CAFR (Year Ended April 30, 1993) PGS �F pqk e
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� VILLAGE OF OAK BROOK ILLINOIS
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' COMPREHENSIVE ANNUAL FINANCIAL REPORT
� Year Ended April 30, 1993
VILLAGE OF OAK BROOK, ILLINOIS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Year Ended April 30, 1993
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Prepared by: Finance Department
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Introductory Section
C O N T E N T S
Paye
INTRODUCTORY SECTION
Table of Contents i - iii
Organizational Chart iv
Officers and Officials v
' Letter of Transmittal vi - xiv
GFOA Certificate of Achievement xv
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 S
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances - Budget and Actual
General, Special Revenue, and Debt Service Funds 6
Combined Statement of Revenues, Expenses and
Changes in Retained Earnings/Fund Balances - All
Proprietary Fund Types and Pension Trust Funds 7
Combined Statement of Cash Flows - Enterprise Funds 8
Notes to Financial Statements 9 - 37
Required Supplemental Information
Police Pension Fund
' Revenues by Source and Expenses by Type 39
Analysis of Funding Progress 40
Firefighters' Pension Fund
1 Revenues by Source and Expenses by Type 41
Analysis of Funding Progress 42
Illinois Municipal Retirement Fund
Analysis of Funding Progress 43
Combining, Individual Fund and Account Group
Financial Statements and Schedules
Governmental Funds
General Fund
Statement of Revenues, Expenditures and Changes
in Fund Balance - Budget and Actual 45
Schedule of Expenditures - Budget and Actual 46 - 48
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C O N T E N T S
Pace
FINANCIAL SECTION - Continued
Combining, Individual Fund and Account Group
Financial Statements and Schedules - Continued
Governmental Funds - Continued
Special Revenue Funds i
Combining Balance Sheet 49
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances - Budget and Actual 50
Capital Projects Funds
Combining Balance Sheet 51
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances 52
Proprietary Funds
Enterprise Funds
Combining Balance Sheet 53
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings 54
Combining Statement of Cash Flows 55 - 56
Waterworks System Fund
Schedule of Revenues, Expenses and Changes in Retained
Earnings - Unreserved - Budget and Actual 57 - 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, Expenses, and Changes in Retained
Earnings - Budget and Actual 61 - 62
Schedule of Property, Plant and Equipment and
Accumulated Depreciation 63
Trust and Agency Funds
Combining Balance Sheet 64
Combining Statement of Revenues, Expenses and
Changes in Fund Balances - Pension Trust Funds 65
Statement of Changes in Assets and Liabilities -
Agency Fund 66
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C O N T E N T S
Page SECTION _ Continued
Combining, Individual Fund and Account Group
Financial Statements and Schedules - Continued
' Trust and Agency Funds - Continued
Police Pension Fund
Schedule of Revenues, Expenses and Changes in
Fund Balance - Budget and Actual 67
Firefighters' Pension Fund
Schedule of Revenues, Expenses and Changes in
Fund Balance - Budget and Actual 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
VILLAGE OF OAK BROOK
April, 1993
Elected Officials
President, Clerk
Trustees
Village Attorney Village Treasurer
Advisory Boards
& Commissions
Bath& Tennis Bike Path
Electrical Fire& Police
I Golf I ( Hotel/Motel Tax I
Library Planning Zoning
Village Manager
Staff Services
Administrative Services Engineering Finance
Operating Departments
FireAnspection Library Police Public WorkSports Cor
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VILLAGE OF OAK BROOK, ILLINOIS
OFFICERS AND OFFICIALS
1 YEAR ENDED APRIL 30, 1993
President
' Karen M. Bushy
Clerk
Linda Gonnella
Trustees
Garry J. Bartecki
William Kenny
Gerald McInerney
Barbara A. Payovich
Mack Shumate
W. Kelly Skinner
Village Treasurer
Margaret C. Powers, C.P.A.
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COUNT'
' VILLAGE OF OAK BROOK
1200 OAK BROOK ROAD
OAK BROOK, ILLINOIS 60521 -2255
708 990-3000
July 19, 1993
' 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, 1993 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 Village's financial affairs have been included.
The Comprehensive Annual Financial Report is presented in three sections:
' introductory, financial and statistical . The introductory section includes this
transmittal letter, the Village's organizational chart and a list of principal
officials. 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, Police Pension Employees Retirement System and the
Firefighters Pension Employees Retirement System; therefore, these entities are
included in the reporting entity.
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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.
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
Village's 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 7.9%
Du Page County has established an unemployment rate of 5.7% significantly lower
than the norm.
Based on the current Multiple Listing Service the average selling price of ,
completed homes in DuPage County is $180,216. In 1993, the average selling
price of homes in Oak Brook is $610,438, and time on the market is approximately
122 days.
According to the results of the 1990 Census, over one-third of the households in
Oak Brook are two-person, and over 62% of the occupants of the Village have
resided in Oak Brook for over 10 years, indicating a strong level of population
stability.
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 1992-93
During this fiscal year, several large projects were undertaken to improve the
Village infrastructure. The Windsor, Harger and Baybrook Bridges were all
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rehabilitated and Jorie Boulevard was completely rebuilt. In addition, the Old
' Oak Brook Dam project was completed. These projects mark the continuation of
major roadway improvements included in the Village's Long Range Financial Plan.
In the Future
The Village Board approved establishment of two new funds which will provide for
roadway and drainage projects and equipment replacement. $1,000,000 was
' transferred to the Infrastructure Fund which will be used for paving and
drainage. $500,000 was transferred to the Equipment Replacement Fund to provide
monies for operating equipment to be replaced when necessary.
FINANCIAL INFORMATION
Accounting System and Budgetary Control
The Village's accounting records for general governmental operations are
' accounted for on a modified accrual basis of accounting. Revenues are recorded
when available and measurable. Expenditures are recorded when services or goods
are received and liabilities are incurred. Accounting records for the Village's
Enterprise Funds and Pension Trust Funds are maintained on an accrual basis.
The Village places a great deal of emphasis upon internal accounting controls as
they affect the overall accounting system of the Village. In developing and
evaluating the Village's accounting system, 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
1 recognizes that: ( 1) the cost of a control should not exceed the benefits likely
to be derived; and (2) the evaluation of costs and benefits requires estimates
and judgments by management.
' All internal control evaluations occur within the above framework. We believe
that the Village's internal accounting controls adequately safeguard assets and
provide reasonable assurance of proper recording of financial transactions.
Budgetary control is maintained through a system of monthly revenue and
expenditure/expense versus budget accounting reports which are provided to all
' Trustees and department heads. All disbursements receive 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.
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General Governmental Functions
Revenues for general governmental functions as reported in the General Fund 1
totaled $13,697,696, an increase of 35% or $3,558,079 over last year.
Percent Increase '
of (Decrease)
Source Amount Total over 1992
Intergovernmental $10,051,235 73.38 $ 2,093,536 '
Utility taxes 2,239,243 16.35 1, 140,857
Licenses and permits 353,747 2.58 54,636
Charges for services 584,727 4.27 246,274 ,
Fines and penalties 238,858 1.74 61,990
Interest on investments 148,261 1.08 < 38,327>
Other revenues 81,625 .60 < 887>
$13,697,696 100_00 $ 3,558,079 ,
Intergovernmental revenue is the major revenue source for the Village, producing
73.38% of current year revenues. The increase in total revenue over last year
is primarily due to the continuation of and increase in the utility tax which
produced $1, 140,857 of increased revenue over that in 1991/92, as well as an ,
increase in sales taxes of $1,526,516. A portion of the intergovernmental
revenues represents the $588,509 reimbursement received from the Illinois
Department of Transportation for the Jorie Boulevard reconstruction.
Revenues from interest on investments decreased $38,327 due to depressed
interest levels.
The Village has never levied real estate taxes for general governmental i
functions. However, the assessed valuation of real property in the Village was
$878,225,488, an increase of $22,389,606, or 3% over the prior year. '
Expenditures for general governmental purposes as reported in the General Fund
totaled $11,372,891, an increase of $602,265, or 6% 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 1992
Legislative $ 426, 126 3.75 $< 137,549>
General government 1,030,627 9.06 < 102,717>
Public safety 5,821,460 51. 19 < 79,366>
Public works 3,870,702 34.03 941,006 ,
Culture and recreation 223,976 1.97 < 19, 109>
$11,372,891 100.00 $ 602,265
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The decrease in legislative expenses is primarily due to the elimination of the
' garbage subsidy as of November 1, 1992 and the lack of land acquisition during
the fiscal year. In prior years, the Village paid 100% of the costs for refuse
disposal for residents of the Village.
General government expenditures decreased due to vacancies in several staff
positions during part of the fiscal year and a revised allocation of liability
' insurance.
Public safety expenditures decreased due to smaller capital expenditures during
the fiscal year.
The increases in public works expenditures are primarily due to increased
capital costs, namely the Village Hall renovation, the Jorie Boulevard
' reconstruction and the Old Oak Brook Dam.
Debt Administration
The ratio of net bonded debt to assessed valuation and the amount of the debt
per capita are useful indicators of the Village's debt position. This
information for the Village at April 30, 1993 as compared to April 30, 1992 is
' as follows:
April 30,
1993 1992
' Net bonded debt total $1,538,841 $2,407,863
' Ratio of net bonded debt
to assessed valuation . 171% .281%
Net bonded debt per capita 169 265
' 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 1992-93 totaled $840,915 or 99.87% of the total levy. The current
tax rate is $.0977 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.
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The Village's 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 money market accounts, certificates of
deposit and the Illinois Public Treasurer's Investment Pool . At April 30, 1993 '
the Village's investments for all funds exclusive of the Pension Trust Funds
were distributed as follows:
Treasurer's Investment Pool 80.21 %
Money Market Accounts 2.84 '
Certificates of deposit 16.95
For the year ended April 30, 1993 the Village received $ 278,698 in interest '
income.
Motor Fuel Tax Fund '
The Motor Fuel Tax Fund was established to account for the revenue received from
the State of Illinois for the local share of 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, 1993 '
was $197,715. 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.
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' General Fixed Assets
' The general fixed assets of the Village are those fixed assets used in the
performance of general governmental functions and exclude the fixed assets of
the Enterprise Funds. As of April 30, 1993, the general fixed assets of the
Village amounted to $11,017,428. This amount represents the original cost of
' the assets and is considerably less than their present value. Depreciation of
general fixed assets is properly not recognized in the Village's governmental
fund types. The Village no longer capitalizes infrastructure projects in the
tGeneral Fixed Asset Account Group.
' Waterworks System Fund
The 1993 water sales were up $517,068 over the prior year due to the water rate
increase from $2. 13 per 1,000 gallons to $2.30 per 1,000 gallons in January,
' 1993.
Comparative data for the past two fiscal years are presented in the following
' tabulation:
1993 1992
Water sales $3,352,896 $2,835,828
' Water tap on charges 86,377 356, 169
Total operating revenues 3,655,491 3,375,464
Total operating expenses 3,657,897 1 ,954,069
Amount available for debt service 1, 126,406 1,615,453
' Annual debt service 257,700 269,400
Coverage (amount available for
' debt service divided by annual 4.37 5.99
debt service)
' During the year, $225,000 of regularly maturing revenue bonds were retired in
the Waterworks System Fund.
Risk Management
tThe Village of Oak Brook has in place a limited risk management program for
Workers' 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 for each
department of the Village, have been recently implemented to minimize accident
' related losses. Third-party coverage is currently maintained for Workers'
Compensation claims greater than $100 and all potential losses.
