Net transfers in - 397,799 397,799 - —'
Net Cash Flows From Noncapital
Financing Activities - 397.799 397,799 -
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Acquisition and construction of capital --
assets (1,416,468) (254,496) (1,670,964) (1,183,010)
Proceeds from sale of capital assets - - - 136,476
Interest paid - (919) (919)
Net Cash Flows From Capital and
Related Financing Activities (1,416,468) (255,415) (1,671,883) (1,046,534)
Net Change in Cash and Cash
Equivalents (875,397) 67,198 (808,199) (143,761)
CASH AND CASH EQUIVALENTS-Beginning
of Year 1,244,068 20,399 1,264,467 1,621,348
CASH AND CASH EQUIVALENTS -END
OF YEAR $ 368,671 $ 87,597 $ 456,268 $ 1,477,587
See accompanying notes to financial statements. _.
Page 29
Business-type Activities- Enterprise Funds
- Governmental
Activities-
Waterworks Internal
System Sports Core Totals Service Funds
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH FLOWS FROM
OPERATING ACTIVITIES
Operating income (loss) $ (414,207) $ (507,479) $ (921,686) $ 187,736
Adjustments to Reconcile Operating
Income (Loss)to Net Cash Flows From
Operating Activities
Depreciation 549,293 295,973 845,266 493,840
Changes in assets and liabilities
Accounts receivable (7,250) (1,995) (9,245) (64,782)
Inventory - 31,218 31,218 5,044
Prepaids - - - (4,707)
Deferred outflows-pensions (186,771) (279,161) (465,932) (65,313)
Billed and unbilled water sales (114,579) - (114,579) -
Accounts payable 118,934 (42,524) 76,410 (113,753)
Customer deposits 1,709 14,555 16,264 -
Accrued salaries (8,866) 4,778 (4,088) 26,039
Compensated absences payable 1,455 (1,681) (226) (6,127)
Claims payable - - - (53,119)
Other post employment benefits payable 38,570 18,526 57,096 8,131
Net pension liability 174,298 273,000 447,298 56,414
-' Deferred inflows- pensions 52,763 78,863 131,626 18,451
Unearned revenues - (1,764) (1,764) 43,182
NET CASH FLOWS FROM
OPERATING ACTIVITIES $ 205,349 $ (117,691) $ 87,658 $ 531,036
RECONCILIATION OF CASH AND CASH
EQUIVALENTS TO THE STATEMENT OF
NET POSITION -PROPRIETARY FUNDS
Cash and cash equivalents $ 368,671 $ 87,597 $ 456,268 $ 1,477,587
Investments 1,105,140 270,793 1,375,933 1,172,387
CASH AND INVESTMENTS $ 1,473,811 $ 358,390 $ 1,832,201 $ 2,649,974
NONCASH CAPITAL AND RELATED
FINANCING ACTIVITIES
None
See accompanying notes to financial statements.
Page 30
i
VILLAGE OF OAK BROOK
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
As of December 31, 2015
Pension Trusts
ASSETS
Cash $ 74,509
Investments
Certificates of deposit 1,244,384
Money markets 1,926,942
U.S. treasuries 365,995 '—
U.S. agencies 7,209,749
State and local obligations 2,453,504
Corporate bonds 9,067,575
Mutual funds 32,179,166
Equities 942,409
Accrued interest 218,542
Prepaid items 5.063
Total Assets 55.687,838
LIABILITIES
Accounts payable 24,924
Total Liabilities 24.924
NET POSITION
Restricted for pension benefits 55,662.914
TOTAL NET POSITION $ 55,662,914
See accompanying notes to financial statements. --
Page 31
VILLAGE OF OAK BROOK
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FIDUCIARY FUNDS
For the Year Ended December 31, 2015
Pension Trusts
ADDITIONS
Contributions
Employer $ 2,751,213
Employee 627,848
Other 48
Total Contributions 3,379.109
Investment income
Net depreciation in fair value (3,331,546)
Interest 2.792.639
Total Investment Income (538,907)
Less Investment expense 147.674
Net Investment Income (686,581)
Total Additions 2,692.528
DEDUCTIONS
Benefits and refunds 4,962,092
Administrative 84,998
Total Deductions 5.047,090
Net Decrease in Net Position (2,354,562)
NET POSITION -Beginning of Year 58,017,476
NET POSITION -END OF YEAR $ 55,662,914
See accompanying notes to financial statements.
Page 32
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VILLAGE OF OAK BROOK
INDEX TO NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015
NOTE Page
I Summary of Significant Accounting Policies 34
A. Reporting Entity 34
B. Government-Wide and Fund Financial Statements 35
C. Measurement Focus, Basis of Accounting, and Financial Statement
Presentation 38
D. Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of
Resources, and Net Position or Equity 39
1. Deposits and Investments 39
2. Receivables 43
3. Inventories and Prepaid Items 43
4. Capital Assets 44
5. Deferred Outflows of Resources 45
6. Compensated Absences 45
'— 7. Long-Term Obligations 45
8. Deferred Inflows of Resources 45
9. Equity Classifications 46
II Detailed Notes on All Funds 47
A. Deposits and Investments 47
B. Receivables 52
C. Capital Assets 53
D. Interfund Transfers 55
E. Long-Term Obligations 55
F. Restatement of Net Position 57
III Other Information 58
A. Employees' Retirement System 58
B. Risk Management 71
C. Commitments and Contingencies 73
D. Other Postemployment Benefits 73
E. Effect of New Accounting Standards on Current-Period Financial Statements 76
See accompanying notes to financial statements.
Page 33
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VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015
NOTE I -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Village of Oak Brook, Illinois (the Village)was incorporated in 1958. The Village is a non home-rule
municipality, under the 1970 Illinois Constitution, located in DuPage County, Illinois. The Village operates
under a President-Trustee form of government and provides the following services as authorized by its
charter: public safety(police and 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.
The accounting policies of the Village of Oak Brook, Illinois conform to accounting principles generally
accepted in the United States of America as applicable to governmental units. The accepted standard-
setting body for establishing governmental accounting and financial reporting principles is the
Governmental Accounting Standards Board (GASB).
A. REPORTING ENTITY
This report includes all of the funds of the Village. The reporting entity for the Village consists of the
primary government and its component units. Component units are legally separate organizations for
which the primary government is financially accountable or other organizations for which the nature and
significance of their relationship with the primary government are such that their exclusion would cause
the reporting entity's financial statements to be misleading. The Village has not identified any
organizations that meet this criteria.
The Police Pension Employees Retirement System (PPERS) is established for the Village's police
employees. PPERS functions for the benefit of these employees and is governed by a five-member
pension board. Two members appointed by the Village's Board, one elected by retired pension members
and two elected by active members, constitutes the pension board. The Village and the 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 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 and the data for the pension
is included in the government's fiduciary fund financial statements. No separate annual financial report is
issued for the PPERS.
The Firefighters' Pension Employees Retirement System (FPERS) is established for the Village's
firefighters. FPERS functions for the benefit of these employees and is governed by a five-member
pension board. Two members appointed by the Village's Board, one elected by retired pension members
and two elected by active members constitute the pension board. The Village and the 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 because of the fiduciary
nature of such activities. FPERS is reported as a pension trust fund and the data for the pension is
included in the government's fiduciary fund financial statements. No separate annual financial report is
issued for the FPERS.
Page 34
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015
NOTE I -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
B. GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS
In June 2012, the GASB issued statement No. 68 -Accounting and Financial Reporting for Pensions-an
amendment of GASB Statement No. 27. This statement establishes standards for measuring and
recognizing assets, liabilities, deferred outflows of resources, deferred inflows of resources, and --
expense/expenditures related to pensions. In November 2013, the GASB issued statement No. 71 -
Pension Transition for Contributions Made Subsequent to the Measurement Date-an amendment of
GASB Statement No. 68. This statement addresses an issue regarding application of the transition
provisions of Statement No. 68. These standards were implemented effective January 1, 2015.
Government-Wide Financial Statements
The statement of net position and statement of activities display information about the reporting
government as a whole. They include all funds of the reporting entity except for fiduciary funds. The
statements distinguish between governmental and business-type activities. 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 generally are financed through taxes, "'—
intergovernmental revenues, and other nonexchange revenues. Business-type activities are financed in
whole or in part by fees charged to external parties for goods or services.
The statement of activities demonstrates the degree to which the direct expenses of a given function or
segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a
specific function or segment. The Village does not allocate indirect expenses to functions in the statement
of activities. 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 contributions that are restricted to meeting the operational or capital requirements of a particular
function or segment. Taxes and other items not included among program revenues are reported as
general revenues. Internally dedicated resources are reported as general revenues rather than as
program revenues.
Fund Financial Statements
Financial statements of the Village are organized into funds, each of which is considered to be a separate
accounting entity. Each fund is accounted for by providing a separate set of self-balancing accounts,
which constitute its assets, deferred outflows of resources, liabilities, deferred inflows of resources, net —"
position/fund balance, revenues, and expenditures/expenses.
Page 35
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015
NOTE I -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
B. GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS(cont.)
Fund Financial Statements(cont.)
Funds are organized as major funds or nonmajor funds within the governmental and proprietary
statements. An emphasis is placed on major funds within the governmental and proprietary categories. A
fund is considered major if it is the primary operating fund of the Village or meets the following criteria:
a. Total assets/deferred outflows of resources, liabilities/deferred inflows of resources, revenues,
or expenditures/expenses of that individual governmental or enterprise fund are at least 10% of
the corresponding total for all funds of that category or type, and
b. The same element of the individual governmental or enterprise fund that met the 10%testis at
least 5% of the corresponding total for all governmental and enterprise funds combined.
c. In addition, any other governmental or enterprise fund that the Village believes is particularly
important to financial statement users may be reported as a major fund.
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:
General Fund -accounts for the Village's primary operating activities. It is used to account for
and report all financial resources except those accounted for and reported in another fund.
- Hotel/Motel Tax Fund - used to account for local hotel/motel tax receipts restricted for promoting
tourism and conventions in the Village.
Infrastructure Fund- 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:
Waterworks System Fund -accounts for the revenues and expenses relative to the operation of
the water utility.
Sports Core Fund -accounts for the revenues and expenses relative to the operation of the Oak
Brook Sports Core.
,_ Page 36
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015
NOTE I -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
B. GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS(cont.)
Fund Financial Statements(cont.)
The Village reports the following nonmajor governmental funds:
Special Revenue Funds- used to account for and report the proceeds of specific revenue _
sources that are restricted or committed to expenditures for specified purposes (other than debt
service or capital projects).
Motor Fuel Tax
Foreign Fire Insurance
Capital Projects Fund- 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 facilities and other capital assets.
Promenade TIF
In addition, the Village reports the following fund types:
Internal Service Funds- used to 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.
Self-Insurance
Garage
Capital Replacement
Pension Trust Funds- used to account for and report resources that are required to be held in '"—
trust for the members and beneficiaries of the Village's defined benefit pension plans.
Police Pension
Fire Pension
Page 37
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015
NOTE I -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
C. MEASUREMENT FOCUS, BASIS OF ACCOUNTING,AND FINANCIAL STATEMENT PRESENTATION
.�. Government-Wide Financial Statements
The government-wide statement of net position and statement of activities are reported using the
economic resources measurement focus and the accrual basis of accounting. Under the accrual basis of
accounting, revenues are recognized when earned and expenses are recorded when the liability is
incurred or economic asset used. Revenues, expenses, gains, losses, assets, and liabilities resulting from
exchange and exchange-like transactions are recognized when the exchange takes place. Property taxes
are recognized as revenues in the year for which they are levied. Taxes receivable for the following year
are recorded as receivables and deferred inflows. Grants and similar items are recognized as revenue as
soon as all eligibility requirements imposed by the provider are met. Special assessments are recorded as
revenue when earned. Unbilled receivables are recorded as revenues when services are provided.
As a general rule, the effect of interfund activity has been eliminated from the government-wide financial
statements.
Fund Financial Statements
Governmental fund financial statements are reported using the current financial resources measurement
focus and the modified accrual basis of accounting. Revenues are recorded when they are both
measurable and available. Available means collectible within the current period or soon enough thereafter
to be used 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 are
recorded when the related fund liability is incurred, except for unmatured interest on long-term debt,
claims,judgments, compensated absences, and pension expenditures, which are recorded as a fund
liability when expected to be paid with expendable available financial resources.
Intergovernmental aids and grants are recognized as revenues in the period the Village is entitled the
resources and the amounts are available. Amounts owed to the Village which are not available are
recorded as receivables and unavailable revenues. Amounts received before eligibility requirements
(excluding time requirements) are met are recorded as liabilities. Amounts received in advance of meeting
time requirements are recorded as deferred inflows.
Revenues susceptible to accrual include property taxes, miscellaneous taxes, public charges for services,
special assessments and interest. Other general revenues such as fines and forfeitures, inspection fees,
recreation fees, and miscellaneous revenues are recognized when received in cash or when measurable
and available under the criteria described above.
Proprietary and fiduciary fund financial statements are reported using the economic resources
measurement focus and the accrual basis of accounting, as described previously in this note.
Page 38
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015
NOTE I -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) _
C. MEASUREMENT FOCUS, BASIS OF ACCOUNTING,AND FINANCIAL STATEMENT PRESENTATION(cont.)
Fund Financial Statements(cont.)
The proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating
revenues and expenses generally result from providing services and producing and delivering goods in
connection with a proprietary fund's principal ongoing operations. The principal operating revenues of the
Waterworks and Sports Core funds are charges to customers for sales and services. Special —
assessments are recorded as receivables and contribution revenue when levied. Operating expenses for
proprietary funds include the cost of sales and services, administrative expenses, and depreciation on
capital assets. All revenues and expenses not meeting this definition are reported as nonoperating --
revenues and expenses.
All Financial Statements
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 of resources, liabilities, and deferred inflows of resources 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.
D. ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES,
AND NET POSITION OR EQUITY
1. Deposits and Investments
For purposes of the statement of cash flows, the Village's proprietary funds consider all highly liquid
investments with an initial maturity of three months or less when acquired to be cash equivalents.
Illinois Statutes authorize the Village to make 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 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 services, and the Illinois Funds
Investment Pool.
Pension funds may also invest in certain non-U.S. obligations, Illinois municipal corporations tax ._.
anticipation warrants, veteran's loans, obligations of the State of Illinois and its political subdivisions, and
the Illinois insurance company general and separate accounts, mutual funds meeting certain
requirements, equity securities, and corporate bonds meeting certain requirements. Pension funds with
net assets in excess of$10,000,000 and an appointed investment advisor may invest an additional portion
of its assets in common and preferred stocks and mutual funds, that meet certain requirements. The
police pension fund's investment policy allows investments in all of the above listed accounts. The _
firefighters' pension fund allows funds to be invested in any type of security authorized by the Illinois
Pension Code.
Page 39
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015
NOTE I -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
D. ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES,
AND NET POSITION OR EQUITY(cont.)
1. Deposits and Investments(cont.)
The Police Pension Fund's investment policy allows investments in all of the above listed accounts. The
police pension fund's investment policy, in accordance with Illinois Statutes, establishes the following
target allocation across asset classes:
Long-Term
Expected Real
Asset Class Target Rate of Return
Domestic equity 45% 5.00%
International equity 18% 6.00%
Fixed income 35% 2.50%
Cash and equivalents 2% 0.50%
Illinois Compiled Statues (ILCS) limit the Police Pension Fund's investments in equities, mutual funds and
variable annuities to 65%. Securities in any one company should not exceed 5% of the total fund. The
'— blended asset class is comprised of all other asset classes to allow for rebalancing the portfolio.
The long-term expected rate of return on pension plan investments was determined using a building-block
method in which expected future real rates of return (expected returns, net of pension plan investment
expense and inflation)are developed for each major asset class. These expected future real rates of
return are combined to produce the long-term expected rate of return by weighting the expected future
real rates of return by the target asset allocation percentage and by adding expected inflation. Best
estimates of arithmetic real rates of return for each major asset class included in the pension plan's target
asset allocation as of December 31, 2015 is summarized in the table above.
The Firefighters' Pension Fund allows funds to be invested in any type of security authorized by the Illinois
Pension Code. The Firefighters' Pension Fund's investment policy, in accordance with Illinois Statutes,
establishes the following target allocation across asset classes:
Long-Term
Expected Real
Asset Class Target Rate of Return
Domestic equity 25% 5.00%
International equity 25% 6.00%
Fixed income 38% 2.50%
Real estate 10% 4.50%
Cash and equivalents 2% 0.50%
Page 40
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015
NOTE I -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
D. ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES,
AND NET POSITION OR EQUITY(cont.)
9. Deposits and Investments(cont.)
Illinois Compiled Statues (ILCS) limit the Firefighters' Pension Fund's investments in equities, mutual
funds and variable annuities to 65%. Securities in any one company should not exceed 5% of the total
fund. The blended asset class is comprised of all other asset classes to allow for rebalancing the portfolio.
During the year, the Pension Board approved changes to the investment policy effective October 29,
2015. These changes incorporated additional permitted investments under ILCS.
The long-term expected rate of return on pension plan investments was determined using a building-block
method in which expected future real rates of return (expected returns, net of pension plan investment
expense and inflation)are developed for each major asset class. These expected future real rates of
return are combined to produce the long-term expected rate of return by weighting the expected future
real rates of return by the target asset allocation percentage and by adding expected inflation. Best
estimates of arithmetic real rates of return for each major asset class included in the pension plan's target
asset allocation as of December 31, 2015 is summarized in the table above.
The Village has adopted an investment policy. That policy follows the state statute for allowable
investments.
Interest Rate Risk
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 Police and Firefighters' Pensions' investment policies limits their 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 policies do not limit the maximum maturity
length of investments in the Police and Firefighters' Pensions' Funds.
Credit Risk _..
The Village limits its exposure to credit risk 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.
Page 41
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015
NOTE I -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
D. ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES,
AND NET POSITION OR EQUITY(cont.)
9. Deposits and Investments(cont.)
The Police and Firefighters' Pensions' both strive to limit its exposure to credit risk, by primarily investing
in securities issued by the United States Government that carry an implicit guarantee, high quality state or
local obligations or corporate bonds rate within the three highest classifications by at least two standard
rating services.
Concentration of Credit Risk
In order to limit the exposure to concentration of credit risk, the Village's investment policy limits
investments in any one financial institution to 20%, exclusive of securities guaranteed by the full faith and
credit of the United States Government or obligations of agencies of the United States Government.
Custodial Credit Risk-Deposits
The Village's, Police Pension's and Firefighters' Pension's investment policies require 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.
Custodial Credit Risk-Investments
The Village investment policy limits its exposure to custodial credit risk by utilizing an independent, third
party institution, to act as a custodian for its securities and collateral.
The Police and Firefighters' Pensions limit their exposure to custodial credit by utilizing a Trust
Department of to act as a custodian for its fixed income and equity securities.
Investments are stated at fair value, which is the amount at which an investment could be exchanged in a
current transaction between willing parties. Fair values are based on quoted market prices. No
investments are reported at amortized cost. Adjustments necessary to record investments at fair value are
recorded in the operating statement as increases or decreases in investment income. Investment income
on commingled investments of municipal accounting funds is allocated based on average balances. The
difference between the bank statement balance and carrying value is due to outstanding checks and/or
deposits in transit.
Illinois Funds is an investment pool managed by the State of Illinois, Office of the Treasurer,which allows
governments within the State to pool their funds for investment purposes. Illinois Funds is not registered
with the SEC as an investment company, but does operate in a manner consistent with Rule 2a7 of the
Investment Company Act of 1940. Investments in Illinois Funds are valued at Illinois Fund's share price,
the price for which the investments could be sold.
See Note II.A. for further information.
-- Page 42
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015 _
NOTE I -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) _
D. ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES,
AND NET POSITION OR EQUITY(cont.)
2. Receivables
Property taxes for levy year 2015 attaches as an enforceable lien on January 1, 2015, on property values
assessed as of the same date. Taxes are levied by December following the lien date (by passage of a Tax
Levy Ordinance).
Tax bills for levy year 2015 are prepared by DuPage 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).
During the course of operations, transactions occur between individual funds that may result in amounts
owed between funds. Short-term interfund loans are reported as"due to and from other funds." Long-term
interfund loans(noncurrent portion) are reported as"advances from and to other funds." Interfund
receivables and payables between funds within governmental activities are eliminated in the statement of
net position. Any residual balances outstanding between the governmental activities and business-type
activities are reported in the governmental-wide financial statements as internal balances.
3. Inventories and Prepaid items
Inventories are recorded based on the average cost method, 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.
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as
prepaid items in both government-wide and fund financial statements. The cost of prepaid items/expenses
is recorded as expenditures/expenses when consumed rather than when purchased.
Page 43
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015
NOTE I -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(cont.)
D. ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES,
AND NET POSITION OR EQUITY(cont.)
4. Capital Assets
Government-Wide Statements
Capital assets,which include property, plant and 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 1 year.
All capital assets are valued at historical cost, or estimated historical cost if actual amounts are
unavailable. Donated capital assets are recorded at their estimated fair value at the date of donation. The
costs of normal maintenance and repairs, including street overlays that do not add to the value of the
asset or materially extend asset lives are not capitalized.
Additions to and replacements of capital assets of business-type activities are recorded at original cost,
which includes material, labor, overhead, and an allowance for the cost of funds used during construction
when significant. For tax-exempt debt, the amount of interest capitalized equals the interest expense
incurred during construction netted against any interest revenue from temporary investment of borrowed
fund proceeds. No interest was capitalized during the current year. The cost of renewals and betterments
relating to retirement units is added to plant accounts. The cost of property replaced, retired or otherwise
disposed of, is deducted from plant accounts and, generally, together with removal costs less salvage, is
charged to accumulated depreciation.
Depreciation and amortization of all exhaustible capital assets is recorded as an allocated expense in the
statement of activities, with accumulated depreciation and amortization reflected in the statement of net
position. Depreciation and amortization is provided over the assets' estimated useful lives using the
straight-line method. The range of estimated useful lives by type of asset is as follows:
Land improvements 20 Years
Buildings and building
improvements 5-50 Years
Equipment 5-20 Years
Vehicles 2-20 Years
Infrastructure 20-75 Years
Fund Financial Statements
In the fund financial statements, capital assets used in governmental fund operations are accounted for as
capital outlay expenditures of the governmental fund upon acquisition. Capital assets used in proprietary
fund operations are accounted for the same way as in the government-wide statements.
Page 44
VILLAGE OF OAK BROOK _
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015 _
NOTE I -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) _
D. ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES,
AND NET POSITION OR EQUITY(cont.)
5. Deferred Outflows of Resources
A deferred outflow of resources represents a consumption of net position/fund balance that applies to a
future period and will not be recognized as an outflow of resources (expense/expenditure) until that future
time.
6. Compensated Absences
i
Under terms of employment, employees are granted vacation, sick and compensatory leave in varying
amounts. Only benefits considered to be vested are disclosed in these statements.
All vested vacation, sick leave and compensatory leave pay is accrued when incurred in the government-
wide and proprietary fund financial statements. A liability for these amounts is reported in governmental ..._
funds only if they have matured, for example, as a result of employee resignations and retirements, and
are payable with expendable resources.
Payments for vacation, sick leave and compensatory leave will be made at rates in effect when the
benefits are used. Accumulated vacation, sick leave and compensatory leave at December 31, 2015, are
determined on the basis of current salary rates and include salary related payments. i
7. Long-Term Obligations
All long-term obligations to be repaid from governmental and business-type resources are reported as
liabilities in the government-wide statements. The long-term obligations consist primarily of notes payable,
installment contracts payable, net pension liabilities, net otherpostemployment benefit obligations payable
and accrued compensated absences.
Long-term obligations for governmental funds are not reported as liabilities in the fund financial i
statements. The face value of debts (plus any premiums) are reported as other financing sources and
payments of principal and interest are reported as expenditures. The accounting in proprietary funds is the
same as it is in the government-wide statements.. --
8. Deferred Inflows of Resources
i
A deferred inflow of resources represents an acquisition of net position/fund balance that applies to a
future period and therefore will not be recognized as an inflow of resources (revenue) until that future time.
Page 45
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015
NOTE I -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
D. ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES,
AND NET POSITION OR EQUITY(cont.)
