Village CAFR For Year Ended April 30, 20001
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tVILLAGE OF DEERFIELD, ILLINOIS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED APRIL 30, 2000
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IPrepared by Finance Department
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George J. Valentine
Finance Director
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VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30, 2000
PAGE
INTRODUCTORY SECTION
Principal Officials i
Organizational Chart ii
Certificate of Achievement for Excellence in
Financial Reporting iii
Director of Finance's Letter of Transmittal iv -xi
FINANCIAL SECTION
REPORT OF INDEPENDENT AUDITORS
1-2
GENERAL PURPOSE FINANCIAL STATEMENTS
All Fund Types and Account Groups and Discretely Presented
Component Unit
Combined Balance Sheet
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All Governmental Fund Types and Discretely Presented
Component Unit
Combined Statement of Revenues, Expenditures, and
Changes in Fund Balances
4
General, Special Revenue, and Debt Service Fund Types
Combined Statement of Revenues, Expenditures, and
Changes in Fund Balances - Budget and Actual
5
All Proprietary Fund Types
Combined Statement of Revenues, Expenses, and
Changes in Retained Earnings
6
All Pension Trust Funds
Combined Statement of Changes in Plan Net Assets
7
All Proprietary Fund Types
Combined Statement of Cash Flows
8
Notes to Financial Statements
9-37
VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30, 2000
PAGE
FINANCIAL SECTION (CONT.)
REQUIRED SUPPLEMENTARY INFORMATION
Analysis of Funding Progress
Illinois Municipal Retirement Fund
38
Police Pension Fund
39
Employer Contributions
Illinois Municipal Retirement Fund
40
Police Pension Fund
41
COMBINING, INDIVIDUAL FUND, AND ACCOUNT GROUP
STATEMENTS AND SCHEDULES
GOVERNMENTAL FUND TYPES
GENERAL FUND
General Fund
Balance Sheet
42
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual
43
Schedule of Revenues - Budget and Actual
44
Schedule of Expenditures - Budget and Actual
45-47
SPECIAL REVENUE FUNDS
All Funds
Combining Balance Sheet
48
Combining Statement of Revenues, Expenditures, and
Changes in Fund Balances
49
Emergency Services/ Disaster Fund
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual
50
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VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30, 2000
FINANCIAL SECTION (CONT.)
PAGE
GOVERNMENTAL FUND TYPES
SPECIAL REVENUE FUNDS (CONT.)
' Street and Bridge Fund
Statement of Revenues, Expenditures, and
' Changes in Fund Balance - Budget and Actual 51
Schedule of Expenditures - Budget and Actual 52-56
Illinois Municipal Retirement Fund
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual 57
Motor Fuel Tax Fund
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual 58
Enhanced 911 Fund
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual 59
DEBT SERVICE FUND
' Balance Sheet 60
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual 61
Schedule of Revenues and Other Financing
Sources, and Expenditures - Budget and Actual 62
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VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30, 2000
PAGE
FINANCIAL SECTION (CONT.)
GOVERNMENTAL FUND TYPES (CONT.)
CAPITAL PROJECT FUNDS
All Funds
Combining Balance Sheet
63
Combining Statement of Revenues, Expenditures, and
Changes in Fund Balances
64
PROPRIETARY FUND TYPES
ENTERPRISE FUNDS
All Funds
Combining Balance Sheet
65
Combining Statement of Revenues, Expenses, and
Changes in Retained Earnings
66
Combining Statement of Cash Flows
67
Water Fund
Balance Sheet
68
Statement of Revenues, Expenses, and Changes in
Retained Earnings - Budget and Actual
69
Schedule of Operating Expenses - Budget and Actual
70-71
Schedule of Fixed Assets and Depreciation
72
Sewerage Fund
Balance Sheet
73
Statement of Revenues, Expenses, and Changes in
Retained Earnings - Budget and Actual
74
Schedule of Operating Expenses - Budget and Actual
75-76
Schedule of Fixed Assets and Depreciation
77
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VILLAGE OF DEERFIELD, ILLINOIS
'
Comprehensive Annual Financial Report
Table of Contents
'
Year Ended April 30, 2000
PAGE
'
FINANCIAL SECTION (CONT.)
'
PROPRIETARY FUND TYPES (CONT.)
ENTERPRISE FUNDS (CONT.)
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Refuse Fund
Balance Sheet
78
Statement of Revenues, Expenses, and Changes in
Retained Earnings - Budget and Actual
79
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Commuter Parking Lot Fund
Balance Sheet
80
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Statement of Revenues, Expenses, and Changes in
Retained Earnings - Budget and Actual
81
Schedule of Operating Expenses - Budget and Actual
82
Schedule of Fixed Assets and Depreciation
83
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INTERNAL SERVICE FUNDS
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All Funds
Combining Balance Sheet
84
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Combining Statement of Revenues, Expenses, and
Changes in Retained Earnings
85
Combining Statement of Cash Flows
86
Garage Fund
Statement of Revenues, Expenses, and Changes in
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Retained Earnings - Budget and Actual
87
Schedule of Operating Expenses - Budget and Actual
88
Insurance Fund
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Statement of Revenues, Expenses, and Changes in
Retained Earnings
89
VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30, 2000
PAGE
FINANCIAL SECTION (CONT.)
FIDUCIARY FUND TYPES
TRUST AND AGENCY FUNDS
All Funds
Combining Balance Sheet
90
Statement of Plan Net Assets
91
Statement of Changes in Plan Net Assets -
Budget and Actual (Pension Trust Fund)
92
Combining Statement of Changes in Assets and Liabilities
(Agency Funds)
93-94
ACCOUNT GROUPS
GENERAL FIXED ASSETS ACCOUNT GROUP
Schedule of General Fixed Assets - by Source
95
Schedule of General Fixed Assets - by Function
96
Schedule of Changes in General Fixed Assets - by Function
97
GENERAL LONG -TERM DEBT ACCOUNT GROUP
Schedule of General Long -Term Debt
98
COMPONENT UNIT STATEMENTS AND SCHEDULES
Public Library
Combining Balance Sheet
99
Statement of Revenues, Expenditures, and Changes in
Fund Balance - Budget and Actual
100
Schedule of Expenditures - Budget and Actual
101
Schedule of General Fixed Assets
102
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VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30, 2000
FINANCIAL SECTION (CONT.)
SUPPLEMENTAL DATA
PAGE
Schedule of Insurance in Force 103
Long -Term Debt Requirements
General Obligation Refunding Bond Series of 1993 104
General Obligation Bond Series of 1997 105
General Obligation Bond Series of 1998 106
STATISTICAL SECTION
General Governmental Revenues by Source - Last Ten Fiscal Years
107
General Governmental Expenditures by Function - Last Ten
Fiscal Years
108
Property Tax Assessed Valuations, Rates, Extensions, and
Collections - Last Ten Fiscal Years
109
Assessed and Estimated Actual Value of Taxable Property -
Last Ten Fiscal Years
110
Property Tax Rates - Direct and Overlapping Governments -
Last Ten Fiscal Years
111
Ratio of Net General Obligation Bonded Debt to Assessed Value
and Net General Obligation Bonded Debt Per Capita -
Last Ten Fiscal Years
112
Schedule of Direct and Overlapping Bonded Debt
113
Schedule of Legal Debt Margin
114
Ratio of Annual Debt Service Expenditures for General Obligation
Bonded Debt to Total General Governmental Expenditures -
Last Ten Fiscal Years
115
VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30, 2000
STATISTICAL SECTION (CONT.)
Demographic Statistics - Last Ten Fiscal Years
Property Value, Construction, and Bank Deposits -
Last Ten Fiscal years
Principal Taxpayers
Miscellaneous Statistics
PAGE
116
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118
119-120
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VILLAGE OF DEERFIELD, ILLINOIS
Principal Officials
April 30, 2000
LEGISLATIVE
VILLAGE BOARD OF TRUSTEES
Harriet E. Rosenthal
John H. Heuberger
Derek Ragona
Bernard Forrest, Mayor
Robert D. Franz, Clerk
ADMINISTRATIVE
Steven M. Harris
Vernon E. Swanson
William S. Seiden
Robert D. Franz, Village Manager
FINANCE DEPARTMENT
George J. Valentine
Director of Finance/ Treasurer
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VILLAGE OF DEERFIELD ORGANIZATIONAL CHART
BOARDS &
COMMISSIONS
ADMINISTRATIVE
ASSISTANT
MAYOR & BOARD
OF TRUSTEES
VILLAGE MANAGER
3 Employees
POLICE FINANCE
S4 Employees 7 Employee.-
PATROL 1 I I BUDGETING
INVESTIGATIONS 1 I I ACCOUNTING
YOUTH H I TREASURY
MANAGEMENT
COMMUNICATIONS 1 I I PERSONNEL
RECORDS I UTILITY
BILLING
RESEARCH & 1 I PURCHASING
DEVELOPMENT
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VILLAGE ATTORNEY I
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1 Certificate of
� Achievement
' for Excellence
in Financial
� Reporting
' Presented to
� Village of Deerfield,
Illinois
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For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
April 30, 1999
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.
wZ
W MM � "� w
r'"°A0A President
1�2POR"i0N S
SffgL
COCOA ze�
Executive Director
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VILLAGE OF DEERFIELD
October 13, 2000
To: The Mayor and Board of Trustees .
and the residents of the Village of Deerfield
'I The comprehensive annual financial report of the Village of Deerfield for
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the fiscal year ended April 30, 2000, 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.
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
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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.
850 WAUKEGAN ROAD DEERFIELD, ILLINOIS 60015 TELEPHONE 847.945.5000
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 September
1997 Special Census recorded a population of 18,002 within a land area
of 7.0 square miles. The Village's population increased less than 4% from
1980, whereas the number of housing units in the Village grew 11% to 6,100,
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 10.9% of the Village's equalized assessed valuation, and,
according to the 1990 census, the area is made up entirely of commercial
properties. Recently completed were entrance and exit ramps for the
Illinois toll road at Lake Cook Road which provide improved access and
reduced dependency on the crowded Deerfield Road entrance. The official
vacancy rate is 2.621 of the 3,000,000 square feet available according
to "Crain' s", August 19 -26, 1996 issue, placing the Village vacancy rate
at the lowest of all Chicago area markets with net rentable space in excess
of 2,000,000 square feet. A further indication of the Village's financial
growth is the Village's current inventory of 1,050 hotel /motel rooms.
This increase began in 1985 at which time the Village had no hotel rooms.
This is important to the Village since the Village levies a 6W occupancy
tax on rooms which generated revenue of $2,096,683 for the year ending
4/30/00, a 3.4% increase over 1998 -99. Unemployment in Lake County in
August 2000 was 3.3% compared with 4.3% in the state of Illinois and an
estimated .9% in Deerfield.
In 1995 The Village Board granted approval for the development of a
Residential Planned Unit Development at the former Sara Lee site by Optima,
Inc.. Optima redeveloped the 50 acre PUD with 400 units consisting of
multifamily /condominiums, townhomes and single family units, which is
consistent with the Village's Comprehensive Plan. The development of this
PUD provided the Village, schools, park district, library, and fire
districts with impact fees of $1.4 million in cash and 2.66 acres of land.
The fire district relocated and built a fire station on 2.66 acres of land
and surrendered its current station to the ,Village. The project was
completed in fiscal year 1999 -00.
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The Village sales tax revenue for 2000 increased 2.3%- to $2,590,954
compared to $2,531,629 for 1999. Two major factors affected the sales
tax receipts: (1) The demolition of the Deerfield Commons shopping center
(see page vi, Deerfield Square) . Demolition began in September 1998 and
is continuing. (2) The completion of a Home Depot. The store opened in
November 1998, about half way through the previous fiscal year. The
Village believes that the completion of Deerfield Square and the continued
operations of Home Depot will have a major positive effect on the Village's
financial health.
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All of these factors indicate that Deerfield is and will continue to be
a financially vibrant community.
MAJOR INITIATIVES
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Ongoing
In response to growing environmental awareness and concern for decreasing
landfill capacity, Deerfield initiated the weekly curbside collection of
recyclable newspapers, glass and cans from residences within the Village
in September 1989. Plastic milk bottles were added to the program in
October of 1990, and other plastics were added in September of 1991. In
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The total Village contribution is approximately $19,000,000. The developer
1994, Deerfield expanded its recycling of plastics to include
#5 through #7. After many years of actively promoting recycling, Deerfield
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was recently recognized as one of the top recycling communities in Lake
County. 1990 also saw the implementation of Deerfield's yard waste
collection program, developed in response to the state ban on the
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landfilling of lawn wastes.
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For the Future
and Whole Foods) have opened, and a 58,000 square foot office building
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A. Downtown Redevelopment. In October 1986, the Village of Deerfield
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developed a plan to upgrade the overall quality and economic vitality of
its Village Center (downtown).
Located in the geographic center of the community, this six -block area
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exhibits many of the typical problems common to aging commercial districts
throughout the country. Diverse ownership of inadequately sized and
ill- arranged parcels has resulted in incompatible development, causing
both visual and functional problems. The Village has added the 52 acre
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Sara Lee site to this district.
Experience has clearly shown that economic revitalization generally occurs
in areas where there is a joint venture between the public and private
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sectors. Deerfield, in recognizing the importance of that philosophy,
has begun a redevelopment program that commits substantial public funds
to its Village Center. As might be expected, preference must be given
to acquisition of property and basic capital improvements which will
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promote private investment in the area. At the same time, better
pedestrian access and improvement of the general appearance of a downtown
contribute significantly to its economic well- being.
(1) Deerfield Square. Construction has begun.under a redevelopment
agreement with CRM Industries. Under this agreement, the Village acquired
and cleared approximately 17 acres and conveyed this land to the developer.
In addition, the Village has paid for certain infrastructure improvements.
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The total Village contribution is approximately $19,000,000. The developer
is in the final phase of building approximately 255,000 square feet of
retail and office space, replacing an obsolete mall of approximately
140,000 square feet. Demolition began on September 22, 1998. Funding
for the project is provided largely by a $17,000,000 bond issue sold in
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April 1998. Repayment of the bond issue will come from the TIF District.
Currently Phase Two is under construction, and major tenants (Walgreens
and Whole Foods) have opened, and a 58,000 square foot office building
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is largely occupied. Completion is anticipated in April 2001.
(2) South Commons. Through a request for proposal process, the
Village selected James Company to construct a combination of townhouses,
villas and condominiums. The 150 unit development will be adjacent to
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Deerfield Square. The Village assembled eighteen parcels of land
containing approximately ten acres that was then cleared, remediated and
made ready for construction and sold it to the developer for $10,000,000.
Construction was begun on the project in the fall of 1999.
(3) Deerfield Center. The Village also selected a developer, Mesirow
Stein /Northern Realty, to redevelop the southeast corner of Deerfield and
Waukegan Roads. The Village acquired the needed property and sold the
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cleared site of approximately 5.7 acres to the developer for $2,500,000.
The new development will consist of 45,000 square feet of retail, 20,000
square feet of office /retail and approximately 60 rental units. The
construction phase of the project was begun in the fall of 1999 and should
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be completed by spring 2001.
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B. Capital Expenditures. The Village reviews its fiscal plan
on an annual basis to determine the need for capital investment. The
buildings are generally in good condition, requiring little more than
normal maintenance. The Village storm and sanitary sewer system is
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generally adequate; however, there are some areas where there is some spot
flooding. The Village is undertaking a review to determine how this may
be resolved. The water system, however, appears to need some capital
expenditures.
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Engineering reports in the 1990's indicated a need for a new transmission
line from Highland Park to the western part of the Village and the need
for additional storage. That project is now under way, with a new two
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million gallon underground water reservoir being constructed at Mitchell
Park. These repairs will require capital budget expenditures of
approximately $8,500,000 from the 1997 -98 to the 2000 -2001 fiscal years.
The Village has sold a $5,000,000 bond issue to begin the project. The
remainder will be financed out of operating revenues or by borrowing,
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depending on the magnitude.
FINANCIAL INFORMATION
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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
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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
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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.
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Budcteting 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
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revenue funds, debt service fund, enterprise funds, internal service fund
(garage fund), and pension trust funds are included in the annual
appropriated budget.
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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
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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.
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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, 2000, and the amount and percentage
of increases and decreases in relation to prior year revenues.
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' 2000 2000
Total 12,506,787 12,711,524 100.00 204,737 1.64
*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 22W of taxes or $1,925,620. This is a
decrease of $76,000 from the prior year, or a 3.758 decrease. This is
the eighth consecutive year of a decrease in property tax.
' 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, 2000, sales tax receipts totalled. $2, 590,954 or 30.2
' of the total taxes received. This is an increase of $59,325 over the prior
year.
Another significant revenue. source is the hotel tax, a 0 tax (increased
to 6W on 8/1/98) computed on gross room sales. This is a relatively new
tax for the Village. The Village had no hotel rooms or hotel tax revenue
in 1985, but now has approximately 1,050 rooms and 1999 -00 tax receipts
' of $2,096,683 which is 24.0 of total taxes received in 1999 -00. It is
the Village's belief that this tax will continue to increase at a rate
exceeding the cost of living.
Licenses and Permits. License and permit revenue has decreased by
$200,938, a 18.2% decrease. The level of permit revenue is likely to be
down for the next fiscal year due to completion of major construction in
the Village Center.
' Interest. Interest earnings increased approximately 796 due to an increase
in cash balances which were somewhat higher than in previous years.
' Charcres for Services. These revenues have increased by $125,757 due to
charges to developers for engineering fees. These fees are charged at
the beginning of a project and will decrease in future years.
Fines. Fines decreased by $14,451, or approximately 3.53 %. This is a
normal fluctuation in the annual rate.
Miscellaneous. The current increase in miscellaneous revenue in the
General Fund was because of non - recurring items in prior years.
The following schedule presents a summary of general fund, special revenue
funds, and debt service funds expenditures for the fiscal year ended April
30, 2000, and the percentage of increases and decreases in relation to
prior year amounts.
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2000
Increase
Percent
1999
2000
Percent
(Decrease)
Increase
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Revenues*
Amount
Amount
of Total
1999
(Decrease)
Taxes .8,407,737
8,587,239
67.55
179,5028
2.13
Licenses
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& Permits
1,099,787
898,849
7.07
(200,938)
-18.27
Intergovernmental
426,053
489,252
3.85
63,199
14.83
Charges for
Services
409,701
535,458
4.21
125,757
30.69
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Fines
410,645
396,164
3.12
(14,481)
-3.53
Interest
869,151
734,434
5.78
(134,717)
-15.50
Miscellaneous
883,713
1,070,713
8.42
186,415
21.09
Total 12,506,787 12,711,524 100.00 204,737 1.64
*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 22W of taxes or $1,925,620. This is a
decrease of $76,000 from the prior year, or a 3.758 decrease. This is
the eighth consecutive year of a decrease in property tax.
' 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, 2000, sales tax receipts totalled. $2, 590,954 or 30.2
' of the total taxes received. This is an increase of $59,325 over the prior
year.
Another significant revenue. source is the hotel tax, a 0 tax (increased
to 6W on 8/1/98) computed on gross room sales. This is a relatively new
tax for the Village. The Village had no hotel rooms or hotel tax revenue
in 1985, but now has approximately 1,050 rooms and 1999 -00 tax receipts
' of $2,096,683 which is 24.0 of total taxes received in 1999 -00. It is
the Village's belief that this tax will continue to increase at a rate
exceeding the cost of living.
Licenses and Permits. License and permit revenue has decreased by
$200,938, a 18.2% decrease. The level of permit revenue is likely to be
down for the next fiscal year due to completion of major construction in
the Village Center.
' Interest. Interest earnings increased approximately 796 due to an increase
in cash balances which were somewhat higher than in previous years.