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Sports Core Fund '
The 1993 financial statements reflect the twelfth year of operation of the
18-hole golf course and expanded operations of the Bath and Tennis Club. '
Operating revenues totaled $2,226,828 and operating expenses, excluding
depreciation, totaled $1,965,085. Major department activity is summarized as
follows: '
Revenues
Golf course (including open fields) $1,401,843 63.08% '
Bath & Tennis Club (including special events) 824,985 36.92
$2,226,828 100.00
Operating Expenses '
Golf course ( including open fields) $ 870,371 39.54% '
Bath & Tennis Club 687,771 31.24
General & Administrative * 406,943 18.49
Depreciation 236, 192 10.73 '
$2,201,277 100.00
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*In prior years, general and administrative expense was allocated to the Golf and '
Bath & Tennis operations using a ratio of profit center revenues to total
revenues. This fiscal year's results reflect direct expenses of each operation
without regard to such allocation. '
OTHER INFORMATION '
Statutes require an annual audit to be performed on the books of account,
financial records, and transactions of all administrative departments of the
Village by independent certified public accountants selected by the Board of '
Trustees. This requirement has been complied with and the auditor's opinion has
been included in this Report .
Certificate of Achievement '
The Government Finance Officers Association of the United States and Canada ,
(GFOA) awarded a Certificate of Achievement for Excellence in Financial
Reporting to the Village of Oak Brook for its Comprehensive Annual Financial
Report for the fiscal year ended April 30, 1992.
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.
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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.
i� ` C.
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' Marg r C. Powers
Village Manager
' Acting Finance Officer/Treasurer
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1 Certificate of
1
Achievement
for Excellence
in Financial
1
Reporting
' Presented to
Village of Oak Brook,
Illinois
For its Comprehensive Annual
' Financial Report
for the Fiscal Year Ended
April 30, 1992
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
' government units and public employee retirement
systems whose comprehensive annual financial
reports(CAFRs) achieve the highest
' standards in government accounting
and financial reporting.
f OFF
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' fJMAO" 'R President
'� coaaiuror r
>� SEALS
a¢w �C
Executive Director
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' General Purpose Financial Statements
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FRIEDMAN,EISENSTEIN,RAEMER&SCHWARTZ
Cert I ea Puol,c Accoun;a is Bus,nes5 3 Pe,sonai Co ,anis
' A memoer of MOORES ROWLAND INTERNATIONAL
with associated firms throughout the world
' INDEPENDENT AUDITORS' REPORT
' July 9. 1993
The President and Board of Trustees
' Village of Oak Brook
Oak Brook, Illinois
1 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, 1993, 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, 1993, 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,
1993, 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 Suouros
Our audit was made for the purpose of forming an opinion on the general purpose '
financial statements _aken as a whole and on the combining and individual fund and
account group financial statements . The accompanying financial information listed
as supplemental and schedules 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.
The introductory and statistical -iformation listed in the table of contents was '
not audited by us and, accordingl we do not express an opinion thereon.
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VILLAGE OF C, BROOK, ILLINOIS
COMBINED BALANCE SHEET - E FUND TYPES AND ACCOUNT GROUPS
APR: 30, 1993
ASSETS AD JTHER DEBITS
Governmental Fund Types
Special Debt Capital
General Revenue Service Projects
ASSETS
Cash and equivalents $3,019,235 $327,563 $ 294,187 $1,500, 170
Investments 1,125,000
Receivables (net, where applicable,
of allowances for uncollectible
Sales taxes 1,936,804
Property taxes 848,710
State income taxes 122, 359 15,257
Water customers
Allotments 14,739
Accrued interest 6,916
Other 351,080 16,718
Due from other funds 4,185
Inventory 57,054
Other assets 150,432
Restricted assets - cash and equivalents
Fixed assets (net, where applicable, of '
accumulated depreciation)
Water purchase rights
OTHER DEBITS
Amount available in Debt Service Fund
Amount to be provided for retirement of
general long-term debt
Total Assets and Other Debits $6,7®65 $359,020 $1,158,154 $1,500,170
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' Fiduciary
Proprietary Fund Type Account Groups Totals
Fund Type Trust and General General Long- (Memorandum Only)
Enterprise Agency Fixed Assets Term Debt 1993 1992
$ 1,301,013 $ 765,905 $ - $ - $ 7,208,073 $ 4,459,796
22,696,914 23,821,914 22,602,195
1,936,804 1,619,288
848,710 832,941
137,616 98,304
371,141 371,141 363,115
14,739 19,732
14,847 95,775 117,538 133,931
367,798 277,786
4,185 511,042
131,118 188,172 192,904
35,850 186,282 23,970
1 1,543,988 1,543,988 1,363,650
20,995,053 11,017,428 32,012,481 39,502,813
2,345,935 2,345,935 2,421,610
261,159 261,159 242,137
1.742.935 1.742.935 2.539.489
$26.738.945 $23.558.594 $11.017.428 $2.0� $73.109.470 $77.204,703
(Continued)
VILLAGE OF OAK BROOK, ILLINOIS
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS - Continued
APRI 30, 1993
LIABILITIES AND EULITY AND OTHER CREDITS
Governmental Fund Types
Special Debt Capital
General Revenue Service Projects
LIABILITIES
Accounts payable $ 403,262 $ 28,019 $ - $ -
Accrued payroll and vacation 453,223
Refunds payable
Customer deposits 831
Due to other funds 4, 185
Deferred revenue
Property taxes 848,710
Other 16,000
Interest payable 44,100
Construction performance bonds 261,290
Notes payable
Revenue bonds payable
Unamortized bond discount
General obligation bonds payable
Deferred compensation benefits payat.
Total Liabilities 1.134.606 28.019 896.995
EQUITY AND OTHER CREDITS
Investment in general fixed assets
Contributed capital
Retained earnings
Reserved - restricted accounts
Reserved - golf surcharge
Unreserved '
Fund balances
Reserved for inventory 57,054
Reserved for debt service 261,159
Reserved for employees' retiremen
Unreserved 5.581.405 331.001 1.500,170
Total Retained Earnings/Fund
Balances 5.638,459 331.001 261.159 1.500,170
Total Equity and Other Credit - 5.638.459 331.001 261.159 1,500,170
Total Liabilities, Equity and
Other Credits $6,7� $359,020 $1,1� $1,500,170
The accompanying notes are an integra )art of this statement.
4 -
r
Fiduciary
Proprietary Fund Type Account Groups Totals
Fund Type Trust and General General Long- (Memorandum Only)
Enterprise Agency Fixed Assets Term Debt 1993 1992
$ 337,497 $ - $ - $ - $ 768,778 $ 972,907
41,485 521 143,951 639,180 570,124
654,596
15,193 16,024 16,590
4,185 511,042
848,710 832,941
232,116 248,116 209,518
44,100 64,500
261,290 297,325
562,755 60,143 622,898 344,015
750,000 750,000 975,000
( 4,079) ( 4,079) ( 9,247)
1,800,000 1,800,000 2,650,000
1.919,943 1.919,943 1.695,085
1,934,967 1.920,464 2,004.094 7,919.145 9.784,396
11.017.428 11.017.428 18.312.597
11,025,590 11.025.590 11.025,590
1,480,500 1,480,500 1,363,650
139,198 139,198 73,226
12,158,690 12,158,690 11,850,602
57,054 61,994
261,159 242,137
21,022,743 21,022,743 19,230,382
615.387 8.027.963 5,260,129
13,778,388 21.638.130 43.147.307 38,082,120
24,803,978 21.638,130 11,017.428 65.190,325 67.420,307
$26,738.945 $23,558,594 $11.017,428 $2,004,094 $73,109,470 $77,204,703
r
r
r
VILLAGE OF OAK BROOK, ILLINOIS
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES
YEAR ENDED APRIL 30. 1993
(With 1992 for Comparison)
Special Debt Capital
General Revenue Service Projects
REVENUES
Intergovernmental $10,051,235 $197,715 $ - $ -
Property taxes 963,125
Utility taxes 2,239,243
Hotel/motel taxes 210,066
Licenses and permits 353,747
Service charges 584,727
Fines and penalties 238,858
Interest on investments 148,261 9,255 15,272 616
Miscellaneous 81.625
Total Revenues 13.697,696 417.036 978, 397 616
EXPENDITURES
Current
Legislative 426,126
General government 1,030,627
Public safety 5,821,460
Public works 3,870,702 205,845
Culture and recreation 223,976 195,002
Debt service
Principal retirement 850,000
Interest and fees 109,375
Total Expenditures 11,372.891 400.847 959,375
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 2. 324,805 16.189 19,022 616
OTHER FINANCING SOURCES (USES)
Operating transfers in 258,032
Operating transfers out ( 34.800) ( 1.272)
Total Other Financing
Sources (Uses) 223.232 ( 1.272)
EXCESS (DEFICIENCY) OF REVENUES AND
OTHER FINANCING SOURCES OVER (UNDER
EXPENDITURES AND OTHER FINANCING US 2.548.037 16,189 19.022 ( 656)
FUND BALANCES
Beginning of year 4,590,422 314,812 242,137 826
Prior period adjustment
Beginning of year, as adjusted 4,590,422 314,812 242,137 826
Residual equity transfers in (out) ( 1.500.000) 1.500,000
End of year $ 5,638,459 $331,001 $261,159 $1,500,170
The accompanying notes are an integra Sart of this statement. ,
5 -
Totals
(Memorandum Only
1993 1992
$10,248,950 $ 8,250,633
963,125 877,289
1 2,239,243 1,098,386
210,066 196,609
353,747 299,111
584,727 338,453
238,858 176,868
173,404 221,019
81,625 82.512
15.093,745 11.540,880
426,126 563,675
1,030,627 1,133,344
5,821,460 5,900,826
4,076,547 3,099,903
418,978 412,685
850,000 800,000
109.375 149,289
12.733.113 12.059,722
2,360,632 ( 518,842)
258,032 250,231
( 36.072)( 30,000)
221.960 220,231
2.582.592 ( 298.611)
5,148,197 5,408,187
38.621
5,148,197 5,446,808
7 730,789 5,148,197
i
1
VILLAGE OF OAK BROOK, ILLINOIS
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - BUDGET AND ACTUAL
GENERAL, SPECIAL REVENUE. AND DEBT SERVICE FUNDS
YEAR ENDED APRIL 30, 1993
General
Variance
Favorable
Actual Budget (Unfavorable)
REVENUES
Intergovernmental $10,051,235 $ 8,484,400 $1, 566,835
Property taxes
Utility taxes 2,239,243 1,821,000 418,243
Hotel/motel taxes
Licenses and permits 353,747 224,200 129,547
Service charges 584,727 518,995 65, 732
Fines and penalties 238,858 190, 354 48,504
Interest on investments 148,261 158,000 ( 9,739)
Miscellaneous 81,625 65,850 15,775
Total Revenues 13,697,696 11,462,799 2,234,897
EXPENDITURES
Current
Legislative 426,126 430,443 4,317
General government 1,030,627 1,172,000 141,373
Public safety 5,821,460 6,344,324 522,864
Public works 3,870, 702 4,864,281 993,579
Culture and recreation 223,976 266,381 42,405
Debt service
Principal retirement
Interest and fees
Total Expenditures 11,372,891 13,077,429 1,704,538
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 2,324,805 ( 1,614,630) 3,939,435
OTHER FINANCING SOURCES (USES)
Operating transfers in 258,032 256,760 1,272
Operating transfers out ( 34,800) ( 34,800)
Total Other Financing Sources (Uses) 223,232 221,960 1,272
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER (UNDER) EXPENDITURES
AND OTHER FINANCING USES 2,548,037 ($ 1,392,670) $3,940,707
FUND BALANCES
Beginning of year 4,590,422
Residual equity transfers out ( 1,500,000)
End of year $ 5 ,638,459
6 - I
Special Revenue Debt Service
Variance Variance
Favorable Favorable
Actual Budget (Unfavorable) Actual Budget (Unfavorable)
$197,715 $197,000 $ 715 $ - $ - $ -
963,125 958,600 4,525
210,066 190,000 20,066
9,255 14,925 ( 5,670) 15,272 11,620 3,652
417,036 401,925 15,111 978,397 970,220 8,177
205,845 279,660 73,815
195,002 222,800 27,798
850,000 850,000
109,375 129,950 20,575
400,847 502,460 101,613 959,375 979,950 20,575
16,189 ( 100,535) 116,724 19,022 ( 9,730) 28,752
16,189 ($100,535) 116 724 19,022 ($ 9,730) 28,752
314,812 242,137
331 001 $261.11;9
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, 1993
(With 1992 tor Comparison)
Fiduciary
P orietary Fund Type Totals
ad Type Pension (Memorandum Only)
E, erprise Trust 1993 1992
OPERATING REVENUES
Charges for services $ 797,224 $ - $ 5,797 ,224 $ 5,438,421
Interest on investments 1,638,156 1,638, 156 1,443,803
Contributions
Employees 272, 720 272, 720 271,936
Village 536,269 536,269 534,840
Miscellaneous 85,095 85,095 53, 728
Total Operating Revenues 882,319 2 ,447,145 8,329,464 7,742,728
OPERATING EXPENSES
Operation of facilities 1113,905 5,113,905 4,020,479
General and administrative 60,754 60,754 24,328
Depreciation and amortization 745,269 745,269 592,877
Pension refunds 4, 102 4,102 11,846
Benefit payments 390,604 390,604 366,024
Total Operating Expenses .859,174 455,460 6, 314,634 5,015,554
OPERATING INCOME 23,145 1,991,685 2,014,830 2,727,174
NONOPERATING REVENUES (EXPENSES)
Maintenance reimbursement 519,804 519,804
Golf surcharge 65,972 65,972 73,226
Other income 76,028 76,028 86,292
Interest on investments 105,294 105,294 194,058
Interest expense ( 72,055) ( 72,055) ( 106, 306)
Amortization of bond discount ( 5,170) ( 5,170) ( 5, 170)
Fiscal agents' fees ( 148) ( 148) ( 1,464)
Total Nonoperating Revenues
(Expenses) 689,725 689,725 240,636
INCOME BEFORE OPERATING TRANSFERS 712,870 1,991,685 2,704,555 2,967,810
Operating transfers in 34,800 34,800 30,000
Operating transfers out 256,760) ( 256.760) ( 250,231)
Total Operating Transfers 221,960) ( 221.960) ( 220,231)
NET INCOME 490,910 1,991,685 2,482,595 2,747,579
RETAINED EARNINGS/FUND BALANCE
Beginning of year 3,287,478 19,646,445 32,933,923 30,842,100
Prior period adjustments ( 655,756)
Beginning of year, as adjusted 3,287,478 19,646,445 32,933,923 30,186,344
End of year 3,778,388 $21,638,130 $35,416,518 $32,933, 993
The accompanying notes are an integra )art of this statement.