9. Equity Classifications
Government-Wide Statements
Equity is classified as net position and displayed in three components:
a. Net investment in capital assets -Consists of capital assets including restricted capital assets,
net of accumulated depreciation and reduced by the outstanding balances (excluding unspent
debt proceeds) of any bonds, mortgages, notes, or other borrowings that are attributable to the
acquisition, construction, or improvement of those assets.
b. Restricted net position -Consists of net position with constraints placed on their use either by 1)
external groups such as creditors, grantors, contributors, or laws or regulations of other
governments or, 2) law through constitutional provisions or enabling legislation.
c. Unrestricted net position -All other net positions that do not meet the definitions of"restricted"or
"net investment in capital assets."
When both restricted and unrestricted resources are available for use, it is the Village's policy to use
restricted resources first, then unrestricted resources as they are needed.
Fund Statements
Governmental fund balances are displayed as follows:
a. Nonspendable- Includes fund balance amounts that cannot be spent either because they are
not in spendable form or because legal or contractual requirements require them to be
maintained intact.
b. Restricted -Consists of fund balances with constraints placed on their use either by 1) external
groups such as creditors, grantors, contributors, or laws or regulations of other governments or
2) law through constitutional provisions or enabling legislation.
c. Committed-Includes fund balance amounts that are constrained for specific purposes that are
internally imposed by the government through formal action of the highest level of decision
making authority. Fund balance amounts are committed through a formal action (ordinance) of
the Village Board. This formal action must occur prior to the end of the reporting period, but the
amount of the commitment,which will be subject to the constraints, may be determined in the
subsequent period. Any changes to the constraints imposed require the same formal action of
the Village Board that originally created the commitment.
Page 46
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015
NOTE I -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) _
D. ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES,
AND NET POSITION OR EQUITY(cont.)
9. Equity Classifications(cont.)
Fund Statements(cont.)
d. Assigned - Includes spendable fund balance amounts that are intended to be used for specific
purposes that do not meet the criteria to be classified as restricted or committed. The Village
Board has, by resolution, adopted a financial policy authorizing the Finance Director to assign _
amounts for a specific purpose. Assignments may take place after the end of the reporting
period.
e. Unassigned - Includes residual positive fund balance within the general fund which has not been
classified within the other above mentioned categories. Unassigned fund balance may also
include negative balances for any governmental fund if expenditures exceed amounts restricted,
committed, or assigned for those purposes.
Proprietary fund equity is classified the same as in the government-wide statements.
The Village considers restricted amounts to be spent first when both restricted and unrestricted fund
balance is available unless there are legal documents/contracts that prohibit doing this, such as in grant
agreements requiring dollar for dollar spending. Additionally, the Village would first use committed, then
assigned and lastly unassigned amounts of unrestricted fund balance when expenditures are made.
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; or(b) an uncommitted cash balance equal to not less than six months of projected expenditures,
exclusive of capital projects, based on the average of the first three years of the most recent Five Year
Financial Plan adopted by the Village Board.
NOTE II -DETAILED NOTES ON ALL FUNDS
A. 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.
Page 47
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015
NOTE II -DETAILED NOTES ON ALL FUNDS (cont.)
A. DEPOSITS AND INVESTMENTS(cont.)
The Village's deposits and investments at year end were comprised of the following:
Carrying Statement
Value Balances Associated Risks
Petty cash $ 3,600 $ - N/A
Deposits 742,201 1,170,092 Custodial credit risk
Money market-other 1,926,942 1,946,942 Credit risk
Illinois funds 8,259,840 8,259,840 Credit risk
Certificates of deposit(Non-negotiable) 7,606,063 7,606,063 Custodial credit risk
Corporate bonds 14,676,426 14,676,426 Credit risk, custodial
credit risk, concentration
of credit risk, interest rate
risk
U.S. treasury obligations 365,995 365,995 Custodial credit risk,
_ interest rate risk
U.S. agency obligations-explicit 2,312,970 2,312,970 Custodial credit risk,
interest rate risk
U.S. agency obligations-implicit 7,145,774 7,145,774 Credit risk, custodial
credit risk, concentration
of credit risk, interest rate
risk
"— Mutual funds-other than bond funds 32,179,166 32,179,166 N/A
State and local obligations 8,398,067 8,398,067 Credit risk, custodial
credit risk, concentration
of credit risk, interest rate
risk
Equities 942,409 942,409 Custodial credit risk,
concentration of credit
risk
Total Deposits and Investments $ 84,559,453 $ 85,003,744
Page 48
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015
NOTE II -DETAILED NOTES ON ALL FUNDS (cont.) _.
A. DEPOSITS AND INVESTMENTS(cont.)
Reconciliation to financial statements
Per statement of net position
Cash and investments $ 29,095,220
Per statement of net position-fiduciary
funds _
Cash and cash equivalents 74,509
Certificates of deposit 1,244,384
Money markets 1,926,942
U.S. treasuries 365,995
U.S. agencies 7,209,749
Corporate bonds 9,067,575
Mutual funds 32,179,166
State and local obligations 2,453,504
Equities 942,409
Total Deposits and Investments $ 84,559,453
Deposits in each local and area bank are insured by the FDIC in the amount of$250,000 for time and
savings accounts(including NOW accounts) and $250,000 for demand deposit accounts (interest-bearing
and noninterest-bearing). In addition, if deposits are held in an institution outside of the state in which the
government is located, insured amounts are further limited to a total of$250,000 for the combined amount
of all deposit accounts.
Custodial Credit Risk
Deposits --
Custodial credit risk is the risk that in the event of a financial institution failure, the Village's deposits may
not be returned to the Village.
The Village does not have any deposits exposed to custodial credit risk.
Investments
For an investment, custodial credit 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 Village does not have any investments exposed to custodial credit risk.
Credit Risk
Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. —
Page 49
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015
NOTE 11 -DETAILED NOTES ON ALL FUNDS (cont.)
A. DEPOSITS AND INVESTMENTS(cont.)
Credit Risk(cont.)
As of December 31, 2015, investments were rated as follows:
Village
Moody's
Standard & Investors
Investment Type Poors Services
U.S. agency securities-implicit AA+ AAA
_ Al to AA1,
State and local obligations A to AAA MIG2 to MIG1
Corporate bonds BBB+to A- BAA2 to A3
Illinois funds AAAm Not rated
Police Pension
Moody's
Standard & Investors
Investment Type Poors Services
U.S. agency securities- implicit AA+ AAA
State and local obligations A-to AA+ A3 to AA2
Corporate bonds BBB to AA+ BAA1 to A3
Firefighters'Pension
Moody's
Standard & Investors
Investment Type Poors Services
U.S. agency securities- implicit AA+ AAA
State and local obligations AA-to AA Al to AAA
Corporate bonds BBB to AA+ BAA1 to A3
Page 50
VILLAGE OF OAK BROOK _
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015 _
NOTE II -DETAILED NOTES ON ALL FUNDS (cont.)
A. DEPOSITS AND INVESTMENTS(cont.)
Interest Rate Risk
Interest rate risk is the risk that changes in interest rates will adversely affect the value of an investment.
As of December 31, 2015, the Village's investments were as follows: _
Maturity(In Years)
Investment Type Fair Value Less than 1 1-5 6-10 More than 10
U.S. agency securities-
implicit $ 500,065 $ - $ 500,065 $ - $ -
U.S. agency securities-
explicit 1,748,930 - 1,748,930 - -
State and local obligations 5,944,563 502,960 5,441,603 - -
Corporate bonds 5,608,851 5,608,851 - - -
Totals $ 13,802,409 $ 6,111,811 $ 7,690,598 $ - $ -
Police Pension ..._
Maturity(In Years)
Investment Type Fair Value Less than 1 1-5 6-10 More than 10
U.S. agency securities- _
implicit $ 3,854,843 $ 100,476 $ 2,654,957 $ 1,099,410 $ -
U.S. agency securities-
explicit 399,480 - 399,039 441
State and local obligations 1,447,380 257,775 493,499 589,969 106,137
Corporate bonds 4,885,134 155,141 2,960,927 1,769,066 -
Totals $ 10,586,837 $ 513,392 $ 6,508,422 $ 3,458,886 $ 106,137
Page 51
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015
NOTE II - DETAILED NOTES ON ALL FUNDS (cont.)
A. DEPOSITS AND INVESTMENTS(cont.)
Interest Rate Risk(cont.)
Firefighters'Pension
Maturity(In Years)
Investment Type Fair Value Less than 1 1-5 6-10 More than 10
U.S. agency securities-
implicit $ 2,790,866 $ 207,371 $ 1,999,736 $ 583,759 $ -
U.S. agency securities-
explicit 164,560 - 164,560 - -
U.S. treasury 365,995 107,516 258,479 - -
State and local obligations 1,006,124 - 683,292 216,695 106,137
Corporate bonds 4,182,441 633,588 2,427,153 1,121,700 -
Totals $ 8,509,986 $ 948,475 $ 5,533,220 $ 1,922,154 $ 106,137
Money-Weighted Rate of Return
Police Pension Fund
For the year ended December 31, 2015, the annual money-weighted rate of return on the police pension
plan investments, net of pension plan investment expense, was (1.32)°/x. The money-weighted rate of
return expresses investment performance, net of investment expense, adjusted for the changing amounts
actually invested.
Firefighters'Pension Fund
For the year ended December 31, 2015, the annual money-weighted rate of return on the firefighters'
pension plan investments, net of pension plan investment expense, was (1.05)%. The money-weighted
rate of return expresses investment performance, net of investment expense, adjusted for the changing
amounts actually invested.
See Note I.D.1. for further information on deposit and investment policies.
B. RECEIVABLES
All of the receivables on the balance sheet are expected to be collected within one year.
Page 52
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015 _
NOTE II -DETAILED NOTES ON ALL FUNDS (cont.) _
C. CAPITAL ASSETS
Capital asset activity for the year ended December 31, 2015, was as follows:
Beginning Ending
Balance Additions Deletions Balance
Governmental Activities _
Capital assets not being depreciated
Land $ 616,829 $ - $ - $ 616,829
Land right of way 32,551,116 - - 32,551,116 _
Construction in progress 447,997 43,243 396,606 94,634
Total Capital Assets Not Being
Depreciated 33,615,942 43,243 396,606 33,262,579
Capital assets being depreciated
Buildings, building and land
improvements 21,000,484 840,817 23,910 21,817,391 �..
Computer equipment 1,546,373 106,343 556,476 1,096,240
Other equipment 2,018,350 64,303 385,692 1,696,961
Vehicles 31,006 - - 31,006
Infrastructure 34,415,424 118,113 4,908 34,528,629
Internal service fund vehicles 6,274,527 953,983 535,833 6,692,677
Total Capital Assets Being _
Depreciated 65,286,164 2,083,559 1,506,819 65,862,904
Total Capital Assets 98,902,106 2,126,802 1,903,425 99,125,483
Less: Accumulated depreciation for
Buildings, building and land
improvements (7,564,405) (607,490) 23,910 (8,147,985) _
Computer equipment (1,387,437) (52,514) 556,475 (883,476)
Other equipment (1,739,684) (90,502) 379,784 (1,450,402)
Vehicles (31,006) - - (31,006) _
Infrastructure (23,410,643) (735,243) 4,836 (24,141,050)
Internal service fund vehicles (3,227,945) (493,841) 500,340 (3,221,446)
Total Accumulated Depreciation (37,361,120) (1,979,590) 11465,345 (37,875,365)
Net Capital Assets Being
Depreciated 27,925,044 103,969 41,474 27,987,539
Total Governmental
Activities Capital Assets,
Net of Accumulated
Depreciation $ 61,540,986 $ 147,212 $ 438,080 $ 61,250,118
i
Page 53
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015
NOTE II - DETAILED NOTES ON ALL FUNDS (cont.)
C. CAPITAL ASSETS(cont.)
Depreciation expense was charged to functions as follows:
Governmental Activities
General government $ 532,512
Public safety 375,921
Public works 941,300
Culture and recreation 129,857
Total Governmental Activities Depreciation Expense $ 1,979,590
Beginning Ending
Balance Additions Deletions Balance
Business-type Activities
Capital assets not being depreciation
Land $ 8,292,265 $ - $ - $ 8,292,265
Construction in progress 86,047 60,229 86,047 60,229
Total Capital Assets Not Being
Depreciation 8,378,312 60,229 86,047 8,352,494
Capital assets being depreciated
Land improvements 3,104,769 80,584 - 3,185,353
Buildings and building improvements 5,968,444 68,020 - 6,036,464
Infrastructure 25,265,592 1,394,777 38,122 26,622,247
Vehicles, machinery, and equipment 5,945,923 153,403 118,102 5,981,224
Total Capital Assets Being
Depreciated 40,284,728 1,696,784 156,224 41,825,288
Total Capital Assets 48,663,040 1,757,013 242,271 50,177,782
Less: Accumulated depreciation for
Land improvements (2,412,310) (68,333) - (2,480,643)
Buildings and building improvements (2,940,109) (129,318) - (3,069,427)
Infrastructure (8,183,940) (394,308) 31,567 (8,546,681)
Vehicles, machinery, and equipment (4,572,071) (253,307) 110,558 (4,714,820)
Total Accumulated Depreciation (18,108,430) (845,266) 142,125 (18,811,571)
Net Capital Assets Being
Depreciated 22,176,298 851,518 14,099 23,013,717
Business-type Capital
Assets, Net of
Accumulated
Depreciation $ 30,554,610 $ 911,747 L__120,146 $ 31,366,211
Page 54
VILLAGE OF OAK BROOK _
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015 _
NOTE II -DETAILED NOTES ON ALL FUNDS (cont.)
C. CAPITAL ASSETS(cont.)
Depreciation expense was charged to functions as follows:
Business-type Activities
Waterworks $ 549,293
Sports Core 295,973
Total Business-type Activities Depreciation Expense $ 845,266
D. INTERFUND TRANSFERS
The following is a schedule of interfund transfers: --
Fund Transferred To Fund Transferred From Amount Principal Purpose
Finance operating needs and
Sports Core General $ 459,098 capital improvements
Total $ 459,098
Generally, transfers are used to (1) move revenues from the fund that collects them to the fund that the _
budget requires to expend them, (2) move receipts restricted to debt service from the funds collecting the
receipts to the debt service fund, and (3) use unrestricted revenues collected in the general fund to
finance various programs accounted for in other funds in accordance with budgetary authorizations.
E. LONG-TERM OBLIGATIONS
Long-term obligations activity for the year ended December 31, 2015, was as follows:
Beginning Amounts Due
Balance(as Ending Within One
restated) Increases Decreases Balance Year
Govemmental Activities
Installment contracts payable $ 820,000 $ $ 265,000 $ 555,000 $ 275,000
Notes payable 3,772,176 119,913 3,652,263 -
Net pension liability-IMRF 1,733,004 674,672 - 2,407,676 -
Netpensionliability-police 16,841,096 4,477,040 21,318,136 -
Net pension liability-fire 20,556,326 4,044,518 24,600,844 -
Net other postemployment
benefit obligation 319,305 113,451 432,756 -
Compensated absences 999,263 979,918 999,263 979,918 979,918 ---
Total Governmental
Activities Long-Term
Liabilities $ 45,041,170 $ 10,289,599 $ 1,384,176 $ 53,946,593 $ 1,254,918
Page 55
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015
NOTE II - DETAILED NOTES ON ALL FUNDS (cont.)
E. LONG-TERM OBLIGATIONS(cont.)
Beginning Amounts Due
Balance(as Ending Within One
restated) Increases Decreases Balance Year
Business-type Activities
Net pension liability-IMRF $ 588,219 $ 228,998 $ - $ 817,217 $
Net other postemployment
benefit obligation - 57,096 - 57,096 -
Compensated absences 96,129 95,903 96,129 95,903 95,903
Total Business-type
Activities Long-Term
Liabilities $ 684,348 $ 381,997 $ 96,129 $ 970,216 $ 95,903
The Village is subject to the Illinois Municipal Code, which limits the amount of certain indebtedness to
8.625% of the most recent available equalized assessed valuation of the Village.As of December 31,
2015, the statutory debt limit for the Village was$109,084,108, providing a debt margin of$108,529,108.
The compensated absences for governmental activities typically have been liquidated by the General
Fund and the Infrastructure Fund. The net pension liabilities and other postemployment benefit obligation
has typically been liquidated by the General Fund.
Installment Contracts
The Village has issued installment contracts payable to provide funds for the acquisition of capital assets.
The installment contracts payable at December 31, 2015 currently outstanding are as follows:
Governmental Activities Balance
Date of Final Interest Original December 31,
_ Installment Contracts Issue Maturity Rates Indebtedness 2015
General Fund Refunding July 15, December 2.00% -
Certificates, Series 2009 2009 1, 2017 3.50% $ 2,280,000 $ 555,000
Total Governmental Activities Installment Contracts $ 555,000
Debt service requirements to maturity are as follows:
Governmental Activities
Installment Contracts
Years Principal Interest
2016 $ 275,000 $ 18,738
2017 280,000 9,800
Totals $ 555,000 $ 28,538
Page 56
VILLAGE OF OAK BROOK _
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015 _
NOTE 11 -DETAILED NOTES ON ALL FUNDS (cont.)
E. LONG-TERM OBLIGAT/ONS(cont.)
Notes Payable
The Village has issued notes payable related to developer and intergovernmental agreements.
Notes payable at December 31, 2015 consist of the following: _.
Governmental Activities Balance
Date of Final Interest Original December 31, _.
Notes Payable Issue Maturity Rates Indebtedness 2015
June 6, February
TIF developer note 2005 1, 2024 8.00% $ 4,250,000 $ 3,652,263
Total Governmental Activities Notes Payable $ 3,652,263
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.
F. RESTATEMENT OF NET POSITION
Net position has been restated as a result of the implementation of GASB Statement No. 68-Accounting
and Financial Reporting for Pensions-an Amendment of GASB Statement No. 27 and implementation of
GASB Statement No. 71 -Pension Transition for Contributions Made Subsequent to the Measurement _
Date. These statements require the net pension liability and related deferred outflows and deferred
inflows, if any, to be reported in the financial statements. The details of this restatement are as follows:
Governmental Business-type Internal
Activities Activities Waterworks Sports Core Service
Net Position - December 31, —"
2014 (as reported) $ 84,369,785 $ 34,265,703 $ 21,122,857 $ 12,575,040 $ 5,675,322
Add: Prior year net pension
obligation 848,634 - - - -
Add: Deferred outflows related
to pensions 8,346,799 218,300 82,502 135,798 24,313
Less: Net pension liability (39,130,426) (588,219) (235,789) (352,430) (82,455) ---
Less: Deferred inflows related to
pensions (48,037) - - - -
Net position - December 31,
2014 (as restated) $ 54,386,755 $ 33,895,784 $ 20,969,570 $ 12,358,408 $ 5,617,180
Page 57
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015
NOTE III -OTHER INFORMATION
A. EMPLOYEES'RETIREMENT SYSTEM
The Village contributes to three defined benefit pension plans, the Illinois Municipal Retirement Fund
(IMRF), an agent-multiple-employer public employee retirement system; the Police Pension Plan which is
a single-employer pension plan; and the Firefighters' Pension Plan which is a single-employer pension
plan. The benefits, benefits levels, employee contributions and employer contributions for the plans are
governed by Illinois Compiled Statutes and can only be amended by the Illinois General Assembly. The
Police Pension Plan and the Firefighters' Pension Plan do not issue separate reports on the pension
plans. IMRF does issue 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.
Illinois Municipal Retirement Fund
Plan description.All employees (other than those covered by the Police and Firefighters' Pension plans)
hired in positions that meet or exceed the prescribed annual hourly standard must be enrolled in IMRF as
participating members. IMRF has a two tier plan. Members who first participated in IMRF or an Illinois
Reciprocal System prior to January 1, 2011 participate in Tier 1. All other members participate in Tier 2.
For Tier 1 participants, pension benefits vest after 8 years of service. Participating members who retire at
or after age 60 with 8 years of service are entitled to an annual retirement benefit, payable monthly for life
in an amount equal to 12/3%of their final rate of earnings (average of the highest 48 consecutive months'
earnings during the last 10 years)for credited service up to 15 years and 2%for each year thereafter.
For Tier 2 participants, pension benefits vest after 10 years of service. Participating members who retire at
or after age 67 with 10 years of service are entitled to an annual retirement benefit, payable monthly for
life in an amount equal to 1 2/3% of their final rate of earnings (average of the highest 96 consecutive
months' earnings during the last 10 years, capped at$106,800) for credited service up to 15 years and 2%
for each year thereafter. However, an employee's total pension cannot exceed 75%of their final rate of
earnings. If an employee retires after 10 years of service between the ages of 62 and 67, and has less
than 30 years of service credit, the pension will be reduced by 1/2%for each month that the employee is
under the age of 67. If an employee retires after 10 years of service between the ages of 62 and 67, and
has between 30 and 35 years of service credit, the pension will be reduced by the lesser of 1/2%for each
— month that the employee is under the age of 67 or 1/2% for each month of service credit less than 35
years. IMRF also provides death and disability benefits. These benefit provisions and all other
requirements are established by Illinois Compiled Statutes.
Plan membership.At December 31, 2014, the measurement date, membership in the plan was as
follows:
Retirees and beneficiaries 97
Inactive, non-retired members 84
Active members 74
Total 255
Page 58
i
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015
NOTE III -OTHER INFORMATION (cont.)
A. EMPLOYEES'RETIREMENT SYSTEM(cont.)
Contributions.As set by statute, Village employees participating in IMRF are required to contribute
4.50% of their annual covered salary. The statute requires the Village to contribute the amount necessary,
in addition to member contributions, to finance the retirement coverage of its own employees. The --
Village's actuarially determined contribution rate for calendar year 2015 was 14.18% percent of annual
covered payroll. The Village also contributes for disability benefits, death benefits and supplemental
retirement benefits, all of which are pooled at the IMRF level. Contribution rates for disability and death
benefits are set by the IMRF Board of Trustees, while the supplemental retirement benefits rate is set by
statute.
Net Pension Liability/(Asset).The net pension liability/(asset)was measured as of December 31, 2014,
and the total pension liability used to calculate the net pension liability/(asset)was determined by an
actuarial valuation as of that date. --
Summary of Significant Accounting Policies. For purposes of measuring the net pension
liability/(asset), deferred outflows of resources and deferred inflows of resources related to pensions, and —
pension expense, information about the fiduciary net position of IMRF and additions to/deductions from
IMRF fiduciary net position have been determined on the same basis as they are reported by IMRF. For
this purpose, benefit payments (including refunds of employee contributions) are recognized when due
and payable in accordance with the benefit terms. Investments are reported at fair value.
Actuarial Assumptions. The total pension liability for the plan was determined by an actuarial valuation _
performed as of December 31, 2014 using the following actuarial methods and assumptions:
Actuarial cost method Entry Age Normal _.
Asset valuation method 5-Year Smoothed Market
Actuarial assumptions _
Investment Rate of Return 7.49%
Inflation 3.00%
Salary increases 4.40%to 16.00%, including
inflation _
Price inflation 3.00%
Mortality. For non-disabled retirees, an IMRF specific mortality table was used with fully generational
projection scale MP-2014 (base year 2014). The IMRF specific rates were developed from the RP-2014
Blue Collar Health Annuitant Mortality Table with adjustments to match current IMRF experience. For
disabled retirees, an IMRF specific mortality table was used with fully generational projection scale MP-
2014 (base year 2014). The IMRF specific rates were developed from the RP-2014 Disabled Retirees
Mortality Table applying the same adjustment that were applied for non-disabled lives. For active
members, an IMRF specific mortality table was used with fully generational projection scale MP-2014 —
(base year 2014). The IMRF specific rates were developed from the RP-2014 Employee Mortality Table
with adjustments to match current IMRF experience.
Page 59
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015
NOTE III -OTHER INFORMATION (cont.)
