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CAFR (Year Ended April 30, 1984) i I i 1,. Z G r A .9 NT VILLAGE OF OAK BROOK ILLINOIS d Comprehensive Annual Financial Report Year Ended April 30, 1984 t.. VILLAGE OF OAK BROOK, ILLINOIS Comprehensive Annual Financial Report Year ended April 30, 1984 Prepared by: Finance Department John H. Brechin Village Manager INTRODUCTORY SECTION w w w w VILLAGE OF OAK BROOK, ILLINOIS Comprehensive Annual Financial Report Year ended April 30, 1984 TABLE OF CONTENTS Exhibit Page(s) Introductory Section: Table of Contents . . . . . . . . . . . . . . . . . . . . 1-4 Organization Chart . . . . . . . . . . . . . . . . . . . . 5 Officers and Officials . . . . . . . . . . . . . . . . . . 6 Village Manager's Letter of Transmittal . . . . . . . . . 7-16 Certificate of Conformance in Financial Reporting 17 Financial Section: Accountants' Report . . . . . . . . . . . . . . . . . . . 18 Combined Financial Statements: Combined Balance Sheet - All Fund Types and Account Groups . . . . . . . . . . . . . . . . . . 1 19-22 Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - All Governmental Fund Types . . . . . . . . . . . . . . . . . . . . . . 2 23 Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - All Governmental Fund Types . . . . . . . 3 24-25 Combined Statement of Revenues, Expenses, and Changes in Retained Earnings/Fund Balances - All Proprietary Fund Types and Similar Trust Funds . . . . 4 26 -- Combined Statement of Changes in Financial Position - All Proprietary Fund Types and Similar Trust Funds . . . . . . . . . . . . . . . . . 5 27 Notes to Financial Statements . . . . . . . . . . . . . . 28-46 Statement Schedule Page(s) Combining, Individual Fund, and Account Group Financial Statements and Schedules: s Governmental Funds: General Corporate Fund: Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual . . . . . . . . . . A-1 47 Schedule of Expenditures - Budget and Actual . . . . . . . . . . . . . . A-2 48-51 (Continued) 1 VILLAGE OF OAK BROOK, ILLINOIS Comprehensive Annual Financial Report TABLE OF CONTENTS, CONTINUED Statement Schedule Page(s) Combining, Individual Fund, and Account Group Financial Statements and Schedules, Continued: Governmental Funds, Continued: Special Revenue Funds: Combining Balance Sheet . . . . . . . . B-1 52 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances . . . . . . . . . . . . B-2 53 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual . . . . . B-3 54-55 Capital Projects Funds: Combining Balance Sheet . . . . . . . . C-1 56 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances . . . . . . . . . . . . C-2 57 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual . . . . . C-3 58-59 Proprietary Funds: Enterprise Funds: Combining Balance Sheet . . . . . . . . D-1 60-61 Combining Statement of Revenues, Expenses, and Changes in Retained Earnings (Deficit) . . . . . . . . . . D-2 62 Combining Statement of Changes in Financial Position . . . . . . . . . . D-3 63 Waterworks System Fund: ..s Statement of Revenues, Expenses, and Changes in, Retained Earnings - Budget and Actual . . . . . . . . . D-4 64 Schedule of Operating Expenses by Department - Budget and Actual . . . D-5 65 Schedule of Property, Plant, and Equipment and Accumulated Depreciation . . . . . . . . . . . D-6 66-67 (Continued) 2 VILLAGE OF OAK BROOK, ILLINOIS Comprehensive Annual Financial Report TABLE OF CONTENTS, CONTINUED Statement Schedule Page(s) Combining, Individual Fund, and Account Group Financial Statements and Schedules, Continued: Proprietary Funds, Continued: Sports Core Fund: Statement of Revenues, Expenses, and Changes in Deficit - Budget and Actual . . . . . . . . . . . . . D-7 68-69 Schedule of Operating Expenses by Department - Budget and Actual . . . . D-8 70-71 Schedule of Property, Plant, and Equipment and Accumulated Depreciation . . . . . . . . . . . D-9 72-73 Fiduciary Funds - Pension Trust Funds: Combining Balance Sheet . . . . . . . . . E-1 74 Combining Statement of Revenues, Expenses, and Changes in Fund Balances . . . . . . . . . . E-2 75 Combining Statement of Changes in Financial Position . . . . . . . . . . . E-3 76 Policemen's Pension Fund: Statement of Revenues, Expenses, and Changes in Fund Balance - Budget and Actual . . . . . . . . . . . . . . E-4 77 r- Firemen's Pension Fund: Statement of Revenues, Expenses, and .., Changes in Fund Balance - Budget and Actual . . . . . . . . . . . . . . E-5 78 General Fixed Assets Account Group: Schedule of General Fixed Assets - By Sources . . . . . . . . . . . . . . F-1 79 Schedule of General Fixed Assets - By Function and Activity . . . . . . . . . F-2 80 Schedule of Changes in General Fixed Assets - By Function and Activity . . . F-3 81 (Continued) 3 VILLAGE OF OAK BROOK, ILLINOIS Comprehensive Annual Financial Report TABLE OF CONTENTS, CONTINUED Table Page(s) Statistical Section (unaudited): .- General Governmental Expenditures by Function - Last ten fiscal years . . . . . . . . . . . . . . . . 1 82 General Revenues by Source - Last ten fiscal years 2 83 Property Tax Levies and Collections - Last six fiscal years . . . . . . . . . . . 3 84 Assessed and Estimated Actual Value of Taxable Property - Last ten fiscal years . . . . . . . . . . . . 4 85 '- Property Tax Rates - All Overlapping Governments - Last ten fiscal years . . . . . . . . . . . . . . . . . 5 86 Ratio of Net General Bonded Debt to Assessed Value and Net Bonded Debt per Capita - Last eight fiscal years . . . . . . . . . . . . . . . . . . . . . . 6 87 Computation of Legal Debt Margin . . . . . . . . . . . . . 7 88 Computation of Overlapping Debt . . . . . . . . . . . . . 8 89 Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Expenditures - Last six fiscal years . . . . . . . . . . . . . . . . . 9 90 Revenue Bond Coverage - Waterworks System Bonds - Last nine fiscal years . . . . . . . . . . . . . . . . . 10 91 Demographic Statistics . . . . . . . . . . . . . . . . . . 11 92 Property Value, Construction, and Bank Deposits - Last ten calendar years . . . . . . . . . . . . . . . . . . . 12 93 Principal Taxpayers . . . . . . . . . . . . . . . . . . . 13 94 Insurance in Effect . . . . . . . . . . . . . . . . . . . 14 95 '— Miscellaneous Statistical Data . . . . . . . . . . . 15 96 4 ELECTED OFFICIALS TTT ( 7LTr I-PRESIDENT V1LLAVOF OAK BROOK 6-TRUSTEES I-CLERK ORGANIZATION FLOW CIIART JULY 1982 TREASURER LEGEND ADVISORY BOARDS S COMMISSIONS VILLAGE MANAGER IA) RPeltivn niavlEun A-N. APma— IPT) Pon Tme m (SeP.) Seaaanal BIn¢ Buibi,q LIBRARY C.I.LAN ZCO6NI'N'GveOARD ELE`mR^cAL ci�E TePoucE Memeera ASST TO VILLAGE MANAGER LEGAL DEPARTMENT n.e OF APPEALS COMMISSION COMMISSION (DI) DVY nma Comm. Communmmim PLANNING S DEVELOPMENT �mr. mm�s:ianer ATTORNEY oer. 6-Mempen 2-Mem6era Enver. Enargelq -M`vperEryinen Exec. Eaea,Ive I-Hr1e Uief .Ion hEm n STAFF SERVICE Mea .1A 1, Rmm�. Parrdmon ENGINEERING ADMINISTRATIVE SERVICES FINANCE zrb. VILLA on�nq VILLAGE ENGINEER EXEC.SECRETARY FINANCE OFFICER roP.r PLAN REVIEW B DESIGN ADMINISTRATION LSER ICE IPSUROLL BWLL ENG ACCOUNTS - -IiSPECTneer r n V -cca A -AccanRClerx -Acer pBC I-Givll Engrnae 2-Llerx/TypiaalPT1 2/3Recmrianma(AI nOLletrh neenngAbel. 1/3 RecepNa iaa(Al 3'Meter RePPer IPTI 12 Ckrw/Typn�nW krw/tydaripTW OPERATING DEPARTMENTS SPORTS CARE PUBLIC WORKS FIRE SERVICE POLICE SERVICE LIBRARY SPORTS CORE MANAGER SUPERINTENDENT CHIEF CHIEF LIBRARIAN I Acc q./C erk -Secmaary -SevmPry -seaman - M/Trpi.1— krx lsePl OPEN FIELDS GOLF COURSE POOL CLUBHOUSE TENNIS MUNICIPAL OPERATION S MAINTENANCE OPERATION&MAINTENANCE RESCUE,EXTINGUISHMENT, VOLUNTEER BUREAU OF STAFF UX.SERVICE INVESTIGATION PATROL,TRAFFIC,JUVENILE sERvlces GARAGE DRAINAGE,TRAFFIC CONTROLS WATER SYSTEM EMER MED.SERVICE,TRAINING SERVICE INSPECTIONS COMMUNIC{4TION,RECORD$ EVIDENCE,DETENTION PUBLIC INFORMATION LIGHTING,S PUBLIC LAND MAINT S INVESTIGATION SUPPLYSI AINTENANCE COURT LIAISON an Golf Pm 1-Pool Manager(Sea) Cluj)Director I-Ten—Pro (Sea.) I-Mechanic Foreman I-Foreman I-Foreman 1-Asst Chief(PT) 2-Sergeant I-Sergeant I-Lieutenant ,,, caaw -Aan.P 2-Haan11 mora.renin. P -Aua Mechanic PT) inn CaaM1nr PPI Mqr. aaa.LIYU Direcnc I-Clerw/Typiar lAll2pmplel rx/TYp�aa W(2 pevpld n-pm.) 9-LiteWarn(2g pevpkl peel -GemaM RRISAR".) -Aarree 13Paopk) 2-BPneMer(6pevple) S 2 Ranger PUBLIC BUILDING B STREETS.STREET LIGHT", SUPPLY B RANSMISSION B SHIFie SHIFTe 2 SHIFix3 PLATOON RW.INSPECTIN: FIRE PREVENTION MMUNILATION RECORDS OETECTrvE DIVISION SN IFTeI &HIR•2 HIFte3 2-loupe Rreonl6pe ) 6 WPt rtaallO pePPle1 PUBLIC LANDS,B T STORAG TDISTRIBUTION ZNGENLWKEMENT 1 Gan Bay(2_pkl I-Cpx Helper IGBIaq.MpintJaur,eymanCE 2-Nolnaemncemvnl -Mvinnnapemonl in emonp 3-Lleunnana n 3-Lleuaepna 25-FnerigNnr(PT) I-Ana roBln9 tome -Senior Inapec ]-LPmm.Operator 2Clerx/TYpiai 3-Der.Pofmlmon Sergeant 2-Sergevnr 2-Sergeam 1-Orivkb Rapel2peapkl -Uaillry Mvimenvnuma LPE er(Seal FiretipMer/ >-Filerefig�ter ]-FirtaigMer -Senior lnapec 3Inapecnra RTI mem60etTminee ]-Poemlman ]-RIIMman 8-Poamlmen I sea(21.) r F -FirNlgMer/ 3-InapecrorII aO reeignnr/ peopnl 6-LOEorer(Sea.)PII Flrefi9Fr rttigNr%er/ ALL SEASONAL ALL SEASONAL ALL SEASONAL L SEASONAL [napecrorlOT1(A) Inapecr IDT)lAl n ciPrIDT1141 MIDT)IAI l 5 VILLAGE OF OAK BROOK, ILLINOIS Officers and Officials Year ended April 30, 1984 w w President Wence F. Cerne .� Clerk Marianne Lakosil Trustees Walter C. Imrie Robert E. Listecki Ronald P. Maher Arthur W. Philip Joseph H. Rush William R. Watson Village Manager John H. Brechin 6 OF Oqk a poi q COUNt'�' -- VI LLAGE OF OAK BROOK 1200 OAK BROOK ROAD OAK BROOK, ILLINOIS 654-2220 August 28, 1984 President and Board of Trustees r- Village of Oak Brook Oak Brook, Illinois 60521 Gentlemen: The Comprehensive Annual Financial Report of the Village of Oak Brook for the fiscal year ended April 30, 1984 is submitted herewith. Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rests with the Village. We believe the data, as presented, is accurate in all material aspects; that it is presented in a manner designed to fairly set forth the financial position and results of operations of the Village as measured by the financial activity of its various funds; and that all disclosures necessary to enable the reader to gain the maximum understanding of the Village's financial affairs have been included. In addition to the financial statements required for each fund we have included a group of self-balancing accounts known as the General Fixed Assets and General Long-term Debt Account Groups. The General Fixed Assets Account Group reflects all fixed assets acquired by funds except the Enterprise Funds. Schedules of property, plant, and equipment for the two Enterprise Funds - Water and Sports Core - are also included. The Long-term Debt Account includes the General Obligation Bonds issued in 1977 for the purchase of the Sports Core, and the accrued employee vacation liability as required by the provisions of Statement No. 4 issued by the National Council on Governmental Accounting. The last section of the Annual Report includes statistical data and schedules which contribute to the value of the report as an official document. This letter describes the significant aspects of financial operations during the year. It is our hope that this report will significantly assist the Board of Trustees, village officials and personnel, and our citizens in better understanding the financial activities and transactions relating to our Village government. 7 Accounting System and Budgetary Control The Village's accounting records for general governmental operations are accounted for on a modified accrual basis of accounting. Revenues are recorded when available and measureable. Expenditures are recorded when services or goods are received and liabilities are incurred. Accounting records for the Village' s Enterprise Funds and Pension Trust Funds are maintained on the accrual basis. The Village places a great deal of emphasis upon internal accounting controls as they affect the overall accounting system of the Village. In developing and evaluating the Village's accounting system, consideration is given to the adequacy of internal accounting controls. Internal accounting controls are designed to provide reasonable, but not absolute, assurance regarding: (1) the safeguarding of assets against loss from unauthorized use or disposition; and (2) the reliability of financial records for preparing financial statements and maintaining accountability for assets. The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the evaluation of costs and benefits requires estimates and judgments by management. All internal control evaluations occur within the above framework. We believe that the Village's internal accounting controls adequately safeguard assets and provide reasonable assurance of proper recording of financial transactions. Budgetary control is maintained through a system of monthly revenue and expenditure/expense vs. budget accounting reports which are provided to all Trustees and department heads. All disbursements receive prior approval of the Board of Trustees. Expenditures in any fund are restricted to the total appropriation budget, which is not changed without supplemental ordinance approval. Amounts budgeted by account within each fund can be changed by Board action. Budgetary control is maintained at the subfunction level by the encumbrance of estimated purchase amounts prior to the release of purchase orders to vendors. Open encumbrances at April 30, 1984 are reported as reservations of fund balance. �. The Reporting Entity and Its Services This report includes all of the funds and account groups of the Village. The Village provides a full range of services contemplated by statute or charter. This includes public safety (police, fire, bureau of inspection, and ambulance service), street maintenance, public improvements, planning and zoning, general administration services, water, and operation of a free public library and recreation facilities at the Oak Brook Sports Core (including an 18-hole golf course). The Oak Brook Park District, the various school and sanitary districts, and the counties of DuPage and Cook are not included in the financial statements of this report as they are independent special districts and are not part of the Village of Oak Brook. 8 During 1983 the National Council on Governmental Accounting (NCGA) Statement No. 3 "Defining the Governmental Reporting Entity" became effective. This statement concluded that the basic - but not the only - criterion for including a governmental department, agency, institution, commission, public authority, or -�° other governmental organization in a governmental unit's reporting entity for general purpose financial reports is the exercise of oversight responsibility over such agencies by the governmental unit's elected officials. The Village has reviewed NCGA Statement No. 3 and has determined that no change in the reporting entities included in its general purpose financial reports is required in order to comply with the provisions of the Statement. General Governmental Functions �- Operating revenues for general governmental functions as reported in the General Corporate Fund totaled $6,340,932, an increase of $594,218 (10.3%) over last year. The amount of revenues from all sources and the increase or decrease over last year are shown in the following tabulation: _ Percent Increase of (decrease) Source Amount total over 1983 Intergovernmental $ 5,194,295 81.9% $ 386,811 Licenses and permits 326,633 5.2 113,649 Charges for services 214,758 3.4 54,861 Fines and penalties 205,838 3.2 65,966 Interest on investments 346,480 5.5 (66,683) Other revenues 52,928 .8 39,614 $ 613402932 100.0% $ 594,218 Intergovernmental revenue is the major source of revenue for the Village, �. producing 81.9% of current year revenues. The increase over last year is primarily due to increased collections of sales taxes due to a general economic upturn which effected the nearby Oak Brook Mall. �. The increase in licenses and permits is due to increased construction in the Village, primarily from the McDonald's office campus construction which was completed in fiscal 1984. Revenues from investment income decreased by $66,683 from last year, reflecting a drop in interest rates throughout the fiscal year. The Village has never levied taxes for general governmental functions. However, the assessed valuation of real property of the Village was $347,270,630, an increase of $28,595,296, or 9% over the prior year. 9 Expenditures for general governmental purposes totaled $6,056,503, an increase of $663,703 (12.3%) from last year. Changes in levels of expenditures for major functions of the Village over the prior year are shown in the following tabulation: Percent of Increase .. Function Amount total over 1983 Legislative $ 218,095 3.6% $ 24,986 General government 999,325 16.5 1209916 ._ Public safety 3,460,935 57.1 64,127 Public works 1,228,412 20.3 416,975 Culture and recreation 1499736 2.5 36,699 $ 6,056,503 100.0% $ 6632703 In 1980 the Board of Trustees implemented a residential taxpayer benefit by absorbing the cost of once-a-week curbside refuse collection. The cost of this service is currently valued at $5.90 per week per resident. The total cost of this service was $152,053 for the past year and is included in the legislative portion of expenditures. The increase in general government expenditures is primarily due to an increase in -- capital purchases. The purchase of certain real property (land and building) adjacent to the Village commons area for $285,000 represents the major portion of this increase. Public safety expenditures, which represent our largest portion of expenditures, increased only slightly by 1.9% over last year, primarily due to the changes in expenses of personnel services. The significant increase in public works expenditures reflects the fact that in 1983 virtually all capital projects budgeted were deferred in order to balance revenues and expenses and preserve a balanced budget. In fiscal 1984 these capital projects were completed and were in line with budgeted expenditures. The Village also abated $300,000 of the 1982 Sports Core tax levy as a result of prior years' accumulated surpluses in the General Corporate Fund. In 1983 the Village adopted the provisions of Statement No. 4 issued by the NCGA regarding recognition of liabilities for compensated absences. Accumulated unpaid vacation pay is accrued when incurred in the proprietary funds. For governmental funds, the current portion of the liability is reported in the individual fund, and the remainder is reported in the General Long-term Debt Account Group. 