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2008-2012 Five Year PlanO� 4 A jrr I) Financial Plan SECTION Introduction General Assumptions Relationship to the Annual Budget General Corporate Fund Hotel/Motel Tax Fund Motor Fuel Tax Fund Foreign Fire insurance Tax Fund Infrastructure Fund Promenade Special Tax Allocation Fund Water Fund Sports Core Fund Self Insurance Fund Garage Fund Equipment Replacement Fund Police and Firefighters' Pension Funds PAGE 1 1 2 4 17 22 26 30 35 39 44 58 62 66 70 VILLAGE OF OAK BROOK 2008-2012 FIVE-YEAR FINANCIAL PLAN INTRODUCTION The Village of Oak Brook Five -Year Financial Plan is intended to provide the community with a long-range projection of financial condition for each of the thirteen funds that comprise the financial structure of the Village of Oak Brook. Although it is neither as detailed nor as precise as the Village's annual Municipal Budget, it is an extremely useful tool for the budgeting process in that it provides a means of assessing the long-range financial impact of current decisions. Each fund in the Village's financial structure is a separate financial entity. Although the Village's audited financial statements are prepared on an accrual or modified accrual basis (as applicable and consistent with generally accepted accounting principles as promulgated by the Governmental Accounting Standards Board), the Five -Year Financial Plan, like the annual Municipal Budget, is prepared and presented on a cash basis. This results in a more easily understood and more useful document. The presentation for each fund includes a summary, revenue projections, a general long-range operating budget and a capital improvement program, if applicable. The summary brings together the revenue and expenditure projections and presents a rolling five-year operating statement, beginning with cash available as of January 1, 2007 as reported in the audited financial statements as of December 31, 2006. GENERAL ASSUMPTIONS The principal assumptions for the Five -Year Financial Plan involve the rates for general inflation, "personnel inflation" (direct personnel costs as well as costs of fringe benefits and training), interest rates, and the rate of growth in sales tax, the principal revenue source of the Village. The 2008-2012 Five -Year Financial Plan is based on the following general assumptions: • General inflation at the rate of 2.5% per year. • Personnel inflation, (including benefits, training and merit adjustments applicable to personnel not at top -of -grade) generally at 2.5% above the general inflation rate (or 5.0% per year). • Interest earnings on invested funds at rates ranging from 4.0 % to 7.5%, depending upon the fund, the type and length of investment. • Annual growth in sales tax receipts of 3% in 2008-2010, 4% in 2011 and 2012, and specific projections for the phase in of the new Oak Brook Promenade development in 2008 and 2009. Receipts from the non -home rule sales tax, which was increased by referendum from 0.25% -to 0.50% effective January 1, 2008, are projected using the same assumptions as the growth in general, sales tax receipts. VILLAGE OF OAK BROOK 2448-201.2 FIVE-YEAR FINANCIAL PLAN In years 2009-2012, the long-range operating budget projections are adjusted by an experience factor intended to take into account normal positive variances in expenditures across the thousands of accounts that make up the Village's financial structure and to partially offset the effects of compounding of the inflation assumptions in the later years. Other assumptions specific to particular funds are described in the narrative preceding the presentation of each fund. RELATIONSHIP TO THE ANNUAL BUDGET In years prior to 2004, the Five -Year Financial Plan was prepared separately and in advance of the Municipal Budget, usually following the Village Board Objectives discussion. Once again for 2008, staff has prepared the 2008-2012 Five -Year Plan., 2008 Budget, and 2008 Program Objectives concurrently. This procedural revision was done in order to streamline the budget process by reducing the amount time spent overall by staff and the Village Board on budget -related activities. Due to this process revision, the first year of the Five -Year Financial Plan (2008) is based on the actual 2008 Budget amounts. In advance of preparing 2008 Budget and 2008 Five -Year Financial Plan, a special Committee -of -the -Whole meeting was held on July 23, 2007 in order to discuss several' budget related issues. As a result of that meeting, the Village Board directed that staff should prioritize items for inclusion in the 2008 budget and Five -Year Financial Plan using the following hierarchy: • Projects or expenditures necessary to maintain, or replace critical equipment, projects already started yet not completed, projects that are the recipient of grant funding, and items required to comply with Illinois and Federal law. • Projects or expenditures that will directly contribute to increased revenues from sales tax, utility and telecommunications taxes, and Hotel/Motel takes. • Projects or expenditures that will significantly increase the efficiency of Village operations. • Projects or expenditures that will significantly improve the safety, convenience, or quality of life for residents, non-residents, and businesses. • Projects or expenditures that will improve the aesthetics of the Village. • Discretionary projects or expenditures that add new services or amenities. -2- VILLAGE OF OAK BROOK 2008-2012 FIVE-YEAR FINANCIAL PLAN All of these factors were considered in deciding which projects, services and expenditures should be included the 2008 Budget and the 2008- 2012 Five -Year Financial Plan. The primary issue facing the Village during the 2007 Budget process was the financial obligation in excess of $7.6 million for the Village's 113 participation in the I -88122°d Street Bridge Project. In order to fund much of this project and the need to maintain sufficient funds for other infrastructure -related items, the Board decided to place a referendum question on the April 17, 2007 ballot authorizing an increase in the non -home rule sales tax from 0.25% to 0.50%. The referendum was successful with 59% of those voting being in favor of the proposal, and the tax was subsequently approved by the Board effective January 1, 2008, with receipts expected to begin in April, 2008. As to the Tollway bridge cost, the 2008 budget includes $2,500,000 in the Infrastructure Fund, $500,000 in the Hotel/Motel Tax Fund (to offset the cost of lighting improvements) and $1.3 million in the Water Fund (to offset the cost of water main improvements). Pursuant to a preliminary agreement with the Illinois Toll Highway Authority, the remainder of the Village obligation will be paid in 2009 and 2010, with the Infrastructure Fund funding the remainder of the cost. The actual 2008 Municipal Budget is provided in a separate document; whereas, the Five -Year Financial Plan is structured by Fund, the operating budget is structured according to cost centers (called "programs") and is presented at a level of detail far beyond that reflected in the Five -Year Plan. The capital improvement budget is based on the capital improvement program for the first year of the Five -Year Plan. At the fund level in the Budget document, revenue budgets are brought together with operating and capital improvement expenditure budgets to present a cash -basis income statement for each fund (called a "Fund Summary"). The Fund Summary can be compared to the first year of the relevant Five -Year Financial Plan Summary to ensure that the Budget matches the first year of the Five -Year Plan for that fund. -z_ DESCRIPTION: The General Corporate Fund supports the majority of Village operations and is of paramount importance to the financial condition of the Village. Historically, its resources have been used for operations of the major Village departments, capital improvements, contributions to pension funds (in lieu of property tax levies), transfers to the Garage and Equipment Replacement Funds (through user charges), and loans to other funds as appropriate. OVERVIEW: The financial condition of the Village remains sound as indicated by our ability to maintain a cash operating reserve in the General Corporate Fund of at least six months of operating expenses, well over and above what other communities maintain in reserve. Operating revenues in the General Corporate Fund remain sufficient to fund normal operating expenses. That being said, difficulties lie in funding a large number of capital projects, projects that have been deferred from prior budgets, and fully funding the Equipment Replacement Charge. In addition, many of the Village's operating departments have requested increases in full-time staffing in order to address the ever-increasing demands for service. Although in 2007 the Village Board increased the non -home rule sales tax and hotel/motel tax, legal restrictions on these revenue sources prevent these increased revenues from being utilized to fund general government and public safety expenditures. Thus, in completing the 2008-2012 Five Year Plan, many projects had to be deferred several years and none of the staffing increases were included. Revenue: The principal source of revenue to the General Corporate Fund, and to the Village, is the sales tax. As a result, the rate of growth in sales tax receipts determines, to a significant extent, the Village's ability to meet the needs of the community and its overall financial condition. It has been the practice of the Village to project growth in sales tax receipts conservatively, and that practice is continued in this edition of the Five - Year Financial Plan (See GENERAL ASSUMPTIONS). For 2008, sales tax revenue is projected to be $12,150,000, which is 3.2% over the 2007 Budget amount and 6.8% over the 2007 estimated amount of $11,370,000. Receipts from the 5% utility tax electric, natural gas, and telecommunications service are expected to end the year $114,000 or 2.8% above budget. Within this category, receipts from telecommunications taxes have increased $228,000 or 11.1% over 2006. This is welcome news since for the last several years the Village has experienced significant declines in this revenue source, and these declines have had a major impact on the General Corporate Fund. For 20082012, revenues are projected to increase 3% from the 2007 estimated amounts. In addition, -4- VILLAGE OF OAK BROOK 2008-2012 FIVE-YEAR FINANCIAL PLAN in order to fund numerous capital projects deferred to 2009 and to restore fail funding of the equipment replacement charge in 2009 and thereafter, an increase in the telecommunications tax of 1% (bringing the total rate to 6%) is projected for 2009 and thereafter. Favorable operating results, continued deferral of major capital projects, or increases in other revenue sources may delay or eliminate the need to raise this tax. State shared revenues in total are projected to end the year approximately $115,000 over budget due to the strong Illinois economy (effecting income tax, replacement tax, and use tax receipts) as well as the State falling behind by one monthly payment in 2006 and getting caught up in 2007. For 2008, receipts are projected using information provided by the Illinois Municipal League and for 2009 and thereafter receipts are projected to increase approximately 3% per year. Revenue from licenses, permits and inspections.continues to increase due to regular annual fee review with corresponding increases and well as increased permit activity. Interest revenue