CAFR (Year Ended December 31, 2001) oFk
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VILLAGE OF OAK BROOK
COMPREHENSIVE ANNUAL FINANCIAL REPORT
For the Year Ended December 31, 2001
VILLAGE OF OAK BROOK, ILLINOIS
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
For the Year Ended
December 31, 2001
a..
Prepared by the Finance Department
Darrell J. Langlois
Finance Director/Treasurer
VILLAGE OF OAK BROOK,.ILLINOIS
TABLE OF CONTENTS
Paye(s)
INTRODUCTORY SECTION
PrincipalOfficials............................................................................................................. i
OrganizationChart............................................................................................................
Certificate of Achievement for
Excellence in Financial Reporting..................................................................................
Letter of Transmittal From the Village Manager.............................................................. iv
Letter of Transmittal From the Finance Director/Treasurer............................................. v-xii
FINANCIAL SECTION
INDEPENDENT AUDITOR'S REPORT......................................................................... 1-2
GENERAL PURPOSE FINANCIAL STATEMENTS
Combined Balance Sheet- All Fund Types and Account Groups............................... 3-6
Combined Statement of Revenues, Expenditures and Changes in
Fund Balances - All Governmental Fund Types........................................................ 7
Combined Statement of Revenues, Expenditures and Changes in
Fund Balances - Budget and Actual -All Governmental Fund Types ...................... 8-9
•. Combined Statement of Revenues, Expenses and Changes in
Retained Earnings -All Proprietary Fund Types....................................................... 10
Combined Statement of Cash Flows -
All Proprietary Fund Types........................................................................................ 11-12
Combined Statement of Changes in Plan Net Assets -
PensionTrust Funds................................................................................................... 13
Notes to Financial Statements...................................................................................... 14-38
REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Funding Progress
Illinois Municipal Retirement Fund........................................................................ 39
PolicePension Fund................................................................................................ 40
Firefighters' Pension Fund...................................................................................... 41
Schedule of Employer Contributions
Illinois Municipal Retirement Fund........................................................................ 42
PolicePension Fund................................................................................................ 43
Firefighters' Pension Fund...................................................................................... 44
VILLAGE OF OAK BROOK, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s) `
COMBINING, INDIVIDUAL FUND AND ACCOUNT GROUP
STATEMENTS AND SCHEDULES
GENERAL FUND
Statement of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual ....................................................................... 45
Schedule of Revenues - Budget and Actual............................................................ 46
Schedule of Expenditures - Budget and Actual ...................................................... 47-55
SPECIAL REVENUE FUNDS
Combining Balance Sheet....................................................................................... 56
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances - Budget and Actual...................................................................... 57-58
CAPITAL PROJECTS FUND - INFRASTRUCTURE FUND
BalanceSheet.......................................................................................................... 59
Schedule of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual ....................................................................... 60
ENTERPRISE FUNDS
Combining Balance Sheet 61-62
Combining Statement of Revenues, Expenses and Changes in
RetainedEarnings ................................................................................................. 63
Combining Statement of Cash Flows...................................................................... 64-65
Waterworks System Fund
Statement of Revenues, Expenses and Changes in
Retained Earnings - Budget and Actual ........................................................... 66
Schedule of Operating Expenses - Budget and Actual....................................... 67 _
Schedule of Fixed Assets and Accumulated Depreciation................................. 68-69
Sports Core Fund _
Combining Statement of Revenues, Expenses and Changes in
Retained Earnings - Budget and Actual ........................................................... 70
Schedule of Operating Revenues - Budget and Actual...................................... 71
Schedule of Operating Expenses - Budget and Actual....................................... 72-73
Schedule of Fixed Assets and Accumulated Depreciation................................. 74-75
VILLAGE OF OAK BROOK, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
COMBINING, INDIVIDUAL FUND AND ACCOUNT GROUP
STATEMENTS AND SCHEDULES (Continued)
INTERNAL SERVICE FUNDS
Combining Balance Sheet....................................................................................... 76
Combining Statement of Revenues, Expenses and Changes in
RetainedEarnings ................................................................................................. 77
Combining Statement of Cash Flows...................................................................... 78
Statement of Revenues, Expenses and Changes in
Retained Earnings - Budget and Actual
Self-Insurance Fund............................................................................................ 79
GarageFund....................................................................................................... 80
Capital Replacement Fund ................................................................................. 81
TRUST AND AGENCY FUNDS
s
Combining Balance Sheet - Trust and Agency Funds ............................................ 82
Combining Statement of Changes in Plan Net Assets -
PensionTrust Funds.............................................................................................. 83
Statement of Changes in Plan Net Assets -
Budget and Actual
PolicePension Fund........................................................................................... 84
Firefighters' Pension Fund................................................................................. 85
GENERAL FIXED ASSETS ACCOUNT GROUP
Schedule of General Fixed Assets - by Source....................................................... 86
Schedule of General Fixed Assets - by Function and Activity............................... 87
Schedule of Changes in General Fixed Assets - by Function
andActivity......................................................:.................................................... 88
STATISTICAL SECTION
General Governmental Revenues by Source -
LastTen Fiscal Years ..................................................................................................... 89
General Governmental Expenditures by Function -
LastTen Fiscal Years ..................................................................................................... 90
Property Tax Levies and Collections -
Last Ten Fiscal Years ..................................................................................................... 91
Assessed and Estimated Actual Value of Taxable Property -
LastTen Levy Years....................................................................................................... 92
VILLAGE OF OAK BROOK, ILLINOIS
TABLE OF CONTENTS (Continued) —
Page(s)
STATISTICAL SECTION (Continued)
Property Tax Rates - Direct and Overlapping Governments -
LastTen Levy Years....................................................................................................... 93
Ratio of Net General Obligation Bonded Debt to Equalized Assessed Value
and Net General Bonded Debt Per Capita-
LastTen Fiscal Years ..................................................................................................... 94
Schedule of Direct and Overlapping Bonded Debt .......................................................... 95
Ratio of Annual Debt Service Expenditures for General Bonded
Debt to Total General Governmental Expenditures - Last Ten Fiscal Years................. 96
Schedule of Bond Coverage -Waterworks System Bonds -
LastTen Fiscal Years ..................................................................................................... 97 _
DemographicStatistics..................................................................................................... 98
Property Value and Construction-
LastTen Fiscal Years ..................................................................................................... 99
PrincipalTaxpayers .......................................................................................................... 100
Schedule of Insurance in Force......................................................................................... 101
MiscellaneousStatistics.................................................................................................... 102-103
INTRODUCTORY SECTION
VILLAGE OF OAK BROOK, ILLINOIS
PRINCIPAL OFFICIALS
December 31, 2001
Karen M. Bushy, Village President
Linda K. Gonnella, Village Clerk
BOARD OF TRUSTEES
George T. Caleel Elaine Miologos
John W. Craig Alfred P. Savino
Susan Chase Korin
VILLAGE MANAGER
Stephen B. Veitch, Village Manager
FINANCE DEPARTMENT
Darrell J. Langlois, Finance Director/Treasurer
—' i
VILLAGE OF OAK BROOK
ORGANIZATIONAL CHART
December 31 , 2001
Citizens of Oak Brook
Advisory Boards President and
and Commissions Board of Trustees Village Clerk
Electrical Commission
Board of Fire & Police Commissioners Village Attorney Village Manager Treasurer/Budget Officer
Hotel Convention and Visitors Committee
Library Commission
Plan Commission
Safety Pathway Committee
Zoning Board of Appeals =�Information Services
Police Pension Board
Firefighters' Pension Board rchasing
Financial Public En ineerin and S vrts Communit
Services Works Capital Projects Library___ �] EQ Fire Core Developmen t
it
Certificate of
Achievement
for Excellence
in Financial
T Reporting
Presented to
Village of Oak Brook,
Illinois
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
December 31, 2000
�- 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.
k�a' OFTHE"'Fy
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W� AND w
CANADA Pr sident
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— CNICA6= .s 00,`
Executive Director
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Village of March 7, 2002
Jak Brook
—1200 Oak Brook Road President and Board of Trustees
Oak Brook,IL 60523-2255 Village of Oak Brook
Website
L www.oak-brook.org Oak Brook, IL 60521
Administration
L630.990.3000 President Bushy and Trustees:
FAX 630.990.0876
I am pleased to present the Comprehensive Annual Financial Report for the
Community
Development Village of Oak Brook for the fiscal year ended December 31, 2001. Finance
L630.990.3045 Director and Village Treasurer Darrell Langlois and his staff, in accordance with
FAX 630.990.3985 applicable standards of the Government Accounting Standards Board and the
LEngineering Government Finance Officers Association, have prepared this report.
Department
630.990.3010 The Comprehensive Annual Financial Report is an important and legally essential
LFAX 630.990.3985 document for the Village Board and the community. It is even more valuable
Fire Department when viewed in conjunction with the Village's Five-Year Financial Plan. The
630.990.3040 Annual Report presents a"snapshot"' of the Village's financial condition at a
FAX 630.990.2392 specific point in time; the Five-Year Plan presents a long range continuous view.
Police Department Taken together, these documents present a complete picture of the present and
630.990.2358 future financial condition of the Village.
1 FAX 630.990.7484
The Village's continued financial health is reflected clearly in the Annual
Public Works Financial Report. This strength is attributable to the Village Board's conservative
Department
630.990.3044 financial policies, a tradition of careful financial planning, and rigorous day-to-
1 FAX 630.472.0223 day management of the Village's financial affairs.
f Oak Brook The indicators of Oak Brook's financial condition continue to be positive. As you
Public Library know, however, this situation can change quickly as a result of economic cycles,
600 Oak Brook Road State and Federal legislation and policy decisions of elected officials. Absent
Lak Brook,IL 60523-2200 significant changes in Federal or State statutes or local policies, the information
630.990.2222 currently available suggests that the Village has an excellent opportunity to meet
FAX 630.990.4509 the challenges presented in coming years while maintaining a financial condition
-Oak Brook Sports Core of which its citizens can be very proud.
LBath&Tennis Club Since y,
700 Oak Brook Road
Oak Brook,IL 60523-4600 / /
630.990.3020
L FAX 630.990.1002 phen . Veitch
Village Manager
Golf Club
L2606 York Road /sv
ak Brook,IL 60523-4602
630.990.3032
FAX 630.990.0245
L iv
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L 9CFOOUN7I
March 7, 2002
Village of
��ak Brook President and Board of Trustees
Village of Oak Brook
200 Oak Brook Road Oak Brook, Illinois 60523
Oak Brook,IL 60523-2255
Website
www.oak-brook.org "
The Comprehensive Annual Financial Report of the Village of Oak Brook for the
Administration year ended December 31, 2001 is submitted herewith. Responsibility for both
1 630.990.3000 the accuracy of the information presented and the thoroughness and fairness of
L FAX 630.990.0876
the presentation, including all disclosures, rests with the Village. I believe the
Community data, as presented, is accurate in all material respects; that it is presented in a
LDevelopment manner designed to fairly set forth the financial position and results of operations
630.990.3045 of the Village as measured by the financial activity of its various funds; and that
FAX 630.990.3985 all disclosures necessary to enable the reader to gain the maximum
LEngineering
understanding of the Village's financial affairs have been included.
Department
630.990.3010 The Comprehensive Annual Financial Report is presented in three sections:
FAX 630.990.3985 introductory, financial and statistical. The introductory section, which is
L
unaudited, includes this transmittal letter, the Village's organizational chart and a
Fire Department list of principal officials as of the end of the reporting period. The financial
630.990.3040 section includes the general purpose financial statements and the combining and
LFAX 630.990.2392 individual fund and account group financial statements and schedules, as well as
Police Department the auditor's report on the financial statements and schedules. The statistical
630.990.2358 section, which is unaudited, includes financial and demographic information,
LFAX 630.990.7484 which is generally presented on a multi-year basis.
Public Works This Report includes all funds and account groups of the Village. Generally
Department accepted accounting principles require that the financial reporting entity include
630.990.3044 1 the rima government, 2 organizations for which the rima government
FAX 630.472.0223 ( ) primary g ( ) g primary
is financially accountable, and (3) other organizations for which the nature and
significance of their relationship with the primary government are such that
6- Oak Brook Public Library exclusion would cause the reporting entity's financial statements to be misleading
or incomplete. Based upon these criteria, there are no agencies or entities
600 Oak Brook Road whose financial data should be combined with and included in the general
Lik Brook,IL 60523-2200 purpose financial statements of the Village.
630.990.2222
FAX 630.990.4509
ECONOMIC CONDITION AND OUTLOOK
ak Bro k S orts Core
The Village of Oak Brook is located about 15 miles west of the Chicago Loop,
LBath&Tennis Club near the geographic center of the seven-county Chicago metropolitan area.
700 Oak Brook Road Excellent transportation links are provided to all parts of the greater metropolitan
Oak Brook,IL 60523-4600 area by a network of tollwa s and federal and state highways which pass through
FAX 630.990.1002 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,
Golf Club and into Wisconsin and Indiana. The East-West Tollway (1-88), passing through
L2606 York Road the Village's northern sector, joins the Eisenhower Expressway to the northeast,
3k Brook,IL 60523-4602
630.990.3032
FAX 630.990.0245
L
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 high degree of economic stability. While
the Illinois unemployment rate is approximately 5.4%, Du Page County has established an
unemployment rate of 3.8%, 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 performance of the Illinois
economy over time, 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 21St
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 21St 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 11% of the Village's sales tax revenue is generated by this sector.
MAJOR INITIATIVES
2001
During 2001, substantial progress was made on three building projects that have been planned
for over the last several years. A renovation and expansion of the Bath and Tennis Club
Clubhouse facility was completed and fully operational during the fall of 2001. Most of the
construction work for a completely new Library building was completed during 2001, with the
grand opening being held in early 2002. Final design, site work, and the start of construction
were accomplished on the Municipal Complex Project. This latter project includes a major
addition to Village Hall that will house Fire Station #1, Fire Department administration,
Community Development, Engineering, Information Services, the Communications Center, a
multi-purpose training room and an Emergency Operating Center, and renovation of the Police
._ Department. The Village also completed the 2001 paving program that included major drainage
work in the Timber Trails/Merry Lane neighborhood.
Vi
In the Future
Included in the 2002 budget is the 2002 paving program, substantial construction work on the
Municipal Complex project, replacement of all street signs within the Village, additional
personnel in the public safety departments, the beginning of a conversion to an automated
water meter system, and replacement of Fire Pumper 911. —
In later years, the Five-Year Financial Plan includes continuation of the annual paving program,
completion of the Municipal Complex project, improvements to the Village's safety pathway —
system, significant maintenance expenses for Reservoir A & B, painting of the Village's elevated
water storage tanks, and continued 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. —
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
$14,951,453 in 2001.
vii —
-- Percent Increase
Of (Decrease)
Source Amount Total Over 2000
Intergovernmental $10,328,662 69.08% $(1,269,023)
Utility Taxes 2,174,184 14.54 1,271,409
Licenses and Permits 324,131 2.17 (299,727)
Service Charges 374,409 2.50 (15,148)
Fines and Penalties 300,311 2.01 76,849
Interest on Investments 952,571 6.37 (147,069)
—" Miscellaneous 497,185 3.33 (1,170,356)
$14.951.453 100.00% (1.553.0651
Intergovernmental revenue, primarily the general sales tax, is the major revenue source for the
Village, producing 69.08% of current year General Fund revenues. The decrease noted above
is attributed to decreased sales tax collections due to a slowing economy, relocation of the sales
office of a significant taxpayer, the 9/11 event, and the effects of internet commerce. In
addition, per capita distributions from the State were reduced due to a reduction in Oak Brook's
population as a result of the 2000 census.
Utility tax revenues increased due to an increase in the telecommunications tax rate from 2% to
3% effective January 1, 2001 (to offset the suspension of the Village's 1% infrastructure
maintenance fee), and a further increase in the rate to 5% effective November 1, 2001 in order
to address revenue needs of the General Fund.
The decrease in Licenses and Permits was due to decreased building and electrical permit
activity in 2001. The decrease in interest income is attributable to the Federal Reserve
reducing short-term rates eleven times in 2001. The reduction in miscellaneous income is due
-- to the suspension of the Village's 1% infrastructure maintenance fee effective January 1, 2001
and receipt of revenue in 2000 from the Intergovernmental Risk Management Agency (IRMA)
due to a revision to IRMA's fund balance policy. The decrease in miscellaneous income is
_ partially offset by receipt of a donation of $400,000 in 2001 from the Oak Brook Library
Foundation for the new Library construction.
The Village has never levied a real estate tax for general governmental functions. However, the
2000 assessed valuation of real property in the Village was $1,100,468,108, an increase of
$54,482,983, or 5.21% over the prior year.
Expenditures for general governmental purposes, grouped by function as required by generally
accepted accounting principles, totaled $22,939,320 in the General Fund.
Percent Increase
Of (Decrease)
Function Amount Total Over 2000
General Government $11,569,493 50.44% $6,454,781
Public Safety 8,935,397 38.95 718,750
Public Works 1,558,922 6.80 (77,987)
Culture and Recreation 875,508 3.81 105,771)
$22,939,320 100.00 $7,201,315
viii
General Government expenditures increased due primarily to planned expenditures for costs
associated with the new Library building construction and Municipal Complex project. Public —
Safety expenditures increased due to salary increases, additional personnel, and cost increases
in health insurance and state mandated pensions. Culture and Recreation expenditures
increased due to planned staffing and materials enhancements in the Library.
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, 2001
was $256,870, a decrease of $19,287 over 2000. This decrease is due to a reduction in Oak
Brook's population as a result of the 2000 census. 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 $3,219,862
Water Tap on Charges 88,477
Total Operating Revenues 3,421,386
Total Operating Expenses 3,930,927 —
Operating Income (Loss) (509,541)
Net Income (Loss) (1,035,111)
Sports Core Fund
The 2001 financial statements reflect the 215` year of operation of the 18-hole golf course and _
expanded operations of the Bath and Tennis Club. Operating revenues totaled $3,339,477 and
operating expenses, excluding depreciation, totaled $3,519,931. Major department activity is
summarized as follows:
Revenues
Golf Club $1,986,828 59.50% —
Food and Beverage 1,068,354 31.99
Bath & Tennis Club 284,295 8.51
$3,339,477 100.00
Operating Expenses _
Golf Club $1,366,873 35.03%
Food and Beverage 1,334,981 34.21 _
Bath & Tennis Club 818,077 20.96
Depreciation 382,498 9.80
$3,902,429 100.00
ix
During 2001, the Sports Core Fund recognized a gain on sale of fixed assets of$752,309 due to
the sale of approximately 4.2 acres of Sport Core property to DuPage County for the widening
of 31st Street.
