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CAFR (Year Ended December 31, 1996) i 1 1 � � o o G O f CFCoUNT'� ,``• VILLAGE OF OAK BROOK ILLINOIS COMPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended December 31, 1996 VILLAGE OF OAK BROOK, ILLINOIS COMPREHENSIVE ANNUAL FINANCIAL REPORT YEAR ENDED DECEMBER 31, 1996 Prepared by: Finance Department Darrell J. Langlois IFinance Officer/Treasurer ' INTRODUCTORY SECTION 1 CONTENTS Page INTRODUCTORY SECTION Officers and Officials i Organization Chart ii Letter of Transmittal from the Village Manager iii Letter of Transmittal from the Finance Officer/Treasurer iv - x Certificate of Achievement for Excellence in Financial Reporting xi FINANCIAL SECTION Independent Auditors' Report 1 - 2 General Purpose Financial Statements Combined Balance Sheet - All Fund Types and Account Groups 3 - 6 Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - All Governmental Fund Types 7 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - All Governmental Fund Types 8 - 9 Combined Statement of Revenues, Expenses and Changes in Fund Equity - All Proprietary and Fiduciary (Pension Trust) Fund Types 10 Combined Statement of Cash Flows - All Proprietary Fund Types 11 Notes to the Financial Statements 12 - 43 Combining, Individual Fund and Account Group Financial Statements and Schedules Governmental Fund Types General Fund Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual 44 Schedule of Revenues - Budget and Actual 45 Schedule of Expenditures - Budget and Actual 46-55 Special Revenue Funds Combining Balance Sheet 56 Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual 57-58 CONTENTS Page FINANCIAL SECTION (CONT.) Combining, Individual Fund and Account Group Financial Statements and Schedules (Cont.) Governmental Funds (Cont.) Capital Project Fund - Infrastructure Fund Balance Sheet 59 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual 60 Proprietary Fund Types Enterprise Funds Combining Balance Sheet 61-62 Combining Statement of Revenues, Expenses and Changes in Retained Earnings 63 Combining Statement of Cash Flows 64 Waterworks System Fund i Statement of Revenues, Expenses and Changes in Retained Earnings - Unreserved - Budget and Actual 65 Schedule of Operating Expenses - Budget and Actual 66 Schedule of Changes in Retained Earnings - Reserved - Restricted Accounts 67 Schedule of Property, Plant and Equipment and Accumulated Depreciation 68-69 Sports Core Fund Statement of Revenues, Expenses and Changes in Retained Earnings - Budget and Actual 70 Schedule of Operating Revenues - Budget and Actual 71 Schedule of Operating Expenses - Budget and Actual 72-74 Schedule of Property, Plant and Equipment and Accumulated Depreciation 75-76 Internal Service Funds Combining Balance Sheet 77 Combining Statement of Revenues, Expenses and Changes in Retained Earnings 78 Combining Statement of Cash Flows 79 Self-Insurance Fund Statement of Revenues, Expenses and Changes in Retained Earnings - Budget and Actual 80 CONTENTS Page FINANCIAL SECTION (Cont.) Combining, Individual Fund and Account Group Financial Statements and Schedules (Cont.) Internal Service Funds (Cont.) Garage Fund Statement of Revenues, Expenses and Changes in Retained Earnings - Budget and Actual 81 Capital Replacement Fund Statement of Revenues, Expenses and Changes in Retained Earnings - Budget and Actual 82 Fiduciary Fund Types Trust and Agency Funds Combining Balance Sheet 83 Combining Statement of Revenues, Expenses and Changes in Fund Balances - Pension Trust Funds 84 Statement of Changes in Assets and Liabilities - Deferred Compensation Fund 85 Police Pension Fund Statement of Revenues, Expenses and Changes in Fund Balance - Budget and Actual 86 Firefighters' Pension Fund Statement of Revenues, Expenses and Changes in Fund Balance - Budget and Actual 87 General Fixed Assets Account Group Schedule of General Fixed Assets - By Source 88 Schedule of General Fixed Assets - By Function and Activity 89-90 Schedule of Changes in General Fixed Assets - ' By Function and Activity 91 CONTENTS Page SUPPLEMENTAL INFORMATION Police Pension Fund Revenues by Source and Expenses by Type 92 Analysis of Funding Progress 93 Firefighters' Pension Fund Revenues by Source and Expenses by Type 94 Analysis of Funding Progress 95 Illinois Municipal Retirement Fund Analysis of Funding Progress 96 STATISTICAL SECTION (UNAUDITED) General Governmental Expenditures by Function - Last Ten Fiscal Years 97 General Revenues by Source - Last Ten Fiscal Years 98 Special Assessment Billings and Collections - Last Ten Fiscal Years 99 Property Tax Levies and Collections - Last Ten Fiscal Years 100 Assessed and Estimated Actual Value of Taxable Property - In Thousands - Last Ten Fiscal Years 101 Property Tax Rates - All Direct and Overlapping Governments - Last Ten Years 102 Ratio of Net General Bonded Debt to Equalized Assessed Value and Net General Bonded Debt Per Capita - Last Ten Fiscal Years 103 Computation of Legal Debt Margin 104 Computation of Direct and Overlapping Bonded Debt 105 Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Expenditures - Last Ten Fiscal Years 106 Revenue Bond Coverage - Waterworks System Bonds - Last Ten Fiscal Years 107 Demographic Statistics 108 Property Valluc and Construction - Last Ten Fiscal Years 109 Principal Taxpayers 110 Insurance in Force 111 Miscellaneous Statistics 112 VILLAGE OF OAK BROOK ILLINOIS OFFICERS AND OFFICIALS DECEMBER 31, 1996 President Karen M. Bushy Clerk Linda K. Gonnella Trustees Garry J. Bartecki William E. Kenny Gerald McInerney Barbara A. Payovich Alfred P. Savino Mack H. Shumate, Jr. Village Manager Stephen B. Veitch Finance Officer/Treasurer Darrell J. Langlois VILLAGE OF OAK BROOK ORGANIZATIONAL CHART December, 1996 Citizens of Oak Brook Advisory Boards President and and Commissions Board of Trustees Village Clerk Electrical Commission Board of Fire&Police Commissioners Village Attorney Village Manager Treasurer/Budget Officer Hotel Convention and Visitors Committee Library Commission Plan Commission Safety Pathway Committee Zoning Board of Appeals Information Services Police Pension Board Firefighters'Pension Board 8 Purchasing Financial Pylic Engineering and Fire and Community Sports Services Works Capital Projects Library Police Development Core ii �' ria W M as so dw 1 vPG�OF OAk G y O 9C�COMO'`y 2 VI LLAGE OF OAK BROOK 1200 OAK BROOK ROAD OAK BROOK, ILLINOIS 60521 -2255 March 21, 1997 PHONE: 630 990-3000 FAX: 630 990-0876 ' President and Board of Trustees Village of Oak Brook Oak Brook, IL 60521 President Bushy and Trustees: It is a pleasure to present the Comprehensive Annual Financial Report for the Village of Oak Brook for the fiscal year ended December 31, 1996. This report has been prepared by Finance Officer and Village Treasurer Darrell Langlois and his staff in accordance with all applicable standards of the Government Accounting Standards Board and the Government Finance Officers Association. The Comprehensive Annual Financial Report is a very important and legally essential document for the Village Board and the community. It is even more valuable when viewed in conjunction with the Village's Five-Year Financial Plan. The Annual Report presents a "snapshot"' of the Village's financial condition at a specific point in time; the Five-Year Plan presents a long range continuous view. Taken together, these documents present a complete picture of the present and future financial condition of our Village. The Village's continued financial health is reflected clearly in the Annual Financial Report. This strength is attributable to the Village Board's conservative financial policies, a history of careful financial planning, and rigorous day-to-day management of the Village's financial affairs. Although virtually all of the indicators of financial condition are positive, this situation can change quickly as a result of economic downturns, State and Federal legislation or policy decisions of future Village Boards. Constant vigilance is necessary. Nevertheless, given the information currently available, it appears that the Village has an excellent opportunity to meet the challenges presented in coming years while maintaining a financial condition of which its citizens can be very proud. Sincere , Stephen B. Veitch Village Manager /sv iii ' vpG�OF OgkeAO O N G O 9C�COUN'0,�yy`2 VI LLAGE OF OAK BROOK 1200 OAK BROOK ROAD OAK BROOK, ILLINOIS 60521 -2255 ' PHONE: 630 990-3000 FAX: 630 990-0876 ' March 21, 1997 President and Board of Trustees Village of Oak Brook Oak Brook, Illinois 60521 The Comprehensive Annual Financial Report of the Village of Oak Brook for the year ended December 31, 1996 is submitted herewith. Responsibility for both the accuracy of the information presented and the thoroughness and fairness of the presentation, including all disclosures, rests with the Village. I believe the data, as presented, is accurate in all material respects; that it is presented in a manner designed to fairly set forth the financial position and results of operations of the Village as measured by the financial activity of its various funds; and that all disclosures necessary to enable the reader to gain the maximum understanding of the Village's financial affairs have been included. The Comprehensive Annual Financial Report is presented in three sections: introductory, financial and statistical. The introductory section includes this transmittal letter, the Village's organizational chart and a list of principal officials as of the end of the reporting period. The financial section includes the general purpose financial statements and the combining and individual fund and account group financial statements and schedules, as well as the auditor's report on the financial statements and schedules. The statistical section includes financial and demographic information, which is generally presented on a multi-year basis. All funds and account groups of the Village, as described in the notes to the financial statements, have been included in this Report. The Village provides a full range of services including public safety (police, fire, bureau of inspection, and emergency medical service), public works maintenance, the water utility, engineering and public improvements, planning and zoning, general administration, operations of a free public library, and recreation facilities at the Oak Brook Sports Core, including an 18-hole golf course. The Police Pension Fund and the Firefighters' Pension Fund have been included as blended component units due to the significance of their financial relationships with the Village. However, the Intergovernmental Risk Management 1 Agency and the DuPage Water Commission have not met the established criteria for inclusion in the reporting entity and, accordingly, are excluded from this Report. n ECONOMIC CONDITION AND OUTLOOK The Village of Oak Brook is located about 15 miles west of the Chicago Loop, near the geographic center of the seven-county Chicago metropolitan area. Excellent transportation links are provided to all parts of the greater metropolitan area by a network of tollways and federal and state highways which pass through or near the Village. The Tri-State Tollway, extending along the Village's eastern boundary, provides rapid access to the northern and southern suburbs, and into Wisconsin and Indiana. The East-West Tollway, passing through the Village's northern sector, joins the Eisenhower Expressway to the northeast, providing direct access to Chicago's Loop. Additional links include east-west arteries Illinois Route 38 and U.S. Route 34, which pass, respectively, to the north and south of the Village, and Illinois Route 83, which bisects the community in a north-south direction. The Oak Brook area is generally bounded on the north by the communities of Lombard, Villa Park, Elmhurst and Oakbrook Terrace and on the south by Downers Grove, Westmont, Clarendon Hills and Hinsdale. Oak Brook is a community that has demonstrated an extremely high degree of economic stability. While the Illinois unemployment rate hovers around 5.3%, DuPage County has established an unemployment rate of 3.4%, significantly lower than the norm. Based on current information provided by the Multiple Listing Service of Northern Illinois, the average selling price of completed homes in DuPage County is $207,797. In 1996, the average selling price of homes in Oak Brook was $587,527 and time on the market was approximately 72 days. According to the 1990 Census, over one-third of the households in Oak Brook are two- , person, and over 62% of the occupants of the Village have resided in Oak Brook for over 10 years, indicating a strong level of population stability. Per capita income of Village residents in 1989 was $60,347 and the mean family income was $187,501. The Census also indicates that managerial, professional, and sales occupations are held by 74% of Village residents employed. MAJOR INITIATIVES 1996 The Village completed its 1996 paving program, the Fire Station #2 expansion and remodeling project, replaced all of the doors and windows at the Bath & Tennis Clubhouse, began implementation of Phase I of the Technology Plan, and continued the multi-year project of paving the golf cart paths at the Golf Club. In the Future Included in the 1997 budget is the 1997 paving program, the start of construction of a new Library, reconstruction of the 22"d Street/York Road intersection, replacement of the Yorkshire Woods and Kingston Drive water mains, and completion of Phase I of the Technology Plan. In later years, the Five-Year Financial Plan includes continuation of the annual paving program, a new or remodeled Fire Station #1, replacement of the irrigation system at the Golf Club, and possible expansion of the Golf and Bath & Tennis clubhouses (subject to the sale of surplus property in the Westchester Park area). FINANCIAL INFORMATION 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 Proprietary 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. In developing and evaluating the Village's accounting system, consideration is given to the adequacy of internal accounting controls. Internal accounting controls are designed to provide reasonable, but not absolute, assurance regarding: (1) the safeguarding of assets against loss from unauthorized use or disposition; and (2) the reliability of financial records for preparing financial statements and maintaining accountability for assets. The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the evaluation of costs and benefits requires estimates and judgments by management. ' All internal control evaluations occur within the above framework. We believe that the Village's internal accounting controls adequately safeguard assets and provide reasonable assurance of proper recording of financial transactions. Budgetary control is maintained through a system of monthly revenue and expenditure/expense versus budget accounting reports which' are provided to all Trustees and department heads. All disbursements receive approval of the Board of Trustees. Total expenditures in any fund are legally restricted to the total amount budgeted, which is not changed without supplemental ordinance approval. The budget is monitored at the subfunction level by the encumbrance of estimated purchase amounts prior to the release of purchase orders to vendors. Vi General Governmental Functions Revenues for general governmental functions as reported in the General Fund totaled , $13,851,155 in 1996. Percent of Source Amount Total Intergovernmental $11,908,908 85.98% Licenses and Permits 374,617 2.70 Service Charges 423,139 3.05 Fines and Penalties 211,809 1.54 Interest on Investments 636,200 4.59 Miscellaneous 296.482 2.14 3.8� 100.00 Intergovernmental revenue, primarily the general sales tax, is the major revenue source for the Village, producing 85.98% of current year revenues. The Village has never levied real estate taxes for general governmental functions. , However, the 1995 assessed valuation of real property in the Village was $905,788,216, an increase of $18,197,092, or 2.05% over the prior year. Expenditures for general governmental purposes, grouped by function as required by generally accepted accounting principles, totaled $11,621,558 in the General Fund. Percent of Function Amount Total General Government $ 2,596,032 22.34% Public Safety 6,786,918 58.40 Public Works 1,714,199 14.75 , Culture and Recreation 524,409 4.51 1,6� 100.00 Debt Administration On May 1, 1996 the Village made the final payment on the 1973 Waterworks Revenue Bonds. The Village now is in the enviable position of having no bonded debt outstanding. Consistent with Village Board policy, no new bonded debt is anticipated in the 1997-2001 edition of the Five-Year Financial Plan. �ii Cash Management iIt is the policy of the Village of Oak Brook to invest idle cash and increase investment income by the efficient use of money market accounts, the Illinois Public Treasurer's Investment Pool, and U.S. government securities. At December 31, 1996 the Village's investments, exclusive of the Pension Trust Funds, were distributed as follows: Illinois Public Treasurer's Investment Pool 58.65% U. S. Government Securities 41.35 100.00 For the year ended December 31, 1996 the Village received $1,131,217 in interest income. 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 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 year ended December 31, 1996 was $210,257. In the future Motor Fuel Tax revenue will be used by the Village to help finance street reconstruction and resurfacing projects. Pensions Employees of the Village of Oak Brook participate in one of three pension plans. They are: (1) the Police Pension Fund of the Village of Oak Brook, covering the Village's sworn personnel in the Police Department; (2) the Firefighters' Pension Fund of the Village of Oak Brook, covering the Village's sworn personnel in the Fire Department; and (3) the Illinois Municipal Retirement Fund, which covers all of the remaining Village employees who work in excess of 1,000 hours per year on a regular basis. Illinois Municipal Retirement Fund employees also participate in Social Security. General Fixed Assets The general fixed assets of the Village are those fixed assets used in the performance of general governmental functions. These exclude the fixed assets of the Enterprise Funds. As of December 31, 1996, the general fixed assets of the Village amounted to $7,168,756. 