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Comprehensive
Annual Financial Report
of the
Village of Oak Brook, Illinois
For the Year Ended
April 30, 1990
1
1
1
' VILLAGE OF OAK BROOK, ILLINOIS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Year Ended April 30, 1990
1
' Prepared by:
Finance Department
' VILLAGE OF OAK BROOK, ILLINOIS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
' Year Ended April 30, 1990
1 Page
INTRODUCTORY SECTION
Table of Contents 1
Organizational Chart
Officers and Officials
' Letter of Transmittal
GFOA Certificate of Achievement
FINANCIAL SECTION
Report of Independent Auditors . . . . . . . . . . . . . . . . . 17
' General Purpose Financial Statements:
Combined Balance Sheet--All Fund Types
and Account Groups . . . . . . . . . . . . . . . . . . . . . 19
Combined Statement of Revenues, Expenditures,
and Changes in Fund Balances--All Governmental
Fund Types . . . . . . . . . . . . . . . . . . . . . . . . . 21
Combined Statement of Revenues, Expenditures, and
Changes in Fund Balances (Non-GAAP Basis)--Budget
' and Actual General Fund, Special Revenue Fund,
Debt Service Fund and Capital Projects Fund. . 22
Combined Statement of Revenues, Expenses, and
Changes in Retained Earnings/Fund Balances--All
' Proprietary Fund Types and Pension Trust Funds . . . . . . . 24
Combined Statement of Changes in Financial
Position--All Proprietary Fund Types and
'
Pension Trust Funds. . . . . . . . . . . . . . . . . . . . . 25
Notes to Financial Statements. 26
Required Supplementary Information:
Police Pension Fund
Revenues by Source and Expenses by Type. . . . . . . . . . . 56
Analysis of Funding Progress . . . . . . . . . . . . . . . . 57
Firefighter's Pension Fund
Revenues by Source and Expenses by Type. . . . . . . . . . . 58
' Analysis of Funding Progress . . . . . . . . . . . . . . . . 59
Illinois Municipal Retirement Fund Analysis
of Funding Progress. . . . . . . . . . . . . . . . . . . . . 60
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TABLE OF CONTENTS--Continued ,
Page '
Combining, Individual Fund, and Account Group
Financial Statements and Schedules: '
Governmental Funds:
General Fund '
Schedule of Revenues, Expenditures, and Changes
in Fund Balance (Non-GAAP Basis)-- ,
Budget and Actual. . . . . . . . . . . . . . . . . . . 61
Schedule of Expenditures (Non-GAAP Basis)--
Budget and Actual. . . . . . . . . . . . . . . . . . . 62
Capital Projects Funds '
Combining Balance Sheet. . . . . . . . . . . . . . . . . 65 '
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances . . . . . . . . . . . . . 66
Proprietary Funds: '
Enterprise Funds
Combining Balance Sheet. . . . . . . . . . . . . . . . . 67 '
Combining Statement of Revenues, Expenses,
and Changes in Retained Earnings (Deficit) . . . . . . 68 '
Combining Statement of Changes in Financial
Position . . . . . . . . . . . . . . . . . . . . . . . 69
Waterworks System Fund: '
Schedule of Revenues, Expenses, and Changes
in Retained Earnings (Non-GAAP Basis)--
Budget and Actual. . . . . . . . . . . . . . . . 70 ,
Schedule of Property, Plant and Equipment
and Accumulated Depreciation . . . . . . . . . . . . 72
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TABLE OF CONTENTS--Continued
Page
Combining, Individual Fund, and Account Group
' Financial Statements and Schedules--Continued:
Proprietary Funds--Continued:
Enterprise Funds--Continued:
' Sports Core Fund:
Schedule of Revenues, Expenses, and Changes
in Deficit (Non-GAAP Basis)--.
Budget and Actual. 73
Schedule of Property, Plant and Equipment
' and Accumulated Depreciation . . . . . . . . . . . . 75
Fiduciary Funds--Pension Trust Funds:
' Combining Balance Sheet. . . . . . . . . . . . . . . . . . 76
Combining Statement of Revenues, Expenses,
and Changes in Fund Balances . . . . . . . . . . . . . . 77
Combining Statement of Changes in Financial Position . . . 78
Policemen's Pension Fund:
Schedule of Revenues, Expenses, and Changes
' in Fund Balance--Budget and Actual . . . . . . . . . . 79
Firefighter's Pension Fund:
Schedule of Revenues, Expenses, and Changes
in Fund Balance--Budget and Actual • . 80
' General Fixed Assets Account Group:
Schedule of General Fixed Assets--By Source. . . . . . . . 81
Schedule of General Fixed Assets--By Function
' and Activity . . . . . . . . . . . . . . . . . . . . . . 82
Schedule of Changes in General Fixed Assets--
By Function and Activity . . . . . . . . . . . . . . . . 83
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TABLE OF CONTENTS--Continued '
Table Page '
STATISTICAL SECTION (Unaudited)
General Governmental Expenditures by Function-- '
Last Ten Fiscal Years. . . . . . . . . . . . . . . . . 1 84
General Revenues by Source--Last Ten Fiscal Years. . . . 2 85
Special Assessment Collections . . . . . . . . . . . . . 3 86 '
Property Tax Levies and Collections--Last Ten
Fiscal Years . . . . . . . . . . . . . . . . . . . . 4 87
Assessed and Estimated Actual Value of Taxable - '
Property--Last Ten Fiscal Years. . . . . . . . . . . . 5 88
Property Tax Rates--All Overlapping Governments—
Last Ten Fiscal Years. . . . . . . . . . . . . . . . . 6 89
Ratio of Net General Bonded Debt to Assessed '
Value and Net Bonded Debt Per Capita--Last
Ten Fiscal Years . . . . . . . . . . . . . . . . . . . 7 90
Computation of Legal Debt Margin . . . . . . . . . . . . 8 91 '
Computation of Direct and Overlapping Debt . . . . . . . 9 92
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Total General - '
Expenditures--Last Ten Fiscal Years. . . . . . . . . . 10 93
Revenue Bond Coverage- Waterworks System Bonds-
Last Ten Fiscal Years. . . . . . . . . . . . . . . . . 11 94
Demographic Statistics . . . . . . . . . . . . . . . . . 12 95 ,
Property Value, Construction, and Bank Deposits--
Last Ten Calendar Years. . . . . . . . . . . . . . . . 13 96
Principal Taxpayers. . . . . . . . . . . . . . . . . . . 14 97 '
Insurance in Effect. . 15 98
Miscellaneous StatisticalData . . . . . . . . . . . . . 16 99
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Village of Oak Brook, 1
Organizational
ELECTED
\
Treasu:reDr
Advisory Boards&Commissions Village Manager
Village M
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Pla I n . Zoning Board Electrical Fire & Police Library Asst.to Village Legal Depa=,ntj
Commission of Appeals Commission Commission Commission Manager
Staff Service
Engineering ; FAdministrative
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Review \ . • LAdministration 1Customer ; Payroll \ \Inspectio Service Insurance Billing Accounts 1
Operating Departments
Sports Core PublicWorks \ FireService \ Police Service Library
\ \
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' VILLAGE OF OAK BROOK, ILLINOIS
OFFICERS AND OFFICIALS
' Year Ended April 30, 1990
' President
Wence F. Cerne
Clerk
' Linda Gonnella
Trustees
' Garry J. Bartecki
Karen M. Bushy
Ronald P. Maher
Barbara A. Payovich
Joseph H. Rush
H. Richard Winters
i
Village Manager
' Stephen Berley
' Village Treasurer
Terry Klein
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EOF LAK
C�COUNt'�'��
VILLAGE OF OAK BROOK
O
1200 OAK BROOK ROAD
OAK BROOK, ILLINOIS 60521 -2255
708 990- 3000
September 30, 1990
i
President and Board of Trustees
Village of Oak Brook
Oak Brook, Illinois 60521
Gentlemen:
The Comprehensive Annual Financial Report of the Village of Oak Brook
for the fiscal year ended April 30, 1990 is submitted herewith.
Responsibility for both the accuracy of the presented data and the
completeness and fairness of the presentation, including all disclo-
sures, rests with the Village. I believe the data, as presented, is
accurate in all material aspects; that it is presented in a manner
designed to fairly set forth the financial position and results of
operations of the Village as measured by the financial activity of its
' various funds; and that all disclosures necessary to enable the reader
to gain the maximum understanding of the Village's financial affairs
have been included.
i' 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 sched-
ules. The statistical section includes financial and demographic
information, generally presented on a multiyear basis.
i 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 medi-
cal service), street maintenance, public improvements, planning and
zoning, general administration services, water, and operation of a free
public library and recreation facilities at the Oak Brook Sports Core,
' including an 18-hole golf course. In addition to general government
activities, the Village exercises oversight over the Oak Brook Public
Library; therefore, this entity is included in the reporting entity.
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However, the Intergovernmental Risk Management Agency, Intergovern-
mental 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 high-
ways 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 7.6%, Du Page County has established an unemployment rate of
4.2%, significantly lower than the norm. In Oak Brook, that rate has
dropped to less than 2.4%.
Based on current assessed valuations, the market value of completed '
homes in Du Page County ranges from $135,000 to $170,000. In 1989, the
average sale price of homes in Oak Brook was $351,730, and time on the
market was approximately 95 days.
According to the results of a February 1988 survey of residents of the
Village, over one-third of the households in Oak Brook are two-person,
and over 44% 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 1989-90
During 1989-90, the staff prepared a Long-Range Financial Plan for
fiscal years 1989-90 through 1993-94. The Financial Plan is our '
proposed capital improvement program which is a listing of those items,
projects, and possible facilities that are suggested for acquisition or
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' construction. The preparation of the Financial Plan provides greater
assurance that: (1) the project/item will be undertaken in order of
need; (2) that overlapping projects will be avoided, and; (3) that all
proposed projects are coordinated with each other.
In the Future
During the next fiscal year, the staff will update the Long-Range
Financial Plan prepared last fiscal year.
Sales tax receipts, a major source of revenue for the General Corporate
Fund, have been very erratic. Our 1989-90 budget reflected an $800,000
shortfall in sales tax. Because our forecast was based on historical
' data plus the budget, it is important that we update the five-year
financial plan and maintain a proper level of the fund balance.
Also of major importance is resolving the various stormwater problems
within the Village. We will complete the County-Village preliminary
stormwater plans for Ginger and Salt Creeks in fiscal year 1990-91.
The preliminary studies will provide us with computer models of the
creeks, determine alternative mitigation measures and estimate
preliminary costs for said mitigation programs. Once the plans are
received, we will know the magnitude of the major mitigation efforts
' and can establish our action plan, which we suggest be started in
fiscal year 1990-91.
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, consider-
ation is given to the adequacy of internal accounting controls.
Internal accounting controls are designed to provide reasonable, but
not absolute, assurance regarding: (1) the safeguarding of assets
against loss from unauthorized use or disposition; and (2) the
reliability of financial records for preparing financial statements and
maintaining accountability for assets. The concept of reasonable
assurance recognizes that: (1) the cost of a control should not exceed
the benefits likely to be derived; and (2) the evaluation of costs and
benefits requires estimates and judgments by management.
' All internal control evaluations occur within the above framework. We
believe that the Village's internal accounting controls adequately
safeguard assets and provide reasonable assurance of proper recording
of financial transactions.
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Budgetary control is maintained through a system of monthly revenue and
expenditure/expense vs. budget accounting reports which are provided to
all Trustees and department heads. All disbursements receive prior
approval of the Board of Trustees. Total expenditures in any fund are
legally restricted to the total appropriation budget, which is not
changed without supplemental ordinance approval. The budget is moni-
tored at the subfunction level by the encumbrance of estimated purchase
amounts prior to the release of purchase orders to vendors. Open
encumbrances at April 30, 1990 are reported as reservations of fund
balance.
General Governmental Functions
Operating revenues for general governmental functions as reported in
the General Fund totaled $8,359,667, an increase of $238,257 (2.9%)
over last year.
The amount of revenues from all sources and the increase or decrease
over last year are shown in the following tabulation:
Percent Increase
of (Decrease)
Source Amount Total Over 1989
Intergovernmental $7,012,264 83.9% $145,850 '
Licenses and permits 305,085 3.6 44,004
Charges for services 219,484 2.6 (44,275)
Fines and penalties 229,841 2.7 63,603
Interest on investments 438,929 5.4 109,169
Other revenues 254,064 1.8 (80,094)
8.359.667 100.0% 2 '
Intergovernmental revenue is the major source of revenue for the
Village, producing 83.9% of current year revenues. The increase over
last year is due to increased state income tax revenue of $254,413,
most of which is a temporary surcharge. This increase reduced the
impact of the shortfall in sales tax revenue over last fiscal year of '
$116,310. The net effect of these two sources is a $138,103 increase
over last fiscal year.
The increase in licenses and permits is due to increased building
activity.
The decrease in charges for services is due to a reclassification of '
fees collected for false alarm responses. False alarm fees have been
reclassified as fines and penalties and total $44,125, thus accounting
for the major portion of the increase listed under fines and penalties.
Revenues from interest on investments increased by $109,169, because of
higher interest rates.
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Other revenues were down because of a one-time grant issued to the
Village by Illinois Bell Telephone in the amount of $20,000 and an
Ameritech Franchise agreement of $35,000 during last fiscal year.
The Village has never levied taxes for general governmental functions.
However, the assessed valuation of real property of the Village was
$745,392,000, an increase of $76,362,000, or 11.4% over the prior year.
Expenditures for general governmental purposes as reported in the
General Fund totaled $8,606,154, an increase of $115,806 (1.4%) from
last year. Changes in levels of expenditures for major functions of
the Village over the prior year are shown in the following tabulation:
Percent Increase
of (Decrease)
Function Amount Total Over 1989
Legislative $ 616,300 7.2% $288,561
General government 1,041,157 12.1 (83,577)
Public safety 5,218,682 60.6 454,249
Public works 1,510,604 17.6 (566,254)
Culture and recreation 219,411 2.5 22,827
$8.606.154 100.0% 11
The increase in general government (legislative) expenditures of
$288,561 over last year is because of a $210,000 property acquisition
in conjunction with the Village of Hinsdale and the Du Page County
Forest Preserve District.
The increase in public safety of $454,249 is due to an increase in
capital expenditures of $100,000, the addition of one full-time officer
and a part-time records clerk. Also, the Village entered into a
contract to provide additional paramedic services.
The decrease in public works of $566,254 is due entirely to reduced
capital expenditures because of budget constraints.
The Village also abated $300,000 of the 1987 Sports Core tax levy as a
result of prior years' accumulated surpluses in the Debt Service Fund.
Accumulated unpaid vacation pay is accrued when incurred in the
propriety funds. For governmental funds, the current portion of the
liability is reported in the individual fund, and the remainder is
reported in the General Long-term Debt Account Group.
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Debt Administration
The ratio of net bonded debt to assessed valuation and the amount of
the debt per capita are useful indicators of the Village's debt posi-
tion. This information for the Village at April 30, 1990 as compared
to April 30, 1989 is as follows:
April 30 April 30 '
1990 1989
Net bonded debt total $3,817,307 $4,320,709 ,
Ratio of net bonded debt to
assessed valuation .512% .646%
Net bonded debt per capita $ 417 $ 472
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 1989/90 totaled $539,680, or
approximately 99% of the total tax levy. Because of the high fund
balance in the Debt Service Fund, the Village abated the tax levy to be '
collected in fiscal 1989/90 by $300,000. As a result of the abatement,
the tax rate was reduced from $.1220 per $100 of assessed valuation to
$.0818 per $100 of assessed valuation.
The general obligation bonds are due to be retired in December 1994.
In addition, the Village has outstanding revenue bonds for the Water- '
works System Fund. Schedules of maturities of both bond issues are
located in the notes to financial statements of the report.
