Village CAFR For Year Ended April 30, 1997i
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VILLAGE OF DEERFIELD, ILLINOIS
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED
APRIL 30,1997
Prepared by Finance Department
George J. Valentine
Finance Director
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VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30,1997
PAGE
INTRODUCTORY SECTION
Principal Officials i
Organization Chart
Certificate of Achievement for Excellence in
Financial Reporting
Director of Finance's Letter of Transmittal iv -xii
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
3
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 and Fiduciary (Pension Trust) Fund Types
Combined Statement of Revenues, Expenses, and
Changes in Retained Earnings - Unreserved /Fund Balances
6
All Proprietary Fund Types
Combined Statement of Cash Flows
7
Notes to Financial Statements
8-40
VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30,1997
PAGE
FINANCIAL SECTION (CONT.)
COMBINING, INDIVIDUAL FUND, AND ACCOUNT GROUP
STATEMENTS AND SCHEDULES
GOVERNMENTAL FUND TYPES
GENERAL FUND
General Fund
Balance Sheet
41
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual
42
Schedule of Revenues - Budget and Actual
43
Schedule of Expenditures - Budget and Actual
44-46
SPECIAL REVENUE FUNDS
All Funds
Combining Balance Sheet
47
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances
48
Municipal Audit Fund
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual
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 30,1997
PAGE
FINANCIAL SECTION (CONT.)
GOVERNMENTAL FUND TYPES (CONT.)
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
VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30,1997
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- Unreserved - 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- Unreserved - Budget and Actual
74
Schedule of Operating Expenses - Budget and Actual
75-76
Schedule of Fixed Assets and Depreciation
77
Refuse Fund
Balance Sheet
78
Statement of Revenues, Expenses, and Changes in
Retained Earnings- Unreserved - Budget and Actual
79
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VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30,1997
PAGE
FINANCIAL SECTION (CONT.)
PROPRIETARY FUND TYPES (CONT.)
ENTERPRISE FUNDS (CONT.)
Commuter Parking Lot Fund
Balance Sheet
80
Statement of Revenues, Expenses, and Changes in
Retained Earnings- Unreserved - Budget and Actual
81
Schedule of Operating Expenses - Budget and Actual
82
Schedule of Fixed Assets and Depreciation
83
INTERNAL SERVICE FUNDS
All Funds
Combining Balance Sheet
84
Combining Statement of Revenues, Expenses, and
Changes in Retained Earnings - Unreserved
85
Combining Statement of Cash Flows
86
Garage Fund
Statement of Revenues, Expenses, and Changes in
Retained Earnings - Budget and Actual
87
Schedule of Operating Expenses - Budget and Actual
88
Insurance Fund
Statement of Revenues, Expenses, and Changes in
Retained Earnings - Unreserved 89
VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30,1997
PAGE
FINANCIAL SECTION (CONT.)
FIDUCIARY FUND TYPES
TRUST AND AGENCY FUNDS
All Funds
Combining Balance Sheet
90
Statement of Revenues, Expenses, and Changes in Fund
Balance - Budget and Actual (Pension Trust Fund)
91
Combining Statement of Changes in Assets and Liabilities
(Agency Funds)
92-93
ACCOUNT GROUPS
GENERAL FIXED ASSETS ACCOUNT GROUP
Schedule of General Fixed Assets - by Source
94
Schedule of General Fixed Assets - by Function
95
Schedule of Changes in General Fixed Assets - by Function
96
GENERAL LONG -TERM DEBT ACCOUNT GROUP
Schedule of General Long -Term Debt 97
COMPONENT UNIT STATEMENTS AND SCHEDULES
Public Library
Combining Balance Sheet 98
Statement of Revenues, Expenditures, and Changes in
Fund Balance - Budget and Actual 99
Schedule of Expenditures - Budget and Actual 100
Statement of Changes in Assets and Liabilities
(Deferred Compensation Plan Fund) 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 30,1997
PAGE
FINANCIAL SECTION (CONT.)
SUPPLEMENTAL DATA
Required Supplementary Information
Analysis of Funding Progress
Illinois Municipal Retirement Fund
103
Police Pension Fund
104
Revenues by Source
Illinois Municipal Retirement Fund
105
Revenues by Source and Expenses by Type
Police Pension Fund
106
Schedule of Insurance in Force
107
Long -Term Debt Requirements
General Obligation Refunding Bond Series of 1993
108
STATISTICAL SECTION
General Governmental Revenues by Source - Last Ten Fiscal Years 109
General Governmental Expenditures by Function - Last Ten
Fiscal Years 110
Property Tax Assessed Valuations, Rates, Extensions, and
Collections - Last Ten Fiscal Years 111
Assessed and Estimated Actual Value of Taxable Property -
Last Ten Fiscal Years 112
Property Tax Rates - Direct and Overlapping Governments -
Last Ten Fiscal Years 113
VILLAGE OF DEERFIELD, ILLINOIS
Comprehensive Annual Financial Report
Table of Contents
Year Ended April 30,1997
PAGE
STATISTICAL SECTION (CONT.)
Ratio of Net General Obligation Bonded Debt to Assessed Value
and Net General Obligation Bonded Debt Per Capita -
Last Ten Fiscal Years 114
Schedule of Direct and Overlapping Bonded Debt
115
Schedule of Legal Debt Margin
116
Ratio of Annual Debt Service Expenditures for General Obligation
Bonded Debt to Total General Governmental Expenditures -
Last Ten Fiscal Years
117
Demographic Statistics - Last Ten Fiscal Years
118
Property Value, Construction, and Bank Deposits -
Last Ten Fiscal years
119
Principal Taxpayers
120
Miscellaneous Statistics
121 -122
VILLAGE OF DEERFIELD, ILLINOIS
Principal Officials
April 30, 1997
LEGISLATIVE
VILLAGE BOARD OF TRUSTEES
Bernard Forrest, Mayor
Harriet E. Rosenthal
John H. Heuberger
Marvin W. Ehlers
Robert D. Franz, Clerk
ADMIlVISTRATIVE
Edwin B. Seidman
Vernon E. Swanson
Michael Swartz
Robert D. Franz, Village Manager
FINANCE DEPARTMENT
George J. Valentine
Director of Finance /Treasurer
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VILLAGE OF DEERFIELD ORGANIZATIONAL CHART
BOARDS &
MAYOR & BOARD
VILLAGE ATTORNEY
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COMMISSIONS
OF TRUSTEES
ADMINISTRATIVE
VILLAGE MANAGER
ASSISTANT
'
3 Employees
rPOLICE
COMMUNITY
PUBLIC WORKS
FINANCE
DEVELOPMENT
& ENGINEERING
54 Employees
7 Employees
5 Employees
32 Employees
PATROL
PLANNING
WATER
BUDGETING
WORKS
r
INVESTIGATIONS
I
ZONING
SEWAGE
ACCOUNTING
TREATMENT
YOUTH
CODE
STREETS
TREASURY
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MANAGEMENT
ENFORCEMENT
COMMUNICATIONS
BUILDING PLAN
VEHICLE
PERSONNEL
'
REVIEW
MAINTENANCE ]I
RECORDS
PERMITS
STORM
UTILITY
r
BILLING
DRAINAGE
RESEARCH &
APPEARANCE
PLAN DESIGN
PURCHASING
DEVELOPMENT
REVIEW
& REVIEW
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I Certificate of
1 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, 1996
r
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
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government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
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VILLAGE OF DEERFIELD
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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
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.
