CAFR (Year Ended December 31, 2016)VILLAGE OF OAK BROOK
COMPREHENSIVE AN NUAL FINANCIAL REPORT
For the Year Ended December 31, 2016
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
OF THE
VILLAGE OF OAK BROOK, ILLINOIS
As of and for the Year Ended December 31, 2016
Prepared by the Finance Department
Jason Paprocki
Finance Director
VILLAGE OF OAK BROOK
TABLE OF CONTENTS
As of and for the Year Ended December 31, 2016
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-W ide 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 -
Governmental 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 - 80
REQUIRED SUPPLEMENTARY INFORMATION
General Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget
and Actual - General Fund 81
VILLAGE OF OAK BROOK
TABLE OF CONTENTS (cont.)
As of and for the Year Ended December 31, 2016
REQUIRED SUPPLEMENTARY INFORMATION (cont.)
Special Revenue Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget
and Actual - Hotel/Motel Tax Fund 82
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 83
Illinois Municipal Retirement Fund - Schedule of Employer Contributions 84
Police Pension Fund - Schedule of Changes in the Village's Net Pension
Liability and Related Ratios 85
Police Pension Fund - Schedule of Employer Contributions 86 - 87
Police Pension Fund - Schedule of Investment Returns 88
Firefighters' Pension Fund - Schedule of Changes in the Village's Net Pension
Liability and Related Ratios 89
Firefighters' Pension Fund - Schedule of Employer Contributions 90 - 91
Firefighters' Pension Fund - Schedule of Investment Returns 92
Other Postemployment Benefit Plan - Schedule of Employer Contributions and
Schedule of Funding Progress 93
Notes to Required Supplementary Information 94
SUPPLEMENTARY INFORMATION
General Fund
Schedule of Revenues - Budget and Actual - General Fund 95
Schedule of Expenditures - Budget and Actual - General Fund 96 - 101
Governmental Funds
Combining Balance Sheet - Nonmajor Governmental Funds 102
Combining Statement of Revenues, Expenditures and Changes in Fund Balances -
Nonmajor Governmental Funds 103
Schedules of Revenues, Expenditures and Changes in Fund Balances (Deficit) -
Budget and Actual
Motor Fuel Tax Fund - Nonmajor Special Revenue Fund 104
Infrastructure Fund - Major Capital Projects Fund 105 - 108
Promenade TIF Fund - Major Capital Projects Fund 109
Proprietary Funds
Schedule of Revenues, Expenses and Changes in Net Position - Budget and
Actual - W aterworks System Fund - Major Enterprise Fund 110
VILLAGE OF OAK BROOK
TABLE OF CONTENTS (cont.)
As of and for the Year Ended December 31, 2016
SUPPLEMENTARY INFORMATION (cont.)
Schedule of Operating Expenses - Budget and Actual - W aterworks System Fund -
Major Enterprise Fund 111
Schedule of Revenues, Expenses and Changes in Net Position - Budget and
Actual - Sports Core Fund - Major Enterprise Fund 112
Schedule of Revenues, Expenses and Changes in Net Position - Budget and
Actual - W aterworks System Fund - Major Enterprise Fund 113
Schedule of Operating Expenses - Budget and Actual - Sports Core Fund - Major
Enterprise Fund 114 - 116
Internal Service Funds
Combining Statement of Net Position - Internal Services Funds 117
Combining Statement of Revenues, Expenses and Changes in Fund Net Position -
Internal Service Funds 118
Combining Statement of Cash Flows - Internal Service Funds 119 - 120
Statement of Revenues, Expenses and Changes in Net Position - Budget and
Actual
Self-Insurance Fund - Internal Service Fund 121
Garage Fund - Internal Service Fund 122
Capital Replacement Fund - Internal Service Fund 123
Fiduciary Funds
Combining Statement of Fiduciary Net Position - Pension Trust Funds 124
Combining Statement of Changes in Fiduciary Net Position - Pension Trust Funds 125
STATISTICAL SECTION
Net Position by Component - Last Ten Fiscal Years 126 - 127
Changes in Net Position - Last Ten Fiscal Years 128 - 131
Fund Balances of Governmental Funds - Last Ten Fiscal Years 132 - 133
Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years 134 - 135
Assessed Value and Estimated Actual Value of Taxable Property - Last Ten Fiscal
Years 136 - 137
Property Tax Rates - Direct and Overlapping Governments - Last Ten Levy Years 138 - 139
Principal Revenue Taxpayers - Current and Nine Years Ago 140
Direct and Overlapping Sales Tax Rates - Last Ten Fiscal Years 141 - 142
Ratios of Outstanding Debt by Type - Last Ten Fiscal Years 143 - 144
Schedule of Direct and Overlapping Bonded Debt 145
Legal Debt Margin Information - Last Ten Fiscal Years 146 - 147
VILLAGE OF OAK BROOK
TABLE OF CONTENTS (cont.)
As of and for the Year Ended December 31, 2016
STATISTICAL SECTION (cont.)
Demographic and Economic Information - Last Ten Fiscal Years 148
Principal Employers - Current and Eight Years Ago 149
Retail Sales Volume - Top 25 Illinois Communities 150
Sales Tax Receipts - Cash Basis - Last Ten Fiscal Years 151
State Sales Tax Receipts by Month - Cash Basis - Last Five Fiscal Years 152 - 153
Non-Home Rule Sales Tax Receipts by Month - Cash Basis - Last Ten Fiscal Years 154 - 155
Sales Tax by Category - Last Ten Fiscal Years 156 - 157
Non-Home Rule Sales Tax by Category - Last Ten Fiscal Years 158 - 159
Budgeted Full-Time Equivalent Employees - Last Ten Fiscal Years 160 - 161
Operating Indicators - Last Ten Fiscal Years 162 - 163
Capital Assets Statistics - Last Ten Fiscal Years 164 - 165
Village of
OakBrook
1200 Oak Brook Road
Oak Brook, IL 60523-2255
Website
www.oak-brook.org
Administration
630.368.5000
FAX 630.368.5045
Community
Development
630.368.510 I
FAX 630.368.5128
Engineering
Department
630.368.5130
FAX 630.368.5128
Fire Department
630.368.5200
FAX 630.368.5251
Police Department
630.368.8700
FAX 630.368.8739
Public Works
Department
630.368.5270
FAX 630.368.5295
Oak Brook
Public Library
600 Oak Brook Road
Oak Brook, lL 60523-2200
630.368.7700
FAX 630.368.7704
Oak Brook Sports Core
Bath & Tennis Club
700 Oak Brook Road
Oak Brook, IL 60523-4600
630.368.6420
FAX 630.368.6439
Golf Club
2606 York Road
Oak Brook, IL 60523-4602
630.368.6400
FAX 630.368.6419
April 25 , 2017
Honorable Gopal Lalmalani , Village President
Board ofTrustees
Citizens of the Village of Oak Brook, Illinois :
Illinois state statute requires that all general-purpose local governments
publish, within six months of the close of each fiscal year, a complete set
of financial statements presented in conformity with United States
Generally Accepted Accounting Principles (GAAP) and audited in
accordance with generally accepted auditing standards by a firm of
independent licensed certified public accountants . This report is published
to fulfill that requirement for the year ended December 31 , 2016.
Responsibility for both the accuracy of the presented data and the
completeness and fairness of the presentation, including all disclosures ,
rest with the management of the Village. We believe to the best of our
knowledge, as presented , the data is accurate in all material respects and
presented in a manner designed to fairly set forth the financial position and
results of the operations.
Management ofthe Village is responsible for establishing and maintaining
internal controls designed to ensure that the assets of the Village are
protected from loss , theft or misuse and to ensure that sufficient, reliable ,
adequate accounting data is compiled for the preparation of financial
statements in conformity with GAAP. Internal accounting controls have
been designed to provide reasonable rather than absolute assurance that
the financials statements will be free from material misstatement. We
believe that the Village 's internal controls adequately safeguard assets and
provide reasonable assurance of properly recorded financial transactions.
In addition, the Village maintains budgetary controls. The objective of
these controls is to ensure compliance with legal provisions embodied in
the annual budget approved by the Village Board. All disbursements
receive approval from the Board ofTrustees. The Village also maintains
an encumbrance system that is used as an extension of formal budgetary
integration .
The Village 's financial statements have been audited by Baker Tilly , a
firm of licensed certified public accountants. The independent audit is to
provide reasonable assurance that the financial statements of the Village of
Oak Brook are free of material misstatements. The independent audit
involved examining , on a test basis , evidence supporting the amounts and
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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, 2016, 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.org.
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, Hub
Group,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 40,558 jobs (2016, IDES, Where Workers
iii
Work); of them, 20.1% are in the Administrative and Support, Waste Management, and
Remedial services, 15.4% 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 levels seen during the economic crisis in 2009. 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
$721,795, or 5.9% compared to last year’s collections, and have increased nearly $3
million compared to 2009’s collections.
Oak Brook’s estimated construction value indicates a positive trend between the years of
2013 through 2016, with the high coming in 2015 at $174.9 million. The estimated
construction value in 2016 is $99.5 million, with the decrease due to the permit for a
major project being deferred to 2017. Total building permits issued during 2016 came in
at 841, which is a slight decrease of 1.1% compared to 2015. Overall, development has
been strong over the past four years.
New Commercial Development
There have been many changes and improvements in Oakbrook Center. The AMC 12
Cinema opened in late 2016, including a new food court with multiple restaurants. The
Mitchell Gold & Bob Williams signature furniture store completed its $1.7 million
project. Hyatt House hotel broke ground during 2016 and construction is expected to be
complete by the fall of 2017. Michael Jordan’s new restaurant plans to open in mid 2017.
New Office Development
The Duchossois Redevelopment Project for a 245,000 square foot corporate facility for
the Duchossois Group has been completed in early 2017. Employees are currently in the
process of moving into the new building. Rush University Medical Center and Midwest
Orthopedics broke ground in early 2017 on a 100,000 square-foot professional building.
The total cost of the building is expected to be $65 million, with a completion date of
spring 2019. Hub Group plans to expand its corporate headquarters with construction
expected to begin in 2017.
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
iv
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 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 2016, electrical design work was performed at the Municipal Complex with
construction planned for 2017, the restroom renovation project at the Butler Government
Center was started,patient stretcher lifts and a power stretcher were purchased improving
safety and preventing injuries, eight vehicles were replaced,cardiac monitors were
replaced, and exterior improvements were made at the Heritage Center. Renovation
plans in the police department are underway to improve functionality and safety
measures.
Various street improvements were performed throughout the Village, including the St.
Paschal Drive and 35th Street project. Various pedestrian access improvements in the
vicinity of the Oakbrook Center shopping area were completed.
v
There were many improvements made at the Sports Core this ye ar including new HVAC
units in the men’s and women’s locker rooms at the Bath and Tennis Clubhouse,
improvements to the golf course to enhance the course drainage,and new course mowers
and equipment.
Included in the 2017 budget are various street improvement projects, equipment
replacement items for various departments,a new fire utility vehicle purchase,and
numerous municipal building improvements. The Hotel/Motel Fund has planned various
projects to attract and promote visitors to the area. The second half of the Hotel/Motel
Fund project for 22nd Street Illinois Transportation Improvement Project (ITEP) –Salt
Creek to I-294 is scheduled in 2017. The Water Fund has a Village wide water meter
replacement project budgeted for 2017. The Sports Core is planning a Bath and Tennis
Clubhouse improvement project, a new sign on 31st Street, and Golf Club furniture and
interior improvements.
In 2017 and after,the Five-Year Financial Plan lists planned major capital projects
including:the continuation of the annual paving program, Heritage Center
improvements, police department renovation project, electrical to gas conversion project,
Butler Government Center roof project,Fire Station 93 building improvements,
equipment and vehicle replacements, water main improvements,water meter
replacements, various improvements to the Bath and Tennis Clubhouse, golf cart fleet
replacement, golf back patio upgrades,pedestrian access (Hotels and offices to Oakbrook
Center), and 22nd St. streetscape project (Salt Creek to I294). For a full listing of planned
capital improvements, you can review the 2017 Five-Year Financial Plan at:
http://www.oak-brook.org/304/Financial-Documents.
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, 2015.
In order to be awarded a Certificate of Achievement, a governmental unit must publish an
easily readable and efficiently organized comprehensive annual financial report, whose
contents conform to program standards. Such reports must satisfy both generally
accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. The Village has
successfully obtained the Certificate of Achievement for 39 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.
Jaso1t '
Finance Director
Vl
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, 2015
Executive Director/CEO
ResidentsofOak BrookVillage Presidentand Board of TrusteesVillage Clerk Village ManagerVillage Attorney(General)Finance DirectorChief of PoliceFire ChiefPublic Works DirectorDevelopment ServicesDirectorLibrary DirectorGolf Course Grounds SuperintendentBoards andCommissionsVillage of Oak BrookOrganization ChartFiscal Year 2016Village Attorney(Labor) Information Technology Services DirectorBath & Tennis Club Manager
ix
VILLAGE OF OAK BROOK, ILLINOIS
PRINCIPAL OFFICIALS
December 31, 2016
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
MANAGEMENT TEAM
Riccardo Ginex
Village Manager
Jason Paprocki
Finance Director
Doug Patchin
Public Works Director
Robert Kallien
Development Services Director
James Fox
Information Technology Director
Barry Liss
Fire Chief
Susan Madorin
Library Director
James Kruger
Police Chief
Sean Creed
Golf Course Superintendent
Christopher Thompson
Bath and Tennis Manager
Page 1
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, 2016, 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.
To the Honorable President and Board of Trustees
Village of Oak Brook
Page 2
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, 2016 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.
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, 2016 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, 2016 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, 2016
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.
To the Honorable President and Board of Trustees
Village of Oak Brook
Page 3
We also previously audited, in accordance with auditing standards generally accepted in the United States of
America, the basic financial statements of the Village of Oak Brook as of and for the year ended December 31,
2015 (not presented herein), and have issued our report thereon dated May 6, 2016, which contained
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 supplementary information for
the year ended December 31, 2015 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 2015 financial statements.
The information has been subjected to the auditing procedures applied in the audit of the 2015 basic financial
statements and certain additional procedures, including comparing and reconciling such information directly to
the underlying accounting and other records used to prepare those financial statements or to those 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 for the year ended December 31,
2015.
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
April 25, 2017
(See independent auditors’ report)
4
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
December 31, 2016
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, 2016. 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
• For the year ending December 31, 2016, the Village’s total (combined governmental and
business-type) assets and deferred outflows of resources exceeded liabilities and deferred
inflows of resources by $81.2 million (referred to as net position).
• The Village’s total net position increased by $2.9 million, or 3.7%, compared to the prior
year.
• The governmental activities reported total net position of $46.8 million, which is an
increase of $2.0 million, or 4.5%, in comparison to the prior year. The unrestricted
portion of the net position is a $26.1 million deficit, which can be attributed to the
Village’s unfunded pension liabilities.
• The business-type activities reported total net position of $34.4 million, which is an
increase of $0.9 million, or 2.7%, in comparison to the prior year. The unrestricted
portion of the net position is $3.9 million.
• The Village had a total deficit of $22.2 million of unrestricted net position at December
31, 2016.
• Total revenues increased $3.2 million, or 7.8%, in comparison to the prior year. This is
due to increases in sales, non-home rule sales, and utility tax collections and an increase
in water sales revenue due to a rate increase.
• Total expenses decreased $9.7 million, or 19.0%, in comparison to the prior year. This is
primarily due to GASB Statements 68 and 71 being implemented in 2015, resulting in the
recognition of initial pension expense during fiscal year 2015.
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
5
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.
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.
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
6
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, Infrastructure Fund, and Promenade
TIF Fund, all of which are considered to be “major” funds. Data from the other two
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.
The basic fiduciary fund financial statements can be found on pages 31 and 32 of this report.
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
7
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 80 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
pension obligations to provide benefits to its employees. Required supplementary information
can be found on pages 81 through 93 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 102 through 123 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, 2016.
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.
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
8
Statement of Net Position
The following table reflects a Summary of Net Position for fiscal years 2016 and 2015.
Table 1
Statement of Net Position Summary
As of December 31, 2016 and 2015
(in millions)
2016 2015 2016 2015 2016 2015
Assets
Current and Other Assets 38.4$ 34.7$ 5.3$ 3.5$ 43.7$ 38.2$
Capital Assets 60.7 61.3 30.6 31.4 91.3 92.7
Total Assets 99.1$ 96.0$ 35.9$ 34.9$ 135.0$ 130.9$
Deferred Outflows of Resources 7.2$ 7.6$ 0.9$ 0.4$ 8.1$ 8.0$
Liabilities
Long-Term Liabilities 54.2$ 54.0$ 1.5$ 0.7$ 55.7$ 54.7$
Other Liabilities 3.2 4.1 0.7 1.0 3.9 5.1
Total Liabilities 57.4$ 58.1$ 2.2$ 1.7$ 59.6$ 59.8$
Deferred Inflows of Resources 2.1$ 0.7$ 0.2$ 0.1$ 2.3$ 0.8$
NET POSITION
Net Investment in Capital Assets 60.5$ 60.7$ 30.5$ 31.4$ 91.0$ 92.1$
Restricted 12.4 11.3 - - 12.4 11.3
Unrestricted (26.1) (27.2) 3.9 2.1 (22.2) (25.1)
Total Net Position 46.8$ 44.8$ 34.4$ 33.5$ 81.2$ 78.3$
Governmental
Activities
Business-Type
Activities
Total Primary
Government
Cash and investments included in current assets increased $2.8 million, or 10.3% compared to
the prior year.
The Village’s combined net position increased from $78.3 million to $81.2 million, or $2.9
million, during 2016. The Village’s combined unrestricted net position also increased $2.9
million during 2016. The unrestricted portion of net position still remains a deficit balance due
to the unfunded pension liabilities.
The net investment in capital assets is the largest portion of net position. This represents capital
assets (land, buildings, improvements, equipment, infrastructure and construction in progress),
net of accumulated depreciation, and the outstanding related debt used to acquire the assets. The
Village uses these capital assets to provide services to its citizens and these assets are not
available for future spending. For more detailed information, see the Statement of Net Position
on page 17.
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
9
Summary of Changes in Net Position
The following table summarizes the revenues and expenses found on the Statement of Activities
for 2016 and 2015:
Table 2
Statement of Activities Summary
For the Fiscal Year Ended December 31, 2016 and 2015
(in millions)
2016 2015 2016 2015 2016 2015
Revenues
Program Revenues
Charges for Services 3.5$ 3.0$ 12.2$ 10.8$ 15.7$ 13.8$
Grants and Contributions 0.3 0.2 - - 0.3 0.2
General Revenues
Sales and Local Use Taxes 19.3 18.1 - - 19.3 18.1
Utility Taxes 6.0 5.7 - - 6.0 5.7
Other Taxes 2.7 2.8 - - 2.7 2.8
Investment Income 0.2 0.2 - - 0.2 0.2
Miscellaneous 0.1 0.3 - - 0.1 0.3
Transfers - (0.5) - 0.5 - -
Total Revenues 32.1$ 29.8$ 12.2$ 11.3$ 44.3$ 41.1$
Expenses
General Government 4.7$ 5.3$ -$ -$ 4.7$ 5.3$
Public Safety 17.2 24.6 - - 17.2 24.6
Public Works 6.4 7.7 - - 6.4 7.7
Culture and Recreation 1.5 1.5 - - 1.5 1.5
Waterworks System - - 8.0 8.0 8.0 8.0
Sports Core - - 3.3 3.7 3.3 3.7
Interest and Fiscal Charges 0.3 0.3 - - 0.3 0.3
Total Expenses 30.1$ 39.4$ 11.3$ 11.7$ 41.4$ 51.1$
Change in Net Position 2.0$ (9.6)$ 0.9$ (0.4)$ 2.9$ (10.0)$
Net Position - Beginning of Year 44.8 54.4 33.5 33.9 78.3 88.3
Net Position - End of Year 46.8$ 44.8$ 34.4$ 33.5$ 81.2$ 78.3$
Governmental Business-Type Total Primary
Activities Activities Government
Total revenues increased $3.2 million, or 7.8%, compared to the prior year. This is primarily
due to increases in revenue collections from sales, non-home rule sales, and utility taxes,
building and inspection permits, and water sales.
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
10
Total expenses decreased $9.7 million, or 19.0%, compared to the prior year, which is mainly
attributable to the implementation of GASB Statements 68 and 71 in 2015, which resulted in the
initial recognition of prior pension expense. More detailed information on pensions can be found
on pages 83 -92. The Village also spent less in 2016 on items such as legal fees, roadway
resurfacing projects, and other miscellaneous equipment.
Governmental Activities
Revenues – Governmental Activities
Charges for
Services, 10.9%
Grants and
Contributions, 1.0%
Sales and Local Use
Taxes, 60.1%
Utility Taxes,
18.7%
Other Taxes, 8.4%
Investment Income,
0.6%
Miscellaneous,
0.3%
Revenues By Source -Governmental Activities
For the fiscal year ended December 31, 2016, revenues totaled $32.1 million, an increase of $2.3
million from 2015. Revenue from sales and use taxes, which continues to be the Village’s
largest revenue source, amounted to $19.3 million or 60.1% of total revenue, an increase of $1.2
million or 6.6% from 2015. Utility taxes, which include the taxes imposed on electric, natural
gas, and telecommunications services, were $6.0 million or 18.7% of total revenues. This
represents an increase of $0.3 million, or 5.3%, from the comparable amount in 2015.
The “other taxes” classification includes a number of different revenue sources including income
taxes, personal property replacement taxes, and hotel taxes. For 2016, these revenues were $2.7
million or 8.4% of total revenues, which is a $0.1 million, or 0.4%, decrease from 2015.
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
11
Expenses by Function – Governmental Activities
General
Government, 15.6%
Public Safety,
57.1%
Public Works,
21.3%
Culture and
Recreation, 5.0%
Interest and Fiscal
Charges, 1.0%
Expenses by Function -Governmental Activities
Expenses for the Village of Oak Brook for governmental activities amounted to a total of $30.1
million in 2016, a decrease of $9.3 million from 2015. The decrease is primarily due to the
recognition of initial pension expense related to the implementation of GASB Statements 68 and
71 in 2015.
General government expenses were $4.7 million, a decrease of $0.6 million, or 11.3%, from
2015 which was due to reduced legal fees, other contractual services, and IT equipment.
Public Safety expenses were $17.2 million, a decrease of $7.4 million, or 30.1%, from 2015
primarily due to the recognition of initial pension expense during 2015 from the implementation
of GASB Statements 68 and 71.
Public works expenses were $6.4 million, a decrease of $1.3 million, or 16.9%, from 2015 due to
reduced roadway resurfacing projects compared to last year.
Culture and recreation expenses were $1.5 million, which was even with 2015.
Business-type Activities
The business-type activities net position increased $0.9 million, or 2.7%, compared to the prior
year. For business-type activities, revenues for the waterworks system were $8.8 million, which
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
12
increased by $1.1 million compared to the prior year, due to an increase in Water Sales.
Revenues for Sports Core were $3.4 million, which increased by $0.2 million compared to the
prior year. For business-type activities, expenses for the waterworks system were $8.0 million or
70.8% of total business-type expenses, which is even with 2015. Sports Core expenses were
$3.3 million or 29.2% of total business-type expenses, which is a decrease of $0.4 million
compared to the prior year.
Revenues and Expenses - Business-Type Activites
For the Fiscal Year Ended December 31, 2016
Program
Program Revenues Expenses
Waterworks Sytem 8,812,128$ 7,933,966$
Sports Core 3,381,345 3,339,863
Total 12,193,473$ 11,273,829$
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, 2016, the governmental
funds (as presented on the balance sheet on pages 20 through 21) had a combined fund balance
of $32.5 million, which is an increase of $3.9 million over the prior year. The economy has
shown improvement in consumer spending and user fees used to support the General Fund. The
fund balance in the General Fund increased $2.8 million from 2015 to 2016, to a total of $20.1
million.
