HomeMy WebLinkAboutACFR (Year Ended December 31, 2025)VILLAGE OF OAK BROOK
ILLINOIS
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED DECEMBER 31, 2025
VILLAGE OF OAK BROOK, ILLINOIS
ANNUAL COMPREHENSIVE
FINANCIAL REPORT
For the Year Ended
December 31, 2025
Prepared by Finance Department
Marilyn Fumero, CPA
Finance Director
VILLAGE OF OAK BROOK, ILLINOIS
TABLE OF CONTENTS
Page(s)
INTRODUCTORY SECTION
Principal Officials ............................................................................................................. i
Organization Chart ............................................................................................................ ii
Certificate of Achievement for Excellence in Financial Reporting .................................. iii
Letter of Transmittal ......................................................................................................... iv-x
FINANCIAL SECTION
INDEPENDENT AUDITOR’S REPORT ........................................................................ 1-4
GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS
Management’s Discussion and Analysis ..................................................................MD&A 1-19
Basic Financial Statements
Government-Wide Financial Statements
Statement of Net Position ................................................................................... 5-6
Statement of Activities ....................................................................................... 7-8
Fund Financial Statements
Governmental Funds
Balance Sheet ................................................................................................. 9
Reconciliation of Fund Balances of Governmental Funds to
the Governmental Activities in the Statement of Net Position .................... 10
Statement of Revenues, Expenditures, and Changes in Fund Balances ........ 11
Reconciliation of the Governmental Funds Statement of Revenues,
Expenditures, and Changes in Fund Balances to the Governmental
Activities in the Statement of Activities ...................................................... 12
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 .............................................................................. 13-14
Statement of Revenues, Expenses, and Changes in Net Position .................. 15
Statement of Cash Flows ............................................................................... 16-17
Fiduciary Funds
Statement of Fiduciary Net Position ................................................................. 18
Statement of Changes in Fiduciary Net Position ............................................. 19
Notes to Financial Statements ................................................................................. 20-67
Required Supplementary Information
Schedule of Revenues, Expenditures, and Changes
in Fund Balance - Budget and Actual
General Fund ...................................................................................................... 68
Schedule of Employer Contributions
Illinois Municipal Retirement Fund ................................................................... 69
Police Pension Fund ........................................................................................... 70
Firefighters’ Pension Fund ................................................................................. 71
Schedule of Changes in the Employer’s Net Pension Liability
and Related Ratios
Illinois Municipal Retirement Fund ................................................................... 72-73
Police Pension Fund ........................................................................................... 74-75
Firefighters’ Pension Fund ................................................................................. 76-77
Schedule of Changes in the Employer’s Total OPEB Liability
and Related Ratios
Other Postemployment Benefits Plan ................................................................. 78
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 ........................................................................................... 79
Firefighters’ Pension Fund ................................................................................. 80
Notes to Required Supplementary Information ...................................................... 81-82
COMBINING AND INDIVIDUAL FUND FINANCIAL
STATEMENTS AND SCHEDULES
MAJOR GOVERNMENTAL FUNDS
General Fund
Schedule of Revenues - Budget and Actual ....................................................... 83
Schedule of Expenditures - Budget and Actual .................................................. 84-90
Infrastructure Fund
Schedule of Revenues, Expenditures, and Changes
in Fund Balance - Budget and Actual ............................................................... 91-92
NONMAJOR GOVERNMENTAL FUNDS
Combining Balance Sheet ....................................................................................... 93
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances .............................................................................. 94
Schedule of Revenues, Expenditures, and Changes
in Fund Balance - Budget and Actual
Motor Fuel Tax Fund .......................................................................................... 95
Hotel/Motel Tax Fund ........................................................................................ 96
MAJOR ENTERPRISE FUNDS
Waterworks System Fund
Schedule of Revenues, Expenses, and Changes in Net Position -
Budget and Actual ............................................................................................ 97
Schedule of Detailed Expenses - Budget and Actual - Budgetary Basis ........... 98
Sports Core Fund
Schedule of Revenues, Expenses, and Changes in Net Position -
Budget and Actual ............................................................................................ 99
Schedule of Detailed Revenues - Budget and Actual ......................................... 100
Schedule of Detailed Expenses - Budget and Actual - Budgetary Basis ........... 101-103
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 ..................................................................... 104
Combining Statement of Revenues, Expenses, and
Changes in Net Position ........................................................................................ 105
Combining Statement of Cash Flows ...................................................................... 106-107
Schedule of Revenues, Expenses, and Changes in Net Position -
Budget and Actual - Budgetary Basis
Insurance Fund ................................................................................................... 108
Garage Fund ....................................................................................................... 109
Capital Replacement Fund ................................................................................. 110
FIDUCIARY FUNDS
PENSION TRUST FUNDS
Combining Statement of Net Position ................................................................ 111
Combining Statement of Changes in Plan Net Position ..................................... 112
STATISTICAL SECTION
Financial Trends
Net Position by Component ......................................................................................... 113-114
Change in Net Position ................................................................................................. 115-118
Fund Balances of Governmental Funds ....................................................................... 119-120
Changes in Fund Balances of Governmental Funds .................................................... 121-122
Revenue Capacity
Assessed Value and Actual Value of Taxable Property .............................................. 123
Direct and Overlapping Governments ......................................................................... 124
Principal Sales Taxpayers ............................................................................................. 125
Direct and Overlapping Sales Tax Rates ..................................................................... 126
Retail Sales Volume - Top 25 Illinois Communities ................................................... 127
Sales Tax Receipts - Cash Basis ................................................................................... 128
State Sales Tax Receipts by Month - Cash Basis ......................................................... 129
Non-Home Rule Sales Tax Receipts by Month - Cash Basis ...................................... 130
Sales Tax by Category .................................................................................................. 131
Non-Home Rule Sales Tax by Category ...................................................................... 132
VILLAGE OF OAK BROOK, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
STATISTICAL SECTION (Continued)
Debt Capacity
Ratios of Outstanding Debt by Type ............................................................................ 133
Direct and Overlapping Governmental Activities Debt ............................................... 134
Legal Debt Margin Information ................................................................................... 135
Demographic and Economic Information
Demographic and Economic Information .................................................................... 136
Principal Employers ..................................................................................................... 137
Operating Information
Full-Time Equivalent Employees................................................................................. 138-141
Operating Indicators by Function ................................................................................. 142
Capital Asset Statistics by Function ............................................................................. 143
INTRODUCTORY SECTION
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VILLAGE ELECTED OFFICIALS
As of December 31, 2025
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
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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, 2024
Executive Director/CEO
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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 4, 2026
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, 2025.
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. For
further information on the budget process and the legal level of budgetary
control, refer to the notes to required supplementary information on page 81.
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.
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The independent audit involved exammmg, on a test basis, evidence supporting the
amounts and disclosures in the financial statements; assessing accounting principles used
and significant estimates made by management; and the evaluation of the overall financial
statement presentation. Based upon the audit for the year ending December 31, 2025, 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 (1-294), 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 (1-88), 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 ofTreeHouse Foods, Hub Group, Portillo's,
Chamberlain, CNH, 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 41,951 private sector jobs (2025,
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IDES, Where Workers Work); of these, 16.9% are in the Management of Companies and
Enterprises field, 16. 7% are in the Health Care and Social Assistance field, and 13 .6% 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.
Oak Brook's estimated new construction value in 2025 was $199 million. Large
development projects have come online in 2025, including Sasser Family Companies,
Unite Here Health, Purple Pig, and Uniqlo. The Village issued a total of 909 building
permits in 2025, with permit revenue of $3.7 million. Overall, development has been
strong in the past few years and is expected to remain strong through 2026.
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 $5.9 million, or
22.3%, 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.
New Commercial Development
Oakbrook Center
Oakbrook Center continues to see strong tenant turnover and modernization, with a mix of
new openings, near complete buildouts, and ongoing inspections. Recent activity includes
several high profile retail and dining openings (Canada Goose, Skims, Ichidoo Ramen,
Purple Pig nearing completion) along with multiple renovations and HV AC/elevator
upgrades. Most projects are either complete or approaching the final stages of inspection
in 2025.
Commercial & Office Properties
Commercial corridors along Spring Road, 22nd Street, York Road, Butterfield Road, and
Commerce Drive show steady leasing and renovation activity. Numerous office interiors
have been completed ( e.g., CD Peacock, Medix, Marriott Oak Brook, USI Insurance,
United Here Health), while others are in inspection phases or nearing completion. Several
new tenants-such as Kids Urgent Care, Bank of America, and Comcast Advertising-are
progressing toward occupancy. A few significant permits, including Costco's demolition
work and Case New Holland's project, have recently been issued. Large ongoing projects
also include Butler National Golf Club's expansion and multiple corporate renovations at
700 Commerce Drive.
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Proiects Under Construction and/or New Commercial Tenants
Oakbrook Center -These are the ongoing improvements/projects at Oakbrook
Center.
o 433 OBC -Casper, near completion.
o 921 OBC -Parking Deck, near completion.
o 218 OBC -Canada Goose-opened in December.
o 431 OBC -Garage (clothing store) -opened in December.
o 634 OBC -Skims -opened in October.
o 15 OBC -Purple Pig-near completion.
o 224 OBC -Tag Heuer-near completion.
o 701 OBC -Blue Bottle Coffee -permit issued.
o 642 OBC -Uniqlo Clothing-inspection ongoing.
o 429 OBC -Travis Matthew-near completion.
o OBC-HVAC -near completion.
o 172 OBC -J. Crew, remodel, opened in June.
o 533 OBC -lchidoo Ramen -Opened in July.
o 65 OBC -New Balance -retail space renovation, complete.
o 158 OBC -Tory Burch, renovation -complete.
o 168 OBC -Tecovas -remodel-complete.
o 1 OBC -Oakbrook Center, elevator renovations, complete.
o 6 OBC -Nieman Marcus, minor remodel, inspections ongoing.
o 98 OBC -Anine Bing, renovation, complete.
o 448 OBC -Pop Mart -space renovation, complete.
o 10 OBC -Nordstrom (HVAC), inspections ongoing.
o 20 OBC-BYLT Premium Basics space renovation, opened in February.
Commercial/Office Sites -New Tenants/Renovations
o 2021 Spring Road -National Investment -occupancy issued.
o 1111 22nd Street -Hanwha -opened in December.
o 1180 Harger Road -Kids Urgent Care -New Commercial -inspections ongoing.
o 1211 22nd Street -CD Peacock, office space -completed.
o 122 22nd Street -TW Chicago -near completion.
o 1225 22nd Street -Saatva Mattress, interior renovations, opened in September.
o 1225 22nd Street -STK, steak house-opened in December.
o 1300 Kensington Road -Windfall Oakbrook LLC -inspections ongoing.
o 1301 22nd Street -Henricksen -inspections ongoing.
o 1301 22nd Street -Medix, complete.
o 1401 22nd Street -Marriott Oak Brook-complete.
o 1515 22nd Street -Equitable Advisors, near completion.
o 1900 Spring Road -USLI (insurance) -completed in December.
o 1902 22nd Street -Costco, Demo office and garage -permit issued.
o 1919 Midwest -Next Level Retina - complete.
o 2001 Spring Road -ASC Engineered Solutions, renovations, permit issued.
o 2001 Spring Road -Inspira Financial, complete.
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o 2001 Spring Road-USI Insurance Services, renovations, complete.
o 2001 York Road -Ashley Capital LLC, alterations -completed.
o 2001 York Road -Comcast Advertising -inspections ongoing.
o 2015 Spring Road -Bank of America -inspections ongoing.
o 2015 Spring Road -Legat Architects -renovations, complete.
o 2100 Swift Drive -Design Pac -inspections ongoing.
o 2119 Clearwater Drive -Smile Partners, interior renovations, inspections ongoing.
o 2215 York Road -H& W Ingredients, alterations -inspections ongoing.
o 2616 York Road -Butler National Golf Club -Expansion of maintenance facilities -
near completion.
o 2715 Jorie Blvd -United Here Health, interior renovations -completed in October.
o 300 22nd Street -Lions Club (roof), inspections ongoing.
o 3011 Butterfield Road -Fat Rosies, complete.
o 3021 Butterfield Road -Promenade Parking Lot -near completion.
o 700 Commerce Drive -Northwestern Mutual -renovations -completed in November.
o 700 Commerce Drive -Rothchild Wealth Partners -inspections ongoing.
o 700 Commerce Drive -Sasser Family Co (transportation) -inspections ongoing.
o 700 Commerce Drive -WorldPac -inspections ongoing.
o 711 Jorie Blvd -Case New Holland -permit issued.
o 800 Commerce Drive -IMRF, interior renovations -near completion.
Long-term Financial Planning
The Village uses a number of processes to accomplish financial planning which are
outlined as follows:
Goals and Objectives -this is an annual process in which the Village Board and staff
express specific objectives to be accomplished. Typically, objectives relate to a specific
task or project or to a change in methods or operations designed to achieve the stated
objective.
Roadway Maintenance Plan -this plan is based on the Village's pavement management
database and on a visual inspection of every public street segment in the Village. The Plan,
which is updated annually, includes a long-range schedule of roadway maintenance
activities as well as cost projections over the next ten-year period in order to plan for the
orderly maintenance of the Village's roadway system.
Five-Year Financial Plan -this document is prepared annually in order to provide the
Village Board and the community with a five-year projection of the financial condition of
each of the twelve funds that comprise the Village's financial structure. This document is
not as precise as the annual budget, but it does project both revenues and expenditures for
each of the next five years that can assist in identifying positive and negative trends.
Annual Budget -using the information gathered through the goals and objectives process,
roadway maintenance plan, and five-year financial plan, the annual line item budget is
prepared. The budget is structured according to cost centers ( called "programs") and sets
the spending plan for the coming year.
- viii -
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 remains a top priority for the
Village.
In 2025, the Village completed several projects, including Woodside/Forest Glen
watermain upgrades, mixing system installations for Water Reservoirs A & B, expansion
of the golf course parking lot, completion of a 0.5-mile segment of the shared-use/bike
pathway, and an Arc Flash Analysis.
Work that began in 2025 and continued into 2026 includes the Route 83/I-88 water main
improvements and HY AC upgrades at the Heritage Center.
The 2026 budget funds several major capital projects, such as the Ginger Creek watermain
replacement, design for water system disinfection modernization, Woodside/Forest Glen
street improvements, a bulk-fill water station, and Sports Core stormwater improvements.
For a complete list of planned projects, see the 2026-2030 Five-Year Plan at:
https://village-oak-brook-il-budget-book.cleargov.com
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, 2024.
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 47 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.
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In addition, the Village of Oak Brook received the GFOA's Distinguished Budget
Presentation Award for its annual budget for the 2025 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 thirteenth 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
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FINANCIAL SECTION
1415 West Diehl Road, Suite 400
Naperville, IL 60563
+1 (630) 566-8400
sikich.com
Certified Public Accountants & Advisors
Members of American Institute of Certified Public Accountants
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, 2025, 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, 2025, 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 (GAAS). 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.
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.
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In preparing the financial statements, management is required to evaluate whether there are
conditions or events, considered in the aggregate, that raise substantial doubt about the Village ’s
ability to continue as a going concern for 12 months beyond the financial statement date, including
any currently known information that may raise substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to 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 GAAS will always
detect a material misstatement when it exists. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of 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 GAAS, 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.
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.
- 2 -
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 GAAS, 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 GAAS. 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 GAAS, the Village of Oak Brook, Illinois’
basic financial statements for the year ended December 31, 2024, 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 December 31, 2024, 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 2024 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 GAAS.
- 3 -
In our opinion, the 2024 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.
Naperville, Illinois
June 4, 2026
- 4 -
GENERAL PURPOSE EXTERNAL
FINANCIAL STATEMENTS
(See independent auditors’ report)
- MD&A 1 -
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
December 31, 2025
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, 2025. 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 5).
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, 2025, the Village’s total (combined governmental and
business-type) assets and deferred outflows of resources exceeded liabilities and deferred
inflows of resources by $186.1 million (referred to as net position), representing an overall
positive financial position.
• The Village’s total net position experienced an increase of $16.8 million. 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 $106.1 million, reflecting an
increase of $12.4 million. The unrestricted net position is an $8.0 million deficit, which
represents a decrease from the prior year’s $11.1 million deficit. This reduction 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.
• The business-type activities reported a total net position of $80.0 million, reflecting an
increase of $4.5 million, or 5.9%, from the previous year. The unrestricted net position is
$27.1 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.
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
- MD&A 2 -
• As of December 31, 2025, the Village’s combined unrestricted net position for both
governmental and business-type activities was $19.2 million, reflecting an increase of $0.3
million compared to the previous year.
• Total revenues increased by $7.6 million, or 12.4%, compared to the previous year. This
overall increase is primarily due to a $7.3 million, or 17.2%, increase in governmental
activities revenues from 2024. A principal contributor to that gain was stronger sales tax
receipts in Oak Brook—reflecting higher consumer spending across the community. Likely
drivers include increased retail and dining activity, greater taxable sales from local
businesses, and possibly stronger seasonal or regional tourism and events that boost point-
of-sale collections. The uptick in sales tax provided meaningful support to the general fund
and other governmental programs, helping to offset pressures in other revenue sources.
Revenue from business-type activities increased by $0.2 million, or 1.1%, a modest
increase largely reflecting the winding down of grant receipts as ARPA funds were
expended in 2024 on water-main improvement.
• Total expenses increased $2.2 million, or 4.5% year over year. Governmental activities
expenses rose modestly by $0.4 million, or 1.1%. That limited increase reflects
management’s strict oversight and spending discipline, which contained most operating
growth; however, the Village’s commitment to accelerate the reduction of the Police and
Fire pension liabilities required higher pension contributions ($2.0 million for each pension
fund), which added to personnel-related costs. Expenses for business-type activities grew
$1.8 million, or 14.6%, a larger percentage increase driven primarily by continued capital
and operating investments in water-main infrastructure and related system improvements.
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 5-8) 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 five 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 three governmental funds are combined into a single, aggregate presentation.
Individual fund data for each of these non-major governmental funds is provided in the form of
combining statements elsewhere in this report.
The Village adopts an annual budget for each of its governmental funds, except for the Foreign
Fire Insurance fund. A budgetary comparison statement has been provided elsewhere in this report
to demonstrate compliance with the budget. The basic governmental fund financial statements can
be found on pages 9 through 12 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 13 through 17 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 18 and 19 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 20 through 67 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 68 through 82 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 83 through 112 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, 2024.
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 2025 and 2024.
Cash and investments, included in the current and other assets line, increased $5.9 million, or 6.0%
compared to the prior year. Total cash and investments were $103.8 million on December 31,
2025, with $76.7 million in Governmental Activities and $27.1 million in Business-Type
Activities.
The net investment in capital assets is the largest portion of net position. This represents capital
assets (land, buildings, improvements, equipment, infrastructure, and construction in progress),
net of accumulated depreciation, and the outstanding related debt used to acquire the assets. The
Village uses these capital assets to provide services to its citizens and these assets are not available
for future spending. For more detailed information, see the Statement of Net Position on pages 5
through 6.
2025 2024 2025 2024 2025 2024
Assets
Current and Other Assets 92.6$ 81.7$ 29.8$ 32.6$ 122.4$ 114.3$
Capital Assets 83.1 82.5 53.2 46.3 136.4 128.8
Total Assets 175.7$ 164.2$ 83.1$ 78.9$ 258.7$ 243.1$
Deferred Outflows of Resources 9.2$ 12.1$ 0.7$ 1.0$ 9.9$ 13.1$
Liabilities
Long-Term Liabilities 62.4$ 71.7$ 1.5$ 1.4$ 63.9$ 73.1$
Other Liabilities 4.5 4.8 0.9 1.3 5.4 6.1
Total Liabilities 66.9$ 76.6$ 2.4$ 2.7$ 69.3$ 79.2$
Deferred Inflows of Resources 11.9$ 6.0$ 1.4$ 1.7$ 13.2$ 7.7$
NET POSITION
Net Investment in Capital Assets 76.6$ 75.6$ 52.8$ 45.5$ 129.4$ 121.1$
Restricted 37.5 29.3 - - 37.5 29.3
Unrestricted (8.0) (11.1) 27.1 30.0 19.2 18.9
Total Net Position 106.1$ 93.7$ 80.0$ 75.5$ 186.1$ 169.2$
Table 1
Statement of Net Position Summary
As of December 31, 2025 and 2024
(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 2025 and 2024:
2025 2024 2025 2024 2025 2024
Revenues
Program Revenues
Charges for Services 5.8$ 5.4$ 17.2$ 15.8$ 23.0$ 21.2$
Grants and Contributions 1.0 0.6 0.0 1.1 1.0 1.7
General Revenues
Sales and Local Use Taxes 32.4 26.5 - - 32.4 26.5
Utility Taxes 3.2 3.1 - - 3.2 3.1
Hotel Motel Taxes 1.7 1.6 - - 1.7 1.6
Other Taxes 2.0 2.5 - - 2.0 2.5
Investment Income 3.3 3.0 1.3 1.4 4.7 4.4
Miscellaneous 0.6 0.0 - - 0.6 0.0
Total Revenues 50.1$ 42.7$ 18.5$ 18.3$ 68.6$ 61.0$
Expenses
General Government 5.1$ 6.4$ -$ -$ 5.1$ 6.4$
Public Safety 23.2 24.0 - - 23.2 24.0
Public Works 6.3 5.5 - - 6.3 5.5
Culture and Recreation 3.0 1.4 - - 3.0 1.4
Waterworks System - - 9.3 8.5 9.3 8.5
Sports Core - - 4.8 3.8 4.8 3.8
Interest and Fiscal Charges 0.0 0.0 - - 0.0 0.0
Total Expenses 37.7$ 37.3$ 14.0$ 12.3$ 51.7$ 49.5$
Change in Net Position 12.4$ 5.5$ 4.5$ 6.0$ 16.9$ 11.5$
Net Position - Beginning of Year 93.7$ 88.6$ 75.5$ 69.5$ 169.2$ 158.1$
Change in Accounting Principle - (0.3) - (0.0) - (0.4)
Net Position - End of Year 106.1$ 93.7$ 80.0$ 75.5$ 186.1$ 169.2$
Activities Activities Government
Table 2
Statement of Activities Summary
As of December 31, 2025 and 2024
(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 increased by $7.6 million, or 12.4%, compared to the
previous year. The increase in 2025 revenues is mainly attributed to higher sales tax collections—
driven by increased consumer spending, stronger retail and dining activity, new or expanded
commercial operations, and improved tax compliance and stronger investment interest returns
from higher market yields, active portfolio management, and larger average cash balances.
Total expenses rose by $2.2 million, or 4.5%, compared to the previous year. This increase is
mainly due to additional pension contributions and infrastructure investments. For the year ending
December 31, 2025, the Village reported a pension expense of $8.1 million. Additionally, in 2025,
the Village Board approved a supplemental contribution of $4.0 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, 2025, revenues from Governmental Activities totaled
$50.1 million, reflecting an increase of $7.4 million compared to 2024. The Village’s largest
revenue source, sales and use taxes, amounted to $32.4 million, representing 64.8% of total
Governmental Activities revenue. This category experienced an increase of $5.9 million, or 22.3%,
over 2024. Utility taxes, which include taxes on electric, natural gas, and telecommunications
services, totaled $3.2 million and comprised 6.3% of total revenue. These utility tax revenues
increased by $0.1 million, or 1.5%, from the previous year, although growth was tempered by
lower overall utility usage. Telecommunications tax collections continue to decline as the
community shifts away from traditional landlines toward cellular and VoIP services, reducing the
taxable base and warranting ongoing monitoring of long-term revenue impacts.
The “other taxes” category includes several revenue sources such as income taxes, personal
property replacement taxes, and motor fuel taxes. In 2025, these revenues amounted to $2.0
million, accounting for 7.5% of total Governmental Activities revenue. Hotel/Motel Taxes
experienced an increase of $0.1 million, or 6.3%, compared to 2024. This modest growth is driven
by consistently strong hotel occupancy rates, which have remained between 45% and 85%
capacity.