10 Debt Administration The ratio of net bonded debt to assessed valuation and the amount of debt per capita are useful indicators of the Village's debt position. This information for the Village at April 30, 1984 as compared to April 30, 1983 is as follows: Apr.30,1984 Apr.30,1983 Net bonded debt total $ 7,988,853 8,549,768 Ratio of net bonded debt to assessed valuation 2.301% 2.683 Net bonded debt per capita 1,100 1,287 General obligation bonds were issued for the purchase of the Sports Core in 1977. At that time the Village also initiated a tax levy for purposes of retiring the principal and interest payments of the bonds. Collections in fiscal year 1983/84 totaled $522,246, or approximately 99% of the total 1982 tax levy. Due to the favorable fund balance in the General Corporate Fund, the Village will abate the 1983 levy to be collected in 1984/85 by $300,000. Reduced tax levy rates as the result of the abatements are indicated below: 1983 - $.1704 per $100 of assessed valuation 1982 - $.1645 per $100 of assessed valuation 1981 - $.0944 per $100 of assessed valuation 1980 - $.2010 per $100 of assessed valuation 1979 - $.2265 per $100 of assessed valuation 1978 - $.3495 per $100 of assessed valuation The general obligation bonds are due to be retired in December 1994. In addition, the Village has outstanding revenue bonds for the Waterworks System Fund. Schedules of maturities of both bond issues are located in the notes to financial statements of the report. The Village's bonds have the following ratings: Moody's Investors Service General Obligation Bonds Aa 1973 Water Works Revenue Bonds A 1976 Water Works Revenue Bonds A Cash Management It is the policy of the Village of Oak Brook to invest idle cash and increase investment income by the efficient use of savings accounts, certificates of deposit, repurchase agreements, and the Illinois Public Treasurer's Investment 11 Pool. At April 30, 1984 the Village's cash resources for all funds exclusive of Trust funds were distributed as follows: Treasurer's Investment Pool 5.0% Repurchase agreements 11.1% Certificates of deposit 83.9% In 1983/84 we received $704,305 in interest income. The average yield on investments maturing during the year was 9.9% versus an average yield in 1982/83 of 12.5%. Capital Projects Funds The proceeds of the general obligation bond issue are accounted for in the Sports Core Construction Fund until improvement projects are completed. At the end of the fiscal year, completed projects are transferred to fixed assets of the Sports Core Enterprise Fund. The Equipment Replacement Fund transferred $190,000 to the General Corporate Fund for the purchase of a fire truck. The unused portion of these funds amounting to $43,438 was transferred back to the Equipment Replacement Fund and is earmarked for the future purchase of additional fire equipment. Motor Fuel Tax Fund The Motor Fuel Tax Fund was established to account for the revenue received from the State of Illinois for the local share of the motor fuel tax collections. The State collects the tax on each gallon of fuel sold within the State of Illinois and returns a percentage back to each municipality based on population. Motor Fuel Tax revenue from the State for the fiscal year ended April 30, 1984 was $96,270. The funds in the Motor Fuel Tax Fund have been traditionally used by the Village to finance street reconstruction and resurfacing projects, and roadway de- icer salt. Federal Revenue Sharing Fund The Federal Revenue Sharing Fund was established to account for revenue received from the Federal Government in accordance with the Federal Revenue Sharing Program. The Village has had a policy of utilizing these funds for capital outlays; specifically the Village bike path system. This policy was adhered to in the fiscal year ended .April 30, 1984 with $106,620 expended through transfer to the General Corporate Fund for bike path system improvements. In fiscal year 1985 these funds will be used for bike path improvements and the acquisition of library books and materials. Special Service Area No. 1 Fund In September 1981 this Special Service Area was created for the replacement of gas lights with electric lights in the York Woods Subdivision, pursuant to the request made by the York Woods Homeowners Association. 12 Funding of this project was shared between the Village at 30% and the residents — within the Special Service Area at 70%. The residential portion of the funding will be collected via a tax levy through 1986. Pensions Employees of the Village of Oak Brook are covered by one of three pension plans. They are: 1) The Policemen's Pension Fund of the Village of Oak Brook, covering the Village's sworn personnel in the Police Department; 2) The Firemen's Pension Fund of the Village of Oak Brook, covering the Village's sworn personnel in the Fire Department; and 3) The Illinois Municipal Retirement Fund, which covers all the remaining Village employees who work in excess of 600 hours per year on a regular basis. The employees covered by the Illinois Municipal Retirement Fund •-- are also covered.by Social Security. General Fixed Assets The general fixed assets of the Village are those fixed assets used in the performance of general governmental functions and exclude the fixed assets of the Enterprise Funds. As of April 30, 1984 the general fixed assets of the Village amounted to $10,421,462. This amount represents the original cost of the assets and is considerably less than their present value. Depreciation of general fixed assets is not recognized in the Village's accounting system. Waterworks System Fund The Village's water utility continues to show gains in operating revenues, number of customers, net income, and debt service coverage as we continue the program of increasing rates about 5% annually. Comparative data for the past two fiscal years are presented in the following tabulation: 1984 1983 Water sales $ 1,496,271 1,340,765 Water connection charges 279,911 161,908 Total operating revenues 1,924,679 1,698,313 Total operating expenses 948,519 770,744 Amount available for debt service 1,535,706 1,462,325 Average annual debt service 478,158 485,308 Coverage (amount available for debt service divided by average annual debt service) 3.21 3.01 13 During the year, $325,000 of regularly maturing revenue bonds were retired in the Waterworks System Fund. Since fiscal year 1976/77 our debt coverage as defined on the preceding page has increased from 2.07 to 3.21. Sports Core Fund The 1984 financial statements reflect the third year of operation of the 18-hole golf course and expanded operations of the Bath and Tennis Club. Operating revenues and interest income totaled $1,327,497. Operating expenditures excluding depreciation totaled $1,270,304. Major department activity is summarized as follows: Revenues and Interest Income s Description Amount % of Total _ Golf course $ 673,152 50.7% Bath and Tennis Club (including special events) 541,079 40.8 Open fields 57,418 4.3 �- Administration, July 4th and Oak Brook Day 45,636 3.4 Interest income 10,212 .8 $ 1,327,497 100.0% Operating Expenses Description Amount % of Total Golf course $ 479,576 37.8% Bath and Tennis Club 585,865 46.1 Open fields 85,652 6.7 _. Administration, July 4th and Oak Brook Day 119,211 9.4 $ 1,270,304 100.0% -' Independent Audit Statutes require an annual audit to be made of the books of account, financial records, and transactions of all administrative departments of the Village by independent certified public accountants selected by the Board of Trustees. This requirement has been complied with and the auditor's opinion has been included in this report. w 14 Certificate of Conformance The Government Finance Officers Association of the United States and Canada (GFOA), formerly the Municipal Finance Officers Association (MFOA), awarded a Certificate of Conformance in Financial Reporting to the Village of Oak Brook for its comprehensive annual financial report for the fiscal year ended April 30, 1983. In order to be awarded a Certificate of Conformance, a governmental unit must publish an easily readable and efficiently organized comprehensive annual financial report, whose contents conform to program standards. Such reports must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Conformance is valid for a period of one year only. We believe our current report conforms to Certificate of Conformance Program requirements, and we are submitting it to GFOA to determine its eligibility for another certificate. Future Considerations After completing our Silver Anniversary year, we look on our past accomplishments with pride. We know that the challenges of the future will be met with the same dedication and commitment as we have enjoyed in the past. In 1979 the Village joined the Intergovernmental Risk Management Agency to provide for conventional liability and property insurance coverage by using a self- insurance pooling approach. IRMA has grown from 14 member communities to 37 members with an estimated savings over the past five years of 367 over conventional insurance. Based upon the Village's savings, estimated at more than $400,000 since joining IRMA, we expressed our desire to continue as a member through December 1987. The Village is committed to a program of risk management �-- in order to minimize the resources lost and maximize our savings in the future. A similar concept to the self-insurance pooling approach was started by a group of communities for 1979 for employee life and medical insurance. This group, known as the Intergovernmental Personnel Benefit Cooperative (IPBC), has experienced a similar success rate to that of IRMA. In March 1983 the Village of Oak Brook became the fifteenth member of IPBC, and we are confident that the savings over conventional insurance will continue. The Village of Oak Brook is an original member of the DuPage Water Commission (Commission), established to deliver Lake Michigan Water to DuPage County communities. As described in notes 12(b) and 16 of notes to the financial statements, this project was delayed by the reorganization of the Commission and cancellation of the interim financing plans. However, the Village plans to pursue the delivery of Lake Michigan water through continued intergovernmental cooperation. Completion of the project is not expected until at least 1990. Lake Michigan water will then replace the deep well water currently being supplied to our customers. 15 Acknowledgements The preparation of this report on a timely basis could not be accomplished without the efficient and dedicated services of the entire staff of the Village of Oak Brook. We wish to express our appreciation to those persons who have made _ possible the publication of this report, and to thank the members of the Board of Trustees for their interest and support in planning and conducting the financial operations of the Village in a responsible and progressive manner. Jo H. Brechin Vill ge Manager -� 16 Certificate Of Conformance in Financial Reporting Presented to Village of Oak Brook, Illinois For its Comprehensive Annual Financial Report for the Fiscal Year Ended April 30, 1983 A Certificate of Conformance in Financial Reporting is presented by the Municipal Finance Officers Association of the United States and Canada to governmental units and public employee retirement systems whose comprehensive annual financial reports(CAFR's) are judged to substantially conform to program standards. OFF/�F9 &44 as H President _ WNW= �: y 583i. \� ze!�4 Executive Director 17 e- PEAT Peat,Marwick,Mitchell & Co. _ Certified Public Accountants FF3MARWICK The Drake Oakbrook Plaza 2211 York Road Oak Brook,Illinois 60521 312-938-5380 ACCOUNTANTS' REPORT President, Board of Trustees,. and Village Manager Village of Oak Brook, Illinois: We have examined the combined financial statements of the Village of Oak Brook, Illinois and its combining and individual fund financial statements as of and for the year ended April 30, 1984, as listed in the accompanying table of contents. Our examination was made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. _ In our opinion, the aforementioned combined financial statements present fairly the financial position of the Village of Oak Brook, Illinois at April 30, 1984, and the results of its operations and the changes in financial position of its proprietary fund types and similar trust funds for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Also, in our opinion, the aforementioned combining and individual fund _ financial statements present fairly the financial position of the individual funds of the Village of Oak Brook, Illinois at April 30, 1984, their results of operations, and the changes in financial position of individual proprietary and similar trust funds for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. -� Our examination was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying financial information listed as schedules in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements. The information has been subjected to the auditing procedures applied in the. examination of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the — basic financial statements taken as a whole. July 6, 1984 �. 18 VILLAGE OF OAR BROOK, ILLINOIS _ Combined Balance Sheet - All Fund Types and Account Groups April 30, 1984 Governmental fund types General Special Debt Capital _ Assets and Other Debits Corporate Revenue Service Projects Cash • $ 667 - - - Investments 3,834,595 21,385 337,419 86,751 Receivables (net, where applicable, of allowances for uncollectibles):. Sales taxes 992,169 - - - Property taxes (note 2) - 6,073 585,832 - State income taxes 17,915 - - - Customers: Billed water sales - - - - Estimated unbilled water sales - - - - Allotments - 8,171 - - Accrued interest 148,.211 - 49518 130 Other 39687 - 9,110 - Total receivables 191619982 14,244 5999460 130 Due from other funds 35,397 - - 4,379 Due from other agencies (note 8) 1359050 - - - Prepaid expenses - - Inventory of supplies, at cost 21,643 - - - Unamortized bond discount - - _ _ Restricted assets - cash and invest- ,r ments (note 5) - - _ _ Fixed assets (net of allowance for depreciation for proprietary funds) - - - _ Amount available in Debt Service Fund - - - _ r Amounts to be provided for retirement of long-term debt - - _ _ Total assets and other debits $ 5,1891334 352629 936,879 91,260 r 19 '` Exhibit 1 VILLAGE OF OAR BROOK, ILLINOIS '- Combined Balance Sheet - All Fund Types and Account Groups April 30, 1984 Fiduciary Account groups Proprietary fund type General General Total fund type Trust and Fixed Long-term (memorandum Enterprise Agency Assets Debt only) 1,529 49 - - 2,245 181,460 7,335,213 - - 11,796,823 - - - - 992,169 - - - 591,905 - - - - 17,915 102,780 - - - 102,780 95,425 - - - 95,425 - - - - 8,171 106,496 209,251 - - 468,606 55,216 - - - 68,013 359,917 209,251 - - 2,344,984 - 57,125 - - 96,901 - - - - 135,050 82,405 - - - 82,405 17,379 - - - 39,022 50,608 - - - 50,608 3,118,931 - - - 3,118,931 17,282,084 - 10,421,462 - 27,703,546 - - - 161,147 161,147 - - - 8,044,096 8,044,096 21,094,313 7,601,638 10,4212462 812052243 53,575,758 (Continued) 20 VILLAGE OF OAR BROOK, ILLINOIS Combined Balance Sheet - All Fund Types and Account Groups, Continued Governmental fund types General Special Debt Capital Liabilities and Fund Equity Corporate Revenue Service Projects Accounts payable $ 138,606 19 Accrued payroll 70,995 - - - Accrued vacation liability 165,728 - - - Customer deposits 4,500 - - - Due to other funds 61,504 21,588 - - Current interest payable - - 189,900 - Deferred tax revenue (note 2) - 6,073 585,832 - Construction performance bonds 308,780 - - - Revenue bonds - - - - General obligation recreation bonds - - - - Total liabilities 750,113 27,680 775,732 - Fund equity: Contributed capital - - - - Investment in general fixed assets - - - - Retained earnings: Reserved according to bond ordinance - - - - Reserved for Lake Michigan Water Project (note 5) - - - - " Unreserved - - - - Fund balances (deficit): ,. Reserved for encumbrances 215,015 - - - Reserved for inventory 21,643 - - - Reserved for future collections _ (note 8) 91,250 - - - Reserved for debt service - - 161,147 - Reserved for employees' retirement - - - - Unreserved: Designated for subsequent year's expenditures (note 9) 21,893 1,632 - 51,669 Undesignated 4,089,420 6,317 - 39,591 Total retained earnings/fund balances 4,439,221 7,949 161,147 91,260 Total fund equity 4,439,221 7,949 161,147 91,260 Total liabilities and fund equity $ 5,189,334 35,629 936,879 91,260 See accompanying notes to financial statements. 