CAFR (Year Ended April 30, 1988) Comprehensive
Annual Financial Report
of the
Village of Oak Brook, Illinois
For the Year Ended
April 30, 1988
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E&W Ernst &Whinney
VILLAGE OF OAK BROOK, ILLINOIS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Year Ended April 30, 1988
Page
INTRODUCTORY SECTION
Table of Contents 1
Organization Chart 5
Officers and Officials 6
Letter of Transmittal 7
GFOA Certificate of Achievement 15
FINANCIAL SECTION
Accountants' Report. . . . . . . . . . . . . . . . . . . . . . . 16
Combined Statements--Overview ("Liftable" General
Purpose Financial Statements):
Combined Balance Sheet--All Fund Types
and Account Groups . . . . . . . . . . . . . . . . . . . . 18
Combined Statement of Revenues, Expenditures,
and Changes in Fund Balances--All Governmental
_ Fund Types . . . . . . . . . . . . . . . . . . . . . . 20
Combined Statement of Revenues, Expenditures,
and Changes in Fund Balances--Budget and
Actual (Non-GAAP Basis) General Fund,
�- Certain Special Revenue Funds and
Debt Service Fund. . . . . . . . . . . . . . . . . . . . . 21
Combined Statement of Revenues, Expenses, and
.... Changes in Retained Earnings/Fund Balances--All
Proprietary Fund Types and Pension Trust Funds . . . . . . 22
Combined Statement of Changes in Financial
Position--All Proprietary Fund Types and
Pension Trust Funds. . . . . . . . . . . . . . . . . . . . 23
Notes to Financial Statements. . . . . . . . . . . . . . . . 24
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TABLE OF CONTENTS--Continued
Page
Combining, Individual Fund, and Account Group
Financial Statements and Schedules:
Governmental Funds:
General Fund
Statement of Revenues, Expenditures, and Changes _
in Fund Balance--Budget and Actual
(Non-GAAP Basis) . . . . . . . . . . . . . . . . . . . 55
Schedule of Expenditures--Budget and Actual--
(Non-GAAP Basis) . . . . . . . . . . . . . . . . . . . 56
Special Revenue Fund
Combining Balance Sheet. . . . . . . . . . . . . . . . . 60
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances . . . . . . . . . . . . . 61 _
Capital Projects Funds
Combining Balance Sheet. . . . . . . . . . . . . . . 62
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances . . . . . . . . . . . . . 63
Proprietary Funds
Enterprise Funds _
Combining Balance Sheet. . . . . . . . . . . . . . . . . 64
Combining Statement of Revenues, Expenses,
and Changes in Retained Larnings (Deficit) . . . . . . 65
Combining Statement of Changes in Financial
Position . . . . . . . . . . . . . . . . . . . . . . . 66
Waterworks System Fund:
Schedule of Revenues, Expenses, and Changes
in Retained Earnings--Budget and Actual _
(Non-GAAP Basis) . . . . . . . . . . . . . . . . . 67
Schedule of Property, Plant, and Equipment
and Accumulated Depreciation . . . . . . . . . . . . 69
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TABLE OF CONTENTS--Continued
Page
Combining, Individual Fund, and Account Group
Financial Statements and Schedules--Continued:
Proprietary Funds--Continued:
Enterprise Funds--Continued:
Sports Core Fund:
Statement of Revenues, Expenses, and Changes
in Deficit--Budget and Actual (Non-GAAP
Basis) . . . . . .
Schedule of Property, Plant, and Equipment
and Accumulated Depreciation . . . . . . . . . . . . 74
Fiduciary Funds--Pension Trust Funds
Combining Balance Sheet. . . . . . . . . . . . . . . . . . 75
Combining Statements of Revenues, Expenses,
and Changes in Fund Balances . . . . . . . . . . . . . . 76
_ Combining Statement of Changes in Financial Position . . . 77
Policemen's Pension Fund:
Schedule of Revenues, Expenses, and Changes
in Fund Balance--Budget and Actual . . . . . . . . . . 78
Firefighter's Pension Fund:
Schedule of Revenues, Expenses, and Changes
in Fund Balance--Budget and Actual . . . . . . . . . . 79
ti
General Fixed Assets Account Group
Schedule of General Fixed Assets--By Sources . . . . . . . 80
Schedule of General Fixed Assets--By Function
and Activity . . . . . . . . . . . . . . . . . . . . . . 81
Schedule of Changes in General Fixed Assets--
By Function and Activity . . . . . . . . . . . . . . . 82
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TABLE OF CONTENTS--Continued
Table Page
STATISTICAL SECTION (Unaudited)
r
General Governmental Expenditures by Function--
Last Ten Fiscal Years. . . . . . . . . . . . . . . . . 1 83
General Revenues by Source--Last Ten Fiscal Years. . . . 2 84 r
Special Assessment Collections . . . . . . . . . . . . . 3 85
Property Tax Levies and Collections--Last Ten
Fiscal Years . . . . . . . . . . . . . . . . . . . . . 4 86
Assessed and Estimated Actual Value of Taxable
Property--Last Ten Fiscal Years. . . . . . . . . . . . 5 87
Property Tax Rates--All Overlapping Governments--
Last Ten Fiscal Years. . . . . . . . . . . . . . . . . 6 88 "
Ratio of Net General Bonded Debt to Assessed
Value and Net Bonded Debt Per Capita--Last
Ten Fiscal Years . . . . . . . . . . . . . . . . . . . 7 89
Computation of Legal Debt Margin . . . . . . . . . . . . 8 90
Computation of Direct and Overlapping Debt . . . . . . . 9 91
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Total General
Expenditures--Last Nine Fiscal Years . . . . . . . . . 10 92
Revenue Bond Coverage--Waterworks System Bonds--
Last Ten Fiscal Years. . . . . . . . . . . . . . . . . 11 93
Demographic Statistics . . . . . . . . . . . . . . . . . 12 94
Property Value, Construction, and Bank Deposits--
Last Ten Calendar Years. . . . . . . . . . . . . . . . 13 95 r
Principal Taxpayers. . . . . . . . . . . . . . . . . . . 14 96
Insurance in Effect. . . . . . . . . . . . . . . . . . . 15 97
Miscellaneous Statistical Data . . . . . . . . . . . . . 16 98
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I
f
f VILLAGE of OAK BROOK, ILLINOIS
ORGANIZATIONAL. CHART
[
ELECTED OFFICIALS
President
i 6•Trustees
I
.-Cierr
Trete aSurer�
i
Aovisory Boards&Commissions I Viliacie Manaaer
i
Pian Zoning Board Electrical Fire&Pouce Library Asst.to Village Legal Department
Commission Of ADDea15 Commission Commission COmmRSiOn Manaaer "
f "
Staff Service
Enaineenng I Administrative Services Finance
i I
I
Water II
Plan i(pv,ew& � JPSiC^ � I ADminiSt ration I CUStOma�, Payroll Account:
insDec7O- + I �ervicE I insurance BiWne Pava Dle
i
UDeratino Departments
it
SDOrts CoreI PUDitC Works Fire Service Pouc Service Library
Open Golf Pooi CIUD• Tennis MunClDal OpOaY
Operation& Deration& kescue.Extinuisnment, Volunteer Bureau of Staff/Aux.Service ves igation Patrol,Traffic,
Fiei05 Course House Garage Maintenance Drainage. Maintenance Emergency Medical Service InsDecUons Communication, Evidence. Juvenile Public
Traffic Control&Lionting Water Service.Training Maint 8 Records.Supoiy& Detention intormation
and Public Lanc System investiciation Maintenance Couq Liaison
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VILLAGE OF OAK BROOK, ILLINOIS
OFFICERS AND OFFICIALS
Year Ended April 30, 1488
President
Wence F. Cerne
Clerk
Marianne Lakosil
Trustees
Garry J. Bartecki
Karen M. Bushy
Walter C. Imrie
Ronald P. Maher
Joseph H. Rush
H. Richard Winters
Village Manager
._ Stephen Berley
Village Treasurer
Terry Klein
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This letter describes the significant aspects of financial operations
during the year. It is my 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 trans-
actions relating to our Village government.
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 measurable. 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 an 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, considera-
tion is given to the adequacy of internal accounting controls. Inter-
nal 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, 1988 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 emergency medical 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.
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The Oak Brook Park District, the various school and sanitary districts,
and the counties of Du Page 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.
During 1983, the National Council on Governmental Accounting ("NCGA")
Statement No. 3 "Defining the Governmental Reporting Entity" became
effective. This statement concluded that the basis--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.
Economic Condition and Major Initiatives
During August of 1987, the Village witnessed substantial flooding.
Both residential and nonresidential areas including our municipal golf
course sustained severe damage. The total damage eligible for both
federal and state assistance was $105,403. A representative from the
Federal Emergency Management Agency has approved the Village documenta-
tion; therefore, we will receive $79,052 in federal funds and $13,175
in state funds. This money will be used to repair the damage done at
the golf course and to rebuild bike pathways washed out by the flooding.
_. The flood of 1987 also caused a great deal of damage for our neighbor-
ing communities both to the north and south. As a result, all of the
affected communities are looking for a flood control solution. As an
example, once all the appropriate easements have been obtained, Salt
Creek will be dredged in cooperation with the State of Illinois. Hope-
fully, this will reduce the severity of flooding in the future.
General Governmental Functions
Operating revenues for general governmental functions as reported in
the General Fund totaled $7,699,095, a decrease of $255,634 (3.2%) 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 1987
Intergovernmental $6,454,682 83.8% $(153,631)
Licenses and permits 295,364 3.8 15,671
Charges for services 204,889 2.7 (10,964)
Fines and penalties 189,558 2.5 42,867
Interest on investments 368,659 4.8 3,786
Other revenues 185,943 2.4 (153,093)
..- $7.699.095
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Intergovernmental revenue is the major source of revenue for the
Village, producing 83.8% of current year revenues. The decrease over
last year is due to a one-time accelerated payment of $449,269 from the
State of Illinois issued in March 1987. The intent of this distribu-
tion was to ease cash flow problems of cities because of the loss of
federal revenue sharing.
The decrease in other revenues over last year is primarily due to the
settlement of a class action suit against the State of Illinois charg-
ing that the State held sales tax distributions too long and that the
cities were entitled to the interest earned on the money during this
delayed period. This money was received during fiscal year 1987.
Revenues from investment income increased by $3,786 from last year,
reflecting a slight increase in interest rates from the previous year.
The Village has never levied taxes for general governmental functions.
However, the assessed valuation of real property of the Village was
$611,665,000, an increase of $165,889,000, or 37.2% over the prior year.
Expenditures for general governmental purposes as reported in the
general fund totaled $8,108,820, an increase of $925,476 (12.9%) 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 Increase
of (Decrease)
Function Amount Total Over 1987
Legislative $ 311,918 3.9% $ 57,301 _
General government 895,764 11.0 (15,904)
Public safety 4,616,312 56.9 165,932
Public works 2,089,485 25.8 704,584
Culture and recreation 195,341 2.4 13,563
8.108.820 100.0% 2 4
The increase in public works expenditures of $704,584, 50.9% over last
year, is because of a very aggressive street resurfacing, street repair
program. We will see the trend continue in fiscal year 1989. _
The Village also abated $300,000 of the 1986 Sports Core tax levy as a
result of prior years ' accumulated surpluses in the General 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 propriety 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.
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Debt Administration
The ratio of net bonded debt to assessed valuation and the amount of
the debt per capita are useful indicators of the Village's debt posi-
tion. This information for the Village at April 30, 1988 as compared
to April 30, 1987 is as follows:
_ April 30 April 30
1988 1987
Net bonded debt total $5,139,611 $5,933,331
Ratio of net bonded debt to
assessed valuation .840% 1.331%
Net bonded debt per capita $ 642 $ 742
General obligation recreation 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 1987/88 totaled $598,279, or
approximately 98% of the total tax levy. Because of the favorable fund
balance in the General Fund, the Village abated the tax levy to be
'— collected in fiscal 1987/88 by $300,000. Reduced tax levy rates as the
result of the abatements are indicated below:
Tax Fiscal
Year Year
_ 1987 1988 $.0949 per $100 of assessed valuation
1986 1987 $.1366 per $100 of assessed valuation
1985 1986 $.1566 per $100 of assessed valuation
1984 1985 $.1524 per $100 of assessed valuation
1983 1984 $.1704 per $100 of assessed valuation
1982 1983 $.1645 per $100 of assessed valuation
1981 1982 $.0944 per $100 of assessed valuation
1980 1981 $.2010 per $100 of assessed valuation
1979 1980 $.2265 per $100 of assessed valuation
1978 1979 $.3495 per $100 of assessed valuation
1977 1978 $.4535 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 Water-
works 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 Bond Aa
1973 Water Works Revenue Bands A
1976 Water Works Revenue Bonds A
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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 Pool. At April 30, 1988, the Village's invest-
ments for all funds exclusive of the Pension Trust Funds were dis-
tributed as follows:
Treasurer's Investment Pool 2.8% _
Repurchase agreements 28.3
Certificates of deposit and other
time deposits 68.9
For the year ended April 30, 1988, the Village received $1,689,854 in
interest income.
Capital Projects Funds
The proceeds of the general obligation bond issue are accounted for in
the Capital Project Funds until improvement projects are completed. At
the end of the fiscal year, completed projects are transferred to the
general account group or to the fixed assets of the Sports Core
Enterprise Fund.
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, 1988 was $122,368. The funds
in the Motor Fuel Tax Fund have been traditionally used by the Village
to finance street reconstruction and resurfacing projects, and roadway
deicer salt.
Pensions
Employees of the Village of Oak Brook are covered by one of three pen-
sion plans. They are: (1) the Policemen's Pension Fund of the Village
of Oak Brook, covering the Village's uniformed personnel in the Police
Department; (2) the Firefighter's Pension Fund of the Village of Oak
Brook, covering the Village's uniformed personnel in the Fire Depart-
ment; and (3) the Illinois Municipal Retirement Fund, which covers all
the remaining Village employees who work in excess of 1,000 hours per
year on a regular basis. The employees covered by the Illinois
Municipal Retirement Fund are also covered by Social Security.
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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, 1988, the general
fixed assets of the Village amounted to $13,618,161. This amount
represents the original cost of the assets and is considerably less
_ than their present value. Depreciation of general fixed assets is
properly not recognized in the Village's governmental fund types.
Waterworks System Fund
The Village's water utility continues to show increases in water sales,
although also showing slight declines in 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:
1988 1987
Water sales $2,053,375 $1,837,066
Water tap on charges 195,053 151,124
Total operating revenues 2,434,228 2,188,632
Total operating expenses 1,065,270 1,141,062
Amount available for debt service 1,933,297 1,668,605
Annual debt service 571,575 566,450
Coverage (amount available for
debt service divided by annual
debt service) 3.38 2.95
During the year, $400,000 of regularly maturing revenue bonds were
retired in the Waterworks System Fund. Since fiscal year 1976/77, our
debt coverage as defined above has increased from 2.07 to 3.38.
Sports Core Fund
The 1988 financial statements reflect the seventh year of operation of
the 18-hole golf course and expanded operations of the Bath and Tennis
Club. Operating revenues and interest income totaled $1,517,411.
Operating expenditures, excluding depreciation, totaled $1,483,157.
Major department activity is summarized as follows:
Revenues and Interest Income
Percent
of
Description Amount Total
Golf course $ 763,295 50.3%
Bath and Tennis Club (including
special events) 681,629 44.9
Open fields 67,140 4.4
Interest income 5,347 .4
1.517.41 100.0%
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Operating Expenses
Percent
of
Description Amount Total
Golf course $ 662,165 44.6%
Bath and Tennis Club 616,505 41.6
Open fields 18,557 1.3
Administration 185,930 12.5
$1.483.157 100.070
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. —
Certificate of Achievement
The Government Finance Officers Association of the United States and
Canada ("GFOA") awarded a Certificate of Achievement for Excellence in
Financial Reporting to the Village of Oak Brook for its comprehensive
annual financial report for the fiscal year ended April 30, 1987. ...
In order to be awarded a Certificate of Achievement, 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 Achievement is valid for a period of one year only.
We believe our current report conforms to Certificate of Achievement
Program requirements, and we are submitting it to GFOA to determine its
eligibility for another certificate.
