ACFR (Year Ended December 31, 2021)
VILLAGE OF OAK BROOK
ANNUAL COMPREHENSIVE FINANCIAL REPORT
For the Year Ended December 31, 2021
VILLAGE OF OAK BROOK, ILLINOIS
ANNUAL COMPREHENSIVE
FINANCIAL REPORT
For the Year Ended
December 31, 2021
Prepared by Finance Department
Marilyn Fumero
Finance Director
VILLAGE OF OAK BROOK, ILLINOIS
TABLE OF CONTENTS
Page(s)
INTRODUCTORY SECTION
Principal Officials ............................................................................................................. i
Organization Chart ............................................................................................................ ii
Certificate of Achievement for Excellence in Financial Reporting .................................. iii
Letter of Transmittal ......................................................................................................... iv-x
FINANCIAL SECTION
INDEPENDENT AUDITOR’S REPORT ........................................................................ 1-3
GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS
Management’s Discussion and Analysis ..................................................................MD&A 1-14
Basic Financial Statements
Government-Wide Financial Statements
Statement of Net Position ................................................................................... 4-5
Statement of Activities ....................................................................................... 6-7
Fund Financial Statements
Governmental Funds
Balance Sheet ................................................................................................. 8
Reconciliation of Fund Balances of Governmental Funds to
the Governmental Activities in the Statement of Net Position .................... 9
Statement of Revenues, Expenditures, and Changes in Fund Balances ........ 10
Reconciliation of the Governmental Funds Statement of Revenues,
Expenditures, and Changes in Fund Balances to the Governmental
Activities in the Statement of Activities ...................................................... 11
VILLAGE OF OAK BROOK, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
FINANCIAL SECTION (Continued)
GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS (Continued)
Basic Financial Statements (Continued)
Fund Financial Statements (Continued)
Proprietary Funds
Statement of Net Position .............................................................................. 12-13
Statement of Revenues, Expenses, and Changes in Net Position .................. 14
Statement of Cash Flows ............................................................................... 15-16
Fiduciary Funds
Statement of Fiduciary Net Position ................................................................. 17
Statement of Changes in Fiduciary Net Position ............................................. 18
Notes to Financial Statements ................................................................................. 19-65
Required Supplementary Information
Schedule of Revenues, Expenditures, and Changes
in Fund Balance - Budget and Actual
General Fund ...................................................................................................... 66
Schedule of Employer Contributions
Illinois Municipal Retirement Fund ................................................................... 67
Police Pension Fund ........................................................................................... 68
Firefighters’ Pension Fund ................................................................................. 69
Schedule of Changes in the Employer’s Net Pension Liability
and Related Ratios
Illinois Municipal Retirement Fund ................................................................... 70-71
Police Pension Fund ........................................................................................... 72-73
Firefighters’ Pension Fund ................................................................................. 74-75
Schedule of Changes in the Employer’s Total OPEB Liability
and Related Ratios
Other Postemployment Benefits Plan ................................................................. 76
Schedule of Investment Returns
Police Pension Fund ........................................................................................... 77
Firefighters’ Pension Fund ................................................................................. 78
Notes to Required Supplementary Information ...................................................... 79
VILLAGE OF OAK BROOK, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
FINANCIAL SECTION (Continued)
COMBINING AND INDIVIDUAL FUND FINANCIAL
STATEMENTS AND SCHEDULES
MAJOR GOVERNMENTAL FUNDS
General Fund
Schedule of Revenues - Budget and Actual ....................................................... 80
Schedule of Expenditures - Budget and Actual .................................................. 81-86
Schedule of Revenues, Expenditures, and Changes
in Fund Balance - Budget and Actual
Infrastructure Fund ............................................................................................. 87-88
NONMAJOR GOVERNMENTAL FUNDS
Combining Balance Sheet ....................................................................................... 89
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances .............................................................................. 90
Schedule of Revenues, Expenditures, and Changes
in Fund Balance - Budget and Actual
Motor Fuel Tax Fund .......................................................................................... 91
Hotel/Motel Tax Fund ........................................................................................ 92
Promenade TIF Fund .......................................................................................... 93
MAJOR ENTERPRISE FUNDS
Waterworks System Fund
Schedule of Revenues, Expenses, and Changes in Net Position -
Budget and Actual ............................................................................................ 94
Schedule of Detailed Expenses - Budget and Actual - Budgetary Basis ........... 95
Sports Core Fund
Schedule of Revenues, Expenses, and Changes in Net Position -
Budget and Actual ............................................................................................ 96
Schedule of Detailed Revenues - Budget and Actual ......................................... 97
Schedule of Detailed Expenses - Budget and Actual - Budgetary Basis ........... 98-100
NONMAJOR ENTERPRISE FUNDS
Schedule of Revenues, Expenses, and Changes in Net Position -
Budget and Actual - Budgetary Basis
Golf Surcharge Fund .......................................................................................... 101
VILLAGE OF OAK BROOK, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
FINANCIAL SECTION (Continued)
COMBINING AND INDIVIDUAL FUND FINANCIAL
STATEMENTS AND SCHEDULES (Continued)
INTERNAL SERVICE FUNDS
Combining Statement of Net Position ..................................................................... 102
Combining Statement of Revenues, Expenses, and
Changes in Net Position ........................................................................................ 103
Combining Statement of Cash Flows ...................................................................... 104-105
Schedule of Revenues, Expenses, and Changes in Net Position -
Budget and Actual
Self Insurance Fund ............................................................................................ 106
Garage Fund ....................................................................................................... 107
Capital Replacement Fund - Budgetary Basis .................................................... 108
FIDUCIARY FUNDS
PENSION TRUST FUNDS
Combining Statement of Net Position ................................................................ 10
Combining Statement of Changes in Plan Net Position ..................................... 110
STATISTICAL SECTION
Financial Trends
Net Position by Component ......................................................................................... 111-112
Change in Net Position ................................................................................................. 113-116
Fund Balances of Governmental Funds ....................................................................... 117-118
Changes in Fund Balances of Governmental Funds .................................................... 119-120
Revenue Capacity
Assessed Value and Actual Value of Taxable Property .............................................. 121
Direct and Overlapping Governments ......................................................................... 122
Principal Sales Taxpayers ............................................................................................. 123
Direct and Overlapping Sales Tax Rates ..................................................................... 124
Retail Sales Volume - Top 25 Illinois Communities ................................................... 125
Sales Tax Receipts - Cash Basis ................................................................................... 126
State Sales Tax Receipts by Month - Cash Basis ......................................................... 127
Non-Home Rule Sales Tax Receipts by Month - Cash Basis ...................................... 128
Sales Tax by Category .................................................................................................. 129
Non-Home Rule Sales Tax by Category ...................................................................... 130
VILLAGE OF OAK BROOK, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
STATISTICAL SECTION (Continued)
Debt Capacity
Ratios of Outstanding Debt by Type ............................................................................ 131
Direct and Overlapping Governmental Activities Debt ............................................... 132
Legal Debt Margin Information ................................................................................... 133
Demographic and Economic Information
Demographic and Economic Information .................................................................... 134
Principal Employers ..................................................................................................... 135
Operating Information
Full-Time Equivalent Employees................................................................................. 136-139
Operating Indicators by Function ................................................................................. 140
Capital Asset Statistics by Function ............................................................................. 141
INTRODUCTORY SECTION
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VILLAGE OF OAK BROOK, ILLINOIS
PRINCIPAL OFFICIALS
December 31, 2021
Gopal Lalmalani, Village President
Charlotte K. Pruss, Village Clerk
BOARD OF TRUSTEES
Laurence Herman
James Nagle
Michael Manzo
A. Suresh Reddy
Edward Tiesenga
Asif Yusuf
MANAGEMENT TEAM
Greg Summers
Village Manager
Marilyn Fumero
Finance Director
Rick Valent
Public Works Director
Rebecca VonDrasek
Development Services Director
James Fox
Information Technology Director
Barry Liss
Fire Chief
Jacob Post
Head Librarian
Brian Strockis
Police Chief
Sean Creed
Golf Course Superintendent
Kathryn Vonachen
Human Resources Director/
Deputy Village Clerk
ResidentsofOak BrookVillage Presidentand Board of TrusteesVillage Clerk Village ManagerVillage Attorney (General)Finance DirectorChief of PoliceFire ChiefPublic Works DirectorDevelopment ServicesDirectorHead Librarian Golf Course Grounds Superintendent Boards andCommissionsVillage of Oak BrookOrganization Chart Fiscal Year 2020Village Attorney(Labor) Information Technology Services Director Human Resources Director/Deputy Village Clerk- ii -
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
Village of Oak Brook
Illinois
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
December 31, 2020
Executive Director/CEO
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i
Village Of
Oak Brook
1200 Oak Brook Road
Oak Brook, IL 60523-2255
Website
www.oak-brook.org
Administration
630.368.5000
FAX 630.368.5045
Development Services
630.368.5101
FAX 630.368.5128
Engineering
Department
630.990.3010
FAX 630.990.3985
Fire Department
630.368.5130
FAX 630.368.5128
Police Department
630.368.8700
FAX 630.368.8739
Public Works
Department
630.368.5270
FAX 630.368.5295
Oak Brook
Public Library
600 Oak Brook Road
Oak Brook, IL 60523
630.368.7700
FAX 630.368.7704
Oak Brook Sports Core
Bath & Tennis Club
700 Oak Brook Road
Oak Brook, IL 60523
630.368.6420
FAX 630.368.6439
Golf Club
2606 York Road
Oak Brook, IL 60523
630.368.6400
FAX 630.368.6419
July 6, 2022
Honorable Gopal Lalmalani, Village President
Board of Trustees
Citizens of the Village of Oak Brook, Illinois:
Illinois state statute requires that all general-purpose local governments
publish, within six months of the close of each fiscal year, a complete set of
financial statements presented in conformity with United States Generally
Accepted Accounting Principles (GAAP) and audited in accordance with
generally accepted auditing standards by a firm of independent licensed
certified public accountants. This report is published to fulfill that
requirement for the year ended December 31, 2021.
Responsibility for both the accuracy of the presented data and the
completeness and fairness of the presentation, including all disclosures, rest
with the management of the Village. We believe to the best of our
knowledge, as presented, the data is accurate in all material respects and
presented in a manner designed to fairly set forth the financial position and
results of the operations.
Management of the Village is responsible for establishing and maintaining
internal controls designed to ensure that the assets of the Village are
protected from loss, theft or misuse and to ensure that sufficient, reliable,
adequate accounting data is compiled for the preparation of financial
statements in conformity with GAAP. Internal accounting controls have
been designed to provide reasonable rather than absolute assurance that the
financial statements will be free from material misstatement. We believe
that the Village’s internal controls adequately safeguard assets and provide
reasonable assurance of properly recorded financial transactions.
In addition, the Village maintains budgetary controls. The objective of
these controls is to ensure compliance with legal provisions embodied in
the annual budget approved by the Village Board. All disbursements
receive approval from the Board of Trustees. The Village also maintains an
encumbrance system that is used as an extension of formal budgetary
integration.
The Village’s financial statements have been audited by Sikich LLP, a firm
of licensed certified public accountants. The independent audit is to
provide reasonable assurance that the financial statements of the Village of
Oak Brook are free of material misstatements.
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The independent audit involved examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements; assessing accounting principles used
and significant estimates made by management; and the evaluation of the overall
financial statement presentation. Based upon the audit for the year ending December 31,
2021, the independent auditors concluded, that there was a reasonable basis for rendering
an unmodified opinion on the Village’s financial statements. The independent auditors’
report is presented as the first component of the financial section of this report.
Management’s discussion and analysis (MD&A) immediately follows the independent
auditor’s report and provides a narrative introduction, overview and analysis of the basic
financial statements. The MD&A complements this letter of transmittal and should be
read in conjunction with it.
Profile of the Village of Oak Brook
The Village of Oak Brook is located approximately 15 miles west of the Chicago Loop,
near the geographic center of the seven-county Chicago metropolitan area. Excellent
transportation links are provided to all parts of the greater metropolitan area by a network
of tollways and federal and state highways which pass through or near the Village. The
Tri-State Tollway (I-294), running along the Village’s eastern boundary, provides rapid
access to the northern and southern suburbs, and into Wisconsin and Indiana. The East-
West Tollway (I-88), passing through the Village’s northern sector, joins the Eisenhower
Expressway to the northeast, providing direct access to Chicago’s Loop. Additional links
include east-west arteries Illinois Route 38 and U.S. Route 34, which pass, respectively,
to the north and south of the Village, and Illinois Route 83, which bisects the community
in a north-south direction. The Oak Brook area is bounded on the north by the
communities of Lombard, Villa Park, Elmhurst and Oak Brook Terrace and on the south
by Downers Grove, Westmont, Clarendon Hills and Hinsdale.
The Village of Oak Brook operates under the Village form of government with an elected
Village President and six (6) Trustees. Daily operational management is provided by a
professional manager appointed by the Board of Trustees. The Village provides a wide
range of municipal services including general government, public safety (police and fire),
public works, road maintenance, community development and recreation facilities and a
free public library.
For additional information concerning the Village, please visit our website at www.oak-
brook.org.
Local Economy and Finances
The Village of Oak Brook has been and continues to be one of the preeminent business
centers in the Chicago metropolitan area. Several large corporations have facilities in the
Village, including the corporate headquarters of TreeHouse Foods, Hub Group, and Ace
Hardware. As a retail center, Oak Brook offers upscale shopping, fine restaurants, and
Oakbrook Center, one of the leading outdoor shopping centers in the United States. Oak
Brook is comprised of 36,941 private sector jobs (2021, IDES, Where Workers Work); of
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these, 18.3% are in the Management of Companies and Enterprises field, 16.5% are in the
Health Care and Social Assistance field, and 13.4% are in the Administrative and Support
field, Waste Management, and Remedial Services field. These factors, as well as the
performance of the Illinois economy over time, have enabled the Village to operate
without a real estate tax since inception due to the sales taxes generated from retail
business activities.
With sales taxes being the largest source of General Fund revenue, the local and national
economy has a significant effect on the amount of revenue available the Village receives.
Sales and Local Use Tax revenue increased by $6.2 million, or 36.7%, compared to last
year’s revenue. The increase is an indicator of economic recovery from the pandemic-
induced recession. The Village has seen positive trends in sales tax revenues in recent
months, but continues to be conservative when projecting amounts for 2022 and beyond.
We will continue to monitor revenue trends and budget expenditures accordingly.
Oak Brook’s estimated new construction value in 2021 was $120 million which continues
the positive trend of the last several years. Many large development projects have come
online in 2021, such as the Sheridan (Senior Lifestyle), Lifetime Fitness, Restoration
Hardware, and One Oak Brook Commons (Hines). The Village issued a total of 869
building permits in 2021, with permit revenue of $2.3 million. Overall, development has
been strong in the past few years and is expected to remain strong through 2022 and
beyond. A number of large projects are anticipated in the near future, as phases of the
Hines, Oak Brook Commons, project and redevelopment and activation of the
McDonald’s corporate campus.
New Commercial Development
The Overlook at Oak Brook and the Hines Oak Brook Commons continue to move
forward with building out the approved developments. The Oakbrook Center mall
continues to see reinvestment. Although construction and development went through a
recovery phase in 2021, Oak Brook’s development-related activities remained steady and
strong compared too many of our DuPage County neighbors. Following is a list of
projects under construction and/or new commercial tenants.
Oakbrook Center – These are ongoing improvements/projects in Oakbrook Center.
o 2000 Oakbrook Center – Lifetime Fitness – $28,500,000 – Opened in April.
o 1300 22nd Street – Restoration Hardware - $10,000,000 – Grand Opening in
September.
o 180 Oakbrook Center – Redevelopment of the former Lord and Taylor –
$6,800,000 – Abercrombie and Fitch (A&F), Arhaus Furniture, Sweetgreen,
Puttshack and Piccolo Buco are now open.
o 58 Oakbrook Center – Lucid Motors - $1,200,000 – Opened in April.
o 295 Oakbrook Center – Gucci - $2,500,000 – New Retail Store - Opened in
October.
o 196 Oakbrook Center – Louis Vuitton – $875,000 - Remodel – Completed in
August.
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o 286 Oakbrook Center – Pyscho Bunny – $477,000 - New Retail Store – Opened
in June.
o 212 Oakbrook Center – Pottery Barn - $575,000 – Remodel – Inspections
ongoing.
o 34 Oakbrook Center – Allbirds - $675,000 – New Store – Opened in December.
o 5 Oakbrook Center – Perry’s - $500,000 – Remodel – Completed in December.
o 449 Oakbrook Center – Evereve - $570,000 – New Store – Opened in December.
o 630 Oakbrook Center – Ralph Lauren – $900,000 – New Store – Opened in
December.
o 20 Oakbrook Center – Parachute Home - $478,000 – New Store – Inspections
ongoing.
o 226 Oakbrook Center – Go Forward - $650,000 – New office – Inspections
ongoing.
o 22 Spring Road – Blanco Cocina - $900,000 – Opened in August.
o Macy’s Garage Repair - $535,000 – Completed in October.
o 100 Oakbrook Center - $580,000 – Parking lot rehab – Inspections ongoing.
Other Commercial/Office Sites – New Tenants/Renovations
o 2055 Clearwater – Sheridan Senior Lifestyle – Opened in April.
o 2155 22nd Street - First Watch – $300,000 - New restaurant – Opened in March.
o 2002 Clearwater – Hub Group – $10,000,000 - New Office Building – Inspections
ongoing.
o 2122 York Road – Oak Point University - $5,300,000 – Administrative offices
and nursing school – Opened in April.
o 2021 Swift Drive – United Union of Roofer and Water Proofers Local 11 -
$1,300,000 – Completed in October.
o 2222 Camden Court – Heniff Transportation - $1,200,000 – Completed in
February.
o 709 Enterprise Drive – Vanee Foods - $1,600,000 – Commercial alteration and
Tenant Build-Out for manufacture of shelf staple entrees, gravies, soups and soup
bases. Completed in June.
o 2150 McDonald Drive – Hines - $89,000,000 – New apartment building – Grand
Opening in January 2022.
o 1001 Commerce Drive - $26,000,000 – Medical Office Building – Permit issued
in November.
o 2311 22nd Street – TBK Bank – $1,000,000 - Commercial alterations –
Completed in December.
o 1205 22nd Street – Fogo de Chao - $3,400,000 – New restaurant – Opened in
October.
o 1901 22nd Street – Costco - $1,100,000 – Parking lot expansion – Inspections
ongoing.
o 2155 22nd Street – Shops at Oak Brook Place:
Ulta - $865,500 – Commercial alteration – Opened in October.
Nordstrom Rack – $500,000 - Commercial alteration – Inspections
ongoing.
Old Navy - $750,000 – Commercial alteration – Completed January 2022.
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o 3041 Butterfield Road – Game of Irons - $440,000 – New Store – Inspections
ongoing.
o 2625 Butterfield Road – Best RX - $1,435,000 – New Office – Inspections
ongoing.
Long-term Financial Planning
The Village uses a number of processes to accomplish financial planning which are
outlined as follows:
Goals and Objectives – this is an annual process in which the Village Board and staff
express specific objectives to be accomplished. Typically, objectives relate to a specific
task or project or to a change in methods or operations designed to achieve the stated
objective.
Roadway Maintenance Plan – this plan is based on the Village’s pavement management
database and on a visual inspection of every public street segment in the Village. The
Plan, which is updated annually, includes a long-range schedule of roadway maintenance
activities as well as cost projections over the next ten-year period in order to plan for the
orderly maintenance of the Village’s roadway system.
Five-Year Financial Plan – this document is prepared annually in order to provide the
Village Board and the community with a five-year projection of the financial condition of
each of the twelve funds that comprise the Village’s financial structure. This document is
not as precise as the annual budget but it does project both revenues and expenditures for
each of the next five years that can assist in identifying positive and negative trends.
Annual Budget – using the information gathered through the goals and objectives process,
roadway maintenance plan, and five-year financial plan, the annual line item budget is
prepared. The budget is structured according to cost centers (called “programs”) and sets
the spending plan for the coming year.
The foundation of all of the Village’s financial planning is centered on the Village
Board’s policy of maintaining a cash and investment reserve in the General Fund that
meets or exceeds six months of annual operating expenses. The six-month policy level,
which is higher than many other municipalities, was established due to the Village not
having the predictability of real estate tax revenue and the fact that most of its general
revenues that are collected by the State (sales and telecommunications taxes) have a three
month delay. This conservative policy ensures that the Village will have sufficient funds
on hand to operate in an emergency situation as well as having sufficient time to address
any economic downturns. The soundness of this financial policy has proven itself as the
Village has been able to maintain adequate cash reserves in this recessionary environment.
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Major Initiatives
Providing safe, efficient, and well maintained infrastructure continues to be a major goal
for the Village. The Village has accomplished many things during the year to help
realize this goal despite delaying certain projects for budgetary concerns.
During 2021, the Village completed a number of water main projects including: the
Brook Forest subdivision phases 3 and 4 replacement, Harger Road at Salt Creek
connection, and York Woods abandonment. These projects were started and finished in
2021.
Projects like the Windsor Drive widening and streetscape, York/Harger intersection and
bike path reconfiguration, Harger Road multi-use path, and 35th/Midwest bike path
realignment were essentially completed in 2021 with landscape restoration and punch list
items going into 2022.
At the Sports Core, projects like the pool renovations and OSLAD grant improvements
were completed while the Golf Clubhouse parking lot lights were approved for design
and bidding in late 2021 with construction starting in early 2022.
The 2022 Budget includes a number of major capital projects, including: all of Brook
Forest being resurfaced, structural and surface improvements to the Regent Drive bridge,
and water main on Harger Road being replaced. For a full listing of planned capital
improvements, you can review the 2021-2025 Five-Year Plan at: http://www.oak-
brook.org/304/Financial-Documents.
Awards and Acknowledgements
The Government Finance Officers Association of the United States and Canada (GFOA)
awarded a Certificate of Achievement for Excellence in Financial Reporting to the
Village of Oak Brook for its Annual Comprehensive Financial Report for the year ended
December, 31, 2020.
In order to be awarded a Certificate of Achievement, a governmental unit must publish an
easily readable and efficiently organized annual comprehensive financial report, whose
contents conform to program standards. Such reports must satisfy both generally
accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. The Village has
successfully obtained the Certificate of Achievement for 43 consecutive years. We
believe that our current Report conforms to Certificate of Achievement Program
requirements, and we are submitting it to GFOA to determine its eligibility for another
certificate.
In addition, the Village of Oak Brook received the GFOA’s Distinguished Budget
Presentation Award for its annual budget for the 2021 fiscal year. In order to receive this
award, a governmental unit must publish a budget document that meets program criteria
as a policy document, as an operations guide, as a financial plan, and as a
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FINANCIAL SECTION
1415 West Diehl Road, Suite 400
Naperville, IL 60563
630.566.8400
INDEPENDENT AUDITOR’S REPORT
The Honorable President
Members of the Board of Trustees
Village of Oak Brook, Illinois
Opinions
We have audited the accompanying financial statements of the governmental activities, the business -
type activities, each major fund, and the aggregate remaining fund information of the Village of Oak
Brook, Illinois (the Village), as of and for the year ended December 31, 2021, and the related notes
to financial statements, which collectively comprise the Village’s basic financial statements as listed
in the table of contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business-type activities, each major
fund and the aggregate remaining fund information of the Village of Oak Brook, Illinois, as of
December 31, 2021, and the respective changes in financial positio n and, where applicable, cash
flows thereof for the year then ended in conformity with accounting principles generally accepted in
the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards gene rally accepted in the United
States of America (GAAS). Our responsibilities under these standards are further described in the
Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are
required to be independent of the Village and to meet our other ethical responsibilities, in
accordance with the relevant ethical requirements relating to our audit. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial stat ements in
accordance with accounting principles generally accepted in the United States of America; this
includes the design, implementation, and maintenance of internal control relevant to the preparation
and fair presentation of financial statements that are free from material misstatement, whether due to
fraud or error.
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In preparing the financial statements, management is required to evaluate whether there are
conditions or events, considered in the aggregate, that raise substantial doubt about the Village's
ability to continue as a going concern for 12 months beyond the financial statement date, including
any currently known information that may raise substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issu e an auditor's report
that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute
assurance and, therefore, is not a guarantee that an audit conducted in accordance with GAAS will
always detect a material misstatement when it exists. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of interna l control.
Misstatements are considered material if there is a substantial likelihood that, individually or in the
aggregate, they would influence the judgment made by a reasonable user based on the financial
statements.
In performing an audit in accordance with GAAS, we
• Exercise professional judgment and maintain professional skepticism throughout the
audit.
• Identify and assess the risks of material misstatement of the fina ncial statements,
whether due to fraud or error, and design and perform audit procedures responsive to
those risks. Such procedures include examining, on a test basis, evidence regarding the
amounts and disclosures in the financial statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Village's internal control. Accordingly,
no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonab leness of
significant accounting estimates made by management, as well as evaluate the overall
presentation of the financial statements.
• Conclude whether, in our judgment, there are conditions or events, considered in the
aggregate, that raise substantial doubt about the Village’s ability to continue as a going
concern for a reasonable period of time.
We are required to communicate with thos e charged with governance regarding, among other
matters, the planned scope and timing of the audit, significant aud it findings, and certain internal
control-related matters that we identified during the audit.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the
management’s discussion and analysis and the required supplementary information listed in the table
of contents be presented to supplement the basic financial statements. Such information is the
responsibility of management and, although not a part of the basic financial statements, is required
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by the Governmental Accounting Standards Board, who considers it to be an essential part of
financial reporting for placing the basic financial statements in an appropriate operational, economic
or historical context. We have applied certain limited procedures to the required supplementary
information in accordance with auditing standards generally accepted in the United S tates of
America, which consisted of inquiries of management about the methods of preparing the
information and comparing the information for consistency with management’s responses to our
inquiries, the basic financial statements and other knowledge we ob tained during our audit of the
basic financial statements. We do not express an opinion or provide any assurance on the
information because the limited procedures do not provide us with sufficient evidence to express an
opinion or provide any assurance.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the Village’s basic financial statements. The introductory section, combining
and individual fund financial statements and schedules, and statistical section are presented for
purposes of additional analysis and are not a required part of the basic financial statements. The
combining and individual fund financial statements and schedules are the responsibility of
management and were derived from and relate directly to the underlying accoun ting and other
records used to prepare the basic financial statements.
The information has been subjected to the auditing procedures applied in the audit of the basic
financial statements and certain additional procedures, including comparing and reconci ling such
information directly to the underlying accounting and other records used to prepare the basic
financial statements or to the basic financial statements themselves and other additional procedures
in accordance with auditing standards generally acc epted in the United States of America. In our
opinion, the combining and individual fund financial statements and schedules are fairly stated, in all
material respects, in relation to the basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual report. The other
information comprises the introductory and statistical sections but does not include the basic
financial statements and our auditor's report thereon. Our opinions on the basic financial statements
do not cover the other information, and we do not express an opinion or any form of assurance
thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other
information and consider whether a material inconsistency exists be tween the other information and
the basic financial statements, or the other information otherwise appe ars to be materially misstated.
If, based on the work performed, we conclude that an uncorrected material misstatement of the other
information exists, we are required to describe it in our report.
Naperville, Illinois
June 21, 2022
- 3 -
GENERAL PURPOSE EXTERNAL
FINANCIAL STATEMENTS
(See independent auditors’ report)
MD&A 1
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
December 31, 2021
As the management of the Village of Oak Brook (the “Village”), we offer readers of the Village’s
financial statements this narrative overview and analysis of the financial activities of the Village
for the fiscal year ended December 31, 2021. We encourage readers to consider the information
presented here in conjunction with additional information that we have furnished in the Transmittal
Letter (beginning on page iv) and the Village’s Financial Statements (beginning on page 4).
This discussion and analysis are designed to (1) assist the reader in focusing on significant financial
issues, (2) provide an overview of the Village’s financial activity, (3) identify changes in the
Village’s financial position (its ability to address the next and subsequent year challenges), (4)
identify any material deviations from the financial plan (the approved budget), and (5) identify
individual fund issues or concerns.
HIGHLIGHTS
Financial Highlights
• For the year ending December 31, 2021, the Village’s total (combined governmental and
business-type) assets and deferred outflows of resources exceeded liabilities and deferred
inflows of resources by $116.5 million (referred to as net position).
• The Village’s total net position increased by $16.1 million, or 16.1%, compared to the prior
year.
• The governmental activities reported total net position of $67.9 million, which is an
increase of $11.6 million, or 20.6%, in comparison to the prior year balance. The
unrestricted portion of the net position is a $20.2 million deficit, which is attributed to the
Village’s unfunded pension and OPEB liabilities.
• The business-type activities reported total net position of $48.6 million, which is an
increase of $4.5 million, or 10.2%, in comparison to the prior year balance. The unrestricted
portion of the net position is $4.5 million.
• The Village had a total (governmental and business-type activities combined) unrestricted
net position deficit of $15.6 million on December 31, 2021, which is an improvement of
$3.4 million from last year.
• Total revenues increased $7.4 million, or 16.2%, in comparison to the prior year. Of the
total increase, governmental activities revenues increased $4.7 million, or 14.7%, and
business-type activities revenues increased $2.7 million, or 20.0%.
• Total expenses decreased $1 million, or 2.6%, in comparison to the prior year. Of the total
decrease, governmental activities expenses decreased $2.4 million, or 8.7%, and business-
type activities expenses increased $1.5 million, or 15.0%.
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
MD&A 2
Government - Wide Financial Statements
The government-wide financial statements are designed to provide readers with a broad overview
of the Village’s finances, in a manner similar to a private-sector business. The focus of the
Statement of Net Position presents information on all the Village’s assets/deferred outflows of
resources and liabilities/deferred inflows of resources, with the difference between the two
reported as net position. This statement combines and consolidates governmental fund’s current
financial resources (short-term spendable resources) with capital assets and long-term obligations
using the accrual basis of accounting and economic resources measurement focus. Over time,
increases or decreases in net position may serve as a useful indicator of whether the financial
position of the Village is improving or deteriorating.
The Statement of Activities presents information showing how the government’s net position
changed during the most recent fiscal year. All changes in net position are reported as soon as the
underlying event giving rise to the change occurs, regardless of the timing of the cash flows. Thus,
revenues and expenses are reported in this statement for some items that will only result in cash
flows in future fiscal periods (e.g., earned but unused compensated absences).
Both government-wide financial statements (see pages 4-7) distinguish functions of the Village
that are principally supported by taxes and intergovernmental revenues (governmental activities)
from other functions that are intended to recover all or a significant portion of their costs through
user fees and charges (business-type activities). The governmental activities of the Village reflect
the Village’s basic services, including administration, police, fire and emergency medical services,
engineering, public works, library, and community development. The business-type activities of
the Village, which are based on a fee for service designed to cover all or most of the cost of
operation, include the waterworks system, operations of the Oak Brook Sports Core, and the
collection of golf surcharge fees.
Fund Financial Statements
Traditional users of governmental financial statements will find the Fund Financial Statements to
be more familiar. The focus of the presentation is on major funds rather than fund types. A fund is
a grouping of related accounts that is used to maintain control over resources that have been
segregated for specific activities or objectives. The Village, like other state and local governments,
uses fund accounting to ensure and demonstrate compliance with finance-related legal
requirements. All the funds of the Village can be divided into three categories: governmental
funds, proprietary funds, and fiduciary funds.
Governmental Funds. Governmental funds are used to account for the same functions reported as
governmental activities in the government-wide financial statements. However, unlike the
government-wide financial statements, governmental fund financial statements focus on near-term
inflows and outflows of spendable resources, as well as balances of spendable resources available
at the end of the fiscal year. Such information may be useful in evaluating a government’s near -
term financing requirements.
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
MD&A 3
Because the focus of governmental funds is narrower than that of the government-wide financial
statements, it is useful to compare the information presented for governmental funds with similar
information presented for governmental activities in the government-wide financial statements.
By doing so, readers may better understand the long-term impact of the government’s near-term
financing decisions. Both the governmental fund balance sheet and the governmental fund
statement of revenues, expenditures, and changes in fund balances provide a reconciliation to
facilitate this comparison between governmental funds and governmental activities.
The Village maintains six individual governmental funds. Information is presented separately in
the governmental fund balance sheet and statement of revenues, expenditures, and changes in fund
balances for the General Fund and Infrastructure Fund, , which are “major” funds. Data from the
other three governmental funds are combined into a single, aggregate presentation. Individual fund
data for each of these non-major governmental funds is provided in the form of combining
statements elsewhere in this report.
The Village adopts an annual budget for each of its governmental funds, except for the Foreign
Fire Insurance fund. A budgetary comparison statement has been provided elsewhere in this report
to demonstrate compliance with the budget. The basic governmental fund financial statements can
be found on pages 8 through 11 of this report.
Proprietary Funds. The Village maintains two distinct types of proprietary funds: enterprise funds
and internal service funds. Enterprise funds are used to report the same functions presented as
business-type activities in the government-wide financial statements. The Village uses enterprise
funds to account for its waterworks system, the operations of the Oak Brook Sports Core, and the
collection of the golf surcharge fees. Internal service funds are an accounting device used to
accumulate and allocate costs internally among the Village’s various functions. The Village uses
internal service funds to account for the costs of health and dental insurance, garage operations,
and the advance funding of equipment replacement. Because the Village’s costs for these items
relate to both governmental and business-type functions, the costs have been allocated to each type
of activity where appropriate.
Proprietary funds provide the same type of information as the government-wide financial
statements, only in more detail. The proprietary fund financial statements provide separate
information for the Waterworks System and the Oak Brook Sports Core, both of which are major
funds of the Village. The Golf Surcharge fund is a non-major enterprise fund. Conversely, the
internal service funds are combined into a single, aggregated presentation in the proprietary fund
financial statements. Individual fund data for the internal service funds is provided in the form of
combining statements elsewhere in this report.
The basic proprietary fund financial statements can be found on pages 12 through 16 of this
report.
Fiduciary Funds. Fiduciary funds are used to account for resources held for the benefit of parties
outside of the government. Fiduciary funds are not reflected in the government-wide financial
statements because the resources of those funds are not available to support the Village’s own
programs. The accounting used for fiduciary funds is much like that used for proprietary funds.
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
MD&A 4
The Village maintains two fiduciary funds: the Police Pension Fund and the Firefighters’ Pension
Fund. The Village does not adopt an annual budget for either of these funds.
The basic fiduciary fund financial statements can be found on pages 17 and 18 of this report.
Infrastructure Assets
Prior to 2003, the Village’s largest group of assets (infrastructure assets- roads, bridges, storm
sewers, etc.) were not reported nor depreciated in governmental financial statements. GASB
Statement No. 34, which was implemented in 2003, requires that these assets be valued and
reported within the Governmental Activities column of the Government-wide Statements.
Additionally, the Village must elect to (1) depreciate the assets over their estimated useful life or
(2) develop a system of asset management designed to maintain the service delivery potential to
near perpetuity (modified approach). The Village has chosen to depreciate assets over their useful
life. If a road project is considered maintenance-a recurring cost that does not extend the original
useful life or expand its capacity-the cost of the project will be expensed. An “overlay” of a road
will be considered maintenance whereas a “rebuild” of a road will be capitalized.
Notes to the Financial Statements
The notes provide additional information that is essential to a full understanding of the data
provided in the government-wide and fund financial statements. The notes to the financial
statements can be found on pages 19 through 63 of this report.
