CAFR (Year Ended April 30, 1992) M
()F 0,4Ke4
O y
� O
v
FC0
UN�'4
VILLAGE OF OAK BROOK ILLINOIS
' COMPREHENSIVE ANNUAL FWANCIAL REPORT
Year Ended April 30, 1992
� J
i
1
i
1 VILLAGE OF OAK BROOK, ILLINOIS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Year Ended April 30, 1992
1 Prepared by: Finance Department
1
1
1
' Introductory Section
1
� I
C O N T E N T S
Page
' INTRODUCTORY SECTION
Table of Contents
Organizational Chart iv
Officers and Officials v
Letter of Transmittal vi - xiii
GFOA Certificate of Achievement xiv
FINANCIAL SECTION
' Independent Auditors' Report 1 - 2
' General Purpose Financial Statements
Combined Balance Sheet - All Fund Types
and Account Groups 3 - 4
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances - All Governmental
Fund Types 5
Combined Statement of Revenues, Expenditures and
' Changes in Fund Balances - Budget and Actual
General Fund, Special Revenue Funds, Debt
Service Fund and Capital Projects Fund 6 - 7
Combined Statement of Revenues, Expenses and
Changes in Retained Earnings/Fund Balances - All
Proprietary Fund Types and Pension Trust Funds 8
Combined Statement of Cash Flows - Enterprise Funds 9
' Notes to Financial Statements 10 - 38
Required Supplemental Information
Police Pension Fund
Revenues by Source and Expenses by Type 40
Analysis of Funding Progress 41
' Firefighters' Pension Fund
Revenues by Source and Expenses by Type 42
Analysis of Funding Progress 43
Illinois Municipal Retirement Fund Analysis
' of Funding Progress 44
Supplemental Information
' Combining, Individual Fund and Account Group
Financial Statements and Schedules
Governmental Funds
' General Fund -
Schedule of Revenues, Expenditures and Changes
in Fund Balance Budget and Actual 46
Schedule of Expenditures - Budget and Actual 47 - 49
C O N T E N T S '
Pace '
FINANCIAL SECTION - Continued
Combining, Individual Fund and Account Group ,
Financial Statements and Schedules - Continued
Special Revenue Funds
Combining Balance Sheet 50
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances - Budget and Actual 51
Capital Projects Funds ,
Combining Balance Sheet 52
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances - Budget and Actual 53 '
Proprietary Funds
Enterprise Funds ,
Combining Balance Sheet 54
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings (Accumulated Deficit) 55 ,
Combining Statement of Cash Flows - Increase
(Decrease) in Cash and Equivalents 56 - 57
Waterworks System Fund
Schedule of Revenues and Expenses -
Budget and Actual 58 ,
Schedule of Changes in Retained Earnings -
Reserved Restricted Accounts 59
Schedule of Property, Plant and Equipment and
Accumulated Depreciation , 60 ,
Sports Core Fund
Schedule of Revenues and Expenses - ,
Budget and Actual 61 - 62
Schedule of Property, Plant and Equipment and
Accumulated Depreciation 63
Fiduciary Funds '
Combining Balance Sheet 64
Combining Statement of Revenues, Expenses and
Changes in Fund Balances 65
- ii -
C O N T E N T S
' Pa¢e
FINANCIAL SECTION _ Continued
' Combining, Individual Fund and Account Group
Financial Statements and Schedules - Continued
' Fiduciary Funds - Continued
Police Pension Fund
Schedule of Revenues, Expenses and Changes in
Fund Balance - Budget and Actual 66
Firefighters' Pension Fund
Schedule of Revenues, Expenses and Changes in
Fund Balance - Budget and Actual 67
' Deferred Compensation Fund
Schedule of Changes in Assets and Liabilities 68
General Fixed Assets Account Group
' Schedule of General Fixed Assets - By Source 69
Schedule of General Fixed Assets - By Function
and Activity 70
Schedule of Changes in General Fixed Assets -
' By Function and Activity 71
STATISTICAL SECTION (UNAUDITED)
' General Governmental Expenditures by Function -
Last Ten Fiscal Years 73
General Revenues by Source - Last Ten Fiscal Years 74
' Special Assessment Collections 75
Property Tax Levies and Collections - Last Ten
Fiscal Years 76
Assessed and Estimated Actual Value of Taxable
Property - Last Ten Fiscal Years 77
Property Tax Rates - All Direct and Overlapping Governments -
' Last Ten Years 78
Ratio of Net General Bonded Debt to Assessed
Value and Net Bonded Debt Per Capita - Last
Ten Fiscal Years 79
' Computation of Legal Debt Margin 80
Computation of Direct and Overlapping Debt 81
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Total General
Expenditures - Last Ten Fiscal Years 82
Revenue Bond Coverage - Waterworks System Bonds -
Last Ten Fiscal Years - 83
Demographic Statistics 84
Property Value, Construction and Bank Deposits
Last Ten Calendar Years 85
Principal Taxpayers 86
Insurance in Effect 87
Miscellaneous Statistical Data 88
1
Village of 4F area.niimis
Rpwnlimel Cwt
Feb—V T,Im
EW'd sltkuls
1-hetlbnl
6-bests"
1-al,
Rb,_V barb
ksist ad to Ylllage ,sslslant to V111xie
nrrnasiy i F.mes Preueei t 14* ew�wry wrun t lrW Da+�t•�r[
Plan NoW Cr.U. Za,Vy Gerd ikclrlcal Fire t Police Cltrry
6"Utas Urea of fsVeab cameetee commlen Crinlan
sun sr.tte.
[ryDua ing RyWsrx,re I,w<e
San14e
1 tPla � ■ DntP 1 IWnletraum Samir o (- -Gs oin -.— _ 61e1�nV - a nl�
a.,y iever; le
Cen h6Lc NrM fire Saetce- P —S . lltrry
--1- - - -- - --- --1- - - -..�- �-- _L- -L-
Iben t1A.n 6011 Cwx Pool firaavne luno M1cW1 Sweets Idldlr� VatersaW Ftn S,UPrenlm Ps_d" Breau of 4eswt Dansb+,. fulA DInsLn.
Grape a kaunb ue.PsW-en{xl I,npect,am Inwstsytlon, Fahol,lu.en�le
IraWry,Mlntaence - t Cab Cnfrrceesu Coawrucatases t Ralitc
t LVetl*ua t Mart
' VILLAGE OF OAK BROOK, ILLINOIS
OFFICERS AND OFFICIALS
' YEAR ENDED APRIL 30, 1992
President
' Karen M. Bushy
Clerk
' Linda Gonnella
Trustees
' Garry J. Bartecki
Phillip Mayer
' Mack Shumate
Barbara A. Payovich
Kelly Skinner
H. Richard Winters
' Village Treasurer
Margaret C. Powers, C.P.A.
v
' GOOF 0q1,
A00
o E
c "
9CFCOUN0'♦yy
VILLAGE OF OAK BROOK
1200 OAK BROOK ROAD
OAK BROOK, ILLINOIS 60521 -2255
708 990-3000
' October 13, 1992
1
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
' fiscal year ended April 30, 1992 is submitted herewith. Responsibility for both
the accuracy of the presented data and the completeness and fairness of the
presentation, including all disclosures, rests with the Village. 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 Villages 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 Villages organizational chart and a list of principal
officials. 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, generally presented on a multi-year basis.
The Report includes all funds and account groups of the village. The village
provides a full range of services. These services include public safety
(police, fire, bureau of inspection, and emergency medical service), street
maintenance, public improvements, planning and zoning, general administration
' services, water, and operations of a free public library and recreation
facilities at the Oak Brook Sports Core, including an 18-hole golf course. In
addition to general government activities, the Village exercises oversight over
the Oak Brook Public Library; therefore, this entity is included in the
' reporting entity.
However, the Intergovernmental Risk Management Agency, Intergovernmental
Personnel Benefit cooperative and The Du Page water commission have not met the
' established criteria for inclusion in the reporting entity and, accordingly, are
excluded from this Report.
Vi
ECONOMIC CONDITION AND OUTLOOK '
Oak Brook, about 15 miles west of the Chicago Loop, is located 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 community,s
eastern boundary, provides rapid access to the northern and southern suburbs, '
and then into Wisconsin and Indiana. The East-west Tollway, passing through the
Villages northern sector, joins the Eisenhower Expressway to the northeast,
providing direct access to the 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 7.98
Du Page County has established an unemployment rate of 5.78 significantly lower
than the norm.
Based on the current Multiple Listing Service the average selling price of ,
completed homes in DuPage County is $183,345. In 1992, the average selling
price of homes in Oak Brook is $419,398, and time on the market is approximately
116 days. '
According to the results of the 1990 Census, over one-third of the households in
Oak Brook are two-person, and over 628 of the occupants of the Village have
resided in Oak Brook for over 10 years, indicating a strong level of population '
stability.
The high level of income, along with local interviews and observed conditions,
indicates that managerial and professional people represent the majority of ,
residents. This condition will probably continue into the foreseeable future.
MAJOR INITIATIVES ,
Fiscal Year 1991-92
During this fiscal year, several large projects were undertaken to improve the '
village infrastructure. The intersections of 16th and spring Road and 22nd
street and Joris Boulevard were both rehabilitated. These projects mark the
beginning of major roadway improvements contained in the Villages Long Range '
Financial Plan.
During March, 1992, the Du Page water Commission began providing Lake Michigan
water to the Village of Oak Brook. our entire system has now been converted ,
from wells to Lake water with very pleasing results.
In the Future
A pavement management study update is planned for fiscal year 92/93 which will ,
Vii
' be used in refining the Villages Long Range Financial Plan as it regards
roadway improvements and repairs. The long awaited Jorie Boulevard
reconstruction is scheduled for completion during the 92/93 fiscal year along
with much needed work on the Windsor, Harger and Saybrook bridges.
' Monies have also been budgeted for fiscal 92/93 to complete the old oak Brook
dam project and to begin work on various bike trails throughout the Village.
' FINANCIAL INFORMATION
' Accounting system and Budgetary Control
The Villages accounting records for general governmental operations are
accounted for on a modified accrual basis of accounting. Revenues are recorded
' when available and measurable. Expenditures are recorded when services or goods
are received and liabilities are incurred. Accounting records for the Village s
Enterprise Funds and Pension Trust Funds are maintained on an accrual basis.
The Village places a great deal of emphasis upon internal accounting controls as
they affect the overall accounting system of the Village. In developing and
evaluating the Villages 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 Villages 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 prior approval of the
Board of Trustees. Total expenditures in any fund are legally restricted to the
total appropriation budget, 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.
General Governmental Functions
' operating revenues for general governmental functions as reported in the General
Fund totaled $10,139,617, an increase of 18% or $1,488,013 over last year.
Viii
Percent Increase '
of (Decrease)
Source Amount Total over 1991
Intergovernmental $7,957,699 78.48 $ 975,926 '
Licenses and permits 299,111 2.95 (43,243)
Charges for services 338,453 3.34 (32,915)
Fines and penalties 176,868 1.75 (19,772) '
Interest on investments 186,588 1.84 (119,697)
Other revenues 82,212 .81 (370,972)
Utility taxes 1,098,386 10.83 1,098,386
$10,139,617 100.00 $ 1,487,713 '
ae.oaaaaaa oaaaaa caaaaaamo
Intergovernmental revenue is the major revenue source for the Village, producing
78.48% of current year revenues. The increase in total revenue over last year '
is primarily due to the imposition of a utility tax on 10/1/91 which produced
$1,098,386 of new revenue, as well as an increase in sales taxes of $ 968,642.
The decrease in licenses and permits is due to decreased building activity. '
The decrease in charges for services is primarily due to lower recycling
revenues. '
Revenues from interest on investments decreased $119,697 due to depressed
interest levels, and a lower investable balance.
Other revenues decreased due to the inclusion of a one-time payment of $300,000 '
which was reflected in 1991.
The Village has never levied real estate taxes for general governmental '
functions. However, the assessed valuation of real property in the village was
$855,835,882, an increase of $49,438,882, or 78 over the prior year.
Expenditures for general governmental purposes as reported in the General Fund '
totaled $10,770,626, an increase of $2,046,305, or 24% over last year. Changes
in levels of expenditures for major functions of the village over the prior year
are shown in the following tabulation: '
Percent Increase
of (Decrease)
Function Amount Total over 1991
Legislative $ 563,675 5.23 $ 156,214
General government 1,133,344 10.52 18,640 ,
Public safety 5,900,826 54.79 360,397
Public works 2,929,696 27.20 1,489,914
Culture and recreation 243,085 2.26 21,140
$10,770,626 100.00 $2,046,305 '
The increase in legislative expenditures is primarily attributable to land
acquisition which occurred during the fiscal year and to increased personnel
costs. '
ix
Increases in the departments comprising general government expenditures are
attributable to increased personnel costs coupled with decreases in materials
and supplies and capital items.
Public safety expenditures increased by $360,397 due to increases in personnel,
capital and operation and contractual items.
' The increases in public works expenditures are primarily due to increased
capital costs, namely paving and drainage improvements.
Debt Administration
The ratio of net bonded debt to assessed valuation and the amount of the debt
per capita are useful indicators of the Villages debt position. This
information for the village at April 30, 1992 as compared to April 30, 1991 is
' as follows:
April 30,
1992 1991
' Net bonded debt total $2,407,863 $3,247,532
Ratio of net bonded debt
' to assessed valuation .2818 .403%
Net bonded debt per capita 265 355
General obligation recreation bonds were issued for the purchase of the Sports
Core in 1977. At that time, the Village also initiated a tax levy for purposes
of retiring the principal and interest payments of the bonds. collections in
fiscal year 1991-92 totaled $877,289 or 928 of the total levy. The current tax
' rate is $.0994 per $100 assessed valuation.
The general obligation bonds are due to be retired in December, 1994.
' In addition, the village has outstanding revenue bonds for the Waterworks system
Fund. Schedules of maturities of the bonds are located in the notes to the
financial statements of the Report.
' The villages bonds have the following ratings:
Moody,s
' Investor
Service
' General Obligation Bond Aa
1973 Water Works Revenue Bonds Aa
Cash Management
' It is the policy of the Village of Oak Brook to invest idle cash and increase
investment income by the efficient use of savings accounts, certificates of
deposit and the Illinois Public Treasurers Investment Pool. At April 30, 1992
' the villages investments for all funds exclusive of the Pension Trust Funds
were distributed as follows:
x
Treasurer's Investment Pool 57.45 $ '
U.S. Treasury Notes 14.62
Certificates of deposit 27.93 '
For the year ended April 30, 1992 the Village received $ 419,923 in interest
income.
Capital Protects Fund '
The proceeds of the general obligation bond issue are accounted for in the
Capital Projects Fund until improvement projects are completed. At the end of '
the fiscal year, completed projects are transferred to the general fixed asset
account group or to the fixed assets of the Sports Core Enterprise Fund.
Motor Fuel Tax Fund '
The Motor Fuel Tax Fund was established to account for the revenue received from
the state of Illinois for the local share of the motor fuel tax collections. '
The state collects the tax on each gallon of fuel sold within the State of
Illinois and returns a percentage back to each municipality based on population.
Motor Fuel Tax revenue from the State for the fiscal year ended April 30, 1992
was $204,944. The monies in the Motor Fuel Tax Fund have been traditionally '
used by the village to finance street reconstruction and resurfacing projects,
and to purchase roadway de-icer salt.
Pensions '
Employees of the Village of Oak Brook are covered by one of three pension plans.
They are: (1) the Policemen's Pension Fund of the village of oak Brook, covering '
the village's uniformed personnel in the Police Department; (2) The
Firefighters• Pension Fund of the village of Oak Brook, covering the village's
uniformed 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 are also covered by social Security.
General Fixed Assets '
The general fixed assets of the village are those fixed assets used in the
performance of general governmental functions and exclude the fixed assets. of '
the Enterprise Funds. As of April 30, 1992, the general fixed assets of the
village amounted to $18,312,597. This amount represents the original cost of
the assets and is considerably less than their present value. Depreciation of
general fixed assets is properly not recognized in the village's governmental '
fund types.
Waterworks system Fund ,
The 1992 water sales were up $959,320 over the prior year due to two factors.
First, the water rate was increased from $1.54 per 1,000 gallons to $2.13 per
1,000 gallons in January, 1992. secondly, a large number of tap on fees were ,
collected during the fiscal year.
xi
' comparative data for the past two fiscal years are presented in the following
tabulation:
' 1992 1991
Water sales $2,835,828 $2,199,679
Water tap on charges 356,169 34,421
Total operating revenues 3,375,464 2,371,300
' Total operating expenses 1,954,069 1,089,610
Amount available for debt service 1,615,453 1,617,071
Annual debt service 269,400 601,138
Coverage (amount available for
debt service divided by annual 5.99 2.69
debt service)
During the year, $525,000 of regularly maturing revenue bonds were retired in
the Waterworks system Fund, including the final maturities of the 1976 issue.
Risk Management
The village of Oak Brook has in place a limited risk management program for
Worker's Compensation. As part of this plan, resources are annually accumulated
in the General Fund to meet potential losses. In addition, various risk control
techniques, including employee safety and accident prevention training, and the
formation of a village safety Committee consisting of employee representatives
' for each department of the village, have been recently implemented to minimize
accident related losses. Third-party coverage is currently maintained for
worker's Compensation claims greater than $100 and all potential losses.
sports Core Fund
' The 1992 financial statements reflect the eleventh year of operation of the
18-hole golf course and expanded operations of the Bath and Tennis club.
Operating revenues totaled $2,189,911 and operating expenses, excluding
depreciation, totaled $2,255,618. Major department activity is summarized as
follows:
' Revenues
Golf course (including open fields) $1,453,342 66.368
Bath & Tennis Club (including special events) 736,569 33.64
$2,189,911 100.00
=aaaaxaxaa xxxxxa
Operating Expenses
' Golf course (including open fields) $1,132,950 50.228
Bath & Tennis Club 820,868 36.40
General & Administrative 112,592 5.00
' Depreciation 189,208 8.38
$2,255,618 100.00
xaxaxxxaxx aasaam
1
' xii
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 auditors opinion has
been included in this Report.
Certificate of Achievement '
The Government Finance officers Association of the United states and Canada
(GFOA) awarded a Certificate of Achievement for Excellence in Financial
Reporting to the Village of Oak Brook for its Comprehensive Annual Financial
Report for the fiscal year ended April 30, 1991.
