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Home My WebLink AboutACFR (Year Ended December 31, 2024)VILLAGE OF OAK BROOK ILLINOIS ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2024 VILLAGE OF OAK BROOK, ILLINOIS ANNUAL COMPREHENSIVE FINANCIAL REPORT For the Year Ended December 31, 2024 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-ix 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 1-15 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 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Governmental Activities in the Statement of Activities ...................................................... 14 VILLAGE OF OAK BROOK, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) FINANCIAL SECTION (Continued) GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS (Continued) Basic Financial Statements (Continued) Fund Financial Statements (Continued) Proprietary Funds Statement of Net Position .............................................................................. 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 Schedule of Changes in the Employer’s Total OPEB Liability and Related Ratios Other Postemployment Benefits Plan ................................................................. 79 VILLAGE OF OAK BROOK, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) FINANCIAL SECTION (Continued) GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS (Continued) Required Supplementary Information (Continued) 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 .................................................. 85-91 Infrastructure Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual ............................................................... 92-93 NONMAJOR GOVERNMENTAL FUNDS Combining Balance Sheet ....................................................................................... 94 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances .............................................................................. 95 Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Motor Fuel Tax Fund .......................................................................................... 96 Hotel/Motel Tax 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 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 VILLAGE OF OAK BROOK, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) FINANCIAL SECTION (Continued) COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES (Continued) INTERNAL SERVICE FUNDS Combining Statement of Net Position ..................................................................... 105 Combining Statement of Revenues, Expenses, and Changes in Net Position ........................................................................................ 106 Combining Statement of Cash Flows ...................................................................... 107-108 Schedule of Revenues, Expenses, and Changes in Net Position - Budget and Actual - Budgetary Basis Insurance Fund ................................................................................................... 109 Garage Fund ....................................................................................................... 110 Capital Replacement Fund ................................................................................. 111 FIDUCIARY FUNDS PENSION TRUST FUNDS Combining Statement of Net Position ................................................................ 112 Combining Statement of Changes in Plan Net Position ..................................... 113 STATISTICAL SECTION Financial Trends Net Position by Component ......................................................................................... 114-115 Change in Net Position ................................................................................................. 116-119 Fund Balances of Governmental Funds ....................................................................... 120-121 Changes in Fund Balances of Governmental Funds .................................................... 122-123 Revenue Capacity Assessed Value and Actual Value of Taxable Property .............................................. 124 Direct and Overlapping Governments ......................................................................... 125 Principal Sales Taxpayers ............................................................................................. 126 Direct and Overlapping Sales Tax Rates ..................................................................... 127 Retail Sales Volume - Top 25 Illinois Communities ................................................... 128 Sales Tax Receipts - Cash Basis ................................................................................... 129 State Sales Tax Receipts by Month - Cash Basis ......................................................... 130 Non-Home Rule Sales Tax Receipts by Month - Cash Basis ...................................... 131 Sales Tax by Category .................................................................................................. 132 Non-Home Rule Sales Tax by Category ...................................................................... 133 VILLAGE OF OAK BROOK, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) STATISTICAL SECTION (Continued) Debt Capacity Ratios of Outstanding Debt by Type ............................................................................ 134 Direct and Overlapping Governmental Activities Debt ............................................... 135 Legal Debt Margin Information ................................................................................... 136 Demographic and Economic Information Demographic and Economic Information .................................................................... 137 Principal Employers ..................................................................................................... 138 Operating Information Full-Time Equivalent Employees................................................................................. 139-142 Operating Indicators by Function ................................................................................. 143 Capital Asset Statistics by Function ............................................................................. 144 INTRODUCTORY SECTION - i - VILLAGE ELECTED OFFICIALS As of December 31, 2024 Laurence E. Herman President Melissa Martin Trustee Michael Manzo Trustee James Nagle Trustee A. Suresh Reddy Trustee Edward Tiesenga Trustee Naveen Jain Trustee Natasha Scarpiniti Village Clerk VILLAGE DEPARTMENT DIRECTORS Greg Summers Village Manager Tim O’Malley Public Works Director Marilyn Fumero Finance Director Jacob Post Head Librarian Kevin Fleege Fire Chief Thomas Gilbert Information Technology Services Director Rebecca Von Drasek Development Services Director Brian Strockis Police Chief Art Segura Sports Core Director Joseph Mitchell Assistant Village Manager - ii - Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to Village of Oak Brook Illinois For its Annual Comprehensive Financial Report For the Fiscal Year Ended December 31, 2023 Executive Director/CEO - iii - - iv - Village Of Oak Brook 1200 Oak Brook Road Oak Brook, IL 60523-2255 Website www.oak-brook.org Administration 630.368.5000 FAX 630.368.5045 Development Services 630.368.5101 FAX 630.368.5128 Engineering Department 630.990.3010 FAX 630.990.3985 Fire Department 630.368.5130 FAX 630.368.5128 Police Department 630.368.8700 FAX 630.368.8739 Public Works Department 630.368.5270 FAX 630.368.5295 Oak Brook Public Library 600 Oak Brook Road Oak Brook, IL 60523 630.368.7700 FAX 630.368.7704 Oak Brook Sports Core Bath & Tennis Club 700 Oak Brook Road Oak Brook, IL 60523 630.368.6420 FAX 630.368.6439 Golf Club 2606 York Road Oak Brook, IL 60523 630.368.6400 FAX 630.368.6419 June 2, 2025 Honorable Laurence E. Herman, Village President Board of Trustees Citizens of the Village of Oak Brook, Illinois: Illinois state statute requires that all general-purpose local governments publish, within six months of the close of each fiscal year, a complete set of financial statements presented in conformity with United States Generally Accepted Accounting Principles (GAAP) and audited in accordance with generally accepted auditing standards by a firm of independent licensed certified public accountants. This report is published to fulfill that requirement for the year ended December 31, 2024. Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rest with the management of the Village. We believe to the best of our knowledge, as presented, the data is accurate in all material respects and presented in a manner designed to fairly set forth the financial position and results of the operations. Management of the Village is responsible for establishing and maintaining internal controls designed to ensure that the assets of the Village are protected from loss, theft or misuse and to ensure that sufficient, reliable, adequate accounting data is compiled for the preparation of financial statements in conformity with GAAP. Internal accounting controls have been designed to provide reasonable assurance that the financial statements will be free from material misstatement. We believe that the Village’s internal controls adequately safeguard assets and provide reasonable assurance of properly recorded financial transactions. In addition, the Village maintains budgetary controls. The objective of these controls is to ensure compliance with legal provisions embodied in the annual budget approved by the Village Board. All disbursements receive approval from the Board of Trustees. The Village also maintains an encumbrance system that is used as an extension of formal budgetary integration. The Village’s financial statements have been audited by Sikich CPA LLC, a firm of licensed certified public accountants. The independent audit is to provide reasonable assurance that the financial statements of the Village of Oak Brook are free of material misstatements. - v - The independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; assessing accounting principles used and significant estimates made by management; and the evaluation of the overall financial statement presentation. Based upon the audit for the year ending December 31, 2024, the independent auditors concluded that there was a reasonable basis for rendering an unmodified opinion on the Village’s financial statements. The independent auditors’ report is presented as the first component of the financial section of this report. Management’s discussion and analysis (MD&A) immediately follows the independent auditor’s report and provides a narrative introduction, overview and analysis of the basic financial statements. The MD&A complements this letter of transmittal and should be read in conjunction with it. Profile of the Village of Oak Brook The Village of Oak Brook is located approximately 15 miles west of the Chicago Loop, near the geographic center of the seven-county Chicago metropolitan area. Excellent transportation links are provided to all parts of the greater metropolitan area by a network of tollways and federal and state highways which pass through or near the Village. The Tri-State Tollway (I-294), running along the Village’s eastern boundary, provides rapid access to the northern and southern suburbs, and into Wisconsin and Indiana. The East- West Tollway (I-88), passing through the Village’s northern sector, joins the Eisenhower Expressway to the northeast, providing direct access to Chicago’s Loop. Additional links include east-west arteries Illinois Route 38 and U.S. Route 34, which pass, respectively, to the north and south of the Village, and Illinois Route 83, which bisects the community in a north-south direction. The Oak Brook area is bounded on the north by the communities of Lombard, Villa Park, Elmhurst and Oak Brook Terrace and on the south by Downers Grove, Westmont, Clarendon Hills and Hinsdale. The Village of Oak Brook operates under the Village form of government with an elected Village President and six (6) Trustees. Daily operational management is provided by a professional manager appointed by the Board of Trustees. The Village provides a wide range of municipal services including general government, public safety (police and fire), public works, road maintenance, community development, recreation facilities and a free public library. For additional information concerning the Village, please visit our website at www.oak- brook.org. Local Economy and Finances The Village of Oak Brook has been and continues to be one of the preeminent business centers in the Chicago metropolitan area. Several large corporations have facilities in the Village, including the corporate headquarters of TreeHouse Foods, Hub Group, and Ace Hardware. As a retail center, Oak Brook offers upscale shopping, fine restaurants, and Oakbrook Center, one of the leading outdoor shopping centers in the United States. Oak Brook is comprised of 40,604 private sector jobs (2024, IDES, Where Workers Work); of these, 15.8% are in the Management of Companies and Enterprises field, 15.9% are in the - vi - Health Care and Social Assistance field, and 13.5% 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. Given that sales taxes constitute the primary source of General Fund revenue, both the local and national economic conditions significantly influence the Village’s revenue streams. This year, sales and Local Use Tax revenue experienced an increase of $1.1 million, or 4.3%, compared to the previous year. While positive trends in sales tax collections persist, the Village will maintain a cautious approach by applying conservative benchmarks, acknowledging the high sensitivity of these revenue sources. Ongoing monitoring of revenue performance and expenditure management remains a priority to ensure fiscal stability. Oak Brook’s estimated new construction value in 2024 was $158 million. Large development projects have come online in 2024, including CD Peacock, Circle K, and Eddie V’s. The Village issued a total of 833 building permits in 2024, with permit revenue of $3 million. Overall, development has been strong in the past few years and is expected to remain strong through 2025. 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 1900 Spring Road are anticipated to make applications in 2025. The following is a list of commercial projects under construction and/or new commercial tenants in 2024. Projects Under Construction and/or New Commercial Tenants Oakbrook Center – These are the ongoing improvements/projects at Oakbrook Center. o 1 OBC – Oakbrook Center Elevator Renovations, almost complete. o 135 OBC – Breitling – Opened in July. o 190 OBC – Anthropology - Renovations complete. o 20 OBC – BYLT Premium Basics space renovation- Complete. o 226 OBC – Byredo - Opened in June. o 2310 Oakbrook Center – Sony Wonderverse – Opened in January. o 298 Oakbrook Center – C.D. Peacock - Opened in May. o 30 OBC – Swatch – Opened in September. o 405 OBC - Buck Mason – Opened in July. o 448 OBC – Pop Mart – space renovation, inspections ongoing. o 452 OBC – SOMA - Existing tenant renovations - Completed in November. o 533 OBC - Ichidoo Ramen - Retail space renovation, inspections ongoing. o 554 OBC – Great Big Game Show – Opened in December. o 622 Oakbrook Center – Travis Mathew - Opened in March. - vii - o 63 Oakbrook Center - Google - Retail space renovation - Opened in November. o 65 Oakbrook Center - New Balance - Retail space renovation, inspections ongoing. o 703 Oakbrook Center – Plaza area renovation – Completed in November. o 75 OBC – Artizia - Opened in April. o 98 OBC – Annie Bing - Opened in December. Commercial/Office Sites – New Tenants/Renovations o 1401 22nd Street – Marriott Oak Brook - Renovation of guest baths continues. o 1550 Spring – Elite Anesthesia – Occupancy issued in August. o 1715 22nd Street – Blackwood BBQ – New Restaurant (Interior) – Opened in January. o 1715 22nd Street – Invicto – New Restaurant – (Interior) – Opened in January. o 1715 22nd Street – Naansense – New Restaurant (Interior) – Opened in January. o 1919 Midwest – Next Level Retina - Inspections ongoing. o 1919 Swift Drive - ComEd - Completed. o 2001 Spring Road – Inspira Financial, inspections ongoing. o 2015 Spring Road – Winland Foods – Occupancy issued in June. o 2021 Spring Road – National Investment – Permit under review for office renovations. o 2155 22nd Street – Uncharted – Opened in November. o 2210 22nd Street – Circle K – Opened in July o 2211 York Road – Morgan Stanley – Full Floor renovations –Completed. o 2215 York Road – The Drake Office Building – Alterations – Completed. o 2301 York Road – The Drake Hotel –- COA – Completed o 2601/2603 22nd Street – Antech Diagnostics, Inc. – Completed in October. o 2616 York Road – Butler National Golf Club - Expansion of maintenance facilities, inspections ongoing. o 300 Windsor Drive -tenant work– Completed in December. o 3001 Butterfield Road – Eddie V’ Prime Seafood – Opened in November. o 3011 Butterfield Road – Fat Rosies, inspections ongoing. o 3015 Coolidge Street – Nicor – Replace Regulatory Systems – Inspections ongoing. o 3824 York Road – Millennium Bank - Completed. o 700 Commerce Drive – Oak Brook Pointe Alteration – Inspections ongoing. o 711 Jorie Blvd. - CHN Industries - corporate office, Occupancy issued in August. o 915 Harger Road – Bodell Bove, LLC – Occupancy issued in July. o 915 Harger Road – Mindwell, LLC – Occupancy issued in July. Long-term Financial Planning The Village uses a number of processes to accomplish financial planning which are outlined as follows: Goals and Objectives – this is an annual process in which the Village Board and staff express specific objectives to be accomplished. Typically, objectives relate to a specific task or project or to a change in methods or operations designed to achieve the stated objective. - viii - Roadway Maintenance Plan – this plan is based on the Village’s pavement management database and on a visual inspection of every public street segment in the Village. The Plan, which is updated annually, includes a long-range schedule of roadway maintenance activities as well as cost projections over the next ten-year period in order to plan for the orderly maintenance of the Village’s roadway system. Five-Year Financial Plan – this document is prepared annually in order to provide the Village Board and the community with a five-year projection of the financial condition of each of the twelve funds that comprise the Village’s financial structure. This document is not as precise as the annual budget, but it does project both revenues and expenditures for each of the next five years that can assist in identifying positive and negative trends. Annual Budget – using the information gathered through the goals and objectives process, roadway maintenance plan, and five-year financial plan, the annual line item budget is prepared. The budget is structured according to cost centers (called “programs”) and sets the spending plan for the coming year. The foundation of all of the Village’s financial planning is centered on the Village Board’s policy of maintaining a cash and investment reserve in the General Fund that meets or exceeds six months of annual operating expenses. The six-month policy level, which is higher than many other municipalities, was established due to the Village not having the predictability of real estate tax revenue and the fact that most of its general revenues that are collected by the State (sales and telecommunications taxes) have a three month delay. This conservative policy ensures that the Village will have sufficient funds on hand to operate in an emergency situation as well as having sufficient time to address any economic downturns. The soundness of this financial policy has proven itself as the Village has been able to maintain adequate cash reserves in this recessionary environment. Major Initiatives Providing safe, efficient, and well-maintained infrastructure continues to be a major goal for the Village. During 2024, the Village completed several projects including: Merry Lane and Briarwood Lakes water main improvements, Bath & Tennis Drive improvements, Sports Core Parking Lot expansion, completion of a 1.5-mile paving of the Shared-Use/Bike and golf cart paths, pumping station improvements, and a Stormwater Master Plan. Some projects started in 2024 that carried over into 2025 include: the Route 83/I-88 water main improvements and the Heritage Center improvements. The 2025 Budget includes several major capital projects including: Woodside/Forest Glen water main replacement, Water system disinfection modernization design, HVAC replacement at the BGC, Sports Core property improvements, multi-year plans for ADA accessibility and Multi-Use/Bike Path improvements just to name a few. For a full listing of planned capital improvements, you can review the 2025-2029 Five-Year Plan at: https://village-oak-brook-il-budget-book.cleargov.com - ix - 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, 2023. In order to be awarded a Certificate of Achievement, a governmental unit must publish an easily readable and efficiently organized annual comprehensive financial report, whose contents conform to program standards. Such reports must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. The Village has successfully obtained the Certificate of Achievement for 46 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 2024 fiscal year. To be eligible for this award, a governmental entity must publish a budget document that satisfies program criteria across multiple roles, including serving as a policy statement, an operations guide, a financial plan, and an effective communication tool. The Village is proud to have received this award for the twelfth consecutive year. The preparation of this report would not be possible without the efficient and dedicated services of the entire Finance Department of the Village of Oak Brook. We extend our sincere appreciation to those individuals whose contributions made the publication of this report possible. Additionally, we thank the President and the members of the Board of Trustees for their interest and support in guiding the Village's financial operations with a focus on responsibility and progress. Marilyn Fumero Finance Director 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, 2024, 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, 2024, and the respective changes in financial position 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 audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. 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 obtained is sufficient and appropriate to provide a basis for our audit opinions. Change in Accounting Principle As described in Note 14 to the financial statements, the Village adopted the Governmental Accounting Standards Board (GASB) Statement No. 101, Compensated Absences, for the year ended December 31, 2024. The implementation of this guidance resulted in changes to accrual of compensated absence balances. Our opinion was not modified with respect to this matter. - 1 - Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. 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 assurance 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 standards 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 financial 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, considered in the aggregate, that raise substantial doubt about the Village ’s ability to continue as a going concern for a reasonable period of time. - 2 - We are required to communicate with those 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. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and the required supplementary information listed in the table of contents be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic , or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management ’s responses to our inquiries, the basic financial statements and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Supplementary Information Our audit 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 reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the 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 generally accepted in the United States of America, the Village of Oak Brook, Illinois’ basic financial statements for the year ended December 31, 2023, 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 fund information. That audit was conducted for the purpose of forming opinions on the financial statements that collectively 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 - 3 - December 31, 2023, are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and related directly to the underlying accounting and other records used to prepare the 2023 basic financial statements. The information was subjected to the audit procedures applied in the audit of those basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the 2023 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 between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated June 2, 2025, 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 integral 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 2, 2025 - 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, 2024, 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 2, 2025. 