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ACFR (Year Ended December 31, 2022) VILLAGE OF OAK BROOK ANNUAL COMPREHENSIVE FINANCIAL REPORT For the Year Ended December 31, 2022 VILLAGE OF OAK BROOK, ILLINOIS ANNUAL COMPREHENSIVE FINANCIAL REPORT For the Year Ended December 31, 2022 Prepared by Finance Department Marilyn Fumero, CPA 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 ........................................................................ 1-4 INDEPENENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS ............................. 5-6 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 ................................................................................... 7-8 Statement of Activities ....................................................................................... 9-10 Fund Financial Statements Governmental Funds Balance Sheet ................................................................................................. 11 Reconciliation of Fund Balances of Governmental Funds to the Governmental Activities in the Statement of Net Position .................... 12 Statement of Revenues, Expenditures, and Changes in Fund Balances ........ 13 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) Governmental Funds (Continued) Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Governmental Activities in the Statement of Activities ...................................................... 14 Proprietary Funds Statement of Net Position .............................................................................. 15-16 Statement of Revenues, Expenses, and Changes in Net Position .................. 17 Statement of Cash Flows ............................................................................... 18-19 Fiduciary Funds Statement of Fiduciary Net Position ................................................................. 20 Statement of Changes in Fiduciary Net Position ............................................. 21 Notes to Financial Statements ................................................................................. 22-68 Required Supplementary Information Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual General Fund ...................................................................................................... 69 Schedule of Employer Contributions Illinois Municipal Retirement Fund ................................................................... 70 Police Pension Fund ........................................................................................... 71 Firefighters’ Pension Fund ................................................................................. 72 Schedule of Changes in the Employer’s Net Pension Liability and Related Ratios Illinois Municipal Retirement Fund ................................................................... 73-74 Police Pension Fund ........................................................................................... 75-76 Firefighters’ Pension Fund ................................................................................. 77-78 VILLAGE OF OAK BROOK, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) FINANCIAL SECTION (Continued) Required Supplementary Information (Continued) Schedule of Changes in the Employer’s Total OPEB Liability and Related Ratios Other Postemployment Benefits Plan ................................................................. 79 Schedule of Investment Returns Police Pension Fund ........................................................................................... 80 Firefighters’ Pension Fund ................................................................................. 81 Notes to Required Supplementary Information ...................................................... 82-83 COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES MAJOR GOVERNMENTAL FUNDS General Fund Schedule of Revenues - Budget and Actual ....................................................... 84 Schedule of Expenditures - Budget and Actual .................................................. 85-90 Infrastructure Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual ............................................................... 91-92 NONMAJOR GOVERNMENTAL FUNDS Combining Balance Sheet ....................................................................................... 93 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances .............................................................................. 94 Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Motor Fuel Tax Fund .......................................................................................... 95 Hotel/Motel Tax Fund ........................................................................................ 96 Promenade TIF Fund .......................................................................................... 97 MAJOR ENTERPRISE FUNDS Waterworks System Fund Schedule of Revenues, Expenses, and Changes in Net Position - Budget and Actual ............................................................................................ 98 Schedule of Detailed Expenses - Budget and Actual - Budgetary Basis ........... 99 VILLAGE OF OAK BROOK, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) FINANCIAL SECTION (Continued) COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES (Continued) MAJOR ENTERPRISE FUNDS (Continued) Sports Core Fund Schedule of Revenues, Expenses, and Changes in Net Position - Budget and Actual ............................................................................................ 100 Schedule of Detailed Revenues - Budget and Actual ......................................... 101 Schedule of Detailed Expenses - Budget and Actual - Budgetary Basis ........... 102-104 NONMAJOR ENTERPRISE FUNDS Golf Surcharge Fund Schedule of Revenues, Expenses, and Changes in Net Position - Budget and Actual - Budgetary Basis .............................................................. 105 INTERNAL SERVICE FUNDS Combining Statement of Net Position ..................................................................... 106-107 Combining Statement of Revenues, Expenses, and Changes in Net Position ........................................................................................ 108 Combining Statement of Cash Flows ...................................................................... 109-110 Schedule of Revenues, Expenses, and Changes in Net Position - Budget and Actual - Budgetary Basis Self Insurance Fund ............................................................................................ 111 Garage Fund ....................................................................................................... 112 Capital Replacement Fund ................................................................................. 113 FIDUCIARY FUNDS PENSION TRUST FUNDS Combining Statement of Net Position ................................................................ 114 Combining Statement of Changes in Plan Net Position ..................................... 115 VILLAGE OF OAK BROOK, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) STATISTICAL SECTION Financial Trends Net Position by Component ......................................................................................... 116-117 Change in Net Position ................................................................................................. 118-121 Fund Balances of Governmental Funds ....................................................................... 122-123 Changes in Fund Balances of Governmental Funds .................................................... 124-125 Revenue Capacity Assessed Value and Actual Value of Taxable Property .............................................. 126 Direct and Overlapping Governments ......................................................................... 127 Principal Sales Taxpayers ............................................................................................. 128 Direct and Overlapping Sales Tax Rates ..................................................................... 129 Retail Sales Volume - Top 25 Illinois Communities ................................................... 130 Sales Tax Receipts - Cash Basis ................................................................................... 131 State Sales Tax Receipts by Month - Cash Basis ......................................................... 132 Non-Home Rule Sales Tax Receipts by Month - Cash Basis ...................................... 133 Sales Tax by Category .................................................................................................. 134 Non-Home Rule Sales Tax by Category ...................................................................... 135 Debt Capacity Ratios of Outstanding Debt by Type ............................................................................ 136 Direct and Overlapping Governmental Activities Debt ............................................... 137 Legal Debt Margin Information ................................................................................... 138 Demographic and Economic Information Demographic and Economic Information .................................................................... 139 Principal Employers ..................................................................................................... 140 Operating Information Full-Time Equivalent Employees................................................................................. 141-144 Operating Indicators by Function ................................................................................. 145 Capital Asset Statistics by Function ............................................................................. 146 INTRODUCTORY SECTION - i - VILLAGE OF OAK BROOK, ILLINOIS PRINCIPAL OFFICIALS December 31, 2022 Laurence E. Herman, Village President Natasha Scarpiniti, Village Clerk BOARD OF TRUSTEES Melissa Martin Michael Manzo James Nagle A. Suresh Reddy Edward Tiesenga Naveen Jain MANAGEMENT TEAM Greg Summers Village Manager Marilyn Fumero Finance Director Rick Valent Public Works Director Rebecca Von Drasek Development Services Director James Fox Information Technology Director Kevin Fleege Fire Chief Jacob Post Head Librarian Brian Strockis Police Chief Sean Creed Golf Course Superintendent Joseph Mitchel Assistant Village Manager Residents of Oak Brook Residents of Oak Brook Village President and Board of Trustees Village President and Board of Trustees Village Clerk Village Clerk Village Manager Village Manager Village Attorney (General) Village Attorney (General) Finance Director Finance Director Chief of Police Chief of Police Fire Chief Fire Chief Public Works Director Public Works Director Development Services Director Development Services Director Head Librarian Head Librarian Golf Course Grounds Superintendent Golf Course Grounds Superintendent Boards and Commissions Boards and Commissions Village Attorney (Labor) Village Attorney (Labor) Information Technology Services Director Information Technology Services Director Assistant Village Manager Assistant Village Manager 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, 2021 Executive Director/CEO - iii - Village Of Oak Brook 12110 Oak Brook Road Oak Brnok. IL 60523-2255 Website """ .oak-brnok.on;! Adminisfrntion 630 368.5000 F.A.X 630.36� 5045 De, elopment Scrl'irl', 630.368.5101 ri\X 630.368.51::!8 Engineering Dcparlmcnl 630 ()90.3010 FAX 630 99039�5 Fir·c Deparfmcnl 630.368.5 I 30 FAX 63(U6X.5128 Polkc DcparfmcrH 630.368.8700 FAX 630.36X.8739 Public Work Department 630.36!!5270 r AX h30.368 5295 Oak Brook Puhlir Lihrarv 600 Oal.. Brook RPaJ Oak Brook. II 60523 630.368. 7700 FAX 630 .. �6R 77114 Oak Brook �ports Core Balli & Tc1111is Club 700 Oak Bronk Road Oak Brnok. II <,0�23 630 368.6420 FAX 6311.368 6439 Golf C'lnh 2611() , nrk Road Oak tlronk. IL 605::!3 630.368 6400 FAX 630.36R MI 9 June 27, 2023 Honorable Laurence E. Herman, Village President Board of Trustees Citizens of the Village of Oak Brook, Illinois: lllinois 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 confonnity 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, 2022. 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 fo11h 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 fmmal budgetary integration. The Village's financial statements have been audited by Sikich LLP, a firm oflicensed certified public accountants. The independent audit is to provide reasonable assurance that the finandal statements of the Vi11age of Oak Brook are free of material misstatements. - iv - The independent audit involved exammmg, 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, 2022, 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), passi ng 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 lllinoi s 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 Hin sdale. The Village of Oak Brook operates under the Village form of govenunent with an elected Village President and six (6) Trustees. Daily operational management i s 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 ha s been and continues to be one of the preeminent business centers in the Ch icago metropolitan area. Several large corporations have facilities in the vrnage, 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 40,045 private sector jobs (2022 , IDES, Where Workers Work); of 11 - v - these, 18.2% are in the Management of Companies and Enterprises field, 16.3% are in the Health Care and Social Assistance field, and 16.3 % 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 $2.5 million, or 11 .0%, compared to last year's revenue. The Village has seen positive trends in sales tax revenues in recent months but will continue to use conservative benchmarks due to heavy reliance on elastic revenue sources to fund General Fund operations. We will continue to monitor revenue trends and budget expenditures accordingly. Oak Brook's estimated new construction value in 2022 was $133 million which continues the positive trend of the last several years. Many large development projects have come online in 2022, such as the Oak Brook Commons apartment building, Hines Medical Office building shell, and many restaurants. The Village issued a total of 878 building permits in 2022, with pennit revenue of $2.9 million. Overall, development has been strong in the past few years and is expected to remain strong through 2023. A number oflarge projects are anticipated to be completed in 2023, such as The Overlook of Oak Brook, CD Peacock, and Sony Wonderverse. New Commercial Development The Hines Oak Brook Commons continues to move forward with building out the approved development. The Oakbrook Center mall continues to see reinvestment. Oak Brook's development-related activities remained steady and strong compared to many of our DuPage County neighbors. Future development of the Oak Brook Reserve and The Butler are anticipated to begin in 2023. The following is a list of projects under construction and/or new commercial tenants in 2022. Oakbrook Center -These are ongoing improvements/projects in Oakbrook Center. o 212 Oakbrook Center -Pottery Barn -$575,000 -Remodel -Completed. o 20 Oakbrook Center -Parachute Home -$478,000 -New Store -Completed. o 226 Oakbrook Center -Go Forward -$650,000 -New office -Completed. o 100 Oakbrook Center -over $1,000,000 total -Parking lot rehab, concrete stairs, masonry -Completed. o 441 Oakbrook Center -Spirits and Spice -$400,000 -New Store -Completed. o 409 Oakbrook Center -Doc Martens -$378,000 -New Store -Completed. o 296 Oakbrook Center -Golden Goose -$350,000 -New Store -Completed. o 1818 Oakbrook Center -Piccolo Buco -$2,745,000 -New Restaurant - Completed. o 160 Oakbrook Center -Chanel -$500,000 -Renovation -Completed. Ill - vi - o 49 Oakbrook Center -Banana Republic -$650,000 -Renovation -Completed. o 23 IO Oakbrook Center -Sony Wonderverse $2, 100,000-Entertainment- lnspections ongoing. o 260 Oakbrook Center -Taverna Violi -$1,200,000 -Restaurant -Completed. o 437 Oakbrook Center -Gilly Hicks -$800,000 -New Store -Completed. o 298 Oakbrook Center -C.D. Peacock -$6,300,000 -Exterior -Inspections ongoing. o 410 Oakbrook Center -Rhone Apparel -$400,000 -Inspections ongoing. o 19 Oakbrook Center -Wayfair -Joss & Main -$4,000,000 -lnspections ongoing. o 212 Oakbrook Center -Yves St. Laurent -$1,200,000 -Inspections ongoing. o 298 Oakbrook Center -C.D. Peacock -$6,000,000 -Interior -Inspections ongomg. Other Commercial/Office Sites -New Tenants/Renovations o 2150 McDonald Drive -Hines -$89,000,000 -New apartment building -Grand Opening in January. o 1901 22nd Street -Costco -$1,100,000 -Parking lot expansion -Completed. o 3041 Butterfield Road -Game of Irons -$440,000 -New Store-Completed. o 2625 Butterfield Road -Best RX -$1,435,000 -New Office -Completed. o 2002 Clearwater-Hub Group -$10,000,000 -New Office Building -Completed. o 1001 Commerce Drive -$26,000,000 -Medical Office Building -Exterior - Completed in December 2022. o 1500 16th Street -Toms Price -$2,200,000 -New Store -Completed. o 1500 16th Street -Binny's -$1,865,300-Store Expansion -Completed. o 700 Commerce -Sentinus LLC -$547,000 -Renovation -Completed. o 2715 Jorie Blvd -BDO LLP -$1,500,000 -Renovations -Completed. o 2715 Jorie Blvd -Oak Brook Reserve -$3,900,000 -Renovations -Completed. o 1765 22nd Street -Panera Bread -$950,000 -New Restaurant -Opened m December. o 1735 22nd Street -VEG -Veterinary Clinic -$709,000 -Completed in 202 3. o 1755 22nd Street -Multi-Tenant Building -$1,500,000 -Completed in 2023. o 1170 22nd Street -Alter Brewing Co -New Restaurant -$5,3 00,000 -Opened in December 2022. o 1175 22nd Street -Lazy Dog Restaurant -New Restaurant $5,363 ,000 -Opened in 2023. o 1745 22nd Street -Guidepost Montessori -$963,000 -Opened in 2023. o 1715 22nd Street -Venture Kitchen -New Restaurant -$700,000 -In spections ongoing. o 1415 22nd Street -American Realty Advisor -Elevators -$1,525 ,000 -Ongoing. o 1415 22nd Street -JLL -Renovations -$1,000,000 -Inspections ongoing. IV - vii - o 3125 Butterfield -ComEd -Fence $1,040,000 -Completed. o 2001 York Road -EffecTV -$400,000 -Office -Completed. o 814 Commerce Drive -Launch -$403,375 Office -Completed. o 2001 Spring Road -ASC Engineered Solutions -$1,347,854 -Completed. o 1725 22nd Street -BiBiBop -$850,000 -Opened in 2023. o 1211 22nd Street -Golub Co. -$515,000 -Interior renovation -Inspections ongoing. o 2915 Jorie Blvd. -Ace Hardware -$1,000,000 -Inspections ongoing. o 800 Jorie Blvd. -Acosta, Inc. -$1,380,000 -Completed. o 1600 16th Street -Activate Oakbrook -$414,500 -Opened in 2023. o 711 J01ie Blvd. -DQT Exeter-$3,300,000 -Inspections ongoing, to be completed in 2023. o 1200 Harger Road -Gray Hunter Stenn -$700,000 -Inspections ongoing, to be completed in 2023. 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 rel ate 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. Thi s 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. Arurnal Budget -using the infonnation 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 th e Village Board's policy of maintaining a cash and investment reserve in the General Fund that meets or V - viii - exceeds six months of annual operating expenses. The six-month policy level, which is higher than many other municipalities, was established due to the Village not having the predictability of real estate tax revenue and the fact that most of its general revenues that are collected by the State (sales and telecommunications taxes) have a three month delay. This conservative policy ensures that the Village will have sufficient funds on hand to operate in an emergency situation as well as having sufficient time to address any economic downturns. The soundness of this financial policy has proven itself as the Village has been able to maintain adequate cash reserves in this recessionary environment. Major Initiatives Providing safe, efficient, and well maintained infrastructure continues to be a major goal for the Village. The Village accomplished many things during 2022 including the re- staffing of many departments. During 2022, the Village completed a number of projects including: the installation of parking lot lights at the Golf Clubhouse, completion of the Harger Road Multi-Use Pathway, curb and paving improvements in the Brook Forest community, and improvements to the Regent bridge. Some projects started in 2022 that carryover into the 2023 include: the Harger Road water main replacement and resurfacing, Route 83 /1-88 water main improvements, hydrant flow capacity testing, pumping station check valves being replaced, and renovations to the Bath & Tennis pools. The 2023 Budget includes a number of major capital projects including: the replacement of the Golf Clubhouse roof replacement, tuckpointing to the Heritage Center, Men-y Lane and Briarwood Lakes water main improvements, and multi-year plans for ADA accessibility, street replacement, street sign replacement, and bike/multi-use path improvements just to name a few. For a full listing of planned capital improvements, you can review the 2023-2028 Five-Year Plan at: https://village-oak-brook-il-budget- book.cleargov.com/7724/capital-irnprovements/capital-improvernents-multi-year 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, 2021. 