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 15 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.
Acknowledgements ,
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.
g et C. Powers
F' ance officer/Treasurer
xiii
1
1
1 Certificate of
1
Achievement
for Excellence
1 in Financial
Reporting
Presented to
1
Village of Oak Brook,
Illinois
1 For its Comprehensive Annual
Financial Report
1 for the Fiscal Year Ended
April 30, 1991
1 A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
1 government units and public employee retirement
systems whose comprehensive annual financial
reports(CAFRs)achieve the highest
standards in government accounting
1 and financial reporting.
AMcum1
1 cex�amr President
°KAAV Z2�4
1 Executive Director
1
' 1
xiv
1
� General Purpose Financial
Statements
' � O
FRIEDMAN,EISENSTEIN,RAEMER&SCHWARTZ
Certified Public Accountants I Business&Personal Consultants
A member of MOORES ROWLAND INTERNATIONAL
with associated firms throughout the world
' INDEPENDENT AUDITORS' REPORT
October 1, 1992
The President and Board of Trustees
Village of Oak Brook
Oak Brook, Illinois
We have audited the accompanying general purpose financial statements and the
combining, individual fund and account group financial statements of the Village of
Oak Brook, Illinois, as of April 30, 1992, and for the year then ended, as listed
in the table of contents. These financial 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 April 30, 1992, 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 April 30,
1992, 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.
' (Continued)
' 401 North Michigan Avenue Chicago, Illinois 60611-4240 (312)644-6000 Fax: (312)644-4423
Offices:Chicago and Suburbs
O
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 and individual fund and
account group financial statements. The accompanying financial information listed
as supplemental information in the table of contents is presented for purposes of '
additional analysis and is not a required part of the 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 and '
individual fund and account group financial statements and, in our opinion, is
fairly stated in all material respects in relation to the financial statements of
each of the respective individual funds and account groups taken as a whole.
2 -
1
VILLAGE OF OAK BROOK. ILLINOIS '
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
APRIL 30. 1992
ASSETS '
Governmental Fund Types ,
Special Debt Capital
General Revenue Service projects
Cash and equivalents $1,753,655 $300,107 $ 298,438 $15,146 '
Investments 1,602,083
Receivables (net, where applicable,
of allowances for uncollectibles) ,
Sales taxes 1,619,288
Property taxes 832,941
State income taxes 98,304
Water customers
Allotments 19,732
Accrued interest 33,148
Other 236,127 17,733 8,199 '
Due from other funds 316',497
Inventory 61,994
Other assets 5,743
Restricted assets - cash and investments
Deferred water charges
Fixed assets (net, where applicable, of
accumulated depreciation)
Amount available in Debt Service Fund
Amount to be provided for retirement of
general long-term debt
Total Assets S5.7�.839; S337.572 S1.1�5781 S15.146
3 -
Fiduciary
' Proprietary Fund Tuve Account Groups Totals
Fund Me Trust and General General Long- (Memorandum Only_
Enterprise Agency Fixed Assets Term Debt 1992 1991
' $ 203,193 $ 295,364 $ - $ - $ 2,865,903 $ 4,672,706
21,000,112 22,602,195 19,787,130
1,619,288 1,334,186
832,941 832,941
98,304 66,792
363,115 363,115 270,726
19,732 13,250
' 16,107 84,676 133,931 250,573
15,727 277,786 157,201
194,545 511,042 151,313
130,910 192,904 213,866
' 18,227 23,970 89,212
2,957,543 2,957,543 2,997,297
2,421,610 2,421,610 2,421,610
' 21,190,216 18,312,597 39,502,813 38,177,112
242,137 242,137 202,468
2.539.489 2.539.489 3.374.197
$27.511.193 $21.380.152 $18.312.597 $2.726 $77.204.703 $75.012.580
' (Continued)
1
VILLAGE OF OAK BROOK. ILLINOIS '
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS - Continued
APRIL 30, 1992
LIABILITIES AND FUND EQUITY
Governmental Fund Tomes '
Special Debt Capital
General Revenue Service Projects
LIABILITIES '
Accounts payable $ 218,151 $ 22,760 $ - $ -
Accrued payroll and vacation 408,906
Refunds payable
Customer deposits 1,490
Due to other funds 194,545 14,320
Deferred revenue
Property taxes 832,941
Other 16,000
Interest payable 64,500 '
Construction performance bonds 297,325
Note payable
Revenue bonds payable, net of bond
discount of $9,247 '
General obligation bonds payable
Deferred compensation benefits payable
Total Liabilities 1.136.417 22.760 897.441 14.320 '
EQUITY AND OTHER CREDITS
Investment in general fixed assets
Contributed capital
Retained earnings
Reserved under revenue bond ordinance '
Unreserved
Fund balances
Reserved for inventory 61,994
Reserved for debt service 242,137
Reserved for employees' retirement
Unreserved
Designated for subsequent year's '
expenditures
Undesignated 4.528.428 314.812 826
Total Retained Earnings/Fund '
Balances 4.590.422 314.812 242.137 826
Total Equity and Other Credits 4.590.422 314.812 242.137 826 ,
Total Liabilities, Equity and
Other Credits $5.7�839 $337,572 S1.1� S 15.146
The accompanying notes are an integral part of this statement.
4 -
Fiduciary
Proprietary Fund Type Account Groups Totals
Fund Type Trust and General General Long- (Memorandum Only)
Enterprise Agency Fixed Assets Term Debt 1992 1991
$ 731,996 $ - $ - $ - $ 972,907 $ 1,743,693
' 29,592 131,626 570,124 749,101
654,596 654,596
15,100 16,590 24,680
263,555 38,622 511,042 151,313
' 832,941 832,941
193,518 209,518 340,927
' 64,500 83,700
297,325 317,955
344,015 344,015 402,539
' 965,753 965,753 1,485,582
2,650,000 2,650,000 3,450,000
1.695.085 1.695.085 1.386.450
' 3.198.125 1.733.707 2.781.626 9.784.396 10.968.881
' 18.312.597 18.312.597 16.767.822
.025.590 11.025.590 11.025.590
' 2,957,543 2,957,543 2,997,297
10,256,709 10,256,709 10,041,950
61,994 56,215
242,137 202,468
19,230,382 19,230,382 17,490,712
73,226 73,226 1,090
416.063 5.260.129 5.460.555
13.287.478 19.646.445 38.082.120 36.250.287
' 24.313.068 19.646.445 18.312.597 67.420.307 64.043.699
' S27.511.193 S21.380.152 S18.312.597 S2.7� S77.204.703 S75.012.580
VILLAGE OF OAK BROOK. ILLINOIS
COMBINED STATEMENT OF REVENUES. EXPENDITURES AND CHANGES
IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES '
YEAR ENDED APRIL 30. 1992
(With 1991 for Comparison)
Special Debt Capital '
General Revenue Service Projects
REVENUES ,
Intergovernmental $ 7,957,699 $204,944 $ 87,990 $ -
Property taxes 877,289
Utility taxes 1,098,386
Licenses and permits 299,111 ,
Service charges 338,453
Fines and penalties 176,868
Interest on investments 186,588 11,016 23,415 ,
Hotel/motel taxes 196,609
Miscellaneous 82.512
Total Revenues 10.139.617 412.569 988.694 '
EXPENDITURES
Current
Legislative 563,675 ,
General government 1,133,344
Public safety 5,900,826
Public works 2,929,696 170,207 ,
Culture and recreation 243,085 169,600
Debt service
Principal retirement 800,000
Interest and fees 149.025 264 ,
Total Expenditures 10.770.626 339.807 949.025 264
EXCESS (DEFICIENCY) OF REVENUES OVER ,
(UNDER) EXPENDITURES ( 631.009) 72.762 39.669 ( 264)
OTHER FINANCING SOURCES (USES)
Operating transfers in 250,231 '
Operating transfers out ( 30.000)
Total Other Financing
Sources (Uses) 220.231 '
EXCESS (DEFICIENCY) OF REVENUES AND
OTHER FINANCING SOURCES OVER (UNDER)
EXPENDITURES AND OTHER FINANCING USES ( 410.778) 72.762 39.669 ( 264) '
FUND BALANCES
Beginning of year, as previously reported 4,962,579 242,050 202,468 1,090
Prior period adjustment 38.621
Beginning of year, as restated 5.001.200 242.050 202.468 1.090
End of year S 4.590.422 $31 "JLUZ L... '
The accompanying notes are an integral part of this statement.
5 -
Totals
(Memorandum Only)
1992 1991
$ 8,250,633 $ 7,294,865
877,289 603,129
1,098,386
299,111 342,354
338,453 371,368
176,868 196,640
221,019 376,261
196,609 89,664
82,512 453.184
11.540.880 9.727.465
563,675 407,461
1,133,344 1,114,704
5,900,826 5,842,884
' 3,099,903 1,704,451
412,685 278,085
800,000 800,000
149.289 187.505
12.059.722 10.335.090
( 518.842)( 607.625)
' 250,231 262,125
( 30.000)( 108.705)
220.231 153.420
' ( 298.611)( 454.205)
5,408,187 5,862,392
' 38.621
5.446.808 5.862.392
' S 5.148.197 S 5.408.187
VILIAGE OF OAK BROOK. ILLINOIS '
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - BUDGET AND ACTUAL '
GENERAL FUND. SPECIAL REVENUE FUNDS. DEBT SERVICE FUND
AND CAPITAL PROJECTS FUND
YEAR ENDED APRIL 30. 1992
General Fund '
Variance
Favorable ,
Actual Budges_ (Unfavorable)
REVENUES
Intergovernmental $ 7,957,699 $ 8,402,830 ($ 445,131)
Property taxes
Utility taxes 1,098,386 600,000 498,386
Licenses and permits 299,111 235,325 63,786 '
Service charges 338,453 306,170 32,283
Fines and penalties 176,868 179,700 ( 2,832)
Interest on investments 186,588 312,050 ( 125,462) '
Hotel/motel taxes
Miscellaneous 82.512 158.310 ( 75.798)
Total Revenues 10.139.617 10.194.385 ( 54.768) ,
EXPENDITURES
Current '
Legislative 563,675 568,406 4,731
General government 1,133,344 1,123,713 ( 9,631)
Public safety 5,900,826 6,185,042 284,216
Public works 2,929,696 3,664,312 734,616 ,
Culture and recreation 243,085 296,880 53,795
Debt service
Principal retirement '
Interest and fees
Total Expenditures 10.770.626 11.838.353 1.067.727
EXCESS (DEFICIENCY) OF REVENUES OVER '
(UNDER) EXPENDITURES ( 631.009)( 1.643.968) 1.012.959
OTHER FINANCING SOURCES (USES)
Operating transfers in 250,231 212,231 38,000 '
Operating transfers out ( 30.000)( 30.000)
Total Other Financing Sources (Uses) 220.231 182.231 38.000 '
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER (UNDER) EXPENDITURES
AND OTHER FINANCING USES ( 410.778)(S 1.461.737) S1.0� 5 '
FUND BALANCES
Beginning of year, as previously reported 4,962,579
Prior period adjustment 38.621 ,
Beginning of year, as restated 5.001.200
End of year S 4.590.422 ,
- 6 -
' Special Revenue Funds Debt Service Fund
Variance Variance
' Favorable Favorable
Actual Budget (Unfavorable) Actual Budget (Unfavorable)
$204,944 $210,600 ($ 5,656) $ 87,990 $ 153,834 ($ 65,844)
877,289 832,766 44,523
11,016 11,355 ( 339) 23,415 32,000 ( 8,585)
' 196,609 162,000 34,609
' 412.569 383.955 28.614 988.694 1.018.600 ( 29.906)
' 170,207 205,295 35,088
169,600 173,000 3,400
' 800,000 800,000
149.025 168.350 19.325
339.807 378.295 38.488 949.025 968.350 19.325
' 72.762 5.660 67,102 39.669 50.250 ( 10.581)
1
72.762 5 6 0 S 67,102 39.669 S 50,250 (S 10,581)
' 242,050 207.468
' $314,812 S247,137
(Continued)
VILLAGE OF OAK BROOK. ILLINOIS ,
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - BUDGET AND ACTUAL '
GENERAL FUND. SPECIAL REVENUE FUNDS. DEBT SERVICE FUND
AND CAPITAL PROJECTS FUND - Continued
YEAR ENDED APRIL 30, 1992
Capital Projects Fund '
Variance
Favorable '
Actual Budget (Unfavorable)
REVENUES
Intergovernmental $ - $ - $
Property taxes '
Licenses and permits
Service charges
Fines and penalties ,
Interest on investments 5,768 ( 5,768)
Miscellaneous
Total Revenues 5.768 ( 5.768) ,
EXPENDITURES
Current ,
Legislative
General government
Public safety '
Public works
Culture and recreation
Debt service '
Principal retirement
Interest and fees 264 ( 264)
Total Expenditures 264 ( 264) '
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES ( 264) 5.768 ( 6.032) '
OTHER FINANCING SOURCES (USES)
Operating transfers in 75,000 ( 75,000) '
Operating transfers out
Total Other Financing Sources (Uses) 75.000 ( 75.000)
EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING ,
SOURCES OVER (UNDER) EXPENDITURES AND OTHER
FINANCING USES ( 264) S Si (S 8�)
FUND BALANCES
Beginning of year 1.090
End of year 86 '
The accompanying notes are an integral part of this statement. '
7 -
VILLAGE OF OAK BROOK. ILLINOIS
' COMBINED STATEMENT OF REVENUES. EXPENSES AND CHANGES IN
RETAINED EARNINGS/FUND BALANCES - ALL PROPRIETARY
FUND TYPES AND PENSION TRUST FUNDS
' YEAR ENDED APRIL 30. 1992
(With 1991 for Comparison)
' Fiduciary
Proprietary Fund Type Totals
Fund type Pension (Memorandum Only)
Enterprise Trust 1992 1991
OPERATING REVENUES
Charges for services $ 5,511,647 $ - $ 5,511,647 $ 4,152,681
Interest on investments 1,443,803 1,443,803 1,124,978
' Contributions
Employees 271,936 271,936 249,692
Village 534,840 534,840 492,921
Miscellaneous 53.728 53.728 113.323
' Total Operating Revenues 5.565.375 2.250.579 7.815.954 6.133.595
OPERATING EXPENSES
' Operation of facilities 4,020,479 4,020,479 2,981,483
General and administrative 24,328 24,328 4,530
Depreciation 592,877 592,877 670,675
Pension refunds 11,846 11,846 24,789
Benefit payments 366.024 366.024 337.193
Total Operating Expenses 4.613.356 402.198 5.015.554 4.018.670
' OPERATING INCOME 952.019 1.848.381 2.800.400 2.114.925
NONOPERATING REVENUES (EXPENSES)
' Interest on investments 194,058 194,058 295,317
Interest expense ( 106,306) ( 106,306)( 137,967)
Amortization of bond discount ( 5,170) ( 5,170)( 5,170)
Fiscal agents' fees ( 1,464) ( 1,464)( 713)
' Other revenue 86.292 86.292 31.054
Total Nonoperating Revenues
(Expenses) 167.410 167.410 182.521
INCOME BEFORE OPERATING TRANSFERS 1.119.429 1.848.381 2.967.810 2.297.446
Operating transfers in 30,000 30,000 48,705
Operating transfers out ( 250.231) ( 250.231)( 202.125)
Total Operating Transfers ( 220.231) ( 220.231)( 153.420)
' NET INCOME 899.198 1.848.381 2.747.579 2.144.026
RETAINED EARNINGS/FUND BALANCE
Beginning of year, as previously
' reported 13,039,247 17,802,853 30,842,100 28,698,074
Prior period adjustments ( 650.967)( 4.789)( 655.756)
' Beginning of year, as restated 12.388.280 17.798.064 30.186.344 28.698.074
End of year S13.287.478 $19.646.445 $32.933.923 S30.842.100
' The accompanying notes are an integral part of this statement.
8 -
VILLAGE OF OAK BROOK. ILLINOIS
COMBINED STATEMENT OF CASH FLAWS - ENTERPRISE FUNDS '
YEAR ENDED APRIL 30, 1992
RECONCILIATION OF OPERATING INCOME TO NET CASH ,
PROVIDED BY OPERATING ACTIVITIES
Operating income S 952.019
Adjustments to reconcile operating income to net cash provided
by operating activities
Depreciation 592,877 '
Deferred revenue ( 59,159)
Change in assets and liabilities
Decrease in receivables 10,263
(Increase) in interfund receivables ( 194,545) ,
Decrease in inventory 26,741
Decrease in other assets 7
(Decrease) in accounts payable ( 514,803)
(Decrease) in accrued payroll ( 37,239)
Increase in interfund payable 155,522 '
(Decrease) in customer deposits ( 7.435)
Total Adjustments ( 27.771) '
Net Cash Provided by Operating Activities 924.248
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Operating transfers in (out) '
General Fund ( 220,231)
Other nonoperating revenue 86.292
Net Cash Used for Noncapital Financing Activities ( 133.939)
CASH FLOWS FROM CAPITAL AND REIATED FINANCING ACTIVITIES
Acquisition of capital assets ( 390,224)
Principal paid on revenue bonds ( 525,000) ,
Interest paid on revenue bonds ( 73,488)
Principal paid on notes payable ( 58,524)
Interest paid on notes payable ( 32,818)
Fiscal agents' fees paid ( 1.464) '
Net Cash Used for Capital and Related Financing Activities ( 1.081.518)
CASH FLOWS FROM INVESTING ACTIVITIES '
Net cash flows from investments 130,353
Interest income 194.058
Net Cash Provided by Investing Activities 324.411 '
NET INCREASE IN CASH AND EQUIVALENTS 33,202
CASH AND EQUIVALENTS '
Beginning of year 169.991
End of year 20
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND '
FINANCING ACTIVITIES
During 1992, the investment of $2,421,610 in Du Page
Water Commission was reclassified to Deferred Water
charges due to the reestablishment of the Commission. '
The accompanying notes are an integral part of this statement. '
9 -
' VILLAGE OF OAK BROOK. ILLINOIS
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
' The Village of Oak Brook, Illinois ("Village") was incorporated on
February 21, 1958. The Village operates under a Board of Trustees - Manager
' form of government and provides the following services as authorized by its
charter: public safety (police and fire) , highways and streets, recreation
(golf course and bath and tennis club) , water, public improvements, planning
and zoning and general administrative services.