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850 WAUKEGAN ROAD DEERFIELD, ILLINOIS 60015 TELEPHONE 847.945.5000
October 20, 1997
To: The Mayor and Board of Trustees
and the residents of the Village of Deerfield
tThe
comprehensive annual financial report of the Village of Deerfield for
the fiscal year ended April 30, 1997, 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.
1
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
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.
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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 18,003 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 in the
middle of the Lake Cook corridor and in both 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
reduce dependency on the crowded Deerfield Road entrance. The official
vacancy rate is 2.62% of the 3,000,000 square feet available according
to "Grain's ", August 19 -26, 1996, 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 when the Village had no hotel rooms. This
is important to the Village since the Village levies a 5% occupancy tax
on rooms which yielded $1,464,815 for the year ending 4/30/97, which is
a 16.3% increase over 1995 -96. Unemployment in Lake County in August 1997
was 4.1% compared with 5.2 % in the state of Illinois and 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 is redeveloping 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 will provide 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 will relocate and build a fire station on the 2.66 acres
of land and will surrender its current station to the Village. The
demolition of the Sara Lee buildings is complete, and 384 building permits
have been issued for the new development as of 7/31/97. It is estimated
that the Optima development will increase Deerfield's population by 800.
The Village sales tax revenue for 1997 was $2,484,458 compared to
$3,684,917 for 1996. This 7.5% decrease was caused by the relocation of
a significant retailer (Marshall's) to an adjacent community and by traffic
congestion due to the construction of an underpass. This construction
stifled traffic flow in one of the village's major retail areas. The
retail store has been replaced and the underpass is scheduled to be
completed in 11/97. With new retail outlets and the completion of
construction, sales tax revenue should return to their prior level.
The Village Board has approved a preliminary plan for the construction
of a 100,000 square foot Home Depot. The developer projects $350,000 in
sales tax to the Village of Deerfield. The schedule calls for the store
to open in the fall of 1998.
All of these factors indicate that Deerfield is and will continue to be
a financially vibrant community.
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For the Future
A. Downtown Redevelopment. In October 1986, the Village of Deerfield
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
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
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
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
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.
The Village is in negotiations with a developer which, if successful, will
culminate in the clearing of the south west quadrant of Deerfield and the
' construction of 250,000 square feet of retail and office space.
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 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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MAJOR INITIATIVES
For the Year
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
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October of 1990, and other plastics were added in September of 1991. In
September 1994, Deerfield expanded its recycling of plastics to include
#5 thru V. After many years of actively promoting recycling, Deerfield
was recently recognized as one of the top recycling communities in Lake
County.
The Village took proposals for refuse and recycling service. The proposal
accepted by the Village was a reduction in the previous cost by 33 0 . This
cost measured the total cost of refuse, including yard waste bags and
dumping fees.
1990 also saw the implementation of Deerfield's yard waste collection
program. Developed in response to the state ban on the landfilling of
lawn wastes, more than 9, 500 cubic yards have not been landfilled in 1996.
Because of all these services, over 500 of the residential refuse was
diverted from area landfills between January 1, 1996 and December 31, 1996.
Approximately 890 of all families in the Village of Deerfield participate
in the recycling program.
For the Future
A. Downtown Redevelopment. In October 1986, the Village of Deerfield
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
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
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
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
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.
The Village is in negotiations with a developer which, if successful, will
culminate in the clearing of the south west quadrant of Deerfield and the
' construction of 250,000 square feet of retail and office space.
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 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 indicate a need for transmission lines in the western
part of the Village and perhaps some additional storage. These repairs
will require capital budget expenditures of approximately $7,000,000 from
the 1997 -98 to the 2000 -2001 fiscal year.
Reverse Commuter Grant
Deerfield was awarded a two year $1.7 million CMAQ grant to provide shuttle
bus service for reverse commuters utilizing the new Lake Cook train station
as well as for the installation of sidewalks leading to the station. After
six months of operation, the service is providing average daily ridership
of 275. The original projection was 200.
Special Census
In the spring of 1997, a special census was performed. The Village has
gained 676 residents. This will increase Village revenue by approximately
$90 per capita, or a minimum of $61,000 per year.
NOW
Management of the Village is responsible for establishing and maintaining
an internal control structure designed to ensure that the assets of the
Village are protected from loss, theft or misuse and to ensure that
adequate accounting data are compiled to allow for the preparation of
financial statements in conformity with generally accepted accounting
principles. The internal control structure is designed to provide
reasonable, but not absolute, assurance that these objectives are met.
The concept of reasonable assurance recognizes that: (1) cost of a control
should not exceed the benefits likely to be derived; and (2) the valuation
of costs and benefits requires estimates and judgments by management.
Budgeting Controls. In addition, the Village maintains budgetary controls.
The objective of these budgetary controls is to ensure compliance with
legal provisions embodied in the annual appropriated budget approved by
the Village's governing body. Activities of the general fund, special
revenue funds, debt service fund, enterprise funds, internal service fund
(garage fund) , and pension trust funds are included in the annual
appropriated budget.
Project- length financial plans are adopted for the capital projects funds.
The level of budgetary control (that is, the level at which expenditures
cannot legally exceed the appropriated amount) is established at the fund
level. The Village also maintains an encumbrance accounting system as
one technique of accomplishing budgetary control. Encumbered amounts lapse
at year end. However, encumbrances generally are reappropriated as part
of the following year's budget.
As demonstrated by the statements and schedules included in the financial
section of this report, the Village continues to meet its responsibility
for sound financial management.
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, 1997, and the amount and percentage
of increases and decreases in relation to prior year revenues.
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Engineering reports indicate a need for transmission lines in the western
part of the Village and perhaps some additional storage. These repairs
will require capital budget expenditures of approximately $7,000,000 from
the 1997 -98 to the 2000 -2001 fiscal year.
Reverse Commuter Grant
Deerfield was awarded a two year $1.7 million CMAQ grant to provide shuttle
bus service for reverse commuters utilizing the new Lake Cook train station
as well as for the installation of sidewalks leading to the station. After
six months of operation, the service is providing average daily ridership
of 275. The original projection was 200.
Special Census
In the spring of 1997, a special census was performed. The Village will
gained 676 residents. This will increase Village revenue by approximately
$90 per capita, or a minimum of $61,000 per year.
FINANCIAL INFORMATION
Management of the Village is responsible for establishing and maintaining
an internal control structure designed to ensure that the assets of the
Village are protected from loss, theft or misuse and to ensure that
adequate accounting data are compiled to allow for the preparation of
financial statements in conformity with generally accepted accounting
principles. The internal control structure is designed to provide
reasonable, but not absolute, assurance that these objectives are met.
The concept of reasonable assurance recognizes that: (1) cost of a control
should not exceed the benefits likely to be derived; and (2) the valuation
of costs and benefits requires estimates and judgments by management.
Budgeting Controls. In addition, the Village maintains budgetary controls.
The objective of these budgetary controls is to ensure compliance with
legal provisions embodied in the annual appropriated budget approved by
the Village's governing body. Activities of the general fund, special
revenue funds, debt service fund, enterprise funds, internal service fund
(garage fund) , and pension trust funds are included in the annual
appropriated budget.
Project - length financial plans are adopted for the capital projects funds.
The level of budgetary control (that is, the level at which expenditures
cannot legally exceed the appropriated amount) is established at the fund
level. The Village also maintains an encumbrance accounting system as
one technique of accomplishing budgetary control. Encumbered amounts lapse
at year end. However, encumbrances generally are reappropriated as part
of the following year's budget.
