CAFR (Year Ended December 31, 2002) I�
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... NMLGE OF.OAK BROOK
CIAL REPORT
-` For fie Ym End December 1, 2002
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VILLAGE OF OAK BROOK, ILLINOIS
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
For the Year Ended
December 31, 2002
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Prepared by the Finance Department
Darrell J. Langlois
Finance Director/Treasurer
VILLAGE OF OAK BROOK, ILLINOIS
TABLE OF CONTENTS
Page(s)
INTRODUCTORY SECTION
'-
Principal Officials i
OrganizationChart............................................................................................................ ii
Certificate of Achievement for
Excellence in Financial Reporting..................................................................................
Letter of Transmittal from the Finance Director/Treasurer .............................................. iv-xi
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 -
.. Pension Trust Funds................................................................................................... 13
Notes to Financial Statements...................................................................................... 14-37
REQUIRED SUPPLEMENTARY INFORMATION
7 Schedule of Funding Progress
Illinois Municipal Retirement Fund........................................................................ 38
PolicePension Fund................................................................................................ 39
Firefighters' Pension Fund...................................................................................... 40
Schedule of Employer Contributions
Illinois Municipal Retirement Fund........................................................................ 41
PolicePension Fund................................................................................................ 42
Firefighters' Pension Fund...................................................................................... 43
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........................................................................ 44 -•
Schedule of Revenues - Budget and Actual............................................................ 45
Schedule of Expenditures - Budget and Actual....................................................... 46-54
SPECIAL REVENUE FUNDS
Combining Balance Sheet....................................................................................... 55
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances -Budget and Actual...................................................................... 56-57 -`
CAPITAL PROJECTS FUND -INFRASTRUCTURE FUND
BalanceSheet.......................................................................................................... 58
Schedule of Revenues, Expenditures and Changes in
Fund Balance -Budget and Actual........................................................................ 59
ENTERPRISE FUNDS
Combining Balance Sheet....................................................................................... 60-61
Combining Statement of Revenues, Expenses and Changes in
Retained Earnings.................................................................................................. 62
Combining Statement of Cash Flows...................................................................... 63-64
Waterworks System Fund
Statement of Revenues, Expenses and Changes in
Retained Earnings - Budget and Actual.....................................
Schedule of Operating Expenses - Budget and Actual....................................... 66
Schedule of Fixed Assets and Accumulated Depreciation................................. 67-68
Sports Core Fund
Combining Statement of Revenues, Expenses and Changes in
Retained Earnings -Budget and Actual.............................: y
Schedule of Operating Revenues - Budget and Actual....................................... 70
Schedule of Operating Expenses - Budget and Actual....................................... 71-72
Schedule of Fixed Assets and Accumulated Depreciation................................. 73-74
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
Combining Statement of Revenues, Expenses and Changes in
RetainedEarnings.................................................................................................. 76
Combining Statement of Cash Flows...................................................................... 77
Statement of Revenues, Expenses and Changes in
Retained Earnings - Budget and Actual
Self-Insurance Fund............................................................................................ 78
GarageFund....................................................................................................... 79
Capital Replacement Fund.................................................................................. 80
TRUST AND AGENCY FUNDS
Combining Statement of Plan Net Assets -
Trustand Agency Funds........................................................................................ 81
Combining Statement of Changes in Plan Net Assets -
PensionTrust Funds.............................................................................................. 82
Statement of Changes in Plan Net Assets-
Budget and Actual
PolicePension Fund........................................................................................... 83
Firefighters' Pension Fund................................................................................. 84
GENERAL FIXED ASSETS ACCOUNT GROUP
Schedule of General Fixed Assets -by Source........................................................ 85
Schedule of General Fixed Assets-by Function and Activity................................ 86
Schedule of Changes in General Fixed Assets-by Function
andActivity........................................................................................................... 87
STATISTICAL SECTION
General Governmental Revenues by Source -
LastTen Fiscal Years...................................................................................................... 88
General Governmental Expenditures by Function-
LastTen Fiscal Years...................................................................................................... 89
Property Tax Levies and Collections -
LastTen Fiscal Years...................................................................................................... 90
VILLAGE OF OAK BROOK, ILLINOIS _
TABLE OF CONTENTS (Continued)
Page(s)
STATISTICAL SECTION(Continued)
Assessed and Estimated Actual Value of Taxable Property-
Last Ten Levy Years 91
Property Tax Rates-Direct and Overlapping Governments -
Last Ten Levy Years
....................................................................................................... 92
Ratio of Net General Obligation Bonded Debt to Assessed Value
and Net General Bonded Debt Per Capita-
LastTen Fiscal Years...................................................................................................... 93
l
Schedule of Direct and Overlapping Bonded Debt........................................................... 94
Ratio of Annual Debt Service Expenditures for General Bonded
Debt to Total General Governmental Expenditures -Last Ten Fiscal Years.................. 95
Schedule of Bond Coverage - Waterworks System Bonds -
Last Ten Fiscal Years...................................................................................................... 96
DemographicStatistics ..................................................................................................... 97
Property Value and Construction-
LastTen Fiscal Years...................................................................................................... 98
PrincipalTaxpayers........................................................................................................... 99
Schedule of Insurance in Force......................................................................................... 100
Miscellaneous Statistics
.................................................................................................... 101-102
VILLAGE OF OAK BROOK, ILLINOIS
PRINCIPAL OFFICIALS
December 31,2002
Karen M. Bushy, Village President
Linda K. Gonnella, Village Clerk
BOARD OF TRUSTEES
Stelios Aktipis Susan Chase Korin
-- George T. Caleel Elaine Miologos
John W. Craig Alfred P. Savino
VILLAGE MANAGER
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Michael A. Crotty,Acting Village Manager
FINANCE DEPARTMENT
Darrell J. Langlois, Finance Director/Treasurer
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VILLAGE OF OAK BROOK
ORGANIZATIONAL CHART
December, 2002
Citizens of Oak Brook
Advisory Boards I President and
and Commissions [Board of Trustees Village Clerk
Electrical Commission
Board of Fire&Police CommissionersVillage Attorney Village Manager [Treasurer/Budget Officer
Hotel Convention and Visitors Committee
Library Commission
Plan Commission
Safety Pathway Committee
Zoning Board of Appeals
Police Pension Board Information Services
Firefighters'Pension Board &Purchasing
Financial Public
Engineering and Sorts Commune
9� 9 p Community
Services Works Capital Projects Library Police Fire Core Development
Certificate of
Achievement
for Excellence
.� in Financial
Reporting
Presented to
Village of Oak Brook,
Illinois
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
December 31,2001
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.
OF
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CAWA
COHPORATgN President
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�• Executive Director
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Village of March 3, 2003
)ak Brook President and Board of Trustees
'1200 oak Brook Road Village of Oak Brook
Oak Brook,IL 60523-2255 Oak Brook, Illinois 60523
Website
a- www.oak-brook.org
Administration The Comprehensive Annual Financial Report of the Village of Oak Brook for the
630.990.3000 year ended December 31, 2002 is submitted herewith. Responsibility for both
. FAX 630.990.0826 the accuracy of the information presented and the thoroughness and fairness of
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
Development
630.990.3045 g manner designed to fairly p set forth the financial position and results of operations
,...
FAx 630.990.3985 of the Village as measured by the financial activity of its various funds; and that
all disclosures necessary to enable the reader to gain the maximum
Engineering 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
' Fire Department unaudited, includes this transmittal letter, the Village's organizational chart and a
630.990.3040 list of principal officials as of the end of the reporting period. The financial
FAx 630.990.2392 section includes the general purpose financial statements and the combining and
�. 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,
FAX 630.990.7484
which is generally presented on a multi-year basis.
Public Works
Department This Report includes all funds and account groups of the Village. Generally
630.990.3044 accepted accounting principles require that the financial reporting entity include
- FAx 630.422.0223 (1) the primary government, (2) organizations for which the primary government
is financially accountable, and (3) other organizations for which the nature and
Oak Brook significance of their relationship with the primary government are such that
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
,,,.k Brook,IL 60523-2200 purpose financial statements of the Village.
630.990.2222
FAX 630.990.4509
"ak Brook Sports Core ECONOMIC CONDITION AND OUTLOOK
Bath&Tennis Club The Village of Oak Brook is located approximately 15 miles west of the Chicago
200 oak Brook Road Loop, near the geographic center of the seven-county Chicago metropolitan
oak Brook,IL 60523-4600 area. Excellent transportation links are provided to all parts of the greater
630.990.3020 metropolitan area by a network of tollways and federal and state highways which
FAX 630.990,1002
pass through or near the Village. The Tri-State Tollway (1-294), running along
Golf Club the Village's eastern boundary, provides rapid access to the northern and
2606 York Road southern suburbs, and into Wisconsin and Indiana. The East-West Tollway (I-
ik Brook,IL 60523-4602 88), passing through the Village's northern sector, joins the Eisenhower
`- 630.990.3032 Expressway to the northeast, providing direct access to Chicago's Loop.
FAX 630.990.0245
iv
In the Future
Included in the 2003 budget is the 2003 paving project, completion of construction work on the
Municipal Complex Project (mostly renovation of the Police Department), replacement of the
roof on the Public Works facility, upgrade and replacement of all mobile data terminals and
video units in the police vehicles, 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,
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 various
improvements to the water distribution system.
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
$16,739,725 in 2002.
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Percent Increase
Of (Decrease)
Source Amount Total Over 2001
Intergovernmental $11,524,898 68.85% $ 1,196,236
Utility Taxes 3,364,985 20.10 1,190,801
Licenses and Permits 468,403 2.80 144,272
Service Charges 560,204 3.35 185,795
Fines and Penalties 311,750 1.86 11,439
Interest on Investments 383,719 2.29 (568,852)
Miscellaneous 128,766 0.75 (371,419,)
... $16,739,725 100.00% L11788=1,272
Intergovernmental revenue, primarily the general sales tax, is the major revenue source for the
Village, producing 68.85% of current year General Fund revenues. The increase noted above is
attributed to a large one-time increase in sales taxes for the November, 2002 liability period as
well as receipt of grant revenue for partial funding of the Municipal Complex Project. The
�- increase in utility tax revenue is due to an increase in the telecommunications tax rate from to
3% to 5% effective November 1, 2001. In addition, for 2002 1% of the 5% tax rate on electric
and natural gas sales was shifted from the Infrastructure Fund to the General Fund. Both
changes were made in order to address revenue needs of the General Fund due to declines in
sales tax revenues over the last several years.
The increase in both Licenses and Permits and Service Charges was due to comprehensive
increases in the fee schedule for permits and inspections enacted at the end of 2001. The
decrease in interest income is due to lower cash and investment balances due to payments on
two significant building projects as well as very low rates due to actions of the Federal Reserve
Board. The decrease in miscellaneous income is due to receipt of a donation in 2001 from the
Oak Brook Library Foundation for $400,000 earmarked for the new Library building.
The Village has never levied a real estate tax for general governmental functions. However, the
2001 assessed valuation of real property in the Village was $1,181,481,341, an increase of
$81,013,233, or 7.36% over the prior year.
Expenditures for general governmental purposes, grouped by function as required by generally
accepted accounting principles, totaled $22,587,885 in the General Fund.
Percent Increase
Of (Decrease)
Function Amount Total Over 2001
General Government $10,847,376 48.02% $ (722,117)
Public Safety 9,247,222 40.94 311,825
Public Works 1,216,142 5.38 (342,780)
Culture and Recreation 1,277,145 5.66 401,637)
$22,587.885 100.00 S31435'
General Government expenditures decreased due to most expenditures associated with the
new Library building occurring in 2001. Public Safety expenditures increased due to normal
vii
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inflationary factors. Public Works expenditures decreased due to shifting of most non-payroll
costs to the Infrastructure Fund for 2002. Culture and Recreation expenditures increased due .�
to increased staffing and operating costs of the new Library building.
Motor Fuel Tax Fund
i
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, 2002
was $250,183, a decrease of $6,687 over 2001. 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 $3,530,105
Water Tap on Charges 45,840
Total Operating Revenues 3,683,958
Total Operating Expenses 4,207,445
Operating Income (Loss) (523,487)
Net Income (Loss) (655,582)
Sports Core Fund i
The 2002 financial statements reflect the 22nd year of operation of the 18-hole golf course and
expanded operations of the Bath and Tennis Club. Operating revenues totaled $3,381,826 and "
operating expenses, excluding depreciation, totaled $3,748,461. Major department activity is
summarized as follows:
i
Revenues
Golf Club $1,893,651 55.99%
Food and Beverage 1,217,983 36.02
Bath & Tennis Club 270,192 7.99
$3,381,826 000
Operating Expenses
Golf Club $1,325,284 35.36%
Food and Beverage 1,201,286 32.05
Bath & Tennis Club 822,350 21.94
Depreciation 399,541 10.65
$3,748 46101 0.00
i
Viii
.s.
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 107.4% funded, the Police Pension Fund was 87.0% funded, and the Firefighters'
Pension Fund was 77.8% 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, 2002, the general fixed assets of the Village amounted to
$22,615,788. 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 315` Street were used to call $630,000 of the certificates during 2001, with the
remainder being repaid from Sports Core Fund revenues. In order to take advantage of lower
interest rates, the interest rate on this installment contract was renegotiated from 4.96% to 2.5%
during 2002. Both certificate issues are considered obligations of the Sports Core Fund.
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.
ix
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,
2002 the Village's investments, exclusive of the Pension Trust Funds, were distributed as
follows:
Illinois Funds 55.67%
U. S. Government and Agency Securities 10.13
Illinois Metropolitan Investment Fund 34.20
100.00
For the year ended December 31, 2002 the Village received $737,817 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, 2001.