' The accompanying financial statements of the Village have been prepared in
conformity with generally accepted accounting principles as promulgated in
' pronouncements of the Governmental Accounting Standards Board ("GASB") .
REPORTING ENTITY
' The financial statements of the Village, in conformance with GASB
standards, include all funds and accounts groups of the Village and of
agencies, boards and commissions over which the Village's Board of
Trustees exercises oversight responsibility. Oversight responsibility is
defined to include the following considerations: selection of governing
authority, designation of management, ability to significantly influence
' operations, accountability for fiscal matters, the scope of an
organization's public service and or/special financial relationships.
' Based on the foregoing criteria, the financial statements of the
following organization are included in the accompanying financial
statements:
' Oak Brook Public Library - The Library provides services to Village
residents and the Village provides most of the Library's operating
funds.
' The following organizations are not part of the Village and are excluded
in the accompanying financial statements:
' Intergovernmental Risk Management Agency ("IRMA") - IRMA is a
voluntary cooperative agency consisting of 47 Illinois municipal
governmental units. Its purpose is to manage and fund first-party
' property losses and third-party liability claims of its member
municipalities. The Village does not exercise any significant
control over the activities of IRMA. The Village accounts for this
joint venture using the cost method as the joint venture is financed
by the General Fund.
' - 10 -
VILLAGE OF OAK BROOK. ILLINOIS '
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
REPORTING ENTITY - Continued
Intergovernmental Personnel Benefit Cooperative ("IPBC") - IPBC is a '
voluntary cooperative agency established by 22 Illinois municipal
governmental units to administer some or all of the personnel benefit
programs offered by its members. The Village does not exercise any '
significant control over the activities of IPBC. The Village accounts
for this joint venture using the cost method as the joint venture is
financed by the General Fund.
BASIS OF PRESENTATION - FUND ACCOUNTING ,
The accounts of the Village are organized on the basis of funds and '
account groups, each of which is considered a separate accounting
entity. The operations of each fund are accounted for with a separate
set of self-balancing accounts that comprise its assets, liabilities,
fund equity, revenue and expenditures or expenses, as appropriate. '
Government resources are allocated to and accounted for in individual
funds based upon the purposes for which they are to be spent and the
means by which spending activities are controlled. The following fund ,
types and account groups are used by the Village:
Governmental Fund Types '
Governmental Funds are those through which most governmental
functions of the Village are financed. The Village's expendable
financial resources (except those accounted for in Proprietary '
Funds) are accounted for through governmental funds using the flow
of financial resources measurement focus. The following are the
Village's governmental fund types: '
General Fund - The General Fund is the general operating fund
of the Village. It is used to account for all financial
resources except those required to be accounted for in another
fund.
- 11 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
' BASIS OF PRESENTATION - FUND ACCOUNTING - Continued
' Governmental Fund Types - Continued
Special Revenue Funds - The Special Revenue Funds are used to
' account for the Village's share of the state motor fuel tax
allotments, which are required by state law to be used to
maintain streets and to account for the revenue provided by the
hotel/motel tax, used to promote tourism and conventions within
' the Village and to attract nonresident overnight visitors to
the Village.
' Debt Service Fund - The Debt Service Fund is used to account
for the accumulation of resources for, and the payment of,
general obligation long-term debt principal, interest and
related costs. The Village's only Debt Service Fund is for the
' Sports Core general obligation recreation bonds.
Capital Projects Fund - The Capital Projects Fund is used to
' account for financial resources to be used .for the acquisition
or construction of major capital items (other than those
financed by Proprietary Funds) .
' Proprietary Fund Types
Proprietary Funds are used to account for the Village's ongoing
' activities that are similar to those often found in the private
sector. The measurement focus is based on the flow of economic
resources:
' Ente brise Funds - Enterprise Funds are used to account for
operations (a) that are financed and operated in a manner
similar to private business enterprises - where the intent of
the governing body is that the costs (expenses, including
depreciation) of providing goods or services to the general
public on a continuing basis be financed or recovered primarily
' through user charges; or (b) where the governing body has
decided that periodic determination of revenues earned,
expenses incurred, and/or net income is appropriate for capital
maintenance, public policy, management control, accountability
or other purposes.
12 -
VILLAGE OF OAK BROOK. ILLINOIS '
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
BASIS OF PRESENTATION - FUND ACCOUNTING - Continued '
Fiduciary Fund Type '
Fiduciary Funds are used to account for assets held by the Village
in a trustee capacity or as an agent for individuals, private
organizations, other governmental units and/or other funds. ,
Trust Funds - Trust Funds are used to account for assets held
by the Village in a trustee capacity. These include the ,
Police and Firefighters' Pension Trust Funds. These funds are
accounted for in essentially the same manner as Proprietary
Funds. ,
Agency Fund - Agency Funds are custodial in nature (assets
equal liabilities) and do not involve measurement of results of
operations. '
Account Groups
Account groups are used to establish accounting control and ,
accountability for the Village's General Fixed Assets and General
Long-Term Debt. The following are the Village's account groups:
General Fixed Assets Account Group - This account group is
established to account for all fixed assets of the Village,
other than those accounted for in the Proprietary Funds and
Trust Funds.
General Long-Term Debt Account Group - This account group is
established to account for all long-term debt of the Village
except that accounted for in the Proprietary Funds.
BASIS OF ACCOUNTING '
Basis of accounting refers to when revenues and expenditures or expenses
are recognized in the accounts and reported in the financial statements, ,
regardless of the measurement focus applied.
All governmental funds are accounted for using the modified accrual basis
of accounting. Revenues are recognized when they become measurable and '
available as net current assets. Shared revenues remitted from the state
government, such as the state motor fuel tax allotments, state income
taxes and state sales taxes are accrued applying the susceptible to ,
accrual concept based upon the month they are collected by the state.
13 -
VILLAGE OF OAK BROOK. ILLINOIS
NOTES TO FINANCIAL STATEMENTS
1
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
' BASIS OF ACCOUNTING - Continued
' In applying the susceptible to accrual concept to intergovernmental
revenues, the legal and contractual requirements of the numerous
individual programs are used as guidance. There are, however,
essentially two types of these revenues. In one type, monies must be
' expended on the specific purpose or project before any amounts will be
paid to the Village; therefore, revenues are recognized based upon the
expenditure recorded. In the other type, monies are virtually
' unrestricted as to purpose of expenditure and are usually revocable only
for failure to comply with prescribed compliance requirements. These
resources are reflected as revenues at the time of receipt or earlier if
' the susceptible to accrual criteria are met.
License and permit fees, charges for services (other than Enterprise
Funds) , and miscellaneous revenues (except investment earnings) are
recorded as revenues when received in cash because they are generally not
measurable until actually received. Investment earnings are recorded as
earned because they are measurable and available.
' With the exception of interest on long-term debt, expenditures are
generally recognized under the modified accrual accounting concept when
the related fund liability is incurred. Principal and interest on
' general long-term debt are recorded as fund liabilities when due or when
amounts have been accumulated in the Debt Service Fund for payments to be
made early in the following fiscal year.
All Proprietary Funds and Pension Trust Funds are accounted for using the
accrual basis of accounting. Their revenues are recognized when they are
' earned, and their expenses are recognized when they are incurred.
Unbilled Waterworks System Fund utility service receivables are recorded
at year-end by taking the cycle billings sent to customers after year-end
and prorating the amount of days applicable to each fiscal year.
' Deferred revenue in the Sports Core Fund represents membership dues
collected in advance of the period to which the dues pertain.
' BUDGETARY ACCOUNTING
The Village follows these procedures in establishing the budgetary data
' reflected in the financial statements:
1. Prior to March 1, a proposed operating budget for the fiscal
year commencing the following May 1 is prepared by the
' department heads, reviewed by the Village Manager and Village
' - 14 -
1
VILLAGE OF OAK BROOK. ILLINOIS '
NOTES TO FINANCIAL STATEMENTS
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
BUDGETARY ACCOUNTING - Continued
Treasurer, and submitted to the Board of Trustees for review. '
The operating budget includes proposed expenditures for the
General Fund, Special Revenue Funds, Debt Service Fund,
Capital Projects Fund, Enterprise Funds and Pension Trust '
Funds.
2. Public hearings are conducted to obtain taxpayer comments.
3. Prior to August 1, the appropriations ordinance (budget) , which '
is 10% greater than the proposed operating budget, is legally
enacted through passage of an ordinance. All appropriations ,
lapse at year-end.
4. Changes or amendments to the total budgeted expenditures of any
fund must be approved by the Board of Trustees. No
supplemental appropriations were necessary during the fiscal
year.
5. Expenditures may not legally exceed budgeted appropriations on ,
a fund basis for each legally adopted annual budget.
Formal budgetary integration is employed as a management control device '
during the year for all funds. Village budgets are prepared on a basis
of accounting consistent with generally accepted accounting principles
(GAAP) . The budget amounts are included in this report. '
ENCUMBRANCES
Encumbrance accounting, under which purchase orders, contracts and other '
commitments for the expenditure of monies are recorded in order to
reserve that portion of the applicable appropriation, is employed as an
extension of formal budgetary integration in all funds. All encumbrances
lapse at the end of the year and any outstanding amounts are rebudgeted.
CASH AND EQUIVALENTS '
Cash and equivalents represent cash on hand and cash deposited in
interest bearing checking and money market accounts. '
- 15 -
VILLAGE OF OAK BROOK. ILLINOIS
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
INVESTMENTS
' Investments are stated at cost, which approximates market. Investments
held for the Deferred Compensation Plan are stated at market in
accordance with Internal Revenue Code Section 457. Adjustments are made
to cost, for any premium or discount, which is amortized over the
maturity of the investment.
Chapter 85, Section 902 of the Illinois Revised Statutes authorizes the
' Village to invest in obligations of the United States Treasury and United
States agencies, direct obligations of any bank, commercial paper rated
within the three highest classifications set by two standard rating
' services, or money market funds investing in obligations of the United
States Treasury and United States agencies.
INVENTORY
Inventory is valued at cost (first-in, first-out) which approximates
market. Inventory in the General Fund consists of expendable supplies
' held for consumption; inventory in the Sports Core Fund consists of
similar expendable supplies and also inventory of the pro shop held for
resale. The cost is recorded as an expenditure at the time individual
inventory items are utilized or sold. Reported General Fund inventories
are equally offset by a fund balance reserve which indicates that they do
not constitute "available spending resources" even though they are a
component of net current assets.
' FIXED ASSETS
' Fixed assets acquired for use in governmental fund type operations are
recorded as expenditures in the fund making the expenditure and are
capitalized at cost in the General Fixed Assets Account Group. If actual
cost cannot be determined, estimated historical cost is used; donated
fixed assets are valued at their estimated fair value on the date
donated. Public domain ("infrastructure") general fixed assets
consisting of certain improvements other than buildings, including roads,
' bridges, curbs and gutters, streets and sidewalks, drainage systems and
lighting systems are capitalized with other general fixed assets. In
accordance with generally accepted accounting principles, no depreciation
is taken on the general fixed assets.
Proprietary Fund fixed assets are stated at cost or, if donated, fair
market value at the date of donation, in the fund in which they are
utilized. Depreciation of all exhaustible fixed assets used by
Proprietary Funds is charged as an expense against their operations.
16 -
VILLAGE OF OAK BROOK. ILLINOIS
MOTES TO FINANCIAL STATEMENTS
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
FIXED ASSETS Continue
Accumulated depreciation is reported on the Proprietary Fund's balance '
sheet. Depreciation has been provided over the estimated useful lives
using the straight-line method. Estimated useful lives are as follows:
DescriRtion Years
Buildings 40
Waterworks system 10 - 40 ,
Improvements, other than buildings 10 - 20
Tennis courts and pools 15 - 20
Equipment 5 - 10 ,
LONG-TERM LIABILITIES
Long-term liabilities expected to be financed from governmental funds are
accounted for in the General Long-Term Debt Account Group. Long-term
liabilities of all Proprietary Funds are accounted for in the respective
funds. '
Vacation pay is computed and earned on a calendar year basis. Vacation
earned must be taken before the end of the next calendar year and is,
therefore, taken on a first-in, first-out basis. For governmental funds,
the portion of accumulated unpaid vacation benefits expected to be
liquidated with expendable available financial resources is reported in
the ,individual fund, and the remainder is recorded in the General Long- '
Term' Debt Account Group. Accumulated unpaid vacation pay is accrued when
incurred in the Proprietary Fund Types.
No liability is recorded for nonvesting accumulating rights to receive
sick pay benefits. The Village's employees are not eligible for
significant postretirement benefits except as provided by the pension '
plans as disclosed in Note 8.
TOTAL (MEMORANDUM ONLY) COLUMNS
Total columns represent an aggregation of the fund type and account group '
financial statements. They are presented for information only and do not
represent consolidated financial information. Interfund eliminations
have not been made in the aggregation of the data.
COMPARATIVE INFORMATION
The summary totals for 1991, presented in the accompanying financial
statements, are for comparison purposes only.
- 17 -
VILAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
2. CASH AND INVESTMENTS
At year-end, the carrying amount of the Village's cash was $3,051,220 and the
bank balances were $3,586,231. The following table summarizes the Village's
cash at April 30, 1992:
Bank Balance
Insured (FDIC, FSLIC or SIPC) $ 200,000
Uninsured
Collateral held by pledging bank's
agent in Village's name 2,465,086
Uncollateralized 921.145
Total S3.586.231
The Village's investments are categorized in the following table to give an
indication of the level of risk assumed by the Village at April 30, 1992.
Category 1 includes investments that are insured or registered or for which
securities are held by the Village or its agent in the Village's name.
Category 2 includes the uninsured and unregistered investments for which the
securities are held by the financial institution'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 financial institution or
by its trust departmentor agent, but not in the illage's name or securities
held by a broker or dealer.
Category Carrying Market
1 2 3 Amount Value
Repurchase
agreements $ 817,447 $ - $ - $ 817,447 $ 817,447
U.S.
Government
securities 13,131,432 13,131,432 13,559,363
U.S. Agency
securities 4.372.843 4.372.843 4.623.850
918.321.722 S 18,321,722 19,000,660
Annuities 1,428,069 1,496,222
International City Managers Association
(Deferred Compensation Plan) 1,695,085 1,695,085
Illinois Public Treasurer's Investment Pool 3.929.545 3.929.545
' 525.374.421 S26.121.512
r
18 -
VILLAGE OF OAK BROOK. ILLINOIS
NOTES TO FINANCIAL STATEMENTS
3. PROPERTY TAXES
The Village's property tax is levied each calendar year on all taxable real
property located in the Village. The Village levies taxes only for the
payment of principal and interest on general obligation long-term debt.
Property taxes attach as an enforceable lien on property as of January 1. In
the following year, taxes are levied on March 1 and become due and payable in
two installments on June 1 and September 1. Taxes are billed and collected by
county officials.
The GASB provides that property taxes should be recognized as revenue in the
levy year only when they are due and receivable in the current year or when
they are due within the year and collected or expected to be collected within
60 days after the end of the current year. As a result, the Village does not
recognize property taxes as revenue in the levy year because the taxes are not
due and receivable until the following fiscal year.
4. FIXED ASSETS
r
Changes in general fixed assets for the year ended April 30, 1992 are as
follows:
Balance at Balance at
May 1, April 30,
1991 Additions Retirements 1992
Land $ 491,829 $ 125,000 $ - $ 616,829
Buildings and
improvements 5,199,029 11,095 5,210,124
Furniture and fixtures 275,443 37,269 312,712
Roadway improvements 6,427,713 1,266,422 7,694,135
Automotive equipment 2,060,590 147,174 112,185 2,095,579
Other equipment 1,875,374 92,002 60,854 1,906,522
Library books 437.844 38.852 476.696
Totals $16.767.822 S1.7�14 $173,039 $18.312.597
19 -
VILLAGE OF OAK BROOK. ILLINOIS
NOTES TO FINANCIAL STATEMENTS
4. FIXED ASSETS - Continued
Proprietary fund type property, plant and equipment at April 30, 1992
consisted of the following:
Waterworks Total
System Sports Enterprise
Fund Core Fund Fund
Land and improvements $ 215,800 $ 9,976,729 $10,192,529
Buildings and improvements 1,357,628 1,357,628
Waterworks system strixcture
and equipment 14,658,135 14,658,135
Improvements other than
buildings 516,458 516,458
Tennis courts and pools 599,341 599,341
Equipment 257.099 452.338 709.437
15,131,034 12,902,494 28,033,528
Less: Accumulated
depreciation 3.989.305 2.854.007 6.843.312
Totals Sll.141.729 $10.048.487 $21.190.216
5. LONG-TERM DEBT
GENERAL LONG-TERM DEBT ACCOUNT GROUP
The following is a summary of transactions in the General Long-Term Debt
Account Group for the year ended April 30, 1992:
General
Obligation Accrued
Recreation Vacation
Bonds Liability Total
Balance, May 1, 1991 $ 3,450,000 $ 126,665 $ 3,576,665
Retirements (800,000) ( 800,000)
Increase in accrued vacation
liability 4.961 4.961
1 Balance, April 30, 1992 S 2.650.000 S 131.626 S 2.781.626
S
20 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
5. LONG-TERM DEBT - Continued
GENERAL LONG-TERM DEBT ACCOUNT GROUP - Continued
A special election on June 21, 1977 authorized and approved the issuance
of $10,270,000 General Obligation Recreation Bonds - Sports Core.
Proceeds of these bonds were used to pay the cost of the acquisition of
approximately 269 acres of the Butler International Sports Core and to
improve and redevelop the existing Village golf course. The bonds were
sold as of September 1, 1977 for a price of $10,270,408 plus accrued
interest of $71,611. Principal on the bonds is due serially December 1,
1979 through December 1, 1994. Interest is payable semiannually on
June 1 and December 1, at rates from 4.3% to 4.9%. The Village levies
taxes for retirement of the bonds which are accounted for by the Debt
Service Fund.
NOTE PAYABLE
Note payable to a bank in the amount of $344,015 is due May 15, 1993
bearing interest at a rate of 6.85%. The note is payable in monthly
principal and interest installments of $7,500, secured by various golf
course maintenance equipment and maintenance building.