of $500,000 is expected for 2008 based on an interest rate assumption of 4.5%, and it is expected that rates will remain constant at this level for the duration of the Five -Year Financial Plan. Most other revenue sources are projected to increase from 0% to 3% per year for the duration of the Five -Year Financial Plan. Operations: Legislative and General Management. A net decrease of 1.50 FTE is included for 2008 due to the deletion of the 1.00 FTE full time administrative assistant position and the 0.50 FTE part time media coordinator. The upgrade of the Village's financial software packages will be completed in 2008. Also in 2008, the Village has designated a potential public safety Wi-Fi network as the "CY Pres" project required as part of the settlement agreement relating to the Primeco class action lawsuit. The budget for legal services has been increased in 2008 due the cost of several known lawsuits against the Village; for 2009 and thereafter, the cost of legal services is expected to moderate to a more typical level. The projections include a significant increase in the cost of liability insurance provided by IRMA. Partial funding of the Independence Day Celebration, which was not budgeted in 2007, has been included. There are no other significant changes projected in the operating budgets of this department, beyond application of the inflation assumptions. Financial Services. There are no significant changes projected in the operating budgets of this department, beyond application of the inflation assumptions. Public works. An additional Building Maintenance Employee position, which was originally included in the 2002 Budget but removed in the 2003 Budget, was requested once again but could not be accommodated in this Five -Year Financial Plan. This position is needed in recognition of increased demands resulting from the completion of several significant municipal building projects. The 2008 Budget and each year thereafter continues to fund the building maintenance function with only one full-time employee and outsourcing many of the new building maintenance functions. Due. to limited General Fund resources in 2008, the roof replacement project for the Public Works facility has once again been deferred to 2009. -5- VfZLAGE OF OAK BROOK 2008-2012 FIVE-YEAR FINANCIAL PLAN Lib rare. There are no significant changes projected in the operating budgets of this department, beyond application of the inflation assumptions. Police. The FTE staffing level in the Police Department.has increased by 2.25 FTE in 2008 due to addition of a part-time accreditation manager and replacing several higher cost full-time civilian positions with multiple part-time employees. The change from full-time to part- time staffing has been designed to increase the numbers of hours of service yet be budget neutral due to savings on salary and benefit costs. There are no other significant changes projected in the operating budgets of this department, beyond application of the inflation assumptions. Fire. There are no significant changes projected in the operating budgets of this department, beyond application of the inflation assumptions. Community -Development. The 2008 Budget includes $50,000 for consulting services related to the Commercial Corridor Revitalization Project. There are no other significant changes projected in the operating budgets of this department, beyond application of the inflation assumptions. Exceptional Charges: Exceptional Charges in the General Corporate Fund include: • Contributions to the Police and Firefighters' Pension Funds (in lieu of property taxes). • An annual transfer to the Sports Core Fund to cover the. net costs of Polo and Open Fields programs as well as staff time associated with the administration of community events. • Debt service on installment contract certificates issued to fund a portion ($4 million) of the Municipal Complex Project. • Vehicle replacement charges based on the expected cost of replacement of the Village's vehicle fleet. In should be noted that the amount charged for 2008 was approximately $200,000 below what would usually be required in order to produce a balanced budget in the General Corporate Fund. Beginning in 2009 and thereafter, full funding of the amount required has been included in the projections. • A transfer equal to 20% of the incremental sales tax revenue generated from the Promenade development to the Promenade Special Tax Allocation Fund. • An annual transfer to the Infrastructure Fund in order to offset costs (primarily administrative) funded by the Infrastructure Fund that relate to General Corporate Fund activities (such as Forestry, Buildings & Grounds, etc.). W VILLAGE OF OAK BROOK 2008-2012 FIVE-YEAR FINANCIAL PLAN Capital Imrovements: The replacement of the Public Works Building roof, originally scheduled for 2003, has been deferred to 2009. Other significant capital expenditures reflected in the Plan include continued outlays for maintaining our current technology systems, replacement of our financial accounting system, screening of HVAC units at various Village buildings, repairs and maintenance of Old Butler School, and improvements to the east side entrance at the Municipal Complex. OTHER CONSIDERATIONS: The General Corporate Fund Summary exhibit indicates that the Village will exceed its six month cash reserve requirement at the end of each year. After completion of many of the capital projects that have been deferred over the last several years, beginning in 2011 and thereafter the operating results of the General Corporate Fund begin to improve. Potential uses mentioned at various times for the positive cash flow include new Village programs, reductions in tax rates for some locally administered taxes, or possible additions in staffing levels in several departments. None of these options have been reflected in this Five -Year Plan since at this point in time the prioritization of these items would be speculative, but it appears that some of these options may be considered in future Plans. -7- Unrestricted Cash Available, January 1, 2007 Estimated Income Less Estimated Operating Expenses Operating Budget Exceptional Charges Estimated Net Operating Income Add Beginning of Year Cash Balance Estimated Available Funds Interfund Loan Iuterfimd Loan Repayment Adjusted Cash Available Less Capital Improvement Program Unrestricted Cash Available at Year -End 6Months Operating Village of Oak Brook 2008-2012 Five -Year Financial Plan GENERAL CORPORATE FUND Summary 2007 Budget 2007 Estimate 2008 2009 2010 2011 2012 $9,753,951 $20,217,760 $20,043,160 $20,781,600 $21,904,072 $22,534,210 $23,122,207 $24,092,502 17,431,255 16,97 8,405 18,145,955 17, 95 5,124 18,513, 965 19,091,501 19,668,184 2,268,085 21108,185 2,398,400 2,697,580 2,802,750 2,880,150 2,942,260 518,420 956,570 237,245 1,251,368 1,217,494 1,150,556 1,482,059 9,755,951 9,755,951 10,171,741 9,622,666 9,676,839 9,909,338 10,723,099 10,274,371 10,712,521 10,408,986 10,874,034 10,894,3 33 11,05 9,8 94 12,205,157 0 0 0 0 0 0 0 0 0 0 0 0 150,000 150,000 10,274,371 10,712,521 10,408,986 10,874,034 10,894,3 33 11,209,894 12,3 55,157 688,760 540,780 786,320 1,197,195 984,995 486,795 1,096,445 $9,585,611 $10,171,741 $9,622,666 $9,676,839 $9,909,338 $10,723,099 $11,258,712 $9,176,088 $9,176,088 $9,549,778 $9,608,562 $9,906,983 $10,215,251 $10,523,592 -8- Village of Oak Brook 2008-2012 Five -Year Financial Plan GENERAL CORPORATE FUND Revenue Projections Description 2007 Budget 2007 Estimate 2008 2009 2010 2011 2012 General Sales Tax 11,770,000 11,370,000 12,150,000 12,700,000 13,100,000 13,450,000 14,150,000 State Income Tax 727,000 809,500 792,000 816,000 332,000 840,000 343,000 865,000 353,000 891,000 364,000 Replacement Tax 284,000 33,500 313,000 36,900 323,000 36,900 36,900 36,900 36,900 36,900 York Township Road and Bridge Tax 111,000 115,000 118,000 122,000 126,000 129,000 133,000 State Income Tax -Use Tax 1,500 675 1,000 1,000 1,000 1,000 1,000 Charitable Games Tax 100,000 125,000 10,000 10,000 10,000 10,000 10,000 Grants Telecommunications Tax 2,127,000 2,275,000 2,343,000 2,413,000 2,485,000 2,560,000 2,637,000 Telecommunications Tax-Aditional 1% 0 0 1,910,000 0 1,947,000 482,600 2,007,000 497,000 2,070,000 512,000 2,130,000 527,400 2,193,000 Utility Tax 1,944,000 Total Intergovernmental 17,098,000 16,955,075 17,720,900 18,920,500 19,508,900 20,046,900 20,943,300 Liquor License 115,000 115,000 120,000 120,000 120,000 120,000 9,000 120,000 9,000 Scavenger Licenses 9,000 20,000 9,000 17,000 9,000 18,000 9,000 18,000 9,000 18,000 18,000 18,000 Taxi Licenses 2,100 2,100 2,100 2,100 2,100 2,100 2,100 Tobacco License 400 200 300 300 300 300 300 Raffle Licenses . 0 0 0 0 0 0 Business Licenses 100,000 300,000 275,000 305,000 305,000 305,000 305,000 305,000 Building Permits Electrical Permits 145,000 155,000 160,000 160,000 160,000 160,000 160,000 Plumbing Permits 18,000 25,000 25,000 25,000 11,500 25,000 11,500 25,000 11,500 25,000 11,500 Alarm Application Fee 11,500 11,500 11,500 150 150 150 150 Annual Alarm permit Fee 165 20,000 150 23,000 150 23,000 23,000 23,000 23,000 23,000 Accessory Stracture Permits 75,000 30,000 40,000 40,000 40,000 40,000 40,000 HVAC Permits Demolition Permits 25,000 10,000 20,000 20,000 20,000 20,000 20,000 Village of Oak Brook 2008-2012 Five -Year Financial Plan GENERAL CORPORATE FUND Revenue Projections Description 2007 Budget 2007 Estimate 2008 2009 2010 2011 2012 Application/OccupancyFees 50,000 55,000 58,000 58,000 70,000 58,000 70,000 58,000 70,000 58,000 70,000 Miscellaneous Licenses & Permits 45,000 70,000 70,000 750 750 750 750 750 Solicitation Permits 750 750 Total Licenses and Permits 936,915 798,700 862,800 862,800 862,800 862,800 862,800 Elevator Inspections 65,400 71,000 74,000 76,220 20,000 78,507 20,000 80,862 20,000 83,288 20,000 Zoning/Subdivision Appl. Fees 20,000 77,250 19,850 55,000 20,000 65,000 65,000 65,000 65,000 65,000 Plan Review Fees 27'0,000 270,000 278,000 286,340 294,930 303,778 312,891 Ambulance Fees 71,000 55,000 60,000 61,800 63,654 65,564 67,531 Toll Road Fire Service 11,000 15,000 15,000 15,750 16,538 17,364 18,233 Special Services -EMS 7,500 5,000 6,000 6,300 6,615 6,946 7,293 Special Services -Fire 18,000 15,000 15,000 15,000 15,000 15,000 15,000 False Alarm -Fire 190,000 160,000 190,000 190,000 190,000 190,000 190,000 Building & Fire Inpection Fees 2,000 2,000 2,000 2,000 2,000 2,000 2,000 Passport Fees 5,000 4,000 4,000 4,000 4,000 4,000 4,000 Fingerprinting 25,000 20,000 25,000 26,250 27,563 28,941 30,388 Special Services -Police 200 200 200 200 200 200 200 Field Services -Police Misc. Support Services -Police 5,000 5,000 5,000 5,000 5,000 5,000. 39,000 5,000 39,000 False Alarm -Police 39,000 39,000 68,300 39,000 10,000 39,000 10,000 39,000 10,000 10,000 10,000 Eng. Plan Review &Inspection 10,000 5,000 0 5,000 5,000 5,000 5,000 5,000 Subdivision Review &Inspection 10,000 13,000 13,000 13,000 13,000 13,000 13,000 Fire Plan Review Fees 16,000 12,000 12,000 12,000 12,000 12,000 12,000 Library Services (2,800) (2,800) (2,800) (2,800) (2,800) (2,800) (2,800) Bad Debt Total Charges for Services 844,550 826,550 835,400 850,060 865,206. 