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
IMRF was 109.0% funded, the Police Pension Fund was 93.8% funded, and the Firefighters'
Pension Fund was 88.2%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, 2001, the general fixed assets of the Village amounted to
$17,091,528. 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.
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 by 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 31s` Street were used to call $630,000 of the certificates during 2001, with the
remainder being repaid from Sports Core Fund revenues. Both certificate issues are
considered obligations of the Sports Core Fund.
x
During 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. 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,
2001 the Village's investments, exclusive of the Pension Trust Funds, were distributed as
follows:
Illinois Funds 66.30% ._
U. S. Government and Agency Securities 5.48
Illinois Metropolitan Investment Fund 24.39
Certificates of Deposit 3.83 _
100.00
For the year ended December 31, 2001 the Village received $1,594,674 in interest income.
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, 2000.
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.
Xi "-
A Certificate of Achievement is valid for a period of one year only. The Village has successfully
obtained the Certificate of Achievement for 24 consecutive years. We believe that our current
Report conforms to Certificate of Achievement Program requirements, and we are submitting it
to GFOA to determine its eligibility for another Certificate.
Acknowledgments
The preparation of this Report could not be accomplished without the efficient and dedicated
services of the entire staff of the Village of Oak Brook. We wish to express our appreciation to
those persons who have made possible the publication of this Report, and to thank the
President and members of the Board of Trustees for their interest and support in planning and
conducting the financial operations of the Village in a responsible and progressive manner.
Darrell J. L nglois
Finance Director/Treasurer
xii
FINANCIAL SECTION
INDEPENDENT AUDITOR'S REPORT
MEMBERS OF
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Accountants & Consultants ILLINOIS CPA SOCIETY
998 Corporate Boulevard
Aurora, IL 60504
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INDEPENDENT AUDITOR'S REPORT
•- The Honorable President
Members of the Board of Trustees
Village of Oak Brook
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, 2001, as listed in the table of contents.
These general purpose financial statements are the responsibility of the Village of Oak Brooks'
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 auditing standards generally accepted in the United
States of America. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the general purpose financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the general purpose 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,
2001, and the results of its operations and cash flows of its proprietary fund types for the year
then ended in conformity with accounting principles generally accepted in the United States of
America.
Our audit was made for the purpose of forming an opinion on the general purpose financial
statements taken as a whole. The accompanying financial information listed as combining,
individual fund and account group statements and schedules in the table of contents is presented
for purposes of additional analysis and is not a required part of the general purpose financial
statements of the Village of Oak Brook, Illinois. The information has been subjected to the
auditing procedures applied in the audit of the general purpose financial statements and, in our
opinion, is fairly stated in all material respects in relation to the general purpose financial
statements taken as a whole.
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The required supplementary information listed in the table of contents is not a required part of
the general purpose financial statements but is supplementary information required by the
Governmental Accounting Standards Board. We have applied certain limited procedures, which
consisted principally of inquiries of management regarding the methods of measurement and
presentation of the supplementary information. However, we did not audit the information and
express no opinion on it.
The information contained in the introductory and statistical sections has not been subjected to
the auditing procedures applied in the general purpose financial statements, and, accordingly, we
express no opinion thereon.
i
Aurora, Illinois
March 7, 2002
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GENERAL PURPOSE FINANCIAL STATEMENTS
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VILLAGE OF OAK BROOK,ILLINOIS
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS —
December 31,2001
Governmental Fund Types
Special Capital
General Revenue Projects
ASSETS
Cash and investments $ 14,472,498 $ 1,263,746 $ 1,901,910
Receivables
Sales taxes 2,444,594 - -
Utility taxes 444,386 - 83,806
Accounts 110,188 - -
Allotments - 20,314 -
Accrued interest 45,510 2,908 4,875
Other 42,334 25,397 53,096
Due from other funds 1,558,375 - -
Advances to other funds 1,015,000 - -
Inventories 1,823 - -
Restricted assets, cash and investments - - -
Fixed assets,net of accumulated depreciation - - -
Other assets,water purchase rights - - -
Amount to be provided for retirement
of general long-term debt - - -
TOTAL ASSETS $ 20,134,708 $ 1,312,365 $ 2,043,687
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Fiduciary Account Groups
Proprietary Fund Types Fund Types General General Total
Internal Trust and Fixed Long-Term (Memorandum
Enterprise Service Agency Assets Debt Only)
$ 4,834,460 $ 3,478,087 $ 37,747,222 $ - $ - $ 63,697,923
- - - - - 2,444,594
- 26,736 - - - 554,928
321,101 - - - - 431,289
- - - - - 20,314
13,440 7,057 246,406 - - 320,196
36,677 52 - - - 157,556
- - - - - 1,558,375
- - - - - 1,015,000
185,537 35,175 - - - 222,535
188,045 - - - - 188,045
24,333,045 1,717,876 - 17,091,528 - 43,142,449
1,537,873 - - - - 1,537,873
- - - - 3,962,195 3,962,195
$ 31,450,178 $ 5,264,983 $ 37,993,628 $ 17,091,528 $ 3,962,195 $ 119,253,272
(This statement is continued on the following pages.)
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Fiduciary Account Groups
Proprietary Fund Types Fund Types General General Total
Internal Trust and Fixed Long-Term (Memorandum
Enterprise Service Agency Assets Debt Only)
$ 468,193 $ 16,489 $ 10,313 $ - $ - $ 1,974,455
51,361 4,136 - - - 309,577
14,218 - - - - 14,218
54,320 8,434 - - 152,195 786,435
- 192,700 - - - 192,700
45,500 - - - - 827,981
25,384 - - - - 70,721
1,558,375 - - - - 1,558,375
1,015,000 - - - - 1,015,000
1,710,000 - - - 3,810,000 5,520,000
73,880 - - - - 73,880
5,016,231 221,759 10.313 - 3,962,195 12,343,342
- - - 17,091,528 - 17,091,528
11,025,590 - - - - 11,025,590
0
188,045 - - - - 188,045
15,220,312 5,043,224 - - - 20,263,536
- - - - - 1,823
- - 1,015,000
- - 1,497,126
- - - 401,198
37,983,315 - - 37,983,315
- - - - 17,442,769
26,433,947 5,043,224 37,983,315 17,091,528 - 106,909,930
$ 31.450,178 $ 5,264,983 $ 37,993,628 $ 17,091,528 $ 3,962,195 $ 119,253,272
See accompanying notes to financial statements.
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VILLAGE OF OAK BROOK,ILLINOIS
COMBINED STATEMENT OF REVENUES,EXPENDITURES AND ..
CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES
For the Year Ended December 31,2001
Am
Total
Special Capital (Memorandum
General Revenue Projects Only)
REVENUES
Intergovernmental $ 10,328,662 $ 296,042 $ 40,338 $ 10,665,042
Utility taxes 2,174,184 - 1,177,590 3,351,774
Hotel/motel taxes - 308,101 - 308,101
Licenses and permits 324,131 - - 324,131
Charges for services 374,409 - - 374,409
Fines and penalties 300,311 - - 300,311
Investment income 952,571 54,078 128,915 1,135,564
Donations 400,000 - - 400,000
Miscellaneous 97,185 - - 97,185
Total revenues 14,951,453 658,221 1,346,843 16,956,517
EXPENDITURES
Current
General government 11,569,493 - - 11,569,493
Public safety 8,935,397 40,896 - 8,976,293
Public works 1,558,922 - - 1,558,922
Culture and recreation 875,508 369,516 - 1,245,024
Capital outlay - - 2,223,188 2,223,188 _
Total expenditures 22,939,320 410,412 2,223,188 25,572,920
EXCESS(DEFICIENCY)OF REVENUES
OVER EXPENDITURES (7,987,867) 247,809 (876.345) (8,616,403)
OTHER FINANCING SOURCES(USES)
Operating transfers in 781,395 - 62,025 843,420
Operating transfers(out) (190,965) (62,025) - (252,990)
Installment contract proceeds 3,968,310 - - 3,968,310
Sale of fixed assets 398,937 - - 398,937
Total other financing sources(uses) 4,957,677 (62,025) 62,025 4,957,677
EXCESS(DEFICIENCY)OF REVENUES
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND
OTHER FINANCING USES (3,030,190) 185,784 (814,320) (3,658,726) ..
FUND BALANCES,JANUARY 1 20,372,085 952,428 2,725,747 24,050,260
Prior period adjustment (58,753) - 25,135 (33,618)
FUND BALANCES,JANUARY 1,RESTATED 20,313,332 952,428 2,750,882 24,016,642
FUND BALANCES,DECEMBER 31 $ 17,283,142 $ 1,138,212 $ 1,936,562 $ 20,357,916
See accompanying notes to financial statements.
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VILLAGE OF OAK BROOK,ILLINOIS
COMBINED STATEMENT OF REVENUES,EXPENDITURES AND
CHANGES IN FUND BALANCES-BUDGET AND ACTUAL-
ALL GOVERNMENTAL FUND TYPES
For the Year Ended December 31,2001
..r
General
Variance
Favorable
a
Budget Actual (Unfavorable)
REVENUES
Intergovernmental $ 13,903,240 $ 10,328,662 $ (3,574,578) -�
Utility taxes 1,750,000 2,174,184 424,184
Hotel/motel taxes - - -
Licenses and permits 502,525 324,131 (178,394)
Charges for services 378,700 374,409 (4,291)
Fines and penalties 227,300 300,311 73,011
Investment income 900,000 952,571 52,571
Donations - 400,000 400,000
Miscellaneous 145,565 97,185 (48,380)
Total revenues 17,807,330 14,951,453 (2,855,877)
EXPENDITURES
Current
General government 12,930,680 11,569,493 1,361,187
Public safety 9,390,425 8,935,397 455,028
Public works 1,947,825 1,558,922 388,903
Culture and recreation 1,072,965 875,508 197,457
Capital outlay - - - „r
Total expenditures 25,341,895 22,939,320 2,402,575
EXCESS(DEFICIENCY)OF REVENUES
OVER EXPENDITURES (7,534,565) (7,987,867) (453,302)
OTHER FINANCING SOURCES(USES) .�
Operating transfers in 2,294,215 781,395 (1,512,820)
Operating transfers(out) (190,965) (190,965) -
Installment contract proceeds 4,000,000 3,968,310 (31,690)
Sale of fixed assets 370,000 398,937 28,937
Total other financing sources(uses) 6,473,250 4,957,677 (1,515,573)
EXCESS(DEFICIENCY)OF REVENUES ^
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND
OTHER FINANCING USES $ (1,061,315) (3,030,190) $ (1,968,875)
FUND BALANCES,JANUARY 1 20,372,085
Prior period adjustment (58,753)
FUND BALANCES,JANUARY 1,RESTATED 20,313,332
FUND BALANCES,DECEMBER 31 $ 17,283,142
AIN
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•- Special Revenue Capital Projects
Variance Variance
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ 300,100 $ 296,042 $ (4,058) $ 404,400 $ 40,338 $ (364,062)
- - - 1,006,000 1,177,590 171,590
352,000 308,101 (43,899) - - -
49.750 54,078 4,328 66,000 128,915 62,915
701,850 658,221 (43,629) 1,476,400 1.346,843 (129,557)
41,150 40,896 254 - - -
370,000 369,516 484 - - -
- - - 3,299,100 2,223,188 1,075,912
_ 411,150 410.412 738 3,299,100 2,223,188 1,075,912
290,700 247,809 (42,891) (1,822,700) (876,345) 946,355
- - - 66,000 62,025 (3,975)
+► (66,000) (62,025) 3,975 - -
rl (66,000) (62,025) 3,975 66,000 62,025 (3,975)
$ 224,700 185,784 $ (38,916) $ (1,756,700) (814,320) $ 942,380
952,428 2,725,747
- 25,135
952,428 2,750,882
$ 1,138,212 $ 1,936,562
See accompanying notes to financial statements.
_` -9-
VILLAGE OF OAK BROOK,ILLINOIS
COMBINED STATEMENT OF REVENUES,EXPENSES
AND CHANGES IN RETAINED EARNINGS
ALL PROPRIETARY FUND TYPES
For the Year Ended December 31,2001
Total
Internal (Memorandum
Enterprise Service Only)
OPERATING REVENUES
Charges for services $ 6,700,715 $ 2,373,643 $ 9,074,358
Miscellaneous 60,148 - 60,148
Total operating revenues 6,760,863 2,373,643 9,134,506
OPERATING EXPENSES
Operations 6,934,700 370,754 7,305,454 -
Claims and insurance - 1,413,763 1,413,763
Miscellaneous - 8,053 8,053
Depreciation and amortization 898,656 318,633 1,217,289
Total operating expenses 7,833,356 2,111,203 9,944,559
OPERATING INCOME(LOSS) (1,072,493) 262,440 (810,053)
.r
NONOPERATING REVENUES (EXPENSES)
Investment income 296,088 163,022 459,110
Utility taxes - 28,346 28,346
Gain on sale of fixed assets 752,309 - 752,309
Interest expense (117,079) - (117,079)
Total nonoperating revenues (expenses) 931,318 191,368 1,122,686
NET INCOME(LOSS)BEFORE
OPERATING TRANSFERS (141,175) 453,808 312,633
OPERATING TRANSFERS
Operating transfers in 190,965 - 190,965
Operating transfers(out) (761,000) (20,395) (781,395)
Total operating transfers (570,035) (20,395) (590,430)
NET INCOME(LOSS) (711,210) 433,413 (277,797)
RETAINED EARNINGS,JANUARY 1 16,119,567 4,609,811 20,729,378
r
RETAINED EARNINGS,DECEMBER 31 $ 15,408,357 $ 5,043,224 $ 20,451,581
See accompanying notes to financial statements.
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VILLAGE OF OAK BROOK,ILLINOIS
COMBINED STATEMENT OF CASH FLOWS
ALL PROPRIETARY FUND TYPES
For the Year Ended December 31, 2001
Total
Internal (Memorandum
Enterprise Service Only) ...
CASH FLOWS FROM OPERATING ACTIVITIES
Operating income(loss) $ (1,072,493) $ 262,440 $ (810,053)
Depreciation and amortization 898,656 318,633 1,217,289
Adjustments to reconcile operating income
(loss)to net cash from operating activities
Changes in assets and liabilities
Accounts receivable 12,839 (21,914) (9,075)
IRMA surplus credit 126,431 - 126,431 •-
Other receivable 5,780 - 5,780
Inventories (19,102) 6,620 (12,482)
Accounts payable 155,590 (11,065) 144,525
Accrued payroll and compensated absences 24,511 2,551 27,062
Claims payable - 18,700 18,700
Deposits payable (2,455) - (2,455)
Deferred revenue 25,384 - 25,384
Net cash from operating activities 155,141 575,965 731,106
CASH FLOWS FROM NON-CAPITAL
FINANCING ACTIVITIES
Utility taxes - 28,346 28,346
Borrowings from other funds 252,650 - 252,650
Operating transfers in 190,965 - 190,965
Operating transfers(out) (761,000) (20,395) (781,395)
Net cash from non-capital
financing activities (317,385) 7,951 (309,434)
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Purchase of fixed assets (2,142,709) (271,888) (2,414,597)
Proceeds from sale of fixed assets 954,868 - 954,868
Principal paid on note payable (59,011) - (59,011)
Principal paid on installment contract payable (845,000) - (845,000)
Principal paid on capital lease payable (33,501) - (33,501)
Interest paid (121,457) - (121,457)
Net cash from capital and
related financing activities (2,246,810) (271,888) (2,518,698)
(This statement is continued on the following page.)
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VILLAGE OF OAK BROOK, ILLINOIS
COMBINED STATEMENT OF CASH FLOWS(Continued)
ALL PROPRIETARY FUND TYPES
For the Year Ended December 31,2001
Total
Internal (Memorandum
Enterprise Service Only)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investments $ (2,417) $ - $ (2,417)
Sale of investments 1,043,441 565,081 1,608,522
Interest received 316,172 175,125 491,297
�. Net cash from investing activities 1,357,196 740,206 2,097,402
NET INCREASE(DECREASE)IN
t.. CASH AND CASH EQUIVALENTS (1,051,858) 1,052,234 376
CASH AND CASH EQUIVALENTS,
a„ JANUARY 1 4,525,606 1,619,650 6,145,256
CASH AND CASH EQUIVALENTS,
DECEMBER 31 S 3,473,748 $ 2,671,884 S 6,145,632
.w
CASH AND INVESTMENTS
ow Cash and cash equivalents $ 3,473,748 $ 2,671,884 $ 6,145,632
Investments(including$188,045 of restricted assets) 1,548,757 806,203 2,354,960
TOTAL CASH AND INVESTMENTS $ 5,022,505 $ 3,478,087 $ 8,500,592
See accompanying notes to financial statements.
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VILLAGE OF OAK BROOK, ILLINOIS
COMBINED STATEMENT OF CHANGES IN PLAN NET ASSETS
PENSION TRUST FUNDS
For the Year Ended December 31, 2001
—
ADDITIONS
Contributions
Employer contributions $ 629,037 a
Employee contributions 404,036
Total contributions 1,033,073
Investment income
Net appreciation (depreciation)
in fair value of investments (1,009,538)
Interest 1,113,233 •..
Total investment income 103,695
Less investment expense (80,368)
Net investment income 23,327
Total additions 1,056,400 _
DEDUCTIONS
Benefits and refunds 1,504,450 Ak
Administrative 67,423
Total deductions 1,571,873
NET INCREASE (DECREASE) (515,473)
NET ASSETS HELD IN TRUST
FOR PENSION BENEFITS
January 1 38,498,788
December 31 $ 37,983,315
See accompanying notes to financial statements.
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VILLAGE OF OAK BROOK, ILLINOIS
low
NOTES TO FINANCIAL STATEMENTS
December 31, 2001
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the Village of Oak Brook, Illinois (Village) have been prepared
in conformity with accounting principles generally accepted in the United States of
America(hereinafter referred to as generally accepted accounting principles (GAAP)), as
applied to government units. The Governmental Accounting Standards Board(GASB) is
the accepted standard-setting body for establishing governmental accounting and financial
reporting principles. The more significant of the Village's accounting policies are
described below.
a. Reporting Entity
The Village 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.
