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Village CAFR For Year Ended April 30, 20030 COMPREHEHNWE AHHUAL MHAHUAL REPORV for the' year ended QpG3L 3% 2003 VILLAGE OF DEERFIELD, ILLINOIS 1 VILLAGE OF DEERFIELD, ILLINOIS COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Year Ended April 30, 2003 ul 1 1 1 1 Prepared by Finance Department Robert W. Fialkowski Finance Director 1 r VILLAGE OF DEERFIELD, ILLINOIS TABLE OF CONTENTS Page(s) INTRODUCTORY SECTION PrincipalOfficials .............................................................................. ............................... i OrganizationalChart .......................................................................... ............................... ii Certificate of Achievement for Excellence in Financial Reporting ... ............................... iii Director of Finance's Letter of Transmittal ....................................... ............................... iv -x FINANCIAL SECTION INDEPENDENT AUDITOR'S REPORT ......................................... ............................... 1 -2 GENERAL PURPOSE FINANCIAL STATEMENTS Combined Balance Sheet - All Fund Types, Account Groups and Discretely Presented Component Unit ................................. ............................... 3 -6 Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - All Governmental Fund Types and Discretely Presented Component Unit ........................................ ............................... 7 -8 Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - General, Special Revenue, Debt Service, and Capital Projects Fund Types .......................... ............................... 9 -10 Combined Statement of Revenues, Expenses, and Changes in Retained Earnings - All Proprietary Fund Types ........................ ............................... I I Combined Statement of Cash Flows - All Proprietary Fund Types ............................ 12 -13 Combined Statement of Changes in Plan Net Assets - PolicePension Fund .................................................................... ............................... 14 Notes to Financial Statements ....................................................... ............................... 15 -41 REQUIRED SUPPLEMENTARY INFORMATION Schedule of Funding Progress Illinois Municipal Retirement Fund ......................................... ............................... 42 PolicePension Fund ................................................................. ............................... 43 Schedule of Employer Contributions Illinois Municipal Retirement Fund ......................................... ............................... 44 PolicePension Fund ................................................................. ............................... 45 VILLAGE OF DEERFIELD, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) FINANCIAL SECTION (Continued) COMBINING, INDIVIDUAL FUND, AND ACCOUNT GROUP STATEMENTS AND SCHEDULES I GOVERNMENTAL FUND TYPES General Fund Balance Sheet , Statement of Revenues, Expenditures, and Changes in Fund Balance - Budgetand Actual ............... ................................................ ............................... 47 Schedule of Revenues - Budget and Actual ............................. ............................... 48 -49 Schedule of Expenditures - Budget and Actual ....................... ............................... 50 -54 Special Revenue Funds Combining Balance Sheet .................... Combining Statement of Revenues, Expenditures, and Changes in FundBalances ........................................................................ ............................... 57 -58 Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Emergency Services/Disaster Fund ..................................... ............................... 59 Street and Bridge Fund ........................................................ ............................... 60 -61 Illinois Municipal Retirement Fund .................................... ............................... 62 MotorFuel Tax Fund ........................................................... ............................... 63 Enhanced911 Fund ............................................................. ............................... 64 Debt Service Fund BalanceSheet ........................................................................... ............................... 65 Statement of Revenues, Expenditures, and Changes in. Fund Balance - Budgetand Actual 66 .................................................................. ............................... Capital Project Funds Combining Balance Sheet ........................................................ ............................... 67 -68 Combining Statement of Revenues, Expenditures, and Changes in FundBalances ........................................................................ ............................... 69 -70 , L 1 i VILLAGE OF DEERFIELD, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) FINANCIAL SECTION (Continued) COMBINING, INDIVIDUAL FUND, AND ACCOUNT GROUP STATEMENTS AND SCHEDULES (Continued) PROPRIETARY FUND TYPES Enterprise Funds GOVERNMENTAL FUND TYPES (Continued) 76 -77 Combining Statement of Revenues, Expenses, and Changes in Capital Project Funds (Continued) 78 -79 1 80 -81 Statement of Revenues, Expenditures, and Changes in 82 Fund Balance - Budget and Actual Tax Incremental Finance District 1 Fund ............................ ............................... Tax Incremental Finance District 2 Fund ............................ ............................... 71 72 Vehicle and Equipment Replacement Fund ........................ ............................... 73 Infrastructure Replacement Fund ........................................ ............................... Project29 Fund .................................................................... ............................... 74 75 PROPRIETARY FUND TYPES Enterprise Funds f 1 Combining Balance Sheet ........................................................ ............................... 76 -77 Combining Statement of Revenues, Expenses, and Changes in Retained Earnings - Unreserved ............................................. ............................... Combining Statement of Cash Flows ....................................... ............................... 78 -79 1 80 -81 Water Fund BalanceSheet ...................................................................... ............................... 82 Statement of Revenues, Expenses, and Changes in Retained Earnings - Budgetand Actual ............................................................. ............................... Schedule of Operating Expenses - Budget and Actual ........ ............................... 83 -84 85 -86 Schedule of Fixed Assets and Depreciation ........................ ............................... 87 Sewerage Fund BalanceSheet ...................................................................... ............................... 88 Statement of Revenues, Expenses, and Changes in Retained Earnings - Budgetand Actual .................................:........................... ............................... 89 -90 ' Schedule of Operating Expenses - Budget and Actual ........ ............................... Schedule of Fixed Assets and Depreciation ........................ ............................... 91 -92 93 f 1 1 VILLAGE OF DEERFIELD, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) FINANCIAL SECTION (Continued) COMBINING, INDIVIDUAL FUND, AND ACCOUNT GROUP STATEMENTS AND SCHEDULES (Continued) PROPRIETARY FUND TYPES (Continued) Enterprise Funds (Continued) Refuse Fund ■ BalanceSheet ...................................................................... ............................... 94 Statement of Revenues, Expenses, and Changes in Retained Earnings - ' Budget and Actual 95 Commuter Parking Lot Fund BalanceSheet ...................................................................... ............................... 96 Statement of Revenues, Expenses, and Changes in Retained Earnings - Budgetand Actual ............................................................. ............................... 97 Schedule of Operating Expenses - Budget and Actual ........ ............................... 98 Schedule of Fixed Assets and Depreciation ........................ ............................... 99 Internal Service Funds I Combining Balance Sheet ........................................................ ............................... 100 ■ Combining Statement of Revenues, Expenses, and Changes in RetainedEarnings .................................................................. ............................... 101 Combining Statement of Cash Flows ........................................ ............................... 102 Garage Fund a Statement of Revenues, Expenses, and Changes in Retained Earnings - Budgetand Actual ............................................................. ............................... 103 Schedule of Operating Expenses - Budget and Actual ........ ............................... 104 Insurance Fund Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget and Actual ......... ............................... 105 1 1 I VILLAGE OF DEERFIELD, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) FINANCIAL SECTION (Continued) COMBINING, INDIVIDUAL FUND, AND ACCOUNT GROUP STATEMENTS AND SCHEDULES (Continued) FIDUCIARY FUND TYPES Trust and Agency Funds CombiningBalance Sheet ........................................................ ............................... 106 Statement of Plan Net Assets - Police Pension Fund ............... ............................... 107 Statement of Changes in Plan Net Assets - Budget and Actual - Police Pension Fund 108 ............................................................... ............................... Combining Statement of Changes in Assets and Liabilities - rAgency Funds ......................................................................... ............................... 109 -110 ACCOUNT GROUPS General Fixed Assets Account Group Schedule of General Fixed Assets - by Source ........................ ............................... 111 Schedule of General Fixed Assets - by Function . 112 Schedule of Changes in General Fixed Assets - by Function .. ............................... 113 General Long -Term Debt Account Group Schedule of General Long -Term Debt ..................................... ............................... 114 COMPONENT UNIT Public Library CombiningBalance Sheet ........................................................ ............................... 115 Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual ........................................ ................... ............. 116 Schedule of Expenditures - Budget and Actual ....................... ............................... 117 Schedule of General Fixed Assets - By Source ........................ ............................... 118 1 1 VILLAGE OF DEERFIELD, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) FINANCIAL SECTION (Continued) COMBINING, INDIVIDUAL FUND, AND ACCOUNT GROUP STATEMENTS AND SCHEDULES (Continued) SUPPLEMENTAL DATA Schedule of Insurance in Force ..................................................... ............................... 119 Long -Term Debt Requirements General Obligation Bond Series of 1997 ................................. ............................... 120 General Obligation Bond Series of 1998 ................................. ............................... 121 General Obligation Bond Series of 2002 ................................. ............................... 122 General Obligation Refunding Bond Series of 2003 ............... ............................... 123 STATISTICAL SECTION General Governmental Revenues by Source - Last Ten Fiscal Years .............................. 124 General Governmental Expenditures by Function - Last Ten Fiscal Years ..................... 125 Property Tax Assessed Valuations, Rates, Extensions, and Collections - Last Ten Fiscal Years ....................................................................... ............................... 126 -127 Assessed and Estimated Actual Value of Taxable Property - LastTen Fiscal Years ....................................................................... ............................... 128 Property Tax Rates - Direct and Overlapping Governments - LastTen Fiscal. Years .....................................................:................. ............................... 129 Ratio of Net General Obligation Bonded Debt to Assessed Value and Net General Obligation Bonded Debt Per Capita - Last Ten Fiscal Years ........................... 130 Schedule of Direct and Overlapping Bonded Debt ....................... ............................... 131 Schedule of Legal Debt Margin ......................................................... ............................... 132 Ratio of Annual Debt Service Expenditures for General Obligation Bonded Debt to Total General Governmental Expenditures - LastTen Fiscal Years ....................................................................... ............................... 133 Demographic Statistics - Last Ten Fiscal Years ................................ ............................... 134 Property Value, Construction, and Bank Deposits - Last Ten Fiscal Years ..................... 135 PrincipalTaxpayers ........................................................................... ............................... 136 Miscellaneous Statistics ..................................................................... ............................... 137 -138 �l 1 1 r I L 1 1 1 L� 1 1 1 1 1 1 1 1 1 1 3 O M c 0 N �D n 0 3 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS PRINCIPAL OFFICIALS April 30, 2003 LEGISLATIVE VILLAGE BOARD OF TRUSTEES Steven M. Harris, Mayor Harriet E. Rosenthal Matthew J. Wylie Robert L. Benton Robert D. Franz, Clerk ADMINISTRATIVE Jerry Kayne Vernon E. Swanson William S. Seiden Robert D. Franz, Village Manager FINANCE DEPARTMENT Robert W. Fialkowski Director of Finance /Treasurer -i- Public Boards and Commissions Finance 7 Em loyees Budgeting Mayor and Board of Trustees Public Works & Engineering 34 Employees Village Attorney I Water Works Treatment Youth Treasury Code Assistant to the Village Manager Village Manager 3 Employees Management Police 55 Em to ees Patrol Finance 7 Em loyees Budgeting Community Development 5 Em loyees Planning Public Works & Engineering 34 Employees I Water Works Investigations Accounting Zoning Sewage __j 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 P I & Review -ii - n. 1 � Certificate of Achievement for Excellence 1 in Financial � .Reporting Presented to � Village of Deerfield, Illinois For its Comprehensive Annual Financial Report for the Fiscal Year Ended April 30, 2002 A Certificate of Achievement for Excellence in Financial Reporting is presented by the Government Finance Officers Association of the United States and Canada to government units and public employee retirement systems whose comprehensive annual financial reports (CAFRs) achieve the highest standards in government accounting and financial reporting. W SAM y President d M�UAd1g0 S ' Executive Director 1 1 I - iii - 1 1 1 VILLAGE OF DEERFIELD 1 ' October 15, 2003 1• To: The Mayor and Board of Trustees and the residents of the Village of Deerfield The comprehensive annual financial report of the Village of Deerfield for the fiscal year ended April 30, 2003, is hereby submitted. Responsibility for both the accuracy of the data and the completeness and fairness of the presentation, including all disclosures, rests with the Village. To the best of our knowledge and belief, the enclosed data is accurate in all material respects and is reported in a manner designed to present fairly the financial position and results of operations of the various funds and account groups of the Village. All disclosures necessary to enable the reader to gain an understanding of the Village's financial activities have been included. The comprehensive annual financial report is presented in three sections: introductory, financial, and statistical. The introductory section includes this transmittal letter, the Village's organizational chart and a list of principal officials. The financial section includes the general purpose financial statements, the combining, individual fund, and account group ' financial statements and schedules, as well as the independent auditor's report on the financial statements and schedules. The statistical section includes selected financial and demographic information, generally presented on a multi -year basis. 1 1 1 1 1 1 1 t Found within the Comprehensive Annual Financial Report are all funds and account groups of the Village of Deerfield, as well as all of its component units (generally separate entities for which the Village is financially accountable). A full range of municipal services is provided by the Village, including finance and general administration, police, community development, waterworks and sewerage, and public works maintenance and improvement. In addition to general government functions, the Police Pension Fund and the Public Library are included in the reporting entity. ECONOMIC CONDITION AND OUTLOOK Incorporated in 1903 and located 27 miles north of downtown Chicago, the Village is predominantly a community of single - family homes. The 2000 Census recorded a population of 18,420 within a land area of 7.0 square miles. The ,Village's population increased 6.3% from 1990, whereas the number of housing units in the Village grew 7.7% to 6,518, continuing the trend toward smaller household sizes. . The northern Cook County and southern Lake County area has undergone rapid economic development. A major portion of this development is centered on the Lake Cook corridor. The Village of Deerfield is located along the Lake Cook corridor and in both Lake and Cook counties. The Cook County area encompasses 11.5% of the Village's equalized assessed valuation and consists primarily of commercial properties. Recent development in this corridor has centered on -1v- 850 WAUKEGAN ROAD DEERFIELD, ILLINOIS 60015 TELEPHONE 847.945.5000 1 commercial activity, primarily retail. A major redevelopment of the Deerbrook Mall at Lake Cook and Waukegan Roads is well underway and a newly constructed Sears The Great Indoors store opened in May, 2003. This is being accompanied by a redesign and exterior renovation of the remainder of the center. The office commercial activity has slowed elsewhere in the Village due to the effects of the economic slowdown. This continues to negatively affect the Village's hotel tax with revenues down 0.5% from the prior fiscal year; however, this decline is substantially less than last year's 22% number and indicates that this revenue source may be recovering. Unemployment in Lake County in July 2003 was 5.8% compared with 6.6% in the state of Illinois and ' an estimated 3.0% in Deerfield. Residential housing continues to be strong within the Village with the estimated median price for a single - family house of $465,000. Within the Village Center Tax Increment Financing District located in downtown Deerfield, commercial/ retail activity remains strong with nearly full occupancy of the new developments at Deerfield and Waukegan Roads. National retailers such as Barnes and Noble, Ann Taylor Loft, Whole Foods, and Walgreens have combined with smaller retailers and a number of new restaurants to bring new life to the downtown area. In addition, all units of the South Commons residential development have been sold and are now occupied. In spite of the generally slower national and state economy, the Village sales ' tax revenue for 2003 increased 6.0% to $3,278,965 compared to $3,094,483 for 2002. As indicated above, the new retail developments and generally stronger local economy have helped to increase this revenue. All of these factors indicate that Deerfield is and will continue to be a financially vibrant community. 1 t 1 1 1 MAJOR INITIATIVES Ongoing As part of the effort to revitalize the downtown area, the Village is turning its focus to the north quadrants of the downtown. The former Lindemann Pharmacy site, which is located adjacent to a previously acquired parking lot, was acquired. The future use of this site is awaiting the final approval of the revision to the comprehensive plan. The Streetscape improvement program also continued during the year in the downtown area, primarily in the north quadrants. Phase III (north of Deerfield Rd.) was substantially completed, consisting of brick paver sidewalks, street tree planting, ornamental street lighting and other right - of -way improvements. Requirements and standards for the fagade improvement program were established and interest from two property owners in the north quadrants to participate in this program was received. For the Future ' A. Comprehensive Plan. Now that the major downtown redevelopment projects are complete, focus was turned to revising the comprehensive plan for the remainder of the Village, focusing on the remaining quadrants of the downtown and the immediate surrounding area. In addition, due to the building pressure ' to redevelop "in- fill" sites, including single family residential tear - downs, a study of the single family bulk regulations was undertaken during the year and recommendations will be released during FY 2004. The results of the comprehensive plan revision will also be completed and released during FY 2004. It is expected that there will be recommendations concerning the future uses of the northwest quadrant, including a plan for the recently Village's recently acquired property. IOther commercial activity during the year: v - (1) Baxter South Property. Takeda Pharmaceuticals completed the acquisition of approximately 77 acres of unincorporated vacant property in the southwest part of the Village to locate their North American headquarters. An existing boundary agreement provides that this property would be annexed to Deerfield if it were to be incorporated. Preliminary discussions with development representatives of Takeda have begun. (2) Deerbrook Mall. Pursuant to an agreement between the Village and the property owners to redevelop Deerbrook Mall, construction commenced during FY 2003. The Village Board agreed to a sales tax increment sharing arrangement that will allow the owner of - the mall to partially demolish the southern end of the mall to rebuild a new store for Sears, The Great Indoor Home Center, and to renovate the remainder of the mall. The intent is to rejuvenate a center that accounts for over one third of the sales tax in the Village. As indicated above, the improvements were substantially completed during the year with the reopening of the Jewel Osco store in March and the opening of the home center in May. B. Capital Expenditures. The Village reviews its fiscal plan on an annual basis to determine the need for capital investment. Renovations to the Police Department were begun in FY 2001/02 and completed this fiscal year. Final restoration work from the construction on a new transmission main from the City of Highland Park, the Village's water provider, to the western part of the Village and for the new two million gallon reservoir in Mitchell Park was also completed. Construction of the Patti Turner Senior Center, in conjunction with the Deerfield Park District, was begun and substantially completed during the year. The Village share is being funded with TIF 1 revenue. Final design plans were prepared for the Waukegan /Osterman intersection improvements and the Deerfield Road commuter station pedestrian overpass reconstruction. FINANCIAL INFORMATION Management of the Village is responsible for establishing and maintaining internal control designed to ensure that the assets of the Village are protected from loss, theft or misuse and to ensure that adequate accounting data are compiled to allow for the preparation of financial statements in conformity with generally accepted accounting principles. Internal control is designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognizes that: (1) cost of a control should not exceed the benefits likely to be derived; and (2) the valuation of costs and benefits requires estimates and judgments by management. Budgeting Controls. In addition, the Village maintains budgetary controls. The objective of these budgetary controls is to ensure compliance with legal provisions embodied in the annual appropriated budget approved by the Village's governing body. Activities of the general fund, special revenue funds, debt service fund, enterprise funds, internal service fund (garage fund), and pension trust funds are included in the annual appropriated budget. Project - length financial plans are adopted for the capital projects funds. The level of budgetary control (that is, the level at which expenditures cannot legally exceed the appropriated amount) is established at the fund level. The Village also maintains an encumbrance accounting system as one technique of accomplishing budgetary control. Encumbered amounts lapse at year -end. However, encumbrances generally are reappropriated as part of the following year's budget. As demonstrated by the statements and schedules included in the financial section of this report, the Village continues to meet its responsibility for sound financial management. -V1- 1 ' General Government Functions. The following schedule presents a summary of general fund, special revenue funds, and debt service funds revenues for the fiscal year ended April 30, 2003, and the amount and percentage of increases and decreases in relation to prior year revenues. 