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. The Village does not capitalize infrastructure projects in the General Fixed Asset Account Group. j viii Waterworks System Fund Selected data for the past year is presented in the following tabulation: Water Sales $3,118,559 Water Tap on Charges 108,878 Total Operating Revenues 3,393,279 Total Operating Expenses 3,766,251 Amount Available for Debt Service 583,801 Annual Debt Service 280,500 Coverage (Amount Available for , Debt Service Divided by Annual 2.08 Debt Service) Risk Management The Village of Oak Brook has a risk management program in place. For employee benefits, resources are accumulated in the Self-Insurance Fund in order to fund health and dental insurance claims. Insurance coverage for liability, property damage, and workmen's compensation is maintained through the Intergovernmental Risk Management Agency (IRMA) for all claims greater than $1,000. Various risk control techniques, including employee safety and accident prevention training, have been implemented to minimize accident related losses. Sports Core Fund The 1996 financial statements reflect the sixteenth year of operation of the 18-hole golf course and expanded operations of the Bath and Tennis Club. Operating revenues totaled $2,316,540 and operating expenses, excluding depreciation, totaled $2,590,701. Major department activity is summarized as follows: Revenues Golf $1,501,205 64.80% Bath & Tennis 815,335 35.20 2,316,540 100.00 Operating Expenses Golf Club $1,168,548 40.56% Bath & Tennis Club 1,422,153 49.36 Depreciation 290,496 10.08 8 100.00 ix OTHER INFORMATION ' Statutes require an annual audit to be performed on 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 year ended December 31, 1995. 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. The Village has successfully obtained the Certificate of Achievement for 19 consecutive years. We believe that our current Report conforms to Certificate of Achievement Program requirements, and we are submitting it to GFOA to determine its eligibility for another Certificate. 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. Darrell J. L glois ' Finance Officer/Treasurer 1 . . Certificate of 1 Achievement for Excellence in Financial 1 Reporting ' Presented to Village of Oak Brook, Illinois For its Comprehensive Annual Financial Report for the Fiscal Year Ended ' December 31, 1995 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. OFFjC�9 F` YZ AN RIES N f GIk� d coRroPresidet CMICA60 N `lE , Executive Director Xi r FINANCIAL SECTION 1 1 1 '1 � ' INDEPENDENT AUDITORS' REPORT 1 i 1 � 1 1 1 1 1 1 1 1 FRI EDMAN EISENS'I'EIN 401 North Michigan Avenue 1 FERS RAl,,MER AND SCHWAR'1'Z, LLP I Chicago, Illinois 60611.4240 312.644.6000 rAx 312.644.4423 1 INDEPENDENT AUDITORS' REPORT March 21, 1997 i ' The Honorable Village President Members of the Board of Trustees Village of Oak Brook, Illinois We have audited the general purpose financial statements and the combining, individual fund and ' account group financial statements of the Village of Oak Brook, Illinois, as of and for the year ended December 31, 1996, as listed in the accompanying table of contents. These financial 1 statements are the responsibility of the Village of Oak Brook, Illinois' 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, as of December 31, 1996, and the results of its operations and cash flows of its proprietary fund types 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, as of December 31, 1996, and the results of operations of such funds and cash flows of individual proprietary funds for the year then ended in conformity with generally accepted accounting principles. - 1 - BUSINESS AND PERSONALL CONSIJL'I'AN'l'S/C:ER"I'I1,IED PUBLIC: ACCOUN'T'ANTS A MEMBER OF MOORES ROWLAND INTERNATIONAL 1 FERS 1 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 accompanying financial information listed as supplemental and schedules in the accompanying table of contents is presented for purposes of additional analysis and is not a required part of the general purpose financial statements of the Village of Oak Brook, Illinois. Such information has been subjected to the auditing procedures applied in the audit of the general purpose, combining, individual fund and account group financial statements and, in our opinion, is fairly stated in all material respects, in relation to the general purpose financial statements and each of the combining, individual fund and account groups financial statements taken as a whole. ' The introductory and statistical information listed in the table of contents was not audited by us and, accordingly, we do not express an opinion thereon. 1 1 1 1 i i 1 1 1 1 1 - 2 - ' GENERAL PURPOSE FINANCIAL STATEMENTS 1 1 1 1 VILLAGE OF OAK BROOK, ILLINOIS Combined Balance Sheet ' All Fund Types and Account Groups December 31, 1996 r Governmental Fund Types Special Capital General Revenue Project ASSETS AND OTHER DEBITS ' Assets Cash and Investments $ 12,512,252 929,536 2,183,418 ' Receivables (Net, Where Applicable, of Allowances for Uncollectibles) ' Sales Taxes 3,477,728 Utility Taxes 259,817 State Income Taxes 73,766 Accounts 86,827 Allotments 15,641 Accrued Interest 73,865 3,396 18,397 Other 24,420 Due From Other Funds 694,492 198,154 Inventory 4,986 Restricted Assets Cash and Investments Fixed Assets (Net of Accumulated Depreciation) Other Assets Water Purchase Rights Other Debits Amounts to be Provided for Retirement of General Long-Term Debt Total Assets and Other Debits 16,923,916 972,993 2,659,786 See accompanying Notes to the Financial Statements. - 3 - ' Fiduciary Account Groups Proprietary Fund Types Fund Types General General Totals Internal Trust and Fixed Long-Term (Memorandum Enterprise Service Agency Assets Debt Only) 4,685,940`' 1,939,567,/ 33,256,282 55,506,995 3,477,728 259,817 J 73,766 373,480 223 460,530 15,641 32,754 17,108 334,511 480,031 38,364 62,784 892,646 101,485 l 40,554 .,/ 147,025 33,394 33,394 21,649,650 1,490,653 7,168,756 30,309,059 1,959,965 1,959,965 58,711 58,711 28,875,032 3,488,105 33,590,793 7,168,756 58,711 93,738,092 ' (Cont.) - 4 - VILLAGE OF OAK BROOK, ILLINOIS Combined Balance Sheet All Fund Types and Account Groups (Cont.) December 31, 1996 Governmental Fund Types Special Capital General Revenue Project LIABILITIES AND EQUITY AND OTHER CREDITS Liabilities Accounts Payable $ 235,928 26,335 111,929 Accrued Payroll and Vacation 677,818 Claims Payable Deposits Payable 345,708 16,000 Due to Other Funds 180,001 18,153 Deferred Compensation Payable Notes Payable Total Liabilities 1,439,455 44,488 127,929 Equity and Other Credits Investment in General Fixed Assets Contributed Capital Retained Earnings ' Reserved - Golf Surcharge Unreserved Fund Balances Reserved for Inventory 4,986 Reserved for Employee Retirement Unreserved 15,479,475 928,505 2,531,857 Total Equity and Other Credits 15,484,461 928,505 2,531,857 Total Liabilities and Equity and Other Credits 16,923,916 972,993 2,659,786 See accompanying Notes to the Financial Statements. - 5 - Fiduciary Account Groups Proprietary Fund Types Fund Types General General Totals Internal Trust and Fixed Long-Term (Memorandum Enterprise Service Agency Assets Debt Only) 288,598 19,183 8,600 690,573 80,735 5,556 58,711 822,820 r109,597 109,597 16,723 378,431 624,955 4,742 64,795 892,646 3,452,350 3,452,350 204,743 204,743 1,215,754 139,078 3,525,745 - 58,711 6,551,160 7,168,756 7,168,756 11,025,590 11,025,590 33,394 33,394 16,600,294 3,349,027 19,949,321 4,986 30,065,048 30,065,048 18,939,837 27,659,278 3,349,027 30,065,048 7,168,756 - 87,186,932 28,875,032 3,488,105 33,590,793 7,168,756 58,711 93,738,092 VILLAGE OF OAK BROOK, ILLINOIS Combined Statement of Revenues, Expenditures and Changes in Fund Balances- All Governmental Fund Types Year Ended December 31, 1996 Totals Special Capital (Memorandum General Revenue Project Only) Revenues Intergovernmental $ 11,908,908 210,257 30,594 12,149,759 Utility Taxes 1,956,984 1,956,984 Hotel/Motel Taxes 290,198 290,198 Licenses and Permits 374,617 374,617 Service Charges 423,139 423,139 Fines and Penalties 211,809 211,809 / Interest on Investments 636,200 48,215 100,237 784,652✓ Miscellaneous 296,482 - - 296,482 Total Revenues 13,851,155 548,670 2,087,815 16,487,640 Expenditures Current General Government 2,596,032 2,596,032 Public Safety 6,786,918 6,786,918 Public Works 1,714,199 1,383,707 3,097,906 Culture and Recreation 524,409 202,411 726,820 Total Expenditures 11,621,558 202,411 1,383,707 13,207,676 Excess of Revenues Over Expenditures 2,229,597 346,259 704,108 3,279,964 Other Financing Sources (Uses) Operating Transfers In 233,000 363,054 596,054 Operating Transfers (Out) (363,054) (363,054) 233,000 (363,054) 363,054 233,000 Excess of Revenues and Other Financing Sources Over Expenditures and Other Financing (Uses) 2,462,597 (16,795) 1,067,162 3,512,964 Fund Balances Beginning, as Restated 13,782,094 945,300 1,464,695 16,192,089 Residual Equity Transfers In (Out) (760,230) (760,230) Ending 15,484,461 928,505 2,531,857 18,944,823 See accompanying Notes to the Financial Statements. _ 7 _ i VILLAGE OF OAK BROOK, ILLINOIS Combined Statement of Revenues, Expenditures and Changes in Fund Balances- Budget and Actual ' All Governmental Fund Types Year Ended December 31, 19% General Budget Actual Variances Revenues Intergovernmental $ 11,978,125 11,908,908 (69,217) Utility Taxes Hotel/Motel Taxes Licenses and Permits 414,550 374,617 (39,933) Service Charges 350,490 423,139 72,649 Fines and Penalties 220,000 211,809 (8,191) Interest on Investments 483,000 636,200 153,200 Miscellaneous 328,770 296,482 (32,288) Total Revenues 13,774,935 13,851,155 76,220 ' Expenditures Current General Government 3,325,720 2,596,032 729,688 Public Safety 7,087,225 6,786,918 300,307 Public Works 1,973,435 1,714,199 259,236 Culture and Recreation 554,670 524,409 30,261 Total Expenditures 12,941,050 11,621,558 1,319,492 Excess (Deficiency) of Revenues over Expenditures 833,885 2,229,597 1,395,712 Other Financing Sources (Uses) Operating Transfers In 233,000 233,000 Operating Transfers (Out) 233,000 233,000 - Excess (Deficiency) of Revenues and Other Financing Sources over Expenditures and Other Financing (Uses) 1,066,885 2,462,597 1,395,712 Fund Balances Beginning, as Restated 13,782,094 Residual Equity Transfers In (Out) (760,230) Ending 15,484,461 See accompanying Notes to the Financial Statements. - 8 - - 6 - LS8`i£S`Z SOS`8Z6 r 969`b9b`1 0009b6 ZiS`ZLZ`i Z91`L90`I (05£`SOZ) S£Z`Sbb (.96L'9 1) (0£0`Z917) (9b6`98Z) bS0`£9£ 000`OS9 9b6`98Z (bS0`£9£) (000,Ogg) 9b6`98Z (bS0`£9£) (000`OS9) (9b6`98Z) bS0`£9£ 000`OS9 8Sb`6SS`1 801`bOL (OS£`SS8) 68Z`891 6SZ`9b£ 01-6`L81 £bZ`919`I LOL`£8£`i 096`666`Z 6L9`S1I iIv'ZOZ 060`81£ 6L9`9ii iib`ZOZ 060`81£ £bZ`9i9`I LOL`£8£`I 096`666`Z (S8L`9S) SI8L80Z 009`bbi`Z 019`Zb OL9`8bS 090`905 ZI6`Zb L£Z`OOI SZ£`LS Sb9`£Z 5IZ`8b OLS`bZ r 80L`8Z 861`06Z 0617`19Z b86`Z9 b86`996`1 000`b68`1 (189`Z9i) b69`0£ 9LZ`£6i (£bL`6) LSZ`OiZ 000`OZZ MUVn MA 19MOV 328png manusA IRMOV 1a2png 130 foid igideZ) anaanag igloodS r 1 r VILLAGE OF OAK BROOK, ILLINOIS Combined Statement of Revenues, Expenses and Changes in Fund Equity All Proprietary and Fiduciary (Pension Trust) Fund Types Year Ended December 31, 1996 Fiduciary Proprietary Fund Types Fund Type Totals Internal Pension (Memorandum Enterprise Service Trust Only) Operating Revenues Charges for Services $ 5,666,794 1,489,190 7,155,984 Contributions 628,675 628,675 Interest on Investments 7.183,849 2,183,849 Miscellaneous 43,025 43,025 Total Operating Revenues 5,709,819 1,489,190 2,812,524 10,011,533 Operating Expenses General and Administrative 115,536 115,536 Operation 5,926,441 290,263 6,216,704 Claims and Insurance 874,824 874,824 Depreciation and Amortization 721,007 214,186 935,193 Pension Benefits and Refunds 809,013 809,013 Total Operating Expenses 6,647,448 1,379,273 924,549 8,951,270 Operating Income (Loss) (937,629) 109,917 1,887,975 1,060,263 Nonoperating Revenues (Expenses) Du Page Water Commission Rebates 507,475 507,475 Golf Surcharge 64,515 / 64,515 Interest on Investments 235,605 110,960✓ 346,565 Other Income 26,270 44,392 70,662 Interest Expense (26,181) (26,181) Fiscal Agent Fees (135) (135) 807,549 155,352 - 962,901 Income (Loss) before Operating Transfers (130,080) 265,269 1,887,975 2,023,164 Operating Transfers (Out) (215,600) (17,400) (233,000) Net Income (Loss) (345,680) 247,869 1,887,975 1,790,164 Fund Equity Beginning, as Restated 16,219,138 3,101,158 28,177,073 47,497,369 Residual Equity Transfers In 760,230 760,230 Ending 16,633,688 3,349,027 30,065,048 50,047,763 See accompanying Notes to the Financial Statements. - 10 - VILLAGE OF OAK BROOK, ILLINOIS Combined Statement of Cash Flows- All Proprietary Fund Types Year Ended December 31, 1996 Totals Internal (Memorandum Enterprise Service Only) Cash Flows from Operating Activities Operating Income (Loss) $ (937,629) 109,917 (827,712) Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided by Operating Activities Depreciation and Amortization 721,007 214,186 935,193 Other Nonoperating Revenue 598,260 44,392 642,652 Changes to Assets and Liabilities Current Assets 4,638 (6,690) (2,052) Water Purchase Rights 225,615 225,615 Current Liabilities (383,146) 69,798 (313,348) 228,745 431,603 660,348 Cash Flows from Noncapital Financing Activities Operating Transfers (Out) (215,600) (17,400) (233,000) Residual Equity Transfers In 760,230 760,230 544,630 (17,400) 527,230 Cash Flows from Capital and Related Financing Activities Acquisition of Capital Assets (377,713) (612,004) (989,717) Principal Paid on Revenue Bonds (275,000) (275,000) Interest Paid on Revenue Bonds (5,500) (5,500) Proceeds From Notes Payable 254,090 254,090 Principal Paid on Notes Payable (355,310) (355,310) Interest Paid on Notes Payable (20,681) (20,681) Fiscal Agents' Fees Paid (135) (135) (780,249) (612,004) (1,392,253) Cash Flows from Investing Activities Investment Purchases (790,820) (546,072) (1,336,892) Investment Maturities 200,000 300,000 500,000 Interest Received on Investments 227,012 107,523 334,535 (363,808) (138,549) (502,357) Net Increase (Decrease) in Cash and Cash Equivalents (370,682) (336,350) (707,032) Cash and Cash Equivalents Beginning 3,063,207 1,217,285 4,280,492 Ending 2,692,525 880,935 3,573,460 Cash and Investments Cash and Cash Equivalents 2,692,525 880,935 3,573,460 Investments 2,026,809 1,058,632 3,085,441 4,719,334 1,939,567 6,658,901 See accompanying Notes to the Financial Statements. _ 11 - VILLAGE OF OAK BROOK, ILLINOIS Notes to the Financial Statements j December 31, 1996 1. Summary of Significant Accounting Policies The financial statements of the Village of Oak Brook, Illinois (Village), have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard- setting body for establishing governmental accounting and financial reporting principles. The more significant of the Village's accounting policies are described below. A. Reporting Entity The Village is a municipal corporation governed by an elected board. As required by generally accepted accounting principles, these financial statements present the Village (the primary government) and its component units. In evaluating how to define the reporting entity, management has considered all potential component units. The decision to include a potential component unit in the reporting entity was made based upon the significance of their operational or financial relationships with the primary government. Blended Component Units Police Pension Employees Retirement System The Village's sworn police employees participate in the Police Pension Employees Retirement System (PPERS). PPERS functions for the benefit of those employees and is governed by a five-member pension board. Two members appointed by the Village's President, one elected pension beneficiary and two elected police officers constitute the pension board. The Village is obligated to fund all PPERS costs based upon actuarial valuations. The State of Illinois is authorized to establish benefit levels and the Village is authorized to approve the actuarial assumptions used in the determination of contribution levels. Although it is legally separate from the Village, the PPERS is reported as if it were part of the primary government because its sole purpose is to provide retirement benefits for the Village's sworn police officers. The PPERS is reported as a pension trust fund. - 12 - VILLAGE OF OAK BROOK, ILLINOIS Notes to the Financial Statements December 31, 1996 1. Summary of Significant Accounting Policies (Cont.) A. Reporting Entity (Cont.) Firefighters' Pension Employees Retirement System The Village's sworn firefighters participate in the Firefighters' Pension Employees Retirement System (FPERS). FPERS functions for the benefit of those employees and is governed by a nine-member pension board. The Village's President, Treasurer, Clerk, Attorney and Fire Chief, one elected pension beneficiary and three elected firefighters constitute the pension board. The Village is obligated to fund all FPERS costs based upon actuarial valuations. The State of Illinois is authorized to establish benefit levels and the Village is authorized to approve the actuarial assumptions used in the determination of contribution levels. Although it is legally separate from the Village, the FPERS is reported as if it were part of the primary government because its sole purpose is to provide retirement benefits for the Village's sworn firefighters. The HERS is reported as a pension trust fund. B. Fund Accounting The Village uses funds and account groups to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain government functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. An account group, on the other hand, is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect net expendable available financial resources. Funds are classified into the following categories: governmental, proprietary and fiduciary. Each category, in turn, is divided into separate "fund types." Governmental funds are used to account for substantially all of a Village's general activities, including the collection and disbursement of earmarked monies (special revenue funds), the acquisition or construction of general fixed assets and infrastructure (capital projects funds), and the servicing of general long-term debt (debt service funds). The general fund is used to account for all activities of the general government not accounted for in some other fund. - 13 - VILLAGE OF OAK BROOK, ILLINOIS Notes to the Financial Statements December 31, 1996 1. Summary of Significant Accounting Policies (Cont.) B. Fund Accounting (Cont.) Proprietary funds are used to account for activities similar to those found in the private sector, where the determination of net income is necessary or useful to sound financial administration. Goods or services from such activities can be provided either to outside parties (enterprise funds) or to other departments or agencies primarily within the Village (internal service funds). Fiduciary funds are used to account for assets held on behalf of outside parties, including other governments, or on behalf of other funds within the Village. When these assets are held under the terms of a formal trust agreement, a pension trust fund is