Other Information
In addition to the basic financial statements and accompanying notes, this report also presents
certain required supplementary information concerning the Village’s progress in funding its
pension obligations to provide benefits to its employees. Required supplementary information can
be found on pages 64 through 77 of this report.
The combining statements referred to earlier in connection with non-major governmental funds,
non-major enterprise funds, and internal service funds are presented immediately following the
required supplementary information on pensions. Combining and individual fund statements and
schedules can be found on pages 78 through 108 of this report.
Financial Analysis of the Village as a Whole
Beyond presenting current year financial information in the government-wide and major individual
fund formats, the Village also presents comparative information from the prior year in the
Management’s Discussion and Analysis. By doing so, the Village is providing an additional means
of analyzing its financial condition and financial position compared to December 31, 2020.
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
MD&A 5
GOVERNMENT-WIDE STATEMENTS
The Government-wide Financial Statements were designed so that the user can determine if the
Village’s financial position has improved or deteriorated from the prior year.
Statement of Net Position
The following table reflects a Summary of Net Position for fiscal years 2021 and 2020.
Cash and investments, included in the current and other assets line, increase $0.3 million, or 0.7%
compared to the prior year. Total cash and investments were $45.7 million on December 31, 2021,
with $41.1 million in Governmental Activities and $4.6 million in Business-Type Activities.
The net investment in capital assets is the largest portion of net position. This represents capital
assets (land, buildings, improvements, equipment, infrastructure, and construction in progress),
net of accumulated depreciation, and the outstanding related debt used to acquire the assets. The
Village uses these capital assets to provide services to its citizens and these assets are not available
for future spending. For more detailed information, see the Statement of Net Position on pages 4
through 5.
2021 2020 2021 2020 2021 2020
Assets
Current and Other Assets 53.9$ 47.7$ 6.6$ 9.1$ 60.5$ 56.8$
Capital Assets 76.4 69.8 44.1 37.4 120.5 107.2
Total Assets 130.3$ 117.5$ 50.7$ 46.5$ 181.0$ 164.0$
Deferred Outflows of Resources 4.1$ 3.4$ 0.6$ 0.7$ 4.7$ 4.1$
Liabilities
Long-Term Liabilities 46.8$ 51.0$ 1.0$ 1.5$ 47.8$ 52.5$
Other Liabilities 6.8 4.3 0.6 1.1 7.4 5.4
Total Liabilities 53.7$ 55.3$ 1.5$ 2.6$ 55.2$ 57.9$
Deferred Inflows of Resources 12.9$ 9.3$ 1.1$ 0.5$ 14.0$ 9.8$
NET POSITION
Net Investment in Capital Assets 75.9$ 69.2$ 44.1$ 37.5$ 119.9$ 106.7$
Restricted 12.2 12.7 - - 12.2 12.7
Unrestricted (20.2) (25.6) 4.5 6.6 (15.6) (19.0)
Total Net Position 67.9$ 56.3$ 48.6$ 44.1$ 116.5$ 100.4$
Table 1
Statement of Net Position Summary
As of December 31, 2021 and 2020
(in millions)
Governmental
Activities
Business-Type
Activities
Total Primary
Government
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
MD&A 6
Summary of Changes in Net Position
The following table summarizes the revenues and expenses found on the Statement of Activities
for 2021 and 2020:
2021 2020 2021 2020 2021 2020
Revenues
Program Revenues
Charges for Services 4.5$ 5.1$ 15.8$ 12.9$ 20.2$ 18.0$
Grants and Contributions 0.5 0.9 0.2 0.0 0.7 0.9
General Revenues
Sales and Local Use Taxes 23.0 16.8 - - 23.0 16.8
Utility Taxes 5.7 5.8 - - 5.7 5.8
Other Taxes 2.9 2.2 - - 2.9 2.2
Investment Income (0.1) 0.6 (0.0) 0.1 (0.1) 0.7
Miscellaneous 0.3 1.1 - (0.1) 0.3 1.0
Transfers - (0.4) - 0.4 - -
Total Revenues 36.8$ 32.1$ 16.0$ 13.3$ 52.8$ 45.4$
Expenses
General Government 4.4$ 4.5$ -$ -$ 4.4$ 4.5$
Public Safety 14.6 15.5 - - 14.6 15.5
Public Works 4.6 5.1 - - 4.6 5.1
Culture and Recreation 1.3 2.3 - - 1.3 2.3
Waterworks System - - 8.3 6.8 8.3 6.8
Sports Core - - 3.2 3.2 3.2 3.2
Interest and Fiscal Charges 0.2 0.2 - - 0.2 0.2
Total Expenses 25.2$ 27.6$ 11.5$ 10.0$ 36.6$ 37.6$
Change in Net Position 11.6$ 4.5$ 4.5$ 3.3$ 16.1$ 7.8$
Net Position - Beginning of Year 56.3$ 51.8$ 44.1$ 40.8$ 100.4$ 92.6$
Net Position - End of Year 67.9$ 56.3$ 48.6$ 44.1$ 116.5$ 100.4$
Activities Activities Government
Table 2
Statement of Activities Summary
As of December 31, 2021 and 2020
(in millions)
Governmental Business-Type Total Primary
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
MD&A 7
As highlighted earlier, total revenues increased $7.4 million, or 16.2%, compared to the prior year.
The increase is primarily from sales and local use taxes that were heavily impacted by the
Governor’s stay-at-home order. Covid-19 pandemic continues to have a significant impact on
several major revenue sources, including utility tax, hotel tax, water sales, and ambulance fees.
The pandemic also had a negative impact on the Village’s investment earnings.
Total expenses decreased $1.0 million, or 2.7%, compared to the prior year, which is due to several
cost saving efforts, such as part-time employee layoffs, and delays in capital projects.
Governmental Activities
Revenues – Governmental Activities
For the fiscal year ended December 31, 2021, Governmental Activities revenues totaled $36.8
million, an increase of $4.7 million from 2020. Revenue from sales and use taxes, which continues
to be the Village’s largest revenue source, amounted to $23 million and were 62.5% of total
Governmental Activities revenue. Sales and use tax revenue increased $6.2 million, or 36.7%,
from 2020 revenues. The increase is an indicator of economic recovery from the pandemic-induced
recession. Utility taxes, including taxes imposed on electric, natural gas, and telecommunications
services, were $5.7 million and accounted for 15.5% of total revenue. Utility tax revenue decreased
$0.1 million, or 1.7%, from 2020 due to overall lower usage.
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
MD&A 8
The “other taxes” classification includes several different revenue sources including income taxes,
personal property replacement taxes, and hotel taxes. For 2021, these revenues were $2.9 million,
which accounts for 7.8% of total Governmental Activities revenues. Other taxes increased $0.7
million, or 31.8%, from 2020. The increase is realized primarily from hotel tax revenue which was
heavily impacted by reduced travel during the pandemic.
The “charges for services” classification includes number of different licenses, permits, and fees.
For 2021, these revenues totaled $4.5 million, or 12.2% of total Governmental Activities revenues.
Charges for services decreased $0.6 million, or 11.7%, from 2020.
Expenses by Function – Governmental Activities
Expenses for Governmental Activities totaled $25.2 million in 2021, a decrease of $2.4 million,
or 8.7%, from 2020. Changes by individual function include:
• General government expenses were $4.4 million, decrease of $0.1 million, or 2.2%, from
2020. This is primarily due to salary and benefits savings from furloughs and part-time
layoffs, and improvements in the IMRF net pension liability due to favorable market
conditions in recent years.
• Public Safety expenses were $14.6 million, a decrease of $0.9 million, or 5.5%, from 2020.
This is attributed to a reduction in contracted ambulance services, normal personnel related
decreases due to retirements and staff turnover.
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
MD&A 9
• Public works expenses were $4.6 million, a decrease of $0.5 million, or 9.6%, from 2020.
The decrease is due to reduction in street resurfacing projects compared to last year.
• Culture and recreation expenses were $1.3 million, a decrease of $1.0 million, or 43.5%,
from 2020. The decrease is due to a 2020 loan made to Oak Brook Park District and hotel
district beatification projects.
Business-type Activities
The business-type activities net position increased $4.5 million, or 10.2%, compared to the prior
year. For business-type activities, revenues for the waterworks system were $11.7 million, which
increased by $1.9 million, or 18.7%, compared to the prior year. Water user rates were increased
4.0% in 2021. Program revenues for Sports Core were $3.9 million, which increased by $1.0
million, or 33.6%, compared to the prior year. The increase primarily relates resuming operations
previously restricted in 2020 by the Covid-19 pandemic. Further, Bath and Tennis clubhouse
rentals increase from Covid-19 2020 restrictions on events and gatherings.
For business-type activities, expenses for the waterworks system were $8.2 million, an increase of
$1.5 million, or 21.5% from 2020. The increase is due to continued improvements to our water
mains, upgrades to the SCADA system, and other capital replacements. Sports Core expenses were
$3.2 million, or 0.12% decrease from 2020. The decrease is due to the outsourcing of swimming,
tennis, and soccer operations.
Program
Program Revenues Expenses
Waterworks Sytem 11,738,622$ 8,270,275$
Sports Core 3,899,894 3,200,299
Golf Surcharge 146,180 -
Total 15,784,696$ 11,470,574$
Revenues and Expenses - Business-Type Activites
For the Fiscal Year Ended December 31, 2021
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
MD&A 10
FINANCIAL ANALYSIS OF THE VILLAGES FUNDS
Governmental Funds
As noted earlier, the Village of Oak Brook uses fund accounting to ensure and demonstrate
compliance with finance-related legal requirements. As of December 31, 2021, the governmental
funds (as presented on the balance sheet on pages 8 through 9) had a combined fund balance of
$43.5 million, which is a decrease of $2.7 million over the prior year. Below is a brief summary
on major changes in the Village’s major governmental funds.
The fund balance in the General Fund increased $3.1 million from 2020 to 2021, to a total of $31.3
million. General Fund revenues came in $4.4 million over budget in 2021, while expenditures were
$0.9 million under the final amended budget. Table 3 below details the General Fund major
revenue and expenditure line items compared to original and amended budget.
General Fund intergovernmental revenues were over budget due primarily to conservative sales
tax budget projections based on uncertainty surrounding post Covid-19 recoveries. Within the
intergovernmental category, sales tax revenue receipts were $4.4 million higher than budget
projections.
Original Amended
Budget Budget Actual
Revenues
Intergovernmental 13,196,695$ 13,196,695$ 17,864,575$
Utility Taxes 5,995,000 5,995,000 5,698,119
Licenses & Permits 2,180,360 2,180,360 2,438,302
Charges for Services 1,520,040 1,520,040 1,692,157
Other 926,280 926,280 531,183
Total Revenues 23,818,375$ 23,818,375$ 28,224,336$
Expenditures
General Government 4,082,925$ 4,157,275$ 3,776,264$
Public Safety 16,727,630 16,793,430 16,538,050
Public Works 1,010,860 1,012,045 839,057
Culture and Recreation 943,405 975,970 925,176
Total Expenditures 22,764,820$ 22,938,720$ 22,078,547$
Other Financing Sources (Uses)
Transfers Out (100,000)$ (3,100,000)$ (3,000,000)$
Total Other Financing Sources (Uses)(100,000)$ (3,100,000)$ (3,000,000)$
Change in Fund Balance 953,555$ (2,220,345)$ 3,145,789$
Table 3
General Fund Budgetary Highlights
For the Fiscal Year Ended December 31, 2021
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
MD&A 11
Utility taxes were under budget by $0.3 million due to a general slowdown in usage. Licenses and
Permits revenues were $0.25 million over budget projections due to strong building permit revenue
from commercial development. Charges for Services revenues were $0.2 million over budget
projections due primarily to normal operation levels resuming after Covid-19 pandemic
restrictions were eased.
General Fund expenditures continue to be conservative in annual spending. Actual expenditures
fell short of both the original budget and amended budget in 2021 by nearly $0.9 million. The
Village experienced savings due to personnel changes, and delays in capital projects.
The fund balance in the Infrastructure Fund increased $1.8 million from 2020 to 2021, to a total
of $8.8 million. Revenues came in $1.3 million over budget in 2021, while expenditures were $1.1
million under the final amended budget. The Village had planned for several major street
improvement and building projects to kick off in 2021, but activity was lower than projected due
to projects being put on hold for further evaluation. Many of these projects will carry into 2022
and beyond. The Infrastructure Fund historically accumulates and saves funds for major projects;
therefore, it is common to see significant increases or decreases in fund balance each year
depending on project schedules.
Budget Policy
In 2003, the Village Board policy was to require budget transfers when an individual program or
fund exceeds its budget in total. In addition to these program transfers, beginning in 2004 the
Village Board approved an ordinance requiring a budget transfer for any individual line-item
account that exceeded its budget by more than 110%. In October 2006 this policy was further
revised by eliminating the 110% threshold and instead requiring a line-item budget transfer for
any variance exceeding $10,000 in a personnel series account and variances exceeding $2,500 in
all other accounts.
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
MD&A 12
Capital Assets
The following table reflects the Village’s capital asset balances as of December 31, 2021 and
2020.
At year-end, the Village’s net investment in capital assets (net of accumulated depreciation and
related long-term debt) for both its governmental and business-type activities was $120.0 million,
an increase of $13.3 million from 2020 (see Note II.C. in the Notes to the Financial Statements for
further information regarding capital assets). Major capital asset events during 2021 were:
• For Governmental Activities, major capital projects include road and bridge improvements,
facility projects, and vehicle replacements.
• For Business-Type Activities, capital spending includes various water main replacements,
SCADA system improvements, water tower painting, Golf club house renovation, and various
equipment replacements.
2021 2020 2021 2020 2021 2020
Land and Land Right of Way 33.2$ 33.2$ 8.3$ 8.3$ 41.5$ 41.5$
Construction in Progress 4.6 2.4 0.9 0.8 5.5 3.2
Buildings and Land Improvements 27.5 27.5 11.0 10.6 38.5 38.1
Machinery, Vehicles, and Equipment 10.5 10.2 7.5 6.1 18.0 16.3
Infrastructure 48.4 41.9 39.8 33.9 88.2 75.8
Total 124.3$ 115.2$ 67.5$ 59.7$ 191.8$ 174.9$
Accumulated Depreciation (47.8)$ (45.4)$ (23.5)$ (22.3)$ (71.2)$ (67.7)$
Total Capital Assets 76.5$ 69.8$ 44.1$ 37.4$ 120.5$ 107.2$
Activities
Business-Type
Activities
Total Primary
Government
Table 4
Capital Assets
As of December 31, 2021 and 2020
(in millions)
Governmental
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
MD&A 13
Long-Term Debt
As a “non-home rule community,” the Village’s legal general obligation debt limit is 8.625 percent
of equalized assessed valuation (EAV), or $144,386,656 based on January 1, 2021 EAV of
$1,674,048,182. As of December 31, 2021, the Village had no debt outstand ing applicable to the
legal limit (see Note II.E. in the Notes to the Financial Statements for details of each issue). Table
5 below summarizes the Village’s outstanding long-term debt:
The Village’s note payable is to the Tax Increment Financing (TIF) District developers for certain
improvements in the TIF area located at the Promenade (22nd Street and Meyers Road). The TIF
Note is not a general obligation to the Village, and it expires in 2024. Repayment of the note is
limited to the availability of pledged taxes.
In 2018, the Village entered into an agreement to lease certain administration, public works, and
public safety vehicles. Four vehicles were received and placed into service during 2021, which
brings the total number of leased vehicles to nineteen. These leases run for three and five years,
depending on vehicle type and department function.
Economic Factors and Next Year’s Budget
Whereas real estate taxes are typically a major source of revenue in most other municipalities, the
Village of Oak Brook does not levy a tax on real estate. In addition, since Oak Brook is a non -
home rule community and is subject to the tax cap, this effectively limits the Village’s real estate
tax levy at $-0-. Thus, as compared to other municipalities, Oak Brook’s revenue stream is much
more dependent on the local and national economy since sales taxes, utility taxes, and state-shared
revenues are the primary sources of income to the Village.
During fiscal year 2021, unassigned fund balance in the General Fund increased from $28.1
million to $31.3 million primarily due to cost saving measures the Village undertook in response
to the COVID-19 pandemic. Total 2021 General Fund revenues increased $4.4 million from 2020,
while expenditures decreased $0.9 million from 2020. The Village strives to maintain a strong
reserve balance due to the volatility of its major revenue sources.
2021 2020 2021 2020 2021 2020
Note Payable 2.3$ 2.6$ -$ -$ 2.3$ 2.6$
Capital Lease Payable 0.6 0.5 - - 0.6 0.5
Total Long-Term Debt 2.9$ 3.1$ -$ -$ 2.9$ 3.1$
Activities Activities Government
Table 5
Long-Term Debt
As of December 31, 2021 and 2020
(in millions)
Governmental Business-Type Total Primary
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
MD&A 14
The 2022 Budget continues to be a conservative financial plan while providing excellent services
to its residents and business community. The total 2022 budgeted revenues are $55.5 million, an
increase of $3.1 million, or 5.8%, from the 2021 Budget (excludes Pension Trust and Foreign Fire
Tax Funds). The total spending in the 2022 Budget is $58.8 million, a decrease of $4.1 million, or
6.4%, from the 2021 Budget (excludes Pension Trust and Foreign Fire Tax Funds).
The projected ending cash balance for 2022 in the General Corporate Fund of $31.4 million is
equal to 16.0 months of operating expenditures, which is above the Village’s six-month reserve
policy.
The COVID-19 pandemic will continue to have an impact on the Village’s future operating
budgets. Revenues from sales tax, non-home rule sales tax, income tax, and other major sources
are likely to see a slow recovery as the pandemic reaches an end. The Village has many new
developments underway that are likely to help the recovery over the next few years. We will
continue to closely monitor the economic effects of the pandemic and take steps to reduce the
operating budget, as necessary. Staff is also reviewing all discretionary spending and revising
operating plans on an ongoing basis.
CONTACTING THE VILLAGE’S FINANCE DEPARTMENT
This financial report is designed to provide our citizens, customers, investors, and creditors with a
general overview of the Village’s finances and to demonstrate accountability for the money it
receives. Questions concerning this report or requests for additional financial information should
be directed to Marilyn Fumero, Finance Director, Village of Oak Brook, 1200 Oak Brook Road,
Oak Brook, IL 60523.
BASIC FINANCIAL STATEMENTS
Governmental Business-Type
Activities Activities Total
ASSETS
Cash and investments 41,170,657$ 4,575,492$ 45,746,149$
Receivables (net, where applicable,
of allowance for uncollectibles)
Property taxes 408,400 - 408,400
Sales taxes 7,599,752 - 7,599,752
Utility tax 1,280,989 - 1,280,989
Accounts 535,052 - 535,052
Allotments 29,314 1,073,233 1,102,547
Accrued interest 116,123 21,021 137,144
Other 1,482,969 331,965 1,814,934
Internal balances (149,768) 149,768 -
Prepaid expenses 150,310 - 150,310
Inventory 64,513 99,124 163,637
Net pension asset 1,169,050 367,421 1,536,471
Capital assets not being depreciated 37,808,438 9,176,226 46,984,664
Capital assets being depreciated,
net of accumulated depreciation 38,670,412 34,891,559 73,561,971
Total assets 130,336,211 50,685,809 181,022,020
DEFERRED OUTFLOWS OF RESOURCES
Pension items - Police Pension 527,664 - 527,664
Pension items - Firefighters' Pension 1,870,261 - 1,870,261
Pension items - IMRF 527,059 165,649 692,708
Deferred outflows of resources - OPEB 1,208,673 98,099 1,306,772
Deferred outflows of resources - ARO - 294,000 294,000
Total deferred outflows of resources 4,133,657 557,748 4,691,405
Total assets and deferred outflows of resources 134,469,868 51,243,557 185,713,425
LIABILITIES
Accounts payable 4,354,091 410,465 4,764,556
Accrued payroll 326,150 18,819 344,969
Deposits payable 1,309,571 100,988 1,410,559
Unearned revenue 653,934 25,196 679,130
Interest payable 76,707 - 76,707
Claims payable 102,979 - 102,979
Long-term liabilities
Due within one year 1,584,497 83,873 1,668,370
Due in more than one year 45,266,377 882,721 46,149,098
Total liabilities 53,674,306 1,522,062 55,196,368
DEFERRED INFLOWS OF RESOURCES
Pension items - Police Pension 4,586,501 - 4,586,501
Pension items - Firefighters' Pension 3,861,933 - 3,861,933
Pension items - IMRF 3,373,636 1,060,301 4,433,937
Deferred inflows of resources - OPEB 645,574 52,397 697,971
Deferred revenue - property taxes 408,400 - 408,400
Total deferred inflows of resources 12,876,044 1,112,698 13,988,742
Total liabilities and deferred inflows of resources 66,550,350 2,634,760 69,185,110
VILLAGE OF OAK BROOK, ILLINOIS
STATEMENT OF NET POSITION
December 31, 2021
This statement is continued on the following page.)
- 4 -
Governmental Business-Type
Activities Activities Total
NET POSITION
Net investment in capital assets 75,889,586$ 44,067,785$ 119,957,371$
Restricted for
Infrastructure 8,806,294 - 8,806,294
Highways and streets 1,182,461 - 1,182,461
Fire department 205,101 - 205,101
Culture and recreation 1,699,901 - 1,699,901
Economic development 298,387 - 298,387
Unrestricted (deficit)(20,162,212) 4,541,012 (15,621,200)
TOTAL NET POSITION 67,919,518$ 48,608,797$ 116,528,315$
December 31, 2021
VILLAGE OF OAK BROOK, ILLINOIS
STATEMENT OF NET POSITION (Continued)
See accompanying notes to financial statements.
- 5 -
Operating Capital
Charges Grants and Grants and
FUNCTIONS/PROGRAMS Expenses for Services Contributions Contributions
PRIMARY GOVERNMENT
Governmental Activities
General government 4,417,797$ 2,950,507$ -$ -$
Public safety 14,647,817 1,454,401 33,066 -
Public works 4,619,199 47,581 482,045 -
Culture and recreation 1,325,028 6,205 - -
Interest and fees 192,166 - - -
Total governmental activities 25,202,007 4,458,694 515,111 -
Business-Type Activities
Water and sewer 8,270,275 11,738,622 - -
Sports core 3,200,299 3,899,894 - 198,211
Golf surcharge - 146,180 - -
Total business-type activities 11,470,574 15,784,696 - 198,211
TOTAL PRIMARY GOVERNMENT 36,672,581$ 20,243,390$ 515,111$ 198,211$
Program Revenues
VILLAGE OF OAK BROOK, ILLINOIS
STATEMENT OF ACTIVITIES
For the Year Ended December 31, 2021
- 6 -
Governmental Business-Type
Activities Activities Total
(1,467,290)$ -$ (1,467,290)$
(13,160,350) - (13,160,350)
(4,089,573) - (4,089,573)
(1,318,823) - (1,318,823)
(192,166) - (192,166)
(20,228,202) - (20,228,202)
- 3,468,347 3,468,347
- 897,806 897,806
- 146,180 146,180
- 4,512,333 4,512,333
(20,228,202) 4,512,333 (15,715,869)
General Revenues
Taxes
Property 408,456 - 408,456
Sales, local use 7,066,765 - 7,066,765
Utility 5,698,119 - 5,698,119
Hotel/motel 811,146 - 811,146
Other 123,601 - 123,601
Intergovernmental
State sales tax 15,913,212 - 15,913,212
State income tax 1,043,412 - 1,043,412
Personal property replacement 520,437 - 520,437
Investment income (53,795) (8,876) (62,671)
Miscellaneous 340,519 - 340,519
Total 31,871,872 (8,876) 31,862,996
CHANGE IN NET POSITION 11,643,670 4,503,457 16,147,127
NET POSITION, JANUARY 1 56,275,848 44,105,340 100,381,188
NET POSITION, DECEMBER 31 67,919,518$ 48,608,797$ 116,528,315$
Primary Government
and Change in Net Position
Net (Expense) Revenue
See accompanying notes to financial statements.
- 7 -
Nonmajor Total
General Infrastructure Governmental Governmental
Cash and investments 25,772,345$ 10,831,789$ 3,396,595$ 40,000,729$
Receivables
Property taxes - - 408,400 408,400
Sales taxes 5,360,306 2,239,446 - 7,599,752
Utility taxes 1,280,989 - - 1,280,989
Accounts 535,052 - - 535,052
Allotments - - 29,314 29,314
Accrued interest 84,169 22,512 7,172 113,853
Other 759,621 224,483 402,708 1,386,812
Inventories 1,611 - - 1,611
Prepaid items 54,162 - - 54,162
TOTAL ASSETS 33,848,255$ 13,318,230$ 4,244,189$ 51,410,674$
LIABILITIES
Accounts payable 199,323$ 3,719,677$ 149,939$ 4,068,939$
Accrued payroll 297,685 25,209 - 322,894
Deposits payable 1,309,571 - - 1,309,571
Unearned revenue 80,590 545,427 - 626,017
Total liabilities 1,887,169 4,290,313 149,939 6,327,421
DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - property taxes - - 408,400 408,400
Unavailable other receivables 613,148 221,623 300,000 1,134,771
Total deferred inflows of resources 613,148 221,623 708,400 1,543,171
Total liabilities and deferred inflows of resources 2,500,317 4,511,936 858,339 7,870,592
FUND BALANCES
Nonspendable
Inventory 1,611 - - 1,611
Prepaid items 54,162 - - 54,162
Restricted
Infrastructure - 8,806,294 - 8,806,294
Highways and streets - - 1,182,461 1,182,461
Public safety - - 205,101 205,101
Culture and recreation - - 1,699,901 1,699,901
Economic development - - 298,387 298,387
Unassigned 31,292,165 - - 31,292,165
Total fund balances 31,347,938 8,806,294 3,385,850 43,540,082
TOTAL LIABILITIES, DEFERRED INFLOWS
OF RESOURCES, AND FUND BALANCES 33,848,255$ 13,318,230$ 4,244,189$ 51,410,674$
OF RESOURCES, AND FUND BALANCES
LIABILITIES, DEFERRED INFLOWS
ASSETS
VILLAGE OF OAK BROOK, ILLINOIS
GOVERNMENTAL FUNDS
December 31, 2021
BALANCE SHEET
See accompanying notes to financial statements.
- 8 -
FUND BALANCES OF GOVERNMENTAL FUNDS 43,540,082$
Amounts reported for governmental activities in the statement of net position are
different because:
Capital assets used in governmental activities are not financial resources and,
therefore, are not reported in the governmental funds 73,167,141
Unavailable other receivables recognized in the statement of net position do
not provide current financial resources and are included as deferred inflows
of resources in the governmental funds balance sheet 1,134,771
Differences between expected and actual experiences, assumption changes,
and net difference between projected and actual earnings for the Police
Pension Fund are recognized as deferred outflows and inflows of resources
on the statement of net position (4,058,837)
Differences between expected and actual experiences, assumption changes,
and net difference between projected and actual earnings for the Firefighters'
Pension Fund are recognized as deferred outflows and inflows of resources
on the statement of net position (1,991,672)
Differences between expected and actual experiences, assumption changes,
and net difference between projected and actual earnings for the Illinois
Municipal Retirement Fund are recognized as deferred outflows and inflows
of resources on the statement of net position (2,763,572)
Differences between expected and actual experiences, assumption changes, and
net difference between projected and actual earnings for the other postemployment
benefit plan are recognized as deferred outflows and inflows of resources on the
statement of net position 558,835
Long-term liabilities are not due and payable in the current period and, therefore,
are not reported in the governmental funds
Notes payable (2,301,263)
Net pension liability - Police Pension (16,325,598)
Net pension liability - Firefighters' Pension (19,282,526)
Net pension asset - IMRF 1,134,961
Compensated absences payable (1,089,174)
Other postemployment benefit liability (7,204,107)
Accrued interest on long-term liabilities is reported as a liability on the statement
of net position (76,707)
The net position of the Internal Service Fund is included in the governmental
activities in the statement of net position 3,477,184
NET POSITION OF GOVERNMENTAL ACTIVITIES 67,919,518$
VILLAGE OF OAK BROOK, ILLINOIS
RECONCILIATION OF FUND BALANCES OF GOVERNMENTAL FUNDS TO THE
GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF NET POSITION
December 31, 2021
See accompanying notes to financial statements.
- 9 -
Nonmajor Total
General Infrastructure Governmental Governmental
REVENUES
Intergovernmental 17,864,575$ -$ 758,403$ 18,622,978$
Municipal sales tax - - 108,147 108,147
Non-home rule sales tax - 6,651,414 - 6,651,414
Utility taxes 5,698,119 - - 5,698,119
Hotel/motel taxes - - 811,146 811,146
Licenses and permits 2,438,302 - - 2,438,302
Charges for services 1,692,157 - - 1,692,157
Property taxes - - 408,456 408,456
Fines and penalties 328,234 - - 328,234
Investment income (44,605) (8,263) (927) (53,795)
Miscellaneous 247,554 4,276 9,485 261,315
Total revenues 28,224,336 6,647,427 2,094,710 36,966,473
EXPENDITURES
Current
General government 3,776,264 165,612 88,160 4,030,036
Public safety 16,538,050 - 78,752 16,616,802
Public works 839,057 11,107,171 - 11,946,228
Culture and recreation 925,176 - 265,477 1,190,653
Debt service
Principal - - 280,000 280,000
Interest and fiscal charges - - 201,500 201,500
Total expenditures 22,078,547 11,272,783 913,889 34,265,219
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 6,145,789 (4,625,356) 1,180,821 2,701,254
OTHER FINANCING SOURCES (USES)
Transfers in - 6,450,463 - 6,450,463
Transfers (out)(3,000,000) - (3,450,463) (6,450,463)
Total other financing sources (uses)(3,000,000) 6,450,463 (3,450,463) -
NET CHANGE IN FUND BALANCES 3,145,789 1,825,107 (2,269,642) 2,701,254
FUND BALANCES, JANUARY 1 28,202,149 6,981,187 5,655,492 40,838,828
FUND BALANCES, DECEMBER 31 31,347,938$ 8,806,294$ 3,385,850$ 43,540,082$
For the Year Ended December 31, 2021
VILLAGE OF OAK BROOK, ILLINOIS
GOVERNMENTAL FUNDS
STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
See accompanying notes to financial statements.
- 10 -
NET CHANGE IN FUND BALANCES - TOTAL GOVERNMENTAL FUNDS 2,701,254$
Amounts reported for governmental activities in the statement of activities are
different because:
Governmental funds report capital outlay as expenditures; however, they
are capitalized on the statement of net position and depreciated on the
statement of activities 8,821,785
Depreciation expense does not require the use of current financial resources
and, therefore, is not reported as an expenditure in governmental funds (1,896,464)
Loss on disposal of capital assets (10,248)
Receivables not currently available are reported as revenue when collected
or currently available in the fund financial statements but are recognized
as revenue when earned in the government-wide financial statements (120,796)
The repayment of the principal portion of long-term debt is reported as an
expenditure when due in governmental funds but as a reduction of principal
outstanding on the statement of net position 280,000
The change in accrued interest is reported as expenses on the statement of
activities 9,334
The change in compensated absences payable is shown as an expense of the
statement of activities 104,935
The change in the other postemployment benefit liability, deferred outflows
and inflows of resources (589,572)
The change in the Police Pension Fund net pension liability and deferred
outflows/inflows of resources is not a source or use of a financial resource 1,338,627
The change in the Firefighters' Pension Fund net pension liability and deferred
outflows of resources is not a source or use of a financial resource 1,248,798
The change in the Illinois Municipal Retirement Fund net pension liability and
deferred outflows/inflows of resources is not a source or use of a financial
resource 144,014
The change in net position of Internal Service Funds is reported in governmental
activities (387,997)
CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES 11,643,670$
For the Year Ended December 31, 2021
VILLAGE OF OAK BROOK, ILLINOIS
RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES,
EXPENDITURES, AND CHANGES IN FUND BALANCES TO THE
GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF ACTIVITIES
See accompanying notes to financial statements.
- 11 -
Governmental
Activities
Nonmajor
Enterprise
Waterworks Fund - Golf Internal
System Sports Core Surcharge Total Service
CURRENT ASSETS
Cash and investments 3,571,241$ 725,478$ 278,773$ 4,575,492$ 1,169,928$
Receivables
Billed and unbilled water sales 1,073,233 - - 1,073,233 -
Accrued interest 21,021 - - 21,021 2,270
Other 141,476 190,489 - 331,965 96,157
Inventory - 99,124 - 99,124 62,902
Prepaid expenses - - - - 96,148
Total current assets 4,806,971 1,015,091 278,773 6,100,835 1,427,405
NONCURRENT ASSETS
Net pension asset 149,737 217,684 - 367,421 34,089
Capital assets
Assets not being depreciated 238,975 8,937,251 - 9,176,226 -
Assets being depreciated
Cost 45,805,661 12,546,958 - 58,352,619 7,627,755
Accumulated depreciation (15,476,670) (7,984,390) - (23,461,060) (4,316,046)
Net capital assets being depreciated 30,328,991 4,562,568 - 34,891,559 3,311,709
Net capital assets 30,567,966 13,499,819 - 44,067,785 3,311,709
Total noncurrent assets 30,717,703 13,717,503 - 44,435,206 3,345,798
Total assets 35,524,674 14,732,594 278,773 50,536,041 4,773,203
DEFERRED OUTFLOWS OF RESOURCES
Pension items - IMRF 67,508 98,141 - 165,649 15,369
Deferred outflows of resources - OPEB 34,637 63,462 - 98,099 9,152
Deferred outflows of resources - ARO 294,000 - - 294,000 -
Total deferred outflows of resources 396,145 161,603 - 557,748 24,521
Total assets and deferred outflows of resources 35,920,819 14,894,197 278,773 51,093,789 4,797,724
VILLAGE OF OAK BROOK, ILLINOIS
PROPRIETARY FUNDS
STATEMENT OF NET POSITION
December 31, 2021
Business-Type Activities
(This statement is continued on the following page.)
- 12 -
Governmental
Activities
Nonmajor
Enterprise
Waterworks Fund - Golf Internal
System Sports Core Surcharge Total Service
CURRENT LIABILITIES
Accounts payable 354,146$ 56,319$ -$ 410,465$ 285,152$
Accrued payroll 7,518 11,301 - 18,819 3,256
Current compensated absences payable 21,709 44,104 - 65,813 3,380
Deposits payable 101 100,887 - 100,988 -
Unearned revenue - 25,196 - 25,196 27,917
Current other postemployment benefit liability 7,955 10,105 - 18,060 1,505
Current capital lease obligation - - - - 150,184
Claims payable - - - - 102,979
Total current liabilities 391,429 247,912 - 639,341 574,373
NONCURRENT LIABILITIES
Compensated absences payable 3,831 7,783 - 11,614 597
Other postemployment benefit liability 200,069 371,038 - 571,107 53,460
Asset retirement obligation 300,000 - - 300,000 -
Capital lease obligation - - - - 439,080
Total noncurrent liabilities 503,900 378,821 - 882,721 493,137
Total liabilities 895,329 626,733 - 1,522,062 1,067,510
DEFERRED INFLOWS OF RESOURCES
Pension items - IMRF 432,112 628,189 - 1,060,301 98,374
Deferred inflows of resources - OPEB 18,500 33,897 - 52,397 4,888
Total deferred inflows of resources 450,612 662,086 - 1,112,698 103,262
Total liabilities and deferred inflows of resources 1,345,941 1,288,819 - 2,634,760 1,170,772
NET POSITION
Net investment in capital assets 30,567,966 13,499,819 - 44,067,785 2,722,445
Unrestricted 4,006,912 105,559 278,773 4,391,244 904,507
TOTAL NET POSITION 34,574,878$ 13,605,378$ 278,773$ 48,459,029 3,626,952$
Adjustment to reflect the consolidation
of internal service fund activities related
to enterprise funds 149,768
TOTAL NET POSITION OF
BUSINESS-TYPE ACTIVITIES 48,608,797$
Business-Type Activities
STATEMENT OF NET POSITION (Continued)
December 31, 2021
VILLAGE OF OAK BROOK, ILLINOIS
PROPRIETARY FUNDS
See accompanying notes to financial statements.