The Village's bonds have the following ratings: '
Moody's
Investors
Service
General Obligation Bond Aa
1973 Water Works Revenue Bonds Aa
1976 Water Works Revenue Bonds Aa
Cash Management
It is the policy of the Village of Oak Brook to invest idle cash and
increase investment income by the efficient use of savings accounts, '
certificates of deposit, repurchase agreements, and the Illinois Public
Treasurer's Investment Pool. At April 30, 1990, the Village's invest-
ments for all funds exclusive of the Pension Trust Funds were
distributed as follows:
Treasurer's Investment Pool 2.6%
Repurchase agreements 23.4
Certificates of deposit and other
time deposits 74.0
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For the year ended April 30, 1990, the Village received $1,253,081 in
interest income.
Capital Projects Funds
The proceeds of the general obligation bond issue are accounted for in
I the Capital Project Funds until improvement projects are completed. At
the end of the fiscal year, completed projects are transferred to the
general account group or to the fixed assets of the Sports Core
Enterprise Fund.
Motor Fuel Tax Fund
The Motor Fuel Tax Fund was established to account for the revenue
received from the State of Illinois for the local share of the motor
fuel tax collections. The. State collects the tax on each gallon of
fuel sold within the State of Illinois and returns a percentage back to
each municipality based on population. Motor Fuel Tax revenue from the
State for the fiscal year ended April 30, 1990 was $186,935. The funds
in the Motor Fuel Tax Fund have been traditionally used by the Village
' to finance street reconstruction and resurfacing projects, and roadway
deicer salt.
Pensions
Employees of the Village of Oak Brook are covered by one of three
pension plans. They are: (1) the Policemen's Pension Fund of the
1 Village of Oak Brook, covering the Village's uniformed personnel in the
Police Department; (2) the Firefighter's Pension Fund of the Village of
Oak Brook, covering the Village's uniformed personnel in the Fire
Department; and (3) the Illinois Municipal Retirement Fund, which covers
all the remaining Village employees who work in excess of 1,000 hours
per year on a regular basis. The employees covered by the Illinois
Municipal Retirement Fund are also covered by Social Security.
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, 1990, the general
fixed assets of the Village amounted to $16,158,982. 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.
i
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Waterworks System Fund
The Village's water utility continues to show increases in water sales,
although also showing slight declines in net income, and debt service
coverage as we continue the program of increasing rates about 5%
annually. Comparative data for the past two fiscal years are presented
in the following tabulation:
1990 1989
Water sales $2,300,334 $2,204,707
Water tap on charges 90,640 155,380
Total operating revenues 2,538,641 2,583,218
Total operating expenses 1,015,261 1,557,494
Amount available for debt service 1,545,938 1,495,509
Annual debt service 602,150 575,450
Coverage (amount available for
debt service divided by annual
debt service) 2.57 2.60
During the year, $475,000 of regularly maturing revenue bonds were
retired in the Waterworks System Fund. Since fiscal year 1976/77, our
debt coverage as previously defined has increased from 2.07 to 2.57.
Risk Management
The Village of Oak Brook has in place a limited risk management program
for Worker's Compensation. As part of this plan, resources are annually
accumulated in the General Fund to meet potential losses. In addition,
various risk control techniques, including employee safety and accident
prevention training, and the formation of a Village Safety Committee '
consisting of employee representatives for each department of the
Village, have been recently implemented to minimize accident related
losses. Third-party coverage is currently maintained for Worker's
Compensation claims greater than $100 and all other potential losses.
Sports Core Fund
The 1990 financial statements reflect the ninth year of operation of
the 18-hole golf course and expanded operations of the Bath and Tennis
Club. Operating revenues and interest income totaled $1,930,832.
Operating expenses, excluding depreciation, totaled $1,754,361. Major
department activity is summarized as follows:
Revenues and Interest Income
Percent
of
Description Amount Total
Golf course (including open fields) $1,244,674 64.5%
Bath and Tennis Club (including
special events) 671,021 34.7
Interest income 15,137 .8
$1.930.832 100.0%
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Operating Expenses
Percent
of
Description Amount Total
Golf course (including open fields) $ 936,429 53.4%
Bath and Tennis Club 717,733 40.9
Administration 70,132 4.0
Interest expense 30,067 1. 7
$1.754.361 L00.0%
OTHER INFORMATION
Independent Audit
Statutes require an annual audit to be made of the books of account,
financial records, and transactions of all administrative departments
of the Village by independent certified public accountants selected by
the Board of Trustees. This requirement has been complied with and the
auditor's opinion has been included in this report.
Certificate of Achievement
The Government Finance Officers Association of the United States and
Canada ("GFOA") awarded a Certificate of Achievement for Excellence in
Financial Reporting to the Village of Oak Brook for its comprehensive
annual financial report for the fiscal year ended April 30, 1989.
In order to be awarded a Certificate of Achievement, a governmental
unit must publish an easily readable and efficiently organized
comprehensive annual financial report, whose contents conform to
program standards. Such reports must satisfy both generally accepted
accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only.
' The Village has successfully obtained the Certificate of Achievement
for 13 years. We believe our current report conforms to Certificate of
Achievement Program requirements, and we are submitting it to GFOA to
' determine its eligibility for another certificate.
Acknowledgments
' The preparation of this report could not be accomplished without the
efficient and dedicated services of the entire staff of the Village of
Oak Brook. We wish to express our appreciation to those persons who
have made possible the publication of this report, and to thank the
President and members of the Board of Trustees for their interest and
support in planning and conducting the financial operations of the
Village in a responsible and progressive manner.
.). C.
Terry C. Klein
Finance Officer/Treasurer
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1
Certificate of
Achievement
for Excellence
1 in Financial
Reporting
Presented to
Village of Oak Brook,
Illinois
' For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
April 30, 1989
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 (CAFR's) achieve the highest
standards in government accounting
and financial reporting.
' 4���`OF TNFf/Cf9J'
arto subs u2
AND President
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C�N�O� o
6 W= t ze!�;t
cJL�.
MICiiO ! Y�f�Executive Director
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1
Ernst &Young
150 South Wacker Drive
' Chicago, Illinois 60606
Telephone: (312)368-1800
REPORT OF INDEPENDENT AUDITORS
' The President, Board of Trustees,
and Village Manager
' Village of Oak Brook
Oak Brook, Illinois 60521
' We have audited the accompanying general purpose financial statements
of the Village of Oak Brook, Illinois, and the combining, individual
fund, and account group financial statements and schedules of the
' Village as of and for the year end April 30, 1990, as listed in the
table of contents. These financial statements are the responsibility
of the Village's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
' We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
' to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
' principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
' In our opinion, the general purpose financial statements referred to
above present fairly, in all material respects, the financial position
' of the Village of Oak Brook, Illinois at April 30, 1990, and the
results of its operations and the changes in financial position of its
proprietary and similar trust 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 at April 30, 1990, and the
results of operations of such funds and changes in financial position
of individual proprietary and similar trust fund for the year then
ended, in conformity with generally accepted accounting principles.
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' Our audit was made for the purpose of forming an opinion on the general
purpose financial statements taken as a whole and on the combining,
individual fund, and individual account group financial statements.
The accompanying financial information listed as required supplementary
information in the table of contents is presented for purposes of
additional analysis and is not a required part of the financial
' statements, and we did not audit or apply limited procedures to such
information and do not express any assurances on such information.
The accompanying statistical information listed 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 not been subjected to the auditing procedures
' applied in our audit of the general purpose, combining, individual fund
and individual account group financial statements and, accordingly, we
express no opinion on it.
44444t
f
August 17, 1990
-18-
1
VILLAGE OF OAK BROOK, ILLINOIS '
COMBINED BALANCE SHEET--ALL FUND TYPES AND ACCOUNT GROUPS
April 30, 1990
Governmental Fund Types ,
Special Debt Capital
General Revenue Service Projects
ASSETS AND OTHER DEBITS
Cash $ 146,165 $ 499 $ 391 $ 98 '
Investments 4,153,259* 352,835 527,320 230,481
Receivables (net, where applicable, '
of allowances for uncollectibles):
Sales taxes 1,534,363"
Property taxes 610,949 ,
State income taxes 71,895
Water customers
Allotments 15,504
Accrued interest 88,8964 ,
Other 208,769`x'
Due from other funds 256,,5384 74 123,966
Inventory of supplies 55,516Y,
Other assets 2,0044 '
Restric-ed assets--investments
Investnz!nt in joint venture
Fixed assets (net, where applicable, ,
of accumulated depreciation)
Amount available in Debt Service Fund
Amount to be provided for retirement t
of general long-term debt
TOTAL ASSETS AND OTHER DEBITS 6.517.405 lau M 11,138,734 4 4
See accompanying notes to financial statements. ,
1
-19-
1
Fiduciary
Proprietary Fund Type Account Groups Totals
Fund Type Pension General General Long- (Memorandum Only)
Enterprise Trust Fixed Assets Term Debt 1990 1989
' $ 323,468 $ 54,139 $ 524,760 $ 286,265
1,605,925 15,769,273 22,639,093 22,582,185
1,534,363 1,358,562
' 610,949 553,418
71,895 36,626
268,593 268,593 286,168
15,504 11,551
231,249 458,635 778,780 747,222
60,634 19,708 289,111 220,172
51,528 35,413 467,519 133,123
126,320 181,836 154,741
61,513 63,517 8,470
3,990,229 3,990,229 4,351,453
' 1,520,847 1,520,847 577,463
18,799,566 $16,158,982 34,958,548 32,608,884
$ 432,693 432,693 629,291
3,914,465 3,914,465 4,411,262
' $27.039.812 116,337,16a $16.158.982 4.347.158 $72.262.702 X68.956.856
' -19-
VILLAGE OF OAK BROOK, ILLINOIS '
COMBINED BALANCE SHEET--ALL FUND TYPES AND ACCOUNT GROUPS--Continued
April 30, 1990
Governmental Fund Types
Special Debt Capital
General Revenue Service Projects
LIABILITIES AND FUND EQUITY
Liabilities: '
Accounts payable $ 368,330 $ 4,654 $ 1,000
Accrued payroll and vacation 500,5161( '
Customer deposits 2,4174
Due to other funds 188,641 176,361 22,340
Deferred revenue:
Property tax receivables $ 603,141
Other 187,906`,
Current interest payable 102,900
Construction performance bonds 358,9244 '
Note payable
Revenue bonds payable
General obligation bonds payable '
TOTAL LIABILITIES 1,606,734 181,015 706,041 23,340
Fund equity:
Contributed capital '
Investment in general fixed assets
Retained earnings:
Reserved under revenue bond '
ordinance
Unreserved
Fund balances:
Reserved for encumbrances 221,529
Reserved for inventory 551,516
Reserved for debt service 432,693
Reserved for employees' '
retirement
Unreserved:
Designated for subsequent '
year's expenditures 239,580
Undesignated 4,633,626 187,823 91,625
TOTAL EQUITY AND OTHER CREDITS 4,910,671 187,823 432,693 331,205
TOTAL LIABILITIES '
AND FUND EQUITY tl,138,734 4 4
See accompanying notes to financial statements.
—20—
Fiduciary
' Proprietary Fund Type Account Groups Totals
Fund Type Pension General General Long- (Memorandum Only)
Enterprise Trust Fixed Assets Term Debt 1990 1989
$ 744,362 $ 33,994 $ 1,152,340 $ 1,476,450
57,529 $ 97,158 655,203 629,376
288,058 290,475 201,188
78,677 1,500 467,519 133,123
' 603,141 546,305
6,819 194,725 140,283
102,900 119,000
358,924 462,828
462,025 462,025
1,980,412 1,980,412 2,450,242
4,250,000 4,2509000 4,950,000
3,617,882 35,494 49347,158 10,517,664 11,1089795
11,025,590 11,025,590 11,025,590
$16,1589982 16,1589982 15,394,939
' 3,948,207 39948,207 398589779
8,448,193 8,448,193 6,9779853
221,529 4979731
55,516 66,605
432,693 629,291
15,581,198 15,581,198 14,088,866
2399580 193,403
720,476 5,633,550 5,115,004
' 23,421,990 16,301,674 16,158,982 61,745,038 57,848,061
27.039.872 16.337.168 16.158.982 4.347.158 72.262.702 t68,956,85L
-20-
VILLAGE OF OAK BROOK, ILLINOIS '
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCES--ALL GOVERNMENTAL FUND TYPES
Year Ended April 30, 1990
Special
General Revenue
Fund Fund
Revenues: J
Intergovernmental $7,012,264 $186,935 ,
Property taxes
Licenses and permits 305,0851
Service charges 219,484
Fines and penalties 229,841
Interest on investments 438,929 22,501
Miscellaneous 154,064
TOTAL REVENUES 8,359,667 209,436
Expenditures:
Current:
Legislative 616,300
General government 1,041,157
Public safety 5,218,682 '
Public works 1,510,604 94,614
Culture and recreation 219,411
Debt service:
Principal retirement '
Interest and fees
TOTAL EXPENDITURES 8,606,154 94,614
EXCESS (DEFICIENCY) OF '
REVENUES OVER (UNDER) EXPENDITURES (246,487) 114,822
Other financing sources (uses): '
Operating transfers in 292,500
Operating transfers out (135,090) (100,000)
TOTAL OTHER FINANCING SOURCES (USES) 157,410 (100,000)
EXCESS (DEFICIENCY) OF REVENUES ,
AND OTHER FINANCING SOURCES
OVER (UNDER) EXPENDITURES
AND OTHER FINANCING USES (89,077) 14,822 '
Fund balances at May 1, 1989 4,999,748 173,001
FUND BALANCES AT APRIL 30, 1990 4.910.671
See accompanying notes to financial statements. '
-21-
1
Debt Capital Totals
Service Projects (Memorandum Only)
Fund Funds 1990 1989
' $126,694 f $7,325,893 $7,151,393
542,623 542,623 582,861
305,085 261,081
219,484 263,759
229,841 166,238
56,801 $ 19,928 538,159 418,479
' 154,064 234,158
726,118 19,928 9,315,149 9,077,969
616,300 327,739
1,041,157 1,124,734
' 84,774 5,303,456 5,184,559
1,605,218 2,076,858
22,340 241,751 196,584
700,000 700,000 700,000
222,716 222,716 254,972
922,716 107,114 9,730,598 9,865,446
(196,598) (87,186) (415,449) (787,477)
120,090 412,590 1,100,765
(235,090) (928,715)
120,090 177,500 172,050
(196,598) 32,904 (237,949) (615,427)
629,291 298,301 6,100,341 6,715,768
' 5,862,392 JL,10.341
-21-
VILLAGE OF OAK BROOK, ILLINOIS ,
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCES (NON-GAAP BASIS)--BUDGET AND ACTUAL '
GENERAL FUND, SPECIAL REVENUE FUND, DEBT SERVICE FUND
AND CAPITAL PROJECTS FUND
Year Ended April 30, 1990 '
General Fund ,
Actual-- Variance
Budgetary Favorable
Basis Budget (Unfavorable)
Revenues: ,
Intergovernmental $7,012,264 $7,364,100 $(351,836)
Property taxes -
Licenses and permits 305,085 236,942 68,143 '
Service charges 219,484 195,510 23,974
Fines and penalties 229,841 199,484 30,357
Interest on investments 438,929 386,400 52,529 ,
Miscellaneous 154,064 175,800 (21,736)
TOTAL REVENUES 8,359,667 8,558,236 (198,569)
Expenditures: '
Current:
Legislative 616,300 853,278 236,978
General government 1,134,078 1,133,498 (580)
Public safety 5,231,901 5,421,437 189,536
Public works 1,486,158 1,888,358 402,200
Culture and recreation 219,411 229,932 10,521
Debt service: '
Principal retirement
Interest and fees
TOTAL EXPENDITURES 8,687,848 9,526,503 838,655 '
EXCESS (DEFICIENCY)
OF REVENUES OVER
EXPENDITURES (328,181) (968,267) 640,086 ,
Other financing sources (uses):
Operating transfers in 292,500 192,500 100,000
Operating transfers out (135,090) (135,090) - '
TOTAL OTHER FINANCING
SOURCES (USES) 157,410 57,410 100,000
EXCESS (DEFICIENCY) '
OF REVENUES AND OTHER
FINANCING SOURCES
OVER (UNDER) EXPENDITURES
AND OTHER FINANCING USES (170,771) $ (910,857) LIAQQa ,
Fund balances at May 1, 1989 4,859,913
FUND BALANCES
AT APRIL 30, 1990 4 4
See accompanying notes to financial statements.