A. EMPLOYEES'RETIREMENT SYSTEM(cont.)
Long-Term Expected Real Rate of Return. The long-term expected rate of return on pension plan
investments was determined using an asset allocation study in which best-estimate ranges of expected
future real rates of return (net of pension plan investment expense and inflation)were developed for each
major asset class. These ranges were combined to produce long-term expected rate of return by the
target asset allocation percentage and by adding expected inflation. The target allocation and best
estimates of arithmetic and geometric real rates of return for each major asset class are summarized in
the following table:
Projected Returns/Risks
Target One Year Ten Year
Asset Class Allocation Arithmetic Geometric
Equities 63.20% 9.15% 7.60%
International Equities 2.60% 9.80% 7.80%
Fixed income 23.50% 3.05% 3.00%
Real estate 4.30% 7.35% 6.15%
Alternatives 4.50%
Private equity 13.55% 8.50%
Hedge funds 5.55% 5.25%
Commodities 4.40% 2.75%
Cash equivalents 1.90% 2.25% 2.25%
Discount rate.The discount rate used to measure the total pension liability for IMRF was 7.49%. The
discount rate calculated using the December 31, 2013 measurement date was 7.50%. 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 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
fiduciary net position was projected not to be available to make all projected future benefit payments of
current plan members. Therefore, the long-term expected rate of return on investments of 7.50%was
blended with the index rate of 3.56%for tax exempt 20-year general obligation municipal bonds with an
average AA credit rating at December 31, 2014 to arrive at a discount rate of 7.49% used to determine the
total pension liability. The year ending December 31, 2084 is the last year in the 2015 to 2114 projection
period for which projected benefit payments are fully funded.
Discount rate sensitivity. The following is a sensitivity analysis of the net pension liability/(asset)to
changes in the discount rate. The table below presents the pension liability of the Village calculated using
the discount rate of 7.49% as well as what the net pension liability/(asset)would be if it were to be
calculated using a discount rate that is 1 percentage point lower(6.49%) or 1 percentage point higher
(8.49%)than the current rate:
Current
I% Decrease Discount Rate I% Increase
Total pension liability $ 40,111,984 $ 35,356,455 $ 31,462,489
Less: Plan fiduciary net pension 32,131,562 32,131,562 32,131,562
._ Net pension liability/(asset) $ 7,980,422 $ 3,224,893 $ (669,073)
Page 60
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015
NOTE III -OTHER INFORMATION (cont.) _
A. EMPLOYEES'RETIREMENT SYSTEM(cont.)
Changes in net pension liability/(asset). The Village's changes in net pension liability/(asset)for the
plan for the calendar year ended December 31, 2014 was as follows:
Increase (Decrease)
Total Pension Plan Fiduciary Net Net Pension
Liability Position Liability/(Asset) (a) _
(a) (b) - (b)
Village:
Balances at December 31, 2013 $ 33,237,409 $ 30,916,185 $ 2,321,224
Service cost 613,861 - 613,861
Interest on total pension liability 2,465,082 - 2,465,082
Differences between expected and actual (770,401) - (770,401)
experience of the total pension liability
Change of assumptions 1,163,670 - 1,163,670
Benefit payments, including refunds of (1,353,166) (1,353,166) - .�
employee contributions
Contributions-employer - 749,983 (749,983)
Contributions-employee - 238,409 (238,409)
Net investment income - 1,874,762 (1,874,762)
Other(net transfer) - (294,611) 294,611
Balances at December 31, 2014 $ 35,356,455 $ 32,131,562 $ 3,224,893
Pension expense and deferred outflows of resources and deferred inflows of resources related
to pensions. For the year ended December 31, 2015, the Village recognized pension expense of
$1,053,120. The Village reported deferred outflows and inflows of resources related to pension from the
following sources:
Deferred Deferred
Outflows of Inflows of
Resources Resources _
Village:
Difference between expected and actual experience $ - $ 519,423
Assumption changes 784,575 -
Net difference between projected and actual earnings on pension
plan investments 335,380 -
Contributions subsequent to the measurement date 718,704 -
Total $ 1,838,659 $ 519,423
Page 61
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015
NOTE III -OTHER INFORMATION (cont.)
A. EMPLOYEES'RETIREMENT SYSTEM(cont.)
The amounts reported as deferred outflows resulting from contributions subsequent to the measurement
date in the above table will be recognized as a reduction in the net pension liabilities/(assets)for the year
ending . The remaining amounts reported as deferred outflows and inflows of resources related to
pensions ($600,532)will be recognized in pension expense as follows:
Year Ending December 31, Village
2015 $ 211,962
2016 211,962
2017 92,762
2018 83,846
Total $ 600,532
Police Pension
'— Plan description. Police sworn personnel are covered by the Police Pension Plan, which is a defined
benefit single-employer pension plan. Although this is a single employer pension plan, the defined benefits
and employee and employer contribution levels are governed by Illinois State Statutes (Chapter 40 ILCS
5/3) and may be amended only by the Illinois legislature. The Village accounts for the plan as a pension
trust fund.
As provided for in the Illinois Compiled Statutes, the Plan provides retirement benefits as well as death
and disability benefits to employees grouped into two tiers. Tier 1 is for employees hired prior to January 1,
2011 and Tier 2 is for employees hired after that date. The following is a summary of the Police Pension
Fund as provided for in Illinois Compiled Statutes.
Tier 1 -Covered employees attaining the age of 50 or more with 20 or more years of creditable service are
entitled to receive an annual retirement benefit of one half of the salary attached to the rank on the last
day of service, or for one year prior to the last day, whichever is greater. The pension shall be increased
by 2.5% 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 8 years but less than 20 years of credited service may retire
at or after age 60 and receive a reduced retirement benefit. The monthly pension of a 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 paid upon reaching at least the age 55, by 3%of the original
pension and 3% compounded annually thereafter.
Tier 2-Covered employees attaining the age of 55 or more with 10 or more years of creditable service are
entitled to receive a monthly pension of 2.5% of the final average salary for each year of creditable
service. The salary is initially capped at$106,800 but increases annually thereafter and is limited to 75%
of final average salary. Employees with 10 or more years of creditable service may retire at or after age 50
and receive a reduced retirement benefit. The monthly pension of a police shall be increased annually on
the January 1 occurring either on or after the attainment of age 60 or the first anniversary of the pension
start date, whichever is later. Each annual increase shall be calculated at 3%or one half the annual
unadjusted percentage increase in the CPI, whichever is less.
Page 62
VILLAGE OF OAK BROOK _
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015 s
NOTE III -OTHER INFORMATION (cont.) —
A. EMPLOYEES'RETIREMENT SYSTEM(cont.)
Police Pension (cont.)
Plan membership.At December 31, 2015, the Police Pension membership consisted of:
Retirees and beneficiaries 5
Inactive, non-retired members 37 —'
Active members 40
Total 82
Contributions. Covered employees are required to contribute 9.91% of their base salary to the Police
Pension Plan. If an employee leaves covered employment with less than 20 years of service, accumulated
employee contributions may be refunded without accumulated interest. The Village is required to
contribute the remaining amounts necessary to finance the plans as actuarially determined by an enrolled
actuary. Effective January 1, 2011 the Village's contributions must accumulate to the point where the past
service cost for the Police Pension Plan is 90%funded by the year 2040. The Village's actuarially
determined contribution rate for the fiscal year ending December 31, 2015 was 41.50% of annual covered
payroll.
Net Pension Liability/(Asset). The net pension liability/(asset)was measured as of December 31, 2015, _
and the total pension liability used to calculate the net pension liability/(asset)was determined by an
annual actuarial valuation as of that date.
Summary of Significant Accounting Policies. The financial statements of the Police Pension Plan are
prepared using the accrual basis of accounting. Plan member contributions are recognized in the period in
which contributions are due. The Village's contributions are recognized when due and a formal
commitment to provide the contributions are made. Benefits and refunds are recognized when due and
payable in accordance with the terms of the plan.
Plan investments are reported at fair value. Short-term investments are reported at cost, which
approximated fair value. Investments that do not have an established market are reported at estimated
fair values.
Page 63
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015
NOTE 111 -OTHER INFORMATION (cont.)
A. EMPLOYEES'RETIREMENT SYSTEM(cont.)
Police Pension (cont.)
Actuarial Assumptions.The total pension liability was determined by an actuarial valuation performed as
of December 31, 2015 using the following actuarial methods and assumptions:
Actuarial cost method Entry Age Normal
Asset valuation method Market Value
Actuarial assumptions
Interest rate 6.75%
Inflation 2.50%
Projected salary increases 3.75%
Cost-of-living adjustments Tier 1 -3.00%
Tier 2 - 1.25%
Mortality rates were based on the RP-2000 CHBCA Mortality Table. The actuarial assumptions were
based on the results of an actuarial experience study conducted by the Illinois Department of Insurance
dated September 26, 2012.
Discount rate. The discount rate used to measure the total pension liability for the Police Pension Plan
was 6.75%, the same as the prior valuation. 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 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 Plan'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 Plan investments was applied to all periods of projected benefit
payments to determine the total pension liability.
Discount rate sensitivity.The following is a sensitivity 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 net pension liability would be if it were to be 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
Total pension liability $ 60,838,801 $ 53,169,364 $ 46,914,149
Less: Plan fiduciary net position 31,851,228 31,851,228 31,851,228
Net pension liability $ 28,987,573 $ 21,318,136 $ 15,062,921
Page 64
VILLAGE OF OAK BROOK _
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015 _
NOTE III -OTHER INFORMATION (cont.) —.
A. EMPLOYEES'RETIREMENT SYSTEM(cont.)
Police Pension (cont.)
Changes in net pension liability/(asset).The Village's changes in net pension liability/(asset)for the
calendar year ended December 31, 2015 was as follows:
Increase (Decrease)
Total Pension Plan Fiduciary Net Pension
Liability Net Position Liability/Asset
(a) (b) (a) - (b) --
Balances at December 31, 2014 $ 49,812,440 $ 32,971,344 $ 16,841,096
Service cost 816,276 - 816,276 --
Interest on total pension liability 3,338,238 - 3,338,238
Differences between expected and actual
experience of the total pension liability (48,037) - (48,037)
Change of assumptions 1,597,133 - 1,597,133
Benefit payments, including refunds of employee
contributions (2,346,686) (2,346,686) -
Contributions -employer - 1,336,683 (1,336,683)
Contributions-employee - 358,499 (358,499)
Net investment income - (429,965) 429,965 _
Administration - (38,647) 38,647
Balances at December 31, 2015 $ 53,169,364 $ 31,851,228 $ 21,318,136
Pension expense and deferred outflows of resources and deferred inflows of resources related
to pensions. For the year ended December 31, 2015, the Village recognized pension expense of
$2,468,657. The Village reported deferred outflows and inflows of resources related to pension from the _
following sources:
Deferred Deferred
Outflows of Inflows of
Resources Resources
Difference between expected and actual experience $ - $ 38,430
Assumption changes 1,277,706 -
Net difference between projected and actual earnings on pension
plan investments 2,105,790 - --
Total $ 3,383,496 $ 38,430
Page 65
VILLAGE OF OAK BROOK
'— NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015
NOTE III -OTHER INFORMATION (cont.)
A. EMPLOYEES'RETIREMENT SYSTEM(cont.)
Police Pension (cont.)
The amounts reported as deferred outflows and inflows of resources related to pensions ($3,345,066)
will be recognized in pension expense as follows:
Year Ending December 31, Amount
2016 $ 836,268
2017 836,268
2018 836,268
—' 2019 836,262
Total $ 3,345,066
Firefighters' Pension
Plan description. Fire sworn personnel are covered by the Firefighters' Pension Plan, which is a defined
benefit single-employer pension plan.Although this is a single employer pension plan, the defined benefits
and employee and employer contribution levels are governed by Illinois State Statutes (Chapter 40 ILCS
5/3) and may be amended only by the Illinois legislature. The Village accounts for the plan as a pension
trust fund.
As provided for in the Illinois Compiled Statutes, the Firefighters' Pension Plan provides retirement
benefits as well as death and disability benefits to employees grouped into two tiers. Tier 1 is for
employees hired prior to January 1, 2011 and Tier 2 is for employees hired after that date. The following is
a summary of the Firefighters' Pension Plan as provided for in Illinois Compiled Statutes.
Tier 1 -Covered employees attaining the age of 50 or more with 20 or more years of creditable service are
entitled to receive an annual retirement benefit of one half of the salary attached to the rank held in the fire
service at the date of retirement. The annual pension shall be increased by 2.5% of such salary for each
additional year over 20 years of service through 30 years of service to a maximum of 75% of such salary.
Employees with at least 10 years but less than 20 years of credited service may retire at or after age 60
and receive a reduced retirement benefit. The monthly pension of a firefighter who retired with 20 or more
years of service after January 1, 1977 shall be increased annually, following the first anniversary date of
retirement and paid upon reaching at least the age 55, by 3% of the original pension and 3%compounded
annually thereafter.
Tier 2-Covered employees attaining the age of 55 or more with 10 or more years of creditable service are
entitled to receive a monthly pension of 2.5%of the final average salary for each year of creditable
service. The salary is initially capped at$106,800 but increases annually thereafter and is limited to 75%
of final average salary. Employees with 10 or more years of creditable service may retire at or after age 50
and receive a reduced retirement benefit. The monthly pension of a firefighter shall be increased annually
on the January 1 occurring either on or after the attainment of age 60 or the first anniversary of the
pension start date, whichever is later. Each annual increase shall be calculated at 3%or one-half the
annual unadjusted percentage increase in the CPI, whichever is less.
Page 66
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015
NOTE III -OTHER INFORMATION (cont.) —
A. EMPLOYEES'RETIREMENT SYSTEM(cont.)
Firefighters' Pension (cont.)
Plan membership.At December 31, 2015, the Firefighters' Pension Plan membership consisted of:
Retirees and beneficiaries 53
Inactive, non-retired members 4
Active members 31
Total 88
Contributions. Participants contribute a fixed percentage of their base salary to the plans.At December
31, 2015, the contribution percentage was 9.455%. If a participant leaves covered employment with less
than 20 years of service, accumulated participant contributions may be refunded without accumulated
interest. The Village is required to contribute the remaining amounts necessary to finance the plans as
actuarially determined by an enrolled actuary. Effective January 1, 2011 the Village's contributions must
accumulate to the point where the past service cost for the Firefighters' Pension Plan is 90%funded by
the year 2040. The Village's actuarially determined contribution rate for the fiscal year ending December
31, 2015 was 64.96%of annual covered payroll.
Net pension liability/(asset).The net pension liability/(asset)was measured as of December 31,2015,
and the total pension liability used to calculate the net pension liability/(asset)was determined by an
annual actuarial valuation as of that date.
Summary of significant accounting policies.The financial statements of the Firefighters' Pension Plan
are prepared using the accrual basis of accounting. Plan member contributions are recognized in the _
period in which contributions are due. The Village's contributions are recognized when due and a formal
commitment to provide the contributions are made. Benefits and refunds are recognized when due and
payable in accordance with the terms of the plan.
Plan investments are reported at fair value. Short-term investments are reported at cost, which
approximated fair value. Investments that do not have an established market are reported at estimated _
fair values.
i
Page 67
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015
NOTE 111 -OTHER INFORMATION (cont.)
A. EMPLOYEES'RETIREMENT SYSTEM(cont.)
Firefighters' Pension (cont.)
Actuarial assumptions.The total pension liability was determined by an actuarial valuation performed as
of December 31, 2015 using the following actuarial methods and assumptions:
Actuarial cost method Entry Age Normal
Asset valuation method Market Value
Actuarial assumptions
Interest rate 6.75%
Inflation 2.50%
Projected salary increases 3.75%
Cost-of-living adjustments Tier 1 -3.00%
Tier 2- 1.25%
Mortality rates were based on the RP-2000 CHBCA Mortality Table. The actuarial assumptions were
based on the results of an actuarial experience study conducted by the Illinois Department of Insurance
dated September 26, 2012.
Discount rate.The discount rate used to measure the total pension liability for the Firefighters' Pension
Plan was 6.75%, the same as the prior valuation. 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
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 Plan'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 Plan investments was applied to all periods of
projected benefit payments to determine the total pension liability.
Discount rate sensitivity.The following is a sensitivity 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 net pension liability would be if it were to be 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 I% Increase
Total pension liability $ 54,484,359 $ 48,412,530 $ 43,017,356
Less: Plan fiduciary net position 23,811,686 23,811,686 23,811,686
Net pension liability $ 30,672,673 $ 24,600,844 $ 19,205,670
Page 68
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015
NOTE III -OTHER INFORMATION (cont.) _
A. EMPLOYEES'RETIREMENT SYSTEM(cont.)
Firefighters' Pension (cont.)
Changes in net pension liability/(asset). The Village's changes in net pension liability/(asset)for the
calendar year ended December 31, 2015 was as follows:
Increase (Decrease)
Total Pension Plan Fiduciary Net Pension
Liability Net Position Liability/Asset
(a) (b) (a) -(b)
Balances at December 31, 2014 $ 45,602,454 $ 25,046,128 $ 20,556,326
Service cost 746,748 - 746,748
Interest on total pension liability 3,040,301 - 3,040,301
Differences between expected and actual
experience of the total pension liability 163,758 - 163,758 �.
Change of assumptions 1,474,675 - 1,474,675
Benefit payments, including refunds of employee
contributions (2,615,406) (2,615,406) - _
Contributions-employer - 1,414,530 (1,414,530)
Contributions-employee - 269,349 (269,349)
Net investment income - (256,565) 256,565
Administration - (46,350) 46,350
Balances at December 31, 2015 $ 48,412,530 $ 23,811,686 $ 24,600,844
Pension expense and deferred outflows of resources and deferred inflows of resources related
to pensions. For the year ended December 31, 2015, the Village recognized pension expense of
$2,616,962. The Village reported deferred outflows and inflows of resources related to pension from the _.
following sources:
Deferred Deferred
Outflows of Inflows of
Resources Resources
Difference between expected and actual experience $ 131,006 $ -
Assumption changes 1,179,740 -
Net difference between projected and actual earnings on pension
plan investments 1,531,340 -
Total $ 2,842,086 $ -
Page 69
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015
NOTE III -OTHER INFORMATION (cont.)
A. EMPLOYEES'RETIREMENT SYSTEM(cont.)
._ Firefighters' Pension (cont.)
The amounts reported as deferred outflows and inflows of resources related to pensions ($2,842,086)
will be recognized in pension expense as follows:
Year Ending December 31, Amount
2016 $ 710,522
2017 710,522
2018 710,522
2019 710,520
Total $ 2,842,086
PENSION SEGMENT INFORMATION
Fiduciary Net Position
Pension Trust
Police Firefighters'
Pension Pension Total
Assets
Cash and investments $ 33,804 $ 40,705 $ 74,509
Investments
Certificates of deposit 622,208 622,176 1,244,384
Money markets 651,813 1,275,129 1,926,942
U.S. treasuries - 365,995 365,995
U.S. agencies 4,254,323 2,955,426 7,209,749
State and local obligations 1,447,380 1,006,124 2,453,504
Corporate bonds 4,885,134 4,182,441 9,067,575
Mutual funds 18,902,179 13,276,987 32,179,166
Equities 942,409 - 942,409
Receivables
Accrued interest 121,033 97,509 218,542
Prepaid items 2.960 2,103 5.063
Total Assets 31.863,243 23.824.595 55.687,838
Liabilities
Accounts payable 12.015 12,909 24.924
Total Liabilities 12.015 12,909 24,924
Net Position
Restricted for pension benefits $ 31.851.228 $23,811,686 $ 55,662.914
Page 70
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015
NOTE III -OTHER INFORMATION (cont.) _
A. EMPLOYEES'RETIREMENT SYSTEM(cont.)
Changes in Plan Net Position
Pension Trust
Firefighters'
Police Pension Pension Total
Additions —
Contributions
Employer $ 1,336,683 $ 1,414,530 $ 2,751,213
Employee 358,499 269,349 627,848 i
Other 48 - 48
Total Contributions 1.695.230 1,683.879 3.379,109
Investment income
Net depreciation in fair value (1,891,652) (1,439,894) (3,331,546)
Interest 1.544,850 1.247,789 2.792,639
Total Investment income (346,802) (192,105) (538,907)
Less investment expense 83.213 64.461 147.674
Net investment income (430.015) (256.566) (686.581)
Total Additions 1,265.215 1,427,313 2.692.528
Deductions
Benefits and refunds 2,346,686 2,615,406 4,962,092
Administrative 38.647 46.351 84.998
Total Deductions 2.385.333 2.661.757 5.047,090
Net Decrease in Net Position (1,120,118) (1,234,444) (2,354,562)
Net Position, Beginning of Year 32.971.346 25.046.130 58.017.476
Net Position, End of Year $ 31,851,228 $ 23,811.686 $ 55,662,914
B. RISK MANAGEMENT
The Village is exposed to various risks of loss related to torts; theft of, damage to, or destruction of assets;
errors and omissions;workers compensation; and health care of its employees. The Village participates in
a public entity risk pool called IRMA to provide coverage for losses from (torts; theft of, damage to, or
destruction of assets; errors and omission; and workers compensation). However, other risks, such as
(health care of its employees)are accounted for and financed by the Village in an internal service fund-
the Self-Insurance Fund.
Self Insurance
For medical and dental claims, the uninsured risk of loss is$85,000 per incident and$2,322,523 in the
aggregate for a policy year. The Village has purchased commercial insurance for claims in excess of
those amounts. Settled claims have not exceeded the commercial coverage in any of the past three years. .�
Page 71
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015
NOTE III -OTHER INFORMATION (cont.)
B. RISK MANAGEMENT(cont.)
— Self Insurance(cont.)
All funds of the Village along with retirees, the Oak Brook Park District and COBRA participate in the risk
-- management program. Premiums paid into the Self-Insurance Fund are based upon equivalent premium
estimates. $68,304 was assigned for that reserve at year end, and is included in unrestricted net position
of the internal service fund.
A liability for a claim is established if information indicates that it is probable that a liability has been
incurred at the date of the financial statements and the amount of the loss is reasonably estimable.
Liabilities include an amount for claims that have been incurred but not reported. The Village does not
allocate overhead costs or other nonincremental costs to the claims liability.
Claims Liability
Prior Year Current Year
Unpaid claims- Beginning of Year $ 159,226 $ 121,423
Current year claims and changes in estimates 1,967,420 2,084,911
Claim payments (2,005,223) (2,138,030)
Unpaid Claims- End of Year $ 121,423 $ 68,304
Public Entity Risk Pool
IRMA
The Village participates in the Intergovernmental Risk Management Agency(IRMA). IRMA is an
organization of municipalities and special districts in Northeastern Illinois that have formed an association
under the Illinois Intergovernmental Co-operations Statute to pool their risk management needs. The
agency administers a mix of self-insurance and commercial insurance coverages; property/casualty and
workers' compensation claim administration/litigation management services; unemployment claim
administration; extensive risk management/loss control consulting and training programs; and a risk
information system and financial reporting service for its members.
The Village's payments to IRMA are displayed on the financial statements as expenditures/expenses in
..._ appropriate funds. Each member assumes the first$2,500 of each occurrence, and IRMA has a mix of
self-insurance and commercial insurance at various amounts above that level.
Each member appoints one delegate, along with an alternate delegate, to represent the member 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.
Page 72
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015
NOTE III -OTHER INFORMATION (cont.) —
B. RISK MANAGEMENT(cont.)
Public Entity Risk Pool(cont.)
IRMA(cont.)
Initial contributions are determined each year based on the individual member's eligible revenue as _
defined in the bylaws of IRMA and experience modification factors based on past member loss
experience. Members have a contractual obligation to fund any deficit of IRMA attributable to any
membership year during which they were a member. Supplemental contributions may be required to fund
these deficits.
C. COMMITMENTS AND CONTINGENCIES
Claims and judgments are recorded as liabilities if all the conditions of Governmental Accounting
Standards Board pronouncements are met. The liability and expenditure for claims and judgments are _,..
only reported in governmental funds if it has matured. Claims and judgments are recorded in the
government-wide statements and proprietary funds as expenses when the related liabilities are incurred.
D. OTHER POSTEMPLOYMENT BENEFITS
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.
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 basis health insurance for the employee and their dependents for their lifetime.As of _
December 31, 2015, the Village has two disabled retirees receiving benefits under this statute.
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.
Page 73
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015
NOTE III -OTHER INFORMATION (cont.)
D. OTHER POSTEMPLOYMENT BENEFITS(cont.)
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. 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, 2015, all retirees contributed $445,025 and the Village contributed $269,245.
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.