21 �.. Exhibit 1 VILLAGE OF OAR BROOK, ILLINOIS Combined Balance Sheet - All Fund Types and Account Groups, Continued Fiduciary Account groups Proprietary fund type General General Total fund type Trust and Fixed Long-term (memorandum Enterprise Agency Assets Debt only) 158,199 - - - 296,824 11,271 - - - 82,266 -- 9,497 - - 55,243 230,468 142,291 - - - 146,791 13,809 - - - 96,901 - - - - 189,900 - 591,905 - - - - 308,780 4,375,000 - - - 4,375,000 - - - 8,150,000 8,150,000 4,710,067 - - 8,205,243 14,468,835 11,025,590 - - 11,025,590 - - 10,4219462 - 10,421,462 -- 2,946,951 - - - 2,946,951 1719980 - - - 171,980 2,239,725 - - - 2,239,725 - - - - 215,015 - - - - 21,643 - - - - 919250 - - - - 161,147 - 699729951 - - 6,972,951 - - - 75,194 - 628,687 - - 4,764,015 5,358,656 7,601,638 - - 17,659,871 169384,246 7,601,638 109421,462 - 39,106,923 21,094,313 7,6019638 10,421,462 8,205,243 53,575,758 22 I 1 Exhibit 2 VILLAGE OF OAK BROOK, ILLINOIS Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - All Governmental Fund Types i Year ended April 30, 1984 f Total I General Special Debt Capital (memorandum Corporate Revenue Service Projects only) Revenues: - Intergovernmental $ 5,194,295 148,951 - - 5,343,246 Property taxes - 602,517 - 602,517 Licenses and permits 326,633 - - - 326,633 Service charges 214,758 _ _ _ 214,758 Fines and penalties 205,838 205,838 Interest on investments 346,480 11,325 29,613 9,356 396,774 Miscellaneous 52,928 - - - 52,928 Total revenues 6,340,932 160,276 632,130 9,356 7,142,694 Expenditures: [ Current: [ Legislative 218,095 - - - 218,095 General government 999,325 - - - 999,325 Public safety 3,460,935 - _ - 3,460,935 Public works 1,228,412 1,279 1,229,691 Culture and recreation 149,736 149,736 Administration - - - 180 180 Debt service: - Principal retirement - 500,000 500•,000 Interest and fees - - 391,320 - 391,320 Total expenditures 6,056,503 1,279 891,320 180 6,949,282 Excess (deficiency) of revenues over expenditures 284,429 158,997 (259,190) 9,176 193,412 Other financing sources (uses): r Operating transfers in 612,793 - 300,000 17,000 929,793 l Operating transfers out (309,732)(306,231) - (146,562) (762,525) Total other financing sources (uses) 303,061 (306,231) 300,000 (129,562) 167,268 Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses 587,490 (147,234) 40,810 (120,386) 360,680 Fund balances at April 30, 1983 3,851,731 155,183 120,337 211,646 4338,897 If Fund balances at April 30, 1984 $ 4,439,221 71949 1617147 91,260 4,699,577 See accompanying notes to financial statements. 23 VILLAGE OF OAK BROOK, ILLINOIS l f Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - All Governmental Fund Types Year ended April 30, 1984 General Corporate Fund Special Revenue Funds Adjustment Adjustment to Actual on Variance to Actual on Variance budgetary budgetary favorable budgetary budgetary favorable Actual basis basis Budget (unfavorable) Actual basis basis Budget (unfavorable) Revenues: Intergovernmental $ 5,194,295 75,177 5,269,472 4,933,915 335,557 148,951 (6,360) 142,591 147,500 (4,909) Property taxes - - - - - - - - Licenses and permits 326,633 - 326,633 196,050 130,583 - - - - - Service charges 214,758 - 214,758 176,303 38,455 - - - - - Fines and penalties 205,838 - 205,838 143,775 62,063 - - - - - Interest on investments 346,480 (34,151) 312,329 300,000 12,329 11,325 750 12,075 3,100 8,975 Miscellaneous 52,928 (2,169) 50,759 56,750 (5,991) - - - - - Total revenues 6,340,932 38,857 6,379,789 5,806,793 572,996 160,276 (5,610) 154,666 150,600 4,066 Expenditures: Current: Legislative 218,095 (224) 217,871 254,203 36,332 - - - - - General government 999,325 (1,694) 997,631 1,114,406 116,775 - - - - - Public safety 3,460,935 112,376 3,573,311 4,156,355 583,044 - Public works 1,228,412 53,455 1,281,867 1,571,777 289,910 1,279 (1,229) 50 55 5 ` Culture and recreation 149,736 581 150,317 183,482 33,165 - - - - - Administration - - - - - - - - - - Debt service: - Principal retirement - - - - - - - - - Interest and fees - - - - - - - - - - Total expenditures 6,056,503 164,494 6,220,997 7,280,223 1,059,226 1.,279 (1,229) 50 55 5 Excess (deficiency) of reve- nues over expenditures 284,429 (125,637) 158,792 (1,473,430) 1,632,222 158,997 (4,381) 154,616 150,545 4,071 Other financing sources (uses): Operating transfers in 612,793 - 612,793 656,000 (43,207) - - - - - Operating transfers out (309,732) - (309,732) (341,055) 31,323 (306,231) - (306,231) (330,000) 23,769 Total other financing sources (uses) 303,061 - 303,061 314,945 (11,884) (306,231) - (306,231) (330,000) 23,769 Excess (deficiency) of reve- nues and other financing sources over expenditures and other financing uses 587,490 $(125,637) 461,853 (1,158,485) 1,620,338 (147,234) (4,381) (151,615) (179,455) 27,840 Fund balances at April 30, 1983 3,851,731 155,183 Fund balances at April 30, 1984 $ 4,439,221 72949 I See accompanying notes to financial statements. 24 Exhibit 3 VILLAGE OF OAK BROOK, ILLINOIS Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - All Governmental Fund Types Year ended April 30, 1984 Debt Service Fund Capital Projects Funds Adjustment Adjustment to Actual on Variance to Actual on Variance budgetary budgetary favorable budgetary budgetary favorable Actual basis basis Budget (unfavorable) Actual basis basis Budget (unfavorable) 602,517 (3,782) 598,735 604,000 (5,265) - - - - - 29,613 9,403 39,016 37,000 2,016 9,356 (4,509) 4,847 - 4,847 632,130 5,621 637,751 641,000 (3,249) 9,356 (4,509) 4,847 - 4,847 - - - - - 180 - 180 - (180) 500,000 - 500,000 550,000 50,000 - - - - - 391,320 10,750 402,070 442,310 40,240 - - - - - 891,320 10,750 902,070 992,310 90,240 180 - 180 - (180) (259,190) (5,129) (264,319) (351,310) 86,991 9,176 (4,509) 4,667 - 4,667 300,000 - 300,000 300,000 - 17,000 - 17,000 27,500 (10,500) - - - - - (146,562) - (146,562) (2099000) 62,438 300,000 - 300,000 300,000 - (129,562) - (129,562) (181,500) 51,938 40,810 (51129) 352681 (51,310) 862991 (120,386) (42509) (124,895) (181,500) 562605 120,337 211,646 1612147 91,260 25 Exhibit 4 VILLAGE OF OAK BROOK, ILLINOIS Combined Statement of Revenues, Expenses, and Changes in Retained Earnings/Fund Balances - All Proprietary Fund Types and Similar Trust Funds r Year ended April 30, 1984 l Proprietary Fiduciary Total fund types fund types (memorandum Enterprise Pension Trust only) Operating revenues: Charges for services $ 3,190,161 - 3,190,161 1 Interest on investments - 795,327 795,327 1 Contributions: 1 Employees - 162,842 162,842 Village - 369,841 369,841 ' Miscellaneous 51,803 150 51,953 Total operating revenues 3,241,964 1,328,160 4,570,124 Operating expenses: Operation of facilities 1,824,394 - 1,824,394 General and administrative 158,602 2,020 160,622 Depreciation' 452,070 - 452,070 Benefit payments 59,112 59,112 Refunds - 30,301 30,301 Total operating expenses 2,435,066 91,433 2,526,499 I A Operating income 806,898 1,236,727 2,043,625 Nonoperating revenues (expenses): Interest on investments 307,531 - 307,531 Interest on bonds (246,100) - (246,100) Amortization of bond discount (5,788) - (5,788) Fiscal agents' fees (392) - (392) Construction reimbursements 26,400 - 26,400 81,651 - 81,651 Income before operating transfers 888,549 1,236,727 2,125,276 Operating transfers in 9,732 - 9,732 Operating transfers out (177,000) - (177,000) I Net income 721,281 1,236,727 1,958,008 1 Retained earnings/fund balances at I April 30, 1983 4,637,375 6,364,911 11,002,286 Retained earnings/fund balances at April 30, 1984 $ 5,358,656 7,601,638 12,960,294 l See accompanying notes to financial statements. 26 I Exhibit 5 VILLAGE OF OAK BROOK, ILLINOIS Combined Statement of Changes in Financial Position - All Proprietary Fund Types and Similar Trust Funds Year ended April 30, 1984 Proprietary Fiduciary Total fund types fund types (memorandum Enterprise Pension Trust only) Sources of working capital: Operations: Net income $ 721,281 1,236,727 1,958,008 Items not requiring working capital: Depreciation 452,070 - 4529070 .- Amortization of bond discount 5,788 - 5,788 Total provided by operations 1,179,139 1,236,727 2,415,866 *- Total sources of working capital 1,179,139 1,236,727 2,415,866 Uses of working capital: Acquisition of fixed assets 306,620 - 306,620 Reduction in bonds payable 325,000 - 325,000 Net increase in restricted assets 683,565 - 6839565 Net increase in pension investments - 1,216,630 1,216,630 Total uses of working capital 1,315,185 1,216,630 2,531,815 Net increase (decrease) in working capital $ (136,046) 20,097 (115,949) Elements of net increase (decrease) in working capital: Cash (14,691) 6 (14,685) Investments (24,121) - (24,121) Receivables (45,741) 28,280 (17,461) Due from other funds - (89189) (8,189) Prepaid expenses (7,268) - (7,268) Inventory (61821) - (6,821) Accounts payable (29,362) - (29,362) Accrued payroll (49940) - (4,940) Accrued vacation liability (665) - (665) Customer deposits (1,427) - (1,427) Due to other funds (1,010) - (1,010) Net increase (decrease) in working capital $ (136,046) 20,097 (115,949) .s See accompanying notes to financial statements. 27 VILLAGE OF OAR BROOK, ILLINOIS Notes to Financial Statements April 30, 1984 (1) Summary of Significant Accounting Policies The Village of Oak Brook, Illinois (Village) was incorporated February 21, 1958. The Village operates under a Board of Trustees- Manager form of government and provides the following services as authorized by its charter: public safety (police and fire), highways and streets, recreation (golf course and bath and tennis club), water, public improvements, planning and zoning, and general administrative services. -. The accounting policies of the Village conform to generally accepted - accounting principles (GAAP) as applicable to governments. The following is a summary of the more significant policies: y (a) Basis of Presentation - Fund Accounting The accounts of the Village are organized on the basis of funds and account groups, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues, and expenditures or expenses, as appropriate. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The various funds are grouped, in the financial statements in this report, into six generic fund types and three broad fund categories as follows: -_ Governmental Fund Types Governmental funds are those through which most governmental functions of the Village are financed. The Village's expendable financial resources (except those accounted for in proprietary funds) are accounted for through governmental funds. The measurement focus is upon determination of changes in financial position, rather than upon net income determination. The following are the Village's governmental fund types: General Corporate Fund - The General Corporate Fund is the general operating fund of the Village. It is used to account for all financial resources except those required to be accounted for in another fund. Special Revenue Funds - Special Revenue Funds are used to account for the proceeds of specific revenue sources (other than major capital projects) that are legally restricted to expenditures for specified purposes. (Continued) 28 _ VILLAGE OF OAR BROOK, ILLINOIS Notes to Financial Statements Debt Service Fund - The Debt Service Fund is used to account for the accumulation of resources for, and the payment of, general obligation long-term debt principal, interest, and related costs. The Village's only Debt Service Fund is for the Sports Core recreation bonds. 4, Capital Projects Funds - Capital Projects Funds are used to account for financial resources to be used for the acquisition or construction of major capital items (other than those financed by proprietary funds). Proprietary Fund Type 4 Proprietary funds are used to account for the Village's ongoing organizations and activities which are similar to those often t, found in the private sector. The measurement focus is upon determination of net income. Enterprise Funds - Enterprise Funds are used to account for operations (a) that are financed and operated in a manner similar to private business enterprises - where the intent of the governing body is that the costs (expenses, including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered s primarily through user charges; or (b) where the governing body has decided that periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability, or other purposes. Fiduciary Fund Type Fiduciary funds are used to account for assets held by the Village in a trustee capacity or as an agent for individuals, private '— organizations, other governmental units, and/or other funds. Trust Funds - Trust Funds are used to account for assets �^ held by the Village in a trustee capacity. These include the Policemen's and Firemen's Pension Trust Funds. These funds are accounted for in essentially the same manner as proprietary funds. (Continued) 29 a VILLAGE OF OAK BROOK, ILLINOIS Notes to Financial Statements Account Groups Account groups are used to establish accounting control and accountability for the Village's general fixed assets and general long-term debt. The following are the Village's account groups: General Fixed Assets Account Group - This account group is established to account for all fixed assets of the Village, other than those accounted for in the r` proprietary funds and trust funds. General Long-term Debt Account Group - This account group is established to account for all long-term debt of the Village except that accounted for in the proprietary funds. Fixed assets used in governmental fund type operations (general fixed assets) are accounted for in the General Fixed Assets Account Group, rather than in governmental funds. Public domain ("infrastructure") general fixed assets consisting of certain improvements other than buildings, including roads, bridges, curbs and gutters, streets and sidewalks, drainage systems, and lighting systems are capitalized -. along with other general fixed assets. No depreciation has been provided on general fixed assets. .r All fixed assets are valued at historical cost or estimated historical cost if actual historical cost is not available. Donated fixed assets are valued at their estimated fair value on the date donated. Long-term liabilities expected to be financed from governmental funds are accounted for in the General Long-term Debt Account Group, not in the governmental funds. Depreciation of all exhaustible fixed assets used by proprietary funds is charged as an expense against their operations. Accumulated _ depreciation is reported on proprietary fund balance sheets. Depreciation has been provided over the estimated useful lives using the straight-line method. The estimated useful lives are as follows: Buildings 40 years Waterworks system 10-40 years Improvements other than buildings 10-20 years Tennis courts and pools 15-20 years Equipment 5-10 years (Continued) 30 VILLAGE OF OAR BROOK, ILLINOIS Notes to Financial Statements -* (b) Basis of Accounting Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the measurement focus applied. All governmental funds are accounted for using the modified accrual basis of accounting. Their revenues are recognized when they become measurable and available as net current assets. Shared revenues �- remitted from the state government, such as the state motor