The “charges for services” category, which encompasses building and development permits,
business and professional licenses, inspection and inspection-related fees, recreation program fees,
service charges for administrative functions, and other miscellaneous user fees, totaled $5.8
million in 2025 (11.6% of Governmental Activities revenue). The combined Governmental and
Enterprise charges for services increased $1.8 million, or 8.4% increase from 2024, reflects
stronger development and construction activity driving higher building-permit and inspection
revenues, expanded or higher-priced recreation and program offerings, fee schedule adjustments
to better align charges with service costs, improved fee collection and permitting throughout, and
one-time or timing-related receipts tied to large projects or special events. Together, these factors
increased the predictability and yield of service-based revenues and helped support program
delivery without relying solely on tax receipts.
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
- MD&A 9 -
Expenses by Function – Governmental Activities
Expenses for Governmental Activities in 2025 amounted to $37.7 million, representing an increase
of $0.4 million, or 1.1%, compared to 2024. A detailed review of expenses by function reveals the
following trends:
• General Government: Expenses totaled $5.1 million in 2025, reflecting a decrease of $1.3
million, or 19.9%, over the previous year. The primary driver was the Village’s move from
a self‑insured employee health benefits program to a fully insured plan, which lowered
claim exposure, reduced administrative and stop‑loss costs, and stabilized premium
budgeting. Additional contributors to the decrease included targeted cost‑control
measures—such as renegotiated vendor and service contracts, reduced travel and training
expenses, and timing shifts of nonrecurring expenditures—that together trimmed operating
costs. These actions improved near‑term budgetary flexibility and reduced volatility in
personnel benefit spending, while ongoing monitoring will assess longer‑term premium
trends and service impacts.
• Public Safety: Expenditures totaled $23.2 million in 2025, a decrease of $0.8 million, or
3.4% from 2024. The reduction largely reflects substantial investments in technology—
such as unmanned drone, automated reporting, body‑worn cameras, and
scheduling/analytics tools—that improved operational efficiency, reduced administrative
burdens, and lowered overtime by enabling better coverage and faster incident processing.
Those savings allowed the Village to sustain and augment pension funding: full actuarial
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
- MD&A 10 -
contributions were made to both Police and Fire pension funds, plus supplemental
payments of $2.0 million to each fund. Together, the technology-driven cost savings and
the enhanced pension contributions eased near‑term personnel cost pressures, strengthened
long‑term fiscal sustainability for public safety retirement obligations, and supported
workforce stability and morale.
• Public Works: Expenses totaled $6.3 million in 2025, up $0.8 million, or 14.5% from
2024. The increase reflects stepped-up investments in infrastructure—including pavement,
stormwater, and street projects—funded in part by savings realized from reassessing and
renegotiating outsourcing contracts. By bringing more work in‑house, the department
reduced contractor costs and gained greater scheduling control, enabling faster project
completion and lower overall lifecycle costs. Additional factors include targeted equipment
purchases and maintenance to support internal project delivery, temporary higher materials
and supply usage tied to concentrated capital work, and investments in staff training and
seasonal labor to sustain the insourcing strategy. These actions improved cost efficiency
while advancing critical infrastructure needs and reducing future outsourcing reliance.
• Culture and Recreation: Expenses totaled $3.0 million in 2025, up $1.6 million (114.3%)
from 2024. The substantial increase reflects focused investments in Hotel‑Motel marketing
and related initiatives to elevate the visitor experience and drive occupancy and local
economic activity. Actions included expanded destination marketing campaigns (digital
advertising, social media, search, and targeted promotions), strengthened partnerships with
local hotels, restaurants, and event venues, sponsorships and co‑marketing for regional
events and conferences, and enhanced visitor services. The Village also invested in
upgraded promotional materials, website enhancements, and analytics/market‑research
tools to better target audiences and measure return on investment. These investments are
intended to boost overnight stays, increase tourism‑related sales tax and hospitality
revenue, support local businesses, and position the Village as a more competitive
destination, with performance tracked through occupancy, revenue p er available room
(RevPAR), event attendance, and related tax and fee metrics.
Overall, the Village has implemented a range of strategic cost‑saving initiatives and efficiency
measures—such as renegotiating vendor contracts, reassessing outsourcing arrangements and
insourcing select services, tightening hiring and overtime controls, moving to fully insured benefit
plans, and improving procurement and fleet management—that have reduced recurring costs and
volatility. At the same time, the Village prioritized resource optimization by reallocating savings
toward targeted capital and operational investments, including water‑main and roadway projects,
public safety technology upgrades, and library enhancements. These actions preserved core service
levels while strengthening long‑term fiscal resilience: they lowered operating pressures, enabled
supplemental pension contributions, accelerated critical infrastructure work, and improved public
safety responsiveness and customer experience for residents, visitors, and businesses. Ongoing
performance monitoring, updated budget forecasting, and periodic program reviews will continue
to ensure savings persist and that reinvestments deliver measurable community benefits.
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
- MD&A 11 -
Business-Type Activities
The net position of business-type activities experienced an increase of $4.5 million, reflecting
overall financial growth in these areas. Revenue from the waterworks system reached $11.6
million in 2025, representing a $0.7 million, or 6.3%, 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.
Revenues from the Sports Core program totaled $5.6 million, rising $0.7 million , or 13.3% from
2024. The increase reflects targeted facility and program enhancements completed in 2025,
including a newly redesigned, automated driving range, course and turf improvements, upgraded
clubhouse amenities, and expanded pool operations and programming—which together improved
the member and guest experience. Complementary actions such as refined pricing and membership
packages, enhanced marketing and customer service, expanded lessons, leagues and tournaments,
and retail sales also contributed to higher utilization, greater repeat visits, and stronger membership
enrollment, producing the observed revenue gain.
In terms of expenses, Waterworks: Expenses totaled $9.3 million in 2025, up $0.8 million, or
9.59% from 2024. The increase primarily reflects continued capital and maintenance investments
to replace and rehabilitate aging mains and related infrastructure, higher procurement and
contractor costs for construction materials and specialized services, increased energy and chemical
costs for treatment and pumping, and elevated water supply and wholesale purchase expenses.
These outlays were necessary to preserve system reliability, meet regulatory and quality standards,
and reduce long‑term service disruption risks.
Sports Core: Expenses rose $1.0 million, or 26.9%, to $4.8 million in 2025. The jump is tied to
capital and operating investments supporting enhancements to the golf course and pool facilities—
including the newly redesigned automated driving range, greens and turf upgrades, new pool
furniture, and added pool features such as a rock‑climbing wall and inflatables. Higher costs
included increased maintenance and turf care, additional seasonal and program staffing, greater
utility and insurance expenses, elevated equipment purchases and depreciation, and expanded
programming and event support needed to operate and promote the upgraded amenities.
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
- MD&A 12 -
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, 2025, the governmental
funds (as presented on the balance sheet on page 9) had a combined fund balance of $83.1 million,
which is an increase of $10.9 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 rose $2.7 million in 2025 to $45.6 million, driven by a $4.0 million
increase in revenues and a $1.3 million reduction in expenditures versus 2024. Actual revenues
exceeded the original budget by $5.1 million, while expenditures were $2.7 million higher than
budgeted—largely reflecting management’s recommendation and Board approval of an additional
$4.0 million contribution to the Police and Fire pension funds. The revenue outperformance
(stronger sales tax and investment returns, among other favorable variances) more than offset the
higher pension-related and other approved spending, producing the net fund balance gain. As a
result, reserve levels and short-term liquidity were strengthened, providing greater capacity for
near-term capital needs, targeted investments, and continued pension liability reductions; ongoing
monitoring and updated forecasts will be necessary to ensure sustainability as pension
commitments and capital demands continue.
Program
Program Revenues Expenses
Waterworks Sytem 11,583,554$ 9,256,041$
Sports Core 5,589,467 4,785,779
Total 17,173,021$ 14,041,820$
Revenues and Expenses - Business-Type Activites
For the Fiscal Year Ended December 31, 2025
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
- MD&A 13 -
Table 3 below details the General Fund major revenue and expenditure line items compared to
original and amended budget.
The Village’s General Fund intergovernmental revenues outperformed budget, reflecting both
favorable economic activity and prudent budgeting practices. Because the Village relies on elastic
revenue sources, it budgets conservatively to avoid overstating recurring receipts. Temporary
inflation can lift sales tax collections in the short term, but sustained high inflation typically
suppresses consumer and business spending and ultimately weakens receipts. In 2025, sales tax
revenues exceeded budget by $5.3 million, driven by stronger retail and dining activity, higher
transaction volumes, and improved point-of-sale collections. Offsetting that surplus, utility taxes
underperformed by $0.6 million amid a broader decline in consumption, particularly in
telecommunications as residents migrate from landlines to mobile and VoIP services. Licenses and
permits modestly outpaced budget by $0.2 million, consistent with ongoing local development and
increased permitting activity. Charges for services fell short by $0.4 million, primarily because of
elevated ambulance account write‑offs and timing or collection issues that reduced net billings.
Overall, the mix of variances underscores the importance of conservative revenue assumptions,
continued monitoring of elastic revenue drivers (sales tax and utilities), proactive collection and
billing practices for service fees, and periodic reassessment of budget assumptions to maintain
fiscal stability.
Original Amended
Budget Budget Actual
Revenues
Intergovernmental 19,271,120$ 24,605,773$ 24,515,731$
Utility Taxes 3,750,000 3,159,983 3,159,983
Licenses & Permits 2,747,560 2,898,635 2,898,635
Charges for Services 3,188,734 2,779,566 2,777,898
Other 1,522,037 2,212,670 2,264,116
Total Revenues 30,479,451$ 35,656,627$ 35,616,363$
Expenditures
General Government 4,988,438$ 4,949,962$ 4,842,313$
Public Safety 21,060,721 23,591,966 23,591,966
Public Works 3,079,627 3,154,272 3,256,626
Culture and Recreation 1,271,866 1,258,042 1,258,041
Debt Service - - 151,786
Total Expenditures 30,400,652$ 32,954,242$ 33,100,732$
Other Financing Sources (Uses)-$ -$ 155,343$
Change in Fund Balance 78,799$ 2,702,385$ 2,670,974$
Table 3
General Fund Budgetary Highlights
For the Fiscal Year Ended December 31, 2025
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
- MD&A 14 -
The General Fund’s expenditures are conservatively managed, with actual spending in 2025
exceeding the original budget by nearly $2.7 million. The main reason for this increase is the $4.0
million additional contribution to the Police and Fire pension funds.
The Infrastructure Fund balance rose $7.4 million from 2024 to 2025, reaching $28.7 million,
driven primarily by stronger collections of non‑home rule sales tax. Those incremental revenues
provide flexible, pay‑as‑you‑go capacity that the Village can use to assess, plan, and invest in core
infrastructure needs such as roadway reconstruction, stormwater improvements, ADA upgrades,
and municipal facility repairs without immediate reliance on debt.
Because the Fund is structured to accumulate resources for large, episodic projects, its balance
naturally fluctuates with project timing: years with revenue buildup and project planning show
rising reserves, while years with major construction or capital purchases show sizeable declines.
The recent increase therefore improves cashflow positioning and gives the Village greater ability
to match grants, accelerate priority work, fund emergency repairs, and smooth capital program
delivery. Management continues to monitor revenue trends (notably the volatility of
sales‑tax‑based receipts), maintain appropriate reserve targets, prioritize projects through
asset‑management practices, and coordinate timing to limit year‑to‑year budgetary shocks while
maximizing value from the Fund.
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
- MD&A 15 -
Capital Assets
The following table reflects the Village’s capital asset balances as of December 31, 2025, and
2024.
At the end of 2025, the Village’s net capital assets, which represents the book value of
infrastructure, buildings, land, equipment, and vehicles net of accumulated depreciation totaled
$136.4 million. This figure reflects an overall increase of $7.5 million from 2024, indicating
ongoing investments in capital infrastructure and assets critical to community services and
operational efficiency. Additional details regarding the calculation and composition of capital
assets can be found in Note 5 of the Notes to the Financial Statements.
2025 2024 2025 2024 2025 2024
Land and Land Right of Way 33.8$ 33.2$ 8.3$ 8.3$ 42.1$ 41.5$
Construction in Progress 0.2 0.1 8.0 0.7 8.1 0.8
Buildings and Land Improvements 28.3 27.7 13.7 12.7 42.0 40.4
Machinery, Vehicles, and Equipment 6.9 6.9 9.1 8.5 16.0 15.4
Infrastructure 61.9 59.8 42.8 42.8 104.7 102.6
Internal Service Fund Vehicles 5.6 5.6 - - 5.6 5.6
Lease Assets
Equipment 2.2 2.2 - - 2.2 2.2
Vehicles 2.2 1.8 - - 2.2 1.8
Subscription Assets 0.8 0.4 0.3 0.1 1.1 0.5
Total 141.9$ 137.7$ 82.2$ 73.1$ 224.1$ 210.8$
Less Accumulated
Depreciation/Amortization (58.8)$ (55.2)$ (29.0)$ (26.8)$ (87.7)$ (82.0)$
Total (58.8)$ (55.2)$ (29.0)$ (26.8)$ 136.4$ (82.0)$
Total Capital Assets 83.1$ 82.5$ 53.2$ 46.3$ 136.4$ 128.8$
Activities Activities Government
Table 4
Capital Assets
As of December 31, 2025 and 2024
(in millions)
Governmental Business-Type Total Primary
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
- MD&A 16 -
Major capital asset activities during 2025 encompassed several significant projects across both
governmental and business-type activities:
• For Governmental Activities: efforts prioritized critical infrastructure and asset
preservation to maintain safety and service reliability. Key focus areas included road and
bridge rehabilitation (targeted resurfacing, full-depth repairs, culvert and drainage
upgrades), facility refurbishment and systems upgrades (HVAC, roofing, accessibility, and
security improvements to extend useful life and reduce operating costs). These investments
were selected based on condition assessments and asset‑management priorities to reduce
long‑term lifecycle costs, minimize service disruptions, and improve public safety. Projects
were phased to optimize cashflow and leverage grant opportunities where available, with
procurement and contract strategies aimed at cost control, schedule adherence, and quality
assurance. Ongoing maintenance plans and performance monitoring will guide future
capital needs and promote sustainability of the Village’s infrastructure.
• For Business‑Type Activities: capital spending focused on sustaining and enhancing
revenue‑generating and utility operations. Investments included Oak Brook Golf Course
improvements (redesigned driving range automation, turf and greens rehabilitation,
irrigation system upgrades, clubhouse and amenity enhancements) to boost playability,
customer experience, and non‑tax revenue; water‑main infrastructure work (main
replacements, valve and hydrant renewals, service line repairs, meter replacements, and
upgraded SCADA/pressure‑monitoring systems) to reduce leaks, improve water quality,
ensure regulatory compliance, and increase system resiliency; and targeted equipment and
vehicle replacements (pumps, motors, maintenance fleet, grounds machinery, and pool
systems) to lower operating costs, reduce downtime, and extend asset life. Collectively,
these projects improve service reliability, operational efficiency, and long‑term asset
performance while supporting revenue stability and customer satisfaction.
These substantial capital investments underscore the Village’s commitment to preserving and
enhancing core infrastructure, promoting community development, and sustaining high‑quality
public services for residents and visitors. By funding targeted project roads and bridges,
water‑main replacements, municipal facility and library upgrades, public safety technology, and
Sports Core improvements, the Village reduces long‑term maintenance costs, mitigates service
disruption risks, and improves public health, safety, and accessibility. Investments also support
economic vitality by making commercial areas more attractive to businesses and visitors, boosting
property values, and fostering recreational and cultural amenities that enhance quality of life.
Fiscal stewardship principles prioritizing projects through asset management, leveraging grants,
timing expenditures to smooth budgetary impacts, and preserving reserves help ensure these
improvements are delivered cost‑effectively and sustainably, while measurable performance
metrics and regular reviews will track outcomes and inform future capital planning.
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
- MD&A 17 -
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 $163,109,653 based on the January 1,
2025, EAV of $1,891,126,407. As of December 31, 2025, 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 launched a vehicle leasing program to modernize and stabilize its fleet across
administrative, public works, and public safety functions. By 2025, the leased fleet reached 40
vehicles, with 11 additional units added during the year; the Village also owns 24 vehicles outright.
Lease terms typically run three to five years, varying by vehicle type and departmental need, and
the program has provided predictable replacement cycles, lower up-front capital demands, and
simplified budgeting for fleet refreshes.
In 2024, the Village implemented a hybrid fleet strategy that blends leasing and purchasing based
on vehicle use profiles and total‑cost‑of‑ownership analysis; that same philosophy has continued
through 2025. Administrative vehicles—driven lower miles and subject to less severe duty
cycles—are being evaluated for purchase to capture long‑term cost savings, extended service life
beyond typical lease terms, and increased operational flexibility. In contrast, the Village continues
to lease public safety and heavy‑duty equipment, where high utilization, frequent idling,
accelerated wear, and lower resale values make leasing more cost‑effective and operationally
sensible.
Financial and operational considerations drive vehicle‑by‑vehicle decisions: analyses include
acquisition cost, depreciation, maintenance and repair trends, downtime impacts, fuel and lifecycle
operating costs, residual value projections, and budget cashflow effects. The hybrid approach
permits targeted investments purchasing where ownership lowers lifetime costs and leasing where
turnover and reliability needs favor shorter replacement cycles, rather than applying a
one‑size‑fits‑all policy.
2025 2024 2025 2024 2025 2024
Leases 2.2$ 2.4$ -$ -$ 2.2$ 2.4$
SBITAs 0.4 0.2 0.2 0.1 0.6 0.3
Installment Contract 3.0 3.4 - - 3.0 3.4
Total Long-Term Debt 5.7$ 6.0$ 0.2$ 0.1$ 5.9$ 6.1$
Activities Activities Government
Table 5
Long-Term Debt
As of December 31, 2025 and 2024
(in millions)
Governmental Business-Type Total Primary
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
- MD&A 18 -
From an accounting and governance perspective, the Village reports long‑term installment
contracts and subscription arrangements in accordance with GASB standards. A notable example
is the multi‑year contract with AXON for police body and dash cameras (including hardware,
software subscription, and maintenance). Where agreements include subscription‑based IT
components that meet GASB criteria, the Village recognizes subscription assets and corresponding
subscription liabilities (SBITA) and discloses terms, remaining commitments, and expense
recognition. These SBITA and other long‑term obligations are recorded on the debt schedule and
reflected in annual financial statement disclosures.
Overall, these financial and operational strategies illustrate the Village’s prudent stewardship by
aligning capital decisions with long‑term fiscal capacity and service needs. Through active debt
management (prioritizing pay‑as‑you‑go funding, pacing borrowing, and monitoring debt ratios),
targeted reserve policies, and adherence to GASB reporting, the Village preserves borrowing
capacity and transparency. Fleet decisions use total‑cost‑of‑ownership analyses, lifecycle and
residual‑value forecasting, and cash‑flow impact reviews to determine when purchasing yields
savings versus when leasing reduces operational risk for high‑use assets. Cost‑containment
measures, strategic reinvestment of savings into infrastructure and public safety technology, and
rigorous procurement and contract oversight help control recurring costs while maintaining service
reliability. Finally, regular performance monitoring, updated forecasts, and clear board approvals
ensure accountability, inform future capital planning, and support sustainable delivery of essential
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 2025, the Village’s unassigned General Fund balance increased from $43.0
million to $45.6 million, driven primarily by stronger-than-expected sales tax receipts and
disciplined expense management. Total 2025 revenues rose by $4.0 million versus 2024, while
expenditures declined by $1.3 million, producing the net fund balance gain. Key revenue drivers
included higher point-of-sale activity and improved investment income; expenditure savings
reflected targeted cost controls, benefits program adjustments, and operational efficiencies.
For 2026, the Village adopted a conservative yet service‑focused budget. Budgeted revenues are
$72.0 million, a 9.0% ($6.0 million) increase over the 2025 budget (excluding Pension Trust and
Foreign Fire Tax Funds), reflecting assumptions for continued sales tax strength, stable utility and
service fee collections, and modest investment income. Planned expenditures total $78.2 million,
a 13.3% ($9.2 million) increase over 2025 (excluding Pension Trust and Foreign Fire Tax Funds),
driven primarily by planned capital and infrastructure spending, and investments in public safety
and core services to support long‑term operational needs.
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
- MD&A 19 -
Even after these budgeted increases, the projected 2026 year‑end cash balance for the General
Corporate Fund is approximately $39.3 million—about 16 months of operating expenditures and
well above the Village’s six‑month minimum reserve policy. That cushion enhances liquidity,
supports pay‑as‑you‑go capital funding, and provides flexibility to manage timing differences,
one‑time needs, or revenue volatility.
The Village’s current position reduces near‑term fiscal risk, but continued vigilance is needed:
revenue sensitivity to economic cycles (particularly sales tax), evolving pension obligations, and
capital project timing could affect future reserves. Ongoing actions—periodic forecasting updates,
stress testing budget assumptions, prioritizing capital projects, and maintaining conservative
revenue estimates—will help preserve the Village’s strong reserve posture while delivering
high‑quality services.
CONTACTING THE VILLAGE’S FINANCE DEPARTMENT
This financial report is intended to give residents, customers, investors, and creditors a transparent,
comprehensive overview of the Village’s fiscal condition, performance, and stewardship of public
resources. It summarizes key revenue and expenditure trends, fund balances, capital investments,
debt and pension obligations, and management’s fiscal strategies so stakeholders can assess
financial sustainability, operational results, and resource allocation decisions. The report also
supports accountability by documenting compliance with budgeting and reporting standards,
outlining significant events and transactions during the year, and identifying risks and policy
actions that influence future results. For questions about the report, to request supporting
schedules, or to obtain additional financial data, please contact Marilyn Fumero, Finance Director,
Village of Oak Brook, 1200 Oak Brook Road, Oak Brook, IL 60523.
BASIC FINANCIAL STATEMENTS
Governmental Business-Type
Activities Activities Total
ASSETS
Cash and investments 76,726,278$ 27,055,146$ 103,781,424$
Receivables (net, where applicable,
of allowance for uncollectibles)
Sales taxes 9,611,190 - 9,611,190
Utility tax 521,703 - 521,703
Accounts 1,160,774 - 1,160,774
Allotments 33,048 1,143,159 1,176,207
Accrued interest 233,707 87,799 321,506
Leases 2,523,871 1,071,745 3,595,616
PPP receivable - 97,761 97,761
Other 1,627,212 318,984 1,946,196
Prepaid items 74,033 636 74,669
Inventory 54,255 32,476 86,731
Capital assets not being depreciated 34,038,807 16,246,055 50,284,862
Capital assets being depreciated,
net of accumulated depreciation and amortization 49,074,037 36,999,154 86,073,191
Total assets 175,678,915 83,052,915 258,731,830
DEFERRED OUTFLOWS OF RESOURCES
Pension items - Police Pension 4,449,599 - 4,449,599
Pension items - Firefighters' Pension 2,344,413 - 2,344,413
Pension items - IMRF 1,551,807 315,794 1,867,601
Deferred outflows of resources - OPEB 878,492 58,785 937,277
Deferred outflows of resources - ARO - 282,000 282,000
Total deferred outflows of resources 9,224,311 656,579 9,880,890
Total assets and deferred outflows of resources 184,903,226 83,709,494 268,612,720
VILLAGE OF OAK BROOK, ILLINOIS
STATEMENT OF NET POSITION
December 31, 2025
(This statement is continued on the following page.)