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
13
Table 3
General Fund Budgetary Highlights
For the Fiscal Year Ended December 31, 2016
Original Amended
Budget Budget Actual
Revenues
Intergovernmental 13,670,390$ 13,670,390$ 14,274,831$
Utility Taxes 5,500,000 5,500,000 5,967,345
Licenses & Permits 1,473,650 1,473,650 1,882,598
Charges for Services 1,134,000 1,134,000 1,075,234
Other 690,590 690,590 717,952
Total Revenues 22,468,630$ 22,468,630$ 23,917,960$
Expenditures
General Government 4,663,545$ 4,866,230$ 4,063,322$
Public Safety 16,207,670 16,201,385 15,146,642
Public Works 691,805 691,805 642,689
Culture and Recreation 1,010,995 1,010,995 957,642
Debt Service 294,545 294,545 294,541
Total Expenditures 22,868,560$ 23,064,960$ 21,104,836$
Other Financing Sources (Uses)
Transfers In 662,600$ 662,600$ -$
Transfers Out (251,005) (251,005) -
Total Other Financing Sources (Uses)411,595$ 411,595$ -$
Change in Fund Balance 11,665$ (184,735)$ 2,813,124$
Intergovernmental revenues were over budget due primarily to sales tax revenue receipts being
$0.3 million higher than budget projections and State income and use tax revenue receipts being
$0.3 million higher than budget projections. Utility taxes were over budget due to increased
receipts of $0.5 million from a one-time payment in 2016. Licenses and permits revenue was
$0.4 million over budget projections due to increased commercial development.
Actual expenditures were $1.8 million below the original budget and $2.0 million below the
amended budget. The Village continues to be conservative in its spending. The Village saw
savings in personnel and capital costs in 2016 compared to budget projections.
Budget Policy
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
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
14
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 $2,500 in
all other accounts.
Capital Assets
The following schedule reflects the Village’s capital asset balances as of December 31, 2016 and
2015.
Table 4
Capital Assets
As of December 31, 2016 and 2015
(in millions)
2016 2015 2016 2015 2016 2015
Land and Land Right of Way 33.2$ 33.2$ 8.3$ 8.3$ 41.5$ 41.5$
Construction in Progress 0.4 0.1 - 0.1 0.4 0.2
Buildings and Land Improvements 22.1 21.8 9.3 9.2 31.4 31.0
Machinery, Vehicles, and Equipment 9.8 9.5 6.0 6.0 15.8 15.5
Infrastructure 34.7 34.5 26.7 26.6 61.4 61.1
Total 100.2$ 99.1$ 50.3$ 50.2$ 150.5$ 149.3$
Accumulated Depreciation (39.5)$ (37.8)$ (19.7)$ (18.8)$ (59.2)$ (56.6)$
Total Capital Assets 60.7$ 61.3$ 30.6$ 31.4$ 91.3$ 92.7$
Governmental
Activities
Business-Type
Activities
Total Primary
Government
At year-end, the Village’s investment in capital assets (net of accumulated depreciation and
related long-term debt) for both its governmental and business-type activities was $91.0 million,
with a decrease of $1.1 million from 2015 (see Note II.C. in the Notes to the Financial
Statements for further information regarding capital assets). Major capital asset events during
2016 were:
• For Governmental Activities, capital spending included: Heritage Center exterior building
improvements, Butler Government Center restroom renovations, Butler Government Center
electrical project design, pedestrian access way improvements, and various vehicle and
equipment replacements.
• For Business-Type Activities, capital spending included: fuel tank replacement, golf course
drainage improvements, golf course mower replacements, and B&T locker room HVAC
units.
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 $114,996,061 based on January 1, 2015 EAV of
$1,336,534,043. As of December 31, 2016, the Village has $280,000 of debt outstanding
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
15
attributed to one installment contract that is applicable to the legal limit (see Note II.E. in the
Notes to the Financial Statements for details of each issue). The table below summarizes the
Village’s outstanding long-term debt:
Table 5
Long-term Debt
As of December 31, 2016
Governmental Business-Type Total Primary
Activities Activities Government
General Fund Certificates:
Series 2009 (Refunding)280,000$ -$ 280,000$
TIF Note Payable 3,507,263 3,507,263
Total 3,787,263$ -$ 3,787,263$
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
$17.2 million to $20.0 million primarily due to an overall increase in revenues while controlling
expenditure increases. Total 2016 General Fund revenues of $23.9 million was a $1.3 million
increase from 2015. The Village’s intent is to hold some of this fund balance in reserves.
The 2017 Budget continues to be a conservative financial plan while providing excellent services
to its residents and business community. The 2017 budgeted revenues are $50.1 million, an
increase of $1.0 million, or 2.0%, from the 2016 Budget (excludes Pension Trust and Foreign
Fire Tax Funds). This is mostly due to modest increases in sales tax, utility/telecommunications
tax, interest, and water sales. The total spending in the 2017 Budget is $51.4 million, which is
even with 2016’s Budget of $51.4 million. This is mainly due to decreases in interfund
VILLAGE OF OAK BROOK, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS (continued)
(See independent auditors’ report)
16
reimbursements and transfers and contractual services, which is offset by slight increases in
personnel, materials & supplies, and capital spending.
The projected ending cash balance for 2017 in the General Corporate Fund of $15.3 million is
equal to 8.3 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 Jason Paprocki, Finance Director, Village of Oak Brook, 1200 Oak Brook Road,
Oak Brook, IL 60523.
VILLAGE OF OAK BROOK
STATEMENT OF NET POSITION
As of December 31, 2016
Governmental
Activities
Business-
Type Activities Totals
ASSETS
Cash and investments $30,132,127 $3,424,653 $33,556,780
Receivables (net)
Property taxes 354,800 -354,800
Sales taxes 5,464,192 -5,464,192
Utility taxes 1,220,588 -1,220,588
Accounts 378,340 -378,340
Billed and unbilled water sales -925,735 925,735
Allotments 18,701 -18,701
Accrued interest 70,225 6,434 76,659
Other 538,636 124,176 662,812
Internal balances (711,798)711,798 -
Inventories 53,403 138,088 191,491
Prepaid items 831,778 83 831,861
Capital Assets
Capital assets not being depreciated 33,548,446 8,292,265 41,840,711
Capital assets, net of accumulated depreciation 27,182,031 22,280,996 49,463,027
Total Assets 99,081,469 35,904,228 134,985,697
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to pensions 7,174,578 862,841 8,037,419
Total Deferred Outflows of Resources 7,174,578 862,841 8,037,419
LIABILITIES
Accounts payable 1,492,610 499,594 1,992,204
Accrued payroll 701,931 58,393 760,324
Accrued interest 117,729 -117,729
Claims payable 42,919 -42,919
Deposits 703,015 78,263 781,278
Unearned revenue 120,895 18,402 139,297
Noncurrent Liabilities
Due within one year 1,359,753 89,812 1,449,565
Due in more than one year 52,848,629 1,399,117 54,247,746
Total Liabilities 57,387,481 2,143,581 59,531,062
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pensions 1,759,490 142,478 1,901,968
Deferred property taxes 354,800 -354,800
Total Deferred Inflows of Resources 2,114,290 142,478 2,256,768
NET POSITION
Net investment in capital assets 60,450,477 30,573,261 91,023,738
Restricted for
Infrastructure 6,766,002 -6,766,002
Highways and streets 927,385 -927,385
Fire department 203,183 -203,183
Culture and recreation 4,293,506 -4,293,506
Economic development 249,278 -249,278
Unrestricted (26,135,555)3,907,749 (22,227,806)
TOTAL NET POSITION $46,754,276 $34,481,010 $81,235,286
See accompanying notes to financial statements.
Page 17
VILLAGE OF OAK BROOK
STATEMENT OF ACTIVITIES
For the Year Ended December 31, 2016
Program Revenues
Functions/Programs Expenses
Charges for
Services
Operating
Grants and
Contributions
Capital
Grants and
Contributions
Governmental Activities
General government $4,658,830 $2,147,847 $-$-
Public safety 17,162,874 1,310,418 46,280 -
Public works 6,444,838 15,893 200,706 25,804
Culture, education and recreation 1,521,582 13,296 --
Interest and fiscal charges 304,184 ---
Total Governmental Activities 30,092,308 3,487,454 246,986 25,804
Business-type Activities
Waterworks System 7,933,966 8,812,128 --
Sports Core 3,339,164 3,381,345 --
Total Business-type Activities 11,273,130 12,193,473 --
Total $41,365,438 $15,680,927 $246,986 $25,804
General Revenues
Taxes
Property
Sales, local use
Utility taxes
Hotel/motel
Other
Intergovernmental
State sales tax
State income tax
Replacement
Gain on disposal of capital assets
Investment income
Miscellaneous
Total General Revenues
Change in net position
NET POSITION - Beginning of Year
NET POSITION - END OF YEAR
See accompanying notes to financial statements.
Page 18
Net (Expenses) Revenues and Changes in Net Position
Governmental
Activities
Business-type
Activities Totals
$(2,510,983)$-$(2,510,983)
(15,806,176)-(15,806,176)
(6,202,435)-(6,202,435)
(1,508,286)-(1,508,286)
(304,184)-(304,184)
(26,332,064)-(26,332,064)
-878,162 878,162
-42,181 42,181
-920,343 920,343
(26,332,064)920,343 (25,411,721)
354,829 -354,829
6,292,168 -6,292,168
5,967,345 -5,967,345
1,270,131 -1,270,131
67,246 -67,246
12,969,830 -12,969,830
767,362 -767,362
279,782 -279,782
79,706 -79,706
241,213 16,005 257,218
35,053 -35,053
28,324,665 16,005 28,340,670
1,992,601 936,348 2,928,949
44,761,675 33,545,361 78,307,036
$46,754,276 $34,481,709 $81,235,985
See accompanying notes to financial statements.
Page 19
VILLAGE OF OAK BROOK
BALANCE SHEET
GOVERNMENTAL FUNDS
As of December 31, 2016
General
Hotel/Motel
Tax Infrastructure
Promenade
TIF
AS SETS
Cash and investments $16,510,154 $4,403,430 $5,419,586 $249,278
Receivables
Property taxes ---354,800
Sales taxes 3,715,915 -1,748,277 -
Utility taxes 1,220,588 ---
Accounts 378,340 ---
Allotments ----
Accrued interest 47,339 7,186 9,644 -
Other 331,680 106,766 72,738 -
Inventories 1,355 ---
Prepaid items 57,089 ---
TOTAL ASSETS $22,262,460 $4,517,382 $7,250,245 $604,078
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND FUND BALANCES
Liabilities
Accounts payable $590,501 $223,876 $370,270 $-
Accrued payroll 655,016 -41,235 -
Deposits 703,015 ---
Unearned revenues 81,271 ---
Total Liabilities 2,029,803 223,876 411,505 -
Deferred Inflows of Resources
Deferred property taxes ---354,800
Unavailable other receivables 160,113 -72,738 -
Total Deferred Inflows of Resources 160,113 -72,738 354,800
Fund Balances
Nonspendable for inventory 1,355 ---
Nonspendable for prepaid items 57,089 ---
Restricted for infrastructure --6,766,002 -
Restricted for highways and streets ----
Restricted for fire department ----
Restricted for culture and recreation -4,293,506 --
Restricted for economic development ---249,278
Unassigned 20,014,100 ---
Total Fund Balances 20,072,544 4,293,506 6,766,002 249,278
TOTAL LIABILITIES,
DEFERRED INFLOWS OF
RESOURCES, AND FUND
BALANCES $22,262,460 $4,517,382 $7,250,245 $604,078
See accompanying notes to financial statements.
Page 20
Nonmajor
Governmental
Funds Totals
$1,110,119 $27,692,567
-354,800
-5,464,192
-1,220,588
-378,340
18,701 18,701
1,748 65,917
-511,184
-1,355
-57,089
$1,130,568 $35,764,733
$-$1,184,647
-696,251
-703,015
-81,271
-2,665,184
-354,800
-232,851
-587,651
-1,355
-57,089
-6,766,002
927,385 927,385
203,183 203,183
-4,293,506
-249,278
-20,014,100
1,130,568 32,511,898
$1,130,568 $35,764,733
See accompanying notes to financial statements.
Page 21
VILLAGE OF OAK BROOK
RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF NET POSITION
As of December 31, 2016
Total Fund Balances - Governmental Funds $32,511,898
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.57,151,600
Unavailable other receivables recognized in the statement of net position do not
provide current financial resources and are inclded as deferred inflows of
resources in the governmental funds balance sheet.232,851
Interest payable is not due and payable in the current period and, therefore, is not
reported in the governmental funds.(117,729)
Deferred outflows of resources related to pensions do not relate to current financial
resources and are not reported in the governmental funds.7,121,141
Deferred inflows of resources related to pensions do not relate to current financial
resources and are not reported in the governmental funds.(1,750,666)
Internal service funds are reported in the statement of net position as governmental
activities.5,713,884
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 (280,000)
Notes payable (3,507,263)
Compensated absences payable (1,069,583)
Net pension liability (48,683,567)
Net other postemployment benefit obligation (568,290)
NET POSITION OF GOVERNMENTAL ACTIVITIES $46,754,276
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, 2016
General
Hotel/Motel
Tax Infrastructure
Promenade
TIF
REVENUES
Intergovernmental $14,274,831 $-$25,804 $103,007
Non-home rule sales tax --5,991,262 -
Utility taxes 5,967,345 ---
Hotel and motel taxes -1,270,131 --
Licenses and permits 1,882,598 ---
Charges for services 1,075,234 ---
Property taxes ---354,829
Fines, forfeitures and penalties 159,799 ---
Investment income 136,186 17,993 39,800 389
Miscellaneous 421,967 ---
Total Revenues 23,917,960 1,288,124 6,056,866 458,225
EXPENDITURES
Current
General government 4,063,322 90,305 186,013 3,938
Public safety 15,146,642 ---
Public works 642,689 -5,412,968 -
Culture and recreation 957,642 751,823 --
Debt Service
Principal 275,000 --145,000
Interest and fiscal charges 19,541 --290,220
Total Expenditures 21,104,836 842,128 5,598,981 439,158
Excess (deficiency) of revenues over
expenditures 2,813,124 445,996 457,885 19,067
OTHER FINANCING USES
Transfers in --516,221 -
Transfers out ----
Total Other Financing Uses --516,221 -
Net Change in Fund Balances 2,813,124 445,996 974,106 19,067
FUND BALANCES - Beginning of Year 17,259,420 3,847,510 5,791,896 230,211
FUND BALANCES - END OF YEAR $20,072,544 $4,293,506 $6,766,002 $249,278
See accompanying notes to financial statements.
Page 23
Nonmajor
Governmental
Funds Totals
$253,964 $14,657,606
-5,991,262
-5,967,345
-1,270,131
-1,882,598
-1,075,234
-354,829
-159,799
9,099 203,467
-421,967
263,063 31,984,238
-4,343,578
43,421 15,190,063
-6,055,657
-1,709,465
-420,000
-309,761
43,421 28,028,524
219,642 3,955,714
-516,221
(516,221)(516,221)
(516,221)-
(296,579)3,955,714
1,427,147 28,556,184
$1,130,568 $32,511,898
See accompanying notes to financial statements.
Page 24
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, 2016
Net change in fund balances - total governmental funds $3,955,714
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 876,358
Depreciation is reported in the government-wide financial statements (1,503,645)
Receivables not currently available are reported as revenue when collected or currently
available in the fund financial statements but are recognized as revenue when earned in
the government-wide financial statements.232,851
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.420,000
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 (96,870)
Interest payable 5,574
Net postemployment benefits obligation (143,665)
Net pension liability (471,467)
Deferred outflows of resources related to pensions (411,855)
Deferred inflows of resources related to pensions (1,342,890)
The change in net position of certain activities of internal service funds is included in
governmental activities.472,496
CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES $1,992,601
See accompanying notes to financial statements.
Page 25
VILLAGE OF OAK BROOK
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
As of December 31, 2016
Business-type Activities - Enterprise Funds
Waterworks
System Sports Core Totals
Governmental
Activities -
Internal
Service Funds
ASSETS
Current Assets
Cash and investments $2,724,004 $700,649 $3,424,653 $2,439,560
Receivables
Billed and unbilled water sales 925,735 -925,735 -
Accrued interest 4,798 1,636 6,434 4,308
Other 39,364 84,812 124,176 27,452
Inventories -138,088 138,088 52,048
Prepaid items 83 -83 774,689
Total Current Assets 3,693,984 925,185 4,619,169 3,298,057
Noncurrent Assets
Capital assets not being depreciated 215,800 8,076,465 8,292,265 -
Capital assets, net of accumulated
depreciation 18,321,967 3,959,029 22,280,996 3,578,877
Total Noncurrent Assets 18,537,767 12,035,494 30,573,261 3,578,877
Total Assets 22,231,751 12,960,679 35,192,430 6,876,934
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to pensions 350,718 512,123 862,841 53,437
Total Deferred Outflows of Resources 350,718 512,123 862,841 53,437
See accompanying notes to financial statements.
Page 26
Business-type Activities - Enterprise Funds
Waterworks
System Sports Core Totals
Governmental
Activities -
Internal
Service Funds
LIABILITIES
Current Liabilities
Accounts payable 421,288 78,306 499,594 307,963
Accrued payroll 35,038 23,355 58,393 5,680
Compensated absences payable 54,441 35,371 89,812 10,170
Deposits 143 78,120 78,263 -
Unearned revenues -18,402 18,402 39,624
Claims payable ---42,919
Total Current Liabilities 510,910 233,554 744,464 406,356
Noncurrent Liabilities
Net pension liability - IMRF 537,874 785,411 1,323,285 81,953
Other post employment benefits payable 48,739 27,093 75,832 7,556
Total Noncurrent Liabilities 586,613 812,504 1,399,117 89,509
Total Liabilities 1,097,523 1,046,058 2,143,581 495,865
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pensions 57,913 84,565 142,478 8,824
Total Deferred Inflows of Resources 57,913 84,565 142,478 8,824
NET POSITION
Investment in capital assets 18,537,767 12,035,494 30,573,261 3,578,877
Unrestricted 2,889,266 306,685 3,195,951 2,846,805
TOTAL NET POSITION $21,427,033 $12,342,179 33,769,212 $6,425,682
Adjustments to reflect the consolidation of
internal service funds activities related to
enterprise funds.711,798 (711,798)
Net Position Business-type Activities $34,481,010
Net internal service funds reported in the
statement of net position as governmental
activities $5,713,884
See accompanying notes to financial statements.
Page 27
VILLAGE OF OAK BROOK
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
PROPRIETARY FUNDS
For the Year Ended December 31, 2016
Business-type Activities - Enterprise Funds
Waterworks
System Sports Core Totals
Governmental
Activities -
Internal
Service Funds
OPERATING REVENUES
Charges for services $8,812,128 $3,383,857 $12,195,985 $4,315,638
Total Operating Revenues 8,812,128 3,383,857 12,195,985 4,315,638
OPERATING EXPENSES
Operation of facilities 7,369,401 3,052,368 10,421,769 499,878
Claims and insurance ---2,806,534
Miscellaneous ---24,482
Depreciation and amortization 590,178 294,826 885,004 579,591
Total Operating Expenses 7,959,579 3,347,194 11,306,773 3,910,485
Operating Income 852,549 36,663 889,212 405,153
NONOPERATING REVENUES (EXPENSES)
Investment income 12,631 3,374 16,005 20,581
Gain (loss) on disposal of capital assets -(2,512)(2,512)79,706
Total Nonoperating Revenues
(Expenses)12,631 862 13,493 100,287
Change in Net Position 865,180 37,525 902,705 505,440
NET POSITION - Beginning of Year 20,561,853 12,304,654 5,920,242
NET POSITION - END OF YEAR $21,427,033 $12,342,179 $6,425,682
Adjustment to reflect the consolidation of
internal service funds activities related to
enterprise funds 32,944
Change in Net Position of Business-type
Activities $935,649
See accompanying notes to financial statements.
Page 28
VILLAGE OF OAK BROOK
STATEMENT OF CASH FLOW S
PROPRIETARY FUNDS
For the Year Ended December 31, 2016
Business-type Activities - Enterprise Funds
Waterworks
System Sports Core Totals
Governmental
Activities -
Internal
Service Funds
CASH FLOWS FROM OPERATING
AC TIVITIES
Received from customers $8,660,211 $3,345,527 $12,005,738 $1,074,995
Receipts from internal service transactions ---3,258,920
Paid to suppliers for goods and services (6,848,316)(1,702,439)(8,550,755)(3,336,264)
Paid to employees for services (575,940)(1,209,570)(1,785,510)(108,053)
Net Cash Flows From Operating
Activities 1,235,955 433,518 1,669,473 889,598
CASH FLOWS FROM INVESTING
AC TIVITIES
Investments sold and matured 381,591 295,271 676,862 492,800
Investment income 15,735 4,001 19,736 24,100
Purchase of investments (538,608)(454,992)(993,600)(453,416)
Net Cash Flows From Investing
Activities (141,282)(155,720)(297,002)63,484
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Acquisition and construction of capital
assets -(94,567)(94,567)(1,230,589)
Proceeds from sale of capital assets ---107,509
Net Cash Flows From Capital and
Related Financing Activities -(94,567)(94,567)(1,123,080)
Net Change in Cash and Cash
Equivalents 1,094,673 183,231 1,277,904 (169,998)
CASH AND CASH EQUIVALENTS - Beginning
of Year 368,671 87,597 456,268 1,477,587
CASH AND CASH EQUIVALENTS - END
OF YEAR $1,463,344 $270,828 $1,734,172 $1,307,589
See accompanying notes to financial statements.
Page 29
Business-type Activities - Enterprise Funds
Waterworks
System Sports Core Totals
Governmental
Activities -
Internal
Service Funds
RECONCILIATION OF OPERATING INCOME
TO NET CASH FLOWS FROM OPERATING
AC TIVITIES
Operating income $852,549 $36,663 $889,212 $405,153
Adjustments to Reconcile Operating
Income to Net Cash Flows From
Operating Activities
Depreciation 590,178 294,826 885,004 579,591
Changes in assets and liabilities
Accounts receivable (24,546)(45,618)(70,164)63,928
Inventory -40,110 40,110 (17,586)
Prepaids (83)-(83)(19,420)
Deferred outflows - pensions (163,947)(232,962)(396,909)11,876
Billed and unbilled water sales (125,564)-(125,564)-
Accounts payable (130,314)35,464 (94,850)11,230
Customer deposits (1,807)9,685 7,878 -
Accrued salaries 7,691 (20)7,671 (34,298)
Compensated absences payable 6,190 (12,281)(6,091)2,965
Claims payable ---(25,385)
Other post employment benefits payable 10,169 8,567 18,736 (575)
Net pension liability 210,289 295,779 506,068 (32,603)
Deferred inflows - pensions 5,150 5,702 10,852 (9,627)
Unearned revenues -(2,397)(2,397)(45,651)
NET CASH FLOWS FROM
OPERATING ACTIVITIES $1,235,955 $433,518 $1,669,473 $889,598
RECONCILIATION OF CASH AND CASH
EQUIVALENTS TO THE STATEMENT OF
NET POSITION - PROPRIETARY FUNDS
Cash and cash equivalents $1,463,344 $270,828 $1,734,172 $1,307,589
Investments 1,260,660 429,821 1,690,481 1,131,971
CASH AND INVESTMENTS $2,724,004 $700,649 $3,424,653 $2,439,560
NONCASH CAPITAL AND RELATED
FINANCING ACTIVITIES
None
See accompanying notes to financial statements.