In order to be awarded a Certificate of Achievement, a governmental unit must publish an easily
readable and efficiently organized comprehensive annual financial report, whose contents
conform to program standards. Such reports must satisfy both generally accepted accounting .,.,
principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. The Village has successfully
obtained the Certificate of Achievement for 25 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.
X
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.
o�
Darrell J. Lar@lois
�- Finance Director/Treasurer
xi
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MEMBERS OF
AMERICAN INSTITUTE OF
Sikich Gardner & Co, LLP CERTIFIED PUBLIC ACCOUNTANTS
Accountants & Consultants ILLINOIS CPA SOCIETY
998 Corporate Boulevard
Aurora, IL 60504
A Member of Sikich Group, LLC
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, 2002, as listed in the table of contents.
These general purpose financial statements are the responsibility of the Village of Oak Brook's
management. Our responsibility is to express an opinion on these general purpose financial
statements based on our audit.
We conducted our audit in accordance with 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,
2002, 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.
- 1 -
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.
Aurora, Illinois
March 3, 2003
- 2 -
(This page is intentionally left blank.)
i
VILLAGE OF OAK BROOK,ILLINOIS
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
i
December 31, 2002
Governmental Fund Types
Special Capital
General Revenue Projects
ASSETS
Cash and investments $ 8,314,139 $ 1,254,476 $ 1,849,553
Receivables
Sales taxes 2,857,336 - -
Utility taxes 448,726 - 164,531
Accounts 78,035 - -
Allotments - 23,527 -
Accrued interest 14,290 1,613 1,645
Other 113,084 34,885 143,419
Due from other funds 1,613,827 - -
Advances to other funds 1,140,000 - -
Inventories 2,795 - - —
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 $ 14,582,232 $ 1,314,501 $ 2,159,148
- 3 -
Fiduciary Account Groups
Proprietary Fund Types Fund Types General General Total
Internal Trust and Fixed Long-Term (Memorandum
Enterprise Service Agency Assets Debt Only)
$ 4,497,977 $ 3,912,083 $ 36,536,642 $ - $ - $ 56,364,870
- - - - - 2,857,336
- 23,394 - - - 636,651
355,780 - - - - 433,815
- - - - - 23,527
4,511 3,254 240,342 - - 265,655
66,795 31 - - - 358,214
- - - - - 1,613,827
- - - - - 1,140,000
171,308 38,211 - - - 212,314
123,511 - - - - 123,511
23,780,474 1,624,335 - 22,615,788 - 48,020,597
1,469,013 - - - - 1,469,013
- - - - 3,784,086 3,784,086
$ 30,469,369 $ 5,601,308 $ 36,776,984 $ 22,615,788 $ 3,784,086 $ 117,303,416
(This statement is continued on the following pages.)
-4 -
VILLAGE OF OAK BROOK, ILLINOIS
COMBINED BALANCE SHEET(Continued)
ALL FUND TYPES AND ACCOUNT GROUPS
December 31,2002
Governmental Fund Types
Special Capital ^�
General Revenue Projects
LIABILITIES, EQUITY AND OTHER CREDITS
LIABILITIES
Accounts payable $ 1,193,183 $ 151,191 $ 117,233
Accrued payroll 484,016 - -
Accrued interest payable - - -
Compensated absences payable 611,807
Claims payable - - -
Deposits payable 644,991 - 14,640
Deferred revenue 25,653 - - _
Due to other funds - - -
Advances from other funds - - -
Installment contract payable - - - _
Capital lease payable - - -
Total liabilities 2,959,650 151,191 131,873
EQUITY AND OTHER CREDITS
Investment in general fixed assets - - -
Contributed capital - - -
Retained earnings
Reserved for golf surcharge - - -
Unreserved - -
Fund balances
Reserved for inventories 2,795 - -
Reserved for advances 1,140,000 - -
Reserved for employee retirement - - -
Unreserved 10,479,787 1,163,310 2,027,275
Total equity and other credits 11,622,582 1,163,310 2,027,275
TOTAL LIABILITIES,EQUITY
AND OTHER CREDITS $ 14,582,232 $ 1,314,501 $ 2,159,148
- 5 -
Fiduciary Account Groups
Proprietary Fund Types Fund Types General General Total
Internal Trust and Fixed Long-Term (Memorandum
Enterprise Service Agency Assets Debt Only)
$ 289,406 $ 39,242 $ 15,282 $ - $ - $ 1,805,537
61,406 10,125 - - - 555,547
_ 10,674 - - - - 10,674
60,746 10,088 - - 169,086 851,727
- 223,031 - - - 223,031
41,895 - - - - 701,526
29,651 - - - - 55,304
1,613,827 - - - - 1,613,827
1,140,000 - - - - 1,140,000
1,485,000 - - - 3,615,000 5,100,000
38,136 - - - - 38,136
4,770,741 282,486 15,282 - 3,784,086 12,095,309
- - - 22,615,788 - 22,615,788
11,233,036 - - - - 11,233,036
123,511 - - - - 123,511
14,342,081 5,318,822 - - - 19,660,903
- - - - - 2,795
- - - 1,140,000
- 36,761,702 - - 36,761,702
- - - - - 13,670,372
25,698,628 5,318,822 36,761,702 22,615,788 - 105,208,107
$ 30,469,369 $ 5,601,308 $ 36,776,984 $ 22,615,788 $ 3,784,086 $ 117,303,416
See accompanying notes to financial statements.
- 6-
VILLAGE OF OAK BROOK,ILLINOIS
COMBINED STATEMENT OF REVENUES,EXPENDITURES AND
CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES
For the Year Ended December 31,2002
Total
Special Capital (Memorandum .�
General Revenue Projects Only)
REVENUES
Intergovernmental $ 11,524,898 $ 281,289 $ 208,923 $ 12,015,110
Utility taxes 3,364,985 - 1,057,073 4,422,058
Hotel/motel taxes - 297,911 - 297,911
Licenses and permits 468,403 - - 468,403 --
Charges for services 560,204 - - 560,204
Fines and penalties 311,750 - - 311,750
Investment income 383,719 42,253 60,177 486,149
Donations 25,000 - - 25,000
Miscellaneous 100,766 - - 100,766
Total revenues 16,739,725 621,453 1,326,173 18,687,351
EXPENDITURES
Current
General government 10,847,376 - - 10,847,376
Public safety 9,247,222 22,174 - 9,269,396
Public works 1,216,142 - 556,289 1,772,431
Culture and recreation 1,277,145 325,874 - 1,603,019
Capital outlay - - 917,478 917,478
Total expenditures 22,587,885 348,048 1,473,767 24,409,700
EXCESS(DEFICIENCY)OF REVENUES _
OVER EXPENDITURES (5,848,160) 273,405 (147,594) (5,722,349)
OTHER FINANCING SOURCES(USES)
Operating transfers in 297,000 - 238,307 535,307
Operating transfers(out) (148,400) (248,307) - (396,707)
Sale of fixed assets 39,000 - - 39,000
Total other financing sources(uses) 187,600 (248,307) 238,307 177,600
EXCESS(DEFICIENCY)OF REVENUES ._
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND
OTHER FINANCING USES (5,660,560) 25,098 90,713 (5,544,749)
FUND BALANCES,JANUARY 1 17,283,142 1,138,212 1,936,562 20,357,916
FUND BALANCES,DECEMBER 31 $ 11,622,582 $ 1,163,310 $ 2,027,275 $ 14,813,167
See accompanying notes to financial statements.
-7-
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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 31,2002
General
Variance
Favorable
Budget Actual (Unfavorable)
REVENUES
Intergovernmental $ 10,757,065 $ 11,524,898 $ 767,833 _
Utility taxes 3,700,000 3,364,985 (335,015)
Hotel/motel taxes - - -
Licenses and permits 398,550 468,403 69,853
Charges for services 394,500 560,204 165,704
Fines and penalties 267,000 311,750 44,750
Investment income 425,000 383,719 (41,281)
Donations - 25,000 25,000
Miscellaneous 65,700 100,766 35,066
Total revenues 16,007,815 16,739,725 731,910
EXPENDITURES
Current
General government 10,922,910 10,847,376 75,534
Public safety 9,288,855 9,247,222 41,633
Public works 1,238,330 1,216,142 22,188
Culture and recreation 1,308,805 1,277,145 31,660
Capital outlay - - -
Total expenditures 22,758,900 22,587,885 171,015
EXCESS(DEFICIENCY)OF REVENUES
OVER EXPENDITURES (6,751,085) (5,848,160) 902,925
OTHER FINANCING SOURCES(USES)
Operating transfers in 297,000 297,000 -
Operating transfers(out) (148,400) (148,400) -
Sale of fixed assets - 39,000 39,000
Total other financing sources(uses) 148,600 187,600 39,000
EXCESS(DEFICIENCY)OF REVENUES
AND OTHER FINANCING SOURCES ...
OVER EXPENDITURES AND
OTHER FINANCING USES $ (6,602,485) (5,660,560) $ 941,925
FUND BALANCES,JANUARY 1 17,283,142
FUND BALANCES,DECEMBER 31 $ 11,622,582
-8-
Special Revenue Capital Projects
Variance Variance
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ 277,800 $ 281,289 $ 3,489 $ 305,700 $ 208,923 $ (96,777)
- - - 1,251,000 1,057,073 (193,927)
347,000 297,911 (49,089) - - -
29,000 42,253 13,253 64,000 60,177 (3,823)
653,800 621,453 (32,347) 1,620,700 1,326,173 (294,527)
31,500 22,174 9,326 - - -
- - - 590,745 556,289 34,456
429,140 325,874 103,266 - - -
- - - 1,274,000 917,478 356,522
460,640 348,048 112,592 1,864,745 1,473,767 390,978
193,160 273,405 80,245 (244,045) (147,594) 96,451
- - - 525,000 238,307 (286,693)
(535,000) (248,307) 286,693 - - -
(535,000) (248,307) 286,693 525,000 238,307 (286,693)
$ (341,840) 25,098 $ 366,938 $ 280,955 90,713 $ (190,242)
1,138,212 1,936,562
$ 1,163,310 $ 2,027,275
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, 2002
Total
Internal (Memorandum
Enterprise Service Only)
OPERATING REVENUES
Charges for services $ 7,017,437 $ 2,164,519 $ 9,181,956
Miscellaneous 48,347 - 48,347 —
Total operating revenues 7,065,784 2,164,519 9,230,303
OPERATING EXPENSES
Operations 7,034,648 448,977 7,483,625
Claims and insurance - 1,515,075 1,515,075
Miscellaneous - 1,400 1,400
Depreciation and amortization 921,258 335,501 1,256,759
Total operating expenses 7,955,906 2,300,953 10,256,859
OPERATING INCOME(LOSS) (890,122) (136,434) (1,026,556) -�
NONOPERATING REVENUES (EXPENSES)
Investment income 146,024 105,644 251,668 —
Utility taxes - 322,108 322,108
Gain on sale of fixed assets - 5,280 5,280
Interest expense (81,067) - (81,067) ...
Total nonoperating revenues (expenses) 64,957 433,032 497,989
NET INCOME(LOSS)BEFORE
OPERATING TRANSFERS (825,165) 296,598 (528,567)
OPERATING TRANSFERS
Operating transfers in 148,400 - 148,400
Operating transfers (out) (266,000) (21,000) (287,000)
Total operating transfers (117,600) (21,000) (138,600)
NET INCOME(LOSS) (942,765) 275,598 (667,167)
RETAINED EARNINGS,JANUARY 1 15,408,357 5,043,224 20,451,581
RETAINED EARNINGS,DECEMBER 31 $ 14,465,592 $ 5,318,822 $ 19,784,414
See accompanying notes to financial statements.
- 10-
a
T
(This page is intentionally left blank.)
1
VILLAGE OF OAK BROOK, ILLINOIS
COMBINED STATEMENT OF CASH FLOWS
ALL PROPRIETARY FUND TYPES
For the Year Ended December 31, 2002
Total
Internal (Memorandum —'
Enterprise Service Only)
CASH FLOWS FROM OPERATING ACTIVITIES
Operating income(loss) $ (890,122) $ (136,434) $ (1,026,556)
Depreciation and amortization 921,258 335,501 1,256,759
Adjustments to reconcile operating income
(loss)to net cash from operating activities
Changes in assets and liabilities
Accounts receivable (34,679) 3,363 (31,316)
Other receivable (30,118) - (30,118)
Inventories 14,229 (3,036) 11,193
Accounts payable (178,787) 22,753 (156,034)
Accrued payroll and compensated absences 16,471 7,643 24,114
Claims payable - 30,331 30,331
Deposits payable (3,605) - (3,605)
Deferred revenue 4,267 - 4,267
Net cash from operating activities (181,086) 260,121 79,035
CASH FLOWS FROM NON-CAPITAL
FINANCING ACTIVITIES
Utility taxes - 322,108 322,108
Borrowings from other funds 180,452 - 180,452
Operating transfers in 148,400 - 148,400
Operating transfers(out) (266,000) (21,000) (287,000)
Net cash from non-capital _
financing activities 62,852 301,108 363,960
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Purchase of fixed assets (92,381) (261,245) (353,626)
Proceeds from sale of fixed assets - 24,564 24,564
Principal paid on installment contract payable (225,000) - (225,000)
Principal paid on capital lease payable (33,241) - (33,241)
Interest paid (84,611) - (84,611) _
Net cash from capital and
related financing activities (435,233) (236,681) (671,914)
(This statement is continued on the following page.)