' Charcres for Services. These revenues have increased by $125,757 due to
charges to developers for engineering fees. These fees are charged at
the beginning of a project and will decrease in future years.
Fines. Fines decreased by $14,451, or approximately 3.53 %. This is a
normal fluctuation in the annual rate.
Miscellaneous. The current increase in miscellaneous revenue in the
General Fund was because of non - recurring items in prior years.
The following schedule presents a summary of general fund, special revenue
funds, and debt service funds expenditures for the fiscal year ended April
30, 2000, and the percentage of increases and decreases in relation to
prior year amounts.
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*Amounts above exclude discretely presented Component Unit - Public Library
The increase in General Government was $41,370, a 2.3% increase. This
is due to changes in general expenditures.
The $250,491 increase of 6.3% in expenses in the Police Department is the
result of the salary and insurance increases and the filling of vacant
positions.
The decrease of $10,138 or -.7W in Highways and Streets is virtually the
same as last year.
General Fund Balance. The undesignated fund balance has increased to
$5,920,309 from $5,328,913 and the Village's designated fund balance has
increased to $5,000,000. The designated fund balance represents the
Village's continuing intent to fund a large portion of the downtown TIF
by advances from the General Fund. At this point, the Village has advanced
$3,932,000 and has an additional $2,000,000 designated for this project.
In addition, the Village has designated $3,000,000 for future capital
expenditures for repairs and maintenance of the Village's infrastructure.
The Village's undesignated fund balance of $5,920,309 is the equivalent
of 334 working days of expenditures.
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
approximately $207,000 due primarily to an increase in water purchases
of $140,000. This is a 6t increase mainly due to a combination of new
units and rate increases. The Water Fund had an operating increase, before
depreciation, of $819,413 and debt payment of $265,000. (A 29t water rate
increase was passed effective June 1, 1998.) In December 1997 the Village
sold a $5,000,000 bond issue. The Village paid only interest in 1998 -99.
In 1999 -2000 the Village began paying principal as well as interest.
In the Sewerage Fund, the total operating expenses decreased by $62,774
due to a decrease in construction of $128,000. The fund had an operating
income before depreciation of $266,401. Cash and investments increased
by $3,450.
The Refuse Fund had a net income of $42,403. Expenses (excluding
depreciation) increased to $1,122,443 from $1,098,948 a 2.1% increase.
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2000
2000
2000
Increase
Percent
1999
2000
Percent
(Decrease)
Increase
Expenditures*
Amount
Amount
of Total
1999
(Decrease)
Current
General Govt.
1,897,466
1,938,836
18.12
41,370
2.28
Public Safety
4,114,093
4,364,584
40.78
250,491
6.31
Highways /Streets
1,323,005
1,312,867
12.27
(10,138)
(.67)
Pension
1,039,233
1,049,019
9.80
9,786
1.02
Debt Service
Principal
1,050,000
1,080,000
10.09
30,000
3.00
Interest
1,084,617
957,529
8.94
(127,088)
(33.63)
Total
10,508,414
10,702,835
100.00
194,421
2.06
*Amounts above exclude discretely presented Component Unit - Public Library
The increase in General Government was $41,370, a 2.3% increase. This
is due to changes in general expenditures.
The $250,491 increase of 6.3% in expenses in the Police Department is the
result of the salary and insurance increases and the filling of vacant
positions.
The decrease of $10,138 or -.7W in Highways and Streets is virtually the
same as last year.
General Fund Balance. The undesignated fund balance has increased to
$5,920,309 from $5,328,913 and the Village's designated fund balance has
increased to $5,000,000. The designated fund balance represents the
Village's continuing intent to fund a large portion of the downtown TIF
by advances from the General Fund. At this point, the Village has advanced
$3,932,000 and has an additional $2,000,000 designated for this project.
In addition, the Village has designated $3,000,000 for future capital
expenditures for repairs and maintenance of the Village's infrastructure.
The Village's undesignated fund balance of $5,920,309 is the equivalent
of 334 working days of expenditures.
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
approximately $207,000 due primarily to an increase in water purchases
of $140,000. This is a 6t increase mainly due to a combination of new
units and rate increases. The Water Fund had an operating increase, before
depreciation, of $819,413 and debt payment of $265,000. (A 29t water rate
increase was passed effective June 1, 1998.) In December 1997 the Village
sold a $5,000,000 bond issue. The Village paid only interest in 1998 -99.
In 1999 -2000 the Village began paying principal as well as interest.
In the Sewerage Fund, the total operating expenses decreased by $62,774
due to a decrease in construction of $128,000. The fund had an operating
income before depreciation of $266,401. Cash and investments increased
by $3,450.
The Refuse Fund had a net income of $42,403. Expenses (excluding
depreciation) increased to $1,122,443 from $1,098,948 a 2.1% increase.
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' Pension Trust Fund Operations. The operations of the Village of Deerfield
Police Pension Fund (PERS) remained relatively stable in 2000. For the
year ended April 30, 2000, the funded portion is 1208. The actuarial
' assumption for investments is 8t and for projected salary increases is
5.5%-.
Debt Administration. On April 30, 2000, the Village had a number of debt
' issues outstanding. These issues included $22,825,000 of gross bonded
general obligation debt and $4,735,000 to be repaid from the Water Fund.
Of this, $17,000,000 will be retired by transfers from the Tax Increment
District #2. The Village continues to be rated AAA by Moody's Investor's
t 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 would be as follows:
' Assessed Valuation - 1999 701,085,856
Legal Debt Limit - 8.625W 60,468,655
' 1 Amount of Debt applied to fund 22,825,000
Legal Debt Margin 37,643,655
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Cash Management. Cash temporarily idle during the year was invested in
demand deposits, certificates of deposit, obligations of the U.S. Treasury,
and commercial paper. The pension's trust funds investment portfolio also
includes insurance company separate accounts. The average yield on
investments, except for the Trust and Agency fund group, was 5.56%. The
pension trust fund achieved a yield rate of 7.93% on cash and investments.
The higher rate of return on pension fund investments is attributable to
the long -term nature of most holdings in its portfolio. The Village's
investment performance ranks favorably when compared to average yield rates
of 5.38% for 90 day U.S. Treasury bills and 6.13% for 10 year U.S. Treasury
notes. The Village earned interest -revenue of $1,346,836 on its
investments in the governmental fund type, $691,669 in the proprietary
fund and $529,665 in the Police Pension Fund.
The Village's investment policy is to minimize credit and market risks
while maintaining a competitive yield on its portfolio. The Village only
utilizes banks and savings institutions which have a Sheshunoff rating
of 1140" or better. The Village's investments total $59,645,695. Of these,
$45,880,600 are 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 remaining
$13,765,096, as detailed below, is held in accounts not subject to risk
categorization. $11,717,206 is invested in The Illinois Funds, and the
remaining $1,115,723 is in life insurance company contracts. $932,161
of Police Pension Funds are in mutual funds.
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 self - insurance retention). The Village's payments to HELP
are displayed on the financial statements as expenditures /expenses in
appropriate funds.
OTHER INFORMATION
Independent Audit. State statutes require an annual audit by independent
certified public accountants. The accounting firm of Crowe, Chizek and
Company LLP was selected by the Village's audit committee. 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, 1999. 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 ten consecutive 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
has our sincere appreciation for the contributions made in the preparation
of this report.
In closing, without the leadership and support of the Village Board and
Village Manager, preparation of this report would not have been possible.
Respectfully submitted,
George J. Valentine
Finance. Director
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CROWS CHIZEK
1
IREPORT OF INDEPENDENT AUDITORS
The Honorable Mayor
Members of the Board of Trustees
' Village of Deerfield, Illinois
' 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, 2000, as listed in the accompanying table of contents, and
' the balance sheets for the general, debt service, and individual enterprise funds as of April 30,
1999 and the individual fund statements of revenues, expenditures/ expenses, and changes in
fund balances/ retained earnings for the general, special revenue, debt service, enterprise,
' internal service, police pension, and component unit - public library general funds for the year
then ended. These financial statements are the responsibility of the Village of Deerfield,
Illinois' management. Our responsibility is to express an opinion on these financial statements
Ibased on our audit.
We conducted our audits in accordance with generally accepted auditing standards and the
' standards applicable to financial audits contained in "Government Auditing Standards ", issued
by the Comptroller General of the United States. 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 audits
provide 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, 2000,
and the results of its operations and cash flows of its proprietary fund types for the year then
' ended in conformity with generally accepted accounting principles. 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, 2000, and the results of operations of
'' such funds and cash flows of individual proprietary funds for the year then ended, and the
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' financial position of the general, debt service, and individual enterprise funds as of April 30,
p p
1999 and the results of operations of the individual general, special revenue, debt service,
enterprise, internal service, police pension, and component unit - public library general funds
for the year then ended in conformity with generally accepted accounting principles.
' In accordance with "Government Auditing Standards," we have also issued a report dated
August 18, 2000 on our consideration of the Village of Deerfield, Illinois' internal control over
financial reporting and our tests of its compliance with certain provisions of laws, regulations,
' contracts, and grants. That report is an integral part of an audit performed in accordance with
Government Auditing Standards and should be read in conjunction with this report in
considering the results of our audit.
CI'
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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 financial information listed as supplemental and
schedules in the accompanying table of contents and the analysis of funding progress and
employer contribution information on pages 38 through 41, are presented for purposes of
additional analysis and are not a required part of the general purpose 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.
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.
Oak Brook, Illinois
August 18, 2000
1 2
Crowe, Chizek and Company LLP
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21
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!rl H
H
IVILLAGE OF DEERFIELD, ILLINOIS
All Fund Types and Account Groups
and Discretely Presented Component Unit
' Combined Balance Sheet
April 30, 2000
(with comparative totals for 1999)
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VILLAGE OF DEERFIELD, ILLINOIS
All Proprietary Fund Types
Combined Statement of Revenues, Expenses,
and Changes in Retained Earnings
Year Ended April 30, 2000
(with comparative totals for 1999)
Income before operating
transfers
1,399,593
206,349
Totals
1,187,911
Operating transfers (out)
Internal
(Memorandum Only)
(191,000)
Enterprise
Service
2000
1999
Operating revenues
1,414,942
750,261
Other changes in retained earnings
Charges for services
$ 5,837,258
$ 1,395,746
$ 7,233,004
$ 6,738,423
Miscellaneous
162,280
2,860
165,140
163,808
Total operating revenues
5,999,538
1,398,606
7,398,144
6,902,231
Operating expenses
204,349
1,639,746
975,065
Administration
545,476
999,520
1,544,996
1,646,602
Operations
5,014,221
218,272
5,232,493
4,937,564
Depreciation
254,672
-
254,672
265,635
Total operating expenses
5,814,369
1,217,792
7,032,161
6,849,801
Operating income
185,169
180,814
365,983
52,430
Nonoperating revenues (expenses)
Interest income
666,134
25,535
691,669
640,354
Property taxes
770,259
-
770,259
745,460
Interest expense
(221,969)
-
(221,969)
(250,333)
1,214,424
25,535
1,239,959
1,135,481
Income before operating
transfers
1,399,593
206,349
1,605,942
1,187,911
Operating transfers (out)
(189,000)
(2,000)
(191,000)
(437,650)
Net income
1,210,593
204,349
1,414,942
750,261
Other changes in retained earnings
Depreciation that reduces
capital
224,804
-
224,804
224,804
Net increase in retained earnings -
1,435,397
204,349
1,639,746
975,065
Retained earnings
May 1 7,299,705 220,761 7,520,466 6,545,401
April 30 $ 8,735,102 $ 425,110 $ 9,160,212 $ 7,520,466
See accompanying notes to financial statements.
1
1
1
1
1
1
1
1
1
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1
VILLAGE OF DEERFIELD, ILLINOIS
Police Pension Fund
Combined Statement of Changes in Plan Net Assets
Year Ended April 30, 2000
Additions
Contributions - employer
Property taxes - current
$ 306,325
Replacement taxes
9,525
Contributions - employee
214,399
Investment income
Net (depreciation) in fair value
of investments
(952,671)
Interest earned on investments
1,459,535
Total additions
1,037,113
Deductions
Benefits and refunds
Pension payments 513,991
Miscellaneous 4,086
Total deductions 518,077
Net increase 519,036
Net assets held in trust for pension
benefits
May 1 17,688,797
April 30 $ 18,207,833
See accompanying notes to the financial statements.
7
VILLAGE OF DEERFIELD, ILLINOIS I
All Proprietary Fund Types '
Combined Statement of Cash Flows
Year Ended April 30, 2000
(with comparative totals for 1999) '
Cash flows from noncapital financing activities
Operating transfers (out)
(189,000)
(2,000) (191,000) (437,650)
Totals
(2,750,000)
Proceeds from sale and maturities
Internal
(Memorandum Only)
Enterprise
Service
2000
1999
Cash flows from operating activities
- (265,000) -
Fixed assets purchased
(658,098)
- (658,098) -
Operating income
$ 185,169
$ 180,814 $
365,983
$ 52,430
Adjustments to reconcile operating income to net
5,283,300
(1,145,067)
- (1,145,067) (250,333)
179,328
cash provided by operating activities
5,324,243
Cash and cash equivalents
Depreciation
254,672
-
254,672
265,635
Other nonoperating revenues
770,259
-
770,259
745,460
Changes in assets and liabilities
8,734,880
Cash and investments
Receivables
(124,196)
279
(123,917)
(117,547)
Due from component unit
3,201
-
3,201
(2,809)
Due from other funds
(12,850)
-
(12,850)
(211)
Other assets
2,604
-
2,604
21,677
Deferred bond issuance
2,239
-
2,239
-
Accounts payable
(95,493)
(21,048)
(116,541)
(137,576)
Accrued interest
-
(8,518)
(8,518)
950
Claims payable
-
-
-
42,063
Accrued payroll
8,295
30
8,325
9,370
Insurance payable
(7,730)
-
(7,730)
7,730
Contracts payable
28,271
-
28,271
(211,558)
Compensated absences payable
(22,715)
4,236
(18,479)
26,479
Other payables
172
-
172
28,364
Due to component unit
-
-
-
(1,531)
991,898
155,793
1,147,691
728,926
Cash flows from noncapital financing activities
Operating transfers (out)
(189,000)
(2,000) (191,000) (437,650)
Cash flows from capital and related
(2,750,000)
Proceeds from sale and maturities
financing activities
Principal paid on general
of investment securities
8,368,882
obligation bonds
(265,000)
- (265,000) -
Fixed assets purchased
(658,098)
- (658,098) -
Interest paid on general
639,759
obligation bonds
(221,969)
- (221,969) (250,333)
5,283,300
(1,145,067)
- (1,145,067) (250,333)
Cash flows from investing activities
Purchase of investment securities
(14,600,000)
-
(14,600,000)
(2,750,000)
Proceeds from sale and maturities
of investment securities
8,368,882
-
8,368,882
7,393,541
Interest
580,765
25,535
606,300
639,759
(5,650,353)
25,535
(5,624,818)
5,283,300
Net increase in cash and cash equivalents
(5,992,522)
179,328
(5,813,194)
5,324,243
Cash and cash equivalents
May 1
8,215,521
519,359
8,734,880
3,410,637
April 30
$ 2,222,999 $
698,687
$ 2,921,686 $
8,734,880
Cash and investments
Cash and cash equivalents
$ 2,222,999 $
698,687
$ 2,921,686 $
8,734,880
Investments
9,677,030
-
9,677,030
3,450,000
$ 11,900,029 $
698,687
$ 12,598,716 $
12,184,880
See accompanying notes to financial statements.
E:3
IVILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
' April 30, 2000
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
' The financial statements of the Village of Deerfield, Illinois (Government) have been prepared
in conformity with generally accepted accounting principles (GAAP) as applied to government
units. The Governmental Accounting Standards Board (GASB) is the accepted standard - setting
body for establishing governmental accounting and financial reporting principles. The more
significant of the Government's accounting policies are described below.
' Reporting Entity: The Government was incorporated in 1903. The Government is a municipal
corporation governed by an elected seven - member board. As required by generally accepted
accounting principles, these financial statements present the Government (the primary
government) and its component units.
' The Government's financial statements include:
' Pension Trust Fund:
Police Pension Employees Retirement System
' The Government's police employees participate in the Police Pension Employees Retirement
System ( PPERS). PPERS functions for the benefit of these employees and is governed by a
five - member pension board. Two members appointed by the Government's Mayor, one
' elected pension beneficiary, and two elected police employees constitute the pension board.
The Government 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 Government 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
' Government'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.
Discretely Presented Component Unit:
Village of Deerfield Public Library
' The Deerfield Public Library (Library) has a separately elected seven - member board, which
annually determines its budget and resulting tax levy. Upon approval of the Government,
the levy is submitted to the County. All debt of the Library is secured by the full faith and
' credit of the Government, which is wholly liable for the debt. The Library, while servicing
the general population of the Government, does not provide services entirely to the
Government. Because the Library possesses the characteristics of a legally separate
t 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.
' (Continued)
' 9
VILLAGE OF DEERFIELD, ILLINOIS I
Notes to Financial Statements
April 30, 2000 '
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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
Government 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.
Fund Accounting: The Government 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."
Governmental funds are used to account for all or most of the Government's general activities,
including the collection and disbursement of earmarked monies (special revenue funds), the
acquisition or construction of general fixed assets (capital projects funds), and the servicing of
general long -term debt (debt service funds). The general fund is used to account for all
activities of the general government not accounted for in some other fund.
Proprietary funds are used to account for activities similar to those found in the private sector,
where the determination of net income is necessary or useful to sound financial administration.
Goods or services from such activities can be provided either to outside parties (enterprise
funds) or to other departments or agencies primarily within the Government (internal service
funds).
(Continued)
10
1 VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
' April 30, 2000
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NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
tFund Accounting (Continued)
' Fiduciary funds are used to account for assets held on behalf of outside parties, including other
governments, or on behalf of other funds within the Government. 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 Government 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.
Basis of Accounting: The accounting and financial reporting treatment applied to a fund is
' determined by its measurement focus. All governmental funds are accounted for using a
current financial resources measurement focus. With this measurement focus, only current
assets and current liabilities generally are included on the balance sheet. Operating statements
' of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e.,
expenditures and other financing uses) in net current assets.
' All proprietary funds and pension trust funds are accounted for on a flow of economic
resources measurement focus. With this measurement focus, all assets and all liabilities
associated with the operation of these funds are included on the balance sheet. Proprietary
fund -type fund equity (i.e., net total assets) is segregated into contributed capital and retained
earnings components. Proprietary fund -type operating statements present increases (i.e.,
revenues) and decreases (i.e., expenses) in net total assets.
' The modified accrual basis of accounting is used by all governmental fund types and agency
funds. Under the modified accrual basis of accounting, revenues are recognized when
' susceptible to accrual (i.e., when they become both measurable and available). "Measurable"
means the amount of the transaction can be determined, and "available" means collectible
within the current period. The Government recognizes property taxes when they become both
' measurable and available in accordance with GASB Codification Section P70. 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.
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' (Continued)
' 11
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 2000
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Basis of Accounting (Continued)
Those revenues susceptible to accrual are property taxes, franchise taxes, licenses, interest
revenue, and charges for services. Sales, income, and motor fuel taxes and fines collected and
held by the state at year end on behalf of the Government 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 are recorded when earned and expenses are recorded at the time liabilities
are incurred.
The Government 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 Government 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 Government has a legal claim to the resources, the
liability for deferred revenue is removed from the combined balance sheet and revenue is
recognized.
Budgets: Budgets are adopted on a basis consistent with generally accepted accounting
principles. Annual appropriated budgets are adopted (at the fund level) for the General,
Special Revenue, Debt Service, Enterprise, Garage (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.