As demonstrated by the statements and schedules included in the financial
section of this report, the Village continues to meet its responsibility
for sound financial management.
1
General Government Functions. The following schedule presents a summary
of general fund, special revenue funds, and debt service funds revenues
for the fiscal year ended April 30, 1997, and the amount and percentage
of increases and decreases in relation to prior year revenues.
viii
Revenues*
Taxes
Licenses
& Permits
Intergovernmental
Charges for
Services
Fines
Interest
Miscellaneous
Total 10,659,963 10,715,105 100.00 551142 .52
*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 29% of taxes or $2,164,999. This is a
decrease of $3,776 from the prior year, or a .2% decrease. This is the
fifth consecutive year of 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, 1997, sales tax receipts totalled $2,484,458 or 33%
of the total taxes received. This is a decrease over the previous year
of approximately 7.5 %. The Village believes that the decrease is due to
temporary factors including the closing of two significant retailers and
significant traffic congestion due to the construction of an underpass.
The underpass will be complete by 11/97 and the retail stores have been
replaced.
Another significant revenue source is the hotel tax, a 5% tax 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 1996 -97 tax receipts of $1,464,815 which
is 19.88 of total taxes received in 1996 -97, and an increase of 16.3% over
1995 -96. 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 fallen. There was
a decrease of $91,637 or an 11% decrease. The previous year there was
in increase of 20 %. The major area of decling was in building permits
which decreased to $270,443, a 23% decrease. The level of permit revenue
is likely to be maintained for the next two fiscal years.
Interest. Interest earnings increased approximately 7°s due largely to
interest rates which were somewhat higher than in previous years.
Chartres for Services. These revenues have increased by $48,831 due
primarily to charges to, developers for engineering fees. These fees are
charged at the beginning of a project.
Fines. Fines decreased by 8.23 %.
Miscellaneous. The current decrease 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, 1997, and the percentage of increases and decreases in relation to
prior year amounts.
ix
Increase
Percent
1996
1997
Percent
(Decrease)
of Increase
Amount
Amount
of Total
from 1996
(Decrease)
7,326,096
7,428,344
69.33
1021248
1.40
849,506
757,869
7.07
(91,637)
(10.79)
409,926
407,040
3.80
(2,886)
(0.70)
345,224
3941055
3.68
48,831
14.14
350,768
321,884
2.00
(28,884)
(8.23)
792,817
847,983
7.91
55,166
6.96
585,599
557,930
5.21
(27,669)
(4.72)
Total 10,659,963 10,715,105 100.00 551142 .52
*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 29% of taxes or $2,164,999. This is a
decrease of $3,776 from the prior year, or a .2% decrease. This is the
fifth consecutive year of 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, 1997, sales tax receipts totalled $2,484,458 or 33%
of the total taxes received. This is a decrease over the previous year
of approximately 7.5 %. The Village believes that the decrease is due to
temporary factors including the closing of two significant retailers and
significant traffic congestion due to the construction of an underpass.
The underpass will be complete by 11/97 and the retail stores have been
replaced.
Another significant revenue source is the hotel tax, a 5% tax 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 1996 -97 tax receipts of $1,464,815 which
is 19.88 of total taxes received in 1996 -97, and an increase of 16.3% over
1995 -96. 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 fallen. There was
a decrease of $91,637 or an 11% decrease. The previous year there was
in increase of 20 %. The major area of decling was in building permits
which decreased to $270,443, a 23% decrease. The level of permit revenue
is likely to be maintained for the next two fiscal years.
Interest. Interest earnings increased approximately 7°s due largely to
interest rates which were somewhat higher than in previous years.
Chartres for Services. These revenues have increased by $48,831 due
primarily to charges to, developers for engineering fees. These fees are
charged at the beginning of a project.
Fines. Fines decreased by 8.23 %.
Miscellaneous. The current decrease 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, 1997, and the percentage of increases and decreases in relation to
prior year amounts.
ix
1
1
General Fund Balance. The undesignated fund balance has increased to
$4,000,000 from $3,848,753 and the Village's designated fund balance has
decreased to $3,664,842. This decrease results from the transfer of
$1,500,000 to the Village's Infrastructure Replacement Fund. 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 $2,320,000 and has an additional
$2,000,000 designated for this project. In addition, the Village has
designated $1,664,842 for future capital expenditures for repairs and
maintenance of infrastructures. The Village's undesignated fund balance
of $4,000,000 is the equivalent of 270 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) decreased by
approximately $48,000 due primarily to a decrease in water main
maintenance. The Water Fund had an operating income, before depreciation,
of $155,796.
In the Sewerage Fund, the total operating expenses increased by $69,000.
The fund had a net loss of $199,991; however, operating income before
depreciation was $12,247. Cash increased by $168,000.
' The Refuse Fund had a net income of $44,317. Expenses (excluding
depreciation) decreased from $1,247,716 to $1,040,663, a 16.4% decrease.
Pension Trust Fund Operations. The operations of the Village of Deerfield
Police Pension Fund (PERS) remained relatively stable in 1997. For the
year ended April 30, 1997, the pension benefit obligation funding level
remained at 1141. The actuarial assumption for investments was 8.5% and
for projected salaries was 6%.
1
Increase Percent
1996 1997 Percent (Decrease) of Increase
Expenditures*
Amount Amount of Total from 1996 (Decrease)
Current
General Govt.
1,783,331 1,753,993 19.34 (29,338) (1.65)
Public Safety
3,713,793 3,749,106 41.35 35,313 .95
Highways /Streets 1,509,772 1,139,403 12.57 (370,369) (24.53)
Misc.
691,259 719,943 7.94 28,684 4.15
Debt Service
Principal
1,195,000 1,265,000 13.95 70,000 5.86
Interest
511,630 439,880 4.85 (71,750) (14.02)
Total
9,404,785 9,067,325 100.00 (337,460) (3.59)
*Amounts above exclude discretely presented Component Unit - Public Library
The decrease in General Government was $29,338. This represents a decrease
in personnel and
attendant costs and a reduction in cable television costs.
The $35,813 increase
(it) in expenses in the Police Department is the
result of temporary
vacancies resulting from retirement and resignations.
The decrease of
$370,369 or 25% in Highways and Streets is the due to the
previous year's
major efforts in resurfacing Deerfield Road. After
'
completion of the the project, the annual cost will drop to more normal
levels.
General Fund Balance. The undesignated fund balance has increased to
$4,000,000 from $3,848,753 and the Village's designated fund balance has
decreased to $3,664,842. This decrease results from the transfer of
$1,500,000 to the Village's Infrastructure Replacement Fund. 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 $2,320,000 and has an additional
$2,000,000 designated for this project. In addition, the Village has
designated $1,664,842 for future capital expenditures for repairs and
maintenance of infrastructures. The Village's undesignated fund balance
of $4,000,000 is the equivalent of 270 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) decreased by
approximately $48,000 due primarily to a decrease in water main
maintenance. The Water Fund had an operating income, before depreciation,
of $155,796.
In the Sewerage Fund, the total operating expenses increased by $69,000.
The fund had a net loss of $199,991; however, operating income before
depreciation was $12,247. Cash increased by $168,000.
' The Refuse Fund had a net income of $44,317. Expenses (excluding
depreciation) decreased from $1,247,716 to $1,040,663, a 16.4% decrease.