7 -
VILLAGE OF OAK BROOK, ILLINOIS
COMBINED STATEMENT OF CASH FLOWS - ENTERPRISE FUNDS
YEAR ENDED APRIL 30, 1993
CASH FLOWS FROM OPERATING ACTIVITIES
Operating income $ 23 , 145
Adjustments to reconcile operating income to net cash
provided by operating activities
Depreciation 669, 594
Amortization 75 ,675
Other nonoperating revenue 661, 804
Change in assets and liabilities
Decrease in receivables 8 ,961
Decrease in interfund receivables 194, 545
(Increase) in inventory ( 208)
(Increase) in other assets ( 17,623)
(Decrease) in accounts payable ( 394, 501)
Increase in accrued payroll 11,893
(Decrease) in interfund payab'.e ( 263,555)
Increase in customer deposits 93
(Decrease) in refunds payable ( 654, 596)
Increase in deferred revenue 38 , 598
Total Adjustments 330,680
Net Cash Provided by Operating Activities 353 ,825
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Operating transfers in 34,800
Operating transfers out ( 256, 760)
Net Cash Provided by Noncapital Financing Activities ( 221.960)
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES
Acquisition of capital assets ( 474,431)
Principal paid on revenue bonds ( 225 ,000)
Interest paid on revenue bonds ( 44,400)
Proceeds from notes payable 300,000
Principal paid on notes payable ( 81,260)
Interest paid on notes payable ( 27,655)
Fiscal agents' fees paid ( 148)
Net Cash Used for Capital and Related Financing Activities ( 552,894)
CASH FLAWS FROM INVESTING ACTIVITIES
Proceeds from sale of investments 500,000
Interest income 105,294
Net Cash Provided by Investing Activities 605 ,294
NET INCREASE IN CASH AND EQUIVALENTS 184,265
CASH AND EQUIVALENTS
Beginning of year 2.660,736
End of year $2,845001
The accompanying notes are an integral part of this statement.
- 8 -
VILLAGE OAK BROOK, ILLINOIS
NOTES TO INANCIAL 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 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.
Police Pension Employees Retirement System - The Village's police
employees participate in the Police Pension Employees Retirement
System (PPERS) . PPERS functions for the benefit of these employees
and is governed by a five-member pension board. Two members
appointed by the Village's President, one elected pension
beneficiary, and two elected police employees constitute the pension
board. The Village and PPERS participants are obligated to fund all
PPERS costs based upon actuarial valuations. The State of Illinois
is authorized to establish benefit levels and the Village is
authorized to approve the actuarial assumptions used in the
determination of contribution levels.
9 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
REPORTING ENTITY - Continued
Firefighters' Pension Employees Retirement System - The Village's
firefighters participate in the Firefighters' Pension Employees
Retirement System (FPERS) . FPERS functions for the benefit of these
employees and is governed by a nine-member pension board. The
Village's President, Treasurer, Clerk, Attorney, and Fire Chief, one
elected pension beneficiary, and three elected fire employees
constitute the pension board. The Village and FPERS participants
are obligated to fund all FPERS costs based upon actuarial
valuations. The State of Illinois is authorized to establish levels
and the Village is authorized to approve the actuarial assumptions
used in the determination of contribution levels.
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 IRMA
as a governmental joint venture in the General Fund.
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 IPBC as a governmental joint venture in the
General Fund.
tDuPage Water Commission (DWC) - DWC is a proprietary entity
established to sell water to its municipal customers. The only
governing/managerial authority link is that one of eleven
Commissioners is elected by all of the municipalities in the
Village's district (there are four other districts which each elect
a Commissioner, while the County Board appoints five plus a
Chairman) . The Village does not retain an equity interest in the
Commission, it cannot significantly influence the Commission's
operations, and it does not have any accountability for the
Commission's fiscal matters beyond its contract for the purchase of
water; the Village is a customer.
10 -
VILLAGE OAK BROOK, ILLINOIS
NOTES TO INANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
REPORTING ENTITY - Continued
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.
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.
- 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
Capital Projects Fund - The Capital Projects Funds are used to
account for financial resources to be used for the acquisition
or construction of major capital items (other than those
financed by Proprietary Funds) .
Proprietary Fund 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:
Enterprise Funds - Enterprise Funds are used to account for
operations (a) that are financed and operated in a manner
similar to private business enterprises - where the intent of
the governing body is that the costs (expenses, including
depreciation) of providing goods or services to the general
public on a continuing basis be financed or recovered primarily
through user charges; or (b) where the governing body has
decided that periodic determination of revenues earned,
expenses incurred, and/or net income is appropriate for capital
maintenance, public policy, management control, accountability
or other purposes.
Fiduciary Fund Type
Fiduciary Funds are used to account for assets held by the Village
in a trustee capacity or as an agent for individuals, private
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.
12 -
VILLAGE OAK BROOK, ILLINOIS
NOTES TO INANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUN X POLICIES - Continued
BASIS OF PRESENTATION - SID ACCOUNTING - Continued
Account Groups
Account groups ai used to establish accounting control and
accountability for ie 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 fund types 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.
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.
13 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
BASIS OF ACCOUNTING - Continued
License and permit fees 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
and most charges for services 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
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,
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.
- 14 -
VILLAGE OAK BROOK, ILLINOIS
NOTES T( INANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
BUDGETARY ACCOUNTING - Continued
4. The manager may be authorized by the corporate authorities to
transfer budgeted amounts between departments within any fund;
however, any revisions that alter the total expenditures of any
fund must be approved by the governing body.
5. Expenditures may not legally exceed budgeted appropriations on
a fund basis for each legally adopted annual budget. The level
of budgetary control (level at which expenditures may not
exceed budget) is the fund.
Formal budgetary integration is employed as a management control device
during the year for all funds. Village budgets are prepared on a basis
of accounting consistent with generally accepted accounting principles
(GAAP) . 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
For purposes of the statement of cash flows, the Village's proprietary l
fund types consider al highly liquid investments with an original
maturity of three months or less when purchased to be cash equivalents.
Cash and equivalents represent cash on hand and cash deposited in
interest bearing checking, money market accounts and the Illinois Public
Treasurer's Investment Pool (IPTIP) .
INVESTMENTS
Investments are stated at cost or amortized 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.
15 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
INVESTMENTS - Continued
Chapter 50, Act 340/1 of the Illinois Compiled 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. 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.
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:
Description Years
Buildings 40
Waterworks system 10 - 40
Improvements, other than buildings 10 - 20
Tennis courts and pools 15 - 20
Equipment 5 - 10
- 16 -
VILLAGE OAK BROOK. ILLINOIS j
NOTES TC INANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
INTANGIBLE ASSETS - WATER PURCHASE RIGHTS
The government is a customer of the DuPage Water Commission, and has
executed a Water Supply Contract with the Commission for a term ending in
2024. The Contract provides that the government pay its proportionate
share of "fixed costs" (debt service and capital costs) to the
Commission, such obligation being unconditional and irrevocable whether
or not water is ever delivered. These costs were capitalized until the
Commission began to deliver water, and are amortized, using the straight-
line method over the remaining term of the contract, and expensed along
with the other "operation and maintenance" charges from the Commission.
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 �I
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 992, presented in the accompanying financial
statements, are for comp, ison purposes only.
- 17 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
2. DEPOSITS AND INVESTMENTS
At year-end, the carrying amount of the Village's deposits was $3,752,589 and
the bank balances were $4,309,201. The following table summarizes the
Village's cash at April 30, 1993:
Bank Balance
Insured (FDIC or SIPC) $ 550,912
Uninsured
Collateral held by pledging bank's
agent in Village's name 3,280,687
Uncollateralized 477.602
Total $4,309.201
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, 1993.
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 department or agent, but not in the Village's name or securities
held by a broker or dealer.
Category Carrying Market
1 2 3 Amount Value
U.S. Government
securities $14,909,418 $ - $ - $14,909,418 $16,430,516
U.S. Agency
securities 3,947,943 3.947.943 4,255,985
$18,857.361 $ - $ - 18,857,361 20,686,501
Annuities 1,328,069 1,694,432
International City Managers Association
(Deferred Compensation Plan) 1,919,943 1,919,943
Illinois Public Treasurer's Investment Pool 6.716.013 6.716.013
$28,821.386 $31,016,889
18 -
VILLAGE OAK BROOK, ILLINOIS
NOTES TO INANCIAL 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
Changes in general fixed assets for the year ended April 30, 1993 are as
follows:
Balance at Balance at
May 1, April 30,
1992 Additions Deletions 1993
Land $ 616,829 $ - $ - $ 616,829
Buildings and
improvements _ 210,124 102,288 5,312,412
Furniture and fixtures 312,712 27,757 340,469
Roadway improvements 7,694,135 ( 7,694,135)
Automotive equipment 2,095,579 79,537 2,175,116
Other equipment 1,906,522 145,829 2,052,351
Library books 476.696 43,555 520,251
Totals $18.3 .
12597 S 398,966 ($7,694.135) 511,017,428
* Roadway improvements arE o longer being capitalized.
- 19 -
VILLAGE OF OAK BROOK. ILLINOIS
NOTES TO FINANCIAL STATEMENTS
4. FIXED ASSETS - Continued
Proprietary fund type property, plant and equipment at April 30, 1993
consisted of the following:
Waterworks
System Sports Core Total
Land and improvements $ 215,800 $10,016,393 $10,232,193
Buildings and improvements 1,384,018 1,384,018
Waterworks system structure
and equipment 14,882,275 14,882,275
Improvements other than
buildings 516,458 516,458
Tennis courts and pools 727,191 727,191
Equipment 268,477 497.347 765.824
15,366,552 13,141,407 28,507,959
Less: Accumulated
depreciation 4,422,707 3.090,199 7,512.906
Totals $10,943,845 $10,051,208 $20,995,053
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, 1993:
General
Obligation Accrued
Recreation Vacation Note
Bonds Liability Payable Total
rBalance, May 1, 1992 $ 2,650,000 $131,626 $ - $ 2,781,626
Proceeds of note payable 72,172 72,172
Retirements ( 850,000) ( 12,029) ( 862,029)
Increase in accrued
vacation liability 12,325 12.325
Balance, April 30, 1993 $ 1,800.000 $143,951 $60,143 $ 2,004,094
- 20 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
5. LONG-TERM DEBT - Continued
GENERAL LONG-TERM DEBT r OUNT 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 - GENERAL LONG-TERM DEBT
Note payable to a bank in the amount of $60,143 is due September 13, 1995
bearing interest at a rate of 5.88%. The note is payable in monthly
principal and interest installments of $2,005, secured by vehicles. The
Village will retire these bonds through general revenues of the General
Fund.