WATERWORKS REVENUE BONDS
The following is a summary of transactions for the year ended April 30,
1992:
1973 Series 1976 Series Total
Balance, May 1, 1991 $1,175,000 $325,000 $1,500,000
Retirements (200.000) (325.000) (525.000)
Balance, April 30, 1992 S 9� 7s � 975.000
The Waterworks Revenue Bonds were issued to fund the acquisition and
expansion of the Village's water system. The $3,300,000 Series 1973
bonds were sold as of February 1, 1973. Principal on the bonds is due
serially May 1, 1976 through May 1, 1996. Semiannual interest is payable
on May 1 and November 1 at rates from 4% to 6%. The $3,000,000 1976
Series bond is due serially May 1, 1978 through May 1, 1992. Interest is
payable semiannually on May 1 and November 1 at rates of 4.4% to 5.75%.
Both series are payable from water revenues and are accounted for in the
Waterworks System Fund.
21 -
' VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
5. LONG-TERM DEBT - Continued
DEBT SERVICE REQUIREMENTS
The annual payments to amortize all long-term debt outstanding, including
interest, as of April 30, 1992, are as follows:
General Obligation Waterworks
Year Ended Recreation Bonds Revenue Bonds
April 30. Principal Interest Principal Interest
1993 $ 850,000 $129,000 $ 225,000 $ 44,400
1994 900,000 88,200 225,000 32,700
1995 900,000 44,100 250,000 21,000
1996 275.000 11.000
Totals2.6� $261,300 S9� 7� $109,100
' Year Ended Note Payable
ARril 30. PrinciRal Interest Total
1993 $ 344,015 $ 1,963 $1,594,378
1994 1,245,900
1995 1,215,100
1996 286.000
Totals SS 3 1,963 $4.3�4
6. REVENUE BOND COVENANTS
The ordinance authorizing the issuance of Waterworks Revenue Bonds Series 1973
and 1976 requires that the following separate accounts be maintained in the
Waterworks System Fund. On the first business day of each month, all monies
held in the Fund are to be transferred to the designated accounts as noted
below:
Accounts Amount
Operation and Maintenance An amount sufficient to pay the
Account reasonable expense of operation
and maintenance for the next
month. This account had a balance
of $203,150 at April 30, 1992.
22 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
6. REVENUE BOND COVENANTS - Continued
Accounts Amount
Bond and Interest Account Amount equal to one-tenth and
one-fifth of the next maturing
principal and interest payments,
respectively. This account had a
zero balance at April 30, 1992.
Bond Reserve Account $4,500 each month until all bonds
of this Fund have been paid or
payment provided for. This
account had a balance of $760,500
at April 30, 1992.
Depreciation, Improvement $8,250 each month (or a greater
and Extension Account amount, as designated by the
Board) until a maximum of
$400,000 is on deposit in said
account. This account has a
balance of $400,000 at April 30,
1992.
Surplus Revenue Account All surplus funds remaining after
providing for all of the deposits
listed above. This account had a
balance of $1,593,893 at
April 30, 1992.
Funds accumulated in the bond reserve account shall be used only for the
payment of interest or principal whenever there exists a deficiency in the
bond and interest account. However, whenever the balance in said account is
equal to the maximum principal and interest requirements of all outstanding
bonds, the surplus may be transferred to the depreciation improvement and
extension account or the surplus revenue account at the discretion of the
President and Board of Trustees.
Funds accumulated in all but the operation and maintenance account have been
classified as restricted assets on the combined balance sheet at April 30,
1992.
r
- 23 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
7, 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 quasi-external transactions and
reimbursements, are reported as transfers. Nonrecurring or nonroutine
permanent transfers of equity are reported as residual equity t)-ansfers. All
other interfund transfers are reported as operating transfers.
8. RETIREMENT COMMITMENTS
Village employees are covered under three separate retirement plans.
Full-time Village police officers and firefighters are covered by separate
pension trust funds established in accordance with state law. Other full-time
employees are covered by the Illinois Municipal Retirement Fund (statewide
public employees retirement system) .
PLAN DESCRIPTION
Illinois Municipal Retirement Fund
The Village contributes to the Illinois Municipal Retirement Fund
("IMRF") , an agent-multiple-employer public employee retirement system
' that acts as a common investment and administrative agent for 2,575 local
governments and school districts in Illinois. The Village's total
payroll for the year ended April 30, 1992 was $6,618,471. Of this
amount, $2,183,468 in payroll earnings were reported to and covered by
the IMRF system.
All employees hired in positions that meet or exceed the prescribed
annual hourly standard must be enrolled in IMRF as participating members.
Pension benefits vest after 8 years of service. Participating members
who retire at or after age 60 with 8 years of credited service are
entitled to an annual retirement benefit, payable monthly for life, in an
amount equal to 1-2/3% of their final rate of earnings, for each year of
credited service up to 15 years and 2% for each year thereafter. IMRF
also provides death and disability benefits. These benefit provisions
and all other requirements are established by state statute.
Participating members are required to contribute 4.5% of their annual
salary to IMRF. The Village is required to contribute the remaining
amounts necessary to fund the System, using the actuarial basis specified
by statute.
- 24 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
8. RETIREMENT COMMITMENTS-- Continued
PLAN DESCRIPTION Continued
Police Pension Plan
Substantially all uniformed police personnel are covered by the Police
Pension Plan which is a defined benefit single-employer plan. Although
this is a single-employer pension plan, the defined benefits and employee
and employer contributions are governed by Illinois State Statutes
(Chapter 108 1/2, Article 3) and may be amended only by the Illinois
legislature. The Village of Oak Brook accounts for the Plan as a pension
trust fund. The Village's payroll for employees covered by the Plan for
the year ended April 30, 1992 was $1,650,756 out of a total Village
payroll of $6,618,471. At April 30, 1992 the Police Pension Plan
membership consisted of:
Retirees and beneficiaries currently receiving
benefits and terminated employees entitled
to benefits but not yet receiving them 10
Current employees
Vested 16
Nonvested 23
49
The Police Pension Plan provides retirement benefits, as well as death
and disability benefits. Employees attaining the age of 50 or more with
20 years of creditable service are entitled to receive an annual
retirement benefit of one-half of the salary attached to the rank held on
the last day of service, or for one year prior to the last day, whichever
is greater. The pension shall be increased by 2% of such salary for each
additional year of service over 20 years, up to 30 years, and 1% of such
salary for each additional year of service over 30 years, to a maximum of
75% of such salary. Employees with at least 8 years, but less than 20
years, of credited service may retire at or after age 60 and receive a
reduced benefit.
The monthly pension of a police officer who retires after January 1, 1986
shall be increased annually, following the first anniversary date and be
paid upon reaching the age of at least 55 years, by 3% of the originally
granted pension for each full year that has elapsed since the pension
began, and by an additional 3% of the originally granted pension in
January of each year thereafter.
r
25 -
VILLAGE OF OAK BROOK. ILLINOIS
NOTES TO FINANCIAL STATEMENTS
I8. RETIREMENT COMMITMENTS - Continued
PLAN DESCRIPTION - Continued
Police Pension Plan - Continued
Covered employees are required to contribute 9% of their base salary to
the Police Pension Plan. If an employee leaves covered employment with
less than 20 years of service, accumulated employee contributions may be
refunded without accumulated interest. The Village is required to
contribute the remaining amounts necessary to finance the Plan as
actuarially determined by an enrolled actuary. By the year 2020, the
Village's contribution must accumulate to the point where the past
service cost for the Police Pension Plan is fully funded.
Firefighters' Pension Plan
Substantially all fire 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 contribution levels, are mandated by Illinois
State Statutes (Chapter 108 1/2, Article 4) and may be amended only by
the Illinois legislature. The Village of Oak Brook accounts for the Plan
as a pension trust fund. The Village's payroll for employees covered by
the Plan for the year ended April 30, 1992 was $1,495,367 out of a total
Village payroll of $6,618,471. At April 30, 1992, the Firefighters'
Pension Plan membership consisted of:
Retirees and beneficiaries currently receiving
benefits and terminated employees entitled
to benefits but not yet receiving them 9
Current employees
Vested 27
Nonvested _k
iz
The Firefighters' Pension Plan provides retirement benefits, as well as
death and disability benefits. Employees attaining the age of 50 or more
with 20 years of creditable service are entitled to receive an annual
retirement benefit of one-half of the salary attached to the rank held in
the fire service at the date of retirement. The pension shall be
increased by 1/12 of 2% of such monthly salary for each additional month
of service over 20 years, up to 30 years of service, and 1/12 of 1% of
such salary for each additional month of service over 30 years, to a
maximum of 75% of such monthly salary. Employees with at least 10 years,
but less than 20 years, of credited service may retire at or after age 60
and receive a reduced benefit.
26 -
VILLAGE OF OAK BROOK. ILLINOIS
MOTES TO FINANCIAL STATEMENTS
8. RETIREMENT COMMITMENTS - Continued
PLAN DESCRIPTION - Continued
Firefighters' Pension Plan
The monthly pension of a firefighter who retires after January 1, 1986
shall be increased annually, following the first anniversary date and be
paid upon reaching the age of at least 55 years, by 3% of the originally
granted pension for each full year that has elapsed since the pension
began and by an additional 3% in each January thereafter.
Covered employees are required to contribute 8 1/4% of their base salary
to the Firefighters' Pension Plan. If an employee leaves covered
employment with less than 20 years of service, accumulated employee
contributions may be refunded without accumulated interest. The Village
is required to contribute the remaining amounts necessary to finance the
Plan as actuarially determined by an enrolled actuary. By the year 2020,
the Village's contribution must accumulate to the point where the past
service cost for the Firefighters' Pension Plan is fully funded.
FUNDING STATUS AND PROGRESS
The amounts shown below as the "pension benefit obligation" for the
Illinois Municipal Retirement Fund, Police Pension Plan and the
Firefighters' Pension Plan is a standardized disclosure measure of the
present value of pension 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 pension funds on a going-concern
basis, assess progress made in accumulating sufficient assets to pay
benefits when due, and make comparisons among employers. This measure is
the actuarial present value of audited projected benefits and is intended
to help users assess the funding status of the Plans on a going concern
basis, assess progress made in accumulating sufficient assets to pay
benefits when due, and make comparisons among other public employee
retirement plans. This measure is independent of the funding method used
to determine contributions to the Plans.
(Continued)
r
27 _
1 VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
8. RETIREMENT COMMITMENTS - Continued
FUNDING STATUS AND PROGRESS - Continued
Police Firefighters'
IMRF Pension Pension
Actuarial valuation
date December 31, April 30, April 30,
1991 1991 1991
Significant
1 actuarial
assumptions
a) Rate of return
on investment of 7.5% 7.0% 7.0%
present and compounded compounded compounded
future assets annually annually annually
b) Projected salary
increases - 3.75% 5.5% 5.5%
attributable to compounded compounded compounded
inflation annually annually annually
c) Additional
projected
salary
increases - 1.0% per
attributable year (Note - separate
to seniority/ compounded information for b) and
merit annually c) not available)
d) Postretirement 3.0% 3.0% 3.0%
benefit annually simple compounded
increases interest annually
annually
r
28 -
r
r
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
8. RETIREMENT COMMITMENTS - Continued
FUNDING STATUS AND PROGRESS - Continued
Police Firefighters'
IMRF Pension Pension Total
Pension benefit
obligation
Retirees and
beneficiaries
currently
receiving
benefits and
terminated
employees not
yet receiving
benefits $ 370,335 $2,827,315 $2,309,106 $ 5,506,756
Current employees
Accumulated
employees
contributions
including
allocated
investment
earnings 678,510 7,063,437 7,030,524 14,772,471
Employer-
financed
vested 1,006,719 (Note 1) (Note 1) 1,006,719
Employer-
financed
nonvested 353.406 (Note 1) (Note 1) 353.406
Total Pension
Benefit
Obligation 2,408,970 9,890,752 9,339,630 21,639,352
Net assets avail-
able for bene-
fits, at cost 2.044.423 9.689.294 9.957.151 21.690.868
Unfunded (Assets
in Excess of)
Pension Benefit
Obligation S 364,547SS 2�458: (S617.5,21) (S 51.516)
Note 1 - Separate information for current employees is not reported by
the Illinois Department of Insurance.
- 29 -
r
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
8. RETIREMENT COMMITMENTS - Continued
ACTUARIALLY DETERMINED CONTRIBUTION REQUIREMENTS AND CONTRIBUTION MADE
The Plan's funding policies provide for actuarially determined periodic
contributions at rates that, expressed as percentages of annual covered
payroll, are sufficient to accumulate sufficient assets to pay benefits
when due. Level percentage of payroll employer contribution rates are
determined using the entry age normal funding method. The Plans also use
the level percentage of payroll method to amortize the unfunded liability
over a 40-year period. The significant actuarial assumptions used to
compute the actuarially determined contribution requirements are the same
as those used to compute the pension benefit obligation as described
above.
Police Firefighters'
IMRF Pension Pension Total
Actuarial valuation
date December 31, April 30, April 30,
1991 1991 1991
Actuarially determined
contribution require-
ments - employer
As a dollar amount
Normal cost $ 249,758 $219,155 $284,399 $753,312
Amortization of
unfunded
actuarial accrued
liability 53,276 97,453 19,253 169,982
Death and disability
cost 11.354 11.354
S 3.� S316,608 30 9464
As a percent of fiscal
1992 covered payroll
Normal cost 11.40% 13.28% 19.01% 43.69%
Amortization of un-
funded actuarial
accrued liability 2.44 5.90 1.29 9.63
13,84% 19,18% 20.3 53,32%
- 30 -
VILIAGE OF OAK BROOK- ILLINOIS
NOTES TO FINANCIAL STATEMENTS
8. RETIREMENT COMMITMENTS - Continued
ACTUARIALLY DETERMINED CONTRIBUTION REQUIREMENTS AND CONTRIBUTION MADE -
Continued
Police Firefighters'
IMRF Pension Pension Total
Contribution made dur-
ing fiscal 1992
As a dollar
amount
Employer $ 216,163 $280,628 $254,212 $ 751,003
Employee 98.256 148.568 123.368 370.192
SS 314,419 $429,196S377.580; $1.121.195
As a percent of fiscal
1992 covered payroll
Employer 9.90% 17.00% 17.00% 43.90%
Employee 4.50 9.00 8.25 21.75
14,40% 26,00% 25,25% 65,65%
The Village's contribution to both the Police and Firefighters' Pension Plans
are established at 17% of base salaries.
TREND INFORMATION
Trend information gives an indication of the progress made in
accumulating sufficient assets to pay benefits when due.
Police Firefighters'
ea IMRF Pension Pension
Net assets available for benefits
As a percent of the pension 1990 76.44% 87% 101 %
benefit obligation (PBO) 1991 75.92 87 100
1992 84.87 98 107
Unfunded (assets in excess of) PBO
As a percent of annual covered
payroll (expressing the un-
funded pension benefit
obligation as a percentage of
annual covered payroll
approximately adjusts for 1990 22.60 79.10 ( 5.80)
the effects of inflation for 1991 27.05 80.00 ( 7.60)
analysis purposes) 1992 16.70 13.00 ( .42)
- 31 -
I
r
1
VILLAGE OF OAK BROOK. ILLINOIS
NOTES TO FINANCIAL STATEMENTS
r
8. RETIREMENT COMMITMENTS - Continued
TREND INFORMATION - Continued
Police Firefighters'
Year IMRF Pension Pension
Employer contributions
As a percent of annual
covered payroll
Required 1990 8.03% 17.02% 17.05%
1991 9.47 17.00 17.00
1992 9.90 17.00 17.00
rAs a dollar amount
Required 1990 $149,303 $270,117 $244,412
1991 191,043 303,263 264,115
1992 216,163 316,608 303,652
Made 1990 $149,303 $234,611 $221,641
1991 191,043 256,092 236,829
1992 216,163 280,628 254,212
' Note: See 10-year trend data on pages 40 - 44.
DEFERRED COMPENSATION PLAN
The Village of Oak Brook offers its elected officials and employees a
deferred compensation plan created in accordance with Internal Revenue
Code Section 457. The plan is administered by the ICMA Retirement
Corporation. The plan, available to all Village employees, permits them
to defer a portion of their current salary to all future years. The
deferred compensation is not available to the participants until
' termination, retirement, death or an unforeseeable emergency occurs.
Participants' rights created under the plan are equivalent to those of
general creditors of the Village and only in an amount equal to the fair
market value of the deferred account maintained with respect to each
participant. In the past, the plan assets have been used for no purpose
other than to pay benefits. In addition, the Village believes that it is
unlikely that it will use the assets to satisfy the claims of general
creditors in the future.
The Village and its agent have no liability for losses under the plan,
but do have the duty of care that would be required of an ordinary
prudent investor.
r
r
32 -
r
1
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
r
8. RETIREMENT COMMITMENTS - Continued
DEFERRED COMPENSATION PIAN - Continued
The following summarizes the plan activity for the period May 1, 1991
through April 30, 1992:
Balance, May 1, 1991 $1,386,450
Employee contributions 234,420
Net investment earnings 126,265
Administrative expenses ( 1,458)
Payments to eligible participants
and beneficiaries ( 50.592)
Balance, April 30, 1992 $1,695,085
9. INTERFUND BALANCES
Interfund balances at April 30, 1992 are as follows: r
Due From Due To '
General Fund $ 194,545 $316,497
Capital Projects Fund 14,320
Water Fund 80,476 194,545
Sports Core Fund 183,079
Police Pension Fund 19,800
Firefighters' Pension Fund 18,822
SS 5� 511 04
10. OPERATING SF
The following is a schedule of operating transfers:
Transfers Transfers
In Out
General Fund $ 250,231 $ 30,000
Sports Core Fund 30,000
Water Fund 250.231
SS 280,231 S280,231
r
- 33 -
r
VILLAGE OF OAK BROOK. ILLINOIS
NOTES TO FINANCIAL STATEMENTS
11. FUND DEFICITS
The Sports Core Fund had a deficit in retained earnings at April 30, 1992 of
$1,563,112, which is due primarily to depreciation expense. The deficit is
expected to be eliminated in the course of future operations of the Sports
Core.