-22-
' Special Revenue Fund Debt Service Fund
Actual-- Variance Actual-- Variance
Budgetary Favorable Budgetary Favorable
Basis Budget (Unfavorable) Basis Budget (Unfavorable)
' $186,935 $155,500 $31,435 $126,694 $130,000 $ (3,306)
542,623 654,100 (111,477)
22,501 22,800 (299) 56,801 20,000 36,801
209,436 178,300 31,136 726,118 804,100 (77,982)
700,000 700,000 -
222,716 238,900 16,184
- - - 922,716 938,900 16,184
209,436 178,300 31,136 (196,598) (134,800) (61,798)
300,000 (300,000)
(194,614) (182,300) (12,314) -
(194,614) (182,300) (12,314) - 300,000 (300,000)
14,822 4 Q ) 2? (196,598) V361,798)
173,001 629,291
� 4 2
' -22-
VILLAGE OF OAK BROOK, ILLINOIS
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCES (NON-GAAP BASIS)--BUDGET AND ACTUAL '
GENERAL FUND, SPECIAL REVENUE FUND, DEBT SERVICE FUND
AND CAPITAL PROJECTS FUND--Continued
Year Ended April 30, 1990 '
Capital Projects Fund '
Actual-- Variance
Budgetary Favorable
Basis Budget (Unfavorable) '
Revenues:
Intergovernmental
Property taxes '
Licenses and permits
Service charges
Fines and penalties
Interest on investments $ 19,928 $ 18,238 $ 1,690
Miscellaneous
TOTAL REVENUES 19,928 18,238 1,690
Expenditures:
Current:
Legislative
General government ,
Public safety 84,774 177,544 92,770
Public works
Culture and recreation 22,340 100,000 77,660
Debt service:
Principal retirement
Interest and fees
TOTAL EXPENDITURES 107,114 277,544 170,430
EXCESS (DEFECIENCY)
OF REVENUES OVER
EXPENDITURES (87,186) (259,306) 172,120
Other financing sources (uses):
Operating transfers in 120,090 120,090 - '
Operating transfers out
TOTAL OTHER FINANCING
SOURCES (USES) 120,090 120,090
EXCESS (DEFICIENCY)
OF REVENUES AND OTHER
FINANCING SOURCES
OVER (UNDER) EXPENDITURES
AND OTHER FINANCING USES 32,904 �)
Fund balances at May 1, 1989 298,301 ,
FUND BALANCES
AT APRIL 30, 1990 1 2
See accompanying notes to financial statements. '
-23-
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, 1990
Fiduciary
Proprietary Fund Type Totals
Fund Type Pension (Memorandum Only)
Enterprise Trust 1990 1989
Operating revenues:
Charges for services $ 4,376,452 $ 4,376,452 $ 4,397,791
Interest on investments $ 1,468,233 1,468,233 966,431
Contributions:
Employees 231,548 231,548 212,455
Village 456,252 456,252 413,473
Miscellaneous 22,558 100 22,658 70,986
TOTAL
OPERATING REVENUES 4,399,010 2,156,133 6,555,143 6,061,136
Operating expenses:
Operation of facilities 2,669,423 2,669,423 2,719,009
General and
administrative 70,133 4,755 74,888 239,014
Depreciation 574,570 574,570 507,371
Pension refunds 20,729 20,729
Benefit payments 319,534 319,534 239,642
TOTAL
OPERATING EXPENSES 3,314,126 345,018 3,659,144 3,705,036
OPERATING INCOME 1,084,884 1,811,115 2,895,999 2,356,100
' Nonoperating revenues
(expenses):
Interest on investments 714,922 714,922 548,430
Interest expense (157,217) (157,217) (150,450)
Amortization of
bond discount (5,170) (5,170) (5,170)
Fiscal agents' fees (375) (375) (713)
Other revenue 77,884 77,884 6,966
630,044 630,044 399,063
NET INCOME BEFORE
' OPERATING TRANSFERS 1,714,928 1,811,115 3,526,043 2,755,163
Operating transfers in 37,340 37,340 12,950
Operating transfers out (192,500) (192,500) (185,000)
NET INCOME 1,559,768 1,811,115 3,370,883 2,583,113
Retained earnings/fund
balances at May 1, 1989 10,836,632 14,490,559 25,327,191 22,744,078
RETAINED EARNINGS/
FUND BALANCES AT
' APRIL 30, 1990 $12.396.400 t16,301 t28,698,U4 $25.327.191
See accompanying notes to financial statements.
-24-
VILLAGE OF OAK BROOK ILLINOIS '
COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION--ALL
PROPRIETARY FUND TYPES AND PENSION TRUST FUNDS
Year Ended April 30, 1990
Fiduciary '
Proprietary Fund Type Totals
Fund Type Pension (Memorandum Only)
Enterprise Trust 1990 1989
Sources of working capital: '
Operations:
Net income $1,559,768 $1,811,115 $3,370,883 $2,583,113
Items not requiring
working capital:
Depreciation 574,570 574,570 507,371
Amortization of '
bond discount 5,170 5,170 5,170
TOTAL PROVIDED
BY OPERATIONS 2,139,508 1,811,115 3,950,623 3,095,654
Decrease in restricted
assets 361,224 361,224 1,153,071
Increase in note payable 462,025 462,025 -
TOTAL SOURCES OF
WORKING CAPITAL 2,962,757 1,811,115 4,773,872 4,248,725
Uses of working capital: ,
Acquisition of fixed assets 2,160,191 2,160,191 1,202,898
Reduction in bonds payable 475,000 475,000 425,000
Net increase in pension
investments 1,645,760 1,645,760 1,292,109
Increase in investment in
joint venture 943,384 943,384 577,463
TOTAL USES OF
WORKING CAPITAL 3,578,575 1,645,760 5,224,335 3,497,470
NET INCREASE (DECREASE)
IN WORKING CAPITAL $ (615.818) $ 165,355 $ (450.463) $ 751.255
Elements of net increase
(decrease) in working
capital:
Cash $ 121,574 $ 15,703 $ 137,277 $ 168,274
Investments (984,056) (984,056) 995,165
Receivables 22,995 161,872 184,867 184,031
Other assets 55,261 55,261 2,499
Inventory 38,184 38,184 49,703
Due from other funds 29,657 1,900 31,557
Accounts payable 282,551 (12,620) 269,931 (662,548)
Accrued payroll and
vacation liability (7,201) (7,201) (19,084)
Customer deposits (89,287) (89,287) 679
Due to other funds (78,677) (1,500) (80,177) 32,536
Deferred revenue (6,819) (6,819)
NET INCREASE (DECREASE)
IN WORKING CAPITAL $ (615,818) $ 165,355 $ (450.463) $ 751.255
See accompanying notes to financial statements.
-25-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
SYear Ended April 30, 1990
r
NOTE A--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 promul-
gated 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 consid-
erations: selection of governing authority, designation of management,
ability to significantly influence operations, accountability for
fiscal matters, the scope of an organization's public service, and/or
special financial relationships.
Based on the foregoing criteria, the financial statements of the
following organization are included in the accompanying financial
statements:
Oak Brook Public Library--The Library provides services to
Village residents and the Village provides most of the Library's
operating funds.
' The following organizations are not part of the Village and are excluded
in the accompanying financial statements:
Intergovernmental Risk Management Agency ("IRMA")--IRMA is
a voluntary cooperative agency consisting of 47 Illinois
municipal governmental units. Its purpose is to manage and fund
first-party property losses and third-party liability claims of
1 its member municipalities. The Village does not exercise any
significant control over the activities of IRMA. The Village
accounts for this joint venture using the cost method as the
joint venture is financed by the General Fund.
-26-
i
VILLAGE OF OAK BROOK, ILLINOIS ,
NOTES TO FINANCIAL STATEMENTS--Continued
r
r
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--Continued '
Intergovernmental Personnel Benefit Cooperative ("IPBC")--IPBC
is a voluntary cooperative agency established by 22 Illinois ,
municipal governmental units to administer some or all of the
personnel benefit programs offered by its members. The Village
does not exercise any significant control over the activities of
IPBC. The Village accounts for this joint venture using the
cost method as the joint venture is financed by the General Fund.
Du Page Water Commission ("Commission")--The Commission exists
and operates under the Water Commission Act of 1985 to provide
facilities for receiving, storing and transmitting Lake Michigan
water to municipalities and other customers in Du Page County.
The Village does not exercise control over the activities of the
Commission. The Village accounts for this joint venture, which
is financed by the Water Fund, using the equity method.
Basis of Presentation--Fund Accounting: The accounts of the Village
are organized on the basis of funds and account groups, each of which
is considered a separate accounting entity. The operations of each
fund are accounted for with a separate set of self-balancing accounts
that comprise its assets, liabilities, fund equity, revenue and expendi-
tures or expenses, as appropriate. Government resources are allocated
to and accounted for in individual funds based upon the purposes for
which they are to be spent and the means by which spending activities
are controlled. The various funds are grouped, in the financial
statements in this report, into six fund types and three broad fund '
categories as follows:
Governmental Fund Types:
Governmental Funds are those through which most governmental
functions of the Village are financed. The Village's expendable
financial resources (except those accounted for in proprietary
funds) are accounted for through governmental funds 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.
r '
-27-
r
L
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--Continued
Special Revenue Fund--The Special Revenue Fund is used to
account for the Village's share of the state motor fuel tax
allotments, which are required by state law to be used to
maintain streets.
Debt Service Fund--The Debt Service Fund is used to account
for the accumulation of resources for, and the payment of,
general obligation long-term debt principal, interest and
related costs. The Village's only Debt Service Fund is for
the Sports Core general obligation recreation bonds.
Capital Project Funds--Capital Project Funds are used to
account for financial resources to be used for the acquisition
or construction of major capital items (other than those
financed by proprietary funds).
Proprietary Fund Type:
Proprietary Funds are used to account for the Village's ongoing activ-
ities 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 organiza-
tions, other governmental units, and/or other funds.
Trust Funds--Trust Funds are used to account for assets held
by the Village in a trustee capacity. These include the
Policemen's and Firefighter's Pension Trust Funds. These
funds are accounted for in essentially the same manner as
proprietary funds.
-28-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--Continued
Account Groups:
Account groups are used to establish accounting control and '
accountability for the Village's general fixed assets and
general long-term debt. The following are the Village's account '
groups:
General Fixed Assets Account Group--This account group is
established to account for all fixed assets of the Village,
other than those accounted for in the proprietary funds and
trust funds.
General Long-Term Debt Account Group--This account group is '
established to account for all long-term debt of the Village
except that accounted for in the proprietary funds.
Basis of Accounting: Basis of accounting refers to when revenues and
expenditures or expenses are recognized in the accounts and reported in
the financial statements, regardless of the measurement focus applied.
All governmental funds are accounted for using the modified accrual
basis of accounting. Revenues are recognized when they become '
measurable and available as net current assets. Shared revenues
remitted from the state government, such as the state motor fuel tax
allotments, state income taxes, and state sales taxes are accrued
applying the susceptible to accrual concept based upon the month they '
are collected by the state.
In applying the susceptible to accrual concept to intergovernmental
revenues, the legal and contractual requirements of the numerous indi-
vidual programs are used as guidance. There are, however, essentially
two types of these revenues. In one type, monies must be expended on '
the specific purpose or project before any amounts will be paid to the
Village; therefore, revenues are recognized based upon the expenditure
recorded. In the other type, monies are virtually unrestricted as to
purpose of expenditure and are usually revocable only for failure to
comply with prescribed compliance requirements. These resources are
reflected as revenues at the time of receipt or earlier if the
susceptible to accrual criteria are met.
-29-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--Continued
License and permit fees, charges for services (other than enterprise
funds), and miscellaneous revenues (except investment earnings) are
recorded as revenues when received in cash because they are generally
not measurable until actually received. Investment earnings are
recorded as earned 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.
Budgetary Accounting: The Village follows these procedures in estab-
lishing the budgetary data reflected in the financial statements:
1. Prior to March 1, a proposed operating budget for the fiscal
' year commencing the following May 1 is prepared by the
department heads, reviewed by the Village Manager and
Village Treasurer, and submitted to the Board of Trustees
for review. The operating budget includes proposed expendi-
tures for the General Fund, Special Revenue Fund, Debt
Service Fund, Enterprise Funds and Pension Trust Funds.
2. Public hearings are conducted to obtain taxpayer comments.
3. Prior to August 1, the appropriations ordinance (budget),
which is 10% greater than the proposed operating budget, is
legally enacted through passage of an ordinance. All
appropriations lapse at year-end.
-30-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--Continued
4. Changes or amendments to the total budgeted expenditures of
any fund must be approved by the Board of Trustees. No '
supplemental appropriations were necessary during the past
fiscal year.
5. Expenditures may not legally exceed budgeted appropriations ,
on a fund basis for each legally adopted annual budget.
Formal budgetary integration is employed as a management control device
during the year for all funds. Village budgets are prepared on a basis
of accounting consistent with generally accepted accounting principles
(GAAP), except that encumbrances are treated as budgeted expenditures
in the year of purchase or commitment to purchase. Moreover, no
amounts are budgeted or appropriated for depreciation in the Water and
Sports Core Funds, rather capital additions are budgeted. Budgetary
comparisons presented in this report are on the budgetary (Non-GAAP)
basis.
i
1
1
1
t
-31-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--Continued
Adjustments necessary to convert the results of operations at the end
of the year on the GAAP basis to the budget basis are as follows:
Governmental Proprietary Fund Types
Fund Types Waterworks
General System Sports Core Total
Net income (loss)--
GAAP basis $ 1,630,991 $ (71,223) $1,559,768
Excess of revenues
and other
financing sources
over expenditures
and other financing
uses--GAAP basis $ (89,077)
Difference due to:
Depreciation 289,537 285,033 574,570
Encumbrances:
Expenditures in
1990 of amounts
encumbered as of
April 30, 1989 139,835
Encumbered at
April 30, 1990,
but recognized
as expenditures
for budget
purpose (221,529)
Net capital outlays (1,838,542) (178,923) (2,017,465)
Contribution to joint
venture (943,384) (943,384)
Payment of bonds (475,000) (475,000)
DEFICIENCY OF
REVENUES AND OTHER
FINANCING SOURCES
OVER EXPENDITURES
IAND OTHER FINANCING
USES--BUDGETARY BASIS �)
NET INCOME
(LOSS)--BUDGETARY BASIS $(1.336.398) tl.301.511
-32-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--Continued
Encumbrances: Encumbrance accounting, under which purchase orders,
contracts, and other commitments for the expenditure of monies are
recorded in order to reserve that portion of the applicable appropria-
tion, is employed as an extension of formal budgetary integration in
all funds. Encumbrances outstanding in the governmental funds at
year-end are reported as reservations of fund balances because they do
not constitute expenditures or liabilities.
Investments: Investments are stated at cost, which approximates
market. Adjustments are made to cost, for any premium or discount,
which is amortized over the maturity of the investment.
Chapter 85, Section 902 of the Illinois Revised Statutes authorizes the
Village to invest in obligations of the United States Treasury and
United States agencies, direct obligations of any bank, commercial
paper rated within the three highest classifications set by two stand-
and 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 and Long-Term Liabilities: Fixed assets acquired for use
in governmental fund type operations are recorded as expenditures in
the fund making the expenditure and are capitalized at cost in the
General Fixed Assets Account Group. If actual cost cannot be deter-
mined, estimated historical cost is used; donated fixed assets are
valued at their estimated fair value on the date donated. Public
domain ("infrastructure") general fixed assets consisting of certain
improvements other than buildings, including roads, bridges, curbs and
gutters, streets and sidewalks, drainage systems and lighting systems
are capitalized with other general fixed assets. In accordance with
generally accepted accounting principles, no depreciation is taken on
the general fixed assets.