Acknowledgments
The preparation of this report 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
President and members of the Board of Trustees for their interest and
support in planning and conducting the financial operations of the .�
Village in a responsible and progressive manner.
Terry C. Klein
Finance Officer/Treasurer
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Certificate of
Achievement
for Excellence
- in Financial
- Reporting
Presented to
Village of Oak Brook,
- Illinois
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
April 30, 1987
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
— reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
MPresident
Executive Director
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EWErnst &Whinney 150 South Wacker Drive
Chicago, Illinois 60606
312/368-1800
The President, Board of Trustees,
and Village Manager
Village of Oak Brook
Oak Brook, Illinois 60521
We have audited the accompanying general purpose financial statements
of the Village of Oak Brook, Illinois, and the combining, individual
fund and account group financial statements of the Village as of and
_ for the year ended April 30, 1988, as listed in the table of contents.
These financial statements are the responsibility of the Village's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
In our opinion, the general purpose financial statements referred to
above present fairly, in all material respects, the financial position
of the Village of Oak Brook, Illinois at April 30, 1988, and the
results of its operations and the changes in financial position of its
proprietary fund types and pension trust funds for the year then ended
in conformity with generally accepted accounting principles. Also, in
our opinion, the combining, individual fund and account group financial
statements referred to above present fairly in all material respects
the financial position of each of the individual funds and account
groups of the Village of Oak Brook, Illinois at April 30, 1988, and the
results of operations of such funds and changes in financial position
of individual proprietary and pension trust funds for the year then
ended, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the general
purpose financial statements taken as a whole and on the combining,
individual fund and account group financial statements. The accompany-
ing statistical information listed in the table of contents is presented
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a
for purposes of additional analysis and is not a required part of the
financial statements of the Village of Oak Brook, Illinois. Such infor-
mation has not been subjected to the auditing procedures applied in our
audit of the general purpose, combining, individual fund and individual
account group financial statements and, accordingly, we express no
opinion on it.
Chicago, Illinois
July 22, 1988
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VILLAGE OF OAK BROOK, ILLINOIS
COMBINED BALANCE SHEET--ALL FUND TYPES AND ACCOUNT GROUPS
April 30, 1988
Governmental Fund Types
Special Debt Capital
General Revenue Service Projects
ASSETS AND OTHER DEBITS _..
Cash $ 66,641M $ 32
Investments 5,503,109►\ $246,909 639,190 $219,406 _
Receivables (net, where applicable,
of allowances for uncollectibles):
Sales taxes 1,333,258ti
Property taxes 581,375
State income taxes 22,577
Water customers
Allotments 10,426
Accrued interest 193,878-.
Other 64,425
Due from other funds 532A 24 115,328
Inventory of supplies 42,930*
Unamortized bond discount
Other assets
Restricted assets--investments —
Fixed assets (net, where applicable,
of accumulated depreciation)
Amount available in Debt Service Fund
Amount to be provided for retirement
of general long-term debt
TOTAL ASSETS AND OTHER DEBIT Z_ 1.220.621 JaaLZ34
See accompanying notes to financial statements.
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Fiduciary
Proprietary Fund Type Account Groups Totals
Fund Type Pension General General Long- (Memorandum Only)
Enterprise Trust Fixed Assets Term Debt 1988 1987
$ 26,264 $ 45,792 $ 138,729 $ 134,674
1,594,816 12,831,404 21,034,834 20,706,647
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1,333,258 1,288,794
581,375 614,967
s
22,577 24,504
290,021 290,021 252,580
10,426 9,633
96,117 214,751 504,746 371,384
46,936 22,096 133,457 150,155
46,810 162,694 197,987
38,433 81,363 64,009
•- 35,098
3,753 3,753 3,753
5,504,524 5,504,524 4,025,584
w 16,518,418 $13,618,161 30,136,579 28,873,851
$ 510,389 510,389 416,672
5,223,998 5,223,998 6,011,859
$24.119.282 tl3,160,85a 113.618.161 t5.734,Bl t65,672,723 t63,182,151
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VILLAGE OF OAK BROOK, ILLINOIS
COMBINED BALANCE SHEET--ALL FUND TYPES AND ACCOUNT GROUPS--Continued
April 30, 1988
—
Governmental Fund Types
Special Debt Capital
General Revenue Service Projects
LIABILITIES AND FUND EQUITY
Accounts payable $ 452,06110,
Accrued payroll and vacation 422,434%
Customer deposits 4,500x-t
Due to other funds 138,200` $ 532
Deferred revenue:
Property tax receivables 43,102 : 574,600
Other *I
Current interest payable 135,100
Construction performance bonds 553,743-<
Revenue bonds payable, net of
discount of $29,928
General obligation bonds payable
TOTAL LIABILITIES 1,614,040 710,232
Fund equity:
Contributed capital
Investment in general fixed assets
Retained earnings:
Reserved under revenue bond
ordinance
Reserved for Lake Michigan
Water Project
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Unreserved
Fund balances:
Reserved for encumbrances 343,770
Reserved for inventory 42,930
Reserved for debt service 510,389
Reserved for employees'
retirement
Unreserved:
Designated for subsequent
year's expenditures $235,566 _
Undesignated 5,226,610 $257,335 99,168
TOTAL FUND EQUITY 5,613,310 257,335 510,389 334,734
TOTAL LIABILITIES AND FUND EQUITY 7.22 .350 tl,220,621
See accompanying notes to financial statements.
-19-
a�
Fiduciary
Proprietary Fund Type Account Groups Totals
Fund Type Pension General General Long- (Memorandum Only)
Enterprise Trust Fixed Assets Term Debt 1988 1987
$ 368,323 $ 17,416 $ 837,800 $ 560,955
31,244 $ 84,387 538,065 515,050
199,450 203,950 206,815
23,962 162,694 197,987
574,600 608,515
43,102 51,445
135,100 151,200
553,743 590,160
2,870,072 2,870,072 3,300,000
5,650,000 5,6501000 6,350,000
3,493,051 17,416 5,734,387 11,569,126 12,532,127
11,025,590 11,025,590 11,025,590
$13,618,161 13,618,161 12,396,448
3,744,082 3,744,082 3,690,082
- 362,502
5,856,559 5,856,559 4,403,457
343,770 313,821
42,930 43,339
510,389 416,672
12,454,600 12,454,600 10,190,749
235,566 140,898
688,837 6,271,950 7,666,466
-- 20,626,231 13,143,437 13,618,161 54,103,597 50,650,024
24.119.282 tl3,160,853 t13,618,161 t5,734,387 t65,672,723 $63.182.151
-19-
VILLAGE OF OAK BROOK, ILLINOIS
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCES--ALL GOVERNMENTAL FUND TYPES
Year Ended April 30, 1988
Special
General Revenue
Fund Fund
Revenues:
Intergovernmental $6,454,682 $122,368
Property taxes -
Licenses and permits 295,364
Service charges 204,889
Fines and penalties 189,558
Interest on investments 368,659 10,932
Miscellaneous 185,943
TOTAL REVENUES 7,699,095 133,300
Expenditures:
Current:
Legislative 311,918
General government 895,764
Public safety 4,616,312
Public works 2,089,485
Culture and recreation 195,341
Debt service:
Principal retirement
Interest and fees
TOTAL EXPENDITURES 8,108,820 --
EXCESS (DEFICIENCY) OF
REVENUES OVER EXPENDITURES (409,725) 133,300
Other financing sources (uses):
Operating transfers in 163,476
Operating transfers out (310,000)
TOTAL OTHER FINANCING SOURCES (USES) (146,524)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING USES (556,249) 133,300
Fund balances at May 1, 1987 6,169,559 124,035
FUND BALANCES AT APRIL 30, 1988 5.613.310
See accompanying notes to financial statements.
-20-
Debt Capital Totals
Service Projects (Memorandum Only)
Fund Funds 1988 1987
$118,150 $6,695,200 $6,885,727
627,708 627,708 598,342
295,364 279,693
204,889 215,853
189,558 146,691
35,093 $ 6,329 421,013 407,324
185,943 339,036
780,951 6,329 8,619,675 8,872,666
311,918 254,617
895,764 911,668
4,616,312 4,450,380
2,089,485 1,384,901
195,341 181,778
700,000 700,000 600,000
287,234 287,234 316,214
987,234 9,096,054 8,099,558
(206,283) 6,329 (476,379) 773,108
300,000 114,462 577,938 699,106
(310,000) (524,106)
300,000 114,462 267,938 175,000
93,717 120,791 (208,441) 948,108
416,672 213,943 6,924,209 5,971,841
510,389 t6,715,76a ",11L149
-20-
VILLAGE OF OAK BROOK, ILLINOIS
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCES--BUDGET AND ACTUAL (NON-GAAP BASIS)
GENERAL FUND, CERTAIN SPECIAL REVENUE FUNDS
AND DEBT SERVICE FUND
Year Ended April 30, 1988
Special Revenue
General Fund Motor Fuel
Actual-- Variance Actual--
Budgetary Favorable Budgetary
Basis Budget (Unfavorable) Basis Budget
Revenues:
Intergovernmental $6,454,682 $ 6,442,500 $ 12,182 $122,368 $130,000
Property taxes
Licenses and permits 295,364 246,800 48,564
Service charges 204,889 243,670 (38,781)
Fines and penalties 189,558 134,600 54,958
Interest on investments 368,659 300,000 68,659 10,932 6,500
Miscellaneous 185,943 145,800 40,143
TOTAL REVENUES 7,699,095 7,513,370 185,725 133,300 136,500
Expenditures:
Current:
Legislative 311,918 270,179 (41,739)
General government 879,811 1,063,838 184,027
Public safety 4,570,971 4,903,723 332,752
Public works 2,260,990 2,663,421 402,431
Culture and
recreation 188,719 211,862 23,143
Debt service:
Principal retirement
Interest and fees
TOTAL EXPENDITURES 8,212,409 9,113,023 900,614
EXCESS (DEFICIENCY) OF
REVENUES OVER EXPENDITURES (513,314) (1,599,653) 1,086,339 133,300 136,500 .�
Other financing sources
(uses):
Operating transfers in 163,476 362,800 (199,324)
Operating transfers out (310,000) (310,000) - (158,600)
TOTAL OTHER FINANCING
SOURCES (USES) (146,524) 521800 (199,324) (158,600)
EXCESS (DEFICIENCY)
OF REVENUES AND OTHER
FINANCING SOURCES OVER
EXPENDITURES AND OTHER
FINANCING USES (659,838) $(1.546.853) J"87 133,300 )
Fund balances at May 1, 1987 6,169,559 124,035
FUND BALANCES AT
APRIL 30, 1988
i
See accompanying notes to financial statements.
-21-
Fund
Tax Fund Debt Service Fund Total (Memorandum Only)
Variance Actual-- Variance Actual-- Variance
Favorable Budgetary Favorable Budgetary Favorable
(Unfavorable) Basis Budget (Unfavorable) Basis Budget (Unfavorable)
$ (7,632) $118,150 $ 89,000 $ 29,150 $6,695,200 $ 6,661,500 $ 33,700
627,708 597,300 30,408 627,708 597,300 30,408
295,364 246,800 48,564
204,889 243,670 (38,781)
189,558 134,600 54,958
4,432 35,093 10,000 25,093 414,684 316,500 98,184
185,943 145,800 40,143
(3,200) 780,951 696,300 84,651 8,613,346 8,346,170 267,176
311,918 270,179 (41,739)
- 1,000 1,000 879,811 1,064,838 185,027
4,570,971 4,903,723 332,752
2,260,990 2,663,421 402,431
188,719 211,862 23,143
700,000 700,000 - 700,000 700,000 -
287,234 302,400 15,166 287,234 302,400 15,166
987,234 1,003,400 16,166 9,199,643 10,116,423 916,780
(3,200) (206,283) (307,100) 100,817 (586,297) (1,770,253) 1,183,956
300,000 325,000 (25,000) 463,476 687,800 (224,324)
158,600 (310,000) (468,600) 158,600
158,600 300,000 325,000 (25,000) 153,476 219,200 (65,724)
93,717 $ 17.900 J-LJUZ (432,821) V1,551.053) $1:118,232
416,672 6,710,266
t510,389 t6.277,445
-21-
VILLAGE OF OAK BROOK, ILLINOIS
.r
COMBINED STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN
RETAINED EARNINGS/FUND BALANCES--ALL PROPRIETARY
FUND TYPES AND SIMILAR TRUST FUNDS
Year Ended April 30, 1988
Fiduciary
Proprietary Fund Type Totals
Fund Type Pension (Memorandum Only)
Enterprise Trust 1988 1987
Operating revenues:
Charges for services $3,911,280 $ 3,911,280 $ 3,751,332
Interest on investments $ 927,667 927,667 999,552
Contributions:
Employees 208,019 208,019 206,546
Village 385,054 385,054 394,027
Miscellaneous 35,012 100 35,112 29,946
TOTAL
OPERATING REVENUES 3,946,292 1,520,840 5,467,132 5,381,403
Operating expenses: _
Operation of facilities 2,087,500 2,087,500 2,188,614
General and
administrative 206,557 3,355 209,912 181,417
Depreciation 493,336 493,336 460,422
Benefit payments 226,044 226,044 171,876
TOTAL
OPERATING EXPENSES 2,787,393 229,399 3,016,792 3,002,329
OPERATING INCOME 1,158,899 1,291,441 2,450,340 2,379,074
Nonoperating revenues
(expenses):
Interest on investments 341,174 341,174 383,366
Interest on bonds (171,575) (171,575) (191,450)
Amortization of
bond discount (5,170) (5,170) (5,170)
Fiscal agents' fees (4,539) (4,539) (3,384)
Construction _
reimbursements 4,700 4,700 6,700
Other revenue (4,927) (4,927) 78,229
159,663 159,663 268,291
INCOME BEFORE
OPERATING TRANSFERS 1,318,562 1,291,441 2,610,003 2,647,365
Operating transfers in 10,000 10,000 10,000
Operating transfers out (183,962) (183,962) (185,000)
NET INCOME 1,144,600 1,291,441 2,436,041 2,472,365
Retained earnings/fund .r
balances at May 1, 1987 8,456,041 11,851,996 20,308,037 17,835,672
RETAINED EARNINGS/
FUND BALANCES AT
APRIL 30, 1988 $13,143,kE t22,744,M 120.308.037
See accompanying notes to financial statements.
-22-
VILLAGE OF OAK BROOK, ILLINOIS
COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION--ALL
PROPRIETARY FUND TYPES AND PENSION TRUST FUNDS
Year Ended April 30, 1988
Fiduciary
Proprietary Fund Type Totals
Fund Type Pension (Memorandum Only)
Enterprise Trust 1988 1987
Sources of working capital:
Operations:
Net income $1,144,600 $1,291,441 $2,436,041 $2,472,365
Items not requiring
working capital:
Depreciation 493,336 493,336 460,422
Amortization of
bond discount 5,170 5,170 5,170
TOTAL PROVIDED
BY OPERATIONS 1,643,106 1,291,441 2,934,547 2,937,957
TOTAL SOURCES OF
WORKING CAPITAL 1,643,106 1,291,441 2,934,547 2,937,957
Uses of working capital:
Acquisition of fixed assets 534,351 534,351 295,543
Reduction in bonds payable 400,000 400,000 375,000
Net increase in pension
investments 1,282,542 1,282,542 1,376,109
TOTAL USES OF
WORKING CAPITAL 934,351 1,282,542 2,216,893 2,046,652
NET INCREASE IN
WORKING CAPITAL $ 708,755 $ 8.899 $ 717.654 $ 891,305
Elements of net increase
(decrease) in working
capital:
Cash $ (70,984) $ 26,229 $ (44,755) $ 66,218
Investments 812,513 812,513 802,645
Receivables 77,085 3,734 80,819 74,733
Other assets (5,275)
Inventory 17,763 17,763 3,564
Accounts payable (151,512) (2,053) (153,565) (26,665)
Accrued payroll and
vacation liability 6,324 6,324 (14,604)
Customer deposits 2,865 2,865 10,068
Due to other funds 14,701 (19,011) (4,310) (19,379)
NET INCREASE IN
WORKING CAPITAL $ 708.755 $ 8.899 717.654 $ 891,305
See accompanying notes to financial statements.