12. EXCESS OF EXPENDITURES OVER BUDGET
Expenditures exceeded budget in the following funds for the year ended
April 30, 1992:
Budget_ Expenditures
1 Sports Core Fund $2,234,621 $2,255,618
Firefighters' Pension Fund $ 181,025 $ 206,572
Capital Projects $ - $ 264
13. JOINT VENTURES
INTERGOVERNMENTAL RISK MANAGEMENT AGENCY
Intergovernmental Risk Management Agency ("IRMA") is a voluntary
cooperative agency consisting of 55 Illinois municipal governmental
units. Its purpose is to manage and fund first-party property losses and
third-party liability claims (including workers' compensation) of its
member municipalities. Members have a contractual obligation to fund any
deficit of IRMA attributable to a membership year during which they were
a member. The Village of Oak Brook joined IRMA on January 1, 1980 and
will continue as a member.
Each member municipality assumes the first $1,000 of each and every loss
or claim. The next $249,000 of any such loss or claim is paid by the
IRMA pool. Commercial insurance would then pay to a limit of $3,000,000
per occurrence on a liability claim (with certain sublimits) and up to a
limit of $492,500,000 per occurrence (with certain sublimits) on a first-
party property loss (including worker's compensation up to statutory
requirements) . In 1985, IRMA pool was protected by $2,000,000 annual
aggregate excess insurance that attached at $5,000,000 and a $250,000 per
occurrence stop loss. In 1986, the IRMA pool was protected by $2,000,000
annual aggregate excess insurance that attached at $6,350,000, and a
$250,000 per occurrence stop loss. IRMA did not purchase aggregate
excess insurance coverage for 1987 and all subsequent years.
- 34 -
VILLAGE OF OAK BROOK. ILLINOIS
NOTES TO FINANCIAL STATEMENTS
13. JOINT VENTURES - Continued
INTERGOVERNMENTAL RISK MANAGEMENT AGENCY - Continued
IRMA management consists of a Board of Directors comprised of one
representative from each member. In addition, there are two officers, a
risk manager and a treasurer. The Village of Oak Brook exercises no
control over the activities of the Agency.
The latest available financial statements of IRMA, dated December 31,
1991, show the following:
Village of
Oak Brook
IRMA Shares (2.73X)
Total assets $46.729.964 $1,275,728
Total liabilities and member balances $46.729.964 $1,275,728
Total revenue $ 9,970,846 $ 272,204 S
Total expense ( 5.003.142) ( 136.586)
Net increase in member balances S 4.967.704 S 135.618
IRMA had no debt outstanding at December 31, 1991.
INTERGOVERNMENTAL PERSONNEL BENEFIT COOPERATIVE
Intergovernmental Personnel Benefit Cooperative (IPBC) acts solely as an
administrative agency to receive, process and pay such claims as may come
within the benefit program of each member.
The latest available financial statements of IPBC, dated April 30, 1992,
show the following:
Village of
Oak Brook
IPBC Share
Total assets $5.3� S -
Total liabilities $5.3� S -
Members' contributions and interest income $9,187,354 $707,988
Claim payments and insurance premiums ( 9.724.295) ( 662.936)
Net increase (decrease) in assets and
liabilities (SS 5�) 45,052
The Village's share of IPBC's assets and liabilities is not known. IPBC
had no debt outstanding at April 30, 1992.
- 35 - ,
VILLAGE OF OAK BROOK. ILLINOIS
NOTES TO FINANCIAL STATEMENTS
14. SEGMENT INFORMATION FOR ENTERPRISE FUNDS
The Village maintains two enterprise funds that provide water and golf and
other recreation services to the community. Segment information for the year
ended April 30, 1992 is as follows:
Waterworks Sports
System Fund Core Fund Totals
Operating revenues $3,375,464 $2,189,911 $5,565,375
Depreciation 403,669 189,208 592,877
Operating income (loss) 1,017,726 ( 65,707) 952,019
Operating transfers in 30,000 30,000
Operating transfers out ( 250,231) ( 250,231)
i Nonoperating revenues 194,058 86,292 280,350
Nonoperating expenses ( 80,122) ( 32,818) ( 112,940)
Net income (loss) 881,431 17,767 899,198
Property, plant and equipment
Additions 2,721,498 73,916 2,795,414
Net working capital 1,991,485 (241,994) 1,749,491
Total assets 17,161,623 10,349,570 27,511,193
1 Bonds outstanding 965,753 965,753
Total equity 14,850,590 9,462,478 24,313,068
15. COMMITMENTS
On September 1, 1986, the Village entered into a noncancelable water supply
contract, which expires on February 24, 2024, with the Du Page Water
Commission ("Commission") . Under the contract, the Village has agreed to
purchase, beginning in 1992, an amount of Lake Michigan water necessary to
meet the potable water requirements of all of its then current customers
currently served by the Village's waterworks system.
On February 10, 1987, the Commission issued $200,000,000 of Water Revenue
Bonds, with serial bonds maturing on May 1, 1994 through 2001, and term bonds
maturing on May 1, 2007 and May 1, 2014. Interest rates are fixed at 6.84%.
The Commission will allocate the cost to retire the Water Revenue Bonds to the
participating villages based on their usage of Lake Michigan water. The
Village's share of this debt is not known at this time.
Additionally, as of April 30, 1992, the Village's balance due for construction
work performed on the Reservoir B project was approximately $407,828.
- 36 -
VILIAGE OF OAK BROOK. ILLINOIS
NOTES TO FINANCIAL STATEMENTS
15. COMMITMENTS - Continued
The Du Page Water Commission is no longer being reported as a joint venture.
The Commission was reestablished as a separate governmental unit. At
April 30, 1991, $2,421,610 was reported as an investment in joint venture and
at April 30, 1992, this amount is reported as deferred water charges to be
amortized over 32 years beginning May 1, 1992.
16 CONTINGENCIES
There are several pending lawsuits in which the Village is involved. ,
Management believes that the potential claims against the Village resulting
from such litigation will not materially affect the financial statements of
the Village.
17. BOND DISCOUNTS
Ing overnmental 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. '
18. PRIOR PERIOD ADJUSTMENTS
General Fund
An adjustment was made to correct duplicate recording of pension
contributions at April 30, 1991 of $19,800 and $18,821 for Police and
Firefighters' Pension Funds, respectively.
EnteKRrise Fund
Waterworks System
An adjustment of ($10,131) was made to correct prior year's payables
and an adjustment of $654,596 was made due to errors in billing
rates for the period of September, 1985 to January, 1992.
Sports Core
An adjustment of $6,503 was made to correct April 30, 1991 golf
surcharge accruals.
- 37 -
r
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
r
18. PRIOR PERIOD ADJUSTMENTS - Continued
Pension Fund
An adjustment of $4,789 was made to the Firefighters' Pension Fund to
correct recording of prior year's accruals.
i
r
r
i
1
r
38 -
1
r
t
r
r
r
i
1
REQUIRED SUPPLEMENTAL INFORMATION
VILLAGE OF OAK BROOK. ILLINOIS
POLICE PENSION FUND
REVENUES BY SOURCE AND EXPENSES BY TYPE
YEAR ENDED APRIL 30. 1992
REQUIRED SUPPLEMENTAL INFORMATION
Revenues by source
Contribu-
tion as a
Percentage
Fiscal Employee Employer Investment Other of Covered
Year Contributions Contributions Income Contributions Total Payroll
1982 $ 77,482 $190,768 $230,458 $100 $ 498,808 Note 1
1 1983 81,375 201,044 332,040 100 614,559 .20
1984 87,000 196,083 375,794 150 659,027 .18
1985 119,298 199,688 449,674 - 768,660 .17
1 1986 99,357 197,994 414,235 = 711,586 .17
1987 110,689 203,271 510,982 824,942 .16
1988 110,697 196,043 468,630 100 775,470 .16
1989 114,088 212,268 506,724 152 833,232 .16
1990 124,278 234,611 600,359 100 959,348 .17
1991 134,760 256,092 636,988 100 1,027,940 .17
1992 148,568 280,628 757,001 - 1,186,197 .17
' Expenses by type
Fiscal Administrative
Year Benefits Expenses Refunds Total
1982 $ 27,908 $ 505 $14,063 $ 42,476
1983 27,908 600 4,504 33,012
1984 38,466 1,065 30,301 69,832
1985 41,985 1,085 - 43,070
1986 55,664 850 - 56,514
1987 100,585 1,211 Note 2 101,796
1988 93,126 1,631 19,592 114,349
1989 114,024 4,645 - 118,669
1990 183,102 2,425 20,729 206,256
1991 185,959 2,238 16,939 205,136
1992 189,342 6,284 - 195,626
1 Note 1 - Information concerning covered payroll is not available prior to 1983.
' Note 2 - Separate information is not available for refunds for fiscal 1987.
- 40 -
1
VILLAGE OF OAK BROOK ,
POLICE PENSION FUND
ANALYSIS OF FUNDING PROGRESS
REQUIRED SUPPLEMENTAL INFORMATION
(6)
(4) Unfunded
(1) Unfunded Pension Benefit
Net Assets (2) (3) Pension (5) Obligation as
Available Pension Percentage Benefit Annual a Percentage of
Fiscal for Benefit Funded Obligation Covered Covered Payroll
Year Benefits* Obligation (1) _ (2) (2) - (1) Payroll (4) _ (5)
1988 $5,726,809 $6,359,386 .90 $ 632,577 $1,229,426 .51 ,
1989 6,408,264 7,353,693 .87 945,429 1,296,036 .73
1990 7,122,825 8,213,468 .87 1,090,643 1,378,366 .79
1991 7,875,918 9,075,466 .87 1,199,548 1,498,284 .80
1992 9,689,294 9,890,752 .98 201,458 1,650,756 .13
Note - 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
benefits as a percentage of the pension benefit obligation provides one
indication of the Police Pension Fund's 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 Public Employee Retirement
System (PERS) . Trends in unfunded pension benefit obligation and annual
covered payroll are both affected by inflation. Expressing the unfunded
pension benefit obligation as a percentage of annual covered payroll
approximately adjusts for the effects of inflation and aids analysis of
the Police Pension Fund's 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 1988 through 1992.
* At cost.
- 41 -
VILLAGE OF OAK BROOK. ILLINOIS
FIREFIGHTERS' PENSION FUND
REVENUES BY SOURCE AND EXPENSES BY TYPE
YEAR ENDED APRIL 30. 1992
' REQUIRED SUPPLEMENTAL INFORMATION
Revenues v source
Contribution
' as a
Percentage
Fiscal Employee Employer Investment Other of Covered
Year Contributions Contributions Income Contributions Total Payroll
1982 $ 65,916 $271,802 $261,593 $ - $ 599,311 Note 1
' 1983 71,422 285,549 350,184 - 707,155 .29
1984 75,842 173,758 419,533 669,133 .17
1985 80,492 176,337 451,344 708,173 .16
1986 84,616 185,608 531,270 - 801,494 .17
' 1987 95,857 190,756 488,570 _ 775,183 .15
1988 97,322 189,011 459,037 745,370 .16
1989 98,367 201,205 459,707 - 759,279 .17
1990 107,270 221,641 867,874 _ 1,196,785 .17
1991 114,932 236,829 487,990 839,751 .17
1992 123,368 254,212 686,802 - 1,064,382 .17
Expenses by type
Fiscal Administrative
Year Benefits Expenses Refunds Total
1982 $ 20,646 $ 740 $ - $ 21,386
1983 20,646 792 - 21,438
1984 20,646 955 21,601
1985 20,646 2,326 22,972
1986 40,422 1,047 - 41,469
1987 71,291 2,568 _ 73,859
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
Note 1 - Information concerning covered payroll is not available prior to 1983.
r
42 -
VILLAGE OF OAK BROOK
FIREFIGHTERS' PENSION FUND
ANALYSIS OF FUNDING PROGRESS
REQUIRED SUPPLEMENTAL INFORMATION
(4) (6)
Unfunded Unfunded
(Assets in (Assets in Excess
(1) Excess of) of) Benefit
Net Assets (2) (3) Pension (5) Obligation as
Available Pension Percentage Benefit Annual a Percentage of
Fiscal for Benefit Funded Obligation Covered Covered Payroll
Year Benefits* Obligation (1) _ (2) (2) - (1) Payroll (4) _ (5)
1988 $6,095,213 $5,696,360 1.07 ($398,853) $1,179,992 (.34) ,
1989 6,735,173 6,465,524 1.04 ( 269,649) 1,174,639 (.23)
1990 7,367,730 7,292,386 1.01 ( 75,344) 1,300,239 (.06) '
1991 8,425,753 8,415,246 1.00 ( 10,507) 1,385,899 (.08)
1992 9,957,151 9,339,630 1.07 ( 617,521) 1,495,367 (.42)
Note - 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
benefits as a percentage of the pension benefit obligation provides one
indication of the Firefighters' Pension Fund's 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 Public Employee Retirement
System (PERS) . Trends in unfunded pension benefit obligation and annual
covered payroll are both affected by inflation. Expressing the unfunded
pension benefit obligation as a percentage of annual covered payroll
approximately adjusts for the effects of inflation and aids analysis of
the Firefighters' Pension Fund's 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 1988 through 1992.
* At cost.
r
- 43 -
r
r
rVILLAGE OF OAK BROOK
ILLINOIS MUNICIPAL RETIREMENT FUND
' ANALYSIS OF FUNDING PROGRESS
REQUIRED SUPPLEMENTAL INFORMATION
r
(6)
(4) Unfunded
(1) Unfunded Pension Benefit
Net Assets (2) (3) Pension (5) Obligation as
Available Pension Percentage Benefit Annual a Percentage of
Fiscal for Benefit Funded Obligation Covered Covered Payroll
Year Benefits* Obligation (1) _ (2) (2) (1) Payroll (4) j (5)
1988 $1,195,714 $1,490,597 80.21% $ 294,883 $1,538,494 19.17%
1989 1,331,778 1,715,964 77.61 384,186 1,726,898 22.24
1990 1,363,418 1,783,586 76.44 420,168 1,859,331 22.60
1991 1,720,746 2,266,520 75.92 545,774 2,017,357 27.05
1992 2,044,423 2,408,970 84.87 364,547 2,183,468 16.70
Note - 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
benefits as a percentage of the pension benefit obligation provides one
indication of the IMRF's 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 Public Employee Retirement System (PERS) .
Trends in unfunded pension benefit obligation and annual covered payroll
are both affected by inflation. Expressing the unfunded pension benefit
obligation as a percentage of annual covered payroll approximately
adjusts for the effects of inflation and aids analysis of the IMRF's
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 1988 through 1992.
* At cost.
r
1
I
1
- 44 -
r
1
r
r
1
1
i
r
r
This page intentionally left blank.
r
1
r
1
r
r
1
' Governmental Fund Types
VILLAGE OF OAK BROOK. ILLINOIS
GENERAL FUND
SCHEDULE OF REVENUES. EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
YEAR ENDED APRIL 30. 1992
Variance
Favorable
Actual Budget (Unfavorable)
REVENUES
Intergovernmental
Municipal sales tax $ 7,185,721 $ 7,699,260 ($ 513,539)
Illinois state income tax 614,344 526,570 87,774
York Township road and bridge tax 131,554 152,500 ( 20,946)
Foreign fire insurance tax 26.080 24.500 1.580
7.957.699 8.402.830 ( 445.131)
Utility tax 1,098,386 600,000 498,386
' Licenses and permits 299,111 235,325 63,786
Service charges 338,453 306,170 32,283
Fines and penalties 176,868 179,700 ( 2,832)
Interest on investments 186,588 312,050 ( 125,462)
Miscellaneous income 82.512 158.310 ( 75.798)
2.181.918 1.791.555 390.363
' Total Revenues 10.139.617 10.194.385 ( 54.768)
EXPENDITURES
Legislative 563,675 568,406 4,731
General government 1,133,344 1,123,713 ( 9,631)
Public safety 5,900,826 6,185,042 284,216
Public works 2,929,696 3,664,312 734,616
Culture and recreation 243.085 296.880 53.795
Total Expenditures 10.770.626 11.838.353 1.067.727
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES ( 631,009)( 1,643,968) 1,012,959
OTHER FINANCING SOURCES USES
Operating transfers in 250,231 212,231 38,000
Operating transfers out ( 30.000)( 30.000)
Total Other Financing Sources (Uses) 220.231 182.231 38.000
' EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER (UNDER) EXPENDITURES
AND OTHER FINANCING USES ( 410.778)($ 1.461.737) $1,050,959
FUND BALANCE
Beginning of year, as previously reported 4,962,579
Prior period adjustment 38.621
Beginning of year, as restated 5.001.200
End of year $ 4.590.422
- 46 -
VILLAGE OF OAK BROOK. ILLINOIS ,
GENERAL FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL '
YEAR ENDED APRIL 30, 1992
Variance
Favorable
Actual Budget (Unfavorable)
LEGISLATIVE
Board of Trustees
Personnel $ 44,840 $ 43,191 $ 1,649
Materials and supplies 6,281 6,715 ( 434)
Operation and contractual 385,412 393,000 ( 7,588)
Capital 127.142 125.500 1.642
Total Legislative 563.675 568.406 4.731
GENERAL GOVERNMENT
Legal
Personnel 115,244 97,105 ( 18,139)
Materials and supplies 1,889 3,050 1,161
Operation and contractual 2,343 25,893 23,550 '
Capital 21 150 129
119.497 126.198 6.701 ,
Village Manager's office
Personnel 354,415 348,940 ( 5,475)
Materials and supplies 6,732 6,555 ( 177) '
Operation and contractual 5,022 6,444 1,422
Capital 8.851 9.550 699
375.020 371.489 ( 3.531) '
Finance and accounting ,
Personnel 265,065 274,782 9,717
Materials and supplies 11,873 9,200 ( 2,673)
Operation and contractual 54,850 40,899 ( 13,951)
Capital 6.897 19.500 12.603
338.685 344.381 5.696
Engineering
Personnel 240,204 244,940 4,736
Materials and supplies 3,316 2,605 ( 711) '
Operation and contractual 55,112 17,100 ( 38,012)
Capital 1.510 17.000 15.490
300.142 281.645 ( 18.497) '
Total General Government S 1.133.344 S 1.123.713 (,S 9.631)
47 -
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL FUND
' SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL - Continued
YEAR ENDED APRIL 30. 1992
' Variance
Favorable
Actual Budget (Unfavorable)
PUBLIC SAFETY
Police department
Personnel $ 2,759,821 $ 2,793,333 $ 33,512
Materials and supplies 59,695 70,345 10,650
Operation and contractual 126,171 168,537 42,366
Capital 140.036 172.155 32.119
3.085.723 3.204.370 118.647
' Fire service
Personnel 1,783,242 1,825,322 42,080
Materials and supplies 18,884 24,055 5,171
Operation and contractual 130,892 153,858 22,966
Capital 39.817 119.000 79.183
1.972.835 2.122.235 149.400
' Emergency medical services
Personnel 334,694 343,403 8,709
Materials and supplies 8,853 7,940 ( 913)
Operation and contractual 139,149 130,239 ( 8,910)
Capital 1.795 2.000 205
' 484.491 483.582 ( 909)
Bureau of inspection
Personnel 300,912 312,914 12,002
Materials and supplies 7,587 8,270 683
Operation and contractual 47,378 48,671 1,293
Capital 1.900 5.000 3.100
57.777 374.855 17.078
Total Public Safety 5.900.826 6.185.042 284.216
PUBLIC WORKS
Building and grounds
Personnel 107,005 103,639 ( 3,366)
Materials and supplies 40,273 31,330 ( 8,943)
' Operation and contractual 148,211 151,505 3,294
Capital 44.155 137.500 93.345
S 339.644 S 423.974 S 84.330
48 -
VILLAGE OF OAK BROOK. ILLINOIS
GENERAL FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL - Continued
YEAR ENDED APRIL 30. 1992
Variance '
Favorable
Actual Budget (Unfavorable)
PUBLIC WORKS - Continued
Street
Personnel $ 547,348 $ 544,203 ($ 3,145)
Materials and supplies 26,918 36,355 9,437 ,
Operation and contractual 315,992 317,481 1,489
Capital 28.438, 35.500 7.062
918.696 933.539 14.843 S
Garage ,
Personnel 102,063 115,859 13,796
Material and supplies 9,394 8,420 ( 974)
Operation and contractual 22,555 36,520 13,965
Capital 8.500 8.500
134.012 169.299 35.287
Capital improvements '
Materials and supplies 556 500 ( 56)
Operation and contractual 270,566 446,000 175,434
Capital 1.266.222 1.691.000 424.778
1.537.344 2.137.500 600.156
Total Public Works 2.929.696 3.664.312 734.616 '
CULTURE AND RECREATION '
Library
Personnel 136,036 147,117 11,081
Materials and supplies 8,152 8,037 ( 115)
Operation and contractual 43,447 82,918 39,471
Capital 55.450 58.808 3.358
Total Culture and Recreation 243.085 296.880 53.795 ,
Total Expenditures $10.770.626 S11.838.353 S1.0� 6
- 49 - ,
VILLAGE OF OAK BROOK. ILLINOIS
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
APRIL 30. 1992
(With 1991 for Comparison)
ASSETS
Hotel/Motel Motor Fuel Totals
Tax Tax 1992 1991
Cash and equivalents $64,154 $235,953 $300,107 $248,394
Receivables
Allotments 19,732 19,732 13,250
Other - hotel/motel tax 17.733 17.733 15.793
' Total Assets $81,887 $255,685 $337,572 $277,437
' LIABILITIES AND FUND EQUITY
LIABILITIES
Accounts payable $20,146 $ 2,614 $ 22,760 $ 35,387
FUND BALANCES
Unreserved 61.741 253.071 314.812 242.050
' Total Liabilities and
Fund Equity $81,887 $255.685 S337.572: $277.437
50 -
VILLAGE OF OAK BROOK. ILLINOIS '
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUA?
