HomeMy WebLinkAboutVillage of Oak Brook Annual Popular Financial Report 2025Table of Contents
About Village of
Oak Brook 1
Village of Oak Brook
Leadership 2
Fund Structure, Measure
Focus, and Basis of
AccounƟng 3
ExplanaƟon, Analysis,
and Discussion of
Financial Statements 4-11
Village Sales Tax 12
Key StaƟsƟcs 13
A Message From the Village President
Dear CiƟzens of Oak Brook,
We are pleased to present the Popular Annual Financial Report (PAFR) for the fiscal
year ended December 31, 2025. The PAFR is a high level report for ciƟzens who wish to
gain a general understanding and summary of the Village’s financial acƟviƟes and
posiƟon. InformaƟon contained in this report is a summarized version of the Village’s
official financial statements, the Annual Comprehensive Financial Report (ACFR). The
PAFR presents financial data on the same basis of accounƟng as the ACFR, just in a
simplified manner. While the annual ACFR is over 150 pages, the PAFR is condensed
down to just over 10 pages.
The Village’s fiscal year 2025 annual audit was completed on June 04, 2026 by Sikich
CPA, LLP. The ACFR is compliant with generally accepted accounƟng principles (GAAP)
and has received an unmodified (“clean”) opinion from our auditors. The full disclosure
financial statement, ACFR, can be found on the Village’s website.
The Village of Oak Brook has received all three of the Government Finance Officer’s
AssociaƟon (GFOA) awards, the Triple Crown, for local government finance:
· DisƟnguished Budget PresentaƟon Award (14 consecuƟve years)
· CerƟficate of Achievement for Excellence in Financial ReporƟng (47
consecuƟve years)
· Award for Outstanding Achievement in CiƟzen’s (Popular) Financial
ReporƟng (10 consecuƟve years)
Our commitment to the GFOA award programs help ensure financial informaƟon is
presented in a way that is consistent with the highest standards in governmental
financial reporƟng.
The Village Board and I appreciate your input and conƟnued commitment in making
Oak Brook a great community to live and work. If you have any quesƟons concerning
this report or would like to offer any ideas or suggesƟons for improvement, please
contact Marilyn Fumero, Finance Director, at (630) 368-5070 or email at
mfumero@oak-brook.org.
Sincerely,
Laurence E. Herman
Village President
Popular Annual Financial Report
Village of Oak Brook, Illinois
Fiscal Year 2025
Important Numbers
and Addresses
Village Hall
630/368-5000
1200 Oak Brook Road
Oak Brook, IL 60523
Fire HQ
(Non-Emergency)
630/368-5200
Police HQ
(Non-Emergency)
630/368-8700
Public Works
630/368-5270
For Police or Fire
Emergencies
Dial 911
Village of Oak Brook
2025 Quick Facts
PopulaƟon 8,163 (esƟmate)
Retail Sales Per Capita $235,707
Land Area 7.96 sq. miles
Median Income $175,870
Median Home Value $899,000
Unemployment Rate 3.7%
Credit RaƟng Aa1
Total Cash and
Investments $103.8 million
General Fund Cash
and Investments $76.7 million
General Fund
Reserve (cash to 2026
budgeted operaƟng
expenditures) 16 months
Outstanding Debt*
2025 Annual Budget $66.1 million
Employees (FTEs)** 162.46
About the Village of Oak Brook 1
The Village was incorporated February 21, 1958 by Paul Butler. Oak Brook is a community where impressive corporate
and retail centers, beauƟful homes, lush parks, and forest combine to make a dynamic and inviƟng atmosphere. Oak
Brook also offers an excepƟonal variety of acƟviƟes that appeal to a broad range of interests, such as; an 18-hole cham-
pionship Golf Club; a Bath and Tennis Club facility that includes a swimming pool, a diving pool, and tennis courts; a
banquet facility located on the Sports Core grounds and numerous walking trails and paths.
The Village of Oak Brook is located about 15 miles west
of the Chicago Loop, near the geographic center of the
seven-county Chicago metropolitan area. Excellent
transportaƟon links are provided to all parts of the
greater metropolitan area by a network of tollways and
Federal and State highways which pass through or near
the Village. The Oak Brook area is neighbors with the
communiƟes of Lombard, Villa Park, Elmhurst,
Oakbrook Terrace, Downers Grove, Westmont,
Clarendon Hills, Hinsdale, and Westchester.