As required by generally accepted accounting principles, these financial statements
present the Village (the primary government) and its component units.
The Village's financial statements include the following pension trust funds:
Police Pension Employees Retirement System
The Village's police employees participate in the Police Pension Employees
Retirement System(PPERS). PPERS functions for the benefit of these employees
and is governed its pension board. The Village and PPERS participants are
'! obligated to fund all PPERS costs based upon actuarial valuations. The State of
Illinois is authorized to establish benefit levels and the Village is authorized to
_ approve the actuarial assumptions used in the determination of contribution levels.
Although it possesses many of the characteristics of a legally separate government
the PPERS is reported as if it were part of the primary government because its sole
purpose is to finance and administer the pensions of the Village's police employees
and because of the fiduciary nature of such activities. The PPERS is reported as a
pension trust fund.
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VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
a. Reporting Entity (Continued)
Firefighters' Pension Employees Retirement System _
The Village's firefighters participate in the Firefighters' Pension Employees
Retirement System(FPERS). FPERS functions for the benefit of these employees
and is governed by its pension board. The Village and FPERS participants are
obligated to fund all FPERS costs based upon actuarial valuations.
The State of Illinois is authorized to establish benefit levels and the Village is
authorized to approve the actuarial assumptions used in the determination of
contribution levels. Although it possesses many of the characteristics of a legally
separate government, the FPERS is reported as if it were part of the primary
government because its sole purpose is to finance and administer the pensions of the
Village's firefighters and because of the fiduciary nature of such activities. The
FPERS is reported as a pension trust fund.
b. Fund Accounting
The Village uses funds and account groups to report on its financial position, results
of its operations, and cash flows. Fund accounting is designed to demonstrate legal
compliance and to aid financial management by segregating transactions related to
certain government functions or activities.
A fund is a separate accounting entity with a self-balancing set of accounts. An
account group, on the other hand, is a financial reporting device designed to provide
accountability for certain assets and liabilities that are not recorded in the funds
because they do not directly affect net expendable available financial resources.
Funds are classified into the following categories: governmental,proprietary, and
fiduciary. Each category, in turn, is divided into separate "fund types."
Governmental funds are used to account for all or most of a government's general
activities, including the collection and disbursement of earmarked monies (special
revenue funds), the acquisition or construction of general fixed assets (capital
projects funds), and the servicing of general long-term debt(debt service funds).
The general fund is used to account for all activities of the general government not
accounted for in some other fund.
Proprietary funds are used to account for activities similar to those found in the
private sector, where the determination of net income is necessary or useful to sound
financial administration. Goods or services from such activities can be provided
either to outside parties (enterprise funds) or to other departments or agencies _
primarily within the Village (internal service funds).
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VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
b. Fund Accounting (Continued)
r
Fiduciary funds are used to account for assets held on behalf of outside parties,
including other governments, or on behalf of other funds within the Village. When
._ these assets are held under the terms of a formal trust agreement, a pension trust is
used.
C. Basis of Accounting
The accounting and financial reporting treatment applied to a fund is determined by
its measurement focus. All governmental funds are accounted for using a current
financial resources measurement focus. With this measurement focus, only current
assets and current liabilities generally are included on the balance sheet. Operating
statements of these funds present increases (i.e., revenues and other financing
sources) and decreases (i.e., expenditures and other financing uses) in net current
ftw assets.
All proprietary funds and pension trust funds are accounted for on a flow of
economic resources measurement focus. With this measurement focus, all assets and
all liabilities associated with the operation of these funds are included on the balance
sheet. Proprietary fund-type fund equity(i.e., net total assets) is segregated into
contributed capital and retained earnings components. Proprietary fund-type
operating statements present increases (i.e., revenues) and decreases (i.e., expenses)
in net total assets.
The modified accrual basis of accounting is used by all governmental fund types and
agency funds. Under the modified accrual basis of accounting, revenues are
recognized when susceptible to accrual (i.e., when they become both measurable and
available). "Measurable" means the amount of the transaction can be determined,
and"available"means collectible within the current period. A sixty-day availability
period is used for revenue recognition for most governmental fund revenues.
Expenditures are recorded when the related fund liability is incurred. Principal and
interest on general long-term debt are recorded as fund liabilities when due.
Those revenues susceptible to accrual are sales taxes, certain taxes collected and held
by the State at year-end on behalf of the Village, certain charges for services, and
interest. Permit revenues are not susceptible to accrual because generally they are
not measurable until received in cash.
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VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
C. Basis of Accounting (Continued)
The accrual basis of accounting is utilized by proprietary fund types and pension
trust funds. Under this method, revenues and additions are recorded when earned
and expenses and deductions are recorded at the time liabilities are incurred.
The Village reports deferred revenue on its combined balance sheet. Deferred
revenues arise when a potential revenue does not meet both the "measurable" and
"available" criteria for recognition in the current period. Deferred revenues also
arise when resources are received by the Village before it has a legal claim to them, ^
as when grant monies are received prior to the incurrence of qualifying expenditures.
In subsequent periods, when both revenue recognition criteria are met, or when the
Village has a legal claim to the resources, the liability for deferred revenue is
removed from the combined balance sheet and revenue is recognized.
d. Cash and Investments
Cash and Cash Equivalents ^
For purposes of the statement of cash flows, the Village's proprietary fund types
consider all highly liquid investments with an original maturity of three months or
less when purchased to be cash equivalents.
Investments
In accordance with Governmental Accounting Standards Board Statement No. 31,
Accounting and Financial Reporting for Certain Investments and for External
Investment Pools, non-negotiable certificates of deposit and investments with
maturity of less than one year at date of purchase, if any, are stated at amortized cost.
All other investments are stated at fair value. All investments of the pension trust
funds are stated at fair value.
e. Short-Term Interfund Receivables Payables
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.
Short-term interfund loans, if any, are classified as "interfund receivables/payables."
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VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
f. 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.
g. 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.
h. 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.
i. Fixed Assets
General fixed assets are not capitalized in the funds used to acquire or construct
them. Instead, capital acquisition and construction are reflected as expenditures in
governmental funds, and the related assets are reported in the general fixed assets
account group. All purchased fixed assets are valued at cost where historical records
are available and at an estimated historical cost where no historical records exist.
Donated fixed assets are valued at their estimated fair value on the date received.
The costs of normal maintenance and repairs that do not add to the value of the asset
or materially extend asset lives are not capitalized. Improvements are capitalized
and depreciated over the remaining useful lives of the related fixed assets, as
applicable.
— - 18 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
i. Fixed Assets (Continued)
Public domain("infrastructure") general fixed assets consisting of roads, bridges,
curbs and gutters, streets and sidewalks, drainage systems and lighting systems are
not capitalized, as these assets are immovable and of value only to the Village.
Assets in the general fixed assets account group are not depreciated. Depreciation of
buildings, equipment, water/sewer systems and vehicles in the proprietary fund types
is computed using the straight-line method.
J,. Compensated Absences
Vested or accumulated vacation leave including related social security and medicare
that is expected to be liquidated with expendable available financial resources is
reported as an expenditure and a fund liability of the governmental fund that will pay
it. Amounts of vested or accumulated vacation, sick leave or compensatory leave
that are not expected to be liquidated with expendable available financial resources
(if any) are reported in the general long-term debt account group. No expenditure is
reported for these amounts. Vested or accumulated vacation, sick or compensatory
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 Governmental Accounting Standards Board
Statement No.16,Accounting for Compensated Absences, no liability is recorded for
nonvesting accumulating rights to receive sick pay benefits. However, a liability is
recognized for that portion of accumulating sick leave benefits that it is estimated
will be taken as a termination benefit at retirement.
k. Long-Term Obligations
Long-term debt is recognized as a liability of a governmental fund when due or when
resources have been accumulated in the debt service fund for payment early in the
following year. For other long-term obligations, only that portion expected to be
financed from expendable available financial resources is reported as a fund liability
of a governmental fund. The remaining portion of such obligations is reported in the
general long-term debt account group. Long-term liabilities expected to be financed
from proprietary fund operations are accounted for in those funds.
MOM
s
- 19 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
1. Fund Equity
Contributed capital is recorded in proprietary funds that have received capital grants
or contributions from developers, customers, or other funds. Reserves represent
those portions of fund equity not appropriable for expenditure or legally segregated
for a specific future use. Designated fund balances represent tentative plans for
future use of financial resources.
M. Interfund Transactions
Quasi-external transactions are accounted for as revenues, expenditures, or expenses.
Transactions that constitute reimbursements to a fund for expenditures/expenses
initially made from it that are properly applicable to another fund are recorded as
expenditures/expenses in the reimbursing fund and as reductions of
expenditures/expenses in the fund that is reimbursed.
s..
All other interfund transactions, except quasi-external transactions and
reimbursements, are reported as transfers. Nonrecurring or nonroutine permanent
transfers of equity are reported as residual equity transfers. All other interfund
transfers are reported as operating transfers.
^- n. Memorandum Only - Total Columns
Total columns on the general purpose financial statements are captioned
"memorandum only" to indicate that they are presented only to facilitate financial
analysis. Data in these columns do not present financial position or results of
operations in conformity with generally accepted accounting principles. Neither are
such data comparable to a consolidation. Interfund eliminations have not been made
in the aggregation of this data.
`- o. GASB Pronouncements
The Village has elected, under the provisions of GASB Statement 20,Accounting
.. and Financial Reporting for Proprietary Funds and Other Governmental Entities
That Use Proprietary Fund Accounting, to apply all applicable GASB
pronouncements and all FASB Statements and Interpretations, Accounting Principles
Board (APB) Opinions, and Accounting Research Bulletins (ARB) issued on or
before November 30, 1989, unless they conflict with or contradict GASB
L pronouncements.
"" - 20 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
2. LEGAL COMPLIANCE AND ACCOUNTABILITY
a. Budgets
The Village follows these procedures in establishing the budgetary data reflected in
the financial statements:
1. All departments of the Village submit budget requests to the Village Manager _
so that a budget may be prepared.
2. 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.
3. A public hearing is conducted by the Village to obtain taxpayer comments.
4. Subsequently, the budget is adopted by the Village Board.
5. Annual budgets are adopted for all funds on a basis consistent with generally
accepted accounting principles.
6. Formal budgetary integration is employed as a management control device
during the year for all funds of the Village.
7. Appropriations lapse at year end.
8. 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.
9. 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. -,
EWA
- 21 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
i..
2. LEGAL COMPLIANCE AND ACCOUNTABILITY (Continued)
b. Deficit Fund Balance/Retained Earnings of Individual Funds
The following funds had a deficit in fund balance/retained earnings as of
December 31, 2001:
Deficit
Fund Balance
..
Sports Core $ 635,837
Self Insurance 27,652
3. DEPOSITS AND INVESTMENTS
•- The Village maintains a cash and investment pool that is available for use by all funds,
except the pension trust funds. Each fund type's portion of this pool is displayed on the
combined balance sheet as "cash and investments." 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. Cash
on hand of$3,901 has been excluded from the amounts shown below.
Permitted Deposits and Investments
Statutes authorize the Village to make deposits/invest in insured commercial banks,
savings and loan institutions, obligations of the U.S. Treasury and 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 certain non-U.S. obligations, Illinois municipal corporations tax
anticipation warrants, veteran's loans, obligations of the State of Illinois and its political
subdivisions, and Illinois insurance company general and separate accounts, mutual funds
and equity securities.
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, the price for
which the investment could be sold.
Illinois Metropolitan Investment Fund(IMET) 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. IMET is not registered with the SEC as an investment
company. Investments in IMET are valued at IMET's share price, the price for which the
investment could be sold.
- 22 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued) MM
3. DEPOSITS AND INVESTMENTS (Continued)
a. Deposits
At year-end, the carrying amount of the Village's deposits with financial institutions
totaled $1,159,873 and the bank balances totaled $1,183,772. The bank balance can ..
be categorized as follows:
r
Bank
Balances
Category 1
Deposits covered by federal depository insurance, or by
collateral held by the Village,or its agent, in the Village's name. S 1,183,772
Category 2
Deposits covered by collateral held by the pledging financial
institution's trust department,or 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. -
TOTAL DEPOSITS S 1,183,772
b. Investments
The Village's investments are categorized to give an indication of the level of risk
assumed by the entity at year-end. Category 1 includes investments that are insured
or registered or for which the securities are held by the Village or its agent in the
Village's name. Category 2 includes uninsured and unregistered investments for
which the securities are held by the counterparty's trust department or agent in the —
Village's name. Category 3 includes uninsured and unregistered investments for
which the securities are held by the counterparty, or by its trust department or agent
but not in the Village's name, and uninsured, unregistered investments.
i
- 23 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
3. DEPOSITS AND INVESTMENTS (Continued)
b. Investments (Continued)
Fair Value
Category
1 2 3 Totals
U.S. government securities $ 4,900,638 $ - $ 4,343,278 $ 9,243,916
U.S. agency securities 4,624,181 - 7,519,445 12,143,626
State and local obligations - - 835,562 835,562
Negotiable certificates of deposit 1,476,000 - - 1,476,000
S11,000,819 S - $12,698,285 23,699,104
*Mutual Funds 13,537,159
*The Illinois Funds 17,742,615
+-� *Illinois Metropolitan Investment Fund 6,371,991
*Life Insurance Contracts 652,075
*Money Market Mutual Funds 719,250
TOTAL INVESTMENTS 562,722.194
*(Not Subject to Custodial Credit Risk Categorization)
The pension trust funds own 100% of the investments in Category 3.
The above deposits (including cash on hand) of$1,163,774 and investments of
$62,722,194 totaling $63,885,968 are reported in the financial statements as follows:
Cash and investments $ 63,697,923
Restricted assets, cash and investments 188,045
TOTAL S 63,885,968
4. RECEIVABLES - TAXES
Property taxes for 2001 attach as an enforceable lien on January 1, 2001, on property
values assessed as of the same date. Taxes are levied by December of the fiscal year(by
passage of a Tax Levy Ordinance). Tax bills are prepared by the County and issued on or
about February 1, 2002 and August 1, 2002 and are payable in two installments, on or
about March 1, 2002 and September 1, 2002. The County collects such taxes and remits
them periodically. The Village does not have a tax levy but does receive a share of road
and bridge taxes from local Townships.
- 24 -
am
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
5. FIXED ASSETS
a. General Fixed Assets Account Group
The following is a summary of changes in the general fixed assets account group
during the fiscal year:
Balances Additions Retirements Balances
January 1 and Transfers and Transfers December 31
Land $ 616,829 $ - $ - $ 616,829
Building and equipment 4,675,215 43,923 72,469 4,646,669
Other equipment 2,008,782 96,079 .33,640 2,071,221
Computer equipment 1,348,605 195,053 18,545 1,525,113
Construction in progress 1,359,591 6,872,105 - 8,231,696
TOTAL GENERAL
FIXED ASSETS $ 10,009,022 $ 7,207,160 $ 124,654 $ 17,091,528 —.
b. Proprietary Fixed Assets
The following is a summary of proprietary fund-type fixed assets as of the date of
this report:
Internal
Enterprise Service
Land and improvements $ 11,194,682 $ -
Building and improvements 6,814,129 -
Automotive equipment - 4,000,346
Equipment 2,189,980 136,477
Waterworks system 15,546,631 -
Construction in progress 110,299 -
35,855,721 4,136,823
Less accumulated depreciation 11,522,676 2,418,947
TOTAL $ 24,333,045 $ 1,717,876
In proprietary funds, the following estimated useful lives are used to compute
depreciation:
Estimated
Useful Lives
Building and improvements 40 years
Equipment 4-40 years
Waterworks system 15-40 years
Automotive equipment 2-30 years
- 25 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
L..
5. FIXED ASSETS (Continued)
C. Construction Contracts
The Village has entered into contracts for the construction or renovation of various
facilities as follows:
Project Expended
Authorizations to Date Commitment
Municipal Complex $ 9,499,511 $ 3,865,205 $ 5,634,306
New Library 5,699,384 4,700,613 998,771
Bath and Tennis Clubhouse 1,992,056 1,982,111 9,945
2001 Paving Project 1,707,390 1,635,442 71,948
2001 Watermain and Drainage 132,661 110,185 22,476
New Ambulance 148,484 - 148,484
New Library Landscaping 61,121 48,003 13,118
TOTALS S 19,240,607 512,341,559 $ 6,899,048
6. 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; illnesses of 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 its 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.
- 26 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
6. RISK MANAGEMENT (Continued)
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
$1,688,389 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 $192,700. ..,
A reconciliation of claims payable for the current year and that of the preceding year is as
follows:
2001 2000
CLAIMS PAYABLE,BEGINNING OF YEAR $ 174,000 $ 119,700
Claims incurred and changes in estimate 1,190,867 1,373,512
Claims paid (1,172,167) (1,319,212)
CLAIMS PAYABLE, END OF YEAR $ 192,700 $ 174,000
7. LONG-TERM DEBT
Notes 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, which was retired during the year, is as follows:
Fund Debt Balance, Balance,
Issue Retired by January I Issuances Retirements 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 Sports
4.81%,unsecured. Core S 59,011 $ S 59,011 S -
- 27 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
7. LONG-TERM DEBT (Continued)
Installment Contract Payable
The Village has issued three installment contracts payable to provide funds for the
acquisition of capital assets. The installment contracts payable currently outstanding are as
follows:
Fund Debt Balance, Balance,
'w Issue Retired by January 1 Issuances Retirements 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 $ 755,000 $ S 70,000 S 685,000
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 I and December 1 of
each year,secured by sales and use taxes.