NOTES PAYABLE - SPORTS CORE
Note payable to a bank in the amount of $289,544 is due May 15, 1993
bearing interest at a rate of 6.85%. The note is secured by various golf
course maintenance equipment and maintenance building. This note was
paid on May 11, 1993 through issuance of a refunding note. See
subsequent events footnote. An additional note payable to a bank in the
amount of $273,211 is due October 28, 1993 bearing interest at a rate of
4.810%. The note is payable in monthly principal and interest
installments of $5,635, with a balloon payment of $250,250. The loan is
for the purpose of tennis dome financing.
WATERWORKS REVENUE BONDS
The following is a summary of transactions for the year ended April 30,
1993:
1973 Series
Balance, May 1, 1992 $ 975,000
Retirements ( 225.000)
Balance, April 30, 1993 $ 750,000
- 21 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
5. LONG-TERM DEBT - Continued
WATERWORKS REVENUE BONDS Continued
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%. Bonds are payable from
water revenues and are accounted for in the Waterworks System Fund.
DEBT SERVICE REQUIREMENTS
The annual payments to amortize all long-term debt outstanding, including
interest, as of April 30, 1993, are as follows:
General Obligation Waterworks
Year Ended Recreation Bonds Revenue Bonds
April 30, Principal Interest Principal Interest
1994 $ 900,000 $ 88,200 $ 225,000 $ 32,700
1995 900,000 44,100 250,000 21,000
1996 275,000 11.000
Totals $1,800.000 $132,300 $ 750.000 64,700
Note Payable
Notes Payable General Long-Term
Year Ended Sports Core Debt
AR ril 30, Principal Interest Principal Interest
1994 $ 273,211 $26,100 $23,149 $ 2,913
1995 289,544 1,600 22,730 1,327
1996 9.877 147
Totals S 562,755 JIL.,700 $55,756 4,387
6. REVENUE BOND COVENANTS
The ordinance authorizing the issuance of Waterworks Revenue Bonds Series 1973
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:
r
22 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
6. REVENUE BOND COVENANTS - Continued
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 $320,000 at April 30, 1993.
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, 1993.
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, 1993.
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,
1993.
Surplus Revenue Account All surplus funds remaining after
providing for all of the deposits
listed above. This account had a
balance of $984,701 at April 30,
1993. These funds may be used for
any lawful corporate purpose and
therefore are not restricted.
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 surplus revenue account have been classified
as restricted assets on the balance sheet at April 30, 1993.
- 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 transfers. 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, 1993 was $6,621,814. Of this
amount, $2,285,435 in payroll earnings were reported to and covered by
the IMRF system.
All employees hired in positions that meet or exceed the prescribed
L 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
1 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
(40ILCS, 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, 1993 was $1,663,338 out of a total Village payroll of
$6,621,814. At April 30, 1993 the Police Pension Plan membership
consisted of:
Retirees and beneficiaries currently receiving
benefits and terminated employees entitled
to benefits but not yet receiving them 11
Current employees
Vested 27
Nonvested 13
51
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.
- 25 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
8. 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 (40ILCS, 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, 1993 was $1,491,151 out of a total
Village payroll of $6,621,814. At April 30, 1993, the Firefighters'
Pension Plan membership consisted of:
Retirees and beneficiaries currently receiving
benefits and terminated employees entitled
to benefits but not yet receiving them 11
Current employees
Vested 29
Nonvested 5
45
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 OAK BROOK, ILLINOIS
NOTES TO INANCIAL STATEMENTS
8. RETIREMENT COMMITMENTS - Cont. Aed
PLAN DESCRIPTION - Conti: ad
Firefighters' Pension Pld
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)
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,
1992 1992 1992
Significant
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
28 -
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 $ 469,274 $ 2,859,535 $ 2,816,272 $ 6,145,081
Current employees
Accumulated
employees
contributions
including
allocated
investment
earnings 723,054 7,941,525 7,405,411 16,069,990
Employer-
financed
vested 1,064,695 (Note 1) (Note 1) 1,064,695
Employer-
financed
nonvested 302,973 (Note 1) (Note 1) 302,973
Total Pension
Benefit
Obligation 2, 559,996 10,801,060 10,221,683 23,582,739
Net assets avail-
able for bene-
fits, at cost 2.369,632 10,679,446 10.958,684 24,007.762
Unfunded (Assets
in Excess of)
Pension Benefit
Obligation SS 1� $ 121.614 (S 737.001) (S 425,023)
Note 1 - Separate information for current employees is not reported by
the Illinois Department of Insurance.
- 29 -
' 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 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,
1992 1992 1992
Actuarially determined
contribution require-
ments employer
As a dollar amount
Normal cost $ 291,164 $232,219 $286,711 $810,094
Amortization of
unfunded
actuarial accrued
liability 42,052 91,918 21,883 155,853
Death and disability
cost 10,741 10,741
! $$ 3� $324,137 $308,594 $976,688
As a percent of fiscal
1993 covered payroll
Normal cost 12.74% 13.96% 19.22% 14.89%
Amortization of un-
funded actuarial
accrued liability 1.84 5.52 1.47 2.86
14.58% 1',3� 20,69% 1
1 - 30 -
VILLAGE OAK BROOK, ILLINOIS
NOTES TO_ INANCIAL STATEMENTS
8. RETIREMENT COMMITMENTS - Continued
ACTUARIALLY DETERMINED CONTRIBUTION REQUIREMENTS AND CONTRIBUTION MADE -
Continued
Police Firefighters'
IMRF Pension Pension Total
Contribution made dur-
ing fiscal 1993
As a dollar
amount
Employer 241,113 $282,773 $253,496 $ 777,382
Employee 102.844 149.700 123.020 375.564
343,957 432 473 376 516 $1.15�2.946
As a percent of fiscal
1993 covered payroll
Employer 10.55% 17.00% 17.00% 14.29%
Employee 4.50 9.00 8.25 6.90
15.05% 26.00% 25.25% 21.19%
The Village's contribution to both the Police and Firefighters' Pension Plans
are established at 17% of base salaries.
TREND INFORMATION
Trend information giver an indication of the progress made in
accumulating sufficient assets to pay benefits when due.
Police Firefighters'
Year IMRF Pension Pension
Net assets available for benefits
As a percent of the pension 1991 75.92% 87% 100 %
benefit obligation (PBO) 1992 84.87 98 107
1993 92.56 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 1991 27.05 80.00 ( 7.60)
the effects of inflation for 1992 16.70 13.00 ( 42.00)
analysis purposes) 1993 8.33 7.31 ( 49.42)
r
- 31 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
8. RETIREMENT COMMITMENTS - Continued
TREND INFORMATION - Continued
Police Firefighters'
Year IMRF Pension Pension
Employer contributions
As a percent of annual
covered payroll
Required 1991 9.47 17.00 17.00
1992 9.90 17.00 17.00
1993 10.55 17.00 17.00
As a dollar amount
Required 1991 $191,043 $303,263 $264,115
1992 216,163 316,608 303,652
1993 241,113 324,137 308,594
Made 1991 $191,043 $256,092 $236,829
1992 216,163 280,628 254,212
1993 241,113 282,773 253,496
Note: See 10-year trend data in required supplemental information.
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.
32 -
VILLAGE OAK BROOK, ILLINOIS
NOTES TO NANCIAL STATEMENTS
8. RETIREMENT COMMITMENTS - Conti ed
DEFERRED COMPENSATION PLF Continued
The following summarizes he plan activity for the period May 1, 1992
through April 30, 1993:
Balance, May 1, 1992 $1,695,085
Employee contributions 256,320
Net investment earnings 128,538
Administrative expenses ( 1,441)
Payments to eligible participants
and beneficiaries ( 62,537)
Withdrawals ( 96.022)
Balance, April 30, 1993 $1,919,943
9. INTERFUND BALANCES
Interfund balances at April 3( 1993 are as follows:
Due From Due To
General Fund $ 4,185 $ -
Debt Service Fund 4,185
$ 4,185 $4,185
10. OPERATING TRANSFERS
The following is a schedule o- )perating transfers:
Transfers Transfers
In Out
Capital Projects Fund $ - $ 1,272
General Fund 258,032 34,800
Sports Core Fund 34,800
Water Fund 256,760
$$ 2� $$ 292,832
- 33 -
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, 1993 of
($1,383,201) , 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, 1993:
Budget Expenditures
rFirefighters' Pension Fund $ 222,080 $243,829
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.
i
- 34 -
1
VILLAGE U OAK BROOK, ILLINOIS
NOTES TO NANCIAL 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,
1992, show the following:
Village of
Oak Brook
IRMA Shares (2.73X)
Total assets $52,524,926 IL,433,930
Total liabilities and member balances $52,524.926 $1,433,930
Total revenue $14,906,208 $ 406,939
Total expense ( 12.854,892) ( 350.939)
Net increase in member balances2,051,316 56,000
IRMA had no debt outstanding at December 31, 1992.
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, 1993,
show the following:
Village of
Oak Brook
IPBC Share
Total assets $ 5. )87,695 L
Total liabilities $ 3,061,611 $
Members' contributions and interest income $11,937,197 $760,584
Claim payments and insurance premiums ( 12.301,697) (622.775)
Net increase (decrease) in assets and
liabilities ($ 364,500) $137,809
The Village's share of NBC's assets and liabilities is not known. IPBC
had no debt outstanding at April 30, 1993.
- 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, 1993 is as follows:
Waterworks Sports
System Fund Core Fund Totals
Operating revenues $ 3,655,491 $ 2,226,828 $ 5,882,319
Depreciation and amortization ( 509,077)( 236,192) ( 745,269)
Operating income (loss) ( 2,406) 25,551 23,145
Operating transfers in 34,800 34,800
Operating transfers out ( 256,760) ( 256,760)
Nonoperating revenues 619,883 147,215 767,098
Nonoperating expenses ( 49,718) ( 27,655) ( 77,373)
Net income (loss) 310,999 179,911 490,910
Property, plant and equipment
Additions 235,518 238,913 474,431
Net working capital 1,137,230 ( 182,763) 954,467
Total assets 16,136,675 10,602,270 26,738,945
Bonds outstanding 750,000 750,000
Total equity 15,161,589 9,642,389 24,803,978
15. COMMITMENTS
The government is a customer of the DuPage Water Commission, and has executed
a Water Supply Contract with the Commission for a term ending in 2024. The
Contract provides that the government pay its proportionate share of "fixed
costs" (debt service and capital costs) to the Commission, such obligation
being unconditional and irrevocable whether or not water is ever delivered.
The government capitalized these costs until the Commission began to deliver
water, and is amortizing them using the straight-line method over the
remaining term of the contract.
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.
- 36 -
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VILLAGE ( OAK BROOK, ILLINOIS
NOTES TO NANCIAL STATEMENTS
r
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
In governmental fund types, bond discounts and issuance costs are recognized
in the current period. Bond discounts and issuance costs for Proprietary Fund
Types are deferred and amortized over the term of the bonds using the bonds-
outstanding method, which approximates the effective interest method. Bond
discounts are presented as a reduction of the face amount of bonds payable
whereas issuance costs are recorded as deferred charges.
18. SUBSEQUENT EVENT
On May 11, 1993, the Village paid off the Sport Core note payable of $289,544
through issuance of a refunding note. The new note payable to a bank in the
amount of $284,396 is due May 12, 1994 bearing interest at a rate of 6.85%.