The Village places a great emphasis on interacƟng with
local businesses, both exisƟng and potenƟal. A large
porƟon of the Village’s revenue stream is derived from
sales tax, which is crucial to the Village’s General Fund
operaƟng budget. The strong business community in Oak Brook has allowed the Village to operate without a property
tax levy. The Village is able to offer a number of services, such as public safety, public works, library, and recreaƟon
while maintaining a low tax community. The Village also feeds into a number of outstanding school districts, including:
Butler District 53, Downers Grove District 58, Elmhurst District 205, Hinsdale District 181, and Salt Creek District 48.
**Based on 2,080 annual hours.
The Village of Oak Brook operates under the Village form of
government and is governed by our elected Village President and a six
member Board of Trustees—each elected at large for a four-year term
of office. The Village Clerk is elected for a four-year term, aƩends
meeƟngs of the Village Board, keeps its minutes, and is the official
custodian of Village records. ElecƟons are held biennially, during odd-
numbered years, on the first Tuesday in April.
The Village Board’s primary funcƟon is policy making. The Village
President, with the consent of the Board, appoints a Village Manager
to administer daily administraƟve operaƟons of the Village. The
Village President presides over meeƟngs of the Board, and selects and
removes appointed officers of various boards, commissions and
commiƩees with the consent of the Board. The mission of the Village
is to provide the community with excellent local government services
and the best educaƟonal opportuniƟes that meet the needs of its
ciƟzens and are delivered in a professional, responsive, and fiscally
responsible manner. This mission is carried out with six specific goals.
3
Village of Oak Brook Leadership 2
Village of Oak Brook OrganizaƟonal Chart
Management Team
Village Manager
Greg Summers
Police Chief
Brian Strockis
Public Works Director
Tim O'Malley
Fire Chief
Kevin Fleege
Finance Director
Marilyn Fumero
Head Librarian
Jacob Post
InformaƟon Technology Director
Tom Gilbert
Sports Core Director
Art Segura
Development Services Director
Rebecca Von Drasek
Like other local governments, the Village of Oak Brook uƟlizes fund accounƟng. Fund accounƟng segregates related
accounts and acƟviƟes into separate funds to ensure and demonstrate compliance with legal and regulatory
requirements. Village funds are classified into three categories: governmental funds, business-type funds, and
fiduciary funds.
Governmental funds are used to account for all or
most of the Village’s general acƟviƟes, including
administraƟon, public safety, highways and streets,
library, and community development. Governmental
funds are categorized as: the general fund, special
revenue funds, and capital projects funds. The
general fund is used to account for and report all
financial resources not accounted for and reported in
another fund. Special revenue funds are used to
account for and report specific revenue sources that
are restricted or commiƩed for specified purposes
other than capital or debt. Capital projects funds are
used to account for and report resources that are
restricted, commiƩed, or assigned for capital outlay.
Business-type funds are used to account for acƟviƟes similar to those found in the private sector, where the
determinaƟon of net income is necessary or useful for sound financial administraƟon. Goods or services from these
acƟviƟes can be provided to either outside parƟes (enterprise funds) or to other departments or agencies primarily
within the government (internal service funds)
with costs being recovered through user-fees
and charges.
Fiduciary funds are used to account for assets
held on behalf of outside parƟes, including
other governments, or on behalf of other funds
within the government. Financial acƟvity of
fiduciary funds are not included in
governmental or business-type acƟviƟes.
The Village presents two types of financial
statements: the Government-Wide Financial
Statements and Fund Financial Statements. In
the Government-Wide Financial Statements,
the aggregate of all Governmental and all
Business-Type funds are presented. The
Government-Wide Financial Statements and
Business-Type Fund Financial Statements are
prepared using the economic resources
measurement focus and the accrual basis of
accounƟng. The Governmental Fund Financial
Statements are prepared using the current
financial resources measurement focus and
modified accrual basis of accounƟng. There are
a few major differences between these two
reporƟng basis.