fuel tax allotments, state income taxes, and state sales taxes were accrued applying the susceptible to accrual concept based upon the month they were collected by the state. In applying the susceptible to accrual concept to intergovernmental revenues, the legal and contractual requirements of the numerous `- individual programs are used as guidance. There are, however, essentially two types of these 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 usually revocable only for failure to comply with prescribed compliance requirements. These resources are reflected as revenues at the time of receipt or earlier if the susceptible to accrual criteria are met. Licenses and permits, charges for services (other than enterprise funds) , and miscellaneous revenues (except investment earnings) are recorded as revenues when received in cash because they are generally not ,.. measurable until actually received. Investment earnings are recorded as earned since they are measurable and available. See note 2 for property tax accrual policy. Expenditures, other than interest on long-term debt, are recorded when the liability is incurred, if measurable. *- All proprietary funds and pension trust funds are accounted for using the accrual basis of accounting. Their revenues are recognized when they are earned, and their expenses are recognized when they are incurred. Unbilled Waterworks System Fund utility service receivables are recorded at year end. (Continued) 31 VILLAGE OF OAR BROOK, ILLINOIS Notes to Financial Statements r (c) Budgets and Budgetary Accounting The Village follows these procedures in establishing the budgetary data reflected in the financial statements: (1) Prior to March 1, a proposed operating budget for the fiscal year commencing the following May 1 is prepared by the department heads, reviewed by the Village Manager and Village Treasurer, and submitted to the Board of Trustees y for their review. The operating budget includes proposed expenditures for all funds of the Village. (2) Public hearings are conducted to obtain taxpayer comments. (3) Prior to August 1, the appropriations ordinance (budget), which is 10% greater than the proposed operating budget, is legally enacted through passage of an ordinance. All appropriations lapse at year end. (4) Any revisions that alter the total expenditures of any fund must be approved by the Board of Trustees. Revisions made on the current year's budget were in accordance with legal requirements. -- (5) Budgets are legally adopted for all funds. Formal budgetary integration is employed as a management control device during the year. Expenditures may not legally exceed appropriations on a fund basis for each legally adopted annual budget. — (6) All budgets are prepared on the cash basis. Budgetary comparisons presented in this report are on this non-GAAP basis. (7) No amounts are budgeted or appropriated for depreciation in the Water or Sports Core Funds. (d) Encumbrances Encumbrance accounting, under which purchase orders, contracts, and other commitments for the expenditure of monies are recorded in order to reserve that portion of the applicable appropriation, is employed as an extension of formal budgetary integration in the governmental funds. Encumbrances outstanding at year end are reported as reservations of fund balances since they do not constitute expenditures or liabilities. (Continued) 32 VILLAGE OF OAK BROOK, ILLINOIS .� Notes to Financial Statements (e) Investments Investments are stated at cost or amortized cost, which approximates market for all but the Police and Firemen's Pension Trust Funds. For these funds, market value was $3,433,058 and $3,798,945 as compared to their recorded cost of $3,502,098 and $3,833,115, respectively, at April 30, 1984. e- (f) Inventory Inventory is valued at lower of cost (first-in, first-out) or market (net realizable value). Inventory in the General Corporate Fund consists of expendable supplies held for consumption. Inventory in the Sports Core Enterprise Fund consists of similar supplies as well as inventory of the golf shop held for resale. The cost is recorded as an expenditure/expense at the time individual inventory items are utilized. Reported General Corporate Fund inventories are equally offset by a fund balance reserve which indicates that they do not constitute "available spendable resources" even though they are a component of net current assets. (g) Unpaid Vacation and Sick Pay Vacation pay is computed and earned on a calendar year basis. Vacation *-• earned must be taken before the end of the next calendar year. Employees are not allowed a given number of sick days a year; any sick leave is at the discretion of the department heads. Accumulated unpaid vacation pay is accrued when incurred in the proprietary funds. For governmental funds, the current portion of the liability is reported in the individual fund, and the remainder is reported in the General Long-term Debt Account Group. (h) Total Columns on Combined Statements Total columns on the combined financial statements are captioned memorandum only to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position, results of operations, or changes in financial position in conformity with generally accepted accounting principles. Neither is such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. (Continued) 33 VILLAGE OF OAK BROOK, ILLINOIS ... Notes to Financial Statements (i) Reporting Entity The Comprehensive Annual Financial Report includes all entities for which the Village exercises oversight responsibility as defined by the National Council on Governmental Accounting (NCGA) Statement No. 3, "Defining the Governmental Report of Entity." (2) Property Taxes The Village's property tax is levied each calendar year on all taxable real property located in the Village. The Village levies taxes only for the payment of principal and interest on general obligation long- term debt and for Special Service Area No. 1. Property taxes attach as an enforceable lien on property as of January 1. Taxes are levied on March 1 (DuPage County) and become due and payable in two installments on June 1 and September 1 during the following fiscal year. Taxes are billed and collected by county officials. The Village, in fiscal 1982, adopted the provisions of Interpretation No. 3 issued by the National Council on Governmental Accounting (NCGA) regarding revenue recognition of property taxes. Since 1983 property _ tax revenues are not due within the current fiscal year, the most recent tax levy (1983) has not been recognized as current revenues. The receivable for the current tax levy has been recognized on the accompanying balance sheets along with a corresponding amount of deferred tax revenue. Likewise, the debt service payments and liabilities related to the 1983 levy are not reflected in the General Corporate or Debt Service Funds. These liabilities are reflected in the General Long-term Debt Account Group. (3) Fixed Assets Changes in General Fixed Assets A summary of changes in general fixed assets is as shown on the following page. 34 VILLAGE OF OAR BROOK, ILLINOIS Notes to Financial Statements (3) Continued Balance at Balance at Apr.30,1983 Additions Deductions Apr.30,1984 Land $ 188,741 85,000 - 273,741 Buildings and improvements 4,647,897 200,114 - 4,848,011 Furniture and fixtures 248,524 1,984 - 250,508 Roadway improvement 2,759,094 409,687 - 3,168,781 Automotive equipment 628,379 81,635 4,700 705,314 Other equipment 932,364 38,102 6,702 963,764 Library books 186,857 24,486 - 211,343 $ 9,591,856 841,008 11,402 10,421,462 Proprietary Fund Type Property, Plant, and Equipment A summary of proprietary fund type property, plant, and equipment by fund at April 30, 1984 follows: Enterprise Waterworks Sports System Core Fund Fund Total Land and improvements $ 2,819 9,783,090 9,785,909 Buildings - 660,476 660,476 Waterworks system structure --- and equipment 8,524,485 - 8,524,485 Improvements other than buildings - 258,323 258,323 Tennis courts and pools - 431,538 431,538 Equipment 94,249 152,948 247,197 8,621,553 11,286,375 19,907,928 Less allowances for depreciation (19733,605) (892,239) (2,625,844) •- $ 6,887,948 10,394,136 17,282,084 (Continued) 35 VILLAGE OF OAR BROOK, ILLINOIS Notes to Financial Statements (4) Long-term debt General Long-term Debt Account Group A summary of transactions for the year ended April 30, 1984 follows: General Accrued Obligation vacation Recreation liability _ Bonds (note 1(g)) Other Total Balance at April 30, 1983 $ 8,650,000 41,616 20,105 8,711,721 Additions - 13,627 - 13,627 Retirements - - (20,105) (20,105) Transfers to Debt Service Fund (500,000) - - (500,000) Balance at April 30, 1984 $ 8,150,000 55,243 - 8,205,243 A special election on June 21, 1977 authorized and approved the issuance of $10,270,000 General Obligation Recreation Bonds - Sports Core. The bonds were sold and delivered as of September 1, 1977 for $10,270,408. Principal on the bonds is due serially December 1, 1979 to December 1, 1994. Interest is payable on each June 1 and December 1, at rates from 4.30% to 4.90%. The Village levies taxes for retirement of the bonds which is accounted for by the Debt Service Fund. Waterworks Revenue Bonds A summary of transactions for the year ended April 30, 1984 follows: Waterworks Revenue Bonds _ 1973 Series 1976 Series Total Balance at April 30, 1983 $ 2,500,000 2,200,000 4,700,000 Retirements (125,000) (200,000) (325,000) Balance at April 30, 1984 $ 2,375,000 2,000,000 4,375,000 The Waterworks Revenue Bonds were issued to fund the acquisition and expansion of the Village's water system. (Continued) 36 VILLAGE OF OAK BROOK, ILLINOIS Notes to Financial Statements The 1973 Series is due serially from May 1, 1982 to May 1, 1996, with interest at 4% to 6%. The 1976 Series is due serially from May 1, 1982 to May 1, 1992, with interest at 4.40% to 5.75%. Both series are payable from water revenues. Debt Requirements to Maturity Waterworks Revenue Bonds General Obligation 1973 Series 1976 Series Recreation Bonds Principal Interest Principal Interest Principal Interest Maturing as follows, year ending April 30: 1985 $ 150,000 115,725 200,000 112,875 600,000 379,800 1986 150,000 108,075 200,000 101,875 600,000 354,000 1987 150,000 100,575 225,000 90,875 600,000 328,200 1988 175,000 93,075 225,000 78,500 700,000 302,400 1989 175,000 84,325 250,000 66,125 700,000 270,200 1990 200,000 75,400 275,000 51,750 700,000 238,000 1991 200,000 65,200 300,000 35,938 800,000 205,800 1992 200,000 54,800 325,000 18,687 800,000 167,400 1993 225,000 44,400 - - 850,000 129,000 1994 225,000 32,700 - - 900,000 88,200 1995 250,000 21,000 - - 900,000 44,100 1996 275,000 11,000 - - - - $ 2,375,000 806,275 2,000,000 556,625 8,1502000 2,507,100 (5) Waterworks System Fund The ordinance authorizing the issuance of Waterworks Revenue Bonds Series 1973 and 1976 requires that separate accounts be maintained in the fund designated as (balances in the accounts at April 30, 1984 are shown in parentheses): (a) Operation and maintenance account ($301,772) (b) Bond and interest account ($3,395) (c) Bond reserve account ($602,150) (d) Depreciation, improvement, and extension account ($448,589) (e) Surplus revenue account ($1,892,817) (f) Reserve for Lake Michigan water project ($171,980) (Continued) 37 VILLAGE OF OAK BROOK, ILLINOIS Notes to Financial Statements On the first business day of each month all monies held in the fund are to be transferred to the designated accounts as follows: To the operation and maintanance account, an amount sufficient to pay the reasonable expense of operation and maintenance for the next succeeding month. To the bond and interest account, an amount equal to 1/5th of the interest and 1/10th of the principal becoming due on the next payment date. To the bond reserve account, $4,500 each month until all bonds of this fund have been paid for or. provision made for their payment. To the depreciation, improvement, and extension account, $8,250 each month (or a greater amount, as designated by the Board) until a maximum of $400,000 is on deposit in said account. To the surplus revenue account, all surplus funds remaining after providing for all of the deposits herein above listed. Funds accumulated in the bond reserve account shall be used only for the payment of interest or principal whenever there exists a deficiency in the bond and interest account. However, whenever the balance in said account is equal to the maximum principal and interest requirements of all outstanding bonds at the discretion of the President and Board of ... Trustees, the surplus may be transferred to the depreciation, improvement, and extension account or the surplus revenue account. Since the Village has met their maximum principal and interest requirements of all outstanding bonds, the surplus was transferred to a separate Lake Michigan reserve as described below. Funds accumulated in the depreciation, improvement, and extension account shall be used to pay for any extraordinary maintenance, repairs, and necessary replacements, or if not so needed, for improvement or extension of the system. a Funds accumulated in the surplus revenue account shall be held and used for the following purposes: (a) for making up any deficiency in the accounts above, (b) for making principal or interest payments on any junior lien bonds, or (c) for any lawful corporate purpose. (continued) 38 VILLAGE OF OAK BROOK, ILLINOIS ._ Notes to Financial Statements During fiscal 1984 the Village began to separately reserve funds for future expenditures which will be necessary to secure Lake Michigan water. See note 12(b) and note 16 for a description of the Village' s participation in the DuPage Water Commission, the purpose of which is to supply Lake Michigan water to DuPage County municipalities. At April 30, 1984, $171,980 has been reserved for the Lake Michigan water project. This reserve has been approved by the Board of Trustees and is in compliance with the revenue bond ordinance requirements described on the preceding page. ,,. Funds accumulated in all but the operation and maintenance account have been classified as restricted assets on the combined balance sheet at April 30, 1984. (6) Retirement Commitments Village employees are covered under three separate retirement plans. Full-time Village policemen and firemen are covered by separate pension trust funds established in accordance with state law. Other full-time Village employees are covered by the Illinois Municipal Retirement Fund (statewide program). (a) Policemen's Pension Fund Funded Obligations The Policemen's Pension Fund covers substantially all uniformed members of the Village's police department. The plan is a single employer plan administered by a separate Village Police Pension Board. According to the governing act, the Board of Trustees of the Policemen' s Pension Fund is required to establish and maintain a reserve not to exceed the total actuarial requirements of the Fund. In municipalities having less than the actuarial requirements of the Fund, the Board shall designate the proportionate amount needed annually to ensure the accumulation of such actuarial reserve over a 40-year period ending in 2020. The total actuarial requirements at ._ April 30, 1983 (the date of the latest actuarial valuation) amounted to $3,662,180 as determined by the Illinois State Department of Insurance. '- The current normal costs and the resultant liability for the year ended April 30, 1984 are not reflected as an increase in the actuarial (Continued) 39 VILLAGE OF OAK BROOK, ILLINOIS Notes to Financial Statements reserve deficiency because the date of the Illinois State Department of Insurance determination was as of April 30, 1983. The net assets of the Fund at April 30, 1984 were less than actuarial requirements by $18,845 after adjustment by the net transactions of the Fund for the year ended April 30, 1984. The significant actuarial assumptions used in the Illinois State Department of Insurance valuation are as follows: Actuarial cost method Entry age normal cost Investment return 6.5% Mortality rates Based on the 1971 Group Annuity Mortality Table Salary progession assumption 5% Contributions •Employer contributions made during the year ended April 30, 1984 were .