2020 Citizen PAFRVillage of Oak Brook, Illinois
Popular Annual Financial Report
For the Year Ended December 31, 2020
Table of Contents
About Village of
Oak Brook 1
Village of Oak Brook
Leadership 2
Fund Structure, Measure
Focus, and Basis of
Accountfng 3
Explanatfon, Analysis,
and Discussion of
Financial Statements 4-11
Village Sales Tax 12
Key Statfstfcs 13
A Message From the Village President
Dear Citfzens of Oak Brook,
We are pleased to present the Popular Annual Financial Report (PAFR) for the fiscal
year ended December 31, 2020. The PAFR is a high level report for citfzens who wish to
gain a general understanding and summary of the Village’s financial actfvitfes and
positfon. Informatfon contained in this report is a summarized version of the Village’s
official financial statements, the Comprehensive Annual Financial Report (CAFR). The
PAFR presents financial data on the same basis of accountfng as the CAFR, just in a
simplified manner. While the annual CAFR is over 150 pages, the PAFR is condensed
down to just over 10 pages.
The Village’s fiscal year 2020 annual audit was completed on May 11, 2021 by Sikich,
LLP. The CAFR is compliant with generally accepted accountfng principles (GAAP) and
has received an unmodified (“clean”) opinion from our auditors. The full disclosure
financial statement, CAFR, be found on the Village’s website.
The Village of Oak Brook has received all three of the Government Finance Officer’s
Associatfon (GFOA) awards for local government finance:
Distinguished Budget Presentation Award (9 consecutive years)
Certificate of Achievement for Excellence in Financial Reporting (42
consecutive years)
Award for Outstanding Achievement in Citizen’s (Popular) Financial
Reporting (7 consecutive years)
Our commitment to the GFOA award programs help ensure financial informatfon is
presented in a way that is consistent with the highest standards in governmental
financial reportfng.
The Village Board and I appreciate your input and contfnued commitment in making
Oak Brook a great community to live and work. If you have any questfons concerning
this report or would like to offer any ideas or suggestfons for improvement, please
contact Jason Paprocki, Finance Director, at (630) 368-5070 or email at
jpaprocki@oak-brook.org.
Sincerely,
Gopal Lalmalani
Village President
Popular Annual Financial Report
Village of Oak Brook, Illinois
Fiscal Year 2020
Important Numbers
and Addresses
Village Hall
630/368-5000
1200 Oak Brook Road
Oak Brook, IL 60523
Fire HQ
(Non-Emergency)
630/368-5200
Police HQ
(Non-Emergency)
630/368-8700
Public Works
630/368-5270
For Police or Fire
Emergencies
Dial 911
Village of Oak Brook
2020 Quick Facts
Populatfon 8,016 (estfmate)
Retail Sales Per Capita $143,189
Land Area 7.95 sq. miles
Median Income $141,055
Median Home Value $801,100
Unemployment Rate 6.7%
Credit Ratfng Aa1
Total Cash and
Investments $45.4 million
General Fund Cash
and Investments $23.9 million
General Fund
Reserve (cash to 2021
budgeted operatfng
expenditures) 13.0 months
Outstanding Debt* $3.1 million
2020 Annual Budget $66.6 million
Employees (FTE’s)** 188.3
About the Village of Oak Brook 1
The Village was incorporated February 21, 1958 by Paul Butler. Oak Brook is a community where impressive corporate
and retail centers, beautfful homes, lush parks, and forest combine to make a dynamic and invitfng atmosphere. Oak
Brook also offers an exceptfonal variety of actfvitfes that appeal to a broad range of interests, such as; polo matches at
the Oak Brook Polo Grounds; an 18-hole championship Golf Club; a Bath and Tennis Club facility that includes a
swimming pool, a diving pool, tennis courts, and an
events venue; and numerous walking trails and paths.
The Village of Oak Brook is located about 15 miles west
of the Chicago Loop, near the geographic center of the
seven-county Chicago metropolitan area. Excellent
transportatfon links are provided to all parts of the
greater metropolitan area by a network of tollways and
Federal and State highways which pass through or near
the Village. The Oak Brook area is neighbors with the
communitfes of Lombard, Villa Park, Elmhurst,
Oakbrook Terrace, Downers Grove, Westmont,
Clarendon Hills, Hinsdale, and Westchester.
