Village CAFR for year ended April 30, 2008VILLAGE OF DEERFIELD, ILLINOIS
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
For the Year Ended
April 30, 2008
Prepared by Finance Department
Robert W. Fialkowski
Director of Finance
VILLAGE OF DEERFIELD, ILLINOIS
TABLE OF CONTENTS
Page(s)
INTRODUCTORY SECTION
Principal Officials....................................................................................................i
Organizat io nal Chart ...............................................................................................ii
Certificate of Achievement for Excellence in Financial Reporting ...........................iii
Director of Finance’s Letter of Transmittal ..............................................................iv-vii
FINANCIAL SECTION
INDEPENDENT AUDITOR’S REPORT ................................................................1-2
GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS
Management’s Discussion and Analysis ....................................................................MD&A 1-6
Basic Financial Statements
Government-Wide Financial Statements
Statement of Net Assets ....................................................................................3
Statement of Act ivit ies ......................................................................................4-5
Fund Financial Statements
Governmental Funds
Ba lance Sheet ...............................................................................................6
Reconciliation of Fund Balances of Go vernment al Funds to
the Go vernment al Act ivit ies in the Statement of Net Assets.....................7
Statement of Revenues, Expenditures and Changes in Fund Balances .......8
Reconciliation of the Go vernmental Funds Statement of Revenues,
Expenditures and Changes in Fund Balances to the Governmental
Act ivit ies in t he Statement of Activities ..............................................................9
VILLAGE OF DEERFIELD, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
FI NANCIAL SECTION (Continued)
GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS (Continued)
Basic Financial Statements (Continued)
Fund Financial Statements (Continued)
Proprietary Funds
Statement of Net Assets ...............................................................................10
Statement of Revenues, Expenses and Changes in Net Assets ...................11
Statement of Cash Flows ..............................................................................12-13
Fiduciary Funds
Statement of Fiduciary Net Assets ...............................................................14
Statement of Changes in Fiduciar y N et Assets ............................................15
Notes to Financial Statements.........................................................................16-51
Required Supplementary Informat io n
Schedu le o f R evenues, Expenditures and Changes in Fund Balance -
Budget and Actual -General Fund.......................................................................52
Schedule of Funding Progress
Illino is Municipal Retirement Fund ...........................................................53
Police Pension Fund ..................................................................................54
Other Post-Employment Benefit Plan ........................................................55
Schedule of Employer Contribut io ns
Illino is Municipal Retirement Fund ...........................................................56
Police Pensio n Fund ..................................................................................57
Other Post-Employment Benefit Plan ........................................................58
Notes to Required Supplementary Informat io n ...............................................59
VILLAGE OF DEERFIELD, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
FINANCIAL SECTION (Continued)
COMBINING AND INDIVIDUAL FUND
FINANCIAL STATEMENTS AND SCHEDULES
MAJOR GOVERNMENTAL FUNDS
Schedule of Revenues -Budget and Actual -General Fund .................................60-61
Schedule of Expenditures -Budget and Actual -General Fund ............................62-64
Schedule of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual
Infrastructure Replacement Fund ...............................................................65
Tax Incremental Finance District 2 Fund ...................................................66
Debt Service Fund .....................................................................................67
NONMAJOR GOVERNMENTAL FUNDS
Combining Balance Sheet ..............................................................................68
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances ..............................................................................................69
Schedule of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual
Motor Fuel Tax Fund .................................................................................70
Enhanced 911 Fund ...................................................................................71
Project 29 Fund .........................................................................................72
MAJOR ENTEPRISE FUNDS
Water Fund
Schedule of Revenues, Expenses and Changes in Net Assets -
Budget and Actual ...................................................................................73
Schedule of Operat ing Expenses -Budget and Actual ................................74
Schedule of Capital Assets and Depreciat io n .............................................75
Sewerage Fund
Schedule of Revenues, Expenses and Changes in Net Assets -
Budget and Actual ...................................................................................76
Schedule of Operat ing Expenses -Budget and Actual ................................77
Schedule of Capital Assets and Depreciat io n .............................................78
VILLAGE OF DEERFIELD, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
FINANCIAL SECTION (Continued)
COMBINING AND INDIVIDUAL FUND
FINANCIAL STATEMENTS AND SCHEDULES (Continued)
MAJOR ENTEPRISE FUNDS (Continued)
Refuse Fund
Schedule of Revenues, Expenses and Changes in Net Assets -
Budget and Actual ...................................................................................79
NONMAJOR ENTEPRISE FUNDS
Commuter Parking Lot Fund
Schedule of Revenues, Expenses and Changes in Net Assets -
Budget and Actual ...................................................................................80
Schedule of Operat ing Expenses -Budget and Actual ................................81
Schedule of Capit al Assets and Depreciat io n .............................................82
INTERNAL SERVICE FUNDS
Combining Statement of Net Assets ...............................................................83
Combining Statement of Revenues, Expenses and Changes in
Net Assets ....................................................................................................84
Combining Statement of Cash Flows ..............................................................85
Garage Fund
Schedule of Revenues, Expenses and Changes in Net Assets -
Budget and Actual ...................................................................................86
Schedule of Operat ing Expenses -Budget and Actual ................................87
Vehicle and Equipment Replacement Fund
Schedule of Revenues, Expenses and
Changes in Net Assets -Budget and Actual .............................................88
FIDUCIARY FUNDS
Schedule of Changes in Plan Net Assets -Budget and Actual -
Police Pensio n Fund .....................................................................................89
Combining Statement of Changes in Assets and Liabilit ies -
Agency Funds ..............................................................................................90
VILLAGE OF DEERFIELD, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
FINANCIAL SECTION (Continued)
SUPPLEMENTAL DATA
Long-Term Debt Requirements
General Obligat io n Bond Series of 1998.........................................................91
General Obligat io n Refunding Bond Series of 2003 .......................................92
STATISTICAL SECTION
Financial Trends
Net Assets by Component ...................................................................................93
Change in Net Assets ..........................................................................................94-95
Fund Balances of Governmental Funds ...............................................................96
Changes in Fund Balances of Governmental Funds .............................................97
Revenue Capacit y
Sales Tax by Category ........................................................................................98
Direct and Overlapping Sales Tax Rates .............................................................99
Debt Capacit y
Ratios of Outstanding Debt by Type ...................................................................100
Ratios of General Bonded Debt Outstanding .......................................................101
Direct and Overlapping Bonded Debt -Governmental Act ivit ie s ........................102
Legal Debt Margin Information ..........................................................................103
Demographic and Economic Informat io n
Demographic and Economic Informat io n ............................................................104
Principal Emplo yers ............................................................................................105
Operating Informat io n
Full-Time Equivalent Employees ........................................................................106
Operating Indicators............................................................................................107
Capital Asset Statistics ........................................................................................108
-i -
VILLAGE OF DEERFIELD, ILLINOIS
PRINCIPAL OFFICIALS
April 30, 2008
LEGISLATIVE
VILLAGE BOARD OF TRUSTEES
Steven M. Harris, Mayor
Robert L. Benton Michelle Feldman
Thomas Jester Harriet E. Rosenthal
William S. Seiden Barbara J. Struthers
Kent Street, Clerk
ADMINISTRATIVE
Kent Street, Village Manager
FINANCE DEPARTMENT
Robert W. Fialkowski
Director of Finance/Treasurer
Public
Boards and Mayor and Board Village Attorney
Commissions of Trustees
Assistant to the Village Manager
Village Manager 3 Employees
Police Finance Community Public Works
Development & Engineering
55 Employees 7 Employees 5 Employees 34 Employees
Patrol Budgeting Planning Water Works
Investigations Accounting Zoning Sewage
Treatment
Youth Treasury Code Streets
Management Enforcement
Communications Personnel Building Plan Vehicle
Review Maintenance
Records Utility Billing Permits Storm Drainage
Research and Purchasing Appearance Plan Design
Development Review & Review
- ii -
v
as its sole purpose is to provide retirement benefits to the Village's sworn police officers. The Deerfield Public
Library is included as a discretely presented component unit since a separately elected board of trustees
governs it. No other legally separate entity qualifies as a component unit of the Village.
Accounting System and Budgetary Control
The accounts of the Village are organized on the basis of funds, each of which is considered a separate and
distinct accounting entity. The operations of each fund are accounted for with a separate set of self-balancing
accounts that comprise its assets, liabilities, fund equity, revenues and expenditures. Revenues are allocated to
and accounted for in individual funds based upon the purpose for which they are to be expended and the means by
which spending activities are controlled. The accounting records for general governmental operations are
maintained on the modified accrual basis, with revenues being recorded when available and measurable and
expenditures being recorded when materials or services are received and the liability is incurred. Accounting
records for the Village's enterprise funds, internal service funds, agency funds and pension trust fund are
maintained on the accrual basis of accounting.
Management of the Village is responsible for establishing and maintaining a system of internal accounting controls.
These controls are designed to assure that the assets of the Village are safeguarded against any material loss,
theft or misuse. These controls assure that the financial statements are in conformity with generally accepted
accounting principles. Internal accounting controls are designed to provide reasonable, but not absolute,
assurance that control objectives will be met. The concept of reasonable assurance recognizes that (1) the cost of
control should not exceed the benefits likely to be derived; and (2) the evaluation of costs and benefits require
estimates and judgment by Management.
The annual budget serves as the foundation for the Village’s financial planning and control. State law requires that
a municipality operating under the budget system adopt its annual budget prior to the start of its fiscal year.
Through the budget, spending authority is conveyed by expenditure object. The legal level of budgetary control is
the department level, or, where no departmental segregation of a fund exists, the fund level.
Factors Affecting Financial Condition
Economic Outlook. There are several measures of economic health for local governments. Four of the more
objective measures or indicators are local employment levels, retail sales activity, family income levels and
construction activity.
Employment levels in the Village have always surpassed that of Lake and Cook Counties and the State of
Illinois as a whole. As of April 30, 2008 the Village's unemployment rate was estimated to be 3.4%, compared
to 5.2% for Lake County, 5.4% for the State of Illinois and 5.0% for the United States.
The overall slowdown in the national and state economy has reached the surrounding area and affected the
Village base sales tax revenue (which represents 1% of the total eligible sales) which, net of the Walgreen’s sales
tax rebate, dropped approximately 4% from 2007. No significant retailers opened or closed during the year;
However, Walgreen National continues to increase its activity from the prior years. Pursuant to a sales tax
sharing agreement, 80% of the Village share of the sales tax received from them is rebated back.
Median family income figures from the 2000 Census demonstrate that the average income of Deerfield
residents far exceeds county and state averages. According to the Census Bureau, Deerfield's 2000 median
family income was $118,683, compared to $76,424 for Lake County, $55,545 for the State of Illinois and
$50,046 for the United States. This ranked Deerfield among the wealthiest communities in the State of Illinois.
We presume that these numbers are significantly higher at the present time.
New commercial and residential construction activity remained relatively stable compared to the prior year
both in value and number of permits issued. In 2008 there were 52 new commercial permits (includes
remodeling) issued, with a total value of $13.6 million and 24 new residential permits (primarily single family)
issued with a total value of $14.6 million. There were no new major commercial occupancies during the year.
The Chicagoland Conservative Jewish High School completed construction of their new campus during the
vi
fiscal year and opened for the school year in August, 2007.
Long-term Financial Planning. The Village utilizes a 5 year Capital Improvement Program (“CIP”) to
address major capital and infrastructure improvements. For a project to be included in the CIP, it must involve
the creation or purchase of a tangible asset with an original cost of at least $25,000 and a useful life of more
than one year. Projects that are programmed for the first year of the CIP (i.e., the upcoming budget year) are
most closely scrutinized in the capital planning process because associated funding must be provided in that
budget. The Village has primarily followed a “pay-as-you-go” funding strategy for maintenance and
replacement of assets and has issued debt for new projects as necessary. Capital grants are sought at the
state and local level for eligible projects. No new debt was issued in FY 2007/08.
Major Initiatives
The Village continues to work on the design of the new wastewater treatment facility including financing
options for an expected $25 million cost. The treatment process option should be selected in early FY 2009
and final design and costs will be prepared. Meanwhile, design work was completed on the reconstruction of
the satellite facilities pursuant to recommendations in the study. Construction should begin in FY 2009 to be
partially funded by proceeds of a new general obligation bond issue.
As part of the regular budget planning process, Village staff has presented the Board with a capital projects
program that will require significant expenditures over the next five year period. These projects include water
and sewer main replacement along with road reconstruction. The Village Board has previously approved
using General Fund unreserved balances for the initial funding of the program and implemented a home rule
sales tax of 0.5% on January 1, 2005 to fund a portion of the program. For FY 2009, balances in the
Infrastructure along with the home rule tax revenue will be used; additional debt anticipated at $5 million will be
issued during FY 2009 for the capital improvement program.
As part of the overall Tri-state Tollway reconstruction, work began on the widening of the Lake Cook Road
overpass. Village involvement was limited to the relocation of a water main in Wilmot Road north of Lake
Cook. Construction of the new Village Hall addition and remodeling was completed in January, 2008. Funding
was through the Village Center Tax Increment Financing District.
Awards and Acknowledgments
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 Deerfield for its comprehensive annual
financial report for the fiscal year ended April 30, 2007. The Certificate of Achievement is a prestigious national
award, recognizing conformance with the highest standards for preparation of state and local government
financial reports. In order to be awarded a Certificate of Achievement, a governmental unit must publish an
easily readable and efficiently organized comprehensive annual financial report (CAFR) whose contents
conform to program standards. Such CAFR 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 of Deerfield has received a
Certificate of Achievement for the last twenty-four years. We believe our current report continues to conform
to the Certificate of Achievement program requirements, and we are submitting it to the GFOA.
In addition, the Village also received the GFOA’s Distinguished Budget Presentation Award for its annual
budget document dated May 1, 2007. In order to qualify for the Distinguished Budget Presentation Award, the
Village’s budget document had to be judged proficient as a policy document, a financial plan, an operations
guide and a communications device.
MD&A 1
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
April 30, 2008
The Village of Deerfield (the “Village”) management’s 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 subsequent year challenges), (4) identify any material
deviations from the financial plan (the approved budget)and (5) identify individual fund issues or concerns.
Since Management’s Discussion and Analysis (MD&A) is designed to focus on the current year’s activities, resulting
changes and currently known facts, please read it in conjunction with the Transmittal Letter (beginning on page iv)
and the Village’s financial statements (beginning on page 3).
Financial Highlights
·The Village’s General Fund ended the year with total revenues exceeding total expenditures by $948,653.
Com bined with other financing net use of $3,988,948,the April 30, 2008 fund balance decreased by
$3,040,295.
·New building activity continued to decline due to overall slowdown in construction, especially single family
residential. Total building permit revenue was $651,351 for the year, a decrease of 30% from the prior year.
·Rev enue from both the State income tax and local hotel/motel tax were higher compared to the prior year,
reflecting a continued, positive recovery in business travel to Deerfield in the case of the hotel tax but the
positive incom e tax revenue likely indicates a lag in a slowing state economy.
·The Village’s base sales tax (1%) increased less than 1% from the prior year; net of the Walgreen’s rebate
this revenue declined reflecting a slowing of sales activity in the local economy.
·The Village retired $2,400,000 of general obligation debt during the year and did not issue any new debt.
The total balance of debt outstanding as of April 30, 2008 was $6,185,000.
·The Village transferred $4,000,000 from the General Fund to the Infrastructure and Water Funds for capital
project financing. These transfers represent a spend down of excess unreserved fund balances.
USING THE FINANCIAL SECTION OF THIS COMPREHENSIVE ANNUAL FINANCIAL REPORT
The financial statement’s focus is on both the Village as a whole (government-wide) and on the major individual
funds. Both perspectives (government-wide and major fund) allow the user to address relevant questions, broaden a
basis for comparison (year-to-year or government-to-government) and enhance the Village’s accountability.
Government-Wide Financial Statements
The government-wide financial statements (see pages 3 -5) are designed to be corporate-like in that all
governmental and business-type activities are consolidated into columns that add to a total for the Primary
Government. The focus of the Statement of Net Assets (the “Unrestricted Net Assets) is designed to be similar to
bottom line results for the Village and its governmental and business-type activities. This statement combines and
consolidates the 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.
The Statement of Activities (see pages 4 –5)is focused on both the gross and net cost of various activities (including
governmental and business-type), which are supported by the government’s general taxes and other resources. This
is intended to summarize and simplify the user’s analysis of the cost of various governmental services and/or subsidy
to various business-type activities.
The Governmental Activities reflect the Village’s basic services, including police, public works, engineering and
administration. Shared state sales tax,local hotel/motel tax and shared state income taxes finance the majority of
these services. The Business-type Activities reflect private sector type operations (Water, Sewer, Refuse Disposal
and Commuter Parking) where the charges for services typically cover all or most of the cost of operation, including
depreciation.
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
MD&A 2
Fund Financial Statements
Traditional users of governmental financial statements will find the Fund Financial Statements presentation more
familiar. A fund is an accountability unit used to maintain control over resources segregated for specific activities or
objectives. The Village uses funds to ensure and demonstrate compliance with finance-related laws and regulations.
Within the basic financial statements, fund financial statements focus on the Village’s most significant funds rather
than the Village as a whole. Major funds are separately reported while all others are combined into a single,
aggregated presentation. Individual fund data for non-major funds is provided in the form of combining statements in
a later section of this report.
The Governmental Major Funds (see pages 6 –9)are reported in the fund financial statements and encompass
essentially the same functions reported as governmental activities in the government-wide financial statements.
However, governmental fund statements report short-term fiscal accountability focusing on the use of spendable
resources and balances of spendable resources available at the end of the year. They are useful in evaluating
annual financing requirements of governmental programs and the commitment of spendable resources for the near-
term.
The government-wide financial statements provide a long-term view. Comparisons between the individual
governmental fund statements and the government -wide statements provide information about financing decisions
and the amount invested in maintaining and improving infrastructure. These two perspectives can provide insight into
the long-term impact of short-term financing decisions. Both the governmental fund balance sheet and the
governmental fund statement of revenues, expenditures and changes in fund balances reconcile the differences
between these two perspectives.
Budgetary comparison schedules for other funds can be found in a later section of this report. These statements and
schedules demonstrate compliance with the Village’s budget.
Proprietary or Business-type activity funds (see pages 10 -13)reported in the fund financial statements are for those
services for which the Village charges customers a fee. There are two kinds of proprietary funds, enterprise and
internal service. Enterprise funds essentially encompass the same functions reported as business-type activities in
the government-wide statements. Enterprise fund services are primarily provided to customers external to the Village
organization such as those of the water and sewer utilities, commuter parking lots and refuse function. Internal
service funds provide services and charge fees to customers within the Village organization such as equipment
services (repair and maintenance of Village vehicles). Internal service funds are included in governmental activities
of the government-wide financial statements.
Proprietary fund statements provide both long-term and short-term financial information consistent with the focus
provided by the government-wide financial statements, but with more detail for major enterprise funds. Individual
fund information for internal service funds and non-major enterprise funds is found in combining statem ents in a later
section of this report.
Fiduciary funds (see pages 14 -15) such as the employee pension plans are reported in the fiduciary fund financial
statements, but are excluded from the government-wide reporting. Fiduciary fund financial statements report
resources that are not available to fund Village programs. Fiduciary fund financial statements report similarly to
proprietary funds.
The accompanying notes to the financial statements provide information essential to a full understanding of the
government-wide and fund financial statements. The notes to the financial statements begin on page 16 of this
report.
In addition to the basic financial statements and accompanying notes, this report also presents certain required
supplementary information concerning the Village’s funding of pension benefit obligations to its employees, other
post-em ployment benefits and budget information.
Major funds and component units are reported in the basic financial statements as discussed. Combining and
individual statements and schedules for non-major and internal service funds are presented in a subsequent section
of this report beginning on page 68.
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
MD&A 3
FINANCIAL ANALYSIS OF THE VILLAGE AS A WHOLE
The Village implemented the new financial reporting model (GASB #34) beginning with the fiscal year that ended
April 30, 2004. Over time, as year-to-year financial information is accumulated on a consistent basis, changes in net
assets may be observed and used to discuss the changing financial position of the Village as a whole.
STATEMENT OF NET ASSETS –Village of Deerfield
(in millions of dollars)
Governmental Activities Business-type Activities Total –Primary Govt.
2007 2008 2007 2008 2007 2008
Current & Other Assets 37.83 37.32 6.72 5.06 44.55 42.38
Capital Assets 60.11 64.24 19.51 21.36 79.62 85.60
Total Assets 97.94 101.56 26.23 26.42 124.17 127.98
Long-Term Liabilities 5.04 3.24 2.39 2.00 7.43 5.24
Other Liabilities 10.52 10.86 2.07 2.12 12.59 12.98
Total Liabilities 15.56 14.10 4.46 4.12 20.02 18.22
Net Assets:
Investment in Capital
Assets –Net of Related Debt 60.11 60.24 16.93 19.18 77.04 79.42
Restricted 4.08 4.98 --4.08 4.98
Unrestricted 18.19 22.24 4.84 3.12 23.03 25.36
Total Net Assets 82.38 87.46 21.77 22.30 104.15 109.76
The Village’s total primary government net assets increased by $5.61 million primarily due to an increase of $0.95
million in net positive operating results in the General Fund and use of cash to invest in capital outlay including new
buildings. The following table provides a summary of activities causing a change in net assets.
Changes in Net Assets –Village of Deerfield
(in millions of dollars)
Governmental Activities Business-type Activities Total –Primary Govt.
2007 2008 2007 2008 2007 2008
Revenues:
Program Revenues:
Charges for Service 2.73 2.49 7.45 7.60 10.18 10.09
Operating Grants and
Contributions 0.54 0.52 --0.54 0.52
Capital Grants and
Contributions 0.21 1.49 1.00 0.44 1.21 1.93
General Revenue:
Property Taxes 6.54 6.51 0.86 0.78 7.40 7.29
Other Taxes 10.58 10.99 --10.58 10.99
Transfers in (out)-1.60 -2.00 1.60 2.00 --
Other 1.77 1.54 0.40 0.40 2.17 1.94
Total Revenue 20.77 21.54 11.31 11.22 32.08 32.76
Expenses:
General Government 4.60 4.57 --4.60 4.57
Public Safety 7.15 7.23 --7.15 7.23
Highways and Streets 5.82 4.45 --5.82 4.45
Interest 0.30 0.21 --0.30 0.21
Water --4.26 6.22 4.26 6.22
Sewer --2.45 2.74 2.45 2.74
Refuse --1.50 1.52 1.50 1.52
Parking Lots --0.25 0.21 0.25 0.21
Total Expense 17.87 16.46 8.46 10.69 26.33 27.15
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
MD&A 4
Excess (Deficiency)
before prior period adjust.2.90 5.08 2.85 0.53 5.75 5.61
Prior Period Adjustment
And contributions 1.06 --1.06 ---
Changes in Net Assets 3.96 5.08 1.79 0.53 5.75 5.61
CURRENT YEAR IMPACTS
Governmental Activities
Revenue
In the General Fund, revenues exceeded budget by $1.47 million.Sales taxes exceeded budget by $0.45 million and
building permit revenue was $0.05 million over budget –both reflected a stable local economy but a reduction in
growth from the previous year. Investment income was above budget by $0.36 million due to favorable interest rate
movements and larger than expected fund reserves.Hotel/motel taxes were $0.18 million over budget due to local
demand for business travel associated with growing corporate headquarters located in and near the Village.
Property tax revenues decreased by $0.03 million due primarily to growth in assessed value in the Tax Increment
Financing District #2 which was offset by a decrease in the property tax levy. In the Infrastructure Fund, taxes
exceeded budget by $0.11 million due higher home rule sales taxes than expected.