The note is payable in monthly principal and interest installments of $6,802,
secured by various golf course maintenance equipment and maintenance
building.
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1
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1
1
i
REQUIRED SUPPLEMENTAL INFORMATION
VILLAGE OF OAK BROOK, ILLINOIS
POLICE PENSION FUND
REVENUES BY SOURCE AND EXPENSES BY TYPE
YEAR ENDED APRIL 30, 1993
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
1983 $ 81,375 $201,044 $332,040 $100 $ 614,559 .2b
1984 87,000 196,083 375,794 150 659,027 .18
1985 119,298 199,688 449,674 - 768,660 .17
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
1993 149,700 282,773 769,310 - 1,201,783 .17
Expenses by type
Fiscal Administrative
Year Benefits Expenses Refunds Total
1983 $ 27,908 600 $ 4,504 $ 33,012
1984 38,466 1065 30,301 69,832
1985 41,985 1085 - 43,070
1986 55,664 850 - 56,514
1987 100,585 1,211 Note 1 101,796
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
1993 193,250 14,279 4,102 211,631
Note 1 - Separate information is not available for refunds for fiscal 1987.
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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
1993 10,679,446 10,801,060 .98 121,614 1,663,338 .07
' 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
1 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 1993.
* At cost.
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VILLAGE OF OAK BROOK, ILLINOIS
FIREFIGHTERS' PENSION FUND
REVENUES BY SOURCE AND EXPENSES BY TYPE
YEAR ENDED APRIL 30, 1993
REQUIRED SUPPLEMENTAL INFORMATION
Revenues by source
Contribution
as a
Percentage
Fiscal Employee Employer vestment Other of Covered
Year Contributions Contributions Income Contributions Total Payroll
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
1993 123,020 253,496 868,846 - 1,245,362 .17
Expenses by type
Fiscal dministrative
Year Benefits Expenses Refunds Total
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
1993 197,354 46,475 - 243,829
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- 41 -
VILLAGE OF OAK BROOK
FIREFIGHTERS' PENSION FUND
ANALYSIS OF FUNDING PROGRESS
REQUIRED SUPPLEMENTAL INFORMATION
(4) (
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)
1993 10,958,684 10,221,683 1.07 ( 737,001) 1,491,151 ( .49)
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 1993.
* At cost.
- 42 -
VILLAGE OF OAK BROOK
ILLINOIS MUNICIPAL RETIREMENT 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) s (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
1993 2,369,632 2,559,996 92.56 190,364 2,285,435 8.33
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 1993.
* At cost.
- 43 -
s
Governmental Fund Types
1
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
YEAR ENDED APRIL 30, 1993
Variance
Favorable
Actual Budget (Unfavorable)
REVENUES
Intergovernmental
Municipal sales tax $ 8,712,237 $ 6,900,000 $1,812,237
Illinois state income tax 579,502 512,900 66,602
' York Township road and bridge tax 131,082 137,000 ( 5,918)
Foreign fire insurance tax 39,905 24,000 15,905
Illinois DOT grant 588,509 910,500 ( 321,991)
10,051,235 8,484,400 1,566,835
Utility taxes 2,239,243 1,821,000 418,243
Licenses and permits 353,747 224,200 129,547
Service charges 584,727 518,995 65,732
Fines and penalties 238,858 190,354 48,504
Interest on investments 148,261 158,000 ( 9,739)
Miscellaneous 81,625 65,850 15,775
3,646,461 2,978,399 668,062
Total Revenues 13,697,696 11,462,799 2,234,897
EXPENDITURES
Legislative 426,126 430,443 4,317
General government 1,030,627 1,172,000 141,373
Public safety 5,821,460 6,344,324 522,864
Public works 3,870,702 4,864,281 993,579
Culture and recreation 223,976 266,381 42,405
Total Expenditures 11,372,891 13,077,429 1,704,538
EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 2,324,805 ( 1,614,630) 3,939,435
OTHER FINANCING SOURCES (USES)
Operating transfers in 258,032 256,760 1,272
Operating transfers out ( 34,800) ( 34,800)
Total Other Financing Sources (Uses) 223,232 221,960 1,272
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
FINANCING SOURCES OVER (UNDER) EXPENDITURES
AND OTHER FINANCING USES 2,548,037 ($ 1,3�) $3,940,707
FUND BALANCE
Beginning of year 4,590,422
Residual equity transfers out ( 1,500,000)
End of year $ 5,638,459
The accompanying notes are an integral-partof this statement.
45 -
VILLAGE OF OAl.. BROOK, ILLINOIS '
GENEkAL FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
YEAR ENDED APRIL 30, 1993
Variance
Favorable
Actual Budget (Unfavorable)
LEGISLATIVE
Board of Trustees and Village Clerk
Personnel $ 64,419 $ 52,523 ($ 11,896)
Materials and supplies 8,149 15,122 6,973 '
Operation and contractual 353,558 362,678 9, 120
Capital 120 120
Total Legislative 426,126 430,443 4,317
GENERAL GOVERNMENT ,
Legal
Personnel 96,110 107,734 11,624
Materials and supplies 3,077 2,527 ( 550)
Operation and contractual 5,011 5,858 847 '
Capital 415 ( 415)
104,613 116.119 11. 506 ,
Village Manager's office
Personnel 328,741 371,844 43,103
Materials and supplies 3,090 3,469 379 '
Operation and contractual 17,138 4,102 ( 13,036)
Capital 5,405 5,650 245
354,374 385,065 30,691
Finance and accounting ,
Personnel 234,650 290,155 55,505
Materials and supplies 11,716 10,801 ( 915)
Operation and contractual 40,368 40,647 279
Capital 5,466 8,050 2,584 '
292,200 349,653 57,453
Engineering L
Personnel 247,423 253,484 6,061
Materials and supplies 3,230 2,721 ( 509)
Operation and contractual 26,944 62,958 36,014 '
Capital 1,843 2,000 157
279,440 321,163 41,723
Total General Government $ 1,030,627 ,$ 1,172,000 $ 141,373
46 -
' VILLAGE OF OAK BROOK, ILLINOIS
GENERAL FUND
' SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL - Continued
YEAR ENDED APRIL 30, 1993
Variance
Favorable
Actual Budget (Unfavorable)
' PUBLIC SAFETY
Police department
Personnel $ 2,829,704 $ 3,026,428 $ 196,724
' Materials and supplies 55,087 65,726 10,639
Operation and contractual 117,947 175,001 57,054
Capital 35,809 42.700 6,891
3,038,547 3,309,855 271,308
' Fire service
Personnel 1,851,845 1,858,892 7,047
Materials and supplies 21,877 24,275 2,398
Operation and contractual 45,602 158,131 112,529
' Capital 53,261 92,500 39,239
1,972,585 2,133,798 161,213
Emergency medical services
Personnel 340,620 340,142 ( 478)
Materials and supplies 8,290 7,873 ( 417)
Operation and contractual 113,102 137,501 24,399
Capital
' 462,012 485,516 23,504
Bureau of inspection
1 Personnel 293,568 337,504 43,936
Materials and supplies 8,721 9,880 1,159
Operation and contractual 31,420 52,171 20,751
Capital 14,607 15,600 993
' 348,316 415,155 66,839
' Total Public Safety 5,821,460 6,344,324 522,864
PUBLIC WORKS
Building and grounds
Personnel 109,743 108,503 ( 1,240)
Materials and supplies 40,145 39,590 ( 555)
Operation and contractual 165,734 176,605 10,871
Capital 189,216 230,503 41,287
$ 504,838 $ 555,201 $ 50,363
- 47 -
VILLAGE OF OAK BROOK. ILLINOIS '
GENERAL FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL - Continued ,
YEAR ENDED APRIL 30, 1993
Variance
Favorable
Actual Budget (Unfavorable)
PUBLIC WORKS - Continued i
Street
Personnel $ 585,936 $ 578,817 ($ 7,119)
Materials and supplies 30,873 34,404 3,531 ,
Operation and contractual 418,835 440,966 22,131
Capital 14.113 35.550 21.437
1.049,757 1.089,737 39.980
Garage '
Personnel 110,126 122,590 12,464
Material and supplies 11,786 11,940 154
Operation and contractual 15,472 18,610 3,138
Capital 207.987 211.000 3.013 '
345.371 364.140 18.769
Capital improvements
Materials and supplies 227 550 323
Operation and contractual 163,960 292,635 128,675
Capital 1.806,549 2.562.018 755.469
1.970.736 2.855.203 884.467
Total Public Works 3.870.702 4.864,281 993.579
CULTURE AND RECREATION
Library
Personnel 143,493 152,237 8,744
Materials and supplies 7,273 7,902 629
Operation and contractual 27,213 56,903 29,690
Capital 45.997 49.339 3.342
Total Culture and Recreation 223.976 266.381 42.405 '
Total Expenditures S11.372.891 S13.077.429 $1,7�s
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VILLAGE OF OAK BROOK, ILLINOIS
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
APRIL 30. 1993
(With 1992 for Comparison)
' ASSETS
Hotel/Motel Motor Fuel Totals
Tax Tax 1993 1992
Cash and equivalents $ 88,031 $239,532 $327,563 300,107
' Receivables
Allotments 14,739 14,739 19,732
Other - hotel/motel tax 16.718 16.718 17.733
Total Assets $104,749 $254,271 $359,020 337,572
' LIABILITIES AND FUND BALANCES
LIABILITIES
Accounts payable $ 26,313 $ 1,706 $ 28,019 22,760
FUND BALANCES
Unreserved 78.436 252.565 331.001 314.812
Total Liabilities and
Fund Balances $104,749 $254,271 1121 020 337.572
1
The accompanying notes are an integral part of this statement.
' - 49 -
VILLAGE OF OAK BROOK, ILLINOIS
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND '
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
YEAR ENDED APRIL 30, 1993
Hotel/Motel Tax ,
Variance
Favorable
Actual Budget (Unfavorable) ,
REVENUES
Intergovernmental $ - $ - $ -
Hotel/motel taxes 210,066 190,000 20,066
Interest on investments 1.631 800 831
Total Revenues 211.697 190,800 20,897
EXPENDITURES
Public works
Culture and recreational 195.002 222.800 27.798 '
Total Expenditures 195.002 222.800 27,798
EXCESS (DEFICIENCY) OF REVENUES '
OVER (UNDER) EXPENDITURES 16,695 (S 32,000) 48,695
FUND BALANCES '
Beginning of year 61,741
End of year 78,436 '
The accompanying notes are an integral art of this statement.
50 -
Motor Fuel Tax Totals
Variance Variance
Favorable Favorable
Actual Budget (Unfavorable) Actual Budget (Unfavorable)
$197,715 $197,000 $ 715 $197,715 $197,000 $ 715
210,066 190,000 20,066
7,624 14,125 ( 6,501) 9,255 14,925 ( 5,670)
' 205,339 211,125 ( 5,786) 417,036 401,925 15,111
205,845 279,660 73,815 205,845 279,660 73,815
195,002 222,800 27,798
205,845 279,660 73,815 400,847 502,460 101,613
( 506 68,535) 68,029 16,189 ($100,535) 116 724
' 253,071 314,812
$252,565 liiL 001
VILLAGE OF OAK BROOK, ILLINOIS '
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET '
APRIL 30, -993 AND 1992
ASSETS
Infra- Capital Equipment Totals '
structure_ Reylacement Replacement 1993 1992
Cash and equivalents $1.0�. $500.085 $ $1,5� 15 ,146 '
LIABILITIES FUND BALANCES '
LIABILITIES
Due to other funds $ - $ - $ - $ - $ 14,320 '
FUND BALANCES
Unreserved 1,000,0 " 500,085 1,500,170 826
Total Liabilities and
Fund Balances $500.085 $ 51, 500,170 15 146
The accompanying notes are an integral art of this statement.