used. Agency funds generally are used to account for assets that the Village holds on behalf of others as their agent. C. Basis of Accounting The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. All proprietary funds and pension trust funds are accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and all liabilities associated with the operation of these funds are included on the balance sheet. Proprietary fund-type fund equity (i.e., net total assets) is segregated into contributed capital and retained earnings components. Proprietary fund-type operating statements present increases (i.e., revenues) and decreases (i.e., expenses) in net total assets. The Village's proprietary funds apply all applicable Govermental Accounting Standards Board (GASB) pronouncements as well as relevant Financial Accounting Standards Board (FASB) pronouncements issued on or before November 30, 1989, unless those pronouncements conflict or contradict GASB pronouncements, in which case, GASB ' prevails. - 14 - r rVILLAGE OF OAK BROOK, ILLINOIS Notes to the Financial Statements December 31, 1996 1. Summary of Significant Accounting Policies (Cont.) C. Basis of Accounting (Cont.) The modified accrual basis of accounting is used by all governmental fund types and agency funds. Under the modified accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). "Measurable" means the amount of the transaction can be determined and "available" means collectible within the current period. The Village recognizes property taxes when they become both measurable and available in accordance with GASB Codification Section P70. A one-year availability period is used for revenue recognition for all other governmental fund revenues. Expenditures are recorded 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 year. Those revenues susceptible to accrual are property taxes, franchise taxes, licenses, interest revenue, and charges for services. Sales, income, and motor fuel taxes collected and held by the state at year end on behalf of the Village also are recognized as revenue. Fines and permits revenues are not susceptible to accrual because generally they are not measurable until received in cash. The accrual basis of accounting is utilized by proprietary fund types and pension trust funds. Under this method, revenues are recorded when earned and expenses are recorded at the time liabilities are incurred. D. Budgets Budgets are adopted on a basis consistent with generally accepted accounting principles. Budgets are adopted for the General, Special Revenue, Debt Service, Capital Projects, Enterprise, Internal Service and Pension Trust funds. All annual budgetary appropriations lapse at fiscal year end. Encumbrances represent commitments related to unperformed contracts for goods or services. Encumbrance accounting--under which purchase orders, contracts and other commitments for the expenditure of resources are recorded to reserve that portion of the applicable appropriation--is utilized in the governmental funds. Material encumbrances outstanding at year end, if any, are reported as reservations of fund balances and do not constitute expenditures or liabilities because the commitments will be honored during the subsequent year. - 15 - VILLAGE OF OAK BROOK, ILLINOIS Notes to the Financial Statements December 31, 1996 1. Summary of Significant Accounting Policies (Cont.) E. Cash and Investments Cash and Cash Equivalents For purposes of the statement of cash flows, the Village's proprietary fund types consider all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Investments Investments are stated at cost or amortized cost, subject to adjustment for market declines judged to be other than temporary (lower of cost or market), except for investments in the deferred compensation agency fund and insurance contracts in the pension trust funds which are reported at market value. F. Short-term Interfund Receivables/Payables Duringthe course of operations, numerous transactions occur between individual funds P for goods provided or services rendered. These receivables and payables are classified as "due from other funds" or "due to other funds" on the balance sheet. Short-term interfund loans, if any, are classified as "interfund receivables/payables." G. Advances to Other Funds r Noncurrent portions of long-term interfund loan receivables, if any, are reported as advances and are offset equally by a fund balance reserve account which indicates that they do not constitute expendable available financial resources and therefore are not available for appropriation. H. Inventory Inventory is valued at cost (first-in, first-out) which approximates market. Inventory in the General Fund and Garage Fund consists of expendable supplies held for consumption; inventory in the Sports Core Fund consists of inventory held in the pro shop for resale. The cost is recorded as an expenditure at the time individual inventory items are utilized or sold. Reported General Fund inventories are equally offset by a fund balance reserve which indicates that they do not constitute "available spending r resources even though they are a component of net current assets. - 16 - VILLAGE OF OAK BROOK, ILLINOIS Notes to the Financial Statements December 31, 1996 1. Summary of Significant Accounting Policies (Cont.) I. Fixed Assets General fixed assets are not capitalized in the funds used to acquire or construct them. Instead, capital acquisition and construction are reflected as expenditures in governmental funds, and the related assets are reported in the general fixed assets account group. All purchased fixed assets are valued at cost where historical records are available and at estimated historical cost where no historical records exist. Donated fixed assets are valued at their estimated fair market value on the date received. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized. Improvements are capitalized and depreciated over the remaining useful lives of the related fixed assets, as applicable. Public domain ("infrastructure") general fixed assets consisting of roads, bridges, curbs and gutters, streets and sidewalks, drainage systems and lighting systems are not capitalized, as these assets are immovable and of value only to the Village. Assets in the general fixed assets account group are not depreciated. Depreciation of buildings, equipment, water systems, and vehicles in the proprietary fund types is computed using the straight-line method. Interest is capitalized on proprietary fund assets acquired with tax-exempt debt. The amount of interest to be capitalized, if any, is calculated by offsetting interest expense incurred from the date of the borrowing until completion of the project with interest earned on invested proceeds over the same period. J. Restricted Assets Certainroceeds of enterprise fund revenue bonds, as well as certain resources set P rP aside for their repayment, are classified as restricted assets on the balance sheet because their use is limited by applicable bond covenants. r - 17 - VILLAGE OF OAK BROOK, ILLINOIS Notes to the Financial Statements December 31, 1996 1. Summary of Significant Accounting Policies (Cont.) K Intangibler h Assets - Water Purchase ase Rtghts The Village is a customer of the Du Page Water Commission, and has executed a Water Supply Contract with the Commission for a term ending in 2024. The Contract provides that the government pay its proportionate share of "fixed costs" (debt service and capital costs) to the Commission, such obligation being unconditional and irrevocable whether or not water is ever delivered. These costs were capitalized until the Commission began to deliver water, and are amortized, using the straight-line method over the remaining term of the contract, and expensed along with the other "operation and maintenance" charges from the Commission. L. Compensated Absences Vested or accumulated vacation leave that is expected to be liquidated with expendable available financial resources is reported as an expenditure and a fund liability of the governmental fund that will pay it. Amounts of vested or accumulated vacation leave that are not expected to be liquidated with expendable available financial resources are reported in the general long-term debt account group. No expenditure is reported for these amounts. Vested or accumulated vacation leave of proprietary funds is recorded as an expense and liability of those funds as the benefits accrue to employees. In accordance with the provisions of GASB Statement No. 16, Accounting for Compensated Absences, no liability is recorded for nonvesting accumulating rights to receive sick pay benefits. However, a liability is recognized for that portion of accumulating sick leave benefits that it is estimated will be taken as termination benefit at retirement. M. Long-Term Obligations Long-term debt is recognized as a liability of a governmental fund when due, or when resources have been accumulated in the debt service fund for payment early in the following year. For other long-term obligations, only that portion expected to be financed from expendable available financial resources is reported as a fund liability of a governmental fund. The remaining portion of such obligations is reported in the , general long-term debt account group. Long-term liabilities expected to be financed from proprietary fund operations are accounted for in those funds. - 18 - VELLAGE OF OAK BROOK, ELLINOIS ' Notes to the Financial Statements December 31, 1996 1. Summary of Significant Accounting Policies (Cont.) N. Fund Equity Contributed capital is recorded in proprietary funds that have received capital grants or contributions from developers, customers, or other funds. Reserves represent those portions of fund equity not appropriable for expenditure or legally segregated for a specific future use. Retained Earnings - Reserved - Restricted Accounts represents amounts required to be segregated by bond ordinance provisions. Designated fund balances, if any, represent tentative plans for future use of financial resources. O. Bond Discounts/Issuance Costs In governmental fund types, bond discounts and issuance costs are recognized in the current period. Bond discounts and issuance costs for proprietary fund types are deferred and amortized over the term of the bonds using the bonds-outstanding method, which approximates the effective interest method. Bond discounts are presented as a reduction of the face amount of bonds payable whereas issuance costs are recorded as deferred charges. P. Interfund Transactions ' Quasi-external transactions are accounted for as revenues, expenditures, or expenses. Transactions that constitute reimbursements to a fund for expenditures/expenses initially made from it that are properly applicable to another fund, are recorded as expenditures/ expenses in the reimbursing fund and as reductions of expenditures/ expenses in the fund that is reimbursed. All other interfund transactions, except t quasi-external transactions and reimbursements are reported as transfers. Nonrecurring or nonroutine permanent transfers of equity are reported as residual equity transfers. All other interfund transfers are reported as operating transfers. Q. Memorandum Only - Total Columns ' Total columns on the general purpose financial statements are captioned "memorandum only" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position, results of operations, or cash flows in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. - 19 - VILLAGE OF OAK BROOK, ILLINOIS Notes to the Financial Statements December 31, 1996 2. Legal Compliance and Accountability A. Budgets The Village Manager submits to the Board of Trustees the proposed operating budget for the fiscal year. The Village Manager's budget includes proposed expenditures and the means of financing them. Public Hearings are conducted to obtain citizen comments on the Village Manager's proposed budget. The budget is legally enacted through passage of an ordinance. The Village Manager and Budget Officer are authorized to transfer budgeted amounts between line items within any program; however, any revisions that alter the total expenditures of a program of any fund must be approved by the Board of Trustees. During the year, supplementary appropriations were made. Expenditures may not legally exceed budgeted appropriations at the fund level as established by State Statute. B. Deficit Fund Balances/Retained Earnings of Individual Funds , The following fund had a deficit in fund balance/retained earnings as of the date of this report: Fund Deficit Balance Enterprise - Sports Core $705,699 This deficit is due primarily to depreciation expense. The deficit is expected to be eliminated in the course of future operations of the Sports Core. C. Excess of Actual Expenditures/Expenses over Bud ct in Individual Fund or Activity No fund or activity had an excess of actual expenditures/expenses (exclusive of , depreciation and amortization) over budget for the fiscal year. r - 20 - iVILLAGE OF OAK BROOK, ELLWOIS Notes to the Financial Statements December 31, 1996 3. Deposits and Investments The Village maintains separate cash accounts for each fund and an investment pool that is available for use by all funds, except the pension trust funds. Each fund type's cash accounts and their portion of this investment pool are displayed on the combined balance sheet as "cash and investments." The deposits and investments of the pension trust funds are held separately from those of other funds. Permitted Deposits and Investments - Statutes authorize the Village to make de osits/invest in P g P commercial banks, savings and loan institutions, obligations of the U.S. Treasury and U.S. Agencies, obligations of States and their political subdivisions, credit union shares, repurchase agreements, commercial paper rated within the three highest classifications by at least two standard rating services, and the Illinois Public Treasurer's Investment Pool. Pension funds may also invest in certain non-U.S. obligations, mortgages, veteran's loans, and life insurance company contracts. A. Deposits At year-end the carrying amount of the Village's deposits totaled $1,371,571, and the bank balances totaled $1,750,888. Bank Balances Category 1 Deposits covered by Federal depository insurance, or by collateral held by the government, or its agent, in the government's name. $ 1,750,888 ' Category 2 Deposits covered by collateral held by the pledging financial institution's trust department, or by its agent, in the government's name. - Category 3 Deposits covered by collateral held by the pledging financial institution, or its trust department, or its agent but not in the government's name, and deposits which are uninsured and uncollateralized. - Total Deposits 1,750,888 rFor pension trust funds the types of deposits authorized and the mix of credit risk categories do not differ significantly from the other funds of the Village. - 21 - VILLAGE OF OAK BROOK, ILLINOIS Notes to the Financial Statements December 31, 1996 3. Deposits and Investments (Cont.) B. Investments The Village's investments are categorized to give an indication of the level of risk assumed by the entity at year-end. Category 1 includes investments that are insured or registered or for which the securities are held by the Village or its agent in the Village's name. Category 2 includes uninsured and unregistered investments for which the securities are held by the counterparty's trust department or agent in the Village's name. Category 3 includes uninsured and unregistered investments for which the securities are held by the counterparty, or by its trust department or agent but not in the Village's name, and uninsured, unregistered and uncollateralized investments. Carrying Amount Category Market 1 2 3 Totals Value U.S. Government Securities $ 17,209,301 11,718,542 28,927,843 29,398,218 G.N.M.A.'s 1,743,465 1,743,465 1,845,062 U.S. Goverment Agencies 3,405,790 3,405,790 3,378,979 22,358,556 - 11,718,542 34,077,098 34,622,259 *Deferred Compensation Plan Assets 3,452,350 3,452,350 *Illinois Public Treasurer's Investment Pool 12,847,927 12,847,927 *Insurance Contracts 3,791,443 3,791,443 , Total Investments 54,168,818 54,713,979 * (Not subject to risk categorization) The pension trust funds own 60 percent of the investments in Category 1 and 100 percent of the investments in Category 3. - 22 - VILLAGE OF OAK BROOK, ILLINOIS Notes to the Financial Statements December 31, 1996 4. Fixed Assets A. General Fixed Assets Account Group The following is a summary of changes in the general fixed assets account group during the fiscal year: January 1 Balances As Restated Additions Retirements December 31 Land $ 616,829 616,829 Buildings and Improvements 3,910,085 315,368 4,225,453 Other Equipment 1,005,579 202,502 14,510 1,193,571 Computer Equipment 319,968 121,051 441,019 Library Books 635,378 56,506 691,884 Totals 6,487,839 695,427 14,510 7,168,756 B. Proprietary Fixed Assets The following is a summary of proprietary fund-type fixed assets as of the date of this report: Enterprise ' Waterworks Sports System Core Land and Improvements $ 215,800 10,139,963 Buildings and Improvements 959,151 2,859,020 Equipment 606,393 836,576 Waterworks System 14,687,493 Total 16,468,837 13,835,559 Less: Accumulated Depreciation 5,885,883 2,768,863 10,582,954 11,066,696 - 23 - VILLAGE OF OAK BROOK, ILLINOIS Notes to the Financial Statements December 31, 1996 4. Fixed Assets (Cont.) B. Proprietary Fixed Assets (Cont.) Internal Service Capital Garage Replacement Automotive Equipment $ 2,886,510 Equipment 112,602 Total 112,602 2,886,510 Less: Accumulated Depreciation 59,059 1,449,400 53,543 1,437,110 In proprietary funds, the following estimated useful lives are used to compute depreciation: Automotive Equipment 2-20 years Buildings and Improvements 40 years Equipment 5-10 years Waterworks System 10-40 years C. Construction Contracts The Village has entered into contracts for the construction or renovation of various ' facilities as follows: Required Project Expended Further Authorization To Date Commitment Financing 1996 Paving Project $621,764 $576,688 $45,076 None - 24 - r VII.LAGE OF OAK BROOK, ILLINOIS Notes to the Financial Statements December 31, 1996 5. Risk Management rA. Self-Insurance Program The Village is exposed to various risks of loss related to Village employees, their dependents, and retirees for medical and dental claims. These risks are provided for through a limited self-insurance program. The Village is self-insured for the first $25,000 per individual for medical claims up to a maximum limit of $669,145 for all individuals. Commercial insurance is carried for amounts in excess of the self-insured amounts. The Village is entirely self-insured for dental claims up to the annual benefit limit of $1,000 per individual. The Village's