CAFR (Year Ended December 31, 2017)VILLAGE OF OAK BROOK
COMPREHENSIVE AN NUAL FINANCIAL REPORT
For the Year Ended December 31, 2017
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
OF THE
VILLAGE OF OAK BROOK, ILLINOIS
As of and for the Year Ended December 31, 2017
Prepared by the Finance Department
Jason Paprocki
Finance Director
VILLAGE OF OAK BROOK
TABLE OF CONTENTS
As of and for the Year Ended December 31, 2017
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-W ide 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 -
Governmental 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 - 29
Statement of Revenues, Expenses and Changes in Net Position - Proprietary
Funds 30 - 31
Statement of Cash Flows - Proprietary Funds 32 - 35
Statement of Fiduciary Net Position - Fiduciary Funds 36
Statement of Changes in Fiduciary Net Position - Fiduciary Funds 37
Index to Notes to Financial Statements 38
Notes to Financial Statements 39 - 84
REQUIRED SUPPLEMENTARY INFORMATION
General Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget
and Actual - General Fund 85
VILLAGE OF OAK BROOK
TABLE OF CONTENTS (cont.)
As of and for the Year Ended December 31, 2017
REQUIRED SUPPLEMENTARY INFORMATION (cont.)
Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget
and Actual - Hotel/Motel Tax Fund 86
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 87
Illinois Municipal Retirement Fund - Schedule of Employer Contributions 88
Police Pension Fund - Schedule of Changes in the Village's Net Pension
Liability and Related Ratios 89
Police Pension Fund - Schedule of Employer Contributions 90 - 91
Police Pension Fund - Schedule of Investment Returns 92
Firefighters' Pension Fund - Schedule of Changes in the Village's Net Pension
Liability and Related Ratios 93
Firefighters' Pension Fund - Schedule of Employer Contributions 94 - 95
Firefighters' Pension Fund - Schedule of Investment Returns 96
Other Postemployment Benefit Plan - Schedule of Employer Contributions and
Schedule of Funding Progress 97
Notes to Required Supplementary Information 98
SUPPLEMENTARY INFORMATION
General Fund
Schedule of Revenues - Budget and Actual - General Fund 99
Schedule of Expenditures - Budget and Actual - General Fund 100 - 104
Governmental Funds
Combining Balance Sheet - Nonmajor Governmental Funds 105
Combining Statement of Revenues, Expenditures and Changes in Fund Balances -
Nonmajor Governmental Funds 106
Schedules of Revenues, Expenditures and Changes in Fund Balances (Deficit) -
Budget and Actual
Motor Fuel Tax Fund - Nonmajor Special Revenue Fund 107
Infrastructure Fund - Major Capital Projects Fund 108 - 111
Promenade TIF Fund - Major Capital Projects Fund 112
Proprietary Funds
Schedule of Revenues, Expenses and Changes in Net Position - Budget and
Actual - W aterworks System Fund - Major Enterprise Fund 113
VILLAGE OF OAK BROOK
TABLE OF CONTENTS (cont.)
As of and for the Year Ended December 31, 2017
SUPPLEMENTARY INFORMATION (cont.)
Schedule of Operating Expenses - Budget and Actual - W aterworks System Fund -
Major Enterprise Fund 114
Schedule of Revenues, Expenses and Changes in Net Position - Budget and
Actual - Sports Core Fund - Major Enterprise Fund 115
Schedule of Operating Revenues - Budget and Actual - Sports Core Fund - Major
Enterprise Fund 116
Schedule of Operating Expenses - Budget and Actual - Sports Core Fund - Major
Enterprise Fund 117 - 119
Schedule of Revenues, Expenses and Changes in Net Position - Budget and
Actual - Golf Surcharge Fund - Nonmajor Enterprise Fund 120
Internal Service Funds
Combining Statement of Net Position - Internal Services Funds 121
Combining Statement of Revenues, Expenses and Changes in Net Position -
Internal Service Funds 122
Combining Statement of Cash Flows - Internal Service Funds 123 - 124
Statement of Revenues, Expenses and Changes in Net Position - Budget and
Actual
Self-Insurance Fund - Internal Service Fund 125
Garage Fund - Internal Service Fund 126
Capital Replacement Fund - Internal Service Fund 127
Fiduciary Funds
Combining Statement of Fiduciary Net Position - Pension Trust Funds 128
Combining Statement of Changes in Fiduciary Net Position - Pension Trust Funds 129
STATISTICAL SECTION
Net Position by Component - Last Ten Fiscal Years 130 - 131
Changes in Net Position - Last Ten Fiscal Years 132 - 135
Fund Balances of Governmental Funds - Last Ten Fiscal Years 136 - 137
Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years 138 - 139
Assessed Value and Estimated Actual Value of Taxable Property - Last Ten Fiscal
Years 140 - 141
Property Tax Rates - Direct and Overlapping Governments - Last Ten Levy Years 142 - 143
Principal Revenue Taxpayers - Current and Nine Years Ago 144
Direct and Overlapping Sales Tax Rates - Last Ten Fiscal Years 145 - 146
Ratios of Outstanding Debt by Type - Last Ten Fiscal Years 147 - 148
VILLAGE OF OAK BROOK
TABLE OF CONTENTS (cont.)
As of and for the Year Ended December 31, 2017
STATISTICAL SECTION (cont.)
Schedule of Direct and Overlapping Bonded Debt 149
Legal Debt Margin Information - Last Ten Fiscal Years 150 - 151
Demographic and Economic Information - Last Ten Fiscal Years 152
Principal Employers - Current and Nine Years Ago 153
Retail Sales Volume - Top 25 Illinois Communities 154
Sales Tax Receipts - Cash Basis - Last Ten Fiscal Years 155
State Sales Tax Receipts by Month - Cash Basis - Last Five Fiscal Years 156 - 157
Non-Home Rule Sales Tax Receipts by Month - Cash Basis - Last Ten Fiscal Years 158 - 159
Sales Tax by Category - Last Ten Fiscal Years 160 - 161
Non-Home Rule Sales Tax by Category - Last Ten Fiscal Years 162 - 163
Budgeted Full-Time Equivalent Employees - Last Ten Fiscal Years 164 - 165
Operating Indicators - Last Ten Fiscal Years 166 - 167
Capital Assets Statistics - Last Ten Fiscal Years 168 - 169
Village of
Oak Brook
1200 Oak Brook Road
Oak Brook, IL 60523 -2255
Website
www .oak-b rook.org
A dmin is tration
630.368.5000
FAX 630.368 .504S
Develop men t Services
630 .368.510 I
FAX 630.368.5128
Fi re Depar tm en t
630.368.5200
FAX 630.368.5251
Po li ce Department
630.368.8700
FAX 630.368.8739
Public Works
De part ment
630.368.5270
FAX 630.368.529S
Oak Bro ok
Public Library
600 Oak Brook Road
Oak Brook, IL 60523-2200
630.368 .7700
FAX 630.368. 7704
Oak Brook S p orts Core
Bath & T ennis C lu b
700 Oak Brook Road
Oak Brook. IL 60523-4600
630.368.6420
FAX 630.368.6439
Golf C lu b
2606 York Road
Oak Brook, IL 60523-4602
630.368.6400
FAX 630.368.6419
May 2 , 2018
Honorable Gopal Lalmalani , Village President
Board of Trustees
Citizens of the Village of Oak Brook, Illinois:
Illinois state statute requires that all general-purpose local governments
publish, within six months of the close of each fiscal year, a complete set
of financial statements presented in conformity with United States
Generally Accepted Accounting Principles (GAAP) and audited in
accordance with generally accepted auditing standards by a firm of
independent licensed certified public accountants. This repo11 is published
to fu lfi ll that requirement for the year ended December 31 , 2017.
Responsibility for both the accuracy of the presented data and the
completeness and fairness of the presentation, including all disclosures ,
rest with the management of the Village. We believe to the best of our
knowledge, as presented, the data is accurate in all material respects and
presented in a manner designed to fair ly set forth the financial position and
results of the operations.
Management of the Vi ll age is responsible for establishing and maintaining
internal controls designed to ensure that the assets of the Village are
protected from loss , theft or misuse and to ensure that sufficient, reliable ,
adequate accounting data is compiled fo r the preparation of financial
statements in conformity with GAAP. Internal accounting controls have
been designed to provide reasonable rather than absolute assurance that
the financials statements will be free from material misstatement. We
believe that the Village's internal controls adequately safeguard assets and
provide reasonable assurance of properly recorded financ ial transactions.
In addition , the Village maintains budgetary controls. The objective of
these controls is to ensure compliance with legal provisions embodied in
the annual budget approved by the Village Board. All disbursements
receive approval from the Board of Trustees. The Village also maintains
an encumbrance system that is used as an extension of forma l budgetary
integration.
The Village's financial statements have been audited by Baker Tilly
Virchow Krause LLP, a firm of licensed certified public accountants. The
independent audit is to provide reasonable assurance that the financial
statements of the Village of Oak Brook are free of material misstatements.
The independent audit involved examining, on a test basis, evidence supporting the
amounts and 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 ,
2017, the independent audito rs concluded , that there was a reasonable basis for rendering
an unmodified opinion on the Village 's financial statements. The independent auditors '
report is presented as the first component of the financial section of this report.
Management 's discussion and analysis (MD&A) immediately follows the independent
auditor's report and provides a nanative introduction, overview and analysis of the basic
financial statements. The MD&A complements this letter of transmittal and should be
read in conjunction w ith it.
Profile of the Village of Oak Brook
The Village of Oak Brook is located approximately 15 mi !es 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 Vill age. The
Tri -State Tollway (1-294), running along the Village 's eastern boundary, provides rapid
access to the northern and southern suburbs, and into Wisconsin and Indiana. The East-
West Tollway (I-88), passing tlu·ough 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 bounded on the north by the
communities of Lombard, Vi ll a Park, E lmhurst and Oak Brook Terrace and on the south
by Downers Grove , Westmont , Clarendon Hill s and Hinsdale.
The Village of Oak Brook operates under the Village form of government with an elected
Vil lage 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 (po lice and fire),
public works, road maintenance, community development and recreation faci li ties and a
free public library.
For additional information concerning the Village, please visit our website at wwvv.oak-
brook.org.
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 large corporations have facilities in the
Village, including the corporate headquarters of TreeHouse Foods , Hub Group, 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
11
Brook is comprised of 41 ,766 jobs (2017 , IDES , Where Workers Work); of them , 17.8%
are in the Administrative and Support field, Waste Management, and Remedial services,
14.7% are in the Management of Companies and Enterprises field , and 11.3% are in the
health care and social assistance field. 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 Vi ll age has seen many revenue sources show signs of improvement
compared to levels seen during the economic crisis in 2009. 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 decreased
$587,90 I , or 4.5% compared to last year's co ll ections. The decrease was primarily due
to significant non-routine collections the Village experienced during 2016 from a large
taxpayer. Overall, sales tax revenue has increased nearly $2.5 million since 2009.
Oak Brook's estimated construction va lue indicates a positive trend between the years of
2013 through 2017 , with the high corning in 2017 at $176.5 million. Total construction
value in 2017 increased $76.5 m illion compared to 2016 due to many large projects , such
as Christ Church and Midwest Orthopedics at Rush. Total building permits issued during
2017 came in at 943 , which is an increase of 102 compared to 2016 permits. Overall,
development has been strong over the past five years and is expected to remain strong
tlu·ough 2018 and beyond.
New Commercial Development
There have been many changes and improvements in Oakbrook Center. Hyatt House
hotel opened for business in fall 2017. Michael Jordan's restaurant opened during
summer 2017. Roka Akor and Rock Sugar opened for business in winter 2017. Carvana
is cuITently constructing a vehicle distribution site and is expected to be operational by
fall 2018. The former Sears building is currently under redeve lopment with new
businesses moving in over the next year, including L.L. Bean and KidZania.
Rush University Medical Center and Midwest Orthopedics broke ground in early 2017 on
a 100,000 square-foot professional building. The total cost of the building is expected to
be $65 million, with a completion date of spring 2019. Hub Group plans to expand its
corporate headquarters with construction expected to begin in late 2018 or early 2019.
Long-term Financial Planning
The Village uses a number of processes to accomp li sh 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.
Ill
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-pub lici zed policy of maintaining a cash and investment reserve in the
General Fund that meets or exceeds six months of annual operating expenses. The six-
month policy level, which is higher than many other municipalities, was establi shed 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
Providing safe , efficient, and well maintained infrastructure continues to be a major goal
for the Village. The Village has accomplished many things during 2017 to help realize
th is goal.
1n 2017, electrical system upgrades were performed at the Municipal Complex, the lower
level restroom renovation project at the Butler Government Center was started , six
vehicles were replaced, a fire department special utility vehicle was added to the fleet,
and renovation and expansion plans in the police department were finalized with
construction planned for 2018 .
During 2017, the Village began a Village-wide water meter replacement project. The
project is expected to be completed by the end of 2018. Approximately 5,000 old water
meters are scheduled to be replaced at a total cost of $3 million.
iv
Various street improvements were performed throughout the Village, including the York
Road repaving project. Various pedestrian access improvements in the vicin ity of the
Oakbrook Center shopping area were completed. The 22nd Street (Salt Creek to I-294)
median beautification project was completed .
There were also many improvements made at the Sports Core this year. The Bath and
Tenn is Clubhouse received many upgrades, includin g new flooring , light fixtures , and
other cosmetic design changes. Also, new furniture was purchased for the pool area.
Included in the 2018 General Fund budget is the Police Depa11ment renovation and
expansion project. The Water Fund has the continuation of the Village-wide water meter
replacement project budgeted for 2018. The Sports Core is planning swimming pool
improvements, a new sign on 31st Street, replacement of the golf ca11 fleet , and Golf C lu b
furniture and interior improvements. For a full listing of planned capital improvements,
you can review the 2018-2022 Five-Year Plan at: http://www.oak-
brook.org/304/Financial-Documents.
Awards and Acknowledgements
The Govenunent 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 Amrnal Financial Repo11 for the year ended
December, 31, 2016.
In order to be awarded a Certificate of Achievement , a governmental unit must publish an
easily readable and efficiently organized comprehensive arurnal 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 va lid for a period of one year only . The Village has
successfully obtained the Certificate of Achievement for 40 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 arumal budget for the 2017 fisca l year. In order to receive this
award , a goverrunental unit must publish a budget document that meets program criteria
as a policy document, as an operations guide , as a :financia l plan, and as a
communications device. This is the fifth consecutive year the Village has received this
award.
The preparation of this report cou ld not be possible 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
V
and support in planning and conducting the financial operations of the Village in a
responsible and progressive manner.
Jason Paprocki
Finance Director
VI
ResidentsofOak BrookVillage Presidentand Board of TrusteesVillage Clerk Village Manager Village Attorney (General)Finance Director Chief of Police Fire Chief Public Works Director Development ServicesDirector Head Librarian Golf Course Grounds Superintendent Boards andCommissionsVillage of Oak BrookOrganization ChartFiscal Year 2017Village Attorney(Labor) Information Technology Services Director
ix
VILLAGE OF OAK BROOK, ILLINOIS
PRINCIPAL OFFICIALS
December 31, 2017
Gopal Lalmalani, Village President
Charlotte K. Pruss, Village Clerk
BOARD OF TRUSTEES
Moin Saiyed John Baar
Michael Manzo Asif Yusuf
Philip Cuevas Edward Tiesenga
MANAGEMENT TEAM
Riccardo Ginex
Village Manager
Jason Paprocki
Finance Director
Doug Patchin
Public Works Director
Tony Budzikowski
Development Services Director
James Fox
Information Technology Director
Barry Liss
Fire Chief
Jacob Post
Head Librarian
James Kruger
Police Chief
Sean Creed
Golf Course Superintendent
Page 1
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, 2017, 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.
To the Honorable President and Board of Trustees
Village of Oak Brook
Page 2
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, 2017 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.
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 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, 2017 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, 2017 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,
2017, 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 for the year ended December 31,
2017.
To the Honorable President and Board of Trustees
Village of Oak Brook
Page 3
We also previously audited, in accordance with auditing standards generally accepted in the United States of
America, the basic financial statements of the Village of Oak Brook as of and for the year ended December 31,
2016 (not presented herein), and have issued our report thereon dated April 25, 2017, which contained
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 supplementary information for
the year ended December 31, 2016 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 2016 financial statements.
The information has been subjected to the auditing procedures applied in the audit of the 2016 basic financial
statements and certain additional procedures, including comparing and reconciling such information directly to
the underlying accounting and other records used to prepare those financial statements or to those 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 for the year ended December 31,
2016.
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 them.
Oak Brook, Illinois
May 2, 2018
(See independent auditors’ report)
4
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
December 31, 2017
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, 2017. 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
• For the year ending December 31, 2017, the Village’s total (combined governmental and
business-type) assets and deferred outflows of resources exceeded liabilities and deferred
inflows of resources by $86.0 million (referred to as net position).
• The Village’s total net position increased by $4.8 million, or 5.9%, compared to the prior
year.
• The governmental activities reported total net position of $49.5 million, which is an
increase of $2.7 million, or 5.8%, in comparison to the prior year. The unrestricted
portion of the net position is a $27.1 million deficit, which is attributed to the Village’s
unfunded pension liabilities.
• The business-type activities reported total net position of $36.5 million, which is an
increase of $2.1 million, or 6.1%, in comparison to the prior year. The unrestricted
portion of the net position is $6.6 million.
• The Village had a total (governmental and business-type activities combined) unrestricted
net position deficit of $20.5 million at December 31, 2017.
• Total revenues increased $0.9 million, or 2.0%, in comparison to the prior year. Of the
total increase, governmental activities revenues decreased $0.4 million and business-type
activities revenues increased $1.3 million.
• Total expenses decreased $1.0 million, or 2.4%, in comparison to the prior year. Of the
total decrease, governmental activities expenses decreased $1.1 million and business-type
activities expenses increased $0.1 million.
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
5
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, operations of the Oak Brook Sports
Core, and the collection of golf surcharge fees.
Fund Financial Statements
Traditional users of governmental financial statements will find the Fund Financial Statements to
be more familiar. The focus of the presentation is on major funds rather than fund types. A fund
is a grouping of related accounts that is used to maintain control over resources that have been
segregated for specific activities or objectives. The Village, like other state and local
governments, uses fund accounting to ensure and demonstrate compliance with finance-related
legal requirements. All of the funds of the Village can be divided into three categories:
governmental funds, proprietary funds, and fiduciary funds.
Governmental Funds. Governmental funds are used to account for essentially the same
functions reported as governmental activities in the government-wide financial statements.
However, unlike the government-wide financial statements, governmental fund financial
statements focus on near-term inflows and outflows of spendable resources, as well as balances
of spendable resources available at the end of the fiscal year. Such information may be useful in
evaluating a government’s near-term financing requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial
statements, it is useful to compare the information presented for governmental funds with similar
information presented for governmental activities in the government-wide financial statements.
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
6
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, Infrastructure Fund, and Promenade
TIF Fund, all of which are considered to be “major” funds. Data from the other two
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, the operations of the Oak Brook Sports
Core, and the collection of the golf surcharge fees. 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. The Golf Surcharge fund is considered to be a non-
major enterprise fund. 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 35 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. The Village does not adopt an annual budget for either of these
funds.
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
7
The basic fiduciary fund financial statements can be found on pages 36 and 37 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 39 through 84 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
pension obligations to provide benefits to its employees. Required supplementary information
can be found on pages 85 through 98 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 105 through 127 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, 2017.
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.
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
8
Statement of Net Position
The following table reflects a Summary of Net Position for fiscal years 2017 and 2016.
Table 1
Statement of Net Position Summary
As of December 31, 2017 and 2016
(in millions)
2017 2016 2017 2016 2017 2016
Assets
Current and Other Assets 40.8$ 38.4$ 8.6$ 5.3$ 49.4$ 43.7$
Capital Assets 61.8 60.7 29.9 30.6 91.7 91.3
Total Assets 102.6$ 99.1$ 38.5$ 35.9$ 141.1$ 135.0$
Deferred Outflows of Resources 6.8$ 7.2$ 0.7$ 0.9$ 7.5$ 8.1$
Liabilities
Long-Term Liabilities 51.3$ 54.2$ 1.7$ 1.5$ 53.0$ 55.7$
Other Liabilities 2.9 3.2 1.0 0.7 3.9 3.9
Total Liabilities 54.2$ 57.4$ 2.7$ 2.2$ 56.9$ 59.6$
Deferred Inflows of Resources 5.7$ 2.1$ -$ 0.2$ 5.7$ 2.3$
NET POSITION
Net Investment in Capital Assets 61.8$ 60.5$ 29.9$ 30.5$ 91.7$ 91.0$
Restricted 14.8 12.4 - - 14.8 12.4
Unrestricted (27.1) (26.1) 6.6 3.9 (20.5) (22.2)
Total Net Position 49.5$ 46.8$ 36.5$ 34.4$ 86.0$ 81.2$
Governmental
Activities
Business-Type
Activities
Total Primary
Government
Cash and investments, which is included in current and other assets, increased $6.3 million, or
18.8% compared to the prior year. Total governmental and business-type cash was $39.9 million
at December 31, 2017.
The Village’s combined net position increased from $81.2 million to $86.0 million, or $4.8
million, during 2017. The Village’s combined unrestricted net position also increased $1.7
million during 2017. The unrestricted portion of net position remains a deficit balance due to the
unfunded pension liabilities, but showed improvement in 2017.
The net investment in capital assets is the largest portion of net position. This represents capital
assets (land, buildings, improvements, equipment, infrastructure and construction in progress),
net of accumulated depreciation, and the outstanding related debt used to acquire the assets. The
Village uses these capital assets to provide services to its citizens and these assets are not
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
9
available for future spending. For more detailed information, see the Statement of Net Position
on page 17.
Summary of Changes in Net Position
The following table summarizes the revenues and expenses found on the Statement of Activities
for 2017 and 2016:
Table 2
Statement of Activities Summary
For the Fiscal Year Ended December 31, 2017 and 2016
(in millions)
2017 2016 2017 2016 2017 2016
Revenues
Program Revenues
Charges for Services 3.9$ 3.5$ 13.4$ 12.2$ 17.3$ 15.7$
Grants and Contributions 0.2 0.3 - - 0.2 0.3
General Revenues
Sales and Local Use Taxes 18.3 19.3 - - 18.3 19.3
Utility Taxes 6.0 6.0 - - 6.0 6.0
Other Taxes 3.0 2.7 - - 3.0 2.7
Investment Income 0.3 0.2 0.1 - 0.4 0.2
Miscellaneous - 0.1 - - - 0.1
Total Revenues 31.7$ 32.1$ 13.5$ 12.2$ 45.2$ 44.3$
Expenses
General Government 5.7$ 4.7$ -$ -$ 5.7$ 4.7$
Public Safety 17.4 17.2 - - 17.4 17.2
Public Works 3.8 6.4 - - 3.8 6.4
Culture and Recreation 1.8 1.5 - - 1.8 1.5
Waterworks System - - 7.9 8.0 7.9 8.0
Sports Core - - 3.5 3.3 3.5 3.3
Interest and Fiscal Charges 0.3 0.3 - - 0.3 0.3
Total Expenses 29.0$ 30.1$ 11.4$ 11.3$ 40.4$ 41.4$
Change in Net Position 2.7$ 2.0$ 2.1$ 0.9$ 4.8$ 2.9$
Net Position - Beginning of Year 46.8 44.8 34.4 33.5 81.2 78.3
Net Position - End of Year 49.5$ 46.8$ 36.5$ 34.4$ 86.0$ 81.2$
Governmental Business-Type Total Primary
Activities Activities Government
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
10
Total revenues increased $0.9 million, or 2.0%, compared to the prior year. The increase is
primarily from an increase in water sales revenue due to a rate increase and increases in building
permit revenues from increased economic development. This is offset by a decrease in sales and
local use tax revenues compared to last year.
Total expenses decreased $1.0 million, or 2.4%, compared to the prior year, which is primarily
due to a decrease in roadway resurfacing projects compared to last year.
Governmental Activities
Revenues – Governmental Activities
Charges for
Services, 12.3%
Grants and
Contributions , 0.6%
Sales and Local
Use Taxes, 57.7%
Utility Taxes ,
18.9%
Other Taxes, 9.5%
Investment
Income , 1.0%
Revenues By Source -Governmental Activities
For the fiscal year ended December 31, 2017, revenues totaled $31.7 million, a decrease of $0.4
million from 2016. Revenue from sales and use taxes, which continues to be the Village’s
largest revenue source, amounted to $18.3 million, or 57.7% of total revenue. Sales and use tax
revenue decreased $1.0 million, or 5.2%, from 2016 due to large non-routine receipts received in
2016 and the implementation of the State’s 2% administration fee on collecting revenues. Utility
taxes, which include the taxes imposed on electric, natural gas, and telecommunications services,
were $6.0 million, or 18.9% of total revenue. Utility tax revenue was flat compared to 2016.