Fund Structure, Measure Focus, and Basis of AccounƟng 3
The Statement of Net PosiƟon (commonly known as the “balance sheet”) reports informaƟon on all of the Village’s
assets, liabiliƟes, and deferred inflows and ouƞlows, with the difference reported as its “net posiƟon.” Net posiƟon
measures the resources (cash, investments, receivables, capital assets, etc.) of the Village and any claims (payables,
deposits, debt, etc.) against those resources. Over Ɵme, increases or decreases in net posiƟon may serve as a useful
indicator of whether the financial posiƟon of the Village is improving or deterioraƟng. The table below shows that, as
of December 31, 2025, the Village’s total net posiƟon was $186.0 million, which is an increase of $16.8 million from
2024.
The largest porƟon of the Village’s net posiƟon, $186.0 million, reflects its investment in capital assets, less any
outstanding debt used to acquire those assets. The Village uses these capital assets to provide various services to its
residents. Consequently, these assets are not available for future spending and separated. An addiƟonal porƟon of
the net posiƟon, approximately $37.5 million, is subject to external restricƟons on how it may be used.
The unrestricted porƟon of net posiƟon is $19.2 million. The balance is comprised of $27.1 million from Business-Type
acƟviƟes and a Governmental AcƟviƟes deficit of $8.0 million primarily due to the unfunded pension liabiliƟes related
to the IMRF (Illinois Municipal ReƟrement Fund), Police, and Fire pension plans and the OPEB obligaƟon. The total
unrestricted net posiƟon increased $0.26 million in 2025. The unrestricted net posiƟon will gradually improve as the
pension plans become beƩer funded in future years.
ExplanaƟon, Analysis, and Discussion of Financial Statements 4
Statement of Net PosiƟon
The Village has seen steady improvements in total net posiƟon over
the past five years. Net posiƟon has grown from $116.5 million in
2021 to $186.0 million in 2025. The Governmental AcƟviƟes
porƟon has increased from $67.9 million in 2021 to $106.1 million in
2025, a $38.2 million, or 56.2%, improvement. The Business-Type
AcƟviƟes porƟon has increased from $48.6 million in 2021 to $80.0
million in 2025, a $31.4 million, or 64.6%, improvement. Although
total net posiƟon has increased, the Village sƟll maintains
unrestricted deficits due to unfunded pension liabiliƟes.
The foundaƟon of the Village’s financial planning is centered on the
Village’s policy of maintaining a General Fund cash and investments
reserve that meets or exceeds six months of annual operaƟng
expenses. The six month policy level was established due to the
Village not having the predictability of real estate tax revenue.
Approximately 50% of the Village’s General Fund operaƟng budget
is funded by sales tax revenue, which is suscepƟble to economic
downturns and consumer spending. This conservaƟve policy seeks
to ensure the Village will have sufficient funds on hand to operate in
an emergency situaƟon as well as having sufficient Ɵme to address
any volaƟlity. Over the past five years, the Village has been able to
significantly increase its General Fund reserve balance to $45.6
million at December 31, 2025, or 16 months of budgeted 2025 operaƟng expenditures.
As of December 31, 2025, the Village had $103.8 million in cash and investments on hand, an increase of $5.9 million
from December 31, 2024. The following chart demonstrates the total Fund Balance by fund:
ExplanaƟon, Analysis, and Discussion of Financial Statements 5
The Village’s overall cash and investment balance
is made up of various sources. The checking and
Illinois Funds porƟon are highly liquid and have
immediate access. Illinois Funds balances earned
interest during 2025 at a rate that ranged from
3.86% to 4.62%. The Village’s Corporate Bonds,
Municipal Bonds, CerƟficates of Deposits, and
Government & Agency ObligaƟons generally ma-
ture within five years. The investment porƞolio is
managed to have individual securiƟes maturing
nearly every month to keep the porƞolio relaƟvely
liquid. The overall investment porƞolio earned
interest during 2025 at an average weighted yield
of 3.92% to 4.85%.
Summary on Village Cash and Investments
ExplanaƟon, Analysis, and Discussion of Financial Statements
The Village contributes to three defined benefit pension plans, the Illinois Municipal ReƟrement Fund (IMRF), an agent
mulƟple-employer public employee reƟrement system; the Police Pension Plan, which is a single-employer pension
plan; and the Firefighter’s Pension Plan, which is also a single-employer pension plan. The benefits, benefit levels,
employee contribuƟons, and employer contribuƟons for all three plans are governed by Illinois Compiled Statutes and
can only be amended by the Illinois General Assembly. For further informaƟon on these pension plans, refer to the
Village’s 2025 ACFR.