Installments due in 2008 through 2010 were Sports
�• called in 2001. Core 1,800,000 775,000 1,025,000
General Fund Certificates,Series 2001
dated December 1,2000,interest at 4.625%
to 4.70%,due in annual installments
ranging from$190,000 to$370,000 through
December 1,2010,interest payable June 1
and December 1 of each year,secured by
sales and use taxes. General
- 4,000,000 190,000 3,810,000
TOTAL $2,555,000 $4,000,000 $1,035,000 $ 5,520,000
_ - 28 -
i
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued) mum
7. LONG-TERM DEBT (Continued)
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 I Issuances Retirements December 31
�a
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 i
through October 25,2004,interest payable
monthly from May 15 through October 15 Sports
of each year,secured by equipment. Core $ 107,381 $ - $ 33,501 $ 73,880
Debt Service Requirements to Maturity
Annual debt service requirements to maturity are as follows:
Fiscal Year Installment Contracts _
Ending Payable Capital Lease Payable Totals
December 31, Principal Interest Principal Interest Principal Interest
2002 $ 420,000 $ 262,492 $ 35,743 $ 3,967 $ 455,743 $ 266,459
2003 440,000 242,335 38,137 1,574 478,137 243,909
2004 460,000 221,221 - - 460,000 221,221
2005 485,000 199,149 - - 485,000 199,149
2006 505,000 175,872 - - 505,000 175,872
2007 530,000 151,637 - - 530,000 151,637
2008 355,000 126,214 - - 355,000 126,214
2009 375,000 109,505 - - 375,000 109,505
2010 285,000 91,650 - - 285,000 91,650
2011 300,000 78,255 - - 300,000 78,255
2012 315,000 64,155 - - 315,000 64,155
2013 330,000 49,350 - - 330,000 49,350
2014 350,000 33,840 - - 350,000 33,840
2015 370,000 17,390 - - 370,000 17,390
TOTALS $ 5,520,000 $ 1,823,065 S 73,880 S 5,541 S 5,593,880 S 1,828,606
- 29 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
7. LONG-TERM DEBT (Continued)
Change in Long-Term Liabilities
During the fiscal year, the following changes occurred in liabilities reported in the general
long-term debt account group:
Balances
January 1, Balances
i- Restated Additions Reductions December 31
Installment contracts payable $ - $ 4,000,000 $ 190,000 $ 3,810,000
Compensated absences 131,490 20,705 - 152,195
Net pension obligation - - - -
TOTAL GENERAL LONG-TERM
` DEBT ACCOUNT GROUP $ 131,490 S 4,020,705 $ 190.000 S 3.962,195
The opening balance was restated by an increase in compensated absences payable of
$49,181 and a decrease in the net pension obligation of$103,479.
Legal Debt Margin
2000 assessed valuation(latest information available) S 1.100,468,108
Legal debt limit- 8.625%of assessed valuation $ 94,915,374
Amount of debt applicable to debt limit 5,520,000
LEGAL DEBT MARGIN $ 89,395,374
8. INTERFUND ASSETS/LIABILITIES
Individual fund interfund receivable and payable balances as of December 31, 2001 are as
follows:
Due From/To Other Funds
Receivable Fund Payable Fund Amount
General Sports Core $ 1,558.375
Advance From/To Other Funds
Receivable Fund Payable Fund Amount
General Sports Core $ 1,015,000
- 30 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
9. 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
2002 $ 842,000
2003 842,000
2004 842,000
2005 842,000
2006 842,000
Thereafter 15,156,000
TOTAL $ 19,366,000
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.
10. SEGMENT INFORMATION - ENTERPRISE FUNDS
The Government maintains the following enterprise funds which are intended to be self-
supporting through user fees charged for services to the public. Financial segment
information as of the date of this report and for the fiscal year is as follows:
Waterworks
System Sports Core Totals
Operating revenues $ 3,421,386 $ 3,339,477 $ 6,760,863
Depreciation and amortization expense 516,158 382,498 898,656
Operating income(loss) (509,541) (562,952) (1,072,493)
Operating transfers in - 190,965 190,965
Operating transfers out 761,000 - 761,000
Net income(loss) (1,035,111) 323,901 (711,210)
- 31 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
10. SEGMENT INFORMATION - ENTERPRISE FUNDS (Continued)
Waterworks
System Sports Core Totals
Property,plant and equipment
Additions $ 140,261 $ 2,117,250 $ 2,257,511
Deletions - 634,847 634,847
Total assets 16,360,133 15,090,045 31,450,178
Net working capital 4,689,239 (1,776,118) 2,913,121
Bonds and other long-term liabilities
payable from operating revenues - 2,798,880 2,798,880
Total equity 16,044,194 10,389,753 26,433,947
11. CONTRIBUTED CAPITAL
During the fiscal year, changes occurred in contributed capital as follows:
Enterprise
Increases $ -
Decreases -
Net increase (decrease) -
CONTRIBUTED CAPITAL,JANUARY 1 11,025,590
CONTRIBUTED CAPITAL, DECEMBER 31 S 11,025,590
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 adverse 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.
'� - 32 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. CONTINGENT LIABILITIES (Continued)
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.
13. PRIOR PERIOD ADJUSTMENT
A prior period adjustment was recorded to implement GASB Statement No. 33,
Accounting for Nonexchange Transactions, as of January 1, 2001. This resulted in a
decrease in fund balance of$58,753 in the general fund and an increase in the fund balance
of$25,135 in the capital projects funds.
14. DEFINED BENEFIT PENSION PLANS
The Village contributes to three defined benefit pension plans, the Illinois Municipal
Retirement Fund(IMRF), an agent-multiple-employer public employee retirement system;
the Police Pension Plan, which is a single-employer pension plan; and, the Firefighters'
Pension Plan, which is also a single-employer pension plan. The benefits, benefit levels,
employee contributions and employer contributions for all three plans are governed by
Illinois Compiled Statutes and can only be amended by the Illinois General Assembly.
None of the pension plans issue separate reports on the pension plans. However, IMRF
does issue a publicly available report that includes financial statements and supplementary
information for the plan as a whole, but not for individual employers. That report can be •.
obtained from IMRF, 2211 York Road, Suite 500, Oak Brook, Illinois 60523.
a. Plan Descriptions
Illinois Municipal Retirement Fund
r.
All employees (other than those covered by the Police or Firefighters' plans) hired in
positions that meet or exceed the prescribed annual hourly standard must be enrolled
in IMRF as participating members. Pension benefits vest after eight years of service.
Participating members who retire at or after age 60 with eight years of credited
service are entitled to an annual retirement benefit,payable monthly for life, in an
amount equal to 12/3% of their final rate of earnings, for each year of credited
service up to 15 years, and 2.00% for each year thereafter. IMRF also provides
death and disability benefits. These benefit provisions and all other requirements are _
established by state statute. Participating members are required to contribute 4.50%
of their annual salary to IMRF. The Village is required to contribute the remaining
amounts necessary to fund the IMRF as specified by statute. The employer
contribution for the year ended December 31, 2000 was 7.41% of covered payroll.
- 33 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
14. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Police Pension Plan
Police sworn personnel are covered by the Police 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 (40 ILCS 5/3-1) and
may be amended only by the Illinois legislature. The Village accounts for the plan
as a pension trust fund. At December 31, 2001 the Police Pension Plan membership
consisted of:
Retirees and beneficiaries currently receiving benefits
.� and terminated employees entitled to benefits but not
yet receiving them 22
Current employees
Vested 29
Nonvested 14
TOTAL 65
The Police Pension Plan provides retirement benefits as well as death and disability
benefits. Covered employees attaining the age of 50 or more with 20 or more years
of creditable service are entitled to receive an annual retirement benefit equal to one-
half of the salary attached to the rank held on the last day of service, or for one year
prior to the last day, whichever is greater. The annual benefit shall be increased by
2.00% of such salary for each additional year of service over 20 years up to 30 years
to a maximum of 75.00% of such salary. Employees with at least eight years but less
than 20 years of credited service may retire at or after age 60 and receive a reduced
benefit. The monthly benefit of a police officer who retired with 20 or more years of
service after January 1, 1977 shall be increased annually, following the first
anniversary date of retirement and be paid upon reaching the age of at least 55 years,
by 3.00% of the original pension and 3.00% compounded annually each January 1
thereafter.
Employees are required by ILCS to contribute 9.91% of their base salary to the
Police Pension Plan. If an employee leaves covered employment with less than 20
years of service, accumulated employee contributions may be refunded without
accumulated interest. The Village is required to contribute the remaining amounts
necessary to finance the plan as actuarially determined by an enrolled actuary.
Effective July 1, 1993, the Village has until the year 2033 to fully fund the past
service cost for the Police Pension Plan. For the year ended December 31, 2001, the
Village's contribution was 11.49% of covered payroll.
'— - 34 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
14. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Firefighters' Pension Plan
i
Fire sworn personnel are covered by the Firefighters' 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 (40 ILCS 5/4-1) and
may be amended only by the Illinois legislature. The Village accounts for the plan
as a pension trust fund. At December 31, 2001, the Firefighters' Pension Plan _
membership consisted of-
Retirees
£Retirees and beneficiaries currently receiving benefits _
and terminated employees entitled to benefits but not
yet receiving them 25
Current employees _
Vested 17
Nonvested 18
i
TOTAL 60
The Firefighters' Pension Plan provides retirement benefits as well as death and
disability benefits. Covered employees attaining the age of 50 or more with 20 or
more years of creditable service are entitled to receive an annual retirement benefit
of one-half of the monthly salary attached to the rank held in the fire service at the
date of retirement. The monthly pension shall be increased by 1/12 of 2.50% of such
monthly salary for each additional month over 20 years of service through 30 years
of service to a maximum of 75.00% of such monthly salary. Employees with at least
ten years but less than 20 years of credited service may retire at or after age 60 and
receive a reduced retirement benefit. The monthly pension of a covered employee
who retired with 20 or more years of service after January 1, 1977 shall be increased —'
annually, following the first anniversary date of retirement and paid upon reaching
the age of at least 55 by 3.00% of the original pension and 3.00%compounded each _
January 1 thereafter.
Covered employees are required to contribute 8.455% of their base salary to the
Firefighters' Pension Plan. If an employee leaves covered employment with less
than 20 years of service, accumulated employee contributions may be refunded
without accumulated interest. The Village is required to finance the plan as ..
actuarially determined by an enrolled actuary. Effective July 1, 1993, the Village
has until the year 2033 to fully fund the past services costs for the Firefighters'
Pension Plan. For the year ended December 31, 2001, the Village's contribution was -•
17.76% of covered payroll.
- 35 -
r
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
14. DEFINED BENEFIT PENSION PLANS (Continued)
b. Significant Investments
The following are investments (other than U.S. Government guaranteed obligations)
in any one organization that represent 5.00% or more of plan net assets for either the
Police or the Firefighters' Pension Plans. Information for the IMRF is not available.
Plan Organization Amount
Police Pension Vanguard Institutional Mutual Fund $ 2,967,061
$ 2,967,061
Firefighters' Pension Vanguard Index Trust Mutual Fund $ 978,791
Firefighters' Pension Fidelity Dividend Growth Mutual Fund 1,526,865
Firefighters' Pension Vanguard Total Stock Mutual Fund 1,055,490
$ 3,561,146
C. Annual Pension Costs
Employer contributions have been determined as follows:
Illinois
Municipal Police Firefighters'
Retirement Pension Pension
Actuarial Valuation Date December 31, January 1,2001 January 1,2001
1998
Actuarial Cost Method Entry-age Entry-age Entry-age
Normal Normal Normal
Asset Valuation Method 5 Year Market Market
Smoothed
Market
Amortization Method Level Level Level
Percentage of Percentage of Percentage of
Payroll Payroll Payroll
Amortization Period 34 Years, 34 Years, 34 Years,
Closed Closed Closed
- 36 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
14. DEFINED BENEFIT PENSION PLANS (Continued)
C. Annual Pension Costs (Continued)
Illinois
Municipal Police Firefighters' ..
Retirement Pension Pension
Significant Actuarial Assumptions ..
a) Rate of Return on 7.50% 7.50% 7.50%
Present and Future Assets Compounded Compounded Compounded
Annually Annually Annually
b) Projected Salary Increase- 4.00% 5.25% 5.25%
Attributable to Inflation Compounded Compounded Compounded
Annually Annually Annually ..
c) Additional Projected .40 to 11.60% Not Available Not Available
Salary Increases-
Seniority/Merit
Employer annual pension costs (APC), actual contributions and the net pension
obligation (NPO) (asset) are as follows. The NPO (asset) is the cumulative
difference between the APC and the contributions actually made.
Illinois
Calendar Municipal Fiscal Police Firefighters'
Year Retirement Year Pension Pension
Annual Pension Cost 1998 $ 313,899 1999 $ 69,674 $ 71,334
(APC) 1999 349,773 2000 218,523 299,044 -�
2000 343,528 2001 271,765 357,168
Actual Contribution 1998 $ 313,899 1999 $ 69,674 $ 71,334
1999 349,773 2000 218,523 299,044
2000 343,528 2001 271,765 357,168
Percentage of APC 1998 100.00% 1999 100.00% 100.00%
Contributed 1999 100.00 2000 100.00 100.00
2000 100.00 2001 100.00 100.00
NPO(Asset) 1998 $ - 1999 $ - $ -
1999 - 2000 - -
2000 - 2001 - -
- 37 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
14. DEFINED BENEFIT PENSION PLANS (Continued)
C. Annual Pension Costs (Continued)
The net pension obligation(asset) has been calculated as follows:
Police Firefighters'
Pension Pension
Annual required contributions $ 271,765 $ 357,168
Interest on net pension obligation - -
Adjustment to annual required contribution - -
Annual pension cost 271,765 357,168
Contributions made 271,765 357,168
Increase (decrease) in net pension obligation(asset) - -
Net pension obligation(asset)beginning of year - -
NET PENSION OBLIGATION(ASSET)
END OF YEAR $ - $ -
- 38 -
i
L..
REQUIRED SUPPLEMENTARY INFORMATION
VILLAGE OF OAK BROOK, ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF FUNDING PROGRESS
ILLINOIS MUNICIPAL RETIREMENT FUND
December 31, 2001
(4)
Unfunded
(Overfunded) UAAL
(2) Actuarial (OAAL)
_ Actuarial Accrued As a
Actuarial (1) Accrued (3) Liability Percentage
Valuation Actuarial Liability Funded (UAAL) (5) of Covered
Date Value of (AAL) Ratio (OAAL) Covered Payroll
December 31, Assets Entry Age Normal (1)/(2) (2) - (1) Payroll (4)/(5)
1995 $ 4,315,490 $ 4,524,132 95.39% $ 208,642 $ 3,104,866 6.72%
1996 4,938,422 4,984,852 99.07% 46,430 3,207,244 1.45%
1997 5,941,801 6,161,874 96.43% 220,073 3,578,453 6.15%
1998 7,108,829 6,882,205 103.29% (226,624) 3,777,360 (6.00°/x)
1999 8,117,918 7,701,764 105.40% (416,154) 4,129,559 (10.08%)
2000 9,739,416 8,934,915 109.00% (804,501) 4,636,007 (17.35%)
(See independent auditor's report.)
- 39 -
VILLAGE OF OAK BROOK,ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF FUNDING PROGRESS
POLICE PENSION FUND _
December 31, 2001
(2) UAAL _
Actuarial (4) As a
Actuarial (1) Accrued (3) Unfunded Percentage
Valuation Actuarial Liability Funded AAL (5) of Covered
Date Value of (AAL) Ratio (UAAL) Covered Payroll
December 31, Assets -Entry Age (1)/(2) (2) -(1) Payroll (4)/(5)
1997 $ 17,240,465 $ 15,849,416 108.78% $(1,391,049) $ 1,822,595 (76.32%)
1998 18,904,148 17,216,822 109.80% (1,687,326) 2,172,052 (77.68%)
1999 19,542,081 18,564,949 105.26% (977,132) 2,172,484 (44.98%)
2000 20,448,157 20,140,332 101.53% (307,825) 2,249,998 (13.68%)
2001 20,496,069 21,849,564 93.81% 1,353,495 2,616,001 51.74%
Information is presented for as many years as is available until six years of information is presented in
accordance with GASB Statement No. 27.
i
to
i
(See independent auditor's report.)
-40-
VILLAGE OF OAK BROOK,ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF FUNDING PROGRESS
FIREFIGHTERS'PENSION FUND
w
December 31,2001
(4) UAAL
(2) Unfunded (OAAL)
Actuarial (Overfunded) As a
Actuarial (1) Accrued (3) AAL Percentage
Valuation Actuarial Liability Funded (URAL) (5) of Covered
Date Value of (AAL) Ratio (ORAL) Covered Payroll
December 31, Assets -Entry Age (1)/(2) (2) -(1) Payroll (4)/(5)
1997 $ 16,159,276 $ 15,009,251 107.66% $ . (1,150,025) $ 1,424,744 (80.72%)
1998 17,364,674 15,659,293 110.89% (1,705,381) 1,530,499 (111.43%)
1999 18,203,403 18,051,091 100.84% (152,312) 1,788,993 (8.51%)
2000 18,050,631 18,772,810 96.15% 722,179 1,887,874 38.25%
2001 17,487,246 19,819,493 88.23% 2,332,247 2,144,046 108.78%
Information is presented for as many years as is available until six years of information is presented in
accordance with GASB Statement No. 27.
T
(See independent auditor's report.)
-41 -
VILLAGE OF OAK BROOK, ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF EMPLOYER CONTRIBUTIONS
ILLINOIS MUNICIPAL RETIREMENT FUND
December 31, 2001
Annual
Fiscal Required
Year Employer Contribution Percentage
December 31, Contributions (ARC) Contributed
1995 $ 268,571 $ 268,571 100.00%
1996 571,563 571,563 100.00%
1997 309,871 309,871 100.00%
1998 313,899 313,899 100.00%
1999 349,773 349,773 100.00%
2000 343,528 343,528 100.00%
r.
(See independent auditor's report.)
- 42 -
VILLAGE OF OAK BROOK, ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF EMPLOYER CONTRIBUTIONS
POLICE PENSION FUND
December 31, 2001
... Annual
Fiscal Pension
Year Employer Cost Percentage
December 31, Contributions (APC) Contributed
1997 $ 224,376 $ 224,376 100.00%
1998 192,824 192,824 100.00%
.� 1999 69,674 69,674 100.00%
2000 218,523 218,523 100.00%
2001 271,765 271,765 100.00%
Information is presented for as many years as is available until six years of information is
presented in accordance with GASB Statement No. 27.
.r.
(See independent auditor's report.)