The Village places a great emphasis on interactfng with
local businesses, both existfng and potentfal. A large
portfon of the Village’s revenue stream is derived from
sales tax, which is crucial to the Village’s General Fund operatfng budget. The strong business community in Oak Brook
has allowed the Village to operate without a property tax levy. The Village is able to offer a number of services, such as
public safety, public works, library, and recreatfon while maintaining a low tax community. The Village also feeds into a
number of outstanding school districts, including: Butler District 53, Downers Grove District 58, Elmhurst District 205,
Hinsdale District 181, and Salt Creek District 48.
*Consists of $2.6 million TIF note, which is
not an obligatfon of the Village. Note is paid
from available pledged sales and real estate
taxes of the Promenade TIF Fund.
**Based on 2,080 annual hours.
The Village of Oak Brook operates under the Village form of
government and is governed by our elected Village President and a six
member Board of Trustees—each elected at large for a four-year term
of office. The Village Clerk is elected for a four-year term, attends
meetfngs of the Village Board, keeps its minutes, and is the official
custodian of Village records. Electfons are held biennially, during odd-
numbered years, on the first Tuesday in April.
The Village Board’s primary functfon is policy making. The Village
President, with the consent of the Board, appoints a Village Manager
to administer daily administratfve operatfons of the Village. The
Village President presides over meetfngs of the Board, and selects and
removes appointed officers of various boards, commissions and
committees with the consent of the Board. The mission of the Village
is to provide the community with excellent local government services
and the best educatfonal opportunitfes that meet the needs of its
citfzens and are delivered in a professional, responsive, and fiscally
responsible manner. This mission is carried out with six specific goals.
3
Village of Oak Brook Leadership 2
Village of Oak Brook Organizatfonal Chart Management Team
Village Manager
Riccardo Ginex
Police Chief Public Works
James Kruger Doug Patchin
Fire Chief Library
Barry Liss Jacob Post
Informatfon Technology Golf Course
James Fox Sean Creed
Development Services Finance
Tony Budzikowski Jason Paprocki
Human Resources
Kathy Vonachen
From left to right: Trustee Asif Yusuf, Trustee Moin Saiyed, Trustee Philip Cuevas, Village Clerk Charlotte
Pruss, Village Attorney Michael Castaldo, President Gopal Lalmalani, Village Manager Riccardo Ginex, Trustee
John Baar, Trustee Michael Manzo, Trustee Edward Tiesenga.
Like other local governments, the Village of Oak Brook utflizes fund accountfng. Fund accountfng segregates related
accounts and actfvitfes into separate funds to ensure and demonstrate compliance with legal and regulatory
requirements. Village funds are classified into three categories: governmental funds, business-type funds, and
fiduciary funds.
Governmental funds are used to account for all or most of
the Village’s general actfvitfes, including administratfon,
public safety, highways and streets, library, and community
development. Governmental funds are categorized as: the
General Fund, special revenue funds, and capital projects
funds. The General Fund is used to account for and report
all financial resources not accounted for and reported in
another fund. Special revenue funds are used to account for
and report specific revenue sources that are restricted or
committed for specified purposes other than capital or debt.
Capital projects funds are used to account for and report
resources that are restricted, committed, or assigned for
capital outlay.
Business-type funds are used to account for actfvitfes similar to those found in the private sector, where the
determinatfon of net income is necessary or useful for sound financial administratfon. Goods or services from these
actfvitfes can be provided to either outside partfes (enterprise funds) or to other departments or agencies primarily
within the government (internal service funds) with costs being recovered through user-fees and charges.
Fiduciary funds are used to account for assets held on behalf of outside partfes, including other governments, or on
behalf of other funds within the government. Financial actfvity of fiduciary funds are not included in governmental or
business-type actfvitfes.
The Village presents two types of financial statements:
the Government-Wide Financial Statements and Fund
Financial Statements. In the Government-Wide
Financial Statements, the aggregate of all Governmental
and all Business-Type funds are presented. The
Government-Wide Financial Statements and Business-
Type Fund financial statements are prepared using the
economic resources measurement focus and the accrual
basis of accountfng. The Governmental Fund Financial
Statements are prepared using the current financial
resources measurement focus and modified accrual
basis of accountfng. There are a few major differences
between these two reportfng basis.