Related to these pension plans, the Village reports, under long-term liabiliƟes on the Statement of Net PosiƟon, an
unfunded pension liability of $51.1 million for governmental acƟviƟes and $0.6 million for business-type acƟviƟes, for a
total of $51.7 million as of December 31, 2025.
Actual cash contribuƟons to the pension funds for 2025 totaled $8.6 million. This consisted of: $0.5 million for the
IMRF pension plan, $4.1 million for the Police pension plan, and $4.0 million for the Fire pension plan. Current State
statutes require the Village’s contribuƟons must accumulate to the point where the past service cost for the Police and
Fire pension plans is 90% funded by the year 2040. The Village strives to have it’s pension funds 100% funded.
The Village’s total net pension liability at 12/31/25 is:
IMRF Police Pension Fire Pension Total
Total Pension Liability $49,243,024 $83,591,283 $67,792,221 $200,626,528
Plan Fiduciary Net PosiƟon (45,926,727) (57,561,695) (45,431,275) (148,919,697)
Unfunded Pension Liability $3,316,297 $26,029,588 $22,360,946 $51,706,831
Plan Funded Rate 93.27% 68.86% 67.02% 74.23%
Combined annual Public Safety (Police and Fire) recommended pension contribuƟons are expected to increase from
$4.3 million in 2021 to $5.6 million in 2040 assuming a 100% funding target. Increasing pension costs could have an
impact on future services provided by the Village. Actual contribuƟons and unfunded liability for these years could also
vary from projecƟons depending on key actuarial assumpƟons, including salary increases, mortality tables, investment
returns, and Village funding levels. ProjecƟons are updated each year through an actuarial valuaƟon to determine the
actual funding status of the plans.
In addiƟon, current efforts to consolidate downstate pension plans could have a
significant impact on these projecƟons and the health of the pension plans. The
Village will conƟnue to monitor consolidaƟon and its impact on the Village’s
financial future.
Summary on Village Pension Plans
6
The Statement of AcƟviƟes (commonly known as the “income statement”) reports all financial acƟvity for the fiscal
year ended December 31, 2025.
This statement presents high-level summary informaƟon about how the Village’s net posiƟon changed during the
fiscal year. Overall, the Village’s total net posiƟon has increased $16.8 million, or 9.9%, during fiscal year 2025.
Governmental acƟviƟes net posiƟon increased $12.4 million, or 13.2%, from 2024 and business-type acƟviƟes net
posiƟon increased $4.5 million, or 6.0%, from 2024.
Total revenues increased $7.6 million, or 12.5%, compared to prior year. The increase in 2025 revenues is due to
stronger retail and dining acƟvity, higher transacƟon volumes, and improved point-of-sale collecƟons for
governmental acƟviƟes and targeted facility and program enhancement aƩracƟng stronger membership enrollment
and greater repeat visits in business-type acƟviƟes.
Total expenses increased $2.2 million, or 4.5%, compared to the prior year, which is due to capital and maintenance
investments. For the year ended December 31, 2025, the Village recognized a pension expense of $8.1 million. In
2025 the Village Board approved a supplemental Police and Fire Pension contribuƟon of $4.0 million.
ExplanaƟon, Analysis, and Discussion of Financial Statements 7
Statement of AcƟviƟes
See page 10 of this report for further analysis and explanaƟon of major changes among revenue and expense line
items.
ExplanaƟon, Analysis, and Discussion of Financial Statements
Revenue Overview
8
See page 10 for explanaƟons on the major changes from prior year.
2025 Actual 2024 Actual Change
Sales Tax 32,363,176.00 26,232,033.00 6,131,143.00
Sales tax covers all the various taxes imposed under the Retailers OccupaƟon tax,
the service OccupaƟon tax, and the Use Tax Act. The Village currently receives
1.50% of eligible sales.
UƟlity/Telecom Tax 3,159,983.00 3,112,972.00 47,011.00
The Village taxes telecommunicaƟons, natural gas, and electricity. The Village re-
ceives 5% tax from NICOR and a 10-Ɵered formula based on kilowaƩs used from
Commonwealth Edison. Taxes are also imposed on interstate or intrastate tele-
communicaƟons originaƟng or received in the Village by a person at a rate of 6% of
gross charges.