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 purpose 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 instances 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 2, 2025 - 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, 2024 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, 2024. We encourage readers to consider the information presented here in conjunction with additional information that we have furnished in the Transmittal Letter (beginning on page iv) and the Village’s Financial Statements (beginning on page 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, 2024, the Village’s total (combined governmental and business-type) assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources by $169.2 million (referred to as net position), representing an overall positive financial position. • The Village’s total net position experienced an increase of $11.5 million. This growth was partially offset by a $0.4 million adjustment resulting from GASB 101 pronouncements, which resulted in a change in accounting principle. This overall growth reflects effective expenditure management through vigilant budget oversight and cost controls, which helped maximize resource allocation efficiency. Additionally, the Village benefited from robust financial investment returns, contributing positively to its financial position. Strong sales tax revenues also played a significant role in this increase, driven by steady economic activity and consumer spending within the community. These combined factors have contributed to the Village’s improved financial stability and position. • Governmental activities reported a total net position of $93.7 million, reflecting an increase of $5.5 million. The net position of governmental activities was further decreased by $0.3 million due to the adoption of GASB 101, which resulted in a change in accounting principle. The unrestricted net position is a $11.1 million deficit, which represents an increase from the prior year’s $9.2 million deficit. This rise in the unrestricted net position is mainly due to changes in Police and Fire Pension liabilities, as estimated by actuaries. The Village remains committed to efforts aimed at reducing these pension liabilities by making additional annual contributions. VILLAGE OF OAK BROOK, ILLINOIS MANAGEMENT’S DISCUSSION AND ANALYSIS (continued) (See independent auditors’ report) - MD&A 2 - • The business-type activities reported a total net position of $75.5 million, reflecting an increase of $6.02 million, or 8.66%, from the previous year. The unrestricted net position is $30.0 million. This positive trend is mainly attributed to disciplined expenditure management and the replacement of water mains, which has led to a reduction in water main breaks and water losses. Furthermore, the Village continues to serve as the water supplier for Aqua’s newly acquired customer base. • As of December 31, 2024, the Village’s combined unrestricted net position for both governmental and business-type activities was $18.9 million, reflecting a decrease of $0.25 million compared to the previous year. • Total revenues declined slightly by $0.13 million, or 0.2%, compared to the previous year. This overall decrease is primarily due to a $2.2 million, or 4.8%, reduction in governmental activities revenues from 2023. The decline in government revenue was mainly driven by lower utility and telecommunications tax collections, along with decreased permit revenue following the completion of large construction projects in 2023, which had contributed to higher permit revenues during that year. In contrast, revenue from business-type activities increased by $2.0 million, or 12.6%, primarily reflecting heightened demand for services provided by the Village, such as water and recreational offerings. • Total expenses increased by $1.7 million, or 3.6%, compared to the previous year. The increase in expenditures on governmental activities amounted to $1.3 million, or 3.6%. The governmental activities expenditures increased by $1.3 million, also a 3.6% rise, mainly attributable to additional Police and Fire Pension contributions in 2024. Expenses for business-type activities increased by $0.4 million, or 3.4%. The rise in expenditures is primarily due to continued investments in water main infrastructure. 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 VILLAGE OF OAK BROOK, ILLINOIS MANAGEMENT’S DISCUSSION AND ANALYSIS (continued) (See independent auditors’ report) - MD&A 3 - 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 and operations of the Oak Brook Sports Core. 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. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The Village maintains six individual governmental funds. Information is presented separately in the governmental fund balance sheet and statement of revenues, expenditures, and changes in fund balances for the General Fund and Infrastructure Fund, both of which are “major” funds. Data from the other four 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 and the operations of the Oak Brook Sports Core. Internal service funds are an accounting device used to accumulate and allocate costs internally VILLAGE OF OAK BROOK, ILLINOIS MANAGEMENT’S DISCUSSION AND ANALYSIS (continued) (See independent auditors’ report) - MD&A 4 - 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. 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 th e Village’s own programs. The accounting used for fiduciary funds is much like that used for proprietary funds. The Village maintains two fiduciary funds: the Police Pension Fund and the Firefighters’ Pension Fund. The Village does not adopt an annual budget for either of these funds. The basic fiduciary fund financial statements can be found on pages 20 and 21 of this report. 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 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 113 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, 2023. 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 2024 and 2023. Cash and investments, included in the current and other assets line, increased $7.5 million, or 8.3% compared to the prior year. Total cash and investments were $97.9 million on December 31, 2024, with $68.2 million in Governmental Activities and $29.7 million in Business-Type Activities. The net investment in capital assets is the largest portion of net position. This represents capital assets (land, buildings, improvements, equipment, infrastructure, and construction in progress), net of accumulated depreciation, and the outstanding related debt used to acquire the assets. The Village uses these capital assets to provide services to its citizens and these assets are not available for future spending. For more detailed information, see the Statement of Net Position on pages 7 through 8. 2024 2023 2024 2023 2024 2023 Assets Current and Other Assets 81.7$ 75.1$ 32.6$ 30.8$ 114.3$ 105.9$ Capital Assets 82.5 80.3 46.3 41.5 128.8 121.8 Total Assets 164.2$ 155.4$ 78.9$ 72.3$ 243.1$ 227.8$ Deferred Outflows of Resources 12.1$ 15.8$ 1.0$ 1.2$ 13.1$ 17.1$ Liabilities Long-Term Liabilities 71.7$ 69.7$ 1.4$ 1.7$ 73.1$ 71.4$ Other Liabilities 4.8 6.6 1.3 0.9 6.1 7.5 Total Liabilities 76.6$ 76.3$ 2.7$ 2.6$ 79.2$ 78.9$ Deferred Inflows of Resources 6.0$ 6.4$ 1.7$ 1.5$ 7.7$ 7.9$ NET POSITION Net Investment in Capital Assets 75.6$ 76.5$ 45.5$ 41.1$ 121.1$ 117.6$ Restricted 29.3 21.3 - - 29.3 21.3 Unrestricted (11.1) (9.2) 30.0 28.4 18.9 19.1 Total Net Position 93.7$ 88.6$ 75.5$ 69.5$ 169.2$ 158.1$ Table 1 Statement of Net Position Summary As of December 31, 2024 and 2023 (in millions) Governmental Activities Business-Type Activities Total Primary Government VILLAGE OF OAK BROOK, ILLINOIS MANAGEMENT’S DISCUSSION AND ANALYSIS (continued) (See independent auditors’ report) - MD&A 6 - Summary of Changes in Net Position The following table summarizes the revenues and expenses found on the Statement of Activities for 2024 and 2023: 2024 2023 2024 2023 2024 2023 Revenues Program Revenues Charges for Services 5.4$ 6.8$ 15.8$ 15.1$ 21.2$ 21.9$ Grants and Contributions 0.6 1.3 1.1 - 1.7 1.3 General Revenues Sales and Local Use Taxes 26.5 25.4 - - 26.5 25.4 Utility Taxes 3.1 4.3 - - 3.1 4.3 Hotel Motel Taxes 1.6 1.6 - - 1.6 1.6 Other Taxes 2.5 2.8 - - 2.5 2.8 Investment Income 3.0 2.7 1.4 1.2 4.4 3.8 Miscellaneous 0.0 0.1 - - 0.0 0.1 Total Revenues 42.7$ 44.9$ 18.3$ 16.2$ 61.0$ 61.2$ Expenses General Government 6.4$ 6.2$ -$ -$ 6.4$ 6.2$ Public Safety 24.0 22.5 - - 24.0 22.5 Public Works 5.5 5.6 - - 5.5 5.6 Culture and Recreation 1.4 1.7 - - 1.4 1.7 Waterworks System - - 8.5 7.9 8.5 7.9 Sports Core - - 3.8 3.9 3.8 3.9 Interest and Fiscal Charges 0.0 0.0 - - 0.0 0.0 Total Expenses 37.3$ 36.0$ 12.3$ 11.8$ 49.5$ 47.8$ Special Item - 1.7 - - - 1.7 Change in Net Position 5.5$ 10.7$ 6.0$ 4.4$ 11.5$ 15.1$ Net Position - Beginning of Year 88.6$ 77.9$ 69.5$ 65.1$ 158.1$ 143.0$ Change in Accounting Principle (0.3) - (0.0) - (0.4) - Net Position - End of Year 93.7$ 88.6$ 75.5$ 69.5$ 169.2$ 158.1$ Activities Activities Government Table 2 Statement of Activities Summary As of December 31, 2024 and 2023 (in millions) Governmental Business-Type Total Primary VILLAGE OF OAK BROOK, ILLINOIS MANAGEMENT’S DISCUSSION AND ANALYSIS (continued) (See independent auditors’ report) - MD&A 7 - As previously mentioned, total revenues decreased by $0.13 million, or 0.2%, compared to the previous year. The decline in 2024 revenues is mainly attributed to lower utility and telecommunications tax collections, along with a reduction in service charge revenues, such as building permits. Total expenses rose by $1.7 million, or 3.6%, compared to the previous year. This increase is mainly due to additional pension contributions and infrastructure investments. The Village made significant investments in technology, which enhanced efficiency through various technological upgrades and a comprehensive review of outsourcing contracts, leading to notable cost savings. These savings have supported the Village’s ongoing efforts to reduce Fire and Police Pension liabilities. For the year ending December 31, 2024, the Village reported a pension expense of $6.1 million. Additionally, in 2024, the Village Board approved a supplemental contribution of $2.0 million to the Police and Fire Pension funds. Governmental Activities Revenues – Governmental Activities VILLAGE OF OAK BROOK, ILLINOIS MANAGEMENT’S DISCUSSION AND ANALYSIS (continued) (See independent auditors’ report) - MD&A 8 - For the fiscal year ended December 31, 2024, revenues from Governmental Activities totaled $42.7 million, reflecting a decrease of $2.2 million compared to 2023. The Village’s largest revenue source, sales and use taxes, amounted to $26.5 million, representing 62.0% of total Governmental Activities revenue. This category experienced an increase of $1.1 million, or 4.2%, over 2023. Utility taxes, which include taxes on electric, natural gas, and telecommunications services, totaled $3.1 million and comprised 7.3% of total revenue. These utility tax revenues declined by $1.2 million, or 27.4%, from the previous year, primarily due to lower overall usage. The downward trend in utility and telecommunications tax revenue continues, and its impact on the Village remains closely monitored. The “other taxes” category includes several revenue sources such as income taxes, personal property replacement taxes, and motor fuel taxes. In 2024, these revenues amounted to $2.5 million, accounting for 5.9% of total Governmental Activities revenue. Hotel/Motel Taxes experienced an increase of $0.05 million, or 3.4%, compared to 2023. This modest growth is driven by consistently strong hotel occupancy rates, which have remained between 75% and 95% capacity. The “charges for services” category include a variety of licenses, permits, and fees. In 2024, these revenues amounted to $5.4 million, or 12.6% of the total Governmental Activities revenues. This category experienced a decrease of $1.4 million, or 21.1%, from 2023, primarily due to the completion of large development projects in 2023 that contributed to higher revenue levels during that year. Expenses by Function – Governmental Activities VILLAGE OF OAK BROOK, ILLINOIS MANAGEMENT’S DISCUSSION AND ANALYSIS (continued) (See independent auditors’ report) - MD&A 9 - Expenses for Governmental Activities in 2024 amounted to $37.3 million, representing an increase of $1.3 million, or 3.6%, compared to 2023. A detailed review of expenses by function reveals the following trends: • General Government: Expenses totaled $6.4 million in 2024, reflecting an increase of $0.2 million, or 2.8%, over the previous year. This rise is primarily driven by increased liability insurance premiums and the Village’s transition from a self-insured health benefits program to a fully insured plan for employees, which has contributed to higher health- related costs. • Public Safety: Expenditures totaled $24.0 million in 2024, reflecting an increase of $1.5 million, or 6.9%, compared to 2023. This rise is primarily due to substantial technological investments and increased contributions to the Police and Fire Pensions. The technological upgrades led to lower overtime costs in 2024, enabling the Village to make additional pension contributions. Moreover, the Village continued to make full pension fund contributions and provided supplemental contributions of $1.0 million each to the Police and Fire Pension Funds, supporting the ongoing pension commitments for public safety personnel. • Public Works: Expenses for Public Works totaled $5.5 million in 2024, representing a decrease of $0.1 million, or 2.6%, versus 2023. This reduction is largely due to reassessments of outsourcing contracts, which have led to substantial cost savings. The Public Works department also made concerted efforts to complete projects internally rather than outsourcing, further controlling costs. • Culture and Recreation: Expenses in this category totaled $1.4 million in 2024, a decrease of $0.3 million, or 16.2%, compared to 2023. This significant reduction is primarily due to personnel cost savings achieved through outsourcing operations for the Bath and Tennis banquet facility, pool management, and the Golf Café, which has helped contain expenses in this area. Overall, the Village has adopted strategic cost -saving initiatives, enhanced efficiency, and prioritized resource optimization while ensuring the delivery of essential community services. The modest rise in expenditures reflects the success of these cost-saving efforts, which have enabled additional investments in infrastructure and public safety technology. These investments are aimed at enhancing the experience for residents, visitors, and businesses in the Village of Oak Brook. Business-Type Activities The net position of business-type activities experienced an increase of $6.02 million, or 8.66%, from 2023, reflecting overall financial growth in these areas. Revenue from the waterworks system reached $10.9 million in 2024, representing a $0.8 million, or 8.0%, increase compared to the prior year. This growth was partially driven by a 5.0% rate increase for water customer charges, implemented to counterbalance the annual water rate hikes imposed by the City of Chicago, thereby maintaining the system’s financial sustainability. VILLAGE OF OAK BROOK, ILLINOIS MANAGEMENT’S DISCUSSION AND ANALYSIS (continued) (See independent auditors’ report) - MD&A 10 - Revenues from the Sports Core program totaled $4.9 million, showing a modest decrease of $0.05 million, or 1.0%, from the previous year. This slight decline correlates with the outsourcing of food and beverage operations, which, as discussed subsequently, resulted in approximately $0.2 million in expense savings. Furthermore, the Sports Core has undertaken several operational upgrades and strategic adjustments, including reducing and refocusing the Pro-shop inventory to better align with immediate golfer needs, rather than maintaining a full-service retail store, thereby improving operational efficiency. In terms of expenses, the waterworks system’s costs totaled $8.5 million in 2024, reflecting a $0.5 million, or 6.5%, increase over 2023. This rise is primarily due to ongoing infrastructure investments and increased water supply costs, both necessary for maintaining system reliability and service quality. Conversely, expenses for the Sports Core facilities decreased by $0.18 million, or 4.7%, to $3.8 million. This reduction is a result of enhanced cost-control measures, including outsourcing pool management, the Bath and Tennis Banquet, and Golf Café facilities, which have contributed to more effective budget management while sustaining service levels. Overall, the positive net position growth highlights strategic revenue enhancements and expense management initiatives that have contributed to the financial health and operational efficiency of the Village’s business-type activities. 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, 2024, the governmental funds (as presented on the balance sheet on page 13) had a combined fund balance of $72.2 million, which is an increase of $8.2 million over the prior year. Below is a summary of major changes in the Village’s major governmental funds. General Fund Analysis The General Fund balance increased by $0.4 million in 2024, reaching a total of $43.0 million. Revenues declined by $2.8 million compared to 2023, while expenditures rose by $4.3 million during the same period. In 2024, actual revenues surpassed the original budget by $2.2 million, whereas expenditures were $5.0 million above the original budgeted amount. Program Program Revenues Expenses Waterworks Sytem 10,896,497$ 8,446,209$ Sports Core 4,934,016 3,771,753 Total 15,830,513$ 12,217,962$ Revenues and Expenses - Business-Type Activites For the Fiscal Year Ended December 31, 2024 VILLAGE OF OAK BROOK, ILLINOIS MANAGEMENT’S DISCUSSION AND ANALYSIS (continued) (See independent auditors’ report) - MD&A 11 - Table 3 below details the General Fund major revenue and expenditure line items compared to original and amended budget. The Village’s intergovernmental revenues for the General Fund exceeded budget expectations. The Village employs a conservative approach in budgeting these revenues due to its reliance on elastic sources to fund operations. While a temporary increase in inflation can temporarily boost sales tax revenues, sustained high inflation typically results in reduced consumer and business spending, leading to weaker collection figures. Specifically, sales tax revenue within the intergovernmental category was $1.8 million above budget projections. Conversely, utility taxes fell short of expectations by $1.5 million due to a general slowdown in usage. Licenses and permits revenues were $0.09 million below budget, reflecting a slowdown in commercial building permits. Revenues from charges for services exceeded projections by $0.1 million, primarily driven by increased community service activity. The General Fund’s expenditures are conservatively managed, with actual spending in 2024 exceeding the original budget by nearly $5.0 million. The main reason for this increase is the implementation of GASB pronouncements, which required the recognition of $3.1 million related to an installment contract issuance in the first year of the contract. More details about the impact of GASB pronouncements can be found in the notes to the financial statements. Original Amended Budget Budget Actual Revenues Intergovernmental 18,724,281$ 20,561,596$ 20,479,736$ Utility Taxes 4,600,000 3,112,972 3,112,972 Licenses & Permits 2,247,810 2,161,097 2,161,097 Charges for Services 2,945,720 3,129,913 3,057,763 Other 979,180 2,848,698 2,848,698 Total Revenues 29,496,991$ 31,814,276$ 31,660,266$ Expenditures General Government 5,814,192$ 5,792,054$ 5,763,470$ Public Safety 19,463,224 24,472,699 24,472,699 Public Works 3,027,969 2,933,033 2,933,033 Culture and Recreation 1,142,807 1,161,983 1,161,983 Debt Service - - 98,472 Total Expenditures 29,448,192$ 34,359,769$ 34,429,657$ Other Financing Sources (Uses)-$ 3,084,088$ 3,153,976$ Change in Fund Balance 48,799$ 538,595$ 384,585$ Table 3 General Fund Budgetary Highlights For the Fiscal Year Ended December 31, 2024 VILLAGE OF OAK BROOK, ILLINOIS MANAGEMENT’S DISCUSSION AND ANALYSIS (continued) (See independent auditors’ report) - MD&A 12 - The Infrastructure Fund's balance increased by $5.9 million from 2023 to 2024, reaching a total of $21.4 million. Although the Village's capital budget included several major street improvement projects in 2024, activity was lower than initially projected. The Village plans to coordinate street projects with water main replacement efforts to maximize efficiency and minimize disruptions to residents. Due to the extensive scope of the 2024 water main replacement projects, some street replacement projects were delayed, with many carrying over into 2025 and beyond. Historically, the Infrastructure Fund accumulates and reserves funds for large projects, resulting in significant fluctuations in the fund balance each year depending on the timing and scheduling of projects. Capital Assets The following table reflects the Village’s capital asset balances as of December 31, 2024, and 2023. At the end of 2024, the Village’s net capital assets, which represents the book value of infrastructure, buildings, land, equipment, and vehicles net of accumulated depreciation totaled $128.8 million. This figure reflects an overall increase of $7.0 million from 2023, indicating ongoing investments in capital infrastructure and assets critical to community services and operational efficiency. Additional details regarding the calculation and composition of capital assets can be found in Note 5 of the Notes to the Financial Statements. 