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CAFR (Year Ended December 31, 2015) _ pF 0A Ir P � v Q 0 Zhb d C/3 G 4 - q c o u -0 _ VILLAGE OF OAK BROOK COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Year Ended December 31 , 2015 _ COMPREHENSIVE ANNUAL FINANCIAL REPORT OF THE VILLAGE OF OAK BROOK, ILLINOIS As of and for the Year Ended December 31, 2015 Prepared by the Finance Department Sharon Dangles Finance Director THIS PAGE IS INTENTIONALLY LEFT BLANK VILLAGE OF OAK BROOK TABLE OF CONTENTS As of and for the Year Ended December 31, 2015 Page(s) INTRODUCTORY SECTION Letter of Transmittal i-vi Certificate of Achievement for Excellence in Financial Reporting vii Organization Chart viii Principal Officials ix FINANCIAL SECTION INDEPENDENT AUDITORS'REPORT 1 -3 REQUIRED SUPPLEMENTARY INFORMATION Management's Discussion and Analysis 4- 16 BASIC FINANCIAL STATEMENTS Government-Wide Financial Statements Statement of Net Position 17 Statement of Activities 18- 19 Fund Financial Statements Balance Sheet-Governmental Funds 20 -21 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position 22 Statement of Revenues, Expenditures and Changes in Fund Balances- Govemmental Funds 23-24 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities 25 Statement of Net Position -Proprietary Funds 26-27 Statement of Revenues, Expenses and Changes in Net Position - Proprietary Funds 28 Statement of Cash Flows-Proprietary Funds 29-30 Statement of Fiduciary Net Position-Fiduciary Funds 31 Statement of Changes in Fiduciary Net Position - Fiduciary Funds 32 Index to Notes to Financial Statements 33 Notes to Financial Statements 34-76 REQUIRED SUPPLEMENTARY INFORMATION General Fund Schedule of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual-General Fund 77 VILLAGE OF OAK BROOK TABLE OF CONTENTS (cont.) As of and for the Year Ended December 31, 2015 REQUIRED SUPPLEMENTARY INFORMATION(cant.) Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balance-Budget and Actual- Hotel/Motel Tax Fund 78 Historical Pension and Other Postemployment Benefit Plan Information Illinois Municipal Retirement Fund -Schedule of Changes in the Village's Net Pension Liability and Related Ratios 79 Illinois Municipal Retirement Fund -Schedule of Employer Contributions 80 Police Pension Fund -Schedule of Changes in the Village's Net Pension Liability and Related Ratios 81 Police Pension Fund-Schedule of Employer Contributions 82-83 Police Pension Fund -Schedule of Investment Returns 84 Firefighters' Pension Fund -Schedule of Changes in the Village's Net Pension Liability and Related Ratios 85 -- Firefighters' Pension Fund -Schedule of Employer Contributions 86-87 Firefighters' Pension Fund-Schedule of Investment Returns 88 Other Postemployment Benefit Plan -Schedule of Employer Contributions and Schedule of Funding Progress 89 _ Notes to Required Supplementary Information 90 SUPPLEMENTARY INFORMATION .� General Fund Schedule of Revenues- Budget and Actual -General Fund 91 Schedule of Expenditures- Budget and Actual -General Fund 92-97 Governmental Funds Combining Balance Sheet- Nonmajor Governmental Funds 98 Combining Statement of Revenues, Expenditures and Changes in Fund Balances- Nonmajor Governmental Funds 99 Schedules of Revenues, Expenditures and Changes in Fund Balances (Deficit) - Budget and Actual Motor Fuel Tax Fund - Nonmajor Special Revenue Fund 100 Promenade TIF Fund - Nonmajor Capital Projects Fund 101 Infrastructure Fund -Major Capital Projects Fund 102- 105 Schedule of Revenues, Expenses and Changes in Fund Net Position - Budget and Actual -Waterworks System Fund -Major Enterprise Fund 106 VILLAGE OF OAK BROOK TABLE OF CONTENTS (cont.) As of and for the Year Ended December 31, 2015 SUPPLEMENTARY INFORMATION(Cont.) '— Schedule of Operating Expenses-Budget and Actual-Waterworks System Fund - Major Enterprise Fund 107 Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual -Sports Core Fund-Major Enterprise Fund 108 Schedule of Operating Revenues-Budget and Actual -Sports Core Fund -Major Enterprise Fund 109 Schedule of Operating Expenses-Budget and Actual-Sports Core Fund -Major Enterprise Fund 110- 112 Combining Statement of Net Position - Internal Services Funds 113 Combining Statement of Revenues, Expenses and Changes in Fund Net Position - Internal Service Funds 114 Combining Statement of Cash Flows- Internal Service Funds 115 - 116 Statement of Revenues, Expenses and Changes in Net Position - Budget and Actual Self-Insurance Fund - Internal Service Fund 117 Garage Fund - Internal Service Fund 118 Capital Replacement Fund - Internal Service Fund 119 Combining Statement of Fiduciary Net Position - Pension Trust Funds 120 Combining Statement of Changes in Fiduciary Net Position - Pension Trust Funds 121 STATISTICAL SECTION Net Position by Component- Last Ten Fiscal Years 122 - 123 Changes in Net Position -Last Ten Fiscal Years 124- 127 Fund Balances of Governmental Funds- Last Ten Fiscal Years 128- 129 Changes in Fund Balances of Governmental Funds-Last Ten Fiscal Years 130 - 131 Assessed Value and Estimated Actual Value of Taxable Property- Last Ten Fiscal Years 132 - 133 Property Tax Rates- Direct and Overlapping Governments- Last Ten Levy Years 134 - 135 Principal Revenue Taxpayers- Current and Nine Years Ago 136 Direct and Overlapping Sales Tax Rates - Last Ten Fiscal Years 137 - 138 Ratios of Outstanding Debt by Type- Last Ten Fiscal Years 139 - 140 Schedule of Direct and Overlapping Bonded Debt 141 Legal Debt Margin Information - Last Ten Fiscal Years 142 - 143 Demographic and Economic Information - Last Ten Fiscal Years 144 Principal Employers-Current and Eight Years Ago 145 THIS PAGE IS INTENTIONALLY LEFT BLANK VILLAGE OF OAK BROOK TABLE OF CONTENTS (cont.) As of and for the Year Ended December 31, 2015 STATISTICAL SECTION (cont.) Retail Sales Volume-Top 25 Illinois Communities 146 Sales Tax Receipts-Cash Basis- Last Ten Fiscal Years 147 '— State Sales Tax Receipts by Month -Cash Basis-Last Five Fiscal Years 148 - 149 Non-Home Rule Sales Tax Receipts by Month -Cash Basis- Last Ten Fiscal Years 150- 151 Sales Tax by Category- Last Ten Fiscal Years 152- 153 Non-Home Rule Sales Tax by Category-Last Ten Fiscal Years 154- 155 Budgeted Full-Time Equivalent Employees- Last Ten Fiscal Years 156- 157 Operating Indicators- Last Ten Fiscal Years 158- 159 Capital Assets Statistics- Last Ten Fiscal Years 160- 161 i THIS PAGE IS INTENTIONALLY LEFT BLANK i i i �r r�i GE OF 04k - y�P B90 May 18, 2016 o G O UNTV •�.�` Village of Honorable Gopal Lalmalani,President Oak Brook Board of Trustees 1200 Oak Brook Road Citizens of the Village of Oak Brook, Illinois: Oak Brook,IL 60523-2255 Website wivw.ouk-brook.org Illinois state statute requires that all general-purpose local governments Administration publish,within six months of the close of each fiscal year, a complete set 630.368.5000 FAX 630.368.5045 of financial statements presented in conformity with United States Generally Accepted Accounting Principles(GAAP)and audited in Community accordance with generally accepted auditing standards by a firm of Development independent licensed certified public accountants. This report is published 630.368.5101 FAX 630.368.5128 to fulfill that requirement for the year ended December 31, 2015. Engineering Responsibility for both the accuracy of the presented data and the Department completeness and fairness of the presentation, including all disclosures, 630.368.5151 e rest with the management of the Villa We believe to the best of our FAX 630.368.5123 g g knowledge, as presented, is accurate in all material respects and presented Fire Department in a manner designed to fairly set forth the financial position and results of 630.368.5200 FAX 630.368.5251 the operations. Police Department Management of the Village is responsible for establishing and maintaining 630.368.8700 internal controls designed to ensure that the assets of the Village are "— FAX 630.368.8739 protected from loss,theft or misuse and to ensure that sufficient,reliable, Publicworks adequate accounting data is compiled for the preparation of financial Department statements in conformity with GAAP. Internal accounting controls have 630.368.5270 been designed to provide reasonable rather than absolute assurance that FAX 630.368.5295 the financials statements will be free from material misstatement. We believe that the Village's internal controls adequately safeguard assets and Dart Brook Public Library provide reasonable assurance of properly recorded financial transactions. 600 Oak Brook Road In addition, the Village maintains budgetary controls. The objective of Oak Brook-,IL 60523-2200 these controls is to ensure compliance with legal provisions embodied in 630.368.7700 the annual budget approved by the Village Board. All disbursements — FAX 630.368.7701 receive approval from the Board of Trustees. The Village also maintains Oak Brook Sports Core an encumbrance system that is used as an extension of formal budgetary integration. Bath&Tennis Club 700 Oak Brook Road The Village's financial statements have been audited by Baker Tilly,a —Oak Brook,IL 60523-4600 firm of licensed certified public accountants. The independent audit is to 630.368.6420 FAX 630.368.6439 provide reasonable assurance that the financial statements of the Village of Oak Brook are free of material misstatements. The independent audit Golf Club involved examining,on a test basis,evidence supporting the amounts and 2606 York Road Oak Brook,IL 60523-4602 630.368.6400 FAX 630.368.6419 i disclosures in the financial statements; assessing accounting principles used and significant estimates made by management; and the evaluation of the overall financial statement presentation. Based upon the audit for the year ending December 31,2015,the independent auditors concluded,that there was a reasonable basis for rendering an unmodified opinion on the Village's financial statements. The independent auditor's report is presented as the first component of the financial section of this report. Management's discussion and analysis (MD&A)immediately follow the independent auditor's report and provides a narrative introduction, overview and analysis of the basic financial statements. The MD&A complements this letter of transmittal and should be read in conjunction with it. Profile of the Village of Oak Brook The Village of Oak Brook is located approximately 15 miles west of the Chicago Loop,near the geographic center of the seven-county Chicago _ metropolitan area Excellent transportation links are provided to all parts of the greater metropolitan area by a network of tollways and federal and state highways which pass through or near the Village. The Tri-State --- Tollway (I-294),running along the Village's eastern boundary,provides rapid access to the northern and southern suburbs, and into Wisconsin and Indiana. The East-West Tollway(I-88),passing through the Village's —' northern sector,joins the Eisenhower Expressway to the northeast, providing direct access to Chicago's Loop. Additional links include east- _ west arteries Illinois Route 38 and U.S. Route 34,which pass, respectively,to the north and south of the Village, and Illinois Route 83, which bisects the community in a north-south direction. The Oak Brook area is generally bounded on the north by the communities of Lombard, Villa Park,Elmhurst and Oak Brook Terrace and on the south by Downers Grove,Westmont, Clarendon Hills and Hinsdale. The Village of Oak Brook operates under the Village form of government with an elected Village President and six(6)Trustees. Operational management is provided by a professional manager appointed by the Board of Trustees. The Village provides a wide range of municipal _ services including general government,public safety(police and fire), public works,road maintenance, community development and recreation facilities and a free public library. For additional information concerning the Village,please visit our website at www.oak-brook.or . —" u Local Economy and Finances The Village of Oak Brook has been and continues to be one of the preeminent business centers in the Chicago metropolitan area. Several Fortune 500 companies have facilities in the Village,including the corporate headquarters of McDonald's Corporation and Ace Hardware. As a retail center, Oak Brook offers upscale shopping,fine restaurants, and Oakbrook Center,one of the leading outdoor shopping centers in the United States. Oak Brook is comprised of 40,269 jobs (2015, IDES, Where Workers Work);of them,20.3%are in the Administrative and Support,Waste Management,and Remedial services, 15.5%are in the Management of Companies and Enterprises, and 12.7%are in the wholesale and retail trade. These factors, as well as the performance of the Illinois economy over time,have enabled the Village to operate without a real estate tax since inception due to the sales taxes generated from retail business activities. Overall, the Village has seen many revenue sources show signs of improvement compared to five years ago. With sales taxes being the _ largest source of General Fund revenue, the local and national economy has a significant effect on the amount of revenue the Village receives. Sales tax collections increased$372,210, or 3.1% compared to last year's collections. Oak Brook's total construction value indicates a positive development trend from 2014 to 2015 at $110.9 million to $174.9 million, respectively while building permits showed a 2 percent increase during the same time frame. New Commercial Development There have been many changes and improvements in Oakbrook Center. There is a $35 million commercial theater building, which is expected to be completed in November of 2016,AMC 4 movie theater opened in May of 2015,Mitchell Gold and Bob Williams signature furniture store project is ongoing, the Gap store completed a $.8 million renovation project in 2015, and new stores continue to open up at Oakbrook Center. Labriola's Pizza Barra opened in September and Xfinity completed its renovations in Oak Brook Promenade. Ili New Office Development The Duchossois Redevelopment Project is ongoing for the 245,000 square foot corporate facility for the Duchossois Group. Completion of construction is anticipated by early 2017. Inland Real Estate completed a$1.3 million renovation, Golub's$1.5 million interior/exterior renovation of its buildings is ongoing, and _ Kellogg's $1.25 million interior renovation project was completed. The Hyatt House is planning a$20 million building with an expected completion date in 2018. Rush Medical office building has planned construction costs of$50 - $75 million for a 103,000 square foot space with an expected completion date in 2018. Long-term Financial Planning The Village uses a number of processes to accomplish financial planning —" which are outlined as follows: Goals and Objectives–this is an annual process in which the Village Board and staff express specific objectives to be accomplished. Typically, objectives relate to a specific task or project or to a change in methods or operations designed to achieve the stated objective. Roadway Maintenance Plan–this plan is based on the Village's — pavement management database and on a visual inspection of every public street segment in the Village. The Plan,which is updated annually, _ includes a long-range schedule of roadway maintenance activities as well as cost projections over the next ten year period in order to plan for the orderly maintenance of the Village's roadway system. Five-Year Financial Plan–this document is prepared annually in order to provide the Village Board and the community with a five year projection of the financial condition of each of the twelve funds that comprise the Village's financial structure. This document is not as precise as the annual budget but it does project both revenues and expenditures for each of the next five years that can assist in identifying positive and negative trends. Annual Budget–using the information gathered through the goals and objectives process,roadway maintenance plan, and five-year financial plan,the annual line item budget is prepared. The budget is structured according to cost centers (called"programs")and sets the spending plan for the coming year. The foundation of all of the Village's financial planning is centered on the Village Board's well publicized policy of maintaining a cash and iv investment reserve in the General Fund that meets or exceeds six months of annual operating expenses. The six month policy level, which is higher than many other municipalities,was established due to the Village not having the predictability of real estate tax revenue and the fact that most of its general revenues that are collected by the State (sales and telecommunications taxes)have a three month delay. This conservative policy ensures that the Village will have sufficient funds on hand to operate in an emergency situation as well as having sufficient time to address any economic downturns. The soundness of this financial policy has proven itself as the Village has been able to maintain adequate cash reserves in this recessionary environment. Major Initiatives In 2015, electrical work was performed at the Municipal Complex to gain more efficiencies, Fire Station 94 dispatch room was renovated providing a functional office space with operational back-up dispatch capabilities, patient stretcher lifts and a power stretcher were purchased improving safety and preventing injuries, a new replacement ambulance was put into service,replacement of cardiac monitors,Public Works garage floors were reconditioned and resealed as well as improvements to the Heritage Center and Library. Renovation plans in the police department are underway to improve safety measures. The 2015 Water Main project replaced water mains along Mockingbird Lane and Camelot Drive, various street improvements were completed throughout the Village, and various pedestrian access improvements in the '— vicinity of the Oakbrook Center shopping area were completed. There were many improvements made at the Sports Core this year including new HVAC system and exterior staining at the Bath and Tennis Clubhouse, improvements to the golf course to enhance playability, several drainage systems were improved, and new fixed pumps were installed. Included in the 2016 budget are various street improvement projects, equipment replacement items for various departments, and numerous municipal building improvements. The Hotel/Motel Fund has planned various projects to attract and promote visitors to the area. The Hotel/Motel Fund project for 22nd Street Illinois Transportation Improvement Project (ITEP) – Salt Creels to I-294 and Dover Road – Clearwater to Dover is scheduled in 2016. In 2016 and after the Five-Year Financial Plan reflects the continuation of the annual paving program,Heritage Center improvements,police v department renovation,electrical to gas conversion project, library and sports core improvements, equipment and vehicle replacements,water main improvements,pedestrian access (Hotels and offices to Oakbrook Center), 22nd St. streetscape project(Salt Creek to I294). Awards and Acknowledgements 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, 31,2014. In order to be awarded a Certificate of Achievement, a governmental unit —f 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 38 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. In addition,the Village of Oak Brook received the GFOA's Distinguished Budget Presentation Award for its annual budget for the 2016 fiscal year. _ In order to receive this award,a governmental unit must publish a budget document that meets program criteria as a policy document, as an operations guide, as a financial plan, and as a communications device. _ This is the fourth year the Village has received this award. The preparation of this report could not be published without the efficient and dedicated services of the entire Finance Department 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, Sharon Dangles Assistant Village Manager/Finance Director vi Government Finance Officers Association 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, 2014 Executive Director/CEO ,r.. Village of Oak Brook _ �M•. Organization Chart y'n..V tiyy_ Residents ( Fiscal Year 2015 of Oak Brook Village Clerk Village President and Board of Trustees Village Manager Village Attorney Village Attorney Boards and (General) (Labor) Commissions Assistant Village Public Works Development Oak Brook Sports Core Manager Chief of Police Fire Chief Services Public Library g Director Director Director Director Finance Director viii VILLAGE OF OAK BROOK, ILLINOIS .— PRINCIPAL OFFICIALS December 31,2015 Gopal Lalmalani,Village President Charlotte K.Pruss,Village Clerk BOARD OF TRUSTEES Donald N.Adler John Baar Michael Manzo Asif Yusuf Mark M.Moy Edward Tiesenga VILLAGE MANAGER Riccardo Ginex,Village Manager FINANCE DEPARTMENT Sharon Dangles,Finance Director/Treasurer ix i THIS PAGE IS INTENTIONALLY LEFT BLANK -45� BAKE R T I L LY Baker Tilly Virchow Krause,LLP 1301 W 22nd St,Ste 400 Oak Brook,IL 60523-3389 rel 630 990 3131 fax 630 990 0039 bakertilly.com INDEPENDENT AUDITORS' REPORT To the Honorable President and Board of Trustees Village of Oak Brook Oak Brook, Illinois Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Village of Oak Brook, Illinois, as of and for the year ended December 31, 2015, and the related notes to the financial statements, which collectively comprise the Village of Oak Brook's basic financial statements as listed in the table of contents. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement,whether due to fraud or error. Auditors'Responsibility Our responsibility is to express opinions on these 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 financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors'judgment, including the assessment of the risks of material misstatement of the financial statements,whether due to fraud or error. In making those _ risk assessments, the auditor considers internal control relevant to the Village of Oak Brook's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Village of Oak Brook's internal control.Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. �, a ,aeneden �emoa, Page 1 BAKER TILLY INTERNATIONAL .moi Affirmative Acrion Equal Oppo rruniry Employer To the Honorable President and Board of Trustees Village of Oak Brook Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Village of Oak Brook, Illinois, as of December 31, 2015 and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Emphasis of Matter As discussed in Note I, the Village of Oak Brook adopted the provisions of GASB Statement No. 68,Accounting and Financial Reporting for Pensions-an amendment of GASB Statement No. 27 and GASB Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date-an amendment of GASB Statement No. 68, effective January 1, 2015. Net position as of January 1, 2015 has been restated as a result. Our opinions are not modified with respect to this matter. — Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the required supplementary information as listed in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We and other auditors have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to -- express an opinion or provide any assurance. Supplementary Information, — Our audit for the year ended December 31, 2015 was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Village of Oak Brook's basic financial statements. The supplementary information for the year ended December 31, 2015 as listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and —' other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements for the year ended December 31, 2015 and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplementary information is fairly stated in all material respects, in relation to the basic financial statements as a whole. Page 2 To the Honorable President and Board of Trustees Village of Oak Brook The Village of Oak Brook's basic financial statements for the year ended December 31, 2014 (not presented herein), were audited by other auditors whose report thereon dated May 21, 2015, expressed unmodified opinions on the respective financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information. The report of the other auditors dated May 21, 2015, stated that the combining and individual fund statements and schedules for the year ended December 31, 2014 were subjected to the auditing procedures applied in the audit of the 2014 basic financial statements and certain additional auditing procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare those basic financial statements or the those basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America and, in their opinion, were fairly stated in all material respects in relation to the basic financial statements as a whole for the year ended December 31, 2014. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Village of Oak Brook's basic financial statements. The introductory and statistical sections are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on it. Oak Brook, Illinois / May 6, 2016 Page 3 THIS PAGE IS INTENTIONALLY LEFT BLANK VILLAGE OF OAK BROOK, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS December 31,2015 _ As the management of the Village of Oak Brook (the "Village"), we offer readers of the Village's financial statements this narrative overview and analysis of the financial activities of the Village for the fiscal year ended December 31, 2015. We encourage readers to consider the information presented here in conjunction with additional information that we have furnished in the Transmittal Letter (beginning on page i) and the Village's Financial Statements (beginning on page 17). This discussion and analysis is designed to (1) assist the reader in focusing on significant ._ financial issues, (2) provide an overview of the Village's financial activity, (3) identify changes in the Village's financial position(its ability to address the next and subsequent year challenges), (4) identify any material deviations from the financial plan (the approved budget), and (5) identify individual fund issues or concerns. HIGHLIGHTS Financial Highlights Village wide revenues of$41.1 million exceeded expenses of$40.7 million by $0.4 million, resulting in an ending net position of$119.1 million before consideration of the adoption of GASB Statements 68 and 71. This increase in net position is a result of 2015 operations. With the implementation of GASB Statement No. 68–Accounting and Financial Reporting For Pensions and GASB Statement No. 71 –Pension Transition for Contributions Made Subsequent to the Measurement Date, the Village recognized an additional $10.4 million in pension expenses, bringing total expenses to $51.1 million. Excluding the impact of GASB Statements 68 and 71,the net position of governmental activities increased $0.6 million, or 1.0% and net position of business type activities decreased by$0.2 million. Net position for the prior year was restated for both governmental activities and business-type activities related to the recording of pension liabilities for the Village's pension plans. The _ governmental activities restated its beginning net position to $54.4 million, which is a decrease of$30.0 million in comparison to the prior year. The business-type activities restated its beginning net position to $33.9 million, which is a decrease of$0.4 million compared to the prior year. For the year ending December 31, 2015, the Village's assets exceeded liabilities by$78.3 million —' (net position), which is a decrease of$40.4 million, or 34.0%, in comparison to the prior year net position prior to the restatement for GASB Statements 68 and 71. The majority of the decrease is primarily due to a decrease in the unrestricted net position as a result of the implementation of new pension standards for pensions. This requires the net pension liability and related deferred outflows and inflows to be reported in the financial statements. The net position is comprised of (See independent auditor's report) 4 VILLAGE OF OAK BROOK, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (continued) $92.1 million net investment in capital assets, $11.3 million in restricted, and a negative $25.1 million in unrestricted. _ Government - Wide Financial Statements _ The government-wide financial statements are designed to provide readers with a broad overview of the Village's finances, in a manner similar to a private-sector business. The focus of the Statement of Net Position presents information on all of the Village's assets/deferred outflows of resources and liabilities/deferred inflows of resources, with the difference between the two reported as net position. This statement combines and consolidates governmental fund's current financial resources (short-term spendable resources) with capital assets and long-term obligations using the accrual basis of accounting and economic resources measurement focus. Over time, increases or decreases in net position may serve as a useful indicator of whether the _ financial position of the Village is improving or deteriorating. The Statement of Activities presents information showing how the government's net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of the cash flows. _ Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., earned but unused compensated absences). Both of the government-wide financial statements (see pages 17-19) distinguish functions of the Village that are principally supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business-type activities). The governmental activities of the Village reflect the Village's basic services, including administration, police, fire and emergency _ medical services, engineering, public works, library, and community development. The business- type activities of the Village, which are based on a fee for service designed to cover all or most of the cost of operation, include the waterworks system and operations of the Oak Brook Sports Core. Fund Financial Statements _ Traditional users of governmental financial statements will find the Fund Financial Statements to be more familiar. The focus of the presentation is on major funds rather than fund types. A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The Village, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the Village can be divided into three categories: governmental funds,proprietary funds, and fiduciary funds. _ Governmental Funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. —' However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as balances _ of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government's near-term financing requirements. (See independent auditor's report) 5 VILLAGE OF OAK BROOK,ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (continued) Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government's near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The Village maintains 6 individual governmental funds. Information is presented separately in the governmental fund balance sheet and statement of revenues, expenditures, and changes in fund balances for the General Fund, Hotel/Motel Tax Fund and Infrastructure Fund, all of which are considered to be "major" funds. Data from the other 3 governmental funds are combined into a single, aggregate presentation. Individual fund data for each of these non-major governmental funds is provided in the form of combining statements elsewhere in this report. The Village adopts an annual budget for each of its governmental funds, except for the Foreign Fire Insurance fund. A budgetary comparison statement has been provided elsewhere in this report to demonstrate compliance with the budget. The basic governmental fund financial statements can be found on pages 20 through 25 of this report. Proprietary Funds. The Village maintains two different types of proprietary funds: enterprise funds and internal service funds. Enterprise funds are used to report the same functions presented as business-type activities in the government-wide financial statements. The Village uses enterprise funds to account for its waterworks system and the operations of the Oak Brook Sports Core. Internal service funds are an accounting device used to accumulate and allocate costs internally among the Village's various functions. The Village uses internal service funds to account for the costs of health and dental insurance, garage operations, and the advance funding of equipment replacement. Because the Village's costs for these items relate to both _ governmental and business-type functions, the costs have been allocated to each type of activity where appropriate. Proprietary funds provide the same type of information as the government-wide financial statements, only in more detail. The proprietary fund financial statements provide separate information for the Waterworks System and the Oak Brook Sports Core, both of which are considered to be major funds of the Village. Conversely, the internal service funds are combined into a single, aggregated presentation in the proprietary fund financial statements. Individual fund data for the internal service funds is provided in the form of combining statements elsewhere in this report. The basic proprietary fund financial statements can be found on pages 26 through 30 of this report. Fiduciary Funds. Fiduciary funds are used to account for resources held for the benefit of parties outside of the government. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the Village's own programs. The accounting used for fiduciary funds is much like that used for proprietary funds. The Village maintains two fiduciary funds: the Police Pension Fund and the Firefighters' Pension Fund. (See independent auditor's report) 6 VILLAGE OF OAK BROOK,ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (continued) The basic fiduciary fund financial statements can be found on pages 31 and 32 of this report. .._ Infrastructure Assets Prior to 2003, the Village's largest group of assets (infrastructure assets- roads, bridges, storm _ sewers, etc.) were not reported nor depreciated in governmental financial statements. GASB Statement No. 34, which was implemented in 2003, requires that these assets be valued and reported within the Governmental Activities column of the Government-wide Statements. Additionally, the Village must elect to (1) depreciate the assets over their estimated useful life or (2) develop a system of asset management designed to maintain the service delivery potential to —� near perpetuity (modified approach). The Village has chosen to depreciate assets over their useful life. If a road project is considered maintenance-a recurring cost that does not extend the original useful life or expand its capacity-the cost of the project will be expensed. An "overlay" of a road will be considered maintenance whereas a"rebuild" of a road will be capitalized. Notes to the Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the financial statements can be found on pages 34 through 76 of this report. Other Information In addition to the basic financial statements and accompanying notes, this report also presents _ certain required supplementary information concerning the Village's progress in funding its obligation to provide benefits to its employees. Required supplementary information can be found on pages 77 through 90 of this report. The combining statements referred to earlier in connection with non-major governmental funds, non-major enterprise funds, and internal service funds are presented immediately following the required supplementary information on pensions. Combining and individual fund statements and schedules can be found on pages 98 through 121 of this report. _ Financial Analysis of the Village as a Whole Beyond presenting current year financial information in the government-wide and major individual fund formats, the Village also presents comparative information from the prior year in the Management's Discussion and Analysis. By doing so, the Village is providing an additional _ means of analyzing its financial condition and financial position as of December 31, 2015. GOVERNMENT-WIDE STATEMENTS — The Government-wide Financial Statements were designed so that the user can determine if the Village's financial position has improved or deteriorated from the prior year. The Village's net position has decreased due to the implementation of new pension standards where the liability is recorded on the face of the financial statements. -- (See independent auditor's report) 7 VILLAGE OF OAK BROOK, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (continued) Summary of Net Position The following table reflects a Summary of Net Position for fiscal years 2015 and 2014. Table 1 Statement of Net Position As of December 31,2015 and 2014 (in millions) Governmental Business-Type Total Primary Activities Activities Government 2015 2014* 2015 2014* 2015 2014* ASSETS Current and Other Assets $ 34.7 $ 32.8 $ 3.5 $ 4.4 $ 38.2 $ 37.2 Capital Assets 61.3 61.6 31.4 30.6 92.7 92.2 Total Assets 96.0 94.4 34.9 35.0 130.9 129.4 Deferred Outflows of Resources 7.6 - 0.4 - 8.0 - LIABILITIES Long-Term Liabilities 54.0 6.8 0.7 0.1 54.7 6.9 Other Liabilities 4.1 3.2 1.0 0.6 5.1 3.8 Total Liabilities 58.1 10.0 1.7 0.7 59.8 10.7 Deferred Inflows of Resources 0.7 - 0.1 - 0.8 - NET POSITION Net Investment in capital assets 60.7 60.7 31.4 30.6 92.1 91.3 Restricted 11.3 11.6 - - 11.3 11.6 Unrestricted 27.2 12.1 2.1 3.7 (25.1) 15.8 --- Total Net Position $ 44.8 $ 84.4 $ 33.5 $ 34.3 $ 78.3 $ 118.7 * Prior year information has not been updated for the effects of restatement due to the implementation of GASB Statement No.68 and No. 71 in 2015. The Village's combined net position decreased by$40.4 million from$118.7 (before restatement) to $78.3 million during 2015. This is primarily due to a decrease in the unrestricted net position as a result of the implementation of GASB Statement No. 68, Accounting and Financial Reporting for Pensions and GASB Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date. The New Pension Standards dramatically changes the accounting reporting requirements with respect to defined benefit pension plans and the presentation in the Village's financial statements. Thus, GASB 68 changed by reporting pension obligations not only on the note disclosure and required "- supplementary information sections, but also on the face of the basic financial statements. As a result of implementing the new standards, the Village reported,under long-term liabilities, a net pension liability of$48.3 million for governmental activities, a $0.8 million for business type activities, for a total of$49.1 million as of December 31, 2015. GASB 68 affects the reporting and accounting presentation of the Village's pension liability; it is not a new liability and the �- Village has been disclosing and profoundly aware of this liability. (See independent auditor's report) a 8 VILLAGE OF OAK BROOK,ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (continued) The net investment in capital assets is the largest portion of net position. This represents capital assets (land, buildings, improvements, equipment, infrastructure and construction in progress), net of accumulated depreciation, and the outstanding related debt used to acquire the assets. The Village uses these capital assets to provide services to its citizens and these assets are not available for future spending. For more detailed information, see the Statement of Net Position on page 17. Summary of Changes in Net Position The following table summarizes the revenues and expenses of the Village's activities for 2015 and 2014: Table 2 Changes in Net Position For the Fiscal Year Ended December 31, 2015 and 2014 _ (in millions) Governmental Business-Type Total Primary Activities Activities Government 2015 2014* 2015 2014* 2015 2014* REVENUES Program Revenues: Charges for Services $ 3.0 $ 3.1 $ 10.9 $ 10.1 $ 13.9 $ 13.2 Grants and Contributions 0.2 0.7 - - 0.2 0.7 General Revenues: Sales and Local Use Taxes 18.1 17.7 - - 18.1 17.7 Utility Taxes 5.7 5.2 - - 5.7 5.2 Other Taxes 2.8 2.4 - - 2.8 2.4 Transfers (0.5) (0.5) 0.5 0.5 - - Investment Income 0.2 (0.2) - - 0.2 (0.2) Other 0.2 0.1 - - 0.2 0.1 Total Revenues 29.7 28.5 11.4 10.6 41.1 39.1 EXPENSES General Government 5.3 4.5 - - 53 4.5 Public Safety 24.6 14.7 - - 24.6 14.7 Public Works 7.7 4.9 - - 7.7 4.9 Culture and Recreation 1.5 2.0 - - 1.5 2.0 Waterworks System - - 8.0 7.0 8.0 7.0 Sports Core - - 3.7 3.6 3.7 3.6 Interest on Long-Term Debt 0.3 0.3 - - 0.3 0.3 Total Expenses 39.4 26.4 11.7 10.6 51.1 37.0 - Change in Net Position $ (9.7) $ 2.1 $ (03) $ - $ (10.0) $ 2.1 Total Net Position $ 44.8 $ 84.4 $ 33.5 $ 34.3 $ 78.3 $ 118.7 - * Prior year information has not been updated for the effects of restatement due to the implementation of GASB Statement No.68 and No. 71 in 2015. Total revenues increased $2.0 million, or 5.1%, compared to the prior year. (See independent auditor's report) - 9 VILLAGE OF OAK BROOK,ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (continued) Total expenses increased$14.1 million, or 38.1%, compared to the prior year, which is mainly attributable to recording $10.4 million of pension expense on the financial statements and an _ increase in street improvements. More detailed information on pensions can be found on pages 58-71. •— Governmental Activities The net position of the Village's governmental activities decreased by$39.6 million, or 46.9%. Cash and investments in current assets increased$1.6 million, or 6.2% compared to the prior year. Revenues–Governmental Activities Revenues By Source - Governmental Activities Other Other Taxes Charges for Services 0% 10% 9% Grants and Contributions 1% '— Utility Taxes 19% momi Sales and Use Taxes 61% For the fiscal year ended December 31, 2015,revenues totaled $29.7 million, an increase of$1.2 million from 2014. Revenue from sales and use taxes, which continues to be the Village's largest revenue source, amounted to $18.1 million or 61.0% of total revenue, an increase of$0.4 million or 2.3% from 2014. Utility taxes, which include the taxes imposed on electric, natural gas, and telecommunications services, were $5.7 million or 19.0% of total revenues. This represents an increase of$0.5 million, or 9.6%, from the comparable amount in 2014. (See independent auditor's report) 10 VILLAGE OF OAK BROOK,ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (continued) The "other taxes" classification includes a number of different revenue sources including income taxes, personal property replacement taxes, and hotel taxes. For 2015, these revenues were $2.8 million or 9.0%of total revenues,which is a$0.4 million, or 16.7%, increase from 2014. ...� Expenses by Function—Governmental Activities Expenses by Function - Governmental Activities _ Culture& Recreations Interest General Public Works 4% 1% Government 20% Public Safety 62% Expenses for the Village of Oak Brook for governmental activities amounted to a total of$39.4 million in 2015, an increase of$13.0 million from 2014. As required by GASB Statement No. 34, the expense totals include depreciation expense of$1.9 million for governmental activities. Depreciation expense, which includes depreciation on infrastructure, has been allocated over the most appropriate functional categories. As required by GASB Statement No. 68, the expense totals include the recording of pension expense of $10.3 million for governmental activities starting with the 2015 financials,which accounts for the majority of the increase from 2014. General government expenses were $5.3 million, an increase of $0.8 million, or 17.8%, from 2014 which was due to a reporting change of the internal service allocation by the Village. In the prior year, the internal service allocation was netted against revenues, therefore in 2015 it appears general government expenses increased when in fact it was a neutral effect. Public Safety expenses were $24.6 million, an increase of$9.9 million, or 67.3%, from 2014 due to a $10.3 million increase in pension expense being recorded based on new reporting changes. Public Safety expenses were $14.3 million before the GASB 68 pension expense, a decrease of $0.4 million, or 2.7%, from 2014. Public works expenses were $7.7 million, an increase of$2.8 million, or 57.1%, from 2014 due to an increase in street improvement projects to include 35th street and St. Paschal and various resurfacing projects. Culture and recreation expenses were $1.5 million, a decrease of$0.5 million, or 25.0%, from 2014 due to a decrease in Hotel/Motel Tax fund capital spending. (See independent auditor's report) 11 VILLAGE OF OAK BROOK, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (continued) Business-type Activities The business-type activities net position decreased $0.8 million, or 2.3%, compared to the prior year after implementing GASB 68 and 71. For business-type activities, revenues for the waterworks system were $7.7 million, which increased by $0.7 million compared to the prior year, due to an increase in Water Sales. Revenues for Sports Core were $3.2 million (excludes a transfer of$.5 million), which increased slightly compared to the prior year. For business-type activities, expenses for the waterworks system were $8.0 million or 68.3% of total expenses, which is an increase of$0.9 million from 2014. The majority of the increase is due to the new accounting standard for the recording of pension expense for IMRF in the Village's financial statements. Sports Core expenses were $3.7 million or 31.7% of total expenses, which is a slight increase from 2014. In 2015, the General Corporate fund transferred $459,098 to assist with sports core operations and capital items. Funds were transferred to the following programs: sports core general ._ operations for operating expenses and capital of $87,190; swimming operations for building improvements and general equipment of$59,021; polo operating expenses for $150,205; tennis for building improvement for $15,000; soccer field soil for $630; Bath and Tennis clubhouse for building improvements of$83,842; and golf course maintenance for equipment of$63,210. Expenses and Program Revenues: Business-type Activities For the Fiscal Year Ended December 31,2015 Program Activities Expenses Revenues Waterworks System $ 7,983,819 $ 7,683,245 Sports Core 3,699,018 3,188,035 Totals $ 11,682,837 $ 10,871,280 FINANCIAL ANALYSIS OF THE VILLAGES FUNDS Governmental Funds As noted earlier, the Village of Oak Brook uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. As of December 31, 2015, the governmental funds (as presented on the balance sheet on pages 20 through 21) had a combined fund balance of $28.6 million, which is an increase of $0.9 million over the prior year. The economy has shown improvement in consumer spending and user fees used to support the General Fund. The Infrastructure Fund, which is primarily supported by the Village's non-home rule sales tax, decreased by $0.9 million compared to 2014 due to increased capital spending on road improvements. (See independent auditor's report) 12 VILLAGE OF OAK BROOK, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (continued) Proprietary Funds _ Net position for the Village's two business-type activities decreased $0.8 million over the prior year after implementing GASB 68 and 71. Of the decrease, $0.3 million was due to operations and $0.5 million was due to a prior period adjustment to record the beginning net pension liability as of 1/1/2015. (see pages 26 through 28). In 2003, the Village Board policy was to require budget transfers when an individual program or fund exceeds its budget in total. In addition to these program transfers, beginning in 2004 the -- Village Board approved an ordinance requiring a budget transfer for any individual line item account that exceeded its budget by more than 110%. In October, 2006 this policy was further revised by eliminating the 110% threshold and instead requiring a line item budget transfer for any variance exceeding $10,000 in a personnel series account and variances exceeding $2,500 in all other accounts. _ Table 3 General Fund Budgetary Highlights For the Fiscal Year Ended December 31, 2015 Original Amended Budget Budget Actual REVENUES Intergovernmental $ 13,765,965 $ 13,765,965 $ 13,604,940 _ Utility Taxes 5,170,000 5,170,000 5,673,868 Licenses &Permits 1,349,850 1,349,850 1,385,341 Charges for Services 1,038,500 1,038,500 1,058,929 —' Other 681,375 681,375 853,009 Total Revenues 22,005,690 22,005,690 22,576,087 _ EXPENDITURES General Government 5,639,245 5,634,755 4,602,212 — Public Safety 14,867,445 14,870,910 14,475,532 Public Works 714,585 715,610 622,962 Culture and Recreation 1,033,205 1,033,205 977,641 Debt Service 292,495 292,495 292,491 Total Expenditures 22,546,975 22,546,975 20,970,838 OTHER FINANCING SOURCES(USES) Transfers In 61,300 61,300 Transfers (Out) (213,705) (482,450) (459,098) Change in Fund Balance $ (693,690) $ (962,435) $ 1,146,151 (See independent auditor's report) 13 VILLAGE OF OAK BROOK, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (continued) Intergovernmental revenues were under budget due primarily to sales tax revenue receipts being $0.2 million lower than budget projections. Utility taxes were over budget due to increased receipts by $0.5 million. Actual expenditures were $1.7 million below the original budget and $1.9 million below the amended budget. The Village continues to be conservative in its spending. Capital Assets The following schedule reflects the Village's capital asset balances as of December 31, 2015 and 2014. Table 4 Capital Assets As of December 31, 2015 and 2014 (in millions) Governmental Business-Type Total Primary Activities Activities Government 2015 2014 2015 2014 2015 2014 Land and Land Right of Way $ 33.3 $ 33.2 $ 8.4 $ 8.3 $ 41.7 $ 41.5 Buildings and Land Improvements 21.8 21.0 9.2 9.1 31.0 30.1 '- Machinery, Vehicles,and Equipment 9.5 9.9 6.0 5.9 15.5 15.8 Infrastructure 34.5 34.4 26.6 25.3 61.1 59.7 Construction in Progress - 0.4 - 0.1 - 0.5 99.1 98.9 50.2 48.7 149.3 147.6 Less: Accumulated Depreciation (37.8) (37.4) (18.8) (18.1) (56.6) (55.5) Total $ 61.3 $ 61.5 $ 31.4 $ 30.6 $ 92.7 $ 92.1 At year-end, the Village's investment in capital assets (net of accumulated depreciation) for both its governmental and business-type activities was $92.7 million, with an increase of$0.6 million from 2014 (see Note II.C. in the Notes to the Financial Statements for further information regarding capital assets). Major capital asset events during 2015 included the following: • For governmental activities, there was HVAC gas heat automation upgrade at Village Hall; pedestrian access improvements; ambulance stretcher lifts; various vehicle replacements; and IT equipment upgrades. • For business-type activities, there were water main improvements; fuel tank replacement; Bath and Tennis improvements were tennis court fencing, HVAC replacement; pool heater replacements; golf course drainage improvements, and mower for golf course operations. (See independent auditor's report) 14 VILLAGE OF OAK BROOK, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (continued) Long Term Debt As a non-home rule community, the Village's legal general obligation debt limit is 8.625 percent of equalized assessed valuation (EAV), or $109,084,108 based on January 1, 2014 EAV of $1,264,743,279. As of December 31, 2015, the Village has $555,000 of debt outstanding _ attributed to one installment contract that is applicable to the legal limit (see Note II.E. in the Notes to the Financial Statements for details of each issue). The table below summarizes the Village's outstanding long-term debt: _ Table 5 Long-term Debt As of December 31, 2015 Governmental Business-Type Total Primary Activities Activities Government _ General Fund Certificates: Series 2009 (Refunding) $ 555,000 $ - $ 555,000 Note Payable 3,652,263 - 3,652,263 '— Total $ 4,2074263 $ - $ 4,207,263 The General Fund Certificates are general obligations of the Village but are not secured by a pledge of property taxes. The General Fund Certificates, Series 2009 (refunding) received a rating of Aa2 from Moody's Investor Service, Inc.. The Village's note payable is to the Tax Increment Financing (TIF) District developers for certain improvements in the TIF area located at the Promenade (22nd Street and Meyers Road). The TIF Note is not a general obligation to the Village and it expires in 2024. Repayment of the note is limited to the availability of pledged taxes. _ Economic Factors and Next Year's Budget Whereas real estate taxes are typically a major source of revenue in most other municipalities, the Village of Oak Brook does not levy a tax on real estate. In addition, since Oak Brook is a -- non-home rule community and is subject to the tax cap, this effectively limits the Village's real estate tax levy at $-0-. Thus, as compared to other municipalities, Oak Brook's revenue stream is much more dependent on the local and national economy since sales taxes, utility taxes, and state-shared revenues are the primary sources of income to the Village. During the current fiscal year, unassigned fund balance in the General Fund increased from $15.8 million to $17.2 million primarily due to an overall increase in revenues. The Village's intent is to hold some of this fund balance in reserves. The 2016 Budget continues to be a conservative financial plan while providing excellent services _ to its residents and business community. The 2016 budgeted revenues are $49.1 million, an increase of$1.1 million, or 2.3%, from the 2015 Budget (excludes Pension Trust and Foreign (See independent auditor's report) 15 VILLAGE OF OAK BROOK, ILLINOIS MANAGEMENT'S DISCUSSION AND ANALYSIS (continued) Fire Tax Funds). This is mostly due to an increase in sales tax, utility/telecommunications tax, interest, and water sales. The total spending in the 2016 Budget is $51.4 million, a decrease of $1.7 million, or 3.2% from the 2015 Budget. This is mainly due to a decrease in major capital improvements in the Hotel/Motel and Infrastructure Funds. The projected ending cash balance for 2016 in the General Corporate Fund of$12.8 million is equal to 7.1 months of operating expenditures, which is above the six month reserve requirement. CONTACTING THE VILLAGE'S FINANCIAL MANAGEMENT This financial report is designed to provide our citizens, customers, investors and creditors with a general overview of the Village's finances and to demonstrate accountability for the money it receives. Questions concerning this report or requests for additional financial information should be directed to Sharon A. Dangles, Assistant Village Manager/Finance Director, Village of Oak Brook, 1200 Oak Brook Road, Oak Brook, IL 60523. (See independent auditor's report) 16 THIS PAGE IS INTENTIONALLY LEFT BLANK VILLAGE OF OAK BROOK STATEMENT OF NET POSITION As of December 31, 2015 Governmental Business- Activities Type Activities Totals ASSETS Cash and investments $ 27,263,019 $ 1,832,201 $ 29,095,220 Receivables (net) Property taxes 325,700 - 325,700 Sales taxes 5,419,869 - 5,419,869 Utility taxes 1,277,189 - 1,277,189 Accounts 250,074 - 250,074 Billed and unbilled water sales - 800,171 800,171 Allotments 17,791 - 17,791 Accrued interest 108,889 7,974 116,863 Other 416,240 54,012 470,252 Internal balances (678,854) 678,854 - Inventories 35,148 178,198 213,346 Prepaid items 293,215 - 293,215 Capital Assets Capital assets not being depreciated 33,262,579 8,352,494 41,615,073 Capital assets, net of accumulated depreciation 27,987,539 23,013,717 51,001,256 Total Assets 95,978,398 34,917,621 130,896,019 DEFERRED OUTFLOWS OF RESOURCES Deferred outflows related to pensions 7,598,309 465,932 8,064,241 Total Deferred Outflows of Resources 7,598,309 465,932 8,064,241 _ LIABILITIES Accounts payable 2,358,601 594,444 2,953,045 Accrued payroll 684,838 50,722 735,560 Accrued interest 123,303 - 123,303 Claims payable 68,304 - 68,304 Deposits 726,529 70,385 796,914 Unearned revenue 154,937 20,799 175,736 Noncurrent Liabilities Due within one year 1,254,918 95,903 1,350,821 Due in more than one year 52,691,675 874,313 53,565,988 Total Liabilities 58,063,105 1,706,566 59,769,671 DEFERRED INFLOWS OF RESOURCES Deferred inflows related to pensions 426,227 131,626 557,853 Deferred property taxes 325,700 - 325.700 Total Deferred Inflows of Resources 751,927 131,626 883,553 NET POSITION Net investment in capital assets 60,695,118 31,366,211 92,061,329 Restricted for Infrastructure 5,791,896 - 5,791,896 Highways and streets 1,235,456 - 1,235,456 Fire department 190,916 - 190,916 Culture and recreation 3,847,510 - 3,847,510 Economic development 230,211 - 230,211 Unrestricted (27,229,432) 2,179,150 (25,050,282) TOTAL NET POSITION $ 44,761,675 $ 33,545,361 $ 78,307,036 See accompanying notes to financial statements. Page 17 VILLAGE OF OAK BROOK STATEMENT OF ACTIVITIES For the Year Ended December 31, 2015 Program Revenues _ Operating Charges for Grants and Functions/Programs Expenses Services Contributions Governmental Activities General government $ 5,278,193 $ 1,784,072 $ - Public safety 24,603,026 1,202,005 19,410 Public works 7,698,904 15,501 192,719 Culture, education and recreation 1,512,080 16,727 - Interest and fiscal charges 317,075 - - — Total Governmental Activities 39.409,278 3,018,305 212,129 Business-type Activities _ Waterworks System 7,983,819 7,683,245 - Sports Core 3,699,018 3,188,035 - Total Business-type Activities 11,682,837 10,871,280 - Total $ 51,092,115 $ 13,889,585 $ 212,129 General Revenues Taxes Property _ Sales, local use Utility taxes Hotel/motel Other —` Intergovernmental State sales tax State income tax Replacement Gain (loss)on disposal of capital assets Investment income Miscellaneous Transfers Total Change in net position NET POSITION - Beginning of Year (as restated) NET POSITION - END OF YEAR See accompanying notes to financial statements. -- Page 18 Net(Expenses) Revenues and Changes in Net Position Governmental Business-type Activities Activities Totals $ (3,494,121) $ - $ (3,494,121) (23,381,611) - (23,381,611) (7,490,684) - (7,490,684) (1,495,353) - (1,495,353) (317,075) - (317,075) (36,178,844) - (36,178,844) (300,574) (300,574) - (510,983) (510,983) - (811,557) (811,557) (36,178,844) (811,557) (36,990,401) 325,654 - 325,654 5,911,143 - 5,911,143 5,673,868 - 5,673,868 1,194,811 - 1,194,811 64,920 - 64,920 12,248,035 - 12,248,035 838,776 - 838,776 309,403 - 309,403 63,523 (14,098) 49,425 152,936 16,134 169,070 229,793 - 229,793 (459,098) 459.098 - 26,553,764 461,134 27,014,898 (9,625,080) (350,423) (9,975,503) 54,386,755 33,895,784 88,282,539 $ 44,761,675 $ 33,545,361 $ 78,307,036 See accompanying notes to financial statements. Page 19 VILLAGE OF OAK BROOK BALANCE SHEET GOVERNMENTALFUNDS As of December 31, 2015 Nonmajor Hotel/Motel Governmental General Tax Infrastructure Funds ASSETS Cash and investments $ 13,521,248 $ 3,832,269 $ 5,623,289 $ 1,636,239 Receivables Property taxes - - - 325,700 Sales taxes 3,698,895 - 1,720,974 - Utility taxes 1,277,189 - - - Accounts 250,074 - - - Allotments - - - 17,791 Accrued interest 63,701 17,434 18,406 2,553 —' Other 194,837 128,353 1,670 - Inventories 686 - - - Prepaid items 52.720 - - 775 TOTAL ASSETS $ 19,059,350 $ 3,978,056 $ 7,364,339 $ 1,983,058 LIABILITIES, DEFERRED INFLOWS OF RESOURCES,AND FUND BALANCES _ Liabilities Accounts payable $ 400,135 $ 130,546 $ 1,531,187 $ - Accrued payroll 603,604 - 41,256 - Deposits 726,529 - - Unearned revenues 69,662 - - - Total Liabilities 1.799.930 130.546 1,572.443 - Deferred Inflows of Resources Deferred property taxes - - - 325,700 Total Deferred Inflows of Resources - - - 325.700 Fund Balances Nonspendable for inventory 686 - - - Nonspendable for prepaid items 52,720 - - 775 Restricted for infrastructure - - 5,791,896 - Restricted for highways and streets - - - 1,235,456 Restricted for fire department - - - 190,916 Restricted for culture and recreation - 3,847,510 - - Restricted for economic development - - - 230,211 Unassigned 17,206,014 - - - Total Fund Balances 17.259,420 3,847.510 5.791,896 1.657,358 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES,AND FUND -- BALANCES $ 19,059,350 $ 3,978,056 $ 7,364,339 $ 1,983,058 See accompanying notes to financial statements. —" Page 20 Totals $ 24,613,045 325,700 5,419,869 1,277,189 250,074 17,791 102,094 324,860 686 53,495 $ 32,384,803 $ 2,061,868 644,860 726,529 69,662 3,502,919 325,700 325,700 686 53,495 5,791,896 1,235,456 190,916 3,847,510 230,211 17,206,014 28,556,184 $ 32,384,803 See accompanying notes to financial statements. Page 21 THIS PAGE IS INTENTIONALLY LEFT BLANK VILLAGE OF OAK BROOK RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION As of December 31, 2015 Total Fund Balances-Governmental Funds $ 28,556,184 Amounts reported for governmental activities in the statement of net position are different because: Capital assets used in governmental activities, excluding the internal service fund capital assets below, are not financial resources and, therefore, are not reported in the governmental funds. 57,778,887 Interest payable is not due and payable in the current period and, therefore, is not reported in the governmental funds. (123,303) Deferred outflows of resources related to pensions do not relate to current financial resources and are not reported in the governmental funds. 7,532,996 Deferred inflows of resources related to pensions do not relate to current financial resources and are not reported in the governmental funds. (407,776) Internal service funds are reported in the statement of net position as governmental activities. 5,241,388 Some liabilities (excluding those reported in the internal service funds amount above), including long-term debt, are not due and payable in the current period and therefore, are not reported in the funds. Installment contracts payable (555,000) Notes payable (3,652,263) Compensated absences payable (972,713) Net pension liability (48,212,100) Net other postemployment benefit obligation (424.625) NET POSITION OF GOVERNMENTAL ACTIVITIES $ 44,761,675 See accompanying notes to financial statements. Page 22 VILLAGE OF OAK BROOK STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES- GOVERNMENTAL FUNDS _ For the Year Ended December 31, 2015 Nonmajor Hotel/Motel Governmental General Tax Infrastructure Funds _ REVENUES Intergovernmental $ 13,604,940 $ - $ - $ 342,225 Non-home rule sales tax - - 5,637,241 - Utility taxes 5,673,868 - - Hotel and motel taxes - 1,194,811 - - Licenses and permits 1,385,341 - - - Charges for services 1,058,929 - - - Property taxes - - - 325,654 Fines, forfeitures and penalties 177,588 - - - Investment income 91,621 18,688 22,985 5,299 Miscellaneous 583,800 36,007 5,697 - Total Revenues 22.576,087 1,249,506 5,665,923 673.178 EXPENDITURES Current General government 4,602,212 42,500 141,873 3,975 Public safety 14,475,532 - - 121,478 Public works 622,962 - 6,438,416 - Culture and recreation 977,641 658,049 - - Debt Service Principal 265,000 - - 119,913 Interest and fiscal charges 27,491 - - 298.974 Total Expenditures 20.970,838 700.549 6.580,289 544,340 Excess (deficiency) of revenues over -- expenditures 1,605,249 548,957 (914,366) 128.838 OTHER FINANCING USES -- Transfers out (459,098) - - - Total Other Financing Uses (459,098) - - - Net Change in Fund Balances 1,146,151 548,957 (914,366) 128,838 FUND BALANCES- Beginning of Year 16.113,269 3,298,553 6,706,262 1.528,520 FUND BALANCES -END OF YEAR $ 17,259,420 $ 3,847,510 $ 5,791,896 $ 1,657,358 See accompanying notes to financial statements. Page 23 Totals $ 13,947,165 5,637,241 5,673,868 1,194,811 1,385,341 1,058,929 325,654 177,588 138,593 _ 625.504 30.164,694 4,790,560 ._ 14,597,010 7,061,378 1,635,690 384,913 326.465 28,796,016 1,368,678 (459,098) (459,098) 909,580 27,646,604 $ 28,556,184 See accompanying notes to financial statements. Page 24 THIS PAGE IS INTENTIONALLY LEFT BLANK VILLAGE OF OAK BROOK RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES For the Year Ended December 31, 2015 Net change in fund balances-total governmental funds $ 909,580 Amounts reported for governmental activities in the statement of activities are different because: Governmental funds report capital outlays as expenditures. However, in the statement of net position the cost of these assets is capitalized and they are depreciated over their estimated useful lives and reported as depreciation expense in the statement of activities. Capital outlay is reported as an expenditure in the fund financial statements but is capitalized in the government-wide financial statements 776,213 Depreciation is reported in the government-wide financial statements (1,485,749) Net book value of assets retired (5,980) The repayment of long-term debt is reported as an expenditure when due in governmental funds but as a reduction of principal outstanding in the statement of activities. 384,913 Some expenses in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures in the governmental funds. Compensated absences 13,218 Interest payable 9,390 Net postemployment benefits obligation (105,320) Net pension liability (9,164,129) Deferred outflows of resources related to pensions (789,491) Deferred inflows of resources related to pensions (359,739) The change in net position of certain activities of internal service funds is included in governmental activities. 