� $196,083 based upon actuarial requirements determined by the Illinois State Department of Insurance. (b) Firemen's Pension Fund Funded Obligations The Firemen's Pension Fund covers substantially all uniformed members- of the Village's fire department. The plan is a single employer plan administered by a separate Village Firemen's Pension Board. According to the governing act, the Board of Trustees of the Firemen's Pension Fund is required to designate the proportionate amount needed annually to amortize the actuarial reserve deficiency, as determined by the Illinois State Department of Insurance over a 40-year period ending in 2020. At April 30, 1983 (the date of the latest computation), the actuarial requirements of the Fund amounted to $3,310,771 as determined by the Illinois State Department of Insurance. There was no actuarial reserve deficiency at April 30, 1984. The unreserved fund balance of $647,532 has been adjusted by the net transactions of the fund for the year ended April 30, 1984. However, the current normal costs and the resultant liability for the year ended April 30, 1984 are not reflected as an increase in the actuarial requirements because the date of the Illinois State Department of Insurance determination was as of April 30, 1983. (Continued) 40 VILLAGE OF OAR BROOK, ILLINOIS Notes to Financial Statements The significant actuarial assumptions used in the Illinois State Department of Insurance valuation are as follows: Actuarial cost method Entry age normal cost Investment return 6.5% Mortality rates Based on the 1971 Group Annuity Mortality Table Salary progession assumption 5% Contributions Employer contributions made during the year ended April 30, 1984 were $173,758 based upon the actuarial requirements determined by the Illinois State Department of Insurance. (c) Illinois Municipal Retirement Fund As the Village does not have a property tax levy for funding retirement benefits, no separate fund accountability is maintained for Illinois Municipal Retirement Fund purposes. Expenditures for this purpose are included in the Corporate, Waterworks System, and Sports Core Funds. The Illinois Municipal Retirement Fund's (IMRF) actuary estimates that as of December 31, 1983 (date of the latest computation) the present value of total IMRF pension obligations to be borne by the Village of Oak Brook, Illinois was $1,135,915. The Village had accumulated reserve assets to be used toward this obligation of $413,681 on the same date. Therefore, the estimated present value of future — contributions to be made by the Village was $722,234. This pension obligation includes, in addition to future normal costs of $352,413, the amount of unfunded prior service cost computed to be $369,821. The amount of unfunded prior service cost was computed by using �-- actuarial assumptions approved by the IMRF Board of Trustees. The annual Village contribution rate fixed by the IMRF Board of Trustees provides for full funding of prior service costs, including interest as determined actuarially over a future period of not more than 40 years, as well as the normal retirement costs, term cost of death and disability benefits, and the cost of administration of the Fund. Employer contributions made during the year ended April 30, 1984 were $59,419. (Continued) 41 VILLAGE OF OAR BROOK, ILLINOIS Notes to Financial Statements (7) Interfund Balances Individual interfund balances at April 30, 1984 are shown as follows: Amounts payable from Special Enterprise Funds General Service Waterworks Sports Corporate Area System Core Amounts payable to Fund No.1 Fund Fund Total _ General Corporate Fund $ - 21,588 13,783 26 35,397 Fiduciary funds: Police Pension Fund 31,241 - - - 31,241 Fire Pension Fund 25,884 - - - 25,884 Capital projects - Equipment Replacement 4,379 - - - 4,379 Total $ 61,504 21,588 13,783 26 96,901 (8) Amount Due from Other Agencies The amount classified as due from other agencies in the General Corporate Fund represents sales tax revenues of the Village which were improperly allocated to other agencies by the Illinois Department of Revenue in prior years. These under-allocations from prior years, totaling $135,050, are to be remitted monthly to the Village along with regular sales tax revenues in fiscal years 1985 through 1987. The long-term portion of amounts due are shown as a fund balance reserve which indicates that they do not constitute "available spendable resources" even though they are a component of net current assets. (9) Designations of Fund Balance A portion of the General Corporate Fund fund balance at April 30, 1984 has been designated for future expenditures to be made on bike path improvements that have been funded by transfers of approved monies from the Federal Revenue Sharing Fund. In addition, the entire remaining fund balance in the Federal Revenue Sharing Fund has been _ designated for the future bike path improvements and the acquisition of library materials. In fiscal 1983/1984, $190,000 was transferred from the Equipment Replacement Capital Projects Fund to the General Corporate Fund for the purchase of a fire truck and related fire equipment. At April 30, 1984 the actual purchase of the fire truck for $138,057 is included in the reserve for encumbrances of the General Corporate Fund. (Continued) 42 _ VILLAGE OF OAK BROOK, ILLINOIS Notes to Financial Statements The unused portion of the $190,000 transfer was transferred back to the Equipment Replacement Capital Projects Fund and the entire fund balance of the Equipment Replacement Capital Projects Fund has been designated for the future purchase of additional fire equipment. (10) Excess of Expenses over Appropriations Expenses exceeded authorized appropriations for the Police Pension Trust Fund for the year ended April 30, 1984 by $38,117. The excess is due to refunds for which no appropriations are made. In addition, expenses exceeded authorized appropriations for the Waterworks System Fund for the year ended April 30, 1984 by $69,226. This was due to additional contractual services for power and pumping which were necessary after an unanticipated water main break. (11) Individual Fund Deficits (a) Special Revenue Fund - Special Service Area No. 1 The deficit in this fund of $21,588 exists because the expenditure for *- street light improvements was made in 1982, while the related tax revenues will be received over a six-year period. This deficit will be fully eliminated from future tax collections from residents of the Special Service Area. (b) Enterprise Fund - Sports Core The Sports Core Fund deficit fund balance of $625,603 is due primarily to depreciation expense. The deficit will be eliminated in the course of future operations of the Sports Core. (12) Contingent Liabilities (a) Intergovernmental Risk Management Agency Effective January 1, 1979 the Village entered into a contractual agreement with 14 other municipalities to form the Intergovernmental Risk Management Agency (IRMA), which through its risk-sharing provisions, provides the Village with its insurance coverage for liability, property damage, and workmen's compensation insurance. As (Continued) 43 VILLAGE OF OAK BROOK, ILLINOIS Notes to Financial Statements a self-insurance administrator, IRMA enables risk-sharing with other municipalities which in turn share their risks with the Village. There are now 37 member municipalities of IRMA. At December 31, 1983 IRMA has assets of $ 9,854,558 and reserves for losses of $5,489,921. Should a claim be paid by IRMA for which these reserves proved inadequate, the Village would be responsible for paying a portion of such deficiency. However, at April 30, , 1984 management knows of no claim, asserted or unasserted, which if asserted and paid would have a materially adverse affect on the financial position of the various _ funds of the Village at April 30, 1984. Also, in March 1983 the Village of Oak Brook became the fifteenth member of the Intergovernmental Personnel Benefit Cooperative (IPBC), which provides risk-sharing provisions similar to IRMA for employee life and medical insurance. Management knows of no material claim related to this coverage. (b) DuPage Water Commission At April 30, 1984 the Village is a participating member of the DuPage Water Commission (Commission). The purpose of the Commission is to develop, construct, and jointly operate a waterworks system and a common source of water supply for the 22 member municipalities. This waterworks system, when completed, will provide, pump, and store Lake Michigan water. The expected completion date of the project was set in 1988. Under the Water Development Contract, the constructed assets within DuPage County will be the property of the DuPage Water Commission. The Commission shall sell Lake Michigan water to participating members at such terms and rates as agreed upon by the Commission and the members. Funding for this project was to be provided by the issuance of $16,000,000 Interim Water Development Notes at an interest rate not to exceed 13%, to be refinanced by long-term bonds when construction plans were finalized. Each participating member was to be severally liable for their respective portions of the principal and interest on the interim notes. The maximum liability the Village is expected to incur is approximately $1,502,575. The Village has not yet finalized their plans for the funding of their portion of this project. However, the Village has begun accumulating surplus water funds for this purpose. See note 5. No payments have yet been made by the Village on this project. See note 16 for a description of subsequent events related to the DuPage Water Commission. (Continued) 44 VILLAGE OF OAK BROOK, ILLINOIS Notes to Financial Statements (c) Grant Participation The Village participates in one federally assisted grant program, the Federal Revenue Sharing Program. This program is subject to a financial and compliance audit once every three years. The audit requirement has been satisfied and the Village is in compliance with all expenditures allowed. The Village also participates in the ,.. Illinois Motor Fuel Tax program. The latest compliance audit was completed as of December 31, 1982 with all expenditures being allowed by the grantors. (13) Leases and Other Commitments �^ The Village has no material operating lease agreements or commitments. (14) Litigation There are several pending lawsuits in which the Village is involved. Management believes that the potential claims against the Village resulting from such litigation would not materially affect the financial statements of the Village. (15) Enterprise Funds Segment information for the year ended April 30, 1984 is as follows: Waterworks Sports System Core Type of service Water service Recreation Operating revenues $ 1,924,679 1,317,285 Depreciation 235,796 216,274 Operating income (loss) 976,191 (169,293) Operating transfers in - 9,732 Operating transfers out 160,000 17,000 Net income (loss) 887,630 (166,349) Property, plant, and equipment: Additions 176,795 129,825 Deletions - 5,000 Net working capital 301,772 5,851 Total assets 10,451,745 10,642,568 Bonds outstanding 4,375,000 - Total equity 5,894,259 10,3992987 (Continued) 45 VILLAGE OF OAR BROOK, ILLINOIS -� Notes to Financial Statements (16) Subsequent Events On July 18, 1984, due to State of Illinois legislation reconstituting the governing body of the DuPage Water Commission effective July 31, 1984, the Commission canceled the planned June 13, 1984 sale of $16,000,000 in bonds which was to provide interim financing for the Lake Michigan water project as described in note 12(b). Individual participating municipalities were released from their liability related to the interim financing. Under this action (Public Act No. 83-1123), the DuPage Water Commission has been reconstituted and will consist of an 11 member board, with five members and the Chairman appointed by the DuPage County Board Chairman and five members appointed by the Mayors of the County Board Districts. These developments are expected to increase the total project cost from approximately $350 million to $400 million, and to delay the delivery date of Lake Michigan water by two years (1990). The Village of Oak Brook plans to pursue the delivery of Lake Michigan water through continued intergovernmental cooperation. 46 COMBINING, INDIVIDUAL FUND, AND ACCOUNT GROUP FINANCIAL STATEMENTS AND SCHEDULES GENERAL CORPORATE FUND To account for resources traditionally associated with governments which are not required to be accounted for in another fund. Expenditures of the Village Library and the Police and Fire Departments are accounted for in this fund. A-1 VILLAGE OF OAR BROOK, ILLINOIS General Corporate Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year ended April 30, 1984 Adjustment _ to Actual on Variance budgetary budgetary favorable Actual basis basis Budget (unfavorable) Revenues: Intergovernmental: Municipal sales tax $ 4,923,767 81,728 5,005,495 4,650,000 355,495 Illinois state income tax 150,908 (6,551) 144,357 149,000 (4,643) York Township road and bridge tax 107,629 - 107,629 116,000 (8,371) Foreign fire insurance tax 11,991 - 11,991 18,915 (6,924) 5,194,295 75,177 5,269,472 4,933,915 335,557 Licenses and permits 326,633 - 326,633 196,050 130,583 Service charges 214,758 - 214,758 176,303 38,455 Fines and penalties 205,838 - 205,838 143,775 62,063 Interest on investments 346,480 (34,151) 312,329 300,000 12,329 Miscellaneous 52,928 (2,169) 50,759 56,750 (5,991) 1,146,637 (36,320) 1,110,317 872,878 237,439 Total revenues 6,340,932 38,857 6,379,789 5,806,793 572,996 Expenditures: Legislative 218,095 (224) 217,871 254,203 36,332 General government 999,325 (1,694) 997,631 1,114,406 116,775 Public safety 3,460,935 112,376 3,573,311 4,156,355 583,044 Public works 1,228,412 53,455 1,281,867 1,571,777 289,910 Culture and recreation 149,736 581 150,317 183,482 33,165 Total expenditures 6,056,503 164,494 6,220,997 7,280,223 1,059,226 Excess (deficiency) of revenues over expenditures 284,429 (125,637) 158,792 (1,473,430) 1,632,222 �- Other financing sources (uses): Operating transfers in 612,793 - 612,793 656,000 (43,207) Operating transfers out (309,732) - (309,732) (341,055) 31,323 Total other financing sources (uses) 303,061 - 303,061 314,945 (11,884) Excess (deficiency) of revenues and other financing sources over expen- ditures and other financing uses 587,490 $(125,637) 461,853 (1,158,485) 11620,338 Fund balance at April 30, 1983 3,851,731 Fund balance at April 30, 1984 $ 42_439 221 See accompanying notes to financial statements. '" 47 r A-2 VILLAGE OF OAR BROOK, ILLINOIS _ General Corporate Fund Schedule of Expenditures - Budget and Actual _ Year ended April 30, 1984 r Adjustment to Actual on Variance budgetary budgetary favorable Actual basis basis Budget (unfavorable) Legislative: Board of Trustees: Personal services $ 6,914 (180) 6,734 8,030 1,296 r Contractual services 170,386 (7) 170,379 194,795 24,416 Fixed charges 3,214 (15) 3,199 3,689 490 Commodities 23,743 (5) 23,738 29,040 5,302 204,257 (207) 204,050 235,554 31,504 Plan Commission: Personal services 2,809 (5) 2,804 3,048 244 Contractual services 108 (1) 107 308 201 Fixed charges 334 (2) 332 358 26 Commodities 325 - 325 508 183 3,576 (8) 3,568 4,222 654 Board of Fire and Police: Contractual services 3,629 (2) 3,627 8,800 5,173 Fixed charges 150 - 150 176 26 Commodities 9 - 9 55 46 3,788 (2) 3,786 9,031 5,245 Zoning Board of Appeals: Personal services 2,809 (5) 2,804 3,048 244 Contractual services 3,031 - 3,031 1,637 (1,394) Fixed charges 334 (2) 332 358 26 Commodities 300 - 300 353 53 6,474 (7) 6,467 5,396 (1,071) Total legislative 218,095 (224) 217,871 254,203 36,332 General government: Legal: Personal services 41,523 1,047 42,570 64,494 21,924 Contractual services 12,244 - 12,244 9,460 (2,784) Fixed charges 17,133 (133) 17,000 18,215 1,215 Commodities 29199 - 2,199 2,723 524 Capital outlay - - - 1,650 1,650 73,099 914 74,013 96,542 22,529 Village Manager's office: Personal services 130,704 264 130,968 138,164 7,196 Contractual services 5,010 - 5,010 4,068 (942) Fixed charges 25,438 25 25,463 27,035 1,572 Commodities 6,811 - 6,811 4,565 (2,246) Capital outlay. 2,7.07 - 2,707 4,279 1,572 $ 170,670 289 170,959 178,111 7,152 (Continued) 48 A-2, Cont. VILLAGE OF OAK BROOK, ILLINOIS General Corporate Fund Schedule of Expenditures - Budget and Actual Adjustment to Actual on Variance budgetary budgetary favorable Actual basis basis Budget (unfavorable) General government, continued: Finance and accounting: Personal services . $ 102,563 (783) 101,780 114,103 12,323 Contractual services 29,813 - 29,813 31,169 1,356 Fixed charges 30,911 (58) 30,853 35,155 4,302 Commodities 4,292 - 4,292 4,978 686 Capital outlay - - - 963 963 167,579 (841) 166,738 186,368 19,630 Engineering: Personal services 106,981 (1,310) 105,671 119,570 13,899 Contractual services 4,838 - 4,838 11,853 7,015. Fixed charges 25,214 (77) 25,137 23,309 (1,828) Commodities 3,440 - 3,440 4,290 850 .