2024 2023 2024 2023 2024 2023 Land and Land Right of Way 33.2$ 33.2$ 8.3$ 8.3$ 41.5$ 41.5$ Construction in Progress 0.1 0.1 0.7 0.3 0.8 0.4 Buildings and Land Improvements 27.7 27.7 12.7 12.4 40.4 40.1 Machinery, Vehicles, and Equipment 12.5 9.3 8.5 7.7 21.1 17.1 Infrastructure 59.8 58.8 42.8 37.9 102.6 96.6 Intangible Capital Assests - Right to Use 4.4 3.6 0.1 - 4.5 3.6 Total 137.7$ 132.7$ 73.1$ 66.5$ 210.8$ 199.3$ Accumulated Depreciation - Tangible (53.6)$ (51.4)$ (26.8)$ (25.0)$ (80.4)$ (76.4)$ Accumulated Amortization - Intangible (1.6) (1.0) (0.0) - (1.6) (1.0) (55.2)$ (52.4)$ (26.8)$ (25.0)$ (82.0)$ (77.5)$ Total Capital Assets 82.5$ 80.3$ 46.3$ 41.5$ 128.8$ 121.8$ Activities Business-Type Activities Total Primary Government Table 4 Capital Assets As of December 31, 2024 and 2023 (in millions) Governmental VILLAGE OF OAK BROOK, ILLINOIS MANAGEMENT’S DISCUSSION AND ANALYSIS (continued) (See independent auditors’ report) - MD&A 13 - Major capital asset activities during 2024 encompassed several significant projects across both governmental and business-type activities: • For Governmental Activities: The focus was on essential infrastructure improvements, including road and bridge renovations, the refurbishment and upgrade of Village facilities, and the replacement of aging vehicles and equipment to ensure ongoing safety, service quality, and operational effectiveness. • For Business-Type Activities: Capital expenditures primarily supported improvements to the Oak Brook Golf Course, water main infrastructure enhancements, and various equipment replacements to maintain service reliability and operational efficiency across the Village’s utility and recreation services. These substantial capital investments demonstrate the Village’s commitment to maintaining and enhancing its infrastructure, supporting community development, and ensuring the sustainability and quality of public services for residents and stakeholders. Long-Term Debt As a “non-home rule community,” the Village’s legal general obligation debt limit is 8.625 percent of the equalized assessed valuation (EAV), which equates to $150,828,722 based on the January 1, 2024, EAV of $1,748,738,802. As of December 31, 2024, the Village had no outstanding debt applicable to this legal limit. The debt presented in Table 5 pertains to GASB requirements for reporting long-term lease and software agreement commitments (refer to Note 6 in the Notes to the Financial Statements for detailed information on each issue). The following table summarizes the Village’s outstanding long-term debt: In 2018, the Village initiated a leasing program for various administrative, public works, and public safety vehicles. By 2024, the fleet had grown to 42 leased vehicles, with an additional 11 units added that year. For the 2025 fiscal year, the Village has adopted a strategic hybrid approach, combining leasing and purchasing options. This strategy involves assessing the benefits of purchasing administrative vehicles to achieve long-term cost savings and operational stability while continuing to lease public safety and heavy-duty vehicles, which tend to have lower resale 2024 2023 2024 2023 2024 2023 Leases 2.4$ 1.9$ -$ -$ 2.4$ 1.9$ SBITAs 0.2 0.4 0.0 - 0.2 0.4 Installment Contract 3.4 - - - 3.4 - Total Long-Term Debt 6.0$ 2.3$ 0.0$ -$ 6.0$ 2.3$ Activities Activities Government Table 5 Long-Term Debt As of December 31, 2024 and 2023 (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 - values due to high usage, frequent idling, and wear and tear. Currently, the Village owns 24 vehicles outright, with lease agreements typically lasting three to five years, depending on the vehicle type and departmental requirements. Purchases are expected to provide a useful lifespan beyond the lease terms, offering greater flexibility and cost-efficiency in fleet management. Additionally, GASB standards require the Village to report long-term installment contracts; as such, the Village has entered into a contract with AXON for police body and dash cameras, including software and maintenance, which is incorporated into the long-term debt schedule. Overall, these financial and operational strategies demonstrate the Village’s prudent approach to managing debt, optimizing vehicle acquisitions, and ensuring fiscal responsibility while maintaining essential public services. Economic Factors and Next Year’s Budget Unlike most municipalities where real estate taxes constitute a significant revenue source, the Village of Oak Brook does not levy a property tax. As a non-home rule community subject to the tax cap, the Village’s real estate tax levy is effectively limited to zero. Consequently, Oak Brook’s revenue dependency is more heavily influenced by the local and national economy, with sales taxes, utility taxes, and state-shared revenues serving as the primary sources of income. This reliance underscores the importance of economic conditions to the Village’s fiscal health. During Fiscal Year 2024, the Village’s unassigned General Fund balance grew from $42.6 million to $43.0 million, primarily due to robust sales tax revenue and effective expense management. While total revenues for 2024 decreased by $2.8 million relative to 2023, expenditures rose by $4.3 million. This increase in spending was largely driven by the implementation of several Governmental Accounting Standards Board (GASB) standards designed to improve the transparency and comparability of governmental financial statements, aligning more closely with corporate accounting practices. The additional expenditures resulting from these GASB standards were offset by increases in other financing sources, leading to a net neutral impact and a $0.4 million rise in fund balance from 2023. Specifically, the Village adopted GASB 101 related to compensated absences, GASB 87 concerning leases, and GASB 96 related to subscription-based information technology arrangements (SBITAs). Furthermore, the Village entered into a long-term installment contract valued at $3.1 million to finance several police technology initiatives aimed at enhancing operational efficiency and reducing costs. The full value of this contract is reflected in the financial statements. Additionally, costs associated with software-as-a-service (SaaS) arrangements and other allocations contributed to the overall increase in expenditures during the year. Looking ahead, the 2025 budget adopts a prudent financial approach aimed at balancing fiscal responsibility with high-quality service delivery to residents and the business community. Budgeted revenues are projected at $66.1 million, representing an 8.4% increase, or $5.1 million, over the 2024 budget (excluding Pension Trust and Foreign Fire Tax Funds). Total planned expenditures amount to $69.0 million, an increase of $8.9 million, or 14.8%, compared to 2024 (excluding Pension Trust and Foreign Fire Tax Funds). VILLAGE OF OAK BROOK, ILLINOIS MANAGEMENT’S DISCUSSION AND ANALYSIS (continued) (See independent auditors’ report) - MD&A 15 - The projected year-end cash balance for the General Corporate Fund in 2025 is anticipated to be approximately $39.8 million, equating to roughly 17.0 months of operating expenditures—well above the Village’s minimum reserve policy of six months. This strong reserve position provides a vital buffer against potential economic volatility and reinforces the Village’s financial stability. CONTACTING THE VILLAGE’S FINANCE DEPARTMENT This financial report aims to provide residents, customers, investors, and creditors with a clear overview of the Village’s financial position and to demonstrate accountability for the funds received. For questions regarding this report or to request additional financial information, please contact Marilyn Fumero, Finance Director, Village of Oak Brook, 1200 Oak Brook Road, Oak Brook, IL 60523. BASIC FINANCIAL STATEMENTS Governmental Business-Type Activities Activities Total ASSETS Cash and investments 68,203,309$ 29,685,651$ 97,888,960$ Receivables (net, where applicable, of allowance for uncollectibles) Sales taxes 7,779,073 - 7,779,073 Utility tax 486,398 - 486,398 Accounts 1,164,799 - 1,164,799 Allotments 30,653 894,902 925,555 Accrued interest 128,954 53,485 182,439 Leases 2,622,824 1,313,574 3,936,398 PPP receivable - 192,251 192,251 Other 1,263,468 288,199 1,551,667 Internal balances (174,332) 174,332 - Prepaid expenses 63,510 - 63,510 Inventory 81,979 33,957 115,936 Capital assets not being depreciated 33,305,666 8,953,155 42,258,821 Capital assets being depreciated, net of accumulated depreciation and amortization 49,208,132 37,353,287 86,561,419 Total assets 164,164,433 78,942,793 243,107,226 DEFERRED OUTFLOWS OF RESOURCES Pension items - Police Pension 5,263,537 - 5,263,537 Pension items - Firefighters' Pension 2,966,359 - 2,966,359 Pension items - IMRF 2,908,432 617,835 3,526,267 Deferred outflows of resources - OPEB 957,248 64,055 1,021,303 Deferred outflows of resources - ARO - 285,000 285,000 Total deferred outflows of resources 12,095,576 966,890 13,062,466 Total assets and deferred outflows of resources 176,260,009 79,909,683 256,169,692 VILLAGE OF OAK BROOK, ILLINOIS STATEMENT OF NET POSITION December 31, 2024 (This statement is continued on the following page.) - 7 - Governmental Business-Type Activities Activities Total LIABILITIES Accounts payable 1,720,686$ 1,217,406$ 2,938,092$ Accrued payroll 565,919 33,170 599,089 Deposits payable 2,348,712 2,868 2,351,580 Unearned revenue 183,999 48,960 232,959 Due to fiduciary funds 117,631 - 117,631 Long-term liabilities Due within one year 2,733,598 129,834 2,863,432 Due in more than one year 68,880,805 1,257,893 70,138,698 Total liabilities 76,551,350 2,690,131 79,241,481 DEFERRED INFLOWS OF RESOURCES Pension items - Police Pension 7,050 - 7,050 Pension items - Firefighters' Pension 39,079 - 39,079 Pension items - IMRF 18,343 3,897 22,240 Deferred inflows of resources - OPEB 3,512,735 235,058 3,747,793 Deferred inflows of resources - leases 2,437,667 1,279,485 3,717,152 Deferred inflows of resources - PPP - 185,928 185,928 Total deferred inflows of resources 6,014,874 1,704,368 7,719,242 Total liabilities and deferred inflows of resources 82,566,224 4,394,499 86,960,723 NET POSITION Net investment in capital assets 75,573,720 45,483,045 121,056,765 Restricted for Infrastructure 21,386,016 - 21,386,016 Highways and streets 2,392,217 - 2,392,217 Fire department 202,675 - 202,675 Culture and recreation 5,272,182 - 5,272,182 Unrestricted (deficit)(11,133,025) 30,032,139 18,899,114 TOTAL NET POSITION 93,693,785$ 75,515,184$ 169,208,969$ December 31, 2024 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 6,384,735$ 2,815,811$ -$ -$ Public safety 24,018,159 2,451,894 229,689 - Public works 5,469,440 90,350 362,847 - Culture and recreation 1,384,753 8,013 - - Interest 9,011 - - - Total governmental activities 37,266,098 5,366,068 592,536 - Business-Type Activities Water and sewer 8,478,821 10,896,497 - - Sports core 3,777,436 4,934,016 - - Total business-type activities 12,256,257 15,830,513 - - TOTAL PRIMARY GOVERNMENT 49,522,355$ 21,196,581$ 592,536$ -$ Program Revenues VILLAGE OF OAK BROOK, ILLINOIS STATEMENT OF ACTIVITIES For the Year Ended December 31, 2024 - 9 - Governmental Business-Type Activities Activities Total (3,568,924)$ -$ (3,568,924)$ (21,336,576) - (21,336,576) (5,016,243) - (5,016,243) (1,376,740) - (1,376,740) (9,011) - (9,011) (31,307,494) - (31,307,494) - 2,417,676 2,417,676 - 1,156,580 1,156,580 - 3,574,256 3,574,256 (31,307,494) 3,574,256 (27,733,238) General Revenues Taxes Property 463,710 - 463,710 Local sales 7,890,354 - 7,890,354 Local use 285,689 - 285,689 Utility 3,112,972 - 3,112,972 Hotel/motel 1,630,393 - 1,630,393 Other 128,537 - 128,537 Intergovernmental State sales and use tax 18,341,679 - 18,341,679 State income tax 1,386,575 - 1,386,575 Personal property replacement 521,793 - 521,793 ARPA grant - 1,090,855 1,090,855 Investment income 3,001,660 1,371,303 4,372,963 Miscellaneous 19,442 - 19,442 Total 36,782,804 2,462,158 39,244,962 CHANGE IN NET POSITION 5,475,310 6,036,414 11,511,724 NET POSITION, JANUARY 1, AS PREVIOUSLY REPORTED 88,564,027 69,497,513 158,061,540 Change in accounting principle (345,552) (18,743) (364,295) NET POSITION, JANUARY 1, AS RESTATED 88,218,475 69,478,770 157,697,245 NET POSITION, DECEMBER 31 93,693,785$ 75,515,184$ 169,208,969$ 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 38,309,757$ 19,928,996$ 7,776,010$ 66,014,763$ Receivables Sales taxes 5,423,089 2,355,984 - 7,779,073 Utility taxes 486,398 - - 486,398 Accounts 1,164,799 - - 1,164,799 Allotments - - 30,653 30,653 Accrued interest 83,598 33,335 8,893 125,826 Lease 2,622,824 - - 2,622,824 Other 937,970 165,785 123,323 1,227,078 Inventory 1,535 - - 1,535 Prepaid items 63,510 - - 63,510 TOTAL ASSETS 49,093,480$ 22,484,100$ 7,938,879$ 79,516,459$ LIABILITIES Accounts payable 503,985$ 1,097,531$ 68,139$ 1,669,655$ Accrued payroll 556,010 553 3,666 560,229 Deposits payable 2,348,712 - - 2,348,712 Unearned revenue 160,696 - - 160,696 Due to fiduciary funds 117,631 - - 117,631 Total liabilities 3,687,034 1,098,084 71,805 4,856,923 DEFERRED INFLOWS OF RESOURCES Leases 2,437,667 - - 2,437,667 Total deferred inflows of resources 2,437,667 - - 2,437,667 Total liabilities and deferred inflows of resources 6,124,701 1,098,084 71,805 7,294,590 FUND BALANCES Nonspendable Inventory 1,535 - - 1,535 Prepaid items 63,510 - - 63,510 Restricted Infrastructure - 21,386,016 - 21,386,016 Highways and streets - - 2,392,217 2,392,217 Public safety - - 202,675 202,675 Culture and recreation - - 5,272,182 5,272,182 Unassigned 42,903,734 - - 42,903,734 Total fund balances 42,968,779 21,386,016 7,867,074 72,221,869 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES 49,093,480$ 22,484,100$ 7,938,879$ 79,516,459$ OF RESOURCES, AND FUND BALANCES LIABILITIES, DEFERRED INFLOWS ASSETS VILLAGE OF OAK BROOK, ILLINOIS GOVERNMENTAL FUNDS December 31, 2024 BALANCE SHEET See accompanying notes to financial statements. - 11 - FUND BALANCES OF GOVERNMENTAL FUNDS 72,221,869$ 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 77,909,268 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 5,256,487 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 2,927,280 Differences between expected and actual experiences, assumption changes, and net difference between projected and actual earnings for the Illinois Municipal Retirement Fund are recognized as deferred outflows and inflows of resources on the statement of net position 2,801,273 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 (2,539,120) Long-term liabilities are not due and payable in the current period and, therefore, are not reported in the governmental funds Net pension liability - Police Pension (30,148,488) Net pension liability - Firefighters' Pension (26,643,083) Net pension liability - IMRF (2,660,685) SBITAs (219,076) Installment contract (3,399,756) Compensated absences payable (1,571,123) Other postemployment benefit liability (4,434,917) The net position of the Internal Service Fund is included in the governmental activities in the statement of net position 4,193,856 NET POSITION OF GOVERNMENTAL ACTIVITIES 93,693,785$ VILLAGE OF OAK BROOK, ILLINOIS RECONCILIATION OF FUND BALANCES OF GOVERNMENTAL FUNDS TO THE GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF NET POSITION December 31, 2024 See accompanying notes to financial statements. - 12 - Nonmajor Total General Infrastructure Governmental Governmental REVENUES Property taxes 463,710$ -$ -$ 463,710$ Other taxes 3,445,408 7,890,354 1,712,183 13,047,945 Intergovernmental 20,479,736 - 462,847 20,942,583 Licenses and permits 2,161,097 - - 2,161,097 Charges for services 3,057,763 - - 3,057,763 Fines and penalties 147,208 - - 147,208 Investment income 1,890,697 822,178 288,785 3,001,660 Miscellaneous 14,647 2,795 2,000 19,442 Total revenues 31,660,266 8,715,327 2,465,815 42,841,408 EXPENDITURES Current General government 5,763,470 183,099 333,239 6,279,808 Public safety 24,472,699 329,141 56,696 24,858,536 Public works 2,933,033 2,312,682 - 5,245,715 Culture and recreation 1,161,983 - 179,653 1,341,636 Debt service Principal 89,461 - - 89,461 Interest and fiscal charges 9,011 - - 9,011 Total expenditures 34,429,657 2,824,922 569,588 37,824,167 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (2,769,391) 5,890,405 1,896,227 5,017,241 OTHER FINANCING SOURCES (USES) SBITA issuance 69,888 - - 69,888 Installment contract issuance 3,084,088 - - 3,084,088 Total other financing sources (uses) 3,153,976 - - 3,153,976 NET CHANGE IN FUND BALANCES 384,585 5,890,405 1,896,227 8,171,217 FUND BALANCES, JANUARY 1 42,584,194 15,495,611 5,970,847 64,050,652 FUND BALANCES, DECEMBER 31 42,968,779$ 21,386,016$ 7,867,074$ 72,221,869$ For the Year Ended December 31, 2024 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 8,171,217$ 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 Capital outlay for tangible capital assets 4,335,109 Capital outlay for intangible capital assets 69,888 Certain expense does not require the use of current financial resources and, therefore, is not reported as an expenditure in governmental funds Depreciation for tangible capital assets (2,278,632) Amortization for intangible capital assets (120,591) Loss on disposal of capital assets (166,953) 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 (100,000) 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. Extinguishment of SBITA liabilities is reported as a reduction of principal 256,414 outstanding on the statement of activities The issuance of SBITA liabilities is reported as an other financing source in the governmental funds but as an increase of principal outstanding in the statement of activities (69,888) The issuance of the installment contract liability is reported as an other financing source in the governmental funds but as an increase of principal outstanding in the statement of activities (3,084,088) The change in compensated absences payable is shown as an expense of the statement of activities (133,788) The change in the other postemployment benefit liability, deferred outflows and inflows of resources 95,097 The change in the Police Pension Fund net pension liability and deferred outflows/inflows of resources is not a source or use of a financial resource (1,350,662) 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 (890,435) 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 617,502 The change in net position of Internal Service Funds is reported in governmental activities 125,120 CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES 5,475,310$ For the Year Ended December 31, 2024 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 26,094,792$ 3,590,859$ 29,685,651$ 2,188,546$ Receivables Billed and unbilled water sales 894,902 - 894,902 - Accrued interest 43,198 10,287 53,485 3,128 Leases - 1,313,574 1,313,574 - PPP receivable - 192,251 192,251 - Other 187,786 100,413 288,199 36,390 Inventory - 33,957 33,957 80,444 Total current assets 27,220,678 5,241,341 32,462,019 2,308,508 NONCURRENT ASSETS Capital assets Assets not being depreciated 427,831 8,525,324 8,953,155 - Assets being depreciated and amortized Tangible capital assets being depreciated 48,779,238 15,231,087 64,010,325 5,629,687 Accumulated depreciation (17,268,832) (9,492,348) (26,761,180) (3,609,633) Intangible capital assets being amortized 123,002 - 123,002 3,987,709 Accumulated amortization (18,860) - (18,860) (1,403,233) Net capital assets being depreciated and amortized 31,614,548 5,738,739 37,353,287 4,604,530 Net capital assets 32,042,379 14,264,063 46,306,442 4,604,530 Total noncurrent assets 32,042,379 14,264,063 46,306,442 4,604,530 Total assets 59,263,057 19,505,404 78,768,461 6,913,038 DEFERRED OUTFLOWS OF RESOURCES Pension items - IMRF 259,437 358,398 617,835 89,380 Deferred outflows of resources - OPEB 23,203 40,852 64,055 6,131 Deferred outflows of resources - ARO 285,000 - 285,000 - Total deferred outflows of resources 567,640 399,250 966,890 95,511 Total assets and deferred outflows of resources 59,830,697 19,904,654 79,735,351 7,008,549 VILLAGE OF OAK BROOK, ILLINOIS PROPRIETARY FUNDS STATEMENT OF NET POSITION December 31, 2024 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 1,138,728$ 78,678$ 1,217,406$ 51,031$ Accrued payroll 13,856 19,314 33,170 5,690 Deposits payable - 2,868 2,868 - Unearned revenue - 48,960 48,960 23,303 Current compensated absences payable 48,660 42,522 91,182 10,663 Current other postemployment benefit liability 5,920 10,365 16,285 2,596 Current lease payable - - - 686,447 Current SBITAs payable 22,367 - 22,367 - Total current liabilities 1,229,531 202,707 1,432,238 779,730 NONCURRENT LIABILITIES Compensated absences payable 8,587 7,504 16,091 1,882 Net pension liability 244,866 338,262 583,128 84,363 Other postemployment benefit liability 102,272 180,123 282,395 25,991 Asset retirement obligation 300,000 - 300,000 - Lease payable - - - 1,725,333 SBITAs payable 76,279 - 76,279 - Total noncurrent liabilities 732,004 525,889 1,257,893 1,837,569 Total liabilities 1,961,535 728,596 2,690,131 2,617,299 DEFERRED INFLOWS OF RESOURCES Pension items - IMRF 1,636 2,261 3,897 564 Deferred inflows of resources - OPEB 85,146 149,912 235,058 22,498 Deferred inflows of resources - leases - 1,279,485 1,279,485 - Deferred inflows of resources - PPP - 185,928 185,928 - Total deferred inflows of resources 86,782 1,617,586 1,704,368 23,062 Total liabilities and deferred inflows of resources 2,048,317 2,346,182 4,394,499 2,640,361 NET POSITION Net investment in capital assets 31,218,982 14,264,063 45,483,045 2,192,750 Unrestricted 26,563,398 3,294,409 29,857,807 2,175,438 TOTAL NET POSITION 57,782,380$ 17,558,472$ 75,340,852 4,368,188$ Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds 174,332 TOTAL NET POSITION OF BUSINESS-TYPE ACTIVITIES 75,515,184$ Business-Type Activities STATEMENT OF NET POSITION (Continued) December 31, 2024 VILLAGE OF OAK BROOK, ILLINOIS PROPRIETARY FUNDS See accompanying notes to financial statements. - 16 - Governmental Activities Waterworks Internal System Sports Core Total Service OPERATING REVENUES Charges for services 10,896,497$ 4,934,016$ 15,830,513$ 4,983,618$ Total operating revenues 10,896,497 4,934,016 15,830,513 4,983,618 OPERATING EXPENSES Operations 7,189,592 3,023,643 10,213,235 730,917 Claims and insurance - - - 3,048,428 Depreciation and amortization 1,256,617 748,110 2,004,727 1,091,656 Total operating expenses 8,446,209 3,771,753 12,217,962 4,871,001 OPERATING INCOME 2,450,288 1,162,263 3,612,551 112,617 NON-OPERATING REVENUES (EXPENSES) Investment income 1,334,487 36,816 1,371,303 84,655 Interest expense (255) - (255) (71,439) Gain/(loss) on sale of capital assets (48,845) - (48,845) 10,092 Total non-operating revenues (expenses)1,285,387 36,816 1,322,203 23,308 INCOME BEFORE CAPITAL GRANTS AND CONTRIBUTIONS 3,735,675 1,199,079 4,934,754 135,925 TRANSFERS IN CAPITAL GRANTS AND CONTRIBUTIONS 1,090,855 - 1,090,855 - CHANGE IN NET POSITION 4,826,530 1,199,079 6,025,609 135,925 NET POSITION, JANUARY 1, AS PREVIOUSLY REPORTED 52,970,437 16,363,549 4,236,799 Change in accounting principle (14,587) (4,156) (4,536) NET POSITION, JANUARY 1, AS RESTATED 52,955,850 16,359,393 4,232,263 NET POSITION, DECEMBER 31 57,782,380$ 17,558,472$ 4,368,188$ Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds 10,805 CHANGE IN NET POSITION OF BUSINESS-TYPE ACTIVITIES 6,036,414$ Business-Type Activities For the Year Ended December 31, 2024 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 Total Service CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers and users 10,871,204$ 5,015,269$ 15,886,473$ 4,643,071$ Receipts from internal service transactions - - - 350,905 Payments to suppliers (6,807,884) (1,845,731) (8,653,615) (3,555,266) Payments to employees (608,115) (1,447,171) (2,055,286) (231,272) Net cash from operating activities 3,455,205 1,722,367 5,177,572 1,207,438 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES None - - - - Net cash from noncapital financing activities - - - - CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Purchases of capital assets (4,389,814) (1,585,070) (5,974,884) (382,191) Proceeds from disposal of capital assets - - - 22,792 Grant proceeds 1,090,855 - 1,090,855 - Principal payments on leases - - - (591,555) Principal payments on SBITAs (24,356) - (24,356) - Interest payments on leases - - - (71,439) Interest payments on SBITAs (255) - (255) - Net cash from capital and related financing activities (3,323,570) (1,585,070) (4,908,640) (1,022,393) CASH FLOWS FROM INVESTING ACTIVITIES Purchase/sale of investment securities (3,452,816) - (3,452,816) - Interest received 1,308,442 37,578 1,346,020 (41,322) Net cash from investing activities (2,144,374) 37,578 (2,106,796) (41,322) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (2,012,739) 174,875 (1,837,864) 143,723 CASH AND CASH EQUIVALENTS, JANUARY 1 21,422,272 3,415,984 24,838,256 1,560,469 CASH AND CASH EQUIVALENTS, DECEMBER 31 19,409,533$ 3,590,859$ 23,000,392$ 1,704,192$ VILLAGE OF OAK BROOK, ILLINOIS STATEMENT OF CASH FLOWS PROPRIETARY FUNDS For the Year Ended December 31, 2024 Business-Type Activities (This statement is continued on the following page.) - 18 - Governmental Activities Waterworks Internal System Sports Core Total Service CASH AND INVESTMENTS Cash and cash equivalents 19,409,533$ 3,590,859$ 23,000,392$ 1,704,192$ Investments 6,685,259 - 6,685,259 484,354 TOTAL CASH AND INVESTMENTS 26,094,792$ 3,590,859$ 29,685,651$ 2,188,546$ RECONCILIATION OF OPERATING INCOME TO NET CASH FLOWS FROM OPERATING ACTIVITIES Operating income 2,450,288$ 1,162,263$ 3,612,551$ 112,617$ Adjustments to reconcile operating income to net cash from operating activities Depreciation and amortization 1,256,617 748,110 2,004,727 1,091,656 Changes in current assets and liabilities Accounts receivable (25,293) (2,891) (28,184) 10,358 Inventory - 74,942 74,942 (6,434) Accounts payable (169,509) (177,712) (347,221) 21,170 Accrued payroll 2,606 8,862 11,468 2,079 Deposits payable - 2,712 2,712 - Compensated absences payable 7,049 (982) 6,067 740 Leases - (16,273) (16,273) - PPP - (1,634) (1,634) - Pension items - IMRF (64,233) (80,033) (144,266) (18,736) Pension items - OPEB (2,320) (4,085) (6,405) (614) Unearned revenue - 9,088 9,088 (5,398) NET CASH FROM OPERATING ACTIVITIES 3,455,205$ 1,722,367$ 5,177,572$ 1,207,438$ NONCASH TRANSACTIONS Assets acquired through lease -$ -$ -$ 1,096,937$ Assets acquired through SBITA 123,002 - 123,002 - Loss on disposal of capital assets - - - 12,700 Capital assets in accounts payable 724,751 - 724,751 - TOTAL NONCASH TRANSACTIONS 847,753$ -$ 847,753$ 1,109,637$ Business-Type Activities For the Year Ended December 31, 2024 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 559,040$ Investments held in the Illinois Police Officer's Pension Investment Fund 48,171,002 Investments held in the Illinois Firefighters's Pension Investment Fund 38,039,187 Due from Village 117,631 Prepaid items 10,583 Total assets 86,897,443 LIABILITIES Accounts payable 2,506 Total liabilities 2,506 NET POSITION RESTRICTED FOR PENSIONS 86,894,937$ VILLAGE OF OAK BROOK, ILLINOIS STATEMENT OF FIDUCIARY NET POSITION December 31, 2024 PENSION TRUST FUNDS See accompanying notes to financial statements. - 20 - ADDITIONS Contributions Employer 6,128,328$ Employee 1,038,134 Total contributions 7,166,462 Investment income Net appreciation in fair value of investments 6,822,042 Interest 1,001,087 Total investment income 7,823,129 Less investment expenses (76,946) Net investment income 7,746,183 Total additions 14,912,645 DEDUCTIONS Benefits and refunds 7,537,175 Administrative expenses 111,552 Total deductions 7,648,727 NET INCREASE 7,263,918 NET POSITION RESTRICTED FOR PENSIONS January 1 79,631,019 December 31 86,894,937$ VILLAGE OF OAK BROOK, ILLINOIS STATEMENT OF CHANGES IN FIDUCIARY NET POSITION PENSION TRUST FUNDS For the Year Ended December 31, 2024 See accompanying notes to financial statements. - 21 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS December 31, 2024 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 inspectional services , and general administrative services. The accounting policies of the Village conform to accounting principles generally accepted in the United States of America, as applicable to 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 Village ’s President, one elected by pension beneficiaries and two elected police employees constitute the pension board. The Village is 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 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 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 board. 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 financial position and the change in its financial position. Fund accounting is designed 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 similar 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 departments 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 used 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 operational or capital requirements of a particular function or segment. Taxes and other items not properly included among program revenues are reported instead as general revenues. Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary funds, even though the latter are excluded from the government-wide financial statements. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements. The Village reports the following major governmental funds: The General Fund is the general operating fund of the Village. It is used to account for all financial resources except those accounted for in another fund. The Infrastructure Fund is used to account for revenues restricted for and expenditures relative to the construction and maintenance of roadway, drainage, and bike trail improvements. - 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 thereafter 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 within 60 days of the end of the current fiscal period, except for sales taxes and telecommunication taxes which use a 90-day period. The Village recognizes property taxes when they become both measurable and available in the year 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 generally 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 basis 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 indicates 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 applicable governmental or business-type activities columns in the government-wide financial statements. Capital assets are defined by the Village as assets with an initial, individual cost of $5,000 or more and an estimated useful life in excess of one year. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at acquisition value at the date of donation. The costs of normal maintenance and repairs, including street overlays that do not add to the value of the asset or materially extend asset lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed. Property, plant, and equipment is depreciated using the straight -line method over the following estimated useful lives: Assets Years Land improvements 20 Buildings and building improvements 5-50 Equipment 5-20 Vehicles 2-20 Infrastructure 20-75 Intangible assets 2-10 Intangible assets represent the Village’s right-to-use leased assets and software subscriptions. These intangible assets, as defined by GASB Statement No. 87, Leases, and GASB Statement No. 96, Subscription-Based Information Technology Arrangements, are for lease contracts of nonfinancial assets including equipment and software. i. Compensated Absences The District implemented GASB Statement 101, Compensated Absences, in 2024. Under terms of employment, employees are granted vacation, sick leave, and compensatory leave in varying amounts. All vested vacation, sick leave , and compensatory leave pay is reported as an expenditure and a fund liability of the governmental fund that will pay it. Vested or accumulated vested vacation, sick leave, and compensatory leave of proprietary funds and governmental activities is recorded as an expense and liability of those funds as the benefits accrue to employees. The entire balance of vacation leave is recognized as a liability at year end. A liability is recognized for the portion of accumulating sick leave benefits that is estimated to be more likely than not to be used for time off or otherwise paid in cash or settled through noncash means. - 28 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) i. Compensated Absences (Continued) 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, 2024 are determined on the basis of current salary rates and include salary related payments. As a result of the implementation of GASB Statement 101, Compensated Absences, beginning net position was restated. See footnote 14 for additional information. 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 inflows 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. - 29 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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. 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 six months of projected expenditures, exclusive of capital projects, based on the average of the first three years of the most recent Five-Year Financial Plan adopted by the Village Board 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 assumptions that affect the reported amounts of assets, deferred outflows of resources, liabilities and deferred inflows of resources, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures/expenses during the reporting period. Actual results could differ from those estimates. - 30 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 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. 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 highest 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 Illinois 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 Village ’s debt securities as of December 31, 2024: Investment Maturities (in Years) Investment Type Fair Value Less than 1 1-5 6-10 Greater than 10 Negotiable certificate of deposits $ 739,854 $ 739,854 $ - $ - $ - U.S. agency obligations 6,768,669 - 5,920,512 101,911 746,246 U.S. Treasury obligations 15,782,448 967,766 14,814,682 - - Corporate bonds 3,346,248 994,872 2,351,376 - - TOTAL $ 26,637,219 $ 2,702,492 $ 23,086,570 $ 101,911 $ 746,246 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 ten 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, 2024: the certificate of deposits, U.S. agency obligations, U.S. Treasury 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 exposure 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. The Illinois Institutional Investors Trust Fund money market mutual fund is rated AAA. Investments in corporate bonds are rated BBB+ to AA-. Investments in U.S. agency obligations are rated AA+. Investments in U.S. Treasury obligations are 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 and Illinois Institutional Investors Trust Fund money market mutual fund 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 issuer to no more than 5% of the Village’s investments, 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 2024 attach as an enforceable lien on January 1, 2024, on property values assessed as of the same date. Taxes are levied by December 31 of the fiscal year by passage of a Tax Levy Ordinance. Tax bills are prepared by the County and issued on or about May 1 and August 1 and are payable in two installments, on or about June 1 and September 1. The County collects such taxes and remits them periodically. The Village does not have a tax levy but does receive a 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, 2024: GOVERNMENTAL ACTIVITIES Hotel/motel tax $ 123,323 IRMA surplus 991,476 Miscellaneous 148,669 TOTAL GOVERNMENTAL ACTIVITIES $ 1,263,468 BUSINESS-TYPE ACTIVITIES IRMA surplus $ 253,159 Members charges 3,692 Miscellaneous 31,348 TOTAL BUSINESS-TYPE ACTIVITIES $ 288,199 5. CAPITAL ASSETS Governmental capital asset activity for the year ended December 31, 2024 was as follows: Beginning Balances Increases Decreases Ending Balances GOVERNMENTAL ACTIVITIES Capital assets not being depreciated Land $ 616,829 $ - $ - $ 616,829 Land right of way 32,551,116 - - 32,551,116 Construction in progress 137,721 - - 137,721 Total capital assets not being depreciated 33,305,666 - - 33,305,666 Tangible capital assets being depreciated Buildings and building and land improvements 27,732,758 - - 27,732,758 Computer equipment 1,210,948 156,904 - 1,367,852 Other equipment 2,246,640 3,139,558 - 5,386,198 Vehicles 127,047 - - 127,047 Infrastructure 58,758,371 1,038,647 - 59,797,018 Internal service fund vehicles 5,775,608 314,862 460,783 5,629,687 Total tangible capital assets being depreciated 95,851,372 4,649,971 460,783 100,040,560 - 34 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 5. CAPITAL ASSETS (Continued) Beginning Balances Increases Decreases Ending Balances GOVERNMENTAL ACTIVITIES (Continued) Intangible capital assets being amortized Right-to-use equipment $ 2,257,288 $ - $ 72,691 $ 2,184,597 Right-to-use vehicles 788,310 1,164,266 149,464 1,803,112 Right-to-use software 538,251 69,888 220,820 387,319 Total intangible capital assets being amortized 3,583,849 1,234,154 442,975 4,375,028 Less accumulated depreciation for Buildings and building and land improvements 14,225,229 757,152 - 14,982,381 Computer equipment 1,023,964 88,775 - 1,112,739 Other equipment 1,577,527 246,017 - 1,823,544 Vehicles 76,231 12,705 - 88,936 Infrastructure 30,853,784 1,173,983 - 32,027,767 Internal service fund vehicles 3,655,150 403,692 449,209 3,609,633 Total accumulated depreciation 51,411,885 2,682,324 449,209 53,645,000 Less accumulated amortization for Right-to-use equipment 682,323 326,623 72,691 936,255 Right-to-use vehicles 253,975 361,341 148,338 466,978 Right-to-use software 92,499 120,591 53,867 159,223 Total accumulated amortization 1,028,797 808,555 274,896 1,562,456 Total capital assets being Depreciated and amortized, net 46,994,539 2,393,246 179,653 49,208,132 GOVERNMENTAL ACTIVITIES CAPITAL ASSETS, NET $ 80,300,205 $ 2,393,246 $ 179,653 $ 82,513,798 Depreciation and amortization expense was charged to functions/programs of the primary government as follows: DEPRECIATION EXPENSE - GOVERNMENTAL ACTIVITIES General government $ 545,459 Public safety 468,809 Highways and streets 1,564,420 Culture and recreation 103,636 TOTAL DEPRECIATION EXPENSE - GOVERNMENTAL ACTIVITIES $ 2,682,324 AMORTIZATION EXPENSE - GOVERNMENTAL ACTIVITIES General government $ 91,859 Public safety 584,095 Highways and streets 132,601 TOTAL AMORTIZATION EXPENSE - GOVERNMENTAL ACTIVITIES $ 808,555 - 35 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 5. CAPITAL ASSETS (Continued) Business-type capital asset activity for the year ended December 31, 202 4 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 283,076 621,016 243,202 660,890 Total capital assets not being depreciated 8,575,341 621,016 243,202 8,953,155 Tangible capital assets being depreciated Land improvements 3,830,478 331,102 - 4,161,580 Building and building improvements 8,525,206 9,940 - 8,535,146 Infrastructure 37,890,119 5,147,400 268,475 42,769,044 Vehicles, machinery, and equipment 7,726,177 833,376 14,998 8,544,555 Total tangible capital assets being depreciated 57,971,980 6,321,818 283,473 64,010,325 Intangible capital assets being amortized Right-to-use software - 123,002 - 123,002 Total intangible capital assets being amortized - 123,002 - 123,002 Less accumulated depreciation for Land improvements 3,067,187 114,079 - 3,181,266 Building and building improvements 4,618,697 369,577 - 4,988,274 Infrastructure 11,293,338 934,750 219,633 12,008,455 Vehicles, machinery, and equipment 6,033,722 564,461 14,998 6,583,185 Total accumulated depreciation 25,012,944 1,982,867 234,631 26,761,180 Less accumulated amortization for Right-to-use software - 18,860 - 18,860 Total accumulated amortization - 18,860 - 18,860 Total capital assets being depreciated, net 32,959,036 4,443,093 48,842 37,353,287 BUSINESS-TYPE ACTIVITIES CAPITAL ASSETS, NET $ 41,534,377 $ 5,064,109 $ 292,044 $ 46,306,442 Depreciation and amortization expense was charged to functions/programs of the business- type activities as follows: DEPRECIATION EXPENSE - BUSINESS-TYPE ACTIVITIES Waterworks $ 1,234,757 Sports core 748,110 TOTAL DEPRECIATION EXPENSE - BUSINESS-TYPE ACTIVITIES $ 1,982,867 - 36 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 5. CAPITAL ASSETS (Continued) AMORTIZATION EXPENSE - BUSINESS-TYPE ACTIVITIES Waterworks $ 18,860 TOTAL AMORTIZATION EXPENSE - BUSINESS-TYPE ACTIVITIES $ 18,860 6. LONG-TERM DEBT a. 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 Leases $ 1,906,398 $ 1,096,937 $ 591,555 $ 2,411,780 $ 686,447 SBITAs 405,602 69,888 256,414 219,076 93,827 Installment contract 315,668 3,084,088 - 3,399,756 363,861 Compensated absences** 1,449,140 134,528 - 1,583,668 1,346,118 Net pension liability - IMRF 4,278,414 - 1,533,366 2,745,048 - Net pension liability - Police Pension 30,779,690 - 631,202 30,148,488 - Net pension liability - Firefighters’ Pension 26,105,296 537,787 - 26,643,083 - Total other postemployment benefit liability 4,830,370 - 366,866 4,463,504 243,345 TOTAL GOVERNMENTAL ACTIVITIES $ 70,070,578 $ 4,923,228 $ 3,379,403 $ 71,614,403 $ 2,733,598 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 Restated** Issuances Reductions Balances December 31 Current Portion SBITAs $ - $ 123,002 $ 24,356 $ 98,646 $ 22,367 Compensated absences** 101,206 6,067 - 107,273 91,182 Net pension liability - IMRF 988,235 - 405,107 583,128 - Total other postemployment benefit liability 323,229 - 24,549 298,680 16,285 Asset retirement obligation 300,000 - - 300,000 - TOTAL BUSINESS-TYPE ACTIVITIES $ 1,712,670 $ 129,069 $ 454,012 $ 1,387,727 $ 129,834 - 37 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 6. LONG-TERM DEBT (Continued) a. Changes in Long-Term Liabilities (Continued) **Compensated absences beginning balances for both governmental and business- type activities were restated for the implementation of GASB 101, Compensated Absences. See footnote 14 for more information. Additionally, the amount displayed as additions or reductions represents net change in the liability. b. Asset Retirement Obligations The Village has recognized an asset retirement obligation (ARO) and related deferred outflow of resources in connection with its obligation to seal and abandon various deep water wells at the end of their estimated useful lives in accordance with federal, state and/or local requirements. The ARO was measured using actual historical costs for similar abandonments, adjusted for inflation through the end of the year. The estimated useful lives of the water wells is 100 years. c. Installment Contract The Village entered into an installment contract in September 2023 for equipment. In September 2024, the Village entered into a new installment contract which consolidated/terminated all existing contracts including the contract from September 2023. Under the new contract, the Village finances the purchase of equipment totaling $3,399,756 over ten years, with payments beginning in January 2025 and ending in January 2034. d. Leases The Village entered into various fleet management lease agreements between 2019 and 2024. The agreements cover various individual leases for the right -to-use vehicles and equipment with varying lease terms. The leases have expirations dates through September 2023. Payments ranging from $203 to $5,640 are due in monthly installments. Total intangible right-to-use assets acquired under the fleet management agreement are $1,803,112. 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. The total intangible right -to-use assets acquired under this agreement is $2,184,597. - 38 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 6. LONG-TERM DEBT (Continued) d. Leases (Continued) The annual requirements to amortize to maturity leases outstanding as of December 31, 2024, are as follows: Fiscal Year Leases Ending Governmental Activities December 31, Principal Interest 2025 $ 686,447 $ 33,394 2026 688,370 51,912 2027 509,578 33,011 2028 397,584 20,381 2029 79,853 3,386 2030 49,948 815 TOTAL $ 2,411,780 $ 142,899 e. Subscription-Based Information Technology Arrangements In accordance with GASB Statement No. 96, Subscription-Based Information Technology Arrangements (SBITA), the Village’s SBITA activity is as follows: The Village entered into a SBITA in June 2022 for the right-to-use general government software. Payments of $49,872 are due in annual installments through June 2027. Total intangible right-to-use asset acquired under this agreement is $188,590. The Village entered into a SBITA in January 2023 for the right-to-use general government software. Payments ranging from $1,850 to $2,250 are due in monthly installments through December 2027. Total intangible right-to-use asset acquired under this agreement is $128,841. The Village entered into a SBITA in January 2024 for the right-to-use general government software. Payments of $26,400 are due in annual installments through December 2026. Total intangible right-to-use asset acquired under this agreement is $69,888. The Village entered into a SBITA in March 2024 for the right-to-use waterworks operational software. Payments ranging from $24,611 to $27,700 are due in annual installments through March 2028. Total intangible right-to-use asset acquired under this agreement is $123,002. - 39 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 6. LONG-TERM DEBT (Continued) e. Subscription-Based Information Technology Arrangements (Continued) Obligations of governmental activities under SBITA payable, including future interest payments at December 31, 2024, were as follows: Fiscal Year SBITA Ending Governmental Activities Business-Type Activities December 31, Principal Interest Principal Interest 2025 $ 93,827 $ 6,445 $ 22,367 $ 2,982 2026 99,284 3,987 24,254 1,856 2027 25,965 435 24,857 2,036 2028 - - 27,168 532 TOTAL $ 219,076 $ 10,867 $ 98,646 $ 7,406 f. Legal Debt Margin 2024 assessed valuation (latest information available) $ 1,748,738,802 Legal debt limit - 8.625% of assessed valuation $ 150,828,722 Amount of debt applicable to debt limit - LEGAL DEBT MARGIN $ 150,828,722 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. - 40 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 7. RISK MANAGEMENT (Continued) 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. 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. 9. 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. - 41 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 9. OTHER POSTEMPLOYMENT BENEFITS (Continued) 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, 2023 (most recent data available), membership consisted of: Inactive employees or their beneficiaries currently receiving benefits 26 Inactive employees entitled to but not yet receiving benefits - Active plan members 129 TOTAL 155 Participating employers 1 d. Total OPEB Liability The Village’s total OPEB liability of $4,762,184 was measured as of December 31, 2024 and was determined by an actuarial valuation as of January 1, 2024. e. Actuarial Assumptions and Other Inputs The total OPEB liability at December 31, 20 24 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, 2024, including updating the discount rate at December 31, 2024, as noted on the following page. - 42 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 9. OTHER POSTEMPLOYMENT BENEFITS (Continued) e. Actuarial Assumptions and Other Inputs (Continued) Actuarial cost method Entry-age normal Actuarial value of assets Not applicable Salary increases 2.75% Discount rate 4.08% Healthcare cost trend rates 8.00% 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, 2024 $ 5,153,599 Changes for the period Service cost 360,969 Interest 175,577 Differences between expected and actual experience (405,398) Assumption changes* (262,933) Benefit payments (259,630) Net changes (391,415) BALANCES AT DECEMBER 31, 2024 $ 4,762,184 *There were changes in assumptions related to the discount rate compared to the previous measurement date. - 43 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 9. 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 4.08% 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 (3.08%) or 1 percentage point higher (5.08%) than the current rate: 1% Decrease Current Discount Rate 1% Increase (3.08%) (4.08%) (5.08%) Total OPEB liability $ 5,243,518 $ 4,762,184 $ 4,341,518 The table below presents the total OPEB liability of the Village calculated using the healthcare rate of 8.00% 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 (7.00% to 3.50%) or 1 percentage point higher (9.00% to 5.50%) than the current rate: 1% Decrease Current Healthcare Rate 1% Increase (7.00% to 3.50%) (8.00% to 4.50%) (9.00% to 5.50%) Total OPEB liability $ 4,160,839 $ 4,762,184 $ 5,500,757 h. OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB For the year ended December 31, 20 24, the Village recognized OPEB expense of $157,514. At December 31, 2024, 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 $ 9,944 $ 2,775,115 Changes in assumptions 1,011,359 972,678 TOTAL $ 1,021,303 $ 3,747,793 - 44 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 9. 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, 2025 $ (379,032) 2026 (349,484) 2027 (384,856) 2028 (479,598) 2029 (476,981) Thereafter (656,539) TOTAL $ (2,726,490) 10. 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, 2024: Police Firefighters’ IMRF Pension Pension Total Net pension liability $ 3,328,176 $ 30,148,488 $ 26,643,083 $ 60,119,747 Deferred outflows of resources 3,526,267 5,263,537 2,966,359 11,756,163 Deferred inflows of resources 22,240 7,050 39,079 68,369 Pension expense/(income) (270,854) 4,413,746 3,955,679 8,098,571 - 45 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 10. 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, 2023, IMRF membership consisted of: Inactive employees or their beneficiaries currently receiving benefits 135 Inactive employees entitled to but not yet receiving benefits 84 Active employees 62 TOTAL 281 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. - 46 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 10. 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 actual employer contribution rate for the year ended December 31, 2024 was 8.86% of covered payroll. Actuarial Assumptions The Village’s net pension liability was measured as of December 31, 2023 and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation performed as of the same date using the following actuarial methods and assumptions. Actuarial valuation date December 31, 2023 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 108.0%) and Female (adjusted 106.4%) tables, and future mortality improvements projected using scale MP -2021. 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-2021. 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 - 2021. - 47 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 10. 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 at December 31, 2023 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 (a) Total Pension (b) Plan Fiduciary (a) - (b) Net Pension Liability Net Position Liability BALANCES AT JANUARY 1, 2023 $ 46,982,817 $ 41,716,168 $ 5,266,649 Changes for the period Service cost 501,622 - 501,622 Interest 3,316,701 - 3,316,701 Difference between expected and actual experience 800,815 - 800,815 Changes in assumptions (39,165) - (39,165) Employer contributions - 470,227 (470,227) Employee contributions - 247,780 (247,780) Net investment income - 4,753,605 (4,753,605) Benefit payments and refunds (2,972,047) (2,972,047) - Other (net transfer) - 1,046,834 (1,046,834) Net changes 1,607,926 3,546,399 (1,938,473) BALANCES AT DECEMBER 31, 2023 $ 48,590,743 $ 45,262,567 $ 3,328,176 There were changes in assumptions related to mortality rates compared to the previous measurement date. - 48 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 10. 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, 2024, the Village recognized pension expense/(income) of $(270,854). At December 31, 2024, 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 $ 475,911 $ - Changes in assumption - 22,240 Net difference between projected and actual earnings on pension plan investments 2,540,706 - Contributions subsequent to the measurement date 509,650 - TOTAL $ 3,526,267 $ 22,240 Amounts reported as deferred outflows of resources and deferred inflows of resources related to IMRF will be recognized in pension expense as follows: $509,650 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, 2025. 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, 2025 $ 616,068 2026 983,888 2027 1,749,009 2028 (354,588) 2029 - TOTAL $ 2,994,377 - 49 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 10. 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) $ 8,457,573 $ 3,328,176 $ (837,961) 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, 2024, the measurement date, membership consisted of: Inactive plan members currently receiving benefits 50 Inactive plan members entitled to but not yet receiving benefits 11 Active plan members 42 TOTAL 103 - 50 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 10. 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 1 st 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. - 51 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 10. 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, 2024, the Village’s contribution was 66.88% 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 institution. Available cash is determined to be that amount which is required for 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. - 52 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 10. 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. A copy of that report can be obtained from IPOPIF at 456 Fulton Street, Suite 402, Peoria, Illinois 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 observable inputs; and Level 3 inputs are significant unobservable inputs. The Plan held no investments subject to fair value measurement at December 31, 202 4. Net Asset Value The Net Asset Value (NAV) of the plan’s pooled investment in IPOPIF was $48,171,002 at December 31, 2024. 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, 2024. 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, 2024, the annual money-weighted rate of return on pension plan investments, net of pension plan investment expense, was 9.06%. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested. - 53 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 10. 