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 reserve 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.
(Continued)
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tVILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
tApril 30, 2000
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
ICash and Investments:
Cash and Cash Equivalents
For purposes of the statement of cash flows, the Government's proprietary fund types consider
all highly liquid investments with an original maturity of three months or less when purchased
to be cash equivalents.
' Investments
Investments are at fair value.
' 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."
' Advances to Other Funds: Noncurrent portions of long -term interfund loan receivables are
reported as advances and are offset equally by a fund balance reserve account which indicates
' that they do not constitute expendable available financial resources and, therefore, are not
available for appropriation.
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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.
Prepaid Items: Payments made to vendors for services that will benefit periods beyond the
date of this report are recorded as prepaid items.
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.
(Continued)
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VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 2000
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Fixed Assets: (Continued)
Public domain ( "infrastructure ") general fixed assets consisting of roads, bridges, curbs and
gutters, streets and sidewalks, drainage systems, and lighting systems are not capitalized, as
these assets are immovable and of value only to the Government.
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.
Compensated Absences: Vested or accumulated vacation leave, including related social
security, medicare, and the Government's share of pension costs for IMRF, 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.
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.
Fund Equity: Contributed capital is recorded in proprietary funds that have received capital
grants or contributions from developers, customers, or other funds. Reserves represent those
portions of fund equity not appropriable for expenditure or legally segregated for a specific
future use. Designated fund balances represent tentative plans for future use of financial
resources.
(Continued)
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VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 2000
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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.
Interfund Transactions: Quasi - external transactions are accounted for as revenues,
expenditures, or expenses. Transactions that constitute reimbursements to a fund for
expenditures/ expenses initially made from it that are properly applicable to another fund are
recorded as expenditures/ expenses in the reimbursing fund and as reductions of
expenditures/ expenses in the fund that is reimbursed.
All other interfund transactions, except quasi - external transactions and reimbursements, are
' reported as transfers. Nonrecurring or nonroutine permanent transfers of equity are reported
as residual equity transfers. All other interfund transfers are reported as operating transfers.
' Memorandum Only - Total Columns: Total columns on the general purpose financial
statements are captioned "memorandum only" to indicate that they are presented only to
facilitate financial analysis. Data in these columns do not present financial position or results of
' operations in conformity with generally accepted accounting principles. Neither are such data
comparable to a consolidation. Interfund eliminations have not been made in the aggregation
of this data.
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 Government's financial position, operations, and cash flows. Certain
reclassifications have been made to maintain comparability.
' GASB Pronouncements The Government has elected, under the provisions of GASB Statement
20, 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.
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(Continued)
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VILLAGE OF DEERFIELD, ILLINOIS I
Notes to Financial Statements
April 30, 2000 t
NOTE 2 - LEGAL COMPLIANCE AND ACCOUNTABILITY
Budgets: All departments of the Government submit requests for appropriation to the
Government'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.
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, no supplementary appropriations were necessary.
Deficit Fund Balances/Retained Earnings of Individual Funds: The following fund had a
deficit in fund balance/ retained earnings as of the date of this report:
Fund Deficit Balance
Emergency Services/ Disaster $ 32,265
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 Excess
Emergency Services/ Disasters $ 2,549
NOTE 3 - DEPOSITS AND INVESTMENTS
The Government 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 Government'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.
(Continued)
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VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 2000
NOTE 3 - DEPOSITS AND INVESTMENTS (Continued)
Permitted Deposits and Investments: Statutes authorize the Government 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.
Deposits: At year end, the carrying amount of the Government's deposits totaled $19,658 and
' bank balances totaled $287,252 and the Discretely Presented Component Unit's carrying
amount of deposits totaled $14,754 and bank balances totaled $14,754.
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Bank Balances
Discretely
Presented
Primary Component
Government Unit
Category 1
' Deposits covered by federal depository insurance, or by collateral
held by the Government, or its agent, in the Government's
name. $ 287,252 $ 14,754
' Category 2
Deposits covered by collateral held by the pledging financial
institution's trust department, or by its agent, in the
' Government'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
Government's name, and deposits which are uninsured and
uncollateralized. - -
' Total deposits S 287,252 14 754
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(Continued)
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VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 2000
NOTE 3 - DEPOSITS AND INVESTMENTS (Continued)
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 Government.
Investments: The Government's investments are categorized to give an indication of the level
of risk assumed by the entity at year end. Category 1 includes investments that are insured or
registered or for which the securities are held by the Government or its agent in the
Government'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 Government's
name. Category 3 includes uninsured and unregistered investments for which the securities
are held by the counterparty, or by its trust department or agent but not in the Government's
name, and uninsured, unregistered investments.
Primary Government
— Carrying Amount /Fair Value --
Category
1 2 3 Totals
U.S. Government Securities $ 32,375,695 $ - $ - $ 32,375,695
GNMA 643,970 - - 643,970
Municipal Bonds 2,714,249 - - 2,714,249
Commercial paper 10,135,109 - - 10,135,109
$ 45,869,023 $ — $ 45,869,023
*# The Illinois Funds 11,717,206
• Mutual Funds 932,161
• Life Insurance Contracts
and Separate Accounts 1,115,726
Total investments - primary government $ 59,632,116
Discretely Presented Component Unit
*# The Illinois Funds $ 1,019,262
Total investments -
discretely presented component unit $ 1,019,262
* (Not subject to risk categorization)
# The fair value of the position in the external investment pool is the same as the value of the pool
shares.
The pension trust fund owns 31 % percent of the investments in Category 1.
(Continued)
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VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 2000
NOTE 4 - RECEIVABLES -TAXES
Property taxes for 1999 attach as an enforceable lien on January 1, 1999 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, 2000 and August 1, 2000 and are payable in two installments, on or about March 1,
2000 and September 1, 2000. The County collects such taxes and remits them periodically.
NOTE 5 - FIXED ASSETS
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
$ 25,503,747 $ 398,827 34,616 $ 25,867,958
Discretely Presented Component Unit
Balances Balances
MU 1 Additions Retirements April 30
Land $ 145,556 $ - $ - $ 145,556
Building and improvements 1,307,829 - - 1,307,829
Equipment 439,916 - - 439,916
$ 1,893,301 $ - $ $ 1,893,301
(Continued)
19
Balances
Balances
MU —11
Additions
Retirements April 30
Land
$ 15,914,477
$ -
$ - $ 15,914,477
Buildings and improvements
5,366,378
1,306
- 5,367,684
Vehicles
1,407,180
3,789
- 1,410,969
Equipment
2,815,712
393,732
34,616 3,174,828
$ 25,503,747 $ 398,827 34,616 $ 25,867,958
Discretely Presented Component Unit
Balances Balances
MU 1 Additions Retirements April 30
Land $ 145,556 $ - $ - $ 145,556
Building and improvements 1,307,829 - - 1,307,829
Equipment 439,916 - - 439,916
$ 1,893,301 $ - $ $ 1,893,301
(Continued)
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VILLAGE OF DEERFIELD, ILLINOIS '
Notes to Financial Statements '
April 30, 2000
NOTE 5 - FIXED ASSETS (Continued)
Proprietary Fixed Assets: The following is a summary of proprietary fund -type fixed assets as
of the date of this report:
Land
Water/ sewer system
Equipment and vehicles
Parking lot improvements
Accumulated depreciation
Enterprise
Funds
$ 77,500
14,381,376
934,210
632,608
16,025,694
(9,429,144)
$ 6,596,550
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
NOTE 6 - RISK MANAGEMENT
The Government 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 Government is self - insured for medical coverage and has established a
risk financing fund (Insurance Fund) ( "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
Government 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.
(Continued) '
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VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 2000
NOTE 6 - RISK MANAGEMENT (Continued)
Each participating fund of the Government 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:
Unpaid claims - beginning
Incurred claims (including IBNR)
Claim payments
Unpaid claims - ending
Municipal Insurance Cooperative Agency (MICA)
Fiscal Year Ending
April 30,
2000 1999
$ 219,068 $ 177,005
712,155 830,167
712155) 788104)
219,068 $ 219,068
The Government 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 Government's payments to MICA are
' displayed on the financial statements as expenditures/ expenses in appropriate funds.
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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
Government 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 Government participates in the High -Level Excess Liability Pool (HELP). HELP is a public
entity risk pool established by certain municipalities (Members) in Illinois to provide excess
liability coverage ($10,000,000 of coverage after a $1,000,000 self - insurance retention). The
Government's payments to HELP are displayed on the financial statements as
expenditures/ expenses in appropriate funds.
(Continued)
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VILLAGE OF DEERFIELD, ILLINOIS I
Notes to Financial Statements '
April 30, 2000
NOTE 6 - RISK MANAGEMENT (Continued)
High -Level Excess Liability Pool (HELP) (Continued)
HELP was organized on April 1, 1987. The purpose of HELP is to act as a joint self - insurance
pool for the purpose of seeking the 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.
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 Government does not exercise any control over the activities of HELP beyond its
representation on the Board of Directors.
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.
NOTE 7 - LEASE OBLIGATIONS
No material capital or operating leases were in effect as of the date of this report.
NOTE 8 - LONG -TERM DEBT
General Obligation Bonds: The Government issues general obligation bonds for the
acquisition and construction of major capital facilities.
(Continued)
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VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 2000
NOTE 8 - LONG -TERM DEBT (Continued)
General Obligation Bonds (Continued)
General obligation bonds are direct obligations and pledge the full faith and credit of the
Government. General obligation bonds currently outstanding are as follows:
Fund Debt Balances Balances
Issue Retired By May 11 Additions Reductions April 30
General Obligation Refunding
Bond Series of 1993 ($9,995,000
dated May 1,1993; maturing
December 15, 2004; payable in
annual installments; interest
Debt
rates from 3.9% to 4.10 %)
Service
General Obligation Bond Series
of 1997 ($5,000,000 dated
December 1,1997; maturing
December 1, 2012; payable in
annual installments; interest
rates from 4.35% to 4.5 %)
Fund*
General Obligation Bond Series
of 1998 ($17,000,000 dated
April 15,1998; maturing
October 1, 2009; payable in
annual installments; interest
Debt
Water
$ 6,905,000 $
5,000,000
$ 1,080,000 $ 5,825,000
265,000 4,735,000
rates from 4.2% to 4.35 %) Service** 17,000,000 - - 17,000,000
$ 28,905,000 - $ 1,345.000 $ 27,560,000
* The Government abates the tax levy on this bond issue annually. The debt is recorded in and is being retired by
the Water Fund.
** The Government abates the tax levy on this bond issue annually. The debt is being retired by transfers from the
Tax Incremental Finance District 2 Fund.
(Continued)
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VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 2000
NOTE 8 - LONG -TERM DEBT (Continued)
Debt Service Requirements to Maturity: Annual debt service requirements to maturity are as
follows:
Fiscal
Year
General
Ending
Obligation
April 30
Bonds
2001
$ 4,051,016
2002
3,999,655
2003
3,939,935
2004
3,851,770
2005
3,476,387
2006
2,360,998
2007
2,790,618
2008
2,703,598
2009
2,615,910
2010
2,532,055
2011
490,310
2012
491,175
2013
491,150
Total Principal
and Interest
$ 33,794,577
Interest Portion
$ 6,234,577
Changes in Long -Term Liabilities:
During the fiscal year, the following changes occurred in
liabilities reported in the general long -term debt account group:
Balances Balances
Maw Additions Reductions ARM 30
General Obligation Refunding Bond
Series of 1993 $ 6,905,000 $ - $ 1,080,000 $ 5,825,000
General Obligation Bond Series of 1998 17,000,000 - - 17,000,000
$ 23,905,000 $ - $ 1,080,000 $ 22,825,000
(Continued)
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VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 2000
NOTE 8 - LONG -TERM DEBT (Continued)
Legal Debt Margin: The Government 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
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.
Advance Refunding - General Long -Term Debt: On May 1, 1993, the Government issued
general obligation bonds to defease portions of its Series 1986 and Series 1988 Corporate
Purpose Bonds. The net proceeds were used to purchase U.S. government securities. Those
securities were deposited in an irrevocable trust with American National Bank and Trust
Company, Chicago to provide for all future debt service payments of the refunded bonds. As a
result, the refunded bonds are considered to be defeased and the liability for those bonds has
been removed from the general long -term debt account group. At April 30, 1999, $7,930,000 of
the 1986 and Series 1988 Corporate Purpose Bonds are outstanding.
Noncommitment Debt - Industrial Development Revenue Bonds: The Government 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.
The issuance of Industrial Development Revenue Bonds by the Government 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 Government.
Industrial Development Revenue Bonds are not a debt of the Government. The entity using the
bond proceeds to finance a construction or improvement project is liable for the bonds. Since
the Government does not act as an agent for Industrial Development Revenue Bonds, the
transactions relating to the bonds and property do not appear in the Government's financial
statements.
(Continued)
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VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 2000
NOTE 8 - LONG -TERM DEBT (Continued)
Noncommitment Debt - Industrial Development Revenue Bonds: (Continued)
The Government 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
Industrialplex
Limited Partnership
12/1/95
Industrial Revenue
32,150,000
Jewish Federation
NOTE 9 - INTERFUND ASSETS/LIABILITIES
Due From/To Other Funds:
Receivable Fund Payable Fund Amount
General Police Pension $ 18,343
Special Revenue Emergency
Street and Bridge Services/ Disaster 31,586
Capital Projects
Infrastructure Tax Incremental Finance
District 2 42,000
Enterprise
Refuse Debt Service 13,061
Trust and Agency
Police Pension Debt Service 56,915
$ 161,905
(Continued)
26
1
1
1
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 2000
NOTE 9 - INTERFUND ASSETSAIABILITIES (Continued)
Advances From/To Other Funds:
Receivable Fund
' General
1
1
1
1
1
1
1
1
1
Payable Fund
Tax Incremental
Finance District 2
Due From/To Primary Government and Component Unit:
Receivable Entity Payable Entity
Primary government - Component unit -
Refuse Fund Public Library - General Fund
IMRF
Street and Bridge
Component unit -
Public Library General Fund
NOTE 10 - COMMITMENTS
Primary government -
IMRF Fund
Street and Bridge Fund
Debt Service Fund
Amount
3,986,930
Amount
$ 2,073
2,997
1,291
6 361
$ 79,872
1,467
131,577
L=2.916
High -Level Excess Liability Pool (HELP): The Government has committed to purchase excess
liability insurance from HELP, a joint venture of Illinois municipalities.
These amounts have been calculated using the Government's current allocation percentage of
3.61 %. 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 Government has passed a resolution authorizing the extension of HELP for ten years
beginning May 1, 1998.
(Continued)
27
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 2000
NOTE 10 - COMMITMENTS (Continued)
Solid Waste Agency of Lake County ( SWALCO): SWALCO is an oversight advisory board
providing long -range planning services to member municipalities. The Government 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 1999 and no future payments are expected.
NOTE 11- SEGMENT INFORMATION - ENTERPRISE FUNDS
The Government 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:
(Continued)
28
Commuter
Water
Sewerage
Refuse
Parking Lot
Totals
Operating revenues
$ 3,676,541
$ 1,778,472
$ 384,239
$ 160,286 $
5,999,538
Depreciation and
amortization expense
80,588
168,841
-
5,243
254,672
Operating income (loss)
738,825
97,560
(738,204)
86,988
185,169
Operating transfers out
(23,000)
(33,000)
(13,000)
(120,000)
(189,000)
Tax revenues
-
-
770,259
-
770,259
Net income (loss)
1,011,077
159,671
42,403
(2,558)
1,210,593
Plant, property, and equipment
Additions
487,187
170,911
-
-
658,098
Deletions
-
-
-
-
-
Total assets
12,653,527
6,105,860
1,088,998
641,122
20,489,507
Net working capital
10,071,853
1,663,972
997,743
542,343
13,275,911
Bonds and other long -term
liabilities
Payable from operating
revenues
4,735,000
-
-
-
4,735,000
Payable from other sources
-
-
-
-
-
Total equity
7,630,618
5,879,150
997,743
629,950
15,137,461
(Continued)
28
1
1
1
1
1
1
1
1
1
1
1
1
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 2000
NOTE 12 - CONTRIBUTED CAPITAL
During the fiscal year, contributed capital increased/ decreased by the following amounts:
Increases
Decreases - depreciation
Net (decrease)
Contributed capital
May 1
April 30
NOTE 13 - FUND EQUITY
Water
48,861
(48,861)
Commuter
Sewerage Parking Lo Totals
135,319
(135,319)
40,624
(40,624)
224,804
(224,804)
1,569,721
4,976,266
81,176
6,627,163
1,520,860
4,840,947
40 552
$ 6.402.359
Tax Incremental Finance District 1 Fund - Surplus Rebate
On December 21, 1999, the Government passed Resolution No. 99 -17, titled "Resolution
Declaring a Surplus of Tax Increment Financing Funds," in accordance with the Illinois
Compiled Statutes. The Government determined that the sum of $6,790,795 held in the Tax
Incremental Finance District 1 Fund was surplus funds and should be redistributed to the
appropriate taxing districts in Fiscal 2000.
' NOTE 14 - CONTINGENT LIABILITIES
Litigation: The Government is a defendant in various lawsuits. Although the outcome of these
' lawsuits is not presently determinable, in the opinion of the Government's attorney, the
resolution of these matters will not have a material adverse effect on the financial condition of
the Government.
' 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 Government expects such amounts, if any, to be immaterial.
1
1
(Continued)
29
VILLAGE OF DEERFIELD, ILLINOIS I
Notes to Financial Statements
April 30, 2000 '
NOTE 14 - CONTINGENT LIABILITIES (Continued)
High -Level Excess Liability Pool (HELP): The Government'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.
Solid Waste Agency of Lake County ( SWALCO): The Government'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.
NOTE 15 - JOINT VENTURES
Solid Waste Agency of Lake County ( SWALCO):
Description of Joint Venture
The Government 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.
The members of SWALCO and their percentage shares based on formulae contained in the
Agency Agreement as of April 30,1999 are:
100.00%
(Continued)
30
% Share
% Share
% Share
Antioch
1.06%
Lake County
19.88%
Riverwoods
.94%
Beach Park
1.65
Lake Forest
6.13
Round Lake
.61
Deer Park
.74
Lake Villa
.55
Round Lake Beach
2.55
Deerfield
4.25
Lake Zurich
3.21
Round Lake Park
.64
Grayslake
1.46
Libertyville
4.38
Third Lake
.24
Green Oaks
.47
Lincolnshire
1.74
Vernon Hills
3.36
Gurnee
3.11
Lindenhurst
1.45
Wadsworth
.39
Hawthorn Woods
1.07
Long Grove
1.42
Wauconda
1.31
Highland Park
8.03
Mundelein
4.12
Waukegan
12.15
Kildeer
.67
North Barrington
.66
Winthrop Harbor
1.08
Lake Barrington
1.16
North Chicago
3.13
Zion
3.92
Lake Bluff
1.61
Park City
.86
100.00%
(Continued)
30
IVILLAGE OF DEERFIELD, ILLINOIS
' Notes to Financial Statements
April 30, 2000
NOTE 15 • JOINT VENTURES (Continued)
' Solid Waste Agency of Lake County ( SWALCO): (Continued)
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.
1
1
1
1
1
1
1
1
1
1
1
�J
1
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.