�1 - ,
' VILLAGE OF OAK BROOK, ILLINOIS
CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
YEAR ENDED APRIL 30, 1993
Infra- Capital Equipment Totals
structure Replacement Replacement 1993 1992
REVENUES
Interest on investments $ 85 $ 85 $ 446 $ 616 $ -
EXPENDITURES 264
' EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES 85 85 446 616 ( 264)
OTHER FINANCING USES
Operating transfers out ( 1,272) ( 1.272)
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES
AND OTHER FINANCING USES 85 85 ( 826) ( 656) ( 264)
FUND BALANCES
Beginning of year 826 826 1,090
Residual equity transfers in 1.000,000 500,000 1,500,000
End of year $1.000,085 $500,085 $1,500,170 826
The accompanying notes are an integral part of this statement.
- 52 -
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' Proprietary Fund Types
This page intentionally left blank.
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VILLAGE OF OAK BROOK, ILLINOIS '
ENTERPRISE FUNDS
COMBINING BALANCE SHEET 1
APRIL 30. 1993
(With 1992 for Comparison)
ASSETS 1
Waterworks Sports Totals '
System Core 1993 1992
CURRENT ASSETS
Cash and equivalents $ 984.701 $ 316.312 $ 1,301.013 $ 1,797.086 1
Receivables (net, where applicable,
of allowances for uncollectibles) '
Customers
Billed water sales 59,837 59,837 40,245
Unbilled water sales 311,304 311,304 322,870
Accrued interest 16,107 1
Other 6,105 8.742 14.847 15.727
377.246 8,742 385.988 394.949 '
Due from other funds 194,545
Inventory 131,118 131,118 130,910 1
Other assets 4.448 31.402 35.850 18.227
Total Current Assets 1.366,395 487.574 1.853.969 2.535.717
RESTRICTED ASSETS '
Cash and equivalents 1.480.500 63,488 1.543,988 1.363.650
FIXED ASSETS '
Property, plant and equipment 15,366,552 13,141,407 28,507,959 28,033,528
Accumulated depreciation ( 4,422,707)( 3.090.199)( 7.512,906)( 6.843.312)
Total Property, Plant 1
and Equipment 10.943.845 10.051.208 20.995,053 21.190,216
OTHER ASSETS 1
Water Purchase Rights 2.345.935 2.345.935 2.421.610
Total Assets $16,136.675 $10,602,270 $26.738.945 527.511.193 '
The accompanying notes are an integral part of this statement.
1
53 _ 1
1
' LIABILITIES AND FUND EQUITY
Waterworks Sports Totals
' System Core 1993 1992
CURRENT LIABILITIES
' Accounts payable $ 215,617 $ 121,880 $ 337,497 $ 731,996
Accrued payroll and vacation 13,548 27,937 41,485 29,592
Refunds payable 654,596
' Customer deposits 15,193 15,193 15,100
Due to other funds 263,555
Deferred revenue 232,116 232,116 193,518
Notes payable 273.211 273.211
Total Current Liabilities 229,165 670.337 899.502 1.888,357
' LONG-TERM LIABILITIES
Notes payable 289,544 289,544 344,015
Revenue bonds payable 750,000 750,000 975,000
' Unamortized bond discounts ( 4.079) ( 4.079) ( 9,247)
Total Long-Term Liabilities 745.921 289.544 1,035,465 1.309,768
' Total Liabilities 975.086 959.881 1.934.967 3.198,125
FUND EQUITY
t Contributed capital 11.025.590 11.025,590 11.025.590
Retained earnings
Reserved - restricted accounts 1,480,500 1,480,500 1,363,650
Reserved - golf surcharge 139,198 139,198 73,226
' Unreserved 13,681.089 ( 1.522.399) 12.158.690 11.850.602
Total Retained Earnings 15,161.589 ( 1.383.201) 13.778,388 13,287.478
' Total Fund Equity 15,161,589 9,642.389 24,803.978 24,313,068
Total Liabilities and
Fund Equity $16,136,675 $10,602.270 $26,738,945 $27.511.193
VILLAGE OF OAK BROOK, ILLINOIS '
ENTERPRISE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND '
CHANGES IN RETAINED EARNINGS
YEAR ENDED APRIL 30, 1993
(With 1992 for Comparison) '
Waterworks Sports Totals
_System Core 1993 1992 '
OPERATING REVENUES
Charges for services 3,576,587 $2,220,637 $ 5,797,224 $ 5,438 ,421
Miscellaneous 78,904 6,191 85,095 53 ,728
Total Operating Revenues 3,655,491 2,226,828 5 ,882, 319 5,492,149
OPERATING EXPENSES ,
Operation of facilities 3,148,820 1,965,085 5,113,905 4,020,479
Depreciation and amortization 509,077 236,192 745,269 592,877
Total Operating Expenses 3,657,897 2,201,277 5,859,174 4,613,356
OPERATING INCOME (LOSS) 2,406) 25,551 23,145 878 ,793 '
NONOPERATING REVENUES (EXPENSES)
Maintenance reimbursement 519,804 519,804 ,
Golf surcharge 65,972 65,972 73,226
Other income 76,028 76,028 86,292
Interest on investments 100,079 5,215 105,294 194,058
Interest expense ( 44,400) ( 27,655) ( 72,055) ( 106,306) '
Amortization of bond discount ( 5,170) ( 5,170) ( 5, 170)
Fiscal agents' fees (. 148) ( 148) ( 1,464)
Total Nonoperating Revenues '
(Expenses) 570,165 119,560 689,725 240,636
INCOME BEFORE OPERATING TRANSFERS 567,759 145,111 712,870 1,119,429
Operating transfers in 34,800 34,800 30,000
Operating transfers out 256,760) ( 256,760) ( 250,231) '
Total Operating Transfers 256,760) 34,800 ( 221,960) ( 220,231)
NET INCOME 310,999 179,911 490,910 899,198
RETAINED EARNINGS
Beginning of year -4,850,590 ( 1,563,112) 13,287,478 13,039,247
Prior period adjustments ( 650,967)
Beginning of year, as adjusted 14,850,590 ( 1,563,112) 13,287,478 12,388,280 '
End of year $15,161,589 ($1,3��201) $13,778,388 $13,287,L79
The accompanying notes are an integral part of this statement. ,
54 -
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VILLAGE OF OAK BROOK, ILLINOIS
' ENTERPRISE FUNDS
' COMBINING STATEMENT OF CASH FLOWS
YEAR ENDED APRIL 30, 1993
Waterworks Sports
System Core Totals
CASH FLOWS FROM OPERATING ACTIVITIES
' Operating income (loss) ($ 2,406) $ 25,551 $ 23,145
Adjustments to reconcile operating income (loss) to
net cash provided by (used for) operating
' activities
Depreciation 433,402 236,192 669,594
Amortization 75,675 75,675
Other nonoperating revenue 519,804 142,000 661,804
Change in assets and liabilities
Decrease in receivables 1,976 6,985 8,961
Decrease in interfund receivables 194,545 194,545
(Increase) in inventory ( 208) ( 208)
Decrease in other assets 1,657 ( 19,280) ( 17,623)
Decrease in accounts payable ( 383,840) ( 10,661)( 394,501)
Increase in accrued payroll 2,795 9,098 11,893
(Decrease) in interfund payable ( 80,476) ( 183,079) ( 263,555)
Increase in customer deposits 93 93
' (Decrease) in refunds payable ( 654,596) ( 654,596)
Increase in deferred revenue 38,598 38,598
Total Adjustments 110,942 219,738 330,680
Net Cash Provided by Operating Activities 108,536 245,289 353,825
' CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Operating transfers in 34,800 34,800
Operating transfers out ( 256,760) ( 256,760)
' Net Cash Provided by (Used for) Noncapital
Financing Activities ( 256,760) 34,800 ( 221,960)
' CASH FLOWS FROM CAPITAL AND RELATED FINANCING
ACTIVITIES
Acquisition of capital assets ( 235,518) ( 238,913)( 474,431)
Principal paid on revenue bonds ( 225,000) ( 225,000)
Interest paid on revenue bonds ( 44,400) ( 44,400)
Proceeds from notes payable 300,000 300,000
Principal paid on notes payable ( 81,260)( 81,260)
' Interest paid on notes payable ( 27,655)( 27,655)
Fiscal agents' fees paid ( 148) ( 148)
' Net Cash Used for Capital and Related
Financing Activities ($ 505,066) (,$ 47,828) ($ 552,894)
(Continued)
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VILLAGE OF OAK BROOK, ILLINOIS
ENTERPRISE FUNDS
COMBINING STATEMENT Ot CASH FLOWS - Continued '
YEAR ENDED APRIL 30, 1993
Waterworks Sports
System Core Totals
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of investments $ 500,000 $ - $ 500,000 '
Interest income 100,079 5,215 105,294
Net Cash Provided by Investing tivities 600,079 5,215 605,294
NET INCREASE (DECREASE) IN CASH AND EQ 'ALENTS ( 53,211) 237,476 184,265
CASH AND EQUIVALENTS '
Beginning of year 2,518,412 142,324 2,660,736
End of year $2,4� $379,800 $2,845.001
The accompanying notes are an integral in of this statement. '
>6 -
VILLAGE OF OAK BROOK, ILLINOIS
WATERWORKS SYSTEM FUND
' SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN
RETAINED EARNINGS - UNRESERVED - BUDGET AND ACTUAL
YEAR ENDED APRIL 30, 1993
Variance
Favorable
Actual Budzet (Unfavorable)
' OPERATING REVENUES
Charges for services
Water sales $ 3,352,896 $3,334,515 $ 18,381
Unmetered sales 10,712 3,400 7,312
' Water tap on charges 86,377 57,440 28,937
Fire service charges 107,842 109,250 ( 1,408)
Meter fees 8,706 11,040 ( 2,334)
' Special services 10,054 12,720 ( 2,666)
Miscellaneous 78,904 52,500 26,404
Total Operating Revenues 3,655,491 3,580,865 74,626
' OPERATING EXPENSES
Public works
Water department
Personnel 224,456 245, 333 20,877
Materials and supplies 11,816 23,760 11,944
Operation and contractual 2,911,842 3,013,305 101,463
' Capital 706 85,410 84,704
3,148,820 3,367,808 218,988
Capital improvements
' Materials and supplies 225 225
Operation and contractual 2,392 71,010 68,618
Capital 233,126 724,950 491,824
' 235,518 796,185 560,667
Less: Items capitalized ( 235,518) ( 796,185) ( 560,667)
' Total Operation of Facilities 3,148,820 3,367,808 218,988
DEPRECIATION AND AMORTIZATION 509,077 ( 509,077)
' Total Operating Expenses 3,657,897 3,367,808 ( 290,089)
OPERATING INCOME (LOSS) ( 2,406) 213,057 ( 215,463)
NONOPERATING REVENUES (EXPENSES)
Maintenance reimbursement 519,804 519,000 804
Interest 100,079 180,391 ( 80,312)
Interest on bonds ( 44,400) ( 44,400)
Payment on bonds ( 225,000) 225,000
' Amortization of bond discount ( 5,170) ( 5,170)
Fiscal agents fees ( 148) ( 150) 2
$ 570,165 $ 429,841 $140,324
' (Continued)
- 57 -
VILLAGE OF OAK BROOK, ILLINOIS
WATERWORKS SYSTEM FUND
SCHEDULE OF REVENUES . EXPENSES. AND CHANGES IN
RETAINED EARNINGS - UNRESERVED - BUDGET AND ACTUAL - Continued