-23-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
Year Ended April 30, 1988
NOTE A--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 accompanying financial statements of the Village have been prepared
in conformity with generally accepted accounting principles as promul-
gated in pronouncements of the Governmental Accounting Standards Board
("GASB").
Reporting Entity: The financial statements of the Village, in
Conformance with National Council on Governmental Accounting ("NCGA")
Statement 3, as recognized by GASB Statement 1, include all funds and
accounts groups of the Village and of agencies, boards and commissions
over which the Village's Board of Trustees exercises oversight responsi-
bility. Oversight responsibility was defined to include the following
considerations: selection of governing authority, designation of man-
agement, ability to significantly influence operations, accountability
for fiscal matters, the scope of an organization's public service,
and/or special financial relationships.
Based on the foregoing criteria, the financial statements of the follow-
ing organization are included in the accompanying financial statements:
Oak Brook Public Library--The Library provides services to
Village residents and the Village provides most of the Library's
operating funds.
The following organizations are not part of the Village and are
excluded in the accompanying financial statements:
Intergovernmental Risk Management Agency ("IRMA")--IRMA is a --
voluntary cooperative agency consisting of 44 Illinois municipal
governmental units. Its purpose is to manage and fund first-
party property losses and third-party liability claims of its
member municipalities. The Village does not exercise any sig-
nificant control over the activities of IRMA. The Village
accounts for this joint venture using the cost method as the
joint venture is financed by the General Fund.
-24-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
s
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--Continued
Intergovernmental Personnel Benefit Cooperative ("IPBC")--IPBC
is a voluntary cooperative agency established by 21 Illinois
municipal governmental units to administer some or all of the
personnel benefit programs offered by its members. The Village
does not exercise any significant control over the activities of
IPBC. The Village accounts for this joint venture using the
cost method as the joint venture is financied by the General
Fund.
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, revenue and expendi-
tures 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 state-
ments 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 meas-
urement focus is upon determination of changes in financial posi-
tion, rather than upon net income determination. The following
are the Village's governmental fund types:
General Fund--The General 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 Fund--The Special Revenue Fund is used to
account for the Village's share of the state motor fuel tax
allotments, which are required by state law to be used to
maintain streets.
-25-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--Continued
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 general obligation recreation bonds.
Capital Project Funds--Capital Project 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:
Proprietary Funds are used to account for the Village's ongoing activ-
ities which are similar to those often 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
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 organiza-
tions, 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.
-26-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--Continued
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 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.
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, 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 are accrued
applying the susceptible to accrual concept based upon the month they
are collected by the state.
In applying the susceptible to accrual concept to intergovernmental
revenues, the legal and contractual requirements of the numerous indi-
vidual programs are used as guidance. There are, however, essentially
two types of these revenues. In one type, 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 expenditure
recorded. In the other type, 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 suscep-
tible to accrual criteria are met.
-27-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--Continued
License and permit fees, 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.
With the exception of interest on long-term debt, expenditures are
generally recognized under the modified accrual accounting concept when
the related fund liability is incurred. Principal and interest on
general long-term debt are recorded as fund liabilities when due or when
amounts have been accumulated in the debt service fund for payments to
be made early in the following fiscal year.
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 by taking the cycle billings sent to customers _
after year-end and prorating the amount of days applicable to each
fiscal year.
Budgetary Accounting: The Village follows these procedures in estab-
lishing 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 _
for their review. The operating budget includes proposed
expenditures for the General Fund, Special Revenue Fund,
Debt Service Fund, Enterprise Funds and Pension Trust Funds.
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.
-28-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
w
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--Continued
4. Changes or amendments to the total budgeted expenditures of
any fund must be approved by the Board of Trustees. No
supplemental appropriations were necessary during the past
fiscal year.
5. Expenditures may not legally exceed budgeted appropriations
on a fund basis for each legally adopted annual fund.
Formal budgetary integration is employed as a management control device
during the year for all funds. Village budgets are prepared on a basis
of accounting consistent with generally accepted accounting principles
(GAAP), except that encumbrances are treated as budgeted expenditures
in the year of purchase or commitment to purchase. No amounts are
budgeted or appropriated for depreciation in the Water and Sports Core
Funds, rather capital additions are budgeted. Budgetary comparisons
presented in this report are on the budgetary basis.
Adjustments necessary to convert the results of operations at the end
of the year on the GAAP basis to the budget basis are as follows:
Governmental Fund Types
Special Debt
General Revenue Service
Excess of revenues and other
financing sources over
expenditures and other
financing uses $(556,249) $133,300 $93,717
Decrease due to:
Encumbrances:
Expenditures in 1988 of
amounts encumbered as of
April 30, 1987 240,181 - -
Encumbered at April 30,
1988, but recognized as
expenditures for budget
purpose (343,770) - -
Excess of revenues and other
financing sources over
expenditures and other
_
financing uses--budgetary
basis 9(659,838) t13
-29-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--Continued
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 appropria-
tion, is employed as an extension of formal budgetary integration in
all funds. Encumbrances outstanding in the governmental funds at
year-end are reported as reservations of fund balances since they do
not constitute expenditures or liabilities.
Total (Memorandum Only) Columns: Total columns represent an aggrega-
tion of the fund type and account group financial statements. They are
presented for information only and do not represent consolidated finan-
cial information. Interfund eliminations have not been made in the
aggregation of this data.
Investments: Investments are stated at cost, which approximates mar-
ket. Adjustments are made to cost, for any premium or discount, which
is amortized over the maturity of the investment.
Inventory: Inventory is valued at cost (first-in, first-out) which
approximates market. Inventory in the General Fund consists of expend-
able supplies held for consumption; inventory in the Sports Core Fund
consists of similar expendable supplies and also inventory of the pro
shop held for resale. The cost is recorded as an expenditure at the
time individual inventory items are utilized. Reported General Fund
inventories are equally offset by a fund balance reserve which indi-
cates that they do not constitute "available spending resources" even
though they are a component of net current assets.
Fixed Assets and Long-Term Liabilities: Fixed assets acquired for use
in governmental fund type operations are recorded as expenditures in
the fund making the expenditure and are capitalized at cost in the
General Fixed Assets Account Group. If actual cost cannot be deter-
mined, estimated historical cost is used; donated fixed assets are
valued at their estimated fair value on the date donated. 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 with other general fixed assets. In accordance with
generally accepted accounting principles, no depreciation is taken on
the general fixed assets.
-30-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--Continued
Proprietary fund assets are stated at cost or, if donated, fair market
value at the date of donation, in the fund in which they are utilized.
Depreciation of all exhaustible fixed assets used by proprietary funds
is charged as an expense against their operations. Accumulated depre-
ciation is reported on the proprietary funds' balance sheets. Depreci-
ation has been provided over the estimated useful lives using the
straight-line method. 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
Long-term liabilities expected to be financed from governmental funds
are accounted for in the General Long-Term Debt Account Group. Long-
term liabilities of all proprietary funds are accounted for in the
respective funds.
_ Vacation pay is computed and earned on a calendar year basis. Vacation
earned must be taken before the end of the next calendar year and is,
therefore, taken on a first-in, first-out basis. For governmental
funds, the current portion of accumulated unpaid vacation benefits is
reported in the individual fund, and the remainder is recorded in the
General Long-Term Debt Account Group. Accumulated unpaid vacation pay
is accrued when incurred in the proprietary fund types.
NOTE B--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.
Property taxes attach as an enforceable lien on property as of Janu-
ary 1. Taxes are levied on March 1 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.
-31-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE B--PROPERTY TAXES--Continued
NCGA Interpretation 3 "Revenue Recognition--Property Taxes," states
that property taxes should be recognized as revenue in the levy year
only when they are due and receivable in the current year or when they
are collected or expected to be collected within 60 days after the end
of the current year. In accordance with this Interpretation, the
Village does not recognize property taxes as revenue in the levy year
because the taxes are not due and receivable until the following fiscal
year.
NOTE C--CASH AND INVESTMENTS
At year-end, the carrying amount of the Village's deposits was
$16,003,954 and the bank balance was $16,206,237. The following table
summarizes the Village's deposits at April 30, 1988:
Carrying Bank
Amount Balance
Insured (FDIC OR FSLIC) $ 6,596,897 $ 6,627,751
Uninsured:
Collateral held by Village's
agent in Village's name 2,680,382 2,680,382
Collateral held by pledging
bank's agent in Village's name 6,709,997 6,881,426 —
Uncollateralized 16,678 16,678
$16.003.954 $16,206,237
Chapter 85, Section 902 of the Illinois Revised Statutes authorizes the
Village to invest in obligations of the United States Treasury and
United States agencies, direct obligations of any bank, commercial
paper rated within the three highest classifications set by two stand-
ard rating services, or money-market funds investing in obligations of
the United States Treasury and United States agencies.
The Village's investments are categorized in the following table to
give an indication of the level of risk assumed by the Village at
April 30, 1988. Category 1 includes investments that are insured or
registered or for which securities are held by the Village or its agent
in the Village's name. Category 2 includes the uninsured and unregis-
tered investments for which the securities are held by the broker's or
dealer's trust department or agent in the Village's name. Category 3
-32-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE C--CASH AND INVESTMENTS--Continued
includes uninsured and unregistered investments for which the securi-
ties are held by the broker or dealer, or by its trust department or
agent but not in the Village's name.
Category Carrying Market
1 2 3 Amount Value
Repurchase
agreements $3,431,190 $ $ 3,431,190 $ 3,431,190
U.S. Government
securities 2,825,000 2,825,000 2,827,129
U.S. Agency
securities 1,050,000 1,050,000 1,073,296
Mortgage-backed
securities 2,392,038 2,392,038 3,062,582
Other $600,000 600,000 612,143
9.698.228 _ 10,298,228 11,006,340
Investment in state treasurer's
investment pool 375,905 375,905
10.674.133 11.382.245
NOTE D--FIXED ASSETS
Changes in general fixed assets for the year ended April 30, 1988, are
presented below:
Balance at Balance at
April 30 April 30
1987 Additions Retirements 1988
Land $ 281,829 $ 281,829
Buildings and
improvements 4,888,475 $ 900 4,889,375
Furniture and fixtures 263,667 7,952 271,619
Roadway improvements 4,177,789 954,090 5,131,879
Automotive equipment 1,158,766 148,284 $14,000 1,293,050
Other equipment 1,324,075 92,435 1,416,510
Library books 301,847 32,052 333,899
$12.396.448 k.235.713 113.618.161
-33-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE D--FIXED ASSETS--Continued
Proprietary fund type property, plant, and equipment at April 30, 1988, _
consisted of the following:
Waterworks Total
System Sports Enterprise
Fund Core Fund Fund
Land and improvements $ 2,819 $ 9,795,458 $ 9,798,277
Buildings and improvements 817,481 817,481
Waterworks system structure
and equipment 9,124,653 9,124,653
Improvements other than
buildings 470,946 470,946
Tennis courts and pools 537,286 537,286
Equipment 106,523 171,071 277,594
9,233,995 11,792,242 21,026,237
Less allowances for
depreciation 2,670,946 1,836,873 4,507,819
$6.563.049 1 9.955.369 t16.518.41E
NOTE E--LONG-TERM DEBT
General Long-Term Debt Account Group:
The following is a summary of transactions in the general long-term
debt account group for the year ended April 30, 1988: _
General
Obligation Accrued
Recreation Vacation
Bonds Liability Total
Balance at May 1, 1987 $6,350,000 $78,531 $6,428,531
Transfers to Debt Service Fund (700,000) (700,000)
Increase in accrued vacation
liability 5,856 5,856
Balance at April 30, 1988 t5,650,000 jak Uj $5,734,H817
-34-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE E--LONG-TERM DEBT--Continued
A special election on June 21, 1977, authorized and approved the issu-
ance of $10,270,000 General Obligation Recreation Bonds--Sports Core.
Proceeds of these bonds were used to pay the cost of the acquisition of
approximately 269 acres of the Butler International Sports Core and to
improve and redevelop the existing Village golf course. The bonds were
sold as of September 1, 1977 for a price of $10,270,408 plus accrued
interest of $71,611.50. Principal on the bonds is due serially Decem-
ber 1, 1979 through December 1, 1994. Interest is payable semiannually
on June 1 and December 1, at rates from 4.3% to 4.9%. The Village
levies taxes for retirement of the bonds which are accounted for by the
Debt Service Fund.
Waterworks Revenue Bonds:
The following is a summary of transactions for the year ended April 30,
1988:
Waterworks Revenue Bonds
1973 Series 1976 Series Total
Balance at May 1, 1987 $1,925,000 $1,375,000 $3,300,000
Retirements (175,000) (225,000) (400,000)
Balance at April 30, 1988 1.750.000 $1.150.000 $2.900.000
The Waterworks Revenue Bonds were issued to fund the acquisition and
expansion of the Village's water system. The $3,300,000 Series 1973
bonds were sold as of February 1, 1973. Principal on the bonds is due
serially May 1, 1976 through May 1, 1996. Semiannual interest is pay-
able on May 1 and November 1 at rates from 4% to 6%. The $3,000,000
1976 Series bond is due serially May 1, 1978 through May 1, 1992.
Interest is payable semiannually on May 1 and November 1 at rates of
4.4% to 5.75%. Both series are payable from water revenues and are
_. accounted for in the Waterworks System Fund.
-35-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE E--LONG-TERM DEBT--Continued
Debt Service Requirement:
The annual payments to amortize all long-term debt outstanding, includ-
ing interest, as of April 30, 1988, are as follows:
General Obligation Waterworks
Year Ended Recreation Bonds Revenue Bonds
April 30 Principal Interest Principal Interest Total
1989 $ 700,000 $ 270,200 $�425�OOQ $.15Q,4_ 4._.$ 1,545,650
1990 700,000 238,000 475,000 127,150 1,540,150
1991 800,000 205,800 500,000 101,138 1,606,938
1992 800,000 167,400 525,000 73,487 1,565,887
1993 850,000 129,000 225,000 44,400 1,248,400
1994 900,000 88,200 225,000 32,700 1,245,900
''].995 900,000 44,100 250,000 21,000 1,215,100
`1996 - - 275,000 11,000 286,000
$5.650.000 $2,900.00 10.254.025 `-
NOTE F--REVENUE BOND COVENANTS
The ordinance authorizing the issuance of Waterworks Revenue Bonds
Series 1973 and 1976 requires that the following separate accounts be _
maintained in the Waterworks System Fund. On the first business day of
each month, all monies held in the Fund are to be transferred to the
designated accounts as noted below:
Accounts Amount
Operation and Maintenance An amount sufficient to pay the
Account reasonable expense of operation
and maintenance for the next
month. This account had a
balance of $139,600 at April 30,
1988.
Bond and Interest Account Amount equal to one-tenth and
one-fifth of the next maturing
principal and interest payments,
respectively. This account had
no balance at April 30,1988.
-36-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE F--REVENUE BOND COVENANTS--Continued
Accounts Amount
Bond Reserve Account $4,500 each month• until all bonds
of this fund have been paid or
payment provided for. This
account had a balance of $760_,�SQO
at April 30, 1988.
Depreciation, Improvement $8,250 each month (or a greater
and Extension Account amount, as designated by the
Board) until a maximum of
$400,000 is on deposit in said
account. This account has a
balance of $400,000 at April 30,
1988.
Surplus Revenue Account All surplus funds remaining after
providing for all of the deposits
listed above. This account had a
balance of $2,583,582_ at
April 30, 1988.
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 require-
ments of all outstanding bonds, the surplus may be transferred to the
depreciation improvement and extension account or the surplus revenue
account at the discretion of the President and Board of Trustees.
Since the Village has met their maximum principal and interest require-
ments of all outstanding bonds, the surplus was transferred to a sepa-
rate Lake Michigan reserve as described below.
-' Funds accumulated in all but the operation and maintenance account have
been classified as restricted assets on the combined balance sheet at
April 30, 1988.
-37-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE G--RETIREMENT COMMITMENTS
Village employees are covered under three separate retirement plans. ,.
Full-time Village police officers and firefighters are covered by
separate pension trust funds established in accordance with state law.
Other full-time employees are covered by the Illinois Municipal
Retirement Fund (statewide public employees retirement system). _
Illinois Municipal Retirement Fund
1. Plan Description
The Village contributes to the Illinois Municipal Retirement Fund
("IMRF"), an agent-multiple-employer public employee retirement
system that acts as a common investment and administrative agent
for 2,377 local governments and school districts in Illinois. The
Village's total payroll for the year ended April 30, 1988 was
$4,538,804. Of this amount, $1,538,494 in payroll earnings were
reported to and covered by the IMRF system.