- 43 -
VILLAGE OF OAK BROOK, ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF EMPLOYER CONTRIBUTIONS
FIREFIGHTERS' PENSION FUND
December 31, 2001
Annual
Fiscal Pension
Year Employer Cost Percentage
December 31, Contributions (APC) Contributed
1997 $ 178,586 $ 178,586 100.00%
1998 165,029 165,029 100.00%
1999 71,334 71,334 100.00%
V
2000 299,044 299,044 100.00%
2001 357,168 357,168 100.00% y
Information is presented for as many years as is available until six years of information is
presented in accordance with GASB Statement No. 27.
(See independent auditor's report.) �-
- 44 -
l..
GOVERNMENTAL FUND TYPES
GENERAL FUND
General Fund - to account for resources traditionally associated with governments which are not
`" required to be accounted for in another fund.
i
VILLAGE OF OAK BROOK,ILLINOIS
STATEMENT OF REVENUES,EXPENDITURES AND
CHANGES IN FUND BALANCE-BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended December 31,2001
Variance
Favorable _
Budget Actual (Unfavorable)
REVENUES
Intergovernmental $ 13,903,240 $ 10,328,662 $ (3,574,578)
Utility taxes 1,750,000 2,174,184 424,184
Licenses and permits 502,525 324,131 (178,394)
Charges for services 378,700 374,409 (4,291)
Fines and penalties 227,300 300,311 73,011
Investment income 900,000 952,571 52,571
Donations - 400,000 400,000
Miscellaneous 145,565 97,185 (48,380)
Total revenues 17,807,330 14,951,453 (2,855,877)
EXPENDITURES
Current
General government 12,930,680 11,569,493 1,361,187 _
Public safety 9,390,425 8,935,397 455,028
Public works 1,947,825 1,558,922 388,903
Culture and recreation 1,072,965 875,508 197,457
Total expenditures 25,341,895 22,939,320 2,402,575
EXCESS(DEFICIENCY)OF REVENUES
OVER EXPENDITURES (7,534,565) (7,987,867) (453,302)
OTHER FINANCING SOURCES(USES)
Operating transfers in 2,294,215 781,395 (1,512,820)
Operating transfers(out) (190,965) (190,965) -
Installment contract proceeds 4,000,000 3,968,310 (31,690)
Proceeds from sale of fixed assets 370,000 398,937 28,937
Total other financing sources(uses) 6,473,250 4,957,677 (1,515,573)
EXCESS(DEFICIENCY)OF REVENUES
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES $ (1,061,315) (3,030,190) $ (1,968,875)
FUND BALANCE,JANUARY 1 20,372,085
Prior period adjustment (58,753)
FUND BALANCE,JANUARY 1,RESTATED 20,313,332
FUND BALANCE,DECEMBER 31 $ 17,283,142
(See independent auditor's report.) .�
-45 -
VILLAGE OF OAK BROOK, ILLINOIS
SCHEDULE OF REVENUES -
BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended December 31, 2001
Variance
Favorable
Budget Actual (Unfavorable)
REVENUES
Intergovernmental
Municipal sales tax $ 11,388,800 $ 9,307,134 $ (2,081,666)
Illinois state income tax 724,940 664,298 (60,642)
Corporate personal property replacement taxes 224,500 203,810 (20,690)
York Township road and bridge tax 65,000 59,957 (5,043)
Grants 1,500,000 93,463 (1,406,537)
Total intergovernmental 13,903,240 10,328,662 (3,574,578)
Utility taxes 1,750,000 2,174,184 424,184
Licenses and permits 502,525 324,131 (178,394)
Charges for services 378,700 374,409 (4,291)
Fines and penalties 227,300 300,311 73,011
Investment income 900,000 952,571 52,571
Donations - 400,000 400,000
Miscellaneous
Franchise/infrastructure maintenance fees 96,100 24,701 (71,399)
Other 49,465 72,484 23,019
Total miscellaneous 145,565 97,185 (48,380)
TOTAL REVENUES $ 17,807,330 $ 14,951,453 $ (2,855,877)
(See independent auditor's report.)
'_
-46 -
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF EXPENDITURES -
BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended December 31,2001
Variance
Favorable
Budget Actual (Unfavorable)
GENERAL GOVERNMENT _
Legislative and general management
Board of trustees
Personnel $ 75,935 $ 75,931 $ 4
Materials and supplies 1,000 746 254 -
Operation and contractual 89,085 57,479 31,606
Total board of trustees 166,020 134,156 31,864 .r
Village clerk
Personnel 138,560 116,540 22,020
Materials and supplies 2,115 2,112 3
Operation and contractual 24,025 21,832 2,193
Total Village clerk 164,700 140,484 24,216
Legal
Personnel 122,810 122,806 4
Materials and supplies 4,720 4,718 2
Operation and contractual 38,640 33,213 5,427
Total legal 166,170 160,737 5,433
General management
Personnel 306,050 306,046 4
Materials and supplies 1,905 1,189 716
Operation and contractual 2,175 1,383 792
Total general management 310,130 308,618 1,512
Human resources ...
Personnel 80,770 80,767 3
Materials and supplies 4,050 1,530 2,520
Operation and contractual 41,855 38,848 3,007
Total human resources 126,675 121,145 5,530
Risk management
Personnel 47,070 46,097 973
Operation and contractual 489,395 489,392 3
Total risk management 536,465 535,489 976
(This schedule is continued on the following pages.)
-47-
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF EXPENDITURES-
BUDGET AND ACTUAL(Continued)
GENERAL FUND
-' For the Year Ended December 31,2001
Variance
Favorable
Budget Actual (Unfavorable)
GENERAL GOVERNMENT(Continued)
Legislative and general management(Continued)
Emergency management
Personnel $ 17,890 $ 3,756 $ 14,134
Materials and supplies 7,200 421 6,779
-- Operation and contractual 8,600 1,055 7,545
Total emergency management 33,690 5,232 28,458
General services
Personnel 51,445 49,837 1,608
Materials and supplies 59,695 56,431 3,264
Operation and contractual 180,905 180,898 7
Capital 51,435 - 51,435
Total general services 343,480 287,166 56,314
Purchasing
Personnel 99,855 88,540 11,315
Materials and supplies 1,400 1,504 (104)
Operation and contractual 10,615 10,614 1
Total purchasing 111,870 100,658 11,212
Information systems
- Personnel 293,320 288,608 4,712
Materials and supplies 17,440 11,230 6,210
Operation and contractual 120,400 95,827 24,573
Capital 628,175 262,174 366,001
Total information systems 1,059,335 657,839 401,496
Village communications center
Personnel 586,710 586,706 4
Materials and supplies 8,060 8,060 -
"" Operation and contractual 11,250 11,247 3
Capital 27,245 27,244 1
Total Village communications center 633,265 633,257 8
(This schedule is continued on the following pages.)
-48-
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF EXPENDITURES-
BUDGET AND ACTUAL(Continued)
GENERAL FUND
For the Year Ended December 31,2001
Variance
Favorable
Budget Actual (Unfavorable)
GENERAL GOVERNMENT(Continued)
Legislative and general management(Continued)
Community events
Operation and contractual $ 128,390 $ 128,386 $ 4
Total community events 128,390 128,386 4
Total legislative and general management 3,780,190 3,213,167 567,023
Financial services
Financial services management
Personnel 117,185 116,903 282 --
Materials and supplies 3,155 1,827 1,328
Operation and contractual 29,120 26,598 2,522
Total financial services management 149,460 145,328 4,132
Accounting and reporting
Personnel 300,130 253,562 46,568
Materials and supplies 10,345 5,784 4,561
Operation and contractual 51,360 34,926 16,434
Total accounting and reporting 361,835 294,272 67,563
Debt service _
Operation and contractual 360,160 360,158 2
Total debt service 360,160 360,158 2
Total financial services 871,455 799,758 71,697
Engineering and capital projects
Engineering
Personnel 404,945 312,612 92,333
Materials and supplies 2,165 2,040 125
Operation and contractual 50,085 23,577 26,508
Total engineering 457,195 338,229 118,966
Municipal building improvements
Operation and contractual 15,000 11,606 3,394
Capital 244,000 51,733 192,267
m
Total municipal building improvements 259,000 63,339 195,661
(This schedule is continued on the following pages.)
-49-
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF EXPENDITURES-
BUDGET AND ACTUAL(Continued)
GENERAL FUND
For the Year Ended December 31, 2001
s..
Variance
Favorable
Budget Actual (Unfavorable)
GENERAL GOVERNMENT(Continued)
Engineering and capital projects(Continued)
Traffic and lighting improvements
Capital $ 3,000 $ $ 3,000
Total traffic and lighting improvements 3,000 - 3,000
Library building project
Operation and contractual 110,000 106,952 3,048
Capital 3,805,490 3,805,490 -
Total library building project 3,915,490 3,912,442 3,048
Municipal complex project
Operation and contractual 161,555 161,552 3
-- Capital 3,482,795 3,081,006 401,789
Total municipal complex project 3,644,350 3,242,558 401,792
^
Total engineering and capital projects 8,279,035 7,556,568 722,467
Total general government 12,930,680 11,569,493 1,361,187
PUBLIC SAFETY
Police Department
Police services management
Personnel 403,245 403,242 3
Materials and supplies 6,050 5,158 892
.- Operation and contractual 41,150 39,415 1,735
Total police services management 450,445 447,815 2,630
Police field services
Personnel 2,577,265 2,501,236 76,029
Materials and supplies 56,175 56,173 2
Operation and contractual 274,125 274,125 -
Capital 100,635 59,925 40,710
Total police field services 3,008,200 2,891,459 116,741
Police general support
Personnel 256,260 256,257 3
Materials and supplies 19,280 16,386 2,894
(This schedule is continued on the following pages.)
-50-
VILLAGE OF OAK BROOK, ILLINOIS
SCHEDULE OF EXPENDITURES-
BUDGET AND ACTUAL(Continued)
GENERAL FUND _
For the Year Ended December 31,2001
Variance
Favorable
Budget Actual (Unfavorable)
PUBLIC SAFETY(Continued)
Police Department(Continued)
Police general support(Continued)
Operation and contractual $ 2,285 $ 1,425 $ 860
Capital 1,590 1,589 1
Total police general support 279,415 275,657 3,758
Police investigations
Personnel 581,815 408,935 172,880
Materials and supplies 10,405 10,402 3
Operation and contractual 25,855 24,454 1,401
Capital 2,000 1,101 899
Total police investigations 620,075 444,892 175,183
Police records
Personnel 119,345 119,332 13
Materials and supplies 6,980 6,974 6
Operation and contractual 3,600 3,382 218
Total police records 129,925 129,688 237
Public relations/crime prevention
Personnel 140,975 143,540 (2,565)
Materials and supplies 5,400 4,087 1,313
Operation and contractual 6,370 6,733 (363)
Capital 6,000 4,683 1,317
Total public relations/crime prevention 158,745 159,043 (298)
Total police department 4,646,805 4,348,554 298,251
Fire and community development
Fire and EMS general salaries
Personnel 2,736,995 2,730,153 6,842
Total fire and EMS general salaries 2,736,995 2,730,153 6,842
Fire service management
Personnel 298,630 298,626 4
Materials and supplies 4,370 4,365 5
Operation and contractual 12,370 12,365 5
Total fire service management 315,370 315,356 14
(This schedule is continued on the following pages.)
-51 -
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF EXPENDITURES -
.� BUDGET AND ACTUAL(Continued)
GENERALFUND
For the Year Ended December 31,2001
Variance
Favorable
Budget Actual (Unfavorable)
PUBLIC SAFETY(Continued)
Fire and community development(Continued)
Rescue and fire operation
Personnel $ 2,040 $ 2,037 $ 3
Materials and supplies 32,150 29,647 2,503
Operation and contractual 225,710 229,243 (3,533)
Capital 142,850 90,450 52,400
Total rescue and fire operation 402,750 351,377 51,373
Special teams operations
Personnel 205 29 176
Materials and supplies 3,530 3,220 310
Operation and contractual 25,375 25,372 3
Capital 7,000 5,288 1,712
Total special teams operations 36,110 33,909 2,201
Rescue and fire training
Personnel 45,710 32,098 13,612
Materials and supplies 5,300 2,518 2,782
Operation and contractual 150 - 150
Total rescue and fire training 51,160 34,616 16,544
Emergency medical services
Personnel 53,915 53,914 1
Materials and supplies 13,365 9,513 3,852
.._ Operation and contractual 412,815 400,841 11,974
Capital 42,700 28,397 14,303
Total emergency medical services 522,795 492,665 30,130
Prevention and public education
Personnel 191,025 150,309 40,716
' Materials and supplies 3,930 3,925 5
Operation and contractual 13,290 12,813 477
Capital 6,000 4,874 1,126
Total prevention and public education 214,245 171,921 42,324
(This schedule is continued on the following pages.)
'_ -52-
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF EXPENDITURES-
BUDGET AND ACTUAL(Continued)
GENERALFUND
For the Year Ended December 31,2001
Variance
Favorable
Budget Actual (Unfavorable)
PUBLIC SAFETY(Continued)
Fire and community development(Continued)
Community development management
Personnel $ 174,270 $ 168,230 $ 6,040
Materials and supplies 1,450 658 792
Operation and contractual 3,100 2,591 509
Total community development management 178,820 171,479 7,341 _
Code enforcement
Personnel 234,785 234,783 2
Materials and supplies 2,515 2,514 1
Operation and contractual 48,075 48,070 5
Total code enforcement 285,375 285,367 8
Total fire and community development 4,743,620 4,586,843 156,777
Total public safety 9,390,425 8,935,397 455,028
PUBLIC WORKS _
Public works management
Personnel 263,390 263,386 4
Materials and supplies 1,875 1,875 -
Operation and contractual 12,085 12,083 2
Capital 5,300 5,299 1
Total public works management 282,650 282,643 7 �.
Mosquito control
Operation and contractual 56,995 50,907 6,088
Total mosquito control 56,995 50,907 6,088
Buildings and grounds
Personnel 96,980 62,835 34,145
Materials and supplies 25,965 22,280 3,685
Operation and contractual 139,290 118,865 20,425
Capital 3,000 1,490 1,510
Total buildings and grounds 265,235 205,470 59,765
(This schedule is continued on the following pages.)
-53 -
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF EXPENDITURES-
BUDGET AND ACTUAL(Continued)
GENERAL FUND
For the Year Ended December 31,2001
Variance
Favorable
_ Budget Actual (Unfavorable)
PUBLIC WORKS(Continued)
Streets-general salaries
Personnel $ 523,810 $ 495,997 $ 27,813
Materials and supplies 3,990 1,996 1,994
Operation and contractual 2,980 2,150 830
Total streets-general salaries 530,780 500,143 30,637
Street maintenance
Materials and supplies 14,420 12,208 2,212
Operation and contractual 104,920 90,566 14,354
Total street maintenance 119,340 102,774 16,566
Traffic and lighting maintenance
Materials and supplies 13,925 11,790 2,135
Operation and contractual 114,150 114,148 2
Capital 136,000 2,892 133,108
Total traffic and lighting maintenance 264,075 128,830 135,245
Snow removal
Personnel 48,330 13,750 34,580
Materials and supplies 48,145 41,568 6,577
Operation and contractual 61,475 56,008 5,467
Total snow removal 157,950 111,326 46,624
�. Drainage management
Materials and supplies 5,100 3,007 2,093
Operation and contractual 50,280 44,191 6,089
Total drainage management 55,380 47,198 8,182
Forestry
' Personnel 17,405 2,900 14,505
Materials and supplies 1,440 886 554
Operation and contractual 165,175 94,447 70,728
Total forestry 184,020 98,233 85,787
(This schedule is continued on the following page.)
-54-
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF EXPENDITURES-
BUDGET AND ACTUAL(Continued)
GENERAL FUND
For the Year Ended December 31,2001
i
Variance
Favorable
Budget Actual (Unfavorable)
PUBLIC WORKS (Continued)
0
Safety pathway maintenance
Materials and supplies $ 12,090 $ 12,088 $ 2
Operation and contractual 19,310 19,310 -
Total safety pathway maintenance 31,400 31,398 2
Total public works 1,947,825 1,558,922 388,903 _
CULTURE AND RECREATION
Library general operations _
Personnel $ 310,160 $ 299,922 $ 10,238
Materials and supplies 38,525 11,691 26,834
Operation and contractual 112,330 57,506 54,824
Capital 97,500 23,576 73,924
Total library general operations 558,515 392,695 165,820
i
Library technical services
Personnel 91,775 91,774 1
Materials and supplies 11,590 2,425 9,165
Operation and contractual 7,830 4,718 3,112
Total library technical services 111,195 98,917 12,278
r
Library reference and adult services
Personnel 129,190 117,177 12,013
Materials and supplies 118,080 117,878 202 --
Operation and contractual 6,500 6,346 154
Total library reference and adult services 253,770 241,401 12,369 i
Library youth services
Personnel 100,785 94,056 6,729 _
Materials and supplies 44,100 43,854 246
Operation and contractual 4,600 4,585 15
Total library youth services 149,485 142,495 6,990
Total culture and recreation 1,072,965 875,508 197,457
TOTAL EXPENDITURES $ 25,341,895 $ 22,939,320 $ 2,402,575
(See independent auditor's report.)
-55 -
SPECIAL REVENUE FUNDS
Hotel/Motel Tax Fund- to account for local hotel/motel tax receipts restricted for promoting
tourism and conventions in the Village.
Motor Fuel Tax Fund- to account for State Gasoline Tax Allocations restricted for local
roadway program expenditures.
Foreign Fire Insurance Tax Fund- to account for Foreign Fire Insurance tax 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, 2001
Foreign Fire
Hotel/Motel Motor Insurance _
Tax Fuel Tax Tax Total
ASSETS
Cash and investments $ 558,496 $ 612,324 $ 92,926 $ 1,263,746
Receivables
Allotments - 20,314 - 20,314
Accrued interest 1,329 1,383 196 2,908
Other,hotel/motel tax 25,397 - - 25,397
TOTAL ASSETS $ 585,222 $ 634,021 $ 93,122 $ 1,312,365
LIABILITIES AND FUND BALANCES _
LIABILITIES
Accounts payable $ 173,043 $ - $ 1,110 $ 174,153
Total liabilities 173,043 - 1,110 174,153
FUND BALANCES
Unreserved 412,179 634,021 92,012 1,138,212
Total fund balances 412,179 634,021 92,012 1,138,212
TOTAL LIABILITIES AND
FUND BALANCES $ 585,222 $ 634,021 $ 93,122 $ 1,312,365
i
(See independent auditor's report.)