Fund Structure, Measure Focus, and Basis of Accountfng 3
The Statement of Net Position (commonly known as the “balance sheet”) reports informatfon on all of the Village’s
assets, liabilitfes, and deferred inflows and outilows, with the difference reported as its “net positfon.” Net positfon
measures the resources (cash, investments, receivables, capital assets, etc.) of the Village and any claims (payables,
deposits, debt, etc.) against those resources. Over tfme, increases or decreases in net positfon may serve as a useful
indicator of whether the financial positfon of the Village is improving or deterioratfng. The table below shows that,
as of December 31, 2020, the Village’s total net positfon was $100.4 million, which is an increase of $7.8 million from
2019.
The largest portfon of the Village’s net positfon, $106.7 million, reflects its investment in capital assets, less any
outstanding debt used to acquire those assets. The Village uses these capital assets to provide various services to its
residents. Consequently, these assets are not available for future spending and separated. An additfonal portfon of
the net positfon, approximately $12.7 million, is subject to external restrictfons on how it may be used.
The unrestricted portfon of net positfon represents a $19.0 million deficit. The deficit balance is primarily due to the
unfunded pension liabilitfes related to the IMRF (Illinois Municipal Retfrement Fund), Police, and Fire pension plans and
the OPEB obligatfon. The deficit unrestricted net positfon will gradually improve as the pension plans become better
funded in future years. The total deficit unrestricted net positfon improved $5.0 million in 2020 due to current year
results and strong market conditfons for the Village’s pension plans.
Explanatfon, Analysis, and Discussion of Financial Statements 4
Governmental Business-Type Total Primary
Actfvitfes Actfvitfes Government Total
2020 2019 2020 2019 2020 2019 Change
Cash and Investments $38.1 $37.9 $7.3 $7.6 $45.4 $45.5 ($0.1)
Current and Other Assets 9.6 8.8 1.8 1.6 11.4 10.4 1.0
Capital Assets 69.8 68.0 37.4 34.0 107.2 102.0 5.2
Total Assets $117.5 $114.7 $46.5 $43.2 $164.0 $157.9 $6.1
Deferred Outilows of Resources $3.4 $5.4 $0.7 $1.2 $4.1 $6.6 ($2.5)
Long-Term Liabilitfes $51.0 $57.6 $1.5 $2.2 $52.5 $59.8 ($7.3)
Other Liabilitfes 4.3 5.2 1.1 1.2 5.4 6.4 (1.0)
Total Liabilitfes $55.3 $62.8 $2.6 $3.4 $57.9 $66.2 ($8.3)
Deferred Inflows of Resources $9.3 $5.5 $0.5 $0.2 $9.8 $5.7 $4.1
Net Investment in
Capital Assets $69.2 $67.6 $37.5 $34.0 $106.7 $101.6 $5.1
Restricted 12.7 15.0 - - 12.7 15.0 (2.3)
Unrestricted (25.6) (30.8) 6.6 6.8 (19.0) (24.0) 5.0
Total Net Positfon $56.3 $51.8 $44.1 $40.8 $100.4 $92.6 $7.8
(in millions)
Statement of Net Position
The Village has seen steady improvements in total net positfon over
the past five years. Net positfon has grown from $81.2 million in
2016 to $100.4 million in 2020. The Governmental Actfvitfes
portfon has increased from $46.8 million in 2016 to $56.3 million in
2020, a $9.5 million, or 20.3%, improvement. The Business-Type
Actfvitfes portfon has increased from $34.4 million in 2016 to $44.1
million in 2020, a $9.7 million, or 28.2%, improvement. Although
total net positfon has increased, the Village stfll maintains
unrestricted deficits due to unfunded pension liabilitfes.
The foundatfon of the Village’s financial planning is centered on the
Village’s policy of maintaining a General Fund cash and investments
reserve that meets or exceeds six months of annual operatfng
expenses. The six month policy level was established due to the
Village not having the predictability of real estate tax revenue.