2003 2003 2003 Increase Percent 2002 2003 Percent (Decrease) Increase Revenues* Amount Amount of Total from 2002 (Decrease) Taxes $8,240,269 $8,543,714 71.07% $303,445 3.68% Licenses & Permits 877,546 934,518 7.77 56,972 6.49 Intergovernmental 512,901 660,996 5.50 148,095 28.87 Charges for Services 566,787 505,255 4.20 (61,532) (10.86) Fines 223,465 193,060 1.61 (30,405) (13.60) Investment Inc. 756,886 642,553 5.34 (114,333) (15.11) ' Miscellaneous 875,932 541,923 4.51 (334,009) (39.13) 100.00% $(31,767) Total $12,053,786 $12,022,019 (0.26)$ *Amounts above exclude discretely presented Component Unit - Public Library Taxes. The general heading of taxes encompasses several different types of taxes. Property tax makes up 20.0% of taxes or $1,711,091. This is a decrease of $130,659 from the prior year. This is due to delay in collection from the county and a slight reduction in the General Fund levy. Sales tax is another major category of revenue. The Village receives a 1% tax on the exchange of tangible personal property. This tax is collected by the ' State of Illinois and remitted to the Village. For the year ended April 30, 2003, sales tax receipts totaled $3,094,483 or 38.4% of the total taxes received. This is an increase of $184,482 over the prior year. This increase is due to a continuing strong local economy. Another significant revenue source is the hotel tax, a 6% tax computed on gross room sales. The Village has approximately 1,050 rooms and 2002 -03 tax receipts of $1,686,221, which is 19.7% of total taxes received. This tax is down $8,400 from the prior year, which is substantially better than the $476,313 drop from FY 00 -01 to FY 01 -02. This source is primarily dependent on business travel, which remains sluggish but appears to be stabilizing. ' The national and state economic problems also affected another major source of revenue in this area, the local share of the state income tax. As these revenues statewide have fallen, the Village's per- capita share has also dropped. In addition, the state's financial problems have caused it to slow ' down the remittance of this share to the Village. Total revenue received was $1,203,563, down from $1,307,720 in the prior year. The primary cause of the increase in this category is the addition of the ' telecommunications tax to this category from the Miscellaneous category. Licenses and Permits. License and permit revenue increased by $56,972 or 6.5$. Commercial remodeling and a substantial increase in single - family residential teardown /rebuilding have offset a slowdown in new commercial construction. This activity does not appear to be slowing in spite of slightly higher interest rates. Investment Income. Interest earnings decreased 15% due to continuing low short -term interest rates. 1 ' -V11- Charges for Services. These revenues have increased by $61,532 primarily due to the switch of the fire protection district calls to a regional dispatch center. Fines. Fines decreased by $30,405, or approximately 14 %. This is due to the continuing effect of a change in the apportionment of fine revenue by the court. Miscellaneous. The decrease in miscellaneous revenue in the General Fund was due to the reclassifying of the telecommunications tax to the Taxes category. The following schedule presents a summary of general fund, special revenue funds, and debt service funds expenditures for the fiscal year ended April 30, 2003, and the percentage of increases and decreases in relation to prior year amounts. *Amounts above exclude discretely presented Component Unit - Public Library The increases in the operating functions are primarily due increased operational costs including health insurance benefits and the reallocation of the police pension costs to the public safety function. The pension costs for IMRF employees will be allocated to the operating function in the FY 2003/04 budget. The reduced highway /streets expenditures are primarily due to a warmer and dryer than normal winter. General Fund Balance. The unreserved, undesignated fund balance increased to $11,586,730 from $9,545,203. At the close of the year, a residual equity transfer was made in the amount of $1,177,148 from the IMRF Fund. This fund was closed and future pension costs will be reflected in the operating functions. The undesignated fund balance is the equivalent of 358 days of current year budgeted expenditures. This is down 22% from last year; however, it still represents a substantial reserve for this fund. Enterprise Operations. The Village's enterprise operations are comprised of four separate and distinct activities: the Water Fund, the Sewerage Fund,'the Refuse Fund, and the Commuter Parking Lot Fund. The Water Fund operating expenses (before depreciation) increased by $145,233 due to overall increase in operating costs and higher usage that resulted in higher water purchased costs. The Water Fund had operating income, before depreciation, of $726,327. A 4% increase in water rates was approved effective May 1, 2003. This increase was necessitated by rising operating costs and increased capital expenditures, primarily replacement of water mains. In the Sewerage Fund, the total operating expenses decreased by $141,167 due to vacancies in existing positions, primarily in the treatment plant. The fund - viii - 2003 2003 2003 Increase Percent 2002 2003 Percent (Decrease) Increase Expenditures* Amount Amount of Total from 2002 (Decrease) Current General Govt. $2,144,024 $2,608,586 19.23% $464,562 21.67% Public Safety 4,628,549 5,469,406 40.32 840,857 18.17 Highways /Streets 1,591,611 1,409,146 10.39 (182,465) (11.46) Pension 972,662 612,515 4.52 (360,147) (37.03) Debt Service Principal 2,685,000 2,725,000 20.09 40,000 1.49 Interest 876,891 739,459 5.45 (137,432) (15.67) Total 12,898,737 $13,564,112 100.00% $665,375 5.16% *Amounts above exclude discretely presented Component Unit - Public Library The increases in the operating functions are primarily due increased operational costs including health insurance benefits and the reallocation of the police pension costs to the public safety function. The pension costs for IMRF employees will be allocated to the operating function in the FY 2003/04 budget. The reduced highway /streets expenditures are primarily due to a warmer and dryer than normal winter. General Fund Balance. The unreserved, undesignated fund balance increased to $11,586,730 from $9,545,203. At the close of the year, a residual equity transfer was made in the amount of $1,177,148 from the IMRF Fund. This fund was closed and future pension costs will be reflected in the operating functions. The undesignated fund balance is the equivalent of 358 days of current year budgeted expenditures. This is down 22% from last year; however, it still represents a substantial reserve for this fund. Enterprise Operations. The Village's enterprise operations are comprised of four separate and distinct activities: the Water Fund, the Sewerage Fund,'the Refuse Fund, and the Commuter Parking Lot Fund. The Water Fund operating expenses (before depreciation) increased by $145,233 due to overall increase in operating costs and higher usage that resulted in higher water purchased costs. The Water Fund had operating income, before depreciation, of $726,327. A 4% increase in water rates was approved effective May 1, 2003. This increase was necessitated by rising operating costs and increased capital expenditures, primarily replacement of water mains. In the Sewerage Fund, the total operating expenses decreased by $141,167 due to vacancies in existing positions, primarily in the treatment plant. The fund - viii - 1 had a net operating loss before depreciation of $198,525, which is a 32% reduction from the prior year. The Refuse Fund had net income of $61,142. This is an increase of $63,644 over the prior year. Expenses (excluding depreciation) increased to $1,395,436 from $1,394,464, a 0.06% increase. The Village benefits from contractual language that limits the increase in charges from the waster hauler. The Parking Fund had a net loss of $38,069, which is an increase of 333% from the prior year. Parking usage has remained relatively stable over the past two years that is offset by an increase in operating expenses and a reduction in investment income. Pension Trust Fund Operations. The funding of the Village of Deerfield Police Pension Plan continues to be adversely affected by the decline in the equity markets in FY 2003. For the year ended April 30, 2002, the funded portion dropped to 92.7% from 93 %. The actuarial assumption for investments is 8% and for projected salary increases is 5.5 %. These assumptions are under review. ' Debt Administration. On April 30, 2003, the Village had four debt issues outstanding: $645,000 GO Bond Series 1997 (to be paid from the Water Fund); $12,500,000 GO Bond Series 1998 (to be repaid from the Tax Increment District #2) ; $2,235,000 GO Refinancing Bond Series 2003 (to be paid from various tax sources); $3,460,000 GO Refunding Bond Series 2003 (which was issued to substantially refund the 1997 issue and will be paid similarly from the Water Fund). The Village continues to be rated AAA by Moody's Investor's Service. The Village of Deerfield is a home rule municipality and as such has no debt ' limitations. If, however, the Village were a non -home rule village its available debt limit under Illinois statute would be: ' Assessed Valuation - 2002 Legal Debt Limit - 8.625% $871,070,465 75,129,828 risks while investments Amount of GO Debt outstanding 14,735,000 Category 1 Legal Debt Margin 60,394,828 ' Cash Management. Cash temporarily idle during the year was invested in demand securities are held by the government or its agent in deposits, certificates of deposit, obligations of the U.S. Treasury and ' Agencies, and commercial paper. The pension's trust funds investment portfolio also includes equity mutual yield on investments, except for the funds pursuant to statute. The average Trust and Agency fund group, was 3.6 %. of Police The Village's investment performance ranks favorably when compared to average statute. yield rates of 1.42% for 90 -day U.S. Treasury bills. The Village earned net 1 investment revenue of $1,415,015 on its investments in the governmental fund type, $222,864 in the proprietary funds and $380,788 in the Police Pension Fund. ' The Village's investment policy is to minimize credit maintaining a competitive yield on its portfolio. The and market Village's risks while investments total $61,916,752. Of these, $39,247,311 is in Category 1. Category 1 includes investments that are insured or registered or for which the securities are held by the government or its agent in the government's name. ' The remainder is held in accounts not subject to risk categorization. $14,451,416 is invested in The Illinois Funds, and $8,218,025 of Police Pension Funds is in equity mutual funds as permitted by statute. ' Risk Management. The Village participates in the Municipal Insurance Cooperative Agency, MICA. MICA is a public entity risk pool whose members are Illinois municipalities. MICA manages and funds first party property losses, third party liability claims, Workers' Compensation claims, and Public Officials Liability claims of its member municipalities. The Village's payments to MICA are displayed on the financial statements as expenditures /expenses in the appropriate funds. The Village also participates in the High -Level Excess Liability Pool, a public entity risk pool, to provide ' excess liability coverage ($10,000,000 of coverage after a $1,000,000 I -1X- 1 self - insurance retention). The Village's payments to HELP are displayed on , the financial statements as expenditures /expenses in appropriate funds. On May 1, 2003, the Village joined the Intergovernmental Personnel Benefit , Cooperative (IPBC) to provide financing of its health insurance benefits costs. The IPBC is a group of municipalities formed to provide pooled financing and alternative plan designs to enable municipalities to control the cost of providing benefits to its employees and retirees. OTHER INFORMATION Independent Audit. State statutes require an annual audit by independent certified public accountants. The accounting firm of Sikich Gardner & Co, LLP was selected by the Village Board upon a recommendation by Village staff based on their expertise in local government accounting. The auditor's report on ' the general - purpose financial statements and combining and individual fund statements and schedules is included in the financial section of this report. Awards. 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, 2002. 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 nineteen years. We believe our current report continues to conform to the ' Certificate of Achievement program requirements, and we are submitting it to the GFOA. Acknowledgments. The preparation of the comprehensive annual financial report on a timely basis was made possible by the dedicated service of the entire staff of the finance department. Each member of the department, but especially Ellasion Phillips, Assistant Finance Director, has my sincere appreciation for the contributions made in the preparation of this report. In closing, I would also like to state that without the leadership and support of the Village Board and Village Manager, preparation of this report would not have been possible. , Respectfully submitted, 6w7, Robert Fialkowski Finance Director 1 I I - X - I 1 1 Il I 1 1 j 1 1 r I� I 1 1 1 1 1 1 d A d N eD A O 7 %04!"A Sikich Gardner & Co, LLP Accountants & Consultants 998 Corporate Boulevard Aurora, IL 60504 A Member of Sikich Group, LLC INDEPENDENT AUDITOR'S REPORT The Honorable Mayor Members of the Board of Trustees Village of Deerfield, Illinois MEMBERS OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS ILLINOIS CPA SOCIETY We have audited the accompanying general purpose financial statements and the combining, individual fund, and account group financial statements of the Village of Deerfield, Illinois, as of and for the year ended April 30, 2003, as listed in the accompanying table of contents. These financial statements are the responsibility of the Village of Deerfield, Illinois' management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the Village of Deerfield, Illinois, as of April 30, 2003, and the results of its operations and cash flows of its proprietary fund types for the year then ended in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the combining, individual fund, and account group financial statements referred to above present fairly, in all material respects, the financial position of each of the individual funds and account groups of the Village of Deerfield, Illinois, as of April 30, 2003, and the results of operations of such funds and cash flows of individual proprietary funds for the year then ended in conformity with accounting principles generally accepted in the United States of America. Our audit was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole and on the combining, individual fund, and account group financial statements. The accompanying schedules and the supplemental data listed in the accompanying table of contents is presented for purposes of additional analysis and is not a required part of the financial statements of the Village of Deerfield, Illinois. Such information has been subjected to the auditing procedures applied in the audit of the general purpose, combining, individual fund, and account group financial statements and, in our opinion, is fairly presented in all material respects in relation to the general purpose financial statements and each of the combining, individual fund, and account group financial statements taken as a whole. - 1 - 1 1 ' The required supplementary information listed in the table of contents is not a required part of the general purpose financial statements but is supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the supplementary information. However, we did not audit the information and express no opinion on it. ' The introductory and statistical information listed in the table of contents was not audited by us, and accordingly, we do not express an opinion thereon. Aurora, Illinois J (� September 4, 2003 1 1 1 rl 1 1 1 1 1 1 1 1 1 1 1 u fl 1 1 1 1 1 In 2. 30 = fD N 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 (This page is intentionally left blank.) VILLAGE OF DEERFIELD, ILLINOIS COMBINED BALANCE SHEET ALL FUND TYPES, ACCOUNT GROUPS, AND DISCRETELY PRESENTED COMPONENT UNIT April 30, 2003 (with comparative totals for 2002) ASSETS AND OTHER DEBITS ASSETS Cash and investments Receivables (net, where applicable, of allowances for uncollectibles) Property taxes Accounts Accrued interest Other Purchased interest Due from other governments Due from other funds Due from component unit Due from primary government Unamortized loss on refunding Deferred bond issuance costs Inventory Prepaid items Other assets Advances to other funds Fixed assets (net of accumulated depreciation) OTHER DEBITS Amount available for debt service Amount to be provided for retirement of general long -term debt TOTAL ASSETS AND OTHER DEBITS -3- Governmental Fund Types Special Debt Capital General Revenue Service Projects $ 11,756,980 $ 1,153,017 $ 2,838,059 $ 19,859,929 1,233,096 - 300,229 12,892,479 117,292 3,089 21,631 147,851 231,320 60,783 - 3,886 1,046,464 42,554 - - 500 - - - 22,223 - - - 21,813 - - - - - - 100,000 4,087,170 - - - $ 18,516,858 $ 1,259,443 $ 3,159,919 $ 33,004,145 1 1 1 ' $ 5,400,572 $ 1,351,496 $ 19,794,576 $ - $ - $ 62,154,629 $ 1,762,091 $ 63,916,720 $ 62,595,700 711,419 - Totals ' Fiduciary Account Groups Primary 1,199 Proprietary Fund Types Fund Types General General Government Totals Internal Trust and Fixed Long -Term (Memorandum Component (Memorandum Only) - 450,337 Enterprise Service Agency Assets Debt Only) Unit 2003 2002 - 17,258 - - 322,079 5,150 327,229 ' $ 5,400,572 $ 1,351,496 $ 19,794,576 $ - $ - $ 62,154,629 $ 1,762,091 $ 63,916,720 $ 62,595,700 ' $ 22 521,725 $ 1 440 686 $ 19,945,382 $ 30.857.901 $ 14 735.000 $ 145 441,059 $ 5.377,521 $ 150,818,580 $ 150,072 318 1 1 1 1 ' (This statement is continued on the following pages.) 4- 711,419 - - - - 15,137,223 1,596,353 16,733,576 15,733,974 ' 834,955 1,199 836,154 836,154 1,011,675 29,440 5,333 125,701 - 450,337 - 450,337 486,819 8,832 - 17,258 - - 322,079 5,150 327,229 330,841 ' - 200 - - - - - 1,089,018 - 1,089,018 904,297 - 4,846 71847 - - 13,193 13,193 376,712 7,338 885 - - - 30,446 - 30,446 4,136 ' 17,009 192,873 - - - 192,873 - 192,873 - 38,451 - - - 38,451 - 38,451 35,209 86,997 76,927 - - 185,737 - 185,737 162,561 ' 100,000 100,000 - - - - 29,516 - - - 4,087,170 - 4,087,170 4,087,170 ' 15,210,848 30,857,901 46,068,749 2,013,927 48,082,676 46,836,499 - - - - - - 2,840,619 2,840,619 - 2,840,619 2,880,845 ' - - - 11,894,381 11,894,381 - 11,894,381 14,579,155 ' $ 22 521,725 $ 1 440 686 $ 19,945,382 $ 30.857.901 $ 14 735.000 $ 145 441,059 $ 5.377,521 $ 150,818,580 $ 150,072 318 1 1 1 1 ' (This statement is continued on the following pages.) 4- VILLAGE OF DEERFIELD, ILLINOIS COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS AND DISCRETELY PRESENTED COMPONENT UNIT April 30, 2003 (with comparative totals for 2002) LIABILITIES AND EQUITY AND OTHER CREDITS LIABILITIES Accounts payable Accrued payroll Accrued interest Deposits payable Compensated absences payable Claims payable Other payables Due to other funds Due to component unit Due to primary government Deferred property taxes Other deferred revenues Advances from other funds General obligation bonds payable Total liabilities EQUITY AND OTHER CREDITS Contributed capital Investments in general fixed assets Retained earnings Reserved for liability insurance Unreserved Fund balances Reserved for inventory Reserved for prepaid items Reserved for long -term advance Reserved for debt service Reserved for employees' retirement system Unreserved Designated - future improvements Designated - memorial Undesignated Total equity and other credits TOTAL LIABILITIES AND EQUITY AND OTHER CREDITS -5- Governmental Fund Types Special Debt Capital General Revenue Service Projects $ 181,761 $ 24,965 $ 300 $ 551,137 174,440 - - - - - - 31,189 1,121,565 - - - 19,282 - - 7,847 - - - 1,316,250 - 319,000 15,560,783 - - - 200,000 4,087,170 2,821,145 24,965 319,300 20,430,279 21,813 - - - - - - 100,000 4,087,170 - - - - - 2,840,619 - 12,473,866 11,586,730 1,234,478 - - 15,695,713 1,234,478 2,840,619 12,573,866 $ 18,516,858 $ 1,259.443 $ 3,159,919__$_33,004 145 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Totals Fiduciary Account Groups Primary Proprietary Fund Types Fund Types General General Government Totals Internal Trust and Fixed Long -Term (Memorandum Component (Memorandum Only) Enterprise Service Agency Assets Debt Only) Unit 2003 2002 $ 1,004,169 $ 3,508 $ 11,084 $ $ - $ 1,776,924 $ 44,671 $ 1,821,595 $ 1,548,865 27,844 4,364 - - 206,648 32,265 238,913 184,770 16,621 - - - 16,621 - 16,621 81,661 - - 456,410 - 487,599 - 487,599 486,556 224,432 60,704 - 1,406,701 97,084 1,503,785 1,480,265 - 489,526 - - 489,526 - 489,526 308,283 - - 103,745 123,027 - 123,027 112,699 - - 5,346 - 13,193 - 13,193 376,712 . - - - - 17,009 - - - - - - 30,446 30,446 4,136 755,000 - - - - 17,951,033 1,687,790 19,638,823 18,688,768 - - - - 200,000 - 200,000 - - - - - - 4,087,170 - 4,087,170 4,087,170 4,105,000 - - 14,735,000 18,840,000 - 18,840,000 21,630,400 6,133,066 558,102 576,585 14,735,000 45,598,442 1,892,256 47,490,698 49,007,294 5,809,267 - - - - 5,809,267 - 5,809,267 5,993,447 - - 30,857,901 30,857,901 2,013,927 32,871,828 32,215,084 - - - - - - - - 867,426 10,579,392 882,584 - - - 11,461,976 - 11,461,976 10,297,245 - - - - 21,813 - 21,813 21,761 - - - - - 100,000 - 100,000 - - - - 4,087,170 - 4,087,170 4,087,170 - 2,840,619 - 2,840,619 2,880,845 - 19,368,797 19,368,797 - 19,368,797 19,112,812 - - - 12,473,866 392,500 12,866,366 12,100,387 - - - - - 23,536 23,536 21,277 - - 12,821,208 1,055,302 13,876,510 13,467,570 16,388,659 882,584 19,368,797 30,857,901 99,842,617 3,485,265 103,327,882 101,065,024 $ 22,521,725 $ 1,440.686 $ 19,945,382 $ 30,857,901 $ 14,735,000 $ 145,441,059 $ 5,377,521 $ 150,818,580 $ 150,072,318 See accompanying notes to financial statements. -6- z .r O 00 G.i \D O — U W 0 V1 aN U M ^ �O W a N a Q N O A >pq� Mow U o O�Ca a � � wz W� o zw Q ow I� 00 .• N O V 1 l� ..• z v1 N Oy IT O O\ z � w to O W O LY. 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O M m k kn ql ON M 00 N N U 0 �0 ' 00 0A G 0 U cz C) O ^z M o z to to o 0 ¢� cis mFOwU O w cr. w w N U 0 �0 ' 00 0A G 0 U cz VILLAGE OF DEERFIELD, ILLINOIS COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL GENERAL, SPECIAL REVENUE, DEBT SERVICE, AND CAPITAL PROJECTS FUND TYPES For the Year Ended April 30, 2003 General Special Revenue Budget Actual Budget Actual REVENUES Taxes $ 7,840,100 $ 7,365,487 $ 902,000 $ 776,360 Licenses and permits 795,500 934,518 - - Intergovernmental 34,000 135,978 505,000 525,018 Charges for services 209,500 222,329 253,400 282,926 Fines and forfeits 242,500 193,060 - - Investment income 370,000 466,023 102,000 96,986 Miscellaneous 327,900 385,562 - - Total revenues 9,819,500 9,702,957 1,762,400 1,681,290 EXPENDITURES Current General government 3,016,782 2,608,586 - - Public safety 6,013,950 5,349,599 233,790 119,807 Pension cost - - 927,400 612,515 Highways and streets 1,400,420 1,144,463 254,000 270,369 Capital outlay - - - - Debt service Principal retirement - - - - Interest and fiscal charges - - - Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Operating transfers in Operating transfers (out) Total other financing sources (uses) EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES FUND BALANCE, MAY 1 Prior period adjustment FUND BALANCE, MAY 1, RESTATED Residual equity transfer in (out) FUND BALANCE, APRIL 30 -9- 10,431,152 9,102,648 1,415,190 1,002,691 (611,652) 600,309 347,210 678,599 462,400 974,522 - - (750,000) (710,400) (275,000) (223,543) (287,600) 264,122 (275,000) (223,543) $ (899,252) 864,431 $ 72,210 455,056 13,654,134 2,630,136 - 43,847 13,654,134 2,673,983 1,177,148 (1,894,561) 15,695,713 $ 1,234,478 1 1 1 I ITotals Debt Service Capital Projects (Memorandum Only) Budget Actual Budget Actual Budget Actual $ 399,000 $ 401,867 $ 13,070,000 $ 13,699,598 $ 22,211,100 $ 22,243,312 - - - - 795,500 934,518 - 4,032,775 - - 539,000 660,996 (3,845,375) - 449,572 449,572 912,472 954,827 - - - - 242,500 193,060 150,000 79,544 625,400 772,462 1,247,400 1,415,015 430,000 162,047 3,500 2,091 761,400 549,700 979,000 643,458 14,148,472 14,923,723 26,709,372 26,951,428 7,100,000 7,270,525 10,116,782 9,879,111 - - 6,247,740 5,469,406 927,400 612,515 - - 1,654,420 1,414,832 - - 6,315,900 4,767,424 6,315,900 4,767,424 3,831,402 2,725,000 - - 3,831,402 2,725,000 5,000 739,459 - - 5,000 739,459 3,836,402 3,464,459 13,415,900 12,037,949 29,098,644 25,607,747 $ (37,027) (40,226) $ (1,337,803) 815,399 $ (2,201,872) 2,094,660 2,880,845 (2,857,402) (2,821,001) 732,572 2,885,774 (2,389,272 ) 1,343,681 2,820,375 2,780,775 750,000 750,000 4,032,775 4,505,297 (717,413) - - (2,820,375) (2,820,375) (3,845,375) (3,754,318) 2,820,375 2,780,775 (2,070,375) (2,070,375) 187,400 750,979 $ (37,027) (40,226) $ (1,337,803) 815,399 $ (2,201,872) 2,094,660 2,880,845 11,960,387 31,125,502 - (201,920) (158,073) 2,880,845 11,758,467 30,967,429 - (717,413) $ 2,840,619 $ 12,573,866 $ 32,344,676 1 See accompanying notes to financial statements. -10- VILLAGE OF DEERFIELD, ILLINOIS COMBINED STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS ALL PROPRIETARY FUND TYPES For the Year Ended April 30, 2003 (with comparative totals for 2002) OPERATING EXPENSES Administration 733,513 1,647,328. Totals 2,070.,625 Operations Internal (Memorandum Only) 5,979,195 Enterprise Service 2003 2002 OPERATING REVENUES 462,516 260,869 Total operating expenses Charges for services $ 6,192,942 $ 1,764,271 $ 7,957,213 $ 7,613,680 Miscellaneous 121,315 3,573 124,888 165,139 Total operating revenues 6,314,257 1,767,844 8,082,101 7,778,819 OPERATING EXPENSES Administration 733,513 1,647,328. 