- 5 -
Governmental Business-Type
Activities Activities Total
LIABILITIES
Accounts payable 1,729,001$ 803,997$ 2,532,998$
Accrued payroll 629,092 43,049 672,141
Deposits payable 1,751,534 - 1,751,534
Other liabilities - 5,500 5,500
Unearned revenue 282,585 58,315 340,900
Due to fiduciary funds 131,007 - 131,007
Long-term liabilities
Due within one year 2,962,426 191,919 3,154,345
Due in more than one year 59,448,722 1,280,098 60,728,820
Total liabilities 66,934,367 2,382,878 69,317,245
DEFERRED INFLOWS OF RESOURCES
Pension items - Police Pension 3,247,607 - 3,247,607
Pension items - Firefighters' Pension 3,157,761 - 3,157,761
Pension items - IMRF 83,501 16,993 100,494
Deferred inflows of resources - OPEB 3,117,626 208,619 3,326,245
Deferred inflows of resources - leases 2,289,086 1,035,436 3,324,522
Deferred inflows of resources - PPP - 92,965 92,965
Total deferred inflows of resources 11,895,581 1,354,013 13,249,594
Total liabilities and deferred inflows of resources 78,829,948 3,736,891 82,566,839
NET POSITION
Net investment in capital assets 76,547,088 52,831,558 129,378,646
Restricted for
Infrastructure 28,737,584 - 28,737,584
Highways and streets 2,576,770 - 2,576,770
Fire department 123,360 - 123,360
Culture and recreation 6,071,370 - 6,071,370
Unrestricted (deficit)(7,982,894) 27,141,045 19,158,151
TOTAL NET POSITION 106,073,278$ 79,972,603$ 186,045,881$
December 31, 2025
VILLAGE OF OAK BROOK, ILLINOIS
STATEMENT OF NET POSITION (Continued)
See accompanying notes to financial statements.
- 6 -
Operating Capital
Charges Grants and Grants and
FUNCTIONS/PROGRAMS Expenses for Services Contributions Contributions
PRIMARY GOVERNMENT
Governmental Activities
General government 5,116,955$ 3,375,113$ -$ -$
Public safety 23,204,366 2,311,280 107,779 -
Public works 6,330,807 114,091 372,667 507,108
Culture and recreation 3,045,298 8,446 - -
Interest 11,480 - - -
Total governmental activities 37,708,906 5,808,930 480,446 507,108
Business-Type Activities
Water and sewer 9,256,041 11,583,554 - -
Sports core 4,785,779 5,589,467 - 20,000
Total business-type activities 14,041,820 17,173,021 - 20,000
TOTAL PRIMARY GOVERNMENT 51,750,726$ 22,981,951$ 480,446$ 527,108$
Program Revenues
VILLAGE OF OAK BROOK, ILLINOIS
STATEMENT OF ACTIVITIES
For the Year Ended December 31, 2025
- 7 -
Governmental Business-Type
Activities Activities Total
(1,741,842)$ -$ (1,741,842)$
(20,785,307) - (20,785,307)
(5,336,941) - (5,336,941)
(3,036,852) - (3,036,852)
(11,480) - (11,480)
(30,912,422) - (30,912,422)
- 2,327,513 2,327,513
- 823,688 823,688
- 3,151,201 3,151,201
(30,912,422) 3,151,201 (27,761,221)
General Revenues
Taxes
Local sales 9,831,026 - 9,831,026
Local use 74,650 - 74,650
Utility 3,159,983 - 3,159,983
Hotel/motel 1,741,743 - 1,741,743
Other 125,284 - 125,284
Intergovernmental - unrestricted
State sales and use tax 22,532,150 - 22,532,150
State income tax 1,472,150 - 1,472,150
Personal property replacement 403,652 - 403,652
Investment income 3,346,880 1,306,218 4,653,098
Miscellaneous 604,397 - 604,397
Total 43,291,915 1,306,218 44,598,133
CHANGE IN NET POSITION 12,379,493 4,457,419 16,836,912
NET POSITION, JANUARY 1 93,693,785 75,515,184 169,208,969
NET POSITION, DECEMBER 31 106,073,278$ 79,972,603$ 186,045,881$
Primary Government
and Change in Net Position
Net (Expense) Revenue
See accompanying notes to financial statements.
- 8 -
Nonmajor Total
General Infrastructure Governmental Governmental
Cash and investments 38,981,582$ 26,550,986$ 8,592,870$ 74,125,438$
Receivables
Sales taxes 6,660,086 2,951,104 - 9,611,190
Utility taxes 521,703 - - 521,703
Accounts 1,079,724 81,050 - 1,160,774
Allotments - - 33,048 33,048
Accrued interest 151,505 60,413 16,117 228,035
Lease 2,523,871 - - 2,523,871
Other 1,148,506 192,172 259,388 1,600,066
Inventory 634 - - 634
Prepaid items 74,033 - - 74,033
TOTAL ASSETS 51,141,644$ 29,835,725$ 8,901,423$ 89,878,792$
LIABILITIES
Accounts payable 539,693$ 1,013,895$ 122,085$ 1,675,673$
Accrued payroll 611,764 3,196 7,838 622,798
Deposits payable 1,751,534 - - 1,751,534
Unearned revenue 178,807 81,050 - 259,857
Due to fiduciary funds 131,007 - - 131,007
Total liabilities 3,212,805 1,098,141 129,923 4,440,869
DEFERRED INFLOWS OF RESOURCES
Leases 2,289,086 - - 2,289,086
Total deferred inflows of resources 2,289,086 - - 2,289,086
Total liabilities and deferred inflows of resources 5,501,891 1,098,141 129,923 6,729,955
FUND BALANCES
Nonspendable
Inventory 634 - - 634
Prepaid items 74,033 - - 74,033
Restricted
Infrastructure - 28,737,584 - 28,737,584
Highways and streets - - 2,576,770 2,576,770
Public safety - - 123,360 123,360
Culture and recreation - - 6,071,370 6,071,370
Unassigned 45,565,086 - - 45,565,086
Total fund balances 45,639,753 28,737,584 8,771,500 83,148,837
TOTAL LIABILITIES, DEFERRED INFLOWS
OF RESOURCES, AND FUND BALANCES 51,141,644$ 29,835,725$ 8,901,423$ 89,878,792$
OF RESOURCES, AND FUND BALANCES
LIABILITIES, DEFERRED INFLOWS
ASSETS
VILLAGE OF OAK BROOK, ILLINOIS
GOVERNMENTAL FUNDS
December 31, 2025
BALANCE SHEET
See accompanying notes to financial statements.
- 9 -
FUND BALANCES OF GOVERNMENTAL FUNDS 83,148,837$
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 79,111,088
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 1,201,992
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 (813,348)
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 1,421,606
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 (2,224,793)
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 (26,029,588)
Net pension liability - Firefighters' Pension (22,360,946)
Net pension liability - IMRF (2,667,906)
SBITAs (422,037)
Installment contract (3,035,895)
Compensated absences payable (1,572,146)
Other postemployment benefit liability (3,997,660)
The net position of the Internal Service Fund is included in the governmental
activities in the statement of net position 4,314,074
NET POSITION OF GOVERNMENTAL ACTIVITIES 106,073,278$
VILLAGE OF OAK BROOK, ILLINOIS
RECONCILIATION OF FUND BALANCES OF GOVERNMENTAL FUNDS TO THE
GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF NET POSITION
December 31, 2025
See accompanying notes to financial statements.
- 10 -
Nonmajor Total
General Infrastructure Governmental Governmental
REVENUES
Taxes 3,282,788$ 9,831,026$ 1,818,872$ 14,932,686$
Intergovernmental 24,515,731 507,108 372,667 25,395,506
Licenses and permits 2,898,635 - - 2,898,635
Charges for services 2,777,898 - - 2,777,898
Fines and penalties 132,397 - - 132,397
Investment income 1,976,030 1,026,089 344,761 3,346,880
Miscellaneous 32,884 - 571,513 604,397
Total revenues 35,616,363 11,364,223 3,107,813 50,088,399
EXPENDITURES
Current
General government 4,842,313 101,376 286,312 5,230,001
Public safety 23,591,966 359,522 156,470 24,107,958
Public works 3,256,626 3,575,820 - 6,832,446
Culture and recreation 1,258,041 - 1,560,605 2,818,646
Debt service
Principal 144,310 438,861 - 583,171
Interest and fiscal charges 7,476 4,004 - 11,480
Total expenditures 33,100,732 4,479,583 2,003,387 39,583,702
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 2,515,631 6,884,640 1,104,426 10,504,697
OTHER FINANCING SOURCES (USES)
Transfers in - 200,000 - 200,000
Transfers (out)- - (200,000) (200,000)
Issuance of SBITAs 155,343 266,928 - 422,271
Total other financing sources (uses) 155,343 466,928 (200,000) 422,271
NET CHANGE IN FUND BALANCES 2,670,974 7,351,568 904,426 10,926,968
FUND BALANCES, JANUARY 1 42,968,779 21,386,016 7,867,074 72,221,869
FUND BALANCES, DECEMBER 31 45,639,753$ 28,737,584$ 8,771,500$ 83,148,837$
For the Year Ended December 31, 2025
VILLAGE OF OAK BROOK, ILLINOIS
GOVERNMENTAL FUNDS
STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
See accompanying notes to financial statements.
- 11 -
NET CHANGE IN FUND BALANCES - TOTAL GOVERNMENTAL FUNDS 10,926,968$
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 3,930,550
Certain expense does not require the use of current financial resources and, therefore, is not
reported as an expenditure in governmental funds
Depreciation and amortization (2,723,736)
Loss on disposal of capital assets (4,994)
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 583,171
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 (422,271)
The change in compensated absences payable is shown as an expense of the statement of
activities (1,023)
The change in the other postemployment benefit liability, deferred outflows and inflows of
resources 751,584
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 64,405
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 541,509
The change in the Illinois Municipal Retirement Fund net pension liability and deferred
outflows/inflows of resources is not a source or use of a financial resource (1,386,888)
The change in net position of Internal Service Funds is reported in governmental activities 120,218
CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES 12,379,493$
For the Year Ended December 31, 2025
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.
- 12 -
Governmental
Activities
Waterworks Internal
System Sports Core Total Service
CURRENT ASSETS
Cash and investments 23,156,254$ 3,898,892$ 27,055,146$ 2,600,840$
Receivables
Billed and unbilled water sales 1,143,159 - 1,143,159 -
Accrued interest 78,288 9,511 87,799 5,672
Leases - 1,071,745 1,071,745 -
PPP receivable - 97,761 97,761 -
Other 212,126 106,858 318,984 27,146
Prepaid items 636 - 636 -
Inventory - 32,476 32,476 53,621
Total current assets 24,590,463 5,217,243 29,807,706 2,687,279
NONCURRENT ASSETS
Capital assets
Capital assets not being depreciated 7,429,790 8,816,265 16,246,055 -
Capital assets being depreciated,
net of accumulated depreciation and amortization 30,682,745 6,316,409 36,999,154 4,001,756
Net capital assets 38,112,535 15,132,674 53,245,209 4,001,756
Total noncurrent assets 38,112,535 15,132,674 53,245,209 4,001,756
Total assets 62,702,998 20,349,917 83,052,915 6,689,035
DEFERRED OUTFLOWS OF RESOURCES
Pension items - IMRF 130,371 185,423 315,794 49,355
Deferred outflows of resources - OPEB 21,294 37,491 58,785 5,626
Deferred outflows of resources - ARO 282,000 - 282,000 -
Total deferred outflows of resources 433,665 222,914 656,579 54,981
Total assets and deferred outflows of resources 63,136,663 20,572,831 83,709,494 6,744,016
VILLAGE OF OAK BROOK, ILLINOIS
PROPRIETARY FUNDS
STATEMENT OF NET POSITION
December 31, 2025
Business-Type Activities
(This statement is continued on the following page.)
- 13 -
Governmental
Activities
Waterworks Internal
System Sports Core Total Service
CURRENT LIABILITIES
Accounts payable 728,361$ 75,636$ 803,997$ 53,328$
Accrued payroll 20,505 22,544 43,049 6,294
Other liabilities - 5,500 5,500 -
Unearned revenue - 58,315 58,315 22,728
Current compensated absences payable 54,039 54,998 109,037 12,391
Current other postemployment benefit liability 5,266 9,272 14,538 1,391
Current lease payable - - - 766,696
Current SBITAs payable 23,804 44,540 68,344 -
Total current liabilities 831,975 270,805 1,102,780 862,828
NONCURRENT LIABILITIES
Compensated absences payable 9,536 9,706 19,242 2,187
Net pension liability 231,498 329,252 560,750 87,641
Other postemployment benefit liability 92,259 162,435 254,694 24,377
Asset retirement obligation 300,000 - 300,000 -
Lease payable - - - 1,430,287
SBITAs payable 52,475 92,937 145,412 -
Total noncurrent liabilities 685,768 594,330 1,280,098 1,544,492
Total liabilities 1,517,743 865,135 2,382,878 2,407,320
DEFERRED INFLOWS OF RESOURCES
Pension items - IMRF 7,015 9,978 16,993 2,655
Deferred inflows of resources - OPEB 75,569 133,050 208,619 19,967
Deferred inflows of resources - leases - 1,035,436 1,035,436 -
Deferred inflows of resources - PPP - 92,965 92,965 -
Total deferred inflows of resources 82,584 1,271,429 1,354,013 22,622
Total liabilities and deferred inflows of resources 1,600,327 2,136,564 3,736,891 2,429,942
NET POSITION
Net investment in capital assets 37,836,361 14,995,197 52,831,558 1,804,773
Unrestricted 23,699,975 3,441,070 27,141,045 2,509,301
TOTAL NET POSITION 61,536,336$ 18,436,267$ 79,972,603$ 4,314,074$
Business-Type Activities
STATEMENT OF NET POSITION (Continued)
December 31, 2025
VILLAGE OF OAK BROOK, ILLINOIS
PROPRIETARY FUNDS
See accompanying notes to financial statements.
- 14 -
Governmental
Activities
Waterworks Internal
System Sports Core Total Service
OPERATING REVENUES
Charges for services 11,583,554$ 5,589,467$ 17,173,021$ 5,035,664$
Total operating revenues 11,583,554 5,589,467 17,173,021 5,035,664
OPERATING EXPENSES
Operations 7,902,160 3,954,641 11,856,801 928,296
Claims and insurance - - - 3,108,583
Depreciation and amortization 1,351,414 828,859 2,180,273 1,133,007
Total operating expenses 9,253,574 4,783,500 14,037,074 5,169,886
OPERATING INCOME (LOSS)2,329,980 805,967 3,135,947 (134,222)
NON-OPERATING REVENUES (EXPENSES)
Investment income 1,426,443 54,107 1,480,550 108,118
Interest expense (2,467) (2,279) (4,746) (59,786)
Gain/(loss) on sale of capital assets - - - 31,776
Total non-operating revenues (expenses)1,423,976 51,828 1,475,804 80,108
INCOME (LOSS) BEFORE CAPITAL GRANTS
AND CONTRIBUTIONS 3,753,956 857,795 4,611,751 (54,114)
CAPITAL GRANTS AND CONTRIBUTIONS - 20,000 20,000 -
CHANGE IN NET POSITION 3,753,956 877,795 4,631,751 (54,114)
NET POSITION, JANUARY 1 57,782,380 17,558,472 75,340,852 4,368,188
NET POSITION, DECEMBER 31 61,536,336$ 18,436,267$ 79,972,603$ 4,314,074$
Adjustment to reflect the consolidation
of internal service fund activities related
to enterprise funds (174,332)$
CHANGE IN NET POSITION OF
BUSINESS-TYPE ACTIVITIES 4,457,419$
Business-Type Activities
For the Year Ended December 31, 2025
VILLAGE OF OAK BROOK, ILLINOIS
PROPRIETARY FUNDS
STATEMENT OF REVENUES, EXPENSES, AND
CHANGES IN NET POSITION
See accompanying notes to financial statements.
- 15 -
Governmental
Activities
Waterworks Internal
System Sports Core Total Service
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers and users 11,310,957$ 5,594,316$ 16,905,273$ 4,749,363$
Receipts from internal service transactions - - - 294,970
Payments to suppliers (7,076,437) (2,119,878) (9,196,315) (3,778,099)
Payments to employees (596,150) (1,679,017) (2,275,167) (186,474)
Net cash from operating activities 3,638,370 1,795,421 5,433,791 1,079,760
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 (7,943,427) (1,511,523) (9,454,950) (122,047)
Receipts from capital related grants - 20,000 20,000 -
Proceeds from disposal of capital assets - - - 33,408
Principal payments on long-term debt (22,367) (48,470) (70,837) (624,616)
Interest payments on long-term debt (2,467) (2,279) (4,746) (59,786)
Net cash from capital and related
financing activities (7,968,261) (1,542,272) (9,510,533) (773,041)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase/sale of investment securities (4,738,289) - (4,738,289) (342,879)
Interest received 1,391,352 54,884 1,446,236 105,575
Net cash from investing activities (3,346,937) 54,884 (3,292,053) (237,304)
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (7,676,828) 308,033 (7,368,795) 69,415
CASH AND CASH EQUIVALENTS, JANUARY 1 19,409,533 3,590,859 23,000,392 1,704,192
CASH AND CASH EQUIVALENTS, DECEMBER 31 11,732,705$ 3,898,892$ 15,631,597$ 1,773,607$
VILLAGE OF OAK BROOK, ILLINOIS
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For the Year Ended December 31, 2025
Business-Type Activities
(This statement is continued on the following page.)
- 16 -
Governmental
Activities
Waterworks Internal
System Sports Core Total Service
CASH AND INVESTMENTS
Cash and cash equivalents 11,732,705$ 3,898,892$ 15,631,597$ 1,773,607$
Investments 11,423,549 - 11,423,549 827,233
TOTAL CASH AND INVESTMENTS 23,156,254$ 3,898,892$ 27,055,146$ 2,600,840$
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH FLOWS FROM
OPERATING ACTIVITIES
Operating income (loss)2,329,980$ 805,967$ 3,135,947$ (134,222)$
Adjustments to reconcile operating income (loss) to
net cash from operating activities
Depreciation and amortization 1,351,414 828,859 2,180,273 1,133,007
Changes in current assets and liabilities
Accounts receivable (272,597) (6,445) (279,042) 9,244
Prepaid items (636) - (636) -
Inventory - 1,481 1,481 26,823
Accounts payable 114,487 (3,042) 111,445 2,297
Accrued payroll 6,649 3,230 9,879 604
Deposits payable - (2,868) (2,868) -
Compensated absences 6,329 14,677 21,006 2,033
Leases - (2,220) (2,220) -
PPP - 1,527 1,527 -
Pension items - IMRF 121,079 171,682 292,761 45,394
Pension items - OPEB (18,335) (32,282) (50,617) (4,845)
Unearned revenue - 14,855 14,855 (575)
NET CASH FROM OPERATING ACTIVITIES 3,638,370$ 1,795,421$ 5,433,791$ 1,079,760$
NONCASH TRANSACTIONS
Capital assets acquired via lease -$ -$ -$ 409,819$
Assets acquired through SBITA - 185,947 185,947 -
Loss on disposal of capital assets - - - 1,632
Capital assets in accounts payable 199,895 - 199,895 -
TOTAL NONCASH TRANSACTIONS 199,895$ 185,947$ 385,842$ 411,451$
VILLAGE OF OAK BROOK, ILLINOIS
STATEMENT OF CASH FLOWS (Continued)
PROPRIETARY FUNDS
For the Year Ended December 31, 2025
Business-Type Activities
See accompanying notes to financial statements.
- 17 -
ASSETS
Cash and short-term investments 1,239,328$
Investments held in the
Illinois Police Officer's
Pension Investment Fund 56,549,590
Investments held in the
Illinois Firefighter's
Pension Investment Fund 45,065,482
Due from Village 131,007
Prepaid items 9,732
Total assets 102,995,139
LIABILITIES
Accounts payable 2,169
Total liabilities 2,169
NET POSITION RESTRICTED
FOR PENSIONS 102,992,970$
VILLAGE OF OAK BROOK, ILLINOIS
STATEMENT OF FIDUCIARY NET POSITION
December 31, 2025
PENSION TRUST FUNDS
See accompanying notes to financial statements.
- 18 -
ADDITIONS
Contributions
Employer 8,088,313$
Employee 1,426,877
Total contributions 9,515,190
Investment income
Net appreciation in fair
value of investments 13,962,956
Interest 1,081,239
Total investment income 15,044,195
Less investment expenses (131,645)
Net investment income 14,912,550
Total additions 24,427,740
DEDUCTIONS
Benefits and refunds 8,242,925
Administrative expenses 86,782
Total deductions 8,329,707
NET INCREASE 16,098,033
NET POSITION RESTRICTED
FOR PENSIONS
January 1 86,894,937
December 31 102,992,970$
VILLAGE OF OAK BROOK, ILLINOIS
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
PENSION TRUST FUNDS
For the Year Ended December 31, 2025
See accompanying notes to financial statements.
- 19 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
December 31, 2025
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.
- 20 -
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).
- 21 -
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.
- 22 -
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 employee health and dental
insurance; 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.
- 23 -
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.
- 24 -
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.
- 25 -
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
Under terms of employment, employees are granted vacation, sick leave, and
compensatory leave in varying amounts. In accordance with GASB Statement 101,
Compensated Absences, 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.
- 26 -
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, 2025 are determined on the basis of current
salary rates and include salary related payments.
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.
- 27 -
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 to
acquire or construct the capital assets as well as any other non -debt capital related
liabilities.
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.
- 28 -
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.
- 29 -
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, 2025:
Investment Maturities (in Years)
Investment Type Fair Value Less than 1 1-5 6-10 Greater than 10
U.S. agency obligations $ 10,663,073 $ - $ 9,862,695 $ 100,996 $ 699,382
U.S. Treasury obligations 23,719,476 569,432 23,150,044 - -
Commercial paper 899,339 899,339 - - -
Municipal bonds 668,353 - 668,353 - -
Corporate bonds 9,482,103 - 9,482,103 - -
TOTAL $ 45,432,344 $ 1,468,771 $ 43,163,195 $ 100,996 $ 699,382
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,
2025: the U.S. agency obligations, U.S. Treasury obligations, commercial paper,
municipal bonds and corporate bonds are valued using quoted matrix pricing models
(Level 2 inputs).
- 30 -
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 U.S. agency obligations are rated AA+; investments in U.S.
Treasury obligations are AA+; investments in commercial paper are rated A;
investments in municipal bonds are rated AA+; and investments in corporate bonds
are rated BBB+ to AA-.
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 2025 attach as an enforceable lien on January 1, 2025, 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.