Approximately 50% of the Village’s General Fund operatfng budget is
funded by sales tax revenue, which is susceptfble to economic
downturns and consumer spending. This conservatfve policy seeks to
ensure the Village will have sufficient funds on hand to operate in an
emergency situatfon as well as having sufficient tfme to address any
volatflity. Over the past five years, the Village has been able to
significantly increase its General Fund reserve balance to $23.9 million
at December 31, 2020, or 13.0 months of budgeted 2021 operatfng expenditures.
As of December 31, 2020, the Village had $45.4 million in cash and investments on hand, a slight decrease of $84,466
from December 31, 2019. Cash and investments by fund is:
Explanatfon, Analysis, and Discussion of Financial Statements 5
The Village’s overall cash and investment balance is
made up of various sources. The checking and
Illinois Funds portfon are highly liquid and have
immediate access. Illinois Funds balances earned
interest during 2020 at a rate that ranged from
0.09% to 1.74%. The Village’s Corporate Bonds,
Municipal Bonds, Certfficates of Deposits, and
Government & Agency Obligatfons generally mature
within five year. The investment portiolio is
managed to have individual securitfes maturing
nearly every month to keep the portiolio relatfvely
liquid. The overall investment portiolio earned
interest during 2020 at an average weighted yield of
1.53% to 2.32%.
Summary on Village Cash and Investments
Fund 2020 Balance 2019 Balance Change
General $23,915,805 $21,266,132 $2,649,673
Hotel Tax 4,570,227 5,424,703 (854,476)
Motor Fuel Tax 673,494 1,045,152 (371,658)
Foreign Fire Insurance 207,446 183,154 24,292
Infrastructure 7,483,234 8,248,160 (764,926)
Promenade TIF 267,300 304,194 (36,894)
Water 6,904,140 6,937,632 (33,492)
Sports Core 263,476 349,076 (85,600)
Golf Surcharge 132,593 346,544 (213,951)
Self Insurance - 308,820 (308,820)
Garage 298,348 275,988 22,360
Equipment Replacement 696,848 807,822 (110,974)
Total $45,412,911 $45,497,377 ($84,466)
(in millions)
Explanatfon, Analysis, and Discussion of Financial Statements
The Village contributes to three defined benefit pension plans, the Illinois Municipal Retfrement Fund (IMRF), an agent
multfple-employer public employee retfrement system; the Police Pension Plan, which is a single-employer pension
plan; and the Firefighter’s Pension Plan, which is also a single-employer pension plan. The benefits, benefit levels,
employee contributfons, and employer contributfons for all three plans are governed by Illinois Compiled Statutes and
can only be amended by the Illinois General Assembly. For further informatfon on these pension plans, refer to the
Village’s 2020 CAFR.
Related to these pension plans, the Village reports, under long-term liabilitfes on the Statement of Net Positfon, an
unfunded pension liability of $39.9 million for governmental actfvitfes and $0.5 million for business-type actfvitfes, for a
total of $40.4 million as of December 31, 2020.
Actual cash contributfons to the pension funds for 2020 totaled $4.3 million. This consisted of: $0.7 million for the
IMRF pension plan, $1.8 million for the Police pension plan, and $1.8 million for the Fire pension plan. Current State
statutes require the Village’s contributfons must accumulate to the point where the past service cost for the Police and
Fire pension plans is 90% funded by the year 2040. The Village strives to have it’s pension funds 100% funded.
The Village’s total net pension liability at 12/31/20 is:
IMRF Police Pension Fire Pension Total
Total Pension Liability $42,867,283 $64,108,696 $53,675,155 $160,651,134
Plan Fiduciary Net Positfon (40,899,603) (44,837,122) (34,520,040) (120,256,765)
Unfunded Pension Liability $1,967,680 $19,271,574 $19,155,115 $40,394,369
Plan Funded Rate 95.41% 69.94% 64.31% 74.86%
Combined annual Public Safety (Police and Fire) recommended pension contributfons are expected to increase from
$4.3 million in 2021 to $5.6 million in 2040 assuming a 100% funding target. Increasing pension costs could have an
impact on future services provided by the Village. Actual contributfons and unfunded liability for these years could also
vary from projectfons depending on key actuarial assumptfons, including salary increases, mortality tables, investment
returns, and Village funding levels. Projectfons are updated each year through an actuarial valuatfon to determine the
actual funding status of the plans.
