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CAFR (Year Ended December 31, 2000) OF Oq _ � o • O C � O IJ N T`� VILLAGE OF OAK BROOK COMPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended December 31, 2000 VILLAGE OF OAK BROOK, ILLINOIS COMPREHENSIVE ANNUAL FINANCIAL REPORT YEAR ENDED DECEMBER 31, 2000 Prepared by: Finance Department Darrell J. Langlois Finance Director/Treasurer VILLAGE OF OAK BROOK,ILLINOIS TABLE OF CONTENTS INTRODUCTORY SECTION Principal officials i Organizational chart ii Letter of transmittal from the Village Manager ill Letter of transmittal from the Finance Director/Treasurer iv- xi Certificate of excellence in financial reporting xii FINANCIAL SECTION INDEPENDENT AUDITOR'S REPORT 1 GENERAL PURPOSE FINANCIAL STATEMENTS Combined balance sheet-All fund types and account groups 2 - 3 Combined statement of revenues, expenditures and changes in fund balances- All governmental fund types 4 Combined statement of revenues, expenditures and changes in fund balances-Budget and actual -All governmental fund types 5 Combined statement of revenues, expenses and changes in retained earnings -All proprietary fund types 6 Combined statement of cash flows -All proprietary fund types 7 — Combined statement of changes in plan net assets-Pension trust funds 8 Notes to financial statements 9 -26 SUPPLEMENTARY INFORMATION Required supplemental information: Schedule of funding progress: Illinois Municipal Retirement Fund 27 Police Pension Fund 28 Firefighters'Pension Fund 29 General Fund: Statement of revenues, expenditures and changes in — fund balance -Budget and actual 30 Schedule of revenues-Budget and actual 31 Schedule of expenditures- Budget and actual 32 - 39 Special Revenue Funds: Combining balance sheet 40 Combining statement of revenues, expenditures and changes 41 -42 in fund balances - Budget and actual Capital Project Fund- Infrastructure Fund: Balance sheet 43 Statement of revenues, expenditures and changes 44 in fund balances - Budget and actual VILLAGE OF OAK BROOK,ILLINOIS TABLE OF CONTENTS _ FINANCIAL SECTION (Continued) SUPPLEMENTARY INFORMATION (Continued) _ Enterprise Funds: Combining balance sheet 45 -46 Combining statement of revenues, expenses, and changes in retained earnings 47 _ Combining statement of cash flows 48 Waterworks System Fund: — Statement of revenues, expenses, and changes in retained earnings - Budget and actual 49 Schedule of operating expenses-Budget and actual 50 — Schedule of property,plant and equipment and accumulated depreciation 51 - 52 Sports Core Fund: Statement of revenues, expenses, and changes in retained earnings- Budget and actual 53 _ Schedule of operating revenues -Budget and actual 54 Schedule of operating expenses -Budget and actual 55 - 57 Schedule of property,plant and equipment and accumulated depreciation 58 - 59 Internal Service Funds: Combining balance sheet 60 — Combining statement of revenues, expenses and changes in retained earnings 61 Combining statement of cash flows 62 — Self-Insurance Fund: Statement of revenues, expenses and changes in '— retained earnings-Budget and actual 63 Garage Fund: -- Statement of revenues, expenses and changes in retained earnings- Budget and actual 64 Capital Replacement Fund: Statement of revenues, expenses and changes in retained earnings- Budget and actual 65 VILLAGE OF OAK BROOK,ILLINOIS TABLE OF CONTENTS FINANCIAL SECTION (Continued) SUPPLEMENTARY INFORMATION (Continued) Pension Trust Funds: Combining statement of plan net assets 66 Combining statement of changes in plan net assets 67 Police Pension Fund: Statement of changes in plan net assets-Budget and actual 68 Firefighters'Pension Fund: Statement of changes in plan net assets-Budget and actual 69 General Fixed Assets Account Group: Schedule of general fixed assets-By source 70 Schedule of general fixed assets-By function and activity 71 Schedule of changes in general fixed assets-By function and activity 72 STATISTICAL SECTION General governmental expenditures by function- Last ten fiscal years 73 General revenues by source - Last ten fiscal years 74 Property tax levies and collections- Last ten fiscal years 75 Assessed and estimated actual value of taxable property (in thousands) - Last ten levy years 76 Property tax rates- Direct and overlapping governments - Last ten levy years 77 Ratio of net general bonded debt to equalized assessed value and net general bonded debt per capita -Last ten fiscal years 78 _ Computation of legal debt margin 79 Schedule of direct and overlapping bonded debt 80 Ratio of annual debt service expenditures for general bonded debt to total general expenditures- Last ten fiscal years 81 Revenue bond coverage - Waterworks system bonds -Last ten fiscal years 82 Demographic statistics 83 Property value and construction-Last ten fiscal years 84 Principal taxpayers 85 Schedule of insurance in force 86 Miscellaneous statistics 87 INTRODUCTORY SECTION VILLAGE OF OAK BROOK,ILLINOIS PRINCIPAL OFFICIALS December 31,2000 Karen M. Bushy, Village President Linda K. Gonnella, Village Clerk BOARD OF TRUSTEES Adam Butler William E. Kenny George T. Caleel Gerald McInerney John W. Craig Alfred P. Savino VILLAGE MANAGER Stephen B. Veitch, Village Manager FINANCE DEPARTMENT Darrell J. Langlois, Finance Director/Treasurer i VILLAGE OF OAK BROOK ORGANIZATIONAL CHART December, 2000 Citizens of Oak Brook Advisory Boards President and and Commissions Board of Trustees Village Clerk Electrical Commission Board of Fire& Police Commissioners Village Attorney Village Manager Treasurer/Budget Officer Hotel Convention and Visitors Committee Library Commission Plan Commission Safety Pathway Committee Zoning Board of Appeals Police Pension Board Information Services Firefighters' Pension Board & Purchasing Financial Public En ineerin and Sorts Community g g p Services Works Capital Projects Library Police Fire Development ii 6t OF Oq.. P Bq o o - h c o _ 2 v 9CFco UNT1 \�\ VILLAGE OF OAK BROOK 1200 OAK BROOK ROAD OAK BROOK, ILLINOIS 60523 - 2255 PHONE: 630 990 -3000 FAX : 630 990-0876 March 6, 2001 W E B S I T E: www.oak-brook.org President and Board of Trustees Village of Oak Brook Oak Brook, IL 60521 President Bushy and Trustees: I am pleased to present the Comprehensive Annual Financial Report for the Village of Oak Brook for the fiscal year ended December 31, 2000. Finance Director and Village Treasurer Darrell Langlois and his staff, in accordance with applicable standards of the Government Accounting Standards Board and the Government Finance Officers Association, have prepared this report. The Comprehensive Annual Financial Report is an important and legally essential document for the Village Board and the community. It is even more valuable when viewed in conjunction with the Village's Five-Year Financial Plan. The Annual Report presents a"snapshot"' of the Village's financial condition at a specific point in time; the Five-Year Plan presents a long range continuous view. Taken together, these documents present a complete picture of the present and future financial condition of the Village. The Village's continued financial health is reflected clearly in the Annual Financial Report. This strength is attributable to the Village Board's conservative financial policies, a tradition of careful financial planning, and rigorous day-to-day management of the Village's financial affairs. The indicators of Oak Brook's financial condition continue to be positive. As you know, however, this situation can change quickly as a result of economic cycles, State and Federal legislation and policy decisions of elected officials. Absent significant changes in Federal or State statutes or local policies, the information currently available suggests that the Village has an excellent opportunity to meet the challenges presented in coming years while maintaining a financial condition of which its citizens can be very proud. Sinc ly tephe B Veitch Village Manager /sv iii ECONOMIC CONDITION AND OUTLOOK The Village of Oak Brook is located about 15 miles west of the Chicago Loop, near the geographic center of the seven-county Chicago metropolitan area. Excellent transportation links are provided to all parts of the greater metropolitan area by a network of tollways and federal _ and state highways which pass through or near the Village. The Tri-State Tollway (1-294), running along the Village's eastern boundary, provides rapid access to the northern and southern suburbs, and into Wisconsin and Indiana. The East-West Tollway (1-88), passing through the Village's northern sector, joins the Eisenhower Expressway to the northeast, providing direct access to Chicago's Loop. Additional links include east-west arteries Illinois Route 38 and U.S. Route 34, which pass, respectively, to the north and south of the Village, and Illinois Route 83, which bisects the community in a north-south direction. The Oak Brook area is generally bounded on the north by the communities of Lombard, Villa Park, Elmhurst and Oakbrook Terrace and on the south by Downers Grove, Westmont, Clarendon Hills and Hinsdale. Oak Brook is a community that has demonstrated an extremely high degree of economic stability. While the Illinois unemployment rate hovers around 4.5%, Du Page County has - established an unemployment rate of 2.6%, significantly lower than the norm. According to the 1990 Census, over one-third of the households in Oak Brook are two-person, _ and over 62% of the occupants of the Village have resided in Oak Brook for over 10 years, indicating a strong level of population stability. Per capita income of Village residents in 1989 was $60,347 and the mean family income was $187,501. The Census also indicates that managerial, professional, and sales occupations are held by 74% of Village residents employed. The Village of Oak Brook has been and continues to be one of the preeminent business centers in the Chicago metropolitan area. Several Fortune 500 companies have facilities in the Village, including the corporate headquarters of McDonalds Corporation. As a retail center, Oak Brook offers upscale shopping, fine restaurants, and Oakbrook Center, one of the leading outdoor shopping centers in the United States. These factors, as well as the overall strength of the - Illinois economy, have enabled the Village to continue to operate without a real estate tax due to the sales taxes generated from retail business activities. Changes are occurring that should enable the Village to continue to be successful into the 21s' century. As the Village evolved, thoughtful zoning regulations, particularly in the area of building and bulk regulations, contributed to its early success. However, with increasing competition _ from other suburbs, some changes to these regulations are occurring which will allow for taller buildings and greater floor area ratios. This has had a positive impact on the Village as indicated by McDonald's commitment to remain in the Village well in to the 21s' century, and in the renovation of several older office buildings, and construction or announcement of four major new buildings and a hotel. The future viability of the office building sector is extremely important as approximately 20% of the Village's sales tax revenue is generated by this sector. V _ MAJOR INITIATIVES 2000 The Village completed its 2000 paving program, continued the program of replacing all water meters over approximately five years in order to reduce unaccounted water flow, completed the replacement of the irrigation system at the Golf Club, began a multi-year program to increase the number of fire department personnel, and completed the design on three major public building projects: an addition to the Bath and Tennis Club clubhouse, a new Library building, and the Municipal Complex project. The latter project includes a major addition to Village Hall and that will house Fire Station #1, Fire Department administration, Community Development, Engineering, Information Services, the Communications Center, and a multi-purpose training room and an Emergency Operating Center. The project would also include improvements to the Village Hall site and renovation of the Police Department. In the Future Included in the 2001 budget is the 2001 paving program, which includes major drainage work in the Timber Trails/Merry Lane neighborhood, replacement of all street signs within the Village, additional personnel in the public safety departments, the completion of the addition to the Bath and Tennis Club clubhouse, and substantial construction work on the new Library building and Municipal Complex project. In later years, the Five-Year Financial Plan includes continuation of the annual paving program, completion of the new Library building, completion of the Municipal Complex project, continued improvements to the Village's safety pathway system, and additional enhancements in the number of public safety personnel. FINANCIAL INFORMATION Accounting System and Budgetary Control The Village's accounting records for general governmental operations are accounted for on a modified accrual basis of accounting. Revenues are recorded when available and measurable. Expenditures are recorded when services or goods are received and liabilities are incurred. Accounting records for the Village's Proprietary Funds and Pension Trust Funds are maintained on an accrual basis. The Village places a great deal of emphasis upon internal accounting controls as they affect the overall accounting system. In developing and evaluating the Village's accounting system, consideration is given to the adequacy of internal accounting controls. Internal accounting controls are designed to provide reasonable, but not absolute, assurance regarding: (1) the safeguarding of assets against loss from unauthorized use or disposition; and (2) the reliability of financial records for preparing financial statements and maintaining accountability for assets. The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the evaluation of costs and benefits requires estimates and judgments by management. All internal control evaluations occur within the above framework. We believe that. the Village's internal accounting controls adequately safeguard assets and provide reasonable assurance of proper recording of financial transactions. Vi Budgetary control is maintained through a system of monthly revenue and expenditure/expense versus budget accounting reports which are provided to all Trustees and department heads. All disbursements receive approval of the Board of Trustees. Total expenditures in any fund are legally restricted to the total amount budgeted, which is not changed without supplemental ordinance approval. The budget is monitored at the subfunction level by the encumbrance of estimated purchase amounts prior to the release of purchase orders to vendors. General Governmental Functions Revenues for general governmental functions as reported in the General Fund totaled $16,504,518 in 2000. Percent Increase Of (Decrease) Source Amount Total Over 1999 Intergovernmental $11,597,685 70.27% $ (695,555) Utility Taxes 902,775 5.48 902,775 Licenses and Permits 623,858 3.78 191,134 Service Charges 389,557 2.36 (36,195) Fines and Penalties 223,462 1.35 24,693 Interest on Investments 1,099,640 6.66 407,218 _ Miscellaneous 1,667,541 10.10 1,001,935 16 504.518 100.00 $1,796.005 Intergovernmental revenue, primarily the general sales tax, is the major revenue source for the Village, producing 70.27% of current year revenues. While most of the tax distributions received from the State of Illinois increased over 1999, there was a significant decrease in sales taxes received resulting in an overall decrease of almost $700,000. Beginning in 2000, the Village eliminated the 3% utility tax on intrastate telephone service (which was an Infrastructure Fund revenue source) and replaced it with a 2% telecommunication tax on both intrastate and interstate telephone service. Effective May 1, 2000, the 2% telecommunication tax was allocated to the General Fund, which resulted in over — $900,000 of additional General Fund revenue for 2000. This revenue source is used primarily to fund additional public safety expenditures. The increase in Licenses and Permits was due to increased building and electrical permit activity in 2000. The decrease in Service Charges was due to receipt of one-time fees associated with the subdivision application for the Forest Gate subdivision in 1999. The increase in interest income is attributable to higher investable balances and increased market yields on the Village's marked to market investments due to declining interest rates in 2000. The increase in Miscellaneous Income was primarily attributed to increased revenue from telecommunications infrastructure maintenance fees (IMF) and credits in excess of $800,000 (General Fund portion) being received from the Intergovernmental Risk Management Agency (IRMA) due to a revision to IRMA's fund balance policy. These credits were applied to fund all of the Village's annual insurance contribution for 2000, with the remainder being applied to the - Village's 2001 contribution. vii _ The Village has never levied a real estate tax for general governmental functions. However, the 1999 assessed valuation of real property in the Village was $1,045,985,125, an increase of $40,887,841, or 4.07% over the prior year. Expenditures for general governmental 'purposes, grouped by function as required by generally accepted accounting principles, totaled $15,738,005 in the General Fund. Percent Increase Of (Decrease) Function Amount Total Over 1998 General