880,854 897,023 _10- Village of Oak Brook 2008-2012 Five -Year Financial Plan GENERAL. CORPORATE FUND Revenue Projections Description 2007 Budget 2007 Estimate 2008 2009 2010 2011 2012 Court Fines 304,000 328,000 338,000 348,000 358,000 368,000 378,000 30,000 Village Fines 16,000 26,000 30,000 5,000 30,000 5,000 30,000 5,000 30,000 5,000 5,000 Training Reimbursement -Police 5,000 12,500 5,000 13,000 15,000 15,000 15,000 15,000 15,000 Library Fines 2,000 1,200 0 0 0 0 0 Library Cafe Sales 17,000 45,150 10;000 10,000 10,000 10,000 10,000 Library Donations 475,000 525,000 500,000 384,907 387,074 396,374 428,924 Interest IMF/Franchise Fees 112,000 118,000 121,500 125,145 128,899 132,766 136,749 69,000 Rental income 66,700 72,000 60,000 62,000 64,000 66,500 0 0 IMF Cy Pres Refund 57,770 11,725 59,160 11,725 0 12,000 0 12,360 0 12,731 13,113 13,506 Road Maintenance Reimbursement 10,000 10,000 10,000 10,000 10,000 10,000 10,000 Miscellaneous Total Other Revenues 1,089,695 1,214,235 1,101,500 1,002,412 1,020,704 1,046,753 1,096,179 Transfer From Water Fund 237,000 237,000 249,000 256,000 264,000 272,000 12,900 280,000 13,200 Transfer From Hotel/Motel Tax Fund 11,600 11,600 12,000 12,300 12,600 Total Interfirnd Revenues 248,600 248,600 261,000 268,300 276,600 284,900 293,200 Total Revenue 20,217,760 20,043,160 20,781,600 21,904,072 22,534,210 23,122,207 24,092,502 -11- Personnel Materials and Supplies Operations and Contractual Total Operating Budget Adjustment for Budget Goal Attainment Exceptional Charges Police Pension Contribution Firefighters' Pension Contribution Vehicle Replacement Charges Transfer to Sports Care Fund Transfer to Infrastructure Fund Transfer to Promenade T.I.F. Fund Installment Contract Debt Service Total Exceptional Charges Capital Improvement Program (See Schedule) Total Budget Village of Oak Brook 2008-2012 F[ve-Year Financial Plan GENERAL CORPORATE FUND Long -Range Operating Budget 2007 Budget 2007 Estimate 2008 2009 $13,445,280 $12,841,110 $13,965,695 $14,663,980 61.9,400 612,950 622,715 632,133 3,366,575 3,524,345 3,557,545 3,407,141 $17,431,255 $16,978,405 $18,145,955 $18,703,254 741,000 108,600 $18,145,955 $17,955,124 2010 .201I 2012 $15,397,I79 $16,I67,038 $16,975,390 647,936 664,135 680,738 3,443,270 3,478,935 3,492,457 $19,488,385 $20,310,107 $21,148,585 $18,513,965 $19,091,501 $19,668,184 $598,425 $560,820 $616,685 $635,000 $654,000 $674,000 $694,000 615,595 554,600 608,915 627,000 646,000 665,000 685,000 300,000 300,000 400,000 647,000 705,000 731,000 741,000 108,600 108,600 157,800 105,800 108,800 108,800 108,800 206,000 206,000 158,400 163,200 168,100 173,100 178,300 61,300 0 80,000 140,000 144,200 150,000 156,000 378,165 378,165 376,600 379,580 376,650 378,250 379,160 $2,268,085 $2,108,185 $2,398,400 $2,697,580 $2,802,750 $2,880,150 $2,942,260 $688,760 $540,780 $786,320 $1,197,195 $984,995 $486,795 $1,096,445 $20,388,100 $19,627,370 $21,330,675 $21,849,899 $22,301,710 $22,458,446 $23,706,889 52A Village of Oak Brook 2008-201.2 Five Year Financial Plan General Corporate Fund Capital Improvement Program 2007 2007 Budget Estimate 2008 2009 2010 2011 2012 Le 'slative and General Mana ement I.T. Implementation; Computer Hardware And Software Financial System Upgrade to Windows -Based System Wi-Fi Project (RvIF Litigation Cy Pres Designated Project) Microfilm Reader/Printer Emergency Operations Equipment High Volume Copier (Village Administration) Fireproof Cabinets Postage Machine Financial Services Forms Pressure Sealer Engineering and Capital Projects Municipal Complex: Undesignated Remodeling VH Wall Removal by VM Office Galvanized Plumbing Replacement VH Ductwork Cleaning Interior/Exterior Signage VH/PW Security Camera System Electrical Survey FS No. 1 Ductwork Cleaning Electric Service Meter Adjustxaents Garage Door & Opener Replacements VH/PW Masonry Sealing Reception Area Floor Improvements 84,710 89,910 69,520 333,245 140,995 77,295 41,695 157,700 130,000 103,000 147,000 15,000 0 15,000 10,500 5,000 10,500 5,000 5,000 5,000 5,000 25,000 25,000 25,000 15,000 25,000 75,000 9,500 8,700 10,000 15,175 15,000 15,000 15,000 15,000 15,000 20,000 20,995 9,000 9,000 9,000 5,000 3,485 5,000 20,000 5,000 15,000 75,000 25,000 5,750 6,000 6,250 5,000 15,000 25,000 25,000 -13- Municipal Complex (continued'): FS No. 1 lighting Improvements FS No. 1 Shower Improvements Server Room Anxiliary Cooling System Lower Level Washroom Improvements Door Security System Roof top HVAC Screening Crround HVAC ScreeningfRelocation HVAC Improvements East Side Entrance Improvements Color Aerial Photograph Ceiling Tile & Light Fixture Replacement. Fire Station Humidifier Recoat North Walkway Fire &ation ##2: Bathrooms & Bunkroom Remodeling South Door Replacement FS No. 2 Ductwork Cleaning RPZ Installation Plumbing Improvements Space Needs Study Exterior Lighting improvements Landscaping Improvements HVAC System Replacement Carpeting Replacement Apparatus Bay Heating Village of Oak Brook 2008-2012 Five Year Financial Plan General Corporate Fund Capital Improvement Program 2007 2007 Bud et Estimate 2008 2009 2010 2011 2012 5,000 5,200 6,000 3,560 5,500 955 -14- 7,500 14,000 25,000 25,000 25,000 56,000 260,000 50,000 50,000 100,000 100,000 30,000 50,000 30,000 6,000 89,000 6,000 61500 14,000 10,000 20,000 6,000 5,000 40,000 14,000 25,000 Village of Oak Brook 2008-2012 Five Year Financial Plan General Corporate Fund Capital Improvement Program 2007 2007 Bud et Estimate 2008 2009 2010 2011 2012 Public Works Building; Replace Leaf Boxes Retaining Wall Improvements RPZ Installation Roof Replacement & HVAC Screening PW Office Lighting Fixtures and Ceiling Replacement PW Kitchenette Remodeling PW Replace Office HVAC Unit PW Locker Room Renovation PW Reconditiond:Useal Garage Floor Other Improvements: Old Butler School Portable Lift (Buildings & Grounds) I,ibrar Shelving Refurbish Exterior Wood Paneling HVAC Screening Server Room Cooling Unit Landscaping Reconfiguration Project Furniture Replacement Police Radio System Upgrades Division Commander Vehicle Range Equipment Upgrade Large Volume Copier Move all Communications to'700 or 800 mhz (FCC Mandate) 7,350 17,000 9,400 12,000 14,000 306,000 16,000 10,000 30,000 30,000 70,000 22,540 28,500 35,000 10,000 25,000 100,000 8,000 60,000 50,000 25,000 58,000 5,670 83,400 12,000 5,000 50,000 40,000 44,000 17,000 8,750 5,000 5,000 30,000 30,000 16,000 25,000 24,540 51,950 30,000 793,500 Fire Turnout Gear Replacement Upgrade Village AEDs Fire Extinguisher Training Kit Mobile Radio Replacement Extraction Pulse Co Monitors Command Car Equipment Mobile Computer Equipment Zalxon Alerting System EMS Cart Replace "Freddie the Fire Truck" Breathing Apparatus Upgrade Multi Gas Detectors SCBA Accountability System Total General Corporate Fund Village of Oak Brook 2008-2012 Five Year Financial Plan General Corporate Fund Capital Ymprovement Program 2007 2007 Budget Estimate 2008 2009 2010 2011 2012 71,000 71,000 22,000 20,050 5,000 8,000 31,000 15,500 10,000 10,000 15,000 15,000 50,000 15,000 11,000 18,000 18,000 18,000 18,000 10,000 20,000 20,000 688,760 540,780 786,320 1,197,195 984,995 486,795 1,096,445 -16- VILLAGE OF OAK BROOK 2008-2012 FIVE-YEAR FINANCIAL PLAN HOTEL/MOTEL TAX FUND DESCRIPTION: This fund is used to account for funds collected from imposition of the Village's Hotel/Motel Tax. State law requires that for non -home rule communities this revenue must be devoted to programs and activities designed to increase overnight stays in hotels located within the Village. For 2006 and prior, most expenditures of funds from the tax were those recommended by the Hotel, Convention and Visitors Committee and specifically approval of the Village Board. Late in 2006, the Village Board established a Hotel Beautification District designed to improve and maintain the landscape and hardscape features in the areas served by the hotels also in order to increase overnight stays in hotels located within the Village. Village Board policy at the present time earmarks 1% of the 3% Hotel/Motel Tax rate to funding activities of the Hotel, Convention and Visitors Committee; the remaining 2% of the 3% rate is dedicated to funding the Hotel Beautification District initiatives. OVERVIEW: Revenue: The rate of tax was increased from 1% to 3% in December, 2006. For 2007 revenues are projected to be $1,195,000, which is $160,000 or 15.4% over budget. For 2008, revenues are projected to increase $195,000 over the 2007 Budget amount due to a full year of collections at the 3% tax rate. In future years, revenue is projected to increase 3% per year. Operations: For 2008, the projections reflect expenditures for marketing efforts of the Hotel, Convention and Visitors Committee of $325,000 as well as payment to the DuPage Convention and Visitors Bureau equal to 20% of the first 1% of the Hotel Tax imposed. Thereafter, expenditures increase approximately 3% per year. Exceptional Charges: The Plan reflects an annual transfer to the General Corporate Fund for administrative and marketing services rendered to the fund and to the Hotel, Convention and Visitors Committee. -17- VILLAGE OF OAK BROOK 2008-2012 FIVE-YEAR FINANCIAL PLAN Ca ital Im rovement Pro am The 2008 Budget includes $500,000 for street lighting improvements in the Hotel Beautification District being done as part of the I -88122"d Street Bridge Project and $750,000 for other beautification improvements. Thereafter, outlays of $800,000 annually for improvements and maintenance in the Hotel Beautification District are included. FUTURE CONSIDERATIONS: Should the Village be granted home -rule authority by referendum, the rate of tax imposed could be increased from the current 3% to 5% and there would no longer be a restriction as to use. Any additional funds generated from this tax would be available to fund general government operations. -18- Village of Oak Brook 2008-2012 Five -Year Financial Plan HOTEL/MOTEL TAX FUND Summary 2007 Budget 2007 Estimate 2008 2009 2010 2011 2012 Unrestricted Cash Available, January 1, 2007 $205,241 Estimated Income $1,047,000 $1,220,000 $1,250,000 $1,288,862 $1,328,996 $1,371,355 $1,416,048 Less Estimated Operating Expenses 437,200 394,000 458,600 423,390 436,092 449,174 462,650 Operating Budget 11,600 11,600 12,000 12,300 12,600 12,900 13,200 Exceptional Charges Estimated Net Operating Income 598,200 814,400 779,400 853,172 880,304 909,280 940,198 Add Beginning of Year Cash Balance 205,241 205,241 1,019,641 549,041 602,213 682,516 791,797 Estimated Available Funds 803,441 1,019,641 1,799,041 1,402,213 1,482,516 1,591,797 1,731,995 0 0 0 0 0 0 0 Interfund Loan Interfund Loan Repayment 0 0 0 0 0 0 0 Adjusted Cash Available 803,441 1,019,641 1,799,041 1,402,213 1,482,516 1,591,797 1,731,995 Less Capital Improvement Program 500,000 0 1,250,000 800,000 800,000 800,000 800,000 Estimated Unrestricted Cash Balance at Year -End $303,441 $1,019,641 $549,041 $602,213 $682,516 $791,797 $931,995 Hotel/Motel Tax Interest Total Revenue Village of Oak Brook 2008-2012 Five -Year Financial Plan HOTELIMOTEL TAX FUND Revenue Projections 2007 Budget 2007 Estimate2_ 008 r2009 2010 20112012 $1,035,000 $1,195,000 $1,230,000 $1,266,900 $1,304;907 $1,344,054 $1,384,376 12,000 25,000 20,000 21,962 24,089 27,301 31,672 $1,047,000 $1,220,000 $1,250,000 $1,288,862 $1,328,996 $1,371,355 $1,416,048 -20- Operations and Contractual Total Operating Budget Exceptional Charges Transfer to General Fund Total Exceptional Charges Capital Improvement Program Hotel Beautification District Improvements Total Budget Village of Oak Brook 2008-2012 Five -Year Financial Plan HOTELIMOTEL TAX FUND Long -Range Operating Budget 2007 Budget 2007 Estimate 2008 2009 2010 r 2011 2012 - $11,600 - $437,200 $394,000 $458,600 $423,390 $436,092 $449,174 $462,650 $437,200 $394,000 $458,600 $423,390 $436,092 $449,174 $462,650 $11,600 $11,600 $12,000 $12,300 $12,600 $12,900 $13,200 $11,600 $11,600 $12,000 $12,300 $12,600 $12,900 $13,200 500,000 $948,800 0 1,250,000 800,000 800,000 800,000 800,000 $405,600 $1,720,600 $1,235,690 $1,248,692 $1,262,074 $1,275,850 -21- VILLAGE OF OAK BROOK 2008-2012 FIVE-YEAR FINANCIAL PLAN MOTOR FUEL TAX FUND DESCRIPTION: The Motor Fuel Tax (NVIFT) Fund is used to account for funds distributed to the Village by the State of Illinois pursuant to the MFT distribution formula. State law limits the use of these funds for specified purposes. This edition of the Five -Year Financial Plan continues the practice of allocating MFT funds to eligible street resurfacing and reconstruction projects, as well as 'to certain preventive maintenance activities. Revenue: The Motor Fuel Tax is levied on a cents -per -gallon basis and is deposited into a segregated fund at the State level. From there, funds are distributed to local governments on a per -capita basis, according to a formula and based on the last certified census. It is not projected that fuel sales statewide will increase significantly over the planning period. Exceptional Charges: There are no MFT road projects budgeted for 2008. Thereafter, an amount approximating the annual collections is projected to be transferred to the Infrastructure Fund in order to supplement the paving program each year. -2a- Unrestricted Cash Available, January 1, 2007 $463,875 Estimated Income Less Estimated Operating Expenses Operating Budget Exceptional Charges Estimated Net Operating Income Add Beginning of Year Cash Balance Estimated Available Funds Interfund Loan Interfund Loan Repayment Adjusted Cash Available Less Capital Improvement Program Estimated Unrestricted Cash Balance at Year -End Village of Oak Brook 2002-2012 Five -Year Financial Plan MOTOR FUEL TAX FUND Summary 2007 Budget 2007 Estimate 2008 2009 2010 2011 2012 $264,000 $277,000 $269,000 $270,395 $270,811 $271,243 $271,693 0 600,000 0 600,000 0 0 0 260,000 0 260,000 0 260,000 0 260,000 (336,000) (323,000) 269,000 10,395 10,811 11,243 11,693 463,875 463,875 140,875 409,875 420,270 431,081 442,324 127,875 140,875 409,875 420,270 431,081 442,324 454,017 0 0 0 0 0 0 0 0 0 0 0 0 0 0 127,875 140,875 409,875 420,270 431,081 442,324 454,017 0 0 0 0 0 0 0 $127,875 $140,875 $409,875 $420,270 $431,081 $442,324 $454,017 -23- Motor Fuel Tax Allotments Interest Total Revenue Village of Oak Brook 2008-2012 Five -Year Financial Plan MOTOR FUEL TAX FUND Revenue Projections 2007 Budget 2007 Estimate 2008 2012 $254,000 $254,000 $254,000 10,000 23,000 15,000 $264,000 $277,000 $269,000 2009 2010 2011 2012 $254,000 $254,000 $254,000 $254,000 16,395 16,811 17,243 17,693 $270,395 $270,811 $271,243 $271,693 Exceptional Charges Transfer to Infrastructure Fund Total Exceptional Charges Village of Oak Brook 2008-2012 Five -Year Financial Plan MOTOR FUEL TAX FUND Long -Range Operating Budget 2007 Budget 2007 Estimate 2008 2009 $600,000 $600,000 $0 $260,000 $600,000 $600,000 $0 $260,000 -25- 2010 2011 2012 $260,000 $260,000 $260,000 $260,000 $260,000 $260,000 VILLAGE OF OAK BROOK 2008-2022 FIVE-YEAR FINANCIAL PLAN FOREIGN FIRE INSURANCE TAX FUND DESCRIPTION: This fund is used to account for funds collected from imposition of the 2% tax on fire insurance policies written in the Village by insurance companies not incorporated in the State of Illinois. By law, expenditures from the Fund must be for the maintenance, use and benefit of the Fire Department. Pursuant to State law, expenditures are directed by a Foreign Fire Insurance Tax Board elected by the members of the Fire Department. The accounting for this Fund is no longer under the jurisdiction of the Village and in May, 2003 the entire treasury function was turned over to the Treasurer of the Foreign Fire Insurance Tax Board. OVERVIEW: Revenue: Revenue is projected to remain at the estimated level of $37,360 for 2007 and each year thereafter. Operations: Operating expenditures are programmed for uses as determined by the Foreign Fire Insurance Tax Board. -2F Unrestricted Cash Available, January 1, 2007 Estimated Income Less Estimated Operating Expenses Operating Budget Exceptional Charges Estimated Net Operating Income Add Beginning of Year Cash Balance Estimated Available Funds Interfund Loan Interfund Loan Repayment Adjusted Cash Available Less Capital Improvement Program Estimated Unrestricted Cash Balance at Year -End $102,768 Village of Oak Brook 2008-2012 Five -Year Financial Plan FOREIGN FIRE XNSURANCE TAX FUND Summary 2007 Budget 2007 Estimate 2008 2009 2010 2011 2012 $37,860 $37,860 $37,860 $37,860 $37,860 $37,860 $37,860 44,100 44,100 34,300 18,000 18,000 18,000 18,000 0 0 0 0 0 0 0 (6,240) (6,240) 3,560 19,860 19,860 19,860 19,860 102,768 102,768 86,528 80,088 79,948 79,808 79,668 96,528 96,528 90,088 99,948 99,808 99,668 99,528 0 0 0 0 0 0 0 0 0 0 0 0 0 0 96,528 96,528 90,088 99,948 99,808 99,668 99,528 10,000 10,000 10,000 20,000 20,000 20,000 20,000 $86,528 $86,528 $80,088 $79,948 $79,808 $79,668 $79,528 -27- Village of Oak Brook 2008-2012 Five -Year Financial Plan FOREIGN FIRE INSURANCE TAX FUND Revenue Projections 2007 Budget 2007 Estimate 2008 2009 2010 2011---2012 — Foreign Fire Insurance Tax $37,360 $37,360 $37,360 $37,360 $37,360 $37,360 $37,360 Interest 500 500 500 500 500 500 500 Total Revenue $37,860 $37,860 $37,860 $37,860 $37,860 $37,860 $37,860 Village of Oak Brook 2.008-2012 Five -Year Financial Plan FOREIGN FIRE INSURANCE TAX FUND Long -Range Operating Budget 2007 Budget 2007 Estimate2008- 2009 2010 2011 2012 $1,975 $1,975 $4,300 $4,500 $4,500 $4,500 $4,500 Personnel 41,350 41,350 26,700 10,000 10,000 10,000 10,000 Materials and Supplies 775 775 3,300 3,500 3,500 3,500 3,500 Operation &Contractual $44,100 $44,100 $34,300 $18,000 $18,000 $18,000 $18,000 Total Operating Budget Capital Improvement Program Station Enhancements 10,000 10,000 10,000 20,000 20,000 20,000 20,000 Undesignated Capital $10,000 $10,000 $10,000 $20,000 $20,000 $20,000 $20,000 Total Capital Improvement Program $54,100 $549100 $44,300 $38,000 $38,000 $38,000 $38,000 Total Budget VILLAGE OF OAK BROOK 2008-2012 FIVE-YEAR FINANCIAL PLAN INFRASTRUCTURE FUND DESCRIPTION: The Infrastructure Fund was established to separately account for revenues and expenditures related to certain categories of capital projects including street resurfacing/reconstruction, safety pathways and drainage projects. Due to statutory restrictions on use, beginning in 2005 the Village's non -home rule sales tax of 0.25% (authorized by referendum in 2004) became the major source of funding for this Fund. In April, 2007 a second referendum was passed and the rate of tax increased to 0.50% effective January 1, 2008 (collections begin in April, 2008). Periodic transfers from the Motor Fuel Tax- Fund have been made in order to supplement the roadway maintenance program. In 2005 and after, most operating costs of the Public Works and Engineering Departments have been shifted to this fund. OVERVIEW: Revenue: Receipts from the non -home rule sales tax are projected at $4,725,000 for 2008, which is an increase of 76% over the 2007 Budget due to collections of the additional 025% rate for nine months of the year. Thereafter, base revenue in projected to grow approximately 3% per year for 2009-2010 and 4% in 2011-2012 (See GENERAL ASSUMPTIONS). Projections also include assumptions related to the new Promenade development. Transfers from the Motor Fuel Tax Fund are reflected in 2009-2012 in order to supplement the roadway maintenance program. Revenue from grants that have been secured for bikeway projects is also reflected. Transfers from the Water Fund and General Corporate Fund are reflected in order to allocate costs (mostly administrative) that are funded by the Infrastructure Fund that relate to activities in these funds. Operations: The 2008 Budget includes a new staff position and related costs to begin implementation of a geographic information system (G.I.S.). There are no significant changes beyond application of the inflation assumptions. Capital Improvements: Outlays totaling $6.3 million are budgeted in 2008-2010 in order to fund the majority of costs associated with the Village's financial obligation to fund 113 of the cost of the.1-88122nd Street Bridge Project (outlays are also included in the Water Fund and HotellMotel Tax Fund). In order to fund the 2008 requirement for this project, there is no roadway maintenance project budgeted in 2008; for 2009 and thereafter expenditures are scheduled consistent with the 2008-2017 Roadway Maintenance Plan. Beginning in 2009 and thereafter $1 million is budgeted annually in order to set aside funds for infrastructure -related expenditures that may be required as a result of the Commercial Corridor Revitalization Project. -30- -31- 2007 Budget 2007 Estimate 2008 2009 2010 2011 2012 Unrestricted Cash Available, January 1, 2007 $1,507,833 Estimated Income $3,831,500 $3,729,860 $5,194,990 $6,530,485 $6,725,0I1 $6,957,104 $7,288,627 Less Estimated Operating Expenses Operating Budget 2,186,105 2,105,690 2,428,960 2,359,285 2,431,725 230,471 2,507,726 234,792 2,592,022 238,315 Exceptional Charges 137,960 122,660 186,695 227,039 Estimated Net Operating Income 1,507,435 1,501,510 2,579,335 3,944,161 4,062,815 4,214,586 4,458,290 Add Beginning of Year Cash Balance 1,507,833 1,507,833 1,358,278 1,149,613 1,357,774 1,247,589 2,988,174 Estimated Available Funds 3,015,268 3,009,343 3,937,613 5,093,774 5,420,589 5,462,174 7,446,465 Less Capital Improvement Program 2,532,660 1,651,065 2,788,000 3,736,000 4,173,000 2,474,000 3,647,000 Estimated Unrestricted Cash Balance at Year -End $482,608 $1,358,278 $1,149,613 $1,357,774 $1,247,589 $2,988,174 $3,799,465 -31- Village of Oak Brook 2008-2012 Five -Year Financial Plan INFRASTRUCTURE FUND Revenue Projections 2007 Budget 2007 Estimate 2008 2009 2010 2011 2012 Non -Home Rule Sales Tax $2,691,000 $2,600,000 $4,725,000 $5,850,000 $6,025,000 $6,250,000 $6,500,000 Grants 112,200 45,560 66,590 0 0 0 0 Interest 25,000 80,000 40,000 45,985 54,311 49,904 119,527 Transfer From Motor Fuel Tax Fund 600,000 600,000 0 260,000 260,000 260,00.0 260,000 Transfers From Other Funds 403,300 403,300 363,400 374,500 385,700 397,200 409,100 Miscellaneous 0 1,000 0 0 0 0 0 Total Revenue $3,831,500 $3,729,860 $5,194,990 $6,530,485 $6,725,011 $6,957,104 $7,288,627 . 