Summary of Financial Information of Joint Venture
Summary of Financial Position as of November 30,1999:
Assets Liabilities and Fund Equity
Current assets $ 589,079 Current liabilities 310,351
Fund equity
Investment in general
Fixed assets 112,966 fixed assets 112,966
Fund balance - unreserved 278,728
391,694
Total liabilities
Total assets 702 045 and fund equity 702 045
(Continued)
31
VILLAGE OF DEERFIELD, ILLINOIS I
Notes to Financial Statements '
April 30, 2000
NOTE 15 - JOINT VENTURES (Continued)
Solid Waste Agency of Lake County (SWALCO): (Continued)
Summary of Revenues, Expenditures, and Changes in Fund Balance for the year ended
November 30,1998:
Total revenues $ 2,877,562
Total expenditures 2,346,854
Excess of revenues over expenditures 530,708
Fund balance
May 1 251980)
November 30 $ 278.728
Complete financial statements can be obtained from the Solid Waste Agency of Lake County,
1300 N. Skokie Highway, Suite 103, Gurnee, Illinois 60031.
The Government made no payments to SWALCO for the year ended April 30, 2000.
NOTE 16 - POSTEMPLOYMENT BENEFITS
In addition to providing the pension benefits described, the Government provides certain
health care benefits, in accordance with the personnel policy manual, to all employees who
have worked for the Government for a minimum of ten years and who receive a pension from
the Government 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 $4,350. The retirees pay an annual premium, which is
equal to the actuarially determined cost for each plan year. The Government pays 25 percent of
the cost of the health insurance premiums for the retirees to a maximum of $50. Currently,
there are six participants eligible to receive benefits. Accordingly, no liability has been
recorded for post - employment health care benefits.
(Continued)
32
' VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
' April 30, 2000
INOTE 17 - EMPLOYEE RETIREMENT SYSTEMS
tPlan Descriptions and Provisions:
Illinois Municipal Retirement
' The Government contributes to the Illinois Municipal Retirement Fund IMRF 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. The
Government's total payroll for the year ended December 31, 1999, was $7,427,159. Of this
amount, $4,526,201 in payroll earnings were reported to and covered by the IMRF system.
' All employees hired in positions that meet or exceed the prescribed annual hourly standard
must be enrolled in IMRF as participating members. Pension benefits vest after eight years of
service. Participating members who retire at or after age 60 with 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 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. IMRF also provides death and disability benefits. These benefit provisions and all
other requirements are established by Illinois Compiled Statutes.
'Participating embers are required to contribute 4.5 percent of their annual salary to IMRF.
g q p rY
The Government 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); for 1999, the rate was 9.62 percent.
IPolice 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
Government accounts for the plan as a pension trust fund. The Government's payroll for
employees covered by the Police Pension Plan for the year ended April 30, 1999 was $2,264,096
' out of a total payroll of $7,285,927. At April 30, 2000, the Police Pension Plan membership
consisted of:
1
1
1
1
(Continued)
33
VILLAGE OF DEERFIELD, ILLINOIS I
Notes to Financial Statements '
April 30, 2000
NOTE 17 - EMPLOYEE RETIREMENT SYSTEMS
Plan Descriptions and Provisions:
Police Pension (Continued)
Retirees and beneficiaries currently receiving benefits and
terminated employees entitled to benefits but not yet
receiving them 15
Current employees
Vested 28
Nonvested 13
Total 56
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 2 percent of such salary for each additional year of service over 20
years up to 30 years and 1 percent of such salary for each additional year of service over 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.
Covered employees are required to contribute 9 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
Government is required to contribute the remaining amounts necessary to finance the plan as
actuarially determined by an enrolled actuary. The Government's contributions must
accumulate to the point where the past service cost for the Police Pension Plan is fully funded
by the year 2033.
(Continued) I
34 1
' VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
tApril 30, 2000
' NOTE 17 - EMPLOYEE RETIREMENT SYSTEMS
' 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 P Transactions: There were no securities of the employer or an other related
�Y Y
parties included in plan assets, including any loans.
' Fundin g Y Polic and Annual Pension Cost:
' The amount shown below as the net pension obligation is a standardized disclosure measure of
the present value of pension benefits, adjusted for the effects of projected salary increases and
step -rate benefits, estimated to be payable in the future as a result of employee service to date.
The measure is intended to help users assess the funding status of the system on a going -
concern basis, assess progress made in accumulating sufficient assets to pay benefits when due,
and make comparisons among employers. The measure is the actuarial present value of
' credited projected benefits and is independent of the funding method used to determine
contributions to the systems.
' Illinois Municipal Police
Retirement Pension
Contribution rates
' Government 9.62% 5.00%
Members 4.50% 9.00%
' Annual pension cost $ 435,420 $ 117,621
Contributions made 435,520 292,620
1
1
(Continued)
35
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 2000 '
NOTE 17 - EMPLOYEE RETIREMENT SYSTEMS (Continued)
Funding Policy and Annual Pension Cost (Continued)
Net Pension Asset: The Government's annual pension cost and net pension asset for the Police
Pension Fund for the May 1, 1999 valuation date (most recent data available) were as follows:
Annual required contribution
Illinois Municipal
Police
(47,778)
Retirement
Pension
Actuarial valuation date
12/31/99
5/1/99
Actuarial method
Entry age
Entry age
Amortization method
Level percentage
Level percentage
of pay, closed
of pay, closed
Remaining amortization period
33 years
34 years
Asset valuation method
5 -year smoothed
Market
market
Actuarial assumptions
Investment rate of return*
7.5%
8.0%
Projected salary increase*
0.4% to 11.6%
5.5%
*Includes inflation of
4.0%
3.5%
Net Pension Asset: The Government's annual pension cost and net pension asset for the Police
Pension Fund for the May 1, 1999 valuation date (most recent data available) were as follows:
Annual required contribution
$ 123,967
Interest on net pension asset
(47,778)
Adjustment to annual required contribution
41,432
Annual pension cost
117,621
Contributions made
2( 92,620)
(Increase) in net pension asset
(174,999)
Net pension (asset) - beginning of period
597 21 9)
Net pension (asset) - end of period 772 2 8
(Continued) '
36
1
1
i
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 2000
NOTE 17 - EMPLOYEE RETIREMENT SYSTEMS (Continued)
Trend Information: Trend information gives an indication of the progress made in
accumulating sufficient assets to pay benefits when due.
Annual pension cost (APC)
Percentage of APC contributed
Net pension obligation (asset)
N/A - Information is not available.
37
Illinois
Municipal
Police
Year
Retirement
Pension
1997
$ 415,341
N/A
1998
439,978
$ 133,214
1999
436,660
117,621
2000
435,420
N/A
1997
100.00%
N/A
1998
100.00
184.50%
1999
100.00
248.78
2000
100.00
N/A
1997
-
N/A
1998
-
$ (597,219)
1999
-
(772,218)
2000
N/A
N/A
37
1
1
1
1
I
1
1
1
1
1
1
1
1
1
1
1
1
1
a
m
C
zo
0
�ro
ar
a
z
•e
1
I
1
1
1
1
1
I
1
1
1
1
1
1
1
1
1
1
1
VILLAGE OF DEERFIELD, ILLINOIS
Illinois Municipal Retirement Fund
Required Supplementary Information
Analysis of Funding Progress
April 30, 2000
Notes to the Required Supplementary Information -
The information presented was determined as part of the actuarial valuations at the
dates indicated. Additional information as of the latest actuarial valuation presented is
as follows: The actuarial cost method was entry age normal; the amortization method
was level percent of pay, closed and the amortization period was 33 years; the asset
valuation method was a five -year smoothed market method; and the significant
actuarial assumptions were an investment rate of return at 7.5% compounded annually
including a 4.0% inflation factor, a projected salary increases assumption of 0.4% to
11.6% compounded annually including a 4.0% inflation factor, and post - retirement
benefit increases of 3.0% compounded annually.
(6)
Unfunded
Actuarial
Accrued
(2)
(4)
Liability
(1)
Actuarial
Unfunded
as a
Actuarial
Actuarial
Accrued
(3)
Actuarial
(5)
Percentage
Valuation
Value
Liability
Funded
Accrued
Annual
of Covered
Date
of Plan
(AAL)
Ratio
Liability
Covered
Payroll
December 31
Assets
- Entry Age
(1)+(2)
(2 - 1
Payro
(4)+(5
1994 $
6,281,437
$ 8,197,903
76.62%
$ 1,916,466
$ 3,551,487
53.96%
1995
7,575,894
9,510,946
79.65
1,935,052
3,693,506
52.39
1996
8,441,240
10,014,685
84.29
1,573,445
3,828,030
41.10
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
1541616
4,526,201
3.42
Notes to the Required Supplementary Information -
The information presented was determined as part of the actuarial valuations at the
dates indicated. Additional information as of the latest actuarial valuation presented is
as follows: The actuarial cost method was entry age normal; the amortization method
was level percent of pay, closed and the amortization period was 33 years; the asset
valuation method was a five -year smoothed market method; and the significant
actuarial assumptions were an investment rate of return at 7.5% compounded annually
including a 4.0% inflation factor, a projected salary increases assumption of 0.4% to
11.6% compounded annually including a 4.0% inflation factor, and post - retirement
benefit increases of 3.0% compounded annually.
VILLAGE OF DEERFIELD, ILLINOIS I
Police Pension Fund '
Required Supplementary Information
Analysis of Funding Progress '
April 30, 2000
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.
Notes to the Required Supplementary Information -
The information presented was determined as part of the actuarial valuations at the
dates indicated. Additional information as of the latest actuarial valuation presented is
as follows: The actuarial cost method was entry age normal; the amortization method
was level percent of pay, closed and the amortization period was 34 years; the asset
valuation method was the market method; and the significant actuarial assumptions
were an investment rate of return at 8.0% compounded annually including a 3.5%
inflation factor, a projected salary increases assumption of 5.5% compounded annually
including a 3.5% inflation factor, and post- retirement benefit increases of 3.0%
compounded annually.
39
i,I
1
(6)
Unfunded
(Overfunded)
Actuarial
(4)
Accrued
(2)
Unfunded
Liability
(1)
Actuarial
(Overfunded)
as a
Actuarial
Actuarial
Accrued
(3)
Actuarial
(5)
Percentage
Valuation
Value
Liability
Funded
Accrued
Annual
of Covered
Date
of Plan
(AAL)
Ratio
Liability
Covered
Payroll
May 1
Assets
- Entry As-- e
(1)+(2)
Q-(1)
Payro
(4)+(5
1994
N/A
N/A
N/A
N/A
N/A
N/A
1995
N/A
N/A
N/A
N/A
N/A
N/A
1996
N/A
N/A
N/A
N/A
N/A
N/A
1997 $
15,155,586
$12,200,363
124.22%
$ (2,955,223)
$ 2,199,822
(134.34)%
1998
16,714,208
13,658,344
122.40
(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)
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.
Notes to the Required Supplementary Information -
The information presented was determined as part of the actuarial valuations at the
dates indicated. Additional information as of the latest actuarial valuation presented is
as follows: The actuarial cost method was entry age normal; the amortization method
was level percent of pay, closed and the amortization period was 34 years; the asset
valuation method was the market method; and the significant actuarial assumptions
were an investment rate of return at 8.0% compounded annually including a 3.5%
inflation factor, a projected salary increases assumption of 5.5% compounded annually
including a 3.5% inflation factor, and post- retirement benefit increases of 3.0%
compounded annually.
39
i,I
1
1
VILLAGE OF DEERFIELD, ILLINOIS
' Illinois Municipal Retirement Fund
Required Supplementary Information
' Employer Contributions
April 30, 2000
1
1
1
1
1
1
1
1
1
1
Notes to the Required Supplementary Information
The information presented was determined as part of the actuarial valuations as of
January 1 of the prior fiscal year. Additional information as of the latest actuarial
valuation presented is as follows: The actuarial cost method was entry age normal; the
amortization method was level percent of pay, closed and the amortization period was
33 years; the asset valuation method was a three -year smoothed market method; and the
significant actuarial assumptions were an investment rate of return at 7.5%
compounded annually including a 4.0% inflation factor, a projected salary increases
assumption of 0.4% to 11.6% compounded annually including a 4.0% inflation factor,
and post - retirement benefit increases of 3.0% compounded annually.
40
Year Ended
Employer
Required
Percent
'
December 31
Contributions
Contribution
Contributed
1994
$ 410,552
$ 410,552
100.00%
1995
406,547
406,597
100.00
'
1996
415,341
415,341
100.00
1997
439,978
439,978
100.00
1998
436,660
436,660
100.00
'
1999
435,420
435,420
100.00
1
1
1
1
1
1
1
1
1
1
Notes to the Required Supplementary Information
The information presented was determined as part of the actuarial valuations as of
January 1 of the prior fiscal year. Additional information as of the latest actuarial
valuation presented is as follows: The actuarial cost method was entry age normal; the
amortization method was level percent of pay, closed and the amortization period was
33 years; the asset valuation method was a three -year smoothed market method; and the
significant actuarial assumptions were an investment rate of return at 7.5%
compounded annually including a 4.0% inflation factor, a projected salary increases
assumption of 0.4% to 11.6% compounded annually including a 4.0% inflation factor,
and post - retirement benefit increases of 3.0% compounded annually.
40
VILLAGE OF DEERFIELD, ILLINOIS '
Police Pension Fund
Required Supplementary Information '
q PP �'3'
Employer Contributions
April 30, 2000 '
Annual
Year Ended Employer Required Percent
April 30 Contributions Contribution Contributed
1995
N/A
N/A
N/A
1996
N/A
N/A
N/A
1997
N/A
N/A
N/A
1998
$ 245,757
$ 149,125
164.79%
1999
292,620
123,967
238.46
2000
315,850
N/A
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.
Notes to the Required Supplementary Information -
The information presented was determined as part of the actuarial valuations as of
April 30 of the prior fiscal year. Additional information as of the latest actuarial
valuation presented is as follows: The actuarial cost method was entry age normal; the
amortization method was level percent of pay, closed and the amortization period was
34 years; the asset valuation method was a three -year smoothed market method; and
the significant actuarial assumptions were an investment rate of return at 8.0%
compounded annually including a 3.5% inflation factor, a projected salary increases
assumption of 5.5% compounded annually including a 3.5% inflation factor, and post -
retirement benefit increases of 3.0% compounded annually.
41
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1
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1
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.
1
1
1
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1
1
1
1
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1
VILLAGE OF DEERFIELD, ILLINOIS
General Fund
Balance Sheet
April 30, 2000 and 1999
ASSETS
Cash and investments
Receivables
Property taxes
Accrued interest
Other
Due from other governments
Sales tax
State income tax
Due from other funds
Inventory
Advances to other funds
Total assets
LIABILITIES AND FUND BALANCE
Liabilities
Accounts payable
Accrued payroll
Insurance payable
Compensated absences payable
Other payables
Deferred revenue
Total liabilities
Fund balance
Reserved for due from other governments
Reserved for inventory
Reserved for advances to other funds
Unreserved
Designated - future improvements
Undesignated
Total fund balance
Total liabilities and fund balance
2000 1999
$ 11,772,179 $ 10,164,538
304,663
70,033
194,319
211,687
151,176
18,343
21,185
3,986,930
$ 16,730,515
70,378
100,274
942,645
8,328
317,603
362,863
21,185
3,986,930
5,000,000
5,920,309
15,291,287
$ 16,730,515
See accompanying notes to financial statements.
42
273,581
32,758
176,851
452,336
158,901
51,395
15,703
3,986,930
$ 15,312,993
87,112
91,283
5,572
853,645
29,108
1,370,210
611,237
15,703
3,986,930
4,000,000
5,328,913
13,942,783
$ 15,312,993
VILLAGE OF DEERFIELD, ILLINOIS
General Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30, 2000 and Actual Only for 1999
Revenues
Taxes
Licenses and permits
Charges for services
Fines and forfeits
Investment income
Miscellaneous
Total revenues
Expenditures
General government
Public safety
Pension cost
Total expenditures
Excess of revenues over expenditures
Other financing sources (uses)
Operating transfers in
Tax Incremental Finance
District 2 Fund
Operating transfers (out)
Debt Service Fund
Infrastructure Fund
Tax Incremental Finance
District 2 Fund
Vehicle Replacement Fund
Excess of revenues and other financing
sources over expenditures and other
financing uses
Fund balance
May 1
April 30
2000
(600,000)
1999
Budget
Actual
Actual
$ 6,026,000 $
6,565,124
$ 6,327,437
390,000
556,915
758,124
267,000
363,671
250,076
350,000
396,164
410,645
350,000
471,291
550,901
680,600
824,367
675,079
8,063,600
9,177,532
8,972,262
2,257,620
1,938,836
1,897,466
4,409,978
4,224,991
3,998,825
-
303,866
283,751
6,667,598
6,467,693
6,180,042
1,396,002
2,709,839
2,792,220
54,930
-
(600,000)
-
(200,000)
(400,000)
(150,000)
(100,000)
(110,335)
(96,811)
(251,000)
(251,000)
(251,000)
(551,000)
(1,361,335)
(442,881)
$ 845,002 1,348,504 2,349,339
13, 942, 783 11,593, 444
$ 15,291,287 $ 13,942,783
See accompanying notes to financial statements.
43
VILLAGE OF DEERFIELD, ILLINOIS
General Fund
Schedule of Revenues - Budget and Actual
Year Ended April 30, 2000
Licenses and permits
Beer /liquor licenses
Budge
Actual
Taxes
5,000
6,206
Property taxes - police pension
$ -
$ 303,866
Sales tax
2,600,000
2,590,954
Local use tax
180,000
204,105
Income tax
1,260,000
1,330,959
Hotel/ motel tax
1,950,000
2,096,683
Photo finishing tax
36,000
38,557
Transfer charges
6,026,000
6,565,124
Licenses and permits
Beer /liquor licenses
55,000
54,250
Food licenses
5,000
6,206
Other business licenses
32,500
34,136
Building permits
250,000
405,737
Non - business licenses and permits
47,500
56,586
390,000
556,915
Charges for services
Special police services
62,000
84,395
Transfer charges
60,000
60,000
Dispatching Services
120,000
131,716
Engineering charges
25,000
87,560
Fines and forfeits
350,000
396,164
Investment income
Interest
350,000
641,539
Net appreciation (depreciation) in
fair value of investments
-
(170,248)
350,000
471,291
Miscellaneous
Federal grant
45,000
42,500
State grant
2,000
5,145
False alarms
40,000
60,615
Sale of materials
2,000
1,835
Rentals
6,600
2,935
Miscellaneous
25,000
78,303
Telecommunication fees
420,000
470,184
Franchise fees
140,000
162,850
680,600
824,367
Total revenues
$ 8,063,600
$ 9,177,532
II
VILLAGE OF DEERFIELD, ILLINOIS I
General Fund '
Schedule of Expenditures - Budget and Actual
Year Ended April 30, 2000 '
Public safety
Budget
Actual
General government
Administration Department
Salaries
$ 1,071,860
$ 1,117,265
Overtime
13,300
10,560
Part -time
160,460
117,071
Employee benefits
184,060
135,285
Professional services
221,400
146,597
Travel, training, and dues
46,390
28,777
Printing and advertising
41,150
32,504
Communications
36,500
33,718
Insurance
53,000
36,601
Contractual services
186,500
85,419
Utility services
4,000
2,734
Motor vehicle maintenance
4,900
3,871
Repairs and maintenance
81,950
54,877
Miscellaneous
52,900
40,398
Supplies
38,300
27,150
Materials
1,000
-
Petroleum products
2,750
1,511
Housing assistance
15,000
40,300
Apparel
1,000
125
Small tools and equipment
2,000
1,510
Equipment
17,200
8,942
Streetscape
22,000
13,621
Total general government
2,257,620
1,938,836
Public safety
Police Department
Administrative service
Salaries
773,870
745,960
Overtime
11,700
18,238
Part -time
20,500
28,037
Employee benefits
134,800
98,718
(Continued)
45
1
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1
VILLAGE OF DEERFIELD, ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30, 2000
Investigations
Salaries
Budget
Actual
Public safety (Continued)
9,500
6,023
Police Department (Continued)
27,990
23,301
Administrative service (Continued)
2,500
1,532
Professional services
$ 4,900
$ 3,699
Travel, training, and dues
9,200
5,760
Printing and advertising
8,000
7,017
Communications
39,300
42,761
Insurance
136,400
102,171
Contractual services
80,608
72,892
Motor vehicle maintenance
1,800
1,388
Repairs and maintenance
24,000
18,732
Supplies
44,700
41,715
Petroleum products
1,000
220
Apparel
8,350
8,350
Equipment
11,000
11,164
Miscellaneous
5,100
4,537
1,315,228
1,211,359
Investigations
Salaries
182,670
179,936
Overtime
9,500
6,023
Employee benefits
27,990
23,301
Travel, training, and dues
2,500
1,532
Motor vehicle maintenance
1,700
699
Petroleum products
1,500
804
Apparel
2,250
2,250
Equipment
1,700
1,524
229,810
216,069
Patrol
Salaries
1,907,030
1,887,396
Overtime
78,330
77,992
Part -time
44,230
40,768
Employee benefits
295,170
259,058
Travel, training, and dues
22,300
18,397
(Continued)
46
VILLAGE OF DEERFIELD, ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30, 2000
Budget Actual
Public safety (Continued)
290,000
268,920
Police Department (Continued)
7,000
3,462
Patrol (Continued)
1,600
1,600
Communications
$ -
$ 10,484
Motor vehicle maintenance
26,500
28,935
Petroleum products
32,000
29,774
Apparel
34,250
34,250
Equipment
8,000
11,070
Equipment
2,447,810
2,398,124
Special services
356,500
324,842
Overtime
60,630
74,597
Youth services
Salaries
290,000
268,920
Overtime
7,000
3,462
Part-time
1,600
1,600
Employee benefits
45,900
42,623
Travel, training, and dues
3,250
3,521
Motor vehicle maintenance
2,500
981
Petroleum products
2,000
1,035
Apparel
2,250
2,250
Equipment
2,000
450
356,500
324,842
Total public safety
4,409,978
4,224,991
Pension cost
Police - 303,866
Total expenditures $ 6,667,598 $ 6,467,693
47
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L
tSPECIAL REVENUE FUNDS
1 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.