YEAR ENDED APRIL 30, 1993
Variance
Favorable
Actual Budget (Unfavorable)
INCOME BEFORE OPERATING TRANSFERS $ 567,759 $ 642,898 ($ 75,139) '
Operating transfers out ( 256.760) ( 256,760) -
NET INCOME (LOSS) 310,999 $$ 3� ( 75,139)
OTHER CHANGES IN RETAINED EARNINGS - UNRESERVED
Intrafund transfers out - restricted accounts ( 116,850) '
NET INCREASE IN RETAINED EARNINGS - UNRESERVED 194,149
RETAINED EARNINGS - UNRESERVED
Beginning of year 13.486,940
End of year $13.681.089 ,
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VILLAGE OF OAK BROOK, ILLINOIS '
WATERWORKS SYSTEM FUND
SCHEDULE OF CHANGES IN RETAINED EARNINGS
RESERVED - RESTRICTED ACCOUNTS
YEAR ENDED APRIL 30, 1993
Operation Depreciation, ,
and Bond and Bond Improvement
Maintenance Interest Reserve and Extension
INCREASES ,
Required transfers per bond ordinan, $386,250 $269,400 ,$ $
DECREASES '
Payment of bond principal 225,000
Payment of bond interest 44,400
Required transfers per bond ordinan( 269,400
Total Decreases 269,400 269,400 '
NET INCREASE (DECREASE) 116,850 '
ACCOUNT BALANCES
Beginning of year 203,150 - 760,500 400,000
End of year $320,000 $760,500 $400,000
59
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Totals
' $ 655,650
' 225,000
44,400
211,400
538,800
' 116,850
' 1,363,650
$1,480,500
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VILLAGE OF 0. BROOK, ILLINOIS '
WATERWOR.- SYSTEM FUND
SCHEDULE OF PROPERTY. PLANT AND EQUIPMENT '
AND ACCUMULATED DEPRECIATION
YEAR ENDED APRIL 30, 1993
Property. Plant and Equipment
Balance Additions Balance '
May 1, and April 30,
1992 Transfers Disposals 1993
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 473,586 32,273 505,859
Electrical pumping equipment 431,254 431,254 ,
Total water treatment equipment 8,149 8,149
Distribution, reservoirs, mains
and standpipes 12,747,550 150,047 12,897,597 ,
Meters and meter installation 501,371 41,820 543,191
Hydrants 181,472 181,472
Miscellaneous tools and equipment
Office furniture and equipment 16,849 3,914 20,763 '
Transportation equipment 130,995 130,995
Tools, shop and garage equipment 2,852 7,464 10, 316
Laboratory equipment 1,070 1,070 '
Miscellaneous equipment 93,930 93,930
Intangible plant - organization 11.403 11,403
$15,131,034235,518 $15,366,552 ,
60 -
Rate of
' Depreciation Accumulated Depreciation Net Asset
or Balance Additions Balance Value
Amortization May 1, and April 30, April 30,
(Years) 1992 Transfers Disposals 1993 1993
' $ - $ - $ - $ - $ 215,800
40 144,172 7,869 152,041 162,712
40 50,421 12,243 62,664 443,195
' 40 90,353 10,780 101,133 330,121
10 8,149 8,149
40 3,085,375 320,654 3,406,029 9,491,568
15 391,110 34,819 425,929 117,262
40 70,776 4,537 75,313 106,159
' 10 12,150 1,881 14,031 6,732
6 53,678 21,833 75,511 55,484
5 2,852 2,852 7,464
5 1,070 1,070
5 67,796 18,786 86,582 7,348
5 11.403 11.403
$3.905 433 402 $4,422.707 $10,943,845
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VILLAGE OF OAK BROOK. ILLINOIS '
SPORTS CORE FUND
SCHEDULE OF REVENUES EXPENSES AND CHANGES IN RETAINED EARNINGS
BUDGET AND ACTUAL
YEAR ENDED APRIL 30, 1993
Variance
Favorable '
Actual Budget _ (Unfavorable)
OPERATING REVENUES
Golf '
Fees $ 976;876 $ 920,895 $ 55,981
Memberships 145,367 124,611 20,756
Merchandise sales 141,686 207,195 ( 65,509) '
Food sales 55,394 74,125 ( 18,731)
Beverage sales 79,735 30,000 49,735
Miscellaneous 2,785 ( 500) 3,285
1,401,843 1,356.326 45,517
Bath and tennis
Fees 68,020 206,830 ( 138,810)
Memberships 288,461 295,070 ( 6,609)
Merchandise sales 18,002 24,111 ( 6,109)
Food sales 326,577 308,620 17,957 ,
Beverage sales 120,519 135,010 ( 14,491)
Miscellaneous 3.406 14,000 ( 10,594)
824.985 983,641 ( 158,656) '
Total Operating Revenues 2,226,828 2,339.967 ( 113,139)
OPERATING EXPENSES
Administrative and general
Personnel 253,632 272,132 18,500 '
Materials and supplies 61,258 58,678 ( 2,580)
Operation and contractual 71,845 59,281 ( 12,564)
386,735 390,091 3.356 '
Golf '
Personnel 468,386 499,509 31,123
Materials and supplies 266,442 322,027 55,585
Operation and contractual 135,543 125,523 ( 10.020)
$ 870,371 $ 947,059 $ 76,688
(Continued) '
,1 - ,
VILLAGE OF OAK BROOK. ILLINOIS
' SPORTS CORE FUND
' SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS -
BUDGET AND ACTUAL - Continued
YEAR ENDED APRIL 30, 1993
Variance
' Favorable
Actual Budget (Unfavorable)
OPERATING EXPENSES - Continued
Bath and tennis
Personnel $ 394,541 $ 449,907 $ 55,366
' Materials and supplies 200,644 220,038 19,394
Operation and contractual 92.586 121.696 29,110
687.771 791.641 103.870
' Capital 259,121 197,650 ( 61,471)
Less: Items capitalized (_238.913) 238,913
20,208 197.650 177.442
Total Operation of Facilities 1.965.085 2.326.441 361.356
DEPRECIATION 236.192 ( 236.192)
Total Operating Expenses 2,201.277 2.326.441 125,164
OPERATING INCOME 25,551 13.526 12,025
' NONOPERATING REVENUE (EXPENSE)
Golf surcharge 65,972 65,972
Other income 76,028 73,070 2,958
Interest income 5,215 4,000 1,215
Interest expense ( 27.655) ( 34.526) 6,871
' 119.560 42.544 77.016
INCOME BEFORE OPERATING TRANSFERS 145,111 56,070 89,041
' Operating transfers in 34,800 34,800
NET INCOME 179,911 $ 90,870 89.041
RETAINED EARNINGS
Beginning of year ( 1.563.112)
End of year ($1.3�)
- 62 -
VILLAGE OF OAK BROOK, ILLINOIS '
SPORTS CORE FUND
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT '
AND ACCUMULATED DEPRECIATION
YEAR ENDED APRIL 30, 1993
Property, Plant and Equipment '
Additions
Balance and Balance
May 1. 1992 Transfers April 30, 1993
Golf course well $ 88,243 $ - $ 88,243 '
Sports Core maintenance equipment 237,457 18,314 255,771
Land and land rights 8,252,585 39,664 8,292,249 ,
Golf course land improvements 1,296,366 1,296,366
Other land improvements 339,535 339,535
Clubhouse '
Golf 724,076 6,883 730,959
Bath and tennis 516,984 17,774 534,758
Other improvements 516,458 516,458
Pools 156,138 5,221 161,359 '
Tennis courts 443,203 443,203
Clubhouse equipment 133,766 7,834 141,600
Golf equipment 81,115 18,861 99,976 ,
Buildings 116,568 1,733 118,301
Tennis Bubble 122,629 122,629
$12,902,494 $238,913 $13.141.407 '
)3 - ,
Rate of
' Depreciation Accumulated Depreciation
or Additions Net Asset
Amortization Balance and Balance Value
(Years) May 1, 1992 Transfers April 30, 1993 April 30, 1993
' 10 $ 10,281 $ 8,824 $ 19,105 $ 69,138
7 90,802 35,230 126,032 129,739
' 8,292,249
10 1,280,318 16,048 1,296,366
20 213,973 16,977 230,950 108,585
' 40 118,251 18,188 136,439 594,520
40 139,983 13,147 153,130 381,628
10 445,683 51,646 497,329 19,129
20 75,655 7,807 83,462 77,897
15 277,599 29,547 307,146 136,057
5 116,816 17,733 134,549 7,051
' 5 62,865 18,109 80,974 19,002
40 21,781 2,936 24,717 93,584
10 122,629
' $2,8� $236,192 $3,090,199 $10,051,208
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VILLAGE OF OAk BROOK, ILLINOIS '
TRUST AND AGENCY FUNDS
COMBINING BALANCE SHEET
APRIL 30. 1993
(With 1992 for Comparison)
ASSETS 1
Pension Trust Agency
Fire- Deferred
Police fighters' Compensa-
Pension Pension tion
Cash and equivalents $ 286,013 $ 479,892 $ -
Investments 10,374,918 10,402,053 1,919,943
Receivables - accrued interest 18,738 77,037 ,
Total Assets 10,679,669 10,958,982 $1,919,943
LIABILITIES FUND BALANCES '
LIABILITIES
Accounts payable $ 223 $ 298 $ -
Due to other funds
Deferred compensation benefits payab 1,919,943
Total Liabilities 223 298 1,919,943 '
FUND BALANCES
Reserved for employees' retirement 10,801,060 10,221,683
Unreserved ( 121,614) 737.001
Total Fund Balances 10,679,446 10,958,684 '
Total Liabilities and
and Fund Balances $10,679,669 $10.958,982 $1,919.943
r
The accompanying notes are an integral girt of this statement.
�4 -
Totals
1993 1992
$ 765,905 $ 295,364
22,696,914 21,000,112
95 ,775 84,676
23,558,594 $21,380,152
$ 521 $ -
38,622
1,919,943 1,695,085
i1,920,464 1,733,707
21,022,743 19,230,382
615,387 416,063
' 21,638,130 19,646,445
$23,558,594 $21,380,152
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VILLAGE OF OAK BROOK. ILLINOIS
PENSION TRUST FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN FUND BALANCES
YEAR ENDED APRIL 30. 1993
(With 1992 for Comparison)
Police Firefighters' Totals '
Pension Pension 1993 1992
OPERATING REVENUES
Interest on investments $ 769,310 $ 868,846 $ 1,638,156 $ 1,443,803
Contributions
Employees 149,700 123,020 272,720 271,936
Village 282,773 253.496 536.269 534,840
Total Operating Revenues 1.201.783 1,245.362 2.447.145 2,250.579
OPERATING EXPENSES
General and administrative 14,279 46,475 60,754 24,328
Pension refunds 4,102 4,102 11,846
Benefit payments 193.250 197.354 390.604 366.024
Total Operating Expenses 211.631 243,829 455,460 402.198
NET INCOME 990,152 1,001,533 1,991,685 1,848,381
FUND BALANCES
Beginning of year 9,689.294 9,957,151 19,646,445 17.798,064
End of year $10,679.446 $10.958.684 $21,638,130 $19,646.445 ,
The accompanying notes are an integral part of this statement.
65 -
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VILLAGE OF OAK BROOK. ILLINOIS
DEFERRED COMPENSATION FUND
' STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
APRIL 30, 1993
ASSETS
Balance Balance
1 May 1, April 30,
1992 Additions Deductions 1993
Investments $1,6185 $384,858 160 000 $1,919,943
LIABILITIES
Deferred compensation
benefits payable $1,6� 384 858 $160,000 $1,919,943
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The accompanying notes are an integral part of this statement.