Government $ 5,114,712 32.50% $1,081,847 Public Safety 8,216,647 52.21 780,905 Public Works 1,636,909 10.40 (41,590) Culture and Recreation 769,737 4.89 (39,925) 15,738,005 100.00 1 781.237 General Government expenditures increased due primarily to planned expenditures for costs associated with the new Library building and Municipal Complex project. Public Safety expenditures increased due to additional personnel as well as significant cost increases in health insurance and state mandated pensions. Public Works expenditures decreased due to the allocation of one employee to the Garage 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 motor fuel tax collections. The State collects the tax on each gallon of fuel sold within the State of Illinois and returns a percentage back to each municipality based on population. Motor Fuel Tax revenue from the State for the year ended December 31, 2000 was $313,610, an increase of $78,585 over 1999. This increase is due to a positive change in the amount distributed to local governments as part of the Illinois FIRST legislation. In the future Motor Fuel Tax revenue will be used by the Village to partially finance street maintenance and improvement projects. Waterworks System Fund Selected data for the past year is presented in the following tabulation: Water Sales $3,293,815 Water Tap on Charges 88,672 Total Operating Revenues 3,599,840 Total Operating Expenses 3,970,741 Operating Income (Loss) (370,901) Net Income (Loss) (287,506) viii Sports Core Fund The 2000 financial statements reflect the twentieth year of operation of the 18-hole golf course and expanded operations of the Bath and Tennis Club. Operating revenues totaled $3,569,662 and operating expenses, excluding depreciation, totaled $3,408,241. Major department activity is summarized as follows: Revenues Golf Club $2,114,403 59.23% Food and Beverage 1,022,985 28.66 Bath & Tennis Club 432,274 12.11 3.569 662 100.00 Operating Expenses Golf Club $1,350,803 36.19% Food and Beverage 1,232,412 33.02 _ Bath & Tennis Club 825,026 22.11 Depreciation 324,053 8.68 3 732 294 100.00 Pensions Employees of the Village of Oak Brook participate in one of three pension plans. They are: (1) the Police Pension Fund of the Village of Oak Brook, covering the Village's sworn personnel in the Police Department; (2) the Firefighters' Pension Fund of the Village of Oak Brook, covering the Village's sworn personnel in the Fire Department; and (3) the Illinois Municipal Retirement Fund, which covers all of the remaining Village employees who are normally scheduled to work in excess of 1,000 hours per year on a regular basis. Illinois Municipal Retirement Fund employees also participate in Social Security. Based on the most recent actuarial studies, the Police Pension Fund and IMRF were in excess of 100% funded, and the Firefighters' Pension Fund was 96.2% funded. General Fixed Assets The general fixed assets of the Village are those fixed assets used in the performance of general governmental functions. These exclude the fixed assets of the Enterprise and Internal Service Funds. As of December 31, 2000, the general fixed assets of the Village amounted to $10,009,022. This amount represents the original cost of the assets and is considerably less than their current value. Depreciation of general fixed assets is properly not recognized in the Village's governmental fund types. The Village does not capitalize infrastructure projects in the General Fixed Asset Account Group. ix Debt Administration As a means of financing, bonding has been used on three occasions in the Village's history. In 1973 and 1976, revenue bonds were issued for the purchase of the water system from the Oak Brook Utility Company and for improvements and expansion of the system. After receiving referendum approval, general obligation bonds were issued in 1977 for the purchase of the Sports Core and improvements to the Golf Club. All of the bonds have since been retired, and the Village is now in the enviable position of having no bonded debt outstanding. Village Board policy states that a tax on real property would be imposed only to meet financial obligations which have been approved by the voters at referendum. In accordance with this policy, the latest edition of the Five Year Financial Plan does not contemplate issuing debt that is supported by real estate taxes. The Village has, however, occasionally issued debt that is not supported real estate taxes. In 1999, installment contract certificates were issued in order to finance construction of an irrigation system at the Golf Club. Repayment of this installment contract is anticipated to come from future Sports Core Fund revenues. In 2000, installment contract certificates of $1.8 million were issued in order to finance the Bath and Tennis Club clubhouse expansion and renovation. Proceeds from the sale of land to Du Page County for the widening of 31St Street will be used to repay approximately 50% of the certificates, with the remainder being repaid from future Sports Core Fund revenues. Both certificate issues are considered obligations of the Sports Core Fund. On January 4, 2001, the Village issued installment contract certificates totaling $4.0 million in order to partially fund the Municipal Complex project. These certificates were rated Aa2 by Moody's Investor Service, Inc., a very strong rating since there is no real estate tax pledge for the repayment of the certificates. Since the proceeds were not received until 2001, this obligation is not reflected in the financial statements. Sales tax revenues will be utilized to repay these certificates. Based on the latest Five-Year Financial Plan, no additional debt issues are anticipated. Cash Management It is the policy of the Village of Oak Brook to invest idle cash and increase investment income by the efficient use of money market accounts, certificates of deposit, the Illinois Funds, the Illinois Metropolitan Investment Fund, and U.S. government and agency securities. At December 31, 2000 the Village's investments, exclusive of the Pension Trust Funds, were distributed as follows: Illinois Funds 49.96% U. S. Government and Agency Securities 23.53 Illinois Metropolitan Investment Fund 19.82 Certificates of Deposit 6.69 100.00 For the year ended December 31, 2000 the Village received $1,888,563 in interest income. x Risk Management The Village of Oak Brook has a risk management program in place. For employee benefits, resources are accumulated in the Self-Insurance Fund in order to fund health and dental insurance claims. Insurance coverage for liability, property damage, and workmen's compensation is maintained through the Intergovernmental Risk Management Agency (IRMA) for all claims greater than $1,000. Various risk control techniques, including employee safety and accident prevention training, have been implemented to minimize accident related losses. OTHER INFORMATION Statutes require an annual audit to be performed on the books of account, financial records, and transactions of all administrative departments of the Village by independent certified public accountants selected by the Board of Trustees. This requirement has been complied with and the auditor's opinion has been included in this Report. Certificate of Achievement The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the Village of Oak Brook for its Comprehensive Annual Financial Report for the year ended December 31, 1999. 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 23 consecutive years. We believe that our current Report conforms to Certificate of Achievement Program requirements, and we are submitting it to GFOA to determine its eligibility for another Certificate. Acknowledgments The preparation of this Report could not be accomplished without the efficient and dedicated services of the entire staff of the Village of Oak Brook. We wish to express our appreciation to those persons who have made possible the publication of this Report, and to thank the President and members of the Board of Trustees for their interest and support in planning and _ conducting the financial operations of the Village in a responsible and progressive manner. -7 Darrell J. Lang is Finance Director/Treasurer X1 Certificate of Achievement for Excellence in Financial Reporting Presented to Village of Oak Brook, Illinois For its Comprehensive Annual Financial Report for the Fiscal Year Ended December 31, 1999 A Certificate of Achievement for Excellence in Financial Reporting is presented by the Government Finance Officers Association of the United States and Canada to government units and public employee retirement systems whose comprehensive annual financial reports (CAFRs) achieve the highest standards in government accounting and financial reporting. NSE OFFjC� UNITED STATES y W AND y resident ION = CORPORAT SEAL CNICAV �`� yo�� Executive Director Xii i i i i i i i INDEPENDENT AUDITOR'S REPORT „`�L MCGLADREY&PULLEN,LLP RSM ® Certified Public Accountants intemational INDEPENDENT AUDITOR'S REPORT To the Honorable Village President and Members of the Board of Trustees Village of Oak Brook, Illinois We have audited the accompanying general purpose financial statements of the Village of Oak Brook, Illinois, as of and for the year ended December 31, 2000, as listed in the table of contents. These general purpose financial statements are the responsibility of the Village's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the _ accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the Village of Oak Brook, Illinois, as of December 31, 2000, and the results of its operations and the cash flows of its proprietary fund types for the year then ended in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The combining and individual fund and account group financial statements and schedules, listed in the table of contents as supplementary information, are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of the Village —" of Oak Brook, Illinois. Such information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, is fairly presented in all material respects in relation to the general purpose financial statements taken as a whole. Mokena, Illinois March 6, 2001 1 GENERAL PURPOSE FINANCIAL STATEMENTS This page was intentionally left blank. VILLAGE OF OAK BROOK, ILLINOIS COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS December 31,2000 Fiduciary Account Groups Governmental Fund Types Proprietary Fund Types Fund Types General General Total Special Capital Internal Trust and Fixed Long-Term (Memorandum ASSETS AND OTHER DEBITS General Revenue Project Enterprise Service Agency Assets Debt Only) Cash and investments $ 16,154,943 $ 951,366 $ 2,675,720 $ 6,929,759 $ 2,990,934 $ 38,199,724 $ - $ - $ 67,902,446 Receivables: Sales taxes 2,856,199 - - - - - - - 2,856,199 Utility taxes 269,285 - 111,245 - - - - - 380,530 State income taxes 90,076 - - - - - - - 90,076 Replacement taxes 26,940 26,940 Accounts 244,938 - - 333,940 - - - - 578,878 Allotments - 21,867 - - - - - - 21,867 Accrued interest 124,064 6,324 17,246 33,524 19,161 309,393 - - 509,712 IRMA surplus credit 417,258 - - 126,431 - - - - 543,689 Other - 31,686 62,045 42,457 4,874 - - - 141,062 Due from other funds 1,530,725 - 12,309 - - - - - 1,543,034 Advances to other funds 790,000 - - - - - - - 790,000 Inventories 4,572 - - 166,435 41,795 - - - 212,802 Restricted assets,cash and investments - - - 185,628 - - - - 185,628 Fixed assets,net of accumulated depreciation,where applicable - - - 23,222,691 1,764,620 - 10,009,022 - 34,996,333 Other assets,water purchase rights - - - 1,606,733 - - - - 1,606,733 Amounts to be provided for retirement of general long-term debt - - - - - - - 185,788 185,788 Total assets and other debits $22,509,000 $ 1,011,243 $ 2,878,565 $32,647,598 $ 4,821,384 $ 38,509,117 $ 10,009,022 $ 185,788 $ 112,571,717 I 1 1 1 1 1 1 1 1 21 1 1 1 M 1 1 t 1 1 I I I I I I I i I I I I I I I I I I I Fiduciary Account Groups Governmental Fund Types Proprietary Fund Types Fund Types General General Total LIABILITIES,EQUITY AND Special Capital Internal Trust and Fixed Long-Term (Memorandum OTHER CREDITS General Revenue Project Enterprise Service Agency Assets Debt Only) Liabilities Accounts payable $ 717,773 $ 46,506 $ 135,278 $ 312,603 $ 27,554 $ 10,329 $ - $ - $ 1,250,043 Accrued payroll 212,634 - - 35,067 2,611 - - - 250,312 Accrued interest payable - - - 18,596 - - - - 18,596 Compensated absences 529,357 - - 46,103 7,408 - - 82,309 665,177 Claims payable - - - - 174,000 - - - 174,000 Deposits payable 677,151 - 17,540 47,955 - - - - 742,646 Due to other funds - 12,309 - 1,530,725 - - - 1,543,034 Advances from other funds - - - 790,000 - - - - 790,000 Note payable - - - 59,011 - - - - 59,011 Installment contract payable - - - 2,555,000 - - - 2,555,000 Capital lease payable - - - 107,381 - - - 107,381 Net pension obligation - - - - - - - 103,479 103,479 Total liabilities 2,136,915 58,815 152,818 5,502,441 211,573 10,329 - 185,788 8,258,679 Equity and Other Credits Investment in general fixed assets - - - - - - 10,009,022 - 10,009,022 Contributed capital - - - 11,025,590 - - - - 11,025,590 Retained earnings: Reserved-Golf surcharge - - - 185,628 - - - - 185,628 Unreserved - - - 15,933,939 4,609,811 - - - 20,543,750 Fund balances: Reserved for inventories 4,572 - - - - - - - 4,572 Reserved for advances 790,000 - - - - - - - 790,000 Reserved for employee retirement - - - - - 38,498,788 - - 38,498,788 Unreserved 19,577,513 952,428 2,725,747 - - - - - 23,255,688 Total equity and other credits 20,372,085 952,428 2,725,747 27,145,157 4,609,811 38,498,788 10,009,022 - 104,313,038 Total liabilities,equity and other credits $22,509,000 $ 1,011,243 $ 2,878,565 $32,647,598 $ 4,821,384 $ 38,509,117 $ 10,009,022 $ 185,788 $ 112,571,717 See Notes to Financial Statements. 3 VILLAGE OF OAK BROOK,ILLINOIS COMBINED STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCES-ALL GOVERNMENTAL FUND TYPES Year Ended December 31,2000 _ Total Special Capital (Memorandum General Revenue Project Only) Revenues: Intergovernmental $ 11,597,685 $ 313,610 $ 71,874 $ 11,983,169 r Utility taxes 902,775 - 1,423,260 2,326,035 Hotel/motel taxes - 353,692 - 353,692 Licenses and permits 623,858 - - 623,858 Charges for services 389,557 - - 389,557 Fines and penalties 223,462 - - 223,462 Interest on investments 1,099,640 73,388 174,147 1,347,175 Miscellaneous 1,667,541 12,020 - 1,679,561 Total revenues 16,504,518 752,710 1,669,281 18,926,509 Expenditures: Current: General government 5,114,712 - - 5,114,712 Public safety 8,216,647 11,500 - 8,228,147 Public works 1,636,909 - - 1,636,909 Culture and recreation 769,737 335,205 - 1,104,942 Capital outlay - - 1,731,422 1,731,422 Total expenditures 15,738,005 346,705 1,731,422 17,816,132 Excess (deficiency) of revenues over expenditures 766,513 406,005 (62,141) 1,110,377 Other financing sources (uses): Operating transfers in 263,200 - 615,434 878,634 Operating transfers (out) (156,600) (615,434) - (772,034) 106,600 (615,434) 615,434 106,600 Excess (deficiency) of revenues and other financing sources over expenditures and other financing (uses) 873,113 (209,429) 553,293 1,216,977 ... Fund balances: Beginning 19,498,972 1,161,857 2,172,454 22,833,283 _. Ending $ 20,372,085 $ 952,428 $ 2,725,747 $ 24,050,260 See Notes to Financial Statements. 4 ( V11 - GE 1- -- -.)AIN --001 .LIP( - - 1 1 I I I I I 1 I I I I 1 COMBINED STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL ALL GOVERNMENTAL FUND TYPES Year Ended December 31,2000 General Special Revenue Capital Project Variance Variance Variance Favorable Favorable Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable) Revenues: Intergovernmental $ 12,644,000 $ 11,597,685 $ (1,046,315) $ 276,715 $ 313,610 $ 36,895 $ 259,800 $ 71,874 $ (187,926) Utility taxes 614,000 902,775 288,775 - - - 1,402,700 1,423,260 20,560 Hotel/motel taxes - - - 331,000 353,692 22,692 - - - Licenses and permits 392,270 623,858 231,588 - - - - - - Charges for services 366,385 389,557 23,172 - - - - - - Fines and penalties 216,500 223,462 6,962 - - - - - - Interest on investments 750,000 1,099,640 349,640 48,750 73,388 24,638 85,000 174,147 89,147 Miscellaneous 616,115 1,667,541 1,051,426 - 12,020 12,020 - - - Total revenues 15,599,270 16,504,518 905,248 656,465 752,710 96,245 1,747,500 1,669,281 (78,219) Expenditures: Current: General government 8,127,385 5,114,712 3,012,673 - - - - - - Public safety 8,652,270 8,216,647 435,623 22,350 11,500 10,850 - - - Public works 1,779,805 1,636,909 142,896 - - - - - - Culture and recreation 926,250 769,737 156,513 360,000 335,205 24,795 - - - Capital outlay - - - - - - 2,574,000 1,731,422 842,578 Total expenditures 19,485,710 15,738,005 3,747,705 382,350 346,705 35,645 2,574,000 1,731,422 842,578 Excess(deficiency)of revenues over expenditures (3,886,440) 766,513 4,652,953 274,115 406,005 131,890 (826,500) (62,141) 764,359 Other financing sources(uses): Operating transfers in 263,200 263,200 - - - - 500,000 615,434 115,434 Operating transfers(out) (156,600) (156,600) - (500,000) (615,434) (115,434) - - - 106,600 106,600 - (500,000) (615,434) (115,434) 500,000 615,434 115,434 Excess(deficiency)of revenues and other financing sources over expenditures and other financing(uses) $ (3,779,840) 873,113 $ 4,652,953 $ (225,885) (209,429) $ 16,456 $ (326,500) 553,293 $ 879,793 Fund balances: Beginning 19,498,972 1,161,857 2,172,454 Ending $20,372,085 $ 952,428 $ 2,725,747 See Notes to Financial Statements. 