122,660 Village of Oak Brook 155,039 156,271 157,692 158,115 80,200 15,300 0 2008-2012 Five -Year Financial Plan 72,000 74,200 77,100 137,960 122,660 ROTRASTRUCTURE FUND 227,039 230,471 234,792 238,315 Long -Range Operating Budget 2007 Budget 2007 Estimate 2008 2009 2010 2011 2012 $1,535,775 $1,530,845 $1,715,605 $1,800,650 $1,891,418 $1,985,254 $2,085,251 145,155 Personnel Materials and Supplies 138,820 123,280 133,360 139,974 516,964 138,405 529,888 139,405 543,135 556,710 Operations and Contractual 511,510 451,565 579,995 0 0 0 Capital Outlay (under $5,000) 0 0 0 2,186,105 2,105,690 2,428,960 2,457,588 2,559,710 2,667,794 2,787,120 Total Operating Budget 2,428,960 2,359,285 2,431,725 2,507,726 2,592,022 Adjustment for Budget Goal Attainment Exceptional Charges Vehicle Replacement Charges Transfer to Promenade T.I.F. Fund Total Exceptional Charges Capital Improvement Program (See Schedule) Total Budget 122,660 122,660 154,695 155,039 156,271 157,692 158,115 80,200 15,300 0 32,000 72,000 74,200 77,100 137,960 122,660 186,695 227,039 230,471 234,792 238,315 2,532,660 $4,856,725 1,651,065 2,788,000 $3,879,415 $5,403,655 -33- 3,736,000 4,173,000 2,474,000 3,647,000 $6,322,324 $6,835,196 $5,216,518 $6,477,337 Roadway Improvements Street Resurfacing/Reconstruction I-88/22nd Street Bridge Project Commercial Corridor Revitalization Jorie Boulevard LAPP Project North York Road Feasibility Study Street Cracksealing Street Micro Surfacing Stormwater Management Improvements Miscellaneous Drainage Improvements Safety Pathway Improvements Regional Trail York Road/Harger Road Path 31 st Street/Rt. 83 Pathway Project 35th St. Path (St. Stephens -St. Paschal) IDOT Butterfield/Midwest Rd Sidewalk IDOT Butterfield/Rt 83 Sidewalk Public Works Capital Traffic Signal Controllers Asphalt Paver Salt Dome Repairs New Street Light Heads (Trinity Lakes) Copier Replacement Street Lighting Inspection Survey Engineering Department Print Machine Replacement Scanner & Plotter GIS Equipment Total 14,000 Village of Oak Brook 14,500 15,000 16,000 27,000 23,275 10,000 2008-2012 Five -Year Financial Plan 10,000 5,600 0 7,000 INFRASTRUCTURE FUND 10,000 10,000 Capital Improvement Program 10,000 34,000 18,000 2007 Budget 2007 Estimate 2008 2009 2010 2011 2012 -34- $1,041,735 $1,208,530 $82,000 $946,000 $282,000 $1,076,000 $2,166,000 1,000,000 6,000 2,500,000 1,500,000 1,000,000 2,300,000 1,000,000 1,000,000 1,000,000 30,000 471,000 75,000 50,000 64,650 42,000 69,000 74,000 98,000 182,000 57,000 177,000 36,000 14,100 51,000 51,000 51,000 51,000 51,000 195,000 297,340 39,000 0 37,825 12,600 10,000 155,000 500 0 500 200,000 14,000 0 14,500 15,000 16,000 27,000 23,275 10,000 0 10,000 5,600 0 7,000 6,570 10,000 10,000 0 10,000 34,000 18,000 20,000 $2,532,660 $1,651,065 $2,788,000 $1,736,000 $4,173,000 52,474,000 $3,647,000 -34- VILLAGE OF OAK BROOK 2008-2012 FIVE-YEAR FINANCIAL PLAN PROMENDADE SPECIAL TAX ALLOCATION FUND DESCRIPTION: The Promenade Special Tax Allocation Fund was established in 2006 as a result of a redevelopment agreement approved by the Village Board that provides for Tax Increment Financing (T.I.F.) for certain infrastructure improvements for the Promenade Development. As provided for in the redevelopment agreement, the Village is expected to issue a limited obligation note of $4.25 million bearing interest at 8%. The note is secured by 100% of the incremental real estate taxes and 20% of the incremental sales taxes generated by the Promenade Development. The note is not a general obligation of the Village and the Village's liability is limited to the pledge of incremental revenues previously noted for a period not to exceed 15 years. OVERVIEW: Revenue Most of the incremental real estate tax revenue generated by the development is not expected to begin until 2009 due to the timing of the tax assessment cycle. Transfers from the General Fund and Infrastructure Fund are included based on 20% of the expected General Sales Tax and Non -Home Rule Sales Tax expected to be generated from the development. The real estate tax and sales tax revenue assumptions are both based on estimates provided by the developer. Exce-ptional Charges Exceptional charges consist of debt service on the $4.25 million limited obligation note expected to be issued in late 2007. The note provides that in November each year the Village is to notify the holder of the note as to the amount funds on hand that are available to fund debt service for the subsequent year. Based on the amount available in November each year, debt service payments are to be applied (1) to interest on past due interest, (2) current interest, and (3) repayment of principal. Unrestricted Cash Available, January 1, 2007 Estimated Income Less Estimated Operating Expenses Operating Budget Exceptional Charges Estimated Net Operating Income Add Beginning of Year Cash Balance Estimated Available Funds Interfund Loan Interfund Loan Repayment Adjusted Cash Available Less Capital Improvement Program Estimated Unrestricted Cash Balance at Year -End $15,156 Village of Oak Brook 2008-2012 Five -Year Financial Plan PROMENADE SPECIAL TAX ALLOCATION (T.I.Ia.) FUND Summary 2007 Budget 2007 Estimate 2008 2009 2010 2011 2012 $76,900 $800 $114,000 $495,400 $512,400 $530,100 $551,200 0 0 0 0 0 0 0 15,000 1,165 15,300 170,300 495,300 520,300 530,300 61,900 (365) 98,700 325,100 17,100 9,800 20,900 15,156 15,156 14,791 113,491 438,591 455,691 465,491 77,056 14,791 113,491 438,591 455,691 465,491 486,391 0 0 0 0 0 0 0 0 0 0 0 0 0 0 77,056 14,791 113,491 43 8,5 91 455,691 465,491 486,391 0 0 0 0 0 0 0 $77,056 $14,791 $113,491 $438,591 $455,691 $465,491 $486,391 -36- -3-7- Village of Oak Brook 2008-2012 Five -Year Financial Plan PROMENADE SPECIAL TAX ALLOCATION (T.I.F.) FUND Revenue Projections 2007 Budget 2007 Estimate 2008 2009 2010 2011 2012 $0 $0 $0 $274,000 $282,000 $291,000 $300,000 Real Estate Taxes Transfer From General Fund 61,300 0 80,000 140,000 144,200 150,000 156,000 Transfer From Infrastrucure Fund 15,300 0 32,000 72,000 74,200 77,100 ' 80,200 300 800 2,000 9,400 12,000 12,000 15,000 Interest Total Revenue $76,900 $800 $114,000 $495,400 $512,400 $530,100 $551,200 -3-7- Village of Oak Brook 2008-2012 Five -Year Financial Plan PROMENADE SPECIAL TAX ALLOCATION (T.i.F.) FUND Long -Range Operating Budget -38- 2007 Budget 2007 Estimate 2008 2009 2010 2011 r 2012— Operations and Contractual $0 $1,165 $15,300 $300 $300 $300 $300 Total Operating Budget p 1,165 15,300 300 300 300 300 Exceptional Charges Debt Service 15,000 0 0 170,000 495,000 520,000 530,000 Total Exceptional Charges $15,000 $1,165 $15,300 $170,300 $495,300 $520,300 $530,300 -38- VELLAGE OF OAK BROOK 2008-2012 FM -YEAR FINANCIAL PLAN MAIM�111 k-Ift-MI 1, DESCRIPTION: The water utility is one of two large enterprises operated by the Village. It serves approximately 5,600 customers, 2,400 of which are located outside the corporate limits of Oak Brook. The Water Fund supports both operations and capital improvements to the water system. The Water Fund is considered an enterprise fund and is operated on a self-supporting basis. OVERVIEW: Revenue: Revenue from sale of water is based on an average of 1.22 billion gallons billed per year and usage is projected to be flat in order to mitigate aberrations due to weather. In 2005 the Village Board conducted a comprehensive rate study that resulted in increasing the water rate to $3.25 per 1,000 gallons. Due to a number of significant financial issues, staff updated the rate study in 2007 which resulted in the Village Board decreasing the water rate to $3.15 per 1,000 gallons for all water consumed after October 31, 2007. Beginning in 2009 and thereafter, revenue is projected based on the updated rate study, which includes annual increases of approximately 3% per year in order to fund expected long-term capital outlays due to the aging of the system (which are significant) as well as potential storage enhancements. The 2008 budget also includes $350,000 from the sale of a small portion of the water system to the City of Elmhurst. Operations: The target rate for water purchased from the Du Page Water Commission is expected to remain flat for the duration of the planning period. There are no other significant changes projected in the operating budgets of this department, beyond application of the inflation assumptions. Capital Improvements: The capital improvement program reflects various improvements to the distribution system, potential -increases in water storage capacity, continued maintenance of the Village's wells in order to have them available for emergency service, and ongoing maintenance of storage and pumping facilities (including significant outlays for pump replacement). 2010 2011 2012 2007 Budget 2007 Estimate 2048 2009 � Unrestricted Cash Available, January 1, 2007 $4,200,999 $6,662,140 $5,388,020 Estimated Income $4,925,489 Less Estimated Operating Expenses $5,182,805 1,306,955 1,225,925 1,635,415 Operating Budget 1,396,853 2,277,430 Exceptional Charges 1,480,554 2,714,245 Estimated Net Operating Income 1,526,680 Add Beginning of Year Cash Balance 4,240,999 Estimated Available Funds 5,727,679 Less Capital Improvement Program 2,789,360 Estimated Unrestricted Cash Balance at Year End $2,938,319 $6,662,140 $5,038,500 $4,783,393 $4,925,489 $10,037,836 $5,182,805 1,306,955 1,385,810 1,382,449 1,396,853 2,277,430 1,465,790 2,295,345 1,480,554 2,714,245 2,230,760 2,296,430 2,263,930 3,124,425 1,356,260 1,137,014 1,251,206 6,276,704 988,005 4,204,999 5,749,744 4,655,114 5,263,128 5,655,934 6,567,634 7,325,424 7,105,964 5,792,128 6,514,334 11,932,634 7,555,639 1,575,720 2,450,850 529,000 858,400 5,365,000 4,280,000 $5,749,704 $4,655,114 $5,263,128 $5,655,934 $6,567,634 $3,275,639 -40- Water Sales Unmetered Sales Connection Fees Meter Fees Special Services DWC Rebate Interest Proceeds from Sale of Elmhurst System Bond Proceeds Miscellaneous Total Revenue Village of Oak Brook 2008-2012 Five -Year Financial Plan WATER FUND Revenue Projections 2007 Budget 2007 Estimate 2008 2009 2010 2011 2012 $4,758,300 $4,300,000 $4,300,000 $4,391,700 $4,517,900 $4,685,716 $4,865,118 27,000 25,000 25,000 25,000 25,000 25,000 25,000 65,000 45,000 65,000 65,000 65,000 65,000 65,000 13,000 5,000 13,000 13,000 13,000 13,000 13,000 24,720 24,800 25,500 26,265 27,053 27,865 28,7000 0 100,000 1,927,340 275,000 0 200,000 0 202,428 0 217,536 0 56,255 125,986 350,000 0 350,000 0 0 0 0 0 0 0 0 0 0 .5,105,000 50,000 60,000 60,000 60,000 60,000 60,000 60,000 $5,388,020 $6,662,140 $5,038,500 $4,783,393 $4,925,489 $10,037,836 $5,182,805 Personnel Materials and Supplies }. Operations and Contractual Total Operating Budget Adjustment for Budget Goal Attainment Exceptional Charges DWC Fixed and O & M Charges Transfer To General Corporate Fund Transfer To Infrastructure Fund Vehicle Replacement Charges Debt Service Total Exceptional Charges 2007 Budget 2007 Estimate 2008 2009 2010- 2011 2012- 237,000 $676,625 $686,890 $713,120 $746,676 $786,110 $823,315 $866,581 86,420 97,185 90,305 96,673 95,159 96,262 99,570 462,880 522,880 582,385 581,857 573,786 623,360 608,907 $1,225,925 $1,306,955 $1,385,810 $1,425,206 $1,455,055 $1,542,937 $1,575,058 $1,385,810 $1,382,449 $.1,396;853 $1,465,790 $1,480,554 $2,178,185 $1,773,530 $1,816,920 $1,771,920 $1,771,920 $1,771,920 237,000 237,000 249,000 256,000 264,000 272,000 173,000 173,000 180,000 185,500 191,000 196,700 47,230 47,230 50,510 50,510 50,510 54,725 $1,771,920 280,000 202,600 54,725 405,000 $2,635,415 $2,230,760 $2,296,430 $2,263,930 $2,277,430 $2,295,345 $2,714,245 Capital Improvement Program (See Schedule) $2,789,360 $1,575,720 $2,450,850 $529,000 $858,400 $5,365,000 $4,280,000 Total Budget $6,650,700 ' $5,113,435 $6,133,090 $4,175,379 $4,532,683 $9,126,135 $8,474,799 -42- Distribution Improvements, Undesignated/Miscellaneous Midwest Road Westdale Gardens Woodside Drive Butterfield Road 1-88/11t. 83 I -88122nd Street I -88122nd Street Salt Creek Crossing I-294 Toll Plaza Sheffield Lane Adams/Madison/Glendale Well Maintenance: Well #5 (Windsor Drive) Well #6 (31st & Meyers) Well #7 (Midwest Rd. & 1-88) Storage and Pumps: Water Meter Replacement SCADA System Improvements Water System Security Elevated Tank Painting 2 New Elevated Tanks Trenching/Shoring Equipment Computer Model Upgrade Reservior AIB Pumps & Motors Reservoir B Inspection Reservoir B Pump & Motor Replacement Computer System Upgrade GIS Water system Implementation Reservoir B Building Improvements New Ground Storage Tank Total Capital Improvement Program 70,000 70,000 10,000 10,000 2009 2010 2011 2012 10,000 10,000 260,000 260,000 33,000 71,000 250,000 175,000 15,000 46,660 Village of Oak Brook 2008-2012 Five -Year Financial Plan WATER FUND 30,000 Capital Improvement Program 2007 Budget 2007 Estimate2008- 10,000 16,720 10,000 285,000 311,000 1,055,000 990,400 30,000 4,020,000 100,000 35,000 64,000 222,000 242,000 340,500 555,000 500,000 183,000 183,000 70,000 70,000 10,000 10,000 2009 2010 2011 2012 10,000 10,000 260,000 260,000 33,000 71,000 250,000 175,000 