- 13 -
Governmental
Activities
Nonmajor
Enterprise
Waterworks Fund - Golf Internal
System Sports Core Surcharge Total Service
OPERATING REVENUES
Charges for services 11,758,521$ 3,903,894$ 146,180$ 15,808,595$ 4,446,103$
Total operating revenues 11,758,521 3,903,894 146,180 15,808,595 4,446,103
OPERATING EXPENSES
Operations 7,235,957 2,776,829 - 10,012,786 564,894
Claims and insurance - - - - 3,589,574
Miscellaneous - - - - 152,601
Depreciation and amortization 911,349 417,229 - 1,328,578 708,794
Total operating expenses 8,147,306 3,194,058 - 11,341,364 5,015,863
OPERATING INCOME (LOSS)3,611,215 709,836 146,180 4,467,231 (569,760)
NON-OPERATING REVENUES (EXPENSES)
Investment income (8,944) 68 - (8,876) (713)
Interest expense - - - - (19,498)
Gain (loss) on disposal of capital assets (19,899) (4,000) - (23,899) 72,764
Total non-operating revenues (expenses)(28,843) (3,932) - (32,775) 52,553
INCOME BEFORE CONTRIBUTIONS 3,582,372 705,904 146,180 4,434,456 (517,207)
CAPITAL GRANTS AND CONTRIBUTIONS - 198,211 - 198,211 -
CHANGE IN NET POSITION 3,582,372 904,115 146,180 4,632,667 (517,207)
NET POSITION, JANUARY 1 30,992,506 12,701,263 132,593 4,144,159
NET POSITION, DECEMBER 31 34,574,878$ 13,605,378$ 278,773$ 3,626,952$
Adjustment to reflect the consolidation
of internal service fund activities related
to enterprise funds (129,210)
CHANGE IN NET POSITION OF
BUSINESS-TYPE ACTIVITIES 4,503,457$
Business-Type Activities
For the Year Ended December 31, 2021
VILLAGE OF OAK BROOK, ILLINOIS
PROPRIETARY FUNDS
STATEMENT OF REVENUES, EXPENSES, AND
CHANGES IN NET POSITION
See accompanying notes to financial statements.
- 14 -
Governmental
Activities
Nonmajor
Enterprise
Waterworks Fund - Golf Internal
System Sports Core Surcharge Total Service
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers and users 11,728,312$ 3,723,488$ 146,180$ 15,597,980$ 1,085,646$
Receipts from internal service transactions - - - - 3,572,976
Payments to suppliers (6,922,756) (1,345,370) - (8,268,126) (3,905,969)
Payments to employees (823,483) (1,463,484) - (2,286,967) (189,881)
Net cash from operating activities 3,982,073 914,634 146,180 5,042,887 562,772
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Amounts received from (paid to) other funds - - - - (272,398)
Net cash from noncapital financing activities - - - - (272,398)
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Purchases of capital assets (7,312,879) (650,911) - (7,963,790) -
Payment of deposit on capital asset - - - - (12,918)
Proceeds from disposal of capital assets - - - - 88,549
Grant receipts - 198,211 - 198,211 -
Principal payments on capital lease - - - - (171,996)
Interest payments on capital lease - - - - (19,498)
Net cash from capital and related
financing activities (7,312,879) (452,700) - (7,765,579) (115,863)
CASH FLOWS FROM INVESTING ACTIVITIES
Sale (purchase) of investment securities 71,899 - - 71,899 32,570
Interest on investments (2,093) 68 - (2,025) 221
Net cash from investing activities 69,806 68 - 69,874 32,791
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (3,261,000) 462,002 146,180 (2,652,818) 207,302
CASH AND CASH EQUIVALENTS, JANUARY 1 3,303,840 263,476 132,593 3,699,909 581,383
CASH AND CASH EQUIVALENTS, DECEMBER 31 42,840$ 725,478$ 278,773$ 1,047,091$ 788,685$
VILLAGE OF OAK BROOK, ILLINOIS
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For the Year Ended December 31, 2021
Business-Type Activities
(This statement is continued on the following page.)
- 15 -
Governmental
Activities
Nonmajor
Enterprise
Waterworks Fund - Golf Internal
System Sports Core Surcharge Total Service
CASH AND INVESTMENTS
Cash and cash equivalents 42,840$ 725,478$ 278,773$ 1,047,091$ 788,685$
Investments 3,528,401 - - 3,528,401 381,243
TOTAL CASH AND INVESTMENTS 3,571,241$ 725,478$ 278,773$ 4,575,492$ 1,169,928$
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH FLOWS FROM
OPERATING ACTIVITIES
Operating income (loss)3,611,215$ 709,836$ 146,180$ 4,467,231$ (569,760)$
Adjustments to reconcile operating income (loss) to
net cash from operating activities
Depreciation and amortization 911,349 417,229 - 1,328,578 708,794
Changes in current assets and liabilities
Accounts receivable (30,209) (62,904) - (93,113) 212,519
Prepaid expenses - - - - (10,677)
Inventory - 9,682 - 9,682 (8,687)
Accounts payable (400,785) 83 - (400,702) 277,550
Accrued payroll (580) 2,239 - 1,659 757
Deposits payable (716) (12,720) - (13,436) -
Compensated absences payable (22,427) (2,108) - (24,535) (6,555)
Pension items - IMRF (29,658) (65,998) - (95,656) (15,729)
Pension items - OPEB (56,116) 36,797 - (19,319) 349
Unearned revenue - (117,502) - (117,502) 4,993
Claims payable - - - - (30,782)
NET CASH FROM OPERATING ACTIVITIES 3,982,073$ 914,634$ 146,180$ 5,042,887$ 562,772$
NONCASH TRANSACTIONS
Capital assets financed by capital leases -$ -$ -$ -$ 226,593$
Loss on disposal of capital assets 19,899 4,000 - 23,899 -
TOTAL NONCASH TRANSACTIONS 19,899$ 4,000$ -$ 23,899$ 226,593$
Business-Type Activities
For the Year Ended December 31, 2021
VILLAGE OF OAK BROOK, ILLINOIS
STATEMENT OF CASH FLOWS (Continued)
PROPRIETARY FUNDS
See accompanying notes to financial statements.
- 16 -
ASSETS
Cash and short-term investments 432,633$
Investments at fair value
Certificates of deposit 366,777
Money markets 3,445,852
U.S. Treasury obligations 3,499,563
U.S. agency obligations 10,909,513
State and local obligations 2,420,242
Corporate bonds 9,455,586
Mutual funds 56,990,563
Receivables
Accrued interest 168,799
Due from municipality 212
Prepaid items 4,775
Total assets 87,694,515
LIABILITIES
Accounts payable 39,126
Total liabilities 39,126
NET POSITION RESTRICTED
FOR PENSIONS 87,655,389$
VILLAGE OF OAK BROOK, ILLINOIS
STATEMENT OF FIDUCIARY NET POSITION
December 31, 2021
PENSION TRUST FUNDS
See accompanying notes to financial statements.
- 17 -
ADDITIONS
Contributions
Employer 4,306,725$
Employee 905,151
Total contributions 5,211,876
Investment income
Net appreciation in
fair value of investments 7,367,127
Interest 2,515,232
Total investment income 9,882,359
Less investment expenses (159,851)
Net investment income 9,722,508
Total additions 14,934,384
DEDUCTIONS
Benefits and refunds 6,521,081
Administrative expenses 115,076
Total deductions 6,636,157
NET INCREASE 8,298,227
NET POSITION RESTRICTED
FOR PENSIONS
January 1 79,357,162
December 31 87,655,389$
VILLAGE OF OAK BROOK, ILLINOIS
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
PENSION TRUST FUNDS
For the Year Ended December 31, 2021
See accompanying notes to financial statements.
- 18 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Village of Oak Brook, Illinois (the Village) was incorporated in 1958. The Village is a
non-home rule municipality, under the 1970 Illinois Constitution, located in DuPage
County, Illinois. The Village operates under a President-Trustee form of government and
provides the following services as authorized by its charter: public safety (police and fire
protection), recreation facilities, a free public library, water supply, storm water collection,
public works operations, road maintenance, building and inspectio nal services, and general
administrative services.
The accounting policies of the Village conform to accounting pri nciples generally accepted
in the United States of America, as applicable to governments (hereinafter referred to as
generally accepted accounting principles (GAAP)). The Government al Accounting
Standards Board (GASB) is the accepted standard -setting body for establishing
governmental accounting and financial reporting principles. The following is a summary
of the more significant policies:
a. Reporting Entity
The Village was incorporated in 1958. The Village is a municipal corporation
governed by an elected eight-member board. As required by GAAP, these financial
statements present the Village (the primary government) and its component units.
Management has determined that there are two fiduciary component units that are
required to be included in the financial statements of the Village as pension trust
funds.
Police Pension Employees Retirement System
The Village’s police employees participate in Police Pension Employees Retirement
System (PPERS). PPERS functions for the benefit of these employees and is
governed by a five-member pension board. Two members appointed by the V illage’s
President, one elected by pension beneficiaries and two elected police employees
constitute the pension board. The Village i s obligated to fund all PPERS costs not
funded by PPERS participants based upon actuarial valuations, which creates a
financial burden on the Village. The State of Illinois is authorized t o establish benefit
levels and the Village is authorized to approve the actuarial assumptions used in the
determination of contribution levels, which results in the PPERS being fiscally
dependent upon the Village. PPERS is reported as a pension trust fund. PPERS does
not issue a stand-alone financial report.
- 19 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
a. Reporting Entity (Continued)
Firefighters’ Pension Employees Retirement System
The Village’s sworn firefighters participate in Firefighters’ Pension Employees
Retirement System (FPERS). FPERS functions for the benefit of these employees
and is governed by a five-member pension board.
Two members appointed by the Village’s President, one elected pension beneficiary
and two elected fire employees constitute the pension bo ard. The Village is obligated
to fund all FPERS costs not funded by FPERS participants based upon actuarial
valuations, which creates a financial burden on the Village. The State of Illinois is
authorized to establish benefit levels and the Village is authorized to approve the
actuarial assumptions used in the determination of contribution levels, which results
in the FPERS being fiscally dependent on the Village. FPERS is reported as a
pension trust fund. FPERS does not issue a stand-alone financial report.
b. Fund Accounting
The Village uses funds to report on its financ ial position and the change in its
financial position. Fund accounting is des igned to demonstrate legal compliance and
to aid financial management by segregating transactions related to certain
government functions or activities.
A fund is a separate accounting entity with a self-balancing set of accounts. The
minimum number of funds are maintained consistent with legal and managerial
requirements.
Funds are classified into the following categories: governmental, proprietary, and
fiduciary.
Governmental funds are used to account for all or most of the Village ’s general
activities, including the collection and disbursement of committed, restricted,
or assigned monies (special revenue funds), the funds committed, restricted, or
assigned for the acquisition or construction of capital assets (capital projects
funds), and the funds committed, restricted, or assigned for the servicing of
long-term debt (debt service funds). The General Fund is used to account for
all activities of the Village not accounted for in some other fund.
Enterprise funds are used to account for activities simila r to those found in the
private sector, where the determination of net income is necessary or useful to
sound financial administration. Goods or services from such activities can be
provided either to outside parties (enterprise funds) or to other departme nts or
agencies primarily within the Village (internal service funds).
- 20 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
b. Fund Accounting (Continued)
Fiduciary funds are used to account for fiduciary activities (e.g., assets held on
behalf of outside parties, including other governments). The Village utilizes
pension trust funds which are generally used to account for assets that the
Village holds in a fiduciary capacity.
c. Government-Wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net position and the
statement of activities) report information on all of the nonfiduciary activities of the
Village. The effect of material interfund activity has been eliminated from these
statements. Interfund services provided and us ed are not eliminated on these
statements. Governmental activities, which normally are supported by taxes and
intergovernmental revenues, are reported separately from business-type activities,
which rely to a significant extent on fees and charges for support.
The statement of activities demonstrates the degree to which the direct expenses of a
given function, segment, or program are offset by program revenues. Direct expenses
are those that are clearly identifiable with a specific function or segment. Program
revenues include (1) charges to customers or applicants who purchase, use, or directly
benefit from goods, services, or privileges provided by a given function or segment and
(2) grants and contributions that are restricted to meeting the operation al or capital
requirements of a particular function or segment. Taxes and other items not properly
included among program revenues are reported instead as general revenues.
Separate financial statements are provided for governmental funds, proprietary funds,
and fiduciary funds, even though the latter are excluded from the government-wide
financial statements. Major individual governmental funds and major individual
enterprise funds are reported as separate columns in the fund financial statements.
The Village reports the following major governmental funds:
The General Fund is the general operating fund of the Village. It is used to
account for all financial resources except those accounted for in another fund.
The Infrastructure Fund is used to account for revenues restricted for and
expenditures relative to the construction and maintenance of roadway,
drainage, and bike trail improvements.
- 21 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
c. Government-Wide and Fund Financial Statements (Continued)
The Village reports the following major proprietary funds:
The Waterworks System Fund is used to account for the revenues and
expenses relative to the operation of the water utility.
The Sports Core Fund is used to account for the revenues and expenses relative
to the operation of the Oak Brook Sports Core.
Additionally, the Village reports the following Internal Service Funds:
Internal Service Funds account for the Village’s self-insured employee health
and dental insurance program; the operation and maintenance of the Village’s
vehicle fleet equipment, and the Village’s capital replacement program
provided to other departments or agencies of the Village on a cost
reimbursement basis. These funds are reported as part of the governmental
activities on the government-wide financial statements as they provide services to
the Village’s governmental funds/activities.
The Village reports pension trust funds as fiduciary component units to account for the
Police Pension Fund and Firefighters’ Pension Fund.
d. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
The government-wide financial statements are reported using the economic resources
measurement focus and the accrual basis of accounting, as are the proprietary fund and
fiduciary fund financial statements. Revenues and additions are recorded when earned
and expenses and deductions are recorded when a liability is incurred. Property taxes
are recognized as revenues in the year for which they are levied (i.e., intended to
finance). Grants and similar items are recognized as revenue as soon as all eligibility
requirements imposed by the provider have been met. Operating revenues and expenses
are directly attributable to the operation of the proprietary funds. Non-operating
revenue/expenses are incidental to the operations of these funds.
Governmental fund financial statements are reported using the current financial
resources measurement focus and the modified accrual basis of accounting. Under
the modified accrual basis of accounting, revenues are recognized when susceptible
to accrual (i.e., when they become both measurable and available). “Measurable”
means the amount of the transaction can be determined and “available” means
collectible within the current period or soon enough there after to be used to pay
liabilities of the current period.
- 22 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
d. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
(Continued)
The Village considers revenues to be available if they are collected within 60 days of
the end of the current fiscal period, except for sales taxes and telecommunication
taxes which use a 90-day period. The Village recognizes property taxes when they
become both measurable and available in the y ear for which they are levied (i.e.,
intended to finance). Expenditures are recorded when the related fund liability is
incurred. Principal and interest on general long-term debt are recorded as
expenditures when due.
Property taxes, sales taxes owed from the state at year end, franchise t axes, licenses,
charges for services, and investment income associated with the current fiscal period
are all considered to be susceptible to accrual and are recognized as revenues of the
current fiscal period. Fines and permits revenues are not susceptibl e to accrual
because generally they are not measurable until received in cash.
In applying the susceptible to accrual concept to intergovernmental revenues (e.g.,
federal and state grants), the legal and contractual requirements of the numerous
individual programs are used as guidelines. There are, however, essentially two types
of revenues. In one, monies must be expended on the specific purpose or project
before any amounts will be paid to the Village; therefore, revenues are recognized
based upon the expenditures recorded. In the other, monies are virtually unrestricted
as to purpose of expenditure and are gene rally revocable only for failure to comply
with prescribed eligibility requirements, such as equal employment opportunity.
These resources are reflected as revenues at the time of receipt or earlier if they meet
the availability criterion.
The Village may report unearned revenue and deferred/unavailable revenue on its
financial statements. Deferred/unavailable revenues arise when a potential revenue
does not meet the available criteria for recognition in the current period, under the
modified accrual basis of accounting. Unearned revenue arises when a revenue is
measurable but not earned under the accrual basi s of accounting. Unearned revenues
also arise when resources are received by the Village before it has a legal claim to
them or prior to the provision of services, as when grant monies are received prior to
the incurrence of qualifying expenditures. In subsequent periods, when both revenue
recognition criteria are met, or when the Village has a legal claim to the resources,
the liability or deferred inflow of resources for unearned and deferred/unavailable
revenue are removed from the financial statements and revenue is recognized.
- 23 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
e. Cash and Investments
For purposes of the statement of cash flows, the Village considers cash and cash
equivalents to include cash on hand, demand deposits, and short-term investments
with original maturities of three months or less from the date of acquisition.
Investments with a maturity of less than one year when purchased, non-negotiable
certificates of deposit, and other nonparticipating investments are stated at cost or
amortized cost. Investments with a maturity greater than one year when purchased
and all investments of the pension trust funds are stated at fair value. Fair value is the
price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date.
f. Interfund Receivables/Payables
Transactions between funds that are representative of lending/borrowing
arrangements outstanding at the end of the fiscal year are referred to as either
“interfund receivables/payables” (current portion of interfund loans) or “advances
to/from other funds” (noncurrent portion of interfund loans). All other outstanding
balances between funds are reported as “due to/from other funds.” Advances are
offset by nonspendable fund balance in applicable governmental funds.
Interfund service transactions are accounted for as revenues, expenditures, or
expenses.
Transactions that constitute reimbursements to a fund for expenditures/expenses
initially made from it that are properly applicable to another fund are recorded as
expenditures/expenses in the reimbursing fund and as reductions of
expenditures/expenses in the fund that is reimbursed. All other interfund transactions
are reported as transfers.
g. Inventories and Prepaid Items/Expenses
Inventories are recorded based on the average cost method, not in excess of
replacement cost. Inventories in the General Fund and Garage Fund consist of
expendable supplies held for consumption; inventories in the Sports Core Fund
consist of inventory held for resale. The cost is r ecorded as an expenditure at the
time individual inventory items are utilized or sold. General Fund inventories are
equally offset by nonspendable fund balance which indicat es that they do not
constitute “available spendable resources” even though they are a component of net
current assets.
Payments made to vendors for services that will benefit periods beyond the date of
this report are recorded as prepaid items/expenses. Prepaid items/expenses are
recorded as expenditures/expenses when consumed rather than when purchased.
- 24 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
h. Capital Assets
Capital assets, which include property, plant, equipment, and infrastructure assets (e.g.,
roads, bridges, sidewalks, and similar items), are reported in the applicable
governmental or business-type activities columns in the government-wide financial
statements. Capital assets are defined by the Village as assets with an initial, individual
cost of $5,000 or more and an estimated useful life in excess of one year. Such assets
are recorded at historical cost or estimated historical cost if purchased or constructed.
Donated capital assets are recorded at acquisition value at the date of donation. The
costs of normal maintenance and repairs, including street overlays that do not add to the
value of the asset or materially extend asset lives are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are
constructed. Property, plant, and equipment is depreciated using the straight-line
method over the following estimated useful lives:
Assets Years
Land improvements 20
Buildings and building improvements 5-50
Equipment 5-20
Vehicles 2-20
Infrastructure 20-75
i. Compensated Absences
Under terms of employment, employees are granted vacation, sick and compensatory
leave in varying amounts. Only benefits considered to be vested are disclosed in
these statements. All vested vacation, sick leave, and compensatory leave pay is
accrued when incurred in the governmentwi de and proprietary fund financial
statements. A liability for these amounts is reported in governmental funds only if
they have matured, for example, as a result of employee resignations and retirements,
and are payable with expendable resources.
Payments for vacation, sick leave, and compensatory leave will be made at rates in
effect when the benefits are used. Accumulated vacation, sick leave, and
compensatory leave at December 31, 2021, are determined on the basis of current
salary rates and include salary related payments.
- 25 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
j. Long-Term Obligations
In the government-wide financial statements and proprietary funds in the fund financial
statements, long-term debt, and other long-term obligations are reported as liabilities in
the applicable governmental activities, business-type activities, or proprietary fund
financial statements. Bond premiums and discounts, as well as the unamortized loss on
refunding, are deferred and amortized over the life of the bonds. Bonds payable are
reported net of any applicable bond premium or discount.
In the fund financial statements, governmental funds recognize bond premiums and
discounts during the current period. The face amount of debt issued is reported as other
financing sources. Premiums received on debt issuances are reported as other financing
sources while discounts on debt issuances are reported as other financing uses. Issuance
costs, whether or not withheld from the actual debt proceeds received, are reported as
expenditures.
k. Deferred Outflows/Inflows of Resources
In addition to assets, the statement of net position will sometimes report a separate
section for deferred outflows of resources. This separate financial statement element,
deferred outflows of resources, represents a consumption of net assets that applies to
a future period(s) and so will not be recognized as an outflow of resources
(expense/expenditure) until then. In addition to liabilities, the statement of financial
position will sometimes report a separate section for deferred i nflows of resources.
This separate financial statement element, deferred inflows of resources, represents
an acquisition of net assets that applies to a future period(s) and so will not be
recognized as an inflow of resources (revenue) until that time.
l. Fund Balance/Net Position
In the fund financial statements, governmental funds report nonspendable fund
balance for amounts that are either not in spendable form or legally or contractually
required to be maintained intact. Restrictions of fund balance are reported for
amounts constrained by legal restrictions from outside parties for a specific purpose,
or externally imposed by outside entities. Committed fund balance is constrained by
formal actions of the Village Board of Trustees, which is considered the Village’s
highest level of decision-making authority. Formal actions include ordinances
approved by the Board of Trustees. Assigned fund balance represents amounts
constrained by the Village’s intent to use them for a specific purpose. The authority
to assign fund balance has been delegated to the Village’s Finance Director through
the approved fund balance policy adopted by the Village Board of Trustees. Any
residual fund balance of the General Fund is reported as unassigned. Deficit fund
balances of other governmental funds are also reported as unassigned.
- 26 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
l. Fund Balance/Net Position (Continued)
The Village’s flow of funds assumption prescribes that the funds with the highest
level of constraint are expended first. If restricted or unrestricted funds are available
for spending, the restricted funds are spent first. Additionally, if different levels of
unrestricted funds are available for spending the Village considers committed funds
to be expended first followed by assigned and then unassigned funds.
The Village has established fund balance policies for their governmental funds. It is
the policy of the Village that every effort be made to maintain the greater of: (a) an
uncommitted cash balance equal to six months of budgeted operating expenditures
for the forthcoming fiscal year, exclusive of budgeted capital projects; or (b) an
uncommitted cash balance equal to not less than s ix months of projected
expenditures, exclusive of capital projects, based on the average of the first three
years of the most recent Five Year Financial Plan adopted by the Village Board of
Trustees.
In the government-wide financial statements, restricted net positions are legally
restricted by outside parties for a specific purpose. Net investment in capital assets
represents the book value of capital assets less any outstanding long-term debt issued
to acquire or construct the capital assets.
m. Use of Estimates
The preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptio ns that affect the reported amounts of
assets, deferred outflows of resources, liabilities and deferred inflows of resources,
and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenditures/expenses during
the reporting period. Actual results could differ from those estimates.
n. Postponement of Implementation of Certain Authoritative Guidance
In accordance with the provisions of GASB Statement No. 95, Postponement of the
Effective Dates of Certain Authoritative Guidance, the Village has delayed the
implementation of GASB Statement No. 87, Leases, to December 31, 2022.
2. DEPOSITS AND INVESTMENTS
The Village and pension funds categorize the fair value measurements within the fair value
hierarchy established by GAAP. The hierarchy is based on the valuation inputs used to
measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for
identical assets; Level 2 inputs are significant other observable inputs; and Level 3 inputs
are significant unobservable inputs.
- 27 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
2. DEPOSITS AND INVESTMENTS (Continued)
a. Village Investments
The Village’s investment policy authorizes the Village to invest in all investments
allowed by Illinois Compiled Statutes (ILCS). These include deposits/investments in
insured commercial banks, savings and loan institutions, obligations of t he U.S.
Treasury and U.S. agencies, insured credit union shares, money market mutual funds
with portfolios of securities issued or guaranteed by the United States Government or
agreements to repurchase these same obligations, repurchase agreements, short -term
commercial paper rated within the three high est classifications by at least two
standard rating services, and The Illinois Funds.
The Illinois Public Treasurers’ Investment Pool, known as The Illinois Funds,
operates as a qualified external investment pool in accordance with the criteria
established in GASB Statement No. 79, Certain External Investment Pools and Pool
Participants, and thus, reports all investments at amortized cost rather than fair
value. The investment in The Illinoi s Funds by participants is also reported at
amortized cost. The Illinois Funds does not have any limitations or restrictions on
participant withdrawals. The Illinois Treasurer’s Office issues a separate financial
report for The Illinois Funds which may be obtained by contacting the
Administrative Office at Illinois Business Center, 400 West Monroe Street, Suite
401, Springfield, Illinois 62704.
The Village’s investment policy does limit their deposits to financial institutions that
are members of the FDIC system and are capable of posting collateral for amounts in
excess of FDIC insurance. Additionally, the Village will not invest in any institution
in which the Village’s funds on deposit are in excess of 25% of the institution’s
capital stock and surplus.
It is the policy of the Village to invest its funds in a manner which will provide the
highest investment return with the maximum security while meeting the daily cash
flow demands of the Village and conforming to all state and local statutes governing
the investment of public funds, using the “prudent person” standard for managing the
overall portfolio. The primary objectives of the policy are, in order of priority, safety
of capital, liquidity, maintenance of public trust, and prudence.
The Village maintains a cash pool that is available for use by all funds, except the
pension trust funds. Investments are separately held by several of the Village’s
funds. The deposits and investments of the pension trust funds are held separately
from those of other funds.
- 28 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
2. DEPOSITS AND INVESTMENTS (Continued)
a. Village Investments (Continued)
Deposits with Financial Institutions
Custodial credit risk for deposits with financial institutions is the risk that in the
event of bank failure, the Village’s deposits may not be returned to it. The Village’s
investment policy requires pledging of collateral for all bank balances in excess of
federal depository insurance, at an amount not less than 110% of the fair market
value of the funds secured, with the collateral held by an agent of the Village in the
Village’s name.
Investments
The following table presents the investments and maturities of the Vil lage’s debt
securities as of December 31, 2021:
Investment Maturities (in Years)
Investment Type Fair Value Less than 1 1-5 6-10 Greater than 10
Negotiable certificate of
deposits
$ 2,445,182
$ 1,227,538
$ 1,217,644
$ -
$ -
U.S. agency obligations 2,067,497 - 494,547 - 1,572,950
Municipal bonds 9,781,182 3,460,020 6,321,162 - -
Corporate bonds 8,725,863 503,491 8,222,372 - -
TOTAL $ 23,019,724 $ 5,191,049 $ 16,255,725 $ - $ 1,572,950
Interest rate risk is the risk that changes in interest rates will adversely affect the
market value of an investment. In accordance with its investment policy, the Village
limits its exposure to interest rate risk by structuring the portfolio to remain
sufficiently liquid to enable the Village to meet all operating requirements which
may be reasonably anticipated in any Village fund. Maturities of investments in all
funds covered by this policy shall not exceed five years, unless a temporary
extension of maturities is approved by the Board of Trustees. The Village’s
investment policy specifically prohibits the use of or the investment in derivatives.
The Village has the following recurring fair value measurements as of December 31,
2021: the certificate of deposits, U.S. agency obligations, state and local obligations,
and corporate bonds, are valued using quoted matrix pricing models (Level 2 inputs).
The Village limits its expo sure to credit risk, the risk that the issuer of a debt security
will not pay its par value upon maturity. This is done primarily by investing in
securities issued by the United States Government, securities i ssued by agencies of
the United States Government, which are implicitly guaranteed by the United States
Government, or corporate bonds rated within the three highest classifications by at
least two standard rating services.
- 29 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
2. DEPOSITS AND INVESTMENTS (Continued)
a. Village Investments (Continued)
Investments (Continued)
Investments in corporate bonds are rated BBB+ to A-. Investments in municipal
bonds are rated A- to AAA. Investments in U.S. agency obligations and negotiable
certificate of deposits are not rated.
Custodial credit risk for investments is the risk that, in the event of the failure of the
counterparty to the investment, the Village will not be able to recover the value of its
investments that are in possession of an outside party. To limit its exposure, the
Village’s investment policy requires all security transactions that are exposed to
custodial credit risk to be processed on a delivery versus payment (DVP) basis with
the underlying investments held in a custodial account with the trust department of
an approved financial institution. The Illinois Funds are not subject to custodial
credit risk.
Concentration of credit risk is the risk that the Village has a high percentage of its
investments invested in one type of investment. In order to limit the exposure to
concentration of credit risk, the Village’s investment policy limits investments in any
one financial institution to 25%, exclusive of securities guaranteed by the full faith
and credit of the United States Government or obligations of agencies of the United
States Government.
3. PROPERTY TAXES
Property taxes for 2021 attach as an enforceable lien on January 1, 2021, on property
values assessed as of the same date. Taxes are levied by December 31 of the fiscal year by
passage of a Tax Levy Ordinance. Tax bills are prepared by the County and issued on or
about May 1 and August 1 and are payable in two installments, on or about June 1 and
September 1. The County collects such taxes and remits them periodically. The Village
does not have a tax levy but does receive a sh are of road and bridge taxes from local
townships, as well as incremental property taxes from the Butterfield/Meyers Road
Redevelopment Project Area (TIF).
- 30 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
4. RECEIVABLES
The following receivables are included in other receivables on the statement of net position
at December 31, 2021:
GOVERNMENTAL ACTIVITIES
Loans receivable $ 300,000
Hotel/motel tax 102,708
IRMA surplus 834,772
State use tax 92,226
Miscellaneous 153,263
TOTAL GOVERNMENTAL ACTIVITIES $ 1,482,969
BUSINESS-TYPE ACTIVITIES
IRMA surplus $ 226,894
Members charges 10,296
Miscellaneous 94,775
TOTAL BUSINESS-TYPE ACTIVITIES $ 331,965
5. CAPITAL ASSETS
Capital asset activity for the year ended December 31, 2021 was as follows:
Beginning
Balances
Increases
Decreases
Ending
Balances
GOVERNMENTAL ACTIVITIES
Capital assets not being depreciated
Land $ 616,829 $ - $ - $ 616,829
Land right of way 32,551,116 - - 32,551,116
Construction in progress 2,443,523 3,138,958 941,988 4,640,493
Total capital assets not being
depreciated 35,611,468 3,138,958 941,988 37,808,438
Capital assets being depreciated
Buildings and building and land
improvements 27,473,250 29,774 - 27,503,024
Computer equipment 1,085,009 - 52,321 1,032,688
Other equipment 1,733,475 40,237 36,163 1,737,549
Vehicles 127,047 - - 127,047
Infrastructure 41,877,537 6,554,803 - 48,432,340
Internal service fund vehicles 7,314,629 523,604 210,479 7,627,754
Total capital assets being
depreciated 79,610,947 7,148,418 298,963 86,460,402
- 31 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
5. CAPITAL ASSETS (Continued)
Beginning
Balances
Increases
Decreases
Ending
Balances
GOVERNMENTAL ACTIVITIES
(Continued)
Less accumulated depreciation for
Buildings and building and
land improvements $ 11,722,925 $ 853,284 $ - $ 12,576,209
Computer equipment 953,004 48,221 52,321 948,904
Other equipment 1,383,561 81,734 25,917 1,439,378
Vehicles 38,115 12,706 - 50,821
Infrastructure 27,558,112 900,519 - 28,458,631
Internal service fund vehicles 3,801,946 708,795 194,694 4,316,047
Total accumulated depreciation 45,457,663 2,605,259 272,932 47,789,990
Total capital assets being
depreciated, net 34,153,284 4,543,159 26,031 38,670,412
GOVERNMENTAL ACTIVITIES
CAPITAL ASSETS, NET $ 69,764,752 $ 7,682,117 $ 968,019 $ 76,478,850
BUSINESS-TYPE ACTIVITIES
Capital assets not being depreciated
Land $ 8,292,265 $ - $ - $ 8,292,265
Construction in progress 831,700 106,911 54,650 883,961
Total capital assets not being
depreciated
9,123,965 106,911 54,650
9,176,226
Capital assets being depreciated
Land improvements 3,320,638 383,925 - 3,704,563
Building and building improvements 7,290,736 19,335 - 7,310,071
Infrastructure 33,964,639 6,021,009 190,180 39,795,468
Vehicles, machinery, and equipment 6,089,275 1,487,260 34,018 7,542,517
Total capital assets being depreciated 50,665,288 7,911,529 224,198 58,352,619
Less accumulated depreciation for
Land improvements 2,815,510 74,660 - 2,890,170
Building and building improvements 3,798,078 251,484 - 4,049,562
Infrastructure 10,533,048 819,798 170,282 11,182,564
Vehicles, machinery, and equipment 5,189,147 179,635 30,018 5,338,764
Total accumulated depreciation 22,335,783 1,325,577 200,300 23,461,060
Total capital assets being
depreciated, net
28,329,505 6,585,952 23,898
34,891,559
BUSINESS-TYPE ACTIVITIES
CAPITAL ASSETS, NET $ 37,453,470 $ 6,692,863 $ 78,548 $ 44,067,785
- 32 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
5. CAPITAL ASSETS (Continued)
Depreciation expense was charged to functions/programs of the primary government as
follows:
GOVERNMENTAL ACTIVITIES
General government $ 476,170
Public safety 600,565
Highways and streets 1,400,675
Culture and recreation 127,849
TOTAL DEPRECIATION EXPENSE - GOVERNMENTAL ACTIVITIES $ 2,605,259
BUSINESS-TYPE ACTIVITIES
Waterworks $ 908,348
Sports core 417,229
TOTAL DEPRECIATION EXPENSE - BUSINESS-TYPE ACTIVITIES $ 1,325,577
6. LONG-TERM DEBT
a. Note Payable
The Village has issued notes payable related to developer and intergovernmenta l
agreements. The notes payable currently outstanding are as follows:
Issue
Fund Debt
Retired By
Balances
January 1
Issuance
Retirements
Balances
December 31
Current
$4,250,000 TIF note
payable to developers
dated June 6, 2005 for
certain improvements in
the TIF area, interest at
8% due in semiannual
installments contingent
upon sufficient pledged
incremental real estate
tax and sales tax.
Principal is due
by February 1, 2024.
Promenade
TIF
$ 2,581,263
$ -
$ 280,000
$ 2,301,263
$ 308,200
TOTAL $ 2,581,263 $ - $ 280,000 $ 2,301,263 $ 308,200
The repayment of the TIF not e payable is based on incremental real estate tax and
sales tax received. As such, there is no debt service to maturity schedule.