Hotel/Motel Tax 1,741,743.00 1,630,393.00 111,350.00
3% tax imposed upon the use and privilege of renƟng rooms in a hotel or motel
within the Village.
Intergovernmental 1,875,802.00 1,908,368.00 (32,566.00)
Amounts received from other governments for support of parƟcular funcƟons or
for general financial support. Includes State income tax and personal property
replacement tax.
Charges for Services 22,981,951.00 21,196,581.00 1,785,370.00
Charges imposed for providing services. Total charges for services is comprised of:
Water $11,583,554, Sports Core $5,589,467, and Governmental (licenses, permits,
fees) $5,808,930.
Grants 1,007,554.00 1,683,391.00 (675,837.00)
Funds received from federal and state agencies to assist in offseƫng expenditures
related to various programs.
All Other Revenue Sources 804,331.00 897,378.00 (93,047.00)
Consists of property tax, other tax, gain on disposal of capital assets, investment
income, and other revenue.
63,934,540.00 56,661,116.00 7,273,424.00
ExplanaƟon, Analysis, and Discussion of Financial Statements
Note - The increase in total expenses in 2015 relates to the recording of $10.4 million in pension expense related to the
implementaƟon of GASB Statements No. 68 and 71. Fiscal year 2015 was the first year the expense was recorded on the Village’s
financial statements. The increase in total expenses in 2025 relates to capital and maintenance investments. For the year ended
December 31, 2025, the Village recognized a pension expense of $8.1 million. In 2025 the Village Board approved a supplemental
Police and Fire Pension contribuƟon of $4.0 million.
Expense Overview
9
Key financial highlights of fiscal year 2025 include:
· For the year ending December 31, 2025, the Village’s total (combined governmental and business-type)
assets and deferred ouƞlows of resources exceeded liabiliƟes and deferred inflows of resources by
$186.1 million (referred to as net posiƟon).
· The Village’s total net posiƟon increased by $16.8 million, or 9.9%, compared to the prior year.
· The governmental acƟviƟes reported a total net posiƟon of $106.1 million, which is an increase of $12.4
million, or 13.2%, in comparison to the prior year’s balance. The change is due to the reducƟon of Police,
Fire & IMRF Pension and OPEB liabiliƟes based on actuarial esƟmates.
· The business-type acƟviƟes reported a total net posiƟon of $80.0 million, which is an increase of $4.5
million, or 6.0%, in comparison to the prior year’s balance. The change is aƩributed to disciplined
expenditure management and the replacement of water mains which has led to a reducƟon in water
main breaks and water losses. Furthermore, the Village conƟnues to be the water supplier for Aqua’s
newly acquired customer base.
· The Village had a total (governmental and business-type acƟviƟes combined) unrestricted net posiƟon of
$19.2 million on December 31, 2024, which is an improvement of $0.3 million from last year.
· Total revenues increased by $7.6 million, or 12.5%, in comparison to the prior year. The increase is
aƩributed to stronger retail and dining acƟvity, higher transacƟon volumes, and improved point-of-sale
collecƟons for governmental acƟviƟes and targeted facility and program enhancement aƩracƟng
stronger membership enrollment and greater repeat visits in business-type acƟviƟes.
· Total expenses increased $2.2 million, or 4.5%, in comparison to the prior year. The increase is related to
capital and maintenance investments in business-type acƟviƟes and the Village’s commitment to
accelerate the reducƟon of the Police and Fire pension liabiliƟes with addiƟonal contribuƟons.
ExplanaƟon, Analysis, and Discussion of Financial Statements
Overview of Financial PosiƟon and Results of AcƟviƟes
10
ExplanaƟon, Analysis, and Discussion of Financial Statements 11
General Fund
The General Fund accounts for the Village’s primary operaƟng acƟviƟes. Services funded by the General Fund include
police, fire, library, public works, economic development, and general administraƟon. The General Fund accounts for
all financial resources except those accounted for in another fund.