Page 30
VILLAGE OF OAK BROOK
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
As of December 31, 2016
Pension Trusts
ASSETS
Cash $643,727
Investments
Certificates of deposit 1,140,225
Money markets 3,189,938
U.S. treasuries 803,901
U.S. agencies 8,662,734
State and local obligations 2,550,171
Corporate bonds 6,425,756
Mutual funds 34,955,980
Accrued interest 176,898
Prepaid items 5,063
Total Assets 58,554,393
LIABILITIES
Accounts payable 24,923
Total Liabilities 24,923
NET POSITION
Restricted for pension benefits 58,529,470
TOTAL NET POSITION $58,529,470
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, 2016
Pension Trusts
AD DITIONS
Contributions
Employer $3,329,403
Employee 657,013
Total Contributions 3,986,416
Investment income
Net depreciation in fair value 2,282,632
Interest 1,815,270
Total Investment Income 4,097,902
Less Investment expense 127,564
Net Investment Income 3,970,338
Total Additions 7,956,754
DEDUCTIONS
Benefits and refunds 5,010,109
Administrative 80,089
Total Deductions 5,090,198
Net Decrease in Net Position 2,866,556
NET POSITION - Beginning of Year 55,662,914
NET POSITION - END OF YEAR $58,529,470
See accompanying notes to financial statements.
Page 32
VILLAGE OF OAK BROOK
INDEX TO NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
NOTE Page
I Summary of Significant Accounting Policies 34
A.Reporting Entity 34
B.Government-W ide and Fund Financial Statements 35
C.Measurement Focus, Basis of Accounting, and Financial Statement
Presentation 37
D.Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of
Resources, and Net Position or Equity 39
1.Deposits and Investments 39
2.Receivables 42
3.Inventories and Prepaid Items 43
4.Capital Assets 43
5.Deferred Outflows of Resources 44
6.Compensated Absences 44
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 54
C.Capital Assets 55
D.Interfund Transfers 57
E.Long-Term Obligations 58
III Other Information 60
A.Employees' Retirement System 60
B.Risk Management 74
C.Commitments and Contingencies 76
D.Other Postemployment Benefits 76
E.Tax Abatement 79
F.Effect of New Accounting Standards on Current-Period Financial Statements 80
See accompanying notes to financial statements.
Page 33
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
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, 2016
NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
B.GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS
In February 2015, the GASB issued statement No. 72 - Fair Value Measurement and Application. This
statement addresses accounting and financial reporting issues related to fair value measurements. It
defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date. This standard was
implemented January 1, 2016.
In August 2015, the GASB issued statement No. 77 - Tax Abatement Disclosures. This statement
addresses financial reporting related to tax abatement programs. It establishes requirements for
disclosures about a reporting government's own tax abatements agreements and agreements entered into
by other governments that reduce the reporting government's tax revenues. This standard was
implemented January 1, 2016.
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, 2016
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% test is 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.
Promenade TIF Fund - used to account for the revenues and expenditures restricted to the Tax
Increment Financing District located at 22nd Street and Meyers Road.
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, 2016
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
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
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.
Page 37
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
C.MEASUREMENT FOCUS, BASIS OF ACCOUNTING, AND FINANCIAL STATEMENT PRESENTATION (cont.)
Government-Wide Financial Statements (cont.)
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.
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.
Page 38
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
C.MEASUREMENT FOCUS, BASIS OF ACCOUNTING, AND FINANCIAL STATEMENT PRESENTATION (cont.)
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.
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:
Asset Class Target
Long-Term
Expected Real
Rate of Return
Money market mutual funds 8%0.50%
Fixed income 32%2.50%
Mutual funds 60%5.50%
Page 39
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
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.)
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, 2016 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:
Asset Class Target
Long-Term
Expected Real
Rate of Return
Money market mutual funds 2%0.50%
Fixed income 38%2.50%
Mutual funds 60%5.50%
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.
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, 2016 is summarized in the table above.
The Village has adopted an investment policy. That policy follows the state statute for allowable
investments.
Page 40
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
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.)
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.
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.
Page 41
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
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.)
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.
2.Receivables
Property taxes for levy year 2016 attaches as an enforceable lien on January 1, 2016, 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 2016 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.
Page 42
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
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 (cont.)
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.
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.
Page 43
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
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 (cont.)
Government-Wide Statements (cont.)
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.
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
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.
Page 44
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
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.)
6. Compensated Absences (cont.)
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, 2016, are
determined on the basis of current salary rates and include salary related payments.
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
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
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, 2016
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, 2016
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, 2016
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
Value
Statement
Balances Associated Risks
Petty cash $3,600 $-N/A
Deposits 1,663,255 3,224,993 Custodial credit risk
Money markets 3,189,938 3,189,938 Credit risk
Illinois funds 12,390,796 12,390,796 Credit risk
Certificates of deposit (Non-negotiable)7,264,510 7,264,510 Custodial credit risk
Corporate bonds 10,091,180 10,091,180 Credit risk, custodial
credit risk, concentration
of credit risk, interest rate
risk
U.S. treasury obligations 803,901 803,901 Custodial credit risk,
interest rate risk
U.S. agency obligations - explicit 2,824,095 2,824,095 Custodial credit risk,
interest rate risk
U.S. agency obligations - implicit 8,632,764 8,632,764 Credit risk, custodial
credit risk, concentration
of credit risk, interest rate
risk
Mutual funds - other than bond funds 34,955,980 34,955,980 N/A
State and local obligations 10,109,193 10,109,193 Credit risk, custodial
credit risk, concentration
of credit risk, interest rate
risk
Total Deposits and Investments $91,929,212 $93,487,350
Page 48
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
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 $33,556,780
Per statement of net position - fiduciary
funds
Cash 643,727
Certificates of deposit 1,140,225
Money markets 3,189,938
U.S. treasuries 803,901
U.S. agencies 8,662,734
Corporate bonds 6,425,756
Mutual funds 34,955,980
State and local obligations 2,550,171
Total Deposits and Investments $91,929,212
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.
The Village categorizes its fair value measurements within the fair value hierarchy established by generally
accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair
value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs
are significant other observable inputs; Level 3 inputs are significant unobservable inputs. As of December
31, 2016, investments were meaured using the market valuation method and valuation inputs as follows:
Village
Investment Type Level 1 Level 2 Level 3 Total
U.S. agencies $-$2,794,125 $-$2,794,125
State and local obligations -7,559,022 -7,559,022
Corporate bonds -3,665,424 -3,665,424
Illinois funds -12,390,796 -12,390,796
Total $-$26,409,367 $-$26,409,367
Page 49
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
NOTE II - DETAILED NOTES ON ALL FUNDS (cont.)
A.DEPOSITS AND INVESTMENTS (cont.)
Police Pension
Investment Type Level 1 Level 2 Level 3 Total
U.S. agencies $-$4,723,644 $-$4,723,644
State and local obligations -1,180,474 -1,180,474
Mutual funds 19,950,332 --19,950,332
Corporate bonds -4,143,333 -4,143,333
Total $19,950,332 $10,047,451 $-$29,997,783
Firefighters' Pension
Investment Type Level 1 Level 2 Level 3 Total
U.S. agencies $-$3,939,090 $-$3,939,090
U.S. treasuries -803,901 -803,901
State and local obligations -1,369,697 -1,369,697
Mutual funds 15,005,648 --15,005,648
Corporate bonds -2,282,423 -2,282,423
Total $15,005,648 $8,395,111 $-$23,400,759
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 50
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
NOTE II - DETAILED NOTES ON ALL FUNDS (cont.)
A.DEPOSITS AND INVESTMENTS (cont.)
Credit Risk (cont.)
As of December 31, 2016, investments were rated as follows:
Village
Investment Type
Standard &
Poors
Moody's
Investors
Services
U.S. agency securities - implicit AA+AAA
State and local obligations A to AAA A1 to Aa3
Corporate bonds A- to A A2
Illinois funds AAAm Not rated
Police Pension
Investment Type
Standard &
Poors
Moody's
Investors
Services
U.S. agency securities - implicit AA+AAA
State and local obligations A to AA-Baa1
Corporate bonds BBB to AA-Baa2 to A1
Firefighters' Pension
Investment Type
Standard &
Poors
Moody's
Investors
Services
U.S. agency securities - implicit AA+Aaa
State and local obligations AA- to AAA A1 to Aa1
Corporate bonds BBB+ to AA+Baa1 to Aa1
Page 51
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
NOTE II - DETAILED NOTES ON ALL FUNDS (cont.)
A.DEPOSITS AND INVESTMENTS (cont.)
Concentration of Credit Risk
Concentration of credit risk is the risk of loss attributed to the magnitude of a government's investment in a
single issuer.
At December 31, 2016, the investment portfolio was concentrated as follows:
Village
Issuer Investment Type
Percentage of
Net Position
Grundy Kendall & W ill Countys IL State and local obligations 5.00%
American Express CR Corp Corporate bonds 8.00%
National City Bank Cleveland Corporate bonds 5.00%
Wachovia Corp NT Corporate bonds 5.00%
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, 2016, investments were as follows:
Village
Maturity (In Years)
Investment Type Fair Value Less than 1 1-5 6-10 More than 10
U.S. agency securities -
implicit $597,224 $-$597,224 $-$-
U.S. agency securities -
explicit 2,196,901 -1,245,735 -951,166
State and local obligations 7,559,022 3,958,660 3,098,387 501,975 -
Corporate bonds 3,665,424 3,665,424 ---
Totals $14,018,571 $7,624,084 $4,941,346 $501,975 $951,166
Page 52
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
NOTE II - DETAILED NOTES ON ALL FUNDS (cont.)
A.DEPOSITS AND INVESTMENTS (cont.)
Interest Rate Risk (cont.)
Police Pension
Maturity (In Years)
Investment Type Fair Value Less than 1 1-5 6-10 More than 10
U.S. agency securities -
implicit $4,341,767 $841,677 $1,556,458 $1,943,632 $-
U.S. agency securities -
explicit 381,877 -381,495 382 -
State and local obligations 1,180,474 -645,474 535,000 -
Corporate bonds 4,143,333 -2,107,039 2,036,294 -
Totals $10,047,451 $841,677 $4,690,466 $4,515,308 $-
Firefighters' Pension
Maturity (In Years)
Investment Type Fair Value Less than 1 1-5 6-10 More than 10
U.S. agency securities -
implicit $3,693,773 $-$804,035 $2,889,738 $-
U.S. agency securities -
explicit 245,317 -41,784 203,533 -
U.S. treasury 803,901 152,875 296,581 354,445 -
State and local obligations 1,369,697 -471,132 704,419 194,146
Corporate bonds 2,282,423 237,600 1,339,869 704,954 -
Totals $8,395,111 $390,475 $2,953,401 $4,857,089 $194,146
Money-Weighted Rate of Return
Police Pension Fund
For the year ended December 31, 2016, the annual money-weighted rate of return on the police pension
plan investments, net of pension plan investment expense, was 6.89%. The money-weighted rate of return
expresses investment performance, net of investment expense, adjusted for the changing amounts
actually invested.
Page 53
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
NOTE II - DETAILED NOTES ON ALL FUNDS (cont.)
A.DEPOSITS AND INVESTMENTS (cont.)
Money-Weighted Rate of Return (cont.)
Firefighters' Pension Fund
For the year ended December 31, 2016, the annual money-weighted rate of return on the firefighters'
pension plan investments, net of pension plan investment expense, was 7.62%. 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 54
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
NOTE II - DETAILED NOTES ON ALL FUNDS (cont.)
C.CAPITAL ASSETS
Capital asset activity for the year ended December 31, 2016, was as follows:
Beginning
Balance Additions Deletions
Ending
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 94,634 308,088 22,221 380,501
Total Capital Assets Not Being
Depreciated 33,262,579 308,088 22,221 33,548,446
Capital assets being depreciated
Buildings, building and land
improvements 21,817,391 311,618 -22,129,009
Computer equipment 1,096,240 16,644 -1,112,884
Other equipment 1,696,961 92,738 53,077 1,736,622
Vehicles 31,006 --31,006
Infrastructure 34,528,629 169,491 -34,698,120
Internal service fund vehicles 6,692,677 715,040 467,127 6,940,590
Total Capital Assets Being
Depreciated 65,862,904 1,305,531 520,204 66,648,231
Total Capital Assets 99,125,483 1,613,619 542,425 100,196,677
Less: Accumulated depreciation for
Buildings, building and land
improvements (8,147,985)(632,287)-(8,780,272)
Computer equipment (883,476)(61,286)-(944,762)
Other equipment (1,440,318)(69,514)53,077 (1,456,755)
Vehicles (31,006)--(31,006)
Infrastructure (24,151,134)(740,558)-(24,891,692)
Internal service fund vehicles (3,221,446)(579,592)439,325 (3,361,713)
Total Accumulated Depreciation (37,875,365)(2,083,237)492,402 (39,466,200)
Net Capital Assets Being
Depreciated 27,987,539 (777,706)27,802 27,182,031
Total Governmental
Activities Capital Assets,
Net of Accumulated
Depreciation $61,250,118 $(469,618)$50,023 $60,730,477
Page 55
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
NOTE II - DETAILED NOTES ON ALL FUNDS (cont.)
C.CAPITAL ASSETS (cont.)
Depreciation expense was charged to functions as follows:
Governmental Activities
General government $402,979
Public safety 400,974
Public works 1,150,935
Culture and recreation 128,349
Total Governmental Activities Depreciation Expense $2,083,237
Beginning
Balance Additions Deletions
Ending
Balance
Business-type Activities
Capital assets not being depreciation
Land $8,292,265 $-$-$8,292,265
Construction in progress 60,229 -60,229 -
Total Capital Assets Not Being
Depreciation 8,352,494 -60,229 8,292,265
Capital assets being depreciated
Land improvements 3,185,353 33,136 -3,218,489
Buildings and building improvements 6,036,464 24,200 10,048 6,050,616
Infrastructure 26,622,247 60,229 -26,682,476
Vehicles, machinery, and equipment 5,981,224 37,230 25,991 5,992,463
Total Capital Assets Being
Depreciated 41,825,288 154,795 36,039 41,944,044
Total Capital Assets 50,177,782 154,795 96,268 50,236,309
Less: Accumulated depreciation for
Land improvements (2,480,643)(62,293)-(2,542,936)
Buildings and building improvements (3,069,427)(129,707)7,536 (3,191,598)
Infrastructure (8,546,681)(428,819)-(8,975,500)
Vehicles, machinery, and equipment (4,714,820)(264,185)25,991 (4,953,014)
Total Accumulated Depreciation (18,811,571)(885,004)33,527 (19,663,048)
Net Capital Assets Being
Depreciated 23,013,717 (730,209)2,512 22,280,996
Business-type Capital
Assets, Net of
Accumulated
Depreciation $31,366,211 $(730,209)$62,741 $30,573,261
Page 56
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
NOTE II - DETAILED NOTES ON ALL FUNDS (cont.)
C.CAPITAL ASSETS (cont.)
Depreciation expense was charged to functions as follows:
Business-type Activities
Waterworks $590,178
Sports Core 294,826
Total Business-type Activities Depreciation Expense $885,004
D.INTERFUND TRANSFERS
The following is a schedule of interfund transfers:
Fund Transferred To Fund Transferred From Amount Principal Purpose
Infrastructure Nonmajor Governmental $516,221
Provide funding for street
paving and installation of a
sidewalk
Total - Fund Financial Statements $516,221
Less: Fund eliminations (516,221)
Total Transfers - Government-W ide Statement
of Activities $-
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.
Page 57
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
NOTE II - DETAILED NOTES ON ALL FUNDS (cont.)
E.LONG-TERM OBLIGATIONS
Long-term obligations activity for the year ended December 31, 2016, was as follows:
Beginning
Balance Increases Decreases
Ending
Balance
Amounts Due
Within One
Year
Governmental Activities
Installment contracts payable $555,000 $-$275,000 $280,000 $280,000
Notes payable 3,652,263 -145,000 3,507,263 -
Net pension liability - IMRF 2,407,676 1,205,419 -3,613,095 -
Net pension liability - police 21,318,136 -444,513 20,873,623 -
Net pension liability - fire 24,600,844 -322,042 24,278,802 -
Net other postemployment
benefit obligation 432,756 143,665 575 575,846 -
Compensated absences 979,918 1,079,753 979,918 1,079,753 1,079,753
Total Governmental
Activities Long-Term
Liabilities $53,946,593 $2,428,837 $2,167,048 $54,208,382 $1,359,753
Business-type Activities
Net pension liability - IMRF $817,217 $506,068 $-$1,323,285 $-
Net other postemployment
benefit obligation 57,096 18,736 -75,832 -
Compensated absences 95,903 89,812 95,903 89,812 89,812
Total Business-type
Activities Long-Term
Liabilities $970,216 $614,616 $95,903 $1,488,929 $89,812
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,
2016, the statutory debt limit for the Village was $115,276,061, providing a debt margin of $114,996,061.
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
have 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, 2016 currently outstanding are as follows:
Governmental Activities
Installment Contracts
Date of
Issue
Final
Maturity
Interest
Rates
Original
Indebtedness
Balance
December 31,
2016
General Fund Refunding
Certificates, Series 2009
July 15,
2009
December
1, 2017
2.00% -
3.50%$2,280,000 $280,000
Total Governmental Activities Installment Contracts $280,000
Page 58
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
NOTE II - DETAILED NOTES ON ALL FUNDS (cont.)
E.LONG-TERM OBLIGATIONS (cont.)
Installment Contracts (cont.)
Debt service requirements to maturity are as follows:
Governmental Activities
Installment Contracts
Years Principal Interest
2017 $280,000 $9,800
Totals $280,000 $9,800
Notes Payable
The Village has issued notes payable related to developer and intergovernmental agreements.
Notes payable at December 31, 2016 consist of the following:
Governmental Activities
Notes Payable
Date of
Issue
Final
Maturity
Interest
Rates
Original
Indebtedness
Balance
December 31,
2016
TIF developer note
June 6,
2005
February
1, 2024 8.00%$4,250,000 $3,507,263
Total Governmental Activities Notes Payable $3,507,263
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.
Page 59
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
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
age 55 (at reduced benefits) or after age 60 (at full benefits) with 8 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 48 consecutive months' earnings during the last 10 years) for credited
service up to 15 years and 3% for each year thereafter.
Employees hired on or after January 1, 2011, are eligible for Tier 2 benefits. For Tier 2 participants,
pension benefits vest after 10 years of service. Participating members who retire at age 62 (at reduced
benefits) or after age 67 (at full benefits) 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 for the first 15
years of service credit, plus 2% for each year of service after 15 years to a maximum of 75% of their final
rate of earnings. Final rate of earnings is the highest total earnings during any 96 consecutive months
within the last 10 years of service, divided by 96. Under Tier 2, the pension is increased ever year after
retirement, upon reaching age 67, by the lesser of 3% of the original pension amount or 1/2 of the
increase in the Consumer Price Index of the original pension amount.
Plan membership. At December 31, 2015, the measurement date, membership in the plan was as
follows:
Retirees and beneficiaries 101
Inactive, non-retired members 84
Active members 71
Total 256
Page 60
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
NOTE III - OTHER INFORMATION (cont.)
A.EMPLOYEES' RETIREMENT SYSTEM (cont.)
Illinois Municipal Retirement Fund (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 2016 was 13.67% of annual covered
payroll for IMRF. 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, 2015,
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 IMRF was determined by actuarial valuations
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
Investment Rate of Return 7.47%
Inflation 3.50%
Salary increases 3.75% to 14.50%,
including inflation
Price inflation 2.75%
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 61
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
NOTE III - OTHER INFORMATION (cont.)
A.EMPLOYEES' RETIREMENT SYSTEM (cont.)
Illinois Municipal Retirement Fund (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
Asset Class
Target
Allocation
One Year
Arithmetic
Ten Year
Geometric
Equities 38.00%8.85%7.39%
International equities 17.00%9.55%7.59%
Fixed income 27.00%3.05%3.00%
Real estate 8.00%7.20%6.00%
Alternatives 9.00%
Private equity 13.15%8.15%
Hedge funds 5.55%5.25%
Commodities 4.40%2.75%
Cash equivalents 1.00%2.25%2.25%
Discount rate.The discount rate used to measure the total pension liability for IMRF was 7.47%. The
discount rate calculated using the December 31, 2014 measurement date was 7.49%. 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 rate 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 3.57% for tax exempt 20-year general obligation municipal bonds with an
average AA credit rating at December 31, 2015 to arrive at a discount rate of 7.47%used to determine the
total pension liability. The year ending December 31, 2083 is the last year in the 2016 to 2115 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 net pension liability/(asset) of the Village
calculated using the discount rate of 7.47% 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 (6.47%) or 1 percentage point
higher (8.47%) than the current rate:
Page 62
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
NOTE III - OTHER INFORMATION (cont.)
A.EMPLOYEES' RETIREMENT SYSTEM (cont.)
Illinois Municipal Retirement Fund (cont.)
1% Decrease
Current
Discount Rate 1% Increase
Total pension liability $41,662,334 $36,777,570 $32,779,076
Plan fiduciary net pension 31,841,190 31,841,190 31,841,190
Net pension liability/(asset)$9,821,144 $4,936,380 $937,886
Changes in net pension liability/(asset). The changes in net pension liability/(asset)for the calendar
year ended December 31, 2015 were as follows:
Increase (Decrease)
Total Pension
Liability
(a)
Plan Fiduciary
Net Position
(b)
Net Pension
Liability/(Asset)
(a) - (b)
Balances at December 31, 2014 $35,356,455 $32,131,562 $3,224,893
Service cost 581,062 -581,062
Interest on total pension liability 2,615,047 -2,615,047
Differences between expected and actual
experience of the total pension liability
(398,570)-(398,570)
Change of assumptions 89,849 -89,849
Benefit payments, including refunds of
employee contributions
(1,466,273)(1,466,273)-
Contributions - employer -715,089 (715,089)
Contributions - employee -238,021 (238,021)
Net investment income -159,375 (159,375)
Other (net transfer)-63,416 (63,416)
Balances at December 31, 2015 $36,777,570 $31,841,190 $4,936,380
Plan fiduciary net position as a percentage of
the total pension liability %86.58
Pension expense and deferred outflows of resources and deferred inflows of resources related
to pensions.For the year ended December 31, 2016, the Village recognized pension expense of
$1,055,389. The Village reported deferred outflows and inflows of resources related to pension from the
following sources:
Page 63
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
NOTE III - OTHER INFORMATION (cont.)
A.EMPLOYEES' RETIREMENT SYSTEM (cont.)
Illinois Municipal Retirement Fund (cont.)
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Difference between expected and actual experience $-$531,498
Assumption changes 464,780 -
Net difference between projected and actual earnings on pension
plan investments 2,038,437 -
Contributions subsequent to the measurement date 715,520 -
Total $3,218,737 $531,498
The amount 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 liability/(asset) for the year
ending December 31, 2016. The remaining amounts reported as deferred outflows and inflows of
resources related to pensions ($1,971,719) will be recognized in pension expense as follows:
Year Ending December 31,Village
2016 $553,719
2017 440,703
2018 530,570
2019 446,727
Total $1,971,719
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.
Page 64
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
NOTE III - OTHER INFORMATION (cont.)
A.EMPLOYEES' RETIREMENT SYSTEM (cont.)
Police Pension (cont.)
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 onehalf the annual
unadjusted percentage increase in the CPI, whichever is less.
Plan membership. At December 31, 2016, the Police Pension membership consisted of:
Retirees and beneficiaries 35
Inactive, non-retired members 2
Active members 40
Total 77
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, 2016 was 42.08% of annual covered
payroll.
Net Pension Liability/(Asset). The net pension liability/(asset) was measured as of December 31, 2016,
and the total pension liability used to calculate the net pension liability/(asset) was determined by an
annual actuarial valuation as of that date.