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, 2024 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, 2024 $ 75,469,095 $ 44,689,405 $ 30,779,690 Changes for the period Service cost 1,069,607 - 1,069,607 Interest 5,032,577 - 5,032,577 Difference between expected and actual experience 1,016,130 - 1,016,130 Changes in assumptions - - - Changes in benefit terms - - - Employer contributions - 3,063,084 (3,063,084) Employee contributions - 696,146 (696,146) Net investment income - 4,036,571 (4,036,571) Benefit payments and refunds (3,964,014) (3,964,014) - Administrative expense - (46,285) 46,285 Net changes 3,154,300 3,785,502 (631,202) BALANCES AT DECEMBER 31, 2024 $ 78,623,395 $ 48,474,907 $ 30,148,488 As of December 31, 2024, the plan fiduciary net position was 61.65% of the Total Pension Liability. - 54 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 10. 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, 2024 Actuarial cost method Entry-age normal Assumptions Inflation 2.50% Salary increases 3.50% to 11.00% 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-2021 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 $ 40,777,943 $ 30,148,488 $ 21,463,023 - 55 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 10. 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, 2024, the Village recognized pension expense of $4,413,746. At December 31, 2024, 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 $ 2,442,338 $ - Changes in assumptions 824,948 7,050 Net difference between projected and actual earnings on pension plan investments 1,996,251 - TOTAL $ 5,263,537 $ 7,050 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, 2025 $ 2,508,896 2026 3,007,277 2027 (257,210) 2028 (2,476) 2029 - TOTAL $ 5,256,487 - 56 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 10. 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, 2024, the measurement date, membership consisted of: Inactive plan members currently receiving benefits 46 Inactive plan members entitled to but not yet receiving benefits 7 Active plan members 31 TOTAL 84 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 be nefit shall be increased by 2.50% of such salary for each additional year of service over 20 years up t o 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 a ge of at least 55 years, by 3% of the original pension, and 3% compounded annually thereafter. - 57 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 10. 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, 2024, the Village’s contribution was 91.93% of covered payroll. - 58 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 10. 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 suburban 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, 2024 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. 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 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. The plan held no investments subject to fair value measurement at December 31, 2024. - 59 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 10. 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 $38,039,187 at December 31, 2024 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, 2024. 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 1 st of each month will be processed for redemption by the 14 th 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, 202 4, the annual money-weighted rate of return on pension plan investments, net of pension plan investment ex pense, was 10.66%. 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, 2024 was 6.75%. The projection of cash flows used to determine the discount rate assumed that member contributions will be made at the current contribution rate and that the Village contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the fund’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. - 60 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 10. 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, 2024 $ 61,046,910 $ 34,941,614 $ 26,105,296 Changes for the period Service cost 844,093 - 844,093 Interest 4,057,049 - 4,057,049 Difference between expected and actual experience 2,688,222 - 2,688,222 Changes in assumptions - - - Changes in benefit terms - - - Employer contributions - 3,065,244 (3,065,244) Employee contributions - 341,988 (341,988) Net investment income - 3,709,612 (3,709,612) Benefit payments and refunds (3,573,161) (3,573,161) - Administrative expense - (65,267) 65,267 Net changes 4,016,203 3,478,416 537,787 BALANCES AT DECEMBER 31, 2024 $ 65,063,113 $ 38,420,030 $ 26,643,083 As of December 31, 2024, the plan fiduciary net position was 59.05% of the Total Pension Liability. - 61 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 10. 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, 2024 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 $ 34,988,514 $ 26,643,083 $ 19,774,057 - 62 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 10. 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, 2024, the Village recognized pension expense of $3,955,679. At December 31, 2024, 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 $ 2,291,476 $ (39,079) Changes in assumption 31,100 - Net difference between projected and actual earnings on pension plan investments 643,783 - TOTAL $ 2,966,359 $ (39,079) 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, 2025 $ 1,624,549 2026 1,665,458 2027 (90,955) 2028 (271,772) 2029 - TOTAL $ 2,927,280 - 63 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 10. 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 $ 243,394 $ 315,646 $ 559,040 Investments held in the Illinois Police Officer’s Pension Investment Fund 48,171,002 - 48,171,002 Investments held in the Illinois Firefighter’s Pension Investment Fund - 38,039,187 38,039,187 Due from Village 58,001 59,630 117,631 Prepaid items 3,350 7,233 10,583 Total assets 48,475,747 38,421,696 86,897,443 LIABILITIES Accounts payable 840 1,666 2,506 Total liabilities 840 1,666 2,506 NET POSITION HELD IN TRUST FOR PENSION BENEFITS $ 48,474,907 $ 38,420,030 $ 86,894,937 - 64 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 10. DEFINED BENEFIT PENSION PLANS (Continued) b. Fiduciary Funds Summary Financial Information (Continued) Changes in Plan Net Position Police Pension Firefighters’ Pension Total ADDITIONS Contributions Employer $ 3,063,084 $ 3,065,244 $ 6,128,328 Employee 696,146 341,988 1,038,134 Total contributions 3,759,230 3,407,232 7,166,462 Investment income Net appreciation in fair value of investments 3,786,001 3,036,041 6,822,042 Interest 276,785 724,302 1,001,087 Total investment income 4,062,786 3,760,343 7,823,129 Less investment expense (26,215) (50,731) (76,946) Net investment income 4,036,571 3,709,612 7,746,183 Total additions 7,795,801 7,116,844 14,912,645 DEDUCTIONS Benefits and refunds 3,964,014 3,573,161 7,537,175 Administrative expenses 46,285 65,267 111,552 Total deductions 4,010,299 3,638,428 7,648,727 NET INCREASE 3,785,502 3,478,416 7,263,918 NET POSITION HELD IN TRUST FOR PENSION BENEFITS January 1 44,689,405 34,941,614 79,631,019 December 31 $ 48,474,907 $ 38,420,030 $ 86,894,937 - 65 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 11. SPORTS CORE ATHLETIC FIELDS As of January 25, 2022, the Village entered into an agreement with a private company (PC) to outsource the operations of the Village owned Sports Core Athletic Fields, consisting of a serios of soccer fields and other athletic fields. PC has access to manage, operate, maintain, and promote the athletic fields. PC agrees to pay the Village a fee of $94,000 in the first year of operations and $100,000 each year thereafter. In addition , PC agrees to pay the Village for maintenance costs of $70,000 to $74,000 annually, through 2026. Beginning in year two and subsequent years of the contractual agreement, PC 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 PC realizes gross revenues in excess of $300,000 during any fiscal year, P C shall pay $75% of such excess amount of gross revenues to the Village. The Village did not receive any variable payments during the year ended December 31, 2024. As of December 31, 2024, the Village reported a receivable of $192,251 and deferred inflow of resources in the amount of $185,928 (discounted using a rate of 3.41%). For the year ended December 31, 2024, the Village recognized a reduction of the receivable $91,330 and a reduction of the deferred inflow of resources in the amount of $92,963. 12. 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 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%. 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 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%. - 66 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 12. LESSOR DISCLOSURES (Continued) The Village entered a lease agreement in January 202 3 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 202 3 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 February 2024 to lease space for catering services. Payments in the amount of $10,000 are due to the Village in monthly installments, through January 2037. The lease agreement is noncancelable and maintains an interest rate of 3.065%. Variable payments made under the agreement were $35,355 during 2024. The Village entered a lease agreement in February 2024 to lease space for food and beverage services. Payments ranging from $3,000 to $3,650 are due to the Village in monthly installments, through January 2029. The lease agreement is noncancelable and maintains an interest rate of 2.943%. Variable payments made under the agreement were $87,798 during 2024. During the year, the Village recognized lease revenue of $379,983 and interest revenue of $82,007 related to leases. At December 31, 2024, lease receivable and deferred inflows for leases were $3,936,398 and $3,717,152, respectively. 13. INDIVIDUAL FUND DISCLOSURES As of December 31, 2024, due to fiduciary funds/due from Village were as follows: Payable Fund Receivable Fund Amount General Police Pension $ 58,001 General Firefighters’ Pension 59,630 TOTAL DUE TO/FROM OTHER FUNDS $ 117,631 The purposes of significant due from/due to other funds are as follows: • $58,001 due from the General Fund to the Police Pension Fund for employer pension contributions. • $59,630 due from the General Fund to the Firefighters’ Pension Fund for employer pension contributions. - 67 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 14. CHANGE IN ACCOUNTING PRINCIPLE For the fiscal year ended December 31, 2024, the Village implemented GASB Statement No. 101, Compensated Absences. The implementation of this guidance resulted in an increase in governmental activities compensated absences totaling $345,552, of which $40,986 relates to general government expense, $262,163 to public safety expense, $26,305 to public works expense, and $16,098 to culture and recreation expense, for the fiscal year ended December 31, 2023. The implementation of this guidance also resulted in an increase in business-type activities compensated absences totaling $18,743, of which $14,587 relates to the Waterworks System Fund expense and $4,156 relates to the Sports Core Fund expense, for the fiscal year ended December 31, 2023. For the implementation, the beginning net position has been restated as follows: Governmental Activities Business-Type Activities BEGINNING NET POSITION, AS PREVIOUSLY REPORTED $ 88,564,027 $ 69,497,513 Change in accounting principle - GASB 101 (345,552) (18,743) Total net restatement (345,552) (18,743) BEGINNING NET POSITION, AS RESTATED $ 88,218,475 $ 69,478,770 Proprietary Funds Waterworks System Fund Sports Core Fund BEGINNING NET POSITION, AS PREVIOUSLY REPORTED $ 52,970,437 $ 16,363,549 Change in accounting principle - GASB 101 (14,587) (4,156) Total net restatement (14,587) (4,156) BEGINNING NET POSITION, AS RESTATED $ 52,955,850 $ 16,359,393 Internal Service Funds Garage Fund BEGINNING NET POSITION, AS PREVIOUSLY REPORTED $ 346,474 Change in accounting principle - GASB 101 (4,536) Total net restatement (4,536) BEGINNING NET POSITION, AS RESTATED $ 341,938 - 68 - REQUIRED SUPPLEMENTARY INFORMATION Variance Original Final Over Budget Budget Actual (Under) REVENUES Property taxes -$ 463,710$ 463,710$ -$ Other taxes 4,984,180 3,445,408 3,445,408 - Intergovernmental 18,724,281 20,561,596 20,479,736 (81,860) Licenses and permits 2,247,810 2,161,097 2,161,097 - Charges for services 2,945,720 3,129,913 3,057,763 (72,150) Fines and penalties 140,000 147,208 147,208 - Investment income 450,000 1,890,697 1,890,697 - Miscellaneous 5,000 14,647 14,647 - Total revenues 29,496,991 31,814,276 31,660,266 (154,010) EXPENDITURES Current General government 5,814,192 5,792,054 5,763,470 (28,584) Public safety 19,463,224 24,472,699 24,472,699 - Public works 3,027,969 2,933,033 2,933,033 - Culture and recreation 1,142,807 1,161,983 1,161,983 - Debt service Principal - - 89,461 89,461 Interest and fees - - 9,011 9,011 Total expenditures 29,448,192 34,359,769 34,429,657 69,888 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 48,799 (2,545,493) (2,769,391) (223,898) OTHER FINANCING SOURCES (USES) SBITA issuance - - 69,888 69,888 Installment contract issuance - 3,084,088 3,084,088 - Total other financing sources (uses) - 3,084,088 3,153,976 69,888 NET CHANGE IN FUND BALANCE 48,799$ 538,595$ 384,585 (154,010)$ FUND BALANCE, JANUARY 1 42,584,194 FUND BALANCE, DECEMBER 31 42,968,779$ 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, 2024 (See independent auditor's report.) - 69 - FISCAL YEAR ENDED DECEMBER 31,2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Actuarially determined contribution 715,497$ 723,635$ 611,935$ 647,428$ 544,333$ 663,595$ 629,910$ 506,553$ 470,779$ 509,650$ Contributions in relation to the actuarially determined contribution 715,089 723,634 645,761 647,429 562,006 663,595 629,910 506,553 470,779 509,650 CONTRIBUTION DEFICIENCY (Excess)408$ 1$ (33,826)$ (1)$ (17,673)$ -$ -$ -$ -$ -$ Covered payroll 5,230,241$ 5,400,260$ 4,875,980$ 4,930,905$ 5,347,086$ 5,352,529$ 5,214,013$ 5,133,577$ 5,547,439$ 5,754,995$ Contributions as a percentage of covered payroll 13.67%13.40%13.24%13.13%10.51%12.40%12.08%9.87%8.49%8.86% Notes to Required Supplementary Information VILLAGE OF OAK BROOK, ILLINOIS SCHEDULE OF EMPLOYER CONTRIBUTIONS Last Ten 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 20 years;the asset valuation method was five-year smoothed fair value;and the significant actuarial assumptions were an investment rate of return at 7.25%annually,projected salary increases assumption of 2.75%to 13.75%compounded annually,and postretirement benefit increases of 2.75% compounded annually. (See independent auditor's report.) - 70 - FISCAL YEAR ENDED DECEMBER 31,2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Actuarially determined contribution 1,550,233$ 1,708,330$ 1,748,025$ 1,946,714$ 2,057,112$ 2,169,845$ 2,133,229$ 2,097,159$ 2,679,240$ 2,866,912$ Contribution in relation to the actuarially determined contribution 1,336,683 1,527,927 1,748,025 1,946,714 2,057,112 1,803,644 2,133,229 2,052,526 2,847,989 3,063,084 CONTRIBUTION DEFICIENCY (Excess)213,550$ 180,403$ -$ -$ -$ 366,201$ -$ 44,633$ (168,749)$ (196,172)$ 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$ 4,580,309$ Contributions as a percentage of covered payroll 36.81%40.90%45.65%50.02%53.43%45.87%51.05%48.62%66.22%66.88% 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 17 years;the asset valuation method was at fair value;and the significant actuarial assumptions were an investment rate of return of 6.75%annually,projected salary increase assumption of 3.50%to 11.00%(varying by service),and postretirement benefit increases of 3.00% compounded annually. (See independent auditor's report.) - 71 - FISCAL YEAR ENDED DECEMBER 31, 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Actuarially determined contribution 1,826,637$ 2,015,441$ 2,080,231$ 2,064,689$ 2,150,924$ 2,194,631$ 2,173,496$ 2,316,400$ 2,480,119$ 2,538,087$ Contribution in relation to the actuarially determined contribution 1,414,530 1,801,476 2,080,231 2,064,689 2,150,924 1,834,554 2,173,496 2,252,102 2,754,407 3,065,244 CONTRIBUTION DEFICIENCY (Excess)412,107$ 213,965$ -$ -$ -$ 360,077$ -$ 64,298$ (274,288)$ (527,157)$ 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$ 3,334,258$ Contributions as a percentage of 50.19%64.06%71.27%66.91%67.47%57.70%67.08%75.71%92.57%91.93% 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 17 years;the asset valuation method was at fair value;and the significant actuarial assumptions were an investment rate of return of 6.75%annually,projected salary increase assumption of 4.00%to 12.50%(varying by service),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 2022 2023 TOTAL PENSION LIABILITY Service cost 613,861$ 581,062$ 558,199$ 524,438$ 465,011$ 516,338$ 544,020$ 522,291$ 449,159$ 501,622$ 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 3,233,154 3,316,701 Changes of benefit terms - - - - - - - - - - Differences between expected and actual experience (770,401) (398,570) 243,794 (677,198) 711,157 389,071 (889,544) 1,476,988 359,635 800,815 Changes of assumptions 1,163,670 89,849 (135,521) (1,138,825) 1,073,505 - (341,628) - - (39,165) 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) (2,859,564) (2,972,047) 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 1,182,384 1,607,926 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 45,800,433 46,982,817 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$ 46,982,817$ 48,590,743$ PLAN FIDUCIARY NET POSITION Contributions - employer 749,983$ 715,089$ 723,634$ 645,761$ 647,429$ 562,006$ 663,595$ 629,048$ 506,553$ 470,227$ Contributions - member 238,409 238,021 243,012 348,030 222,216 240,618 252,942 234,051 230,465 247,780 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 (6,912,633) 4,753,605 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) (2,859,564) (2,972,047) Other (294,611) 63,416 247,674 (989,852) 1,282,342 (7,610) (1,007,512) 156,571 (77,874) 1,046,834 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 (9,113,053) 3,546,399 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 50,829,221 41,716,168 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$ 41,716,168$ 45,262,567$ 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)$ 5,266,649$ 3,328,176$ VILLAGE OF OAK BROOK, ILLINOIS Last Ten Fiscal Years ILLINOIS MUNICIPAL RETIREMENT FUND NET PENSION LIABILITY AND RELATED RATIOS SCHEDULE OF CHANGES IN THE EMPLOYER'S - 73 - MEASUREMENT DATE DECEMBER 31,2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 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%88.79%93.15% 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$ 5,121,437$ 5,506,937$ 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%)102.84%60.44% 2023 - changes in assumptions related to mortality rates 2020 - changes in assumptions related to the inflation rates, salary rates, mortality rates, and investment rate of return 2018 - changes in assumptions related to the investment rate of return 2017 - changes in assumptions related to inflation rates, salary rates, and mortality rates 2016 - changes in assumptions related to retirement age and mortality rates 2015 - changes in assumptions related to investment rate of return, retirement age, and mortality rates (See independent auditor's report.) - 74 - MEASUREMENT DATE DECEMBER 31,2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 TOTAL PENSION LIABILITY Service cost 816,276$ 800,389$ 833,296$ 890,871$ 852,541$ 869,540$ 925,403$ 931,194$ 1,010,891$ 1,069,607$ Interest 3,338,238 3,563,145 3,650,633 3,902,722 4,041,408 4,215,181 4,277,325 4,404,897 4,833,744 5,032,577 Changes of benefit terms - - - - 63,841 - - - - - Differences between expected and actual experience (48,037) (856,825) (347,589) 199,802 778,897 (698,928) 220,178 2,598,147 910,234 1,016,130 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 (2,346,686) (2,364,839) (2,315,047) (2,531,903) (2,904,890) (3,060,323) (3,332,676) (3,674,259) (3,771,802) (3,964,014) Net change in total pension liability 3,356,924 1,238,309 3,785,511 2,279,432 2,635,125 1,000,955 2,054,980 6,322,352 2,983,067 3,154,300 Total pension liability - beginning 49,812,440 53,169,364 54,407,673 58,193,184 60,472,616 63,107,741 64,108,696 66,163,676 72,486,028 75,469,095 TOTAL PENSION LIABILITY - ENDING 53,169,364$ 54,407,673$ 58,193,184$ 60,472,616$ 63,107,741$ 64,108,696$ 66,163,676$ 72,486,028$ 75,469,095$ 78,623,395$ PLAN FIDUCIARY NET POSITION Contributions - employer 1,336,683$ 1,527,927$ 1,748,025$ 1,946,714$ 2,057,112$ 1,803,644$ 2,133,229$ 2,052,526$ 2,847,989$ 3,063,084$ Contributions - member 358,499 383,238 386,727 410,316 378,699 521,151 572,232 396,203 545,052 696,146 Net investment income (429,967) 2,176,018 4,461,837 (2,385,632) 6,529,172 4,427,403 5,680,397 (8,340,710) 4,884,978 4,036,571 Benefit payments, including refunds of member contributions (2,346,686) (2,364,839) (2,315,047) (2,531,903) (2,904,890) (3,060,323) (3,332,676) (3,674,259) (3,771,802) (3,964,014) Administrative expense (38,647) (39,522) (35,776) (54,667) (41,392) (38,098) (52,226) (44,446) (44,204) (46,285) Net change in plan fiduciary net position (1,120,118)1,682,822 4,245,766 (2,615,172) 6,018,701 3,653,777 5,000,956 (9,610,686) 4,462,013 3,785,502 Plan fiduciary net position - beginning 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 44,689,405 PLAN FIDUCIARY NET POSITION - ENDING 31,851,228$ 33,534,050$ 37,779,816$ 35,164,644$ 41,183,345$ 44,837,122$ 49,838,078$ 40,227,392$ 44,689,405$ 48,474,907$ EMPLOYER'S NET PENSION LIABILITY 21,318,136$ 20,873,623$ 20,413,368$ 25,307,972$ 21,924,396$ 19,271,574$ 16,325,598$ 32,258,636$ 30,779,690$ 30,148,488$ VILLAGE OF OAK BROOK, ILLINOIS SCHEDULE OF CHANGES IN THE EMPLOYER'S NET PENSION LIABILITY AND RELATED RATIOS POLICE PENSION FUND Last Ten Fiscal Years - 75 - MEASUREMENT DATE DECEMBER 31,2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Plan fiduciary net position as a percentage of the total pension liability 59.91%61.63%64.92%58.15%65.26%69.94%75.33%55.50%59.22%61.65% Covered payroll 3,735,548$ 3,829,224$ 3,892,216$ 3,849,863$ 3,932,044$ 4,179,054$ 4,221,825$ 4,300,995$ 4,580,309$ 4,821,748$ Employer's net pension liability as a percentage of covered payroll 570.68%545.11%524.47%657.37%557.58%461.15%386.70%750.03%672.00%625.26% Changes in assumption from 2015 - 2022 relate to changes in mortality rates. (See independent auditor's report.) - 76 - MEASUREMENT DATE DECEMBER 31,2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 TOTAL PENSION LIABILITY Service cost 746,748$ 756,771$ 782,892$ 786,115$ 807,975$ 818,358$ 808,944$ 801,777$ 793,365$ 844,093$ Interest 3,040,301 3,229,650 3,287,875 3,347,278 3,420,108 3,489,011 3,570,069 3,800,750 3,971,907 4,057,049 Changes of benefit terms - - - - 64,336 - - - - - Differences between expected and actual experience 163,758 (569,891) (768,292) (96,554) (139,992) 327,007 (41,604) 1,101,246 (78,159) 2,688,222 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 (2,615,406) (2,645,270) (2,695,712) (2,756,038) (2,889,667) (3,043,861) (3,188,405) (3,188,405) (3,379,811) (3,573,161) Net change in total pension liability 2,810,076 861,692 906,988 1,123,922 1,087,486 1,282,537 3,424,682 2,639,771 1,307,302 4,016,203 Total pension liability - beginning 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 61,046,910 TOTAL PENSION LIABILITY - ENDING 48,412,530$ 49,274,222$ 50,181,210$ 51,305,132$ 52,392,618$ 53,675,155$ 57,099,837$ 59,739,608$ 61,046,910$ 65,063,113$ PLAN FIDUCIARY NET POSITION Contributions - employer 1,414,530$ 1,801,476$ 2,080,231$ 2,064,689$ 2,150,924$ 1,834,554$ 2,173,496$ 2,252,102$ 2,754,407$ 3,065,244$ Contributions - member 269,349 273,775 295,477 300,087 308,176 317,505 332,919 299,887 300,356 341,988 Net investment income (256,566) 1,794,320 3,459,107 (1,255,489) 4,971,530 4,559,197 4,041,581 (6,349,869) 4,522,109 3,709,612 Benefit payments, including refunds of member contributions (2,615,406) (2,645,270) (2,695,712) (2,756,038) (2,889,667) (3,043,861) (3,188,405) (3,188,405) (3,379,811) (3,573,161) Administrative expense (46,351) (40,567) (41,034) (45,569) (45,897) (43,590) (62,320) (38,343) (48,130) (65,267) Net change in plan fiduciary net position (1,234,444)1,183,734 3,098,069 (1,692,320) 4,495,066 3,623,805 3,297,271 (7,024,628) 4,148,931 3,478,416 Plan fiduciary net position - beginning 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 34,941,614 PLAN FIDUCIARY NET POSITION - ENDING 23,811,686$ 24,995,420$ 28,093,489$ 26,401,169$ 30,896,235$ 34,520,040$ 37,817,311$ 30,792,683$ 34,941,614$ 38,420,030$ EMPLOYER'S NET PENSION LIABILITY 24,600,844$ 24,278,802$ 22,087,721$ 24,903,963$ 21,496,383$ 19,155,115$ 19,282,526$ 28,946,925$ 26,105,296$ 26,643,083$ VILLAGE OF OAK BROOK, ILLINOIS SCHEDULE OF CHANGES IN THE EMPLOYER'S NET PENSION LIABILITY AND RELATED RATIOS FIREFIGHTERS' PENSION FUND Last Ten Fiscal Years - 77 - MEASUREMENT DATE DECEMBER 31,2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Plan fiduciary net position as a percentage of the total pension liability 49.18%50.73%55.98%51.46%58.97%64.31%66.23%51.54%57.24%59.05% Covered payroll 2,812,001$ 2,918,844$ 3,085,809$ 3,187,983$ 3,179,407$ 3,240,175$ 2,974,486$ 2,975,539$ 3,334,258$ 3,564,755$ Employer's net pension liability as a percentage of covered payroll 874.85%831.80%715.78%781.18%676.11%591.18%648.26%972.83%782.94%747.40% Changes in assumption from 2015 - 2020, and 2022 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 2023 2024 TOTAL OPEB LIABILITY Service cost 325,218$ 306,833$ 399,277$ 522,041$ 528,266$ 371,025$ 360,969$ Interest 205,569 239,677 212,958 165,607 168,995 260,598 175,577 Differences between expected and actual experience 79,566 (508,380) (7,464) (247,647) (367,568) (2,483,121) (405,398) Changes in assumptions (315,894) 791,275 765,452 226,690 (1,119,160) 531,192 (262,933) Implicit benefit payments (209,110) (229,223) (212,036) (214,995) (267,003) (317,864) (259,630) Net change in total OPEB liability 85,349 600,182 1,158,187 451,696 (1,056,470) (1,638,170) (391,415) Total OPEB liability - beginning 5,552,825 5,638,174 6,238,356 7,396,543 7,848,239 6,791,769 5,153,599 TOTAL OPEB LIABILITY - ENDING 5,638,174$ 6,238,356$ 7,396,543$ 7,848,239$ 6,791,769$ 5,153,599$ 4,762,184$ Covered-employee payroll 11,490,969$ 11,909,451$ 12,267,429$ 11,422,917$ 12,389,356$ 12,613,879$ 14,198,683$ Employers total OPEB liability as a percentage of covered-employee payroll 49.07%52.38%60.29%68.71%54.82%40.86%33.54% 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. 