- Capital outlay 857 - 857 1,320 463 141,330 (1,387) 139,943 160,342 20,399 Village Hall: Personal services 32,052 (689) 31,363 34,913 3,550 Contractual services 75,449 - 75,449 70,147 (5,302) Fixed charges 15,353 20 15,373 16,306 933 Commodities 16,846 - 16,846 32,670 15,824 Capital outlay 286,750 - 286,750 316,790 30,040 Payment of installment debt obligation 20,197 - 20,197 22,217 2,020 446,647 (669) 445,978 493,043 47,065 Total general government 999,325 (1,694) 997,631 1,114,406 116,775 Public safety: Police service: Personal services 1,257,131 (8,505) 1,248,626 1,425,777 177,151 Contractual services 32,043 - 32,043 54,949 22,906 Fixed charges 386,073 (1,363) 384,710 426,100 41,390 Commodities 78,687 - 78,687 94,792 16,105 Capital outlay 17,242 13,662 30,904 47,960 17,056 1,771,176 3,794 1,774,970 2,049,578 274,608 '- Fire service: Personal services 1,020,846 (29,246) 991,600 1,094,865 103,265 Contractual services 25,654 - 25,654 49,936 24,282 Fixed charges 267,993 1,532 269,525 310,267 40,742 Commodities 45,547 - 45,547 55,920 10,373 Capital outlay 80,117 138,057 218,174 306,532 88,358 $ 1,440,157 110,343 1,550,500 1,817,520 267,020 (Continued) ''" 49 A-2, Cont. VILLAGE OF OAK BROOK, ILLINOIS General Corporate Fund Schedule of Expenditures - Budget and Actual Adjustment to Actual on Variance budgetary budgetary favorable Actual basis basis Budget (unfavorable) Public safety, continued: Emergency medical service: Personal services $ 47,395 (103) 47,292 52,662 5,370 Contractual services 2,295 - 2,295 3,410 1,115 Fixed charges 9,899 5 9,904 14,064 4,160 Commodities 4,505 - 4,505 6,248 1,743 Capital outlay 1,911 - 1,911 1,529 (382) 66,005 (98) 65,907 77,913 12,006 Bureau of Inspection: Personal services 131,700 (1,614) 130,086 152,217 22,131 Contractual services 19,665 - 19,665 22,913 3,248 Fixed charges 22,588 (49) 22,539 26,786 4,247 Commodities 8,146 - 8,146 7,310 (836) Capital outlay 1,498 - 1,498 2,118 620 183,597 (1,663) 181,934 211,344 29,410 Total public safety 3,460,935 112,376 3,573,311 4,156,355 583,044 Public works: Administration: Personal services 57,945 (891) 57,054 64,262 7,208 Contractual services 24,132 - 24,132 36,215 12,083 Fixed charges 86,015 (31) 85,984 85,416 (568) Commodities 3,539 - 3,539 3,355 (184) Capital outlay 138 - 138 - (138) 171,769 (922) 170,847 189,248 18,401 Street maintenance: Personal services 189,945 (827) 189,118 206,356 17,238 Contractual services 56,815 - 56,815 71,740 14,925 Fixed charges 21,877 (86) 21,791 29,733 7,942 Commodities 153,087 - 153,087 129,217 (23,870) 421,724 (913) 420,811 437,046 16,235 Street light and traffic control: Contractual services 107,983 - 107,983 117,150 9,167 Fixed charges 3,252 17 3,269 3,794 525 Commodities 5,151 - 5,151 6,390 1,239 116,386 17 116,403 127,334 10,931 Capital improvements: Contractual services 9,931 - 9,931 7,871 (2,060) Capital outlay 409,863 54,436 4642299 616,000 151,701 $ 419,794 54,436 4742230 623,871 149,641 (Continued) _ 50 A-2, Cont. VILLAGE OF OAR BROOK, ILLINOIS General Corporate Fund Schedule of Expenditures - Budget and Actual Adjustment to Actual on Variance budgetary budgetary favorable Actual basis basis Budget (unfavorable) Public works, continued: Municipal garage: Personal services $ 50,745 438 51,183 54,893 3,710 Contractual services 19,895 - 19,895 22,756 2,861 Fixed charges 6,044 50 6,094 6,024 (70) Commodities 12,869 - 12,869 10,835 (21034) Capital outlay 9,186 349 9,535 99,770 90,235 98,739 837 99,576 194,278 94,702 Total public works 1,228,412 532455 1,281,867 1,571,777 289,910 Culture and recreation - library: Personal services 64,666 613 65,279 77,257 11,978 Public services 27,338 - 27,338 37,857 10,519 Fixed charges 12,315 (32) 12,283 13,959 1,676 Commodities 11,744 - 11,744 11,633 (111) Capital outlay 33,673 - 33,673 42,776 9,103 Total culture and recreation 149,736 581 150,317 183,482 33,165 Total expenditures $ 6,056,503 164,494 6,220,997 7,280,223 1,059,226 w 51 SPECIAL REVENUE FUNDS Motor Fuel Tax Fund - to account for maintenance of Village-owned streets, including winter salting, repavement, and electricity for street lights. Financing is provided by the Village's share of state motor fuel tax allotments. State law requires these allotments to be used to maintain streets. Federal Revenue Sharing Fund to account for construction of the Village bikepath system or other approved expenditures. Financing is provided by the Village's share of federal revenue sharing funds. Special Service Area No. 1 - to account for street light improvements in the York Woods subdivision of the Village. Financing was provided by a specific tax levy on residents of the subdivision, as well as by General _ Corporate Revenues. -- B-1 VILLAGE OF OAK BROOK, ILLINOIS Special Revenue Funds Combining Balance Sheet April 30, 1984 Special Motor Federal Service Fuel Revenue Area Assets Tax Sharing No. 1 Total Investments: Savings account $ 6 14 - 20 Repurchase agreements 19,728 1,637 - 21,365 19,734 19651 - 21,385 Receivables, net: Property taxes - - 6,073 6,073 Allotments 8,171 - - 8,171 Total assets $ 27,905 1,651 6,073 35,629 Liabilities and Fund Balances Liabilities: Accounts payable - 19 - 19 Due to other funds - - 21,588 21,588_ Deferred tax revenue - - 6,073 6,073 Total liabilities - 19 27,661 27,680 Fund balance (deficit) - unreserved: Designated for subsequent year's expenditures (note 9) - 19632 - 19632 Undesignated 27,905 - (21,588) 6,317 Total liabilities and fund balances $ 27,905 1,651 6,073 352629 See accompanying notes to financial statements. 52 B-2 VILLAGE OF OAK BROOK, ILLINOIS Special Revenue Funds Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Year ended April 30, 1984 Special Motor Federal Service* Fuel Revenue Area Tax Sharing No. 1 Total Revenues: Intergovernmental $ 96,270 46,620 6,061 148,951 Interest on investments 10,037 1,288 - 11,325 Total revenues 106,307 47,908 6,061 160,276 Expenditures - public works - 50 1,229 1,279 Excess of revenues over expenditures 106,307 47,858 4,832 158,997 Other financing uses - operating transfers out (199,611) (1069620) - (306,231) Excess (deficiency) of revenues over expenditures and other financing uses (93,304) (58,762) 4,832 (147,234) Fund balances (deficit) at April 30, 1983 121,209 60,394 (26,420) 155,183 Fund balances (deficit) at April 30, 1984 $ 27,905 1,632 (21,588) 71949 See accompanying notes to financial statements. 53 s VILLAGE OF OAK BROOK, ILLINOIS Special Revenue Funds Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual Year ended April 30, 1984 Motor Fuel Tax Federal Revenue Sharing Adjustment Adjustment to Actual on Variance to Actual on budgetary budgetary favorable budgetary budgetary Actual basis basis Budget (unfavorable) Actual basis basis Budget Revenues: Intergovernmental: Allotments from r State of Illinois $ 96,270 (299) 95,971 92,500 3,471 - - - - Entitlements from Federal government - - - - - 46,620 - 46,620 55,000 Interest on investments 10,037 721 10,758 3,000 7,758 1,288 29 1,317 100 Total revenues 106,307 422 106,729 95,500 11,229 47,908 29 47,937 55,100 Expenditures - public works - _ - - - 50 _ 50 55 Excess (deficiency) of revenues over expenditures 106,307 422 106,729 95,500 11,229 47,858 29 47,887 55,045 ... Other financing uses - operating transfers - (106,620) (123,200) out (199,611) - (199,611) (206,800) 7,189 (106,620) Excess (deficiency) of revenues over expenditures and other financing uses (93,304) $ 422 (92,882) (111,300) 18,418 (58,762) 29 (58,733) (68,155) Fund balances (deficit) at April 30, 1983 121,209 60,394 _ Fund balances (deficit) at April 30, 1984 $ 27,905 1,632 See accompanying notes to financial statements. r 54 B-3 VILLAGE OF OAK BROOK, ILLINOIS Special Revenue Funds Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual ' Year ended April 30, 1984 Special Service Area No. 1 Total Adjustment Adjustment Variance to Actual on Variance to Actual on Variance favorable budgetary budgetary favorable budgetary budgetary favorable (unfavorable) Actual basis basis Budget (unfavorable) Actual basis basis Budget (unfavorable) 6,061 (6,061) - - - 102,331 (6,360) 95,971 92,500 3,471 (8,380) - - - - - 46,620 - 46,620 55,000 (8,380) 1,217 - - 11,325 750 12,075 3,100 8,975 (7,163) 6,061 (6,061) - - - 160,276 (5,610) 154,666 150,600 4,066 5 1,229 (1,229) 1,279 (1,229) 50 55 5 (7,158) 4,832 (4,832) - - - 158,997 (4,381) 154,616 150,545 4,071 16,580 - - (306,231) - (306,231) (330,000) 23,769 9,422 4,832 (4,832) - - - (147,234) (4,381) (151,615) (179,455) 27,840 (26,420) 155,183 (21,588) 7,949 55 i i CAPITAL PROJECTS FUNDS Sports Core Construction Fund - to account for the financing and construction of the Sports Core golf course and improvements to the Bath and Tennis Club. Construction of the golf course was completed during fiscal 1981. Financing was provided by general obligation recreation bond proceeds ($10,720,000) and related investment income. Equipment Replacement Fund - to account for the financing and purchase of additional equipment in the future. Financing will be provided by General Corporate Fund revenues. i i C-1 VILLAGE OF OAK BROOK, ILLINOIS Capital Projects Funds Combining Balance Sheet April 30, 1984 a Sports Core Equipment Assets Construction Replacement Total Investments $ 39,591 47,160 86,751 Accrued interest receivable - 130 130 Due from other funds - 4,379 4,379 Total assets $ 39,591 51,669 91,260 Fund Balances Fund balances - unreserved: Designated for subsequent year's expenditures (note 9) - 51,669 51,669 Undesignated 39,591 - 39,591 Total fund balances $ 39,591 51,669 91,260 See accompanying notes to financial statements. 56 C-2 VILLAGE OF OAK BROOK, ILLINOIS Capital Projects Funds Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Year ended April 30, 1984 Sports Core Equipment Construction Replacement Total Revenues - interest on investments $ 1,125 8,231 9,356 Expenditures - administration 180 - 180 Excess of revenues over expenditures 945 8,231 9,176 Other financing sources (uses) : Operating transfers in 17,000 - 17,000 Operating transfers out - (146,562) (146,562) Total other financing sources (uses) 17,000 (146,562) (129,562) Excess (deficiency) of revenues and other financing sources over expenditures and '— other financing uses 17,945 (138,331) (120,386) Fund balances at April 30, 1983 21,646 190,000 211,646 Fund balances at April 30, 1984 $ 39,591 51,669 91,260 See accompanying notes to financial statements. r 57 VILLAGE OF OAK BROOK, ILLINOIS Capital Projects Funds Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual Year ended April 30, 1984 Sports Core Construction Adjustment to Actual on Variance budgetary budgetary favorable y Actual basis basis Budget (unfavorable) Actual Revenues - interest on investments $ 1,125 - 1,125 - 1,125 8,231 Expenditures - administration 180 180 - (180) - Excess of revenues over expenditures 945 945 - 945 8,231 Other financing sources (uses): Operating transfers in 17,000 - 17,000 27,500 (10,500) 43,438 Operating transfers out - - - - (190,000) Total other financing sources (uses) 17,000 - 17,000 27,500 (10,500) (.146,562) Excess (deficiency) of revenues and _ other financing sources over expen- ditures and other financing uses 17,945 $ - 17,945 272500 (9,555) (138,331) Fund balances at April 30, 1983 21,646 190,000 Fund balances at April 30, 1984 $ 39,591 51,669 y See accompanying notes to financial statements. 58 C-3 VILLAGE OF OAK BROOK, ILLINOIS Capital Projects Funds Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual Year ended April 30, 1984 Equipment replacement Total Adjustment Adjustment to Actual on Variance to Actual on Variance budgetary budgetary favorable budgetary budgetary favorable basis basis Budget (unfavorable) Actual basis basis Budget (unfavorable) (4,509) 3,722 - 3,722 9,356 (4,509) 4,847 - 4,847 - - - 180 - 180 - (180) (4,509) 3,722 - 3,722 9,176 (4,509) 4,667 - 4,667 43,438 - 43,438 60,438 - 60,438 27,500 32,938 (190,000) (209,000) 19,000 (190,000) - (190,000) (209,000) 19,000 - (146,562) (209,000) 62,438 (129,562) - (129,562) (181,500) 511938 (41509) (142,840) (209,000) 66,160 (120,386) (4,509) (124,895) (181,500) 56,605 211,646 91,260 59 ..s ENTERPRISE FUNDS Waterworks System Fund - to account for the provision of water services to the 4- residents of the Village and some residents of surrounding communities and unincorporated areas. All activities necessary to provide such services are accounted for in this fund. Sports Core Fund - to account for the operations and maintenance of the Sports Core, including the golf course and Bath and Tennis Club. t- VILLAGE OF OAR BROOK, ILLINOIS Enterprise Funds Combining Balance Sheet April 30, 1984 _ Waterworks Sports Assets System Core Total Current assets: Cash $ 373 1,156 1,529 Investments: Savings accounts 5,324 - 5,324 i Repurchase agreements 58,052 37,404 95,456 Certificates of deposit - 80,680 80,680 63,376 118,084 181,460 Receivables: Customers: Billed water sales 102,780 - 102,780 Estimated unbilled water sales 95,425 - 95,425 Accrued interest 105,842 654 106,496 Other 26,462 28,754 55,216 330,509 29,4.08 359,917 Prepaid expenses - 82,405 82,405 Inventory - 17,379 17,379 Total current assets 394,258 248,432 642,690 Unamortized bond discount 50,608 - 50,608 Restricted assets (note 5): ... Cash 1 - 1 Investments 3,118,930 - 3,118,930 3,118,931 - 3,118,931 Property, plant, and equipment 8,621,553 11,286,375 19,907,928 Less allowances for depreciation (1,733,605) (892,239) (2,625,844) Net property, plant, and equipment 6,887,948 10,394,136 17,282,084 Total assets $ 10,451,745 10,642,568 21,094,313 ._ See accompanying notes to financial statements. -' 60 -� D-1 VILLAGE OF OAR BROOK, ILLINOIS Enterprise Funds Combining Balance Sheet April 30, 1984 Waterworks Sports Liabilities and Fund Equity System Core Total Current liabilities: Accounts payable $ 68,969 89,230 158,199 Accrued payroll 3,582 7,689 11,271 Accrued vacation liability 5,728 3,769 9,497 Customer deposits 424 141,867 142,291 Due to other funds 13,783 26 13,809 Total current liabilities 92,486 242,581 335,067 Long-term liabilities - revenue bonds: Revenue bonds of 1973 2,375,000 - 2,375,000 Revenue bonds of 1976 2,000,000 - 2,000,000 A Total long-term liabilities 4,375,000 - 4,375,000 Total liabilities 4,467,486 242,581 4,710,067 Fund equity: 4- Contributed capital - 11,025,590 11,025,590 Retained earnings (deficit): Reserved according to bond ordinance (note 5) 2,946,951 - 2,946,951 Reserved for Lake Michigan Water Project (note 5) 171,980 - 171,980 � Unreserved 2,865,328 (625,603) 2,239,725 Total retained earnings (deficit) 5,984,259 (625,603) 5,358,656 Total fund equity 5,984,259 10,399,987 16,384,246 Total liabilities and fund equity $ 10,451,745 10,642,568 21,094,313 F- 61 D-2 VILLAGE OF OAK BROOK, ILLINOIS Enterprise Funds Combining Statement of Revenues, Expenses, and Changes in Retained Earnings (Deficit) Year ended April 30, 1984 Waterworks Sports System Core Total Operating revenues: ,+ Charges for services $ 1,918,512 1,271,649 3,190,161 Miscellaneous 6,167 45,636 51,803 Total operating revenues 1,924,679 1,317,285 3,241,964 " Operating expenses: Operation of facilities 673,301 1,151,093 1,824,394 -- General and administrative 39,391 119,211 158,602 Depreciation 235,796 216,274 452,070 Total operating expenses 948,488 1,486,578 2,435,066 Operating income (loss) 976,191 (169,293) 806,898 Aft Nonoperating revenues (expenses): Interest on investments 297,319 10,212 307,531 Interest on bonds (246,100) - (246,100) Amortization of bond discount (5,788) - (5,788) Fiscal agents' fees (392) - (392) Construction reimbursements 26,400 - 26,400 71,439 10,212 81,651 Income (loss) before operating transfers 1,047,630 (159,081) 888,549 Operating transfers in - 9,732 9,732 Operating transfers out (160,000) (17,000) (177,000) — Net income (loss) 887,630 (166,349) 721,281 Retained earnings (deficit) at + April 30, 1983 5,096,629 (459,254) 4,637,375 Retained earnings (deficit) at April 30, 1984 $ 5,984,259 (625,603) 5,358,656 See accompanying notes to financial statements. 62 D-3 VILLAGE OF OAK BROOK, ILLINOIS Enterprise Funds Combining Statement of Changes in Financial Position Year ended April 30, 1984 Waterworks Sports System Core Total Sources of working capital: Operations: Net income (loss) $ 8879630 (166,349) 721,281 Items not requiring working capital: Depreciation 235,796 216,274 452,070 Amortization of bond discount 5,788 - 5,788 Total provided by operations 1,129,214 49,925 1,179,139 Total sources of working capital 1,129,214 49,925 1,179,139 Uses of working capital: Acquisition of fixed assets 176,795 129,825 3069620 *- Reduction in bonds payable 325,000 - 325,000 Net increase in restricted assets 6832565 - 683,565 Total uses of working capital 12185,360 129,825 1,315,185 Net decrease in working capital $ (56,146) (792900) (1367046) Elements of net increase (decrease) in working capital: Cash 369 (15,060) (149691) .� Investments 62475 (30,596) (24,121) Receivables (32,952) (12,789) (452741) Prepaid expenses - (7,268) (7,268) ,- Inventory - (61821) (6,821) Accounts payable (279538) (1,824) (299362) Accrued payroll 364 (5,304) (4,940) Accrued vacation liability (12508) 843 (665) Customer deposits - (1,427) (19427) Due to other funds (1,356) 346 (19010) Net decrease in working capital $ (56,146) (799900) (136,046) See accompanying notes to financial statements. 