The “other taxes” classification includes a number of different revenue sources including income
taxes, personal property replacement taxes, and hotel taxes. For 2017, these revenues were $3.0
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
11
million, or 9.5% of total revenues. Other taxes increased $0.3 million, or 11.1%, from 2016 due
to increases in TIF real estate taxes and personal property replacement taxes.
The “charges for services” classification includes number of different licenses, permits, and fees.
For 2017, these revenues were $3.9 million, or 12.3% of total revenues. Charges for services
increased $0.4 million, or 11.4%, from 2016 due to increases in building permit revenue.
Expenses by Function – Governmental Activities
General
Government,
19.7%
Public Safety,
60.0%
Public Works,
13.1%
Culture and
Recreation, 6.2%
Interest and Fiscal
Charges , 1.0%
Expenses by Function -Governmental Activities
Expenses for the Village of Oak Brook for governmental activities totaled $29.0 million in 2017,
a decrease of $1.1 million from 2016. Changes by individual function include:
• General government expenses were $5.7 million, an increase of $1.0 million, or 21.3%,
from 2016. This is due to increases in technology software and hardware purchases and
Butler Government Center engineering and capital improvement costs.
• Public Safety expenses were $17.4 million, an increase of $0.2 million, or 1.2%, from
2016. The increase is due to increases in personnel costs and annual pension
contributions. Public safety expense increases were offset by a reduction in the annual
recognition of actuarially determined pension expense.
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
12
• Public works expenses were $3.8 million, a decrease of $2.6 million, or 40.6%, from
2016. The decrease is due to reduced roadway resurfacing projects compared to last year
and the outsourcing of the Village engineering function.
• Culture and recreation expenses were $1.8 million, an increase of $0.3 million, or 20.0%,
from 2016. The increase is due to the completion of a median beautification project that
was originally scheduled to be finished in 2016.
Business-type Activities
The business-type activities net position increased $2.1 million, or 6.1%, compared to the prior
year. For business-type activities, revenues for the waterworks system were $9.9 million, which
increased by $1.1 million compared to the prior year, due to an increase in Water Sales.
Revenues for Sports Core were $3.4 million, which were even with 2016. Golf surcharge
revenues were previously recorded in the Sports Core, but were moved to a separate fund during
2017. The Sports Core experienced another strong season of golf course revenues and increased
Bath and Tennis Clubhouse facility rentals.
For business-type activities, expenses for the waterworks system were $7.9 million, or 69.3% of
total business-type expenses, which is a decrease of $0.1 million from 2016. Sports Core
expenses were $3.5 million, or 30.7% of total business-type expenses, which is an increase of
$0.2 million from 2016.
Revenues and Expenses - Business-Type Activites
For the Fiscal Year Ended December 31, 2017
Program
Program Revenues Expenses
Waterworks Sytem 9,872,001$ 7,897,092$
Sports Core 3,412,723 3,527,990
Golf Surcharge 119,400 -
Total 13,404,124$ 11,425,082$
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, 2017, the governmental
funds (as presented on the balance sheet on pages 20 through 21) had a combined fund balance
of $35.9 million, which is an increase of $3.4 million over the prior year. The fund balance in
the General Fund increased $1.0 million from 2016 to 2017, to a total of $21.1 million.
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
13
Table 3
General Fund Budgetary Highlights
For the Fiscal Year Ended December 31, 2017
Original Amended
Budget Budget Actual
Revenues
Intergovernmental 14,325,335$ 14,325,335$ 13,640,557$
Utility Taxes 5,638,000 5,638,000 6,033,358
Licenses & Permits 1,711,750 1,711,750 2,205,571
Charges for Services 1,064,250 1,064,250 1,106,204
Other 697,865 697,865 741,020
Total Revenues 23,437,200$ 23,437,200$ 23,726,710$
Expenditures
General Government 4,446,385$ 5,008,843$ 4,757,533$
Public Safety 16,814,355 16,678,575 16,113,415
Public Works 752,340 752,340 708,940
Culture and Recreation 989,470 989,470 874,892
Debt Service 290,625 290,625 289,800
Total Expenditures 23,293,175$ 23,719,853$ 22,744,580$
Other Financing Sources (Uses)
Transfers Out (73,505)$ (73,505)$ -$
Total Other Financing Sources (Uses)(73,505)$ (73,505)$ -$
Change in Fund Balance 70,520$ (356,158)$ 982,130$
Intergovernmental revenues were under budget due primarily to sales tax revenue receipts being
$0.7 million lower than budget projections. This was due to large non-routine receipts received
from a newer company in 2016 that were received at a lower level in 2017. Utility taxes were
over budget by $0.4 million due to a projected business reduction in 2017 that did not occur.
Licenses and permits revenue was $0.5 million over budget projections due to increased building
permit revenue from commercial development.
Actual expenditures were $0.5 million below the original budget and $1.0 million below the
amended budget. The Village continues to be conservative in its spending. The Village saw
savings in personnel costs in 2017 compared to budget projections due to administrative
reorganizations and decreases in overtime requirements.
Budget Policy
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
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
14
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 $2,500 in
all other accounts.
Capital Assets
The following schedule reflects the Village’s capital asset balances as of December 31, 2017 and
2016.
Table 4
Capital Assets
As of December 31, 2017 and 2016
(in millions)
2017 2016 2017 2016 2017 2016
Land and Land Right of Way 33.2$ 33.2$ 8.3$ 8.3$ 41.5$ 41.5$
Construction in Progress 1.2 0.4 - - 1.2 0.4
Buildings and Land Improvements 22.9 22.1 9.3 9.3 32.2 31.4
Machinery, Vehicles, and Equipment 11.1 9.8 6.0 6.0 17.1 15.8
Infrastructure 34.7 34.7 26.7 26.7 61.4 61.4
Total 103.1$ 100.2$ 50.3$ 50.3$ 153.4$ 150.5$
Accumulated Depreciation (41.3)$ (39.5)$ (20.4)$ (19.7)$ (61.7)$ (59.2)$
Total Capital Assets 61.8$ 60.7$ 29.9$ 30.6$ 91.7$ 91.3$
Governmental
Activities
Business-Type
Activities
Total Primary
Government
At year-end, the Village’s net investment in capital assets (net of accumulated depreciation and
related long-term debt) for both its governmental and business-type activities was $91.7 million,
an increase of $0.7 million from 2016 (see Note II.C. in the Notes to the Financial Statements for
further information regarding capital assets). Major capital asset events during 2017 were:
• For Governmental Activities, capital spending included: Butler Government Center
electrical system upgrades, Butler Government Center restroom renovation, Police
Department expansion and renovation engineering, streetscape and median improvements,
and various vehicle and equipment replacements.
• For Business-Type Activities, capital spending included: Bath and Tennis Club renovation
project, golf course mower replacements, and water system improvements.
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 $123,289,569 based on January 1, 2017 EAV of
$1,429,444,279. As of December 31, 2017, the Village had no debt outstanding applicable to the
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
15
legal limit (see Note II.E. in the Notes to the Financial Statements for details of each issue). The
table below summarizes the Village’s outstanding long-term debt:
Table 5
Long-term Debt
As of December 31, 2017
Governmental Business-Type Total Primary
Activities Activities Government
TIF Note Payable 3,330,263$ -$ 3,330,263$
Total 3,330,263$ -$ 3,330,263$
The final payment for the General Fund Certificates, Series 2009 (refunding) occurred during
2017. This debt certificate has been paid in full as of December 31, 2017.
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
$20.0 million to $21.0 million primarily due to revenues coming in slightly higher than budgeted
while controlling expenditure increases. Total 2017 General Fund revenues of $23.7 million was
a $0.2 million decrease from 2016. The Village’s intent is to hold this fund balance in reserves.
The 2018 Budget continues to be a conservative financial plan while providing excellent services
to its residents and business community. The 2018 budgeted revenues are $52.3 million, an
increase of $2.2 million, or 4.4%, from the 2017 Budget (excludes Pension Trust and Foreign
Fire Tax Funds). This is mostly due to the assumption of a debt certificate issuance to fund the
Police Department renovation and expansion project. The total spending in the 2018 Budget is
$56.2 million, an increase of $4.8 million, or 9.3%, from the 2017 Budget (excludes Pension
Trust and Foreign Fire Tax Funds. This is mainly due to increases in capital outlay from the
Police Department renovation and expansion project and Village-wide water meter replacement
project.
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
16
The projected ending cash balance for 2018 in the General Corporate Fund of $16.9 million is
equal to 9.2 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 Jason Paprocki, Finance Director, Village of Oak Brook, 1200 Oak Brook Road,
Oak Brook, IL 60523.
VILLAGE OF OAK BROOK
STATEMENT OF NET POSITION
As of December 31, 2017
Governmental
Activities
Business-
Type Activities Totals
ASSETS
Cash and investments $33,208,609 $6,710,211 $39,918,820
Receivables (net)
Property taxes 385,000 14,714 399,714
Sales taxes 5,273,572 -5,273,572
Utility taxes 1,244,821 -1,244,821
Accounts 368,874 -368,874
Billed and unbilled water sales -979,000 979,000
Allotments 17,419 -17,419
Accrued interest 124,692 8,689 133,381
Other 673,180 164,238 837,418
Internal balances (677,485)677,485 -
Inventories 44,144 106,872 151,016
Prepaid items 122,510 1,340 123,850
Capital Assets
Capital assets not being depreciated 34,437,778 8,292,265 42,730,043
Capital assets, net of accumulated depreciation 27,355,640 21,589,895 48,945,535
Total Assets 102,578,754 38,544,709 141,123,463
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to pensions 6,814,940 725,522 7,540,462
Total Deferred Outflows of Resources 6,814,940 725,522 7,540,462
LIABILITIES
Accounts payable 815,608 911,012 1,726,620
Accrued payroll 630,645 53,393 684,038
Accrued interest 111,008 -111,008
Claims payable 200,897 -200,897
Deposits 935,982 73,916 1,009,898
Unearned revenue 126,589 17,303 143,892
Noncurrent Liabilities
Due within one year 1,341,082 87,377 1,428,459
Due in more than one year 50,036,138 1,550,305 51,586,443
Total Liabilities 54,197,949 2,693,306 56,891,255
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pensions 5,274,929 67,322 5,342,251
Deferred property taxes 385,000 -385,000
Total Deferred Inflows of Resources 5,659,929 67,322 5,727,251
NET POSITION
Net investment in capital assets 61,793,418 29,882,160 91,675,578
Restricted for
Infrastructure 9,743,910 -9,743,910
Highways and streets 589,054 -589,054
Fire department 244,829 -244,829
Culture and recreation 3,959,304 -3,959,304
Economic development 276,164 -276,164
Unrestricted (27,070,863)6,627,443 (20,443,420)
TOTAL NET POSITION $49,535,816 $36,509,603 $86,045,419
See accompanying notes to financial statements.
Page 17
VILLAGE OF OAK BROOK
STATEMENT OF ACTIVITIES
For the Year Ended December 31, 2017
Program Revenues
Functions/Programs Expenses
Charges for
Services
Operating
Grants and
Contributions
Capital
Grants and
Contributions
Governmental Activities
General government $5,731,173 $2,588,451 $-$-
Public safety 17,435,012 1,266,800 7,381 -
Public works 3,751,818 16,532 201,068 3,142
Culture, education and recreation 1,741,694 13,763 --
Interest and fiscal charges 280,458 ---
Total Governmental Activities 28,940,155 3,885,546 208,449 3,142
Business-type Activities
Waterworks System 7,897,092 9,872,001 3,386 -
Sports Core 3,527,990 3,412,723 --
Golf Surcharge -119,400 --
Total Business-type Activities 11,425,082 13,404,124 3,386 -
Total $40,365,237 $17,289,670 $211,835 $3,142
General Revenues
Taxes
Property
Sales, local use
Utility taxes
Hotel/motel
Other
Intergovernmental -
unrestricted
State sales tax
State income tax
Replacement
Gain on disposal of capital assets
Investment income
Miscellaneous
Total General Revenues
Change in net position
NET POSITION - Beginning of Year
NET POSITION - END OF YEAR
See accompanying notes to financial statements.
Page 18
Net (Expenses) Revenues and Changes in Net Position
Governmental
Activities
Business-type
Activities Totals
$(3,142,722)$-$(3,142,722)
(16,160,831)-(16,160,831)
(3,531,076)-(3,531,076)
(1,727,931)-(1,727,931)
(280,458)-(280,458)
(24,843,018)-(24,843,018)
-1,978,295 1,978,295
-(115,267)(115,267)
-119,400 119,400
-1,982,428 1,982,428
(24,843,018)1,982,428 (22,860,590)
385,018 -385,018
5,884,885 -5,884,885
6,033,358 -6,033,358
1,265,583 -1,265,583
106,517 -106,517
12,381,929 -12,381,929
724,273 -724,273
298,832 -298,832
176,717 -176,717
338,148 46,165 384,313
29,298 -29,298
27,624,558 46,165 27,670,723
2,781,540 2,028,593 4,810,133
46,754,276 34,481,010 81,235,286
$49,535,816 $36,509,603 $86,045,419
See accompanying notes to financial statements.
Page 19
VILLAGE OF OAK BROOK
BALANCE SHEET
GOVERNMENTAL FUNDS
As of December 31, 2017
General
Hotel/Motel
Tax Infrastructure
Promenade
TIF
AS SETS
Cash and investments $17,526,141 $4,145,455 $8,181,503 $276,164
Receivables
Property taxes ---385,000
Sales taxes 3,622,770 -1,650,802 -
Utility taxes 1,244,821 ---
Accounts 368,874 ---
Allotments ----
Accrued interest 81,212 13,732 20,840 -
Other 390,214 75,162 127,697 -
Inventories 1,286 ---
Prepaid items 55,363 ---
TOTAL ASSETS $23,290,681 $4,234,349 $9,980,842 $661,164
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND FUND BALANCES
Liabilities
Accounts payable $373,187 $275,045 $65,951 $-
Accrued payroll 571,494 -51,783 -
Deposits 935,982 ---
Unearned revenues 93,712 ---
Total Liabilities 1,974,375 275,045 117,734 -
Deferred Inflows of Resources
Deferred property taxes ---385,000
Unavailable other receivables 261,632 -119,198 -
Total Deferred Inflows of Resources 261,632 -119,198 385,000
Fund Balances
Nonspendable for inventory 1,286 ---
Nonspendable for prepaid items 55,363 ---
Restricted for infrastructure --9,743,910 -
Restricted for highways and streets ----
Restricted for fire department ----
Restricted for culture and recreation -3,959,304 --
Restricted for economic development ---276,164
Unassigned 20,998,025 ---
Total Fund Balances 21,054,674 3,959,304 9,743,910 276,164
TOTAL LIABILITIES,
DEFERRED INFLOWS OF
RESOURCES, AND FUND
BALANCES $23,290,681 $4,234,349 $9,980,842 $661,164
See accompanying notes to financial statements.
Page 20
Nonmajor
Governmental
Funds Totals
$812,715 $30,941,978
-385,000
-5,273,572
-1,244,821
-368,874
17,419 17,419
2,974 118,758
-593,073
-1,286
775 56,138
$833,883 $39,000,919
$-$714,183
-623,277
-935,982
-93,712
-2,367,154
-385,000
-380,830
-765,830
-1,286
775 56,138
-9,743,910
589,054 589,054
244,054 244,054
-3,959,304
-276,164
-20,998,025
833,883 35,867,935
$833,883 $39,000,919
See accompanying notes to financial statements.
Page 21
VILLAGE OF OAK BROOK
RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF NET POSITION
As of December 31, 2017
Total Fund Balances - Governmental Funds $35,867,935
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.57,607,113
Unavailable other receivables recognized in the statement of net position do not
provide current financial resources and are included as deferred inflows of
resources in the governmental funds balance sheet.380,830
Interest payable is not due and payable in the current period and, therefore, is not
reported in the governmental funds.(111,008)
Deferred outflows of resources related to pensions do not relate to current financial
resources and are not reported in the governmental funds.6,770,020
Deferred inflows of resources related to pensions do not relate to current financial
resources and are not reported in the governmental funds.(5,270,761)
Internal service funds are reported in the statement of net position as governmental
activities.5,558,677
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.
Notes payable (3,330,263)
Compensated absences payable (1,134,449)
Net pension liability (45,890,961)
Net other postemployment benefit obligation (911,317)
NET POSITION OF GOVERNMENTAL ACTIVITIES $49,535,816
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, 2017
General
Hotel/Motel
Tax Infrastructure
Promenade
TIF
REVENUES
Intergovernmental $13,640,557 $-$3,142 $99,281
Non-home rule sales tax --5,581,924 -
Utility taxes 6,033,358 ---
Hotel and motel taxes -1,265,583 --
Licenses and permits 2,205,571 ---
Charges for services 1,106,204 ---
Property taxes ---385,018
Fines, forfeitures and penalties 144,833 ---
Investment income 190,254 42,060 67,434 925
Miscellaneous 405,933 44,095 5,745 -
Total Revenues 23,726,710 1,351,738 5,658,245 485,224
EXPENDITURES
Current
General government 4,757,533 93,400 164,928 3,958
Public safety 16,113,415 ---
Public works 708,940 -3,063,863 -
Culture and recreation 874,892 1,592,540 --
Debt Service
Principal 280,000 --177,000
Interest and fiscal charges 9,800 --277,380
Total Expenditures 22,744,580 1,685,940 3,228,791 458,338
Excess (deficiency) of revenues over
expenditures 982,130 (334,202)2,429,454 26,886
OTHER FINANCING USES
Transfers in --548,454 -
Transfers out ----
Total Other Financing Uses --548,454 -
Net Change in Fund Balances 982,130 (334,202)2,977,908 26,886
FUND BALANCES - Beginning of Year 20,072,544 4,293,506 6,766,002 249,278
FUND BALANCES - END OF YEAR $21,054,674 $3,959,304 $9,743,910 $276,164
See accompanying notes to financial statements.
Page 23
Nonmajor
Governmental
Funds Totals
$282,719 $14,025,699
-5,581,924
-6,033,358
-1,265,583
-2,205,571
-1,106,204
-385,018
-144,833
9,113 309,786
1,770 457,543
293,602 31,515,519
-5,019,819
41,833 16,155,248
-3,772,803
-2,467,432
-457,000
-287,180
41,833 28,159,482
251,769 3,356,037
-548,454
(548,454)(548,454)
(548,454)-
(296,685)3,356,037
1,130,568 32,511,898
$833,883 $35,867,935
See accompanying notes to financial statements.
Page 24
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, 2017
Net change in fund balances - total governmental funds $3,356,037
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 1,963,068
Depreciation is reported in the government-wide financial statements (1,507,555)
Receivables not currently available are reported as revenue when collected or currently
available in the fund financial statements but are recognized as revenue when earned in
the government-wide financial statements.147,979
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.457,000
Some expenses in the statement of activities do not require the use of current financial
resources and, therefore, are not reported as expenditures in the governmental funds.
Compensated absences (64,866)
Interest payable 6,721
Net postemployment benefits obligation (343,027)
Net pension liability 2,792,606
Deferred outflows of resources related to pensions (351,121)
Deferred inflows of resources related to pensions (3,520,095)
The change in net position of certain activities of internal service funds is included in
governmental activities.(155,207)
CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES $2,781,540
See accompanying notes to financial statements.
Page 25
VILLAGE OF OAK BROOK
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
As of December 31, 2017
Business-type Activities - Enterprise Funds
Waterworks
System Sports Core
Nonmajor
Enterprise
Fund - Golf
Surcharge Totals
ASSETS
Current Assets
Cash and investments $5,682,739 $474,973 $552,499 $6,710,211
Receivables
Billed and unbilled water sales 979,000 --979,000
Accrued interest 5,318 -3,371 8,689
Other 64,891 114,061 -178,952
Inventories -106,872 -106,872
Prepaid items -1,340 -1,340
Total Current Assets 6,731,948 697,246 555,870 7,985,064
Noncurrent Assets
Capital assets not being depreciated 215,800 8,076,465 -8,292,265
Capital assets, net of accumulated
depreciation 17,822,797 3,767,098 -21,589,895
Total Noncurrent Assets 18,038,597 11,843,563 -29,882,160
Total Assets 24,770,545 12,540,809 555,870 37,867,224
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to pensions 314,581 410,941 -725,522
Total Deferred Outflows of Resources 314,581 410,941 -725,522
See accompanying notes to financial statements.
Page 26
Governmental
Activities -
Internal
Service Funds
$2,266,631
-
5,934
80,107
42,858
66,372
2,461,902
-
4,186,305
4,186,305
6,648,207
44,920
44,920
See accompanying notes to financial statements.
Page 27
VILLAGE OF OAK BROOK
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
As of December 31, 2017
Business-type Activities - Enterprise Funds
Waterworks
System Sports Core
Nonmajor
Enterprise
Fund - Golf
Surcharge Totals
LIABILITIES
Current Liabilities
Accounts payable 828,008 83,004 -911,012
Accrued payroll 29,322 24,071 -53,393
Compensated absences payable 50,334 37,043 -87,377
Deposits 652 73,264 -73,916
Unearned revenues -17,303 -17,303
Claims payable ----
Total Current Liabilities 908,316 234,685 -1,143,001
Noncurrent Liabilities
Net pension liability - IMRF 615,144 803,574 -1,418,718
Other post employment benefits payable 66,216 65,371 -131,587
Total Noncurrent Liabilities 681,360 868,945 -1,550,305
Total Liabilities 1,589,676 1,103,630 -2,693,306
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pensions 29,190 38,132 -67,322
Total Deferred Inflows of Resources 29,190 38,132 -67,322
NET POSITION
Investment in capital assets 18,038,597 11,843,563 -29,882,160
Unrestricted 5,427,663 (33,575)555,870 5,949,958
TOTAL NET POSITION $23,466,260 $11,809,988 $555,870 35,832,118
Adjustments to reflect the consolidation of
internal service funds activities related to
enterprise funds.677,485
Net Position Business-type Activities $36,509,603
Net internal service funds reported in the
statement of net position as governmental
activities
See accompanying notes to financial statements.
Page 28
Governmental
Activities -
Internal
Service Funds
101,425
7,368
9,633
-
32,877
200,897
352,200
87,838
12,759
100,597
452,797
4,168
4,168
4,186,305
2,049,857
$6,236,162
(677,485)
$5,558,677
See accompanying notes to financial statements.
Page 29
VILLAGE OF OAK BROOK
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
PROPRIETARY FUNDS
For the Year Ended December 31, 2017
Business-type Activities - Enterprise Funds
Waterworks
System Sports Core
Nonmajor
Enterprise
Fund - Golf
Surcharge Totals
OPERATING REVENUES
Charges for services $9,872,001 $3,413,811 $119,400 $13,405,212
Intergovernmental ----
Total Operating Revenues 9,872,001 3,413,811 119,400 13,405,212
OPERATING EXPENSES
Operation of facilities 7,325,897 3,214,966 -10,540,863
Claims and insurance ----
Miscellaneous ----
Depreciation and amortization 551,415 298,491 -849,906
Total Operating Expenses 7,877,312 3,513,457 -11,390,769
Operating Income 1,994,689 (99,646)119,400 2,014,443
NONOPERATING REVENUES (EXPENSES)
Investment income 41,152 -5,013 46,165
Grants 3,386 --3,386
Miscellaneous ----
Gain (loss) on disposal of capital assets -(1,088)-(1,088)
Total Nonoperating Revenues
(Expenses)44,538 (1,088)5,013 48,463
Income Before Transfers 2,039,227 (100,734)124,413 2,062,906
TRANSFERS
Transfers in --431,457 431,457
Transfers out -(431,457)-(431,457)
Total Transfers -(431,457)431,457 -
Change in Net Position 2,039,227 (532,191)555,870 2,062,906
NET POSITION - Beginning of Year 21,427,033 12,342,179 -
NET POSITION - END OF YEAR $23,466,260 $11,809,988 $555,870
Adjustment to reflect the consolidation of
internal service funds activities related to
enterprise funds (34,313)
Change in Net Position of Business-type
Activities $2,028,593
See accompanying notes to financial statements.
Page 30
Governmental
Activities -
Internal
Service Funds
$4,493,949
148,929
4,642,878
653,088
3,526,719
84,000
624,740
4,888,547
(245,669)
25,521
-
2,840
27,788
56,149
(189,520)
-
-
-
(189,520)
6,425,682
$6,236,162
See accompanying notes to financial statements.