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. VJ - ix - A Certificate of Achievement is valid for a period of one year only. The Village has successfully obtained the Certificate of Achievement for 44 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 2022 fiscal year. In order to receive this award, a governmental unit must publish a budget document that meets program c1iteria as a policy document, as an operations guide, as a financial plan, and as a communications device. This is the eighth consecutive year the Village has received this award. The preparation of this report could not be possible without the efficient and dedicated services of the entire Finance Department of the Village of Oak Brook. We wish to express our appreciation to those persons who have made possible the publication of this report, and to thank the President and members of the Board of Trustees for their interest and support in planning and conducting the financial operations of the Village in a responsible and progressive manner. Marilyn Fumero Finance Director Vll - x - 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, 2022, 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, 2022, 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 generally accepted in the United States of America and the standards applicable to financial au dits contained in Government Auditing Standards, issued by the Comptroller General of the United Sta tes. Our responsibilities under those 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 of Oak Brook, Illinois, 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 obt ained 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. - 1 - 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 issue an auditor ’s report that includes our opinions. Reasonable assurance is a high level of assur ance but is not absolute assurance and, therefore, is not a guarantee that an audit conducted in accordance with generally accepted auditing standards and Government Auditing Standards 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 internal 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 generally accepted auditing standa rds and Government Auditing Standards, 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 reasonableness 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, consid ered 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 audit findings, and certain internal control-related matters that we identified during the audit. - 2 - Other Matters Required Supplementary Information Accounting principles generally accepted in the United States o f 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 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, eco nomic, 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 th e 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 combining and individual fund financial statements and schedules 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 accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and recon ciling such information directly to the underl ying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the 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. We also have previously audited, in accordance with auditing standards gen erally accepted in the United States of America, the Village of Oak Brook’s basic financial statements for the year ended December 31, 2021, which are not presented with the accompanying financial statements, and we expressed unmodified opinions on the respective financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining f und information. That audit was conducted for the purpose of forming opinions on the financial statements that collecti vely comprise the Village of Oak Brook, Illinois’ basic financial statements as a whole. The budget and actual data for each fund (with comparative actual) for the year ended December 31, 2021, are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is t he responsibility of management and was derived from and related directly to the underlying accounting and other records used to prepare the 20 21 basic financial statements. The information was subjected to the audit procedures applied in the audit of thos e basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to pr epare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. - 3 - In our opinion, the 2021 budget and actual data for each fund (with comparative actual) are fairly stated in all material respects in relation to the basic financial statements from which they have been derived. 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 m isstatement of the other information exists, we are required to describe it in our report. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated June 27, 2023, on our consideration of the Village of Oak Brook, Illinois’ internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Village of Oak Brook, Illinois’ internal control over financial reporting or on compliance. That report is an i ntegral part of an audit performed in accordance with Government Auditing Standards in considering the Village of Oak Brook, Illinois’ internal control over financial reporting and compliance. Naperville, Illinois June 27, 2023 - 4 - 1415 West Diehl Road, Suite 400 Naperville, IL 60563 630.566.8400 INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS The Honorable President Members of the Board of Trustees Village of Oak Brook, Illinois We have audited, in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the 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 (Village) as of and for the year ended December 31, 2022, and the related notes to the financial statements, which collectively comprise the Village of Oak Brook, Illinois’ basic financial statements and have issued our report thereon dated June 27, 2023. Report on Internal Control over Financial Reporting In planning and performing our audit of the financial statements, we considered the Village of Oak Brook, Illinois’ internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Village of Oak Brook, Illinois’ internal control. Accordingly, we do not express an opinion on the effectiveness of the Village of Oak Brook, Illinois’ internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements, on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited pu rpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were not identified. - 5 - Report on Compliance and Other Matters As part of obtaining reasonable assurance about whether the Village of Oak Brook, Illinois’ financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instanc es of noncompliance or other matters that are required to be reported under Government Auditing Standards. Purpose of This Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. Naperville, Illinois June 27, 2023 - 6 - GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS (See independent auditors’ report) MD&A 1 VILLAGE OF OAK BROOK, ILLINOIS MANAGEMENT’S DISCUSSION AND ANALYSIS December 31, 2022 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, 2022. We encourage readers to consider the information presented here in conjunction with additional information that we have furnished in the Transmittal Letter (beginning on page i) and the Village’s Financial Statements (beginning on page 7). 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, 2022, the Village’s total (combined governmental and business-type) assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources by $142.9 million (referred to as net position). • The Village’s total net position increased by $26.3 million, or 22.7%, compared to the prior year. • The governmental activities reported total net position of $77.9 million, which is an increase of $9.9 million, or 14.7%, in comparison to the prior year balance. The unrestricted portion of the net position is a $18.8 million deficit, which is attributed to the Village’s unfunded pension and OPEB liabilities. • The business-type activities reported total net position of $65.1 million, which is an increase of $16.4 million, or 34.0%, in comparison to the prior year balance. The unrestricted portion of the net position is $22.8 million. • The Village had a total (governmental and business-type activities combined) unrestricted net position of $4.0 million on December 31, 2022, which is an improvement of $21.1 million from last year. The change is largely due to the proceeds received from the sale of the non-corporate water main lines. • Total revenues increased $15.9 million, or 30.1%, in comparison to the prior year. Of the total increase, governmental activities revenues increased $4.5 million, or 12.3%, and business-type activities revenues increased $11.4 million, or 71.2%. VILLAGE OF OAK BROOK, ILLINOIS MANAGEMENT’S DISCUSSION AND ANALYSIS (continued) (See independent auditors’ report) MD&A 2 • Total expenses increased $5.8 million, or 15.2%, in comparison to the prior year. Of the total increase, governmental activities expenses increased $6.4 million, or 24.8%, and business-type activities expenses decreased $0.6 million, or 5.8%. 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 7-10) 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, Infrastructure Fund, and Promenade TIF Fund, all of 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 11 through 14 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 15 through 19 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 20 and 21 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 22 through 68 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 budgetary compliance and progress in funding its pension and other postemployment benefit (OPEB) obligations to provide benefits to its employees. Required supplementary information can be found on pages 69 through 83 of this report. The combining statements referred to earlier are presented immediately following the required supplementary information. Combining and individual fund statements and schedules can be found on pages 84 through 115 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, 2021. 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 2022 and 2021. Cash and investments, included in the current and other assets line, increase $29.4 million, or 64.3% compared to the prior year. Total cash and investments were $75.1 million on December 31, 2022, with $51.6 million in Governmental Activities and $23.5 million in Business-Type Activities. The net investment in capital assets is the largest portion of net position. This represents capital assets (land, buildings, improvements, equipment, infrastructure, and construction in progress), net of accumulated depreciation, and the outstanding related debt used to acquire the assets. The Village uses these capital assets to provide services to its citizens and these assets are not available for future spending. For more detailed information, see the Statement of Net Position on pages 7 through 8. 2022 2021 2022 2021 2022 2021 Assets Current and Other Assets 69.5$ 53.9$ 27.2$ 13.3$ 96.7$ 67.2$ Capital Assets 81.1 76.4 41.2 37.4 122.3 113.8 Total Assets 150.6$ 130.3$ 68.4$ 50.7$ 219.0$ 181.0$ Deferred Outflows of Resources 18.9$ 4.1$ 0.6$ 0.6$ 19.5$ 4.7$ Liabilities Long-Term Liabilities 72.9$ 46.8$ 0.8$ 1.0$ 73.7$ 47.8$ Other Liabilities 8.2 6.8 0.7 0.6 8.9 7.4 Total Liabilities 81.2$ 53.6$ 1.5$ 1.5$ 82.7$ 55.2$ Deferred Inflows of Resources 10.5$ 12.8$ 2.5$ 1.1$ 13.0$ 13.9$ NET POSITION Net Investment in Capital Assets 78.9$ 75.9$ 41.2$ 44.1$ 120.1$ 120.0$ Restricted 17.8 13.4 1.0 0.3 18.8 13.7 Unrestricted (18.8) (21.3) 22.8 4.2 4.0 (17.1) Total Net Position 77.9$ 68.0$ 65.0$ 48.6$ 142.9$ 116.6$ Activities Business-Type Activities Total Primary Government Table 1 Statement of Net Position Summary As of December 31, 2022 and 2021 (in millions) Governmental 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 2022 and 2021: As highlighted earlier, total revenues increased $15.9 million, or 30.1%, compared to the prior year. The increase is primarily from sales and local use taxes, and the sale of the Village non- corporate water main lines. 2022 2021 2022 2021 2022 2021 Revenues Program Revenues Charges for Services 4.9$ 4.5$ 16.9$ 15.8$ 21.8$ 20.3$ Grants and Contributions 1.2 0.5 - 0.2 1.2 0.7 General Revenues Sales and Local Use Taxes 25.6 23.0 - - 25.6 23.0 Utility Taxes 5.2 5.7 - - 5.2 5.7 Other Taxes 4.2 2.9 - - 4.2 2.9 Investment Income (0.1) (0.1) - - (0.1) (0.1) Miscellaneous 0.4 0.3 10.4 - 10.8 0.3 Total Revenues 41.4$ 36.8$ 27.3$ 16.0$ 68.7$ 52.8$ Expenses General Government 4.3$ 4.4$ -$ -$ 4.3$ 4.4$ Public Safety 21.2 14.6 - - 21.2 14.6 Public Works 4.5 4.6 - - 4.5 4.6 Culture and Recreation 1.3 1.3 - - 1.3 1.3 Waterworks System - - 7.4 8.3 7.4 8.3 Sports Core - - 3.5 3.2 3.5 3.2 Interest and Fiscal Charges 0.2 0.2 - - 0.2 0.2 Total Expenses 31.5$ 25.1$ 10.9$ 11.5$ 42.4$ 36.6$ Change in Net Position 9.9$ 11.7$ 16.4$ 4.5$ 26.3$ 16.2$ Net Position - Beginning of Year 68.0$ 56.3$ 48.6$ 44.1$ 116.6$ 100.4$ Restatements 0.02 - - - 0.02 - Net Position - Beginning of Year (Restated)68.0$ 56.3$ 48.6$ 44.1$ 116.6$ 100.4$ Net Position - End of Year 77.9$ 68.0$ 65.0$ 48.6$ 142.9$ 116.6$ Activities Activities Government Table 2 Statement of Activities Summary As of December 31, 2022 and 2021 (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 Total expenses increased $5.8 million, or 15.2%, compared to the prior year, which is due primarily to market changes for Fire and Police Pension investments. For the year ended December 31, 2022, the Village recognized pension expense of $4.1 million. Governmental Activities Revenues – Governmental Activities For the fiscal year ended December 31, 2022, Governmental Activities revenues totaled $41.4 million, an increase of $4.6 million from 2021. Revenue from sales and use taxes, which continues to be the Village’s largest revenue source, amounted to $25.6 million and were 61.7% of total Governmental Activities revenue. Sales and use tax revenue increased $2.6 million, or 11.0%, from 2021 revenues. Utility taxes, including taxes imposed on electric, natural gas, and telecommunications services, were $5.2 million and accounted for 12.6% of total revenue. Utility tax revenue decreased $0.5 million, or 8.6%, from 2021 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 2022, these revenues were $4.2 million, which accounts for 6.1% of total Governmental Activities revenues. Other taxes increased $1.3 million, or 45.3%, from 2021. The increase is realized primarily from hotel tax revenue which was previously heavily impacted by reduced travel during the pandemic. The “charges for services” classification includes a number of different licenses, permits, and fees. For 2022, these revenues totaled $4.9 million, or 11.8% of total Governmental Activities revenues. Charges for services increased $0.4 million, or 9.7%, from 2021. Expenses by Function – Governmental Activities Expenses for Governmental Activities totaled $31.5 million in 2022, an increase of $6.4 million, or 24.8%, from 2021. Changes by individual function include: • General government expenses were $4.3 million, decrease of $0.1 million, or 2.3%, from 2021. VILLAGE OF OAK BROOK, ILLINOIS MANAGEMENT’S DISCUSSION AND ANALYSIS (continued) (See independent auditors’ report) MD&A 9 • Public Safety expenses were $21.2 million, an increase of $6.6 million, or 44.1%, from 2021. The increase is due to 2022’s negative investment returns compared to strong investment returns in 2021. During 2022, the Village made full contributions to the pension funds in addition to supplemental contributions to both Police and Fire Pension funds. However, poor investment returns in 2022 drove down the average funded ratio increasing the net pension liability. • Public works expenses were $4.5 million, a decrease of $0.1 million, or 2.4%, from 2021. • Culture and recreation expenses were $1.3 million, a modest increase of 2.5%, from 2021. Business-type Activities The business-type activities net position increased $16.4 million, or 34.0%, compared to the prior year. For business-type activities, revenues for the waterworks system were $12.0 million, which increased by $0.2 million, or 2.3%, compared to the prior year. Water user rates were increased 2.0% in 2022. Program revenues for Sports Core were $4.9 million, which increased by $1.0 million, or 25.4%, compared to the prior year. The increase in Sports Core revenues primarily relates to insourcing of the swimming pool operations resulting in an increase in membership revenues. For business-type activities, expenses for the waterworks system were $7.4 million, a decrease of $0.8 million, or 9.2% from 2021. The decrease is primarily due to the sale of the non-corporate water mains, and postponed capital projects. Sports Core expenses were $3.5 million, or 8.5% increase from 2021. The increase is due to the resuming operations at the swimming pool which were previously outsourced to the Park District. Program Program Revenues Expenses Waterworks Sytem 12,023,949$ 7,393,922$ Sports Core 4,875,804 3,464,172 Golf Surcharge - - Total 16,899,753$ 10,858,094$ Revenues and Expenses - Business-Type Activites For the Fiscal Year Ended December 31, 2022 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, 2022, the governmental funds (as presented on the balance sheet on page 11) had a combined fund balance of $52.3 million, which is an increase of $8.8 million over the prior year. Below is a brief summary on major changes in the Village’s major governmental funds. General Fund Analysis Fund balance increased $7.2 million from 2021 to 2022, to a total of $38.5 million. Revenues increased $3.0 million over 2021, while expenditures were $2.0 million under 2021. The increase in revenues is primarily attributable to elevated inflation, which increases the cost of purchases made and, therefore, increases sales tax collections. Revenues came in $6.6 million over the original budget in 2022, while expenditures were $0.5 million under the original budget. Table 3 below details the General Fund major revenue and expenditure line items compared to original and amended budget. General Fund intergovernmental revenues were over budget. The Village uses a conservative benchmark due to heavy reliance on elastic revenue sources to fund General Fund operations. Although a temporary spike in inflation can boost sales tax revenue, persistently high inflation has historically led to decreased consumer and business spending and as a result, weaker collections. Original Amended Budget Budget Actual Revenues Intergovernmental 14,833,400$ 20,728,702$ 20,608,671$ Utility Taxes 5,595,000 5,214,840 5,214,840 Licenses & Permits 2,007,510 2,452,506 2,452,506 Charges for Services 1,393,300 2,168,899 2,181,752 Other 748,870 763,986 743,692 Total Revenues 24,578,080$ 31,328,933$ 31,201,461$ Expenditures General Government 4,852,295$ 4,481,047$ 4,665,824$ Public Safety 17,791,145 17,557,958 17,533,543 Public Works 928,765 860,077 860,077 Culture and Recreation 996,145 982,052 982,052 Total Expenditures 24,568,350$ 23,881,134$ 24,041,496$ Change in Fund Balance 9,730$ 7,447,799$ 7,159,965$ Table 3 General Fund Budgetary Highlights For the Fiscal Year Ended December 31, 2022 VILLAGE OF OAK BROOK, ILLINOIS MANAGEMENT’S DISCUSSION AND ANALYSIS (continued) (See independent auditors’ report) MD&A 11 Within the intergovernmental category, sales tax revenue receipts were $4.4 million higher than budget projections. Utility taxes were under budget by $0.3 million due to a general slowdown in usage. Licenses and Permits revenues were $0.44 million over budget projections due to strong building permit revenue from commercial development. Charges for Services revenues were $0.78 million over budget projections due primarily to the increase in community services. General Fund expenditures continue to be conservative in annual spending. Actual expenditures fell short of the original budget in 2022 by nearly $0.5 million. The Village experienced savings due to personnel changes, and delays in capital projects. The fund balance in the Infrastructure Fund increased $0.07 million from 2021 to 2022, to a total of $8.9 million. The Village capital budget includes several major street improvements projects in 2022, many of these projects will carry into 2023 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. The fund balance in the Promenade TIF Fund increased $11,533 from 2021 to 2022, to a total of $309,920. The Promenade TIF accumulates incremental property tax revenue of the TIF properties and 20% of the sales and non-home rule sales tax generated by Promenade businesses. These funds are disbursed to TIF bondholders biannually based on the agreed upon schedule of payment. 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, 2022, and 2021. 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 $122.3 million, an increase of $2.2 million from 2021 (see Note 5 in the Notes to the Financial Statements for further information regarding capital assets). Major capital asset events during 2022 were: • For Governmental Activities, major capital projects include road and bridge improvements, facility projects, and vehicle replacements. • For Business-Type Activities, capital spending includes Bath & Tennis Club pool repair and renovation, Golf Clubhouse renovation, and various equipment replacements. 2022 2021 2022 2021 2022 2021 Land and Land Right of Way 33.2$ 33.2$ 8.3$ 8.3$ 41.5$ 41.5$ Construction in Progress 1.1 4.6 1.2 0.9 2.3 5.5 Buildings and Land Improvements 27.7 27.5 11.1 11.0 38.8 38.5 Machinery, Vehicles, and Equipment 8.8 9.5 7.6 7.5 16.4 17.0 Infrastructure 57.1 48.4 36.4 39.8 93.5 88.2 Intangible Capital Assests - Right to Use 2.7 0.5 - - 2.7 0.5 Total 130.5$ 123.7$ 64.7$ 67.5$ 195.2$ 191.3$ Accumulated Depreciation - Tangible (48.9)$ (47.3)$ (23.4)$ (23.5)$ (72.4)$ (70.8)$ Accumulated Depreciation - Intangible (0.5) - - - (0.5) - (49.4)$ (47.3)$ (23.4)$ (23.5)$ (72.9)$ (70.8)$ Total Capital Assets 81.1$ 76.4$ 41.2$ 44.1$ 122.3$ 120.5$ Table 4 Capital Assets As of December 31, 2022 and 2021 (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 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, 2022, the Village had no debt outstanding applicable to the legal limit (see Note 6 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 2023. 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. In 2022, one police squad and two fire apparatus were received and placed into service, which brings the total number of leased vehicles to thirty-one. 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 2022, unassigned fund balance in the General Fund increased from $33.1 million to $38.4 million primarily due to strong sales tax revenue collections and cost saving measures the Village undertook in response to the COVID-19 pandemic. Total 2022 General Fund revenues increased $4.4 million from 2021, while expenditures decreased $0.9 million from 2021. The Village strives to maintain a strong reserve balance due to the volatility of its major revenue sources. 