All employees hired in positions that meet or exceed the prescribed
annual hourly standard must be enrolled in IMRF as participating
members. Pension benefits vest after eight years of service. Par-
ticipating members who retire at or after age 60 with eight years
of credited service are entitled to an annual retirement benefit,
payable monthly for life, in an amount equal to 1 2/3% of their
final rate of earnings, for each year of credited service up to 15 "
years, and 2% for each year thereafter. IMRF also provides death
and disability benefits. These benefit provisions and all other
requirements are established by state statute.
Participating members are required to contribute 4.5% of their
annual salary to IMRF. The Village is required to contribute the
remaining amounts necessary to fund the System, using the actuarial
basis specified by statute.
2. Related Party Transactions
There were no securities of the Village and related parties
included in the System's assets.
-38-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE G--RETIREMENT COMMITMENTS--Continued
3. Funding Status and Progress
The amount shown below as the "pension benefit obligation" is a
.� standardized disclosure measure of the present value of pension
benefits, adjusted for the effects of projected salary increases
and step-rate benefits, estimated to be payable in the future as a
-- result of employee service to date. The measure is intended to
help users assess the funding status of IMRF on a going-concern
basis, assess progress made in accumulating sufficient assets to
pay benefits when due, and make comparisons among employers. The
measure is the actuarial present value of credited projected bene-
fits and is independent of the funding method used to determine
contributions to IMRF.
The pension benefit obligation was computed as part of an actuarial
valuation performed as of December 31, 1987. Significant actuarial
assumptions used in the valuation include (a) a rate of return on
the investment of present and future assets of 7% a year compounded
annually, (b) projected salary increases of 3.75% a year compounded
annually, attributable to inflation, (c) additional projected
salary increases of 1% a year, attributable to seniority/merit, and
(d) postretirement benefit increases of 3% annually.
Total unfunded pension benefit obligation applicable to the
Village's employees was $294,883 at December 31, 1987, determined
as follows:
Pension benefit obligation:
Terminated employees not yet
receiving benefits $ 97,115
Current employees:
Accumulated employee contributions
including allocated investment earnings 426,300
Employer-financed vested 809,537
Employer-financed nonvested 157,645
TOTAL PENSION BENEFIT OBLIGATION 1,490,597
Net assets available for benefits at cost
(market value is $1,152,788) 1,195,714
UNFUNDED PENSION BENEFIT OBLIGATION
-39-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued _
NOTE G--RETIREMENT COMMITMENTS--Continued
The pension benefit obligation applicable to retirees and benefici-
aries currently receiving benefits is not included in the above
schedule due to the fact that this obligation was transferred from
the Village to IMRF as a whole when the annuity became payable.
Current-year changes in the actuarial assumptions, benefit provi-
sions, and methodology are reflected in the December 31, 1987 pen-
sion benefit obligation shown above. This amount has been calcu-
lated by the IMRF Actuary using the measure described above. The
dollar effect of these changes on the pension benefit obligation
was not economically determinable on an individual employer basis _
by IMRF. Since the December 31, 1987 valuation was the first time
this measure was used, comparison with a previous year's pension
benefit obligation is not available.
4. Actuarially Determined Contribution Requirements and Contribution
Made
i
The IMRF funding policy provides for actuarially determined monthly
contributions at rates that, for individual employees, accumulate
assets gradually over time so that sufficient assets will be avail-
able to pay benefits when due. The rate for the Village's employee
group as a whole has tended to remain level as a percentage of
annual covered payroll. The contribution rate for normal cost is
determined using the entry age normal actuarial funding method. --
IMRF used the level percentage of payroll method to amortize the
unfunded liability over an open-ended 40-year period.
The significant actuarial assumptions used to compute the actuari-
ally determined contribution requirement are the same as those used
to compute the pension benefit obligation as described in C above.
The contributions by the Village to IMRF for 1987 of $88,637 were y
charged to the Village's account and were based on a contribution
rate that was calculated in accordance with actuarially determined
requirements computed through an actuarial valuation performed as
of December 31, 1985. The contribution consisted of (a) $40,233
normal cost (2.61% of 1988 covered payroll), (b) $37,613 amortiza-
tion of the unfunded actuarial accrued liability (2.44% of 1988
covered payroll), and (c) $10,790 death and disability cost (.70%
of 1988 covered payroll). The employer contributed $88,637 (5.76%
of 1988 covered payroll); employees contributed $69,368 (4.5% of
1988 covered payroll).
-40-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE G--RETIREMENT COMMITMENTS--Continued
Current-year changes in the actuarial assumptions, benefit provi-
sions, and methodology, explained below, will be incorporated in
the 1989 employer contribution rate. These changes are estimated
to increase the 1989 rate by approximately 2.00% of payroll over
the 1988 rate. Separate dollar effects of each change were not
economically determinable on an individual employer basis by IMRF.
5. Other Information
As of the December 31, 1987 actuarial valuation, available assets
were sufficient to fund 80.21% of the pension benefit obligation.
Unfunded pension benefit obligation at December 31, 1987 repre-
sented 19.17% of the annual payroll for participating members
covered by IMRF for fiscal 1988. Showing unfunded pension benefit
obligation as a percentage of annual covered payroll approximately
adjusts for the effects of inflation for analysis purposes. In
.� addition, for the year ended 1988 the contributions to IMRF, all
made in accordance with actuarially determined requirements, were
5.76% of annual covered payroll.
6. Changes
Three areas of changes discussed below have been incorporated in
the 1989 employer contribution rate and in the December 31, 1987
pension benefit obligation. The changes due to actuarial assump-
tions will be phased into the employer contribution rate over a
three-year period.
The following changes in actuarial assumptions were based upon the
1984-86 experience study: (1) A single assumed retirement age for
all employees has been replaced by rates which vary by age.
(2) The 1983 Group Annuity Mortality Table has been adopted for use
in mortality rate calculations for female employees and annuitants.
(3) Disability rates have been decreased to reflect actual experi-
ence. (4) Salary rate growth has been increased from 4.50% to
4.75%. (5) Termination rate assumptions have been modified to set
up distinct rates for employees with five, six, or seven years of
service.
The following statutory benefit changes, resulting from the passage
of Public Act 85-0941, will have been implemented in 1988: (1) The
3% annual increase to retired members has been extended to surviv-
ing spouse annuitants and to members receiving total and permanent
-41-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE G--RETIREMENT COMMITMENTS--Continued
disability payments. (2) The $1,000 death benefit payable to the
survivor of a retired member has been increased to $3,000. Beginning
January 1, the cost of this benefit will be amortized by inclusion in
the retirement contribution rate and removed from the pooled death and
disability contribution rate. (3) The early retirement pension dis-
count has been reduced from 1/2% to 1/4% per month.
In 1987, IMRF changed actuaries. The new firm calculates present
values and employer contribution rates using state-of-the-art actuarial
computation procedures. The impact of this change in methodology
tended to increase employer contribution rates.
Police and Firefighter's Pension Plans
1. Plan Descriptions
Substantially all uniformed police personnel are covered by the
Police Pension Plan which is a defined benefit single-employer 1►
plan. Although this is a single-employer pension plan, the defined
benefits and employee and employer contributions are governed by
Illinois State Statutes (Chapter 108 1/2, Article 3) and may be _
amended only by the Illinois legislature. The Village of Oak Brook
accounts for the Plan as a pension trust fund. The Village's
payroll for employees covered by the Plan for the year ended
April 30, 1988 was $1,229,426 out of a total Village payroll of
$4,538,804. At April 30, 1988 the Police Pension Plan membership
consisted of:
Retirees and Beneficiaries currently
receiving benefits and terminated
employees entitled to benefits but
not yet receiving them 7
Current employees 36
The Police Pension Plan provides retirement benefits as well as
death and disability benefits. Employees attaining the age of 50
or more with 20 years of creditable service are entitled to receive
an annual retirement benefit of one-half of the salary attached to
the rank held on the last day of service, or for one year prior to
the last day, whichever is greater. The pension shall be increased
-42-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE G--RETIREMENT COMMITMENTS--Continued
by 2% of such salary for each additional year of service over 20
years, up to 30 years, and 1% of such salary for each additional
year of service over 30 years, to a maximum of 75% of such salary.
~� Employees with at least 8 years but less than 20 years of credited
service may retire at or after age 60 and receive a reduced benefit.
The monthly pension of a police officer who retires after Janu-
ary 1, 1986 shall be increased annually, following the first
anniversary date and be paid upon reaching the age of at least 55
years, by 3% of the originally granted pension for each full year
that has elapsed since the pension began, and by an additional 3%
of the originally granted pension in January of each year
thereafter.
Covered employees are required to contribute 9% of their base
salary to the Police Pension Plan. If an employee leaves covered
employment with less than 20 years of service, accumulated employee
contributions may be refunded without accumulated interest. The
Village is required to contribute the remaining amounts necessary
to finance the Plan as actuarially determined by an enrolled
'— actuary. By the year 2020 the Village's contribution must accumu-
late to the point where the past service cost for the Police Pen-
sion Plan is fully funded.
Substantially all fire personnel are covered by the Firefighter's
Pension Plan which is a defined benefit single-employer pension
plan. Although this is a single-employer pension plan, the defined
benefits as well as the employee and employer contribution levels
are mandated by Illinois State Statutes (Chapter 108 1/2, Arti-
cle 4) and may be amended only by the Illinois legislature. The
Village of Oak Brook accounts for the Plan as a pension trust
fund. The Village's payroll for employees covered by the Plan for
the year ended April 30, 1988 was $1,179,992 out of a total Village
payroll of $4,538,804. At April 30, 1988 the Firefighter's Pension
Plan membership consisted of:
Retirees and beneficiaries currently
receiving benefits and terminated
employees entitled to benefits but
not yet receiving them 7
Current employees 34
-43-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE G--RETIREMENT COMMITMENTS--Continued
The Firefighter's Pension Plan provides retirement benefits as well
as death and disability benefits. Employees attaining the age of
50 or more with 20 years of creditable service are entitled to
receive an annual retirement benefit of one-half of the salary
attached to the rank held in the fire service at the date of retire-
ment. The pension shall be increased by 1/12 of 2% of such monthly
salary for each additional month of service over 20 years, up to 30
years of service, and 1/12 of 1% of such salary for each additional
month of service over 30 years, to a maximum of 75% of such monthly
salary. Employees with at least 10 years but less than 20 years of
credited service may retire at or after age 60 and receive a
reduced benefit.
The monthly pension of a firefighter who retires after January 1,
1986 shall be increased annually, following the first anniversary
date and be paid upon reaching the age of at least 55 years, by 3%
of the originally granted pension for each full year that has
elapsed since the pension began, and by an additional 3% in each
January thereafter.
Covered employees are required to contribute 8 1/4% of their base
salary to the Firefighter's Pension Plan. If an employee leaves
covered employment with less than 20 years of service, accumulated
employee contributions may be refunded without accumulated
interest. The Village is required to contribute the remaining
amounts necessary to finance the Plan as actuarially determined by
an enrolled actuary. By the year 2020 the Village's contribution
must accumulate to the point where the past service cost for the
Firefighter's Pension Plan is fully funded.
2. Funding Status and Progress
The amount shown below as the "pension benefit obligation" for the
Police Pension Plan and the Firefighter's Pension Plan is a substi-
tute disclosure measure (entry age normal) of the present value of --
pension benefits, adjusted for the effects of projected salary
increases and step-rate benefits, estimated to be payable in the
future as a result of employee service to date. This substitute _
disclosure measure is intended to help users assess the funding
status of the Plans on a going-concern basis, assess progress made
in accumulating sufficient assets to pay benefits when due, and
-44-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE G--RETIREMENT COMMITMENTS--Continued
make comparisons among other employers using the substitute dis-
closure method. The substitute disclosure measure is independent
of the funding method used to determine contributions to the Plans.
Police Firefighter's
Pension Pension
Actuarial valuation date April 30, 1987 April 30, 1987
-- Significant actuarial assumptions:
a) Rate of return or investment 7.0% 7.0%
of present and future compounded compounded
assets annually annually
b) Projected salary increases-- 5.5% 5.5%
attributable to inflation compounded compounded
annually annually
c) Additional projected salary (Note--separation information
increases--attributable to for b) and c) not available)
seniority/merit
d) Postretirement benefit 3.0% 3.0%
increases simple interest compounded
annually annually
Pension benefit obligation:
Retirees and beneficiaries
currently receiving
benefits and terminated
employees not yet
receiving benefits $1,450,424 $1,068,972
Current employees:
•.. Accumulated employees
contributions
including allocated
investment earnings 4,908,962 4,627,388
Employer-financed vested (Note 1) (Note 1)
Employer-financed
nonvested (Note 1) (Note 1)
TOTAL PENSION
BENEFIT OBLIGATION 6,359,386 5,696,360
Net assets available for
benefits, at lower of
cost or market 5,726,809 6,095,213
UNFUNDED (ASSETS IN EXCESS OF)
PENSION BENEFIT OBLIGATION 632.577 $ (398.853)
Note 1--Separate information for current employees not available.
-45-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued —.
NOTE G--RETIREMENT COMMITMENTS--Continued
3. Actuarially Determined Contribution Requirements and
Contribution Made
The Plans' funding policies provide for actuarially determined _
periodic contributions at rates that, expressed as percentages of
annual covered payroll, are sufficient to accumulate sufficient
assets to pay benefits when due. Level percentage of payroll
employer contribution rates are determined using the entry age —
normal funding method. The Plans also use the level percentage of
payroll method to amortize the unfunded liability over a 40-year
period. The significant actuarially assumptions used to compute
the actuarially determined contribution requirements are the same
as those used to compute the pension benefit obligation as
described above.
Police Firefighter's
Pension Pension
Actuarial valuation date April 30, 1987 April 30, 1987
Actuarially determined contribution
requirements--employer:
As a dollar amount:
Normal cost $167,445 $230,788
Amortization of unfunded
actuarial accrued liability 49,735 -
217_ ���• _
As a percent of fiscpl 1988
covered payroll:
Normal cost 13.62% 19.56%
Amortization of unfunded
actuarial accrued liability 4.05 -
17.67%
Contribution made during fiscal 1988:
As a dollar amount:
Employer $196,043 $189,011
Employee 110,697 97,322 --
As a percent of fiscal 1988
covered payroll:
Employer 15.95% 16.02%
Employee 9.00 8.25
24.95% 24.27%
-46-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE G--RETIREMENT COMMITMENTS--Continued
4. Trend Information
Trend information gives an indication of the progress made in
accumulating sufficient assets to pay benefits when due.
Police Firefighter's
Year Pension Pension
Net assets available for benefits:
As a percent of the pension
benefit obligation (PBO) (as
of April 30, 1987 actuarial
valuation) 1988 90 % 107 %
Unfunded (assets in excess of) PBO:
As a percent of annual covered
payroll (expressing the
+- unfunded pension benefit
obligation as a percentage
of annual covered payroll
approximately adjusts for
the effects of inflation for
analysis purposes) 1988 51.5 (33.8)
Employer contributions:
As a percent of annual covered
payroll: 1988 15.95 16.02
Required 1988 $217,180 $230,788
.. Made 1988 196,043 189,011
-47-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE G--RETIREMENT COMMITMENTS--Continued
Village of Oak Brook _
Police Pension Fund
Required Supplementary Information
Revenues by Source and Expenses by Type
April 30, 1988
Revenues by source
Fiscal Employee Employer Investment Other
Year Contributions Contributions Income Contributions Total
1987 $110,689 $203,271 $510,982 $ - $824,942
1988 110,697 196,043 468,630 100 775,470
Expenses by type
Fiscal Administrative
Year Benefits Expenses Refunds Total
1987 $100,585 $1,211 Note 2 $101,796
1988 93,126 1,631 $19,592 114,349
Note 2--Separate information is not available for pension benefits and
refunds for fiscal 1987. —'
-48-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE G--RETIREMENT COMMITMENTS--Continued
Village of Oak Brook
Firefighter's Pension Fund
Required Supplementary Information
Revenues by Source and Expenses by Type
April 30, 1988
Revenues by source
Fiscal Employee Employer Investment
Year Contributions Contributions Income Total
1987 $95,857 $190,756 $488,570 $775,183
1988 97,322 189,011 459,037 745,370
Expenses by type
Fiscal Administrative
Year Benefits Expenses Refunds Total
1987 $ 71,291 $2,568 $ - $ 73,859
1988 113,326 1,724 - 115,050
Note--The required supplementary information is only available for the
past two fiscal years.