2,380,841 2,070.,625 Operations 5,721,908 257,287 5,979,195 6,052,305 Depreciation and amortization 462,516 - 462,516 260,869 Total operating expenses 6,917,937 1,904,615 8,822,552 8,383,799 OPERATING INCOME (LOSS) (603,680) (136,771) (740,451) (604,980) NONOPERATING REVENUES (EXPENSES) Investment income 137,769 85,095 222,864 379,527 Property taxes 789,195 - 789,195 741,943 Interest expense (124,917) - (124,917) (193,093) Total nonoperating revenues (expenses) 802,047 85,095 887,142 928,377 INCOME BEFORE OPERATING TRANSFERS 198,367 (51,676) 146,691 323,397 OPERATING TRANSFERS Operating transfers in 316,344 16,297 332,641 - Operating transfers (out) (125,000) . (958,620) (1,083,620) (197,000) Total operating transfers 191,344 (942,323) (750,979) (197,000) NET INCOME (LOSS) 389,711 (993,999) (604,288) 126,397 OTHER CHANGES IN RETAINED EARNINGS Depreciation that reduces capital 184,180 - 184,180 184,180 NET INCREASE (DECREASE) IN RETAINED EARNINGS 573,891 (993,999) (420,108) 310,577 RETAINED EARNINGS, MAY 1 9,365,334 1,799,337 11,164,671 11,706,041 Prior period adjustment - - - (851,947) RETAINED EARNINGS, MAY 1, RESTATED 9,365,334 1,799,337 11,164,671 10,854,094 Residual equity transfer in (out) 640,167 77,246 717,413 - RETAINED EARNINGS, APRIL 30 $ 10,579,392 $ 882,584 $ 11,461,976 $ 11,164,671 See accompanying notes to financial statements. -11- LI 1 1 1 1 1 r t 1 1 1 (This page is intentionally left blank.) VILLAGE OF DEERFIELD, ILLINOIS COMBINED STATEMENT OF CASH FLOWS ALL PROPRIETARY FUND TYPES For the Year Ended April 30, 2003 (with comparative totals for 2002) CASH FLOWS FROM OPERATING ACTIVITIES Operating income (loss) Adjustments to reconcile operating income (loss) to net cash from operating activities Depreciation and amortization Changes in assets and liabilities Receivables Due from other funds Due from component unit Other assets Inventories Deferred bond issuance costs Accounts payable Accrued payroll Contracts payable Compensated absences payable Other payables Due to other funds Net cash from operating activities CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Operating transfers in Operating transfers (out) Residual equity transfer in Property taxes Net cash from noncapital financing activities CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Principal paid on general obligation bonds Fixed assets purchased Interest paid on general obligation bonds Net cash from capital and related financing activities Totals Internal (Memorandum Only) Enterprise Service 2003 2002 $ (603,680) $ (136,771) $ (740,451) $ (604,980) 462,516 - 462,516 260,869 185,441 (1,142) 184,299 147,559 3,582 (4,846) (1,264) 20,974 (7,338) (885) (81223) 3,755 (163,757) - (163,757) 629 (20,594) (2,530) (23,124) (14,722) (3,242) - (3,242) 2,450 589,085 68,186 657,271 (293,355) (2,971) 908 (2,063) 11,263 - - - (12,595) 6,029 (805) 5,224 (61,706) - - - (49,230) (17,009) - (17,009) (9,965) 428,062 (77,885) 350,177 (599,054) 316,344 16,297 332,641 - (125,000) (958,620) (1,083,620) (197,000) 640,167 77,246 717,413 - 794,801 - 794,801 741,943 1,626,312 (865,077) 761,235 544,943 (65,000) - (65,000) (289,600) (1,051,949) - (1,051,949) (4,225,736) (185,650) - (185,650) (198,410) (1,302,599) - (1,302,599) (4,713,746) (This statement is continued on the following page.) -12- 1 VILLAGE OF DEERFIELD, ILLINOIS ' COMBINED STATEMENT OF CASH FLOWS (Continued) ALL PROPRIETARY FUND TYPES I 1 1 1 1 1 1 1 I 1 1 1 1 1 u For the Year Ended April 30, 2003 (with comparative totals for 2002) CASH FLOWS FROM INVESTING ACTIVITIES Purchase of investment securities Proceeds from sale and maturities of investment securities Interest received Net cash from investing activities NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS, MAY 1 CASH AND CASH EQUIVALENTS, APRIL 30 CASH AND INVESTMENTS Cash and cash equivalents Investments TOTAL CASH AND INVESTMENTS NONCASH ACTIVITIES Increase (decrease) in fair value of investments Totals Internal (Memorandum Only) Enterprise Service 2003 2002 $ (935,583) $ - $ (935,583) $ (47,935) 41,922 - 41,922 4,915,676 140,711 114,624 255,335 416,572 (752,950) 114,624 (638,326) 5,284,313 (1,175) (828,338) (829,513) 516,456 2,818,747 2,179,834 4,998,581 4,482,125 $ 2,817,572 $ 1,351,496 $ 4,169,068 $ 4,998,581 $ 2,817,572 $ 1,351,496 $ 4,169,068 $ 4,998,581 2,583,000 - 2,583,000 1,705,000 $ 5,400,572 $ 1,351,496 $ 6,752,068 $ 6,703,581 $ (15,661) $ (19,819) $ (35,480) $ (3,5761 See accompanying notes to financial statements. - 13 - VILLAGE OF DEERFIELD, ILLINOIS COMBINED STATEMENT OF CHANGES IN PLAN NET ASSETS POLICE PENSION FUND For the Year Ended April 30, 2003 ADDITIONS 135,615 Contributions - employer 4041276 Property taxes - current $ 269 518 Replacement taxes 6,865 Contributions - employee 284,234 Total contributions 560,617 Investment income Net appreciation (depreciation) in fair value of investments 135,615 Interest earned on investments 4041276 Total investment income 539,891 Less investment expense (2,532) Net investment income 537,359 Total additions 1,097,976 DEDUCTIONS Benefits and refunds Pension payments 835,005 Separation refunds 2,274 Miscellaneous 4,712 Total deductions 841,991 NET INCREASE 255,985 NET ASSETS HELD IN TRUST FOR PENSION BENEFITS May 1 19,112,812 April 30 $ 19,368,797 See accompanying notes to financial statements. -14- 1 VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS April 30, 2003 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of the Village of Deerfield Illinois ( the Village) have been prepared in conformity with accounting 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 Accounting Standards Board (GASB) is the accepted standard - setting body for establishing governmental accounting and financial reporting principles. The more significant of the Village's accounting policies are described below. a. Reporting Entity The Village was incorporated in 1903. The Village is a municipal corporation ' governed by an elected seven - member board. As required by GAAP, these financial statements present the Village (the primary government) and its component units. The Village's financial statements include: Pension Trust Fund Police Pension Employees Retirement System MThe Village's police employees participate in the Police Pension Employees Retirement System ( PPERS). PPERS functions for the benefit of these employees i` and is governed by a five - member pension board. Two members appointed by the Village's Mayor, one elected pension beneficiary, and two elected police employees 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 determination of contribution levels. Although it possesses many of the characteristics of a legally separate government, the PPERS is reported as if it were part of the primary government because its sole purpose is to finance and administer the pensions of the Village's police employees and because of the fiduciary nature of such activities. The PPERS is reported as a pension trust fund. Separate financial statements are issued and available from the Police Pension Board. 1 IJ 1 -15- VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) � 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) a. Reporting Entity (Continued) I Discretely Presented Component Unit Village of Deerfield Public Library The Deerfield Public Library (the Library) has a separately elected seven - member board, which annually determines its budget and resulting tax levy. Upon approval of the Village, the levy is submitted to the County. All debt of the Library is secured by the full faith and credit of the Village, which. is wholly liable for the debt. The Library, while servicing the general population of the Village, does not provide services entirely to the Village. Because the Library possesses the characteristics 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 component unit portion of this report. Joint Ventures Solid Waste Agency of Lake County ( SWALCO) SWALCO is a municipal corporation empowered to plan, finance, construct, and operate a solid waste disposal system to serve its member municipalities. Management consists of a Board of Directors comprised of one appointed _ representative from each member. The Village does not exercise any control over the activities of SWALCO beyond its representation on the Board of Directors. _ SWALCO is reported as a proprietary joint venture. b. un F d Accounting The Village uses funds and account groups to report on its financial position, results of its operations, and cash flows. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain government functions or activities. A fund is a separate accounting entity with a self - balancing set of accounts. An account group, on the other hand, is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect net expendable available financial resources. Funds are classified into the following categories: governmental, proprietary, and fiduciary. Each category, in turn, is divided into separate "fund types." -16- 1 VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) I1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Ib. Fund Accounting (Continued) Governmental funds are used to account for all or most of the Village's general . activities, including the collection and disbursement of earmarked monies (special revenue funds), the acquisition or construction of general fixed assets (capital projects funds), and the servicing of general long -term debt (debt service funds). The general fund is used to account for all activities of the general government not accounted for in some other fund. Proprietary funds are used to account for activities similar to those found in the private sector, where the determination of net income is necessary or useful to sound financial administration. Goods or services from such activities can be provided either to outside parties (enterprise funds) or to other departments or.agencies primarily within the Village (internal service funds). Fiduciary funds are used to .account for assets held on behalf of outside parties, including other governments, or on behalf of other funds within the Village. When these assets are held under the terms of a formal trust agreement, a pension trust fund may be used. Agency funds generally are used to account for assets that the Village holds on behalf of others as their agent. The general fixed assets account group is used to account for fixed assets not accounted for in proprietary or trust funds. The general long -term debt account group is used to account for general long -term debt and certain other liabilities that are not specific liabilities of proprietary or trust funds. C. Basis of Accounting i -17- The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. All proprietary funds and pension trust funds are accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and all liabilities associated with the operation of these funds are included on the balance sheet. Proprietary fund -type fund equity (i.e., net total assets) is segregated into contributed capital and retained earnings components. Proprietary fund -type operating statements present increases (i.e., revenues) and decreases (i.e., expenses) in net total assets. i -17- VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) C. Basis of Accounting (Continued) I The modified accrual basis of accounting is used by all governmental fund types and agency funds. Under the modified accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). "Measurable" means the amount of the transaction can be determined, and "available" means collectible within the current period. The Village recognizes property taxes when they become both measurable and available in the period intended to finance. A one -year availability period is used for revenue recognition for all other governmental fund revenues. Expenditures are recorded when the related fund liability is incurred. Principal and interest on general long -term debt are recorded as fund liabilities when due or when amounts have been accumulated in the debt service fund for payments to be made early in the following year. Those revenues susceptible to accrual are property taxes, franchise taxes, licenses, interest revenue, and charges for services. Sales and motor fuel taxes and fines owed , to /collected by the state at year end on behalf of the Village also are recognized as revenue. Permit revenues are not susceptible to accrual because generally they are not measurable until received in cash. The accrual basis of accounting is utilized by proprietary and pension trust funds. Under this method, revenues and additions are recorded when earned and expenses and deductions are recorded at the time liabilities are incurred. The Village reports deferred revenue on its combined balance sheet. Deferred , revenues arise when a potential revenue does not meet both the "measurable" and "available" criteria for recognition in the current period. Deferred revenues also arise when resources are received by the Village before it has a legal claim to them, as when grant monies are received prior to the incurrence of qualifying expenditures. In subsequent periods, when both revenue recognition criteria are met or when the Village has a legal claim to the resources, the liability for deferred revenue is removed from the combined balance sheet and revenue is recognized. d. 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 Pension Trust funds. The annual appropriated budget is legally enacted and provides for a legal level of control at the fund level. All annual appropriations lapse at fiscal year end. r� -18- 1 u 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) d. Budgets (Continued) Encumbrances represent commitments related to unperformed contracts for goods or services. Encumbrance accounting - -under which purchase orders, contracts, and other commitments for the expenditure of resources are recorded to resery e that portion of the applicable appropriation - -is utilized 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 liabilities because the commitments will be honored during the subsequent year. Cash and Investments During the course of operations, numerous transactions occur between individual funds for goods provided or services rendered. These receivables and payables are classified as "due from other funds" or "due to other funds" on the balance sheet. Short-term interfund loans, if any, are classified as " interfund receivables/ payables." h. Advances to Other Funds Noncurrent portions of long -term interfund loan receivables are reported as advances and are offset equally by a fund balance reserve account which indicates that they do 1 not constitute expendable available financial resources and, therefore, are not available for appropriation. 1 -19- Cash and Cash Equivalents For purposes of the statement of cash flows, the Village's proprietary fund types consider all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. f. Investments Investments with a maturity of less than one year when purchased and non- negotiable certificates of deposit are stated at cost or amortized cost. Investments with a maturity greater than one year when purchased and all investments of the pension trust funds are stated at fair value. Fair value is based on prices listed on national exchanges as of April 30, 2003 for debt and equity securities. Mutual funds, investment funds and insurance separate accounts are valued at contract value as of April 30, 2003. g. Short-Term Interfund Receivables/Payables During the course of operations, numerous transactions occur between individual funds for goods provided or services rendered. These receivables and payables are classified as "due from other funds" or "due to other funds" on the balance sheet. Short-term interfund loans, if any, are classified as " interfund receivables/ payables." h. Advances to Other Funds Noncurrent portions of long -term interfund loan receivables are reported as advances and are offset equally by a fund balance reserve account which indicates that they do 1 not constitute expendable available financial resources and, therefore, are not available for appropriation. 1 -19- VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) i. Inventories Inventories are valued at cost, which approximates market, using the first -in/ first -out (FIFO) method. The costs of governmental fund -type inventories are recorded as expenditures when consumed rather than when purchased. j. Prepaid Items Payments made to vendors for services that will benefit periods beyond the date of this report are recorded as prepaid items. k. Fixed Assets General fixed assets are not capitalized in the funds used to acquire or construct them. Instead, capital acquisition and construction are reflected as expenditures in governmental funds and the related assets are reported in the general fixed assets account group. All purchased fixed assets are valued at cost where historical records are available and at an estimated historical cost where no historical records exist. Donated fixed assets are valued at their estimated fair 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 fixed assets, as applicable. Public domain (infrastructure) general fixed assets consisting of roads, bridges, curbs and gutters, streets and sidewalks, drainage systems, and lighting systems are not capitalized, as these assets are immovable and of value only to the Village. Assets in the general fixed assets account group are not depreciated. Depreciation of buildings, equipment, water /sewer systems, and vehicles in the proprietary fund types is computed using the straight -line method. Interest is capitalized on proprietary fund assets acquired with tax - exempt debt. The amount of interest to be capitalized is calculated by offsetting interest expense incurred from the date of the borrowing until completion of the project with interest earned on invested proceeds over the same period. 1 -20- 1 I VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Contributed capital is recorded in proprietary funds that have received capital grants (prior to May 1, 2001) or contributions from developers, customers, or other funds. Reserves represent those portions of fund equity not appropriable for expenditure or legally segregated for a specific future use. Designated fund balances represent tentative plans for future use of financial resources. 1 o. Bond Discounts /Issuance Costs In governmental fund types, bond discounts and issuance costs are recognized in the current period. Bond discounts and issuance costs for proprietary fund types are deferred and amortized over the term of the bonds using the bonds - outstanding method, which approximates the effective interest method. Bond discounts are presented as a reduction of the face amount of bonds payable whereas issuance costs are recorded as deferred charges. Ip. Interfund Transactions Quasi - external transactions are accounted for as revenues, expenditures, or expenses. Transactions that constitute reimbursements to a fund for expenditures /expenses initially made from it that are properly applicable to another fund are recorded as expenditures /expenses in the reimbursing fund and as reductions of expenditures /expenses in the fund that is reimbursed. �, -21- 1. Compensated Absences Vested or accumulated vacation leave, including related social security and medicare, that is expected to be liquidated with expendable available financial ■ resources is reported as an expenditure and a fund liability of the governmental fund that will pay it. Vested or accumulated vacation leave of proprietary funds is recorded as an expense and liability of those funds as the benefits accrue to employees. Contributed capital is recorded in proprietary funds that have received capital grants (prior to May 1, 2001) or contributions from developers, customers, or other funds. Reserves represent those portions of fund equity not appropriable for expenditure or legally segregated for a specific future use. Designated fund balances represent tentative plans for future use of financial resources. 1 o. Bond Discounts /Issuance Costs In governmental fund types, bond discounts and issuance costs are recognized in the current period. Bond discounts and issuance costs for proprietary fund types are deferred and amortized over the term of the bonds using the bonds - outstanding method, which approximates the effective interest method. Bond discounts are presented as a reduction of the face amount of bonds payable whereas issuance costs are recorded as deferred charges. Ip. Interfund Transactions Quasi - external transactions are accounted for as revenues, expenditures, or expenses. Transactions that constitute reimbursements to a fund for expenditures /expenses initially made from it that are properly applicable to another fund are recorded as expenditures /expenses in the reimbursing fund and as reductions of expenditures /expenses in the fund that is reimbursed. �, -21- m. Long -Term Obligations Long -term debt is recognized as a liability of a governmental fund when due or when resources have been accumulated in the debt service fund for payment early in the ■ following year.. For other long -term obligations, only that portion expected to be financed from expendable available financial resources is reported as a fund liability of a governmental fund. The remaining portion of such obligations is reported in the general long -term debt account group. Long -term liabilities expected to be financed from proprietary fund operations are accounted for in those funds. n. Fund Equity q Y Contributed capital is recorded in proprietary funds that have received capital grants (prior to May 1, 2001) or contributions from developers, customers, or other funds. Reserves represent those portions of fund equity not appropriable for expenditure or legally segregated for a specific future use. Designated fund balances represent tentative plans for future use of financial resources. 1 o. Bond Discounts /Issuance Costs In governmental fund types, bond discounts and issuance costs are recognized in the current period. Bond discounts and issuance costs for proprietary fund types are deferred and amortized over the term of the bonds using the bonds - outstanding method, which approximates the effective interest method. Bond discounts are presented as a reduction of the face amount of bonds payable whereas issuance costs are recorded as deferred charges. Ip. Interfund Transactions Quasi - external transactions are accounted for as revenues, expenditures, or expenses. Transactions that constitute reimbursements to a fund for expenditures /expenses initially made from it that are properly applicable to another fund are recorded as expenditures /expenses in the reimbursing fund and as reductions of expenditures /expenses in the fund that is reimbursed. �, -21- VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) p. Interfund Transactions (Continued) All other interfund transactions, except quasi - external transactions and reimbursements, are reported as transfers. Nonrecurring or nonroutine permanent transfers of equity are reported as residual equity transfers. All other interfund transfers are reported as operating transfers. ` q. Memorandum Only - Total Columns Total columns on the general purpose financial statements are captioned "memorandum only" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position or results of operations in conformity with GAAP. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. r. Comparative Data Comparative total data for the prior year have.been presented in selected sections of the accompanying financial statements in order to provide an understanding of changes in the Village's financial position, operations, and cash flows. Certain reclassifications have been made to maintain comparability. GASB Pronouncements to 2 The Village has elected, under the provisions of GASB Statement 0, titled "Accounting and Financial Reporting for Proprietary Funds and Other Governmental Entities That Use Proprietary Fund Accounting," to apply all applicable GASB pronouncements and all FASB Statements -and Interpretations, Accounting Principles Board (APB) Opinions, and Accounting Research Bulletins (ARB) issued on or before November 30, 1989, unless they conflict with or contradict GASB pronouncements. 2. LEGAL COMPLIANCE AND ACCOUNTABILITY I a. Budgets I 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 information on the past year, current year estimates, and requested appropriations for the next fiscal year. The proposed budget is presented to the governing body for review. The governing body holds public hearings and can add to, subtract from, or change appropriations, but cannot change the form of the budget. -22- VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 2. LEGAL COMPLIANCE AND ACCOUNTABILITY (Continued) b. Excess of Actual Expenditures/Expenses Over Budget in Individual Funds The following funds had an excess of actual expenditures /expenses (exclusive of depreciation and amortization) over budget for the fiscal year: Fund Motor Fuel Tax Insurance Police Pension DEPOSITS AND INVESTMENTS Excess $ 16,369 148,278 64,523 The Village maintains a cash and investment pool that is available for use by all funds, except the pension trust funds. Each fund type's portion of this pool is displayed on the combined balance sheet as "cash and investments." In addition, investments are separately held by several of the Village's funds. The deposits and investments of the pension trust funds are held separately from those of other funds. The primary government and discretely presented component unit have cash on hand of $2,680 and $1,000, respectively, which has been excluded from the amounts shown below. a. Budgets (Continued) Management cannot amend the total budget for individual funds without 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 appropriation or transfers of appropriated amounts. During the year, supplementary appropriations were necessary for the Vehicle and Equipment Replacement Fund. b. Excess of Actual Expenditures/Expenses Over Budget in Individual Funds The following funds had an excess of actual expenditures /expenses (exclusive of depreciation and amortization) over budget for the fiscal year: Fund Motor Fuel Tax Insurance Police Pension DEPOSITS AND INVESTMENTS Excess $ 16,369 148,278 64,523 The Village maintains a cash and investment pool that is available for use by all funds, except the pension trust funds. Each fund type's portion of this pool is displayed on the combined balance sheet as "cash and investments." In addition, investments are separately held by several of the Village's funds. The deposits and investments of the pension trust funds are held separately from those of other funds. The primary government and discretely presented component unit have cash on hand of $2,680 and $1,000, respectively, which has been excluded from the amounts shown below. ,1 -23- Permitted Deposits and Investments - Statutes authorize the Village to make deposits/ invest in insured commercial banks, savings and loan institutions, obligations of the U.S. Treasury and U.S. Agencies, insured credit union shares, money market mutual funds with portfolios of securities issued or guaranteed by the United States or agreements to repurchase these same obligations, repurchase agreements, short-term commercial paper rated within the three highest classifications by at least two standard rating services, and The Illinois Funds. Pension funds can also invest in certain non -U.S. obligations, Illinois municipal corporations tax anticipation warrants, veteran's loans, obligations of the State of Illinois and its political subdivisions, and Illinois insurance company general and separate accounts, mutual funds, and equity securities. ,1 -23- VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 3. DEPOSITS AND INVESTMENTS (Continued) Illinois Funds is an investment pool managed by the State of Illinois, Office of the Treasurer, which allows governments within the State to pool their funds for investment purposes. Illinois Funds is not registered with the SEC as an investment company, but does operate in a manner consistent with Rule 2a7 of the Investment Company Act of 1940. Investments in Illinois Funds are valued at Illinois Fund's share price, which is the price the investment could be sold for. a. Deposits At year end, the carrying amount of the Village's deposits totaled $78,626 and bank balances totaled $254,976 and the Discretely Presented Component Unit's carrying amount of deposits totaled $48,813 and bank balances totaled $48,715. Bank Balances Discretely Presented Primary Component Government Unit Category 1 Deposits covered by federal depository insurance, or by collateral held by the Village, or its agent, in the Village's name. $ 254,976 $ 48,715 Category 2 Deposits covered by collateral held by the pledging financial institution's trust department, or by its agents, in the Village's name. - - Category 3 Deposits covered by collateral held by the pledging financial institution, or its trust department, or its agent but not in the Village's name, and deposits which are uninsured and uncollateralized. TOTAL DEPOSITS $ 254,976 $ 48,715 For pension trust funds, the types of deposits authorized and the mix of credit risk categories do not differ significantly from the other funds of the Village. 