192.014 CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES $ (9,625,080) See accompanying notes to financial statements. Page 25 VILLAGE OF OAK BROOK STATEMENT OF NET POSITION PROPRIETARY FUNDS As of December 31, 2015 Business-type Activities- Enterprise Funds Governmental Activities- _ Waterworks Internal System Sports Core Totals Service Funds ASSETS Current Assets Cash and investments $ 1,473,811 $ 358,390 $ 1,832,201 $ 2,649,974 Receivables Billed and unbilled water sales 800,171 - 800,171 - Accrued interest 6,405 1,569 7,974 6,795 Other 14,818 39,194 54,012 91,380 Inventories - 178,198 178,198 34,462 —' Prepaid items - - - 239,720 Total Current Assets 2,295,205 577,351 2,872,556 3,022,331 Noncurrent Assets Capital assets not being depreciated 276,029 8,076,465 8,352,494 - Capital assets, net of accumulated depreciation 18,851,916 4,161,801 23,013,717 3,471,231 Total Noncurrent Assets 19,127,945 12,238,266 31,366,211 3,471,231 Total Assets 21,423,150 12,815,617 34,238,767 6,493,562 DEFERRED OUTFLOWS OF RESOURCES Deferred outflows related to pensions 186,771 279,161 465,932 65,313 Total Deferred Outflows of Resources 186,771 279,161 465,932 65,313 See accompanying notes to financial statements. '— Page 26 Business-type Activities- Enterprise Funds Governmental Activities- Waterworks Internal System Sports Core Totals Service Funds LIABILITIES Current Liabilities Accounts payable $ 551,602 $ 42,842 $ 594,444 $ 296,733 Accrued payroll 27,347 23,375 50,722 39,978 Compensated absences payable 48,251 47,652 95,903 7,205 Deposits 1,950 68,435 70,385 - Unearned revenues - 20,799 20,799 85,275 Claims payable - - - 68,304 Total Current Liabilities 629,150 203,103 832,253 497,495 Noncurrent Liabilities Net pension liability- IMRF 327,585 489,632 817,217 114,556 Other post employment benefits payable 38,570 18,526 57,096 8,131 Total Noncurrent Liabilities 366,155 508,158 874,313 122,687 Total Liabilities 995,305 711,261 1,706,566 620,182 DEFERRED INFLOWS OF RESOURCES Deferred inflows related to pensions 52,763 78,863 131,626 18,451 Total Deferred Inflows of Resources 52,763 78,863 131,626 18,451 NET POSITION Investment in capital assets 19,127,945 12,238,266 31,366,211 3,471,231 Unrestricted 1,433,908 66,388 1,500,296 2,449,011 TOTAL NET POSITION $ 20,561,853 $ 12,304,654 32,866,507 $ 5.920,242 Adjustments to reflect the consolidation of internal service funds activities related to enterprise funds. 678.854 (678,854) Net Position Business-type Activities $ 33,545,361 Net internal service funds reported in the statement of net position as governmental activities $ 5,241,388 See accompanying notes to financial statements. Page 27 THIS PAGE IS INTENTIONALLY LEFT BLANK VILLAGE OF OAK BROOK STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION PROPRIETARY FUNDS For the Year Ended December 31, 2015 Business-type Activities- Enterprise Funds — Governmental Activities- Waterworks Internal System Sports Core Totals Service Funds OPERATING REVENUES Charges for services $ 7,683,245 $ 3,188,035 $ 10,871,280 $ 4,297,786 Total Operating Revenues 7.683,245 3,188,035 10,871,280 4.297,786 OPERATING EXPENSES Operation of facilities 7,548,159 3,399,541 10,947,700 724,749 Claims and insurance - - - 2,881,575 Miscellaneous - - - 9,886 Depreciation and amortization 549.293 295,973 845,266 493,840 Total Operating Expenses 8,097,452 3.695,514 11,792,966 4,110,050 Operating Income (Loss) (414,207) (507,479) (921,686) 187,736 '— NONOPERATING REVENUES (EXPENSES) Investment income 13,046 3,088 16,134 14,343 Gain (loss) on disposal of capital assets (6,556) (7,542) (14,098) 100,983 Interest and fiscal charges - (919) (919) - Total Nonoperating Revenues (Expenses) 6,490 (5,373) 1,117 115,326 Income(Loss) Before Transfers (407,717) (512,852) (920,569) 303,062 TRANSFERS Transfers in - 459,098 459.098 - Total Transfers - 459,098 459.098 - Change in Net Position (407,717) (53,754) (461,471) 303,062 NET POSITION -Beginning of Year(as restated) 20.969,570 12,358,408 5.617,180 NET POSITION -END OF YEAR $ 20,561,853 $ 12,304,654 $ 5,920,242 Adjustment to reflect the consolidation of internal service funds activities related to enterprise funds 111.048 Change in Net Position of Business-type Activities $ (350,423) See accompanying notes to financial statements. Page 28 VILLAGE OF OAK BROOK STATEMENT OF CASH FLOWS PROPRIETARY FUNDS For the Year Ended December 31, 2015 —" Business-type Activities- Enterprise Funds Governmental Activities- Waterworks Internal System Sports Core Totals Service Funds CASH FLOWS FROM OPERATING ACTIVITIES '— Received from customers $ 7,563,125 $ 3,198,831 $ 10,761,956 $ 973,779 Receipts from internal service transactions - - - 3,302,407 Paid to suppliers for goods and services (6,825,384) (2,102,104) (8,927,488) (3,581,722) Paid to employees for services (532,392) (1,214,418) (1,746,810) (163,428) Net Cash Flows From Operating Activities 205,349 (117,691) 87,658 531,036 —' CASH FLOWS FROM INVESTING ACTIVITIES —' Investments sold and matured 3,522,632 454,454 3,977,086 1,666,613 Investment income 13,677 3,102 16,779 15,068 Purchase of investments (3,200,587) (415,051) (3,615,638) (1,309,944) _ Net Cash Flows From Investing Activities 335.722 42,505 378,227 371,737 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Net transfers in - 397,799 397,799 - —' Net Cash Flows From Noncapital Financing Activities - 397.799 397,799 - CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Acquisition and construction of capital -- assets (1,416,468) (254,496) (1,670,964) (1,183,010) Proceeds from sale of capital assets - - - 136,476 Interest paid - (919) (919) Net Cash Flows From Capital and Related Financing Activities (1,416,468) (255,415) (1,671,883) (1,046,534) Net Change in Cash and Cash Equivalents (875,397) 67,198 (808,199) (143,761) CASH AND CASH EQUIVALENTS-Beginning of Year 1,244,068 20,399 1,264,467 1,621,348 CASH AND CASH EQUIVALENTS -END OF YEAR $ 368,671 $ 87,597 $ 456,268 $ 1,477,587 See accompanying notes to financial statements. _. Page 29 Business-type Activities- Enterprise Funds - Governmental Activities- Waterworks Internal System Sports Core Totals Service Funds RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH FLOWS FROM OPERATING ACTIVITIES Operating income (loss) $ (414,207) $ (507,479) $ (921,686) $ 187,736 Adjustments to Reconcile Operating Income (Loss)to Net Cash Flows From Operating Activities Depreciation 549,293 295,973 845,266 493,840 Changes in assets and liabilities Accounts receivable (7,250) (1,995) (9,245) (64,782) Inventory - 31,218 31,218 5,044 Prepaids - - - (4,707) Deferred outflows-pensions (186,771) (279,161) (465,932) (65,313) Billed and unbilled water sales (114,579) - (114,579) - Accounts payable 118,934 (42,524) 76,410 (113,753) Customer deposits 1,709 14,555 16,264 - Accrued salaries (8,866) 4,778 (4,088) 26,039 Compensated absences payable 1,455 (1,681) (226) (6,127) Claims payable - - - (53,119) Other post employment benefits payable 38,570 18,526 57,096 8,131 Net pension liability 174,298 273,000 447,298 56,414 -' Deferred inflows- pensions 52,763 78,863 131,626 18,451 Unearned revenues - (1,764) (1,764) 43,182 NET CASH FLOWS FROM OPERATING ACTIVITIES $ 205,349 $ (117,691) $ 87,658 $ 531,036 RECONCILIATION OF CASH AND CASH EQUIVALENTS TO THE STATEMENT OF NET POSITION -PROPRIETARY FUNDS Cash and cash equivalents $ 368,671 $ 87,597 $ 456,268 $ 1,477,587 Investments 1,105,140 270,793 1,375,933 1,172,387 CASH AND INVESTMENTS $ 1,473,811 $ 358,390 $ 1,832,201 $ 2,649,974 NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES None See accompanying notes to financial statements. Page 30 i VILLAGE OF OAK BROOK STATEMENT OF FIDUCIARY NET POSITION FIDUCIARY FUNDS As of December 31, 2015 Pension Trusts ASSETS Cash $ 74,509 Investments Certificates of deposit 1,244,384 Money markets 1,926,942 U.S. treasuries 365,995 '— U.S. agencies 7,209,749 State and local obligations 2,453,504 Corporate bonds 9,067,575 Mutual funds 32,179,166 Equities 942,409 Accrued interest 218,542 Prepaid items 5.063 Total Assets 55.687,838 LIABILITIES Accounts payable 24,924 Total Liabilities 24.924 NET POSITION Restricted for pension benefits 55,662.914 TOTAL NET POSITION $ 55,662,914 See accompanying notes to financial statements. -- Page 31 VILLAGE OF OAK BROOK STATEMENT OF CHANGES IN FIDUCIARY NET POSITION FIDUCIARY FUNDS For the Year Ended December 31, 2015 Pension Trusts ADDITIONS Contributions Employer $ 2,751,213 Employee 627,848 Other 48 Total Contributions 3,379.109 Investment income Net depreciation in fair value (3,331,546) Interest 2.792.639 Total Investment Income (538,907) Less Investment expense 147.674 Net Investment Income (686,581) Total Additions 2,692.528 DEDUCTIONS Benefits and refunds 4,962,092 Administrative 84,998 Total Deductions 5.047,090 Net Decrease in Net Position (2,354,562) NET POSITION -Beginning of Year 58,017,476 NET POSITION -END OF YEAR $ 55,662,914 See accompanying notes to financial statements. Page 32 i i it i THIS PAGE IS INTENTIONALLY LEFT BLANK i i O VILLAGE OF OAK BROOK INDEX TO NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 NOTE Page I Summary of Significant Accounting Policies 34 A. Reporting Entity 34 B. Government-Wide and Fund Financial Statements 35 C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation 38 D. Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of Resources, and Net Position or Equity 39 1. Deposits and Investments 39 2. Receivables 43 3. Inventories and Prepaid Items 43 4. Capital Assets 44 5. Deferred Outflows of Resources 45 6. Compensated Absences 45 '— 7. Long-Term Obligations 45 8. Deferred Inflows of Resources 45 9. Equity Classifications 46 II Detailed Notes on All Funds 47 A. Deposits and Investments 47 B. Receivables 52 C. Capital Assets 53 D. Interfund Transfers 55 E. Long-Term Obligations 55 F. Restatement of Net Position 57 III Other Information 58 A. Employees' Retirement System 58 B. Risk Management 71 C. Commitments and Contingencies 73 D. Other Postemployment Benefits 73 E. Effect of New Accounting Standards on Current-Period Financial Statements 76 See accompanying notes to financial statements. Page 33 s - THIS PAGE IS INTENTIONALLY LEFT BLANK - i - i VILLAGE OF OAK BROOK NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 NOTE I -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Village of Oak Brook, Illinois (the Village)was incorporated in 1958. The Village is a non home-rule municipality, under the 1970 Illinois Constitution, located in DuPage County, Illinois. The Village operates under a President-Trustee form of government and provides the following services as authorized by its charter: public safety(police and 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. The accounting policies of the Village of Oak Brook, Illinois conform to accounting principles generally accepted in the United States of America as applicable to governmental units. The accepted standard- setting body for establishing governmental accounting and financial reporting principles is the Governmental Accounting Standards Board (GASB). A. REPORTING ENTITY This report includes all of the funds of the Village. The reporting entity for the Village consists of the primary government and its component units. Component units are legally separate organizations for which the primary government is financially accountable or other organizations for which the nature and significance of their relationship with the primary government are such that their exclusion would cause the reporting entity's financial statements to be misleading. The Village has not identified any organizations that meet this criteria. The Police Pension Employees Retirement System (PPERS) is established for the Village's police employees. PPERS functions for the benefit of these employees and is governed by a five-member pension board. Two members appointed by the Village's Board, one elected by retired pension members and two elected by active members, constitutes the pension board. The Village and the 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 characteristics of a legally separate government, 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. PPERS is reported as a pension trust fund and the data for the pension is included in the government's fiduciary fund financial statements. No separate annual financial report is issued for the PPERS. The Firefighters' Pension Employees Retirement System (FPERS) is established for the Village's firefighters. FPERS functions for the benefit of these employees and is governed by a five-member pension board. Two members appointed by the Village's Board, one elected by retired pension members and two elected by active members constitute the pension board. The Village and the 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, 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 because of the fiduciary nature of such activities. FPERS is reported as a pension trust fund and the data for the pension is included in the government's fiduciary fund financial statements. No separate annual financial report is issued for the FPERS. Page 34 VILLAGE OF OAK BROOK NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 NOTE I -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) B. GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS In June 2012, the GASB issued statement No. 68 -Accounting and Financial Reporting for Pensions-an amendment of GASB Statement No. 27. This statement establishes standards for measuring and recognizing assets, liabilities, deferred outflows of resources, deferred inflows of resources, and -- expense/expenditures related to pensions. In November 2013, the GASB issued statement No. 71 - Pension Transition for Contributions Made Subsequent to the Measurement Date-an amendment of GASB Statement No. 68. This statement addresses an issue regarding application of the transition provisions of Statement No. 68. These standards were implemented effective January 1, 2015. Government-Wide Financial Statements The statement of net position and statement of activities display information about the reporting government as a whole. They include all funds of the reporting entity except for fiduciary funds. The statements distinguish between governmental and business-type activities. The effect of material interfund activity has been eliminated from these statements. Interfund services provided and used are not eliminated on these statements. Governmental activities generally are financed through taxes, "'— intergovernmental revenues, and other nonexchange revenues. Business-type activities are financed in whole or in part by fees charged to external parties for goods or services. The statement of activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. The Village does not allocate indirect expenses to functions in the statement of activities. Program revenues include 1) charges to customers or applicants who purchase, use or directly benefit from goods, services, or privileges provided by a given function or segment, and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not included among program revenues are reported as general revenues. Internally dedicated resources are reported as general revenues rather than as program revenues. Fund Financial Statements Financial statements of the Village are organized into funds, each of which is considered to be a separate accounting entity. Each fund is accounted for by providing a separate set of self-balancing accounts, which constitute its assets, deferred outflows of resources, liabilities, deferred inflows of resources, net —" position/fund balance, revenues, and expenditures/expenses. Page 35 VILLAGE OF OAK BROOK NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 NOTE I -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) B. GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS(cont.) Fund Financial Statements(cont.) Funds are organized as major funds or nonmajor funds within the governmental and proprietary statements. An emphasis is placed on major funds within the governmental and proprietary categories. A fund is considered major if it is the primary operating fund of the Village or meets the following criteria: a. Total assets/deferred outflows of resources, liabilities/deferred inflows of resources, revenues, or expenditures/expenses of that individual governmental or enterprise fund are at least 10% of the corresponding total for all funds of that category or type, and b. The same element of the individual governmental or enterprise fund that met the 10%testis at least 5% of the corresponding total for all governmental and enterprise funds combined. c. In addition, any other governmental or enterprise fund that the Village believes is particularly important to financial statement users may be reported as a major fund. Separate financial statements are provided for governmental funds, proprietary funds and fiduciary funds, even though the latter are excluded from the government-wide financial statements. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements. The Village reports the following major governmental funds: General Fund -accounts for the Village's primary operating activities. It is used to account for and report all financial resources except those accounted for and reported in another fund. - Hotel/Motel Tax Fund - used to account for local hotel/motel tax receipts restricted for promoting tourism and conventions in the Village. Infrastructure Fund- used to account for revenues restricted for and expenditures relative to the construction and maintenance of roadway, drainage and bike trail improvements. The Village reports the following major enterprise funds: Waterworks System Fund -accounts for the revenues and expenses relative to the operation of the water utility. Sports Core Fund -accounts for the revenues and expenses relative to the operation of the Oak Brook Sports Core. ,_ Page 36 VILLAGE OF OAK BROOK NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 NOTE I -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) B. GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS(cont.) Fund Financial Statements(cont.) The Village reports the following nonmajor governmental funds: Special Revenue Funds- used to account for and report the proceeds of specific revenue _ sources that are restricted or committed to expenditures for specified purposes (other than debt service or capital projects). Motor Fuel Tax Foreign Fire Insurance Capital Projects Fund- used to account for and report financial resources that are restricted, committed, or assigned to expenditure for capital outlays, including the acquisition or construction of capital facilities and other capital assets. Promenade TIF In addition, the Village reports the following fund types: Internal Service Funds- used to account for the Village's self-insured employee health and dental insurance program; the operation and maintenance of the Village's vehicle fleet equipment, and the Village's capital replacement program provided to other departments or agencies of the Village on a cost reimbursement basis. Self-Insurance Garage Capital Replacement Pension Trust Funds- used to account for and report resources that are required to be held in '"— trust for the members and beneficiaries of the Village's defined benefit pension plans. Police Pension Fire Pension Page 37 VILLAGE OF OAK BROOK NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 NOTE I -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) C. MEASUREMENT FOCUS, BASIS OF ACCOUNTING,AND FINANCIAL STATEMENT PRESENTATION .�. Government-Wide Financial Statements The government-wide statement of net position and statement of activities are reported using the economic resources measurement focus and the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when earned and expenses are recorded when the liability is incurred or economic asset used. Revenues, expenses, gains, losses, assets, and liabilities resulting from exchange and exchange-like transactions are recognized when the exchange takes place. Property taxes are recognized as revenues in the year for which they are levied. Taxes receivable for the following year are recorded as receivables and deferred inflows. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider are met. Special assessments are recorded as revenue when earned. Unbilled receivables are recorded as revenues when services are provided. As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements. Fund Financial Statements Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recorded when they are both measurable and available. Available means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. The Village considers revenues to be available if they are collected within 60 days of the end of the current fiscal period, except for sales taxes and telecommunication taxes which use a 90-day period and income taxes a 120-day period. Expenditures are recorded when the related fund liability is incurred, except for unmatured interest on long-term debt, claims,judgments, compensated absences, and pension expenditures, which are recorded as a fund liability when expected to be paid with expendable available financial resources. Intergovernmental aids and grants are recognized as revenues in the period the Village is entitled the resources and the amounts are available. Amounts owed to the Village which are not available are recorded as receivables and unavailable revenues. Amounts received before eligibility requirements (excluding time requirements) are met are recorded as liabilities. Amounts received in advance of meeting time requirements are recorded as deferred inflows. Revenues susceptible to accrual include property taxes, miscellaneous taxes, public charges for services, special assessments and interest. Other general revenues such as fines and forfeitures, inspection fees, recreation fees, and miscellaneous revenues are recognized when received in cash or when measurable and available under the criteria described above. Proprietary and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as described previously in this note. Page 38 VILLAGE OF OAK BROOK NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 NOTE I -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) _ C. MEASUREMENT FOCUS, BASIS OF ACCOUNTING,AND FINANCIAL STATEMENT PRESENTATION(cont.) Fund Financial Statements(cont.) The proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund's principal ongoing operations. The principal operating revenues of the Waterworks and Sports Core funds are charges to customers for sales and services. Special — assessments are recorded as receivables and contribution revenue when levied. Operating expenses for proprietary funds include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating -- revenues and expenses. All Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, deferred outflows of resources, liabilities, and deferred inflows of resources and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures/expenses during the reporting period. Actual results could differ from those estimates. D. ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION OR EQUITY 1. Deposits and Investments For purposes of the statement of cash flows, the Village's proprietary funds consider all highly liquid investments with an initial maturity of three months or less when acquired to be cash equivalents. Illinois Statutes authorize the Village to make deposits/investments 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 agreement 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 Investment Pool. 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 the Illinois insurance company general and separate accounts, mutual funds meeting certain requirements, equity securities, and corporate bonds meeting certain requirements. Pension funds with net assets in excess of$10,000,000 and an appointed investment advisor may invest an additional portion of its assets in common and preferred stocks and mutual funds, that meet certain requirements. The police pension fund's investment policy allows investments in all of the above listed accounts. The _ firefighters' pension fund allows funds to be invested in any type of security authorized by the Illinois Pension Code. Page 39 VILLAGE OF OAK BROOK NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 NOTE I -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) D. ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION OR EQUITY(cont.) 1. Deposits and Investments(cont.) The Police Pension Fund's investment policy allows investments in all of the above listed accounts. The police pension fund's investment policy, in accordance with Illinois Statutes, establishes the following target allocation across asset classes: Long-Term Expected Real Asset Class Target Rate of Return Domestic equity 45% 5.00% International equity 18% 6.00% Fixed income 35% 2.50% Cash and equivalents 2% 0.50% Illinois Compiled Statues (ILCS) limit the Police Pension Fund's investments in equities, mutual funds and variable annuities to 65%. Securities in any one company should not exceed 5% of the total fund. The '— blended asset class is comprised of all other asset classes to allow for rebalancing the portfolio. The long-term expected rate of return on pension plan investments was determined using a building-block method in which expected future real rates of return (expected returns, net of pension plan investment expense and inflation)are developed for each major asset class. These expected future real rates of return are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. Best estimates of arithmetic real rates of return for each major asset class included in the pension plan's target asset allocation as of December 31, 2015 is summarized in the table above. The Firefighters' Pension Fund allows funds to be invested in any type of security authorized by the Illinois Pension Code. The Firefighters' Pension Fund's investment policy, in accordance with Illinois Statutes, establishes the following target allocation across asset classes: Long-Term Expected Real Asset Class Target Rate of Return Domestic equity 25% 5.00% International equity 25% 6.00% Fixed income 38% 2.50% Real estate 10% 4.50% Cash and equivalents 2% 0.50% Page 40 VILLAGE OF OAK BROOK NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 NOTE I -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) D. ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION OR EQUITY(cont.) 9. Deposits and Investments(cont.) Illinois Compiled Statues (ILCS) limit the Firefighters' Pension Fund's investments in equities, mutual funds and variable annuities to 65%. Securities in any one company should not exceed 5% of the total fund. The blended asset class is comprised of all other asset classes to allow for rebalancing the portfolio. During the year, the Pension Board approved changes to the investment policy effective October 29, 2015. These changes incorporated additional permitted investments under ILCS. The long-term expected rate of return on pension plan investments was determined using a building-block method in which expected future real rates of return (expected returns, net of pension plan investment expense and inflation)are developed for each major asset class. These expected future real rates of return are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. Best estimates of arithmetic real rates of return for each major asset class included in the pension plan's target asset allocation as of December 31, 2015 is summarized in the table above. The Village has adopted an investment policy. That policy follows the state statute for allowable investments. Interest Rate Risk In accordance with its investment policy, the Village limits its exposure to interest rate risk by structuring the portfolio to remain sufficiently liquid to enable the Village to meet all operating requirements which may be reasonably anticipated in any Village fund. Maturities of investments in all funds covered by this policy _ shall not exceed five years, unless a temporary extension of maturities is approved by the Board of Trustees. The Police and Firefighters' Pensions' investment policies limits their exposure to interest rate risk by structuring the portfolio to provide liquidity for operating expenses and benefits and maximizing yields for funds not needed within a one-year period. The investment policies do not limit the maximum maturity length of investments in the Police and Firefighters' Pensions' Funds. Credit Risk _.. The Village limits its exposure to credit risk by investing in securities issued by the United States Government, securities issued by agencies of the United States Government, which are implicitly — guaranteed by the United States Government, or corporate bonds rated within the three highest classifications by at least two standard rating services. Page 41 VILLAGE OF OAK BROOK NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 NOTE I -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) D. ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION OR EQUITY(cont.) 9. Deposits and Investments(cont.) The Police and Firefighters' Pensions' both strive to limit its exposure to credit risk, by primarily investing in securities issued by the United States Government that carry an implicit guarantee, high quality state or local obligations or corporate bonds rate within the three highest classifications by at least two standard rating services. Concentration of Credit Risk In order to limit the exposure to concentration of credit risk, the Village's investment policy limits investments in any one financial institution to 20%, exclusive of securities guaranteed by the full faith and credit of the United States Government or obligations of agencies of the United States Government. Custodial Credit Risk-Deposits The Village's, Police Pension's and Firefighters' Pension's investment policies require pledging of collateral with a fair value of 110%of all bank balances in excess of federal depository insurance with the collateral held by an agent of the Village in the Village's name. Custodial Credit Risk-Investments The Village investment policy limits its exposure to custodial credit risk by utilizing an independent, third party institution, to act as a custodian for its securities and collateral. The Police and Firefighters' Pensions limit their exposure to custodial credit by utilizing a Trust Department of to act as a custodian for its fixed income and equity securities. Investments are stated at fair value, which is the amount at which an investment could be exchanged in a current transaction between willing parties. Fair values are based on quoted market prices. No investments are reported at amortized cost. Adjustments necessary to record investments at fair value are recorded in the operating statement as increases or decreases in investment income. Investment income on commingled investments of municipal accounting funds is allocated based on average balances. The difference between the bank statement balance and carrying value is due to outstanding checks and/or deposits in transit. 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 investments could be sold. See Note II.A. for further information. -- Page 42 VILLAGE OF OAK BROOK NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 _ NOTE I -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) _ D. ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION OR EQUITY(cont.) 2. Receivables Property taxes for levy year 2015 attaches as an enforceable lien on January 1, 2015, on property values assessed as of the same date. Taxes are levied by December following the lien date (by passage of a Tax Levy Ordinance). Tax bills for levy year 2015 are prepared by DuPage County and issued on or about May 1, and August 1, _ and are payable in two installments, on or about June 1, and September 1. 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, as well as incremental property taxes from the Butterfield/Meyers Road Redevelopment Project Area (TIF). During the course of operations, transactions occur between individual funds that may result in amounts owed between funds. Short-term interfund loans are reported as"due to and from other funds." Long-term interfund loans(noncurrent portion) are reported as"advances from and to other funds." Interfund receivables and payables between funds within governmental activities are eliminated in the statement of net position. Any residual balances outstanding between the governmental activities and business-type activities are reported in the governmental-wide financial statements as internal balances. 3. Inventories and Prepaid items Inventories are recorded based on the average cost method, 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 nonspendable fund balance which indicates that they do not constitute"available spendable resources"even though they are a component of net current assets. Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements. The cost of prepaid items/expenses is recorded as expenditures/expenses when consumed rather than when purchased. Page 43 VILLAGE OF OAK BROOK NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 NOTE I -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(cont.) D. ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION OR EQUITY(cont.) 4. Capital Assets Government-Wide Statements Capital assets,which include property, plant and equipment, and infrastructure assets (e.g., roads, bridges, sidewalks and similar items), are reported in the applicable governmental or business-type activities columns in the government-wide financial statements. Capital assets are defined by the Village as assets with an initial, individual cost of$5,000 or more, and an estimated useful life in excess of 1 year. All capital assets are valued at historical cost, or estimated historical cost if actual amounts are unavailable. Donated capital assets are recorded at their estimated fair value at the date of donation. The costs of normal maintenance and repairs, including street overlays that do not add to the value of the asset or materially extend asset lives are not capitalized. Additions to and replacements of capital assets of business-type activities are recorded at original cost, which includes material, labor, overhead, and an allowance for the cost of funds used during construction when significant. For tax-exempt debt, the amount of interest capitalized equals the interest expense incurred during construction netted against any interest revenue from temporary investment of borrowed fund proceeds. No interest was capitalized during the current year. The cost of renewals and betterments relating to retirement units is added to plant accounts. The cost of property replaced, retired or otherwise disposed of, is deducted from plant accounts and, generally, together with removal costs less salvage, is charged to accumulated depreciation. Depreciation and amortization of all exhaustible capital assets is recorded as an allocated expense in the statement of activities, with accumulated depreciation and amortization reflected in the statement of net position. Depreciation and amortization is provided over the assets' estimated useful lives using the straight-line method. The range of estimated useful lives by type of asset is as follows: Land improvements 20 Years Buildings and building improvements 5-50 Years Equipment 5-20 Years Vehicles 2-20 Years Infrastructure 20-75 Years Fund Financial Statements In the fund financial statements, capital assets used in governmental fund operations are accounted for as capital outlay expenditures of the governmental fund upon acquisition. Capital assets used in proprietary fund operations are accounted for the same way as in the government-wide statements. Page 44 VILLAGE OF OAK BROOK _ NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 _ NOTE I -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) _ D. ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION OR EQUITY(cont.) 5. Deferred Outflows of Resources A deferred outflow of resources represents a consumption of net position/fund balance that applies to a future period and will not be recognized as an outflow of resources (expense/expenditure) until that future time. 6. Compensated Absences i Under terms of employment, employees are granted vacation, sick and compensatory leave in varying amounts. Only benefits considered to be vested are disclosed in these statements. All vested vacation, sick leave and compensatory leave pay is accrued when incurred in the government- wide and proprietary fund financial statements. A liability for these amounts is reported in governmental ..._ funds only if they have matured, for example, as a result of employee resignations and retirements, and are payable with expendable resources. Payments for vacation, sick leave and compensatory leave will be made at rates in effect when the benefits are used. Accumulated vacation, sick leave and compensatory leave at December 31, 2015, are determined on the basis of current salary rates and include salary related payments. i 7. Long-Term Obligations All long-term obligations to be repaid from governmental and business-type resources are reported as liabilities in the government-wide statements. The long-term obligations consist primarily of notes payable, installment contracts payable, net pension liabilities, net otherpostemployment benefit obligations payable and accrued compensated absences. Long-term obligations for governmental funds are not reported as liabilities in the fund financial i statements. The face value of debts (plus any premiums) are reported as other financing sources and payments of principal and interest are reported as expenditures. The accounting in proprietary funds is the same as it is in the government-wide statements.. -- 8. Deferred Inflows of Resources i A deferred inflow of resources represents an acquisition of net position/fund balance that applies to a future period and therefore will not be recognized as an inflow of resources (revenue) until that future time. Page 45 VILLAGE OF OAK BROOK NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 NOTE I -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) D. ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION OR EQUITY(cont.) 9. Equity Classifications Government-Wide Statements Equity is classified as net position and displayed in three components: a. Net investment in capital assets -Consists of capital assets including restricted capital assets, net of accumulated depreciation and reduced by the outstanding balances (excluding unspent debt proceeds) of any bonds, mortgages, notes, or other borrowings that are attributable to the acquisition, construction, or improvement of those assets. b. Restricted net position -Consists of net position with constraints placed on their use either by 1) external groups such as creditors, grantors, contributors, or laws or regulations of other governments or, 2) law through constitutional provisions or enabling legislation. c. Unrestricted net position -All other net positions that do not meet the definitions of"restricted"or "net investment in capital assets." When both restricted and unrestricted resources are available for use, it is the Village's policy to use restricted resources first, then unrestricted resources as they are needed. Fund Statements Governmental fund balances are displayed as follows: a. Nonspendable- Includes fund balance amounts that cannot be spent either because they are not in spendable form or because legal or contractual requirements require them to be maintained intact. b. Restricted -Consists of fund balances with constraints placed on their use either by 1) external groups such as creditors, grantors, contributors, or laws or regulations of other governments or 2) law through constitutional provisions or enabling legislation. c. Committed-Includes fund balance amounts that are constrained for specific purposes that are internally imposed by the government through formal action of the highest level of decision making authority. Fund balance amounts are committed through a formal action (ordinance) of the Village Board. This formal action must occur prior to the end of the reporting period, but the amount of the commitment,which will be subject to the constraints, may be determined in the subsequent period. Any changes to the constraints imposed require the same formal action of the Village Board that originally created the commitment. Page 46 VILLAGE OF OAK BROOK NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 NOTE I -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) _ D. ASSETS, DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION OR EQUITY(cont.) 9. Equity Classifications(cont.) Fund Statements(cont.) d. Assigned - Includes spendable fund balance amounts that are intended to be used for specific purposes that do not meet the criteria to be classified as restricted or committed. The Village Board has, by resolution, adopted a financial policy authorizing the Finance Director to assign _ amounts for a specific purpose. Assignments may take place after the end of the reporting period. e. Unassigned - Includes residual positive fund balance within the general fund which has not been classified within the other above mentioned categories. Unassigned fund balance may also include negative balances for any governmental fund if expenditures exceed amounts restricted, committed, or assigned for those purposes. Proprietary fund equity is classified the same as in the government-wide statements. The Village considers restricted amounts to be spent first when both restricted and unrestricted fund balance is available unless there are legal documents/contracts that prohibit doing this, such as in grant agreements requiring dollar for dollar spending. Additionally, the Village would first use committed, then assigned and lastly unassigned amounts of unrestricted fund balance when expenditures are made. The Village has established fund balance policies for their governmental funds. It is the policy of the Village that every effort be made to maintain the greater of: (a)an uncommitted cash balance equal to six months of budgeted operating expenditures for the forthcoming fiscal year, exclusive of budgeted capital _ projects; or(b) an uncommitted cash balance equal to not less than six months of projected expenditures, exclusive of capital projects, based on the average of the first three years of the most recent Five Year Financial Plan adopted by the Village Board. NOTE II -DETAILED NOTES ON ALL FUNDS A. DEPOSITS AND INVESTMENTS The Village maintains a cash and investment pool that is available for use by all funds, except the pension trust funds and the Foreign Fire Insurance Tax Fund. Separately held cash and investments for the Foreign Fire Insurance Tax Fund as well as each fund's portion of this pool is included on the statement of net position as"cash and investments."The deposits and investments of the pension trust funds are held separately from those of other funds. Page 47 VILLAGE OF OAK BROOK NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 NOTE II -DETAILED NOTES ON ALL FUNDS (cont.) A. DEPOSITS AND INVESTMENTS(cont.) The Village's deposits and investments at year end were comprised of the following: Carrying Statement Value Balances Associated Risks Petty cash $ 3,600 $ - N/A Deposits 742,201 1,170,092 Custodial credit risk Money market-other 1,926,942 1,946,942 Credit risk Illinois funds 8,259,840 8,259,840 Credit risk Certificates of deposit(Non-negotiable) 7,606,063 7,606,063 Custodial credit risk Corporate bonds 14,676,426 14,676,426 Credit risk, custodial credit risk, concentration of credit risk, interest rate risk U.S. treasury obligations 365,995 365,995 Custodial credit risk, _ interest rate risk U.S. agency obligations-explicit 2,312,970 2,312,970 Custodial credit risk, interest rate risk U.S. agency obligations-implicit 7,145,774 7,145,774 Credit risk, custodial credit risk, concentration of credit risk, interest rate risk "— Mutual funds-other than bond funds 32,179,166 32,179,166 N/A State and local obligations 8,398,067 8,398,067 Credit risk, custodial credit risk, concentration of credit risk, interest rate risk Equities 942,409 942,409 Custodial credit risk, concentration of credit risk Total Deposits and Investments $ 84,559,453 $ 85,003,744 Page 48 VILLAGE OF OAK BROOK NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 NOTE II -DETAILED NOTES ON ALL FUNDS (cont.) _. A. DEPOSITS AND INVESTMENTS(cont.) Reconciliation to financial statements Per statement of net position Cash and investments $ 29,095,220 Per statement of net position-fiduciary funds _ Cash and cash equivalents 74,509 Certificates of deposit 1,244,384 Money markets 1,926,942 U.S. treasuries 365,995 U.S. agencies 7,209,749 Corporate bonds 9,067,575 Mutual funds 32,179,166 State and local obligations 2,453,504 Equities 942,409 Total Deposits and Investments $ 84,559,453 Deposits in each local and area bank are insured by the FDIC in the amount of$250,000 for time and savings accounts(including NOW accounts) and $250,000 for demand deposit accounts (interest-bearing and noninterest-bearing). In addition, if deposits are held in an institution outside of the state in which the government is located, insured amounts are further limited to a total of$250,000 for the combined amount of all deposit accounts. Custodial Credit Risk Deposits -- Custodial credit risk is the risk that in the event of a financial institution failure, the Village's deposits may not be returned to the Village. The Village does not have any deposits exposed to custodial credit risk. Investments For an investment, custodial credit risk is the risk that, in the event of the failure of the counterparty, the Village will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. The Village does not have any investments exposed to custodial credit risk. Credit Risk Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. — Page 49 VILLAGE OF OAK BROOK NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 NOTE 11 -DETAILED NOTES ON ALL FUNDS (cont.) A. DEPOSITS AND INVESTMENTS(cont.) Credit Risk(cont.) As of December 31, 2015, investments were rated as follows: Village Moody's Standard & Investors Investment Type Poors Services U.S. agency securities-implicit AA+ AAA _ Al to AA1, State and local obligations A to AAA MIG2 to MIG1 Corporate bonds BBB+to A- BAA2 to A3 Illinois funds AAAm Not rated Police Pension Moody's Standard & Investors Investment Type Poors Services U.S. agency securities- implicit AA+ AAA State and local obligations A-to AA+ A3 to AA2 Corporate bonds BBB to AA+ BAA1 to A3 Firefighters'Pension Moody's Standard & Investors Investment Type Poors Services U.S. agency securities- implicit AA+ AAA State and local obligations AA-to AA Al to AAA Corporate bonds BBB to AA+ BAA1 to A3 Page 50 VILLAGE OF OAK BROOK _ NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 _ NOTE II -DETAILED NOTES ON ALL FUNDS (cont.) A. DEPOSITS AND INVESTMENTS(cont.) Interest Rate Risk Interest rate risk is the risk that changes in interest rates will adversely affect the value of an investment. As of December 31, 2015, the Village's investments were as follows: _ Maturity(In Years) Investment Type Fair Value Less than 1 1-5 6-10 More than 10 U.S. agency securities- implicit $ 500,065 $ - $ 500,065 $ - $ - U.S. agency securities- explicit 1,748,930 - 1,748,930 - - State and local obligations 5,944,563 502,960 5,441,603 - - Corporate bonds 5,608,851 5,608,851 - - - Totals $ 13,802,409 $ 6,111,811 $ 7,690,598 $ - $ - Police Pension ..._ Maturity(In Years) Investment Type Fair Value Less than 1 1-5 6-10 More than 10 U.S. agency securities- _ implicit $ 3,854,843 $ 100,476 $ 2,654,957 $ 1,099,410 $ - U.S. agency securities- explicit 399,480 - 399,039 441 State and local obligations 1,447,380 257,775 493,499 589,969 106,137 Corporate bonds 4,885,134 155,141 2,960,927 1,769,066 - Totals $ 10,586,837 $ 513,392 $ 6,508,422 $ 3,458,886 $ 106,137 Page 51 VILLAGE OF OAK BROOK NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 NOTE II - DETAILED NOTES ON ALL FUNDS (cont.) A. DEPOSITS AND INVESTMENTS(cont.) Interest Rate Risk(cont.) Firefighters'Pension Maturity(In Years) Investment Type Fair Value Less than 1 1-5 6-10 More than 10 U.S. agency securities- implicit $ 2,790,866 $ 207,371 $ 1,999,736 $ 583,759 $ - U.S. agency securities- explicit 164,560 - 164,560 - - U.S. treasury 365,995 107,516 258,479 - - State and local obligations 1,006,124 - 683,292 216,695 106,137 Corporate bonds 4,182,441 633,588 2,427,153 1,121,700 - Totals $ 8,509,986 $ 948,475 $ 5,533,220 $ 1,922,154 $ 106,137 Money-Weighted Rate of Return Police Pension Fund For the year ended December 31, 2015, the annual money-weighted rate of return on the police pension plan investments, net of pension plan investment expense, was (1.32)°/x. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested. Firefighters'Pension Fund For the year ended December 31, 2015, the annual money-weighted rate of return on the firefighters' pension plan investments, net of pension plan investment expense, was (1.05)%. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested. See Note I.D.1. for further information on deposit and investment policies. B. RECEIVABLES All of the receivables on the balance sheet are expected to be collected within one year. Page 52 VILLAGE OF OAK BROOK NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 _ NOTE II -DETAILED NOTES ON ALL FUNDS (cont.) _ C. CAPITAL ASSETS Capital asset activity for the year ended December 31, 2015, was as follows: Beginning Ending Balance Additions Deletions Balance Governmental Activities _ Capital assets not being depreciated Land $ 616,829 $ - $ - $ 616,829 Land right of way 32,551,116 - - 32,551,116 _ Construction in progress 447,997 43,243 396,606 94,634 Total Capital Assets Not Being Depreciated 33,615,942 43,243 396,606 33,262,579 Capital assets being depreciated Buildings, building and land improvements 21,000,484 840,817 23,910 21,817,391 �.. Computer equipment 1,546,373 106,343 556,476 1,096,240 Other equipment 2,018,350 64,303 385,692 1,696,961 Vehicles 31,006 - - 31,006 Infrastructure 34,415,424 118,113 4,908 34,528,629 Internal service fund vehicles 6,274,527 953,983 535,833 6,692,677 Total Capital Assets Being _ Depreciated 65,286,164 2,083,559 1,506,819 65,862,904 Total Capital Assets 98,902,106 2,126,802 1,903,425 99,125,483 Less: Accumulated depreciation for Buildings, building and land improvements (7,564,405) (607,490) 23,910 (8,147,985) _ Computer equipment (1,387,437) (52,514) 556,475 (883,476) Other equipment (1,739,684) (90,502) 379,784 (1,450,402) Vehicles (31,006) - - (31,006) _ Infrastructure (23,410,643) (735,243) 4,836 (24,141,050) Internal service fund vehicles (3,227,945) (493,841) 500,340 (3,221,446) Total Accumulated Depreciation (37,361,120) (1,979,590) 11465,345 (37,875,365) Net Capital Assets Being Depreciated 27,925,044 103,969 41,474 27,987,539 Total Governmental Activities Capital Assets, Net of Accumulated Depreciation $ 61,540,986 $ 147,212 $ 438,080 $ 61,250,118 i Page 53 VILLAGE OF OAK BROOK NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 NOTE II - DETAILED NOTES ON ALL FUNDS (cont.) C. CAPITAL ASSETS(cont.) Depreciation expense was charged to functions as follows: Governmental Activities General government $ 532,512 Public safety 375,921 Public works 941,300 Culture and recreation 129,857 Total Governmental Activities Depreciation Expense $ 1,979,590 Beginning Ending Balance Additions Deletions Balance Business-type Activities Capital assets not being depreciation Land $ 8,292,265 $ - $ - $ 8,292,265 Construction in progress 86,047 60,229 86,047 60,229 Total Capital Assets Not Being Depreciation 8,378,312 60,229 86,047 8,352,494 Capital assets being depreciated Land improvements 3,104,769 80,584 - 3,185,353 Buildings and building improvements 5,968,444 68,020 - 6,036,464 Infrastructure 25,265,592 1,394,777 38,122 26,622,247 Vehicles, machinery, and equipment 5,945,923 153,403 118,102 5,981,224 Total Capital Assets Being Depreciated 40,284,728 1,696,784 156,224 41,825,288 Total Capital Assets 48,663,040 1,757,013 242,271 50,177,782 Less: Accumulated depreciation for Land improvements (2,412,310) (68,333) - (2,480,643) Buildings and building improvements (2,940,109) (129,318) - (3,069,427) Infrastructure (8,183,940) (394,308) 31,567 (8,546,681) Vehicles, machinery, and equipment (4,572,071) (253,307) 110,558 (4,714,820) Total Accumulated Depreciation (18,108,430) (845,266) 142,125 (18,811,571) Net Capital Assets Being Depreciated 22,176,298 851,518 14,099 23,013,717 Business-type Capital Assets, Net of Accumulated Depreciation $ 30,554,610 $ 911,747 L__120,146 $ 31,366,211 Page 54 VILLAGE OF OAK BROOK _ NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 _ NOTE II -DETAILED NOTES ON ALL FUNDS (cont.) C. CAPITAL ASSETS(cont.) Depreciation expense was charged to functions as follows: Business-type Activities Waterworks $ 549,293 Sports Core 295,973 Total Business-type Activities Depreciation Expense $ 845,266 D. INTERFUND TRANSFERS The following is a schedule of interfund transfers: -- Fund Transferred To Fund Transferred From Amount Principal Purpose Finance operating needs and Sports Core General $ 459,098 capital improvements Total $ 459,098 Generally, transfers are used to (1) move revenues from the fund that collects them to the fund that the _ budget requires to expend them, (2) move receipts restricted to debt service from the funds collecting the receipts to the debt service fund, and (3) use unrestricted revenues collected in the general fund to finance various programs accounted for in other funds in accordance with budgetary authorizations. E. LONG-TERM OBLIGATIONS Long-term obligations activity for the year ended December 31, 2015, was as follows: Beginning Amounts Due Balance(as Ending Within One restated) Increases Decreases Balance Year Govemmental Activities Installment contracts payable $ 820,000 $ $ 265,000 $ 555,000 $ 275,000 Notes payable 3,772,176 119,913 3,652,263 - Net pension liability-IMRF 1,733,004 674,672 - 2,407,676 - Netpensionliability-police 16,841,096 4,477,040 21,318,136 - Net pension liability-fire 20,556,326 4,044,518 24,600,844 - Net other postemployment benefit obligation 319,305 113,451 432,756 - Compensated absences 999,263 979,918 999,263 979,918 979,918 --- Total Governmental Activities Long-Term Liabilities $ 45,041,170 $ 10,289,599 $ 1,384,176 $ 53,946,593 $ 1,254,918 Page 55 VILLAGE OF OAK BROOK NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 NOTE II - DETAILED NOTES ON ALL FUNDS (cont.) E. LONG-TERM OBLIGATIONS(cont.) Beginning Amounts Due Balance(as Ending Within One restated) Increases Decreases Balance Year Business-type Activities Net pension liability-IMRF $ 588,219 $ 228,998 $ - $ 817,217 $ Net other postemployment benefit obligation - 57,096 - 57,096 - Compensated absences 96,129 95,903 96,129 95,903 95,903 Total Business-type Activities Long-Term Liabilities $ 684,348 $ 381,997 $ 96,129 $ 970,216 $ 95,903 The Village is subject to the Illinois Municipal Code, which limits the amount of certain indebtedness to 8.625% of the most recent available equalized assessed valuation of the Village.As of December 31, 2015, the statutory debt limit for the Village was$109,084,108, providing a debt margin of$108,529,108. The compensated absences for governmental activities typically have been liquidated by the General Fund and the Infrastructure Fund. The net pension liabilities and other postemployment benefit obligation has typically been liquidated by the General Fund. Installment Contracts The Village has issued installment contracts payable to provide funds for the acquisition of capital assets. The installment contracts payable at December 31, 2015 currently outstanding are as follows: Governmental Activities Balance Date of Final Interest Original December 31, _ Installment Contracts Issue Maturity Rates Indebtedness 2015 General Fund Refunding July 15, December 2.00% - Certificates, Series 2009 2009 1, 2017 3.50% $ 2,280,000 $ 555,000 Total Governmental Activities Installment Contracts $ 555,000 Debt service requirements to maturity are as follows: Governmental Activities Installment Contracts Years Principal Interest 2016 $ 275,000 $ 18,738 2017 280,000 9,800 Totals $ 555,000 $ 28,538 Page 56 VILLAGE OF OAK BROOK _ NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 _ NOTE 11 -DETAILED NOTES ON ALL FUNDS (cont.) E. LONG-TERM OBLIGAT/ONS(cont.) Notes Payable The Village has issued notes payable related to developer and intergovernmental agreements. Notes payable at December 31, 2015 consist of the following: _. Governmental Activities Balance Date of Final Interest Original December 31, _. Notes Payable Issue Maturity Rates Indebtedness 2015 June 6, February TIF developer note 2005 1, 2024 8.00% $ 4,250,000 $ 3,652,263 Total Governmental Activities Notes Payable $ 3,652,263 The repayment of the TIF note payable is based on incremental real estate tax and sales tax received. As such, there is no debt service to maturity schedule. F. RESTATEMENT OF NET POSITION Net position has been restated as a result of the implementation of GASB Statement No. 68-Accounting and Financial Reporting for Pensions-an Amendment of GASB Statement No. 27 and implementation of GASB Statement No. 71 -Pension Transition for Contributions Made Subsequent to the Measurement _ Date. These statements require the net pension liability and related deferred outflows and deferred inflows, if any, to be reported in the financial statements. The details of this restatement are as follows: Governmental Business-type Internal Activities Activities Waterworks Sports Core Service Net Position - December 31, —" 2014 (as reported) $ 84,369,785 $ 34,265,703 $ 21,122,857 $ 12,575,040 $ 5,675,322 Add: Prior year net pension obligation 848,634 - - - - Add: Deferred outflows related to pensions 8,346,799 218,300 82,502 135,798 24,313 Less: Net pension liability (39,130,426) (588,219) (235,789) (352,430) (82,455) --- Less: Deferred inflows related to pensions (48,037) - - - - Net position - December 31, 2014 (as restated) $ 54,386,755 $ 33,895,784 $ 20,969,570 $ 12,358,408 $ 5,617,180 Page 57 VILLAGE OF OAK BROOK NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 NOTE III -OTHER INFORMATION A. EMPLOYEES'RETIREMENT SYSTEM 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 a single-employer pension plan. The benefits, benefits levels, employee contributions and employer contributions for the plans are governed by Illinois Compiled Statutes and can only be amended by the Illinois General Assembly. The Police Pension Plan and the Firefighters' Pension Plan do not issue separate reports on the pension plans. 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. Illinois Municipal Retirement Fund Plan description.All employees (other than those covered by the Police and Firefighters' Pension plans) hired in positions that meet or exceed the prescribed annual hourly standard must be enrolled in IMRF as participating members. IMRF has a two tier plan. Members who first participated in IMRF or an Illinois Reciprocal System prior to January 1, 2011 participate in Tier 1. All other members participate in Tier 2. For Tier 1 participants, pension benefits vest after 8 years of service. Participating members who retire at or after age 60 with 8 years of 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 (average of the highest 48 consecutive months' earnings during the last 10 years)for credited service up to 15 years and 2%for each year thereafter. For Tier 2 participants, pension benefits vest after 10 years of service. Participating members who retire at or after age 67 with 10 years of service are entitled to an annual retirement benefit, payable monthly for life in an amount equal to 1 2/3% of their final rate of earnings (average of the highest 96 consecutive months' earnings during the last 10 years, capped at$106,800) for credited service up to 15 years and 2% for each year thereafter. However, an employee's total pension cannot exceed 75%of their final rate of earnings. If an employee retires after 10 years of service between the ages of 62 and 67, and has less than 30 years of service credit, the pension will be reduced by 1/2%for each month that the employee is under the age of 67. If an employee retires after 10 years of service between the ages of 62 and 67, and has between 30 and 35 years of service credit, the pension will be reduced by the lesser of 1/2%for each — month that the employee is under the age of 67 or 1/2% for each month of service credit less than 35 years. IMRF also provides death and disability benefits. These benefit provisions and all other requirements are established by Illinois Compiled Statutes. Plan membership.At December 31, 2014, the measurement date, membership in the plan was as follows: Retirees and beneficiaries 97 Inactive, non-retired members 84 Active members 74 Total 255 Page 58 i VILLAGE OF OAK BROOK NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 NOTE III -OTHER INFORMATION (cont.) A. EMPLOYEES'RETIREMENT SYSTEM(cont.) Contributions.As set by statute, Village employees participating in IMRF are required to contribute 4.50% of their annual covered salary. The statute requires the Village to contribute the amount necessary, in addition to member contributions, to finance the retirement coverage of its own employees. The -- Village's actuarially determined contribution rate for calendar year 2015 was 14.18% percent of annual covered payroll. The Village also contributes for disability benefits, death benefits and supplemental retirement benefits, all of which are pooled at the IMRF level. Contribution rates for disability and death benefits are set by the IMRF Board of Trustees, while the supplemental retirement benefits rate is set by statute. Net Pension Liability/(Asset).The net pension liability/(asset)was measured as of December 31, 2014, and the total pension liability used to calculate the net pension liability/(asset)was determined by an actuarial valuation as of that date. -- Summary of Significant Accounting Policies. For purposes of measuring the net pension liability/(asset), deferred outflows of resources and deferred inflows of resources related to pensions, and — pension expense, information about the fiduciary net position of IMRF and additions to/deductions from IMRF fiduciary net position have been determined on the same basis as they are reported by IMRF. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. Actuarial Assumptions. The total pension liability for the plan was determined by an actuarial valuation _ performed as of December 31, 2014 using the following actuarial methods and assumptions: Actuarial cost method Entry Age Normal _. Asset valuation method 5-Year Smoothed Market Actuarial assumptions _ Investment Rate of Return 7.49% Inflation 3.00% Salary increases 4.40%to 16.00%, including inflation _ Price inflation 3.00% Mortality. For non-disabled retirees, an IMRF specific mortality table was used with fully generational projection scale MP-2014 (base year 2014). The IMRF specific rates were developed from the RP-2014 Blue Collar Health Annuitant Mortality Table with adjustments to match current IMRF experience. For disabled retirees, an IMRF specific mortality table was used with fully generational projection scale MP- 2014 (base year 2014). The IMRF specific rates were developed from the RP-2014 Disabled Retirees Mortality Table applying the same adjustment that were applied for non-disabled lives. For active members, an IMRF specific mortality table was used with fully generational projection scale MP-2014 — (base year 2014). The IMRF specific rates were developed from the RP-2014 Employee Mortality Table with adjustments to match current IMRF experience. Page 59 VILLAGE OF OAK BROOK NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 NOTE III -OTHER INFORMATION (cont.) A. EMPLOYEES'RETIREMENT SYSTEM(cont.) Long-Term Expected Real Rate of Return. The long-term expected rate of return on pension plan investments was determined using an asset allocation study in which best-estimate ranges of expected future real rates of return (net of pension plan investment expense and inflation)were developed for each major asset class. These ranges were combined to produce long-term expected rate of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic and geometric real rates of return for each major asset class are summarized in the following table: Projected Returns/Risks Target One Year Ten Year Asset Class Allocation Arithmetic Geometric Equities 63.20% 9.15% 7.60% International Equities 2.60% 9.80% 7.80% Fixed income 23.50% 3.05% 3.00% Real estate 4.30% 7.35% 6.15% Alternatives 4.50% Private equity 13.55% 8.50% Hedge funds 5.55% 5.25% Commodities 4.40% 2.75% Cash equivalents 1.90% 2.25% 2.25% Discount rate.The discount rate used to measure the total pension liability for IMRF was 7.49%. The discount rate calculated using the December 31, 2013 measurement date was 7.50%. The projection of cash flows used to determine the discount rate assumed that member contributions will be made at the current contribution rate and that Village contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the fiduciary net position was projected not to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on investments of 7.50%was blended with the index rate of 3.56%for tax exempt 20-year general obligation municipal bonds with an average AA credit rating at December 31, 2014 to arrive at a discount rate of 7.49% used to determine the total pension liability. The year ending December 31, 2084 is the last year in the 2015 to 2114 projection period for which projected benefit payments are fully funded. Discount rate sensitivity. The following is a sensitivity analysis of the net pension liability/(asset)to changes in the discount rate. The table below presents the pension liability of the Village calculated using the discount rate of 7.49% as well as what the net pension liability/(asset)would be if it were to be calculated using a discount rate that is 1 percentage point lower(6.49%) or 1 percentage point higher (8.49%)than the current rate: Current I% Decrease Discount Rate I% Increase Total pension liability $ 40,111,984 $ 35,356,455 $ 31,462,489 Less: Plan fiduciary net pension 32,131,562 32,131,562 32,131,562 ._ Net pension liability/(asset) $ 7,980,422 $ 3,224,893 $ (669,073) Page 60 VILLAGE OF OAK BROOK NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 NOTE III -OTHER INFORMATION (cont.) _ A. EMPLOYEES'RETIREMENT SYSTEM(cont.) Changes in net pension liability/(asset). The Village's changes in net pension liability/(asset)for the plan for the calendar year ended December 31, 2014 was as follows: Increase (Decrease) Total Pension Plan Fiduciary Net Net Pension Liability Position Liability/(Asset) (a) _ (a) (b) - (b) Village: Balances at December 31, 2013 $ 33,237,409 $ 30,916,185 $ 2,321,224 Service cost 613,861 - 613,861 Interest on total pension liability 2,465,082 - 2,465,082 Differences between expected and actual (770,401) - (770,401) experience of the total pension liability Change of assumptions 1,163,670 - 1,163,670 Benefit payments, including refunds of (1,353,166) (1,353,166) - .