2022 2021 2022 2021 2022 2021 Note Payable 2.0$ 2.3$ -$ -$ 2.0$ 2.3$ Leases 0.7 0.6 - - 0.7 0.6 Total Long-Term Debt 2.7$ 2.9$ -$ -$ 2.7$ 2.9$ Activities Activities Government Table 5 Long-Term Debt As of December 31, 2022 and 2021 (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 2023 Budget continues to be a conservative financial plan while providing excellent services to its residents and business community. The total 2023 budgeted revenues are $57.3 million, an increase of $1.8 million, or 3.3%, from the 2022 Budget (excludes Pension Trust and Foreign Fire Tax Funds). The total spending in the 2023 Budget is $57.2 million, a decrease of $1.6 million, or 2.8%, from the 2022 Budget (excludes Pension Trust and Foreign Fire Tax Funds). The projected ending cash balance for 2023 in the General Corporate Fund of $35.4 million is equal to 16.0 months of operating expenditures, which is above the Village’s six-month reserve policy. CONTACTING THE VILLAGE’S FINANCE DEPARTMENT This financial report is designed to provide our citizens, customers, investors, and creditors with a general overview of the Village’s finances and to demonstrate accountability for the money it receives. Questions concerning this report or requests for additional financial information should be directed to Marilyn Fumero, Finance Director, Village of Oak Brook, 1200 Oak Brook Road, Oak Brook, IL 60523. BASIC FINANCIAL STATEMENTS Governmental Business-Type Activities Activities Total ASSETS Cash and investments 51,625,104$ 23,514,971$ 75,140,075$ Receivables (net, where applicable, of allowance for uncollectibles) Property taxes 408,150 - 408,150 Sales taxes 7,298,734 - 7,298,734 Utility tax 1,069,774 - 1,069,774 Accounts 503,488 - 503,488 Allotments 31,861 878,311 910,172 Accrued interest 126,132 34,567 160,699 Leases 2,824,741 1,079,885 3,904,626 Other 1,637,669 374,767 2,012,436 Internal balances (122,199) 122,199 - Prepaid expenses 54,732 - 54,732 Inventory 62,634 127,928 190,562 Net pension asset 3,988,147 1,040,641 5,028,788 Capital assets not being depreciated 34,246,521 9,498,322 43,744,843 Capital assets being depreciated, net of accumulated depreciation and amortization 46,862,659 31,746,931 78,609,590 Total assets 150,618,147 68,418,522 219,036,669 DEFERRED OUTFLOWS OF RESOURCES Pension items - Police Pension 10,235,729 - 10,235,729 Pension items - Firefighters' Pension 6,557,463 - 6,557,463 Pension items - IMRF 1,094,835 285,679 1,380,514 Deferred outflows of resources - OPEB 1,006,545 67,354 1,073,899 Deferred outflows of resources - ARO - 291,000 291,000 Total deferred outflows of resources 18,894,572 644,033 19,538,605 Total assets and deferred outflows of resources 169,512,719 69,062,555 238,575,274 LIABILITIES Accounts payable 4,374,248 581,608 4,955,856 Accrued payroll 334,512 19,218 353,730 Deposits payable 1,966,793 53,450 2,020,243 Unearned revenue 1,340,790 33,672 1,374,462 Interest payable 113,136 - 113,136 Claims payable 95,841 - 95,841 Long-term liabilities Due within one year 1,954,883 67,957 2,022,840 Due in more than one year 70,991,243 718,175 71,709,418 Total liabilities 81,171,446 1,474,080 82,645,526 DEFERRED INFLOWS OF RESOURCES Pension items - Police Pension 469,862 - 469,862 Pension items - Firefighters' Pension 97,795 - 97,795 Pension items - IMRF 4,984,538 1,300,632 6,285,170 Deferred inflows of resources - OPEB 1,747,030 116,904 1,863,934 Deferred revenue - property taxes 408,150 - 408,150 Leases 2,755,093 1,073,929 3,829,022 Total deferred inflows of resources 10,462,468 2,491,465 12,953,933 Total liabilities and deferred inflows of resources 91,633,914 3,965,545 95,599,459 VILLAGE OF OAK BROOK, ILLINOIS STATEMENT OF NET POSITION December 31, 2022 This statement is continued on the following page.) - 7 - Governmental Business-Type Activities Activities Total NET POSITION Net investment in capital assets 78,907,175$ 41,245,253$ 120,152,428$ Restricted for Employee Retirement 3,988,147 1,040,641 5,028,788 Infrastructure 8,880,969 - 8,880,969 Highways and streets 1,697,234 - 1,697,234 Fire department 219,138 - 219,138 Culture and recreation 2,690,346 - 2,690,346 Economic development 309,920 - 309,920 Unrestricted (deficit)(18,814,124) 22,811,116 3,996,992 TOTAL NET POSITION 77,878,805$ 65,097,010$ 142,975,815$ December 31, 2022 VILLAGE OF OAK BROOK, ILLINOIS STATEMENT OF NET POSITION (Continued) See accompanying notes to financial statements. - 8 - Operating Capital Charges Grants and Grants and FUNCTIONS/PROGRAMS Expenses for Services Contributions Contributions PRIMARY GOVERNMENT Governmental Activities General government 4,258,945$ 2,967,051$ -$ -$ Public safety 21,195,916 1,818,877 157,038 - Public works 4,518,007 101,153 494,522 550,000 Culture and recreation 1,358,180 4,522 - - Interest and fees 168,289 - - - Total governmental activities 31,499,337 4,891,603 651,560 550,000 Business-Type Activities Water and sewer 7,393,922 12,023,949 - - Sports core 3,464,172 4,875,804 - - Total business-type activities 10,858,094 16,899,753 - - TOTAL PRIMARY GOVERNMENT 42,357,431$ 21,791,356$ 651,560$ 550,000$ Program Revenues VILLAGE OF OAK BROOK, ILLINOIS STATEMENT OF ACTIVITIES For the Year Ended December 31, 2022 - 9 - Governmental Business-Type Activities Activities Total (1,291,894)$ -$ (1,291,894)$ (19,220,001) - (19,220,001) (3,372,332) - (3,372,332) (1,353,658) - (1,353,658) (168,289) - (168,289) (25,406,174) - (25,406,174) - 4,630,027 4,630,027 - 1,411,632 1,411,632 - 6,041,659 6,041,659 (25,406,174) 6,041,659 (19,364,515) General Revenues Taxes Property 408,176 - 408,176 Sales, local use 7,785,520 - 7,785,520 Utility 5,214,840 - 5,214,840 Hotel/motel 1,382,607 - 1,382,607 Other 119,233 - 119,233 Intergovernmental State sales tax 17,699,843 - 17,699,843 State income tax 1,330,139 - 1,330,139 Personal property replacement 1,052,604 - 1,052,604 Investment income (71,167) 29,732 (41,435) Gain on sale of capital assets - 10,416,822 10,416,822 Miscellaneous 425,390 - 425,390 Total 35,347,185 10,446,554 45,793,739 CHANGE IN NET POSITION 9,941,011 16,488,213 26,429,224 NET POSITION, JANUARY 1 67,919,518 48,608,797 116,528,315 Change in Accounting Principle 18,276 - 18,276 NET POSITION, JANUARY 1, RESTATED 67,937,794 48,608,797 116,546,591 NET POSITION, DECEMBER 31 77,878,805$ 65,097,010$ 142,975,815$ Primary Government and Change in Net Position Net (Expense) Revenue See accompanying notes to financial statements. - 10 - Nonmajor Total General Infrastructure Governmental Governmental Cash and investments 35,416,282$ 9,714,700$ 4,773,215$ 49,904,197$ Receivables Property taxes - - 408,150 408,150 Sales taxes 5,137,363 2,161,371 - 7,298,734 Utility taxes 1,069,774 - - 1,069,774 Accounts 503,488 - - 503,488 Allotments - - 31,861 31,861 Accrued interest 91,177 24,885 7,663 123,725 Lease 2,824,741 - - 2,824,741 Other 1,023,006 129,809 350,685 1,503,500 Inventories 1,281 - - 1,281 Prepaid items 54,588 - - 54,588 TOTAL ASSETS 46,121,700$ 12,030,765$ 5,571,574$ 63,724,039$ LIABILITIES Accounts payable 1,751,236$ 1,918,317$ 46,786$ 3,716,339$ Accrued payroll 312,220 19,285 - 331,505 Deposits payable 1,966,793 - - 1,966,793 Unearned revenue 221,758 1,090,855 - 1,312,613 Total liabilities 4,252,007 3,028,457 46,786 7,327,250 DEFERRED INFLOWS OF RESOURCES Unavailable revenue - property taxes - - 408,150 408,150 Leases 2,755,093 - - 2,755,093 Unavailable other receivables 606,697 121,339 200,000 928,036 Total deferred inflows of resources 3,361,790 121,339 608,150 4,091,279 Total liabilities and deferred inflows of resources 7,613,797 3,149,796 654,936 11,418,529 FUND BALANCES Nonspendable Inventory 1,281 - - 1,281 Prepaid items 54,588 - - 54,588 Restricted Infrastructure - 8,880,969 - 8,880,969 Highways and streets - - 1,697,234 1,697,234 Public safety - - 219,138 219,138 Culture and recreation - - 2,690,346 2,690,346 Economic development - - 309,920 309,920 Unassigned 38,452,034 - - 38,452,034 Total fund balances 38,507,903 8,880,969 4,916,638 52,305,510 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES 46,121,700$ 12,030,765$ 5,571,574$ 63,724,039$ OF RESOURCES, AND FUND BALANCES LIABILITIES, DEFERRED INFLOWS ASSETS VILLAGE OF OAK BROOK, ILLINOIS GOVERNMENTAL FUNDS December 31, 2022 BALANCE SHEET See accompanying notes to financial statements. - 11 - FUND BALANCES OF GOVERNMENTAL FUNDS 52,305,510$ 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 76,627,754 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 928,036 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 9,765,867 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 6,459,668 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 (3,772,577) 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 (735,742) Long-term liabilities are not due and payable in the current period and, therefore, are not reported in the governmental funds Notes payable (1,993,063) Net pension liability - Police Pension (32,258,636) Net pension liability - Firefighters' Pension (28,946,925) Net pension asset - IMRF 3,868,058 Compensated absences payable (1,171,506) Other postemployment benefit liability (6,325,026) Accrued interest on long-term liabilities is reported as a liability on the statement of net position (66,936) The net position of the Internal Service Fund is included in the governmental activities in the statement of net position 3,194,323 NET POSITION OF GOVERNMENTAL ACTIVITIES 77,878,805$ VILLAGE OF OAK BROOK, ILLINOIS RECONCILIATION OF FUND BALANCES OF GOVERNMENTAL FUNDS TO THE GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF NET POSITION December 31, 2022 See accompanying notes to financial statements. - 12 - Nonmajor Total General Infrastructure Governmental Governmental REVENUES Intergovernmental 20,608,671$ 550,000$ 767,012$ 21,925,683$ Non-home rule sales tax - 7,363,215 - 7,363,215 Utility taxes 5,214,840 - - 5,214,840 Hotel/motel taxes - - 1,382,607 1,382,607 Licenses and permits 2,452,506 - - 2,452,506 Charges for services 2,181,752 - - 2,181,752 Property taxes - - 408,176 408,176 Fines and penalties 257,345 - - 257,345 Investment income (34,779) (54,682) 18,294 (71,167) Miscellaneous 521,126 - 11,000 532,126 Total revenues 31,201,461 7,858,533 2,587,089 41,647,083 EXPENDITURES Current General government 4,665,824 217,697 87,375 4,970,896 Public safety 17,533,543 - 71,735 17,605,278 Public works 860,077 7,566,161 - 8,426,238 Culture and recreation 982,052 - 410,931 1,392,983 Debt service Principal - - 308,200 308,200 Interest and fiscal charges - - 178,060 178,060 Total expenditures 24,041,496 7,783,858 1,056,301 32,881,655 NET CHANGE IN FUND BALANCES 7,159,965 74,675 1,530,788 8,765,428 FUND BALANCES, JANUARY 1 31,347,938 8,806,294 3,385,850 43,540,082 FUND BALANCES, DECEMBER 31 38,507,903$ 8,880,969$ 4,916,638$ 52,305,510$ For the Year Ended December 31, 2022 VILLAGE OF OAK BROOK, ILLINOIS GOVERNMENTAL FUNDS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES See accompanying notes to financial statements. - 13 - NET CHANGE IN FUND BALANCES - TOTAL GOVERNMENTAL FUNDS 8,765,428$ 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 5,535,065 Depreciation expense does not require the use of current financial resources and, therefore, is not reported as an expenditure in governmental funds (2,071,141) Loss on disposal of capital assets (3,311) 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 (206,735) 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 308,200 The change in accrued interest is reported as expenses on the statement of activities 9,771 The change in compensated absences payable is shown as an expense of the statement of activities (82,332) The change in the other postemployment benefit liability, deferred outflows and inflows of resources (415,496) 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 (2,108,334) 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 (1,213,059) 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 1,724,092 The change in net position of Internal Service Funds is reported in governmental activities (301,137) CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES 9,941,011$ For the Year Ended December 31, 2022 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. - 14 - Governmental Activities Waterworks Internal System Sports Core Total Service CURRENT ASSETS Cash and investments 21,437,057$ 2,077,914$ 23,514,971$ 1,720,907$ Receivables Billed and unbilled water sales 878,311 - 878,311 - Accrued interest 22,788 11,779 34,567 2,407 Leases - 1,079,885 1,079,885 - Other 224,249 150,518 374,767 134,169 Inventory - 127,928 127,928 61,353 Prepaid expenses - - - 144 Total current assets 22,562,405 3,448,024 26,010,429 1,918,980 NONCURRENT ASSETS Net pension asset 408,212 632,429 1,040,641 120,089 Capital assets Assets not being depreciated 360,501 9,137,821 9,498,322 - Assets being depreciated Cost 42,434,427 12,742,936 55,177,363 5,714,159 Accumulated depreciation (15,143,715) (8,286,717) (23,430,432) (3,424,107) Intangible - - - 2,708,577 Accumulated amortization - - - (517,203) Net capital assets being depreciated 27,290,712 4,456,219 31,746,931 4,481,426 Net capital assets 27,651,213 13,594,040 41,245,253 4,481,426 Total noncurrent assets 28,059,425 14,226,469 42,285,894 4,601,515 Total assets 50,621,830 17,674,493 68,296,323 6,520,495 DEFERRED OUTFLOWS OF RESOURCES Pension items - IMRF 112,063 173,616 285,679 32,967 Deferred outflows of resources - OPEB 24,398 42,956 67,354 6,446 Deferred outflows of resources - ARO 291,000 - 291,000 - Total deferred outflows of resources 427,461 216,572 644,033 39,413 Total assets and deferred outflows of resources 51,049,291 17,891,065 68,940,356 6,559,908 VILLAGE OF OAK BROOK, ILLINOIS PROPRIETARY FUNDS STATEMENT OF NET POSITION December 31, 2022 Business-Type Activities (This statement is continued on the following page.) - 15 - Governmental Activities Waterworks Internal System Sports Core Total Service CURRENT LIABILITIES Accounts payable 340,619$ 240,989$ 581,608$ 657,909$ Accrued payroll 8,756 10,462 19,218 3,007 Current compensated absences payable 22,907 28,229 51,136 6,966 Deposits payable - 53,450 53,450 - Interest payable - - - 46,200 Unearned revenue - 33,672 33,672 28,177 Current other postemployment benefit liability 6,141 10,680 16,821 1,602 Current capital lease obligation - - - 444,879 Claims payable - - - 95,841 Total current liabilities 378,423 377,482 755,905 1,284,581 NONCURRENT LIABILITIES Compensated absences payable 4,042 4,981 9,023 1,229 Other postemployment benefit liability 148,161 260,991 409,152 39,168 Asset retirement obligation 300,000 - 300,000 - Capital lease obligation - - - 1,757,126 Total noncurrent liabilities 452,203 265,972 718,175 1,797,523 Total liabilities 830,626 643,454 1,474,080 3,082,104 DEFERRED INFLOWS OF RESOURCES Pension items - IMRF 510,199 790,433 1,300,632 150,093 Deferred inflows of resources - OPEB 42,347 74,557 116,904 11,189 Deferred inflows of resources - leases - 1,073,929 1,073,929 - Total deferred inflows of resources 552,546 1,938,919 2,491,465 161,282 Total liabilities and deferred inflows of resources 1,383,172 2,582,373 3,965,545 3,243,386 NET POSITION Net investment in capital assets 27,651,213 13,594,040 41,245,253 2,279,421 Unrestricted 22,014,906 1,714,652 23,729,558 1,037,101 TOTAL NET POSITION 49,666,119$ 15,308,692$ 64,974,811 3,316,522$ Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds 122,199 TOTAL NET POSITION OF BUSINESS-TYPE ACTIVITIES 65,097,010$ Business-Type Activities STATEMENT OF NET POSITION (Continued) December 31, 2022 VILLAGE OF OAK BROOK, ILLINOIS PROPRIETARY FUNDS See accompanying notes to financial statements. - 16 - Governmental Activities Waterworks Internal System Sports Core Nonmajor Total Service OPERATING REVENUES Charges for services 12,023,949$ 4,893,346$ -$ 16,917,295$ 4,904,955$ Total operating revenues 12,023,949 4,893,346 - 16,917,295 4,904,955 OPERATING EXPENSES Operations 6,147,483 3,037,315 - 9,184,798 723,967 Claims and insurance - - - - 3,490,965 Depreciation and amortization 1,214,440 431,287 - 1,645,727 915,103 Total operating expenses 7,361,923 3,468,602 - 10,830,525 5,130,035 OPERATING INCOME (LOSS)4,662,026 1,424,744 - 6,086,770 (225,080) NON-OPERATING REVENUES (EXPENSES) Investment income 12,393 17,339 - 29,732 4,215 Interest expense - - - - (48,675) Gain (loss) on disposal of capital assets 10,416,822 (17,542) - 10,399,280 (59,166) Total non-operating revenues (expenses)10,429,215 (203) - 10,429,012 (103,626) INCOME (LOSS) BEFORE TRANSFERS AND CONTRIBUTIONS 15,091,241 1,424,541 - 16,515,782 (328,706) TRANSFERS IN (OUT)- 278,773 (278,773) - - CAPITAL GRANTS AND CONTRIBUTIONS - - - - - CHANGE IN NET POSITION 15,091,241 1,703,314 (278,773) 16,515,782 (328,706) NET POSITION, JANUARY 1 34,574,878 13,605,378 278,773 3,626,952 Change in accounting principle - - - 18,276 NET POSITION, JANUARY 1, RESTATED 34,574,878 13,605,378 278,773 3,645,228 NET POSITION, DECEMBER 31 49,666,119$ 15,308,692$ -$ 3,316,522$ Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds (27,569) CHANGE IN NET POSITION OF BUSINESS-TYPE ACTIVITIES 16,488,213$ Note: The gain on disposal of capital assets in 2022 relates to the Village's sale of the water system. Business-Type Activities For the Year Ended December 31, 2022 VILLAGE OF OAK BROOK, ILLINOIS PROPRIETARY FUNDS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION See accompanying notes to financial statements. - 17 - Governmental Activities Waterworks Internal System Sports Core Nonmajor Total Service CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers and users 12,136,098$ 4,935,837$ -$ 17,071,935$ 1,127,676$ Receipts from internal service transactions - - - - 3,739,267 Payments to suppliers (5,680,302) (1,853,668) - (7,533,970) (3,584,429) Payments to employees (722,741) (1,471,016) - (2,193,757) (220,169) Net cash from operating activities 5,733,055 1,611,153 - 7,344,208 1,062,345 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Amounts received from (paid to) other funds - 278,773 (278,773) - - Net cash from noncapital financing activities - 278,773 (278,773) - - CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Purchases of capital assets (121,526) (525,508) - (647,034) (121,397) Proceeds from disposal of capital assets 12,243,661 (17,542) - 12,226,119 115,000 Principal payments on leases - - - - (506,572) Interest payments on leases - - - - (2,475) Net cash from capital and related financing activities 12,122,135 (543,050) - 11,579,085 (515,444) CASH FLOWS FROM INVESTING ACTIVITIES Sale of investment securities 134,498 - - 134,498 46,995 Interest 10,624 5,560 - 16,184 6,140 Net cash from investing activities 145,122 5,560 - 150,682 53,135 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 18,000,312 1,352,436 (278,773) 19,073,975 600,036 CASH AND CASH EQUIVALENTS, JANUARY 1 42,840 725,478 278,773 1,047,091 788,685 CASH AND CASH EQUIVALENTS, DECEMBER 31 18,043,152$ 2,077,914$ -$ 20,121,066$ 1,388,721$ VILLAGE OF OAK BROOK, ILLINOIS STATEMENT OF CASH FLOWS PROPRIETARY FUNDS For the Year Ended December 31, 2022 Business-Type Activities (This statement is continued on the following page.) - 18 - Governmental Activities Waterworks Internal System Sports Core Nonmajor Total Service CASH AND INVESTMENTS Cash and cash equivalents 18,043,152$ 2,077,914$ -$ 20,121,066$ 1,388,721$ Investments 3,393,905 - - 3,393,905 332,186 TOTAL CASH AND INVESTMENTS 21,437,057$ 2,077,914$ -$ 23,514,971$ 1,720,907$ RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH FLOWS FROM OPERATING ACTIVITIES Operating income (loss)4,662,026$ 1,424,744$ -$ 6,086,770$ (225,080)$ Adjustments to reconcile operating income (loss) to net cash from operating activities Depreciation and amortization 1,214,440 431,287 - 1,645,727 915,103 Changes in current assets and liabilities Accounts receivable 112,149 39,971 - 152,120 (38,012) Prepaid expenses - - - - 96,004 Inventory - (28,804) - (28,804) 1,549 Accounts payable (13,628) 184,670 - 171,042 372,757 Accrued payroll 1,238 (839) - 399 (249) Deposits payable - (47,437) - (47,437) - Compensated absences payable 1,409 (18,677) - (17,268) 4,218 Leases - (5,956) - (5,956) - Pension items - IMRF (224,943) (327,976) - (552,919) (51,879) Pension items - OPEB (19,636) (48,306) - (67,942) (5,188) Unearned revenue - 8,476 - 8,476 260 Claims payable - - - - (7,138) NET CASH FROM OPERATING ACTIVITIES 5,733,055$ 1,611,153$ -$ 7,344,208$ 1,062,345$ NONCASH TRANSACTIONS Assets acquired through lease -$ -$ -$ -$ 2,207,515$ TOTAL NONCASH TRANSACTIONS -$ -$ -$ -$ 2,207,515$ Business-Type Activities For the Year Ended December 31, 2022 VILLAGE OF OAK BROOK, ILLINOIS STATEMENT OF CASH FLOWS (Continued) PROPRIETARY FUNDS See accompanying notes to financial statements. - 19 - ASSETS Cash and short-term investments 5,021,721$ Investments held in the Illinois Police Officer's Pension Investment Fund 35,389,570 Investments held in the Illinois Firefighters's Pension Investment Fund 29,710,890 Receivables Due from municipality 896,826 Prepaid items 4,868 Total assets 71,023,875 LIABILITIES Accounts payable 3,800 Total liabilities 3,800 NET POSITION RESTRICTED FOR PENSIONS 71,020,075$ VILLAGE OF OAK BROOK, ILLINOIS STATEMENT OF FIDUCIARY NET POSITION December 31, 2022 PENSION TRUST FUNDS See accompanying notes to financial statements. - 20 - ADDITIONS Contributions Employer 4,304,628$ Employee 696,089 Total contributions 5,000,717 Investment income Net depreciation in fair value of investments (15,303,933) Interest 718,934 Total investment income (14,584,999) Less investment expenses (87,612) Net investment income (14,672,611) Total additions (9,671,894) DEDUCTIONS Benefits and refunds 6,862,367 Administrative expenses 101,053 Total deductions 6,963,420 NET DECREASE (16,635,314) NET POSITION RESTRICTED FOR PENSIONS January 1 87,655,389 December 31 71,020,075$ VILLAGE OF OAK BROOK, ILLINOIS STATEMENT OF CHANGES IN FIDUCIARY NET POSITION PENSION TRUST FUNDS For the Year Ended December 31, 2022 See accompanying notes to financial statements. - 21 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS December 31, 2022 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. - 22 - 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). - 23 - 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 f unds, 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. - 24 - 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. - 25 - 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 with in 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 taxes, 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 susceptible 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. - 26 - 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 recorded as an expenditure at the time individual inventory items are utilized or sold. General Fund inventories are equally offset by nonspendable fund balance which 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. - 27 - 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 appl icable 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 Intangible assets 2-10 Intangible assets represent the Village’s right-to-use a leased asset. These intangible assets, as defined by GASB Statements No. 87, Leases, are for lease contracts of nonfinancial assets including vehicles and equipment. i. Compensated Absences Under terms of employment, employees are granted vacation, sick leave, and compensatory leave in varying amounts. Only benefits considered to be vested are disclosed in these statements. All vested vacation, sick leave, and compensatory leave pay is accrued when incurred in the government -wide and proprietary fund financial statements. A liability for these amounts is reported in governmental funds only if they have matured, for example, as a result of employee resignations and retirements, and are payable with expendable resources. Payments for vacation, sick leave, and compensatory leave will be made at rates in effect when the benefits are used. Accumulated vacation, sick leave, and compensatory leave at December 31, 2022, are determined on the basis of current salary rates and include salary related payments. - 28 - 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. - 29 - 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. 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. - 30 - 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 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 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. - 31 - 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, 2022: Investment Maturities (in Years) Investment Type Fair Value Less than 1 1-5 6-10 Greater than 10 Negotiable certificate of deposits $ 2,866,200 $ 735,927 $ 2,130,273 $ - $ - U.S. agency obligations 1,379,754 - 447,852 - 931,902 Municipal bonds 9,187,705 4,623,479 4,564,226 - - Corporate bonds 9,076,677 5,727,497 3,349,180 - - TOTAL $ 22,510,336 $ 11,086,903 $ 10,491,531 $ - $ 931,902 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, 2022: 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). - 32 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 2. DEPOSITS AND INVESTMENTS (Continued) a. Village Investments (Continued) Investments (Continued) 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 issued by agencies of the United States Government, which are implicitly guaranteed by the United States Government, municipal bonds rated at the time of purchase within the four highest general classifications established by a rating service of nationally recognized expertise in rating bonds of states and their political subdivisions , or corporate bonds rated within the three highest classifications by at least two standard rating services. Investments in corporate bonds are rated BBB to A-. Investments in municipal bonds are rated A- to AA. Investments in U.S. agency obligations are rated AA+. 