1 1 1 r -24- 1 VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 3. DEPOSITS AND INVESTMENTS Continued b. Investments The pension trust fund owns 31 % percent of the investments in Category 1. 4. RECEIVABLES -TAXES Property taxes for 2002 attach as an enforceable lien on January 1, 2002 on property values assessed as of the same date. Taxes are levied by December 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, 2003 and August 1, 2003 and are payable in two installments, on or about March 1, 2003 and September 1, 2003. The County collects such taxes and remits them periodically. The 2003 tax levy, which attached as an enforceable lien on property as of January 1, 2003, has not been recorded as a receivable as of April 30, 2003 as the tax has not yet been levied by the Village and will not be levied until December 2003, and, therefore, the levy is not measurable at April 30, 2003. -25- The Village's investments are categorized to give an indication of the level of custodial credit risk assumed by the entity at year end. Category 1 includes investments that are insured or registered or for which the securities are held by the Village or its agent in the Village's name. Category 2 includes uninsured and unregistered investments for which the securities are held by the counterparty's trust department or agent in the Village's name. Category 3 includes uninsured and unregistered investments for which the securities are held by the counterparty in the 1 Village's name, or held by any third party but not in the Village's name. Fair Value Category 1 2 3 Totals PRIMARY GOVERNMENT U.S. Government Securities $ 6,921,426 $ - $ - $ 6,921,426 U.S. Agency Securities 30,081,869 - - 30,081,869 Municipal Bonds 2,244,016 - - 2,244,016 $ 39,247,311 $ - $ - 39,247,311 *The Illinois Funds 14,451,416 *Mutual Funds 8,218,025 TOTAL INVESTMENTS - PRIMARY GOVERNMENT $ 61,916,752 DISCRETELY PRESENTED COMPONENT UNIT *The Illinois Funds $ 1,712,278 * Not subject to custodial credit risk disclosures. The pension trust fund owns 31 % percent of the investments in Category 1. 4. RECEIVABLES -TAXES Property taxes for 2002 attach as an enforceable lien on January 1, 2002 on property values assessed as of the same date. Taxes are levied by December 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, 2003 and August 1, 2003 and are payable in two installments, on or about March 1, 2003 and September 1, 2003. The County collects such taxes and remits them periodically. The 2003 tax levy, which attached as an enforceable lien on property as of January 1, 2003, has not been recorded as a receivable as of April 30, 2003 as the tax has not yet been levied by the Village and will not be levied until December 2003, and, therefore, the levy is not measurable at April 30, 2003. -25- VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 5. FIXED ASSETS a. General Fixed Assets Account Group The following is a summary of changes in the general fixed assets account group during the fiscal year: PRIMARY GOVERNMENT Balances Balances May 1 Additions Retirements April 30 Land $ 17,314,478 $ - $ - $ 17,314,478 Buildings and improvements 7,810,649 359,624 - 8,170,273 Vehicles 1,668,414 335,794 294,054 1,710,154 Equipment 3,460,367 203,498 869 3,662,996 TOTAL GENERAL FIXED ASSETS $ 30,253,908 $ 898,916 $ 294,923 $ 30,857,901 DISCRETELY PRESENTED COMPONENT UNIT Balances Balances May 1 Additions Retirements April 30 Land $ 145,556 $ - $ - $ 145,556 Buildings and improvements 1,378,955 - - 1,378,955 Equipment 436,665 52,751 - 489,416 TOTAL GENERAL FIXED ASSETS $ 1,961,176 $ 52,751 $ - $ 2,013,927 b. Proprietary Fixed Assets The following is a summary of proprietary fund -type fixed assets as of the date of this report: Enterprise Fund Land $ 77,500 Water /sewer system 23,540,944 Equipment and vehicles 1,212,599 Parking lot improvements 632,608 Construction in progress 147,836 Total fixed assets 25,611,487 Less accumulated depreciation 10,400,639 NET FIXED ASSETS $ 15,210,848 -26- I VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) FIXED'ASSETS (Continued) Ib. Proprietary Fixed Assets (Continued) In proprietary funds, the following estimated useful lives are used to compute depreciation: Water /sewer system 50 -60 years Equipment 10 -20 years Vehicles 4 -5 years Parking lot improvements 20 years 1 6. RISK MANAGEMENT f] 1 -27- The Village is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions' injuries to employees; illnesses of employees; and natural disasters. The Village is self - insured for medical coverage and has established a risk financing fund (Insurance Fund) (the Fund) for medical coverage. It is accounted for as an internal service fund where assets are set aside for claim settlements. Under this program, the Fund provides coverage up to a maximum of $60,000 per month for each health claim. The Village purchases commercial insurance for claims in excess of the coverages provided by the Fund. Settled claims have not exceeded this commercial coverage in any of the past three fiscal years. Each participating fund of the Village makes payments to the Fund based upon actuarial estimates of the amounts needed to pay prior and current -year claims. Liabilities of the Fund are reported when it is probable that a loss has occurred and the amount of the loss can be reasonably estimated. Liabilities include an amount for claims that have been incurred but not reported (IBNR). Claim liabilities are calculated considering the effects of inflation, recent claim settlement trends including frequency and amount of payouts, and other economic and societal factors. Changes in the balances of claims liabilities during the past two fiscal years are as follows: 2003 2002 i� CLAIMS PAYABLE, MAY 1 $ 308,283 $ 219,068 Add claims incurred (including IBNR) 1,503,848 1,195,035 Less claims paid (1,322,605) (1,105,820) CLAIMS PAYABLE, APRIL 30 $ 489,526 $ 308,283 f] 1 -27- VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 6. RISK MANAGEMENT (Continued) Municipal Insurance Cooperative Agency (MICA) , The Village participates in the Municipal Insurance Cooperative Agency (MICA). MICA is a public entity risk pool whose members are Illinois municipalities. MICA manages and funds first party property losses, third party liability claims, workers' compensation claims, and public officials' liability claims of its members. 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 appointed representative from each member. In addition, there are three officers, a Risk Manager, and a Treasurer. , The Village does not exercise any control over activities of MICA beyond its representation on the Board of Directors. MICA functions solely as an administrative agent for each member. High -Level Excess Liability Pool (HELP) The Village participates in the High -Level Excess Liability Pool (HELP). HELP is a public entity risk pool established by certain municipalities (the Members) in Illinois to provide excess liability coverage ($10,000,000 of coverage after a $1,000,000 self - insurance retention). The Village's payments to HELP are displayed on the financial statements as expenditures /expenses in appropriate funds. 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 prevention or lessening of liability claims for injuries to persons or property or claims for errors and omissions made against the Members and other parties included within the scope of coverage of HELP. j HELP is governed by a Board of Directors, which consists of one appointed representative from each member municipality. Each Director 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 appropriations; approves contracts; adopts resolutions providing for the issuance of debt by HELP; adopts bylaws, rules, and regulations; 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 activities of HELP beyond its representation on the Board of Directors. �I 1 -28- 1 I VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 6. RISK MANAGEMENT (Continued) High -Level Excess Liability Pool (HELP) (Continued) The Village of Elk Grove Village, Illinois (the initial Host Member) issued $5,000,000 of general obligation bonds in 1987 to provide initial funding for HELP. The bond proceeds were put into escrow with LaSalle National Bank as escrow agent. An intergovernmental agreement among HELP, the Village of Elk Grove Village, and the Members provides that HELP and its Members are obligated to the Village of Elk Grove Village for payment of principal and interest on the bonds until such bonds have been retired. Additionally, each of the Members is liable for its proportionate share of any default by other Members. The obligations of HELP and its Members are unconditional. 7. LONG -TERM DEBT a. General Obligation Bonds The Village issues general obligation bonds for the acquisition and construction of major capital facilities. General obligation bonds are direct obligations and pledge the full faith and credit of the Village. General obligation bonds currently outstanding are as follows: Fund Debt Balances Balances Issue Retired By May 1 Additions Reductions Refundings April 30 P n $ 4,170,000 $ - $ 300,000 $ 3,225,000 $ 645,000 14,000,000 - 1,500,000 - 12,500,000 3,460,000 1 -29- - 1,225,000 - 2,235,000 General Obligation Bond Series of 1997 ($5,000,000 dated December 1, 1997; maturing December 1, 2012; payable in annual installments; Water interest rates from 4.35% to 4.50 %) Fund* General Obligation Bond Series of 1998 ($17,000,000 dated April 15, �• 1998; maturing October 1, 2009; payable in annual installments; Debt interest rates from 4.20% to 4.35 %) Service ** General Obligation Bond Series of 2002 ($3,460,000 dated February 1, 2002; maturing December 15, 2004; payable in annual installments; interest rates Debt from 3.25% to 4.00 %) Service P n $ 4,170,000 $ - $ 300,000 $ 3,225,000 $ 645,000 14,000,000 - 1,500,000 - 12,500,000 3,460,000 1 -29- - 1,225,000 - 2,235,000 VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 7. LONG -TERM DEBT (Continued) a. General Obligation Bonds (Continued) * 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 Maturity Annual debt service requirements to maturity are as follows: Fiscal Year Ending April 30, 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TOTAL PRINCIPAL AND INTEREST INTEREST PORTION -30- General Obligation Bonds $ 3,966,285 3,589,740 2,351,508 2,782,707 2,692,820 2,607,820 2,525,865 479,827 481,125 481,275 $ 21,958,972 $ 3,118,972 1 1 Fund Debt Balances Balances Issue Retired By May 1 Additions Reductions Refundings April 30 General Obligation Bond Series of 2003 ($3,460,000 dated February 28, 2003; maturing December 1, 2012, payable in annual installments; interest rates from Water 2.25% to 3.50 %.) Fund $ - $ 3,460,000 $ - $ - $ 3,460,000 TOTAL $21,630,000 $ 3,460,000 $ 3,025,000 $ 3,225,000 $18,840,000 * 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 Maturity Annual debt service requirements to maturity are as follows: Fiscal Year Ending April 30, 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TOTAL PRINCIPAL AND INTEREST INTEREST PORTION -30- General Obligation Bonds $ 3,966,285 3,589,740 2,351,508 2,782,707 2,692,820 2,607,820 2,525,865 479,827 481,125 481,275 $ 21,958,972 $ 3,118,972 1 1 I VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1 7. LONG -TERM DEBT (Continued) The Village qualifies as a Home Rule Unit under Section 6(a) of Article VII of the 1970 Constitution of Illinois and, under the powers granted by this section, can exercise any power and perform any function pertaining to its government and affairs that is not prohibited by the Illinois Compiled Statutes. 1 1 -31- C. Changes in Long -Term Liabilities The Village is a home rule municipality. During the fiscal year, the following changes occurred in liabilities reported in the legal debt margin. "The general long -term debt account group: 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, only in excess of the following percentages of the Balances assessed value of its taxable property ... (2) if its population is more than 25,000 and Balances less than 500,000 an aggregate of one percent: ... indebtedness which is outstanding on the effective date (July 1, 1971) of this constitution or which is thereafter May 1 Additions Retirements April 30 amounts." General Obligation Bond To date, the General Assembly has set no limits for home rule municipalities. e. Noncommitment Debt - Industrial Development Revenue Bonds Series of 1998 $ 14,000,000 $ - $ 1,500,000 $ 12,500,000 General Obligation Bond Series of 2002 3,460,000 - 1,225,000 2,235,000 TOTAL GENERAL LONG -TERM DEBT $ 17,460,000 $ - $ 2,725,000 $ 14,735,000 The Village qualifies as a Home Rule Unit under Section 6(a) of Article VII of the 1970 Constitution of Illinois and, under the powers granted by this section, can exercise any power and perform any function pertaining to its government and affairs that is not prohibited by the Illinois Compiled Statutes. 1 1 -31- d. Legal Debt Margin The Village is a home rule municipality. Article VII Section 6(k) of the 1970 Illinois Constitution governs () g s computation of the legal debt margin. "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, 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 percent: ... 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 amounts." To date, the General Assembly has set no limits for home rule municipalities. e. Noncommitment Debt - Industrial Development Revenue Bonds The Village qualifies as a Home Rule Unit under Section 6(a) of Article VII of the 1970 Constitution of Illinois and, under the powers granted by this section, can exercise any power and perform any function pertaining to its government and affairs that is not prohibited by the Illinois Compiled Statutes. 1 1 -31- P I J VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) , 7. LONG -TERM DEBT (Continued) e. Noncommitment Debt - Industrial Development Revenue Bonds (Continued) The issuance of Industrial Development Revenue Bonds by the Village is to finance in whole or in part the cost of the acquisition, purchase, construction, reconstruction, improvement, equipping, betterment, or extension of any economic development project in order to encourage economic development within or near the Village. Industrial Development Revenue Bonds are not a debt of the Village. The entity 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 Industrial Development Revenue Bonds, the transactions relating to the bonds and property do not appear in the Village's financial statements. The Village has authorized the issuance of the following such bonds: Date Issued Type of Bond Amount Debtor , 12/20/82 Industrial Revenue $ 1,615,000 Chi -Chi's Inc. 4/16/84 Industrial Revenue 1,000,000 Teradyne, Inc. 12/17/84 Industrial Revenue 4,500,000 Industnalplex Limited Partnership 12/1/95 Industrial Revenue 32,150,000 Jewish Foundation f. Advance Refunding On February 28, 2003, the Village issued $3,460,000 par value General Obligation Refunding Bonds to advance refund $3,225,000 of the 1997 General Obligation Bonds. Through this in substance defeasance, the Village reduced its total debt service by $92,018 over the next ten years and obtained an economic gain of $83,873. The 1997 General Obligation Bonds will be called and refunded on December 1, 2004. 1 8. INTERFUND ASSETS/LIABILITIES a. Due From/To Other Funds: Receivable Fund Payable Fund Amount Police Pension General $ 7,847 General Police Pension 500 , Internal Service Insurance Police Pension 4,846 TOTAL $ 13,193 , -32- 1 1 [J r Ll F lJ VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 8. INTERFUND ASSETS/LIABILITIES (Continued) b. Advances From/To Primary Other Funds: Fund General Tax Incremental Financing District 2 TOTAL Receivable Payable Fund Fund $ 4,087,170 $ - - 4,087,170 $ 4,087,170 $ 4,087,170 C. Due From/To Primary Government and Component Unit: 9. COMMITMENTS High -Level Excess Liability Pool (HELP) The Village has committed to purchase excess liability insurance from HELP, a joint venture of Illinois municipalities. These amounts have been calculated using the Village's current allocation percentage of 3.49% of premium expense. In future years, this allocation 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 following four criteria for allocating premium costs: Miles of streets Full -time equivalent employees Number of motor vehicles Operating revenues The Village has passed a resolution authorizing the extension of HELP for ten years beginning May 1, 1998. 1 -33- Receivable Fund Payable Fund Amount Primary government Component unit General Fund Public Library General Fund $ 22,223 Water Fund Public Library General Fund 2,525 Sewerage Fund Public Library General Fund 4,813 Garage Fund Public Library General Fund 885 TOTAL $ 30,446 9. COMMITMENTS High -Level Excess Liability Pool (HELP) The Village has committed to purchase excess liability insurance from HELP, a joint venture of Illinois municipalities. These amounts have been calculated using the Village's current allocation percentage of 3.49% of premium expense. In future years, this allocation 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 following four criteria for allocating premium costs: Miles of streets Full -time equivalent employees Number of motor vehicles Operating revenues The Village has passed a resolution authorizing the extension of HELP for ten years beginning May 1, 1998. 1 -33- VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 10. SEGMENT INFORMATION- ENTERPRISE FUNDS The Village maintains the following enterprise funds, which are intended to be self - supporting through user fees charged for services to the public. Financial segment information as of the date of this report and for the fiscal year is as follows: Plant, property, and equipment Additions Deletions Total assets Net working capital Bonds and other long -term liabilities Payable from operating revenues Total equity 11. CONTRIBUTED CAPITAL 9,731,128 217,491 - - 9,948,619 8,896,670 Commuter - 8,896,670 14,760,534 6,116,882 1,116,428 528,281 22,522,125 2,337,405 Parking 446,849 4,908,211 4,105,400 Water Sewerage Refuse Lot Total Operating revenues $ 3,868,304 $ 1,646,447 $ 653,225 $ 146,281 $ 6,314,257 Depreciation and amortization expense 278,310 182,633 - 1,573 462,516 Operating income (loss) 448,017 (381,158) (742,211) 71,672 (603,680) 'Operating transfers in 147,627 158,172 9,586 959 316,344 Operating transfers (out) - - - (125,000) (125,000) Tax revenues - - . 789,195 - 789,195 Net income (loss) 538,690 (172,052) 61,142 (38,069) 389,711 Plant, property, and equipment Additions Deletions Total assets Net working capital Bonds and other long -term liabilities Payable from operating revenues Total equity 11. CONTRIBUTED CAPITAL 9,731,128 217,491 - - 9,948,619 8,896,670 - - - 8,896,670 14,760,534 6,116,882 1,116,428 528,281 22,522,125 2,337,405 1,872,240 251,717 446,849 4,908,211 4,105,400 - - - 4,105;400 9,802,541 5,806,637 251,717 527,764 16,388,659 During the fiscal year, contributed capital increased/decreased by the following amounts: Water Sewerage Totals Increases $ - $ - $ - Decreases Depreciation (48,861) (135,319) (184,180) Net increase (decrease) (48,861) (135,319) (184,180) Contributed Capital May 1 1,423,138 4,570,309 5,993,447 April 30 $ 1,374,277 $ 4,434,990 $ 5,809,267 -34- LJ 1 J VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 12. FUND EQUITY Tax Incremental Finance District 1 Fund - Surplus Rebate On January 6, 2003, the Village passed Resolution No. 03 -01, titled "Resolution Declaring a Surplus of Tax Increment Financing Funds," in accordance with the Illinois Compiled Statutes. The Village determined that the sum of $7,270,525 held in the Tax Incremental Finance District 1 Fund was surplus funds and was redistributed to the appropriate taxing districts in Fiscal 2003. 13. CONTINGENT LIABILITIES a. Litigation The Village is a defendant in various lawsuits. Although the outcome of these lawsuits is not presently determinable, in the opinion of the Village's attorney, the resolution of these matters will not have a material adverse effect on the financial condition of the Village. 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 liability of the applicable funds. The amount, if any, of 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 Liability Pool (HELP) The Village's agreement with HELP provides that each member is liable for its proportionate share of any costs arising from defaults in payment obligations by ' other members. d. Solid Waste Agency of Lake County ( SWALCO) The Village's contract with SWALCO provides that each member is liable for its proportionate share of any costs arising from defaults in payment obligations by other members. 1 1 -35- VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 14. JOINT VENTURES Solid Waste Agency of Lake County ( SWALCO) Description of Joint Venture The Village is a member of SWALCO, which consists of thirty -five municipalities. SWALCO is a municipal corporation and public body politic and corporate established pursuant to the Constitution of the State of Illinois and the Intergovernmental Cooperation Act of the State of Illinois, 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 valuation of the municipalities. The members form a contiguous geographic service area, which is located in Lake County. Under the Agency Agreement, additional members may join SWALCO upon the approval of each member. SWALCO is governed by a Board of Directors, which consists of one appointed representative from each member municipality. Each Director has an equal vote. The officers of SWALCO are appointed by the Board of Directors. The Board of Directors determines the general policy of SWALCO; makes all appropriations; approves contracts; adopts resolutions providing for the issuance of bonds or notes by SWALCO; adopts bylaws, rules, and regulations; 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 municipalities. The Village is a participant in SWALCO, but no agreement has been reached as to services to be provided. No payments to SWALCO have been made in 2000 and.no future payments are expected. Complete financial statements can be obtained from the Solid Waste Agency of Lake County, 1300 N. Skokie Highway, Suite 103, Gurnee, Illinois 60031. The Village made no payments to SWALCO for the year ended April 30, 2003. The Village does not have an equity interest in SWALCO at April 30, 2003. 1 -36- 1 VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 1 15. POSTEMPLOYMENT BENEFITS In addition to providing the pension benefits described, the Village provides certain health care benefits, in accordance with the personnel policy manual, to all employees who have worked for the Village for a minimum of ten years and who receive a pension from the Village through the Illinois Municipal Retirement Fund or Police Pension Fund. The cost of retiree health care benefits is recognized as an expenditure as insurance premiums are paid. For the fiscal year, those costs total $10,200. The retirees pay an annual premium, which is equal to the actuarially determined cost for each plan year. The Village pays 50 percent of the cost of the month by health insurance premiums for the retirees to a maximum of $50. Currently, there are 17 participants eligible to receive benefits. Accordingly, no liability has been recorded for post - employment health care benefits. 16. EMPLOYEE RETIREMENT SYSTEMS a. Plan Descriptions and Provisions Illinois Municipal Retirement The Village contributes to the Illinois Municipal Retirement Fund (UVIRF), a defined ' benefit agent multiple - employer public employee retirement system that acts as a common investment and administrative agent for local governments and school districts in Illinois (other than those covered by the Police Plan). All employees hired in positions that meet or exceed the prescribed annual hourly standard must be enrolled in UVIRF as participating members. Pension benefits vest ' after eight years of service. Participating members who retire at or after age 60 with 8 years of service are entitled to an annual retirement benefit, payable monthly for life, in an amount equal to 12/3 percent of their final rate (average of the highest 48 t consecutive 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. UVIRF also provides death and disability benefits. These benefit provisions and all other requirements are established by Illinois Compiled Statutes. 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 employees in the system, using the actuarial basis specified by state statute (entry age normal). The employer contribution for the calendar year ended December 31, 2002 was 6.77 percent of covered payroll. IMRF issues a separate financial report which may be obtained by writing them at IMRF, Drake Oak Brook Plaza, Suite 500, 2211 York Road, Oak Brook, Illinois 60523 -2374. This report contains information for IMRF as a whole, but not by ' individual employer. 