- 56 -
(This page is intentionally left blank.)
s
s-
a
VILLAGE OF OAK BROOK,ILLINOIS
COMBINING STATEMENT OF REVENUES,EXPENDITURES AND
CHANGES IN FUND BALANCES-BUDGET AND ACTUAL-
SPECIAL REVENUE FUNDS
For the Year Ended December 31,2001
Hotel/Motel Tax
Variance
Favorable
Budget Actual (Unfavorable)
REVENUES
Intergovernmental $ - $ - $ -
Hotel/motel taxes 352,000 308,101 (43,899)
Investment income 22,000 23,245 1,245
Total revenues 374,000 331,346 (42,654)
EXPENDITURES _
Current
Public safety - - -
Culture and recreation 370,000 369,516 484
Total expenditures 370,000 369,516 484
EXCESS(DEFICIENCY)OF REVENUES ...
OVER EXPENDITURES 4,000 (38,170) (42,170)
OTHER FINANCING SOURCES(USES)
Operating transfers(out) - - -
Total other financing sources(uses) - - -
EXCESS(DEFICIENCY)OF REVENUES
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND
OTHER FINANCING USES $ 4,000 (38,170) $ (42,170)
FUND BALANCES,JANUARY 1 450,349
FUND BALANCES,DECEMBER 31 $ 412,179
57-
Motor Fuel Tax Foreign Fire Insurance Tax Total
Variance Variance Variance
Favorable Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ 272,700 $ 256,870 $ (15,830) $ 27,400 $ 39,172 $ 11,772 $ 300,100 $ 296,042 $ (4,058)
- - - - - - 352,000 308,101 (43,899)
25,000 27,387 2,387 2,750 3,446 696 49,750 54,078 4,328
- 297,700 284,257 (13,443) 30,150 42,618 12,468 701,850 658,221 (43,629)
- - - 41,150 40,896 254 41,150 40,896 254
- - - 370,000 369,516 484
- - - 41,150 40,896 254 411,150 410,412 738
297,700 284,257 (13,443) (11,000) 1,722 12,722 290,700 247,809 (42,891)
(66,000) (62,025) 3,975 - - - (66,000) (62,025) 3,975
(66,000) (62,025) 3,975 - - - (66,000) (62,025) 3,975
$ 231,700 222,232 $ (9,468) $ (11,000) 1,722 $ 12,722 $ 224,700 185,784 $ (38,916)
411,789 90,290 952,428
$ 634,021 $ 92,012 $ 1,138,212
(See independent auditor's report.)
"" -58-
CAPITAL PROJECTS 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
BALANCE SHEET
CAPITAL PROJECTS FUND - INFRASTRUCTURE FUND
December 31, 2001
ASSETS
Cash and investments $ 1,901,910
Receivables
Utility taxes 83,806
Accrued interest 4,875
Other 53,096
TOTAL ASSETS $ 2,043,687
LIABILITIES AND FUND BALANCE
LIABILITIES
Accounts payable $ 83,761
Deposits payable 23,364 _
Total liabilities 107,125
FUND BALANCE
Unreserved 1,936,562
Total fund balance 1,936,562
TOTAL LIABILITIES AND
FUND BALANCE $ 2,043,687
(See independent auditor's report.)
- 59 -
VILLAGE OF OAK BROOK, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE-BUDGET AND ACTUAL
CAPITAL PROJECTS FUND- INFRASTRUCTURE FUND
For the Year Ended December 31, 2001
Variance
Favorable
Budget Actual (Unfavorable)
REVENUES
Intergovernmental- grants $ 404,400 $ 40,338 $ (364,062)
Utility taxes 1,006,000 1,177,590 171,590
Investment income 66,000 128,915 62,915
Total revenues 1,476,400 1,346,843 (129,557)
EXPENDITURES
Capital outlay 3,299,100 2,223,188 1,075,912
Total expenditures 3,299,100 2,223,188 1,075,912
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (1,822,700) (876,345) 946,355
OTHER FINANCING SOURCES (USES)
Operating transfers in 66,000 62,025 (3,975)
_ Total other financing sources (uses) 66,000 62,025 (3,975)
EXCESS (DEFICIENCY)OF REVENUES
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES $ (1,756,700) (814,320) $ 942,380
FUND BALANCE, JANUARY 1 2,725,747
Prior period adjustment 25,135
FUND BALANCE,JANUARY 1,RESTATED 2,750,882
FUND BALANCE, DECEMBER 31 $ 1,936,562
(See independent auditor's report.)
- 60-
PROPRIETARY FUND TYPES
3
6w. '
{
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.
VILLAGE OF OAK BROOK, ILLINOIS
COMBINING BALANCE SHEET-
ENTERPRISE FUNDS
December 31, 2001
Waterworks Sports
System Core Total
ASSETS —
CURRENT ASSETS
Cash and investments $ 4,670,056 $ 164,404 $ 4,834,460 _
Receivables
Billed water sales 55,595 - 55,595
Unbilled water sales 265,506 - 265,506
Accrued interest 11,808 1,632 13,440
Other 2,213 34,464 36,677
Inventories - 185,537 185,537 —
Total current assets 5,005,178 386,037 5,391,215
RESTRICTED ASSETS
Cash and investments - 188,045 188,045
FIXED ASSETS
Property,plant and equipment 17,647,761 18,207,960 35,855,721
Accumulated depreciation (7,830,679) (3,691,997) (11,522,676)
Total fixed assets 9,817,082 14,515,963 24,333,045
OTHER ASSETS
Water purchase rights 1,537,873 - 1,537,873
TOTAL ASSETS $ 16,360,133 $ 15,090,045 $ 31,450,178
- 61 -
Waterworks Sports
System Core Total
LIABILITIES AND FUND EQUITY
CURRENT LIABILITIES
Accounts payable $ 280,185 $ 188,008 $ 468,193
Accrued payroll 16,989 34,372 51,361
Accrued interest payable - 14,218 14,218
Compensated absences payable 18,765 35,555 54,320
Deposits payable - 45,500 45,500
Deferred revenue - 25,384 25,384
Due to other funds - 1,558,375 1,558,375
Installment contracts payable - 225,000 225,000
Capital lease payable - 35,743 35,743
-- Total current liabilities 315,939 2,162,155 2,478,094
LONG-TERM LIABILITIES
Advances from other funds - 1,015,000 1,015,000
Installment contract payable - 1,485,000 1,485,000
Capital lease payable - 38,137 38,137
Total long-term liabilities - 2,538,137 2,538,137
Total liabilities 315,939 4,700,292 5,016,231
FUND EQUITY
Contributed capital - 11,025,590 11,025,590
Retained earnings
Reserved- golf surcharge - 188,045 188,045
Unreserved(deficit) 16,044,194 (823,882) 15,220,312
Total fund equity 16,044,194 10,389,753 26,433,947
TOTAL LIABILITIES AND
-- FUND EQUITY $ 16,360,133 $ 15,090,045 $ 31,450,178
(See independent auditor's report.)
- 62 -
VILLAGE OF OAK BROOK,ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN RETAINED EARNINGS
ENTERPRISE FUNDS
For the Year Ended December 31, 2001
Waterworks Sports
System Core Total
OPERATING REVENUES
Charges for services $ 3,361,238 $ 3,339,477 $ 6,700,715
Miscellaneous 60,148 - 60,148
Total operating revenues 3,421,386 3,339,477 6,760,863
OPERATING EXPENSES
Operation of facilities 3,414,769 3,519,931 6,934,700
Depreciation and amortization 516,158 382,498 898,656
r
Total operating expenses 3,930,927 3,902,429 7,833,356
OPERATING INCOME(LOSS) (509,541) (562,952) (1,072,493)
NONOPERATING REVENUES (EXPENSES)
Investment income 235,430 60,658 296,088 ,
Interest expense - (117,079) (117,079)
Gain(loss) on sale of fixed assets - 752,309 752,309
Total nonoperating revenues (expenses) 235,430 695,888 931,318
NET INCOME(LOSS)BEFORE
OPERATING TRANSFERS (274,111) 132,936 (141,175)
OPERATING TRANSFERS
Operating transfers in - 190,965 190,965
Operating transfers (out) (761,000) - (761,000)
Total operating transfers (761,000) 190,965 (570,035)
NET INCOME(LOSS) (1,035,111) 323,901 (711,210) �.
RETAINED EARNINGS (DEFICIT),JANUARY 1 17,079,305 (959,738) 16,119,567
RETAINED EARNINGS (DEFICIT),DECEMBER 31 $ 16,044,194 $ (635,837) $ 15,408,357
i
(See independent auditor's report.) -
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(This page is intentionally left blank.)
T
�r
VILLAGE OF OAK BROOK, ILLINOIS
COMBINING STATEMENT OF CASH FLOWS
ENTERPRISE FUNDS
For the Year Ended December 31,2001
Waterworks Sports
System Core Total
CASH FLOWS FROM OPERATING ACTIVITIES
Operating income (loss) $ (509,541) $ (562,952) $ (1,072,493) ..
Depreciation and amortization 516,158 382,498 898,656
Adjustments to reconcile operating income _
(loss) to net cash from operating activities
Changes in assets and liabilities
Accounts receivable 12,839 - 12,839
IRMA surplus credit 51,348 75,083 126,431
Other receivable 11,852 (6,072) 5,780
Inventories - (19,102) (19,102) _
Accounts payable 26,990 128,600 155,590
Accrued payroll and compensated absences 2,504 22,007 24,511
Deposits payable - (2,455) (2,455)
r
Deferred revenue - 25,384 25,384
Net cash from operating activities 112,150 42,991 155,141
r.,
CASH FLOWS FROM NON-CAPITAL
FINANCING ACTIVITIES
Borrowings from other funds - 252,650 252,650
Operating transfers in - 190,965 190,965
Operating transfers (out) (761,000) - (761,000) _
Net cash from non-capital
financing activities (761,000) 443,615 (317,385) ,
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Purchase of fixed assets (140,261) (2,002,448) (2,142,709)
Proceeds from sale of fixed assets - 954,868 954,868
Principal paid on note payable - (59,011) (59,011) —.
Principal paid on installment contract payable - (845,000) (845,000)
Principal paid on capital lease payable - (33,501) (33,501)
Interest paid - (121,457) (121,457)
Net cash from capital and
related financing activities (140,261) (2,106,549) (2,246,810)
(This statement is continued on the following page.) —`
- 64 -
VILLAGE OF OAK BROOK, ILLINOIS
-- COMBINING STATEMENT OF CASH FLOWS (Continued)
ENTERPRISE FUNDS
For the Year Ended December 31, 2001
Waterworks Sports
System Core Total
A
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investments $ - $ (2,417) $ (2,417)
Sale of investments 1,043,441 - 1,043,441
Interest received 257,146 59,026 316,172
Net cash from investing activities 1,300,587 56,609 1,357,196
NET INCREASE (DECREASE)IN
CASH AND CASH EQUIVALENTS 511,476 (1,563,334) (1,051,858)
CASH AND CASH EQUIVALENTS,
!' JANUARY 1 2,797,868 1,727,738 4,525,606
CASH AND CASH EQUIVALENTS,
DECEMBER 31 $ 3,309,344 $ 164,404 $ 3,473,748
CASH AND INVESTMENTS
Cash and cash equivalents $ 3,309,344 $ 164,404 $ 3,473,748
Investments(including$188,045 of restricted assets) 1,360,712 188,045 1,548,757
TOTAL CASH AND INVESTMENTS $ 4,670,056 $ 352,449 $ 5,022,505
—
(See independent auditor's report.)
- 65 -
VILLAGE OF OAK BROOK, ILLINOIS
STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS -BUDGET AND ACTUAL
WATERWORKS SYSTEM FUND
For the Year Ended December 31, 2001
Variance
Favorable
Budget Actual (Unfavorable)
OPERATING REVENUES
Charges for services
Water sales $ 3,362,300 $ 3,219,862 $ (142,438)
Unmetered sales 9,000 11,975 2,975
Water tap on charges 40,000 88,477 48,477
Fire service charges - 14,229 14,229 .r
Meter fees and special services 25,000 26,695 1,695
Miscellaneous 45,000 60,148 15,148
Total operating revenues 3,481,300 3,421,386 (59,914)
OPERATING EXPENSES
Operation of facilities 4,142,930 3,414,769 728,161
Depreciation and amortization - 516,158 (516,158)
Total operating expenses 4,142,930 3,930,927 212,003
OPERATING INCOME (LOSS) (661,630) (509,541) 152,089
NONOPERATING REVENUES (EXPENSES)
Investment income 220,000 235,430 15,430 --
Total nonoperating revenues (expenses) 220,000 235,430 15,430
NET INCOME(LOSS)BEFORE
OPERATING TRANSFERS (441,630) (274,111) 167,519
OPERATING TRANSFERS (OUT) (761,000) (761,000) -
NET INCOME (LOSS) $ (1,202,630) (1,035,111) $ 167,519
RETAINED EARNINGS,JANUARY 1 17,079,305
RETAINED EARNINGS,DECEMBER 31 $ 16,044,194
(See independent auditor's report.) '
- 66 -
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF OPERATING EXPENSES -BUDGET AND ACTUAL
WATERWORKS SYSTEM FUND
�- For the Year Ended December 31, 2001
Variance
Favorable
Budget Actual (Unfavorable)
OPERATING EXPENSES EXCLUDING
DEPRECIATION
Operation of facilities
Public works -water operations
Personnel $ 433,210 $ 412,082 $ 21,128
Materials and supplies 89,210 89,205 5
Operation and contractual 2,972,160 2,856,878 115,282
Total public works -water operations 3,494,580 3,358,165 136,415
Capital improvements
Capital outlay 648,350 196,864 451,486
Total capital improvements 648,350 196,864 451,486
-- TOTAL OPERATING EXPENSES EXCLUDING
DEPRECIATION-BUDGETARY BASIS $ 4,142,930 3,555,029 $ 587,901
ADJUSTMENTS TO GAAP BASIS
Capital expenditures (140,260)
Depreciation expense 447,298
' Amortization expense 68,860
Total adjustments to GAAP basis 375,898
TOTAL OPERATING EXPENSES $ 3,930,927
(See independent auditor's report.)
- 67 -
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF FIXED ASSETS AND DEPRECIATION
WATERWORKS SYSTEM FUND
For the Year Ended December 31,2001
Fixed Assets
r
Balances Additions Balances
January 1 and Transfers Retirements December 31
Land and land rights $ 215,800 $ - $ - $ 215,800
Service of supply plant-wells and springs 314,753 - - 314,753
Structure and improvements 737,501 - - 737,501
Electrical pumping equipment 593,137 9,461 - 602,598
Water treatment equipment 8,149 - - 8,149
Distributions,reservoirs,mains and standpipes 14,122,874 79,339 - 14,202,213
Meters and meter installation 1,162,946 - - 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 r
Miscellaneous equipment 117,443 51,461 - 168,904
Intangible plant-organization 11,403 - - 11,403
TOTALS $ 17,507,500 $ 140,261 $ - $ 17,647,761
r
-68 -
Accumulated Depreciation Net
Fixed
Balances Additions Balances Asset
January 1 and Transfers Retirements December 31 Value
$ - $ - $ - $ - $ 215,800
212,368 7,869 - 220,237 94,516
182,421 18,437 - 200,858 536,643
189,932 14,946 - 204,878 397,720
8,149 - - 8,149 -
5,863,099 354,065 - 6,217,164 7,985,049
649,881 41,316 - 691,197 471,749
_ 110,097 4,537 - 114,634 66,838
20,763 - - 20,763 -
.� 20,189 - - 20,189 -
1,070 - - 1,070 -
114,009 6,128 - 120,137 48,767
11,403 - - 11,403 -
$ 7,383,381 $ 447,298 $ - $ 7,830,679 $ 9,817,082
(See independent auditor's report.)
-69-
VILLAGE OF OAK BROOK, ILLINOIS
STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS -BUDGET AND ACTUAL
SPORTS CORE FUND
For the Year Ended December 31, 2001
Variance _
Favorable
Budget Actual (Unfavorable)
OPERATING REVENUES
Charges for services
Golf $ 2,030,960 $ 1,986,828 $ (44,132)
Bath and tennis 367,855 284,295 (83,560)
Food and beverage 1,178,950 1,068,354 (110,596)
Total operating revenues 3,577,765 3,339,477 (238,288)
OPERATING EXPENSES
Golf club 1,405,450 1,366,873 38,577
Bath and tennis 841,777 818,077 23,700
Food and beverage 1,334,985 1,334,981 4
Depreciation - 382,498 (382,498)
Total operating expenses 3,582,212 3,902,429 (320,217)
OPERATING INCOME (LOSS) (4,447 562,952
( ) (558,505)
NONOPERATING REVENUES (EXPENSES) —.
Investment income 32,000 60,658 28,658
Interest expense (1,034,870) (117,079) 917,791
Gain(loss)on sale of fixed assets 2,362,600 752,309 (1,610,291) ._
Total nonoperating revenues(expenses) 1,359,730 695,888 (663,842)
NET INCOME(LOSS)BEFORE
OPERATING TRANSFERS 1,355,283 132,936 (1,222,347)
OPERATING TRANSFERS IN 163,800 190,965 27,165
NET INCOME(LOSS) $ 1,519,083 323,901 $ (1,195,182)
RETAINED EARNINGS (DEFICIT),JANUARY 1 (959,738)
RETAINED EARNINGS (DEFICIT),DECEMBER 31 $ (635,837)
(See independent auditor's report.)
- 70-
VILLAGE OF OAK BROOK, ILLINOIS
^- SCHEDULE OF OPERATING REVENUES - BUDGET AND ACTUAL
SPORTS CORE FUND
For the Year Ended December 31, 2001
Variance
Favorable
Budget Actual (Unfavorable)
CHARGES FOR SERVICES
Golf
Fees $ 1,415,550 $ 1,390,805 $ (24,745)
Golf surcharge 70,500 72,344 1,844
Memberships 330,525 313,734 (16,791)
Merchandise sales 214,385 208,765 (5,620)
Miscellaneous - 1,180 1,180
Total golf 2,030,960 1,986,828 (44,132)
Bath and tennis
_ Fees 115,650 92,236 (23,414)
Memberships 243,305 181,215 (62,090)
Merchandise sales 1,400 2,836 1,436
Miscellaneous 7,500 8,008 508
Total bath and tennis 367,855 284,295 (83,560)
Food and beverage
Food sales 735;200 703,405 (31,795)
Beverage sales 358,350 285,543 (72,807)
Miscellaneous 85,400 79,406 (5,994)
Total food and beverage 1,178,950 1,068,354 (110,596)
TOTAL OPERATING REVENUES $ 3,577,765 $ 3,339,477 $ (238,288)
(See independent auditor's report.)