Page 65
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
NOTE III - OTHER INFORMATION (cont.)
A.EMPLOYEES' RETIREMENT SYSTEM (cont.)
Police Pension (cont.)
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.
Actuarial Assumptions. The total pension liability was determined by an actuarial valuation performed as
of December 31, 2016 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 3.0% (1.25% for those hired on or
after January 1, 2011)
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.
Page 66
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
NOTE III - OTHER INFORMATION (cont.)
A.EMPLOYEES' RETIREMENT SYSTEM (cont.)
Police Pension (cont.)
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:
1% Decrease
Current
Discount Rate 1% Increase
Total pension liability $61,480,670 $54,407,673 $48,148,383
Plan fiduciary net position 33,534,050 33,534,050 33,534,050
Net pension liability $27,946,620 $20,873,623 $14,614,333
Changes in net pension liability/(asset).The Village's changes in net pension liability/(asset) for the
calendar year ended December 31, 2016 was as follows:
Increase (Decrease)
Total Pension
Liability
(a)
Plan Fiduciary
Net Position
(b)
Net Pension
Liability/Asset
(a) - (b)
Balances at December 31, 2015 $53,169,364 $31,851,228 $21,318,136
Service cost 800,389 -800,389
Interest on total pension liability 3,563,145 -3,563,145
Differences between expected and actual
experience of the total pension liability (856,825)-(856,825)
Change of assumptions 96,439 -96,439
Benefit payments, including refunds of employee
contributions (2,364,839)(2,364,839)-
Contributions - employer -1,527,927 (1,527,927)
Contributions - employee -383,238 (383,238)
Net investment income -2,176,018 (2,176,018)
Administration -(39,522)39,522
Balances at December 31, 2016 $54,407,673 $33,534,050 $20,873,623
Page 67
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
NOTE III - OTHER INFORMATION (cont.)
A.EMPLOYEES' RETIREMENT SYSTEM (cont.)
Police Pension (cont.)
Pension expense and deferred outflows of resources and deferred inflows of resources related
to pensions.For the year ended December 31, 2016, the Village recognized pension expense of
$2,562,155. The Village reported deferred outflows and inflows of resources related to pension from the
following sources:
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Difference between expected and actual experience $-$714,283
Assumption changes 1,035,430 -
Net difference between projected and actual earnings on pension
plan investments 1,579,342 34,164
Total $2,614,772 $748,447
The amounts reported as deferred outflows and inflows of resources related to pensions ($1,866,325)
will be recognized in pension expense as follows:
Year Ending December 31,Amount
2017 $675,650
2018 675,650
2019 675,644
2020 (160,619)
Total $1,866,325
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.
Page 68
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
NOTE III - OTHER INFORMATION (cont.)
A.EMPLOYEES' RETIREMENT SYSTEM (cont.)
Firefighters' Pension (cont.)
Tier 1 - Covered employees attaining the age of 50 or more with 20 or more years of creditable service are
entitled to receive a monthly retirement benefit of one half of the monthly salary attached to the rank held
in the fire service at the date of retirement. The monthly pension shall be increased by one twelfth of 2.5%
of such monthly salary for each additional month over 20 years of service through 30 years of service to a
maximum of 75% of such monthly salary. Employees with at least 10 years but less than 20 years of
credited service may retire at or after age 60 and receive a reduced 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.
Plan membership. At December 31, 2016, the Firefighters' Pension Plan membership consisted of:
Retirees and beneficiaries 50
Inactive, non-retired members 2
Active members 32
Total 84
Contributions. Participants contribute a fixed percentage of their base salary to the plans. At December
31, 2016, 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, 2016 was 63.92% of annual covered payroll.
Net pension liability/(asset). The net pension liability/(asset) was measured as of December 31, 2016,
and the total pension liability used to calculate the net pension liability/(asset) was determined by an
annual actuarial valuation as of that date.
Page 69
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
NOTE III - OTHER INFORMATION (cont.)
A.EMPLOYEES' RETIREMENT SYSTEM (cont.)
Firefighters' Pension (cont.)
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.
Actuarial assumptions. The total pension liability was determined by an actuarial valuation performed as
of December 31, 2016 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 3.0% (1.25% for those hired on or
after January 1, 2011)
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.
Page 70
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
NOTE III - OTHER INFORMATION (cont.)
A.EMPLOYEES' RETIREMENT SYSTEM (cont.)
Firefighters' Pension (cont.)
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:
1% Decrease
Current
Discount Rate 1% Increase
Total pension liability $55,187,129 $49,274,222 $43,994,841
Plan fiduciary net position 24,995,420 24,995,420 24,995,420
Net pension liability $30,191,709 $24,278,802 $18,999,421
Changes in net pension liability/(asset).The Village's changes in net pension liability/(asset) for the
calendar year ended December 31, 2016 was as follows:
Increase (Decrease)
Total Pension
Liability
(a)
Plan Fiduciary
Net Position
(b)
Net Pension
Liability/Asset
(a) - (b)
Balances at December 31, 2015 $48,412,530 $23,811,686 $24,600,844
Service cost 756,771 -756,771
Interest on total pension liability 3,229,650 -3,229,650
Differences between expected and actual
experience of the total pension liability (569,891)-(569,891)
Change of assumptions 90,432 -90,432
Benefit payments, including refunds of employee
contributions (2,645,270)(2,645,270)-
Contributions - employer -1,801,476 (1,801,476)
Contributions - employee -273,775 (273,775)
Net investment income -1,794,320 (1,794,320)
Administration -(40,567)40,567
Balances at December 31, 2016 $49,274,222 $24,995,420 $24,278,802
Page 71
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
NOTE III - OTHER INFORMATION (cont.)
A.EMPLOYEES' RETIREMENT SYSTEM (cont.)
Firefighters' Pension (cont.)
Pension expense and deferred outflows of resources and deferred inflows of resources related
to pensions.For the year ended December 31, 2016, the Village recognized pension expense of
$2,739,633. The Village reported deferred outflows and inflows of resources related to pension from the
following sources:
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Difference between expected and actual experience $98,254 $455,913
Assumption changes 957,151 -
Net difference between projected and actual earnings on pension
plan investments 1,148,505 166,110
Total $2,203,910 $622,023
The amounts reported as deferred outflows and inflows of resources related to pensions ($1,581,887)
will be recognized in pension expense as follows:
Year Ending December 31,Amount
2017 $573,102
2018 573,102
2019 573,100
2020 (137,417)
Total $1,581,887
Page 72
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
NOTE III - OTHER INFORMATION (cont.)
A.EMPLOYEES' RETIREMENT SYSTEM (cont.)
PENSION SEGMENT INFORMATION
Fiduciary Net Position
Pension Trust
Police
Pension
Firefighters'
Pension Total
Assets
Cash and investments $96,379 $547,348 $643,727
Investments
Certificates of deposit 635,945 504,280 1,140,225
Money markets 2,702,045 487,893 3,189,938
U.S. treasuries -803,901 803,901
U.S. agencies 4,723,644 3,939,090 8,662,734
State and local obligations 1,180,474 1,369,697 2,550,171
Corporate bonds 4,143,333 2,282,423 6,425,756
Mutual funds 19,950,332 15,005,648 34,955,980
Receivables
Accrued interest 110,953 65,945 176,898
Prepaid items 2,960 2,103 5,063
Total Assets 33,546,065 25,008,328 58,554,393
Liabilities
Accounts payable 12,015 12,908 24,923
Total Liabilities 12,015 12,908 24,923
Net Position
Restricted for pension benefits $33,534,050 $24,995,420 $58,529,470
Page 73
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
NOTE III - OTHER INFORMATION (cont.)
A.EMPLOYEES' RETIREMENT SYSTEM (cont.)
Changes in Plan Net Position
Pension Trust
Police Pension
Firefighters'
Pension Total
Additions
Contributions
Employer $1,527,927 $1,801,476 $3,329,403
Employee 383,238 273,775 657,013
Total Contributions 1,911,165 2,075,251 3,986,416
Investment income
Net depreciation in fair value 1,296,696 985,936 2,282,632
Interest 960,781 854,489 1,815,270
Total Investment income 2,257,477 1,840,425 4,097,902
Less investment expense 81,459 46,105 127,564
Net investment income 2,176,018 1,794,320 3,970,338
Total Additions 4,087,183 3,869,571 7,956,754
Deductions
Benefits and refunds 2,364,839 2,645,270 5,010,109
Administrative 39,522 40,567 80,089
Total Deductions 2,404,361 2,685,837 5,090,198
Net Decrease in Net Position 1,682,822 1,183,734 2,866,556
Net Position, Beginning of Year 31,851,228 23,811,686 55,662,914
Net Position, End of Year $33,534,050 $24,995,420 $58,529,470
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 $2,343,665 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 74
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
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.$42,919 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 $121,423 $68,304
Current year claims and changes in estimates 2,084,911 (2,002,611)
Claim payments (2,138,030)1,977,226
Unpaid Claims - End of Year $68,304 $42,919
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 75
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
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.
The Village has active construction projects as of December 31, 2016. W ork that has been completed on
these projects but not yet paid for (including contract retainages) is reflected as accounts payable and
expenditures.
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, 2016, 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 76
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
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, 2016, all retirees contributed $468,424 and the Village contributed $301,502.
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 $468,424
Interest on net OPEB obligation 22,043
Adjustment to annual required contribution (27,139)
Annual OPEB cost 463,328
Contributions made (301,502)
Increase in net OPEB obligation (asset)161,826
Net OPEB Obligation (Asset) - Beginning of Year 489,852
Net OPEB Obligation (Asset) - End of Year $651,678
The Village's annual OPEB cost, the percentage of annual OPEB cost contributed to the plan, and the net
OPEB obligation for 2016 and the two preceding years were as follows:
Fiscal Year Ended
Annual OPEB
Cost
Percentage of
Annual OPEB
Cost
Contributed
Net OPEB
Obligation
December 31, 2014 $420,586 64.80%$319,305
December 31, 2015 439,792 61.22%489,852
December 31, 2016 463,328 65.07%651,678
Page 77
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
NOTE III - OTHER INFORMATION (cont.)
D.OTHER POSTEMPLOYMENT BENEFITS (cont.)
The funded status of the plan as of December 31, 2016, the most recent actuarial valuation date, was as
follows:
Actuarial accrued liability (AAL)$5,168,368
Actuarial value of plan assets -
Unfunded Actuarial Accrued Liability (UAAL)$5,168,368
Funded ratio (actuarial value of plan assets/AAL)-%
Covered payroll (active plan members)$10,870,787
UAAL as a percentage of covered payroll 47.54%
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, 2016, was 30 years.
Page 78
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
NOTE III - OTHER INFORMATION (cont.)
E.TAX ABATEMENT
Tax abatements are a reduction in tax revenues that results from an agreement between one or more
governments and an individual or entity in which (a) one or more governments promise to forgo tax
revenues to which they are otherwise entitled and (b) the individual or entity promises to take a specific
action after the agreement has been entered into that contributes to economic development or otherwise
benefits the governments or the citizens of those governments.
The Village through its Promenade Tax Incremental Financing District has entered into a tax abatement
agreement with a developer in the form of a tax incremental financing incentive payment to further the
growth of the Village, facilitate the redevelopment of the entire Redevelopment Project Areas, stimulate
redevelopment of other parcels in the Butterfield/22nd Street corridor, increase the assessed valuation of
the real estate situated within the Village, increase the sales tax revenues realized by the Village, foster
increased economic activity within the Village, and other be in the best interest of the Village by furthering
the health, safety, and welfare of its residents and taxpayers. The abatement is authorized through the
Redevelopment Project Area Plan Agreement. The developers pay property taxes as they become due,
and after meeting the criteria established in the development agreements, are entitled to future incentive
payments that directly correlate to the taxes paid.
Agreement Description Calculation Method Developer Commitment 2016 Payments
Promenade
Redevelopment Project
100% incremental
property taxes,
20% incremental
sales taxes
Construction of an upscale retail and
commercial shopping center
$435,220
Page 79
VILLAGE OF OAK BROOK
NOTES TO FINANCIAL STATEMENTS
As of and for the Year Ended December 31, 2016
NOTE III - OTHER INFORMATION (cont.)
F.EFFECT OF NEW ACCOUNTING STANDARDS ON CURRENT-PERIOD FINANCIAL STATEMENTS
The Governmental Accounting Standards Board (GASB) has approved the following:
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. 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 of GASB Statements No. 67, No. 68,
and No. 73
Statement No. 83, Certain Asset Retirement Obligations
Statement No. 84, Fiduciary Activities
Statement No. 85, Omnibus 2017
When they become effective, application of these standards may restate portions of these financial
statements.
Page 80
R E Q U I R E D S U P P L E M E N T A R Y I N F O R M A T I O N
VILLAGE OF OAK BROOK
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL - GENERAL FUND
For the Year Ended December 31, 2016
With Comparative Actual Amounts for the Year Ended December 31, 2015
2016
Budgeted Amounts
Original Final Actual
Variance with
Final Budget
2015
Actual
REVENUES
Intergovernmental $13,670,390 $13,670,390 $14,274,831 $604,441 $13,604,940
Utility taxes 5,500,000 5,500,000 5,967,345 467,345 5,673,868
Licenses and permits 1,473,650 1,473,650 1,882,598 408,948 1,385,341
Charges for services 1,134,000 1,134,000 1,075,234 (58,766)1,058,929
Fines, forfeitures and
penalties 193,500 193,500 159,799 (33,701)177,588
Investment income 110,000 110,000 136,186 26,186 91,621
Miscellaneous 387,090 387,090 421,967 34,877 583,800
Total Revenues 22,468,630 22,468,630 23,917,960 1,449,330 22,576,087
EXPENDITURES
CURRENT
General government 4,663,545 4,866,230 4,063,322 802,908 4,602,212
Public safety 16,207,670 16,201,385 15,146,642 1,054,743 14,475,532
Public works 691,805 691,805 642,689 49,116 622,962
Culture and
recreation 1,010,995 1,010,995 957,642 53,353 977,641
Debt Service
Principal 275,000 275,000 275,000 -265,000
Interest and fiscal
charges 19,545 19,545 19,541 4 27,491
Total
Expenditures 22,868,560 23,064,960 21,104,836 1,960,124 20,970,838
Excess (deficiency) of
revenues over (under)
expenditures (399,930)(596,330)2,813,124 3,409,454 1,605,249
OTHER FINANCING
SOURCES (USES)
Transfers in 662,600 662,600 -(662,600)-
Transfers out (251,005)(251,005)-251,005 (459,098)
Total Other
Financing Sources
(Uses)411,595 411,595 -(411,595)(459,098)
Net Change in Fund
Balance $11,665 $(184,735)2,813,124 $2,997,859 1,146,151
FUND BALANCE -
Beginning of Year 17,259,420 16,113,269
FUND BALANCE - END
OF YEAR $20,072,544 $17,259,420
See independent auditors' report and accompanying notes to required supplementary information.
Page 81
VILLAGE OF OAK BROOK
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL - HOTEL/MOTEL TAX FUND
For the Year Ended December 31, 2016
With Comparative Actual Amounts for the Year Ended December 31, 2015
2016
Budgeted Amounts
Original Final Actual
Variance with
Final Budget
2015
Actual
REVENUES
Intergovernmental $424,900 $424,900 $-$(424,900)$-
Hotel and motel taxes 1,291,700 1,291,700 1,270,131 (21,569)1,194,811
Investment income 18,500 18,500 17,993 (507)18,688
Miscellaneous ----36,007
Total Revenues 1,735,100 1,735,100 1,288,124 (446,976)1,249,506
EXPENDITURES
CURRENT
General
government 90,305 90,305 90,305 -42,500
Culture and
recreation 1,859,920 1,859,920 751,823 1,108,097 658,049
Total
Expenditures 1,950,225 1,950,225 842,128 1,108,097 700,549
Net Change in Fund
Balance $(215,125)$(215,125)445,996 $661,121 548,957
FUND BALANCE -
Beginning of Year 3,847,510 3,298,553
FUND BALANCE -
END OF YEAR $4,293,506 $3,847,510
See independent auditors' report and accompanying notes to required supplementary information.
Page 82
See independent auditors' report and accompanying notes to required supplementary information.
Page 83
VILLAGE OF OAK BROOK
ILLINOIS MUNICIPAL RETIREMENT FUND
SCHEDULE OF CHANGES IN THE VILLAGE'S NET PENSION LIABILITY
AND RELATED RATIOS
Two Most Recent Fiscal Years
2015 2016
Total pension liability
Service cost 613,861$ 581,062$
Interest 2,465,082 2,615,047
Differences between expected and actual experience (770,401) (398,570)
Changes of assumptions 1,163,670 89,849
Benefit payments, including refunds of member contributions (1,353,166) (1,466,273)
Net change in total pension liability 2,119,046 1,421,115
Total pension liability - beginning 33,237,409 35,356,455
Total pension liability - ending (a)35,356,455$ 36,777,570$
Plan fiduciary net position
Employer contributions 749,983$ 715,089$
Employee contributions 238,409 238,021
Net investment income 1,874,762 159,375
Benefit payments, including refunds of member contributions (1,353,166) (1,466,273)
Other (net transfer)(294,611) 63,416
Net change in plan fiduciary net position 1,215,377 (290,372)
Plan fiduciary net position - beginning 30,916,185 32,131,562
Plan fiduciary net position - ending (b)32,131,562$ 31,841,190$
Employer's net pension liability - ending (a) - (b)3,224,893$ 4,936,380$
Plan fiduciary net position as a percentage of the total
pension liability 90.88%86.58%
Covered-employee payroll 5,168,916$ 5,230,241$
Employer's net pension liability as a percentage of
covered-employee payroll 62.39%94.38%
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 84
VILLAGE OF OAK BROOK
ILLINOIS MUNICIPAL RETIREMENT FUND
SCHEDULE OF EMPLOYER CONTRIBUTIONS
Two Most Recent Fiscal Years
2015 2016
Actuarially determined contribution 749,982$ 715,497$
Contributions in relation to the actuarially
determined contribution (749,983) (715,089)
Contribution deficiency (excess)(1)$ 408$
Covered-employee payroll 5,289,017$ 5,230,241$
Contributions as a percentage of covered-
employee payroll 14.18%13.67%
Notes to Schedule:
Valuation date:
Methods and assumptions used to determine contribution rates:
Actuarial cost method
Amortization method
Remaining amortization period
Asset valuation method
Inflation 3.00%
Salary increases
Investment rate of return 7.50%
Retirement Age
Mortality RP-2000 CHBCA
Other information:
There were no benefit changes during the year.
4.40% to 16.00% including inflation
Experience-based table of rates that are
specific to the type of eligibility condition
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.
The Village implemented GASB Statement No. 68 in fiscal year 2015.
Information prior to fiscal year 2015 is not available.
Entry age normal
Level percentage of payroll, closed
28 years
5-Year Smoothed Market
See independent auditors' report and accompanying notes to required supplementary information.
Page 85
2014 2015 2016
Total pension liability
Service cost 826,067$ 816,276$ 800,389$
Interest 3,141,175 3,338,238 3,563,145
Differences between expected and actual experience 1,279,682 (48,037) (856,825)
Changes of assumptions - 1,597,133 96,439
Benefit payments, including refunds of member contributions (2,288,693) (2,346,686) (2,364,839)
Net change in total pension liability 2,958,231 3,356,924 1,238,309
Total pension liability - beginning 46,854,212 49,812,440 53,169,364
Total pension liability - ending (a)49,812,443$ 53,169,364$ 54,407,673$
Plan fiduciary net position
Employer contributions 1,259,824$ 1,336,683$ 1,527,927$
Employee contributions 358,339 358,499 383,238
Net investment income 1,115,158 (429,967) 2,176,018
Benefit payments, including refunds of member contributions (2,288,693) (2,346,686) (2,364,839)
Administration (47,609) (38,647) (39,522)
Net change in plan fiduciary net position 397,019 (1,120,118) 1,682,822
Plan fiduciary net position - beginning 32,574,327 32,971,346 31,851,228
Plan fiduciary net position - ending (b)32,971,346$ 31,851,228$ 33,534,050$
Village's net pension liability - ending (a) - (b)16,841,097$ 21,318,136$ 20,873,623$
Plan fiduciary net position as a percentage of the total
pension liability 66.19%59.91%61.63%
Covered-employee payroll 3,631,184$ 3,735,548$ 3,829,224$
Village's net pension liability as a percentage of covered-
employee payroll 463.79%570.68%545.11%
Notes to Schedule:
The Pension implemented GASB Statement No. 67 in fiscal year 2014. Information prior to fiscal year 2014 is not
available.
VILLAGE OF OAK BROOK
POLICE PENSION FUND
SCHEDULE OF CHANGES IN THE VILLAGE'S NET PENSION LIABILITY AND RELATED RATIOS
Last Three Fiscal Years
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.
See independent auditors' report and accompanying notes to required supplementary information.
Page 86
2007 2008 2009 2010
Actuarially determined contribution 564,283$ 617,619$ 958,641$ 944,808$
Contributions in relation to the actuarially
determined contribution 564,283 617,618 958,641 944,808
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 29.16%27.52%
Notes to Schedule:
N/A - Information is not available prior to 2009.
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
Amortization method
Remaining amortization period
Asset valuation method
Inflation
Salary increases
Investment rate of return
Retirement age
Mortality
Mortality rates were based on the RP-2000 BCA
Mortality Table
Entry-age normal
Level percentage of payroll, closed
24 years
Market value
3.75%, average, including inflation
50-70
2.50%
6.75%, net of pension plan investment expense,
including inflation
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.
POLICE PENSION FUND
SCHEDULE OF EMPLOYER CONTRIBUTIONS
VILLAGE OF OAK BROOK
Last Ten Fiscal Years
See independent auditors' report and accompanying notes to required supplementary information.
Page 87
2011 2012 2013 2014 2015 2016
885,339$ 969,024$ 1,205,519$ 1,485,673$ 1,550,233$ 1,708,330$
674,170 977,367 1,171,537 1,259,824 1,259,824 1,527,927
211,169$ (8,343)$ 33,982$ 225,849$ 290,409$ 180,403$
3,288,064$ 3,310,998$ 3,646,309$ 3,598,016$ 3,631,184$ 3,735,548$
20.50%29.52%32.13%35.01%34.69%40.90%
See independent auditors' report and accompanying notes to required supplementary information.
Page 88
2014 2015 2016
Annual money-weighted rate of return,
net of investment expense 5.54%-1.32%6.89%
Notes to Schedule:
The Pension implemented GASB Statement No. 67 in fiscal year 2014. Information prior to fiscal year 2014 is not
available.
VILLAGE OF OAK BROOK
POLICE PENSION FUND
SCHEDULE OF INVESTMENT RETURNS
Last Three Fiscal Years
See independent auditors' report and accompanying notes to required supplementary information.
Page 89
2014 2015 2016
Total pension liability
Service cost 746,748$ 746,748$ 756,771$
Interest 2,926,848 3,040,301 3,229,650
Differences between expected and actual experience 507,637 163,758 (569,891)
Changes of assumptions - 1,474,675 90,432
Benefit payments, including refunds of member contributions (2,385,491) (2,615,406) (2,645,270)
Net change in total pension liability 1,795,742 2,810,076 861,692
Total pension liability - beginning 43,806,712 45,602,454 48,412,530
Total pension liability - ending (a)45,602,454$ 48,412,530$ 49,274,222$
Plan fiduciary net position
Employer contributions 1,570,742$ 1,414,530$ 1,801,476$
Employee contributions 267,458 269,349 273,775
Net investment income 1,178,816 (256,566) 1,794,320
Benefit payments, including refunds of member contributions (2,385,491) (2,615,406) (2,645,270)
Administration (75,386) (46,351) (40,567)
Net change in plan fiduciary net position 556,139 (1,234,444) 1,183,734
Plan fiduciary net position - beginning 24,489,991 25,046,130 23,811,686
Plan fiduciary net position - ending (b)25,046,130$ 23,811,686$ 24,995,420$
Village's net pension liability - ending (a) - (b)20,556,324$ 24,600,844$ 24,278,802$
Plan fiduciary net position as a percentage of the total
pension liability 54.92%49.18%50.73%
Covered-employee payroll 2,818,219$ 2,812,001$ 2,918,844$
Village's net pension liability as a percentage of covered-
employee payroll 729.41%874.85%831.80%
Notes to Schedule:
The Pension implemented GASB Statement No. 67 in fiscal year 2014. Information prior to fiscal year 2014 is not
available.