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 2022 attach as an enforceable lien on January 1, 2022, on property values assessed as of the same date. Taxes are levied by December 31 o f the fiscal year by passage of a Tax Levy Ordinance. Tax bi lls 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 per iodically. The Village does not have a tax levy but does receive a share of road and bridge taxes from local townships, as well as incremental property taxes from the Butterfield/Meyers Road Redevelopment Project Area (TIF). - 33 - 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, 2022: GOVERNMENTAL ACTIVITIES Loans receivable $ 200,000 Hotel/motel tax 150,685 IRMA surplus 728,037 State use tax 98,268 Miscellaneous 460,679 TOTAL GOVERNMENTAL ACTIVITIES $ 1,637,669 BUSINESS-TYPE ACTIVITIES IRMA surplus $ 265,733 Members charges 20,351 Miscellaneous 88,683 TOTAL BUSINESS-TYPE ACTIVITIES $ 374,767 5. CAPITAL ASSETS Governmental capital asset activity for the year ended December 31, 2022 was as follows: Beginning Balances (Restated)* 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 4,640,493 170,445 3,732,362 1,078,576 Total capital assets not being depreciated 37,808,438 170,445 3,732,362 34,246,521 Tangible capital assets being depreciated Buildings and building and land improvements 27,503,024 163,277 - 27,666,301 Computer equipment 1,032,688 173,911 - 1,206,599 Other equipment 1,737,549 64,812 36,163 1,766,198 Vehicles 127,047 - - 127,047 Infrastructure 48,432,340 8,694,982 - 57,127,322 Internal service fund vehicles 6,578,814 121,397 986,054 5,714,157 Total tangible capital assets being depreciated 85,411,462 9,218,379 1,022,217 93,607,624 - 34 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 5. CAPITAL ASSETS (Continued) Beginning Balances (Restated)* Increases Decreases Ending Balances GOVERNMENTAL ACTIVITIES (Continued) Intangible capital assets being amortized Right-to-use equipment $ 113,459 $ 2,184,597 $ - $ 2,298,056 Right-to-use vehicles 387,603 22,918 - 410,521 Total intangible capital assets being amortized 501,062 2,207,515 - 2,708,577 Less accumulated depreciation for Buildings and building and land improvements 12,576,209 832,307 - 13,408,516 Computer equipment 948,904 47,733 - 996,637 Other equipment 1,439,378 79,505 32,848 1,486,035 Vehicles 50,821 12,705 - 63,526 Infrastructure 28,458,631 1,098,887 - 29,557,518 Internal service fund vehicles 3,838,096 397,900 811,889 3,424,107 Total accumulated depreciation 47,312,039 2,469,037 844,737 48,936,339 Less accumulated amortization for Right-to-use equipment - 370,479 - 370,479 Right-to-use vehicles - 146,724 - 146,724 Total accumulated amortization - 517,203 - 517,203 Total capital assets being Depreciated and amortized, net 38,600,485 8,439,654 177,480 46,862,659 GOVERNMENTAL ACTIVITIES CAPITAL ASSETS, NET $ 76,408,923 $ 8,610,099 $ 3,909,842 $ 81,109,180 *Beginning balances for Governmental Activities were restated as part of the implementation of GASB Statement No. 87, Leases. See note 6b for additional information. Depreciation expense was charged to functions/programs of the primary government as follows: GOVERNMENTAL ACTIVITIES General government $ 467,428 Public safety 371,930 Highways and streets 1,519,797 Culture and recreation 109,882 TOTAL DEPRECIATION EXPENSE - GOVERNMENTAL ACTIVITIES $ 2,469,037 - 35 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 5. CAPITAL ASSETS (Continued) Amortization expense was charged to functions/programs of the District ’s governmental activities as follows: GOVERNMENTAL ACTIVITIES General government $ 2,425 Public safety 424,798 Highways and streets 105,105 TOTAL AMORTIZATION EXPENSE - GOVERNMENTAL ACTIVITIES $ 532,328 Business-type capital asset activity for the year ended December 31, 20 22, was as follows: Beginning Balances Increases Decreases Ending Balances BUSINESS-TYPE ACTIVITIES Capital assets not being depreciated Land $ 8,292,265 $ - $ - $ 8,292,265 Construction in progress 883,961 322,096 - 1,206,057 Total capital assets not being depreciated 9,176,226 322,096 - 9,498,322 Capital assets being depreciated Land improvements 3,704,563 125,915 - 3,830,478 Building and building improvements 7,310,071 - - 7,310,071 Infrastructure 39,795,468 - 3,371,234 36,424,234 Vehicles, machinery, and equipment 7,542,517 199,023 128,959 7,612,581 Total capital assets being depreciated 58,352,619 324,938 3,500,193 55,177,364 Less accumulated depreciation for Land improvements 2,890,170 85,011 - 2,975,181 Building and building improvements 4,049,562 248,322 - 4,297,884 Infrastructure 11,182,564 877,547 1,544,395 10,515,716 Vehicles, machinery, and equipment 5,338,764 431,847 128,959 5,641,652 Total accumulated depreciation 23,461,060 1,642,727 1,673,354 23,430,433 Total capital assets being depreciated, net 34,891,559 (1,317,789) 1,826,839 31,746,931 BUSINESS-TYPE ACTIVITIES CAPITAL ASSETS, NET $ 44,067,785 $ (995,693) $ 1,826,839 $ 41,245,253 BUSINESS-TYPE ACTIVITIES Waterworks $ 1,211,440 Sports core 431,287 TOTAL DEPRECIATION EXPENSE - BUSINESS-TYPE ACTIVITIES $ 1,642,727 - 36 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 5. CAPITAL ASSETS (Continued) The Village approved a sale of the Village’s water system located outside the corporate limits of the Village to Aqua Illinois. The sale of the water system was finalized on November 29, 2022. 6. LONG-TERM DEBT a. Note Payable The Village has issued notes payable related to developer and intergovernmental 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 $ 2,301,263 $ - $ 308,200 $ 1,993,063 $ 257,000 TOTAL $ 2,301,263 $ - $ 308,200 $ 1,993,063 $ 257,000 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. b. Leases The Village entered into a fleet management lease agreement in October 2018. The agreement covers various individual leases for the right-to-use vehicles and equipment with varying lease terms. The leases have expirations dates ranging from June 2023 and November 2026. Payments ranging from $203 to $1,279 are due in monthly installments. Total intangible right-to-use assets acquired under the fleet management agreement was $410,521 as of December 31, 2022. The Village entered into a lease arrangement in July 2021, for the right-to-use equipment. Payments of $36,513 are due in annual installments, through July 2023 Total intangible right-to-use assets acquired under this agreement are $72,691. The Village entered into a lease arrangement in March 2020, for the right-to-use equipment. Payments of $16,203 are due in annual installments, through March 2023 Total intangible right-to-use assets acquired under this agreement are $32,270. - 37 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 6. LONG-TERM DEBT (Continued) b. Leases (Continued) The Village entered into a lease arrangement in April 2020, for the right-to-use equipment. Payments of $532 are due in monthly installments, through April 2023 Total intangible right-to-use assets acquired under this agreement are $8,498. The Village entered into a lease arrangement in January 2022, for the right-to-use equipment. Payments ranging from $302,058 to $551,557 are due in annual installments, through January 2028 Total intangible right-to-use assets acquired under this agreement are $2,184,597. The annual requirements to amortize to maturity leases outstanding as of December 31, 2022, are as follows: Fiscal Year Ending Leases December 31, Principal Interest 2023 $ 444,880 $ 47,733 2024 335,220 40,563 2025 302,854 33,748 2026 298,690 26,895 2027 281,984 20,075 2028-2032 538,377 13,174 TOTAL $ 2,202,005 $ 182,188 c. Legal Debt Margin 2022 assessed valuation (latest information available) $ 1,722,999,760 Legal debt limit - 8.625% of assessed valuation $ 148,608,729 Amount of debt applicable to debt limit - LEGAL DEBT MARGIN $ 148,608,729 - 38 - 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 (Restated) Additions Reductions Balances December 31 Current Portion Notes payable $ 2,301,263 $ - $ 308,200 $ 1,993,063 $ 257,000 Leases** 501,062 2,207,515 506,572 2,202,005 444,880 Compensated absences 1,093,151 1,015,728 929,178 1,179,701 1,002,746 Net pension liability - Police Pension 16,325,598 15,933,038 - 32,258,636 - Net pension liability - Firefighters’ Pension 19,282,526 9,664,399 - 28,946,925 - Total other postemployment benefit liability 7,259,072 - 893,276 6,365,796 250,257 TOTAL GOVERNMENTAL ACTIVITIES $ 46,762,672 $ 28,820,680 $ 2,637,226 $ 72,946,126 $ 1,954,883 **Leases were restated as part of the implementation of GASB Statement No 87, Leases. See note 6b for additional information. 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 $ 77,427 $ 48,544 $ 65,812 $ 60,159 $ 51,136 Total other postemployment benefit liability 589,167 - 163,194 425,973 16,821 Asset retirement obligation 300,000 - - 300,000 - TOTAL BUSINESS-TYPE ACTIVITIES $ 966,594 $ 48,544 $ 229,006 $ 786,132 $ 67,957 - 39 - 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 abandon ments, 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 $2,572,927 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. - 40 - 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 $95,841. A reconciliation of claims payable for the current year and that of the preceding year is as follows: 2021 2022 CLAIMS PAYABLE, BEGINNING OF YEAR $ 133,761 $ 102,979 Claims incurred and changes in estimate (2,262,283) (1,994,023) Claims paid 2,231,501 1,986,885 CLAIMS PAYABLE, END OF YEAR $ 102,979 $ 95,841 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. - 41 - 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 o f 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 2022 and the total cumulative payments to date are $486,260 and $6,420,214, 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 the term, January 2, 2023. 10. INDIVIDUAL FUND DISCLOSURES Interfund Transfers Interfund transfers between funds for the year ended December 31, 2022, were as follows: Transfers In Transfers Out Sports Core Fund Nonmajor Enterprise Fund $ 278,773 $ - Nonmajor Enterprise Fund Sports Core Fund - 278,773 TOTAL $ 278,773 $ 278,773 The purpose of significant transfers is as follows: • $278,773 transferred to the Sports Core Fund from the Nonmajor Enterprise Fund (Golf Surcharge) to consolidate the Golf Surcharge Fund into the Sports Core Fund. This transfer will not be repaid. - 42 - 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 (most recent data available), 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 $6,791,769 was measured as of December 31, 2022 and determined by an actuarial valuation as of December 31, 2021. - 43 - 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, 2022, 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, 2022, including updating the discount rate at December 31, 2022, as noted on the following page. Actuarial cost method Entry-age normal Actuarial value of assets Market value Salary increases 2.75% Discount rate 3.72% Healthcare cost trend rates 7.00% 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, 2022 $ 7,848,239 Changes for the period Service cost 528,266 Interest 168,995 Differences between expected and actual experience (367,568) Assumption changes* (1,119,160) Benefit payments (267,003) Net changes (1,056,470) BALANCES AT DECEMBER 31, 2022 $ 6,791,769 *There were changes in assumptions related to the discount rate and healthcare cost trend rates compared to the previous valuation. - 44 - 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 the 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 3.72% 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 (2.72%) or 1 percentage point higher (4.72%) than the current rate: 1% Decrease Current Discount Rate 1% Increase (2.72%) (3.72%) (4.72%) Total OPEB liability $ 7,433,332 $ 6,791,769 $ 6,224,733 The table below presents the total OPEB liability of the Village calculated using the healthcare rate of 7.00% 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 (6.00% to 3.50%) or 1 percentage point higher (8.00% to 5.50%) than the current rate: 1% Decrease Current Healthcare Rate 1% Increase (6.00% to 3.50%) (7.00% to 4.50%) (8.00% to 5.50%) Total OPEB liability $ 5,988,688 $ 6,791,769 $ 7,763,062 h. OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB For the year ended December 31, 2022, the Village recognized OPEB expense of $609,369. At December 31, 2022, 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 $ 29,836 $ 766,210 Changes in assumptions 1,044,063 1,097,724 TOTAL $ 1,073,899 $ 1,863,934 - 45 - 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, 2023 $ (87,892) 2024 (87,892) 2025 (87,892) 2026 (58,344) 2027 (93,716) Thereafter (374,299) TOTAL $ (790,035) 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, 2022: Police Firefighters’ IMRF Pension Pension Total Net pension liability (asset) $ (5,028,788) $ 32,258,636 $ 28,946,925 $ 56,176,773 Deferred outflows of resources 1,381,477 10,235,729 6,557,463 18,174,669 Deferred inflows of resources 6,285,170 469,862 97,795 6,852,827 Pension expense/income (1,822,554). 4,160,860 3,465,161 5,803,467 - 46 - 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, 2021, IMRF membership consisted of: Inactive employees or their beneficiaries currently receiving benefits 127 Inactive employees entitled to but not yet receiving benefits 86 Active employees 59 TOTAL 272 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. - 47 - 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, 2022 was 9.08% of covered payroll. The actual employer contribution rate for the year ended December 31, 2022 was 9.87% 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, 2021 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, 2021 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 Female (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 mortality 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. - 48 - 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, 2021 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, 2021 $ 43,150,946 $ 44,687,417 $ (1,536,471) Changes for the period Service cost 522,291 - 522,291 Interest 3,060,021 - 3,060,021 Difference between expected and actual experience 1,476,988 - 1,476,988 Changes in assumptions - - - Employer contributions - 629,048 (629,048) Employee contributions - 234,051 (234,051) Net investment income - 7,531,947 (7,531,947) Benefit payments and refunds (2,409,813) (2,409,813) - Other (net transfer) - 156,571 (156,571) Net changes 2,649,487 6,141,804 (3,492,317) BALANCES AT DECEMBER 31, 2021 $ 45,800,433 $ 50,829,221 $ (5,028,788) There were no changes in assumptions compared to the previous valuation. - 49 - 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, 2022, the Village recognized pension expense (income) of $(1,822,554). At December 31, 2022, 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 $ 874,333 $ 189,144 Changes in assumption - 72,640 Net difference between projected and actual earnings on pension plan investments - 6,023,386 Contributions subsequent to the measurement date 506,181 - TOTAL $ 1,380,514 $ 6,285,170 Amounts reported as deferred outflows of resources and deferred inflows of resources related to IMRF will be recognized in pension expense as follows: $506,181 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, 2023. 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, 2023 $ (997,270) 2024 (2,061,836) 2025 (1,483,229) 2026 (868,502) TOTAL $ (5,410,837) - 50 - 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) $ (69,265) $ (5,028,788) $ (9,013,999) 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, 2022, the measurement date, membership consisted of: In active plan members currently receiving benefits 47 In active plan members entitled to but not yet receiving benefits 10 Active plan members 41 TOTAL 98 - 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) 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. - 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) 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, 2022, the Village’s contribution was 48.62% of covered payroll. Illinois Police Officers’ Pension Investment Fund The Illinois Police Officers’ Pension Investment Fund (IPOPIF) is an investment trust fund responsible for the consolidation and fiduciary management of the pension assets of Illinois suburban and downstate police pension funds. IPOPIF was created by Public Act 101-0610 and codified within the Illinois Pension Code, becoming effective January 1, 2020, to streamline investments and eliminate unnecessary and redundant administrative costs, thereby ensuring assets are available to fund pension benefits for the beneficiaries of the participating pension funds as defined in 40 ILCS 5/22B-105. Participation in IPOPIF by Illinois suburban and downstate police pension funds is mandatory. Deposits with Financial Institutions The plan retains all of its available cash with one financial i nstitution. Available cash is determined to be that amount which is required fo r the current expenditures of the plan. The excess of available cash is required to be transferred to IPOPIF for purposes of the long-term investment for the plan. Custodial credit risk for deposits with financial institutions is the risk that in the event of bank failure, the plan’s deposits may not be returned to it. The plan’s investment policy requires pledging of collateral for all bank balances held in the plan’s name in excess of federal depository insurance, at amounts ranging from 110% to 115% of the fair market value of the funds secured, with the collateral held by an independent third party or the Federal Reserve Bank. - 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) Investments Investments of the Plan are combined in a commingled external investment pool and held by IPOPIF. A schedule of investment expenses is included in IPOPIF’s annual report. For additional information on IPOPIF’s investments, please refer to their annual report as of June 30, 2021. A copy of that report can be obtained from IPOPIF at 456 Fulton Street, Suite 402, Peoria, IL 61602 or at www.ipopif.org. Fair Value Measurement The plan categorizes 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 observ able inputs; and Level 3 inputs are significant unobservable inputs. The Plan held no investments subject to fair value measurement at December 31, 2022. Net Asset Value The Net Asset Value (NAV) of the plan’s pooled investment in IPOPIF was $35,389,570 at December 31, 2022. Investments in IPOPIF are valued at IPOPIF’s share price, which is the price the investment could be sold. There are no unfunded commitments at December 31, 2022. The plan may redeem shares with a seven calendar day notice. IPOPIF may, at its sole discretion and based on circumstances, process redemption requests with fewer than a seven calendar day notice. Regular redemptions of the same amount on a particular day of the month may be arranged with IPOPIF. Investment Rate of Return For the year ended December 31, 2022, the annual money-weighted rate of return on pension plan investments, net of pension plan investment expense, was (16.97)%. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested. - 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) Discount Rate The discount rate used to measure the total pension liability at December 31, 2022 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, 2022 $ 66,163,676 $ 49,838,078 $ 16,325,598 Changes for the period Service cost 931,194 - 931,194 Interest 4,404,897 - 4,404,897 Difference between expected and actual experience 2,598,147 - 2,598,147 Changes in assumptions 2,062,373 - 2,062,373 Changes in benefit terms (3,674,259) - (3,674,259) Employer contributions - 2,052,526 (2,052,526) Employee contributions - 396,203 (396,203) Net investment income - (8,340,710) 8,340,710 Benefit payments and refunds - (3,674,259) 3,674,259 Administrative expense - (44,446) 44,446 Net changes 6,322,352 (9,610,686) 15,933,038 BALANCES AT DECEMBER 31, 2022 $ 72,486,028 $ 40,227,392 $ 32,258,636 - 55 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 12. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) Police 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, 2022 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. 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 $ 42,208,042 $ 32,258,636 $ 24,141,166 - 56 - 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 For the year ended December 31, 2022, the Village recognized pension expense of $4,160,860. At December 31, 2022, 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 $ 2,366,405 $ 279,570 Changes in assumptions 1,649,898 190,292 Net difference between projected and actual earnings on pension plan investments 6,219,426 - TOTAL $ 10,235,729 $ 469,862 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 police pension will be recognized in pension expense as follows: Year Ending December 31, 2023 $ 1,508,580 2024 2,226,694 2025 2,766,106 2026 3,264,487 TOTAL $ 9,765,867 - 57 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 12. DEFINED BENEFIT PENSION PLANS (Continued) a. Plan Descriptions (Continued) 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. Plan Membership At December 31, 2022, the measurement date, membership consisted of: Inactive plan members currently receiving benefits 47 In active plan members entitled to but not yet receiving benefits 5 Active plan members 27 TOTAL 79 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. - 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) Benefits Provided (Continued) 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. 