Pension Trust Fund Operations. The operations of the Village of Deerfield
Police Pension Fund (PERS) remained relatively stable in 1997. For the
year ended April 30, 1997, the pension benefit obligation funding level
remained at 1141. The actuarial assumption for investments was 8.5% and
for projected salaries was 6%.
1
Debt Administration. At April 30, 1997, the Village had a number of debt
issues outstanding. These issues included $6,719,337 of net general
obligation bonded debt and no revenue bonds. The Village continues to
be rated AA+ by Moody's Investor's Service. The Village of Deerfield is
a home rule municipality and as such has no debt limitations. If, however,
the Village were a non -home rule village its available debt limit would
be as follows:
Assessed Valuation - 1996 624,187,752
Legal Debt Limit - 8.625% 53,836,194
Amount of Debt applied to fund 8,955,000
Legal Debt Margin 44,881,194
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 and a guaranteed investment
contract. The average yield on investments, except for the Trust and
Agency fund group, was 5.65 %. The pension trust fund achieved a yield
rate of 9.02% 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 5.14% for 90 day U.S.
Treasury bills and 6.57% for 10 year U.S. Treasury notes. The Village
earned interest revenue of $1,609,805 on all investments except the Trust
and Agency fund group and $1,089,631 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 "B" or better. The Village's investments total $42,865,427. Of these,
$34,671,073 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
$8,004,995, as detailed below, is held in accounts not subject to risk
categorization. $3,745,440 is invested in the Illinois Public Treasury
Pool, $3,655,008 is in a deferred compensation plan asset account, and
the remaining $604,547 is in life insurance company contracts.
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 ($5,000,000 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.
xi
1
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, 1996. 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.
�. Acknowledc{ments. 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.
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In closing, without the leadership and support of the. Village Board,
preparation of this report would not have been possible.
R s ectfu1 submitted
George Valentine
Finance Director
xii
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II ,I
CROWE CHIZEK
REPORT 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, 1997, 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,
1996 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
based on our audit.
We conducted our audits in accordance with generally accepted auditing standards. 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, 1997,
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, 1997, and the results of operations of
such funds and cash flows of individual proprietary funds for the year then ended, and the
financial position of the general, debt service, and individual enterprise funds as of April 30,
1996 and the results of operations of the individual general, special revenue, debt service,
1
enterprise, internal service, police pension, and component unit - public library general funds
for the year then ended in conformity with generally accepted accounting principles.
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 is presented for purposes of additional
analysis and is 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
July 18, 1997
2
Crowe, Chizek and Company LLP
' VILLAGE OF DEERFIELD, ILLINOIS
All Fund Types and Account Groups
' and Discretely Presented Component Unit
Combined Balance Sheet
April 30,1997
(with comparative totals for 1996)
(See Following Page)
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v
VILLAGE OF DEERFIELD, ILLINOIS
All Proprietary and Fiduciary
(Pension Trust) Fund Types
Combined Statement of Revenues, Expenses,
and Changes in Retained Earnings - Unreserved /Fund Balances
Year Ended April 30,1997
(with comparative totals for 1996)
Fiduciary
Proprietary Fund Types Fund Type Totals
Internal Pension (Memorandum Only)
Enterprise Service Trust 1997 1996
Operating revenues
Taxes
$ -
$ -
$ 245,757 $
245,757
$ 232,578
■
Charges for services
4,406,692
1,134,620
-
5,541,312
5,654,415
Contributions
-
-
186,027
186,027
182,731
Interest
-
-
1,089,631
1,089,631
1,185,565
Miscellaneous
160,587
-
-
160,587
196,268
Total operating revenues
4,567,279
1,134,620
1,521,415
7,223,314
7,451,557
Operating expenses
,
Administration
504,133
906,071
-
1,410,204
1,305,697
Operations
4,456,196
212,182
-
4,668,378
4,860,473
Depreciation
377,407
-
-
377,407
361,297
,
Benefits and refunds
-
-
371,015
371,015
318,461
Miscellaneous
-
-
1,893
1,893
1,444
Total operating expenses
5,337,736
1,118,253
372,908
6,828,897
6,847,372
'
Operating income (loss)
(770,457)
16,367
1,148,507
394,417
604,185
Nonoperating revenues
Interest income
289,556
27,066
-
316,622
282,918
Property taxes
718,942
-
-
718,942
724,021
1,008,498
27,066
-
1,035,564
1,006,939
Income (loss) before operating
transfers
238,041
43,433
1,148,507
1,429,981
1,611,124
Operating transfers (out)
(168,650)
(2,000)
-
(170,650)
(492,000)
'
Net income
69,391
41,433
1,148,507
1,259,331
1,119,124
Other changes in retained earnings -
unreserved /fund balances
Depreciation that reduces
capital
224,804
-
-
224,804
184,847
Net increase in retained earnings -
,
unreserved /fundbalances
294,195
41,433
1,148,507
1,484,135
1,303,971
Retained earnings - unreserved/
fund balances
May 1- as restated
5,966,383
247,336
12,686,498
18,900,217
17,596,246
April 30
$ 6,260,578
$ 288,769
$ 13,835,005 $
20,384,352
$ 18,900,217
'
See accompanying
notes to financial
statements.
6
1
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1
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1
VILLAGE OF DEERFIELD, ILLINOIS
All Proprietary Fund Types
Combined Statement of Cash Flows
Year Ended April 30,1997
(with comparative totals for 1996)
Cash flows from operating activities
Operating income (loss)
Adjustments to reconcile operating income (loss)
to net cash provided by operating activities
Depreciation
Other nonoperating revenues
Changes in assets and liabilities
Receivables
Due from other funds
Due from component unit
Inventories
Accounts payable
Accrued payroll
Compensated absences payable
Due to other funds
Cash flows from noncapital financing activities
Operating transfers (out)
Cash flows from capital and related
financing activities
Fixed assets purchased
Cash flows from investing activities
Purchase of investment securities
Proceeds from sale and maturities
of investment securities
Interest on investments
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents
May 1
April 30
Cash and investments
Cash and cash equivalents
Investments
Proprietary Fund Types
Internal
Enterprise Service
Totals
(Memorandum Only)
1997 1996
$ (770,457) $
16,367 $
(754,090)
$ (676,784)
37407
-
377,407
361,297
718,942
-
718,942
724,021
127,410
110
127,520
118,883
-
-
-
2,137
(6,306)
-
(6,306)
(177)
(1,320)
-
(1,320)
12,749
68,982
(4,236)
64,746
(44,586)
6,055
1,428
7,483
3,985
18,712
2,773
21,485
12,833
-
-
-
(13,692)
539,425
16,442
555,867
500,666
(168,650)
(2,000)
(170,650)
(492,000)
(33,633) - (33,633) -
(5,582,633)
(625,000)
(6,207,633)
(1,882,841)
4,775,526
550,000
5,325,526
2,117,927
265,987
23,799
289,786
348,343
(541,120)
(51,201)
(592,321)
583,429
(203,978)
(36,759)
(240,737)
592,095
1,173,952
105,438
1,279,390
687,295
$ 969,974 $
68,679 $
1,038,653
$ 1,279,390
$ 969,974 $
68,679 $
1,038,653
$ 1,279,390
4,592,811
425,000
5,017,811
4,136,341
$ 5,562,785 $
493,679 $
6,056,464
$ 5,415,731
Noncash investing, capital and financing activities:
The Enterprise Funds received $33,633 in contributed fixed assets during the year.