Expenses
Actual expenditures in the General Fund ended the year at 95% of the final budget (not including the budgeted
transfer of $4 million to the Infrastructure and Water Funds for capital projects). All departments and functions were
similarly below the actual budget level exc ept for Highways and Streets. The expenditures in this area were $0.33
million over budget due to the severe winter and higher than budgeted expenses for road salt and employee
overtime. Otherwise, contractual services were lower as this area generally includes contingent line items for repair
and other services; no unusual activity in this area was incurred during the year. The planned transfer was made to
reduce a larger than necessary fund balance in the General Fund and delay the necessity of issuing debt for the
capital projects.
Construction of the new Village Hall was completed during the year. This expenditure is in the Village Center TIF
District (#2).
Business-type Activities
Revenue
A rate increase of 2.5% implemented in May, 2007 and a relatively normal summer resulted in water sales of $4.37
million, an increase of $0.12 million or 2.7% from the prior year and marginally above budget. Sewer user charges of
$2.40 million were $0.03 million or 1%higher than the prior year; there was no rate change for the fiscal year.
Refuse charge rates were unchanged, and revenue of $0.62 million was essentially unchanged from the prior year.
Commuter parking revenue increased slightly from $0.20 million to $0.21 million.
Expenses
Operating expenses for the W ater Fund increased by $1.95 million or 51% primarily due to an increase in capital
outlay of $1.82 million and higher energy and wholesale water costs.
Sewer Fund operating expenses increased by $0.27 million due primarily to increased energy and chemical costs
associated with the wastewater treatment facility and collection system. Refuse Fund operating expenses increased
by $0.24 million due to the annual rate change from the contract hauler which takes place on January 1.
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
MD&A 5
FINANCIAL ANALYSIS OF THE VILLAGE’S FUNDS
Governmental Funds
At April 30, 2008, the governmental funds reported a combined fund balance of $23.9 million which is a 5.2%
decrease from the beginning of the year ($25.2 million). The decrease is due to the use of reserves in the General
Fund for capital improvements.
Major Governmental Funds
The General Fund is the Village’s primary operating fund and the largest source of day-to-day service delivery. The
undesignated fund balance of the General Fund decreased $2.10 million from $17.0 to $14.9 million. The General
fund cash balance of $13.8 million provides for 315 days of anticipated expenditures (FY 2009 budget).
Revenues were 111%of budget of $13.8 million. Expenditures were $0.76 million less than budget (not including the
transfer). This was due to lower than expected costs in all departments other than streets, where an unusually
severe winter caused expenditures over budget. State shared revenues, such as income taxes and use taxes, wer e
higher than anticipated at the beginning of the fiscal year which continued the third year of increasing revenues in this
area. State shared revenues account for only 12.8% of the General Fund total, which is somewhat higher than the
prior year.The table below shows the original and revised budget and the actual revenues and expenditures for the
General Fund. More information may be found on the schedule of revenues, expenditures and changes to fund
balance on page 52.
General Fund Budget versus Actual
Fiscal year ended April 30, 2008
(in millions)
Original Am ended
Budget Budget Actual
Revenues
Taxes 11.21 11.21 11.98
Intergovernmental 0.03 0.03 0.10
Other 2.59 2.59 3.21
Total 13.83 13.83 15.29
Expenditures & Transfers
Expenditures 15.11 15.11 14.34
Other Uses ---0.01
Transfers –Net 4.00 4.00 4.00
Total 19.11 19.11 18.33
Change in Fund Balance -5.28 -5.28 -3.04
In the Tax Increment Financing District #2, the major source of revenue, increment property tax, was up 7.4% to
$4.53 million. Most development activity related to the downtown commercial redevelopment has been completed;
thus, the growth in increment property tax has reverted to normal market increases. Expenses for the year totaled
$4.12 million (including transfers out), and consisted of construction and related expenditures on the final phase of
the expansion and remodeling of the Village Hall and debt service on the 1998 TIF bonds.In the Infrastructure
Fund, total revenue decreased 14% to $3.12 million (including transfers in)primarily due to a smaller transfer in from
the General Fund. Expenditures for capital improvements decreased $1.5 million or 40% due to the timing of the
completion of scheduled projects.
Major Proprietary Funds
The major proprietary (or business-type) funds operated by the Village are the Water, Sewerage and Refuse Funds.
The W ater Fund operating revenues exceeded budget $0.12 million due to an increase in the water rate of 2.5%.
Actual operating expenses excluding depreciation were 70% of budget due to delays in getting planned capital
projects completed.
The Sewerage Fund operating expense excluding depreciation exc eeded operating revenue by $0.13 million. Lower
than expected personnel costs and delayed capital improvements caused expenses to be substantially below budget.
Capital expenses for the near term in this fund will be transferred to the Infrastructure Fund.The replacement of the
treatment plant will likely use a new debt issuance.
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
MD&A 6
Internal Service Funds
The Village’s combined internal service funds net assets were $5.0 million as of April 30, 2008, with $4.9 million of
the total accumulated for major equipment purchases in the Replacement Fund. Total revenue exceeded expenses
by $0.05 million in the Garage Fund due to lower personnel costs and an increased charge rate for repair activity.
Capital assets
Effective May 1, 2004, the Village revised its policy of capitalizing assets to raise the minimum to $25,000 (actual) or
more in value. The Village’s investment in capital assets, net of accumulated depreciation, for governmental activities
as of April 30, 2008 was $64.2 million. The Village’s investment in capital assets, net of accumulated depreciation, for
business-type activities as of April 30, 2008 was $21.4 million. Major capital asset events during the current fiscal
year included completion of the Village Hall addition and remodeling along with installation of new water and sewer
mains.Additional information on capital assets is presented in Note 4 to the financial statements.
Long-term debt
At the end of the fiscal year, the Village had total bonded debt outstanding of $6.19 million. None of this amount is
funded directly from property taxes. The alternate funding for this outstanding debt is from tax increment finance
district revenue (TIF District #2) and water sales revenues. No new debt was issued during the current year. As a
home rule government, under Illinois law, the Village has no legal debt limit. As of April 30, 2008 the total Village
debt represented 0.13%of the equalized assessed value.Additional information on long-term debt is presented in
Note 6 to the financial statements.
Bond Rating
The Village’s general obligation bonds are rated Aaa by Moody’s Investor Rating Service. The Aaa rating was last
reaffirmed in September 2006.
Pension Funds
The Village continues to fully fund its annual required contributions to both the Police Pension Fund and Illinois
Municipal Retirement Fund. Increased salaries, an aging employee base, and generous end of career accumulated
leave pay-outs have resulted in increased rates of contribution to both funds which cover all full-time employees.
Additional information on the funding levels can be found in the Required Supplementary Information section.
Economic Factors
The local Village micro-economy continues to hold firm as the overall State economy has started to plateau. The
Village is an affluent residential community with a substantial office/commercial presence including a number of
headquarters operations in the health services area. Property taxes are a minor part of the overall operating
revenues. As a portion of the General Fund, property tax revenue decreased from 18% of total revenue in FY 2007
to 13% in FY 2008.
Both retail areas of the Village are new or newly rehabilitated, which has contributed to the stability in year to year
sales tax revenue. Building permit revenues have also stabilized with remodeling of both residential and commercial
properties replacing the activity in the redevelopment of residential property within the Village. The Village is not
immune to the overall tightening of the residential market and sales prices have fallen slightly.
The Village’s hotel/motel tax continued its recovery with an increase of $0.10 million or 5% from last year. All of the
Village’s six hotels have experienced increased occupancies during the year. The opening of the new Takeda
Pharmaceutical corporate headquarters and continued growth in Walgreen’s and other local corporate employment
provides additional business demand for rooms which is the primary market for these hotels.
Contacting the Village’s Financial Management
This financial report is designed to provide a general overview of the Village’s finances, comply with finance-related
laws and regulations and demonstrate the Village’s commitment to public accountability. If you have questions about
this report or would like to request additional information, contact the Village’s Finance Director, 850 Waukegan
Road, Deerfield, IL 60015 or access the Village website at www.deerfield-il.org.
Component
Unit
Governmental Business-Type Deerfield
Activities Activities Total Public Library
ASSETS
Cash and investments 24,828,546$ 3,018,686$ 27,847,232$ 3,789,330$
Receivables (net, where applicable,
of allowances for uncollectibles)
Property taxes 6,824,344 753,459 7,577,803 2,453,841
Accounts 579,473 991,543 1,571,016 -
Accrued interest 73,780 9,643 83,423 -
In ventory 177,794 136,360 314,154 -
Due from other governments 1,904,370 - 1,904,370 -
Prepaid expenses 345,939 - 345,939 -
Land held for resale 1,582,087 - 1,582,087 -
Deferred charges - 146,335 146,335 -
Net pension asset 996,454 - 996,454 -
Capital assets not being depreciated 19,265,589 2,225,509 21,491,098 65,493
Capital assets (net of
accumulated depreciation)44,977,600 19,135,830 64,113,430 163,334
Total assets 101,555,976 26,417,365 127,973,341 6,471,998
LIABILITIES
Accounts payable 1,131,164 762,297 1,893,461 53,394
Accrued payroll 291,768 53,029 344,797 57,000
Retainage payable 59,727 26,675 86,402 -
Deposits payable 39,378 10,476 49,854 -
Other payables 5,100 - 5,100 -
Accrued interest payable 14,415 28,260 42,675 -
Unearned revenues 7,168,066 808,950 7,977,016 2,625,000
Noncurrent liabilities
Due within one year 2,144,261 434,165 2,578,426 64,535
Due in more than one year 3,241,358 1,996,793 5,238,151 41,604
Total liabilities 14,095,237 4,120,645 18,215,882 2,841,533
NET ASSETS
In vestment in capital assets,
net of related debt 60,243,189 19,176,339 79,419,528 228,827
Restricted for
Maintenance of roadways 602,626 - 602,626 -
Public safety 904,020 - 904,020 -
Economic development 2,911,983 - 2,911,983 -
Debt service 560,711 - 560,711 -
Culture and recreation - - - 3,401,638
Unrestricted 22,238,210 3,120,381 25,358,591 -
TOTAL NET ASSETS 87,460,739$ 22,296,720$ 109,757,459$ 3,630,465$
Primary Government
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF NET ASSETS
April 30, 2008
See accompanying notes to financial statements.
- 3 -
Operating Capital
Charges Grants and Grants and
FUNCTIONS/PROGRAMS Expenses for Services Contributions Contributions
PRIMARY GOVERNMENT
Governmental Activities
General government 4,569,982$ 1,480,008$ -$ -$
Public safety 7,232,143 935,302 1,210 118,737
Highways and streets 4,451,069 75,400 523,213 1,373,416
Interest 209,430 - - -
Total governmental activities 16,462,624 2,490,710 524,423 1,492,153
Business-Type Activities
Water 6,224,262 4,365,767 - 299,910
Sewerage 2,735,053 2,396,295 - 141,695
Refuse disposal 1,520,190 624,349 - -
Commuter parking lot 210,307 212,585 - -
Total business-type activities 10,689,812 7,598,996 - 441,605
TOTAL PRIMARY GOVERNMENT 27,152,436$ 10,089,706$ 524,423$ 1,933,758$
COMPONENT UNIT
Deerfield Public Library 2,362,868$ 81,327$ 35,581$ -$
Program Revenues
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF ACTIVITIES
For the Year Ended April 30, 2008
- 4 -
Component
Unit
Deerfield
Governmental Business-Type Public
Activities Activities Total Library
(3,089,974)$ -$ (3,089,974)$ -$
(6,176,894) - (6,176,894) -
(2,479,040) - (2,479,040) -
(209,430) - (209,430) -
(11,955,338) - (11,955,338) -
- (1,558,585) (1,558,585) -
- (197,063) (197,063) -
- (895,841) (895,841) -
- 2,278 2,278 -
- (2,649,211) (2,649,211) -
(11,955,338) (2,649,211) (14,604,549) -
- - - (2,245,960)
General Revenues
Taxes
Property 6,512,605 780,785 7,293,390 2,299,316
Replacement 105,043 - 105,043 92,369
Sales 4,552,097 - 4,552,097 -
Home rule sales 1,913,268 - 1,913,268 -
Income 1,695,991 - 1,695,991 -
Local use 260,520 - 260,520 -
Hotel/motel 2,108,580 - 2,108,580 -
Simplified telecommunications 354,984 - 354,984 -
Investment income 1,253,533 192,967 1,446,500 169,506
Miscellaneous 278,667 204,343 483,010 6,395
Transfers in (out)(2,000,000) 2,000,000 - -
Total 17,035,288 3,178,095 20,213,383 2,567,586
CHANGE IN NET ASSETS 5,079,950 528,884 5,608,834 321,626
NET ASSETS, MAY 1 82,380,789 21,767,836 104,148,625 3,308,839
NET ASSETS, APRIL 30 87,460,739$ 22,296,720$ 109,757,459$ 3,630,465$
Primary Government
Net (Expense) Revenue and Change in Net Assets
See accompanying notes to financial statements.
- 5 -
Tax
Increment
Infrastructure Financing Debt Nonmajor
General Replacement District 2 Service Governmental Total
Cash and investments 13,755,461$ 2,082,380$ 3,265,071$ 559,522$ 1,598,318$ 21,260,752$
Receivables (net, where applicable,
of allowances for uncollectibles)
Property taxes 1,836,023 41,913 4,946,408 - - 6,824,344
Accounts 498,069 7,410 - - 72,566 578,045
Accrued interest 43,042 4,098 12,454 1,489 3,655 64,738
Due from other governments 1,634,457 228,679 - - 41,234 1,904,370
Advance to other funds 1,837,170 - - - - 1,837,170
Inventory 50,133 - - - - 50,133
Prepaid items 345,939 - - - - 345,939
Land held for resale - - 1,582,087 - - 1,582,087
TOTAL ASSETS 20,000,294$ 2,364,480$ 9,806,020$ 561,011$ 1,715,773$ 34,447,578$
LIABILITIES
Accounts payable 576,026$ 469,359$ 71,618$ 300$ 3,490$ 1,120,793$
Accrued payroll 286,606 - - - - 286,606
Deposits payable 459 - - - 38,919 39,378
Retainage payable - 20,886 38,841 - - 59,727
Other payables 5,100 - - - - 5,100
Deferred property taxes 1,984,950 45,000 4,946,408 - - 6,976,358
Deferred grant revenue - 191,708 - - - 191,708
Advance from other funds - - 1,837,170 - - 1,837,170
Total liabilities 2,853,141 726,953 6,894,037 300 42,409 10,516,840
FUND BALANCES
Reserved for inventory 50,133 - - - - 50,133
Reserved for prepaid items 345,939 - - - - 345,939
Reserved for long-term advance 1,837,170 - - - - 1,837,170
Reserved for debt service - - - 560,711 - 560,711
Reserved for maintenance of roadways - - - - 602,626 602,626
Reserved for public safety - - - - 904,020 904,020
Reserved for economic development - - 1,329,896 - - 1,329,896
Reserved for land held for resale - - 1,582,087 - - 1,582,087
Unreserved
Undesignated - General Fund 14,913,911 - - - - 14,913,911
Undesignated - Capital Projects Funds - 1,637,527 - - 166,718 1,804,245
Total fund balances 17,147,153 1,637,527 2,911,983 560,711 1,673,364 23,930,738
TOTAL LIABILITIES AND
FUND BALANCES 20,000,294$ 2,364,480$ 9,806,020$ 561,011$ 1,715,773$ 34,447,578$
LIABILITIES AND FUND BALANCES
VILLAGE OF DEERFIELD, ILLINOIS
BALANCE SHEET
GOVERNMENTAL FUNDS
April 30, 2008
ASSETS
See accompanying notes to financial statements.
- 6 -
FUND BALANCES OF GOVERNMENTAL FUNDS 23,930,738$
Amounts reported for governmental activities in the
statement of net assets are different because:
Capital assets used in governmental activities are not
financial resources and, therefore, are not reported
in the governmental funds 64,243,189$
Less internal service funds (1,333,041)62,910,148
Long-term liabilities are not due and payable in the
current period and, therefore, are not reported in the
governmental funds
Bonds payable (4,000,000)
Other post-employment benefit payable (87,900)
Compensated absences (1,297,719)
Less internal service funds (20,788)(1,276,931)
Accrued interest on long-term liabilities is shown as a liability
on the statement of net assets (14,415)
The net pension assets of the police pension fund
are included in the governmental activities in the
statement of net assets 996,454
The net assets of the internal service fund are
included in the governmental activities in the
statement of net assets 5,002,645
NET ASSETS OF GOVERNMENTAL ACTIVITIES 87,460,739$
April 30, 2008
VILLAGE OF DEERFIELD, ILLINOIS
RECONCILIATION OF FUND BALANCES OF GOVERNMENTAL FUNDS TO THE
GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF NET ASSETS
See accompanying notes to financial statements.
- 7 -
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
For the Year Ended April 30, 2008
Tax
Increment
Infrastructure Financing Debt Nonmajor
General Replacement District 2 Service Governmental Total
REVENUES
Taxes 11,975,652$ 1,000,132$ 4,527,305$ -$ -$ 17,503,089$
Licenses and permits 1,161,276 - - - - 1,161,276
Intergovernmental 96,985 25,198 - - 591,287 713,470
Charges for services 348,528 - - - 367,994 716,522
Fines and forfeits 261,495 - - - - 261,495
Investment income 838,215 86,460 225,489 27,553 75,816 1,253,533
Miscellaneous 609,796 5,000 - - - 614,796
Total revenues 15,291,947 1,116,790 4,752,794 27,553 1,035,097 22,224,181
EXPENDITURES
Current
General government 4,827,462 - - - - 4,827,462
Public safety 7,080,991 - - - 192,512 7,273,503
Highways and streets 2,434,841 - - - 600,000 3,034,841
Capital outlay - 2,297,464 1,907,520 - - 4,204,984
Debt service
Principal retirement - - - 2,000,000 - 2,000,000
Interest and fiscal charges - - - 216,600 - 216,600
Total expenditures 14,343,294 2,297,464 1,907,520 2,216,600 792,512 21,557,390
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 948,653 (1,180,674) 2,845,274 (2,189,047) 242,585 666,791
OTHER FINANCING SOURCES (USES)
Transfers in - 2,000,000 - 2,216,000 - 4,216,000
Transfers (out)(4,000,000) - (2,216,000) - - (6,216,000)
Sale of capital assets 11,052 - - - - 11,052
Total other financing sources (uses)(3,988,948) 2,000,000 (2,216,000) 2,216,000 - (1,988,948)
NET CHANGE IN FUND BALANCES (3,040,295) 819,326 629,274 26,953 242,585 (1,322,157)
FUND BALANCES, MAY 1 20,187,448 818,201 2,282,709 533,758 1,430,779 25,252,895
FUND BALANCES, APRIL 30 17,147,153$ 1,637,527$ 2,911,983$ 560,711$ 1,673,364$ 23,930,738$
See accompanying notes to financial statements.
- 8 -
NET CHANGE IN FUND BALANCES -
TOTAL GOVERNMENTAL FUNDS (1,322,157)$
Amounts reported for governmental activities in the statement of
activities are different because:
Governmental funds report capital outlay as expenditures; however, they are
capitalized and depreciated in the statement of activities 5,457,786$
Less internal service funds (310,082)5,147,704
Contributions of capital assets are reported as revenue in the
statement of activities 1,307,342
The repayment of the principal portion 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 2,000,000
The decrease in interest payable is reported as a reduction of expense
on the statement of activities 7,170
Some expenses in the statement of activities (e.g., depreciation) do not
require the use of current financial resources and, therefore, are not
reported as expenditures in governmental funds (2,113,587)
Less internal service funds 218,138 (1,895,449)
The loss on disposal of capital assets for road reconstruction increases
the highways and streets expense on the statement of activities (514,480)
The decrease in compensated absences is reported as a reduction to expense
on the statement of activities (94,622)
The increase in the other post-employment benefit payable is reported
as an addition to expense on the statement of activities (87,900)
The decrease in net pension asset is reported as an addition to expense
on the statement of activities (12,620)
The change in net assets of certain activities of internal service funds is
in governmental funds 544,962
CHANGE IN NET ASSETS OF GOVERNMENTAL ACTIVITIES 5,079,950$
For the Year Ended April 30, 2008
VILLAGE OF DEERFIELD, ILLINOIS
RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES,
GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF ACTIVITIES
EXPENDITURES AND CHANGES IN FUND BALANCES TO THE
See accompanying notes to financial statements.
- 9 -
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
April 30, 2008
Governmental
Activities
Nonmajor
Enterprise Total Internal
Water Sewerage Refuse (Parking Lot)Enterprise Service
CURRENT ASSETS
Cash and investments 862,905$ 1,095,862$ 360,452$ 699,467$ 3,018,686$ 3,567,794$
Receivables
Property taxes - - 753,459 - 753,459 -
Accounts - billed 71,272 109,293 21,581 - 202,146 1,428
Accounts - unbilled 414,633 277,761 97,003 - 789,397 -
Accrued interest 2,166 3,831 1,706 1,940 9,643 9,042
Inventory 121,081 15,279 - - 136,360 127,661
Total current assets 1,472,057 1,502,026 1,234,201 701,407 4,909,691 3,705,925
NONCURRENT ASSETS
Deferred bond issuance costs 146,335 - - - 146,335 -
Total noncurrent assets 146,335 - - - 146,335 -
CAPITAL ASSETS
Nondepreciable 2,011,333 136,676 - 77,500 2,225,509 -
Depreciable 16,663,782 7,056,608 - 1,950,831 25,671,221 2,947,550
Accumulated depreciation (3,305,638) (2,535,583) - (694,170) (6,535,391) (1,614,509)
Net capital assets 15,369,477 4,657,701 - 1,334,161 21,361,339 1,333,041
Total assets 16,987,869 6,159,727 1,234,201 2,035,568 26,417,365 5,038,966
CURRENT LIABILITIES
Accounts payable 273,297 365,142 122,023 1,835 762,297 10,371
Accrued payroll 19,555 32,824 - 650 53,029 5,162
Deposits payable 7,722 2,754 - - 10,476 -
Retainage payable 26,675 - - - 26,675 -
Accrued interest payable 28,260 - - - 28,260 -
Deferred property taxes - - 808,950 - 808,950 -
Compensated absences payable 10,178 13,212 - 775 24,165 2,079
Current portion of general obligations
bonds payable 410,000 - - - 410,000 -
Total current liabilities 775,687 413,932 930,973 3,260 2,123,852 17,612
LONG-TERM LIABILITIES
Compensated absences payable 91,606 118,907 - 6,980 217,493 18,709
Other post-employment benefit payable 500 3,800 - - 4,300 -
General obligation bonds payable 1,775,000 - - - 1,775,000 -
Total long-term liabilities 1,867,106 122,707 - 6,980 1,996,793 18,709
Total liabilities 2,642,793 536,639 930,973 10,240 4,120,645 36,321
NET ASSETS
Invested in capital assets,
net of related debt 13,184,477 4,657,701 - 1,334,161 19,176,339 1,333,041
Unrestricted 1,160,599 965,387 303,228 691,167 3,120,381 3,669,604
TOTAL NET ASSETS 14,345,076$ 5,623,088$ 303,228$ 2,025,328$ 22,296,720$ 5,002,645$
Business-Type Activities
See accompanying notes to financial statements.