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. 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. 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. 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. 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. 2024 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. 2023 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. VILLAGE OF OAK BROOK, ILLINOIS SCHEDULE OF CHANGES IN THE EMPLOYER'S TOTAL OPEB LIABILITY AND RELATED RATIOS OTHER POSTEMPLOYMENT BENEFIT PLAN Last Seven Fiscal Years (See independent auditor's report.) - 79 - MEASUREMENT DATE DECEMBER 31,2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Annual money-weighted rate of return, net of investment expense (1.32%)6.89%13.35%(6.34%)18.71%10.86%12.77%(16.97%)13.70%9.06% VILLAGE OF OAK BROOK, ILLINOIS POLICE PENSION FUND Last Ten Fiscal Years SCHEDULE OF INVESTMENT RETURNS (See independent auditor's report.) - 80 - MEASUREMENT DATE DECEMBER 31,2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Annual money-weighted rate of return, net of investment expense (1.05%)7.62%13.95%(4.51%)19.01%14.99%11.84%(16.96%)15.50%10.66% VILLAGE OF OAK BROOK, ILLINOIS FIREFIGHTERS' PENSION FUND SCHEDULE OF INVESTMENT RETURNS Last Ten Fiscal Years (See independent auditor's report.) - 81 - - 73 - VILLAGE OF OAK BROOK, ILLINOIS NOTES TO REQUIRED SUPPLEMENTARY INFORMATION December 31, 2024 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 fiscal year end. The Village does not adopt a budget for the Foreign Fire Insurance , or the Pension Trust Funds. The Village follows these procedures in establishing the budgetary data reflected in the financial statements: 1. All departments of the Village submit budget requests to the Budget Officer so that a budget may be prepared. 2. The Village Manager submits to the Village Board of Trustees a proposed operating budget for the fiscal year commencing the following January 1. The operating budget includes proposed expenditures and the means of financing them. 3. A public hearing is conducted by the Village to obtain resident comments. 4. Subsequently, the budget is adopted by the Village Board. 5. Annual budgets are adopted for all funds on a basis consistent with GAAP. 6. Formal budgetary integration is employed as a management control device during the year for all funds of the Village. 7. Appropriations lapse at year end. 8. The Village Manager and Budget Officer are authorized to transfer budgeted amounts between line items within any program; however, any revisions that alter the total expenditures of any program or fund must be approved by the Village Board of Trustees. The level of legal control is the individual program budget in total. 9. Budgeted amounts are as originally adopted with the exceptions of approved transfers which were not material in relation to the budgets taken as a whole. - 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 General Fund $ 69,888 - 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 2023 Budget Budget Actual (Under)Actual REVENUES Property taxes -$ 463,710$ 463,710$ -$ -$ Other taxes Utility taxes 4,600,000 3,112,972 3,112,972 - 4,286,590 Local use taxes 336,000 285,689 285,689 - 320,810 Cannabis use taxes 13,180 13,033 13,033 - 12,361 York Township road and bridge tax 35,000 33,714 33,714 - 37,643 Total other taxes 4,984,180 3,445,408 3,445,408 - 4,657,404 Intergovernmental Sales and use tax 16,496,604 18,341,679 18,341,679 - 17,524,488 Illinois state income tax 1,311,000 1,386,575 1,386,575 - 1,303,915 Corporate personal property replacement taxes 751,015 521,793 521,793 - 869,774 Grants 165,662 311,549 229,689 (81,860) 717,733 Total intergovernmental 18,724,281 20,561,596 20,479,736 (81,860) 20,415,910 Licenses and permits 2,247,810 2,161,097 2,161,097 - 3,843,934 Charges for services 2,945,720 3,129,913 3,057,763 (72,150) 2,941,177 Fines and penalties 140,000 147,208 147,208 - 244,617 Investment income 450,000 1,890,697 1,890,697 - 1,866,677 Miscellaneous 5,000 14,647 14,647 - 522,374 TOTAL REVENUES 29,496,991$ 31,814,276$ 31,660,266$ (154,010)$ 34,492,093$ 2024 (With Comparative Actual) VILLAGE OF OAK BROOK, ILLINOIS GENERAL FUND SCHEDULE OF REVENUES - BUDGET AND ACTUAL For the Year Ended December 31, 2024 (See independent auditor's report.) - 84 - Variance Original Final Over 2023 Budget Budget Actual (Under)Actual GENERAL GOVERNMENT Legislative and general management Board of trustees Personnel 28,830$ 24,777$ 24,777$ -$ 23,783$ Materials and supplies 1,805 1,348 1,348 - 776 Operation and contractual 393,517 312,706 312,706 - 276,256 Capital outlay 16,337 16,337 16,337 - - Total board of trustees 440,489 355,168 355,168 - 300,815 Village clerk Personnel 110,250 110,169 110,169 - 109,037 Materials and supplies 940 644 644 - 28 Operation and contractual 8,312 8,257 8,257 - 7,574 Total Village clerk 119,502 119,070 119,070 - 116,639 Legal Operation and contractual 339,496 350,713 350,713 - 297,228 Total legal 339,496 350,713 350,713 - 297,228 General management Personnel 697,768 713,947 713,947 - 573,760 Materials and supplies 15,150 16,508 16,508 - 21,323 Operation and contractual 28,693 20,363 20,363 - 19,804 Total general management 741,611 750,818 750,818 - 614,887 Human resources Personnel 286,103 331,653 331,653 - 265,606 Materials and supplies 300 9,462 9,462 - 12,578 Operation and contractual 81,000 66,716 66,716 - 81,364 Total human resources 367,403 407,831 407,831 - 359,548 Risk management Personnel 500 255 255 - - Operation and contractual 846,360 482,126 482,126 - 439,885 Total risk management 846,860 482,381 482,381 - 439,885 Emergency management Materials and supplies - 3,080 3,080 - 2,800 Operational and contractual 18,895 14,652 14,652 - 6,671 Capital outlay - - - - 500 Total emergency management 18,895 17,732 17,732 - 9,971 2024 SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL GENERAL FUND VILLAGE OF OAK BROOK, ILLINOIS For the Year Ended December 31, 2024 (With Comparative Actual) (This schedule is continued on the following pages.) - 85 - Variance Original Final Over 2023 Budget Budget Actual (Under)Actual GENERAL GOVERNMENT (Continued) Legislative and general management (Continued) Information systems Personnel 366,683$ 382,882$ 382,882$ -$ 366,377$ Materials and supplies 28,600 22,881 22,881 - 21,541 Operation and contractual 670,145 632,844 534,372 (98,472) 647,827 Capital outlay 468,934 289,902 289,902 - 379,564 Total information systems 1,534,362 1,328,509 1,230,037 (98,472) 1,415,309 Customer service Personnel 52,358 57,257 57,257 - 51,786 Total customer service 52,358 57,257 57,257 - 51,786 Total legislative and general management 4,460,976 3,869,479 3,771,007 (98,472) 3,606,068 Community development management Administration Personnel 407,687 356,909 356,909 - 402,734 Materials and supplies 1,156 756 756 - 1,325 Operation and contractual 259,600 192,821 192,821 - 1,826 Total administration 668,443 550,486 550,486 - 405,885 Code enforcement Personnel 563,963 599,684 599,684 - 559,139 Materials and supplies 4,038 2,847 2,847 - 3,646 Operation and contractual 33,198 27,672 27,672 - 28,482 Total code enforcement 601,199 630,203 630,203 - 591,267 Total community development management 1,269,642 1,180,689 1,180,689 - 997,152 Financial services Financial services management Personnel 349,458 303,852 303,852 - 209,385 Materials and supplies 450 402 402 - 279 Operation and contractual 50,500 68,940 68,940 - 48,106 Capital outlay - 816,485 886,373 69,888 123,442 Total financial services management 400,408 1,189,679 1,259,567 69,888 381,212 Accounting and reporting Personnel 234,078 211,818 211,818 - 238,918 Materials and supplies 6,370 2,171 2,171 - 2,643 Operation and contractual 27,596 35,044 35,044 - 28,644 Total accounting and reporting 268,044 249,033 249,033 - 270,205 2024 VILLAGE OF OAK BROOK, ILLINOIS For the Year Ended December 31, 2024 (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 2023 Budget Budget Actual (Under)Actual 2024 VILLAGE OF OAK BROOK, ILLINOIS For the Year Ended December 31, 2024 (With Comparative Actual) SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND GENERAL GOVERNMENT (Continued) Financial services (Continued) PSEBA benefits Personnel 40,000$ 26,921$ 26,921$ -$ 43,035$ Purchasing Personnel 132,710 133,304 133,304 - 128,929 Materials and supplies 18,350 15,312 15,312 - 20,152 Total purchasing 151,060 148,616 148,616 - 149,081 Total financial services 859,512 1,614,249 1,684,137 69,888 843,533 Municipal building improvements Capital outlay - 3,577 3,577 - 96,745 Total municipal building improvements - 3,577 3,577 - 96,745 Expenditure reimbursements paid to other funds 100,000 - - - - Subtotal general government 6,690,130 6,667,994 6,639,410 (28,584) 5,543,498 Less reimbursements from other funds (875,938) (875,940) (875,940) - (716,572) Total general government 5,814,192 5,792,054 5,763,470 (28,584) 4,826,926 PUBLIC SAFETY Police department Police services management Personnel 405,932 449,595 449,595 - 453,844 Materials and supplies 3,250 2,724 2,724 - 4,180 Operation and contractual 60,207 63,497 63,497 - 52,759 Total police services management 469,389 515,816 515,816 - 510,783 Police field services Personnel 6,273,399 6,833,452 6,833,452 - 6,851,101 Materials and supplies 12,299 13,452 13,452 - 14,440 Operation and contractual 389,640 389,643 389,643 - 330,769 Capital outlay 18,046 3,225,770 3,225,770 - 1,040,598 Total police field services 6,693,384 10,462,317 10,462,317 - 8,236,908 Police auxiliary services Personnel 183,164 142,286 142,286 - 125,620 Total police auxiliary services 183,164 142,286 142,286 - 125,620 (This schedule is continued on the following pages.) - 87 - Variance Original Final Over 2023 Budget Budget Actual (Under)Actual 2024 VILLAGE OF OAK BROOK, ILLINOIS For the Year Ended December 31, 2024 (With Comparative Actual) SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND PUBLIC SAFETY (Continued) Police department (Continued) Support services general Personnel 867,295$ 819,216$ 819,216$ -$ 927,395$ Materials and supplies 67,709 100,525 100,525 - 98,847 Operation and contractual 3,500 3,470 3,470 - 7,068 Total support services general 938,504 923,211 923,211 - 1,033,310 Support services detectives Personnel 1,643,619 2,203,612 2,203,612 - 1,569,541 Materials and supplies 1,505 2,253 2,253 - 9,768 Operation and contractual 44,446 44,178 44,178 - 44,337 Total support services detectives 1,689,570 2,250,043 2,250,043 - 1,623,646 Support services records Personnel 182,942 280,979 280,979 - 208,157 Materials and supplies 16,609 8,243 8,243 - 14,575 Operation and contractual 588,004 593,719 593,719 - 546,761 Total support services records 787,555 882,941 882,941 - 769,493 Total police department 10,761,566 15,176,614 15,176,614 - 12,299,760 Fire department Fire, rescue, and EMS operations Personnel 6,767,711 7,444,412 7,444,412 - 7,406,844 Materials and supplies 79,619 61,842 61,842 - 58,030 Operation and contractual 645,554 631,219 631,219 - 615,605 Capital outlay 89,040 64,442 64,442 - 70,613 Total fire, rescue, and EMS operations 7,581,924 8,201,915 8,201,915 - 8,151,092 Fire services management Personnel 418,830 463,458 463,458 - 348,893 Materials and supplies 6,350 4,951 4,951 - 4,175 Operation and contractual 190,129 164,286 164,286 - 164,102 Other 9,900 8,475 8,475 - 8,525 Total fire services management 625,209 641,170 641,170 - 525,695 Special teams operations Materials and supplies 7,910 6,067 6,067 - 11,043 Operation and contractual 10,793 8,958 8,958 - 7,081 Total special teams operations 18,703 15,025 15,025 - 18,124 (This schedule is continued on the following pages.) - 88 - Variance Original Final Over 2023 Budget Budget Actual (Under)Actual 2024 VILLAGE OF OAK BROOK, ILLINOIS For the Year Ended December 31, 2024 (With Comparative Actual) SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND PUBLIC SAFETY (Continued) Fire department Rescue and fire training Personnel 47,380$ 38,958$ 38,958$ -$ 26,648$ Materials and supplies 900 508 508 - 94 Operation and contractual 1,575 - - - - Total rescue and fire training 49,855 39,466 39,466 - 26,742 Emergency medical services Personnel 23,814 14,959 14,959 - 20,686 Materials and supplies 42,129 34,008 34,008 - 26,356 Operation and contractual 142,656 142,050 142,050 - 138,801 Capital outlay 45,000 45,000 45,000 - 47,508 Total emergency medical services 253,599 236,017 236,017 - 233,351 Fire prevention and public safety Personnel 8,174 41 41 - 2,269 Materials and supplies 2,800 1,942 1,942 - 408 Operation and contractual 161,394 160,509 160,509 - 149,937 Total fire prevention and public safety 172,368 162,492 162,492 - 152,614 Total fire department 8,701,658 9,296,085 9,296,085 - 9,107,618 Total public safety 19,463,224 24,472,699 24,472,699 - 21,407,378 PUBLIC WORKS Mosquito control Operation and contractual 55,943 55,943 55,943 - 55,943 Total mosquito control 55,943 55,943 55,943 - 55,943 Buildings and grounds Personnel 330,921 311,373 311,373 - 319,165 Materials and supplies 44,792 37,669 37,669 - 39,900 Operation and contractual 346,515 306,982 306,982 - 304,131 Total buildings and grounds 722,228 656,024 656,024 - 663,196 Forestry Personnel 1,295 480 480 - 928 Materials and supplies 3,200 2,281 2,281 - 2,342 Operation and contractual 299,646 282,042 282,042 - 224,912 Total forestry 304,141 284,803 284,803 - 228,182 (This schedule is continued on the following pages.) - 89 - Variance Original Final Over 2023 Budget Budget Actual (Under)Actual 2024 VILLAGE OF OAK BROOK, ILLINOIS For the Year Ended December 31, 2024 (With Comparative Actual) SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND PUBLIC WORKS (Continued) Streets Personnel 736,225$ 865,559$ 865,559$ -$ 725,310$ Materials and supplies 83,542 68,936 68,936 - 54,023 Operation and contractual 505,539 501,812 501,812 - 405,563 Total streets 1,325,306 1,436,307 1,436,307 - 1,184,896 Snow removal Personnel 100,022 435 435 - 16,198 Materials and supplies 6,670 3,864 3,864 - 921 Operation and contractual 13,204 11,540 11,540 - 8,521 Total snow removal 119,896 15,839 15,839 - 25,640 Management Personnel 438,803 430,654 430,654 - 446,164 Materials and supplies 30,201 23,568 23,568 - 19,508 Operation and contractual 11,651 14,048 14,048 - 8,255 Capital outlay 19,800 15,847 15,847 - - Total management 500,455 484,117 484,117 - 473,927 Total public works 3,027,969 2,933,033 2,933,033 - 2,631,784 CULTURE AND RECREATION Library general operations Personnel 453,056 502,862 502,862 - 448,494 Materials and supplies 12,850 10,925 10,925 - 12,298 Operation and contractual 89,356 91,305 91,305 - 73,812 Total library general operations 555,262 605,092 605,092 - 534,604 Library technical services Personnel 159,688 148,503 148,503 - 144,838 Materials and supplies 3,600 3,597 3,597 - 3,592 Operation and contractual 300 - - - 272 Total library technical services 163,588 152,100 152,100 - 148,702 Library reference and adult services Personnel 251,957 234,294 234,294 - 239,831 Materials and supplies 158,500 157,014 157,014 - 147,229 Operation and contractual 13,500 13,483 13,483 - 11,988 Total library reference and adult services 423,957 404,791 404,791 - 399,048 Total culture and recreation 1,142,807 1,161,983 1,161,983 - 1,082,354 (This schedule is continued on the following page.) - 90 - Variance Original Final Over 2023 Budget Budget Actual (Under)Actual 2024 VILLAGE OF OAK BROOK, ILLINOIS For the Year Ended December 31, 2024 (With Comparative Actual) SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND DEBT SERVICE Pricipal -$ -$ 89,461$ 89,461$ 222,837$ Interest and fees - - 9,011 9,011 3,436 Total debt service - - 98,472 98,472 226,273 TOTAL EXPENDITURES 29,448,192$ 34,359,769$ 34,429,657$ 69,888$ 30,174,715$ (See independent auditor's report.) - 91 - Variance Original Final Over Budget Budget Actual (Under)2023 REVENUES Other taxes Non-home rule sales tax 6,703,000$ 7,890,354$ 7,890,354$ -$ 7,528,765$ Investment income 125,000 822,178 822,178 - 562,842 Miscellaneous 23,000 2,795 2,795 - 102,362 Total revenues 6,851,000 8,715,327 8,715,327 - 8,193,969 EXPENDITURES General government Geographic information Personnel - - - - 13,081 Materials and supplies - 3,049 3,049 - 37,147 Operation and contractual 180,386 180,050 180,050 - 186,646 Total geographic information 180,386 183,099 183,099 - 236,874 Total general government 180,386 183,099 183,099 - 236,874 Public works Management Materials and supplies - 297 297 - 636 Operation and contractual 170,000 77,895 77,895 - 85,479 Capital 30,000 29,871 29,871 - 154,045 Total management 200,000 108,063 108,063 - 240,160 Streets - general salaries Personnel - 124 124 - 21,138 Total streets - general salaries - 124 124 - 21,138 Streets and traffic maintenance Operation and contractual 355,298 298,712 298,712 - 251,408 Total streets and traffic maintenance 355,298 298,712 298,712 - 251,408 Snow removal Personnel - 23,300 23,300 - 2,871 Operation and contractual 45,000 45,000 45,000 - - Capital - - - - 23,776 Total snow removal 45,000 68,300 68,300 - 26,647 Drainage maintenance Materials and supplies 17,000 2,508 2,508 - 10,347 Operation and contractual 59,788 37,523 37,523 - 33,595 Capital - - - - 49,045 Total drainage maintenance 76,788 40,031 40,031 - 92,987 2024 INFRASTRUCTURE FUND VILLAGE OF OAK BROOK, ILLINOIS (With Comparative Actual) For the Year Ended December 31, 2024 CHANGES IN FUND BALANCE - BUDGET AND ACTUAL SCHEDULE OF REVENUES, EXPENDITURES, AND (This schedule is continued on the following page.) - 92 - Variance Original Final Over Budget Budget Actual (Under)2023 EXPENDITURES (Continued) Public works (Continued) Safe pathway maintenance Materials and supplies 29,500$ 20,000$ 20,000$ -$ 14,610$ Operation and contractual 22,788 14,840 14,840 - 15,800 Total safe pathway maintenance 52,288 34,840 34,840 - 30,410 Engineering and capital projects engineering Operation and contractual 103,208 108,777 108,777 - 326,481 Total engineering and capital projects engineering 103,208 108,777 108,777 - 326,481 Roadway improvements Operation and contractual 806,500 493,575 493,575 - 88,291 Intergovernmental agreements 2,203,000 1,026,082 1,026,082 - 1,041,286 Capital 970,775 102,174 102,174 - - Total roadway improvements 3,980,275 1,621,831 1,621,831 - 1,129,577 Reimbursements from other funds Reimbursements from other funds - - - - (199,430) Reimbursements paid to other funds 339,899 32,004 32,004 - 311,575 Total reimbursements from other funds 339,899 32,004 32,004 - 112,145 Total public works 5,152,756 2,312,682 2,312,682 - 2,230,953 Public safety Infrastructure Operation and contractual - 22,224 22,224 - - Capital 180,000 306,917 306,917 - 111,500 Total public safety 180,000 329,141 329,141 - 111,500 Total expenditures 5,513,142 2,824,922 2,824,922 - 2,579,327 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 1,337,858 5,890,405 5,890,405 - 5,614,642 OTHER FINANCING SOURCES (USES) Transfers in - - - - 1,000,000 Total other financing sources (uses) - - - - 1,000,000 NET CHANGE IN FUND BALANCE 1,337,858$ 5,890,405$ 5,890,405 -$ 6,614,642 FUND BALANCE, JANUARY 1 15,495,611 8,880,969 FUND BALANCE, DECEMBER 31 21,386,016$ 15,495,611$ (With Comparative Actual) 2024 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, 2024 (See independent auditor's report.) - 93 - 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. Motor Hotel/Motel Foreign Fire Fuel Tax Tax Insurance Tax Total Cash and investments 2,361,564$ 5,211,771$ 202,675$ 7,776,010$ Receivables Allotments 30,653 - - 30,653 Accrued interest - 8,893 - 8,893 Other - 123,323 - 123,323 TOTAL ASSETS 2,392,217$ 5,343,987$ 202,675$ 7,938,879$ LIABILITIES Accounts payable -$ 68,139$ -$ 68,139$ Accrued payroll - 3,666 - 3,666 Total liabilities - 71,805 - 71,805 FUND BALANCES Restricted Highways and streets 2,392,217 - - 2,392,217 Public safety - - 202,675 202,675 Culture and recreation - 5,272,182 - 5,272,182 Total fund balances 2,392,217 5,272,182 202,675 7,867,074 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES 2,392,217$ 5,343,987$ 202,675$ 7,938,879$ AND FUND BALANCES ASSETS LIABILITIES VILLAGE OF OAK BROOK, ILLINOIS COMBINING BALANCE SHEET December 31, 2024 Special Revenue (See independent auditor's report.) - 94 - Motor Hotel/Motel Foreign Fire Fuel Tax Tax Insurance Tax Total REVENUES Other taxes -$ 1,630,393$ 81,790$ 1,712,183$ Intergovernmental 362,847 100,000 - 462,847 Investment income 96,595 192,157 33 288,785 Miscellaneous - 2,000 - 2,000 Total revenues 459,442 1,924,550 81,823 2,465,815 EXPENDITURES Current General government 89,327 243,912 - 333,239 Public safety - - 56,696 56,696 Culture and recreation - 179,653 - 179,653 Total expenditures 89,327 423,565 56,696 569,588 Total transfers - - - - NET CHANGE IN FUND BALANCES 370,115 1,500,985 25,127 1,896,227 FUND BALANCES, JANUARY 1 2,022,102 3,771,197 177,548 5,970,847 FUND BALANCES, DECEMBER 31 2,392,217$ 5,272,182$ 202,675$ 7,867,074$ VILLAGE OF OAK BROOK, ILLINOIS COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES For the Year Ended December 31, 2024 Special Revenue (See independent auditor's report.) - 95 - Variance Original Final Over Budget Budget Actual (Under)2023 REVENUES Intergovernmental 350,000$ 362,847$ 362,847$ -$ 352,327$ Investment income 35,000 96,595 96,595 - 78,573 Total revenues 385,000 459,442 459,442 - 430,900 EXPENDITURES Current General government 116,351 89,327 89,327 - 106,032 Total expenditures 116,351 89,327 89,327 - 106,032 NET CHANGE IN FUND BALANCE 268,649$ 370,115$ 370,115 -$ 324,868 FUND BALANCE, JANUARY 1 2,022,102 1,697,234 FUND BALANCE, DECEMBER 31 2,392,217$ 2,022,102$ (With Comparative Actual) 2024 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, 2024 (See independent auditor's report.) - 96 - Variance Original Final Over Budget Budget Actual (Under)2023 REVENUES Other taxes Hotel/motel taxes 1,450,000$ 1,630,393$ 1,630,393$ -$ 1,576,776$ Intergovernmental - 100,000.00 100,000 - 100,000 Investment income 25,000 192,157 192,157 - 138,687 Miscellaneous 2,000 2,000 2,000 - 4,000 Total revenues 1,477,000 1,924,550 1,924,550 - 1,819,463 EXPENDITURES Current General government 243,915 243,912 243,912 - 320,363 Culture and recreation 980,045 179,653 179,653 - 418,249 Total expenditures 1,223,960 423,565 423,565 - 738,612 NET CHANGE IN FUND BALANCE 253,040$ 1,500,985$ 1,500,985 -$ 1,080,851 FUND BALANCE, JANUARY 1 3,771,197 2,690,346 FUND BALANCE, DECEMBER 31 5,272,182$ 3,771,197$ 2024 (With Comparative Actual) 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, 2024 (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)2023 OPERATING REVENUES Charges for services Water sales 10,720,000$ 10,578,269$ 10,578,269$ -$ 9,717,533$ Unmetered sales 65,000 49,486 49,486 - 56,465 Water tap on charges 140,000 80,500 80,500 - 153,640 Meter fees and special services 27,300 45,038 45,038 - 45,220 Miscellaneous 62,525 143,204 143,204 - 112,367 Total operating revenues 11,014,825 10,896,497 10,896,497 - 10,085,225 OPERATING EXPENSES Operation of facilities 14,151,877 7,193,489 7,189,592 (3,897) 6,760,363 Depreciation and amortization - 1,237,759 1,256,617 18,858 1,170,709 Total operating expenses 14,151,877 8,431,248 8,446,209 14,961 7,931,072 OPERATING INCOME (LOSS)(3,137,052) 2,465,249 2,450,288 (14,961) 2,154,153 NON-OPERATING REVENUES (EXPENSES) Investment income (loss)350,000 1,334,487 1,334,487 - 1,150,165 Interest expense - - (255) (255) - Gain/(loss) on sale of capital assets - - (48,845) (48,845) - Total non-operating revenues (expenses)350,000 1,334,487 1,285,387 (49,100) 1,150,165 INCOME (LOSS) BEFORE CAPITAL GRANTS AND CONTRIBUTIONS (2,787,052) 3,799,736 3,735,675 (64,061) 3,304,318 CAPITAL GRANTS AND CONTRIBUTIONS 1,089,730 1,090,855 1,090,855 - - CHANGE IN NET POSITION (1,697,322)$ 4,890,591$ 4,826,530 (64,061)$ 3,304,318 NET POSITION, JANUARY 1, AS PREVIOUSLY REPORTED 52,970,437 49,666,119 Change in accounting principle (14,587) - NET POSITION, JANUARY 1, AS RESTATED 52,955,850 49,666,119 NET POSITION, DECEMBER 31 57,782,380$ 52,970,437$ (With Comparative Actual) 2024 VILLAGE OF OAK BROOK, ILLINOIS SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION - BUDGET AND ACTUAL For the Year Ended December 31, 2024 WATERWORKS SYSTEM FUND (See independent auditor's report.) - 98 - Variance Original Final Over Budget Budget Actual (Under)2023 OPERATING EXPENSES Operation of facilities Public works - water