- 31 -
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, 2025:
GOVERNMENTAL ACTIVITIES
Hotel/motel tax $ 169,326
IRMA surplus 1,213,930
Miscellaneous 243,956
TOTAL GOVERNMENTAL ACTIVITIES $ 1,627,212
BUSINESS-TYPE ACTIVITIES
IRMA surplus $ 294,827
Members charges 2,572
Miscellaneous 21,585
TOTAL BUSINESS-TYPE ACTIVITIES $ 318,984
5. CAPITAL ASSETS
Governmental capital asset activity for the year ended December 31, 2025 was as follows:
Beginning
Balances
Increases
Decreases
Ending
Balances
GOVERNMENTAL ACTIVITIES
Capital assets not being depreciated
Land $ 616,829 $ 679,641 $ - $ 1,296,470
Land right of way 32,551,116 - - 32,551,116
Construction in progress 137,721 102,545 49,045 191,221
Total capital assets not being
depreciated 33,305,666 782,186 49,045 34,038,807
Capital assets being depreciated/amortized
Buildings and building and land
improvements 27,732,758 523,015 - 28,255,773
Computer equipment 1,367,852 72,674 23,495 1,417,031
Other equipment 5,386,198 61,787 91,618 5,356,367
Vehicles 127,047 - - 127,047
Infrastructure 59,797,018 2,117,661 - 61,914,679
Internal service fund vehicles 5,629,687 122,047 159,767 5,591,967
Lease assets
Equipment 2,184,597 - - 2,184,597
Vehicles 1,803,112 409,819 43,358 2,169,573
Subscription assets 387,319 422,271 - 809,590
Total capital assets being
depreciated/amortized 104,415,588 3,729,274 318,238 107,826,624
- 32 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
5. CAPITAL ASSETS (Continued)
Beginning
Balances
Increases
Decreases
Ending
Balances
GOVERNMENTAL ACTIVITIES
(Continued)
Less accumulated depreciation/
amortization for
Buildings and building and
land improvements $ 14,982,381 $ 713,896 $ - $ 15,696,277
Computer equipment 1,112,739 90,818 23,495 1,180,062
Other equipment 1,823,544 466,157 86,624 2,203,077
Vehicles 88,936 12,705 - 101,641
Infrastructure 32,027,767 1,224,321 - 33,252,088
Internal service fund vehicles 3,609,633 357,378 158,156 3,808,855
Lease assets
Equipment 936,255 312,085 - 1,248,340
Vehicles 466,978 463,544 43,337 887,185
Subscription assets 159,223 215,839 - 375,062
Total accumulated depreciation/
amortization 55,207,456 3,856,743 311,612 58,752,587
Total capital assets being
depreciated and amortized, net 49,208,132 (127,469) 6,626 49,074,037
GOVERNMENTAL ACTIVITIES
CAPITAL ASSETS, NET $ 82,513,798 $ 654,717 $ 55,671 $ 83,112,844
Depreciation and amortization expense was charged to functions/programs of the primary
government as follows:
DEPRECIATION/AMORTIZATION EXPENSE -
GOVERNMENTAL ACTIVITIES
General government $ 1,002,076
Public safety 1,042,723
Public works 1,711,139
Culture and recreation 100,805
TOTAL DEPRECIATION/AMORTIZATION EXPENSE -
GOVERNMENTAL ACTIVITIES
$ 3,856,743
- 33 -
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 5 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 660,890 7,741,759 448,859 7,953,790
Total capital assets not being depreciated 8,953,155 7,741,759 448,859 16,246,055
Capital assets being depreciated/amortized
Land improvements 4,161,580 443,809 - 4,605,389
Building and building improvements 8,535,146 580,600 - 9,115,746
Infrastructure 42,769,044 43,440 - 42,812,484
Vehicles, machinery, and equipment 8,544,555 569,344 - 9,113,899
Subscription assets 123,002 185,947 - 308,949
Total capital assets being depreciated/
amortized 64,133,327 1,823,140 - 65,956,467
Less accumulated depreciation/
amortization for
Land improvements 3,181,266 108,219 - 3,289,485
Building and building improvements 4,988,274 422,410 - 5,410,684
Infrastructure 12,008,455 931,195 - 12,939,650
Vehicles, machinery, and equipment 6,583,185 663,732 - 7,246,917
Subscription assets 18,860 51,717 - 70,577
Total accumulated depreciation/
amortization 26,780,040 2,177,273 - 28,957,313
Total capital assets being depreciated, net 37,353,287 (354,133) - 36,999,154
BUSINESS-TYPE ACTIVITIES
CAPITAL ASSETS, NET $ 46,306,442 $ 7,387,626 $ 448,859 $ 53,245,209
Depreciation and amortization expense was charged to functions/programs of the business -
type activities as follows:
DEPRECIATION/AMORTIZATION EXPENSE -
BUSINESS-TYPE ACTIVITIES
Waterworks $ 1,348,414
Sports core 828,859
TOTAL DEPRECIATION/AMORTIZATION EXPENSE -
BUSINESS-TYPE ACTIVITIES
$ 2,177,273
- 34 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
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
Additions
Reductions
Balances
December 31
Current
Portion
Leases $ 2,411,780 $ 409,819 $ 624,616 $ 2,196,983 $ 766,696
SBITAs 219,076 422,271 219,310 422,037 244,878
Installment contract 3,399,756 - 363,861 3,035,895 384,888
Compensated absences* 1,583,668 3,056 - 1,586,724 1,348,715
Net pension liability - IMRF 2,745,048 10,499 - 2,755,547 -
Net pension liability -
Police Pension
30,148,488
-
4,118,900
26,029,588
-
Net pension liability -
Firefighters’ Pension
26,643,083
-
4,282,137
22,360,946
-
Total other postemployment
benefit liability
4,463,504
-
440,076
4,023,428
217,249
TOTAL GOVERNMENTAL
ACTIVITIES $ 71,614,403 $ 845,645 $ 10,048,900 $ 62,411,148 $ 2,962,426
The net pension liabilities and total other postemployment benefit liability have
typically been liquidated by the General Fund.
*The amount displayed as additions or reductions represents net change in the
liability.
During the fiscal year, the following changes occurred in liabilities reported in the
business-type activities:
Balances
January 1
Issuances
Reductions
Balances
December 31
Current
Portion
SBITAs $ 98,646 $ 185,947 $ 70,837 $ 213,756 $ 68,344
Compensated absences* 107,273 21,006 - 128,279 109,037
Net pension liability - IMRF 583,128 - 22,378 560,750 -
Total other postemployment
benefit liability
298,680
-
29,448
269,232
14,538
Asset retirement obligation 300,000 - - 300,000 -
TOTAL BUSINESS-TYPE
ACTIVITIES
$ 1,387,727
$ 206,953
$ 122,663
$ 1,472,017
$ 191,919
*The amount displayed as additions or reductions represents net change in the
liability.
- 35 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
6. LONG-TERM DEBT (Continued)
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.
Obligations under installment contracts at December 31, 2025, are as follows:
Fiscal Year Installment Contract
Ending Governmental Activities
December 31, Principal Interest
2026 $ 384,888 $ -
2027 384,888 -
2028 384,888 -
2029 384,888 -
2030 299,268 -
2031-2034 1,197,075 -
TOTAL $ 3,035,895 $ -
d. Leases
In accordance with GASB Statement No. 87, Leases, the Village’s lease activity is as
follows:
The Village entered into various fleet management lease agreements between 2020
and 2025. The agreements cover various individual leases for the right -to-use
vehicles and equipment with varying lease terms. The leases have expirations dates
through 2030. Payments ranging from $203 to $5,640 are due in monthly
installments. The total intangible right-to-use assets acquired and related liability
under the fleet management agreement are $2,169,573 and $1,363,625, respectively.
- 36 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
6. LONG-TERM DEBT (Continued)
d. Leases (Continued)
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
and related liability under this agreement is $2,184,597 and $833,358, respectively.
The annual requirements to amortize to maturity leases outstanding as of
December 31, 2025, are as follows:
Fiscal Year Leases
Ending Governmental Activities
December 31, Principal Interest
2026 $ 766,696 $ 61,114
2027 589,977 40,140
2028 563,572 25,382
2029 164,563 6,202
2030 112,175 1,485
TOTAL $ 2,196,983 $ 134,323
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 various SBITA’s between 2022 and 2025 for the right-to-
use general government software. Payments terms range from $14,000 to $49,872
due in annual installments, and $1,850 to $2,250 due in monthly installments through
various terminations dates ending in 2027. The total intangible right-to-use assets
acquired and related liabilities under these agreements are $542,662 and $230,109,
respectively.
The Village entered into a SBITA in 2025 for the right-to-use public safety software.
Payments of $100,000 are due in annual installments through 2027. Total intangible
right-to-use asset acquired and related liability under this agreement is $266,928 and
$191,928, respectively.
The Village entered into various SBITA’s between 2024 and 2025 for the right-to-
use waterworks operational software. Payments ranging from $24,611 to $48,470 are
due in annual installments through various terminations dates ending in 2029. Total
intangible right-to-use assets acquired and related liabilities under these agreements
is $308,949 and $213,756, respectively.
- 37 -
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, 2025, were as follows:
Fiscal Year SBITA
Ending Governmental Activities Business-Type Activities
December 31, Principal Interest Principal Interest
2026 $ 244,878 $ 12,686 $ 68,344 $ 4,950
2027 177,159 4,900 71,121 4,243
2028 - - 74,291 2,168
TOTAL $ 422,037 $ 17,586 $ 213,756 $ 11,361
f. Legal Debt Margin
2024 assessed valuation (latest information available) $ 1,891,126,407
Legal debt limit - 8.625% of assessed valuation $ 163,109,653
Amount of debt applicable to debt limit -
LEGAL DEBT MARGIN $ 163,109,653
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 purchases health insurance coverage through Blue Cross Blue Shield.
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.
- 38 -
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 Insurance Fund.
- 39 -
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
until age 65.
c. Membership
At December 31,2025, membership consisted of:
Inactive employees or their beneficiaries currently receiving benefits 14
Inactive employees entitled to but not yet receiving benefits -
Active plan members 105
TOTAL 119
Participating employers 1
d. Total OPEB Liability
The Village’s total OPEB liability of $4,292,660 was measured as of December 31,
2025 and was determined by an actuarial valuation as of the same date.
e. Actuarial Assumptions and Other Inputs
The total OPEB liability at December 31, 20 25 was determined using the following
actuarial assumptions and other inputs, applied to all periods included in the
measurement, unless otherwise specified.
- 40 -
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 4.83%
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, 2025 $ 4,762,184
Changes for the period
Service cost 305,402
Interest 202,076
Differences between expected
and actual experience (280,548)
Changes in assumptions* 233,849
Changes in benefit terms** (698,516)
Benefit payments (231,787)
Net changes (469,524)
BALANCES AT DECEMBER 31, 2025 $ 4,292,660
*There were changes in assumptions related to the discount rate compared to the
previous measurement date.
**There were changes in benefit terms relating to retirees who qualify for PSEBA
benefits. These retirees will no longer receive free medical coverage after turning 65.
The impact of this change significantly decreased the Village’s liability.
- 41 -
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 4.83% 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 (3.83%) or 1 percentage point higher (5.83%)
than the current rate:
1% Decrease
Current
Discount Rate
1% Increase
(3.83%) (4.83%) (5.83%)
Total OPEB liability $ 4,624,596 $ 4,292,660 $ 3,981,971
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 $ 3,856,960 $ 4,292,660 $ 4,799,029
h. OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to OPEB
For the year ended December 31, 2025, the Village recognized OPEB
expense/(income) of $(575,259). At December 31, 2025, 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 $ - $ 2,562,162
Changes in assumptions 937,277 764,083
TOTAL $ 937,277 $ 3,326,245
- 42 -
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,
2026 $ (354,673)
2027 (390,045)
2028 (484,787)
2029 (482,170)
2030 (296,329)
Thereafter (380,964)
TOTAL $ (2,388,968)
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, 2025:
Police Firefighters’
IMRF Pension Pension Total
Net pension liability $ 3,316,297 $ 26,029,588 $ 22,360,946 $ 51,706,831
Deferred outflows of resources 1,867,601 4,449,599 2,344,413 8,661,613
Deferred inflows of resources 100,494 3,247,607 3,157,761 6,505,862
Pension expense 2,331,954 3,995,784 3,486,615 9,814,353
- 43 -
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, 2024, IMRF membership consisted of:
Inactive employees or their beneficiaries currently receiving benefits 139
Inactive employees entitled to but not yet receiving benefits 84
Active employees 68
TOTAL 291
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.
- 44 -
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, 2025 was 9.65% of covered payroll.
Actuarial Assumptions
The Village’s net pension liability was measured as of December 31, 2024 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, 2024
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.
- 45 -
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, 2024
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.
Long-Term Expected Rate of Return
The long-term expected rate of return on pension plan investments was determined
using a building-block method in which best-estimate ranges of expected future real
rates of return (expected returns, net of pension plan investment expense, and
inflation) are developed for each major asset class. These ranges are combined to
produce the long-term expected rate of return by weighting the expected future real
rates of return to the target asset allocation percentage and adding expected inflation.
The target allocation and best estimates of geometric real rates of return for each
major asset class are summarized in the following table:
Asset Class
Portfolio
Target
Percentage
Long-Term
Expected Real
Rate of Return
Domestic equity 33.50% 4.35%
International equity 18.00% 5.40%
Fixed income 24.50% 5.20%
Real estate 10.50% 6.40%
Alternative investments 12.50% 4.85% to 6.25%
Cash equivalents 1.00% 3.60%
TOTAL 100.00%
- 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)
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
$ 48,590,743
$ 45,262,567
$ 3,328,176
Changes for the period
Service cost 505,340 - 505,340
Interest 3,428,769 - 3,428,769
Difference between expected
and actual experience (181,737) - (181,737)
Changes in assumptions - - -
Employer contributions - 510,297 (510,297)
Employee contributions - 261,179 (261,179)
Net investment income - 4,544,542 (4,544,542)
Benefit payments and refunds (3,100,091) (3,100,091) -
Other (net transfer) - (1,551,767) 1,551,767
Net changes 652,281 664,160 (11,879)
BALANCES AT
DECEMBER 31, 2024
$ 49,243,024
$ 45,926,727
$ 3,316,297
- 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)
Pension Expense and Deferred Outflows of Resources and Deferred Inflows of
Resources
For the year ended December 31, 2025, the Village recognized pension expense of
$2,331,954.
At December 31, 2025, 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 $ 108,697 $ 95,179
Changes in assumption - 5,315
Net difference between projected and actual earnings
on pension plan investments 1,151,991 -
Contributions subsequent to the measurement date 606,913 -
TOTAL $ 1,867,601 $ 100,494
Amounts reported as deferred outflows of resources and deferred inflows of
resources related to IMRF will be recognized in pension expense as follows:
$606,913 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, 2026. 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,
2026 $ 616,596
2027 1,459,654
2028 (635,322)
2029 (280,734)
2030 -
TOTAL $ 1,160,194
- 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)
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) $ 8,552,714 $ 3,316,297 $ (922,819)
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, 2025, the measurement date, membership consisted of:
Inactive plan members currently receiving benefits 53
Inactive plan members entitled to but not yet receiving benefits 10
Active plan members 42
TOTAL 105
- 49 -
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.
- 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)
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, 2025, the Village’s contribution was 84.21% 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.
- 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)
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 5.
Net Asset Value
The Net Asset Value (NAV) of the plan’s pooled investment in IPOPIF was
$56,549,590 at December 31, 2025. 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, 2025. 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, 2025, the annual money-weighted rate of return on
pension plan investments, net of pension plan investment expense, was 17.23%. The
money-weighted rate of return expresses investment performance, net of investment
expense, adjusted for the changing amounts actually invested.
- 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)
Discount Rate
The discount rate used to measure the total pension liability at December 31, 2025
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, 2025
$ 78,623,395
$ 48,474,907
$ 30,148,488
Changes for the period
Service cost 1,098,837 - 1,098,837
Interest 5,232,223 - 5,232,223
Difference between expected
and actual experience 3,052,469 - 3,052,469
Changes in assumptions - - -
Changes in benefit terms - - -
Employer contributions - 4,060,189 (4,060,189)
Employee contributions - 1,082,233 (1,082,233)
Net investment income - 8,406,664 (8,406,664)
Benefit payments and refunds (4,415,641) (4,415,641) -
Administrative expense - (46,657) 46,657
Net changes 4,967,888 9,086,788 (4,118,900)
BALANCES AT
DECEMBER 31, 2025
$ 83,591,283
$ 57,561,695
$ 26,029,588
As of December 31, 2025, the plan fiduciary net position was 68.86% of the Total
Pension Liability.
- 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)
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, 2025
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 $ 37,337,750 $ 26,029,588 $ 16,796,343
- 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)
Pension Expense and Deferred Outflows of Resources and Deferred Inflows of
Resources
For the year ended December 31, 2025, the Village recognized pension expense of
$3,995,784. At December 31, 2025, 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 $ 4,037,126 $ -
Changes in assumptions 412,473 -
Net difference between projected and actual earnings
on pension plan investments - 3,247,607
TOTAL $ 4,449,599 $ 3,247,607
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,
2026 $ 2,493,691
2027 (770,796)
2028 (516,062)
2029 (513,585)
2030 508,744
TOTAL $ 1,201,992
- 55 -
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, 2025, the measurement date, membership consisted of:
Inactive plan members currently receiving benefits 49
Inactive plan members entitled to but not yet receiving benefits 7
Active plan members 30
TOTAL 86
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.
- 56 -
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, 2025, the
Village’s contribution was 113.00% of covered payroll.
- 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)
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, 2025 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, 2025.
- 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)
Net Asset Value
The Net Asset Value (NAV) of the plan’s pooled investment in IFPIF was
$45,065,482 at December 31, 2025 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,
2025. 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 5, the annual money-weighted rate of return on
pension plan investments, net of pension plan investment ex pense, was 16.82%. 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, 2025
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.
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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, 2025
$ 65,063,113
$ 38,420,030
$ 26,643,083
Changes for the period
Service cost 899,358 - 899,358
Interest 4,323,296 - 4,323,296
Difference between expected
and actual experience 1,333,738 - 1,333,738
Changes in assumptions - - -
Changes in benefit terms - - -
Employer contributions - 4,028,124 (4,028,124)
Employee contributions - 344,644 (344,644)
Net investment income - 6,505,886 (6,505,886)
Benefit payments and refunds (3,827,284) (3,827,284) -
Administrative expense - (40,125) 40,125
Net changes 2,729,108 7,011,245 (4,282,137)
BALANCES AT
DECEMBER 31, 2025
$ 67,792,221
$ 45,431,275
$ 22,360,946
As of December 31, 2025, the plan fiduciary net position was 67.02% of the Total
Pension Liability.
- 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)
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, 2025
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-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 $ 30,984,377 $ 22,360,946 $ 15,262,812
- 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)
Pension Expense and Deferred Outflows of Resources and Deferred Inflows of
Resources
For the year ended December 31, 2025, the Village recognized pension expense of
$3,486,615. At December 31, 2025, 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 $ 2,344,413 $ 19,539
Changes in assumption - -
Net difference between projected and actual earnings
on pension plan investments - 3,138,222
TOTAL $ 2,344,413 $ 3,157,761
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,
2026 $ 1,219,797
2027 (536,616)
2028 (717,435)
2029 (779,094)
2030 -
TOTAL $ (813,348)
- 62 -
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 $ 945,175 $ 294,153 $ 1,239,328
Investments held in the
Illinois Police Officer’s
Pension Investment Fund 56,549,590 - 56,549,590
Investments held in the
Illinois Firefighter’s
Pension Investment Fund - 45,065,482 45,065,482
Due from Village 64,460 66,547 131,007
Prepaid items 3,350 6,382 9,732
Total assets 57,562,575 45,432,564 102,995,139
LIABILITIES
Accounts payable 880 1,289 2,169
Total liabilities 880 1,289 2,169
NET POSITION HELD IN TRUST
FOR PENSION BENEFITS $ 57,561,695 $ 45,431,275 $ 102,992,970
- 63 -
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 $ 4,060,189 $ 4,028,124 $ 8,088,313
Employee 1,082,233 344,644 1,426,877
Total contributions 5,142,422 4,372,768 9,515,190
Investment income
Net appreciation in fair
value of investments 8,164,623 5,798,333 13,962,956
Interest 286,607 794,632 1,081,239
Total investment income 8,451,230 6,592,965 15,044,195
Less investment expense (44,566) (87,079) (131,645)
Net investment income 8,406,664 6,505,886 14,912,550
Total additions 13,549,086 10,878,654 24,427,740
DEDUCTIONS
Benefits and refunds 4,415,641 3,827,284 8,242,925
Administrative expenses 46,657 40,125 86,782
Total deductions 4,462,298 3,867,409 8,329,707
NET INCREASE 9,086,788 7,011,245 16,098,033
NET POSITION HELD IN TRUST
FOR PENSION BENEFITS
January 1 48,474,907 38,420,030 86,894,937
December 31 $ 57,561,695 $ 45,431,275 $ 102,992,970
- 64 -
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 series 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 maintaince costs due in each respective year. Additionally, if PC realizes gross
revenues in excess of $300,000 during any fiscal year, PC 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, 2025. As of December 31, 2025, the Village
reported a receivable of $97,761 and deferred inflow of resources in the amount of $92,965
(discounted using a rate of 3.41%). For the year ended December 31, 2025, the Village
recognized a reduction of the receivable $94,490 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%.
- 65 -
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 $96,127
during 2025.
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
$202,950 during 2025.
During the year, the Village recognized lease revenue of $319,923 and interest revenue of
$76,491 related to leases. At December 31, 2025, lease receivable and deferred inflows for
leases were $3,595,616 and $3,324,522, respectively.
13. INDIVIDUAL FUND DISCLOSURES
Interfund transfers during the fiscal year ended December 31, 2025 consisted of the
following:
Transfer In Transfer Out Amount
Infrastructure Fund Nonmajor Governmental $ 200,000
TOTAL TRANSFERS $ 200,000
$200,000 transfers to the Infrastructure Fund from the Nonmajor Governmental Fund for
capital improvement costs. This transfer will not be repaid.
- 66 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
13. INDIVIDUAL FUND DISCLOSURES (Continued)
As of December 31, 2025, due to fiduciary funds/due from Village were as follows:
Payable Fund Receivable Fund Amount
General Police Pension $ 64,460
General Firefighters’ Pension 66,547
TOTAL DUE TO/FROM OTHER FUNDS $ 131,007
The purposes of significant due from/due to other funds are as follows:
• $64,460 due from the General Fund to the Police Pension Fund are for employer
pension contributions. Repayment is expected within one year.
• $66,547 due from the General Fund to the Firefighters’ Pension Fund are for
employer pension contributions. Repayment is expected within one year.
- 67 -
REQUIRED SUPPLEMENTARY INFORMATION
Variance
Original Final Over
Budget Budget Actual (Under)
REVENUES
Taxes 4,116,500$ 3,282,788$ 3,282,788$ -$
Intergovernmental 19,271,120 24,605,773 24,515,731 (90,042)
Licenses and permits 2,747,560 2,898,635 2,898,635 -
Charges for services 3,188,734 2,779,566 2,777,898 (1,668)
Fines and penalties 140,537 132,397 132,397 -
Investment income 1,000,000 1,924,584 1,976,030 51,446
Miscellaneous 15,000 32,884 32,884 -
Total revenues 30,479,451 35,656,627 35,616,363 (40,264)
EXPENDITURES
Current
General government 4,988,438 4,949,962 4,842,313 (107,649)
Public safety 21,060,721 23,591,966 23,591,966 -
Public works 3,079,627 3,154,272 3,256,626 102,354
Culture and recreation 1,271,866 1,258,042 1,258,041 (1)
Debt service
Principal - - 144,310 144,310
Interest and fees - - 7,476 7,476
Total expenditures 30,400,652 32,954,242 33,100,732 146,490
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 78,799 2,702,385 2,515,631 (186,754)
OTHER FINANCING SOURCES (USES)
Issuance of SBITAs - - 155,343 155,343
Total other financing sources (uses) - - 155,343 155,343
NET CHANGE IN FUND BALANCE 78,799$ 2,702,385$ 2,670,974 (31,411)$
FUND BALANCE, JANUARY 1 42,968,779
FUND BALANCE, DECEMBER 31 45,639,753$
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, 2025
(See independent auditor's report.)
- 68 -
FISCAL YEAR ENDED DECEMBER 31,2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Actuarially determined contribution 723,635$ 611,935$ 647,428$ 544,333$ 663,595$ 629,910$ 506,553$ 470,779$ 509,650$ 606,913$
Contributions in relation to the actuarially
determined contribution 723,634 645,761 647,429 562,006 663,595 629,910 506,553 470,779 509,650 606,913
CONTRIBUTION DEFICIENCY (Excess)1$ (33,826)$ (1)$ (17,673)$ -$ -$ -$ -$ -$ -$
Covered payroll 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$ 6,286,055$
Contributions as a percentage of
covered payroll 13.40%13.24%13.13%10.51%12.40%12.08%9.87%8.49%8.86%9.65%
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 19 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.)
- 69 -
FISCAL YEAR ENDED DECEMBER 31,2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Actuarially determined contribution 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$ 3,074,842$
Contribution in relation to the actuarially
determined contribution 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 4,060,189
CONTRIBUTION DEFICIENCY (Excess)180,403$ -$ -$ -$ 366,201$ -$ 44,633$ (168,749)$ (196,172)$ (985,347)$
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$ 4,821,747$
Contributions as a percentage of
covered payroll 40.90%45.65%50.02%53.43%45.87%51.05%48.62%66.22%66.88%84.21%
Notes to 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 16 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.)
- 70 -
FISCAL YEAR ENDED DECEMBER 31, 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Actuarially determined contribution 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$ 2,851,397$
Contribution in relation to the actuarially
determined contribution 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 4,028,124
CONTRIBUTION DEFICIENCY (Excess)213,965$ -$ -$ -$ 360,077$ -$ 64,298$ (274,288)$ (527,157)$ (1,176,727)$
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$
Contributions as a percentage of
64.06%71.27%66.91%67.47%57.70%67.08%75.71%92.57%91.93%113.00%
Notes to 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 16 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.)