-33-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--Continued
Proprietary fund assets are stated at cost or, if donated, fair market
value at the date of donation, in the fund in which they are utilized.
Depreciation of all exhaustible fixed assets used by proprietary funds
is charged as an expense against their operations. Accumulated
depreciation is reported on the proprietary funds ' balance sheets.
Depreciation has been provided over the estimated useful lives using
the straight-line method. Estimated useful lives are as follows:
Buildings 40 years
Waterworks system 10-40 years
Improvements, other than buildings 10-20 years
Tennis courts and pools 15-20 years
Equipment 5-10 years
Long-term liabilities expected to be financed from governmental funds
are accounted for in the General Long-Term Debt Account Group. Long-
term liabilities of all proprietary funds are accounted for in the
respective funds.
Vacation pay is computed and earned on a calendar year basis. Vacation
earned must be taken before the end of the next calendar year and is,
therefore, taken on a first-in, first-out basis. For governmental
funds, the 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 G--Retirement Commitments.
Total (Memorandum Only) Columns: Total columns represent an aggrega-
tion of the fund type and account group financial statements. They
are presented for information only and do not represent consolidated
financial information. Interfund eliminations have not been made in
the aggregation of the data.
-34-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE B--PROPERTY TAXES
The Village's property tax is levied each calendar year on all taxable
real property located in the Village. The Village levies taxes only
for the payment of principal and interest on general obligation long-
term debt.
Property taxes attach as an enforceable lien on property as of Janu-
ary 1. 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.
NOTE C--CASH AND INVESTMENTS
At year-end, the carrying amount of the Village's cash and certificates '
of deposit ("deposits") was $9,361,150 and the bank balance was
$9,374,822. The following table summarizes the Village's deposits at
April 30, 1990:
Bank Balance
Insured (FDIC, FSLIC or SIPC) $3,333,285
Uninsured:
Collateral held by pledging
bank's agent in Village's name 5,657,244
Uncollateralized 384,293
9.374.822
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, 1990. 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.
-35-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE C--CASH AND INVESTMENTS--Continued
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
Repurchase
agreements $3,486,852 $ 3,486,852 $ 3,486,852
U.S.
Government
securities 1,629,987 $ 7,108,987 8,738,974 8,660,180
U.S. Agency
securities $ 295,449 972,904 3,024,595 4,292,948 4,227,121
Other 1,178,069 1,178,069 1,277,563
1,473.518 6.089.743 10.133,582 17,696,843 17,651,716
Investment in state treasurer's 96,089 96,089
investment pool
17,792,932 $17.747.805
NOTE D--FIXED ASSETS
Changes in general fixed assets for the year ended April 30, 1990, are
presented below:
Balance at Balance at
April 30 April 30
1989 Additions Retirements 1990
Land $ 281,829 $210,000 $ 491,829
Buildings and
improvements 4,941,792 73,374 5,015,166
Furniture and fixtures 274,367 553 274,920
Roadway improvements 6,093,009 227,335 6,320,344
Automotive equipment 1,839,479 158,493 $92,700 1,905,272
Other equipment 1,599,980 150,700 1,750,680
Library books 364,483 36,288 400,771
$15,394,939 t16,158.982
-36-
r
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE D--FIXED ASSETS--Continued
Proprietary fund type property, plant, and equipment at April 30, 1990,
consisted of the following:
Waterworks Total
System Sports Enterprise
Fund Core Fund Fund
Land and improvements $ 215,800 $ 9,888,284 $10,104,084
Buildings and improvements 1,293,274 1,293,274
Waterworks system structure
and equipment 11,422,389 11,422,389
Improvements other than
buildings 498,949 498,949
Tennis courts and pools 571,086 571,086
Equipment 132,335 367,209 499,544
11,770,524 12,618,802 24,389,326 '
Less allowances for
depreciation 3,223,409 2,366,351 5,589,760
8.547.115 JID,252.451 t18,799.5kbi
NOTE E--LONG-TERM DEBT
General Long-Term Debt Account Group:
The following is a summary of transactions in the general long-term
debt account group for the year ended April 30, 1990:
General
Obligation Accrued
Recreation Vacation
Bonds Liability Total
Balance at May 1, 1989 $4,950,000 $90,553 $5,040,553
Retirements (700,000) (700,000)
Increase in accrued vacation
liability 6,605 6,605
Balance at April 30, 1990 $4.250.000 J2Z,15R 4.347.158
-37-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE E--LONG-TERM DEBT--Continued
A special election on June 21, 1977, authorized and approved the
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
1 Sports Core and to improve and redevelop the existing Village golf
course. The bonds were sold as of September 1, 1977 for a price of
$10,270,408 plus accrued interest of $71,611.50. Principal on the
bonds is due serially 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.
Waterworks Revenue Bonds:
The following is a summary of transactions for the year ended April 30,
1990:
Waterworks Revenue Bonds
1973 Series 1976 Series Total
Balance at May 1, 1989 $1,575,000 $900,000 $2,475,000
Retirements (200,000) (275,000) (475,000)
Balance at April 30, 1990 $1.375.000 tQQ. $2.000.000
The Waterworks Revenue Bonds were issued to fund the acquisition and
expansion of the Village's water system. The $3,300,000 Series 1973
bonds were sold as of February 1, 1973. Principal on the bonds is due
serially May 1, 1976 through May 1, 1996. Semiannual interest is pay-
able on May 1 and November 1 at rates from 4% to 6%. The $3,000,000
1976 Series bond is due serially May 1, 1978 through May 1, 1992.
Interest is payable semiannually on May 1 and November 1 at rates of
4.4% to 5.75%. Both series are payable from water revenues and are
accounted for in the Waterworks System Fund.
-38-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE E--LONG-TERM DEBT--Continued
Debt Service Requirement:
The annual payments to amortize all long-term debt outstanding, includ-
ing interest, as of April 30, 1990, are as follows:
General Obligation Waterworks
Year Ended Recreation Bonds Revenue Bonds
April 30 Principal Interest Principal Interest Total
1991 $ 800,000 $205,800 $ 500,000 $101,138 $1,606,938
1992 800,000 167,400 525,000 73,487 1,565,887
1993 850,000 129,000 225,000 44,400 1,248,400
1994 900,000 88,200 225,000 32,700 1,245,900
1995 900,000 44,100 250,000 21,000 1,215,100
1996 275,000 11,000 286,000
4.250.000 $2.000.000 t7,168.225
NOTE F--REVENUE BOND COVENANTS
The ordinance authorizing the issuance of Waterworks Revenue Bonds
Series 1973 and 1976 requires that the following separate accounts be
maintained in the Waterworks System Fund. On the first business day of
each month, all monies held in the Fund are to be transferred to the
designated accounts as noted below:
Accounts Amount
Operation and Maintenance An amount sufficient to pay the
Account reasonable expense of operation
and maintenance for the next
month. This account had a
balance of $204,125 at April 30,
1990.
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, 1990.
-39-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE F--REVENUE BOND COVENANTS--Continued
Accounts Amount
Bond Reserve Account $4,500 each month until all bonds
of this fund have been paid or
payment provided for. This
account had a balance of _$760,500
at April 30, 1990.
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,
1990. '
Surplus Revenue Account All surplus funds remaining after
providing for all of the deposits
listed above. This account had a
balance of $2,583,582 at
April 30, 1990.
Funds accumulated in the bond reserve account shall be used only for
the payment of interest or principal whenever there exists a deficiency
in the bond and interest account. However, whenever the balance in
said account is equal to the maximum principal and interest require-
ments of all outstanding bonds, the surplus may be transferred to the
depreciation improvement and extension account or the surplus revenue
account at the discretion of the President and Board of Trustees.
Funds accumulated in all but the operation and maintenance account have
been classified as restricted assets on the combined balance sheet at
April 30, 1990.
-40-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE G--RETIREMENT COMMITMENTS
Village employees are covered under three separate retirement plans.
Full-time Village police officers and fire fighters 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).
1. 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 2,464 local governments and school districts in Illinois. The
Village's total payroll for the year ended April 30, 1990 was
$5,564,926. Of this amount, $1,859,331 in payroll earnings were
reported to and covered by the IMRF system.
All employees hired in positions that meet or exceed the prescribed
annual hourly standard must be enrolled in IMRF as participating
members. Pension benefits vest after eight years of service. Par-
ticipating members who retire at or after age 60 with eight years
of credited service are entitled to an annual retirement benefit,
payable monthly for life, in an amount equal to 1 2/3% of their
final rate of earnings, for each year of credited service up to 15
years, and 2% for each year thereafter. IMRF also provides death
and disability benefits. These benefit provisions and all other
requirements are established by state statute.
Participating members are required to contribute 4.5% of their '
annual salary to IMRF. The Village is required to contribute the
remaining amounts necessary to fund the System, using the actuarial
basis specified by statute.
Police Pension Plan
Substantially all uniformed police personnel are covered by the
Police Pension Plan which is a defined benefit single-employer
plan. Although this is a single-employer pension plan, the defined
benefits and employee and employer contributions are governed by
Illinois State Statutes (Chapter 108 1/2, Article 3) and may be
amended only by the Illinois legislature. The Village of Oak Brook '
-41-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE G--RETIREMENT COMMITMENTS--Continued
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, 1990 was $1,378,366 out of a total Village payroll of
$5,564,926. At April 30, 1990 the Police Pension Plan membership
consisted of:
Retirees and beneficiaries currently receiving
benefits and terminated employees entitled
to benefits but not yet receiving them 9
Current employees 41
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.
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 accu-
mulate to the point where the past service cost for the Police
Pension Plan is fully funded.
-42-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE G--RETIREMENT COMMITMENTS--Continued
Firefigher's Pension Plan
Substantially all fire personnel are covered by the Firefighter's
Pension Plan, which is a defined benefit single-employer pension
plan. Although this is a single-employer pension plan, the defined
benefits as well as the employee and employer contribution levels
are mandated by Illinois State Statutes (Chapter 108 1/2, Arti-
cle 4) and may be amended only by the Illinois legislature. The
Village of Oak Brook accounts for the Plan as a pension trust
fund. The Village's payroll for employees covered by the Plan for
the year ended April 30, 1990 was $1,300,239 out of a total Village
payroll of $5,564,926. At April 30, 1990, the Firefighter's
Pension Plan membership consisted of:
Retirees and beneficiaries currently receiving
benefits and terminated employees entitled
to benefits but not yet receiving them 8
Current employees 35
The Firefighter's Pension Plan provides retirement benefits as well
as death and disability benefits. Employees attaining the age of
50 or more with 20 years of creditable service are entitled to
receive an annual retirement benefit of one-half of the salary
attached to the rank held in the fire service at the date of retire-
ment. The pension shall be increased by 1/12 of 2% of such monthly
salary for each additional month of service over 20 years, up to 30
years of service, and 1/12 of 1% of such salary for each additional
month of service over 30 years, to a maximum of 75% of such monthly
salary. Employees with at least 10 years but less than 20 years of
credited service may retire at or after age 60 and receive a
reduced benefit.
The monthly pension of a fire fighter 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
salaryto the Firefighter's Pension Plan. If an employee leaves
g Y
covered employment with less than 20 ears of service, accumulated
Y
-43-
VILLAGE OF OAK BROOK, ILLINOIS
1 NOTES TO FINANCIAL STATEMENTS--Continued
NOTE G--RETIREMENT COMMITMENTS--Continued
employee contributions may be refunded without accumulated inter-
est. The Village is required to contribute the remaining amounts
necessary to finance the Plan as actuarially determined by an
enrolled actuary. By the year 2020, the Village's contribution
must accumulate to the point where the past service cost for the
Firefighter's Pension Plan is fully funded.
2. Funding Status and Progress
The amounts shown below as the "pension benefit obligation" for the
Illinois Municipal Retirement Fund, Police Pension Plan, and the
Firefighter's Pension Plan are standardized disclosure measures of
the present value of pension benefits, adjusted for the effects of
projected salary increases, estimated to be payable in the future
as a result of employee service to date. 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
r
r
-44-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE G--RETIREMENT COMMITMENTS--Continued
among other public employee retirement plans. This measure is inde-
pendent of the funding method used to determine contributions to
the Plans.
Police Firefighter's
IMRF Pension Pension Total
Actuarial valuation
date December 31, April 30, April 30,
1989 1989 1989
Significant actuarial
assumptions:
a) Rate of return
on investment
of present 7.0% 7.0% 7.0%
and future compounded compounded compounded
assets annually annually annually
b) Projected salary
increases-- 3.75% 5.5% 5.5%
attributable compounded compounded compounded
to inflation annually annually annually
c) Additional
projected
salary
increases--
attributable 1% per 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
-45-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE G--RETIREMENT COMMITMENTS--Continued
Police Firefighter's
IMRF Pension Pension Total
Pension benefit
obligation:
Retirees and
beneficiaries
currently
receiving
benefits and
terminated
employees not
yet receiving
benefits $ 182,628 $2,166,469 $1,931,164 $ 4,280,261
Current
employees:
Accumulated
employees
contributions
including
allocated
investment
earnings 529,920 6,046,999 5,361,222 11,938,141
Employer-
financed
vested 842,288 (Note 1) (Note 1) 842,288
Employer-
financed
nonvested 228,750 (Note 1) _(Note 1) 228,750
TOTAL PENSION
BENEFIT OBLIGATION 1,783,586 8,213,468 7,292,386 17,289,440
Net assets
available for
benefits, at cost 1,363,418 7,122,825 7,367,730 15,853,973
UNFUNDED (ASSETS
' IN EXCESS OF)
PENSION BENEFIT
OBLIGATION 4 1.090.64375.344) 1.435.467
Note 1--Separate information for current employees is not reported by
the Illinois Department of Insurance.
1 -46-
1
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE G--RETIREMENT COMMITMENTS--Continued
3. Actuarially Determined Contribution Requirements and
Contribution Made
The Plans' funding policies provide for actuarially determined
periodic contributions at rates that, expressed as percentages of
annual covered payroll, are sufficient to accumulate sufficient
assets to pay benefits when due. Level percentage of payroll
employer contribution rates are determined using the entry age normal
funding method. The Plans also use the level percentage of payroll
method to amortize the unfunded liability over a 40-year period.
The significant actuarial assumptions used to compute the actuar-
ially determined contribution requirements are the same as those
used to compute the pension benefit obligation as described above.
Police Firefighter's
IMRF Pension Pension Total
Actuarial valuation date December 31, April 30, April 30, f
1987 1989 1989
Actuarially determined
contribution '
requirements--employer:
As a dollar amount:
Normal cost $129,037 $182,808 $249,686 $561,531
Amortization of unfunded
actuarial accrued liability 6,693 87,309 - 94,002
Credit for surplus (5,274) (59274)
Death and disability cost 13,573 - 13,573
t270,11Z IL4442 1663,832
As a percent of fiscal 1990
covered payroll:
Normal cost 6.94% 13.26% 19.2% 39.40%
Amortization of unfunded
actuarial accrued liability .36 6.33 6.69
Z.IQ% 19.59% 19,2% 46.09%
Contribution made during fiscal 1990:
As a dollar amount:
Employer $149,303 $234,611 $2219641 $6059555
Employee 83,670 124,278 107,270 3159218
2 21358,882 JUB 1 2 1
As a percent of fiscal 1990 '
covered payroll:
Employer 8.03% 17.02% 17.05% 42.10%
Employee 4.50 9.02 8.25 21.77
12.53% 26.04% 25.30% 63.87%
-47-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
' NOTE G--RETIREMENT COMMITMENTS--Continued
The Village's contribution to both the Police and Firefighter's Pension
Plans are established at 17.5% of base salaries.
4. Trend Information
' Trend information gives an indication of the progress made in
accumulating sufficient assets to pay benefits when due.