Page 31
VILLAGE OF OAK BROOK
STATEMENT OF CASH FLOW S
PROPRIETARY FUNDS
For the Year Ended December 31, 2017
Business-type Activities - Enterprise Funds
Waterworks
System Sports Core
Nonmajor
Enterprise
Fund - Golf
Surcharge Totals
CASH FLOWS FROM OPERATING
AC TIVITIES
Received from customers $9,793,718 $3,378,607 $119,400 $13,291,725
Receipts from internal service transactions ----
Paid to suppliers for goods and services (6,286,389)(1,887,750)-(8,174,139)
Paid to employees for services (540,367)(1,179,064)-(1,719,431)
Net Cash Flows From Operating
Activities 2,966,962 311,793 119,400 3,398,155
CASH FLOWS FROM INVESTING
AC TIVITIES
Investments sold and matured 936,577 550,362 3,278 1,490,217
Investment income 41,152 -5,013 46,165
Purchase of investments (519,094)(117,090)(544,456)(1,180,640)
Interest received 3,408 1,636 (3,371)1,673
Other (520)1,162 3,203 3,845
Net Cash Flows From Investing
Activities 461,523 436,070 (536,333)361,260
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Net transfers in (out)-(431,457)431,457 -
Net Cash Flows From Noncapital
Financing Activities -(431,457)431,457 -
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Acquisition and construction of capital
assets (57,700)(113,349)-(171,049)
Proceeds from sale of capital assets -1,088 -1,088
Net Cash Flows From Capital and
Related Financing Activities (57,700)(112,261)-(169,961)
Net Change in Cash and Cash
Equivalents 3,370,785 204,145 14,524 3,589,454
CASH AND CASH EQUIVALENTS - Beginning
of Year 1,463,344 270,828 -1,734,172
CASH AND CASH EQUIVALENTS - END
OF YEAR $4,834,129 $474,973 $14,524 $5,323,626
See accompanying notes to financial statements.
Page 32
Governmental
Activities -
Internal
Service Funds
$1,137,957
3,445,519
(4,226,204)
(97,135)
260,137
393,282
25,521
(209,614)
(1,626)
5,418
212,981
-
-
(487,588)
26,510
(461,078)
12,040
1,307,589
$1,319,629
See accompanying notes to financial statements.
Page 33
VILLAGE OF OAK BROOK
STATEMENT OF CASH FLOW S
PROPRIETARY FUNDS
For the Year Ended December 31, 2017
Business-type Activities - Enterprise Funds
Waterworks
System Sports Core
Nonmajor
Enterprise
Fund - Golf
Surcharge Totals
RECONCILIATION OF OPERATING INCOME
TO NET CASH FLOWS FROM OPERATING
AC TIVITIES
Operating income (loss)$1,994,689 $(99,646)$119,400 $2,014,443
Adjustments to Reconcile Operating
Income to Net Cash Flows From
Operating Activities
Depreciation 551,415 298,491 -849,906
Changes in assets and liabilities
Accounts receivable (25,527)(29,249)-(54,776)
Inventory -31,216 -31,216
Prepaids 83 (1,340)-(1,257)
Deferred outflows - pensions 36,137 101,182 -137,319
Billed and unbilled water sales (53,265)--(53,265)
Accounts payable 406,720 4,698 -411,418
Customer deposits 509 (4,856)-(4,347)
Accrued salaries (5,716)716 -(5,000)
Compensated absences payable (4,107)1,672 -(2,435)
Claims payable ----
Other post employment benefits payable 17,477 38,278 -55,755
Net pension liability 77,270 18,163 -95,433
Deferred inflows - pensions (28,723)(46,433)-(75,156)
Unearned revenues -(1,099)-(1,099)
NET CASH FLOWS FROM
OPERATING ACTIVITIES $2,966,962 $311,793 $119,400 $3,398,155
RECONCILIATION OF CASH AND CASH
EQUIVALENTS TO THE STATEMENT OF
NET POSITION - PROPRIETARY FUNDS
Cash and cash equivalents $4,834,129 $474,973 $14,524 $5,323,626
Investments 848,610 -537,975 1,386,585
CASH AND INVESTMENTS $5,682,739 $474,973 $552,499 $6,710,211
NONCASH CAPITAL AND RELATED
FINANCING ACTIVITIES
None
See accompanying notes to financial statements.
Page 34
Governmental
Activities -
Internal
Service Funds
$(245,669)
624,740
(52,655)
9,190
(36,262)
8,517
-
(206,538)
-
1,688
(537)
157,978
5,203
5,885
(4,656)
(6,747)
$260,137
$1,319,629
947,002
$2,266,631
See accompanying notes to financial statements.
Page 35
VILLAGE OF OAK BROOK
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
As of December 31, 2017
Pension Trusts
ASSETS
Cash $918,707
Investments
Certificates of deposit 875,114
Money markets 2,820,121
U.S. treasuries 1,096,902
U.S. agencies 9,416,789
State and local obligations 2,520,980
Corporate bonds 6,842,098
Mutual funds 41,209,804
Accrued interest 193,515
Prepaid items 4,607
Total Assets 65,898,637
LIABILITIES
Accounts payable 25,332
Total Liabilities 25,332
NET POSITION
Restricted for pension benefits 65,873,305
TOTAL NET POSITION $65,873,305
See accompanying notes to financial statements.
Page 36
VILLAGE OF OAK BROOK
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FIDUCIARY FUNDS
For the Year Ended December 31, 2017
Pension Trusts
AD DITIONS
Contributions
Employer $3,828,256
Employee 682,204
Other 1,657
Total Contributions 4,512,117
Investment income
Net appreciation in fair value 3,372,325
Interest 4,672,531
Total Investment Income 8,044,856
Less Investment expense 125,569
Net Investment Income 7,919,287
Total Additions 12,431,404
DEDUCTIONS
Benefits and refunds 5,010,759
Administrative 76,810
Total Deductions 5,087,569
Net Decrease in Net Position 7,343,835
NET POSITION - Beginning of Year 58,529,470
NET POSITION - END OF YEAR $65,873,305
See accompanying notes to financial statements.
Page 37
VILLAGE OF OAK BROOK
INDEX TO NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE Page
I Summary of Significant Accounting Policies 39
A.Reporting Entity 39
B.Government-W ide and Fund Financial Statements 40
C.Measurement Focus, Basis of Accounting, and Financial Statement
Presentation 43
D.Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of
Resources, and Net Position or Equity 44
1.Deposits and Investments 44
2.Receivables 47
3.Inventories and Prepaid Items 48
4.Capital Assets 48
5.Deferred Outflows of Resources 49
6.Compensated Absences 49
7.Long-Term Obligations 50
8.Deferred Inflows of Resources 50
9. Equity Classifications 51
E. Deficit Balances 52
II Detailed Notes on All Funds 53
A.Deposits and Investments 53
B.Receivables 59
C.Capital Assets 60
D.Interfund Transfers 62
E.Long-Term Obligations 63
III Other Information 64
A.Employees' Retirement System 64
B.Risk Management 78
C.Commitments and Contingencies 80
D.Other Postemployment Benefits 80
E.Tax Abatement 83
F.Effect of New Accounting Standards on Current-Period Financial Statements 84
See accompanying notes to financial statements.
Page 38
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
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 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 39
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
B.GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS
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 40
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
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% test is 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.
Promenade TIF Fund - used to account for the revenues and expenditures restricted to the Tax
Increment Financing District located at 22nd Street and Meyers Road.
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 41
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
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 and enterprise 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
Enterprise Fund - used to account for and report any activity for which a fee is charged to
external uses for goods or services, and must be used for activities which meet certain debt or
cost recovery criteria.
Golf Surcharge
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
Firefighters' Pension
Page 42
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
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 43
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
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 44
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
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:
Asset Class Target
Long-Term
Expected Real
Rate of Return
Money market mutual funds 5%0.50%
Fixed income 45%2.50%
Mutual funds 55%5.50%
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, 2017 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:
Asset Class Target
Long-Term
Expected Real
Rate of Return
Money market mutual funds 5%0.50%
Fixed income 35%2.50%
Mutual funds 60%5.50%
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.
Page 45
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
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 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, 2017 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.
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.
Page 46
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
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.)
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.
2.Receivables
Property taxes for levy year 2017 attaches as an enforceable lien on January 1, 2017, 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 2017 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.
Page 47
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
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 (cont.)
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.
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.
Page 48
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
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 (cont.)
Government-Wide Statements (cont.)
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.
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
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.
Page 49
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
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.)
6. Compensated Absences (cont.)
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, 2017, are
determined on the basis of current salary rates and include salary related payments.
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,
net pension liabilities, net other postemployment benefit obligations payable and accrued compensated
absences.
Long-term obligations for governmental funds are not reported as liabilities in the fund financial
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
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 50
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
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 51
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
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.
E.DEFICIT BALANCES
Generally accepted accounting principles require disclosure of individual funds that have deficit balances
at year end.
As of December 31, 2017, the following individual funds held a deficit balance:
Fund Amount Reason
Self-Insurance $49,874 Unexpected increase in health claims
Page 52
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
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.
The Village's deposits and investments at year end were comprised of the following:
Carrying
Value
Statement
Balances Associated Risks
Petty cash $4,100 $-N/A
Deposits 2,319,691 3,159,307 Custodial credit risk
Money markets 2,820,121 2,820,121 Credit risk
Illinois funds 17,227,939 17,227,939 Credit risk
Certificates of deposit (Non-negotiable)7,808,530 7,808,530 Custodial credit risk
Corporate bonds 11,114,155 11,114,155 Credit risk, custodial
credit risk, concentration
of credit risk, interest rate
risk
U.S. treasury obligations 1,096,902 1,096,902 Custodial credit risk,
interest rate risk
U.S. agency obligations - explicit 865,074 865,074 Custodial credit risk,
interest rate risk
U.S. agency obligations - implicit 9,396,030 9,396,030 Credit risk, custodial
credit risk, concentration
of credit risk, interest rate
risk
Mutual funds - other than bond funds 41,209,804 41,209,804 N/A
State and local obligations 11,756,989 11,756,989 Credit risk, custodial
credit risk, concentration
of credit risk, interest rate
risk
Total Deposits and Investments $105,619,335 $106,454,851
Page 53
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
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 $39,918,820
Per statement of net position - fiduciary
funds
Cash 918,707
Certificates of deposit 875,114
Money markets 2,820,121
U.S. treasuries 1,096,902
U.S. agencies 9,416,789
Corporate bonds 6,842,098
Mutual funds 41,209,804
State and local obligations 2,520,980
Total Deposits and Investments $105,619,335
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.
The Village categorizes its fair value measurements within the fair value hierarchy established by generally
accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair
value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs
are significant other observable inputs; Level 3 inputs are significant unobservable inputs. As of December
31, 2017, investments were meaured using the market valuation method and valuation inputs as follows:
Village
Investment Type Level 1 Level 2 Level 3 Total
U.S. agencies $-$844,315 $-$844,315
State and local obligations -9,236,009 -9,236,009
Corporate bonds -4,272,057 -4,272,057
Illinois funds -17,227,939 -17,227,939
Total $-$31,580,320 $-$31,580,320
Page 54
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE II - DETAILED NOTES ON ALL FUNDS (cont.)
A.DEPOSITS AND INVESTMENTS (cont.)
Police Pension
Investment Type Level 1 Level 2 Level 3 Total
U.S. agencies $-$3,960,719 $-$3,960,719
U.S. treasuries -299,019 -299,019
State and local obligations -1,158,346 -1,158,346
Mutual funds 24,401,322 --24,401,322
Corporate bonds -4,826,799 -4,826,799
Total $24,401,322 $10,244,883 $-$34,646,205
Firefighters' Pension
Investment Type Level 1 Level 2 Level 3 Total
U.S. agencies $-$5,456,070 $-$5,456,070
U.S. treasuries -797,883 -797,883
State and local obligations -1,362,634 -1,362,634
Mutual funds 16,808,482 --16,808,482
Corporate bonds -2,015,299 -2,015,299
Total $16,808,482 $9,631,886 $-$26,440,368
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 55
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE II - DETAILED NOTES ON ALL FUNDS (cont.)
A.DEPOSITS AND INVESTMENTS (cont.)
Credit Risk (cont.)
As of December 31, 2017, investments were rated as follows:
Village
Standard & Poor's/Moody's
Investment Type Fair Value AAA AA A BBB Not Rated
State and local
obligations $9,236,009 $-$4,632,402 $3,276,378 $-$1,327,229
Corporate bonds 4,272,057 --1,881,134 2,390,923 -
Illinois funds 17,227,939 17,227,939 ----
Totals $30,736,005 $17,227,939 $4,632,402 $5,157,512 $2,390,923 $1,327,229
Police Pension
Standard & Poor's/Moody's
Investment Type Fair Value AAA AA A BBB Not Rated
U.S. agencies $3,954,212 $-$3,954,212 $-$-$-
State and local
obligations 1,158,346 105,864 877,099 -175,383 -
Corporate bonds 4,826,799 --1,901,536 2,925,263 -
Totals $9,939,357 $105,864 $4,831,311 $1,901,536 $3,100,646 $-
Firefighters' Pension
Standard & Poor's/Moody's
Investment Type Fair Value AAA AA A BBB Not Rated
U.S. agencies $5,441,818 $-$5,441,818 $-$-$-
State and local
obligations 1,362,634 251,337 1,101,281 10,016 --
Corporate bonds 2,015,299 -551,070 1,391,651 72,578 -
Totals $8,819,751 $251,337 $7,094,169 $1,401,667 $72,578 $-
Page 56
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE II - DETAILED NOTES ON ALL FUNDS (cont.)
A.DEPOSITS AND INVESTMENTS (cont.)
Concentration of Credit Risk
Concentration of credit risk is the risk of loss attributed to the magnitude of a government's investment in a
single issuer.
At December 31, 2017, the investment portfolio was concentrated as follows:
Village
Issuer Investment Type
Percentage of
Net Position
Goldman Sachs Corporate bonds 5.00%
Wachovia Corp NT Corporate bonds 5.00%
Morgan Stanley Corporate bonds 6.00%
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, 2017, investments were as follows:
Village
Maturity (In Years)
Investment Type Fair Value Less than 1 1-5 6-10 More than 10
U.S. agency securities -
explicit $844,315 $-$-$-$844,315
State and local obligations 9,236,009 2,624,810 6,611,199 --
Corporate bonds 4,272,057 4,272,057 ---
Totals $14,352,381 $6,896,867 $6,611,199 $-$844,315
Page 57
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE II - DETAILED NOTES ON ALL FUNDS (cont.)
A.DEPOSITS AND INVESTMENTS (cont.)
Interest Rate Risk (cont.)
Police Pension
Maturity (In Years)
Investment Type Fair Value Less than 1 1-5 6-10
U.S. agency securities - implicit $3,954,212 $204,537 $1,558,574 $2,191,101
U.S. agency securities - explicit 6,507 3,410 3,097 -
U.S. treasury 299,019 299,019 --
State and local obligations 1,158,346 175,383 610,510 372,453
Corporate bonds 4,826,799 278,106 2,266,172 2,282,521
Totals $10,244,883 $960,455 $4,438,353 $4,846,075
Firefighters' Pension
Maturity (In Years)
Investment Type Fair Value Less than 1 1-5 6-10 More than 10
U.S. agency securities -
implicit $5,441,818 $-$1,190,848 $3,653,769 $597,201
U.S. agency securities -
explicit 14,252 -14,252 --
U.S. treasury 797,883 49,992 593,859 154,032 -
State and local obligations 1,362,634 -714,751 594,950 52,933
Corporate bonds 2,015,299 430,070 877,554 707,675 -
Totals $9,631,886 $480,062 $3,391,264 $5,110,426 $650,134
Money-Weighted Rate of Return
Police Pension Fund
For the year ended December 31, 2017, the annual money-weighted rate of return on the police pension
plan investments, net of pension plan investment expense, was 13.35%. The money-weighted rate of
return expresses investment performance, net of investment expense, adjusted for the changing amounts
actually invested.
Page 58
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE II - DETAILED NOTES ON ALL FUNDS (cont.)
A.DEPOSITS AND INVESTMENTS (cont.)
Money-Weighted Rate of Return (cont.)
Firefighters' Pension Fund
For the year ended December 31, 2017, the annual money-weighted rate of return on the firefighters'
pension plan investments, net of pension plan investment expense, was 13.95%. 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 59
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE II - DETAILED NOTES ON ALL FUNDS (cont.)
C.CAPITAL ASSETS
Capital asset activity for the year ended December 31, 2017, was as follows:
Beginning
Balance Additions Deletions
Ending
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 380,501 1,036,831 147,499 1,269,833
Total Capital Assets Not Being
Depreciated 33,548,446 1,036,831 147,499 34,437,778
Capital assets being depreciated
Buildings, building and land
improvements 22,129,009 773,529 -22,902,538
Computer equipment 1,112,884 69,980 136,178 1,046,686
Other equipment 1,736,622 94,388 35,309 1,795,701
Vehicles 31,006 127,047 -158,053
Infrastructure 34,698,120 8,792 -34,706,912
Internal service fund vehicles 6,940,590 1,232,168 122,054 8,050,704
Total Capital Assets Being
Depreciated 66,648,231 2,305,904 293,541 68,660,594
Total Capital Assets 100,196,677 3,342,735 441,040 103,098,372
Less: Accumulated depreciation for
Buildings, building and land
improvements (8,780,272)(645,756)-(9,426,028)
Computer equipment (944,762)(61,505)136,178 (870,089)
Other equipment (1,456,755)(66,997)35,309 (1,488,443)
Vehicles (31,006)--(31,006)
Infrastructure (24,891,692)(733,297)-(25,624,989)
Internal service fund vehicles (3,361,713)(624,740)122,054 (3,864,399)
Total Accumulated Depreciation (39,466,200)(2,132,295)293,541 (41,304,954)
Net Capital Assets Being
Depreciated 27,182,031 173,609 -27,355,640
Total Governmental
Activities Capital Assets,
Net of Accumulated
Depreciation $60,730,477 $1,210,440 $147,499 $61,793,418
Page 60
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE II - DETAILED NOTES ON ALL FUNDS (cont.)
C.CAPITAL ASSETS (cont.)
Depreciation expense was charged to functions as follows:
Governmental Activities
General government $498,255
Public safety 461,618
Public works 961,947
Culture and recreation 210,475
Total Governmental Activities Depreciation Expense $2,132,295
Beginning
Balance Additions Deletions
Ending
Balance
Business-type Activities
Capital assets not being depreciation
Land $8,292,265 $-$-$8,292,265
Total Capital Assets Not Being
Depreciation 8,292,265 --8,292,265
Capital assets being depreciated
Land improvements 3,218,489 17,324 -3,235,813
Buildings and building improvements 6,050,616 45,725 7,611 6,088,730
Infrastructure 26,682,476 -5,643 26,676,833
Vehicles, machinery, and equipment 5,992,463 108,000 80,794 6,019,669
Total Capital Assets Being
Depreciated 41,944,044 171,049 94,048 42,021,045
Total Capital Assets 50,236,309 171,049 94,048 50,313,310
Less: Accumulated depreciation for
Land improvements (2,542,936)(65,812)-(2,608,748)
Buildings and building improvements (3,191,598)(131,584)3,932 (3,319,250)
Infrastructure (8,975,500)(428,819)188 (9,404,131)
Vehicles, machinery, and equipment (4,953,014)(223,691)77,684 (5,099,021)
Total Accumulated Depreciation (19,663,048)(849,906)81,804 (20,431,150)
Net Capital Assets Being
Depreciated 22,280,996 (678,857)12,244 21,589,895
Business-type Capital
Assets, Net of
Accumulated
Depreciation $30,573,261 $(678,857)$12,244 $29,882,160
Page 61
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE II - DETAILED NOTES ON ALL FUNDS (cont.)
C.CAPITAL ASSETS (cont.)
Depreciation expense was charged to functions as follows:
Business-type Activities
Waterworks $551,415
Sports Core 298,491
Total Business-type Activities Depreciation Expense $849,906
D.INTERFUND TRANSFERS
The following is a schedule of interfund transfers:
Fund Transferred To Fund Transferred From Amount Principal Purpose
Infrastructure Nonmajor Governmental $548,454
Provide funding for various
roadway projects
Nonmajor Proprietary Sports Core 431,457
Transfer the golf surcharge
balance to new fund
Total - Fund Financial Statements $979,911
Less: Fund eliminations (979,911)
Total Transfers - Government-W ide Statement
of Activities $-
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.
Page 62
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE II - DETAILED NOTES ON ALL FUNDS (cont.)
E.LONG-TERM OBLIGATIONS
Long-term obligations activity for the year ended December 31, 2017, was as follows:
Beginning
Balance Increases Decreases
Ending
Balance
Amounts Due
Within One
Year
Governmental Activities
Installment contracts payable $280,000 $-$280,000 $-$-
Notes payable 3,507,263 -177,000 3,330,263 197,000
Net pension liability - IMRF 3,613,095 -135,385 3,477,710 -
Net pension liability - police 20,873,623 -460,255 20,413,368 -
Net pension liability - fire 24,278,802 -2,191,081 22,087,721 -
Net other postemployment
benefit obligation 575,846 348,230 -924,076 -
Compensated absences 1,079,753 1,144,082 1,079,753 1,144,082 1,144,082
Total Governmental
Activities Long-Term
Liabilities $54,208,382 $1,492,312 $4,323,474 $51,377,220 $1,341,082
Business-type Activities
Net pension liability - IMRF $1,323,285 $95,433 $-$1,418,718 $-
Net other postemployment
benefit obligation 75,832 55,755 -131,587 -
Compensated absences 89,812 87,377 89,812 87,377 87,377
Total Business-type
Activities Long-Term
Liabilities $1,488,929 $238,565 $89,812 $1,637,682 $87,377
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,
2017, the statutory debt limit for the Village was $123,289,569, providing a debt margin of $123,289,569.
The compensated absences for governmental activities typically have been liquidated by the General
Fund and the Infrastructure Fund and are considered all due within one year. The net pension liabilities
and other postemployment benefit obligation have typically been liquidated by the General Fund.
Page 63
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE II - DETAILED NOTES ON ALL FUNDS (cont.)
E.LONG-TERM OBLIGATIONS (cont.)
Notes Payable
The Village has issued notes payable related to developer and intergovernmental agreements.
Notes payable at December 31, 2017 consist of the following:
Governmental Activities
Notes Payable
Date of
Issue
Final
Maturity
Interest
Rates
Original
Indebtedness
Balance
December 31,
2017
TIF developer note
June 6,
2005
February
1, 2024 8.00%$4,250,000 $3,330,263
Total Governmental Activities Notes Payable $3,330,263
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.
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
age 55 (at reduced benefits) or after age 60 (at full benefits) with 8 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 48 consecutive months' earnings during the last 10 years) for credited
service up to 15 years and 3% for each year thereafter.
Page 64
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE III - OTHER INFORMATION (cont.)
A.EMPLOYEES' RETIREMENT SYSTEM (cont.)
Illinois Municipal Retirement Fund (cont.)
Employees hired on or after January 1, 2011, are eligible for Tier 2 benefits. For Tier 2 participants,
pension benefits vest after 10 years of service. Participating members who retire at age 62 (at reduced
benefits) or after age 67 (at full benefits) 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 for the first 15
years of service credit, plus 2% for each year of service after 15 years to a maximum of 75% of their final
rate of earnings. Final rate of earnings is the highest total earnings during any 96 consecutive months
within the last 10 years of service, divided by 96. Under Tier 2, the pension is increased ever year after
retirement, upon reaching age 67, by the lesser of 3% of the original pension amount or 1/2 of the
increase in the Consumer Price Index of the original pension amount.
Plan membership. At December 31, 2016, the measurement date, membership in the plan was as
follows:
Retirees and beneficiaries 107
Inactive, non-retired members 79
Active members 68
Total 254
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 2017 was 13.40% of annual covered
payroll for IMRF. 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, 2016,
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.
Page 65
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE III - OTHER INFORMATION (cont.)
A.EMPLOYEES' RETIREMENT SYSTEM (cont.)
Illinois Municipal Retirement Fund (cont.)
Actuarial Assumptions. The total pension liability for IMRF was determined by actuarial valuations
performed as of December 31, 2016 using the following actuarial methods and assumptions:
Actuarial cost method Entry Age Normal
Asset valuation method Market Value
Actuarial assumptions
Investment Rate of Return 7.50%
Inflation 3.50%
Salary increases 3.75% to 14.50%,
including inflation
Price inflation 2.75%
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.
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
Asset Class
Target
Allocation
One Year
Arithmetic
Ten Year
Geometric
Equities 38.00%8.85%7.39%
International equities 17.00%9.55%7.59%
Fixed income 27.00%3.05%3.00%
Real estate 8.00%7.20%6.00%
Alternatives 9.00%
Private equity 13.15%8.15%
Hedge funds 5.55%5.25%
Commodities 4.40%2.75%
Cash equivalents 1.00%2.25%2.25%
Page 66
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE III - OTHER INFORMATION (cont.)
A.EMPLOYEES' RETIREMENT SYSTEM (cont.)
Illinois Municipal Retirement Fund (cont.)
Discount rate.The discount rate used to measure the total pension liability for IMRF was 7.50%. The
discount rate calculated using the December 31, 2015 measurement date was 7.47%. 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 rate and the member rate. Based on those assumptions, the
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 investments was applied to all periods
of projected benefits to determine the total pension liability.
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 net pension liability/(asset) of the Village
calculated using the discount rate of 7.50% 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 (6.50%) or 1 percentage point
higher (8.50%) than the current rate:
1% Decrease
Current
Discount Rate 1% Increase
Total pension liability $43,396,707 $38,512,784 $34,509,784
Plan fiduciary net pension 33,616,356 33,616,356 33,616,356
Net pension liability/(asset)$9,780,351 $4,896,428 $893,428
Page 67
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE III - OTHER INFORMATION (cont.)