self-insurance activities are reported in the Self-Insurance - Internal Service Fund. There have been no significant changes in coverage from the prior year and settlements have not exceeded coverage in any of the prior three years. Premiums are paid into the Self-Insurance Fund by the departments of the General Fund and other funds based upon equivalent premium estimates. Liabilities are reported when it is probable that a loss has occurred and the amount of the loss can be reasonably estimated. Reported liabilities are estimated based on historical cost information and include an amount for claims that have been incurred but not reported. The total claim liability at year-end was $109,597. rA reconciliation of medical and dental claims liability for the current year and that of the preceding year is as follows: r1996 1995 Unpaid Claims Liability - Beginning of Year $ 55,632 $ 55,455 Claims Incurred - Current Year 590,934 448,533 Claims Paid - Current Year (536,969) (448,356) Unpaid Claims Liability - End of Year 109,597 55,632 ' B. Intergovernmental Risk Management Agency (IRMA) The Village participates in the Intergovernmental Risk Management Agency (IRMA). IRMA is an insurance pool whose members are Illinois municipalities. IRMA manages and funds first party property losses, third party liability claims, workers' compensation claims and public officials liability claims of its member municipalities. The Village's payments to IRMA are displayed on the financial statements as expenditures/expenses in appropriate funds. - 25 - r VILLAGE OF OAK BROOK, ILLINOIS Notes to the Financial Statements December 31, 1996 r 5. Risk Management (Cont.) B. Intergovernmental Risk Management Agency (IRMA) (Cont.) r Each member assumes the first $1,000 of each occurrence, and IRMA has self- insurance retentions at various amounts above that level. There have been no significant changes from the prior year and settlements have not exceeded coverage in any of the prior three years. Management consists of a Board of Directors comprised of one appointed representative from each member. In addition, there are two officers, a Risk Manager and a Treasurer. The Village does not exercise any control over the activities of the Agency beyond its representation on the Board of Directors. Initial contributions are determined in advance of each membership year based on the individual member's eligible revenue as defined in the by-laws of IRMA and assessment factors based on past member experience and the funding need for the membership year. The Board of Directors may require that supplemental contributions be made by members to ensure adequate funds are available to meet the obligations applicable to the membership year. Members have a contractual obligation to fund any deficit of IRMA attributable to a membership year during which they were a member. The estimated liability for supplemental contributions is not material. 6. Lease Obligations No material capital or operating leases were in effect as of the date of this report. r r r - 26 - VILLAGE OF OAK BROOK, ILLINOIS Notes to the Financial Statements December 31, 1996 7. Long-Term Debt A. Revenue Bonds The Village has issued bonds where the Village pledges income derived from the acquired or constructed assets to pay debt service. Revenue bond activity for 1996 is as follows: Fund Debt Balances Balances Issue Retired By January 1 Issuances Retirements December 31 1973 Waterworks Revenue Bonds due in annual install- ments of$50,000 to$275,000 through May 1, 1996 plus Waterworks - - interest at 4% to 6% System $275,000 $275,000 B. Notes Payable The Village has issued notes payable to provide funds for the acquisition of capital assets for proprietary activities. These proprietary liabilities therefore are reported in the proprietary funds. Notes payable currently outstanding are as follows: fFund Debt Balances Balances Issue Retired By January 1 Issuances Retirements December 31 1989 Sports Core Equipment Refunding Note due in monthly pay- y ments of$6,802 through May 12, 1997 185,28 including interest at 6.85%, secured Sports by various Sports Core equipment Core 110,102 78,920 115,284 33,738 1993 Sports Core Tennis Dome Refunding Note due in monthly payments of$2,806 through October 28, 1997(at which time the remainder due)including interest Sports at 4.81%,unsecured Core 195,861 175,170 200,026 171,005 305,963 254,090 355,310 204,743 - 27 - VILLAGE OF OAK BROOK, ILLINOIS Notes to the Financial Statements December 31, 1996 7. Long-Term Debt (Cont.) C. Debt Service Requirements to Maturity Annual debt service requirements to maturity are as follows: Notes Payable 1989 Sports 1993 Sports Fiscal Year Core Core Tennis Ending Equipment Dome December 31 Refunding Refunding Total Total Principal and Interest-1997 $ 34,010 179,615 213,625 Interest Portion $ 272 8,610 8,882 D. Changes in Long-Term Liabilities During the fiscal year the following changes occurred in liabilities reported in the general long-term debt account group: Balances Balances January I Additions Retirements December 31 Accrued Vacation $ 71,856 13,145 58,711 E. Legal Debt Margin Assessed Valuation - 1994 $905,788,216 Legal Debt Limit - 8.625% of Assessed Valuation $78,124,234 Amount of Debt Applicable to Debt Limit - Legal Debt Margin $78,124,234 - 28 - VILLAGE OF OAK BROOK, ILLINOIS Notes to the Financial Statements December 31, 1996 7. Long-Term Debt (Cont.) E. Legal Debt Margin (Cont.) iChapter 24, Section 8-5-1 of the Illinois Revised Statutes provides, "...no municipality having a population of less than 500,000 shall become indebted in any manner or for any purpose, to an amount, including existing indebtedness in the aggregate exceeding 8.625% on the value of the taxable property therein, to be ascertained by the last assessment for state and county purposes, previous to the incurring of the indebtedness ' or, until January 1, 1983, if greater, the sum that is produced by multiplying the municipality's 1978 equalized assessed valuation by the debt limitation percentage in effect on January 1, 1979." F. Revenue Bond Ordinance Disclosures The ordinance authorizing the issuance of the 1973 Waterworks Revenue Bonds provided for the creation of separate accounts into which there shall be credited as of the first day of each month all revenues of the system in accordance with the following priority: Operation and Maintenance Account - an amount sufficient to cover the estimated operating and maintenance expense of the waterworks system for the current month. Bond and Interest Account - an amount at least equal to the sum of one-fifth of the interest becoming due on the next interest payment date, and one-tenth of the aggregate yearly amount of principal due on the next principal maturity date. Bond Reserve Account - an amount of $3,000 each month until all bonds have been paid or provision made for their payment. Funds accumulated shall be used for the ' payment of bond principal and interest, should the amount available in the bond principal and interest account be insufficient to meet the payments when due. Depreciation Improvement and Extension Account - an amount of $4,000 each month until such account aggregate the sum of $400,000. Funds accumulated shall be used to provide an adequate allowance for depreciation, for improvement and extension of the system and for extraordinary maintenance and repairs. As of December 31, 1996 all revenue bonds have been retired. ' - 29 - VELLAGE OF OAK BROOK, ELLINOIS Notes to the Financial Statements December 31, 1996 7. Long-Term Debt (Cont.) F. Revenue Bond Ordinance Disclosures (Cont.) Supplemental information required under bond ordinance provisions, not subject to audit: Number of Water Customers 5280 Quantity of Water Pumped - Gallons (in Thousands) 1,339,000 8. Interfund Assets/Liabilities , A. Due From/To Other Funds Payable Fund Receivable Fund Amount Sports Core General $ 624,955 Garage General 4,742 Firefighters' Pension General 64,795 General Infrastructure 180,001 Motor Fuel Tax Infrastructure 18,153 ' 892,646 9. Commitments - DuPage Water Commission , The government is a customer of the DuPage Water Commission, and has executed a Water Supply Contract with the Commission for a term ending in 2024. The Contract provides that the government pay its proportionate share of "fixed costs" (debt service and capital costs) to the Commission, such obligation being unconditional and irrevocable whether or not water is ever delivered. These costs are expensed along with the other "operation and maintenance" charges from the Commission. - 30 - ' VILLAGE OF OAK BROOK, ILLINOIS Notes to the Financial Statements December 31, 1996 9. Commitments - DuPage Water Commission (Cont.) Fiscal Year ' Ending December 31 Amount 1997 $852,400 1998 852,400 1999 852,400 'I 2000 852,400 2001 852,400 These amounts have been calculated using the Village's current allocation percentage. In future years, this allocation percentage will be subject to change. Estimates for the remaining years of the contract are not currently available. However, the Village does not expect the minimum amounts for the remaining years of the contract to materially vary from the amounts presented above. ' 10. Segment Information - Enterprise Funds ' The Village maintains the following enterprise funds which are intended to be self-supporting through user fees charged for services to the public. Financial segment information as of the date of this report and for the fiscal year is as follows: - 31 - VILLAGE OF OAK BROOK, ILLINOIS Notes to the Financial Statements December 31, 1996 10. Segment Information - Enterprise Funds (Cont.) Waterworks Sports System Core Totals , Operating Revenues $3,393,279 2,316,540 5,709,819 Depreciation and Amortization Expense 430,511 290,496 721,007 Operating Income(Loss) (372,972) (564,657) (937,629) Operating Grants, Entitlements,and Shared Revenues - - - Operating Transfers In - - - Operating Transfers(Out) (215,600) - (215,600) Tax Revenues - - - Net Income(Loss) 147,655 (493,335) (345,680) Current Capital Contributions - - - Current Capital Transfers - - - Plant,Property,and Equipment Additions 251,118 126,595 377,713 Deletions - - - Total Assets 17,621,809 11,253,223 28,875,032 Net Working Capital 4,796,468 (780,199) 4,016,269 Bonds and Other Long-Term Liabilities Payable from Operating Revenues - - - Payable from Other Sources - - - Total Equity 17,339,387 10,319,891 27,659,278 - 32 - VILLAGE OF OAK BROOK, ILLINOIS Notes to the Financial Statements December 31, 1996 11. Contributed Capital During the fiscal year contributed capital increased/decreased by the following amounts: Sports Core Increases $ - Decreases - Net Increase - Contributed Capital January 1 11,025,590 December 31 11,025,590 12. Fund Equity - Restatements ' In 1996, the Village changed the reporting of the Capital Replacement Fund from a Capital Projects Fund to an Internal Service Fund. The effect of this change is to increase net fixed assets and retained earnings by $1,040,401. In 1996, the Village capitalized payments made in the Waterworks System Fund in a previous ' year to the DuPage Water Commission. The effect of this change is to increase water purchase rights and increase retained earnings by $752,682. In 1996, the Village capitalized assets acquired in a previous year by the Garage Fund. The effect of this change is to increase net fixed assets and increase retained earnings by $52,435. ' As a result of the changes noted above, the Investment in General Fixed Assets in the General Fixed Assets Account Group was reduced by $2,357,127 from amounts previously reported. - 33 - VILLAGE OF OAK BROOK, ILLINOIS Notes to the Financial Statements December 31, 1996 13. Contingent Liabilities A Litigation The Village is a defendant in various lawsuits. Although the outcome of these lawsuits is not presently determinable, in the opinion of the Village's attorney the resolution of these matters will not have a material adverse effect on the financial condition of the Village. B. Grants Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies, principally the federal government. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures which may be disallowed by the grantor cannot be determined at this time although the Village expects such amounts, if any, to be immaterial. C. DuPage Water Commission The Village's agreement with the DuPage Water Commission provides that each member is liable for its proportionate share of any cost arising from defaults in ' payment obligations by other members. 14. Deferred Compensation Plan ' The Village offers its employees a deferred compensation plan created in accordance with ' Internal Revenue Code Section 457. The plan, available to all Village employees, permits them to defer a portion of their salary until future years. Participation in the plan is optional. The deferred compensation is not available to employees until termination, retirement, death or unforeseeable emergency. All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property, or rights are (until paid or made available to the employee or other ' beneficiary) solely the property and rights of the Village subject only to the claims of the Village's general creditors. Participants' rights under the plan are equal to those of general creditors of the Village in an amount equal to the fair market value of the deferred account for each participant. The Village has no liability for losses under the plan but does have the duty of due care that , would be required of an ordinary prudent investor. The Village believes that it is unlikely that it will use the assets to satisfy the claims of general creditors in the future. , - 34 - iVILLAGE OF OAK BROOK, ILLINOIS Notes to the Financial Statements December 31, 1996 15. Employee Retirement Systems A. Plan Descriptions and Provisions Illinois Municipal Retirement The Village contributes to the Illinois Municipal Retirement Fund (IMRF), a defined benefit agent multiple-employer public employee retirement system that acts as a common investment and administrative agent for local governments and school districts in Illinois. The Village's total payroll for the year ended December 31, 1995, was $7,757,809. Of this amount, $3,104,866 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 iafter eight years of service. Participating members who retire at or after age 60 with 8 years of service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 1 2/3% of their final rate (average of the highest 48 consecutive months' earnings during the last 10 years) 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 Illinois State Statute. Participating employees are required to contribute 4.50% of their annual salary to IMRF. The Village is required to contribute the remaining amounts necessary to fund the benefits of its own employees in the System, using the actuarial basis specified by ' state statute (entry age normal); for 1995 the rate was 8.65%. Police Pension Police sworn personnel are covered by the Police Pension Plan which is a defined benefit single-employer pension plan. Although this is a single-employer pension plan, ' the defined benefits and employee and employer contributions levels are governed by Illinois Compiled Statutes and may be amended only by the Illinois legislature. The Village accounts for the plan as a pension trust fund. The Village's payroll for employees covered by the Police Pension Plan for the year ended December 31, 1996 was $1,783,678 out of a total payroll of $8,068,960. At December 31, 1996 the ' Police Pension Plan membership consisted of: - 35 - VILLAGE OF OAK BROOK, ELLINOIS Notes to the Financial Statements December 31, 1996 15. Employee Retirement Systems (Cont.) A. Plan Descriptions and Provisions (Cont.) Police Pension (Cont.) Retirees and Beneficiaries Currently Receiving Benefits and Terminated Employees Entitled to Benefits but not yet Receiving Them 17 Current Employees 37 Total 54 , The following is a summary of the Police Pension Plan as provided for in Illinois State Statutes. The Police Pension Plan provides retirement benefits as well as death and disability benefits. Employees attaining the age of 50 or more with 20 or more 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 is increased 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 retired with 20 or more years of service after January 1, 1977 is increased annually, following the first anniversary date of , retirement and be paid upon reaching the age of at least 55 years, by 3% of the original pension and 3% annually 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 2033 the Village's contributions must accumulate to the point where the past service cost for the Police Pension Plan is fully funded. - 36 - VILLAGE OF OAK BROOK, ILLINOIS ' Notes to the Financial Statements December 31, 1996 15. Employee Retirement Systems (Cont.) A. Plan Descriptions and Provisions (Cont.) Firefighters' Pension Fire sworn personnel are covered by the Firefighters' 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 contributions levels are ' mandated by Illinois Compiled Statutes and may be amended only by the Illinois legislature. The Village accounts for the plan as a pension trust fund. The Village's payroll for employees covered by the Firefighters' Pension Plan for the year ended December 31, 1996 was $1,601,685 out of a total payroll of$8,068,960. At December 31, 1996 the Firefighters' Pension Plan membership consisted of: Retirees and Beneficiaries Currently Receiving Benefits an d Terminated ated Employees Entitled to Benefits but not yet Receiving Them 19 Current Employees 31 ' Total 50 The following is a summary of the Firefighters' Pension Plan as provided for in Illinois State Statutes. The Firefighters' Pension Plan provides retirement benefits as well as death and disability benefits. Employees attaining the age of 50 or more with 20 or more years of creditable service are entitled to receive a monthly retirement benefit of one-'calf of the monthly salary attached to the rank held in the fire service at the date of retirement. The monthly pension is increased by one-twelfth of 2% of such monthly salary for each ' additional month over 20 years of service through 30 years of service and one-twelfth of 1% of such monthly service for each additional month over 30 years of service, 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 retirement benefit. The monthly pension of a firefighter who retired with 20 or more years of service after January 1, 1977 is increased annually, following the first anniversary date of retirement and paid upon reaching at least the age 55, by 3% of the original pension and 3% annually thereafter. - 37 - VELLAGE OF OAK BROOK, ELLINOIS Notes to the Financial Statements , December 31, 1996 15. Employee Retirement Systems (Cont.) A. Plan Descriptions