-49-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE H--INTERFUND BALANCES
Individual fund interfund receivable and payable balances at April 30,
1988 are as follows:
Amounts Payable From
Debt Sports
Amounts General Service Core
Payable to Fund Fund Fund Total
General Fund $532 $ 532
Sports Core
Construction
Fund $23,962 23,962
Debt Service $ 24 24
Equipment
Replacement ..
Fund 91,366 91,366
Policemen's
Pension Fund 23,974 23,974
Firefighter's
Pension Fund 22,836 22,836
NOTE I--FUND DEFICITS
The Sports Core Fund had a deficit in fund equity at April 30, 1988.
The deficit in this Fund of $1,180,510 is due primarily to depreciation
expense. The deficit is expected to be eliminated in the course of
future operations of the Sports Core.
NOTE J--JOINT VENTURES
Intergovernmental Risk Management Agency:
Intergovernmental Risk Management Agency ("IRMA") is a voluntary coop-
erative agency consisting of 44 Illinois municipal governmental units.
Its purpose is to manage and fund first-party property losses and
third-party liability claims (including workers' compensation) of its
member municipalities. Members have a contractual obligation to fund
any deficit of IRMA attributable to a membership year during which they
-50-
,VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE J--JOINT VENTURES--Continued
were a member. The Village of Oak Brook joined IRMA on January 1,
1979, and, by contract, will participate in and be a member thereof
until December 31, 1988. At April 30, 1988, management knows of no
claim, asserted or unasserted, which if asserted and paid, would have a
materially adverse effect on the financial position of the various
funds of the Village.
Each member municipality assumes the first $1,000 of each and every
loss or claim. The next $249,000 of any such loss or claim is paid by
.. the IRMA pool. Commercial insurance would then pay to a limit of
$1,000,000 per occurrence on a liability claim (with certain sublimits)
and up to a limit of $30,000,000 per occurrence (with certain sub-
limits) on a first-party property loss (including workers' compensation
._ up to statutory requirements). In 1985, the IRMA pool was protected by
$2,000,000 annual aggregate excess insurance which attached at
$5,000,000, and a $250,000 per occurrence stop loss. In 1986, the IRMA
pool was protected by $2,000,000 annual aggregate excess insurance
which attached at $6,350,000, and a $250,000 per occurrence stop loss.
IRMA did not purchase aggregate excess insurance coverage for 1987.
Management consists of a Board of Directors comprised of one representa-
tive from each member. In addition, there are two officers, a Risk
Manager and a Treasurer. The Village of Oak Brook exercises no control
over the activities of the Agency.
The latest available financial statements of IRMA, dated December 31,
1987, show the following:
Village of
Oak Brook
IRMA Share (3.44%)
Total assets $24,649,560 $847,945
Total liabilities 24,649,560 847,945
Total revenue 7,210,713 248,049
Total expense 7,210,713 248,049
IRMA had no debt outstanding at December 31, 1987.
-51-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE J--JOINT VENTURES--Continued
Intergovernmental Personnel Benefit Cooperative:
The Intergovernmental Personnel Benefit Cooperative ("IPBC") is a coop-
erative entity established by 21 Illinois municipal government units to
administer some or all of the personnel benefit programs offered by
these members. IPBC acts solely as an administrative agency to receive,
process and pay such claims as may come within the benefit program of
each member. At April 30, 1988, management knows of no claim, asserted
or unasserted, which if asserted and paid would have a materially
adverse effect on the financial position of the various funds of the
Village.
The latest available financial statements of IPBC, dated June 30, 1987,
show the following:
Village of
Oak Brook
IPBC Share
Total assets $3,499,079
Total liabilities 3,499,079
Members' contributions and
interest income 6,083,361 $312,205
Claim payments and insurance
premiums 6,041,478 283,852
The Village's share of IPBC's assets and liabilities is not
known. IPBC had no debt outstanding at June 30, 1987.
-52-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE K--SEGMENT INFORMATION FOR ENTERPRISE FUNDS
The Village maintains two enterprise funds which provide water and golf
and other recreation services to the community. Segment information
for the year ended April 30, 1988, is as follows:
Waterworks Sports
System Fund Core Fund
Operating revenues $ 2,434,228 $ 1,512,064
Depreciation 254,370 238,966
Operating income (loss) 1,368,958 (210,059)
Operating transfers in - 10,000
Operating transfers out (160,000) (23,962)
Nonoperating revenues 344,710 5,994
Nonoperating expenses 181,284 (9,757)
Net income (loss) 1,532,384 (213,822)
Property, plant and equipment:
Additions 471,258 50,171
Deletions - -
Net working capital 1,583,650 (110,289)
Total assets 13,925,271 10,193,511
Bonds outstanding 2,900,000 -
Total equity 10,781,151 9,845,080
.NOTE L--COMMITMENTS
On September 1, 1986, the Village entered into a noncancelable water
supply contract with the Du Page Water Commission ("Commission"), which
expires on February 24, 2024. Under the contract, the Village has
agreed to purchase, beginning in 1992, an amount of Lake Michigan water
necessary to meet the potable water requirements of all of its then cur-
rent customers served by the Village's waterworks system.
On February 10, 1987, the Commission issued $200,000,000 of Water
Revenue Bonds, with serial bonds maturing on May 1, 1994 through 2001,
and term bonds maturing on May 1, 2007 and May 1, 2014. Interest rates
are fixed at 6.84%. The Commission will allocate the cost to retire
the Water Revenue Bonds to the participating villages based on their
usage of Lake Michigan water. The village's share of this debt is not
known at this time.
The Village has no other material commitments or operating lease
agreements.
-53-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
i
NOTE M--CONTINGENCIES
The Village participates in the Illinois Motor Fuel Tax program. This
program is subject to program compliance audits by the grantor or its
representative. The audit of this program for or including the year
then ended April 30, 1988 has not yet been conducted. Accordingly, the
Village's compliance with applicable grant requirements will be estab-
lished at some future date. The amount, if any, of expenditures which
may be disallowed by the granting agency cannot be determined at this
time, although the Village expects such amounts, if any, to be
immaterial.
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 finan-
cial statements of the Village.
r
r
-54-
VILLAGE OF OAK BROOK, ILLINOIS
s
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE--BUDGET AND ACTUAL
(NON-GAAP BASIS)
Year Ended April 30, 1988
Actual-- Variance
Budgetary Favorable
Basis Budget (Unfavorable)
REVENUES
Intergovernmental:
Municipal sales tax $6,084,429 $ 6,092,000 $ (7,571)
Illinois state income tax 198,707 198,000 707
York Township road and
bridge tax 147,984 128,000 19,984
Foreign fire insurance tax 23,562 24,500 (938)
6,454,682 6,442,500 12,182
Licenses and permits 295,364 246,800 48,564
Service charges 204,889 243,670 (38,781)
Fines and penalties 189,558 134,600 54,958
Interest on investments 368,659 300,000 68,659
Miscellaneous 185,943 145,800 40,143
1,244,413 12070,870 173,543
TOTAL REVENUES 7,699,095 7,513,370 185,725
EXPENDITURES
Legislative 311,918 270,179 (41,739)
General government 879,811 1,063,838 184,027
Public safety 4,570,971 4,903,723 332,752
Public works 2,260,990 2,663,421 402,431
Culture and recreation 188,719 211,862 23,143
TOTAL EXPENDITURES 8,212,409 9,113,023 900,614
EXCESS (DEFICIENCY) OF
REVENUES OVER EXPENDITURES (513,314) (1,599,653) 1,086,339
OTHER FINANCING SOURCES (USES)
Operating transfers in 163,476 362,800 (199,324)
Operating transfers out (310,000) (310,000) -
TOTAL OTHER
FINANCING SOURCES (USES) (146,524) 52,800 (199,324)
EXCESS (DEFICIENCY) OF
-- REVENUES AND OTHER FINANCING
SOURCES OVER EXPENDITURES
AND OTHER FINANCING USES (659,838) $(1.546.853) $ 887.015
Fund balance at May 1, 1987 6,169,559
FUND BALANCE AT APRIL 30, 1988
See accompanying notes to financial statements.
-55-
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL FUND
SCHEDULE OF EXPENDITURES--BUDGET AND ACTUAL
(NON-GAAP BASIS)
Year Ended April 30, 1988
Actual-- Variance
Budgetary Favorable _
Basis Budget (Unfavorable)
LEGISLATIVE
Board of Trustees:
Personal services $ 7,906 $ 7,300 $ (606)
Contractual services 252,105 240,490 (11,615)
Fixed charges 6,660 2,592 (4,068)
Commodities 15,950 2,320 (13,630)
282,621 252,702 (29,919)
Plan Commission:
Personal services 3,317 2,881 (436)
Contractual services 2,862 200 (2,662)
Fixed charges 437 370 (67)
Commodities 373 45 (328)
6,989 3,496 (3,493)
Board of Fire and Police:
i
Contractual services 8,551 9,390 839
Fixed charges 175 200 25
Commodities 360 50 (310)
9,086 9,640 554
Zoning Board of Appeals:
Personal services 3,317 2,881 (436)
Contractual services 2,945 1,045 (11900)
Fixed charges 437 370 (67)
Commodities 413 45 (368)
Capital outlay 6,110 - (6,110)
13,222 4,341 (8,881)
TOTAL LEGISLATIVE 311,918 270,179 (41,739)
GENERAL GOVERNMENT
Legal:
Personal services 51,030 46,818 (4,212)
Contractual services 4,995 6,649 1,654
Fixed charges 19,582 19,720 138
Commodities 2,206 2,500 294
Capital outlay 590 11000 410
78,403 76,687 (1,716)
See accompaying notes to financial statements.
-56-
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL FUND
SCHEDULE OF EXPENDITURES--BUDGET AND ACTUAL
(NON-GAAP BASIS)--Continued
Actual-- Variance
Budgetary Favorable
Basis Budget (Unfavorable)
GENERAL GOVERNMENT--Continued:
Village Manager's office:
Personal services $ 171,039 $ 190,983 $ 19,944
Contractual services 10,657 9,138 (1,519)
Fixed charges 38,398 44,204 5,806
Commodities 4,881 3,550 (1,331)
Capital outlay 2,229 3,500 1,271
227,204 251,375 24,171
Finance and accounting:
Personal services 159,652 166,700 7,048
Contractual services 46,577 47,735 1,158
Fixed charges 35,317 36,046 729
Commodities 5,479 5,600 121
Capital outlay 912 46,500 45,588
247,937 302,581 54,644
Engineering:
Personal services 138,385 134,500 (3,885)
Contractual services 14,905 36,875 21,970
Fixed charges 27,434 27,191 (243)
Commodities 2,002 3,175 1,173
Capital outlay 2,069 2,300 231
'- 184,795 204,041 19,246
Village hall:
Personal services 48,527 56,741 8,214
Contractual services 53,686 128,042 74,356
Fixed charges 15,824 19,541 3,717
_ Commodities 23,435 15,830 (7,605)
Capital outlay - 9,000 9,000
141,472 229,154 87,682
TOTAL GENERAL GOVERNMENT 879,811 1,063,838 184,027
PUBLIC SAFETY
Police service:
Personal services 1,551,622 1,575,316 23,694
Contractual services 75,614 95,795 20,181
Fixed charges 466,979 479,738 12,759
_ Commodities 72,523 86,040 13,517
Capital outlay 141,999 135,629 (6,370)
2,308,737 2,372,518 63,781
See accompanying notes to financial statements.
-57-
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL FUND
SCHEDULE OF EXPENDITURES--BUDGET AND ACTUAL
(NON-GAAP BASIS)--Continued
Actual-- Variance •.
Budgetary Favorable
Basis Budget (Unfavorable)
PUBLIC SAFETY--Continued:
Fire service:
Personal services $1,213,053 $ 1,154,497 $ (58,556)
Contractual services 37,435 55,553 18,118
Fixed charges 405,036 418,464 13,428
Commodities 37,909 46,120 8,211
Capital outlay 153,721 359,739 206,018
1,847,154 2,034,373 187,219 ...
Emergency medical service:
Personal services 109,785 148,709 38,924
Contractual services 5,939 11,210 5,271 _.
Fixed charges 23,272 32,808 9,536
Commodities 11,316 7,875 (3,441)
Capital outlay 1,849 7,000 5,151
152,161 207,602 55,441
Bureau of inspection:
Personal services 165,135 182,113 16,978
Contractual services 25,194 28,773 3,579
Fixed charges 46,741 54,544 7,803
Commodities 6,187 5,400 (787)
Capital outlay 19,662 18,400 (1,262)
262,919 289,230 26,311
TOTAL PUBLIC SAFETY 4,570,971 4,903,723 332,752
PUBLIC WORKS
Administration:
Personal services 72,545 67,739 (4,806)
Contractual services 37,985 42,323 4,338
Fixed charges 111,099 118,316 7,217
Commodities 3,280 3,250 (30)
Capital outlay 1,355 1,700 345
226,264 233,328 7,064
w
Street maintenance:
Personal services 207,394 208,657 1,263
Contractual services 36,873 25,063 (11,810)
Fixed charges 27,138 30,692 3,554
Commodities 131,314 121,912 (9,402)
Capital outlay 117,875 121,680 3,805
520,594 508,004 (12,590)
See accompanying notes to financial statements.
-58-
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL FUND
SCHEDULE OF EXPENDITURES--BUDGET AND ACTUAL
(NON-GAAP BASIS)--Continued
Actual-- Variance
Budgetary Favorable
Basis Budget (Unfavorable)
PUBLIC WORKS--Continued
Street light and traffic
control:
Personal services $ 18,489 $ 15,990 $ (2,499)
Contractual services 114,170 147,061 32,891
Fixed charges 6,119 5,256 (863)
Commodities 13,682 23,530 9,848
152,460 191,837 39,377
Capital improvements:
Contractual services 72,543 67,465 (5,078)
Capital outlay 1,177,284 1,538,500 361,216
1,249,827 1,605,965 356,138
Municipal garage:
Personal services 70,027 67,783 (2,244)
Contractual services 18,978 29,582 10,604
Fixed charges 9,473 17,245 7,772
Commodities 13,367 5,577 (7,790)
Capital outlay - 4,100 4,100
111,845 124,287 12,442
TOTAL PUBLIC WORKS 2,260,990 2,663,421 402,431
CULTURE AND RECREATION
Library:
Personal services 85,880 90,856 4,976
Contractual services 19,543 23,170 3,627
Fixed charges 38,311 41,174 2,863
Commodities 10,227 11,585 1,358
Capital outlay 34,758 45,077 10,319
TOTAL CULTURE AND RECREATION 188,719 211,862 23,143
TOTAL EXPENDITURES 18.212.409 t 9.113.023 $ 900.614
See accompanying notes to financial statements.
-59-
VILLAGE OF OAK BROOK, ILLINOIS
SPECIAL REVENUE FUND - MOTOR FUEL TAX FUND
COMBINING BALANCE SHEET
April 30, 1988 and 1987
1988 1987
ASSETS
Investments $246,909 $114,402
Receivables, net:
Property taxes - -
Allotments 10,426 9,633
TOTAL ASSETS 124
LIABILITIES AND FUND EQUITY
Fund balances:
Unreserved:
Undesignated $257,335 $124,035
—' TOTAL LIABILITIES
AND FUND EQUITY $25Z� 24
See accompanying notes to financial statements.