In additfon, current efforts to consolidate downstate pension plans could have a
significant impact on these projectfons and the health of the pension plans. The
Village will contfnue to monitor consolidatfon and its impact on the Village’s
financial future.
Summary on Village Pension Plans
6
The Statement of Activities (commonly known as the “income statement”) reports all financial actfvity for the fiscal
year ended December 31, 2020.
This statement presents high-level summary informatfon about how the Village’s net positfon changed during the fiscal
year. Overall, the Village’s total net positfon has increased $7.8 million, or 8.4%, during fiscal year 2020. Governmental
actfvitfes net positfon increased $4.5 million, or 8.7%, from 2019 and business-type actfvitfes net positfon increased
$3.3 million, or 8.1%, from 2019.
Total revenues decreased $4.8 million, or 9.6%, compared to prior year. The decrease is primarily related to the
economic effects of the COVID-19 pandemic. Sales and local use taxes contfnue to be one of the Village’s largest
revenue source at $16.8 million, but experienced a decrease of $1.7 million, or 9.2%, compared to the prior year.
Charges for services, which is primarily made up of water sales, Sports Core memberships and fees, and building permit
revenue, was $18.0 million in 2020, a decrease of $2.5 million, or 12.2%, compared to the prior year.
Total expenses decreased $5.5 million, or 12.8%, compared to the prior year. The Village took many steps during 2020
to reduce expenses to combat the antfcipated shortiall in revenues from the COVID-19 pandemic. Some of the cost
saving efforts include: staff furlough days, the eliminatfon or lay-off of part-tfme positfons, reduced public safety
pension funding, and delays in major capital projects.
Explanatfon, Analysis, and Discussion of Financial Statements 7
Governmental Business-Type Total Primary
Actfvitfes Actfvitfes Government Total
Revenues 2020 2019 2020 2019 2020 2019 Change
Program Revenues
Charges for Services $5.1 $7.0 $12.9 $13.5 $18.0 $20.5 ($2.5)
Grants and Contributfons 0.9 0.3 - - 0.9 0.3 0.6
General Revenues
Sales and Local Use Taxes 16.8 18.5 - - 16.8 18.5 (1.7)
Utflity Taxes 5.8 6.3 - - 5.8 6.3 (0.5)
Other Taxes 2.2 3.1 - - 2.2 3.1 (0.9)
Investment Income 0.6 1.1 0.1 0.2 0.7 1.3 (0.6)
Miscellaneous 1.1 0.1 (0.1) 0.1 1.0 0.2 0.8
Transfers (0.4) (0.7) 0.4 0.7 - - -
Total Revenues $32.1 $35.7 $13.3 $14.5 $45.4 $50.2 ($4.8)
Expenses
General Government $4.5 $5.8 $- $- $4.5 $5.8 ($1.3)
Public Safety 15.5 18.9 - - 15.5 18.9 (3.4)
Public Works 5.1 5.6 - - 5.1 5.6 (0.5)
Culture and Recreatfon 2.3 1.8 - - 2.3 1.8 0.5
Waterworks System - - 6.8 7.1 6.8 7.1 (0.3)
Sports Core - - 3.2 3.7 3.2 3.7 (0.5)
Interest and Fiscal Charges 0.2 0.2 - - 0.2 0.2 -
Total Expenses $27.6 $32.3 $10.0 $10.8 $37.6 $43.1 ($5.5)
Change in Net Positfon $4.5 $3.4 $3.3 $3.7 $7.8 $7.1
Net Positfon, January 1 $51.8 $48.4 $40.8 $37.1 $92.6 $85.5
Net Positfon, December 31 $56.3 $51.8 $44.1 $40.8 $100.4 $92.6
(in millions)
Statement of Actfvitfes
See page 10 of this report for further analysis and explanatfon of major changes among revenue and expense line
items.
Explanatfon, Analysis, and Discussion of Financial Statements
2020 Actual 2019 Actual Change
Sales Tax $16,855,480 $18,522,492 ($1,667,012)
Sales tax covers all the various taxes imposed under the Retailers Occupatfon tax, the service
Occupatfon tax, and the Use Tax Act. The Village currently receives 1.50% of eligible sales.