- 71 -
MEASUREMENT DATE DECEMBER 31,2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
TOTAL PENSION LIABILITY
Service cost 581,062$ 558,199$ 524,438$ 465,011$ 516,338$ 544,020$ 522,291$ 449,159$ 501,622$ 505,340$
Interest 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 3,428,769
Changes of benefit terms - - - - - - - - - -
Differences between expected
and actual experience (398,570) 243,794 (677,198) 711,157 389,071 (889,544) 1,476,988 359,635 800,815 (181,737)
Changes of assumptions 89,849 (135,521) (1,138,825) 1,073,505 - (341,628) - - (39,165) -
Benefit payments, including refunds
of member contributions (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) (3,100,091)
Net change in total pension liability 1,421,115 1,735,214 (336,323) 2,889,824 1,800,998 283,663 2,649,487 1,182,384 1,607,926 652,281
Total pension liability - beginning 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
TOTAL PENSION LIABILITY - ENDING 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$ 49,243,024$
PLAN FIDUCIARY NET POSITION
Contributions - employer 715,089$ 723,634$ 645,761$ 647,429$ 562,006$ 663,595$ 629,048$ 506,553$ 470,227$ 510,297$
Contributions - member 238,021 243,012 348,030 222,216 240,618 252,942 234,051 230,465 247,780 261,179
Net investment income 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 4,544,542
Benefit payments, including refunds
of member contributions (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) (3,100,091)
Other 63,416 247,674 (989,852) 1,282,342 (7,610) (1,007,512) 156,571 (77,874) 1,046,834 (1,551,767)
Net change in plan fiduciary net position (290,372) 1,775,166 3,914,629 (2,169,885) 5,538,503 3,787,814 6,141,804 (9,113,053) 3,546,399 664,160
Plan fiduciary net position - beginning 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
PLAN FIDUCIARY NET POSITION - ENDING 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$ 45,926,727$
EMPLOYER'S NET PENSION LIABILITY (ASSET)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$ 3,316,297$
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
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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 86.58%87.29%98.31%86.11%95.41%103.56%110.98%88.79%93.15%93.27%
Covered payroll 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$ 5,885,769$
Employer's net pension liability (asset)
as a percentage of covered payroll 94.38%90.67%13.24%115.70%36.80%(28.76%)(96.73%)102.84%60.44%56.34%
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.)
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MEASUREMENT DATE DECEMBER 31,2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
TOTAL PENSION LIABILITY
Service cost 800,389$ 833,296$ 890,871$ 852,541$ 869,540$ 925,403$ 931,194$ 1,010,891$ 1,069,607$ 1,098,837$
Interest 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 5,232,223
Changes of benefit terms - - - 63,841 - - - - - -
Differences between expected
and actual experience (856,825) (347,589) 199,802 778,897 (698,928) 220,178 2,598,147 910,234 1,016,130 3,052,469
Changes to actuarial assumptions 96,439 1,964,218 (182,060) (196,672) (324,515) (35,250) 2,062,373 - - -
Benefit payments, including refunds
of member contributions (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) (4,415,641)
Net change in total pension liability 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 4,967,888
Total pension liability - beginning 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
TOTAL PENSION LIABILITY - ENDING 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$ 83,591,283$
PLAN FIDUCIARY NET POSITION
Contributions - employer 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$ 4,060,189$
Contributions - member 383,238 386,727 410,316 378,699 521,151 572,232 396,203 545,052 696,146 1,082,233
Net investment income 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 8,406,664
Benefit payments, including refunds
of member contributions (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) (4,415,641)
Administrative expense (39,522) (35,776) (54,667) (41,392) (38,098) (52,226) (44,446) (44,204) (46,285) (46,657)
Net change in plan fiduciary net position 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 9,086,788
Plan fiduciary net position - beginning 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
PLAN FIDUCIARY NET POSITION - ENDING 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$ 57,561,695$
EMPLOYER'S NET PENSION LIABILITY 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$ 26,029,588$
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
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MEASUREMENT DATE DECEMBER 31,2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Plan fiduciary net position
as a percentage of the total pension liability 61.63%64.92%58.15%65.26%69.94%75.33%55.50%59.22%61.65%68.86%
Covered payroll 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$ 5,023,079$
Employer's net pension liability
as a percentage of covered payroll 545.11%524.47%657.37%557.58%461.15%386.70%750.03%672.00%625.26%518.20%
Changes in assumption from 2016 - 2022 relate to changes in mortality rates.
(See independent auditor's report.)
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MEASUREMENT DATE DECEMBER 31,2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
TOTAL PENSION LIABILITY
Service cost 756,771$ 782,892$ 786,115$ 807,975$ 818,358$ 808,944$ 801,777$ 793,365$ 844,093$ 899,358$
Interest 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 4,323,296
Changes of benefit terms - - - 64,336 - - - - - -
Differences between expected
and actual experience (569,891) (768,292) (96,554) (139,992) 327,007 (41,604) 1,101,246 (78,159) 2,688,222 1,333,738
Changes to actuarial assumptions 90,432 300,225 (156,879) (175,274) (307,978) 2,275,678 124,403 - - -
Benefit payments, including refunds
of member contributions (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) (3,827,284)
Net change in total pension liability 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 2,729,108
Total pension liability - beginning 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
TOTAL PENSION LIABILITY - ENDING 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$ 67,792,221$
PLAN FIDUCIARY NET POSITION
Contributions - employer 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$ 4,028,124$
Contributions - member 273,775 295,477 300,087 308,176 317,505 332,919 299,887 300,356 341,988 344,644
Net investment income 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 6,505,886
Benefit payments, including refunds
of member contributions (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) (3,827,284)
Administrative expense (40,567) (41,034) (45,569) (45,897) (43,590) (62,320) (38,343) (48,130) (65,267) (40,125)
Net change in plan fiduciary net position 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 7,011,245
Plan fiduciary net position - beginning 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
PLAN FIDUCIARY NET POSITION - ENDING 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$ 45,431,275$
EMPLOYER'S NET PENSION LIABILITY 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$ 22,360,946$
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
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MEASUREMENT DATE DECEMBER 31,2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Plan fiduciary net position
as a percentage of the total pension liability 50.73%55.98%51.46%58.97%64.31%66.23%51.54%57.24%59.05%67.02%
Covered payroll 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$ 3,546,036$
Employer's net pension liability
as a percentage of covered payroll 831.80%715.78%781.18%676.11%591.18%648.26%972.83%782.94%747.40%630.59%
Changes in assumption from 2016 - 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.)
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MEASUREMENT DATE DECEMBER 31, 2018 2019 2020 2021 2022 2023 2024 2025
TOTAL OPEB LIABILITY
Service cost 325,218$ 306,833$ 399,277$ 522,041$ 528,266$ 371,025$ 360,969$ 305,402$
Interest 205,569 239,677 212,958 165,607 168,995 260,598 175,577 202,076
Differences between expected
and actual experience 79,566 (508,380) (7,464) (247,647) (367,568) (2,483,121) (405,398) (280,548)
Changes in assumptions (315,894) 791,275 765,452 226,690 (1,119,160) 531,192 (262,933) 233,849
Changes in benefit terms - - - - - - - (698,516)
Implicit benefit payments (209,110) (229,223) (212,036) (214,995) (267,003) (317,864) (259,630) (231,787)
Net change in total OPEB liability 85,349 600,182 1,158,187 451,696 (1,056,470) (1,638,170) (391,415) (469,524)
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 4,762,184
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$ 4,292,660$
Covered-employee payroll 11,490,969$ 11,909,451$ 12,267,429$ 11,422,917$ 12,389,356$ 12,613,879$ 14,198,683$ 12,172,809$
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%35.26%
Last Eight Fiscal Years
OTHER POSTEMPLOYMENT BENEFIT PLAN
TOTAL OPEB LIABILITY AND RELATED RATIOS
SCHEDULE OF CHANGES IN THE EMPLOYER'S
VILLAGE OF OAK BROOK, ILLINOIS
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
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.
2025 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.
2025 changes in benefit terms - There were changes in benefit terms relating to retirees who qualify for PSEBA benefits. These retirees will no longer receive free medical coverage after turning 65.
The impact of this change significantly decreased the Village’s liability.
(See independent auditor's report.)
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MEASUREMENT DATE DECEMBER 31,2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Annual money-weighted rate of return,
net of investment expense 6.89%13.35%(6.34%)18.71%10.86%12.77%(16.97%)13.70%9.06%17.23%
VILLAGE OF OAK BROOK, ILLINOIS
POLICE PENSION FUND
Last Ten Fiscal Years
SCHEDULE OF INVESTMENT RETURNS
(See independent auditor's report.)
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MEASUREMENT DATE DECEMBER 31,2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Annual money-weighted rate of return,
net of investment expense 7.62%13.95%(4.51%)19.01%14.99%11.84%(16.96%)15.50%10.66%16.82%
VILLAGE OF OAK BROOK, ILLINOIS
FIREFIGHTERS' PENSION FUND
SCHEDULE OF INVESTMENT RETURNS
Last Ten Fiscal Years
(See independent auditor's report.)
- 80 -
- 73 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
December 31, 2025
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 Fund 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. For purposes of the budget and financial reporting, a 'program' is a
grouping of related activities or services managed as a single unit (for example:
Police - police field services; Public Works - street - general; Sports Core -
swimming operations; Community Development - planning and building
inspections; Finance - accounting and reporting; enterprise Fund such as Water -
water operations). 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.
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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 $ 146,490
Infrastructure Fund 341,927
Hotel/Motel Tax Fund 235,906
- 82 -
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 2024
Budget Budget Actual (Under)Actual
REVENUES
Property taxes -$ -$ -$ -$ 463,710$
Taxes
Utility taxes 3,750,000 3,159,983 3,159,983 - 3,112,972
Local use taxes 319,000 74,650 74,650 - 285,689
Cannabis use taxes 12,500 12,274 12,274 - 13,033
York Township road and
bridge tax 35,000 35,881 35,881 - 33,714
Total taxes 4,116,500 3,282,788 3,282,788 - 3,445,408
Intergovernmental
Sales and use tax 17,250,000 22,532,150 22,532,150 - 18,341,679
Illinois state income tax 1,300,000 1,472,151 1,472,151 - 1,386,575
Corporate personal property
replacement taxes 550,000 403,652 403,652 - 521,793
Grants 171,120 197,820 107,778 (90,042) 229,689
Total intergovernmental 19,271,120 24,605,773 24,515,731 (90,042) 20,479,736
Licenses and permits 2,747,560 2,898,635 2,898,635 - 2,161,097
Charges for services 3,188,734 2,779,566 2,777,898 (1,668) 3,057,763
Fines and penalties 140,537 132,397 132,397 - 147,208
Investment income 1,000,000 1,924,584 1,976,030 51,446 1,890,697
Miscellaneous 15,000 32,884 32,884 - 14,647
TOTAL REVENUES 30,479,451$ 35,656,627$ 35,616,363$ (40,264)$ 31,660,266$
2025
(With Comparative Actual)
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL FUND
SCHEDULE OF REVENUES - BUDGET AND ACTUAL
For the Year Ended December 31, 2025
(See independent auditor's report.)
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Variance
Original Final Over 2024
Budget Budget Actual (Under)Actual
GENERAL GOVERNMENT
Legislative and general management
Board of trustees
Personnel 24,578$ 20,353$ 20,353$ -$ 24,777$
Materials and supplies 1,601 448 448 - 1,348
Operation and contractual 118,250 85,798 85,798 - 312,706
Capital outlay - 679,641 679,641 - 16,337
Total board of trustees 144,429 786,240 786,240 - 355,168
Village clerk
Personnel 117,161 119,941 119,941 - 110,169
Materials and supplies 1,158 395 395 - 644
Operation and contractual 11,207 10,164 10,164 - 8,257
Total Village clerk 129,526 130,500 130,500 - 119,070
Legal
Operation and contractual 322,500 529,307 529,307 - 350,713
Total legal 322,500 529,307 529,307 - 350,713
General management
Personnel 739,012 800,872 800,872 - 713,947
Materials and supplies 19,250 7,820 7,820 - 16,508
Operation and contractual 19,831 36,088 36,088 - 20,363
Total general management 778,093 844,780 844,780 - 750,818
Human resources
Personnel 314,878 371,751 371,751 - 331,653
Materials and supplies 550 15,141 15,141 - 9,462
Operation and contractual 74,950 60,102 60,102 - 66,716
Total human resources 390,378 446,994 446,994 - 407,831
Risk management
Personnel - - - - 255
Operation and contractual 1,260,000 700,792 700,792 - 482,126
Total risk management 1,260,000 700,792 700,792 - 482,381
Emergency management
Materials and supplies 500 70 70 - 3,080
Operational and contractual 26,895 18,464 18,464 - 14,652
Total emergency management 27,395 18,534 18,534 - 17,732
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
GENERAL FUND
VILLAGE OF OAK BROOK, ILLINOIS
For the Year Ended December 31, 2025
(With Comparative Actual)
2025
(This schedule is continued on the following pages.)
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Variance
Original Final Over 2024
Budget Budget Actual (Under)Actual
GENERAL GOVERNMENT (Continued)
Legislative and general management (Continued)
Information systems
Personnel 389,940$ 421,370$ 421,370$ -$ 382,882$
Materials and supplies 28,600 4,736 4,736 - 22,881
Operation and contractual 884,997 714,794 615,997 (98,797) 534,372
Capital outlay 354,360 232,633 223,781 (8,852) 289,902
Total information systems 1,657,897 1,373,533 1,265,884 (107,649) 1,230,037
Customer service
Personnel 55,443 59,350 59,350 - 57,257
Total customer service 55,443 59,350 59,350 - 57,257
Total legislative and general
management 4,765,661 4,890,030 4,782,381 (107,649) 3,771,007
Community development management
Administration
Personnel 365,127 375,223 375,223 - 356,909
Materials and supplies 1,230 646 646 - 756
Operation and contractual 258,020 129,315 129,315 - 192,821
Total administration 624,377 505,184 505,184 - 550,486
Code enforcement
Personnel 602,692 638,088 638,088 - 599,684
Materials and supplies 3,880 2,869 2,869 - 2,847
Operation and contractual 35,188 25,277 25,277 - 27,672
Total code enforcement 641,760 666,234 666,234 - 630,203
Total community development management 1,266,137 1,171,418 1,171,418 - 1,180,689
Financial services
Financial services management
Personnel 243,626 376,120 376,120 - 303,852
Materials and supplies 450 225 225 - 402
Operation and contractual 50,965 58,754 58,754 - 68,940
Capital outlay - - - - 886,373
Total financial services management 295,041 435,099 435,099 - 1,259,567
Accounting and reporting
Personnel 440,575 255,124 255,124 - 211,818
Materials and supplies 4,261 3,239 3,239 - 2,171
Operation and contractual 27,725 35,695 35,695 - 35,044
Total accounting and reporting 472,561 294,058 294,058 - 249,033
2025
VILLAGE OF OAK BROOK, ILLINOIS
For the Year Ended December 31, 2025
(With Comparative Actual)
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
(This schedule is continued on the following pages.)
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Variance
Original Final Over 2024
Budget Budget Actual (Under)Actual
2025
VILLAGE OF OAK BROOK, ILLINOIS
For the Year Ended December 31, 2025
(With Comparative Actual)
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
GENERAL GOVERNMENT (Continued)
Financial services (Continued)
PSEBA benefits
Personnel 40,000$ 4,345$ 4,345$ -$ 26,921$
Purchasing
Personnel 141,000 146,144 146,144 - 133,304
Materials and supplies 19,100 19,873 19,873 - 15,312
Total purchasing 160,100 166,017 166,017 - 148,616
Total financial services 967,702 899,519 899,519 - 1,684,137
Municipal building improvements
Capital outlay - - - - 3,577
Total municipal building improvements - - - - 3,577
Subtotal general government 6,999,500 6,960,967 6,853,318 (107,649) 6,639,410
Less reimbursements from other funds (2,011,062) (2,011,005) (2,011,005) - (875,940)
Total general government 4,988,438 4,949,962 4,842,313 (107,649) 5,763,470
PUBLIC SAFETY
Police department
Police services management
Personnel 428,382 501,420 501,420 - 449,595
Materials and supplies 3,315 6,097 6,097 - 2,724
Operation and contractual 69,531 69,988 69,988 - 63,497
Total police services management 501,228 577,505 577,505 - 515,816
Police field services
Personnel 6,574,946 7,423,961 7,423,961 - 6,833,452
Materials and supplies 14,000 12,765 12,765 - 13,452
Operation and contractual 450,393 409,857 409,857 - 389,643
Capital outlay 72,975 85,293 85,293 - 3,225,770
Total police field services 7,112,314 7,931,876 7,931,876 - 10,462,317
Police auxiliary services
Personnel 177,500 201,811 201,811 - 142,286
Total police auxiliary services 177,500 201,811 201,811 - 142,286
(This schedule is continued on the following pages.)
- 86 -
Variance
Original Final Over 2024
Budget Budget Actual (Under)Actual
2025
VILLAGE OF OAK BROOK, ILLINOIS
For the Year Ended December 31, 2025
(With Comparative Actual)
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
PUBLIC SAFETY (Continued)
Police department (Continued)
Support services general
Personnel 876,451$ 858,627$ 858,627$ -$ 819,216$
Materials and supplies 81,568 76,576 76,576 - 100,525
Operation and contractual 324,161 3,040 3,040 - 3,470
Total support services general 1,282,180 938,243 938,243 - 923,211
Support services detectives
Personnel 1,885,550 2,382,857 2,382,857 - 2,203,612
Materials and supplies 2,050 1,771 1,771 - 2,253
Operation and contractual 54,470 53,325 53,325 - 44,178
Total support services detectives 1,942,070 2,437,953 2,437,953 - 2,250,043
Support services records
Personnel 271,621 309,448 309,448 - 280,979
Materials and supplies 17,732 4,170 4,170 - 8,243
Operation and contractual 632,475 594,179 594,179 - 593,719
Total support services records 921,828 907,797 907,797 - 882,941
Total police department 11,937,120 12,995,185 12,995,185 - 15,176,614
Fire department
Fire, rescue, and EMS operations
Personnel 7,085,162 8,648,754 8,648,754 - 7,444,412
Materials and supplies 78,000 64,608 64,608 - 61,842
Operation and contractual 684,009 623,816 623,816 - 631,219
Capital outlay 102,640 99,123 99,123 - 64,442
Total fire, rescue, and EMS operations 7,949,811 9,436,301 9,436,301 - 8,201,915
Fire services management
Personnel 447,783 532,792 532,792 - 463,458
Materials and supplies 6,890 5,860 5,860 - 4,951
Operation and contractual 190,259 161,639 161,639 - 164,286
Other 9,900 7,740 7,740 - 8,475
Total fire services management 654,832 708,031 708,031 - 641,170
Special teams operations
Materials and supplies 1,425 777 777 - 6,067
Operation and contractual 15,295 12,425 12,425 - 8,958
Total special teams operations 16,720 13,202 13,202 - 15,025
(This schedule is continued on the following pages.)
- 87 -
Variance
Original Final Over 2024
Budget Budget Actual (Under)Actual
2025
VILLAGE OF OAK BROOK, ILLINOIS
For the Year Ended December 31, 2025
(With Comparative Actual)
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
PUBLIC SAFETY (Continued)
Fire department
Rescue and fire training
Personnel 68,747$ 49,674$ 49,674$ -$ 38,958$
Materials and supplies 995 868 868 - 508
Operation and contractual 1,622 1,622 1,622 - -
Total rescue and fire training 71,364 52,164 52,164 - 39,466
Emergency medical services
Personnel 21,686 14,737 14,737 - 14,959
Materials and supplies 37,951 28,882 28,882 - 34,008
Operation and contractual 143,925 127,738 127,738 - 142,050
Capital outlay 48,000 48,000 48,000 - 45,000
Total emergency medical services 251,562 219,357 219,357 - 236,017
Fire prevention and public safety
Personnel 7,700 575 575 - 41
Materials and supplies 3,050 1,164 1,164 - 1,942
Operation and contractual 168,562 165,987 165,987 - 160,509
Total fire prevention and public safety 179,312 167,726 167,726 - 162,492
Total fire department 9,123,601 10,596,781 10,596,781 - 9,296,085
Total public safety 21,060,721 23,591,966 23,591,966 - 24,472,699
PUBLIC WORKS
Mosquito control
Operation and contractual 55,943 46,432 46,432 - 55,943
Total mosquito control 55,943 46,432 46,432 - 55,943
Buildings and grounds
Personnel 207,795 268,654 268,654 - 311,373
Materials and supplies 52,846 69,558 69,558 - 37,669
Operation and contractual 393,556 326,777 326,777 - 306,982
Total buildings and grounds 654,197 664,989 664,989 - 656,024
Forestry
Personnel 2,000 570 570 - 480
Materials and supplies 8,899 7,228 7,228 - 2,281
Operation and contractual 305,880 237,325 237,325 - 282,042
Total forestry 316,779 245,123 245,123 - 284,803
(This schedule is continued on the following pages.)
- 88 -
Variance
Original Final Over 2024
Budget Budget Actual (Under)Actual
2025
VILLAGE OF OAK BROOK, ILLINOIS
For the Year Ended December 31, 2025
(With Comparative Actual)
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
PUBLIC WORKS (Continued)
Streets
Personnel 795,897$ 1,022,812$ 1,022,812$ -$ 865,559$
Materials and supplies 85,943 50,436 50,436 - 68,936
Operation and contractual 506,589 477,537 477,537 - 501,812
Total streets 1,388,429 1,550,785 1,550,785 - 1,436,307
Snow removal
Personnel 26,562 3,593 3,593 - 435
Materials and supplies 11,950 12,505 12,505 - 3,864
Operation and contractual 11,800 10,817 10,817 - 11,540
Total snow removal 50,312 26,915 26,915 - 15,839
Management
Personnel 478,132 494,229 494,229 - 430,654
Materials and supplies 30,800 28,200 28,200 - 23,568
Operation and contractual 86,235 85,681 32,692 (52,989) 14,048
Capital outlay 18,800 11,918 167,261 155,343 15,847
Total management 613,967 620,028 722,382 102,354 484,117
Total public works 3,079,627 3,154,272 3,256,626 102,354 2,933,033
CULTURE AND RECREATION
Library general operations
Personnel 514,727 529,117 529,117 - 502,862
Materials and supplies 11,786 12,078 12,077 (1) 10,925
Operation and contractual 118,972 112,404 112,404 - 91,305
Total library general operations 645,485 653,599 653,598 (1) 605,092
Library technical services
Personnel 161,420 156,446 156,446 - 148,503
Materials and supplies 3,700 3,699 3,699 - 3,597
Total library technical services 165,120 160,145 160,145 - 152,100
Library reference and adult services
Personnel 279,536 264,376 264,376 - 234,294
Materials and supplies 165,725 164,008 164,008 - 157,014
Operation and contractual 16,000 15,914 15,914 - 13,483
Total library reference and
adult services 461,261 444,298 444,298 - 404,791
Total culture and recreation 1,271,866 1,258,042 1,258,041 (1) 1,161,983
(This schedule is continued on the following page.)
- 89 -
Variance
Original Final Over 2024
Budget Budget Actual (Under)Actual
2025
VILLAGE OF OAK BROOK, ILLINOIS
For the Year Ended December 31, 2025
(With Comparative Actual)
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
DEBT SERVICE
Principal -$ -$ 144,310$ 144,310$ 89,461$
Interest and fees - - 7,476 7,476 9,011
Total debt service - - 151,786 151,786 98,472
TOTAL EXPENDITURES 30,400,652$ 32,954,242$ 33,100,732$ 146,490$ 34,429,657$
(See independent auditor's report.)