-60-
VILLAGE OF OAK BROOK, ILLINOIS
SPECIAL REVENUE FUND - MOTOR FUEL TAX FUND _
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
Years Ended April 30, 1988 and 1987
1988 1987
Revenues:
Intergovernmental $122,368 $122,499
Property taxes - -
Interest on investments 10,932 9,173 _
TOTAL REVENUES 133,300 131,672
Expenditures--public works - -
EXCESS OF REVENUES
OVER EXPENDITURES 133,300 131,672
Other financing uses--
operating transfers out - (110,000)
EXCESS OF REVENUES
OVER EXPENDITURES AND
OTHER FINANCING USES 133,300 21,672
Fund balances (deficit)
at May 1, 1987 124,035 102,363
FUND BALANCES (DEFICIT)
AT APRIL 30, 1988
See accompanying notes to financial statements.
r
-61-
VILLAGE OF OAK BROOK, ILLINOIS
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
April 30, 1988 and 1987
Sports Core Equipment Totals
Construction Replacement 1988 1987
ASSETS
Investments $75,206 $144,200 $219,406 $102,064
Due from other funds 23,962 91,366 115,328 111,879
TOTAL ASSETS
FUND EQUITY
Fund balance:
Unreserved--designated
for subsequent years'
expenditures $235,566 $235,566 $140,898
Undesignated $99,168 99,168 73,045
TOTAL FUND EQUITY 111LJ34 21 4
See accompanying notes to financial statements.
-62-
VILLAGE OF OAK BROOK, ILLINOIS
CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
i
Years Ended April 30, 1988 and 1987
Sports Core Equipment Totals
Construction Replacement 1988 1987
Revenues--interest on
investments $ 2,161 $ 4,168 $ 6,329 $ 3,210
Expenditures -
EXCESS OF REVENUES
OVER EXPENDITURES 2,161 4,168 6,329 3,210
Other financing sources-- _
operating transfers in 23,962 90,500 114,462 107,500
EXCESS OF REVENUES AND
OTHER FINANCING SOURCES
OVER EXPENDITURES 26,123 94,668 120,791 110,710
Fund balances at
May 1, 1987 73,045 140,898 213,943 103,233
FUND BALANCES
AT APRIL 30, 1988 $99_168 1 4
See accompanying notes to financial statements.
-63-
—
VILLAGE OF OAK BROOK, ILLINOIS
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
—
April 30, 1988 and 1987
Waterworks Sports Totals
ASSETS
System Core 1988 1987
Current assets:
Cash $ 4,593 $ 21,671 $ 26,264 $ 97,248
Investments 1,460,908 133,908 1,594,816 2,261,243
Receivables (net, where
applicable, of
allowances for
uncollectibles):
Customers:
Billed water sales 158,520 158,520 138,686
Unbilled water sales 131,501 131,501 113,894
Accrued interest 96,117 96,117 60,651
Other 6,559 40,377 46,936 42,758
392,697 40,377 433,074 355,989
Other assets 3,753 3,753 3,753
Inventory 38,433 38,433 20,670
TOTAL CURRENT ASSETS 1,858,198 238,142 2,096,340 2,738,903
Restricted assets--
investments 5,504,524 5,504,524 4,025,584
Property, plant and
equipment 9,233,995 11,792,242 21,026,237 20,504,808
Less allowance for
depreciation (2,670,946) (1,836,873) (4,507,819) (4,027,405)
6,563,049 9,955,369 16,518,418 16,477,403
—
TOTAL ASSETS 113,925,771 110.193.511 124.119.282 123.241.890
-64-
-
-
Waterworks Sports Totals
System Core 1988 1987
LIABILITIES AND FUND EQUITY
Current liabilities:
Accounts payable $ 263,964 $ 104,359 $ 368,323 $ 216,811
Accrued payroll and
vacation 8,919 22,325 31,244 37,568
Customer deposits 1,665 197,785 199,450 202,315
Due to other funds 23,962 23,962 38,663
TOTAL CURRENT
LIABILITIES 274,548 348,431 622,979 495,357
Long-term liabilities:
Revenue bonds
outstanding--1973 issue 1,750,000 1,750,000 1,925,000
Revenue bonds
outstanding--1976 issue 1,150,000 1,150,000 1,375,000
Unamortized bond discounts
on 1973 and 1976 issues (29,928) (29,928) (35,098)
TOTAL LONG-TERM
LIABILITIES 2,870,072 2,870,072 3,264,902
TOTAL LIABILITIES 3,144,620 348,431 3,493,051 3,760,259
Fund equity:
Contributed capital 11,025,590 11,025,590 11,025,590
Retained earnings
(deficit):
Reserved under
revenue bond
ordinance 3,744,082 3,744,082 3,690,082
Unreserved for Lake
Michigan Water
Project 362,502
Unreserved 7,037,069 (1,180,510) 5,856,559 4,403,457
TOTAL RETAINED
EARNINGS (DEFICIT) 10,781,151 (1,180,510) 9,600,641 8,456,041
TOTAL FUND EQUITY 10,781,151 9,845,080 20,626,231 19,481,631
TOTAL LIABILITIES
AND FUND EQUITY $13.925.771 tlO,193,5Ll $24.119.282 $23.241.890
s
See accompanying notes to financial statements.
-64-
VILLAGE OF OAK BROOK, ILLINOIS
ENTERPRISE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES, AND
CHANGES IN RETAINED EARNINGS (DEFICIT)
Years Ended April 30, 1988 and 1987
Waterworks Sports Totals
System Core 1988 1987
Operating revenues:
Charges for services $ 2,399,216 $ 1,512,064 $3,911,280 $3,751,332
Miscellaneous 35,012 35,012 29,946
TOTAL OPERATING REVENUES 2,434,228 1,512,064 3,946,292 3,781,278
Operating expenses:
Operation of facilities 790,273 1,297,227 2,087,500 2,188,614
General and administrative 20,627 185,930 206,557 177,638
Depreciation 254,370 238,966 493,336 460,422
TOTAL OPERATING EXPENSES 1,065,270 1,722,123 2,787,393 2,826,674 _
OPERATING INCOME (LOSS) 1,368,958 (210,059) 1,158,899 954,604
Nonoperating revenues
(expenses): -�
Interest on investments 335,827 5,347 341,174 383,366
Interest on bonds (171,575) (171,575) (191,450)
Amortization of bond
discount (5,170) (5,170) (5,170)
Fiscal agents' fees (4,539) (4,539) (3,384)
Construction _
reimbursements 4,700 4,700 6,700
Other revenue 4,183 (9,110) (4,927) 78,229
163,426 (3,763) 159,663 268,291
INCOME (LOSS) BEFORE
OPERATING TRANSFERS 1,532,384 (213,822) 1,318,562 1,222,895
Operating transfers in 10,000 10,000 10,000 ...
Operating transfers out (160,000) (23,962) (183,962) (185,000)
NET INCOME (LOSS) 1,372,384 (227,784) 1,144,600 1,047,895
Retained earnings (deficit)
at May 1, 1987 9,408,767 (952,726) 8,456,041 7,408,146
RETAINED EARNINGS
(DEFICIT) AT
APRIL 30, 1988 tl0.78l,1U V1,180,510 19.600.641 tB,456,041
See accompanying notes to financial statements.
-65-
VILLAGE OF OAK BROOK, ILLINOIS
ENTERPRISE FUNDS
COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION
Years Ended April 30, 1988 and 1987
Waterworks Sports Totals
System Core 1988 1987
Sources of working capital:
Operations:
Net income (loss) $1,372,384 $(227,784) $1,144,600 $1,047,895
Items not requiring
working capital:
Depreciation 254,370 238,966 493,336 460,422
Amortization of
bond discount 5,170 5,170 5,170
TOTAL PROVIDED
-- BY OPERATIONS 1,631,924 11,182 1,643,106 1,513,487
TOTAL SOURCES OF
WORKING CAPITAL 1,631,924 11,182 1,643,106 1,513,487
Uses of working capital:
Acquisition of fixed assets 484,180 50,171 534,351 295,543
Reduction in bonds payable 400,000 400,000 375,000
TOTAL USES OF
WORKING CAPITAL 884,180 50,171 934,351 670,543
NET INCREASE (DECREASE)
IN WORKING CAPITAL $ 747.744 (38 ) $ 708.755 $ 842.944
Elements of net increase
(decrease) in working
capital:
Cash $ (3,540)' $ (67,444) $ (70,984) $ 47,331
Investments 806,824 ,/ 5,689 812,513 802,645
Receivables 72,908✓ 4,177 77,085 35,088
Other assets - (5,275)
Inventory 17,763 17,763 3,564
Accounts payable (148,204),/ (3,308) (151,512) (11,302)
Accrued payroll and
vacation liability 6,693 ^1 (369) 6,324 (14,604)
Customer deposits (600)+" 3,465 2,865 10,068
Due to other funds 13,66311' 1,038 14,701 (24,571)
NET INCREASE (DECREASE)
IN WORKING CAPITAL $ 747.744 (38.9.$4) 842,944
See accompanying notes to financial statements.
-66-
i
VILLAGE OF OAK BROOK, ILLINOIS
WATERWORKS SYSTEM FUND
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES
IN RETAINED EARNINGS--BUDGET AND ACTUAL
(NON-GAAP BASIS)
Year Ended April 30, 1988
Actual-- Actual-- Variance
GAAP Budgetary Favorable -�
Basis Adjustments Basis Budget (Unfavorable)
Operating revenues:
Charges for services: _
Water sales $ 2,053,375 $2,053,375 $1,923,099 $130,276
Unmetered water 5,513 5,513 8,000 (2,487)
Water tap on
charges 195,053 195,053 150,000 45,053
Fire service
charges 115,747 115,747 127,000 (11,253)
Special service i
charges 16,467 16,467 10,000 6,467
Water meter sales 13,061 13,061 25,000 (11,939)
2,399,216 2,399,216 2,243,099 156,117 _
Miscellaneous 35,012 35,012 34,000 1,012
TOTAL
OPERATING REVENUES 2,434,228 2,434,228 2,277,099 157,129
Operating expenses:
Operation of
facilities: ...
Source of
supply:
Personal _
services 7,852 7,852 3,089 (4,763)
Contractual
services 13,069 13,069 10,536 (2,533)
Fixed charges 1,026 1,026 399 (627)
Commodities 3,916 3,916 4,650 734
25,863 25,863 18,674 (7,189)
Power and pumping:
Personal services 18,102 18,102 19,633 1,531
Contractual
services 473,606 473,606 597,400 123,794
Fixed charges 2,374 2,374 2,533 159
Commodities 2,329 2,329 4,236 1,907
496,411 496,411 623,802 127,391
Purification:
Personal services 4,877 4,877 3,089 (1,788) i
Contractual
services 4,389 4,389 7,500 3,111
Fixed charges 640 640 399 (241)
Commodities 18,112 18,112 16,300 (1,812)
Capital outlay
28,018 28,018 27,288 (730)
See accompanying notes to financial statements.
-67-
VILLAGE OF OAK BROOK, ILLINOIS
WATERWORKS SYSTEM FUND
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES
IN RETAINED EARNINGS--BUDGET AND ACTUAL
(NON-GAAP BASIS)--Continued
Year Ended April 30, 1988
Actual-- Actual-- Variance
GAAP Budgetary Favorable
Basis Adjustments Basis Budget (Unfavorable)
Transmission and
distribution:
Personal services $ 100,448 $ 100,448 $ 102,201 $ 1,753
Contractual
services 107,708 107,708 62,800 (44,908)
Fixed charges 13,101 13,101 12,712 (389)
Commodities 18,724 18,724 33,246 14,522
Capital outlay $ 38,100 38,100 60,930 22,830
239,981 38,100 278,081 271,889 (6,192)
TOTAL OPERATION
OF FACILITIES 790,273 38,100 828,373 941,653 113,280
General and
administrative 20,627 20,627 27,714 7,087
Depreciation 254,370 (254,370)
TOTAL
OPERATING EXPENSES 1,065,270 (216,270) 849,000 969,367 120,367
OPERATING INCOME 1,368,958 216,270 1,585,228 1,307,732 277,496
Nonoperating revenue
(expenses):
Interest on
investments 335,827 335,827 360,000 (24,173)
Interest on bonds (171,575) (171,575) (171,575)
Amortization of
bond discount (5,170) (5,170) (5,170)
Fiscal agents' fees (4,539) (4,539) (400) (4,139)
Construction
reimbursements 4,700 4,700 4,700
Other revenues 4,183 4,183 4,183
_ 163,426 163,426 188,025 (24,599)
INCOME BEFORE
OPERATING
TRANSFERS 1,532,384 216,270 1,748,654 1,495,757 252,897
Operating transfers
out (160,000) (160,000) (160,000)
NET INCOME 1,372,384 tl.588,654 $1.335.7572 2
Retained earnings at
May 1, 1987 9,408,767
Retained earnings at
April 30, 1988 110.781,151
See accompanying notes to financial statements.
-68-
r
VILLAGE OF OAK BROOK, ILLINOIS
WATERWORKS SYSTEM FUND
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT
AND ACCUMULATED DEPRECIATION
Year Ended Arpil 30, 1988
Property, Plant and Equipment
Additions
Balance and Balance
Apr.30-1987 Transfers Apr.30-1988 _
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 119,123 $221,442 340,565
Total water treatment
equipment 8,149 8,149
Distribution, reservoirs,
mains and standpipes 7,533,269 224,611 7,757,880
Meters and meter installation 433,243 21,727 454,970
Hydrants 178,402 1,702 180,104
Miscellaneous tools and
equipment:
Office furniture and
equipment 12,697 98 12,795
Transportation equipment 38,163 (12,922) 25,241
Tools, shop, and garage
equipment 2,852 2,852
Laboratory equipment 1,070 1,070
Miscellanous equipment 38,562 14,600 53,162
Intangible plant--
organization 11,403 11,403
18,762,73Z 1471,25a $9.233.995
See accompanying notes to financial statements.
-69-
-
Rate of
Depreciation Allowances for Deprecition
or Additions Net Asset
Amortization Balance and Balance Value
(Years) Apr.30-1987 Transfers Apr.30-1988 Apr.30-1988
$ 2,819
40 $ 104,824 $ 7,870 $ 112,694 202,059
40 23,666 1,706 25,372 42,860
40 42,224 8,305 50,529 290,036
10 6,357 815 7,172 977
40 1,875,397 191,138 2,066,535 5,691,345
15 232,588 29,607 262,195 192,775
40 48,266 4,481 52,747 127,357
10 5,143 1,275 6,418 6,377
6 38,163 (12,922) 25,241
5 2,852 2,852
5 1,070 1,070
-
5 37,545 9,173 46,718 6,444
5 11,403 11,403
2.429.498 J241.,448t2,670,946 6.563.049
-
-
-69-
VILLAGE OF OAK BROOK, ILLINOIS
SPORTS CORE FUND ..
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN
DEFICIT--BUDGET AND ACTUAL
(NON-GAAP BASIS)
Year Ended April 30, 1988
Actual-- Variance �.
Actual-- Budgetary Favorable
GAAP Basis Adjustments Basis Budget (Unfavorable)
Operating revenues:
Charges for _.
services:
Memberships:
Golf course $ 476,471 $ 476,471 $ 501,609 $(25,138)
Bath and
tennis 300,349 300,349 337,650 (37,301)
Open fields 755 755 4,000 (3,245) _.
777,575 777,575 843,259 (65,684)
Rentals:
Golf course 173,714 173,714 176,276 (2,562)
Bath and tennis 2,200 2,200 3,000 (800)
Open fields 54,719 54,719 38,550 16,169
230,633 230,633 217,826 12,807
Membership events 15,738 15,738 13,400 2,338
Food and beverage
sales and service
charges:
Golf course 113,110 113,110 139,679 (26,569)
Bath and tennis 363,342 363,342 436,380 (73,038)
Open fields 11,666 11,666 12,000 (334)
488,118 488,118 588,059 (99,941)
TOTAL OPERATING
REVENUES 1,512,064 1,512,064 1,662,544 (150,480)
See accompanying notes to financial statements.