- 33 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
6. LONG-TERM DEBT (Continued)
b. Capital Lease Obligation
The Village leases capital assets under capital leases, which expire between July
2022 and November 2026. Annual lease payments, including interest ranging from
2.65% to 5.43%, range from $1,191 to $15,350. As of December 31, 2021, the cost
of the capital assets acquired under capital leases is $1,050,028, the accumulated
depreciation is $491,545, and the net book value is $558,483, and is included in
capital assets in the governmental activities.
Minimum future lease payments under the capital lease together with the present
value of the net minimum lease payments as of December 31, 2021 are as follows:
Fiscal Year
Ending
April 30,
Payment
2022 $ 186,261
2023 139,960
2024 76,250
2025 37,692
2026 27,001
Total minimum lease payments 467,164
Less amount representing interest (93,083)
Reduced book value 215,183
Present value of future minimum lease payments 589,264
Less current portion 150,184
LONG-TERM PORTION $ 439,080
c. Legal Debt Margin
2021 assessed valuation (latest information available) $ 1,642,431,335
Legal debt limit - 8.625% of assessed valuation $ 141,659,703
Amount of debt applicable to debt limit -
LEGAL DEBT MARGIN $ 141,659,703
- 34 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
6. LONG-TERM DEBT (Continued)
d. Changes in Long-Term Liabilities
During the fiscal year, the following changes occurred in liabilities reported in the
governmental activities:
Balances
January 1
Additions
Reductions
Balances
December 31
Current
Portion
Notes payable $ 2,581,263 $ - $ 280,000 $ 2,301,263 $ 308,200
Capital leases 534,667 226,593 171,996 589,264 150,184
Compensated absences 1,204,641 1,032,965 1,144,455 1,093,151 929,178
Net pension liability - IMRF* 1,469,484 - 1,469,484 - -
Net pension liability - Police
Pension
19,271,574
-
2,945,976
16,325,598
-
Net pension liability -
Firefighters’ Pension
19,155,115
127,411
-
19,282,526
-
Total other postemployment
benefit liability
6,772,347
486,725
-
7,259,072
196,935
TOTAL GOVERNMENTAL
ACTIVITIES $ 50,989,091 $ 1,873,694 $ 6,011,911 $ 46,850,874 $ 1,584,497
The compensated absences for governmental activities typically have been liquidated
by the General Fund and the Infrastructure Fund. The net pension liabilities and total
other postemployment benefit liability have typically been liquidated by the General
Fund.
During the fiscal year, the following changes occurred in liabilities reported in the
business-type activities:
Balances
January 1
Issuances
Reductions
Balances
December 31
Current
Portion
Compensated absences $ 101,962 $ 74,563 $ 99,098 $ 77,427 $ 65,813
Net pension liability - IMRF* 498,196 - 498,196 - -
Total other postemployment
benefit liability
624,196
-
35,029
589,167
18,060
Asset retirement obligation 300,000 - - 300,000 -
TOTAL BUSINESS-TYPE
ACTIVITIES
$ 1,524,354
$ 74,563
$ 632,323
$ 966,594
$ 83,873
*The net pensions are recorded as net pension assets as of December 31, 2021.
- 35 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
6. LONG-TERM DEBT (Continued)
e. Asset Retirement Obligations
The Village has recognized an asset retirement obligation (ARO) and related
deferred outflow of resources in connection with its obligation to seal and abandon
various deep water wells at the end of their estimated useful lives in accordance with
federal, state and/or local requirements. The ARO was measured using actual
historical costs for similar abandonments, adjusted for inflation through the end of
the year. The estimated remaining useful lives of the water wells is 100 years.
7. RISK MANAGEMENT
The Village is exposed to various risks of loss related to torts; theft of, damage to, and
destruction of assets; errors and omissions; injuries to employees; illnesses of employees;
and natural disasters.
The Village participates in the Intergovernmental Risk Management Agency (IRMA)
which is an organization of municipalities and special districts in Northeastern Illinois
which have formed an association under the Illinois Intergovernmental Cooperation’s
Statute to pool its risk management needs. The Village pays annual premiums to IRMA for
its workers’ compensation, general liability, and property coverage.
The Village assumes the first $2,500 of each occurrence, with IRMA having a mix of self-
insurance and commercial insurance at various amounts above that level. The Village
appoints one delegate, along with an alternate delegate, to represent the Village on the
Board of Directors. The Village does not exercise any control over the activities of IRMA
beyond its representation on the Board of Directors.
The Village, along with IRMA’s other members, has a contractual obligation to fund any
deficit of IRMA attributable to a membership year during which it was a member.
Supplemental contributions may be required to fund these deficits. No such contributions
have occurred during the past three years.
In addition, the Village provides medical and dental coverage to village employees, their
dependents, retirees, and employees of the Oak Brook Park District through a limited
self-insurance program. The Village is self-insured for the first $85,000 per individual for
medical claims up to a maximum limit of $2,967,224 for all individuals. Commercial
insurance is carried for amounts in excess of the self-insured amounts. Settlements did not
exceed insurance coverage in any of the last three years. The Village is entirely self-
insured for dental claims up to the annual benefit limit of $1,500 per individual. The
Village’s self-insurance activities are reported in the Self-Insurance Fund, an Internal
Service Fund.
- 36 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
7. RISK MANAGEMENT (Continued)
Premiums are paid into the Self-Insurance Fund by the departments of the General Fund
and other funds, retirees, the Oak Brook Park District, and COBRA participants based
upon equivalent premium estimates. Liabilities are reported when it is probable that a loss
has occurred and the amount of the loss can be reasonably estimated. Reported liabilities
are estimated based on historical cost information and include an amount for claims that
have been incurred but not reported. The total claim liability at year end was $102,979.
A reconciliation of claims payable for the current year and that of the preceding year is as
follows:
2020 2021
CLAIMS PAYABLE, BEGINNING OF YEAR $ 121,284 $ 133,761
Claims incurred and changes in estimate (2,184,426) (2,262,283)
Claims paid 2,196,903 2,231,501
CLAIMS PAYABLE, END OF YEAR $ 133,761 $ 102,979
8. CONTINGENT LIABILITIES
a. Litigation
The Village is a defendant in various lawsuits. Although the outcome of these
lawsuits is not presently determinable, in the opinion of the Village’s attorney, the
resolution of these matters will not have a material adverse effect on the financial
condition of the Village.
b. Grants
Amounts received or receivable from grantor agencies are subject to audit and
adjustment by grantor agencies, principally the federal government. Any disallowed
claims, including amounts already collected, constitute a liability of the applicable
funds. The amount, if any, of expenditures that may be disallowed by the grantor
cannot be determined at this time although the Village expects such amounts, if any,
to be immaterial.
c. DuPage Water Commission
The Village’s agreement with the DuPage Water Commission provides that each
member is liable for its proportionate share of any cost arising from defaults in
payment obligations by other members.
- 37 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
9. TAX ABATEMENTS
The Village through its Promenade Tax Incremental Financing District has entered into a
tax abatement agreement with a developer in the form of a tax incremental financing
incentive payment to further the growth of the Village, facilitate the redevelopment of the
entire Redevelopment Project Areas, stimulate redevelopment of other parcels in the
Butterfield/22nd Street corridor, increase the assessed valuation of the real estate situated
within the Village, increase the sales tax revenues realized by the Village, foster increased
economic activity within the Village, and other be in the best interest of the Village by
furthering the health, safety, and welfare of its residents and taxpayers. The abatement is
authorized through the Redevelopment Project Area Plan Agreement. The developers pay
property taxes as they become due, and after meeting the criteria established in the
development agreements, are entitled to future incentive payments that directly correlate to
the taxes paid. The total payments made in 2021 and the total cumulative payments to date
are $481,500 and $5,933,954, respectively. Payments are made until the earlier of the date
the principal and interest on the note is paid in full or the end of th e term, January 2, 2023.
10. INDIVIDUAL FUND DISCLOSURES
Interfund Transfers
Interfund transfers between funds for the year ended December 31, 2021 were as follows:
Transfers
In
Transfers
Out
General
Infrastructure Fund $ -
$ 3,000,000
Total General - 3,000,000
Nonmajor Governmental Funds
Hotel/Motel Tax Fund - 3,450,463
Total Special Revenue Funds - 3,450,463
Infrastructure Fund
General Fund 3,000,000 -
Nonmajor Govermental Funds 3,450,463 -
Total Infrastructure Fund 6,450,463 -
TOTAL $ 6,450,463 $ 6,450,463
The purpose of significant transfers is as follows:
• $6,450,463 transferred to the Infrastructure Fund from the General Fund and
Nonmajor Governmental Funds (Hotel/Motel Tax) to pay for capital projects. This
transfer will not be repaid.
- 38 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
11. OTHER POSTEMPLOYMENT BENEFITS
a. Plan Description
In addition to providing the pension benefits described, the Village provides
postemployment health care and life insurance benefits (OPEB) for retired
employees through a single-employer defined benefit plan. The benefits, benefit
levels, employee contributions, and employer contributions are governed by the
Village and can be amended by the Village through its personnel manual and union
contracts. The plan is not accounted for as a trust fund, as an irrevocable trust has not
been established to account for the plan. The plan does not issue a separate report.
The activity of the plan is reported in the Village’s Self-Insurance Fund.
b. Benefits Provided
The Village provides postemployment health care benefits to its retirees and certain
disabled employees. To be eligible for benefits, an employee must qualify for
retirement under one of the Village’s retirement plans or meet COBRA
requirements. All health care benefits are provided through the Village’s self-insured
health plan. The benefit levels are the same as those afforded to active employees.
Benefits include general inpatient and outpatient medical services; mental, nervous,
and substance abuse care; vision care; and prescriptions. Upon a retiree reaching age
65 years, Medicare becomes the primary insurer and the Village’s plan becomes
secondary. For certain disabled employees who qualify for health insurance benefits
under the Public Safety Employee Benefits Act (PSEBA), the Village is required to
pay 100% of the cost of basic health insurance for the employee and their dependents
for their lifetime.
c. Membership
At December 31, 2021, membership consisted of:
Inactive employees or their beneficiaries currently receiving benefits 29
Inactive employees entitled to but not yet receiving benefits -
Active plan members 123
TOTAL 152
Participating employers 1
d. Total OPEB Liability
The Village’s total OPEB liability of $7,848,239 was measured and determined by
an actuarial valuation as of December 31, 2021.
- 39 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
11. OTHER POSTEMPLOYMENT BENEFITS (Continued)
e. Actuarial Assumptions and Other Inputs
The total OPEB liability at December 31, 2021, was determined using the following
actuarial assumptions and other inputs, applied to all periods included in the
measurement, unless otherwise specified. The total OPEB liability was rolled
forward by the actuary using updated procedures to December 31, 2021, including
updating the discount rate at December 31, 2021, as noted on the following page.
Actuarial cost method Entry-age normal
Actuarial value of assets Market value
Salary increases 2.75%
Discount rate 2.05%
Healthcare cost trend rates 7.50% Initial
4.50% Ultimate
The discount rate was based on The Bond Buyer 20-Bond GO Index, which is based
on an average of certain general obligation municipal bonds maturing in 20 years and
having an average rating equivalent of Moody’s Aa2 and Standard & Poor’s AA.
f. Changes in the Total OPEB Liability
Total OPEB
Liability
BALANCES AT JANUARY 1, 2021 $ 7,396,543
Changes for the period
Service cost 522,041
Interest 165,607
Differences between expected and actual experience (247,647)
Assumption changes* 226,690
Benefit payments (214,995)
Net changes 451,696
BALANCES AT DECEMBER 31, 2021 $ 7,848,239
*There were changes in assumptions related to the discount rate and salary increases.
- 40 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
11. OTHER POSTEMPLOYMENT BENEFITS (Continued)
g. Rate Sensitivity
The following is a sensitivity analysis of the total OPEB liability to changes in t he
discount rate and the healthcare cost trend rate. The table below presents the total
OPEB liability of the Village calculated using the discount rate of 2.05% as well as
what the Village total OPEB liability would be if it were calculated using a discount
rate that is 1 percentage point lower (1.05%) or 1 percentage point higher (3.05%)
than the current rate:
1% Decrease
Current
Discount Rate
1% Increase
(1.05%) (2.05%) (3.05%)
Total OPEB liability $ 8,616,155 $ 7,848,239 $ 7,165,536
The table below presents the total OPEB liability of the Village calculated using the
healthcare rate of 7.50% to 4.50% as well as what the Village’s total OPEB liability
would be if it were calculated using a healthcare rate that is 1 percentage point lower
(6.50% to 3.50%) or 1 percentage point higher (8.50% to 5.50%) than the current
rate:
1% Decrease
Current
Healthcare Rate
1% Increase
(6.50% to
3.50%)
(7.50% to
4.50%)
(8.50% to
5.50%)
Total OPEB liability $ 6,909,744 $ 7,848,239 $ 8,996,689
h. OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to OPEB
For the year ended December 31, 2021, the Village recognized OPEB expense of
$785,597. At December 31, 2021, the Village reported deferred outflows of
resources and deferred inflows of resources related to OPEB from the following
sources:
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Differences between expected and actual experience $ 39,782 $ 540,025
Changes in assumptions 1,266,990 157,946
TOTAL $ 1,306,772 $ 697,971
- 41 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
11. OTHER POSTEMPLOYMENT BENEFITS (Continued)
h. OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to OPEB (Continued)
Amounts reported as deferred outflows of resources and deferred inflows of
resources will be recognized in OPEB expense as follows:
Year Ending
December 31,
2022 $ 97,949
2023 97,949
2024 97,949
2025 97,949
2026 127,497
Thereafter 89,508
TOTAL $ 608,801
12. DEFINED BENEFIT PENSION PLANS
The Village contributes to three defined benefit pension plans, the Illinois Municipal
Retirement Fund (IMRF), an agent multiple-employer public employee retirement system;
the Police Pension Plan, which is a single-employer pension plan; and the Firefighters’
Pension Plan, which is also a single-employer pension plan. The benefits, benefit levels,
employee contributions, and employer contributions for all three plans are governed by
ILCS and can only be amended by the Illinois General Assembly. IMRF issues a publicly
available report that includes financial statements and supplementary information for the
plan as a whole, but not for individual employers. That report can be obtained from IMRF,
2211 York Road, Suite 500, Oak Brook, Illinois 60523 or at www.imrf.org. The Police and
Firefighters’ Pension Plans do not issue separate reports.
The table below is a summary for all pension plans as of and for the year ended
December 31, 2021:
Police Firefighters’
IMRF Pension Pension Total
Net pension liability (asset) $ (1,536,471) $ 16,325,598 $ 19,282,526 $ 34,071,653
Deferred outflows of
resources 692,708 527,664 1,870,261 3,090,633
Deferred inflows of
resources 4,433,937 4,586,501 3,861,933 12,882,371
Pension expense 388,567 794,601 924,697 2,107,865
- 42 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions
Illinois Municipal Retirement Fund
Plan Administration
All employees (other than those covered by the Police and Firefighters’ Pension
Plans) hired in positions that meet or exceed the prescribed annual hourly standard
must be enrolled in IMRF as participating members.
The plan is accounted for on the economic resources measurement focus and the
accrual basis of accounting. Employer and employee contributions are recognized
when earned in the year that the contributions are required, benefits and refunds are
recognized as an expense and liability when due and payable.
Plan Membership
At December 31, 2020, IMRF membership consisted of:
Inactive employees or their beneficiaries currently receiving benefits 121
Inactive employees entitled to but not yet receiving benefits 77
Active employees 68
TOTAL 266
Benefits Provided
All employees (other than those covered by the Police or Firefighters’ Pension Plans)
hired in positions that meet or exceed the prescribed annual hourly standard must be
enrolled in IMRF as participating members. IMRF provides two tiers of pension
benefits. Employees hired prior to January 1, 2011, are eligible for Tier 1 benefits.
For Tier 1 employees, pension benefits vest after eight years of service. Participating
members who retire at age 55 (reduced benefits) or after age 60 (full benefits) with
eight years of credited service are entitled to an annual retirement benefit, payable
monthly for life, in an amount equal to 1 2/3% of their final rate of earnings, for each
year of credited service up to 15 years, and 2% for each year thereafter.
Employees hired on or after January 1, 2011, are eligible for Tier 2 benefits. For
Tier 2 employees, pension benefits vest after ten years of service. Participating
members who retire at age 62 (reduced benefits) or after age 67 (full benefits) with
ten years of credited service are entitled to an annual retirement benefit, payable
monthly for life, in an amount equal to 1 2/3% of their final rate of earnings, for each
year of credited service up to 15 years, and 2% for each year thereafter. IMRF also
provides death and disability benefits. These benefit provisions and all are
established by state statute.
- 43 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Illinois Municipal Retirement Fund (Continued)
Contributions
Participating members are required to contribute 4.50% of their annual salary to
IMRF. The Village is required to contribute the remaining amounts necessary to fund
IMRF as specified by statute. The required employer contribution rate for the year
ended December 31, 2021 was 11.87% of covered payroll. The actual employer
contribution rate for the year ended December 31, 2021 was 12.08% of covered
payroll due to certain Village employees reaching the wage cap for Tier 2
participants.
Actuarial Assumptions
The Village’s net pension liability (asset) was measured as of December 31, 2020
and the total pension liability (asset) used to calculate the net pension liability (asset)
was determined by an actuarial valuation performed as of the same date using the
following actuarial methods and assumptions.
Actuarial valuation date December 31, 2020
Actuarial cost method Entry-age normal
Assumptions
Inflation 2.25%
Salary increases 2.85% to 13.75%
Cost of living adjustments 3.00%
Asset valuation method Fair value
For non-disabled retirees, the Pub-2010, Amount-Weighted, below-median income,
General, Retiree, Male (adjusted 106%) and Fe male (adjusted 105%) tables, and
future mortality improvements projected using scale MP -2020. For disabled retirees,
the Pub-2010, Amount-Weighted, below-median income, General, Disabled Retiree,
Male and Female (both unadjusted) tables, and future mortali ty improvements
projected using scale MP-2020. For active members, the Pub-2010, Amount-
Weighted, below-median income, General, Employee, Male and Female (both
unadjusted) tables, and future mortality improvements projected using scale MP -
2020.
- 44 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Illinois Municipal Retirement Fund (Continued)
Discount Rate
The discount rate used to measure the total pension liability (asset) at December 31,
2020 was 7.25%. The projection of cash flows used to determine the discount rate
assumed that member contributions will be made at the current contribution rate and
that the village contributions will be made at rates equal to the difference between
actuarially determined contribution rates and the member rate. Based on those
assumptions, the IMRF’s fiduciary net position was projected to be available to
make all projected future benefit payments of current plan members.
Changes in the Net Pension Liability (Asset)
(a)
Total
Pension
(b)
Plan
Fiduciary
(a) - (b)
Net Pension
Liability
Liability Net Position (Asset)
BALANCES AT
JANUARY 1, 2020
$ 42,867,283
$ 40,899,603
$ 1,967,680
Changes for the period
Service cost 544,020 - 544,020
Interest 3,052,150 - 3,052,150
Difference between expected
and actual experience (889,544) - (889,544)
Changes in assumptions (341,628) - (341,628)
Employer contributions - 663,595 (663,595)
Employee contributions - 252,942 (252,942)
Net investment income - 5,960,124 (5,960,124)
Benefit payments and refunds (2,081,335) (2,081,335) -
Other (net transfer) - (1,007,512) 1,007,512
Net changes 283,663 3,787,814 (3,504,151)
BALANCES AT
DECEMBER 31, 2020
$ 43,150,946
$ 44,687,417
$ (1,536,471)
- 45 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Illinois Municipal Retirement Fund (Continued)
Pension Expense and Deferred Outflows of Resources and Deferred Inflows of
Resources
For the year ended December 31, 2021, the Village recognized pension expense of
$388,567.
At December 31, 2021, the Village reported deferred outflows of resources and
deferred inflows of resources related to IMRF from the following sources:
Deferred
Outflows of
Deferred
Inflows of
Resources Resources
Difference between expected and actual experience $ 63,815 $ 539,344
Changes in assumption - 207,134
Net difference between projected and actual earnings
on pension plan investments - 3,687,459
Contributions subsequent to the measurement date 628,893 -
TOTAL $ 692,708 $ 4,433,937
Amounts reported as deferred outflows of resources and deferred inflows of
resources related to IMRF will be recognized in pension expense as follows:
$628,893 reported as deferred outflows of resources related to pensions resulting
from the village contributions subsequent to the measurement date will be
recognized as a reduction of the net pension liability in the year ending
December 31, 2022. Other amounts reported as deferred outflows of resources and
deferred inflows of resources related to IMRF will be recognized in pension expense
as follows:
Year Ending
December 31,
2022 $ (1,558,954)
2023 (731,425)
2024 (1,465,014)
2025 (614,729)
2026 -
Thereafter -
TOTAL $ (4,370,122)
- 46 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Illinois Municipal Retirement Fund (Continued)
Discount Rate Sensitivity
The following is a sensitivity analysis of the net pension liability (asset) to changes
in the discount rate. The table below presents the net pension liability (asset) of the
Village calculated using the discount rate of 7.25% as well as what the Village’s net
pension liability (asset) would be if it were calculated using a discount rate that is
1 percentage point lower (6.25%) or 1 percentage point higher (8.25%) than the
current rate:
1% Decrease
Current
Discount Rate
1% Increase
(6.25%) (7.25%) (8.25%)
Net pension liability (asset) $ 3,356,357 $ (1,536,471) $ (5,410,042)
Police Pension Plan
Plan Administration
Police sworn personnel are covered by the Police Pension Plan. Although this is a
single-employer pension plan, the defined benefits and employee and employer
contribution levels are governed by Illinois Compiled Statutes (40 ILCS 5/3-1) and
may be amended only by the Illinois legislature. The Village accounts for the plan as
a pension trust fund.
The plan is governed by a five-member Board of Trustees. Two members of the
Board of Trustees are appointed by the Village President, one member is elected by
pension beneficiaries, and two members are elected by active police employees.
Plan Membership
At December 31, 2021, the measurement date, membership consisted of:
In active plan members currently receiving benefits 44
In active plan members entitled to but not yet receiving benefits 8
Active plan members 40
TOTAL 92
- 47 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Police Pension Plan (Continued)
Benefits Provided
The Police Pension Plan provides retirement benefits as well as death and disability
benefits. Tier 1 employees (those hired prior to January 1, 2011) attaining the age of
50 or older with 20 or more years of creditable service are entitled to receive an
annual retirement benefit equal to one-half of the salary attached to the rank held on
the last day of service, or for one year prior to the last day, whichever is greater. The
annual benefit shall be increased by 2.50% of such salary for each additional year of
service over 20 years up to 30 years to a maximum of 75% of such salary.
Employees with at least eight years but less than 20 years of credited service may
retire at or after age 60 and receive 2.50% of salary for each year of service. The
monthly benefit shall be increased annually, following the first anniversary date of
retirement and be paid upon reaching the age of at least 55 years, by 3% of the
original pension, and 3% compounded annually thereafter.
Tier 2 employees (those hired on or after January 1, 2011) attaining the age of 55 or
older with ten or more years of creditable service are entitled to receive an annual
retirement benefit equal to the greater of the average monthly salary obtaining by
dividing the total salary during the 48 consecutive months of service within the last
of 60 months in which the total salary was the highest by the number of months in
that period; or the average monthly salary obtained by dividing the total salary of the
police officer during the 96 consecutive months of service within the last 120 months
of service in which the total salary was the highest by the number of months of
service in that period. Police officers’ salary for pension purposes is capped at
$106,800, plus the lesser of ½ of the annual change in the Consumer Price Index or
3% compounded. The annual benefit shall be increased by 2.50% of such salary for
each additional year of service over 20 years up to 30 years to a maximum of 75% of
such salary. Employees with at least ten years may retire at or after age 50 and
receive a reduced benefit (i.e., ½% for each month under 55). The monthly benefit of
a Tier 2 police officer shall be increased annually at age 60 on the January 1st after
the police officer retires, or the first anniversary of the pension starting date,
whichever is later. Noncompounding increases occur annually, each
January thereafter. The increase is the lesser of 3% or ½ of the change in the
Consumer Price Index for the preceding calendar year.
- 48 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Police Pension Plan (Continued)
Contributions
Employees are required by ILCS to contribute 9.91% of their base salary to the
Police Pension Plan. If an employee leaves covered employment with less than
20 years of service, accumulated employee contributions may be refunded without
accumulated interest. The Village is required to contribute the remaining amounts
necessary to finance the plan and the administrative costs as actuarially determined
by an enrolled actuary. Effective January 1, 2011, the Village has until the year 2040
to fund 90% of the past service cost for the Police Pension Plan. The Village has
chosen a policy to fund 100% of the past service costs by 2040. For the year ended
December 31, 2021, the Village’s contribution was 51.05% of covered payroll.
Investment Policy
ILCS limit the Police Pension Fund’s (the Fund) investments to those allowable by
ILCS and require the Fund’s Board of Trustees to adopt an investment policy which
can be amended by a majority vote of the Board of Trustees. The Fund can invest in
the same securities as the Village, plus the following: certain non-U.S. obligations
(corporate debt securities), Illinois municipal corporations tax anticipation warrants,
veteran’s loans, obligations of the State of Illinois and its political divisions, Illinois
insurance company general and separate accounts, equity mutual funds, and equity
securities. The investment policy was not modified during the year ended
December 31, 2021.
The Fund’s investment policy, in accordance with ILCS, establishes the following
target allocation across asset classes:
Asset Class
Range
Target
Long-Term
Expected Real
Rate of Return
Large cap domestic equity 10% to 45% 25% 6.80%
Small cap domestic equity 0% to 20% 10% 7.20%
International equity 8% to 18% 15% 7.00%
Real estate equity 0% to 10% 5% 5.60%
Fixed income 30% to 50% 45% 2.50%
- 49 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Police Pension Plan (Continued)
Investment Policy (Continued)
The overall target for the Fund is approximately 40% invested in fixed income
securities and 55% invested in equity securities. The long-term expected real rates of
return are net of a 2.50% factor for inflation and investment expense. ILCS limits the
Fund’s investments in equities, mutual funds, and variable annuities to 65%.
Securities in any one company should not exceed 5% of the total fund.
The long-term expected rate of return on pension plan investments was determined
using a building-block method in which expected future real rates of return (expected
returns, net of pension plan investment expense and inflation) are developed for each
major asset class. These expected future real rates of return are combined to produce
the long-term expected rate of return by weighting the expected future real rates of
return by the target asset allocation percentage and by adding expected inflation.
Best estimates or arithmetic real rates of return excluding inflation for each major
asset class included in the Fund’s target asset allocation as of December 31, 2020 are
listed in the table on the previous page.
Investment Concentrations
There are no significant investments (other than U.S. agency securities and corporate
bonds) in any one organization that represent 5% or more of the Fund’s investments.
Investment Rate of Return
For the year ended December 31, 2021, the annual money-weighted rate of return on
pension plan investments, net of pension plan investment expense, was 12.77%. The
money-weighted rate of return expresses investment performance, net of investment
expense, adjusted for the changing amounts actually invested.
Deposits with Financial Institutions
Custodial credit risk for deposits with financial institutions is the risk that in the
event of a bank’s failure, the Fund’s deposits may not be returned to them. The
Fund’s investment policy requires all bank balances to be covered by federal
depository insurance.
- 50 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Police Pension Plan (Continued)
Interest Rate Risk
The following table presents the investments and maturities of the Fund’s debt
securities as of December 31, 2021:
Investment Maturities (in Years)
Investment Type Fair Value Less than 1 1-5 6-10 Greater than 10
U.S. agency obligations $ 3,014,835 $ 156,870 $ 2,513,838 $ 344,127 $ -
U.S. Treasury obligations 1,959,179 - 1,273,452 685,727 -
State and local obligations 250,824 150,780 100,044 - -
Corporate bonds 7,702,484 228,848 4,352,511 3,121,125 -
TOTAL $ 12,927,322 $ 536,498 $ 8,239,845 $ 4,150,979 $ -
The Fund has the following recurring fair value measurements as of December 31,
2021: the U.S. agency obligations, state and local obligations, and corporate bonds
are valued using quoted matrix pricing models (Level 2 inputs). The mutual funds
use Level 1 inputs.
Interest rate risk is the risk that changes in interest rates will adversely affect the fair
value of an investment. In accordance with its investment policy, the Fund limits its
exposure to interest rate risk by structuring the portfolio to provide liquidity for
operating funds and maximizing yields for funds not needed for expected current
cash flows. The investment policy does not limit the maximum maturity length of
investments in the Fund. The Fund’s investment policy specifically prohibits the use
of or the investment in derivatives.
Credit Risk
The Fund limits its exposure to credit risk, the risk that the issuer of a debt security
will not pay its par value upon maturity, by primarily investing in U.S. obligations
and other obligations which are rated in the top three classes by a national rating
agency. The U.S. agency obligations are rated AA+ to AAA. The state and local
obligations range in rating from AA to not rated. The corporate bonds range in rating
from A to BBB+. The U.S. treasury obligations are not rated.
Custodial credit risk for investments is the risk that, in the event of the failure of the
counterparty to the investment, the Fund will not be able to recover the value of its
investments that are in possession of an outside party.
To limit its exposure, the Fund requires all security transactions that are exposed to
custodial credit risk to be processed on a delivery versus payment (DVP) basis with
the underlying investments held by a third party acting as the Fund’s agent separate
from where the investment was purchased in the Fund’s name. The money market
mutual funds and equity mutual funds are not subject to custodial credit risk.
- 51 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Police Pension Plan (Continued)
Discount Rate
The discount rate used to measure the total pension liability at December 31, 2021
was 6.75%. The projection of cash flows used to determine the discount rate
assumed that member contributions will be made at the current contribution rate and
that the Village contributions will be made at rates equal to the difference between
actuarially determined contribution rates and the member rate. Based on those
assumptions, the Fund’s fiduciary net position was projected to be available to make
all projected future benefit payments of current plan members.
Changes in the Net Pension Liability
(a)
Total
Pension
(b)
Plan
Fiduciary
(a) - (b)
Net
Pension
Liability Net Position Liability
BALANCES AT
JANUARY 1, 2021
$ 64,108,696
$ 44,837,122
$ 19,271,574
Changes for the period
Service cost 925,403 - 925,403
Interest 4,277,325 - 4,277,325
Difference between expected
and actual experience 220,178 - 220,178
Changes in assumptions (35,250) - (35,250)
Changes in benefit terms (3,332,676) - (3,332,676)
Employer contributions - 2,133,229 (2,133,229)
Employee contributions - 572,232 (572,232)
Other contributions - - -
Net investment income - 5,680,397 (5,680,397)
Benefit payments and refunds - (3,332,676) 3,332,676
Administrative expense - (52,226) 52,226
Net changes 2,054,980 5,000,956 (2,945,976)
BALANCES AT
DECEMBER 31, 2021
$ 66,163,676
$ 49,838,078
$ 16,325,598
- 52 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Police Pension Plan (Continued)
Changes in the Net Pension Liability (Continued)
There were changes with respect to actuarial assumptions in the current year related
mortality rates in 2021.
Actuarial Assumptions
The total pension liability above was determined by an actuarial valuation using the
following actuarial methods and assumptions.
Actuarial valuation date December 31, 2021
Actuarial cost method Entry-age normal
Assumptions
Inflation 2.50%
Salary increases 3.75%
Interest rate 6.75%
Cost of living adjustments 3.00%
Asset valuation method Fair value
The RP-2014 Mortality Table with a blue collar adjustment, with generational
improvement scale MP-2020 applied from 2013 was used to measure mortality rates.
- 53 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Police Pension Plan (Continued)
Discount Rate Sensitivity
The following is a sensitivity analysis of the net pension liability to changes in the
discount rate. The table below presents the net pension liability of the Village
calculated using the discount rate of 6.75% as well as what the Village’s net pension
liability would be if it were calculated using a discount rate that is 1 percentage point
lower (5.75%) or 1 percentage point higher (7.75%) than the current rate:
1% Decrease
Current
Discount Rate
1% Increase
(5.75%) (6.75%) (7.75%)
Net pension liability $ 25,362,708 $ 16,325,598 $ 8,934,997
Pension Expense and Deferred Outflows of Resources and Deferred Inflows of
Resources
For the year ended December 31, 2021, the Village recognized pension expense of
$794,601. At December 31, 2021, the Village reported deferred outflows of
resources and deferred inflows of resources related to the police pension from the
following sources:
Deferred
Outflows of
Deferred
Inflows of
Resources Resources
Difference between expected and actual experience $ 527,664 $ 419,356
Changes in assumptions - 337,991
Net difference between projected and actual earnings
on pension plan investments - 3,829,154
TOTAL $ 527,664 $ 4,586,501
Changes in the net pension liability related to the difference in actual and expected
experience, or changes in assumptions regarding future events, are recognized in
pension expense over the expected remaining service life of all employees (active
and retired) in the plan. Differences in projected and actual earnings over the
measurement period are recognized over a five-year period.
- 54 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Police Pension Plan (Continued)
Pension Expense and Deferred Outflows of Resources and Deferred Inflows of
Resources (Continued)
Amounts reported as deferred outflows of resources and deferred inflows of
resources related to the police pension will be recognized in pension expense as
follows:
Year Ending
December 31,
2022 $ (766,753)
2023 (1,755,908)
2024 (1,037,794)
2025 (498,382)
2026 -
Thereafter -
TOTAL $ (4,058,837)
Firefighters’ Pension Plan
Plan Administration
Firefighter sworn personnel are covered by the Firefighters’ Pension Plan, a
single-employer defined benefit pension plan sponsored by the Village. The defined
benefits and employee and minimum employer contribution levels are governed by
Illinois Compiled Statutes (40 ILCS 5/4-101) and may be amended only by the
Illinois legislature. The Village accounts for the Firefighters’ Pension Plan as a
pension trust fund.
The plan is governed by a five-member Board of Trustees. Two members of the
Board of Trustees are appointed by the Village President, one member is elected by
pension beneficiaries, and two members are elected by active firefighter employees.
- 55 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Firefighters’ Pension Plan (Continued)
Plan Membership
At December 31, 2021, the measurement date, membership consisted of:
Inactive plan members currently receiving benefits 48
In active plan members entitled to but not yet receiving benefits 4
Active plan members 29
TOTAL 81
Benefits Provided
The following is a summary of benefits of the plan as provided for in ILCS:
The Firefighters’ Pension Plan provides retirement benefits as well as death and
disability benefits. Tier 1 employees (those hired prior to January 1, 2011) attaining
the age of 50 or older with 20 or more years of creditable service are entitled to
receive an annual retirement benefit equal to one-half of the salary attached to the
rank held at the date of retirement. The annual benefit shall be increased by 2.50% of
such salary for each additional year of service over 20 years up to 30 years to a
maximum of 75% of such salary. Employees with at least ten years but less than
20 years of credited service may retire at or after age 60 and receive a reduced
benefit. The monthly benefit shall be increased annually, following the first
anniversary date of retirement and be paid upon reaching the age of at least 55 years,
by 3% of the original pension, and 3% compounded annually thereafter.