Utflity/Telecom Tax 5,794,806 6,286,242 (491,436)
The Village taxes telecommunicatfons, natural gas, and electricity. The Village receives 5% tax
from NICOR and a 10-tfered formula based on kilowatts used from Commonwealth Edison.
Taxes are also imposed on interstate or intrastate telecommunicatfons originatfng or received in
the Village by a person at a rate of 6% of gross charges.
Hotel/Motel Tax 458,752 1,292,756 (834,004)
3% tax imposed upon the use and privilege of rentfng rooms in a hotel or motel within the
Village.
Intergovernmental 1,273,327 1,171,442 101,885
Amounts received from other governments for support of partfcular functfons or for general
financial support. Includes State income tax and personal property replacement tax.
Charges for Services 17,967,477 20,512,125 (2,544,648)
Charges imposed for providing services. Total charges for services is comprised of: Water
$10,036,858, Sports Core $3,328,488, Golf Surcharge $111,082, and Governmental (licenses,
permits, fees) $7,035,697.
Grants 927,018 286,191 640,827
Funds received from federal and state agencies to assist in offsetting expenditures related to
various programs.
All Other Revenue Sources 2,212,716 2,156,257 56,459
Consists of property tax, other tax, gain on disposal of capital assets, investment income, and
other revenue.
$45,489,576 $50,227,505 ($4,737,929)
Revenue Overview
8
See page 10 for explanatfons on the major changes from 2019.
Explanatfon, Analysis, and Discussion of Financial Statements
2020 Actual 2019 Actual Change
General Government $4,503,412 $5,776,984 ($1,273,572)
Includes various administratfve services of the Village (Legislatfve and General Management,
Human Resources, Finance, Informatfon Systems, and Community Development).
Public Safety 15,521,558 18,933,249 (3,411,691)
Includes expenses associated with providing police and fire protectfon services to the
Village.
Public Works 5,123,073 5,536,797 (413,724)
Includes Public Works administratfon, buildings and grounds, forestry, snow removal, and
streets services.
Culture and Recreatfon 2,331,451 1,813,968 517,483
Includes Library services and Hotel/Motel expenses to increase overnight stays in hotels
within the Village.
Waterworks System 6,805,026 7,145,987 (340,961)
Includes the costs associated with providing water services to the Village.
Sports Core 3,204,036 3,704,979 (500,943)
Includes all Sports Core operatfons (Bath & Tennis Club, Polo, Taste of Oak Brook, Golf Club).
Interest 214,729 245,894 (31,165)
Includes interest costs on all Village debt.
$37,703,285 $43,157,858 ($5,454,573)
Note - The increase in total expenses in 2015 relates to the recording of $10.4 million in pension expense related to the
implementatfon of GASB Statements No. 68 and 71. Fiscal year 2015 was the first year the expense was recorded on the Village ’s
financial statements.
See page 10 for explanatfons on the major changes from 2019.
Expense Overview
9
Key financial highlights of fiscal year 2020 include:
Charges for services revenue decreased $2.5 million, or 12.2%, from 2019 due to a number of factors,
including: lower ambulance runs, a decrease in auxiliary police services, outsourcing swimming, tennis
operatfons to the Oak Brook Park District, and restrictfons on bath and tennis clubhouse event rentals.
Grants and contributfons revenue increased $0.6 million, or 200.0%, from 2019 due to CARES Act funding.
Sales and use tax revenue decreased $1.7 million, or 9.2%, from 2019 due to business closures during the
COVID-19 stay-at-home order.
Utflity tax revenue decreased $0.5 million, or 7.9%, from 2019 due to overall lower usage during the
pandemic. The Village taxes on gas, electric, and telecommunicatfons services.
Other taxes revenue decreased $0.9 million, or 29.0%, from 2019 due to a decrease in hotel tax receipts
related to reduced travel during the pandemic.
General government expenses decreased $1.3 million, or 22.4%, from 2019. This is primarily due to salary
and benefits savings from furloughs and part-tfme positfon layoffs, a delay in non-capital building
improvements, and improvements in the IMRF net pension liability due to favorable market conditfons in
recent years.