- 11 -
VILLAGE OF OAK BROOK, ILLINOIS
_ COMBINED STATEMENT OF CASH FLOWS(Continued)
ALL PROPRIETARY FUND TYPES
For the Year Ended December 31,2002
a Total
Internal (Memorandum
Enterprise Service Only)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investments $ (92,879) $ (324,734) $ (417,613)
Sale of investments 62,031 - 62,031
Interest received 154,953 109,447 264,400
Net cash from investing activities 124,105 (215,287) (91,182)
NET INCREASE(DECREASE) IN
CASH AND CASH EQUIVALENTS (429,362) 109,261 (320,101)
CASH AND CASH EQUIVALENTS,
JANUARY 1 3,473,748 2,671,884 6,145,632
CASH AND CASH EQUIVALENTS,
DECEMBER 31 $ 3,044,386 $ 2,781,145 $ 5,825,531
CASH AND INVESTMENTS
Cash and cash equivalents $ 3,044,386 $ 2,781,145 $ 5,825,531
Investments(including$123,511 of restricted assets) 1,577,102 1,130,938 2,708,040
TOTAL CASH AND INVESTMENTS $ 4,621,488 $ 3,912,083 $ 8,533,571
See accompanying notes to financial statements.
- 12 -
VILLAGE OF OAK BROOK, ILLINOIS
COMBINED STATEMENT OF CHANGES IN PLAN NET ASSETS
PENSION TRUST FUNDS
For the Year Ended December 31, 2002
ADDITIONS
Contributions
Employer contributions $ 755,587
Employee contributions 426,608
Total contributions 1,182,195
Investment income
Net appreciation (depreciation)
in fair value of investments (1,622,731)
Interest 1,104,058
Total investment income (518,673)
Less investment expense (80,810)
Net investment income (599,483)
Total additions 582,712 -'
DEDUCTIONS
Benefits and refunds 1,712,803
Administrative 91,522
Total deductions 1,804,325
NET INCREASE (DECREASE) (1,221,613)
NET ASSETS HELD IN TRUST
FOR PENSION BENEFITS
January 1 37,983,315
r
December 31 $ 36,761,702
—
See accompanying notes to financial statements.
- 13 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
•.- December 31, 2002
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
® The financial statements of the Village of Oak Brook, Illinois (the 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
a
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.
- 14 -
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.
i
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).
- 15 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
�- 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
b. Fund Accounting(Continued)
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
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.
- 16
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 r
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."
- 17 -
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 r
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.
-
- 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.
in. Interfund Transactions
Quasi-external transactions are accounted for as revenues, expenditures, or expenses.
Transactions that constitute reimbursements to a fund for expenditures/expenses
initially made from it that are properly applicable to another fund are recorded as
expenditures/expenses in the reimbursing fund and as reductions of
expenditures/expenses in the fund that is reimbursed.
All other interfund transactions, except quasi-external transactions and
reimbursements, are reported as transfers. Nonrecurring or nonroutine permanent
transfers of equity are reported as residual equity transfers. All other interf ind
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
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.
- 21 -
= VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
_
2. LEGAL COMPLIANCE AND ACCOUNTABILITY(Continued)
b. Deficit Fund Balance/Retained Earnings of Individual Funds
The following fund had a deficit in retained earnings as of December 31, 2002:
Deficit
Fund Balance
Sports Core $ 923,020
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$3,900 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 not-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) _
3. DEPOSITS AND INVESTMENTS (Continued)
a. Deposits
At year-end, the carrying amount of the Village's deposits with financial institutions
totaled $179,860 and the bank balances totaled $216,889. The bank balance can be
categorized as follows:
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. $ 216,889
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 $ 216,889
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.
- 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 $ 5,669,836 $ - $ 4,396,566 $10,066,402
U.S.agency securities 5,505,974 - 8,670,558 14,176,532
State and local obligations - - 1,132,085 1,132,085
Negotiable certificates of deposit 884,000 - - 884,000
$12,059,810 $ - $14,199,209 26,259,019
*Mutual Funds 11,052,032
*The Illinois Funds 11,176,461
*Illinois Metropolitan Investment Fund 6,746,171
*Life Insurance Contracts 509,971
*Money Market Mutual Funds 560,967
TOTAL INVESTMENTS $56,304,621
*(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$183,760 and investments of$56,304,621
totaling $56,488,381 are reported in the financial statements as follows:
Cash and investments $ 56,364,870
Restricted assets,cash and investments 123,511
TOTAL - $ 56,488,381
4. RECEIVABLES - TAXES
'— Property taxes for 2002 attach as an enforceable lien on January 1, 2002, on property
values assessed as of the same date. Taxes are levied by December 31 of the fiscal year by
passage of a Tax Levy Ordinance. Tax bills are prepared by the County and issued on or
about May 1, 2003 and August 1, 2003 and are payable in two installments, on or about
June 1, 2003 and September 1, 2003. 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 -
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 I and Transfers and Transfers December 31
Land $ 616,829 $ - $ - $ 616,829
Building and equipment 4,646,669 5,624,348 864,402 9,406,615
Other equipment 2,071,221 367,557 58,792 2,379,986
Computer equipment 1,525,113 87,287 30,740 1,581,660 —'
Construction in progress 8,231,696 5,754,496 5,355,494 8,630,698
TOTAL GENERAL
FIXED ASSETS $ 17,091,528 $ 11,833,688 $ 6,309,428 $ 22,615,788
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 $ 11,199,014 $ -
Building and improvements 6,839,763 -
Automotive equipment - 4,097,931
Equipment 2,222,888 136,477
Waterworks system 15,624,684 -
Construction in progress 122,088 -
36,008,437 4,234,408
Less accumulated depreciation 12,227,963 2,610,073
TOTAL $ 23,780,474 $ 1,624,335
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)
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 $ 9,779,835 $ 8,766,415 $ 1,013,420
2002 Paving Project 274,193 259,222 14,971
'— 2003 Paving Project 56,036 13,602 42,434
Municipal Complex Landscaping 103,678 82,207 21,471
TOTALS $ 10,213,742 $ 9,121,446 $ 1,092,296
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(IRNA)
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 $60,000 per individual for medical claims up to a maximum limit of
$1,947,947 for all individuals. Commercial insurance is carried for amounts in excess of
the self-insured amounts. Settlements did not 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 $223,031.
A reconciliation of claims payable for the current year and that of the preceding year is as
follows: —
2002 2001
CLAIMS PAYABLE,BEGINNING OF YEAR $ 192,700 $ 174,000
Claims incurred and changes in estimate 1,291,789 1,190,867
Claims paid (1,261,458) (1,172,167)
CLAIMS PAYABLE,END OF YEAR $ 223,031 $ 192,700
7. LONG-TERM DEBT
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,
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 $ 685,000 $ - $ 75,000 $ 610,000
- 27 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
7. LONG-TERM DEBT (Continued)
Installment Contract Payable (Continued)
Fund Debt Balance, Balance,
Issue Retired by January 1 Issuances Retirements December 31
General Fund Certificates,Series 2000
dated December 1,2000,2.50%interest for
2001 through 2007 and 5.15%interest for
2008 through 2010,due in annual
�— installments ranging from$145,000 to
$220,000 through December 1,2010,
interest payable June 1 and December 1 of
each year,secured by sales and use taxes.
Installments due in 2008 through 2010 were Sports
called in 2001. Core $ 1,025,000 $ - $ 150,000 $ 875,000
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 3,810,000 - 195,000 3,615,000
TOTAL $5,520,000 $ - $ 420,000 $ 5,100,000
Capital Lease Payable
The Village has entered into a capital lease payable during fiscal year 2000 for the
acquisition of its golf cart fleet for the Sports Core Fund. The capital lease payable,
therefore, is reported in the Sports Core Fund. The capital lease payable currently
outstanding is as follows:
Fund Debt Balance, Balance,
Issue Retired by January 1 Issuances Retirements December 31
Dated March 15,2000,interest rates
ranging from 6.45%to 6.50%,due in
monthly installments of$6,618 from
May 15 through October 15 of each year
through October 25,2004,interest payable
monthly from May 15 through October 15 Sports
of each year,secured by equipment. Core $ 73,880 $ - $ 35,744 $ 38,136
-28 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
7. LONG-TERM DEBT (Continued)
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 -
2003 $ 440,000 $ 220,810 $ 38,136 $ 1,574 $ 478,136 $ 222,384
2004 460,000 203,632 - - 460,000 203,632
2005 485,000 185,619 - - 485,000 185,619
2006 505,000 166,647 - - 505,000 166,647
2007 530,000 146,963 - - 530,000 146,963 _
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 $ 5,100,000 $ 1,494,030 $ 38,136 $ 1,574 $ 5,138,136 $ 1,495,604
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 Balances
January 1 Additions Reductions December 31
Installment contracts payable $ 3,810,000 $ - $ 195,000 $ 3,615,000
Compensated absences 152,195 16,891 - 169,086
TOTAL GENERAL LONG-TERM
DEBT ACCOUNT GROUP $ 3,962,195 $ 16,891 $ 195,000 $ 3,784,086
Legal Debt Margin
2001 assessed valuation(latest information available) $1,181,481,341
Legal debt limit-8.625%of assessed valuation $ 101,902,766
Amount of debt applicable to debt limit 5,100,000
LEGAL DEBT MARGIN $ 96,802,766
- 29 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
8. INTERFUND ASSETS/LIABILITIES
Individual fund interfund receivable and payable balances as of December 31, 2002 are as
follows:
Due From/To Other Funds
Receivable Fund Payable Fund Amount
General Sports Core $ 1,613,827
Advance From/To Other Funds
Receivable Fund Payable Fund Amount
General Sports Core $ 1,140,000
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
2003 $ 842,000
2004 842,000
2005 842,000
2006 842,000
2007 842,000
Thereafter 14,314,000
TOTAL $ 18,524,000
— 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.
— - 30 -
a
VILLAGE OF OAK BROOK, ILLINOIS _
NOTES TO FINANCIAL STATEMENTS (Continued)
10. SEGMENT INFORMATION- ENTERPRISE FUNDS
The Village maintains the following enterprise funds which are intended to be self-
supporting through user fees charged for services to the public. Financial segment
information as of the date of this report and for the fiscal year is as follows:
Waterworks
System Sports Core Totals
Operating revenues $ 3,683,958 $ 3,381,826 $ 7,065,784
Depreciation and amortization expense 521,717 399,541 921,258
Operating income (loss) (523,487) (366,635) (890,122)
Operating transfers in - 148,400 148,400
Operating transfers out (266,000) - (266,000)
Net income (loss) (655,582) (287,183) (942,765)
Property,plant and equipment
Additions 211,913 87,914 299,827 _
Deletions 133,860 13,251 147,111
Total assets 15,887,346 14,582,023 30,469,369
Net working capital 4,550,907 (1,835,277) 2,715,630 _
Bonds and other long-term liabilities
payable from operating revenues - 2,663,136 2,663,136
Total equity 15,596,058 10,102,570 25,698,628
11. CONTRIBUTED CAPITAL
During the fiscal year, changes occurred in contributed capital as follows:
Enterprise
Increases $ 207,446
Decreases -
Net increase(decrease) 207,446
CONTRIBUTED CAPITAL, JANUARY 1 11,025,590
CONTRIBUTED CAPITAL,DECEMBER 31 $ 11,233,036 _
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.
- 31 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. CONTINGENT LIABILITIES (Continued)
Grants
Amounts received or receivable from grantor agencies are subject to audit and adjustment
by grantor agencies, principally the federal government. Any disallowed claims, including
amounts already collected,may constitute a liability of the applicable funds. The amount,
if any, of expenditures which may be disallowed by the grantor cannot be determined at
this time although the Village expects such amounts, if any, to be immaterial.
DuPage Water Commission
The Village's agreement with the DuPage Water Commission provides that each member
is liable for its proportionate share of any cost arising from defaults in payment obligations
by other members.
13. 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
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 1MRF as specified by statute. The employer
contribution for the year ended December 31, 2001 was 7.24% of covered payroll.
- 32 -
VILLAGE OF OAK BROOK,ILLINOIS _
NOTES TO FINANCIAL STATEMENTS (Continued)
13. 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, 2002, the Police Pension Plan membership
consisted of:
Retirees and beneficiaries currently receiving benefits 22
Terminated employees entitled to benefits but not
yet receiving them - _
Current employees
Vested 27
Nonvested 18 _
TOTAL 67
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, 2002, the
Village's contribution was 13.6% of covered payroll
- 33 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
—
13. DEFINED BENEFIT PENSION PLANS (Continued)
a. Plan Descriptions (Continued)
Firefighters' Pension Plan
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, 2002,the Firefighters' Pension Plan
membership consisted of:
Retirees and beneficiaries currently receiving benefits 24
Terminated employees entitled to benefits but not
yet receiving them -
Current employees
Vested 20
Nonvested 14
TOTAL 58
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 31,2002,the Village's contribution was 19.6%
of covered payroll.