and Provisions (Cont.) Firefighters' Pension (Cont.) Covered employees are required to contribute 8 1/4% of their salary to the Firefighters' Pension Plan. If an employee leaves covered employment with less than 20 years of service, accumulated employee contributions may be refunded without 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 2033 the ' Village's contributions must accumulate to the point where the past service cost for the Firefighters' Pension Plan is fully funded: B. Summary of Significant Accounting Policies and Plan Asset Matters Basis of Accounting , The financial statements are prepared using the accrual basis of accounting. Employee and employer contributions are recognized as revenues in the period in which employee services are performed. Method Used to Value Investments Fixed income securities are reported at amortized cost with discounts or premiums amortized using the effective interest rate method, subject to adjustment for market declines judged to be other than temporary (lower of cost or market). Investment income is recognized as earned. Gains and losses on sales and exchanges of fixed-income securities are recognized on the transaction date. Equity securities (insurance contracts) are reported at market. Significant Investments ' There are no investments (other than U.S. government and U.S. government- guaranteed obligations) in any one organization that represent 5 percent or more of net assets available for benefits. - 38 - S VILLAGE OF OAK BROOK, ILLINOIS Notes to the Financial Statements December 31, 1996 15. Employee Retirement Systems (Cont.) B. Summary of Significant Accounting Policies and Plan Asset Matters (Cont.) ' Related Party Transactions There are no securities of the Village or any other related parties included in plan assets, including any loans. C. Funding Status and Progress ' The amount shown below as the "pension benefit obligation" is a standardized P g 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 the System 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 benefits and is independent of the funding method used to determine contributions to the System. ' Illinois Fire- Municipal Police fighters' Retirement Pension Pension December 31, December 31, December 31, Actuarial Valuation Date 1995 1996 1996 Significant Actuarial Assumptions (a) Rate of Return on Investment 7.50% 7.25% 7.50% of Present and Future Assets compounded compounded compounded annually annually annually (b) Projected Salary Increases - 4.25% 5.25% 5.50% Attributable to Inflation compounded compounded compounded annually annually annually (c) Additional Projected Salary Increases - Attributable to (Note- separate information ' Seniority/Merit .60% for (b) and (c) not available) (d) Postretirement Benefit 3.00% 3.00% 3.00% Increases annually compounded compounded annually annually - 39 - VILLAGE OF OAK BROOK, ILLINOIS Notes to the Financial Statements December 31, 1996 15. Employee Retirement Systems (Cont.) C. Funding Status and Progress (Cont.) Illinois Fire Totals r Municipal Police fighters' (Memorandum Retirement Pension Pension Only) Pension Benefit Obligation Retirees and beneficiaries currently receiving benefits and (Note A) ' terminated employees not yet receiving benefits $ 889,674 6,639,715 7,067,362 14,596,751 Current employees Accumulated employee ' contributions including allocated investment earnings 996,961 1,457,638 1,208,299 3,662,898 Employer- financed vested 1,989,032 6,383,256 5,596,867 13,969,155 ' Employer- financed nonvested 279,983 932,807 738,965 1,951,755 Total Pension Benefit Obligation 4,155,650 15,413,416 14,611,493 34,180,559 Net assets available for benefits,at lower of cost or market 4,026,496 15,473,180 14,591,868 34,091,544 Unfunded (Assets in Excess of) Pension ' Benefit Obligations 129,154 (59,764) 19,625 89,015 Net assets at market value 4,067,847 15,634,486 14,956,606 34,658,939 (Note A) The pension benefit obligation applicable to retirees and beneficiaries , 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 w:ole when the annuity became payable. Effects on the Pension Benefit Obligation of Current-Year Changes Illinois Municipal Retirement Current-year changes in the actuarial assumptions, benefit provisions and methodology are reflected in the pension benefit obligation previously shown. This amount has been calculated by the System's actuary using the measure previously described. The dollar effect of these changes on the pension benefit obligation was not economically determinable on an individual employer basis by IMRF. - 40 - ' VILLAGE OF OAK BROOK, ILLINOIS ' Notes to the Financial Statements December 31, 1996 15. Employee Retirement Systems (Cont.) D. Contributions Required and Contributions Made ' Illinois Municipal Retirement The Systems' funding policy provides for actuarially determined periodic contributions at rates that, for individual employees, accumulate assets gradually over time so that sufficient assets will be available 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 contributions rate for normal cost is determined using the entry age normal actuarial funding method. Police Pension and Firefighters' Pension g ' The Systems' funding policy provides for actuarially determined periodic contributions at rates that, for individual employees, increase gradually over time so that sufficient ' assets will be available 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. The Systems also use the level dollar amount method to amortize the unfunded liability over a 40 year period. ' The significant actuarial assumptions used to compute the actuarially determined contribution requirements are the same as those used to compute the pension benefit obligation as described in C. above. Effects on the Contribution Requirements of Current-Year Changes ' Illinois Municipal Retirement The new actuarial assumptions adopted in the 1990-1992 experience study will be ' incorporated into the 1996 contribution rates. The dollar effect of these changes was not economically determinable on an individual employer basis by IMRF. 1 - 41 - VELLAGE OF OAK BROOK, ILLINOIS Notes to the Financial Statements , December 31, 1996 15. Employee Retirement Systems (Cont.) D. Contributions Required and Contributions Made (Cont.) Illinois *Fire Totals Municipal *Police fighters (Memorandum , Retirement Pension Pension Only) Actuarial Valuation Date December 31, December 31, December 31, 1994 1995 1995 Actuarially Determined Contribution Requirement As a dollar amount ' Employer Normal cost $ 224,171 245,514 109,937 579,622 Amortization of unfunded actuarial accrued liability 16,456 16,456 Death and disability cost 8,694 8,694 Supplemental retirement cost 19,250 19,250 268,571 245,514 109,937 624,022 Employee-Normal Cost 139,719 173,021 139,162 451,902 408,290 418,535 249,099 1,075,924 ' As a 96 of current covered payroll Employer Normal cost 7.22 % 12.77 6.52 7.47 Amortization of unfunded actuarial accrued ' liability 0.53 0.21 Death and disability cost 0.28 0.11 Supplemental retirement cost 0.62 0.25 8.65 12.77 6.52 8.04 , Employee-Normal Cost 4.50 9.00 8.25 5.83 13.15 21.77 14.77 13.87 Contribution Made As a dollar amount Employer $ 268,571 229,913 106,092 604,576 Employee 139,719 160,531 132,139 432,389 ' 408,290 390,444 239,231 1,036,965 As a `lo of current covered payroll ' Employer 8.65 `j'o 12.88 6.62 7.79 Employee 4.50 9.00 8.25 5.57 13.15 21.88 14.87 13.36 ' * Actual contributions are made on a percent of payroll basis. - 42 - ' VILLAGE OF OAK BROOK, ILLINOIS ' Notes to the Financial Statements December 31, 1996 15. Employee Retirement Systems (Cont.) E. Trend Information ' Trend information gives an indication of the progress made in accumulating sufficient assets to pay benefits when due. Ten-year trend information may be found in the supplemental section of the government's annual financial report. * ' For Illinois * Fire Totals Fiscal Municipal Police fighters' (Memorandum Year Retirement Pension Pension Only) Net assets available for benefits as a % of the 1994 93.38 % 92.76 100.40 96.05 Pension Benefit 1995 95.16 97.95 103.73 100.12 Obligation (PBO) 1996 96.89 100.39 99.87 99.73 Unfunded(assets in excess ' of)PBO as a % of annual covered payroll(express- ing the unfunded pension benefit obligation as a % of annual covered pay- roll approximately adjusts for the effects of 1994 8.00 % 56.79 (3.27) 20.38 ' inflation for analysis 1995 5.59 16.07 (31.19) (0.61) purposes) 1996 4.16 (3.35) 1.23 1.37 Employer contributions as a % of annual 1994 9.36 % 15.94 17.97 13.72 covered payroll 1995 9.17 16.12 17.92 13.53 ' 1996 8.65 12.88 6.62 7.79 Required 1994 $ 222,283 279,126 264,159 765,568 1995 248,193 312,981 294,585 855,759 ' 1996 268,571 245,514 109,937 624,022 Made 1994 $ 222,283 284,793 271,141 778,217 1995 248,193 304,088 282,848 835,129 1996 268,571 229,913 106,092 604,576 ' * Actual contributions are made on a percent of payroll basis. - 43 - � 1 GOVERNMENTAL FUND TYPES 1 1 1 1 1 GENERAL FUND 1 General Fund - to account for resources traditionally associated with governments which are not required to be accounted for in another fund. t VILLAGE OF OAK BROOK, ILLINOIS General Fund Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1996 Variance Favorable Budget Actual (Unfavorable) Revenues Intergovernmental $ 11,978,125 11,908,908 (69,217) Licenses and Permits 414,550 374,617 (39,933) Service Charges 350,490 423,139 72,649 Fines and Penalties 220,000 211,809 (8,191) Interest on Investments 483,000 636,200 153,200 Miscellaneous 328,770 296,482 (32,288) Total Revenues 13,774,935 13,851,155 76,220 Expenditures General Government 3,325,720 2,596,032 729,688 Public Safety 7,087,225 6,786,918 300,307 Public Works 1,973,435 1,714,199 259,236 Culture and Recreation 554,670 524,409 30,261 Total Expenditures 12,941,050 11,621,558 1,319,492 Excess of Revenues over Expenditures 833,885 2,229,597 1,395,712 Other Financing Sources (Uses) Operating Transfers In 233,000 233,000 Operating Transfers (Out) 233,000 233,000 - Excess (Deficiency) of Revenues and Other Financing Sources over Expenditures and Other Financing(Uses) 1,066,885 2,462,597 1,395,712 Fund Balance Beginning 13,782,094 Residual Equity Transfer In (Out) (760,230) ' Ending 15,484,461 See accompanying Notes to the Financial Statements. -44 - VILLAGE OF OAK BROOK, ILLINOIS General Fund Schedule of Revenues -Budget and Actual Year Ended December 31, 1996 Variance Favorable Budget Actual (Unfavorable) Intergovernmental Municipal Sales Tax $ 11,071,000 10,939,840 (131,160) Illinois State Income Tax 735,430 804,620�/ 69,190 York Township Road and Bridge Tax 136,000 136,654 654 Foreign Fire Insurance Tax 35,695 27,794) 11,978,125 11,908,908 f (69,217) J Licenses and Permits 414,550 374,617 (391933) Service Charges 350,490 423,139// 72,649 Fines and Penalties 220,000 211,809/ (8,191) ' Interest on Investments 483,000 636,200 153,200 Miscellaneous Franchise Fees 164,600 181,192,)/ 16,592 Other 164,170 115,290 (48,880) 1,796,810 1,942,247 145,437 Total Revenues 13,774,935 13,851,155 76,220 - 45 - VILLAGE OF OAK BROOK, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual Year Ended December 31, 1996 Variance Favorable Budget Actual (Unfavorable) General Government t Legislative and General Management Board of Trustees Personnel $ 51,640 50,052 1,588 Materials and Supplies 9,285 8,029 1,256 Operation and Contractual 34,560 23,029 11,531 95,485 81,110 14,375 Village Clerk Personnel 68,545 67,365 1,180 Materials and Supplies 20,240 7,376 12,864 Operation and Contractual 6,860 4,936 1,924 Capital 3,000 1,940 1,060 98,645 81,617 17,028 Legal Personnel 112,390 101,256 11,134 Materials and Supplies 4,150 4,121 29 Operation and Contractual 31,845 31,657 188 148,385 137,034 11,351 General Management Personnel 246,480 242,533 3,947 Materials and Supplies 3,750 3,124 626 Operation and Contractual 5,770 725 5,045 256,000 246,382 9,618 - 46 - � II VILLAGE OF OAK BROOK, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual (Cont.) Year Ended December 31, 1996 Variance Favorable Budget Actual (Unfavorable) General Government (Cont.) Legislative and General Management (Cont.) Human Resources Personnel $ 39,040 38,567 473 Materials and Supplies 4,325 2,669 1,656 Operation and Contractual 73,700 73,662 38 117,065 114,898 2,167 Risk Management Personnel 14,675 14,020 655 Operation and Contractual 459,645 381,324 78,321 474,320 395,344 78,976 Emergency Management Personnel 28,035 28,035 Materials and Supplies 7,860 7,860 Operation and Contractual 7,090 7,090 42,985 42,985 - General Services erv' es Personnel 39,895 34,250 5,645 Materials and Supplies 37,900 32,245 5,655 Operation and Contractual 128,100 106,612 21,488 Capital 33,000 27,015 5,985 238,895 200,122 38,773 - 47 - VILLAGE OF OAK BROOK, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual (Cont.) Year Ended December 31, 1996 Variance Favorable Budget Actual (Unfavorable) General Government (Cont.) Legislative and General Management (Cont.) Purchasing and Grants Personnel $ 68,670 62,762 5,908 Materials and Supplies 2,650 856 1,794 Operation and Contractual 680 378 302 72,000 63,996 8,004 Information Systems Personnel 134,990 90,748 44,242 Materials and Supplies 22,355 20,147 2,208 Operation and Contractual 106,380 74,509 31,871 Capital 514,400 128,578 385,822 778,125 313,982 464,143 Total Legislative and General Management 2,321,905 1,677,470 644,435 Financial Services Financial Services Management Personnel 95,195 94,374 821 Materials and Supplies 975 385 590 Operation and Contractual 10,750 10,750 106,920 105,509 1,411 1 Accounting and Reporting Personnel 216,515 202,012 14,503 Materials and Supplies 12,805 11,312 1,493 Operation and Contractual 12,035 12,029 6 Capital 6,000 6,000 247,355 225,353 22,002 Total Financial Services 354,275 330,862 23,413 - 48 - VILLAGE OF OAK BROOK, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual (Cont.) Year Ended December 31, 1996 Variance Favorable Budget Actual (Unfavorable) General Government (Cont.) Engineering and Capital Projects Engineering Personnel $ 269,965 253,705 16,260 Materials and Supplies 13,460 3,751 9,709 Operation and Contractual 54,740 24,610 30,130 Capital 5,700 - 5,700 343,865 282,066 61,799 Municipal Building Improvements Operation and Contractual 55,050 55,011 39 Capital 250,625 250,623 2 305,675 305,634 41 Total Engineering and Capital Projects 649,540 587,700 61,840 Total General Government 3,325,720 2,596,032 729,688 Public Safety Police Department Police Services Management Personnel 236,535 228,822 7,713 Materials and Supplies 14,880 14,139 741 Operation and Contractual 44,600 44,598 2 296,015 287,559 8,456 - 49 - VILLAGE OF OAK BROOK, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual (Cont.) Year Ended December 31, 1996 MVariance Favorable Budget Actual (Unfavorable) Public Safety (Cont.) Police Department (Cont.) Police Field Services Personnel $ 2,014,315 1,963,698 50,617 Materials and Supplies 19,155 15,214 3,941 Operation and Contractual 230,520 218,652 11,868 Capital 38,300 28,875 9,425 2,302,290 2,226,439 75,851 Police General Support Personnel 129,645 126,338 3,307 Materials and Supplies 11,240 11,237 3 Operation and Contractual 7,425 6,343 1,082 Capital 3,230 2,355 875 151,540 146,273 5,267 Police Investigations Personnel 425,965 328,961 97,004 Materials and Supplies 9,380 8,473 907 Operation and Contractual 19,135 19,133 2 Capital 4,175 4,172 3 458,655 360,739 97,916 Police Communications Personnel 340,025 333,359 6,666 Materials and Supplies 700 691 9 Operation and Contractual 8,530 7,061 1,469 Capital 6,000 800 5,200 355,255 341,911 13,344 - 50 - VILLAGE OF OAK BROOK, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual (Cont.) Year Ended December 31, 1996 Variance Favorable Budget Actual (Unfavorable) Public Safety (Cont.) Police Department (Cont.) Police Records Personnel $ 140,250 136,339 3,911 Materials and Supplies 4,885 3,380 1,505 Operation and Contractual 6,020 69015 5 Capital 6,700 6,682 18 157,855 152,416 5,439 Public Relations/Crime Prevention Personnel 62,390 60,427 1,963 Materials and Supplies 3,000 2,858 142 Operation and Contractual 600 600 Capital 22,000 22,000 87,990 85,885 2,105 Total Police Department 3,809,600 3,601,222 208,378 Fire and Code Enforcement Fire Service Management Personnel 140,195 131,531 8,664 Materials and Supplies 1,100 919 181 Operation and Contractual 7,925 3,857 4,068 Capital 12,500 8,724 3,776 161,720 145,031 16,689 Fire Suppression Personnel 1,714,645 1,713,754 891 Materials and Supplies 16,055 16,050 5 Operation and Contractual 187,615 184,358 3,257 Capital 77,150 73,224 3,926 1,995,465 1,987,386 8,079 - 51 - VILLAGE OF OAK BROOK, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual (Cont.) Year Ended December 31, 1996 Variance Favorable Budget Actual (Unfavorable) Public Safety (Cont.) Fire and Code Enforcement (Cont.) Emergency Medical Services Personnel $ 435,310 421,694 13,616 Materials and Supplies 7,400 6,555 845 Operation and Contractual 187,825 186,892 933 Capital 7,000 5,361 1,639 637,535 620,502 17,033 r Code Enforcement Personnel 291,850 274,451 17,399 Materials and Supplies 6,575 6,353 222 Operation and Contractual 41,960 41,957 3 Capital 1,800 1,441 359 342,185 324,202 17,983 Planning & Zoning Personnel 107,695 107,212 483 Materials and Supplies 2,025 1,363 662 Operation and Contractual 31,000 31,000 140,720 108,575 32,145 Total Fire and Code Enforcement 3,277,625 3,185,696 91,929 Total Public Safety 7,087,225 6,786,918 300,307 - 52 - VILLAGE OF OAK BROOK, ILLINOIS , General Fund ' Schedule of Expenditures - Budget and Actual (Cont.) Year Ended December 31, 1996 Variance Favorable Budget Actual (Unfavorable) Public Works Public Works Management Personnel $ 200,570 200,570 Materials and Supplies 11,085 11,080 5 Operation and Contractual 7,170 6,887 283 218,825 218,537 288 Mosquito Control Operation and Contractual 41,800 41,014 786 Building and Grounds Personnel 90,470 57,380 33,090 Materials and Supplies 10,640 7,505 3,135 Operation and Contractual 140,230 140,230 Capital 26,500 18,970 7,530 267,840 224,085 43,755 Streets - General Salaries Personnel 470,780 467,365 3,415 Street Maintenance Materials and Supplies 2,850 2,848 2 Operation and Contractual 138,580 108,097 30,483 Capital 8,000 3,409 4,591 149,430 114,354 35,076 Traffic and Lighting improvements , Operation and Contractual 99,405 94,407 41998 - 53 - VILLAGE OF OAK BROOK, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual (Cont.) Year Ended December 31, 1996 Variance Favorable Budget Actual (Unfavorable) Public Works (Cont.) Snow Removal Personnel $ 37,165 21,762 15,403 Materials and Supplies 42,985 42,982 3 Operation and Contractual 47,875 38,375 9,500 128,025 103,119 24,906 Drainage Maintenance Operation and Contractual 57,160 52,997 4,163 Forestry Personnel 35,400 7,153 28,247 Materials and Supplies 150 150 Operation and