� employee contributions Contributions-employer - 749,983 (749,983) Contributions-employee - 238,409 (238,409) Net investment income - 1,874,762 (1,874,762) Other(net transfer) - (294,611) 294,611 Balances at December 31, 2014 $ 35,356,455 $ 32,131,562 $ 3,224,893 Pension expense and deferred outflows of resources and deferred inflows of resources related to pensions. For the year ended December 31, 2015, the Village recognized pension expense of $1,053,120. The Village reported deferred outflows and inflows of resources related to pension from the following sources: Deferred Deferred Outflows of Inflows of Resources Resources _ Village: Difference between expected and actual experience $ - $ 519,423 Assumption changes 784,575 - Net difference between projected and actual earnings on pension plan investments 335,380 - Contributions subsequent to the measurement date 718,704 - Total $ 1,838,659 $ 519,423 Page 61 VILLAGE OF OAK BROOK NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 NOTE III -OTHER INFORMATION (cont.) A. EMPLOYEES'RETIREMENT SYSTEM(cont.) The amounts reported as deferred outflows resulting from contributions subsequent to the measurement date in the above table will be recognized as a reduction in the net pension liabilities/(assets)for the year ending . The remaining amounts reported as deferred outflows and inflows of resources related to pensions ($600,532)will be recognized in pension expense as follows: Year Ending December 31, Village 2015 $ 211,962 2016 211,962 2017 92,762 2018 83,846 Total $ 600,532 Police Pension '— Plan description. Police sworn personnel are covered by the Police Pension Plan, which is a defined benefit single-employer pension plan. Although this is a single employer pension plan, the defined benefits and employee and employer contribution levels are governed by Illinois State Statutes (Chapter 40 ILCS 5/3) and may be amended only by the Illinois legislature. The Village accounts for the plan as a pension trust fund. As provided for in the Illinois Compiled Statutes, the Plan provides retirement benefits as well as death and disability benefits to employees grouped into two tiers. Tier 1 is for employees hired prior to January 1, 2011 and Tier 2 is for employees hired after that date. The following is a summary of the Police Pension Fund as provided for in Illinois Compiled Statutes. Tier 1 -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 salary attached to the rank on the last day of service, or for one year prior to the last day, whichever is greater. The pension shall be increased by 2.5% of such salary for each additional year of service over 20 years up to 30 years to a maximum of 75% of such salary. Employees with at least 8 years but less than 20 years of credited service may retire at or after age 60 and receive a reduced retirement benefit. The monthly pension 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 paid upon reaching at least the age 55, by 3%of the original pension and 3% compounded annually thereafter. Tier 2-Covered employees attaining the age of 55 or more with 10 or more years of creditable service are entitled to receive a monthly pension of 2.5% of the final average salary for each year of creditable service. The salary is initially capped at$106,800 but increases annually thereafter and is limited to 75% of final average salary. Employees with 10 or more years of creditable service may retire at or after age 50 and receive a reduced retirement benefit. The monthly pension of a police shall be increased annually on the January 1 occurring either on or after the attainment of age 60 or the first anniversary of the pension start date, whichever is later. Each annual increase shall be calculated at 3%or one half the annual unadjusted percentage increase in the CPI, whichever is less. Page 62 VILLAGE OF OAK BROOK _ NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 s NOTE III -OTHER INFORMATION (cont.) — A. EMPLOYEES'RETIREMENT SYSTEM(cont.) Police Pension (cont.) Plan membership.At December 31, 2015, the Police Pension membership consisted of: Retirees and beneficiaries 5 Inactive, non-retired members 37 —' Active members 40 Total 82 Contributions. Covered employees are required 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 plans as actuarially determined by an enrolled actuary. Effective January 1, 2011 the Village's contributions must accumulate to the point where the past service cost for the Police Pension Plan is 90%funded by the year 2040. The Village's actuarially determined contribution rate for the fiscal year ending December 31, 2015 was 41.50% of annual covered payroll. Net Pension Liability/(Asset). The net pension liability/(asset)was measured as of December 31, 2015, _ and the total pension liability used to calculate the net pension liability/(asset)was determined by an annual actuarial valuation as of that date. Summary of Significant Accounting Policies. The financial statements of the Police Pension Plan are prepared using the accrual basis of accounting. Plan member contributions are recognized in the period in which contributions are due. The Village's contributions are recognized when due and a formal commitment to provide the contributions are made. Benefits and refunds are recognized when due and payable in accordance with the terms of the plan. Plan investments are reported at fair value. Short-term investments are reported at cost, which approximated fair value. Investments that do not have an established market are reported at estimated fair values. Page 63 VILLAGE OF OAK BROOK NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 NOTE 111 -OTHER INFORMATION (cont.) A. EMPLOYEES'RETIREMENT SYSTEM(cont.) Police Pension (cont.) Actuarial Assumptions.The total pension liability was determined by an actuarial valuation performed as of December 31, 2015 using the following actuarial methods and assumptions: Actuarial cost method Entry Age Normal Asset valuation method Market Value Actuarial assumptions Interest rate 6.75% Inflation 2.50% Projected salary increases 3.75% Cost-of-living adjustments Tier 1 -3.00% Tier 2 - 1.25% Mortality rates were based on the RP-2000 CHBCA Mortality Table. The actuarial assumptions were based on the results of an actuarial experience study conducted by the Illinois Department of Insurance dated September 26, 2012. Discount rate. The discount rate used to measure the total pension liability for the Police Pension Plan was 6.75%, the same as the prior valuation. The projection of cash flows used to determine the discount rate assumed that member contributions will be made at the current contribution rate and that Village contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the Plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on Plan investments was applied to all periods of projected benefit payments to determine the total pension liability. Discount rate sensitivity.The following is a sensitivity analysis of the net pension liability to changes in the discount rate. The table below presents the pension liability of the Village calculated using the discount rate of 6.75%as well as what the net pension liability would be if it were to be calculated using a discount rate that is 1 percentage point lower(5.75%) or 1 percentage point higher(7.75%) than the current rate: Current 1% Decrease Discount Rate 1% Increase Total pension liability $ 60,838,801 $ 53,169,364 $ 46,914,149 Less: Plan fiduciary net position 31,851,228 31,851,228 31,851,228 Net pension liability $ 28,987,573 $ 21,318,136 $ 15,062,921 Page 64 VILLAGE OF OAK BROOK _ NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 _ NOTE III -OTHER INFORMATION (cont.) —. A. EMPLOYEES'RETIREMENT SYSTEM(cont.) Police Pension (cont.) Changes in net pension liability/(asset).The Village's changes in net pension liability/(asset)for the calendar year ended December 31, 2015 was as follows: Increase (Decrease) Total Pension Plan Fiduciary Net Pension Liability Net Position Liability/Asset (a) (b) (a) - (b) -- Balances at December 31, 2014 $ 49,812,440 $ 32,971,344 $ 16,841,096 Service cost 816,276 - 816,276 -- Interest on total pension liability 3,338,238 - 3,338,238 Differences between expected and actual experience of the total pension liability (48,037) - (48,037) Change of assumptions 1,597,133 - 1,597,133 Benefit payments, including refunds of employee contributions (2,346,686) (2,346,686) - Contributions -employer - 1,336,683 (1,336,683) Contributions-employee - 358,499 (358,499) Net investment income - (429,965) 429,965 _ Administration - (38,647) 38,647 Balances at December 31, 2015 $ 53,169,364 $ 31,851,228 $ 21,318,136 Pension expense and deferred outflows of resources and deferred inflows of resources related to pensions. For the year ended December 31, 2015, the Village recognized pension expense of $2,468,657. The Village reported deferred outflows and inflows of resources related to pension from the _ following sources: Deferred Deferred Outflows of Inflows of Resources Resources Difference between expected and actual experience $ - $ 38,430 Assumption changes 1,277,706 - Net difference between projected and actual earnings on pension plan investments 2,105,790 - -- Total $ 3,383,496 $ 38,430 Page 65 VILLAGE OF OAK BROOK '— NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 NOTE III -OTHER INFORMATION (cont.) A. EMPLOYEES'RETIREMENT SYSTEM(cont.) Police Pension (cont.) The amounts reported as deferred outflows and inflows of resources related to pensions ($3,345,066) will be recognized in pension expense as follows: Year Ending December 31, Amount 2016 $ 836,268 2017 836,268 2018 836,268 —' 2019 836,262 Total $ 3,345,066 Firefighters' Pension Plan description. Fire sworn personnel are covered by the Firefighters' Pension Plan, which is a defined benefit single-employer pension plan.Although this is a single employer pension plan, the defined benefits and employee and employer contribution levels are governed by Illinois State Statutes (Chapter 40 ILCS 5/3) and may be amended only by the Illinois legislature. The Village accounts for the plan as a pension trust fund. As provided for in the Illinois Compiled Statutes, the Firefighters' Pension Plan provides retirement benefits as well as death and disability benefits to employees grouped into two tiers. Tier 1 is for employees hired prior to January 1, 2011 and Tier 2 is for employees hired after that date. The following is a summary of the Firefighters' Pension Plan as provided for in Illinois Compiled Statutes. Tier 1 -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 salary attached to the rank held in the fire service at the date of retirement. The annual pension shall be increased by 2.5% of such salary for each additional year over 20 years of service through 30 years of service to a maximum of 75% of such salary. Employees with at least 10 years but less than 20 years of credited service may retire at or after age 60 and receive a reduced retirement benefit. The monthly pension of a firefighter 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 at least the age 55, by 3% of the original pension and 3%compounded annually thereafter. Tier 2-Covered employees attaining the age of 55 or more with 10 or more years of creditable service are entitled to receive a monthly pension of 2.5%of the final average salary for each year of creditable service. The salary is initially capped at$106,800 but increases annually thereafter and is limited to 75% of final average salary. Employees with 10 or more years of creditable service may retire at or after age 50 and receive a reduced retirement benefit. The monthly pension of a firefighter shall be increased annually on the January 1 occurring either on or after the attainment of age 60 or the first anniversary of the pension start date, whichever is later. Each annual increase shall be calculated at 3%or one-half the annual unadjusted percentage increase in the CPI, whichever is less. Page 66 VILLAGE OF OAK BROOK NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 NOTE III -OTHER INFORMATION (cont.) — A. EMPLOYEES'RETIREMENT SYSTEM(cont.) Firefighters' Pension (cont.) Plan membership.At December 31, 2015, the Firefighters' Pension Plan membership consisted of: Retirees and beneficiaries 53 Inactive, non-retired members 4 Active members 31 Total 88 Contributions. Participants contribute a fixed percentage of their base salary to the plans.At December 31, 2015, the contribution percentage was 9.455%. If a participant leaves covered employment with less than 20 years of service, accumulated participant contributions may be refunded without accumulated interest. The Village is required to contribute the remaining amounts necessary to finance the plans as actuarially determined by an enrolled actuary. Effective January 1, 2011 the Village's contributions must accumulate to the point where the past service cost for the Firefighters' Pension Plan is 90%funded by the year 2040. The Village's actuarially determined contribution rate for the fiscal year ending December 31, 2015 was 64.96%of annual covered payroll. Net pension liability/(asset).The net pension liability/(asset)was measured as of December 31,2015, and the total pension liability used to calculate the net pension liability/(asset)was determined by an annual actuarial valuation as of that date. Summary of significant accounting policies.The financial statements of the Firefighters' Pension Plan are prepared using the accrual basis of accounting. Plan member contributions are recognized in the _ period in which contributions are due. The Village's contributions are recognized when due and a formal commitment to provide the contributions are made. Benefits and refunds are recognized when due and payable in accordance with the terms of the plan. Plan investments are reported at fair value. Short-term investments are reported at cost, which approximated fair value. Investments that do not have an established market are reported at estimated _ fair values. i Page 67 VILLAGE OF OAK BROOK NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 NOTE 111 -OTHER INFORMATION (cont.) A. EMPLOYEES'RETIREMENT SYSTEM(cont.) Firefighters' Pension (cont.) Actuarial assumptions.The total pension liability was determined by an actuarial valuation performed as of December 31, 2015 using the following actuarial methods and assumptions: Actuarial cost method Entry Age Normal Asset valuation method Market Value Actuarial assumptions Interest rate 6.75% Inflation 2.50% Projected salary increases 3.75% Cost-of-living adjustments Tier 1 -3.00% Tier 2- 1.25% Mortality rates were based on the RP-2000 CHBCA Mortality Table. The actuarial assumptions were based on the results of an actuarial experience study conducted by the Illinois Department of Insurance dated September 26, 2012. Discount rate.The discount rate used to measure the total pension liability for the Firefighters' Pension Plan was 6.75%, the same as the prior valuation. The projection of cash flows used to determine the discount rate assumed that member contributions will be made at the current contribution rate and that Village contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the Plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on Plan investments was applied to all periods of projected benefit payments to determine the total pension liability. Discount rate sensitivity.The following is a sensitivity analysis of the net pension liability to changes in the discount rate. The table below presents the pension liability of the Village calculated using the discount rate of 6.75% as well as what the net pension liability would be if it were to be calculated using — a discount rate that is 1 percentage point lower(5.75%) or 1 percentage point higher(7.75%)than the current rate: Current 1% Decrease Discount Rate I% Increase Total pension liability $ 54,484,359 $ 48,412,530 $ 43,017,356 Less: Plan fiduciary net position 23,811,686 23,811,686 23,811,686 Net pension liability $ 30,672,673 $ 24,600,844 $ 19,205,670 Page 68 VILLAGE OF OAK BROOK NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 NOTE III -OTHER INFORMATION (cont.) _ A. EMPLOYEES'RETIREMENT SYSTEM(cont.) Firefighters' Pension (cont.) Changes in net pension liability/(asset). The Village's changes in net pension liability/(asset)for the calendar year ended December 31, 2015 was as follows: Increase (Decrease) Total Pension Plan Fiduciary Net Pension Liability Net Position Liability/Asset (a) (b) (a) -(b) Balances at December 31, 2014 $ 45,602,454 $ 25,046,128 $ 20,556,326 Service cost 746,748 - 746,748 Interest on total pension liability 3,040,301 - 3,040,301 Differences between expected and actual experience of the total pension liability 163,758 - 163,758 �. Change of assumptions 1,474,675 - 1,474,675 Benefit payments, including refunds of employee contributions (2,615,406) (2,615,406) - _ Contributions-employer - 1,414,530 (1,414,530) Contributions-employee - 269,349 (269,349) Net investment income - (256,565) 256,565 Administration - (46,350) 46,350 Balances at December 31, 2015 $ 48,412,530 $ 23,811,686 $ 24,600,844 Pension expense and deferred outflows of resources and deferred inflows of resources related to pensions. For the year ended December 31, 2015, the Village recognized pension expense of $2,616,962. The Village reported deferred outflows and inflows of resources related to pension from the _. following sources: Deferred Deferred Outflows of Inflows of Resources Resources Difference between expected and actual experience $ 131,006 $ - Assumption changes 1,179,740 - Net difference between projected and actual earnings on pension plan investments 1,531,340 - Total $ 2,842,086 $ - Page 69 VILLAGE OF OAK BROOK NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 NOTE III -OTHER INFORMATION (cont.) A. EMPLOYEES'RETIREMENT SYSTEM(cont.) ._ Firefighters' Pension (cont.) The amounts reported as deferred outflows and inflows of resources related to pensions ($2,842,086) will be recognized in pension expense as follows: Year Ending December 31, Amount 2016 $ 710,522 2017 710,522 2018 710,522 2019 710,520 Total $ 2,842,086 PENSION SEGMENT INFORMATION Fiduciary Net Position Pension Trust Police Firefighters' Pension Pension Total Assets Cash and investments $ 33,804 $ 40,705 $ 74,509 Investments Certificates of deposit 622,208 622,176 1,244,384 Money markets 651,813 1,275,129 1,926,942 U.S. treasuries - 365,995 365,995 U.S. agencies 4,254,323 2,955,426 7,209,749 State and local obligations 1,447,380 1,006,124 2,453,504 Corporate bonds 4,885,134 4,182,441 9,067,575 Mutual funds 18,902,179 13,276,987 32,179,166 Equities 942,409 - 942,409 Receivables Accrued interest 121,033 97,509 218,542 Prepaid items 2.960 2,103 5.063 Total Assets 31.863,243 23.824.595 55.687,838 Liabilities Accounts payable 12.015 12,909 24.924 Total Liabilities 12.015 12,909 24,924 Net Position Restricted for pension benefits $ 31.851.228 $23,811,686 $ 55,662.914 Page 70 VILLAGE OF OAK BROOK NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 NOTE III -OTHER INFORMATION (cont.) _ A. EMPLOYEES'RETIREMENT SYSTEM(cont.) Changes in Plan Net Position Pension Trust Firefighters' Police Pension Pension Total Additions — Contributions Employer $ 1,336,683 $ 1,414,530 $ 2,751,213 Employee 358,499 269,349 627,848 i Other 48 - 48 Total Contributions 1.695.230 1,683.879 3.379,109 Investment income Net depreciation in fair value (1,891,652) (1,439,894) (3,331,546) Interest 1.544,850 1.247,789 2.792,639 Total Investment income (346,802) (192,105) (538,907) Less investment expense 83.213 64.461 147.674 Net investment income (430.015) (256.566) (686.581) Total Additions 1,265.215 1,427,313 2.692.528 Deductions Benefits and refunds 2,346,686 2,615,406 4,962,092 Administrative 38.647 46.351 84.998 Total Deductions 2.385.333 2.661.757 5.047,090 Net Decrease in Net Position (1,120,118) (1,234,444) (2,354,562) Net Position, Beginning of Year 32.971.346 25.046.130 58.017.476 Net Position, End of Year $ 31,851,228 $ 23,811.686 $ 55,662,914 B. RISK MANAGEMENT The Village is exposed to various risks of loss related to torts; theft of, damage to, or destruction of assets; errors and omissions;workers compensation; and health care of its employees. The Village participates in a public entity risk pool called IRMA to provide coverage for losses from (torts; theft of, damage to, or destruction of assets; errors and omission; and workers compensation). However, other risks, such as (health care of its employees)are accounted for and financed by the Village in an internal service fund- the Self-Insurance Fund. Self Insurance For medical and dental claims, the uninsured risk of loss is$85,000 per incident and$2,322,523 in the aggregate for a policy year. The Village has purchased commercial insurance for claims in excess of those amounts. Settled claims have not exceeded the commercial coverage in any of the past three years. .� Page 71 VILLAGE OF OAK BROOK NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 NOTE III -OTHER INFORMATION (cont.) B. RISK MANAGEMENT(cont.) — Self Insurance(cont.) All funds of the Village along with retirees, the Oak Brook Park District and COBRA participate in the risk -- management program. Premiums paid into the Self-Insurance Fund are based upon equivalent premium estimates. $68,304 was assigned for that reserve at year end, and is included in unrestricted net position of the internal service fund. A liability for a claim is established if information indicates that it is probable that a liability has been incurred at the date of the financial statements and the amount of the loss is reasonably estimable. Liabilities include an amount for claims that have been incurred but not reported. The Village does not allocate overhead costs or other nonincremental costs to the claims liability. Claims Liability Prior Year Current Year Unpaid claims- Beginning of Year $ 159,226 $ 121,423 Current year claims and changes in estimates 1,967,420 2,084,911 Claim payments (2,005,223) (2,138,030) Unpaid Claims- End of Year $ 121,423 $ 68,304 Public Entity Risk Pool IRMA The Village participates in the Intergovernmental Risk Management Agency(IRMA). IRMA is an organization of municipalities and special districts in Northeastern Illinois that have formed an association under the Illinois Intergovernmental Co-operations Statute to pool their risk management needs. The agency administers a mix of self-insurance and commercial insurance coverages; property/casualty and workers' compensation claim administration/litigation management services; unemployment claim administration; extensive risk management/loss control consulting and training programs; and a risk information system and financial reporting service for its members. The Village's payments to IRMA are displayed on the financial statements as expenditures/expenses in ..._ appropriate funds. Each member assumes the first$2,500 of each occurrence, and IRMA has a mix of self-insurance and commercial insurance at various amounts above that level. Each member appoints one delegate, along with an alternate delegate, to represent the member on the Board of Directors. The Village does not exercise any control over the activities of IRMA beyond its representation on the Board of Directors. Page 72 VILLAGE OF OAK BROOK NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 NOTE III -OTHER INFORMATION (cont.) — B. RISK MANAGEMENT(cont.) Public Entity Risk Pool(cont.) IRMA(cont.) Initial contributions are determined each year based on the individual member's eligible revenue as _ defined in the bylaws of IRMA and experience modification factors based on past member loss experience. Members have a contractual obligation to fund any deficit of IRMA attributable to any membership year during which they were a member. Supplemental contributions may be required to fund these deficits. C. COMMITMENTS AND CONTINGENCIES Claims and judgments are recorded as liabilities if all the conditions of Governmental Accounting Standards Board pronouncements are met. The liability and expenditure for claims and judgments are _,.. only reported in governmental funds if it has matured. Claims and judgments are recorded in the government-wide statements and proprietary funds as expenses when the related liabilities are incurred. D. OTHER POSTEMPLOYMENT BENEFITS In addition to providing the pension benefits described, the Village provides postemployment health care (OPEB) benefits for retirees and disabled employees through a single-employer defined benefit plan (the Plan). The benefits, benefit levels, employee contributions and any employer contributions are governed by the Village and can be amended by the Village through its personnel manual and union contracts. The —. Plan is not accounted for as a trust fund, as an irrevocable trust has not been established to account for the Plan. The Plan does not issue a separate report. The activity of the Plan is reported in the Village's Self-Insurance Fund. The Village provides postemployment health care benefits to its retirees and certain disabled employees. To be eligible for benefits, an employee must qualify for retirement under one of the Village's retirement _ plans or meet COBRA requirements. For certain disabled employees who qualify for health insurance benefits under the Public Safety Employee Benefits Act(PSEBA), the Village is required to pay 100% of the cost of basis health insurance for the employee and their dependents for their lifetime.As of _ December 31, 2015, the Village has two disabled retirees receiving benefits under this statute. All health care benefits are provided through the Village's self-insured health plan. The benefit levels are the same as those afforded to active employees. Benefits include general inpatient and outpatient medical services; mental, nervous, and substance abuse care; vision care; dental care; and prescriptions. Eligibility in Village sponsored health care plans is discontinued upon eligibility for federally sponsored _ health care benefits. Page 73 VILLAGE OF OAK BROOK NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 NOTE III -OTHER INFORMATION (cont.) D. OTHER POSTEMPLOYMENT BENEFITS(cont.) All retirees contribute 100% of the actuarially determined premium to the Plan to cover the cost of providing the benefits to the retirees via the self-insured plan (pay as you go), which results in an implicit subsidy to the Village. The Village pays 100% of the actuarially determined premium for certain disabled employees. Since the Village is self-insured, these amounts fluctuate on an annual basis. For the fiscal year ended December 31, 2015, all retirees contributed $445,025 and the Village contributed $269,245. The Village is not required to and currently does not advance fund the cost of benefits that will become due and payable in the future. Active employees do not contribute to the Plan until retirement. The following table shows the components of the Village's annual OPEB cost for the year, the amount actually contributed to plan, and changes in the Village's net OPEB obligation to the Retiree Health Plan: Annual required contribution $ 445,025 Interest on net OPEB obligation 14,369 Adjustment to annual required contribution (19,602) Annual OPEB cost 439,792 Contributions made (269,245) Increase in net OPEB obligation (asset) 170,547 Net OPEB Obligation (Asset)- Beginning of Year 319,305 Net OPEB Obligation (Asset)- End of Year $ 489,852 The Village's annual OPEB cost, the percentage of annual OPEB cost contributed to the plan, and the net OPEB obligation for 2015 and the two preceding years were as follows: Percentage of Annual OPEB Annual OPEB Cost Net OPEB Fiscal Year Ended Cost Contributed Obligation December 31, 2013 $ 158,165 70.90% $ 171,445 _ December 31, 2014 420,586 64.80% 319,305 December 31, 2015 439,792 61.22% 489,852 Page 74 VILLAGE OF OAK BROOK NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 NOTE III -OTHER INFORMATION (cont.) D. OTHER POSTEMPLOYMENT BENEFITS(cont.) The funded status of the plan as of December 31, 2015, the most recent actuarial valuation date, was as follows: Actuarial accrued liability(AAL) $ 5,011,682 Actuarial value of plan assets - Unfunded Actuarial Accrued Liability(UAAL) $ 5,011,682 Funded ratio(actuarial value of plan assets/AAL) -% Covered payroll (active plan members) $ 9,362,402 UAAL as a percentage of covered payroll 53.53% Actuarial valuations of an ongoing plan involve estimates for the value of reported amounts and assumptions about the probability of occurrence of events far into the future. Examples include assumptions about future employment, mortality, and the healthcare cost trend.Amounts determined — regarding the funded status of the plan and annual required contributions of the employer are subject to continual revision as actual results are compared with past expectations and new estimates are made about the future. The schedule of funding progress, presented as required supplementary information -- following the notes to the financial statements, presents multiyear trend information that shows whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial accrued liabilities for benefits. Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and plan members)and include the types of benefits provided at the time of each valuation and the historical pattern of sharing benefit costs between the employer and plan members to that point. The methods and assumptions used include techniques that are designed to reduce short- term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculations. In the December 31, 2014 actuarial valuation, the entry age actuarial cost method was used. The actuarial assumptions include a 5% investment rate of return and an annual healthcare cost trend rate of 3% initially, reduced by decrements to an ultimate rate of 5%. Both rates include a 3% inflation assumption. The actuarial value of Retiree Health Plan assets was determined using techniques that spread the effects of short-term volatility in the market value of investments over a three-year period. The plan's unfunded actuarial accrued liability is being amortized as a level percentage of projected payroll on an open basis. The amortization period at December 31, 2015, was 30 years. _ Page 75 VILLAGE OF OAK BROOK NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2015 NOTE III -OTHER INFORMATION (cont.) E. EFFECT OF NEW ACCOUNTING STANDARDS ON CURRENT-PERIOD FINANCIAL STATEMENTS The Governmental Accounting Standards Board (GASB) has approved the following: • Statement No. 72, Fair Value Measurement and Application • Statement No. 73,Accounting and Financial Reporting for Pensions and Related Assets That Are Not Within the Scope of GASB Statement 68, and Amendments to Certain Provisions of GASB Statements 67 and 68 • Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans • Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions • Statement No. 76, The Hierarchy of Generally Accepted Accounting Principles for State and Local Government • Statement No. 77, Tax Abatement Disclosures • Statement No. 78, Pensions Provided Through Certain Multiple-Employer Defined Benefit Pension Plans • Statement No. 79, Certain External Investment Polls and Pool Participants • Statement No. 80, Blending Requirements for Certain Component Units an amendment of GASB Statement No. 14 • Statement No. 81, Irrevocable Split-Interest Agreements • Statement No. 82, Pension Issues an amendment to GASB Statements No. 67, No. 68, and No. 73 When they become effective, application of these standards may restate portions of these financial statements. Page 76 THIS PAGE IS INTENTIONALLY LEFT BLANK s s i VILLAGE OF OAK BROOK SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL-GENERAL FUND For the Year Ended December 31, 2015 With Comparative Actual Amounts for the Year Ended December 31, 2014 2015 Budgeted Amounts Variance with 2014 Original Final Actual Final Budget Actual REVENUES Intergovernmental $ 13,765,965 $ 13,765,965 $ 13,604,940 $ (161,025) $ 13,296,146 Utility taxes 5,170,000 5,170,000 5,673,868 503,868 5,203,835 Licenses and permits 1,349,850 1,349,850 1,385,341 35,491 1,448,471 Charges for services 1,038,500 1,038,500 1,058,929 20,429 1,044,934 Fines,forfeitures and penalties 244,000 244,000 177,588 (66,412) 189,060 Investment income 60,000 60,000 91,621 31,621 (109,993) Miscellaneous 377.375 377.375 583.800 206.425 357.833 Total Revenues 22.005,690 22,005,690 22,576,087 570,397 21,430,286 EXPENDITURES CURRENT General government 5,639,245 5,634,755 4,602,212 1,032,543 5,068,975 Public safety 14,867,445 14,870,910 14,475,532 395,378 14,256,426 Public works 714,585 715,610 622,962 92,648 633,886 Culture and recreation 1,033,205 1,033,205 977,641 55,564 987,435 Debt Service Principal 265,000 265,000 265,000 - 260,000 Interest and fiscal charges 27,495 27,495 27,491 4 34.640 Total Expenditures 22,546,975 22,546,975 20,970,838 1,576,137 21.241,362 Excess (deficiency)of revenues over(under) expenditures (541,285) (541,285) 1,605,249 2,146,534 188.924 OTHER FINANCING SOURCES(USES) Transfers in 61,300 61,300 - (61,300) - Transfers out (213,705) (482,450) (459,098) 23.352 (474,057) Total Other Financing Sources (Uses) (152,405) (421,150) (459,098) (37,948) (474,057) Net Change in Fund Balance $ (693,690) $ (962,435) 1,146,151 $ 2,108,586 (285,133) FUND BALANCE- Beginning of Year 16,113,269 16.398,402 FUND BALANCE-END OF YEAR $ 17,259,420 $ 16,113,269 See independent auditors' report and accompanying notes to required supplementary information. Page 77 i VILLAGE OF OAK BROOK _ SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE- BUDGET AND ACTUAL-HOTEUMOTEL TAX FUND For the Year Ended December 31, 2015 With Comparative Actual Amounts for the Year Ended December 31, 2014 2015 Budgeted Amounts _ Variance with 2014 Original Final Actual Final Budget Actual REVENUES Intergovernmental $ 849,800 $ 849,800 $ - $ (849,800) $ 40,273 Hotel and motel taxes 1,095,665 1,095,665 1,194,811 99,146 1,049,631 _ Investment income 10,000 10,000 18,688 8,688 (23,039) Miscellaneous 50,000 50,000 36,007 (13,993) 64.412 Total Revenues 2,005,465 2,005,465 1,249,506 (755,959) 1,131,277 EXPENDITURES CURRENT General —' government 42,500 42,500 42,500 - 40,170 Culture and recreation 3.327,545 3,327,545 658,049 2,669,496 870,788 Total Expenditures 3,370,045 3,370,045 700,549 2,669,496 910,958 Net Change in Fund Balance (1,364,580) (1,364,580) 548,957 1,913,537 220,319 FUND BALANCE - Beginning of Year 3,298,553 3,078,234 i FUND BALANCE - END OF YEAR $ 3,847,510 $ 3,298,553 See independent auditors' report and accompanying notes to required supplementary information. _ Page 78 VILLAGE OF OAK BROOK ILLINOIS MUNICIPAL RETIREMENT FUND SCHEDULE OF CHANGES IN THE VILLAGE'S NET PENSION LIABILITY AND RELATED RATIOS Most Recent Fiscal Year 2015 Total pension liability Service cost $ 613,861 Interest 2,465,082 Differences between expected and actual experience (770,401) Changes of assumptions 1,163,670 Benefit payments, including refunds of member contributions (1,353,166) Net change in total pension liability 2,119,046 Total pension liability-beginning 33,237,409 Total pension liability-ending (a) $ 35,356,455 Plan fiduciary net position _ Employer contributions $ 749,983 Employee contributions 238,409 Net investment income 1,874,762 Benefit payments, including refunds of member contributions (1,353,166) Other(net transfer) (294,611) Net change in plan fiduciary net position 1,215,377 Plan fiduciary net position -beginning 30,916,185 Plan fiduciary net position -ending (b) $ 32,131,562 Employer's net pension liability-ending (a) -(b) $ 3,224,893 Plan fiduciary net position as a percentage of the total pension liability 90.88% Covered-employee payroll $ 5,289,017 Employer's net pension liability as a percentage of covered- employee payroll 60.97% Notes to Schedule: The Village implemented GASB Statement No. 68 in fiscal year 2015. Information prior to fiscal year 2015 is not available. See independent auditors' report and accompanying notes to required supplementary information. Page 79 VILLAGE OF OAK BROOK ILLINOIS MUNICIPAL RETIREMENT FUND SCHEDULE OF EMPLOYER CONTRIBUTIONS Most Recent Fiscal Year 2015 Actuarially determined contribution $ 749,982 Contributions in relation to the actuarially —� determined contribution (749,983) Contribution deficiency(excess) $ ____UI _ Covered-employee payroll $ 5,289,017 Contributions as a percentage of covered- employee payroll 14.18% — Notes to Schedule: _ The Village implemented GASB Statement No. 68 in fiscal year 2015. Information prior to fiscal year 2015 is not available. Valuation date: Actuarially determined contribution rates are calculated as of December 31 each year, which are 6 _ months prior to the beginning of the fiscal year in which contributions are reported. Methods and assumptions used to determine contribution rates: Actuarial cost method Entry age normal _ Amortization method Level percentage of payroll, closed Remaining amortization period 29 years Asset valuation method 5-Year Smoothed Market ._ Inflation 3.00% Salary increases 4.40%to 16.00% including inflation Investment rate of return 7.49% —� Retirement Age Experience-based table of rates that are specific to the type of eligibility condition _ Mortality RP-2000 CHBCA Other information: There were no benefit changes during the year. See independent auditors' report and accompanying notes to required supplementary information. Page 80 VILLAGE OF OAK BROOK POLICE PENSION FUND SCHEDULE OF CHANGES IN THE VILLAGE'S NET PENSION LIABILITY AND RELATED RATIOS Last Two Fiscal Years 2014 2015 Total pension liability Service cost $ 826,067 $ 816,276 Interest 3,141,175 3,338,238 Differences between expected and actual experience 1,279,682 (48,037) Changes of assumptions - 1,597,133 Benefit payments, including refunds of member contributions (2,288,693) (2,346,686) Net change in total pension liability 2,958,231 3,356,924 Total pension liability-beginning 46,854,212 49,812,440 Total pension liability-ending(a) $ 49,812,443 $ 53,169,364 Plan fiduciary net position Employer contributions $ 1,259,824 $ 1,336,683 Employee contributions 358,339 358,499 Net investment income 1,115,158 (429,967) Benefit payments, including refunds of member contributions (2,288,693) (2,346,686) Administration (47,609) (38,647) Net change in plan fiduciary net position 397,019 (1,120,118) Plan fiduciary net position-beginning 32,574,327 32,971,346 Plan fiduciary net position-ending (b) $ 32,971,346 $ 31,851,228 Village's net pension liability-ending(a)-(b) $ 16,841,097 $ 21,318,136 Plan fiduciary net position as a percentage of the total pension liability 66.19% 59.91% Covered-employee payroll $ 3,631,184 $ 3,735,548 �— Village's net pension liability as a percentage of covered- employee payroll 463.79% 570.68% Notes to Schedule: Changes of assumptions. For Fiscal Year 2015,the mortality, disability,turnover and retirement assumptions were revised to reflect the most recent study conducted by the Illinois Department of Insurance. The Pension implemented GASB Statement No.67 in fiscal year 2014. Information prior to fiscal year 2014 is not available. See independent auditors'report and accompanying notes to required supplementary information. Page 81 VILLAGE OF OAK BROOK POLICE PENSION FUND SCHEDULE OF EMPLOYER CONTRIBUTIONS Last Ten Fiscal Years -�- 2006 2007 2008 2009 Actuarially determined contribution $ 549,750 $ 564,283 $ 617,619 $ 958,641 Contributions in relation to the actuarially determined contribution 549,750 564,283 617,618 958,641 Contribution deficiency(excess) $ - $ - $ 1 $ - Covered-employee payroll N/A N/A $ 3,288,064 $ 3,433,002 Contributions as a percentage of covered- employee payroll N/A N/A 18.78% 27.92% _ Notes to Schedule: The Plan implemented GASB Statement No.67 in fiscal year 2014. Information prior to fiscal year 2014 is derived from actuarial valuations developed in conformity with GASB Statement No.25 and 27. N/A-Information is not available prior to 2008. Valuation date: Actuarially determined contributions are calculated as of December 31 of the current fiscal year. Methods and assumptions used to determine contribution rates: Actuarial cost method Entry-age normal Amortization method Level percentage of payroll, closed Remaining amortization period 26 years Asset valuation method Market value Inflation 2.50% Salary increases 3.75%, average, including inflation Investment rate of return 6.75%, net of pension plan investment expense, including inflation Retirement age 50-70 Mortality rates were based on the RP-2000 BCA _ Mortality Mortality Table See independent auditors'report and accompanying notes to required supplementary information. Page 82 2010 2011 2012 2013 2014 2015 $ 944,808 $ 885,339 $ 969,024 $ 1,205,519 $ 1,485,673 $ 1,550,233 944,808 674,170 977,367 1,171,537 1,259,824 1,336,683 $ - $ 211,169 $ (8,343) $ 33,982 $ 225,849 $ 213,550 $ 3,288,064 $ 3,310,998 $ 3,646,309 $ 3,598,016 $ 3,631,184 $ 3,735,548 28.73% 20.36% 26.80% 32.56% 34.69% 35.78% See independent auditors' report and accompanying notes to required supplementary information. Page 83 VILLAGE OF OAK BROOK POLICE PENSION FUND SCHEDULE OF INVESTMENT RETURNS Last Two Fiscal Years 2014 2015 Annual money-weighted rate of return, net of investment expense 5.54% -1.32% Notes to Schedule: The Pension implemented GASB Statement No. 67 in fiscal year 2014. Information prior to fiscal year 2014 is not available. See independent auditors'report and accompanying notes to required supplementary information. — Page 84 VILLAGE OF OAK BROOK FIREFIGHTERS'PENSION FUND SCHEDULE OF CHANGES IN THE VILLAGE'S NET PENSION LIABILITY AND RELATED RATIOS Last Two Fiscal Years 2014 2015 Total pension liability Service cost $ 746,748 $ 746,748 Interest 2,926,848 3,040,301 Differences between expected and actual experience 507,637 163,758 Changes of assumptions - 1,474,675 Benefit payments, including refunds of member contributions (2,385,491) (2,615,406) Net change in total pension liability 1,795,742 2,810,076 Total pension liability-beginning 43,806,712 45,602,454 Total pension liability-ending(a) $ 45,602,454 $ 48,412,530 Plan fiduciary net position Employer contributions $ 1,570,742 $ 1,414,530 -- Employee contributions 267,458 269,349 Net investment income 1,178,816 (256,566) Benefit payments, including refunds of member contributions (2,385,491) (2,615,406) Administration (75,386) (46,351) Net change in plan fiduciary net position 556,139 (1,234,444) Plan fiduciary net position-beginning 24,489,991 25,046,130 Plan fiduciary net position-ending(b) $ 25,046,130 $ 23,811,686 Village's net pension liability-ending(a)-(b) $ 20,556,324 $ 24,600,844 Plan fiduciary net position as a percentage of the total pension liability 54.92% 49.18% Covered-employee payroll $ 2,818,219 $ 2,812,001 Village's net pension liability as a percentage of covered- employee payroll 729.41% 874.85% Notes to Schedule: Changes of assumptions. For Fiscal Year 2015,the mortality, disability,turnover and retirement assumptions were revised to reflect the most recent study conducted by the Illinois Department of Insurance. The.Pension implemented GASB Statement No.67 in fiscal year 2014. Information prior to fiscal year 2014 is not available. See independent auditors'report and accompanying notes to required supplementary information. Page 85 VILLAGE OF OAK BROOK FIREFIGHTERS'PENSION FUND SCHEDULE OF EMPLOYER CONTRIBUTIONS Last Ten Fiscal Years 2006 2007 2008 2009 Actuarially determined contribution $ 584,388 $ 564,945 $ 671,683 $ 839,550 Contributions in relation to the actuarially _ determined contribution 584,388 564,945 671,683 839,550 Contribution deficiency(excess) $ - $ - $ - $ - Covered-employee payroll N/A N/A $ 2,668,624 $ 2,573,691 — Contributions as a percentage of covered- employee payroll N/A N/A 25.17% 32.62% _ Notes to Schedule: The Plan implemented GASB Statement No.67 in fiscal year 2014. Information prior to fiscal year 2014 is derived from actuarial valuations developed in conformity with GASB Statement No.25 and 27. N/A-Information is not available prior to 2008. Valuation date: Actuarially determined contributions are calculated as of June 30 of the current fiscal year. Methods and assumptions used to determine contribution rates: _ Actuarial cost method Entry-age normal Amortization method Level percentage of payroll,closed Remaining amortization period 25 years Asset valuation method Market Value Inflation 2.50% Salary increases 3.75%, average, including inflation Investment rate of return 6.75%, net of pension plan investment expense, including inflation Retirement age 50-62 Mortality rates were based on the RP-2000 BCA Mortality Mortality Table See independent auditors'report and accompanying notes to required supplementary information. Page 86 2010 2011 2012 2013 2014 2015 $ 933,925 $ 1,082,677 $ 1,065,173 $ 1,144,966 $ 1,698,405 $ 1,826,637 933,925 995,110 1,001,528 1,057,081 1,570,742 1,414,530 $ - $ 87,567 $ 63,645 $ 87,885 $ 127,663 $ 412,107 $ 2,668,624 $ 2,687,097 $ 2,762,080 $ 2,674,017 $ 2,818,219 $ 2,812,001 35.00% 37.03% 36.26% 39.53% 55.74% 50M% See independent auditors'report and accompanying notes to required supplementary information. Page 87 THIS PAGE IS INTENTIONALLY LEFT BLANK VILLAGE OF OAK BROOK FIREFIGHTERS'PENSION FUND SCHEDULE OF INVESTMENT RETURNS Last Two Fiscal Years 2014 2015 Annual money-weighted rate of return, net of investment expense 5.10% -1.05% Notes to Schedule: The Pension implemented GASB Statement No. 67 in fiscal year 2014. Information prior to fiscal year 2014 is not available. See independent auditors' report and accompanying notes to required supplementary information. Page 88 VILLAGE OF OAK BROOK OTHER POSTEMPLOYMENT BENEFIT PLAN SCHEDULE OF EMPLOYER CONTRIBUTIONS AND SCHEDULE OF FUNDING PROGRESS For the Year Ended December 31, 2015 Annual Required Percentage Year Ended Contribution Contributed 12/31/15 $ 445,025 61% 12/31/14 423,407 64% _ 12/31/13 156,077 72% Actuarial Accrued UAAL as a Liability(AAL) Percentage Actuarial Actuarial Value -Projected Unfunded AAL Funded Covered of Covered Valuation of Assets Unit (URAL) Ratio Payroll Payroll — Date (a) (b) (b-a) (a/b) (c) ((b-a)/c) 12/31/15 $ - $ 5,011,682 $ 5,011,682 0% $ 9,362,402 54% 12/31/13 - 4,873,373 4,873,373 0% 9,089,711 54% 12/31/11 - 2,673,072 2,673,072 0% 12,657,543 21% r See independent auditors' report and accompanying notes to required supplementary information. Page 89 VILLAGE OF OAK BROOK NOTES TO REQUIRED SUPPLEMENTARY INFORMATION For the Year Ended December 31, 2015 BUDGETARY INFORMATION Budgets are adopted on a basis consistent with generally accepted accounting principles. Annual budgets are adopted for the General, Special Revenue, and Capital Projects Funds on the modified accrual basis. Enterprise and Internal Service Funds are on the accrual basis and a current financial resources measurement focus except the Village does not budget depreciation or the impact from the net pension liability but does budget capital outlay and pension payments. The annual budget is legally enacted and provides for a legal level of control at the program level. All annual appropriations lapse at fiscal year end. The Village does not adopt a budget for the Foreign Fire Insurance Fund or the Pension Trust Funds. 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 Budget Officer 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 resident 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. See independent auditors' report. Page 90 THIS PAGE IS INTENTIONALLY LEFT BLANK i i ! s SUPPLEMENTARY INFORMATION r THIS PAGE IS INTENTIONALLY LEFT BLANK - GENERAL FUND General Fund—to account for resources traditionally associated with governments which are not accounted for in another fund. VILLAGE OF OAK BROOK _ SCHEDULE OF REVENUES- BUDGET AND ACTUAL- GENERALFUND _ For the Year Ended December 31, 2015 with Comparative Actual Amounts for the Year Ended December 31, 2014 2015 Budgeted Amounts _ Variance with 2014 Original Final Actual Final Budget Actual INTERGOVERNMENTAL Municipal sales tax $ 12,444,000 $ 12,444,000 $ 12,248,035 $ (195,965) $ 12,043,854 Illinois state income and use tax 912,000 912,000 1,013,856 101,856 908,928 - Corporate personal property replacement taxes 290,000 290,000 309,403 19,403 293,840 York Township road and - bridge tax 7,000 7,000 14,236 7,236 4,029 Grants 112,965 112,965 19,410 (93,555) 45,495 Total Intergovernmental 13,765,965 13,765,965 13,604,940 (161,025) 13,296,146 Utility taxes 5,170,000 5,170,000 5,673,868 503,868 5,203,835 Licenses and permits 1,349,850 1,349,850 1,385,341 35,491 1,448,471 Charges for services 1,038,500 1,038,500 1,058,929 20,429 1,044,934 Fines, forfeitures and penalties 244,000 244,000 177,588 (66,412) 189,060 _ Investment income 60,000 60,000 91,621 31,621 (109,993) MISCELLANEOUS Franchise fees 190,000 190,000 203,105 13,105 191,727 Other 187,375 187,375 380,695 193,320 166,106 Total Miscellaneous 377,375 377,375 583,800 206,425 357,833 TOTAL REVENUES $ 22,005,690 $ 22,005,690 $ 22,576,087 $ 570,397 $ 21,430,286 s Page 91 VILLAGE OF OAK BROOK SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL-GENERAL FUND For the Year Ended December 31,2015 With Comparative Actual Amounts for the Year Ended December 31,2014 2015 Budgeted Amounts _ Variance With 2014 Original Final Actual Final Budget Actual GENERAL GOVERNMENT Legislative and general management Board of Trustees Personnel $ 83,895 $ 83,395 $ 69,800 $ 13,595 $ 82,440 Materials and supplies 3,500 3,500 215 3,285 248 Operation and contractual 71,050 77,050 77,025 25 69,998 Total board of trustees 158,445 163,945 147,040 16,905 152,686 Village clerk Personnel 171,315 171,315 129,847 41,468 137,681 Materials and supplies 2,835 2,835 1,896 939 2,548 _ Operation and contractual 14,300 14,300 4,278 10,022 8,222 Total Village clerk 188,450 188,450 136,021 52,429 148,451 Legal Personnel 28,925 28,925 29,248 (323) 28,278 Materials and supplies 150 150 281 (131) 157 Operation and contractual 512,500 512,500 467,825 44,675 668,205 Total legal 541,575 541,575 497,354 44,221 696,640 General management Personnel 478,340 417,490 325,267 92,223 329,620 ._ Materials and supplies 57,675 64,795 62,256 2,539 63,235 Operation and contractual 47,730 37,230 33,939 3,291 137,410 Total general management 583,745 519,515 421,462 98,053 530,265 Human resources Personnel 160,955 165,925 165,214 711 191,770 Materials and supplies 2,060 2,060 1,863 197 2,349 Operation and contractual 39,725 49,700 50,608 (908) 123,563 Total human resources 202,740 217,685 217,685 - 317,682 Risk management Personnel 22,645 19,515 19,511 4 2,603 Materials and supplies 1,000 - - - - Operation and contractual 442,000 452,125 452,124 1 454,695 Total risk management 465,645 471,640 471,635 5 457,298 _ Transportation Transportation 100 100 - 100 - Operation and contractual 102,000 59,760 - 59,760 - Total transportation 102,100 59,860 - 59,860 - Emergency management Personnel 5,000 2,180 279 1,901 (63) Materials and supplies 8,500 8,500 8,128 372 12,715 Operation and contractual 8,600 11,420 11,509 (89) 7,519 Total emergency management 22,100 22,100 19,916 2,184 20,171 Page 92 VILLAGE OF OAK BROOK SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL-GENERAL FUND For the Year Ended December 31,2015(continued) With Comparative Actual Amounts for the Year Ended December 31,2014 2015 Budgeted Amounts Variance With 2014 Original Final Actual Final Budget Actual GENERAL GOVERNMENT(continued) Legislative and general management(continued) Communications and marketing -. Materials and supplies $ - $ - $ 367 $ (367) $ 2,497 Operation and contractual 50,000 50,000 - 50,000 23,065 Total communications and marketing 50,000 50,000 367 49,633 25,562 Purchasing Personnel 70,785 89,275 89,306 (31) 69,568 Materials and supplies 22,350 15,640 15,575 65 16,894 Operation and contractual 5,000 5,000 5,031 (31) 4,468 Total purchasing 98,135 109,915 109,912 3 90,930 Information systems Personnel 314,850 310,520 311,518 (998) 305,031 Materials and supplies 27,350 27,350 27,106 244 22,772 Operation and contractual 384,200 324,355 328,188 (3,833) 338,117 _..� Capital 175,000 241,845 237,255 4,590 187,673 Total information systems 901,400 904,070 904,067 3 853,593 Total legislative and general management 3,314,335 3,248,755 2,925,459 323,296 3,293,278 Community development management Administration Personnel 306,870 306,870 303,358 3,512 303,866 Materials and supplies 1,800 1,800 745 1,055 1,109 Operation and contractual 76,720 59,150 8,508 50,642 - Total administration 385,390 367,820 312,611 55,209 304,975 Economic development --� Personnel 100 100 - 100 - Materials and supplies 200 200 - 200 - Operation and contractual 17,500 17,500 - 17,500 75,940 Total economic development 17,800 17,800 - 17,800 75,940 Code enforcement Personnel 558,155 595,355 594,805 550 531,581 Materials and supplies 3,500 3,500 4,006 (506) 4,716 Operation and contractual 68,690 49,060 49,104 (44) 40,771 Total code enforcement 630,345 647,915 647,915 - 577,068 Total community development management 1,033,535 1,033,535 960,526 73,009 957,983 Financial services Financial services management Personnel 150,275 150,275 145,677 4,598 142,784 Materials and supplies - - - - 1,765 Operation and contractual 72,140 72,140 71,617 523 50,295 Total financial services management 222,415 222,415 217,294 5,121 194,844 Page 93 VILLAGE OF OAK BROOK _ SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL-GENERAL FUND For the Year Ended December 31,2015(continued) With Comparative Actual Amounts for the Year Ended December 31,2014 2015 Budgeted Amounts Variance With 2014 Original Final Actual Final Budget Actual GENERAL GOVERNMENT(continued) Financial services(continued) Accounting and reporting Personnel $ 256,850 $ 317,785 $ 335,748 $ (17,963) $ 254,300 Materials and supplies 4,465 4,465 3,285 1,180 3,629 Operation and contractual 51,925 51,925 35,138 16,787 31,107 Total accounting and reporting 313,240 374,175 374,171 4 289,036 PSEBA benefits Personnel 38,400 38,555 38,553 2 45,687 Total PSEBA benefits 38,400 38,555 38,553 2 45,687 Customer service Personnel 48,170 48,170 46,918 1,252 45,710 Materials and supplies 1,000 1,000 1,142 (142) - Total customer service 49,170 49,170 48,060 1,110 45,710 Total financial services 623,225 684,315 678,078 6,237 575,277 Municipal building improvement Capital 1,089,500 1,089,500 459,499 630,001 645,982 Total municipal building improvement 1,089,500 1,089,500 459,499 630,001 645,982 Expenditure reimbursements paid to other funds 124,000 124,000 124,000 - 125,000 Subtotal general government 6,184,595 6,180,105 5,147,562 1,032,543 5,597,520 Less reimbursements from other funds (545,350) (545,350) (545,350) - (528,545) Total general government 5,639,245 5,634,755 4,602,212 1,032,543 5,068,975 PUBLIC SAFETY Police department Police services management Personnel 492,255 492,255 502,398 (10,143) 544,653 Materials and supplies 3,500 3,500 3,846 (346) 2,060 Operation and contractual 60,580 55,580 55,760 (180) 51,853 Capital 78,020 78,020 - 78,020 - Total police services management 634,355 629,355 562,004 67,351 598,566 Police field services Personnel 4,569,875 4,512,875 4,400,597 112,278 4,286,481 Materials and supplies 16,530 16,530 8,116 8,414 29,438 Operation and contractual 454,785 454,785 452,339 2,446 421,698 Capital - - - - 10,682 Total police field services 5,041,190 4,984,190 4,861,052 123,138 4,748,299 Page 94 VILLAGE OF OAK BROOK SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL-GENERAL FUND For the Year Ended December 31,2015(continued) With Comparative Actual Amounts for the Year Ended December 31,2014 ...._ 2015 Budgeted Amounts Variance With 2014 Original Final Actual Final Budget Actual PUBLIC SAFETY(continued) Police department(continued) Support services general Personnel $ 603,835 $ 623,835 $ 609,684 $ 14,151 $ 579,508 Materials and supplies 82,500 82,500 59,974 22,526 63,922 Operation and contractual 2,850 2,850 1,429 1,421 3,827 _ Total support services general 689,185 709,185 671,087 38,098 647,257 Support services detectives Personnel 890,675 932,675 916,747 15,928 840,797 Materials and supplies 3,315 3,315 3,284 31 8,466 Operation and contractual 45,840 45,840 45,357 483 38,959 Total support services detectives 939,830 981,830 965,388 16,442 888,222 �-- Police support services records Personnel 203,265 206,730 208,834 (2,104) 196,737 --• Materials and supplies 23,565 23,565 25,541 (1,976) 16,510 Operation and contractual 445,610 445,610 441,527 4,083 422,911 Total support services records 672,440 675,905 675,902 3 636,158 r Total police department 7,977,000 7,980,465 7,735,433 245,032 7,518,502 Fire department Fire,rescue,and EMS operations Personnel 5,007,150 5,007,150 4,952,843 54,307 5,102,199 Materials and supplies 45,395 45,395 43,637 1,758 38,252 Operation and contractual 434,770 434,770 438,174 (3,404) 407,430 Capital 40,700 40,700 40,696 4 46,874 Total fire, rescue,and EMS operations 5,528,015 5,528,015 5,475,350 52,665 5,594,755 Fire services management Personnel 377,640 377,640 329,552 48,088 244,627 Materials and supplies 9,000 9,000 6,089 2,911 3,368 Operation and contractual 194,045 194,045 183,320 10,725 177,399 Capital outlay 24,505 24,505 - 24,505 - Total fire services management 605,190 605,190 518,961 86,229 425,394 Special teams operations Materials and supplies 6,775 6,775 6,311 464 2,193 _ Operation and contractual 8,120 8,120 7,607 513 8,164 Total special teams operations 14,895 14,895 13,918 977 10,357 Rescue and fire training Personnel 46,350 46,350 40,169 6,181 39,246 Materials and supplies 650 650 145 505 - Total rescue and fire training 47,000 47,000 40,314 6,686 39,246 -� Page 95 VILLAGE OF OAK BROOK SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL-GENERAL FUND For the Year Ended December 31,2015(continued) With Comparative Actual Amounts for the Year Ended December 31,2014 2015 Budgeted Amounts Variance With 2014 Original Final Actual Final Budget Actual -- PUBLIC SAFETY(continued) Fire department(continued) Emergency medical services Personnel $ 28,165 $ 28,165 $ 25,793 $ 2,372 $ 24,408 Materials and supplies 17,950 17,950 19,512 (1,562) 15,529 Operation and contractual 603,650 609,584 606,613 2,971 608,418 Capital 45,580 39,646 39,638 8 19,817 Total emergency medical services 695,345 695,345 691,556 3,789 668,172 Total fire department 6,890,445 6,890,445 6,740,099 150,346 6,737,924 Total public safety 14,867,445 14,870,910 14,475,532 395,378 14,256,426 -- PUBLIC WORKS Mosquito control Operation and contractual 69,205 70,230 70,229 1 63,353 Total mosquito control 69,205 70,230 70,229 1 63,353 Buildings and grounds Personnel 110,980 110,980 107,597 3,383 97,490 Materials and supplies 42,540 42,540 39,088 3,452 47,944 Operation and contractual 259,175 259,175 230,750 28,425 235,273 Total buildings and grounds 412,695 412,695 377,435 35,260 380,707 Forestry Personnel 19,220 19,220 11,475 7,745 (681) Materials and supplies 3,280 3,280 216 3,064 1,729 Operation and contractual 210,185 210,185 163,607 46,578 188,778 Total forestry 232,685 232,685 175,298 57,387 189,826 Total public works 714,585 715,610 622,962 92,648 633,886 CULTURE AND RECREATION Library general operations Personnel 390,190 390,190 374,501 15,689 357,286 Materials and supplies 16,120 16,120 11,377 4,743 13,549 Operation and contractual 86,525 86,525 71,979 14,546 73,937 Total library general operations 492,835 492,835 457,857 34,978 444,772 Library technical services Personnel 125,905 125,905 123,821 2,084 127,016 Materials and supplies 3,290 3,290 3,290 - 3,336 _ Operation and contractual 7,895 7,895 7,275 620 7,904 Total library technical services 137,090 137,090 134,386 2,704 138,256 Page 96 THIS PAGE IS INTENTIONALLY LEFT BLANK VILLAGE OF OAK BROOK _ SCHEDULE OF EXPENDITURES-BUDGET AND ACTUAL-GENERAL FUND For the Year Ended December 31,2015(continued) With Comparative Actual Amounts for the Year Ended December 31,2014 2015 Budgeted Amounts Variance With 2014 Original Final Actual Final Budget Actual CULTURE AND RECREATION(continued) Library reference and adult services Personnel $ 163,135 $ 163,135 $ 153,777 $ 9,358 $ 163,597 Materials and supplies 102,000 102,000 101,221 779 102,431 Operation and contractual 2,500 2,500 2,501 (1) 3,490 Total library reference and adult services 267,635 267,635 257,499 10,136 269,518 Library youth services Personnel 103,850 103,850 96,431 7,419 94,063 Materials and supplies 29,795 29,795 29,474 321 38,828 -- Operation and contractual 2,000 2,000 1,994 6 1,998 Total library youth services 135,645 135,645 127,899 7,746 134,889 Total culture and recreation 1,033,205 1,033,205 977,641 55,564 987,435 DEBT SERVICE Principal 265,000 265,000 265,000 - 260,000 Interest and fiscal charges 27,495 27,495 27,491 4 34,640 Total debt service 292,495 292,495 292,491 4 294,640 Total expenditures $ 22,546,975 $22,546,975 $ 20,970,838 $ 1,576,137 $ 21,241,362 Page 97 THIS PAGE IS INTENTIONALLY LEFT BLANK NONMAJOR GOVERNMENTAL FUNDS THIS PAGE IS INTENTIONALLY LEFT BLANK i NONMAJOR GOVERNMENTAL FUNDS SPECIAL REVENUE FUNDS 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. CAPITAL PROJECTS FUND Promenade TIF Fund—to account for the revenues and expenditures restricted to the Tax Increment Financing District located at 22nd Street and Meyers Road. VILLAGE OF OAK BROOK COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS As of December 31, 2015 Capital Special Revenue Projects Total Nonmajor Motor Fuel Foreign Fire Promenade Governmental Tax Insurance TIF Funds _ ASSETS Cash and investments $ 1,215,112 $ 190,916 $ 230,211 $ 1,636,239 _ Receivables Property taxes - - 325,700 325,700 Allotments 17,791 - - 17,791 Accrued interest 2,553 - - 2,553 Prepaid items - 775 - 775 TOTAL ASSETS $ 1,235,456 $ 191,691 $ 555,911 $ 1,983,058 LIABILITIES, DEFERRED INFLOWS OF RESOURCES,AND FUND BALANCES Deferred Inflows of Resources Deferred property taxes - - 325,700 325,700 Total Deferred Inflows of Resources - 325,700 325,700 Fund Balances Nonspendable for prepaid items - 775 - 775 Restricted for highways and streets 1,235,456 - - 1,235,456 Restricted for fire department - 190,916 - 190,916 Restricted for economic development - - 230,211 230,211 Total Fund Balances 1.235,456 191,691 230,211 1,657,358 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES,AND FUND BALANCES $ 1,235,456 $ 191,691 $ 555,911 $ 1,983,058 Page 98 VILLAGE OF OAK BROOK COMBINING STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS For the Year Ended December 31, 2015 Capital Special Revenue Projects Total Nonmajor Motor Fuel Foreign Fire Promenade Governmental Tax Insurance TIF Funds REVENUES Intergovernmental $ 192,719 $ 50,684 $ 98,822 $ 342,225 Property taxes - - 325,654 325,654 Investment income 4,088 1,171 40 5,299 Total Revenues 196,807 51,855 424,516 673,178 EXPENDITURES Current General government - - 3,975 3,975 Public safety - 121,478 - 121,478 Debt Service Principal - - 119,913 119,913 Interest and fiscal charges - - 298,974 298,974 Total Expenditures - 121,478 422,862 544,340 Excess (deficiency)of revenues over expenditures 196,807 (69,623) 1,654 128,838 -- Net Change in Fund Balances 196,807 (69,623) 1,654 128,838 FUND BALANCES-Beginning of Year 1,038,649 261,314 228,557 1,528,520 FUND BALANCES-END OF YEAR $ 1,235,456 $ 191,691 $ 230,211 $ 1,657,358 Page 99 VILLAGE OF OAK BROOK _ SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL-MOTOR FUEL TAX FUND- NONMAJOR SPECIAL REVENUE _ FUND For the Year Ended December 31, 2015 With Comparative Actual Amounts for the Year Ended December 31, 2014 2015 Budgeted Amounts _.._ Variance with 2014 Original Final Actual Final Budget Actual REVENUES Intergovernmental $ 235,000 $ 235,000 $ 192,719 $ (42,281) $ 270,864 Investment income 2,500 2,500 4,088 1,588 (3.826) Total Revenues 237,500 237,500 196,807 (40,693) 267,038 EXPENDITURES Total Expenditures - - - - Excess (deficiency) of revenues over (under) expenditures 237,500 237,500 196,807 (40,693) 267,038 OTHER FINANCING SOURCES (USES) Transfers out (900,000) (900,000) - 900,000 (156,840) Total Other Financing Sources (Uses) (900,000) (900,000) - 900,000 (156,840) i Net Change in Fund _ Balance $ (662,500) $ (662,500) 196,807 $ 859,307 110,198 FUND BALANCE- _ Beginning of Year 1,038,649 928,451 FUND BALANCE - END OF YEAR $ 1,235,456 $ 1,038,649 Page 100 VILLAGE OF OAK BROOK SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE- BUDGET AND ACTUAL- PROMENADE TIF FUND - NONMAJOR CAPITAL PROJECT FUND For the Year Ended December 31, 2015 With Comparative Actual Amounts for the Year Ended December 31, 2014 2015 Budgeted Amounts - Variance with 2014 Original Final Actual Final Budget Actual REVENUES TAXES Municipal sales tax $ 90,000 $ 90,000 $ 98,822 $ 8,822 $ 95,471 Property taxes 330,000 330,000 325,654 (4,346) 326,896 Investment income 25 25 40 15 13 Total Revenues 420,025 420,025 424,516 4,491 422,380 EXPENDITURES Current General