- 90 -
Variance
Original Final Over
Budget Budget Actual (Under)2024
REVENUES
Taxes
Non-home rule sales tax 6,995,000$ 9,831,026$ 9,831,026$ -$ 7,890,354$
Intergovernmental
Grants - 507,108 507,108 - -
Investment income 400,000 1,026,089 1,026,089 - 822,178
Miscellaneous - - - - 2,795
Total revenues 7,395,000 11,364,223 11,364,223 - 8,715,327
EXPENDITURES
General government
Geographic information
Personnel - 5,368 5,368 - -
Materials and supplies - - - - 3,049
Operation and contractual 96,800 96,008 96,008 - 180,050
Total geographic information 96,800 101,376 101,376 - 183,099
Total general government 96,800 101,376 101,376 - 183,099
Public works
Management
Materials and supplies - 85 85 - 297
Operation and contractual 236,981 90,133 90,133 - 77,895
Capital 45,000 45,398 45,398 - 29,871
Total management 281,981 135,616 135,616 - 108,063
Streets - general salaries
Personnel - - - - 124
Materials and supplies - 4 4 - -
Total streets - general salaries - 4 4 - 124
Streets and traffic maintenance
Operation and contractual 368,134 291,349 291,349 - 298,712
Materials and supplies - 1,028 1,028 - -
Total streets and traffic maintenance 368,134 292,377 292,377 - 298,712
Snow removal
Personnel - 32,783 32,783 - 23,300
Operation and contractual 45,000 41,250 41,250 - 45,000
Total snow removal 45,000 74,033 74,033 - 68,300
Drainage maintenance
Materials and supplies 16,800 4,248 4,248 - 2,508
Operation and contractual 57,500 50,650 50,650 - 37,523
Total drainage maintenance 74,300 54,898 54,898 - 40,031
2025
INFRASTRUCTURE FUND
VILLAGE OF OAK BROOK, ILLINOIS
(With Comparative Actual)
For the Year Ended December 31, 2025
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
SCHEDULE OF REVENUES, EXPENDITURES, AND
(This schedule is continued on the following page.)
- 91 -
Variance
Original Final Over
Budget Budget Actual (Under)2024
EXPENDITURES (Continued)
Public works (Continued)
Safe pathway maintenance
Materials and supplies 31,000$ 34,570$ 34,570$ -$ 20,000$
Operation and contractual 29,500 26,750 26,750 - 14,840
Total safe pathway maintenance 60,500 61,320 61,320 - 34,840
Engineering and capital projects engineering
Operation and contractual 450,000 22,246 22,246 - 108,777
Total engineering and capital projects engineering 450,000 22,246 22,246 - 108,777
Roadway improvements
Operation and contractual 790,000 388,378 388,378 - 493,575
Intergovernmental agreements 3,738,674 859,087 1,768,553 909,466 1,026,082
Capital 690,000 76,489 76,489 - 102,174
Total roadway improvements 5,218,674 1,323,954 2,233,420 909,466 1,621,831
Reimbursements from other funds
Reimbursements paid to other funds 701,906 701,906 701,906 - 32,004
Total reimbursements from other funds 701,906 701,906 701,906 - 32,004
Total public works 7,200,495 2,666,354 3,575,820 909,466 2,312,682
Public safety
Infrastructure
Operation and contractual 61,799 18,057 18,057 - 22,224
Capital 190,000 442,403 341,465 (100,938) 306,917
Total public safety 251,799 460,460 359,522 (100,938) 329,141
Debt service
Principal - - 438,861 438,861 -
Interest and fees - - 4,004 4,004 -
Total expenditures 7,549,094 3,228,190 4,479,583 1,251,393 2,824,922
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (154,094) 8,136,033 6,884,640 (1,251,393) 5,890,405
OTHER FINANCING SOURCES (USES)
Transfers in 200,000 200,000 200,000 - -
Issuance of SBITAs - - 266,928 266,928 -
Total other financing sources (uses) 200,000 200,000 466,928 266,928 -
NET CHANGE IN FUND BALANCE 45,906$ 8,336,033$ 7,351,568 (984,465)$ 5,890,405
FUND BALANCE, JANUARY 1 21,386,016 15,495,611
FUND BALANCE, DECEMBER 31 28,737,584$ 21,386,016$
(With Comparative Actual)
2025
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, 2025
(See independent auditor's report.)
- 92 -
NONMAJOR GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS
Motor Fuel Tax Fund - to account for state gasoline tax allocations restricted for local roadway
program expenditures.
Hotel/Motel Tax Fund - to account for local hotel/motel tax receipts restricted for promoting
tourism and conventions in the Village.
Foreign Fire Insurance Tax Fund - to account for foreign fire insurance tax revenue restricted for
the purchase of items for the benefit of the fire department.
Motor Hotel/Motel Foreign Fire
Fuel Tax Tax Insurance Tax Total
Cash and investments 2,551,608$ 5,917,902$ 123,360$ 8,592,870$
Receivables
Allotments 33,048 - - 33,048
Accrued interest - 16,117 - 16,117
Other - 259,388 - 259,388
TOTAL ASSETS 2,584,656$ 6,193,407$ 123,360$ 8,901,423$
LIABILITIES
Accounts payable 7,886$ 114,199$ -$ 122,085$
Accrued payroll - 7,838 - 7,838
Total liabilities 7,886 122,037 - 129,923
FUND BALANCES
Restricted
Highways and streets 2,576,770 - - 2,576,770
Public safety - - 123,360 123,360
Culture and recreation - 6,071,370 - 6,071,370
Total fund balances 2,576,770 6,071,370 123,360 8,771,500
TOTAL LIABILITIES
AND FUND BALANCES 2,584,656$ 6,193,407$ 123,360$ 8,901,423$
AND FUND BALANCES
ASSETS
LIABILITIES
VILLAGE OF OAK BROOK, ILLINOIS
COMBINING BALANCE SHEET
December 31, 2025
Special Revenue
(See independent auditor's report.)
- 93 -
Motor Hotel/Motel Foreign Fire
Fuel Tax Tax Insurance Tax Total
REVENUES
Taxes -$ 1,741,743$ 77,129$ 1,818,872$
Intergovernmental 372,667 - - 372,667
Investment income 92,407 252,328 26 344,761
Miscellaneous - 571,513 - 571,513
Total revenues 465,074 2,565,584 77,155 3,107,813
EXPENDITURES
Current
General government 80,521 205,791 - 286,312
Public safety - - 156,470 156,470
Culture and recreation - 1,560,605 - 1,560,605
Total expenditures 80,521 1,766,396 156,470 2,003,387
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 384,553 799,188 (79,315) 1,104,426
OTHER FINANCING SOURCES (USES)
Transfers (out)(200,000) - - (200,000)
Total other financing sources (uses) (200,000) - - (200,000)
NET CHANGE IN FUND BALANCES 184,553 799,188 (79,315) 904,426
FUND BALANCES, JANUARY 1 2,392,217 5,272,182 202,675 7,867,074
FUND BALANCES, DECEMBER 31 2,576,770$ 6,071,370$ 123,360$ 8,771,500$
VILLAGE OF OAK BROOK, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
For the Year Ended December 31, 2025
Special Revenue
(See independent auditor's report.)
- 94 -
Variance
Original Final Over
Budget Budget Actual (Under)2024
REVENUES
Intergovernmental 327,000$ 372,667$ 372,667$ -$ 362,847$
Investment income 25,000 92,407 92,407 - 96,595
Total revenues 352,000 465,074 465,074 - 459,442
EXPENDITURES
Current
General government 91,430 80,521 80,521 - 89,327
Total expenditures 91,430 80,521 80,521 - 89,327
EXCESS (DEFICIENCY) OF REVENUES 260,570 384,553 384,553 - 370,115
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers (out)(200,000) (200,000) (200,000) - -
Total other financing sources (uses) (200,000) (200,000) (200,000) - -
NET CHANGE IN FUND BALANCE 60,570$ 184,553$ 184,553 -$ 370,115
FUND BALANCE, JANUARY 1 2,392,217 2,022,102
FUND BALANCE, DECEMBER 31 2,576,770$ 2,392,217$
(With Comparative Actual)
2025
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, 2025
(See independent auditor's report.)
- 95 -
Variance
Original Final Over
Budget Budget Actual (Under)2024
REVENUES
Taxes
Hotel/motel taxes 1,400,000$ 1,741,743$ 1,741,743$ -$ 1,630,393$
Intergovernmental - - - - 100,000
Investment income 60,000 252,328 252,328 - 192,157
Miscellaneous 504,500 158,399 571,513 413,114 2,000
Total revenues 1,964,500 2,152,470 2,565,584 413,114 1,924,550
EXPENDITURES
Current
General government 205,791 205,791 205,791 - 243,912
Culture and recreation 1,710,583 1,324,699 1,560,605 235,906 179,653
Total expenditures 1,916,374 1,530,490 1,766,396 235,906 423,565
NET CHANGE IN FUND BALANCE 48,126$ 621,980$ 799,188 177,208$ 1,500,985
FUND BALANCE, JANUARY 1 5,272,182 3,771,197
FUND BALANCE, DECEMBER 31 6,071,370$ 5,272,182$
2025
(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, 2025
(See independent auditor's report.)
- 96 -
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)2024
OPERATING REVENUES
Charges for services
Water sales 11,309,195$ 11,133,513$ 11,133,513$ -$ 10,578,269$
Unmetered sales 60,000 48,986 48,986 - 49,486
Water tap on charges 74,000 100,178 100,178 - 80,500
Meter fees and special services 30,000 69,433 69,433 - 45,038
Miscellaneous 77,025 231,444 231,444 - 143,204
Total operating revenues 11,550,220 11,583,554 11,583,554 - 10,896,497
OPERATING EXPENSES
Operation of facilities 16,023,899 15,332,340 7,902,160 (7,430,180) 7,189,592
Depreciation and amortization - - 1,351,414 1,351,414 1,256,617
Total operating expenses 16,023,899 15,332,340 9,253,574 (6,078,766) 8,446,209
OPERATING INCOME (LOSS)(4,473,679) (3,748,786) 2,329,980 6,078,766 2,450,288
NON-OPERATING REVENUES (EXPENSES)
Investment income 700,000 1,426,443 1,426,443 - 1,334,487
Interest expense - - (2,467) (2,467) (255)
Gain/(loss) on sale of capital assets - - - - (48,845)
Total non-operating revenues (expenses)700,000 1,426,443 1,423,976 (2,467) 1,285,387
INCOME (LOSS) BEFORE CAPITAL GRANTS
AND CONTRIBUTIONS (3,773,679) (2,322,343) 3,753,956 6,076,299 3,735,675
CAPITAL GRANTS AND CONTRIBUTIONS - - - - 1,090,855
CHANGE IN NET POSITION (3,773,679)$ (2,322,343)$ 3,753,956 6,076,299$ 4,826,530
NET POSITION, JANUARY 1,
AS PREVIOUSLY REPORTED 57,782,380 52,970,437
Change in accounting principle - (14,587)
NET POSITION, JANUARY 1, AS RESTATED 57,782,380 52,955,850
NET POSITION, DECEMBER 31 61,536,336$ 57,782,380$
(With Comparative Actual)
2025
VILLAGE OF OAK BROOK, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES
IN NET POSITION - BUDGET AND ACTUAL
For the Year Ended December 31, 2025
WATERWORKS SYSTEM FUND
(See independent auditor's report.)
- 97 -
Variance
Original Final Over
Budget Budget Actual (Under)2024
OPERATING EXPENSES
Operation of facilities
Public works - water operations
Personnel 657,277$ 698,647$ 711,872$ 13,225$ 551,217$
Materials and supplies 119,671 132,847 132,847 - 134,205
Operation and contractual 13,403,559 13,510,538 6,468,239 (7,042,299) 6,067,286
Reimbursement to other funds 589,202 589,202 589,202 - 436,884
Total public works - water operations 14,769,709 14,931,234 7,902,160 (7,029,074) 7,189,592
Capital improvements
Capital outlay 1,254,190 401,106 - (401,106) -
Total capital improvements 1,254,190 401,106 - (401,106) -
Depreciation and amortization expense - - 1,351,414 1,351,414 1,256,617
TOTAL OPERATING EXPENSES 16,023,899$ 15,332,340$ 9,253,574$ (6,078,766)$ 8,446,209$
2025
VILLAGE OF OAK BROOK, ILLINOIS
WATERWORKS SYSTEM FUND
SCHEDULE OF DETAILED EXPENSES - BUDGET AND ACTUAL - BUDGETARY BASIS
For the Year Ended December 31, 2025
(With Comparative Actual)
(See independent auditor's report.)
- 98 -
Variance
Original Final Over
Budget Budget Actual (Under)2024
OPERATING REVENUES
Charges for services
Golf club 4,067,197$ 4,146,030$ 4,146,030$ -$ 3,827,183$
Swimming and tennis 708,582 726,883 726,883 - 574,215
Rentals and commissions 567,000 548,960 512,821 (36,139) 444,820
Food and beverage 136,660 203,733 203,733 - 87,798
Total operating revenues 5,479,439 5,625,606 5,589,467 (36,139) 4,934,016
OPERATING EXPENSES
Golf club 2,993,110 3,138,155 2,357,060 (781,095) 2,059,516
Swimming and tennis 2,053,476 1,693,450 1,217,407 (476,043) 811,251
Rentals and commissions 316,276 276,868 276,868 - 127,726
Food and beverage 10,000 103,306 103,306 - 25,150
Depreciation and amortization - - 828,859 828,859 748,110
Total operating expenses 5,372,862 5,211,779 4,783,500 (428,279) 3,771,753
OPERATING INCOME 106,577 413,827 805,967 392,140 1,162,263
NON-OPERATING REVENUES (EXPENSES)
Investment income - 13,265 54,107 40,842 36,816
Interest expense - - (2,279) (2,279) -
Total non-operating revenues (expenses)- 13,265 51,828 38,563 36,816
INCOME BEFORE CAPITAL GRANTS
AND CONTRIBUTIONS 106,577 427,092 857,795 430,703 1,199,079
CAPITAL GRANTS AND CONTRIBUTIONS - - 20,000 20,000 -
CHANGE IN NET POSITION 106,577$ 427,092$ 877,795 450,703$ 1,199,079
NET POSITION, JANUARY 1,
AS PREVIOUSLY REPORTED 17,558,472 16,363,549
Change in accounting principle - (4,156)
NET POSITION, JANUARY 1, AS RESTATED 17,558,472 16,359,393
NET POSITION, DECEMBER 31 18,436,267$ 17,558,472$
2025
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, 2025
(With Comparative Actual)
(See independent auditor's report.)
- 99 -
Variance
Original Final Over
Budget Budget Actual (Under)2024
CHARGES FOR SERVICE
Golf club
Fees 3,423,372$ 3,308,107$ 3,308,107$ -$ 2,989,937$
Surcharge - 239,623 239,623 - 251,878
Memberships 456,825 358,600 358,600 - 393,375
Merchandise sales 187,000 200,647 200,647 - 172,105
Miscellaneous - 39,053 39,053 - 19,888
Total golf club 4,067,197 4,146,030 4,146,030 - 3,827,183
Swimming and tennis
Fees 198,800 136,340 136,340 - 139,609
Memberships 502,782 587,112 587,112 - 431,143
Merchandise sales 7,000 515 515 - 2,360
Miscellaneous - 2,916 2,916 - 1,103
Total swimming and tennis 708,582 726,883 726,883 - 574,215
Rentals and commissions
Open field rental 203,000 203,150 187,914 (15,236) 187,444
Butler range rental 91,000 92,033 82,513 (9,520) 79,401
Food and beverage service rental income 273,000 253,777 242,394 (11,383) 177,975
Total rentals and commissions 567,000 548,960 512,821 (36,139) 444,820
Food and beverage
Food sales 57,780 166,380 166,380 - 86,022
Beverage sales 78,880 37,353 37,353 - 1,776
Total food and beverage 136,660 203,733 203,733 - 87,798
TOTAL OPERATING REVENUES 5,479,439$ 5,625,606$ 5,589,467$ (36,139)$ 4,934,016$
2025
VILLAGE OF OAK BROOK, ILLINOIS
SPORTS CORE FUND
SCHEDULE OF DETAILED REVENUES - BUDGET AND ACTUAL
For the Year Ended December 31, 2025
(With Comparative Actual)
(See independent auditor's report.)
- 100 -
Variance
Original Final Over
Budget Budget Actual (Under)2024
OPERATING EXPENSES
Operations - golf club
Golf club general operations
Personnel 419,401$ 560,595$ 560,142$ (453)$ 284,780$
Materials and supplies 146,520 151,605 151,605 - 202,040
Operation and contractual 292,851 271,066 271,066 - 235,641
Capital outlay 625,000 573,905 1,916 (571,989) 1,320
Total operations - golf club 1,483,772 1,557,171 984,729 (572,442) 723,781
Golf club range operations
Personnel 91,503 157,786 157,786 - 63,030
Materials and supplies 30,000 33,423 33,423 - 19,898
Operation and contractual 37,000 43,927 43,927 - 46,904
Total operations - golf club range 158,503 235,136 235,136 - 129,832
Golf cart operations
Personnel 48,443 77,338 77,338 - 80,773
Materials and supplies 3,000 1,505 1,505 - 1,274
Operation and contractual 4,000 7,094 4,815 (2,279) 32,959
Capital outlay 49,000 48,470 - (48,470) -
Total operations - golf cart 104,443 134,407 83,658 (50,749) 115,006
Golf course maintenance
Personnel 801,101 764,497 774,617 10,120 699,335
Materials and supplies 195,115 227,859 227,859 - 184,796
Operation and contractual 73,122 51,061 51,061 - 51,061
Capital outlay 177,054 168,024 - (168,024) 3,341
Total operations - golf course maintenance 1,246,392 1,211,441 1,053,537 (157,904) 938,533
Less
Reimbursement to (from) other funds - - - - 152,364
Total operations - golf club 2,993,110 3,138,155 2,357,060 (781,095) 2,059,516
Operations - swimming and tennis
General operations
Personnel 236,302 215,378 212,150 (3,228) 181,026
Materials and supplies 905 481 481 - 21
Operation and contractual 216,694 70,203 195,119 124,916 167,326
Subtotal general operations 453,901 286,062 407,750 121,688 348,373
Less
Reimbursement to (from) other funds 514,106 514,106 514,106 - 10,776
Overhead allocation (832,007) (832,007) (832,007) - (104,500)
Total general operations 136,000 (31,839) 89,849 121,688 254,649
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, 2025
2025
(This schedule is continued on the following pages.)
- 101 -
Variance
Original Final Over
Budget Budget Actual (Under)2024
OPERATING EXPENSES (Continued)
Operations - swimming and tennis (Continued)
Swimming operations
Personnel 54,315$ 54,291$ 54,291$ -$ 51,587$
Materials and supplies 23,050 27,453 27,453 - 22,594
Operation and contractual 342,393 326,175 318,025 (8,150) 284,100
Capital outlay 690,000 592,885 3,304 (589,581) 7,800
Overhead allocation 617,911 617,911 617,911 - 66,075
Total swimming operations 1,727,669 1,618,715 1,020,984 (597,731) 432,156
Tennis operations - outdoor
Materials and supplies 4,200 2,330 2,330 - 15,470
Operation and contractual 158,161 76,798 76,798 - 97,551
Overhead allocation 27,446 27,446 27,446 - 11,425
Total tennis operations - outdoor 189,807 106,574 106,574 - 124,446
Total operations - swimming and tennis 2,053,476 1,693,450 1,217,407 (476,043) 811,251
Rentals and commissions
Bath and tennis clubhouse
Personnel - - - - 162
Materials and supplies 13,750 5,303 5,303 - 7,454
Operation and contractual 40,365 51,662 51,662 - 57,500
Overhead allocation 120,895 120,895 120,895 - 12,500
Total bath and tennis clubhouse 175,010 177,860 177,860 - 77,616
Open fields
Materials and supplies 9,490 - - - -
Operation and contractual 76,022 43,254 43,254 - 50,110
Overhead allocation 55,754 55,754 55,754 - -
Total open fields 141,266 99,008 99,008 - 50,110
Total rentals and commissions 316,276 276,868 276,868 - 127,726
Food and beverage
Poolside grill
Materials and supplies - - - - 1,665
Operation and contractual - 93,306 93,306 - 763
Overhead allocation 10,000 10,000 10,000 - 14,500
Total poolside grill 10,000 103,306 103,306 - 16,928
2025
For the Year Ended December 31, 2025
(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.)
- 102 -
Variance
Original Final Over
Budget Budget Actual (Under)2024
2025
For the Year Ended December 31, 2025
(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 -$ -$ -$ -$ 5,184$
Operation and contractual - - - - 3,038
Total golf clubhouse - - - - 8,222
Total food and beverage 10,000 103,306 103,306 - 25,150
Depreciation
Depreciation expense - golf - - 503,110 503,110 439,547
Depreciation expense - swimming and tennis - - 238,351 238,351 241,721
Depreciation expense - food and beverage - - 87,398 87,398 66,842
Total depreciation - - 828,859 828,859 748,110
TOTAL OPERATING EXPENSES 5,372,862$ 5,211,779$ 4,783,500$ (428,279)$ 3,771,753$
(See independent auditor's report.)
- 103 -
INTERNAL SERVICE FUNDS
Insurance Fund - to account for all costs associated with 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, 2025
Capital
Insurance Garage Replacement Total
CURRENT ASSETS
Cash and investments 365,675$ 441,920$ 1,793,245$ 2,600,840$
Receivables
Accrued interest - - 5,672 5,672
Other 14,210 2,103 10,833 27,146
Inventories - 53,621 - 53,621
Total current assets 379,885 497,644 1,809,750 2,687,279
NONCURRENT ASSETS
Capital assets
Capital assets being depreciated,
net of accumulated depreciation and amortization - 40,488 3,961,268 4,001,756
Net capital assets - 40,488 3,961,268 4,001,756
Total assets 379,885 538,132 5,771,018 6,689,035
DEFERRED OUTFLOWS OF RESOURCES
Pension items - IMRF - 49,355 - 49,355
Deferred outflows of resources - OPEB - 5,626 - 5,626
Total deferred outflows of resources - 54,981 - 54,981
Total assets and deferred outflows of resources 379,885 593,113 5,771,018 6,744,016
CURRENT LIABILITIES
Accounts payable 8,551 44,777 - 53,328
Accrued payroll - 6,294 - 6,294
Unearned revenue 22,728 - - 22,728
Interest payable - - - -
Current compensated absences payable - 12,391 - 12,391
Current other postemployment benefit liability - 1,391 - 1,391
Leases - - 766,696 766,696
Total current liabilities 31,279 64,853 766,696 862,828
NONCURRENT LIABILITIES
Compensated absences payable - 2,187 - 2,187
Net pension liability - 87,641 - 87,641
Other postemployment benefit liability - 24,377 - 24,377
Leases - - 1,430,287 1,430,287
Total noncurrent liabilities - 114,205 1,430,287 1,544,492
Total liabilities 31,279 179,058 2,196,983 2,407,320
DEFERRED INFLOWS OF RESOURCES
Pension items - IMRF - 2,655 - 2,655
Deferred inflows of resources - OPEB - 19,967 - 19,967
Total deferred inflows of resources - 22,622 - 22,622
Total liabilities and deferred inflows of resources 31,279 201,680 2,196,983 2,429,942
NET POSITION
Net investment in capital assets - 40,488 1,764,285 1,804,773
Unrestricted 348,606 350,945 1,809,750 2,509,301
TOTAL NET POSITION 348,606$ 391,433$ 3,574,035$ 4,314,074$
(See independent auditor's report.)
- 104 -
VILLAGE OF OAK BROOK, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET POSITION
INTERNAL SERVICE FUNDS
For the Year Ended December 31, 2025
Capital
Insurance Garage Replacement Total
OPERATING REVENUES
Charges for services 2,996,744$ 798,327$ 1,240,593$ 5,035,664$
Total operating revenues 2,996,744 798,327 1,240,593 5,035,664
OPERATING EXPENSES
Claims and insurance 3,108,583 - - 3,108,583
Operations - 874,806 53,490 928,296
Depreciation and amortization - 4,796 1,128,211 1,133,007
Total operating expenses 3,108,583 879,602 1,181,701 5,169,886
OPERATING INCOME (LOSS)(111,839) (81,275) 58,892 (134,222)
NON-OPERATING REVENUES (EXPENSES)
Investment income 11,571 17,448 79,099 108,118
Interest expense - - (59,786) (59,786)
Gain (loss) on disposal of capital assets - - 31,776 31,776
Total non-operating revenues (expenses)11,571 17,448 51,089 80,108
CHANGE IN NET POSITION (100,268) (63,827) 109,981 (54,114)
NET POSITION, JANUARY 1 448,874 455,260 3,464,054 4,368,188
NET POSITION, DECEMBER 31 348,606$ 391,433$ 3,574,035$ 4,314,074$
(See independent auditor's report.)