A.EMPLOYEES' RETIREMENT SYSTEM (cont.)
Illinois Municipal Retirement Fund (cont.)
Changes in net pension liability/(asset). The changes in net pension liability/(asset)for the calendar
year ended December 31, 2016 were as follows:
Increase (Decrease)
Total Pension
Liability
(a)
Plan Fiduciary
Net Position
(b)
Net Pension
Liability/(Asset)
(a) - (b)
Balances at December 31, 2015 $36,777,570 $31,841,190 $4,936,380
Service cost 558,199 -558,199
Interest on total pension liability 2,706,946 -2,706,946
Differences between expected and actual
experience of the total pension liability
243,794 -243,794
Change of assumptions (135,521)-(135,521)
Benefit payments, including refunds of
employee contributions
(1,638,204)(1,638,204)-
Contributions - employer -723,634 (723,634)
Contributions - employee -243,012 (243,012)
Net investment income -2,199,050 (2,199,050)
Other (net transfer)-247,674 (247,674)
Balances at December 31, 2016 $38,512,784 $33,616,356 $4,896,428
Plan fiduciary net position as a percentage of
the total pension liability %87.29
Pension expense and deferred outflows of resources and deferred inflows of resources related
to pensions.For the year ended December 31, 2017, the Village recognized pension expense of
$1,029,102. The Village reported deferred outflows and inflows of resources related to pension from the
following sources:
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Difference between expected and actual experience $157,130 $145,003
Assumption changes 55,136 87,346
Net difference between projected and actual earnings on pension
plan investments 1,646,382 -
Contributions subsequent to the measurement date 645,349 -
Total $2,503,997 $232,349
Page 68
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE III - OTHER INFORMATION (cont.)
A.EMPLOYEES' RETIREMENT SYSTEM (cont.)
Illinois Municipal Retirement Fund (cont.)
The amount 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 liability/(asset) for the year
ending December 31, 2016. The remaining amounts reported as deferred outflows and inflows of
resources related to pensions ($1,626,299) will be recognized in pension expense as follows:
Year Ending December 31,Village
2017 $513,821
2018 596,494
2019 481,356
2020 34,628
Total $1,626,299
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.
Page 69
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE III - OTHER INFORMATION (cont.)
A.EMPLOYEES' RETIREMENT SYSTEM (cont.)
Police Pension (cont.)
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 onehalf the annual
unadjusted percentage increase in the CPI, whichever is less.
Plan membership. At December 31, 2017, the Police Pension membership consisted of:
Retirees and beneficiaries 35
Inactive, non-retired members 3
Active members 39
Total 77
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, 2017 was 45.65% of annual covered
payroll.
Net Pension Liability/(Asset). The net pension liability/(asset) was measured as of December 31, 2017,
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 70
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE III - 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, 2017 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 3.0% (1.25% for those hired on or
after January 1, 2011)
Mortality rates were based on the RP-2014 CHBCA Mortality Table. The actuarial assumptions were
based on the results of an actuarial experience study conducted by the Illinois Department of Insurance
dated October 5, 2017.
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:
1% Decrease
Current
Discount Rate 1% Increase
Total pension liability $66,049,264 $58,193,184 $51,271,528
Plan fiduciary net position 37,779,816 37,779,816 37,779,816
Net pension liability $28,269,448 $20,413,368 $13,491,712
Page 71
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
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, 2017 was as follows:
Increase (Decrease)
Total Pension
Liability
(a)
Plan Fiduciary
Net Position
(b)
Net Pension
Liability/Asset
(a) - (b)
Balances at December 31, 2016 $54,407,673 $33,534,050 $20,873,623
Service cost 833,296 -833,296
Interest on total pension liability 3,650,633 -3,650,633
Differences between expected and actual
experience of the total pension liability (347,589)-(347,589)
Change of assumptions 1,964,218 -1,964,218
Benefit payments, including refunds of employee
contributions (2,315,047)(2,315,047)-
Contributions - employer -1,748,025 (1,748,025)
Contributions - employee -386,727 (386,727)
Net investment income -4,461,837 (4,461,837)
Administration -(35,776)35,776
Balances at December 31, 2017 $58,193,184 $37,779,816 $20,413,368
Pension expense and deferred outflows of resources and deferred inflows of resources related
to pensions.For the year ended December 31, 2017, the Village recognized pension expense of
$2,434,582. The Village reported deferred outflows and inflows of resources related to pension from the
following sources:
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Difference between expected and actual experience $-$811,382
Assumption changes 2,268,089 -
Net difference between projected and actual earnings on pension
plan investments 1,052,894 1,790,088
Total $3,320,983 $2,601,470
Page 72
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
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 ($719,513) will
be recognized in pension expense as follows:
Year Ending December 31,Amount
2018 $557,860
2019 557,854
2020 (278,409)
2021 (117,792)
Total $719,513
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 a monthly retirement benefit of one half of the monthly salary attached to the rank held
in the fire service at the date of retirement. The monthly pension shall be increased by one twelfth of 2.5%
of such monthly salary for each additional month over 20 years of service through 30 years of service to a
maximum of 75% of such monthly salary. Employees with at least 10 years but less than 20 years of
credited service may retire at or after age 60 and receive a reduced retirement benefit. The monthly
pension of a firefighter who retired with 20 or more years of service after January 1, 1977 shall be
increased 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 73
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE III - OTHER INFORMATION (cont.)
A.EMPLOYEES' RETIREMENT SYSTEM (cont.)
Firefighters' Pension (cont.)
Plan membership. At December 31, 2017, the Firefighters' Pension Plan membership consisted of:
Retirees and beneficiaries 50
Inactive, non-retired members 2
Active members 32
Total 84
Contributions. Participants contribute a fixed percentage of their base salary to the plans. At December
31, 2017, 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, 2017 was 71.27% of annual covered payroll.
Net pension liability/(asset). The net pension liability/(asset) was measured as of December 31, 2017,
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.
Page 74
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE III - 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, 2017 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 3.0% (1.25% for those hired on or
after January 1, 2011)
Mortality rates were based on the RP-2014 CHBCA Mortality Table. The actuarial assumptions were
based on the results of an actuarial experience study conducted by the Illinois Department of Insurance
dated October 5, 2017.
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:
1% Decrease
Current
Discount Rate 1% Increase
Total pension liability $56,303,318 $50,181,210 $44,724,786
Plan fiduciary net position 28,093,489 28,093,489 28,093,489
Net pension liability $28,209,829 $22,087,721 $16,631,297
Page 75
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
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, 2017 was as follows:
Increase (Decrease)
Total Pension
Liability
(a)
Plan Fiduciary
Net Position
(b)
Net Pension
Liability/Asset
(a) - (b)
Balances at December 31, 2016 $49,274,222 $24,995,420 $24,278,802
Service cost 782,892 -782,892
Interest on total pension liability 3,287,875 -3,287,875
Differences between expected and actual
experience of the total pension liability (768,292)-(768,292)
Change of assumptions 300,225 -300,225
Benefit payments, including refunds of employee
contributions (2,695,712)(2,695,712)-
Contributions - employer -2,080,231 (2,080,231)
Contributions - employee -295,477 (295,477)
Net investment income -3,459,107 (3,459,107)
Administration -(41,034)41,034
Balances at December 31, 2017 $50,181,210 $28,093,489 $22,087,721
Pension expense and deferred outflows of resources and deferred inflows of resources related
to pensions.For the year ended December 31, 2017, the Village recognized pension expense of
$2,263,987. The Village reported deferred outflows and inflows of resources related to pension from the
following sources:
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Difference between expected and actual experience $65,502 $956,569
Assumption changes 884,310 -
Net difference between projected and actual earnings on pension
plan investments 765,670 1,551,863
Total $1,715,482 $2,508,432
Page 76
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE III - OTHER INFORMATION (cont.)
A.EMPLOYEES' RETIREMENT SYSTEM (cont.)
Firefighters' Pension (cont.)
The amounts reported as deferred outflows and inflows of resources related to pensions ($(792,950))
will be recognized in pension expense as follows:
Year Ending December 31,Amount
2018 $122,669
2019 122,667
2020 (587,850)
2021 (450,436)
Total $(792,950)
PENSION SEGMENT INFORMATION
Fiduciary Net Position
Pension Trust
Police
Pension
Firefighters'
Pension Total
Assets
Cash and investments $98,741 $819,966 $918,707
Investments
Certificates of deposit 624,851 250,263 875,114
Money markets 2,296,060 524,061 2,820,121
U.S. treasuries 299,019 797,883 1,096,902
U.S. agencies 3,960,719 5,456,070 9,416,789
State and local obligations 1,158,346 1,362,634 2,520,980
Corporate bonds 4,826,799 2,015,299 6,842,098
Mutual funds 24,401,322 16,808,482 41,209,804
Receivables
Accrued interest 120,564 72,951 193,515
Prepaid items 3,162 1,445 4,607
Total Assets 37,789,583 28,109,054 65,898,637
Liabilities
Accounts payable 9,767 15,565 25,332
Total Liabilities 9,767 15,565 25,332
Net Position
Restricted for pension benefits $37,779,816 $28,093,489 $65,873,305
Page 77
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE III - OTHER INFORMATION (cont.)
A.EMPLOYEES' RETIREMENT SYSTEM (cont.)
Changes in Plan Net Position
Pension Trust
Police Pension
Firefighters'
Pension Total
Additions
Contributions
Employer $1,748,025 $2,080,231 $3,828,256
Employee 386,727 295,477 682,204
Other 1,657 -1,657
Total Contributions 2,136,409 2,375,708 4,512,117
Investment income
Net appreciation in fair value 2,518,009 854,316 3,372,325
Interest 2,013,701 2,658,830 4,672,531
Total Investment income 4,531,710 3,513,146 8,044,856
Less investment expense 71,530 54,039 125,569
Net investment income 4,460,180 3,459,107 7,919,287
Total Additions 6,596,589 5,834,815 12,431,404
Deductions
Benefits and refunds 2,315,047 2,695,712 5,010,759
Administrative 35,776 41,034 76,810
Total Deductions 2,350,823 2,736,746 5,087,569
Net Decrease in Net Position 4,245,766 3,098,069 7,343,835
Net Position, Beginning of Year 33,534,050 24,995,420 58,529,470
Net Position, End of Year $37,779,816 $28,093,489 $65,873,305
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 $2,328,446 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 78
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
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.$200,897 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 $68,304 $42,919
Current year claims and changes in estimates (2,002,611)(2,136,760)
Claim payments 1,977,226 2,294,738
Unpaid Claims - End of Year $42,919 $200,897
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 79
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
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.
The Village has active construction projects as of December 31, 2017. W ork that has been completed on
these projects but not yet paid for (including contract retainages) is reflected as accounts payable and
expenditures.
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, 2017, 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 80
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
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, 2017, all retirees contributed $643,206 and the Village contributed $226,722.
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 $643,206
Interest on net OPEB obligation 23,200
Adjustment to annual required contribution (35,699)
Annual OPEB cost 630,707
Contributions made (226,722)
Increase in net OPEB obligation (asset)403,985
Net OPEB Obligation (Asset) - Beginning of Year 651,678
Net OPEB Obligation (Asset) - End of Year $1,055,663
The Village's annual OPEB cost, the percentage of annual OPEB cost contributed to the plan, and the net
OPEB obligation for 2017 and the two preceding years were as follows:
Fiscal Year Ended
Annual OPEB
Cost
Percentage of
Annual OPEB
Cost
Contributed
Net OPEB
Obligation
December 31, 2015 $439,792 61.22%$489,852
December 31, 2016 463,328 65.07%651,678
December 31, 2017 630,707 35.95%1,055,663
Page 81
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE III - OTHER INFORMATION (cont.)
D.OTHER POSTEMPLOYMENT BENEFITS (cont.)
The funded status of the plan as of December 31, 2017, the most recent actuarial valuation date, was as
follows:
Actuarial accrued liability (AAL)$5,464,098
Actuarial value of plan assets -
Unfunded Actuarial Accrued Liability (UAAL)$5,464,098
Funded ratio (actuarial value of plan assets/AAL)-%
Covered payroll (active plan members)$13,180,632
UAAL as a percentage of covered payroll 41.46%
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, 2017 actuarial valuation, the entry age actuarial cost method was used. The actuarial
assumptions include a 4% investment rate of return and an annual healthcare cost trend rate of 8%
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, 2017, was 30 years.
Page 82
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE III - OTHER INFORMATION (cont.)
E.TAX ABATEMENT
Tax abatements are a reduction in tax revenues that results from an agreement between one or more
governments and an individual or entity in which (a) one or more governments promise to forgo tax
revenues to which they are otherwise entitled and (b) the individual or entity promises to take a specific
action after the agreement has been entered into that contributes to economic development or otherwise
benefits the governments or the citizens of those governments.
The Village through its Promenade Tax Incremental Financing District has entered into a tax abatement
agreement with a developer in the form of a tax incremental financing incentive payment to further the
growth of the Village, facilitate the redevelopment of the entire Redevelopment Project Areas, stimulate
redevelopment of other parcels in the Butterfield/22nd Street corridor, increase the assessed valuation of
the real estate situated within the Village, increase the sales tax revenues realized by the Village, foster
increased economic activity within the Village, and other be in the best interest of the Village by furthering
the health, safety, and welfare of its residents and taxpayers. The abatement is authorized through the
Redevelopment Project Area Plan Agreement. The developers pay property taxes as they become due,
and after meeting the criteria established in the development agreements, are entitled to future incentive
payments that directly correlate to the taxes paid.
Agreement Description Calculation Method Developer Commitment 2017 Payments
Promenade
Redevelopment Project
100% incremental
property taxes,
20% incremental
sales taxes
Construction of an upscale retail and
commercial shopping center
$454,380
Page 83
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2017
NOTE III - OTHER INFORMATION (cont.)
F.EFFECT OF NEW ACCOUNTING STANDARDS ON CURRENT-PERIOD FINANCIAL STATEMENTS
The Governmental Accounting Standards Board (GASB) has approved the following:
Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other
Than Pensions
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. 83, Certain Asset Retirement Obligations
Statement No. 84, Fiduciary Activities
Statement No. 85, Omnibus 2017
Statement No. 86, Certain Debt Extinguishment Issues
Statement No. 87, Leases
Statement No. 88, Certain Disclosures Related to Debt, including Direct Borrowings and
Direct Placements
When they become effective, application of these standards may restate portions of these financial
statements.
Page 84
R E Q U I R E D S U P P L E M E N T A R Y I N F O R M A T I O N
G E N E R A L F U N D
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, EXPENDITURES, AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL - GENERAL FUND
For the Year Ended December 31, 2017
With Comparative Actual Amounts for the Year Ended December 31, 2016
2017
Budgeted Amounts
Original Final Actual
Variance with
Final Budget
2016
Actual
REVENUES
Intergovernmental $14,325,335 $14,325,335 $13,640,557 $(684,778)$14,274,831
Utility taxes 5,638,000 5,638,000 6,033,358 395,358 5,967,345
Licenses and permits 1,711,750 1,711,750 2,205,571 493,821 1,882,598
Charges for services 1,064,250 1,064,250 1,106,204 41,954 1,075,234
Fines, forfeitures and
penalties 153,590 153,590 144,833 (8,757)159,799
Investment income 125,000 125,000 190,254 65,254 136,186
Miscellaneous 419,275 419,275 405,933 (13,342)421,967
Total Revenues 23,437,200 23,437,200 23,726,710 289,510 23,917,960
EXPENDITURES
CURRENT
General government 4,446,385 5,008,843 4,757,533 251,310 4,063,322
Public safety 16,814,355 16,678,575 16,113,415 565,160 15,146,642
Public works 752,340 752,340 708,940 43,400 642,689
Culture and
recreation 989,470 989,470 874,892 114,578 957,642
Debt Service
Principal 280,000 280,000 280,000 -275,000
Interest and fiscal
charges 10,625 10,625 9,800 825 19,541
Total
Expenditures 23,293,175 23,719,853 22,744,580 975,273 21,104,836
Excess (deficiency) of
revenues over (under)
expenditures 144,025 (282,653)982,130 1,264,783 2,813,124
OTHER FINANCING
SOURCES (USES)
Transfers out (73,505)(73,505)-73,505 -
Total Other
Financing Sources
(Uses)(73,505)(73,505)-73,505 -
Net Change in Fund
Balance $70,520 $(356,158)982,130 $1,338,288 2,813,124
FUND BALANCE -
Beginning of Year 20,072,544 17,259,420
FUND BALANCE - END
OF YEAR $21,054,674 $20,072,544
See independent auditors' report and accompanying notes to required supplementary information.
Page 85
VILLAGE OF OAK BROOK
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL - HOTEL/MOTEL TAX FUND
For the Year Ended December 31, 2017
With Comparative Actual Amounts for the Year Ended December 31, 2016
2017
Budgeted Amounts
Original Final Actual
Variance with
Final Budget
2016
Actual
REVENUES
Hotel and motel taxes $1,266,000 $1,266,000 $1,265,583 $(417)$1,270,131
Investment income 22,000 22,000 42,060 20,060 17,993
Miscellaneous --44,095 44,095 -
Total Revenues 1,288,000 1,288,000 1,351,738 63,738 1,288,124
EXPENDITURES
CURRENT
General
government 93,400 93,400 93,400 -90,305
Culture and
recreation 2,433,475 2,433,475 1,592,540 840,935 751,823
Total
Expenditures 2,526,875 2,526,875 1,685,940 840,935 842,128
Net Change in Fund
Balance $(1,238,875)$(1,238,875)(334,202)$904,673 445,996
FUND BALANCE -
Beginning of Year 4,293,506 3,847,510
FUND BALANCE -
END OF YEAR $3,959,304 $4,293,506
See independent auditors' report and accompanying notes to required supplementary information.
Page 86
See independent auditors' report and accompanying notes to required supplementary information.
Page 87
VILLAGE OF OAK BROOK
ILLINOIS MUNICIPAL RETIREMENT FUND
SCHEDULE OF CHANGES IN THE VILLAGE'S NET PENSION LIABILITY
AND RELATED RATIOS
Three Most Recent Fiscal Years
2015 2016 2017
Total pension liability
Service cost 613,861$ 581,062$ 558,199$
Interest 2,465,082 2,615,047 2,706,946
Differences between expected and actual experience (770,401) (398,570) 243,794
Changes of assumptions 1,163,670 89,849 (135,521)
Benefit payments, including refunds of member
contributions (1,353,166) (1,466,273) (1,638,204)
Net change in total pension liability 2,119,046 1,421,115 1,735,214
Total pension liability - beginning 33,237,409 35,356,455 36,777,570
Total pension liability - ending (a)35,356,455$ 36,777,570$ 38,512,784$
Plan fiduciary net position
Employer contributions 749,983$ 715,089$ 723,634$
Employee contributions 238,409 238,021 243,012
Net investment income 1,874,762 159,375 2,199,050
Benefit payments, including refunds of member
contributions (1,353,166) (1,466,273) (1,638,204)
Other (net transfer)(294,611) 63,416 247,674
Net change in plan fiduciary net position 1,215,377 (290,372) 1,775,166
Plan fiduciary net position - beginning 30,916,185 32,131,562 31,841,190
Plan fiduciary net position - ending (b)32,131,562$ 31,841,190$ 33,616,356$
Employer's net pension liability - ending (a) - (b)3,224,893$ 4,936,380$ 4,896,428$
Plan fiduciary net position as a percentage
of the total pension liability 90.88%86.58%87.29%
Covered-employee payroll 5,168,916$ 5,230,241$ 5,400,260$
Employer's net pension liability as a percentage of
covered-employee payroll 62.39%94.38%90.67%
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 88
VILLAGE OF OAK BROOK
ILLINOIS MUNICIPAL RETIREMENT FUND
SCHEDULE OF EMPLOYER CONTRIBUTIONS
Three Most Recent Fiscal Years
2015 2016 2017
Actuarially determined contribution 749,982$ 715,497$ 723,635$
Contributions in relation to the actuarially
determined contribution (749,983) (715,089) (723,634)
Contribution deficiency (excess)(1)$ 408$ 1$
Covered-employee payroll 5,289,017$ 5,230,241$ 5,400,260$
Contributions as a percentage of covered-
employee payroll 14.18%13.67%13.40%
Notes to Schedule:
Valuation date:
Methods and assumptions used to determine contribution rates:
Actuarial cost method
Amortization method
Remaining amortization period
Asset valuation method
Inflation 2.75%
Salary increases
Investment rate of return 7.50%
Retirement Age
Mortality RP-2014 CHBCA
Other information:
There were no benefit changes during the year.
3.75% to 14.50% including inflation
Experience-based table of rates that are specific to the type of
eligibility condition
Actuarially determined contribution rates are calculated as of December 31 of the prior year as that is
the most recent information available from the plan.
The Village implemented GASB Statement No. 68 in fiscal year 2015. Information prior to fiscal year
2015 is not available.
Entry age normal
Level percentage of payroll, closed
27 years
5-Year Smoothed Market
See independent auditors' report and accompanying notes to required supplementary information.Page 89
2014 2015 2016 2017
Total pension liability
Service cost 826,067$ 816,276$ 800,389$ 833,296$
Interest 3,141,175 3,338,238 3,563,145 3,650,633
Differences between expected and actual experience 1,279,682 (48,037) (856,825) (347,589)
Changes of assumptions - 1,597,133 96,439 1,964,218
Benefit payments, including refunds of member contributions (2,288,693) (2,346,686) (2,364,839) (2,315,047)
Net change in total pension liability 2,958,231 3,356,924 1,238,309 3,785,511
Total pension liability - beginning 46,854,212 49,812,440 53,169,364 54,407,673
Total pension liability - ending (a)49,812,443$ 53,169,364$ 54,407,673$ 58,193,184$
Plan fiduciary net position
Employer contributions 1,259,824$ 1,336,683$ 1,527,927$ 1,748,025$
Employee contributions 358,339 358,499 383,238 386,727
Net investment income 1,115,158 (429,967) 2,176,018 4,461,837
Benefit payments, including refunds of member contributions (2,288,693) (2,346,686) (2,364,839) (2,315,047)
Administration (47,609) (38,647) (39,522) (35,776)
Net change in plan fiduciary net position 397,019 (1,120,118) 1,682,822 4,245,766
Plan fiduciary net position - beginning 32,574,327 32,971,346 31,851,228 33,534,050
Plan fiduciary net position - ending (b)32,971,346$ 31,851,228$ 33,534,050$ 37,779,816$
Village's net pension liability - ending (a) - (b)16,841,097$ 21,318,136$ 20,873,623$ 20,413,368$
Plan fiduciary net position as a percentage of the total
pension liability 66.19%59.91%61.63%64.92%
Covered-employee payroll 3,631,184$ 3,735,548$ 3,829,224$ 3,892,216$
Village's net pension liability as a percentage of covered-
employee payroll 463.79%570.68%545.11%524.47%
Notes to Schedule:
VILLAGE OF OAK BROOK
The Pension implemented GASB Statement No. 67 in fiscal year 2014. Information prior to fiscal year 2014 is not
available.
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.
Last Four Fiscal Years
SCHEDULE OF CHANGES IN THE VILLAGE'S NET PENSION LIABILITY AND RELATED RATIOS
POLICE PENSION FUND
See independent auditors' report and accompanying notes to required supplementary information.
Page 90
2008 2009 2010 2011
Actuarially determined contribution 617,619$ 958,641$ 944,808$ 885,339$
Contributions in relation to the actuarially
determined contribution 617,618 958,641 944,808 674,170
Contribution deficiency (excess)1$ -$ -$ 211,169$
Covered-employee payroll N/A 3,288,064$ 3,433,002$ 3,288,064$
Contributions as a percentage of covered-
employee payroll N/A 29.16%27.52%20.50%
Notes to Schedule:
N/A - Information is not available prior to 2009.
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
Amortization method
Remaining amortization period
Asset valuation method
Inflation
Salary increases
Investment rate of return
Retirement age
Mortality
Mortality rates were based on the RP-2014 BCA
Mortality Table
Entry-age normal
Level percentage of payroll, closed
23 years
Market value
3.75%, average, including inflation
50-70
2.50%
6.75%, net of pension plan investment expense,
including inflation
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.
POLICE PENSION FUND
SCHEDULE OF EMPLOYER CONTRIBUTIONS
VILLAGE OF OAK BROOK
Last Ten Fiscal Years
See independent auditors' report and accompanying notes to required supplementary information.
Page 91
2012 2013 2014 2015 2016 2017
969,024$ 1,205,519$ 1,485,673$ 1,550,233$ 1,708,330$ 1,748,025$
977,367 1,171,537 1,259,824 1,259,824 1,527,927 1,748,025
(8,343)$ 33,982$ 225,849$ 290,409$ 180,403$ -$
3,310,998$ 3,646,309$ 3,598,016$ 3,631,184$ 3,735,548$ 3,892,216$
29.52%32.13%35.01%34.69%40.90%44.91%
See independent auditors' report and accompanying notes to required supplementary information.Page 92
2014 2015 2016 2017
Annual money-weighted rate of return,
net of investment expense 5.54%-1.32%6.89%13.35%
Notes to Schedule:
The Pension implemented GASB Statement No. 67 in fiscal year 2014. Information prior to fiscal year 2014 is not
available.