Contractual 122,550 93,515 29,035 Capital 84,000 40,355 43,645 242,100 141,023 101,077 Safety Pathways Operation and Contractual 57,540 41,863 15,677 Recycling Subsidy Operation and Contractual 34,530 30,999 3,531 Traffic and Lighting Improvements Capital 24,000 4,158 19,842 lorie Boulevard Project Operation and Contractual 500 500 Capital 181,500 180,278 1,222 182,000 180,278 1,722 Total Public Works 1,973,435 1,714,199 259,236 - 54 - VILLAGE OF OAK BROOK, ILLINOIS General Fund Schedule of Expenditures - Budget and Actual (Cont.) Year Ended December 31, 1996 Variance Favorable Budget Actual (Unfavorable) Culture and Recreation Library General Salaries Personnel $ 249,230 245,536 3,694 Library General Operations Personnel 5,875 4,574 1,301 Materials and Supplies 16,400 11,911 4,489 Operation and Contractual 39,285 31,064 8,221 Capital 10,500 4,229 6,271 72,060 51,778 20,282 Library Technical Services Materials and Supplies 4,525 4,302 223 Operation and Contractual 6,725 2,567 4,158 11,250 6,869 4,381 Library Reference and Adult Services Materials and Supplies 18,500 18,469 31 Operation and Contractual 5,500 3,731 1,769 Capital 38,200 38,145 55 62,200 60,345 1,855 Library Youth Services Materials and Supplies 540 536 4 Operation and Contractual 1,040 1,021 19 Capital 16,480 16,458 22 18,060 18,015 45 Community Events Operation and Contractual 141,870 141,866 4 Total Culture and Recreation 554,670 524,409 30,261 Total Expenditures 12,941,050 11,621,558 1,319,492 - 55 - SPECIAL REVENUE FUNDS Hotel/Motel Tax Fund - to account for local hotel/motel tax receipts restricted for promoting tourism and conventions in the Village. Motor Fuel Tax Fund - to account for State Gasoline Tax Allocations restricted for local roadway program expenditures. I VILLAGE OF OAK BROOK, ILLINOIS Special Revenue Funds Combining Balance Sheet December 31, 1996 Hotel/ Motor Motel Fuel Tax Tax Total ASSETS Cash and Investments $ 345,902 583,634 929,536 Receivables Allotments 15,641 15,641 Accrued Interest 3,396 3,396 Other - Hotel/Motel Tax 24,420 24,420 Total Assets 370,322 602,671 972,993 LIABILITIES AND FUND BALANCES Liabilities Accounts Payable 26,335 26,335 Due to Other Funds 18,153 18,153 Total Liabilities 26,335 18,153 44,488 Fund Balances Unreserved 343,987 584,518 928,505 Total Liabilities and Fund Balances 370,322 602,671 972,993 See accompanying Notes to the Financial Statements. - 56 - VILLAGE OF OAK BROOK, ILLINOIS Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Year Ended December 31, 1996 Hotel/Motel Tax Variance Favorable Budget Actual (Unfavorable) Revenues Intergovernmental $ Hotel/Motel Taxes 261,490 290,198 28,708 Interest on Investments 7,270 12,170 4,900 Total Revenues 268,760 302,368 33,608 Expenditures Culture and Recreation 318,090 202,411 115,679 Excess (Deficiency) of Revenues over Expenditures (49,330) 99,957 149,287 Other Financing Sources (Uses) Operating Transfers (Out) Excess (Deficiency) of Revenues and Other Financing Sources Over Expenditures and Other Financing (Uses) (49,330) 99,957 149,287 Fund Balances Beginning 244,030 Ending 343,987 See accompanying Notes to the Financial Statements. - 57 - ' Motor Fuel Tax Totals Variance Variance Favorable Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) 220,000 210,257 (9,743) 220,000 210,257 (9,743) ' 261,490 290,198 28,708 17,300 36,045 18,745 24,570 48,215 23,645 ' 237,300 246,302 9,002 506,060 548,670 42,610 - - - 318,090 202,411 115,679 237,300 246,302 9,002 187,970 346,259 158,289 (650,000) (363,054) 286,946 (650,000) (363,054) 286,946 (412,700) (116,752) 295,948 (462,030) (16,795) 445,235 701,270 945,300 584,518 928,505 r - 58 - i t t CAPITAL PROJECT FUND Infrastructure Fund - to account for revenues and expenditures relative to the construction of paving, drainage and bike trail improvements. L VILLAGE OF OAK BROOK, ILLINOIS Capital Project Fund-Infrastructure Fund Balance Sheet December 31, 1996 ASSETS Cash and Investments $ 2,183,418 Receivables Utility Taxes 259,817 Accrued Interest 18,397 Due from Other Funds 198,154 Total Assets 2,659,786 LIABILITIES AND FUND BALANCE Liabilities Accounts Payable 111,929 Deposits Payable 16,000 Total Liabilities 127,929 Fund Balances Unreserved 2,531,857 Total Liabilities and Fund Balance 2,659,786 See accompanyingNotes to the Financial Statements. - 59 - VILLAGE OF OAK BROOK, ILLINOIS Capital Project Fund-Infrastructure Fund Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1996 Variance Favorable Budget Actual (Unfavorable) Revenues Intergovernmental - grants $ 193,275 30,594 (162,681) Utility Taxes 1,894,000 1,956,984 62,984 Interest on Investments 57,325 100,237 42,912 Total Revenues 2,144,600 2,087,815 (56,785) Expenditures Public Works 2,999,950 1,383,707 1,616,243 Excess (Deficiency) of Revenues Over Expenditures (855,350) 704,108 1,559,458 Other Financing Sources Operating Transfers In 650,000 363,054 (286,946) Excess (Deficiency) of Revenues and Other Financing Sources over Expenditures (205,350) 1,067,162 1,272,512 Fund Balance Beginning 1,464,695 Ending 2,531,857 See accompanying Notes to the Financial Statements. - 60 - r i ' PROPRIETARY FUND TYPES ■ i 1 1 ENTERPRISE FUNDS Waterworks System Fund - to account for revenues and expenses relative to the operation of the water utility. Sports Core Fund - to account for revenues and expenses relative to the operation of the Sports Core. 1 VILLAGE OF OAK BROOK, ILLINOIS t Enterprise Funds Combining Balance Sheet December 31, 1996 Waterworks Sports System Core Total ASSETS Current Assets Cash and Investments $ 4,669,993 15,947 4,685,940 Receivables (Net of Allowances) , Accounts Billed Water Sales 116,542 116,542 Unbilled Water Sales 256,938 256,938 Accrued Interest 32,754 32,754 Other 2,663 35,701 38,364 Inventory 101,485 101,485 5,078,890 153,133 5,232,023 Restricted Assets Cash and Investments - 33,394 33,394 Fixed Assets Property, Plant and Equipment 16,468,837 13,835,559 30,304,396 Accumulated Depreciation (5,885,883) (2,768,863) (8,654,746) 10,582,954 11,066,696 21,649,650 Other Assets Water Purchase Rights 1,959,965 1,959,965 Total Assets 17,621,809 11,253,223 28,875,032 See accompanying Notes to the Financial Statements. - 61 - i Waterworks Sports System Core Total LIABILITIES AND FUND EQUITY Current Liabilities Accounts Payable 250,187 38,411 288,598 Accrued Payroll and Vacation 32,235 48,500 80,735 Deposits Payable 16,723 16,723 Due to Other Funds 624,955 624,955 Notes Payable 204,743 204,743 Total Liabilities 282,422 933,332 1,215,754 Fund Equity Contributed Capital 11,025,590 11,025,590 Retained Earnings Reserved-Golf Surcharge 33,394 33,394 Unreserved 17,339,387 (739,093) 16,600,294 Total Retained Earnings 17,339,387 (705,699) 16,633,688 Total Fund Equity 17 339 387 10 319 891 27 659 278 ota q y , Total Liabilities and Fund Equity 17,621,809 11,253,223 28,875,032 - 62 - VILLAGE OF OAK BROOK, ILLINOIS ' Enterprise Funds Combining Statement of Revenues, Expenses and Changes in Retained Earnings Year Ended December 31, 1996 Waterworks Sports System Core Total Operating Revenues Charges for Services $ 3,350,254 2,316,540 5,666,794 Miscellaneous 43,025 43,025 Total Operating Revenues 3,393,279 2,316,540 5,709,819 Operating Expenses Operation of Facilities 3,335,740 2,590,701 5,926,441 Depreciation and Amortization 430,511 290,496 721,007 Total Operating Expenses 3,766,251 2,881,197 6,647,448 Operating Income (Loss) (372,972) (564,657) (937,629) Nonoperating Revenues (Expenses) / DuPage Water Commission Rebate 507,475 / 507,475 ' Golf Surcharge 64,515 64,515 Interest on Investments 234,387 1,218 / 235,605 Other Income 26,270 26,270 j Interest Expense (5,500) (20,681) (26,181) Fiscal Agent Fees (135) (135) 736,227 71,322 807,549 Income (Loss) Before Operating Transfers 363,255 (493,335) (130,080) Operating Transfers (Out) (215,600) (215,600) Net Income (Loss) 147,655 (493,335) (345,680) Retained Earnings Beginning- As Restated 17,191,732 (972,594) 16,219,138 Residual Equity Transfer In (Out) 760,230 760,230 Ending 17,339,387 (705,699) 16,633,688 See accompanying Notes to the Financial Statements. - 63 - VILLAGE OF OAK BROOK, ILLINOIS ' Enterprise Funds Combining Statement of Cash Flows Year Ended December 31, 1996 Waterworks Sports ' System Core Totals Cash Flows from Operating Activities Operating Income (Loss) $ (372,972) (564,657) (937,629) Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided by Opercting Activities Depreciation and Amortization 430,511 290,496 721,007 Other Nonoperating Revenue 507,475 90,785 598,260 Changes in Assets and Liabilities Current Assets (23,388) 28,026 4,638 Water Purchase Rights 225,615 225,615 Current Liabilities 45,460 (428,606) (383,146) ' 812,701 (583,956) 228,745 Cash Flows from Noncapital Financing Activities Operating Transfers (Out) (215,600) (215,600) Residual Equity Transfer (In) 760,230 760,230 (215,600) 760,230 544,630 Cash Flows from Capital and Related Financing Activities Acquisition of Capital Assets (251,118) (126,595) (377,713) Principal Paid on Revenue Bonds (275,000) (275,000) Interest Paid on Revenue Bonds (5,500) (5,500) Proceeds From Notes Payable 254,090 254,090 Principal Paid on Notes Payable (355,310) (355,310) Interest Paid on Notes Payable (20,681) (20,681) Fiscal Agents' Fees Paid (135) (135) (531,753) (248,496) (780,249) Cash Flows from Investing Activities Investment Purchases (790,820) (790,820) Investment Maturities 200,000 200,000 Interest Received on Investments 225,794 1,218 227,012 (365,026) 1,218 (363,808) ' Net Increase (Decrease) in Cash and Cash Equivalents (299,678) (71,004) (370,682) Cash and Cash Equivalents Beginning 2,942,862 120,345 3,063,207 ' Ending 2,643,184 49,341 2,692,525 Cash and Investments Cash and Cash Equivalents 2,643,184 49,341 2,692,525 Investments 2,026,809 2,026,809 4,669,993 49,341 4,719,334 See accompanying Notes to the Financial Statements. - 64 - VILLAGE OF OAK BROOK, ILLINOIS ' Waterworks System Fund Statement of Revenues, Expenses and Changes in Retained Earnings - Unreserved - Budget and Actual ' Year Ended December 31, 1996 Variance , Favorable Budget Actual (Unfavorable) Operating Revenues Charges for Services Water Sales $ 3,132,000 3,118,559 (13,441) Unmetered Sales 7,500 4,427 (3,073) Water Tap on Charges 57,740 108,878 51,138 Fire Service Charges 102,000 91,707 (10,293) Meter Fees and Special Services 15,900 26,683 10,783 Miscellaneous 36,000 43,025 7,025 Total Operating Revenues 3,351,140 3,393,279 42,139 Operating Expenses Operation of Facilities 3,456,820 3,335,740 121,080 Depreciation and Amortization 430,511 (430,511) Total Operating Expenses 3,456,820 3,766,251 (309,431) Operating Income (105,680) (372,972) (267,292) ' Nonoperating Revenues (Expenses) DuPage Water Commission Rebate 600,000 507,475 (92,525) ' Interest on Investments 183,750 234,387 50,637 Bond Principal (275,000) 275,000 Interest Expense (5,500) (5,500) - Fiscal Agent Fees (135) (135) - 503,115 736,227 233,112 Income Before Operating Transfers 397,435 363,255 (34,180) Operating Transfers (Out) (215,600) (215,600) - Net Income 181,835 147,655 (34,180) Other Changes in Retained Earnings - Unreserved ' Transfers in Restricted Accounts 998,500 Net Increase in Retained Earnings - Unreserved 1,146,155 Retained Earnings - Unreserved Beginning-As Restated 16,193,232 Ending 17,339,387 See accompanying Notes to the Financial Statements. - 65 - VILLAGE OF OAK BROOK, ILLINOIS Waterworks System Fund Schedule of Operating Expenses - Budget and Actual Year Ended December 31, 1996 Variance Favorable Budget Actual (Unfavorable) Operation of Facilities Public Works Water Operations Personnel $ 345,470 320,159 25,311 Materials and Supplies 7,210 6,370 840 Operation and Contractual 3,102,140 3,008,160 93,980 Capital 2,000 1,051 949 Total Water Operations 3,456,820 3,335,740 121,080 Capital Improvements Capital 659,900 251,118 408,782 ' Less: Items Capitalized (659,900) (251,118) (408,782) Total Capital Improvements - - - Total Operation of Facilities 3,456,820 3,335,740 121,080 Debt Service Fiscal Agent Fees 135 135 Interest 1973 Revenue Bonds 5,500 5,500 Principal 1973 Revenue Bonds 275,000 275,000 - Total 280,635 280,635 Less: Nonoperating Items (280,635) (280,635) - Total Debt Service - - - Depreciation and Amortization Depreciation 430,058 (430,058) Amortization 453 (453) Total Depreciation and Amortization - 430,511 (430,511) Total Operating Expenses 3,456,820 3,766,251 (309,431) - 66 - VILLAGE OF OAK BROOK, ILLINOIS Waterworks System Fund Schedule of Changes in Retained Earnings - Reserved - Restricted Accounts Year Ended December 31, 1996 Operation Bond Depreciation, and and Bond Improvement Maintenance Interest Reserve and Extension Totals Increases Required Transfers Per Bond Ordinance $ 58,300 58,300 Decreases Payment of Bond Principal 275,000 275,000 Payment of Bond Interest 5,500 5,500 Required Transfers Per Bond Ordinance 318,000 58,300 400,000 776,300 318,000 280,500 58,300 400,000 1,056,800 Net Increase (Decrease) (318,000) (222,200) (58,300) (400,000) (998,500) Account Balances Beginning 318,000 222,200 58,300 400,000 998,500 Ending - - - - - -67 - VILLAGE OF OAK BROOK, ILLINOIS Waterworks System Fund Schedule of Property, Plant and Equipment , and Accumulated Depreciation Year Ended December 31, 1996 Property, Plant and Equipment Balance Additions January 1 and Balance , As Restated Transfers Disposals December 31 Land and land rights $ 215,800 215,800 Service of supply plant - wells and springs 314,753 314,753 , Structure and improvements 592,386 52,012 644,398 Electrical pumping equipment 431,254 1,032 432,286 Water treatment equipment 8,149 8,149 Distribution, reservoirs, mains and standpipes 13,716,335 132,023 13,848,358 Meters and meter installation 591,612 66,051 657,663 Hydrants 181,472 181,472 Miscellaneous tools and equipment Office furniture and equipment 20,763 20,763 Tools, shop and garage equipment 20,189 20,189 Laboratory equipment 1,070 1,070 Miscellaneous equipment 112,533 112,533 Intangible plant - organization 11,403 11,403 16,217,719 251,118 - 16,468,837 - 68 - ' Rate of Depreciation Accumulated Depreciation or Balance Additions Amortization January 1 and Balance Net Asset (Years) As Restated Transfers Disposals December 31 Value 215,800 40 173,025 7,869 180,894 133,859 40 98,471 15,459 113,930 530,468 40 129,883 10,794 140,677 291,609 10 8,149 8,149 40 4,297,200 344,558 4,641,758 9,206,600 15 516,940 38,196 555,136 102,527 40 87,412 4,537 91,949 89,523 10 19,567 1,196 20,763 - 5 11,823 3,843 15,666 4,523 5 1,070 1,070 - 5 100,882 3,606 104,488 8,045 5 11,403 11,403 5,455,825 430,058 - 5,885,883 10,582,954 i ' - 69 - VILLAGE OF OAK BROOK, ILLINOIS ' Sports Core Fund Statement of Revenues, Expenses and Changes in Retained Earnings - Budget and Actual Year Ended December 31, 1996 Variance Favorable Budget Actual (Unfavorable) Operating Revenues Charges for Services Golf $ 1,673,585 1,501,205 (172,380) Bath and Tennis 925,860 815,335 (110,525) Total Operating Revenues 2,599,445 2,316,540 (282,905) Operating Expenses , Operations Golf Club 1,192,260 1,168,548 23,712 Bath and Tennis 1,408,850 1,422,153 (13,303) Depreciation 290,496 (290,496) Total Operating Expenses 2,601,110 2,881,197 (280,087) Operating Income (Loss) (1,665) (564,657) (562,992) Nonoperating Revenue (Expense) Golf Surcharge 67,500 64,515 (2,985) Interest on Investments 500 1,218 718 Other Income 6,500 26,270 19,770 Sale of Surplus Property 785,000 (785,000) Interest Expense (20,725) (20,681) 44 838,775 71,322 (767,453) Net Income (Loss) 837,110 (493,335) (1,330,445) Retained Earnings Beginning (972,594) Res;dual Equity Transfer In (Out) 760,230 Ending (705,699) See accompanying Notes to the Financial Statements. - 70 - , VILLAGE OF OAK BROOK, ILLINOIS ' Sports Core Fund Schedule or Operating Revenues - Budget and Actual Year Ended December 31, 1996 Variance ' Favorable Budget Actual (Unfavorable) Charges for Services Golf Fees $ 1,116,000 982,448 (133,552) ' Memberships 217,655 212,354 (5,301) Merchandise Sales 184,400 182,200 (2,200) Food Sales 71,530 47,547 (23,983) Beverage Sales 84,000 76,656 (7,344) 1,673,585 1,501,205 (172,380) ' Bath and Tennis Fees 137,350 180,887 43,537 Memberships 191,210 182,158 (9,052) Merchandise Sales 2,000 1,032 (968) Food Sales 409,100 325,122 (83,978) Beverage Sales 149,200 107,431 (41,769) Miscellaneous 37,000 18,705 (18,295) 925,860 815,335 (110,525) Total Operating Revenues 2,599,445 2,316,540 (282,905) ' - 71 - VILLAGE OF OAK BROOK, ILLINOIS Sports Core Fund Schedule of Operating Expenses - Budget and Actual Year Ended December 31, 1996 Variance ' Favorable Budget Actual (Unfavorable) Operations - Golf Club General Operations Personnel $ 260,250 258,545 1,705 Materials and Supplies 193,580 193,577 3 ' Operation and Contractual 80,875 78,213 2,662 534,705 530,335 4,370 Range Operations Personnel 62,865 59,694 3,171 Materials and Supplies 8,865 6,079 2,786 Operation and Contractual 2,200 1,897 303 73,930 67,670 6,260 Golf Cart Operations Personnel 19,660 18,490 1,170 Materials and Supplies 705 705 Operation and Contractual 42,520 42,516 4 , 62,885 61,711 1,174 Golf Course Maintenance Personnel 293,385 290,478 2,907 Materials and Supplies 98,685 90,203 8,482 Operation and Contractual 39,475 39,431 44 431,545 420,112 11,433 Golf Course Lounge Operations Personnel 31,555 31,517 38 Materials and Supplies 57,040 57,038 2 Operation and Contractual 600 165 435 89,195 88,720 475 Total Golf Club 1,192,260 1,168,548 23,712 - 72 - VILLAGE OF OAK BROOK, ILLINOIS Sports Core Fund Schedule of Operating Expenses - Budget and Actual (Cont.) Year Ended December 31, 1996 Variance Favorable Budget Actual (Unfavorable) Operations - Bath and Tennis General Operations Personnel $ 252,665 250,630 2,035 ' Materials and Supplies 33,310 33,310 Operation and Contractual 91,290 117,273 (25,983) 377,265 401,213 (23,948) Swimming Operations Personnel 105,415 105,415 Materials and Supplies 9,025 6,631 2,394 Operation and Contractual 33,570 30,749 2,821 ' 148,010 142,795 5,215 Tennis Operations - Outdoor Personnel 59,440 58,090 1,350 Materials and Supplies 9,800 7,532 2,268 Operation and Contractual 19,960 19,956 4 89,200 85,578 3,622 Tennis Operations - Indoor Personnel 67,575 67,571 4 Materials and Supplies 1,300 1,296 4 Operation and Contractual 35,390 35,385 5 104,265 104,252 13 Food and Beverage ' Personnel 289,900 289,888 12 Materials and Supplies 257,725 255,948 1,777 Operation and Contractual 142,485 142,479 6 690,110 688,315 1,795 Total Bath and Tennis 1,408,850 1,422,153 (13,303) - 73 - VILLAGE OF OAK BROOK, ILLINOIS , Sports Core Fund ' Schedule of Operating Expenses - Budget and Actual (Cont.) Year Ended December 31, 1996 Variance Favorable ' Budget Actual (Unfavorable) Capital Improvements Capital Outlay $ 243,895 126,595 117,300 Less: Items Capitalized (243,895) (126,595) (117,300) , Total Capital Improvements - - - Depreciation 290,496 (290,496) Total Operating