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.
VILLAGE OF OAK BROOK
FIREFIGHTERS' PENSION FUND
SCHEDULE OF CHANGES IN THE VILLAGE'S NET PENSION LIABILITY AND RELATED RATIOS
Last Three Fiscal Years
See independent auditors' report and accompanying notes to required supplementary information.
Page 90
2007 2008 2009 2010
Actuarially determined contribution 564,945$ 671,683$ 839,550$ 933,925$
Contributions in relation to the actuarially
determined contribution 564,945 671,683 839,550 933,925
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 31.46%36.29%
Notes to Schedule:
N/A - Information is not available prior to 2009.
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
Amortization method
Remaining amortization period
Asset valuation method
Inflation
Salary increases
Investment rate of return
Retirement age
Mortality
50-62
Mortality rates were based on the RP-2000 BCA
Mortality Table
Level percentage of payroll, closed
24 years
Market Value
2.50%
3.75%, average, including inflation
6.75%, net of pension plan investment expense,
including inflation
Entry-age normal
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.
VILLAGE OF OAK BROOK
Last Ten Fiscal Years
FIREFIGHTERS' PENSION FUND
SCHEDULE OF EMPLOYER CONTRIBUTIONS
See independent auditors' report and accompanying notes to required supplementary information.
Page 91
2011 2012 2013 2014 2015 2016
1,082,677$ 1,065,173$ 1,144,966$ 1,698,405$ 1,826,637$ 2,015,441$
995,110 1,001,528 1,057,081 1,570,742 1,414,530 1,801,476
87,567$ 63,645$ 87,885$ 127,663$ 412,107$ 213,965$
2,668,624$ 2,687,097$ 2,762,080$ 2,674,017$ 2,818,219$ 2,812,001$
37.29%37.27%38.27%58.74%50.19%64.06%
See independent auditors' report and accompanying notes to required supplementary information.
Page 92
2014 2015 2016
Annual money-weighted rate of return,
net of investment expense 5.10%-1.05%7.62%
Notes to Schedule:
The Pension implemented GASB Statement No. 67 in fiscal year 2014. Information prior to fiscal year 2014 is not
available.
VILLAGE OF OAK BROOK
FIREFIGHTERS' PENSION FUND
SCHEDULE OF INVESTMENT RETURNS
Last Three Fiscal Years
VILLAGE OF OAK BROOK
OTHER POSTEMPLOYMENT BENEFIT PLAN
SCHEDULE OF EMPLOYER CONTRIBUTIONS AND SCHEDULE OF FUNDING PROGRESS
For the Year Ended December 31, 2016
Year Ended
Annual
Required
Contribution
Percentage
Contributed
12/31/16 $468,424 64%
12/31/15 445,025 61%
12/31/14 423,407 64%
Actuarial
Valuation
Date
Actuarial Value
of Assets
(a)
Actuarial
Accrued
Liability (AAL)
- Projected
Unit
(b)
Unfunded AAL
(UAAL)
(b-a)
Funded
Ratio
(a/b)
Covered
Payroll
(c)
UAAL as a
Percentage
of Covered
Payroll
((b-a)/c)
12/31/16 $-$5,168,368 $5,168,368 0%$10,870,787 48%
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%
See independent auditors' report and accompanying notes to required supplementary information.
Page 93
VILLAGE OF OAK BROOK
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
For the Year Ended December 31, 2016
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 94
S U P P L E M E N T A R Y I N F O R M A T I O N
G E N E R A L F U N D
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 -
GENERAL FUND
For the Year Ended December 31, 2016
with Comparative Actual Amounts for the Year Ended December 31, 2015
2016
Budgeted Amounts
Original Final Actual
Variance with
Final Budget
2015
Actual
INTERGOVERNMENTAL
Municipal sales tax $12,625,000 $12,625,000 $12,969,830 $344,830 $12,248,035
Illinois state income and
use tax 713,000 713,000 965,261 252,261 1,013,856
Corporate personal
property replacement
taxes 295,000 295,000 279,782 (15,218)309,403
York Township road and
bridge tax 15,000 15,000 13,678 (1,322)14,236
Grants 22,390 22,390 46,280 23,890 19,410
Total
Intergovernmental 13,670,390 13,670,390 14,274,831 604,441 13,604,940
Utility taxes 5,500,000 5,500,000 5,967,345 467,345 5,673,868
Licenses and permits 1,473,650 1,473,650 1,882,598 408,948 1,385,341
Charges for services 1,134,000 1,134,000 1,075,234 (58,766)1,058,929
Fines, forfeitures and
penalties 193,500 193,500 159,799 (33,701)177,588
Investment income 110,000 110,000 136,186 26,186 91,621
MISCELLANEOUS
Franchise fees 195,000 195,000 222,899 27,899 203,105
Other 192,090 192,090 199,068 6,978 380,695
Total Miscellaneous 387,090 387,090 421,967 34,877 583,800
TOTAL REVENUES $22,468,630 $22,468,630 $23,917,960 $1,449,330 $22,576,087
Page 95
Page 96
VILLAGE OF OAK BROOK
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL - GENERAL FUND
For the Year Ended December 31, 2016
With Comparative Actual Amounts for the Year Ended December 31, 2015
Variance With 2015
Original Final Actual Final Budget Actual
GENERAL GOVERNMENT
Legislative and general management
Board of Trustees
Personnel 78,730$ 78,730$ 75,074$ 3,656$ 69,800$
Materials and supplies 3,800 3,800 472 3,328 215
Operation and contractual 65,000 65,000 49,136 15,864 77,025
Total board of trustees 147,530 147,530 124,682 22,848 147,040
Village clerk
Personnel 158,025 155,365 149,678 5,687 129,847
Materials and supplies 2,835 2,835 1,925 910 1,896
Operation and contractual 12,900 15,560 11,310 4,250 4,278
Total Village clerk 173,760 173,760 162,913 10,847 136,021
Legal
Personnel 30,010 30,010 30,068 (58) 29,248
Materials and supplies 150 150 68 82 281
Operation and contractual 468,900 468,900 230,897 238,003 467,825
Total legal 499,060 499,060 261,033 238,027 497,354
General management
Personnel 326,885 326,885 308,567 18,318 325,267
Materials and supplies 57,300 57,300 44,873 12,427 62,256
Operation and contractual 32,075 32,075 21,505 10,570 33,939
Total general management 416,260 416,260 374,945 41,315 421,462
Human resources
Personnel 155,480 155,480 140,154 15,326 165,214
Materials and supplies 2,450 2,450 91 2,359 1,863
Operation and contractual 65,500 65,500 46,171 19,329 50,608
Total human resources 223,430 223,430 186,416 37,014 217,685
Risk management
Personnel 21,740 21,740 17,074 4,666 19,511
Materials and supplies 1,000 1,000 - 1,000 -
Operation and contractual 471,500 471,500 407,794 63,706 452,124
Total risk management 494,240 494,240 424,868 69,372 471,635
Emergency management
Personnel 1,400 1,400 111 1,289 279
Materials and supplies 1,200 7,485 9,104 (1,619) 8,128
Operation and contractual 13,690 13,690 11,471 2,219 11,509
Total emergency management 16,290 22,575 20,686 1,889 19,916
Communications and marketing
Materials and supplies - - - - 367
Total communications and marketing - - - - 367
2016
Budgeted Amounts
Page 97
VILLAGE OF OAK BROOK
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL - GENERAL FUND
For the Year Ended December 31, 2016
With Comparative Actual Amounts for the Year Ended December 31, 2015
Variance With 2015
Original Final Actual Final Budget Actual
2016
Budgeted Amounts
GENERAL GOVERNMENT (continued)
Legislative and general management (continued)
Purchasing
Personnel -$ -$ -$ -$ 89,306$
Materials and supplies - - - - 15,575
Operation and contractual - - - - 5,031
Total purchasing - - - - 109,912
Information systems
Personnel 353,985 353,985 328,255 25,730 311,518
Materials and supplies 27,600 27,600 25,352 2,248 27,106
Operation and contractual 357,605 351,235 277,222 74,013 328,188
Capital 100,000 106,370 106,369 1 237,255
Total information systems 839,190 839,190 737,198 101,992 904,067
Customer service
Personnel 54,420 54,420 50,361 4,059 -
Total customer service 54,420 54,420 50,361 4,059 -
Total legislative and general management 2,864,180 2,870,465 2,343,102 527,363 2,925,459
Community development management
Administration
Personnel 315,200 302,920 285,927 16,993 303,358
Materials and supplies 3,210 3,210 1,201 2,009 745
Operation and contractual 71,905 71,905 56,426 15,479 8,508
Total administration 390,315 378,035 343,554 34,481 312,611
Code enforcement
Personnel 545,150 557,430 555,158 2,272 594,805
Materials and supplies 7,700 7,700 5,986 1,714 4,006
Operation and contractual 45,050 45,050 38,920 6,130 49,104
Total code enforcement 597,900 610,180 600,064 10,116 647,915
Total community development management 988,215 988,215 943,618 44,597 960,526
Financial services
Financial services management
Personnel 148,720 148,720 103,665 45,055 145,677
Materials and supplies - - 23 (23) -
Operation and contractual 59,825 59,825 51,357 8,468 71,617
Total financial services management 208,545 208,545 155,045 53,500 217,294
Accounting and reporting
Personnel 415,825 415,825 410,733 5,092 335,748
Materials and supplies 4,015 4,015 3,933 82 3,285
Operation and contractual 28,360 28,360 23,218 5,142 35,138
Total accounting and reporting 448,200 448,200 437,884 10,316 374,171
PSEBA benefits
Personnel 40,000 40,000 39,827 173 38,553
Total PSEBA benefits 40,000 40,000 39,827 173 38,553
Page 98
VILLAGE OF OAK BROOK
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL - GENERAL FUND
For the Year Ended December 31, 2016
With Comparative Actual Amounts for the Year Ended December 31, 2015
Variance With 2015
Original Final Actual Final Budget Actual
2016
Budgeted Amounts
GENERAL GOVERNMENT (continued)
Financial services (continued)
Customer service
Personnel -$ -$ -$ -$ 46,918$
Materials and supplies - - - - 1,142
Total customer service - - - - 48,060
Purchasing
Personnel 94,460 94,460 92,674 1,786 -
Materials and supplies 21,350 21,350 12,159 9,191 -
Operation and contractual 6,000 6,000 1,827 4,173 -
Total purchasing 121,810 121,810 106,660 15,150 -
Total financial services 818,555 818,555 739,416 79,139 678,078
Municipal building improvement
Capital 490,000 686,400 534,591 151,809 459,499
Total municipal building improvement 490,000 686,400 534,591 151,809 459,499
Expenditure reimbursements paid to other funds 130,620 130,620 130,620 - 124,000
Subtotal general government 5,291,570 5,494,255 4,691,347 802,908 5,147,562
Less reimbursements from other funds (628,025) (628,025) (628,025) - (545,350)
Total general government 4,663,545 4,866,230 4,063,322 802,908 4,602,212
PUBLIC SAFETY
Police department
Police services management
Personnel 550,110 550,110 525,922 24,188 502,398
Materials and supplies 3,500 3,500 2,907 593 3,846
Operation and contractual 56,215 56,215 52,683 3,532 55,760
Total police services management 609,825 609,825 581,512 28,313 562,004
Police field services
Personnel 4,888,880 4,850,505 4,511,962 338,543 4,359,418
Materials and supplies 8,050 8,050 7,779 271 8,116
Operation and contractual 350,685 350,685 346,551 4,134 436,962
Capital 15,240 15,240 13,685 1,555 13,745
Total police field services 5,262,855 5,224,480 4,879,977 344,503 4,818,241
Police auxiliary services
Personnel 48,980 87,355 87,413 (58) 41,179
Operation and contractual 1,875 1,875 1,632 243 1,632
Total police auxiliary services 50,855 89,230 89,045 185 42,811
Page 99
VILLAGE OF OAK BROOK
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL - GENERAL FUND
For the Year Ended December 31, 2016
With Comparative Actual Amounts for the Year Ended December 31, 2015
Variance With 2015
Original Final Actual Final Budget Actual
2016
Budgeted Amounts
PUBLIC SAFETY (continued)
Police department (continued)
Support services general
Personnel 704,680$ 704,680$ 679,334$ 25,346$ 609,684$
Materials and supplies 67,310 61,025 53,555 7,470 59,974
Operation and contractual 2,850 2,850 3,244 (394) 1,429
Total support services general 774,840 768,555 736,133 32,422 671,087
Support services detectives
Personnel 1,037,505 1,037,505 953,737 83,768 916,747
Materials and supplies 2,450 2,450 2,922 (472) 3,284
Operation and contractual 49,580 49,580 49,200 380 45,357
Total support services detectives 1,089,535 1,089,535 1,005,859 83,676 965,388
Police support services records
Personnel 229,475 229,475 221,936 7,539 208,834
Materials and supplies 25,700 25,700 25,581 119 25,541
Operation and contractual 464,390 464,390 433,590 30,800 441,527
Total support services records 719,565 719,565 681,107 38,458 675,902
Total police department 8,507,475 8,501,190 7,973,633 527,557 7,735,433
Fire department
Fire, rescue, and EMS operations
Personnel 5,699,730 5,699,730 5,400,448 299,282 4,952,843
Materials and supplies 50,645 50,645 43,842 6,803 43,637
Operation and contractual 314,800 314,800 302,872 11,928 438,174
Capital 36,200 36,200 36,179 21 40,696
Total fire, rescue, and EMS operations 6,101,375 6,101,375 5,783,341 318,034 5,475,350
Fire services management
Personnel 339,760 354,930 350,451 4,479 329,552
Materials and supplies 8,800 8,800 5,587 3,213 6,089
Operation and contractual 203,620 188,450 183,015 5,435 183,320
Total fire services management 552,180 552,180 539,053 13,127 518,961
Special teams operations
Materials and supplies 8,500 8,500 5,988 2,512 6,311
Operation and contractual 7,450 7,450 7,381 69 7,607
Total special teams operations 15,950 15,950 13,369 2,581 13,918
Rescue and fire training
Personnel 50,665 50,665 28,469 22,196 40,169
Materials and supplies 925 925 10 915 145
Operation and contractual 1,000 1,000 - 1,000 -
Total rescue and fire training 52,590 52,590 28,479 24,111 40,314
Page 100
VILLAGE OF OAK BROOK
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL - GENERAL FUND
For the Year Ended December 31, 2016
With Comparative Actual Amounts for the Year Ended December 31, 2015
Variance With 2015
Original Final Actual Final Budget Actual
2016
Budgeted Amounts
PUBLIC SAFETY (continued)
Fire department (continued)
Emergency medical services
Personnel 33,365$ 33,365$ 28,858$ 4,507$ 25,793$
Materials and supplies 19,700 19,700 17,729 1,971 19,512
Operation and contractual 615,520 615,520 600,842 14,678 606,613
Capital 53,200 53,200 51,167 2,033 39,638
Total emergency medical services 721,785 721,785 698,596 23,189 691,556
Fire prevention and public safety
Personnel 240,750 240,750 101,704 139,046 -
Materials and supplies 9,865 9,865 7,242 2,623 -
Operation and contractual 5,700 5,700 1,225 4,475 -
Total fire prevention and public safety 256,315 256,315 110,171 146,144 -
Total fire department 7,700,195 7,700,195 7,173,009 527,186 6,740,099
Total public safety 16,207,670 16,201,385 15,146,642 1,054,743 14,475,532
PUBLIC WORKS
Mosquito control
Operation and contractual 69,830 69,830 66,992 2,838 70,229
Total mosquito control 69,830 69,830 66,992 2,838 70,229
Buildings and grounds
Personnel 112,555 112,555 111,716 839 107,597
Materials and supplies 43,805 38,930 28,145 10,785 39,088
Operation and contractual 259,890 241,230 227,911 13,319 230,750
Capital - 23,535 23,535 - -
Total buildings and grounds 416,250 416,250 391,307 24,943 377,435
Forestry
Personnel 15,710 15,710 4,533 11,177 11,475
Materials and supplies 4,365 4,365 2,616 1,749 216
Operation and contractual 185,650 185,650 177,241 8,409 163,607
Total forestry 205,725 205,725 184,390 21,335 175,298
Total public works 691,805 691,805 642,689 49,116 622,962
CULTURE AND RECREATION
Library general operations
Personnel 402,490 402,490 384,814 17,676 374,501
Materials and supplies 15,950 15,950 10,934 5,016 11,377
Operation and contractual 79,250 79,250 69,334 9,916 71,979
Total library general operations 497,690 497,690 465,082 32,608 457,857
Library technical services
Personnel 98,190 98,190 95,717 2,473 123,821
Materials and supplies 3,290 3,290 3,140 150 3,290
Operation and contractual 6,675 6,675 4,311 2,364 7,275
Total library technical services 108,155 108,155 103,168 4,987 134,386
Page 101
VILLAGE OF OAK BROOK
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL - GENERAL FUND
For the Year Ended December 31, 2016
With Comparative Actual Amounts for the Year Ended December 31, 2015
Variance With 2015
Original Final Actual Final Budget Actual
2016
Budgeted Amounts
CULTURE AND RECREATION (continued)
Library reference and adult services
Personnel 163,590$ 163,590$ 153,760$ 9,830$ 153,777$
Materials and supplies 102,200 102,200 101,789 411 101,221
Operation and contractual 2,500 2,500 2,493 7 2,501
Total library reference and adult services 268,290 268,290 258,042 10,248 257,499
Library youth services
Personnel 105,110 105,110 99,917 5,193 96,431
Materials and supplies 28,750 28,750 28,434 316 29,474
Operation and contractual 3,000 3,000 2,999 1 1,994
Total library youth services 136,860 136,860 131,350 5,510 127,899
Total culture and recreation 1,010,995 1,010,995 957,642 53,353 977,641
DEBT SERVICE
Principal 275,000 275,000 275,000 - 265,000
Interest and fiscal charges 19,545 19,545 19,541 4 27,491
Total debt service 294,545 294,545 294,541 4 292,491
Total expenditures 22,868,560$ 23,064,960$ 21,104,836$ 1,960,124$ 20,970,838$
N O N M A J O R G O V E R N M E N T A L F U N D S
N O N M A J O R G O V E R N M E N T A L F U N D S
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.
VILLAGE OF OAK BROOK
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
As of December 31, 2016
Special Revenue
Motor Fuel
Tax
Foreign Fire
Insurance
Total
Nonmajor
Governmental
Funds
ASSETS
Cash and investments $906,936 $203,183 $1,110,119
Receivables
Allotments 18,701 -18,701
Accrued interest 1,748 -1,748
TOTAL ASSETS $927,385 $203,183 $1,130,568
LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND
FUND BALANCES
Fund Balances
Restricted for highways and streets 927,385 -927,385
Restricted for fire department -203,183 203,183
Total Fund Balances 927,385 203,183 1,130,568
TOTAL LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND FUND BALANCES $927,385 $203,183 $1,130,568
Page 102
VILLAGE OF OAK BROOK
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For the Year Ended December 31, 2016
Special Revenue
Motor Fuel
Tax
Foreign Fire
Insurance
Total
Nonmajor
Governmental
Funds
REVENUES
Intergovernmental $200,706 $53,258 $253,964
Investment income 7,444 1,655 9,099
Total Revenues 208,150 54,913 263,063
EXPENDITURES
Current
Public safety -43,421 43,421
Debt Service
Total Expenditures -43,421 43,421
Excess (deficiency) of revenues over expenditures 208,150 11,492 219,642
OTHER FINANCING USES
Transfers out (516,221)-(516,221)
Total Other Financing Uses (516,221)-(516,221)
Net Change in Fund Balances (308,071)11,492 (296,579)
FUND BALANCES - Beginning of Year 1,235,456 191,691 1,427,147
FUND BALANCES - END OF YEAR $927,385 $203,183 $1,130,568
Page 103
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, 2016
With Comparative Actual Amounts for the Year Ended December 31, 2015
2016
Budgeted Amounts
Original Final Actual
Variance with
Final Budget
2015
Actual
REVENUES
Intergovernmental $-$-$200,706 $200,706 $192,719
Investment income 2,500 2,500 7,444 4,944 4,088
Total Revenues 2,500 2,500 208,150 205,650 196,807
EXPENDITURES
Total
Expenditures -----
Excess (deficiency) of
revenues over
(under) expenditures 2,500 2,500 208,150 205,650 196,807
OTHER FINANCING
SOURCES (USES)
Transfers out (950,000)(950,000)(516,221)433,779 -
Total Other
Financing
Sources (Uses)(950,000)(950,000)(516,221)433,779 -
Net Change in Fund
Balance $(947,500)$(947,500)(308,071)$639,429 196,807
FUND BALANCE -
Beginning of Year 1,235,456 1,038,649
FUND BALANCE -
END OF YEAR $927,385 $1,235,456
Page 104
M A J O R G O V E R N M E N T A L F U N D S
Infrastructure Fund –to account for revenues restricted for and expenditures relative to the construction
and maintenance of roadways, drainage and safety pathway sys tems.