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 of Deerfield.
Illinois Municipal Retirement Fund
1
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To account for the revenues and expenditures associated with providing disability and pension
benefits for Village of Deerfield employees. The fund also provides the employer portion of
F.I.C.A. contributions.
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.
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VILLAGE OF DEERFIELD, ILLINOIS
Emergency Services/ Disaster Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30, 2000 and Actual Only for 1999
See accompanying notes to financial statements.
50
2000
1999
Budget
Actual
Actual
Revenues
$ - $
-
$ -
Expenditures
Public safety
Travel, training, and dues
250
150
-
Communications
1,800
1,615
1,529
Insurance
600
442
651
Contractual
2,000
1,419
1,419
Utility services
800
820
858
Repairs and maintenance
-
238
-
Motor vehicle maintenance
1,000
1,695
971
Supplies
500
1,095
-
-
2,025
-
Total expenditures
6,950
9,499
5,428
Excess (deficiency) of revenues
over expenditures
$ (6,950)
(9,499)
(5,428)
Fund balance
May 1
(22,766)
(17,338)
April 30
$
(32,265)
$ (22,766)
See accompanying notes to financial statements.
50
VILLAGE OF DEERFIELD, ILLINOIS
Street and Bridge Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30, 2000 and Actual Only for 1999
Revenues
Taxes
Property taxes
Licenses and permits
Vehicle licenses
Charges for services
State highway maintenance
50/50 Tree Planting
Train station maintenance
Interest
Miscellaneous
Other
Rental income
Total revenues
Expenditures
Highways and streets
Administration
Cleaning
Traffic marking
Pavement patching
Tarring cracks
Drainage structures
Street lights and traffic signals
Miscellaneous maintenance
Snow and ice control
Tree removal
Tree planting
Railroad station maintenance
Weed control
Total expenditures
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
Excess (deficiency) of revenues and other financing
sources over expenditures and other financing uses
Fund balance
May 1
April 30
2000
183,246
1999
Budget
Actual
Actual
$ 330,000 $
351,682
$ 347,431
350,000
341,934
341,663
31,000
31,376
23,046
5,000
4,930
2,825
-
1,500
1,500
37,500
41,728
63,223
3,000
35,220
1,903
-
4,250
3,850
756,500
812,620
785,441
207,050
183,246
182,065
50,090
46,081
47,713
73,080
75,126
56,176
137,470
137,955
128,126
53,480
47,621
45,227
39,290
36,758
37,868
127,110
117,813
119,215
71,830
68,611
64,057
227,210
184,270
264,947
84,290
86,347
66,425
17,440
18,412
15,715
26,370
39,100
33,388
25,370
21,301
20,944
1,140,080
1,062,641
1,081,866
(383,580)
(250,021)
(296,425)
250,000
250,000
240,000
120,000
120,000
120,000
(100,000)
(100,000)
(97,000)
270,000
270,000
263,000
$ 113,580)
19,979
(33,425)
483,286 516,711
$ 503,265 $ 483,286
See accompanying notes to financial statements.
51
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VILLAGE OF DEERFIELD, ILLINOIS
Street and Bridge Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30, 2000
Highways and streets
Public works
Administration
Salaries
Overtime
Part -time
Employee benefits
Apparel
Repairs and maintenance
Travel, training, and dues
Printing and advertising
Communications
Miscellaneous
Motor vehicle maintenance
Insurance
Contractual
Supplies
Petroleum products
Equipment
Cleaning
Salaries
Overtime
Employee benefits
Equipment rental
Repairs and maintenance
Motor vehicle maintenance
Contractual
Supplies
Petroleum products
Small tools and equipment
Traffic marking
Salaries
Overtime
(Continued)
52
Bum
69,500
7,700
6,000
12,140
2,700
8,500
1,800
2,900
8,100
7,700
2,800
65,010
2,600
8,200
1,400
Actual
71,200
5,291
5,922
14,536
2,477
8,411
1,735
2,892
5,122
7,691
7,760
34,457
5,077
9,461
914
32,000
31,073
700
-
5,190
4,596
1,000
-
4,000
-
3,000
7,910
1,200
-
1,600
1,364
900
1,138
35,400 37,824
300 142
VILLAGE OF DEERFIELD, ILLINOIS
Street and Bridge Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30, 2000
Pavement patching
Salaries
Budge
Actual
Highways and streets (Continued)
200
315
Public works (Continued)
12,150
11,360
Traffic marking (Continued)
3,000
4,155
Part -time
$ 3,500
$ 510
Employee benefits
5,980
5,626
Repairs and maintenance
300
450
Motor vehicle maintenance
500
1,234
Contractual
18,000
18,000
Petroleum products
100
104
Materials
5,000
5,339
Street signs
4,000
5,897
73,080
75,126
Pavement patching
Salaries
68,320
65,436
Overtime
200
315
Employee benefits
12,150
11,360
Repairs and maintenance
3,000
4,155
Motor vehicle maintenance
6,000
10,358
Petroleum products
1,300
718
Aggregates
45,000
44,998
Materials
1,500
615
Aggregates
137,470
137,955
Tarring cracks
Salaries
35,300
32,313
Overtime
500
154
Part -time
4,300
3,034
Employee benefits
5,180
5,145
Repairs and maintenance
1,700
890
Motor vehicle maintenance
600
633
Petroleum products
400
86
Aggregates
500
382
Materials
5,000
4,984
53,480
47,621
(Continued)
53
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VILLAGE OF DEERFIELD, ILLINOIS
Street and Bridge Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30, 2000
Street lights and traffic signals
Salaries
Budget
Actual
Highways and streets (Continued)
2,000
1,195
Public works (Continued)
4,810
5,845
Drainage structures
1,000
-
Salaries
$ 26,500
$ 26,488
Overtime
1,400
218
Employee benefits
4,090
3,948
Repairs and maintenance
800
-
Motor vehicle maintenance
2,000
1,142
Petroleum products
300
60
Aggregates
2,000
-
Materials
2,200
4,902
39,290
36,758
Street lights and traffic signals
Salaries
32,000
34,861
Overtime
2,000
1,195
Employee benefits
4,810
5,845
Equipment rental
1,000
-
Repairs and maintenance
1,200
1,058
Utility services
32,000
30,552
Motor vehicle maintenance
3,000
1,426
Contractual
45,000
37,456
Petroleum products
600
426
Aggregates
200
140
Materials
5,300
4,854
127,110
117,813
Miscellaneous maintenance
Salaries
12,500
7,392
Overtime
11,600
13,157
Employee benefits
2,030
400
Repairs and maintenance
4,200
4,288
Miscellaneous
1,500
1,140
Motor vehicle maintenance
3,000
6,213
Contractual
4,000
5,133
(Continued)
54
VILLAGE OF DEERFIELD, ILLINOIS
Street and Bridge Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30, 2000
Budge Actual
Highways and streets (Continued)
Public works (Continued)
Miscellaneous maintenance (Continued)
Petroleum products $ 600 $ 768
Aggregates 2,000 154
Materials 30,000 29,935
Small tools and equipment 400 31
71,830 68,611
Snow and ice control
Salaries
39,000
26,669
Overtime
36,600
35,830
Employee benefits
5,710
4,609
Equipment rental
1,000
-
Repairs and maintenance
27,000
14,633
Motor vehicle maintenance
19,000
31,805
Contractual
8,000
-
Supplies
2,900
1,843
Petroleum products
4,000
2,245
Salt
75,000
60,405
Aggregates
6,000
4,917
Materials
3,000
1,314
227,210
184,270
Tree removal
Salaries
18,000
14,108
Overtime
1,500
1,062
Part -time
6,300
2,567
Employee benefits
2,790
1,108
Repairs and maintenance
1,200
943
Motor vehicle maintenance
600
120
Contractual
52,900
66,154
Petroleum products
400
285
Materials
300
-
Equipment
300
-
84,290
86,347
(Continued)
55
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VILLAGE OF DEERFIELD, ILLINOIS
Street and Bridge Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30, 2000
Budget Actual
Highways and streets (Continued)
3,700
8,329
Public works (Continued)
100
126
Tree planting
5,900
2,093
Salaries
$ 8,900
$ 6,554
Overtime
100
-
Employee benefits
1,240
1,236
Repairs and maintenance
200
-
Motor vehicle maintenance
600
502
Contractual
6,000
10,054
Petroleum products
100
66
Materials
300
-
Total expenditures
17,440
18,412
Railroad station maintenance
Salaries
3,700
8,329
Overtime
100
126
Part -time
5,900
2,093
Employee benefits
570
1,299
Repairs and maintenance
1,400
8,137
Communication
-
456
Contractual
9,000
11,390
Supplies
700
1,506
Materials
5,000
5,252
Equipment
-
512
26,370
39,100
Weed control
Salaries
10,000
12,453
Part -time
3,700
1,666
Employee benefits
1,670
-
Repairs and maintenance
5,000
1,648
Motor vehicle maintenance
1,200
5,395
Contractual
3,000
-
Petroleum products
300
139
Materials
-
-
Equipment
500
-
25,370
21,301
Total expenditures
$ 1,140,080
$ 1,062,641
W
VILLAGE OF DEERFIELD, ILLINOIS
Illinois Municipal Retirement Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30, 2000 and Actual Only for 1999
Revenues
Taxes
Property taxes
Replacement taxes
Interest
Total revenues
Expenditures
Pension costs
Illinois municipal retirement
payments - employer
FICA payments - employer
Total expenditures
Excess of revenues over expenditures
Fund balance
May 1
April 30
2000 1999
Budget Actual Actual
$ 910,000 $ 929,719 $ 922,191
11,000 12,123 11,285
50,000 78,354 69,487
971,000 1,020,196 1,002,963
500,000
344,000
$ 127,000
416,254
/ 2✓, 1✓J
275,043
433,749
321,733
247,481
958,629 711,148
$ 1,233,672 $ 958,629
See accompanying notes to financial statements.
57
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VILLAGE OF DEERFIELD, ILLINOIS
Motor Fuel Tax Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30, 2000 and Actual Only for 1999
Revenues
Intergovernmental
Allotments earned
Interest
Total revenues
Expenditures
Highways and streets
Street resurfacing and renovation
program
Bridge rehabilitation
Traffic signals
Total expenditures
Excess of revenues over
expenditures
Other financing (uses)
Operating transfers (out)
Street and Bridge Fund
Excess (deficiency) of revenues
over expenditures and other
financing uses
Fund balance
May 1
April 30
2000 1999
Budget Actual Actual
$ 428,000 $ 489,252 $ 426,053
40,000 34,878 32,224
468,000 524,130 458,277
164,000
160,783
142,731
11,000
51,621
5,939
173,700
37,822
92,469
348,700
250,226
241,139
119,300 273,904 217,138
(250,000) (250,000) (240,000)
$ (130,700) 23,904 (22,862)
666,991 689,853
$ 690,895 $ 666,991
See accompanying notes to financial statements.
58
VILLAGE OF DEERFIELD, ILLINOIS
Enhanced 911 Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30, 2000 and Actual Only for 1999
Revenues
Charges for services
Other charges
Interest
Total revenues
Expenditures
Public safety
Repairs and maintenance
Communication telephone
Travel, training, and dues
Contractual
Equipment
Total expenditures
Excess of revenues over expenditures
Fund balance
May 1
April 30
2000 1999
Budget Actual Actual
$ 135,000 $ 133,981 $ 132,254
6,000 10,152 8,465
141,000 144,133 140,719
4,000
2,285
294
10,000
3,328
9,246
2,000
-
90
99,200
104,894
83,139
18,000
19,587
17,071
13 3, 200
13 0, 094
109,840
$ 7,800
14,039
30,879
166,257 135,378
$ 180,296 $ 166,257
See accompanying notes to financial statements.
59
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DEBT SERVICE FUND
' Debt Service Fund
To account for the accumulation of resources for the payment of general long -term debt.
1
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VILLAGE OF DEERFIELD, ILLINOIS
Debt Service Fund
Balance Sheet
April 30, 2000 and 1999
LIABILITIES AND FUND BALANCE
Liabilities
Accounts payable
2000
1999
ASSETS
300
-
Cash and investments
$ 2,668,663
$ 2,231,074
Receivables
69,976
4,911
Property taxes
516,179
557,648
Accrued interest
13,003
4,023
Due from other funds
-
12,402
Total assets
$ 3,197,845
$ 2,805,147
LIABILITIES AND FUND BALANCE
Liabilities
Accounts payable
$ 33,275
$ 89,708
Accrued interest
300
-
Due to component unit
131,577
-
Due to other funds
69,976
4,911
Deferred property taxes
547,926
619,371
Total liabilities
783,054
713,990
Fund balance
Reserved for debt service
2,414,791
2,091,157
Total liabilities and fund balance
$ 3,197,845
$ 2,805,147
See accompanying notes to financial statements.
:1
VILLAGE OF DEERFIELD, ILLINOIS
Debt Service Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30, 2000 and Actual Only for 1999
Excess (deficiency) of revenues and
other financing sources over
expenditures $ (430,250) 323,634 (287,563)
Fund balance
May 1 2,091,157 2,378,720
April 30 $ 2,414,791 $ 2,091,157
See accompanying notes to financial statements.
61
2000
1999
Budget
Actual
Actual
Revenues
Taxes
Property taxes
$ 772,575 $
644,219
$ 720,853
Replacement taxes
80,000
84,372
78,540
Interest
90,000
98,031
144,851
Miscellaneous
Tax incremental finance district
surplus property tax rebate
-
206,291
202,881
Total revenues
942,575
1,032,913
1,147,125
Expenditures
Debt service
Principal retirement
1,130,000
1,080,000
1,050,000
Interest
967,075
954,923
1,082,517
Fiscal charges
4,000
2,606
2,100
Total expenditures
2,101,075
2,037,529
1,377,930
Excess (deficiency) of revenues
over expenditures
(1,158,500)
(1,004,616)
(987,492)
Other financing sources
Operating transfers in
General fund
-
600,000
-
TIF 2 Fund
728,250
728,250
699,929
728,250
1,328,250
699,929
Excess (deficiency) of revenues and
other financing sources over
expenditures $ (430,250) 323,634 (287,563)
Fund balance
May 1 2,091,157 2,378,720
April 30 $ 2,414,791 $ 2,091,157
See accompanying notes to financial statements.
61
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VILLAGE OF DEERFIELD, ILLINOIS
Debt Service Fund
Schedule of Revenues and Other Financing Sources
and Expenditures - Budget and Actual
Year Ended April 30, 2000
Revenues and other financing sources
General Obligation Refunding Bond Series of 1993
Property taxes
Replacement taxes
Interest
Miscellaneous
Tax incremental finance district
surplus property tax rebate
Operating transfer in
General
TIF 2
Total revenues and other financing sources
Expenditures
General Obligation Refunding Bond Series of 1993
Principal
Interest
Fiscal charges
Total expenditures
62
Budge Actual
$ 772,575 $ 644,219
80,000 84,372
90,000 98,031
206,291
- 600,000
728,250 728,250
$ 1,670,825 $ 2,361,163
$ 1,130,000
967,075
4,000
$ 1,080,000
954,923
2,606
$ 2,101,075 $ 2,037,529
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CAPITAL PROJECTS FUNDS
Tax Incremental Finance District 1 Fund
' Established in 1982 to provide funds for land acquisition and improvements to the Village of
Deerfield Tax Increment Financing District.
1
Tax Incremental Finance District 2 Fund
' Established in 1987 to provide funds for land acquisition and improvements to the Village of
Deerfield Tax Increment Financing District.
1
Vehicle and Equipment Replacement 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.
Project 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.
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Water Fund
ENTERPRISE FUNDS
' To account for all activity necessary to provide water to the residents of the Village of Deerfield
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 of Deerfield. 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 of
Deerfield with refuse service.
' Commuter Parking Lot Fund
To account for all activity necessary to construct, operate, and maintain the commuter parking
tfacilities within the Village.
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
ASSETS
Current assets
Cash and investments
Receivables
Property taxes
Accounts
Accrued interest
Other
Due from component unit
Due from other funds
Other assets
Deferred bond issuance costs
Inventories
Fixed assets (net of accumu-
lated depreciation)
Total assets
LIABILITIES AND
FUND EQUITY
Current liabilities
Accounts payable
Accrued payroll
Compensated absences
payable
Contracts payable
Insurance payable
Other payables
Total liabilities
Long -term liabilities
General obligation bonds
payable
Total liabilities
Fund equity
Contributed capital
Retained earnings
Unreserved
Total fund equity
Total liabilities and
fund equity
VILLAGE OF DEERFIELD, ILLINOIS
Enterprise Funds
Combining Balance Sheet
April 30, 2000
(with comparative totals for 1999)
Commuter
Parking Totals
Water Sewerage Refuse Lot 2000 1999
$ 9,531,979 $ 1,527,816 $
286,719 $ 553,515 $ 11,900,029 $ 11,665,521
$ 157,814 $ 7,047 $
15,702 16,063
68,148 175,329
- 28,271
46,245 - _
287,909 226,710
91,083 $ 10,886 $ 266,830 $
362,323
716,019 -
716,019
671,167
589,466
340,350
63,063 -
992,879
915,944
104,117
14,666
3,203 -
121,986
33,414
6,876
6,046
4,860 -
17,782
18,576
-
-
2,073 -
2,073
5,274
-
-
13,061 -
13,061
211
32,300
-
- -
32,300
34,904
39,981
-
- -
39,981
42,220
55,043
1,804
- -
56,847
56,847
10,359,762
1,890,682
1,088,998 553,515
13,892,957
13,444,078
2,293,765
4,215,178
- 87,607
6,596,550
6,189,036
$ 12,653,527 $
6,105,860 $
1,088,998 $ 641,122 $
20,489,507 $
19,633,114
$ 157,814 $ 7,047 $
15,702 16,063
68,148 175,329
- 28,271
46,245 - _
287,909 226,710
91,083 $ 10,886 $ 266,830 $
362,323
- 286 32,051
23,756
- - 243,477
266,192
- - 28,271
-
- -
7,730
172 - 46,417
46,245
91,255 11,172 617,046
706,246
4,735,000
-
- -
4,735,000
5,000,000
5,022,909
226,710
91,255 11,172
5,352,046
5,706,246
1,520,860
4,840,947
- 40,552
6,402,359
6,627,163
6,109,758
1,038,203
997,743 589,398
8,735,102
7,299,705
7,630,618
5,879,150
997,743 629,950
15,137,461
13,926,868
$ 12,653,527 $ 6,105,860 $ 1,088,998 $ 641,122 $ 20,489,507 $ 19,633,114
See accompanying notes to financial statements.