Police Firefighter's
' Net assets available for benefits: Year IMRF Pension Pension
As a percent of the pension 1988 80.21% 90 % 107 %
' benefit obligation (PBO) 1989 77.61 87 104
1990 76.44 87 101
Unfunded (assets in excess of) PBO:
' As a percent of annual covered
payroll (expressing the
unfunded pension benefit
obligation as a percentage
' of annual covered payroll
approximately adjusts for 1988 19.17 51.5 (33.8)
the effects of inflation for 1989 22.24 72.9 (23.0)
' analysis purposes) 1990 22.6 79.1 (5.8)
Employer contributions:
As a percent of annual
' covered payroll:
Required 1988 5.76 15.95 16.02
1989 6.04 16.4 17.2
1990 8.03 17.02 17.05
' 1988 88,637 217,180 230,788
1989 104,304 255,609 218,350
' 1990 149,303 270,117 244,412
Made 1988 88,637 196,043 189,011
1989 104,304 212,268 201,205
' 1990 149,303 234,611 221,641
1
-48-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE H--INTERFUND BALANCES '
Individual fund interfund receivable and payable balances at April 30,
1990 are as follows:
Amounts Payable From Equipment Policemen's ,
General Motor Fuel Replacement Pension
Amounts Payable to Fund Tax Fund Fund Fund '
General Fund $176,361 $22,340 $750
Sports Core
Construction Fund $ 29,188 ,
Debt Service 74
Equipment Replacement
Fund 123,966 '
Policemen's Pension
Fund 18,417
Firefighter's Pension '
Fund 16,996
$188,641: W6,36122 4 izK
Firefighter's Water Sports '
Amounts Payable to Pension Fund Fund Core Fund Total
General Fund $750 $20,528 $58,149 $256,538 '
Sports Core
Construction Fund 51,528
Debt Service 74 '
Equipment Replacement
Fund 123,966
Policemen's Pension
Fund 18,417
Firefighter's Pension
Fund 16,996
�Q �� 4Q
-49-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
1
' NOTE I--FUND DEFICITS
The Sports Core Fund had a deficit in retained earnings at April 30,
1990 of $1,281,525, which is due primarily to depreciation expense.
The deficit is expected to be eliminated in the course of future
operations of the Sports Core.
NOTE J--JOINT VENTURES
Intergovernmental Risk Management Agency:
' Intergovernmental Risk Management Agency ("IRMA") is a voluntary coop-
erative agency consisting of 47 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,
1979, and, by contract, will participate in and be a member thereof
until December 31, 1990. At April 30, 1990, management knows of no
' claim, asserted or unasserted, which if asserted and paid, would have a
materially adverse effect on the financial position of the various
funds of the Village.
Each member municipality assumes the first $1,000 of each and every
loss or claim. The next $249,000 of any such loss or claim is paid by
the IRMA pool. Commercial insurance would then pay to a limit of
$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 sub-
limits) on a first-party property loss (including workers' compensation
up to statutory requirements). In 1985, the IRMA pool was protected
by $2,000,000 annual aggregate excess insurance 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.
-50-
VILLAGE OF OAK BROOK, ILLINOIS '
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE J--JOINT VENTURES--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, '
1989, show the following:
Village of
Oak Brook '
IRMA Share (3.31%)
Total assets $34,043,461 $1,126,839
Total liabilities 34,043,461 1,126,839
Total revenue 10,120,865 335,001
Total expense 10,120,865 335,001 '
IRMA had no debt outstanding at December 31, 1989.
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. '
At April 30, 1990, management knows of no claim, asserted or unasserted,
which if asserted and paid would have a materially adverse effect on
the financial position of the various funds of the Village.
The latest available financial statements of IPBC, dated June 30, 1989,
show the following:
Village of '
Oak Brook
IPBC Share
Total assets $5,376,631 '
Total liabilities 5,376,631
Members' contributions and '
interest income 9,485,522 $498,357
Claim payments and insurance
premiums 7,324,687 554,219 '
The Village's share of IPBC's assets and liabilities is not
known. IPBC had no debt outstanding at June 30, 1989. '
-51-
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
' NOTE J--JOINT VENTURES--Continued
Du Page Water Commission:
' Du Page Water Commission ("Commission") exists and operates under the
;,later Commission Act of 1985 to provide facilities for receiving,
storing and transmitting Lake Michigan water to municipalities and
' other customers in Du Page County. The Village does not exercise
control over the activities of the Commission. The Village accounts
for this joint venture, which is financed by the Water Fund, using the
equity method.
' The Commission will begin to provide water to customers in 1992. The
Village's investment in the Du Page Water Commission at April 30, 1990
is $1,520,847. As the Commission's facilities are presently under
construction, no operating revenue or expenses have been recognized.
' The Du Page Water Commission Board consists of 11 Board members
appointed by the Du Page County Board and Mayors of Municipalities
within the Du Page County districts. Selected financial information of
the Du Page Water Commission at April 30, 1989 is as follows:
Total assets $457,661,388
Total liabilities 384,622,098
' Total equity 73,039,290
Debt outstanding 347,903,893
-52-
1
VILLAGE OF OAK BROOK, ILLINOIS '
NOTES TO FINANCIAL STATEMENTS--Continued
NOTE K--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, 1990, is as follows: ,
Waterworks Sports
System Fund Core Fund '
Operating revenues $ 2,561,199 $ 1,837,811
Depreciation 289,537 285,033
Operating income (loss) 1,256,401 (171,517) '
Operating transfers in - 37,340
Operating transfers out (192,500) -
Nonoperating revenues 699,785 93,021 '
Nonoperating expenses 132,695 30,067
Net income (loss) 1,630,991 (71,223)
Property, plant and equipment:
Additions 1,838,542 321,649 ,
Net working capital 1,600,146 (46,361)
Total assets 16,264,051 10,775,821
Bonds outstanding 1,980,412 - t
Total equity 13,677,925 9,744,065
NOTE L--COMMITMENTS ,
On September 1, 1986, the Village entered into a noncancelable water
supply contract, which expires on February 24, 2024, with the Du Page '
Water Commission ("Commission"). Under the contract, the Village has
agreed to purchase, beginning in 1992, an amount of Lake Michigan water
necessary to meet the potable water requirements of all of its then cur- '
rent customers served by the Village's waterworks system.
On February 10, 1987, the Commission issued $200,000,000 of Water '
Revenue Bonds, with serial bonds maturing on May 1, 1994 through 2001,
and term bonds maturing on May 1, 2007 and May 1, 2014. Interest rates
are fixed at 6.84%. The Commission will allocate the cost to retire
the Water Revenue Bonds to the participating villages based on their '
usage of Lake Michigan water. The village's share of this debt is not
known at this time.
The Village has no other material commitments or operating lease '
agreements.
-53-
' VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS--Continued
' NOTE M--CONTINGENCIES
The Village participates in the Illinois Motor Fuel Tax program. This
program is subject to program compliance audits by the grantor or its
' representative. The audit of this program for or including the year then
ended April 30, 1990 has not yet been conducted. Accordingly, the
Village's compliance with applicable grant requirements will be estab-
lished at some future date. The amount, if any, of expenditures that may
be disallowed by the granting agency cannot be determined at this time,
although the Village expects such amounts, if any, to be immaterial.
' There are several pending lawsuits in which the Village is involved.
Management believes that the potential claims against the Village
resulting from such litigation will not materially affect the financial
statements of the Village.
NOTE N--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.
NOTE O--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.
-54-
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' -55-
VILLAGE OF OAK BROOK, ILLINOIS
POLICE PENSION FUND
' REVENUES BY SOURCE AND EXPENSES BY TYPE
' April 30, 1990
' Revenues by source
Contribution
' as a
Percentage
Fiscal Employee Employer Investment Other of Covered
Year Contributions Contributions Income Contributions Total Payroll
1981 $ 69,016 $202,701 $170,713 $100 $442,530 Note 1
1982 77,482 190,768 230,458 100 498,808 Note 1
1983 81,375 201,044 332,040 100 614,559 .20
1984 87,000 196,083 375,794 150 659,027 .18
1985 119,298 199,688 449,674 - 768,660 .17
1 1986 99,357 197,994 414,235 _ 711,586 .17
1987 110,689 203,271 510,982 824,942 .16
1988 110,697 196,043 468,630 100 775,470 .16
1989 114,088 212,268 506,724 152, 833,232 .16
1990 124,278 234,611 600,359 100 959,348 .17
Expenses by type
Fiscal Administrative
Year Benefits Expenses Refunds Total
' 1981 $ 27,426 $ 580 $ 1,857 $ 29,863
1982 27,908 505 14,063 42,476
1983 27,908 600 4,504 33,012
1984 38,466 1,065 30,301 69,832
1985 41,985 1,085 43,070
1986 55,664 850 - 56,514
' 1987 100,585 1,211 Note 2 101,796
1988 93,126 1,631 19,592 114,349
1989 114,024 4,645 - 118,669
' 1990 183,102 2,425 20,729 206,256
' Note 1--Information concerning covered payroll is not available prior
to 1983.
Note 2--Separate information is not available for refunds for fiscal
1987.
-56-
VILLAGE OF OAK BROOK, ILLINOIS
POLICE PENSION FUND
ANALYSIS OF FUNDING PROGRESS '
(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
Note--Analysis of the dollar amounts of net assets available for benefits,
pension benefit obligation, and unfunded pension benefit obligation in isolation
can be misleading. Expressing the net assets available for benefits as a
percentage of the pension benefit obligation provides one indication of the
Police Pension Fund's funding status on a going-concern basis. Analysis of this
percentage over time indicates whether the system is becoming financially
stronger or weaker. Generally, the greater this percentage, the stronger the
Public Employee Retirement System (PERS). Trends in unfunded pension benefit
obligation and annual covered payroll are both affected by inflation. Expressing '
the unfunded pension benefit obligation as a percentage of annual covered payroll
approximately adjusts for the effects of inflation and aids analysis of the
Police Pension Fund's progress made in accumulating sufficient assets to pay
benefits when due. Generally, the smaller this percentage, the stronger the
PERS. Information concerning the pension benefit obligation is available only
for 1988, 1989, and 1990.
*At cost.
-57-
i
VILLAGE OF OAK BROOK, ILLINOIS
FIREFIGHTER'S PENSION FUND
REVENUES BY SOURCE AND EXPENSES BY TYPE
' April 30, 1990
Revenues by source
Contribution
' as a
Percentage
Fiscal Employee Employer Investment Other of Covered
' Year Contributions Contributions Income Contributions Total Payroll
1981 $ 59,795 $270,238 $163,417 $ - $ 493,450 Note 1
1982 65,916 271,802 261,593 - 599,311 Note 1
' 1983 71,422 285,549 350,184 _ 707,155 .29
1984 75,842 173,758 419,533 669,133 .17
1985 80,492 176,337 451,344 - 708,173 .16
1986 84,616 185,608 531,270 _ 801,494 .17
1987 95,857 190,756 488,570 775,183 .15
1988 97,322 189,011 459,037 - 745,370 .16
1989 98,367 201,205 459,707 _ 759,279 .17
1990 107,270 221,641 867,874 1,196,785 .17
Expenses by type
Fiscal Administrative
Year Benefits Expenses Refunds Total
' 1981 $ 20,646 $ 792 $1,507 $ 22,945
1982 20,646 740 - 21,386
1983 20,646 792 - 21,438
' 1984 20,646 955 _ 21,601
1985 20,646 2,326 22,972
1986 40,422 1,047 - 41,469
1987 71,291 2,568 _ 73,859
1988 113,326 1,724 115,050
1989 125,618 1,102 - 126,720
1990 136,432 2,330 - 138,762
' Note 1--Information concerning covered payroll is not available
prior to 1983.
--58-
VILLAGE OF OAK BROOK, ILLINOIS '
FIREFIGHTER'S PENSION FUND
ANALYSIS OF FUNDING PROGRESS
4 6 ,
Unfunded Unfunded Pension
(Assets in (Assets in Exces
(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)
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
Firefighter's 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 '
Firefighter's 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, 1989, and 1990. ,
*At cost.
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-59-
' VILLAGE OF OAK BROOK, ILLINOIS
IMRF
ANALYSIS OF FUNDING PROGRESS
(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 $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
Note--Analysis of the dollar amounts of net assets available for benefits,
1 pension benefit obligation, and unfunded pension benefit obligation in isolation
can be misleading. Expressing the net assets available for benefits as a per-
centage of the pension benefit obligation provides one indication of the 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 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, 1989, and 1990.
*At cost.
-60-
' VILLAGE OF OAK BROOK, ILLINOIS
GENERAL FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE (NON-GAAP BASIS)--BUDGET AND ACTUAL
Year Ended April 30, 1990
Actual-- Variance
Budgetary Favorable
Basis Budget (Unfavorable)
REVENUES
Intergovernmental:
Municipal sales tax $6,327,414 $6,960,000 $(632,586)
Illinois state income tax 505,800 233,300 272,500
York Township road and
bridge tax 154,816 142,300 12,516
Foreign fire insurance tax 24,234 28,500 (4,266)
7,012,264 7,364,100 (351,836)
Licenses and permits 305,085 236,942 68,143
Service charges 219,484 195,510 23,974
Fines and penalties 229,841 199,484 30,357
Interest on investments 438,929 386,400 52,529
Miscellaneous income 154,064 175,800 (21,736)
1,347,403 1,194,136 153,267
TOTAL REVENUES 8,359,667 8,558,236 (198,569)
EXPENDITURES
Legislative 616,300 853,278 236,978
General government 1,134,078 1,133,498 (580)
Public safety 5,231,901 5,421,437 189,536
Public works 1,486,158 1,888,358 402,200
Culture and recreation 219,411 229,932 10,521
TOTAL EXPENDITURES 8,687,848 9,526,503 838,655
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES (328,181) (968,267) 640,086
rOTHER FINANCING SOURCES (USES)
Operating transfers in 292,500 192,500 100,000
Operating transfers out (135,090) (135,090) -
TOTAL OTHER
FINANCING SOURCES (USES) 157,410 57,410 100,000
EXCESS (DEFICIENCY) OF
REVENUES AND OTHER FINANCING
SOURCES OVER EXPENDITURES
AND OTHER FINANCING USES (170,771) (910.857) 4
Fund balance at May 1, 1989 4,999,748
FUND BALANCE AT APRIL 30, 1990 $4.828.977
See accompanying notes to financial statements.
-61-
VILLAGE OF OAK BROOK, ILLINOIS '
GENERAL FUND
SCHEDULE OF EXPENDITURES (NON-GAAP BASIS)--BUDGET AND ACTUAL
Year Ended April 30, 1990
Actual-- Variance
Budgetary Favorable
Basis Budget (Unfavorable)
LEGISLATIVE
Board of Trustees:
Personnel $ 20,618 $ 25,205 $ 4,587
Materials and supplies 7,173 9,872 2,699
Operation and contractual 377,108 308,201 (68,907)
Miscellaneous - 300,000 300,000
Capital 211,401 210,000 (1,401)
616,300 853,278 236,978
TOTAL LEGISLATIVE 616,300 853,278 236,978
GENERAL GOVERNMENT
Legal:
Personnel 82,162 84,988 2,826
Materials and supplies 2,559 2,850 291
Operation and contractual 28,671 43,904 15,233
Capital
113,392 131,742 18,350
Village Manager's office:
Personnel 290,826 282,085 (8,741)
Materials and supplies 8,846 5,900 (2,946)
Operation and contractual 6,856 8,420 1,564
Capital 16,822 9,225 (7,597)
323,350 305,630 (17,720)
Finance and accounting:
Personnel 249,091 238,928 (10,163)
Materials and supplies 21,091 16,700 (4,391)
Operation and contractual 24,536 28,200 3,664
Capital - 7,100 7,100
294,718 290,928 (3,790)
Engineering:
Personnel 190,126 203,848 13,722
Materials and supplies 3,705 4,150 445
Operation and contractual 208,787 197,200 (11,587)
Capital - - -
402,618 405,198 2,580
TOTAL GENERAL GOVERNMENT 1,134,078 1,133,498 (580)
See accompanying notes to financial statements.