YEAR ENDED APRIL 30. 1992
Hotel/Motel Tax Fund
Variance
Favorable
Actual Budget (Unfavorable)
REVENUES '
Intergovernmental $ - $ - $
Interest on investments 1,208 1,2.'8
Hotel/motel taxes 196.609 162.000 34.609
Total Revenues 197.817 162.000 35.817
EXPENDITURES '
Public works
Culture and recreational 169.600 173.000 3.400 '
Total Expenditures 169.600 173.000 3.400
EXCESS (DEFICIENCY) OF REVENUES '
OVER (UNDER) EXPENDITURES 28,217( 000) SS 39,217
FUND BALANCES '
Beginning of year 33.524
End of year SS 61.741
,
51 -
1
Motor Fuel Tax Fund Total Special Revenue Funds
Variance Variance
Favorable Favorable
Actual Budget (Unfavorable) Actual Budget (Unfavorable)
$204,944 $210,600 ($ 5,656) $204,944 $210,600 ($ 5,656)
9,808 11,355 ( 1,547) 11,016 11,355 ( 339)
196.609 162.000 34.609
' 214.752 221.955 ( 7.203) 412,569 383.955 28.614
170,207 205,295 35,088 170,207 205,295 35,088
169.600 173.000 3.400
170.207 205.295 35.088 339.807 378.295 38.488
44,545 L.IL.660 $27,885 72,762 5,660 $67,102
' 208.526 242.050
253 0 1 $314,812
This page intentionally left blank. '
1
1
' VILLAGE OF OAK BROOK. ILLINOIS
CAPITAL PROJECTS FUND
' COMBINING BALANCE SHEET
APRIL 30, 1992 AND 1991
' ASSETS
Equipment Totals
Replacement 1992 1991
Cash and equivalents $ 15,146 $ 15,146 $ 3,609
' Investments 15.000
Total Assets 15,146 15,146 18,609
LIABILITIES AND FUND EQUITY
LIABILITIES
' Accounts payable $ - $ - $ 17,519
Due to other funds 14.320 14.320
Total Liabilities 14.320 14.320 17.519
' FUND BALANCE
Unreserved
Designated for subsequent
year's expenditures 1,090
Undesignated 826 826
' Total Fund Equity 826 826 1.090
Total Liabilities and Fund Equity 15,146 15,146 18,609
1
1
1
52 -
VILLAGE OF OAK BROOK. ILLINOIS '
CAPITAL PROJECTS FUND
CCOMBINING STATEMENT OF REVENUES. EXPENDITURES AND '
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
YEARS ENDED APRIL 30. 1992 '
Actual
Equipment Variance
Replace- Total Favorable
ment Budget (Unfavorable)
REVENUES, interest on
investments S 5.768 (S 5.768)
EXPENDITURES '
Public safety
Public works
Interest 264 '
Total Expenditures 264 ( 264)
EXCESS (DEFICIENCY) OF REVENUES ,
OVER (UNDER) EXPENDITURES ( 264) 5.768 ( 6.032)
OTHER FINANCING SOURCES (USES) '
Operating transfers in 75,000 ( 75,000)
Operating transfers out
Total Other Financing 1
Sources (Uses) 75.000 ( 75.000)
EXCESS (DEFICIENCY) OF REVENUES '
AND OTHER FINANCING SOURCE
OVER (UNDER) EXPENDITURES
AND OTHER FINANCING USES ( 264) SS 80,768 (S 81,032) '
FUND BALANCES
Beginning of year 1.090 '
End of year S 82
53 -
' Proprietary Fund Types
1
r
' This page intentionally left blank.
r
r
r
VILLAGE OF OAK BROOK. ILLINOIS
ENTERPRISE FUNDS
COMBINING BALANCE SHEET t
APRIL 30. 1992
(With 1991 for Comvarison)
ASSETS
Waterworks Sports Totals '
System Core 1992 1991
CURRENT ASSETS
Cash and equivalents S 60.869 S 142.324 S 203,193 S 169.991
Investments 80,680
Receivables (net, where '
applicable, of allowances for
uncollectibles) '
Customers
Billed water sales 40,245 40,245 71,376
Unbilled water sales 322,870 322,870 199,350
Accrued interest 16,107 16,107 122,528
Other 15.727 15,727 11.958
379,222 15.727 394.949 405,212 '
Due from other funds 194,545 194,545
Inventory 130,910 130,910 157,651
Other assets 6.105 12.122 18.227 18.234
Total Current Assets 640.741 301.083 941.824 831.768
RESTRICTED ASSETS
Cash and investments 2.957.543 2.957.543 2.997.297
DEFERRED WATER CHARGES 2.421,610 2.421.610 2.421.610
PROPERTY, PIANT AND EQUIPMENT '
Property, plant and equipment 15,131,034 12,902,494 28,033,528 27,659,725
Less: Accumulated depreciation ( 3.989.305)( 2.854.007)( 6.843.312)( 6.250.435)
Total Property, Plant '
and Equipment 11,141,729 10,048,487 21,190,216 21,409,290
Total Assets 517.161.623 910.349.570 927.511.193 S27.659.965
1
- 54 -
1
r
' LIABILITIES AND FUND EQUITY
' Waterworks Sports Totals
System Core 1992 1991
CURRENT LIABILITIES
Accounts payable $ 599,455 $ 132,541 $ 731,996 $ 1,256,931
Accrued payroll and vacation 10,753 18,839 29,592 66,831
Water refunds payable 654,596 654,596
Customer deposits 15,100 15,100 22,535
Due to other funds 80,476 183,079 263,555 109,541
Deferred revenue 193.518 193.518 251.169
Total Current Liabilities 1.345.280 543.077 1.888.357 1.707.007
NONCURRENT LIABILITIES
Note payable 344,015 344,015 402,539
Revenue bonds outstanding
1973 issue 975,000 975,000 1,175,000
1976 issue 325,000
Unamortized bond discounts on
1973 and 1976 issues ( 9.247) ( 9.247)( 14.418)
Total Noncurrent Liabilities 965.753 344.015 1.309.768 1.888.121
Total Liabilities 2.311.033 887.092 3.198.125 3.595.128
FUND EQUITY
Contributed capital 11.025.590 11.025.590 11.025.590
Retained earnings (accumulated
deficit)
Reserved under revenue bond
ordinance 2,957,543 2,957,543 2,997,297
Reserved (golf surcharge) 73,226 73,226
Unreserved 11.893.047 ( 1.636.338) 10.256.709 10.041.950
' Total Retained Earnings
(Deficit) 14.850.590 ( 1.563.112) _13.287.478 13.039.247
Total Fund Equity 14.850.590 9.462.478 24.313.068 24.064.837
Total Liabilities and
Fund Equity S17.161.623 $10.349.570 S27.511.193 S27.659.965
VILLAGE OF OAK BROOK, ILLINOIS
ENTERPRISE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND ,
CHANGES IN RETAINED EARNINGS (ACCUMUTATED DEFICIT)
YEAR ENDED APRIL 30. 1992
(With 1991 for Comparison)
Waterworks Sports Totals
System Core 1992 1991
OPERATING REVENUES
Charges for services $ 3,321,736 $2,189,911 $ 5,511,647 $ 4,152,681
Miscellaneous 53.728 53.728 113.223
Total Operating Revenues 3.375.464 2.189.911 5.565.375 4.265.904
OPERATING EXPENSES
Operation of facilities 1,954,069 2,066,410 4,020,479 2,981,483
Depreciation 403.669 189.208 592.877 670.675
Total Operating Expenses 2.357.738 2.255.618 4.613.356 3.652.158
OPERATING INCOME (LASS) 1.017.726 ( 65.707) 952.019 613.746
NONOPERATING REVENUES (EXPENSES)
Interest on investments 194,058 194,058 295,317
Interest expense ( 73,488)( 32,818)( 106,306)( 137,967)
Amortization of bond discount ( 5,170) ( 5,170)( 5,170)
Fiscal agents' fees ( 1,464) ( 1,464)( 713)
Other revenue 86.292 86.292 31.054
Total Nonoperating Revenues
(Expenses) 113.936 53.474 167.410 182.521
INCOME (IHSS) BEFORE OPERATING
TRANSFERS 1.131.662 ( 12.233) 1.119.429 796.267
Operating transfers in 30,000 30,000 48,705
Operating transfers out ( 250.231) ( 250.231)( 202.125)
Total Operating Transfers ( 250.231) 30.000 ( 220.231)( 153.420) i
NET INCOME (LASS) 881.431 17.767 899.198 642.847 '
RETAINED EARNINGS (ACCUMULATED
DEFICIT)
Beginning of year, as previously '
reported 14,613,623 ( 1,574,376) 13,039,247 12,396,400
Prior period adjustments ( 644.464)( 6.503)( 650.967)
Beginning of year, as restated 13.969.159 ( 1.580.879) 12.388.280 12.396.400 ,
End of year S14.850.590 (S1.55663,112) S13.287.478 S13.039.247
55 -
VILLAGE OF OAK BROOK. ILLINOIS
ENTERPRISE FUNDS
COMBINING STATEMENT OF CASH FLOWS - INCREASE
(DECREASE) IN CASH AND EQUIVALENTS
YEAR ENDED APRIL 30. 1992
Waterworks Sports
p rts
System Core Totals
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET
CASH PROVIDED BY OPERATING ACTIVITIES
Operating income (loss) $1.017.726 (S 65.707) S 952.019
Adjustments to reconcile operating income (loss) to
net cash provided by operating activities
Depreciation 403,669 189,208 592,877
Deferred revenue ( 59,159)( 59,159)
Change in assets and liabilities
(Increase) decrease in receivables ( 1,072) 11,335 10,263
(Increase) in interfund receivables ( 194,545) ( 194,545)
Decrease in inventory 26,741 26,741
(Increase) decrease in other assets 1,676 ( 1,669) 7
Increase (decrease) in accounts payable ( 498,957)( 15,846)( 514,803)
(Decrease) in accrued payroll ( 1,838)( 35,401)( 37,239)
Increase in interfund payable 80,476 75,046 155,522
' (Decrease) in customer deposits ( 7.435)( 7.435)
Total Adjustments ( 210.591) 182.820 ( 27.771)
Net Cash Provided by Operating Activities 807.135 117.113 924.248
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Operating transfers in (out)
General Fund ( 250,231) 30,000 ( 220,231)
Other nonoperating revenue 86.292 86.292
Net Cash Provided by (Used for) Noncapital
Financing Activities ( 250.231) 116.292 ( 133.939)
CASH FLOWS FROM CAPITAL AND REIATED FINANCING
ACTIVITIES
Acquisition of capital assets ( 299,887)( 90,337)( 390,224)
1 Principal paid on revenue bonds 525,000) 525,000)
Interest paid on revenue bonds ( 73,488) ( 73,488)
Principal paid on notes payable ( 58,524)( 58,524)
Interest paid on notes payable ( 32,818)( 32,818)
Fiscal agents' fees paid ( 1.464) ( 1.464)
Net Cash Used for Capital and Related
Financing Activities (S 899.839)(S181.679)(SI.081.518)
(Continued)
- 56 -
VILLAGE OF OAK BROOK, ILLINOIS
ENTERPRISE FUNDS
COMBINING STATEMENT OF CASH FLAWS - INCREASE
(DECREASE) IN CASH AND EOUIVALENTS - Continued
YEAR ENDED APRIL 30. 1992
Waterworks Sports
System Core Totals
CASH FLAWS FROM INVESTING ACTIVITIES
Net cash flows from investments $ 39,755 $ 90,598 $ 130,353
Interest income 194.058 194.058
Net Cash Provided by Investing Activities 233.813 90.598 324.411
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS ( 109,122) 142,324 33,202
CASH AND EQUIVALENTS
Beginning of year 169.991 169.991
End of year S 60.869, S142,324 SS 2i
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND
FINANCING ACTIVITIES
During 1992, the investment of $2,421,610 in
Du Page Water Commission was reclassified to
Deferred Water charges due to the reestablish-
ment of the Commission.
57 -
VILIAGE OF OAK BROOK. ILLINOIS
WATERWORKS SYSTEM FUND
SCHEDULE OF REVENUES AND EXPENSES - BUDGET AND ACTUAL-
YEAR ENDED APRIL 30. 1992
Variance
Favorable
OPERATING REVENUES Actual Budget (Unfavorable)
Charges for services
Water sales $2,835,828 $2,539,400 $ 296,428
Unmetered sales 2,880 3,180 ( 300)
Water tap on charges 356,169 41,000 315,169
Fire service charges 107,445 131,000 ( 23,555)
Meter fees 8,275 12,600 ( 4,325)
Special services 11,139 12,000 ( 861)
Miscellaneous 53.728 52.500 1.228
Total Operating Revenues 3.375.464 2.791.680 583.784
OPERATING EXPENSES
Public works
Water department
Personnel 223,648 222,177 ( 1,471)
Materials and supplies 16,435 16,450 15
Operation and contractual 1,706,529 1,945,155 238,626
Capital 33.603 167.240 133.637
1.980.215 2.351.022 370.807
Capital improvements
Materials and supplies 100 100
Operation and contractual 7,457__ 8,000 543
Capital 2 X87.895 —X41.565 ( 2.046.330)
2 -695 352 649,665 ( 2,045,687)
Less: Items capitalized ( 2.721.498)(_,_- 08.805) 1.912.693
26.146)( 159.140) ( 132.994)
Total Operation of Facilities 1.954.069 2.191.882 237.813
DEPRECIATION 403.669 ( 403.669)
Total Operating Expenses 2.357.738 2.191.882 ( 165.856)
OPERATING INCOME 1.017.726 599.798 417.928
NONOPERATING REVENUES (EXPENSES)
' Interest 194,058 298,000 ( 103,942)
Water Commission reimbursement pressure
adjusting station 445,000 ( 445,000)
Interest on bonds ( 73,488)( 73,487) ( 1)
Payment on bonds ( 525,000) 525,000
Amortization of bond discount ( 5,170) ( 5,170)
Fiscal agents fees ( 1.464)( 2.700) 1.236
113.936 141.813 ( 27.877)
INCOME BEFORE OPERATING TRANSFERS 1,131,662 741,611 390,051
Operating transfers out ( 250.231) 212.231) ( 38.000)
NET INCOME4 SS 352.051,
- 58 -
VILLAGE OF OAK BROOK. ILLINOIS
WATERWORKS SYSTEM FUND
SCHEDULE OF CHANGES IN RETAINED EARNINGS -
RESERVED - RESTRICTED ACCOUNTS
YEAR ENDED APRIL 30, 1992
Operation Depreciation,
and Bond ando
B nd Improvement
Maintenance Interest Reserve and Ex ens on
INCREASES
Net income $881,431 $ - $ - $ -
Required transfers per bond ordinance 598.488
Total Increases 881.431 598.488
DECREASES
Payment of bond principal 525,000
Payment of bond interest 73,488
Capital expenditures from surplus
Required transfers per bond ordinance 900.927
Total Decreases 900.927 598.488
NET INCREASE (DECREASE) ( 19,496)
ACCOUNT BALANCES
Beginning of year 222.646 760.500 400.000
End of year $203,150 S $760,500 $400.000
- 59 -
Surplus
Revenue Tota
$ - $ 881,431
302.439 900.927
302.439 1.782.358
525,000
73,488
' 322.697 1.223.624
322.697 1.822.112
( 20,258)( 39,754)
1.614.151 2.997.297
$1.5� 9� $2,957,543
!