- 34 -
VILLAGE OF OAK BROOK, ILLINOIS _
NOTES TO FINANCIAL STATEMENTS (Continued)
13. 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 $ 2,313,328
$ 2,313,328
Firefighters' Pension Fidelity Dividend Growth Mutual Fund $ 1,214,751
Firefighters' Pension Vanguard Total Stock Mutual Fund 834,250
$ 2,049,001
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, January 1,
1999 2002 2002
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 10 Years, 32 Years, 32 Years,
Closed Closed Closed
i
- 35 -
VILLAGE OF OAK BROOK, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
13. 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% 7.25% 7.50%
Present and Future Assets Compounded Compounded Compounded
Annually Annually Annually
b) Projected Salary Increase- 4.00% 5.00% 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 Calendar Police Firefighters'
Year Retirement Year Pension Pension
Annual Pension Cost 1999 $ 349,773 2000 $ 218,523 $ 299,044
(APC) 2000 343,528 2001 271,765 357,168
2001 359,653 2002 338,565 417,022
Actual Contribution 1999 $ 349,773 2000 $ 218,523 $ 299,044
2000 343,528 2001 271,765 357,168
2001 359,653 2002 338,565 417,022
_ Percentage of APC 1999 100.00% 2000 100.00% 100.00%
Contributed 2000 100.00 2001 100.00 100.00
2001 100.00 2002 100.00 100.00
NPO(Asset) 1999 $ - 2000 $ - $ -
2000 - 2001 - -
2001 - 2002 - -
- 36 -
VILLAGE OF OAK BROOK, ILLINOIS _
NOTES TO FINANCIAL STATEMENTS (Continued)
13. 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 $ 338,565 $ 417,022
Interest on net pension obligation - - '-
Adjustment to annual required contribution - -
Annual pension cost 338,565 417,022 -"
Contributions made 338,565 417,022
Increase (decrease) in net pension obligation (asset) - -
Net pension obligation(asset)beginning of year - -
NET PENSION OBLIGATION(ASSET)
END OF YEAR $ - $ _
- 37 -
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VILLAGE OF OAK BROOK,ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF FUNDING PROGRESS
FIREFIGHTERS'PENSION FUND
December 31,2002
—
(4) UAAL
(2) Unfunded (ORAL)
Actuarial (Overfunded) As a
Actuarial (1) Accrued (3) AAL Percentage
Valuation Actuarial Liability Funded (URAL) (5) of Covered
Date Value of (AAL) Ratio (OAAL) 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%
2002 16,240,617 20,878,039 77.79% 4,637,422 2,222,646 208.64%
(See independent auditor's report.)
-40-
VILLAGE OF OAK BROOK, ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF EMPLOYER CONTRIBUTIONS
ILLINOIS MUNICIPAL RETIREMENT FUND
December 31, 2002
Annual -
Fiscal Required
Year Employer Contribution Percentage
December 31, Contributions (ARC) Contributed
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%
2001 359,653 359,653 100.00%
(See independent auditor's report.)
- 41 -
VILLAGE OF OAK BROOK, ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF EMPLOYER CONTRIBUTIONS
POLICE PENSION FUND
December 31, 2002
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%
2002 338,565 338,565 100.00%
r
(See independent auditor's report.)
- 42 -
VILLAGE OF OAK BROOK, ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF EMPLOYER CONTRIBUTIONS
FIREFIGHTERS'PENSION FUND
December 31, 2002 —
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%
2000 299,044 299,044 100.00%
2001 357,168 357,168 100.00%
2002 417,022 417,022 100.00%
ti
s
(See independent auditor's report.)
- 43 -
s
GENERAL FUND
General Fund - to account for resources traditionally associated with governments which are not
required to be accounted for in another fund.
s
VILLAGE OF OAK BROOK,ILLINOIS
STATEMENT OF REVENUES,EXPENDITURES AND
CHANGES IN FUND BALANCE-BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended December 31,2002
Variance
Favorable
Budget Actual (Unfavorable)
REVENUES
Intergovernmental $ 10,757,065 $ 11,524,898 $ 767,833
Utility taxes 3,700,000 3,364,985 (335,015)
Licenses and permits 398,550 468,403 69,853
Charges for services 394,500 560,204 165,704
Fines and penalties 267,000 311,750 44,750
Investment income 425,000 383,719 (41,281)
Donations - 25,000 25,000
Miscellaneous 65,700 100,766 35,066
Total revenues 16,007,815 16,739,725 731,910
EXPENDITURES
Current
General government 10,922,910 10,847,376 75,534
Public safety 9,288,855 9,247,222 41,633
Public works 1,238,330 1,216,142 22,188
Culture and recreation 1,308,805 1,277,145 31,660
Total expenditures 22,758,900 22,587,885 171,015
EXCESS(DEFICIENCY)OF REVENUES
OVER EXPENDITURES (6,751,085) (5,848,160) 902,925
OTHER FINANCING SOURCES (USES)
Operating transfers in 297,000 297,000 -
Operating transfers(out) (148,400) (148,400) -
Proceeds from sale of fixed assets - 39,000 39,000
Total other financing sources(uses) 148,600 187,600 39,000 'r
EXCESS(DEFICIENCY)OF REVENUES
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES $ (6,602,485) (5,660,560) $ 941,925
FUND BALANCE,JANUARY 1 17,283,142
FUND BALANCE,DECEMBER 31 $ 11,622,582
(See independent auditor's report.) `
-44-
VILLAGE OF OAK BROOK, ILLINOIS
SCHEDULE OF REVENUES-
BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended December 31,2002
Variance
Favorable
Budget Actual (Unfavorable)
REVENUES
Intergovernmental
Municipal sales tax $ 9,700,000 $ 9,982,742 $ 282,742
Illinois state income and use tax 787,465 653,357 (134,108)
Corporate personal property replacement taxes 203,600 165,635 (37,965)
York Township road and bridge tax 66,000 57,353 (8,647)
Grants - 665,811 665,811
Total intergovernmental 10,757,065 11,524,898 767,833
Utility taxes 3,700,000 3,364,985 (335,015)
Licenses and permits 398,550 468,403 69,853
Charges for services 394,500 560,204 165,704
e, Fines and penalties 267,000 311,750 44,750
Investment income 425,000 383,719 (41,281)
Donations - 25,000 25,000
Miscellaneous
Franchise/infrastructure maintenance fees 14,700 34,609 19,909
,,. Other 51,000 66,157 15,157
Total miscellaneous 65,700 100,766 35,066
TOTAL REVENUES $ 16,007,815 $ 16,739,725 $ 731,910
(See independent auditor's report.)
-45 -
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF EXPENDITURES-
BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended December 31,2002
Variance _
Favorable
Budget Actual (Unfavorable)
GENERAL GOVERNMENT
Legislative and general management
Board of trustees
Personnel $ 78,230 $ 78,229 $ 1
Materials and supplies 1,285 1,284 1
Operation and contractual 55,980 52,920 3,060
Total board of trustees 135,495 132,433 3,062
Village clerk
Personnel 130,015 129,961 54
Materials and supplies 2,880 2,877 3
Operation and contractual 25,685 17,949 7,736
Total Village clerk 158,580 150,787 7,793
Legal
Personnel 127,575 128,059 (484)
Materials and supplies 4,500 4,157 343
Operation and contractual 36,895 36,751 144
Total legal 168,970 168,967 3
General management
Personnel 261,005 249,592 11,413
Materials and supplies 1,450 1,525 (75) ...
Operation and contractual 8,355 8,315 40
Total general management 270,810 259,432 11,378
Human resources
Personnel 83,955 83,954 1
Materials and supplies 2,130 2,059 71
Operation and contractual 97,475 97,459 16
Total human resources 183,560 183,472 88
Risk management
Personnel 49,440 49,436 4
Operation and contractual 462,405 462,207 198
Total risk management 511,845 511,643 202 -•
(This schedule is continued on the following pages.)
-46-
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF EXPENDITURES-
BUDGET AND ACTUAL(Continued)
GENERAL FUND
For the Year Ended December 31,2002
.• Variance
Favorable
Budget Actual (Unfavorable)
GENERAL GOVERNMENT(Continued)
Legislative and general management(Continued)
Emergency management
Personnel $ 3,000 $ 31 $ 2,969
Materials and supplies 6,850 346 6,504
Operation and contractual 3,100 999 2,101
Total emergency management 12,950 1,376 11,574
General services
Personnel 55,110 55,825 (715)
Materials and supplies 56,680 51,587 5,093
Operation and contractual 187,840 187,837 3
Capital 44,200 43,817 383
Total general services 343,830 339,066 4,764
Purchasing
Personnel 114,105 114,097 8
Materials and supplies 1,975 1,969 6
Operation and contractual 1,330 1,325 5
Total purchasing 117,410 117,391 19
Information systems
Personnel 278,000 267,192 10,808
.. Materials and supplies 9,750 8,877 873
Operation and contractual 130,685 130,661 24
Capital 217,500 217,496 4
Total information systems 635,935 624,226 11,709
Village communications center
Personnel 596,830 596,802 28
Materials and supplies 15,525 10,421 5,104
Operation and contractual 14,630 11,756 2,874
Capital 291,255 291,252 3
Total Village communications center 918,240 910,231 8,009
(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 31,2002
Variance -
Favorable
Budget Actual (Unfavorable)
GENERAL GOVERNMENT(Continued)
Legislative and general management(Continued) .�
Community events
Operation and contractual $ 139,500 $ 139,473 $ 27
Total community events 139,500 139,473 27
Total legislative and general management 3,597,125 3,538,497 58,628
Financial services
Financial services management
Personnel 125,675 125,673 2 _
Materials and supplies 1,720 1,142 578
Operation and contractual 23,650 23,594 56
Total financial services management 151,045 150,409 636 -�
Accounting and reporting
Personnel 296,900 290,795 6,105
Materials and supplies 11,060 6,882 4,178
Operation and contractual 32,035 32,029 6
Capital - - -
Total accounting and reporting 339,995 329,706 10,289
Debt service _
Operation and contractual 373,485 373,481 4
Total debt service 373,485 373,481 4
Total financial services 864,525 853,596 10,929
Engineering and capital projects
Engineering
Personnel 320,675 320,592 83 -
Materials and supplies 1,925 1,621 304
Operation and contractual 23,135 17,641 5,494
Total engineering 345,735 339,854 5,881
Municipal building improvements
Operation and contractual 2,715 2,713 2
Capital 30,615 30,614 1
Total municipal building improvements 33,330 33,327 3
(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 31,2002
Variance
Favorable
Budget Actual (Unfavorable)
.�. GENERAL GOVERNMENT(Continued)
Engineering and capital projects(Continued)
Library building project
Operation and contractual $ 21,120 $ 21,117 $ 3
Capital 790,375 790,376 (1)
._ Total library building project 811,495 811,493 2
Municipal complex project
Operation and contractual 84,900 84,858 42
Capital 5,185,800 5,185,751 49
Total municipal complex project 5,270,700 5,270,609 91
Total engineering and capital projects 6,461,260 6,455,283 5,977
Total general government 10,922,910 10,847,376 75,534
PUBLIC SAFETY
Police Department
Police services management
Personnel 459,305 459,299 6
Materials and supplies 3,715 3,711 4
Operation and contractual 34,200 34,195 5
Capital 320 320 -
�. Total police services management 497,540 497,525 15
Police field services
Personnel 2,854,900 2,854,900 -
�-- Materials and supplies 50,490 50,486 4
Operation and contractual 174,015 174,009 6
Capital 39,435 39,426 9
Total police field services 3,118,840 3,118,821 19
b.- Police general support
Personnel 276,435 276,432 3
Materials and supplies 16,315 16,292 23
Operation and contractual 1,205 1,200 5
Total police general support 293,955 293,924 31
(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 31,2002
Variance
Favorable
Budget Actual (Unfavorable)
PUBLIC SAFETY(Continued)
Police Department(Continued)
Police investigations
Personnel $ 444,800 $ 437,265 $ 7,535
Materials and supplies 7,800 7,876 (76)
Operation and contractual 14,640 14,260 380
Total police investigations 467,240 459,401 7,839
Police records
Personnel 131,705 126,001 5,704
Materials and supplies 5,950 4,663 1,287
Operation and contractual 5,600 5,596 4
Total police records 143,255 136,260 6,995
Public relations/crime prevention
Personnel 125,920 120,671 5,249
Materials and supplies 6,400 2,547 3,853
Operation and contractual 6,880 6,876 4
Total public relations/crime prevention 139,200 130,094 9,106
Total police department 4,660,030 4,636,025 24,005
Fire and community development
Fire and EMS general salaries
Personnel 2,979,605 2,979,582 23
Total fire and EMS general salaries 2,979,605 2,979,582 23
Fire service management --
Personnel 319,070 316,253 2,817
Materials and supplies 4,130 4,121 9
Operation and contractual 4,650 4,615 35 .�
Total fire service management 327,850 324,989 2,861
(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 31,2002
Variance
Favorable
Budget Actual (Unfavorable)
PUBLIC SAFETY(Continued)
Fire and community development(Continued)
Rescue and fire operation
Personnel $ 4,195 $ 4,192 $ 3
Materials and supplies 32,170 32,164 6
Operation and contractual 108,425 102,634 5,791
Capital 37,015 35,702 1,313
Total rescue and fire operation 181,805 174,692 7,113
Special teams operations
Personnel 130 - 130
Materials and supplies 1,600 893 707
Operation and contractual 6,710 5,932 778
Capital 17,000 16,871 129
Total special teams operations 25,440 23,696 1,744
Rescue and fire training
_ Personnel 26,425 26,348 77
Materials and supplies 3,085 2,108 977
Operation and contractual 150 - 150
Total rescue and fire training 29,660 28,456 1,204
Emergency medical services
:. Personnel 37,830 36,667 1,163
Materials and supplies 12,445 11,990 455
Operation and contractual 380,945 379,466 1,479
Capital 1,800 1,769 31
Total emergency medical services 433,020 429,892 3,128
Prevention and public education
Personnel 135,750 135,528 222
Materials and supplies 3,755 2,369 1,386
Operation and contractual 32,740 32,819 (79)
Total prevention and public education 172,245 170,716 1,529
(This schedule is continued on the following pages.)