65
Operating revenues
Charges for services
Water sales
Sewer charges
Refuse billings
Parking lot fees
Surcharges
Miscellaneous
Total operating revenues
Operating expenses excluding
depreciation
Administration
Operations
Total operating expenses
excluding depreciation
Operating income (loss)
before depreciation
Depreciation
Operating income (loss)
Nonoperating revenues (expenses)
Interest income
Property taxes
Interest expense
Income before
operating transfers
Operating transfers (out)
Net income (loss)
Other changes in retained earnings
Depreciation that reduces
contributed capital
Net increase in
retained earnings
Retained earnings
May 1
April 30
VILLAGE OF DEERFIELD, ILLINOIS
Enterprise Funds
Combining Statement of Revenues, Expenses,
and Changes in Retained Earnings - Unreserved
Year Ended April 30, 2000
(with comparative totals for 1999)
1
1
1
1
Commuter
Parking Totals '
Water Sewerage Refuse Lot 2000 1999
$ 3,624,389 $ - $ - $
- 1,669,797 -
- 332,020
- 50,766 -
52,152 57,909 52,219
3,676,541 1,778,472 384,239
- $ 3,624,389
$ 3,471,466
- 1,669,797
'
1,411356
- 332,020
331,336
160,286 160,286
158,312
- 50,766
50,682
- 162,280
'
160,263
160,286 5,999,538
5,583,415
1
See accompanying notes to financial statements. '
66
,
222,104
208,701
114,671
-
545,476
550,693
2,635,024
1,303,370
1,007,772
68,055
5,014,221
4,715,651
2,857,128
1,512,071
1,122,443
68,055
5,559,697
5,266,344
'
819,413
266,401
(738,204)
92,231
439,841
317,071
80,588
168,841
-
5,243
254,672
265,635
'
738,825
97,560
(738,204)
86,988
185,169
51,436
'
517,221
95,111
23,348
30,454
666,134
615,372
-
-
770,259
-
770,259
745,460
(221,969)
-
-
-
(221,969)
(250,333)
295,252
95,111
793,607
30,454
1,214,424
1,110,499
'
1,034,077
192,671
55,403
117,442
1,399,593
1,161,935
(23,000)
(33,000)
(13,000)
120,000
(189,000)
(435,650)
'
1,011,077
159,671
42,403
(2,558)
1,210,593
726,285
,
48,861
135,319
-
40,624
224,804
224,804
1,059,938
294,990
42,403
38,066
1,435,397
951,089
'
5,049,820
743,213
955,340
551,332
7,299,705
6,348,616
'
$ 6,109,758
$ 1,038,203
$ 997,743
$ 589,398
$ 8,735,102
$ 7,299,705
1
See accompanying notes to financial statements. '
66
IVILLAGE OF DEERFIELD, ILLINOIS
'
'
Enterprise Funds
Combining Statement of Cash Flows
Year Ended April 30, 2000
(with comparative totals for 1999)
Commuter
Parking
Totals
'
Water
Sewerage
Refuse
Lot
2000
1999
Cash flows from operating
activities
Operating income (loss)
$ 738,825
$ 97,560
$ (738,204) $
86,988
$ 185,169
$ 51,436
'
Adjustments to reconcile operating
income (loss) to net cash provided
by operating activities
Depreciation
80,588
168,841
-
5,243
254,672
265,635
'
Other nonoperating revenues
770,259
770,259
745,460
Changes in assets and liabilities
Receivables
(14,636)
(56,401)
(53,309)
150
(124,1%)
(117,206)
t
Due from component unit
Due from other funds
-
3,201
(12,850)
-
3,201
(12,850)
(2,809)
(211)
Other assets
2,604
2,604
21,677
Deferred bond issuance costs
2,239
-
-
-
2,239
-
Accounts payable
(5,338)
(97,443)
4,429
2,859
(95,493)
(152,817)
'
Accrued payroll
8,563
(276)
-
8
8,295
8,661
Insurance payable
(2,548)
(4,910)
(203)
(69)
(7,730)
7,730
Contracts payable
-
28,271
-
-
28,271
(211,558)
Compensated absences payable
(10,579)
(12,136)
-
-
(22,715)
23,323
Other payables
-
172
-
172
28,364
'
Due to component unit
_
(1,531)
799,718
123,506
(26,505)
95,179
991,898
666,154
Cash flows from noncapital
'
financing activities
Operating transfers (out)
(23,000)
(33,000)
(13,000) (120,000)
(189,000)
(435,650)
Cash flows from capital and
related financing activities
Principal paid on general
obligation bonds
(265,000)
-
-
(265,000)
-
Fixed assets purchased
(487,187)
(170,911)
-
(658,098)
-
'
Interest paid on general
_
obligation bonds
(221,969)
(221,%9)
(250,333)
(974,156)
(170,911)
-
-
(1,145,067)
(250,333)
Cash flows from investing activities
Purchase of investment securities
(12,750,000)
(1,650,000)
(200,000)
-
(14,600,000)
(2,750,000)
Proceeds from sale and maturities
of investment securities
7,218,882
1,150,000
-
-
8,368,882
7,093,541
Interest
443,108
83,855
23,348
30,454
580,765
614,777
(5,088,010)
(416,145)
(176,652)
30,454
(5,650,353)
4,958,318
Net increase (decrease) in cash
tand
cash equivalents
(5,285,448)
(496,550)
(216,157)
5,633
(5,992,522)
4,938,489
Cash and cash equivalents
May 1
6,540,397
824,366
302,876
547,882
8,215,521
3,277,032
tApril
30
$ 1,254,949
$ 327,816
$ 86,719 $
553,515
$ 2,222,999
$ 8,215,521
Cash and investments
Cash and cash equivalents
$ 1,254,949
$ 327,816
$ 86,719 $
553,515
$ 2,222,999
$ 8,215,521
Investments
8,277,030
1,200,000
200,000
9,677,030
3,450,000
$ 9,531,979
$ 1,527,816
$ 286,719 $
553,515
$ 11,900,029
$ 11,665,521
'
See accompanying notes to financial statements.
67
VILLAGE OF DEERFIELD, ILLINOIS
Water Fund
Balance Sheet
April 30, 2000 and 1999
Fixed assets
Cost 4,126,878 3,639,691
Accumulated depreciation (1,833,113) (1,756,613)
2,293,765 1,883,078
Total assets $ 12,653,527 $ 11,917,352
LIABILITIES AND FUND EQUITY
Current liabilities
Accounts payable
2000
1999
ASSETS
15,702
7,139
Current assets
68,148
78,727
Cash and investments
$ 9,531,979
$ 9,290,397
Receivables
46,245
46,245
Accounts - billed
75,855
60,024
Accounts - unbilled
513,611
513,611
Accrued interest
104,117
30,004
Other
6,876
8,071
Other assets
32,300
34,904
Deferred bond issuance costs net of amortization
39,981
42,220
Inventories
55,043
55,043
10, 359, 762
10, 034, 274
Fixed assets
Cost 4,126,878 3,639,691
Accumulated depreciation (1,833,113) (1,756,613)
2,293,765 1,883,078
Total assets $ 12,653,527 $ 11,917,352
LIABILITIES AND FUND EQUITY
Current liabilities
Accounts payable
$ 157,814 $
163,152
Accrued payroll
15,702
7,139
Compensated absences payable
68,148
78,727
Insurance payable
-
2,548
Other payables
46,245
46,245
287,909
297,811
Long -term liabilities
General obligation bonds payable 4,735,000 5,000,000
Total liabilities 5,022,909 5,297,811
Fund equity
Contributed capital 1,520,860 1,569,721
Retained earnings 6,109,758 5,049,820
Total fund equity 7,630,618 6,619,541
Total liabilities and fund equity $ 12,653,527 $ 11,917,352
See accompanying notes to financial statements.
,.
1
VILLAGE OF DEERFIELD, ILLINOIS
' Water Fund
Statement of Revenues, Expenses,
' and Changes in Retained Earnings - Budget and Actual
Year Ended April 30, 2000 and Actual Only for 1999
C
1
1
1
1
1
1
1
1
1
1
1
1
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
Operating income before depreciation and amortization
Depreciation and amortization
Operating income
Nonoperating revenues (expenses)
Interest income
Interest expense
Income before operating transfers
Operating transfers (out)
Vehicle Replacement Fund
Net income
Other changes in retained earnings
Depreciation that reduces contributed capital
Net increase in retained earnings
Retained earnings
2000 1999
Budget Actual Actual
$ 3,350,000 $ 3,624,389 $ 3,471,466
15,000
18,540
20,253
28,000
32,227
30,176
5,000
1,385
(296)
3,398,000
3,676,541
3,521,599
234,860
222,104
194,188
2,028,210
2,195,024
2,018,955
587,578
353,678
298,991
109,050
86,216
98,594
-
106
39,559
2,959,698
2,857,128
2,650,287
438,302
819,413
871,312
-
80,588
71,400
438,302
738,825
799,912
-
517,221
489,825
-
(221,969)
(250,333)
-
295,252
239,492
438,302
1,034,077
1,039,404
(23,000)
(23,000 )
(23,000)
$ 415,302
1,011,077
1,016,404
48,861 48,861
1,059,938 1,065,265
May 1 5,049,820 3,984,555
April 30 $ 6,109,758 $ 5,049,820
See accompanying notes to financial statements.
69
VILLAGE OF DEERFIELD, ILLINOIS
Water Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended April 30, 2000
Administration
Salaries
$ 99,700 $
111,181
Overtime
4,500
4,386
Part -time
6,000
6,078
Employee benefits
19,760
16,509
Professional services
2,700
-
Travel, training, and dues
900
321
Printing and advertising
1,000
1,643
Communications
10,400
12,057
Contractual services
2,300
1,129
Insurance
53,500
42,392
Motor vehicle maintenance
1,900
1,387
Miscellaneous
1,500
1,198
Supplies
1,700
620
Petroleum products
900
1,024
Occupancy
20,000
20,000
Apparel
2,600
2,179
Repairs and maintenance
5,500
-
Total administration
234,860
222,104
Operations
Distribution
Salaries
122,600
109,257
Overtime
10,000
6,686
Employee benefits
16,410
17,328
Professional services
10,500
6,294
Printing and advertising
800
-
Contractual services
240,725
233,520
Utility services
71,500
76,354
Motor vehicle maintenance
3,000
910
Repairs and maintenance
11,900
2,295
Miscellaneous
600
-
Purchase of water
1,750,000
1,968,696
Supplies
700
-
Petroleum products
1,600
1,606
Chlorine
1,000
-
Equipment
17,000
4,203
Materials
2'000
-
Total
2,260,335
2,427,149
Less non - operating expenses
Fixed assets capitalized
(232,125)
(232,125)
Total distribution
2,028,210
2,195,024
(Continued)
70
1
i
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
VILLAGE OF DEERFIELD, ILLINOIS
Water Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended April 30, 2000
71
Budget
Actual
Operations (Continued)
Main and fire hydrant maintenance
Salaries
$ 144,200
$ 97,344
Overtime
36,000
42,272
Part -time
9,300
4,144
Employee benefits
16,740
15,842
Contractual services
507,100
341,727
Motor vehicle maintenance
16,000
20,757
Repairs and maintenance
12,400
3,039
Equipment rental
1,000
-
Miscellaneous
3,000
785
Petroleum products
2,600
1,832
Small tools and equipment
300
498
Aggregates
21,000
11,841
Equipment
4,000
1,879
Materials
69,000
66,780
Total
842,640
608,740
Less non - operating expenses
Fixed assets capitalized
(255,062)
(255,062)
Total main and fire hydrant maintenance
587,578
353,678
Meter maintenance
Salaries
62,000
44,327
Overtime
1,000
130
Part -time
1,400
-
Employee benefits
12,050
6,258
Professional services
1,000
-
Travel, training, and dues
200
-
Printing and advertising
300
-
Contractual services
1,000
399
Motor vehicle maintenance
3,000
1,454
Repairs and maintenance
700
445
Miscellaneous
-
-
Petroleum products
800
639
Materials
5,500
309
Small tools and equipment
100
-
Equipment
20,000
32,255
Total meter maintenance
109,050
86,216
Water system improvements
Miscellaneous
-
106
Total water system improvements
-
106
Total operating expenses
$ 2,959,698
$ 2,857,128
71
VILLAGE OF DEERFIELD, ILLINOIS
Water Fund
Schedule of Fixed Assets and Depreciation
Year Ended April 30, 2000
Assets
Balances Balances
May 1 Additions Retirements A_12ri130
Water system $ 3,068,486 $ 487,187 $ - $ 3,555,673
Equipment and
vehicles 571,205 - - 571,205
$ 3,639,691
$ 487,187
$ -
4,126,878
Accumulated
Depreciation
Balances
Balances
May 1
Additions
Retirements
April 30
Water system $ 1,121,784
$ 47,934
$ -
1,169,718
Equipment and
vehicles 634,829
28,566
-
663,395
$ 1,756,613
$ 76,500
$ -
1,833,113
Net asset value
72
$ 2,293,765
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
VILLAGE OF DEERFIELD, ILLINOIS
Sewerage Fund
Balance Sheet
April 30, 2000 and 1999
Fixed assets
Cost 11,188,708 11,017,797
Accumulated depreciation (6,973,530) (6,804,689)
4,215,178 4,213,108
Total assets $ 6,105,860 $ 6,032,683
LIABILITIES AND FUND EQUITY
Current liabilities
Accounts payable
2000
1999
ASSETS
16,063
16,339
Current assets
175,329
187,465
Cash and investments
$ 1,527,816
$ 1,524,366
Receivables
-
4,910
Accounts - billed
54,081
41,596
Accounts - unbilled
286,269
238,687
Accrued interest
14,666
3,410
Other
6,046
9,712
Inventories
1,804
1,804
1,890,682
1,819,575
Fixed assets
Cost 11,188,708 11,017,797
Accumulated depreciation (6,973,530) (6,804,689)
4,215,178 4,213,108
Total assets $ 6,105,860 $ 6,032,683
LIABILITIES AND FUND EQUITY
Current liabilities
Accounts payable
$ 7,047 $
104,490
Accrued payroll
16,063
16,339
Compensated absences payable
175,329
187,465
Contracts payable
28,271
-
Insurance payable
-
4,910
Total liabilities
226,710
313,204
Fund equity
Contributed capital 4,840,947 4,976,266
Retained earnings 1,038,203 743,213
Total fund equity 5,879,150 5,719,479
Total liabilities and fund equity $ 6,105,860 $ 6,032,683
See accompanying notes to financial statements.
73
VILLAGE OF DEERFIELD, ILLINOIS
Sewerage Fund
Statement of Revenues, Expenses,
and Changes in Retained Earnings - Budget and Actual
Year Ended April 30, 2000 and Actual Only for 1999
See accompanying notes to financial statements.
74
2000
1999
Bu Qet
Actual
Actual
Operating revenues
Charges for services
Sewer charges
$ 1,600,000
$ 1,669,797
$ 1,411,356
Surcharges - construction
-
50,766
50,682
Miscellaneous
Permits and fees
12,000
11,525
11,200
Penalties
17,000
18,047
15,294
Other
25,000
28,337
34,985
Total operating revenues
1,654,000
1,778,472
1,523,517
Operating expenses excluding depreciation
Administration
283,580
208,701
237,816
Operations
Treatment plant
880,590
929,341
893,951
Cleaning and maintenance
172,130
165,931
137,214
Construction
228,950
208,098
180,316
Total operating expenses excluding
depreciation
1,565,250
1,512,071
1,449,297
Operating income (loss) before depreciation
88,750
266,401
74,220
Depreciation
130,000
168,841
165,422
Operating income (loss)
(41,250)
97,560
(91,202)
Nonoperating revenues
Interest income
65,000
95,111
53,594
Depreciation reserve
120,000
-
-
185,000
95,111
53,594
Income (loss) before operating transfers
143,750
192,671
(37,608)
Operating transfers (out)
Vehicle Replacement Fund
(33,000)
(33,000)
(33,000)
Net income (loss)
$ 110,750
159,671
(70,608)
Other changes in retained earnings
Depreciation that reduces contributed capital
135,319
135,319
Net increase in retained earnings
294,990
64,711
Retained earnings
May 1
743,213
678,502
April 30
$ 1,038,203
$ 743,213
See accompanying notes to financial statements.
74
1
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1
VILLAGE OF DEERFIELD, ILLINOIS
Sewerage Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended April 30, 2000
(Continued)
75
Budget
Actual
Administration
Salaries
$ 105,500
$ 97,212
Overtime
4,400
4,351
Part -time
6,000
5,922
Employee benefits
17,730
16,504
Contractual services
5,100
3,907
Professional services
15,200
-
Travel, training, and dues
600
324
Printing and advertising
200
265
Communications
3,900
4,510
Insurance
89,150
44,779
Motor vehicle maintenance
1,300
3,870
Repairs and maintenance
8,800
1,831
Miscellaneous
1,000
1,463
Supplies
1,400
582
Petroleum products
1,200
1,337
Occupancy
20,000
20,000
Apparel
2,100
1,844
Total administration
283,580
208,701
Operations
Treatment plant
Salaries
456,200
451,623
Overtime
19,400
9,955
Part -time
7,300
3,540
Employee benefits
74,390
69,078
Professional services
5,000
-
Travel, training, and dues
2,500
2,084
Printing and advertising
-
101
Communications
7,700
7,575
Contractual services
30.500
-
Utility services
192,000
183,528
Motor vehicle maintenance
5,000
6,375
Repairs and maintenance
124,000
264,298
Equipment rental
2,000
-
Supplies
29,500
43,547
Petroleum products
8,000
8,082
Chlorine
7,000
14,170
Aggregates
7,000
9,246
Materials
17,000
17,372
Small tools and equipment
1,000
493
Apparel
3,100
2,127
Equipment
2,300
2,671
Miscellaneous
3,700
4,387
Total treatment plant
1,004,590
1,100,252
Less non - operating expenses
Fixed assets capitalized
(124,000)
(170,911)
Total treatment plant
880,590
929,341
(Continued)
75
VILLAGE OF DEERFIELD, ILLINOIS
Sewerage Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended April 30, 2000
Budget Actual
Operations (Continued)
Cleaning and maintenance
Salaries
Overtime
Part -time
Employee benefits
Contractual services
Motor vehicle maintenance
Repairs and maintenance
Equipment rental
Miscellaneous
Supplies
Petroleum products
Aggregates
Materials
Equipment
Small tools and equipment
Total cleaning and maintenance
Construction
Salaries
Overtime
Part -time
Employee benefits
Contractual services
Motor vehicle maintenance
Repairs and maintenance
Equipment rental
Supplies
Petroleum products
Aggregates
Materials
Small tools and equipment
Total construction
Total operating expenses
76
$ 94,160 $
95,785
5,900
4,550
3,400
2,123
14,070
14,981
14,000
4,234
4,000
9,433
6,000
2,531
1,000
750
2,000
539
12,000
18,642
1,300
658
2,800
651
6,500
8,775
4,700
2,279
300
-
172,130
165,931
110,460
114,451
500
2,397
1,900
2,528
17,690
14,694
45,000
27,160
6,900
11,111
3,700
1,775
5,000
-
1,000
-
2,600
3,099
9,000
7,700
25,000
23,183
200
-
228,950
208,098
$$ 1,565,250 $ 1,512,071
1
1
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1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
Sewer system
Equipment and
vehicles
Sewer system
Equipment and
vehicles
Net asset value
VILLAGE OF DEERFIELD, ILLINOIS
Sewerage Fund
Schedule of Fixed Assets and Depreciation
Year Ended April 30, 2000
Assets
Balances Balances
Mall Additions Retirements Al2ri130
$ 10,654,792 $ 170,911 $ - $ 10,825,703
363,005
$ 11,017,797
$ 170,911
363,005
11,188,708
Accumulated Depreciation
Balances Balances
MU —11 Additions Retirements April 30
$ 6,507,468 $ 155,331 $ - 6,662,799
297,221
$ 6,804,689
13,510
$ 168,841
77
310,731
6,973,530
$ 4,215,178
VILLAGE OF DEERFIELD, ILLINOIS
Refuse Fund
Balance Sheet
April 30, 2000 and 1999
Total assets $ 1,088,998 $ 1,042,197
LIABILITIES AND RETAINED EARNINGS
Current liabilities
Accounts payable $ 91,083 $ 86,654
Insurance payable - 203
Other liabilities 172 -
91,255 86,857
Retained earnings 997,743 955,340
Total liabilities and retained earnings $ 1,088,998 $ 1,042,197
See accompanying notes to financial statements.