Tier 2 employees (those hired on or after January 1, 2011) attaining the age of 55 or
older with ten or more years of creditable service are entitled to receive an annual
retirement benefit equal to the average monthly salary obtained by dividing the total
salary of the firefighter during the 96 consecutive months of service within the last
120 months of service in which the total salary was the highest by the number of
months of service in that period. Firefighters’ salary for pension purposes is capped
at $106,800, plus the lesser of ½ of the annual change in the Consumer Price Index
or 3% compounded. The annual benefit shall be increased by 2.50% of such salary
for each additional year of service over 20 years up to 30 years to a maximum of
75% of such salary. Employees with at least ten years may retire at or after age 50
and receive a reduced benefit (i.e., ½% for each month under 55). The monthly
benefit of a Tier 2 firefighter shall be increased annually at age 60 on the January 1st
after the firefighter retires, or the first anniversary of the pension starting date,
whichever is later. Noncompounding increases occur annually, each
January thereafter. The increase is the lesser of 3% or ½ of the change in the
Consumer Price Index for the proceeding calendar year.
- 56 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Firefighters’ Pension Plan (Continued)
Contributions
Covered employees are required to contribute 9.455% of their base salary to the
Firefighters’ Pension Plan. If an employee leaves covered employment with fewer
than 20 years of service, accumulated employee contributions may be refunded
without accumulated interest. Contributions are recognized when due pursuant to
formal commitments, as well as statutory or contractual requirements. Benefits and
refunds are recognized when due and payable in accordance with the terms of the
Firefighters’ Pension Plan. The costs of administering the Firefighters’ Pension Plan
are financed through investment earnings. The Village is required to finance the
Firefighters’ Pension Plan as actuarially determined by an enrolled actuary. Effective
January 1, 2011, the Village has until the year 2040 to fund 90% of the past service
cost for the Firefighters’ Pension Plan. The Village has chosen a policy to fund 100%
of the past service costs by 2040. For the year ended December 31, 2021, the
Village’s contribution was 67.08% of covered payroll.
Investment Policy
The Firefighters’ Pension Fund’s (the Fund) investment policy authorizes the Fund
to invest in all investments allowed by ILCS and require the Fund’s Board of
Trustees to adopt an investment policy which can be amended by a majority vote of
the Board of Trustees. The Fund’s investment policy authorizes the Fund to make
deposits/invest in insured commercial banks, savings and loan institutions,
obligations of the U.S. Treasury and U.S. agencies, insured credit union shares,
money market mutual funds with portfolios of securities issued or guaranteed by the
United States Government or agreements to repurchase these same obligations,
repurchase agreements, short-term commercial paper rated within the three highest
classifications by at least two standard rating services, investment-grade corporate
bonds and The Illinois Funds. The Fund may also invest in certain non-U.S.
obligations, Illinois municipal corporations tax anticipation warrants, veteran’s loans,
obligations of the State of Illinois and its political subdivisions, Illinois insurance
company general and separate accounts, mutual funds, corporate equity and
corporate debt securities, and real estate investment trusts. The investment policy
was modified during the year ended December 31, 2021, changes related to updating
performance benchmarks, target allocation, and language regarding the Illinois
Sustainable Investing Act.
- 57 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Firefighters’ Pension Plan (Continued)
Investment Policy (Continued)
The Fund’s investment policy in accordance with ILCS establishes the following
target allocation across asset classes:
Asset Class
Range
Target
Long-Term
Expected Real
Rate of Return
Large cap domestic equity 22% to 65% 42% 5.8%
Small cap domestic equity 0% to 26% 12% 7.6%
International equity 0% to 13% 6% 7.1%
Fixed income 35% to 45% 40% 1.4%
The long-term expected real rates of return are net of a 2.20% factor for inflation and
investment expense. ILCS limits the Fund’s investments in equities, mutual funds,
and variable annuities to 65%. Securities in any one company should not exceed 5%
of the total fund.
The long-term expected rate of return on pension plan investments was determined
using a building-block method in which expected future real rates of return (expected
returns, net of pension plan investment expense and inflation) are developed for each
major asset class. These expected future real rates of return are combined to produce
the long-term expected rate of return by weighting the expected future real rates of
return by the target asset allocation percentage and by adding expected inflation.
Best estimates or geometric real rates of return excluding inflation for each major
asset class included in the Fund’s target asset allocation as of December 31, 2021 are
listed in the table above.
Concentrations
There are no significant investments (other than United States Government
guaranteed obligations, municipal bonds, and corporate bonds) in any one
organization that represent 5% or more of the Fund’s investments.
- 58 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Firefighters’ Pension Plan (Continued)
Rate of Return
For the year ended December 31, 2021, the annual money-weighted rate of return on
pension plan investments, net of pension plan investment expense, was 11.84%. The
money-weighted rate of return expresses investment performance, net of investment
expense, adjusted for the changing amounts actually invested.
Deposits with Financial Institutions
Custodial credit risk for deposits with financial institutions is the risk that in the
event of bank failure, the Fund’s deposits may not be returned to it. The Fund’s
investment policy requires all bank balances to be covered by federal depository
insurance or collateralized by the financial institutions. All deposits at December 31,
2021 are covered by federal depository insurance.
Interest Rate Risk
The following table presents the investments and maturities of the Fund’s debt
securities as of December 31, 2021:
Investment Maturities (in Years)
Investment Type Fair Value Less than 1 1-5 6-10 Greater than 10
U.S. Treasury obligations $ 1,540,384 $ 253,852 $ 863,555 $ 422,977 $ -
Certificate of deposits 366,777 - 224,633 142,144 -
U.S. agency obligations 7,894,678 - 2,596,561 5,298,117 -
Corporate bonds 1,753,102 - 969,557 783,545 -
State and local obligations 2,169,418 - 915,383 1,254,035 -
TOTAL $ 13,724,359 $ 253,852 $ 5,569,689 $ 7,900,818 $ -
The Fund has the following recurring fair value measurements as of December 31,
2021: the U.S. agency obligations, municipal bonds, corporate bonds, and certificate
of deposits are valued using quoted matrix pricing models (Level 2 inputs). The U.S.
Treasury obligations and mutual funds use Level 1 inputs.
In accordance with its investment policy, the Fund limits its exposure to interest rate
risk by structuring the portfolio to provide liquidity for short and long-term cash flow
needs while providing a reasonable rate of return based on the current market. The
Fund’s investment policy indicates the average maturity/duration of the portfolio will
be managed based on the existing interest rate environment, and under most
circumstances will be maintained at approximately five years and will range from
two to seven years.
- 59 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Firefighters’ Pension Plan (Continued)
Credit Risk
The Firefighters’ Pension Fund limits its exposure to credit risk, the risk that the
issuer of a debt security will not pay its par value upon maturity, by investing in
obligations guaranteed by the United States Government, securities issued by
agencies of the United States Government that are explicitly or implicitly guaranteed
by the United States Government and investment grade corporate bonds rated at or
above Baa3 by Moody’s. The U.S. agency obligations are rated Aaa to AA+. The
corporate bonds are rated from Aaa to A-. The state and local obligations and are
either not rated or rated from Aaa to AA. The certificate of deposits and U.S.
Treasury obligations are not rated.
Custodial Credit Risk
Custodial credit risk for investments is the risk that, in the event of the failure of the
counterparty to the investment, the Fund will not be able to recover the value of its
investments that are in possession of an outside party. The Fund’s policy requires
third-party safe keeping for all securities owned by the Fund.
Discount Rate
The discount rate used to measure the total pension liability at December 31, 2021
was 6.75%. The projection of cash flows used to determine the discount rate
assumed that member contributions will be made at the current contribution rate and
that the Village contributions will be made at rates equal to the difference between
actuarially determined contribution rates and the member rate. Based on those
assumptions, the Fund’s fiduciary net position was projected to be available to make
all projected future benefit payments of current plan members.
- 60 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Firefighters’ Pension Plan (Continued)
Changes in the Net Pension Liability
(a)
Total
Pension
(b)
Plan
Fiduciary
(a) - (b)
Net
Pension
Liability Net Position Liability
BALANCES AT
JANUARY 1, 2021
$ 53,675,155
$ 34,520,040
$ 19,155,115
Changes for the period
Service cost 808,944 - 808,944
Interest 3,570,069 - 3,570,069
Difference between expected
and actual experience (41,604) - (41,604)
Changes in assumptions 2,275,678 - 2,275,678
Changes in benefit terms (3,188,405) - (3,188,405)
Employer contributions - 2,173,496 (2,173,496)
Employee contributions - 332,919 (332,919)
Other contributions - - -
Net investment income - 4,041,581 (4,041,581)
Benefit payments and refunds - (3,188,405) 3,188,405
Administrative expense - (62,320) 62,320
Net changes 3,424,682 3,297,271 127,411
BALANCES AT
DECEMBER 31, 2021
$ 57,099,837
$ 37,817,311
$ 19,282,526
- 61 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Firefighters’ Pension Plan (Continued)
Actuarial Assumptions
The total pension liability above was determined by an actuarial valuation using the
following actuarial methods and assumptions.
Actuarial valuation date December 31, 2021
Actuarial cost method Entry-age normal
Assumptions
Inflation 2.25%
Salary increases 4.00%-12.50%
Interest rate 6.75%
Cost of living adjustments 3.00%
Asset valuation method Fair value
The Pub-2010 Public Safety Employee Mortality Table without adjustment, with
generational improvement scale MP-2020 applied from 2010 was used to measure
mortality rates.
Discount Rate Sensitivity
The following is a sensitivity analysis of the net pension liability to changes in the
discount rate. The table below presents the net pension liability of the Village
calculated using the discount rate of 6.75% as well as what the Village’s net pension
liability would be if it were calculated using a discount rate that is 1 percentage point
lower (5.75%) or 1 percentage point higher (7.75%) than the current rate:
1% Decrease
Current
Discount Rate
1% Increase
(5.75%) (6.75%) (7.75%)
Net pension liability $ 26,685,496 $ 19,282,526 $ 13,188,513
- 62 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Firefighters’ Pension Plan (Continued)
Pension Expense and Deferred Outflows of Resources and Deferred Inflows of
Resources
For the year ended December 31, 2021, the Village recognized pension expense of
$924,697. At December 31, 2021, the Village reported deferred outflows of
resources and deferred inflows of resources related to the firefighters’ pension from
the following sources:
Deferred
Outflows of
Deferred
Inflows of
Resources Resources
Difference between expected and actual experience $ 163,503 $ 85,511
Changes in assumption 1,706,758 229,180
Net difference between projected and actual earnings
on pension plan investments - 3,547,242
TOTAL $ 1,870,261 $ 3,861,933
Changes in the net pension liability related to the difference in actual and expected
experience, or changes in assumptions regarding future events, are recognized in
pension expense over the expected remaining service life of all employees (active
and retired) in the plan. Differences in projected and actual earnings over the
measurement period are recognized over a five-year period.
Amounts reported as deferred outflows of resources and deferred inflows of
resources related to the firefighters’ pension will be recognized in pension expense
as follows:
Year Ending
December 31,
2022 $ (428,293)
2023 (926,203)
2024 (289,857)
2025 (347,319)
2026 -
Thereafter -
TOTAL $ (1,991,672)
- 63 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
b. Fiduciary Funds Summary Financial Information
The following is summary financial information for the Police Pension Plan and the
Firefighters’ Pension Plan.
Statement of Net Position
Police
Pension
Firefighters’
Pension
Total
ASSETS
Cash and short-term investments $ 417,236 $ 15,397 $ 432,633
Investments at fair value
Certificates of deposit - 366,777 366,777
Money markets 2,353,939 1,091,913 3,445,852
U.S. Treasury obligations 1,959,179 1,540,384 3,499,563
U.S. agency obligations 3,014,835 7,894,678 10,909,513
State and local obligations 250,824 2,169,418 2,420,242
Corporate bonds 7,702,484 1,753,102 9,455,586
Mutual funds 34,071,371 22,919,192 56,990,563
Receivables
Accrued interest 95,738 73,061 168,799
Due from municipality 212 - 212
Prepaid items 3,231 1,544 4,775
Total assets 49,869,049 37,825,466 87,694,515
LIABILITIES
Accounts payable 30,971 8,155 39,126
Total liabilities 30,971 8,155 39,126
NET POSITION HELD IN TRUST
FOR PENSION BENEFITS $ 49,838,078 $ 37,817,311 $ 87,655,389
- 64 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. DEFINED BENEFIT PENSION PLANS (Continued)
b. Fiduciary Funds Summary Financial Information
Changes in Plan Net Position
Police
Pension
Firefighters’
Pension
Total
ADDITIONS
Contributions
Employer $ 2,133,229 $ 2,173,496 $ 4,306,725
Employee 572,232 332,919 905,151
Total contributions 2,705,461 2,506,415 5,211,876
Investment income
Net appreciation in fair value
of investments 4,940,818 2,426,309 7,367,127
Interest 825,760 1,689,472 2,515,232
Total investment income 5,766,578 4,115,781 9,882,359
Less investment expense (86,181) (73,670) (159,851)
Net investment income 5,680,397 4,042,111 9,722,508
Total additions 8,385,858 6,548,526 14,934,384
DEDUCTIONS
Benefits and refunds 3,332,676 3,188,405 6,521,081
Administrative expenses 52,226 62,850 115,076
Total deductions 3,384,902 3,251,255 6,636,157
NET INCREASE 5,000,956 3,297,271 8,298,227
NET POSITION HELD IN TRUST
FOR PENSION BENEFITS
January 1 44,837,122 34,520,040 79,357,162
December 31 $ 49,838,078 $ 37,817,311 $ 87,655,389
- 65 -
REQUIRED SUPPLEMENTARY INFORMATION
2021
Variance
Original Final Over
Budget Budget Actual (Under)
REVENUES
Intergovernmental 13,196,695$ 13,196,695$ 17,864,575$ 4,667,880$
Utility taxes 5,995,000 5,995,000 5,698,119 (296,881)
Licenses and permits 2,180,360 2,180,360 2,438,302 257,942
Charges for services 1,520,040 1,520,040 1,692,157 172,117
Fines and penalties 369,280 369,280 328,234 (41,046)
Investment income 300,000 300,000 (44,605) (344,605)
Miscellaneous 257,000 257,000 247,554 (9,446)
Total revenues 23,818,375 23,818,375 28,224,336 4,405,961
EXPENDITURES
Current
General government 4,082,925 4,157,275 3,776,264 (381,011)
Public safety 16,727,630 16,793,430 16,538,050 (255,380)
Public works 1,010,860 1,012,045 839,057 (172,988)
Culture and recreation 943,405 975,970 925,176 (50,794)
Total expenditures 22,764,820 22,938,720 22,078,547 (860,173)
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 1,053,555 879,655 6,145,789 5,266,134
OTHER FINANCING SOURCES (USES)
Transfers (out)(100,000) (3,100,000) (3,000,000) 100,000
Total other financing sources (uses)(100,000) (3,100,000) (3,000,000) 100,000
NET CHANGE IN FUND BALANCE 953,555$ (2,220,345)$ 3,145,789 5,366,134$
FUND BALANCE, JANUARY 1 28,202,149
FUND BALANCE, DECEMBER 31 31,347,938$
VILLAGE OF OAK BROOK, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended December 31, 2021
(See independent auditor's report.)
- 66 -
FISCAL YEAR ENDED DECEMBER 31,2014 2015 2016 2017 2018 2019 2020 2021
Actuarially determined contribution 732,952$ 715,497$ 723,635$ 611,935$ 647,428$ 544,333$ 663,595$ 629,910$
Contributions in relation to the actuarially
determined contribution 749,983 715,089 723,634 645,761 647,429 562,006 663,595 629,910
CONTRIBUTION DEFICIENCY (Excess)(17,031)$ 408$ 1$ (33,826)$ (1)$ (17,673)$ -$ -$
Covered payroll 5,168,916$ 5,230,241$ 5,400,260$ 4,875,980$ 4,930,905$ 5,347,086$ 5,352,529$ 5,214,013$
Contributions as a percentage of
covered payroll 14.51%13.67%13.40%13.24%13.13%10.51%12.40%12.08%
Notes to Required Supplementary Information
Ultimately,this schedule should present information for the last ten years.However,until ten years of information can be compiled,information will be presented for as many
years as is available.
VILLAGE OF OAK BROOK, ILLINOIS
SCHEDULE OF EMPLOYER CONTRIBUTIONS
Last Eight Fiscal Years
ILLINOIS MUNICIPAL RETIREMENT FUND
The information presented was determined as part of the actuarial valuation as of January 1 of the prior fiscal year.Additional information as of the latest actuarial valuation
presented is as follows:the actuarial cost method was entry-age normal;the amortization method was level percent of pay,closed,and the amortization period was 23 years;the
asset valuation method was five-year smoothed market; and the significant actuarial assumptions were an investment rate of return at 7.25% annually, projected salary increases
assumption of 3.35% to 14.25% compounded annually, and postretirement benefit increases of 2.50% compounded annually.
(See independent auditor's report.)
- 67 -
FISCAL YEAR ENDED DECEMBER 31,2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Actuarially determined contribution 969,024$ 1,205,519$ 1,485,673$ 1,550,233$ 1,708,330$ 1,748,025$ 1,946,714$ 2,057,112$ 2,169,845$ 2,133,229$
Contribution in relation to the actuarially
determined contribution 977,367 1,171,537 1,259,824 1,336,683 1,527,927 1,748,025 1,946,714 2,057,112 1,803,644 2,133,229
CONTRIBUTION DEFICIENCY (Excess)(8,343)$ 33,982$ 225,849$ 213,550$ 180,403$ -$ -$ -$ 366,201$ -$
Covered payroll 3,310,998$ 3,646,309$ 3,598,016$ 3,631,184$ 3,735,548$ 3,829,224$ 3,892,216$ 3,849,863$ 3,932,044$ 4,179,054$
Contributions as a percentage of
covered payroll 29.52%32.13%35.01%36.81%40.90%45.65%50.02%53.43%45.87%51.05%
Notes to the Required Supplementary Information
SCHEDULE OF EMPLOYER CONTRIBUTIONS
POLICE PENSION FUND
VILLAGE OF OAK BROOK, ILLINOIS
Last Ten Fiscal Years
The information presented was determined as part of the actuarial valuations as of January 1 of the prior fiscal year.Additional information as of the latest actuarial valuation presented is as follows:the
actuarial cost method was entry-age normal;the amortization method was level percent of pay,closed,and the amortization period was 20 years;the asset valuation method was at market value;and the
significant actuarial assumptions were an investment rate of return of 6.75% annually, projected salary increase assumption of 3.75%, and postretirement benefit increases of 3.00% compounded annually.
(See independent auditor's report.)
- 68 -
FISCAL YEAR ENDED DECEMBER 31, 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Actuarially determined contribution 1,065,173$ 1,144,966$ 1,698,405$ 1,826,637$ 2,015,441$ 2,080,231$ 2,064,689$ 2,150,924$ 2,194,631$ 2,173,496$
Contribution in relation to the actuarially
determined contribution 1,001,528 1,057,081 1,570,742 1,414,530 1,801,476 2,080,231 2,064,689 2,150,924 1,834,554 2,173,496
CONTRIBUTION DEFICIENCY (Excess)63,645$ 87,885$ 127,663$ 412,107$ 213,965$ -$ -$ -$ 360,077$ -$
Covered payroll 2,687,097$ 2,762,080$ 2,674,017$ 2,818,219$ 2,812,001$ 2,918,844$ 3,085,809$ 3,187,983$ 3,179,407$ 3,240,175$
Contributions as a percentage of
37.27%38.27%58.74%50.19%64.06%71.27%66.91%67.47%57.70%67.08%
Notes to the Required Supplementary Information
The information presented was determined as part of the actuarial valuations as of January 1 of the prior fiscal year.Additional information as of the latest actuarial valuation presented is as follows:the
actuarial cost method was entry-age normal;the amortization method was level percent of pay,closed,and the amortization period was 20 years;the asset valuation method was at market value;and the
significant actuarial assumptions were an investment rate of return of 6.75% annually, projected salary increase assumption of 3.75%, and postretirement benefit increases of 3.00% compounded annually.
VILLAGE OF OAK BROOK, ILLINOIS
FIREFIGHTERS' PENSION FUND
SCHEDULE OF EMPLOYER CONTRIBUTIONS
Last Ten Fiscal Years
covered payroll
(See independent auditor's report.)
- 69 -
MEASUREMENT DATE DECEMBER 31,2014 2015 2016 2017 2018 2019 2020
TOTAL PENSION LIABILITY
Service cost 613,861$ 581,062$ 558,199$ 524,438$ 465,011$ 516,338$ 544,020$
Interest 2,465,082 2,615,047 2,706,946 2,837,540 2,799,690 2,922,546 3,052,150
Changes of benefit terms - - - - - - -
Differences between expected and actual experience (770,401) (398,570) 243,794 (677,198) 711,157 389,071 (889,544)
Changes of assumptions 1,163,670 89,849 (135,521) (1,138,825) 1,073,505 - (341,628)
Benefit payments, including refunds of member contributions (1,353,166) (1,466,273) (1,638,204) (1,882,278) (2,159,539) (2,026,957) (2,081,335)
Net change in total pension liability 2,119,046 1,421,115 1,735,214 (336,323) 2,889,824 1,800,998 283,663
Total pension liability - beginning 33,237,409 35,356,455 36,777,570 38,512,784 38,176,461 41,066,285 42,867,283
TOTAL PENSION LIABILITY - ENDING 35,356,455$ 36,777,570$ 38,512,784$ 38,176,461$ 41,066,285$ 42,867,283$ 43,150,946$
PLAN FIDUCIARY NET POSITION
Contributions - employer 749,983$ 715,089$ 723,634$ 645,761$ 647,429$ 562,006$ 663,595$
Contributions - member 238,409 238,021 243,012 348,030 222,216 240,618 252,942
Net investment income 1,874,762 159,375 2,199,050 5,792,968 (2,162,333) 6,770,446 5,960,124
Benefit payments, including refunds of member contributions (1,353,166) (1,466,273) (1,638,204) (1,882,278) (2,159,539) (2,026,957) (2,081,335)
Other (294,611) 63,416 247,674 (989,852) 1,282,342 (7,610) (1,007,512)
Net change in plan fiduciary net position 1,215,377 (290,372) 1,775,166 3,914,629 (2,169,885) 5,538,503 3,787,814
Plan fiduciary net position - beginning 30,916,185 32,131,562 31,841,190 33,616,356 37,530,985 35,361,100 40,899,603
PLAN FIDUCIARY NET POSITION - ENDING 32,131,562$ 31,841,190$ 33,616,356$ 37,530,985$ 35,361,100$ 40,899,603$ 44,687,417$
EMPLOYER'S NET PENSION LIABILITY 3,224,893$ 4,936,380$ 4,896,428$ 645,476$ 5,705,185$ 1,967,680$ (1,536,471)$
VILLAGE OF OAK BROOK, ILLINOIS
SCHEDULE OF CHANGES IN THE EMPLOYER'S
NET PENSION LIABILITY AND RELATED RATIOS
ILLINOIS MUNICIPAL RETIREMENT FUND
Last Seven Fiscal Years
- 70 -
MEASUREMENT DATE DECEMBER 31,2014 2015 2016 2017 2018 2019 2020
Plan fiduciary net position
as a percentage of the total pension liability 90.88%86.58%87.29%98.31%86.11%95.41%103.56%
Covered payroll 5,168,916$ 5,230,241$ 5,400,260$ 4,875,980$ 4,930,905$ 5,347,086$ 5,342,954$
Employer's net pension liability
as a percentage of covered payroll 62.39%94.38%90.67%13.24%115.70%36.80%(28.76%)
2015 - changes in assumptions related to investment rate of return, retirement age, and mortality rates
2016 - changes in assumptions related to retirement age and mortality rates
2017 - changes in assumptions related to inflation rates, salary rates, and mortality rates
2018 - changes in assumptions related to the investment rate of return
2020 - changes in assumptions related to the inflation rates, salary rates, mortality rates, and investment rate of return
Ultimately,this schedule should present information for the last ten years.However,until ten years of information can be compiled,information will be presented for as many years
as is available.
(See independent auditor's report.)
- 71 -
MEASUREMENT DATE DECEMBER 31,2014 2015 2016 2017 2018 2019 2020 2021
TOTAL PENSION LIABILITY
Service cost 826,067$ 816,276$ 800,389$ 833,296$ 890,871$ 852,541$ 869,540$ 925,403$
Interest 3,141,175 3,338,238 3,563,145 3,650,633 3,902,722 4,041,408 4,215,181 4,277,325
Changes of benefit terms - - - - - 63,841 - -
Differences between expected and actual experience 1,279,682 (48,037) (856,825) (347,589) 199,802 778,897 (698,928) 220,178
Changes to actuarial assumptions - 1,597,133 96,439 1,964,218 (182,060) (196,672) (324,515) (35,250)
Benefit payments, including refunds of member contributions (2,288,693) (2,346,686) (2,364,839) (2,315,047) (2,531,903) (2,904,890) (3,060,323) (3,332,676)
Net change in total pension liability 2,958,231 3,356,924 1,238,309 3,785,511 2,279,432 2,635,125 1,000,955 2,054,980
Total pension liability - beginning 46,854,212 49,812,440 53,169,364 54,407,673 58,193,184 60,472,616 63,107,741 64,108,696
TOTAL PENSION LIABILITY - ENDING 49,812,443$ 53,169,364$ 54,407,673$ 58,193,184$ 60,472,616$ 63,107,741$ 64,108,696$ 66,163,676$
PLAN FIDUCIARY NET POSITION
Contributions - employer 1,259,824$ 1,336,683$ 1,527,927$ 1,748,025$ 1,946,714$ 2,057,112$ 1,803,644$ 2,133,229$
Contributions - member 358,339 358,499 383,238 386,727 410,316 378,699 521,151 572,232
Net investment income 1,115,158 (429,967) 2,176,018 4,461,837 (2,385,632) 6,529,172 4,427,403 5,680,397
Benefit payments, including refunds of member contributions (2,288,693) (2,346,686) (2,364,839) (2,315,047) (2,531,903) (2,904,890) (3,060,323) (3,332,676)
Administrative expense (47,609) (38,647) (39,522) (35,776) (54,667) (41,392) (38,098) (52,226)
Net change in plan fiduciary net position 397,019 (1,120,118)1,682,822 4,245,766 (2,615,172) 6,018,701 3,653,777 5,000,956
Plan fiduciary net position - beginning 32,574,327 32,971,346 31,851,228 33,534,050 37,779,816 35,164,644 41,183,345 44,837,122
PLAN FIDUCIARY NET POSITION - ENDING 32,971,346$ 31,851,228$ 33,534,050$ 37,779,816$ 35,164,644$ 41,183,345$ 44,837,122$ 49,838,078$
EMPLOYER'S NET PENSION LIABILITY 16,841,097$ 21,318,136$ 20,873,623$ 20,413,368$ 25,307,972$ 21,924,396$ 19,271,574$ 16,325,598$
VILLAGE OF OAK BROOK, ILLINOIS
SCHEDULE OF CHANGES IN THE EMPLOYER'S
NET PENSION LIABILITY AND RELATED RATIOS
POLICE PENSION FUND
Last Eight Fiscal Years
- 72 -
MEASUREMENT DATE DECEMBER 31,2014 2015 2016 2017 2018 2019 2020 2021
Plan fiduciary net position
as a percentage of the total pension liability 66.19%59.91%61.63%64.92%58.15%65.26%69.94%75.33%
Covered payroll 3,631,184$ 3,735,548$ 3,829,224$ 3,892,216$ 3,849,863$ 3,932,044$ 4,179,054$ 4,221,825$
Employer's net pension liability
as a percentage of covered payroll 463.79%570.68%545.11%524.47%657.37%557.58%461.15%386.70%
Ultimately,this schedule should present information for the last ten years.However,until ten years of information can be compiled,information will be presented for as many years as is
available.
Changes in assumption from 2015 - 2021 relate to changes in mortality rates
(See independent auditor's report.)
- 73 -
MEASUREMENT DATE DECEMBER 31,2014 2015 2016 2017 2018 2019 2020 2021
TOTAL PENSION LIABILITY
Service cost 746,748$ 746,748$ 756,771$ 782,892$ 786,115$ 807,975$ 818,358$ 808,944$
Interest 2,926,848 3,040,301 3,229,650 3,287,875 3,347,278 3,420,108 3,489,011 3,570,069
Changes of benefit terms - - - - - 64,336 - -
Differences between expected and actual experience 507,637 163,758 (569,891) (768,292) (96,554) (139,992) 327,007 (41,604)
Changes to actuarial assumptions - 1,474,675 90,432 300,225 (156,879) (175,274) (307,978) 2,275,678
Benefit payments, including refunds of member
contributions (2,385,491) (2,615,406) (2,645,270) (2,695,712) (2,756,038) (2,889,667) (3,043,861) (3,188,405)
Net change in total pension liability 1,795,742 2,810,076 861,692 906,988 1,123,922 1,087,486 1,282,537 3,424,682
Total pension liability - beginning 43,806,712 45,602,454 48,412,530 49,274,222 50,181,210 51,305,132 52,392,618 53,675,155
TOTAL PENSION LIABILITY - ENDING 45,602,454$ 48,412,530$ 49,274,222$ 50,181,210$ 51,305,132$ 52,392,618$ 53,675,155$ 57,099,837$
PLAN FIDUCIARY NET POSITION
Contributions - employer 1,570,742$ 1,414,530$ 1,801,476$ 2,080,231$ 2,064,689$ 2,150,924$ 1,834,554$ 2,173,496$
Contributions - member 267,458 269,349 273,775 295,477 300,087 308,176 317,505 332,919
Net investment income 1,178,816 (256,566) 1,794,320 3,459,107 (1,255,489) 4,971,530 4,559,197 4,041,581
Benefit payments, including refunds of member
contributions (2,385,491) (2,615,406) (2,645,270) (2,695,712) (2,756,038) (2,889,667) (3,043,861) (3,188,405)
Administrative expense (75,386) (46,351) (40,567) (41,034) (45,569) (45,897) (43,590) (62,320)
Net change in plan fiduciary net position 556,139 (1,234,444)1,183,734 3,098,069 (1,692,320) 4,495,066 3,623,805 3,297,271
Plan fiduciary net position - beginning 24,489,991 25,046,130 23,811,686 24,995,420 28,093,489 26,401,169 30,896,235 34,520,040
PLAN FIDUCIARY NET POSITION - ENDING 25,046,130$ 23,811,686$ 24,995,420$ 28,093,489$ 26,401,169$ 30,896,235$ 34,520,040$ 37,817,311$
EMPLOYER'S NET PENSION LIABILITY 20,556,324$ 24,600,844$ 24,278,802$ 22,087,721$ 24,903,963$ 21,496,383$ 19,155,115$ 19,282,526$
VILLAGE OF OAK BROOK, ILLINOIS
SCHEDULE OF CHANGES IN THE EMPLOYER'S
NET PENSION LIABILITY AND RELATED RATIOS
FIREFIGHTERS' PENSION FUND
Last Eight Fiscal Years
- 74 -
MEASUREMENT DATE DECEMBER 31,2014 2015 2016 2017 2018 2019 2020 2021
Plan fiduciary net position
as a percentage of the total pension liability 54.92%49.18%50.73%55.98%51.46%58.97%64.31%66.23%
Covered payroll 2,818,219$ 2,812,001$ 2,918,844$ 3,085,809$ 3,187,983$ 3,179,407$ 3,240,175$ 2,974,486$
Employer's net pension liability
as a percentage of covered payroll 729.41%874.85%831.80%715.78%781.18%676.11%591.18%648.26%
Ultimately,this schedule should present information for the last ten years.However,until ten years of information can be compiled,information will be presented for as many years as is
available.
Changes in assumption from 2015 - 2020 relate to changes in mortality rates
Changes in assumption in 2021 related to annual pay increases, inflation rate, and mortality rates.
(See independent auditor's report.)
- 75 -
MEASUREMENT DATE DECEMBER 31, 2018 2019 2020 2021
TOTAL OPEB LIABILITY
Service cost 325,218$ 306,833$ 399,277$ 522,041$
Interest 205,569 239,677 212,958 165,607
Differences between expected and actual experience 79,566 (508,380) (7,464) (247,647)
Changes in assumptions (315,894) 791,275 765,452 226,690
Implicit benefit payments (209,110) (229,223) (212,036) (214,995)
Net change in total OPEB liability 85,349 600,182 1,158,187 451,696
Total OPEB liability - beginning 5,552,825 5,638,174 6,238,356 7,396,543
TOTAL OPEB LIABILITY - ENDING 5,638,174$ 6,238,356$ 7,396,543$ 7,848,239$
Covered payroll 11,490,969$ 11,909,451$ 12,267,429$ 11,422,917$
Employers total OPEB liability as a percentage
of covered payroll 49.07%52.38%60.29%68.71%
2019 and 2018 changes in assumptions -There was a change with respect to actuarial assumptions from the prior year to
reflect revised expectations with respect to the discount and mortality rates.
2020 changes in assumptions -There was a change with respect to actuarial assumptions from the prior year to reflect
revised expectations with respect to discount rates.
Ultimately,this schedule should present information for the last ten years.However,until ten years of information can be
compiled, information will be presented for as many years as is available.
VILLAGE OF OAK BROOK, ILLINOIS
SCHEDULE OF CHANGES IN THE EMPLOYER'S
TOTAL OPEB LIABILITY AND RELATED RATIOS
OTHER POSTEMPLOYMENT BENEFIT PLAN
Last Four Fiscal Years
2021 changes in assumptions -There was a change with respect to actuarial assumptions from the prior year to reflect
revised expectations with respect to discount rates and salary increases.
(See independent auditor's report.)
- 76 -
MEASUREMENT DATE DECEMBER 31,2014 2015 2016 2017 2018 2019 2020 2021
Annual money-weighted rate of return,
net of investment expense 5.54%(1.32%)6.89%13.35%(6.34%)18.71%10.86%12.77%
Ultimately,this schedule should present information for the last ten years.However,until ten years of information can be compiled,information will be
presented for as many years as is available.
VILLAGE OF OAK BROOK, ILLINOIS
POLICE PENSION FUND
Last Eight Fiscal Years
SCHEDULE OF INVESTMENT RETURNS
(See independent auditor's report.)
- 77 -
MEASUREMENT DATE DECEMBER 31,2014 2015 2016 2017 2018 2019 2020 2021
Annual money-weighted rate of return,
net of investment expense 5.10%(1.05%)7.62%13.95%(4.51%)19.01%14.99%11.84%
Ultimately,this schedule should present information for the last ten years.However,until ten years of information can be compiled,information will be
presented for as many years as is available.
VILLAGE OF OAK BROOK, ILLINOIS
FIREFIGHTERS' PENSION FUND
SCHEDULE OF INVESTMENT RETURNS
Last Eight Fiscal Years
(See independent auditor's report.)
- 78 -
- 73 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
December 31, 2021
1. BUDGETARY INFORMATION
Budgets are adopted on a basis consistent with GAAP. Annual budgets are adopted for the
General, Special Revenue, and Capital Projects Funds on the modified accrual basis.
Enterprise, Internal Service, and Pension Trust Funds are on the accrual basis and a current
financial resources measurement focus except the Village does not budget depreciation bu t
does budget capital outlay. The annual budget is legally enacted and provides for a legal
level of control at the program level. All annual appropriations lapse at f iscal year end. The
Village does not adopt a budget for the Foreign Fire Insurance or the Pension Trust Funds.
The Village follows these procedures in establishing the budgetary data reflected in the
financial statements:
1. All departments of the Village submit budget requests to the Budget Officer so that a
budget may be prepared.
2. The Village Manager submits to the Village Board of Trustees a proposed operating
budget for the fiscal year commencing the following January 1. The operating budget
includes proposed expenditures and the means of financing them.