1
VILLAGE OF OAK BROOK, ILLINOIS
WATERWORKS SYSTEM FUND
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT
AND ACCUMULATED DEPRECIATION
YEAR ENDED APRIL 30, 1992
Property. Plant and Equipment
Balance Additions Balance
May 1, and April 30,
1991 Transfers Disposals 1992
Waterworks property, plant
and equipment
Land and land rights $ 215,800 $ - $ - $ 215,800
Service of supply plant -
wells and springs 314,753 314,753
Structure and improvements 445,.276 28,310 473,586
Electrical pumping equipment 431,254 431,254
Total water treatment equipment 8,149 8,149
Distribution, reservoirs, mains
and standpipes 12,499,881 247,669 12,747,550
Meters and meter installation 501,371 501,371
Hydrants 180,104 1,368 181,472
Miscellaneous tools and equipment
Office furniture and equipment 16,849 16,849
Transportation equipment 130,995 130,995
Tools, shop and garage equipment 2,852 2,852
Laboratory equipment 1,070 1,070
Miscellaneous equipment 71,390 22,540 93,930
Intangible plant - organization 11.403 11.403
S14.831.147 SS 299,887 � S15.131.034
- 60 -
Rate of
Depreciation Accumulated Depreciation Net Asset
or Balance Additions Balance Value
Amortization May 1, and April 30, April 30,
(Years) 1991 Transfers Disposals 1992 1992
$ - $ - $ - $ - $ 215,800
40 136,303 7,869 144,172 170,581
40 38,935 11,486 50,421 423,165
40 79,572 10,781 90,353 340,901
10 8,149 8,149
' 40 2,769,782 315,593 3,085,375 9,662,175
15 357,685 33,425 391,110 110,261
40 66,256 4,520 70,776 110,696
10 10,465 1,685 12,150 4,699
6 36,237 17,441 53,678 77,317
5 2,852 2,852
5 1,070 1,070
5 66,927 869 67,796 26,134
5 11.403 11.403
$3.5� $403,669 S $3.9� $11.141.729
VILLAGE OF OAK BROOK. ILLINOIS
SPORTS CORE FUND
SCHEDULE OF REVENUES AND EXPENSES - BUDGET AND ACTUAL ,
YEAR ENDED APRIL 30. 1992
Variance
Favorable
Actual Budget (Unfavorable)
OPERATING REVENUES
Golf
Fees $ 948,887 $ 921,000 $ 27,887
Memberships 119,335 112,550 6,785
Merchandise sales 212,505 240,000 ( 27,495)
Food sales 68,741 92,000 ( 23,259)
Beverage sales 28,792 45,000 ( 16,208)
Miscellaneous 75.082 74.500 582
1.453.342 1.485.050 ( 31.708)
Bath and tennis
Fees 64,900 60,120 4,780
Memberships 255,609 249,945 5,664
Merchandise sales 16,353 20,000 ( 3,647)
Food sales 280,603 320,500 ( 39,897)
Beverage sales 107,032 120,000 ( 12,968)
Miscellaneous 12.072 16.000 ( 3.928)
736.569 786.565 ( 49.996)
Total Operating Revenues 2.189.911 2.271.615 ( 81.704)
OPERATING EXPENSES
Administrative and general
Personnel 208,589 194,342 ( 14,247)
Materials and supplies 57,318 50,520 ( 6,798)
Operation and contractual 112,354 61,348 ( 51,006)
Overhead allocation ( 265.669)( 174.104) 91.565
112.592 132.106 19.514
Golf
Personnel 476,411 495,391 18,980
Materials and supplies 348,663 348,740 77
Operation and contractual 135,191 169,446 34,255
Overhead allocation 172.685 113.168 ( 59.517)
$1.132.950 S1.126.745 (S 6.205) '
(Continued)
61 -
VILLAGE OF OAK BROOK. ILLINOIS
SPORTS CORE FUND
SCHEDULE OF REVENUES AND EXPENSES - BUDGET AND ACTUAL - Continued
YEAR ENDED APRIL 30. 1992
r
Variance
Favorable
Actual Budget (Unfavorable)
OPERATING EXPENSES - Continued
Bath and tennis
Personnel $ 374,953 $ 403,866 $ 28,913
Materials and supplies 231,348 222,740 ( 8,608)
Operation and contractual 121,413 98,660 ( 22,753)
Overhead allocation 93.154 60.936 ( 32.218)
820.868 786.202 ( 34.666)
Capital 73,916 164,165 90,249
Less: Items capitalized ( 73.916)( 164.165) ( 90.249)
Total Operation of Facilities 2.066.410 2.045.053 ( 21.357)
DEPRECIATION 189.208 189.208
iTotal Operating Expenses 2.255.618 2.234.261 ( 21.357)
OPERATING INCOME (LOSS) ( 65.707) 37.354 ( 103.061)
rNONOPERATING REVENUE (EXPENSE)
Interest income
Interest expense ( 32,818)( 30,000) ( 2,818)
Other revenue 86.292 137.149 ( 50.857)
53.474 107.149 ( 53.675)
INCOME (LOSS) BEFORE OPERATING TRANSFERS ( 12,233) 144,503 ( 156,736)
Operating transfers in 30.000 30.000
NET INCOME S 17,767 S 1� 7� ($156,736)
r
r
r
62 -
VILIAGE OF OAK BROOK. ILLINOIS
SPORTS CORE FUND
SCHEDULE OF PROPERTY. PLANT AND EQUIPMENT r
AND ACCUMULATED DEPRECIATION
YEAR ENDED APRIL 30. 1992
Property. Plant and Equipment � II
Additions
Balance and Balance
MAX 1. 1991 Transfers April 30, 1992
Golf course well $ 86,843 $ 1,400 $ 88,243
Sports Core maintenance equipment 235,457 2,000 237,457
Land and land rights 8,252,585 8,252,585
Golf course land improvements 1,292,750 3,616 1,296,366
Other land improvements 339,535 339,535
Clubhouse
Golf 724,076 724,076
Bath and tennis 516,686 298 516,984
Other improvements 503,302 13,156 516,458
Pools 132,557 23,581 156,138
Tennis courts 443,203 443,203
Clubhouse equipment 123,930 9,836 133,766
Golf equipment 61,086 20,029 81,115
Buildings 116.568 116.568
$12.828.578 SS 73,916 S12.902.494
r
r
63
I
I
Rate of
Depreciation Accumulated Depreciation
or Additions Net Asset
Amortization Balance and Balance Value
' (Years) May 1. 1991 Transfers April 30. 1992 April 30. 1992
10 $ 1,512 $ 8,.769 $ 10,281 $ 77,962
7 56,880 33,922 90,802 146,655
8,252,585
10 1,278,244 2,074 1,280,318 16,048
20 196,996 16,977 213,973 125,562
40 100,149 18,102 118,251 605,825
40 127,062 12,921 139,983 377,001
10 394,695 50,988 445,683 70,775
20 68,437 7,218 75,655 80,483
15 248,052 29,547 277,599 165,604
5 113,099 3,717 116,816 16,950
5 60,806 2,059 62,865 18,250
40 18.867 2.914 21.781 94.787
$2.6� $189,208 $2.8� $10.048.487
This page intentionally left blank.
� I
� I
' Fiduciary Fund Types
' VILLAGE OF OAK BROOK. ILLINOIS
FIDUCIARY FUNDS
COMBINING BALANCE SHEET
APRIL 30. 1992
(With 1991 for Comparison)
' ASSETS
Deferred
Fire- Compensa-
Police fighters' tion Totals
Pension Pension Fund 1992 1991
Cash and equivalents $ 152,453 $ 142,911 $ - $ 295,364 $ 1,484,141
Investments 9,530,833 9,774,194 1,695,085 21,000,112 17,613,332
Receivables
Accrued interest
receivable 25,808 58,868 84,676 65,001
Other 19,616
Due from other funds 38.622
Total Assets $9.7�094 S9.9+ 7� $1.695J85 S21.380.152 S19.220.712
LIABILITIES AND FUND EQUITY
LIABILITIES
Accounts payable $ - - - -
$ $ $ $ 28,259
Due to other funds 19,800 18,822 38,622 3,150
Deferred compensation
benefits payable 1.695.085 1.695.085 1.386.450
Total Liabilities 19.800 18.822 1.695.085 1.733.707 1.417.859
' FUND EQUITY
Reserved for employees'
retirement 9,890,752 9,339,630 19,230,382 17,490,712
Unreserved ( 201.458) 617.521 416.063 312.141
Total Fund Equity 9.689.294 9.957.151 19.646.445 17.802.853
' Total Liabilities
and Fund Equity S9.7709,094 $9.973 S1.6� S21.380.152 S19.220.712
i
- 64 -
i
VILLAGE OF OAK BROOK. ILLINOIS
FIDUCIARY FUNDS
COMBINING STATEMENT OF REVENUES. EXPENSES AND '
CHANGES IN FUND BALANCES
YEAR ENDED APRIL 30. 1992
(With 1991 for Comparison)
Police Firefighters' Totals
Pension Pension 1992 1991
OPERATING REVENUES
Interest on investments $ 757,001 $ 686,802 $ 1,443,803 $ 1,124,978
Contributions
Employees 148,568 123,368 271,936 249,692
Village 280,628 254,212 534,840 492,921
Miscellaneous 100
Total Operating Revenues 1.186.197 1.064.382 2.250.579 1.867.691
OPERATING EXPENSES
Administrative and general 6,284 18,044 24,328 4,530
Pension refunds 11,846 11,846 24,789
Benefit payments 189.342 176.682 366.024 337.193
Total Operating Expenses 195.626 206.572 402.198 366.512
NET INCOME 990.571 857.810 1.848.381 1.501.179
FUND BALANCES
Beginning of year, as previously
reported 8,698,723 9,104,130 17,802,853 16,301,674 ,
Prior period adjustment ( 4.789) ( 4.789)
Beginning of year, as restated 8.698.723 9.099.341 17.798.064 16.301.674 ,
End of year $9.6� 8�294, $9.9� 5� $19.646.445 $17.802.853
65 - '
' VILLAGE OF OAK BROOK. ILLINOIS
POLICE PENSION FUND
' SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL
YEAR ENDED APRIL 30. 1992
Variance
Favorable
Actual Budzet (Unfavorable)
OPERATING REVENUES
Interest on investments $ 757,001 $553,800 $203,201
Contributions
' Employees 148,568 143,800 4,768
Village 280,628 300,000 ( 19,372)
Miscellaneous 150 ( 150)
' Total Operating Revenues 1.186.197 997.750 188.447
OPERATING EXPENSES
Administrative and general 6,284 4,625 ( 1,6591)
Pension refunds 14,500 14,500
Benefit payments 189.342 220.000 30.658
Total Operating Expenses 195.626- 239.125 43.499
NET INCOME 990,571 $758,625 $231,946
' FUND BALANCE
Beginning of year 8.698.723
' End of year $9,689,294
- 66 -
VILLAGE OF OAK BROOK. ILLINOIS ,
FIREFIGHTERS' PENSION FUND
SCHEDULE OF REVENUES. EXPENSES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL
YEAR ENDED APRIL 30. 1992
Variance
Favorable
Actual Budget (Unfavorable)
OPERATING REVENUES
Interest on investments $ 686,802 $596,500 $90,302
Contributions
Employees 123,368 122,100 1,268 '
Village 254.212 264.342 ( 10.130)
Total Operating Revenues 1.064.382 982.942 81,440
OPERATING EXPENSES
Administrative and general 18,044 3,325 ( 14,719)
Pension refunds 11,846 2,700 ( 9,146)
Benefit payments 176.682 175.000 ( 1.682)
Total Operating Expenses 206.572 181.025 ( 25.547)
NET INCOME 857.810 $801,917 $55.893
FUND BALANCE '
Beginning of year, as previously reported 9,104,130
Prior period adjustment ( 4.789)
Beginning of year, as restated 9.099.341 ,
End of year $9.9
67 -
' VILLAGE OF OAK BROOK. ILLINOIS
DEFERRED COMPENSATION FUND
SCHEDULE OF CHANGES IN ASSETS AND LIABILITIES
APRIL 30. 1992
ASSETS
Balance Balance
May 1, April 30,
1991 Additions Deductions 1992
' Investments $1.386.450 $360,685 $52,050 1.695.085
Total Assets $1.3� 1$360.685 $52.050: 1,695,085
' LIABILITIES
Deferred compensation
' benefits payable $1.386.450 $360,685 $52,050 1.695.085
Total Liabilities $1.3� $360,685 $52,050 1,695,085
68 -
1
This page intentionally left blank. ,
� I
1 Account Groups �I
' VILLAGE OF OAK BROOK. ILLINOIS
GENERAL FIXED ASSETS ACCOUNT GROUP
' SCHEDULE OF GENERAL FIXED ASSETS - BY SOURCE
APRIL 30. 1992
(With 1991 for Comparison)
' 1992 1991
GENERAL FIXED ASSETS
' Land $ 616,829 $ 491,829
Buildings and improvements 5,210,124 5,199,029
Furniture and fixtures 312,712 275,443
' Roadway improvements 7,694,135 6,427,713
Automotive equipment 2,095,579 2,060,590
Other equipment 1,906,522 1,875,374
Library books 476.696 437.844
' Total General Fixed Assets $18.312.597 S16.767.822
INVESTMENT IN GENERAL FIXED ASSETS FROM
Current revenues $15,802,698 $14,257,923
Proceeds of indebtedness 1,582,783 1,582,783
' Gifts 518,738 518,738
Motor Fuel Tax Fund revenues 246,098 246,098
Federal Revenue Sharing Fund revenues 131,751 131,751
Special Service Area No. 1 Fund revenues 30.529 30.529
' Total Investment in General Fixed Assets $18.312.597 S16.767.822
' - 69 -
VILLAGE OF OAK BROOK. ILLINOIS ,
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY '
APRIL 30. 1992
Buildings Furniture ,
and and
Function and Activity Land Improvements Fixtures ,
GENERAL GOVERNMENT
Counsel and legal $335,000 $ - $ 5,104
Village manager 6,455 '
Finance and accounting 15,759
Engineering 6,580 16,647
Village Hall 273.741 2.737.469 149.249 ,
Total General Government 615.321 2.737.469 193.214
PUBLIC SAFETY '
Police department 129,405 29,333
Fire department 1,218,008 39,862
Emergency medical service 813 '
Inspection bureau 415 3.171
Total Public Safety 1.347.828 73.179
PUBLIC WORKS
Administrative 142,571 5,461 '
Street maintenance 62
Street improvements 30,363
Municipal garage 771.052 5.386
Total Public Works 944.048 10.847 '
CULTURE AND RECREATION
Library 1.508 180.779 35.472
Total General Fixed Assets $61� S5.2� $31
- 70 -
Roadway Automotive Other Library
' Improvements Equipment Eaui mR ent Books Total
$ - $ - $ 21,491 $ - $ 361,595
16,367 65,202 88,024
85,382 101,141
10,857 81,707 115,791
9.929 58.342 3.228.730
37.153 312.124 3.895.281
' 442,152 415,650 1,016,540
52,813 906,325 665,370 2,882,378
174,356 105,799 280,968
17.396 32.496 53.478
' 52.813 1.540.229 1.219.315 4.233.364
41,941 5,568 195,541
473,549 223,183 696,794
7,641,322 54,647 7,726,332
2.707 51.205 830.350
' 7.641.322 518.197 334.603 9.449.017
40.480 476.696 734.935
S7.6� $2,095,579 S1.9�22 $476,696 $18.312.597
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL FIXED ASSETS &CCOUNT GROUP '
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS
BY FUNCTION AND ACTIVITY
APRIL 30. 1992
General General
Fixed Fixed '
Assets Assets
May 1, April 30,
1990 Additions Retirements 1991
GENERAL GOVERNMENT
Counsel and legal $ 234,433 $ 127,162 $ - $ 361,595
Village manager 79,975 8,049 88,024
Finance and accounting 155,097 6,899 ( 60,855) 101,141
Engineering 114,281 1,510 115,791 '
Village Hall 3.180.781 47.949 3.228.730
Total General Government 3.764.567 191.569 ( 60.855) 3.895.281
PUBLIC SAFETY '
Police department 990,444 138,281 ( 112,185) 1,016,540
Fire department 2,842,885 39,493 2,882,378 '
Emergency medical service 279,173 1,795 280,968
Inspection bureau 53.063 415 53.478
Total Public Safety 4.165.565 179.984 ( 112.185) 4.233.364 '
PUBLIC WORKS
Administrative 195,541 195,541 '
Street maintenance 672,114 24,680 696,794
Street improvements 6,459,910 1,266,422 7,726,332
Municipal garage 830.350 830.350
Total Public Works 8.157.915 1.291.102 9.44 .017
CULTURE AND RECREATION ,
Library 679.775 55.160 734.935
Total General Fixed Assets S16.767.822 $1,717J15 ($17�3.0,400) S18.312.597
71 - ,
� I
' II
i
1
i
1
' Statistical Section (Unaudited)
Table 1
VILLAGE OF OAK BROOK. ILLINOIS
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION (1)
LAST TEN FISCAL YEARS
Culture
Fiscal General Public Public and Debt Total
Year Legislative Government Safety Works Recreation Service Expenditures
1992 $ 563,675 $1,133,344 $5,900,826 $3,099,903 $412,685 $949,288 $12,059,721
1991 407,461 1,114,704 5,842,884 1,704,451 278,085 987,505 10,335,090
1990 616,300 1,041,157 5,303,456 1,605,218 241,751 922,716 9,730,598
1989 327,739 1,124,734 5,184,506 2,076,858 196,584 955,025 9,865,446
1988 311,918 895,764 4,616,312 2,089,485 195,341 987,234 9,096,054
1987 254,617 911,668 4,450,380 1,384,901 181,778 916,214 8,099,558
1986 256,953 724,353 4,047,863 1,051,920 177,265 942,064 7,200,418
1985 222,469 726,444 4,032,499 1,378,771 136,526 967,861 7,464,570
1984 218,095 999,325 3,460,935 1,229,691 149,736 891,320 6,949,102
1983 193,109 878,409 3,396,808 812,987 113,037 912,849 6,307,199
Note 1 - Includes expenditures of General Fund, Special Revenue Funds, Debt Service Fund and Capital Projects Fund.