5 VILLAGE OF OAK BROOK,ILLINOIS COMBINED STATEMENT OF REVENUES,EXPENSES, AND CHANGES IN RETAINED EARNINGS ALL PROPRIETARY FUND TYPES Year Ended December 31,2000 Proprietary Fund Types Total Internal (Memorandum Enterprise Service Only) Operating revenues: Charges for services S 6,986,711 S 2,152,639 S 9,139,350 Miscellaneous 182,791 - 182,791 _ Total operating revenues 7,169,502 2,152,639 9,322,141 Operating expenses: Operations 6,868,246 358,665 7,226,911 Claims and insurance - 1,569,957 1,569,957 Depreciation and amortization 834,789 304,554 1,139,343 Total operating expenses 7,703,035 2,233,176 9,936,211 r Operating income(loss) (533,533) (80,537) (614,070) Nonoperating revenues (expenses): Investment income 351,482 189,906 541,388 Loss on sale of fixed assets - (15,149) (15,149) Interest expense (45,636) - (45,636) Total nonoperating revenues (expenses) 305,846 174,757 480,603 Income (loss) before operating transfers (227,687) 94,220 (133,467) Operating transfers in 156,600 - 156,600 Operating transfers (out) (243,400) (19,800) (263,200) Net income(loss) (314,487) 74,420 (240,067) Retained earnings: Beginning 16,434,054 4,535,391 20,969,445 Ending S 16,119,567 S 4,609,811 $ 20,729,378 See Notes to Financial Statements. 6 "` VILLAGE OF OAK BROOK,ILLINOIS COMBINED STATEMENT OF CASH FLOWS ALL PROPRIETARY FUND TYPES Year Ended December 31,2000 Total Internal (Memorandum Enterprise Service Only) Cash Flows from Operating Activities Operating income(loss) S (533,533) S (80,537) S (614,070) Adjustments to reconcile operating income(loss) to net cash provided by operating activities: Depreciation and amortization 834,789 304,554 1,139,343 Loss on sale of fixed asset 7,777 - 7,777 Changes in assets and liabilities: Accounts receivable 75,175 (2,960) 72,215 _ IRMA surplus credit (126,431) - (126,431) Other receivable (1,251) - (1,251) Inventories (233) 180 (53) Accounts payable (273,270) 5,269 (268,001) Accrued payroll and compensated absences 9,408 2,283 11,691 Accrued interest payable 7,631 - 7,631 Claims payable - 54,300 54,300 Deposits payable 23,855 - 23,855 Net cash provided by operating activities 23,917 283,089 307,006 Cash Flows from Noncapital Financing Activities Borrowings from other funds 316,993 - 316,993 Operating transfers in 156,600 - 156,600 '- Operating transfers(out) (243,400) (19,800) (263,200) Net cash provided by(used in) noncapital financing activities 230,193 (19,800) 210,393 Cash Flows from Capital and Related Financing Activities Purchase of fixed assets (729,459) (200,665) (930,124) Proceeds from sale of fixed assets - 39,010 39,010 Proceeds from notes payable 64,083 - 64,083 -" Principal paid on notes payable (94,136) - (94,136) Proceeds from installment contract payable 1,800,000 - 1,800,000 Principal paid on installment contract payable (65,000) - (65,000) Proceeds from capital lease payable 141,047 - 141,047 Principal paid on capital lease payable (33,666) - (33,666) Interest paid (45,636) - (45,636) Net cash provided by(used in)capital and related financing activities 1,037,233 (161,655) 875,578 Cash Flows from Investing Activities Investment purchases (493,014) (392,520) (885,534) Investment maturities 1,000,000 607,694 1,607,694 Interest received on investments 324,065 174,490 498,555 Net cash provided by investing activities 831,051 389,664 1,220,715 Net increase in cash and cash equivalents 2,122,394 491,298 2,613,692 Cash and cash equivalents: Beginning 2,403,212 1,128,352 3,531,564 Ending S 4,525,606 S 1,619,650 S 6,145,256 Reconciliation of Cash and Cash Equivalents to Combined Balance Sheet Cash and cash equivalents S 4,525,606 S 1,619,650 S 6,145,256 Investments(including 5185,628 of restricted assets) 2,589,781 1,371,284 3,961,065 S 7,1 15,387 S 2,990,934 S 10,106,321 Supplemental Schedule of Noncash Investing and Financing Activities: Appreciation in the fair value of investments S 17,984 S 9,286 S 27,270 See Notes to Financial Statements. 7 VILLAGE OF OAK BROOK,ILLINOIS COMBINED STATEMENT OF CHANGES IN PLAN NET ASSETS PENSION TRUST FUNDS Year Ended December 31, 2000 Additions Contributions: Employer $ 517,567 Plan members 349,081 Total contributions 866,648 Investment income: Net appreciation in fair value of investments 150,991 _ Interest 1,217,893 Net investment income 1,368,884 Total additions 2,235,532 Deductions Benefits and refunds 1,364,466 Administrative expenses 117,763 Total deductions 1,482,229 Net increase 753,303 Net assets held in trust for pension benefits: -- Beginning 37,745,485 Ending $ 38,498,788 See Notes to Financial Statements. 8 VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS Note 1. Financial Reporting Entity,Measurement Focus,Basis of Accounting and Basis of Presentation,and Significant Accounting Policies Financial Reporting Entity: The Village of Oak Brook, Illinois, (Village) operates under a Village form of _ government with an elected Village President and Board of Trustees. Operational management is provided by a professional Village Manager employed by the Board of Trustees. Municipal services include: police protection, fire protection, recreation facilities, a free public library, water supply, storm water collection, public works operations, road maintenance, building and inspectional services and general administrative services. Generally accepted accounting principles require that the financial reporting entity include (1) the primary government, (2) organizations for which the primary government is financially accountable and (3) other organizations for which the nature and significance of their relationship with the primary government are such that exclusion would cause the reporting entity's financial statements to be misleading or incomplete. Based upon this criteria, there are no agencies or entities whose financial data should be combined with and included in the general purpose financial statements of the Village. Measurement Focus, Basis of Accounting and Basis of Presentation: The accounts of the Village are organized on the basis of funds and account groups. A fund is an independent fiscal and accounting entity with a self-balancing set of accounts. Fund accounting segregates funds according to their intended purpose and is used to aid management in demonstrating compliance with finance-related legal and contractual provisions. The minimum number of funds is maintained consistent with legal and managerial requirements. Account groups are a reporting device to account for certain assets and liabilities of the governmental funds not recorded directly in those funds. The Village has the following funds and account groups: Governmental funds are used to account for the Village's general government activities. Governmental fund types use the flow of current financial resources measurement focus and the modified accrual basis of accounting. Under the modified accrual basis of accounting revenues are recognized when susceptible to accrual (i.e., when they are "measurable and available"). "Measurable" means the amount of the transaction can be determined and "available" means collectible within the current period or soon enough thereafter to pay liabilities of the current period. The Village considers all revenues available if they are collected within 60 days after year-end. Expenditures are recorded when the related fund liability is incurred, except for unmatured principal and interest on general long-term debt which is recognized when due, and certain compensated absences which are recognized when the obligations are expected to be liquidated with expendable available financial resources. Sales taxes, taxes collected and held by the State at year-end on behalf of the Village, certain charges for services, and interest are susceptible to accrual and are recognized as revenue. Other receipts and taxes become measurable and available when cash is received by the Village and are recognized as revenue at that time. Entitlements and grants are recorded as revenue at the time of receipt or earlier if the susceptible to accrual criteria are met. Expenditure-driven grants are recognized as revenue when the qualifying expenditures have been incurred and all other grant requirements have been met. 9 VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS Note 1. Financial Reporting Entity,Measurement Focus,Basis of Accounting and Basis of ` Presentation, and Significant Accounting Policies (continued) Governmental funds include the following fund types: -' General Fund The General Fund is the Village's primary operating fund. It accounts for all financial resources of the Village, except those required to be accounted for in another fund. Special Revenue Funds The special revenue funds account for revenue sources that are legally restricted to expenditures for -- specific purposes (not including expendable trusts or major capital projects). Capital Project Fund The Capital Project Fund accounts for the acquisition of fixed assets or construction of major capital projects not being financed by proprietary funds. — Proprietary funds are accounted for on the flow of economic resources measurement focus and use the accrual basis of accounting. Under this method, revenues are recorded when earned and expenses are recorded at the time the liabilities are incurred. The Village applies all applicable Governmental Accounting Standards Board (GASB)pronouncements as well as Financial Accounting Standards Board pronouncements issued on or before November 30, 1989, unless those pronouncements conflict with or contradict GASB pronouncements. The _ proprietary funds include the following fund types: Enterprise Funds _ Enterprise funds are used to account for those operations that are financed and operated in a manner similar to private business or where the Board has decided that the determination of revenues earned, _ costs incurred and/or net income is necessary for management accountability. Internal Service Funds Internal service funds account for operations that provide services to other departments of the Village on a cost-reimbursement basis. Fiduciary funds account for assets held by the Village in a trustee capacity or as an agent on behalf of others. The fiduciary funds consist of the pension trust funds. 10 VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS Note 1. Financial Reporting Entity,Measurement Focus, Basis of Accounting and Basis of Presentation,and Significant Accounting Policies(continued) Pension Trust Funds Pension trust funds financial statements are accounted for on the economic resource measurement focus and use the accrual basis of accounting. Plan member contributions are recognized in the period in which the contributions are due. Employer contributions to the plan are recognized when due and the employer has made a formal commitment to provide the contributions. Benefits and refunds are recognized when due and payable in accordance with the terms of the plan. Pension trust funds account for assets of the Village's police and firefighters'pension plans. Account groups are not funds and are concerned only with measurement of financial position, and are not involved with results of operations. The two account groups are as follows: The general fixed assets account group is used to account for fixed assets not accounted for in proprietary or trust funds. The general long-term debt account group is used to account for the general long-term debt and certain other liabilities that are not specific liabilities of proprietary or trust funds. The significant accounting policies followed by the Village include the following: —' Accounting Estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Cash Equivalents: For purposes of reporting cash flows, the Village considers all highly liquid investments, with a maturity of three months or less when purchased, to be cash equivalents. Investments: Investments are carried at fair value, except for insurance contracts which are carried at contract value, which approximates fair value. Short-term Interfund Receivables/Pavables: During the course of operations, numerous transactions occur between individual funds for goods provided or services rendered. These receivables and payables are classified as "due from other funds" or"due to other funds" on the balance sheet. Advances to Other Funds: Noncurrent portions of long-term interfund loan receivables are reported as advances and are offset equally by a fund balance reserve account which indicates that they do not constitute expendable available financial resources and, therefore, are not available for appropriation. Inventories: Inventories are valued at average cost, not in excess of replacement cost. Inventories in the General Fund and Garage Fund consist of expendable supplies held for consumption; inventories in the Sports Core Fund consist of inventory held for resale. The cost is recorded as an expenditure at the time individual inventory items are utilized or sold. General Fund inventories are equally offset by a fund balance reserve which indicates that they do not constitute "available spendable resources" even though they are a component of net current assets. 11 VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS Note 1. Financial Reporting Entity,Measurement Focus,Basis of Accounting and Basis of Presentation, and Significant Accounting Policies(continued) Intangible Assets - Water Purchase Rights: The Village is a customer of the DuPage Water Commission, and — has executed a Water Supply Contract with the Commission for a term ending in 2024. The Contract provides that the Village pay its proportionate share of"fixed costs" (debt service and capital costs) to the Commission, such obligation being unconditional and irrevocable whether or not water is ever delivered. These costs were — capitalized until the Commission began to deliver water, and are amortized, using the straight-line method over the remaining term of the contract, and expensed along with the other operation charges from the Commission. Fixed Assets: Fixed assets used in governmental fund types of the Village are recorded in the general fixed asset account group at cost or estimated historical cost if purchased or constructed. Donated fixed assets are recorded at the estimated fair value at the date of donation. Assets in the general fixed asset account group are not depreciated. Public domain (infrastructure) general fixed assets consisting of roads, bridges, sidewalks, and other assets that are immovable and of value only to the Village are not capitalized. Property, plant and equipment in the proprietary funds of the Village are recorded at cost. Property, plant and equipment donated to these proprietary fund type operations are recorded at their estimated fair value at the date of donation. Property,plant and equipment of the enterprise and internal service funds are depreciated using the straight-line method over the following estimated useful lives of the assets. Estimated Useful Lives Building and improvements 40 years Equipment 4-40 years Waterworks system 15-40 years Automotive equipment 2-30 years Compensated Absences: Accumulated vacation leave that is expected to be liquidated with expendable _ available financial resources is reported as an expenditure and a fund liability of the governmental fund that will pay it. Amounts of vested or accumulated sick leave that are not expected to be liquidated with expendable available financial resources are reported in the general long-term debt account group. No expenditure is _ reported for these amounts. Accumulated vacation leave of proprietary funds is recorded as an expense and liability of those funds as the benefits accrue to employees. In accordance with the provisions of GASB Statement No. 16, Accounting for Compensated Absences, no liability is recorded for nonvesting accumulating rights to receive sick pay benefits. However, a liability is recognized for that portion of accumulating sick leave benefits that is estimated to be taken as a termination _ benefit at retirement. 