- 10 -
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS
PROPRIETARY FUNDS
For the Year Ended April 30, 2008
Governmental
Activities
Nonmajor
Enterprise Total Internal
Water Sewerage Refuse (Parking Lot)Enterprise Service
OPERATING REVENUES
Charges for services 4,365,767$ 2,396,295$ 624,349$ 212,585$ 7,598,996$ 886,935$
Miscellaneous 127,619 69,371 6,353 1,000 204,343 9,540
Total operating revenues 4,493,386 2,465,666 630,702 213,585 7,803,339 896,475
OPERATING EXPENSES
Administration 451,530 401,505 - - 853,035 -
Operations 5,332,157 2,192,950 1,520,190 183,570 9,228,867 332,415
Commodities - - - - - 67,801
Total operating expenses 5,783,687 2,594,455 1,520,190 183,570 10,081,902 400,216
OPERATING INCOME (LOSS)
BEFORE DEPRECIATION (1,290,301) (128,789) (889,488) 30,015 (2,278,563) 496,259
Depreciation 340,314 140,598 - 26,737 507,649 218,138
OPERATING INCOME (LOSS)(1,630,615) (269,387) (889,488) 3,278 (2,786,212) 278,121
NONOPERATING REVENUES (EXPENSES)
Investment income 38,054 84,058 32,495 38,360 192,967 178,845
Property taxes - - 780,785 - 780,785 -
Gain on disposal of capital assets - - - - - 87,996
Interest expense (100,261) - - - (100,261) -
Total nonoperating revenues (expenses)(62,207) 84,058 813,280 38,360 873,491 266,841
INCOME (LOSS) BEFORE TRANSFERS
AND CONTRIBUTIONS (1,692,822) (185,329) (76,208) 41,638 (1,912,721) 544,962
TRANSFERS IN 2,000,000 - - - 2,000,000 -
CONTRIBUTIONS 299,910 141,695 - - 441,605 -
CHANGE IN NET ASSETS 607,088 (43,634) (76,208) 41,638 528,884 544,962
NET ASSETS, MAY 1 13,737,988 5,666,722 379,436 1,983,690 21,767,836 4,457,683
NET ASSETS, APRIL 30 14,345,076$ 5,623,088$ 303,228$ 2,025,328$ 22,296,720$ 5,002,645$
Business-Type Activities
See accompanying notes to financial statements.
- 11 -
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For the Year Ended April 30, 2008
Governmental
Activities
Nonmajor
Enterprise Total Internal
Water Sewer Refuse (Parking Lot)Enterprise Service
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers and users 4,428,130$ 2,374,246$ 624,978$ 212,585$ 7,639,939$ -$
Receipts from interfund services - - - - - 886,240
Receipts from miscellaneous revenues 127,619 69,371 6,353 1,000 204,343 9,540
Payments to suppliers (4,788,489) (930,185) (1,415,944) (169,926) (7,304,544) (218,773)
Payments to employees (931,059) (1,458,460) (61,621) (23,733) (2,474,873) (207,093)
Payments for interfund services (70,572) (101,861) (40,762) - (213,195) -
Net cash from operating activities (1,234,371) (46,889) (886,996) 19,926 (2,148,330) 469,914
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers in (out)2,000,000 - - - 2,000,000 -
Property taxes - - 779,475 - 779,475 -
Net cash from noncapital
financing activities 2,000,000 - 779,475 - 2,779,475 -
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Proceeds from sale of capital assets - - - - - 87,996
Capital assets purchased (979,885) (935,872) - - (1,915,757) (310,082)
Bond principal payments (400,000) - - - (400,000) -
Bond interest payments (77,220) - - - (77,220) -
Net cash from capital and
related financing activities (1,457,105) (935,872) - - (2,392,977) (222,086)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 46,579 83,575 35,716 41,323 207,193 192,069
Net cash from investing activities 46,579 83,575 35,716 41,323 207,193 192,069
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS (644,897) (899,186) (71,805) 61,249 (1,554,639) 439,897
CASH AND CASH EQUIVALENTS, MAY 1 1,507,802 1,995,048 432,257 638,218 4,573,325 3,127,897
CASH AND CASH EQUIVALENTS, APRIL 30 862,905$ 1,095,862$ 360,452$ 699,467$ 3,018,686$ 3,567,794$
Business-Type Activities
(This statement is continued on the following page.)
- 12 -
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF CASH FLOWS (Continued)
PROPRIETARY FUNDS
For the Year Ended April 30, 2008
Governmental
Activities
Nonmajor
Enterprise Total Internal
Water Sewerage Refuse (Parking Lot)Enterprise Service
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH FLOWS FROM
OPERATING ACTIVITIES
Operating income (loss)(1,630,615)$ (269,387)$ (889,488)$ 3,278$ (2,786,212)$ 278,121$
Adjustments to reconcile operating income (loss)
to net cash from operating activities
Depreciation and amortization 340,314 140,598 - 26,737 507,649 218,138
(Increase) decrease in
Receivables 62,363 (22,049) 629 - 40,943 (695)
Inventories (3,382) 612 - - (2,770) (34,141)
Prepaids 11,160 15,860 516 482 28,018 1,099
Increase (decrease) in
Accounts payable (12,563) 66,032 1,347 (11,954) 42,862 (1,269)
Deposits payable 2,917 594 - - 3,511 -
Accrued payroll 1,213 10,995 - 176 12,384 2,093
Other post-employment benefit payable 500 3,800 - - 4,300 -
Compensated absences payable (6,278) 6,056 - 1,207 985 6,568
NET CASH FROM OPERATING ACTIVITIES (1,234,371)$ (46,889)$ (886,996)$ 19,926$ (2,148,330)$ 469,914$
NONCASH TRANSACTIONS
Contributions of capital assets by other funds 299,910$ 141,695$ -$ -$ 441,605$ -$
TOTAL NONCASH TRANSACTIONS 299,910$ 141,695$ -$ -$ 441,605$ -$
Business-Type Activities
See accompanying notes to financial statements.
- 13 -
Pension Agency
Trust Fund Funds
ASSETS
Cash and cash equivalents 911,289$ 1,666,762$
Investments
U.S. Treasury obligations 8,840,294 -
U.S. agencies securities 2,730,475 -
Mutual funds 12,128,404 -
Municipal bonds 1,347,641 -
Negotiable certificates of deposit 274,256 -
Receivables
Accrued interest 88,494 217
Total assets 26,320,853 1,666,979$
LIABILITIES
Accounts payable 22,600 31,697$
Deposits payable - 1,560,699
Other payables - 74,583
Total liabilities 22,600 1,666,979$
NET ASSETS HELD IN TRUST FOR
PENSION BENEFITS 26,298,253$
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
April 30, 2008
See accompanying notes to financial statements.
- 14 -
ADDITIONS
Contributions - employer 698,335$
Contributions - employee 418,205
Total contributions 1,116,540
Investment income
Net appreciation (depreciation) in fair value of investments (63,137)
Interest earned on investments 594,853
Total investment income 531,716
Less investment expense (1,538)
Net investment income 530,178
Total additions 1,646,718
DEDUCTIONS
Benefits and refunds
Pension payments 1,312,162
Separation refunds 75,446
Administrative 9,401
Total deductions 1,397,009
NET INCREASE 249,709
NET ASSETS HELD IN TRUST FOR
PENSION BENEFITS
May 1 26,048,544
April 30 26,298,253$
VILLAGE OF DEERFIELD, ILLINOIS
PENSION TRUST FUND
STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS
For the Year Ended April 30, 2008
See accompanying notes to financial statements.
- 15 -
-16 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
April 30, 2008
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the Village of Deerfield, Illinois (the Village) have been
prepared in conformit y w it h account ing principles generally accepted in the United States
of America, as applied to government units (hereinafter referred to as generally accepted
accounting principles (GAAP)). The Governmental Account ing Standards Board (GASB)
is the accepted standard-setting body fo r establishing governmental account ing and
financial reporting principles. The more significant of the Village’s account ing po licies
are described below.
a.Reporting Ent it y
The Village was incorporated in 1903. The Village is a municipal corporation
governed by an elected seven-me mber board. As required by GAAP, these financial
statements present the Village (the primary government) and its component units.
The Village’s financial statements include:
Pensio n Trust Fund
Police Pensio n Employees Ret ir ement System
The Village’s po lice emplo yees part ic ipate in the Police Pensio n E mp lo yees
Retirement System (PPERS). PPERS funct io ns fo r the benefit of these emplo yees
and is governed by a five-member pensio n board. Two members appo int ed by t he
Village’s Mayor, one elected pensio n beneficiary and two elected police emplo yees
constitute 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 determinat io n of contribution levels. Alt hough it
possesses many of the characterist ics of a legally separate government, the PPERS is
reported as if it were part of the primary government because its sole purpose is to
finance and administer the pensio ns of the Village’s police emplo yees and because
of the fiduciary nature of such activit ies. The PPERS is reported as a pensio n t rust
fund. Separate financial statements are issued and available from t he Police Pensio n
Board.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-17 -
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
a.Reporting Ent it y (Continued)
Discretely Presented Component Unit
Deerfield Public Library
The Deerfield Public Library (the Library) has a separately elected seven-member
board, which annually determines its budget and result ing tax levy. Upon approval
of the Village, the levy is submitted to the County. All debt of the Library is secured
by t he full fait h and credit of the Village, which is who lly liable for the debt. The
Library, while servicing the general populatio n of the Village, does not provide
services entirely to the Village. Because the Library possesses the characteristic s of
a legally separate government and does not service the primary government, the
Library is being reported as a discrete presentation. Separate financial statements are
disclosed in the co mponent unit portion of this report.Separate financial statements
are available at the Library, 920 Waukegan Road, Deerfield, IL 60015.
Joint Ventures
Solid Waste Agency o f Lake Count y (SWALCO)
SWALCO is a municipal corporation empowered to plan, finance, construct and
operate a solid waste disposal system to serve its member municipalit ies.
Management consists of a Board of Directors comprised of one appoint ed
representative fro m each member. The Village does not exercise any control over
the activit ies of SWALCO beyo nd it s representation on the Board of Directors.
SWALCO is reported as a proprietary jo int venture.
b.Fund Account ing
The Village uses fu nds to report on its financial position, changes in its financial
position and cash flows. Fund account ing is designed to demonstrate legal
compliance and to aid financial management by segregating transactio ns related to
certain government functions or activitie s.
A fu nd is a separate accounting entit y w it h a self-balancing set of accounts. A
minimum number of funds are maintained consistent with legal and managerial
requirements. Funds are classified into the following categories: governmental,
proprietary and fiduciary.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-18 -
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
b.Fund Account ing (Continued)
Governmental funds are used to account for all or most of the Village’s general
activit ies, including the collection and disbursement of earmarked monies (special
revenue funds), the acquisit io n or construction of capital assets (capital projects
funds) and the servicing of general lo ng-term debt (debt service funds). The general
fund is used to account for all act ivit ies of the general government not accounted for
in so me other fund.
Proprietary fu nds are used to account for activit ies similar to those found in the
private sector, where the determinat io n of net income is necessary or useful to sound
financial administration. Goods or services fro m such act ivit ies can be provided
either to outside parties (enterprise funds) or to other departments or agencies
primarily within the Village (internal service funds). The Village has elected, under
the provisions of GASB Statement 20, Accounting and Financial Reporting for
Proprietary Funds and Other Governmental Entities That Use Proprietary Fund
Accounting, to apply all applicable GASB pronouncement s and all FASB Statements
and Interpretations, Accounting Principles Board (APB) Opinio ns and Account ing
Research Bullet ins (ARB) issued on or before November 30, 1989, unless they
conflict with or contradict GASB pronouncements.
Fiduciary funds are used to account for assets held on behalf o f o ut side part ies,
including other governments, or on behalf of other funds within the Village. When
these assets are held under the terms of a fo rmal trust agreement, a pension trust fund
may be used. The Village has a police pensio n fu nd. Agency funds are used to
account for funds that the Village ho lds on behalf of others as their agent.
c.Government-Wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net assets and the
statement of activit ies) report informat io n on all o f the nonfiduciary act ivit ies o f t he
Village. The effect of material interfund activit y (except for activit ies reported in
int ernal service funds) has been eliminated from these statements.Go vernmental
activit ies, which normally are supported by taxes and intergovernmental revenues,
are reported separately fro m bu siness-type activit ies, which rely to a significant
extent on fees and charges for support.
The statement of act ivit ie s demonstrates the degree to which the direct expenses of a
given funct io n, segment or program are offset by program revenues. Direct expenses
are those that are clearly ident ifiable wit h a specific function or segment. Program
revenues include 1) charges to customers or applicants who purchase, use or directly
benefit from goods, services or privileges provided by a given funct io n or segment
and 2) grants and standard revenues that are restricted to meeting the operational or
capital requirements of a particular funct io n or segment. Taxes and other items not
properly included amo ng program revenues are reported instead as general revenues.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-19 -
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
c.Government-Wide and Fund Financial Statements (Continued)
Separate financial statements are provided for governmental funds, proprietary funds
and fiduciary funds, even though the latter are excluded fro m t he 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 fo llo wing major governmental funds:
The General (Corporate) Fund is the Village’s primary operating fund. It
accounts for all financial resources of the general government, except those
required to be accounted for in another fund.
The Infrastructure Replacement Fund was established for the purpose of
maintaining, repairing and renovat ing the capital assets of the Village.
The Tax Increment Financing District 2 Fund provides funds for land
acquisit io n and improvements to the Village’s Village Center Tax Increment
Financing District.
The Debt Service Fund accounts for the accumulatio n of resources for the
payment of general lo ng-term debt.
The Village reports the fo llo wing major proprietary funds:
The Water Fund accounts for all act ivit y ne cessary to provide water to the
residents of the Village including administration, operation, maintenance,
financing and related debt service.
The Sewerage Fund accounts for the provision of sewer service to the residents
of the Village. All act ivit y ne cessary to provide such services is accounted for
in t his fund including, but not limited to, administration, construction,
maintenance and operations of the Sewerage Treatment Plant.
The Refuse Fund accounts for all revenues and expenses necessary to provide
the residents of the Village with refuse service.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-20 -
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
c.Government-Wide and Fund Financial Statements (Continued)
Addit io nally, the Village reports the follo wing proprietary fund:
Internal Service Funds:
The Garage Fund accounts for all act ivit y necessary to maintain the efficient
and safe operation of the Village’s vehicles and equipment and is funded by
various departments according to services rendered.
The Vehicle and Equipment Replacement Fund accounts for purchases of
vehicles and equipment and is funded by various departments according to
services rendered.
These funds are reported as governmental act ivit ies on the government-wide
financial statements.
The Village reports a pension trust fund as a Fiduciary Fund to account for the Police
Pensio n Fund. The Village also reports Agency Funds to account for st reet deposits
and water meter deposits (Deposit Fund), DARE funds and radio dispatching funds
(East Shore Radio Network Fund) that the Village holds on behalf of others as their
agent.
d.Measurement Focus, Basis of Account ing and Financial Statement Presentation
The government-wide financial statements are reported using the economic resources
measurement focus and the accrual basis of accounting, as are the proprietary fund
and fiduciary fund financial statements. Revenues and addit io ns are recorded when
earned and expenses and deductions are recorded when a liability is incurred.
Property taxes are recognized as revenues in the year for which they are levied (i.e.,
int ended to finance). Grants and similar items are recognized as revenue as soon as
all eligibilit y r equirements imposed by the provider have been met. Operating
revenues/expenses include all revenues/expenses directly related to providing the day
to day enterprise fund services. Incidental revenues/expenses, such as property taxes
and invest me nt inco me,are reported as nonoperating.
Governmental fund financial statements are accounted for using a current financial
resources measurement focus and the modified accrual basis of account ing.
Revenues are recognized when suscept ible to accrual (i.e., when they beco me both
measurable and available). “Measurable”means the amount of the transact io n can
be determined, and “available”means co llect ible within the current period. The
Village recognizes property taxes when they become both measurable and available
in t he period intended to finance, generally wit hin 60 days of year end. Expenditures
are recorded when the related fund liabilit y is incurred. Principal and interest on
general long-term debt are recorded as fund liabilities when due or when amounts
have been accumulated in the debt service fund for payments to be made early in the
fo llo wing year.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-21 -
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
d.Measurement Focus, Basis of Account ing and Financial Statement Presentat io n
(Continued)
Those revenues suscept ible to accrual are property taxes, franchise taxes, licenses,
int erest revenue and charges for services. Sales tax, teleco mmunicat io n t ax, local
use tax and motor fuel tax and fines owed to/collected by the state at year end on
behalf o f t he Village also are recognized as revenue. Permit revenues are not
suscept ible to accrual because generally they are not measurable until received in
cash.
The Village reports deferred revenue on its financial statements. Deferred revenues
arise when a potential revenue does not meet both the “measurable”and “available”
criteria for recognit io n in t he current period. Deferred revenues also arise when
resources are received by the Village before it has a legal claim to them, as when
grant monies are received prior to the incurrence of qualifying expenditures. In
subsequent periods, when both revenue recognit io n criteria are met or when the
Village has a legal claim to the resources, the liability fo r deferred revenue is
removed fro m t he financial statements and revenue is recognized.
e.Cash and Invest me nt s
Cash and Cash Equivalents
For purposes of the statement of cash flows, the Village’s proprietary fu nds consider
all highly liquid invest me nt s with an original maturity of three months or less when
purchased to be cash equivalents.
Invest me nt s
Invest me nt s with a maturit y o f le ss than one year when purchased and non-
negotiable cert ificates of deposit are stated at cost or amortized cost. Investme nt s
with a mat urity greater than one year when purchased and all invest me nt s of the
pensio n t rust funds are stated at fair value. Fair value is based on prices listed on
nat io nal exchanges as of April 30, 2008 fo r debt and equit y s ecurities.
f.Short -Term Interfu nd Receivables/Payables
During the course of operations, numerous transactions occur between individual
funds for goods provided or services rendered. These receivables and payables are
classified as “due from other funds”or “due to other funds”on the balance sheet.
Short -term int erfund loans, if any, are classified as “int erfund receivables/payables.”
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-22 -
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
g.Ad vances to Other Funds
Noncurrent portions of lo ng-term int erfund loan receivables are reported as advances
between funds in the fund financial statements. The advances are offset equally by a
fund balance reserve account in applicable governmental funds to ind icate that they
are not available for appropriat io n and are not expendable available financial
resources.
h.Inventories
Inventories are valued at cost, which approximates market, using the first-in/first-out
(FIFO) method. The costs of governmental fund inventories are recorded as
expenditures when consumed rather than when purchased.
i.Prepaid Items/Expenses
Payments made to vendors for services that will benefit periods beyond the date of
this report are recorded as prepaid items/expenses.
j.Capital Assets
Capital assets, which include property, plant, equipment, water and sewer system and
infrastructure assets (e.g., roads, bridges,and similar items), are reported in the
applicable governmental or business-type activit ies columns in the government-wide
financial statements.Capital assets are defined by the Village as assets with an
init ial, individual cost in excess of $25,000 and an estimated useful life in excess of
one year.
All purchased capital assets are valued at cost where historical records are available
and at an estimated historical cost where no historical records exist. Donated capital
assets are valued at their est imated fair market value on the date received.
The costs of normal maintenance and repairs that do not add to the value of the asset
or materially extend asset lives are not capitalized. Improvements are capitalized
and depreciated over the remaining useful lives of the related capital assets, as
applicable.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-23 -
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
j.Capital Assets (Continued)
Depreciat io n of buildings,equipment, water/sewer systems and vehicles is computed
using the straight-line method over the fo llo wing useful lives:
Years
Buildings and building improvements 20-50
Parking improvements 15-50
Water/sewer system 40-60
Vehicles, machinery and equipment 4-20
Infrastructure 20-50
k.Compensated Absences
Vested or accumulated vacat io n le ave, including related social securit y and
medicare, that is owed to retirees or terminated employees is reported as an
expenditure and a fund liabilit y of the governmental fund that will pay it in t he fund
financial statements and the remainder is reported in long-term debt. Vested or
accumulated vacation leave and vested sick leave of proprietary fu nds at both levels
and governmental activit ies at the government -wide level is recorded as an expense
and liabilit y as the benefit s accrue to emplo yees.
l.Long-Term Obligat io ns
In the government-wide financial statements, and proprietary fu nds in t he fund
financial statements, long-term debt and other long-term obligations are reported as
liabilit ies in the applicable governmental act ivit ies,business-type activit ies or
proprietary fu nd financial statements. Bond premiums and discounts, as well as
issuance costs and gains/losses on refundings, are deferred and amortized over the
life o f t he bonds using the bonds outstanding method, which approximates the
effect ive interest method. Bonds payable are reported net of the applicable bond
premium or discount and gains/losses on refundings. Bond issuance costs are
reported as deferred charges and amortized over the term of the related debt.
In the fund financial statements, governmental funds recognize bond premiums and
discounts, as well as bond issuance costs, during the current period. The face
amount of debt issued is reported as other financing sources. Premiums received on
debt issuances are reported as other financing sources while discounts on debt
issuances are reported as other financing uses. Issuance costs, whether or not
withheld fro m t he actual debt proceeds received, are reported as expenditures.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-24 -
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
m.Fund Equit y/Net Assets
In the fund financial statements, governmental funds report reservatio ns of fund
balance for amounts that are not available for appropriation or are legally restricted
by outside parties for use for a specific purpose. Designations of fund balance
represent tentative management plans that are subject to change. In the government-
wide financial statements, restricted net assets are legally restricted by outside parties
fo r a specific purpose. For the year ended April 30, 2008, no net asset restrictions
were the result of enabling legislat io n adopted by the Village. Capital assets, net of
related debt is the book value of the capital assets less the outstanding principal
balance of long-term debt issued to construct or acquire the capital asset.
n.Interfund Transactions
Interfund services are accounted for as revenues, expenditures or expenses.
Transact io ns that constitute reimbursements to a fund for expenditures/expenses
init ially made fro m it that are properly applicable to another fund are recorded as
expenditures/expenses in the reimbursing fund and as reductions of
expenditures/expenses in the fund that is reimbursed.
All other interfund transact io ns, except int erfund services and reimbursements, are
reported as transfers.
2.DEPOSITS AND INVESTMENTS
The Village maintains a cash and invest me nt pool that is available for use by all funds,
except the pension trust fund. Each fund’s portion of this pool is displayed on the financial
statements as “cash and invest me nt s.”In addition, invest me nt s are separately held by
several o f t he Village’s fu nds. The deposits and investments of the pensio n t rust fund are
held separately fro m t hose of other funds.
Permitted Deposits and Invest me nt s -Statutes and the Village’s invest me nt policy
authorize the Village to make deposits/invest in insured commercial banks, savings and
lo an inst it ut io ns, obligat io ns of the U.S. Treasury and U.S. Agencies, insured credit unio n
shares, money market mutual funds wit h portfolios of securit ies issued or guaranteed by
the United States or agreements to repurchase these same obligatio ns, repurchase
agreements, short-term commercial paper rated within the three highest classificatio ns by
at least two standard rating services and Illino is Funds.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-25 -
2.DEPOSITS AND INVESTMENTS (Continued)
The Police Pensio n Fund can invest in the same securit ies as the Village, plus the
fo llo wing: certain non-U.S. obligat io ns (corporate debt securit ies), Illino is municipal
corporations tax ant ic ipat io n warrants, veteran’s lo ans, obligations of the State of Illinois
and its polit ical divisio ns, Illino is insurance co mpany general and separate accounts,
mutual fu nds and equit y securit ie s (not to exceed 45% of the total assets of the Fund).
It is the policy o f t he Village to invest its funds in a manner which will provide the highest
investment return with the maximum security w hile meet ing the daily cash flow demands
of the Village and conforming to all state and local statutes governing the investme nt of
public funds, using the “prudent person”standard for managing the overall portfolio . The
primary object ive of the policy is safet y (preservat ion of capital and protection of
investment principal), liquidit y a nd yield.
a.Village Deposits with Financial Inst it utions
Custodial credit risk for deposits with financial institutions is the risk that in the
event of a bank’s failure, the Village’s deposits may not be returned to it. The
Village’s invest me nt policy requires pledging of collateral with a fair value of 100%
of all bank balances in excess of federal depository insurance with the co llateral held
by t he Village’s agent in the Village’s name.
b.Village Invest me nt s
The fo llowing table presents the Village’s investments in and maturities of debt
secur it ies as o f April 30, 2008:
Investment Maturities (in Years)
Fair Greater than
Value Less than 1 1-5 6-10 10
U.S. Agency obligations $8,551,469 $3,582,825 $1,610,210 $2,358,244 $1,000,190
Illinois Funds 20,000,368 20,000,368 ---
TOTAL $28,551,837 $23,583,193 $1,610,210 $2,358,244 $1,000,190
In accordance with its invest me nt policy, the Village limit s it s exposure to interest
rate risk by structuring the portfolio to provide liquidit y fo r operating funds and
maximizing yields for funds not needed within a three year period. Ho wever, the
investment policy does not limit the maximum maturity length of invest me nt s.