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, 2022, the Village’s contribution was 75.71% of covered payroll. - 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) Illinois Firefighters’ Pension Investment Fund The Illinois Firefighters’ Pension Investment Fund (IFPIF) is an investment trust fund responsible for the consolidation and fiduciary management of the pension assets of Illinois suburban and downstate firefighter pension funds. IFPIF was created by Public Act 101-0610, and codified within the Illinois Pension Code, becoming effective January 1, 2020, to streamline investments and eliminate unnecessary and redundant administrative costs, thereby ensuring assets are available to fund pension benefits for the beneficiaries of the participating pension funds. Participation in IFPIF by Illinois su burban and downstate firefighter pension funds is mandatory. Deposits with Financial Institutions Custodial credit risk for deposits with financial institutions is the risk that in the event of a bank failure, the Firefighters’ Pension Fund’s deposits may not be returned to it. The Firefighters’ Pension Fund’s investment policy does not require pledging of collateral for its deposits in excess of federal depository insurance. However, all deposits at December 31, 2022 are covered by federal depository insurance. Investments Investments of the plan are combined in a commingled external investment pool and held by IFPIF. A schedule of investment expenses is included in IFPIF’s annual report. For additional information on IFPIF’s investments, please refer to their annual report as of June 30, 2021. A copy of that report can be obtained from IFPIF at 1919 South Highland Avenue, Building A, Suite 237, Lombard, IL 60148 or at www.ifpif.org. Fair Value Measurement The plan categorizes fair value measurements within the fair value hierarchy established by GAAP. The hierarchy is based on the val uation inputs used to measure the fair value of the asset. Level 1 inputs ar e quoted prices in active markets for identical assets; Level 2 inputs are significant oth er observable inputs; and Level 3 inputs are significant unobservable inputs. The plan held no investments subject to fair value measurement at December 31, 2022. - 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) Net Asset Value The Net Asset Value (NAV) of the plan’s pooled investment in IFPIF was $29,710,890 at December 31, 2022 The pooled investments consist of the investments as noted in the target allocation table available at www.ifpif.org. Investments in IFPIF are valued at IFPIF’s share price, which is the price the investment could be sold. There are no unfunded commitments at December 31, 2022. The plan may redeem shares by giving notice by 5:00 pm central time on the 1st of each month. Requests properly submitted on or before the 1st of each month will be processed for redemption by the 14th of the month. Expedited redemptions may be processed at the sole discretion of IFPIF. Investment Policy IFPIF’s current investment policy was adopted by the Board of Trustees on June 17, 2022. IFPIF is authorized to invest in all investments allowed by ILCS. The IFPIF shall not be subject to any of the limitations applicable to investments of pension fund assets currently held by the transferor pension funds under Sections 1-113.1 through 1-113.12 or Article 4 of the Illinois Pension Code. Rate of Return For the year ended December 31, 2022, the annual money-weighted rate of return on pension plan investments, net of pension plan investment expense, was (16.96)%. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested. Discount Rate The discount rate used to measure the total pension liability at December 31, 2022 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. - 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) Changes in the Net Pension Liability (a) Total Pension (b) Plan Fiduciary (a) - (b) Net Pension Liability Net Position Liability BALANCES AT JANUARY 1, 2022 $ 57,099,837 $ 37,817,311 $ 19,282,526 Changes for the period Service cost 801,777 - 801,777 Interest 3,800,750 - 3,800,750 Difference between expected and actual experience 1,101,246 - 1,101,246 Changes in assumptions 124,403 - 124,403 Changes in benefit terms (3,188,405) - (3,188,405) Employer contributions - 2,252,102 (2,252,102) Employee contributions - 299,887 (299,887) Net investment income - (6,349,869) 6,349,869 Benefit payments and refunds - (3,188,405) 3,188,405 Administrative expense - (38,343) 38,343 Net changes 2,639,771 (7,024,628) 9,664,399 BALANCES AT DECEMBER 31, 2022 $ 59,739,608 $ 30,792,683 $ 28,946,925 - 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) 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, 2022 Actuarial cost method Entry-age normal Assumptions Inflation 2.25% Salary increases 4.00% to 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 $ 36,682,135 $ 28,946,925 $ 22,579,592 - 63 - 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, 2022, the Village recognized pension expense of $3,465,161. At December 31, 2022, 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 $ 907,685 $ 20,802 Changes in assumption 1,231,140 76,993 Net difference between projected and actual earnings on pension plan investments 4,418,638 - TOTAL $ 6,557,463 $ 97,795 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, 2023 $ 1,156,163 2024 1,792,509 2025 1,735,044 2026 1,775,952 TOTAL $ 6,459,668 - 64 - 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 $ 4,440,899 $ 580,822 $ 5,021,721 Investments held in the Illinois Police Officer’s Pension Investment Fund 35,389,570 - 35,389,570 Investments held in the Illinois Firefighter’s Pension Investment Fund - 29,710,890 29,710,890 Receivables Due from municipality 396,233 500,593 896,826 Prepaid items 3,295 1,573 4,868 Total assets 40,229,997 30,793,878 71,023,875 LIABILITIES Accounts payable 2,605 1,195 3,800 Total liabilities 2,605 1,195 3,800 NET POSITION HELD IN TRUST FOR PENSION BENEFITS $ 40,227,392 $ 30,792,683 $ 71,020,075 - 65 - 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 $ 2,052,526 $ 2,252,102 $ 4,304,628 Employee 396,203 299,886 696,089 Total contributions 2,448,729 2,551,988 5,000,717 Investment income Net (depreciation) in fair value of investments (8,741,975) (6,561,958) (15,303,933) Interest 459,013 259,921 718,934 Total investment income (8,282,962) (6,302,037) (14,584,999) Less investment expense (55,752) (31,860) (87,612) Net investment income (8,338,714) (6,333,897) (14,672,611) Total additions (5,889,985) (3,781,909) (9,671,894) DEDUCTIONS Benefits and refunds 3,673,962 3,188,405 6,862,367 Administrative expenses 46,739 54,314 101,053 Total deductions 3,720,701 3,242,719 6,963,420 NET DECREASE (9,610,686) (7,024,628) (16,635,314) NET POSITION HELD IN TRUST FOR PENSION BENEFITS January 1 49,838,078 37,817,311 87,655,389 December 31 $ 40,227,392 $ 30,792,683 $ 71,020,075 - 66 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 13. SPORTS CORE ATHLETIC FIELDS As of January 25, 2022, the Village entered into an agreement with Premier Athletic Management (PAM) to outsource the operations of the Village owned Sports Core Athletic Fields, consisting of a serios of soccer fields and other athletic fields. PAM has access to manage, operate, maintain, and promote the athletic fields. PAM agrees to pay the Village a fee of $94,000 in the first year of operations and $100,000 each year thereafter. In addition PAM agrees to pay the Village for maintenance costs, $70,000 in the first year and future maintenance costs as presented in the schedule below. Year Ending December 31, 2023 $ 71,000 2024 72,000 2025 73,000 2026 74,000 TOTAL $ 290,000 Beginning in year two and subsequent years of the contractual agreement, PAM agrees to pay monthly payments in the amount of one-ninth of the total amount of guaranteed revenues and maintained costs due in each respective year. Additionally, if PAM realizes gross revenues in excess of $300,000 during any fiscal year, PAM shall pay $75% of such excess amount of gross revenues to the Village. 14. LESSOR DISCLOSURES In accordance with GASB Statement No. 87, Leases, the Village’s lessor disclosures are as follows: The Village entered a lease agreement in January 2022, to lease space for a golf range. Payments of $80,000 are due to the Village in annual installments, through April 2036. The lease agreement is noncancelable and maintains an interest rate of 1.79%. The Village entered a lease agreement in February 2022, to lease property. Payments ranging from $1,000 to $2,500 are due to the Village in monthly installments, through December 2026. The lease agreement is noncancelable and maintains an interest rate of 0.89%. The Village entered a lease agreement in September 2021, to lease space on a cell tower for the placement of cellular communications equipment. Payments ranging from $3,360 to $5,082 are due to the Village in monthly installments, through August 2036. The lease agreement is noncancelable and maintains an interest rate of 1.79%. - 67 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 14. LESSOR DISCLOSURES (Continued) The Village entered a lease agreement in September 2018, to lease space on a cell tower for the placement of cellular communications equipment. Payments ranging from $2,185 to $4,066 are due to the Village in monthly installments, through August 2043. The lease agreement is noncancelable and maintains an interest rate of 2.09%. The Village entered a lease agreement in May 2000, to lease space on a cell tower for the placement of cellular communications equipment. Payments ranging from $4,929 to $5,127 are due to the Village in monthly installments, through April 2023. The lease agreement is noncancelable and maintains an interest rate of 0.31%. The Village entered a lease agreement in March 2009, to lease space on a cell tower for the placement of cellular communications equipment. Payments ranging from $3,137 to $5,184 are due to the Village in monthly installments, through February 2039. The lease agreement is noncancelable and maintains an interest rate of 1.88%. The Village entered a lease agreement in April 2018, to lease space on a cell tower for the placement of cellular communications equipment. Payments ranging from $2,500 to $5,251 are due to the Village in monthly installments, through March 2048. The lease agreement is noncancelable and maintains an interest rate of 2.19%. During the year, the Village recognized lease revenue of $209,880 and interest revenue of $56,795 related to leases. 15. CHANGE IN ACCOUNTING PRINCIPLE Net position of the governmental activities and the Capital Replacement (Internal Service Fund) were restated by $18,276 due to the implementation of GASB Statement No. 87, Leases. - 68 - REQUIRED SUPPLEMENTARY INFORMATION Variance Original Final Over Budget Budget Actual (Under) REVENUES Intergovernmental 14,833,400$ 20,728,702$ 20,608,671$ (120,031)$ Utility taxes 5,595,000 5,214,840 5,214,840 - Licenses and permits 2,007,510 2,452,506 2,452,506 - Charges for services 1,393,300 2,168,899 2,181,752 12,853 Fines and penalties 361,870 334,436 257,345 (77,091) Investment income 144,000 (91,576) (34,779) 56,797 Miscellaneous 243,000 521,126 521,126 - Total revenues 24,578,080 31,328,933 31,201,461 (127,472) EXPENDITURES Current General government 4,852,295 4,481,047 4,665,824 184,777 Public safety 17,791,145 17,557,958 17,533,543 (24,415) Public works 928,765 860,077 860,077 - Culture and recreation 996,145 982,052 982,052 - Total expenditures 24,568,350 23,881,134 24,041,496 160,362 NET CHANGE IN FUND BALANCE 9,730$ 7,447,799$ 7,159,965 (287,834)$ FUND BALANCE, JANUARY 1 31,347,938 FUND BALANCE, DECEMBER 31 38,507,903$ 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, 2022 (See independent auditor's report.) - 69 - FISCAL YEAR ENDED DECEMBER 31,2014 2015 2016 2017 2018 2019 2020 2021 2022 Actuarially determined contribution 732,952$ 715,497$ 723,635$ 611,935$ 647,428$ 544,333$ 663,595$ 629,910$ 506,553$ Contributions in relation to the actuarially determined contribution 749,983 715,089 723,634 645,761 647,429 562,006 663,595 629,910 506,553 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$ 5,133,577$ Contributions as a percentage of covered payroll 14.51%13.67%13.40%13.24%13.13%10.51%12.40%12.08%9.87% 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 Nine 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 22 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.) - 70 - FISCAL YEAR ENDED DECEMBER 31,2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Actuarially determined contribution 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$ 2,097,159$ Contribution in relation to the actuarially determined contribution 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 2,052,526 CONTRIBUTION DEFICIENCY (Excess)33,982$ 225,849$ 213,550$ 180,403$ -$ -$ -$ 366,201$ -$ 44,633$ Covered payroll 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$ 4,221,825$ Contributions as a percentage of covered payroll 32.13%35.01%36.81%40.90%45.65%50.02%53.43%45.87%51.05%48.62% 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 19 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.) - 71 - FISCAL YEAR ENDED DECEMBER 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Actuarially determined contribution 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$ 2,316,400$ Contribution in relation to the actuarially determined contribution 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 2,252,102 CONTRIBUTION DEFICIENCY (Excess)87,885$ 127,663$ 412,107$ 213,965$ -$ -$ -$ 360,077$ -$ 64,298$ Covered payroll 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$ 2,974,486$ Contributions as a percentage of 38.27%58.74%50.19%64.06%71.27%66.91%67.47%57.70%67.08%75.71% 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 19 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.) - 72 - MEASUREMENT DATE DECEMBER 31,2014 2015 2016 2017 2018 2019 2020 2021 TOTAL PENSION LIABILITY Service cost 613,861$ 581,062$ 558,199$ 524,438$ 465,011$ 516,338$ 544,020$ 522,291$ Interest 2,465,082 2,615,047 2,706,946 2,837,540 2,799,690 2,922,546 3,052,150 3,060,021 Changes of benefit terms - - - - - - - - Differences between expected and actual experience (770,401) (398,570) 243,794 (677,198) 711,157 389,071 (889,544) 1,476,988 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) (2,409,813) 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 2,649,487 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 43,150,946 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$ 45,800,433$ PLAN FIDUCIARY NET POSITION Contributions - employer 749,983$ 715,089$ 723,634$ 645,761$ 647,429$ 562,006$ 663,595$ 629,048$ Contributions - member 238,409 238,021 243,012 348,030 222,216 240,618 252,942 234,051 Net investment income 1,874,762 159,375 2,199,050 5,792,968 (2,162,333) 6,770,446 5,960,124 7,531,947 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) (2,409,813) Other (294,611) 63,416 247,674 (989,852) 1,282,342 (7,610) (1,007,512) 156,571 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 6,141,804 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 44,687,417 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$ 50,829,221$ EMPLOYER'S NET PENSION LIABILITY (ASSET)3,224,893$ 4,936,380$ 4,896,428$ 645,476$ 5,705,185$ 1,967,680$ (1,536,471)$ (5,028,788)$ VILLAGE OF OAK BROOK, ILLINOIS SCHEDULE OF CHANGES IN THE EMPLOYER'S NET PENSION LIABILITY AND RELATED RATIOS ILLINOIS MUNICIPAL RETIREMENT FUND Last Eight Fiscal Years - 73 - MEASUREMENT DATE DECEMBER 31,2014 2015 2016 2017 2018 2019 2020 2021 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%110.98% Covered payroll 5,168,916$ 5,230,241$ 5,400,260$ 4,875,980$ 4,930,905$ 5,347,086$ 5,342,954$ 5,199,032$ Employer's net pension liability (asset) as a percentage of covered payroll 62.39%94.38%90.67%13.24%115.70%36.80%(28.76%)(96.73%) 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.) - 74 - MEASUREMENT DATE DECEMBER 31,2014 2015 2016 2017 2018 2019 2020 2021 2022 TOTAL PENSION LIABILITY Service cost 826,067$ 816,276$ 800,389$ 833,296$ 890,871$ 852,541$ 869,540$ 925,403$ 931,194$ 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 4,404,897 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 2,598,147 Changes to actuarial assumptions - 1,597,133 96,439 1,964,218 (182,060) (196,672) (324,515) (35,250) 2,062,373 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) (3,674,259) 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 6,322,352 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 66,163,676 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$ 72,486,028$ 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$ 2,052,526$ Contributions - member 358,339 358,499 383,238 386,727 410,316 378,699 521,151 572,232 396,203 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 (8,340,710) 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) (3,674,259) Administrative expense (47,609) (38,647) (39,522) (35,776) (54,667) (41,392) (38,098) (52,226) (44,446) 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 (9,610,686) 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 49,838,078 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$ 40,227,392$ 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$ 32,258,636$ VILLAGE OF OAK BROOK, ILLINOIS SCHEDULE OF CHANGES IN THE EMPLOYER'S NET PENSION LIABILITY AND RELATED RATIOS POLICE PENSION FUND Last Nine Fiscal Years - 75 - MEASUREMENT DATE DECEMBER 31,2014 2015 2016 2017 2018 2019 2020 2021 2022 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%55.50% 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$ 4,300,995$ 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%750.03% 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.) - 76 - MEASUREMENT DATE DECEMBER 31,2014 2015 2016 2017 2018 2019 2020 2021 2022 TOTAL PENSION LIABILITY Service cost 746,748$ 746,748$ 756,771$ 782,892$ 786,115$ 807,975$ 818,358$ 808,944$ 801,777$ 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 3,800,750 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) 1,101,246 Changes to actuarial assumptions - 1,474,675 90,432 300,225 (156,879) (175,274) (307,978) 2,275,678 124,403 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) (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 2,639,771 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 57,099,837 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$ 59,739,608$ 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$ 2,252,102$ Contributions - member 267,458 269,349 273,775 295,477 300,087 308,176 317,505 332,919 299,887 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 (6,349,869) 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) (3,188,405) Administrative expense (75,386) (46,351) (40,567) (41,034) (45,569) (45,897) (43,590) (62,320) (38,343) 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 (7,024,628) 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 37,817,311 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$ 30,792,683$ 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$ 28,946,925$ VILLAGE OF OAK BROOK, ILLINOIS SCHEDULE OF CHANGES IN THE EMPLOYER'S NET PENSION LIABILITY AND RELATED RATIOS FIREFIGHTERS' PENSION FUND Last Nine Fiscal Years - 77 - MEASUREMENT DATE DECEMBER 31,2014 2015 2016 2017 2018 2019 2020 2021 2022 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%51.54% 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$ 2,975,539$ 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%972.83% 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.) - 78 - MEASUREMENT DATE DECEMBER 31, 2018 2019 2020 2021 2022 TOTAL OPEB LIABILITY Service cost 325,218$ 306,833$ 399,277$ 522,041$ 528,266$ Interest 205,569 239,677 212,958 165,607 168,995 Differences between expected and actual experience 79,566 (508,380) (7,464) (247,647) (367,568) Changes in assumptions (315,894) 791,275 765,452 226,690 (1,119,160) Implicit benefit payments (209,110) (229,223) (212,036) (214,995) (267,003) Net change in total OPEB liability 85,349 600,182 1,158,187 451,696 (1,056,470) Total OPEB liability - beginning 5,552,825 5,638,174 6,238,356 7,396,543 7,848,239 TOTAL OPEB LIABILITY - ENDING 5,638,174$ 6,238,356$ 7,396,543$ 7,848,239$ 6,791,769$ Covered-employee payroll 11,490,969$ 11,909,451$ 12,267,429$ 11,422,917$ 12,389,356$ Employers total OPEB liability as a percentage of covered-employee payroll 49.07%52.38%60.29%68.71%54.82% 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 Five 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. 2022 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 healthcare cost trend rates. The Village has no assets accumulated in a trust that meets the criteria of GASB codification P22.101 or P52.101 to pay related benefits for the OPEB plan. (See independent auditor's report.) - 79 - MEASUREMENT DATE DECEMBER 31,2014 2015 2016 2017 2018 2019 2020 2021 2022 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%(16.97%) 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 Nine Fiscal Years SCHEDULE OF INVESTMENT RETURNS (See independent auditor's report.) - 80 - MEASUREMENT DATE DECEMBER 31,2014 2015 2016 2017 2018 2019 2020 2021 2022 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%(16.96%) 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 Nine Fiscal Years (See independent auditor's report.) - 81 - - 73 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO REQUIRED SUPPLEMENTARY INFORMATION December 31, 2022 BUDGETARY INFORMATION Budgets are adopted on a basis consistent with GAAP, except for the Enterprise and Internal Service Funds. Annual budgets are adopted for the General, Special Revenue, and Capital Projects Funds on the modified accrual basis. 