"' - 71 -
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF OPERATING EXPENSES-BUDGET AND ACTUAL
SPORTS CORE FUND
For the Year Ended December 31,2001 =
Variance
Favorable
Budget Actual (Unfavorable)
OPERATING EXPENSES EXCLUDING
DEPRECIATION
Operations -golf club
Golf club general operations
Personnel $ 360,605 $ 359,885 $ 720
Materials and supplies 213,090 213,089 1
Operation and contractual 153,165 153,160 5
Total golf club general operations 726,860 726,134 726
Golf club range operations
Personnel 51,010 51,006 4
Materials and supplies 11,460 11,458 2
Operation and contractual 2,540 1,519 1,021
Total golf club range operations 65,010 63,983 1,027
Golf cart operations ...
Personnel 23,685 23,074 611
Materials and supplies 2,325 396 1,929
Operation and contractual 42,220 7,943 34,277
Total golf cart operations 68,230 31,413 36,817
Golf course maintenance
Personnel 386,910 386,908 2
Materials and supplies 128,135 128,131 4
Operation and contractual 30,305 30,304 1
Total golf course maintenance 545,350 545,343 7
Total operations-golf club 1,405,450 1,366,873 38,577
Operations-bath and tennis
Sports Core general operations
Personnel 368,510 368,507 3
Materials and supplies 32,785 32,781 4 _
Operation and contractual 136,910 136,905 5
Total Sports Core general operations 538,205 538,193 12
(This schedule is continued on the following page.)
-72- -
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF OPERATING EXPENSES -BUDGET AND ACTUAL(Continued)
SPORTS CORE FUND
For the Year Ended December 31,2001
Variance
Favorable
Budget Actual (Unfavorable)
OPERATING EXPENSES EXCLUDING
DEPRECIATION(Continued)
Operations-bath and tennis(Continued)
Swimming operations
Personnel $ 99,830 $ 95,282 $ 4,548
Materials and supplies 20,830 20,830 -
Operation and contractual 31,430 31,425 5
A
Total swimming operations 152,090 147,537 4,553
Tennis operations-outdoor
Personnel 69,975 69,185 790
Materials and supplies 10,200 9,504 696
Operation and contractual 20,700 20,695 5
Total tennis operations-outdoor 100,875 99,384 1,491
Tennis operations-indoor
Operation and contractual 8,955 8,953 2
Total tennis operations-indoor 8,955 8,953 2
Total operations-bath and tennis 800,125 794,067 6,058
Food and beverage
Personnel 644,165 644,164 1
Materials and supplies 482,305 482,302 3
Operation and contractual 208,515 208,515 -
Total food and beverage 1,334,985 1,334,981 4
Capital outlay 2,044,100 2,026,458 17,642
TOTAL OPERATING EXPENSES -BUDGETARY BASIS $ 5,584,660 $ 5,522,379 $ 62,281
ADJUSTMENTS TO GAAP BASIS
Capital expenditures (2,002,448)
Depreciation expense 382,498
Total adjustments to GAAP basis (1,619,950)
TOTAL OPERATING EXPENSES $ 3,902,429
(See independent auditor's report.)
-73 -
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF FIXED ASSETS AND DEPRECIATION
SPORTS CORE FUND
For the Year Ended December 31,2001
Fixed Assets
Balances Additions Balances
January 1 and Transfers Retirements December 31
Land $ 8,292,249 $ - $ 123,305 $ 8,168,944
Land improvements-golf 2,636,816 21,511 - 2,658,327
Land improvements-bath and tennis 151,611 - - 151,611
Buildings-golf 1,991,117 7,000 - 1,998,117 --
Buildings-bath and tennis 2,272,970 1,820,788 330,000 3,763,758
Machinery and equipment-golf 974,053 65,007 40,470 998,590
Machinery and equipment-bath and tennis 153,865 182,404 16,384 319,885
Computer equipment 21,367 - - 21,367
Construction in progress-golf - - - �.
Construction in progress-bath and tennis 204,562 20,540 114,803 110,299
Vehicles 26,947 - 9,885 17,062
TOTALS $ 16,725,557 $ 2,117,250 $ 634,847 $ 18,207,960
s
-74-
Accumulated Depreciation Net
Fixed
Balances Additions Balances Asset
January 1 and Transfers Retirements December 31 Value
$ - $ - $ - $ - $ 8,168,944
1,164,367 106,685 - 1,271,052 1,387,275
151,611 - - 151,611 -
347,108 49,362 - 396,470 1,601,647
1,368,920 98,225 264,000 1,203,145 2,560,613
445,150 104,548 36,692 513,006 485,584
113,701 22,244 6,909 129,036 190,849
21,367 - - 21,367 -
- - - - 110,299
14,761 1,434 9,885 6,310 10,752
$ 3,626,985 $ 382,498 $ 317,486 $ 3,691,997 $ 14,515,963
(See independent auditor's report.)
'" -75 -
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, 2001
Self Capital
Insurance Garage Replacement Total
ASSETS
CURRENT ASSETS
Cash and investments $ 165,048 $ 246,760 $ 3,066,279 $ 3,478,087
Receivables
Utility taxes - - 26,736 26,736
Accrued interest - 553 6,504 7,057
Other - 52 - 52
Inventories - 35,175 - 35,175
Total current assets 165,048 282,540 3,099,519 3,547,107
FIXED ASSETS
Equipment - 136,477 4,000,346 4,136,823
Less accumulated depreciation - (118,307) (2,300,640) (2,418,947)
Net fixed assets - 18,170 1,699,706 1,717,876
TOTAL ASSETS $ 165,048 $ 300,710 $ 4,799,225 $ 5,264,983
LIABILITIES AND FUND EQUITY
CURRENT LIABILITIES
Accounts payable $ - $ 16,489 $ - $ 16,489
Accrued payroll - 4,136 - 4,136
Compensated absences payable - 8,434 - 8,434
Claims payable 192,700 - - 192,700
Total current liabilities 192,700 29,059 - 221,759
FUND EQUITY
Retained earnings-
unreserved(deficit) (27,652) 271,651 4,799,225 5,043,224
Total fund equity (27,652) 271,651 4,799,225 5,043,224
TOTAL LIABILITIES AND
FUND EQUITY $ 165,048 $ 300,710 $ 4,799,225 $ 5,264,983
(See independent auditor's report.)
-76-
VILLAGE OF OAK BROOK,ILLINOIS
COMBINING STATEMENT OF REVENUES,EXPENSES
AND CHANGES IN RETAINED EARNINGS
INTERNAL SERVICE FUNDS
For the Year Ended December 31,2001
Self Capital
Insurance Garage Replacement Total
OPERATING REVENUES
Charges for services $ 1,493,778 $ 444,100 $ 435,765 $ 2,373,643
Total operating revenues 1,493,778 444,100 435,765 2,373,643
OPERATING EXPENSES
Claims and insurance 1,413,763 - - 1,413,763
Garage operations - 370,754 - 370,754
Miscellaneous - - 8,053 8,053
Depreciation - 8,642 309,991 318,633
Total operating expenses 1,413,763 379,396 318,044 2,111,203
OPERATING INCOME 80,015 64,704 117,721 262,440
_ NONOPERATING REVENUES(EXPENSES)
Investment income 4,200 12,147 146,675 163,022
Utility taxes - - 28,346 28,346
Total nonoperating revenues(expenses) 4,200 12,147 175,021 191,368
NET INCOME BEFORE OPERATING TRANSFERS 84,215 76,851 292,742 453,808
OPERATING TRANSFERS(OUT) - (20,395) - (20,395)
NET INCOME 84,215 56,456 292,742 433,413
RETAINED EARNINGS(DEFICIT),JANUARY 1 (111,867) 215,195 4,506,483 4,609,811
RETAINED EARNINGS(DEFICIT),DECEMBER 31 $ (27,652) $ 271,651 $ 4,799,225 $ 5,043,224
(See independent auditor's report.)
-77-
i
VILLAGE OF OAK BROOK,ILLINOIS
i
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
For the Year Ended December 31,2001
Self Capital
Insurance Garage Replacement Total
CASH FLOWS FROM OPERATING ACTIVITIES
i
Operating income $ 80,015 $ 64,704 $ 117,721 $ 262,440
Depreciation - 8,642 309,991 318,633
Adjustments to reconcile operating income
(loss)to net cash from operating activities
Changes in assets and liabilities
Accounts receivable 4,874 (52) (26,736) (21,914)
Inventories - 6,620 - 6,620
Accounts payable (600) (10,465) - (11,065)
Accrued payroll and compensated absences - 2,551 - 2,551
Claims payable 18,700 - - 18,700
Net cash from operating activities 102,989 72,000 400,976 575,965
CASH FLOWS FROM NON-CAPITAL
FINANCING ACTIVITIES
Utility taxes - - 28,346 28,346
Operating transfers(out) - (20,395) - (20,395)
Net cash from non-capital
financing activities - (20,395) 28,346 7,951
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Purchase of fixed assets - (7,665) (264,223) (271,888)
Net cash from capital and
related financing activities - (7,665) (264,223) (271,888)
CASH FLOWS FROM INVESTING ACTIVITIES .�
Sale of investments 41,217 41,749 482,115 565,081
Interest received 4,775 13,096 157,254 175,125
Net cash from investing activities 45,992 54,845 639,369 740,206
NET INCREASE(DECREASE)IN
CASH AND CASH EQUIVALENTS 148,981 98,785 804,468 1,052,234
CASH AND CASH EQUIVALENTS,
JANUARY 1 16,067 84,824 1,518,759 1,619,650
CASH AND CASH EQUIVALENTS,
DECEMBER 31 $ 165,048 $ 183,609 $ 2,323,227 $ 2,671,884
i
CASH AND INVESTMENTS
Cash and cash equivalents $ 165,048 $ 183,609 $ 2,323,227 $ 2,671,884
Investments - 63,151 743,052 806,203
TOTAL CASH AND INVESTMENTS $ 165,048 $ 246,760 $ 3,066,279 $ 3,478,087
(See independent auditor's report.)
-78-
VILLAGE OF OAK BROOK, ILLINOIS
STATEMENT OF REVENUES,EXPENSES AND
CHANGES IN RETAINED EARNINGS-BUDGET AND ACTUAL
SELF-INSURANCE FUND
For the Year Ended December 31,2001
Variance
Favorable
Budget Actual (Unfavorable)
OPERATING REVENUES
Charges for services $ 1,547,950 $ 1,493,778 $ (54,172)
Total operating revenues 1,547,950 1,493,778 (54,172)
OPERATING EXPENSES
Claims and insurance
Insurance and administration 233,470 222,896 10,574
Health claims 1,140,000 1,082,140 57,860
Dental claims 130,200 108,727 21,473
Total operating expenses 1,503,670 1,413,763 89,907
OPERATING INCOME 44,280 80,015 35,735
NONOPERATING REVENUES (EXPENSES)
Investment income 10,000 4,200 (5,800)
Total nonoperating revenues(expenses) 10,000 4,200 (5,800)
NET INCOME $ 54,280 84,215 $ 29,935
RETAINED EARNINGS (DEFICIT),JANUARY 1 (111,867)
RETAINED EARNINGS (DEFICIT),DECEMBER 31 $ (27,652)
(See independent auditor's report.)
-79-
VILLAGE OF OAK BROOK,ILLINOIS
STATEMENT OF REVENUES,EXPENSES AND
CHANGES IN RETAINED EARNINGS-BUDGET AND ACTUAL
GARAGE FUND
For the Year Ended December 31,2001
Variance
Favorable
Budget Actual (Unfavorable)
OPERATING REVENUES
Charges for services $ 444,100 $ 444,100 $ -
Total operating revenues 444,100 444,100
OPERATING EXPENSES EXCLUDING
DEPRECIATION _
Garage operations
Personnel 142,465 142,462 3
Materials and supplies 245,445 214,393 31,052
Operations and contractual 6,040 5,154 886
Capital outlay 25,800 16,410 9,390
Total operating expenses
excluding depreciation 419,750 378,419 41,331
OPERATING INCOME 24,350 65,681 41,331
NONOPERATING REVENUES (EXPENSES)
Investment income 9,900 12,147 2,247
Total nonoperating revenues(expenses) 9,900 12,147 2,247
NET INCOME BEFORE OPERATING TRANSFERS 34,250 77,828 43,578 -
OPERATING TRANSFERS (OUT) (20,395) (20,395) -
NET INCOME-BUDGETARY BASIS $ 13,855 57,433 $ 43,578
ADJUSTMENTS TO GAAP BASIS
Capital expenditures 7,665
Depreciation expense (8,642)
Total adjustments to GAAP basis (977)
NET INCOME- GAAP BASIS 56,456
RETAINED EARNINGS,JANUARY 1 215,195
RETAINED EARNINGS,DECEMBER 31 $ 271,651
(See independent auditor's report.)
-80-
VILLAGE OF OAK BROOK,ILLINOIS
STATEMENT OF REVENUES,EXPENSES AND
CHANGES IN RETAINED EARNINGS -BUDGET AND ACTUAL
CAPITAL REPLACEMENT FUND
For the Year Ended December 31,2001
Variance
Favorable
Budget Actual (Unfavorable)
OPERATING REVENUES
Charges for services $ 448,725 $ 435,765 $ (12,960)
Total operating revenues 448,725 435,765 (12,960)
OPERATING EXPENSES EXCLUDING
DEPRECIATION
-- Capital outlay 481,460 272,276 209,184
Total operating expenses
excluding depreciation 481,460 272,276 209,184
OPERATING INCOME(LOSS) (32,735) 163,489 196,224
NONOPERATING REVENUES (EXPENSES)
Investment income 137,500 146,675 9,175
Utility taxes - 28,346 28,346
Total nonoperating revenues(expenses) 137,500 175,021 37,521
NET INCOME-BUDGETARY BASIS $ 104,765 338,510 $ 233,745
ADJUSTMENTS TO GAAP BASIS
Capital expenditures 264,223
Depreciation expense (309,991)
'— Total adjustments to GAAP basis (45,768)
NET INCOME-GAAP BASIS 292,742
RETAINED EARNINGS,JANUARY 1 4,506,483
RETAINED EARNINGS,DECEMBER 31 $ 4,799,225
(See independent auditor's report.)
'" - 81 -
7
lr.
6..
FIDUCIARY FUND TYPES
6.
L
6.
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 BALANCE SHEET
TRUST AND AGENCY FUNDS
December 31, 2001
Pension Trust Funds _
Police Firefighter's
Pension Pension Total
ASSETS
Cash $ 295,668 $ 173,632 $ 469,300
Investments
Illinois Funds 23,139 394,884 418,023
Certificates of Deposit - 1,476,000 1,476,000
U.S. Treasury Securities 5,132,265 3,083,211 8,215,476
U.S. Agency Securities 7,883,439 4,260,188 12,143,627
State and Local Obligations 835,562 - 835,562
Mutual Funds 6,184,676 7,352,483 13,537,159
Insurance Contracts - 652,075 652,075
Accrued interest receivable 141,320 105,086 246,406
TOTAL ASSETS $ 20,496,069 $ 17,497,559 $ 37,993,628
LIABILITIES AND FUND BALANCES
LIABILITIES
Accounts payable $ - $ 10,313 $ 10,313 _
Total liabilities - 10,313 10,313
FUND BALANCES
Reserved 20,496,069 17,487,246 37,983,315
TOTAL LIABILITIES AND
FUND BALANCES $ 20,496,069 $ 17,497,559 $ 37,993,628
(See independent auditor's report.)
- 82 -
VILLAGE OF OAK BROOK, ILLINOIS
COMBINING STATEMENT OF CHANGES IN PLAN NET ASSETS
PENSION TRUST FUNDS
For the Year Ended December 31, 2001
Police Firefighter's
Pension Pension Total
ADDITIONS
Contributions
Employer contributions $ 271,765 $ 357,272 $ 629,037
Employee contributions 233,998 170,038 404,036
Total contributions 505,763 527,310 1,033,073
Investment income
Net appreciation(depreciation)
in fair value of investments (414,777) (594,761) (1,009,538)
Interest 705,142 408,091 1,113,233
Total investment income 290,365 (186,670) 103,695
Less investment expense (35,079) (45,289) (80,368)
Net investment income 255,286 (231,959) 23,327
Total additions 761,049 295,351 1,056,400
w
DEDUCTIONS
_ Benefits and refunds 679,234 825,216 1,504,450
Administrative 33,903 33,520 67,423
Total deductions 713,137 858,736 1,571,873
NET INCREASE (DECREASE) 47,912 (563,385) (515,473)
NET ASSETS HELD IN TRUST
FOR PENSION BENEFITS
January 1 20,448,157 18,050,631 38,498,788
December 31 $ 20,496,069 $ 17,487,246 $ 37,983,315
(See independent auditor's report.)
- 83 -
VILLAGE OF OAK BROOK, ILLINOIS
STATEMENT OF CHANGES IN PLAN NET ASSETS - BUDGET AND ACTUAL
POLICE PENSION FUND
For the Year Ended December 31, 2001
i
Budget Actual Variance
ADDITIONS
Contributions
Employer contributions $ 298,200 $ 271,765 $ (26,435)
Employee contributions 252,800 233,998 (18,802)
Total contributions 551,000 505,763 (45,237)
Investment income
Net appreciation(depreciation)
in fair value of investments - (414,777) (414,777)
Interest 1,470,000 705,142 (764,858) Ak
Total investment income 1,470,000 290,365 (1,179,635)
Less investment expense (35,000) (35,079) 79
Net investment income 1,435,000 255,286 (1,179,556)
Total additions 1,986,000 761,049 (1,224,793)
DEDUCTIONS
Benefits and refunds 710,000 679,234 30,766
Administrative 28,425 33,903 (5,478)
Total deductions 738,425 713,137 25,288
NET INCREASE(DECREASE) $ 1,247,575 47,912 $ (1,199,505)
NET ASSETS HELD IN TRUST
FOR PENSION BENEFITS
January 1 20,448,157
December 31 $ 20,496,069
(See independent auditor's report.)