Invest me nt s may be purchased with maturit ie s to match future projects or liabilit y
requirements. In addit io n, the policy requires the Village to structure the investment
portfolio so that securit ie s mature to meet cash requirements fo r ongoing operations,
thereby avo id ing the need to sell securit ie s on the open market prior to maturit y.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-26 -
2.DEPOSITS AND INVESTMENTS (Continued)
b.Village Invest me nt s (Continued)
The Village limit s it s exposure to credit risk, the risk that the issuer of a debt securit y
will not pay its par value upon maturit y,by pr imarily invest ing in U.S.Agency
obligat io ns rated AAA by Moody’s ratings.Illino is Funds is rated AAA by Standard
and Poor’s.
Custodial credit risk for invest me nt s is t he risk that, in the event of the failure of the
counterparty to the investment, the Village will not be able to recover the value of its
investments that are in possession of an outside party. To limit its exposure, the
Village’s invest me nt policy requires all securit y t ransact io ns that are exposed to
custodial credit risk to be processed on a delivery versus payment (DVP) basis with
the underlying invest me nt s held by a third party acting as the Village’s agent
separate from where the investment was purchased or by the trust department of the
bank where purchased, in the Village’s name. Illinois Funds are not subject to
custodial credit risk.
Concentration of credit risk -The Village’s investment policy requires
diversificat io n of the portfolio, but does not specify maximum amounts that can be
invested in any one invest me nt vehicle, maturity, issuer or class of securit ies.
The Village’s invest me nt policy does not specifically prohibit the use of or the
investment in derivat ives.
c.Police Pensio n Fund’s Deposits with Financial Institut io ns
Custodial credit risk for deposits with financial institutions is the risk that in the
event of a bank’s failure, the Police Pensio n Fund’s deposits may not be returned to
them. The Police Pension Fund’s invest me nt po licies do not require pledging of
collateral for all bank balances in excess of federal depository insurance, since flow-
through FDIC insurance is available for the Police Pensio n Fund’s deposits with
financial inst it utions.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-27 -
2.DEPOSITS AND INVESTMENTS (Co nt inued)
d.Police Pensio n Fund Invest me nt s
The fo llo wing table presents the invest me nt s and maturit ie s of the Police Pensio n
Fund’s debt securit ie s as of April 30, 2008:
Investment Maturities (in Years)
Fair Greater than
Value Less than 1 1-5 6-10 10
U.S. Agency obligations $2,730,475 $503,750 $520,872 $501,405 $1,204,448
U.S. Treasury obligations 8,840,294 -2,636,812 154,137 6,049,345
Municipal bonds 1,347,641 --1,048,592 299,049
Illinois Funds 911,289 911,289 ---
Negotiable certificates of
deposit 274,256 274,256 ---
TOTAL $14,103,955 $1,689,295 $3,157,684 $1,704,134 $7,552,842
In accordance with its invest me nt policy, the Police Pensio n Fund limit s it s exposure
to interest rate risk by structuring the portfolio to provide liquidit y fo r operating
funds and maximizing yields for funds not needed within a one year period. The
investment policy does not limit the maximum maturity length of investme nt s in t he
Police Pensio n Fund.
The Police Pensio n Fund limit s it s exposure to credit risk, the risk that the issuer of a
debt securit y w ill not pay its par value upon maturity, by primarily investing in
obligat io ns guaranteed by the United States Government or securities issued by
agencies of the United States Government that are explicitly or implicit ly guaranteed
by t he United States Government. The U.S. Agency obligations are rated by
Moody’s between AA2 and AAA and the municipal bonds are rated between AA3
and AAA. Illino is Funds is rated AAA by Standard and Poor’s. The invest me nt
policy is silent on minimum ratings required.
Custodial credit risk for invest me nt s is t he risk that, in the event of the failure of the
counterparty to the investment, the Police Pensio n Fund will not be able to recover
the value of its invest me nt s that are in possessio n of an outside party. To limit its
exposure, the Police Pension Fund’s invest me nt policy requires all securit y
transactions that are exposed to custodial credit risk to be processed on a delivery
versus payment (DVP) basis with the underlying investments held by a third party
acting as the Police Pensio n Fund’s agent separate fro m w here the invest me nt was
purchased in the Police Pensio n Fund’s name. Illinois Funds and the mut ual fu nds
are not subject to custodial credit risk.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-28 -
2.DEPOSITS AND INVESTMENTS (Continued)
d.Police Pensio n Fund Invest me nt s (Continued)
Concentration of credit risk -The Police Pensio n Fund’s invest me nt policy limit s the
amount of the portfolio that can be invested in any one invest me nt vehicle. With the
exception of U.S. Treasury securit ies and authorized pools, no more than 60% of the
Police Pensio n Fund’s total investment portfolio can be invested in a single securit y
type or with a single financial inst it ution.
The Police Pensio n Fund’s invest me nt policy does not specifically prohibit the use of
or the invest me nt in derivat ives.
3.RECEIVABLES -TAXES
Property taxes for 2007 attach as an enforceable lien on January 1, 2007 on property values
assessed as of the same date. Taxes are levied by December of the subsequent fiscal year
(by passage of a Tax Levy Ordinance). Tax bills are prepared by the County and issued on
or about February 1, 2008 and August 1, 2008 and are payable in two installments, on or
about March 1, 2008 and September 1, 2008. The County co llects such taxes and remits
them periodically.
The 2008 tax levy, which attached as an enforceable lien on property as of January 1,
2008, has not been recorded as a receivable as of April 30, 2008 as the tax has not yet been
levied by the Village and will not be levied unt il D ecember 2008, and, therefore, the levy
is not measurable at April 30, 2008.
4.CAPITAL ASSETS
Capital asset activit y for the year ended April 30, 2008 was as follows:
Beginning
Balance Increases Decreases
Ending
Balance
GOVERNMENTAL ACTIVITIES
Capital assets not being depreciated
Land $3,009,921 $-$-$3,009,921
Land right of way 16,180,188 --16,180,188
Construction in progress 4,678,682 75,480 4,678,682 75,480
Total capital assets not being depreciated 23,868,791 75,480 4,678,682 19,265,589
Capital assets being depreciated
Buildings and improvements 5,704,293 6,609,909 82,169 12,232,033
Vehicles, machinery and equipment 2,862,665 310,082 193,937 2,978,810
Infrastructure 85,545,825 4,448,340 1,764,764 89,229,401
Total capital assets being depreciated 95,112,783 11,368,331 2,040,870 104,440,244
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-29 -
4.CAPITAL ASSETS (Continued)
Beginning
Balance Increases Decreases
Ending
Balance
GOVERNMENTAL ACTIVITIES (Continued)
Less accumulated depreciation for
Buildings and improvements $1,789,362 $225,243 $82,169 $1,932,436
Vehicles, machinery and equipment 1,591,872 221,264 193,937 1,619,199
Infrastructure 55,494,213 1,667,080 1,250,284 55,911,009
Total accumulated depreciation 58,875,447 2,113,587 1,526,390 59,462,644
Total capital assets being depreciated, net 36,237,336 9,254,744 514,480 44,977,600
GOVERNMENTAL ACTIVITIES
CAPITAL ASSETS, NET $60,106,127 $9,330,224 $5,193,162 $64,243,189
BUSINESS-TYPE ACTIVITIES
Capital assets not being depreciated
Land $1,955,456 $-$-$1,955,456
Construction in progress -270,053 -270,053
Total capital assets not being depreciated 1,955,456 270,053 -2,225,509
Capital assets being depr eciated
Buildings and improvements 6,966,127 539,167 -7,505,294
Parking lot improvements 1,950,830 --1,950,830
Vehicles, machinery and equipment 595,397 --595,397
Water distribution system 10,923,584 1,146,418 181,740 11,888,262
Sanitary sewer system 3,351,555 401,724 21,843 3,731,436
Total capital assets being depreciated 23,787,493 2,087,309 203,583 25,671,219
Less accumulated depreciation for
Buildings and improvements 2,724,806 157,055 -2,881,861
Parking lot improvements 667,432 26,737 -694,169
Vehicles, machinery and equipment 540,313 8,323 -548,636
Water distribution system 1,451,250 240,154 181,740 1,509,664
Sanitary sewer system 847,522 75,380 21,843 901,059
Total accumulated depreciation 6,231,323 507,649 203,583 6,535,389
Total capital assets being depreciated, net 17,556,170 1,579,660 -19,135,830
BUSINESS-TYPE ACTIVITIES
CAPITAL ASSETS, NET $19,511,626 $1,849,713 $-$21,361,339
Depreciat io n expense was charged to funct io ns/programs of the primary government as
fo llo ws:
GOVERNMENTAL ACTIVITIES
General government $91,956
Public safety 117,236
Highways and streets, including depreciation
of general infrastructure assets 1,904,395
DEPRECIATION EXPENSE -GOVERNMENTAL ACTIVITIES $2,113,587
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-30 -
5.RISK MANAGEMENT
The Village is exposed to various risks of loss related to torts; theft of, damage to and
destruction of assets; errors and omissio ns’injuries to emplo yees; illnesses of emplo yees;
and natural disasters.
Intergovernmental Personnel Benefit Cooperative (IPBC)
The Village participates in the Intergovernmental Personnel Benefit Cooperative (IPBC).
IPBC is a public ent it y r isk pool established by certain unit s of local government in Illinois
to administer some or all of the personnel benefit programs (primarily medical, dental and
life insurance coverage) offered by these members to their officers and emplo yees and to
the officers and emplo yees of certain other governmental, quasi governmental and
nonprofit public service ent it ies.
The IPBC receives, processes and pays such claims as may co me within the benefit
program o f each member.Management consists of a Board of Directors comprised of o ne
appointed representative from each member. In addit io n, there are two officers: a Benefit
Ad ministrator and a Treasurer. The Village does not exercise any control over the
activit ies o f t he IPBC beyond its representation on the Board of Directors.
Municipal Insurance Cooperative Agency (MICA)
The Village participates in the Municipal Insurance Cooperative Agency (MICA). MICA
is a public ent it y r isk pool whose members are Illino is mu nicipalit ies. MICA manages and
funds first party property losses, third party liabilit y c laims, workers’co mpensat io n claims
and public o fficials’liabilit y c laims o f it s members. MICA provides $2,000,000 of
coverage after a $1,000 deductible. The Village’s payments to MICA are displayed on the
financial statements as expenditures/expenses in appropriate funds.
Management consists of a Board of Directors comprised of one appoint ed representative
fro m each member. In addit io n, there are three officers, a Risk Manager and a Treasurer.
The Village does not exercise any control over activities of MICA beyo nd it s
representation on the Board of Directors. MICA funct io ns so le ly as an administrative
agent for each member.
High-Level Excess Liabilit y P ool (HELP)
The Village participates in the High-Level Excess Liabilit y Pool (HELP). HELP is a
public entit y r isk pool established by certain municipalit ies (the Members) in Illino is to
provide excess liabilit y co verage ($10,000,000 of coverage after the $2,000,000 co verage
provided by MICA). The Village’s payments to HELP are displayed on the financial
statements as expenditures/expenses in appropriate funds.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-31 -
5.RISK MANAGEMENT (Continued)
High-Level Excess Liabilit y P ool (HELP) (Continued)
HELP was organized on April 1, 1987. The purpose of HELP is to act as a joint self-
insurance pool for the purpose of seeking the preventio n or lessening of liabilit y c laims for
injuries to persons or property or claims for errors and o missio ns made against the
Members and other parties included within the scope of coverage of HELP.
HELP is governed by a Board of Directors, which consists of one appointed representative
fro m each member municipalit y.Each dir ector has an equal vote. The officers of HELP
are appointed by the Board of Directors. The Board of Directors determines the general
policy of HELP; makes all appropriat io ns; approves contracts; adopts resolut io ns
providing for the issuance of debt by HELP; adopts bylaws, rules and regulat io ns; and
exercises such powers and performs such duties as may be prescribed in the Agency
Agreement or the bylaws.
The Village does not exercise any control over the activit ies o f HELP beyo nd it s
representation on the Board of Directors.
6.LONG-TERM DEBT
a.General Obligat io n Bonds
The Village issues general obligat io n bonds for the acquisit io n and construction of
major capital facilit ie s.
General obligation bonds are direct obligations and pledge the full faith and credit of
the Village. General obligat io n bonds current ly o utstanding are as fo llo ws:
Issue
Fund Debt
Retired By
Balances
May 1 Additions Reductions
Balances
April 30
Current
Portion
General Obligation Bond Series of
1998 ($17,000,000 dated April 15,
1998; maturing October 1, 2009;
payable in annual installments;
interest rates from 4.20% to 4.35%)
Debt
Service**$6,000,000 $-$2,000,000 $4,000,000 $2,000,000
General Obligation Bond
Series of 2003 ($3,460,000 dated
February 28, 2003; maturing
December 1, 2012, payable in annual
installments; interest rates from
2.25% to 3.50%)
Water
Fund*2,585,000 -400,000 2,185,000 410,000
TOTAL $8,585,000 $-$2,400,000 $6,185,000 $2,410,000
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-32 -
6.LONG-TERM DEBT (Continued)
a.General Obligat io n Bonds (Continued)
The $17,000,000 in General Obligat io n Bonds, Series 1998, was authorized for the
purpose of downtown redevelopment. The bond issue is a general obligatio n bond
issue; however, it is being repaid fro m T ax Incremental District 2 funds.
The $3,460,000 in General Obligat io n Bonds, Series 2003, was authorized to
advance refund the Series 1997 issue. The original issue was used for financing
water system improvements.
*The Village abates the tax levy on this bond issue annually. The debt is recorded
in and is being retired by the Water Fund.
**The Village abates the tax levy on this bond issue annually. The debt is being
retired by transfers from the Tax Incremental Finance District 2 Fund.
b.Debt Service Requirements to Maturit y
Annual debt service requirements to maturit y are as follows:
Fiscal Year General Obligation Bonds
Ending Governmental Activities Business-Type Activities
April 30,Principal Interest Total Principal Interest Total
2009 $2,000,000 $130,000 $2,130,000 $410,000 $67,820 $477,820
2010 2,000,000 43,500 2,043,500 425,000 57,365 482,365
2011 ---435,000 44,827 479,827
2012 ---450,000 31,125 481,125
2013 ---465,000 16,275 481,275
TOTAL $4,000,000 $173,500 $4,173,500 $2,185,000 $217,412 $2,402,412
c.Changes in Long-Term Liabilit ies
During the fiscal year, the fo llo wing changes occurred in lo ng-term liabilit ies:
Fund Debt
Retired By
Balances
May 1 Additions Reductions
Balances
April 30
Current
Portion
GOVERNMENTAL
ACTIVITIES
General obligation bonds Debt Service $6,000 ,000 $-$2,000,000 $4,000,000 $2,000,000
Compensated absences
(Governmental)General 1,182,309 246,421 151,799 1,276,931 142,182
Compensated absences
(Internal Service)Garage 14,220 7,990 1,422 20,788 2,079
Other post-employment
benefit General -87,900 -87,900 -
TOTAL GOVERNMENTAL
ACTIVITIES $7,196,529 $342,311 $2,153,221 $5,385,619 $2,144,261
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-33 -
6.LONG-TERM DEBT (Continued)
c.Changes in Long-Term Liabilit ies (Continued)
Fund Debt
Retired By
Balances
May 1 Additions Reductions
Balances
April 30
Current
Portion
BUSINESS-TYPE
ACTIVITIES
General obligation bonds
Water Water $2,585,000 $-$400,000 $2,185,000 $410,000
Compensated absences
(Enterprise)
Water/Sewer/
Parking 240,673 11,012 10,027 241,658 24,165
Other post-employment
benefit Water/Sewer -4,300 -4,300 -
TOTAL BUSINESS-TYPE
ACTIVITIES $2,825,673 $15,312 $410,027 $2,430,958 $434,165
d.Legal Debt Margin
The Village is a ho me rule municipalit y.
Art ic le VII, Section 6(k) of the 1970 Illino is Constitut io n governs co mputation of the
legal debt margin.
“The General Assembly may limit by law the amount and require referendum
approval of debt to be incurred by ho me rule municipalities, payable fro m ad
valorem property tax receipts, only in excess o f t he fo llo wing percentages of the
assessed value of its taxable property...(2) if its populat io n is mo re than 25,000 and
less than 500,000 an aggregate of one percent: ...indebtedness which is outstanding
on the effect ive date (July 1, 1971) of this const it utio n or which is thereafter
approved by referendum... shall not be included in the foregoing percentage
amounts.”
To date, the General Assembly has set no limit s fo r home rule municipalit ies.
The Village qualifies as a Home Rule Unit under Section 6(a) of Article VII of the
1970 Constitution of Illino is and, under the powers granted by this sect io n, can
exercise any power and perform any funct io n pertaining to its government and
affairs that is not prohibited by the Illinois Co mp iled Statutes.
e.Noncommit ment Debt -Industrial Development Revenue Bonds
The issuance of Industrial Development Revenue Bonds (IDRB’s) by t he Village is
to finance in who le or in part the cost of the acquisit io n, purchase, construction,
reconstruction, improvement, equipping, betterment or extension of any econo mic
development project in order to encourage economic development within or near the
Village.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-34 -
6.LONG-TERM DEBT (Continued)
e.Noncommit ment Debt -Industrial Development Revenue Bonds (Continued)
IDRB’s are not a debt of the Village. The ent it y using the bond proceeds to finance
a construction or improvement project is liable for the bonds. Since the Village does
not act as an agent for IDRB’s, the transact io ns relating to the bonds and property do
not appear in the Village’s financial statements.
The Village has authorized the issuance of t he fo llowing such bonds:
Date Issued Type of Bond
Original
Amount Debtor
4/16/84 Industrial Revenue $1,000,000 Teradyne, Inc.
5/18/06 Industrial Revenue 27,515,000 Chicagoland Jewish High School
As of April 30, 2008, there were two IDRBs outstanding. The aggregate principal
amount payable for the series which could be determined was $27,515,000. The
aggregate principal payable for the other series of IDRBs could not be determined;
however, it s original issue amount was $1,000,000.
7.INTERFUND ASSETS/LIABILITIES
a.Ad vances To/From Other Funds
Fund
Receivable
Fund
Payable
Fund
General $1,837,170 $-
Tax Incremental Financing District 2 -1,837,170
TOTAL $1,837,170 $1,837,170
The purpose of significant advances to/from other funds is as follo ws:
·In addit io n to the 1998 issue, money was advanced fro m the General Fund to
the Tax Incremental Financing District (TIF) 2 Fund to fund public
improvements with the recognit io n t hat this would eventually be paid back
fro m fut ure TIF taxes. It is intended that this payback would begin as the
increment grows in excess of the funds necessary for the project. The
repayment began in fiscal year 2006 as $500,000 was repaid to the General
Fund; in fiscal year 2008,$1,250,000 was repaid to the General Fund and it is
ant ic ipated that this will cont inue at some level until the ent ir e amount is
repaid before the TIF terminates.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-35 -
7.INTERFUND ASSETS/LIABILITIES (Continued)
b.Interfund Transfers
Transfers From Transfers To Amount
Tax Increment Financing District 2 Debt Service $2,216,000
General Water 2,000,000
General Infrastructure Replacement 2,000,000
TOTAL $6,216,000
The purpose of significant transfers to/from other funds is as follo ws:
·$2,216,000 transferred fro m t he Tax Increment Financing District 2 Fund to
the Debt Service Fund for the debt service payment on the General Obligat io n
Bonds, Series 1998, which were issued to fund improvements in the Village
Center TIF District.The amount will not be repaid.
·$2,000,000 transferred fro m t he General Fund to the Water Fund is to offset
the cost of improvements to the water system. The amount will not be repaid.
·$2,000,000 transferred fro m t he General Fund to the Infrastructure
Replacement Fund is to provide addit io nal funding needed to complete
budgeted projects.
8.COMMITMENTS
High-Level Excess Liabilit y P ool (HELP)
The Village has committed to purchase excess liability insurance from HELP, a jo int
venture of Illino is municipalit ie s.
These amounts have been calculated using the Village’s current allocat io n percentage of
3.65%of premium expense. In future years, this allocat io n percentage will be subject to
change because HELP’s agreement provides that the members will be assessed each year
based upon a formula that specifies the follo wing four criteria for allocat ing premium
costs:
Miles of streets
Full-time equivalent emplo yees
Number of licensed vehicles
Operating revenues
The Village has passed a reso lut io n authorizing the extensio n of HELP for ten years
beginning May 1, 2008.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-36 -
9.CONTINGENT LIABILITIES
a.Litigat ion
The Village is a defendant in various lawsuits. Although the outcome of these
lawsuits is not present ly d eterminable, in the opinion of the Village’s attorney, the
resolut io n of these matters will not have a material adverse effect on the financial
condition of the Village.
b.Grants
Amounts received or receivable from grantor agencies are subject to audit and
adjustment by grantor agencies, principally the federal government. Any disallowed
claims, including amounts already collected, may constitute a liabilit y of the
applicable funds. The amount, if any, o f expenditures that may be disallowed by the
grantor cannot be determined at this time although the Village expects such amounts,
if any, to be immaterial.
c.High-Level Excess Liabilit y P ool (HELP)
The Village’s agreement with HELP provides that each member is liable for its
proportionate share of any costs arising fro m defaults in payment obligations by
other members.
d.Solid Waste Agency o f Lake Count y (SWALCO)
The Village’s contract with SWALCO provides that each member is liable for its
proportionate share of any costs arising fro m defaults in payment obligations by
other members.
10.JOINT VENTURES
Solid Waste Agency o f Lake Count y (SWALCO)
Descript io n of Jo int Venture
The Village is a member of SWALCO, which consists of thirt y-five municipalit ies.
SWALCO is a municipal corporation and public body polit ic and corporate established
pursuant to the Constitution of the State of Illinois and the Intergovernmental Cooperation
Act of the State of Illino is, as amended (the Act). SWALCO is empowered under the Act
to plan, construct, finance, operate and maintain a solid waste disposal system to serve its
members.
These percentage shares are subject to change in future years based on the combination of
the population and equalized assessed valuat io n of the municipalit ies.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-37 -
10.JOINT VENTURES (Continued)
Solid Waste Agency o f Lake Count y (SWALCO)(Continued)
Descript io n of Jo int Venture (Continued)
The members form a contiguous geographic service area, which is located in Lake County.
Under the Agency Agreement, addit io nal members may jo in S WALCO upon the approval
of each member.
SWALCO is governed by a Board of Directors, which consists of one appointed
representative fro m each member municipalit y.Each Director has an equal vote. The
officers of SWALCO are appointed by the Board of Directors. The Board of Directors
determines the general po licy o f S WALCO; makes all appropriations; approves contracts;
adopts resolut ions providing for the issuance of bonds or notes by SWALCO; adopts
bylaws, rules and regulat io ns; and exercises such powers and performs such duties as may
be prescribed in the Agency Agreement or the bylaws.
SWALCO is an oversight advisory board providing long-range planning services to
member municipalit ies. The Village is a participant in SWALCO, but no agreement has
been reached as to services to be provided. The Village made no payments to SWALCO
for the year ended April 30, 2008 and no future payments are expected.