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, Golf Surcharge, 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 ado pted with the exceptions of approved transfers which were not material in relation to the budgets taken as a w hole. - 82 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO REQUIRED SUPPLEMENTARY INFORMATION (Continued) - 73 - BUDGETARY INFORMATION (Continued) 10. The following fund had an excess of actual expenditures over budget for the fiscal year: Fund Excess Promenade TIF Fund $ 680 General Fund 160,362 - 83 - 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 2021 Budget Budget Actual (Under)Actual REVENUES Intergovernmental Municipal sales tax 13,200,000$ 17,699,843$ 17,699,843$ -$ 15,913,212$ Illinois state income and use tax 1,213,400 1,674,040 1,674,040 - 1,361,583 Corporate personal property replacement taxes 370,000 1,052,604 1,052,604 - 520,437 York Township road and bridge tax 35,000 21,442 25,146 3,704 36,277 Grants 15,000 280,773 157,038 (123,735) 33,066 Total intergovernmental 14,833,400 20,728,702 20,608,671 (120,031) 17,864,575 Utility taxes 5,595,000 5,214,840 5,214,840 - 5,698,119 Licenses and permits 2,007,510 2,452,506 2,452,506 - 2,438,302 Charges for services 1,393,300 2,168,899 2,181,752 12,853 1,692,157 Fines and penalties 361,870 334,436 257,345 (77,091) 328,234 Investment income 144,000 (91,576) (34,779) 56,797 (44,605) Miscellaneous Franchise fees 198,000 229,469 229,469 - 213,695 Other 45,000 291,657 291,657 - 33,859 Total miscellaneous 243,000 521,126 521,126 - 247,554 TOTAL REVENUES 24,578,080$ 31,328,933$ 31,201,461$ (127,472)$ 28,224,336$ 2022 (With Comparative Actual) VILLAGE OF OAK BROOK, ILLINOIS GENERAL FUND SCHEDULE OF REVENUES - BUDGET AND ACTUAL For the Year Ended December 31, 2022 (See independent auditor's report.) - 84 - Variance Original Final Over 2021 Budget Budget Actual (Under)Actual GENERAL GOVERNMENT Legislative and general management Board of trustees Personnel 90,600$ 90,182$ 90,182$ -$ 88,340$ Materials and supplies 550 2,046 2,051 5 1,024 Operation and contractual 18,500 19,518 20,096 578 16,135 Total board of trustees 109,650 111,746 112,329 583 105,499 Village clerk Personnel 162,730 148,702 148,702 - 154,600 Materials and supplies 2,000 1,685 1,685 - 394 Operation and contractual 7,500 10,225 10,225 - 6,783 Total Village clerk 172,230 160,612 160,612 - 161,777 Legal Operation and contractual 261,800 413,545 413,545 - 351,521 Total legal 261,800 413,545 413,545 - 351,521 General management Personnel 324,830 417,180 417,180 - 333,645 Materials and supplies 31,650 31,330 31,330 - 29,371 Operation and contractual 11,030 52,708 52,708 - 39,191 Capital outlay - - 10,958 10,958 - Total general management 367,510 501,218 512,176 10,958 402,207 Human resources Personnel 196,795 147,341 147,341 - 150,370 Materials and supplies 2,800 400 400 - 719 Operation and contractual 59,500 150,174 150,174 - 44,744 Total human resources 259,095 297,915 297,915 - 195,833 Risk management Personnel 31,385 20,460 20,460 - 30,932 Operation and contractual 217,775 293,112 452,797 159,685 293,988 Total risk management 249,160 313,572 473,257 159,685 324,920 Emergency management Materials and supplies - 2,680 2,680 - 2,480 Operational and contractual 38,100 7,424 7,424 - 11,714 Capital outlay - 10,290 10,290 - - Total emergency management 38,100 20,394 20,394 - 14,194 2022 SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL GENERAL FUND VILLAGE OF OAK BROOK, ILLINOIS For the Year Ended December 31, 2022 (With Comparative Actual) (This schedule is continued on the following pages.) - 85 - Variance Original Final Over 2021 Budget Budget Actual (Under)Actual GENERAL GOVERNMENT (Continued) Legislative and general management (Continued) Information systems Personnel 362,160$ 356,459$ 356,459$ -$ 350,012$ Materials and supplies 29,600 29,700 29,700 - 28,383 Operation and contractual 460,900 451,065 451,065 - 343,584 Capital 638,225 475,222 475,222 - 166,129 Total information systems 1,490,885 1,312,446 1,312,446 - 888,108 Customer service Personnel 53,890 46,824 46,824 - 31,759 Operation and contractual - - - - 2,812 Total customer service 53,890 46,824 46,824 - 34,571 Total legislative and general management 3,002,320 3,178,272 3,349,498 171,226 2,478,630 Community development management Administration Personnel 377,275 281,266 281,266 - 325,112 Materials and supplies 825 610 610 - 771 Operation and contractual 7,900 2,379 2,379 - 1,776 Total administration 386,000 284,255 284,255 - 327,659 Code enforcement Personnel 619,435 563,547 563,547 - 561,561 Materials and supplies 6,450 3,232 3,232 - 3,800 Operation and contractual 82,400 68,353 68,353 - 64,571 Total code enforcement 708,285 635,132 635,132 - 629,932 Total community development management 1,094,285 919,387 919,387 - 957,591 Financial services Financial services management Personnel 173,615 177,462 177,462 - 155,871 Materials and supplies - - 152 152 - Operation and contractual 59,600 50,864 50,870 6 52,479 Capital outlay - - 13,393 13,393 - Total financial services management 233,215 228,326 241,877 13,551 208,350 Accounting and reporting Personnel 397,185 373,603 373,603 - 374,560 Materials and supplies 2,700 3,285 3,285 - 3,513 Operation and contractual 30,300 30,503 30,503 - 25,807 Total accounting and reporting 430,185 407,391 407,391 - 403,880 2022 VILLAGE OF OAK BROOK, ILLINOIS For the Year Ended December 31, 2022 (With Comparative Actual) SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND (This schedule is continued on the following pages.) - 86 - Variance Original Final Over 2021 Budget Budget Actual (Under)Actual 2022 VILLAGE OF OAK BROOK, ILLINOIS For the Year Ended December 31, 2022 (With Comparative Actual) SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND GENERAL GOVERNMENT (Continued) Financial services (Continued) PSEBA benefits Personnel 36,200$ 36,143$ 36,143$ -$ 50,452$ Purchasing Personnel 109,380 109,821 109,821 - 106,712 Materials and supplies 18,050 17,384 17,384 - 16,424 Total purchasing 127,430 127,205 127,205 - 123,136 Total financial services 827,030 799,065 812,616 13,551 785,818 Municipal building improvements Contractual services 89,000 - - - - Capital 295,000 39,663 39,663 - 42,025 Total municipal building improvements 384,000 39,663 39,663 - 42,025 Expenditure reimbursements paid to other funds 109,880 109,880 109,880 - 105,885 Subtotal general government 5,417,515 5,046,267 5,231,044 184,777 4,369,949 Less reimbursements from other funds (565,220) (565,220) (565,220) - (593,685) Total general government 4,852,295 4,481,047 4,665,824 184,777 3,776,264 PUBLIC SAFETY Police department Police services management Personnel 396,195 330,957 330,957 - 537,400 Materials and supplies 3,000 3,793 3,793 - 1,243 Operation and contractual 58,215 112,357 112,357 - 41,450 Total police services management 457,410 447,107 447,107 - 580,093 Police field services Personnel 5,692,130 5,640,083 5,640,083 - 5,332,236 Materials and supplies 8,800 31,794 31,794 - 5,799 Operation and contractual 283,985 283,607 283,607 - 193,934 Capital outlay 284,625 207,850 207,850 - - Total police field services 6,269,540 6,163,334 6,163,334 - 5,531,969 Police auxiliary services Personnel 75,355 42,118 42,118 - 3,440 Total police auxiliary services 75,355 42,118 42,118 - 3,440 (This schedule is continued on the following pages.) - 87 - Variance Original Final Over 2021 Budget Budget Actual (Under)Actual 2022 VILLAGE OF OAK BROOK, ILLINOIS For the Year Ended December 31, 2022 (With Comparative Actual) SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND PUBLIC SAFETY (Continued) Police department (Continued) Support services general Personnel 990,080$ 930,413$ 930,413$ -$ 946,647$ Materials and supplies 68,600 100,212 100,212 - 35,195 Operation and contractual 3,750 4,170 4,170 - 4,479 Total support services general 1,062,430 1,034,795 1,034,795 - 986,321 Support services detectives Personnel 1,227,765 1,185,077 1,185,077 - 1,246,328 Materials and supplies 2,300 3,217 3,217 - 1,771 Operation and contractual 39,250 40,138 40,138 - 18,544 Total support services detectives 1,269,315 1,228,432 1,228,432 - 1,266,643 Support services records Personnel 179,445 189,074 189,074 - 176,316 Materials and supplies 16,800 15,828 15,828 - 16,095 Operation and contractual 538,810 518,993 518,993 - 505,923 Total support services records 735,055 723,895 723,895 - 698,334 Total police department 9,869,105 9,639,681 9,639,681 - 9,066,800 Fire department Fire, rescue, and EMS operations Personnel 6,464,760 6,695,925 6,671,412 (24,513) 6,315,058 Materials and supplies 76,950 56,853 56,853 - 50,101 Operation and contractual 355,260 350,555 350,564 9 146,040 Capital outlay 22,500 10,571 10,571 - 26,701 Total fire, rescue, and EMS operations 6,919,470 7,113,904 7,089,400 (24,504) 6,537,900 Fire services management Personnel 364,470 173,993 173,993 - 292,841 Materials and supplies 4,645 2,320 2,414 94 2,698 Operation and contractual 166,465 245,651 245,648 (3) 200,435 Other 9,000 6,437 6,435 (2) 8,609 Total fire services management 544,580 428,401 428,490 89 504,583 Special teams operations Materials and supplies 15,000 14,794 14,794 - 15,376 Operation and contractual 5,060 4,980 4,980 - 9,813 Capital outlay 6,000 5,918 5,918 - - Total special teams operations 26,060 25,692 25,692 - 25,189 (This schedule is continued on the following pages.) - 88 - Variance Original Final Over 2021 Budget Budget Actual (Under)Actual 2022 VILLAGE OF OAK BROOK, ILLINOIS For the Year Ended December 31, 2022 (With Comparative Actual) SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND PUBLIC SAFETY (Continued) Fire department Rescue and fire training Personnel 20,915$ 8,210$ 8,210$ -$ 8,591$ Materials and supplies 100 113 113 - - Total rescue and fire training 21,015 8,323 8,323 - 8,591 Emergency medical services Personnel 25,955 15,010 15,010 - 18,041 Materials and supplies 33,700 29,560 29,560 - 34,687 Operation and contractual 123,590 125,020 125,020 - 217,783 Capital outlay 46,000 45,331 45,331 - 37,572 Total emergency medical services 229,245 214,921 214,921 - 308,083 Fire prevention and public safety Personnel 172,270 121,969 121,969 - 84,701 Materials and supplies 6,650 2,797 2,797 - 2,203 Operation and contractual 2,750 2,270 2,270 - - Total fire prevention and public safety 181,670 127,036 127,036 - 86,904 Total fire department 7,922,040 7,918,277 7,893,862 (24,415) 7,471,250 Total public safety 17,791,145 17,557,958 17,533,543 (24,415) 16,538,050 PUBLIC WORKS Mosquito control Operation and contractual 69,500 66,865 66,865 - 67,422 Total mosquito control 69,500 66,865 66,865 - 67,422 Buildings and grounds Personnel 301,140 275,476 275,476 - 227,776 Materials and supplies 45,350 37,813 37,813 - 37,876 Operation and contractual 287,155 327,198 327,198 - 312,598 Total buildings and grounds 633,645 640,487 640,487 - 578,250 Forestry Personnel 9,510 1,569 1,569 - 917 Materials and supplies 2,000 1,788 1,788 - 563 Operation and contractual 214,110 149,368 149,368 - 191,905 Total forestry 225,620 152,725 152,725 - 193,385 Total public works 928,765 860,077 860,077 - 839,057 (This schedule is continued on the following page.) - 89 - Variance Original Final Over 2021 Budget Budget Actual (Under)Actual 2022 VILLAGE OF OAK BROOK, ILLINOIS For the Year Ended December 31, 2022 (With Comparative Actual) SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND CULTURE AND RECREATION Library general operations Personnel 382,545$ 405,625$ 405,625$ -$ 357,528$ Materials and supplies 12,950 11,595 11,595 - 11,300 Operation and contractual 82,665 68,682 68,682 - 69,733 Capital outlay - 9,864 9,864 - - Total library general operations 478,160 495,766 495,766 - 438,561 Library technical services Personnel 127,695 117,258 117,258 - 119,393 Materials and supplies 3,600 3,595 3,595 - 3,297 Operation and contractual 650 595 595 - 645 Total library technical services 131,945 121,448 121,448 - 123,335 Library reference and adult services Personnel 229,990 210,675 210,675 - 209,689 Materials and supplies 146,550 144,666 144,666 - 144,094 Operation and contractual 9,500 9,497 9,497 - 9,497 Total library reference and adult services 386,040 364,838 364,838 - 363,280 Total culture and recreation 996,145 982,052 982,052 - 925,176 TOTAL EXPENDITURES 24,568,350$ 23,881,134$ 24,041,496$ 160,362$ 22,078,547$ (See independent auditor's report.) - 90 - Variance Original Final Over Budget Budget Actual (Under)2021 REVENUES Intergovernmental 1,089,730$ 550,000$ 550,000$ -$ -$ Non-home rule sales tax 5,815,000 7,363,215 7,363,215 - 6,651,414 Investment income 27,500 (54,682) (54,682) - (8,263) Miscellaneous 1,000 - - - 4,276 Total revenues 6,933,230 7,858,533 7,858,533 - 6,647,427 EXPENDITURES General government Geographic information Personnel 21,775 20,671 20,671 - 20,334 Materials and supplies 1,700 1,545 1,545 - 470 Operation and contractual 186,035 195,481 195,481 - 144,808 Total geographic information 209,510 217,697 217,697 - 165,612 Total general government 209,510 217,697 217,697 - 165,612 Public works Management Personnel 464,400 421,797 421,797 - 464,416 Materials and supplies 2,900 2,495 2,495 - 2,844 Operation and contractual 93,780 41,015 41,015 - 100,796 Total management 561,080 465,307 465,307 - 568,056 Streets - general salaries Personnel 644,315 681,286 681,286 - 696,836 Materials and supplies 4,000 3,797 3,797 - 3,255 Operation and contractual 2,800 3,863 3,863 - 3,204 Total streets - general salaries 651,115 688,946 688,946 - 703,295 Streets and traffic maintenance Materials and supplies 70,000 42,290 42,290 - 41,170 Operation and contractual 553,975 496,785 496,785 - 549,442 Total streets and traffic maintenance 623,975 539,075 539,075 - 590,612 Snow removal Personnel 60,865 68,250 68,250 - 51,981 Materials and supplies 127,000 110,840 110,840 - 110,761 Operation and contractual 50,935 49,160 49,160 - 48,740 Total snow removal 238,800 228,250 228,250 - 211,482 2022 INFRASTRUCTURE FUND VILLAGE OF OAK BROOK, ILLINOIS (With Comparative Actual) For the Year Ended December 31, 2022 CHANGES IN FUND BALANCE - BUDGET AND ACTUAL SCHEDULE OF REVENUES, EXPENDITURES, AND (This schedule is continued on the following page.) - 91 - Variance Original Final Over Budget Budget Actual (Under)2021 EXPENDITURES Public works Drainage maintenance Materials and supplies 15,000$ 11,240$ 11,240$ -$ 2,636$ Operation and contractual 79,775 69,414 69,414 - 75,318 Capital - - - - 137,644 Total drainage maintenance 94,775 80,654 80,654 - 215,598 Safe pathway maintenance Materials and supplies 6,000 6,000 2,555 (3,445) 972 Operation and contractual 24,450 24,450 19,450 (5,000) 19,290 Capital 180,000 180,000 126,334 (53,666) 103,275 Total safe pathway maintenance 210,450 210,450 148,339 (62,111) 123,537 Engineering and capital projects engineering Personnel 101,480 54,000 54,000 - 101,990 Operation and contractual 388,430 258,293 258,293 - 290,578 Total engineering and capital projects engineering 489,910 312,293 312,293 - 392,568 Roadway improvements Operation and contractual 350,000 82,170 82,170 - 391,709 Intergovernmental agreements 9,046,320 5,226,362 5,226,362 - 8,065,854 Total roadway improvements 9,396,320 5,308,532 5,308,532 - 8,457,563 Reimbursements from other funds Reimbursements from other funds (323,365) (323,365) (323,365) - (331,840) Reimbursements paid to other funds 118,130 118,130 118,130 - 176,300 Total reimbursements from other funds (205,235) (205,235) (205,235) - (155,540) Total public works 12,061,190 7,628,272 7,566,161 (62,111) 11,107,171 Total expenditures 12,270,700 7,845,969 7,783,858 (62,111) 11,272,783 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (5,337,470) 12,564 74,675 62,111 (4,625,356) OTHER FINANCING SOURCES (USES) Transfers in 423,375 - - - 6,450,463 Total other financing sources (uses) 423,375 - - - 6,450,463 NET CHANGE IN FUND BALANCE (4,914,095)$ 12,564$ 74,675 62,111$ 1,825,107 FUND BALANCE, JANUARY 1 8,806,294 6,981,187 FUND BALANCE, DECEMBER 31 8,880,969$ 8,806,294$ (With Comparative Actual) 2022 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, 2022 (See independent auditor's report.) - 92 - 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 1,665,274$ 2,578,883$ 219,138$ 309,920$ 4,773,215$ Receivables Property taxes - - - 408,150 408,150 Allotments 31,861 - - - 31,861 Accrued interest 99 7,564 - - 7,663 Other - 350,685 - - 350,685 TOTAL ASSETS 1,697,234$ 2,937,132$ 219,138$ 718,070$ 5,571,574$ LIABILITIES Accounts payable -$ 46,786$ -$ -$ 46,786$ Total liabilities - 46,786 - - 46,786 DEFERRED INFLOWS OF RESOURCES Unavailable revenue - property taxes - - - 408,150 408,150 Unavailable other receivables - 200,000 - - 200,000 Total deferred inflows of resources - 200,000 - 408,150 608,150 FUND BALANCES Restricted Highways and streets 1,697,234 - - - 1,697,234 Public safety - - 219,138 - 219,138 Culture and recreation - 2,690,346 - - 2,690,346 Economic development - - - 309,920 309,920 Total fund balances 1,697,234 2,690,346 219,138 309,920 4,916,638 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES 1,697,234$ 2,937,132$ 219,138$ 718,070$ 5,571,574$ OF RESOURCES, AND FUND BALANCES ASSETS LIABILITIES, DEFERRED INFLOWS VILLAGE OF OAK BROOK, ILLINOIS COMBINING BALANCE SHEET December 31, 2022 Special Revenue (See independent auditor's report.) - 93 - Motor Hotel/Motel Foreign Fire Promenade Fuel Tax Tax Insurance Tax TIF Total REVENUES Intergovernmental 494,522$ 100,000$ 80,735$ 91,755$ 767,012$ Property tax - - - 408,176 408,176 Hotel/motel taxes - 1,382,607 - - 1,382,607 Investment income 20,251 (4,431) 37 2,437 18,294 Miscellaneous - 6,000 5,000 - 11,000 Total revenues 514,773 1,484,176 85,772 502,368 2,587,089 EXPENDITURES Current General government - 82,800 - 4,575 87,375 Public safety - - 71,735 - 71,735 Culture and recreation - 410,931 - - 410,931 Debt service Principal - - - 308,200 308,200 Interest and fiscal agent fees - - - 178,060 178,060 Total expenditures - 493,731 71,735 490,835 1,056,301 NET CHANGE IN FUND BALANCES 514,773 990,445 14,037 11,533 1,530,788 FUND BALANCES, JANUARY 1 1,182,461 1,699,901 205,101 298,387 3,385,850 FUND BALANCES, DECEMBER 31 1,697,234$ 2,690,346$ 219,138$ 309,920$ 4,916,638$ VILLAGE OF OAK BROOK, ILLINOIS COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES For the Year Ended December 31, 2022 Special Revenue (See independent auditor's report.) - 94 - Variance Original Final Over Budget Budget Actual (Under)2021 REVENUES Intergovernmental 465,175$ 494,522$ 494,522$ -$ 482,045$ Investment income 500 20,251 20,251 - 266 Miscellaneous - - - - 212 Total revenues 465,675 514,773 514,773 - 482,523 EXPENDITURES None - - - - - Total expenditures - - - - - EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 465,675 514,773 514,773 - 482,523 OTHER FINANCING SOURCES (USES) Transfers (out)(230,000) - - - - Total other financing sources (uses)(230,000) - - - - NET CHANGE IN FUND BALANCE 235,675$ 514,773$ 514,773 -$ 482,523 FUND BALANCE, JANUARY 1 1,182,461 699,938 FUND BALANCE, DECEMBER 31 1,697,234$ 1,182,461$ (With Comparative Actual) 2022 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, 2022 (See independent auditor's report.) - 95 - Variance Original Final Over Budget Budget Actual (Under) REVENUES Hotel/motel taxes 773,500$ 1,382,607$ 1,382,607$ -$ Intergovernmental - - 100,000 - Investment income 21,000 (4,431) (4,431) - Miscellaneous 6,000 6,000 6,000 - Total revenues 800,500 1,384,176 1,484,176 - EXPENDITURES Current General government 82,800 82,800 82,800 - Culture and recreation 289,985 410,931 410,931 - Total expenditures 372,785 493,731 493,731 - INCOME (LOSS) BEFORE TRANSFERS AND CONTRIBUTIONS 427,715 890,445 990,445 - TRANSFERS Transfers (out)(193,375) - - - Total transfers (193,375) - - - NET CHANGE IN FUND BALANCE 234,340$ 890,445$ 990,445 -$ FUND BALANCE, JANUARY 1 1,699,901 FUND BALANCE, DECEMBER 31 2,690,346$ 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, 2022 (See independent auditor's report.) - 96 - Variance Original Final Over Budget Budget Actual (Under)2021 REVENUES Intergovernmental Municipal sales tax 90,000$ 91,755$ 91,755$ -$ 108,147$ Property taxes 405,000 411,881 408,176 (3,705) 408,456 Investment income 50 2,436 2,437 1 59 Total revenues 495,050 506,072 502,368 (3,704) 516,662 EXPENDITURES Current General government 2,550 2,550 4,575 2,025 4,075 Debt service Principal 308,200 308,200 308,200 - 280,000 Interest and fiscal agent fees 178,055 179,405 178,060 (1,345) 201,500 Total expenditures 488,805 490,155 490,835 680 485,575 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 6,245 15,917 11,533 (4,384) 31,087 NET CHANGE IN FUND BALANCE 6,245$ 15,917$ 11,533 (4,384)$ 31,087 FUND BALANCE, JANUARY 1 298,387 267,300 FUND BALANCE, DECEMBER 31 309,920$ 298,387$ (With Comparative Actual) 2022 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, 2022 (See independent auditor's report.) - 97 - 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)2021 OPERATING REVENUES Charges for services Water sales 10,484,500$ 11,171,196$ 11,171,196$ -$ 10,762,786$ Unmetered sales 50,000 99,978 99,978 - 53,235 Water tap on charges 75,000 586,270 586,270 - 188,830 Meter fees and special services 40,000 50,352 50,352 - 33,152 Miscellaneous 36,000 116,153 116,153 - 720,518 Total operating revenues 10,685,500 12,023,949 12,023,949 - 11,758,521 OPERATING EXPENSES Operation of facilities 10,463,385 6,392,062 6,147,483 (244,579) 7,235,957 Depreciation and amortization - - 1,214,440 1,214,440 911,349 Total operating expenses 10,463,385 6,392,062 7,361,923 969,861 8,147,306 OPERATING INCOME (LOSS)222,115 5,631,887 4,662,026 (969,861) 3,611,215 NON-OPERATING REVENUES (EXPENSES) Investment income (loss)30,000 12,392 12,393 1 (8,944) Gain (loss) on disposal of capital assets - - 10,416,822 10,416,822 (19,899) Total non-operating revenues (expenses)30,000 12,392 10,429,215 10,416,823 (28,843) CHANGE IN NET POSITION 252,115$ 5,644,279$ 15,091,241 9,446,962$ 3,582,372 NET POSITION, JANUARY 1 34,574,878 30,992,506 NET POSITION, DECEMBER 31 49,666,119$ 34,574,878$ Note: The gain on disposal of capital assets in 2022 relates to the Village's sale of the water system. (With Comparative Actual) 2022 VILLAGE OF OAK BROOK, ILLINOIS SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION - BUDGET AND ACTUAL For the Year Ended December 31, 2022 WATERWORKS SYSTEM FUND (See independent auditor's report.) - 98 - Variance Original Final Over Budget Budget Actual (Under)2021 OPERATING EXPENSES Operation of facilities Public works - water operations Personnel 647,620$ 480,809$ 480,809$ -$ 714,702$ Materials and supplies 69,650 81,992 81,992 - 144,856 Operation and contractual 5,400,625 5,408,771 5,408,771 - 6,011,673 Reimbursement to other funds 420,490 420,490 420,490 - 450,500 Total public works - water operations 6,538,385 6,392,062 6,392,062 - 7,321,731 Capital improvements Capital outlay 3,925,000 - 121,526 121,526 7,312,879 Total capital improvements 3,925,000 - 121,526 121,526 7,312,879 TOTAL OPERATING EXPENSES (BUDGETARY BASIS)10,463,385$ 6,392,062$ 6,513,588 121,526$ 14,634,610 ADJUSTMENTS TO GAAP BASIS Capital expenditures (121,526) (7,312,879) Depreciation and amortization expense 1,214,442 911,351 Pension expense - IMRF (224,943) (29,658) OPEB expense (19,636) (56,116) Total adjustments to GAAP basis 848,337 (6,487,302) TOTAL OPERATING EXPENSES (GAAP BASIS)7,361,925$ 8,147,308$ 2022 VILLAGE OF OAK BROOK, ILLINOIS WATERWORKS SYSTEM FUND SCHEDULE OF DETAILED EXPENSES - BUDGET AND ACTUAL - BUDGETARY BASIS For the Year Ended December 31, 2022 (With Comparative Actual) (See independent auditor's report.) - 99 - Variance Original Final Over Budget Budget Actual (Under)2021 OPERATING REVENUES Charges for services Golf club 2,891,405$ 2,891,405$ 2,891,537$ 132$ 2,817,794$ Swimming and tennis 488,609 488,609 490,128 1,519 1,862 Special events 66,812 66,812 66,812.00 - - Rentals and commissions 608,662 608,662 608,398 (264) 307,612 Food and beverage 836,471 836,471 836,471 - 776,626 Total operating revenues 4,891,959 4,891,959 4,893,346 1,387 3,903,894 OPERATING EXPENSES Golf club 2,293,550 2,048,488 1,876,667 (171,821) 2,104,176 Swimming and tennis 453,935 594,989 471,338 (123,651) 215,345 Special events 150,000 185,019 185,019 - 25,000 Rentals and commissions 467,670 320,481 286,130 (34,351) 249,283 Food and beverage 510,095 610,891 649,448 38,557 600,254 Total operating expenses 3,875,250 3,759,868 3,468,602 (291,266) 3,194,058 OPERATING INCOME (LOSS)1,016,709 1,132,091 1,424,744 292,653 709,836 NON-OPERATING REVENUES (EXPENSES) Investment income - - 17,339 17,339 68 Miscellaneous - - (17,542) (17,542) (4,000) Total non-operating revenues (expenses)- - (203) (203) (3,932) INCOME (LOSS) BEFORE TRANSFERS AND CONTRIBUTIONS 1,016,709 1,132,091 1,424,541 292,450 705,904 TRANSFERS Transfers in - - 278,773 278,773 - Total transfers - - 278,773 278,773 - CAPITAL GRANTS AND CONTRIBUTIONS - - - - 198,211 CHANGE IN NET POSITION 1,016,709$ 1,132,091$ 1,703,314 571,223$ 904,115 NET POSITION, JANUARY 1 13,605,378 12,701,263 NET POSITION, DECEMBER 31 15,308,692$ 13,605,378$ The golf surcharge fund was conslidated into the Sports Core Fund during the year ended December 31, 2022. 