operations Personnel 786,413$ 551,217$ 551,217$ -$ 773,803$ Materials and supplies 137,216 134,205 134,205 - 103,387 Operation and contractual 12,541,369 6,071,183 6,067,286 (3,897) 5,712,125 Reimbursement to other funds 436,879 436,884 436,884 - 171,048 Total public works - water operations 13,901,877 7,193,489 7,189,592 (3,897) 6,760,363 Capital improvements Capital outlay 250,000 - - - - Total capital improvements 250,000 - - - - Depreciation and amortization expense - 1,237,759 1,256,617 18,858 1,170,709 TOTAL OPERATING EXPENSES 14,151,877$ 8,431,248$ 8,446,209$ 14,961$ 7,931,072$ 2024 VILLAGE OF OAK BROOK, ILLINOIS WATERWORKS SYSTEM FUND SCHEDULE OF DETAILED EXPENSES - BUDGET AND ACTUAL - BUDGETARY BASIS For the Year Ended December 31, 2024 (With Comparative Actual) (See independent auditor's report.) - 99 - Variance Original Final Over Budget Budget Actual (Under)2023 OPERATING REVENUES Charges for services Golf club 3,147,150$ 3,827,183$ 3,827,183$ -$ 3,190,657$ Swimming and tennis 553,825 574,215 574,215 - 524,726 Rentals and commissions 514,835 444,820 444,820 - 440,024 Food and beverage 125,550 87,798 87,798 - 816,681 Total operating revenues 4,341,360 4,934,016 4,934,016 - 4,972,088 OPERATING EXPENSES Golf club 2,148,019 2,059,920 2,059,516 (404) 2,064,988 Swimming and tennis 1,748,045 811,325 811,251 (74) 550,966 Special events - - - - 5 Rentals and commissions 210,768 127,705 127,726 21 195,085 Food and beverage 14,500 30,334 25,150 (5,184) 593,099 Depreciation and amortization - 748,110 748,110 - 555,114 Total operating expenses 4,121,332 3,777,394 3,771,753 (5,641) 3,959,257 OPERATING INCOME 220,028 1,156,622 1,162,263 5,641 1,012,831 NON-OPERATING REVENUES (EXPENSES) Investment income 75 34 36,816 36,782 29,458 Miscellaneous - - - - 12,568 Total non-operating revenues (expenses)75 34 36,816 36,782 42,026 INCOME BEFORE TRANSFERS 220,103 1,156,656 1,199,079 42,423 1,054,857 TRANSFERS Transfers in 150,000 - - - - Total transfers 150,000 - - - - CHANGE IN NET POSITION 370,103$ 1,156,656$ 1,199,079 42,423$ 1,054,857 NET POSITION, JANUARY 1, AS PREVIOUSLY REPORTED 16,363,549 15,308,692 Change in accounting principle (4,156) - NET POSITION, JANUARY 1, AS RESTATED 16,359,393 15,308,692 NET POSITION, DECEMBER 31 17,558,472$ 16,363,549$ 2024 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, 2024 (With Comparative Actual) (See independent auditor's report.) - 100 - Variance Original Final Over Budget Budget Actual (Under)2023 CHARGES FOR SERVICE Golf club Fees 2,276,200$ 2,989,937$ 2,989,937$ -$ 2,499,217$ Surcharge 145,000 251,878 251,878 - - Memberships 507,950 393,375 393,375 - 480,100 Merchandise sales 218,000 172,105 172,105 - 202,707 Miscellaneous - 19,888 19,888 - 8,633 Total golf club 3,147,150 3,827,183 3,827,183 - 3,190,657 Swimming and tennis Fees 104,800 139,609 139,609 - 107,251 Memberships 442,775 431,143 431,143 - 406,948 Merchandise sales 5,000 2,360 2,360 - 6,770 Miscellaneous 1,250 1,103 1,103 - 3,757 Total swimming and tennis 553,825 574,215 574,215 - 524,726 Rentals and commissions Open field rental 193,000 187,444 187,444 - 184,839 Butler range rental 88,835 79,401 79,401 - 76,671 Food and beverage service rental income 233,000 177,975 177,975 - 178,514 Total rentals and commissions 514,835 444,820 444,820 - 440,024 Food and beverage Food sales 47,900 86,022 86,022 - 313,126 Beverage sales 77,650 1,776 1,776 - 503,555 Total food and beverage 125,550 87,798 87,798 - 816,681 TOTAL OPERATING REVENUES 4,341,360$ 4,934,016$ 4,934,016$ -$ 4,972,088$ 2024 VILLAGE OF OAK BROOK, ILLINOIS SPORTS CORE FUND SCHEDULE OF DETAILED REVENUES - BUDGET AND ACTUAL For the Year Ended December 31, 2024 (With Comparative Actual) (See independent auditor's report.) - 101 - Variance Original Final Over Budget Budget Actual (Under)2023 OPERATING EXPENSES Operations - golf club Golf club general operations Personnel 525,450$ 285,184$ 284,780$ (404)$ 642,405$ Materials and supplies 145,880 202,040 202,040 - 189,691 Operation and contractual 260,650 235,641 235,641 - 255,953 Capital outlay - 1,320 1,320 - - Total operations - golf club 931,980 724,185 723,781 (404) 1,088,049 Golf club range operations Personnel 102,532 63,030 63,030 - 69,243 Materials and supplies 22,500 19,898 19,898 - 19,177 Operation and contractual 25,231 46,904 46,904 - 13,610 Total operations - golf club range 150,263 129,832 129,832 - 102,030 Golf cart operations Personnel 48,443 80,773 80,773 - 71,802 Materials and supplies 3,000 1,274 1,274 - 5,916 Operation and contractual 6,000 32,959 32,959 - 61,388 Total operations - golf cart 57,443 115,006 115,006 - 139,106 Golf course maintenance Personnel 466,667 699,335 699,335 - 462,878 Materials and supplies 193,253 184,796 184,796 - 209,633 Operation and contractual 40,300 51,061 51,061 - 61,750 Capital outlay 155,755 3,341 3,341 - - Total operations - golf course maintenance 855,975 938,533 938,533 - 734,261 Less Reimbursement to (from) other funds 152,358 152,364 152,364 - 20,242 Total operations - golf club 2,148,019 2,059,920 2,059,516 (404) 2,083,688 Operations - swimming and tennis General operations Personnel 188,664 181,030 181,026 (4) 233 Materials and supplies 1,030 21 21 - 430 Operation and contractual 264,845 167,396 167,326 (70) 68,214 Subtotal general operations 454,539 348,447 348,373 (74) 68,877 Less Reimbursement to (from) other funds (19,758) 10,776 10,776 - 53,976 Overhead allocation (104,500) (104,500) (104,500) - (87,568) Total general operations 330,281 254,723 254,649 (74) 35,285 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, 2024 2024 (This schedule is continued on the following pages.) - 102 - Variance Original Final Over Budget Budget Actual (Under)2023 OPERATING EXPENSES (Continued) Operations - swimming and tennis (Continued) Swimming operations Personnel 63,224$ 51,587$ 51,587$ -$ 36,012$ Materials and supplies 36,650 22,594 22,594 - 49,520 Operation and contractual 317,226 284,100 284,100 - 312,723 Capital outlay 849,000 7,800 7,800 - - Overhead allocation 66,075 66,075 66,075 - 31,522 Total swimming operations 1,332,175 432,156 432,156 - 429,777 Tennis operations - outdoor Materials and supplies 7,700 15,470 15,470 - 2,014 Operation and contractual 66,464 97,551 97,551 - 73,576 Overhead allocation 11,425 11,425 11,425 - 8,759 Total tennis operations - outdoor 85,589 124,446 124,446 - 84,349 Total operations - swimming and tennis 1,748,045 811,325 811,251 (74) 549,411 Special events Operation and contractual - - - - 5 Total special events - - - - 5 Rentals and commissions Bath and tennis clubhouse Personnel - 162 162 - 15,039 Materials and supplies 13,750 7,454 7,454 - 14,046 Operation and contractual 52,978 57,500 57,500 - 70,625 Overhead allocation 12,500 12,500 12,500 - 43,784 Total bath and tennis clubhouse 79,228 77,616 77,616 - 143,494 Open fields Materials and supplies 9,490 - - - 1,064 Operation and contractual 76,050 50,089 50,110 21 43,492 Capital outlay 46,000 - - - - Total open fields 131,540 50,089 50,110 21 44,556 Total rentals and commissions 210,768 127,705 127,726 21 188,050 Food and beverage Poolside grill Personnel - - - - 27,724 Materials and supplies - 1,665 1,665 - 12,557 Operation and contractual - 763 763 - 4,926 Overhead allocation 14,500 14,500 14,500 - 3,503 Total poolside grill 14,500 16,928 16,928 - 48,710 2024 For the Year Ended December 31, 2024 (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)2023 2024 For the Year Ended December 31, 2024 (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 -$ 10,368$ 5,184$ (5,184)$ 218,100$ Materials and supplies - - - - 309,295 Operation and contractual - 3,038 3,038 - 6,884 Total golf clubhouse - 13,406 8,222 (5,184) 534,279 Total food and beverage 14,500 30,334 25,150 (5,184) 582,989 Depreciation Depreciation expense - golf - 439,547 439,547 - 246,551 Depreciation expense - swimming and tennis - 241,721 241,721 - 241,721 Depreciation expense - food and beverage - 66,842 66,842 - 66,842 Total depreciation - 748,110 748,110 - 555,114 TOTAL OPERATING EXPENSES 4,121,332$ 3,777,394$ 3,771,753$ (5,641)$ 3,959,257$ (See independent auditor's report.) - 104 - INTERNAL SERVICE FUNDS 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, 2024 Capital Insurance Garage Replacement Total CURRENT ASSETS Cash and investments 448,767$ 437,152$ 1,302,627$ 2,188,546$ Receivables Accrued interest - - 3,128 3,128 Other 24,297 1,260 10,833 36,390 Inventories - 80,444 - 80,444 Total current assets 473,064 518,856 1,316,588 2,308,508 NONCURRENT ASSETS Capital assets Assets being depreciated and amortized Tangible capital assets being depreciated - 246,417 5,383,270 5,629,687 Accumulated depreciation - (201,133) (3,408,500) (3,609,633) Intangible capital assets being amortized - - 3,987,709 3,987,709 Accumulated amortization - - (1,403,233) (1,403,233) Net capital assets - 45,284 4,559,246 4,604,530 Total assets 473,064 564,140 5,875,834 6,913,038 DEFERRED OUTFLOWS OF RESOURCES Pension items - IMRF - 89,380 - 89,380 Deferred outflows of resources - OPEB - 6,131 - 6,131 Total deferred outflows of resources - 95,511 - 95,511 Total assets and deferred outflows of resources 473,064 659,651 5,875,834 7,008,549 CURRENT LIABILITIES Accounts payable 887 50,144 - 51,031 Accrued payroll - 5,690 - 5,690 Unearned revenue 23,303 - - 23,303 Interest payable - - - - Current compensated absences payable - 10,663 - 10,663 Current other postemployment benefit liability - 2,596 - 2,596 Leases - - 686,447 686,447 Total current liabilities 24,190 69,093 686,447 779,730 NONCURRENT LIABILITIES Compensated absences payable - 1,882 - 1,882 Net pension liability - 84,363 - 84,363 Other postemployment benefit liability - 25,991 - 25,991 Leases - - 1,725,333 1,725,333 Total noncurrent liabilities - 112,236 1,725,333 1,837,569 Total liabilities 24,190 181,329 2,411,780 2,617,299 DEFERRED INFLOWS OF RESOURCES Pension items - IMRF - 564 - 564 Deferred inflows of resources - OPEB - 22,498 - 22,498 Total deferred inflows of resources - 23,062 - 23,062 Total liabilities and deferred inflows of resources 24,190 204,391 2,411,780 2,640,361 NET POSITION Net investment in capital assets - 45,284 2,147,466 2,192,750 Unrestricted 448,874 409,976 1,316,588 2,175,438 TOTAL NET POSITION 448,874$ 455,260$ 3,464,054$ 4,368,188$ (See independent auditor's report.) - 105 - VILLAGE OF OAK BROOK, ILLINOIS COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION INTERNAL SERVICE FUNDS For the Year Ended December 31, 2024 Capital Insurance Garage Replacement Total OPERATING REVENUES Charges for services 2,917,326$ 728,400$ 1,337,892$ 4,983,618$ Total operating revenues 2,917,326 728,400 1,337,892 4,983,618 OPERATING EXPENSES Claims and insurance 3,048,428 - - 3,048,428 Operations - 627,028 103,889 730,917 Depreciation and amortization - 4,585 1,087,071 1,091,656 Total operating expenses 3,048,428 631,613 1,190,960 4,871,001 OPERATING INCOME (LOSS)(131,102) 96,787 146,932 112,617 NON-OPERATING REVENUES (EXPENSES) Investment income 14,534 16,535 53,586 84,655 Interest expense - - (71,439) (71,439) Gain (loss) on disposal of capital assets - - 10,092 10,092 Total non-operating revenues (expenses)14,534 16,535 (7,761) 23,308 CHANGE IN NET POSITION (116,568) 113,322 139,171 135,925 NET POSITION, JANUARY 1, AS PREVIOUSLY REPORTED 565,442 346,474 3,324,883 4,236,799 Change in accounting principle - (4,536) - (4,536) NET POSITION, JANUARY 1, AS RESTATED 565,442 341,938 3,324,883 4,232,263 NET POSITION, DECEMBER 31 448,874$ 455,260$ 3,464,054$ 4,368,188$ (See independent auditor's report.) - 106 - VILLAGE OF OAK BROOK, ILLINOIS COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS For the Year Ended December 31, 2024 Capital Insurance Garage Replacement Total CASH FLOWS FROM OPERATING ACTIVITIES Receipts from internal services transactions 2,576,543$ 728,636$ 1,337,892$ 4,643,071$ Receipts from customers and users 350,905 - - 350,905 Payments to suppliers (3,062,729) (388,648) (103,889) (3,555,266) Payments to employees - (231,272) - (231,272) Net cash from operating activities (135,281) 108,716 1,234,003 1,207,438 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 - - 22,792 22,792 Purchase of capital assets - (17,868) (364,323) (382,191) Principal payments on leases - - (591,555) (591,555) Interest payments on leases - - (71,439) (71,439) Net cash from capital and related financing activities - (17,868) (1,004,525) (1,022,393) CASH FLOWS FROM INVESTING ACTIVITIES Interest received 14,534 16,535 (72,391) (41,322) Net cash from investing activities 14,534 16,535 (72,391) (41,322) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (120,747) 107,383 157,087 143,723 CASH AND CASH EQUIVALENTS, JANUARY 1 569,514 329,769 661,186 1,560,469 CASH AND CASH EQUIVALENTS, DECEMBER 31 448,767$ 437,152$ 818,273$ 1,704,192$ CASH AND INVESTMENTS Cash and cash equivalents 448,767$ 437,152$ 818,273$ 1,704,192$ Investments - - 484,354 484,354 TOTAL CASH AND INVESTMENTS 448,767$ 437,152$ 1,302,627$ 2,188,546$ (This schedule is continued on the following page.) - 107 - VILLAGE OF OAK BROOK, ILLINOIS COMBINING STATEMENT OF CASH FLOWS (Continued) INTERNAL SERVICE FUNDS For the Year Ended December 31, 2024 Capital Insurance Garage Replacement Total RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH FLOWS FROM OPERATING ACTIVITIES Operating income (loss)(131,102)$ 96,787$ 146,932$ 112,617$ Depreciation and amortization - 4,585 1,087,071 1,091,656 Adjustments to reconcile operating income to net cash from operating activities Changes in assets and liabilities Accounts receivable 10,122 236 - 10,358 Inventories - (6,434) - (6,434) Accounts payable (8,903) 30,073 - 21,170 Accrued payroll - 2,079 - 2,079 Compensated absences - 740 - 740 Pension items - IMRF - (18,736) - (18,736) Pension items - OPEB - (614) - (614) Unearned revenue (5,398) - - (5,398) NET CASH FROM OPERATING ACTIVITIES (135,281)$ 108,716$ 1,234,003$ 1,207,438$ NONCASH TRANSACTIONS Capital assets acquired via lease -$ -$ 1,096,937$ 1,096,937$ Loss on disposal of capital assets - - 12,700 12,700 TOTAL NONCASH TRANSACTIONS -$ -$ 1,109,637$ 1,109,637$ (See independent auditor's report.) - 108 - Variance Original Final Over Budget Budget Actual (Under)2023 OPERATING REVENUES Charges for services 2,760,000$ 2,917,326$ 2,917,326$ -$ 3,118,879$ Total operating revenues 2,760,000 2,917,326 2,917,326 - 3,118,879 OPERATING EXPENSES Claims and insurance Insurance and administration 2,726,632 3,023,246 3,023,246 - 3,112,729 Health claims 25,000 25,182 25,182 - (78,303) Total operating expenses 2,751,632 3,048,428 3,048,428 - 3,034,426 OPERATING INCOME (LOSS)8,368 (131,102) (131,102) - 84,453 NON-OPERATING REVENUES (EXPENSES) Investment income 1,500 14,534 14,534 - 6,370 Total non-operating revenues (expenses)1,500 14,534 14,534 - 6,370 INCOME (LOSS) BEFORE TRANSFERS 9,868 (116,568) (116,568) - 90,823 TRANSFERS Transfers in - - - - 500,000 Total transfers - - - - 500,000 CHANGE IN NET POSITION 9,868$ (116,568)$ (116,568) -$ 590,823 NET POSITION (DEFICIT), JANUARY 1 565,442 (25,381) NET POSITION, DECEMBER 31 448,874$ 565,442$ (With Comparative Actual) 2024 VILLAGE OF OAK BROOK, ILLINOIS SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION - BUDGET AND ACTUAL - BUDGETARY BASIS For the Year Ended December 31, 2024 INSURANCE FUND (See independent auditor's report.) - 109 - Variance Original Final Over Budget Budget Actual (Under)2023 OPERATING REVENUES Charges for services 728,401$ 728,400$ 728,400$ -$ 683,401$ Total operating revenues 728,401 728,400 728,400 - 683,401 OPERATING EXPENSES Operations Personnel 269,781 207,178 214,741 7,563 202,235 Materials and supplies 268,112 220,381 220,381 - 213,884 Operational and contractual 197,168 211,256 211,256 - 179,535 Pension expense/(income) - IMRF - (18,736) (18,736) - 17,246 OPEB expense - (614) (614) - 55 Expenditure reimbursement paid to other funds - - - - 38,798 Depreciation and amortization - 3,980 4,585 605 3,980 Total operating expenses 735,061 623,445 631,613 8,168 655,733 OPERATING INCOME (LOSS)(6,660) 104,955 96,787 (8,168) 27,668 NON-OPERATING REVENUES (EXPENSES) Investment income 8,000 16,535 16,535 - 13,656 Total non-operating revenues (expenses)8,000 16,535 16,535 - 13,656 CHANGE IN NET POSITION 1,340$ 121,490$ 113,322 (8,168)$ 41,324 NET POSITION, JANUARY 1, AS PREVIOUSLY REPORTED 346,474 305,150 Change in accounting principle (4,536) - NET POSITION, JANUARY 1, AS RESTATED 341,938 305,150 NET POSITION, DECEMBER 31 455,260$ 346,474$ (With Comparative Actual) 2024 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, 2024 (See independent auditor's report.) - 110 - Variance Original Final Over Budget Budget Actual (Under)2023 OPERATING REVENUES Charges for services 1,337,896$ 1,337,892$ 1,337,892$ -$ 1,092,896$ Total operating revenues 1,337,896 1,337,892 1,337,892 - 1,092,896 OPERATING EXPENSES Operations Materials and supplies 398,524 3,520 3,520 - - Operational and contractual 59,105 6,667 100,369 93,702 89,114 Expenditure reimbursement paid to other funds 42,328 - - - - Depreciation and amortization - 399,106 1,087,071 687,965 929,619 Total operating expenses 499,957 409,293 1,190,960 781,667 1,018,733 OPERATING INCOME (LOSS)837,939 928,599 146,932 (781,667) 74,163 NON-OPERATING REVENUES (EXPENSES) Investment income 6,000 53,586 53,586 - 33,868 Principal payments (843,609) - - - - Interest payments - - (71,439) (71,439) (46,941) Gain on disposal of capital assets 3,000 10,092 10,092 - 35,151 Total non-operating revenues (expenses)(834,609) 63,678 (7,761) (71,439) 22,078 INCOME (LOSS) BEFORE CONTRIBUTIONS 3,330 992,277 139,171 (853,106) 96,241 CAPITAL GRANTS AND CONTRIBUTIONS - - - - 191,889 CHANGE IN NET POSITION 3,330$ 992,277$ 139,171 (853,106)$ 288,130 NET POSITION, JANUARY 1 3,324,883 3,036,753 NET POSITION, DECEMBER 31 3,464,054$ 3,324,883$ 2024 CAPITAL REPLACEMENT FUND VILLAGE OF OAK BROOK, ILLINOIS (With Comparative Actual) For the Year Ended December 31, 2024 SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION - BUDGET AND ACTUAL - BUDGETARY BASIS (See independent auditor's report.) - 111 - 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 243,394$ 315,646$ 559,040$ Investments held in the Illinois Police Officer's Pension Investment Fund 48,171,002 - 48,171,002 Investments held in the Illinois Firefighters's Pension Investment Fund - 38,039,187 38,039,187 Due from Village 58,001 59,630 117,631 Prepaid items 3,350 7,233 10,583 Total assets 48,475,747 38,421,696 86,897,443 LIABILITIES Accounts payable 840 1,666 2,506 Total liabilities 840 1,666 2,506 NET POSITION RESTRICTED FOR PENSIONS 48,474,907$ 38,420,030$ 86,894,937$ VILLAGE OF OAK BROOK, ILLINOIS COMBINING STATEMENT OF NET POSITION December 31, 2024 PENSION TRUST FUNDS (See independent auditor's report.) - 112 - Police Firefighters' Pension Pension Total ADDITIONS Contributions Employer 3,063,084$ 3,065,244$ 6,128,328$ Employee 696,146 341,988 1,038,134 Total contributions 3,759,230 3,407,232 7,166,462 Investment income Net appreciation in fair value of investments 3,786,001 3,036,041 6,822,042 Interest 276,785 724,302 1,001,087 Total investment income 4,062,786 3,760,343 7,823,129 Less investment expenses (26,215) (50,731) (76,946) Net investment income 4,036,571 3,709,612 7,746,183 Total additions 7,795,801 7,116,844 14,912,645 DEDUCTIONS Benefits and refunds 3,964,014 3,573,161 7,537,175 Administrative expenses 46,285 65,267 111,552 Total deductions 4,010,299 3,638,428 7,648,727 NET INCREASE 3,785,502 3,478,416 7,263,918 NET POSITION RESTRICTED FOR PENSIONS January 1 44,689,405 34,941,614 79,631,019 December 31 48,474,907$ 38,420,030$ 86,894,937$ VILLAGE OF OAK BROOK, ILLINOIS COMBINING STATEMENT OF CHANGES IN PLAN NET POSITION For the Year Ended December 31, 2024 PENSION TRUST FUNDS (See independent auditor's report.) - 113 - 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. 114-123 Revenue Capacity These schedules contain information to help the reader assess the Village’s most significant local revenue source, the sales tax. 124-133 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. 134-136 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. 137-138 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. 139-144 Sources: Unless otherwise noted, the information in these schedules is derived from the annual comprehensive financial reports for the relevant year. Fiscal Year 2015 2016 2017 2018 GOVERNMENTAL ACTIVITIES Net investment in capital assets 60.7$ 60.5$ 61.8$ 65.4$ Restricted 11.3 12.3 14.8 15.3 Unrestricted (deficit)(27.2) (26.1) (27.1) (32.3) TOTAL GOVERNMENTAL ACTIVITIES 44.8$ 46.7$ 49.5$ 48.4$ BUSINESS-TYPE ACTIVITIES Net investment in capital assets 31.3$ 30.6$ 29.9$ 29.8$ Restricted - - - - Unrestricted 2.2 3.9 6.6 7.3 TOTAL BUSINESS-TYPE ACTIVITIES 33.5$ 34.5$ 36.5$ 37.1$ PRIMARY GOVERNMENT Net investment in capital assets 92.0$ 91.1$ 91.7$ 95.2$ Restricted 11.3 12.3 14.8 15.3 Unrestricted (deficit)(25.0) (22.2) (20.5) (25.0) TOTAL PRIMARY GOVERNMENT 78.3$ 81.2$ 86.0$ 85.5$ Data Source Audited Financial Statements Data in millions VILLAGE OF OAK BROOK, ILLINOIS NET POSITION BY COMPONENT Last Ten Fiscal Years - 114 - 2019 2020 2021 2022 2023 2024 67.5$ 69.2$ 75.9$ 78.9$ 76.5$ 75.6$ 15.1 12.6 13.4 17.8 21.3 29.2 (30.8) (25.6) (21.3) (18.8) (9.2) (11.1) 51.8$ 56.2$ 68.0$ 77.9$ 88.6$ 93.7$ 34.0$ 37.5$ 44.1$ 41.2$ 41.1$ 45.5$ - - 0.3 1.0 - - 6.8 6.7 4.2 22.8 28.4 30.0 40.8$ 44.2$ 48.6$ 65.0$ 69.5$ 75.5$ 101.5$ 106.7$ 120.0$ 120.1$ 117.6$ 121.1$ 15.1 12.6 13.7 18.8 21.3 29.2 (24.0) (18.9) (17.1) 4.0 19.2 18.9 92.6$ 100.4$ 116.6$ 142.9$ 158.1$ 169.2$ - 115 - Fiscal Year 2015 2016 2017 2018 EXPENSES Governmental Activities General government 5.3$ 4.7$ 5.7$ 5.5$ Public safety 24.6 17.2 17.4 18.9 Public works 7.7 6.4 3.8 5.0 Culture and recreation 1.5 1.5 1.7 1.7 Interest on long-term debt 0.3 0.3 0.3 0.3 Total governmental activities expenses 39.4 30.1 28.9 31.4 Business-Type Activities Water 8.0 7.9 7.9 8.8 Sports Core 3.7 3.4 3.5 3.5 Total business-type activities expenses 11.7 11.3 11.4 12.3 TOTAL PRIMARY GOVERNMENT EXPENSES 51.1$ 41.4$ 40.3$ 43.7$ PROGRAM REVENUES Governmental Activities Charges for services General government 1.8$ 2.1$ 2.6$ 4.5$ Public safety 1.2 1.3 1.3 1.5 Operating grants and contributions 0.2 0.2 0.2 0.2 Capital grants - - - - Total governmental activities program revenues 3.2 3.6 4.1 6.2 Business-Type Activities Charges for services Water 7.7 8.8 9.9 9.8 Sports Core 3.2 3.4 3.4 3.2 Golf' surcharge - - 0.1 0.1 Capital grants Sports Core - - - - Total business-type activities program revenues 10.9 12.2 13.4 13.1 TOTAL PRIMARY GOVERNMENT PROGRAM REVENUES 14.1$ 15.8$ 17.5$ 19.3$ NET REVENUES (EXPENSES) Governmental activities (36.2)$ (26.5)$ (24.8)$ (25.2)$ Business-type activities (0.8) 0.9 2.0 0.8 TOTAL PRIMARY GOVERNMENT NET REVENUES (EXPENSES)(37.0)$ (25.6)$ (22.8)$ (24.4)$ VILLAGE OF OAK BROOK, ILLINOIS CHANGE IN NET POSITION Last Ten Fiscal Years - 116 - 2019 2020 2021 2022 2023 2024 6.1$ 4.5$ 4.4$ 4.3$ 6.2$ 6.4$ 18.9 15.5 14.6 21.2 22.5 24.0 5.3 5.1 4.6 4.5 5.6 5.5 1.8 2.3 1.3 1.4 1.7 1.4 0.2 0.2 0.2 0.2 - - 32.3 27.6 25.1 31.6 36.0 37.3 7.1 6.8 8.3 7.4 7.9 8.5 3.8 3.2 3.2 3.5 3.9 3.8 10.9 10.0 11.5 10.9 11.8 12.3 43.2$ 37.6$ 36.6$ 42.5$ 47.8$ 49.6$ 5.3$ 4.0$ 3.0$ 3.0$ 4.5$ 2.8$ 1.8 1.0 1.5 1.8 2.3 2.5 0.2 0.9 0.5 0.7 0.6 0.6 - - - 0.6 0.7 - 7.3 5.9 5.0 6.1 8.1 5.9 10.0 9.9 11.7 12.0 10.1 10.9 3.4 2.9 3.9 4.9 5.0 4.9 0.1 0.1 0.2 - - - - - 0.2 - - - 13.5 12.9 16.0 16.9 15.1 15.8 20.8$ 18.8$ 21.0$ 23.0$ 23.2$ 21.7$ (25.0)$ (21.7)$ (20.1)$ (25.5)$ (27.9)$ (31.4)$ 2.6 2.9 4.5 6.0 3.3 3.5 (22.4)$ (18.8)$ (15.6)$ (19.5)$ (24.6)$ (27.9)$ - 117 - Fiscal Year 2015 2016 2017 2018 GENERAL REVENUES AND OTHER CHANGES IN NET POSITION Governmental Activities Taxes Sales and local use taxes 18.1$ 19.3$ 18.3$ 18.6$ Utility 5.7 6.0 6.0 6.1 Other 2.8 2.7 3.0 3.2 Intergovernmental - - - - Investment earnings 0.2 0.3 0.3 0.6 Special items - - - - Miscellaneous 0.20 - - - Transfers (0.5) - - - Total governmental activities 26.5 28.3 27.6 28.5 Business-Type Activities Intergovernmental - - - - Investment earnings - - - 0.10 Miscellaneous - - - - Gain on sale of capital assets - - - - Transfers 0.5 - - - Total business-type activities 0.5 - - 0.1 TOTAL PRIMARY GOVERNMENT 27.0$ 28.3$ 27.6$ 28.6$ CHANGE IN NET POSITION Governmental activities (9.7)$ 1.8$ 2.8$ 3.3$ Business-type activities (0.30) 0.9 2.0 0.9 TOTAL PRIMARY GOVERNMENT CHANGE IN NET POSITION (10.0)$ 2.7$ 4.8$ 4.2$ 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) - 118 - 2019 2020 2021 2022 2023 2024 21.5$ 18.9$ 7.1$ 7.8$ 7.9$ 8.2$ 6.3 5.8 5.7 5.2 4.3 3.1 0.1 0.1 1.3 1.9 2.2 2.2 - - 17.50 20.1 19.7 20.3 1.1 0.6 (0.1) (0.1) 2.7 3.0 - - - - 1.7 - 0.10 1.1 0.3 0.4 0.1 - (0.70) (0.4) - - - - 28.4 26.1 31.8 35.3 38.6 36.8 - - - - - 1.09 0.2 0.1 - 0.03 1.18 1.37 0.10 (0.1) - - - - - - - 10.40 - - 0.70 0.4 - - - - 1.0 0.4 - 10.4 1.2 2.5 29.4$ 26.5$ 31.8$ 45.7$ 39.8$ 39.3$ 3.4$ 4.4$ 11.7$ 9.8$ 10.7$ 5.4$ 3.6 3.3 4.5 16.4 4.5 6.0 7.0$ 7.7$ 16.2$ 26.2$ 15.2$ 11.4$ - 119 - Fiscal Year 2015 2016 2017 2018 GENERAL FUND Nonspendable 53,406$ 58,444$ 56,649$ 56,010$ Unrestricted Committed - - - - Assigned - - - - Unassigned 17,206,014 20,014,100 20,998,025 21,697,317 TOTAL GENERAL FUND 17,259,420$ 20,072,544$ 21,054,674$ 21,753,327$ ALL OTHER GOVERNMENTAL FUNDS Nonspendable -$ -$ -$ -$ Restricted 11,296,764 12,439,354 14,813,261 15,356,444 TOTAL ALL OTHER GOVERNMENTAL FUNDS 11,296,764$ 12,439,354$ 14,813,261$ 15,356,444$ Data Source Audited Financial Statements VILLAGE OF OAK BROOK, ILLINOIS FUND BALANCES OF GOVERNMENTAL FUNDS Last Ten Fiscal