-70-
VILLAGE OF OAK BROOK, ILLINOIS
SPORTS CORE FUND
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN
DEFICIT--BUDGET AND ACTUAL
(NON-GAAP BASIS)--Continued
Year Ended April 30, 1988
Actual-- Variance
Actual-- Budgetary Favorable
GAAP Basis Adjustments Basis Budget (Unfavorable)
Operating expenses:
Operation of facilities:
Golf course:
Pergonal
services $ 112,232 $ 112,232 $ 118,536 $ 6,304
Contractual
services 272,570 272,570 350,834 78,264
Fixed charges 178,138 178,138 61,573 (116,565)
Commodities 36,291 36,291 33,325 (2,966)
Capital outlay $ 3,249 3,249 137,800 134,551
599,231 3,249 602,480 702,068 99,588
Bath rind tennis:
Pergonal
services 228,102 228,102 228,434 332
Contractual
services 94,698 94,698 79,885 (14,813)
Fixed charges 42,884 42,884 50,065 7,181
Commodities 138,219 138,219 162,150 23,931
Capital outlay 34,324 34,324 36,000 1,676
503,903 34,324 538,227 556,534 18,307
�- Open fields:
Pergonal
services 19 19 1,000 981
Contractual
services 17,052 17,052 16,100 (952)
Fixed charges 1,116 1,116 1,991 875
Commodities 370 370 800 430
Capital outlay 7,000 7,000
18,557 18,557 26,891 8,334
Food---golf course:
Pergonal
services 17,392 17,392 21,319 3,927
Contractual
services 193 193 150 (43)
Fixed charges 1,251 1,251 1,573 322
Commodities 44,098 44,098 54,200 10,102
Capital outlay 283 283 (283)
62,934 283 63,217 77,242 14,025
See accompanying notes to financial statements.
-71-
VILLAGE OF OAK BROOK, ILLINOIS
SPORTS CORE FUND
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN
DEFICIT--BUDGET AND ACTUAL
(NON-GAAP BASIS)--Continued
Year Ended April 30, 1988
Actual-- Variance
Actual-- Budgetary Favorable
GAAP Basis Adjustments Basis Budget (Unfavorable)
Operating expenses--Continued:
Operation of facilities--Continued:
Food--bath
and tennis:
Personal
services $ 43,666 $ 43,666 $ 38,107 $ (5,559)
Contractual
services 3,575 3,575 3,200 (375)
Fixed charges 3,824 3,824 4,103 279 .
Commodities 34,270 34,270 27,250 (7,020)
Capital
outlays $ 3,672 3,672 (3,672)
85,335 3,672 89,007 72,660 (16,347)
Beverage--bath
and tennis:
Personal
services 3,459 3,459 4,000 541
Fixed charges 245 245 290 45
Commodities 471 471 3,600 3,129
4,175 4,175 7,890 3,715
V
Grill operations:
Personal
services 10,115 10,115 9,000 (1,115) _
Contractual
services 526 526 1,035 509
Fixed charges 724 724 644 (80)
Commodities 11,727 11,727 15,200 3,473 "
23,092 23,092 25,879 2,787
TOTAL OPERATION
OF FACILITIES 1,297,227 41,528 1,338,755 1,469,164 130,409 --
See accompanying notes to financial statements.
-72-
VILLAGE OF OAK BROOK, ILLINOIS
SPORTS CORE FUND
-- SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN
DEFICIT--BUDGET AND ACTUAL
(NON-GAAP BASIS)--Continued
Year Ended April 30, 1988
Actual-- Variance
Actual-- Budgetary Favorable
_- GAAP Basis Adjustments Basis Budget (Unfavorable)
Operating expenses--Continued:
General and
_
administrative:
Personal
services $ 92,677 $ 92,677 $ 86,381 $ (6,296)
Contractual
services 47,487 47,487 30,175 (17,312)
Fixed charges 38,877 38,877 26,593 (12,284)
Commodities 6,889 6,889 6,350 (539)
Capital outlay $ 7,666 7,666 2,900 (4,766)
185,930 7,666 193,596 152,399 (41,197)
Depreciation 238,966 (238,966)
TOTAL OPERATING
EXPENSES 1,722,123 (189,772) 1,532,351 1,621,563 89,212
OPERATING
I14COME (LOSS) (210,059) 189,772 (20,287) 40,981 (61,268)
Nonoperating revenue
(expenses):
_. Interest on
investments 5,347 5,347 9,000 (3,653)
Other revenue (9,110) (9,110) (91110)
I14COME (LOSS) (3,763) (3,763) 99000 (12,763)
i
BEFORE OPERATING
TRANSFERS (213,822) 189,772 (24,050) 49,981 (74,031)
Operating
transfers in 10,000 10,000 10,000 -
Operating
transfei7s out (23,962) (23,962) (23,962) -
NET I14COME (LOSS) (227,784) 189.772 $ (38.012) $ 36.019 W4,031)
Deficit a1_
May 1, 1987 (952,726)
DEFICIT AT
APRIL 30, 1988 $(1.180.510)
See accompanying notes to financial statements.
-73-
VILLAGE OF OAK BROOK, ILLINOIS
SPORTS CORE FUND —
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT
AND ACCUMULATED DEPRECIATION ...
Year Ended April 30, 1988
Property, Plant and Equipment
Additions
Balance and Balance
Apr.30-1987 Transfers Apr.30-1988 _
Land and land rights $ 8,252,585 $ 8,252,585
Golf course land improvements 1,203,338 1,203,338
Other land improvements 339,535 339,535
Clubhouse:
Golf 306,166 $ 3,249 309,415
Bath and tennis 383,776 7,722 391,498 -
Other improvements 458,348 12,598 470,946
Pools 104,418 8,976 113,394
Tennis courts 406,266 17,626 423,892
Clubhouse equipment 110,265 110,265
Golf equipment 60,806 60,806
Buildings 116,568 116,568
r
11.742.07 11.792.242
See accompanying notes to financial statements.
r
-74-
Rate of
Depreciation Allowances for Depreciation
or Additions Net Asset
`
Amortization Balance and Balance Value
(.'ears) Apr.30-1987 Transfers Apr.30-1988 Apr.30-1988
-- $ 8,252,585
10 $ 785,599 $120,334 $ 905,933 297,405
20 129,088 16,977 146,065 193,470
40 47,320 7,694 55,014 254,401
40 83,907 9,691 93,598 297,900
10 202,450 46,465 248,915 222,031
'- 20 44,299 5,445 49,744 63,650
15 132,623 27,672 160,295 263,597
5 105,325 1,053 106,378 3,887
.-� 5 60,085 721 60,806 -
40 7,211 2,914 10,125 106,443
1.597.907 t23 $1.836.873 t 9.955.369
-74-
VILLAGE OF OAK BROOK, ILLINOIS
PENSION TRUST FUNDS
COMBINING BALANCE SHEET
April 30, 1988 and 1987
Policemen's Firefighter's Totals
_ Pension Pension 1988 1987
ASSETS
Cash $ 22,319 $ 23,473 $ 45,792 $ 19,563
Investments 6,267,540 6,563,864 12,831,404 11,548,862
Receivables:
Accrued interest
receivable 90,644 124,107 214,751 213,538
Other 11,357 10,739 22,096 19,575
Due from other funds 23,974 22,836 46,810 65,821
TOTAL ASSETS $L.415.834 6.745.019 $13.160.853 tll.867,3j2
LIABILITIES
Accounts payable $ 7,570 $ 9,846 $ 17,416 $ 15,363
'DOTAL LIABILITIES 7,570 9,846 17,416 15,363
FUND EQUITY
Fund balances:
Reserved for
employees'
retirement 6,359,386 6,095,214 12,454,600 10,190,749
Unreserved-
undesignated 48,878 639,959 688,837 1,661,247
170TAL FUND EQUITY 6,408,264 6,735,173 13,143,437 11,851,996
TOTAL LIABILITIES
AND FUND EQUITY jkZ4aAl2 $13,160,85a tll,867,352
See accompanying notes to financial statements.
-75-
VILLAGE OF OAK BROOK, ILLINOIS
PENSION TRUST FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES,
AND CHANGES IN FUND BALANCES ..
Years Ended April 30, 1988 and 1987
Policemen's Firefighter's Totals
Pension Pension 1988 1987
Operating revenues:
Interest on
investments $ 468,630 $ 459,037 $ 927,667 $ 999,552
Contributions:
Employees 110,697 97,322 208,019 206,546
Village 196,043 189,011 385,054 394,027
Other 100 100 -
306,840 286,333 593,173 600,573
TOTAL OPERATING
REVENUES 775,470 745,370 1,520,840 1,600,125
Operating expenses:
General and
administrative 1,631, 1,724 3,355 3,779
Benefit payments 112,718 113,326 226,044 171,876
TOTAL OPERATING
EXPENSES 114,349 115,050 229,399 175,655
NET INCOME 661,121 630,320 1,291,441 1,424,470
Fund balances at
May 1, 1987 5,747,143 6,104,853 11,851,996 10,427,526
FUND BALANCES
AT APRIL 30, 1988 $6.408.264 $6.735.173 tl3,143,43Z 11.851.996
See accompanying notes to financial statements.
r
-76-
VILLAGE OF OAK BROOK, ILLINOIS
PENSION TRUST FUNDS
COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION
Years Ended April 30, 1988 and 1987
Policemen's Firefighter's Totals
.. Pension Pension 1988 1987
Sources of working
capital—
Operations—
net
.. net income $661,121 $630,320 $1,291,441 $1,424,470
Uses of working
capital—
Net increase in
pension investments 659,250 623,292 1,282,542 1,376,109
NET INCREASE
(DECREASE) IN
WORKING CAPITAL 7,028 $ 8.899 $ 48.361
,. Elements of net increase
(decrease) in working
capital:
'-' Cash $ 15,876 $ 10,353 $ 26,229 $ 18,887
Receivables (3,768) 7,502 3,734 39,645
Due from other
funds (10,837) (8,174) (19,011) 5,192
Accounts payable 600 (2,653) (2,053) (15,363)
NET INCREASE
(DECREASE) IN
WORKING CAPITAL 1 1 7,028 $ 8.899 $ 48.361
See accompanying notes to financial statements.
-77-
r
VILLAGE OF OAK BROOK, ILLINOIS
POLICEMEN'S PENSION FUND
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN
FUND BALANCE--BUDGET AND ACTUAL
Year Ended April 30, 1988
Variance
Actual-- Favorable
GAAP Basis Budget (Unfavorable)
Operating revenues:
Interest on investments $ 468,630 $430,000 $ 38,630
Contributions:
Employees 110,697 130,000 (19,303)
Village 196,043 230,000 (33,957)
Other 100 - 100
306,840 360,000 (53,160)
TOTAL OPERATING REVENUES 775,470 790,000 (14,530)
Operating expenses:
General and administrative 1,631 1,575 (56)
Benefit payments 112,718 113,000 282
TOTAL OPERATING EXPENSES 114,349 114,575 226
NET INCOME 661,121 14 4)
Fund balance at May 1, 1987 5,747,143
FUND BALANCE AT
APRIL 30, 1988 t6,408,264
r
See accompanying notes to financial statements.
i
i
�r
-78- —
VILLAGE OF OAK BROOK, ILLINOIS
FIREFIGHTER'S PENSION FUND
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN
FUND BALANCE--BUDGET AND ACTUAL
Year Ended April 30, 1988
Variance
Actual-- Favorable
GAAP Basis Budget (Unfavorable)
Ope:..rating revenues:
-� Interest on investments $ 459,037 $440,000 $ 19,037
Contributions:
Employees 97,322 97,200 122
Village 189,011 215,000 (25,989)
286,333 312,200 (25,867)
TOTAL OPERATING REVENUES 745,370 752,200 (6,830)
Operating expenses:
General and administrative 1,724 2,125 401
Benefit payments 113,326 100,000 (13,326)
TOTAL OPERATING EXPENSES 115,050 102,125 (12,925)
NET INCOME 630,320 �)
Fund balance at May 1, 1987 6,104,853
FUND BALANCE AT
APRIL 30, 1988 $6.735.173
-- See accompanying notes to financial statements.
-79-
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF GENERAL FIXED ASSETS--BY SOURCES
April 30, 1988 and 1987
1988 1987
-► General fixed assets:
Land $ 281,829 $ 281,829
Buildings and improvements 4,889,375 4,888,475
Furniture and fixtures 271,619 263,667
Roadway improvements 5,131,879 4,177,789
Automotive equipment 1,293,050 1,158,766
Other equipment 1,416,510 1,324,075
Library books 333,899 301,847
TOTAL GENERAL FIXED ASSETS t13,618,1kl t12,396,44a
Investment in general fixed assets from:
Current revenues $11,108,262 $ 9,886,549
Proceeds of indebtedness 1,582,783 1,582,783
Gifts 518,738 518,738
Motor Fuel Tax Fund revenues 246,098 246,098
Federal Revenue Sharing Fund revenues 131,751 131,751
Special Service Area No. 1 Fund revenues 30,529 30,529
TOTAL INVESTMENT IN
GENERAL FIXED ASSETS $13.618.161 tl2,396,448
._ See accompanying notes to financial statements.
-80-
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF GENERAL FIXED ASSETS--BY FUNCTION AND ACTIVITY
April 30, 1988
Buildings Furniture
and amd
Function and Activity Land Improvements Fixtures
General government:
Counsel and legal $ 3,067
Village manager 5,831
Finance and accounting 15,484
Engineering $ 6,580 16,274
Village Hall 273,741 $2,729,384 118,338
TOTAL GENERAL GOVERNMENT 280,321 2,729,384 158,994
Public safety: ...
Police Department 11,426 23,260
Fire Department 1,181,688 39,062
Emergency medical service 813
Inspection bureau 3,171
TOTAL PUBLIC SAFETY 1,193,114 66,306
Public works:
Administrative 5,461
Street maintenance
Street improvements 30,363
Municipal garage 763,695 5,386
TOTAL PUBLIC WORKS 794,058 10,847
Culture and recreation--Library 1,508 172,819 35,472
TOTAL GENERAL FIXED ASSETS 2 13$ 4.889.375
See accompanying notes to financial statements.
-81-
Roadway Automotive Other Library
Improvements Equipment Equipment Books Total
$ 13,854 $ 16,921
$ 16,367 26,344 48,542
108,918 124,402
10,857 56,095 89,806
9,929 11,591 3,142,983
37,153 216,802 3,422,654
371,457 286,957 693,100
$ 47,711 273,005 557,092 2,098,558
154,640 92,036 247,489
17,396 25,532 46,099
._ 47,711 816,498 961,617 3,085,246
41,941 5,568 52,970
397,458 167,232 564,690
5,084,168 3,024 5,117,555
39,034 808,115
5,084,168 439,399 214,858 6,543,330
23,233 $333,899 566,931
1.293,050 tl.416,510 13aa..M 13.618.161
-81-
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS--
BY FUNCTION AND ACTIVITY
April 30, 1988
General General
Fixed Fixed
Assets Assets
May 1 April 30
Function and Activity 1987 Additions Retirements 1988
General government:
Counsel and legal $ 10,361 $ 6,560 $ 16,921
Village manager 46,809 1,733 48,542 '-
Finance and
accounting 123,489 913 124,402
Engineering 87,877 1,929 89,806
Village Hall 3,135,623 7,360 3,142,983
TOTAL GENERAL
GOVERNMENT 3,404,159 18,495 3,422,654
r
Public safety:
Police Department 623,901 69,199 693,100
Fire Department 2,024,952 73,606 2,098,558
Emergency medical
service 242,639 4,850 247,489
Inspection bureau 39,256 6,843 46,099
TOTAL
PUBLIC SAFETY 2,930,748 154,498 3,085,246
Public works:
Administrative 52,250 720 52,970
Street maintenance 460,815 117,875 $14,000 564,690
Street improvements 4,208,157 909,398 5,117,555
Municipal garage 808,115 808,115
TOTAL
PUBLIC WORKS 5,529,337 1,027,993 14,000 6,543,330
Culture and
recreation--
Library 532,204 34,727 566,931
TOTAL GENERAL
FIXED ASSETS t12,396,4LE tl,235,711 IIAQQ_ t13,618,161
See accompanying notes to financial statements.
-82-
-�
Table 1
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL GOVL'itLV!"IENTAL EXPENDITURES BY FUNCTION (1)
Last Ten Fiscal Years
Culture Health
Fiscal General Public Public and Debt and Total
Year Legislative Government Safety Works Recreation Service Welfare Expenditures
1988 $311,918 $895,764 $4,616,312 $2,089,485 $195,341 $987,234 $ - $9,096,054
1987 254,617 911,668 4,450,380 1,384,901 181,778 916,214 - 8,099,558
1986 256,953 724,353 4,047,863 1,051,920 177,265 942,064 - 7,200,418
1985 222,469 726,444 4,032,499 1,378,771 136,526 967,861 - 7,464,570
1984 218,095 999,325 3,460,935 1,229,691 149,736 891,320 - 6,949,102
1983 193,109 878,409 3,396,808 812,987 113,037 912,849 - 6,307,199
1982 650,781 960,601 3,208,328 1,170,176 105,712 884,488 - 6,980,086
1981 126,202 779,972 2,944,083 989,810 131,876 884,485 - 5,856,428
1980 - 824,226 2,538,696 598,430 105,186 854,650 16,595 4,937,783
1979 - 829,778 2,222,086 707,163 100,629 740,930 16,550 4,617,136
Note 1--Includes expenditures of General Fund, Special Revenue Funds,
and Debt Service Fund.