12 VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS Note 1. Financial Reporting Entity,Measurement Focus, Basis of Accounting and Basis of Presentation, and Significant Accounting Policies (continued) Reservations of Fund Balances: Reservations of fund balances represent those assets which are not available for appropriation and are not considered expendable available resources. Reservations of Retained Earnings: Reservations of retained earnings represent the amounts set aside as restricted cash and investments on legally imposed reservations. Memorandum Only Total Columns: The total columns on the general purpose financial statements are captioned "memorandum only" because they do not represent consolidated financial information and are presented only to facilitate financial analysis. The columns do not present information that reflects financial position, results of operations or cash flows in accordance with generally accepted accounting principles. Interfund eliminations have not been made in the aggregation of this data. Note 2. Budgets and Deficits Budgets The Village follows these procedures in establishing the budgetary data reflected in the financial statements: a) All departments of the Village submit budget requests to the Village Manager so that a budget may be prepared. b) The Village Manager submits to the Village Board of Trustees a proposed operating budget for the fiscal year commencing the following January 1. The operating budget includes proposed expenditures and the means of financing them. c) A public hearing is conducted by the Village to obtain taxpayer comments. d) Subsequently, the budget is adopted by the Village Board. e) Annual budgets are adopted for all funds on a basis consistent with generally accepted accounting principles. f) Formal budgetary integration is employed as a management control device during the year for all funds of the Village. g) Appropriations lapse at year-end. h) The Village Manager and Budget Officer are authorized to transfer budgeted amounts between _ line items within any program; however, any revisions that alter the total expenditures of any program or fund must be approved by the Village Board. The level of legal control is the individual program budget in total. i) Budgeted amounts are as originally adopted with the exceptions of approved transfers which were not material in relation to the budgets taken as a whole. After Village Board transfers, no program had an excess of expenditures/expenses, exclusive of depreciation and amortization over budget for the fiscal year. 13 VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS Note 2. Budgets and Deficits (continued) Deficit Fund Equity: The Sports Core Fund, an enterprise fund, had a deficit in retained earnings of$959,738 as of December 31, 2000. This deficit is due primarily to depreciation expense. The deficit is expected to be eliminated within the course of future operations of the Sports Core and through potential sale of land. The Self-Insurance Fund, an Internal Service Fund, had a deficit retained earnings of $111,867 as of December 31, 2000. This deficit is expected to be eliminated within the course of future operations. Note 3. Deposits and Investments The Village maintains a cash pool and an investment pool that is available for use by all funds, except the pension trust funds. Each fund type's portion of both pools is included in "cash and investments" on the combined balance sheet. In addition, investments are separately held by several of the Village's funds. As required by State statute, the deposits and investments of the pension trust funds are held separately from those of other funds. Statutes authorize the Village to make deposits in insured commercial banks and savings and loan institutions, _ and make investments in obligations of the U.S. Treasury and other U.S. agencies, insured credit union shares, money market mutual funds with portfolios of securities issued or guaranteed by the United States or agreements to repurchase these same obligations, repurchase agreements, short-term commercial paper rated within the three highest classifications by at least two standard rating services, and the Illinois Funds. Pension funds may also invest in other investments as allowed by Illinois compiled statutes. Illinois Funds is an investment pool managed by the State of Illinois, Office of the Treasurer, which allows governments within the State to pool their funds for investment purposes. Illinois Funds is not registered with the SEC as an investment company, but does operate in a manner consistent with Rule 2a7 of the Investment Company Act of 1940. Investments in Illinois Funds are valued at Illinois Fund's share price, which is the price the investment could be sold for. Illinois Metropolitan Investment Fund (I.M.E.T.) is a non-for-profit investment trust formed pursuant to the — Illinois Municipal Code and managed by a Board of Trustees elected from the participating members. I.M.E.T. is not registered with the SEC as an investment company. Investments in I.M.E.T. are valued at I.M.E.T.'s share price, which is the price the investment could be sold for. Deposits: As of December 31, 2000, the carrying amount of the Village's deposits totaled $2,831,100, with the bank balances totaling $3,043,562. The Village's deposits are categorized below to give an indication of the level of risk assumed by the Village. 14 VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS Note 3. Deposits and Investments (continued) Category 1 Deposits covered by federal depository insurance, or by collateral held by the Village, or its agent, in the Village's name $ 3,043,562 Category 2 Deposits covered by collateral held by the pledging financial institution's trust department, or by its agent, in the Village's name - Category 3 Deposits covered by collateral held by the pledging financial institution, or its trust department, or its agent but not in the Village's name, and deposits which are uninsured and uncollateralized - $ 3,043,562 Investments: The Village's investments are categorized to give an indication of the level of risk assumed by the Village. Category 1 includes investments that are insured or registered or the securities are held by the Village or its agent in the Village's name. Category 2 includes uninsured and unregistered securities which are held by the counterparty's trust department or agent in the Village's name. Category 3 includes uninsured and unregistered securities which securities are held by the counterparty, or by its trust department or agent but not in the Village's name. Carrying Amount Category 1 2 3 Total State and local obligations $ - $ - $ 817,888 $ 817,888 U.S. government securities 17,809,557 - 11,397,714 29,207,271 $ 17,809,557 S - $ 12,215,602 Investments not subject to risk categorization: Illinois Metropolitan Investment Fund 5,917,694 Insurance contracts 839,749 Illinois Funds 15,046,325 Mutual funds 13,428,047 Total investments $ 65,256,974 The above deposits of $2,831,100 and investments of $65,256,974 totaling $68,088,074 are reported in the financial statements as follows: _ Cash and investments $ 67,902,446 Restricted assets, cash and investments 185,628 $ 68,088,074 15 VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS — Note 4. Fixed Assets — General Fixed Assets The following is a summary of changes in the general fixed assets during the year: Balance Additions and Retirements Balance — January 1 Transfers and Transfers December 31 Land $ 616,829 $ - $ - $ 616,829 — Building and equipment 4,909,326 112,181 (346,292) 4,675,215 Other equipment 1,765,900 242,882 - 2,008,782 Computer equipment 1,197,294 184,904 (33,593) 1,348,605 — Construction in progress - 1,359,591 - 1,359,591 Totals $ 8,489,349 $ 1,899,558 $ (379,885) $ 10,009,022 — Proprietary Fixed Assets The following is a summary of proprietary fund type fixed assets as of December 31, 2000: Enterprise — Waterworks Sports System Core Total Land and improvements $ 215,800 $ 11,080,676 $ 11,296,476 Buildings and improvements 1,052,254 4,264,087 5,316,341 Equipment 772,154 1,176,232 1,948,386 — Waterworks system 15,467,292 - 15,467,292 Construction in progress - 204,562 204,562 17,507,500 16,725,557 34,233,057 Less: accumulated depreciation 7,383,381 3,626,985 11,010,366 $ 10,124,119 $ 13,098,572 $ 23,222,691 — Internal Service Capital — Garage Replacement Total Automotive equipment $ - $ 3,750,707 $ 3,750,707 Equipment 128,812 - 128,812 128,812 3,750,707 3,879,519 _ Less: accumulated depreciation 109,665 2,005,234 2,114,899 $ 19,147 $ 1,745,473 $ 1,764,620 — 16 VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS Note 5. Risk Management The Village is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. The Village participates in the Intergovernmental Risk Management Agency (IRMA) which is an organization of municipalities and special districts in Northeastern Illinois which have formed an association under the _ Illinois Intergovernmental Cooperation's Statute to pool its risk management needs. The Village pays annual premiums to IRMA for its workers' compensation, general liability and property coverage. The Village assumes the first $1,000 of each occurrence, with IRMA having a mix of self-insurance and commercial insurance at various amounts above that level. The Village appoints one delegate, along with an alternate delegate, to represent the Village on the Board of Directors. The Village does not exercise any control over the activities of the Agency beyond it representation on the Board of Directors. The Village, along with IRMA's other members, has a contractual obligation to fund any deficit of IRMA attributable to a membership year during which it was a member. Supplemental contributions may be required to fund these deficits. No such contributions have occurred during the past three years. In addition, the Village provides medical and dental coverage to Village employees, their dependents, and retirees through a limited self-insurance program. The Village is self-insured for the first $50,000 per individual for medical claims up to a maximum limit of$1,185,692 for all individuals. Commercial insurance is carried for amounts in excess of the self-insured amounts nor did settlements exceed insurance coverage in any of the last three years. The Village is entirely self-insured for dental claims up to the annual benefit limit of $1,000 per individual. The Village's self-insurance activities are reported in the Self-Insurance Fund, an Internal Service Fund. Premiums are paid into the Self-Insurance Fund by the departments of the General Fund and other funds based upon equivalent premium estimates. Liabilities are reported when it is probable that a loss has occurred and the amount of the loss can be reasonably estimated. Reported liabilities are estimated based on historical cost information and include an amount for claims that have been incurred but not reported. The total claim liability at year-end was $174,000. A reconciliation of claims payable for the current year and that of the preceding year is as follows: 2000 1999 Claims payable,beginning of year $ 119,700 $ 96,374 Claims incurred and changes in estimate 1,373,512 984,100 Claims paid (1,319,212) (960,774) Claims payable, end of year $ 174,000 $ 119,700 17 VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS Note 6. Long-Term Debt Changes in long-term debt: During the year,the changes in general long-term debt were as follows: Balances Balances January 1 Increases Decreases December 31 Compensated absences $ 84,398 $ - $ 2,089 $ 82,309 Net pension obligation 103,360 119 - 103,479 $ 187,758 $ 119 $ 2,089 $ 185,788 Note Payable The Village has issued a note payable to provide funds for the acquisition of capital assets for proprietary _ activities. This note, therefore, is reported in the proprietary fund. The note payable, currently outstanding, is as follows: Fund Debt Balance Balance Issue Retired By January 1 Debt Issued Debt Retired December 31 Sports Core Tennis Dome Refunding _ Notes due in monthly payments of$2,806 through October 28, 2001 (at which time the remainder is due) including interest at 4.81%, Sports unsecured Core $ 89,064 $ 64,083 $ 94,136 $ 59,011 Installment Contract Payable The Village has issued two installment contracts payable to provide funds for the acquisition of capital assets for proprietary activities. These installment contracts payable, therefore, are reported in the proprietary fund. The installment contracts payable, currently outstanding are as follows: Fund Debt Balance Balance Issue Retired By January I Debt Issued Debt Retired December 31 General Fund Certificates, Series 1999 — dated September 24, 1999,4.93% interest bearing contract, due in annual installments ranging from $70,000 to $100,000 through September 15, 2009, interest payable March 15 and September 15 of each year, Sports secured by sales and use taxes. Core $ 820,000 $ - $ 65,000 $ 755,000 18 VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS Note 6. Long-Term Debt (continued) Fund Debt Balance Balance Issue Retired By January 1 Debt Issued Debt Retired December 31 General Fund Certificates, Series 2000 dated December 1, 2000 4.96% interest for 2001 through 2007 and 5.15% interest for 2008 through 2010; due in annual installments ranging from $145,000 to $220,000 through December 1, 2010, interest payable June 1 and December 1 of each year, Sports secured by sales and use taxes. Core $ - $ 1,800,000 $ - $ 1,800,000 Capital Lease Payable The Village has entered into a capital lease payable during fiscal year 2000 for the acquisition of its golf cart fleet for the Sports Core Fund. The capital lease payable, therefore, is reported in the Sports Core Funds. The capital lease payable currently outstanding, is as follows: Fund Debt Balance Balance Issue Retired By January 1 Debt Issued Debt Retired December 31 Dated March 15, 2000, interest rates ranging from 6.45%to 6.50%, due in monthly installments of$6,618 from May 15 through October 15 of _ each year through October 15, 2004, interest payable monthly from May 15 through October 15 of each year, Sports _ secured by equipment. Core $ - $ 141,047 $ 33,666 $ 107,381 19 VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS Note 6. Long-Term Debt (continued) Debt Service Requirements Annual debt service requirements on the outstanding debt is as follows: Installment Capital Notes Contract Lease Payable Payable Payable Total 2001 $ 60,906 $ 342,699 $ 39,711 $ 443,316 2002 - 342,056 39,710 381,766 _ 2003 - 340,918 39,711 380,629 2004 - 339,285 - 339,285 2005 - 342,156 - 342,156 2006 - 339,286 - 339,286 2007 - 335,919 - 335,919 2008 - 337,058 - 337,058 2009 - 337,075 - 337,075 2010 - 231,330 - 231,330 $ 60,906 $ 3,287,782 $ 119,132 $ 3,467,820 Interest portion $ 1,895 $ 732,782 $ 11,751 $ 746,428 Legal Debt Margin 1999 Assessed Valuation(latest information available) $1,045,985,125 Legal Debt Limit- 8.625%of Assessed Valuation $ 90,216,217 Amount of Debt Applicable to Debt Limit 2,555,000 Legal Debt Margin $ 87,661,217 ... 20 VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS Note 7. Interfund Account Balances Individual fund interfund receivable and payable balances as of December 31,2000, are as follows: Due From/To Other Funds Receivable Fund Payable Fund Amount General Enterprise, Sports Core $ 1,530,725 Capital Project,Infrastructure Special Revenue, Motor Fuel Tax 12,309 $-1,543,034 Advance From/To Other Funds Receivable Fund Payable Fund Amount General Enterprise, Sports Core $ 790,000 Note 8. Commitments DuPage Water Commission The Village is a customer of the DuPage Water Commission, and has executed a Water Supply Contract with the Commission for a term ending in 2024. The Contract provides that the government pay its proportionate share of"fixed costs" (debt service and capital costs) to the Commission, such obligation being unconditional and irrevocable whether or not water is ever delivered. These costs are expensed along with the other operation charges from the Commission. Fiscal Year Ending December 31 Amount 2001 $ 833,000 2002 833,000 2003 833,000 2004 833,000 2005 833,000 Thereafter 15,827,000 $ 19,992,000 These amounts have been calculated using the Village's current allocation percentage. In future years, this allocation percentage will be subject to change. Estimates for the remaining years of the contract are not currently available. However, the Village does not expect the minimum amounts for the remaining years of the contract to materially vary from the amounts presented above. Other The Village has construction and purchase commitments of approximately $14,400,000 of December 31, 2000. 21 VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS Note 9. Segment Information-Enterprise Funds The Village maintains the following enterprise funds which are intended to be self-supporting through user fees charged for services to the public. Financial segment information as of and for the year ended December 31, 2000 is as follows: Waterworks Sports System Core Total Operating revenues $ 3,599,840 $ 3,569,662 $ 7,169,502 Depreciation and amortization expense 510,736 324,053 834,789 Operating income (loss) (370,901) (162,632) (533,533) _ Operating transfers in - 156,600 156,600 Operating transfers (out) (243,400) - (243,400) Net income (loss) (287,506) (26,981) (314,487) Plant,property and equipment additions 164,042 565,417 729,459 Total assets 17,365,750 15,281,848 32,647,598 Net working capital 5,348,453 (14,468) 5,333,985 Total equity 17,079,305 10,065,852 27,145,157 —' Note 10. Employee Retirement Plans — All Village full-time employees are covered under one of the following employee retirement plans: Illinois Municipal Retirement Fund The Village's defined benefit pension plan, Illinois Municipal Retirement (IMRF), provides retirement, disability, annual cost of living adjustments and death benefits to plan members and beneficiaries. IMRF is an agent multiple employer pension plan that acts as a common investment and administrative agent for local governments and school districts in Illinois. The Illinois Pension Code establishes the benefit provisions of the plan that can only be amended by the Illinois General Assembly. IMRF issues a publicly available financial report that includes financial statements and required supplementary information. That report may be obtained by writing to the Illinois Municipal Retirement Fund, 2211 York Road, Suite 500, Oak Brook, Illinois 60523. Employees participating in IMRF are required to contribute 4.50 percent of their annual covered salary. The member rate is established by state statute. The Village is required to contribute at an actuarially determined rate. The employer rate for calendar year 1999 was 8.47 percent of payroll. The employer contribution requirements are established and may be amended by the IMRF Board of Trustees. IMRF's unfunded actuarial accrued liability is being amortized as a level percentage of projected payroll on a closed basis. The remaining -- amortization period at December 31, 1999 was 33 years. 