Public Safety expenses decreased $3.4 million, or 18.0%, from 2019. This is attributed to lower contract
ambulance services due to a reductfon of paramedics, a decrease in annual pension contributfons, normal
personnel related decrease due to retfrements and staff turnover, and improvements in net pension
liability due to favorable market conditfons in recent years.
Public works expenses decreased $0.5 million, 8.9%, from 2019. The decrease is due to a reductfon in
street resurfacing projects compared to last year because of the ongoing pandemic.
Culture and recreatfon expenses increased $0.5 million, or 27.8%, from 2019. The increase is due to a loan
made to the Oak Brook Park District and hotel district beautfficatfon projects.
Waterworks System expenses decreased $0.3 million, or 4.2%, from 2019. The decrease is due to less
water being purchased from DuPage Water Commission in 2020 as a result of the stay-at-home order.
Sports Core expenses decreased $0.5 million, or 13.5%, from 2019. The decrease is due to the outsourcing
of swimming, tennis, and soccer operatfons to the Oak Brook Park District. Previously, the Village
contracted the operatfons of these functfons.
Explanatfon, Analysis, and Discussion of Financial Statements
Overview of Financial Positfon and Results of Actfvitfes
10
Explanatfon, Analysis, and Discussion of Financial Statements 11
General Fund
The General Fund accounts for the Village’s primary operatfng actfvitfes. Services funded by the General Fund include
police, fire, library, public works, economic development, and general administratfon. The General Fund accounts for
all financial resources except those accounted for in another fund.
Total revenues decreased $1.7 million, or 6.2%, from 2019. Revenue levels across nearly all sources were lower in 2020
than antfcipated due to the COVID-19 pandemic, coming in at $0.4 million under budget. Intergovernmental revenue
(which includes sales tax, income tax, use tax, and more) was down in 2020, coming in at $0.5 million lower than last
year and $0.4 million under budget. Utflity Taxes (electric, gas, and cable) were also down in 2020 accountfng for a
decrease of $0.5 million from 2019 and $0.3 million under budget. Licenses & Permits revenue remained strong in
2020 at $0.1 million lower than 2019, but $0.5 million over budget. This was due to the issuance of a few large
redevelopment building permits during 2020.
Total expenditures decreased $1.7 million, or 7.3%, from 2019 and were $2.5 million under budget. As mentfoned
earlier, the Village took many proactfve steps to control spending in 2020 when it became clear the COVID-19
pandemic would have serious financial impacts. of the cost saving efforts include: staff furlough days, the eliminatfon
or lay-off of part-tfme positfons, reduced public safety pension funding, and delays in major capital projects.
Fund balance increased $3.1 million in 2020 to a total of $28.2 million. Of this amount, nearly all ($28.1 million) is
unassigned and can be used for any purpose. The General Fund has seen significant increases in fund balances over
the past few years, increasing from $20.1 million in 2016 to $28.2 million in 2020.
Original Final Variance with 2019
Budget Budget Actual Final Budget Actual
Revenues
Intergovernmental $13,869,400 $13,869,400 $13,510,432 ($358,968) $14,017,644
Utflity Taxes 6,125,000 6,125,000 5,794,806 (330,194) 6,286,242
Licenses & Permits 2,990,190 2,990,190 3,534,650 544,460 3,640,730
Charges for Services 1,461,600 1,461,600 1,177,838 (283,762) 1,436,294
Other 1,056,195 1,056,195 1,035,854 (20,341) 1,325,850
Total Revenues $25,502,385 $25,502,385 $25,053,580 ($448,805) $26,706,760
Expenditures
General Government $4,302,715 $4,302,715 $3,621,996 ($680,719) $4,178,784
Public Safety 17,792,275 17,792,275 16,244,626 (1,547,649) 17,225,752
Public Works 893,055 893,055 830,138 (62,917) 898,813
Culture and Recreatfon 994,410 994,410 824,878 (169,532) 906,687
Total Expenditures $23,982,455 $23,982,455 $21,521,638 ($2,460,817) $23,210,036
Other Financing Sources (Uses)
Transfers in $- $- $- $- $508,235
Transfers out (923,000) (923,000) (383,561) $539,439 (704,518)
Total Other Financing Sources (Uses) ($923,000) ($923,000) ($383,561) $539,439 ($196,283)
Change in Fund Balance $596,930 $596,930 $3,148,381 $2,551,451 $3,300,441
Fund Balance, January 1 $25,053,768 $21,753,327
Fund Balance, December 31 $28,202,149 $25,053,768
Village Sales Tax 12
Sales Tax revenue is largest revenue source in the Village’s General Fund and Infrastructure Fund. The amount of sales
tax generated by Village businesses allows the Village to operate without a real estate tax levy. The Village does
receive a small amount of real estate tax revenue for the Promenade TIF district, but this money is used exclusively to
repay TIF bondholders.