Complete financial statements can be obtained from the Solid Waste Agency o f Lake
County, 1300 N. Skokie Highway, Suite 103, Gurnee, Illinois 60031.
The Village does not have an equit y int erest in SWALCO at April 30, 2008.
11.OTHER POST-EMPLOYMENT BENEFITS
a.Plan Descript io n
In addit io n to providing the pensio n benefit s described, the Village provides post-
employment health care benefits (OPEB) for retired employees through a single-
employer defined benefit plan. The benefits, benefit levels, emplo yee contribut io ns
and emplo yer 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
fo r 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 activit y o f t he plan is reported
in t he Village’s governmental and business-type activit ies.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-38 -
11.OTHER POST-EMPLOYMENT BENEFITS (Continued)
b.Benefit s Provided
The Village provides pre and post Medicare post-retirement health insurance to
retirees, their spouses and dependents (enrolled at time of emplo yee’s retirement).
To be eligible for benefits, the emplo yee must qualify for retirement under one of the
Village’s two retirement plans. The Village pays a subsidy of 50% of the cost of the
mo nt hly health insurance premiums for the retirees up to a maximum of $50. The
retiree pays the remainder of the blended premium. Upon a retiree beco ming eligible
fo r Medicare, the amount payable under the Village’s healt h plan will be reduced by
the amount payable under Medicare fo r those expenses that are covered under both.
c.Membership
At April 30, 2008, membership consisted of:
Retirees and beneficiaries current ly receiving
benefits 32
Terminated employees ent it led
to benefit s but not yet receiving them -
Act ive emplo yees 108
TOTAL 140
Participating emplo yers 1
d.Funding Policy
The Village is not required to and currently does not advance fund the cost of
benefits that will beco me due and payable in the future. Active employees do not
contribute to the plan until retirement.
e.Annual OPEB Costs and Net OPEB Obligat io n
The Village first had an actuarial valuat io n performed for the plan as of May 1, 2007
to determine the funded status of the plan as of that date as well as the employer’s
annual required contribut io n (ARC) for the fiscal year ended April 30, 2008. The
Village’s annual OPEB cost (expense) of $193,800 was equal to the ARC for the
fiscal year, as the transit io n liabilit y was set at zero as of May 1, 2007. The Village’s
annual OPEB cost, the percentage of annual OPEB cost contributed to the plan, and
the net OPEB obligat io n fo r 2008 was as fo llo ws (informat io n fo r the two preceding
years is not available as an actuarial valuat io n was performed for the first time as of
May 1, 2007):
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-39 -
11.OTHER POST-EMPLOYMENT BENEFITS (Continued)
e.Annual OPEB Costs and Net OPEB Obligat io n (Continued)
Fiscal
Year
Ended
Annual
OPEB
Cost
Employer
Contribut io ns
Percentage of
Annual OPEB
Cost
Contributed
Net OPEB
Obligat io n
April 30, 2008 $193,800 $101,600 52.4%$92,200
The net OPEB obligat io n as of April 30, 2008, was calculated as fo llo ws:
Annual required contribut io n $193,800
Interest on net OPEB obligation -
Ad just me nt to annual required contribution -
Annual OPEB cost 193,800
Contribut io ns made 101,600
Increase in net OPEB obligat io n 92,200
Net OPEB obligat io n beginning of year -
NET OPEB OBLIGATION END OF YEAR $92,200
Funded Status and Funding Progress:The funded status of the plan as of April 30,
2008, was as fo llo ws:
Actuarial accrued liabilit y (AAL)$2,534,700
Actuarial value of plan assets -
Unfunded actuarial accrued liabilit y (UAAL)2,534,700
Funded ratio (actuarial value of plan assets/AAL)0%
Covered payroll (act ive plan members)7,937,200
UAAL as a percentage of covered payro ll 31.93%
Actuarial valuat io ns of an ongoing plan invo lve estimates of the value of reported
amounts and assumptions about the probabilit y o f o ccurrence of events far into the
future. Examples include assumpt io ns about future emplo yment, mortalit y,and the
healt hcare cost trend. Amounts determined regarding the funded status of the plan
and the annual required contributions of the employer are subject to continual
revisio n as actual results are compared wit h past expectations and new est imates are
made about the future. The schedule of funding progress, presented as required
supplementary informat io n fo llo wing the notes to financial statements, presents
mult i-year trend informat io n t hat shows whether the actuarial value of plan assets is
increasing or decreasing over time relative to the actuarial accrued liabilit ies fo r
benefits.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-40 -
11.OTHER POST-EMPLOYMENT BENEFITS (Continued)
e.Annual OPEB Costs and Net OPEB Obligat io n (Continued)
Actuarial methods and assumpt io ns -project io ns of benefits for financial reporting
purposes are based on the substant ive plan (the plan as understood by the emplo yer
and plan members) and include the types of benefits provided at the time of each
valuat io n and the historical pattern of sharing of benefit costs between the employer
and plan members to that point. The actuarial methods and assumptions used
include techniques that are designed to reduce short-term vo lat ilit y in actuarial
accrued liabilit ie s and the actuarial value of assets, consistent with the long-term
perspective of the calculat io ns.
In the May 1, 2007, actuarial valuation, the entry-age normal actuarial cost method
was used. The actuarial assumpt io ns included no investment rate of return and an
init ial healthcare cost trend rate of 10.0% with an ult imate healthcare inflat io n rate of
4.5%. Both rates include a 3.0% inflat io n assumptio n and 4.0% wage inflat io n
assumpt io n. The actuarial value of assets was not determined as the Village has not
advance funded its obligat io n. The plan’s unfunded actuarial accrued liabilit y is
being amortized as a level percentage of projected payro ll o n an open basis. The
remaining amortizat io n period at May 1, 2007, was thirty years, except for Water
Fund emplo yees which was eighteen years.
12.EMPLOYEE RETIREMENT SYSTEMS
a.Plan Descript io ns and Provisio ns
Illino is Municipal R etirement Fund
The Village contributes to the Illinois Municipal Retirement Fund (IMRF), a defined
benefit agent mult iple-employer public emplo yee retirement system that acts as a
commo n invest me nt and administrative agent for local governments and school
districts in Illino is (other than those covered by the Police Pension Plan).
All emplo yees hired in posit io ns that meet or exceed the prescribed annual hourly
standard must be enro lled in IMRF as participating members. Pension benefits vest
after eight years of service. Participat ing members who retire at or after age 60 with
8 years of service are ent it led to an annual ret ir ement benefit, payable monthly for
life, in an amount equal to 1 2/3 percent of their final rate (average of the highest 48
consecut ive months’earnings during the last 10 years) of earnings for each year of
credited service up to 15 years and 2 percent for each year thereafter. IMRF also
provides death and disabilit y benefits. The Illino is Pensio n Code establishes the
benefit provisions of the plan that can only be amended by the Illino is General
Assembly.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-41 -
12.EMPLOYEE RETIREMENT SYSTEMS (Continued)
a.Plan Descript io ns and Provisio ns (Cont inued)
Illino is Municipal Retirement Fund (Continued)
Participating members are required to contribute 4.5 percent of their annual salary to
IMRF. The Village is required to contribute the remaining amounts necessary to
fund the coverage of its own emplo yees in the system, using the actuarial basis
specified by state statute (ent ry age normal). The employer contribut io n fo r the
calendar year ended December 31, 2007 was 11.03%of covered payroll.
IMRF issues a separate financial report which may be obtained by writ ing them at
IMRF,2211 York Road, Suite 500, Oak Brook, Illino is 60523.This report contains
informat io n fo r IMRF as a who le, but not by individual emplo yer.
Police Pensio n Plan
Police sworn personnel are covered by the Police Pension P lan, which is a defined
benefit single-employer pensio n plan. Although this is a single-employer pensio n
plan, the defined benefits and employee and emplo yer contribut io ns levels are
governed by Illino is Co mp iled Statutes (Chapter 40 -Article 5/3) and can be
amended only by the Illino is legislature. The Village accounts for the Police Pensio n
Pla n as a pensio n t rust fund. At April 30, 2008, the Police Pension Plan membership
consisted of:
Retirees and beneficiaries current ly receiving benefits 25
Terminated emp lo yees ent it led to benefits but not
yet receiving them 3
Current emp lo yees
Vested 26
Nonvested 13
TOTAL 67
The fo llo wing is a summary o f t he Police Pensio n P la n as provided for in Illino is
Compiled Statutes.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-42 -
12.EMPLOYEE RETIREMENT SYSTEMS (Continued)
a.Plan Descript io ns and Provisio ns (Cont inued)
Police Pensio n P la n (Continued)
The Police Pensio n P la n provides retirement benefits as well as death and disability
benefits. Emplo yees attaining the age of 50 or more with 20 or more years of
creditable service are ent it led to receive an annual retirement benefit of one-half o f
the salary attached to the rank held on the last day of service or for one year prior to
the last day, whichever is greater. The pensio n shall be increased by 2½ percent of
such salary for each addit io nal year of service over 20 years up to 30 years, to a
maximum o f 75 percent of such salary. Emplo yees with at least 8 years but less than
20 years of credited service may retire at or after age 60 and receive a reduced
benefit. The monthly pensio n of a police officer who retired with 20 or more years
of service after January 1, 1977 shall be increased annually, fo llo wing the first
anniversary date of retirement and be paid upon reaching the age of at least 55 years,
by 3 percent of the original pension and 3 percent compounded interest annually
thereafter.
Covered emplo yees are required to contribute 9.91%of their base salary to the
Police Pensio n P la n. If an emplo yee leaves covered emplo yment with less than 20
years o f service, accumulated emplo yee contribut ions may be refunded without
accumulated interest. The Village is required to contribute the remaining amounts
necessary to finance the Police Pensio n P lan as actuarially determined by an enrolled
actuary. The Village’s contribut io ns must accumulate to the point where the past
service cost for the Police Pension P lan is fully funded by the year 2033.The
employer contribut io n fo r the fiscal year ended April 30, 2008 was 22.75% of
covered payroll.
The Police Pensio n Plan issues a separate financial report which may be obtained by
writing them at the Village of Deerfield Village Hall.
b.Summary of Significant Accounting Policies and Plan Asset Matters
Basis of Account ing: The financial statements are prepared using the accrual basis
of accounting. Employee and emplo yer contributions are recognized as revenues in
the period in which emplo yee services are performed.
Method Used to Value Invest me nt s: Invest me nt s are reported at fair value.
Invest me nt inco me is recognized as earned.
Gains and losses on sales and exchanges of fixed-inco me securit ie s are recognized
on the transaction date.
Significant Invest me nt s: Investments (other than U.S. government and U.S.
government guaranteed obligat io ns) in a Vanguard Mutual Fund represent ing 46% of
net assets available for benefit s.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-43 -
12.EMPLOYEE RETIREMENT SYSTEMS (Continued)
b.Summary of Significant Accounting Policies and Plan Asset Matters (Continued)
Related Party Transact io ns: There were no securities of the employer or any other
related parties included in plan assets, including any loans.
Ad ministrative costs for the Police Pension P la n are financed primarily through
investment earnings.
c.Annual Pensio n Cost
Illinois
Municipal
Retir ement
Police
Pension
Actuarial valuation date December 31,
2005
May 1,
2007
Actuarial cost met hod Entry-age
Nor ma l
Entry-age
Nor ma l
Level Dollar
Asset valuation met hod 5 Year
Smoothed
Market
Actuary’s
Value
Amortization method Level
Percentage of
Payroll
Level
Dollar
Amortization per iod 25 Years,
Closed
26 Years,
Closed
Significant actuarial assumptions
a)Rate of return on 7.50%8.00%
present and future assets Compounded Compounded
Annually Annually
b)Projected salary incr ease -4.00%3.50%
attributable to inflation Compounded Compounded
Annually Annually
c)Additional projected salary .40 to 10.00%5.50%
increases -seniority/mer it
d)Post retirement benefit increases 3.00%3.00%
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-44 -
12.EMPLOYEE RETIREMENT SYSTEMS (Continued)
c.Annual Pensio n Cost (Continued)
Employer annual pensio n cost (APC) actual contribut io ns and the net pensio n
obligat io n (NPO) are as follows. The NPO is the cumulat ive difference between the
APC and the contributions actually made.
For
Fiscal
Year
Illinois
Municipal
Retirement
Police
Pension
Annual pension cost 2006 $551,606 $587,217
(APC)2007 674,312 666,099
2008 699,397 710,955
Actual contribution 2006 $551,606 $575,395
2007 674,312 654,414
2008 699,397*698,335
Percentage of APC contributed 2006 100.00%97.99%
2007 100.00%98.25%
2008 100.00%98.22%
NPO (asset)2006 $-$(1,020,759)
2007 -(1,009,074)
2008 -(996,454)
*Of this amount, $582,108 (83.23%) was contributed by t he Village and $117,289
(16.77%) was contributed by the Library.
The Village’s annual pensio n cost and net pensio n obligat io n (asset) for the Police
Pensio n Plan fo r the April 30, 2008 valuat io n date (most recent data available) are as
fo llo ws:
Annual required contribut io n $698,335
Interest on net pensio n obligat io n (asset)(80,726)
Ad just me nt to annual required contribution 93,346
Annual pension cost 710,955
Contribut io ns made 698,335
Increase in net pension obligat io n 12,620
Net pension obligation (asset) beginning of year (1,009,074)
NET PENSION OBLIGATION (ASSET) END OF YEAR $(996,454)
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-45 -
12.EMPLOYEE RETIREMENT SYSTEMS (Continued)
c.Annual Pensio n Cost (Continued)
Funded Status and Funding Progress:The funded status of the plans as of April 30,
2008 were as fo llo ws:
Illino is
Municipal
Retirement*
Police
Pensio n
Actuarial accrued liabilit y (AAL)$13,938,222 $32,230,820
Actuarial value of plan assets 10,465,905 26,434,408
Unfunded actuarial accrued liabilit y (UAAL)3,472,317 5,796,412
Funded ratio (actuarial value of plan
assets/AAL)75.09%82.02%
Covered payroll (act ive plan members)6,340,864 3,124,688
UAAL as a percentage of covered payro ll 54.76%185.50%
*Includes both the Village and the Library.
13.CONTRACTUAL COMMITMENTS
Economic Incent ive Agreements
The Village has entered into economic incent ive agreements with two commercial ent it ie s
whereby the Village has agreed to reimburse the commercial entit ie s through sales tax
rebates. The amount of the rebates is limited to specified time periods or maximum caps
and are payable over one to fifteen years sole ly from sales taxes generated by the
commercial entit ie s. The rebates are to be paid mo nt hly or annually,depending on the
agreement, with the last agreement expiring fifteen years after commencement. At
April 30, 2008, the Village has accrued an estimated rebate liability o f $249,059 fo r
amounts collected by the state through April 30, 2008 but not yet paid to the commercial
ent it ies. To date, the Village has paid $2,348,119 to the commercial entit ie s.The
maximum rebate to be paid for one agreement is $5,500,000, and the other has no stated
maximum.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-46 -
14.COMPONENT UNIT -DEERFIELD PUBLIC LIBRARY
a.Summary Financial Informat io n
The fo llo wing is summary fund financial informat ion for the Deerfield Public
Library (the Library) for the fiscal year ended April 30, 2008:
General Adjustments
Statement of
Net Assets
ASSETS
Cash and investments $3,789,330 $-$3,789,330
Receivables
Property taxes 2,453,841 -2,453,841
Capital assets, net of
accumulated depreciation -228,827 228,827
Total assets 6,243,171 228,827 6,471,998
LIABILITIES
Accounts payable 53,394 -53,394
Accrued payroll 57,000 -57,000
Deferred property taxes 2,625,000 -2,625,000
Compensated
absences payable -106,139 106,139
Total liabilities 2,735,394 106,139 2,841,533
FUND BALANCES/NET ASSETS
Fund balances -unr es er ved
Designated for scholarship 20,893 (20,893)-
Undesignated 3,486,884 (3,486,884)-
Net assets
Invested in capital assets,
net of related debt -228,827 228,827
Unr estricted -3,401,638 3,401,638
TOTAL FUND BALANCES/
NET ASSETS $3,507,777 $122,688 $3,630,465
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-47 -
14.COMPONENT UNIT -DEERFIELD PUBLIC LIBRARY (Continued)
a.Summary Financial Informat io n (Continued)
General Adjustments
Statement of
Act ivities
REVENUES
Property taxes $2,299,316 $-$2,299,316
Replacement taxes 92,369 -92,369
Intergovernmental 35,581 -35,581
Charges for services 81,327 -81,327
Investment income 169,506 -169,506
Miscellaneous 6,395 -6,395
Total revenues 2,684,494 -2,684,494
EXPENDITURES/EXPENSES
Culture and recreation 2,372,966 (10,098)2,362,868
Total expenditures/expenses 2,372,966 (10,098)2,362,868
NET CHANGE IN FUND BALANCE/
NET ASSETS 311,528 10,098 321,626
FUND BALANCE/NET ASSETS
MAY 1 3,196,249 112,590 3,308,839
FUND BALANCES/NET ASSETS
APRIL 30 $3,507,777 $122,688 $3,630,465
b.Deposits and Invest me nt s
1)Deposits
Permitted Deposits and Invest me nt s -The Illino is Compiled Statutes authorize
the Library to make deposits/invest in insured commercial banks, savings and
lo an inst it ut io ns, obligat io ns of the U.S. Treasury and U.S. Agencies, insured
credit union shares, money market mutual funds wit h portfolio s of securit ies
issued or guaranteed by the United States or agreements to repurchase these
same obligat io ns, repurchase agreements, short-term commercial paper rated
within the three highest classificat io ns by at least two standard rating services,
and Illino is Funds.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-48 -
14.COMPONENT UNIT -DEERFIELD PUBLIC LIBRARY (Continued)
b.Deposits and Invest me nt s (Continued)
1)Deposits (Continued)
Illino is Funds is an invest me nt pool managed by the State of Illino is, Office of
the Treasurer, which allows governments within the State to pool their funds
fo r invest me nt purposes. Illino is Funds is not registered with the SEC as an
investment company, but does operate in a manner consistent with Rule 2a7 of
the Invest me nt Company Act of 1940. Investments in Illinois Funds are
valued at Illino is Fund’s share price, which is the price the investment could be
sold for.
It is the policy o f t he Library to invest its funds in a manner which will provide
the highest invest me nt return with the maximum securit y while meet ing the
daily cash flow demands of the Library and conforming to all state and local
statutes governing the invest me nt of public funds, using the “prudent person”
standard for managing the overall portfolio. The primary objective of the
policy is safet y (preservat io n of capital and protectio n of invest me nt principal),
liquidit y a nd yie ld.
Custodial credit risk for deposits with financial institutions is the risk that in
the event of a banks failure, the Library’s deposits may not be returned to it.
The Library does not have a separate invest me nt policy, but fo llo ws the
Village’s invest me nt policy which requires pledging of collateral with a fair
value of 100% of all bank balances in excess of federal depository insurance.
At April 30, 2008, all o f t he Library’s bank balances were insured or
collateralized.
2)Invest me nt s
As o f Apr il 30, 2008, the Library had the following investments and maturit ies of
debt securities:
Investment Maturities (in Years)
Fair Value Less than 1 1-5 6-10
Greater than
10
Illinois Funds $3,748,765 $3,748,765 $-$-$-
TOTAL $3,748,765 $3,748,765 $-$-$-
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-49 -
14.COMPONENT UNIT -DEERFIELD PUBLIC LIBRARY (Continued)
b.Deposits and Invest me nt s (Continued)
2)Invest me nt s (Continued)
In accordance with the Village’s investment policy, the Library limits its
exposure to interest rate risk by structuring the portfolio to provide liquidit y fo r
operat ing funds and maximizing yields for funds not needed within a three
year period. The invest me nt policy limits the maximum maturit y le ngth of
investments in the general fund to three years fro m date of purchase. In
addition, the policy requires the Library to structure the invest me nt portfolio so
that securit ies mature to meet cash requirements for ongoing operations,
thereby avo id ing the need to sell securit ie s on the open market prior to
maturity.
The Library limit s it s exposure to credit risk, the risk that the issuer of a debt
securit y w ill not pay its par value upon maturit y,by pr imarily investing in
Illino is Funds, which is rated AAA by Standard and Poor’s.
Custodial credit risk for invest me nt s is t he risk that, in the event of the failure
of the counterparty to the invest me nt , the Library will not be able to recover
the value of its invest me nt s that are in possessio n of an outside party. Illino is
Funds is not subject to custodial credit risk.
c.Receivables -Taxes
Property taxes for the 2007 le vy year attach as an enforceable lien on January 1,
2007, on property values assessed as of the same date. Taxes are levied by
December 31 of the subsequent fiscal year end by passage of a Tax Levy Ordinance.
Tax bills are prepared by the Count y a nd issued on or about February 1, 2008 and
August 1, 2008, and are payable in two installments, on or about March 1, 2008 and
September 1, 2008. The County co llects such taxes and remit s them periodically.
The 2007 tax levy co llect io ns are intended to finance the 2009 fiscal year and are not
considered available for current operations and are, therefore, shown as deferred
revenue. The 2008 tax levy has not been recorded as a receivable at April 30, 2008,
as the tax attached as a lien on property as of January 1, 2008, however, the tax will
not be levied until December 2008 and, accordingly, is not measurable at April 30,
2008.
d.Capital Assets
Capital assets, which include land, buildings and equipment,are reported in the
governmental act ivit ie s in the government-wide financial statements. Capital assets
are defined by the Library as assets with an init ial, individual cost in excess of
$25,000 and an est imated useful life in excess of one year.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-50 -
14.COMPONENT UNIT -DEERFIELD PUBLIC LIBRARY (Continued)
d.Capital Assets (Continued)
Such assets are recorded at historical cost or estimated historical cost if purchased or
constructed. Donated capital assets are recorded at estimated fair market value at the
date of donation. The costs of normal maintenance and repairs that do not add to the
value of the asset or materially extend asset lives are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are
constructed. Buildings are depreciated using the straight-line method over the
fo llo wing estimated useful lives:
Years
Buildings 45
The fo llo wing is a summary o f c hanges in capital assets during the fiscal year:
Beginning
Balance Increases Decreases
Ending
Balance
GOVERNMENTAL ACTIVITIES
Capital assets not being depreciated
Land $65,493 $-$-$65,493
Total capital assets not being depreciated 65,493 --65,493
Capital assets being depreciated
Buildings 1,050,000 --1,050,000
Total capital assets being depreciated 1,050,000 --1,050,000
Less accumulated depreciation for
Buildings 863,333 23,333 -886,666
Total accumulated depreciation 863,333 23,333 -886,666
Total capital assets being depreciated, net 186,667 (23,333)-163,334
GOVERNMENTAL ACTIVITIES
CAPITAL ASSETS, NET $252,160 $(23,333)$-$228,827
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-51 -
14.COMPONENT UNIT -DEERFIELD PUBLIC LIBRARY (Continued)
e.Changes in Long-Term Liabilit ies
The fo llo wing is a summary o f c hanges in lo ng-term liabilit ies for the year ended
April 30, 2008:
Balance,
May 1 Additions Retirements
Balance,
April 30
Current
Portion
Compensated absences $139,570 $49,944 $96,475 $93,039 $64,535
Other post-employment
benefit -13,100 -13,100 -
TOTAL LONG-TERM
LIABILITIES $139,570 $63,044 $96,475 $106,139 $64,535
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended April 30, 2008
Original Final
Budget Budget Actual
REVENUES
Taxes 11,209,480$ 11,209,480$ 11,975,652$
Licenses and permits 1,108,000 1,108,000 1,161,276
Intergovernmental 34,000 34,000 96,985
Charges for services 393,600 393,600 348,528
Fines and forfeits 208,500 208,500 261,495
Investment income 480,000 480,000 838,215
Miscellaneous 392,000 392,000 609,796
Total revenues 13,825,580 13,825,580 15,291,947
EXPENDITURES
General government 5,295,430 5,295,430 4,827,462
Public safety 7,708,962 7,708,962 7,080,991
Highways and streets 2,101,905 2,101,905 2,434,841
Total expenditures 15,106,297 15,106,297 14,343,294
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (1,280,717) (1,280,717) 948,653
OTHER FINANCING SOURCES (USES)
Transfer (out)(4,000,000) (4,000,000) (4,000,000)
Sale of capital assets 5,000 5,000 11,052
Total other financing sources (uses)(3,995,000) (3,995,000) (3,988,948)
NET CHANGE IN FUND BALANCE (5,275,717)$ (5,275,717)$ (3,040,295)
FUND BALANCE, MAY 1 20,187,448
FUND BALANCE, APRIL 30 17,147,153$
(See independent auditor's report.)