Last Four Fiscal Years
SCHEDULE OF INVESTMENT RETURNS
POLICE PENSION FUND
VILLAGE OF OAK BROOK
See independent auditors' report and accompanying notes to required supplementary information.Page 93
2014 2015 2016 2017
Total pension liability
Service cost 746,748$ 746,748$ 756,771$ 782,892$
Interest 2,926,848 3,040,301 3,229,650 3,287,875
Differences between expected and actual experience 507,637 163,758 (569,891) (768,292)
Changes of assumptions - 1,474,675 90,432 300,225
Benefit payments, including refunds of member contributions (2,385,491) (2,615,406) (2,645,270) (2,695,712)
Net change in total pension liability 1,795,742 2,810,076 861,692 906,988
Total pension liability - beginning 43,806,712 45,602,454 48,412,530 49,274,222
Total pension liability - ending (a)45,602,454$ 48,412,530$ 49,274,222$ 50,181,210$
Plan fiduciary net position
Employer contributions 1,570,742$ 1,414,530$ 1,801,476$ 2,080,231$
Employee contributions 267,458 269,349 273,775 295,477
Net investment income 1,178,816 (256,566) 1,794,320 3,459,107
Benefit payments, including refunds of member contributions (2,385,491) (2,615,406) (2,645,270) (2,695,712)
Administration (75,386) (46,351) (40,567) (41,034)
Net change in plan fiduciary net position 556,139 (1,234,444) 1,183,734 3,098,069
Plan fiduciary net position - beginning 24,489,991 25,046,130 23,811,686 24,995,420
Plan fiduciary net position - ending (b)25,046,130$ 23,811,686$ 24,995,420$ 28,093,489$
Village's net pension liability - ending (a) - (b)20,556,324$ 24,600,844$ 24,278,802$ 22,087,721$
Plan fiduciary net position as a percentage of the total
pension liability 54.92%49.18%50.73%55.98%
Covered-employee payroll 2,818,219$ 2,812,001$ 2,918,844$ 3,085,809$
Village's net pension liability as a percentage of covered-
employee payroll 729.41%874.85%831.80%715.78%
Notes to Schedule:
VILLAGE OF OAK BROOK
The Pension implemented GASB Statement No. 67 in fiscal year 2014. Information prior to fiscal year 2014 is not
available.
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.
Last Four Fiscal Years
SCHEDULE OF CHANGES IN THE VILLAGE'S NET PENSION LIABILITY AND RELATED RATIOS
FIREFIGHTERS' PENSION FUND
See independent auditors' report and accompanying notes to required supplementary information.
Page 94
2008 2009 2010 2011
Actuarially determined contribution 671,683$ 839,550$ 933,925$ 1,082,677$
Contributions in relation to the actuarially
determined contribution 671,683 839,550 933,925 995,110
Contribution deficiency (excess)-$ -$ -$ 87,567$
Covered-employee payroll N/A 2,668,624$ 2,573,691$ 2,668,624$
Contributions as a percentage of covered-
employee payroll N/A 31.46%36.29%37.29%
Notes to Schedule:
N/A - Information is not available prior to 2009.
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
Amortization method
Remaining amortization period
Asset valuation method
Inflation
Salary increases
Investment rate of return
Retirement age
Mortality
50-70
Mortality rates were based on the RP-2014 BCA
Mortality Table
Level percentage of payroll, closed
23 years
Market Value
2.50%
3.75%, average, including inflation
6.75%, net of pension plan investment expense,
including inflation
Entry-age normal
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.
VILLAGE OF OAK BROOK
Last Ten Fiscal Years
FIREFIGHTERS' PENSION FUND
SCHEDULE OF EMPLOYER CONTRIBUTIONS
See independent auditors' report and accompanying notes to required supplementary information.
Page 95
2012 2013 2014 2015 2016 2017
1,065,173$ 1,144,966$ 1,698,405$ 1,826,637$ 2,015,441$ 2,080,231$
1,001,528 1,057,081 1,570,742 1,414,530 1,801,476 2,080,231
63,645$ 87,885$ 127,663$ 412,107$ 213,965$ -$
2,687,097$ 2,762,080$ 2,674,017$ 2,818,219$ 2,812,001$ 3,085,809$
37.27%38.27%58.74%50.19%64.06%67.41%
See independent auditors' report and accompanying notes to required supplementary information.Page 96
2014 2015 2016 2017
Annual money-weighted rate of return,
net of investment expense 5.10%-1.05%7.62%13.95%
Notes to Schedule:
The Pension implemented GASB Statement No. 67 in fiscal year 2014. Information prior to fiscal year 2014 is not
available.
VILLAGE OF OAK BROOK
FIREFIGHTERS' PENSION FUND
SCHEDULE OF INVESTMENT RETURNS
Last Four Fiscal Years
VILLAGE OF OAK BROOK
OTHER POSTEMPLOYMENT BENEFIT PLAN
SCHEDULE OF EMPLOYER CONTRIBUTIONS AND SCHEDULE OF FUNDING PROGRESS
For the Year Ended December 31, 2017
Year Ended
Annual
Required
Contribution
Percentage
Contributed
12/31/17 $643,206 35%
12/31/16 468,424 64%
12/31/15 445,025 61%
Actuarial
Valuation
Date
Actuarial Value
of Assets
(a)
Actuarial
Accrued
Liability (AAL)
- Projected
Unit
(b)
Unfunded AAL
(UAAL)
(b-a)
Funded
Ratio
(a/b)
Covered
Payroll
(c)
UAAL as a
Percentage
of Covered
Payroll
((b-a)/c)
12/31/17 $-$5,464,098 $5,464,098 0%$13,180,632 41%
12/31/16 -5,168,368 5,168,368 0%10,870,787 48%
12/31/15 -5,011,682 5,011,682 0%9,362,402 54%
Change in Assumptions
The change in Village's unfunded actuarial accrued OPEB liability is due to several factors, including:
The discount rate as of the Measurement Date has been updated to be based on a yield for 20-year tax-exempt
general obligation municipal bonds with an average rating of AA/Aa or higher (or equivalent quality on another
rating scale) tax-exempt, high quality 20-year municipal bonds. The prior valuation used a discount rate of 4.50%.
The current valuation uses a discount rate of 3.56% as of December 31, 2017. This change has caused an
increase in liabilities. The discount rate will be updated annually to reflect market conditions as of the
Measurement Date.
The mortality table has been updated to RPH-2017 Total Dataset Mortality Table fully generational using Scale
MP-2017 for general active employees and healthy retirees, RPH-2017 Blue Collar Mortality Table fully
generational using Scale MP-2017 for Police and Fire active employees, and RPH-2017 Disabled Retiree
Mortality Table fully generational using Scale MP-2017 for disabled retirees. This change caused a slight
decrease in liabilities.
For general employees, this withdrawal rate, retirement rate, and payroll growth assumption have all been
updated to follow the most recent Illinois Municipal Retirement Fund (IMRF) valuation as of December 31, 2016.
Medical/Rx rates have been reset to an initial rate of 8.0% decreasing by 0.5% annually to an ultimate rate of
5.0%. This change has caused an increase in liabilities.
See independent auditors' report and accompanying notes to required supplementary information.
Page 97
VILLAGE OF OAK BROOK
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
For the Year Ended December 31, 2017
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 98
S U P P L E M E N T A R Y I N F O R M A T I O N
VILLAGE OF OAK BROOK
SCHEDULE OF REVENUES - BUDGET AND ACTUAL -
GENERAL FUND
For the Year Ended December 31, 2017
with Comparative Actual Amounts for the Year Ended December 31, 2016
2017
Budgeted Amounts
Original Final Actual
Variance with
Final Budget
2016
Actual
INTERGOVERNMENTAL
Municipal sales tax $13,048,000 $13,048,000 $12,381,929 $(666,071)$12,969,830
Illinois state income and
use tax 997,500 997,500 927,953 (69,547)965,261
Corporate personal
property replacement
taxes 252,735 252,735 298,832 46,097 279,782
York Township road and
bridge tax 15,000 15,000 24,462 9,462 13,678
Grants 12,100 12,100 7,381 (4,719)46,280
Total
Intergovernmental 14,325,335 14,325,335 13,640,557 (684,778)14,274,831
Utility taxes 5,638,000 5,638,000 6,033,358 395,358 5,967,345
Licenses and permits 1,711,750 1,711,750 2,205,571 493,821 1,882,598
Charges for services 1,064,250 1,064,250 1,106,204 41,954 1,075,234
Fines, forfeitures and
penalties 153,590 153,590 144,833 (8,757)159,799
Investment income 125,000 125,000 190,254 65,254 136,186
MISCELLANEOUS
Franchise fees 207,200 207,200 216,884 9,684 222,899
Other 212,075 212,075 189,049 (23,026)199,068
Total Miscellaneous 419,275 419,275 405,933 (13,342)421,967
TOTAL REVENUES $23,437,200 $23,437,200 $23,726,710 $289,510 $23,917,960
Page 99
Page 100
VILLAGE OF OAK BROOK
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL - GENERAL FUND
For the Year Ended December 31, 2017
With Comparative Actual Amounts for the Year Ended December 31, 2016
Variance With 2016
Original Final Actual Final Budget Actual
GENERAL GOVERNMENT
Legislative and general management
Board of Trustees
Personnel 79,605$ 79,605$ 77,284$ 2,321$ 75,074$
Materials and supplies 3,900 3,900 436 3,464 472
Operation and contractual 63,500 63,500 49,630 13,870 49,136
Total board of trustees 147,005 147,005 127,350 19,655 124,682
Village clerk
Personnel 179,555 179,555 166,984 12,571 149,678
Materials and supplies 3,135 3,135 2,602 533 1,925
Operation and contractual 17,000 17,000 5,040 11,960 11,310
Total Village clerk 199,690 199,690 174,626 25,064 162,913
Legal
Personnel - - - - 30,068
Materials and supplies 100 100 288 (188) 68
Operation and contractual 293,000 293,000 254,554 38,446 230,897
Total legal 293,100 293,100 254,842 38,258 261,033
General management
Personnel 305,730 309,980 304,713 5,267 308,567
Materials and supplies 57,675 53,425 43,297 10,128 44,873
Operation and contractual 31,990 31,990 21,226 10,764 21,505
Total general management 395,395 395,395 369,236 26,159 374,945
Human resources
Personnel 159,665 170,795 140,930 29,865 140,154
Materials and supplies 2,550 2,550 614 1,936 91
Operation and contractual 71,290 55,185 29,418 25,767 46,171
Total human resources 233,505 228,530 170,962 57,568 186,416
Risk management
Personnel 23,320 23,320 20,532 2,788 17,074
Materials and supplies 1,000 1,000 - 1,000 -
Operation and contractual 470,000 470,000 447,255 22,745 407,794
Total risk management 494,320 494,320 467,787 26,533 424,868
Emergency management
Personnel 600 600 - 600 111
Materials and supplies 2,750 5,425 4,296 1,129 9,104
Operation and contractual 22,640 19,965 13,860 6,105 11,471
Total emergency management 25,990 25,990 18,156 7,834 20,686
Information systems
Personnel 350,520 307,440 307,152 288 328,255
Materials and supplies 29,600 36,490 36,596 (106) 25,352
Operation and contractual 449,330 436,880 436,867 13 277,222
Capital 209,610 315,270 315,269 1 106,369
Total information systems 1,039,060 1,096,080 1,095,884 196 737,198
2017
Budgeted Amounts
Page 101
VILLAGE OF OAK BROOK
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL - GENERAL FUND
For the Year Ended December 31, 2017
With Comparative Actual Amounts for the Year Ended December 31, 2016
Variance With 2016
Original Final Actual Final Budget Actual
2017
Budgeted Amounts
GENERAL GOVERNMENT (continued)
Legislative and general management (continued)
Customer service
Personnel 55,190$ 53,435$ 46,111$ 7,324$ 50,361$
Operation and contractual - 1,755 1,753 2 -
Total customer service 55,190 55,190 47,864 7,326 50,361
Total legislative and general management 2,883,255 2,935,300 2,726,707 208,593 2,343,102
Community development management
Administration
Personnel 352,755 377,575 377,445 130 285,927
Materials and supplies 2,690 2,690 589 2,101 1,201
Operation and contractual 41,850 17,030 17,447 (417) 56,426
Total administration 397,295 397,295 395,481 1,814 343,554
Code enforcement
Personnel 527,215 527,215 518,912 8,303 555,158
Materials and supplies 5,325 5,325 3,897 1,428 5,986
Operation and contractual 52,275 52,275 40,100 12,175 38,920
Total code enforcement 584,815 584,815 562,909 21,906 600,064
Total community development management 982,110 982,110 958,390 23,720 943,618
Financial services
Financial services management
Personnel 138,045 138,045 136,075 1,970 103,665
Materials and supplies 50 50 - 50 23
Operation and contractual 56,975 56,975 53,769 3,206 51,357
Total financial services management 195,070 195,070 189,844 5,226 155,045
Accounting and reporting
Personnel 308,350 308,350 304,942 3,408 410,733
Materials and supplies 4,540 4,540 2,464 2,076 3,933
Operation and contractual 28,500 28,500 28,445 55 23,218
Total accounting and reporting 341,390 341,390 335,851 5,539 437,884
PSEBA benefits
Personnel 42,300 42,300 41,136 1,164 39,827
Total PSEBA benefits 42,300 42,300 41,136 1,164 39,827
Page 102
VILLAGE OF OAK BROOK
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL - GENERAL FUND
For the Year Ended December 31, 2017
With Comparative Actual Amounts for the Year Ended December 31, 2016
Variance With 2016
Original Final Actual Final Budget Actual
2017
Budgeted Amounts
GENERAL GOVERNMENT (continued)
Financial services (continued)
Purchasing
Personnel 97,460$ 97,460$ 95,321$ 2,139$ 92,674$
Materials and supplies 21,300 21,300 16,375 4,925 12,159
Operation and contractual - - - - 1,827
Total purchasing 118,760 118,760 111,696 7,064 106,660
Total financial services 697,520 697,520 678,527 18,993 739,416
Municipal building improvement
Operation and contractual 25,000 - - - -
Capital 347,500 882,913 882,909 4 534,591
Total municipal building improvement 372,500 882,913 882,909 4 534,591
Expenditure reimbursements paid to other funds 128,300 128,300 128,300 - 130,620
Subtotal general government 5,063,685 5,626,143 5,374,833 251,310 4,691,347
Less reimbursements from other funds (617,300) (617,300) (617,300) - (628,025)
Total general government 4,446,385 5,008,843 4,757,533 251,310 4,063,322
PUBLIC SAFETY
Police department
Police services management
Personnel 551,645 551,645 540,405 11,240 525,922
Materials and supplies 3,500 3,500 2,424 1,076 2,907
Operation and contractual 56,380 56,380 58,485 (2,105) 52,683
Total police services management 611,525 611,525 601,314 10,211 581,512
Police field services
Personnel 4,931,855 4,925,485 4,759,627 165,858 4,511,962
Materials and supplies 15,160 15,160 14,882 278 7,779
Operation and contractual 358,850 358,850 358,751 99 346,551
Capital - - - - 13,685
Total police field services 5,305,865 5,299,495 5,133,260 166,235 4,879,977
Police auxiliary services
Personnel 86,890 93,260 93,392 (132) 87,413
Operation and contractual 1,875 1,875 1,632 243 1,632
Total police auxiliary services 88,765 95,135 95,024 111 89,045
Support services general
Personnel 711,475 711,475 702,127 9,348 679,334
Materials and supplies 70,955 70,955 64,348 6,607 53,555
Operation and contractual 2,850 2,850 2,562 288 3,244
Total support services general 785,280 785,280 769,037 16,243 736,133
Support services detectives
Personnel 1,025,960 1,025,960 996,144 29,816 953,737
Materials and supplies 2,250 2,250 2,276 (26) 2,922
Operation and contractual 51,580 51,580 49,996 1,584 49,200
Total support services detectives 1,079,790 1,079,790 1,048,416 31,374 1,005,859
Page 103
VILLAGE OF OAK BROOK
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL - GENERAL FUND
For the Year Ended December 31, 2017
With Comparative Actual Amounts for the Year Ended December 31, 2016
Variance With 2016
Original Final Actual Final Budget Actual
2017
Budgeted Amounts
PUBLIC SAFETY (continued)
Police department (continued)
Police support services records
Personnel 229,325$ 229,325$ 227,604$ 1,721$ 221,936$
Materials and supplies 24,700 24,700 18,323 6,377 25,581
Operation and contractual 484,005 484,005 439,679 44,326 433,590
Total support services records 738,030 738,030 685,606 52,424 681,107
Total police department 8,609,255 8,609,255 8,332,657 276,598 7,973,633
Fire department
Fire, rescue, and EMS operations
Personnel 5,998,720 5,946,675 5,835,994 110,681 5,400,448
Materials and supplies 51,745 51,745 39,048 12,697 43,842
Operation and contractual 321,585 321,585 307,668 13,917 302,872
Capital 213,000 213,000 168,584 44,416 36,179
Total fire, rescue, and EMS operations 6,585,050 6,533,005 6,351,294 181,711 5,783,341
Fire services management
Personnel 344,120 344,120 346,269 (2,149) 350,451
Materials and supplies 8,800 8,800 2,213 6,587 5,587
Operation and contractual 203,565 203,565 187,600 15,965 183,015
Total fire services management 556,485 556,485 536,082 20,403 539,053
Special teams operations
Materials and supplies 10,235 10,235 6,640 3,595 5,988
Operation and contractual 8,950 8,950 8,618 332 7,381
Total special teams operations 19,185 19,185 15,258 3,927 13,369
Rescue and fire training
Personnel 57,205 57,205 41,246 15,959 28,469
Materials and supplies 925 925 - 925 10
Operation and contractual 1,000 1,000 - 1,000 -
Total rescue and fire training 59,130 59,130 41,246 17,884 28,479
Emergency medical services
Personnel 37,495 37,495 27,785 9,710 28,858
Materials and supplies 23,600 23,600 21,320 2,280 17,729
Operation and contractual 623,955 623,955 619,425 4,530 600,842
Capital 35,200 35,200 34,450 750 51,167
Total emergency medical services 720,250 720,250 702,980 17,270 698,596
Fire prevention and public safety
Personnel 248,235 164,500 122,985 41,515 101,704
Materials and supplies 9,965 9,965 6,344 3,621 7,242
Operation and contractual 6,800 6,800 4,569 2,231 1,225
Total fire prevention and public safety 265,000 181,265 133,898 47,367 110,171
Total fire department 8,205,100 8,069,320 7,780,758 288,562 7,173,009
Total public safety 16,814,355 16,678,575 16,113,415 565,160 15,146,642
Page 104
VILLAGE OF OAK BROOK
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL - GENERAL FUND
For the Year Ended December 31, 2017
With Comparative Actual Amounts for the Year Ended December 31, 2016
Variance With 2016
Original Final Actual Final Budget Actual
2017
Budgeted Amounts
PUBLIC WORKS
Mosquito control
Operation and contractual 73,320$ 73,320$ 64,687$ 8,633$ 66,992$
Total mosquito control 73,320 73,320 64,687 8,633 66,992
Buildings and grounds
Personnel 176,925 122,405 114,507 7,898 111,716
Materials and supplies 46,350 46,350 39,744 6,606 28,145
Operation and contractual 225,760 280,280 267,007 13,273 227,911
Capital - - - - 23,535
Total buildings and grounds 449,035 449,035 421,258 27,777 391,307
Forestry
Personnel 15,905 7,505 3,753 3,752 4,533
Materials and supplies 3,570 3,570 338 3,232 2,616
Operation and contractual 210,510 218,910 218,904 6 177,241
Total forestry 229,985 229,985 222,995 6,990 184,390
Total public works 752,340 752,340 708,940 43,400 642,689
CULTURE AND RECREATION
Library general operations
Personnel 384,860 384,860 290,715 94,145 384,814
Materials and supplies 15,530 15,530 10,584 4,946 10,934
Operation and contractual 77,250 77,250 74,860 2,390 69,334
Total library general operations 477,640 477,640 376,159 101,481 465,082
Library technical services
Personnel 100,115 100,115 96,529 3,586 95,717
Materials and supplies 3,300 3,300 3,300 - 3,140
Operation and contractual 6,415 6,415 6,414 1 4,311
Total library technical services 109,830 109,830 106,243 3,587 103,168
Library reference and adult services
Personnel 157,705 157,705 152,085 5,620 153,760
Materials and supplies 101,000 101,000 100,475 525 101,789
Operation and contractual 2,000 2,000 2,000 - 2,493
Total library reference and adult services 260,705 260,705 254,560 6,145 258,042
Library youth services
Personnel 109,465 109,465 106,475 2,990 99,917
Materials and supplies 28,330 28,330 27,964 366 28,434
Operation and contractual 3,500 3,500 3,491 9 2,999
Total library youth services 141,295 141,295 137,930 3,365 131,350
Total culture and recreation 989,470 989,470 874,892 114,578 957,642
DEBT SERVICE
Principal 280,000 280,000 280,000 - 275,000
Interest and fiscal charges 10,625 10,625 9,800 825 19,541
Total debt service 290,625 290,625 289,800 825 294,541
Total expenditures 23,293,175$ 23,719,853$ 22,744,580$ 975,273$ 21,104,836$
N O N M A J O R G O V E R N M E N T A L F U N D S
N O N M A J O R G O V E R N M E N T A L F U N D S
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.
VILLAGE OF OAK BROOK
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
As of December 31, 2017
Special Revenue
Motor Fuel
Tax
Foreign Fire
Insurance
Total
Nonmajor
Governmental
Funds
ASSETS
Cash and investments $568,661 $244,054 $812,715
Receivables
Allotments 17,419 -17,419
Accrued interest 2,974 -2,974
Prepaid items -775 775
TOTAL ASSETS $589,054 $244,829 $833,883
LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND
FUND BALANCES
Fund Balances
Nonspendable for prepaid items -775 775
Restricted for highways and streets 589,054 -589,054
Restricted for fire department -244,054 244,054
Total Fund Balances 589,054 244,829 833,883
TOTAL LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND FUND BALANCES $589,054 $244,829 $833,883
Page 105
VILLAGE OF OAK BROOK
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For the Year Ended December 31, 2017
Special Revenue
Motor Fuel
Tax
Foreign Fire
Insurance
Total
Nonmajor
Governmental
Funds
REVENUES
Intergovernmental $201,068 $81,651 $282,719
Investment income 9,055 58 9,113
Miscellaneous -1,770 1,770
Total Revenues 210,123 83,479 293,602
EXPENDITURES
Current
Public safety -41,833 41,833
Total Expenditures -41,833 41,833
Excess (deficiency) of revenues over expenditures 210,123 41,646 251,769
OTHER FINANCING USES
Transfers out (548,454)-(548,454)
Total Other Financing Uses (548,454)-(548,454)
Net Change in Fund Balances (338,331)41,646 (296,685)
FUND BALANCES - Beginning of Year 927,385 203,183 1,130,568
FUND BALANCES - END OF YEAR $589,054 $244,829 $833,883
Page 106
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, 2017
With Comparative Actual Amounts for the Year Ended December 31, 2016
2017
Budgeted Amounts
Original Final Actual
Variance with
Final Budget
2016
Actual
REVENUES
Intergovernmental $206,200 $206,200 $201,068 $(5,132)$200,706
Investment income 3,000 3,000 9,055 6,055 7,444
Total Revenues 209,200 209,200 210,123 923 208,150
EXPENDITURES
Total
Expenditures -----
Excess (deficiency) of
revenues over
(under) expenditures 209,200 209,200 210,123 923 208,150
OTHER FINANCING
SOURCES (USES)
Transfers out (561,765)(561,765)(548,454)13,311 (516,221)
Total Other
Financing
Sources (Uses)(561,765)(561,765)(548,454)13,311 (516,221)
Net Change in Fund
Balance $(352,565)$(352,565)(338,331)$14,234 (308,071)
FUND BALANCE -
Beginning of Year 927,385 1,235,456
FUND BALANCE -
END OF YEAR $589,054 $927,385
Page 107
M A J O R G O V E R N M E N T A L F U N D S
Infrastructure Fund –to account for revenues restricted for and expenditures relative to the construction
and maintenance of roadways, drainage and safety pathway sys tems.