Years - 120 - 2019 2020 2021 2022 2023 2024 90,072$ 55,521$ 55,773$ 55,869$ 60,448$ 65,045$ - - - - - - - - - - - - 24,963,696 28,146,628 31,292,165 38,452,034 42,523,746 42,903,734 25,053,768$ 28,202,149$ 31,347,938$ 38,507,903$ 42,584,194$ 42,968,779$ -$ -$ -$ -$ 125,000$ -$ 15,040,518 12,636,679 12,192,144 13,797,607 21,341,458 29,253,090 15,040,518$ 12,636,679$ 12,192,144$ 13,797,607$ 21,466,458$ 29,253,090$ - 121 - Fiscal Year 2015 2016 2017 2018 REVENUES Property taxes -$ -$ -$ -$ Other taxes Local sales taxes 5,637,241 5,991,262 5,581,924 5,691,536 Local use taxes - - - - Utility taxes 5,673,868 5,967,345 6,033,358 6,137,283 Hotel/motel taxes 1,194,811 1,270,131 1,265,583 1,340,495 Other taxes - - - - Intergovernmental Sales and use tax 12,346,857 13,072,837 12,481,210 12,685,797 Other intergovernmental 1,925,962 1,939,598 1,929,507 1,943,897 Licenses and permits 1,385,341 1,882,598 2,205,571 3,185,402 Charges for services 1,058,929 1,075,234 1,106,204 1,155,142 Fines and permits 177,588 159,799 144,833 192,321 Investment income 138,593 203,467 309,786 596,092 Miscellaneous 625,504 421,967 457,543 609,096 Total revenues 30,164,694 31,984,238 31,515,519 33,537,061 EXPENDITURES General government 4,331,061 4,343,678 5,019,819 6,818,223 Public safety 14,597,010 15,190,063 16,155,248 16,652,456 Public works 7,520,877 6,055,657 3,772,803 6,765,330 Culture and recreations 1,635,690 1,709,465 2,467,432 1,569,396 Capital outlay - - - - Debt service - principal 384,913 420,000 457,000 227,000 Interest and issuance costs 326,465 309,761 287,180 262,820 Total expenditures 28,796,016 28,028,624 28,159,482 32,295,225 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 1,368,678 3,955,614 3,356,037 1,241,836 OTHER FINANCING SOURCES (USES) Transfers in - 516,221 548,454 7,790 Transfers (out)(459,098) (516,221) (548,454) (7,790) Proceeds from sale of capital assets - - - - SBITA issuance - - - - Installment contract issuance - - - - Total other financing sources (uses)(459,098) - - - NET CHANGE IN FUND BALANCES 909,580$ 3,955,614$ 3,356,037$ 1,241,836$ DEBT SERVICE AS A PERCENTAGE OF NONCAPITAL EXPENDITURES 2.47%2.69%2.84%1.64% *There were reclassifications of revenues in 2024. Data Source Audited Financial Statements VILLAGE OF OAK BROOK, ILLINOIS CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS Last Ten Fiscal Years - 122 - 2019 2020 2021 2022 2023 2024* -$ -$ -$ -$ -$ 463,710$ 5,642,898 4,914,208 6,759,561 7,363,215 7,528,765 7,890,354 - - - - - 285,689 6,286,242 5,794,806 5,698,119 5,214,840 4,286,590 3,112,972 1,292,756 458,752 811,146 1,382,607 1,576,776 1,630,393 - - - - - 128,537 12,613,608 11,507,051 16,021,359 17,699,843 17,524,488 18,341,679 2,236,957 3,030,231 3,010,075 4,634,016 4,323,394 2,600,904 3,640,730 3,534,650 2,438,302 2,452,506 3,843,934 2,161,097 1,437,850 1,178,173 1,692,157 2,181,752 2,714,860 3,057,763 203,376 343,288 328,234 257,345 244,617 147,208 1,026,260 621,472 (53,795) (71,167) 2,652,880 3,001,660 719,806 291,994 261,315 532,126 855,485 19,442 35,100,483 31,674,625 36,966,473 41,647,083 45,551,789 42,841,408 4,453,602 3,844,521 4,030,036 4,970,896 5,495,820 6,279,808 17,369,681 16,297,554 16,616,802 17,605,278 21,639,938 24,858,536 8,265,502 7,723,413 11,946,228 8,426,238 4,862,737 5,245,715 1,586,045 2,151,134 1,190,653 1,392,983 1,500,603 1,341,636 - - - - - - 217,000 305,000 280,000 308,200 479,837 89,461 243,980 224,900 201,500 178,060 83,229 9,011 32,135,810 30,546,522 34,265,219 32,881,655 34,062,164 37,824,167 2,964,673 1,128,103 2,701,254 8,765,428 11,489,625 5,017,241 724,360 971,212 6,450,463 - 1,000,000 - (704,518) (1,354,773) (6,450,463) - (1,500,000) - - - - - - - - - - - 344,261 69,888 - - - - 411,256 3,084,088 19,842 (383,561) - - 255,517 3,153,976 2,984,515$ 744,542$ 2,701,254$ 8,765,428$ 11,745,142$ 8,171,217$ 1.64%2.01%1.89%1.78%1.74%0.29% - 123 - VILLAGE OF OAK BROOK, ILLINOIS ASSESSED VALUE AND ACTUAL VALUE OF TAXABLE PROPERTY Last Ten Levy Years (data in thousands) 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 2015 895,787$ 440,733$ -$ 13$ 1,336,533$ -$ 4,009,599$ 33.333% 2016 967,085 461,677 - 13 1,428,775 - 4,286,325 33.333% 2017 1,024,334 486,517 - 13 1,510,864 - 4,532,592 33.333% 2018 1,053,490 508,384 - 13 1,561,887 - 4,685,661 33.333% 2019 1,062,063 538,892 - 13 1,600,968 - 4,802,904 33.333% 2020 1,106,164 536,254 - 13 1,642,431 - 4,927,293 33.333% 2021 1,127,218 546,817 - 13 1,674,048 - 5,022,144 33.333% 2022 1,128,117 546,829 - 13 1,674,959 - 5,024,877 33.333% 2023 1,152,379 571,428 - 13 1,723,820 - 5,171,460 33.333% 2024 1,177,360 571,364 - 13 1,748,738 - 5,246,214 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. - 124 - Tax Levy Year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Tax Rates Village of Oak Brook -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Basic Town 0.4783 0.4490 0.4145 0.4006 0.3932 0.3848 0.3848 0.3848 0.3605 0.3689 Junior College #502 0.2786 0.2626 0.2431 0.2317 0.2112 0.2114 0.2114 0.2114 0.1946 0.1794 Grade School #53 1.2435 1.1710 1.1415 1.1447 1.1591 1.1643 1.1643 1.1643 1.2165 1.2403 High School #86 1.5592 1.4731 1.4380 1.4415 1.6110 1.6142 1.6129 1.6129 1.6639 1.6330 Oak Brook Park District 0.2349 0.2229 0.2184 0.2940 0.2923 0.2874 0.2874 0.2874 0.3081 0.3061 TOTAL TAX RATES 3.7945$ 3.5786$ 3.4555$ 3.5125$ 3.6668$ 3.6621$ 3.6608$ 3.6608$ 3.7436$ 3.7277$ 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 - 125 - Sales Sales Taxes Taxes Taxpayer Revenue Taxpayer Revenue Apple Inc.Apple Computer Inc. Carvana Llc Costco Wholesale CD Peacock 1837 Inc.Lord & Taylor LLC Costco Wholesale 388 Macy's Louis Vuitton Neiman Marcus Macys Nordstrom Rack Neiman Marcus Nordstrom Inc Nordstrom Inc Room & Board Inc. Restoration Hardware Sears Roebuck & Co. Room & Board Inc Tiffany & Co. TOP TEN TOTAL 7,847,658 $ TOP TEN TOTAL 5,821,885 $ TOTAL SALES TAX REVENUE 18,341,679 $ TOTAL SALES TAX REVENUE 12,376,637 $ TOP TEN AS A PERCENT OF TOP TEN AS A PERCENT OF SALES TAX REVENUE 42.79%SALES TAX REVENUE 47.04% 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 2024 2015 - 126 - 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 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% 2023 1.00%5.00%0.25%0.00%0.75%0.50%7.50% 2024 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 - 127 - (1) Estimated Sales 2020 Municipality Rank Sales Per Capita Population Chicago 1 38,779,111,272$ 14,120$ 2,746,388 Naperville 2 4,755,117,958 31,798 149,540 Schaumburg 3 4,189,785,851 53,222 78,723 Springfield 4 3,693,105,448 32,284 114,394 Mount Prospect 5 3,541,228,155 62,289 56,852 Aurora 6 3,216,700,078 17,817 180,542 Joliet 7 3,090,129,438 20,551 150,362 Rockford 8 3,065,782,919 20,623 148,655 Peoria 9 2,657,341,572 23,485 113,150 Orland Park 10 2,577,932,053 43,915 58,703 Glenview 11 2,352,998,772 48,311 48,705 Champaign 12 2,252,297,065 25,507 88,302 Elgin 13 2,137,652,253 27,169 78,680 Bloomington 14 2,116,375,370 18,436 114,797 Bolingbrook 15 1,981,563,083 26,806 73,922 Niles 16 1,932,298,269 34,523 55,971 Skokie 17 1,907,459,632 28,124 67,824 Tinley Park 18 1,787,046,841 66,557 26,850 St. Charles 19 1,785,505,506 57,761 30,912 Vernon Hills 20 1,768,036,043 30,294 58,362 Oak Brook 21 1,742,102,730 213,415 8,163 Elk Grove Village 22 1,635,217,915 50,995 32,066 Des Plaines 23 1,599,035,555 29,836 53,594 Normal 24 1,578,810,255 31,421 50,247 Gurnee 25 1,544,143,294 19,879 77,676 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, 2024 Through December 31, 2024 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 July 1,2023 through June 30, 2024. - 128 - % 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 2015 12,376,637$ 3.12%5,667,235$ 6.19%18,043,872$ 3.14% 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% 2023 17,704,486 (1.56%)7,518,876 0.64%25,223,362 (0.91%) 2024 17,917,392 1.20%7,738,573 2.92%25,655,965 1.72% Data Source Village Records VILLAGE OF OAK BROOK, ILLINOIS SALES TAX RECEIPTS - CASH BASIS Last Ten Fiscal Years - 129 - Month 2019 2020 2021 2022 2023 2024 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 January 1,054,244$ 1,007,062 $ 1,152,252$ 1,439,904$ 1,439,420$ 1,415,205$ (4.48%)14.42%24.96%(0.03%)(1.68%) February 1,152,709 1,147,328 1,093,000 1,532,727 1,432,666 1,401,690 (0.47%)(4.74%)40.23%(6.53%)(2.16%) March 1,704,528 1,753,040 1,481,425 2,387,675 2,265,277 2,181,906 2.85%(15.49%)61.17%(5.13%)(3.68%) April 723,019 909,241 805,520 1,131,169 1,132,843 1,117,627 25.76%(11.41%)40.43%0.15%(1.34%) May 785,897 891,829 862,808 1,183,441 1,172,490 1,195,081 13.48%(3.25%)37.16%(0.93%)1.93% June 975,961 751,814 1,127,264 1,464,776 1,343,764 1,367,464 (22.97%)49.94%29.94%(8.26%)1.76% July 936,555 421,088 1,080,672 1,420,923 1,327,410 1,353,396 (55.04%)156.64%31.49%(6.58%)1.96% August 1,071,211 459,383 1,246,636 1,483,558 1,488,644 1,580,660 (57.12%)171.37%19.00%0.34%6.18% September 1,054,405 890,754 1,310,110 1,539,864 1,582,997 1,528,653 (15.52%)47.08%17.54%2.80%(3.43%) October 1,013,832 1,001,518 1,316,459 1,471,009 1,472,196 1,590,653 (1.21%)31.45%11.74%0.08%8.05% November 1,109,019 1,156,812 1,458,671 1,531,865 1,628,728 1,614,333 4.31%26.09%5.02%6.32%(0.88%) December 1,004,610 1,353,427 1,417,506 1,397,773 1,418,048 1,570,724 34.72%4.73%(1.39%)1.45%10.77% TOTAL 12,585,990$ 11,743,296$ 14,352,323$ 17,984,684$ 17,704,483$ 17,917,392$ (6.70%)22.22%25.31%(1.56%)1.20% Data Source Village Records VILLAGE OF OAK BROOK, ILLINOIS STATE SALES TAX RECEIPTS BY MONTH - CASH BASIS Last Six Fiscal Years Fiscal Year Ended December 31, Percentage Change From Preceding Year - 130 - Month 2019 2020 2021 2022 2023 2024 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 January 470,364$ 455,347 $ 503,530 $ 583,906 $ 580,095 $ 611,860 $ (3.19%)10.58%15.96%(0.65%)5.48% February 527,597 523,295 468,508 620,650 604,448 608,883 (0.82%)(10.47%)32.47%(2.61%)0.73% March 794,849 806,633 656,995 1,034,891 976,828 983,460 1.48%(18.55%)57.52%(5.61%)0.68% April 321,103 390,845 324,939 441,234 493,190 471,865 21.72%(16.86%)35.79%11.78%(4.32%) May 351,510 386,430 362,110 459,331 503,671 514,891 9.93%(6.29%)26.85%9.65%2.23% June 441,058 306,259 493,875 570,884 556,595 583,445 (30.56%)61.26%15.59%(2.50%)4.82% July 423,426 159,445 467,393 560,876 564,620 586,870 (62.34%)193.14%20.00%0.67%3.94% August 482,610 176,726 547,423 636,568 635,476 683,569 (63.38%)209.76%16.28%(0.17%)7.57% September 475,733 386,033 566,663 659,035 681,996 669,541 (18.86%)46.79%16.30%3.48%(1.83%) October 460,860 430,006 540,135 643,915 649,642 648,056 (6.69%)25.61%19.21%0.89%(0.24%) November 479,809 468,485 568,062 659,158 659,986 682,408 (2.36%)21.26%16.04%0.13%3.40% December 453,182 607,673 576,774 600,701 612,330 693,725 34.09%(5.08%)4.15%1.94%13.29% TOTAL 5,682,101$ 5,097,177$ 6,076,407$ 7,471,149$ 7,518,877$ 7,738,573$ (10.29%)19.21%22.95%0.64%2.92% 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 Six Fiscal Years Fiscal Year Ended December 31, - 131 - Fiscal Years 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 General merchandise 1,408,191$ 1,305,272$ 1,180,117$ 1,142,607$ 1,056,602$ 598,450$ 945,102$ 970,078$ 1,061,957$ $1,105,366 Food 170,497 167,143 191,370 212,053 194,717 104,847 144,642 165,939 111,949 79,351 Drinking and eating places 1,770,370 1,844,551 1,866,420 1,931,879 1,909,022 1,087,384 1,799,466 2,402,304 2,686,463 2,692,741 Apparel 3,078,876 2,989,258 2,931,827 2,947,860 2,840,152 1,574,681 2,972,244 3,380,277 3,447,718 3,601,717 Furniture, H.H., and radio 1,606,454 1,613,318 1,472,053 1,601,424 1,485,474 1,163,192 1,509,090 1,830,894 1,773,111 1,685,825 Lumber, building, and hardware 6,623 4,642 6,603 1,478 56,539 793,096 658,569 639,377 368,841 479,325 Automotive and filling stations 1,698,040 1,683,947 1,884,059 1,921,190 2,003,910 2,339,720 3,336,501 3,894,779 3,400,261 3,395,816 Drugs and other retail 1,817,539 1,857,751 1,842,238 1,761,720 1,784,167 1,637,361 2,666,575 2,826,391 3,129,249 3,464,852 Agriculture and all others 506,631 1,368,475 805,122 633,820 594,012 520,394 735,593 906,174 1,016,130 1,433,075 Manufacturers 238,943 204,789 262,420 499,353 657,270 1,743,418 1,211,306 663,358 484,880 402,343 TOTAL 12,302,164$ 13,039,146$ 12,442,229$ 12,653,384$ 12,581,865$ 11,562,543$ 15,979,088$ 17,679,571$ 17,480,559$ 18,340,411$ 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 - 132 - Fiscal Years 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 General merchandise 697,506$ 646,561$ 584,228$ 566,703$ 522,037$ 294,715$ 466,236$ 479,821$ 523,583$ $543,381 Food 82,154 79,404 90,688 100,691 93,947 51,418 71,292 81,824 55,037 38,432 Drinking and eating places 880,598 916,540 927,586 945,281 952,124 537,493 895,054 1,190,009 1,337,673 1,342,516 Apparel 1,538,617 1,493,830 1,464,698 1,450,824 1,419,082 786,163 1,484,558 1,688,306 1,722,388 1,799,440 Furniture, H.H., and radio 801,746 806,090 737,997 788,327 742,296 579,513 753,972 915,160 886,176 842,298 Lumber, building, and hardware 3,290 2,311 3,292 721 28,266 396,548 329,285 314,423 184,342 239,662 Automotive and filling stations 454,848 443,470 505,785 523,197 538,943 504,204 577,852 657,617 639,359 626,753 Drugs and other retail 862,594 880,058 871,568 824,589 848,731 761,027 1,266,415 1,363,153 1,508,030 1,630,723 Agriculture and all others 233,499 662,998 375,069 282,685 268,657 226,688 335,313 420,463 474,537 681,702 Manufacturers 80,757 88,331 125,245 240,930 326,811 871,347 605,480 331,433 242,169 101,316 TOTAL 5,635,609$ 6,019,593$ 5,686,156$ 5,723,948$ 5,740,894$ 5,009,116$ 6,785,457$ 7,442,209$ 7,573,294$ 7,846,223$ 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 - 133 - VILLAGE OF OAK BROOK, ILLINOIS RATIOS OF OUTSTANDING DEBT BY TYPE Last Ten Fiscal Years Ratio of Total Outstanding Total Debt to Outstanding Total Installment Installment Total Equalized Debt Per Outstanding Fiscal Notes Installment Notes Primary Assessed Personal Debt Per Year Payable Contract Leases SBITAs Payable SBITAs Government Valuation* Income Capita* 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%0.29%343.36 2022**1,993,063 - 2,207,515 - - - 4,200,578 0.26%0.27%514.59 2023***- 315,668 1,906,398 405,602 - - 2,627,668 0.16%0.20%321.90 2024 - 3,399,756 2,411,780 219,076 - 98,646 6,129,258 0.35%0.44%750.86 Note: Details of the Village's outstanding debt can be found in the notes to financial statements. Data Source Village records ***The Village implemented GASB Statement No. 96 for the fiscal year ended December 31, 2023. Activities Governmental *See the schedule of Demographic and Economic Information on page 137 for personal income and population. **The Village implemented GASB Statement No. 87 for the fiscal year ended December 31, 2022. Business-Type Activities - 134 - (2) *Percentage (1)of Debt (3) Gross Applicable to **Government's Debt Government Share of Debt DIRECT DEBT Village of Oak Brook 6,030,612$ 100.00%6,030,612$ OVERLAPPING DEBT DuPage County 103,309,506 3.96%4,091,056 DuPage Forest Preserve 80,425,000 3.96%3,184,830 DuPage Water Commission - 4.17% - Sanitary Districts - 18.40% - Park Districts 18,854,053 80.23%15,125,992 Elementary School Districts 203,331,480 20.17%41,006,453 High School Districts 484,839,477 10.39%50,356,469 Junior College 502 64,455,000 3.89%2,509,688 Unit District 205 205,742,653 5.17%10,629,787 Total overlapping debt 1,160,957,169 126,904,275 TOTAL 1,166,987,781$ 132,934,887$ Note: Totals may not be exact due to rounding. **Amount in column (2) multiplied by amount in column (1). Data Source Office of the County Clerk DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT December 31, 2024 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. - 135 - Fiscal Year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Legal debt limit 109,084,108$ 115,276,061$ 123,289,569$ 130,392,337$ 134,790,061$ 138,083,532$ 144,386,656$ 144,386,656$ 148,679,632$ 150,828,722$ Total net debt applicable to limit 555,000 280,000 - - - - - - - - LEGAL DEBT MARGIN 108,529,108$ 114,996,061$ 123,289,569$ 130,392,337$ 134,790,061$ 138,083,532$ 144,386,656$ 144,386,656$ 148,679,632$ 150,828,722$ Total net debt applicable to the limit as a percentage of debt limit 0.51%0.24%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00% Legal Debt Margin Calculation for Fiscal Year 2024 Assessed value 1,748,738,802$ Legal debt margin 8.625% Debt limit 150,828,722 Debt applicable to limit General obligation bonds - LEGAL DEBT MARGIN 150,828,722$ VILLAGE OF OAK BROOK, ILLINOIS LEGAL DEBT MARGIN INFORMATION Last Ten Fiscal Years - 136 - Per Capita Fiscal Personal Personal Unemployment Year Population Income Income Rate 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% 2023 8,163 (E)158,663 1,295,166,069 3.7% 2024 8,163 (E)171,123 1,396,877,049 3.5% (E) Estimate Note: Latest information available for DuPage County Data Source Village records VILLAGE OF OAK BROOK, ILLINOIS DEMOGRAPHIC AND ECONOMIC INFORMATION Last Ten Fiscal Years - 137 - % of % of Number of Total Village Number of Total Village Employer Employees Rank Population Employees Rank Population Oakbrook Center Mall 1 7,275 89.12%1 4500 57.1% Advocate Health Care 2 1,853 22.70%3 1098 13.9% Ace Hardware Corporation 3 1,150 14.09%4 900 11.4% Hub Group 4 640 7.84%6 600 7.6% Chamberlain Group 5 600 7.35% Millenium Trust 6 477 5.84% Blistex 7 455 5.57%10 210 2.7% Inland Real Estate Group of Companies 8 343 4.20%5 642 8.1% TreeHouse Foods 9 329 4.03%8 325 4.1% Lions Clubs International 10 321 3.93%9 300 3.8% McDonald's Corporation 2 3000 38.1% ADT Security Service, Inc.7 360 4.6% Newell Rubbermaid Follett Higher Education Data Source Selective Telephone and Email Survey 2015 VILLAGE OF OAK BROOK, ILLINOIS PRINCIPAL EMPLOYERS Current Year and Nine Years Ago 2024 - 138 - Function/Program 2015 2016 2017 2018 GENERAL GOVERNMENT Board of Trustees 0.50 0.50 0.50 0.50 Village Clerk 2.75 2.08 2.03 1.58 Legal 0.25 0.35 0.00 0.00 General Management 2.00 1.72 1.60 1.60 Human Resources 2.00 1.10 1.28 0.95 Risk Management 0.50 0.20 0.20 0.20 Customer Service 0.00 1.20 1.20 1.20 Purchasing 1.00 0.00 0.00 0.00 Information Services 2.00 2.65 2.90 2.40 Geographic Information Systems 0.00 0.35 0.35 0.35 Total General Government 11.00 10.15 10.06 8.78 FINANCIAL SERVICES Financial Services Management 1.00 0.88 1.00 1.00 Accounting and Reporting 3.00 4.05 3.05 3.05 Customer Service 1.50 0.00 0.00 0.00 Purchasing 0.00 1.00 1.00 1.00 Total Financial Services 5.50 5.93 5.05 5.05 PUBLIC WORKS Buildings and Grounds 1.00 1.00 1.50 3.00 Forestry 0.00 0.20 0.20 0.20 Garage Operations 2.00 2.48 2.48 1.98 Water Operations 7.00 7.00 7.00 7.00 Public Works Management 2.50 3.00 3.00 3.00 Streets - General Salaries 6.50 6.90 7.90 7.40 Total Public Works 19.00 20.58 22.08 22.58 LIBRARY Library General Operations 6.50 5.88 5.75 4.75 Technical Services 2.00 1.80 1.80 1.80 Reference and User Services 2.00 1.95 1.90 1.90 Youth Services 2.00 1.95 1.90 1.90 Total Library 12.50 11.58 11.35 10.35 POLICE Police Services Management 3.00 3.00 3.00 3.00 Police Field Services 31.00 32.20 32.20 32.20 Police Auxiliary 5.00 0.28 0.50 0.50 Police General Support 4.00 4.00 4.00 4.00 Police Investigations 6.00 6.00 6.00 6.00 Police Support Services 3.50 3.25 3.25 3.25 Total Police 52.50 48.73 48.95 48.95 VILLAGE OF OAK BROOK, ILLINOIS FULL-TIME EQUIVALENT EMPLOYEES Last Ten Fiscal Years - 139 - 2019 2020 2021 2022 2023 2024 0.50 0.50 0.50 0.50 0.45 0.45 1.55 1.55 1.55 1.55 1.55 1.55 0.00 0.00 0.00 0.00 0.00 0.00 1.50 1.50 1.50 1.50 2.50 3.50 1.25 1.25 1.25 1.25 2.00 2.00 0.20 0.20 0.20 0.20 0.00 0.00 1.20 1.20 0.90 0.90 0.90 0.90 0.00 0.00 0.00 0.00 0.00 0.00 2.95 2.95 1.90 1.90 2.00 2.00 0.35 0.70 0.70 0.70 0.00 0.00 9.50 9.85 8.50 8.50 9.40 10.40 1.00 1.00 1.00 1.00 1.00 2.00 3.40 3.70 3.70 3.70 3.00 3.00 0.00 0.00 0.00 0.00 0.00 0.00 1.00 1.00 1.00 1.00 1.00 1.00 5.40 5.70 5.70 5.70 5.00 6.00 2.00 2.50 2.50 2.50 2.50 2.50 0.20 0.20 0.20 0.00 0.00 0.00 1.98 1.98 1.98 1.98 1.50 1.50 7.00 7.00 7.00 5.50 5.50 5.50 3.00 3.00 3.00 3.00 3.00 3.00 7.40 7.40 7.40 6.70 7.50 7.50 21.58 22.08 22.08 19.68 20.00 20.00 5.10 5.55 5.25 5.25 5.25 5.25 1.80 1.80 1.80 1.80 1.80 1.80 1.90 1.90 3.75 3.75 3.75 3.75 1.95 1.95 0.00 0.00 0.00 0.00 10.75 11.20 10.80 10.80 10.80 10.80 3.00 3.00 3.00 2.00 3.00 3.00 33.00 33.00 33.00 37.00 32.00 32.00 0.50 0.50 0.50 3.50 3.50 3.50 4.00 5.00 5.00 4.00 5.00 5.00 6.00 6.00 6.00 6.00 6.00 6.00 3.25 3.25 2.00 2.00 4.00 4.00 49.75 50.75 49.50 54.50 53.50 53.50 - 140 - Function/Program 2015 2016 2017 2018 FIRE*** Fire and EMS - General Salaries**31.00 31.00 31.00 31.00 Rescue and Fire Service Management 2.85 2.35 2.35 2.35 Fire Rescue and Training 0.00 0.20 0.20 0.20 Emergency Medical Service 6.00 6.40 6.40 6.60 Fire Prevention and Public Safety Education 0.00 3.60 3.60 3.60 Total Fire 39.85 43.55 43.55 43.75 SPORTS CORE Sports Core General Operations 0.50 1.40 1.50 1.40 Swimming Operations 1.40 1.40 1.15 1.15 Tennis 1.15 1.15 0.65 0.75 Sports Core Food and Beverage Operations 1.50 1.50 1.75 1.10 Poolside Grill Food and Beverage Operations 0.80 0.80 0.80 0.00 Golf Club Food and Beverage Operations 0.50 3.80 3.80 3.80 Golf Club General Operations 2.00 8.00 10.15 10.15 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 13.50 12.50 12.50 Total Sports Core 13.45 34.15 34.90 33.45 COMMUNITY DEVELOPMENT Engineering 3.50 3.40 2.36 1.88 Community Development Management 2.50 2.60 2.60 3.05 Code Enforcement 6.00 5.91 5.26 5.26 Total Community Development 12.00 11.91 10.22 10.19 TOTAL 165.80 186.58 186.16 183.10 Data Source Village Records ***Part-time positions that are filled by off-duty full-time Fire Department personnel are not included.These positions include Fire Prevention Inspectors,Building Inspectors,Administrative Aide,EMS Director,Public Safety Information Coordinator, and CPR Coordinator. VILLAGE OF OAK BROOK, ILLINOIS FULL-TIME EQUIVALENT EMPLOYEES (Continued) Last Ten Fiscal Years Note:Summary represents full-time equivalent positions not including seasonal,temporary or situational employees.Regular part-time employee hours have been rounded to the nearest quarter full-time equivalent. **Six contract firefighter/paramedics are used to supplement the full-time complement of firefighter/paramedics. - 141 - 2019 2020 2021 2022 2023 2024 31.00 30.00 30.00 30.00 27.00 27.00 2.35 2.35 2.35 1.60 5.00 5.00 0.20 0.20 0.20 0.20 0.20 0.00 11.60 9.50 0.50 0.50 0.50 0.00 3.60 3.60 3.60 3.50 2.50 0.40 48.75 45.65 36.65 35.80 35.20 32.40 1.15 1.00 1.00 1.00 0.00 1.00 0.75 0.75 0.25 0.25 1.10 1.10 0.75 0.50 0.00 0.50 0.00 0.00 1.50 1.80 1.80 1.80 1.00 0.00 0.80 0.80 0.80 0.80 0.80 0.00 3.80 3.80 3.80 5.30 5.30 0.00 10.15 10.00 10.00 10.00 7.20 6.90 1.50 1.50 1.50 1.50 1.60 1.00 1.10 1.10 1.10 1.10 1.10 1.00 12.00 12.00 12.00 11.00 6.70 6.70 33.50 33.25 32.25 33.25 24.80 17.70 1.88 1.88 1.88 1.88 0.00 0.00 3.05 3.05 3.05 3.25 3.65 3.65 5.26 5.26 5.26 5.53 5.01 5.01 10.19 10.19 10.19 10.66 8.66 8.66 189.42 188.67 175.67 178.89 167.36 159.46 - 142 - Function/Program 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 PUBLIC SAFETY Police Physical arrests 208 191 212 181 178 125 164 664 686 842 Parking violations 299 901 443 404 317 99 29 160 188 198 Traffic violations 2,082 1,465 1,495 1,398 1,596 1,345 1,212 1,056 1,135 1,479 Fire EMS incidents 1,329 1,432 1,380 1,408 1,468 1,162 1,493 1,707 2,017 2,031 Fire incidents 600 630 672 722 693 598 671 1,181 1,214 1,273 Community center Police calls dispatched 19,442 23,924 21,656 23,716 23,200 18,460 20,561 18,173 17,492 19,585 Fire/EMS calls dispatched 2,246 2,407 2,493 2,616 2,711 2,253 2,665 2,888 3,231 3,304 WATER New water meters installed 33 19 23 13 7 9 18 41 50 38 Water main breaks repaired 17 43 31 29 23 37 38 20 24 19 Water pumped (millions of gallons)1,152 1,087 995 966 889 840 916 942 961 894 LIBRARY Total circulation 91,205 112,423 105,129 114,014 140,201 78,614 92,718 155,667 177,293 181,306 Avg. daily circulation 270 318 312 337 384 248 249 412 466 473 Total holdings 102,441 97,201 94,353 91,789 88,520 88,994 91,065 93,982 90,088 91,576 COMMUNITY DEVELOPMENT Building permits issued 850 841 943 908 920 830 865 894 924 833 Inspections 2,790 2,999 2,963 2,607 2,510 2,203 2,556 2,686 3,496 3,363 Estimated construction value 174,948,935$ 99,520,330$ 176,470,285$ 135,704,908$ 167,423,370$ 179,143,947$ 121,039,599$ 133,244,295$ 215,308,136 158,539,190 SPORTS CORE B&T recreation memberships 307 317 294 307 265 - - 382.00 333 370 Social memberships 81 77 - - - - - - - - Total events 71 75 65 74 88 8 45 59 25 27 Golf memberships 142 145 151 158 150 152 245 277 279 231 Total golf rounds 34,019 39,324 39,863 35,256 36,253 41,396 48,656 46,098 47,660 50,818 Data Source Village records VILLAGE OF OAK BROOK, ILLINOIS OPERATING INDICATORS BY FUNCTION Last Ten Fiscal Years - 143 - Function/Program 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 PUBLIC SAFETY Police Stations 1 1 1 1 1 1 1 1 1 1 Area patrols 5 5 5 5 5 5 5 5 4 4 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 2 1 1 1 1 - - - Truck 1 1 1 1 1 1 1 1 1 1 Squad 1 1 2 1 1 1 1 1 1 1 Ambulances 2 2 2 2 2 3 3 3 3 3 Incident command vehicle 1 1 1 1 1 1 1 1 1 1 Reserve apparatus 4 4 4 4 4 3 3 2 2 2 Staff and support vehicles 3 3 3 3 4 3 3 6 6 6 PUBLIC WORKS Arterial streets (miles)9 9 9 9 9 9 9 24 24 24 Residential streets (miles)49 49 49 49 49 49 49 56 56 56 Streetlights 565 565 565 565 565 565 565 666 666 666 Traffic intersections 11 11 11 11 11 11 11 11 11 11 WATER Water mains (miles)105 105 105 105 105 105 105 111 88 88 Fire hydrants 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,566 1,119 1,119 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 - 144 -