- 105 -
VILLAGE OF OAK BROOK, ILLINOIS
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
For the Year Ended December 31, 2025
Capital
Insurance Garage Replacement Total
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from internal services transactions 2,711,286$ 797,484$ 1,240,593$ 4,749,363$
Receipts from customers and users 294,970 - - 294,970
Payments to suppliers (3,100,919) (623,690) (53,490) (3,778,099)
Payments to employees - (186,474) - (186,474)
Net cash from operating activities (94,663) (12,680) 1,187,103 1,079,760
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
None - - - -
Net cash from noncapital financing activities - - - -
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Purchase of capital assets - - (122,047) (122,047)
Proceeds from sale of capital assets - - 33,408 33,408
Principal payments on leases - - (624,616) (624,616)
Interest payments on leases - - (59,786) (59,786)
Net cash from capital and
related financing activities - - (773,041) (773,041)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase/sale of investment securities - - (342,879) (342,879)
Interest received 11,571 17,448 76,556 105,575
Net cash from investing activities 11,571 17,448 (266,323) (237,304)
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS (83,092) 4,768 147,739 69,415
CASH AND CASH EQUIVALENTS,
JANUARY 1 448,767 437,152 818,273 1,704,192
CASH AND CASH EQUIVALENTS,
DECEMBER 31 365,675$ 441,920$ 966,012$ 1,773,607$
CASH AND INVESTMENTS
Cash and cash equivalents 365,675$ 441,920$ 966,012$ 1,773,607$
Investments - - 827,233 827,233
TOTAL CASH AND INVESTMENTS 365,675$ 441,920$ 1,793,245$ 2,600,840$
(This schedule is continued on the following page.)
- 106 -
VILLAGE OF OAK BROOK, ILLINOIS
COMBINING STATEMENT OF CASH FLOWS (Continued)
INTERNAL SERVICE FUNDS
For the Year Ended December 31, 2025
Capital
Insurance Garage Replacement Total
RECONCILIATION OF OPERATING INCOME (LOSS)
TO NET CASH FLOWS FROM
OPERATING ACTIVITIES
Operating income (loss)(111,839)$ (81,275)$ 58,892$ (134,222)$
Depreciation and amortization - 4,796 1,128,211 1,133,007
Adjustments to reconcile operating income (loss)
to net cash from operating activities
Changes in assets and liabilities
Accounts receivable 10,087 (843) - 9,244
Inventory - 26,823 - 26,823
Accounts payable 7,664 (5,367) - 2,297
Accrued payroll - 604 - 604
Compensated absences - 2,033 - 2,033
Pension items - IMRF - 45,394 - 45,394
Pension items - OPEB - (4,845) - (4,845)
Unearned revenue (575) - - (575)
NET CASH FROM OPERATING ACTIVITIES (94,663)$ (12,680)$ 1,187,103$ 1,079,760$
NONCASH TRANSACTIONS
Capital assets acquired via lease -$ -$ 409,819$ 409,819$
Loss on disposal of capital assets - - 1,632 1,632
TOTAL NONCASH TRANSACTIONS -$ -$ 411,451$ 411,451$
(See independent auditor's report.)
- 107 -
Variance
Original Final Over
Budget Budget Actual (Under)2024
OPERATING REVENUES
Charges for services 3,610,821$ 2,996,170$ 2,996,744$ 574$ 2,917,326$
Total operating revenues 3,610,821 2,996,170 2,996,744 574 2,917,326
OPERATING EXPENSES
Claims and insurance
Insurance and administration 3,604,467 3,072,238 3,072,238 - 3,023,246
Health claims 15,000 36,345 36,345 - 25,182
Total operating expenses 3,619,467 3,108,583 3,108,583 - 3,048,428
OPERATING INCOME (LOSS)(8,646) (112,413) (111,839) 574 (131,102)
NON-OPERATING REVENUES (EXPENSES)
Investment income 10,000 11,571 11,571 - 14,534
Total non-operating revenues (expenses)10,000 11,571 11,571 - 14,534
CHANGE IN NET POSITION 1,354$ (100,842)$ (100,268) 574$ (116,568)
NET POSITION, JANUARY 1 448,874 565,442
NET POSITION, DECEMBER 31 348,606$ 448,874$
(With Comparative Actual)
2025
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, 2025
INSURANCE FUND
(See independent auditor's report.)
- 108 -
Variance
Original Final Over
Budget Budget Actual (Under)2024
OPERATING REVENUES
Charges for services 870,902$ 798,327$ 798,327$ -$ 728,400$
Total operating revenues 870,902 798,327 798,327 - 728,400
OPERATING EXPENSES
Operations
Personnel 298,111 218,955 229,660 10,705 214,741
Materials and supplies 316,626 253,548 236,877 (16,671) 220,381
Operational and contractual 268,860 367,720 367,720 - 211,256
Pension expense/(income) - IMRF - 45,394 45,394 - (18,736)
OPEB expense - - (4,845) (4,845) (614)
Expenditure reimbursement paid to other funds - - - - -
Depreciation and amortization - - 4,796 4,796 4,585
Total operating expenses 883,597 885,617 879,602 (6,015) 631,613
OPERATING INCOME (LOSS)(12,695) (87,290) (81,275) 6,015 96,787
NON-OPERATING REVENUES (EXPENSES)
Investment income 16,000 17,448 17,448 - 16,535
Total non-operating revenues (expenses)16,000 17,448 17,448 - 16,535
CHANGE IN NET POSITION 3,305$ (69,842)$ (63,827) 6,015$ 113,322
NET POSITION, JANUARY 1,
AS PREVIOUSLY REPORTED 455,260 346,474
Change in accounting principle - (4,536)
NET POSITION, JANUARY 1, AS RESTATED 455,260 341,938
NET POSITION, DECEMBER 31 391,433$ 455,260$
(With Comparative Actual)
2025
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, 2025
(See independent auditor's report.)
- 109 -
Variance
Original Final Over
Budget Budget Actual (Under)2024
OPERATING REVENUES
Charges for services 1,353,375$ 1,240,593$ 1,240,593$ -$ 1,337,892$
Total operating revenues 1,353,375 1,240,593 1,240,593 - 1,337,892
OPERATING EXPENSES
Operations
Materials and supplies 284,880 122,047 - (122,047) 3,520
Operational and contractual - - 53,490 53,490 100,369
Depreciation and amortization - - 1,128,211 1,128,211 1,087,071
Total operating expenses 284,880 122,047 1,181,701 1,059,654 1,190,960
OPERATING INCOME (LOSS)1,068,495 1,118,546 58,892 (1,059,654) 146,932
NON-OPERATING REVENUES (EXPENSES)
Investment income 35,000 79,099 79,099 - 53,586
Principal payments (605,000) (905,629) - 905,629 -
Interest payments - - (59,786) (59,786) (71,439)
Gain on disposal of capital assets 5,000 33,408 31,776 (1,632) 10,092
Total non-operating revenues (expenses)(565,000) (793,122) 51,089 844,211 (7,761)
CHANGE IN NET POSITION 503,495$ 325,424$ 109,981 (215,443)$ 139,171
NET POSITION, JANUARY 1 3,464,054 3,324,883
NET POSITION, DECEMBER 31 3,574,035$ 3,464,054$
2025
CAPITAL REPLACEMENT FUND
VILLAGE OF OAK BROOK, ILLINOIS
(With Comparative Actual)
For the Year Ended December 31, 2025
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES
IN NET POSITION - BUDGET AND ACTUAL - BUDGETARY BASIS
(See independent auditor's report.)
- 110 -
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 945,175$ 294,153$ 1,239,328$
Investments held in the
Illinois Police Officer's
Pension Investment Fund 56,549,590 - 56,549,590
Investments held in the
Illinois Firefighters'
Pension Investment Fund - 45,065,482 45,065,482
Due from Village 64,460 66,547 131,007
Prepaid items 3,350 6,382 9,732
Total assets 57,562,575 45,432,564 102,995,139
LIABILITIES
Accounts payable 880 1,289 2,169
Total liabilities 880 1,289 2,169
NET POSITION RESTRICTED
FOR PENSIONS 57,561,695$ 45,431,275$ 102,992,970$
VILLAGE OF OAK BROOK, ILLINOIS
COMBINING STATEMENT OF NET POSITION
December 31, 2025
PENSION TRUST FUNDS
(See independent auditor's report.)
- 111 -
Police Firefighters'
Pension Pension Total
ADDITIONS
Contributions
Employer 4,060,189$ 4,028,124$ 8,088,313$
Employee 1,082,233 344,644 1,426,877
Total contributions 5,142,422 4,372,768 9,515,190
Investment income
Net appreciation in fair
value of investments 8,164,623 5,798,333 13,962,956
Interest 286,607 794,632 1,081,239
Total investment income 8,451,230 6,592,965 15,044,195
Less investment expenses (44,566) (87,079) (131,645)
Net investment income 8,406,664 6,505,886 14,912,550
Total additions 13,549,086 10,878,654 24,427,740
DEDUCTIONS
Benefits and refunds 4,415,641 3,827,284 8,242,925
Administrative expenses 46,657 40,125 86,782
Total deductions 4,462,298 3,867,409 8,329,707
NET INCREASE 9,086,788 7,011,245 16,098,033
NET POSITION RESTRICTED
FOR PENSIONS
January 1 48,474,907 38,420,030 86,894,937
December 31 57,561,695$ 45,431,275$ 102,992,970$
VILLAGE OF OAK BROOK, ILLINOIS
COMBINING STATEMENT OF CHANGES IN PLAN NET POSITION
For the Year Ended December 31, 2025
PENSION TRUST FUNDS
(See independent auditor's report.)
- 112 -
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.
113-122
Revenue Capacity
These schedules contain information to help the reader assess the Village’s most
significant local revenue source, the sales tax.
123-132
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.
133-135
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.
136-137
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.
138-143
Sources: Unless otherwise noted, the information in these schedules is derived from the annual
comprehensive financial reports for the relevant year.
Fiscal Year 2016 2017 2018 2019
GOVERNMENTAL ACTIVITIES
Net investment in capital assets 60.5$ 61.8$ 65.4$ 67.5$
Restricted 12.3 14.8 15.3 15.1
Unrestricted (deficit)(26.1) (27.1) (32.3) (30.8)
TOTAL GOVERNMENTAL ACTIVITIES 46.7$ 49.5$ 48.4$ 51.8$
BUSINESS-TYPE ACTIVITIES
Net investment in capital assets 30.6$ 29.9$ 29.8$ 34.0$
Restricted - - - -
Unrestricted 3.9 6.6 7.3 6.8
TOTAL BUSINESS-TYPE ACTIVITIES 34.5$ 36.5$ 37.1$ 40.8$
PRIMARY GOVERNMENT
Net investment in capital assets 91.1$ 91.7$ 95.2$ 101.5$
Restricted 12.3 14.8 15.3 15.1
Unrestricted (deficit)(22.2) (20.5) (25.0) (24.0)
TOTAL PRIMARY GOVERNMENT 81.2$ 86.0$ 85.5$ 92.6$
Data Source
Audited Financial Statements
Data in millions
VILLAGE OF OAK BROOK, ILLINOIS
NET POSITION BY COMPONENT
Last Ten Fiscal Years
- 113 -
2020 2021 2022 2023 2024 2025
69.2$ 75.9$ 78.9$ 76.5$ 75.6$ 76.5$
12.6 13.4 17.8 21.3 29.2 37.4
(25.6) (21.3) (18.8) (9.2) (11.1) (8.0)
56.2$ 68.0$ 77.9$ 88.6$ 93.7$ 105.9$
37.5$ 44.1$ 41.2$ 41.1$ 45.5$ 52.8$
- 0.3 1.0 - - -
6.7 4.2 22.8 28.4 30.0 27.1
44.2$ 48.6$ 65.0$ 69.5$ 75.5$ 79.9$
106.7$ 120.0$ 120.1$ 117.6$ 121.1$ 129.3$
12.6 13.7 18.8 21.3 29.2 37.4
(18.9) (17.1) 4.0 19.2 18.9 19.1
100.4$ 116.6$ 142.9$ 158.1$ 169.2$ 185.8$
- 114 -
Fiscal Year 2016 2017 2018 2019
EXPENSES
Governmental Activities
General government 4.7$ 5.7$ 5.5$ 6.1$
Public safety 17.2 17.4 18.9 18.9
Public works 6.4 3.8 5.0 5.3
Culture and recreation 1.5 1.7 1.7 1.8
Interest on long-term debt 0.3 0.3 0.3 0.2
Total governmental activities expenses 30.1 28.9 31.4 32.3
Business-Type Activities
Water 7.9 7.9 8.8 7.1
Sports Core 3.4 3.5 3.5 3.8
Total business-type activities expenses 11.3 11.4 12.3 10.9
TOTAL PRIMARY GOVERNMENT EXPENSES 41.4$ 40.3$ 43.7$ 43.2$
PROGRAM REVENUES
Governmental Activities
Charges for services
General government 2.1$ 2.6$ 4.5$ 5.3$
Public safety 1.3 1.3 1.5 1.8
Operating grants and contributions 0.2 0.2 0.2 0.2
Capital grants - - - -
Total governmental activities program revenues 3.6 4.1 6.2 7.3
Business-Type Activities
Charges for services
Water 8.8 9.9 9.8 10.0
Sports Core 3.4 3.4 3.2 3.4
Golf' surcharge - 0.1 0.1 0.1
Capital grants
Sports Core - - - -
Total business-type activities program revenues 12.2 13.4 13.1 13.5
TOTAL PRIMARY GOVERNMENT PROGRAM
REVENUES 15.8$ 17.5$ 19.3$ 20.8$
NET REVENUES (EXPENSES)
Governmental activities (26.5)$ (24.8)$ (25.2)$ (25.0)$
Business-type activities 0.9 2.0 0.8 2.6
TOTAL PRIMARY GOVERNMENT NET
REVENUES (EXPENSES)(25.6)$ (22.8)$ (24.4)$ (22.4)$
VILLAGE OF OAK BROOK, ILLINOIS
CHANGE IN NET POSITION
Last Ten Fiscal Years
- 115 -
2020 2021 2022 2023 2024 2025
4.5$ 4.4$ 4.3$ 6.2$ 6.4$ 5.1$
15.5 14.6 21.2 22.5 24.0 23.2
5.1 4.6 4.5 5.6 5.5 6.3
2.3 1.3 1.4 1.7 1.4 3.0
0.2 0.2 0.2 - - -
27.6 25.1 31.6 36.0 37.3 37.6
6.8 8.3 7.4 7.9 8.5 9.3
3.2 3.2 3.5 3.9 3.8 4.8
10.0 11.5 10.9 11.8 12.3 14.1
37.6$ 36.6$ 42.5$ 47.8$ 49.6$ 51.7$
4.0$ 3.0$ 3.0$ 4.5$ 2.8$ 3.4$
1.0 1.5 1.8 2.3 2.5 2.3
0.9 0.5 0.7 0.6 0.6 0.5
- - 0.6 0.7 - 0.5
5.9 5.0 6.1 8.1 5.9 6.7
9.9 11.7 12.0 10.1 10.9 11.6
2.9 3.9 4.9 5.0 4.9 5.6
0.1 0.2 - - - -
- 0.2 - - - -
12.9 16.0 16.9 15.1 15.8 17.2
18.8$ 21.0$ 23.0$ 23.2$ 21.7$ 23.9$
(21.7)$ (20.1)$ (25.5)$ (27.9)$ (31.4)$ (30.9)$
2.9 4.5 6.0 3.3 3.5 3.1
(18.8)$ (15.6)$ (19.5)$ (24.6)$ (27.9)$ (27.8)$
- 116 -
Fiscal Year 2016 2017 2018 2019
GENERAL REVENUES AND OTHER
CHANGES IN NET POSITION
Governmental Activities
Taxes
Sales and local use taxes 19.3$ 18.3$ 18.6$ 21.5$
Utility 6.0 6.0 6.1 6.3
Other 2.7 3.0 3.2 0.1
Intergovernmental - - - -
Investment earnings 0.3 0.3 0.6 1.1
Special items - - - -
Miscellaneous - - - 0.10
Transfers - - - (0.70)
Total governmental activities 28.3 27.6 28.5 28.4
Business-Type Activities
Intergovernmental - - - -
Investment earnings - - 0.10 0.20
Miscellaneous - - - 0.10
Gain on sale of capital assets - - - -
Transfers - - - 0.70
Total business-type activities - - 0.1 1.0
TOTAL PRIMARY GOVERNMENT 28.3$ 27.6$ 28.6$ 29.4$
CHANGE IN NET POSITION
Governmental activities 1.8$ 2.8$ 3.3$ 3.4$
Business-type activities 0.90 2.0 0.9 3.6
TOTAL PRIMARY GOVERNMENT
CHANGE IN NET POSITION 2.7$ 4.8$ 4.2$ 7.0$
Note: Intergovernmental revenues were presented separately beginning in 2021.
Data Source
Audited Financial Statements
Data in millions
Last Ten Fiscal Years
VILLAGE OF OAK BROOK, ILLINOIS
CHANGE IN NET POSITION (Continued)
- 117 -
2020 2021 2022 2023 2024 2025
18.9$ 7.1$ 7.8$ 7.9$ 8.2$ 9.9$
5.8 5.7 5.2 4.3 3.1 3.2
0.1 1.3 1.9 2.2 2.2 1.9
- 17.50 20.10 19.7 20.3 24.4
0.6 (0.1) (0.1) 2.7 3.0 3.3
- - - 1.70 - -
1.10 0.3 0.4 0.1 - 0.6
(0.40) - - - - -
26.1 31.8 35.3 38.6 36.8 43.3
- - - - 1.1 -
0.1 - - 1.18 1.37 1.31
(0.10) - - - - -
- - 10.4 - - -
0.40 - - - - -
0.4 - 10.4 1.2 2.5 1.3
26.5$ 31.8$ 45.7$ 39.8$ 39.3$ 44.6$
4.4$ 11.7$ 9.8$ 10.7$ 5.4$ 12.4$
3.3 4.5 16.4 4.5 6.0 4.4
7.7$ 16.2$ 26.2$ 15.2$ 11.4$ 16.8$
- 118 -
Fiscal Year 2016 2017 2018 2019
GENERAL FUND
Nonspendable 58,444$ 56,649$ 56,010$ 90,072$
Unassigned 20,014,100 20,998,025 21,697,317 24,963,696
TOTAL GENERAL FUND 20,072,544$ 21,054,674$ 21,753,327$ 25,053,768$
ALL OTHER GOVERNMENTAL FUNDS
Nonspendable -$ -$ -$ -$
Restricted 12,439,354 14,813,261 15,356,444 15,040,518
TOTAL ALL OTHER GOVERNMENTAL FUNDS 12,439,354$ 14,813,261$ 15,356,444$ 15,040,518$
Data Source
Audited Financial Statements
VILLAGE OF OAK BROOK, ILLINOIS
FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
- 119 -
2020 2021 2022 2023 2024 2025
55,521$ 55,773$ 55,869$ 60,448$ 65,045$ 74,667$
28,146,628 31,292,165 38,452,034 42,523,746 42,903,734 45,565,086
28,202,149$ 31,347,938$ 38,507,903$ 42,584,194$ 42,968,779$ 45,639,753$
-$ -$ -$ 125,000$ -$ -$
12,636,679 12,192,144 13,797,607 21,341,458 29,253,090 37,509,084
12,636,679$ 12,192,144$ 13,797,607$ 21,466,458$ 29,253,090$ 37,509,084$
- 120 -
Fiscal Year 2016 2017 2018 2019
REVENUES
Property taxes -$ -$ -$ -$
Other taxes
Local sales 5,991,262 5,581,924 5,691,536 5,642,898
Local use - - - -
Utility 5,967,345 6,033,358 6,137,283 6,286,242
Hotel/motel 1,270,131 1,265,583 1,340,495 1,292,756
Other - - - -
Intergovernmental
State sales and use tax 13,072,837 12,481,210 12,685,797 12,613,608
Other intergovernmental 1,939,598 1,929,507 1,943,897 2,236,957
Licenses and permits 1,882,598 2,205,571 3,185,402 3,640,730
Charges for services 1,075,234 1,106,204 1,155,142 1,437,850
Fines and permits 159,799 144,833 192,321 203,376
Investment income 203,467 309,786 596,092 1,026,260
Miscellaneous 421,967 457,543 609,096 719,806
Total revenues 31,984,238 31,515,519 33,537,061 35,100,483
EXPENDITURES
General government 4,343,678 5,019,819 6,818,223 4,453,602
Public safety 15,190,063 16,155,248 16,652,456 17,369,681
Public works 6,055,657 3,772,803 6,765,330 8,265,502
Culture and recreations 1,709,465 2,467,432 1,569,396 1,586,045
Capital outlay - - - -
Debt service - principal 420,000 457,000 227,000 217,000
Interest and issuance costs 309,761 287,180 262,820 243,980
Total expenditures 28,028,624 28,159,482 32,295,225 32,135,810
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 3,955,614 3,356,037 1,241,836 2,964,673
OTHER FINANCING SOURCES (USES)
Transfers in 516,221 548,454 7,790 724,360
Transfers (out)(516,221) (548,454) (7,790) (704,518)
Proceeds from sale of capital assets - - - -
SBITA issuance - - - -
Installment contract issuance - - - -
Total other financing sources (uses)- - - 19,842
NET CHANGE IN FUND BALANCES 3,955,614$ 3,356,037$ 1,241,836$ 2,984,515$
DEBT SERVICE AS A PERCENTAGE OF
NONCAPITAL EXPENDITURES 2.69%2.84%1.64%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
- 121 -
2020 2021 2022 2023 2024*2025
-$ -$ -$ -$ 463,710$ -$
4,914,208 6,759,561 7,363,215 7,528,765 7,890,354 9,831,026
- - - - 285,689 74,650
5,794,806 5,698,119 5,214,840 4,286,590 3,112,972 3,159,983
458,752 811,146 1,382,607 1,576,776 1,630,393 1,741,743
- - - - 128,537 125,284
11,507,051 16,021,359 17,699,843 17,524,488 18,341,679 22,532,150
3,030,231 3,010,075 4,634,016 4,323,394 2,600,904 2,863,356
3,534,650 2,438,302 2,452,506 3,843,934 2,161,097 2,898,635
1,178,173 1,692,157 2,181,752 2,714,860 3,057,763 2,777,898
343,288 328,234 257,345 244,617 147,208 132,397
621,472 (53,795) (71,167) 2,652,880 3,001,660 3,346,880
291,994 261,315 532,126 855,485 19,442 604,397
31,674,625 36,966,473 41,647,083 45,551,789 42,841,408 50,088,399
3,844,521 4,030,036 4,970,896 5,495,820 6,279,808 5,230,001
16,297,554 16,616,802 17,605,278 21,639,938 24,858,536 24,107,958
7,723,413 11,946,228 8,426,238 4,862,737 5,245,715 6,832,446
2,151,134 1,190,653 1,392,983 1,500,603 1,341,636 2,818,646
- - - - - -
305,000 280,000 308,200 479,837 89,461 583,171
224,900 201,500 178,060 83,229 9,011 11,480
30,546,522 34,265,219 32,881,655 34,062,164 37,824,167 39,583,702
1,128,103 2,701,254 8,765,428 11,489,625 5,017,241 10,504,697
971,212 6,450,463 - 1,000,000 - 200,000
(1,354,773) (6,450,463) - (1,500,000) - (200,000)
- - - - - -
- - - 344,261 69,888 422,271
- - - 411,256 3,084,088 -
(383,561) - - 255,517 3,153,976 422,271
744,542$ 2,701,254$ 8,765,428$ 11,745,142$ 8,171,217$ 10,926,968$
2.01%1.89%1.78%1.74%0.29%1.67%
- 122 -
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
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 1,748,737 - 5,246,211 33.333%
2025 1,279,985 611,129 - 13 1,891,128 - 5,673,384 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.