78
2000
1999
ASSETS
Current assets
Cash and investments
$ 286,719
$ 302,876
Receivables
Property taxes
716,019
671,167
Accounts - billed
10,707
9,520
Accounts - unbilled
52,356
52,356
Accrued interest
3,203
-
Other
4,860
793
Due from component unit
2,073
5,274
Due from other funds
13,061
211
Total assets $ 1,088,998 $ 1,042,197
LIABILITIES AND RETAINED EARNINGS
Current liabilities
Accounts payable $ 91,083 $ 86,654
Insurance payable - 203
Other liabilities 172 -
91,255 86,857
Retained earnings 997,743 955,340
Total liabilities and retained earnings $ 1,088,998 $ 1,042,197
See accompanying notes to financial statements.
78
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1
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1
VILLAGE OF DEERFIELD, ILLINOIS
Refuse Fund
Statement of Revenues, Expenses,
and Changes in Retained Earnings - Budget and Actual
Year Ended April 30, 2000 and Actual Only for 1999
2000 1999
Budge Actual Actual
Operating revenues
Charges for services
Refuse billing
Miscellaneous
Total operating revenues
Operating expenses
Administration
Operations
Contractual services
Total operating expenses
Operating (loss)
Nonoperating revenues
Interest income
Property taxes
Income (loss) before operating transfers
Operating transfers (out)
Vehicle Replacement Fund
Net income (loss)
Retained earnings
May 1
April 30
$ 334,000
47,000
381,000
131,170
$ 332,020 $ 331,336
114,671 118,689
1,025,010
1,007,772
980,259
1,15 6,18 0
1,122, 443
1,098,948
779,000
(775,180)
(738,204)
(718,961)
24,000
23,348
24,318
755,000
770,259
745,460
779,000
793,607
769,778
3,820
55,403
50,817
(13,000) (13,000) (12,650)
$ (9,180) 42,403 38,167
955,340
$ 997,743
See accompanying notes to financial statements.
79
917,173
$ 955,340
VILLAGE OF DEERFIELD, ILLINOIS
Commuter Parking Lot Fund
Balance Sheet
April 30, 2000 and 1999
2000 1999
ASSETS
Current assets
Cash and investments $ 553,515 $ 547,882
Receivables
Accounts - 150
553,515 548,032
Fixed assets
Cost 710,108 710,108
Accumulated depreciation (622,501) (617,258)
87,607 92,850
Total assets $ 641,122 $ 640,882
LIABILITIES AND FUND EQUITY
Current liabilities
Accounts payable $ 10,886 $ 8,027
Accrued payroll 286 278
Insurance payable - 69
Total current liabilities 111172 8,374
Fund equity
Contributed capital 40,552 81,176
Retained earnings 589,398 551,332
Total fund equity 629,950 632,508
Total liabilities and fund equity $ 641,122 $ 640,882
See accompanying notes to financial statements.
80
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VILLAGE OF DEERFIELD, ILLINOIS
Commuter Parking Lot Fund
Statement of Revenues, Expenses,
and Changes in Retained Earnings - Budget and Actual
Year Ended April 30, 2000 and Actual Only for 1999
Operating revenues
Parking lot fees
Operating expenses excluding
depreciation
Operations
Operating income before depreciation
Depreciation
Operating income
Nonoperating revenues
Interest income
Income before operating transfers
Operating transfers (out)
Street and Bridge Fund
Infrastructure Fund
Net (loss)
Other changes in retained earnings
Depreciation that reduces
contributed capital
Net increase (decrease) in retained earnings
Retained earnings
May 1
April 30
2000 1999
Budge Actual Actual
$ 156,000 $ 160,286 $ 158,312
70,680
68,055
67,812
85,320
92,231
90,500
-
5,243
28,813
85,320
86,988
61,687
25,500
30,454
47,635
110,820
117,442
109,322
(120,000)
(120,000)
(120,000)
-
-
(247,000)
(120,000)
(120,000)
(367,000)
$ (9,180)
(2,558)
(257,678)
40,624 40,624
38,066 (217,054)
551,332 768,386
$ 589,398 $ 551,332
See accompanying notes to financial statements.
81
VILLAGE OF DEERFIELD, ILLINOIS
Commuter Parking Lot Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended April 30, 2000
Operations
Parking lots - village and federal funds
Salaries
Benefits
Insurance
Utility service
Repairs and maintenance
Property rentals
Supplies
Miscellaneous
Aggregates
Materials
Contractual
Equipment
Total parking lots - village and
federal funds
Parking lots - village construction
Salaries
Salaries - overtime
Benefits
Insurance
Utility services
Repairs and maintenance
Supplies
Aggregates
Materials
Contractual
Equipment
Total parking lots - village construction
Total operating expenses
82
Budget
$ 9,500
1,420
530
3,000
2,000
7,500
400
200
200
2,000
11,000
39,750
8,900
200
1,360
470
5,000
500
400
100
2,000
11,000
1,000
30,930
Actual
9,914
1,537
317
2,848
7,440
296
200
1,293
11,650
35,495
9,915
1,537
264
5,302
400
588
100
2,240
11,651
32,560
$ 70,680 $ 68,055
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VILLAGE OF DEERFIELD, ILLINOIS
Commuter Parking Lot Fund
Schedule of Fixed Assets and Depreciation
Year Ended April 30, 2000
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 $ 617,258 $ 5,243 $ - 622,501
Net asset value $ 87,607
m
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Garage Fund
INTERNAL SERVICE FUNDS
' 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 of Deerfield,
' and the various departments are billed according to the services rendered.
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Insurance 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
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1
1
VILLAGE OF DEERFIELD, ILLINOIS
Internal Service Funds
Combining Balance Sheet
April 30, 2000
(with comparative totals for 1999)
See accompanying notes to financial statements.
84
Totals
Garage
Insurance
2000
1999
ASSETS
Current assets
Cash and investments
$
80,960
$
617,727
$
698,687
$
519,359
Receivables
Accounts
117
-
117
396
Accrued interest
-
8,518
8,518
-
Inventories
60,398
-
60,398
60,398
Total assets
$
141,475
$
626,245
$
767,720
$
580,153
LIABILITIES AND
RETAINED EARNINGS
Current liabilities
Accounts payable
$
2,735
$
73,465
$
76,200
$
97,248
Accrued payroll
2,426
-
2,426
2,396
Compensated absences
payable
44,916
-
44,916
40,680
Claims payable
-
219,068
219,068
219,068
Total liabilities
50,077
292,533
342,610
359,392
Retained earnings
91,398
333,712
425,110
220,761
Total liabilities and
retained earnings
$
141,475
$
626,245
$
767,720
$
580,153
See accompanying notes to financial statements.
84
VILLAGE OF DEERFIELD, ILLINOIS
Internal Service Funds
Combining Statement of Revenues, Expenses,
and Changes in Retained Earnings
Year Ended April 30, 2000
(with comparative totals for 1999)
Operating revenues
Charges for services
Billings
Miscellaneous
Total operating
revenues
Operating expenses
Administration
Operations
Total operating
expenses
Operating income
Nonoperating revenues
Interest income
Income before
operating transfers
Operating transfers (out)
Net income
Retained earnings
May 1
April 30
Totals
Garage Insurance 2000 1999
$ 225,294 $ 1,170,452 $ 1,395,746 $ 1,315,271
2,860 - 2,860 3,545
228,154
1,170, 452
1,398,606
1,318,816.
-
999,520
999,520
1,095,909
218,272
-
218,272
221,913
218,272
999,520
1,217,792
1,317,822
9,882
170,932
180,814
994
1,039
24,496
25,535
24,982
10,921
195,428
206,349
25,976
(2,000)
-
(2,000)
(2,000)
8,921
195,428
204,349
23,976
82,477 138,284 220,761 196,785
$ 91,398 $ 333,712 $ 425,110 $ 220,761
See accompanying notes to financial statements.
85
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1
VILLAGE OF DEERFIELD, ILLINOIS
Internal Service Funds
Combining Statement of Cash Flows
Year Ended April 30, 2000
(with comparative totals for 1999)
Cash flows from noncapital financing
activities
Operating transfers (out) (2,000) - (2,000) (2,000)
Cash flows from investing activities
Proceeds from sale and maturities
of investment securities - - - 300,000
Interest 1,039 24,496 25,535 24,982
1,039 24,496 25,535 324,982
Net increase in cash and cash
equivalents 12,747 166,581 179,328 385,754
Cash and cash equivalents
May 1 68,213 451,146 519,359 133,605
April 30 $ 80,960 $ 617,727 $ 698,687 $ 519,359
See accompanying notes to financial statements.
:.
Totals
Garage
Insurance
2000
1999
Cash flows from operating activities
Operating income
$ 9,882
$ 170,932
$ 180,814 $
994
Adjustments to reconcile operating
income to net cash provided by
operating activities
Changes in assets and liabilities
Receivables
279
-
279
(341)
Accounts payable
(719)
(20,329)
(21,048)
15,241
Accrued interest
-
(8,518)
(8,518)
950
Claims payable
-
-
-
42,063
Accrued payroll
30
-
30
709
Compensated absences payable
4,236
-
4,236
3,156
13,708
142,085
155,793
62,772
Cash flows from noncapital financing
activities
Operating transfers (out) (2,000) - (2,000) (2,000)
Cash flows from investing activities
Proceeds from sale and maturities
of investment securities - - - 300,000
Interest 1,039 24,496 25,535 24,982
1,039 24,496 25,535 324,982
Net increase in cash and cash
equivalents 12,747 166,581 179,328 385,754
Cash and cash equivalents
May 1 68,213 451,146 519,359 133,605
April 30 $ 80,960 $ 617,727 $ 698,687 $ 519,359
See accompanying notes to financial statements.
:.
VILLAGE OF DEERFIELD, ILLINOIS
Garage Fund
Statement of Revenues, Expenses,
and Changes in Retained Earnings - Budget and Actual
Year Ended April 30, 2000 and Actual Only for 1999
Operating revenues
Charges for services
Billings
Miscellaneous
Total revenues
Operating expenses
Operations
Operating income (loss)
Nonoperating revenues
Interest income
Income (loss) before operating transfers
Operating transfers (out)
Vehicle Replacement Fund
Net income (loss)
Retained earnings
May 1
April 30
2000 1999
Bum Actual Actual
$ 222,500 $ 225,294 $ 233,802
4,000 2,860 3,545
226,500 228,154 237,347
227,090 218,272 221,913
(590) 9,882 15,434
- 1,039 724
(590) 10,921 16,158
(2,000) (2,000) (2,000)
$ (2,590) 8,921 14,158
82,477 68,319
$ 91,398 $ 82,477
See accompanying notes to financial statements.
87
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VILLAGE OF DEERFIELD, ILLINOIS
Garage Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended April 30, 2000
Operations
Public works department
Salaries
Overtime
Employee benefits
Apparel
Repairs and maintenance
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
$ 118,800 $ 127,123
8,200
8,468
20,940
19,030
800
719
6,000
1,459
500
75
400
-
800
589
1,600
1,461
7,350
3,802
300
504
400
463
200
-
2,500
2,143
55,100
49,371
3,200
3,065
$ 227,090 $ 218,272
Operating revenues
Charges for services
Billings
Operating expenses
Administration
Insurance
Operating income (loss)
Nonoperating revenues
Interest income
Net income
Retained earnings
May 1
April 30
VILLAGE OF DEERFIELD, ILLINOIS
Insurance Fund
Statement of Revenues, Expenses,
and Changes in Retained Earnings
Year Ended April 30, 2000 and 1999
2000 1999
$ 1,170,452 $ 1,081,469
999,520 1,095,909
170,932 (14,440)
24,496 24,258
195,428 9,818
138,284
$ 333,712
See accompanying notes to financial statements.
89
128,466
$ 138,284
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TRUST AND AGENCY FUNDS
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.
t
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.
Lake -Cook Metra Study Grant Fund - to account for a grant that is passed through the Village.
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.
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VILLAGE OF DEERFIELD, ILLINOIS
Police Pension Fund
Statement of Plan Net Assets
April 30, 2000
ASSETS
Cash and cash equivalents
$ 3,522,657
Receivables
Accrued interest
156,819
Due from other funds
56,915
Other
44
213,778
Investments, at fair value
U.S. government obligations
9,083,635
Insurance contract
1,115,726
Mutual funds
932,161
Municipal obligations
3,358,219
14,489,741
Total assets
18,226,176
LIABILITIES
Due to other funds
18,343
18,343
NET ASSETS HELD IN TRUST FOR PENSION
BENEFITS
(A schedule of funding progress for this plan
is presented following the notes to financial
statements) $ 18,207,833
See accompanying notes to financial statements.
91
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1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
VILLAGE OF DEERFIELD, ILLINOIS
Police Pension Fund
Statement of Changes in Plan Net Assets - Budget and Actual
Year Ended April 30, 2000
Additions
Contributions - employer
Property taxes - current
Replacement taxes
Contributions - employee
Investment Income
Net (depreciation) in fair value
of investments
Interest earned on investments
Total additions
Deductions
Benefits and refunds
Pension payments
Separation refunds
Miscellaneous
Total deductions
Net increase
Net assets held in trust for pension
benefits
May 1
April 30
Budget
$ 320,000
9,000
210,000
Actual
$ 306,325
9,525
214,399
- (952,671)
1,300,000 1,459,535
1,839,000 1,037,113
516,610
513,990
25,000
1
6,000
4,086
547,610
518,077
$ 1,291,390 519,036
See accompanying notes to financial statements.
17,688,797
$ 18,207,833
VILLAGE OF DEERFIELD, ILLINOIS
Agency Funds
Combining Statement of Changes in Assets and Liabilities
Year Ended April 30, 2000
Balances Balances
MAY -11 Additions Deductions April 30
All Funds
ASSETS
Cash and investments $ 1,668,495 $ 186,989 $ 6,429 $ 1,849,055
Receivables - other 29,333 11,783 14,324 26,792
Due from other funds - 5,907 - 5,907
Total assets $ 1,697,828 $ 204,679 $ 20,753 $ 1,881,754
LIABILITIES
Accounts payable
$ 13,045
$ 17,641
$ 271
$ 30,415
Deposits payable
1,622,082
170,703
11,209
1,781,576
Other liabilities
49,435
14,421
-
63,856
Due to other funds
13,266
5,907
13,266
5,907
Total liabilities
$ 1,697,828
$ 208,672
$ 24,746
$ 1,881,754
Deposit Fund
ASSETS
Cash and investments $ 1,625,800 $ 165,780 $ - $ 1,791,580
Receivables- other 4,079 - 4,304 (225)
$ 1,629,879 $ 165,780 $ 4,304 $ 1,791,355
LIABILITIES
Accounts payable $ 5,740 $ 4,039 $ - $ 9,779
Deposits payable 1,610,873 170,703 - 1,781,576
Due to other funds 13,266 - 13,266 -
Total liabilities $ 1,629,879 $ 174,742 $ 13,266 $ 1,791,355
(Continued)
93
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
VILLAGE OF DEERFIELD, ILLINOIS
Agency Funds
Combining Statement of Changes in Assets and Liabilities
Year Ended April 30, 2000
Balances Balances
May 1 Additions Deductions April 30
Deerfield Cemetery Association Fund
ASSETS
Cash and investments
$
522
$
-
$
522
$
-
Receivables - other
-
11,895
5,907
4,969
-
10,020
Total assets
6,844
Total assets
$
12,417
$
4,969
$
10,542
$
6,844
LIABILITIES
Accounts payable
$
4,137
$
Accounts payable
$
1,208
$
-
$
271
$
937
Deposits payable
- $
11,209
East Shore Radio Network Fund
-
11,209
-
Due to other funds
-
5,907
-
5,907
Total liabilities
$
12,417
$
5,907
$
11,480
$
6,844
Lake -Cook Metra Study Grant Fund
ASSETS
Cash and investments
$
4,137
$
8,435
$
5,907 $
6,665
Due from other funds
-
5,907
-
5,907
Total assets
$
4,137
$
14,342
$
5,907 $
12,572
LIABILITIES
Accounts payable
$
4,137
$
8,435
$
- $
12,572
Total liabilities
$
4,137
$
8,435
$
- $
12,572
East Shore Radio Network Fund
ASSETS
Cash and investments
$
38,036
$
12,774
$
- $
50,810
Receivables - other
13,359
6,814
-
20,173
Total assets
$
51,395
$
19,588
$
- $
70,983
LIABILITIES
Accounts payable
$
1,960
$
5,167
$
- $
7,127
Other liabilities
49,435
14,421
-
63,856
Total liabilities
$
51,395
$
19,588
$
- $
70,983
See accompanying notes to financial statements.
94
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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.
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VILLAGE OF DEERFIELD, ILLINOIS
General Fixed Assets Account Group
Schedule of General Fixed Assets - by Source
April 30, 2000 and 1999
GENERAL FIXED ASSETS
Land
Buildings and improvements
Vehicles
Equipment
INVESTMENT IN GENERAL FIXED ASSETS
General revenues
Tax incremental financing bonds
General obligation bonds
Installment contracts
IR
2000 1999
$ 15,914,477
$ 15,914,477
5,367,684
5,366,378
1,410,969
1,407,180
3,174,828
2,815,712
$ 25,867,958 $ 25,503,747
$ 19,866,949
$ 19,502,738
4,101,009
4,101,009
1,500,000
1,500,000
400,000
400,000
$ 25,867,958 $ 25,503,747
VILLAGE OF DEERFIELD, ILLINOIS
General Fixed Assets Account Group
Schedule of General Fixed Assets - by Function
April 30, 2000
Buildings
and
Function
Land
Improvements
Vehicles
Equipment
Totals
General government
$14,493,695
$ 321,977
$ 73,117
$ 1,107,954
$ 15,996,743
Public safety
1,271,340
1,156,845
378,855
1,237,486
4,044,526
Public works
149,442
3,888,862
958,997
829,388
5,826,689
$15,914,477
$ 5,367,684
$ 1,410,969
$ 3,174,828
$ 25,867,958
VILLAGE OF DEERFIELD, ILLINOIS
'
General Fixed Assets Account Group
Schedule of Changes in General Fixed Assets - by Function
'
Year Ended April 30, 2000
Balances
Balances
'
Function 2y 1 Additions Retirements
April 30
General government $ 15,968,919 $ 28,424 $ 600
$ 15,996,743
Public safety 3,872,588 171,938 -
4,044,526
'
Public works 5,662,240 198,465 34,016
5,826,689
'
$ 25,503,747 $ 398,827 $ 34,616
$ 25,867,958
97
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GENERAL LONG -TERM DEBT ACCOUNT GROUP
ITo account for the noncurrent portion of the Government's bond issue liabilities.