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
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL -
INFRASTRUCTURE FUND - MAJOR CAPITAL PROJECTS FUND
For the Year Ended December 31, 2017
With Comparative Actual Amounts for the Year Ended December 31, 2016
2017
Budgeted Amounts
Original Final Actual
Variance with
Final Budget
2016
Actual
REVENUES
Intergovernmental -
grants $-$-$3,142 $3,142 $25,804
Non-home rule sales
tax 5,982,000 5,982,000 5,581,924 (400,076)5,991,262
Investment income 27,500 27,500 67,434 39,934 39,800
Miscellaneous 5,000 5,000 5,745 745 -
Total Revenues 6,014,500 6,014,500 5,658,245 (356,255)6,056,866
EXPENDITURES
GENERAL
GOVERNMENT
Geographic information
systems
Personnel 19,200 19,200 17,876 1,324 18,169
Materials and
supplies 1,700 1,700 2,408 (708)1,083
Operation and
contractual 153,530 153,530 144,644 8,886 158,171
Capital ----8,590
Total geographic
information
systems 174,430 174,430 164,928 9,502 186,013
Total General
Government 174,430 174,430 164,928 9,502 186,013
PUBLIC WORKS
Management
Personnel 412,880 412,880 406,346 6,534 354,604
Materials and
supplies 4,155 4,155 2,083 2,072 2,031
Operation and
contractual 212,590 235,985 235,936 49 159,021
Total
management $629,625 $653,020 $644,365 $8,655 $515,656
Page 108
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, 2017
With Comparative Actual Amounts for the Year Ended December 31, 2016
2017
Budgeted Amounts
Original Final Actual
Variance with
Final Budget
2016
Actual
Streets - general
salaries
Personnel $705,535 $682,140 $654,964 $27,176 $650,415
Materials and
supplies 4,900 4,900 4,646 254 3,138
Operation and
contractual 2,965 2,965 3,233 (268)2,667
Total streets -
general
salaries 713,400 690,005 662,843 27,162 656,220
Streets and traffic
maintenance
Materials and
supplies 224,640 224,640 24,811 199,829 24,341
Operation and
contractual 498,245 498,245 422,003 76,242 421,710
Capital 10,000 10,000 8,792 1,208 -
Total streets
and traffic
maintenance 732,885 732,885 455,606 277,279 446,051
Snow removal
Personnel 99,785 99,785 15,303 84,482 54,391
Materials and
supplies 84,750 60,070 41,540 18,530 75,210
Operation and
contractual 85,355 85,355 77,835 7,520 73,621
Capital -24,680 24,680 --
Total snow
removal 269,890 269,890 159,358 110,532 203,222
Drainage
maintenance
Materials and
supplies 20,000 13,355 13,352 3 5,141
Operation and
contractual 100,260 112,135 111,868 267 82,437
Capital 20,000 14,770 13,487 1,283 -
Total drainage
maintenance 140,260 140,260 138,707 1,553 87,578
Page 109
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, 2017
With Comparative Actual Amounts for the Year Ended December 31, 2016
2017
Budgeted Amounts
Original Final Actual
Variance with
Final Budget
2016
Actual
Safe pathway
maintenance
Materials and
supplies $9,375 $9,375 $2,623 $6,752 $7,273
Operation and
contractual 39,910 39,910 37,940 1,970 27,430
Total safe
pathway
maintenance 49,285 49,285 40,563 8,722 34,703
Engineering and
capital projects
engineering
Personnel 236,990 69,065 68,602 463 493,885
Materials and
supplies 1,575 1,575 282 1,293 1,052
Operation and
contractual 14,580 287,600 287,047 553 39,856
Total
engineering
and capital
projects
engineering 253,145 358,240 355,931 2,309 534,793
Roadway
improvements
Operation and
contractual 25,000 224,795 224,792 3 485,134
Intergovernmental
agreements 1,725,000 1,420,110 395,833 1,024,277 2,474,646
Reimbursements
from other funds (176,635)(176,635)(176,635)-(180,035)
Expenditure
reimbursement
paid to other
funds 162,500 162,500 162,500 -155,000
Total roadway
improvements 1,735,865 1,630,770 606,490 1,024,280 2,934,745
Total Public
Works 4,524,355 4,524,355 3,063,863 1,460,492 5,412,968
Total
Expenditures 4,698,785 4,698,785 3,228,791 1,469,994 5,598,981
Excess (deficiency) of
revenues over
(under) expenditures 1,315,715 1,315,715 2,429,454 1,113,739 457,885
Page 110
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, 2017
With Comparative Actual Amounts for the Year Ended December 31, 2016
2017
Budgeted Amounts
Original Final Actual
Variance with
Final Budget
2016
Actual
OTHER FINANCING
SOURCES (USES)
Transfers in $561,765 $561,765 $548,454 $(13,311)$516,221
Total Other
Financing
Sources (Uses)561,765 561,765 548,454 (13,311)516,221
Net Change in Fund
Balance $1,877,480 $1,877,480 2,977,908 $1,100,428 974,106
FUND BALANCE -
Beginning of Year 6,766,002 5,791,896
FUND BALANCE -
END OF YEAR $9,743,910 $6,766,002
Page 111
VILLAGE OF OAK BROOK
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL - PROMENADE TIF FUND - MAJOR CAPITAL PROJECTS FUND
For the Year Ended December 31, 2017
With Comparative Actual Amounts for the Year Ended December 31, 2016
2017
Budgeted Amounts
Original Final Actual
Variance with
Final Budget
2016
Actual
REVENUES
TAXES
Municipal sales tax $100,500 $100,500 $99,281 $(1,219)$103,007
Property taxes 355,000 355,000 385,018 30,018 354,829
Investment income 100 100 925 825 389
Total Revenues 455,600 455,600 485,224 29,624 458,225
EXPENDITURES
Current
General government 4,070 4,070 3,958 112 3,938
Debt service
Principal 177,000 177,000 177,000 -145,000
Interest and fiscal
charges 277,380 277,380 277,380 -290,220
Total
Expenditures 458,450 458,450 458,338 112 439,158
Net Change in Fund
Balance $(2,850)$(2,850)26,886 $29,736 19,067
FUND BALANCE -
Beginning of Year 249,278 230,211
FUND BALANCE -
END OF YEAR $276,164 $249,278
Page 112
P R O P R I E T A R Y F U N D S
M A J O R E N T E R P R I S E F U N D S
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
WATERW ORKS SYSTEM FUND - MAJOR ENTERPRISE FUND
For the Year Ended December 31, 2017
With Comparative Actual Amounts for the Year Ended December 31, 2016
2017
Budgeted Amounts
Original Final Actual
Variance with
Final Budget
2016
Actual
OPERATING REVENUES
Charges for services
Water sales $9,143,000 $9,143,000 $9,477,096 $334,096 $8,543,371
Unmetered sales 25,000 25,000 50,422 25,422 41,794
Water tap on charges 30,000 30,000 187,680 157,680 69,573
Meter fees and special
services 66,000 66,000 53,551 (12,449)63,634
Miscellaneous 71,500 71,500 103,252 31,752 93,756
Total Operating
Revenues 9,335,500 9,335,500 9,872,001 536,501 8,812,128
OPERATING EXPENSES
Operation of facilities 11,090,115 11,090,115 7,325,897 (3,764,218)7,369,401
Depreciation and
amortization --551,415 551,415 590,178
Total Operating
Expenses 11,090,115 11,090,115 7,877,312 (3,212,803)7,959,579
Operating income (1,754,615)(1,754,615)1,994,689 3,749,304 852,549
NON-OPERATING
REVENUES (EXPENSES)
Investment income 10,000 10,000 41,152 31,152 12,631
Grants --3,386 3,386 -
Total Non-Operating
Revenues
(Expenses)10,000 10,000 44,538 34,538 12,631
Change in net
position $(1,744,615)$(1,744,615)2,039,227 $3,783,842 865,180
NET POSITION -
Beginning of Year 21,427,033 20,561,853
NET POSITION -
END OF YEAR $23,466,260 $21,427,033
Page 113
Page 114
VILLAGE OF OAK BROOK
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL - WATERWORKS SYSTEM FUND -
MAJOR ENTERPRISE FUND
For the Year Ended December 31, 2017
With Comparative Actual Amounts for the Year Ended December 31, 2016
Variance With 2016
Original Final Actual Final Budget Actual
Operating expenses excluding depreciation
and pension expense
Operation of facilities
Public works - water operations
Personnel 835,110$ 843,750$ 767,512$ 76,238$ 845,108$
Materials and supplies 70,660 492,350 487,637 4,713 150,572
Operation and contractual 6,547,735 6,532,350 5,566,987 965,363 5,888,340
Reimbursements for general fund services 401,600 401,600 401,600 - 423,720
Total public works - water operations 7,855,105 8,270,050 7,223,736 1,046,314 7,307,740
Capital improvements
Capital outlay 3,235,010 2,820,065 57,700 2,762,365 -
Total capital improvements 3,235,010 2,820,065 57,700 2,762,365 -
Total operating expenses excluding
depreciation and pension expense -
Budgetary basis 11,090,115$ 11,090,115$ 7,281,436 3,808,679$ 7,307,740
Adjustments to GAAP Basis
Capital expenditures (57,700) -
Pension expense - IMRF 84,684 51,492
OPEB expense 17,477 10,169
Depreciation and amortization 551,415 590,178
Total adjustments to GAAP basis 595,876 651,839
Total operating expenses 7,877,312$ 7,959,579$
2017
Budgeted Amounts
Page 115
MAJOR ENTERPRISE FUND
With Comparative Actual Amounts for the Year Ended December 31, 2016
Variance With 2016
Original Final Actual Final Budget Actual
Revenues
Charges for services
Golf 1,894,300$ 1,901,300$ 1,984,230$ 82,930$ 2,036,729$
Swimming and tennis 402,330 402,330 332,555 (69,775) 293,431
Special events 180,000 180,000 188,375 8,375 185,196
Rentals and commissions 430,000 430,000 462,458 32,458 449,752
Food and beverage 362,850 421,375 446,193 24,818 418,749
Total operating revenues 3,269,480 3,335,005 3,413,811 78,806 3,383,857
Operating expenses including depreciation
Golf club 1,751,800 1,635,000 1,833,899 (198,899) 1,762,802
Swimming and tennis 445,080 422,270 516,686 (94,416) 585,938
Special events 190,000 172,855 172,830 25 189,533
Rentals and commissions 596,940 636,980 602,075 34,905 460,047
Food and beverage 361,665 387,880 387,967 (87) 380,874
Total operating expenses 3,345,485 3,254,985 3,513,457 (258,472) 3,379,194
Operating income (loss)(76,005) 80,020 (99,646) 337,278 4,663
Non-operating revenues (expenses)
Investment income 2,500 - - - 3,374
Gain (loss) on disposal of capital assets - - (1,088) 1,088 (2,512)
Total non-operating revenues
(expenses)2,500 - (1,088) 1,088 862
Net income (loss) before
transfers (73,505) 80,020 (100,734) 338,366 5,525
Transfers
Transfers in 73,505 73,505 - (73,505) 32,000
Transfers out - (510,000) (431,457) 78,543 -
Total Other Financing Sources (Uses)73,505 (436,495) (431,457) 5,038 32,000
Change in net position -$ (356,475)$ (532,191) 343,404$ 37,525
NET POSITION - Beginning of Year 12,342,179 12,304,654
NET POSITION - END OF YEAR 11,809,988$ 12,342,179$
VILLAGE OF OAK BROOK
SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET POSITION - BUDGET AND ACTUAL - SPORTS CORE FUND -
For the Year Ended December 31, 2017
2017
Budgeted Amount
Page 116
MAJOR ENTERPRISE FUND
With Comparative Actual Amounts for the Year Ended December 31, 2016
Variance With 2016
Original Final Actual Final Budget Actual
Charges for Services
Golf
Fees 1,422,800$ 1,515,800$ 1,586,257$ 70,457$ 1,529,827$
Golf surcharge 110,000 - - - 117,970
Memberships 166,000 180,000 189,963 9,963 179,987
Merchandise sales 195,500 205,500 193,986 (11,514) 208,845
Miscellaneous - - 14,024 14,024 100
Total golf 1,894,300 1,901,300 1,984,230 82,930 2,036,729
Swimming and tennis
Fees 122,000 122,000 105,522 (16,478) 62,313
Memberships 277,580 277,580 225,190 (52,390) 224,531
Merchandise sales 2,550 2,550 - (2,550) -
Miscellaneous 200 200 1,843 1,643 6,587
Total swimming and tennis 402,330 402,330 332,555 (69,775) 293,431
Special events
Independence Day/Taste of Oak Brook 180,000 180,000 188,375 8,375 185,196
Total special events 180,000 180,000 188,375 8,375 185,196
Rentals and commissions
Open field rental 265,000 265,000 268,258 3,258 281,081
Other rental income 165,000 165,000 194,200 29,200 168,671
Total rentals and commissions 430,000 430,000 462,458 32,458 449,752
Food and beverage
Food sales 163,850 175,375 177,514 2,139 174,964
Beverage sales 199,000 246,000 268,679 22,679 243,785
Total food and beverage 362,850 421,375 446,193 24,818 418,749
Total Operating Revenues 3,269,480$ 3,335,005$ 3,413,811$ 78,806$ 3,383,857$
VILLAGE OF OAK BROOK
SCHEDULE OF OPERATING REVENUES - BUDGET AND ACTUAL - SPORTS CORE FUND -
For the Year Ended December 31, 2017
2017
Budgeted Amounts
Page 117
VILLAGE OF OAK BROOK
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL - SPORTS CORE FUND -
MAJOR ENTERPRISE FUND
For the Year Ended December 31, 2017
With Comparative Actual Amounts for the Year Ended December 31, 2016
Variance With 2016
Original Final Actual Final Budget Actual
Operating expenses excluding depreciation
and pension expense
Operations - golf club
Golf club general operations
Personnel 514,250$ 479,610$ 475,424$ 4,186$ 507,337$
Materials and supplies 177,550 168,330 161,486 6,844 186,441
Operation and contractual 186,390 219,675 218,479 1,196 144,101
Capital 100,000 26,190 19,083 7,107 7,915
Total golf club general operations 978,190 893,805 874,472 19,333 845,794
Golf club range operations
Personnel 64,330 77,995 77,720 275 67,778
Materials and supplies 17,000 11,245 11,243 2 9,115
Operation and contractual 14,700 14,700 14,077 623 13,200
Capital - 8,530 8,526 4 6,165
Total golf club range operations 96,030 112,470 111,566 904 96,258
Golf cart operations
Personnel 24,760 51,720 51,715 5 48,092
Materials and supplies 1,400 4,810 4,437 373 53,152
Operation and contractual 7,500 7,500 6,054 1,446 7,262
Total golf cart operations 33,660 64,030 62,206 1,824 108,506
Golf course maintenance
Personnel 552,620 474,105 468,748 5,357 450,276
Materials and supplies 227,300 214,350 209,734 4,616 196,945
Operation and contractual 40,200 52,440 46,781 5,659 37,378
Capital 30,000 30,000 28,458 1,542 56,287
Total golf course maintenance 850,120 770,895 753,721 17,174 740,886
Less reimbursement from other funds (206,200) (206,200) (186,200) (20,000) (206,200)
Total operations - golf club 1,751,800 1,635,000 1,615,765 19,235 1,585,244
Operations - swimming and tennis
General operations
Personnel 136,020 157,850 163,808 (5,958) 134,531
Materials and supplies 36,000 28,990 21,391 7,599 19,129
Operation and contractual 140,555 127,995 123,735 4,260 113,796
Capital 15,000 830 - 830 -
Subtotal general operations 327,575 315,665 308,934 6,731 267,456
Less reimbursement from other funds (32,000) (32,000) (32,000) - -
Less overhead allocation (327,575) (327,575) (330,092) 2,517 (276,915)
Total general operations (32,000) (43,910) (53,158) 9,248 (9,459)
2017
Budgeted Amounts
Page 118
VILLAGE OF OAK BROOK
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL - SPORTS CORE FUND -
MAJOR ENTERPRISE FUND
For the Year Ended December 31, 2017
With Comparative Actual Amounts for the Year Ended December 31, 2016
Variance With 2016
Original Final Actual Final Budget Actual
2017
Budgeted Amounts
Operating expenses excluding depreciation
and pension expense (continued)
Swimming operations
Personnel 46,000$ 36,000$ 36,822$ (822)$ 33,866$
Materials and supplies 21,250 42,185 42,030 155 9,837
Operation and contractual 152,700 173,140 171,564 1,576 192,228
Capital 31,000 - - - 24,200
Overhead allocation 117,925 117,925 118,833 (908) 119,079
Total swimming operations 368,875 369,250 369,249 1 379,210
Tennis operations - outdoor
Personnel 32,295 21,020 21,906 (886) 47,894
Materials and supplies 7,850 7,850 4,042 3,808 1,691
Operation and contractual 35,300 35,300 34,529 771 33,100
Overhead allocation 32,760 32,760 33,009 (249) 55,381
Total tennis operations - outdoor 108,205 96,930 93,486 3,444 138,066
Total operations - swimming and tennis 445,080 422,270 409,577 12,693 507,817
Special events
Operation and contractual 190,000 172,855 172,830 25 189,533
Total special events 190,000 172,855 172,830 25 189,533
Rentals and commissions
Personnel 107,745 99,520 101,959 (2,439) 103,131
Materials and supplies 12,100 34,810 31,481 3,329 1,580
Operation and contractual 263,310 288,865 291,142 (2,277) 263,495
Capital 50,000 50,000 45,725 4,275 -
Overhead allocation 163,785 163,785 165,046 (1,261) 85,840
Total rentals and commissions 596,940 636,980 635,353 1,627 454,046
Food and beverage
Poolside grill
Personnel 19,900 19,900 19,790 110 19,272
Materials and supplies 29,170 55,385 55,015 370 27,857
Operation and contractual 4,900 4,900 2,122 2,778 3,685
Overhead allocation 13,105 13,105 13,204 (99) 16,615
Total poolside grill 67,075 93,290 90,131 3,159 67,429
Golf clubhouse
Personnel 111,265 111,265 113,936 (2,671) 113,316
Materials and supplies 171,250 171,250 160,539 10,711 171,439
Operation and contractual 12,075 12,075 7,437 4,638 13,025
Total golf clubhouse 294,590 294,590 281,912 12,678 297,780
Total food and beverage 361,665 387,880 372,043 15,837 365,209
Page 119
VILLAGE OF OAK BROOK
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL - SPORTS CORE FUND -
MAJOR ENTERPRISE FUND
For the Year Ended December 31, 2017
With Comparative Actual Amounts for the Year Ended December 31, 2016
Variance With 2016
Original Final Actual Final Budget Actual
2017
Budgeted Amounts
Total operating expenses - budgetary basis 3,345,485$ 3,254,985$ 3,205,568 49,417$ 3,101,849
Adjustments to GAAP basis
Capital expenditures (101,792) (94,567)
Depreciation expense - golf 193,872 190,737
Depreciation expense - swimming and tennis 93,384 92,862
Depreciation expense - food and beverage 11,235 11,227
Pension expense - IMRF 72,912 68,519
OPEB expense 38,278 8,567
Total adjustments to GAAP basis 307,889 277,345
Total Operating Expenses 3,513,457$ 3,379,194$
N O N M A J O R E N T E R P R I S E F U N D
Golf Surcharge Fund –to account for revenue collected related to the $3 surcharge on each golf round
played. Funds are accumulated in this fund and used on golf course improvements.