63 D-4 VILLAGE OF OAK BROOK, ILLINOIS Waterworks System Fund "- Statement of Revenues, Expenses, and Changes in - Retained Earnings - Budget and Actual Year ended April 30, 1984 Adjustment to Actual on Variance budgetary budgetary favorable Actual basis basis Budget (unfavorable) Operating revenues: Charges for services: Water sales $ 1,485,033 30,013 1,515,046 1,533,000 (17,954) Unmetered water 11,238 - 11,238 8,000 3,238 Water tap on charges 279,911 4,438 284,349 63,000 221,349 Fire service charges 110,547 8,839 119,386 138,067 (18,681) Special service charges 11,633 - 11,633 11,740 (107) Water meter sales 20,150 - 20,150 13,500 6,650 1,918,512 43,290 1,961,802 1,767,307 194,495 Miscellaneous 6,167 21,133 27,300 25,000 2,300 Total operating revenues 1,924,679 64,423 1,989,102 1,792,307 196,795 Operating expenses: Operation of facilities: Source of supply 18,678 (161) 18,517 13,895 (4,622) Power and pumping 486,437 (83) 486,354 406,692 (79,662) Purification 16,039 (121) 15,918 18,437 2,519 Transmission and distribution 152,147 (159) 151,988 157,934 5,946 673,301 (524) 672,777 596,958 (75,819) General and administrative 39,391 (1,508) 37,883 44,476 6,593 Depreciation 235,796 (235,796) - - - Total operating expenses 948,488 (237,828) 710,660 641,434 (69,226) Operating income 976,191 302,251 1,278,442 1,150,873 127,569 Nonoperating revenues (expenses): Interest on investments 297,319 (21,748) 275,571 190,000 85,571 Interest on bonds (246,100) - (246,100) (270,711) 24,611 Amortization of bond discount (5,788) 5,788 - - - Fiscal agents' fees (392) - (392) (440) 48 Construction reimbursements 26,400 (6,450) 19,950 5,600 14,350 71,439 (22,410) 49,029 (75,551) 124,580 Income before operating transfers 1,047,630 279,841 1,327,471 1,075,322 252,149 Operating transfers out (160,000) - (160,000) (176,000) 16,000 Net income 887,630 $ 279,841 1,167,471 899,322 268,149 Retained earnings at April 30, 1983 5,096,629 Retained earnings at April 30, 1984 $ 5,984,259 See accompanying notes to financial statements. 64 D-5 VILLAGE OF OAK BROOK, ILLINOIS Waterworks System Fund Schedule of Operating Expenses by Department - Budget and Actual .� Year ended April 30, 1984 Now Adjustment to Actual on Variance budgetary budgetary favorable Actual basis basis Budget (unfavorable) Operating expenses: Operation of facilities: Source of supply: Personal services $ 3,949 (144) 3,805 1,064 (2,741) Contractual services 11,296 - 11,296 10,450 (846) Fixed charges 473 (17) 456 126 (330) Commodities 2,960 - 2,960 2,255 (705) 18,678 (161) 18,517 13,895 (4,622) Power and pumping: Personal services 17,832 (81) 17,751 21,717 3,966 Contractual services 463,824 - 463,824 378,840 (84,984) Fixed charges 2,113 (2) 2,111 2,307 196 Commodities 2,668 - 2,668 3,828 1,160 486,437 (83) 486,354 406,692 (79,662) Purification: Personal services 4,430 (108) 4,322 4,062 (260) Contractual services 2,309 - 2,309 2,695 386 Fixed charges 528 (13) 515 460 (55) �- Commodities 8,772 - 8,772 11,220 2,448 16,039 (121) 15,918 18,437 2,519 Transmission and distribution: Personal services 82,383 (135) 82,248 86,886 4,638 Contractual services 33,350 - 33,350 34,307 957 Fixed charges 9,520 (24) 9,496 10,286 790 *' Commodities 26,894 - 26,894 26,455 (439) 152,147 (159) 151,988 157,934 5,946 Total operation of facilities 673,301 (524) 672,777 596,958 (75,819) General and administrative 39,391 (1,508) 37,883 44,476 6,593 Depreciation 235,796 (235,796) - - - Total operating ..• expenses $ 948,488 (237,828) 710,660 641,434 (69,226) 65 VILLAGE OF OAR BROOK, ILLINOIS Waterworks System Fund Schedule of Property, Plant, and Equipment and Accumulated Depreciation Year ended April 30, 1984 Property, plant, and equipment .+ Balance Additions and Balance Apr.30,1983 transfers Apr.30,1984 Waterworks property, plant, and equipment: _ Land and land rights $ 2,819 - 2,819 Service of supply plant - wells and springs 314,753 - 314,753 Structure and improvements 68,232 - 68,232 Electrical pumping equipment 118,745 378 119,123 Total water treatment equipment 5,325 - 5,325 Distribution, reservoirs, mains, and standpipes 7,389,550 104,259 7,493,809 Meters and meter installation 323,167 22,884 346,051 Hydrants 129,992 47,200 177,192 Miscellaneous tools and equipment: Office furniture and equipment 3,449 - 3,449 Transportation equipment 38,163 - 38,163 '- Tools, shop, and garage equipment 2,852 - 21852 Laboratory equipment 1,070 - 1,070 Miscellaneous equipment 35,238 2,074 37,312 Intangible plant - organization 11,403 - 11,403 $ 8,444,758 176,795 8,621,553 i s 66 �- D-6 VILLAGE OF OAR BROOK, ILLINOIS Waterworks System Fund Schedule of Property, Plant, and Equipment and Accumulated Depreciation Year ended April 30, 1984 Rate of "' depreciation or Allowances for depreciation Net asset amortization Balance Additions and Balance value (years) Apr.30,1983 transfers Apr.30,1984 Apr.30,1984 $ - - - 2,819 40 732345 71869 81,214 233,539 40 16,842 1,706 18,548 49,684 40 30,312 2,978 33,290 85,833 *- 10 5,325 - 59325 - 40 19123,655 187,345 1,311,000 6,182,809 15 131,977 23,082 155,059 190,992 40 30,491 4,429 34,920 142,272 10 3,433 16 31449 - 6 32,736 5,427 38,163 - 5 2,852 - 29852 - .- 5 1,070 - 1,070 - 5 34,368 2,944 37,312 - 5 11,403 - 11,403 - 1,497,809 235,796 12733,605 6,887,948 67 i D-7 VILLAGE OF OAR BROOK, ILLINOIS Sports Core Fund Statement of Revenues, Expenses, and Changes in Deficit - Budget and Actual Year ended April 30, 1984 Adjustment to Actual on Variance y budgetary budgetary favorable Actual basis basis Budget (unfavorable) Operating revenues: Charges for services: .- Memberships: Golf course $ 397,648 - 397,648 429,072 (31,424) Bath and tennis 186,895 - 186,895 169,270 17,625 Open fields 45,275 - 45,275 40,000 5,275 629,818 - 629,818 638,342 (8,524) Rentals: Golf course 162,425 - 162,425 153,853 8,572 Bath and tennis 1,542 - 1,542 1,500 42 Open fields 12,143 - 12,143 8,858 3,285 176,110 - 176,110 164,211 11,899 Special events 24,923 - 24,923 22,500 2,423 Food and beverage sales and service charges: Golf course 113,079 - 113,079 118,300 (5,221) Bath and tennis 73,124 - 73,124 53,185 19,939 Special events 254,595 - 254,595 351,200 (96,605) 440,798 - 440,798 522,685 (819887) Miscellaneous: Sales tax 24,149 - 24,149 28,062 (3,913) Other 21,487 - 21,487 - 21,487 Total operating revenues $ 1,317,285 - 1,317,285 1,375,800 (58,515) (Continued) 68 D-7, Cont. VILLAGE OF OAR BROOK, ILLINOIS Sports Core Fund Statement of Revenues, Expenses, and Changes in Deficit - Budget and Actual Adjustment ■^ to Actual on variance budgetary budgetary favorable Actual basis basis Budget (unfavorable) Operating expenses: Operation of facilities: Golf course $ 421,839 (1,014) 420,825 457,790 36,965 Bath and tennis 488,472 (1,105) 487,367 541,544 54,177 Open fields 85,652 - 85,652 72,476 (13,176) Food: Golf course 57,737 (11) 57,726 62,506 4,780 Bath and tennis 65,478 (48) 65,430 52,997 (12,433) Beverage - bath and tennis 12,335 - 12,335 7,570 (4,765) Grill operations 19,580 - 19,580 8,565 (11,015) �-- 1,151,093 (2,178) 1,148,915 1,203,448 54,533 General and administrative 119,211 919 120,130 132,789 12,659 Depreciation 216,274 (216,274) - - - Total operating expenses 1,486,578 (217,533) 1,269,045 1,336,237 67,192 Operating income (loss) (169,293) 217,533 48,240 39,563 8,677 ,. Nonoperating revenue - interest on investments 10,212 (597) 9,615 12,000 (2,385) Income (loss) be- �- fbre operating transfers (159,081) 216,936 57,855 51,563 6,292 Operating transfers in 9,732 - 9,732 10,050 (318) Operating transfers out (17,000) - (17,000) (27,500) 10,500 Net income (loss) (166,349) $ 2162936 501587 34,113 16,474 Deficit at April 30, 1983 (459,254) Deficit at April 30, 1984 $ (625,603) w See accompanying notes to financial statements. 69 D-8 VILLAGE OF OAR BROOK, ILLINOIS Sports Core Fund Schedule of Operating Expenses by Department - Budget and Actual Year ended April 30, 1984 Adjustment to Actual on Variance budgetary budgetary favorable Actual basis basis Budget (unfavorable) Operating expenses: Operation of facilities: Golf course: Personal services $ 78,494 (980) 77,514 85,800 8,286 Contractual services 248,965 - 248,965 272,086 23,121 Fixed charges 62,433 (34) 62,399 69,500 7,101 Commodities 31,947 - 31,947 30,404 (1,543) 421,839 (1,014) 420,825 457,790 36,965 _ Bath and tennis: Personal services 167,848 (957) 166,891 165,420 (1,471) Contractual services 163,941 - 163,941 236,440 72,499 Fixed charges 39,960 (148) 39,812 36,527 (3,285) Commodities 116,723 - 116,723 103,157 (13,566) ..r 488,472 (1,105) 487,367 541,544 54,177 Open fields: Personal services 682 - 682 - (682) Contractual services 74,420 - 74,420 69,817 (4,603) .. Fixed charges 4,313 - 4,313 2,109 (2,204) Commodities 6,237 - 6,237 550 (5,687) 85,652 - 85,652 72,476 (13,176) Food - golf course: Personal services 17,642 (12) 17,630 23,210 5,580 Contractual services 388 - 388 561 173 -� Fixed charges 1,185 1 1,186 1,555 369 Commodities 38,522 - 38,522 37,180 (1,342) 57,737 (11) 57,726 62,506 4,780 Food - bath and tennis: Personal services 29,741 (43) 29,698 28,600 (1,098) Contractual services 784 - 784 715 (69) Fixed charges 2,965 (5) 2,960 2,342 (618) Commodities 31,988 - 31,988 21,340 (10,648) 65,478 (48) 65,430 52,997 (12,433) Beverage - bath and tennis: Personal services 3,984 - 3,984 3,642 (342) Contractual services 45 - 45 440 395 Fixed charges 267 - 267 243 (24) Commodities 8,039 - 8,039 3,245 (4,794) $ 12,335 - 12,335 7,570 (4,765) (Continued) 70 T D-8, Cont. VILLAGE OF OAR BROOK, ILLINOIS Sports Core Fund Schedule of Operating Expenses by Department - Budget and Actual Adjustment to Actual on Variance budgetary budgetary favorable Actual basis basis Budget (unfavorable) Operating expenses, continued: Operation of facilities, continued: Grill operations: Personal services $ 7,298 - 7,298 4,400 (2,898) Contractual services 198 - 198 336 138 Fixed charges 489 - 489 309 (180) Commodities 11,595 - 11,595 3,520 (8,075) 19,580 - 19,580 8,565 (11,015) Total operation of facilities 1,151,093 (2,178) 1,148,915 1,203,448 54,533 General and administrative: Personal services 51,018 934 51,952 67,107 15,155 Contractual services 16,451 - 16,451 18,920 2,469 Fixed charges 45,348 (15) 45,333 42,747 (2,586) Commodities 6,394 - 6,394 4,015 (2,379) 119,211 919 120,130 132,789 12,659 Depreciation 216,274 (216,274) - - - Total operating expenses $ 1,486,578 (217,533) 1,269,045 1,336,237 67,192 71 VILLAGE OF OAK BROOK, ILLINOIS ` Sports Core Fund r Schedule of Property, Plant, and Equipment and Accumulated Depreciation Year ended April 30, 1984 Property, plant, and equipment Balance Additions and Balance Apr.30,1983 transfers Apr.30,1984 Land and land rights $ 8,252,585 - 8,252,585 Golf course land improvements 1,188,273 7,930 1,196,203 Other land improvements 334,302 - 334,302 Clubhouse - golf 289,492 - 289,492 Clubhouse - bath and tennis 3709984 - 370,984 Other improvements 238,951 19,372 258,323 '~ Pools 92,000 - 92,000 Tennis courts 256,784 82,754 339,538 Clubhouse equipment 87,189 5,152 92,341 Golf equipment 50,990 9,617 60,607 $ 11,161,550 124,.825 11,286,375 .. r 72 D-9 VILLAGE OF OAR BROOK, ILLINOIS Sports Core Fund Schedule of Property, Plant, and Equipment and Accumulated Depreciation Year ended April 30, 1984 Rate of Allowance for depreciation Net asset depreciation Balance Additions and Balance value (years) Apr.30,1983 transfers Apr.30,1984 Apr.30,1984 $ - - - 8,252,585 10 306,350 119,224 425,574 770,629 20 61,656 16,715 78,371 255,931 40 18,054 7,237 25,291 264,201 40 46,545 9,274 55,819 315,165 10 82,518 24,864 107,382 150,941 20 25,300 4,600 29,900 62,100 15 41,728 19,877 61,605 277,933 5 74,152 (1,678) 72,474 19,867 5 24,663 11,160 35,823 24,784 680,966 2112273 892,239 10,394,136 t- 73 FIDUCIARY FUNDS Policemen's and Firemen's Pension Funds - to account for the accumulation of resources to be used for retirement annuity payments at appropriate amounts and times in the future.' Resources are contributed by employees at rates --� fixed by law and by the Village at amounts determined by an annual actuarial study. E-1 VILLAGE OF OAR BROOK, ILLINOIS Fiduciary Funds Combining Balance Sheet April 30, 1984 Pension Trust Funds Policemen's Firemen's Assets Pension Pension Total Cash $ 24 25 49 Investments: Certificates of deposit 145,111 1,208,930 1,354,041 Government and agency securities 3,356,823 2,623,331 5,980,154 Savings accounts 164 854 1,018 3,502,098 3,833,115 7,335,213 Accrued interest receivable 109,972 99,279 209,251 Due from other fund 31,241 25,884 57,125 Total assets $ 3,643,335 3,958,303 7,601,638 Fund Balances Fund balances: R- Reserved for employees' retirement 3,662,180 3,310,771 6,972,951 Unreserved fund balance (deficit) (18,845) 647,532 628,687 Total fund balances $ 3,643,335 3,958,303 7,601,638 See accompanying notes to financial statements. 74 E-2 VILLAGE OF OAK BROOK, ILLINOIS Fiduciary Funds Combining Statement of Revenues, Expenses, and Changes in Fund Balances Year ended April 30, 1984 — Pension Trust Funds Policemen's Firemen's Pension Pension Total Operating revenues: Interest on investments $ 375,794 419,533 795,327 Contributions: Employees 87,000 75,842 162,842 Village 196,083 173,758 369,841 r. 283,083 249,600 532,683 Miscellaneous - gifts 150 - 150 Total operating revenues 659,027 669,133 1,328,160 — Operating expenses: General and administrative 1,065 955 2,020 Benefit payments 38,466 20,646 59,112 Refunds 30,301 - 30,301 Total operating expenses 69,832 21,601 91,433 Net income 589,195 647,532 1,236,727 Fund balances at April 30, 1983 3,054,140 3,310,771 6,364,911 Fund balances at April 30, 1984 $ 3,643,335 3,958,303 7,601,638 See accompanying notes to financial statements. 75 ... E-3 VILLAGE OF OAR BROOK, ILLINOIS Fiduciary Funds Combining Statement of Changes in Financial Position Year ended April 30, 1984 Pension Trust Funds Policemen's Firemen' s Pension Pension Total .- Sources of working capital - operations - net income $ 589,195 647,532 1,236,727 Uses of working capital - net increase in pension investments 568,789 647,841 1,216,630 Net increase in working capital $ 20,406 (309) 20,097 Elements of net increase (decrease) in working capital: ..� Cash 8 (2) 6 Receivables . 18,829 9,451 28,280 Due from other funds 1,569 (9,758) (8,189) Net increase in working capital $ 20,406 (309) 20,097 '- See accompanying notes to financial statements. t- 76 a E-4 VILLAGE OF OAK BROOK, ILLINOIS Policemen's Pension Fund Statement of Revenues, Expenses, and Changes in Fund Balance - Budget and Actual Year ended April 30, 1984 Adjustment to Actual on Variance budgetary budgetary favorable Actual basis basis Budget (unfavorable) Operating revenues: Interest on investments $ 375,794 3,818 379,612 270,000 109,612 Contributions: Employees 87,000 (1,037) 85,963 89,000 (3,037) ... Village 196,083 (531) 195,552 202,000 (6,448) 283,083 (1,568) 281,515 291,000 (9,485) Miscellaneous - gifts 150 - 150 100 50 Total operating revenues 659,027 21250 661,277 561,100 100,177 Operating expenses: General and adminis- trative 1,065 - 1,065 1,017 (48) Benefit payments 38,466 - 38,466 30,698 (7,768) Refunds 30,301 - 30,301 - (30,301) Total operating expenses 69,832 - 69,832 31,715 (38,117) Net income 589,195 $ 2,250 591,445 5292385 62,060 Fund balance at April 30, 1983 3,054,140 Fund balance at April 30, 1984 $ 3,643,335 i See accompanying notes to financial statements. 77 EE=S VILLAGE OF OAK BROOK, ILLINOIS Firemen's Pension Fund Statement of Revenues, Expenses, and Changes in .. Fund Balance - Budget and Actual Year ended April 30, 1984 Adjustment to Actual on Variance budgetary budgetary favorable Actual basis basis Budget (unfavorable) Operating revenues: Interest on investments $ 419,533 (192) 419,341 275,000 144,341 Contributions: Employees 75,842 (662) 75,180 76,000 (820) Village 173,758 10,420 184,178 178,000 6,178 249,600 9,758 259,358 254,000 5,358 Total operating revenues 669,133 9,566 678,699 529,000 149,699 Operating expenses: �- General and adminis- trative 955 - 955 1,039 84 Benefits payments 20,646 - 20,646 22,710 2,064 r- Total operating expenses 21,601 - 21,601 23,749 2,148 Net income 647,532 $ 9,566 657,098 505,251 151,847 Fund balance at April 30, 1983 3,310,771 Fund balance at April 30, �. 1984 $ 3,958,303 See accompanying notes to financial statements. 78 GENERAL FIXED ASSETS ACCOUNT GROUP To account for fixed assets not used in Proprietary Fund operations or accounted for in Pension Trust Funds. i i i r r F-1 VILLAGE OF OAK BROOK, ILLINOIS General Fixed Assets Account Group Schedule of General Fixed Assets - By Sources April 30, 1984 General fixed assets: Land $ 273,741 Buildings and improvements 4,848,011 Furniture and fixtures 250,508 Roadway improvement 3,168,781 Automotive equipment 705,314 Other equipment 963,764 Library books 211,343 Total general fixed assets $ 109421,462 Investment in general fixed assets from: General Corporate Fund current revenues 7,911,563 Proceeds of indebtedness - Village Hall and Library renovation 1,582,783 ..