1 -37- VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 16. EMPLOYEE RETIREMENT SYSTEMS (Continued) a. Plan Descriptions and Provisions (Continued) Police Pension Police sworn personnel are covered by the Police Pension Plan, which is a defined benefit single - employer pension plan. Although this is a single - employer pension plan, the defined benefits and employee and employer contributions levels are governed by Illinois Compiled Statutes (Chapter 40 - Article 5/3) and can be amended only by the Illinois legislature. The Village accounts for the Police Pension Plan as a pension trust fund. At April 30, 2003, the Police Pension Plan membership consisted of- Retirees and beneficiaries currently receiving benefits 20 Terminated employees entitled to benefits but not yet receiving them 2 Current employees Vested 23 Nonvested 18 TOTAL 63 The following is a summary of the Police Pension Plan as provided for in Illinois Compiled Statutes. The Police Pension Plan provides retirement benefits as well as death and disability benefits. Employees attaining the age of 50 or more with 20 or more years of creditable service are entitled to receive an annual retirement benefit of one -half of the salary attached to the rank held on the last day of service or for one year prior to the last day, whichever is greater. The pension shall be increased by 2y2 percent of such salary for each additional year of service over 20 years up to 30 years, to a maximum of 75 percent of such salary. Employees with at least 8 years but less than 20 years of credited service may retire at or after age 60 and receive a reduced benefit. The monthly pension of a police officer who retired with 20 or more years of service after January 1, 1977 shall be increased annually, following the first anniversary date of retirement and 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. P' 1 C 1 1 1 u I F 1 Ili LJ 1 1 i 1 1 1 LJ 1 VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) i ' 16. EMPLOYEE RETIREMENT SYSTEMS (Continued) a. Plan Descriptions and Provisions (Continued) Police Pension (Continued) ' Covered employees are required to contribute 9.91 percent of their base salary to the Police Pension Plan. If an employee leaves covered employment with less than 20 years of service, accumulated employee contributions may be refunded without accumulated interest. The Village is required to contribute the remaining amounts necessary to finance the Police Pension Plan as actuarially determined by an enrolled actuary. The Village's contributions must accumulate to the point where the past ' service cost for the Police Pension Plan is fully funded by the year 2033. t The Police Pension Plan issues a separate financial report which may be obtained by writing them at the Village of Deerfield Village Hall. 1 -39- b. Summary of Significant Accounting Policies and Plan Asset Matters Basis of Accounting: The financial statements are prepared using the accrual basis of accounting. Employee and employer contributions are recognized as revenues in the period in which employee services are performed. Method Used to Value Investments: Investments are reported at fair value. Investment income is recognized as earned. Gains and losses on sales and exchanges of fixed- income securities are recognized ' on the transaction date. Significant Investments: There are no investments (other than U.S. government and U.S. government guaranteed obligations) in any one organization that represent 5 ' percent or more of net assets available for benefits. Related Party Transactions: There were no securities of the employer or any other ' related parties included in plan assets, including any loans. C. Annual Pension Cost Illinois Municipal Police Retirement Pension ' Actuarial valuation date December 31, May 1, 2000 2002 Actuarial cost method Entry-age Entry-age Normal Normal Level Dollar 1 -39- VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) 16. EMPLOYEE RETIREMENT SYSTEMS (Continued) C. Annual Pension Cost (Continued) Asset valuation method Amortization method Amortization period Significant actuarial assumptions a) Rate of return on present and future assets b) Projected salary increase - attributable to inflation Illinois 8.00% Municipal Police Retirement Pension 4.00% 3.50% 5 Year Actuary's Smoothed Value Market 2000 Level Level Percentage of . Dollar Payroll 253,072 32 Years, 32 Years, Closed Closed 7.50% 8.00% Compounded Compounded Annually Annually 4.00% 3.50% Compounded Compounded Annually Annually c) Additional projected salary .40 to 11.60% 5.50% increases - seniority /merit Employer annual pension cost (APC) actual contributions and the net pension obligation (NPO) are as follows. The NPO is the accumulative difference between the APC and the contributions actually made. Illinois Municipal Police Retirement Pension Annual pension costs 2000 $ 410,132 $ 179,758 (APC) 2001 427,115 253,072 2002 342,859 263,524 Actual contribution 2000 $ 410,132 $ 315,853 2001 427,115 320,930 2002 342,859 342,522 Percentage of APC contributed 2000 100.00% 175.71% 2001 100.00 126.81 2002 100.00 129.98 NPO (Asset) 2000 $ - $ (908,320) 2001 - (976,178) 2002 - (1,055,176) -40- ' The Village made a prior period adjustment of $43,847 to the Enhanced 911 Fund to record receivables in the proper period and ($201,920) to the Tax Incremental Finance District 2 Fund to record payables in the proper period. 1 1 1 1 1 1 -41- VILLAGE OF DEERFIELD, ILLINOIS NOTES TO FINANCIAL STATEMENTS (Continued) The Village's annual pension cost and net pension obligation (asset) for the Police Pension Plan for the May 1, 2002 valuation date (most recent data available) are as follows: ' Annual required contribution $ 256,250 Interest on net pension obligation (78,094) Adjustment to annual required contribution 85,368 Annual pension cost 263,524 Contributions made 342,522 Increase (decrease) in net pension obligation (78,998) Net pension obligation (asset) beginning of year 976,178) NET PENSION OBLIGATION (ASSET) END OF YEAR $ (1,055,176) 17. PRIOR PERIOD ADJUSTMENTS ' The Village made a prior period adjustment of $43,847 to the Enhanced 911 Fund to record receivables in the proper period and ($201,920) to the Tax Incremental Finance District 2 Fund to record payables in the proper period. 1 1 1 1 1 1 -41- [i fl 1 �l 1 I 1 1 1 1 I 1 1 1� 1 �l 1 oc � 33 c� as 1 1 i 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF FUNDING PROGRESS ILLINOIS MUNICIPAL RETIREMENT FUND April 30, 2003 (See independent auditor's report.) -42- (6) Unfunded (Overfunded) Actuarial (4) Accrued (2) Unfunded Liability (1) Actuarial (Overfunded) as a Acturial 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) 1997 $ 10,063,391 $ 11,206,096 89.80% $ 1,142,705 $ 4,023,817 28.40% 1998 11,683,923 12,220,108 95.61% 536,185 4,170,583 12.86% 1999 14,048,620 14,203,236 98.91% 154,616 4,526,201 3.42% 2000 15,360,277 14,663,125 104.75% (697,152) 4,687,221 (14.87 %) 2001 15,440,716 14,948,851 103.29% (491,865) 4,989,662 (9.86 %) 2002 15,020,009 15,628,924 96.10% 608,915 5,064,382 12.02% (See independent auditor's report.) -42- VILLAGE OF DEERFIELD, ILLINOIS REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF FUNDING PROGRESS POLICE PENSION FUND April 30, 2003 (See independent auditor's report.) -43- (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) 1997 $ 15,155,586 $ 12,200,363 124.22% $ (2,955,223) $ 2,199,822 (134.34 %) 1998 16,714,208 13,658,344 122.37% (3,055,864) 2,294,044 (133.21 %) 1999 17,688,797 14,744,801 120.00% (2,943,996) 2,264,096 (130.03 %) 2000 18,230,630 16,068,969 113.50% (2,161,661) 2,472,712 (87.40 %) 2001 19,528,481 20,997,402 93.00% 1,468,921 2,409,613 60.96% 2002 20,588,975 22,217,590 92.67% 1,628,615 2,529,945 64.37% (See independent auditor's report.) -43- VILLAGE OF DEERFIELD, ILLINOIS REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF EMPLOYER CONTRIBUTIONS ILLINOIS MUNICIPAL RETIREMENT FUND April 30, 2003 (See independent auditor's report.) -44- Percentage Contributed 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% Annual Pension Fiscal Employer Cost Year Contributions (APC) 1997 $ 439,978 $ 439,978 1998 436,660 436,660 1999 435,420 435,420 2000 410,132 410,132 2001 427,115 427,115 2002 342,859 342,859 (See independent auditor's report.) -44- Percentage Contributed 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% VILLAGE OF DEERFIELD, ILLINOIS REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF EMPLOYER CONTRIBUTIONS POLICE PENSION FUND April 30, 2003 Fiscal Employer Year Contributions 1998 1999 2000 2001 2002 2003 $ 245,757 292,620 315,850 320,930 342,522 276,383 Annual Pension Cost (APC) $ 149,125 123,967 179,758 253,072 263,524 N/A Percentage Contributed 164.79% 238.46% 175.71% 126.81% 129.98% N/A N/A - Information is presented for as many of the six prior years as information according to the disclosure parameters is available. Information for these years is not available. (See independent auditor's report.) -45- 1 1 1 1 1 1 1 I I 1 1 ii 0 1 1 i 1 1 W 3 fD d C 3 a t 1 1 1 1 F-, fl 1 i GENERAL FUND The General Fund (also referred to as the Corporate Fund) To account for resources traditionally associated with governmental services not required to be accounted for in another fund. VILLAGE OF DEERFIELD, ILLINOIS BALANCE SHEET GENERAL FUND April 30, 2003 (with comparative totals for 2002) 2003 2002 ASSETS Cash and investments $ 11,756,980 $ 9,419,927 Receivables 174,440 150,499 Property taxes 1,233,096 550,123 Accrued interest 117,292 96,545 Other 231,320 243,809 Due from other governments 1,316,250 586,250 Sales tax - , 847,432 755,987 State income tax 99,064 105,938 Simplified municipal telecommunications tax 91,505 - State highway maintenance 8,463 - Due from other funds 500 373,130 Due from component unit 22,223 - Inventory 21,813 21,761 Advances to other funds 4,087,170 4,087,170 TOTAL ASSETS $ 18,516,858 $ 15,654,390 LIABILITIES AND FUND BALANCE LIABILITIES Accounts payable $ 181,761 $ 162,332 Accrued payroll 174,440 150,499 Compensated absences payable 1,121,565 1,086,175 Other payables 19,282 11,418 Due to other funds 7,847 3,582 Deferred revenue 1,316,250 586,250 Total liabilities 2,821,145 2,000,256 FUND BALANCE Reserved for inventory 21,813 21,761 Reserved for advances to other funds 4,087,170 4,087,170 Unreserved Undesignated 11,586,730 9,545,203 Total fund balance 15,695,713 13,654,134 TOTAL LIABILITIES AND FUND BALANCE $ 18,516,858 $ 15,654,390 See accompanying notes to financial statements. -46- VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL GENERALFUND For the Year Ended April 30, 2003 (with comparative actual for 2002) 2003 2002 Budget Actual Actual REVENUES Taxes $ 7,840,100 $ 7,365,487 $ 6,647,523 Licenses and permits 795,500 934,518 546,757 Intergovernmental 34,000 135,978 - Charges for services 209,500 222,329 284,585 Fines and forfeits 242,500 193,060 223,465 Investment income Interest 370,000 477,550 584,282 M, Net appreciation (depreciation) in fair value of investments (11,527) (95,080) Miscellaneous 327,900 385,562 660,972 Total revenues 9,819,500 9,702,957 8,852,504 EXPENDITURES General government 3,016,782 2,608,586 2,144,024 Public safety 6,013,950 5,349,599 4,513,434 Pension cost 342,522 Highways and streets 1,400,420 1,144,463 - Total expenditures 10,431,152 9,102,648 6,999,980 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (611,652) 600,309 1,852,524 OTHER FINANCING SOURCES (USES) Operating transfers in Motor Fuel Tax Fund 275,000 223,543 - Commuter Parking Lot Fund 125,000 125,000 Insurance Fund 62,400 625,979 Operating transfers (out) Debt Service Fund (750,000) (710,400) (775,000) Infrastructure Fund (5,300,000) Emergency Services/Disaster Fund (47,472) Vehicle Replacement Fund (255,000) Total other financing sources uses (287,600) 264,122 (6,377,472 EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES $ (899,252) 864,431 (4,524,948) FUND BALANCE, MAY 1 13,654,134 17,101,000 r Prior period adjustment - 781,229 FUND BALANCE, MAY 1, RESTATED 13,654,134 17,882,229 Residual equity transfer in (out) 1,177,148 296,853 FUND BALANCE, APRIL 30 $ 15.695.713 $ 13,654,134 1� See accompanying notes to financial statements. _47_ VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF REVENUES - BUDGET AND ACTUAL GENERAL FUND For the Year Ended April 30, 2003 TAXES Property Replacement Sales Local use Income Hotel/motel Photo finishing Telecommunication Total taxes LICENSES AND PERMITS Beer /liquor licenses Food licenses Other business licenses Building permits Non - business licenses and permits Vehicle licenses Total licenses and permits INTERGOVERNMENTAL State grant State highway maintenance Federal grant Total intergovernmental CHARGES FOR SERVICES Special police services Transfer charges Dispatching services Total charges for services FINES AND FORFEITS INVESTMENT INCOME Budget Actual $ 626,000 $ 643,239 - 6,865 3,193,000 3,278,965 232,100 162,432 1,365,000 1,203,563 1,950,000 1,686,221 - 5,334 474,000 378,868 7,840,100 7,365,487 73,000 71,650 6,500 6,856 33,000 22,876 300,000 428,424 53,000 70,733 330,000 333,979 795,500 934,518 2,000 99,897 - 33,696 32,000 2,385 34,000 135,978 209,500 81,796 - 62,400 - 78,133 209,500 222,329 242,500 193,060 Interest 370,000 477,550 Net appreciation (depreciation) in fair value of investments - (11,527) Total investment income 370,000 466,023 (This schedule is continued on the following page.) -48- 1 1 MISCELLANEOUS False alarms Sale of materials Rentals Miscellaneous Franchise fees VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF REVENUES - BUDGET AND ACTUAL (Continued) GENERAL FUND Total miscellaneous TOTAL REVENUES 1 1 1 1 1 1 1 For the Year Ended April 30, 2003 (See independent auditor's report.) -49- Budget Actual $ 50,000 $ 49,695 - 1,922 7,400 6,865 50,500 122,259 220,000 204,821 327,900 385,562 $ 9,819,500 $ 9,702,957 VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL GENERAL FUND For the Year Ended April 30, 2003 GENERAL GOVERNMENT Administration Department Salaries Overtime Part-time Employee benefits Professional services Travel, training, and dues Printing and advertising Communications Insurance Contractual services Utility services Motor vehicle maintenance Repairs and maintenance Vehicle and equipment replacement Miscellaneous Supplies Materials Petroleum products Housing assistance Apparel Small tools and equipment Equipment Streetscape Total general government PUBLIC SAFETY Police Department Administrative service Salaries Overtime Part-time Employee benefits Professional services Travel, training, and dues Printing and advertising Communications Insurance Budget Actual $ 1,298,720 $ 1,270,162 16,790 11,473 166,470 150,092 253,120 181,337 498,150 382,579 62,500 56,354 50,200 30,261 43,100 28,332 62,300 49,177 41,500 248,216 4,000 2,327 5,400 9,728 287,550 13,449 31,192 34,391 88,240 40,027 42,300 31,492 1,000 - 2,850 2,153 42,000 39,840 900 735 2,000 115 16,500 11,468 - 14,878 3,016,782 2,608,586 (This schedule is continued on the following pages.) -50- 944,950 899,220 30,870 22,681 25,700 8,509 209,900 130,341 4,500 3,382 16,250 6,677 8,450 7,267 43,300 38,064 136,650 110,376 1 1 1 1 1 1 i �J 1 M 1 Ir� VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2003 ITotal administrative service 2,261,070 1,994,232 Investigations Salaries Budget Actual PUBLIC SAFETY (Continued) 12,420 10,905 Police Department (Continued) 85,000 94,487 Administrative service (Continued) 10,150 3,292 Contractual services $ 369,700 $ 331,479 Motor vehicle maintenance 1,600 944 Repairs and maintenance 20,000 15,832 Vehicle and equipment replacement 332,000 332,000 Supplies 54,000 34,340 Apparel 7,300 7,300 Equipment 40,000 29,303 Miscellaneous 15,900 16,517 ITotal administrative service 2,261,070 1,994,232 (This schedule is continued on the following pages.) -51- Investigations Salaries 540,790 438,712 Overtime 12,420 10,905 Employee benefits 85,000 94,487 Travel, training, and dues 10,150 3,292 Motor vehicle maintenance 4,200 1,203 Petroleum products 3,500 1,240 Apparel 4,500 4,500 Equipment 8,000 5,926 Total investigations 668,560 560,265 Patrol Salaries 2,221,100 2,053,416 Overtime 98,320 109,803 Part-time Employee benefits 53,000 396,550 51,945 339,396 Travel, training, and dues 35,900 32,052 Communications Motor vehicle maintenance 7,200 29,500 6,466 34,390 Repairs and maintenance - 790 Petroleum products 37,500 33,046 Apparel 38,750 38,750 Equipment 94,000 23,575 Total patrol 3,011,820 2,723,629 (This schedule is continued on the following pages.) -51- VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2003 Budget Actual PUBLIC SAFETY (Continued) Police Department (Continued) Special services Overtime $ 72,500 $ 68,223 Youth services Employee benefits - 1,950 Motor vehicle maintenance - 487 Petroleum products - 813 Total youth services - 3,250 Total 6,013,950 5,349,599 public safety HIGHWAYS AND STREETS Public Works Department Administration Salaries 93,500 71,231 Overtime 4,500 1,504 Part-time 6,500 7,789 Employee benefits 18,640 3,361 Travel, training, and dues 2,000 2,031 Printing and advertising 3,100 1,501 Communications 10,500 11,239 Insurance 62,000 33,589 Contractual services 10,000 8,055 Utility services - 5,619 Motor vehicle maintenance 5,100 5,396 Repairs and maintenance 12,500 11,006 Miscellaneous 7,700 6,240 Supplies 8,600 4,091 Materials - 168 Petroleum products 1,500 1,167 Apparel 4,300 3,287 Small tools and equipment - 54 Equipment 13,400 10,968 Total administration 263,840 188,296 ,F (This schedule is continued on the following pages.) -52- Total snow and ice control 282,840 238,976 (This schedule is continued on the following page.) -53- VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2003 Budget Actual HIGHWAYS AND STREETS (Continued) Public Works Department (Continued) Maintenance Salaries $ 280,530 $ 260,531 Overtime 19,220 13,264 Part-time Employee benefits 8,200 53,550 4,099 54,826 Contractual services 65,500 16,663 Utility services 34,000 39,557 Motor vehicle maintenance 27,600 34,997 Repairs and maintenance 14,300 17,952 Miscellaneous Supplies 1,500 1,600 2,174 2,599 Materials 58,500 63,096 Petroleum products 5,300 5,288 Aggregates 64,300 8,582 Street signs 19,700 23,038 Small tools and equipment Equipment 700 19,000 134 15,461 Total maintenance 673,500 562,261 Snow and Ice Control Salaries Overtime 46,990 42,000 46,689 29,874 Part-time - 224 Employee benefits Contractual services 7,550 15,000 10,901 - Motor vehicle maintenance 43,800 30,048 Repairs and maintenance Supplies 28,000 3,500 9,826 1,657 Materials 3,000 767 Petroleum products Aggregates 5,000 6,000 3,119 - Salt 82,000 105,871 Total snow and ice control 282,840 238,976 (This schedule is continued on the following page.) -53- VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued) GENERAL FUND For the Year Ended April 30, 2003 HIGHWAYS AND STREETS (Continued) Public Works Department (Continued) Forestry Salaries Overtime Part-time Employee benefits Contractual services Motor vehicle maintenance Repairs and maintenance Materials Petroleum products Equipment Total forestry Train Station Maintenance Salaries Overtime Part-time Employee benefits Communications Contractual services Repairs and maintenance Supplies Materials Total train station maintenance Total highways and streets TOTAL EXPENDITURES (See independent auditor's report.) -54- Budget Actual $ 41,400 $ 34,071 2,260 1,081 10,500 9,862 10,890 7,279 61,900 67,446 3,500 4,142 3,200 5,422 400 705 1,100 761 1,700 687 43,390 23,474 136,850 131,456 10,100 - 200 - 6,200 - 1,590 143 500 320 14,000 17,874 4,000 2,433 1,000 2,498 5,800 206 43,390 23,474 1,400,420 1,144,463 $ 10,431,152 $ 9,102,648 1 L� 1 1 1 I 1 1 1 1 a 1 i 1 1 N V A m !D fD 7 C m In C 3 CL N 1 1 i 1 i 1 SPECIAL REVENUE FUNDS Emergency Services/Disaster Fund To account for the Emergency Services and Disaster Agency, which supersedes the Civil Defense Agency and now basically relates to natural disasters caused by floods and tornadoes. The Agency also prepares a plan of action to be taken if man-made disasters occur. This fund was closed to the General Fund. Street and Bridge Fund To account for the revenues and resources used in maintaining approximately 70 miles of streets and the railroad station in the Village. This fund was closed to the General Fund. Illinois Municipal Retirement Fund To account for the revenues and expenditures associated with providing disability and pension. benefits for Village employees. The fund also provides the employer portion of F.I.C.A. contributions. This fund was closed to the General Fund, Water Fund, Sewer Fund, and Garage Fund. Motor Fuel Tax Fund To account for the activities involved with street maintenance and construction. Financing is provided by the Village's share of State gasoline taxes. State law requires these gasoline taxes to be used for the following purposes: (1) street construction or reconstruction to improve traffic capacity; (2) installation of traffic signs, signals, and controls; (3) sidewalk repair and replacement; and (4) the public benefit share of new street improvements when certain criteria are met in connection with a special assessment project. Enhanced 911 Fund To account for the 911 calling telephone system activity. VILLAGE OF DEERFIELD, ILLINOIS COMBINING BALANCE SHEET SPECIAL REVENUE FUNDS April 30, 2003 (with comparative totals for 2002) ASSETS Cash and investments Receivables Property taxes Accrued interest Other Due from other governments Due from component unit TOTAL ASSETS LIABILITIES AND FUND BALANCES LIABILITIES Accounts payable Deferred property taxes Total liabilities FUND BALANCES Undesignated TOTAL LIABILITIES AND FUND BALANCES -55- Emergency Services/ Street and Disaster Bridge 1 1 1 Illinois Municipal Motor Enhanced Totals Retirement Fuel Tax 911 2003 2002 $ - $ 685,184 $ 467,833 $ 1,153,017 $ 2,630,325 - - - 853,283 3,089 - 3,089 26,231 - 60,783 60,783 17,475 - 42,554 - 42,554 42,372 - - 4,136 _$ - $ 730,827 $ 528,616 $ 1,259,443 $ 3,573,822 22,874 $ 2,091 $ 24,965 $ 53,686 - - - - 890,000 - 22,874 2,091 24,965 943,686 707,953 526,525 1,234,478 2,630,136 $ - $ 730,827 $ 528,616 $ 1259,443 $ 3,573,822 See accompanying notes to financial statements. -56- VILLAGE OF DEERFIELD, ILLINOIS COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES SPECIAL REVENUE FUNDS For the Year Ended April 30, 2003 (with comparative totals for 2002) Emergency Services/ Street and Disaster Bridge REVENUES Taxes $ _ $ _ Licenses and permits Intergovernmental Charges for services Investment income Miscellaneous Total revenues EXPENDITURES Public safety Highways and streets Pension costs Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES _ OTHER FINANCING SOURCES (USES) Operating transfers in Operating transfers (out) Total other financing sources (uses) EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES FUND BALANCES, MAY 1 Prior period adjustment FUND BALANCES, MAY 1, RESTATED Residual equity transfer in (out) FUND BALANCES, APRIL 30 $ -57- 1 1 1 Illinois Municipal Motor Enhanced Total Retirement Fuel Tax 911 2003 2002 $ 776,360 $ - $ - $ 776,360 $ 1,079,160 - - - - 330,789 525,018 - 525,018 512,901 282,926 282,926 282,202 70,641 20,969 5,376 96,986 124,797 33,857 847,001 545,987 288,302 1,681,290 2,363,706 - 119,807 119,807 115,115 - 270,369 - 270,369 1,591,611 612,515 - - 612,515 630,140 612,515 270,369 119,807 1,002,691 2,336,866 fl 234,486 234,486 275,618 168,495 678,599 26,840 168,495 455,056 99,312 - - - - 415,707 - (223,543) - (223,543) (343,235) - (223,543) - (223,543) 72,472 fl 234,486 52,075 168,495 455,056 99,312 1,660,075 655,878 314,183 2,630,136 2,796,582 s - - 43,847 43,847 31,095 1,660,075 655,878 358,030 2,673,983 2,827,677 (1,894,561) - - (1,894,561) (296,853) $ - $ 707,953 $ 526,525 $ 1,234,478 $ 2,630,136 1 See accompanying notes to financial statements. -58- VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL . EMERGENCY SERVICES/DISASTER FUND For the Year Ended April 30, 2003 (with comparative actual for 2002) REVENUES EXPENDITURES Public safety Travel, training, and dues Communications Insurance Utility services Repairs and maintenance Motor vehicle maintenance Equipment Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Operating transfers in General Fund 2003 2002 Budget Actual Actual 530 - - 1,785 - 65 - 847 - 281 - 160 - 873 4,541 (4,541) 47,472 EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES $ - - 42,931 FUND BALANCE, MAY 1 - (43,804) Residual equity transfer in (out) FUND BALANCE, APRIL 30 873 See accompanying notes to financial statements. -59- 1 1 (This page is intentionally left blank.) 1 1 1 t 1 VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL STREET AND BRIDGE FUND For the Year Ended April 30, 2003 (with comparative actual for 2002) EXPENDITURES 2003 2002 Highways and streets Budget Actual Actual REVENUES - - 229,457 Taxes - - 64,295 Property $ - $ - $ 332,744 Licenses and permits. - - 155,325 Vehicle licenses - - 330,789 Charges for services - - 42,560 State highway maintenance - - 33,011 50/50 tree planting - - 7,411 Train station maintenance - - 1,500 Investment income - - 84,468 Interest - - 14,698 Net appreciation (depreciation) in - - 34,370 fair value of investments - - (6,590) Miscellaneous - - 1,135,836 Other - - 29,107 Rental income - - 4,750 Total revenues - - 747,420 EXPENDITURES Highways and streets Administration - - 229,457 Cleaning - - 64,295 Traffic marking - - 88,658 Pavement patching - - 155,325 Tarring cracks - - 49,826 Drainage structures - - 42,560 Street lights and traffic signals - - 84,737 Miscellaneous maintenance - - 90,596 Snow and ice control - - 172,667 Tree removal - - 84,468 Tree planting - - 20,694 Railroad station maintenance - - 34,370 Weed control - - 18,183 Total expenditures - - 1,135,836 (This statement is continued on the following page.) -60- �l J f� 1 1 1 1 1 1 1 1 1 1 i 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL (Continued) STREET AND BRIDGE FUND For the Year Ended April 30, 2003 (with comparative actual for 2002) EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Operating transfers in (out) Motor Fuel Tax Fund Commuter Parking Lot Fund Vehicle Replacement Fund Total other financing sources (uses) EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES . OVER EXPENDITURES AND OTHER FINANCING USES FUND BALANCE, MAY 1 Prior period adjustment FUND BALANCE, MAY 1, RESTATED Residual equity transfer in (out) FUND BALANCE, APRIL 30 2003 2002 Budget Actual Actual $ - $ - $ (388,416) - 243,235 - 125,000 - (100,000) - 268,235 $ - - (120,181) See accompanying notes to financial statements. -61- 414,712 3,195 417,907 (297,726) VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL ILLINOIS MUNICIPAL RETIREMENT FUND For the Year Ended April 30, 2003 (with comparative actual for 2002) REVENUES Taxes Property Replacement Investment income Interest Net appreciation in fair value of investments Total revenues EXPENDITURES Pension costs Illinois municipal retirement payments - employer FICA payments - employer Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES FUND BALANCE, MAY 1 Residual equity transfer in (out) FUND BALANCE, APRIL 30 2003 2002 Budget Actual Actual $ 890,000 $ 767,623 $ 735,723 12,000 8,737 10,693 65,000 70,641 74,719 3,210 967,000 847,001 824,345 520,000 297,970 328,781 407,400 314,545 301,359 927,400 612,515 630,140 _$ 392600 234,486 194,205 1,660,075 1,465,870 (1,894,561) - $ - $ 1,660,075 See accompanying notes to financial statements. -62- 1 1 1 1 1 1 1 1 1 1 1 r VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL MOTOR FUEL TAX FUND For the Year Ended April 30, 2003 (with comparative actual for 2002) REVENUES Intergovernmental Allotments earned Investment income Interest Net appreciation in fair value of investments Total revenues EXPENDITURES Highways and streets Street resurfacing and renovation program Traffic signals Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Operating transfers (out) General Fund EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES 2003 2002 Budget Actual Actual $ 505,000 $ 525,018 $ 512,901 30,000. 