22 VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS Note 10. Employee Retirement Plans (continued) For December 31, 1999, the Village's annual pension cost of$349,773 was equal to the Village's required and actual contributions. The required contribution was determined as part of the December 31, 1997 actuarial valuation using the entry age actuarial cost method. The actuarial assumptions included (a) 7.50% investment rate of return (net of administrative expenses), (b) projected salary increases ranging from .4% to 11.6% per year, and (c) 3% per year cost-of-living adjustments. Both (a) and (b) included an inflation component of _ 4.00%. The actuarial value of IMRF assets was determined using techniques that smooth the effects of short-term volatility in the market value of investments over a five-year period. The assumptions used for the 1997 actuarial valuation were based on the 1993-1995 experience study. However, the 1999 actuarial valuation information shown in the following trend information and required supplemental information is based on the 1996-1998 experience study. The effect of the assumption change increased the unfunded actuarial accrued liability by $181,515. Trend Information Calendar Annual Percentage Year Pension of APC Ending Cost(APC) Contributed 12/31/99 $ 349,773 100 % 12/31/98 313,899 100 12/31/97 309,871 100 The actuarial assumptions used to determine the actuarial accrued liability for 1999 were changed due to the 1996-1998 experience study. The principal changes were: • More members are expected to take refunds early in their career. • For both regular and SLEP members, more normal and early retirements are expected to occur. • Expected salary increases due to longevity for employees with less than 6 years of service were increased. Police Pension Plan Police sworn personnel are covered by the Police Pension Plan which is a defined benefit single-employer pension plan. Although this is a single-employer pension plan, the defined benefits and employee and employer contribution levels are governed by Illinois Compiled Statutes and may be amended only by the Illinois Legislature. The plan provides retirement benefits as well as death and disability benefits. The plan does not issue a separate stand alone financial report. Covered employees are required to contribute 9% of their base salary to the Police Pension Plan. The member rate is determined by state statute. The Village is required to contribute at an actuarially determined rate. The employer rate for fiscal year 2000 was 10.07%of covered payroll. 23 VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS Note 10. Employee Retirement Plans(continued) The Village's annual pension cost and net pension obligation to the Plan for the current year were as follows: _ Annual required contribution $ 218,673 Interest on net pension obligation 3,298 _ Adjustment to annual requirement contribution (1,833) Annual pension cost 220,138 Contributions made 218,523 Increase in net pension obligation 1,615 Net pension obligation,beginning of year 43,969 Net pension obligation, end of year $ 45,584 The annual required contribution for the year ended December 31, 2000, was determined as part of the _ December 31, 1999 actuarial valuation report using the entry age normal cost method. The actuarial assumptions included (a) 7.50% investment rate of return, (b) projected salary increases of 5.25%, (c) 3% per year cost of living adjustments. Both(a)and (b) included an inflation component of 3%. The actuarial value of Police Pension assets was determined using market value. Trend Information Calendar Annual Annual Percentage Year Pension Contributions of APC Ending Cost (APC) Made Contributed r 12/31/00 $ 220,138 $ 218,523 99.27% _ 12/31/99 168,505 69,674 41.35% 12/31/98 146,032 192,824 132.04% Membership in the plan consisted of the following as of December 31, 2000: Retirees and beneficiaries receiving benefits 20 _ Terminated plan members entitled to but not yet receiving benefits 1 Active vested plan members 26 Active nonvested plan members 14 Total members 61 Investment Concentration: As of December 31, 2000, the Police Pension Plan holds shares in the Vanguard Institutional Mutual Fund with a fair value of$3,753,273 which represents 18.4%of plan assets. 24 VILLAGE OF OAK BROOK, ILLINOIS NOTES TO FINANCIAL STATEMENTS Note 10. Employee Retirement Plans(continued) Firefighters' Pension Plan Fire sworn personnel are covered by the Firefighters' Pension Plan which is a defined benefit single-employer pension plan. Although this is a single-employer pension plan, the defined benefits as well as the employee and employer contributions levels are governed by Illinois Compiled Statutes and may be amended only by the Illinois legislature. The plan provides retirement benefits as well as death and disability benefits. The plan does not issue a separate stand alone financial report. Covered employees are required to contribute 8.455% of their salary to the Firefighters' Pension Plan. The Village is required to contribute at an actuarially determined rate. The employer rate for fiscal year 2000 was — 16.53%of covered payroll. The Village's annual pension cost and net pension obligation to the Plan for the current year were as follows: Annual required contribution $ 295,662 Interest on net pension obligation 4,454 Adjustment to annual requirement contribution (2,568) Annual pension cost 297,548 Contributions made 299,044 _ Decrease in net pension obligation (1,496) Net pension obligation,beginning of year 59,391 Net pension obligation, end of year $ 57,895 The required contribution for the year ended December 31, 2000, was determined as part of the December 31, 1999, actuarial valuation report using the entry age normal cost method. The actuarial assumptions included (a) 7.50% investment rate of return, (b) projected salary increases of 5.25%, (c) 3% per year cost of living adjustments. Both (a) and (b) included an inflation component of 3%. The actuarial value of Firefighters' Pension assets was determined using market value. Trend Information _ Calendar Annual Annual Percentage Year Pension Contributions of APC Ending Cost(APC) Made Contributed 12/31/00 $ 297,548 $ 299,044 100.5% 12/31/99 133,468 71,334 53.4% 12/31/98 160,885 165,029 102.6% Membership in the plan consisted of the following as of December 31, 2000: — Retirees and beneficiaries receiving benefits 24 Terminated plan members entitled to but not yet receiving benefits 1 Active vested plan members 16 Active nonvested plan members 18 Total members 59 25 VILLAGE OF OAK BROOK,ILLINOIS NOTES TO FINANCIAL STATEMENTS Note 10. Employee Retirement Plans(continued) Investment Concentrations: As of December 31, 2000, the Fire Pension Plan holds shares in the Vanguard Index Trust Mutual Fund with a fair value of$1,295,168 which represents 7.2% of plan assets and shares in the Vanguard Index Trust Total Stock Market Portfolio Mutual Fund with a fair value of $1,094,512 which represents 6.1% of plan assets. Note 11. Deferred Compensation Plan The Village offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. The plan, available to all Village employees, permits them to defer a portion of their salary until future years. For the fiscal year ended 2000,the Village made no contribution. Note 12. Contingent Liabilities Litigation: The Village is a defendant in various lawsuits. Although the outcome of these lawsuits is not presently determinable, in the opinion of the Village's attorney, the resolution of these matters will not have a material effect on the financial condition of the Village. Grants: Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies, principally the federal government. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures which may be disallowed by the grantor cannot be determined at this time although the Village expects such amounts, if any, to be immaterial. DuPage Water Commission: The Village's agreement with the DuPage Water Commission provides that each member is liable for its proportionate share of any cost arising from defaults in payment obligations by other members. Note 13. Authorized But Unissued Debt As of December 31, 2000, the Village had authorized $4,000,000 installment contract certificates dated -- December 1, 2000. The transaction was not completed and the proceeds were not received until January 2001. Note 14. Pronouncement Issued But Not Yet Adopted GASB Statement No. 34, Basic Financial Statements and Management's Discussion and Analysis for State and Local Governments, establishes financial reporting standards for state and local governments, including states, cities, towns, villages, and special-purpose governments such as school districts and public utilities. Some of the more significant aspects of the new standard include: reporting the overall state of the government's _ financial health, not just individual funds; providing the most complete information available about the cost of delivering services to the citizens; including, for the first time, information about the government's public infrastructure assets - such as bridges,roads, and storm sewers; and including an introductory section analyzing the government's financial performance. The Village is required to adopt this Statement for the fiscal year ending December 31, 2003. The adoption of this Statement will have a material effect on the Village's financial statements. 26 — SUPPLEMENTARY FINANCIAL INFORMATION VILLAGE OF OAK BROOK,ILLINOIS REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF FUNDING PROGRESS ILLINOIS MUNICIPAL RETIREMENT FUND December 31,2000 Schedule of Funding Progress Unfunded Actuarial (Overfunded) Accrued AAL as a Actuarial Liability Unfunded Percentage Actuarial Value (AAL) (Overfunded) Funded Covered of Covered Valuation of Assets Entry Age AAL Ratio Payroll Payroll Date (a) (b) (b-a) (a/b) (c) ((b-a)/c) 12/31/99 $ 8,117,918 $ 7,701,764 $ (416,154) 105.40% $ 4,129,559 (10.08)% 12/31/98 7,108,829 6,882,205 (226,624) 103.29% 3,777,360 (6.00)% 12/31/97 5,941,801 6,161,874 220,073 96.43% 3,578,453 6.15% 12/31/96 4,938,422 4,984,852 46,430 99.07% 3,207,244 1.45% 12/31/95 4,315,490 4,524,132 208,642 95.39% 3,104,866 6.72% 12/31/94 3,555,301 3,731,564 176,263 95.28% 2,706,579 6.51% 27 VILLAGE OF OAK BROOK,ILLINOIS REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF FUNDING PROGRESS POLICE PENSION FUND Actuarial (Overfunded) Accrued AAL as a Actuarial Liability Percentage of Actuarial Value of (AAL) (Overfunded) Funded Covered Covered Valuation Assets Entry Age AAL Ratio Payroll Payroll Date (a) (b) (b-a) (a/b) (c) ((b-a)/c) 12/31/00 $ 20,448,157 $ 20,140,332 $ (307,825) 101.5% $ 2,170,040 (14.2)% 12/31/99 19,542,082 18,564,949 (977,133) 105.3% 2,172,484 (45.0)% 12/31/98 18,904,148 17,216,822 (1,687,326) 109.8% 2,172,052 (77.7)% 12/31//97 17,240,465 15,849,416 (1,391,049) 108.8% 1,822,595 (76.3)% The information presented in the required supplementary schedule was determined as part of the _ actuarial valuations at the dates indicated. Additional information as of the latest actuarial valuation follows: Valuation date 12/31/00 Actuarial cost method Entry age Amortization method Level percentage of pay closed _ Remaining amortization period 33 years Asset valuation method Market value Actuarial assumptions: + Investment rate of return * 7.50% Projected salary increases * 5.25% * Includes inflation for cost-of-living _ adjustment at 3%per year 28 — VILLAGE OF OAK BROOK,ILLINOIS REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF FUNDING PROGRESS FIREFIGHTERS' PENSION FUND (Overfunded) —' Actuarial Unfunded Accrued AAL as a Actuarial Liability (Overfunded) Percentage of Actuarial Value of (AAL) Unfunded Funded Covered Covered Valuation Assets Entry Age AAL Ratio Payroll Payroll Date (a) (b) (b-a) (a/b) (c) ((b-a)/c) 12/31/00 $ 18,050,631 $ 18,772,810 $ 722,179 96.2% $ 1,809,099 39.9% 12/31/99 18,203,403 18,051,091 (152,312) 100.8% 1,788,993 (8.5)% 12/31/98 17,364,674 15,659,293 (1,705,381) 110.9% 1,530,499 (111.4)% 12/31/97 16,159,276 15,009,251 (1,150,025) 107.7% 1,424,744 (80.7)% The information presented in the required supplementary schedule was determined as part of the actuarial valuations at the dates indicated. Additional information as of the latest actuarial valuation follows: Valuation date 12/31/00 Actuarial cost method Entry age Amortization method Level percentage of pay closed Remaining amortization period 33 years Asset valuation method Market Value Actuarial assumptions: Investment rate of return * 7.50% Projected salary increases * 5.25% * Includes inflation for cost-of-living adjustment of 3% 29 This page was intentionally left blank. i i t t i GENERAL FUND General Fund - to account for resources traditionally associated with gov- ernments which are not required to be accounted for in another fund. VILLAGE OF OAK BROOK,ILLINOIS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -BUDGET AND ACTUAL GENERAL FUND Year Ended December 31,2000 Variance Favorable Budget Actual (Unfavorable) Revenues: Intergovernmental $ 12,644,000 $ 11,597,685 $ (1,046,315) Utility taxes 614,000 902,775 288,775 Licenses and permits 392,270 623,858 231,588 Charges for services 366,385 389,557 23,172 Fines and penalties 216,500 223,462 6,962 Interest on investments 750,000 1,099,640 349,640 Miscellaneous 616,115 1,667,541 1,051,426 Total revenues 15,599,270 16,504,518 905,248 Expenditures -Current: General government 8,127,385 5,114,712 3,012,673 Public safety 8,652,270 8,216,647 435,623 Public works 1,779,805 1,636,909 142,896 Culture and recreation 926,250 769,737 156,513 Total expenditures 19,485,710 15,738,005 3,747,705 Excess (deficiency) of revenues over expenditures (3,886,440) 766,513 4,652,953 Other financing sources(uses): Operating transfers in 263,200 263,200 - Operating transfers (out) (156,600) (156,600) - 106,600 106,600 - Excess(deficiency) of revenues and other financing sources over expenditures and other financing(uses) $ (3,779,840) 873,113 $ 4,652,953 _ Fund balance: Beginning 19,498,972 Ending $ 20,372,085 30 VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF REVENUES-BUDGET AND ACTUAL GENERAL FUND Year Ended December 31, 2000 -- Variance Favorable Budget Actual (Unfavorable) Intergovernmental: ... Municipal sales tax $ 11,553,000 $ 10,455,044 $ (1,097,956) Illinois state income tax 789,865 840,667 50,802 Corporate personal property replacement taxes 208,135 240,543 32,408 _.. York Township road and bridge tax 93,000 61,431 (31,569) 12,644,000 11,597,685 (1,046,315) Utility taxes 614,000 902,775 288,775 Licenses and permits 392,270 623,858 231,588 Charges for services 366,385 389,557 23,172 _ Fines and penalties 216,500 223,462 6,962 Interest on investments 750,000 1,099,640 349,640 Miscellaneous: Franchise/infrastructure maintenance fees 555,200 706,609 151,409 IRMA surplus credit - 822,324 822,324 Other 60,915 138,608 77,693 2,955,270 4,906,833 1,951,563 Total revenues $ 15,599,270 $ 16,504,518 $ 905,248 r 31 VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL GENERAL FUND Year Ended December 31,2000 Variance Favorable Budget Actual (Unfavorable) General government: Legislative and general management: Board of trustees: Personnel $ 69,620 $ 66,685 $ 2,935 Materials and supplies 1,050 626 424 Operation and contractual 140,820 127,468 13,352 Capital 4,650 4,646 4 216,140 199,425 16,715 Village clerk: Personnel 121,180 121,177 3 Materials and supplies 3,905 2,852 1,053 Operation and contractual 38,140 38,135 5 163,225 162,164 1,061 Legal: Personnel 116,865 116,861 4 _ Materials and supplies 4,595 4,592 3 Operation and contractual 56,260 56,256 4 177,720 177,709 11 General management: Personnel 284,975 287,210 (2,235) Materials and supplies 2,050 1,462 588 Operation and contractual 4,865 2,374 2,491 Capital 2,500 2,343 157 294,390 293,389 1,001 Human resources: _ Personnel 69,640 69,637 3 Materials and supplies 3,170 3,107 63 Operation and contractual 86,265 86,261 4 159,075 159,005 70 Risk management: _ Personnel 43,710 43,202 508 Operation and contractual 429,385 429,383 2 473,095 472,585 510 (continued) 32 VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF EXPENDITURES- BUDGET AND ACTUAL(Continued) GENERAL FUND Year Ended December 31,2000 Variance Favorable y Budget Actual (Unfavorable) General government: (continued) Legislative and general management: (continued) Emergency management: Personnel $ 7,080 $ 2,110 $ 4,970 Materials and supplies 1,200 396 804 Operation and contractual 4,310 2,272 2,038 Capital 7,000 1,039 5,961 19,590 5,817 13,773 General services: _ Personnel 47,875 47,103 772 Materials and supplies 53,675 48,722 4,953 Operation and contractual 164,710 164,709 1 r Capital 49,490 4,615 44,875 315,750 265,149 50,601 Purchasing: Personnel 87,900 87,889 11 Materials and supplies 985 983 2 Operation and contractual 12,705 12,705 - 101,590 101,577 13 Information systems: Personnel 277,225 259,484 17,741 Materials and supplies 17,740 14,162 3,578 Operation and contractual 129,195 87,578 41,617 Capital 421,065 200,689 220,376 845,225 561,913 283,312 Village communications center: Personnel 537,145 532,342 4,803 Materials and supplies 11,350 9,358 1,992 Operation and contractual 14,610 8,388 6,222 Capital 30,000 11,114 18,886 593,105 561,202 31,903 Community events Operation and contractual 159,510 159,507 3 Total legislative and y general management 3,518,415 3,119,442 398,973 (continued) 33 VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL (Continued) - GENERAL FUND Year Ended December 31,2000 Variance - Favorable Budget Actual (Unfavorable) General government: (continued) Financial services: Financial services management: Personnel $ 111,595 $ 110,688 $ 907 - Materials and supplies 2,905 