2022 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, 2022 (With Comparative Actual) (See independent auditor's report.) - 100 - Variance Original Final Over Budget Budget Actual (Under)2021 CHARGES FOR SERVICE Golf club Fees 2,116,671$ 2,116,671$ 2,116,803$ 132$ 2,194,834$ Surcharge 138,297 138,297 138,297 - - Memberships 404,975 404,975 404,975 - 355,865 Merchandise sales 226,529 226,529 226,529 - 259,537 Miscellaneous 4,933 4,933 4,933 - 7,558 Total golf club 2,891,405 2,891,405 2,891,537 132 2,817,794 Swimming and tennis Fees 83,582 83,582 83,582 - - Memberships 402,838 402,838 402,838 - - Merchandise sales 1,189 1,189 1,189 - - Miscellaneous 1,000 1,000 2,519 1,519 1,862 Total swimming and tennis 488,609 488,609 490,128 1,519 1,862 Special events Miscellaneous 66,812 66,812 66,812 - - Total special events 66,812 66,812 66,812 - - Rentals and commissions Open field rental 174,393 174,393 184,377 9,984 30,500 Butler range rental 80,000 80,000 70,480 (9,520) 80,000 Clubhouse rental income 354,269 354,269 353,541 (728) 197,112 Total rentals and commissions 608,662 608,662 608,398 (264) 307,612 Food and beverage Food sales 334,371 334,371 334,371 - 280,382 Beverage sales 502,100 502,100 502,100 - 496,244 Total food and beverage 836,471 836,471 836,471 - 776,626 TOTAL OPERATING REVENUES 4,891,959$ 4,891,959$ 4,893,346$ 1,387$ 3,903,894$ 2022 VILLAGE OF OAK BROOK, ILLINOIS SPORTS CORE FUND SCHEDULE OF DETAILED REVENUES - BUDGET AND ACTUAL For the Year Ended December 31, 2022 (With Comparative Actual) (See independent auditor's report.) - 101 - Variance Original Final Over Budget Budget Actual (Under)2021 OPERATING EXPENSES Operations - golf club Golf club general operations Personnel 566,100$ 558,525$ 558,525$ - 562,676$ Materials and supplies 214,450 201,619 201,619 - 207,897 Operation and contractual 178,100 295,067 295,067 - 264,913 Capital 180,000 131,234 125,915 (5,319) - Total operations - golf club 1,138,650 1,186,445 1,181,126 (5,319) 1,035,486 Golf club range operations Personnel 82,220 59,482 59,482 - 84,888 Materials and supplies 20,000 19,958 19,958 - 16,171 Operation and contractual 21,000 6,301 6,301 - 14,799 Capital 10,000 - 10,996 10,996 51,472 Total operations - golf club range 133,220 85,741 96,737 10,996 167,330 Golf cart operations Personnel 48,785 42,611 42,611 - 42,404 Materials and supplies 1,400 1,006 1,006 - 2,469 Operation and contractual 52,675 58,819 58,817 (2) 56,910 Total operations - golf cart 102,860 102,436 102,434 (2) 101,783 Golf course maintenance Personnel 487,880 350,221 350,221 - 392,700 Materials and supplies 169,650 213,678 213,678 - 181,266 Operation and contractual 35,700 53,377 53,377 - 36,499 Capital 169,000 - 168,276 168,276 - Total operations - golf course maintenance 862,230 617,276 785,552 168,276 610,465 Less Reimbursement to (from) other funds 56,590 56,590 56,590 - 8,175 Total operations - golf club 2,293,550 2,048,488 2,222,439 173,951 1,923,239 Operations - swimming and tennis General operations Personnel 77,400 16,577 16,577 - 16,280 Materials and supplies 2,300 1,130 1,130 - 730 Operation and contractual 40,055 22,344 22,344 - 74,835 Subtotal general operations 119,755 40,051 40,051 - 91,845 Less Reimbursement to (from) other funds 18,865 18,865 18,865 - (24,275) Overhead allocation (137,620) (65,477) (65,477) - (50,650) Total general operations 1,000 (6,561) (6,561) - 16,920 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, 2022 2022 (This schedule is continued on the following pages.) - 102 - Variance Original Final Over Budget Budget Actual (Under)2021 OPERATING EXPENSES (Continued) Operations - swimming and tennis (Continued) Swimming operations Personnel 21,530$ 14,714$ 14,714$ -$ -$ Materials and supplies 40,500 42,800 42,800 - 27,913 Operation and contractual 210,000 226,760 226,760 - 43,539 Capital 57,750 220,321 220,321 - 125,711 Overhead allocation 49,540 23,572 23,572 - 18,525 Total swimming operations 379,320 528,167 528,167 - 215,688 Tennis operations - outdoor Materials and supplies 3,000 7,324 7,324 - 2,460 Operation and contractual 56,850 59,511 59,511 - 7,157 Overhead allocation 13,765 6,548 6,548 - 5,146 Total tennis operations - outdoor 73,615 73,383 73,383 - 14,763 Total operations - swimming and tennis 453,935 594,989 594,989 - 247,371 Special events Operation and contractual 150,000 185,019 185,019 - 25,000 Total special events 150,000 185,019 185,019 - 25,000 Rentals and commissions Bath and tennis clubhouse Personnel 140,250 129,887 129,887 - 126,544 Materials and supplies 15,350 23,224 23,224 - 12,308 Operation and contractual 92,600 95,368 95,367 (1) 76,573 Capital 50,000 - - - - Overhead allocation 68,810 32,739 32,739 - 24,921 Total bath and tennis clubhouse 367,010 281,218 281,217 (1) 240,346 Open fields Materials and supplies 1,500 - - - - Operation and contractual 99,160 39,263 39,262 (1) 11,460 Capital - - - - 454,395 Total open fields 100,660 39,263 39,262 (1) 465,855 Total rentals and commissions 467,670 320,481 320,479 (2) 706,201 Food and beverage Poolside grill Personnel 28,420 36,280 36,280 - - Materials and supplies 28,750 33,040 33,040 - 1,709 Operation and contractual 625 8,324 8,324 - 223 Overhead allocation 5,505 2,619 2,619 - 2,058 Total poolside grill 63,300 80,263 80,263 - 3,990 2022 For the Year Ended December 31, 2022 (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 page.) - 103 - Variance Original Final Over Budget Budget Actual (Under)2021 2022 For the Year Ended December 31, 2022 (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 218,795$ 237,915$ 243,203$ 5,288$ 238,122$ Materials and supplies 222,000 285,226 285,226 - 287,748 Operation and contractual 6,000 7,487 7,487 - 5,937 Capital - - - - 19,333 Total golf clubhouse 446,795 530,628 535,916 5,288 551,140 Total food and beverage 510,095 610,891 616,179 5,288 555,130 TOTAL OPERATING EXPENSES (BUDGETARY BASIS)3,875,250$ 3,759,868$ 3,939,105 179,237$ 3,456,941 ADJUSTMENTS TO GAAP BASIS Capital expenditures (525,508) (650,911) Depreciation expense - golf 252,151 249,325 Depreciation expense - swimming and tennis 103,230 94,851 Depreciation expense - food and beverage 75,906 73,053 Pension expense - IMRF (327,976) (65,998) OPEB expense (48,306) 36,797 Total adjustments to GAAP basis (470,503) (262,883) TOTAL OPERATING EXPENSES (GAAP BASIS)3,468,602$ 3,194,058$ (See independent auditor's report.) - 104 - NONMAJOR ENTERPRISE FUNDS Golf Surcharge Fund - to account for revenue collected related to the $3 surcharge on each golf round played. Funds are accumulated in this fund and used on golf course improvements. Variance Original Final Over Budget Budget Actual (Under)2021 OPERATING REVENUES Charges for services Golf surcharge -$ -$ -$ -$ 145,968$ Other - - - - 212 Total operating revenues - - - - 146,180 OPERATING EXPENSES None - - - - - Total operating expenses excluding depreciation - - - - - OPERATING INCOME - - - - 146,180 NON-OPERATING REVENUES (EXPENSES) None - - - - - Total non-operating revenues (expenses)- - - - - INCOME BEFORE TRANSFERS AND CONTRIBUTIONS - - - - 146,180 TRANSFERS Transfers (out)- - (278,773) (278,773) - Total transfers - - (278,773) (278,773) - CHANGE IN NET POSITION (GAAP BASIS)-$ -$ (278,773) (278,773)$ 146,180 NET POSITION, JANUARY 1 278,773 132,593 NET POSITION, DECEMBER 31 -$ 278,773$ The golf surcharge fund was consolidated into the Sports Core Fund during the year ended December 31, 2022. 2022 (With Comparative Actual) For the Year Ended December 31, 2022 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.) - 105 - 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, 2022 Self Capital Insurance Garage Replacement Total CURRENT ASSETS Cash and investments 601,245$ 277,112$ 842,550$ 1,720,907$ Receivables Accrued interest - - 2,407 2,407 Other 130,707 3,462 - 134,169 Inventories - 61,353 - 61,353 Prepaid expenses 144 - - 144 Total current assets 732,096 341,927 844,957 1,918,980 NONCURRENT ASSETS Net pension asset - 120,089 - 120,089 Capital assets Assets being depreciated Cost - 221,942 5,492,217 5,714,159 Accumulated depreciation - (192,567) (3,231,540) (3,424,107) Intangible - - 2,708,577 2,708,577 Accumulated amortization - - (517,203) (517,203) Net capital assets - 29,375 4,452,051 4,481,426 Total assets 732,096 491,391 5,297,008 6,520,495 DEFERRED OUTFLOWS OF RESOURCES Pension items - IMRF - 32,967 - 32,967 Deferred outflows of resources - OPEB - 6,446 - 6,446 Total deferred outflows of resources - 39,413 - 39,413 Total assets and deferred outflows of resources 732,096 530,804 5,297,008 6,559,908 CURRENT LIABILITIES Accounts payable 633,459 12,400 12,050 657,909 Accrued payroll - 3,007 - 3,007 Unearned revenue 28,177 - - 28,177 Interest payable - - 46,200 46,200 Claims payable 95,841 - - 95,841 Current compensated absences payable - 6,966 - 6,966 Current other postemployment benefit liability - 1,602 - 1,602 Leases - - 444,879 444,879 Total current liabilities 757,477 23,975 503,129 1,284,581 NONCURRENT LIABILITIES Compensated absences payable - 1,229 - 1,229 Other postemployment benefit liability - 39,168 - 39,168 Leases - - 1,757,126 1,757,126 Total noncurrent liabilities - 40,397 1,757,126 1,797,523 Total liabilities 757,477 64,372 2,260,255 3,082,104 DEFERRED INFLOWS OF RESOURCES Pension items - IMRF - 150,093 - 150,093 Deferred inflows of resources - OPEB - 11,189 - 11,189 Total deferred inflows of resources - 161,282 - 161,282 Total liabilities and deferred inflows of resources 757,477 225,654 2,260,255 3,243,386 (This schedule is continued on the following page.) - 106 - VILLAGE OF OAK BROOK, ILLINOIS COMBINING STATEMENT OF NET POSITION (Continued) INTERNAL SERVICE FUNDS December 31, 2022 Self Capital Insurance Garage Replacement Total NET POSITION Net investment in capital assets -$ 29,375$ 2,250,046$ 2,279,421$ Unrestricted (deficit)(25,381) 275,775 786,707 1,037,101 TOTAL NET POSITION (DEFICIT)(25,381)$ 305,150$ 3,036,753$ 3,316,522$ (See independent auditor's report.) - 107 - VILLAGE OF OAK BROOK, ILLINOIS COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION INTERNAL SERVICE FUNDS For the Year Ended December 31, 2022 Self Capital Insurance Garage Replacement Total OPERATING REVENUES Charges for services 3,584,765$ 621,250$ 698,940$ 4,904,955$ Total operating revenues 3,584,765 621,250 698,940 4,904,955 OPERATING EXPENSES Claims and insurance 3,490,965 - - 3,490,965 Operations - 616,662 107,305 723,967 Depreciation and amortization - 7,387 907,716 915,103 Total operating expenses 3,490,965 624,049 1,015,021 5,130,035 OPERATING INCOME (LOSS)93,800 (2,799) (316,081) (225,080) NON-OPERATING REVENUES (EXPENSES) Investment income 1,815 4,325 (1,925) 4,215 Interest expense - - (48,675) (48,675) Loss on sale of capital assets - - (59,166) (59,166) Total non-operating revenues (expenses)1,815 4,325 (109,766) (103,626) CHANGE IN NET POSITION 95,615 1,526 (425,847) (328,706) NET POSITION (DEFICIT), JANUARY 1 (120,996) 303,624 3,444,324 3,626,952 Change in accounting principle - - 18,276 18,276 NET POSITION (DEFICIT), JANUARY 1, RESTATED (120,996) 303,624 3,462,600 3,645,228 NET POSITION (DEFICIT), DECEMBER 31 (25,381)$ 305,150$ 3,036,753$ 3,298,246$ (See independent auditor's report.) - 108 - VILLAGE OF OAK BROOK, ILLINOIS COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS For the Year Ended December 31, 2022 Self Capital Insurance Garage Replacement Total CASH FLOWS FROM OPERATING ACTIVITIES Receipts from internal services transactions 2,414,107$ 626,220$ 698,940$ 3,739,267$ Receipts from customers and users 1,127,676 - - 1,127,676 Payments to suppliers (3,030,008) (459,166) (95,255) (3,584,429) Payments to employees - (220,169) - (220,169) Net cash from operating activities 511,775 (53,115) 603,685 1,062,345 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES None - - - - Net cash from noncapital financing activities - - - - CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Proceeds from sale of capital assets - - 115,000 115,000 Purchase of capital assets - - (121,397) (121,397) Principal payments on leases - - (506,572) (506,572) Interest payments on leases - - (2,475) (2,475) Net cash from capital and related financing activities - - (515,444) (515,444) CASH FLOWS FROM INVESTING ACTIVITIES Sale of investment securities - - 46,995 46,995 Interest received 1,815 4,325 - 6,140 Net cash from investing activities 1,815 4,325 46,995 53,135 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 513,590 (48,790) 135,236 600,036 CASH AND CASH EQUIVALENTS, JANUARY 1 87,655 325,902 375,128 788,685 CASH AND CASH EQUIVALENTS, DECEMBER 31 601,245$ 277,112$ 510,364$ 1,388,721$ CASH AND INVESTMENTS Cash and cash equivalents 601,245$ 277,112$ 510,364$ 1,388,721$ Investments - - 332,186 332,186 TOTAL CASH AND INVESTMENTS 601,245$ 277,112$ 842,550$ 1,720,907$ (This schedule is continued on the following page.) - 109 - VILLAGE OF OAK BROOK, ILLINOIS COMBINING STATEMENT OF CASH FLOWS (Continued) INTERNAL SERVICE FUNDS For the Year Ended December 31, 2022 Self Capital Insurance Garage Replacement Total RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH FLOWS FROM OPERATING ACTIVITIES Operating income (loss)93,800$ (2,799)$ (316,081)$ (225,080)$ Depreciation and amortization - 7,387 907,716 915,103 Adjustments to reconcile operating income (loss) to net cash from operating activities Changes in assets and liabilities Accounts receivable (42,982) 4,970 - (38,012) Prepaid items 96,004 - - 96,004 Inventories - 1,549 - 1,549 Accounts payable 371,831 (11,124) 12,050 372,757 Accrued payroll - (249) - (249) Compensated absences - 4,218 - 4,218 Pension items - IMRF - (51,879) - (51,879) Pension items - OPEB - (5,188) - (5,188) Unearned revenue 260 - - 260 Claims payable (7,138) - - (7,138) NET CASH FROM OPERATING ACTIVITIES 511,775$ (53,115)$ 603,685$ 1,062,345$ NONCASH TRANSACTIONS Capital assets acquired via lease -$ -$ 2,207,515$ 2,207,515$ TOTAL NONCASH TRANSACTIONS -$ -$ 2,207,515$ 2,207,515$ (See independent auditor's report.) - 110 - Variance Original Final Over Budget Budget Actual (Under)2021 OPERATING REVENUES Charges for services 3,827,960$ 3,584,765$ 3,584,765$ -$ 3,505,992$ Total operating revenues 3,827,960 3,584,765 3,584,765 - 3,505,992 OPERATING EXPENSES Claims and insurance Insurance and administration 1,448,600 1,299,267 1,504,222 204,955 1,358,072 Health claims 2,194,000 2,198,837 1,986,743 (212,094) 2,231,502 Total operating expenses 3,642,600 3,498,104 3,490,965 (7,139) 3,589,574 OPERATING INCOME (LOSS)185,360 86,661 93,800 7,139 (83,582) NON-OPERATING REVENUES (EXPENSES) Investment income 75 1,816 1,815 (1) 87 Total non-operating revenues (expenses)75 1,816 1,815 (1) 87 CHANGE IN NET POSITION 185,435$ 88,477$ 95,615 7,138$ (83,495) NET POSITION (DEFICIT), JANUARY 1 (120,996) (37,501) NET POSITION (DEFICIT), DECEMBER 31 (25,381)$ (120,996)$ (With Comparative Actual) 2022 VILLAGE OF OAK BROOK, ILLINOIS SELF INSURANCE FUND - BUDGETARY BASIS SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION - BUDGET AND ACTUAL For the Year Ended December 31, 2022 (See independent auditor's report.) - 111 - Variance Original Final Over Budget Budget Actual (Under)2021 OPERATING REVENUES Charges for services 621,750$ 621,250$ 621,250$ -$ 610,476$ Total operating revenues 621,750 621,250 621,250 - 610,476 OPERATING EXPENSES Garage operations Personnel 241,040 224,138 224,138 - 184,083 Materials and supplies 178,000 232,329 232,329 - 160,044 Operational and contractual 249,950 176,527 176,527 - 191,367 Capital outlay 6,000 - - - - Expenditure reimbursement paid to other funds 40,735 40,735 40,735 - 44,780 Total operating expenses 715,725 673,729 673,729 - 580,274 OPERATING INCOME (LOSS)(93,975) (52,479) (52,479) - 30,202 NON-OPERATING REVENUES (EXPENSES) Investment income 100 4,327 4,325 (2) 128 Total non-operating revenues (expenses)100 4,327 4,325 (2) 128 CHANGE IN NET POSITION (BUDGETARY BASIS)(93,875) (48,152) (48,154) (2) 30,330 ADJUSTMENTS TO GAAP BASIS Pension expense - IMRF 51,879 15,729 OPEB expense 5,188 (349) Depreciation and amortization (7,387) (8,680) Total adjustments to GAAP basis 49,680 6,700 CHANGE IN NET POSITION (GAAP BASIS)(93,875)$ (48,152)$ 1,526 37,030 NET POSITION, JANUARY 1 303,624 266,594 NET POSITION, DECEMBER 31 305,150$ 303,624$ (With Comparative Actual) 2022 VILLAGE OF OAK BROOK, ILLINOIS GARAGE FUND SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION - BUDGET AND ACTUAL - BUDGETARY BASIS For the Year Ended December 31, 2022 (See independent auditor's report.) - 112 - Variance Original Final Over Budget Budget Actual (Under)2021 OPERATING REVENUES Charges for services 698,940$ 698,940$ 698,940$ -$ 329,635$ Total operating revenues 698,940 698,940 698,940 - 329,635 OPERATING EXPENSES Materials and supplies - - - - 33,697 Operational and contractual 59,105 59,103 66,210 7,107 77,829 Expenditure reimbursement paid to other funds 41,095 41,095 41,095 - 41,075 Total operating expenses 100,200 100,198 107,305 7,107 152,601 OPERATING INCOME (LOSS)598,740 598,742 591,635 (7,107) 177,034 NON-OPERATING REVENUES (EXPENSES) Investment income 2,000 2,000 (1,925) (3,925) (928) Principal payments (682,975) (516,154) (506,572) 9,582 (171,996) Interest expense - - (48,675) (48,675) (19,498) Gain (loss) on disposal of capital assets 120,000 120,000 (59,166) (179,166) 72,764 Total non-operating revenues (expenses)(560,975) (394,154) (616,338) (222,184) (119,658) CHANGE IN NET POSITION (BUDGETARY BASIS)37,765$ 204,588$ (24,703) (229,291)$ 57,376 ADJUSTMENTS TO GAAP BASIS Principal payments 506,572 171,996 Depreciation and amortization (907,716) (700,114) Total adjustments to GAAP basis (401,144) (528,118) CHANGE IN NET POSITION (GAAP BASIS)37,765$ 204,588$ (425,847) (470,742) NET POSITION, JANUARY 1 3,444,324 3,915,066 Change in accounting principle 18,276 NET POSITION, JANUARY 1, RESTATED 3,462,600 NET POSITION, DECEMBER 31 3,036,753$ 3,444,324$ 2022 CAPITAL REPLACEMENT FUND VILLAGE OF OAK BROOK, ILLINOIS (With Comparative Actual) For the Year Ended December 31, 2022 SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION - BUDGET AND ACTUAL - BUDGETARY BASIS (See independent auditor's report.) - 113 - FIDUCIARY FUNDS Fiduciary funds are used to account for assets defined as fiduciary activities. PENSION TRUST FUNDS Police Pension Fund - to account 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 - to account 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 4,440,899$ 580,822$ 5,021,721$ Investments held in the Illinois Police Officer's Pension Investment Fund 35,389,570 - 35,389,570 Investments held in the Illinois Firefighters's Pension Investment Fund - 29,710,890 29,710,890 Receivables Due from municipality 396,233 500,593 896,826 Prepaid items 3,295 1,573 4,868 Total assets 40,229,997 30,793,878 71,023,875 LIABILITIES Accounts payable 2,605 1,195 3,800 Total liabilities 2,605 1,195 3,800 NET POSITION RESTRICTED FOR PENSIONS 40,227,392$ 30,792,683$ 71,020,075$ VILLAGE OF OAK BROOK, ILLINOIS COMBINING STATEMENT OF NET POSITION December 31, 2022 PENSION TRUST FUNDS (See independent auditor's report.) - 114 - Police Firefighters' Pension Pension Total ADDITIONS Contributions Employer 2,052,526$ 2,252,102$ 4,304,628$ Employee 396,203 299,886 696,089 Total contributions 2,448,729 2,551,988 5,000,717 Investment income Net depreciation in fair value of investments (8,741,975) (6,561,958) (15,303,933) Interest 459,013 259,921 718,934 Total investment income (8,282,962) (6,302,037) (14,584,999) Less investment expenses (55,752) (31,860) (87,612) Net investment income (8,338,714) (6,333,897) (14,672,611) Total additions (5,889,985) (3,781,909) (9,671,894) DEDUCTIONS Benefits and refunds 3,673,962 3,188,405 6,862,367 Administrative expenses 46,739 54,314 101,053 Total deductions 3,720,701 3,242,719 6,963,420 NET DECREASE (9,610,686) (7,024,628) (16,635,314) NET POSITION RESTRICTED FOR PENSIONS January 1 49,838,078 37,817,311 87,655,389 December 31 40,227,392$ 30,792,683$ 71,020,075$ VILLAGE OF OAK BROOK, ILLINOIS COMBINING STATEMENT OF CHANGES IN PLAN NET POSITION For the Year Ended December 31, 2022 PENSION TRUST FUNDS (See independent auditor's report.) - 115 - 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. 116-125 Revenue Capacity These schedules contain information to help the reader assess the Village’s most significant local revenue source, the sales tax. 126-135 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. 136-138 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. 139-140 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. 141-146 Sources: Unless otherwise noted, the information in these schedules is derived from the annual comprehensive financial reports for the relevant year. Fiscal Year 2013 2014 2015 2016 GOVERNMENTAL ACTIVITIES Net investment in capital assets 59.3$ 60.7$ 60.7$ 60.5$ Restricted 9.8 11.5 11.3 12.3 Unrestricted (deficit)13.3 12.1 (27.2) (26.1) TOTAL GOVERNMENTAL ACTIVITIES 82.4$ 84.3$ 44.8$ 46.7$ BUSINESS-TYPE ACTIVITIES Net investment in capital assets 29.6$ 30.6$ 31.3$ 30.6$ Restricted - - - - Unrestricted 4.6 3.7 2.2 3.9 TOTAL BUSINESS-TYPE ACTIVITIES 34.2$ 34.3$ 33.5$ 34.5$ PRIMARY GOVERNMENT Net investment in capital assets 88.9$ 91.3$ 92.0$ 91.1$ Restricted 9.8 11.5 11.3 12.3 Unrestricted (deficit)17.9 15.8 (25.0) (22.2) TOTAL PRIMARY GOVERNMENT 116.6$ 118.6$ 78.3$ 81.2$ Data Source Audited Financial Statements Data in millions VILLAGE OF OAK BROOK, ILLINOIS NET POSITION BY COMPONENT Last Ten Fiscal Years - 116 - 2017 2018 2019 2020 2021 2022 61.8$ 65.4$ 67.5$ 69.2$ 75.9$ 78.9$ 14.8 15.3 15.1 12.6 13.4 17.8 (27.1) (32.3) (30.8) (25.6) (21.3) (18.8) 49.5$ 48.4$ 51.8$ 56.2$ 68.0$ 77.9$ 29.9$ 29.8$ 34.0$ 37.5$ 44.1$ 41.2$ - - - - 0.3 1.0$ 6.6 7.3 6.8 6.7 4.2 22.8 36.5$ 37.1$ 40.8$ 44.2$ 48.6$ 65.0$ 91.7$ 95.2$ 101.5$ 106.7$ 120.0$ 120.1$ 14.8 15.3 15.1 12.6 13.7 18.8 (20.5) (25.0) (24.0) (18.9) (17.1) 4.0 86.0$ 85.5$ 92.6$ 100.4$ 116.6$ 142.9$ - 117 - Fiscal Year 2013 2014 2015 2016 EXPENSES Governmental Activities General government 4.3$ 4.5$ 5.3$ 4.7$ Public safety 13.7 14.7 24.6 17.2 Public works 4.8 4.9 7.7 6.4 Culture and recreation 1.8 2.0 1.5 1.5 Interest on long-term debt 0.4 0.3 0.3 0.3 Total governmental activities expenses 25.0 26.4 39.4 30.1 Business-Type Activities Water 6.3 7.0 8.0 7.9 Sports Core 3.4 3.6 3.7 3.4 Total business-type activities expenses 9.7 10.6 11.7 11.3 TOTAL PRIMARY GOVERNMENT EXPENSES 34.7$ 37.0$ 51.1$ 41.4$ PROGRAM REVENUES Governmental Activities Charges for services General government 2.1$ 1.9$ 1.8$ 2.1$ Public safety 1.1 1.2 1.2 1.3 Operating grants and contributions 0.4 0.4 0.2 0.2 Capital grants 0.5 0.3 - - Total governmental activities program revenues 4.1 3.8 3.2 3.6 Business-Type Activities Charges for services Water 6.9 7.0 7.7 8.8 Sports Core 3.2 3.1 3.2 3.4 Golf' surcharge - - - - Capital grants Sports Core - - - - Total business-type activities program revenues 10.1 10.1 10.9 12.2 TOTAL PRIMARY GOVERNMENT PROGRAM REVENUES 14.2$ 13.9$ 14.1$ 15.8$ NET REVENUES (EXPENSES) Governmental activities (20.9)$ (22.6)$ (36.2)$ (26.5)$ Business-type activities 0.4 (0.5) (0.8) 0.9 TOTAL PRIMARY GOVERNMENT NET REVENUES (EXPENSES)(20.5)$ (23.1)$ (37.0)$ (25.6)$ VILLAGE OF OAK BROOK, ILLINOIS CHANGE IN NET POSITION Last Ten Fiscal Years - 118 - 2017 2018 2019 2020 2021 2022 5.7$ 5.5$ 6.1$ 4.5$ 4.4$ 4.3$ 17.4 18.9 18.9 15.5 14.6 21.2 3.8 5.0 5.3 5.1 4.6 4.5 1.7 1.7 1.8 2.3 1.3 1.4 0.3 0.3 0.2 0.2 0.2 0.2 28.9 31.4 32.3 27.6 25.1 31.6 7.9 8.8 7.1 6.8 8.3 7.4 3.5 3.5 3.8 3.2 3.2 3.5 11.4 12.3 10.9 10.0 11.5 10.9 40.3$ 43.7$ 43.2$ 37.6$ 36.6$ 42.5$ 2.6$ 4.5$ 5.3$ 4.0$ 3.0$ 3.0$ 1.3 1.5 1.8 1.0 1.5 1.8 0.2 0.2 0.2 0.9 0.5 0.7 - - - - - 0.6 4.1 6.2 7.3 5.9 5.0 6.1 9.9 9.8 10.0 9.9 11.7 12.0 3.4 3.2 3.4 2.9 3.9 4.9 0.1 0.1 0.1 0.1 0.2 - - - - - 0.2 - 13.4 13.1 13.5 12.9 16.0 16.9 17.5$ 19.3$ 20.8$ 18.8$ 21.0$ 23.0$ (24.8)$ (25.2)$ (25.0)$ (21.7)$ (20.1)$ (25.5)$ 2.0 0.8 2.6 2.9 4.5 6.0 (22.8)$ (24.4)$ (22.4)$ (18.8)$ (15.6)$ (19.5)$ - 119 - Fiscal Year 2013 2014 2015 2016 GENERAL REVENUES AND OTHER CHANGES IN NET POSITION Governmental Activities Taxes Sales and local use taxes 17.3$ 17.7$ 18.1$ 19.3$ Utility 5.0 5.2 5.7 6.0 Other 2.4 2.5 2.8 2.7 Intergovernmental - - - - Investment earnings 0.1 (0.2) 0.2 0.3 Miscellaneous - - 0.2 - Transfers (0.2) (0.5) (0.5) - Total governmental activities 24.6 24.7 26.5 28.3 Business-Type Activities Investment earnings - - - - Miscellaneous - - - - Gain on sale of capital assets - - - - Transfers 0.2 0.5 0.5 - Total business-type