General Fund balance increased $2.7 million in 2025 to a total of $45.6 million. Revenues increased $4.0 million
from prior year while expenditures decreased $1.3 million over prior year. Revenues were $5.1 million over the
original budget, while expenditures were $2.7 million over the original budget in 2025. The increase in expenditures
is primarily aƩributed to the Village’s commitment to accelerate the reducƟon of the Police and Fire pension
liabiliƟes with addiƟonal contribuƟons.
Village Sales Tax 12
Sales Tax revenue is largest revenue source in the Village’s General Fund and Infrastructure Fund. The amount of
sales tax generated by Village businesses allows the Village to operate without a real estate tax levy. The Village no
longer receives a small amount of real estate tax revenue for the Promenade TIF district as the TIF ended in 2023 and
repayment to TIF bondholders has been paid in full.
The sales tax rate charged within the Village is 7.50%. Of this rate, the
Village directly receives 1.50%. The 1.50% is further broken down into two
porƟons: 1.00% is the local porƟon that goes into the General Fund to fund
general operaƟons (public safety, public works, library, development
services, and administraƟon) and 0.50% is the non-home rule porƟon that
goes into the Infrastructure Fund to fund roadway improvements.
Of all the sales tax and non-home rule sales tax collected from stores within
the Promenade shopping center, 20% of this amount previously was rec-
orded in the Promenade TIF Fund. The Promenade TIF Fund has been paid
in full and closed. On December 12, 2023, the Village passed Ordinance S-
1678 providing for the terminaƟon of the Promenade TIF Fund.
The General Fund’s porƟon of sales tax revenue in fiscal year 2025 was $22,532,150, which is an increase of
$4,190,471, or 22.9%, over prior year. The Infrastructure Fund’s porƟon of non-home rule sales tax in fiscal year 2025
was $9,831,026, which is an increase of $1,940,671, or 24.6%, over prior year.
Of the Village’s total sales tax revenue, nearly 50% comes from businesses located within the Oakbrook Center mall.
Oakbrook Center conƟnues to be one of the areas most popular malls and offers numerous retail, dining, and
entertainment opƟons. The Village’s top 10 sales tax generators in 2025 were:
These taxpayers accounted for approximately 42% of the
Village’s total sales tax revenue in 2025. The Village
conƟnues to work on aƩracƟng new businesses to
strengthen its sales tax base and conƟnue operaƟons
without a real estate tax levy. The Village maintains a
diverse tax base with five industries generaƟng over $2.0
million to the Village annually.
· Macy’s
· The Neiman Marcus Llc
· Nordstrom Inc
· RestoraƟon Hardware
· Room & Board
· Apple
· Carvana Llc
· CD Peacock 1837
· Costco
· Louis VuiƩon
Key StaƟsƟcs 13
*Individual property tax rates may vary depending on school district boundaries.
2021 2022 2023 2024 2025
General
Debt per capita $343 $515 $322 $751 $719
DuPage County unemploy-
ment rate 4.50% 3.70% 3.70% 3.50% 3.70%
Property tax rate* 3.6608 3.6608 3.7436 3.7277 3.5772
EsƟmated retail sales $1,597,908,800 $1,767,957,100 $1,756,592,420 $1,742,102,730 $1,924,073,259
Total sales tax receipts—cash
basis $20,428,732 $25,455,831 $25,223,362 $25,655,965 $30,531,060
Police
Physical arrests 164 664 686 842 649
Parking violaƟons 29 160 188 198 118
Traffic violaƟons 1,212 1,056 1,135 1,479 943
Fire
EMS incidents 1,493 1,707 2,017 2,031 2,034
Fire incidents 671 1181 1214 1273 1287
CommunicaƟons Center
(DUCOMM)
Police calls dispatched 20,561 18,173 17,492 19,585 16,815
Fire/EMS calls dispatched 2,665 2,888 3,231 3,304 3,321
Library
Total circulaƟon 92,718 155,667 177,293 181,306 178,872
Total holdings 91,065 93,982 90,088 91,576 92,339
Community Development
Building permits issued 865 894 924 833 909
EsƟmated construcƟon value $121,039,599 $133,244,295 $215,308,136 $158,539,190 $198,916,720
InspecƟons 2,556 2,686 3,496 3,363 3,504
Sports Core
B&T recreaƟon memberships 0 382 333 370 457
Total events 45 59 25 27 33
Golf memberships 245 277 279 231 187
Total golf rounds 48,656 46,098 47,660 50,818 50,960