-62-
' VILLAGE OF OAK BROOK, ILLINOIS
GENERAL FUND
SCHEDULE OF EXPENDITURES (NON-GAAP BASIS)--BUDGET AND ACTUAL--Continued
1 Year Ended April 30, 1990
Actual-- Variance
Budgetary Favorable
Basis Budget (Unfavorable)
PUBLIC SAFETY
Police department:
Personnel $2,381,789 $2,420,433 $ 38,644
Materials and supplies 65,286 57,165 (8,121)
Operation and contractual 155,677 168,749 13,072
Miscellaneous - - -
Capital 160,775 147,305 (13,470)
2,763,527 2,793,652 30,125
Fire service:
Personnel 1,587,298 1,630,539 43,241
Materials and supplies 21,995 21,095 (900)
Operation and contractual 130,870 168,595 37,725
Miscellaneous - - -
Capital 38,369 49,300 10,931
1,778,532 1,869,529 90,997
Emergency medical services:
Personnel 275,407 315,962 40,555
Materials and supplies 7,118 7,845 727
Operation and contractual 86,284 93,567 7,283
Miscellaneous
Capital 62,077 53,500 (8,577)
430,886 470,874 39,988
Bureau of inspection:
Personnel 197,641 221,628 23,987
Materials and supplies 7,755 8,657 902
Operation and contractual 46,542 50,097 3,555
Miscellaneous - - -
Capital 7,018 7,000 (18)
258,956 287,382 28,426
TOTAL PUBLIC SAFETY 5,231,901 5,421,437 189,536
PUBLIC WORKS
Building and grounds:
Personnel 88,521 86,601 (1,920)
1 Materials and supplies 10,283 10,575 292
Operation and contractual 76,374 74,440 (1,934)
Capital 73,375 66,505 (6,870)
248,553 238,121 (10,432)
See accompanying notes to financial statements.
-63-
VILLAGE OF OAK BROOK, ILLINOIS '
GENERAL FUND
SCHEDULE OF EXPENDITURES (NON-GAAP BASIS)--BUDGET AND ACTUAL--Continued
Year Ended April 30, 1990
Actual-- Variance
Budgetary Favorable
Basis Budget (Unfavorable)
PUBLIC WORKS--Continued
Street:
Personnel $ 432,396 $ 426,941 $ (5,455)
Materials and supplies 29,305 28,078 (1,227)
Operation and contractual 297,619 315,356 17,737
Capital 13,692 17,750 4,058
773,012 788,125 15,113
Garage:
Personnel 92,783 97,738 4,955
Material and supplies 10,763 7,850 (2,913)
Operation and contractual 20,231 32,000 11,769
Capital 20,787 46,024 25,237
144,564 183,612 39,048
Capital improvements:
Materials and supplies 425 500 75
Operation and contractual 84,568 44,500 (40,068)
Capital 235,036 633,500 398,464
320,029 678,500 358,471
TOTAL PUBLIC WORKS 1,486,158 1,888,358 402,200
CULTURE AND RECREATION
Library:
Personnel 125,695 130,625 4,930
Materials and supplies 7,557 7,388 (169)
Operation and contractual 49,514 54,969 5,455
Capital 36,645 36,950 305
TOTAL CULTURE AND RECREATION 219,411 229,932 10,521
TOTAL EXPENDITURES t9,526,5Q2 t838,655
See accompanying notes to financial statements.
-64-
' VILLAGE OF OAK BROOK, ILLINOIS
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
April 30, 1990 and 1989
Sports Core Equipment Totals
Construction Replacement 1990 1989
ASSETS
Cash $ 98 $ 98 $ 47
Investments $113,965 116,516 230,481 296,913
Due from other funds 123,966 123,966 1,341
TOTAL ASSETS 11 24 4 4 2 1
LIABILITIES AND FUND EQUITY
Liabilities:
Accounts payable $ 11000 $ 11000 $ -
Due to other funds $ 22,340 22,340 -
TOTAL LIABILITIES 22,340 1,000 23,340 -
Fund balance:
Unreserved:
Designated for
subsequent
year's
expenditures 239,580 239,580 193,403
Undesignated 91,625 91,625 104,898
TOTAL FUND EQUITY 91,625 239,580 331,205 298,301
TOTAL LIABILITIES
AND FUND EQUITY 135A,5452 Q
See accompanying notes to financial statements.
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1
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VILLAGE OF OAK BROOK, ILLINOIS
CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
Year Ended April 30, 1990
Sports Core Equipment Totals
Construction Replacement 1990 1989
Revenues--interest on
investments $ 9,067 $ 10,861 $ 19,928 $ 17,205
Expenditures 22,340 84,774 107,114 420,073
EXCESS OF REVENUES
OVER EXPENDITURES (13,273) (73,913) (87,186) (402,868)
Other financing sources--
operating transfers in 120,090 120,090 366,435
EXCESS OF REVENUES
AND OTHER FINANCING
SOURCES OVER EXPENDITURES (13,273) 46,177 32,904 (36,433)
Fund balances at
May 1, 1989 104,898 193,403 298,301 334,734
FUND BALANCES
AT APRIL 30, 1990 1 2 jZ _$ t331,2Q52 1
See accompanying notes to financial statements.
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VILLAGE OF OAK BROOK, ILLINOIS '
ENTERPRISE FUNDS
COMBINING BALANCE SHEET ,
April 30, 1990 and 1989 '
Waterworks Sports Totals '
System Core 1990 1989
ASSETS
Current assets: '
Cash $ 204,125 $ 119,343 $ 323,468 $ 201,894
Investments 1,492,228 113,697 1,605,925 2,589,981 '
Receivables (net,
where applicable,
of allowances for
uncollectibles): '
Customers:
Billed water sales 109,421 109,421 140,578
Unbilled water sales 159,172 159,172 145,590
Accrued interest 231,249 231,249 215,743
Other 9,665 50,969 60,634 35,570
509,507 50,969 560,476 537,481
Due from other funds 51,528 51,528 21,871
Other assets 61,513x 61,513 6,252
Inventory 126,320 126,320 88,136 '
TOTAL CURRENT ASSETS 2,205,860 523,370 2,729,230 3,445,615
Investment in joint venture 1,520,847 1,520,847 577,463
Restricted assets-- ,
investments 3,990,229 3,990,229 4,351,453
Property, plant and
equipment 11,770,524 12,618,802 24,389,326 22,229,135 '
Less allowance for
depreciation (3,223,409) (2,366,351) (5,589,760) (5,015,190)
8,547,115 10,252,451 18,799,566 17,213,945 ,
1
TOTAL ASSETS tl6.264,051 $10.775.821 t27,039,87Z 25.588.476
See accompanying notes to financial statements.
-67-
1
' Waterworks Sports Totals
System Core 1990 1989
LIABILITIES AND FUND EQUITY
Current liabilities:
Accounts payable $ 568,925 $ 175,437 $ 744,362 $ 1,026,913
' Accrued payroll and
vacation 14,596 42,933 57,529 50,328
Customer deposits 1,665 286,393 288,058 198,771
Due to other funds 20,528 58,149 78,677
' Deferred revenue 6,819 6,819
TOTAL CURRENT
LIABILITIES 605,714 569,731 1,175,445 1,276,012
' Long-term liabilities:
Note payable 462,025 462,025
Revenue bonds
outstanding--1973 issue 1,375,000 1,375,000 1,575,000
Revenue bonds
outstanding--1976 issue 625,000 625,000 900,000
' Unamortiaed bond discounts
on 1973 and 1976 issues (19,588) (19,588) (24,758)
TOTAL LONG-TERM
' LIABILITIES 1,980,412 462,025 2,442,437 2,450,242
TOTAL LIABILITIES 2,586,126 1,031,756 3,617,882 3,726,254
Fund equity:
' Contributed capital 11,025,590 11,025,590 11,025,590
Retained earnings
(deficit):
' Reserved under
revenue bond
ordinance 3,948,207 3,948,207 3,858,779
Unreserved 9,729,718 (1,281,525) 8,448,193 6,977,853
TOTAL RETAINED
EARNINGS (DEFICIT) 13,677,925 (1,281,525) 12,396,400 10,836,632
TOTAL FUND EQUITY 13,677,925 9,744,065 23,421,990 21,862,222
' TOTAL LIABILITIES
AND FUND EQUITY 116,264,051 t10,775,L21 $27,039,872 t25,588,476
-67-
VILLAGE OF OAK BROOK, ILLINOIS '
ENTERPRISE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES, AND '
CHANGES IN RETAINED EARNINGS (DEFICIT)
Year Ended April 30, 1990 '
Waterworks Sports Totals '
System Core 1990 1989
Operating revenues:
Charges for services $ 2,538,641 $ 1,837,811 $ 4,376,452 $ 4,397,791 '
Miscellaneous 22,558 22,558 70,834
TOTAL OPERATING REVENUES 2,561,199 1,837,811 4,399,010 4,468,625
Operating expenses:
Operation of facilities 1,015,261 1,654,162 2,669,423 2,719,009
General and administrative 70,133 70,133 233,267 ,
Depreciation 289,537 285,033 574,570 507,371
TOTAL OPERATING EXPENSES 1,304,798 2,009,328 3,314,126 .3,459,647
OPERATING INCOME (LOSS) 1,256,401 (171,517) 1,084,884 1;008,978 '
Nonoperating revenues
(expenses):
Interest on investments 699,785 15,137 714,922 548,430 '
Interest expense (127,150) (30,067) (157,217) (150,450)
Amortization of bond
discount (5,170) (5,170) (5,170) ,
Fiscal agents' fees (375) (375) (713)
Other revenue 77,884 77,884 6,966
567,090 62,954 630,044 399,063
INCOME (LOSS) BEFORE ,
OPERATING TRANSFERS 1,823,491 (108,563) 1,714,928 1,408,041
Operating transfers in 37,340 37,340 12,950 ,
Operating transfers out (192,500) (192,500) (185,000)
NET INCOME (LOSS) 1,630,991 (71,223) 1,559,768 1,235,991
Retained earnings (deficit)
at May 1, 1989 12,046,934 (1,210,302) 10,836,632_ 9,600,641
RETAINED EARNINGS
(DEFICIT) AT '
APRIL 30, 1990 $13.677.925 (1.281.5.25) 12.396.400 10.836.632
1
See accompanying notes to financial statements.
-68-
' VILLAGE OF OAK BROOK, ILLINOIS
ENTERPRISE FUNDS
' COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION
Year Ended April 30, 1990
Waterworks Sports Totals
System Core 1990 1989
Sources of working capital:
' Operations:
Net income (loss) $1,630,991 $(71,223) $1,559,768 $1,235,991
Items not requiring
' working capital:
Depreciation 289,537 285,033 574,570 507,371
Amortization of
bond discount 5,170 5,170 5,170
TOTAL PROVIDED
BY OPERATIONS 1,925,698 213,810 2,139,508 1,748,532
Decrease in restricted
' assets 361,224 361,224 1,153,071
Increase in note payable 462,025 462,025
TOTAL SOURCES OF
' WORKING CAPITAL 2,286,922 675,835 2,962,757 2,901,603
Uses of working capital:
Acquisition of fixed assets 1,838,542 321,649 2,160,191 1,202,898
Reduction in bonds payable 475,000 475,000 . 425,000
' Increase in investment in
Joint Venture 943,384 943,384 577,463
TOTAL USES OF
' WORKING CAPITAL 3,256,926 321,649 3,578,575 2,205,361
NET INCREASE (DECREASE)
IN WORKING CAPITAL $ (970,004) 4 $ (615.818) $ 696.242
Elements of net increase
(decrease) in working
capital:
' Cash $ 89,428 $ 32,146 $ 121,574 $ 175,630
Investments (1,050,703) 66,647 (984,056) 995,165
Receivables 1,038 21,957 22,995 104,407
Other assets 55,261 55,261 2,499
Inventory 38,184 38,184 49,703
Due from other funds 29,657 29,657
Accounts payable 13,383 269,168 282,551 (658,590)
' Accrued payroll and
vacation liability (2,622) (4,579) (7,201) (19,084)
Customer deposits (89,287) (89,287) 679
Due to other funds (20,528) (58,149) (78,677) 45,833
Deferred revenue (6,819) (6,819)
NET INCREASE (DECREASE)
' IN WORKING CAPITAL $ (910,004) $ -54.1 $ (615.818) $ 696.242
See accompanying notes to financial statements.
-69-
VILLAGE OF OAK BROOK, ILLINOIS ,
WATERWORKS SYSTEM FUND
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN '
RETAINED EARNINGS (NON-GAAP BASIS)--BUDGET AND ACTUAL
Year Ended April 30, 1990 '
Actual-- Variance '
Budgetary Favorable
Basis Budget (Unfavorable) '
Operating revenues:
Charges for services:
Water sales $ 2,300,334 $ 2,327,700 $ (27,366)
Unmetered sales 5,245 7,000 (1,755) '
Water tap on charges 90,640 150,000 (59,360)
Fire service charges 119,583 129,800 (10,217)
Meter fees - 10,938 14,000 (3,062) '
Special services 11,901 11,500 401
2,538,641 2,640,000 (101,359)
Miscellaneous 22,558 36,600 (14,042) '
TOTAL OPERATING REVENUES 2,561,199 2,676,600 (115,401)
Operating expenses: '
Public works:
Water department:
Personnel 182,920 182,705 (215) '
Materials and supplies 16,914 14,500 (2,414)
Operation and
contractual 620,072 654,089 34,017
Capital 191,603 222,450 30,847 ,
1,011,509 1,073,744 62,235
Capital improvements: '
Materials and supplies - 250 250
Operation and
contractual 195,355 199,300 3,945
Capital 2,215,415 4,250,514 2,035,099 '
2,410,770 4,450,064 2,039,294
TOTAL OPERATION
OF FACILITIES 3,422,279 5,523,808 2,101,529 '
Depreciation - - -
TOTAL ,
OPERATING EXPENSES 3,422,279 5,523,808 2,101,529
OPERATING LOSS (861,080) (2,847,208) 1,986,128
-70-
' VILLAGE OF OAK BROOK, ILLINOIS
WATERWORKS SYSTEM FUND
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN
RETAINED EARNINGS (NON-GAAP BASIS)--BUDGET AND ACTUAL--Continued
Year Ended April 30, 1990
fActual-- Variance
Budgetary Favorable
' Basis Budget (Unfavorable)
Nonoperating revenues
(expenses).
Interest $ 699,785 $ 345,000 $ 354,785
W/C reimbursement P/A
station 568,476 568,476
Interest on bonds '( � 1 5"0) (127,150) -
Payment on bonds (475,000) (475,000) -
Amortization of bond
discount (5,170) - (5,170)
Fiscal agents fees (375) (2,700) 2,325
Contribution to joint
venture (943,384) (972,000) 28,616
(282,818) (663,374) 380,556
' LOSS BEFORE
OPERATING TRANSFERS (1,143,898) (3,510,582) 2,366,684
Operating transfers out (192,500) (192,500) -
NET LOSS ) 2) 4
�§.39g 3.703.08 2.366.68
See accompanying notes to financial statements.