1,348 1,557 Operation and contractual 34,765 22,944 11,821 149,265 134,980 14,285 Accounting and reporting: Personnel 261,370 249,922 11,448 Materials and supplies 12,155 12,149 6 - Operation and contractual 45,195 45,192 3 318,720 307,263 11,457 Debt service Operation and contractual 1,015 1,015 - Total financial services 469,000 443,258 25,742 Engineering and capital projects: Engineering: Personnel 351,675 322,869 28,806 - Materials and supplies 1,980 1,977 3 Operation and contractual 33,000 28,223 4,777 Capital 23,000 - 23,000 409,655 353,069 56,586 Municipal building improvements: Operation and contractual 10,000 - 10,000 Capital 193,000 128,156 64,844 203,000 128,156 74,844 _ Traffic and lighting improvements: Capital 34,000 - 34,000 Library building project: - Operation and contractual 180,000 112,951 67,049 Capital 2,808,735 453,261 2,355,474 2,988,735 566,212 2,422,523 Municipal complex project Operation and contractual 501,620 501,616 4 Capital 2,960 2,959 1 504,580 504,575 5 Total engineering and capital projects 4,139,970 1,552,012 2,587,958 Total general government 8,127,385 5,114,712 3,012,673 (continued) 34 VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL (Continued) GENERAL FUND Year Ended December 31, 2000 _ Variance Favorable Budget Actual (Unfavorable) Public safety: Police department: Police services management: Personnel $ 367,525 $ 367,521 $ 4 Materials and supplies 10,600 7,472 3,128 Operation and contractual 44,815 36,900 7,915 422,940 411,893 11,047 Police field services: Personnel 2,285,225 2,179,203 106,022 _ Materials and supplies 36,160 36,156 4 Operation and contractual 273,475 273,472 3 Capital 41,800 36,270 5,530 2,636,660 2,525,101 111,559 Police general support: Personnel 237,700 211,747 25,953 Materials and supplies 21,225 21,225 - Operation and contractual 2,700 1,488 1,212 261,625 234,460 27,165 Police investigations: Personnel 588,035 387,968 200,067 Materials and supplies 8,300 7,270 1,030 Operation and contractual 28,875 25,692 3,183 Capital outlay 14,000 11,020 2,980 - 639,210 431,950 207,260 (continued) 35 VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF EXPENDITURES- BUDGET AND ACTUAL(Continued) - GENERAL FUND Year Ended December 31,2000 Variance Favorable Budget Actual (Unfavorable) Public safety: (continued) Police department: (continued) Police records: Personnel $ 117,245 $ 110,750 $ 6,495 Materials and supplies 9,075 5,819 3,256 Operation and contractual 2,960 2,957 3 Capital outlay 25,205 13,905 11,300 154,485 133,431 21,054 Public relations/crime prevention: Personnel 131,280 128,525 2,755 Materials and supplies 5,700 2,353 3,347 Operation and contractual 6,660 5,547 1,113 143,640 136,425 7,215 Total police department 4,258,560 3,873,260 385,300 Fire and community development: Fire and ems general salaries: Personnel 2,558,675 2,558,668 7 Fire service management: Personnel 263,540 252,673 10,867 Materials and supplies 3,210 2,894 316 Operation and contractual 9,035 7,719 1,316 275,785 263,286 12,499 Rescue and fire operation: Personnel 2,520 1,457 1,063 Materials and supplies 45,190 45,187 3 Operation and contractual 220,315 219,224 1,091 Capital 155,945 155,892 53 423,970 421,760 2,210 Special teams operations Personnel 205 155 50 Materials and supplies 870 727 143 Operation and contractual 25,865 25,861 4 Capital 16,300 16,042 258 43,240 42,785 455 Rescue and fire training Personnel 35,945 35,943 2 Materials and supplies 7,650 4,034 3,616 Operation and contractual 1,350 - 1,350 44,945 39,977 4,968 Emergency medical services: Personnel 45,100 42,328 2,772 Materials and supplies 13,095 9,991 3,104 Operation and contractual 393,595 393,591 4 Capital 5,900 5,668 232 457,690 451,578 6,112 (continued) 36 VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL (Continued) GENERAL FUND Year Ended December 31,2000 _ Variance Favorable _ Budget Actual (Unfavorable) Public safety: (continued) _ Fire and community development: (continued) Prevention and public education Personnel $ 145,720 $ 135,468 $ 10,252 _ Materials and supplies 3,875 2,960 915 Operation and contractual 16,470 15,927 543 166,065 154,355 11,710 _ Community development management Personnel 177,905 177,902 3 _ Materials and supplies 2,570 1,253 1,317 Operation and contractual 5,500 3,055 2,445 185,975 182,210 3,765 Code enforcement Personnel 199,715 192,010 7,705 _ Materials and supplies 1,920 1,029 891 Operation and contractual 35,730 35,729 1 237,365 228,768 8,597 Total fire and code enforcement 4,393,710 4,343,387 50,323 Total public safety 8,652,270 8,216,647 435,623 Public works: _ Public works management: Personnel 247,300 247,295 5 Materials and supplies 2,110 2,079 31 _ Operation and contractual 10,855 10,847 8 Capital 7,300 7,295 5 267,565 267,516 49 Mosquito control: Operation and contractual 56,075 37,740 18,335 Building and grounds: Personnel 62,630 58,394 4,236 Materials and supplies 26,735 26,735 - Operation and contractual 138,260 138,256 4 Capital 25,560 9,667 15,893 253,185 233,052 20,133 (continued) 37 VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL (Continued) GENERAL FUND Year Ended December 31,2000 Variance Favorable Budget Actual (Unfavorable) Public works: (continued) Streets - General salaries: Personnel $ 505,440 $ 490,062 $ 15,378 Materials and supplies 4,790 3,788 1,002 Operation and contractual 5,135 2,415 2,720 515,365 496,265 19,100 Street maintenance: Materials and supplies 20,100 13,530 6,570 _ Operation and contractual 95,480 92,347 3,133 115,580 105,877 9,703 Traffic and lighting maintenance: Materials and supplies 16,000 13,289 2,711 Operation and contractual 111,200 91,243 19,957 Capital 37,400 944 36,456 - 164,600 105,476 59,124 Snow removal: - Personnel 72,170 72,165 5 Materials and supplies 35,715 35,712 3 Operation and contractual 46,550 46,550 - Capital 7,120 7,119 1 161,555 161,546 9 - Drainage maintenance: Materials and supplies 4,800 4,675 125 Operation and contractual 52,555 49,488 3,067 57,355 54,163 3,192 Forestry: - Personnel 15,500 8,664 6,836 Materials and supplies 1,030 995 35 Operation and contractual 140,260 133,884 6,376 156,790 143,543 13,247 Safety pathway maintenance: Materials and supplies 10,800 10,796 4 Operation and contractual 20,935 20,935 - 31,735 31,731 4 Total public works 1,779,805 1,636,909 142,896 (continued) 38 VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL (Continued) GENERAL FUND Year Ended December 31,2000 - Variance Favorable Budget Actual (Unfavorable) Culture and recreation: Library general operations: Personnel $ 264,615 $ 258,244 $ 6,371 Materials and supplies 28,500 17,034 11,466 Operation and contractual 81,415 53,044 28,371 Capital 82,500 - 82,500 457,030 328,322 128,708 - Library technical services: Personnel 81,500 80,820 680 Materials and supplies 11,550 5,846 5,704 Operation and contractual 7,675 4,942 2,733 100,725 91,608 9,117 Library reference and adult services: Personnel 115,515 111,356 4,159 Materials and supplies 107,645 107,643 2 Operation and contractual 6,000 4,901 1,099 229,160 223,900 5,260 - Library youth services: Personnel 97,755 84,337 13,418 - Materials and supplies 38,080 38,079 1 Operation and contractual 3,500 3,491 9 139,335 125,907 13,428 ` Total culture and recreation 926,250 769,737 156,513 Total expenditures $ 19,485,710 $ 15,738,005 $ 3,747,705 39 SPECIAL REVENUE FUNDS Hotel/Motel Tax Fund - to account for local hotel/motel tax receipts re- stricted for promoting tourism and conventions in the Village. Motor Fuel Tax Fund - to account for State Gasoline Tax Allocations re- stricted for local roadway program expenditures. Foreign Fire Insurance Tax Fund - to account for Foreign Fire Insurance revenue restricted for the purchase of items for the benefit of the fire department. VILLAGE OF OAK BROOK,ILLINOIS COMBINING BALANCE SHEET SPECIAL REVENUE FUNDS December 31, 2000 Foreign Fire Hotel/Motel Motor Fuel Insurance ASSETS Tax Tax Tax Total Cash and investments $ 461,827 $ 399,539 $ 90,000 $ 951,366 Receivables: Allotments - 21,867 - 21,867 Accrued interest 3,342 2,692 290 6,324 Other, hotel/motel tax 31,686 - - 31,686 Total assets $ 496,855 $ 424,098 $ 90,290 $ 1,011,243 LIABILITIES AND FUND BALANCES Liabilities Accounts payable $ 46,506 $ - $ - $ 46,506 Due to other funds - 12,309 - 12,309 Total liabilities 46,506 12,309 - 58,815 Fund balances: Unreserved 450,349 411,789 90,290 952,428 Total liabilities and fund balances $ 496,855 $ 424,098 $ 90,290 $ 1,011,243 40 VILLAGE OF OAK BROOK,ILLINOIS COMBINING STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL SPECIAL REVENUE FUNDS Year Ended December 31, 2000 Hotel/Motel Tax Variance Favorable Budget Actual (Unfavorable) _ Revenues: Intergovernmental $ - $ - $ - Hotel/motel taxes 331,000 353,692 22,692 Interest on investments 22,250 28,329 6,079 Miscellaneous - 12,020 12,020 _ Total revenues 353,250 394,041 40,791 Expenditures- Current: Public safety - - - Culture and recreation 360,000 335,205 24,795 Total expenditures 360,000 335,205 24,795 Excess (deficiency)of revenues over expenditures (6,750) 58,836 65,586 Other financing sources(uses), operating transfers(out) - - - Excess (deficiency)of revenues and other financing sources over expenditures and other financing (uses) $ (6,750) 58,836 $ 65,586 Fund balances: Beginning 391,513 Ending $ 450,349 41 _ Motor Fuel Tax Foreign Fire Insurance Tax Totals Variance Variance Variance Favorable Favorable Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable) $ 257,200 $ 276,157 $ 18,957 $ 19,515 $ 37,453 $ 17,938 $ 276,715 $ 313,610 $ 36,895 - - - - - - 331,000 353,692 22,692 -- 25,000 41,086 16,086 1,500 3,973 2,473 48,750 73,388 24,638 - - - - - - - 12,020 12,020 282,200 317,243 35,043 21,015 41,426 20,411 656,465 752,710 96,245 - - - 22,350 11,500 10,850 22,350 11,500 10,850 - - - - 360,000 335,205 24,795 - - - 22,350 11,500 10,850 382,350 346,705 35,645 282,200 317,243 35,043 (1,335) 29,926 31,261 274,115 406,005 131,890 (500,000) (615,434) (115,434) - - - (500,000) (615,434) (115,434) $ (217,800) (298,191) $ (80,391) $ (1,335) 29,926 $ 31,261 $ (225,885) (209,429) $ 16,456 709,980 60,364 1,161,857 $ 411,789 $ 90,290 $ 952,428 42 This page was intentionally left blank. CAPITAL PROJECT FUND Infrastructure Fund - to account for revenues and expenditures relative to the construction of paving, drainage and bike trail improvements. VILLAGE OF OAK BROOK,ILLINOIS BALANCESHEET CAPITAL PROJECT FUND-INFRASTRUCTURE FUND December 31,2000 ASSETS Cash and investments $ 2,675,720 Receivables: Utility taxes 111,245 '— Accrued interest 17,246 Other 62,045 Due from other funds 12,309 Total assets $ 2,878,565 LIABILITIES AND FUND BALANCES Liabilities Accounts payable $ 135,278 Deposit payable 17,540 Total liabilities 152,818 Fund Balance: Unreserved 2,725,747 Total liabilities and fund balances $ 2,878,565 43 VILLAGE OF OAK BROOK,ILLINOIS STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL CAPITAL PROJECT FUND-INFRASTRUCTURE FUND Year Ended December 31,2000 Variance Favorable Budget Actual (Unfavorable) _ Revenues: Intergovernmental -grants $ 259,800 $ 71,874 $ (187,926) _ Utility taxes 1,402,700 1,423,260 20,560 Interest on investments 85,000 174,147 89,147 Total revenues 1,747,500 1,669,281 (78,219) Expenditures: Public works 2,574,000 1,731,422 842,578 _ Excess(deficiency)of revenues over expenditures (826,500) (62,141) 764,359 _ Other financing sources(uses), operating transfers in 500,000 615,434 115,434 Excess (deficiency) of revenues and other financial sources over expenditures and other financing(uses) $ (326,500) 553,293 $ 879,793 Fund balance: Beginning 2,172,454 Ending $ 2,725,747 44 PROPRIETARY FUND TYPES ENTERPRISE FUNDS Waterworks System Fund - to account for revenues and expenses relative to the operation of the water utility. Sports Core Fund - to account for revenues and expenses relative to the operation of the Sports Core. This page was intentionally left blank. VILLAGE OF OAK BROOK,ILLINOIS COMBINING BALANCE SHEET ENTERPRISE FUNDS December 31, 2000 — y Waterworks Sports ASSETS System Core Total Current Assets Cash and investments $ 5,202,021 $ 1,727,738 $ 6,929,759 Receivables: y Billed water sales 16,987 - 16,987 Unbilled water sales 316,953 - 316,953 Accrued interest 33,524 - 33,524 IRMA surplus credit 51,348 75,083 126,431 Other 14,065 28,392 42,457 Inventories - 166,435 166,435 Total current assets 5,634,898 1,997,648 7,632,546 �. Restricted Assets Cash and investments - 185,628 185,628 Fixed Assets Property,plant and equipment 17,507,500 16,725,557 34,233,057 Accumulated depreciation (7,383,381) (3,626,985) (11,010,366) 10,124,119 13,098,572 23,222,691 Other Assets Water purchase rights 1,606,733 - 1,606,733 Total assets $ 17,365,750 $ 15,281,848 $ 32,647,598 45 Waterworks Sports LIABILITIES AND FUND EQUITY System Core Total Current Liabilities Accounts payable $ 253,195 $ 59,408 $ 312,603 Accrued payroll 15,595 19,472 35,067 Accrued interest payable - 18,596 18,596 Compensated absences 17,655 28,448 46,103 Deposits payable - 47,955 47,955 Due to other funds - 1,530,725 1,530,725 Note payable - 59,011 59,011 Installment contract payable - 215,000 215,000 Capital lease payable 33,501 33,501 Total current liabilities 286,445 2,012,116 2,298,561 Long-term Liabilities Advances from other funds - 790,000 790,000 Installment contract payable - 2,340,000 2,340,000 Capital lease payable - 73,880 73,880 - 3,203,880 3,203,880 Total liabilities 286,445 5,215,996 5,502,441 Fund Equity Contributed capital - 11,025,590 11,025,590 Retained earnings: Reserved- Golf surcharge - 185,628 185,628 Unreserved (deficit) 17,079,305 (1,145,366) 15,933,939 Total retained earnings 17,079,305 (959,738) 16,119,567 Total fund equity 17,079,305 10,065,852 27,145,157 Total liabilities and fund equity $ 17,365,750 $ 15,281,848 $ 32,647,598 46 VILLAGE OF OAK BROOK,ILLINOIS COMBINING STATEMENT OF REVENUES,EXPENSES, r AND CHANGES IN RETAINED EARNINGS ENTERPRISE FUNDS Year Ended December 31,2000 _ Waterworks Sports System Core Total Operating revenues: Charges for services $ 3,417,049 $ 3,569,662 $ 6,986,711 Miscellaneous 182,791 - 182,791 Total operating revenues 3,599,840 3,569,662 7,169,502 Operating expenses: Operation of facilities 3,460,005 3,408,241 6,868,246 Depreciation and amortization 510,736 324,053 834,789 Total operating expenses 3,970,741 3,732,294 7,703,035 Operating income(loss) (370,901) (162,632) (533,533) Nonoperating revenues(expenses): Interest on investments 326,795 24,687 351,482 Interest expense - (45,636) (45,636) Income (loss)before operating transfers (44,106) (183,5 81) (227,687) Operating transfers in - 156,600 156,600 _ Operating transfers (out) (243,400) - (243,400) Net income(loss) (287,506) (26,981) (314,487) Retained earnings(deficit): Beginning 17,366,811 (932,757) 16,434,054 Ending $ 17,079,305 $ (959,738) $ 16,119,567 47 VILLAGE OF OAK BROOK,ILLINOIS COMBINING STATEMENT OF CASH FLOWS ENTERPRISE FUNDS Year Ended December 31,2000 Waterworks Sports System Core Total Cash Flows from Operating Activities Operating(loss) $ (370,901) $ (162,632) S (533,533) Adjustments to reconcile operating(loss)to net cash provided by(used in)operating activities: Depreciation and amortization 510,736 324,053 834,789 Loss on sale of fixed asset 6,064 1,713 7,777 Changes in assets and liabilities: Accounts receivable 75,175 - 75,175 IRMA surplus credit (51,348) (75,083) (126,431) Other receivable (9,870) 8,619 (1,251) Inventories - (233) (233) Accounts payable (17,961) (255,309) (273,270) Accrued payroll and compensated absences 5,820 3,588 9,408 Accrued interest payable - 7,631 7,631 Deposits payable - 23,855 23,855 Net cash provided by(used in)operating activities 147,715 (123,798) 23,917 Cash Flows from Noncapita)Financing Activities Borrowings from other funds - 316,993 316,993 - Operating transfers in - 156,600 156,600 Operating transfers(out) (243,400) - (243,400) Net cash provided by(used in) noncapital financing activities (243,400) 473,593 230,193 Cash Flows from Capital and Related Financing Activities Purchase of fixed assets (164,042) (565,417) (729,459) Proceeds from note payable 64,083 64,083 Principal paid on note payable - (94,136) (94,136) Proceeds from installment contract payable 1,800,000 1,800,000 Principal paid on installment contract payable (65,000) (65,000) Proceeds from capital lease payable - 141,047 141,047 Principal paid on capital lease payable (33,666) (33,666) Interest paid - (45,636) (45,636) Net cash provided by(used in)capital and related financing activities (164,042) 1,201,275 1,037,233 Cash Flows from Investing Activities Investment purchases (463,422) (29,592) (493,014) Investment maturities 1,000,000 - 1,000,000 Interest received on investments 300,362 23,703 324,065 Net cash provided by(used in)investing activities 836,940 (5,889) 831,051 Net increase in cash and cash equivalents 577,213 1,545,181 2,122,394 Cash and cash equivalents: Beginning 2,220,655 182,557 2,403,212 Ending S 2,797,868 S 1,727,738 S 4,525,606 Reconciliation of Cash and Cash Equivalents to Combining Balance Sheet Cash and cash equivalents S 2,797,868 S 1,727,738 S 4,525,606 Investments(including S185,628 of restricted assets) 2,404,153 185,628 2,589,781 S 5,202,021 S 1,913,366 S 7,115,387 Supplemental Schedule of Noncash Investing and Financing Activities: Appreciation in the fair value of investments S 17,000 S 984 S 17,984 48 VILLAGE OF OAK BROOK,ILLINOIS STATEMENT OF REVENUES,EXPENSES,AND CHANGES IN RETAINED EARNINGS-BUDGET AND ACTUAL WATERWORKS SYSTEM FUND _ Year Ended December 31,2000 Variance Favorable Budget Actual (Unfavorable) Operating revenues: Charges for services: Water sales $ 3,238,220 $ 3,293,815 $ 55,595 Unmetered sales 5,000 9,979 4,979 _ Water tap on charges 40,000 88,672 48,672 Fire service charges - 4,743 4,743 Meter fees and special services 24,800 19,840 (4,960) Miscellaneous 39,000 182,791 143,791 Total operating revenues 3,347,020 3,599,840 252,820 Operating expenses: Operation of facilities 3,479,720 3,460,005 19,715 Depreciation and amortization - 510,736 (510,736) _ Total operating expenses 3,479,720 3,970,741 (491,021) Operating income(loss) (132,700) (370,901) (238,201) Nonoperating revenues: Interest on investments 220,000 326,795 106,795 Income(loss) before operating transfers 87,300 (44,106) (131,406) Operating transfers (out) (243,400) (243,400) - Net income(loss) $ (156,100) (287,506) $ (131,406) _ Retained earnings: Beginning 17,366,811 Ending $ 17,079,305 49 VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF OPERATING EXPENSES- BUDGET AND ACTUAL WATERWORKS SYSTEM FUND Year Ended December 31,2000 Variance Favorable Budget Actual (Unfavorable) Operation of facilities: — Public works: Water operations: Personnel $ 404,030 $ 404,028 $ 2 Materials and supplies 123,345 123,342 3 Operation and contractual 2,952,345 2,932,635 19,710 Total water operations 3,479,720 3,460,005 19,715 Capital improvements: Capital 609,740 164,042 445,698 Less: items capitalized (609,740) (164,042) (445,698) Total capital improvements - - - Total operation of facilities 3,479,720 3,460,005 19,715 Depreciation and amortization: Depreciation - 441,876 (441,876) Amortization - 68,860 (68,860) Total depreciation and amortization - 510,736 (510,736) Total operating expenses $ 3,479,720 $ 3,970,741 $ (491,021) 50 VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF PROPERTY,PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION WATERWORKS SYSTEM FUND _ Year Ended December 31, 2000 Property,Plant, and Equipment Additions Balance and Balance _ January 1 Transfers Disposals December 31 Land and land rights $ 215,800 $ - $ - $ 215,800 _ Service of supply plant- Wells and springs 314,753 - - 314,753 Structure and improvements 718,555 25,246 (6,300) 737,501 _ Electrical pumping equipment 583,170 9,967 - 593,137 Water treatment equipment 8,149 - - 8,149 Distribution, reservoirs, mains and standpipes 14,298,793 12,937 (188,856) 14,122,874 Meters and meter installation 1,047,054 115,892 - 1,162,946 Hydrants 181,472 - - 181,472 Office furniture and equipment 20,763 - - 20,763 Tools, shop and garage equipment 20,189 - - 20,189 Laboratory equipment 1,070 - - 1,070 Miscellaneous equipment 117,443 - 117,443 Intangible plant- Organization 11,403 - - 11,403 $ 17,538,614 $ 164,042 $ (195,156) $ 17,507,500 — 51 Rate of Depreciation Accumulated Depreciation or Additions Amortization Balance and Balance Net Asset (Years) January 1 Transfers Disposals December 31 Value $ 215,800 40 204,499 7,869 - 212,368 102,385 40 164,378 18,279 (236) 182,421 555,080 40 175,228 14,704 - 189,932 403,205 10 8,149 - - 8,149 - 40 5,694,323 357,632 (188,856) 5,863,099 8,259,775 15 612,428 37,453 - 649,881 513,065 40 105,560 4,537 - 110,097 71,375 10 20,763 - - 20,763 - 5 20,001 188 - 20,189 - 5 1,070 - - 1,070 - 5 112,795 1,214 - 114,009 3,434 5 11,403 - - 11,403 - $ 7,130,597 $ 441,876 $ (189,092) $ 7,383,381 $ 10,124,119 52 VILLAGE OF OAK BROOK,ILLINOIS STATEMENT OF REVENUES,EXPENSES,AND CHANGES IN RETAINED EARNINGS-BUDGET AND ACTUAL SPORTS CORE FUND Year Ended December 31,2000 Variance Favorable Budget Actual (Unfavorable) Operating revenues: Charges for services: Golf $ 1,901,745 $ 2,114,403 $ 212,658 Bath and tennis 445,090 432,274 (12,816) Food and beverage 1,085,150 1,022,985 (62,165) Total operating revenues 3,431,985 3,569,662 137,677 Operating expenses: Golf club 1,405,375 1,350,803 54,572 Bath and tennis 2,097,525 2,057,438 40,087 Depreciation - 324,053 (324,053) Total operating expenses 3,502,900 3,732,294 (229,394) _ Operating income(loss) (70,915) (162,632) (91,717) Nonoperating revenues(expenses): Interest on investments 15,800 24,687 8,887 Interest expense (43,045) (45,636) (2,591) Income(loss) before operating transfers (98,160) (183,581) (85,421) Operating transfers in 156,600 156,600 - Net income (loss) $ 58,440 (26,981) $ (85,421) _ Retained earnings (deficit): Beginning (932,757) Ending $ (959,738) 53 VILLAGE OF OAK BROOK,ILLINOIS _ SCHEDULE OF OPERATING REVENUES- BUDGET AND ACTUAL SPORTS CORE FUND Year Ended December 31,2000 Variance Favorable Budget Actual (Unfavorable) Charges for services: Golf: — Fees $ 1,338,795 $ 1,319,722 $ (19,073) Golf surcharge 70,500 71,291 791 Memberships 279,275 317,150 37,875 — Merchandise sales 213,175 216,752 3,577 Miscellaneous - 189.488 189,488 1,901,745 2,114,403 212,658 Bath and tennis: Fees 218,950 125,043 (93,907) Memberships 219,840 220,229 389 Merchandise sales 1,500 1,260 (240) Miscellaneous 4,800 85,742 80,942 — 445,090 432,274 (12,816) Food and beverage: — Food sales 674,250 609,326 (64,924) Beverage sales 340,900 330,598 (10,302) Miscellaneous 70,000 83,061 13,061 — 1,085,150 1,022,985 (62,165) Total operating revenues $ 3,431,985 $ 3,569,662 $ 137,677 54 VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF OPERATING EXPENSES- BUDGET AND ACTUAL SPORTS CORE FUND Year Ended December 31,2000 Variance Favorable _ Budget Actual (Unfavorable) Operations -Golf club: _ General operations: Personnel $ 355,425 $ 355,423 $ 2 Materials and supplies 213,725 213,722 3 Operation and contractual 159,695 159,690 5 728,845 728,835 10 Range operations: Personnel 39,285 38,316 969 Materials and supplies 13,320 12,491 829 _ Operation and contractual 3,000 2,241 759 55,605 53,048 2,557 Golf cart operations: Personnel 29,925 21,063 8,862 Materials and supplies 6,500 4,472 2,028 _ Operation and contractual 45,000 8,435 36,565 81,425 33,970 47,455 Golf course maintenance: Personnel 368,155 368,150 5 Materials and supplies 141,655 138,192 3,463 _ Operation and contractual 29,690 28,608 1,082 539,500 534,950 4,550 Total golf club 1,405,375 1,350,803 54,572 (continued) 55 - VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF OPERATING EXPENSES- BUDGET AND ACTUAL (Continued) - SPORTS CORE FUND Year Ended December 31,2000 Variance Favorable Budget Actual (Unfavorable) Operations-Bath and tennis: General operations: - Personnel $ 338,680 $ 338,679 $ 1 Materials and supplies 28,910 28,905 5 Operation and contractual 134,060 134,055 5 501,650 501,639 11 Swimming operations: Personnel 99,095 86,292 12,803 Materials and supplies 18,015 18,010 5 Operation and contractual 31,750 31,748 2 148,860 136,050 12,810 Tennis operations -Outdoor: Personnel 81,810 81,807 3 Materials and supplies 12,930 12,927 3 Operation and contractual 15,850 15,848 2 110,590 110,582 8 Tennis operations - Indoor: - Personnel 61,700 46,415 15,285 Materials and supplies 11,600 4,270 7,330 Operation and contractual 30,700 26,070 4,630 104,000 76,755 27,245 - (continued) 56 VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF OPERATING EXPENSES- BUDGET AND ACTUAL (Continued) SPORTS CORE FUND Year Ended December 31,2000 Variance Favorable ,r Budget Actual (Unfavorable) Operations -Bath and tennis: (continued) Food and beverage: Personnel $ 605,505 $ 605,504 $ 1 Materials and supplies 454,015 454,004 11 _ Operation and contractual 172,905 172,904 1 1,232,425 1,232,412 13 Total bath and tennis 2,097,525 2,057,438 40,087 Capital improvements: _ Capital outlay 744,450 565,417 179,033 Less: items capitalized (744,450) (565,417) (179,033) Total capital improvements - - - Depreciation - 324,053 (324,053) Total operating expenses $ 3,502,900 $ 3,732,294 $ (229,394) 57 This page was intentionally left blank. VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF PROPERTY,PLANT AND EQUIPMENT AND ACCUMULATED DEPRECIATION SPORTS CORE FUND Year Ended December 31, 2000 Property,Plant and Equipment Additions Balance and Balance _ January 1 Transfers Disposals December 31 Land $ 8,292,249 Land improvements -Golf course 1,771,250 865,566 - 2,636,816 Land improvements -Bath and tennis 151,611 - - 151,611 Buildings- Golf 1,980,158 10,959 - 1,991,117 _ Buildings- Bath and tennis 2,147,542 125,428 - 2,272,970 Machinery and equipment- Golf 886,119 279,934 (192,000) 974,053 Machinery and equipment-Bath and tennis 149,254 4,611 - 153,865 _ Computer equipment 21,367 - - 21,367 Construction in progress -Golf 837,914 (836,201) (1,713) - Construction in progress -Bath and tennis 89,442 115,120 - 204,562 _ Vehicles 26,947 - - 26,947 $ 16,353,853 $ 565,417 $ (193,713) $ 16,725,557 58 Rate of Depreciation Accumulated Depreciation or Additions Amortization Balance and Balance Net Asset (Years) January 1 Transfers Disposals December 31 Value $ - $ - $ - $ - $ 8,292,249 25 1,076,476 88,944 - 1,165,420 1,471,396 10 151,611 - - 151,611 - 40 296,724 49,064 - 345,788 1,645,329 40 1,280,570 88,352 - 1,368,922 904,048 10 558,604 78,545 (192,000) 445,149 528,904 10 96,254 17,449 - 113,703 40,162 5 21,367 - - 21,367 - - - - - - 204,562 4 13,326 1,699 - 15,025 11,922 $ 3,494,932 $ 324,053 $ (192,000) $ 3.626,985 $ 13.098.572 59 This page was intentionally left blank. INTERNAL SERVICE FUNDS Self-Insurance Fund - to account for all costs associated with self- insurance risks for employee health and dental insurance. Garage Fund - to account for all costs associated with the operation and maintenance of the Village's vehicle fleet equipment. Capital Replacement Fund - to account for revenues and expenditures relative to the replacement of major capital equipment, primarily vehicles. VILLAGE OF OAK BROOK,ILLINOIS COMBINING BALANCE SHEET INTERNAL SERVICE FUNDS December 31,2000 Self- Capital ASSETS Insurance Garage Replacement Total Current Assets Cash and investments $ 57,284 $ 189,724 $ 2,743,926 $ 2,990,934 Receivables: Accrued interest 575 1,502 17,084 19,161 Other 4,874 - - 4,874 Inventories - 41,795 - 41,795 Total current assets 62,733 233,021 2,761,010 3,056,764 Fixed Assets Equipment - 128,812 3,750,707 3,879,519 Accumulated depreciation - (109,665) (2,005,234) (2,114,899) Total fixed assets - 19,147 1,745,473 1,764,620 Total assets $ 62,733 S 252,168 $ 4,506,483 $ 4,821,384 LIABILITIES AND FUND EQUITY Current Liabilities Accounts payable $ 600 $ 26,954 $ - $ 27,554 Accrued payroll - 2,611 - 2,611 Compensated absences - 7,408 - 7,408 Claims payable 174,000 - - 174,000 Total liabilities 174,600 36,973 - 211,573 Fund Equity: Retained earnings (deficit), unreserved (111,867) 215,195 4,506,483 4,609,811 Total liabilities and fund equity $ _62,733 $ 252,168 $ 4,506,483 $ 4,821,384 60 VILLAGE OF OAK BROOK,ILLINOIS COMBINING STATEMENT OF REVENUES,EXPENSES AND -- CHANGES IN RETAINED EARNINGS INTERNAL SERVICE FUNDS Year Ended December 31,2000 — Self- Capital — Insurance Garage Replacement Total Operating revenues: — Charges for services $ 1,261,379 $ 372,000 $ 519,260 $ 2,152,639 Operating expenses: Operation of garage - 358,665 - 358,665 Claims and insurance 1,569,957 - - 1,569,957 Depreciation - 12,882 291,672 304,554 — Total operating expenses 1,569,957 371,547 291,672 2,233,176 Operating income (loss) (308,578) 453 227,588 (80,537) — Nonoperating revenues (expenses): Interest on investments 10,160 12,501 167,245 189,906 _ Loss on sale of fixed assets - - (15,149) (15,149) Income(loss) before operating transfers (298,418) 12,954 379,684 94,220 Operating transfers(out) - (19,800) - (19,800) Net income (loss) (298,418) (6,846) 379,684 74,420 Retained earnings (deficit): Beginning 186,551 222,041 4,126,799 4,535,391 — Ending $ (111,867) $ 215,195 $ 4,506,483 $ 4,609,811 61 VILLAGE OF OAK BROOK,ILLINOIS COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS Year Ended December 31, 2000 Self- Capital Insurance Garage Replacement Total Cash Flows From Operating Activities Operating income (loss) $ (308,578) $ 453 $ 227,588 $ (80,537) Adjustments to reconcile operating income(loss) to net cash provided (used in)by operating activities: Depreciation - 12,882 291,672 304,554 Changes in assets and liabilities: Accounts receivable (2,949) (11) - (2,960) _ Inventories - 180 - 180 Accounts payable - 5,269 - 5,269 Accrued payroll and compensated absences - 2,283 - 2,283 Claims payable 54,300 - - 54,300 Net cash provided by(used in) operating activities (257,227) 21,056 519,260 283,089 Cash Flows From Noncapital Financing Activities Operating transfers(out) - (19,800) - (19,800) Net cash flows (used in) noncapital financing activities - (19,800) - (19,800) Cash Flows From Capital and Related Financing Activities Acquisition of equipment - (2,000) (198,665) (200,665) Proceeds from sale of equipment - - 39,010 39,010 Net cash (used in) capital and related financing activities - (2,000) (159,655) (161,655) Cash Flows from Investing Activities Investment purchases (6,693) (104,734) (281,093) (392,520) Investment maturities 107,694 - 500,000 607,694 Interest received on investments 10,048 10,872 153,570 174,490 Net cash provided by(used in) investing activities 111,049 (93,862) 372,477 389,664 Net increase (decrease) in cash and cash equivalents (146,178) (94,606) 732,082 491,298 Cash and cash equivalents: Beginning 162,245 179,430 786,677 1,128,352 Ending $ 16,067 $ 84,824 $ 1,518,759 $ 1,619,650 Reconciliation of Cash and Cash Equivalents to Combining Balance Sheet Cash and cash equivalents $ 16,067 $ 84,824 $ 1,518,759 $ 1,619,650 Investments 41,217 104,900 1,225,167 1,371,284 $ 57,284 $ 189,724 $ 2,743,926 $ 2,990,934 Supplemental Schedule of Noncash Investing and Financing Activities: Appreciation (depreciation) in the fair value of investments $ 703 $ 166 $ 8,417 $ 9,286 62 VILLAGE OF OAK BROOK,ILLINOIS STATEMENT OF REVENUES,EXPENSES AND CHANGES IN RETAINED EARNINGS- BUDGET AND ACTUAL SELF-INSURANCE FUND Year Ended December 31,2000 Variance Favorable Budget Actual (Unfavorable) Operating revenues: Charges for services $ 1,149,560 $ 1,261,379 $ 111,819 Operating expenses: Claims and insurance: Insurance and administration 206,650 196,445 10,205 _ Health claims 1,244,765 1,244,545 220 Dental claims 118,545 128,967 (10,422) Total operating expenses 1,569,960 1,569,957 3 _ Operating income(loss) (420,400) (308,578) 111,822 Nonoperating revenues (expenses): Interest on investments 15,000 10,160 (4,840) Net income(loss) $ (405,400) (298,418) $ 106,982 Retained earnings(deficit): _ Beginning 186,551 Ending $ (111,867) 63 VILLAGE OF OAK BROOK,ILLINOIS STATEMENT OF REVENUES,EXPENSES AND CHANGES IN RETAINED EARNINGS-BUDGET AND ACTUAL GARAGE FUND Year Ended December 31, 2000 Variance Favorable Budget Actual (Unfavorable) Operating revenues: Charges for services $ 372,000 $ 372,000 $ - Operating expenses: Garage operations: Personnel 139,795 135,870 3,925 Materials and supplies 96,910 96,906 4 Operation and contractual 125,890 125,889 1 Capital 5,450 2,000 3,450 Less: items capitalized (5,450) (2,000) (3,450) 362,595 358,665 3,930 Depreciation - 12,882 (12,882) Total operating expenses 362,595 371,547 (8,952) Operating income 9,405 453 (8,952) Nonoperating revenues (expenses): Interest on investments 8,000 12,501 4,501 Income before operating transfers 17,405 12,954 (4,451) Operating transfers (out) (19,800) (19,800) - Net income (loss) $ (2,395) (6,846) $ (4,451) Retained earnings: Beginning 222,041 Ending $ 215,195 64 VILLAGE OF OAK BROOK,ILLINOIS STATEMENT OF REVENUES,EXPENSES AND CHANGES IN RETAINED EARNINGS- BUDGET AND ACTUAL CAPITAL REPLACEMENT FUND Year Ended December 31,2000 Variance Favorable Budget Actual (Unfavorable) — Operating revenues: Charges for services $ 519,260 $ 519,260 Operating expenses: Capital 215,555 198,665 16,890 — Less: items capitalized (215,555) (198,665) (16,890) Depreciation - 291,672 (291,672) — Total operating expenses - 291,672 (291,672) Operating income 519,260 227,588 (291,672) Nonoperating revenues (expenses): _ Interest on investments 115,000 167,245 52,245 Loss on sale of fixed assets 12,000 (15,149) (27,149) Net income $ 646,260 379,684 $ (266,576) — Retained earnings: Beginning 4,126,799 — Ending $ 4,506,483 65 FIDUCIARY FUND TYPES PENSION TRUST FUNDS Police Pension Fund - to account for the accumulation of resources to pay pension costs. Resources are contributed by sworn police personnel at rates fixed by State Statutes and by the Village as a percentage of payroll based upon an annual actuarial valuation. Firefighters' Pension Fund - to account for the accumulation of resources to pay pension costs. Resources are contributed by sworn fire personnel at rates fixed by State Statutes and by the Village as a percentage of payroll based upon an annual actuarial valuation. VILLAGE OF OAK BROOK,ILLINOIS COMBINING STATEMENT OF PLAN NET ASSETS PENSION TRUST FUNDS December 31,2000 Police Firefighters' ASSETS Pension Pension Total Cash and investments $ 20,274,481 $ 17,925,243 $ 38,199,724 Accrued interest receivable 173,676 135,717 309,393 Total assets 20,448,157 18,060,960 38,509,117 LIABILITIES Accounts payable - 10,329 10,329 Net assets held in trust for pension benefits $ 20,448,157 $ 18,050,631 $ 38,498,788 66 VILLAGE OF OAK BROOK,ILLINOIS COMBINING STATEMENT OF CHANGES IN PLAN NET ASSETS PENSION TRUST FUNDS Year Ended December 31,2000 _ Police Firefighters' _ Pension Pension Total Additions _ Contributions: Employer $ 218,523 $ 299,044 $ 517,567 Plan members 195,304 153,777 349,081 _ Total contributions 413,827 452,821 866,648 Investment income: _ Net appreciation (depreciation) in fair value of investments 588,087 (437,096) 150,991 Interest 604,348 613,545 1,217,893 Net investment income 1,192,435 176,449 1,368,884 Total additions 1,606,262 629,270 2,235,532 Deductions Benefits and refunds 646,118 718,348 1,364,466 Administrative expenses 54,069 63,694 117,763 Total