VILLAGE OF OAK BROOK
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION - BUDGET AND ACTUAL
GOLF SURCHARGE FUND - MAJOR ENTERPRISE FUND
For the Year Ended December 31, 2017
With Comparative Actual Amounts for the Year Ended December 31, 2016
2017
Budgeted Amounts
Original Final Actual
Variance with
Final Budget
2016
Actual
OPERATING REVENUES
Charges for services $-$117,000 $119,400 $2,400 $-
Total Operating
Revenues -117,000 119,400 2,400 -
OPERATING EXPENSES
Total Operating
Expenses -----
Operating income -117,000 119,400 2,400 -
NON-OPERATING
REVENUES (EXPENSES)
Investment income -2,500 5,013 2,513 -
Total Non-Operating
Revenues
(Expenses)-2,500 5,013 2,513 -
TRANSFERS
Transfers in -510,000 431,457 78,543 -
Net Transfers -510,000 431,457 78,543 -
Change in net
position $-$629,500 555,870 $73,630 -
NET POSITION -
Beginning of Year --
NET POSITION -
END OF YEAR $555,870 $-
Page 120
I N T E R N A L S E R V I C E F U N D S
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, 2017
Self-Insurance Garage
Capital
Replacement Totals
ASSETS
Current Assets
Cash and investments $45,042 $427,409 $1,794,180 $2,266,631
Receivables
Accrued interest --5,934 5,934
Other 79,419 688 -80,107
Inventories -42,858 -42,858
Prepaid items 66,372 --66,372
Total Current Assets 190,833 470,955 1,800,114 2,461,902
Noncurrent Assets
Capital assets
Capital assets, net of accumulated
depreciation -92,947 4,093,358 4,186,305
Total Noncurrent Assets -92,947 4,093,358 4,186,305
Total Assets 190,833 563,902 5,893,472 6,648,207
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to pensions -44,920 -44,920
Total Deferred Outflows of Resources -44,920 -44,920
LIABILITIES
Current Liabilities
Accounts payable 5,649 31,253 64,523 101,425
Accrued payroll 1,284 6,084 -7,368
Compensated absences payable -9,633 -9,633
Unearned revenues 32,877 --32,877
Claims payable 200,897 --200,897
Total Current Liabilities 240,707 46,970 64,523 352,200
Noncurrent Liabilities
Net pension liability - IMRF -87,838 -87,838
Other post employment benefits payable -12,759 -12,759
Total Noncurrent Liabilities -100,597 -100,597
Total Liabilities 240,707 147,567 64,523 452,797
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pensions -4,168 -4,168
Total Deferred Inflows of Resources -4,168 -4,168
NET POSITION
Investment in capital assets -92,947 4,093,358 4,186,305
Unrestricted (49,874)364,140 1,735,591 2,049,857
TOTAL NET POSITION $(49,874)$457,087 $5,828,949 $6,236,162
Page 121
VILLAGE OF OAK BROOK
COMBINING STATEMENT OF REVENUES, EXPENSES, AND
CHANGES IN NET POSITION
INTERNAL SERVICE FUNDS
For the Year Ended December 31, 2017
Self-Insurance Garage
Capital
Replacement Totals
OPERATING REVENUES
Charges for services $3,143,647 $744,972 $605,330 $4,493,949
Grants --148,929 148,929
Total Operating Revenues 3,143,647 744,972 754,259 4,642,878
OPERATING EXPENSES
Claims and insurance 3,526,719 --3,526,719
Operation of facilities -653,088 -653,088
Miscellaneous --84,000 84,000
Depreciation and amortization -16,919 607,821 624,740
Total Operating Expenses 3,526,719 670,007 691,821 4,888,547
Operating Income (Loss)(383,072)74,965 62,438 (245,669)
NONOPERATING REVENUES (EXPENSES)
Investment income 4,066 3,288 18,167 25,521
Gain (loss) on disposal of capital assets --27,788 27,788
Miscellaneous 2,840 --2,840
Total Nonoperating Revenues
(Expenses)6,906 3,288 45,955 56,149
Change in net position (376,166)78,253 108,393 (189,520)
NET POSITION - Beginning of Year 326,292 378,834 5,720,556 6,425,682
NET POSITION - END OF YEAR $(49,874)$457,087 $5,828,949 $6,236,162
Page 122
VILLAGE OF OAK BROOK
COMBINING STATEMENT OF CASH FLOW S
INTERNAL SERVICE FUNDS
For the Year Ended December 31, 2017
Self-Insurance Garage
Capital
Replacement Totals
CASH FLOWS FROM OPERATING
AC TIVITIES
Received from customers $1,137,957 $-$-$1,137,957
Receipts from internal service transactions 1,946,361 744,899 754,259 3,445,519
Paid to suppliers for goods and services (3,636,031)(570,696)(19,477)(4,226,204)
Paid to employees for services -(97,135)-(97,135)
Net Cash Flows From Operating
Activities (551,713)77,068 734,782 260,137
CASH FLOWS FROM INVESTING
AC TIVITIES
Investments sold and matured --393,282 393,282
Investment income 4,066 3,288 18,167 25,521
Purchase of investments --(209,614)(209,614)
Interest received --(1,626)(1,626)
Other 2,840 -2,578 5,418
Net Cash Flows From Investing Activities 6,906 3,288 202,787 212,981
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Proceeds from sale of capital assets --26,510 26,510
Acquisition and construction of capital
assets --(487,588)(487,588)
Net Cash Flows From Capital and
Related Financing Activities --(461,078)(461,078)
Net Change in Cash and Cash
Equivalents (544,807)80,356 476,491 12,040
CASH AND CASH EQUIVALENTS - Beginning
of Year 589,849 347,053 370,687 1,307,589
CASH AND CASH EQUIVALENTS - END
OF YEAR $45,042 $427,409 $847,178 $1,319,629
Page 123
Self-Insurance Garage
Capital
Replacement Totals
RECONCILIATION OF OPERATING
INCOME (LOSS) TO NET CASH FLOWS
FROM OPERATING ACTIVITIES
Operating income (loss)$(383,072)$74,965 $62,438 $(245,669)
Adjustments to Reconcile Operating
Income (Loss) to Net Cash Flows From
Operating Activities
Depreciation -16,919 607,821 624,740
Changes in assets and liabilities
Accounts receivable (52,582)(73)-(52,655)
Prepaid items (36,262)--(36,262)
Inventories -9,190 -9,190
Deferred outflows - pensions -8,517 -8,517
Accounts payable (231,455)(39,606)64,523 (206,538)
Claims payable 157,978 --157,978
Accrued salaries 427 1,261 -1,688
Compensated absences payable -(537)-(537)
Other postemployment benefits payable -5,203 -5,203
Net pension liability -5,885 -5,885
Deferred inflows - pensions -(4,656)-(4,656)
Unearned revenues (6,747)--(6,747)
NET CASH FLOWS FROM
OPERATING ACTIVITIES $(551,713)$77,068 $734,782 $260,137
RECONCILIATION OF CASH AND CASH
EQUIVALENTS TO THE STATEMENT OF
NET POSITION
Cash and investments - statement of net
position $45,042 $427,409 $847,178 $1,319,629
Investments --947,002 947,002
Total Cash and investments $45,042 $427,409 $1,794,180 $2,266,631
NONCASH CAPITAL AND RELATED
FINANCING ACTIVITIES
None
Page 124
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, 2017
With Comparative Actual Amounts for the Year Ended December 31, 2016
2017
Budgeted Amounts
Original Final Actual
Variance with
Final Budget
2016
Actual
OPERATING
REVENUES
Charges for services $3,202,000 $3,202,000 $3,143,647 $(58,353)$3,029,058
Total Operating
Revenues 3,202,000 3,202,000 3,143,647 (58,353)3,029,058
OPERATING EXPENSES
Claims and insurance
Insurance and
administration 1,083,150 1,074,025 1,074,002 23 992,289
Health claims 2,155,000 2,452,720 2,452,717 3 1,814,245
Total Operating
Expenses 3,238,150 3,526,745 3,526,719 26 2,806,534
Operating
Income (Loss)(36,150)(324,745)(383,072)(58,327)222,524
NON-OPERATING
REVENUES
(EXPENSES)
Investment income 1,000 1,000 4,066 3,066 2,150
Miscellaneous --2,840 2,840 -
Total Non-Operating
Revenues
(Expenses)1,000 1,000 6,906 5,906 2,150
Change in net
position $(35,150)$(323,745)(376,166)$(52,421)224,674
NET POSITION
- Beginning of
Year 326,292 101,618
NET
POSITION -
END OF
YEAR $(49,874)$326,292
Page 125
VILLAGE OF OAK BROOK
SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET POSITION - BUDGET AND ACTUAL - GARAGE FUND -
INTERNAL SERVICE FUND
For the Year Ended December 31, 2017
With Comparative Actual Amounts for the Year Ended December 31, 2016
Budgeted Amounts
Variance With 2016
Original Final Actual Final Budget Actual
Operating Revenues
Charges for services 744,375$ 744,375$ 744,972$ 597$ 700,395$
Total Revenues 744,375 744,375 744,972 597 700,395
Operating Expenses Excluding Depreciation
Garage operations
Personnel 253,495 261,805 139,591 122,214 125,134
Materials and supplies 230,390 191,900 142,914 48,986 134,335
Operation and contractual 286,355 316,535 315,499 1,036 230,923
Expenditure reimbursement paid to other funds 40,135 40,135 40,135 - 40,415
Capital 8,500 8,500 - 8,500 35,510
Total operating expenses excluding
depreciation 818,875 818,875 638,139 180,736 566,317
Operating Income (Loss)(74,500) (74,500) 106,833 181,333 134,078
Non-Operating Revenues (Expenses)
Investment income 300 300 3,288 979 1,029
Total non-operating revenues (expenses)300 300 3,288 979 1,029
Change in Net Position - Budgetary
Basis (74,200)$ (74,200)$ 110,121 182,312$ 135,107
Ad justments to GAAP Basis
Pension expense - IMRF (9,746) 30,354
OPEB expense (5,203) 575
Capital expenditures - 35,510
Depreciation and amortization (16,919) (15,902)
Total adjustments to GAAP basis (31,868) 50,537
Change in Net Position - GAAP basis 78,253 185,644
NET POSITION - Beginning of Year 378,834 193,190
NET POSITION - END OF YEAR 457,087$ 378,834$
2017
Page 126
Page 127
VILLAGE OF OAK BROOK
SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET POSITION - BUDGET AND ACTUAL
CAPITAL REPLACEMENT FUND - INTERNAL SERVICE FUND
For the Year Ended December 31, 2017
With Comparative Actual Amounts for the Year Ended December 31, 2016
Budgeted Amounts
Variance With 2016
Original Final Actual Final Budget Actual
Operating Revenues
Charges for services 605,330$ 605,330$ 605,330$ -$ 586,185$
Intergovernmental - - 148,929 (148,929) -
Total Revenues 605,330 605,330 754,259 (148,929) 586,185
Operating Expenses Excluding Depreciation
Capital expenditures 473,370 1,232,170 1,232,167 3 450,500
Miscellaneous - 84,005 84,000 5 24,482
Total operating expenses excluding
depreciation 473,370 1,316,175 1,316,167 8 474,982
Operating Income (Loss)131,960 (710,845) (561,908) 943,711 111,203
Non-Operating Revenues (Expenses)
Gain (loss) on disposal of capital assets 50,000 50,000 27,788 22,212 79,706
Investment income 12,000 12,000 18,167 (6,167) 17,402
Total non-operating revenues (expenses)62,000 62,000 45,955 16,045 97,108
Change in Net Position - Budgetary
Basis 193,960$ (648,845)$ (515,953) 959,756$ 208,311
Adjustments to GAAP Basis
Capital expenditures 1,232,167 450,500
Depreciation and amortization (607,821) (563,689)
Total adjustments to GAAP basis 624,346 (113,189)
Change in Net Position - GAAP basis 108,393 95,122
NET POSITION - Beginning of Year 5,720,556 5,625,434
NET POSITION - END OF YEAR 5,828,949$ 5,720,556$
2017
F I D U C I A R Y F U N D S
P E N S I O N T R U S T F U N D S
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, 2017
Police Pension
Firefighters'
Pension Totals
ASSETS
Cash $98,741 $819,966 $918,707
Investments
Certificates of deposit 624,851 250,263 875,114
Money markets 2,296,060 524,061 2,820,121
U.S. treasuries 299,019 797,883 1,096,902
U.S. agencies 3,960,719 5,456,070 9,416,789
State and local obligations 1,158,346 1,362,634 2,520,980
Corporate bonds 4,826,799 2,015,299 6,842,098
Mutual funds 24,401,322 16,808,482 41,209,804
Accrued interest 120,564 72,951 193,515
Prepaid items 3,162 1,445 4,607
Total Assets 37,789,583 28,109,054 65,898,637
LIABILITIES
Accounts payable 9,767 15,565 25,332
Total Liabilities 9,767 15,565 25,332
NET POSITION
Restricted for pension benefits $37,779,816 $28,093,489 $65,873,305
Page 128
VILLAGE OF OAK BROOK
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
PENSION TRUST FUNDS
For the Year Ended December 31, 2017
Police Pension
Firefighters'
Pension Total
AD DITIONS
Contributions
Employer $1,748,025 $2,080,231 $3,828,256
Employee 386,727 295,477 682,204
Other 1,657 -1,657
Total Contributions 2,136,409 2,375,708 4,512,117
Investment income
Net appreciation in fair value 2,518,009 854,316 3,372,325
Interest 2,013,701 2,658,830 4,672,531
Total Investment Income 4,531,710 3,513,146 8,044,856
Less Investment expense 71,530 54,039 125,569
Net Investment Income 4,460,180 3,459,107 7,919,287
Total Additions 6,596,589 5,834,815 12,431,404
DEDUCTIONS
Benefits and refunds 2,315,047 2,695,712 5,010,759
Administrative 35,776 41,034 76,810
Total Deductions 2,350,823 2,736,746 5,087,569
Net Decrease in Net Position 4,245,766 3,098,069 7,343,835
NET POSITION - Beginning of Year 33,534,050 24,995,420 58,529,470
NET POSITION, END OF YEAR $37,779,816 $28,093,489 $65,873,305
Page 129
S T A T I S T I C A L S E C T I O N
Statistical Section
This part of the Village's comprehensive annual financial report presents detailed information
as a context for understanding what the information in the financial statements, not disclosures, and
required supplementary information says about the Village's overall financial health.
Contents Page
Financial Trends
These schedules contain trend information to help the reader understand how the
Village's financial performance and well-being have changed over time.130 - 139
Revenue Capacity
These schedules contain information to help the reader assess the factors affecting
the Village's ability to generate it's property and sales taxes.140 - 146
Debt Capacity
These schedules present information to help the reader assess the affordability of
the Village's current levels of outstanding debt and the Village's ability to issue additional
debt in the future.147 - 151
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader
understand the environment within which the Village's financial activities take place
and to help make comparisons over time and with other governments.152 - 165
Operating Information
These schedules contain information about the Village's operations and resources to
help the reader understand how the Village's financial information relates to the
services the Village provides and the activities it performs.166 - 169
Sources:Unless otherwise noted, the information in these schedules is derived from the comprehensive
annual financial reports for the relevant year.
Page 130
2008 2009 2010 2011
Governmental Activities
Net Investment in Capital Assets 61.6$ 60.6$ 55.3$ 56.2$
Restricted - - 3.5 9.4
Unrestricted 22.7 16.9 17.4 13.7
84.3$ 77.5$ 76.2$ 79.3$
Business-type Activities
Net Investment in Capital Assets 24.5$ 24.5$ 26.5$ 28.5$
Unrestricted 5.8 5.5 3.6 1.8
Total Business-type Activities 30.3$ 30.0$ 30.1$ 30.3$
Primary Government
Net Investment in Capital Assets 86.1$ 85.1$ 81.8$ 84.7$
Restricted - - 3.5 9.4
Unrestricted 28.5 22.4 21.0 15.5
Total Primary Government 114.6$ 107.5$ 106.3$ 109.6$
Data Source
Audited Financial Statements
Data in millions
Note: The Village implemented GASB Statement No. 68 in 2015. Prior years have not been restated.
VILLAGE OF OAK BROOK
Net Position by Component
Last Ten Fiscal Years
Page 131
2012 2013 2014 2015 2016 2017
57.6$ 59.3$ 60.7$ 60.7$ 60.5$ 61.8$
9.4 9.8 11.5 11.3 12.3 14.8
14.0 13.3 12.1 (27.2) (26.1) (27.1)
81.0$ 82.4$ 84.3$ 44.8$ 46.7$ 49.5$
30.0$ 29.6$ 30.6$ 31.3$ 30.6$ 29.9$
1.2 4.6 3.7 2.2 3.9 6.6
31.2$ 34.2$ 34.3$ 33.5$ 34.5$ 36.5$
87.6$ 88.9$ 91.3$ 92.0$ 91.1$ 91.7$
9.4 9.8 11.5 11.3 12.3 14.8
15.2 17.9 15.8 (25.0) (22.2) (20.5)
112.2$ 116.6$ 118.6$ 78.3$ 81.2$ 86.0$
Page 132
2008 2009 2010 2011
Expenses
Governmental Activities
General Government 6.2$ 5.3$ 3.9$ 4.2$
Public Safety 12.6 11.9 13.2 12.3
Public Works 3.2 11.9 4.4 4.9
Culture and Recreation 2.0 1.7 1.7 1.7
Interest on Long-Term Debt 0.1 0.1 0.4 0.4
Total Governmental Activities Expenses 24.1 30.9 23.6 23.5
Business-type Activities
Water 3.9 4.0 4.5 4.9
Sports Core 3.8 3.5 3.1 3.1
Total Business-type Activities Expenses 7.7 7.5 7.6 8.0
Total Primary Government Expenses 31.8$ 38.4$ 31.2$ 31.5$
Program Revenues
Governmental Activities
Charges for Services
General Government 1.3$ 1.1$ 1.4$ 1.1$
Public Safety 0.8 0.8 1.1 1.5
Other Activities 0.0 0.1 - -
Operating Grants and Contributions 0.4 0.3 0.3 0.3
Capital Grants - - 0.7 0.7
Total Governmental Activities Program Revenues 2.5 2.3 3.5 3.6
Business-type Activities
Charges for Services
W ater 4.0 4.0 5.1 5.3
Sports Core 3.6 3.3 2.5 2.9
Golf Surcharge - - - -
Total Business-type Activities Program Revenues 7.6 7.3 7.6 8.2
Total Primary Government Program Revenues 10.1$ 9.6$ 11.1$ 11.8$
Net (Expense) Revenue
Governmental Activities (21.6)$ (28.6)$ (20.1)$ (19.9)$
Business-type Activities (0.1) (0.2) - 0.2
Total Primary Government Net (Expense) Revenue (21.7)$ (28.8)$ (20.1)$ (19.7)$
Last Ten Fiscal Years
Change in Net Position
VILLAGE OF OAK BROOK
Page 133
2012 2013 2014 2015 2016 2017
3.7$ 4.3$ 4.5$ 5.3$ 4.7$ 5.7$
13.4 13.7 14.7 24.6 17.2 17.4
6.1 4.8 4.9 7.7 6.4 3.8
1.8 1.8 2.0 1.5 1.5 1.7
0.4 0.4 0.3 0.3 0.3 0.3
25.4 25.0 26.4 39.4 30.1 28.9
5.6 6.3 7.0 8.0 7.9 7.9
3.3 3.4 3.6 3.7 3.4 3.5
8.9 9.7 10.6 11.7 11.3 11.4
34.3$ 34.7$ 37.0$ 51.1$ 41.4$ 40.3$
1.6$ 2.1$ 1.9$ 1.8$ 2.1$ 2.6$
1.1 1.1 1.2 1.2 1.3 1.3
- - - - - -
0.3 0.4 0.4 0.2 0.2 0.2
- 0.5 0.3 - - -
3.0 4.1 3.8 3.2 3.6 4.1
6.7 6.9 7.0 7.7 8.8 9.9
3.2 3.2 3.1 3.2 3.4 3.4
- - - - - 0.1
9.9 10.1 10.1 10.9 12.2 13.4
12.9$ 14.2$ 13.9$ 14.1$ 15.8$ 17.5$
(22.4)$ (20.9)$ (22.6)$ (36.2)$ (26.3)$ (24.8)$
1.0 0.4 (0.5) (0.8) 0.9 2.0
(21.4)$ (20.5)$ (23.1)$ (37.0)$ (25.4)$ (22.8)$
Page 134
2008 2009 2010 2011
General Revenues and Other Changes in Net Position
Governmental Activities
Taxes
Sales and Local Use Taxes 16.1$ 14.2$ 16.1$ 16.0$
Utility 4.5 4.9 4.7 4.7
Other 2.5 2.5 2.3 2.2
Investment Earnings 0.5 0.1 0.1 -
Miscellaneous 0.3 - - -
Transfers - - - -
Total Governmental Activities 23.9 21.7 23.2 22.9
Business-type Activities
Investment Earnings 0.2 - - -
Miscellaneous 0.2 - (0.1) -
Transfers - - - -
Total Business-type Activities 0.4 - (0.1) -
Total Primary Government 24.3$ 21.7$ 23.1$ 22.9$
Change in Net Position
Governmental Activities 2.3$ (6.9)$ 3.1$ 3.0$
Business-type Activities 0.3 (0.2) (0.1) 0.2
Total Primary Government Change in Net Position 2.6$ (7.1)$ 3.0$ 3.2$
Data Source
Audited Financial Statements
Data in millions
VILLAGE OF OAK BROOK
Change in Net Position
Last Ten Fiscal Years
Page 135
2012 2013 2014 2015 2016 2017
16.7$ 17.3$ 17.7$ 18.1$ 19.3$ 18.3$
4.9 5.0 5.2 5.7 6.0 6.0
2.5 2.4 2.5 2.8 2.7 3.0
- 0.1 (0.2) 0.2 0.3 0.3
- - - 0.2 - -
- (0.2) (0.5) (0.5) - -
24.1 24.6 24.7 26.5 28.3 27.6
- - - - - -
- - - - - -
- 0.2 0.5 0.5 - -
- 0.2 0.5 0.5 - -
24.1$ 24.8$ 25.2$ 27.0$ 28.3$ 27.6$
1.7$ 3.7$ 2.1$ (9.7)$ 2.0$ 2.8$
1.0 0.6 - (0.3) 0.9 2.0
2.7$ 4.3$ 2.1$ (10.0)$ 2.9$ 4.8$
Page 136
2008 2009 2010 2011 2012 2013
General Fund
Reserved 1,291,975$ 1,495,000$ -$ -$ -$ -$
Unreserved 11,493,855 10,787,853 - - - -
Nonspendable - - 1,917,000 2,087,000 2,545,898 168,016
Unrestricted
Committed - - - 364,483 224,878 224,878
Assigned - - - - - 102,525
Unassigned - - 11,708,050 13,532,992 14,772,181 15,902,982
Total General Fund 12,785,830$ 12,282,853$ 13,625,050$ 15,984,475$ 17,542,957$ 16,398,401$
Infrastructure Fund
Unreserved 4,792,595$ 4,682,620$ -$ -$ -$ -$
Nonspendable - - 337,699 - - -
Restricted - - 5,004,945 5,864,870 5,398,644 5,152,351
Total Infrastructure Fund 4,792,595$ 4,682,620$ 5,342,644$ 5,864,870$ 5,398,644$ 5,152,351$
All Other Governmental Funds
Restricted -$ -$ 3,672,971$ 3,451,553$ 3,924,483$ 4,560,128$
Unreserved, reported in
Special Revenue Funds 2,225,973 2,986,576 - - - -
Capital Project Fund 136,330 225,075 - - - -
Nonspendable - - - - - -
Total All Other Governmental
Funds 2,362,303$ 3,211,651$ 3,672,971$ 3,451,553$ 3,924,483$ 4,560,128$
Data Source
Audited Financial Statements
Last Ten Fiscal Years
Fund Balances of Governmental Funds
VILLAGE OF OAK BROOK
Page 137
2014 2015 2016 2017
-$ -$ -$ -$
- - - -
109,092 53,406 58,444 56,649
- - - -
205,050 - - -
15,799,127 17,206,014 20,014,100 20,998,025
16,113,269$ 17,259,420$ 20,072,544$ 21,054,674$
-$ -$ -$ -$
- - - -
6,706,262 5,791,896 6,766,002 9,743,910
6,706,262$ 5,791,896$ 6,766,002$ 9,743,910$
4,826,298$ 5,504,093$ 5,673,352$ 5,068,576$
- - - -
- - - -
775 775 - 775
4,827,073$ 5,504,868$ 5,673,352$ 5,069,351$
Page 138
2008 2009 2010 2011 2012 2013
Revenues
Sales Tax Revenue 10,873,975$ 9,748,649$ 11,121,649$ 11,070,404$ 11,326,929$ 11,385,834$
Non-home Rule Sales Tax 4,874,978 4,410,438 4,833,425 4,833,972 5,230,137 5,171,232
Other Intergovernmental 1,893,862 1,771,733 2,545,066 2,411,395 1,841,378 2,530,416
Utility Taxes 4,520,563 4,922,115 4,669,414 4,657,683 4,900,869 5,047,306
Hotel/Motel Taxes 1,137,614 882,649 881,887 853,638 940,008 964,684
Licenses and Permits 720,847 741,380 843,139 948,872 1,201,998 1,686,269
Charges for Services 839,504 695,630 943,638 1,089,783 970,778 1,021,858
Fines and Penalties 345,937 313,395 229,246 248,120 231,865 184,959
Investment Income 431,753 80,345 110,837 31,018 47,363 86,287
Miscellaneous 391,106 403,580 532,891 323,742 355,548 364,452
Total Revenues 26,030,139 23,969,914 26,711,192 26,468,627 27,046,873 28,443,297
Expenditures
General Government 5,846,600 4,932,449 3,522,790 3,319,839 3,600,061 4,289,515
Public Safety 12,280,965 11,496,681 12,536,938 11,755,031 12,986,730 13,440,798
Public Works 2,394,176 10,458,211 4,036,771 4,698,190 4,706,731 4,457,705
Culture and Recreation 2,011,660 1,596,440 1,536,853 1,569,377 1,638,863 1,684,276
Capital Outlay 493,000 994,776 382,039 281,457 607,097 -
Debt Service - 1,706,163 1,769,263 1,827,087 1,842,163 1,876,754
Interest and issuance costs - 95,415 462,997 386,259 375,042 362,129
Total Expenditures 23,026,401 31,280,135 24,247,651 23,837,240 25,756,687 26,111,177
Excess of Revenues over (under)
Expenditures 3,003,738 (7,310,221) 2,463,541 2,631,387 1,290,186 2,332,120
Other Financing Sources (Uses)
Transfers In - - - - 275,000 -
Transfers Out - - - - - (725,324)
Debt Issuance - 9,788,606 - - - -
Debt Issuance premium - 8,861 - - - -
Payment to refund bond escrow agent - (2,250,850) - - - -
Sale of Capital Assets - - - 28,846 - -
Total Other Financing Sources (Uses)- 7,546,617 - 28,846 275,000 (725,324)
Net Change in Fund Balances 3,003,738$ 236,396$ 2,463,541$ 2,660,233$ 1,565,186$ 1,606,796$
Debt Service as a percentage of
Noncapital Expenditures 0.00%5.95%9.35%9.40%8.82%8.57%
Data Source
Audited Financial Statements
VILLAGE OF OAK BROOK
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
Page 139
2014 2015 2016 2017
12,149,324$ 12,346,857$ 13,072,837$ 12,481,210$
5,384,857 5,637,241 5,991,262 5,581,924
2,274,102 1,925,962 1,939,598 1,929,507
5,203,835 5,673,868 5,967,345 6,033,358
1,049,631 1,194,811 1,270,131 1,265,583
1,448,471 1,385,341 1,882,598 2,205,571
1,044,934 1,058,929 1,075,234 1,106,204
189,060 177,588 159,799 144,833
(155,427) 138,593 203,467 309,786
424,552 625,504 421,967 457,543
29,013,339 30,164,694 31,984,238 31,515,519
5,072,205 4,331,061 4,343,678 5,019,819
14,324,720 14,597,010 15,190,063 16,155,248
4,937,146 7,520,877 6,055,657 3,772,803
1,898,393 1,635,690 1,709,465 2,467,432
- - - -
425,000 384,913 420,000 457,000
346,094 326,465 309,761 287,180
27,003,558 28,796,016 28,028,624 28,159,482
2,009,781 1,368,678 3,955,614 3,356,037
156,840 - 516,221 548,454
(630,897) (459,098) (516,221) (548,454)
- - - -
- - - -
- - - -
- - - -
(474,057) (459,098) - -
1,535,724$ 909,580$ 3,955,614$ 3,356,037$
2.86%2.47%2.69%2.84%
Page 140
Less:Total Taxable
Levy Residential Commercial Industrial Railroad Tax-Exempt Assessed
Year Property Property Property Property Property Value
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
2015 895,787 440,733 - 13 - 1,336,533
2016 967,753 461,677 - 13 - 1,429,443
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.
VILLAGE OF OAK BROOK
Assessed Value and Actual Value of Taxable Property
Last Ten Levy Years
(data in thousands)
Page 141
Total Estimated Estimated
Direct Actual Actual
Tax Taxable Taxable
Rate Value Value
- 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%
- 4,009,599 33.333%
- 4,288,329 33.333%
Page 142
Tax Levy Year 2007 2008 2009 2010 2011 2012 2013
Tax Rates
Village of Oak Brook - - - - - - -
Basic Town 0.3662 0.3567 0.3579 0.3875 0.4166 0.4567 0.4892
Junior College #502 0.1888 0.1858 0.2127 0.2349 0.2495 0.2681 0.2956
Grade School #53 0.8060 0.7936 0.8159 0.9164 1.0099 1.1465 1.2491
High School #86 1.0943 1.0804 1.0948 1.2011 1.3362 1.4984 1.5681
Oak Brook Park District 0.1530 0.1504 0.1555 0.1740 0.1904 0.2174 0.2369
Total Tax Rates 2.6083 2.5669 2.6368 2.9139 3.2026 3.5871 3.8389
Data Source
Office of the County Clerk
NOTE: Basic town includes all county, forest preserve and township rates. Property tax rates are per $100 of assessed
valuation.
Last Ten Levy Years
Property Tax Rates - Direct and Overlapping Governments
VILLAGE OF OAK BROOK
Page 143
2014 2015 2016
- - -
0.4993 0.4783 0.4490
0.2975 0.2786 0.2626
1.2932 1.2435 1.1710
1.5921 1.5592 1.4731
0.2442 0.2349 0.2229
3.9263 3.7945 3.5786
Page 144
Sales Sales
Taxes Taxes
Taxpayer Revenue Taxpayer Revenue
Apple Computer Inc.Apple Computer
Costco Wholesale Costco Wholesale
Integrated Data Storage LLC Macy's
Louis Vuitton USA Inc.Macy's Home Store
Macy's Neiman Marcus
Neiman Marcus Nordstrom Rack
Nordstrom Rack Nordstrom, Inc.