3. A public hearing is conducted by the Village to obtain resident comments.
4. Subsequently, the budget is adopted by the Village Board.
5. Annual budgets are adopted for all funds on a basis consistent with GAAP.
6. Formal budgetary integration is employed as a management control device during
the year for all funds of the Village.
7. Appropriations lapse at year end.
8. The Village Manager and Budget Officer are authorized to transfer budgeted
amounts between line items within any program; however, any revisions that alter
the total expenditures of any program or fund must be approved by the Village Board
of Trustees. The level of legal control is the individual program budget in total.
9. Budgeted amounts are as originally adopted with the exceptions of approved
transfers which were not material in relation to the budgets taken as a w hole.
10. The following fund had an excess of actual expenditures over budget for the fiscal
year:
Fund Excess
Promenade TIF Fund $ 15,225
- 79 -
COMBINING AND INDIVIDUAL FUND
FINANCIAL STATEMENTS AND SCHEDULES
MAJOR GOVERNMENTAL FUNDS
General Fund - to account for resources traditionally associated with governments which are not
accounted for in another fund.
Infrastructure Fund - to account for revenues restricted for and expenditures relative to the
construction and maintenance of roadways, drainage, and safety pathway systems.
Variance
Original Final Over 2020
Budget Budget Actual (Under)Actual
REVENUES
Intergovernmental
Municipal sales tax 11,860,995$ 11,860,995$ 15,913,212$ 4,052,217$ 11,507,051$
Illinois state income and use tax 1,036,600 1,036,600 1,361,583 324,983 1,213,231
Corporate personal property
replacement taxes 249,000 249,000 520,437 271,437 305,237
York Township road and
bridge tax 35,000 35,000 36,277 1,277 36,821
Grants 15,100 15,100 33,066 17,966 448,092
Total intergovernmental 13,196,695 13,196,695 17,864,575 4,667,880 13,510,432
Utility taxes 5,995,000 5,995,000 5,698,119 (296,881) 5,794,806
Licenses and permits 2,180,360 2,180,360 2,438,302 257,942 3,534,650
Charges for services 1,520,040 1,520,040 1,692,157 172,117 1,177,838
Fines and penalties 369,280 369,280 328,234 (41,046) 343,288
Investment income 300,000 300,000 (44,605) (344,605) 433,308
Miscellaneous
Franchise fees 202,000 202,000 213,695 11,695 202,660
Other 55,000 55,000 33,859 (21,141) 56,598
Total miscellaneous 257,000 257,000 247,554 (9,446) 259,258
TOTAL REVENUES 23,818,375$ 23,818,375$ 28,224,336$ 4,405,961$ 25,053,580$
2021
(With Comparative Actual)
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL FUND
SCHEDULE OF REVENUES - BUDGET AND ACTUAL
For the Year Ended December 31, 2021
(See independent auditor's report.)
- 80 -
Variance
Original Final Over 2020
Budget Budget Actual (Under)Actual
GENERAL GOVERNMENT
Legislative and general management
Board of trustees
Personnel 90,390$ 91,230$ 88,340$ (2,890)$ 71,658$
Materials and supplies 950 950 1,024 74 214
Operation and contractual 34,500 34,500 16,135 (18,365) 14,671
Total board of trustees 125,840 126,680 105,499 (21,181) 86,543
Village clerk
Personnel 154,165 160,360 154,600 (5,760) 144,912
Materials and supplies 1,635 1,635 394 (1,241) 1,787
Operation and contractual 7,500 7,500 6,783 (717) 7,183
Total Village clerk 163,300 169,495 161,777 (7,718) 153,882
Legal
Materials and supplies - - - - -
Operation and contractual 240,000 240,000 351,521 111,521 305,338
Total legal 240,000 240,000 351,521 111,521 305,338
General management
Personnel 334,095 334,935 333,645 (1,290) 316,647
Materials and supplies 46,200 46,200 29,371 (16,829) 28,079
Operation and contractual 9,465 9,465 39,191 29,726 9,771
Total general management 389,760 390,600 402,207 11,607 354,497
Human resources
Personnel 145,000 159,405 150,370 (9,035) 149,570
Materials and supplies 2,800 2,800 719 (2,081) 1,119
Operation and contractual 59,500 59,500 44,744 (14,756) 45,953
Total human resources 207,300 221,705 195,833 (25,872) 196,642
Risk management
Personnel 25,920 30,835 30,932 97 26,329
Operation and contractual 279,500 279,500 293,988 14,488 226,422
Total risk management 305,420 310,335 324,920 14,585 252,751
Emergency management
Materials and supplies 500 500 2,480 1,980 2,400
Operational and contractual 12,850 12,850 11,714 (1,136) 9,962
Total emergency management 13,350 13,350 14,194 844 12,362
2021
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
GENERAL FUND
VILLAGE OF OAK BROOK, ILLINOIS
For the Year Ended December 31, 2021
(With Comparative Actual)
(This schedule is continued on the following pages.)
- 81 -
Variance
Original Final Over 2020
Budget Budget Actual (Under)Actual
GENERAL GOVERNMENT (Continued)
Legislative and general management (Continued)
Information systems
Personnel 346,055$ 355,565$ 350,012$ (5,553)$ 341,412$
Materials and supplies 29,600 29,600 28,383 (1,217) 29,820
Operation and contractual 478,015 478,015 343,584 (134,431) 398,424
Capital 151,530 151,530 166,129 14,599 74,597
Total information systems 1,005,200 1,014,710 888,108 (126,602) 844,253
Customer service
Personnel 48,455 49,295 31,759 (17,536) 28,746
Operation and contractual - - 2,812 2,812 125
Total customer service 48,455 49,295 34,571 (14,724) 28,871
Total legislative and general
management 2,498,625 2,536,170 2,478,630 (57,540) 2,235,139
Community development management
Administration
Personnel 413,305 417,360 325,112 (92,248) 381,146
Materials and supplies 1,175 1,175 771 (404) 918
Operation and contractual 7,850 7,850 1,776 (6,074) 2,717
Total administration 422,330 426,385 327,659 (98,726) 384,781
Code enforcement
Personnel 556,475 568,870 561,561 (7,309) 504,801
Materials and supplies 4,925 4,925 3,800 (1,125) 1,558
Operation and contractual 109,010 109,010 64,571 (44,439) 157,518
Total code enforcement 670,410 682,805 629,932 (52,873) 663,877
Total community development management 1,092,740 1,109,190 957,591 (151,599) 1,048,658
Financial services
Financial services management
Personnel 154,080 154,285 155,871 1,586 148,405
Operation and contractual 58,350 58,350 52,479 (5,871) 58,266
Total financial services management 212,430 212,635 208,350 (4,285) 206,671
Accounting and reporting
Personnel 359,515 376,685 374,560 (2,125) 354,432
Materials and supplies 3,000 3,000 3,513 513 2,512
Operation and contractual 31,800 31,800 25,807 (5,993) 23,862
Total accounting and reporting 394,315 411,485 403,880 (7,605) 380,806
2021
VILLAGE OF OAK BROOK, ILLINOIS
For the Year Ended December 31, 2021
(With Comparative Actual)
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
(This schedule is continued on the following pages.)
- 82 -
Variance
Original Final Over 2020
Budget Budget Actual (Under)Actual
2021
VILLAGE OF OAK BROOK, ILLINOIS
For the Year Ended December 31, 2021
(With Comparative Actual)
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
GENERAL GOVERNMENT (Continued)
Financial services (Continued)
PSEBA benefits
Personnel 41,500$ 41,500$ 50,452$ 8,952$ 40,726$
Purchasing
Personnel 104,790 107,770 106,712 (1,058) 102,932
Materials and supplies 17,325 17,325 16,424 (901) 13,697
Total purchasing 122,115 125,095 123,136 (1,959) 116,629
Total financial services 770,360 790,715 785,818 (4,897) 744,832
Municipal building improvements
Capital 209,000 209,000 42,025 (166,975) 79,992
Total municipal building improvements 209,000 209,000 42,025 (166,975) 79,992
Expenditure reimbursements paid to other funds 105,885 105,885 105,885 - 139,770
Subtotal general government 4,676,610 4,750,960 4,369,949 (381,011) 4,248,391
Less reimbursements from other funds (593,685) (593,685) (593,685) - (626,395)
Total general government 4,082,925 4,157,275 3,776,264 (381,011) 3,621,996
PUBLIC SAFETY
Police department
Police services management
Personnel 618,195 619,570 537,400 (82,170) 572,739
Materials and supplies 3,000 3,000 1,243 (1,757) 1,491
Operation and contractual 52,630 52,630 41,450 (11,180) 61,470
Total police services management 673,825 675,200 580,093 (95,107) 635,700
Police field services
Personnel 5,318,890 5,403,930 5,332,236 (71,694) 5,016,855
Materials and supplies 8,700 8,700 5,799 (2,901) 5,327
Operation and contractual 192,400 192,400 193,934 1,534 265,369
Capital outlay 2,325 2,325 - (2,325) 60,585
Total police field services 5,522,315 5,607,355 5,531,969 (75,386) 5,348,136
Police auxiliary services
Personnel 97,960 97,960 3,440 (94,520) 27,963
Operation and contractual 1,875 1,875 - (1,875) -
Total police auxiliary services 99,835 99,835 3,440 (96,395) 27,963
(This schedule is continued on the following pages.)
- 83 -
Variance
Original Final Over 2020
Budget Budget Actual (Under)Actual
2021
VILLAGE OF OAK BROOK, ILLINOIS
For the Year Ended December 31, 2021
(With Comparative Actual)
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
PUBLIC SAFETY (Continued)
Police department (Continued)
Support services general
Personnel 939,035$ 952,375$ 946,647$ (5,728)$ 867,109$
Materials and supplies 66,100 66,100 35,195 (30,905) 59,321
Operation and contractual 3,750 3,750 4,479 729 3,314
Total support services general 1,008,885 1,022,225 986,321 (35,904) 929,744
Support services detectives
Personnel 1,168,255 1,188,020 1,246,328 58,308 1,047,372
Materials and supplies 2,400 2,400 1,771 (629) 2,490
Operation and contractual 18,290 18,290 18,544 254 19,452
Total support services detectives 1,188,945 1,208,710 1,266,643 57,933 1,069,314
Support services records
Personnel 174,145 178,265 176,316 (1,949) 185,268
Materials and supplies 17,300 17,300 16,095 (1,205) 13,365
Operation and contractual 528,335 528,335 505,923 (22,412) 373,350
Total support services records 719,780 723,900 698,334 (25,566) 571,983
Total police department 9,213,585 9,337,225 9,066,800 (270,425) 8,582,840
Fire department
Fire, rescue, and EMS operations
Personnel 6,202,360 6,141,430 6,315,058 173,628 5,897,758
Materials and supplies 58,390 58,390 50,101 (8,289) 36,546
Operation and contractual 178,085 178,085 146,040 (32,045) 228,744
Capital outlay 37,445 37,445 26,701 (10,744) 43,719
Total fire, rescue, and EMS operations 6,476,280 6,415,350 6,537,900 122,550 6,206,767
Fire services management
Personnel 351,365 354,305 292,841 (61,464) 321,258
Materials and supplies 5,645 5,645 2,698 (2,947) 1,847
Operation and contractual 152,025 152,025 200,435 48,410 128,582
Other 10,000 10,000 8,609 (1,391) 6,555
Total fire services management 519,035 521,975 504,583 (17,392) 458,242
Special teams operations
Materials and supplies 19,310 19,310 15,376 (3,934) 13,824
Operation and contractual 11,135 11,135 9,813 (1,322) 12,526
Capital outlay - - - - 5,869
Total special teams operations 30,445 30,445 25,189 (5,256) 32,219
(This schedule is continued on the following pages.)
- 84 -
Variance
Original Final Over 2020
Budget Budget Actual (Under)Actual
2021
VILLAGE OF OAK BROOK, ILLINOIS
For the Year Ended December 31, 2021
(With Comparative Actual)
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
PUBLIC SAFETY (Continued)
Fire department
Rescue and fire training
Personnel 38,705$ 38,705$ 8,591$ (30,114)$ 11,152$
Materials and supplies 1,375 1,375 - (1,375) -
Operation and contractual 2,000 2,000 - (2,000) -
Total rescue and fire training 42,080 42,080 8,591 (33,489) 11,152
Emergency medical services
Personnel 32,465 32,465 18,041 (14,424) 19,660
Materials and supplies 33,100 33,100 34,687 1,587 33,017
Operation and contractual 195,430 195,430 217,783 22,353 785,705
Capital outlay 52,000 52,000 37,572 (14,428) 13,070
Total emergency medical services 312,995 312,995 308,083 (4,912) 851,452
Fire prevention and public safety
Personnel 117,445 117,595 84,701 (32,894) 97,443
Materials and supplies 9,965 9,965 2,203 (7,762) 3,272
Operation and contractual 5,800 5,800 - (5,800) 1,239
Total fire prevention and public safety 133,210 133,360 86,904 (46,456) 101,954
Total fire department 7,514,045 7,456,205 7,471,250 15,045 7,661,786
Total public safety 16,727,630 16,793,430 16,538,050 (255,380) 16,244,626
PUBLIC WORKS
Mosquito control
Operation and contractual 149,050 149,050 67,422 (81,628) 64,617
Total mosquito control 149,050 149,050 67,422 (81,628) 64,617
Buildings and grounds
Personnel 303,265 304,450 227,776 (76,674) 264,626
Materials and supplies 52,035 52,035 37,876 (14,159) 63,939
Operation and contractual 290,775 290,775 312,598 21,823 264,806
Total buildings and grounds 646,075 647,260 578,250 (69,010) 593,371
Forestry
Personnel 14,810 14,810 917 (13,893) 1,392
Materials and supplies 2,850 2,850 563 (2,287) 1,247
Operation and contractual 198,075 198,075 191,905 (6,170) 169,511
Total forestry 215,735 215,735 193,385 (22,350) 172,150
Total public works 1,010,860 1,012,045 839,057 (172,988) 830,138
(This schedule is continued on the following page.)
- 85 -
Variance
Original Final Over 2020
Budget Budget Actual (Under)Actual
2021
VILLAGE OF OAK BROOK, ILLINOIS
For the Year Ended December 31, 2021
(With Comparative Actual)
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
CULTURE AND RECREATION
Library general operations
Personnel 353,000$ 375,415$ 357,528$ (17,887)$ 314,461$
Materials and supplies 12,900 12,900 11,300 (1,600) 14,628
Operation and contractual 79,065 79,065 69,733 (9,332) 64,595
Total library general operations 444,965 467,380 438,561 (28,819) 393,684
Library technical services
Personnel 121,575 125,070 119,393 (5,677) 108,182
Materials and supplies 3,300 3,300 3,297 (3) 3,171
Operation and contractual 650 650 645 (5) 525
Total library technical services 125,525 129,020 123,335 (5,685) 111,878
Library reference and adult services
Personnel 216,865 223,520 209,689 (13,831) 58,541
Materials and supplies 146,550 146,550 144,094 (2,456) 105,651
Operation and contractual 9,500 9,500 9,497 (3) 3,500
Total library reference and
adult services 372,915 379,570 363,280 (16,290) 167,692
Library youth services
Personnel - - - - 112,735
Materials and supplies - - - - 32,902
Operation and contractual - - - - 5,987
Total library youth services - - - - 151,624
Total culture and recreation 943,405 975,970 925,176 (50,794) 824,878
TOTAL EXPENDITURES 22,764,820$ 22,938,720$ 22,078,547$ (860,173)$ 21,521,638$
(See independent auditor's report.)
- 86 -
Variance
Original Final Over
Budget Budget Actual (Under)2020
REVENUES
Non-home rule sales tax 5,333,500$ 5,333,500$ 6,651,414$ 1,317,914$ 4,914,208$
Investment income 40,000 40,000 (8,263) (48,263) 93,957
Miscellaneous - - 4,276 4,276 144
Charges for service 1,000 1,000 - (1,000) 335
Total revenues 5,374,500 5,374,500 6,647,427 1,272,927 5,008,644
EXPENDITURES
General government
Geographic information
Personnel 20,755 21,270 20,334 (936) 19,435
Materials and supplies 1,700 1,700 470 (1,230) 445
Operation and contractual 135,185 135,185 144,808 9,623 123,627
Total geographic information 157,640 158,155 165,612 7,457 143,507
Total general government 157,640 158,155 165,612 7,457 143,507
Public works
Management
Personnel 455,340 460,520 464,416 3,896 441,327
Materials and supplies 5,285 5,285 2,844 (2,441) 4,078
Operation and contractual 122,090 122,090 100,796 (21,294) 96,761
Total management 582,715 587,895 568,056 (19,839) 542,166
Streets - general salaries
Personnel 735,360 745,840 696,836 (49,004) 674,286
Materials and supplies 4,025 4,025 3,255 (770) 1,800
Operation and contractual 3,125 3,125 3,204 79 2,330
Total streets - general salaries 742,510 752,990 703,295 (49,695) 678,416
Streets and traffic maintenance
Materials and supplies 76,000 76,000 41,170 (34,830) 35,268
Operation and contractual 639,305 639,305 549,442 (89,863) 526,931
Total streets and traffic maintenance 715,305 715,305 590,612 (124,693) 562,199
Snow removal
Personnel 72,220 72,220 51,981 (20,239) 35,725
Materials and supplies 131,200 131,200 110,761 (20,439) 98,802
Operation and contractual 68,740 68,740 48,740 (20,000) 34,780
Total snow removal 272,160 272,160 211,482 (60,678) 169,307
2021
INFRASTRUCTURE FUND
VILLAGE OF OAK BROOK, ILLINOIS
(With Comparative Actual)
For the Year Ended December 31, 2021
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
SCHEDULE OF REVENUES, EXPENDITURES, AND
(This schedule is continued on the following page.)
- 87 -
Variance
Original Final Over
Budget Budget Actual (Under)2020
EXPENDITURES
Public works
Drainage maintenance
Materials and supplies 15,000$ 15,000$ 2,636$ (12,364)$ 7,614$
Operation and contractual 75,550 75,550 75,318 (232) 74,319
Capital 50,000 50,000 137,644 87,644 2,256,678
Total drainage maintenance 140,550 140,550 215,598 75,048 2,338,611
Safe pathway maintenance
Materials and supplies 11,000 11,000 972 (10,028) 128
Operation and contractual 35,290 35,290 19,290 (16,000) 13,385
Capital 113,750 113,750 103,275 (10,475) 100
Total safe pathway maintenance 160,040 160,040 123,537 (36,503) 13,613
Engineering and capital projects engineering
Personnel 102,440 104,120 101,990 (2,130) 92,948
Materials and supplies 1,450 1,450 - (1,450) -
Operation and contractual 413,620 413,620 290,578 (123,042) 317,557
Total engineering and capital projects engineering 517,510 519,190 392,568 (126,622) 410,505
Roadway improvements
Operation and contractual 400,000 400,000 391,709 (8,291) 138,990
Intergovernmental agreements 8,792,420 8,792,420 8,065,854 (726,566) 2,236,548
Total roadway improvements 9,192,420 9,192,420 8,457,563 (734,857) 2,375,538
Reimbursements from other funds
Reimbursements from other funds (331,840) (331,840) (331,840) - (359,380)
Reimbursements paid to other funds 176,300 176,300 176,300 - 162,300
Total reimbursements from other funds (155,540) (155,540) (155,540) - (197,080)
Total public works 12,167,670 12,185,010 11,107,171 (1,077,839) 6,893,275
Total expenditures 12,325,310 12,343,165 11,272,783 (1,070,382) 7,036,782
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (6,950,810) (6,968,665) (4,625,356) 2,343,309 (2,028,138)
OTHER FINANCING SOURCES (USES)
Transfers in 1,400,000 8,206,250 6,450,463 (1,755,787) 971,212
Total other financing sources (uses) 1,400,000 8,206,250 6,450,463 (1,755,787) 971,212
NET CHANGE IN FUND BALANCE (5,550,810)$ 1,237,585$ 1,825,107 587,522$ (1,056,926)
FUND BALANCE, JANUARY 1 6,981,187 8,038,113
FUND BALANCE, DECEMBER 31 8,806,294$ 6,981,187$
(With Comparative Actual)
2021
VILLAGE OF OAK BROOK, ILLINOIS
INFRASTRUCTURE FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL (Continued)
For the Year Ended December 31, 2021
(See independent auditor's report.)
- 88 -
NONMAJOR GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS
Motor Fuel Tax Fund - to account for state gasoline tax allocations restricted for local roadway
program expenditures.
Hotel/Motel Tax Fund - to account for local hotel/motel tax receipts restricted for promoting
tourism and conventions in the Village.
Foreign Fire Insurance Tax Fund - to account for foreign fire insurance tax revenue restricted for
the purchase of items for the benefit of the fire department.
The Promenade TIF Fund - to account for the revenues and expenditures restricted to the Tax
Increment Financing District located at 22nd Street and Meyers Road.
Motor Hotel/Motel Foreign Fire Promenade
Fuel Tax Tax Insurance Tax TIF Total
Cash and investments 1,153,055$ 1,740,052$ 205,101$ 298,387$ 3,396,595$
Receivables
Property taxes - - - 408,400 408,400
Allotments 29,314 - - - 29,314
Accrued interest 92 7,080 - - 7,172
Other - 402,708 - - 402,708
TOTAL ASSETS 1,182,461$ 2,149,840$ 205,101$ 706,787$ 4,244,189$
LIABILITIES
Accounts payable -$ 149,939$ -$ -$ 149,939$
Total liabilities - 149,939 - - 149,939
DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - property taxes - - - 408,400 408,400
Unavailable other receivables - 300,000 - - 300,000
Total deferred inflows of resources - 300,000 - 408,400 708,400
FUND BALANCES
Restricted
Highways and streets 1,182,461 - - - 1,182,461
Public safety - - 205,101 - 205,101
Culture and recreation - 1,699,901 - - 1,699,901
Economic development - - - 298,387 298,387
Total fund balances 1,182,461 1,699,901 205,101 298,387 3,385,850
TOTAL LIABILITIES, DEFERRED INFLOWS
OF RESOURCES, AND FUND BALANCES 1,182,461$ 1,849,840$ 205,101$ 298,387$ 3,535,789$
OF RESOURCES, AND FUND BALANCES
Special Revenue
ASSETS
LIABILITIES, DEFERRED INFLOWS
VILLAGE OF OAK BROOK, ILLINOIS
COMBINING BALANCE SHEET
December 31, 2021
(See independent auditor's report.)
- 89 -
Motor Hotel/Motel Foreign Fire Promenade
Fuel Tax Tax Insurance Tax TIF Total
REVENUES
Intergovernmental 482,045$ 200,000$ 76,358$ -$ 758,403$
Municipal sales tax - - - 108,147 108,147
Property tax - - - 408,456 408,456
Hotel/motel taxes - 811,146 - - 811,146
Investment income 266 (1,301) 49 59 (927)
Miscellaneous 212 9,273 - - 9,485
Total revenues 482,523 1,019,118 76,407 516,662 2,094,710
EXPENDITURES
Current
General government - 84,085 - 4,075 88,160
Public safety - - 78,752 - 78,752
Culture and recreation - 265,477 - - 265,477
Debt service -
Principal - - - 280,000 280,000
Interest and fiscal agent fees - - - 201,500 201,500
Total expenditures - 349,562 78,752 485,575 913,889
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 482,523 669,556 (2,345) 31,087 1,180,821
OTHER FINANCING SOURCES (USES)
Transfers (out)- (3,450,463) - - (3,450,463)
Total other financing sources (uses)- (3,450,463) - - (3,450,463)
NET CHANGE IN FUND BALANCES 482,523 (2,780,907) (2,345) 31,087 (2,269,642)
FUND BALANCES, JANUARY 1 699,938 4,480,808 207,446 267,300 5,655,492
FUND BALANCES, DECEMBER 31 1,182,461$ 1,699,901$ 205,101$ 298,387$ 3,385,850$
Special Revenue
VILLAGE OF OAK BROOK, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
For the Year Ended December 31, 2021
(See independent auditor's report.)
- 90 -
Variance
Original Final Over
Budget Budget Actual (Under)2020
REVENUES
Intergovernmental 464,175$ 464,175$ 482,045$ 17,870$ 460,046$
Investment income 3,000 3,000 266 (2,734) 7,895
Miscellaneous - - 212 212 -
Total revenues 467,175 467,175 482,523 15,348 467,941
EXPENDITURES
None - - - - -
Total expenditures - - - - -
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 467,175 467,175 482,523 15,348 467,941
OTHER FINANCING SOURCES (USES)
Transfers (out)(1,300,000) (1,300,000) - 1,300,000 (848,233)
Total other financing sources (uses)(1,300,000) (1,300,000) - 1,300,000 (848,233)
NET CHANGE IN FUND BALANCE (832,825)$ (832,825)$ 482,523 1,315,348$ (380,292)
FUND BALANCE, JANUARY 1 699,938 1,080,230
FUND BALANCE, DECEMBER 31 1,182,461$ 699,938$
(With Comparative Actual)
2021
VILLAGE OF OAK BROOK, ILLINOIS
MOTOR FUEL TAX FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For the Year Ended December 31, 2021
(See independent auditor's report.)
- 91 -
Variance
Original Final Over
Budget Budget Actual (Under)
REVENUES
Hotel/motel taxes 414,000$ 414,000$ 811,146$ 397,146$
Intergovernmental - - 200,000 -
Investment income 40,000 40,000 (1,301) (41,301)
Miscellaneous 8,000 8,000 9,273 1,273
Total revenues 462,000 462,000 1,019,118 357,118
EXPENDITURES
Current
General government 84,085 84,085 84,085 -
Culture and recreation 443,945 443,945 265,477 (178,468)
Total expenditures 528,030 528,030 349,562 (178,468)
INCOME (LOSS) BEFORE TRANSFERS
AND CONTRIBUTIONS (66,030) (66,030) 669,556 535,586
TRANSFERS
Transfers (out)(100,000) (3,906,250) (3,450,463) 455,787
Total transfers (100,000) (3,906,250) (3,450,463) 455,787
NET CHANGE IN FUND BALANCE (166,030)$ (3,972,280)$ (2,780,907) 991,373$
FUND BALANCE, JANUARY 1 4,480,808
FUND BALANCE, DECEMBER 31 1,699,901$
VILLAGE OF OAK BROOK, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
HOTEL/MOTEL TAX FUND
For the Year Ended December 31, 2021
(See independent auditor's report.)
- 92 -
Variance
Original Final Over
Budget Budget Actual (Under)2020
REVENUES
Municipal sale tax 75,000$ 75,000$ 108,147$ 33,147$ 82,220$
Property tax 400,000 400,000 408,456 8,456 414,544
Investment income 1,000 1,000 59 (941) 545
Total revenues 476,000 476,000 516,662 40,662 497,309
EXPENDITURES
Current
General government 3,850 3,850 4,075 225 4,303
Debt service
Principal 265,000 265,000 280,000 15,000 305,000
Interest and fiscal agent fees 201,500 201,500 201,500 - 224,900
Total expenditures 470,350 470,350 485,575 15,225 534,203
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 5,650 5,650 31,087 25,437 (36,894)
NET CHANGE IN FUND BALANCE 5,650$ 5,650$ 31,087 25,437$ (36,894)
FUND BALANCE, JANUARY 1 267,300 304,194
FUND BALANCE, DECEMBER 31 298,387$ 267,300$
(With Comparative Actual)
2021
VILLAGE OF OAK BROOK, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
PROMENADE TIF FUND
For the Year Ended December 31, 2021
(See independent auditor's report.)
- 93 -
MAJOR ENTERPRISE FUNDS
Waterworks System Fund - to account for revenues and expenses relative to the operation of the
water utility.
Sports Core Fund - to account for revenues and expenses relative to the operation of the Oak
Brook Sports Core.
Variance
Original Final Over
Budget Budget Actual (Under)2020
OPERATING REVENUES
Charges for services
Water sales 10,597,000$ 10,597,000$ 10,762,786$ 165,786$ 9,707,989$
Unmetered sales 35,000 35,000 53,235 18,235 88,865
Water tap on charges 100,000 100,000 188,830 88,830 22,120
Meter fees and special services 40,000 40,000 33,152 (6,848) 39,251
Miscellaneous 73,000 73,000 720,518 647,518 28,124
Total operating revenues 10,845,000 10,845,000 11,758,521 913,521 9,886,349
OPERATING EXPENSES
Operation of facilities 14,852,190 14,864,805 7,235,957 (7,628,848) 6,202,761
Depreciation and amortization - - 911,349 911,349 551,705
Total operating expenses 14,852,190 14,864,805 8,147,306 (6,717,499) 6,754,466
OPERATING INCOME (LOSS)(4,007,190) (4,019,805) 3,611,215 7,631,020 3,131,883
NON-OPERATING REVENUES (EXPENSES)
Investment income (loss)60,000 60,000 (8,944) (68,944) 116,306
Gain (loss) on disposal of capital assets - - (19,899) (19,899) (89,998)
Total non-operating revenues (expenses)60,000 60,000 (28,843) (88,843) 26,308
CHANGE IN NET POSITION (3,947,190)$ (3,959,805)$ 3,582,372 7,542,177$ 3,158,191
NET POSITION, JANUARY 1 30,992,506 27,834,315
NET POSITION, DECEMBER 31 34,574,878$ 30,992,506$
(With Comparative Actual)
2021
VILLAGE OF OAK BROOK, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES
IN NET POSITION - BUDGET AND ACTUAL
For the Year Ended December 31, 2021
WATERWORKS SYSTEM FUND
(See independent auditor's report.)
- 94 -
Variance
Original Final Over
Budget Budget Actual (Under)2020
OPERATING EXPENSES
Operation of facilities
Public works - water operations
Personnel 842,235$ 854,850$ 714,702$ (140,148)$ 729,424$
Materials and supplies 75,780 75,780 144,856 69,076 97,683
Operation and contractual 5,379,925 5,379,925 6,011,673 631,748 4,834,989
Reimbursement to other funds 450,500 450,500 450,500 - 526,815
Total public works - water operations 6,748,440 6,761,055 7,321,731 560,676 6,188,911
Capital improvements
Capital outlay 8,103,750 8,103,750 7,312,879 (790,871) 3,598,498
Total capital improvements 8,103,750 8,103,750 7,312,879 (790,871) 3,598,498
TOTAL OPERATING EXPENSES (BUDGETARY BASIS)14,852,190$ 14,864,805$ 14,634,610 (230,195)$ 9,787,409
ADJUSTMENTS TO GAAP BASIS
Capital expenditures (7,312,879) (3,598,498)
Depreciation and amortization expense 911,351 551,705
Pension expense - IMRF (29,658) 41,493
OPEB expense (56,116) (27,643)
Total adjustments to GAAP basis (6,487,302) (3,032,943)
TOTAL OPERATING EXPENSES (GAAP BASIS)8,147,308$ 6,754,466$
2021
VILLAGE OF OAK BROOK, ILLINOIS
WATERWORKS SYSTEM FUND
SCHEDULE OF DETAILED EXPENSES - BUDGET AND ACTUAL - BUDGETARY BASIS
For the Year Ended December 31, 2021
(With Comparative Actual)
(See independent auditor's report.)
- 95 -
Variance
Original Final Over
Budget Budget Actual (Under)2020
OPERATING REVENUES
Charges for services
Golf club 2,116,500$ 2,116,500$ 2,817,794$ 701,294$ 2,242,538$
Swimming and tennis 32,000 32,000 1,862 (30,138) 8,769
Special events 120,000 120,000 - (120,000) -
Rentals and commissions 377,000 377,000 307,612 (69,388) 122,942
Food and beverage 589,500 589,500 776,626 187,126 526,623
Total operating revenues 3,235,000 3,235,000 3,903,894 668,894 2,900,872
OPERATING EXPENSES
Golf club 2,238,215 2,253,105 2,104,176 (148,929) 2,207,238
Swimming and tennis 647,990 647,990 215,345 (432,645) 205,562
Special events 180,000 180,000 25,000 (155,000) 33,350
Rentals and commissions 486,300 488,925 249,283 (239,642) 282,244
Food and beverage 445,870 448,210 600,254 152,044 475,168
Total operating expenses 3,998,375 4,018,230 3,194,058 (824,172) 3,203,562
OPERATING INCOME (LOSS)(763,375) (783,230) 709,836 1,493,066 (302,690)
NON-OPERATING REVENUES (EXPENSES)
Investment income 200 200 68 (132) 159
Gain (loss) on disposal of capital assets - - (4,000) (4,000) 7,144
Total non-operating revenues (expenses)200 200 (3,932) (4,132) 7,303
INCOME (LOSS) BEFORE TRANSFERS
AND CONTRIBUTIONS (763,175) (783,030) 705,904 1,488,934 (295,387)
TRANSFERS
Transfers in 300,000 300,000 - (300,000) 723,626
Total transfers 300,000 300,000 - (300,000) 723,626
CAPITAL GRANTS AND CONTRIBUTIONS 233,600 233,600 198,211 (35,389) 18,880
CHANGE IN NET POSITION (229,575)$ (249,430)$ 904,115 1,153,545$ 447,119
NET POSITION, JANUARY 1 12,701,263 12,254,144
NET POSITION, DECEMBER 31 13,605,378$ 12,701,263$
2021
VILLAGE OF OAK BROOK, ILLINOIS
SPORTS CORE FUND
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES
IN NET POSITION - BUDGET AND ACTUAL
For the Year Ended December 31, 2021
(With Comparative Actual)
(See independent auditor's report.)
- 96 -
Variance
Original Final Over
Budget Budget Actual (Under)2020
CHARGES FOR SERVICE
Golf club
Fees 1,664,000$ 1,664,000$ 2,194,834$ 530,834$ 1,816,930$
Memberships 238,500 238,500 355,865 117,365 226,488
Merchandise sales 213,000 213,000 259,537 46,537 199,109
Miscellaneous 1,000 1,000 7,558 6,558 11
Total golf club 2,116,500 2,116,500 2,817,794 701,294 2,242,538
Swimming and tennis
Fees 31,500 31,500 - (31,500) -
Memberships - - - - 199
Miscellaneous 500 500 1,862 1,362 8,570
Total swimming and tennis 32,000 32,000 1,862 (30,138) 8,769
Special events
Miscellaneous 120,000 120,000 - (120,000) -
Total special events 120,000 120,000 - (120,000) -
Rentals and commissions
Open field rental 30,000 30,000 30,500 500 27,540
Butler range rental 80,000 80,000 80,000 - 75,000
Clubhouse rental income 267,000 267,000 197,112 (69,888) 20,402
Total rentals and commissions 377,000 377,000 307,612 (69,388) 122,942
Food and beverage
Food sales 207,500 207,500 280,382 72,882 164,494
Beverage sales 382,000 382,000 496,244 114,244 362,129
Total food and beverage 589,500 589,500 776,626 187,126 526,623
TOTAL OPERATING REVENUES 3,235,000$ 3,235,000$ 3,903,894$ 668,894$ 2,900,872$
2021
VILLAGE OF OAK BROOK, ILLINOIS
SPORTS CORE FUND
SCHEDULE OF DETAILED REVENUES - BUDGET AND ACTUAL
For the Year Ended December 31, 2021
(With Comparative Actual)
(See independent auditor's report.)