Expenses 2,601,110 2,881,197 (280,087) , - 74 - VILLAGE OF OAK BROOK, ILLINOIS Sports Core Fund Schedule of Property, Plant and Equipment ' and Accumulated Depreciation Year Ended December 31, 1996 Property, Plant and Equipment Additions 1 Balance and Balance January 1 Transfers Disposals December 31 , Land $ 8,292,249 8,292,249 Land Improvements-Golf Course 1,680,773 15,330 1,696,103 1 Land Improvements-Bath & Tennis 151,611 151,611 Buildings-Golf 726,184 726,184 , Buildings-Bath & Tennis 2,069,608 63,228 2,132,836 Machinery & Equipment-Golf 681,254 18,334 699,588 Machinery & Equipment-Bath & Tennis 73,308 29,703 103,011 ' Computer Equipment 21,367 21,367 Vehicles 12,610 12,610 i 13,708,964 126,595 - 13,835,559 r 1 - 75 - 1 ' Rate of Depreciation Accumulated Depreciation or Additions Amortization Balance and Balance Net Asset (Years) January 1 Transfers Disposals December 31 Value - 8,292,249 ' 25 801,323 67,613 868,936 827,167 10 117,154 13,783 130,937 20,674 ' 40 211,529 17,380 228,909 497,275 40 917,881 94,020 1,011,901 1,120,935 10 357,027 87,003 444,030 255,558 ' 10 43,516 9,059 52,575 50,436 5 19,715 954 20,669 698 ' 4 10,226 680 10,906 1,704 2,478,371 290,492 - 2,768,863 11,066,696 - 76 - 1 ' INTERNAL SERVICE FUNDS 1 Self-Insurance Fund - to account for all costs associated with self- insurance risks for health and dental insurance. Garage Fund - to account for all costs associated with the operation and maintenance of the Village's vehicle fleet equipment. ' Capital Replacement Fund - to account for revenues and expenditures relative to the replacement of major capital equipment, primarily vehicles. ' VILLAGE OF OAK BROOK, ILLINOIS ' Internal Service Funds ' Combining Balance Sheet December 31, 1996 Self- Capital ' Insurance Garage Replacement Total ASSETS ' Current Assets Cash and Investments $ 319,201 49,522 1,570,844 1,939,567 1 Receivables Accounts 223 223 Accrued Interest 3,389 13,719 17,108 Inventory 40,554 40,554 ' 322,590 90,299 1,584,563 1,997,452 Fixed Assets Property, Plant and Equipment 112,602 2,886,510 2,999,112 Accumulated Depreciation (59,059) (1,449,400) (1,508,459) ' - 53,543 1,437,110 1,490,653 ' Total Assets 322,590 143,842 3,021,673 3,488,105 LIABILITIES AND FUND EQUITY Current Liabilities Accounts Payable 19,183 19,183 Accrued Payroll and Vacation 5,556 5,556 Claims Payable 109,597 109,597 Due to Other Funds 4,7424,742 - Total Liabilities 109,597 29,481 139,078 ' Fund Equity Retained Earnings - Unreserved 212,993 114,361 3,021,673 3,349,027 ' Total Liabilities and Fund Equity 322,590 143,842 3,021,673 3,488,105 ' See accompanying Notes to the Financial Statements. - 77 - r VILLAGE OF OAK BROOK, ILLINOIS r Internal Service Funds ' Combining Statement of Revenues, Expenses, and Changes in Retained Earnings Year Ended December 31, 1996 1 Self- Capital ' Insurance Garage Replacement Total Operating Revenues r Charges for Services $ 760,870 332,100 396,220 1,489,190 Operating Expenses Operation of Garage 290,263 290,263 ' Claims and Insurance 874,824 874,824 Depreciation 11,194 202,992 214,186 Total Operating Expenses 874,824 301,457 202,992 1,379,273 ' Operating Income (Loss) (113,954) 30,643 193,228 109,917 ' Nonoperating Revenues Interest on Investments 17,785 2,025 91,150 110,960 ' Miscellaneous 44,392 44,392 17,785 2,025 135,542 155,352 Income (Loss) Before Operating Transfers (96,169) 32,668 328,770 265,269 Operating Transters (Out) - (17,400) - (17,400) ' Net Income (Loss) (96,169) 15,268 328,770 247,869 r Retained Earnings ' Beginning, as Restated 309,162 99,093 2,692,903 3,101,158 Ending 212,993 114,361 3,021,673 3,349,027 r See accompanying Notes to the Financial Statements: 78 - r ' VILLAGE OF OAK BROOK, ILLINOIS Internal Service Funds Combining Statement of Cash Flows ' Year Ended December 31, 1996 Self- Capital Insurance Garage Replacement Total ' Cash Flows From Operating Activities Operating Income(Loss) $ (113,954) 30,643 193,228 109,917 Adjustments to Reconcile Operating Income to Net Cash Provided by Operating Activities Depreciation 11,194 202,992 214,186 Other Non-Operating Revenue 44,392 44,392 Changes in Assets and Liabilities Current Assets (6,690) (6,690) Current Liabilities 53,965 15,833 69,798 (59,989) 50,980 440,612 431,603 ' Cash Flows From Noncapital Financing Activities Operating Transfers (Out) - (17,400) - (17,400) ' Cash Flows From Capital and Related Financing Activities Acquisition of Capital Assets (12,303) (599,701) (612,004) ' Cash Flows from Investing Activities Investment Purchases (107,830) (438,242) (546,072) Investment Maturities 300,000 300,000 Interest Received on Investments 16,110 2,025 89,388 107,523 (91,720) 2,025 (48,854) (138,549) ' Net Increase (Decrease) in Cash and Cash Equivalents (151,709) 23,302 (207,943) (336,350) ' Cash and Cash Equivalents Beginning 261,187 26,220 929,878 1,217,285 ' Ending 109,478 49,522 721,935 880,935 Cash and Investments ' Cash and Cash Equivalents 109,478 49,522 721,935 880,935 Investments 209,723 848,909 1,058,632 319,201 49,522 1,570,844 1,939,567 See accompanying Notes to the Financial Statements. -79 - t VILLAGE OF OAK BROOK, ILLINOIS ' Self-Insurance Fund ' Statement of Revenues, Expenses and Changes in , Retained Earnings - Budget and Actual Year Ended December 31, 1996 Variance Favorable ' Budget Actual (Unfavorable) Operating Revenues ' Charges for Services $ 830,175 760,870 (69,305) Operating Expenses Claims and Insurance Insurance 222,610 196,138 26,472 ' Health Claims 581,085 590,934 (9,849) Dental Claims 71,135 87,752 (16,617) Total Operating Expenses 874,830 874,924 6 ' Operating Income (Loss) (44,655) (113,954) (69,299) ' Nonoperating Revenues Interest on Investments 18,000 17,785 (215) , Net Income (Loss) (26,655) (96,169) (69,514) Retained Earnings Beginning 309,162 , Ending 212,993 1 See accompanying Notes to the Financial Statements. - 80 - L VILLAGE OF OAK BROOK, ILLINOIS Garage Fund Statement of Revenues, Expenses and Changes in Retained Earnings - Budget and Actual Year Ended December 31, 1996 Variance Favorable Budget Actual (Unfavorable) Operating Revenues Charges for Services $ 332,100 332,100 Operating Expenses Garage Operations Personnel 72,130 71,612 518 Materials and Supplies 89,300 89,296 4 Operation and Contractual 129,375 129,355 20 Capital 12,305 12,303 2 303,110 302,566 544 Less: Items Capitalized (12,305) (12,303) (2) 290,805 290,263 542 Depreciation 11,194 (11,194) Total Operating Expenses 290,805 301,457 (10,652) Operating Income 41,295 30,643 (10,652) Nonoperating Revenues Interest on Investments 1,000 2,025 1,025 Income Before Operating Transfers 42,295 32,668 (9,627) Operating Transfers (Out) (17,400) (17,400) Net Income 24,895 15,268 (9,627) LRetained Earnings Beginning, As Restated 99,093 Ending 114,361 See accompanying Notes to the Financial Statements. - 81 - VILLAGE OF OAK BROOK, ILLINOIS Capital Replacement Fund Statement of Revenues, Expenses and Changes in Retained Earnings - Budget and Actual Year Ended December 31, 1996 Variance Favorable Budget Actual (Unfavorable) Operating Revenues Charges for Services $ 396,220 396,220 - Operating Expenses Capital 599,325 599,701 (376) Less: Items Capitalized (599,325) (599,701) 376 Depreciation 202,992 (202,992) Total Operating Expenses - 202,992 (202,992) Operating Income 396,220 193,228 (202,992) Nonoperating Revenues Interest on Investments 71,065 91,150 20,085 Miscellaneous 44,392 44,392 71,065 135,542 64,477 Net Income 467,285 328,770 (138,515) Retained Earnings Beginning, as Restated 2,692,903 Ending 3,021,673 See accompanying Notes to the Financial Statements. - 82 - ' FIDUCIARY FUND TYPES 1 1 ■ 1 1 1 1 1 1 TRUST AND AGENCY FUNDS 1 Pension Trust Funds Police Pension Fund - to account for the accumulation of resources to pay ' pension costs. Resources are contributed by sworn police personnel at rates fixed by State Statutes and by the Village as a percentage of payroll based upon an annual actuarial valuation. Firefighters' Pension Fund - to account for the accumulation of resources to pay pension costs. Resources are contributed by sworn fire personnel at rates fixed by State Statutes and by the Village as a percentage of payroll ' based upon an annual actuarial valuation. Agency Fund ' Deferred Compensation Fund - to account for changes in assets and liabilities of the Village's deferred compensation plan offered to the Village's employees. 1 VILLAGE OF OAK BROOK, ILLINOIS ' Trust and Agency Funds Combining Balance Sheet December 31, 1996 Pension Trust Agency ' Fire- Deferred Police fighters' Compensa- Pension Pension tion Total ASSETS ' Cash and Investments $ 15,278,950 14,524,982 3,452,350 33,256,282 Receivables Accrued Interest 194,230 140,281 334,511 Total Assets 15,473,180 14,665,263 3,452,350 33,590,793 LIABILITIES AND ' FUND BALANCES Liabilities Accounts Payable 8,600 8,600 Due to Other Funds 64,795 64,795 Deferred Compensation Payable 3,452,350 3,452,350 Total Liabilites - 73,395 3,452,350 3,525,745 ' Fund Balances Reserved for Employees' Retirement 15,473,180 14,591,868 - 30,065,048 ' Total Liabilities and Fund Balances 15,473,180 14,665,263 3,452,350 33,590,793 r See accompanying Notes to the Financial Statements. - 83 - VILLAGE OF OAK BROOK, ILLINOIS Pension Trust Funds ' Combining Statement of Revenues, Expenses and Changes in Fund Balances Year Ended December 31, 1996 Police Firefighters' r Pension Pension Total Operating Revenues Contributions Employees $ 160,531 132,139 292,670 Village 229,913 106,092 336,005 Interest on Investments 1,037,521 1,146,328 2,183,849 Total Operating Revenues 1,427,965 1,384,559 2,812,524 Operating Expenses , General and Administrative 57,763 57,773 115,536 Pension Benefits and Refunds 400,003 409,010 809,013 , Total Operating Expenses 457,766 466,783 924,549 Net Income 970,199 917,776 1,887,975 ' Fund Balances Beginning 14,502,981 13,674,092 28,177,073 Ending 15,473,180 14,591,868 30,065,048 ' r See accompanying Notes to the Financial Statements. - 84 - , 1 VILLAGE OF OAK BROOK, ILLINOIS ' Deferred Compensation Fund Statement of Changes in Assets and Liabilities Year Ended December 31, 1996 1 ' Balance Balance January 1 Additions Deductions December 31 ASSETS ' Cash and Investments $ 2,916,370 664,496 (128,516) 3,452,350 r LIABILITIES rDeferred Compensation Payable 2,916,370 664,496 (128,516) 3,452,350 1 r r r r r r r r See accompanying Notes to the Financial Statements. r - 85 - VILLAGE OF OAK BROOK, ILLINOIS Police Pension Fund ' Statement of Revenues, Expenses and Changes in Fund Balance - Budget and Actual Year Ended December 31, 1996 Variance ' Favorable Budget Actual (Unfavorable) Operating Revenues Contributions Employees $ 176,740 160,531 (16,209) r Village 319,115 229,913 (89,202) Interest on Investments 840,100 1,037,521 197,421 ' Total Operating Revenues 1,335,955 1,427,965 92,010 Operating Expenses General and Administrative 63,760 57,763 5,997 Pension Benefit Payments 400,005 400,003 2 ' Pension Refunds 10,000 10,000 Total Operating Expenses 473,765 457,766 15,999 Net Income 862,190 970,199 108,009 ' Fund Balance Beginning 14,502,981 Ending 15,473,180 See accompanying Notes to the Financial Statements. , - 86 - ' ' VILLAGE OF OAK BROOK, ILLINOIS Firefighters' Pension Fund Statement of Revenues, Expenses and Changes in Fund Balance- Budget and Actual Year Ended December 31, 19% Variance Favorable Budget Actual (Unfavorable) ' Operating Revenues Contributions Employees $ 135,820 132,139 (3,681) Village 296,330 106,092 (190,238) Interest on Investments 871,250 1,146,328 275,078 Total Operating Revenues 1,303,400 1,384,559 81,159 ' Operating Expenses General and Administrative 56,610 57,773 (1,163) Pension Benefit Payments 406,810 409,010 (2,200) Pension Refunds 5,000 5,000 Total Operating Expenses 468,420 466,783 1,637 ' Net Income 834,980 917,776 82,796 ' Fund Balance Beginning 13,674,092 ' Ending 14,591,868 ' See accompanying Notes to the Financial Statements. - 87 - 1 1 1 1 1 ' ACCOUNT GROUPS 1 1 ' GENERAL FIXED ASSETS ACCOUNT GROUP General Fixed Assets Account Group - to account for fixed assets not ' accounted for in Proprietary or Trust Funds. ' VILLAGE OF OAK BROOK, ILLINOIS ' General Fixed Assets Account Group Schedule of General Fixed Assets - By Source December 31, 1996 1 ' General Fixed Assets Land $ 616,829 ' Buildings and Improvements 4,225,453 Other Equipment 1,193,571 Computer Equipment 441,019 ' Library Books 691,884 ' 7,168,756 Investment in General Fixed Assets ' Current Revenues 4,983,933 Proceeds of Indebtedness 1,659,881 ' Gifts 524,942 7,168,756 1 - 88 - VILLAGE OF OAK BROOK, ILLINOIS , General Fixed Assets Account Group ' Schedule of General Fixed Assets - , By Function and Activity December 31, 1996 Buildings , and Other Function and Activity Land Improvements Equipment General Government Board of Trustees $ 616,829 9,974 1,882 Village Clerk 4,228 ' General Management 2,424,949 55,375 Information Services ' Finance and Accounting 21,512 Engineering 14,581 616,829 2,434,923 97,578 ' Public Safety , Police Department 121,312 489,809 Fire Department 725,229 468,050 846,541 957,859 ' Public Works Administrative 673,753 6,539 ' Street Maintenance 53,378 57,713 Forestry 65,335 ' 727,131 129,587 Culture and Recreation ' Library - 216,858 8,547 616,829 4,225,453 1,193,571 ' - 89 - ' Computer Library Equipment Books Totals A 628,685 4,228 2,480,324 441,019 441,019 21,512 _ 14,581 441,019 3,590,349 ' 611,121 1,193,279 1,804,400 ' 680,292 111,091 ' 65,335 - 856,718 - 691,884 917,289 441,019 691,884 7,168,756__ - 90 - VILLAGE OF OAK BROOK, ILLINOIS ' General Fixed Assets Account Group ' Schedule of Changes in General Fixed Assets - By Function and Activity Year Ended December 31, 1996 Balance January 1 Balance ' as Restated Additions Retirements Decei.iber 31 General Government A Board of Trustees $ 618,711 9,974 628,685 Village Clerk 4,228 4,228 General Management 2,404,427 90,407 (14,510) 2,480,324 Information Services 319,968 121,051 4419019 Financial Services 21,512 21,512 ' Engineering 14,581 14,581 3,383,427 221,432 (14,510) 3,590,349 Public Safety Peace Department 551,814 59,307 611,121 , Fire Department 920,213 273,066 1,193,279 1,472,027 332,373 - 1,804,400 Public Works Administrative 676,609 3,683 680,292 Street Maintenance 105,282 5,809 1119091 Forestry 249980 40,355 65,335 ' 806,871 49,847 - 856,718 Culture and Recreation , Library 825,514 91,775 - 917,289 6,487,839 695,427 (14,510) 7,168,756 - 91 - SUPPLEMENTAL INFORMATION 1 1 1 rVILLAGE OF OAK BROOK, ILLINOIS Police Pension Fund Revenues by Source and Expenses by Type Required Supplementary Information December 31, 1996 Employer Contributions as a Fiscal Revenues by Source Percentage Year Employee Employer Investment Other of Covered Ended Contributions Contributions Income Contributions Total Payroll 1988 $ 110,697 $ 196,043 $ 468,630 $ 100 $ 775,370 16.00 % 1989 114,088 212,268 506,724 152 833,080 16.00 1990 124,278 234,611 600,359 100 959,248 17.00 1991 134,760 256,092 636,988 100 1,027,840 17.00 1992 148,568 280,628 757,001 - 1,186,197 17.00 1 1993 149,700 282,773 769,310 - 1,201,783 17.00 1993* 96,232 155,040 886,917 - 1,138,189 14.50 1 1994 160,828 284,793 1,288,428 - 1,734,049 15.94 1995 169,774 304,088 1,376,166 1,850,028 16.12 1996 160,531 229,913 1,037,521 - 1,427,965 12.88 �j Expenses by Type Fiscal Adminis- Year trative Ended Benefits Expenses Refunds Total 1988 $ 93,126 $ 1,631 $ 19,592 $ 114,349 1989 114,024 4,645 - 118,669 1990 181,102 2,425 20,729 206,256 1991 185,959 2,238 16,939 205,136 1992 189,342 6,284 - 195,626 1993 193,250 14,279 4,102 211,631 1993* 198,527 10,045 208,572 1994 289,222 49,691 - 338,913 1995 297,162 54,084 - 351,246 1996 400,003 57,763 - 457,766 * During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is for the eight months ended December 31, 1993. - 92 - VILLAGE OF OAK BROOK, ILLINOIS Police Pension Fund Analysis of Funding Progress Required Supplementary Information December 31, 1996 Net Assets Unfunded Available Pension for Benefit Benefits Unfunded Obligation Net as a (Assets in as a Assets Percentage Excess of) Percentage Fiscal Available Pension of Pension Pension Annual of Annual Year for Benefit Benefit Benefit Covered Covered Ended Benefits Obligation Obligation Obligation Payroll Payroll 1989 $ 5,726,809 $ 7,353,693 77.88 % $ 1,626,884 $ 1,296,036 125.53 % 1990 6,408,264 8,213,468 78.02 1,805,204 1,378,366 130.97 1991 7,122,825 9,075,466 78.48 1,952,641 1,498,284 130.33 1992 7,875,918 9,890,752 79.63 2,014,834 1,650,756 122.06 1993 9,689,294 10,801,060 89.71 1,111,766 1,663,338 66.84 1993* 11,609,063 12,811,636 90.61 1,202,573 1,603,900 74.98 1994 13,004,199 14,019,033 92.76 1,014,834 1,786,978 56.79 1995 14,502,981 14,806,134 97.95 303,153 1,886,378 16.07 1996 15,473,180 15,413,416 100.39 (59,764) 1,783,678 (3.35) Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation and unfunded pension benefit obligation in isolation can be misleading. Expressing the net assets available for benefit as a percentage of the pension benefit obligation provides one indication of funding status on a going-concern basis. Analysis of this percentage over time indicates whether the system is becoming financially stronger or weaker. Generally, the greater this percentage, the stronger the PERS Trends in unfunded/(overfunded) pension benefit obligation and annual covered payroll are both affected by inflation. Expressing the unfunded/(overfunded) pension benefit obligation as a percentage of annually covered payroll approximately adiusts for the effects of inflation and aids analysis of progress made in accumulating sufficient assets to pay benefits when due. Generally, the smaller this percentage, the stronger the PERS. Information concerning the pension benefit obligation is available only for 1989 through 1996. * During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is for the eight months ended December 31, 1573, covered payroll has been annualized for comparability. - 93 - VILLAGE OF OAK BROOK, ILLINOIS ]Firefighters' Pension Fund Revenues by Source and Expenses by Type N Required Supplementary Information December 31, 1996 Employer Contributions as a Fiscal Revenues by Source Percentage Year Employee Employer Investment Other of Covered Ended Contributions Contributions Income Contributions Total Payroll 1988 $ 97,322 $ 189,011 $ 459,037 $ - $ 745,370 16.00 % 1989 98,367 201,205 459,707 - 759,279 17.00 1990 107,270 221,641 867,874 - 1,196,785 17.00 1991 114,932 236,829 487,990 - 839,751 17.00 1992 123,368 254,212 686,802 - 1,064,382 17.00 1993 123,020 253,496 868,846 - 1,245,362 17.00 1993* 82,425 209,809 653,783 - 946,017 21.00 1994 124,461 271,141 679,115 - 1,074,717 17.97 1995 130,217 282,848 1,207,689 - 1,620,754 17.92 1996 132,139 106,092 1,146,328 1,384,559 6.62 Expenses by Type Fiscal Adminis- Year trative Ended Benefits Expenses Refunds Total ' 1988 $ 113,326 $ 1,724 $ - $ 115,050 1989 125,618 1,102 126,720 1990 136,432 2,330 - 