20,701 39,516 - 268 (7,747) 535,000 545,987 544,670 254,000 251,378 212,444 - 18,991 243,331 254,000 270,369 455,775 281,000 275,618 88,895 (275,000) (223,543) (243,235) $ 6,000 52,075 (154,340) FUND BALANCE, MAY 1 655,878 810,218 FUND BALANCE, APRIL 30 $ 707,953 $ 655,878 See accompanying notes to financial statements. -63 - VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL ENHANCED 911 FUND For the Year Ended April 30, 2003 (with comparative actual for 2002) REVENUES Charges for services Other charges Investment income Total revenues EXPENDITURES Public safety Repairs and maintenance Communication telephone Travel, training, and dues Contractual Equipment Miscellaneous Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES FUND BALANCE, MAY 1 Prior period adjustment FUND BALANCE, MAY 1, RESTATED FUND BALANCE, APRIL 30 2003 2002 Budget Actual Actual $ 253,400 $ 282,926 $ 240,280 7,000 5,376 6,991 260,400 288,302 247,271 10,000 762 4,220 8,000 7,605 4,558 - - 152 118,000 104,047 78,277 97,790 7,284 23,367 - 109 - 233,790 119,807 110,574 $ 26 610 168,495 136,697 314,183 149,586 43,847 27,900 358,030 177,486 $ 526,525 $ 314,183 See accompanying notes to financial statements. -64- 1 1 L1 1 1 1 1 1 �11 I� I j 1 1 v e� c ro c CL N 1 1 1 1 1 IDebt Service Fund 1 LJ 1 I I 1 11 1 1 1 DEBT SERVICE FUND To account for the accumulation of resources for the payment of general long -term debt. i VILLAGE OF DEERFIELD, ILLINOIS BALANCESHEET DEBT SERVICE FUND t April 30, 2003 (with comparative totals for 2002) 2003 2002 ASSETS Cash and investments Receivables Property taxes Accrued interest Purchased interest TOTAL ASSETS LIABILITIES AND FUND BALANCE LIABILITIES Accounts payable Accrued interest payable Deferred property taxes Total liabilities FUND BALANCE Reserved for debt service TOTAL LIABILITIES AND FUND BALANCE $ 2,838,059 $ 2,881,219 300,229 302,643 21,631 20,390 - 200 $ 3,159,919 $ 3,204,452 $ 300 $ 300 - 4,307 319,000 319,000 319,300 323,607 2,840,619 2,880,845 $ 3,159,919 $ 3,204,452 See accompanying notes to financial statements. -65- VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL DEBT SERVICE FUND ■ For the Year Ended April 30, 2003 (with comparative actual for 2002) 2003 2002 ' Budget Actual Actual REVENUES Taxes Property $ 319,000 $ 341,056 $ 439,163 Replacement 80,000 60,811 74,423 Investment income Interest 150,000 99,368 142,585 Net appreciation (depreciation) in fair value of investments - (19,824) 302 1 Miscellaneous Tax incremental finance district surplus property tax rebate 430,000 162,047 181,103 Total revenues 979,000 643,458 837,576 EXPENDITURES Debt service Principal retirement 3,831,402 2,725,000 2,685,000 Interest - 678,770 850,230 Fiscal charges 5,000 60,689 26,661 Total expenditures 3,836,402 3,464,459 3,561,891 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (2,857,402) (2,821,001) (2,724,315) OTHER FINANCING SOURCES (USES) Operating transfers in General Fund 750,000 710,400 775,000 TIF 2 Fund 2,070,375 2,070,375 2,133,750 Bond proceeds - - 3,546,013 Refunding of bonds - - (3,510,000) Total other financing sources (uses) 2,820,375 2,780,775 2,944,763 ' EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES $ (37,027) (40,226) 220,448 FUND BALANCE, MAY 1 2,880,845 2,660,397 FUND BALANCE, APRIL 30 $ 2,840,619 $ 2,880,845 See accompanying notes to financial statements. -66- n I 1 1 1 1 1 1 P 1 1 fl 1 [l 1 1 F m N C 7 Q N 1 1 1 1 ICAPITAL PROJECTS FUNDS Tax Incremental Finance District 1 Fund Established in 1982 to provide funds for land acquisition and improvements to the Village Tax Increment Financing District. Tax Incremental Finance District 2 Fund Established in 1987 to provide funds for land acquisition and improvements to the Village Tax q P g Increment Financing District. 1 Vehicle and Equipment Re lacement Fund ' Established to account for the funds annually set aside for the eventual replacement of certain vehicles and other equipment. Infrastructure Replacement Fund Established in 1989 for the purpose of maintaining, repairing, and renovating the capital assets of the Village. Proiect 29 Fund Established in 1991 to account for the funds held in escrow as required by the Local Cooperation Agreement between the Department of the Army and the Village for the construction of the Flood Water Retention Reservoir No. 29A on the West Fork of the North Branch of the Chicago River. II 1 7I d \ � d \ 4k' 4 \ z w � \ \ \ q 3 q k o r \- Q � � Q o a • § Z < m / ? e \ o \ % � \ u 2 00 E ON � a 00 R / § r-: \ 2 r, k a \D \ m \ 4k' = / q 3 q o r \- ~ 3 2 $ m / \ % r- 2 00 E ON � a 00 R § r-: K 2 t \ \ \ \ / � \ 94 a m q k )r- @ { \ . L $ , u§ \ ° / « r 2 0 § / k m \ { / q \ 2 k S 2 0 •% 3 . q ¢ � _ M r �o o' emu® r k0 W) 7 cq m Cd u § % U \ ) 7 \ o � © / _ @ \ 2 r, k a \D \ m \ = m / w / § [ / \ § 2 K 2 t \ \ \ 94 i0 O H y F. 7 U i U � w id E N U U H 4.) O Cd •. r. O U X O O O 00 00 0 �o 00 N 00 00 00 M M M 00 tn l� O tn 69 r- O\ M 00 00 O M 69 M ON 00 m to v1 O d. 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Z ^ CO ¢ O Cr > 0 W \0 C\ Ca w, Zw a W w O a C� o co a y 0 h z�¢ >, o U U Y cl «+ aFWUU k,.. � H 64 V] - O 00 F-y �-O M O U � N O O N cd O H M O O N O\ N, U U w � U O 4] U O v y cC • � cn > W � � coo •G E✓ � c ti >( U G U � w A N �O V�1 V1 M •--� tn M O N fn V) oo m 00 N M h O � C- VO W \0 C\ C\ 00 tn �O 00 O 1.0 cl 01 _M M 64 O 00 00 N �-O M Rn kn � ' p r- 0 N w D � M U U � 69 Cn M M M U9 00 00 i V a\ �o 69 N W tn M O ON 00 0 r M N 7 M M 0 M O� 00 N M M O M M Q\ N tn W) N O 00 00 0 r 7 N M M O 00 M 00 t� N VO W \0 C\ C\ N M o0 Q\ O > 00 M 01 _M O 00 E,R c v0000 w D O U U k Cn M U9 00 a\ �o O O) O� U Q M ' O N ' ' M O% E > .c ca .0 � c F% W O 0 M O� 00 N M M O M M Q\ l- N N I NI N i i i I i M 00 v� N tn W) N O 00 00 0 r 7 N M M O 00 M 00 v1 00 W \0 C\ C\ N M o0 00 Cn > 00 M 01 U O 00 l- N N I NI N i i i I i M 00 v� 00 00 'n 00 00 ' O ' ' O 11, It � � O \ O O 00 O� kn 7 O 00 00 'n 00 00 ' O ' ' O 11, It � � O r- 1 001 N \ v o O� kn 7 O N M N 00 W N V 00 V1 o0 ' o0 00 > 00 M 01 U r- 1 001 N G W > O U c w D O U U k Cn o U Q N rA CC O H U ° E > .c ca .0 � c F% W C. " " U o Ca -;a i W > 0. > g E, cxa U �( U > W C7 X 0 R: W W N O O N M O O N N U U O G. U O U ca G U � � W� y N � w A y �wA i 0 0 0 O I� N IT" M M t- 00 C\ �' DO h l- I M 69 O V1 h O M M O IN r- O C4 69 b9 69 69 O v1 V) O P l- O M M O O O N 6A OI O OI O tn N 69 a 0 -) u) ON Oi O 0000 or-- c h O M rl M O v1 wl O\ O � oA 0` O O v'n i z 00 M M cl M 00 n 69 w 69 CN 69 I� N N M M O� 00 h_ O - 00 M O M 00 C DO C\ N r- kn N I NI M Ln w 0 -) u) 00 A 00 zuz a In U � oA � O O O M rq C\ n 69 w OUQ 69 I� N N � O O h 00 O O M 00 C w q W W W C7 Q co -0 Q Q —Z to O A x X ¢ kn � O cnOwz CA a 69 0.1 U g W Q z >z O� 10 00 0 00 w¢0 w O\ ' O^ O N N N N I NI M Ln w 0 -) u) A zuz a In U oA O O o rq C\ n W) w OUQ 69 uz � O O h 00 Iql M O w q W W W C7 Q co -0 Q Q —Z to O A x X ¢ C � N I NI M Ln w 0 -) u) A zuz a In U oA R: o o r. a �'_° w OUQ uz a U A ¢� � o w q W W W C7 Q co -0 Q Q —Z to Y A x X ¢ C .G .= O cnOwz CA a W ca H00 U g W Q z >z A G a A A 0 w¢0 w E N 1:5 ti ca U 4z O ' � O U � C ' b4 C f1. O U U ca a� U G7 VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL TAX INCREMENTAL FINANCE DISTRICT 1 FUND For the Year Ended April 30, 2003 (with comparative actual for 2002) REVENUES Taxes Property Investment income Interest Net appreciation (depreciation) in fair value of investments Total revenues EXPENDITURES General government Surplus rebate Capital outlay Construction Other costs Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES) Operating transfers (out) EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES 2003 2002 Budget Actual Actual $ 10,500,000 $ 10,643,308 $ 10,419,025 160,000 219,099 186,717 - 71,296 (30,960) 10,660,000 10,933,703 10,574,782 7,100,000 7,270,525 7,058,519 1,230,000 1,086,444 - 239,000 35,885 154,507 8,569,000 8,392,854 7,213,026 2,091,000 2,540,849 3,361,756 (750,000) (750,000) (1,750,000) $ 1,341,000 1,790,849 1,611,756 FUND BALANCE, MAY 1 2,104,509 492,753 FUND BALANCE, APRIL 30 $ 3,895,358 $ 2,104,509 See accompanying notes to financial statements. -71- ' Prior period adjustment (201,920) (10,942) FUND BALANCE, MAY 1, RESTATED 772,342 4,818,002 ' FUND BALANCE, APRIL 30 $ 572,021 $ 974,262 ' See accompanying notes to financial statements. 72 VILLAGE OF DEERFIELD, ILLINOIS ' STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL TAX INCREMENTAL FINANCE DISTRICT 2 FUND For the Year Ended April 30, 2003 (with comparative actual for 2002) 2003 2002 ' Budget Actual Actual REVENUES ' Taxes Property $ 2,570,000 $ 3,056,290 $ 2,231,817 ' Investment income Interest 175,000 213,949 424,619 Net appreciation (depreciation) in fair value of investments - (15,585) (50,905) Miscellaneous Tax increment finance district surplus property tax rebate - - 13,369 ' Total 2,745,000 3,254,654 2,618,900 revenues EXPENDITURES Capital outlay Other costs 2,656,000 2,129,431 5,182,747 Loss on sale of land - 5,169 896,143 Total expenditures 2,656,000 2,134,600 6,078,890 ' EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 89,000 1,120,054 (3,459,990) ' OTHER FINANCING SOURCES (USES) Operating transfers in 750,000 750,000 1,750,000 Operating transfers (out) (2,070,375) (2,070,375) (2,133,750) ' Total financing (uses) (1,320,375) (1,320,375) other sources (383,750) EXCESS (DEFICIENCY) OF REVENUES ' AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES $ (1,231,3M (200,321) (3,843,740) FUND BALANCE, MAY 1 974,262 4,828,944 ' Prior period adjustment (201,920) (10,942) FUND BALANCE, MAY 1, RESTATED 772,342 4,818,002 ' FUND BALANCE, APRIL 30 $ 572,021 $ 974,262 ' See accompanying notes to financial statements. 72 VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL VEHICLE AND EQUIPMENT REPLACEMENT FUND For the Year Ended April 30, 2003 (with comparative actual for 2002) REVENUES Charges for services Investment income Interest Net appreciation (depreciation) in fair value of investments Total revenues EXPENDITURES Capital outlay Construction Total expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES FUND BALANCE, MAY 1 FUND BALANCE, APRIL 30 2003 2002 Budget Actual Actual $ 449,572 $ 449,572 $ 427,000 140,000 110,021 129,230 - (13,740) 9,718 589,572 545,853 565,948 845,500 444,088 165,211 845,500 444,088 165,211 $ (255,928) 101,765 400,737 2,751,984 2,351,247 $ 2,853,749 $ 2,751,984 See accompanying notes to financial statements. -73- n 'l VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL ' INFRASTRUCTURE REPLACEMENT FUND Prior period adjustment - (3,717,365 FUND BALANCE, MAY 1, RESTATED 5,990,426 1,102,585 FUND BALANCE, APRIL 30 $ 5,111,949 $ 5,990,426 See accompanying notes to financial statements. -74- For the Year Ended April 30, 2003 (with comparative actual for 2002) 2003 2002 Budget Actual Actual ' REVENUES Investment income ' Interest $ 150,000 $ 149,334 $ 149,365 Net appreciation (depreciation) in fair value of investments Miscellaneous - 36,505 (7,708) Tax increment finance district surplus property tax rebate Miscellaneous - 3,500 - 2,091 175,906 4,343 1 Total revenues 153,500 187,930 321,906 EXPENDITURES Capital outlay Construction 1,345,000 1,066,407 734,065 Total expenditures 1,345,000 1,066,407 734,065 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (1,191,500) (878,477) (412,159) OTHER FINANCING SOURCES (USES) ' Operating transfers in - - 5,300,000 EXCESS (DEFICIENCY) OF REVENUES ' AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES (1,191,5091 (878,477) 4,887,841 FUND BALANCE, MAY 1 5,990,426 4,819,950 Prior period adjustment - (3,717,365 FUND BALANCE, MAY 1, RESTATED 5,990,426 1,102,585 FUND BALANCE, APRIL 30 $ 5,111,949 $ 5,990,426 See accompanying notes to financial statements. -74- VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL PROJECT 29 FUND For the Year Ended April 30, 2003 (with comparative actual for 2002) REVENUES Investment income Interest Total revenues EXPENDITURES Capital outlay Miscellaneous EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES FUND BALANCE, MAY 1 Prior period adjustment FUND BALANCE, MAY 1, RESTATED FUND BALANCE, APRIL 30 2003 2002 Budget Actual Actual $ 400 $ 1,583 $ 4,005 400 1,583 4,005 400 - $ - 1,583 4,005 139,206 62,203 - 72,998 139,206 135,201 $ 140,789 $ 139,206 See accompanying notes to financial statements. -75- 1 C 1 1 1 1 r-, u 1 1 1 1 1 1 1 1 1 m 3 c� M N "n C 3 CL N 1 1 1 1 i 1 1 1 1 1 1 r e i ENTERPRISE FUNDS Water Fund To account for all activity necessary to provide water to the residents of the Village including administration, operation, maintenance, financing, and related debt service. Sewerage Fund To account for the provision of sewer service to the residents of the Village. All activity necessary to provide such services is accounted for in this fund including, but not limited to, administration, construction, maintenance, and operations of the Sewerage Treatment Plant. Refuse Fund To account for all revenues and expenses necessary to provide the residents of the Village with refuse service. Commuter Parking Lot Fund To account for all activity necessary to construct, operate, and maintain the commuter parking facilities within the Village. H F, O p U N O O N M O 0 N co co �i N 3 l- � w N O � � O N iii w Q CQ U o cq ~ ~ M �O N N 0 O a � 5 5 N O O N M O 0 N co co �i N 3 l- to 00 ON M �o cq ~ ~ M �O N N O .4 r" N M to O N 00 W) et O\ oo ' M M 00 00 . O� 00 I� 00 Zp N O O -+ M N M 00 m et t, 00 ,.. m kr� r- 69 M C i i M O% 00 n M � M kn 00 N NN i i i i 00 .-i k 00 .-i 69 O0 ' M 00 z ' 00 ' O1 ' 't O � M N �t N C� N 69 qe N W) M tr) M O l- M N to � r- m to lq O 00 �n N 00 z M O N rry CIS It 0000 �O O .� N 00 .T 00 O N -+ 00 O� N 0 00 00 N 00 � N r+ r-i 69 t� N Q\ 00 m 00 M M 0 C/) U U Cf) cl W y 0 rn V1 N co V] �+ N O U id D O b O O ' L) o4 A�o � U �, N O O N ti O H M O O N a U O au coobA c� 3 a� N c� 't kn ' M ON O 00 •-+ tt) O O O vl O t- o0 r- w) 69 07N "t — N O 000 � � ' O ON - N kr)i O N l- r09 N I i v9 o o� v) o �n N N 00 O\ O� N C� N 000 N r- O z eh M 00 M l- z 7 W) O N 00 cn O of M tr 6FA 00 N N O_ M O Cn O O I� O N � 00 v) N O_ M M O� h et CJ 00 �O O z eh M 00 't O M � 00 cn O of M tr 00 N 00 00 z C?\ m M O .� M h N 01� 69 C 6A � O O O N M � M O M ON Cn 00 .� O M M O 00 N V r- .--i 00 l/) M W) .� qt o � 7 69 et 00 N O 00 kr) 00 00 N N O_ M O Cn O O I� O N � 00 v) N O_ M M O� h et O Cd O� N � O 9 O U U CO U U CJ 00 c� N N 69 C � O m 00 .- ► a 6A .� qt o � 7 et 00 N O Q M 00 O Cd O� N � O 9 O U U CO U U CJ c� O ► a o � 7 CIS Oo Q ° En o �o �, �.� b as o��" M W° w a0b� u U U v H za H �� Qom o F o QU uP4 0u O Cd O� N � O 9 O U U CO U U A M N N zw W W C C a � � N N M w A N � En z W � !H H � N z0 O� U ° O E� N O N M O O N 0 U a N 00 I- C� O 00 �C m h �o 69 h h m 00 N r•+ � Ki �p �--� N 00 v1 10 b9 .r N , M n r- 00 N 69 M N N C C W) d En � N N O� 69 M N N C C W) d N O� m 6s N 0 M 00 00 M �D -4 00 O r-:, �e 4 M -- V1 �C 00 vi �O m 00 -- m cn vi �D ' O O M 00 O C\ ^+ N m C� O C\ N h 0000 � o � m et l� � N N 00 rr D\ G � � K C� 00 OC N N N vNi, N ' N N N N N .N 00 M M O �O 00 00 � N � C7 A a U o va N O z N O �•� , �� .� Wz .�.ti DUQ .b En E1.1 o o zw N o,i' �m� z i in o X - OU OAQ° �0.W1 A 0 I� C c En bll r _ C C c c� ~ U a a 4 � R t d G U c v i �r 64 I I I I I I I I I I Gn W ^ U` q � � Q En w rn co 0 vi wv' w .d u C7 C7 0 a� Wq ° to W Z Z Z Z a� O W Z 0 � ti `i"'v, U dF 0 0 Z O g g p � � 0 y w Z 0 RW o W E" o U U u U W W Qj 7 F R; is b o F U� GFW�� F W U U F F E., F F Zarca' �0 000 Z 0 q Z w a> O C� N � O 9 00 F O clU U N N C4 � 0 00 It d C\ C\ \0 00 't 00 C\ 00 M [� M to h h N \0 N m m N 00 N v v N O) 0000 M Q\ C� a\ to� 69 Z M qt z qt O It - 00 01 M M Q\ t- o\ 7 N 00 \0 vi r+ tt m v1 Cl) 00 C\ 00 00 l- \0 �D qt r- 000 m .Nr O� C� O 69 69 O O r- v C% ' ' M C\ O\ O O O ' O 00 ' 00 ' I� d^ 00 N � .. .� N M N N m z oo 00 � N H9 bg N N N a\ M �c n N C ' ' C� .� ' C M r ' �t C O O O 00 00 N h \0 00 00 m h h m h r M m 00 00 l- � 64 69 m N M �C h C\ C� O llD ' \D lG 00 r- z I- Il- 00 00 l- O O O OO z N C\ 7 m It 00 N N N N 64 I I I I I I I I I I Gn W ^ U` q � � Q En w rn co 0 vi wv' w .d u C7 C7 0 a� Wq ° to W Z Z Z Z a� O W Z 0 � ti `i"'v, U dF 0 0 Z O g g p � � 0 y w Z 0 RW o W E" o U U u U W W Qj 7 F R; is b o F U� GFW�� F W U U F F E., F F Zarca' �0 000 Z 0 q Z w a> O C� N � O 9 00 F O clU U N N C4 ti cad O H yi}L7yyy x r°•� U a N w 11 3 0 M o0 ri d' 69 O 00 Ki O 69 N 69 n N N 69 W) .-y 00 m 69 O 00 It 69 O m v) r W) O 0\ N z O� v1 l� N vi v� O� O� C, M 00 V1 I O� �D vl et v') W � O0, C� et m 0 C, N N 0 N 4 m v M �O 0�0 N N 't N �- C vl M w W) VC1 O N O N 000 .�. M O 00 N �° v M '1 ql r- ' O ' C O �o O Nr m O 00 m �O W O -i �6 mN I CN rq N � O � N N N N � � iq M t i i i 00 i i i i OO „N„ ri m t- ri m v\ m 0 o m .y �D N 00 00 z 1-1 o0 ItT �—+ �0 N V1 � � 00 N .•y M 00 h ' N 00 V1 ' 00 00 w `N, m r-n ml N Z — ' ' 00 o� .4 r- 00 M 0 00 O ' N ' C\ C O M 00 0) 00 C\ M O O 00 m Jt � y O •; y 4] U CC O � .°� V q ct ' w M L) w p¢� a to V 0 O iC •r.•I' ca "Cl s� W v' v a'i ° a� a> o O oA 0 En a w G (U 4,- ' �O��IQQUUO� Z w ° C Z U O � a Q O � w o Q w Q w a (U w z w �- 5 � O U ti cad O H yi}L7yyy x r°•� U a N w 11 3 0 M o0 ri d' 69 O 00 Ki O 69 N 69 n N N 69 W) .-y 00 m 69 O 00 It 69 O m v) r W) O 0\ N z O� v1 l� N vi v� O� O� C, M 00 V1 I O� �D vl et v') W � O0, C� et m 0 C, N N 0 N 4 m v M �O 0�0 N N 't N �- C vl M w W) VC1 O N O N 000 .�. M O 00 N �° v M '1 ql r- ' O ' C O �o O Nr m O 00 m �O W O -i �6 mN I CN rq N � O � N N N N � � iq M t i i i 00 i i i i OO „N„ ri m t- ri m v\ m 0 o m .y �D N 00 00 z 1-1 o0 ItT �—+ �0 N V1 � � 00 N .•y M 00 h ' N 00 V1 ' 00 00 w `N, m r-n ml N Z — ' ' 00 o� .4 r- 00 M 0 00 O ' N ' C\ C O M 00 0) 00 C\ M O O 00 m Jt � y O •; y 4] U CC O � .°� V q ct ' w M L) w p¢� a to V 0 O iC •r.•I' ca "Cl s� W v' v a'i ° a� a> o O oA 0 En a w G (U 4,- ' �O��IQQUUO� Z w ° C Z U �O 0�0 N N 't N �- C vl M w W) VC1 O N O N 000 .�. M O 00 N �° v M '1 ql r- ' O ' C O �o O Nr m O 00 m �O W O -i �6 mN I CN rq N � O � N N N N � � iq M t i i i 00 i i i i OO „N„ ri m t- ri m v\ m 0 o m .y �D N 00 00 z 1-1 o0 ItT �—+ �0 N V1 � � 00 N .•y M 00 h ' N 00 V1 ' 00 00 w `N, m r-n ml N Z — ' ' 00 o� .4 r- 00 M 0 00 O ' N ' C\ C O M 00 0) 00 C\ M O O 00 m Jt � y O •; y 4] U CC O � .°� V q ct ' w M L) w p¢� a to V 0 O iC •r.•I' ca "Cl s� W v' v a'i ° a� a> o O oA 0 En a w G (U 4,- ' �O��IQQUUO� Z w ° C Z U M '1 ql r- ' O ' C O �o O Nr m O 00 m �O W O -i �6 mN I CN rq N � O � N N N N � � iq M t i i i 00 i i i i OO „N„ ri m t- ri m v\ m 0 o m .y �D N 00 00 z 1-1 o0 ItT �—+ �0 N V1 � � 00 N .•y M 00 h ' N 00 V1 ' 00 00 w `N, m r-n ml N Z — ' ' 00 o� .4 r- 00 M 0 00 O ' N ' C\ C O M 00 0) 00 C\ M O O 00 m Jt � y O •; y 4] U CC O � .°� V q ct ' w M L) w p¢� a to V 0 O iC •r.•I' ca "Cl s� W v' v a'i ° a� a> o O oA 0 En a w G (U 4,- ' �O��IQQUUO� Z w ° C Z U N N � � iq M t i i i 00 i i i i OO „N„ ri m t- ri m v\ m 0 o m .y �D N 00 00 z 1-1 o0 ItT �—+ �0 N V1 � � 00 N .•y M 00 h ' N 00 V1 ' 00 00 w `N, m r-n ml N Z — ' ' 00 o� .4 r- 00 M 0 00 O ' N ' C\ C O M 00 0) 00 C\ M O O 00 m Jt � y O •; y 4] U CC O � .°� V q ct ' w M L) w p¢� a to V 0 O iC •r.•I' ca "Cl s� W v' v a'i ° a� a> o O oA 0 En a w G (U 4,- ' �O��IQQUUO� Z w ° C Z U �—+ �0 N V1 � � 00 N .•y M 00 h ' N 00 V1 ' 00 00 w `N, m r-n ml N Z — ' ' 00 o� .4 r- 00 M 0 00 O ' N ' C\ C O M 00 0) 00 C\ M O O 00 m Jt � y O •; y 4] U CC O � .°� V q ct ' w M L) w p¢� a to V 0 O iC •r.•I' ca "Cl s� W v' v a'i ° a� a> o O oA 0 En a w G (U 4,- ' �O��IQQUUO� Z w ° C Z U Z — ' ' 00 o� .4 r- 00 M 0 00 O ' N ' C\ C O M 00 0) 00 C\ M O O 00 m Jt � y O •; y 4] U CC O � .°� V q ct ' w M L) w p¢� a to V 0 O iC •r.•I' ca "Cl s� W v' v a'i ° a� a> o O oA 0 En a w G (U 4,- ' �O��IQQUUO� Z w ° C Z U C\ M O O 00 m Jt � y O •; y 4] U CC O � .°� V q ct ' w M L) w p¢� a to V 0 O iC •r.•I' ca "Cl s� W v' v a'i ° a� a> o O oA 0 En a w G (U 4,- ' �O��IQQUUO� Z w ° C Z U rn cd O r C C 04 � C U Qa 4 4 a t `a a i v w R f 69 f f i I O i f � 69 L7 O \.O O_ � N m C) M � O� I C lc� I m O O 00 m r- yl N O O ON 00 1- r NN v O� N cn b9 69 69 69 b9 M i- O CN O C\ M N O vrl C � v^ O O 0 0 0 0 Vl — vl N Vl O N '••� 00 O � 0 ,. U O w 69 b4 b9 69 N z 00 m 00 N z 00 rn f C\ •--' O M 69 N l� Uon�� 72 69 f f i I O i f � 69 L7 O� 00 C% m 00 00 00 00 1- > N b9 69 69 69 M i- r- O 69 vi v^ O 0 0 0 0 0 00 00 h O11: ,. w w 69 b4 b9 69 m 00 00 rn r�i o m o 69 Uon�� 72 00 kA M tt d' m N t` N 6911 69 I 6911 69 L7 00 00 vi m .. . 00 00 1- > N b9 69 69 69 i- r- O vi v^ O 00 00 h ,. w w 69 b4 b9 69 i0 m r�i o m o Uon�� 72 uN 69 w 69 69 69 H 5cz �o.0 N iQ N N N w� N ' N ' 00 c z �_ 00 00 °�' 00 � W ¢x 00 N N N 69 Ow 69 69 69 m O CF 00 00 O oD C CIO ° w S ° cn 2 0 0 �' 0 cn � � 69 U a 69 o Wz o m m O M O) .M. O � N N m vi I� 00 ^: rqjj 6911 69 I 6911 69 ° w Mm a 00 Q d4 G .C� G O U R1 U U G7 L7 . > O cz ,. w w (U Uon�� 72 uN w> Qa w w H? H 5cz �o.0 °> iQ w� w P4 C) c z �_ U" � o 3 °�' � � W ¢x u ¢b Q _ Ow U U CIO ° w S ° cn 2 0 0 �' 0 cn � � ¢ U a Wz ° w Mm a 00 Q d4 G .C� G O U R1 U U G7 VILLAGE OF DEERFIELD, ILLINOIS BALANCE SHEET WATER FUND April 30, 2003 (with comparative totals for 2002) FIXED ASSETS Cost 13,472,669 12,638,211 Accumulated depreciation (2,277,133) (1,998,823) Net fixed assets 11,195,536 10,639,388 TOTAL ASSETS $ 14,760,134 $ 13,669,161 LIABILITIES AND FUND EQUITY CURRENT LIABILITIES Accounts payable 2003 2002 ASSETS 7,582 10,107 CURRENT ASSETS 16,621 77,354 Cash and investments $ 2,765,134 $ 2,303,012 Receivables 375,000 300,000 Accounts - billed 37,723 49,877 Accounts - unbilled 433,679 537,354 Accrued interest 7,575 2,582 Other 4,593 7,624 Due from component unit 2,525 - Unamortized loss on refunding 192,873 29,516 Deferred bond issuance costs net of amortization 38,451 35,209 Inventories 82,045 64,599 Total current assets 3,564,598 3,029,773 FIXED ASSETS Cost 13,472,669 12,638,211 Accumulated depreciation (2,277,133) (1,998,823) Net fixed assets 11,195,536 10,639,388 TOTAL ASSETS $ 14,760,134 $ 13,669,161 LIABILITIES AND FUND EQUITY CURRENT LIABILITIES Accounts payable $ 703,812 $ 250,931 Accrued payroll 7,582 10,107 Accrued interest payable 16,621 77,354 Compensated absences payable 124,578 116,761 Current portion of general obligation bonds payable 375,000 300,000 Total current liabilities 1,227,593 755,153 LONG -TERM LIABILITIES General obligation bonds payable 3,730,000 3,870,400 Total liabilities 4,957,593 4,625,553 FUND EQUITY Contributed capital 1,374,277 1,423,138 Retained earnings 8,428,264 7,620,470 Total fund equity 9,802,541 9,043,608 TOTAL LIABILITIES AND FUND EQUITY $ 14,760,134 $ 13,669,161 See accompanying notes to financial statements. -82- i I I, I n i 11 f I I (This page is intentionally left blank.) VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL WATER FUND For the Year Ended April 30, 2003 (with comparative actual for 2002) OPERATING REVENUES Charges for services Water sales Miscellaneous Permits and fees Penalties Other Total operating revenues OPERATING EXPENSES EXCLUDING DEPRECIATION AND AMORTIZATION Administration Operations Distribution Maintenance - mains and fire hydrants Maintenance - meters Water system improvements Total operating expenses excluding depreciation and amortization OPERATING INCOME (LOSS) BEFORE DEPRECIATION AND AMORTIZATION Depreciation and amortization OPERATING INCOME (LOSS) NONOPERATING REVENUES (EXPENSES) Investment income Interest income Net appreciation (depreciation) in fair value of investments Interest expense Total nonoperating revenues (expenses) 2003 2002 Budget Actual Actual $ 3,703,000 $ 3,821,451 $ 3,590,682 14,000 20,060 14,047 25,000 19,403 31,369 5,000 7,390 46,487 3,747,000 3,868,304 3,682,585 307,300 266,237 248,510 2,721,257 2,387,204 1,389,288 523,917 387,445 394,470 101,218 101,091 103,617 - - 860,859 3,653,692 3,141,977 2,996,744 93,308 726,327 685,841 278,310 91,643 93,308 448,017 594,198 60,000 75,459 179,952 (7,496) (71,543) (485,650) (124,917) (193,093) (425,650) (56,954) (84,684) (This statement is continued on the following page.) -83- VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL (Continued) WATER FUND For the Year Ended April 30, 2003 r, (with comparative actual for 2002) 2003 2002 Budget Actual Actual INCOME (LOSS) BEFORE OPERATING TRANSFERS $ (332,342) $ 391,063 $ 509,514 1 T 1 f 1 1 OPERATING TRANSFERS IN (OUT) Insurance Fund Vehicle Replacement Fund Total operating transfers in (out) NET INCOME (LOSS) OTHER CHANGES IN RETAINED EARNINGS Depreciation that reduces contributed capital NET INCREASE IN RETAINED EARNINGS RETAINED EARNINGS, MAY 1 Prior period adjustment RETAINED EARNINGS, MAY 1, RESTATED Residual equity transfer in (out) RETAINED EARNINGS, APRIL 30 147,627 - - (23,000) 147,627 (23,000) $ (332,342) 538,690 486,514 48,861 48,861 587,551 535,375 7,620,470 7,175,371 (90,276) 7,620,470 7,085,095 220,243 - $ 8,428,264 $ 7,620,470 See accompanying notes to financial statements. -84- VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL WATER FUND ADMINISTRATION Salaries Overtime Part-time Employee benefits Professional services Travel, training, and dues Printing and advertising Communications Contractual services Insurance Motor vehicle maintenance Vehicle and equipment replacement Miscellaneous Supplies Petroleum products Occupancy Apparel Repairs and maintenance Total administration OPERATIONS Distribution Salaries Overtime Employee benefits Professional services Printing and advertising Contractual services Utility services Motor vehicle maintenance Repairs and maintenance Miscellaneous Purchase of water Supplies Petroleum products Chlorine Equipment Materials Subtotal Less non - operating expenses Fixed assets capitalized Total distribution For the Year Ended April 30, 2003 (This schedule is continued on the following page.) -85- Budget Actual $ 111,870 $ 109,148 3,200 473 6,500 7,479 23,780 2,081 3,200 - 1,600 236 10,000 1,994 17,450 18,876 7,400 6,980 53,400 55,103 3,500 1,348 31,000 31,000 1,700 2,970 1,400 874 1,500 1,196 20,800 20,800 4,000 3,335 5,000 2,344 307,300 266,237 185,170 111,245 11,390 9,556 22,510 23,291 10,700 7,166 800 - 1,169,400 928,554 82,200 56,250 2,500 3,482 11,900 5,976 600 - 1,950,000 2,009,260 700 - 2,000 1,472 500 - 60,900 18,478 1,000 3,487 3,512,270 3,178,217 (791,013) (791,013) 2,721,257 2,387,204 f 1 VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL (Continued) WATER FUND For the Year Ended April 30, 2003 Budget Actual OPERATIONS (Continued) Main and fire hydrant maintenance Salaries $ 163,820 $ 144,168 Overtime 50,000 58,652 Part-time 9,800 4,532 Employee benefits 25,010 28,858 Contractual services 76,100 35,298 Motor vehicle maintenance 20,000 32,575 Repairs and maintenance 12,400 (1,315) Equipment rental 1,000 407 Miscellaneous 4,000 444 Petroleum