1
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1
1
1
1
VILLAGE OF DEERFIELD, ILLINOIS
General Long -Term Debt Account Group
Schedule of General Long -Term Debt
April 30, 2000
(with comparative totals for 1999)
AMOUNT AVAILABLE AND
TO BE PROVIDED FOR THE
RETIREMENT OF GENERAL
LONG -TERM DEBT
Amount available for debt
service
Amount to be provided for
retirement of general long-
term debt
GENERAL LONG -TERM
DEBT PAYABLE
General obligation bonds
payable
General
Obligation
Refunding
Bond Series
of 1993
General
Obligation
Bond Series
of 1998
$ 2,414,791 $
Totals
2000 1999
- $ 2,414,791 $ 2,091,157
3,410,209
17,000,000
20,410,209
21,813,843
$ 5,825,000
$ 17,000,000
$ 22,825,000
$ 23,905,000
$ 5,825,000 $ 17,000,000 $ 22,825,000 $ 23,905,000
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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.
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VILLAGE OF DEERFIELD, ILLINOIS
Component Unit - Public Library
Combining Balance Sheet
April 30, 2000
(with comparative totals for 1999)
General Fixed
Asset Account
General Group
ASSETS
Totals
2000 1999
Cash and investments
$
1,035,016
$ -
$
1,035,016
$
1,227,911
Receivables - property taxes
1,332,241
-
1,332,241
1,211,139
Due from primary government
212,916
-
212,916
38,492
General fixed assets
-
1,893,301
1,893,301
1,893,301
Total assets
$
2,580,173
$ 1,893,301
$
4,473,474
$
4,370,843
LIABILITIES AND
FUND EQUITY
Liabilities
Accounts payable
$
54,961
$ -
$
54,961
$
91,688
Due to primary government
6,361
-
6,361
10,229
Deferred property taxes
1,413,639
-
1,413,639
1,345,032
Total liabilities
1,474,961
-
1,474,961
1,446,949
Fund equity
Investment in general
fixed assets
-
1,893,301
1,893,301
1,893,301
Fund balance - unreserved
Designated - capital
improvements
140,000
-
140,000
140,000
Undesignated
965,212
-
965,212
890,593
Total fund equity
1,105,212
1,893,301
2,998,513
2,923,894
Total liabilities and
fund equity
$
2,580,173
$ 1,893,301
$
4,473,474
$
4,370,843
See accompanying notes to financial statements.
VILLAGE OF DEERFIELD, ILLINOIS
Component Unit - Public Library
General Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30, 2000 and Actual Only for 1999
Expenditures
Culture and recreation
2000
1,469,033
1999
BuBu tet
Actual
Actual
Revenues
Other financing (uses)
Taxes
(200,000) -
-
Excess of revenues
Property taxes
$ 1,420,000 $
1,373,672
$ 1,286,000
Replacement taxes
16,000
29,279
27,255
Intergovernmental
May 1
Grants
21,000
21,376
21,459
Charges for services
Non - resident fees
20,000
21,575
28,646
Fees, fines, penalties
32,500
36,988
32,437
Xerox
6,000
6,141
6,173
Videos
15,000
11,047
14,237
Interest
50,000
64,169
63,464
Miscellaneous
Impact fees
10,000
778
10,929
Tax incremental finance district
surplus property tax rebate
140,000
198,491
192,580
Gifts
500
1,928
1,370
Miscellaneous
1,000
48,130
842
Reserve for repairs and
replacement
307,000
-
-
Total revenues
2,039,000
1,813,574
1,685,392
Expenditures
Culture and recreation
1,839,000 1,738,955
1,469,033
Excess of revenues
over expenditures
200,000 74,619
216,359
Other financing (uses)
Operating transfers (out)
(200,000) -
-
Excess of revenues
over expenditures and other
financing uses
$ - 74,619
216,359
Fund balance
May 1
1,030,593
814,234
April 30
$ 1,105,212
$ 1,030,593
See accompanying notes to financial statements.
100
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1
1
1
1
1
1
1
1
1
1
1
VILLAGE OF DEERFIELD, ILLINOIS
Component Unit - Public Library
General Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30, 2000
Total expenditures $ 1,839,000 $ 1,738,955
101
Budget
Actual
Culture and recreation
Salaries - professional
$ 445,000
$ 366,807
Salaries - non - professional
463,000
451,043
Employee benefits
70,000
74,382
Professional services
8,500
14,622
Education, travel, and dues
10,500
8,790
Communication
10,200
11,141
Insurance
25,600
21,758
Contractual services
140,600
103,641
Utilities
1,500
1,247
Repairs, maintenance of building and
equipment building supplies
40,000
69,436
Supplies - library and office
26,000
32,361
Books
1501000
128,648
Periodicals
42,500
40,748
Audio - visual
35,000
21,212
Binding
3,300
2,119
Special library programs
12,000
17,216
Data base
3,000
3,916
New equipment
19,000
22,403
Printing
10,000
14,145
Cataloging service
6,300
1,158
Miscellaneous
2,000
1,844
Remodeling project
315,000
330,318
Total expenditures $ 1,839,000 $ 1,738,955
101
VILLAGE OF DEERFIELD, ILLINOIS
Component Unit - Public Library
General Fixed Assets Account Group
Schedule of General Fixed Assets - by Source
April 30, 2000
GENERAL FIXED ASSETS
Land
Buildings and improvements
Equipment
INVESTMENT IN GENERAL FIXED ASSETS
General revenues
102
$ 145,556
1,307,829
$ 1,893,301
$ 1,893,301
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
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1
VILLAGE OF DEERFIELD, ILLINOIS
Schedule of Insurance in Force
April 30, 2000
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 $ 51,000,000
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 of Deerfield is a member of the Municipal Insurance Cooperative Agency.
Property, automobile liability, general liability, and workers' compensation are provided under
the Agency. The Village of Deerfield is also a member of the High -Level Excess Liability Pool.
Excess liability coverage is provided under this agency.
103
VILLAGE OF DEERFIELD, ILLINOIS
Long -Term Debt Requirements
General Obligation Refunding Bond Series of 1993
April 30, 2000
Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rates
Interest Dates
Payable at
May 1, 1993
December 15, 2004
$ 9,995,000
$ 5,000
3.90%,4.00%, and 4.10%
June 15 and December 15
American National Bank and Trust Company
of Chicago
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax
Levy
Bond
Interest
Year
Numbers
Principal
1999
840 -1056
$1,130,000
2000
1057 -1294
1,185,000
2001
1295 -1543
1,240,000
2002
15441797
1,265,000
2003
1798 -1999
1.005.000
5 8 000
-Tax Lew
Interest Due On
Interest
Totals
June 15
Amount
Dec. 15
Amount
$ 238,825
$ 1,368,825
2000
$ 119,413
2000
$ 119,412
192,495
1,377,495
2001
96,247
2001
96,248
143,910
1,383,910
2002
71,955
2002
71,955
93,070
1,358,070
2003
46,535
2003
46,535
41,205
1,046,205
2004
20,603
2004
20,602
709 505
$ 6.534.505
$ 354.753
$_35052
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1
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VILLAGE OF DEERFIELD, ILLINOIS
Long -Term Debt Requirements
General Obligation Bond Series of 1997
April 30, 2000
Date of Issue December 1, 1997
Date of Maturity December 1, 2012
Authorized Issue $ 5,000,000
Denomination of Bonds $ 5,000
Interest Rates 4.35 %, 4.38 %, 4.40 %, 4.45 %, and 4.50 %
Interest Dates June 1 and December 1
Payable at American National Bank and Trust Company
of Chicago
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax
Levy
Bond
Tax Lew
-
-
Interest Due On
Year
Numbers
Principal
Interest
Totals
June 1
Amount
Dec.1
Amount
1999
54 -108
$ 275,000
$ 210,441
$ 485,441
2000
$ 105,221
2999
$105,220
2000
109 -166
290,000
198,410
488,410
2001
99,205
2001
99,205
2001
167 -226
300,000
185,650
485,650
2002
92,825
2002
92,825
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
2004
356 - 423
340,000
143,748
483,748
2005
71,874
2005
71,874
2005
424 -495
360,000
128,618
488,618
2006
64,309
2006
64,309
2006
496 -570
375,000
112,598
487,598
2007
56,299
2007
56,299
2007
571 -648
390,000
95,910
485,910
2008
47,955
2008
47,955
2008
649 -730
410,000
78,555
488,555
2009
39,278
2009
39,277
2009
731 -816
430,000
60,310
490,310
2010
30,155
2010
30,155
2010
817- 906
450,000
41,175
491,175
2011
20,588
2011
20,587
2011
907 -1,000
470,000
21,150
491,150
2012
10,575
2012
105 75
am
$ 1,607,447
$-k342 447
$ 803.725
803 722
105
Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rates
Interest Dates
Payable at
Tax
VILLAGE OF DEERFIELD, ILLINOIS
Long -Term Debt Requirements
General Obligation Bond Series of 1998
April 30, 2000
April 15,1998
October 1, 2008
$ 17,000,000
$ 5,000
4.20 %, 4.25 %, 4.30 %, and 4.35 %
April 1 and October 1
American National Bank and Trust Company
of Chicago
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Levy
Bond
Tax Lew -
-- --
Interest Due On--
Year
Numbers
Principal
Interest
Totals
Oct.1
Amount
Apr.1
Amount
1999
1 -300
$ 1,500,000
$ 696,750
$ 2,196,750
2000
$ 364,125
2001
$ 332,625
2000
301 -600
1,500,000
633,750
2,133,750
2001
332,625
2002
301,125
2001
601 -900
1,500,000
570,375
2,070,375
2002
301,125
2003
269,250
2002
901 -1,200
1,500,000
506,250
2,006,250
2003
269,250
2004
237,000
2003
1,201 -1,500
1,500,000
441,750
1,941,750
2004
237,000
2005
204,750
2004
1,501 -1,800
1,500,000
377,250
1,877,250
2005
204,750
2006
172,500
2005
1,801 -2,200
2,000,000
302,000
2,302,000
2006
172,500
2007
129,500
2006
2,201 -2,600
2,000,000
216,000
2,216,000
2007
129,500
2008
86,500
2007
2,601 -3,000
2,000,000
130,000
2,130,000
2008
86,500
2009
43,500
2008
3,001 -3,400
2,000,000
435 00
2,043,500
2009
43,500
$17.000,000
$ 3,917,625
$ 20.917.625
$-2140--87-5
6 50
106
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' Property Tax Assessed Valuations, Rates, Extensions, and Collections
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April 30, 2000
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VILLAGE OF DEERFIELD, ILLINOIS
Assessed and Estimated Actual Value of Taxable Property
Last Ten Fiscal Years
April 30, 2000
Data Source
Office of the County Clerk
110
Ratio of
_--- p ty -- ---- --
Real Property -- - - ----
Total Assessed
Tax
Equalized
Estimated
Value to
Levy
Assessed
Actual
Total Estimated
Year
Value
Value
Actual Value
1990
$ 489,019,552
$ 1,467,000,000
33.3
1991
522,438,968
1,567,000,000
33.3
1992
547,603,297
1,643,000,000
33.3
1993
570,794,665
1,712,000,000
33.3
1994
583,049,834
1,749,000,000
33.3
1995
603,544,983
1,811,000,000
33.3
1996
624,187,752
1,891,000,000
33.3
1997
648,880,301
1,947,000,000
33.3
1998
677,651,742
2,033,000,000
33.3
1999
701,085,856
2,103,257,568
33.3
Data Source
Office of the County Clerk
110
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IVILLAGE OF DEERFIELD, ILLINOIS
I Schedule of Direct and Overlapping Bonded Debt
April 30, 2000
t
(2)
* Percentage
'
of Debt
(1)
Applicable
'
Governmental Unit
Gross
Bonded Debt
to
Government
** Government's
Share of Debt
Village of Deerfield
$ 27,560,000
100.000%
$ 27,560,000
'
Metropolitan Sanitary District
876,010,000
.108
946,091
Lake County and Forest Preserve
171,618,593
3.978
6,826,988
Cook County and
'
Cook County Forest Preserve
1,858,655,000
.106
1,970,174
North Shore Sanitary District
14,509,462
.024
3,482
Northbrook Park District
4,590,000
3.404
156,244
'
Township High School #113
71,430,000
26.437
18,883,949
Northfield Township High School #225
4,920,000
2.790
137,268
Junior College #532
11,433,529
4.206
480,894
'
North Shore School District #112
41,858,000
.247
103,389
Total gross debt
3,082,584,584
57,068,479
'
Less debt service fund amount
available - Village of Deerfield
2,414,791
2,414,791
Total gross debt less available amount
$ 3,080,169,793
54,653,688
t- Determined by ratio of assessed value of property subject to taxation in overlapping unit
Pp g
to value of property subject to taxation.
Amount in column (2) multiplied by amount in column (1).
Data Source
Office of the County Clerk
1
1
' 113
VILLAGE OF DEERFIELD, ILLINOIS I
Schedule of Legal Debt Margin '
April 30, 2000
The Government 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, 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.
Illustrative Computation of Debt Margin if Government Were Not a Home Rule Municipality
The Government is a home rule municipality and, as such, has no debt limitations. If, however,
the Government were a non -home rule municipality, its available debt limit would be as
follows:
Equalized assessed valuation -1999
Legal debt limit - 8.625%
Amount of debt applicable to limit
General Obligation Refunding Bond Series 1993
General Obligation Bond Series 1998
Legal debt margin
114
$ 701,085,856
$ 60,468,655
5,825,000
17,000,000 22,825,000
$ 37,643,655
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Fiscal
(1)
Year
Population
1991
17,327
1992
17,327
1993
17,327
1994
17,327
1995
17,327
1996
17,327
1997
17,327
1998
18,002
1999
18,002
2000
18,002
VILLAGE OF DEERFIELD, ILLINOIS
Demographic Statistics
Last Ten Fiscal Years
April 30, 2000
(2)
Per
(2)
Household
Median
Income
Age
$ 55,000
37.7
71,966
36.3
70,046
36.3
78,830
35.9
71,966
35.6
71,966
35.9
71,966
35.9
71,966
35.9
71,966
35.9
71,966
35.9
(3)
Percentage of
People Over
25 Years
of Age
With Four
or More
Years of
College
48.8%
48.3
58.8
59.6
60.7
60.0
59.6
59.6
59.6
59.6
(4)
School
Enrollment
3,277
3,251
3,410
3,462
4,287
3,978
4,060
4,275
4,362
6,167
(5)
Unemploy-
ment
Percentage
1.0%
1.2
1.3
1.1
1.0
.9
.9
.9
.7
.9
Data Sources
(1) Derived from data from the Department of Commerce, Special Census, 1997
(2) Derived from data from the Department of Commerce, Bureau of the Census, 1990
(3) Percentage of people over 25 years of age or over with 4 or more years of college
education from the Northeastern Illinois Planning Commission
(4) Enrollment figures derived from combined enrollment of District 109 (grade school) and
District 113 (high school)
(5) Unemployment figures based on one - fourth of Lake County figures from the Bureau of
Labor Statistics
116
1
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Fiscal
Year
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
VILLAGE OF DEERFIELD, ILLINOIS
Property Value, Construction, and Bank Deposits
Last Ten Fiscal Years
April 30, 2000
(1)
Residential
- - - -- Construction -- - --
(1)
Commercial
- -- Construction - - --
Number
Property
of Units
Value
256
89
$ 16,908,426
497
10,639,343
114
14,582,113
103
6,525,766
128
11,879,282
126
10,244,658
110
20,622,746
7
13,614,000
11
43,547,842
10
17,555,220
(1)
Residential
- - - -- Construction -- - --
Number
(2)
of Units
Value
Property
21
$ 3,836,605
256
8,922,854
49
8,575,000
25
4,552,000
161
13,543,000
139
4,366,274
28
9,710,530
28
7,279,300
31
9,348,746
30
9,121,730
Data Sources
(1) Construction figures - Village of Deerfield, Building and Zoning Department
(2) Lake and Cook County Tax Extension Offices
N/A - Not available.
1 117
(3)
(2)
Total
Bank
Property
Deposits
Value
$ 230,405,569
$ 1,467,000,000
114,301,809
1,567,000,000
339,627,000
1,643,000,000
134,200,800
1,712,000,000
126,586,600
1,749,000,000
266,731,677
1,811,000,000
255,374,171
1,873,000,000
517,655,000
1,947,000,000
N/A
2,103,000,000
420,924,000
N/A
Data Sources
(1) Construction figures - Village of Deerfield, Building and Zoning Department
(2) Lake and Cook County Tax Extension Offices
N/A - Not available.
1 117
Taxpayers
Mid America Asset
Management
Cornerstone Deerfield LLC
Crane & Norcross
Taxpayer of Record
Travenol Lab Tax
Department
Estate of James Campbell
Felcor Suites Ltd.
Partnership
S.M. Brell LP
Stein Lake Cook III
Draper and Kramer
Lake Cook
Data Source
Office of the County Clerk
VILLAGE OF DEERFIELD, ILLINOIS
Principal Taxpayers
April 30, 2000
Type of Business
Deerbrook Shopping Center
Corporate 500 Center
Parkway North
Lake Cook Office Center
Baxter Office Building
Arbor Lake Center
1998
Assessed
Valuation
$ 26,598,012
22,025,648
21,921,015
18,226,850
15,668,076
15,407,527
Percentage
of Total
Assessed
Valuation
3.2%
2.7
2.7
2.2
1.9
1.9
Embassy Suites Hotel 13,251,715 1.6
Hyatt Campus Office Park 7,243,045 .9
Office Building 6,129,874 .7
Deerfield Business Center
118
6,129,866
$ 152.601,628
.7
18.5%
'
VILLAGE OF DEERFIELD, ILLINOIS
Miscellaneous Statistics
'
April 30, 2000
Date of Incorporation
1903
'
Form of Government
Manager /Council
'
Geographic Location
North Suburban
Population:
'
1960
11,748
'
1970
18,876
1980
17,430
1990
17,327
1997
18,002
1999
18,002
Municipal Services and Facilities:
'
Number of Full-Time Employees (FTE)
111
'
Miles of Streets
70
Miles of Alleys
4
'
Miles of Sewers
140
'
Building Inspection:
Number of Permits Issued in Fiscal Year 1999
1,334
Fire Protection District:
Number of Firefighters and Officers
35
'
Number of Stations
1
'
(Continued)
119
VILLAGE OF DEERFIELD, ILLINOIS
Miscellaneous Statistics
April 30, 2000
Police Protection:
Number of Stations 1
Number of Policemen and Officers 41
Library Services:
Number of Branch Libraries 1
Number of Books 177,000
Recreation Facilities:
Number of Parks and Playgrounds 20
Park Area in Acres 288
Municipal Water Utility:
Population Serviced - Number of Service Connections 6,050
Average Daily Pumpage 2,971,916 gallons
Miles of Water Mains 82
Data Source
Village Records
120