Nordstrom, Inc.Sears Roebuck & Co.
Optiv Security Inc Tiffany & Co.
Room & Board Inc.Walter E. Smithe Furniture
Top 10 total 5,565,607 $ Top 10 total 5,053,088 $
Total Sales Tax Revenue 12,541,909 $ Total Sales Tax Revenue 11,066,103 $
Top 10 as a Percent of Sales Top 10 as a Percent of Sales
Tax Revenue 44.38%Tax Revenue 45.66%
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.
2017 2008
Current Year and Nine Years Ago
Principal Revenue Taxpayers
VILLAGE OF OAK BROOK
Page 145
Village DuPage County Regional
Fiscal Direct State DuPage County Water Transportation
Year Rate Rate Rate Commission Authority
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%
2016 1.00%5.00%0.25%0.00%0.75%
2017 1.00%5.00%0.25%0.00%0.75%
Data Source
Village and County Records
VILLAGE OF OAK BROOK
Direct and Overlapping Sales Tax Rates
Last Ten Levy Years
Page 146
Village
Non-Home Rule Total
Rate Rate
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%
0.50%7.50%
0.50%7.50%
Page 147
Governmental
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*
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%
2016 3,787,263 - - 3,787,263 0.28%
2017 3,330,263 - - 3,330,263 0.23%
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 152 for personal income and population
data.
Business-Type
VILLAGE OF OAK BROOK
Ratios of Outstanding Debt By Type
Last Ten Fiscal Years
Page 148
Total Total
Outstanding Outstanding
Debt Per Debt Per
Personal Income Capita*
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
0.36%480.43
0.32%422.46
Page 149
(2)
*Percentage
(1)of Debt (3)
Gross Applicable to **Government's
Governmental Unit Bonded Debt Government Share of Debt
Village of Oak Brook 3,330,263$ 100%3,330,263
DuPage County 199,572,189 3.95%7,883,101
DuPage Forest Preserve 159,885,684 3.95%6,315,485
DuPage Water Commission - 4.36%-
Sanitary Districts - 17.73%-
Park Districts 3,970,473 82.84%3,289,140
Elementary School Districts 72,003,171 20.80%14,976,660
High School Districts 146,320,335 10.96%16,036,709
Junior College 502 191,004,756 4.08%7,792,994
Unit District 205 96,055,736 5.01%4,812,392
Subtotal-Overlapping Debt 868,812,344$ 61,106,481$
Total Direct and Overlapping Debt 872,142,607$ 64,436,744$
*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
December 31, 2017
Schedule of Direct and Overlapping Bonded Debt
VILLAGE OF OAK BROOK
Page 150
2008 2009 2010 2011 2012
Legal debt limit 145,581,763 $ 154,132,970 $ 150,013,021 $ 137,966,087 $ 128,842,981 $
Total net debt 2,750,000 2,400,000 2,055,000 1,710,000 1,335,000
applicable to limit
Legal debt margin 142,831,763 151,732,970 147,958,021 136,256,087 127,507,981
Total net debt applicable 1.89%1.56%1.37%1.24%1.04%
to the limit as a
percentage of debt limit
Last Ten Fiscal Years
VILLAGE OF OAK BROOK
Legal Debt Margin Information
Page 151
2013 2014 2015 2016 2017
117,240,487 $ 109,992,484 $ 109,084,108 $ 115,276,061 $ 123,289,569 $
1,080,000 820,000 555,000 280,000 -
116,160,487 109,172,484 108,529,108 114,996,061 123,289,569
0.92%0.75%0.51%0.24%0.00%
Legal Debt Margin Calculation for Fiscal 2017
Assessed Value 1,429,444,279$
Legal debt margin 8.625%
Debt limit 123,289,569
Debt applicable to limit
General obligation bonds 280,000
Legal debt margin 123,009,569$
Page 152
Per Capita Total (2)
Fiscal Personal Personal Unemployment
Year Population Income Income Rate
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%
2016 7,883 (E)131,719 1,038,340,877 5.1%
2017 7,883 (E)131,719 1,038,340,877 3.9%
(A) Actual
(E) Estimate
Note: Latest information available
Data Source
U.S. Bureau of Labor Statistics
VILLAGE OF OAK BROOK
Demographic and Economic Information
Last Ten Fiscal Years
Page 153
2017 2008
Percentage of Total Percentage of
Employer Rank Employees Village Population Rank Employees Village Population
Oakbrook Center Mall 1 4,200 53.3%1 3,500 40.2%
McDonald's Corporation 2 2,300 29.2%2 2,188 25.1%
Advocate Healthcare 3 1,190 15.1%4 500 5.7%
Ace Hardware 4 952 12.1%3 750 8.6%
Hub Group 5 735 9.3%
Chamberlain Group 6 600 7.6%
TreeHouse Foods 7 428 5.4%
Inland Real Estate Group of Companies 8 408 5.2%
Lion's Club International 9 321 4.1%8 300 3.4%
Elkay Manufacturing 10 288 3.7%7 325 3.7%
Safeway, Inc.5 400 4.6%
Dominick's 6 350 4.0%
Federal Signal Corporation 9 200 2.3%
Blistex Inc.10 175 2.0%
Data Source
A-Z Database; Selective Telephone Survey
Current Year and Nine Years Ago
Principal Employers
VILLAGE OF OAK BROOK
Page 154
(1)
Estimated Sales 2017
Municipality Rank Sales Per Capita Population
Chicago 1 28,413,967,500$ 10,541$ 2,695,598
Naperville 2 3,378,989,700 23,820 141,853
Schaumburg 3 3,198,090,000 43,085 74,227
Springfield 4 2,778,529,100 23,901 116,250
Rockford 5 2,376,618,900 15,547 152,871
Aurora 6 2,261,034,700 11,425 197,899
Joliet 7 2,223,823,600 15,084 147,433
Peoria 8 2,104,948,300 18,303 115,007
Orland Park 9 2,027,563,000 35,717 56,767
Mount Prospect 10 1,824,528,500 33,683 54,167
Glenview 11 1,707,908,700 38,215 44,692
Champaign 12 1,653,501,800 20,400 81,055
Skokie 13 1,537,482,500 23,732 64,784
Niles 14 1,532,672,100 51,427 29,803
Elgin 15 1,482,862,800 13,706 108,188
Bolingbrook 16 1,463,362,900 19,946 73,366
Bloomington 17 1,445,658,800 18,870 76,610
Vernon Hills 18 1,426,052,400 56,785 25,113
Tinley Park 19 1,401,206,500 24,711 56,703
Elmhurst 20 1,257,569,000 28,254 44,509
Gurnee 21 1,249,899,600 39,939 31,295
Downers Grove 22 1,247,964,500 26,090 47,833
Oak Brook 23 1,240,438,500 157,356 7,883
Arlington Heights 24 1,209,387,500 16,103 75,101
Lombard 25 1,194,795,500 27,533 43,395
Source: Illinois Department of Revenue - Local Tax Allocation Division and the U.S. Census Bureau.
VILLAGE OF OAK BROOK
Retail Sales Volume - Top 25 Illinois Communities
State Collection Period January 1, 2017 Through December 31, 2017
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, 2017 through February 28, 2018.
Page 155
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
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%
2016 13,021,926 5.2%5,997,652 5.8%19,019,578 5.4%
2017 12,541,909 -3.7%5,711,846 -4.8%18,253,755 -4.0%
Source: Village Records
Note: The Village's Non-Home rule sales tax rate increased from .25% to .50% in 2008.
VILLAGE OF OAK BROOK
Sales Tax Receipts
Cash Basis
Last Ten Fiscal Years
Page 156
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 Fiscal Year
Month Ended 12/31/11 Ended 12/31/13 Ended 12/31/14 Ended 12/31/15 Ended 12/31/16 Ended 12/31/17
January 895,308 $ 871,423 $ 965,587 $ 989,753 $ 994,739 $ 1,007,103 $
February 956,493 968,174 1,007,170 1,069,783 1,045,429 1,114,054
March 1,477,682 1,564,960 1,684,678 1,707,798 1,658,727 1,594,758
April 666,930 810,073 668,268 796,933 847,398 856,442
May 695,977 792,731 746,691 748,968 939,441 791,176
June 871,520 887,312 982,179 1,004,066 1,165,340 975,861
July 877,924 851,415 911,040 928,749 945,183 922,697
August 933,061 917,736 994,734 1,011,901 1,041,277 1,020,651
September 926,998 956,861 1,070,696 993,355 1,218,034 1,083,420
October 900,670 947,429 980,261 1,011,858 1,045,493 1,020,709
November 938,459 1,026,555 1,039,263 1,086,052 1,084,781 1,118,016
December 907,539 1,046,394 953,862 1,027,421 1,036,284 1,037,022
Total 11,048,561 $ 11,641,063 $ 12,004,429 $ 12,376,637 $ 13,022,126 $ 12,541,909 $
Source: Village Records
Page 157
FY 2014 FY 2015 FY 2016 FY 2017
10.8%2.5%0.5%1.2%
4.0%6.2%-2.3%6.6%
7.6%1.4%-2.9%-3.9%
-17.5%19.3%6.3%1.1%
-5.8%0.3%25.4%-15.8%
10.7%2.2%16.1%-16.3%
7.0%1.9%1.8%-2.4%
8.4%1.7%2.9%-2.0%
11.9%-7.2%22.6%-11.1%
3.5%3.2%3.3%-2.4%
1.2%4.5%-0.1%3.1%
-8.8%7.7%0.9%0.1%
3.1%3.1%5.2%-3.7%
From Preceding Year
Percentage Change
Page 158
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
Month Ended 12/31/13 Ended 12/31/14 Ended 12/31/15 Ended 12/31/16 Ended 12/31/17
January 400,764 $ 432,662 $ 457,128 $ 457,292 $ 466,623 $
February 444,306 447,936 495,179 485,225 524,829
March 740,816 758,692 795,630 778,457 756,825
April 337,086 292,394 361,858 383,224 382,843
May 332,311 331,429 338,862 431,470 361,160
June 396,344 416,907 457,660 539,151 445,584
July 390,534 405,594 423,983 434,261 425,623
August 418,782 436,072 469,228 481,286 459,149
September 433,709 457,975 456,114 567,454 492,607
October 414,622 439,287 468,027 481,499 458,506
November 420,938 453,963 474,287 476,167 471,254
December 441,524 463,924 469,279 482,166 466,843
Total 5,171,736 $ 5,336,835 $ 5,667,235 $ 5,997,652 $ 5,711,846 $
Source: Village Records
VILLAGE OF OAK BROOK
Last Five Fiscal Years
Cash Basis
Non-Home Rule Sales Tax Receipts By Month
Page 159
FY 2014 FY 2015 FY 2016 FY 2017
8.0%5.7%0.0%2.0%
0.8%10.5%-2.0%8.2%
2.4%4.9%-2.2%-2.8%
-13.3%23.8%5.9%-0.1%
-0.3%2.2%27.3%-16.3%
5.2%9.8%17.8%-17.4%
3.9%4.5%2.4%-2.0%
4.1%7.6%2.6%-4.6%
5.6%-0.4%24.4%-13.2%
5.9%6.5%2.9%-4.8%
7.8%4.5%0.4%-1.0%
5.1%1.2%2.7%-3.2%
3.2%6.2%5.8%-4.8%
From Preceding Year
Percentage Change
Page 160
Fiscal Years 2008 2009 2010 2011 2012 2013 2014
General Merchandise 2,064,241$ 1,864,664$ 1,988,286$ 2,025,257$ 2,087,873$ 1,859,342$ 1,611,302$
Food 54,585 68,576 49,666 45,910 49,616 52,331 57,974
Drinking and eating places 1,248,272 1,270,903 1,388,881 1,428,598 1,506,289 1,615,029 1,717,184
Apparel 2,876,511 2,711,321 2,987,468 3,034,654 3,110,107 3,065,618 3,141,898
Furniture, H.H. and radio 1,076,836 840,999 957,980 975,472 1,090,244 1,251,860 1,421,458
Lumber, building and hardwa 39,312 32,472 17,588 12,853 24,600 10,653 8,686
Automotive and filling station 1,708,234 1,568,808 1,623,980 1,509,528 1,619,343 1,674,689 1,682,593
Drugs and other retail 1,141,709 1,046,055 1,265,890 1,472,117 1,124,986 1,250,569 1,530,596
Agriculture and all others 507,663 414,462 354,622 422,368 418,871 421,724 486,652
Manufacturers 72,003 100,642 83,952 126,281 174,572 687,312 451,814
Total 10,789,368$ 9,918,901$ 10,718,314$ 11,053,036$ 11,206,502$ 11,889,128$ 12,110,156$
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
between April 1 and March 31 as reported by the State.
VILLAGE OF OAK BROOK
Sales Tax By Category
Last Ten Fiscal Years
Page 161
2015 2016 2017
1,408,191$ 1,305,272$ 1,180,117$
170,497 167,143 191,370
1,770,370 1,844,551 1,866,420
3,078,876 2,989,258 2,931,827
1,606,454 1,613,318 1,472,053
6,623 4,642 6,603
1,698,040 1,683,947 1,884,059
1,817,539 1,857,751 1,842,238
506,631 1,368,475 805,122
238,943 204,789 262,420
12,302,164$ 13,039,146$ 12,442,227$
1.00%1.00%1.00%
Page 162
Fiscal Years 2008 2009 2010 2011 2012
General Merchandise 1,024,873$ 926,187$ 973,309$ 1,006,608$ 1,028,630$
Food 19,275 20,652 19,332 20,436 22,769
Drinking and eating places 615,357 632,360 692,224 710,688 749,294
Apparel 1,433,462 1,353,324 1,492,720 1,516,414 1,554,292
Furniture, H.H. and radio 534,252 419,064 478,065 486,841 544,734
Lumber, building and hardware 19,735 16,233 8,807 6,427 12,299
Automotive and filling stations 410,617 419,622 438,722 413,502 444,986
Drugs and other retail 501,254 455,080 496,243 522,092 574,857
Agriculture and all others 224,370 191,955 160,284 190,247 186,919
Manufacturers 35,964 50,271 41,947 63,114 75,056
Total 4,819,159$ 4,484,747$ 4,801,654$ 4,936,368$ 5,193,836$
Village non-home rule sales tax rate 0.50%0.50%0.50%0.50%0.50%
Source: Illinois Department of Revenue - Local Tax Allocation Division
Note The Village's Non-Home rule sales tax increased from .25% to .50% effective January 1, 2008.
VILLAGE OF OAK BROOK
Non-Home Rule Sales Tax By Category
Last Ten Fiscal Years
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.
Page 163
2013 2014 2015 2016 2017
923,522$ 799,234$ 697,506$ 646,561$ 584,228$
24,206 26,475 82,154 79,404 90,688
804,095 854,898 880,598 916,540 927,586
1,532,230 1,570,256 1,538,617 1,493,830 1,464,698
624,646 707,730 801,746 806,090 737,997
5,326 4,341 3,290 2,311 3,292
462,595 461,447 454,848 443,470 505,785
581,045 717,631 862,594 880,058 871,568
189,403 221,375 233,499 662,998 375,069
74,826 78,163 80,757 88,331 125,245
5,221,895$ 5,441,550$ 5,635,608$ 6,019,593$ 5,686,156$
0.50%0.50%0.50%0.50%0.50%
Page 164
Function/Program 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
111 Board of Trustees 0.50 0.50 0.50 0.75 0.50 0.50 0.50 0.50 0.50 0.50
112 Village Clerk 3.25 3.25 1.50 1.75 1.95 1.25 1.25 2.75 2.08 2.03
121 Legal 0.25 0.25 0.25 0.25 0.35 0.25 0.25 0.25 0.35 0.00
131 General Management 2.50 2.50 2.25 3.00 2.55 2.50 3.00 2.00 1.72 1.60
132 Human Resources 1.00 1.50 1.75 1.50 1.75 2.00 2.00 2.00 1.10 1.28
134 Risk Management 0.50 0.50 0.50 0.50 0.40 0.50 0.50 0.50 0.20 0.20
136 General Services 1.25 1.25 2.00 1.75 1.35 0.00 0.00 0.00 1.20 1.20
137 Business Licenses 0.00 0.00 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 0.50 0.00 0.00 0.00
141 Purchasing 1.50 0.00 0.50 0.50 0.85 1.00 1.00 1.00 0.00 0.00
151 Information Services 3.50 3.00 2.25 2.00 2.60 2.00 2.00 2.00 2.65 2.90
152 Geographic Information Systems 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.35 0.35
Legislative and General Management Total 14.25 12.75 11.50 12.00 12.30 10.00 11.00 11.00 10.15 10.06
211 Financial Services Management 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 0.88 1.00
221 Accounting and Reporting 4.50 5.00 3.00 2.75 2.75 3.00 3.00 3.00 4.05 3.05
231 Customer Service 0.00 0.00 0.00 0.00 0.00 1.50 1.50 1.50 0.00 0.00
241 Purchasing 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.00 1.00
Financial Services Total 5.50 6.00 4.00 3.75 3.75 5.50 5.50 5.50 5.93 5.05
321 Buildings and Grounds 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.50
335 Forestry 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.20 0.20
341 Garage Operations 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.48 2.48
351 Water Operations 7.50 7.50 6.50 6.00 6.00 7.00 7.00 7.00 7.00 7.00
360 Public Works Management 3.00 3.00 2.50 2.50 2.00 2.50 2.50 2.50 3.00 3.00
361 Streets - General Salaries 8.00 8.00 8.00 8.00 8.00 6.50 6.50 6.50 6.90 7.90
Public Works Total 21.50 21.50 20.00 19.50 19.00 19.00 19.00 19.00 20.58 22.08
511 Library General Operations 7.00 7.00 4.00 4.50 5.25 5.50 5.50 6.50 5.88 5.75
521 Technical Services 2.50 2.50 3.00 2.75 2.75 2.00 2.00 2.00 1.80 1.80
531 Reference and User Services 2.50 2.50 1.75 2.25 2.50 3.00 3.00 2.00 1.95 1.90
541 Youth Services 2.75 2.75 1.50 2.00 1.50 1.50 2.00 2.00 1.95 1.90
Library Total 14.75 14.75 10.25 11.50 12.00 12.00 12.50 12.50 11.58 11.35
(Continued)
Last Ten Fiscal Years
Budgeted Full-Time Equivalent Employees
VILLAGE OF OAK BROOK
Page 165
Function/Program 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
611 Police Services Management 3.00 3.00 3.00 2.00 2.00 3.00 3.00 3.00 3.00 3.00
621 Police Field Services 36.25 35.25 31.50 31.50 32.20 31.00 31.00 31.00 32.20 32.20
622 Police Auxiliary 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5.00 0.28 0.50
631 Police General Support 3.50 3.50 3.00 3.00 3.00 4.00 4.00 4.00 4.00 4.00
632 Police Investigations 7.00 6.00 8.00 8.00 7.00 6.00 6.00 6.00 6.00 6.00
633 Village Communications Center 12.50 12.00 9.00 7.00 0.00 0.00 0.00 0.00 0.00 0.00
634 Police Support Services 3.00 3.00 2.50 2.50 6.55 3.50 3.50 3.50 3.25 3.25
635 Police Public Relations/Crime Prevention 0.00 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 0.50 0.00 0.00 0.00 0.00 0.00 0.00
Police Total 65.25 62.75 57.00 54.50 50.75 47.50 47.50 52.50 48.73 48.95
700 Fire and EMS - General Salaries**33.00 33.00 31.00 31.00 31.00 31.00 31.00 31.00 31.00 31.00
711 Rescue and Fire Service Management 3.00 2.50 1.50 1.50 1.50 1.50 2.20 2.85 2.35 2.35
723 Fire Rescue and Training 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.20 0.20
731 Emergency Medical Service 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.40 6.40
741 Fire Prevention and Public Safety Education 2.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3.60 3.60
Fire Total***44.00 41.50 38.50 38.50 38.50 38.50 39.20 39.85 43.55 43.55
811 Sports Core General Operations 2.75 2.25 1.75 1.50 0.75 0.25 1.50 0.50 1.40 1.50
812 Swimming Operations 1.40 1.40 1.40 1.40 1.40 1.40 1.40 1.40 1.40 1.15
813 Tennis 1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15 0.65
821 Sports Core Food & Beverage Operations 2.50 2.75 0.00 0.50 0.50 0.50 1.00 1.50 1.50 1.75
822 Poolside Grill Food & Beverage Operations 0.80 0.80 0.80 0.80 0.80 0.80 0.80 0.80 0.80 0.80
823 Golf Club Food & Beverage Operations - 0.25 0.50 0.50 0.50 0.50 0.50 0.50 3.80 3.80
831 Golf Club General Operations 3.25 3.25 2.75 2.25 2.00 2.00 2.00 2.00 8.00 10.15
832 Golf Learning and Practice 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50
833 Golf Cart Operations 1.10 1.10 1.10 1.10 1.10 1.10 1.10 1.10 1.10 1.10
834 Golf Course Maintenance 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 13.50 12.50
Sports Core Total 17.45 17.45 13.95 13.70 12.70 12.20 13.95 13.45 34.15 34.90
460 Engineering 4.00 4.00 3.50 3.25 3.50 3.50 3.50 3.50 3.40 2.36
911 Community Development Management 2.00 2.00 2.00 2.00 2.00 2.00 2.50 2.50 2.60 2.60
921 Code Enforcement 4.00 3.50 3.50 3.50 4.25 4.25 5.50 6.00 5.91 5.23
Community Development Total 10.00 9.50 9.00 8.75 9.75 9.75 11.50 12.00 11.91 10.19
GRAND TOTAL ALL DEPARTMENTS 192.70 186.20 164.20 162.20 158.75 154.45 160.15 165.80 186.58 186.13
**Six contract firefighter/paramedics are used to supplement the full-time complement of firefighter/paramedics.
Source: Village Records
***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.
*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.
Last Ten Fiscal Years
VILLAGE OF OAK BROOK
Budgeted Full-Time Equivalent Employees (Continued)
Page 166
Function/Program 2008 2009 2010 2011 2012
Public Safety
Police
Physical arrests 293 399 357 267 234
Parking violations 1,420 1,113 877 1,245 636
Traffic violations 3,371 3,464 4,090 3,374 3,137
Fire
EMS Incidents 1,118 1,069 1,006 1,091 1,113
Fire Incidents 752 802 918 788 656
Communications Center
Police calls dispatched 10,667 9,911 9,666 9,666 12,696
Fire/EMS calls dispatched 2,214 2,176 2,240 2,156 2,071
Water
New water meters installed 21 10 10 11 14
Water main breaks repaired 58 63 59 50 61
Water pumped (Mil. Gals.)1,210 1,105 1,136 1,060 1,173
Library
Total Circulation 96,631 90,287 87,906 84,768 91,017
Avg. Daily Circulation 282.5 267.9 260.5 253.0 269.0
Total Holdings 105,493 111,051 116,386 124,757 128,343
Community Development
Building permits issues 742 606 696 705 770
Inspections 1,772 2,090 2,193 2,139 2,311
Estimated construction value 46,663,489$ 51,776,407$ 51,559,533$ 58,775,804$ 76,987,646$
Sports Core
B&T Recreation Membership 303 259 300 320 363
Social Memberships 129 80 64 59 67
Total Events 202 123 39 35 56
Golf Memberships 226 219 207 182 154
Total Golf Rounds 40,336 39,686 37,750 35,196 38,637
Data Source
Various village departments
n/a Information was unavailable for this given period.
Last Ten Fiscal Years
Operating Indicators
VILLAGE OF OAK BROOK
Page 167
2013 2014 2015 2016 2017
178 196 208 191 212
501 306 299 901 443
2,897 2,986 2,082 1,465 1,495
1,191 1,321 1,329 1,432 1,424
667 742 600 630 672
18,552 19,853 19,442 23,924 21,656
2,294 2,448 2,246 2,407 2,493
15 16 33 19 23
48 36 17 43 31
1,113 1,080 1,152 1,087 995
93,300 90,485 91,205 112,423 112,268
274.0 265.0 270.0 318.0 312.0
131,658 131,973 102,441 97,201 94,353
811 837 850 841 943
2,617 2,648 2,790 2,999 2,963
131,935,998$ 110,922,495$ 174,948,935$ 99,520,330$ 176,470,285$
347 338 307 317 294
68 82 81 77 -
66 72 71 75 65
146 143 142 145 151
34,670 33,861 34,019 39,324 39,863
Page 168
Function/Program 2008 2009 2010 2011 2012 2013
Public Safety
Police
Stations 1 1 1 1 1 1
Area patrols 5 5 4 5 5 5
Patrol units 15 15 12 11 11 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)105 105 105 105 105 105
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
Last Ten Fiscal Years
Capital Asset Statistics
VILLAGE OF OAK BROOK
Page 169
2014 2015 2016 2017
1 1 1 1
5 5 5 5
11 11 11 11
2 2 2 2
1 1 1 2
1 1 1 1
1 1 1 2
2 2 2 2
1 1 1 1
4 4 4 4
4 3 3 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.