products 3,500 2,905 Small tools and equipment 800 68 Aggregates 24,000 13,071 Equipment 41,800 3,277 j Materials 95,000 67,818 Subtotal 527,230 390,758 Less non - operating expenses Fixed assets capitalized (3,313) (3,313) Total main and fire hydrant maintenance 523,917 387,445 Meter maintenance Salaries 69,570 78,442 1 Overtime 1,140 121 Part-time 1,500 - Employee benefits 12,140 17,594 Professional services 2,000 453 Travel, training, and dues 200 - Printing and advertising 300 - Motor vehicle maintenance 5,000 1,979 Repairs and maintenance 1,900 Miscellaneous 500 - Petroleum products 1,000 1,247 Materials 6,000 2,642 Small tools and equipment 100 - Equipment 40,000 38,745 Subtotal 141,350 2 3 141 ,2 Less non - operating expenses Fixed assets capitalized (40,132) (40,132) Total meter maintenance 101,218 101,091 TOTAL OPERATING EXPENSES $ 3,653,692 $ 3,141,977' (See independent auditor's report.) -86- VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF FIXED ASSETS AND DEPRECIATION WATER FUND For the Year Ended April 30, 2003 Assets Balances Balances May 1 Additions Retirements April 30 Water system $ 3,323,548 $ 9,313,944 $ 53,221 $ 12,584,271 Equipment and vehicles 678,932 61,630 - 740,562 Construction in progress 8,635,731 355,554 8,843,449 147,836 $ 12,638,211 $ 9,731,128 $ 8,896,670 $ 13,472,669 Accumulated Depreciation Balances Balances May 1 Additions Retirements April 30 Water system $ 1,459,925 $ 260,356 $ 5,320 $ 1,714,961 Equipment and vehicles 538,898 23,274 - 562,172 $ 1,998,823 $ 283,630 $ 5,320 $ 2,277,133 NET ASSET VALUE $ 11,195,536 (See independent auditor's report.) -87- VILLAGE OF DEERFIELD, ILLINOIS BALANCE SHEET SEWERAGE FUND April 30, 2003 (with comparative totals for 2002) 1 2003 2002 ASSETS tCURRENT ASSETS Cash and investments $ 1,907,849 $ 1,502,312 Receivables Accounts - billed 39,718 37,955 Accounts - unbilled 208,594 269,555 Accrued interest 13,865 4,333 Other 2,694 6,715 Due from component unit 4,813 - Inventories 4,952 1,804 Total current assets 2,182,485 1,822,674 FIXED ASSETS Cost 11,428,710 11,211,219 Accumulated depreciation (7,494,313) (7,311,680) Net fixed assets 3,934,397 3,899,539 TOTAL ASSETS $ 6,116,882 $ 5,722,213 ' LIABILITIES AND FUND EQUITY CURRENT LIABILITIES Accounts payable $ 190,129 $ 41,705 Accrued payroll 20,262 20,101 Compensated absences payable 99,854 101,642 Total liabilities 310,245 163,448 FUND EQUITY Contributed capital 4,434,990 4,570,309 Retained earnings 1,371,647 988,456 Total fund equity 5,806,637 5,558,765 TOTAL LIABILITIES AND FUND EQUITY $ 6,116,882 $ 5,722,213 See accompanying notes to financial statements. -88- VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL SEWERAGE FUND For the Year Ended April 30, 2003 (with comparative actual for 2002) OPERATING REVENUES Charges for services Sewer charges Surcharges - construction Miscellaneous Permits and fees Penalties Other Total operating revenues OPERATING EXPENSES EXCLUDING DEPRECIATION Administration Operations Treatment plant Cleaning and maintenance Construction Total operating expenses excluding depreciation OPERATING INCOME (LOSS) BEFORE DEPRECIATION Depreciation OPERATING INCOME (LOSS) NONOPERATING REVENUES (EXPENSES) Investment income Interest income Net appreciation (depreciation) in fair value of investments Total nonoperating revenues (expenses) 2003 2002 Budget Actual Actual $ 1,680,000 $ 1,549,553 $ 1,594,168 55,000 51,922 51,760 5,000 14,601 4,600 19,000 9,676 17,175 29,000 20,695 27,512 1,788,000 1,646,447 1,695,215 350,780 280,955 204,758 1,356,190 1,068,624 1,238,367 234,419 189,500 205,388 327,470 305,893 337,626 2,268,859 1,844,972 1,986,139 (480,859) (198,525) (290,924) 7,500 182,633 167,653 (488,359) (381,158) (458,577) 50,000 46,021 50,814 - 4,913 (2,635) 50,000 50,934 48,179 (This statement is continued on the following page.) -89- 1 1 1 1 1 i 1 1 1 1 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL (Continued) SEWERAGE FUND For the Year Ended April 30, 2003 (with comparative actual for 2002) INCOME (LOSS) BEFORE OPERATING TRANSFERS OPERATING TRANSFERS IN (OUT) Insurance Fund Vehicle Replacement Fund Total operating transfers in (out) NET INCOME (LOSS) OTHER CHANGES IN RETAINED EARNINGS Depreciation that reduces contributed capital NET INCREASE (DECREASE) IN RETAINED EARNINGS RETAINED EARNINGS, MAY 1 Prior period adjustment RETAINED EARNINGS, MAY 1, RESTATED Residual equity transfer in (out) RETAINED EARNINGS, APRIL 30 2003 2002 Budget Actual Actual $ (438,359) $ (330,224) $ (410,398) 158,172 - (33,000) 158,172 (33,000) $ (438,359) (172,052) (443,398) 135,319 135,319 (36,733) (308,079) 988,456 1,299,058 - (2,523) 988,456 1,296,535 419,924 - $ 1,371,647 $ 988,456 See accompanying notes to financial statements. -90- VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL SEWERAGE FUND For the Year Ended April 30, 2003 (This schedule is continued on the following page.) -91- Budget Actual ADMINISTRATION Salaries $ 118,380 $ 105,545 Overtime 4,000 213 Part-time 6,500 7,483 Employee benefits 23,840 5,714 Contractual services 10,300 7,907 Professional services 20,200 - Travel, training, and dues 600 130 Printing and advertising 5,200 616 Communications 8,010 7,078 Insurance 84,000 81,562 Motor vehicle maintenance 3,000 2,867 Repairs and maintenance 6,000 2,094 Vehicle and equipment replacement 31,750 31,750 Miscellaneous 2,000 2,279 Supplies 1,400 555 Petroleum products 1,600 1,786 Occupancy 20,800 20,800 Apparel 3,200 2,576 Total administration 350,780 280,955 OPERATIONS Treatment plant Salaries 521,770 505,274 Overtime 21,730 14,850 Part-time 7,700 7,796 Employee benefits 103,850 108,391 Professional services 5,000 11,155 Travel, training, and dues 4,900 4,086 Printing and advertising 200 285 Communications 11,900 12,531 Contractual services 9,100 100 Utility services 224,000 192,907 Motor vehicle maintenance 8,000 10,336 Repairs and maintenance 473,800 272,335 Vehicle and equipment replacement - 7,500 Equipment rental 2,000 - Supplies 80,500 64,432 Petroleum products 9,000 6,253 Chlorine 4,000 - Aggregates 8,000 5,210. Materials 22,500 9,421 Small tools and equipment 1,000 549 Apparel 4,500 3,809 Equipment 7,800 5,663 Miscellaneous 4,000 4,801 Subtotal treatment plant 1,535,250 1,247,684 Less non - operating expenses Fixed assets capitalized (179,060) (179,060) Total treatment plant 1,356,190 1,068,624 (This schedule is continued on the following page.) -91- VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL (Continued) SEWERAGE FUND For the Year Ended April 30, 2003 Budget Actual OPERATIONS (Continued) Cleaning and maintenance Salaries $ 109,030 $ 106,908 Overtime 9,000 9,993 Part-time 3,600 8,104 Employee benefits 19,420 21,702 Contractual services 22,000 20,931 Motor vehicle maintenance 12,000 3,564 Repairs and maintenance 9,000 2,810 Equipment rental 1,000 - Miscellaneous 2,500 30 Supplies 17,000 10,430 Petroleum products 1,500 857 Aggregates 2,900 136 Materials 12,000 1,311 Equipment 51,300 40,533 Small tools and equipment 600 622 Subtotal cleaning and maintenance 272,850 227,931 Less non - operating. expenses Fixed assets capitalized (38,431) (38,431) Total cleaning and maintenance 234,419 189,500 Construction Salaries 127,210 106,596 Overtime 3,000 5,786 Part-time 2,000 9,704 Employee benefits 24,060 23,948 Contractual services 94,000 62,862 Motor vehicle maintenance 9,000 13,810 Repairs and maintenance 4,000 11,479 Equipment rental 5,000 - Supplies 1,000 249 Petroleum products 4,000 4,775 Aggregates 14,000 21,310 Materials 40,000 45,374 Small tools and equipment 200 - Total construction 327,470 305,893 TOTAL OPERATING EXPENSES $ 2,268,859 $ 1,844,972 r" !� (See independent auditors report.) -92- VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF FIXED ASSETS AND DEPRECIATION SEWERAGE FUND For the Year Ended April 30, 2003 Assets Balances Balances May I Additions Retirements April 30 Sewer system $ 10,825,703 $ 130,970 $ - $ 10,956,673 Equipment and vehicles 385,516 86,521 - 472,037 $ 11,211,219 $ 217,491 $ - $ 11,428,710 Accumulated Depreciation Balances Balances May I Additions Retirements April 30 Sewer system $ 6,969,682 $ 154,171 $ - $ 7,123,853 Equipment and vehicles 341,998 28,462 - 370,460 $ 7,311,680 $ 182,633 $ - $ 7,494,313 NET ASSET VALUE $ 3,934,397 (See independent auditor's report.) -93- 1 1 1 1 1 1 1 1 l 1 1 1 1 r r VILLAGE OF DEERFIELD, ILLINOIS BALANCE SHEET REFUSE FUND April 30, 2003 (with comparative totals for 2002) ASSETS CURRENT ASSETS Cash and investments Receivables Property taxes Accounts - billed Accounts - unbilled Accrued interest Other Due from other funds TOTAL ASSETS LIABILITIES AND RETAINED EARNINGS CURRENT LIABILITIES Accounts payable Due to other funds Deferred property taxes Total current liabilities RETAINED EARNINGS TOTAL LIABILITIES AND RETAINED EARNINGS 2003 2002 $ 288,223 $ 232,368 711,419 717,025 14,945 15,841 100,296 101,036 - 18 1,545 3,271 - 3,582 $ 1,116,428 $ 1,073,141 $ 109,711 $ 110,557 - 17,009 755,000 755,000 864,711 882,566 251,717 190,575 $ 1,116,428 $ 1,073,141 See accompanying notes to financial statements. -94- VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL REFUSE FUND For the Year Ended April 30, 2003 (with comparative actual for 2002) OPERATING REVENUES Charges for services Refuse billing Miscellaneous Total operating revenues OPERATING EXPENSES Administration Operations Contractual services Total operating expenses OPERATING INCOME (LOSS) NONOPERATING REVENUES (EXPENSES) Investment income Interest income Property taxes Total nonoperating revenues (expenses) INCOME (LOSS) BEFORE OPERATING TRANSFERS OPERATING TRANSFERS IN (OUT) Insurance Fund Vehicle Replacement Fund Total operating transfers in (out) NET INCOME (LOSS) RETAINED EARNINGS, MAY 1 Prior period adjustment RETAINED EARNINGS, MAY 1, RESTATED RETAINED EARNINGS, APRIL 30 2003 2002 Budget Actual Actual $ 584,200 $ 623,735 $ 619,637 12,000 29,490 22,850 596,200 653,225 642,487 169,680 186,321 184,548 1,341,000 1,209,115 1,209,916 755,000 789,195 741,943 1,510,680 1,395,436 1,394,464 769,000 793,767 763,475 (914,480) (742,211) (751,977) 14,000 4,572 21,532 755,000 789,195 741,943 - 9,586 (14,000) 769,000 793,767 763,475 (145,480) 51,556 11,498 - 9,586 - - - (14,000) - 9,586 (14,000) $ (145,480) 61,142 (2,502) 190,575 948,077 See accompanying notes to financial statements. -95- - (755,000) 190,575 193,077 $ 251,717 $ 190,575 1 CURRENT ASSETS VILLAGE OF DEERFIELD, ILLINOIS 1 BALAN E C SHEET $ COMMUTER PARKING LOT FUND $ 486,055 April 30, 2003 (with comparative totals for 2002) Accrued interest 2003 2002 ASSETS CURRENT ASSETS 1 Cash and investments $ 439,366 $ 486,055 Receivables Accrued interest 8,000 9,788 Total current assets 447,366 495,843 FIXED ASSETS Cost 710,108 710,108 Accumulated depreciation (629,193) (627,620) Net fixed assets 80,915 82,488 TOTAL ASSETS $ 528,281 $ 578,331 LIABILITIES AND FUND EQUITY 1 CURRENT LIABILITIES Accounts payable Accrued payroll $ 517 - $ 11,891 607 Total current liabilities 517 12,498 FUND EQUITY Retained earnings 527,764 565,833 Total fund equity 527,764 565,833 TOTAL LIABILITIES AND FUND EQUITY $ 528,281 $ 578,331 See accompanying notes to financial statements. -96- VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL COMMUTER PARKING LOT FUND For the Year Ended April 30, 2003 (with comparative actual for 2002) 2003 2002 Budget Actual Actual OPERATING REVENUES Parking lot fees $ 155,500 $ 146,281 $ 152,759 OPERATING EXPENSES EXCLUDING DEPRECIATION Operations 91,730 73,036 76,660 OPERATING INCOME BEFORE DEPRECIATION 63,770 73,245 76,099 Depreciation - 1,573 1,573 OPERATING INCOME 63,770 71,672 74,526 NONOPERATING REVENUES (EXPENSES) Investment income Interest income Net appreciation (depreciation) in fair value of investments Total nonoperating revenues (expenses) INCOME BEFORE OPERATING TRANSFERS OPERATING TRANSFERS IN (OUT) Insurance Fund Street and Bridge Fund Total operating transfers in (out) NET INCOME (LOSS) RETAINED EARNINGS, MAY 1 RETAINED EARNINGS, APRIL 30 35,000 27,378 30,264 - (13,078) 8,762 35,000 14,300 39,026 98,770 85,972 113,552 959 - (125,000) (125,000) (125,000) (125,000) (124,041) (125,000) $ (26,230) (38,069) (11,448) 565,833 577,281 $ 527,764 $ 565,833 See accompanying notes to financial statements. -97- 1 1 1 f 1 1 t 1 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL COMMUTER PARKING LOT FUND For the Year Ended April 30, 2003 OPERATIONS Parking lots - Village and federal funds Salaries Benefits Insurance Utility service Property rentals Miscellaneous Materials Contractual Total parking lots - Village and federal funds Parking lots - Village construction Salaries Benefits Insurance Utility services Repairs and maintenance Supplies Aggregates Materials Contractual Equipment Total parking lots - Village construction TOTAL OPERATING EXPENSES Budget Actual $ - $ 8,547 1,894 401 5,721 7,500 7,440 200 5 - 540 16,702 7,700 41,250 23,330 8,549 4,620 1,894 980 418 9,000 2,767 4,000 160 800 - 300 - 8,000 1,296 30,000 16,702 3,000 - 84,030 31,786 $ 91,730 $ 73,036 (See independent auditor's report.) -98- VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF FIXED ASSETS AND DEPRECIATION COMMUTER PARKING LOT FUND For the Year Ended April 30, 2003 Assets Balances Balances May 1 Additions Retirements April 30 Land $ 77,500 $ - $ - $ 77,500 Parking lot improvements 632,608 - - 632,608 $ 710,108 $ - $ - $ 710,108 Accumulated Depreciation Balances Balances May 1 Additions Retirements April 30 Parking lot $ 627,620 $ 1,573 $ - $ 629,193 NET ASSET VALUE $ 80,915 (See independent auditor's report.) -99- 1 I 1 1 1 1 11 1 1 H 1 1 1 1 k� 3 d N e� ci m c 3 CL N 1 1 1 1 INTERNAL SERVICE FUNDS Garage Fund To account for all activity necessary to maintain the efficient and safe operation of Village vehicles and equipment. The Garage is operated and maintained by the Village, and the various departments are billed according to the services rendered. IInsurance Fund To account for monies set aside for the payment of medical, dental, and life insurance premiums for Village employees. The revenue is derived from charges to the various funds. 1 1 1 1 1 11 VILLAGE OF DEERFIELD, ILLINOIS COMBINING BALANCE SHEET INTERNAL SERVICE FUNDS April 30, 2003 (with comparative totals for 2002) Totals Garage Insurance 2003 2002 ASSETS CURRENT ASSETS Cash and investments $ 184,328 $ 1,167,168 $ 1,351,496 $ 2,179,834 Receivables - 4,364 3,456 Compensated absences Accounts 1,199 - 1,199 57 Accrued interest - 5,333 5,333 34,862 Due from other funds - 4,846 4,846 - Due from component unit 885 - 885 - Inventory 76,927 - 76,927 74,397 TOTAL ASSETS $ 263,339 $ 1,177,347 $ 1,440,686 $ 2,289,150 LIABILITIES AND RETAINED EARNINGS CURRENT LIABILITIES Accounts payable $ 3,508 $ - $ 3,508 $ 116,565 Accrued payroll 4,364 - 4,364 3,456 Compensated absences payable 60,704 - 60,704 61,509 Claims payable - 489,526 489,526 308,283 Total liabilities 68,576 489,526 558,102 489,813 RETAINED EARNINGS Reserved for liability insurance - - - 867,426 Unreserved 194,763 687,821 882,584 931,911 Total retained earnings 194,763 687,821 882,584 1,799,337 TOTAL LIABILITIES AND RETAINED EARNINGS $ 263,339 $ 1,177,347 $ 1,440,686 $ 2,289,150 See accompanying notes to financial statements. -100- L�� VILLAGE OF DEERFIELD, ILLINOIS COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS INTERNAL SERVICE FUNDS Prior period adjustment (4,148) RETAINED EARNINGS, MAY 1, RESTATED 99,391 1,699,946 1,799,337 1,702,106 Residual equity transfer in (out) 77,246 - 77,246 - RETAINED EARNINGS, APRIL 30 $ 194,763 $ 687,821 $ 882,584 $ 1,799,337 See accompanying notes to financial statements. - 101 - For the Year Ended April 30, 2003 (with comparative totals for 2002) Totals Garage Insurance 2003 2002 OPERATING REVENUES Charges for services Billings $ 256,173 $ 1,508,098 $ 1,764,271 $ 1,604,674 Miscellaneous 3,573 - 3,573 1,099 Total operating revenues 259,746 1,508,098 1,767,844 1,605,773 OPERATING EXPENSES Administration - 1,647,328 1,647,328 1,432,809 Operations 257,287 - 257,287 236,114 Total operating expenses 257,287 1,647,328 1,904,615 1,668,923 OPERATING INCOME (LOSS) 2,459 (139,230) (136,771) (63,150) NONOPERATING REVENUES (EXPENSES) Investment income (630) 85,725 85,095 162,381 INCOME (LOSS) BEFORE OPERATING TRANSFERS 1,829 (53,505) (51,676) 99,231 OPERATING TRANSFERS Operating transfers in 16,297 - 16,297 - Operating transfers (out) - (958,620) (958,620) (2,000) Total operating transfers 16,297 (958,620) (942,323) (2,000) NET INCOME (LOSS) 18,126 (1,012,125) (993,999) 97,231 RETAINED EARNINGS, MAY 1 99,391 1,699,946 1 799 337 1,706,254 Prior period adjustment (4,148) RETAINED EARNINGS, MAY 1, RESTATED 99,391 1,699,946 1,799,337 1,702,106 Residual equity transfer in (out) 77,246 - 77,246 - RETAINED EARNINGS, APRIL 30 $ 194,763 $ 687,821 $ 882,584 $ 1,799,337 See accompanying notes to financial statements. - 101 - VILLAGE OF DEERFIELD, ILLINOIS COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS For the Year Ended April 30, 2003 (with comparative totals for 2002) CASH FLOWS FROM OPERATING ACTIVITIES Operating income (loss) Adjustments to reconcile operating income (loss) to net cash from operating activities Changes in assets and liabilities Receivables Due from other funds Due from component unit Accounts payable Accrued payroll Compensated absences payable Inventories Net cash from operating activities CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Operating transfers in Operating transfers (out) Residual equity transfer in Net cash from noncapital financing activities CASH FLOWS FROM INVESTING ACTIVITIES Interest received NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS, MAY 1 CASH AND CASH EQUIVALENTS, APRIL 30 NONCASH ACTIVITIES Increase (decrease) in fair value of investments Totals Garage Insurance 2003 2002 $ 2,459 $ (139,236) $ (136,771) $ (63,150) (1,142) - (1,142) (34) - (4,846) (4,846) - (885) (885) - (2,872) 71,058 68,186 89,239 908 - 908 371 (805) - (805) 3,135 (2,530) - (2,530) (5,166) (4,867) (73,018) (77,885) 24,395 16,297 - 16,297 - (958,620) (958,620) (2,000) 77,246 - 77,246 - 93,543 (958,620) (865,077) (2,000) (630) 115,254 114,624 134,010 88,046 (916,384) (828,338) 156,405 96,282 2,083,552 2,179,834 2,023,429 $ 184,328 $ 1,167,168 $ 1,351,496 $ 2,179,834 $ (1,988) $ (17,831) $ (19,819) $ 8,391 See accompanying notes to financial statements. -102- 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL GARAGE FUND 1 i 1 1 For the Year Ended April 30, 2003 (with comparative actual for 2002) OPERATING INCOME (LOSS) NONOPERATING REVENUES (EXPENSES) Investment income Interest income Net appreciation (depreciation) in fair value of investments Total nonoperating revenues (expenses) INCOME (LOSS) BEFORE OPERATING TRANSFERS OPERATING TRANSFERS IN (OUT) Insurance Fund Vehicle Replacement Fund Total operating transfers in (out) NET INCOME (LOSS) RETAINED EARNINGS, MAY 1 Prior period adjustment RETAINED EARNINGS, MAY 1, RESTATED Residual equity transfer in (out) RETAINED EARNINGS, APRIL 30 2003 2002 Budget Actual Actual $ 206,900 $ 256,173 $ 245,760 2,500 3,573 1,099 209,400 259,746 246,859 258,290 257,287 236,114 (48,890) 2,459 10,745 1,358 493 (1,988) - (630) 493 (48,890) 1,829 11,238 - 16,297 OPERATING REVENUES - - Charges for services Billings - 16,297 Miscellaneous Total operating revenues $ (48,890) 18,126 OPERATING EXPENSES Operations 1 i 1 1 For the Year Ended April 30, 2003 (with comparative actual for 2002) OPERATING INCOME (LOSS) NONOPERATING REVENUES (EXPENSES) Investment income Interest income Net appreciation (depreciation) in fair value of investments Total nonoperating revenues (expenses) INCOME (LOSS) BEFORE OPERATING TRANSFERS OPERATING TRANSFERS IN (OUT) Insurance Fund Vehicle Replacement Fund Total operating transfers in (out) NET INCOME (LOSS) RETAINED EARNINGS, MAY 1 Prior period adjustment RETAINED EARNINGS, MAY 1, RESTATED Residual equity transfer in (out) RETAINED EARNINGS, APRIL 30 2003 2002 Budget Actual Actual $ 206,900 $ 256,173 $ 245,760 2,500 3,573 1,099 209,400 259,746 246,859 258,290 257,287 236,114 (48,890) 2,459 10,745 1,358 493 (1,988) - (630) 493 (48,890) 1,829 11,238 - 16,297 - - - (2,000) - 16,297 (2,000) $ (48,890) 18,126 9,238 99,391 94,301 See accompanying notes to imancial statements. -103- - (4,148) 99,391 90,153 77,246 - $ 194,763 $ 99,391 VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL GARAGE FUND For the Year Ended April 30, 2003 OPERATING EXPENSES Public works department Salaries Overtime Employee benefits Apparel Repairs and maintenance Vehicle equipment replacement Travel, training, and dues Printing and advertising Communications Utility services Insurance Petroleum products Miscellaneous Materials Small tools and equipment Supplies Equipment TOTAL OPERATING EXPENSES Budget Actual $ 133,300 $ 151,828 9,200 6,733 28,460 31,780 1,000 915 5,000 3,784 2,130 2,130 400 27 400 - 1,500 1,514 1,600 1,380 6,900 51765 700 560 900 859 200 12 2,500 2,116 62,100 45,943 2,000 1,941 $ 258,290 $ 257,287 (See independent auditor's report.) -104- P, 1 1 1 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL INSURANCE FUND For the Year Ended April 30, 2003 (with comparative totals for 2002) OPERATING REVENUES Charges for services Billings OPERATING EXPENSES Administration Insurance OPERATING INCOME (LOSS) NONOPERATING REVENUES (EXPENSES) Investment income Interest income Net appreciation (depreciation) in fair value of investments Total nonoperating revenues (expenses) NET INCOME (LOSS) BEFORE OPERATING TRANSFERS OPERATING TRANSFERS (OUT) NET INCOME (LOSS) RETAINED EARNINGS, MAY 1 RETAINED EARNINGS, APRIL 30 2003 2002 Budget Actual Actual $ 1,595,880 $ 1,508,098 $ 1,358,914 1,499,050 1,647,328 1,432,809 96,830 (139,230) (73,895) 25,000 103,556 . 153,497 - (17,831) 8,391 25,000 85,725 161,888 121,830 (53,505) 87,993 - (958,620) - $ 121,830 (1,012,125) 87,993 1,699,946 1,611,953 $ 687,821 $ 1,699,946 See accompanying notes to financial statements. -105- 1 1 u 1 1 1 e l 1 1 1 1 1 1 c N N 3 CL n 0 m In c CL N 1 D 1 1 1 TRUST AND AGENCY FUNDS 1 Pension Trust Fund Police Pension Fund - to account for the accumulation of resources to pay pension costs. Resources are contributed by police force members at rates fixed by state statutes and by the ' Village through an annual property tax levy. ' Agency Funds Deposit Fund - to account for monies on deposit with the Village that are being held on a ' temporary basis. Deerfield Cemetery Association Fund - to account for the monies on deposit with the Village ' that are being held for the Deerfield Cemetery Association. East Shore Radio Network Fund - to account for the monies on deposit with the Village that ' are being held for the East Shore Radio Network. 1 1 1 1 i 1 1 C/] T U G U 0p O H U 6 W oe G U � C AU4 C O " a � U C o s a� CT CT M O CT N CT M M 00 — CT 69 00 r V1 i� N a Cn En N �+ N �o 00 It 00 kr C` — 69 CT M 00 En N C14 Cn En N 00 M vi v C% o� M 00 N M 00 00 00 M v� 0 00 -+ C tf) N o0 r O ll N O kn -� r N v1 O l` qt — r '1* O 00 — cf c En I�t CT ^� rj CT 69 69 N � � v rn � v �c 14 N CT c v� te) r p V CT 00 O CT V') 00 M 00 N d' CT CT M 00 M .r a w w w A � U U z c N o A O c7 Pz 4 CO co ¢ m . A w •3 a � H U T U G U 0p O H U 6 W oe G U � C AU4 C O " a � U C o s a� CT CT M O CT N CT M M 00 — CT 69 00 r V1 i� N a Cn En N �+ N �o 00 It 00 kr C` — 69 CT M 00 En N C14 Cn En N 00 M vi v C% o� M 00 N M 00 00 00 M v� 0 00 -+ C tf) N o0 r O ll N O kn -� r N v1 O l` qt — r '1* O 00 — cf c En I�t CT ^� rj CT 69 69 N � � v rn � v �c 14 N CT c v� te) r p V CT 00 O CT V') 00 M 00 N d' CT CT M 00 M .r U A w U azz �, az r. V) b �, b F, �' � � o Y ¢ � E•, c � U � � •N °' o o W � O .0 U U •.�'+ W U U 'w � y U 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF PLAN NET ASSETS POLICE PENSION FUND April 30, 2003 ASSETS Cash and cash equivalents $ 365,732 Investments, at fair value U.S. government obligations 6,921,426 U.S. agencies securities 1,344,145 Mutual funds 8,374,596 Municipal obligations 2,244,016 Total investments 18,884,183 Receivables Accrued interest 125,701 Other 1,797 Total receivables 127,498 Due from other funds 7,847 Total assets 19,385,260 LIABILITIES Accounts payable 521 Other payables 10,596 Due to other funds 5,346 Total liabilities 16,463 NET ASSETS HELD IN TRUST FOR PENSION BENEFITS (A schedule of funding progress for this plan is presented on page 45) $ 19,3682797 See accompanying notes to financial statements. -107- VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF CHANGES IN PLAN NET ASSETS - BUDGET AND ACTUAL POLICE PENSION FUND For the Year Ended April 30, 2003 Investment income Budget Actual ADDITIONS Contributions - employer - 135,615 Property taxes - current $ 290,000 $ 269,518 Replacement taxes 10,000 6,865 Contributions - employee 229,000 284,234 Total contributions 529,000 560,617 Investment income Net appreciation (depreciation) in fair value of investments - 135,615 Interest earned on investments 950,000 404,276 Total investment income 950,000 539,891 Less investment expense (6,700) (2,532) Net investment income 943,300 537,359 Total additions 1,472,300 1,097,976 DEDUCTIONS Benefits and refunds Pension payments 732,300 835,005 Separation refunds 30,000 2,274 Miscellaneous 11,000 4,712 Total deductions 773,300 841,991 NET INCREASE $ 6992000 255,985 NET ASSETS HELD IN TRUST FOR PENSION BENEFITS May 1 19,112,812 April 30 $ 19,368,797 See accompanying notes to financial statements. -108- 1 1 1 1 L� 1 1 1 L� 1 1 1 1 1�1 1 1 1 t (This page is intentionally left blank.) L�- VILLAGE OF DEERFIELD, ILLINOIS $ COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES $ AGENCY FUNDS $ For the Year Ended April 30, 2003 $ 10,563 Balances Balances May 1 Additions Deductions April 30 ALL FUNDS ASSETS Cash and investments $ 886,629 $ 17,024 $ 358,992 $ 544,661 , Receivables - other 32,503 - 17,042 15,461 TOTAL ASSETS $ 919,132 $ 17,024 $ 376,034 $ 560,122 LIABILITIES Accounts payable $ 19,550 $ - $ 8,987 $ 10,563 Deposits payable 455,728 682 - 456,410 Other payables 92,599 550 - 93,149 Due to other funds 351,255 - 351,255 - TOTAL LIABILITIES $ 919,132 $ 1,232 $ 360,242 $ 560,122 DEPOSIT FUND ASSETS Cash and investments $ 823,168 $ - $ 357,329 $ 465,839 TOTAL ASSETS $ 823,168 $ - $ 357,329 $ 465,839 , LIABILITIES Accounts payable $ 16,185 $ - $ 6,756 $ 9,429 Deposits payable 455,728 682 - 456,410 Due to other funds 351,255 - 351,255 - TOTAL LIABILITIES $ 823,168 $ 682 $ 358,011 $ 465,839 DEERFIELD CEMETERY ASSOCIATION FUND ASSETS Cash and investments $ 1,663 $ - $ 1,663 $ - TOTAL ASSETS $ 1,663 $ - $ 1,663 $ - LIABILITIES I Accounts payable $ 1,663 $ - $ 1,663 $ - TOTAL LIABILITIES $ 1,663 $ - $ 1,663 $ (This statement is continued on the following page.) , -109- 1 1 1 1 i 1 1 1 1 1 1 1 1 1 1 1 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES (Continued) AGENCY FUNDS For the Year Ended April 30, 2003 EAST SHORE RADIO NETWORK FUND ASSETS Cash and investments Receivables - other TOTAL ASSETS LIABILITIES Accounts payable. Other payables TOTAL LIABILITIES Balances Balances May 1 Additions Deductions April 30 $ 61,798 $ 17,024 $ - $ 78,822 32,503 - 17,042 15,461 $ 94,301 $ 17,024.00 $ 17,042 $ 94,283 $ 1,702 $ - $ 568 $ 1,134 92,599 550 - 93,149 $ 94,301 $ 550 $ 568 $ 94,283 See accompanying notes to financial statements. -110- 1 1 1 1 1 LEI n 1 1 1 1 1 1 L� 1 1 1 0 CD D3 n CD 0 c� �x �a V a, m P* N 1 1 1 1 I I� 1 1 1 1 ILI 1 1 1 1 1 GENERAL FIXED ASSETS ACCOUNT GROUP Fixed assets used in operations are not accounted for in governmental funds. General fixed assets include all fixed assets not accounted for in Proprietary Funds or in Trust Funds. VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF GENERAL FIXED ASSETS ' S S - BY SOURCE GENERAL FIXED ASSETS ACCOUNT GROUP 1 April 30, 2003 (with comparative totals for 2002) ' 2003 2002 GENERAL FIXED ASSETS Land Buildings and improvements Vehicles Equipment TOTAL GENERAL FIXED ASSETS INVESTMENT IN GENERAL FIXED ASSETS General revenues Tax incremental financing bonds General obligation bonds Installment contracts TOTAL INVESTMENT IN GENERAL FIXED ASSETS $ 17,314,478 $ 17,314,478 8,1703273 7,810,649 1,710,154 1,668,414 3,662,996 3,460,367 $ 30,857,901 $ 30,253,908 $ 24,856,892 $ 24,252,899 4,101,009 4,101,009 1,500,000 1,500,000 400,000 400,000 $ 30,857,901 $ 30,253,908 (See independent auditor's report.) 