15,000 46,660 26,400 44,800 30,000 30,000 30,000 30,000 25,000 25,000 440,000 440,000 4,020,000 8,200 8,200 15,000 71,800 20,000 18,000 56,250 375,000 20,000 20,000 40,000 10,000 0 10,000 10,000 54,000 34,000 408,400 5,105,000 52,789,360 $1,575,720 $2,450,850 $529,000 $858,400 $5,365,000 54,280,000 -43 _ VILLAGE OF OAK BROOK 2008-201.2 FIVE-YEAR FINANCIAL PLAN SPORTS CORE FUND DESCRIPTION: The Oak Brook Sports Core is the other large enterprise operated by the Village. The Sports Core Fund supports the entire operation including uses of the Sports Core's fields and forest areas, the Oak Brook Golf Club, the Oak Brook Bath and Tennis Club (all available for use by the general public) and food and beverage services at the various Sports Core venues. It is considered an enterprise fund since the majority of its revenues are derived from user fees. In order to make clear the specific designation of certain resources, the Sports Core Fund is broken down into three segments: Sports Core Operations, the Golf Surcharge Account and the Capital Improvement Account. The Sports Core Fund - Consolidated presentation brings all of the parts together. For many years it has been the goal of the Village to operate the Sports Core on a self-sufficient basis; that is, it should be 100% supported by user fees. Based on projections contained in this document, revenues are expected to cover all costs of the Sports Core Fund in 2005 (including debt service) for each year of the Five -Year Financial Plan. FUTURE CONSIDERATIONS: Although the future projections are encouraging, favorable operating results of the Sports Core Fund are largely dependent on favorable weather, annual increases in user fee revenue, and increased activity in the Food & Beverage operation. Capital improvements completed over the past several years were planned with a view toward making more favorable operating results possible on an annual basis. -4a- Cash Available, January 1, 2007 Estimated Income Less Estimated Operating Expenses Operating Budget Exceptional Charges Estimated Net Operating Income Add Beginning of Year Cash Balance Estimated Available Punds Interfund Loan Interfund Loan Repayment Adjusted Cash Available Less Capital Improvement Program Estimated Cash Balance at Year -End $273,726 Village of Oak Brook 2008-2012 Five -Year Financial Plan SPORTS CORE FUND -CONSOLIDATED Summary 2007 Budget 2007 Estimate 2008 2009 2010 2011 2012 $3,901,650 $3,874,435 $4,051,710 $4,173,350 $4,326,750 $4,485,860 $4,651,651 3,526,010 3,483,260 3,694,080 3,806,990 3,914,478 4,025,151 4,139,109 195,760 195,760 219,820 220,130 112,800 110,100 107,100 179,880 195,415 137,810 146,230 299,472 350,609 405,442 273,726 273,726 202,636 60,446 53,676 184,648 300,258 453,606 469,141 340,446 206,676 353,148 535,258 705,699 0 0 0 0 0 0 0 0 0 0 0 0 (150,000) (150,000) 453,606 469,141 340,446 206,676 353,148 385,258 555,699 379,500 266,505 280,000 153,000 168,500 85,000 0 $74,106 $202,636 $60,446 $53,676 $184,648 $300,258 $555,699 -45- Sports Core Operations Golf Surcharge Total Village of Oak Brook 2008-2012 Five -Year Financial Plan SPORTS CORE FUND -CONSOLIDATED Revenue Projections 2007 Budget 2007 Estimate2008 $3,826,900 $3,794,435 $3,978,960 74,750 80,000 72,750 $3,901,650 $3,874,435 $4,051,710 -46- 2009 2010 2011� _ 2012 $4,100,600 $4,254,000 $4,413,110 $4,578,901 72,750 72,750 72,750 72,750 $4,173,350 $4,326,750 $4,485,860 $4,651,651 Village of Oak Brook 2008-2012 Five -Year Financial Plan SPORTS CORE FUND -CONSOLIDATED Long -Range Operating Budget -47- 2007 Budget 2007 Estimate 2008 2009 2010 2011 2012 Personnel $1,920,955 $1,926,265 $2,049,495 $2,109, $2966,899 171,707 $2993,257 235,718 2,301,756 $1,020,339 Materials and Supplies 888,485 870,665 686,330 916,280 728,305 941,247 756,089 775,872 796,176 817,014 Operations and Contractual 716,570 $3,526,010 $3,483,260 $3,6941080 $3,806,990 $3,914,478 $4,025,151 $4,139,109 Total Exceptional Charges hrigation System Debt Service 104,060 104,060 91,700 104,620 115,200 104,930 115,200 0 112,800 0 110,100 0 107,100 B&T Clubhouse Addition Debt Service 91,700 $195,760 .$195,760 $219,820 $220,130 $112,800 $110,100 $107,100 Total Capital Improvement Program 129,500 91,505 192,000 103,000 108,500 85,000 0 0 Sports Core Operations 250,000 175,000 88,000 50,000 60,000 0 Golf Surcharge $379,500 $266,505 $280,000 $153,000 $168,500 $85,000 $0 Total $4,101,270 $3,945,525 $4,193,900 $4,180,120 $4,195,778 $4,220,251 $4,246,209 Total Budget -47- VILLAGE OF OAK BROOK 20082012 FIVE-YEAR FINANCIAL PLAN SPORTS CORE FUND Operations DESCRIPTION: The Sports Core Fund Operations presentation combines the operating projections for the Golf Club, Bath and Tennis Club, Sports Core Food and Beverage operations, and open fields operations. It also includes capital expenditures for equipment and similar purposes not assigned to the Golf Surcharge Account. OVERVIEW: Revenue: The total number of Golf Club members is projected at 236 throughout the planning period. Unlimited and Corporate membership fees are projected to increase $50 in each year, junior and senior membership fees increase $25 per year, and daily greens fees increase $.50 to $1.00 per round per year. Other revenues are adjusted consistent with market factors. Membership revenue in 2008 for the Bath & Tennis Club is budgeted flat using 2007 actual amounts as no increase in rates or increases in the number of members is included. In 2009 and thereafter, a 3% increase in the number of members is included as well as a $25 annual increase in rates for all membership categories. Food & beverage revenues are projected on the basis of 230 total events for 2008, which is an increase of 6 events over the 2007 estimated amount. Thereafter, a gradual increase in pricing, the.number of events, and total attendance is projected, resulting in a total of 252 events in 2012. For weddings events, which are the most significant revenue category, the 2007 actual results are expected at 39 events, which is 7 events over the 2007 budget amount. Operations: There are no significant changes projected in the operating budgets of this department, beyond application of the inflation assumptions and assumptions related to changes in the volume of business Exceptional Chargees: Exceptional charges include debt service on installment contract certificates issued to fund the expansion of the Bath & Tennis Clubhouse and 50% of the debt service on the golf irrigation system installment contract certificates. Capital Improvements: The capital improvement program in the Sports Core Fund Operations presentation reflects an ongoing program of maintaining existing equipment and facilities. Other improvements are reflected in the Golf Surcharge Account. _4Q Unrestricted Cash Available, January 1, 2007 $23,267 Estimated Income Less Estimated Operating Expenses Operating Budget Exceptional Charges Estimated Net Operating Income Add Beginning of Year Cash Balance Estimated Available Funds lntrafund Transfers Interfund Loan Adjusted Cash Available Less Capital Improvement Program Estimated Unrestricted Cash Balance at Year -End Village of Oak Brook 2008-2012 Five --Year Financial Plan SPORTS CORE FUND OPERATIONS Summary 2007 Budget 2007 Estimate 2008 2009 2010 2011 2012 $3,826,900 $3,794,435 $3,978,960 $4,100,600 $4,254,000 $4,413,110 $4,578,901 3,526,010 3,483,260 3,694,080 3,806,990 3,914,478 4,025,151 4,139,109 143,730 143,730 167,510 167,665 112,800 110,100 107,100 157,160 167,445 117,370 125,945 226,722 277,859 332,692 23,267 23,267 99,207 24,577 47,522 165,744 208,604 180,427 190,712 216,577 150,522 274,244 443,604 541,295 0 0 0 0 0 0 0 0 0 0 0 0 (150,000) (150,000) 180,427 190,712 216,577 150,522 274,244 293,604 391,295 129,500 91,505 192,000 103,000 108,500 85,000 .0 50,927 99,207 24,577 47,522 165,744 208,604 391,295 CL1 Bath & Tennis Club: General Administration Miscellaneous Transfer From General Fund Swimming Membership Allocation Swim Fees Tennis Tennis Associate Memberships Membership Allocation Tennis Lessons and Programs Beverage & Pro Shop Revenue Polo Field Rental Sponsorships, Memberships, & Admissions Transfer From General Fund Open Fields Field Rental Transfer From General Fund Total Bath & Tennis Club Food & Beverage: Clubhouse Food & Beverage Social Memberships B&T Membership Allocation Wedding Food Sales Beverage/Liquor Sales -Weddings Private Party Food Sales Beverage/Liquor Sales -Private Patties Village of Oak Brook 2008-2012 Five -Year Financial Plan SPORTS CORE FUND OPERATIONS Revenue Projections 2007 Budget 2007 Estimate 2008 2009 2010 2011 2012 $2,500 ($495) $3,000 $2,500 $2,500 $2,500 $2,500 30,000 30,000 57,500 36,000 37,000 38,000 39,000 108,400 100,075 100,300. 108,300 116,700 125,200. 134,100 23,000 24,020 25,300 26,565 27,893 29,288 30,752 3,750 1,300 1,300 3,925 4,100 4,275 4,450 54,200 50,040 50,145 54,100 58,300 62,600 67,000 31,600 28,590 37,600 39,480 41,454 43,527 45,703 2,674 1,100 2,020 2,200 2,310 2,426 2,547 7,700 6,350 7,500 7,875 8,269 36,162 8,682 37,970 9,116 39,869 27,775 32,750 61,900 32,800 60,400 34,440 61,400 62,400 63,400 64,400 61,900 34,500 34,220 45,000 60,000 63,000 66,150 69,458 16,700 16,700 12,400 12,400 12,400 12,400 12,400 $403,125 $387,470 $435,445 $449,295 $472,604 $496,539 $521,422 $1,875 $1,200 $1,200 $1,425 $1,650 $1,875 $2,100 40,350 39,605 39,750 42,100 43,400 44,500 45,700 228,800 234,200 252,800 279,500 301,000 323,900 348,400 98,000 126,000 136,000 150,500 162,100 174,400 187,600 166,100 169,600 184,000 199,400 215,900 233,600 252,500 55,400 56,500 61,300 66,500 72,000 77,900 84,200 -5 �- Member/Civic Event Food Sales Beverage/Liquor Sales-Member/Civic Events Food/Beverage Sales -Polo Catering Rental Income Miscellaneous Poolside Grill Food Sales Beverage/Liquor Sales Golf Club Lounge Food Sales Beverage/Liquor Sales Candy/Cigarette Sales Total Food & Beverage Golf Club: Memberships Golf Fees Merchandise Sales. Driving Range Fees Cart Rental Fees Miscellaneous Transfer from General Fund Total Golf Club Total Sports Core Operations Village of Oak Brook 2008-2012 Five -Year Financial Plan SPORTS CORE FUND OPERATIONS Revenue Projections Budget 2007 Estimate 2008 _ 2009 2010 2011 2012-- _2007 104,300 90,500 99,000 106,900 115,600 124,800 20,300 134,600 21,900 17,000 13,500 16,100 17,400 11,550 18,800 12,128 12,734 13,371 13,000 10,310 4,100 11,000 4,100 4,305 4,520 4,746 4,984 4,700 25,000 25,000 25,000 25,000 25,000 25,000 60,000 25,000 60,000 58,200 59,175 59,650. 