The following table shows the components of the Village's annual OPEB cost for the year, the amount
actually contributed to plan, and changes in the Village's net OPEB obligation to the Retiree Health Plan:
Annual required contribution $ 445,025
Interest on net OPEB obligation 14,369
Adjustment to annual required contribution (19,602)
Annual OPEB cost 439,792
Contributions made (269,245)
Increase in net OPEB obligation (asset) 170,547
Net OPEB Obligation (Asset)- Beginning of Year 319,305
Net OPEB Obligation (Asset)- End of Year $ 489,852
The Village's annual OPEB cost, the percentage of annual OPEB cost contributed to the plan, and the net
OPEB obligation for 2015 and the two preceding years were as follows:
Percentage of
Annual OPEB
Annual OPEB Cost Net OPEB
Fiscal Year Ended Cost Contributed Obligation
December 31, 2013 $ 158,165 70.90% $ 171,445
_ December 31, 2014 420,586 64.80% 319,305
December 31, 2015 439,792 61.22% 489,852
Page 74
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015
NOTE III -OTHER INFORMATION (cont.)
D. OTHER POSTEMPLOYMENT BENEFITS(cont.)
The funded status of the plan as of December 31, 2015, the most recent actuarial valuation date, was as
follows:
Actuarial accrued liability(AAL) $ 5,011,682
Actuarial value of plan assets -
Unfunded Actuarial Accrued Liability(UAAL) $ 5,011,682
Funded ratio(actuarial value of plan assets/AAL) -%
Covered payroll (active plan members) $ 9,362,402
UAAL as a percentage of covered payroll 53.53%
Actuarial valuations of an ongoing plan involve estimates for 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 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 the financial statements, presents multiyear 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.
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 benefit costs between the employer and plan members
to that point. The 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, 2014 actuarial valuation, the entry age actuarial cost method was used. The actuarial
assumptions include a 5% investment rate of return and an annual healthcare cost trend rate of 3%
initially, reduced by decrements to an ultimate rate of 5%. Both rates include a 3% inflation assumption.
The actuarial value of Retiree Health Plan assets was determined using techniques that spread the effects
of short-term volatility in the market value of investments over a three-year period. The plan's unfunded
actuarial accrued liability is being amortized as a level percentage of projected payroll on an open basis.
The amortization period at December 31, 2015, was 30 years. _
Page 75
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2015
NOTE III -OTHER INFORMATION (cont.)
E. EFFECT OF NEW ACCOUNTING STANDARDS ON CURRENT-PERIOD FINANCIAL STATEMENTS
The Governmental Accounting Standards Board (GASB) has approved the following:
• Statement No. 72, Fair Value Measurement and Application
• Statement No. 73,Accounting and Financial Reporting for Pensions and Related Assets
That Are Not Within the Scope of GASB Statement 68, and Amendments to Certain
Provisions of GASB Statements 67 and 68
• Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than
Pension Plans
• Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other
Than Pensions
• Statement No. 76, The Hierarchy of Generally Accepted Accounting Principles for State and
Local Government
• Statement No. 77, Tax Abatement Disclosures
• Statement No. 78, Pensions Provided Through Certain Multiple-Employer Defined Benefit
Pension Plans
• Statement No. 79, Certain External Investment Polls and Pool Participants
• Statement No. 80, Blending Requirements for Certain Component Units an amendment of
GASB Statement No. 14
• Statement No. 81, Irrevocable Split-Interest Agreements
• Statement No. 82, Pension Issues an amendment to GASB Statements No. 67, No. 68, and
No. 73
When they become effective, application of these standards may restate portions of these financial
statements.
Page 76
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s
s
i
VILLAGE OF OAK BROOK
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL-GENERAL FUND
For the Year Ended December 31, 2015
With Comparative Actual Amounts for the Year Ended December 31, 2014
2015
Budgeted Amounts
Variance with 2014
Original Final Actual Final Budget Actual
REVENUES
Intergovernmental $ 13,765,965 $ 13,765,965 $ 13,604,940 $ (161,025) $ 13,296,146
Utility taxes 5,170,000 5,170,000 5,673,868 503,868 5,203,835
Licenses and permits 1,349,850 1,349,850 1,385,341 35,491 1,448,471
Charges for services 1,038,500 1,038,500 1,058,929 20,429 1,044,934
Fines,forfeitures and
penalties 244,000 244,000 177,588 (66,412) 189,060
Investment income 60,000 60,000 91,621 31,621 (109,993)
Miscellaneous 377.375 377.375 583.800 206.425 357.833
Total Revenues 22.005,690 22,005,690 22,576,087 570,397 21,430,286
EXPENDITURES
CURRENT
General government 5,639,245 5,634,755 4,602,212 1,032,543 5,068,975
Public safety 14,867,445 14,870,910 14,475,532 395,378 14,256,426
Public works 714,585 715,610 622,962 92,648 633,886
Culture and
recreation 1,033,205 1,033,205 977,641 55,564 987,435
Debt Service
Principal 265,000 265,000 265,000 - 260,000
Interest and fiscal
charges 27,495 27,495 27,491 4 34.640
Total
Expenditures 22,546,975 22,546,975 20,970,838 1,576,137 21.241,362
Excess (deficiency)of
revenues over(under)
expenditures (541,285) (541,285) 1,605,249 2,146,534 188.924
OTHER FINANCING
SOURCES(USES)
Transfers in 61,300 61,300 - (61,300) -
Transfers out (213,705) (482,450) (459,098) 23.352 (474,057)
Total Other
Financing Sources
(Uses) (152,405) (421,150) (459,098) (37,948) (474,057)
Net Change in Fund
Balance $ (693,690) $ (962,435) 1,146,151 $ 2,108,586 (285,133)
FUND BALANCE-
Beginning of Year 16,113,269 16.398,402
FUND BALANCE-END
OF YEAR $ 17,259,420 $ 16,113,269
See independent auditors' report and accompanying notes to required supplementary information.
Page 77
i
VILLAGE OF OAK BROOK _
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE- BUDGET AND ACTUAL-HOTEUMOTEL TAX FUND
For the Year Ended December 31, 2015
With Comparative Actual Amounts for the Year Ended December 31, 2014
2015
Budgeted Amounts _
Variance with 2014
Original Final Actual Final Budget Actual
REVENUES
Intergovernmental $ 849,800 $ 849,800 $ - $ (849,800) $ 40,273
Hotel and motel taxes 1,095,665 1,095,665 1,194,811 99,146 1,049,631 _
Investment income 10,000 10,000 18,688 8,688 (23,039)
Miscellaneous 50,000 50,000 36,007 (13,993) 64.412
Total Revenues 2,005,465 2,005,465 1,249,506 (755,959) 1,131,277
EXPENDITURES
CURRENT
General —'
government 42,500 42,500 42,500 - 40,170
Culture and
recreation 3.327,545 3,327,545 658,049 2,669,496 870,788
Total
Expenditures 3,370,045 3,370,045 700,549 2,669,496 910,958
Net Change in Fund
Balance (1,364,580) (1,364,580) 548,957 1,913,537 220,319
FUND BALANCE -
Beginning of Year 3,298,553 3,078,234
i
FUND BALANCE -
END OF YEAR $ 3,847,510 $ 3,298,553
See independent auditors' report and accompanying notes to required supplementary information. _
Page 78
VILLAGE OF OAK BROOK
ILLINOIS MUNICIPAL RETIREMENT FUND
SCHEDULE OF CHANGES IN THE VILLAGE'S NET PENSION LIABILITY
AND RELATED RATIOS
Most Recent Fiscal Year
2015
Total pension liability
Service cost $ 613,861
Interest 2,465,082
Differences between expected and actual experience (770,401)
Changes of assumptions 1,163,670
Benefit payments, including refunds of member contributions (1,353,166)
Net change in total pension liability 2,119,046
Total pension liability-beginning 33,237,409
Total pension liability-ending (a) $ 35,356,455
Plan fiduciary net position
_ Employer contributions $ 749,983
Employee contributions 238,409
Net investment income 1,874,762
Benefit payments, including refunds of member contributions (1,353,166)
Other(net transfer) (294,611)
Net change in plan fiduciary net position 1,215,377
Plan fiduciary net position -beginning 30,916,185
Plan fiduciary net position -ending (b) $ 32,131,562
Employer's net pension liability-ending (a) -(b) $ 3,224,893
Plan fiduciary net position as a percentage of the total
pension liability 90.88%
Covered-employee payroll $ 5,289,017
Employer's net pension liability as a percentage of covered-
employee payroll 60.97%
Notes to Schedule:
The Village implemented GASB Statement No. 68 in fiscal year 2015. Information prior to fiscal year
2015 is not available.
See independent auditors' report and accompanying notes to required supplementary information.
Page 79
VILLAGE OF OAK BROOK
ILLINOIS MUNICIPAL RETIREMENT FUND
SCHEDULE OF EMPLOYER CONTRIBUTIONS
Most Recent Fiscal Year
2015
Actuarially determined contribution $ 749,982
Contributions in relation to the actuarially —�
determined contribution (749,983)
Contribution deficiency(excess) $ ____UI _
Covered-employee payroll $ 5,289,017
Contributions as a percentage of covered-
employee payroll 14.18% —
Notes to Schedule: _
The Village implemented GASB Statement No. 68 in fiscal year 2015. Information prior to fiscal year
2015 is not available.
Valuation date:
Actuarially determined contribution rates are calculated as of December 31 each year, which are 6 _
months prior to the beginning of the fiscal year in which contributions are reported.
Methods and assumptions used to determine contribution rates:
Actuarial cost method Entry age normal _
Amortization method Level percentage of payroll, closed
Remaining amortization period 29 years
Asset valuation method 5-Year Smoothed Market ._
Inflation 3.00%
Salary increases 4.40%to 16.00% including inflation
Investment rate of return 7.49% —�
Retirement Age Experience-based table of rates that are specific to the
type of eligibility condition _
Mortality RP-2000 CHBCA
Other information:
There were no benefit changes during the year.
See independent auditors' report and accompanying notes to required supplementary information.
Page 80
VILLAGE OF OAK BROOK
POLICE PENSION FUND
SCHEDULE OF CHANGES IN THE VILLAGE'S NET PENSION LIABILITY AND RELATED RATIOS
Last Two Fiscal Years
2014 2015
Total pension liability
Service cost $ 826,067 $ 816,276
Interest 3,141,175 3,338,238
Differences between expected and actual experience 1,279,682 (48,037)
Changes of assumptions - 1,597,133
Benefit payments, including refunds of member contributions (2,288,693) (2,346,686)
Net change in total pension liability 2,958,231 3,356,924
Total pension liability-beginning 46,854,212 49,812,440
Total pension liability-ending(a) $ 49,812,443 $ 53,169,364
Plan fiduciary net position
Employer contributions $ 1,259,824 $ 1,336,683
Employee contributions 358,339 358,499
Net investment income 1,115,158 (429,967)
Benefit payments, including refunds of member contributions (2,288,693) (2,346,686)
Administration (47,609) (38,647)
Net change in plan fiduciary net position 397,019 (1,120,118)
Plan fiduciary net position-beginning 32,574,327 32,971,346
Plan fiduciary net position-ending (b) $ 32,971,346 $ 31,851,228
Village's net pension liability-ending(a)-(b) $ 16,841,097 $ 21,318,136
Plan fiduciary net position as a percentage of the total
pension liability 66.19% 59.91%
Covered-employee payroll $ 3,631,184 $ 3,735,548
�— Village's net pension liability as a percentage of covered-
employee payroll 463.79% 570.68%
Notes to Schedule:
Changes of assumptions. For Fiscal Year 2015,the mortality, disability,turnover and retirement assumptions were
revised to reflect the most recent study conducted by the Illinois Department of Insurance.
The Pension implemented GASB Statement No.67 in fiscal year 2014. Information prior to fiscal year 2014 is not
available.
See independent auditors'report and accompanying notes to required supplementary information.
Page 81
VILLAGE OF OAK BROOK
POLICE PENSION FUND
SCHEDULE OF EMPLOYER CONTRIBUTIONS
Last Ten Fiscal Years -�-
2006 2007 2008 2009
Actuarially determined contribution $ 549,750 $ 564,283 $ 617,619 $ 958,641
Contributions in relation to the actuarially
determined contribution 549,750 564,283 617,618 958,641
Contribution deficiency(excess) $ - $ - $ 1 $ -
Covered-employee payroll N/A N/A $ 3,288,064 $ 3,433,002
Contributions as a percentage of covered-
employee payroll N/A N/A 18.78% 27.92% _
Notes to Schedule:
The Plan implemented GASB Statement No.67 in fiscal year 2014. Information prior to fiscal year 2014 is derived from
actuarial valuations developed in conformity with GASB Statement No.25 and 27.
N/A-Information is not available prior to 2008.
Valuation date: Actuarially determined contributions are calculated as of December 31 of the current fiscal year.
Methods and assumptions used to determine contribution rates:
Actuarial cost method Entry-age normal
Amortization method Level percentage of payroll, closed
Remaining amortization period 26 years
Asset valuation method Market value
Inflation 2.50%
Salary increases 3.75%, average, including inflation
Investment rate of return 6.75%, net of pension plan investment expense,
including inflation
Retirement age 50-70
Mortality rates were based on the RP-2000 BCA _
Mortality Mortality Table
See independent auditors'report and accompanying notes to required supplementary information.
Page 82
2010 2011 2012 2013 2014 2015
$ 944,808 $ 885,339 $ 969,024 $ 1,205,519 $ 1,485,673 $ 1,550,233
944,808 674,170 977,367 1,171,537 1,259,824 1,336,683
$ - $ 211,169 $ (8,343) $ 33,982 $ 225,849 $ 213,550
$ 3,288,064 $ 3,310,998 $ 3,646,309 $ 3,598,016 $ 3,631,184 $ 3,735,548
28.73% 20.36% 26.80% 32.56% 34.69% 35.78%
See independent auditors' report and accompanying notes to required supplementary information.
Page 83
VILLAGE OF OAK BROOK
POLICE PENSION FUND
SCHEDULE OF INVESTMENT RETURNS
Last Two Fiscal Years
2014 2015
Annual money-weighted rate of return,
net of investment expense 5.54% -1.32%
Notes to Schedule:
The Pension implemented GASB Statement No. 67 in fiscal year 2014. Information prior to fiscal year 2014 is not
available.
See independent auditors'report and accompanying notes to required supplementary information. —
Page 84
VILLAGE OF OAK BROOK
FIREFIGHTERS'PENSION FUND
SCHEDULE OF CHANGES IN THE VILLAGE'S NET PENSION LIABILITY AND RELATED RATIOS
Last Two Fiscal Years
2014 2015
Total pension liability
Service cost $ 746,748 $ 746,748
Interest 2,926,848 3,040,301
Differences between expected and actual experience 507,637 163,758
Changes of assumptions - 1,474,675
Benefit payments, including refunds of member contributions (2,385,491) (2,615,406)
Net change in total pension liability 1,795,742 2,810,076
Total pension liability-beginning 43,806,712 45,602,454
Total pension liability-ending(a) $ 45,602,454 $ 48,412,530
Plan fiduciary net position
Employer contributions $ 1,570,742 $ 1,414,530
-- Employee contributions 267,458 269,349
Net investment income 1,178,816 (256,566)
Benefit payments, including refunds of member contributions (2,385,491) (2,615,406)
Administration (75,386) (46,351)
Net change in plan fiduciary net position 556,139 (1,234,444)
Plan fiduciary net position-beginning 24,489,991 25,046,130
Plan fiduciary net position-ending(b) $ 25,046,130 $ 23,811,686
Village's net pension liability-ending(a)-(b) $ 20,556,324 $ 24,600,844
Plan fiduciary net position as a percentage of the total
pension liability 54.92% 49.18%
Covered-employee payroll $ 2,818,219 $ 2,812,001
Village's net pension liability as a percentage of covered-
employee payroll 729.41% 874.85%
Notes to Schedule:
Changes of assumptions. For Fiscal Year 2015,the mortality, disability,turnover and retirement assumptions were
revised to reflect the most recent study conducted by the Illinois Department of Insurance.
The.Pension implemented GASB Statement No.67 in fiscal year 2014. Information prior to fiscal year 2014 is not
available.
See independent auditors'report and accompanying notes to required supplementary information.
Page 85
VILLAGE OF OAK BROOK
FIREFIGHTERS'PENSION FUND
SCHEDULE OF EMPLOYER CONTRIBUTIONS
Last Ten Fiscal Years
2006 2007 2008 2009
Actuarially determined contribution $ 584,388 $ 564,945 $ 671,683 $ 839,550
Contributions in relation to the actuarially _
determined contribution 584,388 564,945 671,683 839,550
Contribution deficiency(excess) $ - $ - $ - $ -
Covered-employee payroll N/A N/A $ 2,668,624 $ 2,573,691 —
Contributions as a percentage of covered-
employee payroll N/A N/A 25.17% 32.62% _
Notes to Schedule:
The Plan implemented GASB Statement No.67 in fiscal year 2014. Information prior to fiscal year 2014 is derived from
actuarial valuations developed in conformity with GASB Statement No.25 and 27.
N/A-Information is not available prior to 2008.
Valuation date: Actuarially determined contributions are calculated as of June 30 of the current fiscal year.
Methods and assumptions used to determine contribution rates: _
Actuarial cost method Entry-age normal
Amortization method Level percentage of payroll,closed
Remaining amortization period 25 years
Asset valuation method Market Value
Inflation 2.50%
Salary increases 3.75%, average, including inflation
Investment rate of return 6.75%, net of pension plan investment expense,
including inflation
Retirement age 50-62
Mortality rates were based on the RP-2000 BCA
Mortality Mortality Table
See independent auditors'report and accompanying notes to required supplementary information.
Page 86
2010 2011 2012 2013 2014 2015
$ 933,925 $ 1,082,677 $ 1,065,173 $ 1,144,966 $ 1,698,405 $ 1,826,637
933,925 995,110 1,001,528 1,057,081 1,570,742 1,414,530
$ - $ 87,567 $ 63,645 $ 87,885 $ 127,663 $ 412,107
$ 2,668,624 $ 2,687,097 $ 2,762,080 $ 2,674,017 $ 2,818,219 $ 2,812,001
35.00% 37.03% 36.26% 39.53% 55.74% 50M%
See independent auditors'report and accompanying notes to required supplementary information.
Page 87
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VILLAGE OF OAK BROOK
FIREFIGHTERS'PENSION FUND
SCHEDULE OF INVESTMENT RETURNS
Last Two Fiscal Years
2014 2015
Annual money-weighted rate of return,
net of investment expense 5.10% -1.05%
Notes to Schedule:
The Pension implemented GASB Statement No. 67 in fiscal year 2014. Information prior to fiscal year 2014 is not
available.
See independent auditors' report and accompanying notes to required supplementary information.
Page 88
VILLAGE OF OAK BROOK
OTHER POSTEMPLOYMENT BENEFIT PLAN
SCHEDULE OF EMPLOYER CONTRIBUTIONS AND SCHEDULE OF FUNDING PROGRESS
For the Year Ended December 31, 2015
Annual
Required Percentage
Year Ended Contribution Contributed
12/31/15 $ 445,025 61%
12/31/14 423,407 64% _
12/31/13 156,077 72%
Actuarial
Accrued UAAL as a
Liability(AAL) Percentage
Actuarial Actuarial Value -Projected Unfunded AAL Funded Covered of Covered
Valuation of Assets Unit (URAL) Ratio Payroll Payroll —
Date (a) (b) (b-a) (a/b) (c) ((b-a)/c)
12/31/15 $ - $ 5,011,682 $ 5,011,682 0% $ 9,362,402 54%
12/31/13 - 4,873,373 4,873,373 0% 9,089,711 54%
12/31/11 - 2,673,072 2,673,072 0% 12,657,543 21%
r
See independent auditors' report and accompanying notes to required supplementary information.
Page 89
VILLAGE OF OAK BROOK
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
For the Year Ended December 31, 2015
BUDGETARY INFORMATION
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 and Internal Service Funds are on the accrual basis and a current financial resources
measurement focus except the Village does not budget depreciation or the impact from the net pension
liability but does budget capital outlay and pension payments. 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 does not adopt a budget for the Foreign Fire Insurance Fund or the Pension Trust Funds.
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.
See independent auditors' report.
Page 90
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i
i
!
s
SUPPLEMENTARY INFORMATION
r
THIS PAGE IS INTENTIONALLY LEFT BLANK
-
GENERAL FUND
General Fund—to account for resources traditionally associated with governments which are not
accounted for in another fund.
VILLAGE OF OAK BROOK _
SCHEDULE OF REVENUES- BUDGET AND ACTUAL-
GENERALFUND _
For the Year Ended December 31, 2015
with Comparative Actual Amounts for the Year Ended December 31, 2014
2015
Budgeted Amounts _
Variance with 2014
Original Final Actual Final Budget Actual
INTERGOVERNMENTAL
Municipal sales tax $ 12,444,000 $ 12,444,000 $ 12,248,035 $ (195,965) $ 12,043,854
Illinois state income and
use tax 912,000 912,000 1,013,856 101,856 908,928 -
Corporate personal
property replacement
taxes 290,000 290,000 309,403 19,403 293,840
York Township road and -
bridge tax 7,000 7,000 14,236 7,236 4,029
Grants 112,965 112,965 19,410 (93,555) 45,495
Total
Intergovernmental 13,765,965 13,765,965 13,604,940 (161,025) 13,296,146
Utility taxes 5,170,000 5,170,000 5,673,868 503,868 5,203,835
Licenses and permits 1,349,850 1,349,850 1,385,341 35,491 1,448,471
Charges for services 1,038,500 1,038,500 1,058,929 20,429 1,044,934
Fines, forfeitures and
penalties 244,000 244,000 177,588 (66,412) 189,060 _
Investment income 60,000 60,000 91,621 31,621 (109,993)
MISCELLANEOUS
Franchise fees 190,000 190,000 203,105 13,105 191,727
Other 187,375 187,375 380,695 193,320 166,106
Total Miscellaneous 377,375 377,375 583,800 206,425 357,833
TOTAL REVENUES $ 22,005,690 $ 22,005,690 $ 22,576,087 $ 570,397 $ 21,430,286
s
Page 91
VILLAGE OF OAK BROOK
SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL-GENERAL FUND
For the Year Ended December 31,2015
With Comparative Actual Amounts for the Year Ended December 31,2014
2015
Budgeted Amounts
_ Variance With 2014
Original Final Actual Final Budget Actual
GENERAL GOVERNMENT
Legislative and general management
Board of Trustees
Personnel $ 83,895 $ 83,395 $ 69,800 $ 13,595 $ 82,440
Materials and supplies 3,500 3,500 215 3,285 248
Operation and contractual 71,050 77,050 77,025 25 69,998
Total board of trustees 158,445 163,945 147,040 16,905 152,686
Village clerk
Personnel 171,315 171,315 129,847 41,468 137,681
Materials and supplies 2,835 2,835 1,896 939 2,548
_ Operation and contractual 14,300 14,300 4,278 10,022 8,222
Total Village clerk 188,450 188,450 136,021 52,429 148,451
Legal
Personnel 28,925 28,925 29,248 (323) 28,278
Materials and supplies 150 150 281 (131) 157
Operation and contractual 512,500 512,500 467,825 44,675 668,205
Total legal 541,575 541,575 497,354 44,221 696,640
General management
Personnel 478,340 417,490 325,267 92,223 329,620
._ Materials and supplies 57,675 64,795 62,256 2,539 63,235
Operation and contractual 47,730 37,230 33,939 3,291 137,410
Total general management 583,745 519,515 421,462 98,053 530,265
Human resources
Personnel 160,955 165,925 165,214 711 191,770
Materials and supplies 2,060 2,060 1,863 197 2,349
Operation and contractual 39,725 49,700 50,608 (908) 123,563
Total human resources 202,740 217,685 217,685 - 317,682
Risk management
Personnel 22,645 19,515 19,511 4 2,603
Materials and supplies 1,000 - - - -
Operation and contractual 442,000 452,125 452,124 1 454,695
Total risk management 465,645 471,640 471,635 5 457,298
_ Transportation
Transportation 100 100 - 100 -
Operation and contractual 102,000 59,760 - 59,760 -
Total transportation 102,100 59,860 - 59,860 -
Emergency management
Personnel 5,000 2,180 279 1,901 (63)
Materials and supplies 8,500 8,500 8,128 372 12,715
Operation and contractual 8,600 11,420 11,509 (89) 7,519
Total emergency management 22,100 22,100 19,916 2,184 20,171
Page 92
VILLAGE OF OAK BROOK
SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL-GENERAL FUND
For the Year Ended December 31,2015(continued)
With Comparative Actual Amounts for the Year Ended December 31,2014
2015
Budgeted Amounts
Variance With 2014
Original Final Actual Final Budget Actual
GENERAL GOVERNMENT(continued)
Legislative and general management(continued)
Communications and marketing -.