- 84 -
VILLAGE OF OAK BROOK, ILLINOIS
STATEMENT OF CHANGES IN PLAN NET ASSETS -BUDGET AND ACTUAL
FIREFIGHTERS' PENSION FUND
For the Year Ended December 31, 2001
Budget Actual Variance
ADDITIONS
Contributions
Employer contributions $ 339,295 $ 357,272 $ 17,977
Employee contributions 173,900 170,038 (3,862)
Total contributions 513,195 527,310 14,115
Investment income
Net appreciation(depreciation)
in fair value of investments - (594,761) (594,761)
Interest 1,400,000 408,091 (991,909)
Total investment income 1,400,000 (186,670) (1,586,670)
Less investment expense (49,000) (45,289) (3,711)
-- Net investment income 1,351,000 (231,959) (1,590,381)
Total additions 1,864,195 295,351 (1,576,266)
DEDUCTIONS
Benefits and refunds 852,985 825,216 27,769
Administrative 30,940 33,520 (2,580)
Total deductions 883,925 858,736 25,189
NET INCREASE(DECREASE) $ 980,270 (563,385) $ (1,551,077)
NET ASSETS HELD IN TRUST
FOR PENSION BENEFITS
January 1 18,050,631
December 31 $ 17,487,246
(See independent auditor's report.)
- 85 -
;
ACCOUNT GROUP
two
ism
4.
L
M.r ,
L.
GENERAL FIXED ASSETS ACCOUNT GROUP
General Fixed Assets Account Group - to account for fixed assets not accounted for in
Proprietary or Trust Funds.
VILLAGE OF OAK BROOK, ILLINOIS
SCHEDULE OF GENERAL FIXED ASSETS - BY SOURCE
r
GENERAL FIXED ASSETS ACCOUNT GROUP
December 31, 2001 ..
GENERAL FIXED ASSETS
Land $ 616,829
Buildings and improvements 4,646,669
Other equipment 2,071,221
Computer equipment 1,525,113
Construction in progress 8,231,696
TOTAL GENERAL FIXED ASSETS $ 17,091,528
INVESTMENT IN GENERAL FIXED ASSETS
Current revenues $ 12,003,831
Proceeds of indebtedness 4,162,755
Gifts 924,942
TOTAL INVESTMENT IN
GENERAL FIXED ASSETS $ 17,091,528
r
(See independent auditor's report.)
- 86 -
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF GENERAL FIXED ASSETS-BY FUNCTION AND ACTIVITY
GENERAL FIXED ASSETS ACCOUNT GROUP
December 31,2001
w
Construction
Buildings and Other Computer In
Land Improvements Equipment Equipment Progress Totals
GENERAL GOVERNMENT
Board of trustees $ 616,829 $ 78,536 $ 7,508 $ - $ - $ 702,873
Village clerk - 1,756,130 19,716 - - 1,775,846
General management - 642,836 55,145 - 3,593,661 4,291,642
General services - 8,225 - - 8,225
Emergency management - - 12,156 - - 12,156
Village communication center - - 95,980 - - 95,980
Purchasing and grants - - 941 - - 941
Information services - 2,257 - 1,525,113 - 1,527,370
Financial services - - 21,512 - - 21,512
Engineering - - 46,737 - - 46,737
Total general government 616,829 2,479,759 267,920 1,525,113 3,593,661 8,483,282
PUBLIC SAFETY
Police department - 126,382 616,503 - - 742,885
Fire department - 819,552 89.7,477 - - 1,717,029
Total public safety - 945,934 1,513,980 - - 2,459,914
s„ PUBLIC WORKS
Administrative - 682,409 14,977 - - 697,386
Street maintenance - 268,144 170,438 - - 438,582
Forestry - - 65,335 - - 65,335
Total public works - 950,553 250,750 - - 1,201,303
R� CULTURE AND RECREATION
Library - 270,423 38,571 - 4,638,035 4,947,029
Total culture and recreation - 270,423 38,571 - 4,638,035 4,947,029
TOTAL GENERAL
FIXED ASSETS $ 616,829 $ 4,646,669 $ 2,071,221 $ 1,525,113 $ 8,231,696 $ 17,091,528
_ (See independent auditor's report.)
-87-
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS -BY FUNCTION AND ACTIVITY
GENERAL FIXED ASSETS ACCOUNT GROUP
For the Year Ended December 31,2001
Balance Balance
January 1 Additions Deletions December 31
GENERAL GOVERNMENT
Board of trustees $ 702,873 $ - $ - $ 702,873
Village clerk 20,916 - - 20,916
General management 2,525,380 - 72,469 2,452,911
General services 8,225 - - 8,225
Emergency management 12,156 - - 12,156
Village communication center 90,980 5,000 - 95,980
Purchasing and grants 941 - - 941
Information services 1,350,862 195,053 18,545 1,527,370
Financial services 21,512 - - 21,512
Engineering 30,487 16,250 - 46,737
Total general government 4,764,332 216,303 91,014 4,889,621
PUBLIC SAFETY
Police department 764,310 - 21,425 742,885
Fire department 1,653,610 71,876 8,457 1,717,029
Total public safety 2,417,920 71,876 29,882 2,459,914
-PUBLIC WORKS '-
Administrative 695,845 5,299 3,758 697,386
Street maintenance 420,582 18,000 - 438,582
Forestry 65,335 - - 65,335
Total public works 1,181,762 23,299 3,758 1,201,303
r
CONSTRUCTION IN PROGRESS
Village hall 527,045 3,066,616 - 3,593,661
New library 832,546 3,805,489 - 4,638,035
Total construction in progress 1,359,591 6,872,105 - 8,231,696
CULTURE AND RECREATION
Library 285,417 23,577 - 308,994
Total culture and recreation 285,417 23,577 - 308,994
TOTAL GENERAL
FIXED ASSETS $ 10,009,022 $ 7,207,160 $ 124,654 $ 17,091,528
(See independent auditor's report.)
- 88 -
STATISTICAL SECTION
i
tow
VILLAGE OF OAK BROOK,ILLINOIS
GENERAL GOVERNMENTAL REVENUES BY SOURCE
Last Ten Fiscal Years
Fiscal Year 1993 1993* 1994 1995 1996 1997 1998 1999 2000 2001
Intergovernmental $ 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 $ 10,665,042
Property taxes 963,125 846,501 549,482 5,410 - - - - - -
Utility taxes 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 3,351,774
Hotel/motel taxes 210,066 163,784 235,606 274,041 290,198 312,383 330,953 338,951 353,692 308,101
Licenses and permits 353,747 261,461 322,779 477,624 374,617 404,998 391,789 432,724 623,858 324,131
Service charges 584,727 498,440 293,743 336,146 423,139 305,137 364,650 425,752 389,557 374,409
Fines and penalties 238,858 135,419 280,339 220,593 211,809 214,086 222,239 198,769 223,462 300,311
Investment income 173,404 171,420 426,127 713,992 784,652 983,733 1,043,142 849,568 1,347,175 1,135,564
Miscellaneous 81,625 189,205 233,836 253,327 296,482 246,490 603,548 665,606 1,679,561 497,185
TOTAL REVENUES $ 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 $ 16,956,517
*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
-89-
VILLAGE OF OAK BROOK,ILLINOIS
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION
Last Ten Fiscal Years
Fiscal Year 1993 1993* 1994 1995 1996 1997 1998 1999 2000 2001
General government $ 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 $ 11,569,493
Public safety 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 8,976,293
Public works 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 3,782,110
Culture and recreation 418,978 264,471 462,781 539,734 726,820 1,010,800 1,056,802 1,144,361 1,104,942 1,245,024
Debt service 959,375 944,820 944,821 - - - - - - -
TOTAL EXPENDITURES $ 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 $ 25,572,920
*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
-90-
—
VILLAGE OF OAK BROOK, ILLINOIS
PROPERTY TAX LEVIES AND COLLECTIONS
Last Ten Fiscal Years
Percent
Tax Total Total of Total Tax
Fiscal Levy Tax Tax Collections to
Year Year Levy Collection Tax Levy
._ 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
2001 2000 - - 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
—
""
- 91 -
VILLAGE OF OAK BROOK, ILLINOIS
ASSESSED AND ESTIMATED ACTUAL VALUE
OF TAXABLE PROPERTY
Last Ten Levy Years
Real Property Ratio of
Estimated Total Assessed
Tax Assessed Actual Value to
Levy Value Value Total Estimated
Year (in thousands) (in thousands) Actual Value
1991 $ 855,836 $ 2,567,508 33.33
1992 878,225 2,634,675 33.33
1993 875,114 2,625,342 33.33
1994 887,591 2,662,773 33.33
1995 905,788 2,717,364 33.33
1996 938,948 2,816,844 33.33
1997 972,447 2,917,341 33.33
1998 1,005,097 3,015,291 33.33
1999 1,045,985 3,137,955 33.33
2000 1,100,468 3,301,404 33.33
i
Data Source
Office of the County Clerk
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VILLAGE OF OAK BROOK,ILLINOIS
PROPERTY TAX RATES-DIRECT AND OVERLAPPING GOVERNMENTS
Last Ten Levy Years
Tax Levy Year 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000
Tax Rates
Village of Oak Brook 0.0994 0.0977 0.0641 - - - - - - -
Basic Town 0.8354 0.8171 0.8348 0.8089 0.7141 0.6095 0.6072 0.5834 0.5601 0.5379
Junior College#502 0.2085 0.2087 0.2058 0.2068 0.2062 0.2053 0.2042 0.2027 0.2006 0.1966
Grade School#53 0.9923 1.0248 1.0683 1.0763 1.0605 1.0458 1.0362 1.0237 0.9862 0.9689
High School#86 1.6855 1.6595 1.6406 1.6122 1.5907 1.4944 1.4885 1.5258 1.4881 1.4367
Oak Brook Park District 0.2037 0.2051 0.2098 0.2064 0.2045 0.1997 0.1932 0.1911 0.1877 0.1674
Hinsdale Sanitary District 0.0080 - - - - - - - -
TOTAL TAX RATES 4.0328 4.0129 4.0234 3.9106 3.7760 3.5547 3.5293 3.5267 3.4227 3.3075
NOTE:Includes all county,forest preserve and water commission rates. Property tax rates are per$100 of assessed valuation.
Data Source
Office of the County Clerk
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VILLAGE OF OAK BROOK,ILLINOIS
RATIO OF NET GENERAL OBLIGATION BONDED DEBT TO ASSESSED VALUE
AND NET GENERAL OBLIGATION BONDED DEBT PER CAPITA
Last Ten Fiscal Years
Fiscal Year 1993 1993* 1994 1995 1996 1997 1998 1999 2000 2001
(1)Population 9,087 9,087 9,087 9,087 9,087 9,087 9,087 9,087 8,702 8,702
(2)Assessed value $ 878,225 $ 878,225 $ 875,114 $ 887,591 $ 905,788 $ 938,948 $ 972,447 $ 1,005,097 $ 1,045,985 $ 1,100,468
(3)Gross general obligation
bonded debt 2,650,000 1,800,000 900,000 - - - - - - -
(3)Less debt service funds 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 assessed value 274.17% 175.22% 72.51% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net general
bonded debt per capita $ 264.98 $ 169.35 $ 69.83 $ - $ - $ - $ - $ - $ - $ -
*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)U.S.Department of Commerce,Bureau of Census
(2)Office of the County Clerk
(3)Village Records
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I
VILLAGE OF OAK BROOK, ILLINOIS
SCHEDULE OF DIRECT AND OVERLAPPING BONDED DEBT
December 31, 2001
*Percentage
(1) of Debt (3)
Gross Applicable to **Government's
Governmental Unit Bonded Debt Government Share of Debt
a
Village of Oak Brook $ - 100.00 $ -
DuPage County 222,260,000 4.61 10,250,958
DuPage Forest Preserve 245,971,835 4.61 11,344,583
DuPage Water Commission 101,915,000 4.84 4,936,131
Park Districts 345,000 11.43 39,446
Elementary School Districts 41,798,000 5.59 2,336,892
—
High School Districts 79,323,370 6.53 5,176,838
Unit District 205 40,200,000 7.68 3,087,646
TOTAL $ 731,813,205 $ 37,172,494
* Determined by ratio of assessed value of property subject to taxation in overlapping
unit to value of property subject to taxation in the Village of Oak Brook, Illinois.
** Amount in column (2) multiplied by amount in column(1).
Totals may not be exact due to rounding.
Data Source
Office of the County Clerk
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VILLAGE OF OAK BROOK,ILLINOIS
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL BONDED DEBT
TO TOTAL GENERAL GOVERNMENTAL EXPENDITURES
Last Ten Fiscal Years
Fiscal Year 1993 1993* 1994 1995 1996 1997 1998 1999 2000 2001
Principal $ 850,000 $ 900,000 $ 900,000 $ - $ - $ - $ - $ - $ - $ -
Interest 109,375 44,100 44,821 - - - - - - -
TOTAL DEBT SERVICE $ 959,375 $ 944,100 $ 944,821 $ - $ - $ - $ - $ - $ - $ -
TOTAL GENERAL
GOVERNMENTAL
EXPENDITURES $ 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 $ 25,572,920
RATIO OF DEBT SERVICE
TO GENERAL
GOVERNMENTAL
EXPENDITURES 7.53% 11.76% 7.20% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
*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
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VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF BOND COVERAGE
WATERWORKS SYSTEM BONDS
Last Ten Fiscal Years
Fiscal Year 1993 1993* 1994 1995 1996 1997 1998 1999 2000 2001
Gross revenue $ 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 $ 3,421,386
Expenses 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 3,930,927
NET REVENUE AVAILABLE
FOR DEBT SERVICE $ 1,126,406 $ 491,295 $ 662,214 $ 145,732 $ (372,972) $ 163,779 $ 147,287 $ (407,365) $ (370,901) $ (509,541)
DEBT SERVICE REQUIREMENTS
Principal $ 225,000 $ - $ 225,000 $ 250,000 $ 275,000 $ - $ - $ $ - $ -
Interest 32,700 16,350 26,850 16,000 5,500 - - - -
TOTAL DEBT SERVICE $ 257,700 $ 16,350 $ 251,850 $ 266,000 $ 280,500 $ - $ - $ $ - $ -
COVERAGE 4.37 30.05 2.63 0.55 (1.33) - - - -
*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
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VILLAGE OF OAK BROOK, ILLINOIS
DEMOGRAPHIC STATISTICS
December 31,2001
(2) (2)
Per (2) 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)U.S. Census Bureau
(2)Illinois Department of Bureau of Labor Statistics
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VILLAGE OF OAK BROOK, ILLINOIS
PROPERTY VALUE AND CONSTRUCTION
Last Ten Fiscal Years
Commercial Residential
Property Construction Construction
'- Fiscal Value Number Value Number Value
Year (In Thousands) of Units (In Thousands) of Units (In Thousands)
1993 $ 2,634,675 - $ - 14 $ 13,815
1993* 2,634,675 1 1,753 11 5,114
1994 2,625,342 2 2,602 22 15,834
1995 2,662,773 2 4,000 10 10,000
1996 2,717,364 2 12,345 22 14,035
1997 2,816,844 2 7,980 22 11,533
1998 2,917,341 4 16,655 32 20,047
1999 3,015,291 5 29,983 22 9,894
2000 3,137,955 1 2,000 37 31,587
2001 3,301,404 2 16,246 37 27,972
* 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
(1)Village Records
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—
VILLAGE OF OAK BROOK, ILLINOIS
—
PRINCIPAL TAXPAYERS
December 31, 2001
Percentage
2000 of Total
—
Assessed Assessed
Taxpayers Type of Business Valuation Valuation
Oak Brook Urban Venture Shopping Center $ 75,320,860 6.84%
McDonald's Corporation Office Buildings 40,870,210 3.71%
Metlife Life Insurance 19,429,990 1.77%
T. Kemp Archon Group Office Buildings 17,834,690 1.62%
SFERS Real Estate Group Executive Towers 14,554,260 1.32%
Prime Group Realty Trust Office Buildings 13,970,080 1.27% ..,
Carramerica Office Buildings 12,465,110 1.13%
CTF Hotels and Resorts Hotel 11,259,090 1.02%
Equity Office Property Office Building 10,962,580 0.99%
Jones, Lang, LaSalle Hotel/Office Building 9,874,470 0.90%
$ 226,541,340 20.57%
Data Source
Office of the County Clerk
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VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF INSURANCE IN FORCE
December 31,2001
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
Contingent Business
Interruption Insurance
for Loss of Sales Tax Revenues Intergovernmental Risk Management Agency 12/31/01 7,000,000
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 contribution to this cooperative agency was determined
by the pro rata share for each municipality's audited 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 31,2001,IRMA members
totaled 72 municipalities.
Data Source
Village Records
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VILLAGE OF OAK BROOK,ILLINOIS
MISCELLANEOUS STATISTICS
December 31,2001
Date of Incorporation February 21, 1958
Form of Government Seven-member Board of Trustees, including President: _
Village Manager appointed by Board of Trustees
Area 8.5 Square Miles
i
Miles of Streets 55 miles
Number of Street Lights 565
Fire Protection
Number of stations 2
Number of firefighters 35
Number of paid on call.firefighters 7
Police Protection
Number of stations 1
Number of policemen and officers 44
Detention facilities
Juvenile 2
Adult 2
Education(Elementary Only)
Attendance centers 2
Number of teachers 79
Number of students 535
Municipal Water Department
Number of customers 5,490
Total water pumped(in thousands) 1,487,000 gallons ...
Average daily consumption 4.073 million gallons
Miles of water mains 79
Building permits issued 578
Recreation
Oak Brook Sports Core-
265 acres including Bath and Tennis club and 18 hole golf course
Oak Brook Park District
110 acres including indoor tennis, outdoor tennis, and recreation and aquatics center
DuPage County Forest Preserve
390 acres
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r.
VILLAGE OF OAK BROOK, ILLINOIS
MISCELLANEOUS STATISTICS (Continued)
December 31,2001
Culture
Number of libraries 1
Number of books, audiovisual materials, and other collection items 70,238
Census data
1960 324
_ 1970 4,164
1975 5,281
1980 6,641
1984 7,263
1990 9,087
2000 8702
Employees
Full-time 160
Part-time/seasonal 257
Data Source
Village Records
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