- 97 -
Variance
Original Final Over
Budget Budget Actual (Under)2020
OPERATING EXPENSES
Operations - golf club
Golf club general operations
Personnel 509,865$ 520,150$ 562,676$ 42,526$ 511,078$
Materials and supplies 174,300 174,300 207,897 33,597 262,428
Operation and contractual 161,400 161,400 264,913 103,513 183,005
Capital 200,000 200,000 - (200,000) 261,523
Total operations - golf club 1,045,565 1,055,850 1,035,486 (20,364) 1,218,034
Golf club range operations
Personnel 83,630 83,630 84,888 1,258 79,398
Materials and supplies 17,500 17,500 16,171 (1,329) 12,785
Operation and contractual 15,000 15,000 14,799 (201) 13,321
Capital 10,000 10,000 51,472 41,472 -
Total operations - golf club range 126,130 126,130 167,330 41,200 105,504
Golf cart operations
Personnel 53,285 53,285 42,404 (10,881) 46,805
Materials and supplies 1,400 1,400 2,469 1,069 1,351
Operation and contractual 54,075 54,075 56,910 2,835 55,586
Total operations - golf cart 108,760 108,760 101,783 (6,977) 103,742
Golf course maintenance
Personnel 549,885 554,490 392,700 (161,790) 508,933
Materials and supplies 168,900 168,900 181,266 12,366 189,085
Operation and contractual 35,800 35,800 36,499 699 67,840
Capital 195,000 195,000 - (195,000) 96,658
Total operations - golf course maintenance 949,585 954,190 610,465 (343,725) 862,516
Less
Reimbursement to (from) other funds 8,175 8,175 8,175 - (4,975)
Total operations - golf club 2,238,215 2,253,105 1,923,239 (329,866) 2,284,821
Operations - swimming and tennis
General operations
Personnel 67,440 67,440 16,280 (51,160) 56,460
Materials and supplies 3,500 3,500 730 (2,770) 1,161
Operation and contractual 43,550 43,550 74,835 31,285 122,549
Capital 349,830 349,830 - (349,830) -
Subtotal general operations 464,320 464,320 91,845 (372,475) 180,170
Less
Reimbursement to (from) other funds (24,275) (24,275) (24,275) - (3,775)
Overhead allocation (89,515) (89,515) (50,650) 38,865 (168,932)
Total general operations 350,530 350,530 16,920 (333,610) 7,463
VILLAGE OF OAK BROOK, ILLINOIS
SPORTS CORE FUND
SCHEDULE OF DETAILED EXPENSES - BUDGET AND ACTUAL - BUDGETARY BASIS
(With Comparative Actual)
For the Year Ended December 31, 2021
2021
(This schedule is continued on the following pages.)
- 98 -
Variance
Original Final Over
Budget Budget Actual (Under)2020
OPERATING EXPENSES (Continued)
Operations - swimming and tennis (Continued)
Swimming operations
Personnel 21,530$ 21,530$ -$ (21,530)$ -$
Materials and supplies 5,000 5,000 27,913 22,913 11,184
Operation and contractual 38,250 38,250 43,539 5,289 10,022
Capital 185,000 185,000 125,711 (59,289) 383,561
Overhead allocation 32,225 32,225 18,525 (13,700) 60,815
Total swimming operations 282,005 282,005 215,688 (66,317) 465,582
Tennis operations - outdoor
Materials and supplies - - 2,460 2,460 1,129
Operation and contractual 6,500 6,500 7,157 657 7,389
Overhead allocation 8,955 8,955 5,146 (3,809) 16,893
Total tennis operations - outdoor 15,455 15,455 14,763 (692) 25,411
Total operations - swimming and tennis 647,990 647,990 247,371 (400,619) 498,456
Special events
Operation and contractual 180,000 180,000 25,000 (155,000) 33,350
Total special events 180,000 180,000 25,000 (155,000) 33,350
Rentals and commissions
Bath and tennis clubhouse
Personnel 133,585 136,210 126,545 (9,665) 107,792
Materials and supplies 12,000 12,000 12,308 308 6,759
Operation and contractual 107,550 107,550 76,572 (30,978) 56,908
Capital 9,500 9,500 - (9,500) 173,624
Overhead allocation 44,755 44,755 24,921 (19,834) 84,466
Total bath and tennis clubhouse 307,390 310,015 240,346 (69,669) 429,549
Open fields
Materials and supplies 500 500 - (500) 1,498
Operation and contractual 10,360 10,360 11,460 1,100 20,104
Capital 168,050 168,050 454,395 286,345 -
Total open fields 178,910 178,910 465,855 286,945 21,602
Total rentals and commissions 486,300 488,925 706,201 217,276 451,151
Food and beverage
Poolside grill
Personnel 30,140 30,140 - (30,140) 165
Materials and supplies 28,750 28,750 1,709 (27,041) -
Operation and contractual 1,250 1,250 223 (1,027) -
Overhead allocation 3,580 3,580 2,058 (1,522) 6,757
Total poolside grill 63,720 63,720 3,990 (59,730) 6,922
2021
For the Year Ended December 31, 2021
(With Comparative Actual)
VILLAGE OF OAK BROOK, ILLINOIS
SPORTS CORE FUND
SCHEDULE OF DETAILED EXPENSES - BUDGET AND ACTUAL - BUDGETARY BASIS (Continued)
(This schedule is continued on the following pages)
- 99 -
Variance
Original Final Over
Budget Budget Actual (Under)2020
2021
For the Year Ended December 31, 2021
(With Comparative Actual)
VILLAGE OF OAK BROOK, ILLINOIS
SPORTS CORE FUND
SCHEDULE OF DETAILED EXPENSES - BUDGET AND ACTUAL - BUDGETARY BASIS (Continued)
OPERATING EXPENSES (Continued)
Food and beverage (Continued)
Golf clubhouse
Personnel 148,250$ 150,590$ 238,122$ 87,532$ 181,589$
Materials and supplies 216,600 216,600 287,748 71,148 216,281
Operation and contractual 9,300 9,300 5,937 (3,363) 5,878
Capital 8,000 8,000 19,333 11,333 12,059
Total golf clubhouse 382,150 384,490 551,140 166,650 415,807
Total food and beverage 445,870 448,210 555,130 106,920 422,729
TOTAL OPERATING EXPENSES (BUDGETARY BASIS)3,998,375$ 4,018,230$ 3,456,941 (561,289)$ 3,690,507
ADJUSTMENTS TO GAAP BASIS
Capital expenditures (650,911) (927,425)
Depreciation expense - golf 249,325 237,413
Depreciation expense - swimming and tennis 94,851 89,557
Depreciation expense - food and beverage 73,053 62,110
Pension expense - IMRF (65,998) 26,154
OPEB expense 36,797 25,246
Total adjustments to GAAP basis (262,883) (486,945)
TOTAL OPERATING EXPENSES (GAAP BASIS)3,194,058$ 3,203,562$
(See independent auditor's report.)
- 100 -
NONMAJOR ENTERPRISE FUNDS
Golf Surcharge Fund - to account for revenue collected related to the $3 surcharge on each golf
round played. Funds are accumulated in this fund and used on golf course improvements.
Variance
Original Final Over
Budget Budget Actual (Under)2020
OPERATING REVENUES
Charges for services
Golf surcharge 115,000$ 115,000$ 145,968$ 30,968$ 124,145$
Other - - 212 212 -
Total operating revenues 115,000 115,000 146,180 31,180 124,145
OPERATING EXPENSES
None - - - - -
Total operating expenses excluding
depreciation - - - - -
OPERATING INCOME 115,000 115,000 146,180 31,180 124,145
NON-OPERATING REVENUES (EXPENSES)
Investment income 1,000 1,000 - (1,000) 889
Total non-operating revenues (expenses)1,000 1,000 - (1,000) 889
INCOME BEFORE TRANSFERS AND CONTRIBUTIONS 116,000 116,000 146,180 30,180 125,034
TRANSFERS
Transfers (out)(200,000) (200,000) - 200,000 (340,065)
Total transfers (200,000) (200,000) - 200,000 (340,065)
CHANGE IN NET POSITION (GAAP BASIS)(84,000)$ (84,000)$ 146,180 230,180$ (215,031)
NET POSITION, JANUARY 1 132,593 347,624
NET POSITION, DECEMBER 31 278,773$ 132,593$
2021
(With Comparative Actual)
For the Year Ended December 31, 2021
VILLAGE OF OAK BROOK, ILLINOIS
GOLF SURCHARGE FUND
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES
IN NET POSITION - BUDGET AND ACTUAL - BUDGETARY BASIS
(See independent auditor's report.)
- 101 -
INTERNAL SERVICE FUNDS
Self-Insurance Fund - to account for all costs associated with self-insurance risks for employee
health and dental insurance.
Garage Fund - to account for all costs associated with the operation and maintenance of the
Village’s vehicle fleet equipment.
Capital Replacement Fund - to account for revenues and expenses relative to the replacement of
major capital equipment, primarily vehicles.
VILLAGE OF OAK BROOK, ILLINOIS
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
December 31, 2021
Self Capital
Insurance Garage Replacement Total
CURRENT ASSETS
Cash and investments 87,655$ 325,902$ 756,371$ 1,169,928$
Receivables
Accrued interest - - 2,270 2,270
Other 87,725 8,432 - 96,157
Inventories - 62,902 - 62,902
Prepaid expenses 96,148 - - 96,148
Total current assets 271,528 397,236 758,641 1,427,405
NONCURRENT ASSETS
Net pension asset - 34,089 - 34,089
Capital assets
Assets being depreciated
Cost - 221,942 7,405,813 7,627,755
Accumulated depreciation - (185,180) (4,130,866) (4,316,046)
Net capital assets - 36,762 3,274,947 3,311,709
Total assets 271,528 468,087 4,033,588 4,773,203
DEFERRED OUTFLOWS OF RESOURCES
Pension items - IMRF - 15,369 - 15,369
Deferred outflows of resources - OPEB - 9,152 - 9,152
Total deferred outflows of resources - 24,521 - 24,521
Total assets and deferred outflows of resources 271,528 492,608 4,033,588 4,797,724
CURRENT LIABILITIES
Accounts payable 261,628 23,524 - 285,152
Accrued payroll - 3,256 - 3,256
Unearned revenue 27,917 - - 27,917
Claims payable 102,979 - - 102,979
Current compensated absences payable - 3,380 - 3,380
Current other postemployment benefit liability - 1,505 - 1,505
Current capital lease obligation - - 150,184 150,184
Total current liabilities 392,524 31,665 150,184 574,373
NONCURRENT LIABILITIES
Compensated absences payable - 597 - 597
Other postemployment benefit liability - 53,460 - 53,460
Capital lease obligation - - 439,080 439,080
Total noncurrent liabilities - 54,057 439,080 493,137
Total liabilities 392,524 85,722 589,264 1,067,510
DEFERRED INFLOWS OF RESOURCES
Pension items - IMRF - 98,374 - 98,374
Deferred inflows of resources - OPEB - 4,888 - 4,888
Total deferred inflows of resources - 103,262 - 103,262
Total liabilities and deferred inflows of resources 392,524 188,984 589,264 1,170,772
NET POSITION
Net investment in capital assets - 36,762 2,685,683 2,722,445
Unrestricted (deficit)(120,996) 266,862 758,641 904,507
TOTAL NET POSITION (DEFICIT)(120,996)$ 303,624$ 3,444,324$ 3,626,952$
(See independent auditor's report.)
- 102 -
VILLAGE OF OAK BROOK, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET POSITION
INTERNAL SERVICE FUNDS
For the Year Ended December 31, 2021
Self Capital
Insurance Garage Replacement Total
OPERATING REVENUES
Charges for services 3,505,992$ 610,476$ 329,635$ 4,446,103$
Total operating revenues 3,505,992 610,476 329,635 4,446,103
OPERATING EXPENSES
Claims and insurance 3,589,574 - - 3,589,574
Garage operations - 564,894 - 564,894
Miscellaneous - - 152,601 152,601
Depreciation - 8,680 700,114 708,794
Total operating expenses 3,589,574 573,574 852,715 5,015,863
OPERATING INCOME (LOSS)(83,582) 36,902 (523,080) (569,760)
NON-OPERATING REVENUES (EXPENSES)
Investment income 87 128 (928) (713)
Interest expense - - (19,498) (19,498)
Gain on sale of capital assets - - 72,764 72,764
Total non-operating revenues (expenses)87 128 52,338 52,553
CHANGE IN NET POSITION (83,495) 37,030 (470,742) (517,207)
NET POSITION (DEFICIT), JANUARY 1 (37,501) 266,594 3,915,066 4,144,159
NET POSITION (DEFICIT), DECEMBER 31 (120,996)$ 303,624$ 3,444,324$ 3,626,952$
(See independent auditor's report.)
- 103 -
VILLAGE OF OAK BROOK, ILLINOIS
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
For the Year Ended December 31, 2021
Self Capital
Insurance Garage Replacement Total
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from internal services transactions 2,639,867$ 603,474$ 329,635$ 3,572,976$
Receipts from customers and users 1,085,646 - - 1,085,646
Payments to suppliers (3,365,547) (386,167) (154,255) (3,905,969)
Payments to employees - (189,881) - (189,881)
Net cash from operating activities 359,966 27,426 175,380 562,772
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Amounts received from (paid to) other funds (272,398) - - (272,398)
Net cash from noncapital financing activities (272,398) - - (272,398)
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Proceeds on sale of capital assets - - 88,549 88,549
Purchase of capital assets - - (12,918) (12,918)
Principal payments on capital lease - - (171,996) (171,996)
Interest payments on capital lease - - (19,498) (19,498)
Net cash from capital and
related financing activities - - (115,863) (115,863)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investment securities - - 32,570 32,570
Interest received 87 128 6 221
Net cash from investing activities 87 128 32,576 32,791
NET INCREASE IN
CASH AND CASH EQUIVALENTS 87,655 27,554 92,093 207,302
CASH AND CASH EQUIVALENTS,
JANUARY 1 - 298,348 283,035 581,383
CASH AND CASH EQUIVALENTS,
DECEMBER 31 87,655$ 325,902$ 375,128$ 788,685$
CASH AND INVESTMENTS
Cash and cash equivalents 87,655$ 325,902$ 375,128$ 788,685$
Investments - - 381,243 381,243
TOTAL CASH AND INVESTMENTS 87,655$ 325,902$ 756,371$ 1,169,928$
(This schedule is continued on the following page.)
- 104 -
VILLAGE OF OAK BROOK, ILLINOIS
COMBINING STATEMENT OF CASH FLOWS (Continued)
INTERNAL SERVICE FUNDS
For the Year Ended December 31, 2021
Self Capital
Insurance Garage Replacement Total
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH FLOWS FROM
OPERATING ACTIVITIES
Operating income (loss)(83,582)$ 36,902$ (523,080)$ (569,760)$
Depreciation - 8,680 700,114 708,794
Adjustments to reconcile operating income
(loss) to net cash from operating activities
Changes in assets and liabilities
Accounts receivable 219,521 (7,002) - 212,519
Prepaid items (10,677) - - (10,677)
Inventories - (8,687) - (8,687)
Accounts payable 260,493 18,711 (1,654) 277,550
Accrued payroll - 757 - 757
Compensated absences - (6,555) - (6,555)
Pension items - IMRF - (15,729) - (15,729)
Pension items - OPEB - 349 - 349
Unearned revenue 4,993 - - 4,993
Claims payable (30,782) - - (30,782)
NET CASH FROM OPERATING ACTIVITIES 359,966$ 27,426$ 175,380$ 562,772$
NONCASH TRANSACTIONS
Capital assets financed by capital leases -$ -$ 226,593$ 226,593$
Loss on disposal of capital assets - - 15,785 15,785
TOTAL NONCASH TRANSACTIONS -$ -$ 242,378$ 242,378$
(See independent auditor's report.)
- 105 -
Variance
Original Final Over
Budget Budget Actual (Under)2020
OPERATING REVENUES
Charges for services 3,699,650$ 3,699,650$ 3,505,992$ (193,658)$ 3,526,058$
Total operating revenues 3,699,650 3,699,650 3,505,992 (193,658) 3,526,058
OPERATING EXPENSES
Claims and insurance
Insurance and administration 1,431,250 1,431,250 1,358,072 (73,178) 1,336,964
Health claims 2,250,000 2,250,000 2,231,502 (18,498) 2,196,903
Total operating expenses 3,681,250 3,681,250 3,589,574 (91,676) 3,533,867
OPERATING INCOME (LOSS)18,400 18,400 (83,582) (101,982) (7,809)
NON-OPERATING REVENUES (EXPENSES)
Investment income 1,000 1,000 87 (913) 1,535
Total non-operating revenues (expenses)1,000 1,000 87 (913) 1,535
CHANGE IN NET POSITION 19,400$ 19,400$ (83,495) (102,895)$ (6,274)
NET POSITION (DEFICIT), JANUARY 1 (37,501) (31,227)
NET POSITION (DEFICIT), DECEMBER 31 (120,996)$ (37,501)$
(With Comparative Actual)
2021
VILLAGE OF OAK BROOK, ILLINOIS
SELF INSURANCE FUND
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES
IN NET POSITION - BUDGET AND ACTUAL
For the Year Ended December 31, 2021
(See independent auditor's report.)
- 106 -
Variance
Original Final Over
Budget Budget Actual (Under)2020
OPERATING REVENUES
Charges for services 610,555$ 610,555$ 610,476$ (79)$ 702,340$
Total operating revenues 610,555 610,555 610,476 (79) 702,340
OPERATING EXPENSES
Garage operations
Personnel 254,080 256,675 184,083 (72,592) 206,931
Materials and supplies 150,920 150,920 160,044 9,124 125,553
Operational and contractual 291,290 291,290 191,367 (99,923) 293,088
Capital outlay 20,000 20,000 - (20,000) -
Expenditure reimbursement paid to other funds 44,780 44,780 44,780 - 43,135
Total operating expenses 761,070 763,665 580,274 (183,391) 668,707
OPERATING INCOME (LOSS)(150,515) (153,110) 30,202 183,312 33,633
NON-OPERATING REVENUES (EXPENSES)
Investment income 500 500 128 (372) 1,843
Total non-operating revenues (expenses)500 500 128 (372) 1,843
CHANGE IN NET POSITION (BUDGETARY BASIS)(150,015) (152,610) 30,330 182,940 35,476
ADJUSTMENTS TO GAAP BASIS
Pension expense - IMRF 15,729 (13,171)
OPEB expense (349) (3,206)
Depreciation and amortization (8,680) (13,750)
Total adjustments to GAAP basis 6,700 (30,127)
CHANGE IN NET POSITION (GAAP BASIS)(150,015)$ (152,610)$ 37,030 5,349
NET POSITION, JANUARY 1 266,594 261,245
NET POSITION, DECEMBER 31 303,624$ 266,594$
(With Comparative Actual)
2021
VILLAGE OF OAK BROOK, ILLINOIS
GARAGE FUND
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES
IN NET POSITION - BUDGET AND ACTUAL
For the Year Ended December 31, 2021
(See independent auditor's report.)
- 107 -
Variance
Original Final Over
Budget Budget Actual (Under)2020
OPERATING REVENUES
Charges for services 329,635$ 329,635$ 329,635$ -$ 318,660$
Total operating revenues 329,635 329,635 329,635 - 318,660
OPERATING EXPENSES
Materials and supplies - - 33,697 33,697 9,136
Operational and contractual - - 77,829 77,829 18,476
Capital outlay 343,675 343,675 - (343,675) -
Expenditure reimbursement paid to other funds 41,075 41,075 41,075 - 14,590
Total operating expenses 384,750 384,750 152,601 (232,149) 42,202
OPERATING INCOME (LOSS)(55,115) (55,115) 177,034 232,149 276,458
NON-OPERATING REVENUES (EXPENSES)
Investment income 8,000 8,000 (928) (8,928) 13,447
Principal payments (419,155) (419,155) (171,996) 247,159 (106,218)
Interest expense - - (19,498) (19,498) (16,520)
Gain (loss) on disposal of capital assets 15,000 15,000 72,764 57,764 (50,488)
Total non-operating revenues (expenses)(396,155) (396,155) (119,658) 276,497 (159,779)
CHANGE IN NET POSITION (BUDGETARY BASIS)(451,270)$ (451,270)$ 57,376 508,646$ 116,679
ADJUSTMENTS TO GAAP BASIS
Principal capital lease payments 171,996 106,218
Depreciation and amortization (700,114) (691,485)
Total adjustments to GAAP basis (528,118) (585,267)
CHANGE IN NET POSITION (GAAP BASIS)(451,270)$ (451,270)$ (470,742) (468,588)
NET POSITION, JANUARY 1 3,915,066 4,383,654
NET POSITION, DECEMBER 31 3,444,324$ 3,915,066$
2021
CAPITAL REPLACEMENT FUND
VILLAGE OF OAK BROOK, ILLINOIS
(With Comparative Actual)
For the Year Ended December 31, 2021
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES
IN NET POSITION - BUDGET AND ACTUAL - BUDGETARY BASIS
(See independent auditor's report.)
- 108 -
FIDUCIARY FUNDS
Fiduciary funds are used to account for assets defined as fiduciary activities.
PENSION TRUST FUNDS
Police Pension Fund
This fund accounts for the accumulation of resources used to pay police pension benefits .
Resources are provided by member contributions, employer contributions, and investment
income.
Firefighters’ Pension Fund
This fund accounts for the accumulation of resources used to pay firefighters’ pension benefits.
Resources are provided by member contributions, employer contributions, and investment
income.
Police Firefighters'
Pension Pension Total
ASSETS
Cash and short-term investments 417,236$ 15,397$ 432,633$
Investments at fair value
Certificates of deposit - 366,777 366,777
Money markets 2,353,939 1,091,913 3,445,852
U.S. Treasury obligations 1,959,179 1,540,384 3,499,563
U.S. agency obligations 3,014,835 7,894,678 10,909,513
State and local obligations 250,824 2,169,418 2,420,242
Corporate bonds 7,702,484 1,753,102 9,455,586
Mutual funds 34,071,371 22,919,192 56,990,563
Receivables
Accrued interest 95,738 73,061 168,799
Due from municipality 212 - 212
Prepaid items 3,231 1,544 4,775
Total assets 49,869,049 37,825,466 87,694,515
LIABILITIES
Accounts payable 30,971 8,155 39,126
Total liabilities 30,971 8,155 39,126
NET POSITION RESTRICTED
FOR PENSIONS 49,838,078$ 37,817,311$ 87,655,389$
VILLAGE OF OAK BROOK, ILLINOIS
COMBINING STATEMENT OF NET POSITION
December 31, 2021
PENSION TRUST FUNDS
(See independent auditor's report.)
- 109 -
Police Firefighters'
Pension Pension Total
ADDITIONS
Contributions
Employer 2,133,229$ 2,173,496$ 4,306,725$
Employee 572,232 332,919 905,151
Total contributions 2,705,461 2,506,415 5,211,876
Investment income
Net appreciation in fair
value of investments 4,940,818 2,426,309 7,367,127
Interest 825,760 1,689,472 2,515,232
Total investment income 5,766,578 4,115,781 9,882,359
Less investment expenses (86,181) (73,670) (159,851)
Net investment income 5,680,397 4,042,111 9,722,508
Total additions 8,385,858 6,548,526 14,934,384
DEDUCTIONS
Benefits and refunds 3,332,676 3,188,405 6,521,081
Administrative expenses 52,226 62,850 115,076
Total deductions 3,384,902 3,251,255 6,636,157
NET INCREASE 5,000,956 3,297,271 8,298,227
NET POSITION RESTRICTED
FOR PENSIONS
January 1 44,837,122 34,520,040 79,357,162
December 31 49,838,078$ 37,817,311$ 87,655,389$
VILLAGE OF OAK BROOK, ILLINOIS
COMBINING STATEMENT OF CHANGES IN PLAN NET POSITION
For the Year Ended December 31, 2021
PENSION TRUST FUNDS
(See independent auditor's report.)
- 110 -
STATISTICAL SECTION
This part of the Village of Oak Brook, Illinois’ annual comprehensive financial report presents
detailed information as a context for understanding what the information in the financial
statements, note disclosures, and required supplementary information says about the Village’s
overall financial health.
Contents Page(s)
Financial Trends
These schedules contain trend information to help the reader understand how the
Village’s financial performance and well-being have changed over time.
111-120
Revenue Capacity
These schedules contain information to help the reader assess the Village’s most
significant local revenue source, the sales tax.
121-130
Debt Capacity
These schedules present information to help the reader assess the affordability
of the Village’s current levels of outstanding debt and the Village’s ability to
issue additional debt in the future.
131-133
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader
understand the environment within which the Village’s financial activities take
place.
134-135
Operating Information
These schedules contain service and infrastructure data to help the reader
understand how the information in the Village’s financial report relates to the
services the Village provides and the activities it performs.
136-141
Sources: Unless otherwise noted, the information in these schedules is derived from the annual
comprehensive financial reports for the relevant year.
Fiscal Year 2012 2013 2014 2015
GOVERNMENTAL ACTIVITIES
Net investment in capital assets 57.6$ 59.3$ 60.7$ 60.7$
Restricted 9.4 9.8 11.5 11.3
Unrestricted (deficit)14.0 13.3 12.1 (27.2)
TOTAL GOVERNMENTAL ACTIVITIES 81.0$ 82.4$ 84.3$ 44.8$
BUSINESS-TYPE ACTIVITIES
Net investment in capital assets 30.0$ 29.6$ 30.6$ 31.3$
Unrestricted 1.2 4.6 3.7 2.2
TOTAL BUSINESS-TYPE ACTIVITIES 31.2$ 34.2$ 34.3$ 33.5$
PRIMARY GOVERNMENT
Net investment in capital assets 87.6$ 88.9$ 91.3$ 92.0$
Restricted 9.4 9.8 11.5 11.3
Unrestricted (deficit)15.2 17.9 15.8 (25.0)
TOTAL PRIMARY GOVERNMENT 112.2$ 116.6$ 118.6$ 78.3$
Data Source
Audited Financial Statements
Data in millions
VILLAGE OF OAK BROOK, ILLINOIS
NET POSITION BY COMPONENT
Last Ten Fiscal Years
- 111 -
2016 2017 2018 2019 2020 2021
60.5$ 61.8$ 65.4$ 67.5$ 69.2$ 75.9$
12.3 14.8 15.3 15.1 12.6 12.2
(26.1) (27.1) (32.3) (30.8) (25.6) (20.2)
46.7$ 49.5$ 48.4$ 51.8$ 56.2$ 67.9$
30.6$ 29.9$ 29.8$ 34.0$ 37.5$ 44.1$
3.9 6.6 7.3 6.8 6.7 4.5
34.5$ 36.5$ 37.1$ 40.8$ 44.2$ 48.6$
91.1$ 91.7$ 95.2$ 101.5$ 106.7$ 120.0$
12.3 14.8 15.3 15.1 12.6 12.2
(22.2) (20.5) (25.0) (24.0) (18.9) (15.7)
81.2$ 86.0$ 85.5$ 92.6$ 100.4$ 116.5$
- 112 -
Fiscal Year 2012 2013 2014 2015
EXPENSES
Governmental Activities
General government 3.7$ 4.3$ 4.5$ 5.3$
Public safety 13.4 13.7 14.7 24.6
Public works 6.1 4.8 4.9 7.7
Culture and recreation 1.8 1.8 2.0 1.5
Interest on long-term debt 0.4 0.4 0.3 0.3
Total governmental activities expenses 25.4 25.0 26.4 39.4
Business-Type Activities
Water 5.6 6.3 7.0 8.0
Sports Core 3.3 3.4 3.6 3.7
Total business-type activities expenses 8.9 9.7 10.6 11.7
TOTAL PRIMARY GOVERNMENT EXPENSES 34.3$ 34.7$ 37.0$ 51.1$
PROGRAM REVENUES
Governmental Activities
Charges for services
General government 1.6$ 2.1$ 1.9$ 1.8$
Public safety 1.1 1.1 1.2 1.2
Operating grants and contributions 0.3 0.4 0.4 0.2
Capital grants - 0.5 0.3 -
Total governmental activities program revenues 3.0 4.1 3.8 3.2
Business-Type Activities
Charges for services
Water 6.7 6.9 7.0 7.7
Sports Core 3.2 3.2 3.1 3.2
Golf' surcharge - - - -
Capital grants
Sports Core - - - -
Total business-type activities program revenues 9.9 10.1 10.1 10.9
TOTAL PRIMARY GOVERNMENT PROGRAM
REVENUES 12.9$ 14.2$ 13.9$ 14.1$
NET REVENUES (EXPENSES)
Governmental activities (22.4)$ (20.9)$ (22.6)$ (36.2)$
Business-type activities 1.0 0.4 (0.5) (0.8)
TOTAL PRIMARY GOVERNMENT NET
REVENUES (EXPENSES)(21.4)$ (20.5)$ (23.1)$ (37.0)$
VILLAGE OF OAK BROOK, ILLINOIS
CHANGE IN NET POSITION
Last Ten Fiscal Years
- 113 -
2016 2017 2018 2019 2020 2021
4.7$ 5.7$ 5.5$ 6.1$ 4.5$ 4.4$
17.2 17.4 18.9 18.9 15.5 14.6
6.4 3.8 5.0 5.3 5.1 4.6
1.5 1.7 1.7 1.8 2.3 1.3
0.3 0.3 0.3 0.2 0.2 0.2
30.1 28.9 31.4 32.3 27.6 25.1
7.9 7.9 8.8 7.1 6.8 8.3
3.4 3.5 3.5 3.8 3.2 3.2
11.3 11.4 12.3 10.9 10.0 11.5
41.4$ 40.3$ 43.7$ 43.2$ 37.6$ 36.6$
2.1$ 2.6$ 4.5$ 5.3$ 4.0$ 3.0$
1.3 1.3 1.5 1.8 1.0 1.5
0.2 0.2 0.2 0.2 0.9 0.5
- - - - - -
3.6 4.1 6.2 7.3 5.9 5.0
8.8 9.9 9.8 10.0 9.9 11.7
3.4 3.4 3.2 3.4 2.9 3.9
- 0.1 0.1 0.1 0.1 0.2
- - - - - 0.2
12.2 13.4 13.1 13.5 12.9 16.0
15.8$ 17.5$ 19.3$ 20.8$ 18.8$ 21.0$
(26.5)$ (24.8)$ (25.2)$ (25.0)$ (21.7)$ (20.1)$
0.9 2.0 0.8 2.6 2.9 4.5
(25.6)$ (22.8)$ (24.4)$ (22.4)$ (18.8)$ (15.6)$
- 114 -
Fiscal Year 2012 2013 2014 2015
GENERAL REVENUES AND OTHER
CHANGES IN NET POSITION
Governmental Activities
Taxes
Sales and local use taxes 16.7$ 17.3$ 17.7$ 18.1$
Utility 4.9 5.0 5.2 5.7
Other 2.5 2.4 2.5 2.8
Intergovernmental - - - -
Investment earnings - 0.1 (0.2) 0.2
Miscellaneous - - - 0.2
Transfers - (0.2) (0.5) (0.5)
Total governmental activities 24.1 24.6 24.7 26.5
Business-Type Activities
Investment earnings - - - -
Miscellaneous - - - -
Transfers - 0.2 0.5 0.5
Total business-type activities - 0.2 0.5 0.5
TOTAL PRIMARY GOVERNMENT 24.1$ 24.8$ 25.2$ 27.0$
CHANGE IN NET POSITION
Governmental activities 1.7$ 3.7$ 2.1$ (9.7)$
Business-type activities 1.0 0.6 - (0.3)
TOTAL PRIMARY GOVERNMENT
CHANGE IN NET POSITION 2.7$ 4.3$ 2.1$ (10.0)$
Note: Intergovernmental revenues were presented separately beginning in 2021.