Materials and supplies $ - $ - $ 367 $ (367) $ 2,497
Operation and contractual 50,000 50,000 - 50,000 23,065
Total communications and marketing 50,000 50,000 367 49,633 25,562
Purchasing
Personnel 70,785 89,275 89,306 (31) 69,568
Materials and supplies 22,350 15,640 15,575 65 16,894
Operation and contractual 5,000 5,000 5,031 (31) 4,468
Total purchasing 98,135 109,915 109,912 3 90,930
Information systems
Personnel 314,850 310,520 311,518 (998) 305,031
Materials and supplies 27,350 27,350 27,106 244 22,772
Operation and contractual 384,200 324,355 328,188 (3,833) 338,117 _..�
Capital 175,000 241,845 237,255 4,590 187,673
Total information systems 901,400 904,070 904,067 3 853,593
Total legislative and general management 3,314,335 3,248,755 2,925,459 323,296 3,293,278
Community development management
Administration
Personnel 306,870 306,870 303,358 3,512 303,866
Materials and supplies 1,800 1,800 745 1,055 1,109
Operation and contractual 76,720 59,150 8,508 50,642 -
Total administration 385,390 367,820 312,611 55,209 304,975
Economic development --�
Personnel 100 100 - 100 -
Materials and supplies 200 200 - 200 -
Operation and contractual 17,500 17,500 - 17,500 75,940
Total economic development 17,800 17,800 - 17,800 75,940
Code enforcement
Personnel 558,155 595,355 594,805 550 531,581
Materials and supplies 3,500 3,500 4,006 (506) 4,716
Operation and contractual 68,690 49,060 49,104 (44) 40,771
Total code enforcement 630,345 647,915 647,915 - 577,068
Total community development management 1,033,535 1,033,535 960,526 73,009 957,983
Financial services
Financial services management
Personnel 150,275 150,275 145,677 4,598 142,784
Materials and supplies - - - - 1,765
Operation and contractual 72,140 72,140 71,617 523 50,295
Total financial services management 222,415 222,415 217,294 5,121 194,844
Page 93
VILLAGE OF OAK BROOK
_ SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL-GENERAL FUND
For the Year Ended December 31,2015(continued)
With Comparative Actual Amounts for the Year Ended December 31,2014
2015
Budgeted Amounts
Variance With 2014
Original Final Actual Final Budget Actual
GENERAL GOVERNMENT(continued)
Financial services(continued)
Accounting and reporting
Personnel $ 256,850 $ 317,785 $ 335,748 $ (17,963) $ 254,300
Materials and supplies 4,465 4,465 3,285 1,180 3,629
Operation and contractual 51,925 51,925 35,138 16,787 31,107
Total accounting and reporting 313,240 374,175 374,171 4 289,036
PSEBA benefits
Personnel 38,400 38,555 38,553 2 45,687
Total PSEBA benefits 38,400 38,555 38,553 2 45,687
Customer service
Personnel 48,170 48,170 46,918 1,252 45,710
Materials and supplies 1,000 1,000 1,142 (142) -
Total customer service 49,170 49,170 48,060 1,110 45,710
Total financial services 623,225 684,315 678,078 6,237 575,277
Municipal building improvement
Capital 1,089,500 1,089,500 459,499 630,001 645,982
Total municipal building improvement 1,089,500 1,089,500 459,499 630,001 645,982
Expenditure reimbursements paid to other funds 124,000 124,000 124,000 - 125,000
Subtotal general government 6,184,595 6,180,105 5,147,562 1,032,543 5,597,520
Less reimbursements from other funds (545,350) (545,350) (545,350) - (528,545)
Total general government 5,639,245 5,634,755 4,602,212 1,032,543 5,068,975
PUBLIC SAFETY
Police department
Police services management
Personnel 492,255 492,255 502,398 (10,143) 544,653
Materials and supplies 3,500 3,500 3,846 (346) 2,060
Operation and contractual 60,580 55,580 55,760 (180) 51,853
Capital 78,020 78,020 - 78,020 -
Total police services management 634,355 629,355 562,004 67,351 598,566
Police field services
Personnel 4,569,875 4,512,875 4,400,597 112,278 4,286,481
Materials and supplies 16,530 16,530 8,116 8,414 29,438
Operation and contractual 454,785 454,785 452,339 2,446 421,698
Capital - - - - 10,682
Total police field services 5,041,190 4,984,190 4,861,052 123,138 4,748,299
Page 94
VILLAGE OF OAK BROOK
SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL-GENERAL FUND
For the Year Ended December 31,2015(continued)
With Comparative Actual Amounts for the Year Ended December 31,2014 ...._
2015
Budgeted Amounts
Variance With 2014
Original Final Actual Final Budget Actual
PUBLIC SAFETY(continued)
Police department(continued)
Support services general
Personnel $ 603,835 $ 623,835 $ 609,684 $ 14,151 $ 579,508
Materials and supplies 82,500 82,500 59,974 22,526 63,922
Operation and contractual 2,850 2,850 1,429 1,421 3,827 _
Total support services general 689,185 709,185 671,087 38,098 647,257
Support services detectives
Personnel 890,675 932,675 916,747 15,928 840,797
Materials and supplies 3,315 3,315 3,284 31 8,466
Operation and contractual 45,840 45,840 45,357 483 38,959
Total support services detectives 939,830 981,830 965,388 16,442 888,222 �--
Police support services records
Personnel 203,265 206,730 208,834 (2,104) 196,737 --•
Materials and supplies 23,565 23,565 25,541 (1,976) 16,510
Operation and contractual 445,610 445,610 441,527 4,083 422,911
Total support services records 672,440 675,905 675,902 3 636,158
r
Total police department 7,977,000 7,980,465 7,735,433 245,032 7,518,502
Fire department
Fire,rescue,and EMS operations
Personnel 5,007,150 5,007,150 4,952,843 54,307 5,102,199
Materials and supplies 45,395 45,395 43,637 1,758 38,252
Operation and contractual 434,770 434,770 438,174 (3,404) 407,430
Capital 40,700 40,700 40,696 4 46,874
Total fire, rescue,and EMS operations 5,528,015 5,528,015 5,475,350 52,665 5,594,755
Fire services management
Personnel 377,640 377,640 329,552 48,088 244,627
Materials and supplies 9,000 9,000 6,089 2,911 3,368
Operation and contractual 194,045 194,045 183,320 10,725 177,399
Capital outlay 24,505 24,505 - 24,505 -
Total fire services management 605,190 605,190 518,961 86,229 425,394
Special teams operations
Materials and supplies 6,775 6,775 6,311 464 2,193 _
Operation and contractual 8,120 8,120 7,607 513 8,164
Total special teams operations 14,895 14,895 13,918 977 10,357
Rescue and fire training
Personnel 46,350 46,350 40,169 6,181 39,246
Materials and supplies 650 650 145 505 -
Total rescue and fire training 47,000 47,000 40,314 6,686 39,246 -�
Page 95
VILLAGE OF OAK BROOK
SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL-GENERAL FUND
For the Year Ended December 31,2015(continued)
With Comparative Actual Amounts for the Year Ended December 31,2014
2015
Budgeted Amounts
Variance With 2014
Original Final Actual Final Budget Actual
-- PUBLIC SAFETY(continued)
Fire department(continued)
Emergency medical services
Personnel $ 28,165 $ 28,165 $ 25,793 $ 2,372 $ 24,408
Materials and supplies 17,950 17,950 19,512 (1,562) 15,529
Operation and contractual 603,650 609,584 606,613 2,971 608,418
Capital 45,580 39,646 39,638 8 19,817
Total emergency medical services 695,345 695,345 691,556 3,789 668,172
Total fire department 6,890,445 6,890,445 6,740,099 150,346 6,737,924
Total public safety 14,867,445 14,870,910 14,475,532 395,378 14,256,426
-- PUBLIC WORKS
Mosquito control
Operation and contractual 69,205 70,230 70,229 1 63,353
Total mosquito control 69,205 70,230 70,229 1 63,353
Buildings and grounds
Personnel 110,980 110,980 107,597 3,383 97,490
Materials and supplies 42,540 42,540 39,088 3,452 47,944
Operation and contractual 259,175 259,175 230,750 28,425 235,273
Total buildings and grounds 412,695 412,695 377,435 35,260 380,707
Forestry
Personnel 19,220 19,220 11,475 7,745 (681)
Materials and supplies 3,280 3,280 216 3,064 1,729
Operation and contractual 210,185 210,185 163,607 46,578 188,778
Total forestry 232,685 232,685 175,298 57,387 189,826
Total public works 714,585 715,610 622,962 92,648 633,886
CULTURE AND RECREATION
Library general operations
Personnel 390,190 390,190 374,501 15,689 357,286
Materials and supplies 16,120 16,120 11,377 4,743 13,549
Operation and contractual 86,525 86,525 71,979 14,546 73,937
Total library general operations 492,835 492,835 457,857 34,978 444,772
Library technical services
Personnel 125,905 125,905 123,821 2,084 127,016
Materials and supplies 3,290 3,290 3,290 - 3,336
_ Operation and contractual 7,895 7,895 7,275 620 7,904
Total library technical services 137,090 137,090 134,386 2,704 138,256
Page 96
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VILLAGE OF OAK BROOK
_ SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL-GENERAL FUND
For the Year Ended December 31,2015(continued)
With Comparative Actual Amounts for the Year Ended December 31,2014
2015
Budgeted Amounts
Variance With 2014
Original Final Actual Final Budget Actual
CULTURE AND RECREATION(continued)
Library reference and adult services
Personnel $ 163,135 $ 163,135 $ 153,777 $ 9,358 $ 163,597
Materials and supplies 102,000 102,000 101,221 779 102,431
Operation and contractual 2,500 2,500 2,501 (1) 3,490
Total library reference and adult services 267,635 267,635 257,499 10,136 269,518
Library youth services
Personnel 103,850 103,850 96,431 7,419 94,063
Materials and supplies 29,795 29,795 29,474 321 38,828
-- Operation and contractual 2,000 2,000 1,994 6 1,998
Total library youth services 135,645 135,645 127,899 7,746 134,889
Total culture and recreation 1,033,205 1,033,205 977,641 55,564 987,435
DEBT SERVICE
Principal 265,000 265,000 265,000 - 260,000
Interest and fiscal charges 27,495 27,495 27,491 4 34,640
Total debt service 292,495 292,495 292,491 4 294,640
Total expenditures $ 22,546,975 $22,546,975 $ 20,970,838 $ 1,576,137 $ 21,241,362
Page 97
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NONMAJOR GOVERNMENTAL FUNDS
THIS PAGE IS INTENTIONALLY LEFT BLANK
i
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
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
As of December 31, 2015
Capital
Special Revenue Projects
Total
Nonmajor
Motor Fuel Foreign Fire Promenade Governmental
Tax Insurance TIF Funds _
ASSETS
Cash and investments $ 1,215,112 $ 190,916 $ 230,211 $ 1,636,239 _
Receivables
Property taxes - - 325,700 325,700
Allotments 17,791 - - 17,791
Accrued interest 2,553 - - 2,553
Prepaid items - 775 - 775
TOTAL ASSETS $ 1,235,456 $ 191,691 $ 555,911 $ 1,983,058
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES,AND FUND BALANCES
Deferred Inflows of Resources
Deferred property taxes - - 325,700 325,700
Total Deferred Inflows of Resources - 325,700 325,700
Fund Balances
Nonspendable for prepaid items - 775 - 775
Restricted for highways and streets 1,235,456 - - 1,235,456
Restricted for fire department - 190,916 - 190,916
Restricted for economic development - - 230,211 230,211
Total Fund Balances 1.235,456 191,691 230,211 1,657,358
TOTAL LIABILITIES,
DEFERRED INFLOWS OF
RESOURCES,AND FUND
BALANCES $ 1,235,456 $ 191,691 $ 555,911 $ 1,983,058
Page 98
VILLAGE OF OAK BROOK
COMBINING STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES
IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For the Year Ended December 31, 2015
Capital
Special Revenue Projects
Total
Nonmajor
Motor Fuel Foreign Fire Promenade Governmental
Tax Insurance TIF Funds
REVENUES
Intergovernmental $ 192,719 $ 50,684 $ 98,822 $ 342,225
Property taxes - - 325,654 325,654
Investment income 4,088 1,171 40 5,299
Total Revenues 196,807 51,855 424,516 673,178
EXPENDITURES
Current
General government - - 3,975 3,975
Public safety - 121,478 - 121,478
Debt Service
Principal - - 119,913 119,913
Interest and fiscal charges - - 298,974 298,974
Total Expenditures - 121,478 422,862 544,340
Excess (deficiency)of revenues over
expenditures 196,807 (69,623) 1,654 128,838
-- Net Change in Fund Balances 196,807 (69,623) 1,654 128,838
FUND BALANCES-Beginning of Year 1,038,649 261,314 228,557 1,528,520
FUND BALANCES-END OF YEAR $ 1,235,456 $ 191,691 $ 230,211 $ 1,657,358
Page 99
VILLAGE OF OAK BROOK _
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE-BUDGET AND ACTUAL-MOTOR FUEL TAX FUND- NONMAJOR SPECIAL REVENUE _
FUND
For the Year Ended December 31, 2015
With Comparative Actual Amounts for the Year Ended December 31, 2014
2015
Budgeted Amounts _.._
Variance with 2014
Original Final Actual Final Budget Actual
REVENUES
Intergovernmental $ 235,000 $ 235,000 $ 192,719 $ (42,281) $ 270,864
Investment income 2,500 2,500 4,088 1,588 (3.826)
Total Revenues 237,500 237,500 196,807 (40,693) 267,038
EXPENDITURES
Total
Expenditures - - - -
Excess (deficiency) of
revenues over
(under) expenditures 237,500 237,500 196,807 (40,693) 267,038
OTHER FINANCING
SOURCES (USES)
Transfers out (900,000) (900,000) - 900,000 (156,840)
Total Other
Financing
Sources (Uses) (900,000) (900,000) - 900,000 (156,840) i
Net Change in Fund _
Balance $ (662,500) $ (662,500) 196,807 $ 859,307 110,198
FUND BALANCE- _
Beginning of Year 1,038,649 928,451
FUND BALANCE -
END OF YEAR $ 1,235,456 $ 1,038,649
Page 100
VILLAGE OF OAK BROOK
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE- BUDGET AND ACTUAL- PROMENADE TIF FUND - NONMAJOR CAPITAL PROJECT
FUND
For the Year Ended December 31, 2015
With Comparative Actual Amounts for the Year Ended December 31, 2014
2015
Budgeted Amounts
- Variance with 2014
Original Final Actual Final Budget Actual
REVENUES
TAXES
Municipal sales tax $ 90,000 $ 90,000 $ 98,822 $ 8,822 $ 95,471
Property taxes 330,000 330,000 325,654 (4,346) 326,896
Investment income 25 25 40 15 13
Total Revenues 420,025 420,025 424,516 4,491 422,380
EXPENDITURES
Current
General government 4,350 4,350 3,975 375 3,230
Debt service
Principal 145,000 145,000 119,913 25,087 165,000
_ -Interest and fiscal
charges 300,000 300,000 298,974 1,026 311,454
Total
Expenditures 449,350 449,350 422,862 26,488 479,684
Net Change in Fund
Balance $ (29,325) $ (29,325) 1,654 $ 30,979 (57,304)
FUND BALANCE-
Beginning of Year 228,557 285,861
FUND BALANCE-
- END OF YEAR $ 230,211 $ 228,557
Page 101
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i
i
MAJOR GOVERNMENTAL FUND
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
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL-
INFRASTRUCTURE FUND -MAJOR CAPITAL PROJECTS FUND
For the Year Ended December 31, 2015
With Comparative Actual Amounts for the Year Ended December 31, 2014
2015
Budgeted Amounts -
Variance with 2014
Original Final Actual Final Budget Actual
REVENUES _
Intergovernmental -
grants $ 454,000 $ 454,000 $ - $ (454,000) $ 331,799
Non-home rule sales _
tax 5,437,000 5,437,000 5,637,241 200,241 5,384,857
Investment income 15,000 15,000 22,985 7,985 (18,632)
Miscellaneous 215,000 215,000 5,697 (209,303) 2,307
Total Revenues 6,121,000 6,121,000 5,665,923 (455,077) 5,700,331
EXPENDITURES
GENERAL -"
GOVERNMENT
Geographic information
systems
Personnel 1,050 1,050 - 1,050 -
Materials and
supplies 1,700 1,700 780 920 1,801
Operation and
contractual 158,115 158,115 141,093 17,022 120,755
Capital 8,500 8.500 - 8,500 - _.._
Total geographic
information
systems 169,365 169,365 141,873 27,492 122,556 _
Total General
Government 169,365 169,365 141,873 27,492 122,556
PUBLIC WORKS
Management
Personnel 320,955 320,955 311,975 8,980 314,635
Materials and
supplies 4,085 4,085 2,302 1,783 3,083
Operation and
i
contractual 220,090 220,090 172,381 47,709 204,816
Total
management 545,130 545,130 486,658 58,472 522,534
Page 102
VILLAGE OF OAK BROOK
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE- BUDGET AND ACTUAL-
INFRASTRUCTURE FUND- MAJOR CAPITAL PROJECTS FUND (Continued)
For the Year Ended December 31, 2015
With Comparative Actual Amounts for the Year Ended December 31, 2014
2015
Budgeted Amounts
Variance with 2014
Original Final Actual Final Budget Actual
Streets-general
salaries
-- Personnel $ 695,185 $ 695,185 $ 608,534 $ 86,651 $ 626,159
Materials and
supplies 4,880 4,880 4,065 815 2,755
Operation and
contractual 3,250 3.250 2,623 627 3.078
Total streets-
general
salaries 703,315 703.315 615,222 88,093 631.992
Streets and traffic
maintenance
Materials and
supplies 192,475 161,775 21,559 140,216 27,290
Operation and
contractual 387.330 418,030 329,853 88.177 319,000
Total streets
_ and traffic
maintenance 579,805 579,805 351,412 228,393 346.290
Snow removal
Personnel 94,550 94,550 66,482 28,068 95,739
Materials and
supplies 235,565 235,565 157,268 78,297 129,660
Operation and
contractual 98,120 98.120 73,272 24,848 62,395
Total snow
removal 428,235 428,235 297,022 131,213 287.794
Drainage
maintenance
Materials and
supplies 20,000 20,000 6,965 13,035 13,467
Operation and
contractual 291,520 291,520 88,487 203,033 78,766
Capital - - - - 151,237
Total drainage
maintenance 311,520 311,520 95.452 216,068 243,470
Page 103
VILLAGE OF OAK BROOK
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE- BUDGET AND ACTUAL-
INFRASTRUCTURE FUND- MAJOR CAPITAL PROJECTS FUND (Continued)
For the Year Ended December 31, 2015
With Comparative Actual Amounts for the Year Ended December 31, 2014
2015
Budgeted Amounts
Variance with 2014
Original Final Actual Final Budget Actual
Safe pathway
maintenance
Materials and
supplies $ 26,530 $ 26,530 $ 1,893 $ 24,637 $ 6,153 _
Operation and
contractual 28,895 28,895 28,745 150 25,895
Capital 5,000 5.000 - 5,000 -
Total safe _
pathway
maintenance 60.425 60,425 30,638 29.787 32,048
Engineering and '-
capital projects
engineering
Personnel 437,600 437,600 401,467 36,133 422,401
Materials and
supplies 2,375 2,375 574 1,801 908
Operation and
contractual 117,665 117,665 49,329 68,336 62,982
Total
engineering
and capital
projects
engineering 557,640 557,640 451,370 106,270 486,291
Roadway
improvements
Operation and _
contractual 757,550 757,550 517,848 239,702 303,691
Intergovernmental
agreements 4,292,780: 4,292,780 3,618,369 674,411 1,346,869 _
Reimbursements
from other funds (169,575) (169,575) (169,575) - (162,275)
Expenditure
reimbursement
paid to other
funds 144,000 144,000 144,000 - 142,000
Total roadway
improvements 5,024,755 5,024,755 4,110,642 914.113 1,630,285
Total Public
Works 8,210,825 8,210,825 6,438,416 1,772,409 4,180.704
Total
Expenditures 8,380,190 8,380,190 6,580,289 1,799,901 4,303,260
Page 104
VILLAGE OF OAK BROOK
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE- BUDGET AND ACTUAL-
INFRASTRUCTURE FUND- MAJOR CAPITAL PROJECTS FUND(Continued)
For the Year Ended December 31, 2015
With Comparative Actual Amounts for the Year Ended December 31, 2014
2015
Budgeted Amounts
Variance with 2014
Original Final Actual Final Budget Actual
Excess (deficiency) of
revenues over
(under) expenditures $ (2,259,190) $ (2,259,190) (914,366) $ 1,344,824 1,397,071
OTHER FINANCING
SOURCES (USES)
Transfers in 900,000 900,000 - (900,000) 156,840
Total Other
Financing
Sources (Uses) 900,000 900,000 - (900,000) 156,840
Net Change in Fund
Balance $ (1,359,190) $ (1,359,190) (914,366) $ 444,824 1,553,911
FUND BALANCE-
Beginning of Year 6,706,262 5,152,351
FUND BALANCE-
END OF YEAR $ 5,791,896 $ 6,706,262
Page 105
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SaNn :j AHV13121dOMd
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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
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION -BUDGET AND ACTUAL
WATERWORKS SYSTEM FUND-MAJOR ENTERPRISE FUND
For the Year Ended December 31, 2015 -
With Comparative Actual Amounts for the Year Ended December 31, 2014
2015
Budgeted Amounts _
Variance with 2014
Original Final Actual Final Budget Actual
OPERATING REVENUES -
Charges for services
Water sales $ 6,800,000 $ 6,800,000 $ 7,451,956 $ 651,956 $ 6,785,329 _
Unmetered sales 25,000 25,000 40,295 15,295 29,423
Water tap on charges 20,000 20,000 47,840 27,840 27,600
Meter fees and special
services 55,000 55,000 75,329 20,329 57,443
Miscellaneous 76,100 76,100 67,825 (8,275) 62,912
Total Operating -
Revenues 6,976,100 6,976,100 7,683,245 707,145 6,962,707
OPERATING EXPENSES -'
Operation of facilities 8,140,740 8,834,325 7,548,159 (1,286,166) 6,457,392
Depreciation and
amortization - - 549,293 549,293 551,791
Total Operating
Expenses 8,140,740 8,834,325 8,097,452 (736,873) 7,009,183
Operating Loss (1,164,640) (1,858,225) (414,207) 1,444,018 (46,476)
NON-OPERATING
REVENUES (EXPENSES)
Investment income 10,000 10,000 13,046 3,046 (12,466)
Gain (loss) on disposal of
capital assets - - (6,556) (6,556) (7,724) ---
Total Non-Operating
Revenues _
(Expenses) 10,000 10,000 6,490 (3,510) (20,190)
Change in net
position $ (1,154,640) $__(1,848,225) (407,717) $ 1.440,508 (66,666)
NET POSITION -
Beginning of
Year(as
restated) 20,969,570 21,189,523
NET POSITION
- END OF
YEAR $ 20,561,853 $ 21,122,857
Page 106
VILLAGE OF OAK BROOK
SCHEDULE OF OPERATING EXPENSES-BUDGET AND ACTUAL-WATERWORKS SYSTEM FUND-
MAJOR ENTERPRISE FUND
For the Year Ended December 31,2015
With Comparative Actual Amounts for the Year Ended December 31, 2014
2015
Budgeted Amounts
Variance With 2014
Original Final Actual Final Budget Actual
Operating expenses excluding depreciation
and pension expense
Operation of facilities