The sales tax rate charged within the Village is 7.50%. Of this rate, the
Village directly receives 1.50%. The 1.50% is further broken down into two
portfons: 1.00% is the local portfon that goes into the General Fund to fund
general operatfons (public safety, public works, library, development
services, and administratfon) and 0.50% is the non-home rule portfon that
goes into the Infrastructure Fund to fund roadway improvements.
Also, the Promenade TIF Fund receives a portfon of sales tax revenue to be
used to repay bondholders in accordance with the redevelopment
agreement. Of all the sales tax and non-home rule sales tax collected from
stores within the Promenade shopping center, 20% of this amount is
recorded in the Promenade TIF Fund.
The General Fund’s portfon of sales tax revenue in fiscal year 2020 was $11,507,051, which is a decrease of $1,009,565,
or 8.1%, over 2019. The Infrastructure Fund’s portfon of non-home rule sales tax in fiscal year 2020 was $4,914,208,
which is a decrease of $728,690, or 12.9%, over 2019.
Of the Village’s total sales tax revenue, nearly 50% comes from businesses located within the Oakbrook Center mall.
Oakbrook Center contfnues to be one of the areas most popular malls and offers numerous retail, dining, and
entertainment optfons. The Village’s top 10 sales tax generators in 2020 were:
These taxpayers accounted for approximately 54% of the
Village’s total sales tax revenue in 2020. The Village
contfnues to work on attractfng new businesses to
strengthen its sales tax base and contfnue operatfons
without a real estate tax levy. The Village maintains a
diverse tax base with four industries generatfng over $2.0
million to the Village annually.
Macy’s
Nieman Marcus
Nordstrom
Peloton Interactfve
Room & Board
Ahead
Apple
Carvana
Costco
Louis Vuitton
Key Statfstfcs 13
*Individual property tax rates may vary depending on school district boundaries.
2016 2017 2018 2019 2020
General
Debt per capita $480 $422 $401 $423 $395
DuPage County unemployment rate 4.4% 3.9% 2.9% 2.2% 6.7%
Property tax rate* 3.7945 3.5786 3.4555 3.5125 3.6668
Estfmated retail sales $1,310,311,500 $1,240,438,500 $1,258,799,200 $1,258,194,000 $1,156,254,300
Total sales tax receipts—cash basis $19,019,578 $18,253,755 $17,946,614 $18,268,091 $16,840,473
Police
Physical arrests 191 212 181 178 125
Parking violatfons 901 443 404 317 99
Traffic violatfons 1,465 1,495 1,398 1,596 1,345
Fire
EMS incidents 1,432 1,380 1,408 1,468 1,162
Fire incidents 630 672 722 693 598
Communicatfons Center (DUCOMM)
Police calls dispatched 23,924 21,656 23,716 23,200 18,460
Fire/EMS calls dispatched 2,407 2,493 2,616 2,711 2,253
Library
Total circulatfon 112,423 105,129 120,413 140,201 78,614
Total holdings 97,201 94,353 91,789 88,520 88,994
Community Development
Building permits issued 841 943 908 920 830
Estfmated constructfon value $99,520,330 $176,470,285 $135,704,908 $167,423,370 $179,143,947
Inspectfons 2,999 2,963 2,607 2,510 2,203
Sports Core
B&T recreatfon memberships 317 294 307 265 -
Social memberships 77 - - - -
Total events 75 65 74 88 8
Golf memberships 145 151 158 150 152
Total golf rounds 39,324 39,863 35,256 36,253 41,396