-51 -
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF EXPENDITURES-
BUDGET AND ACTUAL(Continued)
GENERAL FUND
For the Year Ended December 31,2002
Variance
Favorable
Budget Actual (Unfavorable)
PUBLIC SAFETY(Continued)
Fire and community development(Continued) ^-
Community development management
Personnel $ 195,645 $ 195,643 $ 2
Materials and supplies 765 756 9
Operation and contractual 1,960 1,959 1
Total community development management 198,370 198,358 12
Code enforcement
Personnel 243,775 243,761 14
Materials and supplies 1,160 1,160 -
Operation and contractual 35,895 35,895 -
Total code enforcement 280,830 280,816 14
Total fire and community development 4,628,825 4,611,197 17,628
Total public safety 9,288,855 9,247,222 41,633 ...
PUBLIC WORKS
Public works management
Personnel 279,955 279,955 -
Materials and supplies 1,680 1,672 8
Operation and contractual 9,955 9,953 2
Total public works management 291,590 291,580 10
Mosquito control
Operation and contractual 58,270 58,266 4
Total mosquito control 58,270 58,266 4-
Buildings and grounds
Personnel 72,990 67,002 5,988
Materials and supplies 30,335 24,027 6,308
Operation and contractual 146,035 146,033 2
Capital 2,500 1,658 842
Total buildings and grounds 251,860 238,720 13,140
(This schedule is continued on the following pages.)
-52-
,... VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF EXPENDITURES-
BUDGET AND ACTUAL(Continued)
GENERAL FUND
For the Year Ended December 31,2002
Variance
Favorable
Budget Actual (Unfavorable)
PUBLIC WORKS(Continued)
Streets-general salaries
Personnel $ 532,285 $ 532,285 $ -
"' Materials and supplies 3,745 3,274 471
Operation and contractual 2,935 2,345 590
Total streets-general salaries 538,965 537,904 1,061
Snow removal
Personnel 36,880 33,824 3,056
Materials and supplies 35,515 34,798 717
Operation and contractual 25,250 21,050 4,200
Total snow removal 97,645 89,672 7,973
Total public works 1,238,330 1,216,142 22,188
CULTURE AND RECREATION
Library general operations
Personnel 349,650 348,704 946
Materials and supplies 42,390 38,227 4,163
Operation and contractual 111,580 111,189 391
Capital 185,955 185,954 1
Total library general operations 689,575 684,074 5,501
.,, Library technical services
Personnel 121,345 118,820 2,525
Materials and supplies 9,475 9,403 72
Operation and contractual 8,550 5,604 2,946
Total library technical services 139,370 133,827 5,543
Library reference and adult services
Personnel 140,815 131,885 8,930
Materials and supplies 124,100 123,485 615
..� Operation and contractual 9,500 7,106 2,394
Total library reference and adult services 274,415 262,476 11,939
(This schedule is continued on the following page.)
-53 -
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF EXPENDITURES-
BUDGET AND ACTUAL(Continued)
GENERAL FUND
r
For the Year Ended December 31,2002
Variance
Favorable
Budget Actual (Unfavorable)
CULTURE AND RECREATION(Continued)
Library youth services "-
Personnel $ 148,885 $ 141,376 $ 7,509
Materials and supplies 49,930 48,770 1,160
Operation and contractual 6,630 6,622 8
Total library youth services 205,445 196,768 8,677
Total culture and recreation 1,308,805 1,277,145 31,660 `—
TOTAL EXPENDITURES $ 22,758,900 $ 22,587,885 $ 171,015
(See independent auditor's report.)
-54-
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.
w.'
is
r
tom.
VILLAGE OF OAK BROOK, ILLINOIS
COMBINING BALANCE SHEET
SPECIAL REVENUE FUNDS
December 31,2002
Foreign Fire
Hotel/Motel Motor Insurance
Tax Fuel Tax Tax Total
ASSETS
Cash and investments $ 505,331 $ 645,264 $ 103,881 $ 1,254,476
Receivables
Allotments - 23,527 - 23,527
Accrued interest 613 932 68 1,613
Other,hotel/motel tax 34,885 - - 34,885
TOTAL ASSETS $ 540,829 $ 669,723 $ 103,949 $ 1,314,501
LIABILITIES AND FUND BALANCES
LIABILITIES
Accounts payable $ 150,626 $ - $ 565 $ 151,191
Total liabilities 150,626 - 565 151,191 _
FUND BALANCES
Unreserved 390,203 669,723 103,384 1,163,310
Total fund balances 390,203 669,723 103,384 1,163,310
TOTAL LIABILITIES AND
FUND BALANCES $ 540,829 $ 669,723 $ 103,949 $ 1,314,501
..o
(See independent auditor's report.)
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s..
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 31,2002
Hotel/Motel Tax
Variance
Favorable
Budget Actual (Unfavorable)
REVENUES
Intergovernmental
Hotel/motel taxes 347,000 297,911 (49,089)
Investment income 15,000 15,987 987
Total revenues 362,000 313,898 (48,102)
EXPENDITURES
Current
Public safety - - -
Culture and recreation 429,140 325,874 103,266
Total expenditures 429,140 325,874 103,266
EXCESS(DEFICIENCY)OF REVENUES
OVER EXPENDITURES (67,140) (11,976) 55,164
OTHER FINANCING SOURCES(USES)
Operating transfers(out) (10,000) (10,000) -
Total other financing sources(uses) (10,000) (10,000) -
EXCESS(DEFICIENCY)OF REVENUES
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND
OTHER FINANCING USES $ (77,140) (21,976) $ 55,164
FUND BALANCES,JANUARY 1 412,179 i
FUND BALANCES,DECEMBER 31 $ 390,203
i
i
�l
-56-
Motor Fuel Tax Foreign Fire Insurance Tax Total
Variance Variance Variance
Favorable Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ 245,400 $ 250,183 $ 4,783 $ 32,400 $ 31,106 $ (1,294) $ 277,800 $ 281,289 $ 3,489
.. _ - _ _ - - 347,000 297,911 (49,089)
12,000 23,826 11,826 2,000 2,440 440 29,000 42,253 13,253
257,400 274,009 16,609 34,400 33,546 (854) 653,800 621,453 (32,347)
�- - - - 31,500 22,174 9,326 31,500 22,174 9,326
- - - 429,140 325,874 103,266
- - - 31,500 22,174 9,326 460,640 348,048 112,592
257,400 274,009 16,609 2,900 11,372 8,472 193,160 273,405 80,245
(525,000) (238,307) 286,693 - - - (535,000) (248,307) 286,693
(525,000) (238,307) 286,693 - - - (535,000) (248,307) 286,693
$ (267,600) 35,702 $ 303,302 $ 2,900 11,372 $ 8,472 $ (341,840) 25,098 $ 366,938
634,021 92,012 1,138,212
$ 669,723 $ 103,384 $ 1,163,310
(See independent auditor's report.)
-57-
CAPITAL PROJECTS FUND
Infrastructure Fund-to account for revenues and expenditures relative to the construction and
maintenance of roadway, drainage and bike trail improvements.
VILLAGE OF OAK BROOK, ILLINOIS
BALANCESHEET
CAPITAL PROJECTS FUND - INFRASTRUCTURE FUND
December 31, 2002
ASSETS
Cash and investments $ 1,849,553
Receivables
Utility taxes 164,531
Accrued interest 1,645
Other 143,419
TOTAL ASSETS $ 2,159,148 _
LIABILITIES AND FUND BALANCE
LIABILITIES
Accounts payable $ 117,233
Deposits payable 14,640
Total liabilities 131,873
FUND BALANCE
Unreserved 2,027,275
Total fund balance 2,027,275
TOTAL LIABILITIES AND
FUND BALANCE $ 2,159,148
(See independent auditor's report.)
- 58 -
�.- 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, 2002
Variance
_ Favorable
Budget Actual (Unfavorable)
REVENUES
Intergovernmental-grants $ 305,700 $ 208,923 $ (96,777)
Utility taxes 1,251,000 1,057,073 (193,927)
Investment income 64,000 60,177 (3,823)
Total revenues 1,620,700 1,326,173 (294,527)
EXPENDITURES
Current
Public works 590,745 556,289 34,456
Capital outlay 1,274,000 917,478 356,522
Total expenditures 1,864,745 1,473,767 390,978
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (244,045) (147,594) 96,451
OTHER FINANCING SOURCES (USES)
Operating transfers in 525,000 238,307 (286,693)
—
Total other financing sources(uses) 525,000 238,307 (286,693)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES
1
OVER EXPENDITURES AND OTHER
FINANCING USES $ 280,955 90,713 $ (190,242)
FUND BALANCE, JANUARY 1 1,936,562
FUND BALANCE, DECEMBER 31 $ 2,027,275
—
(See independent auditor's report.)
- 59 -
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, 2002
Waterworks Sports —.
System Core Total
ASSETS
CURRENT ASSETS
Cash and investments $ 4,480,044 $ 17,933 $ 4,497,977 '—
Receivables
Billed water sales 62,966 - 62,966
Unbilled water sales 292,814 - 292,814
Accrued interest 4,158 353 4,511
Other 2,213 64,582 66,795
Inventories - 171,308 171,308
Total current assets 4,842,195 254,176 5,096,371
RESTRICTED ASSETS
Cash and investments - 123,511 123,511 _
FIXED ASSETS
Property, plant and equipment 17,725,814 18,282,623 36,008,437
Accumulated depreciation (8,149,676) (4,078,287) (12,227,963)
Total fixed assets 9,576,138 14,204,336 23,780,474
OTHER ASSETS
Water purchase rights 1,469,013 - 1,469,013 —
TOTAL ASSETS $ 15,887,346 $ 14,582,023 $ 30,469,369
- 60 -
Waterworks Sports
System Core Total
LIABILITIES AND FUND EQUITY
CURRENT LIABILITIES
Accounts payable $ 236,291 $ 53,115 $ 289,406
_ Accrued payroll 22,844 38,562 61,406
Accrued interest payable - 10,674 10,674
Compensated absences payable 21,539 39,207 60,746
Deposits payable 10,614 31,281 41,895
Deferred revenue - 29,651 29,651
Due to other funds - 1,613,827 1,613,827
Installment contracts payable - 235,000 235,000
Capital lease payable - 38,136 38,136
Total current liabilities 291,288 2,089,453 2,380,741
LONG-TERM LIABILITIES
Advances from other funds - 1,140,000 1,140,000
Installment contract payable - 1,250,000 1,250,000
Total long-term liabilities - 2,390,000 2,390,000
Total liabilities 291,288 4,479,453 4,770,741
FUND EQUITY
_ Contributed capital 207,446 11,025,590 11,233,036
Retained earnings 'tj.," "
Reserved for golf surcharge - 123,511 �y 123,511
Unreserved(deficit) 15,388,612 (1,046,531 14,342,081
Total fund equity 15,596,058 10,102,570 25,698,628
TOTAL LIABILITIES AND
FUND EQUITY $ 15,887,346 $ 14,582,023 $ 30,469,369
(See independent auditor's report.)
- 61 -
VILLAGE OF OAK BROOK, ILLINOIS
COMBINING STATEMENT OF REVENUES,EXPENSES
AND CHANGES IN RETAINED EARNINGS
ENTERPRISE FUNDS _
For the Year Ended December 31, 2002
Waterworks Sports
System Core Total
OPERATING REVENUES
Charges for services $ 3,635,611 $ 3,381,826 $ 7,017,437
Miscellaneous 48,347 - 48,347
Total operating revenues 3,683,958 3,381,826 7,065,784
OPERATING EXPENSES
Operation of facilities 3,685,728 3,348,920 7,034,648
Depreciation and amortization 521,717 399,541 921,258
Total operating expenses 4,207,445 3,748,461 7,955,906
OPERATING INCOME(LOSS) (523,487) (366,635) (890,122)
NONOPERATING REVENUES(EXPENSES)
Investment income 133,905 12,119 146,024
Interest expense - (81,067) (81,067)
Total nonoperating revenues(expenses) 133,905 (68,948) 64,957
NET INCOME(LOSS)BEFORE
OPERATING TRANSFERS (389,582) (435,583) (825,165) �.
OPERATING TRANSFERS
Operating transfers in - 148,400 148,400
Operating transfers (out) (266,000) - (266,000)
Total operating transfers (266,000) 148,400 (117,600)
NET INCOME(LOSS) (655,582) (287,183) (942,765)
RETAINED EARNINGS (DEFICIT),JANUARY 1 16,044,194 (635,837) 15,408,357
RETAINED EARNINGS (DEFICIT),DECEMBER 31 $ 15,388,612 $ (923,020) $ 14,465,592 ...
i
(See independent auditor's report.)
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!
VILLAGE OF OAK BROOK, ILLINOIS
COMBINING STATEMENT OF CASH FLOWS
ENTERPRISE FUNDS i
For the Year Ended December 31, 2002
Waterworks Sports
System Core Total
CASH FLOWS FROM OPERATING ACTIVITIES
Operating income (loss) $ (523,487) $ (366,635) $ (890,122)
Depreciation and amortization 521,717 399,541 921,258
Adjustments to reconcile operating income
(loss) to net cash from operating activities
Changes in assets and liabilities
Accounts receivable (34,679) - (34,679)
Other receivable - (30,118) (30,118)
Inventories - 14,229 14,229
Accounts payable (43,894) (134,893) (178,787) '-
Accrued payroll and compensated absences 8,629 7,842 16,471
Deposits payable 10,614 (14,219) (3,605)
-
Deferred revenue - 4,267 4,267
Net cash from operating activities (61,100) (119,986) (181,086)
CASH FLOWS FROM NON-CAPITAL
FINANCING ACTIVITIES
Borrowings from other funds - 180,452 180,452
Operating transfers in - 148,400 148,400
Operating transfers (out) (266,000) - (266,000)
Net cash from non-capital
financing activities (266,000) 328,852 62,852
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Purchase of fixed assets (4,467) (87,914) (92,381)
Principal paid on installment contract payable - (225,000) (225,000)
Principal paid on capital lease payable - (33,241) (33,241)
Interest paid - (84,611) (84,611)
-
Net cash from capital and
related financing activities (4,467) (430,766) (435,233)
(This statement is continued on the following page.)