deductions 700,187 782,042 1,482,229 Net increase(decrease) 906,075 (152,772) 753,303 Net assets held in trust for pension benefits: Beginning 19,542,082 18,203,403 37,745,485 Ending $ 20,448,157 $ 18,050,631 $ 38,498,788 67 VILLAGE OF OAK BROOK,ILLINOIS STATEMENT OF CHANGES IN PLAN NET ASSETS-BUDGET AND ACTUAL POLICE PENSION FUND Year Ended December 31, 2000 Budget Actual Variance Additions Contributions: Employer $ 241,515 $ 218,523 $ (22,992) Plan member 217,360 195,304 (22,056) Total contributions 458,875 413,827 (45,048) Investment income: Net appreciation in fair value of investments - 588,087 588,087 Interest 1,425,000 604,348 (820,652) Net investment income 1,425,000 1,192,435 (232,565) Total additions 1,883,875 1,606,262 (277,613) Deductions Benefits and refunds 646,120 646,118 2 Administrative expense 58,490 54,069 4,421 Total deductions 704,610 700,187 4,423 Net increase S 1179,265 906,075 $ (273,190) Net assets held in trust for pension benefits: Beginning 19,542,082 Ending $ 20,448,157 68 VILLAGE OF OAK BROOK,ILLINOIS STATEMENT OF CHANGES IN PLAN NET ASSETS-BUDGET AND ACTUAL + FIREFIGHTERS' PENSION FUND Year Ended December 31,2000 _ Budget Actual Variance Additions Contributions: Employer $ 270,000 $ 299,044 $ 29,044 Plan member 165,705 153,777 (11,928) Total contributions 435,705 452,821 17,116 Investment income: Net depreciation in fair value of investments - (437,096) (437,096) Interest 1,312,500 613,545 (698,955) Net investment income 1,312,500 176,449 (1,136,051) Total additions 1,748,205 629,270 (1,118,935) Deductions Benefits and refunds 718,350 718,348 2 Administrative expense 68,440 63,694 4,746 Total deductions 786,790 782,042 4,748 Net increase(decrease) $ 961,415 (152,772) $ (1,114,187) Net assets held in trust for pension benefits: Beginning 18,203,403 Ending $ 18,050,631 69 i i i i GENERAL FIXED ASSETS ACCOUNT GROUP General Fixed Assets Account Group - to account for fixed assets not ac- counted for in Proprietary or Trust Funds. VILLAGE OF OAK BROOK, ILLINOIS SCHEDULE OF GENERAL FIXED ASSETS -BY SOURCE GENERAL FIXED ASSETS ACCOUNT GROUP December 31,2000 General Fixed Assets Land $ 616,829 Buildings and improvements 4,675,215 Other equipment 2,008,782 Computer equipment 1,348,605 Construction in progress 1,359,591 $ 10,009,022 Investment in General Fixed Assets Current revenues $ 7,824,199 Proceeds of indebtedness 1,659,881 Gifts 524,942 $ 10,009,022 70 VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF GENERAL FIXED ASSETS- BY FUNCTION AND ACTIVITY GENERAL FIXED ASSETS ACCOUNT GROUP _ December 31, 2000 Buildings and Other Computer Construction Function and Activity Land Improvements Equipment Equipment in Progress Totals _ General government: Board of trustees $ 616,829 $ 78,536 $ 7,508 $ - $ - $ 702,873 Village clerk - 2,495 19,716 - - 22,211 General management - 2,468,940 55,145 - 527,045 3,051,130 General services - - 8,225 - - 8,225 Emergency management - - 12,156 - - 12,156 Village communication center - - 90,980 - - 90,980 Purchasing and grants - - 942 - - 942 _ Information services - 2,258 - 1,348,605 - 1,350,863 Finance and accounting - - 21,513 - - 21,513 Engineering - - 30,488 - - 30,488 616,829 2,552,229 246,673 1,348,605 527,045 5,291,381 Public safety: Police department - 126,384 637,925 - - 764,309 Fire department - 775,626 877,983 - - 1,653,609 - 902,010 1,515,908 - - 2,417,918 Public works: Administrative - 682,410 13,436 - - 695,846 Street maintenance - 268,143 152,438 - - 420,581 _ Forestry - - 65,335 - - 65,335 - 950,553 231,209 - - 1,181,762 Culture and recreation: Library - 270,423 14,992 - 832,546 1,117,961 $ 616,829 $ 4,675,215 $ 2,008,782 $ 1,348,605 $ 1,359 591 $10,009,022 71 VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS- BY FUNCTION AND ACTIVITY GENERAL FIXED ASSETS ACCOUNT GROUP Year Ended December 31, 2000 Balance Balance January 1 Additions Retirements December 31 General government: Board of trustees $ 698,227 $ 4,650 $ - $ 702,877 Village clerk 19,716 1,200 - 20,916 General management 2,561,528 2,343 (38,491) 2,525,380 General services 3,610 4,615 8,225 Emergency management 12,156 - - 12,156 Village communication center 81,302 9,678 - 90,980 Purchasing and grants 941 - - 941 Information services 1,197,294 187,161 (33,593) 1,350,862 Financial services 21,512 - - 21,512 Engineering 30,487 - - 30,487 4,626,773 209,647 (72,084) 4,764,336 Public safety: Police department 715,116 49,192 - 764,308 Fire department 1,475,885 177,725 - 1,653,610 2,191,001 226,917 - 2,417,918 _ Public works: Administrative 688,948 6,897 - 695,845 Street maintenance 353,647 66,935 - 420,582 _ Forestry 65,335 - - 65,335 1,107,930 73,832 - 1,181,762 Construction in progress: Village hall - 527,045 - 527,045 New library - 832,546 - 832,546 - 1,359,591 - 1,359,591 Culture and recreation: Library 563,645 29,571 (307,801) 285,415 $ 8,489,349 $ 1,899,558 $ (379,885) $ 10,009,022 72 This page was intentionally left blank. STATISTICAL SECTION 1 1 1 I 1 1 I I I I I I I + I I + I I VILLAGE OF OAK BROOK,ILLINOIS GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION LAST TEN FISCAL YEARS December 31,2000 1992 1993 *1993 1994 1995 1996 1997 1998 1999 2000 General government $ 1,697,019 $ 1,456,753 $ 914,394 $ 1,669,529 $ 2,329,107 $ 2,596,032 $ 3,402,007 $ 3,307,267 $ 4,032,865 $ 5,114,712 Public safety 5,900,826 5,821,460 4,332,750 6,619,494 6,685,874 6,786,918 6,847,213 7,017,793 7,443,818 8,228,147 Public works 3,099,903 4,076,547 1,574,548 3,423,038 3,363,157 3,097,906 3,680,666 4,050,672 3,811,388 3,368,331 Culture and recreation 412,685 418,978 264,471 462,781 539,734 726,820 1,010,800 1,056,802 1,144,361 1,104,942 Debt service 949,288 959,375 944,820 944,821 - - - _ - - $ 10,335,090 $ 12,059,721 $ 12,733,1 13 $ 8,030,983 $ 13,1 19,663 $ 12,917,872 $ 13,207,676 $ 15,432,534 $ 16,432,432 $ 17,816,132 * During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is for the eight months ended December 31, 1993. NOTE: Includes General, Special Revenue,Debt Service and Capital Projects Funds. Data Source Village Records 73 VILLAGE OF OAK BROOK,ILLINOIS GENERAL REVENUES BY SOURCE LAST TEN FISCAL YEARS December 31,2000 1992 1993 *1993 1994 1995 1996 1997 1998 1999 2000 Intergovernmental $ 8,250,633 $ 10,248,950 $ 7,985,514 $ 11,218,902 $ 12,106,579 $ 12,149,759 $ 12,282,960 $ 12,251,058 $ 12,598,948 $ 11,983,169 Property taxes 877,289 963,125 846,501 549,482 5,410 - - - - - Utility taxes 1,098,386 2,239,243 1,648,740 1,572,193 1,873,147 1,956,984 1,989,147 1,692,113 1,715,573 2,326,035 Hotel/motel taxes 196,609 210,066 163,784 235,606 274,041 290,198 312,383 330,953 338,951 353,692 Licenses and permits 299,111 353,747 261,461 322,779 477,624 374,617 404,998 391,789 432,724 623,858 Service charges 338,453 584,727 498,440 293,743 336,146 423,139 305,137 364,650 425,752 389,557 Fines and penalties 176,868 238,858 135,419 280,339 220,593 211,809 214,086 222,239 198,769 223,462 Interest on investment 221,019 173,404 171,420 426,127 713,992 784,652 983,733 1,043,142 849,568 1,347,175 Miscellaneous 82,512 81,625 189,205 233,836 253,327 296,482 246,490 603,548 665,606 1,679,561 $ 11,540,880 $ 15,093,745 $ 11,900,484 $ 15,133,007 $ 16,260,859 $ 16,487,640 $ 16,738,934 $ 16,899,492 $ 17,225,891 $ 18,926,509 * During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is for the eight months ended December 31, 1993. NOTE: Includes General, Special Revenue, Debt Service and Capital Projects Funds. Data Source Village Records I I I I I I I 1 1 '71 I 1 ! I 1 I I ! I VILLAGE OF OAK BROOK,ILLINOIS PROPERTY TAX LEVIES AND COLLECTIONS LAST TEN FISCAL YEARS December 31, 2000 Percent of Tax Total Total Total Tax Fiscal Levy Tax Tax Collections Year Year Levy Collection to Tax Levy 1992 1990 $ 814,693 $ 854,988 104.95 % 1993 1991 842,077 840,958 99.87 *1993 1992 848,710 846,501 99.74 1994 1993 555,221 549,482 98.97 1995 1994 - - N/A 1996 1995 - - N/A 1997 1996 - - N/A 1998 1997 - - N/A 1999 1998 - - N/A 2000 1999 - - N/A * During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is for the eight months ended December 31, 1993. Note: The Village has levied property taxes for debt service purposes only. The levies were abated by $300,000 paid by the General Fund for 1984-1988, by $300,000 in 1989 paid for by the Debt Service Fund, and by $290,000 paid for by the Debt Service Fund in 1993. All debt was retired in 1994. Data Source Village Records 75 VILLAGE OF OAK BROOK,ILLINOIS ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY(in thousands) LAST TEN LEVY YEARS December 31, 2000 Real Property Ratio of Total + Estimated Assessed/Total Levy Actual Estimated Year Assessed Value Actual Value 1990 $ 806,397 $ 2,443,627 33.00 % 1991 855,836 2,593,442 33.00 1992 878,225 2,634,675 33.00 1993 875,114 2,625,341 33.00 1994 887,591 2,662,773 33.00 1995 905,788 2,717,364 33.00 1996 938,948 2,816,844 33.00 1997 972,447 2,917,341 33.00 1998 1,005,097 3,015,292 33.00 1999 1,045,985 3,137,955 33.00 Data Source County Clerk's Office 76 VILLAGE OF OAK BROOK,ILLINOIS PROPERTY TAX RATES- DIRECT AND OVERLAPPING GOVERNMENTS LAST TEN LEVY YEARS December 31, 2000 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 Village of Oak Brook 0.1044 0.0994 0.0977 0.0641 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 Basic Town 0.8708 0.8354 0.8171 0.8348 0.8089 0.7141 0.6095 0.6072 0.5834 0.5601 Junior College #502 0.2092 0.2085 0.2087 0.2058 0.2068 0.2062 0.2053 0.2042 0.2027 0.2006 Grade School #53 0.9389 0.9923 1.0248 1.0683 1.0763 1.0605 1.0458 1.0362 1.0237 0.9862 High School #86 1.7205 1.6855 1.6595 1.6406 1.6122 1.5907 1.4944 1.4885 1.5258 1.4881 Oak Brook Park District 0.1695 0.2037 0.2051 0.2098 0.2064 0.2045 0.1997 0.1932 0.1911 0.1877 Hinsdale Sanitary District 0.0000 0.0080 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 Total 4.0133 4.0328 4.0129 4.0234 3.9106 3.7760 3.5547 3.5293 3.5267 3.4227 Note: Includes all county, forest preserve, township and water commission rates. Rates are per$100 of assessed valuation. Data Source County Clerk's Office 77 VILLAGE OF OAK BROOK,ILLINOIS RATIO OF NET GENERAL BONDED DEBT TO EQUALIZED ASSESSED VALUE AND NET GENERAL BONDED DEBT PER CAPITA LAST TEN FISCAL YEARS December 31,2000 1992 1993 *1993 1994 1995 1996 1997 1998 1999 2000 Population(1) 9,087 9,087 9,087 9,087 9,087 9,087 9,087 9,087 9,087 9,087 Equalized assessed value (in thousands) $ 855,836 $ 878,225 $ 878,225 $ 875,114 $ 887,591 $ 905,788 $ 938,948 $ 972,447 $ 1,005,097 $ 1,045,985 Gross general bonded debt 2,650,000 1,800,000 900,000 - - - - - - - Debt service monies available 242,137 261,159 265,447 - - - - - - Net general bonded debt 2,407,863 1,538,841 634,553 - - - - - - Ratio of net general bonded debt to equalized assessed value 0.00% 0.00% 0.00% - - - - - - - Net general bonded debt per capita 265 169.3 69.8 - - - - - - - * During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is for the eight months ended December 31, 1993. Data Sources (1) Bureau of Census (2) County Clerk's Office (3) Village Records 7 1 i 1 1 1 1 1 1 1 1 1 1 I 1 t 1 I I I VILLAGE OF OAK BROOK,ILLINOIS COMPUTATION OF LEGAL DEBT MARGIN December 31, 2000 1999 Assessed Valuation (latest information available) (1) $ 1,045,985,125 Legal Debt Limit- 8.625% of Assessed Valuation $ 90,216,217 Debt Applicable to Debt Limit 2,555,000 Legal Debt Margin $ 87,661,217 _ Data Sources (1) County Clerk's Office 79 VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF DIRECT AND OVERLAPPING BONDED DEBT _ December 31,2000 Percentage _ of Debt Applicable Gross to Oak Brook's Governmental Unit Bonded Debt Oak Brook Share of Debt Village of Oak Brook $ - 100.00% $ - _ Du Page County 123,550,000 4.64% 5,730,203 Du Page Forest Preserve 261,196,835 4.64% 12,114,211 Du Page Water Commission 112,835,000 4.91% 5,539,152 _ Park Districts 445,000 30.81% 137,110 Elementary School Districts 36,318,000 6.39% 2,319,595 High School Districts 72,800,381 6.27% 4,560,959 Unit District 205 22,606,450 7.42% 1,678,173 ! Total $ 629,751,666 $ 32,079,403 Data Source County Clerk's Office 80 VILLAGE OF OAK BROOK, ILLINOIS RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL BONDED DEBT TO TOTAL GENERAL EXPENDITURES LAST TEN FISCAL YEARS December 31, 2000 1992 1993 *1993 1994 1995 1996 1997 1998 1999 2000 Principal $ 800,000 $ 850,000 $ 900,000 $ 900,000 $ - $ - $ - $ - $ - $ - Interest 149,288 109,375 44,100 44,821 - - - - - - Total debt service $ 949,288 $ 959,375 $ 944,100 $ 944,821 $ - $ - $ - $ - $ - $ - Total general expenditures $ 12 059,721 $ 12,733,113 $ 8,030,983 $ 13,119,663 $ 12,917,872 $ 13,207,676 $ 14,940,686 $ 15,432,534 $ 16,432,432 $ 17,816 132 Ratio of debt service expenditures to general expenditures 7.87 7.53 11.76 7.2 N/A N/A N/A N/A N/A N/A * During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is for the eight months ended December 31, 1993. Data Source Village Records 81 VILLAGE OF OAK BROOK,ILLINOIS REVENUE BOND COVERAGE-WATERWORKS SYSTEM BONDS LAST TEN FISCAL YEARS December 31,2000 1992 1993 *1993 1994 1995 1996 1997 1998 1999 2000 Gross revenue $ 3,569,522 $ 4,275,374 $ 2,594,477 $ 4,515,859 $ 3,973,247 $ 3,393,279 $ 3,432,412 $ 3,511,768 $ 3,631,527 $ 3,599,840 Expenses 1,954,069 3,148,968 2,103,182 3,853,645 3,827,515 3,766,251 3,268,633 3,364,481 4,038,892 3,970,741 Net revenue available for debt service $ 1,615,453 $ 1,126,406 $ 491,295 $ 662,214 $ 145,732 $ (372,972) $ 163,779 $ 147,287 $ (407,365) $ (370,901) Debt service requirements Principal $ 225,000 $ 225,000 $ - $ 225,000 $ 250,000 $ 275,000 $ - $ - $ - $ - Interest 44,400 32,700 16,350 26,850 16,000 5,500 - - - - $ 269,400 $ 257,700 $ 16,350 $ 251,850 $ 266,000 $ 280,500 $ - $ - $ Coverage 5.99 4.37 30.05 2.63 0.55 (1.32) - - - - * During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is for the eight months ended December 31, 1993. Data Source Village Records I I I I 1 I I I I RI 1 1 I I I I I I I VILLAGE OF OAK BROOK,ILLINOIS DEMOGRAPHIC STATISTICS December 31, 2000 Per (1) Unemploy- Fiscal (1) Capita Median ment Year Population Income Age Percentage 1970 4,164 $ 8,997 34 0.07 % 1984 7,263 22,737 39 3.14 1989 9,151 26,818 41 2.05 1992 9,087 60,347 42 5.70 Data Sources _ (1) Bureau of Census (2) Bureau of Labor Statistics 83 VILLAGE OF OAK BROOK,ILLINOIS PROPERTY VALUE AND CONSTRUCTION _ LAST TEN FISCAL YEARS December 31, 2000 Commercial Residential Construction Construction Fiscal Number Value Number Value Property Value _ Year Of Units (in Thousands) of Units (in Thousands) (in Thousands) 1992 1 $ 8,000 17 $ 8,500 $ 2,567,508 1993 - - 14 13,815 2,634,675 1993* 1 1,753 11 5,114 2,634,675 1994 2 2,602 22 15,834 2,625,341 1995 2 4,000 10 10,000 2,662,773 1996 2 12,345 22 14,035 2,717,364 1997 2 7,980 22 11,533 2,816,844 1998 4 16,655 32 20,047 2,917,341 1999 5 29,983 22 9,894 3,015,292 2000 1 2,000 37 31,587 3,136,643 * During 1993 the Village changed its fiscal year-end from April 30 to December 31. This information is for the eight months ended December 31, 1993. Data Sources Village Records 84 VILLAGE OF OAK BROOK,ILLINOIS PRINCIPAL TAXPAYERS December 31,2000 1999 Percentage Assessed of Total — Valuation Assessed Taxpayers Type of Business (in Thousands) Valuation Oak Brook Urban Venture Shopping center $ 80,172,270 7.67 % McDonald's Corporation Office campus 37,470,100 3.58 Metlife Life insurance 18,842,770 1.80 WHOBT Real Estate Office buildings 16,348,230 1.56 SFERS Real Estate Corp. Executive towers 13,341,210 1.28 Jones, Lang, LaSalle Hotel/office building 11,692,580 1.12 — Carramerica Office buildings 11,426,200 1.09 Marshall Fields Retail stores 10,074,400 0.96 Equity Office Property Office building 10,048,890 0.96 — The John Buck Company Office building 9,514,950 0.91 — Data Source County Clerk's Office 85 VILLAGE OF OAK BROOK,ILLINOIS SCHEDULE OF INSURANCE IN FORCE December 31,2000 Insurance Coverage Amount of Type of Insurance Company Expires Coverage Village Manager's Bond Intergovernmental Risk Management Agency 12/31/01 $ 150,000 Treasurer's Bond Intergovernmental Risk Management Agency 12/31/01 100,000 _ Host Liquor Liability Lloyds of London Insurance Company 11/24/01 2,000,000 (RBJ123759) Contingent Business Intergovernmental Risk Management Agency 12/31/01 7,000,000 Interruption Insurance for Loss of Sales Tax Revenues The Village entered into a contractual agreement with 14 other municipalities to form the Intergovernmental Risk Management Agency (IRMA), which through its risk-sharing provisions, provides the Village with its insurance coverage for liability, property damage, workmens' compensation and surety risks not covered by the Village's Treasurers' or Village Manager's Bond. The Village's contributions to this cooperative agency was determined by the pro rata share for each municipality's audited revenues and loss experience for the previous year, to be sufficient annually to fund administrative expenses and create sufficient reserves for claim payments and the purchase of excess insurance. The Agency provides loss protection in excess of a deductible of$1,000 per occurrence to be paid by each municipality. The Agency is required to pay up to $250,000 per occurrence for loss or injury within the scope of its self-insurance coverage for property claims and up to $3,000,000 for general liability and auto liability. The Agency has also purchased excess catastrophe insurance over the amount of its obligations and aggregate stop loss insurance. The amount of excess insurance is $7,000,000 per occurrence for liability claims and $1,000,000,000 for property claims. As of December 31, 2000, IRMA members totaled 72 municipalities. Data Source Village Records 86