government 4,350 4,350 3,975 375 3,230 Debt service Principal 145,000 145,000 119,913 25,087 165,000 _ -Interest and fiscal charges 300,000 300,000 298,974 1,026 311,454 Total Expenditures 449,350 449,350 422,862 26,488 479,684 Net Change in Fund Balance $ (29,325) $ (29,325) 1,654 $ 30,979 (57,304) FUND BALANCE- Beginning of Year 228,557 285,861 FUND BALANCE- - END OF YEAR $ 230,211 $ 228,557 Page 101 THIS PAGE IS INTENTIONALLY LEFT BLANK i i MAJOR GOVERNMENTAL FUND Infrastructure Fund—to account for revenues restricted for and expenditures relative to the construction and maintenance of roadways, drainage and safety pathway systems. VILLAGE OF OAK BROOK SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL- INFRASTRUCTURE FUND -MAJOR CAPITAL PROJECTS FUND For the Year Ended December 31, 2015 With Comparative Actual Amounts for the Year Ended December 31, 2014 2015 Budgeted Amounts - Variance with 2014 Original Final Actual Final Budget Actual REVENUES _ Intergovernmental - grants $ 454,000 $ 454,000 $ - $ (454,000) $ 331,799 Non-home rule sales _ tax 5,437,000 5,437,000 5,637,241 200,241 5,384,857 Investment income 15,000 15,000 22,985 7,985 (18,632) Miscellaneous 215,000 215,000 5,697 (209,303) 2,307 Total Revenues 6,121,000 6,121,000 5,665,923 (455,077) 5,700,331 EXPENDITURES GENERAL -" GOVERNMENT Geographic information systems Personnel 1,050 1,050 - 1,050 - Materials and supplies 1,700 1,700 780 920 1,801 Operation and contractual 158,115 158,115 141,093 17,022 120,755 Capital 8,500 8.500 - 8,500 - _.._ Total geographic information systems 169,365 169,365 141,873 27,492 122,556 _ Total General Government 169,365 169,365 141,873 27,492 122,556 PUBLIC WORKS Management Personnel 320,955 320,955 311,975 8,980 314,635 Materials and supplies 4,085 4,085 2,302 1,783 3,083 Operation and i contractual 220,090 220,090 172,381 47,709 204,816 Total management 545,130 545,130 486,658 58,472 522,534 Page 102 VILLAGE OF OAK BROOK SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE- BUDGET AND ACTUAL- INFRASTRUCTURE FUND- MAJOR CAPITAL PROJECTS FUND (Continued) For the Year Ended December 31, 2015 With Comparative Actual Amounts for the Year Ended December 31, 2014 2015 Budgeted Amounts Variance with 2014 Original Final Actual Final Budget Actual Streets-general salaries -- Personnel $ 695,185 $ 695,185 $ 608,534 $ 86,651 $ 626,159 Materials and supplies 4,880 4,880 4,065 815 2,755 Operation and contractual 3,250 3.250 2,623 627 3.078 Total streets- general salaries 703,315 703.315 615,222 88,093 631.992 Streets and traffic maintenance Materials and supplies 192,475 161,775 21,559 140,216 27,290 Operation and contractual 387.330 418,030 329,853 88.177 319,000 Total streets _ and traffic maintenance 579,805 579,805 351,412 228,393 346.290 Snow removal Personnel 94,550 94,550 66,482 28,068 95,739 Materials and supplies 235,565 235,565 157,268 78,297 129,660 Operation and contractual 98,120 98.120 73,272 24,848 62,395 Total snow removal 428,235 428,235 297,022 131,213 287.794 Drainage maintenance Materials and supplies 20,000 20,000 6,965 13,035 13,467 Operation and contractual 291,520 291,520 88,487 203,033 78,766 Capital - - - - 151,237 Total drainage maintenance 311,520 311,520 95.452 216,068 243,470 Page 103 VILLAGE OF OAK BROOK SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE- BUDGET AND ACTUAL- INFRASTRUCTURE FUND- MAJOR CAPITAL PROJECTS FUND (Continued) For the Year Ended December 31, 2015 With Comparative Actual Amounts for the Year Ended December 31, 2014 2015 Budgeted Amounts Variance with 2014 Original Final Actual Final Budget Actual Safe pathway maintenance Materials and supplies $ 26,530 $ 26,530 $ 1,893 $ 24,637 $ 6,153 _ Operation and contractual 28,895 28,895 28,745 150 25,895 Capital 5,000 5.000 - 5,000 - Total safe _ pathway maintenance 60.425 60,425 30,638 29.787 32,048 Engineering and '- capital projects engineering Personnel 437,600 437,600 401,467 36,133 422,401 Materials and supplies 2,375 2,375 574 1,801 908 Operation and contractual 117,665 117,665 49,329 68,336 62,982 Total engineering and capital projects engineering 557,640 557,640 451,370 106,270 486,291 Roadway improvements Operation and _ contractual 757,550 757,550 517,848 239,702 303,691 Intergovernmental agreements 4,292,780: 4,292,780 3,618,369 674,411 1,346,869 _ Reimbursements from other funds (169,575) (169,575) (169,575) - (162,275) Expenditure reimbursement paid to other funds 144,000 144,000 144,000 - 142,000 Total roadway improvements 5,024,755 5,024,755 4,110,642 914.113 1,630,285 Total Public Works 8,210,825 8,210,825 6,438,416 1,772,409 4,180.704 Total Expenditures 8,380,190 8,380,190 6,580,289 1,799,901 4,303,260 Page 104 VILLAGE OF OAK BROOK SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE- BUDGET AND ACTUAL- INFRASTRUCTURE FUND- MAJOR CAPITAL PROJECTS FUND(Continued) For the Year Ended December 31, 2015 With Comparative Actual Amounts for the Year Ended December 31, 2014 2015 Budgeted Amounts Variance with 2014 Original Final Actual Final Budget Actual Excess (deficiency) of revenues over (under) expenditures $ (2,259,190) $ (2,259,190) (914,366) $ 1,344,824 1,397,071 OTHER FINANCING SOURCES (USES) Transfers in 900,000 900,000 - (900,000) 156,840 Total Other Financing Sources (Uses) 900,000 900,000 - (900,000) 156,840 Net Change in Fund Balance $ (1,359,190) $ (1,359,190) (914,366) $ 444,824 1,553,911 FUND BALANCE- Beginning of Year 6,706,262 5,152,351 FUND BALANCE- END OF YEAR $ 5,791,896 $ 6,706,262 Page 105 THIS PAGE IS INTENTIONALLY LEFT BLANK SaNn :j AHV13121dOMd THIS PAGE IS INTENTIONALLY LEFT BLANK MAJOR 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 Oak Brook Sports Core. VILLAGE OF OAK BROOK SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION -BUDGET AND ACTUAL WATERWORKS SYSTEM FUND-MAJOR ENTERPRISE FUND For the Year Ended December 31, 2015 - With Comparative Actual Amounts for the Year Ended December 31, 2014 2015 Budgeted Amounts _ Variance with 2014 Original Final Actual Final Budget Actual OPERATING REVENUES - Charges for services Water sales $ 6,800,000 $ 6,800,000 $ 7,451,956 $ 651,956 $ 6,785,329 _ Unmetered sales 25,000 25,000 40,295 15,295 29,423 Water tap on charges 20,000 20,000 47,840 27,840 27,600 Meter fees and special services 55,000 55,000 75,329 20,329 57,443 Miscellaneous 76,100 76,100 67,825 (8,275) 62,912 Total Operating - Revenues 6,976,100 6,976,100 7,683,245 707,145 6,962,707 OPERATING EXPENSES -' Operation of facilities 8,140,740 8,834,325 7,548,159 (1,286,166) 6,457,392 Depreciation and amortization - - 549,293 549,293 551,791 Total Operating Expenses 8,140,740 8,834,325 8,097,452 (736,873) 7,009,183 Operating Loss (1,164,640) (1,858,225) (414,207) 1,444,018 (46,476) NON-OPERATING REVENUES (EXPENSES) Investment income 10,000 10,000 13,046 3,046 (12,466) Gain (loss) on disposal of capital assets - - (6,556) (6,556) (7,724) --- Total Non-Operating Revenues _ (Expenses) 10,000 10,000 6,490 (3,510) (20,190) Change in net position $ (1,154,640) $__(1,848,225) (407,717) $ 1.440,508 (66,666) NET POSITION - Beginning of Year(as restated) 20,969,570 21,189,523 NET POSITION - END OF YEAR $ 20,561,853 $ 21,122,857 Page 106 VILLAGE OF OAK BROOK SCHEDULE OF OPERATING EXPENSES-BUDGET AND ACTUAL-WATERWORKS SYSTEM FUND- MAJOR ENTERPRISE FUND For the Year Ended December 31,2015 With Comparative Actual Amounts for the Year Ended December 31, 2014 2015 Budgeted Amounts Variance With 2014 Original Final Actual Final Budget Actual Operating expenses excluding depreciation and pension expense Operation of facilities Public works-water operations Personnel $ 816,185 $ 764,105 $ 768,746 $ (4,641) $ 812,709 Materials and supplies 101,395 218,900 219,761 (861) 177,475 Operation and contractual 5,532,250 6,330,380 6,081,444 248,936 5,088,833 Reimbursements for general fund services 399,350 399,350 399,350 - 378,375 Total public works-water operations 6,849,180 7,712,735 7,469,301 243,434 6,457,392 _ Capital improvements Capital outlay 1,291,560 1,121,590 1,416,468 (294,878) 1,415,870 Total capital improvements 1,291,560 1,121,590 1,416,468 (294,878) 1,415,870 Total operating expenses excluding depreciation and pension expense- Budgetary basis $ 8,140,740 $ 8,834,325 8,885,769 $ (51,444) 7,873,262 Adjustments to GAAP Basis Capital expenditures (1,416,468) (1,415,870) Pension expense-IMRF 40,288 - _ OPEB expense 38,570 Depreciation and amortization 549,293 551,791 Total adjustments to GAAP basis (788,317) (864,079) Total operating expenses $ 8,097,452 $ 7,009,183 Page 107 VILLAGE OF OAK BROOK SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET POSITION-BUDGET AND ACTUAL-SPORTS CORE FUND- MAJOR ENTERPRISE FUND For the Year Ended December 31,2015 With Comparative Actual Amounts for the Year Ended December 31,2014 2015 Budgeted Amount Variance With 2014 Original Final Actual Final Budget Actual Revenues Charges for services Golf $ 2,004,415 $ 2,004,415 $ 1,808,993 $ (195,422) $ 1,734,256 Swimming and tennis 354,910 354,910 273,565 (81,345) 312,318 Special events 402,220 402,220 334,070 (68,150) 345,845 Rentals and commissions 432,000 432,000 420,632 (11,368) 400,988 Food and beverage 360,000 360,000 350,775 (9,225) 353,605 Total operating revenues 3,553,545 3,553,545 3,188,035 (365,510) 3,147,012 Operating expenses including depreciation Golf club 1,985,815 1,994,465 1,855,510 138,955 2,000,708 Swimming and tennis 570,375 599,000 560,009 38,991 466,980 _ Special events 478,630 488,630 459,919 28,711 388,909 Rentals and commissions 486,515 510,430 437,293 73,137 349,470 Food and beverage 370,765 399,575 382,783 16,792 370,039 Total operating expenses 3,892,100 3,992,100 3,695,514 296,586 3,576,106 Operating income(loss) (338,555) (438,555) (507,479) (662,096) (429,094) Non-operating revenues(expenses) Investment income 1,900 1,900 3,088 (1,188) (4,279) Grants 187,800 187,800 - 187,800 17,709 Gain(loss)on disposal of capital assets - - (7,542) 7,542 2,072 Interest and fiscal charges (920) (920) (919) (1) (1,839) Total non-operating revenues (expenses) 188,780 188,780 (5,373) 194,153 13,663 Net income(loss)before transfers (149,775) (249,775) (512,852) (467,943) (415,431) Transfers Transfers in 213,705 213,705 459,098 245,393 474,057 Transfers out (61,300) (61,300) - 61,300 - Total Other Financing Sources(Uses) 152,405 152,405 459,098 306,693 474,057 Change in net position $ 2,630 $ (97,370) (53,754) $ (161,250) 58,626 NET POSITION-Beginning of Year(as restated) 12,358,408 12,516,414 NET POSITION-END OF YEAR $ 12,304,654 $ 12,575,040 Page 108 VILLAGE OF OAK BROOK SCHEDULE OF OPERATING REVENUES-BUDGET AND ACTUAL-SPORTS CORE FUND- MAJOR ENTERPRISE FUND For the Year Ended December 30, 2015 With Comparative Actual Amounts for the Year Ended December 31,2014 2015 Budgeted Amounts Variance With 2014 Original Final Actual Final Budget Actual Charges for Services Golf Fees $ 1,503,850 $ 1,503,850 $ 1,320,132 $ (183,718) $ 1,282,093 Golf surcharge 120,000 120,000 101,914 (18,086) 101,567 Memberships 185,150 185,150 166,175 (18,975) 168,010 Merchandise sales 195,415 195,415 220,672 25,257 182,586 _ Miscellaneous - - 100 100 - Total golf 2,004,415 2,004,415 1,808,993 (195,422) 1,734,256 Swimming and tennis Fees 87,050 87,050 70,676 (16,374) 66,840 Memberships 267,535 267,535 200,197 (67,338) 240,290 Merchandise sales 225 225 10 (215) 190 Miscellaneous 100 100 2,682 2,582 4,998 Total swimming and tennis 354,910 354,910 273,565 (81,345) 312,318 Special events Fees 53,500 53,500 24,111 (29,389) 34,898 Merchandise sales 30,000 30,000 19,292 (10,708) 23,589 Promotions 125,000 125,000 80,100 (44,900) 98,075 Independence Day/Taste of Oak Brook 180,000 180,000 185,007 5,007 176,500 Special groups 10,000 10,000 8,790 (1,210) 8,714 Miscellaneous 3,720 3,720 16,770 13,050 4,069 Total special events 402,220 402,220 334,070 (68,150) 345,845 Rentals and commissions Open field rental 250,000 250,000 278,708 28,708 261,183 Other rental income 182,000 182,000 141,924 (40,076) 139,805 Total rentals and commissions 432,000 432,000 420,632 (11,368) 400,988 Food and beverage Food sales 162,500 162,500 150,850 (11,650) 154,713 Beverage sales 197,500 197,500 199,925 2,425 198,892 Total food and beverage 360,000 360,000 350,775 (9,225) 353,605 Total Operating Revenues $ 3,553,545 $ 3,553,545 $ 3,188,035 §____(L65,51 0) $ 3,147,012 Page 109 VILLAGE OF OAK BROOK SCHEDULE OF OPERATING EXPENSES-BUDGET AND ACTUAL-SPORTS CORE FUND- MAJOR ENTERPRISE FUND For the Year Ended December 31,2015 _ With Comparative Actual Amounts for the Year Ended December 31,2014 2015 Budgeted Amounts Variance With 2014 Original Final Actual Final Budget Actual Operating expenses excluding depreciation and pension expense Operations-golf club Golf club general operations Personnel $ 470,115 $ 441,460 $ 442,109 $ (649) $ 422,639 Materials and supplies 182,050 241,650 239,002 2,648 167,806 Operation and contractual 212,840 169,410 174,293 (4,883) 183,565 Capital 45,000 45,000 8,135 36,865 - Total golf club general operations 910,005 897,520 863,539 33,981 774,010 Golf club range operations Personnel 61,325 61,325 62,243 (918) 58,590 Materials and supplies 17,000 17,000 10,758 6,242 11,696 Operation and contractual 14,700 14,700 14,953 (253) 14,007 Total golf club range operations 93,025 93,025 87,954 5,071 84,293 Golf cart operations Personnel 23,910 23,910 24,008 (98) 26,623 Materials and supplies 1,400 1,400 1,229 171 285 Operation and contractual 5,500 5,500 6,545 (1,045) 5,527 Total golf cart operations 30,810 30,810 31,782 (972) 32,435 Golf course maintenance Personnel 689,875 623,780 576,298 47,482 650,250 Materials and supplies 230,950 199,045 193,533 5,512 212,648 Operation and contractual 37,350 56,485 45,729 10,756 42,917 Capital 200,000 200,000 156,958 43,042 64,575 Other - 100,000 - 100,000 - Total golf course maintenance 1,158,175 1,179,310 972,518 206,792 970,390 Less reimbursement from other funds (206,200) (206,200) (206,200) - - Total operations-golf club 1,985,815 1,994,465 1,749,593 244,872 1,861,128 Operations-swimming and tennis General operations Personnel 76,385 70,300 68,689 1,611 107,750 Materials and supplies 25,850 42,345 41,269 1,076 21,515 Operation and contractual 153,965 144,320 134,231 10,089 136,126 Capital 25,000 25,000 - 25,000 - Subtotal general operations 281,200 281,965 244,189 37,776 265,391 �. Less reimbursement from other funds (32,000) (32,000) (32,000) - (238,200) Less overhead allocation (280,200) (280,200) (246,974) (33,226) - Total general operations (31,000) (30,235) (34,785) 4,550 27,191 Page 110 VILLAGE OF OAK BROOK _ SCHEDULE OF OPERATING EXPENSES-BUDGET AND ACTUAL-SPORTS CORE FUND- MAJOR ENTERPRISE FUND For the Year Ended December 31,2015(continued) With Comparative Actual Amounts for the Year Ended December 31,2014 2015 Budgeted Amounts Variance With 2014 Original Final Actual Final Budget Actual Operating expenses excluding depreciation and pension expense(continued) Swimming operations Personnel $ 31,650 $ 31,650 $ 36,817 $ (5,167) $ 31,391 _ Materials and supplies 10,600 10,600 9,423 1,177 25,251 Operation and contractual 163,320 196,540 198,553 (2,013) 194,719 Capital 105,000 105,000 34,403 70,597 142,125 Overhead allocation 114,850 114,850 102,989 11,861 - Total swimming operations 425,420 458,640 382,185 76,455 393,486 Tennis operations-outdoor Personnel 59,530 54,170 56,788 (2,618) 70,276 Materials and supplies 7,810 7,810 10,921 (3,111) 4,928 Operation and contractual 36,200 36,200 34,352 1,848 33,331 Capital 15,000 15,000 15,000 - 17,835 Overhead allocation 57,415 57,415 47,901 9,514 - Total tennis operations-outdoor 175,955 170,595 164,962 5,633 126,370 Total operations-swimming and tennis 570,375 599,000 512,362 86,638 547,047 Special events Personnel 1,605 1,605 2,649 (1,044) 1,269 -- Materials and supplies 55,450 48,115 49,188 (1,073) 47,927 Operation and contractual 385,405 402,740 400,617 2,123 339,713 Overhead allocation 36,170 36,170 7,465 28,705 - Total special events 478,630 488,630 459,919 28,711 388,909 Rentals and commissions Personnel 106,200 86,840 104,134 (17,294) 105,658 Materials and supplies 7,450 16,460 16,681 (221) 13,176 Operation and contractual 194,950 246,275 251,297 (5,022) 230,636 Capital 120,500 120,500 40,000 80,500 16,047 _ Overhead allocation 57,415 40,355 57,210 (16,855) - Total rentals and commissions 486,515 510,430 469,322 41,108 365,517 Food and beverage �- Poolside grill Personnel 16,440 19,975 20,649 (674) 18,549 Materials and supplies 16,050 24,265 24,134 131 13,024 Operation and contractual 4,800 4,800 4,254 546 1,828 Overhead allocation 14,350 31,410 31,409 1 - Total poolside grill 51,640 80,450 80,446 4 33,401 -' Golf clubhouse Personnel 143,200 134,010 117,908 16,102 139,352 Materials and supplies 162,300 171,490 163,423 8,067 172,885 Operation and contractual 13,625 13,625 9,833 3,792 18,961 Capital outlay - - - - 140,376 Total golf clubhouse 319,125 319,125 291,164 27,961 471,574 Total food and beverage 370,765 399,575 371,610 27,965 504,975 Page 111 THIS PAGE IS INTENTIONALLY LEFT BLANK VILLAGE OF OAK BROOK _ SCHEDULE OF OPERATING EXPENSES-BUDGET AND ACTUAL-SPORTS CORE FUND- MAJOR ENTERPRISE FUND For the Year Ended December 31,2015(continued) With Comparative Actual Amounts for the Year Ended December 31,2014 2015 Budgeted Amounts Variance With 2014 Original Final Actual Final Budget Actual Nondepartmental expenses Interfund loan repayment $ - $ - $ $ - $ 61,300 Total nondepartmental expenses - - - - 61,300 Total operating expenses-budgetary basis $ 3,892,100 $ 3,992,100 3,562,806 $ 429,294 3,728,876 Adjustments to GAAP basis Capital expenditures (254,496) (380,958) Depreciation expense-golf 196,814 204,155 Depreciation expense-swimming and tennis 91,224 79,893 Depreciation expense-food and beverage 7,935 5,440 Pension expense-IMRF 72,705 - OPEB expense 18,526 - Interfund loan repayment - (61,300) Total adjustments to GAAP basis 132,708 (152,770) Total Operating Expenses $ 3,695,514 $ 3,576,106 Page 112 THIS PAGE IS INTENTIONALLY LEFT BLANK i i 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 expenses relative to the replacement of major capital equipment, primarily vehicles. VILLAGE OF OAK BROOK COMBINING STATEMENT OF NET POSITION INTERNAL SERVICE FUNDS _ As of December 31, 2015 Capital Self-Insurance Garage Replacement Totals ASSETS Current Assets Cash and investments $ 406,555 $ 197,247 $ 2,046,172 $ 2,649,974 Receivables -` Accrued interest - - 6,795 6,795 Other 89,720 1,660 - 91,380 Inventories - 34,462 - 34,462 Prepaid items 10,690 - 229,030 239.720 Total Current Assets 506,965 233,369 2,281,997 3,022,331 Noncurrent Assets Capital assets Capital assets, net of accumulated - depreciation - 90.258 3.380.973 3.471.231 Total Noncurrent Assets - 90,258 3.380,973 3,471,231 Total Assets 506,965 323,627 5,662,970 6,493,562 DEFERRED OUTFLOWS OF RESOURCES Deferred outflows related to pensions - 65,313 - 65,313 Total Deferred Outflows of Resources - 65.313 - 65,313 LIABILITIES _ Current Liabilities Accounts payable 242,703 16,494 37,536 296,733 Accrued payroll 9,065 30,913 - 39,978 _ Compensated absences payable - 7,205 - 7,205 Unearned revenues 85,275 - - 85,275 Claims payable 68,304 - - 68.304 _ Total Current Liabilities 405.347 54.612 37.536 497.495 Noncurrent Liabilities Net pension liability- IMRF - 114,556 - 114,556 '- Other post employment benefits payable - 8,131 - 8,131 Total Noncurrent Liabilities - 122.687 - 122.687 Total Liabilities 405,347 177,299 37,536 620,182 DEFERRED INFLOWS OF RESOURCES Deferred inflows related to pensions - 18,451 - 18,451 -' Total Deferred Inflows of Resources - 18,451 - 18,451 NET POSITION - Investment in capital assets - 90,258 3,380,973 3,471,231 Unrestricted 101,618 102,932 2,244,461 2.449,011 TOTAL NET POSITION $ 101,618 $ 193,190 $ 5,625,434 $ 5,920,242 Page 113 VILLAGE OF OAK BROOK -- COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION INTERNAL SERVICE FUNDS For the Year Ended December 31, 2015 Capital Self-Insurance Garage Replacement Totals OPERATING REVENUES Charges for services $ 2,753,901 $ 812,415 $ 731,470 $ 4,297,786 Total Operating Revenues 2,753,901 812,415 731,470 4,297,786 OPERATING EXPENSES Claims and insurance 2,881,575 - - 2,881,575 Operation of facilities - 724,749 - 724,749 Miscellaneous - - 9,886 9,886 Depreciation and amortization - 14,593 479,247 493,840 —' Total Operating Expenses 2,881,575 739,342 489,133 4,110,050 Operating Income(Loss) (127,674) 73,073 242,337 187,736 NONOPERATING REVENUES(EXPENSES) _ Investment income 161 72 14,110 14,343 Gain (loss) on disposal of capital assets - - 100,983 100,983 Total Nonoperating Revenues (Expenses) 161 72 115,093 115,326 Change in net position (127,513) 73,145 357,430 303,062 NET POSITION - Beginning of Year(as restated) 229,131 120,045 5,268,004 5,617,180 NET POSITION -END OF YEAR $ 101,618 $ 193,190 $ 5,625,434 $ 5,920,242 Page 114 VILLAGE OF OAK BROOK COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS For the Year Ended December 31, 2015 Capital Self-Insurance Garage Replacement Totals CASH FLOWS FROM OPERATING ACTIVITIES Received from customers $ 973,779 $ - $ - $ 973,779 Receipts from internal service transactions 1,759,265 811,672 731,470 3,302,407 _ Paid to suppliers for goods and services (3,039,975) (524,583) (17,164) (3,581,722) Paid to employees for services - (163,428) - (163,428) Net Cash Flows From Operating Activities (306,931) 123,661 714,306 531,036 CASH FLOWS FROM INVESTING ACTIVITIES '— Investments sold and matured - - 1,666,613 1,666,613 Investment income 161 72 14,835 15,068 Purchase of investments - - (1,309,944) (1,309,944) "— Net Cash Flows From Investing Activities 161 72 371,504 371,737 CASH FLOWS FROM CAPITAL AND —' RELATED FINANCING ACTIVITIES Proceeds from sale of capital assets - - 136,476 136,476 Acquisition and construction of capital assets - (15,994) (1,167,016) (1,183,010) Net Cash Flows From Capital and Related Financing Activities - (15,994) (1,030,540) (1,046,534) Net Change in Cash and Cash Equivalents (306,770) 107,739 55,270 (143,761) —' CASH AND CASH EQUIVALENTS- Beginning of Year 713,325 89,508 818,515 1,621,348 CASH AND CASH EQUIVALENTS -END OF YEAR $ 406,555 $ 197,247 $ 873,785 $ 1,477,587 Page 115 Capital Self-Insurance Garage Replacement Totals RECONCILIATION OF OPERATING INCOME (LOSS)TO NET CASH FLOWS -- FROM OPERATING ACTIVITIES Operating income (loss) $ (127,674) $ 73,073 $ 242,337 $ 187,736 Adjustments to Reconcile Operating Income (Loss)to Net Cash Flows From Operating Activities Depreciation - 14,593 479,247 493,840 Changes in assets and liabilities Accounts receivable (64,039) (743) - (64,782) Prepaid items (4,707) - - (4,707) Inventories - 5,044 - 5,044 Deferred outflows- pensions - (65,313) - (65,313) Accounts payable (102,468) (4,007) (7,278) (113,753) Claims payable (53,119) - - (53,119) Accrued salaries 1,894 24,145 - 26,039 Compensated absences payable - (6,127) - (6,127) Other postemployment benefits payable - 8,131 - 8,131 Net pension liability - 56,414 - 56,414 Deferred inflows-pensions - 18,451 - 18,451 Unearned revenues 43,182 43,182 NET CASH FLOWS FROM OPERATING ACTIVITIES $ (306,931) $ 123,661 $ 714,306 $ 531,036 RECONCILIATION OF CASH AND CASH EQUIVALENTS TO THE STATEMENT OF NET POSITION Cash and cash equivalents $ 406,555 $ 197,247 $ 873,785 $ 1,477,587 Investments - - 1,172,387 1,172,387 Total Cash and investments $ 406,555 $ 197,247 $ 2,046,172 $ 2,649,974 NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES None Page 116 VILLAGE OF OAK BROOK SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION -BUDGET AND ACTUAL SELF-INSURANCE FUND- INTERNAL SERVICE FUND _ For the Year Ended December 31, 2015 With Comparative Actual Amounts for the Year Ended December 31, 2014 2015 Budgeted Amounts _ Variance with 2014 Original Final Actual Final Budget Actual OPERATING _ REVENUES Charges for services $ 2,914,790 $ 2,914,790 $ 2,753,901 $ (160,889) $ 2,679,004 -- Total Operating Revenues 2,914,790 2,914,790 2,753,901 (160,889) 2,679,004 OPERATING EXPENSES Claims and insurance �-- Insurance and administration 804,400 743,560 743,545 (15) 773,319 Health claims 1,880,000 1,999,220 1,999,219 (1) 1,871,607 -- Dental claims 155,000 138,815 138,811 (4) 141,945 Total Operating Expenses 2,839,400 2,881,595 2,881,575 (20) 2,786,871 Operating "— Income (Loss) 75,390 33,195 (127,674) (160,869) (107,867) NON-OPERATING REVENUES (EXPENSES) Investment income 125 125 161 36 101 Total Non-Operating Revenues (Expenses) 125 125 161 36 101 Change in net position $ 75.515 $ 33.320 (127,513) $ (160,833) (107,766) NET POSITION - Beginning of Year 229,131 336,897 NET POSITION - END OF YEAR $ 101,618 $ 229,131 _ Page 117 VILLAGE OF OAK BROOK SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL-GARAGE FUND- INTERNAL SERVICE FUND For the Year Ended December 31,2015 With Comparative Actual Amounts for the Year Ended December 31,2014 2015 _ Budgeted Amounts Variance With 2014 Original Final Actual Final Budget Actual Operating Revenues Charges for services $ 811,680 $ 811,680 $ 812,415 $ 735 $ 810,065 Total Revenues 811,680 811,680 812,415 735 810,065 Operating Expenses Excluding Depreciation Garage operations Personnel 234,595 248,915 248,959 (44) 230,596 Materials and supplies 309,165 281,320 167,395 113,925 247,382 Operation and contractual 237,380 250,905 253,637 (2,732) 243,207 Expenditure reimbursement paid to other fund 37,075 37,075 37,075 - 37,275 Capital 25,000 25,000 15,994 9,006 - Total operating expenses excluding depreciation 843,215 843,215 723,060 120,155 758,460 Operating Income(Loss) (31,535) (31,535) 89,355 (119,420) 51,605 Non-Operating Revenues(Expenses) Investment income 15 15 72 (57) 8 Total non-operating revenues(expenses) 15 15 72 (57) 8 Change in Net Position-Budgetary Basis $ (31,520) $ (31,520) 89,427 $ (119,477) 51,613 Adjustments to GAAP Basis Pension expense-IMRF (9,552) OPEB expense (8,131) - Capital expenditures 15,994 - Depreciation and amortization (14,593) (14,460) Total adjustments to GAAP basis (16,282) (14,460) Change in Net Position-GAAP basis 73,145 37,153 NET POSITION-Beginning of Year(as restated) 120,045 141,034 NET POSITION-END OF YEAR $ 193,190 $ 178,187 Page 118 i i THIS PAGE IS INTENTIONALLY LEFT BLANK i VILLAGE OF OAK BROOK SCHEDULE OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE-BUDGET AND ACTUAL CAPITAL REPLACEMENT FUND-INTERNAL SERVICE FUND For the Year Ended December 31,2015 With Comparative Actual Amounts for the Year Ended December 31,2014 2015 Budgeted Amounts Variance With 2014 Original Final Actual Final Budget Actual Operating Revenues Charges for services $ 731,470 $ 731,470 $ 731,470 $ - $ 624,155 Total Revenues 731,470 731,470 731,470 - 624,155 Operating Expenses Excluding Depreciation Capital expenditures 718,600 1,067,290 937,987 129,303 1,173,993 Miscellaneous - 9,890 9,886 4 14,215 Total operating expenses excluding depreciation 718,600 1,077,180 947,873 129,307 1,188,208 Operating Income(Loss) 12,870 (345,710) (216,403) (129,307) (564,053) Non-Operating Revenues(Expenses) Gain(loss)on disposal of capital assets 50,000 50,000 100,983 (50,983) 64,803 Investment income 10,000 10,000 14,110 (4,110) (11,945) Total non-operating revenues(expenses) 60,000 60,000 115,093 (55,093) 52,858 Change in Net Position-Budgetary Basis $ 72,870 $ (285,710) (101,310) $ (184,400) (511,195) Adjustments to GAAP Basis Capital expenditures 937,987 1,173,993 Depreciation and amortization (479,247) 428,181 Total adjustments to GAAP basis 458,740 745,812 Change in Net Position-GAAP basis 357,430 234,617 NET POSITION-Beginning of Year 5,268,004 5,033,387 NET POSITION-END OF YEAR $5,625,434 $5,268,004 Page 119 s THIS PAGE IS INTENTIONALLY LEFT BLANK saNn =i Abdianai =i THIS PAGE IS INTENTIONALLY LEFT BLANK 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. Firefighter's 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 COMBINING STATEMENT OF FIDUCIARY NET POSITION PENSION TRUST FUNDS As of December 31, 2015 Firefighters' Police Pension Pension Totals ASSETS _ Cash $ 33,804 $ 40,705 $ 74,509 Investments Certificates of deposit 622,208 622,176 1,244,384 _ Money markets 651,813 1,275,129 1,926,942 U.S. treasuries - 365,995 365,995 U.S. agencies 4,254,323 2,955,426 7,209,749 State and local obligations 1,447,380 1,006,124 2,453,504 Corporate bonds 4,885,134 4,182,441 9,067,575 Mutual funds 18,902,179 13,276,987 32,179,166 Equities 942,409 - 942,409 Accrued interest 121,033 97,509 218,542 Prepaid items 2,960 2,103 5,063 Total Assets 31,863,243 23,824,595 55,687,838 LIABILITIES _ Accounts payable 12,015 12,909 24,924 Total Liabilities 12,015 12,909 24,924 NET POSITION Restricted for pension benefits 31,851,228 23,811,686 $ 55,662,914 Page 120 VILLAGE OF OAK BROOK COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION PENSION TRUST FUNDS For the Year Ended December 31, 2015 Firefighters' Police Pension Pension Total ADDITIONS Contributions Employer $ 1,336,683 $ 1,414,530 $ 2,751,213 Employee 358,499 269,349 627,848 Other 48 - 48 Total Contributions 1,695.230 1.683.879 3.379.109 Investment income Net depreciation in fair value of investments (1,891,652) (1,439,894) (3,331,546) Interest 1.544,850 1,247.789 2.792,639 Total Investment Income (346,802) (192,105) (538,907) Less Investment expense 83.213 64.461 147.674 _. Net Investment Income (430.015) (256.566) (686,581) Total Additions 1.265.215 1.427.313 2.692.528 DEDUCTIONS Benefits and refunds 2,346,686 2,615,406 4,962,092 Administrative 38.647 46.351 84.998 Total Deductions 2,385.333 2,661,757 5,047,090 Net Decrease in Net Position (1,120,118) (1,234,444) (2,354,562) NET POSITION - Beginning of Year 32.971,346 25,046.130 58.017,476 NET POSITION, END OF YEAR $ 31,851,228 $ 23,811,686 $ 55,662,914 Page 121 THIS PAGE IS INTENTIONALLY LEFT BLANK Statistical Section This part of the Village's comprehensive annual financial report presents detailed information as a context for understanding what the information in the financial statements, not disclosures, and required supplementary information says about the Village's overall financial health. Contents Paqe Financial Trends These schedules contain trend information to help the reader understand how the Village's financial performance and well-being have changed over time. 122- 131 Revenue Capacity These schedules contain information to help the reader assess the factors affecting the Village's ability to generate it's property and sales taxes. 132- 138 Debt Capacity These schedules present information to help the reader assess the affordability of the Village's current levels of outstanding debt and the Village's ability to issue additional debt in the future. 139- 143 Demographic and Economic Information These schedules offer demographic and economic indicators to help the reader understand the environment within which the Village's financial activities take place and to help make comparisons over time and with other governments. 144- 157 Operating Information These schedules contain information about the Village's operations and resources to help the reader understand how the Village's financial information relates to the services the Village provides and the activities it performs. 