Table 2
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL REVENUES BY SOURCE (1)
Last Ten Fiscal Years
Licenses Fines Interest
Fiscal Property and Service and on
Year Intergovernmental Taxes Permits Charges Penalties Investment Miscellaneous Total
1988 $6,695,200 $627,708 $295,364 $204,889 $189,558 $421,013 $185,943 $8,619,675
1987 6,885,727 598,342 279,693 215,853 146,691 404,114 339,036 8,869,456
1986 5,952,519 570,623 248,343 218,107 162,648 427,195 190,378 7,769,813
01i
1985 5,949,838 691,686 287,217 212,816 204,809 453,655 56,389 7,856,410
1984 5,343,246 602,517 326,633 214,758 205,838 387,418 52,928 7,133,338
1983 4,955,919 352,932 212,984 159,897 139,872 472,537 13,314 6,307,455
1982 4,894,684 518,701 238,017 309,682 155,465 619,703 99,191 6,835,443
1981 4,644,790 673,830 195,474 131,836 109,239 523,492 45,927 6,324,588
1980 4,987,942 444,767 192,044 148,497 88,678 395,543 400,565 6,658,036
1979 3,560,387 740,060 215,235 240,561 103,367 246,731 32,646 5,138,987
Note 1--Includes revenues of General Fund, Special Revenue Funds, and
Debt Service Fund.
1 1 I ) 1 t I I 1 1 1 I 1 ) I 1 I )
Table 3
VILLAGE OF OAK BROOK, ILLINOIS
SPECIAL ASSESSMENT COLLECTIONS (1)
- Last Five Fiscal Years
Ratio of
Current Current Collections Total
Fiscal Assessments Assessments of Amount Outstanding
Year Due Collected Due Assessments
1963 $6,000 $6,063 101.05% $ 5,615
1986 6,000 6,137 102.28 11,615
1965 6,000 6,071 101.18 17,615
1984 6,000 6,061 101.02 23,615
1963 6,000 6,066 101.10 29,615
Noter 1--Special assessments are levied by the Village on properties in
the York Woods subdivision of the Village for street light improve-
ments. There were no special assessments prior to 1983 or subsequent
to 1.'987.
-85-
Table 4
VILLAGE OF OAK BROOK, ILLINOIS
PROPERTY TAX LEVIES AND COLLECTIONS
Last Ten Fiscal Years (1)
Total Tax
Current Collections Outstanding'
Year and Delinquent
Fiscal Abatement Total Tax Write-Offs Taxes as
Year Percent Delinquent and Collections as Percent Outstanding Percent of
Tax Ended Total Current Tax of Levy Tax Forfeiture and of Current Delinquent Current
Year April 30 Tax Levy Collections Collected Collections Write-Offs Write-Offs Levy Taxes Levy
1986(2)(5) 1988 $608,701 $598,279 98.30% $3,053 $1,254 $602,586 99.00% $ 1,052 .17%
1985(2)(4) 1987 621,310 618,592 99.56 1,069 1,880 621,541 100.04 838 .13
1984(2) 1986 568,597 562,842 98.99 3,473 4,924 571,239 100.46 831 .15
1983(2) 1985 591,472 582,336 98.46 4,785 8,431 595,552 100.69 705 .12
1 1982(2) 1984 523,892 519,179 99.10 3,067 1,375 523,621 99.95 271 .05
00rn
1981(3) 1983 277,439 273,157 98.46 1,609 4,800 279,566 100.77 -
1980(2) 1982 518,030 514,912 99.40 3,789 2,967 521,668 100.70 - -
1979(2) 1981 483,900 479,949 99.18 16 1,409 481,374 99.48 2,526 .52
1978 1980 748,498 729,257 97.43 1,132 7,279 737,668 98.55 10,830 1.45
Note 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, collec-
tions are made in the fiscal year two years behind the year of the levy.
Note 2--The 1979, 1980, 1982, 1983, 1984 and 1985 levies were abated by $300,000.
These funds were contributed from excess revenues of the General Fund.
Note 3--The 1981 levy was abated by $600,000. These funds were contributed from
excess revenues of the General Fund.
Note 4--The 1986 levy, collected in the summer of 1987, was $608,701 after a $300,000
abatement to be paid by the General Fund.
Note S--The 1987 levy, to be collected in the summer of 1988, was $654,100 after a
$300,000 abatement to be paid by the General Fund.
1 ! ! 1 1 1 ) 1 1 1 ) 1 ) 1 ! 1
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Table 5
VILLAGE OF OAK BROOK, ILLINOIS
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY (2)
Last Ten Fiscal Years
Ratio of
Total
Personal Assessed/
Real Property Property(1) Total Total
Estimated Estimated Estimated Estimated
_. Fiscal Actual Actual Actual Actual
Year Assessed Value Assessed Value Assessed Value Value
-
1988 $611,665 $1,853,530 $611,665 $1,853,530 33.00%
1987 445,776 1,350,836 445,776 1,350,836 33.00
1986 396,911 1,202,761 396,911 1,202,761 33.00
1985 373,266 1,131,109 373,266 1,131,109 33.00
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
-
Note 1--Personal property tax not assessed as of 1980 due to enactment
of the personal property replacement tax by state statute.
Note 2---Dollar amounts in thousands.
-87-
Table 6
^
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
1988 4.3540 .0949 1.0587 .2341 .9364 1.8906 .1014 .0379
1987 4.6970 .1366 .9572 .2551 1.2297 1.9233 .1423 .0528
^
1986 5.1729 .1566 1.2444 .2450 1.3314 1.9461 .1918 .0576
1985 4.8476 .1524 1.0265 .2424 1.2050 1.9570 .2035 .0608
1984 4.6286 .1704 .9162 .2426 1.1307 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 .9350 .1953 1.7695 1.9910 .2414 .1065
^
Note 1--Includes all county, forest preserve, township and water
commission rates.
Source: Du Page County Clerk's office, Revenue Division.
^
^
^
^
-88-
Table 7
VILLAGE OF OAK BROOK, ILLINOIS
RATIO OF NET GENERAL BONDED DEBT TO ASSESSED VALUE
AND NET BONDED DEBT PER CAPITA
Last Ten Fiscal Years
Ratio of
Net Net
-- Assessed Debt Bonded Bonded
Value Gross Service Net Debt to Debt
Fiscal (in Bonded Monies Bonded Assessed Per
Year Population Thousands) Debt(1) Available Debt Value Capita
1988 8,000(2) $611,665 $ 5,650,000 $510,389 $ 5,139,611 .840% $ 642
1987 8,000(2) 445,776 6,350,000 416,669 5,933,331 1.331 742
1986 8,000(2) 396,911 6,950,000 287,636 6,662,364 1.679 833
1985 7,263(3) 373,266 7,550,000 224,642 7,325,358 1.963 1,009
1984 7,263(3) 347,271 8,150,000 161,147 7,988,853 2.301 1,100
1983 6,641(4) 318,675 8,670,105 120,337 8,549,768 2.683 1,287
1982 6,641(4) 293,897 9,441,158 163,155 9,278,003 3.157 1,397
1981 6,641(4) 257,727 10,078,228 178,051 9,900,177 3.841 1,491
1980 5,281(5) 213,643 10,721,000 (221,744) 10,942,744 5.122 2,072
1979 5,281(5) 214,062 11,402,317 116,239 11,286,078 5.272 2,137
Note 1-•-Includes total gross bonded debt, including all components of
the general long-term debt account group, with the exception of accrued
vacation pay.
Note 2-.-July 1986 annexation of the Oak Brook Club increased population
to approximately 8,000.
Note 3-1983 special census.
Note 4-•-1980 census.
Note 5-•-1975 census.
Note 6---General Obligation Recreation Bonds were issued on September 1,
1977 with the first principal payment due December 1, 1979.
-89-
Table 8
w
VILLAGE OF OAK BROOK, ILLINOIS
COMPUTATION OF LEGAL DEBT MARGIN
April 30, 1988
w
Assessed value 611.665.173
Debt limit 8.625% of assessed value $ 52,756,121
Debt applicable to debt limit--General
Obligation Recreation Bonds 5,650,000
LEGAL DEBT MARGIN 47.106.121
w
w
w
w
w
-90-
Table 9
VILLAGE OF OAK BROOK, ILLINOIS
COMPUTATION OF DIRECT AND OVERLAPPING DEBT
April 30, 1988
Percentage Amount
Applicable to Applicable to
Net Debt Village of Village of
Jurisdiction Outstanding Oak Brook Oak Brook
Village of Oak Brook $ 5,650,000 100.00% $ 5,650,000
Du :Page County 11,660,000 5.49 640,134
Du 'Page Forest Preserve 69,000,000 5.49 3,788,100
Du ;Page Water Commission 150,000,000 5.70 8,543,972
Sanitary districts 2,000,000 24.79 495,800
Junior college district 5,800,000 5.12 296,960
Elementary school districts 8,914,000 11.53 1,027,784
High school districts 21,906,000 10.00 2,190,600
TOTAL t22,633,350
Source: Du Page County Clerk's office.
-91-
Table 10
VILLAGE OF OAK BROOK, ILLINOIS
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL
BONDED DEBT TO TOTAL GENERAL EXPENDITURES
Last Nine Fiscal Years
Ratio of
Total Debt Service
Fiscal Debt Total General to Total
Year Principal Interest Service Expenditures(1) Expenditures
1988 $700,000 $302,400 $1,002,400 $8,092,870 12.39%
1987 600,000 328,200 928,000 7,183,344 12.92
1986 600,000 354,000 954,000 6,258,354 15.24
1985 600,000 379,800 979,800 6,495,726 15.08
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
Note 1--Includes General Fund only.
Note 2--Bonds were issued on September 1, 1977 with the first principal
payment due December 1, 1979.
w
+w
w
w
-92-
Table 11
VILLAGE OF OAK BROOK, ILLINOIS
REVENUE BOND COVERAGE--WATERWORKS SYSTEM BONDS
Last Ten Fiscal Years
Net Revenue
Available
Fiscal Gross for Debt Debt Service Requirements
Year Revenue(1) Expenses(2) Service(3) Principal Interest Total Coverage
1988 $2,778,938 $810,900 $1,968,038 $400,000 $171,575 $571,575 344%
1987 2,574,660 906,055 1,668,605 375,000 191,450 566,450 295
1986 2,581,462 801,823 1,779,639 350,000 209,950 559,950 318
1985 2,621,901 819,550 1,802,351 350,000 228,600 578,600 312
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
Note 1---Represents gross revenue, including operating revenue, interest
on investments, reimbursements and other revenue.
Note 2---Represents operating expenses, excluding depreciation.
Note 3---Represents gross revenue less expenses.
-93-
—
Table 12
VILLAGE OF OAK BROOK, ILLINOIS
DEMOGRAPHIC STATISTICS
Education
Level in
Per Years of
Fiscal Capita Median Formal Unemployment
Year Population Income Age Education Rate
1984(1) 7,263 $22,737 39 14.5 3.14%
1970(2) 4,164 8,997 34 13.3 .07
—
Source 1--1983 Special Census and 1980 Federal Census.
—
Source 2--1970 Federal Census.
-
-
-
-
-
-
-
-
-94- —
Table 13
VILLAGE OF OAK BROOK, ILLINOIS
PROPERTY VALUE, CONSTRUCTION, AND BANK DEPOSITS
Last Ten Calendar Years
Commercial Residential Estimated
Construction Construction Total
Number Number Property
Calendar of Value (in of Value (in Bank Deposits(1) Value (in
Year Units Thousands) Units Thousands) (in Thousands) Thousands)
1987 1 $35,000 100 $36,462 $1,171,352,000 $1,573,724
1986 4 52,985 113 34,263 1,041,202,000 1,350,836
1985 1 1,975 124 28,453 929,645,000 1,202,761
1984 3 15,349 105 25,861 841,308,000 1,131,109
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
Source--•Polling of all banks in Village of Oak Brook. Data for years
prior tc 1980 was not available.
-95-
Table 14
VILLAGE OF OAK BROOK, ILLINOIS
PRINCIPAL TAXPAYERS
April 30, 1988
Percentage of
1987 Total
Assessed Assessed
Taxpayer Type of Business Valuation Valuation
Urban Investment and Oak Brook Shopping
Development Co. Center property $ 21,229,913 3.5%
McDonald's Corporation Office Campus 20,347,650 3.3 _
Oak Brook International
Office Office buildings 12,154,835 2.0
La Salle Partners Commerce Plaza 11,772,901 1.9
McDonald's Corporation Corporate office
headquarters 11,134,700 1.8
Regency Towers Office buildings 10,182,324 1.7
Drake Hotel and offices 9,889,552 1.6
Marshall Field & Co.-Batus
Holdings Retail store 6,839,305 1.1
Manufactures Life Real
Estate Executive towers 6,258,996 1.0
Oak Brook Hyatt House Hotel 6,228,522 1.0
Eastman Kodak Regional headquarters 5,669,246 .9
Marriott Hotel 5,448,569 .9
John Buck Co. Office building 5,223,983 .9
Chicago Bridge and Iron Corporate office 5,053,060 .8
Sears, Roebuck & Co. Retail store 3,816,806 .6
$141.250.362 23.0%
-96-
Table 15
VILLAGE OF OAK BROOK, ILLINOIS
INSURANCE IN EFFECT
Fiscal Year 1987-1988
Name of Company Policy Period Amount of
Type c)f Insurance (Policy Number) From To Coverage Premium
Employees benefit St. Paul Insurance 5-15-88 5-15-89 $ 750,000 $ 258
progrEans liability Company
(GL00606862)
Boiler End machinery Chubb Group of 5-15-88 5-15-89 1,000,000 1,475
insurance Insurance
Companies
(7829-49-77)
Treasurer's bond Kemper Group 4-13-88 4-13-89 100,000 93
_ Insurance Company
(35M-061-900-03)
Volunteer accident Home Insurance 5-15-88 5-15-89 20,000 1,155
insurance Company
(HVF-7-25-85)
_ Host Liquor Continental 11-24-87 11-24-88 1,000,000 2,519
Liability Casualty
(RDD7176568)
Lloyds, London
(BL25507CA)
Note--The Village entered into a contractual agreement with 14 other municipal-
ities 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 1988 was $263,148 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 insur-
ance. 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 $33,250,000 per occurrence for liability
claims and $29,750,000 for property claims. The Agency has contracted the
services of Gallagher Bassett Insurance Service for the claims administration
function. As of April 30, 1988, IRMA members totaled 44 municipalities.
-97-
Table 16
VILLAGE OF OAK BROOK, ILLINOIS
MISCELLANEOUS STATISTICAL DATA
April 30, 1988
Date of incorporation February 21, 1958
Form of government Seven member Board of Trustees,
including President; Village Manager
appointed by Board of Trustees
Area 8.5 square miles _
Miles of streets 53 miles
Number of street lights 445
Fire protection: Number of stations 2
Number of firemen 34
Number of volunteers 20
Police protection: Number of stations 1
Number of policemen
and officers 35
Detention facilities Juvenile 2
Adult 6
Education (elementary
only): Attendance centers 2
Number of teachers 45
Number of students 483
Municipal water
department: Number of customers 4,976
Total water pumped Gallons 1,384,331,000
Average daily
consumption Gallons 3,782,000
Miles of water mains 77
Building permits issued 117
Recreation:
Oak Brook Sports Core--
269 acres including —
Bath and Tennis Club
and 18-hole golf course
Oak Brook Park District--
66 acres including
indoor and outdoor
tennis
Du Page County Forest
Preserve--141 acres
Culture: Number of libraries 1
Number of volumes 35,691
Census data 1960, 324; 1970, 4,164;
1975, 5,281; 1980,
6,641; 1984, 7,263
Employees: 120 full time
248 part time/seasonal
-98-