- Gifts 518,738 Motor Fuel Tax Fund revenues 246,098 Federal Revenue,Sharing Fund revenues 131,751 Special Service Area #1 30,529 Total investment in general fixed assets $ 10,421,462 79 F-2 VILLAGE OF OAR BROOK, ILLINOIS General Fixed Assets Account Group Schedule of General Fixed Assets By Function and Activity April 30, 1984 Buildings and Furniture Roadway improve- and improve- Automotive Other Library Function and activity Land ments fixtures ments equipment equipment books Total .� General government: Counsel and legal $ - - 2,735 - - 7,294 - 10,029 Village manager - - 5,831 - 7,000 6,542 - 19,373 ,r Finance and accounting - - 14,786 - - 91,663 - 106,449 Engineering - - 11,270 - - 43,460 - 54,730 Village Hall 273,741 2,717,793 118,339 - - 2,554 - 3,112,427 Total general + government 273,741 2,717,793 152,961 - 7,000 151,513 - 3,303,008 Public safety: Police Department - 11,233 18,730 - 92,543 144,275 - 266,781 + Fire Department - 1,167,853 34,754 - 266,184 399,078 - 1,867,869 Emergency medical service - - - - 110,412 54,224 - 164,636 Inspection bureau - - 699 - 4,156 18,373 - 23,228 Total public safety - 1,179,086 54,183 - 473,295 615,950 - 2,322,514 Public works: Administrative - - 5,138 - 4,269 - - 9,407 Street maintenance - - - - 220,750 155,780 - 376,530 Street improvements - 30,363 - 3,168,781 - - - 3,199,144 Municipal garage - 750,000 5,246 - - 31,474 - 786,720 Total public works - 780,363 10,384 3,168,781 225,019 187,254 - 4,371,801 Culture and recreation - library - 170,769 32,980 - - 9,047 211,343 424,139 Total general fixed assets $ 273,741 4,848,011 250,508 3,168,781 705,314 963,764 211,343 10,421,462 r + r r 80 F-3 VILLAGE OF OAK BROOK, ILLINOIS General Fixed Assets Account Group Schedule of Changes in General Fixed Assets - -- By Function and Activity Year ended April 30, 1984 General General fixed fixed assets assets Function and activity May 1,1983 Additions Deductions Apr.30,1984 General government: Counsel and legal $ 10,029 - - 10,029 Village Manager 16,843 2,757 227 19,373 Finance and accounting 106,449 - - 106,449 Engineering 53,873 857 - 54,730 Village Hall 2,8252677 286,750 - 32112,427 Total general government 3,0129871 290,364 227 3,303,008 Public safety: Police Department 253,538 14,443 1,200 266,781 Fire Department 1,791,431 80,113 3,675 1,867,869 Emergency medical service 162,726 1,910 - 164,636 Inspection bureau 21,731 1,497 - 23,228 .-. Total public safety 22229,426 97,963 4,875 2,322,514 Public works: Administrative 9,269 138 - 9,407 Street maintenance 382,830 - 6,300 376,530 Street improvements 2,789,457 409,687 - 3,199,144 Municipal garage 777,534 9,186 - 7862720 Total public works 3,959,090 419,011 6,300 4,3712801 Culture and recreation - _ library 3909469 33,670 - 424,139 Total general fixed assets $ 91591,856 841,008 11,402 10,421,462 81 STATISTICAL SECTION (Unaudited) Table 1 VILLAGE OF OAK BROOK, ILLINOIS General Governmental Expenditures by Function (1) Last ten fiscal years Fiscal Adminis- Engi- Public year tration Police Fire Building neering works Library Pension Insurance Total 1984 $ 725,903 1,428,265 1,236,884 435,779 122,044 1,120,716 138,271 487,549 361,092 6,056,503 1983 676,049 1,421,976 1,084,517 354,505 113,223 712,756 102,148 591,807 335,819 5,392,800 1982 1,077,147 1 290 236 1,236,194 352 518 106 272 948 884 94 726 568 184 289 620 5,963,781 f r � r f > > r 1981 396,298 1,193,727 1,087,356 344,257 96,839 861,170 89,569 564,553 257,431 4,891,200 1980 369,738 987,295 1,076,269 350,995 88,263 1,340,393 80,345 535,656 232,329 5,061,283 1979 429,812 882,185 714,978 93,972 56,795 497,209 48,346 389,922 258,847 3,372,066 �. 1978 319,670 712,034 628,507 86,428 76,074 254,755 41,772 339,943 207,215 2,666,398 1977 368,902 707,421 624,661 78,111 71,530 225,542 36,084 237,195 151,597 2,501,043 1976 381,669 688,536 593,024 74,076 58,437 238,476 23,590 200,868 112,194 2,370,870 1975 437,693 608,090 519,045 64,071 68,188 275,046 212339 174,042 91,482 21258,996 (1) Includes expenditures of only the General Corporate Fund. Note - This schedule includes additional expenditure data by function. Individual department totals will not agree to the basic financial statements, since reclassifications have been made for the purposes of additional analysis. A "! 82 Table 2 �• VILLAGE OF OAK BROOK, ILLINOIS General Revenues by Source (1) Last ten fiscal years Licenses Other Charges Fines Fiscal General and inter- for and Investment year sales tax permits government services forfeits interest Miscellaneous Total i 1984 $ 4,923,767 326,633 270,528 214,758 205,838 346,480 52,928 6,340,932 1983 4,559,420 212,984 248,064 159,897 139,872 413,163 13,314 5,746,714 1982 4,546,477 238,017 201,409 309,682 155,465 549,906 28,385 6,029,341 1981 4,301,208 195,474 227,859 131,836 109,239 471,058 45,927 5,482,601 1980 4,697,077 192,044 184,740 148,497 88,678 336,901 517,825 6,165,762 1979 3,286,830 215,235 165,992 240,561 103,367 203,992 32,646 4,248,623 1978 2,960,236 195,112 110,242 112,083 77,664 71,414 178,419 3,705,170 1977 2,353,858 123,894 157,971 74,062 55,534 82,410 204,385 3,052,114 1976 2,103,221 97,815 104,660 159,909 57,026 101,971 176,612 2,801,214 1975 11952,700 63,032 118,532 64,304 50,649 184,003 269,000 2,702,220 (1) Includes revenues of only the General Corporate Fund. i 83 Table 3 VILLAGE OF OAK BROOK, ILLINOIS Property Tax Levies and Collections Last six fiscal years (1) .... Percent of Current total tax year collections abatement Total tax and Percent of Total Percent Delinquent and collections write-offs Outstanding delinquent tax Current tax of levy tax forfeiture and to delinquent taxes to Fiscal year levy collections collected collections write-offs write-offs tax levy taxes tax levy 1984 (1982 levy) (2)(4) $ 523,892 519,179 99.10% $ 3,067 1,375 523,621 99.95% $ 271 .05% 1983 (1981 levy) (3) 277,439 273,157 98.46 1,609 4,800 279,566 100.00 - - 1982 (1980 levy) (2) 518,030 514,912 99.40 3,789 2,967 521,668 100.00 - - 1981 (1979 levy) (2) 483,900 479,949 99.18 16 1,409 481,374 99.48 2,526 .52 1980 (1978 levy) 748,498 729,257 97.43 1,132 7,279 737,668 98.55 10,830 1.45 1979 (1977 levy) 843,838 823,267 97.56 '11696 21846 827,809 98.10 16,029 1.90 (1) Prior to the 1981 tax levy, the Village levied property taxes for debt service purposes only and commenced such levies for the 1977 tax year. Taxes are collected during the summer months of the year following the year of the levy. Thus, collections are made in the fiscal year two years behind the year of the levy. (2) The 1979, 1980, and 1982 levies were abated by $300,000. These funds were contributed from excess revenues of the General Corporate Fund. (3) The 1981 levy was abated by $600,000. These funds were contributed from excess revenues of the General Corporate Fund. (4) The 1983 levy, to be collected in the summer of 1984, was $591,745 after a $300,000 abatement to be paid by the General Corporate Fund. 84 Table 4 VILLAGE OF OAK BROOK, ILLINOIS Assessed and Estimated Actual Value of Taxable Property (2) Last ten fiscal years ^ Ratio of Personal total Real property property(1) Total assessed/ Estimated Estimated Estimated total Fiscal actual actual actual estimated year Assessed value Assessed value Assessed value actual value ^ 1984 $ 347,271 1,052,336 - - 347,271 1,052,336 33.00% 1983 318,675 965,680 - - 318,675 965,680 33.00 1982 293,897 890,597 - - 293,897 890,597 33.00 1981 257,727 780,990 - - 257,727 780,990 33.00 1980 213,643 647,403 - - 213,643 647,403 33.00 ^ 1979 184,832 554,551 29,230 87,699 214,062 642,250 33.33 1978 163,202 489,655 22,854 68,569 186,056 558,224 33.33 1977 143,620 430,860 20,767 62,301 164,387 493,161 33.33 1976 128,005 382,904 20,797 62,210 148,802 445,114 33.43 1975 118,870 384,195 17,489 569525 136,359 440,720 30.94 (1) Personal property tax not assessed as of 1980 due to enactment of the personal property replacement tax by state statute. (2) Dollar amounts in thousands. ^ 85 Table 5 VILLAGE OF OAK BROOK, ILLINOIS Property Tax Rates - All Overlapping Governments (per $100 assessed valuation) Last ten fiscal years Village Junior Grade High Oak Brook Hinsdale Fiscal of Basic College School School Park Sanitary year Total Oak Brook Town(1) #502 #53 #86 District District 1984 4.6286 .1704 .9162 .2426 1.1507 1.9201 .1663 .0623 1983 4.9090 .1645 .9452 .2318 1.4383 1.8883 .1763 .0646 1982 4.6863 .0944 .9425 .2222 1.3649 1.8334 .1598 .0691 1981 5.1113 .2010 1.0036 .1904 1.5661 1.9150 .1558 .0794 1980 5.8149 .2265 1.0629 .2070 2.2248 1.8620 .1341 .0976 1979 5.6082 .3495 0.9350 .1953 1.7895 1.9910 .2414 .1065 -- 1978 5.8798 .4535 0.9789 .1973 1.8380 1.9781 .3103 .1237 1977 5.5792 - 0.9446 .1929 2.0464 1.9431 .3159 .1363 1976 5.787 - 1.067 .160 2.065 2.002 .333 .160 1975 5.804 - .899 .151 2.114 1.987 .329 .324 (1) Includes all county, forest preserve, and township rates. Source: DuPage County Clerk's office. 86 Table 6 VILLAGE OF OAK BROOK, ILLINOIS Ratio of Net General Bonded Debt to Assessed Value and Net Bonded Debt Per Capita Last eight fiscal years Ratio of net Net Assessed Debt bonded bonded Population value Gross service Net debt to debt Fiscal (in (in bonded monies bonded assessed per year thousands) thousands) debt(1) available debt value capita 1984 7,263(2) $ 347,271 8,150,000 161,147 7,988,853 2.301% $ 1,100 1983 6,641(3) 318,675 8,670,105 120,337 8,549,768 2.683 1,287 1982 6,641(3) 293,897 9,441,158 163,155 9,278,003 3.157 1,397 1981 6,641(3) 257,727 10,078,228 178,051 9,900,177 3.841 1,491 1980 5,281(4) 213,643 10,721,000 (221,744) 10,942,744 5.122 2,072 1979 5,281 214,062 11,402,317 116,239 11,286,078 5.272 2,137 1978 5,281 186,056 11,727,209 82,481 11,644,728 6.259 2,205 1977(5) 51281 164,387 1,961,687 - 1,961,687 1.193 371 (1) Includes total gross bonded debt, including all components of the general long-term debt account group, with the exception of accrued vacation pay. (2) 1983 special census. (3) 1980 census. (4) 1975 census. (5) General obligation recreation bonds were issued on September 1, 1977 with the first principal payment due December 1, 1979. 87 Table 7 VILLAGE OF OAK BROOK, ILLINOIS Computation of Legal Debt Margin April 30, 1984 Assessed value $ 347,271,000 Debt limit 8.625% of assessed value 29,952,123 Debt applicable to debt limit - General Obligation Recreation Bonds 8,150,000 Legal debt margin $ 21,802,123 88 Table 8 VILLAGE OF OAK BROOK, ILLINOIS .. Computation of Overlapping Debt April 30, 1984 Percentage Amount applicable to applicable to Net debt Village of Village of Jurisdiction outstanding Oak Brook Oak Brook Village of Oak Brook $ 8,150,000 100.00% $ 8,150,000 Oak Brook Park District 250,000 98.10 245,250 DuPage County 19,950,000 4.74 945,630 Sanitary districts 4,875,000 23.24 1,132,950 Junior college district 13,575,000 4.74 643,455 Elementary school districts 6,519,000 19.57 1,275,768 High school districts 14,345,000 12.64 1,813,208 Total $ 14,206,261 Source: DuPage County Clerk's office. 89 Table 9 VILLAGE OF OAK BROOK, ILLINOIS Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Expenditures Last six fiscal years Ratio of Total Total debt service Fiscal debt general to total .� year Principal Interest service expenditures(1) expenditures 1984 $ 500,000 390,550 890,550 6,056,503 14.70% 1983 500,000 412,050 912,050 5,392,800 16.91 ,. 1982 450,000 433,825 883,825 5,963,781 14.82 1981 400,000 454,650 854,650 4,891,200 17.47 '- 1980(2) 270,000 477,410 747,410 5,061,283 14.77 1979(2) - - - 3,372,066 - (1) Includes General Corporate Fund only. (2) Bonds were issued on September 1, 1977 with the first principal payment due December 1, 1979. 90 a Table 10 VILLAGE OF OAK BROOK, ILLINOIS .� Revenue Bond Coverage - Waterworks System Bonds Last nine fiscal years Net revenue available Debt service Fiscal Gross for debt requirements year revenue(1) Expenses(2) service(3) Principal Interest Total Coverage 1984 $ 2,248,398 712,692 1,535,706 325,000 246,100 571,100 269% 1983 2,002,585 540,260 1,462,325 300,000 261,525 561,525 260 1982 1,814,363 436,134 1,378,229 275,000 275,550 550,550 250 _ 1981 1,665,697 510,744 1,154,953 250,000 289,425 539,425 214 1980 1,557,714 374,346 1,183,368 225,000 300,925 525,925 225 1979 1,604,002 386,149 1,217,853 225,000 312,425 537,425 227 1978 1,252,199 306,835 945,364 200,000 322,825 522,825 181 1977 1,254,182 212,790 1,041,392 75,000 282,712 357,712 291 1976 850,587 227,807 622,780 50,000 168,100 218;100 286 (1) Represents, gross revenue, including operating revenue, interest on investments, and reimbursements. (2) Represents operating expenses, excluding depreciation. a (3) Represents operating income plus interest on investments, reimbursements, and depreciation. 91 Table 11 VILLAGE OF OAK BROOK, ILLINOIS Demographic Statistics Education level in Per years of Fiscal capita Median formal Unemployment year Population income $ education rate 1984 (1) 7,263 $ 22,737 39 14.5 3.14% 1980 (2) 4,164 81997 34 13.3 0.07 (1) Source - 1983 Special Census and 1980 Federal Census. (2) Source - 1970 Federal Census. 92 — Table 12 VILLAGE OF OAR BROOK, ILLINOIS Property Value, Construction, and Bank Deposits Last ten calendar years Commercial Residential Estimated construction construction total Number Number Bank property Calendar of Value of Value deposits(i) value year units (in thousands) units (in thousands) (in thousands) (in thousands) 1983 5 $ 15,575 98 $ 22,398 754,645,000 1,052,336 1982 2 11,943 55 6,937 657,982,000 965,680 1981 1 798 63 14,618 508,321,000 890,597 1980 6 14,554 81 19,446 433,987,000 780,990 1979 6 18,167 119 17,487 - 647,403 1978 17 29,295 138 16,367 - 642,250 1977 13 10,050 132 14,944 - 558,224 1976 3 1,740 73 7,941 - 493,161 1975 5 14,040 39 4,379 - 445,114 1974 4 4,350 27 2,391 - 440,720 (1) Source - Polling of all banks in Village of Oak Brook. Data for years prior to 1980 was not available. 93 Table 13 VILLAGE OF OAK BROOK, ILLINOIS Principal Taxpayers April 30, 1984 Percentage 1983 of total Assessed assessed Taxpayer Type of business valuation valuation LaSalle National Bank Oakbrook Shopping Center $ 16,131,170 4.65% Trust #49475 property Arthur Rubloff & Co. Commerce plaza 8,001,280 2.30 Regency Towers Office buildings 7,856,640 2.26 McDonald's Corporation Corporate office 5,841,590 1.68 headquarters LaSalle National Bank Office buildings 5,224,665 1.51 Trust #102160 Manufacturer's Life Executive towers 5,110,000 1.47 Real Estate Oak Brook Hyatt House Hotel 4,960,840 1.43 Eastman Kodak Regional headquarters 4,325,570 1.25 Marshall Field & Retail store 3,926,840 1.13 Company Sears, Roebuck & Co. Retail store 3,697,100 1.06 $ 65,075,695 18.74% 94 Table 14 VILLAGE OF OAK BROOK, ILLINOIS — Insurance in Effect Fiscal year 1984-1985 — Name of company Policy period Amount of Type of insurance (policy number) From To coverage Premium Employee benefit St. Paul Insurance $100,000 -- programs liability Company each (512TF6276) 5-15-84 5-15-85 occurrence $ 242 Boiler and machinery Chubb/Pacific $1,000,000 insurance Indemnity Group each (7827-60-60) 5-15-84 5-15-85 occurrence 955 Treasurer's bond American Motorists Insurance Company (3SM-061-900) 4-13-84 4-13-85 $100,000 73 Volunteer accident Home Insurance insurance Company $17,500 each (HVF-7-14-61) 5-15-84 5-15-85 occurrence 932 Host Liquor Continental Liability Casualty (RDD6925030 $1,000,000 Lloyds, London each BL25507CA) 11-24-83 11-24-84 occurrence 21050 Note - The Village entered into a contractual agreement with 14 other municipalities to form the Intergovernmental Risk Management Agency (IRMA), which through its risk-sharing provisions provides the Village with its insurance coverage for liability, property damage, workmen's compensation, and surety risks not covered by the Village's Treasurer's Bond. The Village's contribution to this cooperative agency for 1984 was $130,661 and was determined by the pro rata share for each municipality's audited revenues and loss experience for the previous year, to be sufficient annually to fund administrative expenses and create sufficient reserves for claim payments and the purchase of excess insurance. The Agency provides loss protection in excess of a deductible of $1,000 per occurrence to be paid by each municipality. The Agency is required to pay up to $250,000 per occurrence for loss .� or injury within the scope of its self-insurance coverage. The Agency has also purchased excess catastrophe insurance over the amount of its $250,000 obligation and aggregate stop loss insurance. The amount of excess insurance is $9,750,000 per occurrence for liability claims and $19,750,000 for property claims. The Agency has contracted the services of Gallagher Bassett Insurance Service for the claims administration function. As of April 30, 1984 IRMA members totaled 37 municipalities. i 95