See accompanying notes to financial statements.
7
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1997
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 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.
Discretely Presented Component Unit:
Village of Deerfield Public Library
The Deerfield Public 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 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)
1
1
1
1
1
1
1
1
1
1
C
1
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 1997
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 the Agency 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)
E
VILLAGE OF DEERFIELD, ILLINOIS I
Notes to Financial Statements
April 30,1997 t
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Fund 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.
(Continued) ,
10
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1997
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)
11
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1997
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Cash 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 stated at cost or amortized cost, subject to adjustment for market declines
judged to be other than temporary (lower of cost or market), except for investments in the
deferred compensation agency fund and insurance company separate accounts in the pension
trust fund which are reported at market 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.
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) ,
12
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1997
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
rFixed 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.
r
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.
Bond Discounts/Issuance Costs: In governmental fund types, bond discounts and issuance
costs are recognized in the current period.
(Continued)
13
VILLAGE OF DEERFIELD, ILLINOIS I
Notes to Financial Statements
April 30,1997
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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.
GASB Pronouncements The Government has elected, under the provisions of GASB Statement
20, entitled "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.
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 may add to, subtract from, or change appropriations, but may not
change the form of the budget.
The budget may only be amended by the governing body.
Expenditures may not legally exceed budgeted appropriations at the fund level. During the
year, no supplementary appropriations were necessary.
(Continued)
14
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1997
NOTE 2 - LEGAL COMPLIANCE AND ACCOUNTABILITY (Continued)
Deficit Fund Balances/Retained Earnings of Individual Funds: The following funds had a
deficit in fund balance /retained earnings as of the date of this report:
Deficit
Fund Balance
Emergency Services/ Disaster $ 13,043
Tax Incremental Finance District 2 1,911,857
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
Street and Bridge Fund $ 9,488
Debt Service 335,225
Sewerage Fund 61,881
NOTE 3 - DEPOSITS AND INVESTMENTS
rThe 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 $600, respectively, which has been
excluded from the amounts shown below.
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 Public
Treasurer's Investment Pool. Pension funds may also invest in certain non -U.S. obligations,
Illinois municipal corporations tax anticipation warrants, veteran's loans, obligations of the
State of Illinois and its political subdivisions, and Illinois insurance company general and
separate accounts.
(Continued)
15
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1997
NOTE 3 - DEPOSITS AND INVESTMENTS (Continued)
Deposits: At year -end the carrying amount of the Government's deposits totaled $(567,472)
and the bank balances totaled $160,207, and the Discretely Presented Component Unit's
carrying amount of deposits totaled $43,868 and the bank balances totaled $43,868.
Category 1
Deposits covered by federal depository insurance, or
by collateral held by the Government, or its agent,
in the Government's name.
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
Bank Balances - - - - --
Discretely
Presented
Primary Component
Government Unit
$ 160,207 $ 43,868
16 2 7 43 8
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.
(Continued)
16
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1997
NOTE 3 - DEPOSITS AND INVESTMENTS (Continued)
Investments: (Continued)
Primary Government
• Deferred Compensation
Plan Assets
• Illinois Public Treasurer's
Investment Pool
• Life Insurance Contracts
and Separate Accounts
Total Investments - Primary Government
Component Unit
• Deferred Compensation Plan Assets
• Illinois Public Treasurer's
Investment Pool
Discretely Presented Component Unit
* (Not subject to risk categorization)
3,655,008 3,655,008
3,745,440 3,745,440
604,547 604,547
$ 42,865,427 $ 46,007,882
$ 56,809 $ 56,809
1,096,092 1,096,092
$ 1,152,901 $ 1,152,901
The pension trust fund owns 34.37 percent of the investments in Category 1.
NOTE 4 - RECEIVABLES -TAXES
Property taxes for 1996 attach as an enforceable lien on January 1, 1996, 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, 1997, and August 1, 1997, and are payable in two installments, on or about March 1,
1997, and September 1, 1997. The County collects such taxes and remits them periodically.
(Continued)
17
----------------- - - - - -- Carrying
Amount ----------------------
--------------------- Category---------
- - - - --
Market
1 2
3 Totals
Value
U.S. Government Securities
$ 28,560,970 $ -
$ - $ 28,560,970
$ 31,704,565
GNMA
1,792,401 -
- 1,792,401
1,812,849
Municipal Bonds
2,144,658 -
- 2,144,658
2,148,907
Commercial paper
3,000,000 -
- 3,000,000
2,974,163
$ -a5,498,029 $
$ — 35,498,029
38,640,484
• Deferred Compensation
Plan Assets
• Illinois Public Treasurer's
Investment Pool
• Life Insurance Contracts
and Separate Accounts
Total Investments - Primary Government
Component Unit
• Deferred Compensation Plan Assets
• Illinois Public Treasurer's
Investment Pool
Discretely Presented Component Unit
* (Not subject to risk categorization)
3,655,008 3,655,008
3,745,440 3,745,440
604,547 604,547
$ 42,865,427 $ 46,007,882
$ 56,809 $ 56,809
1,096,092 1,096,092
$ 1,152,901 $ 1,152,901
The pension trust fund owns 34.37 percent of the investments in Category 1.
NOTE 4 - RECEIVABLES -TAXES
Property taxes for 1996 attach as an enforceable lien on January 1, 1996, 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, 1997, and August 1, 1997, and are payable in two installments, on or about March 1,
1997, and September 1, 1997. The County collects such taxes and remits them periodically.
(Continued)
17
VILLAGE OF DEERFIELD, ILLINOIS t
Notes to Financial Statements
April 30,1997
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:
Water /Sewer system
13,670,057
Primary Government
920,439
Parking Lot Improvements
632,608
Balances
Accumulated depreciation
Balances
May 1
Additions
Retirements A_12ri130
Land
$ 3,771,232
$ 3,825,114
$ - $ 7,596,346
Buildings and improvements
4,915,798
975
- 4,916,773
Vehicles
1,051,944
56,892
207,000 901,836
Equipment
2,357,781
288,160
2,040 2,643,901
12,096,755 $ 4,171,141 209,040 $ 16,058,856
Discretely Presented Component Unit
Balances Balances
May 1 Additions Retirements April 30
Land $ 145,556 $ - $ - $ 145,556
Building and improvements 848,116 - - 848,116
Equipment 435,022 - - 435,022
$ 1,428,694 $ - $ - $ 1,428,694
Proprietary Fixed Assets: The following is a summary of proprietary fund -type fixed assets as
of the date of this report:
Enterprise
Funds
Land
$ 77,500
Water /Sewer system
13,670,057
Equipment and Vehicles
920,439
Parking Lot Improvements
632,608
15,300,604
Accumulated depreciation
(8,582,977)
$ 6,717,627
(Continued)
18
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 1997
NOTE 5 - FIXED ASSETS (Continued)
Proprietary Fixed Assets (Continued)
In proprietary funds, the following estimated useful lives are used to compute depreciation:
Water /Sewer system 50 - 60 years
Equipment 10 - 20 years
Vehicles 4 - 5 years
Parking Lot Improvements 20 years
Construction Contracts: 'The Government has entered into contracts for the construction or
renovation of various facilities as follows:
tRequired
Project Expended Further
Authorization To Date Financing
Self Storage Building Addition $ 127,900 $ - None
50/50 Safety Sidewalk and Curb 100,000 - None
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)
19
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 1997
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,
1997 1996
$ 177,005 $ 177,005
575,686 614,521
(575,686) (614,521)
$ 177,005 177,005
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.