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
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL -
INFRASTRUCTURE FUND - MAJOR CAPITAL PROJECTS FUND
For the Year Ended December 31, 2016
With Comparative Actual Amounts for the Year Ended December 31, 2015
2016
Budgeted Amounts
Original Final Actual
Variance with
Final Budget
2015
Actual
REVENUES
Intergovernmental -
grants $-$-$25,804 $25,804 $-
Non-home rule sales
tax 5,835,000 5,835,000 5,991,262 156,262 5,637,241
Investment income 25,000 25,000 39,800 14,800 22,985
Miscellaneous 15,000 15,000 -(15,000)5,697
Total Revenues 5,875,000 5,875,000 6,056,866 181,866 5,665,923
EXPENDITURES
GENERAL
GOVERNMENT
Geographic information
systems
Personnel 18,865 18,865 18,169 696 -
Materials and
supplies 1,700 1,700 1,083 617 780
Operation and
contractual 161,430 161,430 158,171 3,259 141,093
Capital 9,500 9,500 8,590 910 -
Total geographic
information
systems 191,495 191,495 186,013 5,482 141,873
Total General
Government 191,495 191,495 186,013 5,482 141,873
PUBLIC WORKS
Management
Personnel 425,740 425,740 354,604 71,136 311,975
Materials and
supplies 3,930 3,930 2,031 1,899 2,302
Operation and
contractual 220,285 220,285 159,021 61,264 172,381
Total
management $649,955 $649,955 $515,656 $134,299 $486,658
Page 105
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, 2016
With Comparative Actual Amounts for the Year Ended December 31, 2015
2016
Budgeted Amounts
Original Final Actual
Variance with
Final Budget
2015
Actual
Streets - general
salaries
Personnel $660,465 $660,465 $650,415 $10,050 $608,534
Materials and
supplies 3,780 3,780 3,138 642 4,065
Operation and
contractual 3,585 3,585 2,667 918 2,623
Total streets -
general
salaries 667,830 667,830 656,220 11,610 615,222
Streets and traffic
maintenance
Materials and
supplies 194,865 163,800 24,341 139,459 21,559
Operation and
contractual 401,155 432,220 421,710 10,510 329,853
Capital 10,000 10,000 -10,000 -
Total streets
and traffic
maintenance 606,020 606,020 446,051 159,969 351,412
Snow removal
Personnel 98,790 98,790 54,391 44,399 66,482
Materials and
supplies 132,820 132,820 75,210 57,610 157,268
Operation and
contractual 81,240 81,240 73,621 7,619 73,272
Capital 17,500 17,500 -17,500 -
Total snow
removal 330,350 330,350 203,222 127,128 297,022
Drainage
maintenance
Materials and
supplies 20,000 20,000 5,141 14,859 6,965
Operation and
contractual 93,355 93,355 82,437 10,918 88,487
Capital 20,000 20,000 -20,000 -
Total drainage
maintenance 133,355 133,355 87,578 45,777 95,452
Page 106
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, 2016
With Comparative Actual Amounts for the Year Ended December 31, 2015
2016
Budgeted Amounts
Original Final Actual
Variance with
Final Budget
2015
Actual
Safe pathway
maintenance
Materials and
supplies $12,100 $12,100 $7,273 $4,827 $1,893
Operation and
contractual 37,580 37,580 27,430 10,150 28,745
Capital 12,850 12,850 -12,850 -
Total safe
pathway
maintenance 62,530 62,530 34,703 27,827 30,638
Engineering and
capital projects
engineering
Personnel 437,865 502,805 493,885 8,920 401,467
Materials and
supplies 1,875 1,875 1,052 823 574
Operation and
contractual 116,585 51,645 39,856 11,789 49,329
Total
engineering
and capital
projects
engineering 556,325 556,325 534,793 21,532 451,370
Roadway
improvements
Operation and
contractual 617,585 617,585 485,134 132,451 517,848
Intergovernmental
agreements 3,923,820 3,923,820 2,474,646 1,449,174 3,618,369
Reimbursements
from other funds (180,035)(180,035)(180,035)-(169,575)
Expenditure
reimbursement
paid to other
funds 155,000 155,000 155,000 -144,000
Total roadway
improvements 4,516,370 4,516,370 2,934,745 1,581,625 4,110,642
Total Public
Works 7,522,735 7,522,735 5,412,968 2,109,767 6,438,416
Total
Expenditures 7,714,230 7,714,230 5,598,981 2,115,249 6,580,289
Page 107
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, 2016
With Comparative Actual Amounts for the Year Ended December 31, 2015
2016
Budgeted Amounts
Original Final Actual
Variance with
Final Budget
2015
Actual
Excess (deficiency) of
revenues over
(under) expenditures $(1,839,230)$(1,839,230)457,885 $2,297,115 (914,366)
OTHER FINANCING
SOURCES (USES)
Transfers in 950,000 950,000 516,221 (433,779)-
Total Other
Financing
Sources (Uses)950,000 950,000 516,221 (433,779)-
Net Change in Fund
Balance $(889,230)$(889,230)974,106 $1,863,336 (914,366)
FUND BALANCE -
Beginning of Year 5,791,896 6,706,262
FUND BALANCE -
END OF YEAR $6,766,002 $5,791,896
Page 108
VILLAGE OF OAK BROOK
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL - PROMENADE TIF FUND - MAJOR CAPITAL PROJECT FUND
For the Year Ended December 31, 2016
With Comparative Actual Amounts for the Year Ended December 31, 2015
2016
Budgeted Amounts
Original Final Actual
Variance with
Final Budget
2015
Actual
REVENUES
TAXES
Municipal sales tax $97,000 $97,000 $103,007 $6,007 $98,822
Property taxes 330,000 330,000 354,829 24,829 325,654
Investment income 15 15 389 374 40
Total Revenues 427,015 427,015 458,225 31,210 424,516
EXPENDITURES
Current
General government 3,800 3,940 3,938 2 3,975
Debt service
Principal 140,000 145,000 145,000 -119,913
Interest and fiscal
charges 290,000 290,220 290,220 -298,974
Total
Expenditures 433,800 439,160 439,158 2 422,862
Net Change in Fund
Balance $(6,785)$(12,145)19,067 $31,212 1,654
FUND BALANCE -
Beginning of Year 230,211 228,557
FUND BALANCE -
END OF YEAR $249,278 $230,211
Page 109
P R O P R I E T A R Y F U N D S
M A J O R E N T E R P R I S E F U N D S
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
WATERW ORKS SYSTEM FUND - MAJOR ENTERPRISE FUND
For the Year Ended December 31, 2016
With Comparative Actual Amounts for the Year Ended December 31, 2015
2016
Budgeted Amounts
Original Final Actual
Variance with
Final Budget
2015
Actual
OPERATING REVENUES
Charges for services
Water sales $8,180,000 $8,180,000 $8,543,371 $363,371 $7,451,956
Unmetered sales 25,000 25,000 41,794 16,794 40,295
Water tap on charges 30,000 30,000 69,573 39,573 47,840
Meter fees and special
services 57,000 57,000 63,634 6,634 75,329
Miscellaneous 66,500 66,500 93,756 27,256 67,825
Total Operating
Revenues 8,358,500 8,358,500 8,812,128 453,628 7,683,245
OPERATING EXPENSES
Operation of facilities 7,860,985 7,860,985 7,369,401 (491,584)7,548,159
Depreciation and
amortization --590,178 590,178 549,293
Total Operating
Expenses 7,860,985 7,860,985 7,959,579 98,594 8,097,452
Operating Income
(loss)497,515 497,515 852,549 355,034 (414,207)
NON-OPERATING
REVENUES (EXPENSES)
Investment income 10,000 10,000 12,631 2,631 13,046
Gain (loss) on disposal of
capital assets ----(6,556)
Total Non-Operating
Revenues
(Expenses)10,000 10,000 12,631 2,631 6,490
Change in net
position $507,515 $507,515 865,180 $357,665 (407,717)
NET POSITION -
Beginning of Year 20,561,853 20,969,570
NET POSITION -
END OF YEAR $21,427,033 $20,561,853
Page 110
VILLAGE OF OAK BROOK
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL - WATERW ORKS SYSTEM FUND -
MAJOR ENTERPRISE FUND
For the Year Ended December 31, 2016
With Comparative Actual Amounts for the Year Ended December 31, 2015
Variance W ith 2015
Original Final Actual Final Budget Actual
Operating expenses excluding depreciation
and pension expense
Operation of facilities
Public works - water operations
Personnel 812,125$ 846,125$ 845,108$ 1,017$ 768,746$
Materials and supplies 74,545 155,325 150,572 4,753 219,761
Operation and contractual 6,365,195 6,250,415 5,888,340 362,075 6,081,444
Reimbursements for general fund services 423,720 423,720 423,720 - 399,350
Total public works - water operations 7,675,585 7,675,585 7,307,740 367,845 7,469,301
Capital improvements
Capital outlay 185,400 185,400 - 185,400 1,416,468
Total capital improvements 185,400 185,400 - 185,400 1,416,468
Total operating expenses excluding
depreciation and pension expense - Budgetary
basis 7,860,985$ 7,860,985$ 7,307,740 553,245$ 8,885,769
Adjustments to GAAP Basis
Capital expenditures - (1,416,468)
Pension expense - IMRF 51,492 40,288
OPEB expense 10,169 38,570
Depreciation and amortization 590,178 549,293
Total adjustments to GAAP basis 651,839 (788,317)
Total operating expenses 7,959,579$ 8,097,452$
2016
Budgeted Amounts
Page 111
MAJOR ENTERPRISE FUND
With Comparative Actual Amounts for the Year Ended December 31, 2015
Variance W ith 2015
Original Final Actual Final Budget Actual
Revenues
Charges for services
Golf 1,881,220$ 1,881,220$ 2,036,729$ 155,509$ 1,808,993$
Swimming and tennis 283,390 283,390 293,431 10,041 273,565
Special events 180,000 180,000 185,196 5,196 334,070
Rentals and commissions 425,000 425,000 449,752 24,752 420,632
Food and beverage 360,050 360,050 418,749 58,699 350,775
Total operating revenues 3,129,660 3,129,660 3,383,857 254,197 3,188,035
Operating expenses including depreciation
Golf club 1,801,275 1,789,640 1,762,802 26,838 1,855,510
Swimming and tennis 525,295 480,190 553,938 (73,748) 560,009
Special events 225,000 219,780 219,533 247 459,919
Rentals and commissions 389,695 440,810 430,047 10,763 437,293
Food and beverage 403,480 414,325 380,874 33,451 382,783
Total operating expenses 3,344,745 3,344,745 3,347,194 (2,449) 3,695,514
Operating income (loss)(215,085) (215,085) 36,663 256,646 (507,479)
Non-operating revenues (expenses)
Investment income 1,500 1,500 3,374 (1,874) 3,088
Gain (loss) on disposal of capital assets - - (2,512) 2,512 (7,542)
Interest and fiscal charges - - - - (919)
Total non-operating revenues
(expenses)1,500 1,500 862 638 (5,373)
Net income (loss) before
transfers (213,585) (213,585) 37,525 257,284 (512,852)
Transfers
Transfers in 251,005 251,005 - (251,005) 459,098
Total Other Financing Sources (Uses)251,005 251,005 - (251,005) 459,098
Change in net position 37,420$ 37,420$ 37,525 6,279$ (53,754)
NET POSITION - Beginning of Year 12,304,654 12,358,408
NET POSITION - END OF YEAR 12,342,179$ 12,304,654$
Budgeted Amount
For the Year Ended December 31, 2016
SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET POSITION - BUDGET AND ACTUAL - SPORTS CORE FUND -
VILLAGE OF OAK BROOK
2016
Page 112
MAJOR ENTERPRISE FUND
With Comparative Actual Amounts for the Year Ended December 31, 2015
Variance With 2015
Original Final Actual Final Budget Actual
Charges for Services
Golf
Fees 1,408,320$ 1,408,320$ 1,529,827$ 121,507$ 1,320,132$
Golf surcharge 110,000 110,000 117,970 7,970 101,914
Memberships 167,150 167,150 179,987 12,837 166,175
Merchandise sales 195,650 195,650 208,845 13,195 220,672
Miscellaneous 100 100 100 - 100
Total golf 1,881,220 1,881,220 2,036,729 155,509 1,808,993
Swimming and tennis
Fees 74,870 74,870 62,313 (12,557) 70,676
Memberships 207,920 207,920 224,531 16,611 200,197
Merchandise sales 200 200 - (200) 10
Miscellaneous 400 400 6,587 6,187 2,682
Total swimming and tennis 283,390 283,390 293,431 10,041 273,565
Special events
Fees - - - - 24,111
Merchandise sales - - - - 19,292
Promotions - - - - 80,100
Independence Day/Taste of Oak Brook 180,000 180,000 185,196 5,196 185,007
Special groups - - - - 8,790
Miscellaneous - - - - 16,770
Total special events 180,000 180,000 185,196 5,196 334,070
Rentals and commissions
Open field rental 265,000 265,000 281,081 16,081 278,708
Other rental income 160,000 160,000 168,671 8,671 141,924
Total rentals and commissions 425,000 425,000 449,752 24,752 420,632
Food and beverage
Food sales 162,550 162,550 174,964 12,414 150,850
Beverage sales 197,500 197,500 243,785 46,285 199,925
Total food and beverage 360,050 360,050 418,749 58,699 350,775
Total Operating Revenues 3,129,660$ 3,129,660$ 3,383,857$ 254,197$ 3,188,035$
SCHEDULE OF OPERATING REVENUES - BUDGET AND ACTUAL - SPORTS CORE FUND -
For the Year Ended December 30, 2016
VILLAGE OF OAK BROOK
2016
Budgeted Amounts
Page 113
Page 114
VILLAGE OF OAK BROOK
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL - SPORTS CORE FUND -
MAJOR ENTERPRISE FUND
For the Year Ended December 31, 2016
With Comparative Actual Amounts for the Year Ended December 31, 2015
Variance With 2015
Original Final Actual Final Budget Actual
Operating expenses excluding depreciation
and pension expense
Operations - golf club
Golf club general operations
Personnel 290,605$ 509,905$ 507,337$ 2,568$ 442,109$
Materials and supplies 177,550 186,545 186,441 104 239,002
Operation and contractual 269,395 167,890 144,101 23,789 174,293
Capital 15,000 7,915 7,915 - 8,135
Total golf club general operations 752,550 872,255 845,794 26,461 863,539
Golf club range operations
Personnel 62,785 69,490 67,778 1,712 62,243
Materials and supplies 17,000 10,295 9,115 1,180 10,758
Operation and contractual 14,700 14,700 13,200 1,500 14,953
Capital 7,500 7,500 6,165 1,335 -
Total golf club range operations 101,985 101,985 96,258 5,727 87,954
Golf cart operations
Personnel 23,845 48,095 48,092 3 24,008
Materials and supplies 1,400 53,415 53,152 263 1,229
Operation and contractual 7,000 7,000 7,262 (262) 6,545
Capital 50,000 - - - -
Total golf cart operations 82,245 108,510 108,506 4 31,782
Golf course maintenance
Personnel 699,495 541,890 450,276 91,614 576,298
Materials and supplies 228,850 228,850 196,945 31,905 193,533
Operation and contractual 40,350 40,350 37,378 2,972 45,729
Capital 102,000 102,000 56,287 45,713 156,958
Total golf course maintenance 1,070,695 913,090 740,886 172,204 972,518
Less reimbursement from other funds (206,200) (206,200) (206,200) - (206,200)
Total operations - golf club 1,801,275 1,789,640 1,585,244 204,396 1,749,593
Operations - swimming and tennis
General operations
Personnel 85,675 135,075 134,531 544 68,689
Materials and supplies 29,250 22,175 19,129 3,046 41,269
Operation and contractual 213,735 138,185 113,796 24,389 134,231
Subtotal general operations 328,660 295,435 267,456 27,979 244,189
Less reimbursement from other funds (32,000) (32,000) (32,000) - (32,000)
Less overhead allocation (328,660) (328,660) (276,915) (51,745) (246,974)
Total general operations (32,000) (65,225) (41,459) (23,766) (34,785)
2016
Budgeted Amounts
Page 115
VILLAGE OF OAK BROOK
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL - SPORTS CORE FUND -
MAJOR ENTERPRISE FUND
For the Year Ended December 31, 2016
With Comparative Actual Amounts for the Year Ended December 31, 2015
Variance With 2015
Original Final Actual Final Budget Actual
2016
Budgeted Amounts
Operating expenses excluding depreciation
and pension expense (continued)
Swimming operations
Personnel 35,040$ 35,040$ 33,866$ 1,174$ 36,817$
Materials and supplies 12,500 9,765 9,837 (72) 9,423
Operation and contractual 181,805 191,385 192,228 (843) 198,553
Capital 25,500 42,855 24,200 18,655 34,403
Overhead allocation 141,325 141,325 119,079 22,246 102,989
Total swimming operations 396,170 420,370 379,210 41,160 382,185
Tennis operations - outdoor
Personnel 52,395 52,395 47,894 4,501 56,788
Materials and supplies 7,800 7,800 1,691 6,109 10,921
Operation and contractual 35,200 35,200 33,100 2,100 34,352
Capital - - - - 15,000
Overhead allocation 65,730 65,730 55,381 10,349 47,901
Total tennis operations - outdoor 161,125 161,125 138,066 23,059 164,962
Total operations - swimming and tennis 525,295 516,270 475,817 40,453 512,362
Special events
Personnel - - - - 2,649
Materials and supplies - - - - 49,188
Operation and contractual 225,000 219,780 219,533 247 400,617
Overhead allocation - - - - 7,465
Total special events 225,000 219,780 219,533 247 459,919
Rentals and commissions
Personnel 118,620 102,230 103,131 (901) 104,134
Materials and supplies 9,050 2,755 1,580 1,175 16,681
Operation and contractual 196,150 233,870 233,495 375 251,297
Capital 10,000 10,000 - 10,000 40,000
Overhead allocation 55,875 91,955 85,840 6,115 57,210
Total rentals and commissions 389,695 440,810 424,046 16,764 469,322
Food and beverage
Poolside grill
Personnel 17,415 17,415 19,272 (1,857) 20,649
Materials and supplies 23,380 28,600 27,857 743 24,134
Operation and contractual 4,800 4,800 3,685 1,115 4,254
Overhead allocation 65,730 29,650 16,615 13,035 31,409
Total poolside grill 111,325 80,465 67,429 13,036 80,446
Golf clubhouse
Personnel 108,930 112,465 113,316 (851) 117,908
Materials and supplies 170,450 172,540 171,439 1,101 163,423
Operation and contractual 12,775 12,775 13,025 (250) 9,833
Total golf clubhouse 292,155 297,780 297,780 - 291,164
Total food and beverage 403,480 378,245 365,209 13,036 371,610
Page 116
VILLAGE OF OAK BROOK
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL - SPORTS CORE FUND -
MAJOR ENTERPRISE FUND
For the Year Ended December 31, 2016
With Comparative Actual Amounts for the Year Ended December 31, 2015
Variance With 2015
Original Final Actual Final Budget Actual
2016
Budgeted Amounts
Total operating expenses - budgetary basis 3,344,745$ 3,344,745$ 3,069,849 274,896$ 3,562,806
Adjustments to GAAP basis
Capital expenditures (94,567) (254,496)
Depreciation expense - golf 190,737 196,814
Depreciation expense - swimming and tennis 92,862 91,224
Depreciation expense - food and beverage 11,227 7,935
Pension expense - IMRF 68,519 72,705
OPEB expense 8,567 18,526
Total adjustments to GAAP basis 277,345 132,708
Total Operating Expenses 3,347,194$ 3,695,514$
I N T E R N A L S E R V I C E F U N D S
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, 2016
Self-Insurance Garage
Capital
Replacement Totals
ASSETS
Current Assets
Cash and investments $589,849 $347,053 $1,502,658 $2,439,560
Receivables
Accrued interest --4,308 4,308
Other 26,837 615 -27,452
Inventories -52,048 -52,048
Prepaid items 30,110 -744,579 774,689
Total Current Assets 646,796 399,716 2,251,545 3,298,057
Noncurrent Assets
Capital assets
Capital assets, net of accumulated
depreciation -109,866 3,469,011 3,578,877
Total Noncurrent Assets -109,866 3,469,011 3,578,877
Total Assets 646,796 509,582 5,720,556 6,876,934
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to pensions -53,437 -53,437
Total Deferred Outflows of Resources -53,437 -53,437
LIABILITIES
Current Liabilities
Accounts payable 237,104 70,859 -307,963
Accrued payroll 857 4,823 -5,680
Compensated absences payable -10,170 -10,170
Unearned revenues 39,624 --39,624
Claims payable 42,919 --42,919
Total Current Liabilities 320,504 85,852 -406,356
Noncurrent Liabilities
Net pension liability - IMRF -81,953 -81,953
Other post employment benefits payable -7,556 -7,556
Total Noncurrent Liabilities -89,509 -89,509
Total Liabilities 320,504 175,361 -495,865
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pensions -8,824 -8,824
Total Deferred Inflows of Resources -8,824 -8,824
NET POSITION
Investment in capital assets -109,866 3,469,011 3,578,877
Unrestricted 326,292 268,968 2,251,545 2,846,805
TOTAL NET POSITION $326,292 $378,834 $5,720,556 $6,425,682
Page 117
VILLAGE OF OAK BROOK
COMBINING STATEMENT OF REVENUES, EXPENSES, AND
CHANGES IN NET POSITION
INTERNAL SERVICE FUNDS
For the Year Ended December 31, 2016
Self-Insurance Garage
Capital
Replacement Totals
OPERATING REVENUES
Charges for services $3,029,058 $700,395 $586,185 $4,315,638
Total Operating Revenues 3,029,058 700,395 586,185 4,315,638
OPERATING EXPENSES
Claims and insurance 2,806,534 --2,806,534
Operation of facilities -499,878 -499,878
Miscellaneous --24,482 24,482
Depreciation and amortization -15,902 563,689 579,591
Total Operating Expenses 2,806,534 515,780 588,171 3,910,485
Operating Income (Loss)222,524 184,615 (1,986)405,153
NONOPERATING REVENUES (EXPENSES)
Investment income 2,150 1,029 17,402 20,581
Gain (loss) on disposal of capital assets --79,706 79,706
Total Nonoperating Revenues
(Expenses)2,150 1,029 97,108 100,287
Change in net position 224,674 185,644 95,122 505,440
NET POSITION - Beginning of Year 101,618 193,190 5,625,434 5,920,242
NET POSITION - END OF YEAR $326,292 $378,834 $5,720,556 $6,425,682
Page 118
VILLAGE OF OAK BROOK
COMBINING STATEMENT OF CASH FLOW S
INTERNAL SERVICE FUNDS
For the Year Ended December 31, 2016
Self-Insurance Garage
Capital
Replacement Totals
CASH FLOWS FROM OPERATING
AC TIVITIES
Received from customers $1,074,995 $-$-$1,074,995
Receipts from internal service transactions 1,971,295 701,440 586,185 3,258,920
Paid to suppliers for goods and services (2,865,146)(409,100)(62,018)(3,336,264)
Paid to employees for services -(108,053)-(108,053)
Net Cash Flows From Operating
Activities 181,144 184,287 524,167 889,598
CASH FLOWS FROM INVESTING
AC TIVITIES
Investments sold and matured --492,800 492,800
Investment income 2,150 1,029 20,921 24,100
Purchase of investments --(453,416)(453,416)
Net Cash Flows From Investing Activities 2,150 1,029 60,305 63,484
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Proceeds from sale of capital assets --107,509 107,509
Acquisition and construction of capital
assets -(35,510)(1,195,079)(1,230,589)
Net Cash Flows From Capital and
Related Financing Activities -(35,510)(1,087,570)(1,123,080)
Net Change in Cash and Cash
Equivalents 183,294 149,806 (503,098)(169,998)
CASH AND CASH EQUIVALENTS - Beginning
of Year 406,555 197,247 873,785 1,477,587
CASH AND CASH EQUIVALENTS - END
OF YEAR $589,849 $347,053 $370,687 $1,307,589
Page 119
Self-Insurance Garage
Capital
Replacement Totals
RECONCILIATION OF OPERATING
INCOME (LOSS) TO NET CASH FLOWS
FROM OPERATING ACTIVITIES
Operating income (loss)$222,524 $184,615 $(1,986)$405,153
Adjustments to Reconcile Operating
Income (Loss) to Net Cash Flows From
Operating Activities
Depreciation -15,902 563,689 579,591
Changes in assets and liabilities
Accounts receivable 62,883 1,045 -63,928
Prepaid items (19,420)--(19,420)
Inventories -(17,586)-(17,586)
Deferred outflows - pensions -11,876 -11,876
Accounts payable (5,599)54,365 (37,536)11,230
Claims payable (25,385)--(25,385)
Accrued salaries (8,208)(26,090)-(34,298)
Compensated absences payable -2,965 -2,965
Other postemployment benefits payable -(575)-(575)
Net pension liability -(32,603)-(32,603)
Deferred inflows - pensions -(9,627)-(9,627)
Unearned revenues (45,651)--(45,651)
NET CASH FLOWS FROM
OPERATING ACTIVITIES $181,144 $184,287 $524,167 $889,598
RECONCILIATION OF CASH AND CASH
EQUIVALENTS TO THE STATEMENT OF
NET POSITION
Cash and cash equivalents $589,849 $347,053 $370,687 $1,307,589
Investments --1,131,971 1,131,971
Total Cash and investments $589,849 $347,053 $1,502,658 $2,439,560
NONCASH CAPITAL AND RELATED
FINANCING ACTIVITIES
None
Page 120
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, 2016
With Comparative Actual Amounts for the Year Ended December 31, 2015
2016
Budgeted Amounts
Original Final Actual
Variance with
Final Budget
2015
Actual
OPERATING
REVENUES
Charges for services $2,990,910 $2,990,910 $3,029,058 $38,148 $2,753,901
Total Operating
Revenues 2,990,910 2,990,910 3,029,058 38,148 2,753,901
OPERATING EXPENSES
Claims and insurance
Insurance and
administration 787,500 863,425 829,308 34,117 743,545
Health claims 2,050,000 1,951,090 1,814,245 136,845 1,999,219
Dental claims 140,000 162,985 162,981 4 138,811
Total Operating
Expenses 2,977,500 2,977,500 2,806,534 170,966 2,881,575
Operating
Income (Loss)13,410 13,410 222,524 209,114 (127,674)
NON-OPERATING
REVENUES
(EXPENSES)
Investment income 125 125 2,150 2,025 161
Total Non-Operating
Revenues
(Expenses)125 125 2,150 2,025 161
Change in net
position $13,535 $13,535 224,674 $211,139 (127,513)
NET POSITION
- Beginning of
Year 101,618 229,131
NET
POSITION -
END OF
YEAR $326,292 $101,618
Page 121
VILLAGE OF OAK BROOK
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - GARAGE FUND -
INTERNAL SERVICE FUND
For the Year Ended December 31, 2016
With Comparative Actual Amounts for the Year Ended December 31, 2015
Budgeted Amounts
Variance With 2015
Original Final Actual Final Budget Actual
Operating Revenues
Charges for services 700,010$ 700,010$ 700,395$ 385$ 812,415$
Total Revenues 700,010 700,010 700,395 385 812,415
Operating Expenses Excluding Depreciation
Garage operations
Personnel 253,940 253,940 125,134 128,806 248,959
Materials and supplies 232,670 232,670 134,335 98,335 167,395
Operation and contractual 237,770 237,770 230,923 6,847 253,637
Expenditure reimbursement paid to other funds 40,415 40,415 40,415 - 37,075
Capital 40,000 40,000 35,510 4,490 15,994
Total operating expenses excluding
depreciation 804,795 804,795 566,317 238,478 723,060
Operating Income (Loss)(104,785) (104,785) 134,078 238,863 89,355
Non-Operating Revenues (Expenses)
Investment income 50 50 1,029 979 72
Total non-operating revenues (expenses)50 50 1,029 979 72
Change in Net Position - Budgetary
Basis (104,735)$ (104,735)$ 135,107 239,842$ 89,427
Ad justments to GAAP Basis
Pension expense - IMRF 30,354 (9,552)
OPEB expense 575 (8,131)
Capital expenditures 35,510 15,994
Depreciation and amortization (15,902) (14,593)
Total adjustments to GAAP basis 50,537 (16,282)
Change in Net Position - GAAP basis 185,644 73,145
NET POSITION - Beginning of Year 193,190 120,045
NET POSITION - END OF YEAR 378,834$ 193,190$
2016
Page 122
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, 2016
With Comparative Actual Amounts for the Year Ended December 31, 2015
Budgeted Amounts
Variance With 2015
Original Final Actual Final Budget Actual
Operating Revenues
Charges for services 586,185$ 586,185$ 586,185$ -$ 731,470$
Total Revenues 586,185 586,185 586,185 - 731,470
Operating Expenses Excluding Depreciation
Capital expenditures 746,070 1,394,208 450,500 943,708 937,987
Miscellaneous - 24,485 24,482 3 9,886
Total operating expenses excluding
depreciation 746,070 1,418,693 474,982 943,711 947,873
Operating Income (Loss)(159,885) (832,508) 111,203 943,711 (216,403)
Non-Operating Revenues (Expenses)
Gain (loss) on disposal of capital assets 53,410 53,410 79,706 26,296 100,983
Investment income 16,000 16,000 17,402 1,402 14,110
Transfers out (662,600) - - - -
Total non-operating revenues (expenses)(593,190) 69,410 97,108 27,698 115,093
Change in Net Position - Budgetary
Basis (753,075)$ (763,098)$ 208,311 971,409$ (101,310)
Ad justments to GAAP Basis
Capital expenditures 450,500 937,987
Depreciation and amortization (563,689) (479,247)
Total adjustments to GAAP basis (113,189) 458,740
Change in Net Position - GAAP basis 95,122 357,430
NET POSITION - Beginning of Year 5,625,434 5,268,004
NET POSITION - END OF YEAR 5,720,556$5,625,434$
2016
Page 123
F I D U C I A R Y F U N D S
P E N S I O N T R U S T F U N D S
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, 2016
Police Pension
Firefighters'
Pension Totals
ASSETS
Cash $96,379 $547,348 $643,727
Investments
Certificates of deposit 635,945 504,280 1,140,225
Money markets 2,702,045 487,893 3,189,938
U.S. treasuries -803,901 803,901
U.S. agencies 4,723,644 3,939,090 8,662,734
State and local obligations 1,180,474 1,369,697 2,550,171
Corporate bonds 4,143,333 2,282,423 6,425,756
Mutual funds 19,950,332 15,005,648 34,955,980
Accrued interest 110,953 65,945 176,898
Prepaid items 2,960 2,103 5,063
Total Assets 33,546,065 25,008,328 58,554,393
LIABILITIES
Accounts payable 12,015 12,908 24,923
Total Liabilities 12,015 12,908 24,923
NET POSITION
Restricted for pension benefits $33,534,050 $24,995,420 $58,529,470
Page 124
VILLAGE OF OAK BROOK
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
PENSION TRUST FUNDS
For the Year Ended December 31, 2016
Police Pension
Firefighters'
Pension Total
AD DITIONS
Contributions
Employer $1,527,927 $1,801,476 $3,329,403
Employee 383,238 273,775 657,013
Total Contributions 1,911,165 2,075,251 3,986,416
Investment income
Net appreciation in fair value 1,296,696 985,936 2,282,632
Interest 960,781 854,489 1,815,270
Total Investment Income 2,257,477 1,840,425 4,097,902
Less Investment expense 81,459 46,105 127,564
Net Investment Income 2,176,018 1,794,320 3,970,338
Total Additions 4,087,183 3,869,571 7,956,754
DEDUCTIONS
Benefits and refunds 2,364,839 2,645,270 5,010,109
Administrative 39,522 40,567 80,089
Total Deductions 2,404,361 2,685,837 5,090,198
Net Decrease in Net Position 1,682,822 1,183,734 2,866,556
NET POSITION - Beginning of Year 31,851,228 23,811,686 55,662,914
NET POSITION, END OF YEAR $33,534,050 $24,995,420 $58,529,470
Page 125
S T A T I S T I C A L S E C T I O N
Statistical Section
This part of the Village's comprehensive annual financial report presents detailed information
as a context for understanding what the information in the financial statements, not disclosures, and
required supplementary information says about the Village's overall financial health.