158 - 161 Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year. VILLAGE OF OAK BROOK Net Position by Component Last Ten Fiscal Years 2006 2007 2008 2009 _ Governmental Activities Net investment in capital assets $ 63.0 $ 62.4 $ 61.6 $ 60.6 Restricted - - - - Unrestricted 17.7 19.7 22.7 16.9 Total Governmental Activities $ 80.7 $ 82.1 $ 84.3 $ 77.5 Business-type Activities Net investment in capital assets $ 23.3 $ 22.7 $ 24.5 $ 24.5 Unrestricted 5.0 7.0 5.8 5.5 Total Business-type Activities $ 28.3 $ 29.7 $ 30.3 $ 30.0 Primary Government Net investment in capital assets $ 86.3 $ 85.1 $ 86.1 $ 85.1 Restricted - - - - Unrestricted 22.7 26.7 28.5 22.4 Total Primary Government $ 109.0 $ 111.8 $ 114.6 $ 107.5 Note: GASB Statement 68 was implemented in 2015 Data Source Audited Financial Statements Data in millions Page 122 2010 2011 2012 2013 2014 2015 $ 55.3 $ 56.2 $ 57.6 $ 59.3 $ 60.7 $ 60.7 3.5 9.4 9.4 9.8 11.5 11.3 17.4 13.7 14.0 13.3 12.1 (27.2) $ 76.2 $ 79.3 $ 81.0 $ 82.4 $ 84.3 $ 44.8 $ 26.5 $ 28.5 $ 30.0 $ 29.6 $ 30.6 $ 31.3 3.6 1.8 1.2 4.6 3.7 2.2 $ 30.1 $ 30.3 $ 31.2 $ 34.2 $ 34.3 $ 33.5 $ 81.8 $ 84.7 $ 87.6 $ 88.9 $ 91.3 $ 92.0 3.5 9.4 9.4 9.8 11.5 11.3 21.0 15.5 15.2 17.9 15.8 (25.0) $ 106.3 $ 109.6 $ 112.2 $ 116.6 $ 118.6 $ 78.3 Page 123 VILLAGE OF OAK BROOK Changes in Net Position Last Ten Fiscal Years 2006 2007 2008 2009 Expenses Governmental Activities General government $ 4.7 $ 5.3 $ 6.2 $ 5.3 Public safety 12.0 12.3 12.6 11.9 Public works 4.1 4.3 3.2 11.9 Culture and recreation 1.9 1.8 2.0 1.7 Interest on long-term debt 0.1 0.1 0.1 0.1 Total Governmental Activities Expenses 22.8 23.8 24.1 30.9 Business-type Activities Water 3.9 4.4 3.9 4.0 _ Sports core 3.7 3.7 3.8 3.5 Total Business-type Activities Expenses 7.6 8.1 7.7 7.5 Total Primary Government Expenses $ 30.4 $ 31.9 $ 31.8 $ 38.4 Program Revenues Governmental Activities Charges for services General government $ 1.2 $ 1.7 $ 1.3 $ 1.1 _ Public safety 0.8 0.9 0.8 0.8 Other activities 0.0 0.0 0.0 0.1 Operating grants and contributions 0.3 0.5 0.4 0.3 Capital grants - _ Total Governmental Activities Program Revenues 2.3 3.1 2.5 2.3 Business-type Activities Charges for services Water 4.4 4.6 4.0 4.0 Sports Core 3.6 3.8 3.6 3.3 Total Business-type Activities Program Revenues 8.0 8.4 7.6 7.3 Total Primary Government Program Revenues $ 10.3 $ 11.5 $ 10.1 $ 9.6 Net(expense)revenue Governmental activities $ (20.5) $ (20.7) $ (21.6) $ (28.6) Business-type activities 0.4 0.3 (0.1) (0.2) Total Primary Government Net(Expense)Revenue $ (20.1) $ (20.4) $ (21.7) $ (28.8) Page 124 i 2010 2011 2012 2013 2014 2015 $ 3.9 $ 4.2 $ 3.7 $ 4.3 $ 4.5 $ 5.3 13.2 12.3 13.4 13.7 14.7 24.6 4.4 4.9 6.1 4.8 4.9 7.7 1.7 1.7 1.8 1.8 2.0 1.5 -' 0.4 0.4 0.4 0.4 0.3 0.3 23.6 23.5 25.4 25.0 26.4 39.4 4.5 4.9 5.6 6.3 7.0 8.0 3.1 3.1 3.3 3.4 3.6 3.7 7.6 8.0 8.9 9.7 10.6 11.7 $ 31.2 $ 31.5 $ 34.3 $ 34.7 $ 37.0 $ 51.1 $ 1.4 $ 1.1 $ 1.6 $ 2.1 $ 1.9 $ 1.8 1.1 1.5 1.1 1.1 1.2 1.2 0.3 0.3 0.3 0.4 0.4 0.2 0.7 0.7 - 0.5 0.3 - 3.5 3.6 3.0 4.1 3.8 3.2 5.1 5.3 6.7 6.9 7.0 7.7 2.5 2.9 3.2 3.2 3.1 3.2 7.6 8.2 9.9 10.1 10.1 10.9 $ 11.1 $ 11.8 $ 12.9 $ 14.2 $ 13.9 $ 14.1 $ (20.1) $ (19.9) $ (22.4) $ (20.9) $ (22.6) $ (36.2) 0.2 1.0 0.4 (0.5) (0.8) (20.1) $ (19.7) $ (21.4) $ (20.5) $ (23.1) $ (37.0 Page 125 VILLAGE OF OAK BROOK Changes in Net Position(continued) Last Ten Fiscal Years 2006 2007 2008 2009 General Revenues and Other Changes in Net Position Governmental Activities Taxes Sales and local use taxes $ 14.2 $ 14.4 $ 16.1 $ 14.2 Utility 3.8 4.2 4.5 4.9 _ Other 1.5 2.5 2.5 2.5 Investment earnings 0.7 0.8 0.5 0.1 Miscellaneous 0.2 0.2 0.3 - Transfers - - _ _ Total Governmental Activities 20.4 22.1 23.9 21.7 Business-type Activities Investment earnings 0.2 0.3 0.2 - Miscellaneous - 0.8 0.2 - Transfers - _ _ _ Total Business-type Activities 0.2 1.1 0.4 - Total Primary Government $ 20.6 $ 23.2 $ 24.3 $ 21.7 Change in Net Position Governmental activities $ (0.1) $ 1.4 $ 2.3 $ (6.9) Business-type activities 0.6 1.4 0.3 (0.2) Total Primary Government Change in Net Position $ 0.5 $ 2.8 $ 2.6 $ (7.1) Note:GASB Statement 68 was implemented in 2015 Data Source Audited Financial Statements Data in millions i Page 126 2010 2011 2012 2013 2014 2015 $ 16.1 $ 16.0 $ 16.7 $ 17.3 $ 17.7 $ 18.1 4.7 4.7 4.9 5.0 5.2 5.7 2.3 2.2 2.5 2.4 2.5 2.8 0.1 - - 0.1 (0.2) 0.2 - - - - - 0.2 - - (0.2) (0.5) (0.5) 23.2 22.9 24.1 24.6 24.7 26.5 (0.1) - - - - 0.2 0.5 0.5 (0.1) - - 0.2 0.5 0.5 $ 23.1 $ 22.9 $ 24.1 $ 24.8 $ 25.2 $ 27.0 $ 3.1 $ 3.0 $ 1.7 $ 3.7 $ 2.1 $ (9.7) (0.1) 0.2 1.0 0.6 - (0.3) $ 3.0 $ 3.2 $ 2.7 $ 4.3 $ 2.1 $ (10.0) Page 127 VILLAGE OF OAK BROOK Fund Balances of Governmental Funds Last Ten Fiscal Years 2006 2007 2008 2009 2010 2011 General Fund Reserved $ 1,292,073 $ 1,291,112 $ 1,291,975 $ 1,495,000 $ - $ Unreserved 11,731,876 12,152,083 11,493,855 10,787,853 - - Nonspendable - - - - 1,917,000 2,087,000 _ Restricted - - - - - - Unrestricted Committed - - - - - 364,483 Assigned - - - - - - Unassigned - - - - 11,708,050 13,532,992 Total General Fund $ 13,023,949 $ 13,443,195 $ 12,785,830 $ 12,282,853 $ 13,625,050 $ 15,984,475 Infrastructure Fund Unreserved $ 1,919,422 $ 2,110,918 $ 4,792,595 $ 4,682,620 $ - $ - Nonspendable - - - - 337,699 - _ Restricted - - - - 5,004,945 5,864,870 Total Infrastructure Fund $ 1,919,422 $ 2,110,918 $ 4,792,595 $ 4,682,620 $ 5,342,644 $ 5,864,870 All Other Governmental Funds Restricted $ - $ - $ - $ - $ 3,672,971 $ 3,451,553 •--� Unreserved, reported in Special revenue fFunds 780,902 1,365,470 2,225,973 2,986,576 - - Capital project fund 15,156 17,407 136,330 225,075 Nonspendable - - - - - - Total All Other Governmental Funds $ 796,058 $ 1,382,877 $ 2,362,303 $ 3,211,651 $ 3,672,971 $ 3,451,553 Data Source Audited Financial Statements Note: GASB No. 54 was implemented in 2010. Page 128 2012 2013 2014 2015 2,545,898 168,016 109,092 53,406 224,878 224,878 - - _ - 102,525 205,050 - 14,772,181 15,902,982 15,799,127 17,206,014 $ 17,542,957 $ 16,398,401 $ 16,113,269 $ 17,259,420 5,398,644 5,152,351 6,706,262 5,791,896 $ 5,398,644 $ 5,152,351 $ 6,706,262 $ 5,791,896 $ 3,924,483 $ 4,560,128 $ 4,826,298 $ 5,504,093 - - 775 775 $ 3,924,483 $ 4,560,128 $ 4,827,073 $ 5,504,868 Page 129 VILLAGE OF OAK BROOK Changes in Fund Balances of Governmental Funds Last Ten Fiscal Years 2006 2007 2008 2009 2010 Revenues Sales tax revenue $ 11,461,184 $ 11,396,397 $ 10,873,975 $ 9,748,649 $ 11,121,649 Non-home rule sales tax 2,641,030 2,618,565 4,874,978 4,410,438 4,833,425 Other intergovernmental 1,535,507 1,711,638 1,893,862 1,771,733 2,545,066 Utility taxes 3,822,020 4,247,675 4,520,563 4,922,115 4,669,414 Hotel/motel taxes 416,507 1,262,808 1,137,614 882,649 881,887 Licenses and permits 858,401 850,965 720,847 741,380 843,139 Charges for services 835,390 832,008 839,504 695,630 943,638 ._. Fines and penalties 292,331 375,717 345,937 313,395 229,246 Investment income 562,590 682,728 431,753 80,345 110,837 Donations 25,311, 45,150 - - - -� Miscellaneous 190,225 281,864 391,106 403,580 532,891 Total Revenues 22,640,496 24,305,515 26,030,139 23,969,914 26,711,192 Expenditures General government 5,052,804 5,529,429 5,846,600 4,932,449 3,522,790 Public safety 12,047,821 12,156,303 12,280,965 11,496,681 12,536,938 Public works 2,338,619 2,460,937 2,394,176 10,458,211 4,036,771 Culture and recreation 1,855,514 1,746,352 2,011,660 1,596,440 1,536,853 Capital outlay 855,582 1,214,933 493,000 994,776 382,039 Debt service - - - 1,706,163 1,769,263 Interest and issuance costs - - - 95,415 462,997 Total Expenditures 22,150,340 23,107,954 23,026,401 31,280,135 24,247,651 Excess of rvenues over(under) Expenditures 490,156 1,197,561 3,003,738 (7,310,221) 2,463,541 Other Financing Sources(Uses) Transfers in - - - - - _ Transfers out - - - - - Debt sssuance - - - 9,788,606 - Debt issuance premium - - - 8,861 - Payment to refund bond escrow agent - - - (2,250,850) - Sale of capital assets - - - - - Total Other Financing Sources(Uses) - - - 7,546,617 Net Change in Fund Balances $ 490,156 $ 1,197,561 $ 3,003,738 $ 236,396 $ 2,463,541 Debt Service as a percentage of Noncapital Expenditures 0.00% 0.00% 0.00% 5.95% 9.35% Data Source Audited Financial Statements Page 130 2011 2012 2013 2014 2015 $ 11,070,404 $ 11,326,929 $ 11,385,834 $ 12,149,324 $ 12,346,857 4,833,972 5,230,137 5,171,232 5,384,857 5,637,241 2,411,395 1,841,378 2,530,416 2,274,102 1,925,962 4,657,683 4,900,869 5,047,306 5,203,835 5,673,868 853,638 940,008 964,684 1,049,631 1,194,811 948,872 1,201,998 1,686,269 1,448,471 1,385,341 1,089,783 970,778 1,021,858 1,044,934 1,058,929 _ 248,120 231,865 184,959 189,060 177,588 31,018 47,363 86,287 (155,427) 138,593 323,742 355,548 364,452 424,552 625,504 26,468,627 27,046,873 28,443,297 29,013,339 30,164,694 3,319,839 3,600,061 4,289,515 5,072,205 4,331,061 11,755,031 12,986,730 13,440,798 14,324,720 14,597,010 4,698,190 4,706,731 4,457,705 4,937,146 7,520,877 1,569,377 1,638,863 1,684,276 1,898,393 1,635,690 281,457 607,097 - - - 1,827,087 1,842,163 1,876,754 425,000 384,913 386,259 375,042 362,129 346,094 326,465 23,837,240 25,756,687 26,111,177 27,003,558 28,796,016 2,631,387 1,290,186 2,332,120 2,009,781 1,368,678 - 275,000 - 156,840 - - (725,324) (630,897) (459,098) 28,846 - - - - 28,846 275,000 (725,324) (474,057) (459,098) $ 2,660,233 $ 1,565,186 $ 1,606,796 $ 1,535,724 $ 909,580 9.40% 8.82% 8.57% 2.86% 2.47% Page 131 VILLAGE OF OAK BROOK Assessed Value and Actual Value of Taxable Property Last Ten Levy Years (data in thousands) Less: Total Taxable Levy Residential Commercial Industrial Railroad Tax-Exempt Assessed Year Property Property Property Property Property Value 2005 $ 934,030 $ 547,901 $ - $ - $ - $ 1,481,931 2006 1,011,883 566,390 - - - 1,578,273 2007 1,089,808 598,096 - - - 1,687,904 2008 1,179,126 607,923 - - - 1,787,049 _ 2009 1,176,749 562,531 - - - 1,739,280 2010 1,088,414 511,191 - - - 1,599,605 _ 2011 1,003,641 490,189 - - - 1,493,830 2012 910,922 448,374 - 13 - 1,359,309 2013 856,140 419,122 - 13 - 1,275,275 2014 849,811 414,919 - 13 - 1,264,743 Data Source Office of the County Clerk Note : Property in the Village is reassessed each year. Property is assessed at 33% of actual value. Other Information from Statement: The Statement requires that the information in this schedule be shown for each period for which levied and should be consistent with the periods shown in the schedule of direct and overlapping revenue rates and schedule of property tax levies and collections. Therefore, most Illinois governments should disclose this by the tax levy year, not the fiscal year. _ Page 132 Total Estimated Estimated Direct Actual Actual Tax Taxable Taxable Rate Value Value $ - $ 4,445,793 33.333% 4,734,819 33.333% 5,063,712 33.333% 5,361,147 33.333% 5,217,840 33.333% 4,798,815 33.333% 4,481,490 33.333% - 4,077,927 33.333% 3,825,825 33.333% 3,794,229 33.333% Page 133 VILLAGE OF OAK BROOK _ Property Tax Rates-Direct and Overlapping Governments Last Ten Levy Years Tax Levy Year 2005 2006 2007 2008 2009 2010 2011 Tax Rates Village of Oak Brook $ - $ - $ - $ - $ - $ - $ Basic Town 0.3961 0.3878 0.3662 0.3567 0.3579 0.3875 0.4166 Junior College#502 0.1874 0.1929 0.1888 0.1858 0.2127 0.2349 0.2495 Grade School#53 0.8530 0.8319 0.8060 0.7936 0.8159 0.9164 1.0099 High School#86 1.1910 1.1418 1.0943 1.0804 1.0948 1.2011 1.3362 Oak Brook Park District 0.1621 0.1583 0.1530 0.1504 0.1555 0.1740 0.1904 Total Tax Rates $ 2.7896 $ 2.7127 $ 2.6083 $ 2.5669 $ 2.6368 $ 2.9139 $ 3.2026 NOTE: Basic town includes all county, forest preserve and township rates. Property tax rates are per$100 of assessed valuation. Data Source Office of the County Clerk _ Page 134 2012 2013 2014 0.4567 0.4892 0.4993 0.2681 0.2956 0.2975 1.1465 1.2491 1.2932 1.4984 1.5681 1.5921 0.2174 0.2369 0.2442 $ 3.5871 $ 3.8389 $ 3.9263 Page 135 THIS PAGE IS INTENTIONALLY LEFT BLANK VILLAGE OF OAK BROOK Principal Revenue Taxpayers Current Year and Nine Years Ago 2015 2006 Sales Sales _ Taxes Taxes Taxpayer Revenue Taxpayer Revenue Apple Computer Inc. Apple Computer Costco Wholesale Costco Wholesale -- Lord &Taylor LLC Macy's Macy's Macy's Home Store _ Neiman Marcus Neiman Marcus Nordstrom Rack Nordstrom Rack Nordstrom, Inc. Nordstrom, Inc. Room & Board Inc. Sears Roebuck&Co. Sears Roebuck&Co. Tiffany&Co. Tiffany&Co. Walter E. Smithe Furniture Top 10 total $ 5,821,885 * Top 10 total $ 5,750,885 Total Sales Tax Revenue $ 12,376,637 * Total Sales Tax Revenue $ 11,649,570 Top 10 as a Percent of Sales Top 10 as a Percent of Sales Tax Revenue 47.04% Tax Revenue 49.37% *Data presented on cash basis. Data Source Illinois Department of Revenue-above represents January 1 - December 31 Village cash collections. Note: Confidentiality rules of the Illinois Department of Revenue prohibit disclosure of individual taxpayer payment information. The data presented above is organized alphabetically with revenue for the top ten taxpayers reported in aggregate for the years presented. Page 136 VILLAGE OF OAK BROOK Direct and Overlapping Sales Tax Rates Last Ten Levy Years Village DuPage County Regional Fiscal Direct State DuPage County Water Transportation Year Rate Rate Rate Commission Authority 2006 1.00% 5.00% 0.25% 0.25% 0.25% 2007 1.00% 5.00% 0.25% 0.25% 0.25% 2008 1.00% 5.00% 0.25% 0.25% 0.75% 2009 1.00% 5.00% 0.25% 0.25% 0.75% 2010 1.00% 5.00% 0.25% 0.25% 0.75% 2011 1.00% 5.00% 0.25% 0.25% 0.75% 2012 1.00% 5.00% 0.25% 0.25% 0.75% 2013 1.00% 5.00% 0.25% 0.25% 0.75% 2014 1.00% 5.00% 0.25% 0.25% 0.75% 2015 1.00% 5.00% 0.25% 0.25% 0.75% Data Source Village and County Records Page 137 i Village Non-Home Rule Total Rate Rate 0.25% 7.00% 0.25% 7.00% 0.50% 7.75% 0.50% 7.75% 0.50% 7.75% 0.50% 7.75% 0.50% 7.75% 0.50% 7.75% 0.50% 7.75% 0.50% 7.75% Page 138 VILLAGE OF OAK BROOK _ Ratios of Outstanding Debt By Type Last Ten Fiscal Years Governmental Business-Type Activities Activities Ratio of Total Fiscal Installment Installment Total Outstanding Debt Year Notes Notes Capital Primary To Equalized Ended Payable Payable Leases Government Assessed Valuation* 2006 $ 2,735,000 $ 885,000 $ 82,378 $ 3,702,378 0.25% 2007 2,485,000 720,000 42,195 3,247,195 0.21% .__. 2008 2,225,000 525,000 - 2,750,000 0.16% 2009 12,332,443 325,000 - 12,657,443 0.71% _ 2010 10,563,180 731,511 - 11,294,691 0.65% 2011 8,736,093 462,674 - 9,198,767 0.58% 2012 6,984,930 168,837 - 7,153,767 0.48% _ 2013 5,017,176 - - 5,017,176 0.37% 2014 4,592,176 - - 4,592,176 0.36% 2015 4,207,263 - - 4,207,263 0.33% Note: Details of the Village's outstanding debt can be found in the notes to the financial statements. * See the Schedule of Demographic and Economic Information on page 110 for personal income and population data. Page 139 Total Total Outstanding Outstanding Debt Per Debt Per Personal Income Capita* 0.25% $ 425.46 0.22% 373.16 0.19% 316.02 0.86% 1,454.54 0.76% 1,297.94 0.89% 1,166.91 0.69% 907.49 0.48% 636.46 0.44% 582.54 0.41% 533.71 Page 140 THIS PAGE IS INTENTIONALLY LEFT BLANK e VILLAGE OF OAK BROOK Schedule of Direct and Overlapping Bonded Debt December 31, 2015 (2) *Percentage (1) of Debt (3) _ Gross Applicable to "Government's Governmental Unit Bonded Debt Government Share of Debt Village of Oak Brook $ 555,000 100% $ 555,000 DuPage County 247,963,636 3.89% 9,645,785 DuPage Forest Preserve 201,820,799 3.89% 7,850,829 DuPage Water Commission - 4.31% - Park Districts 2,916,094 75.41% 2,199,026 Elementary School Districts 76,545,000 3.97% 3,038,837 High School Districts 157,330,000 9.37% 14,741,821 Junior College 502 213,870,000 4.03% 8,618,961 Unit District 205 109,469,946 5.35% 5,856,642 Subtotal-Overlapping Debt $ 1,009,915,475 $ 51,951,902 Total Direct and Overlapping Debt $ 1,010,470,475 $ 52,506,902 * 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 _. Page 141 VILLAGE OF OAK BROOK Legal Debt Margin Information Last Ten Fiscal Years 2006 2007 2008 2009 2010 Legal debt limit $ 127,816,578 $ 136,066,752 $ 145,581,763 $ 154,132,970 $ 150,013,021 Total net debt 3,620,000 3,205,000 2,750,000 2,400,000 2,055,000 applicable to limit Legal debt margin $ 124,196,578 $ 132,921,063 $ 142,831,763 $ 151,732,970 $ 147,958,021 Total net debt applicable 2.83% 2.35% 1.89% 1.56% 1.37% to the limit as a percentage of debt limit —� i �r- Page 142 2011 2012 2013 2014 2015 $ 137,966,087 $ 128,842,981 $ 117,240,487 $ 109,992,484 $ 109,084,108 1,710,000 1,335,000 1,080,000 820,000 555,000 $ 136,256,087 $ 127,507,981 $ 116,160,487 $ 109,172,484 $ 108,529,108 1.24% 1.04% 0.92% 0.75% 0.51% Legal Debt Margin Calculation for Fiscal 2015 Assessed Value $1,264,743,279 Legal debt margin 8.625% Debt limit 109,084,108 Debt applicable to limit General obligation bonds 555,000 Legal debt margin $ 108,529,108 Page 143 VILLAGE OF OAK BROOK Demographic and Economic Information Last Ten Fiscal Years Per Capita Total (2) Fiscal Personal Personal Unemployment Year Population Income Income Rate 2006 8,702 (E) $ 169,718 $ 1,476,886,036 3.6% 2007 8,702 (E) 169,718 1,476,886,036 3.8% 2008 8,702 (E) 169,718 1,476,886,036 8.6% 2009 8,702 (E) 169,718 1,476,886,036 8.4% 2010 8,702 (E) 169,718 1,476,886,036 8.3% 2011 7,883 (A) 131,719 1,038,340,877 8.0% 2012 7,883 (E) 131,719 1,038,340,877 7.3% 2013 7,883 (E) 131,719 1,038,340,877 7.5% 2014 7,883 (E) 131,719 1,038,340,877 5.7% 2015 7,883 (E) 131,719 1,038,340,877 4.7% (A)Actual _ (E) Estimate Note: Latest information available Data Source U.S. Bureau of Labor Statistics s s Page 144 VILLAGE OF OAK BROOK Principal Employers Current Year and Nine Years Ago 2015 2006 Percentage of Total Percentage of Employer Rank Employees Village Population Rank Employees Village Population Oakbrook Center Mall 1 4,500 57.1% 1 3,500 40.2% McDonald's Corporation 2 3,000 38.1% 2 2,800 32.2% Advocate Healthcare 3 1,098 13.9% 4 580 6.7% Ace Hardware 4 900 11.4% 3 1,000 11.5% Inland Real Estate Group of Companies 5 642 8.1% Hub Group 6 600 7.6% ADT Security Services,Inc. 7 360 4.6% TreeHouse Foods 8 325 4.1% Lion's Club International 9 300 3.8% 8 300 3.4% Blistex Inc. 10 210 2.7% 10 175 2.0% Safeway,Inc. 5 400 4.6% Elkay Manufacturing 7 325 3.7% Federal Signal Corporation 9 200 2.3% Data Source A-Z Database;Selective Telephone Survey Informaion prior to 2006 was unavailable Page 145 VILLAGE OF OAK BROOK Retail Sales Volume-Top 25 Illinois Communities State Collection Period January 1, 2015 Through December 31, 2015 _ (1) Estimated Sales 2015 Municipality Rank Sales Per Capita Population Chicago 1 $ 27,998,336,800 $ 10,387 2,695,598 Naperville 2 3,335,765,200 23,516 141,853 Schaumburg 3 3,200,503,200 43,118 74,227 Springfield 4 2,825,113,200 24,302 116,250 _ Rockford 5 2,322,821,100 15,195 152,871 Peoria 6 2,192,689,300 19,066 115,007 Aurora 7 2,162,736,800 10,928 197,899 "'- Joliet 8 2,150,452,800 14,586 147,433 Orland Park 9 2,061,293,800 36,311 56,767 Champaign 10 1,606,970,500 19,826 81,055 _ Skokie 11 1,604,369,400 24,765 64,784 Glenview 12 1,562,299,100 34,957 44,692 _ Niles 13 1,522,029,100 51,070 29,803 Mount Prospect 14 1,496,011,200 27,618 54,167 Elgin 15 1,454,190,000 13,441 108,188 Vernon Hills 16 1,410,311,600 56,159 25,113 Bolingbrook 17 1,398,967,700 19,068 73,366 Bloomington 18 1,374,398,800 17,940 76,610 _ Tinley Park 19 1,322,690,100 23,327 56,703 Downers Grove 20 1,284,057,500 26,845 47,833 Gurnee 21 1,280,462,900 40,916 31,295 _ Oak Brook 22 1,235,726,800 156,758 7,883 Arlington Heights 23 1,202,846,400 16,016 75,101 Elmhurst 24 1,197,758,100 26,910 44,509 _ Oak Lawn 25 1,186,222,100 20,925 56,690 Source: Illinois Department of Revenue-Local Tax Allocation Division and the U.S. Census Bureau. Note (1): Distributions to municipalities of the 1% municipal tax were used to calculate the estimated retail sales. Actual sales tax amounts were received by the municipalities March 1, 2015 through February 29, 2016. Page 146 VILLAGE OF OAK BROOK Sales Tax Receipts Cash Basis Last Ten Fiscal Years Fiscal Year Village Share/ %Change from Non-Home rule %Change from Total %Change from Ended State Sales Preceding Sales Tax Preceding Sales Tax Preceding December 31 Tax Receipts Year Receipts Year Receipts Year 2006 $ 11,138,321 5.4% $ 2,559,593 5.7% $ 13,697,914 5.4% 2007 11,340,036 1.8% 2,608,471 1.9% 13,948,507 1.8% 2008 11,066,103 -2.4% 4,272,671 63.8% 15,338,774 10.0% 2009 10,024,077 -9.4% 4,447,786 4.1% 14,471,863 -5.7% _ 2010 10,457,375 4.3% 4,703,153 5.7% 15,160,528 4.8% 2011 11,048,561 5.7% 4,939,565 5.0% 15,988,126 5.5% 2012 11,147,846 0.9% 5,132,229 3.9% 16,280,075 1.8% 2013 11,641,063 4.4% 5,171,736 0.8% 16,812,799 3.3% 2014 12,004,427 3.1% 5,336,836 3.2% 17,341,263 3.1% 2015 12,376,637 3.1% 5,667,235 6.2% 18,043,872 4.1% Source: Village Records Note: The Village's Non-Home rule sales tax rate increased from.25%to.50%in 2008. Page 147 VILLAGE OF OAK BROOK State Sales Tax Receipts By Month Cash Basis Last Five Fiscal Years Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year -" Month Ended 12/31/11 Ended 12/31/12 Ended 12/31/13 Ended 12/31/14 Ended 12/31/15 FY 2012 January $ 895,308 $ 861,209 $ 871,423 $ 965,587 $ 989,753 -3.8% February 956,493 940,756 968,174 1,007,170 1,069,783 -1.6% March 1,477,682 1,537,599 1,564,960 1,684,678 1,707,798 4.1% April 666,930 723,341 810,073 668,268 796,933 8.5% May 695,977 754,571 792,731 746,691 748,968 8.4% -- June 871,520 914,767 887,312 982,179 1,004,066 5.0% July 877,924 835,975 851,415 911,040 928,749 -4.8% August 933,061 905,677 917,736 994,734 1,011,901 -2.9% September 926,998 820,913 956,861 1,070,696 993,355 -11.4% October 900,670 859,114 947,429 980,261 1,011,858 -4.6% November 938,459 1,020,879 1,026,555 1,039,263 1,086,052 8.8% December 907,539 973,045 1,046,394 953,862 1,027,421 7.2% Total $ 11,048,561 $ 11,147,846 $ 11,641,063 $ 12,004,429 $ 12,376,637 0.9% Source: Village Records i �t Page 148 Percentage Change From Preceding Year FY 2013 FY 2014 FY 2015 1.2% 10.8% 2.5% 2.9% 4.0% 6.2% 1.8% 7.6% 1.4% 12.0% -17.5% 19.3% 5.1% -5.8% 0.3% -3.0% 10.7% 2.2% 1.8% 7.0% 1.9% 1.3% 8.4% 1.7% 16.6% 11.9% -7.2% 10.3% 3.5% 3.2% 0.6% 1.2% 4.5% 7.5% -8.8% 7.7% �- 4.4% 3.1% 3.1% Page 149 VILLAGE OF OAK BROOK Non-Home Rule Sales Tax Receipts By Month Cash Basis _ Last Five Fiscal Years Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Month Ended 12/31/11 Ended 12/31/12 Ended 12/31/13 Ended 12/31/14 Ended 12/31/15 January $ 400,224 $ 379,832 $ 400,764 $ 432,662 $ 457,128 February 445,276 424,255 444,306 447,936 495,179 March 672,765 715,934 740,816 758,692 795,630 April 286,122 314,634 337,086 292,394 361,858 May 305,329 346,379 332,311 331,429 338,862 June 390,791 422,481 396,344 416,907 457,660 July 396,236 385,728 390,534 405,594 423,983 August 418,978 419,118 418,782 436,072 469,228 September 417,209 443,846 433,709 457,975 456,114 _ October 409,666 395,512 414,622 439,287 468,027 November 389,815 435,755 420,938 453,963 474,287 December 407,154 448,755 441,524 463,924 469,279 Total $ 4,939,565 $ 5,132,229 $ 5,171,736 $ 5,336,835 $ 5,667,235 Source: Village Records Page 150 Percentage Change From Preceding Year FY 2012 FY 2013 FY 2014 FY 2015 -5.1% 5.5% 8.0% 5.7% -4.7% 4.7% 0.8% 10.5% 6.4% 3.5% 2.4% 4.9% 10.0% 7.1% -13.3% 23.8% 13.4% -4.1% -0.3% 2.2% 8.1% -6.2% 5.2% 9.8% -2.7% 1.2% 3.9% 4.5% 0.0% -0.1% 4.1% 7.6% 6.4% -2.3% 5.6% -0.4% -3.5% 4.8% 5.9% 6.5% 11.8% -3.4% 7.8% 4.5% 10.2% -1.6% 5.1% 1.2% 3.9% 0.8% 3.2% 6.2% Page 151 VILLAGE OF OAK BROOK Sales Tax By Category Last Ten Fiscal Years Fiscal Years 2006 2007 2008 2009 2010 2011 2012 General Merchandise $ 3,031,452 $ 2,384,953 $ 2,064,241 $ 1,864,664 $ 1,988,286 $ 2,025,257 $ 2,087,873 Food 46,714 56,332 54,585 68,576 49,666 45,910 49,616 Drinking and eating places 1,181,813 1,266,893 1,248,272 1,270,903 1,388,881 1,428,598 1,506,289 Apparel 3,051,925 3,075,294 2,876,511 2,711,321 2,987,468 3,034,654 3,110,107 Furniture, H.H.and radio 961,241 1,080,877 1,076,836 840,999 957,980 975,472 1,090,244 Lumber,building and hardware 104,720 85,382 39,312 32,472 17,588 12,853 24,600 Automotive and filling stations 1,465,864 1,544,153 1,708,234 1,568,808 1,623,980 1,509,528 1,619,343 Drugs and other retail 1,285,354 1,240,805 1,141,709 1,046,055 1,265,890 1,472,117 1,124,986 Agriculture and all others 451,957 491,738 507,663 414,462 354,622 422,368 418,871 Manufacturers 68,531 72,399 72,003 100,642 83,952 126,281 174,572 Total $11,649,570 $11,298,826 $10,789,368 $ 9,918,901 $10,718,314 $11,053,036 $11,206,502 Village direct sales tax rate 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% Source: Illinois Department of Revenue-Local Tax Allocation Division Note: Gross receipts include both Cook and DuPage County 1%municipal sales tax. Amounts reflect sales tax collected by the Village betwi r Page 152 2013 2014 2015 $ 1,859,342 $ 1,611,302 $ 1,408,191 52,331 57,974 170,497 1,615,029 1,717,184 1,770,370 3,065,618 3,141,898 3,078,876 1,251,860 1,421,458 1,606,454 10,653 8,686 6,623 1,674,689 1,682,593 1,698,040 1,250,569 1,530,596 1,817,539 421,724 486,652 506,631 687,312 451,814 238,943 $11,889,128 $12,110,156 $12,302,164 1.00% 1.00% 1.00% sen April 1 and March 31 as reported by the State. Page 153 VILLAGE OF OAK BROOK Non-Home Rule Sales Tax By Category Last Ten Fiscal Years Fiscal Years 2006 2007 2008 2009 2010 2011 General Merchandise $ 743,530 $ 590,403 $ 1,024,873 $ 926,187 $ 973,309 $ 1,006,608 Food 5,150 8,577 19,275 20,652 19,332 20,436 Drinking and eating places 294,331 315,085 615,357 632,360 692,224 710,688 Apparel 762,294 768,375 1,433,462 1,353,324 1,492,720 1,516,414 Furniture, H.H. and radio 240,036 269,738 534,252 419,064 478,065 486,841 Lumber, building and hardware 26,171 21,290 19,735 16,233 8,807 6,427 Automotive and filling stations 204,893 207,328 410,617 419,622 438,722 413,502 Drugs and other retail 278,768 275,639 501,254 455,080 496,243 522,092 Agriculture and all others 108,407 108,766 224,370 191,955 160,284 190,247 Manufacturers 17,079 18,064 35,964 50,271 41,947 63,114 Total $ 2,680,660 $ 2,583,266 $ 4,819,159 $ 4,484,747 $ 4,801,654 $ 4,936,368 Village non-home rule sales tax rate 0.25% 0.25% 0.50% 0.50% 0.50% 0.50% Source: Illinois Department of Revenue-Local Tax Allocation Division _._. Note: Gross receipts include both Cook and DuPage County 1%municipal sales tax. Amounts reflect sales tax collected between April 1 and March 31 as reported by the State. -- Not(The Village's Non-Home rule sales tax increased from .25%to.50%effective January 1,2008. i Page 154 2012 2013 2014 2015 $ 1,028,630 $ 923,522 $ 799,234 $ 697,506 22,769 24,206 26,475 82,154 749,294 804,095 854,898 880,598 1,554,292 1,532,230 1,570,256 1,538,617 544,734 624,646 707,730 801,746 12,299 5,326 4,341 3,290 444,986 462,595 461,447 454,848 574,857 581,045 717,631 862,594 186,919 189,403 221,375 233,499 75,056 74,826 78,163 80,757 $ 5,193,836 $ 5,221,895 $ 5,441,550 $ 5,635,608 0.50% 0.50% 0.50% 0.50% Page 155 VILLAGE OF OAK BROOK Budgeted Full-Time Equivalent Employees Last Ten Fiscal Years Function/Program 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 111 Board of Trustees 1.00 1.00 0.50 0.50 0.50 0.75 0.50 0.50 0.50 0.50 112 Village Clerk 2.75 3.25 3.25 3.25 1.50 1.75 1.95 1.25 1.25 2.75 _ 121 Legal 0.25 0.25 0.25 0.25 0.25 0.25 0.35 0.25 0.25 0.25 131 General Management 3.25 3.25 2.50 2.50 2.25 3.00 2.55 2.50 3.00 2.00 132 Human Resources 1.00 1.00 1.00 1.50 1.75 1.50 1.75 2.00 2.00 2.00 134 Risk Management 0.50 0.50 0.50 0.50 0.50 0.50 0.40 0.50 0.50 0.50 136 General Services 1.25 1.25 1.25 1.25 2.00 1.75 1.35 0.00 0.00 0.00 137 Business Licenses 0.25 0.25 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 138 Communications and Marketing 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.50 0.00 141 Purchasing 1.50 1.50 1.50 0.00 0.50 0.50 0.85 1.00 1.00 1.00 151 Information Services 3.50 3.50 3.50 3.00 2.25 2.00 2.60 2.00 2.00 2.00 Legislative and General Management Total 15.25 15.75 14.25 12.75 11.50 12.00 12.30 10.00 11.00 11.00 211 Financial Services Management 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 221 Accounting and Reporting 4.50 4.50 4.50 5.00 3.00 2.75 2.75 3.00 3.00 3.00 231 Customer Service 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.50 1.50 1.50 Financial Services Total 5.50 5.50 5.50 6.00 4.00 3.75 3.75 5.50 5.50 5.50 321 Buildings and Grounds 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 341 Garage Operations 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 351 Water Operations 7.50 7.50 7.50 7.50 6.50 6.00 6.00 7.00 7.00 7.00 360 Public Works Management 3.00 3.00 3.00 3.00 2.50 2.50 2.00 2.50 2.50 2.50 _ 361 Streets-General Salaries 8.00 8.00 8.00 8.00 8.00 8.00 8.00 6.50 6.50 6.50 Public Works Total 21.50 21.50 21.50 21.50 20.00 19.50 19.00 19.00 19.00 19.00 460 Engineering 4.00 4.00 4.00 4.00 3.50 3.25 3.50 3.50 3.50 3.50 Engineering and Capital Projects Total 4.00 4.00 4.00 4.00 3.50 3.25 3.50 3.50 3.50 3.50 ---- 511 Library General Operations 7.00 7.00 7.00 7.00 4.00 4.50 5.25 5.50 5.50 6.50 521 Technical Services 2.50 2.50 2.50 2.50 3.00 2.75 2.75 2.00 2.00 2.00 531 Reference and User Services 2.50 2.50 2.50 2.50 1.75 2.25 2.50 3.00 3.00 2.00 541 Youth Services 2.75 2.75 2.75 2.75 1.50 2.00 1.50 1.50 2.00 2.00 Library Total 14.75 14.75 14.75 14.75 10.25 11.50 12.00 12.00 12.50 12.50 (Continued) Page 156 VILLAGE OF OAK BROOK Budgeted Full-Time Equivalent Employees(Continued) Last Ten Fiscal Years Function/Program 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 611 Police Services Management 3.00 3.00 3.00 3.00 3.00 2.00 2.00 3.00 3.00 3.00 621 Police Field Services 35.00 35.00 36.25 35.25 31.50 31.50 32.20 31.00 31.00 31.00 622 Police Auxiliary 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5.00 631 Police General Support 2.50 3.00 3.50 3.50 3.00 3.00 3.00 4.00 4.00 4.00 632 Police Investigations 6.00 7.00 7.00 6.00 8.00 8.00 7.00 6.00 6.00 6.00 633 Village Communications Center 11.00 12.00 12.50 12.00 9.00 7.00 0.00 0.00 0.00 0.00 634 Police Support Services 3.00 3.00 3.00 3.00 2.50 2.50 6.55 3.50 3.50 3.50 635 Police Public Relations/Crime Prevention 2.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 636 Police Adjudication 0.00 0.00 0.00 0.00 0.00 0.50 0.00 0.00 0.00 0.00 Police Total 62.50 63.00 65.25 62.75 57.00 54.50 50.75 47.50 47.50 52.50 _ 700 Fire and EMS-General Salaries- 33.00 33.00 33.00 33.00 31.00 31.00 31.00 31.00 31.00 31.00 711 Rescue and Fire Service Management 3.00 3.00 3.00 2.50 1.50 1.50 1.50 1.50 2.20 2.85 741 Fire Prevention and Public Safety Education 2.00 2.00 2.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Fire Total- 38.00 38.00 38.00 35.50 32.50 32.50 32.50 32.50 33.20 33.85 811 Sports Core General Operations 2.75 2.75 2.75 2.25 1.75 1.50 0.75 0.25 1.50 0.50 821 Sports Core Food&Beverage Operations 2.00 2.50 2.50 2.75 0.00 0.50 0.50 0.50 1.00 1.50 823 Golf Club Food&Beverage Operations - - - 0.25 0.50 0.50 0.50 0.50 0.50 0.50 831 Golf Club General Operations 3.25 3.25 3.25 3.25 2.75 2.25 2.00 2.00 2.00 2.00 834 Golf Course Maintenance 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 Sports Core Total 11.00 11.50 11.50 11.50 8.00 7.75 6.75 6.25 8.00 7.50 911 Community Development Management 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.50 2.50 _ 921 Code Enforcement 3.00 4.00 4.00 3.50 3.50 3.50 4.25 4.25 5.50 6.00 Community Development Total 5.00 6.00 6.00 5.50 5.50 5.50 6.25 6.25 8.00 8.50 GRAND TOTAL ALL DEPARTMENTS 177.50 180.00 180.75 174.25 152.25 150.25 146.80 142.50 148.20 153.85 *Summary represents full-time equivalent positions not including seasonal,temporary or situational employees. Regular part-time employee hours have been rounded to the nearest quarter full-time equivalent -Six contract firefighter/paramedics are used to supplement the full-time complement of firefighter/paramedics. -Part-time positions that are filled by off-duty full-time Fire _ Department personnel are not included. These positions include Fire Prevention Inspectors,Building Inspectors,Administrative Aide,EMS Director,Public Safety Information Coordinator,and CPR Coordinator. Source: Village Records Page 157 VILLAGE OF OAK BROOK Operating Indicators Last Ten Fiscal Years Function/Program 2006 2007 2008 2009 2010 Public Safety Police Physical arrests 330 319 293 399 357 -' Parking violations 579 1,472 1,420 1,113 877 Traffic violations 3,984 4,240 3,371 3,464 4,090 Fire EMS incidents 1,138 1,093 1,118 1,069 1,006 Fire incidents 716 823 752 802 918 Communications Center Police calls dispatched 10,864 10,880 10,667 9,911 9,666 Fire/EMS calls dispatched 2,013 2,250 2,214 2,176 2,240 Water New water meters installed 31 31 21 10 10 _ Water main breaks repaired 63 109 58 63 59 Water pumped(mil. gals.) 1,261 1,336 1,210 1,105 1,136 Library _ Total circulation 96,414 99,009 96,631 90,287 87,906 Avg. daily circulation 286.1 292.1 282.5 267.9 260.5 Total holdings 103,951 106,181 105,493 111,051 116,386 Community Development Building permits issues 947 856 742 606 696 Inspections 2,268 1,754 1,772 2,090 2,193 Estimated construction value $ 76,294,249 $ 81,953,372 $ 46,663,489 $ 51,776,407 $ 51,559,533 Sports Core B&T recreation membership 302 291 303 259 300 Social Memberships 106 120 129 80 64 Total events 224 226 202 123 39 Golf memberships 262 235 226 219 207 Total golf rounds 42,324 43,561 40,336 39,686 37,750 Data Source Various village departments n/a Information was unavailable for this given period. Page 158 2011 2012 2013 2014 2015 267 234 178 196 208 1,245 636 501 306 299 3,374 3,137 2,897 2,986 2,082 1,091 1,113 1,191 1,321 1,329 788 656 667 742 600 9,666 12,696 18,552 19,853 19,442 2,156 2,071 2,294 2,448 2,246 11 14 15 16 33 50 61 48 36 17 1,060 1,173 1,113 1,080 1,152 84,768 91,017 93,300 90,485 91,205 253.0 269.0 274.0 265.0 270.0 124,757 128,343 131,658 131,973 102,441 705 770 811 837 850 2,139 2,311 2,617 2,648 2,790 $ 58,775,804 $ 76,987,646 $ 131,935,998 $ 110,922,495 $ 174,948,935 320 363 347 338 307 59 67 68 82 81 35 56 66 72 65 182 154 146 143 142 35,196 38,637 34,670 33,861 34,019 Page 159 VILLAGE OF OAK BROOK Capital Asset Statistics Last Ten Fiscal Years Function/Program 2006 2007 2008 2009 2010 2011 Public Safety Police Stations 1 1 1 1 1 1 Area patrols 5 5 5 5 4 5 Patrol units 15 15 15 15 12 11 Fire Fire stations 2 2 2 2 2 2 Engine 1 1 1 1 1 1 Truck 1 1 1 1 1 1 Squad 1 1 1 1 1 1 Ambulances 2 2 2 2 2 2 _ Incident command vehicle 1 1 1 1 1 1 Reserve apparatus 4 4 4 4 4 4 Staff&support vehicles 5 5 5 5 5 5 _ Public Works Arterial streets(miles) 8.5 8.5 8.5 8.5 8.5 8.5 Residential streets(miles) 49 49 49 49 49 49 -- Streetlights 565 565 565 565 565 565 Traffic intersections 11 11 11 11 11 11 Water Water mains(miles) 115 115 105 105 105 105 Fire hydrants 1,500 1,500 1,500 1,500 1,500 1,500 Storage capacity(gallons) 8.0 mil. 8.0 mil. 8.0 mil. 8.0 mil. 8.0 mil. 8.0 mil. Data Source Various village departments Page 160 2012 2013 2014 2015 1 1 1 1 5 5 5 5 11 11 11 11 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 1 1 1 1 4 4 4 4 5 5 4 3 8.5 8.5 8.5 8.5 49 49 49 49 565 565 565 565 11 11 11 11 105 105 105 105 1,500 1,500 1,500 1,500 8.0 mil. 8.0 mil. 8.0 mil. 8.0 mil. Page 161 i THIS PAGE IS INTENTIONALLY LEFT BLANK s �f mac_