- 123 -
Tax Levy Year 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Tax Rates
Village of Oak Brook -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Basic Town 0.4490 0.4145 0.4006 0.3932 0.3848 0.3848 0.3848 0.3605 0.3689 0.3472
Junior College #502 0.2626 0.2431 0.2317 0.2112 0.2114 0.2114 0.2114 0.1946 0.1794 0.1687
Grade School #53 1.1710 1.1415 1.1447 1.1591 1.1643 1.1643 1.1643 1.2165 1.2403 1.2055
High School #86 1.4731 1.4380 1.4415 1.6110 1.6142 1.6129 1.6129 1.6639 1.6330 1.5616
Oak Brook Park District 0.2229 0.2184 0.2940 0.2923 0.2874 0.2874 0.2874 0.3081 0.3061 0.2942
TOTAL TAX RATES 3.5786$ 3.4555$ 3.5125$ 3.6668$ 3.6621$ 3.6608$ 3.6608$ 3.7436$ 3.7277$ 3.5772$
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
- 124 -
Sales Sales
Taxes Taxes
Taxpayer Revenue Taxpayer Revenue
Apple Inc.Apple 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 9,204,870 $ TOP TEN TOTAL 6,028,281 $
TOTAL SALES TAX REVENUE 22,060,982 $ TOTAL SALES TAX REVENUE 13,103,115 $
TOP TEN AS A PERCENT OF TOP TEN AS A PERCENT OF
SALES TAX REVENUE 41.72%SALES TAX REVENUE 46.01%
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
2025 2016
- 125 -
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
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%
2025 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
- 126 -
(1)
Estimated Sales 2020
Municipality Rank Sales Per Capita Population
Chicago 1 42,703,833,569$ 15,549$ 2,746,388
Naperville 2 5,093,382,314 34,060 149,540
Schaumburg 3 4,272,372,304 54,271 78,723
Springfield 4 3,919,090,232 34,260 114,394
Mount Prospect 5 3,809,170,734 67,002 56,852
Aurora 6 3,411,164,646 18,894 180,542
Joliet 7 3,388,107,649 22,533 150,362
Rockford 8 3,278,372,036 22,054 148,655
Peoria 9 2,861,278,657 25,287 113,150
Orland Park 10 2,690,591,625 45,834 58,703
Glenview 11 2,491,789,286 51,161 48,705
Champaign 12 2,420,312,038 27,409 88,302
Elgin 13 2,330,315,165 20,299 114,797
Bloomington 14 2,111,218,180 26,833 78,680
Bolingbrook 15 2,108,968,430 28,530 73,922
Niles 16 2,016,020,708 65,218 30,912
Skokie 17 1,983,786,776 29,249 67,824
Oak Brook 18 1,924,073,259 235,707 8,163
Vernon Hills 19 1,877,115,686 69,911 26,850
St. Charles 20 1,841,664,077 55,671 33,081
Tineley Park 21 1,739,654,163 31,081 55,971
Des Plaines 22 1,728,178,244 28,483 60,675
Elk Grove Village 23 1,716,570,744 52,315 32,812
Arlington Heights 24 1,654,054,019 21,294 77,676
Gurnee 25 1,648,103,405 53,674 30,706
Data Source
Source: U.S. Census Bureau, 2020 Population Estimates.
VILLAGE OF OAK BROOK, ILLINOIS
RETAIL SALES VOLUME - TOP 25 ILLINOIS COMMUNITIES
State Collection Period January 1, 2025 Through December 31, 2025
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 1,2024
through June 30, 2025.
- 127 -
% 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
2016 13,021,926$ 5.21%5,997,652$ 5.83%19,019,578$ 3.14%
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%
2025 21,295,154 18.85%9,235,906 19.35%30,531,060 19.00%
Data Source
Village Records
VILLAGE OF OAK BROOK, ILLINOIS
SALES TAX RECEIPTS - CASH BASIS
Last Ten Fiscal Years
- 128 -
Month 2020 2021 2022 2023 2024 2025 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
January 1,007,062 $ 1,152,252$ 1,439,904$ 1,439,420$ 1,415,205$ 1,573,889$ 14.42%24.96%(0.03%)(1.68%)11.21%
February 1,147,328 1,093,000 1,532,727 1,432,666 1,401,690 1,628,217 (4.74%)40.23%(6.53%)(2.16%)16.16%
March 1,753,040 1,481,425 2,387,675 2,265,277 2,181,906 2,220,984 (15.49%)61.17%(5.13%)(3.68%)1.79%
April 909,241 805,520 1,131,169 1,132,843 1,117,627 1,414,682 (11.41%)40.43%0.15%(1.34%)26.58%
May 891,829 862,808 1,183,441 1,172,490 1,195,081 1,384,884 (3.25%)37.16%(0.93%)1.93%15.88%
June 751,814 1,127,264 1,464,776 1,343,764 1,367,464 1,974,009 49.94%29.94%(8.26%)1.76%44.36%
July 421,088 1,080,672 1,420,923 1,327,410 1,353,396 1,817,039 156.64%31.49%(6.58%)1.96%34.26%
August 459,383 1,246,636 1,483,558 1,488,644 1,580,660 1,924,151 171.37%19.00%0.34%6.18%21.73%
September 890,754 1,310,110 1,539,864 1,582,997 1,528,653 1,821,260 47.08%17.54%2.80%(3.43%)19.14%
October 1,001,518 1,316,459 1,471,009 1,472,196 1,590,653 1,851,827 31.45%11.74%0.08%8.05%16.42%
November 1,156,812 1,458,671 1,531,865 1,628,728 1,614,333 1,870,207 26.09%5.02%6.32%(0.88%)15.85%
December 1,353,427 1,417,506 1,397,773 1,418,048 1,570,724 1,814,005 4.73%(1.39%)1.45%10.77%15.49%
TOTAL 11,743,296$ 14,352,323$ 17,984,684$ 17,704,483$ 17,917,392$ 21,295,154$ 22.22%25.31%(1.56%)1.20%18.85%
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
- 129 -
Month 2020 2021 2022 2023 2024 2025 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
January 455,347 $ 503,530 $ 583,906 $ 580,095 $ 611,860 $ 644,801 $ 10.58%15.96%(0.65%)5.48%5.38%
February 523,295 468,508 620,650 604,448 608,883 713,218 (10.47%)32.47%(2.61%)0.73%17.14%
March 806,633 656,995 1,034,891 976,828 983,460 997,965 (18.55%)57.52%(5.61%)0.68%1.47%
April 390,845 324,939 441,234 493,190 471,865 606,973 (16.86%)35.79%11.78%(4.32%)28.63%
May 386,430 362,110 459,331 503,671 514,891 594,198 (6.29%)26.85%9.65%2.23%15.40%
June 306,259 493,875 570,884 556,595 583,445 838,234 61.26%15.59%(2.50%)4.82%43.67%
July 159,445 467,393 560,876 564,620 586,870 788,938 193.14%20.00%0.67%3.94%34.43%
August 176,726 547,423 636,568 635,476 683,569 847,254 209.76%16.28%(0.17%)7.57%23.95%
September 386,033 566,663 659,035 681,996 669,541 795,968 46.79%16.30%3.48%(1.83%)18.88%
October 430,006 540,135 643,915 649,642 648,056 817,299 25.61%19.21%0.89%(0.24%)26.12%
November 468,485 568,062 659,158 659,986 682,408 802,849 21.26%16.04%0.13%3.40%17.65%
December 607,673 576,774 600,701 612,330 693,725 788,209 (5.08%)4.15%1.94%13.29%13.62%
TOTAL 5,097,177$ 6,076,407$ 7,471,149$ 7,518,877$ 7,738,573$ 9,235,906$ 19.21%22.95%0.64%2.92%19.35%
Data Source
Village Records
VILLAGE OF OAK BROOK, ILLINOIS
NON-HOME RULE SALES TAX RECEIPTS BY MONTH - CASH BASIS
Last Six Fiscal Years
Fiscal Year Ended December 31,
Percentage Change
From Preceding Year
- 130 -
Fiscal Years 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
General merchandise 1,305,272$ 1,180,117$ 1,142,607$ 1,056,602$ 598,450$ 945,102$ 970,078$ 1,061,957$ $1,105,366 $1,528,365
Food 167,143 191,370 212,053 194,717 104,847 144,642 165,939 111,949 79,351 142,017
Drinking and eating places 1,844,551 1,866,420 1,931,879 1,909,022 1,087,384 1,799,466 2,402,304 2,686,463 2,692,741 2,842,715
Apparel 2,989,258 2,931,827 2,947,860 2,840,152 1,574,681 2,972,244 3,380,277 3,447,718 3,601,717 4,287,045
Furniture, H.H., and radio 1,613,318 1,472,053 1,601,424 1,485,474 1,163,192 1,509,090 1,830,894 1,773,111 1,685,825 1,950,113
Lumber, building, and hardware 4,642 6,603 1,478 56,539 793,096 658,569 639,377 368,841 479,325 905,029
Automotive and filling stations 1,683,947 1,884,059 1,921,190 2,003,910 2,339,720 3,336,501 3,894,779 3,400,261 3,395,816 3,128,531
Drugs and other retail 1,857,751 1,842,238 1,761,720 1,784,167 1,637,361 2,666,575 2,826,391 3,129,249 3,464,852 4,703,503
Agriculture and all others 1,368,475 805,122 633,820 594,012 520,394 735,593 906,174 1,016,130 1,433,075 2,547,142
Manufacturers 204,789 262,420 499,353 657,270 1,743,418 1,211,306 663,358 484,880 402,343 497,690
TOTAL 13,039,146$ 12,442,229$ 12,653,384$ 12,581,865$ 11,562,543$ 15,979,088$ 17,679,571$ 17,480,559$ 18,340,411$ 22,532,150$
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
- 131 -
Fiscal Years 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
General merchandise 646,561$ 584,228$ 566,703$ 522,037$ 294,715$ 466,236$ 479,821$ 523,583$ 543,381$ 753,944$
Food 79,404 90,688 100,691 93,947 51,418 71,292 81,824 55,037 38,432 66,389
Drinking and eating places 916,540 927,586 945,281 952,124 537,493 895,054 1,190,009 1,337,673 1,342,516 1,412,397
Apparel 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 2,141,817
Furniture, H.H., and radio 806,090 737,997 788,327 742,296 579,513 753,972 915,160 886,176 842,298 974,702
Lumber, building, and hardware 2,311 3,292 721 28,266 396,548 329,285 314,423 184,342 239,662 452,514
Automotive and filling stations 443,470 505,785 523,197 538,943 504,204 577,852 657,617 639,359 626,753 651,970
Drugs and other retail 880,058 871,568 824,589 848,731 761,027 1,266,415 1,363,153 1,508,030 1,630,723 2,010,671
Agriculture and all others 662,998 375,069 282,685 268,657 226,688 335,313 420,463 474,537 681,702 1,218,107
Manufacturers 88,331 125,245 240,930 326,811 871,347 605,480 331,433 242,169 101,316 232,770
TOTAL 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$ 9,915,281$
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: 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
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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*
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%0.26%343.36
2022**1,993,063 - 2,207,515 - - - 4,200,578 0.26%0.35%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
2025 - 3,035,895 2,196,983 422,037 - 213,756 5,868,671 0.34%0.41%718.94
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 136 for personal income and population.
**The Village implemented GASB Statement No. 87 for the fiscal year ended December 31, 2022.
Business-Type
Activities
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(2)
*Percentage
(1)of Debt
Gross Applicable to **Government's
Debt Government Share of Debt
DIRECT DEBT
Village of Oak Brook 5,654,915$ 100.00%5,654,915$
OVERLAPPING DEBT
DuPage County 91,729,993 3.54%3,247,242
DuPage Forest Preserve 36,288,138 3.54%1,283,892
DuPage Water Commission - 3.88% -
Sanitary Districts - 16.82% -
Park Districts 18,071,347 82.03%14,823,926
Elementary School Districts 306,410,113 19.67%60,270,869
High School Districts 291,257,461 9.99%29,096,620
Junior College 502 53,130,000 3.61%1,917,993
Unit District 205 195,143,690 4.57%8,918,067
Total overlapping debt 992,030,742 119,558,609
TOTAL 997,685,657$ 125,213,524$
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, 2025
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.
- 134 -
Fiscal Year 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Legal debt limit 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$ 163,109,653$
Total net debt
applicable to limit 280,000 - - - - - - - - -
LEGAL DEBT MARGIN 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$ 163,109,653$
Total net debt applicable
to the limit as a
percentage of debt limit 0.24%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Legal Debt Margin Calculation for Fiscal Year 2025
Assessed value 1,891,126,407$
Legal debt margin 8.625%
Debt limit 163,109,653
Debt applicable to limit
General obligation bonds -
LEGAL DEBT MARGIN 163,109,653$
VILLAGE OF OAK BROOK, ILLINOIS
LEGAL DEBT MARGIN INFORMATION
Last Ten Fiscal Years
- 135 -
Per
Capita
Fiscal Personal Personal Unemployment
Year Population Income Income Rate
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%
2025 8,163 (E)175,870 1,435,626,810 3.7%
(E) Estimate
Note: Latest information available for DuPage County
Data Source
Village records
VILLAGE OF OAK BROOK, ILLINOIS
DEMOGRAPHIC AND ECONOMIC INFORMATION
Last Ten Fiscal Years
- 136 -
% of % of
Number of Total Village Number of Total Village
Employer Rank Employees Population Rank Employees Population
Oakbrook Center Mall 1 7,450 91.27%1 4,650 59.0%
Advocate Health Care 2 1,853 22.70%3 1,066 13.5%
Ace Hardware Corporation 3 1,084 13.28%4 922 11.7%
Hub Group 4 640 7.84%5 634 8.0%
Chamberlain Group 5 600 7.35%
Millenium Trust 6 477 5.84%10 245 3.1%
Blistex 7 455 5.57%
Inspira Financial 8 365 4.47%
Inland Real Estate Group of Companies 9 357 4.37%6 416 5.3%
Treehouse Foods 10 329 4.03%8 291 3.7%
Lions Club International 7 300 3.8%
McDonald's Corporation 2 2,500 31.7%
Elkay Manufacturing 9 256 3.2%
Data Source
Selective Telephone and Email Survey
2014
VILLAGE OF OAK BROOK, ILLINOIS
PRINCIPAL EMPLOYERS
Current Year and Nine Years Ago
2025
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Function/Program 2016 2017 2018 2019
GENERAL GOVERNMENT
Board of Trustees 0.50 0.50 0.50 0.50
Village Clerk 2.08 2.03 1.58 1.55
Legal 0.35 0.00 0.00 0.00
General Management 1.72 1.60 1.60 1.50
Human Resources 1.10 1.28 0.95 1.25
Risk Management 0.20 0.20 0.20 0.20
Customer Service 1.20 1.20 1.20 1.20
Purchasing 0.00 0.00 0.00 0.00
Information Services 2.65 2.90 2.40 2.95
Geographic Information Systems 0.35 0.35 0.35 0.35
Total General Government 10.15 10.06 8.78 9.50
FINANCIAL SERVICES
Financial Services Management 0.88 1.00 1.00 1.00
Accounting and Reporting 4.05 3.05 3.05 3.40
Customer Service 0.00 0.00 0.00 0.00
Purchasing 1.00 1.00 1.00 1.00
Total Financial Services 5.93 5.05 5.05 5.40
PUBLIC WORKS
Buildings and Grounds 1.00 1.50 3.00 2.00
Forestry 0.20 0.20 0.20 0.20
Garage Operations 2.48 2.48 1.98 1.98
Water Operations 7.00 7.00 7.00 7.00
Public Works Management 3.00 3.00 3.00 3.00
Streets - General Salaries 6.90 7.90 7.40 7.40
Total Public Works 20.58 22.08 22.58 21.58
LIBRARY
Library General Operations 5.88 5.75 4.75 5.10
Technical Services 1.80 1.80 1.80 1.80
Reference and User Services 1.95 1.90 1.90 1.90
Youth Services 1.95 1.90 1.90 1.95
Total Library 11.58 11.35 10.35 10.75
POLICE
Police Services Management 3.00 3.00 3.00 3.00
Police Field Services 32.20 32.20 32.20 33.00
Police Auxiliary 0.28 0.50 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 3.25 3.25 3.25 3.25
Total Police 48.73 48.95 48.95 49.75
VILLAGE OF OAK BROOK, ILLINOIS
FULL-TIME EQUIVALENT EMPLOYEES
Last Ten Fiscal Years
- 138 -
2020 2021 2022 2023 2024 2025
0.50 0.50 0.50 0.45 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 2.50 3.50 4.50
1.25 1.25 1.25 2.00 2.00 2.00
0.20 0.20 0.20 0.00 0.00 0.00
1.20 0.90 0.90 0.90 0.90 0.90
0.00 0.00 0.00 0.00 0.00 0.00
2.95 1.90 1.90 2.00 2.00 2.00
0.70 0.70 0.70 0.00 0.00 0.00
9.85 8.50 8.50 9.40 10.40 11.40
1.00 1.00 1.00 1.00 2.00 2.00
3.70 3.70 3.70 3.00 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
5.70 5.70 5.70 5.00 6.00 6.00
2.50 2.50 2.50 2.50 2.50 2.50
0.20 0.20 0.00 0.00 0.00 0.00
1.98 1.98 1.98 1.50 1.50 1.50
7.00 7.00 5.50 5.50 5.50 5.50
3.00 3.00 3.00 3.00 3.00 3.00
7.40 7.40 6.70 7.50 7.50 7.50
22.08 22.08 19.68 20.00 20.00 20.00
5.55 5.25 5.25 5.25 5.25 5.25
1.80 1.80 1.80 1.80 1.80 1.80
1.90 3.75 3.75 3.75 3.75 3.75
1.95 0.00 0.00 0.00 0.00 0.00
11.20 10.80 10.80 10.80 10.80 10.80
3.00 3.00 2.00 3.00 3.00 3.00
33.00 33.00 37.00 32.00 32.00 32.00
0.50 0.50 3.50 3.50 3.50 3.50
5.00 5.00 4.00 5.00 5.00 5.00
6.00 6.00 6.00 6.00 6.00 6.00
3.25 2.00 2.00 4.00 4.00 4.00
50.75 49.50 54.50 53.50 53.50 53.50
- 139 -
Function/Program 2016 2017 2018 2019
FIRE**
Fire and EMS - General Salaries*31.00 31.00 31.00 31.00
Rescue and Fire Service Management 2.35 2.35 2.35 2.35
Fire Rescue and Training 0.20 0.20 0.20 0.20
Emergency Medical Service 6.40 6.40 6.60 11.60
Fire Prevention and Public Safety Education 3.60 3.60 3.60 3.60
Total Fire 43.55 43.55 43.75 48.75
SPORTS CORE
Sports Core General Operations 1.40 1.50 1.40 1.15
Swimming Operations 1.40 1.15 1.15 0.75
Tennis 1.15 0.65 0.75 0.75
Sports Core Food and Beverage Operations 1.50 1.75 1.10 1.50
Poolside Grill Food and Beverage Operations 0.80 0.80 0.00 0.80
Golf Club Food and Beverage Operations 3.80 3.80 3.80 3.80
Golf Club General Operations 8.00 10.15 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 13.50 12.50 12.50 12.00
Total Sports Core 34.15 34.90 33.45 33.50
COMMUNITY DEVELOPMENT
Engineering 3.40 2.36 1.88 1.88
Community Development Management 2.60 2.60 3.05 3.05
Code Enforcement 5.91 5.26 5.26 5.26
Total Community Development 11.91 10.22 10.19 10.19
TOTAL 186.58 186.16 183.10 189.42
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.
- 140 -
2020 2021 2022 2023 2024 2025
30.00 30.00 30.00 27.00 27.00 27.00
2.35 2.35 1.60 5.00 5.00 5.00
0.20 0.20 0.20 0.20 0.00 0.20
9.50 0.50 0.50 0.50 0.00 0.00
3.60 3.60 3.50 2.50 0.40 0.20
45.65 36.65 35.80 35.20 32.40 32.40
1.00 1.00 1.00 0.00 1.00 1.00
0.75 0.25 0.25 1.10 1.10 1.10
0.50 0.00 0.50 0.00 0.00 0.00
1.80 1.80 1.80 1.00 0.00 0.00
0.80 0.80 0.80 0.80 0.00 0.00
3.80 3.80 5.30 5.30 0.00 0.00
10.00 10.00 10.00 7.20 6.90 6.90
1.50 1.50 1.50 1.60 1.00 2.00
1.10 1.10 1.10 1.10 1.00 1.00
12.00 12.00 11.00 6.70 6.70 7.70
33.25 32.25 33.25 24.80 17.70 19.70
1.88 1.88 1.88 0.00 0.00 0.00
3.05 3.05 3.25 3.65 3.65 3.65
5.26 5.26 5.53 5.01 5.01 5.01
10.19 10.19 10.66 8.66 8.66 8.66
188.67 175.67 178.89 167.36 159.46 162.46
- 141 -
Function/Program 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
PUBLIC SAFETY
Police
Physical arrests 191 212 181 178 125 164 664 686 842 649
Parking violations 901 443 404 317 99 29 160 188 198 118
Traffic violations 1,465 1,495 1,398 1,596 1,345 1,212 1,056 1,135 1,479 943
Fire
EMS incidents 1,432 1,380 1,408 1,468 1,162 1,493 1,707 2,017 2,031 2,034
Fire incidents 630 672 722 693 598 671 1,181 1,214 1,273 1,287
Community center
Police calls dispatched 23,924 21,656 23,716 23,200 18,460 20,561 18,173 17,492 19,585 16,815
Fire/EMS calls dispatched 2,407 2,493 2,616 2,711 2,253 2,665 2,888 3,231 3,304 3,321
WATER
New water meters installed 19 23 13 7 9 18 41 50 38 21
Water main breaks repaired 43 31 29 23 37 38 20 24 19 26
Water pumped (millions of gallons)1,087 995 966 889 840 916 942 961 894 987
LIBRARY
Total circulation 112,423 105,129 114,014 140,201 78,614 92,718 155,667 177,293 181,306 178,872
Avg. daily circulation 318 312 337 384 248 249 412 466 473 473
Total holdings 97,201 94,353 91,789 88,520 88,994 91,065 93,982 90,088 91,576 92,339
COMMUNITY DEVELOPMENT
Building permits issued 841 943 908 920 830 865 894 924 833 909
Inspections 2,999 2,963 2,607 2,510 2,203 2,556 2,686 3,496 3,363 3,504
Estimated construction value 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$ 198,916,720$
SPORTS CORE
B&T recreation memberships 317 294 307 265 - - 382.00 333 370 457
Social memberships 77 - - - - - - - - -
Total events 75 65 74 88 8 45 59 25 27 33
Golf memberships 145 151 158 150 152 245 277 279 231 187
Total golf rounds 39,324 39,863 35,256 36,253 41,396 48,656 46,098 47,660 50,818 50,960
Data Source
Village records
VILLAGE OF OAK BROOK, ILLINOIS
OPERATING INDICATORS BY FUNCTION
Last Ten Fiscal Years
- 142 -
Function/Program 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
PUBLIC SAFETY
Police
Stations 1 1 1 1 1 1 1 1 1 1
Area patrols 5 5 5 5 5 5 5 4 4 4
Patrol units 11 11 11 11 11 11 11 11 11 12
Fire
Stations 2 2 2 2 2 2 2 2 2 2
Engine 1 2 1 1 1 1 - - - -
Truck 1 1 1 1 1 1 1 1 1 1
Squad 1 2 1 1 1 1 1 1 1 1
Ambulances 2 2 2 2 3 3 3 3 3 3
Incident command vehicle 1 1 1 1 1 1 1 1 1 1
Reserve apparatus 4 4 4 4 3 3 2 2 2 2
Staff and support vehicles 3 3 3 4 3 3 6 6 6 6
PUBLIC WORKS
Arterial streets (miles)9 9 9 9 9 9 24 24 24 24
Residential streets (miles)49 49 49 49 49 49 56 56 56 56
Streetlights 565 565 565 565 565 565 666 666 666 666
Traffic intersections 11 11 11 11 11 11 11 11 11 11
WATER
Water mains (miles)105 105 105 105 105 105 111 88 88 89
Fire hydrants 1,500 1,500 1,500 1,500 1,500 1,500 1,566 1,119 1,119 1,127
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
- 143 -