- 63 -
VILLAGE OF OAK BROOK, ILLINOIS
— COMBINING STATEMENT OF CASH FLOWS (Continued)
ENTERPRISE FUNDS
For the Year Ended December 31, 2002
Waterworks Sports
System Core Total
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investments $ (92,879) $ - $ (92,879)
Sale of investments - 62,031 62,031
Interest received 141,555 13,398 154,953
Net cash from investing activities 48,676 75,429 124,105
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS (282,891) (146,471) (429,362)
CASH AND CASH EQUIVALENTS,
JANUARY 1 3,309,344 164,404 3,473,748
CASH AND CASH EQUIVALENTS,
DECEMBER 31 $ 3,026,453 $ 17,933 $ 3,044,386
CASH AND INVESTMENTS
Cash and cash equivalents $ 3,026,453 $ 17,933 $ 3,044,386
Investments (including $123,511 of restricted assets) 1,453,591 123,511 1,577,102
TOTAL CASH AND INVESTMENTS $ 4,480,044 $ 141,444 $ 4,621,488
(See independent auditor's report.)
- 64 -
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, 2002
Variance —"
Favorable
Budget Actual (Unfavorable)
OPERATING REVENUES
Charges for services
Water sales $ 3,705,000 $ 3,530,105 $ (174,895)
Unmetered sales 10,000 33,372 23,372
Water tap on charges 50,000 45,840 (4,160)
Meter fees and special services 43,000 26,294 (16,706)
Miscellaneous 50,000 48,347 (1,653)
Total operating revenues 3,858,000 3,683,958 (174,042)
OPERATING EXPENSES
Operation of facilities 4,478,905 3,685,728 793,177
Depreciation and amortization - 521,717 (521,717)
Total operating expenses 4,478,905 4,207,445 271,460
OPERATING INCOME(LOSS) (620,905) (523,487) 97,418
NONOPERATING REVENUES (EXPENSES)
Investment income 126,000 133,905 7,905
Total nonoperating revenues (expenses) 126,000 133,905 7,905
NET INCOME(LOSS) BEFORE
OPERATING TRANSFERS (494,905) (389,582) 105,323
OPERATING TRANSFERS (OUT) (266,000) (266,000) -
NET INCOME (LOSS) $ (760,905) (655,582) $ 105,323 _
RETAINED EARNINGS, JANUARY 1 16,044,194
RETAINED EARNINGS, DECEMBER 31 $ 15,388,612
(See independent auditor's report.)
- 65 -
VILLAGE OF OAK BROOK, ILLINOIS
_ SCHEDULE OF OPERATING EXPENSES -BUDGET AND ACTUAL
WATERWORKS SYSTEM FUND
For the Year Ended December 31, 2002
Variance
Favorable
Budget Actual (Unfavorable)
OPERATING EXPENSES EXCLUDING
DEPRECIATION
Operation of facilities
Public works - water operations
Personnel $ 457,610 $ 445,747 $ 11,863
Materials and supplies 131,515 131,513 2
Operation and contractual 3,105,925 3,065,526 40,399
Total public works -water operations 3,695,050 3,642,786 52,264
Capital improvements
Capital outlay 783,855 47,409 736,446
Total capital improvements 783,855 47,409 736,446
TOTAL OPERATING EXPENSES EXCLUDING
DEPRECIATION-BUDGETARY BASIS $ 4,478,905 3,690,195 $ 788,710
ADJUSTMENTS TO GAAP BASIS
Capital expenditures (4,467)
Depreciation expense 452,857
Amortization expense 68,860
Total adjustments to GAAP basis 517,250
TOTAL OPERATING EXPENSES $ 4,207,445
(See independent auditor's report.)
- 66 -
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF FIXED ASSETS AND ACCUMULATED DEPRECIATION
WATERWORKS SYSTEM FUND .�
For the Year Ended December 31,2002
Fixed Assets
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 602,598 - - 602,598
Water treatment equipment 8,149 - - 8,149
Distributions,reservoirs,mains and standpipes 14,202,213 211,913 133,860 14,280,266
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
Miscellaneous equipment 168,904 - - 168,904
Intangible plant-organization 11,403 - - 11,403
TOTALS $ 17,647,761 $ 211,913 $ 133,860 $ 17,725,814 -
-67-
s
Accumulated Depreciation Net
Fixed
Balances Additions Balances Asset
January 1 and Transfers Retirements December 31 Value
$ - $ - $ - $ - $ 215,800
220,237 7,869 - 228,106 86,647
200,858 18,437 - 219,295 518,206
204,878 15,065 - 219,943 382,655
8,149 - - 8,149 -
6,217,164 354,358 133,860 6,437,662 7,842,604
691,197 41,317 - 732,514 430,432
114,634 4,537 - 119,171 62,301
20,763 - - 20,763 -
20,189 - - 20,189 -
1,070 - - 1,070 -
120,137 11,274 - 131,411 37,493
11,403 - - 11,403 -
$ 7,830,679 $ 452,857 $ 133,860 $ 8,149,676 $ 9,576,138
(See independent auditor's report.)
-68-
VILLAGE OF OAK BROOK,ILLINOIS
STATEMENT OF REVENUES,EXPENSES AND
CHANGES IN RETAINED EARNINGS-BUDGET AND ACTUAL
SPORTS CORE FUND
i
For the Year Ended December 31,2002
Variance
Favorable '—
Budget Actual (Unfavorable)
OPERATING REVENUES
Charges for services
Golf $ 2,121,350 $ 1,893,651 $ (227,699)
Bath and tennis 350,440 270,192 (80,248)
Food and beverage 1,270,815 1,217,983 (52,832)
Total operating revenues 3,742,605 3,381,826 (360,779)
OPERATING EXPENSES
Golf club 1,425,100 1,325,284 99,816
Bath and tennis 822,740 822,350 390
Food and beverage 1,225,205 1,201,286 23,919
Depreciation - 399,541 (399,541)
Total operating expenses 3,473,045 3,748,461 (275,416)
OPERATING INCOME(LOSS) 269,560 (366,635) (636,195)
NONOPERATING REVENUES (EXPENSES)
Investment income 17,000 12,119 (4,881)
Interest expense (309,610) (81,067) 228,543
Gain on sale of fixed assets 1,525,000 - (1,525,000)
Total nonoperating revenues(expenses) 1,232,390 (68,948) (1,301,338)
NET INCOME(LOSS)BEFORE
OPERATING TRANSFERS 1,501,950 (435,583) (1,937,533)
OPERATING TRANSFERS IN(OUT)
Operating transfers in 148,400 148,400 -
Total operating transfers in(out) 148,400 148,400 -
NET INCOME(LOSS) $ 1,650,350 (287,183) $ (1,937,533)
RETAINED EARNINGS (DEFICIT),JANUARY 1 (635,837)
RETAINED EARNINGS (DEFICIT),DECEMBER 31 $ (923,020) ..
(See independent auditor's report.)
-69-
VILLAGE OF OAK BROOK, ILLINOIS
SCHEDULE OF OPERATING REVENUES -BUDGET AND ACTUAL
�- SPORTS CORE FUND
For the Year Ended December 31, 2002
Variance
Favorable
Budget Actual (Unfavorable)
CHARGES FOR SERVICES
.� Golf
Fees $ 1,495,100 $ 1,356,572 $ (138,528)
Golf surcharge 70,500 66,086 (4,414)
Memberships 335,250 306,333 (28,917)
Merchandise sales 220,500 163,660 (56,840)
Miscellaneous - 1,000 1,000
Total golf 2,121,350 1,893,651 (227,699)
Bath and tennis
Fees 111,575 81,917 (29,658)
_ Memberships 227,465 173,260 (54,205)
Merchandise sales 3,400 2,948 (452)
Miscellaneous 8,000 12,067 4,067
Total bath and tennis 350,440 270,192 (80,248)
Food and beverage
Food sales 803,155 743,193 (59,962)
Beverage sales 381,810 372,624 (9,186)
Miscellaneous 85,850 102,166 16,316
Total food and beverage 1,270,815 1,217,983 (52,832)
TOTAL OPERATING REVENUES $ 3,742,605 $ 3,381,826 $ (360,779)
s
(See independent auditor's report.)
- 70 -
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF OPERATING EXPENSES-BUDGET AND ACTUAL
SPORTS CORE FUND
For the Year Ended December 31,2002
Variance
Favorable
Budget Actual (Unfavorable)
OPERATING EXPENSES EXCLUDING
DEPRECIATION
a
Operations-golf club
Golf club general operations
Personnel $ 383,995 $ 359,377 $ 24,618
Materials and supplies 203,945 172,647 31,298
Operation and contractual 156,150 156,150 -
Total golf club general operations 744,090 688,174 55,916
Golf club range operations
Personnel 45,595 46,248 (653) _
Materials and supplies 6,050 6,049 1
Operation and contractual 7,300 6,645 655
Total golf club range operations 58,945 58,942 3
Golf cart operations
Personnel 24,290 24,286 4 _
Materials and supplies 1,200 798 402
Operation and contractual 41,115 4,902 36,213
Total golf cart operations 66,605 29,986 36,619
Golf course maintenance
Personnel 393,330 386,053 7,277
Materials and supplies 128,155 128,154 1
Operation and contractual 33,975 33,975 - _
Total golf course maintenance 555,460 548,182 7,278
Total operations-golf club 1,425,100 1,325,284 99,816
Operations-bath and tennis
Sports Core general operations
Personnel 386,590 386,589 1
Materials and supplies 33,225 33,221 4
Operation and contractual 124,935 108,969 15,966
Total Sports Core general operations 544,750 528,779 15,971
(This schedule is continued on the following page.)
-71 -
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF OPERATING EXPENSES-BUDGET AND ACTUAL(Continued)
SPORTS CORE FUND
For the Year Ended December 31,2002
Variance
�- Favorable
Budget Actual (Unfavorable)
.� OPERATING EXPENSES EXCLUDING
DEPRECIATION(Continued)
Operations-bath and tennis(Continued)
Swimming operations
Personnel $ 114,135 $ 114,135 $ -
Materials and supplies 22,330 22,326 4
Operation and contractual 34,720 34,717 3
Total swimming operations 171,185 171,178 7
'- Tennis operations-outdoor
Personnel 82,625 82,619 6
Materials and supplies 8,900 8,294 606
Operation and contractual 15,280 15,278 2
Total tennis operations-outdoor 106,805 106,191 614
Total operations-bath and tennis 822,740 806,148 16,592
Food and beverage
Personnel 589,635 565,803 23,832
Materials and supplies 457,755 457,670 85
Operation and contractual 177,815 177,813 2
Total food and beverage 1,225,205 1,201,286 23,919
Capital outlay 159,200 104,116 55,084
TOTAL OPERATING EXPENSES-BUDGETARY BASIS $ 3,632,245 3,436,834 $ 195,411
ADJUSTMENTS TO GAAP BASIS
Capital expenditures (87,914)
Depreciation expense 399,541
Total adjustments to GAAP basis 311,627
TOTAL OPERATING EXPENSES $ 3,748,461
(See independent auditor's report.)
-72-
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF FIXED ASSETS AND ACCUMULATED DEPRECIATION
SPORTS CORE FUND
For the Year Ended December 31,2002
Fixed Assets
Balances Additions Balances
January 1 and Transfers Retirements December 31
Land $ 8,168,944 $ - $ - $ 8,168,944
Land improvements-golf 2,658,327 4,332 - 2,662,659
Land improvements-bath and tennis 151,611 - - 151,611
Buildings-golf 1,998,117 - - 1,998,117
Buildings-bath and tennis 3,763,758 25,634 - 3,789,392
Machinery and equipment-golf 998,590 34,757 13,251 1,020,096
Machinery and equipment-bath and tennis 319,885 11,402 - 331,287
Computer equipment 21,367 - - 21,367
Construction in progress-Westchester Park 110,299 11,789 - 122,088
Vehicles 17,062 - - 17,062
TOTALS $ 18,207,960 $ 87,914 $ 13,251 $ 18,282,623
-73 -
4..
Accumulated Depreciation Net
Fixed
Balances Additions Balances Asset
January 1 and Transfers Retirements December 31 Value
$ - $ - $ - $ - $ 8,168,944
1,271,052 107,289 - 1,378,341 1,284,318
151,611 - - 151,611 -
396,470 49,362 - 445,832 1,552,285
1,203,145 107,483 - 1,310,628 2,478,764
513,006 106,776 13,251 606,531 413,565
129,036 27,198 - 156,234 175,053
21,367 - - 21,367 -
- - - - 122,088
6,310 1,433 - 7,743 9,319
$ 3,691,997 $ 399,541 $ 13,251 $ 4,078,287 $ 14,204,336
(See independent auditor's report.)