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF GENERAL FIXED ASSETS - BY FUNCTION GENERAL FIXED ASSETS ACCOUNT GROUP April 30, 2003 Buildings and Function Land Improvements Vehicles Equipment Totals General government $ 15,893,696 $ 324,628 $ 65,179 $ 1,162,595 $ 17,446,098 Public safety 1,271,340 3,956,783 221,351 1,603,922 7,053,396 Public works 149,442 3,888,862 1,423,624 896,479 6,358,407. $ 17,314,478 $ 8,170,273 $ 1,710,154 $ 3,662,996 $ 30,857,901 (See independent auditor's report) -112- VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - BY FUNCTION GENERAL FIXED ASSETS ACCOUNT GROUP For the Year Ended April 30, 2003 Balances Balances Function May 1 Additions Retirements April 30 General government $ 17,389,040 $ 77,058 $ 20,000 $ 17,446,098 Public safety 6,762,224 492,321 201,149 7,0531396 Public works 6,102,644 329,537 73,774 6,358,407 $ 30,253,908 $ 898,916 $ 294,923 $ 30,857,901 (See independent auditor's report.) - 113 - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 A n al n or co a� c3 'v v a 1 I 1 iGENERAL LONG -TERM DEBT ACCOUNT GROUP ITo account for the noncurrent portion of the Village's bond issue liabilities. 1 I k 1 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF GENERAL LONG -TERM DEBT GENERAL LONG -TERM DEBT ACCOUNT GROUP April 30, 2003 (with comparative totals for 2002) General Obligation General Refunding Obligation Bond Series Bond Series Totals of 2002 of 1998 2003 2002 AMOUNT AVAILABLE AND TO BE PROVIDED FOR THE RETIREMENT OF GENERAL LONG -TERM DEBT Amount available for debt service $ 710,155 $ 2,130,464 $ 2,840,619 $ 2,880,845 Amount to be provided for retirement of general long- term debt 1,524,845 10,369,536 11,894,381 14,579,155 $ 2,235,000 $ 12,500,000 $ 14,735,000 $ .17,460,000 GENERAL LONG -TERM DEBT PAYABLE General obligation bonds payable $ 2,235,000 $ 12,500,000 $ 14,735,000 $ 17,460,000 (See independent auditor's report.) -114- 1 1 1 I 1 1 1 1 1 1 1 1 I n O 0 A 3 C i 1 1 1 1 1 1 7 1 1 1 COMPONENT UNIT Component Unit (Public Library Fund) - The Public Library Fund is used to account for the resources necessary to provide the educational, cultural, and recreational activities of the Deerfield Public Library. VILLAGE OF DEERFIELD, ILLINOIS COMBINING BALANCE SHEET PUBLIC LIBRARY April 30, 2003 (with comparative totals for 2002) General Fixed Asset Account Totals General Group 2003 2002 ASSETS Cash and investments $ 1,762,091 $ - $ 1,762,091 $ 1,695,202 Receivables - property taxes 1,596,353 - 1,596,353 1,343,379 Other receivables 5,150 - 5,150 - Due from primary government - - - 17,009 General fixed assets - 2,013,927 2,013,927 1,961,176 TOTAL ASSETS $ 3,363,594 $ 2,013,927 $ 5,377,521 $ 5,016,766 LIABILITIES AND FUND EQUITY LIABILITIES Accounts payable Accrued payroll Compensated absences Due to primary government Deferred property taxes Total liabilities FUND EQUITY Investment in general fixed assets Fund balance - unreserved Designated - capital improvements Designated - memorial Undesignated Total fund equity TOTAL LIABILITIES AND FUND EQUITY $ 44,671 $ - $ 44,671 $ 60,768 32,265 - 32,265 - 97,084 - 97,084 114,178 30,446 - 30,446 4,136 1,687,790 - 1,687,790 1,423,000 1,892,256 - 1,892,256 1,602,082 2,013,927 2,013,927 1,961,176 392,500 - 392,500 140,000 23,536 - 23,536 21,277 1,055,302 - 1,055,302 1,292,231 - 1,471,338 2,013,927 3,485,265 3,414,684 $ 3,363,594 $ 2,013,927 $ 5,377,521 $ 5,016,766 See accompanying notes to financial statements. -115- 1 r 1 1 1 1 1 1 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL PUBLIC LIBRARY For the Year Ended April 30, 2003 (with comparative actual for 2002) REVENUES Taxes Property Replacement Intergovernmental Grants Charges for services Non - resident fees Fees, fines, penalties Xerox Videos Interest Miscellaneous Impact fees Tax incremental finance district surplus property tax rebate JCPL Rebate Other Gifts Total revenues EXPENDITURES Culture and recreation EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES FUND BALANCE, MAY 1 Prior period adjustment FUND BALANCE, MAY 1, RESTATED FUND BALANCE, APRIL 30 2003. 2002 Budget Actual Actual $ 1,527,790 $ 1,687,843 $ 1,500,807 16,000 21,102 25,826 21,000 23,025 21,580 20,000 20,575 18,250 40,000 40,445 45,130 5,000 6,325 5,850 10,000 9,490 10,626 55,000 30,559 49,217 3,297 140,000 107,000 189,059 - - 60,144 186,000 2,625 2,355 1,000 160 793 2,021,790 1,949,149 1,932,934 1,881,790 1,931,319 1,739,689 $ 140,000 17,830 193,245 1,453,508 1,344,034 (83,771) 1,453,508 1,260,263 $ 1,471,338 $ 1,453,508 See accompanying notes to financial statements. -116- VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL PUBLIC LIBRARY For the Year Ended April 30, 2003 CULTURE AND RECREATION Salaries - professional Salaries - non - professional Employee benefits Professional services Education, travel, and dues Communication Insurance Contractual services Utilities Repairs, maintenance of building, and equipment building supplies Supplies - library and office Books Periodicals Audio - visual Binding Special library programs New equipment Printing Miscellaneous Equipment replacement Remodeling project TOTAL EXPENDITURES Budget Actual $ 435,990 $ 421,804 585,000 590,431 132,500 295,217 4,500 3,691 12,500 13,757 13,500 17,073 23,800 19,881 20,000 99,789 1,500 1,299 35,000 92,145 32,000 33,762 165,000 156,004 42,000 41,182 25,000 24,934 4,500 4,078 16,000 16,643 10,000 6,985 16,000 13,757 7,000 8,248 50,000 - 250,000 70,639 $ 1,881,790 $ 1,931,319 (See independent auditor's report.) - 117- 1 i 1 i M r 1 1 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF GENERAL FIXED ASSETS - BY SOURCE PUBLIC LIBRARY April 30, 2003 GENERAL FIXED ASSETS Land Buildings and improvements Equipment INVESTMENT IN GENERAL FIXED ASSETS General revenues (See independent auditor's report.) - 118 - $ 145,556 1,378,955 489,416 $ 2,013,927 $ 2,0132927 1 1 15 1 1 1 1 1 I 1 t I 1 1 1 N c v 'a 3 v VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF INSURANCE IN FORCE April 30, 2003 Insureds Description of Coverage Amount of Coverage Village of Deerfield Workers' compensation Statutory Village of Deerfield Comprehensive automobile liability bodily injury and property $1,000,000 Village of Deerfield General liability $1,000,000 Village of Deerfield Blanket building and contents $55,000,000 Village of Deerfield Boiler and machinery $50,000,000 Public Officials Blanket bond coverage $ 10,000/ $1,000,000 Village of Deerfield Excess coverage $12,000,000 The Village is a member of the Municipal Insurance Cooperative Agency. Property, automobile liability, general liability, and workers' compensation are provided under MICA. The Village is also a member of the High -Level Excess Liability Pool. Excess liability coverage is provided under HELP. (See independent auditor's report.) _119- VILLAGE OF DEERFIELD, ILLINOIS LONG -TERM DEBT REQUIREMENTS GENERAL OBLIGATION BOND SERIES OF 1997 April 30, 2003 Date of Issue December 1, 1997 Date of Maturity December 1, 2012 Authorized Issue $5,000,000 Denomination of Notes $5,000 Interest Rates 4.35%,4.38%,4.40%,4.45%, and 4.50% Principal Maturity Date June 1 and December 1 Payable at American National Bank and Trust Company of Chicago FUTURE PRINCIPAL AND INTEREST REQUIREMENTS* Tax Levy Bond Tax Levy Interest Due on Year Numbers Principal Interest Totals June 1 Amount December 1 Amount 2002 227 -289 $ 315,000 $ 172,450 $ 487,450 2003 $ 86,225 2003 $ 86,225 2003 290 -355 330,000 158,432 488,432 2004 79,216 2004 79,216 $ 645,000 $ 330,882 $ 975,882 $ 165,441 $ 165,441 *The bonds were refunded in fiscal year 2003, and principal maturing in 2005 through 2012 will be paid from escrow. (See independent auditor's report.) -120- �I VILLAGE OF DEERFIELD, ILLINOIS LONG -TERM DEBT REQUIREMENTS GENERAL OBLIGATION BOND SERIES OF 1998 IApril 30, 2003 L� 1 fl 1 1 1 [I (See independent auditor's report.) -121- Date of Issue April 15, 1998 Date of Maturity October 1, 2008 Authorized Issue $17,000,000 Denomination of Notes $5,000 Interest Rates 4.20%,4.25%,4.30%, and 4.35% Principal Maturity Date April 1 and October 1 ' Payable at American National Bank and Trust Company of Chicago FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Levy Bond Tax Levy Interest Due on Year Numbers Principal Interest Totals April 1 Amount October 1 Amount 2002 901 -1,200 $ 1,500,000 $ 506,250 $ 2,006,250 2003 $ 269,250 2003 $ 237,000 2003 1,201 -1,500 2004 1,501 -1,800 1,500,000 1,500,000 441,750 1,941,750 2004 377,250 1,877,250 2005 237,000 204,750 2004 2005 204,750 172,500 2005 1,801 -2,200 2,000,000 302,000 2,302,000 2006 172,500 2006 129,500 2006 2,201 -2,600 2,000,000 216,000 2,216,000 2007 129,500 2007 86,500 2007 2,601 -3,000 2,000,000 130,000 2,130,000 2008 86,500 2008 43,500 2008 3,001 -3,400 2,000,000 43,500 2,043,500 2009 43,500 2009 - $12,500,000 $ 2,016,750 $14,516,750 $ 1,143,000 $ 873,750 L� 1 fl 1 1 1 [I (See independent auditor's report.) -121- VILLAGE OF DEERFIELD, ILLINOIS LONG -TERM DEBT REQUIREMENTS GENERAL OBLIGATION BOND SERIES OF 2002 April 30, 2003 Date of Issue February 1, 2002 Date of Maturity December 15, 2004 Authorized Issue $3,460,000 Denomination of Notes $5,000 Interest Rates 3.25% and 4.00% Principal Maturity Date December 15 Payable at Cole Taylor Bank, Chicago, Illinois FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Levy Bond Tax Levy Interest Due on Year Numbers Principal Interest Totals June 15 Amount December 15 Amount 2002 246 -495 $1,250,000 $ 89,400 $1,339,400 2003 $ 44,700 2003 $ 44,700 2003 496 -692 985,000 39,400 1,024,400 2004 19,700 2004 19,700 $ 2,235,000 $ 128,800 $ 2,363,800 $ 64,400 $ 64,400 (See independent auditor's report.) -122- 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS LONG -TERM DEBT REQUIREMENTS GENERAL OBLIGATION REFUNDING BOND SERIES OF 2003 April 30, 2003 Date of Issue February 28, 2003 Date of Maturity December 1, 2012 Authorized Issue $3,460,000 Denomination of Notes $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 FUTURE PRINCIPAL AND INTEREST REQUIREMENTS Tax Levy Bond Tax Levy Interest Due on Year Numbers Principal Interest Totals June 1 Amount December 1 Amount 2002 1-12 $ 60,000 $ 73,185 $ 133,185 2003 $ 24,931 2003 $ 48,254 2003 13 -20 40,000 95,158 135,158 2004 47,579 2004 47,579 2004 21 -96 380,000 94,258 474,258 2005 47,129 2005 47,129 2005 97 -175 395,000 85,707 480,707 2006 42,854 2006 42,853 2006 176 -255 400,000 76,820 476,820 2007 38,410 2007 38,410 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 300 -692 465,000 16,275 481,275 2012 8,138 2012 8,137 $ 3,460,000 $ 642,540 $ 4,102,540 $ 309,609 $ 332,931 (See independent auditor's report.) -123- Ll 1 L�� 1 1 1 [I CJ t 1 1 1 1 1 U) m N ff d CO) !D .Ar O 7 1 i 1 1 f i 1 1 1 1 1 1 1 1 1 1 1 C d O � n 0 a m z E 64 O J U U N 00 69 00 O� !N b9 0 0 O N A 00 J 0 W D\ J Al J 69 A J 69 I J J A A J N A _A J O 69 U N 00 A O b9 A W A N 2 69 " x '.11 od A C 4� 4--� H G G 0 n � � "=. < n N O\ G ^1 O\ 00 A N A 00 E 64 O J U U N 00 69 00 O� !N b9 0 0 O N A 00 J 0 W D\ J Al J 69 A J 69 I J J A A J N A _A J O 69 U N 00 A O b9 A W A N 2 69 y n r N ti A b U _ z C C m r � a d ro n z d d y � r k b n z N O O O N O O N O O N N O O W W O\ W O\ U O, O\ 00 A N A 00 A N 1A N W C\ U U A Q1 69 W � .- W J W U J 69 W O O O 00 69 ~ N J J J 69 � W J W �o O 00 J A 1 �o 00 O 00 O 69 A A W O 00 W D A W U W W 4 �9 00 N O A 00 \0 00 O 4A 00 U D\ 00 W U J O A O\ E,9 N A N U N z 00 _ U O O D N N O O� U 00 z T C� O N N N 69 A N W D N A O N Oo A ON 00 Q\ A O N z A 69 U N O N O oo W U A O 00 0 C7\ y n r N ti A b U _ z C C m r � a d ro n z d d y � r k b n z N O O O N O O N O O N N O O W SEER m CD 0 e A 0 CD a N N A z 0 m C% E!9 A E!i N r+ W A Q\ Ffi F+ N w N 00 U Eff rr W N O A W O A 69 A N J EA Ef9 O� W J N v r+ 69 J N O EA r+ W b J 00 00 EA co 9 A U C\ O\ r m N 'f J � A 0 F+ m 00 00 N O O O N O O N O O N N O O w J W N W W U U J J U O -1 W W N 00 U J C, O N A N O U A U O 69 J O N O A O ON kA -1 O\ N A A O C\ T O W -] U H9 00 W N W w U A A O J A U U O A O 0000 Vii J b9 Oo O N J N to w U ►+ U 00 J �D J 00 W p� 00 �Q O 0 A A b 00 6A 00 00 0 0 00 �O W 0 0 U J W N U p 00 LA N_ 00 N J O W 00 .�.. 0000 O 69 00 �o U U A N J N EA o J W O\ U 00 IO 00 O O N Q\ 00 W A \0 ONO �o O 69 �+ O 00 N U U A O T U A O U A O U U D W A �o 00 W O O\ 00 w J U O\ 00 N p, 69 00 N O\ U 00 �] O N A w J O O\ W �-+ A O\ A in %C OW W U N E!9 O v OUO 0000 W N w w N A A N LA O O - 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G � 6s m a 00 O 00 00 t- O` O O O\ V, V) \0 N M M O O -� O r+ -! - O [� y O O 0 0 O O O O O O O M O O t- 0 0 O �O Vi Vi N O O e V, O N r- t� V vl ,n r O\ a M �6 V1 I- rf ° ti N O M 000 O N N .N-, h E,9 69 b9 69 M -� 0 0� v 00 v o O O 00 V) 00 * O O ^� O . -i - O y O O O C C 0 0 0 O �i z o A z U W U F F" W coo a '•' ° ° ID GL '� 10 z P � � rb a w o I z I E c U7 O � z � a A E w Q � C O � U U U U U U F F a u a a i v � w H N O O N O O N O O O N rn 001 rn rn 7 w O F 0 O C E 00 Q 69 N h N K � O vl 00 �❑ 00 69 w PG rn N C O\ O 00 O v� t` M t` 69 a 00 00 � 00 O O 0 O O 69 d �i N 7 � O � Q 0 CID N Q W � a o 0 o a N O r O C� z m a r v [� tM+l t� r 69 a �ornrnr CN 00 M 00 r 0 o O O O C O O O O C N lcrn C �a b M C M C� 69 M M �i N N K 00 -It C\ K N C; o O C 0 C N O O N O `O 69 M �O M N 0 �I 0 o o 00 0 0 1 I I � I � M 69 et O 00 N 00 00 O\ O M O O C\ n C t` N 7 V3 O� O � r �O N N N 69 Z; r� 00 N O O N 7 GS O � 7 � O It 69 r i 0000 oozoo %C O `O \O C C v � � N N b M N 00 r N N 7 M 69 &� O a N O O i � N O •--� � ..r O �p 0 0 O O O O co 0 0 0 0 O O t` N N N O O t` 00 C , O 00 rl M b O 00 - M M O\ �O h M M M � 6s v3 a V) 00 �c �c r c O O O C O O C p b m w O 0 0 b� z Uo c U W Z ,; 7 < H ua n w O `° to •� U a a w o fn p K p v a F 0 0 w w* q O r i VILLAGE OF DEERFIELD, ILLINOIS ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY Last Ten Fiscal Years -128- -Ratio of Total Assessed Tax Equalized Estimated Value Fiscal Levy Assessed Actual to Total Equalization Year Year Value Value Actual Value Factor 1994 1993 $ 570,794,665 $ 1,712,383,995 33.33 1.0000 1995 1994 583,049,834 1,749,149,502 33.33 1.0000 1996 1995 603,544,983 1,810,634,949 33.33 1.0000 1997 1996 624,187,752 1,872,563,256 33.33 1.0000 1998 1997 648,880,301 1,946,640,903 33.33 1.0000 1999 1998 677,651,742 2,032,955,226 33.33 1.0000 2000 1999 701,085,856 2,103,257,568 33.33 1.0000 2001 2000 737,589,929 2,212,769,787 33.33 1.0000 2002 2001 800,595,252 2,401,785,756 33.33 1.0000 2003 2002 871,070,465 2,613,211,395 33.33 1.0000 Data Source Office of the County Clerk -128- z a Q ra w a w w q w d r-a N O O N O N O O O N O\ CN 00 O` CN Q\ C, tA O y � rn H ra ON ON D\ R Q\ O1 M O\ It 00 O O\ It kn N �o 00 00 N I- m N — W) m O\ V) O O V) N — Cl 'It M [- Q O M C, N .� O 0 0 0 0 0 0 0 N— O O V) N O) O\ V) !- V N M I- — N 00 N N V1 m M v) v) — � 'It O\ N .. 00 N O V) r- r- 7 \O m �o O 0 0 0 0 0 0 0 fJ N O O N It 00 M N O O N m 0 vl 00 .� V N O O O O O O O N fV O O 00 O\ w kn o0 w It .� 7 N q . m IG n O � 000 N -I O 0 0 0 0 0 0 0 N-0 O V 00 N 00 m �o v) O m 00 (=; .� O 0 0 0 6 6 6 0 N O O\ h �o M�o .-i r- N 7— N v) rn o, N IT [, X N- 7 — O� m low) O O H O o�0 O 0 0 0 0 0 0 0 N .-r O — 00 )o h h O\ ON N �O v) N N v) - 0 "I'M )O " O N 0000 N O 0 0 0 0 0 0 0 fV — 0 O W) m N �o O 7 M low) O N Oo N O O 0 0 0 0 0 0 0 (J — O O O m m N N t* = V O\ O\ N �c 00 N 00 I- h rl �-+ N m — .O v) 0 It M Z V) O N 00 N N O 0 0 0 0 0 0 0 N- O O �I A ^' O 7 D .d U O " q m v of E d # q G a „ o � a 4) 9 0 o b x O o x o UD .a w' to in. oo o to a q d d >U 3gx.lgv� CA Z a 00 M M Vl In M M V O\ ~ O O I 00 00 69 N 00 69 O N O V) V) \ p� 7 0 N O 000 N DD .� N 06' V) O O O\ .r O1 00 69 O O\ O r M o M eq V cl O M 00 ° O 00 O\ M m m N M ~ V1 t- O O r O 00 V) V) V O 00 N .r .-. N m � O.� O 00 V V ^ O N N N � U w N M e V1 Or O 0000 N .N-•i O CV) O D, 0 01 0 00 N N N 0000 O\ w O N ^" O O O O to c t- O O N ~ Q) o0 00 O V) o0 °) .. 00 V) h t- N ,� 00 O% M V) „y 00p, N O M 00 000 : �.t\i 00 V) (1) ~ M O\ V* 00 N \O 0 O 69 U [� M O O O o r+ N 00 O C\ .r M O\ O O� O M � O rn W) N O V d M O N 06' y � Q 69 d kO c cNn o O n N p V) t- T V) 00 %D .-� [� U D\ .-� V .r t- M V) C O\ O V C\ 69 M O\ d 00 V) m 69 0. O N z O 00 .V)-+ o N �.+ cn .. M lD O V V) Q D) [� b N tn N c bs D E U m 'd m o d b ,n 0 w Q ° E ;, O m o �w td Q r N O w U O U D a O O R U v a w�i y 'a ° a to 6A Q O C5Q .a z C0 Q zQ * Q U W a H W � Q Q Q Qz W O O � O a W O ca w a wz � w Q O W O� Q 00 M M Vl In M M V O\ ~ O O I 00 00 69 N 00 69 O N O V) V) \ p� 7 0 N O 000 N DD .� N 06' V) O O O\ .r O1 00 69 O O\ O r M o M eq V cl O M 00 ° O 00 O\ M m m N M ~ V1 t- O O r O 00 V) V) V O 00 N .r .-. N m � O.� O 00 V V ^ O N N N � U w N M e V1 Or O 0000 N .N-•i O CV) O D, 0 01 0 00 N N N 0000 O\ w O N ^" O O O O to c t- O O N ~ Q) o0 00 O V) o0 °) .. 00 V) h t- N ,� 00 O% M V) „y 00p, N O M 00 000 : �.t\i 00 V) (1) ~ M O\ V* 00 N \O 0 O 69 U [� M O O O o r+ N 00 O C\ .r M O\ O O� O M � O rn W) N O V d M O N 06' y � Q 69 d kO c cNn o O n N p V) t- T V) 00 %D .-� [� U D\ .-� V .r t- M V) C O\ O V C\ 69 M O\ d 00 V) m 69 0. O N z O 00 .V)-+ o N �.+ cn .. M lD O V V) Q D) [� b N tn N c bs D E U m 'd m o d b ,n 0 w Q ° E ;, O m o �w td Q r N O w U O U D a O O R U v a w�i y 'a ° a to 6A Q O C5Q .a z C0 Q zQ * Q 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF DIRECT AND OVERLAPPING BONDED DEBT April 30, 2003 Village of Deerfield Metropolitan Sanitary District Lake County and Forest Preserve Cook County and Cook County Forest Preserve North Shore Sanitary District Northbrook Park District Township High School #113 Northfield Township High School #225 Junior College #532 North Shore School District #112 Elementary School District #109 Total gross debt Less Debt Service Fund amount available - Village of Deerfield TOTAL DIRECT AND OVERLAPPING DEBT $ 14,735,000 1,365,545,000 209,021,988 2,659,991,974 22,500,000 19,055,000 64,245,000 32,786,993 12,486,753 61,690,000 44,800,000 4,492,122,708 4,506,857,708 2,840,619 $ 4,504,017,089 100.000% $ 14,735,000 0.099 1,351,890 3.878 8,105,873 0.097 2,580,192 0.024 5,400 3.385 645,012 25.361 16,293,174 2.749 901,314 4.093 511,083 0.230 141,887 70.788 31,713,024 62,248,849 76,983,849 2,840,619 $ 74,143,230 * Determined by ratio of assessed value of property subject to taxation in overlapping unit to value of property subject to taxation. ** Amount of column (2) multiplied by amount in column (1). Data Source Office of the County Clerk - 131 - s (1) (2) s* Gross Percentage (3) General of Debt Village's Obligation Applicable to Share Governmental Unit Debt Government of Debt Village of Deerfield Metropolitan Sanitary District Lake County and Forest Preserve Cook County and Cook County Forest Preserve North Shore Sanitary District Northbrook Park District Township High School #113 Northfield Township High School #225 Junior College #532 North Shore School District #112 Elementary School District #109 Total gross debt Less Debt Service Fund amount available - Village of Deerfield TOTAL DIRECT AND OVERLAPPING DEBT $ 14,735,000 1,365,545,000 209,021,988 2,659,991,974 22,500,000 19,055,000 64,245,000 32,786,993 12,486,753 61,690,000 44,800,000 4,492,122,708 4,506,857,708 2,840,619 $ 4,504,017,089 100.000% $ 14,735,000 0.099 1,351,890 3.878 8,105,873 0.097 2,580,192 0.024 5,400 3.385 645,012 25.361 16,293,174 2.749 901,314 4.093 511,083 0.230 141,887 70.788 31,713,024 62,248,849 76,983,849 2,840,619 $ 74,143,230 * Determined by ratio of assessed value of property subject to taxation in overlapping unit to value of property subject to taxation. ** Amount of column (2) multiplied by amount in column (1). Data Source Office of the County Clerk - 131 - VILLAGE OF DEERFIELD, ILLINOIS SCHEDULE OF LEGAL DEBT MARGIN April 30, 2003 ' The Village is a home rule municipality. ' Article VII, Section 6(k) of the 1970 Illinois Constitution governs computation of the legal debt margin. , "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, 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:... indebtedness which is outstanding on the effective date (July 1, 197 1) of this constitution or which is thereafter approved by referendum... ' shall not be included in the foregoing percentage amounts." To date, the General Assembly has set no limits for home rule municipalities. I Illustrative Computation of Debt Margin if Govennnent 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: Equalized assessed valuation - 2002 $ 871,070,465 o ' Legal debt limit - 8.625 /o $ 75,129,828 Amount of debt applicable to limit ' $ 12,500,000 2,235,000 14,735,000 Legal debt margin $ 60,394,828 1 1 1 I 1 -132- t z O Qa F Q W a wW Z ww co 2 A F W u W " O A C7 A W WW Eo�- U � h W a Fo � Q O zQ ' aQ 00 I F I 1 M a v m M V h N N � � 69 69 00 N 0 M rn N Ovii 00 en a N N M e! ti 69 69 r � 0 � O Nvi crn 0000 N N M vi 6s b9 rl N o O% 00 ao O O N M O C 7 �p N N 6<3 69 rq 00 ON CN v M r N •-" b9 69 o M Qw \0 o M 00 C� M l0 r4 69 69 p 00 o a 69 69 o � � v00 o � c o O O ^� " o 0 0 0 69 b04 lz b C) T N Oo O W O u U 69 69 U h O 00 00 N V1 0 0 O\ N y A � D\ N Qw C 69 b9 � C W � W � a WF AR:zF o M cc w OF 0 0 w Q O D W Q M VILLAGE OF DEERFIELD, ILLINOIS DEMOGRAPHIC STATISTICS Last Ten Fiscal Years Data Sources 1) Derived from data from the Department of Commerce, Bureau of the Census 2000 2) Enrollment figures derived from combined enrollment of District 109 (grade school) and District 113 (high school) 3) Unemployment figures based on one - fourth of Lake County from the Bureau of Labor Statistics. -134- L 1 1 (1) Percentage of People (1) Over 25 Years Median (1) of Age with (2) (3) Fiscal (1) Household Median Four or More School Unemployment Year Population Income Age Years of College Enrollment Percentage 1994 17,327 $ 78,830 35.9 59.6 3,462 1.1 1995 17,327 71,966 35.6 60.7 4,287 1.0 1996 17,327 71,966 35.9 60 3,978 0.9 1997 17,327 71,966 35.9 59.6 4,060 0.9 1998 18,002 71,966 35.9 59.6 4,275 0.9 1999 18,002 71,966 35.9 59.6 4,362 0.7 2000 18,002 107,194 35.9 68.5 4,500 0.9 2001 18,420 107,194 39.6 68.5 4,717 0.9 2002 18,420 107,194 39.6 68.5 4,743 1.4 2003 18,420 107,194 39.6 68.5 4,752 3.2 Data Sources 1) Derived from data from the Department of Commerce, Bureau of the Census 2000 2) Enrollment figures derived from combined enrollment of District 109 (grade school) and District 113 (high school) 3) Unemployment figures based on one - fourth of Lake County from the Bureau of Labor Statistics. -134- L 1 1 VILLAGE OF DEERFIELD, ILLINOIS ' PROPERTY VALUE, CONSTRUCTION, AND BANK DEPOSITS ' Last Ten Fiscal Years t (1) (1) (2) Commercial Construction Residential Total Fiscal Number of Number of Bank Property ' Year Units Value Units Value Deposits Value ' 1994 1995 103 128 $ 6,525,766 11,879,282 25 161 $ 4,552,000 13,543,000 $ 134,200,800 126,586,600 $ 1,712,000 1,749,000 1996 126 10,244,658 139 4,366,274 266,731,677 1,811,000 1997 110 20,622,746 28 9,710,530 255,374,171 1,873,000 1998 7 13,614,000 28 7,279,300 517,655,000 1,947,000 1999 11 43,547,842 31 9,348,746 N/A 2,103,000 ' 2000 10 17,555,220 30 9,121,730 420,924,000 2,213,000 2001 10 27,153,621 34 25,089,352 390,440,000 N/A 2002 1 534,500 28 18,362,841 292,491,658 N/A ' 2003 124 35,520,924 41 27,128,958 N/A N/A ' Data Source 1) Construction figures - Village of Deerfield, Building and Zoning Department 2) Lake and Cook County Tax Extension Offices ' N/A - Not available 1 1 1 1 1 ' - 135- VILLAGE OF DEERFIELD, ILLINOIS PRINCIPAL TAXPAYERS April 30, 2003 Mid America Asset Management/Albertson's Deerbrook Shopping Center* 5,064,698 0.58% TOTAL $ 116,123,336 13.34% * Property is currently being redeveloped. Estimate of equalized assessed value prior to improvements. Data Source Office of the County Clerk -136- Percentage 2002 of Total Assessed Assessed Taxpayers Type of Business Valuation Valuation Carr America Realty Group Parkway North $ 48,855,915 5.61% Cornerstone Deerfield LLC Corporate 500 Center 24,872,129 2.86% Mass Mutual Life Insurance Co. Lake Cook Office Center 9,069,881 1.04% Deloite & Touche Hyatt Campus Office Park 7,372,640 0.85% Estate of James Campbell Arbor Lake Center 7,299,999 0.84% Baxter Office Buildings (3) 6,838,077 0.79% Felcor Suites Ltd Partnership Embassy Suites Hotel 6,749,997 0.77% Mid America Asset Management/Albertson's Deerbrook Shopping Center* 5,064,698 0.58% TOTAL $ 116,123,336 13.34% * Property is currently being redeveloped. Estimate of equalized assessed value prior to improvements. Data Source Office of the County Clerk -136- 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 VILLAGE OF DEERFIELD, ILLINOIS MISCELLANEOUS STATISTICS April 30, 2003 Date of Incorporation 1903 Form of Government Manager /Council Geographic Location North Suburban Population 4 1960 11,748 1970 18,876 1980 17,430 1990 17,327 1997 18,002 2000 18,420 Municipal Services and Facilities Number of full -time employees (FTE) 112 Miles of street 70 Miles of alleys 4 Miles of sewers 140 Building Inspection Number of permits issued in fiscal year 2003 1,024 (This schedule is continued on the following page.) -137- VILLAGE OF DEERFIELD, ILLINOIS MISCELLANEOUS STATISTICS (Continued) April 30, 2003 Fire Protection District Number of firefighters and officers 43 Number of stations 2 Police Protection Number of stations 1 Number of policemen and officers 40 Library Services Number of branch libraries 1 Number of books 221,000 Recreation Facilities Number of parks and playgrounds 21 Park area in acres 357 Municipal Water Utility Population serviced - number of service connections 6,050 Average daily pumpage 2,931,000 gallons Miles of water mains 83 Data Source Village Records -138-