Data Source
Audited Financial Statements
Data in millions
Last Ten Fiscal Years
VILLAGE OF OAK BROOK, ILLINOIS
CHANGE IN NET POSITION (Continued)
- 115 -
2016 2017 2018 2019 2020 2021
19.3$ 18.3$ 18.6$ 21.5$ 18.9$ 7.1$
6.0 6.0 6.1 6.3 5.8 5.7
2.7 3.0 3.2 0.1 0.1 1.3
- - - - - 17.5
0.3 0.3 0.6 1.1 0.6 (0.1)
- - - 0.1 1.1 0.3
- - - (0.7) (0.4) -
28.3 27.6 28.5 28.4 26.1 31.8
- - 0.1 0.2 0.1 -
- - - 0.1 (0.1) -
- - - 0.7 0.4 -
- - 0.1 1.0 0.4 -
28.3$ 27.6$ 28.6$ 29.4$ 26.5$ 31.8$
1.8$ 2.8$ 3.3$ 3.4$ 4.4$ 11.7$
0.9 2.0 0.9 3.6 3.3 4.5
2.7$ 4.8$ 4.2$ 7.0$ 7.7$ 16.2$
- 116 -
Fiscal Year 2012 2013 2014 2015
GENERAL FUND
Nonspendable 2,545,898$ 168,016$ 109,092$ 53,406$
Unrestricted
Committed 224,878 224,878 - -
Assigned - 102,525 205,050 -
Unassigned 14,772,181 15,902,982 15,799,127 17,206,014
TOTAL GENERAL FUND 17,542,957$ 16,398,401$ 16,113,269$ 17,259,420$
ALL OTHER GOVERNMENTAL FUNDS
Restricted 9,323,127$ 9,712,479$ 11,533,335$ 11,296,764$
TOTAL ALL OTHER GOVERNMENTAL FUNDS 9,323,127$ 9,712,479$ 11,533,335$ 11,296,764$
Data Source
Audited Financial Statements
VILLAGE OF OAK BROOK, ILLINOIS
FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
- 117 -
2016 2017 2018 2019 2020 2021
58,444$ 56,649$ 56,010$ 90,072$ 55,521$ 55,773$
- - - - - -
- - - - - -
20,014,100 20,998,025 21,697,317 24,963,696 28,146,628 31,292,165
20,072,544$ 21,054,674$ 21,753,327$ 25,053,768$ 28,202,149$ 31,347,938$
12,439,354$ 14,813,261$ 15,356,444$ 15,040,518$ 12,636,679$ 12,192,144$
12,439,354$ 14,813,261$ 15,356,444$ 15,040,518$ 12,636,679$ 12,192,144$
- 118 -
Fiscal Year 2012 2013 2014 2015
REVENUES
Sales tax 11,326,929$ 11,385,834$ 12,149,324$ 12,346,857$
Non-home rules sales tax 5,230,137 5,171,232 5,384,857 5,637,241
Other intergovernmental 1,841,378 2,530,416 2,274,102 1,925,962
Utility taxes 4,900,869 5,047,306 5,203,835 5,673,868
Hotel/motel tax 940,008 964,684 1,049,631 1,194,811
Licenses and permits 1,201,998 1,686,269 1,448,471 1,385,341
Charges for services 970,778 1,021,858 1,044,934 1,058,929
Fines and permits 231,865 184,959 189,060 177,588
Investment income 47,363 86,287 (155,427) 138,593
Miscellaneous 355,548 364,452 424,552 625,504
Total revenues 27,046,873 28,443,297 29,013,339 30,164,694
EXPENDITURES
General government 3,600,061 4,289,515 5,072,205 4,331,061
Public safety 12,986,730 13,440,798 14,324,720 14,597,010
Public works 4,706,731 4,457,705 4,937,146 7,520,877
Culture and recreations 1,638,863 1,684,276 1,898,393 1,635,690
Capital outlay 607,097 - - -
Debt service - principal 1,842,163 1,876,754 425,000 384,913
Interest and issuance costs 375,042 362,129 346,094 326,465
Total expenditures 25,756,687 26,111,177 27,003,558 28,796,016
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 1,290,186 2,332,120 2,009,781 1,368,678
OTHER FINANCING SOURCES (USES)
Transfers in 275,000 - 156,840 -
Transfers (out)- (725,324) (630,897) (459,098)
Proceeds from sale of capital assets - - - -
Total other financing sources (uses)275,000 (725,324) (474,057) (459,098)
NET CHANGE IN FUND BALANCES 1,565,186$ 1,606,796$ 1,535,724$ 909,580$
DEBT SERVICE AS A PERCENTAGE OF
NONCAPITAL EXPENDITURES 8.82%8.57%2.86%2.47%
Data Source
Audited Financial Statements
VILLAGE OF OAK BROOK, ILLINOIS
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
- 119 -
2016 2017 2018 2019 2020 2021
13,072,837$ 12,481,210$ 12,685,797$ 12,613,608$ 11,507,051$ 16,021,359$
5,991,262 5,581,924 5,691,536 5,642,898 4,914,208 6,759,561
1,939,598 1,929,507 1,943,897 2,236,957 3,030,231 3,010,075
5,967,345 6,033,358 6,137,283 6,286,242 5,794,806 5,698,119
1,270,131 1,265,583 1,340,495 1,292,756 458,752 811,146
1,882,598 2,205,571 3,185,402 3,640,730 3,534,650 2,438,302
1,075,234 1,106,204 1,155,142 1,437,850 1,178,173 1,692,157
159,799 144,833 192,321 203,376 343,288 328,234
203,467 309,786 596,092 1,026,260 621,472 (53,795)
421,967 457,543 609,096 719,806 291,994 261,315
31,984,238 31,515,519 33,537,061 35,100,483 31,674,625 36,966,473
4,343,678 5,019,819 6,818,223 4,453,602 3,844,521 4,030,036
15,190,063 16,155,248 16,652,456 17,369,681 16,297,554 16,616,802
6,055,657 3,772,803 6,765,330 8,265,502 7,723,413 11,946,228
1,709,465 2,467,432 1,569,396 1,586,045 2,151,134 1,190,653
- - - - - -
420,000 457,000 227,000 217,000 305,000 280,000
309,761 287,180 262,820 243,980 224,900 201,500
28,028,624 28,159,482 32,295,225 32,135,810 30,546,522 34,265,219
3,955,614 3,356,037 1,241,836 2,964,673 1,128,103 2,701,254
516,221 548,454 7,790 724,360 971,212 6,450,463
(516,221) (548,454) (7,790) (704,518) (1,354,773) (6,450,463)
- - - - - -
- - - 19,842 (383,561) -
3,955,614$ 3,356,037$ 1,241,836$ 2,984,515$ 744,542$ 2,701,254$
2.69%2.84%1.64%1.64%2.01%1.89%
- 120 -
VILLAGE OF OAK BROOK, ILLINOIS
ASSESSED VALUE AND ACTUAL VALUE OF TAXABLE PROPERTY
Last Ten Levy Years
Total Estimated Estimated
Total Taxable Direct Actual Actual
Levy Residential Commercial Industrial Railroad Assessed Tax Taxable Taxable
Year Property Property Property Property Value Rate Value Value
2011 1,003,641$ 490,189$ -$ -$ 1,493,830$ -$ 4,481,490$ 33.333%
2012 910,922 448,374 - 13 1,359,309 - 4,077,927 33.333%
2013 856,140 419,122 - 13 1,275,275 - 3,825,825 33.333%
2014 849,811 414,919 - 13 1,264,743 - 3,794,229 33.333%
2015 895,787 440,733 - 13 1,336,533 - 4,009,599 33.333%
2016 967,753 461,677 - 13 1,429,443 - 4,288,329 33.333%
2017 1,025,265 486,517 - 13 1,511,795 - 4,535,385 33.333%
2018 1,053,490 508,384 - 13 1,561,887 - 4,685,661 33.333%
2019 1,062,063 538,892 - 13 1,600,968 - 4,802,904 33.333%
2020 1,106,164 536,254 - 13 1,642,431 - 4,927,293 33.333%
Data Source
Office of the County Clerk
Cook County
Note: Property in the Village is reassessed each year. Property is assessed at 33% of actual value.
- 121 -
Tax Levy Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Tax Rates
Village of Oak Brook -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Basic Town 0.4166 0.4567 0.4892 0.4993 0.4783 0.4490 0.4145 0.4006 0.3932 0.3848
Junior College #502 0.2495 0.2681 0.2956 0.2975 0.2786 0.2626 0.2431 0.2317 0.2112 0.2114
Grade School #53 1.0099 1.1465 1.2491 1.2932 1.2435 1.1710 1.1415 1.1447 1.1591 1.1643
High School #86 1.3362 1.4984 1.5681 1.5921 1.5592 1.4731 1.4380 1.4415 1.6110 1.6142
Oak Brook Park District 0.1904 0.2174 0.2369 0.2442 0.2349 0.2229 0.2184 0.2940 0.2923 0.2874
TOTAL TAX RATES 3.2026$ 3.5871$ 3.8389$ 3.9263$ 3.7945$ 3.5786$ 3.4555$ 3.5125$ 3.6668$ 3.6621$
Note: Basic Town includes all county, forest preserve and township rates. Property tax rates are per $100 of assessed valuation.
Data Source
Office of the County Clerk
VILLAGE OF OAK BROOK, ILLINOIS
DIRECT AND OVERLAPPING GOVERNMENTS
Last Ten Levy Years
- 122 -
Sales Sales
Taxes Taxes
Taxpayer Revenue Taxpayer Revenue
Carvana LLC.Apple Computer
Costco Wholesale Costco Wholesale
Peloton Interactive Inc.Lord & Taylor LLC
Nordstrom, Inc.Macy's
Macy's Neiman Marcus
Apple Computer Inc.Nordstrom, Inc.
Louis Vuitton USA Inc.Nordstrom Rack
Room & Board Inc.Macy's Home Store
Neiman Marcus Sears Roebuck & Co.
Tiffany & Co.Tiffany & Co.
TOP TEN TOTAL 6,691,961 $ TOP TEN TOTAL 5,400,618 $
TOTAL SALES TAX REVENUE 15,913,212 $ TOTAL SALES TAX REVENUE 11,147,846 $
TOP TEN AS A PERCENT OF TOP TEN AS A PERCENT OF
SALES TAX REVENUE 42.05%SALES TAX REVENUE 48.45%
Data Source
Illinois Department of Revenue - above represents January 1 - December 31 Village cash collections.
Note:Confidentiality rules of the Illinois Department of Revenue prohibit disclosure of individual taxpayer payment
information.The data presented above is organized alphabetically with revenue for the top ten taxpayers reported in
aggregate for the years presented.
VILLAGE OF OAK BROOK, ILLINOIS
PRINCIPAL SALES TAX PAYERS
Current Year and Nine Years Ago
2021 2012
- 123 -
DuPage County Regional
Village Water Transportation Village
Fiscal Direct State DuPage County Commission Authority Non-Home Rule Total
Year Rate Rate Rate Rate Rate Rate Rate
2012 1.00%5.00%0.25%0.25%0.75%0.50%7.75%
2013 1.00%5.00%0.25%0.25%0.75%0.50%7.75%
2014 1.00%5.00%0.25%0.25%0.75%0.50%7.75%
2015 1.00%5.00%0.25%0.25%0.75%0.50%7.75%
2016 1.00%5.00%0.25%0.00%0.75%0.50%7.50%
2017 1.00%5.00%0.25%0.00%0.75%0.50%7.50%
2018 1.00%5.00%0.25%0.00%0.75%0.50%7.50%
2019 1.00%5.00%0.25%0.00%0.75%0.50%7.50%
2020 1.00%5.00%0.25%0.00%0.75%0.50%7.50%
2021 1.00%5.00%0.25%0.00%0.75%0.50%7.50%
Data Sources
Village Records
VILLAGE OF OAK BROOK, ILLINOIS
DIRECT AND OVERLAPPING SALES TAX RATES
Last Ten Fiscal Years
- 124 -
(1)
Estimated Sales 2020
Municipality Rank Sales Per Capita Population
Chicago 1 331,494,764$ 121$ 2,746,388
Naperville 2 43,113,098 288 149,540
Schaumburg 3 37,717,797 479 78,723
Springfield 4 34,292,015 300 114,394
Mt. Prospect 5 29,269,169 515 56,852
Aurora 6 28,577,777 158 180,542
Rockford 7 28,565,646 192 148,655
Joliet 8 28,428,110 189 150,362
Peoria 9 25,961,975 229 113,150
Orland Park 10 25,274,334 431 58,703
Glenview 11 21,727,766 446 48,705
Champaign 12 21,169,809 240 88,302
Elgin 13 19,242,654 168 114,797
Bolingbrook 14 18,754,835 254 73,922
Bloomington 15 17,817,084 226 78,680
Tinley Park 16 17,396,980 311 55,971
Niles 17 17,381,825 562 30,912
Vernon Hills 18 16,362,746 609 26,850
Oak Brook 19 15,985,951 1,958 8,163
Skokie 20 15,947,246 235 67,824
Arlington Heights 21 15,345,732 198 77,676
Downers Grove 22 15,021,265 299 50,247
Oak Lawn 23 14,740,499 253 58,362
St. Charles 24 14,708,174 445 33,081
Gurnee 25 14,692,168 478 30,706
Data Source
Source: U.S. Census Bureau, 2020 Population Estimates.
VILLAGE OF OAK BROOK, ILLINOIS
RETAIL SALES VOLUME - TOP 25 ILLINOIS COMMUNITIES
State Collection Period January 1, 2021 Through December 31, 2021
Note (1):Distributions to municipalities of the 1%municipal tax were used to calculate the
estimated retail sales.Actual sales tax amounts were received by the municipalities April 1,
2021 through March 31, 2022.
- 125 -
% Change % Change % Change
Fiscal Year Village Share/from Non-Home Rule from Total from
Ended State Sales Preceding Sales Tax Preceding Sales Tax Preceding
December 31,Tax Receipts Year Receipts Year Receipts Year
2012 11,147,846$ 0.90%5,132,229$ 3.90%16,280,075$ 1.83%
2013 11,641,063 4.42%5,171,736 0.77%16,812,799 3.27%
2014 12,004,427 3.12%5,336,836 3.19%17,341,263 3.14%
2015 12,376,637 3.10%5,667,235 6.19%18,043,872 4.05%
2016 13,021,926 5.21%5,997,652 5.83%19,019,578 5.41%
2017 12,541,909 (3.69%)5,711,846 (4.77%)18,253,755 (4.03%)
2018 12,364,673 (1.41%)5,581,941 (2.27%)17,946,614 (1.68%)
2019 12,585,990 1.79%5,682,101 1.79%18,268,091 1.79%
2020 11,743,296 (6.70%)5,097,177 (10.29%)16,840,473 (7.81%)
2021 14,352,323 22.22%6,076,409 19.21%20,428,732 21.31%
Data Source
Village Records
VILLAGE OF OAK BROOK, ILLINOIS
SALES TAX RECEIPTS - CASH BASIS
Last Ten Fiscal Years
- 126 -
Month 2017 2018 2019 2020 2021 FY 2018 FY 2019 FY 2020 FY 2021
January 1,007,103$ 941,951$ 1,054,244 $ 1,007,062$ 1,152,252$ (6.47%)11.92%(4.48%)14.42%
February 1,114,054 1,041,681 1,152,709 1,147,328 1,093,000 (6.50%)10.66%(0.47%)(4.74%)
March 1,594,758 1,639,138 1,704,528 1,753,040 1,481,425 2.78%3.99%2.85%(15.49%)
April 856,442 837,767 723,019 909,241 805,520 (2.18%)(13.70%)25.76%(11.41%)
May 791,176 768,902 785,897 891,829 862,808 (2.82%)2.21%13.48%(3.25%)
June 975,861 994,866 975,961 751,814 1,127,264 1.95%(1.90%)(22.97%)49.94%
July 922,697 918,572 936,555 421,088 1,080,672 (0.45%)1.96%(55.04%)156.64%
August 1,020,651 1,066,624 1,071,211 459,383 1,246,636 4.50%0.43%(57.12%)171.37%
September 1,083,420 1,058,046 1,054,405 890,754 1,310,110 (2.34%)(0.34%)(15.52%)47.08%
October 1,020,709 1,020,698 1,013,832 1,001,518 1,316,459 0.00%(0.67%)(1.21%)31.45%
November 1,118,016 1,092,064 1,109,019 1,156,812 1,458,671 (2.32%)1.55%4.31%26.09%
December 1,037,022 984,364 1,004,610 1,353,427 1,417,506 (5.08%)2.06%34.72%4.73%
TOTAL 12,541,909$ 12,364,673$ 12,585,990$ 11,743,296$ 14,352,323$ (1.41%)1.79%(6.70%)22.22%
Data Source
Village Records
VILLAGE OF OAK BROOK, ILLINOIS
STATE SALES TAX RECEIPTS BY MONTH - CASH BASIS
Last Five Fiscal Years
Fiscal Year Ended December 31,
Percentage Change
From Preceding Year
- 127 -
Month 2017 2018 2019 2020 2021 FY 2018 FY 2019 FY 2020 FY 2021
January 466,623$ 420,506$ 470,364 $ 455,347 $ 503,530 $ (9.88%)11.86%(3.19%)10.58%
February 524,829 472,116 527,597 523,295 468,508 (10.04%)11.75%(0.82%)(10.47%)
March 756,825 758,180 794,849 806,633 656,995 0.18%4.84%1.48%(18.55%)
April 382,843 373,991 321,103 390,845 324,939 (2.31%)(14.14%)21.72%(16.86%)
May 361,160 341,784 351,510 386,430 362,110 (5.36%)2.85%9.93%(6.29%)
June 445,584 449,890 441,058 306,259 493,875 0.97%(1.96%)(30.56%)61.26%
July 425,623 417,534 423,426 159,445 467,393 (1.90%)1.41%(62.34%)193.14%
August 459,149 486,225 482,610 176,726 547,423 5.90%(0.74%)(63.38%)209.76%
September 492,607 482,931 475,733 386,033 566,663 (1.96%)(1.49%)(18.86%)46.79%
October 458,506 465,528 460,860 430,006 540,135 1.53%(1.00%)(6.69%)25.61%
November 471,254 469,270 479,809 468,485 568,062 (0.42%)2.25%(2.36%)21.26%
December 466,843 443,986 453,182 607,673 576,774 (4.90%)2.07%34.09%(5.08%)
TOTAL 5,711,846$ 5,581,941$ 5,682,101$ 5,097,177$ 6,076,407$ (2.27%)1.79%(10.29%)19.21%
Note: The Village's non-home rule sales tax was effective July 1, 2004 with collections beginning in October 2004.
Data Source
Village Records
Percentage Change
From Preceding Year
VILLAGE OF OAK BROOK, ILLINOIS
NON-HOME RULE SALES TAX RECEIPTS BY MONTH - CASH BASIS
Last Five Fiscal Years
Fiscal Year Ended December 31,
- 128 -
Fiscal Years 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
General merchandise 2,087,873$ 1,859,342$ 1,611,302$ 1,408,191$ 1,305,272$ 1,180,117$ 1,142,607$ 1,056,602$ 598,450$ 945,102$
Food 49,616 52,331 57,974 170,497 167,143 191,370 212,053 194,717 104,847 144,642
Drinking and eating places 1,506,289 1,615,029 1,717,184 1,770,370 1,844,551 1,866,420 1,931,879 1,909,022 1,087,384 1,799,466
Apparel 3,110,107 3,065,618 3,141,898 3,078,876 2,989,258 2,931,827 2,947,860 2,840,152 1,574,681 2,972,244
Furniture, H.H., and radio 1,090,244 1,251,860 1,421,458 1,606,454 1,613,318 1,472,053 1,601,424 1,485,474 1,163,192 1,509,090
Lumber, building, and hardware 24,600 10,653 8,686 6,623 4,642 6,603 1,478 56,539 793,096 658,569
Automotive and filling stations 1,619,343 1,674,689 1,682,593 1,698,040 1,683,947 1,884,059 1,921,190 2,003,910 2,339,720 3,336,501
Drugs and other retail 1,124,986 1,250,569 1,530,596 1,817,539 1,857,751 1,842,238 1,761,720 1,784,167 1,637,361 2,666,575
Agriculture and all others 418,871 421,724 486,652 506,631 1,368,475 805,122 633,820 594,012 520,394 735,593
Manufacturers 174,572 687,312 451,814 238,943 204,789 262,420 499,353 657,270 1,743,418 1,211,306
TOTAL 11,206,501$ 11,889,127$ 12,110,156$ 12,302,164$ 13,039,146$ 12,442,229$ 12,653,384$ 12,581,865$ 11,562,543$ 15,979,088$
Village direct sales tax rate 1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00%
Note: Gross receipts include both Cook and DuPage County 1% municipal sales tax. Amounts reflect sales tax collected by the Village between April 1 and March 31 as reported by the state.
Data Source
Illinois Department of Revenue - Local Tax Allocation Division
VILLAGE OF OAK BROOK, ILLINOIS
SALES TAX BY CATEGORY
Last Ten Fiscal Years
- 129 -
Fiscal Years 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
General merchandise 1,028,630$ 923,522$ 799,234$ 697,506$ 646,561$ 584,228$ 566,703$ 522,037$ 294,715$ 466,236$
Food 22,769 24,206 26,475 82,154 79,404 90,688 100,691 93,947 51,418 71,292
Drinking and eating places 749,294 804,095 854,898 880,598 916,540 927,586 945,281 952,124 537,493 895,054
Apparel 1,554,292 1,532,230 1,570,256 1,538,617 1,493,830 1,464,698 1,450,824 1,419,082 786,163 1,484,558
Furniture, H.H., and radio 544,734 624,646 707,730 801,746 806,090 737,997 788,327 742,296 579,513 753,972
Lumber, building, and hardware 12,299 5,326 4,341 3,290 2,311 3,292 721 28,266 396,548 329,285
Automotive and filling stations 444,986 462,595 461,447 454,848 443,470 505,785 523,197 538,943 504,204 577,852
Drugs and other retail 574,857 581,045 717,631 862,594 880,058 871,568 824,589 848,731 761,027 1,266,415
Agriculture and all others 186,919 189,403 221,375 233,499 662,998 375,069 282,685 268,657 226,688 335,313
Manufacturers 75,056 74,826 78,163 80,757 88,331 125,245 240,930 326,811 871,347 605,480
TOTAL 5,193,836$ 5,221,894$ 5,441,550$ 5,635,609$ 6,019,593$ 5,686,156$ 5,723,948$ 5,740,894$ 5,009,116$ 6,785,457$
Village non-home rule sales tax rate 0.50%0.50%0.50%0.50%0.50%0.50%0.50%0.50%0.50%0.50%
Note: Gross receipts include both Cook and DuPage County 1% municipal sales tax. Amounts reflect sales tax collected between April 1 and March 31 as reported by the state.
Data Source
Illinois Department of Revenue - Local Tax Allocation Division
VILLAGE OF OAK BROOK, ILLINOIS
NON-HOME RULE SALES TAX BY CATEGORY
Last Ten Fiscal Years
- 130 -
VILLAGE OF OAK BROOK, ILLINOIS
RATIOS OF OUTSTANDING DEBT BY TYPE
Last Ten Fiscal Years
Ratio of
Total
Business-Type Outstanding Total
Activities Debt to Outstanding Total
Installment Installment Total Equalized Debt Per Outstanding
Fiscal Notes Capital Notes Primary Assessed Personal Debt Per
Year Payable Leases Payable Government Valuation* Income Capita*
2012 6,984,930$ -$ 168,837$ 7,153,767$ 0.48%0.69%907.49$
2013 5,017,176 - - 5,017,176 0.37%0.48%636.46
2014 4,592,176 - - 4,592,176 0.36%0.44%582.54
2015 4,207,263 - - 4,207,263 0.33%0.41%533.71
2016 3,787,263 - - 3,787,263 0.28%0.36%480.43
2017 3,330,263 - - 3,330,263 0.23%0.31%422.46
2018 3,103,263 61,509 - 3,164,772 0.21%0.30%401.47
2019 2,886,263 450,871 - 3,337,134 0.21%0.31%423.33
2020 2,581,263 534,667 - 3,115,930 0.19%0.29%395.27
2021 2,301,263 589,264 - 2,890,527 0.18%0.27%354.10
Note: Details of the Village's outstanding debt can be found in the notes to financial statements.
Data Source
Village records
Activities
Governmental
*See the schedule of Demographic and Economic Information on page 133 for personal income and population
- 131 -
(2)
*Percentage
(1)of Debt (3)
Gross Applicable to **Government's
Debt Government Share of Debt
DIRECT DEBT
Village of Oak Brook 2,890,527$ 100.00%2,890,527$
OVERLAPPING DEBT
DuPage County 137,893,149 3.80%5,239,940
DuPage Forest Preserve 83,399,601 3.80%3,169,185
DuPage Water Commission 2,301,263 4.20%96,653
Sanitary Districts - 18.27%-
Park Districts 20,391,909 80.40%16,395,095
Elementary School Districts 90,729,034 20.10%18,236,536
High School Districts 333,068,775 10.39%34,605,846
Junior College 502 121,575,000 3.93%4,777,898
Unit District 205 221,005,361 5.04%11,138,670
Total overlapping debt 1,010,364,092 93,659,823
TOTAL 1,013,254,619$ 96,550,350$
**Amount in column (2) multiplied by amount in column (1).
Note: Totals may not be exact due to rounding.
Data Source
Office of the County Clerk
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
December 31, 2021
VILLAGE OF OAK BROOK, ILLINOIS
Governmental Unit
*Determined by ratio of assessed value of property subject to taxation in overlapping unit to value of
subject to taxation in the Village.
- 132 -
Fiscal Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Legal debt limit 128,842,981$ 117,890,946$ 109,992,484$ 109,084,108$ 115,276,061$ 123,289,569$ 130,392,337$ 134,790,061$ 138,083,532$ 144,386,656$
Total net debt
applicable to limit 1,335,000 1,080,000 820,000 555,000 280,000 - - - - -
LEGAL DEBT MARGIN 127,507,981$ 116,810,946$ 109,172,484$ 108,529,108$ 114,996,061$ 123,289,569$ 130,392,337$ 134,790,061$ 138,083,532$ 144,386,656$
Total net debt applicable
to the limit as a
percentage of debt limit 1.04%2.35%0.75%0.51%0.24%0.00%0.00%0.00%0.00%0.00%
Legal Debt Margin Calculation for Fiscal Year 2020
Assessed value 1,642,431,335$
Legal debt margin 8.625%
Debt limit 141,659,703
Debt applicable to limit
General obligation bonds -
LEGAL DEBT MARGIN 141,659,703$
VILLAGE OF OAK BROOK, ILLINOIS
LEGAL DEBT MARGIN INFORMATION
Last Ten Fiscal Years
- 133 -
Per
Capita
Fiscal Personal Personal Unemployment
Year Population Income Income Rate
2012 7,883 (E)131,719$ 1,038,340,877$ 7.3%
2013 7,883 (E)131,719 1,038,340,877 6.4%
2014 7,883 (E)131,719 1,038,340,877 4.6%
2015 7,883 (E)131,719 1,038,340,877 4.6%
2016 7,883 (E)131,719 1,038,340,877 4.4%
2017 8,077 (E)131,719 1,063,894,363 3.9%
2018 8,077 (E)131,719 1,063,894,363 2.9%
2019 8,077 (E)131,719 1,063,894,363 2.2%
2020 8,077 (E)131,719 1,063,894,363 6.7%
2021 8,163 (E)131,719 1,075,222,197 4.5%
(E) Estimate
Note: Latest information available for DuPage County
Data Source
Village records
VILLAGE OF OAK BROOK, ILLINOIS
DEMOGRAPHIC AND ECONOMIC INFORMATION
Last Ten Fiscal Years
- 134 -
% of % of
Number of Total Village Number of Total Village
Employer Employees Rank Population Employees Rank Population
Oakbrook Center Mall 6,300 1 79.92%3,150 2 39.96%
Advocate Health Care 1,853 2 23.51%1,035 5 13.13%
Ace Hardware Corporation 1,048 3 13.29%1,074 4 13.62%
Hub Group 832 4 10.55%
Chamberlain Group 650 5 8.25%
TreeHouse Foods 439 6 5.57%
Blistex 412 7 5.23%210 10 2.70%
Millenium Trust 365 8 4.63%
Inland Real Estate Group of Companies 357 9 4.53%1,471 3 18.66%
Lions Clubs International 307 10 3.89%274 9 3.50%
McDonald's Corporation 3,200 1 40.59%
ADT Security Service, Inc.350 7 4.44%
Newell Rubbermaid 331 8 4.20%
Follett Higher Education 410 6 5.20%
Data Source
AtoZdatabase; Selective Telephone and Email Survey
2012
VILLAGE OF OAK BROOK, ILLINOIS
PRINCIPAL EMPLOYERS
Current Year and Nine Years Ago
2021
- 135 -
Function/Program 2012 2013 2014 2015
GENERAL GOVERNMENT
Board of trustees 0.50 0.50 0.50 0.50
Management services 1.95 1.25 1.25 2.75
Village clerk 0.35 0.25 0.25 0.25
General management 2.55 2.50 3.00 2.00
Human resources 1.75 2.00 2.00 2.00
Management 0.40 0.50 0.50 0.50
General services 1.35 - - -
Communications and marketing - - 0.50 -
Purchasing 0.85 1.00 1.00 1.00
Information services 2.60 2.00 2.00 2.00
Geographic information systems - - - -
FINANCIAL SERVICES
Financial services management 1.00 1.00 1.00 1.00
Accounting and reporting 2.75 3.00 3.00 3.00
Customer service - 1.50 1.50 1.50
Purchasing - - - -
PUBLIC WORKS
Buildings and grounds 1.00 1.00 1.00 1.00
Forestry - - - -
Garage operations 2.00 2.00 2.00 2.00
Water operations 6.00 7.00 7.00 7.00
Public works management 2.00 2.50 2.50 2.50
Streets - general salaries 8.00 6.50 6.50 6.50
LIBRARY
Library general operations 5.25 5.50 5.50 6.50
Technical services 2.75 2.00 2.00 2.00
Reference and user services 2.50 3.00 3.00 2.00
Youth services 1.50 1.50 2.00 2.00
POLICE
Police services management 2.00 3.00 3.00 3.00
Police field services 32.20 31.00 31.00 31.00
Police auxiliary - - - 5.00
Police general support 3.00 4.00 4.00 4.00
Police investigations 7.00 6.00 6.00 6.00
Police support services 6.55 3.50 3.50 3.50
VILLAGE OF OAK BROOK, ILLINOIS
FULL-TIME EQUIVALENT EMPLOYEES
Last Ten Fiscal Years
- 136 -
2016 2017 2018 2019 2020 2021
0.50 0.50 0.50 0.50 0.50 0.50
2.08 2.03 1.58 1.55 1.55 1.55
0.35 - - - - -
1.72 1.60 1.60 1.50 1.50 1.50
1.10 1.28 0.95 1.25 1.25 1.25
0.20 0.20 0.20 0.20 0.20 0.20
1.20 1.20 1.20 1.20 1.20 0.90
- - - - - -
- - - - - -
2.65 2.90 2.40 2.95 2.95 1.90
0.35 0.35 0.35 0.35 0.35 0.70
0.88 1.00 1.00 1.00 1.00 1.00
4.05 3.05 3.05 3.40 3.70 3.70
- - - - - -
1.00 1.00 1.00 1.00 1.00 1.00
1.00 1.50 3.00 3.00 2.50 2.50
0.20 0.20 0.20 0.20 0.20 0.20
2.48 2.48 1.98 1.98 1.98 1.98
7.00 7.00 7.00 7.00 7.00 7.00
3.00 3.00 3.00 3.00 3.00 3.00
6.90 7.90 7.40 7.40 7.40 7.40
5.88 5.75 4.75 5.10 5.55 5.25
1.80 1.80 1.80 1.80 1.80 1.80
1.95 1.90 1.90 1.90 1.90 3.75
1.95 1.90 1.90 1.95 1.95 -
3.00 3.00 3.00 3.00 3.00 3.00
32.20 32.20 32.20 32.20 33.00 33.00
0.28 0.50 0.50 0.50 0.50 0.50
4.00 4.00 4.00 4.00 5.00 5.00
6.00 6.00 6.00 6.00 6.00 6.00
3.25 3.25 3.25 3.25 3.25 2.00
- 137 -
Function/Program 2012 2013 2014 2015
FIRE***
Fire and EMS - general salaries**31.00 31.00 31.00 31.00
Rescue and fire service management 1.50 1.50 2.20 2.85
Fire rescue and training - - - -
Emergency medical service 6.00 6.00 6.00 6.00
Fire prevention and public safety education - - - -
SPORTS CORE
Sports core general operations 0.75 0.25 1.50 0.50
Swimming operations 1.40 1.40 1.40 1.40
Tennis 1.15 1.15 1.15 1.15
Sports core food and beverage operations 0.50 0.50 1.00 1.50
Poolside grill food and beverage operations 0.80 0.80 0.80 0.80
Golf club food and beverage operations 0.50 0.50 0.50 0.50
Golf club general operations 2.00 2.00 2.00 2.00
Golf learning and practice 1.50 1.50 1.50 1.50
Golf cart operations 1.10 1.10 1.10 1.10
Golf course maintenance 3.00 3.00 3.00 3.00
COMMUNITY DEVELOPMENT
Engineering 3.50 3.50 3.50 3.50
Community development management 2.00 2.00 2.50 2.50
Code enforcement 4.25 4.25 5.50 6.00
TOTAL 158.75 154.45 160.15 165.80
Data Source
Village Records
***Part-time positions that are filled by off-duty full-time Fire Department personnel are not included.These
positions include Fire Prevention Inspectors,Building Inspectors,Administrative Aide,EMS Director,Public
Safety Information Coordinator, and CPR Coordinator.
VILLAGE OF OAK BROOK, ILLINOIS
FULL-TIME EQUIVALENT EMPLOYEES (Continued)
Last Ten Fiscal Years
Note:Summary represents full-time equivalent positions not including seasonal,temporary,or situational
employees. Regular part-time employee hours have been rounded to the nearest quarter full-time equivalent.
**Six contract firefighter/paramedics are used to supplement the full-time complement of firefighter/
paramedics.
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2016 2017 2018 2019 2020 2021
31.00 31.00 31.00 31.00 30.00 30.00
2.35 2.35 2.35 2.35 2.35 2.35
0.20 0.20 0.20 0.20 0.20 0.20
6.40 6.40 6.60 11.60 9.50 0.50
3.60 3.60 3.60 3.60 3.60 3.60
1.40 1.50 1.40 1.15 1.00 1.00
1.40 1.15 1.15 0.75 0.75 0.25
1.15 0.65 0.75 0.75 0.50 -
1.50 1.75 1.10 1.50 1.80 1.80
0.80 0.80 - 0.80 0.80 0.80
3.80 3.80 3.80 3.80 3.80 3.80
8.00 10.15 10.15 10.15 10.00 10.00
1.50 1.50 1.50 1.50 1.50 1.50
1.10 1.10 1.10 1.10 1.10 1.10
13.50 12.50 12.50 12.00 12.00 12.00
3.40 2.36 1.88 1.88 1.88 1.88
2.60 2.60 3.08 3.08 3.08 3.05
5.91 5.23 5.23 5.23 5.23 5.26
186.58 186.13 183.10 189.62 188.32 175.67
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Function/Program 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
PUBLIC SAFETY
Police
Physical arrests 234 178 196 208 191 212 181 178 125 164
Parking violations 636 501 306 299 901 443 404 317 99 29
Traffic violations 3,137 2,897 2,986 2,082 1,465 1,495 1,398 1,596 1,345 1,212
Fire
EMS incidents 1,113 1,191 1,321 1,329 1,432 1,380 1,408 1,468 1,162 1,493
Fire incidents 656 667 742 600 630 672 722 693 598 671
Community center
Police calls dispatched 12,696 18,552 19,853 19,442 23,924 21,656 23,716 23,200 18,460 20,561
Fire/EMS calls dispatched 2,071 2,294 2,448 2,246 2,407 2,493 2,616 2,711 2,253 2,665
WATER
New water meters installed 14 15 16 33 19 23 13 7 9 18
Water main breaks repaired 61 48 36 17 43 31 29 23 37 38
Water pumped (millions of gallons)1,173 1,113 1,080 1,152 1,087 995 966 889 840 916
LIBRARY
Total circulation 91,017 93,300 90,485 91,205 112,423 105,129 114,014 140,201 78,614 92,718
Avg. daily circulation 269 274 265 270 318 312 337 384 248 249
Total holdings 128,343 131,658 131,973 102,441 97,201 94,353 91,789 88,520 88,994 91,065
COMMUNITY DEVELOPMENT
Building permits issued 770 811 837 850 841 943 908 920 830 865
Inspections 2,311 2,617 2,648 2,790 2,999 2,963 2,607 2,510 2,203 2,556
Estimated construction value 76,987,646$ 131,935,998$ 110,922,495$ 174,948,935$ 99,520,330$ 176,470,285$ 135,704,908$ 167,423,370$ 179,143,947$ 121,039,599$
SPORTS CORE
B&T recreation memberships 363 347 338 307 317 294 307 265 - -
Social memberships 67 68 82 81 77 - - - - -
Total events 56 66 72 71 75 65 74 88 8 45
Golf memberships 154 146 143 142 145 151 158 150 152 245
Total golf rounds 38,637 34,670 33,861 34,019 39,324 39,863 35,256 36,253 41,396 48,656
Data Source
Village records
VILLAGE OF OAK BROOK, ILLINOIS
OPERATING INDICATORS BY FUNCTION
Last Ten Fiscal Years
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Function/Program 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
PUBLIC SAFETY
Police
Stations 1 1 1 1 1 1 1 1 1 1
Area patrols 5 5 5 5 5 5 5 5 5 5
Patrol units 11 11 11 11 11 11 11 11 11 11
Fire
Stations 2 2 2 2 2 2 2 2 2 2
Engine 1 1 1 1 1 2 1 1 1 1
Truck 1 1 1 1 1 1 1 1 1 1
Squad 1 1 1 1 1 2 1 1 1 1
Ambulances 2 2 2 2 2 2 2 2 3 3
Incident command vehicle 1 1 1 1 1 1 1 1 1 1
Reserve apparatus 4 4 4 4 4 4 4 4 3 3
Staff and support vehicles 5 5 4 3 3 3 3 4 3 3
PUBLIC WORKS
Arterial streets (miles)9 9 9 9 9 9 9 9 9 9
Residential streets (miles)49 49 49 49 49 49 49 49 49 49
Streetlights 565 565 565 565 565 565 565 565 565 565
Traffic intersections 11 11 11 11 11 11 11 11 11 11
WATER
Water mains (miles)105 105 105 105 105 105 105 105 105 105
Fire hydrants 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500
Storage capacity (gallons)8.0 mil.8.0 mil.8.0 mil.8.0 mil.8.0 mil.8.0 mil.8.0 mil.8.0 mil. 8.0 mil. 8.0 mil.
Data Source
Village records
VILLAGE OF OAK BROOK, ILLINOIS
CAPITAL ASSET STATISTICS BY FUNCTION
Last Ten Fiscal Years
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