60,000 60,000 35,000 34,725 36,000 37,800 39,690 16,538 41,675 17,364 43,758 18,233 18,000 13,100 15,000 15,750 115,000 116,000 116,000 121,800 127,890 196,245 134,285 206,057 140,999 216,360 166,500 178,000 178,000 186,900 15,225 15,986 16,786 17,625 14,500 14,500 14,500 $1,161,725 $1,186,015 $1,249,400 $1,342,055 $1,428,447 $1,519,921 $1,617,329 $336,175 $288,825 $303,625 $313,575 $323,525 $333,475 1,175,200 $343,425 1,203,950 1,068,200 1,060,200 1,088,950 1,117,700 254,000 1,146,450 259,000 264,000 269,000 248,900 258,350 267,575 249,000 268,140 252,075 252,075 252,075 252,075 252,075 343,000 333,200 343,200 358,200 358,200 358,200 13,700 13,700 358,000 13,700 12,800 13,700 13,700 13,700 0 0 27,500 0 $2,262,050 $2,220,950 $2,294,115 $2,309,250 $2,352,950 $2,396,650 $2,440,150 $3,826,900 $3,794,435 $3,978,960 $4,100,600 $4,254,000 $4,413,110 $4,578,901 -51- Personnel Materials and Supplies Operations and Contractual Total Exceptional Charges Irrigation System Debt Service (50%) B&T Clubhouse Addition Debt Service Total Village of Oak Brook 2008-2012 Five -Year Financial Plan SPORTS CORE FUND OPERATIONS Long -Range Operating Budget 2007 Budget 2007 Estimate 2008 2009 2010 2011 2012 91,700 $1,920,955 $1,926,265 $2,049,495 $2,109,654 $2,171,707 $2,235,718 $2,301,756 888,485 870,665 916,280 941,247 966,899 993,257 1,020,339 716,570 686,330 728,305 756,089 775,872 796,176 817,014 $3,526,010 $3,483,260 $3,694,080 $3,806,990 $3,914,478 $4,025,151 $4,139,109 52,030 52,030 52,310 52,465 0 0 0 91,700 91,700 115,200 115,200 112,800 110,100 107,100 $143,730 $143,730 $167,510 $167,665 $112,800 $110,100 $107,100 Capital Improvement Program (See Schedule) $129,500 $91,505 $192,000 $103,000 $108,500 $85,000 $0 Total Budget $3,799,240 $3,718,495 $4,053,590 $4,077,655 $4,135,778 $4,220,251 $4,246,209 -52- Bath & Tennis Club: Dive Well Painting Copier Replacement Computer Upgrade -50% Tennis Improvements Food And Beverage: Copier Replacement Golf Club: Tractors/Mowers Bunker Renovation HVAC Improvements Computer Upgrade -50% Utility Vehicles Light Duty Vehicle Carpeting Replacement Cart Path Paving Extend Electric to Teaching Tee Pond Dredging Signage on York Road Pro Shop Fixtures & Lighting Ball Machine Washer/Dispenser. Dump Trailer Parking Lot Lighting Range Picker Skid Steer Loader Tee Beautification Golf Car Ramp Replacement Wastewater Cleaning System Grinding Machine Clubhouse Furniture Replacement Total Capital Improvement Program Village of Oak Brook Five Year Financial Plan Sports Core Fund Operations Capital Improvement Program 2007 Budget 2007 Estimate 2008 2009 2010 2011 15,000 9,000 27,500 15,000 9,500 9,245 66,000 61,310 12,000 16,000 15,040 16,000 15,000 15,000 20,000 27,500 8,000 5,910 28,000 20,000 7,000 25,000 15,000 8,000 20,000 $129,500 $91,505 $192,000 $103,000 $108,500 -53- $85,000 2012 25,000 35,000 60,000 $0 70,000 13,500 20,000 20,000 20,000 10,000 20,000 25,000 8,000 30,000 15,000 30,000 15,000 20,000 $129,500 $91,505 $192,000 $103,000 $108,500 -53- $85,000 2012 25,000 35,000 60,000 $0 VILLAGE OF OAK BROOK 2008-2012 FIVE-YEAR FINANCIAL PLAN SPORTS CORE FUND Golf Surcharge Account DESCRIPTION: The Golf Surcharge Account is the repository for revenues received from the $1.50 per round surcharge levied on every round of golf played at the Oak Brook Golf Club. Surcharge revenues are reserved for golf course improvements and for restoration of flood damage to the course, should it be necessary in the future. OVERVIEW: Revenue: Revenue is projected based on the $1.50 surcharge applied to 46,500 rounds per year. The intrafund loan of $80,000 that was given at the end of 2002 in order to fund operating expenses of the Sports Core was repaid during 2005 with proceeds from the sale of surplus real estate in Westchester Park. Capital Improvements: Golf Surcharge funds are programmed for 50% of irrigation system debt service (completed in 2009), improvements to the 5th and 9th holes, and pond stabilization. An appropriate balance is maintained should it be needed for course restoration or other appropriate course improvements. An appropriate balance is maintained should it be needed for course restoration or other appropriate course improvements. -54- Village of Oak Brook 2008-201.2 Mve-Year Financial Plan SPORTS CORE FUND -GOLF SURCHARGE ACCOUNT Summary 2007 Budget 2007 Estimate 2008 2009 2010 2011 2012 Restricted Cash Available, January 1, 2007 $250,459 Estimated Income $74,750 $80,000 $72,750 $72,750 $72,750 $72,750 $72,750 Less Estimated Operating Expenses Operating Budget 0 0 0 0 0 0 0 Exceptional Charges 52,030 52,030 52,310 52,465 0 0 0 Estimated Net Operating Income 22,720 27,970 20,440 20,285 72,750 72,750 72,750 Add Beginning of Year Cash Balance 250,459 250,459 103,429 35,869 6,154 18,904 91,654 Estimated Available Funds 273,179 278,429 123,869 56,154 78,904 91,654 164,404 Intrafund Loan Repayment 0 0 0 0 0 0 0 Adjusted Cash Available 273,179 278,429 123,869 56,154 78,904 91,654 164,404 Less Capital Improvement Program 250,000 175,000 88,000 50,000 60,000 0 0 Estimated Restricted Cash Balance at Year -End $23,179 $103,429 $35,869 $6,154 $18,904 $91,654 $164,404 -55- Village of Oak Brook 2008-2012 Five -Year Financial Plan SPORTS CORE FUND -GOLF SURCIL4RGE ACCOUNT Revenue Projections Account 2007 Budget 2007 Estimate Golf Surcharge $69,750 $68,000 laterest 5,000 12,000 Total Revenue $74,750 $80,000 -5h- 2008 2009 2010 2011 $69,750 $69,750 $69,750 $69,750 3,000 3,000 3,000 3,000 $72,750 $72,750 $72,750 $72,750 2012 $69,750 3,000 $72,750 -57- Village of Oak Brook 2008-2012 Five -Year Financial Plan SPORTS CORE FUND -GOLF SURCHARGE ACCOUNT Long -Range Operating Budget 2007 Budget 2007 Estimate 2008 2009 2010 2011 2012 Exceptional Charges lnigation System Debt Service (50%) $52,030 $52,030 $52,310 $52,465 $0 $0 $0 Capital Improvement Program Hole 4 4 &45 Pond Bank Stabilization 250,000 175,000 88,000 Pond Dredging 50,000 Hole 99/Driving Range Project 60,000 Total 250,000 $175,000 $88,000 $50,000 $60,000 $0 $0 Total Budget $302,030 $227,030 $140,310 $102,465 $60,000 $0 $0 -57- VILLAGE OF OAK BROOK 2008-2012 FIVE-YEAR FINANCIAL PLAN SELF-INSURANCE FUND DESCRIPTION: The Self -Insurance Fund is an internal service fund used for funding the Village's employee welfare benefit programs, including the self- insured medical and dental plans and group life and accidental death insurance coverage. These programs also are made available to employees of the Oak Brook Park District, retired Village employees and separated employees and their dependents pursuant to COBRA regulations. pi" Revenue: Revenue comes principally from charges to other funds, through the budgets of departments where plan participants are employed, charges to the Oak Brook Park District, charges to retirees, and charges to COBRA participants. The Plan also reflects continuation of a 7.5% participant contribution to the cost of health and dental insurance for all covered Village employees. Revenue from equivalent premiums is projected to increase at a rate sufficient to fund projected expenses. Operations: Over the last two years, the amount expended for health insurance claims has moderated due primarily to a change in the third party administrator to Blue Cross/Blue Shield. For 2008, claims are projected based on various rates used to set equivalent premiums. For 2009 and beyond, a claims inflation factor of 5% per year has been used. Other expenses, including reinsurance costs, are also projected to increase 5% annually, beginning in July 2008. FUTURE CONSIDERATIONS: Appropriate sharing of insurance costs will continue to be a major priority in future collective bargaining negotiations. 5Q Unrestricted Cash Available, January 1, 2007 $476,849 Estimated Income Less Estimated Operating Expenses Operating Budget Exceptional Charges Estimated Net Operating Income Add Beginning of Year Cash Balance Estimated Available Funds Interfund Loan Interfund Loan Repayment Adjusted Cash Available Less Capital Improvement Program Estimated Unrestricted Cash Balance at Year -End Village of Oak Brook 2008-2012 Five -Year Financial Plan SELF-INSURANCE FUND Summary 2007 Budget 2007 Estimate 2008 2009 2010 2011 1 2012 $2,979,200 $2,929,000 $2,985,400 $3,133,700 $3,289,500 $3,453,100 $3,624,700 0 0 0 0 0 0 0 2,955,480 2,513,000 2,933,420 2,991,100 3,202,700 3,425,600 3,665,700 23,720 416,000 51,980 142,600 86,800 27,500 (41,000) 476,849 476,849 892,849 944,829 1,087,429 1,174,229 1,201,729 500,569 892,849 944,829 1,087,429 1,174,229 1,201,729 1,160,729 0 0 0 0 0 0 0 0 0 0 0 0 0 0 500,569 892,849 944,829 1,087,429 1,174,229 1,201,729 1,160,729 0 0 0 0 0 0 0 $500,569 $892,849 $944,829 $1,087,429 $1,174,229 $1,201,729 $1,160,729 _59_ Village of Oak Brook 2008-2012 Five -Year Financial Plan SELF-INSURANCE FUND Revenue Projections -60- 2007 Budget 2007 Estimate 2008 2009 2010 2011 2012 Village Contributions $2,035,650 $1,960,000 $2,004,900 $2,105,100 $2,210,400 $2,321,000 $2,437,000 Participant Contributions 178,350 168,500 173,500 182,100 191,200 200,800 210,800 Park District Contributions 295,200 315,000 326,000 342,200 359,400 377,300 396,200 Retiree Contributions 450,000 450,000 461,000 484,300 508,500 534,000 560,700 Cobra Contributions 10,000 500 10,000 10,000 10,000 10,000 10,000 Interest 10,000 35,000 10,000 10,000 10,000 10,000 10,000 Total Revenue $2,979,200 $2,929,000 $2,985,400 $3,133,700 $3,289,500 $3,453,100 $3,624,700 -60- Village of Oak Brook 2008-2012 Five -Year Financial Plan SELF-INSURANCE FUND Long -Range Operating Budget 2007 Budget 2007 Estimate 2008 2009 2010 2011 2012 Exceptional Charges Stop -Loss Premiums $174,260 $182,900 $224,500 $235,700 $248,000 $260,000 $273,000 Life Insurance Premiums 37,800 32,400 36,500 37,600 38,700 39,900 41,100 Health Claims 2,400,000 1,950,000 2,300,000 2,325,000 2,500,000 2,685,000 2,885,000 Dental Claims 163,800 174,100 182,800 196,500 211,200 227,100 244,100 Plan Administration Expense 179,620 173,600 189,620 196,300 204,800 213,600 222,500 Total Exceptional Charges $2,955,480 $2,513,000 $2,933,420 $2,991,100 $3,202,700 $3,425,600 $3,665,700 -61- VILLAGE OF OAK BROOK 2008-2012 FIVE-YEAR FINANCUL PLAN MMOM IPM DESCRIPTION: This fund is an internal service fund financed by charges to Village departments for maintenance of vehicle fleet equipment. Expenditures support the operation and maintenance of cars, trucks, most fire equipment, public works construction equipment and related items. OVERVIEW: Revenue: Revenues are calculated as charge -backs to various operating budget programs based on historical fuel and maintenance cost information. Operations: All costs associated with operation and maintenance of the Village's vehicle and equipment fleet are charged to this fund. Annual transfers to the General Corporate Fund for administrative services are also included. The projections includes significant increases in the cost of fuel due to elevated oil prices. Capital_Expenditures: Capital expenditures are programmed far equipment enhancements for the operation. -6- Unrestricted Cash Available, January 1, 2007 Estimated income Less Estimated Operating Expenses Operating Budget Exceptional Charges Estimated Net Operating income Add Beginning of Year Cash Balance Estimated Available Funds Interfund Loan Interfund Loan Repayment Adjusted Cash Available Less Capital Improvement Program Estimated Unrestricted Cash -Balance at Year -End $63,496 2007 Budget 2007 Estimate 2008 2009 2010 2011 2012 $555,100 $554,400 $642,000 $667,000 $692,000 $717,000 $742,000 499,420 559,425 553,210 573,858 593,642 614,191 635,540 29,250 29,250 29,950 30,750 31,550 32,350 33,150 26,430 (34,275) 58,840 62,392 66,808 70,459 73,310 63,496 63,496 29,221 83,061 32,953 24,761 70,220 89,926 29,221 88,061 145,453 99,761 95,220 143,529 0 0 0 0 0 0 0 0 0 0 0 0 0 0 89,926 29,221 88,061 145,453 99,761 95,220 143,529 50,000 0 5,000 112,500 75,000 25,000 0 $39,926 $29,221 $83,061 $32,953 $24,761 $70,220 $143,529 -63- Vehicle O & M Charges Interest Total Revenue Village of Oak Brook 2008-2012 Five -Year Financial Plan GARAGE FUND Revenue Projections 2007 Budget 2007 Estimate 2008 2009 2010 2011 2012 $552,600 $552,600 $640,000 $665,000 $690,000 $715,000 $740,000 2,500 1,800 2,000 2,000 2,000 2,000 2,000 $555,100 $554,400 $642,000 $667,000 $692,000 $717,000 $742,000 ........... -64- Personnel Materials and Supplies Operations and Contractual Total Operating Budget Exceptional Charges Transfer to Infrastructure Fund Vehicle Replacement Charge Total Exceptional Charges Capital Improvement Program Engine Diagnostic System Replacement Floor Hoist Upgrade Battery Tester/Charger Brake Lathe Tire Balancer Resurface Garage Floor Small Hoist Mig Welder Intermediate Hoist Total Capital Improvement