138,762 ' 1991 151,234 2,292 7,850 161,376 1992 176,682 18,044 11,846 206,572 1993 197,354 46,475 - 243,829 1993* 165,589 29,906 - 195,495 1994 281,341 54,199 - 335,540 1995 341,370 53,675 - 395,045 1996 409,010 57,773 466,783 * During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is for the eight months ended December 31, 1993. r -94 - VILLAGE OF OAK BROOK, ILLINOIS Firefighters' Pension Fund Analysis of Funding Progress Required Supplementary Information December 31, 1996 Net Assets Unfunded Available Pension for Benefit Benefits Unfunded Obligation Net as a (Assets in as a Assets Percentage Excess oQ Percentage Fiscal Available Pension of Pension Pension Annual of Annual Year for Benefit Benefit Benefit Covered Covered Ended Benefits Obligation Obligation Obligation Payroll Payroll 1989 $ 6,095,213 $ 6,465,524 94.27 % $ 370,311 $ 1,174,639 31.53 % 1990 6,735,173 7,292,386 92.36 557,213 1,300,239 42.85 1991 7,367,730 8,415,246 87.55 1,047,516 1,385,899 75.58 1992 8,425,753 9,339,630 90.22 913,877 1,495,367 61.11 1993 9,957,151 10,221,683 97.41 264,532 1,491,151 17.74 1993* 11,709,206 11,373,198 102.95 (336,008) 1,498,600 (22.42) 1994 12,448,383 12,398,979 100.40 (49,404) 1,508,618 (3.27) 1995 13,674,092 13,181,817 103.73 (492,275) 1,578,388 (31.19) 1996 14,591,868 14,611,493 99.87 19,625 1,601,685 1.23 Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation and unfunded pension benefit obligation in isolation can be misleading. Expressing the net assets available ' for benefit as a percentage of the pension benefit obligation provide-, one indication of funding status on a going-concern basis. Analysis of this percentage over time indicates whether the system is becoming financially stronger or weaker. Generally, the greater this percentage, the stronger the PERS Trends in unfunded/(overfunded) pension benefit obligation and annual covered payroll are both affected by inflation. Expressing the unfunded/(overfunded) pension benefit obligation as a percentage of annually covered payroll approximately adjusts for the effects of inflation and aids analysis of progress made in accumulating sufficient assets to pay benefits when due. Generally, the smaller this percentage, the stronger the PERS. Information concerning the pension benefit obligation is available only for 1989 through 1996. * During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is for the eight months ended December 31, 1993, covered payroll has been annualized for comparability. - 95 - ' VILLAGE OF OAK BROOK, ILLINOIS Illinois Municipal Retirement Fund Analysis of Funding Progress Required Supplementary Information December 31, 1996 Net Assets Unfunded Available Pension for Benefit Benefits Obligation Net as a as a Assets Percentage Unfunded Percentage Calendar Available Pension of Pension Pension Annual of Annual Year for Benefit Benefit Benefit Covered Covered Ended Benefits Obligation Obligation Obligation Payroll Payroll 1987 S 1,195,714 1 1,490,597 80.22 % S 294,883 S 1,538,494 19.17 % 1988 1,331,778 1,715,964 77.61 384,186 1,726,898 22.25 1989 1,363,418 1,783,586 76.44 420,168 1,859,331 22.60 1990 1,720,746 2,266,520 75.92 545,774 2,017,357 27.05 1991 2,044,423 2,408,970 84.87 364,547 2,183,468 16.70 1992 2,369,632 2,559,996 92.56 190,364 2,285,435 8.33 1993 2,677,785 2,867,734 93.38 189,949 2,374,822 8.00 1994 2,972,261 3,123,466 95.16 151,205 2,706,579 5.59 1995 4,026,496 4,155,650 96.89 129,154 3,104,866 4.16 r Analysis of t.,- dollar amounts of net assets available for benefits, pension benefit obligation and unfunded Y P g pension benefit obligation in isolation can be misleading. Expressing the net assets available for benefit as a percentage of the pension benefit obligation provides one indication of funding status on a going-concern basis. Analysis of this percentage over time indicates whether the system is becoming financially stronger ' or weaker. Generally, the greater this percentage, the stronger the PERS Trends in unfunded/(overfunded) pension benefit obligation and annual covered payroll are both affected by inflation. Expressing the unfunded/(overfunded) pension benefit obligation as a percentage of annually covered payroll approximately adjusts for the effects of inflation and aids analysis of progress made in accumulating sufficient assets to pay benefits when due. Generally, the smaller this percentage, the stronger the PERS. Information concerning the pension benefit obligation is available only for 1987 through 1995. - 96 - STATISTICAL SECTION (UNAUDITED) 1 1 1 1 i VILLAGE OF OAK BROOK, ILLINOIS General Governmental Expenditures by Function Last Ten Fiscal Years December 31, 1996 Fiscal Year 1988 1989 1990 1991 1992 1993 *1993 1994 1995 1996 General Government $ 1,207,682 1,452,473 1,657,457 1,522,165 1,697,019 1,456,753 914,394 1,669,529 2,329,107 2,596,032 Public Safety 4,616,312 5,184,506 5,303,456 5,842,884 5,900,826 5,821,460 4,332,750 6,619,494 6,685,874 6,786,918 Public Works 2,089,485 2,076,858 1,605,218 1,704,451 3,099,903 4,076,547 1,574,548 3,423,038 3,363,157 3,097,906 Culture and Recreation 195,341 196,584 241,751 278,085 412,685 418,978 264,471 462,781 539,734 726,820 Debt Service 987,234 955,025 922,716 987,505 949,288 959,375 944,820 944,821_____ 9,096,054 9,865,446 9,730,598 10,335,090 12,059,721 12,733,113 8,030,983 13,119,663 12,917,872 13,207,676 * During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is for the eight months ended December 31, 1993. NOTE: Includes General, Special Revenue, Debt Service and Capital Projects Funds. Data Source Village Records -97- VILLAGE OF OAK BROOK, ILLINOIS General Revenues by Source Last Ten Fiscal Years December 31, 1996 Fiscal Year 1988 1989 1990 1991 1992 1993 *1993 1994 1995 1996 Intergovem mental $ 6,695,200 7,151,393 7,325,893 7,294,865 8,250,633 10,248,950 7,985,514 11,218,902 12,106,579 12,149,759 Property Taxes 627,708 582,861 542,623 603,129 877,289 963,125 846,501 549,482 5,410 Utility Taxes 1,098,386 2,239,243 1,648,740 1,572,193 1,873,147 1,956,984 Hotel/Motel Taxes 89,664 196,609 210,066 163,784 235,606 274,041 290,198 Licenses and Permits 295,364 261,081 305,085 342,354 299,111 353,747 261,461 322,779 477,624 374,617 Service Charges 204,889 263,759 219,484 371,368 338,453 584,727 498,440 293,743 336,146 423,139 Fines and Penalties 189,558 166,238 229,841 196,640 176,868 238,858 135,419 280,339 220,593 211,809 Interest on Investments 421,013 418,479 538,159 376,261 221,019 173,404 171,420 426,127 713,992 784,652 Miscellaneous 185,943 234,158 154,064 453,184 82,512 81,625 189,205 233,836 253,327 296,482 8,619,675 9,077,969 9,315,149 9,727,465 11,540,880 15,093,745 11,900,484 15,133,007 16,260,859 16,487,640 * During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is for the eight months ended December 31, 1993. NOTE: Includes General,Special Revenue, Debt Service and Capital Projects Funds. Data Source Village Records -98- VILLAGE OF OAK BROOK, ILLINOIS ' Special Assessment Billings and Collections Last Ten Fiscal Years December 31, 1996 Ratio of Current Current Collections Total Fiscal Assessments Assessments To Amounts Outstanding ' Year Billed Collected Billed (1) Assessments 1986 $ 6,000 6,137 102.28 11,615 1987 6,000 6,063 101.05 5,615 ' Note: Special assessments are levied by the Village on properties in the York Woods subdivision of the Village for street light improvements. There were no special ' assessments prior to 1983 or subsequent to 1987. Data Source Village Records -99 - VILLAGE OF OAK BROOK, ILLINOIS , Property Tax Levies and Collections Last Ten Fiscal Years December 31, 1996 Percent of Tax Total Total Total Tax Fiscal Levy Tax Tax Collections Year Year Levy Collection to Tax Levy ' 1988 1986 $ 608,701 602,586 99.00 % 1989 1987 580,309 585,620 100.92 1990 1988 551,811 548,259 99.36 1991 1989 609,854 602,304 98.76 1992 1990 814,693 854,988 104.95 1993 1991 842,077 840,958 99.87 , *1993 1992 848,710 846,501 99.74 ' 1994 1993 555,221 549,482 98.97 1995 1994 - - N/A , 1996 1995 - - N/A , * During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is for the eight months ended December 31, 1993. Note: The Village levies property taxes for debt service purposes only. The levies were abated ' by $300,000 paid by the General Fund for 1984-1988 and the Debt Service Fund for 1989, paid by $290,000 paid by the Debt Service fund in 1993. All debt was retired in 1994. ' Data Source Villzge Records - 100 - ' VILLAGE OF OAK BROOK, ILLINOIS ' Assessed and Estimated Actual Value of Taxable Property - In Thousands Last Ten Fiscal Years December 31, 1996 Real Property Ratio of Total Estimated Assessed/Total Levy Actual Estimated Year Assessed Value Actual Value 1986 $ 445,776 1,350,836 33.00 % 1987 611,665 1,853,530 33.00 1988 669,030 2,027,364 33.00 ' 1989 745,392 2,258,764 33.00 1990 806,397 2,443,627 33.00 1991 855,836 2,593,442 33.00 ' 1992 878,225 2,634,675 33.00 1993 875,114 2,625,341 33.00 1994 887,591 2,662,773 33.00 1995 905,788 2,717,364 33.00 Data Source County Clerk's Office - 101 - VILLAGE OF OAK BROOK, ILLINOIS Property Tax Rates-Direct and Overlapping Governments Last Ten FSscal Years December 31, 1996 Tax Levy Year 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 Village of Oak Brook $ 0.1366 0.0949 0.0825 0.0818 0.1044 0.0994 0.0977 0.0641 0.0000 0.0000 Basic Town 0.9572 1.0587 1.1111 0.9311 0.8708 0.8354 0.8171 0.8348 0.8089 0.7141 Junior College#502 0.2551 0.2341 0.2088 0.2009 0.2092 0.2085 02087 0.2058 0.2068 0.2062 Grade School X53 1.2297 0.9364 0.9093 0.9134 0.9389 0.9923 1.0248 1.0683 1.0763 1.0605 High School#86 1.9233 1.8906 1.8774 1.7786 1.7205 1.6855 1.6595 1.6406 1.6122 1.5907 Oak Brook Park District 0.1423 0.1014 0.1834 0.1733 0.1695 0.2037 0.2051 0.2098 0.2064 0.2045 Hinsdale Sanitary District 0.0528 0.0379 0.0434 0.0000 0.0000 0.0080 0.0000 0.0000 0.0000 0.0000 Total 4.6970 4.3540 4.4159 4.0791 4.0133 4.0328 4.0129 4.0234 3.9106 3.7760 Note: Includes all county, forest preserve,township and water commission rates. Rates are per$100 of assessed valuation. Data Source County Clerk's Office - 102- W 102- W M M M M r M M r M a � M M M M M M 'M M err M MM MM M M r MM r r r r � ■r VILLAGE OF OAK BROOK, ILLINOIS Ratio of Net General Bonded Debt to Equalized Assessed Value and Net General Bonded Debt Per Capita Last Ten Fiscal Years December 31, 1996 Fiscal Year 1988 1989 1990 1991 1992 1993 '1993 1994 1995 1996 Population(1) 8,000 9,151 9,151 9,151 9,087 9,087 9,087 9,087 9,087 9,087 Equalized Assessed Value (in Thousands) $ 611,665 669,030 745,392 806,397 855,836 878,225 878,225 875,114 887,591 905,788 Gross General Bonded Debt 5,650,000 4,950,000 4,250,000 3,450,000 2,650,000 1,800,000 900,000 - - - Debt Service Monies Available 510,389 629,291 432,693 202,468 242,137 261,159 265,447 Net General Bonded Debt 5,139,611 4,320,709 3,817,307 3,247,532 2,407,863 1,538,841 634,553 Ratio of Net General Bonded Debt to Equalized Assessed Value 0.94% 0.65% 0.51% 0.40% 0.28% 0.18% 0.07;70 0.00% 0.00% 0.00% Net General Bonded Debt Per Capita 642.45 472.16 417.15 354.88 264.98 169.35 69.83 - - - s During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is for the eight months ended December 31, 1993. Data Sources (1) Bureau of Census (2) County Clerk's Office (3) Village Records - 103- VILLAGE OF OAK BROOK, ILLINOIS , Computation of Legal Debt Margin ' December 31, 1996 Assessed Value (1) $ 905,788,216 ' Debt Limit 8.625% of Assessed Value $ 78,124,234 Debt Applicable to Debt Limit - Legal Debt Margin $ 78,124,234 Data Source (1) County Clerk's Office - 104 - VILLAGE OF OAK BROOK, ILLINOIS ' Schedule of Direct and Overlapping Bonded Debt December 31, 1996 ' Percentage of Debt Applicable Gross to Oak Brook's Governmental Unit Bonded Debt Oak Brook Share of Debt Village of Oak Brook - 100.00 % - Du Page County 147,430,000 4.92 7,258,215 Du Page Airport Commission 5,075,000 5.11 259,493 ' Du Page Forest Preserve 150,780,000 4.92 7,423,141 Du Page Water Commission 139,010,000 5.37 7,469,029 ' Park Districts 1,415,000 75.79 1,072,400 Elementary School Districts 26,132,000 11.40 2,979,603 High School Districts 23,610,000 6.18 1,458,976 ' Unit District 205 1,840,000 7.69 141,564 Total 495,292,000 28,062,421 1 ' Data Source County Clerk's Office - 105 - VILLAGE OF OAK BROOK, ILLINOIS Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Expenditures • Last Ten Fiscal Years December 31, 19% Fiscal Year 1988 1989 1990 1991 1992 1993 *1993 1994 1995 1996 Principal $ 700,000 700,000 700,000 800,000 800,000 850,000 900,000 900,000 Interest 302,400 270,200 238,000 205,800 149,288 109,375 44,100 44,821 Total Debt Service 1,002,400 970,200 938,000 1,005,800 949,288 959,375 944,100 944,821 - Touil Gcneral Expenditures 9,096,054 9,865,446 9,610,564 10,239,015 12,059,721 12,733,113 8,030,983 13,119,663 12,917,872 13,207,676 Ratio of Debt Service Expenditures to General Expenditures 11.02 9.83 9.76 9.82 7.87 7.53 11.76 7.20 N/A N/A * During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is for the eight months ended December 31, 1993. Data Source Village Records - 106- M M M M M M M M M M M M M M = r M M M VILLAGE OF OAK BROOK, a,LINOIS Revenue Bund Coverage-Waterworks System Bonds Last Ten Fiscal Years December 31, 19% Fiscal Year 1987 1988 1989 1990 1991 1992 1993 *1993 1994 1995 1996 Gross Revenue $ 2,574,660 2,778,938 3,126,240 3,260,984 2,706,681 3,569,522 4,275,374 2,594,477 4,515,859 3,973,247 3,393,279 Expenses 906,055 810,900 1,294,568 1,015,261 1,089,610 1,954,069 3,148,968 2,103,182 3,853,645 3,827,515 3,766,251 Net Revenue Available for Debt Service 1,668,605 1,968,038 1,831,672 2,245,723 1,617,071 1,615,453 1,126,406 491,295 662,214 145,732 (372,972) Debt Service Requirements Principal 375,000 400,000 425,000 475,000 500,000 225,000 225,000 - 225,000 250,000 275,000 Interest 191,450 171,575 150,450 127,150 101,138 44,400 32,700 16,350 26,850 16,000 5,500 566,450 571,575 575,450 602,150 601,138 269,400 257,700 16,350 251,850 266,000 280,500 Coverage 2.95 3.44 3.18 3.73 2.69 5.99 4.37 30.05 2.63 0.55 (1.32) * During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is for the eight months ended December 31, 1993. Data Source Village Records - 107- VILLAGE OF OAK BROOK, ILLINOIS , Demographic Statistics ' December 31, 1996 (1) (2) , Per (1) Unemploy- Fiscal (1) Capita Median ment Year Population Income Age Percentage 1970 4,164 $ 8,997 34 0.07 % 1984 7,263 22,737 39 3.14 ' 1989 9,151 26,818 41 2.05 , 1990 9,087 60,347 42 5.70 , Data Sources (1) Bureau of Census (2) Bureau of Labor Statistics - 108 - 1 VILLAGE OF OAK BROOK, ILLINOIS ' Property Value and Construction Last Ten Fiscal Years December 31, 1996 ' Commercial Residential Construction Construction Fiscal Number Value Number Value Property Value ' Year Of Units in Thousands) of Units (in Thousands) (in Thousands) 1987 4 $ 52,985 113 $ 34,263 $ 1,350,836 ' 1988 1 35,000 100 36,462 1,573,724 1989 2 8,399 47 39,548 1,823,100 ' 1990 3 10,100 30 10,939 2,030,900 1991 1 15,400 15 5,834 2,197,400 1992 1 8,000 17 8,500 2,567,508 1993 - - 14 13,815 2,634,675 1993* 1 1,753 11 5,114 2,634,675 1994 2 2,602 22 15,834 2,625,341 ' 1995 2 4,000 10 10,000 2,662,773 1996 2 12,345 22 14,035 2,717,364 ' * During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is for the eight months ended December 31, 1993. Data Sources Village Records ' - 109 - VILLAGE OF OAK BROOK, ILLINOIS Principal Taxpayers 1 December 31, 1996 1995 Percentage , Assessed of Total Valuation Assessed ' Taxpayers Type of Business (in Thousands) Valuation Urban Investment and Development Co. Shopping Center $ 64,169 7.08 % McDonald's Corporation Office Campus 44,221 4.88 La Salle National Bank Office buildings 19,962 2.20 ' Metropolitan Life Insurance Co. Life insurance 15,542 1.72 Manufactures Life Real Estate Executive towers 12,173 1.34 Butler National Golf Club Golf Course 11,674 1.29 Equitable Life Office buildings 9,438 1.04 Bradford Companies Office buildings 9,240 1.02 Teachers Insurance & Annuity Assn. Office buildings 9,009 0.99 1 HT Oak Brook, Inc. Hotel 8,047 0.89 i t 1 i 1 1 Data Source ' County Clerk's Office ' VILLAGE OF OAK BROOK, ILLINOIS Schedule of Insurance in Force December 31, 1996 Insurance Coverage Amount of Type of Insurance Company Expires Coverage ' Village Manager's Bond Kemper Insurance Company 12/31/97 150,000 (3SM61253005) Treasurer's Bond Kemper Insurance Company 12/31/97 100,000 (3SM61338504) ' Host Liquor Liability Lloyds of London Insurance Company 11/24/97 1,000,000 (RBJ 121329) ' The Village entered into a contractual agreement with 14 other municipalities to form the Intergovernmental Risk Management Agency (IRMA), which through its risk-sharing provisions provides the Village with its insurance coverage for liability, property damage, workmen's compensation and surety risks not covered by the Village's ' Treasurer's or Village Manager's Bond. The Village's contribution to this cooperative agency was determined by the pro rata share for each municipality's audited revenues and loss experience for the previous year, to be sufficient annually to fund administrative expenses and create sufficient reserves for claim payments and the purchase of excess insurance. The Agency provides loss protection in excess of a deductible of $1,000 per occurrence to be paid by 1 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 for property claims and up to $3,000,000 for general liability and auto liability. The Agency has also purchased excess catastrophe insurance over the amount of its obligations and aggregate stop loss ' insurance. The amount of excess insurance is $5,000,000 per occurrence for liability claims and $1,000,000,000 for property claims. As of December 31, 1996, IRMA members totaled 68 municipalities. ' Data Source Village Records VILLAGE OF OAK BROOK, ILLINOIS , Miscellaneous Statistics ' December 31, 1996 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 55 miles Number of Street Lights 452 , Fire Protection Number of stations 2 Number of firemen 31 Number of volunteers 12 ' Police Protection Number of stations I Number of policemen , and officers 38 Detention facilities Juvenile 2 Adult 4 ' Education (Elementary Only) Attendance centers 2 Number of teachers 52 ' Number of students 487 Municipal Water Department Number of customers 5,280 , Total water pumped Gallons (in Thousands) 1,339,000 Average daily consumption Gallons 3.67 million ' Miles of water mains 79 Building Permits Issued 592 Recreation Oak Brook Sports Core - ' 269 acres including Bath and Tennis club and 18-hole golf course Oak Brook Park District - h6 acres including indoor tennis, outdoor tennis, and recreation ' center Du Page County Forest ' Preserve - 373 acres Culture Number of libraries I Number of volumes 40,241 , Census data 1960, 324; 1970, 4,164; 1975, 5,281; 1980, 6,641; 1984, 7,263; 1990, 9,087 Employees 136 full-time , 278 part-time/seasonal Data Source ' Village Records - 112 -