73 -
Table 2
VILLAGE OF OAK BROOK. ILLINOIS
GENERAL REVENUES BY SOURCE (1)
LAST TEN FISCAL YEARS
Licenses Hotel/ Interest
Fiscal Property and Service Fines and Motel on
Year Intergovernmental Taxes Permits Charges Penalties Taxes Investment Miscellaneous Total
1992 $8,250,633 $877,289 $299,111 $321,609 $176,868 $196,609 $221,018 $1,180,898 $11,524,035
1991 7,294,865 603,129 342,354 371,368 196,640 89,664 376,261 453,184 9,727,465
1990 7,325,893 542,623 305,085 219,484 229,841 - 538,159 154,064 9,315,149
1989 7,151,393 582,861 261,081 263,759 166,238 - 418,479 234,158 9,077,969
1988 6,695,200 627,708 295,364 204,889 189,558 - 421,013 185,943 8,619,675
1987 6,885,727 598,342 279,693 215,853 146,691 - 404,114 339,036 8,869,456
1986 5,952,519 570,623 248,343 218,107 162,648 - 427,195 190,378 7,769,813
1985 5,949,838 691,686 287,217 212,816 204,809 - 453,655 56,389 7,856,410
1984 5,343,246 602,517 326,633 214,758 205,838 - 387,418 52,928 7,133,338
1983 4,955,919 352,932 212,984 159,897 139,872 - 472,537 13,314 6,307,455
Note 1 - Includes revenues of General Fund, Special Revenue Funds, Debt Service Fund and Capital Projects Fund.
74 -
iTable 3
' VILLAGE OF OAK BROOK. ILLINOIS
SPECIAL ASSESSMENT COLLECTIONS (1)
' LAST TEN FISCAL YEARS
Ratio of
Current Current Collections Total
Fiscal Assessments Assessments of Amount Outstanding
iYear Due Collected Due Assessments
1987 $6,000 $6,063 101.05% $ 5,615
1986 6,000 6,137 102.28 11,615
1985 6,000 6,071 101.18 17,615
t1984 6,000 6,061 101.02 23,615
i1983 6,000 6,066 101.10 29,615
Note 1 - Special assessments are levied by the Village on properties in the York
i Woods subdivision of the Village for street light improvements. There
were no special assessments prior to 1983 or subsequent to 1987.
1
1
i
i - 75 -
1
Table 4
VILLAGE OF OAK BROOK. ILLINOIS
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS (1)
Total
Current Collections
Year and
Fiscal Abatement Total Tax Write-Offs
Year Percent Delinquent and Collections as Percent
Ended Total Current Tax of Levy Tax Forfeiture and of Current
Tax Year April 30. Tax Levy Collections Collected Collections Write-Offs Write-Offs Levy
1990 1992 $814,693 $832,737 98.90% $17,736 $4,515 $854,988 101.58%
1989(5) 1991 609,854 500,021 98.20 964 2,319 602,304 98.81
1988(4) 1990 551,811 539,680 97.80 2,570 6,009 548,259 99.36
1987(4) 1989 580,309 576,597 99.36 6,026 2,997 585,620 100.92
1986(4) 1988 608,701 598,279 98.30 3,053 1,254 602,586 99.00
1985(2) 1987 621,310 618,592 99.56 1,069 1,880 621,541 100.04
1984(2) 1986 568,597 562,842 98.99 3,473 4,924 571,239 100.46
1983(2) 1985 591,472 582,336 98.46 4,785 8,431 595,552 100.69
1982(2) 1984 523,892 519,179 99.10 3,067 1,375 523,621 99.95
1981(3) 1983 277,439 273,157 98.46 1,609 4,800 279,566 100.77
Note 1 - Prior to the 1981 tax levy, the Village levied property taxes for debt service purposes only and
commenced such levies for the 1977 tax year. Taxes are collected during the summer months of the year
following the year of the levy. Thus, collections are made in the fiscal year two years behind the year
of the levy.
Note 2 - The 1982, 1983, 1984 and 1985 levies were abated by $300,000. These funds were contributed from excess
revenues of the General Fund.
Note 3 - The 1981 levy was abated by $600,000. These funds were contributed from excess revenues of the General
Fund.
Note 4 - The 1986, 1987 and 1988 levies were abated by $300,000 paid by the General Fund.
Note 5 - The 1989 levy was abated by $300,000 paid by the Debt Service Fund.
- 76 -
' Table 5
1 VILLAGE OF OAK BROOK. ILLINOIS
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY (1)
' LAST TEN FISCAL YEARS
' Ratio of
Total
Assessed/
' Real ProRerty Total
Estimated Estimated
Fiscal Actual Actual
Year Assessed Value Value
1992 $855,836 $2,593,442 33.00%
' 1991 806,397 2,443,627 33.00
1990 745,392 2,258,764 33.00
' 1989 669,030 2,027,364 33.00
1988 611,665 1,853,530 33.00
' 1987 445,776 1,350,836 33.00
' 1986 396,911 1,202,761 33.00
1985 373,266 1,131,109 33.00
' 1984 347,271 1,052,336 33.00
1983 318,675 965,680 33.00
Note 1 - Dollar amounts in thousands.
' - 77 -
Table 6 ,
VILLAGE OF OAK BROOK. ILLINOIS '
PROPERTY TAX RATES - ALL DIRECT AND OVERLAPPING GOVERNMENTS
(Per $100 Assessed Valuation)
LAST TEN FISCAL YEARS
Village Junior Grade High Oak Brook Hinsdale
Fiscal of Basic College School School Park Sanitary
Year Total Oak Brook Town(1) #502 #53 #86 District District
1992 4.0328 .0994 .8354 .2085 .9923 1.6855 .2037 .0080 ,
1991 4.0133 .1044 .8708 .2092 .9389 1.7205 .1695 .0000
1990 4.0791 .0818 .9311 .2009 .9134 1.7786 .1733 .0000 '
1989 4.4159 .0825 1.1111 .2088 .9093 1.8774 .1834 .0434 ,
1988 4.3540 .0949 1.0587 .2341 .9364 1.8906 .1014 .0379
1987 4.6970 .1366 .9572 .2551 1.2297 1.9233 .1423 .0528 '
1986 5.1729 .1566 1.2444 .2450 1.3314 1.9461 .1918 .0576
1985 4.8476 .1524 1.0265 .2424 1.2050 1.9570 .2035 .0608 '
1984 4.6286 .1704 .9162 .2426 1.1507 1.9201 .1663 .0623 '
1983 4.9090 .1645 .9452 .2318 1.4383 1.8883 .1763 .0646
1
Note 1 - Includes all county, forest preserve, township and water commission
rates. '
Source: Du Page County Clerk's office, Revenue Division.
78 -
' Table 7
' VILLAGE OF OAK BROOK, ILLINOIS
RATIO OF NET GENERAL BONDED DEBT TO ASSESSED VALUE
AND NET BONDED DEBT PER CAPITA
LAST TEN FISCAL YEARS
Ratio of
' Net Net
Assessed Debt Bonded Bonded
Value Gross Service Net Debt to Debt
Fiscal (in Bonded Monies Bonded Assessed Per
' Year Population Thousands) Debt(1) Available Debt Value CARita
1992 9,087(6) $855,836 $ 2,650,000 $242,137 $2,407,863 .281% $ ' 265
' 1991 9,151(5) 806,397 3,450,000 202,468 3,247,532 .403 355
1990 9,151(5) 745,392 4,250,000 432,693 3,817,307 .512 417
' 1989 9,151(5) 669,030 4,950,000 629,291 4,320,709 .646 472
1988 8,000(2) 611,665 5,650,000 510,389 5,139,611 .840 642
1987 8,000(2) 445,776 6,350,000 416,669 5,933,331 1.331 742
' 1986 8,000(2) 396,911 6,950,000 287,636 6,662,364 1.679 833
1985 7,263(3) 373,266 7,550,000 224,642 7,325,358 1.963 1,009
1984 7,263(3) 347,271 8,150,000 161,147 7,988,853 2.301 1,100
' 1983 6,641(4) 318,675 8,670,105 120,337 8,549,768 2.683 1,287
' Note 1 - Includes total gross bonded debt, including all components of the General
Long-Term Debt Account Group, with the exception of accrued vacation
pay•
Note 2 - July 1986 annexation of the Oak Brook Club increased population to
approximately 8,000.
' Note 3 - 1983 Special Census.
Note 4 - 1980 Census.
' Note 5 - 1988 Special Census.
Note 6 - 1990 Census.
- 79 -
Table 8 '
VILLAGE OF OAK BROOK. ILLINOIS '
COMPUTATION OF LEGAL DEBT MARGIN
APRIL 30. 1992 '
Assessed value $855.835.882
Debt limit 8.625% of assessed value $ 73,815,845 '
Debt applicable to debt limit - General
Obligation Recreation Bonds 2.650.000 '
Legal Debt Margin $ 71.165.845
- 80 -
Table 9
VILLAGE OF OAK BROOK. ILLINOIS
' COMPUTATION OF DIRECT AND OVERLAPPING DEBT
APRIL 30, 1992
Percentage Amount
Applicable to Applicable to
' Gross Debt Village of Village of
Jurisdiction Outstanding Oak Brook Oak Brook
Village of Oak Brook $ 2,650,000 100.00% $ 2,650,000
Du Page County 169,215,000 5.90 9,983,685
' Du Page Airport Commission 92,285,000 5.90 5,444,815
Du Page Forest Preserve 166,450,000 5.90 9,820,550
Du Page Water Commission 295,500,000 6.11 18,055,050
Sanitary districts - - -
' Park districts 3,120,000 79.50 2,480,400
' Junior college district - - -
Elementary school districts 21,809,000 17.59 3,836,203
' High school districts 29,465,000 14.51 4.275.371
Total $56,546.074
Source: Du Page County Clerk's office.
81 -
Table 10 '
VILLAGE OF OAK BROOK. ILLINOIS '
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL
BONDED DEBT TO TOTAL GENERAL EXPENDITURES
LAST TEN FISCAL YEARS
Ratio of '
Total Debt Service
Fiscal Debt Total General to Total
Year Principal Interest Service Expenditures(1) Expenditures ,
1992 $800,000 $149,025 $ 949,025 $11,540,880 8.22
1991 800,000 205,800 1,005,800 10,239,015 9.82 '
1990 700,000 238,000 938,000 9,610,564 9.76
1989 700,000 270,200 970,200 9,865,446 9.84 '
1988 700,000 302,400 1,002,400 9,096,054 11.02
1987 600,000 328,200 928,200 8,099,558 11.46
1986 600,000 354,000 954,000 7,200,418 13.25 ,
1985 600,000 379,800 979,800 7,464,570 13.13
1984 500,000 390,550 890,550 6,949,102 12.81 '
1983 500,000 412,050 912,050 6,307,199 14.46
Note 1 - Includes General Fund, Special Revenue Funds, Debt Service Fund and
Capital Projects Fund. '
- 82 -
' Table 11
' VILLAGE OF OAK BROOK, ILLINOIS
REVENUE BOND COVERAGE - WATERWORKS SYSTEM BONDS
LAST TEN FISCAL YEARS
' Net Revenue
Available
' Fiscal Gross for Debt Debt Service Requirements
Year Revenue(1) Exgenses(2) Service(3) Principal Interest Total Coverage
1992 $3,569,522 $1,954,069 $1,615,453 $225,000 $ 44,400 $269,400 599%
' 1991 2,706,681 1,089,610 1,617,071 500,000 101,138 601,138 269
1990 3,260,984 1,015,261 2,245,723 475,000 127,150 602,150 373
1989 3,126,240 1,294,568 1,831,672 425,000 150,450 575,450 318
' 1988 2,778,938 810,900 1,968,038 400,000 171,575 571,575 344
1987 2,574,660 906,055 1,668,605 375,000 191,450 566,450 295
1986 2,581,462 801,823 1,779,639 350,000 209,950 559,950 318
' 1985 2,621,901 819,550 1,802,351 350,000 228,600 578,600 312
1984 2,248,398 712,692 1,535,706 325,000 246,100 571,100 269
' 1983 2,002,585 540,260 1,462,325 300,000 261,525 561,525 260
' Note 1 - Represents gross revenue, including operating revenue, interest on
investments, reimbursements and other revenue.
' Note 2 - Represents operating expenses, excluding depreciation.
Note 3 - Represents gross revenue less expenses.
- 83 -
Table 12 f
VILLAGE OF OAK BROOK. ILLINOIS '
DEMOGRAPHIC STATISTICS
Per
Fiscal Capita Median Unemployment '
Year ovulation Income Age Rate
1990(4) 9,087 $60,347 42.2 5.70% '
1989(3) 9,151 26,818 41 2.05
1984(1) 7,263 22,737 39 3.14 '
1970(2) 4,164 8,997 34 .07
Source 1 - 1983 Special Census and 1980 Federal Census.
Source 2 - 1970 Federal Census. '
Source 3 - 1988 Special Census.
Source 4 - 1990 Federal Census. '
84
ITable 13
IVILLAGE OF OAK BROOK, ILLINOIS
PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS
LAST TEN CALENDAR YEARS
' Commercial Residential
Estimated
' Construction Construction Total
Number Number Property
Calendar of Value (in of Value (in Bank Deposits Value (in
Year Units Thousands) Units Thousands) (in Thousands) Thousands)
' 1991 1 $ 8,000 17 $ 8,500 $1,828,334,000 $2,567,508
' 1990 1 15,400 15 5,934 1,632,441,000 2,197,400
1989 3 10,100 30 10,939 1,465,387,000 2,030,900
1988 2 8,399 47 39,548 1,315,428,000 1,823,100
1987 1 35,000 100 36,462 1,171,352,000 1,573,724
' 1986 4 52,985 113 34,263 1,041,202,000 1,350,836
' 1985 1 1,975 124 28,453 929,645,000 1,202,761
1984 3 15,349 105 25,861 841,308,000 1,131,109
1983 5 15,575 98 22,398 754,645,000 1,052,336
1982 2 11,943 55 6,937 657,982,000 965,680
' Source - Pollingof all banks in Village of Oak Brook.
8
1
' - 85 -
Table 14 I
VILLAGE OF OAK BROOK. ILLINOIS '
PRINCIPAL TAXPAYERS
APRIL 30. 1992
Percentage of
1991 Total
Assessed Assessed '
Taxpayer Type of Business Valuation Valuation
Urban Investment and Oak Brook Shopping '
Development Co. Center property $ 64,039,770 7.48%
McDonald's Corporation Office Campus 32,657,800 3.82
La Salle Partners Commerce Plaza 17,109,100 2.00
La Salle National Bank Office buildings 11,675,380 1.36 '
Fifield Property Management Oak Brook Regency Tower 11,480,710 1.34
Bradford Companies Office buildings 9,473,090 1.11
National Realty & Investment Commercial property 8,604,900 1.01 '
Manufactures Life Real
Estate Executive towers 11,552,650 1.35
John Buck Co. Office building 8,003,020 .94
Eastman Kodak Regional headquarters 7.634.590 .89 ,
182.231.010 21,30%
- 86 -
' Table 15
' VILLAGE OF OAK BROOK. ILLINOIS
INSURANCE IN EFFECT
' FISCAL YEAR 1991-1992
' Name of Company Policy Period Amount of
T Re of Insurance (Policy Number) From To Coverage- Premium
' Treasurer's bond Hartford 4-13-92 4-13-93 $ 100,000 $ 625
Insurance Company
(4659833)
' Volunteer accident Home Insurance 5-15-91 5-15-92 20,000 1,407
insurance Company
' (HVF-7-25-85)
Host Liquor Continental 11-24-91 11-24-92 1,000,000 2,532
Liability Casualty
(RDD7176568)
Lloyds, London
(BL25507CA)
Note - The Village entered into a contractual agreement with 14 other
' municipalities to form the Intergovernmental Risk Management Agency
(IRMA) , which through its risk-sharing provisions provides the Village
with its insurance coverage for liability, property damage, workmen's
' compensation and surety risks not covered by the Village's Treasurer's
Bond. The Village's contribution to this cooperative agency for 1991 was
$294,135 and was determined by the pro rata share for each municipality's
audited revenues and loss experience for the previous year, to be
sufficient annually to fund administrative expenses and create sufficient
reserves for claim payments and the purchase of excess insurance. The
Agency provides loss protection in excess of a deductible of $1,000 per
' occurrence to be paid by each municipality. The Agency is required to
pay up to $250,000 per occurrence for loss or injury within the scope of
its self-insurance coverage. The Agency has also purchased excess
catastrophe insurance over the amount of its $250,000 obligation and
' aggregate stop loss insurance. The amount of excess insurance is
$3,000,000 per occurrence for liability claims and $492,500,000 for
property claims. The Agency has contracted the services of Gallagher
Basset Insurance Service for the claims administration function. As of
April 30, 1992, IRMA members totaled 55 municipalities.
87 -
Table 16 '
VILLAGE OF OAK BROOK. ILLINOIS '
MISCELLANEOUS STATISTICAL DATA
APRIL 30. 1992 ,
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 34 '
Number of volunteers 20
Police protection Number of stations 1
Number of policemen '
and officers 39
Detention facilities Juvenile 2
Adult 4 '
Education (elementary
only) Attendance centers 2
Number of teachers 45
Number of students 625 '
Municipal water
department Number of customers 5,050
Total water pumped Gallons 1,431,0009000 '
Average daily
consumption Gallons 3.92 million
Miles of water mains 77
Building permits issued '
Recreation Oak Brook Sports Core -
269 acres including
Bath and Tennis Club ,
and 18-hole golf course
Oak Brook Park District -
66 acres including ,
indoor and outdoor
tennis
Du Page County Forest
Preserve - 141 acres '
Culture Number of libraries 1
Number of volumes 38,000
Census data 1960, 324; 1970, 4,164; '
1975, 5,281; 1980,
6,641; 1984, 7,263
1990, 9,087
Employees 131 full-time '
248 part-time/seasonal
88 -