Program Total Budget .Village of Oak Brook 2008-2012 Yive-Year Financial Plan GARAGE FUND Long -Range Operating Budget 2007 Budget 2007 Estimate 2008 2009 2010 2011 2012 $195,320 $185,110 $205,520 $2I7j476 $228,350 $239,767 $251,756 186,975 219,015 220,260 225,767 231,411 237,196 243,126 117,125 155,300 127,430 130,616 133,881 137,228 140,659 $499,420 $559,425 $553,210 $573,858 $593,642 $614,191 $635,540 $24,300 $24,300 $25,000 $25,800 $26,600 $27,400 $28,200 4,950 4,950 4,950 4,950 4,950 4,950 4,950 $29,250 $29,250 $29,950 $30,750 $31,550 $32,350 $33,150 50,000 100,000 5,000 7,000 5,500 60,000 10,000 5,000 25,000 $50,000 $0 $5,000 $112,500 $75,000 $25,000 $0 $578,670 $588,675 $588,160 $717,108 $700,192 $671,541 $668,690 -65- VILLAGE OF OAK BROOK 2008-2012 FIVE-YEAR FINANCIAL PLAN EQUIPMENT REPLACEMENT FUND DESCRIPTION: This fund was created as a means of pre -funding replacement of major capital equipment, primarily vehicles. It has been supported by other funds, principally the General Corporate, Infrastructure, and Water. Funds, through vehicle user charges. This fund is utilized solely for replacement of fleet equipment. Acquisition of new equipment (i.e., not as replacements) is reflected in the fund where the using department or division resides. OVERVIEW: Revenue: Prior to 2002, revenues were calculated as charge -backs to various operating budget programs based on future replacement cost and funded over the remaining life of existing vehicles and equipment. In 2002, the charge -back attributable to the General Corporate Fund was eliminated and replaced with 20% of utility tax collections (i.e. 1% of the total 5% rate). For 2003 and 2004, the Equipment Replacement Fund's share of utility tax collections was redirected to the General Corporate Fund in order to fund operating needs (the General Corporate Fund share was not funded). For 2005 and thereafter there is a return to the 2002 practice whereby operating budget programs are assessed a charge -back based on fature replacement cost. In order to maintain a six month operating reserve in the General Corporate Fund, the General Corporate Fund contribution was limited to $300,000 in 2007 and $400,000 in 2008. The 2008 amount is amount is approximately $200,000 below what would normally be required. For 2009 and thereafter, full funding of the General Corporate Fund share is projected. Capital Expenditures: The capital program reflects normal scheduled replacements of existing fleet vehicles. The actual timing of the replacement will be based on mileage, condition, and maintenance history of the vehicle at that time. The deferral of the replacement of some vehicles from the schedule contained here is likely to occur. -66- Unrestricted Cash Available, January 1, 2007 $3,184,795 Estimated Income Less Estimated Operating Expenses Operating Budget Exceptional Charges Estimated Net Operating Income Add Beginning of Year Cash Balance Estimated Available Funds Interfund Loan Interfund Loan Repayment Adjusted Cash Available Less Capital Improvement Program Estimated Unrestricted Cash Balance at Year -End Village of Oak Brook 2008-2012 Five -Year Financial Plan EQUIPMENT REPLACEMENT FUND Summary 2007 Budget 2007 Estimate 2008 2009 2010 2011 2012 0 0 0 0 0 $609,840 $651,740 $740,155 $961,568 $1,038,974 $1,044,649 $1,069,594 0 0 0 0 0 0 0 0 0 0 0 0 0 0 609,840 651,740 740,155 961,568 1,038,974 1,044,649 1,069,594 3,184,795 3,184,795 3,538,045 3,121,710 3,604,353 3,083,713 3,462,361 3,794,635 3,836,535 4,278,200 4,083,278 4,643,328 4,128,361 4,531,955 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3,794,635 3,836,535 4,278,200 ' 4,083,278 4,643,328 4,128,361 4,531,955 820,485 298,490 1,156,490 478,925 1,559,615 666,000 391,315 $2,974,150 $3,538,045 $3,121,710 $3,604,353 $3,083,713 $3,462,361 $4,140,640 -67- Vehicle Replacement Charges Interest Sales/Insurance Proceeds Total Revenue Village of Oak Brook 2008-2012 Five -Year Financial Plan EQUIPMENT REPLACEMENT FUND Revenue Projections 2007 Budget 2007 Estimate 2008 2012 474,840 474,840 610,155 125,000 165,000 120,000 10,000 11,900 10;000 $609,840 $651,740 $740,155 -69- 2009 2010 2011 2012 826,700 884,800 911,300 921,100 124,868 144,174 123,349 138,494 10,000 10,000 10,600 10,000 $961,568 $1,03.8,974 $1,044,649 $1,069,594 General Management Vehicles Engineering Vehicles Police Vehicles Fire and EMS Vehicles Code Enforcement Vehicles Public Works Vehicles Water Vehicles Total Village of Oak Brook 2008-2012 Five -Year Financial Plan EQUIPMENT REPLACEMENT FUND Capital Improvement Program 2067 Budget 2007 Estimate 2008 2012 $0 $0 $0 0 0 25,000 163,575 165,050 143,655 65,000 64,000 496,000 0 0 0 545,105 69,440 443,625 46,805 0 48,210 $820,485 $298,490 $1,156,490 -69- 2009 2010 2011 2012 $35,000 $0 $0 $0 0 0 0 0 247,825 174,715 267,420 257,575 66,700 1,180,500 33,580 0 0 0 0 0 100,800 204,400 259,600 133,740 28,600 0 105,400 0 $478,925 $1,559,615 $666,000 $391,315 VILLAGE OF OAK BROOK 2008-2012 FIVE-YEAR FINANCIAL PLAN POLICE AND FIREFIGHTERS' PENSION FUNDS DESCRIPTION: The Police and Firefighters' Pension Funds are separate financial entities mandated by Illinois law. The respective pension boards, in cooperation with the Village, strive to provide financially sound pension funds through application of proper actuarial practices and compliance with statutory requirements. The specific pension benefits are determined by the Illinois General Assembly through the legislative process. OVERVIEW: Revenue: Traditionally, local pension systems are property tax supported. Lacking legal authority to levy for this or any other purpose, Oak Brook has met its funding requirements via contributions from the General Corporate Fund. Thus, the Police and Firefighters' Pension Funds have been supported primarily by the sales tax. The amounts contributed are based on payroll and are made via percentage factors that are determined by actuarial studies and updated annually. Investment earnings are projected at the actuarially assumed rate of 7.50% (Police) and 7.5% (Firefighters') over the planning period. Operations: Expense projections in each pension fund reflect projected increases in the number of retirees in each system and annual adjustments to pension benefits in accordance with applicable law. FUTURE CONSIDERATIONS: State tax cap legislation prohibits the Village from levying a property tax for pension purposes without voter approval. Therefore, the General Corporate Fund must continue to plan for contributions to the pension funds in amounts sufficient to fund future benefits in accordance with actuarial requirements and applicable law. -7f" Restricted Cash Available, January 1, 2007 Estimated Income Less Estimated Operating Expenses Operating Budget Exceptional Charges Estimated Net Operating income Add Beginning of Year Cash Balance Estimated Available Funds Interfand Loan Interfund Loan Repayment Adjusted Cash Available Less Capital Improvement Program Estimated Restricted Cash Balance at Year -End Village of Oak Brook 2008-2012 Five -Year Financial Plan POLICE PENSION FUND Summary 2007 Budget 2007 Estimate 2008 2009 2010 2011 2012 $26,419,148 $2,817,225 $3,135,820 $3,121,685 $3,186,531 $3,318,911 $3,456,044 $3,596,631 78,550 98,945 101,795 104,464 107,143 109,884 112,688 1,505,000 1,407,500 1,5 80,000 1,705,000 1,790,000 1,8 85,000 1,980,000 1,233,675 1,629, 375 1,439, 890 1,377,067 1,421,768 1,461,160 1,503, 943 26,419,148 26,419,148 28,048,523 29,488,413 30,865,480 32,287,249 33,748,409 27,652,823 28,048,523 29,488,413 30,865,480 32,287,249 ' 33,748,409 35,252,351 0 0 0 0 0 0 0 0 0 0 0 0 0 0 27,652,823 28,048,523 29,488,413 30,865,480 32,287,249 33,748,409 35,252,351 0 0 0 0 0 0 0 $27,652,823 $28,048,523 $29,488,413 $30,865,480 $32,287,249 $33,748,409 $35,252,351 -71- Village Contributions Employee Contributions Interest Total Revenue Village of Oak Brook 2008-2012 Five -Year Financial Plan POLICE PENSION FUND Revenue Projections 2007 Budget 2007 Estimate 2008 2009 2010 2011 2012 $598,425 $560,820 $616,685 $635,000 $654,000 $674,000 $694,000 318,800 300,000 330,000 339,900 350,000 360,500 - 371,500 1,900,000 2,275,000 2,175,000 2,211,631 2,314,911 2,421,544 2,531,131 $2,817,225 $3,135,820 $3,121,685 $3,186,531 $3,318,911 $3,456,044 $3,596,631 Personnel Materials and Supplies Operations and Contractual Total Operating Budget Exceptional Charges Pension Benefits Pension Refunds Total Exceptional Charges Total Budget 2009 $3,000 2,300 99,164 2010 Village of Oak Brook $1,575,000 2008-2012 Five -Year Financial Plan $3,400 POLICE PENSION FUND 2,300 Long -Range Operating Budget 2007 Budget 2007 Estimate 2008 $2,800 $16,750 $2,750 2,300 2,300 2,300 73,450 79,895 96,745 $78,550 $98,945 $101,795 2009 $3,000 2,300 99,164 2010 2011 $1,575,000 $3,200 $3,400 2,300 2,300 101,643 104,184 $104,464 $107,143 $109,884 2012 $3,600 2,300 106,788 $112,688 $1,500,000 $1,385,000 $1,575,000 $1,700,000 $1,785,000 $1,880,000 $1,975,000 5,000 22,500 5,000 5,000 5,000 5,000 5,000 $1,505,000 $1,407,500 $1,580,000 $1,705,000 $1,790,000 $1,885,000 $1,980,000 $1,583,550 $1,506,445 $1,681,795 $1,809,464 $1,897,143 $1,994,884 $2,092,688 -73- Restricted Cash Available, January 1, 2007 $21,573,488 Estimated Income Less Estimated Operating Expenses Operating Budget Exceptional Charges Estimated Net Operating Income Add Beginning of Year Cash Balance Estimated Available Funds Interfund Loan Interfund Loan Repayment Adjusted Cash Available Less Capital Improvement Program Estimated Restricted Cash Balance at Year -End Village of Oak Brook 2008-2012 Five -Year Financial Plan MEFIGHTERS' PENSION FUND Summary 2007 Budget 2007 Estimate 2008 2009 2010 2011 2012 1,3 05,000 1,299,3 00 1,5 05,000 $2,436,195 $2,484,600 $2,611,415 $2,667,335 $2,766,778 $2,867,972 $2,970,694 58,900 65,060 62,345 63,754 65,197 66,677 68,194 1,3 05,000 1,299,3 00 1,5 05,000 1,635,000 1,715,000 1,805,000 1,890,000 1,072,295 1,120,240 1,044,070 968,581 986,581 996,295 1,012,500 21,573,488 21,573,488 22,693,728 23,737,798 24,706,379 25,692,960 26,689,255 22,645,783 22,693,728 23,737,798 24,706,379 25,692,960 26,689,255 27,701,754 0 0 0 0 0 0 0 0 0 0 0 0 0 0 22,645,783 22,693,728 23,737,798 24,706,379 25,692,960 26,689,255 27,701,754 0 0 0 0 0 0 0 $22,645,783 $22,693,728 $23,737,798 $24,706,379 $25,692,960 $26,689,255 $27,701,754 Employee Contributions Village Contributions Interest Total Revenue Village of Oak Brook 2008-2012 Five -Year Financial Plan FIREFIGHTERS' PENSION FUND Revenue Projections 2007 Budget 2007 Estimate 2008 2009 $276,000 $245,600 $230,000 $252,500 $260,000 615,595 554,600 608,915 627,000 1,575,000 1,700,000 1,750,000 1,780,335 $2,436,195 $2,484,600 $2,611,415 -75- 2010 2011 2012 $267,800 $276,000 $284,000 646,000 665,000 685,000 1,852,978 1,926,972 2,001,694 $2,667,335 $2,766,778 $2,867,972 $2,970,694 Personnel Materials and Supplies Operations and Contractual Total Operating Budget Exceptional Charges Pension Benefits Pension Reftmds Total Exceptional Charges Total Budget Village of Oak Brook 2008-2012 Five -Year Financial Plan FIREFIGHTERS' PENSION FUND Long -Range Operating Budget 2007 Budget 2007 Estimate 2008 2009 2010 2011 2012 5,000 2,000 4,750 4,750 4,750 4,750 4,750 4,750 1,250 1,250 1,250 1,250 1,250 1,250 1,250 55,650 59,060 56,345 57,754 59,197 60,677 62,194 $58,900 $65,060 $62,345 $63,754 $65,197 $66,677 $68,194 $1,300,000 $1,299,300 $1,500,000 $1,630,000 $1,710,000 - $1,800,000 $1,885,000 5,000 0 5,000 5,000 5,000 5,000 5,000 $1,305,000 $1,299,300 $1,505,000 $1,635,000 $1,715,000 $1,805,000 $1,890,000 $1,363,900 $1,364,360 $1,567,345 $1,698,754 $1,780,197 $1,871,677 $1,958,194