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 ($5,000,000 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)
20
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1997
NOTE 6 - RISK MANAGEMENT (Continued)
High -Level Excess Liability Pool (HELP) (Continued)
The High -Level Excess Liability Pool (the "Agency ") was organized on April 1, 1987. The
purpose of the Agency 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 the Agency.
The Agency 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 the Agency
are appointed by the Board of Directors. The Board of Directors determines the general policy
of the Agency; makes all appropriations; approves contracts; adopts resolutions providing for
the issuance of debt by the Agency; adopts by laws, rules, and regulations; and exercises such
powers and performs such duties as may be prescribed in the Agency Agreement or the by
laws.
The Government does not exercise an control over the activities f the Agency y o g y 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 the Agency. The bond proceeds were
put into escrow with LaSalle National Bank as escrow agent. An intergovernmental agreement
among the Agency, the Village of Elk Grove Village, and the Members provides that the
Agency 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
Member is liable for its proportionate share of any default by other Members. The obligations
of the Agency 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)
21
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 1997
NOTE 8 - LONG -TERM DEBT
General Obligation Bonds:
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 -1 Additions Reductions Aril 30
Corporate Purpose Bond Series
of 1986; ($11,000,000 dated
May 1, 1986; maturing
January 1, 2005; payable in
annual installments; interest Debt
rates from 6.40% to 7.75 %) Service
Corporate Purpose Bond Series
of 1991; ($1,500,000 dated
July 1, 1991; maturing
January 1, 1997; payable in
annual installments; interest * *Debt
rates from 5.2% to 5.8 %) Service
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
$ 480,000 $
300,000
$ 480,000 $
300,000
9,440,000 - 485,000 8,955,000
$ 10.220.000 $ - $ 1.265.000 $ 8.955.000
** 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)
22
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1997
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
Al2ri130
Bonds
1998
$ 1,367,155
1999
1,376,155
2000
1,363,105
2001
1,368,825
2002
1,377,495
2003
1,383,910
2004
1,358,070
2005
1,046,205
Total Principal
and Interest
$ 10,640,920
Interest Portion
$ 1,685,920
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
May Additions Reductions Al2ri130
Corporate Purpose Bond Series of 1986
$ 480,000 $ - $ 480,000 $ -
General Obligation Bond Series of 1991
300,000 - 300,000 -
General Obligation Refunding Bond
Series of 1993
9,440,000 - 485,000 8,955,000
$ 10,220,000 $ - $ 1,265,000 $ 8,955.000
(Continued)
23
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1997
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 have
been removed from the general long -term debt account group.
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 which 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.
(Continued)
24
' VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
' April 30, 1997
1
NOTE 8 - LONG -TERM DEBT (Continued)
Noncommitment Debt - Industrial Development Revenue Bonds: (Continued)
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.
P
The Government has authorized the issuance of the following such bonds:
1
1
1
1
1
1
1
r
1
1
1
1
Date Issued
Type of Bond
12/20/82
Industrial Revenue
4/16/84
Industrial Revenue
12/17/84
Industrial Revenue
NOTE 9 - INTERFUND ASSETS/LIABILITIES
Due From/To Other Funds:
Receivable Fund
General
Emergency Services /Disaster
Advances From/To Other Funds:
Amount
$ 1,615,000
1,000,000
4,500,000
Payable Fund
Deposit
Street and Bridge
Receivable Fund Payable Fund
General Tax Incremental Finance District 2
Due From/To Primary Government and Component Unit:
Receivable Entity
Primary government -
Debt Service Fund
Refuse Fund
IMRF Fund
Police Pension Fund
Street Fund
Payable Entity
Component unit -
Public Library - General Fund
(Continued)
25
Debtor
Chi -Chi's Inc.
Teradyne, Inc.
Industrialplex
Limited Partnership
Amount
$ 11,761
12,825
$ 24,586
Amount
' 1 111
Amount
$ 24,048
'6,483
7,975
2,233
3,028
43 7 7
VILLAGE OF DEERFIELD, ILLINOIS I
Notes to Financial Statements
April 30,1997 '
NOTE 10 - COMMITMENTS
High -Level Excess Liability Pool (HELP): The Government has committed to purchase excess
liability insurance from the High -Level Excess Liability Pool (Agency), a joint venture of Illinois
municipalities. The Government expects to pay the following minimum amounts (these
amounts represent the Government's share of the principal and interest - "fixed costs" - of the
Agency):
0
Fiscal
Year Ending
April 30 Amount
1998 $ 26,024
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 the Agency's
Agreement provides that each year members will be assessed based upon a formula which
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 the HELP Pool for ten
years beginning May 1, 1998.
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 1997 and no future payments are expected.
(Continued)
26
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1997
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)
27
Commuter
Water
Sewerage
Refuse
Parking Lot
Totals
Operating revenues $
2,568,467
$ 1,468,788
$ 361,633
$ 168,391 $
4,567,279
Depreciation and
amortization expense
97,045
248,092
-
32,270
377,407
Operating income (loss)
58,751
(235,845)
(679,030)
85,667
(770,457)
Operating grants, entitlements,
and shared revenues
-
-
-
-
-
Operating transfers in
-
-
-
-
-
Operating transfers out
(23,000)
(33,000)
(12,650)
(100,000)
(168,650)
Tax revenues
-
-
718,942
-
718,942
Net income (loss)
200,906
(199,991)
44,317
24,159
69,391
Current capital contributions
-
-
-
-
-
Current capital transfers
-
-
-
-
-
Plant, property, and equipment
Additions
24,861
8,772
-
-
33,633
Deletions
-
-
-
-
-
Total assets
5,690,589
6,355,774
957,582
905,977
13,909,922
Net working capital
3,518,803
1,480,377
877,242
743,300
6,619,722
Bonds and other long -term
liabilities
Payable from operating
revenues
-
-
-
-
-
Payable from other sources
-
-
-
-
-
Total equity
5,477,689
6,085,185
877,242
897,233
13,337,349
(Continued)
27
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 1997
NOTE 12 - CONTRIBUTED CAPITAL
During the fiscal year, contributed capital increased/ decreased by the following amounts:
Increases
Decreases - depreciation
Net increase (decrease)
Contributed capital
May 1
April 30
Water Sewerage
48,861 135,319
(48,861) (135,319)
1,716,304
$ 1,667,443
5,382,223
$ 5,246,904
Commuter
Parking Lot Totals
40,624 224,804
(40,624) (224,804)
203,048 7,3011575
162,424 $ 7,076,771
NOTE 13 - FUND EQUITY
Restatements - During the year, the following restatements were made:
The Water and Sewerage Funds for 1996 have been restated to correct an error in recording
income from utility billing. The effect of the restatement was to decrease retained earnings
by $152,992 and $115,719, respectively.
Tax Incremental Finance District 1 Fund - Surplus Rebate
On August 19,1996, the Government passed Resolution No. 96 -09 titled "Resolution Declaring a
Surplus of Tax Increment Financing Funds" in accordance with the Illinois Compiled Statutes.
The Government determined that the sum of $6,604,079 held in the Tax Incremental Finance
District 1 Fund was surplus funds and should be redistributed to the appropriate taxing
districts in Fiscal 1997.
(Continued)
28
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
' April 30,1997
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 which may be disallowed by the grantor cannot be determined
at this time although the Government expects such amounts, if any, to be immaterial.