Public works-water operations
Personnel $ 816,185 $ 764,105 $ 768,746 $ (4,641) $ 812,709
Materials and supplies 101,395 218,900 219,761 (861) 177,475
Operation and contractual 5,532,250 6,330,380 6,081,444 248,936 5,088,833
Reimbursements for general fund services 399,350 399,350 399,350 - 378,375
Total public works-water operations 6,849,180 7,712,735 7,469,301 243,434 6,457,392
_ Capital improvements
Capital outlay 1,291,560 1,121,590 1,416,468 (294,878) 1,415,870
Total capital improvements 1,291,560 1,121,590 1,416,468 (294,878) 1,415,870
Total operating expenses excluding
depreciation and pension expense-
Budgetary basis $ 8,140,740 $ 8,834,325 8,885,769 $ (51,444) 7,873,262
Adjustments to GAAP Basis
Capital expenditures (1,416,468) (1,415,870)
Pension expense-IMRF 40,288 -
_ OPEB expense 38,570
Depreciation and amortization 549,293 551,791
Total adjustments to GAAP basis (788,317) (864,079)
Total operating expenses $ 8,097,452 $ 7,009,183
Page 107
VILLAGE OF OAK BROOK
SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET POSITION-BUDGET AND ACTUAL-SPORTS CORE FUND-
MAJOR ENTERPRISE FUND
For the Year Ended December 31,2015
With Comparative Actual Amounts for the Year Ended December 31,2014
2015
Budgeted Amount
Variance With 2014
Original Final Actual Final Budget Actual
Revenues
Charges for services
Golf $ 2,004,415 $ 2,004,415 $ 1,808,993 $ (195,422) $ 1,734,256
Swimming and tennis 354,910 354,910 273,565 (81,345) 312,318
Special events 402,220 402,220 334,070 (68,150) 345,845
Rentals and commissions 432,000 432,000 420,632 (11,368) 400,988
Food and beverage 360,000 360,000 350,775 (9,225) 353,605
Total operating revenues 3,553,545 3,553,545 3,188,035 (365,510) 3,147,012
Operating expenses including depreciation
Golf club 1,985,815 1,994,465 1,855,510 138,955 2,000,708
Swimming and tennis 570,375 599,000 560,009 38,991 466,980 _
Special events 478,630 488,630 459,919 28,711 388,909
Rentals and commissions 486,515 510,430 437,293 73,137 349,470
Food and beverage 370,765 399,575 382,783 16,792 370,039
Total operating expenses 3,892,100 3,992,100 3,695,514 296,586 3,576,106
Operating income(loss) (338,555) (438,555) (507,479) (662,096) (429,094)
Non-operating revenues(expenses)
Investment income 1,900 1,900 3,088 (1,188) (4,279)
Grants 187,800 187,800 - 187,800 17,709
Gain(loss)on disposal of capital assets - - (7,542) 7,542 2,072
Interest and fiscal charges (920) (920) (919) (1) (1,839)
Total non-operating revenues
(expenses) 188,780 188,780 (5,373) 194,153 13,663
Net income(loss)before
transfers (149,775) (249,775) (512,852) (467,943) (415,431)
Transfers
Transfers in 213,705 213,705 459,098 245,393 474,057
Transfers out (61,300) (61,300) - 61,300 -
Total Other Financing Sources(Uses) 152,405 152,405 459,098 306,693 474,057
Change in net position $ 2,630 $ (97,370) (53,754) $ (161,250) 58,626
NET POSITION-Beginning of Year(as restated) 12,358,408 12,516,414
NET POSITION-END OF YEAR $ 12,304,654 $ 12,575,040
Page 108
VILLAGE OF OAK BROOK
SCHEDULE OF OPERATING REVENUES-BUDGET AND ACTUAL-SPORTS CORE FUND-
MAJOR ENTERPRISE FUND
For the Year Ended December 30, 2015
With Comparative Actual Amounts for the Year Ended December 31,2014
2015
Budgeted Amounts
Variance With 2014
Original Final Actual Final Budget Actual
Charges for Services
Golf
Fees $ 1,503,850 $ 1,503,850 $ 1,320,132 $ (183,718) $ 1,282,093
Golf surcharge 120,000 120,000 101,914 (18,086) 101,567
Memberships 185,150 185,150 166,175 (18,975) 168,010
Merchandise sales 195,415 195,415 220,672 25,257 182,586
_ Miscellaneous - - 100 100 -
Total golf 2,004,415 2,004,415 1,808,993 (195,422) 1,734,256
Swimming and tennis
Fees 87,050 87,050 70,676 (16,374) 66,840
Memberships 267,535 267,535 200,197 (67,338) 240,290
Merchandise sales 225 225 10 (215) 190
Miscellaneous 100 100 2,682 2,582 4,998
Total swimming and tennis 354,910 354,910 273,565 (81,345) 312,318
Special events
Fees 53,500 53,500 24,111 (29,389) 34,898
Merchandise sales 30,000 30,000 19,292 (10,708) 23,589
Promotions 125,000 125,000 80,100 (44,900) 98,075
Independence Day/Taste of Oak Brook 180,000 180,000 185,007 5,007 176,500
Special groups 10,000 10,000 8,790 (1,210) 8,714
Miscellaneous 3,720 3,720 16,770 13,050 4,069
Total special events 402,220 402,220 334,070 (68,150) 345,845
Rentals and commissions
Open field rental 250,000 250,000 278,708 28,708 261,183
Other rental income 182,000 182,000 141,924 (40,076) 139,805
Total rentals and commissions 432,000 432,000 420,632 (11,368) 400,988
Food and beverage
Food sales 162,500 162,500 150,850 (11,650) 154,713
Beverage sales 197,500 197,500 199,925 2,425 198,892
Total food and beverage 360,000 360,000 350,775 (9,225) 353,605
Total Operating Revenues $ 3,553,545 $ 3,553,545 $ 3,188,035 §____(L65,51 0) $ 3,147,012
Page 109
VILLAGE OF OAK BROOK
SCHEDULE OF OPERATING EXPENSES-BUDGET AND ACTUAL-SPORTS CORE FUND-
MAJOR ENTERPRISE FUND
For the Year Ended December 31,2015 _
With Comparative Actual Amounts for the Year Ended December 31,2014
2015
Budgeted Amounts
Variance With 2014
Original Final Actual Final Budget Actual
Operating expenses excluding depreciation
and pension expense
Operations-golf club
Golf club general operations
Personnel $ 470,115 $ 441,460 $ 442,109 $ (649) $ 422,639
Materials and supplies 182,050 241,650 239,002 2,648 167,806
Operation and contractual 212,840 169,410 174,293 (4,883) 183,565
Capital 45,000 45,000 8,135 36,865 -
Total golf club general operations 910,005 897,520 863,539 33,981 774,010
Golf club range operations
Personnel 61,325 61,325 62,243 (918) 58,590
Materials and supplies 17,000 17,000 10,758 6,242 11,696
Operation and contractual 14,700 14,700 14,953 (253) 14,007
Total golf club range operations 93,025 93,025 87,954 5,071 84,293
Golf cart operations
Personnel 23,910 23,910 24,008 (98) 26,623
Materials and supplies 1,400 1,400 1,229 171 285
Operation and contractual 5,500 5,500 6,545 (1,045) 5,527
Total golf cart operations 30,810 30,810 31,782 (972) 32,435
Golf course maintenance
Personnel 689,875 623,780 576,298 47,482 650,250
Materials and supplies 230,950 199,045 193,533 5,512 212,648
Operation and contractual 37,350 56,485 45,729 10,756 42,917
Capital 200,000 200,000 156,958 43,042 64,575
Other - 100,000 - 100,000 -
Total golf course maintenance 1,158,175 1,179,310 972,518 206,792 970,390
Less reimbursement from other funds (206,200) (206,200) (206,200) - -
Total operations-golf club 1,985,815 1,994,465 1,749,593 244,872 1,861,128
Operations-swimming and tennis
General operations
Personnel 76,385 70,300 68,689 1,611 107,750
Materials and supplies 25,850 42,345 41,269 1,076 21,515
Operation and contractual 153,965 144,320 134,231 10,089 136,126
Capital 25,000 25,000 - 25,000 -
Subtotal general operations 281,200 281,965 244,189 37,776 265,391 �.
Less reimbursement from other funds (32,000) (32,000) (32,000) - (238,200)
Less overhead allocation (280,200) (280,200) (246,974) (33,226) -
Total general operations (31,000) (30,235) (34,785) 4,550 27,191
Page 110
VILLAGE OF OAK BROOK
_ SCHEDULE OF OPERATING EXPENSES-BUDGET AND ACTUAL-SPORTS CORE FUND-
MAJOR ENTERPRISE FUND
For the Year Ended December 31,2015(continued)
With Comparative Actual Amounts for the Year Ended December 31,2014
2015
Budgeted Amounts
Variance With 2014
Original Final Actual Final Budget Actual
Operating expenses excluding depreciation
and pension expense(continued)
Swimming operations
Personnel $ 31,650 $ 31,650 $ 36,817 $ (5,167) $ 31,391
_ Materials and supplies 10,600 10,600 9,423 1,177 25,251
Operation and contractual 163,320 196,540 198,553 (2,013) 194,719
Capital 105,000 105,000 34,403 70,597 142,125
Overhead allocation 114,850 114,850 102,989 11,861 -
Total swimming operations 425,420 458,640 382,185 76,455 393,486
Tennis operations-outdoor
Personnel 59,530 54,170 56,788 (2,618) 70,276
Materials and supplies 7,810 7,810 10,921 (3,111) 4,928
Operation and contractual 36,200 36,200 34,352 1,848 33,331
Capital 15,000 15,000 15,000 - 17,835
Overhead allocation 57,415 57,415 47,901 9,514 -
Total tennis operations-outdoor 175,955 170,595 164,962 5,633 126,370
Total operations-swimming and tennis 570,375 599,000 512,362 86,638 547,047
Special events
Personnel 1,605 1,605 2,649 (1,044) 1,269
-- Materials and supplies 55,450 48,115 49,188 (1,073) 47,927
Operation and contractual 385,405 402,740 400,617 2,123 339,713
Overhead allocation 36,170 36,170 7,465 28,705 -
Total special events 478,630 488,630 459,919 28,711 388,909
Rentals and commissions
Personnel 106,200 86,840 104,134 (17,294) 105,658
Materials and supplies 7,450 16,460 16,681 (221) 13,176
Operation and contractual 194,950 246,275 251,297 (5,022) 230,636
Capital 120,500 120,500 40,000 80,500 16,047
_ Overhead allocation 57,415 40,355 57,210 (16,855) -
Total rentals and commissions 486,515 510,430 469,322 41,108 365,517
Food and beverage
�- Poolside grill
Personnel 16,440 19,975 20,649 (674) 18,549
Materials and supplies 16,050 24,265 24,134 131 13,024
Operation and contractual 4,800 4,800 4,254 546 1,828
Overhead allocation 14,350 31,410 31,409 1 -
Total poolside grill 51,640 80,450 80,446 4 33,401
-' Golf clubhouse
Personnel 143,200 134,010 117,908 16,102 139,352
Materials and supplies 162,300 171,490 163,423 8,067 172,885
Operation and contractual 13,625 13,625 9,833 3,792 18,961
Capital outlay - - - - 140,376
Total golf clubhouse 319,125 319,125 291,164 27,961 471,574
Total food and beverage 370,765 399,575 371,610 27,965 504,975
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VILLAGE OF OAK BROOK
_ SCHEDULE OF OPERATING EXPENSES-BUDGET AND ACTUAL-SPORTS CORE FUND-
MAJOR ENTERPRISE FUND
For the Year Ended December 31,2015(continued)
With Comparative Actual Amounts for the Year Ended December 31,2014
2015
Budgeted Amounts
Variance With 2014
Original Final Actual Final Budget Actual
Nondepartmental expenses
Interfund loan repayment $ - $ - $ $ - $ 61,300
Total nondepartmental expenses - - - - 61,300
Total operating expenses-budgetary basis $ 3,892,100 $ 3,992,100 3,562,806 $ 429,294 3,728,876
Adjustments to GAAP basis
Capital expenditures (254,496) (380,958)
Depreciation expense-golf 196,814 204,155
Depreciation expense-swimming and tennis 91,224 79,893
Depreciation expense-food and beverage 7,935 5,440
Pension expense-IMRF 72,705 -
OPEB expense 18,526 -
Interfund loan repayment - (61,300)
Total adjustments to GAAP basis 132,708 (152,770)
Total Operating Expenses $ 3,695,514 $ 3,576,106
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INTERNAL SERVICE FUNDS
Self-Insurance Fund—to account for all costs associated with self-insurance risks for employee health
and dental insurance.
Garage Fund—to account for all costs associated with the operation and maintenance of the Village's
vehicle fleet equipment.
Capital Replacement Fund—to account for revenues and expenses relative to the replacement of major
capital equipment, primarily vehicles.
VILLAGE OF OAK BROOK
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS _
As of December 31, 2015
Capital
Self-Insurance Garage Replacement Totals
ASSETS
Current Assets
Cash and investments $ 406,555 $ 197,247 $ 2,046,172 $ 2,649,974
Receivables -`
Accrued interest - - 6,795 6,795
Other 89,720 1,660 - 91,380
Inventories - 34,462 - 34,462
Prepaid items 10,690 - 229,030 239.720
Total Current Assets 506,965 233,369 2,281,997 3,022,331
Noncurrent Assets
Capital assets
Capital assets, net of accumulated -
depreciation - 90.258 3.380.973 3.471.231
Total Noncurrent Assets - 90,258 3.380,973 3,471,231
Total Assets 506,965 323,627 5,662,970 6,493,562
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to pensions - 65,313 - 65,313
Total Deferred Outflows of Resources - 65.313 - 65,313
LIABILITIES _
Current Liabilities
Accounts payable 242,703 16,494 37,536 296,733
Accrued payroll 9,065 30,913 - 39,978 _
Compensated absences payable - 7,205 - 7,205
Unearned revenues 85,275 - - 85,275
Claims payable 68,304 - - 68.304 _
Total Current Liabilities 405.347 54.612 37.536 497.495
Noncurrent Liabilities
Net pension liability- IMRF - 114,556 - 114,556 '-
Other post employment benefits payable - 8,131 - 8,131
Total Noncurrent Liabilities - 122.687 - 122.687
Total Liabilities 405,347 177,299 37,536 620,182
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pensions - 18,451 - 18,451 -'
Total Deferred Inflows of Resources - 18,451 - 18,451
NET POSITION -
Investment in capital assets - 90,258 3,380,973 3,471,231
Unrestricted 101,618 102,932 2,244,461 2.449,011
TOTAL NET POSITION $ 101,618 $ 193,190 $ 5,625,434 $ 5,920,242
Page 113
VILLAGE OF OAK BROOK
-- COMBINING STATEMENT OF REVENUES, EXPENSES, AND
CHANGES IN NET POSITION
INTERNAL SERVICE FUNDS
For the Year Ended December 31, 2015
Capital
Self-Insurance Garage Replacement Totals
OPERATING REVENUES
Charges for services $ 2,753,901 $ 812,415 $ 731,470 $ 4,297,786
Total Operating Revenues 2,753,901 812,415 731,470 4,297,786
OPERATING EXPENSES
Claims and insurance 2,881,575 - - 2,881,575
Operation of facilities - 724,749 - 724,749
Miscellaneous - - 9,886 9,886
Depreciation and amortization - 14,593 479,247 493,840
—' Total Operating Expenses 2,881,575 739,342 489,133 4,110,050
Operating Income(Loss) (127,674) 73,073 242,337 187,736
NONOPERATING REVENUES(EXPENSES)
_ Investment income 161 72 14,110 14,343
Gain (loss) on disposal of capital assets - - 100,983 100,983
Total Nonoperating Revenues
(Expenses) 161 72 115,093 115,326
Change in net position (127,513) 73,145 357,430 303,062
NET POSITION - Beginning of Year(as
restated) 229,131 120,045 5,268,004 5,617,180
NET POSITION -END OF YEAR $ 101,618 $ 193,190 $ 5,625,434 $ 5,920,242
Page 114
VILLAGE OF OAK BROOK
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
For the Year Ended December 31, 2015
Capital
Self-Insurance Garage Replacement Totals
CASH FLOWS FROM OPERATING
ACTIVITIES
Received from customers $ 973,779 $ - $ - $ 973,779
Receipts from internal service transactions 1,759,265 811,672 731,470 3,302,407 _
Paid to suppliers for goods and services (3,039,975) (524,583) (17,164) (3,581,722)
Paid to employees for services - (163,428) - (163,428)
Net Cash Flows From Operating
Activities (306,931) 123,661 714,306 531,036
CASH FLOWS FROM INVESTING
ACTIVITIES '—
Investments sold and matured - - 1,666,613 1,666,613
Investment income 161 72 14,835 15,068
Purchase of investments - - (1,309,944) (1,309,944) "—
Net Cash Flows From Investing Activities 161 72 371,504 371,737
CASH FLOWS FROM CAPITAL AND —'
RELATED FINANCING ACTIVITIES
Proceeds from sale of capital assets - - 136,476 136,476
Acquisition and construction of capital
assets - (15,994) (1,167,016) (1,183,010)
Net Cash Flows From Capital and
Related Financing Activities - (15,994) (1,030,540) (1,046,534)
Net Change in Cash and Cash
Equivalents (306,770) 107,739 55,270 (143,761) —'
CASH AND CASH EQUIVALENTS- Beginning
of Year 713,325 89,508 818,515 1,621,348
CASH AND CASH EQUIVALENTS -END
OF YEAR $ 406,555 $ 197,247 $ 873,785 $ 1,477,587
Page 115
Capital
Self-Insurance Garage Replacement Totals
RECONCILIATION OF OPERATING
INCOME (LOSS)TO NET CASH FLOWS
-- FROM OPERATING ACTIVITIES
Operating income (loss) $ (127,674) $ 73,073 $ 242,337 $ 187,736
Adjustments to Reconcile Operating
Income (Loss)to Net Cash Flows From
Operating Activities
Depreciation - 14,593 479,247 493,840
Changes in assets and liabilities
Accounts receivable (64,039) (743) - (64,782)
Prepaid items (4,707) - - (4,707)
Inventories - 5,044 - 5,044
Deferred outflows- pensions - (65,313) - (65,313)
Accounts payable (102,468) (4,007) (7,278) (113,753)
Claims payable (53,119) - - (53,119)
Accrued salaries 1,894 24,145 - 26,039
Compensated absences payable - (6,127) - (6,127)
Other postemployment benefits payable - 8,131 - 8,131
Net pension liability - 56,414 - 56,414
Deferred inflows-pensions - 18,451 - 18,451
Unearned revenues 43,182 43,182
NET CASH FLOWS FROM
OPERATING ACTIVITIES $ (306,931) $ 123,661 $ 714,306 $ 531,036
RECONCILIATION OF CASH AND CASH
EQUIVALENTS TO THE STATEMENT OF
NET POSITION
Cash and cash equivalents $ 406,555 $ 197,247 $ 873,785 $ 1,477,587
Investments - - 1,172,387 1,172,387
Total Cash and investments $ 406,555 $ 197,247 $ 2,046,172 $ 2,649,974
NONCASH CAPITAL AND RELATED
FINANCING ACTIVITIES
None
Page 116
VILLAGE OF OAK BROOK
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION -BUDGET AND ACTUAL
SELF-INSURANCE FUND- INTERNAL SERVICE FUND _
For the Year Ended December 31, 2015
With Comparative Actual Amounts for the Year Ended December 31, 2014
2015
Budgeted Amounts _
Variance with 2014
Original Final Actual Final Budget Actual
OPERATING _
REVENUES
Charges for services $ 2,914,790 $ 2,914,790 $ 2,753,901 $ (160,889) $ 2,679,004 --
Total Operating
Revenues 2,914,790 2,914,790 2,753,901 (160,889) 2,679,004
OPERATING EXPENSES
Claims and insurance �--
Insurance and
administration 804,400 743,560 743,545 (15) 773,319
Health claims 1,880,000 1,999,220 1,999,219 (1) 1,871,607 --
Dental claims 155,000 138,815 138,811 (4) 141,945
Total Operating
Expenses 2,839,400 2,881,595 2,881,575 (20) 2,786,871
Operating "—
Income (Loss) 75,390 33,195 (127,674) (160,869) (107,867)
NON-OPERATING
REVENUES
(EXPENSES)
Investment income 125 125 161 36 101
Total Non-Operating
Revenues
(Expenses) 125 125 161 36 101
Change in net
position $ 75.515 $ 33.320 (127,513) $ (160,833) (107,766)
NET POSITION
- Beginning of
Year 229,131 336,897
NET
POSITION -
END OF
YEAR $ 101,618 $ 229,131 _
Page 117
VILLAGE OF OAK BROOK
SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL-GARAGE FUND-
INTERNAL SERVICE FUND
For the Year Ended December 31,2015
With Comparative Actual Amounts for the Year Ended December 31,2014
2015
_ Budgeted Amounts
Variance With 2014
Original Final Actual Final Budget Actual
Operating Revenues
Charges for services $ 811,680 $ 811,680 $ 812,415 $ 735 $ 810,065
Total Revenues 811,680 811,680 812,415 735 810,065
Operating Expenses Excluding Depreciation
Garage operations
Personnel 234,595 248,915 248,959 (44) 230,596
Materials and supplies 309,165 281,320 167,395 113,925 247,382
Operation and contractual 237,380 250,905 253,637 (2,732) 243,207
Expenditure reimbursement paid to other fund 37,075 37,075 37,075 - 37,275
Capital 25,000 25,000 15,994 9,006 -
Total operating expenses excluding
depreciation 843,215 843,215 723,060 120,155 758,460
Operating Income(Loss) (31,535) (31,535) 89,355 (119,420) 51,605
Non-Operating Revenues(Expenses)
Investment income 15 15 72 (57) 8
Total non-operating revenues(expenses) 15 15 72 (57) 8
Change in Net Position-Budgetary
Basis $ (31,520) $ (31,520) 89,427 $ (119,477) 51,613
Adjustments to GAAP Basis
Pension expense-IMRF (9,552)
OPEB expense (8,131) -
Capital expenditures 15,994 -
Depreciation and amortization (14,593) (14,460)
Total adjustments to GAAP basis (16,282) (14,460)
Change in Net Position-GAAP basis 73,145 37,153
NET POSITION-Beginning of Year(as restated) 120,045 141,034
NET POSITION-END OF YEAR $ 193,190 $ 178,187
Page 118
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VILLAGE OF OAK BROOK
SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL
CAPITAL REPLACEMENT FUND-INTERNAL SERVICE FUND
For the Year Ended December 31,2015
With Comparative Actual Amounts for the Year Ended December 31,2014
2015
Budgeted Amounts
Variance With 2014
Original Final Actual Final Budget Actual
Operating Revenues
Charges for services $ 731,470 $ 731,470 $ 731,470 $ - $ 624,155
Total Revenues 731,470 731,470 731,470 - 624,155
Operating Expenses Excluding Depreciation
Capital expenditures 718,600 1,067,290 937,987 129,303 1,173,993
Miscellaneous - 9,890 9,886 4 14,215
Total operating expenses excluding
depreciation 718,600 1,077,180 947,873 129,307 1,188,208
Operating Income(Loss) 12,870 (345,710) (216,403) (129,307) (564,053)
Non-Operating Revenues(Expenses)
Gain(loss)on disposal of capital assets 50,000 50,000 100,983 (50,983) 64,803
Investment income 10,000 10,000 14,110 (4,110) (11,945)
Total non-operating revenues(expenses) 60,000 60,000 115,093 (55,093) 52,858
Change in Net Position-Budgetary
Basis $ 72,870 $ (285,710) (101,310) $ (184,400) (511,195)
Adjustments to GAAP Basis
Capital expenditures 937,987 1,173,993
Depreciation and amortization (479,247) 428,181
Total adjustments to GAAP basis 458,740 745,812
Change in Net Position-GAAP basis 357,430 234,617
NET POSITION-Beginning of Year 5,268,004 5,033,387
NET POSITION-END OF YEAR $5,625,434 $5,268,004
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PENSION TRUST FUNDS
Police Pension Fund—to account for the accumulation of resources to pay pension costs. Resources are
contributed by sworn police personnel at rates fixed by state statutes and by the Village as a percentage
of payroll based upon an annual actuarial valuation.