- 52 -
(6)
Un funded
(Overfunded)
Actuarial
(4)Accrued
(2)Un funded Liability
(1)Actuarial (Overfunded)as a
Actuarial Actuarial Accrued (3)Actuarial (5)Percentage
Valuation Value of Liability Percentage Accrued Annual of Covered
Date Plan (AAL)Funded Liability Covered Payroll
December 31,Assets Entry-Age (1) / (2) (2) - (1)Payroll (4) / (5)
2002 15,020,009$ 15,628,924$ 96.10%608,915$ 5,064,382$ 12.02%
2003 14,167,618 15,105,472 93.79%937,854 5,241,608 17.89%
2004 12,061,017 14,761,287 81.71%2,700,270 5,630,533 47.96%
2005 12,458,723 15,094,476 82.54%2,635,753 5,751,893 45.82%
2006 10,898,308 13,983,806 77.94%3,085,498 5,868,691 52.58%
2007 10,465,905 13,938,222 75.09%3,472,317 6,340,864 54.76%
Note: Amounts above include both the Village of Deerfield and Deerfield Public Library.
April 30, 2008
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF FUNDING PROGRESS
ILLINOIS MUNICIPAL RETIREMENT FUND
(See independent auditor's report.)
- 53 -
(6)
Unfunded
(Overfunded)
Actuarial
(4)Accrued
(2)Unfunded Liability
(1)Actuarial (Overfunded)as a
Actuarial Actuarial Accrued (3)Actuarial (5)Percentage
Valuation Value of Liability Percentage Accrued Annual of Covered
Date Plan (AAL)Funded Liability Covered Payroll
May 1,Assets Entry-Age (1) / (2) (2) - (1)Payroll (4) / (5)
2002 20,588,975$ 22,217,590$ 92.67%1,628,615$ 2,529,945$ 64.37%
2003 21,397,216 23,235,103 92.09%1,837,887 2,612,402 70.35%
2004 22,248,709 26,895,164 82.72%4,646,455 2,765,899 167.99%
2005 23,569,208 27,807,134 84.76%4,237,926 2,864,889 147.93%
2006 24,863,930 29,916,404 83.11%5,052,474 3,038,118 166.30%
2007 26,434,408 32,230,820 82.02%5,796,412 3,124,688 185.50%
April 30, 2008
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF FUNDING PROGRESS
POLICE PENSION FUND
(See independent auditor's report.)
- 54 -
(6)
Un funded
(Overfunded)
Actuarial
(4)Accrued
(2)Un funded Liability
(1)Actuarial (Overfunded)as a
Actuarial Actuarial Accrued (3)Actuarial (5)Percentage
Valuation Value of Liability Percentage Accrued Annual of Covered
Date Plan (AAL)Funded Liability Covered Payroll
May 1,Assets Entry-Age (1) / (2) (2) - (1)Payroll (4) / (5)
2007 -$ 2,534,700$ 0.00%2,534,700$ 7,937,200$ 31.93%
Information for prior years is not available as the Village's first actuarial valuation was
performed May 1, 2007.
April 30, 2008
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF FUNDING PROGRESS
OTHER POST-EMPLOYMENT BENEFIT PLAN
(See independent auditor's report.)
- 55 -
Annual
Required
Calendar Employer Contribution Percentage
Year Contributions (ARC)Contributed
2002 342,859$ 342,859$ 100.00%
2003 399,935 399,935 100.00%
2004 522,513 522,513 100.00%
2005 551,606 551,606 100.00%
2006 674,312 674,312 100.00%
2007 699,397 699,397 100.00%
Note: Amounts above include both the Village of Deerfield and Deerfield Public Library.
April 30, 2008
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF EMPLOYER CONTRIBUTIONS
ILLINOIS MUNICIPAL RETIREMENT FUND
(See independent auditor's report.)
- 56 -
Annual
Required
Fiscal Employer Contribution Percentage
Year Contributions (ARC)Contributed
2003 276,383$ 278,581$ 99.21%
2004 325,762 325,762 100.00%
2005 614,326 614,326 100.00%
2006 575,395 575,395 100.00%
2007 654,414 654,414 100.00%
2008 698,335 698,335 100.00%
April 30, 2008
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF EMPLOYER CONTRIBUTIONS
POLICE PENSION FUND
(See independent auditor's report.)
- 57 -
Annual
Required
Fiscal Employer Contribution Percentage
Year Contributions (ARC)Contributed
2008 101,600$ 193,800$ 52.43%
Information for prior years is not available as the Village's first actuarial valuation was
performed May 1, 2007.
April 30, 2008
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF EMPLOYER CONTRIBUTIONS
OTHER POST-EMPLOYMENT BENEFIT PLAN
(See independent auditor's report.)
- 58 -
-59 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
April 30, 2008
BUDGETS
Budgets are adopted on a basis consistent with GAAP. Annual appropriated budgets are adopted
(at the fund level) for the General, Special Revenue, Debt Service, Capital Projects, Enterprise,
Internal Service and Pensio n Trust Funds. The annual appropriated budget is legally enacted and
provides for a legal level o f control at the department level, or, where no departmental
segregation o f a fu nd exists, the fu nd level. All annual appropriat io ns lapse at fiscal year end.
Encumbrances represent commit ments related to unperformed contracts for goods or services.
Encumbrance account ing--under which purchase orders, contracts and other commit ments for
the expenditure of resources are recorded to reserve that portion of the applicable appropriatio n--
is ut ilized in the governmental funds. Material encumbrances outstanding at year end, if any, are
reported as reservations of fund balances and do not constitute expenditures or liabilit ies because
the commit ments will be honored during the subsequent year.
All departments of the Village submit requests for appropriation to the Village’s manager so that
a budget may be prepared. The budget is prepared by fund and includes informat io n on the past
year, current year est imates and requested appropriations for the next fiscal year.
The proposed budget is presented to the governing body for review. The governing body hold s
public hearings and can add to, subtract fr om or change appropriat io ns, but cannot change the
fo rm of the budget.
Management cannot amend the total budget for individual funds wit hout seeking the approval of
the governing body.
Expenditures cannot legally exceed budgeted appropriations at the fund level, and the Board
must approve any over-expenditures of appropriat ion or transfers of appropriated amounts.
During the year, supplementary appropriat io ns were necessary for the Water and Infrastructure
Replacement Funds.
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended April 30, 2008
Original Final
Budget Budget Actual
TAXES
Property 2,094,250$ 2,094,250$ 1,941,802$
Replacement 75,000 75,000 105,043
Sales 4,100,000 4,100,000 4,552,098
Home rule sales 850,000 850,000 956,634
Local use 252,030 252,030 260,520
Income 1,618,200 1,618,200 1,695,991
Hotel/motel 1,925,000 1,925,000 2,108,580
Telecommunication 295,000 295,000 354,984
Total taxes 11,209,480 11,209,480 11,975,652
LICENSES AND PERMITS
Beer/liquor licenses 71,000 71,000 67,625
Food licenses 8,000 8,000 5,441
Other business licenses 28,000 28,000 5,141
Building permits 600,000 600,000 651,351
Contractor's licenses 8,000 8,000 25,653
Non-business licenses and permits 53,000 53,000 67,276
Vehicle licenses 340,000 340,000 338,789
Total licenses and permits 1,108,000 1,108,000 1,161,276
INTERGOVERNMENTAL
State grant 6,000 6,000 1,210
State highway maintenance 28,000 28,000 45,112
Federal grant - - 50,663
Total intergovernmental 34,000 34,000 96,985
CHARGES FOR SERVICES
Special police services 308,600 308,600 193,364
Dispatching services 79,000 79,000 84,000
50/50 tree planting 4,000 4,000 71,164
Engineering services 2,000 2,000 -
Total charges for services 393,600 393,600 348,528
FINES AND FORFEITS 208,500 208,500 261,495
INVESTMENT INCOME 480,000 480,000 838,215
(This schedule is continued on the following page.)
- 60 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2008
Original Final
Budget Budget Actual
MISCELLANEOUS
False alarms 40,000$ 40,000$ 28,450$
Sale of materials 2,000 2,000 -
Rentals 25,000 25,000 40,610
Miscellaneous 95,000 95,000 262,614
Franchise fees 230,000 230,000 278,122
Total miscellaneous 392,000 392,000 609,796
TOTAL REVENUES 13,825,580$ 13,825,580$ 15,291,947$
(See independent auditor's report.)
- 61 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended April 30, 2008
Original Final
Budget Budget Actual
GENERAL GOVERNMENT
Finance department
Personnel services 1,034,965$ 1,034,965$ 1,006,074$
Less: IPBC terminal reserve dividend - - (313,761)
Training and development 23,600 23,600 6,409
Contractual services 1,188,100 1,188,100 1,232,711
Commodities 29,000 29,000 17,279
Utilities 30,000 30,000 12,841
Capital outlay 76,867 76,867 54,244
Total finance department 2,382,532 2,382,532 2,015,797
Administration
Personnel services 590,893 590,893 556,572
Training and development 5,000 5,000 2,291
Contractual services 363,100 363,100 441,654
Commodities 12,600 12,600 14,705
Utilities 1,600 1,600 1,239
Capital outlay 352,600 352,600 330,820
Total administration 1,325,793 1,325,793 1,347,281
Community development
Personnel services 806,916 806,916 773,342
Training and development 8,000 8,000 4,278
Contractual services 160,500 160,500 92,894
Commodities 23,150 23,150 13,405
Utilities 14,100 14,100 13,771
Capital outlay 12,600 12,600 12,207
Total community development 1,025,266 1,025,266 909,897
Engineering
Personnel services 313,850 313,850 332,998
Training and development 4,500 4,500 3,992
Contractual services 217,972 217,972 185,044
Commodities 6,900 6,900 9,220
Utilities 3,750 3,750 8,046
Capital outlay 14,867 14,867 15,187
Total engineering 561,839 561,839 554,487
Total general government 5,295,430 5,295,430 4,827,462
PUBLIC SAFETY
Police department
Administrative services
Personnel services 1,395,912 1,395,912 1,279,930
Training and development 19,000 19,000 7,632
Contractual services 514,250 514,250 421,671
(This schedule is continued on the following pages.)
- 62 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2008
Original Final
Budget Budget Actual
PUBLIC SAFETY (Continued)
Police department (Continued)
Administrative services (Continued)
Commodities 52,500$ 52,500$ 43,736$
Utilities 37,000 37,000 18,191
Capital outlay 181,922 181,922 172,805
Total administrative services 2,200,584 2,200,584 1,943,965
Communications
Personnel services 800,738 800,738 730,813
Training and development 5,300 5,300 2,593
Contractual services 500 500 208
Capital outlay 7,000 7,000 2,279
Total communications 813,538 813,538 735,893
Investigations
Personnel services 820,022 820,022 785,064
Training and development 6,950 6,950 1,709
Contractual services 5,700 5,700 5,775
Commodities 14,000 14,000 11,344
Capital outlay 5,500 5,500 3,871
Total investigations 852,172 852,172 807,763
Patrol
Personnel services 3,335,068 3,335,068 3,255,197
Training and development 36,900 36,900 16,401
Contractual services 50,600 50,600 53,837
Commodities 75,000 75,000 61,894
Utilities 6,500 6,500 6,142
Capital outlay 19,300 19,300 11,507
Total patrol 3,523,368 3,523,368 3,404,978
Special detail
Personnel services 319,300 319,300 188,392
Total special detail 319,300 319,300 188,392
Total public safety 7,708,962 7,708,962 7,080,991
HIGHWAYS AND STREETS
Public works department
Administration
Personnel services 260,200 260,200 213,411
Training and development 2,100 2,100 1,039
Contractual services 139,950 139,950 111,209
(This schedule is continued on the following page.)
- 63 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2008
Original Final
Budget Budget Actual
HIGHWAYS AND STREETS (Continued)
Public works department (Continued)
Administration (Continued)
Commodities 12,000$ 12,000$ 11,936$
Utilities 11,250 11,250 8,883
Capital outlay 129,915 129,915 128,942
Total administration 555,415 555,415 475,420
Maintenance
Personnel services 557,400 557,400 551,202
Contractual services 112,200 112,200 108,787
Commodities 106,000 106,000 90,653
Utilities 75,000 75,000 103,904
Capital outlay 20,000 20,000 -
Total maintenance 870,600 870,600 854,546
Snow and ice control
Personnel services 126,300 126,300 246,196
Contractual services 72,500 72,500 145,204
Commodities 164,000 164,000 468,631
Capital outlay 2,500 2,500 -
Total snow and ice control 365,300 365,300 860,031
Forestry
Personnel services 74,000 74,000 34,758
Contractual services 165,500 165,500 151,698
Commodities 4,500 4,500 5,984
Capital outlay 20,000 20,000 25,051
Total forestry 264,000 264,000 217,491
Train station maintenance
Personnel services 15,390 15,390 8,050
Contractual services 26,500 26,500 16,764
Commodities 4,200 4,200 2,539
Utilities 500 500 -
Total train station maintenance 46,590 46,590 27,353
Total highways and streets 2,101,905 2,101,905 2,434,841
TOTAL EXPENDITURES 15,106,297$ 15,106,297$ 14,343,294$
(See independent auditor's report.)
- 64 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
INFRASTRUCTURE REPLACEMENT FUND
For the Year Ended April 30, 2008
Original Final
Budget Budget Actual
REVENUES
Taxes 895,000$ 895,000$ 1,000,132$
Intergovernmental 1,484,900 1,484,900 25,198
Investment income 8,000 8,000 86,460
Miscellaneous 3,500 3,500 5,000
Total revenues 2,391,400 2,391,400 1,116,790
EXPENDITURES
Capital outlay
Contractual services 1,001,700 1,001,700 257,494
Construction 5,315,000 3,315,000 2,039,970
Total expenditures 6,316,700 4,316,700 2,297,464
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (3,925,300) (1,925,300) (1,180,674)
OTHER FINANCING SOURCES (USES)
Transfers in 4,000,000 2,000,000 2,000,000
Total other financing sources (uses)4,000,000 2,000,000 2,000,000
NET CHANGE IN FUND BALANCE 74,700$ 74,700$ 819,326
FUND BALANCE, MAY 1 818,201
FUND BALANCE, APRIL 30 1,637,527$
(See independent auditor's report.)
- 65 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
TAX INCREMENTAL FINANCE DISTRICT 2 FUND
For the Year Ended April 30, 2008
Original Final
Budget Budget Actual
REVENUES
Taxes
Property 4,367,200$ 4,367,200$ 4,527,305$
Investment income 150,000 150,000 225,489
Total revenues 4,517,200 4,517,200 4,752,794
EXPENDITURES
Capital outlay
Construction 2,020,000 2,020,000 1,879,286
Other costs 45,000 45,000 28,234
Total expenditures 2,065,000 2,065,000 1,907,520
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 2,452,200 2,452,200 2,845,274
OTHER FINANCING SOURCES (USES)
Transfers (out)(2,216,000) (2,216,000) (2,216,000)
Total other financing sources (uses)(2,216,000) (2,216,000) (2,216,000)
NET CHANGE IN FUND BALANCE 236,200$ 236,200$ 629,274
FUND BALANCE, MAY 1 2,282,709
FUND BALANCE, APRIL 30 2,911,983$
(See independent auditor's report.)
- 66 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
DEBT SERVICE FUND
For the Year Ended April 30, 2008
Original Final
Budget Budget Actual
REVENUES
Taxes
Replacement 20,000$ 20,000$ -$
Investment income 15,000 15,000 27,553
Total revenues 35,000 35,000 27,553
EXPENDITURES
Debt service
Principal retirement 2,000,000 2,000,000 2,000,000
Interest 216,000 216,000 216,000
Fiscal charges 1,000 1,000 600
Total expenditures 2,217,000 2,217,000 2,216,600
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (2,182,000) (2,182,000) (2,189,047)
OTHER FINANCING SOURCES (USES)
Transfers in
Tax Incremental Finance District 2 Fund 2,216,000 2,216,000 2,216,000
Total other financing sources (uses)2,216,000 2,216,000 2,216,000
NET CHANGE IN FUND BALANCE 34,000$ 34,000$ 26,953
FUND BALANCE, MAY 1 533,758
FUND BALANCE, APRIL 30 560,711$
(See independent auditor's report.)
- 67 -
NONMAJOR GOVERNMENTAL FUNDS
Motor Fuel Tax Fund -To account for activit y funded by the state share of tax on the use of
mo tor fuels.
Enhanced 911 Fund -To account for the operation of the E911 emergency response system
which is funded by a per line charge on land-based and cellular phones.
Project 29 Fund -Established pursuant to an escrow agreement with the Corps of Engineers and
State of Illino is t o account for grant funds for a floodwater control project in the Village.
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
April 30, 2008
Capital
Projects
Motor Enhanced Project
Fuel Tax 911 29 Total
Cash and investments 559,803$ 833,112$ 205,403$ 1,598,318$
Receivables
Accounts - 72,566 - 72,566
Accrued interest 1,589 1,832 234 3,655
Due from other governments 41,234 - - 41,234
TOTAL ASSETS 602,626$ 907,510$ 205,637$ 1,715,773$
LIABILITIES
Accounts payable -$ 3,490$ -$ 3,490$
Deposits payable - - 38,919 38,919
Total liabilities - 3,490 38,919 42,409
FUND BALANCES
Reserved for maintenance of roadways 602,626 - - 602,626
Reserved for public safety - 904,020 - 904,020
Unreserved - undesignated - - 166,718 166,718
Total fund balances 602,626 904,020 166,718 1,673,364
TOTAL LIABILITIES AND
FUND BALANCES 602,626$ 907,510$ 205,637$ 1,715,773$
ASSETS
LIABILITIES AND FUND BALANCES
Special Revenue Funds
(See independent auditor's report.)
- 68 -
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For the Year Ended April 30, 2008
Capital
Projects
Motor Enhanced Project
Fuel Tax 911 29 Total
REVENUES
Intergovernmental 523,213$ 68,074$ -$ 591,287$
Charges for services - 367,994 - 367,994
Investment income 30,807 36,661 8,348 75,816
Total revenues 554,020 472,729 8,348 1,035,097
EXPENDITURES
Public safety - 192,512 - 192,512
Highways and streets 600,000 - - 600,000
Total expenditures 600,000 192,512 - 792,512
NET CHANGE IN FUND BALANCES (45,980) 280,217 8,348 242,585
FUND BALANCES, MAY 1 648,606 623,803 158,370 1,430,779
FUND BALANCES, APRIL 30 602,626$ 904,020$ 166,718$ 1,673,364$
Special Revenue Funds
(See independent auditor's report.)
- 69 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
MOTOR FUEL TAX FUND
For the Year Ended April 30, 2008
Original Final
Budget Budget Actual
REVENUES
Intergovernmental
Allo tments earned 524,970$ 524,970$ 523,213$
Investment income 25,000 25,000 30,807
Total revenues 549,970 549,970 554,020
EXPENDITURES
Highways and streets
Capital outlay 600,000 600,000 600,000
Total expenditures 600,000 600,000 600,000
NET CHANGE IN FUND BALANCE (50,030)$ (50,030)$ (45,980)
FUND BALANCE, MAY 1 648,606
FUND BALANCE, APRIL 30 602,626$
(See independent auditor's report.)
- 70 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
ENHANCED 911 FUND
For the Year Ended April 30, 2008
Original Final
Budget Budget Actual
REVENUES
Intergovernmental -$ -$ 68,074$
Charges for services
Other charges 318,000 318,000 367,994
Investment income 12,000 12,000 36,661
Total revenues 330,000 330,000 472,729
EXPENDITURES
Public safety
Contractual services 109,000 109,000 69,534
Utilit ies 75,000 75,000 61,807
Capital outlay 111,500 111,500 61,171
Total expenditures 295,500 295,500 192,512
NET CHANGE IN FUND BALANCE 34,500$ 34,500$ 280,217
FUND BALANCE, MAY 1 623,803
FUND BALANCE, APRIL 30 904,020$
(See independent auditor's report.)
- 71 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
PROJECT 29 FUND
For the Year Ended April 30, 2008
Original Final
Budget Budget Actual
REVENUES
Investment income 3,000$ 3,000$ 8,348$
Total revenues 3,000 3,000 8,348
EXPENDITURES
Contractual services 500 500 -
Total expenditures 500 500 -
NET CHANGE IN FUND BALANCE 2,500$ 2,500$ 8,348
FUND BALANCE, MAY 1 158,370
FUND BALANCE, APRIL 30 166,718$
(See independent auditor's report.)
- 72 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES AND
CHANGES IN NET ASSETS - BUDGET AND ACTUAL
WATER FUND
For the Year Ended April 30, 2008
Original Final
Budget Budget Actual
OPERATING REVENUES
Charges for services
Water sales 4,271,500$ 4,271,500$ 4,365,767$
Miscellaneous
Permits and fees 30,000 30,000 27,561
Penalties 37,000 37,000 35,540
Other 34,000 34,000 64,518
Total operating revenues 4,372,500 4,372,500 4,493,386
OPERATING EXPENSES EXCLUDING
DEPRECIATION
Administration 500,477 500,477 451,530
Operations
Distribution 3,287,280 3,287,280 2,562,975
Maintenance - mains and fire hydrants 2,165,500 4,165,500 2,505,273
Maintenance - meters 271,200 271,200 263,909
Total operating expenses excluding depreciation 6,224,457 8,224,457 5,783,687
OPERATING INCOME (LOSS) BEFORE
DEPRECIATION (1,851,957) (3,851,957) (1,290,301)
Depreciation - - 340,314
OPERATING INCOME (LOSS)(1,851,957) (3,851,957) (1,630,615)
NONOPERATING REVENUES (EXPENSES)
In vestment income 45,000 45,000 38,054
In terest expense (477,820) (477,820) (100,261)
Total nonoperating revenues (expenses)(432,820) (432,820) (62,207)
NET INCOME (LOSS) BEFORE CONTRIBUTIONS
AND TRANSFERS (2,284,777) (4,284,777) (1,692,822)
CONTRIBUTIONS - - 299,910
TRANSFERS IN - 2,000,000 2,000,000
CHANGE IN NET ASSETS (2,284,777)$ (2,284,777)$ 607,088
NET ASSETS, MAY 1 13,737,988
NET ASSETS, APRIL 30 14,345,076$
(See independent auditor's report.)