High -Level Excess Liability Pool (HELP): The Government's agreement with the High -Level
' Excess Liability Pool 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 the Solid
Waste Agency of Lake County 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 the Solid Waste Agency of Lake County (the Agency) which
consists of thirty -five municipalities. The Agency 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). The Agency
is empowered under the Act to plan, construct, finance, operate, and maintain a solid waste
disposal system to serve its members.
' (Continued)
29
VILLAGE OF DEERFIELD, ILLINOIS '
Notes to Financial Statements
April 30, 1997 t
NOTE 15 - JOINT VENTURES (Continued)
Solid Waste Agency of Lake County (SWALCO): (Continued)
The members of the Agency and their percentage shares based on formulae contained in the
Agency Agreement as of April 30,1996 are:
100.00%
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 the Agency upon the approval of
each member.
The Agency 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 the Agency
are appointed by the Board of Directors. The Board of Directors determines the general policy
of the Agency; makes all appropriations; approves contracts; adopts resolutions providing for
the issuance of Bonds or Notes by the Agency; adopts bylaws, rules, and regulations; and
exercises such powers and performs such duties as may be prescribed in the Agency
Agreement or the bylaws.
(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%
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 the Agency upon the approval of
each member.
The Agency 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 the Agency
are appointed by the Board of Directors. The Board of Directors determines the general policy
of the Agency; makes all appropriations; approves contracts; adopts resolutions providing for
the issuance of Bonds or Notes by the Agency; adopts bylaws, rules, and regulations; and
exercises such powers and performs such duties as may be prescribed in the Agency
Agreement or the bylaws.
(Continued)
30
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1997
NOTE 15 - JOINT VENTURES (Continued)
Solid Waste Agency of Lake County (SWALCO): (Continued)
Summary of Financial Information of Joint Venture
Summary of Financial Position as of April 30,1996:
Assets Liabilities and Fund Equity
Current assets $ 209,779 Current liabilities 43,530
Fund equity
Investment in general
Fixed assets 18,223 fixed assets 18,223
Fund balance - unreserved 166,249
184,472
Total liabilities
Total assets LIM002 and fund equity 228 2
JQ
Summary of Revenues, Expenditures, and Changes in Fund Balance for the year ended
April 30,1996:
Total revenues $ 850,608
Total expenditures 714,765
Excess of revenues over expenditures 135,843
Fund balance
May 1 30,406
April 30 J-16 24
Complete financial statements can be obtained from the Solid Waste Agency of Lake County,
1300 N. Skokie Highway, Suite 103, Gurnee, IL 60031.
The Government made no payments to the Agency for the year ended April 30,1997.
(Continued)
31
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 1997
NOTE 16 - DEFERRED COMPENSATION PLAN
The Government offers its employees a deferred compensation plan created in accordance with
Internal Revenue Code Section 457. The plan, available to all Government employees, permits
them to defer a portion of their salary until future years. Participation in the plan is optional.
The deferred compensation is not available to employees until termination, retirement, death or
unforeseeable emergency. All amounts of compensation deferred under the plan, all property
and rights purchased with those amounts, and all income attributable to those amounts,
property, or rights are (until paid or made available to the employee or other beneficiary) solely
the property and rights of the Government subject only to the claims of the Government's
general creditors. Participants' rights under the plan are equal to those of general creditors of
the Government in an amount equal to the fair market value of the deferred account for each
participant.
It is the opinion of the Government's legal counsel that the Government has no liability for
losses under the plan but does have the duty of due care that would be required of an ordinary
prudent investor. The Government believes that it is unlikely that it will use the assets to
satisfy the claims of general creditors in the future.
NOTE 17 - POSTEMPLOYMENT BENEFITS
In addition to providing 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 receive a pension from the
Government in 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 $5,500. 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 eleven participants eligible to receive benefits. Accordingly, no liability has been recorded
for post - employment health care benefits.
(Continued) '
32
1
1
1
1
t
1
1
1
1
1
1
1
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1997
NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS
Plan 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, 1996, was $6,262,077. Of this -
amount, $3,828,030 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 1 -2/3 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 members are required to contribute 4.5 percent of their annual salary to IMRF.
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 1996, the rate was 10.85 percent.
Police Pension
Police sworn personnel are covered by the Police Pension Plan which is a defined benefit
single - employer pension plan. Although this is a single - employer pension plan, the defined
benefits and employee and employer contributions levels are governed by Illinois Compiled
Statutes (Chapter 40 - Article 5/3) and may 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, 1997 was $2,071,280
out of a total payroll of $6,359,142. At April 30, 1997, the Police Pension Plan membership
consisted of:
Retirees and beneficiaries currently receiving benefits and
terminated employees entitled to benefits but not yet
receiving them 14
Current employees
Vested ] 27
Nonvested ] 11
Total 52
(Continued)
33
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1997
NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS (Continued)
Plan Descriptions and Provisions: (Continued)
Police Pension (Continued)
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% of such salary for each additional year of service over 20 years
up to 30 years, and 1% of such salary for each additional year of service over 30 years, to a
maximum of 75% of such salary. Employees with at least 8 years but less than 20 years of
credited service may retire at or after age 60 and receive a reduced 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% of the original pension and 3% simple interest
annually thereafter.
Covered employees are required to contribute 9% 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.
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: Fixed- income securities are reported at amortized cost
with discounts or premiums amortized using the effective interest rate method, subject to
adjustment for market declines judged to be other than temporary (lower of cost or market).
Investment income is recognized as earned.
(Continued)
34
1
1
' VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1997
NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS (Continued)
Summary of Significant Accounting Policies and Plan Asset Matters: (Continued)
Method Used to Value Investments: (Continued)
Gains and losses on sales and exchanges of fixed - income securities are recognized on the
transaction date. Equity securities are reported at cost subject to adjustment for market declines
' judged to be other than temporary (lower of cost or market).
Significant Investments: There are no investments (other than U.S. government and U.S.
government guaranteed obligations) in any one organization that represent 5 percent or more
of net assets available for benefits.
Related Party Transactions: There were no securities of the employer or any other related
parties included in plan assets, including any loans.
Funding Status and Progress:
The amount shown below as the "pension benefit obligation" is a standardized disclosure
rmeasure 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
iRetirement Pension
Actuarial valuation date December 31, April 30,
' 1996 1997
Significant actuarial assumptions
' o 0
a) Rate of return on investment 7.50% 8.50%
of present and future assets compounded compounded
' annually annually
(Continued)
35
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1997
NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS (Continued)
Summary of Significant Accounting Policies and Plan Asset Matters: (Continued)
Funding Status and Progress: (Continued)
Illinois Municipal
Retirement
Actuarial valuation date December 31,
1996
Significant actuarial assumptions (Continued)
b) Projected salary increases - 4.00%
attributable to inflation compounded
annually
c) Additional projected salary
increases - attributable
to seniority /merit
0.4%-7.0%
d) Post - retirement benefit 3.00%
increases
(Continued)
36
Police
Pension
April 30,
1997
3.00%
compounded
annually
3.00%
compounded
annually
3.00%
compounded
annually
IVILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30, 1997
Effects on the Pension Benefit Obligation of Current -Year Changes
Illinois Municipal Retirement: There were no changes in the actuarial assumptions or benefit
' provisions.
Police Pension: There were no current -year changes in the actuarial assumptions or benefit
' provisions.