-74-
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.
i
VILLAGE OF OAK BROOK, ILLINOIS
COMBINING BALANCE SHEET
INTERNAL SERVICE FUNDS
December 31,2002
i
Self Capital
Insurance Garage Replacement Total
ASSETS
CURRENT ASSETS
Cash and investments $ 368,310 $ 257,405 $ 3,286,368 $ 3,912,083
Receivables
Utility taxes - - 23,394 23,394 i
Accrued interest - 343 2,911 3,254
Other - 31 - 31
Inventories - 38,211 - 38,211
Total current assets 368,310 295,990 3,312,673 3,976,973
FIXED ASSETS
Equipment - 136,477 4,097,931 4,234,408
Less accumulated depreciation - (122,400) (2,487,673) (2,610,073)
Net fixed assets - 14,077 1,610,258 1,624,335
TOTAL ASSETS $ 368,310 $ 310,067 $ 4,922,931 $ 5,601,308
LIABILITIES AND FUND EQUITY
CURRENT LIABILITIES
Accounts payable $ - $ 39,242 $ - $ 39,242
Accrued payroll - 10,125 - 10,125
Compensated absences payable - 10,088 - 10,088
Claims payable 223,031 - - 223,031
Total current liabilities 223,031 59,455 - 282,486
FUND EQUITY --
Retained earnings
Unreserved 145,279 250,612 4,922,931 5,318,822
Total fund equity 145,279 250,612 4,922,931 5,318,822
TOTAL LIABILITIES AND
FUND EQUITY $ 368,310 $ 310,067 $ 4,922,931 $ 5,601,308
(See independent auditor's report.)
- 75 -
VILLAGE OF OAK BROOK, ILLINOIS
COMBINING STATEMENT OF REVENUES,EXPENSES
AND CHANGES IN RETAINED EARNINGS
INTERNAL SERVICE FUNDS
'- For the Year Ended December 31,2002
Self Capital
Insurance Garage Replacement Total
OPERATING REVENUES
Charges for services $ 1,683,649 $ 444,100 $ 36,770 $ 2,164,519
Total operating revenues 1,683,649 444,100 36,770 2,164,519
OPERATING EXPENSES
Claims and insurance 1,515,075 - - 1,515,075
Garage operations - 448,977 - 448,977
Miscellaneous - - 1,400 1,400
Depreciation - 4,092 331,409 335,501
Total operating expenses 1,515,075 453,069 332,809 2,300,953
OPERATING INCOME(LOSS) 168,574 (8,969) (296,039) (136,434)
NONOPERATING REVENUES(EXPENSES)
Investment income 4,357 8,930 92,357 105,644
Gain on sale of fixed assets - - 5,280 5,280
Utility taxes - - 322,108 322,108
Total nonoperating revenues(expenses) 4,357 8,930 419,745 433,032
NET INCOME(LOSS)BEFORE
OPERATING TRANSFERS 172,931 (39) 123,706 296,598
OPERATING TRANSFERS(OUT) - (21,000) - (21,000)
NET INCOME(LOSS) 172,931 (21,039) 123,706 275,598
RETAINED EARNINGS(DEFICIT),JANUARY 1 (27,652) 271,651 4,799,225 5,043,224
RETAINED EARNINGS,DECEMBER 31 $ 145,279 $ 250,612 $ 4,922,931 $ 5,318,822
(See independent auditor's report.)
-76-
VILLAGE OF OAK BROOK,ILLINOIS
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
For the Year Ended December 31,2002
Self Capital
Insurance Garage Replacement Total
CASH FLOWS FROM OPERATING ACTIVITIES -�
Operating income(loss) $ 168,574 $ (8,969) $ (296,039) $ (136,434)
Depreciation - 4,092 331,409 335,501
Adjustments to reconcile operating income
(loss)to net cash from operating activities
Changes in assets and liabilities
Accounts receivable - 21 3,342 3,363
Inventories - (3,036) - (3,036)
Accounts payable - 22,753 - 22,753
Accrued payroll and compensated absences - 7,643 - 7,643
Claims payable 30,331 - - 30,331
Net cash from operating activities 198,905 22,504 38,712 260,121
CASH FLOWS FROM NON-CAPITAL
FINANCING ACTIVITIES i
Utility taxes - - 322,108 322,108
Operating transfers(out) - (21,000) - (21,000)
i
Net cash from non-capital
financing activities - (21,000) 322,108 301,108
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Purchase of fixed assets - - (261,245) (261,245)
Proceeds from sale of fixed assets - - 24,564 24,564
Net cash from capital and
related financing activities - - (236,681) (236,681)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investments - (55,989) (268,745) (324,734)
Interest received 4,357 9,140 95,950 109,447
Net cash from investing activities 4,357 (46,849) (172,795) (215,287)
NET INCREASE(DECREASE)IN
CASH AND CASH EQUIVALENTS 203,262 (45,345) (48,656) 109,261
CASH AND CASH EQUIVALENTS,
JANUARY 1 165,048 183,609 2,323,227 2,671,884
CASH AND CASH EQUIVALENTS,
DECEMBER 31 $ 368,310 $ 138,264 $ 2,274,571 $ 2,781,145
CASH AND INVESTMENTS
Cash and cash equivalents $ 368,310 $ 138,264 $ 2,274,571 $ 2,781,145
Investments - 119,141 1,011,797 1,130,938
i
TOTAL CASH AND INVESTMENTS $ 368,310 $ 257,405 $ 3,286,368 $ 3,912,083
i
(See independent auditor's report.)
-77-
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 31,2002
... Variance
Favorable
Budget Actual (Unfavorable)
OPERATING REVENUES
Charges for services $ 1,643,000 $ 1,683,649 $ 40,649
Total operating revenues 1,643,000 1,683,649 40,649
OPERATING EXPENSES
Claims and insurance
Insurance and administration 228,050 223,286 4,764
�. Health claims 1,182,500 1,176,060 6,440
Dental claims 123,200 115,729 7,471
Total operating expenses 1,533,750 1,515,075 18,675
OPERATING INCOME 109,250 168,574 59,324
NONOPERATING REVENUES (EXPENSES)
Investment income 3,000 4,357 1,357
-- Total nonoperating revenues(expenses) 3,000 4,357 1,357
NET INCOME $ 112,250 172,931 $ 60,681
RETAINED EARNINGS(DEFICIT),JANUARY 1 (27,652)
RETAINED EARNINGS,DECEMBER 31 $ 145,279
(See independent auditor's report.)
-78-
VILLAGE OF OAK BROOK,ILLINOIS
STATEMENT OF REVENUES,EXPENSES AND
CHANGES IN RETAINED EARNINGS-BUDGET AND ACTUAL
GARAGE FUND
For the Year Ended December 31,2002
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 156,270 156,269 1
Materials and supplies 115,280 115,278 2
Operations and contractual 177,430 177,430 -
Capital outlay 5,660 - 5,660
Total operating expenses
excluding depreciation 454,640 448,977 5,663
OPERATING INCOME(LOSS) (10,540) (4,877) 5,663
NONOPERATING REVENUES(EXPENSES)
Investment income 10,000 8,930 (1,070)
Total nonoperating revenues(expenses) 10,000 8,930 (1,070)
NET INCOME BEFORE OPERATING TRANSFERS (540) 4,053 4,593
OPERATING TRANSFERS (OUT) (21,000) (21,000) -
NET INCOME(LOSS)-BUDGETARY BASIS $ (21,540) (16,947) $ 4,593
ADJUSTMENTS TO GAAP BASIS —
Depreciation expense (4,092)
Total adjustments to GAAP basis (4,092)
NET INCOME(LOSS)-GAAP BASIS (21,039)
RETAINED EARNINGS,JANUARY 1 271,651
RETAINED EARNINGS,DECEMBER 31 $ 250,612
(See independent auditor's report.)
-79-
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 31,2002
Variance
Favorable
Budget Actual (Unfavorable)
OPERATING REVENUES
Charges for services $ 36,770 $ 36,770 $ -
Total operating revenues 36,770 36,770 -
OPERATING EXPENSES EXCLUDING
DEPRECIATION
Capital outlay 937,600 262,645 674,955
Total operating expenses
excluding depreciation 937,600 262,645 674,955
OPERATING INCOME(LOSS) (900,830) (225,875) 674,955
NONOPERATING REVENUES (EXPENSES)
Investment income 100,000 92,357 (7,643)
Gain on sale of fixed assets 15,000 5,280 (9,720)
Utility taxes 382,000 322,108 (59,892)
Total nonoperating revenues(expenses) 497,000 419,745 (77,255)
NET INCOME(LOSS)-BUDGETARY BASIS $ (403,830) 193,870 $ 597,700
—" ADJUSTMENTS TO GAAP BASIS
Capital expenditures 261,245
Depreciation expense (331,409)
Total adjustments to GAAP basis (70,164)
NET INCOME-GAAP BASIS 123,706
RETAINED EARNINGS,JANUARY 1 4,799,225
RETAINED EARNINGS,DECEMBER 31 $ 4,922,931
(See independent auditor's report.)
- 80-
PENSION TRUST FUNDS
Police Pension Fund-to account for the accumulation of resources to pay pension costs.
Resources are contributed by sworn police personnel at rates fixed by State Statutes and by the
Village as a percentage of payroll based upon an annual actuarial valuation.
Firefighters' Pension Fund-to account for the accumulation of resources to pay pension costs.
Resources are contributed by sworn fire personnel at rates fixed by State Statutes and by the
Village as a percentage of payroll based upon an annual actuarial valuation.
VILLAGE OF OAK BROOK, ILLINOIS
—
COMBINING STATEMENT OF PLAN NET ASSETS
TRUST AND AGENCY FUNDS
December 31, 2002
Pension Trust Funds
Police Firefighter's
Pension Pension Total
ASSETS
Cash $ 466,501 $ 100,010 $ 566,511
Investments
Illinois Funds 23,533 174,325 197,858
Certificates of Deposit - 884,000 884,000
U.S. Treasury Securities 4,927,661 3,089,992 8,017,653
U.S. Agency Securities 8,827,663 5,348,869 14,176,532 _
State and Local Obligations 1,132,085 - 1,132,085
Mutual Funds 5,003,832 6,048,200 11,052,032
Insurance Contracts - 509,971 509,971
Accrued interest receivable 145,592 94,750 240,342
Total assets 20,526,867 16,250,117 36,776,984
LIABILITIES
Accounts payable 5,782 9,500 15,282 _
Total liabilities 5,782 9,500 15,282
NET ASSETS HELD IN TRUST
FOR PENSION PLAN BENEFITS $ 20,521,085 $ 16,240,617 $ 36,761,702
—
(See independent auditor's report.)
- 81 -
VILLAGE OF OAK BROOK, ILLINOIS
COMBINING STATEMENT OF CHANGES IN PLAN NET ASSETS
PENSION TRUST FUNDS
For the Year Ended December 31, 2002
Police Firefighter's
Pension Pension Total
ADDITIONS
Contributions
Employer contributions $ 338,565 $ 417,022 $ 755,587
Employee contributions 246,704 179,904 426,608
Total contributions 585,269 596,926 1,182,195
Investment income
Net appreciation(depreciation)
in fair value of investments (393,119) (1,229,612) (1,622,731)
Interest 768,438 335,620 1,104,058
Total investment income 375,319 (893,992) (518,673)
Less investment expense (35,253) (45,557) (80,810)
Net investment income 340,066 (939,549) (599,483)
Total additions 925,335 (342,623) 582,712
DEDUCTIONS
'— Benefits and refunds 860,382 852,421 1,712,803
Administrative 39,937 51,585 91,522
Total deductions 900,319 904,006 1,804,325
NET INCREASE (DECREASE) 25,016 (1,246,629) (1,221,613)
NET ASSETS HELD IN TRUST
FOR PENSION BENEFITS
January 1 20,496,069 17,487,246 37,983,315
December 31 $ 20,521,085 $ 16,240,617 $ 36,761,702
(See independent auditor's report.)
- 82 -
VILLAGE OF OAK BROOK, ILLINOIS
STATEMENT OF CHANGES IN PLAN NET ASSETS - BUDGET AND ACTUAL
POLICE PENSION FUND
For the Year Ended December 31, 2002
Budget Actual Variance
ADDITIONS _
Contributions
Employer contributions $ 321,845 $ 338,565 $ 16,720
Employee contributions 265,800 246,704 (19,096)
Total contributions 587,645 585,269 (2,376)
Investment income
Net appreciation(depreciation)
in fair value of investments - (393,119) (393,119)
Interest 1,500,000 768,438 (731,562)
Total investment income 1,500,000 375,319 (1,124,681)
Less investment expense (35,255) (35,253) (2)
Net investment income 1,464,745 340,066 (1,124,683)
Total additions 2,052,390 925,335 (1,127,059)
DEDUCTIONS
Benefits and refunds 874,480 860,382 14,098
Administrative 30,845 39,937 (9,092)
Total deductions 905,325 900,319 5,006
NET INCREASE (DECREASE) $ 1,147,065 25,016 $ (1,122,053) —
NET ASSETS HELD IN TRUST
FOR PENSION BENEFITS
January 1 20,496,069
December 31 $ 20,521,085
(See independent auditor's report.) —
- 83 -
VILLAGE OF OAK BROOK, ILLINOIS
STATEMENT OF CHANGES IN PLAN NET ASSETS - BUDGET AND ACTUAL
FIREFIGHTERS'PENSION FUND
For the Year Ended December 31, 2002
Budget Actual Variance
ADDITIONS
Contributions
Employer contributions $ 384,200 $ 417,022 $ 32,822
Employee contributions 180,500 179,904 (596)
Total contributions 564,700 596,926 32,226
Investment income
Net appreciation(depreciation)
in fair value of investments - (1,229,612) (1,229,612)
Interest 1,275,000 335,620 (939,380)
Total investment income 1,275,000 (893,992) (2,168,992)
Less investment expense (48,800) (45,557) (3,243)
Net investment income 1,226,200 (939,549) (2,172,235)
Total additions 1,790,9.00 (342,623) (2,140,009)
DEDUCTIONS
_ Benefits and refunds 899,010 852,421 46,589
Administrative 46,640 51,585 (4,945)
Total deductions 945,650 904,006 41,644
NET INCREASE(DECREASE) $ 845,250 (1,246,629) $ (2,098,365)
NET ASSETS HELD IN TRUST
FOR PENSION BENEFITS
January 1 17,487,246
December 31 $ 16,240,617
(See independent auditor's report.)