Firefighter's 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
COMBINING STATEMENT OF FIDUCIARY NET POSITION
PENSION TRUST FUNDS
As of December 31, 2015
Firefighters'
Police Pension Pension Totals
ASSETS _
Cash $ 33,804 $ 40,705 $ 74,509
Investments
Certificates of deposit 622,208 622,176 1,244,384 _
Money markets 651,813 1,275,129 1,926,942
U.S. treasuries - 365,995 365,995
U.S. agencies 4,254,323 2,955,426 7,209,749
State and local obligations 1,447,380 1,006,124 2,453,504
Corporate bonds 4,885,134 4,182,441 9,067,575
Mutual funds 18,902,179 13,276,987 32,179,166
Equities 942,409 - 942,409
Accrued interest 121,033 97,509 218,542
Prepaid items 2,960 2,103 5,063
Total Assets 31,863,243 23,824,595 55,687,838
LIABILITIES _
Accounts payable 12,015 12,909 24,924
Total Liabilities 12,015 12,909 24,924
NET POSITION
Restricted for pension benefits 31,851,228 23,811,686 $ 55,662,914
Page 120
VILLAGE OF OAK BROOK
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
PENSION TRUST FUNDS
For the Year Ended December 31, 2015
Firefighters'
Police Pension Pension Total
ADDITIONS
Contributions
Employer $ 1,336,683 $ 1,414,530 $ 2,751,213
Employee 358,499 269,349 627,848
Other 48 - 48
Total Contributions 1,695.230 1.683.879 3.379.109
Investment income
Net depreciation in fair value of investments (1,891,652) (1,439,894) (3,331,546)
Interest 1.544,850 1,247.789 2.792,639
Total Investment Income (346,802) (192,105) (538,907)
Less Investment expense 83.213 64.461 147.674
_. Net Investment Income (430.015) (256.566) (686,581)
Total Additions 1.265.215 1.427.313 2.692.528
DEDUCTIONS
Benefits and refunds 2,346,686 2,615,406 4,962,092
Administrative 38.647 46.351 84.998
Total Deductions 2,385.333 2,661,757 5,047,090
Net Decrease in Net Position (1,120,118) (1,234,444) (2,354,562)
NET POSITION - Beginning of Year 32.971,346 25,046.130 58.017,476
NET POSITION, END OF YEAR $ 31,851,228 $ 23,811,686 $ 55,662,914
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Statistical Section
This part of the Village's comprehensive annual financial report presents detailed information
as a context for understanding what the information in the financial statements, not disclosures, and
required supplementary information says about the Village's overall financial health.
Contents Paqe
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. 122- 131
Revenue Capacity
These schedules contain information to help the reader assess the factors affecting
the Village's ability to generate it's property and sales taxes. 132- 138
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. 139- 143
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. 144- 157
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. 158 - 161
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
Net Position by Component
Last Ten Fiscal Years
2006 2007 2008 2009 _
Governmental Activities
Net investment in capital assets $ 63.0 $ 62.4 $ 61.6 $ 60.6
Restricted - - - -
Unrestricted 17.7 19.7 22.7 16.9
Total Governmental Activities $ 80.7 $ 82.1 $ 84.3 $ 77.5
Business-type Activities
Net investment in capital assets $ 23.3 $ 22.7 $ 24.5 $ 24.5
Unrestricted 5.0 7.0 5.8 5.5
Total Business-type Activities $ 28.3 $ 29.7 $ 30.3 $ 30.0
Primary Government
Net investment in capital assets $ 86.3 $ 85.1 $ 86.1 $ 85.1
Restricted - - - -
Unrestricted 22.7 26.7 28.5 22.4
Total Primary Government $ 109.0 $ 111.8 $ 114.6 $ 107.5
Note: GASB Statement 68 was implemented in 2015
Data Source
Audited Financial Statements
Data in millions
Page 122
2010 2011 2012 2013 2014 2015
$ 55.3 $ 56.2 $ 57.6 $ 59.3 $ 60.7 $ 60.7
3.5 9.4 9.4 9.8 11.5 11.3
17.4 13.7 14.0 13.3 12.1 (27.2)
$ 76.2 $ 79.3 $ 81.0 $ 82.4 $ 84.3 $ 44.8
$ 26.5 $ 28.5 $ 30.0 $ 29.6 $ 30.6 $ 31.3
3.6 1.8 1.2 4.6 3.7 2.2
$ 30.1 $ 30.3 $ 31.2 $ 34.2 $ 34.3 $ 33.5
$ 81.8 $ 84.7 $ 87.6 $ 88.9 $ 91.3 $ 92.0
3.5 9.4 9.4 9.8 11.5 11.3
21.0 15.5 15.2 17.9 15.8 (25.0)
$ 106.3 $ 109.6 $ 112.2 $ 116.6 $ 118.6 $ 78.3
Page 123
VILLAGE OF OAK BROOK
Changes in Net Position
Last Ten Fiscal Years
2006 2007 2008 2009
Expenses
Governmental Activities
General government $ 4.7 $ 5.3 $ 6.2 $ 5.3
Public safety 12.0 12.3 12.6 11.9
Public works 4.1 4.3 3.2 11.9
Culture and recreation 1.9 1.8 2.0 1.7
Interest on long-term debt 0.1 0.1 0.1 0.1
Total Governmental Activities Expenses 22.8 23.8 24.1 30.9
Business-type Activities
Water 3.9 4.4 3.9 4.0 _
Sports core 3.7 3.7 3.8 3.5
Total Business-type Activities Expenses 7.6 8.1 7.7 7.5
Total Primary Government Expenses $ 30.4 $ 31.9 $ 31.8 $ 38.4
Program Revenues
Governmental Activities
Charges for services
General government $ 1.2 $ 1.7 $ 1.3 $ 1.1 _
Public safety 0.8 0.9 0.8 0.8
Other activities 0.0 0.0 0.0 0.1
Operating grants and contributions 0.3 0.5 0.4 0.3
Capital grants - _
Total Governmental Activities Program Revenues 2.3 3.1 2.5 2.3
Business-type Activities
Charges for services
Water 4.4 4.6 4.0 4.0
Sports Core 3.6 3.8 3.6 3.3
Total Business-type Activities Program Revenues 8.0 8.4 7.6 7.3
Total Primary Government Program Revenues $ 10.3 $ 11.5 $ 10.1 $ 9.6
Net(expense)revenue
Governmental activities $ (20.5) $ (20.7) $ (21.6) $ (28.6)
Business-type activities 0.4 0.3 (0.1) (0.2)
Total Primary Government Net(Expense)Revenue $ (20.1) $ (20.4) $ (21.7) $ (28.8)
Page 124
i
2010 2011 2012 2013 2014 2015
$ 3.9 $ 4.2 $ 3.7 $ 4.3 $ 4.5 $ 5.3
13.2 12.3 13.4 13.7 14.7 24.6
4.4 4.9 6.1 4.8 4.9 7.7
1.7 1.7 1.8 1.8 2.0 1.5
-' 0.4 0.4 0.4 0.4 0.3 0.3
23.6 23.5 25.4 25.0 26.4 39.4
4.5 4.9 5.6 6.3 7.0 8.0
3.1 3.1 3.3 3.4 3.6 3.7
7.6 8.0 8.9 9.7 10.6 11.7
$ 31.2 $ 31.5 $ 34.3 $ 34.7 $ 37.0 $ 51.1
$ 1.4 $ 1.1 $ 1.6 $ 2.1 $ 1.9 $ 1.8
1.1 1.5 1.1 1.1 1.2 1.2
0.3 0.3 0.3 0.4 0.4 0.2
0.7 0.7 - 0.5 0.3 -
3.5 3.6 3.0 4.1 3.8 3.2
5.1 5.3 6.7 6.9 7.0 7.7
2.5 2.9 3.2 3.2 3.1 3.2
7.6 8.2 9.9 10.1 10.1 10.9
$ 11.1 $ 11.8 $ 12.9 $ 14.2 $ 13.9 $ 14.1
$ (20.1) $ (19.9) $ (22.4) $ (20.9) $ (22.6) $ (36.2)
0.2 1.0 0.4 (0.5) (0.8)
(20.1) $ (19.7) $ (21.4) $ (20.5) $ (23.1) $ (37.0
Page 125
VILLAGE OF OAK BROOK
Changes in Net Position(continued)
Last Ten Fiscal Years
2006 2007 2008 2009
General Revenues and Other Changes in Net Position
Governmental Activities
Taxes
Sales and local use taxes $ 14.2 $ 14.4 $ 16.1 $ 14.2
Utility 3.8 4.2 4.5 4.9 _
Other 1.5 2.5 2.5 2.5
Investment earnings 0.7 0.8 0.5 0.1
Miscellaneous 0.2 0.2 0.3 -
Transfers - - _ _
Total Governmental Activities 20.4 22.1 23.9 21.7
Business-type Activities
Investment earnings 0.2 0.3 0.2 -
Miscellaneous - 0.8 0.2 -
Transfers - _ _ _
Total Business-type Activities 0.2 1.1 0.4 -
Total Primary Government $ 20.6 $ 23.2 $ 24.3 $ 21.7
Change in Net Position
Governmental activities $ (0.1) $ 1.4 $ 2.3 $ (6.9)
Business-type activities 0.6 1.4 0.3 (0.2)
Total Primary Government Change in Net Position $ 0.5 $ 2.8 $ 2.6 $ (7.1)
Note:GASB Statement 68 was implemented in 2015
Data Source
Audited Financial Statements
Data in millions
i
Page 126
2010 2011 2012 2013 2014 2015
$ 16.1 $ 16.0 $ 16.7 $ 17.3 $ 17.7 $ 18.1
4.7 4.7 4.9 5.0 5.2 5.7
2.3 2.2 2.5 2.4 2.5 2.8
0.1 - - 0.1 (0.2) 0.2
- - - - - 0.2
- - (0.2) (0.5) (0.5)
23.2 22.9 24.1 24.6 24.7 26.5
(0.1) - - - -
0.2 0.5 0.5
(0.1) - - 0.2 0.5 0.5
$ 23.1 $ 22.9 $ 24.1 $ 24.8 $ 25.2 $ 27.0
$ 3.1 $ 3.0 $ 1.7 $ 3.7 $ 2.1 $ (9.7)
(0.1) 0.2 1.0 0.6 - (0.3)
$ 3.0 $ 3.2 $ 2.7 $ 4.3 $ 2.1 $ (10.0)
Page 127
VILLAGE OF OAK BROOK
Fund Balances of Governmental Funds
Last Ten Fiscal Years
2006 2007 2008 2009 2010 2011
General Fund
Reserved $ 1,292,073 $ 1,291,112 $ 1,291,975 $ 1,495,000 $ - $
Unreserved 11,731,876 12,152,083 11,493,855 10,787,853 - -
Nonspendable - - - - 1,917,000 2,087,000 _
Restricted - - - - - -
Unrestricted
Committed - - - - - 364,483
Assigned - - - - - -
Unassigned - - - - 11,708,050 13,532,992
Total General Fund $ 13,023,949 $ 13,443,195 $ 12,785,830 $ 12,282,853 $ 13,625,050 $ 15,984,475
Infrastructure Fund
Unreserved $ 1,919,422 $ 2,110,918 $ 4,792,595 $ 4,682,620 $ - $ -
Nonspendable - - - - 337,699 - _
Restricted - - - - 5,004,945 5,864,870
Total Infrastructure Fund $ 1,919,422 $ 2,110,918 $ 4,792,595 $ 4,682,620 $ 5,342,644 $ 5,864,870
All Other Governmental Funds
Restricted $ - $ - $ - $ - $ 3,672,971 $ 3,451,553 •--�
Unreserved, reported in
Special revenue fFunds 780,902 1,365,470 2,225,973 2,986,576 - -
Capital project fund 15,156 17,407 136,330 225,075
Nonspendable - - - - - -
Total All Other Governmental
Funds $ 796,058 $ 1,382,877 $ 2,362,303 $ 3,211,651 $ 3,672,971 $ 3,451,553
Data Source
Audited Financial Statements
Note: GASB No. 54 was implemented in 2010.
Page 128
2012 2013 2014 2015
2,545,898 168,016 109,092 53,406
224,878 224,878 - -
_ - 102,525 205,050 -
14,772,181 15,902,982 15,799,127 17,206,014
$ 17,542,957 $ 16,398,401 $ 16,113,269 $ 17,259,420
5,398,644 5,152,351 6,706,262 5,791,896
$ 5,398,644 $ 5,152,351 $ 6,706,262 $ 5,791,896
$ 3,924,483 $ 4,560,128 $ 4,826,298 $ 5,504,093
- - 775 775
$ 3,924,483 $ 4,560,128 $ 4,827,073 $ 5,504,868
Page 129
VILLAGE OF OAK BROOK
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
2006 2007 2008 2009 2010
Revenues
Sales tax revenue $ 11,461,184 $ 11,396,397 $ 10,873,975 $ 9,748,649 $ 11,121,649
Non-home rule sales tax 2,641,030 2,618,565 4,874,978 4,410,438 4,833,425
Other intergovernmental 1,535,507 1,711,638 1,893,862 1,771,733 2,545,066
Utility taxes 3,822,020 4,247,675 4,520,563 4,922,115 4,669,414
Hotel/motel taxes 416,507 1,262,808 1,137,614 882,649 881,887
Licenses and permits 858,401 850,965 720,847 741,380 843,139
Charges for services 835,390 832,008 839,504 695,630 943,638 ._.
Fines and penalties 292,331 375,717 345,937 313,395 229,246
Investment income 562,590 682,728 431,753 80,345 110,837
Donations 25,311, 45,150 - - - -�
Miscellaneous 190,225 281,864 391,106 403,580 532,891
Total Revenues 22,640,496 24,305,515 26,030,139 23,969,914 26,711,192
Expenditures
General government 5,052,804 5,529,429 5,846,600 4,932,449 3,522,790
Public safety 12,047,821 12,156,303 12,280,965 11,496,681 12,536,938
Public works 2,338,619 2,460,937 2,394,176 10,458,211 4,036,771
Culture and recreation 1,855,514 1,746,352 2,011,660 1,596,440 1,536,853
Capital outlay 855,582 1,214,933 493,000 994,776 382,039
Debt service - - - 1,706,163 1,769,263
Interest and issuance costs - - - 95,415 462,997
Total Expenditures 22,150,340 23,107,954 23,026,401 31,280,135 24,247,651
Excess of rvenues over(under)
Expenditures 490,156 1,197,561 3,003,738 (7,310,221) 2,463,541
Other Financing Sources(Uses)
Transfers in - - - - - _
Transfers out - - - - -
Debt sssuance - - - 9,788,606 -
Debt issuance premium - - - 8,861 -
Payment to refund bond escrow agent - - - (2,250,850) -
Sale of capital assets - - - - -
Total Other Financing Sources(Uses) - - - 7,546,617
Net Change in Fund Balances $ 490,156 $ 1,197,561 $ 3,003,738 $ 236,396 $ 2,463,541
Debt Service as a percentage of
Noncapital Expenditures 0.00% 0.00% 0.00% 5.95% 9.35%
Data Source
Audited Financial Statements
Page 130
2011 2012 2013 2014 2015
$ 11,070,404 $ 11,326,929 $ 11,385,834 $ 12,149,324 $ 12,346,857
4,833,972 5,230,137 5,171,232 5,384,857 5,637,241
2,411,395 1,841,378 2,530,416 2,274,102 1,925,962
4,657,683 4,900,869 5,047,306 5,203,835 5,673,868
853,638 940,008 964,684 1,049,631 1,194,811
948,872 1,201,998 1,686,269 1,448,471 1,385,341
1,089,783 970,778 1,021,858 1,044,934 1,058,929
_ 248,120 231,865 184,959 189,060 177,588
31,018 47,363 86,287 (155,427) 138,593
323,742 355,548 364,452 424,552 625,504
26,468,627 27,046,873 28,443,297 29,013,339 30,164,694
3,319,839 3,600,061 4,289,515 5,072,205 4,331,061
11,755,031 12,986,730 13,440,798 14,324,720 14,597,010
4,698,190 4,706,731 4,457,705 4,937,146 7,520,877
1,569,377 1,638,863 1,684,276 1,898,393 1,635,690
281,457 607,097 - - -
1,827,087 1,842,163 1,876,754 425,000 384,913
386,259 375,042 362,129 346,094 326,465
23,837,240 25,756,687 26,111,177 27,003,558 28,796,016
2,631,387 1,290,186 2,332,120 2,009,781 1,368,678
- 275,000 - 156,840 -
- (725,324) (630,897) (459,098)
28,846 - - - -
28,846 275,000 (725,324) (474,057) (459,098)
$
2,660,233 $ 1,565,186 $ 1,606,796 $ 1,535,724 $ 909,580
9.40% 8.82% 8.57% 2.86% 2.47%
Page 131
VILLAGE OF OAK BROOK
Assessed Value and Actual Value of Taxable Property
Last Ten Levy Years
(data in thousands)
Less: Total Taxable
Levy Residential Commercial Industrial Railroad Tax-Exempt Assessed
Year Property Property Property Property Property Value
2005 $ 934,030 $ 547,901 $ - $ - $ - $ 1,481,931
2006 1,011,883 566,390 - - - 1,578,273
2007 1,089,808 598,096 - - - 1,687,904
2008 1,179,126 607,923 - - - 1,787,049 _
2009 1,176,749 562,531 - - - 1,739,280
2010 1,088,414 511,191 - - - 1,599,605 _
2011 1,003,641 490,189 - - - 1,493,830
2012 910,922 448,374 - 13 - 1,359,309
2013 856,140 419,122 - 13 - 1,275,275
2014 849,811 414,919 - 13 - 1,264,743
Data Source
Office of the County Clerk
Note : Property in the Village is reassessed each year. Property is assessed at 33% of actual value.
Other Information from Statement:
The Statement requires that the information in this schedule be shown for each period for which levied and should be
consistent with the periods shown in the schedule of direct and overlapping revenue rates and schedule of property tax
levies and collections. Therefore, most Illinois governments should disclose this by the tax levy year, not the fiscal year. _
Page 132
Total Estimated Estimated
Direct Actual Actual
Tax Taxable Taxable
Rate Value Value
$ - $ 4,445,793 33.333%
4,734,819 33.333%
5,063,712 33.333%
5,361,147 33.333%
5,217,840 33.333%
4,798,815 33.333%
4,481,490 33.333%
- 4,077,927 33.333%
3,825,825 33.333%
3,794,229 33.333%
Page 133
VILLAGE OF OAK BROOK _
Property Tax Rates-Direct and Overlapping Governments
Last Ten Levy Years
Tax Levy Year 2005 2006 2007 2008 2009 2010 2011
Tax Rates
Village of Oak Brook $ - $ - $ - $ - $ - $ - $
Basic Town 0.3961 0.3878 0.3662 0.3567 0.3579 0.3875 0.4166
Junior College#502 0.1874 0.1929 0.1888 0.1858 0.2127 0.2349 0.2495
Grade School#53 0.8530 0.8319 0.8060 0.7936 0.8159 0.9164 1.0099
High School#86 1.1910 1.1418 1.0943 1.0804 1.0948 1.2011 1.3362
Oak Brook Park District 0.1621 0.1583 0.1530 0.1504 0.1555 0.1740 0.1904
Total Tax Rates $ 2.7896 $ 2.7127 $ 2.6083 $ 2.5669 $ 2.6368 $ 2.9139 $ 3.2026
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 _
Page 134
2012 2013 2014
0.4567 0.4892 0.4993
0.2681 0.2956 0.2975
1.1465 1.2491 1.2932
1.4984 1.5681 1.5921
0.2174 0.2369 0.2442
$ 3.5871 $ 3.8389 $ 3.9263
Page 135
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VILLAGE OF OAK BROOK
Principal Revenue Taxpayers
Current Year and Nine Years Ago
2015 2006
Sales Sales
_ Taxes Taxes
Taxpayer Revenue Taxpayer Revenue
Apple Computer Inc. Apple Computer
Costco Wholesale Costco Wholesale
-- Lord &Taylor LLC Macy's
Macy's Macy's Home Store
_ Neiman Marcus Neiman Marcus
Nordstrom Rack Nordstrom Rack
Nordstrom, Inc. Nordstrom, Inc.
Room & Board Inc. Sears Roebuck&Co.
Sears Roebuck&Co. Tiffany&Co.
Tiffany&Co. Walter E. Smithe Furniture
Top 10 total $ 5,821,885 * Top 10 total $ 5,750,885
Total Sales Tax Revenue $ 12,376,637 * Total Sales Tax Revenue $ 11,649,570
Top 10 as a Percent of Sales Top 10 as a Percent of Sales
Tax Revenue 47.04% Tax Revenue 49.37%
*Data presented on cash basis.
Data Source
Illinois Department of Revenue-above represents January 1 - December 31 Village cash collections.
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.
Page 136
VILLAGE OF OAK BROOK
Direct and Overlapping Sales Tax Rates
Last Ten Levy Years
Village DuPage County Regional
Fiscal Direct State DuPage County Water Transportation
Year Rate Rate Rate Commission Authority
2006 1.00% 5.00% 0.25% 0.25% 0.25%
2007 1.00% 5.00% 0.25% 0.25% 0.25%
2008 1.00% 5.00% 0.25% 0.25% 0.75%
2009 1.00% 5.00% 0.25% 0.25% 0.75%
2010 1.00% 5.00% 0.25% 0.25% 0.75%
2011 1.00% 5.00% 0.25% 0.25% 0.75%
2012 1.00% 5.00% 0.25% 0.25% 0.75%
2013 1.00% 5.00% 0.25% 0.25% 0.75%
2014 1.00% 5.00% 0.25% 0.25% 0.75%
2015 1.00% 5.00% 0.25% 0.25% 0.75%
Data Source
Village and County Records
Page 137
i
Village
Non-Home Rule Total
Rate Rate
0.25% 7.00%
0.25% 7.00%
0.50% 7.75%
0.50% 7.75%
0.50% 7.75%
0.50% 7.75%
0.50% 7.75%
0.50% 7.75%
0.50% 7.75%
0.50% 7.75%
Page 138
VILLAGE OF OAK BROOK _
Ratios of Outstanding Debt By Type
Last Ten Fiscal Years
Governmental Business-Type
Activities Activities Ratio of Total
Fiscal Installment Installment Total Outstanding Debt
Year Notes Notes Capital Primary To Equalized
Ended Payable Payable Leases Government Assessed Valuation*
2006 $ 2,735,000 $ 885,000 $ 82,378 $ 3,702,378 0.25%
2007 2,485,000 720,000 42,195 3,247,195 0.21% .__.
2008 2,225,000 525,000 - 2,750,000 0.16%
2009 12,332,443 325,000 - 12,657,443 0.71% _
2010 10,563,180 731,511 - 11,294,691 0.65%
2011 8,736,093 462,674 - 9,198,767 0.58%
2012 6,984,930 168,837 - 7,153,767 0.48% _
2013 5,017,176 - - 5,017,176 0.37%
2014 4,592,176 - - 4,592,176 0.36%
2015 4,207,263 - - 4,207,263 0.33%
Note: Details of the Village's outstanding debt can be found in the notes to the financial statements.
* See the Schedule of Demographic and Economic Information on page 110 for personal income and population
data.
Page 139
Total Total
Outstanding Outstanding
Debt Per Debt Per
Personal Income Capita*
0.25% $ 425.46
0.22% 373.16
0.19% 316.02
0.86% 1,454.54
0.76% 1,297.94
0.89% 1,166.91
0.69% 907.49
0.48% 636.46
0.44% 582.54
0.41% 533.71
Page 140
THIS PAGE IS INTENTIONALLY LEFT BLANK
e
VILLAGE OF OAK BROOK
Schedule of Direct and Overlapping Bonded Debt
December 31, 2015
(2)
*Percentage
(1) of Debt (3)
_ Gross Applicable to "Government's
Governmental Unit Bonded Debt Government Share of Debt
Village of Oak Brook $ 555,000 100% $ 555,000
DuPage County 247,963,636 3.89% 9,645,785
DuPage Forest Preserve 201,820,799 3.89% 7,850,829
DuPage Water Commission - 4.31% -
Park Districts 2,916,094 75.41% 2,199,026
Elementary School Districts 76,545,000 3.97% 3,038,837
High School Districts 157,330,000 9.37% 14,741,821
Junior College 502 213,870,000 4.03% 8,618,961
Unit District 205 109,469,946 5.35% 5,856,642
Subtotal-Overlapping Debt $ 1,009,915,475 $ 51,951,902
Total Direct and Overlapping Debt $ 1,010,470,475 $ 52,506,902
* Determined by ratio of assessed value of property subject to taxation in overlapping
unit to value of property subject to taxation in the Village of Oak Brook, Illinois.