Contents Page
Financial Trends
These schedules contain trend information to help the reader understand how the
Village's financial performance and well-being have changed over time.126 - 135
Revenue Capacity
These schedules contain information to help the reader assess the factors affecting
the Village's ability to generate it's property and sales taxes.136 - 142
Debt Capacity
These schedules present information to help the reader assess the affordability of
the Village's current levels of outstanding debt and the Village's ability to issue additional
debt in the future.143 - 147
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader
understand the environment within which the Village's financial activities take place
and to help make comparisons over time and with other governments.148 - 161
Operating Information
These schedules contain information about the Village's operations and resources to
help the reader understand how the Village's financial information relates to the
services the Village provides and the activities it performs.162 - 165
Sources:Unless otherwise noted, the information in these schedules is derived from the comprehensive
annual financial reports for the relevant year.
Page 126
2007 2008 2009 2010
Governmental Activities
Net Investment in Capital Assets 62.4$ 61.6$ 60.6$ 55.3$
Restricted - - - 3.5
Unrestricted 19.7 22.7 16.9 17.4
82.1$ 84.3$ 77.5$ 76.2$
Business-type Activities
Net Investment in Capital Assets 22.7$ 24.5$ 24.5$ 26.5$
Unrestricted 7.0 5.8 5.5 3.6
Total Business-type Activities 29.7$ 30.3$ 30.0$ 30.1$
Primary Government
Net Investment in Capital Assets 85.1$ 86.1$ 85.1$ 81.8$
Restricted - - - 3.5
Unrestricted 26.7 28.5 22.4 21.0
Total Primary Government 111.8$ 114.6$ 107.5$ 106.3$
Data Source
Audited Financial Statements
Data in millions
Note: The Village implemented GASB Statement No. 68 in 2015. Prior years have not been restated.
VILLAGE OF OAK BROOK
Net Position by Component
Last Ten Fiscal Years
Page 127
2011 2012 2013 2014 2015 2016
56.2$ 57.6$ 59.3$ 60.7$ 60.7$ 60.5$
9.4 9.4 9.8 11.5 11.3 12.3
13.7 14.0 13.3 12.1 (27.2) (26.1)
79.3$ 81.0$ 82.4$ 84.3$ 44.8$ 46.7$
28.5$ 30.0$ 29.6$ 30.6$ 31.3$ 30.6$
1.8 1.2 4.6 3.7 2.2 3.9
30.3$ 31.2$ 34.2$ 34.3$ 33.5$ 34.5$
84.7$ 87.6$ 88.9$ 91.3$ 92.0$ 91.1$
9.4 9.4 9.8 11.5 11.3 12.3
15.5 15.2 17.9 15.8 (25.0) (22.2)
109.6$ 112.2$ 116.6$ 118.6$ 78.3$ 81.2$
Page 128
2007 2008 2009 2010
Expenses
Governmental Activities
General Government 5.3$ 6.2$ 5.3$ 3.9$
Public Safety 12.3 12.6 11.9 13.2
Public Works 4.3 3.2 11.9 4.4
Culture and Recreation 1.8 2.0 1.7 1.7
Interest on Long-Term Debt 0.1 0.1 0.1 0.4
Total Governmental Activities Expenses 23.8 24.1 30.9 23.6
Business-type Activities
Water 4.4 3.9 4.0 4.5
Sports Core 3.7 3.8 3.5 3.1
Total Business-type Activities Expenses 8.1 7.7 7.5 7.6
Total Primary Government Expenses 31.9$ 31.8$ 38.4$ 31.2$
Program Revenues
Governmental Activities
Charges for Services
General Government 1.7$ 1.3$ 1.1$ 1.4$
Public Safety 0.9 0.8 0.8 1.1
Other Activities 0.0 0.0 0.1 -
Operating Grants and Contributions 0.5 0.4 0.3 0.3
Capital Grants - - - 0.7
Total Governmental Activities Program Revenues 3.1 2.5 2.3 3.5
Business-type Activities
Charges for Services
W ater 4.6 4.0 4.0 5.1
Sports Core 3.8 3.6 3.3 2.5
Total Business-type Activities Program Revenues 8.4 7.6 7.3 7.6
Total Primary Government Program Revenues 11.5$ 10.1$ 9.6$ 11.1$
Net (Expense) Revenue
Governmental Activities (20.7)$ (21.6)$ (28.6)$ (20.1)$
Business-type Activities 0.3 (0.1) (0.2) -
Total Primary Government Net (Expense) Revenue (20.4)$ (21.7)$ (28.8)$ (20.1)$
Last Ten Fiscal Years
Change in Net Position
VILLAGE OF OAK BROOK
Page 129
2011 2012 2013 2014 2015 2016
4.2$ 3.7$ 4.3$ 4.5$ 5.3$ 4.7$
12.3 13.4 13.7 14.7 24.6 17.2
4.9 6.1 4.8 4.9 7.7 6.4
1.7 1.8 1.8 2.0 1.5 1.5
0.4 0.4 0.4 0.3 0.3 0.3
23.5 25.4 25.0 26.4 39.4 30.1
4.9 5.6 6.3 7.0 8.0 7.9
3.1 3.3 3.4 3.6 3.7 3.4
8.0 8.9 9.7 10.6 11.7 11.3
31.5$ 34.3$ 34.7$ 37.0$ 51.1$ 41.4$
1.1$ 1.6$ 2.1$ 1.9$ 1.8$ 2.1$
1.5 1.1 1.1 1.2 1.2 1.3
- - - - - -
0.3 0.3 0.4 0.4 0.2 0.2
0.7 - 0.5 0.3 - -
3.6 3.0 4.1 3.8 3.2 3.6
5.3 6.7 6.9 7.0 7.7 8.8
2.9 3.2 3.2 3.1 3.2 3.4
8.2 9.9 10.1 10.1 10.9 12.2
11.8$ 12.9$ 14.2$ 13.9$ 14.1$ 15.8$
(19.9)$ (22.4)$ (20.9)$ (22.6)$ (36.2)$ (26.3)$
0.2 1.0 0.4 (0.5) (0.8) 0.9
(19.7)$ (21.4)$ (20.5)$ (23.1)$ (37.0)$ (25.4)$
Page 130
2007 2008 2009 2010
General Revenues and Other Changes in Net Position
Governmental Activities
Taxes
Sales and Local Use Taxes 14.4$ 16.1$ 14.2$ 16.1$
Utility 4.2 4.5 4.9 4.7
Other 2.5 2.5 2.5 2.3
Investment Earnings 0.8 0.5 0.1 0.1
Miscellaneous 0.2 0.3 - -
Transfers - - - -
Total Governmental Activities 22.1 23.9 21.7 23.2
Business-type Activities
Investment Earnings 0.3 0.2 - -
Miscellaneous 0.8 0.2 - (0.1)
Transfers - - - -
Total Business-type Activities 1.1 0.4 - (0.1)
Total Primary Government 23.2$ 24.3$ 21.7$ 23.1$
Change in Net Position
Governmental Activities 1.4$ 2.3$ (6.9)$ 3.1$
Business-type Activities 1.4 0.3 (0.2) (0.1)
Total Primary Government Change in Net Position 2.8$ 2.6$ (7.1)$ 3.0$
Data Source
Audited Financial Statements
Data in millions
VILLAGE OF OAK BROOK
Change in Net Position
Last Ten Fiscal Years
Page 131
2011 2012 2013 2014 2015 2016
16.0$ 16.7$ 17.3$ 17.7$ 18.1$ 19.3$
4.7 4.9 5.0 5.2 5.7 6.0
2.2 2.5 2.4 2.5 2.8 2.7
- - 0.1 (0.2) 0.2 0.3
- - - - 0.2 -
- - (0.2) (0.5) (0.5) -
22.9 24.1 24.6 24.7 26.5 28.3
- - - - - -
- - - - - -
- - 0.2 0.5 0.5 -
- - 0.2 0.5 0.5 -
22.9$ 24.1$ 24.8$ 25.2$ 27.0$ 28.3$
3.0$ 1.7$ 3.7$ 2.1$ (9.7)$ 2.0$
0.2 1.0 0.6 - (0.3) 0.9
3.2$ 2.7$ 4.3$ 2.1$ (10.0)$ 2.9$
Page 132
2007 2008 2009 2010 2011 2012
General Fund
Reserved 1,291,112$ 1,291,975$ 1,495,000$ -$ -$ -$
Unreserved 12,152,083 11,493,855 10,787,853 - - -
Nonspendable - - - 1,917,000 2,087,000 2,545,898
Unrestricted
Committed - - - - 364,483 224,878
Assigned - - - - - -
Unassigned - - - 11,708,050 13,532,992 14,772,181
Total General Fund 13,443,195$ 12,785,830$ 12,282,853$ 13,625,050$ 15,984,475$ 17,542,957$
Infrastructure Fund
Unreserved 2,110,918$ 4,792,595$ 4,682,620$ -$ -$ -$
Nonspendable - - - 337,699 - -
Restricted - - - 5,004,945 5,864,870 5,398,644
Total Infrastructure Fund 2,110,918$ 4,792,595$ 4,682,620$ 5,342,644$ 5,864,870$ 5,398,644$
All Other Governmental Funds
Restricted -$ -$ -$ 3,672,971$ 3,451,553$ 3,924,483$
Unreserved, reported in
Special Revenue Funds 1,365,470 2,225,973 2,986,576 - - -
Capital Project Fund 17,407 136,330 225,075 - - -
Nonspendable - - - - - -
Total All Other Governmental
Funds 1,382,877$ 2,362,303$ 3,211,651$ 3,672,971$ 3,451,553$ 3,924,483$
Data Source
Audited Financial Statements
Last Ten Fiscal Years
Fund Balances of Governmental Funds
VILLAGE OF OAK BROOK
Page 133
2013 2014 2015 2016
-$ -$ -$ -$
- - - -
168,016 109,092 53,406 58,444
224,878 - - -
102,525 205,050 - -
15,902,982 15,799,127 17,206,014 20,014,100
16,398,401$ 16,113,269$ 17,259,420$ 20,072,544$
-$ -$ -$ -$
- - - -
5,152,351 6,706,262 5,791,896 6,766,002
5,152,351$ 6,706,262$ 5,791,896$ 6,766,002$
4,560,128$ 4,826,298$ 5,504,093$ 5,673,352$
- - - -
- - - -
- 775 775 -
4,560,128$ 4,827,073$ 5,504,868$ 5,673,352$
Page 134
2007 2008 2009 2010 2011 2012
Revenues
Sales Tax Revenue 11,396,397$ 10,873,975$ 9,748,649$ 11,121,649$ 11,070,404$ 11,326,929$
Non-home Rule Sales Tax 2,618,565 4,874,978 4,410,438 4,833,425 4,833,972 5,230,137
Other Intergovernmental 1,711,638 1,893,862 1,771,733 2,545,066 2,411,395 1,841,378
Utility Taxes 4,247,675 4,520,563 4,922,115 4,669,414 4,657,683 4,900,869
Hotel/Motel Taxes 1,262,808 1,137,614 882,649 881,887 853,638 940,008
Licenses and Permits 850,965 720,847 741,380 843,139 948,872 1,201,998
Charges for Services 832,008 839,504 695,630 943,638 1,089,783 970,778
Fines and Penalties 375,717 345,937 313,395 229,246 248,120 231,865
Investment Income 682,728 431,753 80,345 110,837 31,018 47,363
Donations 45,150 - - - - -
Miscellaneous 281,864 391,106 403,580 532,891 323,742 355,548
Total Revenues 24,305,515 26,030,139 23,969,914 26,711,192 26,468,627 27,046,873
Expenditures
General Government 5,529,429 5,846,600 4,932,449 3,522,790 3,319,839 3,600,061
Public Safety 12,156,303 12,280,965 11,496,681 12,536,938 11,755,031 12,986,730
Public Works 2,460,937 2,394,176 10,458,211 4,036,771 4,698,190 4,706,731
Culture and Recreation 1,746,352 2,011,660 1,596,440 1,536,853 1,569,377 1,638,863
Capital Outlay 1,214,933 493,000 994,776 382,039 281,457 607,097
Debt Service - - 1,706,163 1,769,263 1,827,087 1,842,163
Interest and issuance costs 95,415 462,997 386,259 375,042
Total Expenditures 23,107,954 23,026,401 31,280,135 24,247,651 23,837,240 25,756,687
Excess of Revenues over (under)
Expenditures 1,197,561 3,003,738 (7,310,221) 2,463,541 2,631,387 1,290,186
Other Financing Sources (Uses)
Transfers In - - - - - 275,000
Transfers Out - - - - - -
Debt Issuance - - 9,788,606 - - -
Debt Issuance premium - - 8,861 - - -
Payment to refund bond escrow agent - - (2,250,850) - - -
Sale of Capital Assets - - - - 28,846 -
Total Other Financing Sources (Uses)- - 7,546,617.00 - 28,846.00 275,000.00
Net Change in Fund Balances 1,197,561$ 3,003,738$ 236,396$ 2,463,541$ 2,660,233$ 1,565,186$
Debt Service as a percentage of
Noncapital Expenditures 0.00%0.00%5.95%9.35%9.40%8.82%
Data Source
Audited Financial Statements
VILLAGE OF OAK BROOK
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
Page 135
2013 2014 2015 2016
11,385,834$ 12,149,324$ 12,346,857$ 13,072,837$
5,171,232 5,384,857 5,637,241 5,991,262
2,530,416 2,274,102 1,925,962 1,939,598
5,047,306 5,203,835 5,673,868 5,967,345
964,684 1,049,631 1,194,811 1,270,131
1,686,269 1,448,471 1,385,341 1,882,598
1,021,858 1,044,934 1,058,929 1,075,234
184,959 189,060 177,588 159,799
86,287 (155,427) 138,593 203,467
- - - -
364,452 424,552 625,504 421,967
28,443,297 29,013,339 30,164,694 31,984,238
4,289,515 5,072,205 4,331,061 4,343,678
13,440,798 14,324,720 14,597,010 15,190,063
4,457,705 4,937,146 7,520,877 6,055,657
1,684,276 1,898,393 1,635,690 1,709,465
- - - -
1,876,754 425,000 384,913 420,000
362,129 346,094 326,465 309,761
26,111,177 27,003,558 28,796,016 28,028,624
2,332,120 2,009,781 1,368,678 3,955,614
- 156,840 - 516,221
(725,324) (630,897) (459,098) (516,221)
- - - -
- - - -
- - - -
- - - -
(725,324.00) (474,057.00) (459,098.00) -
1,606,796$ 1,535,724$ 909,580$ 3,955,614$
8.57%2.86%2.47%2.69%
Page 136
Less:Total Taxable
Levy Residential Commercial Industrial Railroad Tax-Exempt Assessed
Year Property Property Property Property Property Value
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
2015 895,787 440,733 - 13 - 1,336,533
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.
VILLAGE OF OAK BROOK
Assessed Value and Actual Value of Taxable Property
Last Ten Levy Years
(data in thousands)
Page 137
Total Estimated Estimated
Direct Actual Actual
Tax Taxable Taxable
Rate Value Value
- 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%
- 4,009,599 33.333%
Page 138
Tax Levy Year 2006 2007 2008 2009 2010 2011 2012
Tax Rates
Village of Oak Brook - - - - - - -
Basic Town 0.3878 0.3662 0.3567 0.3579 0.3875 0.4166 0.4567
Junior College #502 0.1929 0.1888 0.1858 0.2127 0.2349 0.2495 0.2681
Grade School #53 0.8319 0.8060 0.7936 0.8159 0.9164 1.0099 1.1465
High School #86 1.1418 1.0943 1.0804 1.0948 1.2011 1.3362 1.4984
Oak Brook Park District 0.1583 0.1530 0.1504 0.1555 0.1740 0.1904 0.2174
Total Tax Rates 2.7127 2.6083 2.5669 2.6368 2.9139 3.2026 3.5871
Data Source
Office of the County Clerk
NOTE: Basic town includes all county, forest preserve and township rates. Property tax rates are per $100 of assessed
valuation.
Last Ten Levy Years
Property Tax Rates - Direct and Overlapping Governments
VILLAGE OF OAK BROOK
Page 139
2013 2014 2015
- - -
0.4892 0.4993 0.4783
0.2956 0.2975 0.2786
1.2491 1.2932 1.2435
1.5681 1.5921 1.5592
0.2369 0.2442 0.2349
3.8389 3.9263 3.7945
Page 140
Sales Sales
Taxes Taxes
Taxpayer Revenue Taxpayer Revenue
Apple Computer Inc.Apple Computer
Costco Wholesale Costco Wholesale
Integrated Data Storage LLC Macy's
Macy's Macy's Home Store
Neiman Marcus Neiman Marcus
Nordstrom Rack Nordstrom Rack
Nordstrom, Inc.Nordstrom, Inc.
Optiv Security Inc Sears Roebuck & Co.
Pirch Inc.Tiffany & Co.
Room & Board Inc.Walter E. Smithe Furniture
Top 10 total 6,028,281 $ Top 10 total 5,325,659 $
Total Sales Tax Revenue 13,103,115 $ Total Sales Tax Revenue 11,299,084 $
Top 10 as a Percent of Sales Top 10 as a Percent of Sales
Tax Revenue 46.01%Tax Revenue 47.13%
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.