- 84 -
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
GENERAL FIXED ASSETS ACCOUNT GROUP
December 31, 2002 _
GENERAL FIXED ASSETS
Land $ 616,829
Buildings and improvements 9,406,615
Other equipment 2,379,986
Computer equipment 1,581,660
Construction in progress 8,630,698
TOTAL GENERAL FIXED ASSETS $ 22,615,788
INVESTMENT IN GENERAL FIXED ASSETS
Current revenues $ 16,062,655
Proceeds of indebtedness 5,628,191
Gifts 924,942
TOTAL INVESTMENT IN
GENERAL FIXED ASSETS $ 22,615,788
(See independent auditor's report.)
- 85 -
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General Fixed Assets Account Group - to account for fixed assets not accounted for in
Proprietary or Trust Funds.
T
VILLAGE OF OAK BROOK, ILLINOIS
SCHEDULE OF GENERAL FIXED ASSETS - BY SOURCE
GENERAL FIXED ASSETS ACCOUNT GROUP
December 31, 2002 _
GENERAL FIXED ASSETS
Land $ 616,829
Buildings and improvements 9,406,615
Other equipment 2,379,986
Computer equipment 1,581,660
Construction in progress 8,630,698
TOTAL GENERAL FIXED ASSETS $ 22,615,788
INVESTMENT IN GENERAL FIXED ASSETS
Current revenues $ 16,062,655
Proceeds of indebtedness 5,628,191
Gifts 924,942 `
TOTAL INVESTMENT IN
GENERAL FIXED ASSETS $ 22,615,788
(See independent auditor's report.)
- 85 -
VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF GENERAL FIXED ASSETS-BY FUNCTION AND ACTIVITY
GENERAL FIXED ASSETS ACCOUNT GROUP
December 31,2002
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 - 1,200 19,716 - - 20,916
General management - 2,200,686 19,931 - 8,630,698 10,851,315
General services - - 47,118 - - 47,118
Emergency management - - 12,156 - - 12,156
Village communication center - - 333,750 - - 333,750
Purchasing and grants - - 941 - - 941
Information services - 2,257 - 1,581,660 - 1,583,917
Financial services - - 21,512 - - 21,512
�. Engineering - - 46,737 - - 46,737
Total general government 616,829 2,282,679 509,369 1,581,660 8,630,698 13,621,235
'- PUBLIC SAFETY
Police department - 108,667 622,500 - - 731,167
Fire department - 674,636 913,023 - - 1,587,659
Total public safety - 783,303 1,535,523 - - 2,318,826
PUBLIC WORKS
.� Administrative - 682,410 14,976 - - 697,386
Street maintenance - 268,144 170,438 - - 438,582
Forestry - - 65,335 - - 65,335
Total public works - 950,554 250,749 - - 1,201,303
CULTURE AND RECREATION
.. Library - 5,390,079 84,345 - - 5,474,424
Total culture and recreation - 5,390,079 84,345 - - 5,474,424
TOTAL GENERAL
FIXED ASSETS $ 616,829 $ 9,406,615 $ 2,379,986 $ 1,581,660 $ 8,630,698 $ 22,615,788
(See independent auditor's report.)
-86-
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 31,2002
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 2,452,911 243,301 475,595 2,220,617
General services 8,225 38,893 - 47,118 _
Emergency management 12,156 - - 12,156
Village communication center 95,980 237,770 - 333,750
Purchasing and grants 941 - - 941 _
Information services 1,527,370 87,287 30,740 1,583,917
Financial services 21,512 - - 21,512
Engineering 46,737 - - 46,737
Total general government 4,889,621 607,251 506,335 4,990,537
PUBLIC SAFETY
Police department 742,885 6,000 17,718 731,167
Fire department 1,717,029 33,630 163,000 1,587,659
Total public safety 2,459,914 39,630 180,718 2,318,826
PUBLIC WORKS
Administrative 697,386 - - 697,386
Street maintenance 438,582 - - 438,582
Forestry 65,335 - - 65,335 _
Total public works 1,201,303 - - 1,201,303
CONSTRUCTION IN PROGRESS
Municipal complex 3,593,661 5,037,037 - 8,630,698
New library 4,638,035 717,461 5,355,496 -
Total construction in progress 8,231,696 5,754,498 5,355,496 8,630,698
CULTURE AND RECREATION
Library 308,994 5,432,309 266,879 5,474,424
Total culture and recreation 308,994 5,432,309 266,879 5,474,424
TOTAL GENERAL
FIXED ASSETS $ 17,091,528 $ 11,833,688 $ 6,309,428 $ 22,615,788
(See independent auditor's report.) -
-87-
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VILLAGE OF OAK BROOK,ILLINOIS
GENERAL GOVERNMENTAL REVENUES BY SOURCE
Last Ten Fiscal Years
Fiscal Year 1993* 1994 1995 1996 1997 1998 1999 2000 2001 2002
Intergovernmental $ 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 $ 12,015,110
Property taxes 846,501 549,482 5,410 - - - - - - -
Utility taxes 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 4,422,058
Hotel/motet taxes 163,784 235,606 274,041 290,198 312,383 330,953 338,951 353,692 308,101 297,911
Licenses and permits 261,461 322,779 477,624 374,617 404,998 391,789 432,724 623,858 324,131 468,403
Service charges 498,440 293,743 336,146 423,139 305,137 364,650 425,752 389,557 374,409 560,204
Fines and penalties 135,419 280,339 220,593 211,809 214,086 222,239 198,769 223,462 300,311 311,750
Investment income 171,420 426,127 713,992 784,652 983,733 1,043,142 849,568 1,347,175 1,135,564 486,149
Miscellaneous 189,205 233,836 253,327 296,482 246,490 603,548 665,606 1,679,561 497,185 125,766
TOTALREVENUES $ 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 $ 18,687,351
*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
-88-
VILLAGE OF OAK BROOK,ILLINOIS
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION
Last Ten Fiscal Years
Fiscal Year 1993* 1994 1995 1996 1997 1998 1999 2000 2001 2002
General government $ 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 $ 10,847,376
Public safety 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 9,269,396
Public works 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 2,689,909
Culture and recreation 264,471 462,781 539,734 726,820 1,010,800 1,056,802 1,144,361 1,104,942 1,245,024 1,603,019
Debt service 944,820 944,821 - - - - - - - -
TOTAL EXPENDITURES $ 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 $ 24,409,700
*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-
r
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* 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
2002 2001 - - 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
- 90 -
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
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
2001 1,181,481 3,544,443 33.33
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 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
Tax Rates
Village of Oak Brook 0.0977 0.0641 - - - - - - -
Basic Town 0.8171 0.8348 0.8089 0.7141 0.6095 0.6072 0.5834 0.5601 0.5379 0.5072
Junior College#502 0.2087 0.2058 0.2068 0.2062 0.2053 0.2042 0.2027 0.2006 0.1966 0.1930
Grade School#53 1.0248 1.0683 1.0763 1.0605 1.0458 1.0362 1.0237 0.9862 0.9689 0.9476
High School#86 1.6595 1.6406 1.6122 1.5907 1.4944 1.4885 1.5258 1.4881 1.4367 1.4250
Oak Brook Park District 0.2051 0.2098 0.2064 0.2045 0.1997 0.1932 0.1911 0.1877 0.1674 0.1538
TOTAL TAX RATES 4.0129 4.0234 3.9106 3.7760 3.5547 3.5293 3.5267 3.4227 3.3075 3.2266
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* 1994 1995 1996 1997 1998 1999 2000 2001 2002
(1)Population 9,087 9,087 9,087 9,087 9,087 9,087 9,087 8,702 8,702 8,702
(2)Assessed value $ 878,225 $ 875,114 $ 887,591 $ 905,788 $ 938,948 $ 972,447 $ 1,005,097 $ 1,045,985 $ 1,100,468 $ 1,181,481
(3)Gross general obligation
bonded debt 1,800,000 900,000 - - - - - - - -
(3)Less debt service funds 261,159 265,447 - - - - - - -
Net general
bonded debt 1,538,841 634,553 - - - - - - - -
Ratio of net general
bonded debt
to assessed value 175.22% 72.51% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net general
bonded debt per capita $ 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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VILLAGE OF OAK BROOK, ILLINOIS
SCHEDULE OF DIRECT AND OVERLAPPING BONDED DEBT
December 31, 2002
(2)
*Percentage
(1) of Debt (3)
Gross Applicable to **Government's
Governmental Unit Bonded Debt Government Share of Debt
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Village of Oak Brook $ - 100.00 $ -
DuPage County 218,660,000 4.59 10,042,380
DuPage Forest Preserve 230,046,835 4.59 10,565,342
DuPage Water Commission 92,675,000 4.82 4,464,913
Park Districts 3,665,000 67.32 2,467,212
Elementary School Districts 53,095,000 4.43 2,351,046
High School Districts 99,328,626 7.41 7,359,199
Unit District 205 77,135,000 8.23 6,349,674
-- TOTAL $ 774,605,461 $ 43,599,766
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* 1994 1995 1996 1997 1998 1999 2000 2001 2002
Principal $ 900,000 $ 900,000 $ $ - $ - $ _ $ _ $ _ $
Interest 44,100 44,821
TOTAL DEBT SERVICE $ 944,100 $ 944,821 $ - $ - $ - $ _ $ _ $ _ $ $ _
TOTAL GENERAL
GOVERNMENTAL
EXPENDITURES $ 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 $ 24,409,700
RATIO OF DEBT SERVICE
TO GENERAL
GOVERNMENTAL
EXPENDITURES 11.76% 7.20% 0.00% 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* 1994 1995 1996 1997 1998 1999 2000 2001 2002
Gross revenue $ 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 $ 3,683,958
Expenses 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 4,207,445
NET REVENUE AVAILABLE
FOR DEBT SERVICE $ 491,295 $ 662,214 $ 145,732 $ (372,972) $ 163,779 $ 147,287 $ (407,365) $ (370,901) $ (509,541) $ (523,487)
DEBT SERVICE REQUIREMENTS
Principal $ - $ 225,000 $ 250,000 $ 275,000 $ - $ - $ $ - $ $ -
Interest 16,350 26,850 16,000 5,500 - - - -
TOTAL DEBT SERVICE $ 16,350 $ 251,850 $ 266,000 $ 280,500 $ $ - $ $ - $ $ -
COVERAGE 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, 2002
(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 _
2000 8,702 76,668 50 3.60
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
(1) (1)
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 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
2002 3,544,443 0 0 32 22,614
* 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, 2002
Percentage
2001 of Total
Assessed Assessed
Taxpayers Type of Business Valuation Valuation
Oakbrook Shopping Center, LLC Shopping Center $ 75,320,860 6.38%
McDonald's Corporation Office Buildings 40,870,210 3.46%
Metlife Life Insurance 19,429,990 1.64% _
T. Kemp Archon Group Office Buildings 17,834,690 1.51%
SFERS Real Estate Group Executive Towers 14,554,260 1.23%
Prime Group Realty Trust Office Buildings 13,970,080 1.18%
Carramerica Office Buildings 12,465,1 10 1.06% _
CTF Hotels and Resorts Hotel 11,259,090 0.95%
Equity Office Property Office Building 10,962,580 0.93%
Jones, Lang, LaSalle Hotel/Office Building 9,874,470 0.84%
$ 226,541,340 19.18%
Data Source
Office of the County Clerk
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VILLAGE OF OAK BROOK,ILLINOIS
SCHEDULE OF INSURANCE IN FORCE
December 31,2002
Insurance Coverage Amount of
Type of Insurance Company Expires Coverage
Village Manager's Bond Intergovernmental Risk Management Agency 12/31/02 $ 150,000
Treasurer's Bond Intergovernmental Risk Management Agency 12/31/02 100,000
Host Liquor Liability Lloyds of London Insurance Company 11/24/03 2,000,000
Contingent Business
_ Interruption Insurance
for Loss of Sales Tax Revenues Intergovernmental Risk Management Agency 12/31/02 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. IRMA provides loss protection in excess of a deductible of$1,000
per occurrence to be paid by each municipality. IRMA 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. IRMA 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 31,2002,IRMA members
totaled 74 municipalities.
Data Source
Village Records,IRMA
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VILLAGE OF OAK BROOK,ILLINOIS
MISCELLANEOUS STATISTICS
December 31, 2002
Date of Incorporation February 21, 1958
Form of Government Seven-member Board of Trustees, including President:
Village Manager appointed by Board of Trustees
Area 8.5 Square Miles
Miles of Streets 55 miles
Number of Street Lights 565
Fire Protection "—
Number of stations 2
Number of firefighters 34
Number of paid on call firefighters 9
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 53
Number of students 499
Municipal Water Department
Number of customers 5,510
Total water pumped (in thousands) 1,407,000 gallons
Average daily consumption 3.855 million gallons
Miles of water mains 79
Building pernaits issued 819
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
398 acres
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VILLAGE OF OAK BROOK,ILLINOIS
MISCELLANEOUS STATISTICS (Continued)
December 31,2002
Culture
Number of libraries 1
Number of books, audiovisual materials, and other collection items 75,262
'— Census data
1960 324
1970 4,164
1975 5,281
1980 6,641
1984 7,263
1990 9,087
2000 8,702
Employees
Full-time 163
Part-time/seasonal 273
Data Source
Village Records
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