- 73 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
WATER FUND
For the Year Ended April 30, 2008
Original Final
Budget Budget Actual
ADMINISTRATION
Personnel services 258,750$ 258,750$ 272,325$
Training and development 2,900 2,900 1,253
Contractual services 173,200 173,200 114,701
Commodities 7,100 7,100 9,605
Utilities 16,000 16,000 12,119
Capital outlay 42,527 42,527 41,527
Total administration 500,477 500,477 451,530
OPERATIONS
Distribution
Personnel services 110,750 110,750 99,414
Contractual services 121,750 121,750 29,017
Commodities 2,300,480 2,300,480 2,237,438
Utilities 82,300 82,300 96,264
Capital outlay 672,000 672,000 100,842
Total distribution 3,287,280 3,287,280 2,562,975
Main and fire hydrant maintenance
Personnel services 409,100 409,100 399,287
Contractual services 529,200 529,200 148,334
Commodities 170,200 170,200 137,341
Capital outlay 2,036,885 4,036,885 2,800,196
Subtotal main and fire hydrant maintenance 3,145,385 5,145,385 3,485,158
Less nonoperating expenses
Capital assets capitalized (979,885) (979,885) (979,885)
Total main and fire hydrant maintenance 2,165,500 4,165,500 2,505,273
Meter maintenance
Personnel services 152,500 152,500 155,468
Contractual services 10,100 10,100 5,835
Commodities 9,600 9,600 3,270
Capital outlay 99,000 99,000 99,336
Total meter maintenance 271,200 271,200 263,909
TOTAL OPERATING EXPENSES 6,224,457$ 8,224,457$ 5,783,687$
(See independent auditor's report.)
- 74 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
WATER FUND
For the Year Ended April 30, 2008
Assets
Balances Balances
May 1 Additions Retirements April 30
Land 1,877,956$ -$ -$ 1,877,956$
Construction in progress - 133,377 - 133,377
Buildings 4,180,123 - - 4,180,123
Water system improvements 10,923,584 1,146,418 181,740 11,888,262
Equipment and vehicles 595,397 - - 595,397
TOTAL 17,577,060$ 1,279,795$ 181,740$ 18,675,115$
Balances Balances
May 1 Additions Retirements April 30
Buildings 1,155,500$ 91,837$ -$ 1,247,337$
Water system improvements 1,451,251 240,154 181,740 1,509,665
Equipment and vehicles 540,313 8,323 - 548,636
TOTAL 3,147,064$ 340,314$ 181,740$ 3,305,638$
NET ASSET VALUE 15,369,477$
Accumulated Depreciation
(See independent auditor's report.)
- 75 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES AND
CHANGES IN NET ASSETS - BUDGET AND ACTUAL
SEWERAGE FUND
For the Year Ended April 30, 2008
Original Final
Budget Budget Actual
OPERATING REVENUES
Charges for services
Sewer charges 2,415,000$ 2,415,000$ 2,396,295$
Miscellaneous
Permits and fees 22,000 22,000 19,675
Penalties 34,000 34,000 29,954
Other 5,000 5,000 19,742
Total operating revenues 2,476,000 2,476,000 2,465,666
OPERATING EXPENSES EXCLUDING
DEPRECIATION
Administration 515,489 515,489 401,505
Operations
Treatment plant 2,657,267 2,657,267 1,544,146
Cleaning and maintenance 287,100 287,100 207,063
Construction 4,357,120 4,357,120 441,741
Total operating expenses excluding
depreciation 7,816,976 7,816,976 2,594,455
OPERATING INCOME (LOSS)
BEFORE DEPRECIATION (5,340,976) (5,340,976) (128,789)
Depreciation - - 140,598
OPERATING INCOME (LOSS)(5,340,976) (5,340,976) (269,387)
NONOPERATING REVENUES (EXPENSES)
In vestment income 5,000 5,000 84,058
Grants 160,000 160,000 -
Total nonoperating revenues (expenses)165,000 165,000 84,058
INCOME (LOSS) BEFORE CONTRIBUTIONS (5,175,976) (5,175,976) (185,329)
CONTRIBUTIONS - - 141,695
CHANGE IN NET ASSETS (5,175,976)$ (5,175,976)$ (43,634)
NET ASSETS, MAY 1 5,666,722
NET ASSETS, APRIL 30 5,623,088$
(See independent auditor's report.)
- 76 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
SEWERAGE FUND
For the Year Ended April 30, 2008
Original Final
Budget Budget Actual
ADMINISTRATION
Personnel services 248,310$ 248,310$ 190,922$
Training and development 1,600 1,600 841
Contractual services 200,350 200,350 145,758
Commodities 6,000 6,000 6,984
Utilities 4,800 4,800 5,044
Capital outlay 54,429 54,429 51,956
Total administration 515,489 515,489 401,505
OPERATIONS
Treatment plant
Personnel services 925,750 925,750 864,333
Training and development 4,800 4,800 3,060
Contractual services 735,350 735,350 132,240
Commodities 148,000 148,000 102,414
Utilities 288,000 288,000 275,126
Miscellaneous 50,000 50,000 16,650
Capital outlay 505,367 505,367 150,323
Total treatment plant 2,657,267 2,657,267 1,544,146
Cleaning and maintenance
Personnel services 213,400 213,400 174,213
Contractual services 39,500 39,500 21,873
Commodities 34,200 34,200 10,977
Total cleaning and maintenance 287,100 287,100 207,063
Construction
Personnel services 259,420 259,420 249,843
Contractual services 239,500 239,500 95,596
Commodities 78,200 78,200 60,620
Capital outlay 4,715,872 4,715,872 971,554
Subtotal construction 5,292,992 5,292,992 1,377,613
Less nonoperating expenses
Capital assets capitalized (935,872) (935,872) (935,872)
Total construction 4,357,120 4,357,120 441,741
TOTAL OPERATING EXPENSES 7,816,976$ 7,816,976$ 2,594,455$
(See independent auditor's report.)
- 77 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
SEWERAGE FUND
For the Year Ended April 30, 2008
Assets
Balances Balances
May 1 Additions Retirements April 30
Construction in progress -$ 136,676$ -$ 136,676$
Sewer system 3,351,555 401,724 21,843 3,731,436
Buildings and
improvements 2,786,005 539,167 - 3,325,172
TOTAL 6,137,560$ 1,077,567$ 21,843$ 7,193,284$
Accumulated Depreciation
Balances Balances
May 1 Additions Retirements April 30
Sewer system 847,522$ 75,380$ 21,843$ 901,059$
Buildings and
improvements 1,569,306 65,218 - 1,634,524
TOTAL 2,416,828$ 140,598$ 21,843$ 2,535,583$
NET ASSET VALUE 4,657,701$
(See independent auditor's report.)
- 78 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL
REFUSE FUND
For the Year Ended April 30, 2008
Original Final
Budget Budget Actual
OPERATING REVENUES
Charges for services
Refuse billing 645,000$ 645,000$ 624,349$
Miscellaneous 9,000 9,000 6,353
Total operating revenues 654,000 654,000 630,702
OPERATING EXPENSES
Operations
Personnel services 96,700 96,700 61,621
Contractual services 1,612,900 1,612,900 1,435,624
Commodities 10,300 10,300 12,170
Capital outlay 10,775 10,775 10,775
Total operating expenses 1,730,675 1,730,675 1,520,190
OPERATING INCOME (LOSS)(1,076,675) (1,076,675) (889,488)
NONOPERATING REVENUES (EXPENSES)
Investment income 10,000 10,000 32,495
Property taxes 841,360 841,360 780,785
Total nonoperating revenues (expenses)851,360 851,360 813,280
CHANGE IN NET ASSETS (225,315)$ (225,315)$ (76,208)
NET ASSETS, MAY 1 379,436
NET ASSETS, APRIL 30 303,228$
(See independent auditor's report.)
- 79 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL
COMMUTER PARKING LOT FUND
For the Year Ended April 30, 2008
Original Final
Budget Budget Actual
OPERATING REVENUES
Parking lot fees 203,000$ 203,000$ 212,585$
Miscellaneous - - 1,000
Total operating revenues 203,000 203,000 213,585
OPERATING EXPENSES
Operations 266,840 266,840 183,570
Depreciation - - 26,737
Total operating expenses 266,840 266,840 210,307
OPERATING INCOME (LOSS)(63,840) (63,840) 3,278
NONOPERATING REVENUES (EXPENSES)
Investment income 11,000 11,000 38,360
Total nonoperating revenues (expenses)11,000 11,000 38,360
CHANGE IN NET ASSETS (52,840)$ (52,840)$ 41,638
NET ASSETS, MAY 1 1,983,690
NET ASSETS, APRIL 30 2,025,328$
(See independent auditor's report.)
- 80 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
COMMUTER PARKING LOT FUND
For the Year Ended April 30, 2008
Original Final
Budget Budget Actual
OPERATIONS
Parking lots - Village and federal funds
Personnel services 17,680$ 17,680$ 12,558$
Contractual services 122,530 122,530 78,023
Commodities 5,800 5,800 4,771
Utilities 3,000 3,000 2,687
Capital outlay 5,000 5,000 -
Total parking lots - Village and
federal funds 154,010 154,010 98,039
Parking lots - Village construction
Personnel services 18,100 18,100 12,558
Contractual services 86,530 86,530 67,022
Commodities 1,400 1,400 240
Utilities 5,800 5,800 5,711
Capital outlay 1,000 1,000 -
Total parking lots - Village construction 112,830 112,830 85,531
TOTAL OPERATING EXPENSES 266,840$ 266,840$ 183,570$
(See independent auditor's report.)
- 81 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
COMMUTER PARKING LOT FUND
For the Year Ended April 30, 2008
Assets
Balances Balances
May 1 Additions Retirements April 30
Land 77,500$ -$ -$ 77,500$
Parking lot
improvements 1,950,831 - - 1,950,831
TOTAL 2,028,331$ -$ -$ 2,028,331$
Accumulated Depreciation
Balances Balances
May 1 Additions Retirements April 30
Parking lot
improvements 667,433$ 26,737$ -$ 694,170$
NET ASSET VALUE 1,334,161$
(See independent auditor's report.)
- 82 -
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF NET ASSETS
INTERNAL SERVICE FUNDS
April 30, 2008
Vehicle and
Equipment
Garage Replacement Total
CURRENT ASSETS
Cash and investments 43,120$ 3,524,674$ 3,567,794$
Receivables
Accounts 1,428 - 1,428
Accrued interest 59 8,983 9,042
Inventory 127,661 - 127,661
Total current assets 172,268 3,533,657 3,705,925
CAPITAL ASSETS
Depreciable - 2,947,550 2,947,550
Accumulated depreciation - (1,614,509) (1,614,509)
Net capital assets - 1,333,041 1,333,041
Total assets 172,268 4,866,698 5,038,966
CURRENT LIABILITIES
Accounts payable 10,371 - 10,371
Accrued payroll 5,162 - 5,162
Compensated absences payable 2,079 - 2,079
Total current liabilities 17,612 - 17,612
LONG-TERM LIABILITIES
Compensated absences payable 18,709 - 18,709
Total long-term liabilities 18,709 - 18,709
Total liabilities 36,321 - 36,321
NET ASSETS
Invested in capital assets - 1,333,041 1,333,041
Unrestricted 135,947 3,533,657 3,669,604
TOTAL NET ASSETS 135,947$ 4,866,698$ 5,002,645$
(See independent auditor's report.)
- 83 -
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS
INTERNAL SERVICE FUNDS
For the Year Ended April 30, 2008
Vehicle and
Equipment
Garage Replacement Total
OPERATING REVENUES
Interfund services
Billings 370,591$ 516,344$ 886,935$
Miscellaneous 9,540 - 9,540
Total operating revenues 380,131 516,344 896,475
OPERATING EXPENSES
Operations 332,415 - 332,415
Commodities - 67,801 67,801
Total operating expenses 332,415 67,801 400,216
OPERATING INCOME BEFORE
DEPRECIATION 47,716 448,543 496,259
Depreciation - 218,138 218,138
OPERATING INCOME 47,716 230,405 278,121
NONOPERATING REVENUES
(EXPENSES)
Investment income 1,255 177,590 178,845
Gain on disposal of capital assets - 87,996 87,996
Total nonoperating revenues (expenses)1,255 265,586 266,841
CHANGE IN NET ASSETS 48,971 495,991 544,962
NET ASSETS, MAY 1 86,976 4,370,707 4,457,683
NET ASSETS, APRIL 30 135,947$ 4,866,698$ 5,002,645$
(See independent auditor's report.)
- 84 -
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
For the Year Ended April 30, 2008
Vehicle and
Equipment
Garage Replacement Total
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from interfund services 369,896$ 516,344$ 886,240$
Receipts from miscellaneous revenue 9,540 - 9,540
Payments to suppliers (147,083) (71,690) (218,773)
Payments to employees (207,093) - (207,093)
Net cash from operating activities 25,260 444,654 469,914
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
None - - -
Net cash from noncapital
financing activities - - -
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Proceeds from sale of capital assets - 87,996 87,996
Capital assets purchased - (310,082) (310,082)
Net cash from capital and related
financing activities - (222,086) (222,086)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 1,244 190,825 192,069
Net cash from investing activities 1,244 190,825 192,069
NET INCREASE IN CASH AND
CASH EQUIVALENTS 26,504 413,393 439,897
CASH AND CASH EQUIVALENTS, MAY 1 16,616 3,111,281 3,127,897
CASH AND CASH EQUIVALENTS, APRIL 30 43,120$ 3,524,674$ 3,567,794$
RECONCILIATION OF OPERATING INCOME
TO NET CASH FLOWS FROM
OPERATING ACTIVITIES
Operating income 47,716$ 230,405$ 278,121$
Adjustments to reconcile operating income to
net cash from operating activities
Depreciation - 218,138 218,138
(Increase) decrease in
Accounts receivable (695) - (695)
Inventories (34,141) - (34,141)
Prepaids 1,099 - 1,099
Increase (decrease) in
Accounts payable 2,620 (3,889) (1,269)
Accrued payroll 2,093 - 2,093
Compensated absences payable 6,568 - 6,568
NET CASH FROM OPERATING ACTIVITIES 25,260$ 444,654$ 469,914$
(See independent auditor's report.)
- 85 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL
GARAGE FUND
For the Year Ended April 30, 2008
Original Final
Budget Budget Actual
OPERATING REVENUES
Interfund services
Billings 300,000$ 300,000$ 370,591$
Miscellaneous 1,000 1,000 9,540
Total operating revenues 301,000 301,000 380,131
OPERATING EXPENSES
Operations 367,425 367,425 332,415
OPERATING INCOME (LOSS)(66,425) (66,425) 47,716
NONOPERATING REVENUES (EXPENSES)
Investment income 500 500 1,255
Total nonoperating revenues (expenses)500 500 1,255
CHANGE IN NET ASSETS (65,925)$ (65,925)$ 48,971
NET ASSETS, MAY 1 86,976
NET ASSETS, APRIL 30 135,947$
(See independent auditor's report.)
- 86 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
GARAGE FUND
For the Year Ended April 30, 2008
Original Final
Budget Budget Actual
OPERATING EXPENSES
Public works department
Personnel services 240,500$ 240,500$ 215,754$
Training and development 900 900 102
Contractual services 24,400 24,400 17,452
Commodities 86,400 86,400 85,977
Utilities 4,700 4,700 4,360
Capital outlay 10,525 10,525 8,770
TOTAL OPERATING EXPENSES 367,425$ 367,425$ 332,415$
(See independent auditor's report.)
- 87 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL
VEHICLE AND EQUIPMENT REPLACEMENT FUND
For the Year Ended April 30, 2008
Original Final
Budget Budget Actual
OPERATING REVENUES
Interfund services
Billings 516,344$ 516,344$ 516,344$
OPERATING EXPENSES
Capital outlay 265,200 265,200 377,883
Less capital assets capitalized (310,082) (310,082) (310,082)
Net capital outlay (44,882) (44,882) 67,801
OPERATING INCOME BEFORE
DEPRECIATION 561,226 561,226 448,543
Depreciation - - 218,138
OPERATING INCOME 561,226 561,226 230,405
NONOPERATING REVENUES (EXPENSES)
Investment income 50,000 50,000 177,590
Gain on disposal of capital assets - - 87,996
Total nonoperating revenues (expenses)50,000 50,000 265,586
CHANGE IN NET ASSETS 611,226$ 611,226$ 495,991
NET ASSETS, MAY 1 4,370,707
NET ASSETS, APRIL 30 4,866,698$
(See independent auditor's report.)
- 88 -
Original Final
Budget Budget Actual
ADDITIONS
Contributions - employer 750,000$ 750,000$ 698,335$
Contributions - employee 328,000 328,000 418,205
Total contributions 1,078,000 1,078,000 1,116,540
Investment income
Net appreciation (depreciation) in
fair value of investments - - (63,137)
Interest earned on investments 700,000 700,000 594,853
Total investment income 700,000 700,000 531,716
Less investment expense (1,750) (1,750) (1,538)
Net investment income 698,250 698,250 530,178
Total additions 1,776,250 1,776,250 1,646,718
DEDUCTIONS
Benefits and refunds
Pension payments 1,413,984 1,413,984 1,312,162
Separation refunds 15,000 15,000 75,446
Administrative 10,500 10,500 9,401
Total deductions 1,439,484 1,439,484 1,397,009
NET INCREASE 336,766$ 336,766$ 249,709
NET ASSETS HELD IN TRUST FOR
PENSION BENEFITS
May 1 26,048,544
April 30 26,298,253$
VILLAGE OF DEERFIELD, ILLINOIS
POLICE PENSION FUND
SCHEDULE OF CHANGES IN PLAN NET ASSETS - BUDGET AND ACTUAL
For the Year Ended April 30, 2008
(See independent auditor's report.)
- 89 -
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
AGENCY FUNDS
For the Year Ended April 30, 2008
Balances Balances
May 1 Additions Deductions April 30
ASSETS
Cash and investments 1,512,514$ 228,205$ 73,957$ 1,666,762$
Receivables - accrued interest 718 217 718 217
TOTAL ASSETS 1,513,232$ 228,422$ 74,675$ 1,666,979$
LIABILITIES
Accounts payable 10,786$ 23,397$ 2,486$ 31,697$
Deposits payable 1,412,515 149,714 1,530 1,560,699
Other payables 89,931 54,335 69,683 74,583
TOTAL LIABILITIES 1,513,232$ 227,446$ 73,699$ 1,666,979$
ASSETS
Cash and investments 1,420,815$ 172,614$ 1,530$ 1,591,899$
TOTAL ASSETS 1,420,815$ 172,614$ 1,530$ 1,591,899$
LIABILITIES
Accounts payable 8,300$ 22,900$ -$ 31,200$
Deposits payable 1,412,515 149,714 1,530 1,560,699
TOTAL LIABILITIES 1,420,815$ 172,614$ 1,530$ 1,591,899$
ASSETS
Cash and investments 91,699$ 55,591$ 72,427$ 74,863$
Receivables - accrued interest 718 217 718 217
TOTAL ASSETS 92,417$ 55,808$ 73,145$ 75,080$
LIABILITIES
Accounts payable 2,486$ 497$ 2,486$ 497$
Other payables 89,931 54,335 69,683 74,583
TOTAL LIABILITIES 92,417$ 54,832$ 72,169$ 75,080$
DEPOSIT FUND
ALL FUNDS
EAST SHORE RADIO NETWORK FUND
(See independent auditor's report.)
- 90 -
Date of Issue April 15, 1998
Date of Maturity October 1, 2009
Authorized Issue $17,000,000
Denomination of Bonds $5,000
In terest Rates 4.20%, 4.25%, 4.30%, and 4.35%
Principal Maturity Date October 1
Payable at J.P. Morgan Trust Company
Tax
Levy Bond
Year Numbers Principal In terest Total April 1 Amount October 1 Amount
2007 2,601-3,000 2,000,000$ 130,000$ 2,130,000$ 2008 86,500$ 2008 86,500$
2008 3,001-3,400 2,000,000 43,500 2,043,500 2009 43,500 2009 43,500
4,000,000$ 173,500$ 4,173,500$ 130,000$ 130,000$
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax Levy In terest Due on
VILLAGE OF DEERFIELD, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 1998
April 30, 2008
(See independent auditor's report.)
- 91 -
Date of Issue February 28, 2003
Date of Maturity December 1, 2012
Authorized Issue $3,460,000
Denomination of Bonds $5,000
Interest Rates 2.25%, 2.55%, 2.95%, 3.15%, 3.30%, 3.50%
Principal Maturity Date December 1
Payable at Cole Taylor Bank, Chicago, Illinois
Tax
Levy Bond
Year Numbers Principal Interest Total June 1 Amount December 1 Amount
2007 256-337 410,000$ 67,820$ 477,820$ 2008 33,910$ 2008 33,910$
2008 338-422 425,000 57,365 482,365 2009 28,682 2009 28,683
2009 423-509 435,000 44,827 479,827 2010 22,414 2010 22,413
2010 510-599 450,000 31,125 481,125 2011 15,562 2011 15,563
2011 600-692 465,000 16,275 481,275 2012 8,138 2012 8,137
2,185,000$ 217,412$ 2,402,412$ 108,706$ 108,706$
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax Levy Interest Due on
VILLAGE OF DEERFIELD, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION REFUNDING BOND SERIES OF 2003
April 30, 2008
(See independent auditor's report.)
- 92 -
STATISTICAL SECTION
This part of the Village of Deerfield’s comprehensive annual financial report presents detailed
info rmation as a context for understanding what the information in the financial statements, note
disclosures, and required supplementary info rmation 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.93-97
Revenue Capacity
These schedules contain information to help the reader assess the Village’s
mo st significant local revenue source, the property tax.98-99
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.100-103
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. 104-105
Operating Information
These schedules contain service and infrastructure data to help the reader
understand how the information in the Village’s financial report relates to the
services the Village provides and the activities it performs.106-108
Sources: Unless otherwise noted, the information in these schedules is derived from the
comprehensive annual financial reports for the relevant year. The Village implement ed GASB
Statement 34 in FY 2004; schedules presenting government-wide information include information
beginning in t hat year.