** Amount in column (2) multiplied by amount in column (1).
Totals may not be exact due to rounding.
Data Source
Office of the County Clerk
_. Page 141
VILLAGE OF OAK BROOK
Legal Debt Margin Information
Last Ten Fiscal Years
2006 2007 2008 2009 2010
Legal debt limit $ 127,816,578 $ 136,066,752 $ 145,581,763 $ 154,132,970 $ 150,013,021
Total net debt 3,620,000 3,205,000 2,750,000 2,400,000 2,055,000
applicable to limit
Legal debt margin $ 124,196,578 $ 132,921,063 $ 142,831,763 $ 151,732,970 $ 147,958,021
Total net debt applicable 2.83% 2.35% 1.89% 1.56% 1.37%
to the limit as a
percentage of debt limit —�
i
�r-
Page 142
2011 2012 2013 2014 2015
$ 137,966,087 $ 128,842,981 $ 117,240,487 $ 109,992,484 $ 109,084,108
1,710,000 1,335,000 1,080,000 820,000 555,000
$ 136,256,087 $ 127,507,981 $ 116,160,487 $ 109,172,484 $ 108,529,108
1.24% 1.04% 0.92% 0.75% 0.51%
Legal Debt Margin Calculation for Fiscal 2015
Assessed Value $1,264,743,279
Legal debt margin 8.625%
Debt limit 109,084,108
Debt applicable to limit
General obligation bonds 555,000
Legal debt margin $ 108,529,108
Page 143
VILLAGE OF OAK BROOK
Demographic and Economic Information
Last Ten Fiscal Years
Per Capita Total (2)
Fiscal Personal Personal Unemployment
Year Population Income Income Rate
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 8.0%
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%
2015 7,883 (E) 131,719 1,038,340,877 4.7%
(A)Actual _
(E) Estimate
Note: Latest information available
Data Source
U.S. Bureau of Labor Statistics
s
s
Page 144
VILLAGE OF OAK BROOK
Principal Employers
Current Year and Nine Years Ago
2015 2006
Percentage of Total Percentage of
Employer Rank Employees Village Population Rank Employees Village Population
Oakbrook Center Mall 1 4,500 57.1% 1 3,500 40.2%
McDonald's Corporation 2 3,000 38.1% 2 2,800 32.2%
Advocate Healthcare 3 1,098 13.9% 4 580 6.7%
Ace Hardware 4 900 11.4% 3 1,000 11.5%
Inland Real Estate Group of Companies 5 642 8.1%
Hub Group 6 600 7.6%
ADT Security Services,Inc. 7 360 4.6%
TreeHouse Foods 8 325 4.1%
Lion's Club International 9 300 3.8% 8 300 3.4%
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
Informaion prior to 2006 was unavailable
Page 145
VILLAGE OF OAK BROOK
Retail Sales Volume-Top 25 Illinois Communities
State Collection Period January 1, 2015 Through December 31, 2015 _
(1)
Estimated Sales 2015
Municipality Rank Sales Per Capita Population
Chicago 1 $ 27,998,336,800 $ 10,387 2,695,598
Naperville 2 3,335,765,200 23,516 141,853
Schaumburg 3 3,200,503,200 43,118 74,227
Springfield 4 2,825,113,200 24,302 116,250 _
Rockford 5 2,322,821,100 15,195 152,871
Peoria 6 2,192,689,300 19,066 115,007
Aurora 7 2,162,736,800 10,928 197,899 "'-
Joliet 8 2,150,452,800 14,586 147,433
Orland Park 9 2,061,293,800 36,311 56,767
Champaign 10 1,606,970,500 19,826 81,055 _
Skokie 11 1,604,369,400 24,765 64,784
Glenview 12 1,562,299,100 34,957 44,692 _
Niles 13 1,522,029,100 51,070 29,803
Mount Prospect 14 1,496,011,200 27,618 54,167
Elgin 15 1,454,190,000 13,441 108,188
Vernon Hills 16 1,410,311,600 56,159 25,113
Bolingbrook 17 1,398,967,700 19,068 73,366
Bloomington 18 1,374,398,800 17,940 76,610 _
Tinley Park 19 1,322,690,100 23,327 56,703
Downers Grove 20 1,284,057,500 26,845 47,833
Gurnee 21 1,280,462,900 40,916 31,295 _
Oak Brook 22 1,235,726,800 156,758 7,883
Arlington Heights 23 1,202,846,400 16,016 75,101
Elmhurst 24 1,197,758,100 26,910 44,509 _
Oak Lawn 25 1,186,222,100 20,925 56,690
Source: Illinois Department of Revenue-Local Tax Allocation Division and the U.S. Census Bureau.
Note (1): Distributions to municipalities of the 1% municipal tax were used to calculate the estimated retail sales.
Actual sales tax amounts were received by the municipalities March 1, 2015 through February 29, 2016.
Page 146
VILLAGE OF OAK BROOK
Sales Tax Receipts
Cash Basis
Last Ten Fiscal Years
Fiscal Year Village Share/ %Change from Non-Home rule %Change from Total %Change from
Ended State Sales Preceding Sales Tax Preceding Sales Tax Preceding
December 31 Tax Receipts Year Receipts Year Receipts Year
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%
2015 12,376,637 3.1% 5,667,235 6.2% 18,043,872 4.1%
Source: Village Records
Note: The Village's Non-Home rule sales tax rate increased from.25%to.50%in 2008.
Page 147
VILLAGE OF OAK BROOK
State Sales Tax Receipts By Month
Cash Basis
Last Five Fiscal Years
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year -"
Month Ended 12/31/11 Ended 12/31/12 Ended 12/31/13 Ended 12/31/14 Ended 12/31/15 FY 2012
January $ 895,308 $ 861,209 $ 871,423 $ 965,587 $ 989,753 -3.8%
February 956,493 940,756 968,174 1,007,170 1,069,783 -1.6%
March 1,477,682 1,537,599 1,564,960 1,684,678 1,707,798 4.1%
April 666,930 723,341 810,073 668,268 796,933 8.5%
May 695,977 754,571 792,731 746,691 748,968 8.4% --
June 871,520 914,767 887,312 982,179 1,004,066 5.0%
July 877,924 835,975 851,415 911,040 928,749 -4.8%
August 933,061 905,677 917,736 994,734 1,011,901 -2.9%
September 926,998 820,913 956,861 1,070,696 993,355 -11.4%
October 900,670 859,114 947,429 980,261 1,011,858 -4.6%
November 938,459 1,020,879 1,026,555 1,039,263 1,086,052 8.8%
December 907,539 973,045 1,046,394 953,862 1,027,421 7.2%
Total $ 11,048,561 $ 11,147,846 $ 11,641,063 $ 12,004,429 $ 12,376,637 0.9%
Source: Village Records
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Percentage Change
From Preceding Year
FY 2013 FY 2014 FY 2015
1.2% 10.8% 2.5%
2.9% 4.0% 6.2%
1.8% 7.6% 1.4%
12.0% -17.5% 19.3%
5.1% -5.8% 0.3%
-3.0% 10.7% 2.2%
1.8% 7.0% 1.9%
1.3% 8.4% 1.7%
16.6% 11.9% -7.2%
10.3% 3.5% 3.2%
0.6% 1.2% 4.5%
7.5% -8.8% 7.7%
�- 4.4% 3.1% 3.1%
Page 149
VILLAGE OF OAK BROOK
Non-Home Rule Sales Tax Receipts By Month
Cash Basis _
Last Five Fiscal Years
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
Month Ended 12/31/11 Ended 12/31/12 Ended 12/31/13 Ended 12/31/14 Ended 12/31/15
January $ 400,224 $ 379,832 $ 400,764 $ 432,662 $ 457,128
February 445,276 424,255 444,306 447,936 495,179
March 672,765 715,934 740,816 758,692 795,630
April 286,122 314,634 337,086 292,394 361,858
May 305,329 346,379 332,311 331,429 338,862
June 390,791 422,481 396,344 416,907 457,660
July 396,236 385,728 390,534 405,594 423,983
August 418,978 419,118 418,782 436,072 469,228
September 417,209 443,846 433,709 457,975 456,114 _
October 409,666 395,512 414,622 439,287 468,027
November 389,815 435,755 420,938 453,963 474,287
December 407,154 448,755 441,524 463,924 469,279
Total $ 4,939,565 $ 5,132,229 $ 5,171,736 $ 5,336,835 $ 5,667,235
Source: Village Records
Page 150
Percentage Change
From Preceding Year
FY 2012 FY 2013 FY 2014 FY 2015
-5.1% 5.5% 8.0% 5.7%
-4.7% 4.7% 0.8% 10.5%
6.4% 3.5% 2.4% 4.9%
10.0% 7.1% -13.3% 23.8%
13.4% -4.1% -0.3% 2.2%
8.1% -6.2% 5.2% 9.8%
-2.7% 1.2% 3.9% 4.5%
0.0% -0.1% 4.1% 7.6%
6.4% -2.3% 5.6% -0.4%
-3.5% 4.8% 5.9% 6.5%
11.8% -3.4% 7.8% 4.5%
10.2% -1.6% 5.1% 1.2%
3.9% 0.8% 3.2% 6.2%
Page 151
VILLAGE OF OAK BROOK
Sales Tax By Category
Last Ten Fiscal Years
Fiscal Years 2006 2007 2008 2009 2010 2011 2012
General Merchandise $ 3,031,452 $ 2,384,953 $ 2,064,241 $ 1,864,664 $ 1,988,286 $ 2,025,257 $ 2,087,873
Food 46,714 56,332 54,585 68,576 49,666 45,910 49,616
Drinking and eating places 1,181,813 1,266,893 1,248,272 1,270,903 1,388,881 1,428,598 1,506,289
Apparel 3,051,925 3,075,294 2,876,511 2,711,321 2,987,468 3,034,654 3,110,107
Furniture, H.H.and radio 961,241 1,080,877 1,076,836 840,999 957,980 975,472 1,090,244
Lumber,building and hardware 104,720 85,382 39,312 32,472 17,588 12,853 24,600
Automotive and filling stations 1,465,864 1,544,153 1,708,234 1,568,808 1,623,980 1,509,528 1,619,343
Drugs and other retail 1,285,354 1,240,805 1,141,709 1,046,055 1,265,890 1,472,117 1,124,986
Agriculture and all others 451,957 491,738 507,663 414,462 354,622 422,368 418,871
Manufacturers 68,531 72,399 72,003 100,642 83,952 126,281 174,572
Total $11,649,570 $11,298,826 $10,789,368 $ 9,918,901 $10,718,314 $11,053,036 $11,206,502
Village direct sales tax rate 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
Source: Illinois Department of Revenue-Local Tax Allocation Division
Note: Gross receipts include both Cook and DuPage County 1%municipal sales tax. Amounts reflect sales tax collected by the Village betwi
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Page 152
2013 2014 2015
$ 1,859,342 $ 1,611,302 $ 1,408,191
52,331 57,974 170,497
1,615,029 1,717,184 1,770,370
3,065,618 3,141,898 3,078,876
1,251,860 1,421,458 1,606,454
10,653 8,686 6,623
1,674,689 1,682,593 1,698,040
1,250,569 1,530,596 1,817,539
421,724 486,652 506,631
687,312 451,814 238,943
$11,889,128 $12,110,156 $12,302,164
1.00% 1.00% 1.00%
sen April 1 and March 31 as reported by the State.
Page 153
VILLAGE OF OAK BROOK
Non-Home Rule Sales Tax By Category
Last Ten Fiscal Years
Fiscal Years 2006 2007 2008 2009 2010 2011
General Merchandise $ 743,530 $ 590,403 $ 1,024,873 $ 926,187 $ 973,309 $ 1,006,608
Food 5,150 8,577 19,275 20,652 19,332 20,436
Drinking and eating places 294,331 315,085 615,357 632,360 692,224 710,688
Apparel 762,294 768,375 1,433,462 1,353,324 1,492,720 1,516,414
Furniture, H.H. and radio 240,036 269,738 534,252 419,064 478,065 486,841
Lumber, building and hardware 26,171 21,290 19,735 16,233 8,807 6,427
Automotive and filling stations 204,893 207,328 410,617 419,622 438,722 413,502
Drugs and other retail 278,768 275,639 501,254 455,080 496,243 522,092
Agriculture and all others 108,407 108,766 224,370 191,955 160,284 190,247
Manufacturers 17,079 18,064 35,964 50,271 41,947 63,114
Total $ 2,680,660 $ 2,583,266 $ 4,819,159 $ 4,484,747 $ 4,801,654 $ 4,936,368
Village non-home rule sales tax rate 0.25% 0.25% 0.50% 0.50% 0.50% 0.50%
Source: Illinois Department of Revenue-Local Tax Allocation Division _._.
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. --
Not(The Village's Non-Home rule sales tax increased from .25%to.50%effective January 1,2008.
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Page 154
2012 2013 2014 2015
$ 1,028,630 $ 923,522 $ 799,234 $ 697,506
22,769 24,206 26,475 82,154
749,294 804,095 854,898 880,598
1,554,292 1,532,230 1,570,256 1,538,617
544,734 624,646 707,730 801,746
12,299 5,326 4,341 3,290
444,986 462,595 461,447 454,848
574,857 581,045 717,631 862,594
186,919 189,403 221,375 233,499
75,056 74,826 78,163 80,757
$ 5,193,836 $ 5,221,895 $ 5,441,550 $ 5,635,608
0.50% 0.50% 0.50% 0.50%
Page 155
VILLAGE OF OAK BROOK
Budgeted Full-Time Equivalent Employees
Last Ten Fiscal Years
Function/Program 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
111 Board of Trustees 1.00 1.00 0.50 0.50 0.50 0.75 0.50 0.50 0.50 0.50
112 Village Clerk 2.75 3.25 3.25 3.25 1.50 1.75 1.95 1.25 1.25 2.75 _
121 Legal 0.25 0.25 0.25 0.25 0.25 0.25 0.35 0.25 0.25 0.25
131 General Management 3.25 3.25 2.50 2.50 2.25 3.00 2.55 2.50 3.00 2.00
132 Human Resources 1.00 1.00 1.00 1.50 1.75 1.50 1.75 2.00 2.00 2.00
134 Risk Management 0.50 0.50 0.50 0.50 0.50 0.50 0.40 0.50 0.50 0.50
136 General Services 1.25 1.25 1.25 1.25 2.00 1.75 1.35 0.00 0.00 0.00
137 Business Licenses 0.25 0.25 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
138 Communications and Marketing 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.50 0.00
141 Purchasing 1.50 1.50 1.50 0.00 0.50 0.50 0.85 1.00 1.00 1.00
151 Information Services 3.50 3.50 3.50 3.00 2.25 2.00 2.60 2.00 2.00 2.00
Legislative and General Management Total 15.25 15.75 14.25 12.75 11.50 12.00 12.30 10.00 11.00 11.00
211 Financial Services Management 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
221 Accounting and Reporting 4.50 4.50 4.50 5.00 3.00 2.75 2.75 3.00 3.00 3.00
231 Customer Service 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.50 1.50 1.50
Financial Services Total 5.50 5.50 5.50 6.00 4.00 3.75 3.75 5.50 5.50 5.50
321 Buildings and Grounds 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
341 Garage Operations 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00
351 Water Operations 7.50 7.50 7.50 7.50 6.50 6.00 6.00 7.00 7.00 7.00
360 Public Works Management 3.00 3.00 3.00 3.00 2.50 2.50 2.00 2.50 2.50 2.50 _
361 Streets-General Salaries 8.00 8.00 8.00 8.00 8.00 8.00 8.00 6.50 6.50 6.50
Public Works Total 21.50 21.50 21.50 21.50 20.00 19.50 19.00 19.00 19.00 19.00
460 Engineering 4.00 4.00 4.00 4.00 3.50 3.25 3.50 3.50 3.50 3.50
Engineering and Capital Projects Total 4.00 4.00 4.00 4.00 3.50 3.25 3.50 3.50 3.50 3.50 ----
511 Library General Operations 7.00 7.00 7.00 7.00 4.00 4.50 5.25 5.50 5.50 6.50
521 Technical Services 2.50 2.50 2.50 2.50 3.00 2.75 2.75 2.00 2.00 2.00
531 Reference and User Services 2.50 2.50 2.50 2.50 1.75 2.25 2.50 3.00 3.00 2.00
541 Youth Services 2.75 2.75 2.75 2.75 1.50 2.00 1.50 1.50 2.00 2.00
Library Total 14.75 14.75 14.75 14.75 10.25 11.50 12.00 12.00 12.50 12.50
(Continued)
Page 156
VILLAGE OF OAK BROOK
Budgeted Full-Time Equivalent Employees(Continued)
Last Ten Fiscal Years
Function/Program 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
611 Police Services Management 3.00 3.00 3.00 3.00 3.00 2.00 2.00 3.00 3.00 3.00
621 Police Field Services 35.00 35.00 36.25 35.25 31.50 31.50 32.20 31.00 31.00 31.00
622 Police Auxiliary 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5.00
631 Police General Support 2.50 3.00 3.50 3.50 3.00 3.00 3.00 4.00 4.00 4.00
632 Police Investigations 6.00 7.00 7.00 6.00 8.00 8.00 7.00 6.00 6.00 6.00
633 Village Communications Center 11.00 12.00 12.50 12.00 9.00 7.00 0.00 0.00 0.00 0.00
634 Police Support Services 3.00 3.00 3.00 3.00 2.50 2.50 6.55 3.50 3.50 3.50
635 Police Public Relations/Crime Prevention 2.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
636 Police Adjudication 0.00 0.00 0.00 0.00 0.00 0.50 0.00 0.00 0.00 0.00
Police Total 62.50 63.00 65.25 62.75 57.00 54.50 50.75 47.50 47.50 52.50
_ 700 Fire and EMS-General Salaries- 33.00 33.00 33.00 33.00 31.00 31.00 31.00 31.00 31.00 31.00
711 Rescue and Fire Service Management 3.00 3.00 3.00 2.50 1.50 1.50 1.50 1.50 2.20 2.85
741 Fire Prevention and Public Safety Education 2.00 2.00 2.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fire Total- 38.00 38.00 38.00 35.50 32.50 32.50 32.50 32.50 33.20 33.85
811 Sports Core General Operations 2.75 2.75 2.75 2.25 1.75 1.50 0.75 0.25 1.50 0.50
821 Sports Core Food&Beverage Operations 2.00 2.50 2.50 2.75 0.00 0.50 0.50 0.50 1.00 1.50
823 Golf Club Food&Beverage Operations - - - 0.25 0.50 0.50 0.50 0.50 0.50 0.50
831 Golf Club General Operations 3.25 3.25 3.25 3.25 2.75 2.25 2.00 2.00 2.00 2.00
834 Golf Course Maintenance 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00
Sports Core Total 11.00 11.50 11.50 11.50 8.00 7.75 6.75 6.25 8.00 7.50
911 Community Development Management 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.50 2.50
_ 921 Code Enforcement 3.00 4.00 4.00 3.50 3.50 3.50 4.25 4.25 5.50 6.00
Community Development Total 5.00 6.00 6.00 5.50 5.50 5.50 6.25 6.25 8.00 8.50
GRAND TOTAL ALL DEPARTMENTS 177.50 180.00 180.75 174.25 152.25 150.25 146.80 142.50 148.20 153.85
*Summary represents full-time equivalent positions not including seasonal,temporary or situational employees. Regular part-time employee hours have been
rounded to the nearest quarter full-time equivalent
-Six contract firefighter/paramedics are used to supplement the full-time complement of firefighter/paramedics.
-Part-time positions that are filled by off-duty full-time Fire
_ Department personnel are not included. These positions include Fire
Prevention Inspectors,Building Inspectors,Administrative Aide,EMS
Director,Public Safety Information Coordinator,and CPR Coordinator.
Source: Village Records
Page 157
VILLAGE OF OAK BROOK
Operating Indicators
Last Ten Fiscal Years
Function/Program 2006 2007 2008 2009 2010
Public Safety
Police
Physical arrests 330 319 293 399 357 -'
Parking violations 579 1,472 1,420 1,113 877
Traffic violations 3,984 4,240 3,371 3,464 4,090
Fire
EMS incidents 1,138 1,093 1,118 1,069 1,006
Fire incidents 716 823 752 802 918
Communications Center
Police calls dispatched 10,864 10,880 10,667 9,911 9,666
Fire/EMS calls dispatched 2,013 2,250 2,214 2,176 2,240
Water
New water meters installed 31 31 21 10 10 _
Water main breaks repaired 63 109 58 63 59
Water pumped(mil. gals.) 1,261 1,336 1,210 1,105 1,136
Library _
Total circulation 96,414 99,009 96,631 90,287 87,906
Avg. daily circulation 286.1 292.1 282.5 267.9 260.5
Total holdings 103,951 106,181 105,493 111,051 116,386
Community Development
Building permits issues 947 856 742 606 696
Inspections 2,268 1,754 1,772 2,090 2,193
Estimated construction value $ 76,294,249 $ 81,953,372 $ 46,663,489 $ 51,776,407 $ 51,559,533
Sports Core
B&T recreation membership 302 291 303 259 300
Social Memberships 106 120 129 80 64
Total events 224 226 202 123 39
Golf memberships 262 235 226 219 207
Total golf rounds 42,324 43,561 40,336 39,686 37,750
Data Source
Various village departments
n/a Information was unavailable for this given period.
Page 158
2011 2012 2013 2014 2015
267 234 178 196 208
1,245 636 501 306 299
3,374 3,137 2,897 2,986 2,082
1,091 1,113 1,191 1,321 1,329
788 656 667 742 600
9,666 12,696 18,552 19,853 19,442
2,156 2,071 2,294 2,448 2,246
11 14 15 16 33
50 61 48 36 17
1,060 1,173 1,113 1,080 1,152
84,768 91,017 93,300 90,485 91,205
253.0 269.0 274.0 265.0 270.0
124,757 128,343 131,658 131,973 102,441
705 770 811 837 850
2,139 2,311 2,617 2,648 2,790
$ 58,775,804 $ 76,987,646 $ 131,935,998 $ 110,922,495 $ 174,948,935
320 363 347 338 307
59 67 68 82 81
35 56 66 72 65
182 154 146 143 142
35,196 38,637 34,670 33,861 34,019
Page 159
VILLAGE OF OAK BROOK
Capital Asset Statistics
Last Ten Fiscal Years
Function/Program 2006 2007 2008 2009 2010 2011
Public Safety
Police
Stations 1 1 1 1 1 1
Area patrols 5 5 5 5 4 5
Patrol units 15 15 15 15 12 11
Fire
Fire stations 2 2 2 2 2 2
Engine 1 1 1 1 1 1
Truck 1 1 1 1 1 1
Squad 1 1 1 1 1 1
Ambulances 2 2 2 2 2 2 _
Incident command vehicle 1 1 1 1 1 1
Reserve apparatus 4 4 4 4 4 4
Staff&support vehicles 5 5 5 5 5 5 _
Public Works
Arterial streets(miles) 8.5 8.5 8.5 8.5 8.5 8.5
Residential streets(miles) 49 49 49 49 49 49 --
Streetlights 565 565 565 565 565 565
Traffic intersections 11 11 11 11 11 11
Water
Water mains(miles) 115 115 105 105 105 105
Fire hydrants 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.
Data Source
Various village departments
Page 160
2012 2013 2014 2015
1 1 1 1
5 5 5 5
11 11 11 11
2 2 2 2
1 1 1 1
1 1 1 1
1 1 1 1
2 2 2 2
1 1 1 1
4 4 4 4
5 5 4 3
8.5 8.5 8.5 8.5
49 49 49 49
565 565 565 565
11 11 11 11
105 105 105 105
1,500 1,500 1,500 1,500
8.0 mil. 8.0 mil. 8.0 mil. 8.0 mil.
Page 161
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