2016 2007
Current Year and Nine Years Ago
Principal Revenue Taxpayers
VILLAGE OF OAK BROOK
Page 141
Village DuPage County Regional
Fiscal Direct State DuPage County Water Transportation
Year Rate Rate Rate Commission Authority
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%
2016 1.00%5.00%0.25%0.00%0.75%
Data Source
Village and County Records
VILLAGE OF OAK BROOK
Direct and Overlapping Sales Tax Rates
Last Ten Levy Years
Page 142
Village
Non-Home Rule Total
Rate Rate
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%
0.50%7.50%
Page 143
Governmental
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*
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%
2016 3,787,263 - - 3,787,263 0.28%
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.
Business-Type
VILLAGE OF OAK BROOK
Ratios of Outstanding Debt By Type
Last Ten Fiscal Years
Page 144
Total Total
Outstanding Outstanding
Debt Per Debt Per
Personal Income Capita*
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
0.36%480.43
Page 145
(2)
*Percentage
(1)of Debt (3)
Gross Applicable to **Government's
Governmental Unit Bonded Debt Government Share of Debt
Village of Oak Brook 280,000$ 100%280,000
DuPage County 221,573,337 3.94%8,729,989
DuPage Forest Preserve 181,884,431 3.94%7,166,247
DuPage Water Commission - 4.36%-
Park Districts 2,289,126 73.50%1,682,508
Elementary School Districts 69,860,101 4.04%2,822,348
High School Districts 154,365,000 9.99%15,421,064
Junior College 502 209,562,178 4.08%8,550,137
Unit District 205 95,355,000 5.09%4,853,570
Subtotal-Overlapping Debt 934,889,173$ 49,225,862$
Total Direct and Overlapping Debt 935,169,173$ 49,505,862$
*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
December 31, 2016
Schedule of Direct and Overlapping Bonded Debt
VILLAGE OF OAK BROOK
Page 146
2007 2008 2009 2010 2011
Legal debt limit 136,066,752 $ 145,581,763 $ 154,132,970 $ 150,013,021 $ 137,966,087 $
Total net debt 3,205,000 2,750,000 2,400,000 2,055,000 1,710,000
applicable to limit
Legal debt margin 132,921,063 142,831,763 151,732,970 147,958,021 136,256,087
Total net debt applicable 2.35%1.89%1.56%1.37%1.24%
to the limit as a
percentage of debt limit
Last Ten Fiscal Years
VILLAGE OF OAK BROOK
Legal Debt Margin Information
Page 147
2012 2013 2014 2015 2016
128,842,981 $ 117,240,487 $ 109,992,484 $ 109,084,108 $ 115,276,061 $
1,335,000 1,080,000 820,000 555,000 280,000
127,507,981 116,160,487 109,172,484 108,529,108 114,996,061
1.04%0.92%0.75%0.51%0.24%
Legal Debt Margin Calculation for Fiscal 2016
Assessed Value 1,336,534,043$
Legal debt margin 8.625%
Debt limit 115,276,061
Debt applicable to limit
General obligation bonds 280,000
Legal debt margin 114,996,061$
Page 148
Per Capita Total (2)
Fiscal Personal Personal Unemployment
Year Population Income Income Rate
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%
2016 7,883 (E)131,719 1,038,340,877 5.1%
(A) Actual
(E) Estimate
Note: Latest information available
Data Source
U.S. Bureau of Labor Statistics
VILLAGE OF OAK BROOK
Demographic and Economic Information
Last Ten Fiscal Years
Page 149
2016 2008
Percentage of Total Percentage of
Employer Rank Employees Village Population Rank Employees Village Population
Oakbrook Center Mall 1 4,650 59.0%1 3,500 40.2%
McDonald's Corporation 2 2,500 31.7%2 2,188 25.1%
Advocate Healthcare 3 1,066 13.5%4 500 5.7%
Ace Hardware 4 922 11.7%3 750 8.6%
Hub Group 5 634 8.0%
Inland Real Estate Group of Companies 6 416 5.3%
Lion's Club International 7 300 3.8%8 300 3.4%
TreeHouse Foods 8 291 3.7%
Elkay Manufacturing 9 256 3.2%7 325 3.7%
Millenial Trust Company 10 245 3.1%
Safeway, Inc.5 400 4.6%
Dominick's 6 350 4.0%
Federal Signal Corporation 9 200 2.3%
Blistex Inc.10 175 2.0%
Note - Only top 5 available for 2007.
Data Source
A-Z Database; Selective Telephone Survey
Current Year and Eight Years Ago
Principal Employers
VILLAGE OF OAK BROOK
Page 150
(1)
Estimated Sales 2016
Municipality Rank Sales Per Capita Population
Chicago 1 28,409,596,100$ 10,539$ 2,695,598
Naperville 2 3,317,442,600 23,386 141,853
Schaumburg 3 3,170,398,600 42,712 74,227
Springfield 4 2,835,066,900 24,388 116,250
Rockford 5 2,326,663,400 15,220 152,871
Aurora 6 2,264,557,400 11,443 197,899
Joliet 7 2,190,626,200 14,858 147,433
Peoria 8 2,165,393,600 18,828 115,007
Orland Park 9 2,071,352,300 36,489 56,767
Champaign 10 1,640,416,500 20,238 81,055
Mount Prospect 11 1,623,094,500 29,965 54,167
Glenview 12 1,611,797,000 36,065 44,692
Skokie 13 1,567,398,300 24,194 64,784
Niles 14 1,516,562,400 50,886 29,803
Vernon Hills 15 1,456,278,400 57,989 25,113
Bolingbrook 16 1,441,362,200 19,646 73,366
Elgin 17 1,432,376,700 13,240 108,188
Bloomington 18 1,404,533,700 18,334 76,610
Tinley Park 19 1,355,415,300 23,904 56,703
Oak Brook 20 1,310,311,500 166,220 7,883
Gurnee 21 1,265,634,800 40,442 31,295
Downers Grove 22 1,247,523,900 26,081 47,833
Arlington Heights 23 1,237,771,900 16,481 75,101
Elmhurst 24 1,226,149,100 27,548 44,509
Oak Lawn 25 1,182,360,200 20,857 56,690
Source: Illinois Department of Revenue - Local Tax Allocation Division and the U.S. Census Bureau.
VILLAGE OF OAK BROOK
Retail Sales Volume - Top 25 Illinois Communities
State Collection Period January 1, 2016 Through December 31, 2016
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, 2016 through February 29, 2017.
Page 151
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
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%
2016 13,021,926 5.2%5,997,652 5.8%19,019,578 5.4%
Source: Village Records
Note: The Village's Non-Home rule sales tax rate increased from .25% to .50% in 2008.
VILLAGE OF OAK BROOK
Sales Tax Receipts
Cash Basis
Last Ten Fiscal Years
Page 152
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
Month Ended 12/31/12 Ended 12/31/13 Ended 12/31/14 Ended 12/31/15 Ended 12/31/16 FY 2013
January 861,209 $ 871,423 $ 965,587 $ 989,753 $ 994,739 $ 1.2%
February 940,756 968,174 1,007,170 1,069,783 1,045,429 2.9%
March 1,537,599 1,564,960 1,684,678 1,707,798 1,658,727 1.8%
April 723,341 810,073 668,268 796,933 847,398 12.0%
May 754,571 792,731 746,691 748,968 939,441 5.1%
June 914,767 887,312 982,179 1,004,066 1,165,340 -3.0%
July 835,975 851,415 911,040 928,749 945,183 1.8%
August 905,677 917,736 994,734 1,011,901 1,041,277 1.3%
September 820,913 956,861 1,070,696 993,355 1,218,034 16.6%
October 859,114 947,429 980,261 1,011,858 1,045,293 10.3%
November 1,020,879 1,026,555 1,039,263 1,086,052 1,084,781 0.6%
December 973,045 1,046,394 953,862 1,027,421 1,036,284 7.5%
Total 11,147,846 $ 11,641,063 $ 12,004,429 $ 12,376,637 $ 13,021,926 $ 0.9%
Source: Village Records
VILLAGE OF OAK BROOK
Last Five Fiscal Years
Cash Basis
State Sales Tax Receipts By Month
Page 153
FY 2014 FY 2015 FY 2016
10.8%2.5%0.5%
4.0%6.2%-2.3%
7.6%1.4%-2.9%
-17.5%19.3%6.3%
-5.8%0.3%25.4%
10.7%2.2%16.1%
7.0%1.9%1.8%
8.4%1.7%2.9%
11.9%-7.2%22.6%
3.5%3.2%3.3%
1.2%4.5%-0.1%
-8.8%7.7%0.9%
4.4%3.1%3.1%
From Preceding Year
Percentage Change
Page 154
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
Month Ended 12/31/12 Ended 12/31/13 Ended 12/31/14 Ended 12/31/15 Ended 12/31/16
January 379,832 $ 400,764 $ 432,662 $ 457,128 $ 457,292 $
February 424,255 444,306 447,936 495,179 485,225
March 715,934 740,816 758,692 795,630 778,457
April 314,634 337,086 292,394 361,858 383,224
May 346,379 332,311 331,429 338,862 431,470
June 422,481 396,344 416,907 457,660 539,151
July 385,728 390,534 405,594 423,983 434,261
August 419,118 418,782 436,072 469,228 481,286
September 443,846 433,709 457,975 456,114 567,454
October 395,512 414,622 439,287 468,027 481,499
November 435,755 420,938 453,963 474,287 476,167
December 448,755 441,524 463,924 469,279 482,166
Total 5,132,229 $ 5,171,736 $ 5,336,835 $ 5,667,235 $ 5,997,652 $
Source: Village Records
VILLAGE OF OAK BROOK
Last Five Fiscal Years
Cash Basis
Non-Home Rule Sales Tax Receipts By Month
Page 155
FY 2013 FY 2014 FY 2015 FY 2016
5.5%8.0%5.7%0.0%
4.7%0.8%10.5%-2.0%
3.5%2.4%4.9%-2.2%
7.1%-13.3%23.8%5.9%
-4.1%-0.3%2.2%27.3%
-6.2%5.2%9.8%17.8%
1.2%3.9%4.5%2.4%
-0.1%4.1%7.6%2.6%
-2.3%5.6%-0.4%24.4%
4.8%5.9%6.5%2.9%
-3.4%7.8%4.5%0.4%
-1.6%5.1%1.2%2.7%
3.9%0.8%3.2%6.2%
From Preceding Year
Percentage Change
Page 156
Fiscal Years 2007 2008 2009 2010 2011 2012 2013
General Merchandise 2,384,953$ 2,064,241$ 1,864,664$ 1,988,286$ 2,025,257$ 2,087,873$ 1,859,342$
Food 56,332 54,585 68,576 49,666 45,910 49,616 52,331
Drinking and eating places 1,266,893 1,248,272 1,270,903 1,388,881 1,428,598 1,506,289 1,615,029
Apparel 3,075,294 2,876,511 2,711,321 2,987,468 3,034,654 3,110,107 3,065,618
Furniture, H.H. and radio 1,080,877 1,076,836 840,999 957,980 975,472 1,090,244 1,251,860
Lumber, building and hardwa 85,382 39,312 32,472 17,588 12,853 24,600 10,653
Automotive and filling station 1,544,153 1,708,234 1,568,808 1,623,980 1,509,528 1,619,343 1,674,689
Drugs and other retail 1,240,805 1,141,709 1,046,055 1,265,890 1,472,117 1,124,986 1,250,569
Agriculture and all others 491,738 507,663 414,462 354,622 422,368 418,871 421,724
Manufacturers 72,399 72,003 100,642 83,952 126,281 174,572 687,312
Total 11,298,826$ 10,789,368$ 9,918,901$ 10,718,314$ 11,053,036$ 11,206,502$ 11,889,128$
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
between April 1 and March 31 as reported by the State.
VILLAGE OF OAK BROOK
Sales Tax By Category
Last Ten Fiscal Years
Page 157
2014 2015 2016
1,611,302$ 1,408,191$ 1,305,272$
57,974 170,497 167,143
1,717,184 1,770,370 1,844,551
3,141,898 3,078,876 2,989,258
1,421,458 1,606,454 1,613,318
8,686 6,623 4,642
1,682,593 1,698,040 1,683,947
1,530,596 1,817,539 1,857,751
486,652 506,631 1,368,475
451,814 238,943 204,789
12,110,156$ 12,302,164$ 13,039,146$
1.00%1.00%1.00%
Page 158
Fiscal Years 2007 2008 2009 2010 2011 2012
General Merchandise 590,403$ 1,024,873$ 926,187$ 973,309$ 1,006,608$ 1,028,630$
Food 8,577 19,275 20,652 19,332 20,436 22,769
Drinking and eating places 315,085 615,357 632,360 692,224 710,688 749,294
Apparel 768,375 1,433,462 1,353,324 1,492,720 1,516,414 1,554,292
Furniture, H.H. and radio 269,738 534,252 419,064 478,065 486,841 544,734
Lumber, building and hardware 21,290 19,735 16,233 8,807 6,427 12,299
Automotive and filling stations 207,328 410,617 419,622 438,722 413,502 444,986
Drugs and other retail 275,639 501,254 455,080 496,243 522,092 574,857
Agriculture and all others 108,766 224,370 191,955 160,284 190,247 186,919
Manufacturers 18,064 35,964 50,271 41,947 63,114 75,056
Total 2,583,266$ 4,819,159$ 4,484,747$ 4,801,654$ 4,936,368$ 5,193,836$
Village non-home rule sales tax rat 0.25%0.50%0.50%0.50%0.50%0.50%
Source: Illinois Department of Revenue - Local Tax Allocation Division
Note The Village's Non-Home rule sales tax increased from .25% to .50% effective January 1, 2008.
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.
VILLAGE OF OAK BROOK
Non-Home Rule Sales Tax By Category
Last Ten Fiscal Years
Page 159
2013 2014 2015 2016
923,522$ 799,234$ 697,506$ 646,561$
24,206 26,475 82,154 79,404
804,095 854,898 880,598 916,540
1,532,230 1,570,256 1,538,617 1,493,830
624,646 707,730 801,746 806,090
5,326 4,341 3,290 2,311
462,595 461,447 454,848 443,470
581,045 717,631 862,594 880,058
189,403 221,375 233,499 662,998
74,826 78,163 80,757 88,331
5,221,895$ 5,441,550$ 5,635,608$ 6,019,593$
0.50%0.50%0.50%0.50%
Page 160
Function/Program 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
111 Board of Trustees 1.00 0.50 0.50 0.50 0.75 0.50 0.50 0.50 0.50 0.50
112 Village Clerk 3.25 3.25 3.25 1.50 1.75 1.95 1.25 1.25 2.75 2.08
121 Legal 0.25 0.25 0.25 0.25 0.25 0.35 0.25 0.25 0.25 0.35
131 General Management 3.25 2.50 2.50 2.25 3.00 2.55 2.50 3.00 2.00 1.72
132 Human Resources 1.00 1.00 1.50 1.75 1.50 1.75 2.00 2.00 2.00 1.10
134 Risk Management 0.50 0.50 0.50 0.50 0.50 0.40 0.50 0.50 0.50 0.20
136 General Services 1.25 1.25 1.25 2.00 1.75 1.35 0.00 0.00 0.00 1.20
137 Business Licenses 0.25 0.00 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 0.50 0.00 0.00
141 Purchasing 1.50 1.50 0.00 0.50 0.50 0.85 1.00 1.00 1.00 0.00
151 Information Services 3.50 3.50 3.00 2.25 2.00 2.60 2.00 2.00 2.00 2.65
152 Geographic Information Systems 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.35
Legislative and General Management Total 15.75 14.25 12.75 11.50 12.00 12.30 10.00 11.00 11.00 10.15
211 Financial Services Management 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 0.88
221 Accounting and Reporting 4.50 4.50 5.00 3.00 2.75 2.75 3.00 3.00 3.00 4.05
231 Customer Service 0.00 0.00 0.00 0.00 0.00 0.00 1.50 1.50 1.50 0.00
241 Purchasing 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.00
Financial Services Total 5.50 5.50 6.00 4.00 3.75 3.75 5.50 5.50 5.50 5.93
321 Buildings and Grounds 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
335 Forestry 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.20
341 Garage Operations 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.48
351 Water Operations 7.50 7.50 7.50 6.50 6.00 6.00 7.00 7.00 7.00 7.00
360 Public Works Management 3.00 3.00 3.00 2.50 2.50 2.00 2.50 2.50 2.50 3.00
361 Streets - General Salaries 8.00 8.00 8.00 8.00 8.00 8.00 6.50 6.50 6.50 6.90
Public Works Total 21.50 21.50 21.50 20.00 19.50 19.00 19.00 19.00 19.00 20.58
511 Library General Operations 7.00 7.00 7.00 4.00 4.50 5.25 5.50 5.50 6.50 5.88
521 Technical Services 2.50 2.50 2.50 3.00 2.75 2.75 2.00 2.00 2.00 1.80
531 Reference and User Services 2.50 2.50 2.50 1.75 2.25 2.50 3.00 3.00 2.00 1.95
541 Youth Services 2.75 2.75 2.75 1.50 2.00 1.50 1.50 2.00 2.00 1.95
Library Total 14.75 14.75 14.75 10.25 11.50 12.00 12.00 12.50 12.50 11.58
(Continued)
Last Ten Fiscal Years
Budgeted Full-Time Equivalent Employees
VILLAGE OF OAK BROOK
Page 161
Function/Program 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
611 Police Services Management 3.00 3.00 3.00 3.00 2.00 2.00 3.00 3.00 3.00 3.00
621 Police Field Services 35.00 36.25 35.25 31.50 31.50 32.20 31.00 31.00 31.00 32.20
622 Police Auxiliary 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5.00 0.28
631 Police General Support 3.00 3.50 3.50 3.00 3.00 3.00 4.00 4.00 4.00 4.00
632 Police Investigations 7.00 7.00 6.00 8.00 8.00 7.00 6.00 6.00 6.00 6.00
633 Village Communications Center 12.00 12.50 12.00 9.00 7.00 0.00 0.00 0.00 0.00 0.00
634 Police Support Services 3.00 3.00 3.00 2.50 2.50 6.55 3.50 3.50 3.50 3.25
635 Police Public Relations/Crime Prevention 0.00 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 0.50 0.00 0.00 0.00 0.00 0.00
Police Total 63.00 65.25 62.75 57.00 54.50 50.75 47.50 47.50 52.50 48.73
700 Fire and EMS - General Salaries**33.00 33.00 33.00 31.00 31.00 31.00 31.00 31.00 31.00 31.00
711 Rescue and Fire Service Management 3.00 3.00 2.50 1.50 1.50 1.50 1.50 2.20 2.85 2.35
723 Fire Rescue and Training 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.20
731 Emergency Medical Service 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.40
741 Fire Prevention and Public Safety Education 2.00 2.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3.60
Fire Total***44.00 44.00 41.50 38.50 38.50 38.50 38.50 39.20 39.85 43.55
811 Sports Core General Operations 2.75 2.75 2.25 1.75 1.50 0.75 0.25 1.50 0.50 1.40
812 Swimming Operations 1.40 1.40 1.40 1.40 1.40 1.40 1.40 1.40 1.40 1.40
813 Tennis 1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15
821 Sports Core Food & Beverage Operations 2.50 2.50 2.75 0.00 0.50 0.50 0.50 1.00 1.50 1.50
822 Poolside Grill Food & Beverage Operations 0.80 0.80 0.80 0.80 0.80 0.80 0.80 0.80 0.80 0.80
823 Golf Club Food & Beverage Operations - - 0.25 0.50 0.50 0.50 0.50 0.50 0.50 3.80
831 Golf Club General Operations 3.25 3.25 3.25 2.75 2.25 2.00 2.00 2.00 2.00 8.00
832 Golf Learning and Practice 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50
833 Golf Cart Operations 1.10 1.10 1.10 1.10 1.10 1.10 1.10 1.10 1.10 1.10
834 Golf Course Maintenance 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 13.50
Sports Core Total 17.45 17.45 17.45 13.95 13.70 12.70 12.20 13.95 13.45 34.15
460 Engineering 4.00 4.00 4.00 3.50 3.25 3.50 3.50 3.50 3.50 3.40
911 Community Development Management 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.50 2.50 2.60
921 Code Enforcement 4.00 4.00 3.50 3.50 3.50 4.25 4.25 5.50 6.00 5.91
Community Development Total 10.00 10.00 9.50 9.00 8.75 9.75 9.75 11.50 12.00 11.91
GRAND TOTAL ALL DEPARTMENTS 191.95 192.70 186.20 164.20 162.20 158.75 154.45 160.15 165.80 186.58
**Six contract firefighter/paramedics are used to supplement the full-time complement of firefighter/paramedics.
Source: Village Records
***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.
*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.
Last Ten Fiscal Years
VILLAGE OF OAK BROOK
Budgeted Full-Time Equivalent Employees (Continued)
Page 162
Function/Program 2007 2008 2009 2010 2011
Public Safety
Police
Physical arrests 319 293 399 357 267
Parking violations 1,472 1,420 1,113 877 1,245
Traffic violations 4,240 3,371 3,464 4,090 3,374
Fire
EMS Incidents 1,093 1,118 1,069 1,006 1,091
Fire Incidents 823 752 802 918 788
Communications Center
Police calls dispatched 10,880 10,667 9,911 9,666 9,666
Fire/EMS calls dispatched 2,250 2,214 2,176 2,240 2,156
Water
New water meters installed 31 21 10 10 11
Water main breaks repaired 109 58 63 59 50
Water pumped (Mil. Gals.)1,336 1,210 1,105 1,136 1,060
Library
Total Circulation 99,009 96,631 90,287 87,906 84,768
Avg. Daily Circulation 292.1 282.5 267.9 260.5 253.0
Total Holdings 106,181 105,493 111,051 116,386 124,757
Community Development
Building permits issues 856 742 606 696 705
Inspections 1,754 1,772 2,090 2,193 2,139
Estimated construction value 81,953,372$ 46,663,489$ 51,776,407$ 51,559,533$ 58,775,804$
Sports Core
B&T Recreation Membership 291 303 259 300 320
Social Memberships 120 129 80 64 59
Total Events 226 202 123 39 35
Golf Memberships 235 226 219 207 182
Total Golf Rounds 43,561 40,336 39,686 37,750 35,196
Data Source
Various village departments
n/a Information was unavailable for this given period.
Last Ten Fiscal Years
Operating Indicators
VILLAGE OF OAK BROOK
Page 163
2012 2013 2014 2015 2016
234 178 196 208 191
636 501 306 299 901
3,137 2,897 2,986 2,082 1,465
1,113 1,191 1,321 1,329 1,432
656 667 742 600 630
12,696 18,552 19,853 19,442 23,924
2,071 2,294 2,448 2,246 2,407
14 15 16 33 19
61 48 36 17 43
1,173 1,113 1,080 1,152 1,087
91,017 93,300 90,485 91,205 112,423
269.0 274.0 265.0 270.0 318.0
128,343 131,658 131,973 102,441 97,201
770 811 837 850 841
2,311 2,617 2,648 2,790 2,999
76,987,646$ 131,935,998$ 110,922,495$ 174,948,935$ 99,520,330$
363 347 338 307 317
67 68 82 81 77
56 66 72 71 75
154 146 143 142 145
38,637 34,670 33,861 34,019 39,324
Page 164
Function/Program 2007 2008 2009 2010 2011 2012
Public Safety
Police
Stations 1 1 1 1 1 1
Area patrols 5 5 5 4 5 5
Patrol units 15 15 15 12 11 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)115 105 105 105 105 105
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
Last Ten Fiscal Years
Capital Asset Statistics
VILLAGE OF OAK BROOK
Page 165
2013 2014 2015 2016
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 4 3 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.