VILLAGE OF DEERFIELD, ILLINOIS
NET ASSETS BY COMPONENT
Last Five Fiscal Years
Fiscal Year 2004 2005 2006 2007 2008
GOVERNMENTAL ACTIVITIES
Invested in capital assets
net of related debt 45,212,401$ 46,416,474$ 47,360,406$ 60,106,127$ 60,243,189$
Restricted 7,143,495 5,642,027 6,634,566 4,088,876 4,979,340
Unrestricted 23,683,161 22,293,758 24,431,788 18,185,786 22,238,210
TOTAL GOVERNMENTAL ACTIVITIES 76,039,057$ 74,352,259$ 78,426,760$ 82,380,789$ 87,460,739$
BUSINESS-TYPE ACTIVITIES
Invested in capital assets
net of related debt 12,533,676$ 14,327,902$ 15,898,989$ 16,926,626$ 19,176,339$
Unrestricted 5,750,279 4,753,661 4,066,666 4,841,210 3,120,381
TOTAL BUSINESS-TYPE ACTIVITIES 18,283,955$ 19,081,563$ 19,965,655$ 21,767,836$ 22,296,720$
PRIMARY GOVERNMENT
Invested in capital assets
net of related debt 57,746,077$ 60,744,376$ 63,259,395$ 77,032,753$ 79,419,528$
Restricted 7,143,495 5,642,027 6,634,566 4,088,876 4,979,340
Unrestricted 29,433,440 27,047,419 28,498,454 23,026,996 25,358,591
TOTAL PRIMARY GOVERNMENT 94,323,012$ 93,433,822$ 98,392,415$ 104,148,625$ 109,757,459$
Data Source
Audited Financial Statements
- 93 -
Fiscal Year 2004 2005 2006 2007 2008
EXPENSES
Governmental activities
General government 13,407,856$ 17,160,850$ 14,956,404$ 4,602,570$ 4,569,982$
Public safety 6,718,927 6,660,439 6,780,176 7,154,536 7,232,143
Highways and streets 4,809,688 7,113,852 6,404,266 5,822,340 4,451,069
Interest 574,558 462,600 372,475 295,435 209,430
Total governmental activities expenses 25,511,029 31,397,741 28,513,321 17,874,881 16,462,624
Business-type activities
Water 3,915,324 3,940,038 4,319,188 4,264,602 6,224,262
Sewerage 2,335,993 2,380,517 2,126,395 2,450,965 2,735,053
Refuse disposal 1,388,879 1,386,178 1,397,308 1,496,548 1,520,190
Commuter parking 43,573 195,513 225,498 246,153 210,307
Total business-type activities expenses 7,683,769 7,902,246 8,068,389 8,458,268 10,689,812
TOTAL PRIMARY GOVERNMENT EXPENSES 33,194,798$ 39,299,987$ 36,581,710$ 26,333,149$ 27,152,436$
PROGRAM REVENUES
Governmental activities
Charges for services
General government 1,147,830$ 1,617,058$ 2,384,295$ 1,743,818$ 1,480,008$
Public safety 770,963 867,230 884,195 911,421 935,302
Highways and streets - 10,091 57,912 69,216 75,400
Operating grants and contributions 534,561 558,143 557,050 544,823 524,423
Capital grants and contributions 297,220 1,019,794 235,298 213,575 1,492,153
Total governmental activities program revenues 2,750,574 4,072,316 4,118,750 3,482,853 4,507,286
Business-type activities
Charges for services
Water 4,109,003 4,038,598 4,644,744 4,250,938 4,365,767$
Sewerage 1,772,816 1,713,520 1,788,238 2,372,061 2,396,295
Refuse disposal 640,430 630,935 615,349 623,681 624,349
Commuter parking 151,133 202,497 206,205 204,177 212,585
Capital grants and contributions - - 573,179 1,002,909 441,605
Total business-type activities program revenues 6,673,382 6,585,550 7,827,715 8,453,766 8,040,601
TOTAL PRIMARY GOVERNMENT
PROGRAM REVENUES 9,423,956$ 10,657,866$ 11,946,465$ 11,936,619$ 12,547,887$
NET (EXPENSE) REVENUE
Governmental activities (22,760,455)$ (27,325,425)$ (24,394,571)$ (14,392,028)$ (11,955,338)$
Business-type activities (1,010,387) (1,316,696) (240,674) (4,502) (2,649,211)
TOTAL PRIMARY GOVERNMENT
NET (EXPENSE) REVENUE (23,770,842)$ (28,642,121)$ (24,635,245)$ (14,396,530)$ (14,604,549)$
CHANGE IN NET ASSETS
VILLAGE OF DEERFIELD, ILLINOIS
Last Five Fiscal Years
- 94 -
VILLAGE OF DEERFIELD, ILLINOIS
CHANGE IN NET ASSETS (Continued)
Last Five Fiscal Years
Fiscal Year 2004 2005 2006 2007 2008
GENERAL REVENUES AND OTHER
CHANGES IN NET ASSETS
Governmental activities
Taxes
Property 16,273,531$ 16,752,445$ 17,081,336$ 6,542,142$ 6,617,648$
Sales 3,420,855 4,490,379 4,480,111 4,533,261 4,552,097
Home rule sales - - 1,875,874 1,832,281 1,913,268
Simplified telecommunications 339,634 298,021 305,226 323,358 354,984
Other 2,899,641 3,214,073 3,600,623 3,891,356 4,065,091
Investment income 499,724 835,537 871,624 1,557,378 1,253,533
Miscellaneous 182,343 175,507 221,617 210,116 278,667
Special items (1,370,009) - - - -
Contribution to Component Unit - (127,335) - - -
Transfers in (out)- - - (1,600,000) (2,000,000)
Total governmental activities 22,245,719 25,638,627 28,436,411 17,289,892 17,035,288
Business-type activities
Property taxes 761,356 740,915 786,228 859,502 780,785
Investment income 56,301 113,401 66,823 188,864 192,967
Miscellaneous 101,007 218,095 271,715 214,481 204,343
Contributions 365,926 1,041,893 - - -
Transfers in (out)- - - 1,600,000 2,000,000
Total business-type activities 1,284,590 2,114,304 1,124,766 2,862,847 3,178,095
TOTAL PRIMARY GOVERNMENT 23,530,309$ 27,752,931$ 29,561,177$ 20,152,739$ 20,213,383$
CHANGE IN NET ASSETS
Governmental activities (514,736)$ (1,686,798)$ 4,041,840$ 2,897,864$ 5,079,950$
Business-type activities 274,203 797,608 884,092 2,858,345 528,884
TOTAL PRIMARY GOVERNMENT
CHANGE IN NET ASSETS (240,533)$ (889,190)$ 4,925,932$ 5,756,209$ 5,608,834$
Data Source
Audited Financial Statements
- 95 -
VILLAGE OF DEERFIELD, ILLINOIS
FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
Fiscal Year 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
GENERAL FUND
Reserved 4,613,870$ 4,370,978$ 4,577,551$ 4,108,931$ 4,108,983$ 4,101,576$ 4,090,258$ 3,638,004$ 3,219,255$ 2,233,242$
Unreserved 9,328,913 10,920,309 12,523,449 9,545,203 11,586,730 12,997,848 13,734,009 17,242,457 16,968,193 14,913,911
TOTAL GENERAL FUND 13,942,783$ 15,291,287$ 17,101,000$ 13,654,134$ 15,695,713$ 17,099,424$ 17,824,267$ 20,880,461$ 20,187,448$ 17,147,153$
ALL OTHER GOVERNMENTAL FUNDS
Reserved 15,844,707$ 13,610,616$ 6,377,762$ 2,880,845$ 2,940,619$ 10,037,943$ 3,805,267$ 6,634,566$ 4,088,876$ 4,979,340$
Unreserved, reported in
Special Revenue Funds 2,252,397 2,575,863 2,796,582 2,630,136 1,234,478 361,876 - - - -
Capital Project Funds 5,244,568 5,854,524 8,837,732 11,960,387 12,473,866 892,287 3,627,272 1,185,564 976,571 1,804,245
TOTAL ALL OTHER
GOVERNMENTAL FUNDS 23,341,672$ 22,041,003$ 18,012,076$ 17,471,368$ 16,648,963$ 11,292,106$ 7,432,539$ 7,820,130$ 5,065,447$ 6,783,585$
Data Source
Audited Financial Statements
- 96 -
VILLAGE OF DEERFIELD, ILLINOIS
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
Fiscal Year 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
REVENUES
Taxes 18,677,376$ 19,359,314$ 20,831,978$ 20,891,111$ 22,243,312$ 22,933,661$ 24,754,920$ 27,343,170$ 17,122,400$ 17,503,089$
Licenses and permits 1,099,787 898,849 1,109,682 877,546 934,518 939,098 1,390,602 2,151,791 1,454,044 1,161,276
Intergovernmental 426,053 489,252 524,575 512,901 660,996 831,782 1,582,943 795,364 762,016 713,470
Fines and forfeitures 410,645 396,164 260,435 223,465 193,060 166,175 230,320 244,100 239,668 716,522
Charges for services 409,701 535,458 467,173 566,787 954,827 561,219 606,071 657,581 701,606 261,495
Investment income 1,748,172 1,346,836 3,203,955 1,570,967 1,415,015 499,720 835,537 871,621 1,557,378 1,253,533
Miscellaneous 1,588,558 1,419,645 5,140,866 1,069,550 549,700 434,648 433,279 491,534 514,765 614,796
Total revenues 24,360,292 24,445,518 31,538,664 25,712,327 26,951,428 26,366,303 29,833,672 32,555,161 22,351,877 22,224,181
EXPENDITURES
General government 2,181,217 2,987,855 3,312,324 10,175,205 10,491,626 12,787,565 17,159,086 14,733,899 4,208,961 4,827,462
Public safety 4,114,093 4,364,584 4,652,692 4,628,549 5,469,406 6,455,809 6,655,195 6,818,734 7,114,542 7,273,503
Highways and streets 1,323,005 1,312,867 2,189,880 1,591,611 1,414,832 1,760,743 1,860,596 2,167,013 2,333,709 3,034,841
Capital outlay 10,493,584 13,885,848 20,318,258 7,132,673 4,767,424 2,864,456 4,203,040 4,107,770 8,260,631 4,204,984
Miscellaneous 755,482 - - - - - - - - -
Debt service
Principal 1,050,000 1,080,000 2,630,000 2,685,000 2,725,000 2,750,000 2,485,000 1,500,000 2,000,000 2,000,000
Interest 1,084,617 957,529 904,749 876,891 739,459 598,683 482,750 377,850 302,600 216,600
Total expenditures 21,001,998 24,588,683 34,007,903 27,089,929 25,607,747 27,217,256 32,845,667 29,705,266 24,220,443 21,557,390
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 3,358,294 (143,165) (2,469,239) (1,377,602) 1,343,681 (850,953) (3,011,995) 2,849,895 (1,868,566) 666,791
OTHER FINANCING SOURCES (USES)
Transfers in 3,950,373 4,830,585 7,250,015 10,801,457 4,505,297 2,044,550 2,441,750 2,438,479 4,702,000 4,216,000
Transfers (out)(3,512,723) (4,639,585) (6,999,990) (10,604,457) (3,754,318) (2,044,550) (2,569,085) (1,877,250) (6,302,000) (6,216,000)
Bonds issued - - - 3,546,013 - - - - - -
Refunding of bonds - - - (3,510,000) - - - - - -
Special item - - - - - (1,370,009) - - - -
Sale of capital assets - - - - - - 4,606 - 20,870 11,052
Total other financing sources (uses)437,650 191,000 250,025 233,013 750,979 (1,370,009) (122,729) 561,229 (1,579,130) (1,988,948)
NET CHANGE IN FUND BALANCES 3,795,944$ 47,835$ (2,219,214)$ (1,144,589)$ 2,094,660$ (2,220,962)$ (3,134,724)$ 3,411,124$ (3,447,696)$ (1,322,157)$
Debt Service as a Percentage of
Noncapital Expenditures 20.31%19.04%25.82%17.85%16.62%13.75%10.36%7.34%14.43%13.51%
Data Source
Audited Financial Statements
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VILLAGE OF DEERFIELD, ILLINOIS
SALES TAX BY CATEGORY
Last Ten Calendar Years
Calendar Year 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
General merchandise 56,378$ 87,177$ 78,758$ 79,268$ 82,011$ 162,873$ 214,657$ 297,344$ 217,623$ 268,413$
Food 245,366 185,920 222,214 248,773 307,716 418,454 506,945 646,617 709,999 712,229
Drinking and eating places 337,788 373,500 398,872 457,226 476,341 472,203 469,889 604,698 666,821 749,845
Apparel 29,265 2,983 23,447 66,162 73,784 91,238 108,410 140,908 189,351 195,358
Furniture & H.H. & radio 560,544 489,107 514,293 545,153 560,267 528,154 579,127 1,026,827 836,653 784,397
Lumber, building hardware 93,090 464,986 488,534 511,579 502,467 441,858 490,021 741,273 681,704 614,752
Automobile and filling stations 134,842 153,378 189,363 166,908 160,031 157,021 168,139 264,775 317,435 257,719
Drugs and miscellaneous retail 702,487 718,124 742,858 782,309 763,484 793,503 994,536 1,707,928 1,899,467 1,877,780
Agriculture and all others 231,921 192,926 172,334 176,498 178,602 163,866 186,343 685,694 788,059 737,298
Manufacturers 95,581 115,031 141,888 60,744 96,720 65,151 63,701 95,169 125,147 93,150
TOTAL 2,487,262$ 2,783,132$ 2,972,561$ 3,094,620$ 3,201,423$ 3,294,321$ 3,781,768$ 6,211,233$ 6,432,259$ 6,290,941$
Village direct sales tax rate 1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00%
Village home rule rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.50%0.50%0.50%
Data Source
Illinois Department of Revenue
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VILLAGE OF DEERFIELD, ILLINOIS
DIRECT AND OVERLAPPING SALES TAX RATES
Last Ten Fiscal Years
Village
Lake RTA Cook RTA Home Village
Fiscal County Lake County County Cook County Rule Direct State
Year Rate Rate Rate Rate Rate Rate Rate
1998 0.25%0.25%0.75%1.00%0.00%1.00%5.00%
1999 0.25%0.25%0.75%1.00%0.00%1.00%5.00%
2000 0.25%0.25%0.75%1.00%0.00%1.00%5.00%
2001 0.25%0.25%0.75%1.00%0.00%1.00%5.00%
2002 0.25%0.25%0.75%1.00%0.00%1.00%5.00%
2003 0.25%0.25%0.75%1.00%0.00%1.00%5.00%
2004 0.25%0.25%0.75%1.00%0.00%1.00%5.00%
2005 0.25%0.25%0.75%1.00%0.50%1.00%5.00%
2006 0.25%0.25%0.75%1.00%0.50%1.00%5.00%
2007 0.25%0.75%0.75%1.25%0.50%1.00%5.00%
Data Source
Village and County Records
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RATIOS OF OUTSTANDING DEBT BY TYPE
Last Ten Fiscal Years
Governmental Business-Type
Activities Activities Percentage
Fiscal General General Total of
Year Obligation Obligation Primary Personal Per
Ended Bonds Bonds Government Income*Capita*
1999 23,905,000$ 5,000,000$ 28,905,000$ 2.23%1,605.65$
2000 22,825,000 4,735,000 27,560,000 1.43%1,530.94
2001 20,195,000 4,460,000 24,655,000 1.25%1,338.49
2002 17,460,000 4,170,000 21,630,000 1.10%1,174.27
2003 14,735,000 4,105,000 18,840,000 0.95%1,022.80
2004 11,985,000 3,730,000 15,715,000 0.80%853.15
2005 9,500,000 3,360,000 12,860,000 0.65%698.15
2006 8,000,000 2,980,000 10,980,000 0.56%596.09
2007 6,000,000 2,585,000 8,585,000 0.43%466.07
2008 4,000,000 2,185,000 6,185,000 0.31%335.78
Note:
income and population data.
Data Source
Audited Financial Statements
VILLAGE OF DEERFIELD, ILLINOIS
Note: Details of the Village's outstanding debt can be found in the notes to the financial
* See the schedule of Demographic and Economic Statistics on page 104 for personal
statements.
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VILLAGE OF DEERFIELD, ILLINOIS
RATIOS OF GENERAL BONDED DEBT OUTSTANDING
Last Ten Fiscal Years
(1)Percentage of
(1)Less: Amounts Estimat ed
General Available Actual Taxable
Fiscal Obligation In Debt Value of Per
Year Bonds Service Fund Total Property Capita
1999 23,905,000$ 2,091,157$ 21,813,843$ 1.07%1,211.75$
2000 22,825,000 2,414,791 20,410,209 0.97%1,133.77
2001 20,195,000 2,660,397 17,534,603 0.79%951.93
2002 17,460,000 2,880,845 14,579,155 0.61%791.49
2003 14,735,000 2,840,619 11,894,381 0.46%645.73
2004 11,985,000 1,674,419 10,310,581 0.37%559.75
2005 9,500,000 361,876 9,138,124 0.31%496.10
2006 8,000,000 1,094,777 6,905,223 0.18%374.88
2007 6,000,000 533,758 5,466,242 0.13%296.76
2008**4,000,000 560,711 3,439,289 0.07%186.71
** 2007 EAV used as it is the most recent data available
Data Source
(1) Audited Financial Statements
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*
(1)(2)
Gross Percentage **
General of Debt Village's
Obligation Applicable to Share
Governmental Unit Debt Government of Debt
Village of Deerfield 4,000,000$ 100.000%4,000,000$
Lake County - (1)4.304%-
Lake County Forest Preserve 206,524,438 (2)4.304%8,888,812
Cook County 2,953,610,000 0.136%4,016,910
Cook County Forest Preserve 121,270,000 0.136%164,927
Deerfield Park District 6,990,000 98.070%6,855,093
Park District of Highland Park 1,300,000 1.324%17,212
Northbrook Park District 17,450,000 4.289%748,431
Lake School District No. 109 18,480,000 (4)73.333%13,551,938
Lake School Distrtict No. 112 24,095,000 (1)0.193%46,503
Lake High School District No. 113 58,300,000 26.802%15,625,566
Cook High School District No. 225 96,584,614 (2)3.822%3,691,464
Community College No. 532 9,157,475 (1)(2)4.528%414,650
Metro Water Reclamation District 1,453,547,772 (3)0.139%2,020,431
North Shore Sanitary District 6,717,990 (3)0.025%1,679
4,974,027,289 56,043,616
Total gross debt 4,978,027,289 60,043,616
Less Debt Service Fund amount
available - Village of Deerfield 560,711 560,711
TOTAL DIRECT AND OVERLAPPING DEBT 4,977,466,578$ 59,482,905$
(1)
(2)Includes outstanding original principal amounts of General Obligation Capital Appreciation Bonds.
(3)Includes bonds payable to the IEPA.
(4)Excludes outstanding debt certificates.
*
**Amount of column (2) multiplied by amount in column (1).
Data Source
Office of the County Clerk
VILLAGE OF DEERFIELD, ILLINOIS
DIRECT AND OVERLAPPING BONDED DEBT -
April 30, 2008
Determined by ratio of assessed value of property subject to taxation in overlapping unit to value of property subject to taxation.
GOVERNMENTAL ACTIVITIES
Excludes outstanding principal amounts of General Obligation (Alternate Revenue Source) Bonds which are expected to be paid from
sources other than general taxation.
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VILLAGE OF DEERFIELD, ILLINOIS
LEGAL DEBT MARGIN INFORMATION
April 30, 2008
EQUALIZED ASSESSED VALUATION - 2007*1,534,804,968$
Legal Debt Limit - 8.625%132,376,928$
Amount of debt applicable to limit:
General Obligation Bonds Series 1998 4,000,000
LEGAL DEBT MARGIN 128,376,928$
* Most Recent EAV Available
The Village is a home rule municipality.
Article VII, Section 6(k) of the 1970 Illinois Constitution governs computation of the legal debt
margin:
To date, the General Assembly has set no limits for home rule municipalities.
only in excess of the following percentages of the assessed value of its taxable property...(2) if its
population is more than 25,000 and less than 500,000 an aggregate of one per cent:
Illustrative Computation of Debt Margin If Government Were Not a Home Rule Municipality
The Village is a home rule municipality and, as such, has no debt limitations. If, however, the Village
were a non-home rule municipality, its available debt limit would be as follows:
"The General Assembly may limit by law the amount and require referendum approval of debt to be
incurred by home rule municipalities, payable from ad valorem property tax receipts,
...indebtedness which is outstanding on the effective date (July 1, 1971) of this constitution or which is
thereafter approved by referendum...shall not be included in the foregoing percentage."
- 103 -
Median
Fiscal Personal Household Unemployment
Year Population Income Income Rate
1999 18,002 1,295,531,932$ 71,966$ 0.70%
2000 18,002 1,929,706,388 107,194 0.90%
2001 18,420 1,974,513,480 107,194 0.90%
2002 18,420 1,974,513,480 107,194 1.40%
2003 18,420 1,974,513,480 107,194 3.20%
2004 18,420 1,974,513,480 107,194 3.80%
2005 18,420 1,974,513,480 107,194 1.40%
2006 18,420 1,974,513,480 107,194 1.10%
2007 18,420 1,974,513,480 107,194 2.80%
2008 18,420 1,974,513,480 107,194 3.40%
Data Source
U.S. Census Bureau and U.S. Bureau of Labor Statistics
VILLAGE OF DEERFIELD, ILLINOIS
DEMOGRAPHIC AND ECONOMIC INFORMATION
Last Ten Fiscal Years
- 104 -
% of % of
Total Village Total Village
Employer Employees Rank Population Employees Rank Population
Baxter International Inc 3,000 1 16%2,500 1 14%
Walgreen Co 2,500 2 14%1,800 2 10%
Takeda Pharmaceuticals North 1,900 3 10%- -
Kinetek Inc 1,080 4 6%- -
Astellas Pharma Us Inc 1,000 5 5%- -
Montclair Hotels Mb LLC 700 6 4%- -
Linkscorp LLC 700 7 4%- -
Deerfield High School 560 8 3%- -
Illinois Student Assistance Commission 550 9 3%512 3 3%
Moore Walace North America 350 10 2%- -
Alliant Food Service - - 450 4 3%
Deutsche Financial Services Corp - - 390 5 2%
MMI Companies - - 380 6 2%
West Group - - 300 7 2%
William M. Mercer - - 290 8 2%
Teradyne Inc., Telecommunications Division - - 275 9 2%
Nestle Clinical Nutrition - - 225 10 1%
12,340 67%7,122 41%
Village population 18,420 18,000
Data Source
Lake County Partners
VILLAGE OF DEERFIELD, ILLINOIS
PRINCIPAL EMPLOYERS
Current Year and Nine Years Ago
2008 1999
- 105 -
Function/Program 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
GENERAL GOVERNMENT
Village Manager 3 3 3 3 3 3 3 3 3 3
Finance 7 7 7 7 8 8 8 9 10 10
Engineering 1 1 1 1 1 1 1 2 3 3
Community development 5 5 5 5 5 5 5 6 7 7
PUBLIC WORKS
Administration 3 3 3 3 3 3 3 2 4 4
Street maintenance 7 7 7 7 7 7 7 7 7 7
Utilities maintenance 11 12 12 13 13 13 13 13 14 15
Sewage treatment plant 8 8 8 8 8 8 8 8 8 8
Garage 2 2 2 2 2 2 2 2 2 2
PUBLIC SAFETY
Police
Administration 8 8 8 8 8 8 8 8 7 7
Communications 7 7 7 8 8 8 8 8 8 8
Investigations/youth 7 7 7 7 7 7 7 7 7 7
Patrol 32 32 32 32 32 32 32 32 31 31
TOTAL 101 102 102 104 105 105 105 107 111 112
Data Source
Village budget office
VILLAGE OF DEERFIELD, ILLINOIS
FULL-TIME EQUIVALENT EMPLOYEES
Last Ten Fiscal Years
- 106 -
Function/Program 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
PUBLIC SAFETY
Police
Physical arrests 716 611 580 515 458 552 463 498 532 587
Parking violations 5,707 5,043 4,830 4,446 4,113 3,911 3,260 2,332 2,625 2,690
Traffic violations 3,928 3,862 5,401 5,122 3,523 3,767 3,836 4,140 4,119 4,278
PUBLIC WORKS
Street resurfacing (miles)1.70 1.63 0.00 0.00 0.91 0.00 2.21 3.11 3.18 3.21
WATER
Water main breaks 76 84 92 76 68 110 107 141 62 77
Average daily consumption (gallons)2,918,925 2,864,885 3,001,529 2,906,003 2,842,063 2,997,941 2,998,732 3,350,346 2,998,220 3,128,000
Peak daily consumption (gallons)5,711,875 6,484,740 5,074,860 6,149,350 6,271,610 5,461,590 4,225,510 4,932,570 4,476,210 5,894,000
WASTEWATER
Average daily treatment (gallons)3,495,890 3,353,425 3,238,356 3,682,192 3,104,110 2,926,027 3,106,164 2,809,671 3,204,822 2,963,972
Data Source
Various Village departments
VILLAGE OF DEERFIELD, ILLINOIS
OPERATING INDICATORS
Last Ten Calendar Years
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Function/Program 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
PUBLIC SAFETY
Police
Stations 1 1 1 1 1 1 1 1 1 1
Number of Police Officers 38 40 40 40 40 40 40 39 39 39
PUBLIC WORKS
Arterial streets (miles)8 8 8 8 8 8 8 8 8 8
Residential streets (miles)62 62 62 62 62 68 68 68 68 68
Traffic signals 8 8 9 9 9 9 10 10 10 10
WATER
Water mains (miles)65 82 82 82 82 83 84 84 84 84
Fire hydrants 930 1,174 1,174 1,174 1,174 1,189 1,203 1,203 1,203 1,203
Storage capacity (gallons)8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000
WASTEWATER
Sewers (miles)140 140 140 140 140 140 140 151 151 151
Treatment capacity (gallons)8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000
Data Source
Various Village departments
VILLAGE OF DEERFIELD, ILLINOIS
CAPITAL ASSET STATISTICS
Last Ten Fiscal Years
- 108 -