activities 0.2 0.5 0.5 - TOTAL PRIMARY GOVERNMENT 24.8$ 25.2$ 27.0$ 28.3$ CHANGE IN NET POSITION Governmental activities 3.7$ 2.1$ (9.7)$ 1.8$ Business-type activities 0.6 - (0.3) 0.9 TOTAL PRIMARY GOVERNMENT CHANGE IN NET POSITION 4.3$ 2.1$ (10.0)$ 2.7$ 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) - 120 - 2017 2018 2019 2020 2021 2022 18.3$ 18.6$ 21.5$ 18.9$ 7.1$ 7.8$ 6.0 6.1 6.3 5.8 5.7 5.2 3.0 3.2 0.1 0.1 1.3 1.9 - - - - 17.5 20.1 0.3 0.6 1.1 0.6 (0.1) (0.1) - - 0.1 1.1 0.3 0.4 - - (0.7) (0.4) - - 27.6 28.5 28.4 26.1 31.8 35.3 - 0.1 0.2 0.1 - 0.03 - - 0.1 (0.1) - - - - - - - 10.4 - - 0.7 0.4 - - - 0.1 1.0 0.4 - 10.4 27.6$ 28.6$ 29.4$ 26.5$ 31.8$ 45.7$ 2.8$ 3.3$ 3.4$ 4.4$ 11.7$ 9.8$ 2.0 0.9 3.6 3.3 4.5 16.4 4.8$ 4.2$ 7.0$ 7.7$ 16.2$ 26.2$ - 121 - Fiscal Year 2013 2014 2015 2016 GENERAL FUND Nonspendable 168,016$ 109,092$ 53,406$ 58,444$ Unrestricted Committed 224,878 - - - Assigned 102,525 205,050 - - Unassigned 15,902,982 15,799,127 17,206,014 20,014,100 TOTAL GENERAL FUND 16,398,401$ 16,113,269$ 17,259,420$ 20,072,544$ ALL OTHER GOVERNMENTAL FUNDS Restricted 9,712,479$ 11,533,335$ 11,296,764$ 12,439,354$ TOTAL ALL OTHER GOVERNMENTAL FUNDS 9,712,479$ 11,533,335$ 11,296,764$ 12,439,354$ Data Source Audited Financial Statements VILLAGE OF OAK BROOK, ILLINOIS FUND BALANCES OF GOVERNMENTAL FUNDS Last Ten Fiscal Years - 122 - 2017 2018 2019 2020 2021 2022 56,649$ 56,010$ 90,072$ 55,521$ 55,773$ 55,869$ - - - - - - - - - - - - 20,998,025 21,697,317 24,963,696 28,146,628 31,292,165 38,452,034 21,054,674$ 21,753,327$ 25,053,768$ 28,202,149$ 31,347,938$ 38,507,903$ 14,813,261$ 15,356,444$ 15,040,518$ 12,636,679$ 12,192,144$ 13,797,607$ 14,813,261$ 15,356,444$ 15,040,518$ 12,636,679$ 12,192,144$ 13,797,607$ - 123 - Fiscal Year 2013 2014 2015 2016 REVENUES Sales tax 11,385,834$ 12,149,324$ 12,346,857$ 13,072,837$ Non-home rules sales tax 5,171,232 5,384,857 5,637,241 5,991,262 Other intergovernmental 2,530,416 2,274,102 1,925,962 1,939,598 Utility taxes 5,047,306 5,203,835 5,673,868 5,967,345 Hotel/motel tax 964,684 1,049,631 1,194,811 1,270,131 Licenses and permits 1,686,269 1,448,471 1,385,341 1,882,598 Charges for services 1,021,858 1,044,934 1,058,929 1,075,234 Fines and permits 184,959 189,060 177,588 159,799 Investment income 86,287 (155,427) 138,593 203,467 Miscellaneous 364,452 424,552 625,504 421,967 Total revenues 28,443,297 29,013,339 30,164,694 31,984,238 EXPENDITURES General government 4,289,515 5,072,205 4,331,061 4,343,678 Public safety 13,440,798 14,324,720 14,597,010 15,190,063 Public works 4,457,705 4,937,146 7,520,877 6,055,657 Culture and recreations 1,684,276 1,898,393 1,635,690 1,709,465 Capital outlay - - - - Debt service - principal 1,876,754 425,000 384,913 420,000 Interest and issuance costs 362,129 346,094 326,465 309,761 Total expenditures 26,111,177 27,003,558 28,796,016 28,028,624 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 2,332,120 2,009,781 1,368,678 3,955,614 OTHER FINANCING SOURCES (USES) Transfers in - 156,840 - 516,221 Transfers (out)(725,324) (630,897) (459,098) (516,221) Proceeds from sale of capital assets - - - - Total other financing sources (uses)(725,324) (474,057) (459,098) - NET CHANGE IN FUND BALANCES 1,606,796$ 1,535,724$ 909,580$ 3,955,614$ DEBT SERVICE AS A PERCENTAGE OF NONCAPITAL EXPENDITURES 8.57%2.86%2.47%2.69% Data Source Audited Financial Statements VILLAGE OF OAK BROOK, ILLINOIS CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS Last Ten Fiscal Years - 124 - 2017 2018 2019 2020 2021 2022 12,481,210$ 12,685,797$ 12,613,608$ 11,507,051$ 16,021,359$ 17,699,843$ 5,581,924 5,691,536 5,642,898 4,914,208 6,759,561 7,363,215 1,929,507 1,943,897 2,236,957 3,030,231 3,010,075 4,634,016 6,033,358 6,137,283 6,286,242 5,794,806 5,698,119 5,214,840 1,265,583 1,340,495 1,292,756 458,752 811,146 1,382,607 2,205,571 3,185,402 3,640,730 3,534,650 2,438,302 2,452,506 1,106,204 1,155,142 1,437,850 1,178,173 1,692,157 2,181,752 144,833 192,321 203,376 343,288 328,234 257,345 309,786 596,092 1,026,260 621,472 (53,795) (71,167) 457,543 609,096 719,806 291,994 261,315 532,126 31,515,519 33,537,061 35,100,483 31,674,625 36,966,473 41,647,083 5,019,819 6,818,223 4,453,602 3,844,521 4,030,036 4,970,896 16,155,248 16,652,456 17,369,681 16,297,554 16,616,802 17,605,278 3,772,803 6,765,330 8,265,502 7,723,413 11,946,228 8,426,238 2,467,432 1,569,396 1,586,045 2,151,134 1,190,653 1,392,983 - - - - - - 457,000 227,000 217,000 305,000 280,000 308,200 287,180 262,820 243,980 224,900 201,500 178,060 28,159,482 32,295,225 32,135,810 30,546,522 34,265,219 32,881,655 3,356,037 1,241,836 2,964,673 1,128,103 2,701,254 8,765,428 548,454 7,790 724,360 971,212 6,450,463 - (548,454) (7,790) (704,518) (1,354,773) (6,450,463) - - - - - - - - - 19,842 (383,561) - - 3,356,037$ 1,241,836$ 2,984,515$ 744,542$ 2,701,254$ 8,765,428$ 2.84%1.64%1.64%2.01%1.89%1.78% - 125 - 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 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 1,054,386 508,384 - 13 1,562,783 - 4,688,349 33.333% 2019 1,062,063 538,892 - 13 1,600,968 - 4,802,904 33.333% 2020 1,107,156 536,254 - 13 1,643,423 - 4,930,269 33.333% 2021 1,129,016 546,829 - 13 1,675,858 - 5,027,574 33.333% 2022 1,151,557 571,428 - 13 1,722,998 - 5,168,994 33.333% Data Source Office of the County Clerk DuPage and Cook County Note: Property in the Village is reassessed each year. Property is assessed at 33% of actual value. Data in thousands. - 126 - Tax Levy Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Tax Rates Village of Oak Brook -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Basic Town 0.4892 0.4993 0.4783 0.4490 0.4145 0.4006 0.3932 0.3848 0.3848 0.3848 Junior College #502 0.2956 0.2975 0.2786 0.2626 0.2431 0.2317 0.2112 0.2114 0.2114 0.2114 Grade School #53 1.2491 1.2932 1.2435 1.1710 1.1415 1.1447 1.1591 1.1643 1.1643 1.1643 High School #86 1.5681 1.5921 1.5592 1.4731 1.4380 1.4415 1.6110 1.6142 1.6129 1.6129 Oak Brook Park District 0.2369 0.2442 0.2349 0.2229 0.2184 0.2940 0.2923 0.2874 0.2874 0.2874 TOTAL TAX RATES 3.8389$ 3.9263$ 3.7945$ 3.5786$ 3.4555$ 3.5125$ 3.6668$ 3.6621$ 3.6608$ 3.6608$ 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 - 127 - Sales Sales Taxes Taxes Taxpayer Revenue Taxpayer Revenue Ahead, Inc Apple Computer Apple Computer Inc.Costco Wholesale Carvana LLC Lord & Taylor LLC Costco Wholesale Macy's Louis Vuitton USA Inc.Neiman Marcus Macy's Nordstrom, Inc. Nordstrom Rack Nordstrom Rack Nordstrom, Inc.Pharmerica Drug Systems Peloton Interactive Inc.Sears Roebuck & Co. Room & Board Inc.Tiffany & Co. TOP TEN TOTAL 8,160,135 $ TOP TEN TOTAL 5,729,403 $ TOTAL SALES TAX REVENUE 17,804,873 $ TOTAL SALES TAX REVENUE 11,641,063 $ TOP TEN AS A PERCENT OF TOP TEN AS A PERCENT OF SALES TAX REVENUE 45.83%SALES TAX REVENUE 49.22% 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 2022 2013 - 128 - 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 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% 2022 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 - 129 - (1) Estimated Sales 2020 Municipality Rank Sales Per Capita Population Chicago 1 343,947,874$ 125 2,746,388 Naperville 2 44,290,036 296 149,540 Schaumburg 3 38,654,272 491 78,723 Springfield 4 34,423,081 301 114,394 Mt. Prospect 5 30,316,843 533 56,852 Aurora 6 29,055,048 161 180,542 Rockford 7 28,746,536 193 148,655 Joliet 8 28,641,944 190 150,362 Peoria 9 25,604,198 226 113,150 Orland Park 10 25,390,936 433 58,703 Glenview 11 22,066,753 453 48,705 Champaign 12 21,438,791 243 88,302 Elgin 13 19,611,765 171 114,797 Bolingbrook 14 18,866,382 255 73,922 Bloomington 15 18,058,392 230 78,680 Niles 16 17,736,628 317 55,971 Tinley Park 17 17,405,430 563 30,912 Vernon Hills 18 17,321,845 645 26,850 Oak Brook 19 16,969,745 2,079 8,163 Skokie 20 16,680,459 246 67,824 Arlington Heights 21 15,706,662 202 77,676 Downers Grove 22 15,209,193 303 50,247 St. Charles 23 15,046,122 258 58,362 Gurnee 24 14,876,391 450 33,081 Oak Lawn 25 14,843,206 483 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, 2022 Through December 31, 2022 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, 2022 through March 31, 2023. - 130 - % 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 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% 2022 17,984,683 25.31%7,471,148 22.95%25,455,831 24.61% Data Source Village Records VILLAGE OF OAK BROOK, ILLINOIS SALES TAX RECEIPTS - CASH BASIS Last Ten Fiscal Years - 131 - Month 2018 2019 2020 2021 2022 FY 2019 FY 2020 FY 2021 FY 2022 January 941,951$ 1,054,244 $ 1,007,062$ 1,152,252$ 1,439,904$ 11.92%(4.48%)14.42%24.96% February 1,041,681 1,152,709 1,147,328 1,093,000 1,532,727 10.66%(0.47%)(4.74%)40.23% March 1,639,138 1,704,528 1,753,040 1,481,425 2,387,675 3.99%2.85%(15.49%)61.17% April 837,767 723,019 909,241 805,520 1,131,169 (13.70%)25.76%(11.41%)40.43% May 768,902 785,897 891,829 862,808 1,183,441 2.21%13.48%(3.25%)37.16% June 994,866 975,961 751,814 1,127,264 1,464,776 (1.90%)(22.97%)49.94%29.94% July 918,572 936,555 421,088 1,080,672 1,420,923 1.96%(55.04%)156.64%31.49% August 1,066,624 1,071,211 459,383 1,246,636 1,483,558 0.43%(57.12%)171.37%19.00% September 1,058,046 1,054,405 890,754 1,310,110 1,539,864 (0.34%)(15.52%)47.08%17.54% October 1,020,698 1,013,832 1,001,518 1,316,459 1,471,009 (0.67%)(1.21%)31.45%11.74% November 1,092,064 1,109,019 1,156,812 1,458,671 1,531,865 1.55%4.31%26.09%5.02% December 984,364 1,004,610 1,353,427 1,417,506 1,397,773 2.06%34.72%4.73%(1.39%) TOTAL 12,364,673$ 12,585,990$ 11,743,296$ 14,352,323$ 17,984,684$ 1.79%(6.70%)22.22%25.31% 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 - 132 - Month 2018 2019 2020 2021 2022 FY 2019 FY 2020 FY 2021 FY 2022 January 420,506$ 470,364 $ 455,347 $ 503,530 $ 583,906 $ 11.86%(3.19%)10.58%15.96% February 472,116 527,597 523,295 468,508 620,650 11.75%(0.82%)(10.47%)32.47% March 758,180 794,849 806,633 656,995 1,034,891 4.84%1.48%(18.55%)57.52% April 373,991 321,103 390,845 324,939 441,234 (14.14%)21.72%(16.86%)35.79% May 341,784 351,510 386,430 362,110 459,331 2.85%9.93%(6.29%)26.85% June 449,890 441,058 306,259 493,875 570,884 (1.96%)(30.56%)61.26%15.59% July 417,534 423,426 159,445 467,393 560,876 1.41%(62.34%)193.14%20.00% August 486,225 482,610 176,726 547,423 636,568 (0.74%)(63.38%)209.76%16.28% September 482,931 475,733 386,033 566,663 659,035 (1.49%)(18.86%)46.79%16.30% October 465,528 460,860 430,006 540,135 643,915 (1.00%)(6.69%)25.61%19.21% November 469,270 479,809 468,485 568,062 659,158 2.25%(2.36%)21.26%16.04% December 443,986 453,182 607,673 576,774 600,701 2.07%34.09%(5.08%)4.15% TOTAL 5,581,941$ 5,682,101$ 5,097,177$ 6,076,407$ 7,471,149$ 1.79%(10.29%)19.21%22.95% 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, - 133 - Fiscal Years 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 General merchandise 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$ 970,078$ Food 52,331 57,974 170,497 167,143 191,370 212,053 194,717 104,847 144,642 165,939 Drinking and eating places 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 2,402,304 Apparel 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 3,380,277 Furniture, H.H., and radio 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 1,830,894 Lumber, building, and hardware 10,653 8,686 6,623 4,642 6,603 1,478 56,539 793,096 658,569 639,377 Automotive and filling stations 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 3,894,779 Drugs and other retail 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 2,826,391 Agriculture and all others 421,724 486,652 506,631 1,368,475 805,122 633,820 594,012 520,394 735,593 906,174 Manufacturers 687,312 451,814 238,943 204,789 262,420 499,353 657,270 1,743,418 1,211,306 663,358 TOTAL 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$ 17,679,571$ 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 - 134 - Fiscal Years 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 General merchandise 923,522$ 799,234$ 697,506$ 646,561$ 584,228$ 566,703$ 522,037$ 294,715$ 466,236$ 479,821$ Food 24,206 26,475 82,154 79,404 90,688 100,691 93,947 51,418 71,292 81,824 Drinking and eating places 804,095 854,898 880,598 916,540 927,586 945,281 952,124 537,493 895,054 1,190,009 Apparel 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 1,688,306 Furniture, H.H., and radio 624,646 707,730 801,746 806,090 737,997 788,327 742,296 579,513 753,972 915,160 Lumber, building, and hardware 5,326 4,341 3,290 2,311 3,292 721 28,266 396,548 329,285 314,423 Automotive and filling stations 462,595 461,447 454,848 443,470 505,785 523,197 538,943 504,204 577,852 657,617 Drugs and other retail 581,045 717,631 862,594 880,058 871,568 824,589 848,731 761,027 1,266,415 1,363,153 Agriculture and all others 189,403 221,375 233,499 662,998 375,069 282,685 268,657 226,688 335,313 420,463 Manufacturers 74,826 78,163 80,757 88,331 125,245 240,930 326,811 871,347 605,480 331,433 TOTAL 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$ 7,442,209$ 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 - 135 - 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 Notes Primary Assessed Personal Debt Per Year Payable Leases Payable Government Valuation* Income Capita* 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**2,301,263 501,602 - 2,802,865 0.18%0.27%343.36 2022**1,993,063 2,207,515 - 4,200,578 0.26%0.35%514.59 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 139 for personal income and population **The Village implemented GASB Statement No. 87 for the fiscal year ended December 31, 2022. - 136 - (2) *Percentage (1)of Debt (3) Gross Applicable to **Government's Debt Government Share of Debt DIRECT DEBT Village of Oak Brook 4,200,578$ 100.00%4,200,578$ 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 1,014,564,670$ 97,860,401$ **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, 2022 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. - 137 - Fiscal Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Legal debt limit 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$ 144,386,656$ Total net debt applicable to limit 1,080,000 820,000 555,000 280,000 - - - - - - LEGAL DEBT MARGIN 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$ 144,386,656$ Total net debt applicable to the limit as a percentage of debt limit 2.35%0.75%0.51%0.24%0.00%0.00%0.00%0.00%0.00%0.00% Legal Debt Margin Calculation for Fiscal Year 2022 Assessed value 1,674,959,987$ Legal debt margin 8.625% Debt limit 144,465,299 Debt applicable to limit General obligation bonds - LEGAL DEBT MARGIN 144,465,299$ VILLAGE OF OAK BROOK, ILLINOIS LEGAL DEBT MARGIN INFORMATION Last Ten Fiscal Years - 138 - Per Capita Fiscal Personal Personal Unemployment Year Population Income Income Rate 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% 2022 8,163 (E)146,409 1,195,136,667 3.7% (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 - 139 - % of % of Number of Total Village Number of Total Village Employer Employees Rank Population Employees Rank Population Oakbrook Center Mall 7,000 1 85.75%3,014 2 38.2% Advocate Health Care 1,853 2 22.70%793 5 10.1% Ace Hardware Corporation 1,056 3 12.94%862 4 10.9% Hub Group 754 4 9.24% Chamberlain Group 680 5 8.33% Blistex 462 6 5.66% Inland Real Estate Group of Companies 448 7 5.49%877 3 11.1% Millenium Trust 431 8 5.28% Lions Clubs International 315 9 3.86%200 10 2.5% TreeHouse Foods 278 10 3.41%274 9 3.5% McDonald's Corporation 3,150 1 40.0% ADT Security Service, Inc.367 7 4.7% Newell Rubbermaid 280 8 3.6% Follett Higher Education 475 6 6.0% Data Source Selective Telephone and Email Survey 2013 VILLAGE OF OAK BROOK, ILLINOIS PRINCIPAL EMPLOYERS Current Year and Nine Years Ago 2022 - 140 - Function/Program 2013 2014 2015 2016 GENERAL GOVERNMENT Board of Trustees 0.50 0.50 0.50 0.50 Village Clerk 1.25 1.25 2.75 2.08 Legal 0.25 0.25 0.25 0.35 General Management 2.50 3.00 2.00 1.72 Human Resources 2.00 2.00 2.00 1.10 Risk Management 0.50 0.50 0.50 0.20 Customer Service 0.00 0.00 0.00 1.20 Business Licenses 0.00 0.00 0.00 0.00 Communications and Marketing 0.00 0.50 0.00 0.00 Purchasing 1.00 1.00 1.00 0.00 Information Services 2.00 2.00 2.00 2.65 Geographic Information Systems 0.00 0.00 0.00 0.35 Total General Government 10.00 11.00 11.00 10.15 FINANCIAL SERVICES Financial Services Management 1.00 1.00 1.00 0.88 Accounting and Reporting 3.00 3.00 3.00 4.05 Customer Service 1.50 1.50 1.50 0.00 Purchasing 0.00 0.00 0.00 1.00 Total Financial Services 5.50 5.50 5.50 5.93 PUBLIC WORKS Buildings and Grounds 1.00 1.00 1.00 1.00 Forestry 0.00 0.00 0.00 0.20 Garage Operations 2.00 2.00 2.00 2.48 Water Operations 7.00 7.00 7.00 7.00 Public Works Management 2.50 2.50 2.50 3.00 Streets - General Salaries 6.50 6.50 6.50 6.90 Total Public Works 19.00 19.00 19.00 20.58 LIBRARY Library General Operations 5.50 5.50 6.50 5.88 Technical Services 2.00 2.00 2.00 1.80 Reference and User Services 3.00 3.00 2.00 1.95 Youth Services 1.50 2.00 2.00 1.95 Total Library 12.00 12.50 12.50 11.58 POLICE Police Services Management 3.00 3.00 3.00 3.00 Police Field Services 31.00 31.00 31.00 32.20 Police Auxiliary 0.00 0.00 5.00 0.28 Police General Support 4.00 4.00 4.00 4.00 Police Investigations 6.00 6.00 6.00 6.00 Village Communications Center 0.00 0.00 0.00 0.00 Police Support Services 3.50 3.50 3.50 3.25 Police Adjudication 0.00 0.00 0.00 0.00 Total Police 47.50 47.50 52.50 48.73 VILLAGE OF OAK BROOK, ILLINOIS FULL-TIME EQUIVALENT EMPLOYEES Last Ten Fiscal Years - 141 - 2017 2018 2019 2020 2021 2022 0.50 0.50 0.50 0.50 0.50 0.50 2.03 1.58 1.55 1.55 1.55 1.55 0.00 0.00 0.00 0.00 0.00 0.00 1.60 1.60 1.50 1.50 1.50 1.50 1.28 0.95 1.25 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 0.90 0.90 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.90 2.40 2.95 2.95 1.90 1.90 0.35 0.35 0.35 0.70 0.70 0.70 10.06 8.78 9.50 9.85 8.50 8.50 1.00 1.00 1.00 1.00 1.00 1.00 3.05 3.05 3.40 3.70 3.70 3.70 0.00 0.00 0.00 0.00 0.00 0.00 1.00 1.00 1.00 1.00 1.00 1.00 5.05 5.05 5.40 5.70 5.70 5.70 1.50 3.00 2.00 2.50 2.50 2.50 0.20 0.20 0.20 0.20 0.20 0.00 2.48 1.98 1.98 1.98 1.98 1.98 7.00 7.00 7.00 7.00 7.00 5.50 3.00 3.00 3.00 3.00 3.00 3.00 7.90 7.40 7.40 7.40 7.40 6.70 22.08 22.58 21.58 22.08 22.08 19.68 5.75 4.75 5.10 5.55 5.25 5.25 1.80 1.80 1.80 1.80 1.80 1.80 1.90 1.90 1.90 1.90 3.75 3.75 1.90 1.90 1.95 1.95 0.00 0.00 11.35 10.35 10.75 11.20 10.80 10.80 3.00 3.00 3.00 3.00 3.00 2.00 32.20 32.20 33.00 33.00 33.00 37.00 0.50 0.50 0.50 0.50 0.50 3.50 4.00 4.00 4.00 5.00 5.00 4.00 6.00 6.00 6.00 6.00 6.00 6.00 0.00 0.00 0.00 0.00 0.00 0.00 3.25 3.25 3.25 3.25 2.00 2.00 0.00 0.00 0.00 0.00 0.00 0.00 48.95 48.95 49.75 50.75 49.50 54.50 - 142 - Function/Program 2013 2014 2015 2016 FIRE*** Fire and EMS - General Salaries**31.00 31.00 31.00 31.00 Rescue and Fire Service Management 1.50 2.20 2.85 2.35 Fire Rescue and Training 0.00 0.00 0.00 0.20 Emergency Medical Service 6.00 6.00 6.00 6.40 Fire Prevention and Public Safety Education 0.00 0.00 0.00 3.60 Total Fire 38.50 39.20 39.85 43.55 SPORTS CORE Sports Core General Operations 0.25 1.50 0.50 1.40 Swimming Operations 1.40 1.40 1.40 1.40 Tennis 1.15 1.15 1.15 1.15 Sports Core Food & Beverage Operations 0.50 1.00 1.50 1.50 Poolside Grill Food & Beverage Operations 0.80 0.80 0.80 0.80 Golf Club Food & Beverage Operations 0.50 0.50 0.50 3.80 Golf Club General Operations 2.00 2.00 2.00 8.00 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 13.50 Total Sports Core 12.20 13.95 13.45 34.15 COMMUNITY DEVELOPMENT Engineering 3.50 3.50 3.50 3.40 Community Development Management 2.00 2.50 2.50 2.60 Code Enforcement 4.25 5.50 6.00 5.91 Total Community Development 9.75 11.50 12.00 11.91 TOTAL 154.45 160.15 165.80 186.58 Data Source Village Records **Six contract firefighter/paramedics are used to supplement the full-time complement of firefighter/ paramedics. ***Part-time positions that are filled by off-duty full-time Fire Department personnel are not included.These positions include Fire Prevention Inspectors,Building Inspectors,Administrative Aide,EMS Director,Public Safety Information Coordinator, and CPR Coordinator. 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. - 143 - 2017 2018 2019 2020 2021 2022 31.00 31.00 31.00 30.00 30.00 30.00 2.35 2.35 2.35 2.35 2.35 1.60 0.20 0.20 0.20 0.20 0.20 0.20 6.40 6.60 11.60 9.50 0.50 0.50 3.60 3.60 3.60 3.60 3.60 3.50 43.55 43.75 48.75 45.65 36.65 35.80 1.50 1.40 1.15 1.00 1.00 1.00 1.15 1.15 0.75 0.75 0.25 0.25 0.65 0.75 0.75 0.50 0.00 0.50 1.75 1.10 1.50 1.80 1.80 1.80 0.80 0.00 0.80 0.80 0.80 0.80 3.80 3.80 3.80 3.80 3.80 5.30 10.15 10.15 10.15 10.00 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 12.50 12.50 12.00 12.00 12.00 11.00 34.90 33.45 33.50 33.25 32.25 33.25 2.36 1.88 1.88 1.88 1.88 1.88 2.60 3.05 3.05 3.05 3.05 3.25 5.26 5.26 5.26 5.26 5.26 5.53 10.22 10.19 10.19 10.19 10.19 10.66 186.16 183.10 189.42 188.67 175.67 178.89 - 144 - Function/Program 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 PUBLIC SAFETY Police Physical arrests 178 196 208 191 212 181 178 125 164 664 Parking violations 501 306 299 901 443 404 317 99 29 160 Traffic violations 2,897 2,986 2,082 1,465 1,495 1,398 1,596 1,345 1,212 1,056 Fire EMS incidents 1,191 1,321 1,329 1,432 1,380 1,408 1,468 1,162 1,493 1,707 Fire incidents 667 742 600 630 672 722 693 598 671 1,181 Community center Police calls dispatched 18,552 19,853 19,442 23,924 21,656 23,716 23,200 18,460 20,561 18,173 Fire/EMS calls dispatched 2,294 2,448 2,246 2,407 2,493 2,616 2,711 2,253 2,665 2,888 WATER New water meters installed 15 16 33 19 23 13 7 9 18 41 Water main breaks repaired 48 36 17 43 31 29 23 37 38 20 Water pumped (millions of gallons)1,113 1,080 1,152 1,087 995 966 889 840 916 942 LIBRARY Total circulation 93,300 90,485 91,205 112,423 105,129 114,014 140,201 78,614 92,718 155,667 Avg. daily circulation 274 265 270 318 312 337 384 248 249 412 Total holdings 131,658 131,973 102,441 97,201 94,353 91,789 88,520 88,994 91,065 93,982 COMMUNITY DEVELOPMENT Building permits issued 811 837 850 841 943 908 920 830 865 894 Inspections 2,617 2,648 2,790 2,999 2,963 2,607 2,510 2,203 2,556 2,686 Estimated construction value 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$ 133,244,295 SPORTS CORE B&T recreation memberships 347 338 307 317 294 307 265 - - 382 Social memberships 68 82 81 77 - - - - - - Total events 66 72 71 75 65 74 88 8 45 59 Golf memberships 146 143 142 145 151 158 150 152 245 277 Total golf rounds 34,670 33,861 34,019 39,324 39,863 35,256 36,253 41,396 48,656 46,098 Data Source Village records VILLAGE OF OAK BROOK, ILLINOIS OPERATING INDICATORS BY FUNCTION Last Ten Fiscal Years - 145 - Function/Program 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 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 2 1 1 1 1 0 Truck 1 1 1 1 1 1 1 1 1 1 Squad 1 1 1 1 2 1 1 1 1 1 Ambulances 2 2 2 2 2 2 2 3 3 3 Incident command vehicle 1 1 1 1 1 1 1 1 1 1 Reserve apparatus 4 4 4 4 4 4 4 3 3 2 Staff and support vehicles 5 4 3 3 3 3 4 3 3 6 PUBLIC WORKS Arterial streets (miles)9 9 9 9 9 9 9 9 9 24 Residential streets (miles)49 49 49 49 49 49 49 49 49 56 Streetlights 565 565 565 565 565 565 565 565 565 666 Traffic intersections 11 11 11 11 11 11 11 11 11 11 WATER Water mains (miles)105 105 105 105 105 105 105 105 105 111 Fire hydrants 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,566 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 - 146 -