1
-71-
VILLAGE OF OAK BROOK, ILLINOIS
WATERWORKS SYSTEM FUND
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT '
AND ACCUMULATED DEPRECIATION
Year Ended April 30, 1990 '
Property, Plant and Equipment
Additions
Balance and Balance ,
May 1, 1989 Transfers Apr. 30, 1990
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 68,232 $ 149,305 217,537 '
Electrical pumping equipment .345,342 85,121 430,463
Total water treatment
equipment 8,149 8,149 '
Distribution, reservoirs,
mains and standpipes 8,217,771 1,567,818 Q. 9,785,589
Meters and meter installation 468,387 17,407 485,794
Hydrants 180,104 180,104 '
Miscellaneous tools and
equipment:
Office furniture and
equipment 12,795 55 12,850
Transportation equipment 32,162 5,743 37,905
Tools, shop, and garage
equipment 2,852 2,852 '
Laboratory equipment 1,070 19070
Miscellanous equipment 53,162 139093 66,255
Intangible plant-- '
organization 11,403 11,403
9.931.982 t1,838,542 tll,770,524
s
See accompanying notes to financial statements. '
-72-
Rate of
Depreciation Allowances for Depreciation
or Additions Net Asset
Amortization Balance and Balance Value
(Years) May 1, 1989 Transfers Apr. 30, 1990 Apr. 30, 1990
' $ 215,800
40 $ 120,564 $ 7,870 $ 128,434 186,319
' 40 27,078 3,572 30,650 186,887
40 59,103 9,698 68,801 361,662
10 7,987 162 8,149 -
40 2,266,231 224,983 2,491,214 7,294,375
15 292,973 31,806 324,779 161,015
40 57,250 4,503 61,753 118,351
' 10 7,698 1,282 8,980 3,870
6 30,025 2,137 32,162 5,743
' 5 2,852 2,852
5 1,070 1,070
5 49,638 3,524 53,162 13,093
5 11,403 11,403 -
$2,933.872 3.223.409 $8.547.115
-72-
VILLAGE OF OAK BROOK, ILLINOIS '
SPORTS CORE FUND
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN '
DEFICIT (NON-GAAP BASIS)--BUDGET AND ACTUAL
Year Ended April 30, 1990 ,
Actual-- Variance
Budgetary Favorable
Basis Budget (Unfavorable)
Operating revenues: ,
Golf: l
Fees $ 832,997�J $ 729,050 $103,947
Memberships 128,028 123,062 4,966
Merchandise sales 101,056 93,000 8,056 '
Food sales 70,207 72,000 (1,793)
Beverage sales 34,502 35,000 (498)
1,166,790 1,052,112 114,678 ,
Bath and Tennis:
Fees 46,278 49,000 (2,722)
Memberships 261,811 276,100 (14,289) ,
Merchandise sales 10,082 14,000 (3,918)
Food sales 246,795 322,450 (75,655)
Beverage sales 106,055 123,350 (17,295)
671,021 784,900 (113,879) '
TOTAL OPERATING
REVENUES 1,837,811 1,837,012 799
Operating expenses: ,
General and administrative:
Personnel 175,716 173,910 (1,806)
Materials and supplies 73,701 56,450 (17,251) '
Operation and contractual 136,376 123,840 (12,536)
Overhead allocation (315,660) (307,872) 7,788
70,133 46,328 (23,805) '
Golf:
Personnel 417,690 379,754 (37,936) '
Materials and supplies 223,139 201,917 (21,222)
Operation and contractual 137,770 136,430 (1,340)
Overhead allocation 157,830 153,936 (3,894)
936,429 872,037 (64,392) '
Bath and tennis:
Personnel 328,174 353,188 25,014
Materials and supplies 178,088 192,975 14,887
Operation and contractual 53,113 59,100 5,987
Overhead allocation 158,358 153,937 (4,421)
717,733 759,200 41,467
Capital 178,923 215,500 36,577
TOTAL OPERATING EXPENSES 1,903,218 1,893,065 (10,153) ,
OPERATING INCOME (LOSS) (65,407) (56,053) (9,354)
-73-
VILLAGE OF OAK BROOK, ILLINOIS
SPORTS CORE FUND
' SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN
DEFICIT (NON-GAAP BASIS)--BUDGET AND ACTUAL--Continued
' Year Ended April 30, 1990
Actual-- Variance
Budgetary Favorable
' Basis Budget (Unfavorable)
Nonoperating revenue (expense):
Interest income $ 15,137 $ 20,000 $ (4,863)
Interest expense (30,067) (65,000) 34,933
Other revenue 77,884 69,828 8,056
62,954 24,828 38,126
(LOSS) BEFORE
' OPERATING TRANSFERS (2,453) (31,225) 28,772
Operating transfers in 37,340 15,000 22,340
NET INCOME (LOSS) $ 34,887 $ (16,225) 1 2
See accompanying notes to financial statements.
-74-
i
VILLAGE OF OAK BROOK, ILLINOIS '
SPORTS CORE FUND
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT
AND ACCUMULATED DEPRECIATION
Year Ended April 30, 1990
Property, Plant and Equipment
Additions
Balance and Balance
May 1, 1989 Transfers Apr. 30, 1990
Golf course well $ - $ 22,340 $ 22,340 '.
Sports Core maintenance equipment 181,074 15,064 196,138
Land and land rights 8,252,585 8,252,585
Golf course land improvements 1,203,338 70,486 1,273,824 '
Other land improvements 339,535 339,535
Clubhouse:
Golf 564,590 159,486 724,076 '
Bath and tennis 43.1,874 20,756 452,630
Other improvements 473,906 25,043 498,949
Pools 121,209 8,474 129,683
Tennis courts 441,403 441,403
Clubhouse equipment 110,265 110,265
Golf equipment 60,806 60,806
Buildings 116,568 116,568
$12.297.153 IL21,642 912,618,8QZ
See accompanying notes to financial statements.
-75-
1
Rate of
Depreciation Allowances for Depreciation
' or Additions Net Asset
Amortization Balance and Balance Value
(Years) May 1, 1989 Transfers Apr. 30, 1990 Apr. 30, 1990
' $ - $ 22,340
7 $ 26,944 $ 26,944 169,194
8,252,585
10 1,026,267 123,858 1,150,125 123,699
20 163,042 16,977 180,019 159,516
40 65,939 16,108 82,047 642,029
40 103,890 11,056 114,946 337,684
10 296,157 48,643 344,800 154,149
20 55,609 6,272 61,881 67,802
15 189,138 29,427 218,565 222,838
5 107,431 2,834 110,265
5 60,806 60,806 -
' 40 13,039 2,914 15,953 100,615
2.081.318 t2,366,351 tlO,252,451
1
-75-
VILLAGE OF OAK BROOK, ILLINOIS
PENSION TRUST FUNDS
COMBINING BALANCE SHEET
April 30, 1990 and 1989
' Policemen's Firefighter's Totals
Pension Pension 1990 1989
ASSETS
Cash $ 32,087 $ 22,052 $ 54,139 $ 38,436
Investments 7,603,698 8,165,575 15,769,273 14,123,513
Receivables:
Accrued interest
receivable 233,837 224,798 458,635 298,828
Other 10,568 9,140 19,708 17,643
Due from other funds 18,417 16,996 35,413 33,513
TOTAL ASSETS t8,438,561 $16,337,10 $14,511,9a2
LIABILITIES
Accounts payable $ 21,938 $ 12,056 $ 33,994 $ 21,374
' Due to other funds 750 750 1,500
TOTAL LIABILITIES 22,688 12,806 35,494 21,374
FUND EQUITY
Fund balances:
Reserved for
employees'
retirement 8,213,468 7,367,730 15,581,198 14,088,866
Unreserved
undesignated (337,549) 1,058,025 720,476 401,693
TOTAL FUND EQUITY 7,875,919 8,425,755 16,301,674 14,490,559
TOTAL LIABILITIES
AND FUND EQUITY t8,438,561 11kU1,168 $14,511,933
See accompanying notes to financial statements.
-76-
VILLAGE OF OAK BROOK, ILLINOIS
PENSION TRUST FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES,
AND CHANGES IN FUND BALANCES
Year Ended April 30, 1990 and 1989
Policemen's Firefighter's Totals
Pension Pension 1990 1989
Operating revenues:
Interest on
investments $ 600,359 $ 867,874 $ 1,468,233 $ 966,431
Contributions:
Employees 124,278 107,270 231,548 212,455
Village 234,611 221,641 456,252 413,473
Other 100 100 152
358,989 328,911 687,900 626,080
TOTAL OPERATING
REVENUES 959,348 1,196,785 2,156,133 1,592,511
Operating expenses:
General and
administrative 2,425 2,330 4,755 5,747
Pension refunds 20,729 20,729 - ,
Benefit payments 183,102 136,432 319,534 239,642
TOTAL OPERATING
EXPENSES 206,256 138,762 345,018 245,388
NET INCOME 753,092 1,058,023 1,811,115 1,347,122
Fund balances at
May 1, 1989 7,122,827 7,367,732 14,490,559 13,143,437
FUND BALANCES
AT APRIL 30, 1990 t8,42aZ55 $16.301.674 t14,490,5J2
See accompanying notes to financial statements.
-77-
VILLAGE OF OAK BROOK, ILLINOIS
PENSION TRUST FUNDS
COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION
Years Ended April 30, 1990 and 1989
Policemen's Firefighter's Totals
Pension Pension 1990 1989
Sources of working
capital--operations--
net income $753,092 $1,058,023 $1,811,115 $1,347,122
Uses of working
capital--net increase
in pension investments 657,514 988,246 1,645,760 1,292,109
NET INCREASE
(DECREASE) IN
i WORKING CAPITAL $ $ 69,777 $ 165.355 $ 55.013
Elements of net increase
(decrease) in working
capital:
Cash $ 11,531 $ 4,172 $ 15,703 $ (7,356)
Receivables 94,329 67,543 161,872 79,624
Due from other
funds 945 955 1,900 (13,297)
Accounts payable (10,477) (2,143) (12,620) (3,958)
Due to other
funds (750) (750) (1,500)
NET INCREASE
(DECREASE) IN
WORKING CAPITAL $ 69.777 $ 165.355 $ 55.013
See accompanying notes to financial statements.
-78-
r
VILLAGE OF OAK BROOK, ILLINOIS
POLICEMEN'S PENSION FUND
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN
FUND BALANCE--BUDGET AND ACTUAL
Year Ended April 30, 1990
Variance
Actual-- Favorable
GAAP Basis Budget (Unfavorable)
Operating revenues:
Interest $ 600,359 $470,000 $130,359
Contributions:
Employees 124,278 126,000 (1,722)
Village 234,611 233,100 1,511
Miscellaneous 100 - 100
358,989 359,100 (111)
TOTAL OPERATING REVENUES 959,348 829,100 130,248
Operating expenses:
General and administrative 2,425 4,075 1,650
Pension refunds 20,729 10,000 (10,729)
Benefit payments 183,102 154,500 (28,602)
TOTAL OPERATING EXPENSES 206,256 168,575 (37,681) ,
NET INCOME 753,092
Fund balance at. May 1, 1989 7,122,827
FUND BALANCE AT
APRIL 30, 1990 97.875,919
See accompanying notes to financial statements.
-79-
r
VILLAGE OF OAK BROOK, ILLINOIS
FIREFIGHTER'S PENSION FUND
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN
FUND BALANCE--BUDGET AND ACTUAL
Year Ended April 30, 1990
Variance
Actual-- Favorable
GAAP Basis Budget (Unfavorable)
Operating revenues:
Interest $ 867,874 $469,200 $398,674
Contributions:
Employees 107,270 108,150 (880)
Village 221,641 225,750 (4,109)
328,911 333,900 (4,989)
TOTAL OPERATING REVENUES 1,196,785 803,100 393,685
Operating expenses:
General and administrative 2,330 3,025 695
Benefit payments 136,432 181,000 44,568
TOTAL OPERATING EXPENSES 138,762 184,025 45,263
NET INCOME 1,058,023 4 4
Fund balance at May 1, 1989 7,367,732
FUND BALANCE AT
APRIL 30, 1990 8.425.755
See accompanyingnotes to financial statements.
-80-
r
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF GENERAL FIXED ASSETS--BY SOURCE
April 30, 1990 and 1989
1990 1989
General fixed assets:
Land $ 491,829 $ 281,829
Buildings and improvements 5,015,166 4,941,791
Furniture and fixtures 274,920 274,367
Roadway improvements 6,320,344 6,093,009
Automotive equipment 1,905,272 1,839,480
Other equipment 1,750,680 1,599,980
Library books 400,771 364,483
TOTAL GENERAL FIXED ASSETS $16.158.982 tl5,394,912
Investment in general fixed assets from:
Current revenues $13,649,083 $12,885,040
Proceeds of indebtedness 1,582,783 1,582,783
Gifts 518,738 518,738
Motor Fuel Tax Fund revenues 246,098 246,098
Federal Revenue Sharing Fund revenues 131,751 131,751
Special Service Area No. 1 Fund revenues 30,529 30,529
TOTAL INVESTMENT IN
GENERAL FIXED ASSETS t16,158,9aZ tl5,394,912
See accompanying notes to financial statements.
r
r
r
r
-81-
r
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF GENERAL FIXED ASSETS--BY FUNCTION AND ACTIVITY
April 30, 1990
Buildings Furniture
and and
Function and Activity Land Improvements Fixtures
General government:
Counsel and legal $210,000 $ 3,067
Village manager 5,831
Finance and accounting 15,484
Engineering 6,580 16,274
Village Hall 273,741 $2,729,384 118,338
TOTAL GENERAL GOVERNMENT 490,321 2,729,384 158,994
Public safety:
Police department 27,667 25,761
Fire department 1,210,748 39,862
Emergency medical service 813
Inspection bureau 3,171
TOTAL PUBLIC SAFETY 1,238,415 69,607
Public works:
Administrative 73,375 5,461
Street maintenance
Street improvements 30,363
Municipal garage 763,695 5,386
TOTAL PUBLIC WORKS 867,433 10,847
Culture and recreation:
Library 1,508 179,934 35,472
TOTAL GENERAL FIXED ASSETS - 2 15,015.166
See accompanying notes to financial statements.
-82-
Roadway Automotive Other Library
Improvements Equipment Equipment Books Total
$ 16,424 $ 229,491
$ 16,367 36,310 58,508
135,951 151,435
10,857 57,335 91,046
9,929 49,389 3,180,781
37,153 295,409 3,711,261
433,400 376,980 8639808
$ 52,813 742,005 618,898 2,664,326
174,356 104,004 279,173
17,396 31,846 52,413
52,813 1,367,157 1,131,728 3,859,720
41,941 5,568 126,345
456,314 187,106 643,420
6,267,531 54,647 6,352,541
2,707 51,205 8229993
6,267,531 500,962 298,526 7,945,299
25,017 $400,771 6429702
$6.320.344 $1.905.272 $1.750.680 t16,158,982
-82-
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS--
BY FUNCTION AND ACTIVITY
April 30, 1990
General General
Fixed Fixed
Assets Assets
May 1 April 30
Function and Activity 1989 Additions Retirements 1990
General government:
Counsel and legal $ 18,090 $211,401 $ 229,491
Village manager 49,823 8,685 58,508
Finance and
accounting 151,435 151,435
Engineering 91,046 91,046
Village Hall 3,180,781 3,180,781
TOTAL GENERAL
GOVERNMENT 3,491,175 220,086 3,711,261
Public safety:
Police department 743,343 159,165 $38,700 863,808
Fire department 2,625,957 38,369 2,664,326
Emergency medical
service 257,096 62,077 40,000 279,173
Inspection bureau 47,115 5,298 52,413
TOTAL
PUBLIC SAFETY 3,673,511 264,909 78,700 3,859,720
Public works: i
Administrative 52,970 73,375 126,345
Street maintenance 636,813 13,607 7,000 643,420
Street improvements 6,125,206 227,335 6,352,541
Municipal garage 809,206 20,787 7,000 822,993
TOTAL
PUBLIC WORKS 7,624,195 335,104 14,000 7,945,299
Culture and
recreation:
Library 606,058 36,644 642,702
TOTAL GENERAL
FIXED ASSETS $15.394.939 j ,143 lum t16,158.982 j
See accompanying notes to financial statements.
-83-
ii awar mm woos r an am wommm an "* on man memo
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
1990 $616,300 $1,134,078 $5,231,901 $1,486,158 $219,411 $922,716 $9,610,564
1989 327,739 1,124,734 5,184,506 2,076,858 196,584 955,025 9,865,446
1988 311,918 895,764 4,616,312 2,089,485 195,341 987,234 9,096,054
1987 254,617 911,668 4,450,380 1,384,901 181,778 916,214 8,099,558
1986 256,953 724,353 4,047,863 1,051,920 177,265 942,064 7,200,418
1985 222,469 726,444 4,032,499 1,378,771 136,526 967,861 7,464,570
1984 218,095 999,325 3,460,935 1,229,691 149,736 891,320 6,949,102
1983 193,109 878,409 3,396,808 812,987 113,037 912,849 6,307,199
1982 650,781 960,601 3,208,328 1,170,176 105,712 884,488 6,980,086
1981 126,202 779,972 2,944,083 989,810 131,876 884,485 5,856,428
Note 1--Includes expenditures of General Fund, Special Revenue Fund,
Debt Service Fund, and Capital Projects Fund.