- 66 -
VILLAGE OF OAK BROOK, ILLINOIS
POLICE PENSION FUND
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN '
FUND BALANCE - BUDGET AND ACTUAL
YEAR ENDED APRIL 30, 1993
Variance
Favorable
Actual Budget (Unfavorable)
OPERATING REVENUES
Interest on investments $ 769, 310 $ 652,100 $117,210
Contributions
Employees 149,700 146,000 3,700
Village 282,773 292,220 ( 9,447)
Total Operating Revenues 1,201,783 1,090, 320 111,463
OPERATING EXPENSES
General and administrative 14,279 11,235 ( 3,044)
Pension refunds 4,102 14,500 10,398
Benefit payments 193,250 225,000 31,750
Total Operating Expenses 211,631 250,735 39,104
NET INCOME 990,152 $$ 8� $150,567
FUND BALANCE
Beginning of year 9,689,294
End of year $10,679,446
7 -
VILLAGE OF OAK BROOK, ILLINOIS
FIREFIGHTERS' PENSION FUND
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL
YEAR ENDED APRIL 30, 1993
Variance
Favorable
Actual Budget (Unfavorable)
OPERATING REVENUES
Interest on investments $ 868,846 $ 668,000 $200,846
Contributions
Employees 123,020 125,000 ( 1,980)
Village 253,496 280.343 ( 26,847)
Total Operating Revenues 1,245,362 1,073,343 172,019
OPERATING EXPENSES
General and administrative 46,475 29,180 ( 17,295)
1 Pension refunds 4,900 4,900
Benefit payments 197,354 188,000 ( 9,354)
Total Operating Expenses 243,829 222,080 ( 21,749)
NET INCOME 1,001,533 $$ 8� $150,270
FUND BALANCE
Beginning of year 9,957,151
End of year $10,958,684
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Account Groups
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL FIXED ASSETS ACCOUNT GROUP
' SCHEDULE OF GENERAL FIXED ASSETS - BY SOURCE
APRIL 30, 1993
(With 1992 for Comparison)
1993 1992
GENERAL FIXED ASSETS
Land $ 616,829 $ 616,829
Buildings and improvements 5,312,412 5,210,124
Furniture and fixtures 340,469 312,712
' Roadway improvements * 7,694,135
Automotive equipment 2,175,116 2,095,579
Other equipment 2,052,351 1,906,522
Library books 520,251 476,696
Total General Fixed Assets $11,017 ,428 $18,312, 597
INVESTMENT IN GENERAL FIXED ASSETS
Current revenues $ 8,838,809 $15,802,698
Proceeds of indebtedness 1,659,881 1,582,783
Gifts 518,738 518,738
Motor Fuel Tax Fund revenues * 246,098
Federal Revenue Sharing Fund revenues * 131,751
Special Service Area No. 1 Fund revenues * 30,529
Total Investment in General Fixed Assets $11,017,428 $18,312,597
' * Roadway P are no improvements longer being capitalized
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VILLAGE OF OAK BROOK, ILLINOIS
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY
APRIL 30, 1993
Buildings Furniture r
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 18,490
Village Hall 273 .741 2.818,439 169.939 ,
Total General Government 615. 321 2.818.439 215 .747
PUBLIC SAFETY
Police department 129,405 31,313
Fire department 1,231,218 39,862
Emergency medical service 813
Inspection bureau 415 3.171
Total Public Safety 1.361.038 75.159
PUBLIC WORKS
Administrative 150,679 8,705
Street maintenance 62
Street improvements 30, 363
Municipal garage 771.052 5.386
Total Public Works 952. 156 14.091
CULTURE AND RECREATION
Library 1.508 180.779 35.472
Total General Fixed Assets $616,829 $5.312.412 $340,469
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' Automotive Other Library
Equipment Equipment Books Totals
$ - $ 21,491 $ - $ 361,595
16,367 70,577 93,399
90,848 106,607
10,857 81,707 117,634
' 9,929 58,342 3,330,390
37,153 322,965 4,009,625
444,591 425,013 1,030,322
906,325 703,844 2,881,249
174,356 105,799 280,968
17,396 46,570 67,552
' 1,542,668 1,281,226 4,260,091
41,941 78,645 279,970
550,647 223,183 773,892
54,647 85,010
2,707 51,205 830,350
595,295 407,680 1,969,222
40,480 520,251 778,490
$2,1� $2,0� $520,251 $11,017,428
VILLAGE OF OE, BROOK, ILLINOIS
GENERAL FIXED E, ETS ACCOUNT GROUP
SCHEDULE OF CHANGES GENERAL FIXED ASSETS -
BY FUNCTIC. AND ACTIVITY
YEAR ENDED 'RIL 30, 1993
.alances Balances
May 1, April 30,
1992 Additions Retirements 1993
GENERAL GOVERNMENT
Counsel and legal 361,595 $ - $ - $ 361,595
Village manager 88,024 5,375 93,399
Finance and accounting 101,141 5,466 106,607
Engineering 115,791 1,843 117,634
Village Hall 3,228,730 101,660 3, 330,390
Total General Government 3,895,281 114,344 4,009,6.25
PUBLIC SAFETY
Police department 1,016,540 13,782 1,030,322
Fire department 2,882,378 51,684 52,813 2,881,249
Emergency medical service 280,968 280,968
Inspection bureau 53,478 14,074 67, 552
Total Public Safety 4,233,364 79,540 52,813 4,260,091
PUBLIC WORKS
Administrative 195,541 84,429 279,970
Street maintenance 696,794 77,098 773,892
Street improvements 7,726,332 7,641,322 85,010
Municipal garage 830,350 830,350
Total Public Works 9,449,017 161,527 7,641,322 1,969,222
CULTURE AND RECREATION
Library 734,935 43,555 778,490
Total General Fixed Assets --8,3� $$ 3i $7,6� $11,017,428
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' Statistical Section (Unaudited)
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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
1993 $ 426,126 $1,030,627 $5,821,460 $4,076,547 $ 418,978 $959,375 $12,733,113
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
Note 1 - Includes expenditures of General Fund, Special Revenue Funds, Debt Service Fund and Capital Projects Fund.
- 73 -
Table 2
VILLAGE OF OAK BRDCK, ILLINOIS
GERMAL REVENUES BY SMZCE (1)
LAST TEN FISCAL YEARS
LL_censes Hotel/ Interest
Fiscal Property Utility and Service Fines and Motel on
Year Inter®overnmentalTaxes Taxesemits Charges Penalti Taxes Investment Miscellaneous Total
1993 $10,248,950 $963,125 $2,239,243 $353,747 $584,727 $238,858 $210,066 $173,404- $ 81,625 $15,093,745
1992 8,250,633 877,289 1,098,386 299,111 338,453 176,868 196,609 221,019 82,512 11,549,880
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
Note 1 - Includes revenues of General Flail, Special Revenue Rinds, Debt Service Fled and Capital Projects Rind.
- 74 -
' Table 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
Year 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
1984 6,000 6,061 101.02 23,615
1983 6,000 6,066 101.10 29,615
Note 1 - Special assessments are levied by the Village on properties in the York
Woods subdivision of the Village for street light improvements. There
were no special assessments prior to 1983 or subsequent to 1987.
- 75 -
Table 4
VILLAGE OF OAK BROOK, ILLINOIS
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS (1)
Total
Fiscal Collections
Year Percent Delinquent as Percent
Ended Total Current Tax of Levy Tax Total Tax of Current
Tax Year April 30, Tax Levy Collections Collected Collections Collections Levy
1991 1993 $842,077 $840,915 99.86% $ 43 $840,958 99.87%
1990 1992 814,693 832,737 98.90 17,736 854,988 101.58
1989(5) 1991 609,854 500,021 98.20 964 602,304 98.81
1988(4) 1990 551,811 539,680 97.80 ? ,570 548,259 99. 36
1987(4) 1989 580,309 576,597 99.36 6,026 585,620 100.92
1986(4) 1988 608,701 598,279 98.30 3,053 602,586 99.00
1985(2) 1987 621,310 618,592 99.56 1,069 621,541 100.04
1984(2) 1986 568,597 562,842 98.99 3,473 571,239 100.46
1983(2) 1985 591,472 582,336 98.46 4,785 595,552 100.69
1982(2) 1984 523,892 519,179 99.10 3,067 523,621 99.95
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 -
r�
' Table 5
VILLAGE OF OAK BROOK, ILLINOIS
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY (1)
LAST TEN FISCAL YEARS
Ratio of
Total
Assessed/
Real Property Total
Estimated Estimated
Fiscal Actual Actual
Year Assessed Value Value
1993 $878,225 $2,634,675 33.00%
' 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
Note 1 - Dollar amounts in thousands.
- 77 -
Table 6 '
VILLAGE OE 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
1993 4.0129 .0977 .8171 .2087 1.0248 1.6595 .2051 -
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
Note 1 - Includes all county, fo� ast 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 Capita
1993 9,087(6) $878,225 $ 1,800,000 $261,159 $1,538,841 .175% $ 169
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
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
f, IL 30, 1993 '
Assessed value $878,225.488
Debt limit 8.625% of assessed value $ 75,746,948 '
Debt applicable to debt limit - Gei al
Obligation Recreation Bonds 1,800.000
Legal Debt Margin $ 73.946.948
- 80 -
Table 9
VILLAGE OF OAK BROOK, ILLINOIS
COMPUTATION OF DIRECT AND OVERLAPPING DEBT
APRIL 30, 1993
' Percentage Amount
Applicable to Applicable to
Gross Debt Village of Village of
Jurisdiction Outstanding— Oak Brook Oak Brook
Village of Oak Brook $ 1,800,000 100.00% $ 1,800,000
Du Page County 162,055,000 5.52 8,945,436
Du Page Airport Commission 82,850,000 5.70 4,722,450
Du Page Forest Preserve 162,735,000 5.52 8,982,972
Du Page Water Commission 291,735,000 5.95 17,358,233
Park districts 2,655,000 71.30 1,893,008
' Elementary school districts 23,780,000 16.91 4,022,255
High school districts 23,175,000 14.10 3,268,420
Unitary school districts 5,340,000 9.03 482,202
1 Total $51,474,976
Source: Du Page County Clerk's office.
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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 Inte st Service Expenditures(1) Expenditures
1993 $850,000 $109 75 $ 959,375 $12,733,113 7.53 '
1992 800,000 149,288 949,288 12,059,721 7.87
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 i
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
Note 1 - Includes General Fund, ectal 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) Expenses(2) Service(3) Principal Interest Total Coverage
1993 $4,275,374 $3,148,968 $1,126,406 $225,000 $ 32,700 $257,700 437%
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
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 '
VILLAGE OF OAK BROOK. ILLINOIS '
DEMOGRAPHIC STATISTICS
Per
Fiscal Capita Median Unemployment '
Year Population Income Aze 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. '
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' Table 13
' VILLAGE OF OAK BROOK, ILLINOIS
PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS
LAST TEN CALENDAR YEARS
' Commercial Residential Estimated
' Construction Construction Total
Number Number Property
Calendar of Value (in of Value (in Bank Deposits Value (in
Year Units Thousands) Units Thousands) (in Thousands) Thousands)
' 1992 - $ - 14 $13,815 $ 597,352,900* $2,634,675
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
Source - Polling of all banks in Village of Oak Brook.
' * Amount indicates only Oak Brook locations.
' - 85 -
Table 14 '
VILLAGE OF OAK BROOK. ILLINOIS ,
PRINCIPAL TAXPAYERS
APRIL 30, 1993 '
Percentage of '
1992 Total
Assessed Assessed '
Taxpayer Type of Business Valuation Valuation
Urban Investment and Oak Brook Shopping
Development Co. Center property $ 74,603,880 8.49% '
McDonald's Corporation Office Campus 36,983,590 4.21
Metropolitan Life Insurance
Co. Life insurance 16,975,000 1.93 '
La Salle National Bank Office buildings 13,983,670 1.59
Frain, Camins & Swartchild 10,157,070 1.16
Bradford Companies Office buildings 9,606,520 1.09
National Realty & Investment Commercial property 8,604,900 .98 '
Manufactures Life Real
Estate Executive towers 11,464,350 1.31
New York Life Insurance Co. Life insurance 8,003,020 .91
Butler National Golf Club Golf Course 11.297.060 1.29
$201,679,060 2
- 86 - ,
Table 15
' VILLAGE OF OAK BROOK, ILLINOIS
INSURANCE IN EFFECT
FISCAL YEAR 1992-1993
' Name of Company Policy Period Amount of
Type of Insurance (Policy Number) From To Coverage Premium
Treasurer's bond American Motorists 1-01-93 1-01-94 $ 100,000 $ 138
Insurance Company
Kemper Insurance
' Company
(35M61338500)
Host Liquor Continental Casualty 11-24-92 11-24-93 1,000,000 2,057
Liability Insurance Company
(8117811122)
' 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 1992 was
$269,333 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, 1993, IRMA members totaled 54 municipalities.
- 87 -
Table 16 '
VILLAGE OAK BROOK, ILLINOIS
MISCEL1A2, US STATISTICAL DATA
IL 30, 1993 '
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 16
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 50
Number of students 561
Municipal water
department Number of customers 5,170
Total water pumped Gallons 1,340,728,000
Average daily '
consumption Gallons 3.67 million
Miles of water mains 77
Building permits issued 315 ,
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 137 full-time
248 part-time/seasonal
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