Table 2
VILLAGE OF OAK BROOK, ILLINOIS
GENERAL REVENUES BY SOURCE (1)
Last Ten Fiscal Years
Licenses Fines Interest
Fiscal Property and Service and on
Year Intergovernmental Taxes Permits Charges Penalties Investment Miscellaneous Total
1990 $7,012,264 $542,623 $305,085 $219,484 $229,841 $438,929 $154,064 $8,902,290
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
C� 1987 6,885,727 598,342 279,693 215,853 146,691 404,114 339,036 8,869,456
' 1986 5,952,519 570,623 248,343 218,107 162,648 427,195 190,378 7,769,813
1985 5,949,838 691,686 287,217 212,816 204,809 453,655 56,389 7,856,410
1984 5,343,246 602,517 326,633 214,758 205,838 387,418 52,928 7,133,338
1983 4,955,919 352,932 212,984 159,897 139,872 472,537 13,314 6,307,455
1982 4,894,684 518,701 238,017 309,682 155,465 619,703 99,191 6,835,443
1981 4,644,790 . 673,830 195,474 131,836 109,239 523,492 45,927 6,324,588
Note 1--Includes revenues of General Fund, Special Revenue Funds, Debt
Service Fund, and Capital Projects Fund.
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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 improve-
ments. There were no special assessments prior to 1983 or subsequent
to 1987.
-86-
Table 4
VILLAGE OF OAK BROOK, ILLINOIS
PROPERTY TAX LEVIES AND COLLECTIONS
Last Ten Fiscal. Years (1)
Total Tax
Current Collections Outstanding
Year and Delinquent
Fiscal Abatement Total Tax Write-Offs Taxes as
Year Percent Delinquent and Collections as Percent Outstanding Percent of
Tax Ended Total Current Tax of Levy Tax Forfeiture and of Current Delinquent Current
Year April 30 Tax Levy Collections Collected Collections Write-Offs Write-Offs Levy Taxes Levy
1988(5) 1990 $551,811 $539,680 97.80% $2,570 $6,009 $548,259 99.36% $ 957 .17%
1987(4) 1989 580,309 576,597 99.36 6,026 2,997 585,620 100.92 714 .12
1986(2)(4) 1988 608,701 598,279 98.30 3,053 1,254 602,586 99.00 1,052 .17
1985(2)(4) 1987 621 ,310 618,592 99.56 1,069 1,880 621 ,541 100.04 838 .13
1984(2) 1986 568,597 562,842 98.99 3,473 4,924 571,239 100.46 831 .15
1983(2) 1985 591,472 582,336 98.46 4,785 8,431 595,552 100.69 705 .12
1982(2) 1984 523,892 519,179 99.10 3,067 1,375 523,621 99.95 271 .05
1981(3) 1983 277,439 273,157 98.46 1,609 4,800 279,566 100.77 - -
1980(2) 1982 518,030 514,912 99.40 3,789 2,967 521,668 100.70 - -
1979(2) 1981 483,900 479,949 99.18 16 1,409 481,374 99.48 2,526 .52
Note 1--Prior to the 1981 tax levy, the Village levied property taxes for debt service
purposes only and commenced such levies for the 1977 tax year. Taxes are collected
during the summer months of the year following the year of the levy. Thus, collec-
tions are made in the fiscal year two years behind the year of the levy.
Note 2--The 1979, 1980, 1982, 1983, 1984 and 1985 levies were abated by $300,000.
These funds were contributed from excess revenues of the General Fund.
Note 3--The 1981 levy was abated by $600,000. These funds were contributed from
excess revenues of the General Fund.
Note 4--The 1986, 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.
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i
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
1990 $745,392 $2,258,764 33.00%
1989 669,030 2,027,364 33.00
1988 611,665 1,853,530 33.00
1987 445,776 1,350,836 33.00
1986 396,911 1,202 761 33.00
1985 373,266 1,131,109 33.00
1984 347,271 1,052,336 33.00
1983 318,675 965,680 33.00
1982 293,897 890,597 33.00
1981 257,727 780,990 33.00
1980 213,643 647,403 33.00
Note 1--Dollar amounts in thousands.
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Table 6
VILLAGE OF OAK BROOK, ILLINOIS
PROPERTY TAX RATES--ALL OVERLAPPING GOVERNMENTS
(Per $100 Assessed Valuation) .
Last Ten Fiscal Years
Village Junior Grade High Oak Brook Hinsdale
Fiscal of Basic College School School Park Sanitary
Year Total Oak Brook Town(1) #502 #53 #86 District District
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 1.9.233 .1423 .0528
1986 5.1729 .1566 1.2444 .2450 1.3314 1.9461 .1918 .0576
1985 4.8476 .1524 1.0265 .2424 1.2050 1.9570 .2035 .0608
1984 4.6286 .1704 .9162 .2426 1.1507 1.9201 .1663 .0623
1983 4.9090 .1645 .9452 .2318 1.4383 1.8883 .1763 .0646
1982 4.6863 .0944 .9425 .2222 1.3649 1.8334 .1598 .0691
1981 5.1113 .2010 1.0036 .1904 1.5661 1.9150 .1558 .0794
Note 1--Includes all county, forest preserve, township and water
commission rates.
Source: Du Page County Clerk's office, Revenue Division.
l
1
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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(l) Available Debt Value Capita
1990 9,151(5) $745,392 $4,250,000 $432,693 $3,817,307 .512% $ 417
1989 9,151(5) 669,030 4,950,000 629,291 4,320,709 .646 472
1988 8,000(2) 611,665 5,650,000 510,389 5,139,611 .840 642
1987 8,000(2) 445,776 6,350,000 416,669 5,933,331 1.331 742
1986 8,000(2) 396,911 6,950,000 287,636 6,662,364 1.679 833
1985 7,263(3) 373,266 7,550,000 224,642 7,325,358 1.963 1,009
1984 7,263(3) 347,271 8,150,000 161,147 7,988,853 2.301 1,100
1983 6,641(4) 318,675 8,670,105 120,337 8,549,768 2.683 1,287
1982 6,641(4) 293,897 9,.441,158 163,155 9,278,003 3.157 1,397
1981 6,641(4) 257,727 10,078,228 178,051 9,900,177 3.841 1,491
Noted--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.
-90-
Table 8
VILLAGE OF OAK BROOK, ILLINOIS
COMPUTATION OF LEGAL DEBT MARGIN
April 30, 1990
Assessed value t745,391.617
Debt limit 8.625% of assessed value $ 64,290,027
Debt applicable to debt limit--General
Obligation Recreation Bonds 4,250,000
LEGAL DEBT MARGIN 60.040.027
-91-
Table 9
VILLAGE OF OAK BROOK, ILLINOIS
COMPUTATION OF DIRECT AND OVERLAPPING DEBT
April 30, 1990
Percentage Amount
Applicable to Applicable to
Gross Debt Village of Village of
Jurisdiction Outstanding Oak Brook Oak Brook
Village of Oak Brook $ 4,250,000 100.00% $ 4,250,000
Du Page County 9,760,000 5.49 535,824
Du Page Forest Preserve 54,720,000 5.49 3,004,128
Du Page Water Commission 200,000,000 5.70 11,400,000
Sanitary districts 1,160,000 24.79 287,564
Junior college district 4,304,000 5.12 220,365
Elementary school districts 6,894,000 11.53 794,878
High school districts 18,677,000 10.00 1,867,700
TOTAL 122,360,459
Source: Du Page County Clerk's office.
-92-
Table 10
VILLAGE OF OAK BROOK, ILLINOIS
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL
BONDED DEBT TO TOTAL GENERAL EXPENDITURES
Last Ten Fiscal Years
Ratio of
Total Debt Service
Fiscal Debt Total General to Total
Year Principal Interest Service Expenditures(1) Expenditures
1990 $700,000 $238,000 $ 938,000 $9,610,564 9.76%
1989 700,000 270,200 970,200 9,865,446 9.84
1988 700,000 302,400 1,002,400 9,096,054 11.02
1987 600,000 328,200 928,200 8,099,558 11.46
1986 600,000 354,000 954,000 7,200,418 13.25
1985 600,000 379,800 979,800 7,464,570 13.13
1984 500,000 390,550 890,550 6,949,102 12.81
1983 500,000 412,050 912,050 6,307,199 14.46
1982 450,000 433,825 883,825 6,980,086 12.66
1981 400,000 454,650 854,650 5,856,428 14.59
Note 1--Includes General Fund, Special Revenue Fund, Debt Service Fund
and Capital Projects Fund.
-93-
Table 9
VILLAGE OF OAK BROOK, ILLINOIS
COMPUTATION OF DIRECT AND OVERLAPPING DEBT
April 30, 1990
Percentage Amount
Applicable to Applicable to
Gross Debt Village of Village of
Jurisdiction Outstanding Oak Brook Oak Brook
Village of Oak Brook $ 4,250,000 100.00% $ 4,250,000
Du Page County 9,760,000 5.49 535,824
Du Page Forest Preserve 54,720,000 5.49 3,004,128
Du Page Water Commission 200,000,000 5.70 11,400,000
Sanitary districts 1,160,000 24.79 287,564
Junior college district 4,304,000 5.12 220,365
Elementary school districts 6,894,000 11.53 794,878
High school districts 18,677,000 10.00 1,867,700
TOTAL t22,360,459
Source: Du Page County Clerk's office.
-92-
Table 10
VILLAGE OF OAK BROOK, ILLINOIS
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL
BONDED DEBT TO TOTAL GENERAL EXPENDITURES
Last Ten Fiscal Years
Ratio of
Total Debt Service
Fiscal Debt Total General to Total
Year Principal Interest Service Expenditures(1) Expenditures
1990 $700,000 $238,000 $ 938,000 $9,610,564 9.76%
1989 700,000 270,200 970,200 9,865,446 9.84
1988 700,000 302,400 1,002,400 9,096,054 11.02
1987 600,000 328,200 928,200 8,099,558 11.46
1986 600,000 354,000 954,000 7,200,418 13.25
1985 600,000 379,800 979,800 7,464,570 13.13
1984 500,000 390,550 890,550 6,949,102 12.81
1983 500,000 412,050 912,050 6,307,199 14.46
1982 450,000 433,825 883,825 6,980,086 12.66
1981 400,000 454,650 854,650 5,856,428 14.59
Note 1--Includes General Fund, Special Revenue Fund, Debt Service Fund
and Capital Projects Fund.
-93-
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
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 29574,660 9069055 19668,605 3759000 191,450 566,450 295
1986 2,581,462 801,823 1,779,639 350,000 209,950 559,950 318
1985 2,621,901 819,550 1,802,351 350,000 228,600 578,600 312
1984 2,248,398 712 692 1,535,706 325 000 246,100 571,100 269
1983 2,002,585 540,260 1,462,325 300,000 261,525 561,525 260
1982 1,814,363 436,134 1,378,229 275,000 275,550 550,550 250
1981 1,665,697 510,744 1,154,953 250,000 289,425 539,425 214
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.
1
-94-
Table 12
VILLAGE OF OAK BROOK, ILLINOIS
DEMOGRAPHIC STATISTICS
Education
level in
Per Years of
Fiscal Capita Median Formal Unemployment
Year Population Income Age Education Rate
1989(3) 9,151 $26,818 41 15.5 2.50%
1984(l) 7,263 22,737 39 14.5 3.14
1970(2) 4,164 8,997 34 13.3 .07
Source 1--1983 Special Census and 1980 Federal Census.
Source 2--1970 Federal Census.
Source 3--1988 Special Census.
i
1
-95-
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)
10 4 2
1989 3 $10,100 30 $ ,939 $1, 65,387,000 $ ,030,900
1988 2 8,399 47 39,548 1,315,428,000 1,823,100
1987 1 35,000 100 36,462 1,171,352,000 1,573,724
1986 4 52,985 113 34,263 1,041,202,000 1,350,836
1985 1 1,975 124 28,453 929,645,000 1,202,761
1984 3 15,349 105 25,861 841,308,000 1,131,109
1983 5 15,575 98 22,398 754,645,000 1,052,336
1982 2 11,943 55 6,937 657,982,000 965,680
1981 1 798 63 14,618 508,321,000 890,597
1980 6 14,554 81 19,446 433,987,000 780,990
Source--Polling of all banks in Village of Oak Brook.
-96-
Table 14
VILLAGE OF OAK BROOK, ILLINOIS
PRINCIPAL TAXPAYERS
April 30, 1990
Percentage of
1989 Total
Assessed Assessed
Taxpayer Type of Business Valuation Valuation
Urban Investment and Oak Brook Shopping
Development Co. Center property $ 25,778,634 3.5%
McDonald's Corporation Office Campus 24,707,338 3.3
Oak Brook International
Office Office buildings 14,759,130 2.0
La Salle Partners Commerce Plaza 14,295,363 1.9
McDonald's Corporation Corporate office
headquarters 13,520,421 1.8
Regency Towers Office buildings 12,363,989 1.7
Drake Hotel and offices 12,008,488 1.6
Marshall Field & Co.-Batus
Holdings Retail store 8,304,694 1.1
Manufactures Life Real
Estate Executive towers 7,600,049 1.0
Oak Brook Hyatt House Hotel 7,563,045 1.0
Eastman Kodak Regional headquarters 6,883,938 .9
Marriott Hotel 6,615,979 .9
John Buck Co. Office building 6,343,273 .9
Chicago Bridge and Iron Corporate office 6,135,728 .8
Sears, Roebuck & Co. Retail store 4,634,595 .6
171.514.664 23.0
-97-
Table 15
VILLAGE OF OAK BROOK, ILLINOIS
INSURANCE IN EFFECT
Fiscal Year 1989-1990
Name of Company Policy Period Amount of
Type of Insurance (Policy Number) From To Coverage Premium
Treasurer's bond Kemper Group 4-13-90 4-13-91 $ 100,000 $ 123
Insurance Company
(35M-061-900-03)
Volunteer accident Home Insurance 5-15-90 5-15-91 20,000 1,407
insurance Company
(HVF-7-25-85)
Host Liquor Continental 11-24-89 11-24-90 1,000,000 2,707
Liability Casualty
(RDD7176568)
Lloyds, London
(BL25507CA)
Note--The Village entered into a contractual agreement with 14 other municipali-
ties 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 1990 was $231,066 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 Bassett Insurance Service for the claims administration
function. As of April 30, 1990, IRMA members totaled 47 municipalities.
-98-
Table 16
VILLAGE OF OAK BROOK, ILLINOIS
MISCELLANEOUS STATISTICAL DATA
April 30, 1990
Date of incorporation February 21, 1958
Form of government Seven member Board of Trustees,
including President; Village Manager
appointed by Board of Trustees
Area 8.5 square miles
Miles of streets 53 miles
Number of street lights 445
Fire protection: Number of stations 2
Number of firemen 34
Number of volunteers 20
Police protection: Number of stations 1
Number of policemen
and officers 36
Detention facilities Juvenile 2
Adult 6
Education (elementary
only): Attendance centers 2
Number of teachers 48
Number of students 520
Municipal water
department: Number of customers 5,026
Total water pumped Gallons 1,386,130
Average daily
consumption Gallons 3,797,000
Miles of water mains 77
Building permits issued
Recreation:
Oak Brook Sports Core--
269 acres including
Bath and Tennis Club
and 18-hole golf course
Oak Brook Park District--
66 acres including
indoor and outdoor
tennis
Du Page County Forest
Preserve--141 acres
Culture: Number of libraries 1
Number of volumes 37,810
Census data 1960, 324; 1970, 4,164;
1975, 5,281; 1980,
6,641; 1984, 7,263
Employees: 120 full time
248 part time/seasonal
-99-