1
1 (Continued)
1 37
NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS (Continued)
1
Summary of Significant Accounting Policies
and Plan Asset Matters: (Continued)
'
Funding Status and Progress: (Continued)
Illinois Totals
Municipal Police (Memorandum
Retirement Pension
Pension benefit obligation
Retirees and beneficiaries currently
'
receiving benefits and terminated
(Note)
employees not yet receiving benefits
$ 648,647 $ 5,877,059 $ 6,525,706
Current employees
Accumulated employee contributions
including allocated investment earnings
2,368,909 1,630,930 3,999,839
Employer - financed vested
5,823,216 4,497,715 10,320,931
1
Employer - financed nonvested
256,743 194,659 451,402
Total pension benefit obligation
9,097,515 12,200,363 21,297,878
Net assets available for benefits,
at market or lower of cost or market
8,623,155 13,835,005 22,458,160
(Market value)
(Police - $15,155,586)
Unfunded (assets in excess of)
pension benefit obligation
$ 474,360 $ (1,634,642)
(Note) The pension benefit obligation
applicable to retirees and beneficiaries currently
receiving benefits is not included in the above schedule due to the fact that this
obligation was transferred from the Government to IMRF as a whole when the annuity
became payable.
Effects on the Pension Benefit Obligation of Current -Year Changes
Illinois Municipal Retirement: There were no changes in the actuarial assumptions or benefit
' provisions.
Police Pension: There were no current -year changes in the actuarial assumptions or benefit
' provisions.
1
1 (Continued)
1 37
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1997
NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS (Continued)
Contributions Required and Contributions Made:
Illinois Municipal Retirement and Police Pension
The Systems' funding policy provide for actuarially determined periodic contributions at rates
that, for individual employees, accumulate assets gradually over time so that sufficient assets
will be available to pay benefits when due. The rate for the Government's employee group as a
whole has tended to remain level as a percentage of annual covered payroll. The contributions
rate for normal cost is determined using the entry age normal actuarial funding method. The
IMRF and Police Pension Systems used the level percentage of payroll method to amortize the
unfunded liability over a 40 -year period.
The significant actuarial assumptions used to compute the actuarially determined contribution
requirements are the same as those used to compute the pension benefit obligation as described
above.
Actuarial valuation date
Actuarially determined contribution
requirement
As a dollar amount
Employer
Normal cost
Amortization of unfunded
actuarial accrued liability
Death and disability cost
Supplemental retirement benefit
Employee - normal cost
Illinois Totals
Municipal Police (Memorandum
Retirement Pension Qn1W
December 31, April 30,
1996 1997
$ 276,384 $ 133,144 $ 409,528
(Continued)
0:3
97,615 15,981 113,596
17,609 - 17,609
23,734 - 23,734
415,342 149,125 564,467
172,261 186,027 358,288
587,603 $--335,152 922 755
1
1
1
1
1
1
1
1
1
1
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1997
NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS (Continued)
Contributions Required and Contributions Made: (Continued)
Illinois
Municipal
Retirement
As a % of current covered payroll
Employer
Normal cost
Amortization of unfunded
actuarial accrued liability
Death and disability cost
Supplemental retirement benefit
Employee - normal cost
Contribution made
As a dollar amount
Employer
Employee
7.22%
2.55
.46
.62
10.85
4.50
15.35%
Totals
Police (Memorandum
Pension On1yZ
6.43% 6.94%
.78
1.93
-
.30
-
.40
7.21
9.57
8.97
6.07
--16.18%
L.64%
$ 415,342 $ 245,757 $ 661,099
172,261 186,027 358,288
587,603 431,78 $ 1.019,387
As a % of current covered payroll
' Employer 10.85% 11.86% 11.21%
Employee 4.50 8.97 6.07
15.35% 2183% 17.28%
Effects on the Contribution Requirements of Current -Year Changes:
' Illinois Municipal Retirement: There have been no changes in the actuarial assumptions,
actuarial funding method, or benefit provisions.
rPolice Pension: There have been no changes in the actuarial assumptions, actuarial funding
method, or benefit provisions.
(Continued)
39
VILLAGE OF DEERFIELD, ILLINOIS
Notes to Financial Statements
April 30,1997
NOTE 18 - EMPLOYEE RETIREMENT SYSTEMS (Continued)
Trend Information: Trend information gives an indication of the progress made in
accumulating sufficient assets to pay benefits when due. Trend information may be found in
the supplemental section of the Government's annual financial report.
Illinois Totals
Municipal Police (Memorandum
Year Retirement Pension Onl
Net assets available for benefits
as a % of the pension benefit 1995 73.37 110.47 95.34
obligation (PBO) 1996 82.04 113.96 100.07
1997 94.79 113.40 105.45
Unfunded (assets in excess of) PBO
as a % of annual covered payroll
(expressing the unfunded pension
benefit obligation as a percentage
of annual covered payroll approxi-
mately adjusts for the effects of 1995 53.29 (55.79) 14.97
inflation for analysis purposes) 1996 41.68 (76.54) (0.25)
1997 12.39 (78.92) (19.66)
Employer contributions
As a % of annual covered payroll
1995
11.56
11.49
11.54
1996
11.01
11.46
11.17
1997
10.85
11.86
11.21
Required
1995
$ 410,551
$ 159,619
$ 570,170
1996
406,655
150,903
557,558
1997
415,342
149,125
564,467
Made
1995
410,551
222,673
633,224
1996
406,655
232,578
639,233
1997
415,342
245,757
661,099
40
ci
0
Cm
Z�
�z
y �
b
Mi y
a
r
GENERAL FUND
I The General Fund also referred to as the Co orate Fund
( I?
To account for resources traditionally associated with governmental services not required to be
accounted for in another fund.
VILLAGE OF DEERFIELD, ILLINOIS
General Fund
Balance Sheet
April 30,1997 and 1996
1997 1996
ASSETS
Cash and investments
$ 8,169,588
$ 9,599,546
Receivables
52,964
23,687
Accrued interest
189,634
177,529
Other
173,943
162,129
Due from other governments
-
1,123
Sales tax
394,757
462,173
State income tax
129,523
117,816
Due from other funds
11,761
15,989
Inventory
13,817
14,952
Advances to other funds
2,320,000
1,320,000
Total assets
$ 11,403,023
$ 11,870,134
LIABILITIES AND FUND BALANCE
Liabilities
Accounts payable
$ 63,147
$ 94,879
Accrued payroll
52,964
23,687
Compensated absences payable
7611675
783,802
Other payables
2,298
2,949
Due to other funds
-
1,123
Total liabilities
880,084
906,440
Fund balance
Reserved for due from other governments
524,280
579,989
Reserved for inventory
13,817
14,952
Reserved for advances to other funds
2,320,000
1,320,000
Unreserved
Designated - future improvements
3,664,842
5,200,000
Undesignated
4,000,000
3,848,753
Total fund balance
10,522,939
10,963,694
Total liabilities and fund balance
$ 11,403,023
$ 11,870,134
See accompanying notes to financial statements.
41
VILLAGE OF DEERFIELD, ILLINOIS
General Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget
and Actual
Year Ended April 30,1997 and Actual Only for 1996
t1997
1996
Budget
Actual
Actual
' Revenues
Taxes
$ 5,007,000
$ 5,185,977
$ 5,091,709
Licenses and permits
293,500
421,058
513,672
Intergovernmental
-
-
4,797
Charges for services
190,500
255,639
203,840
Fines and forfeits
290,000
321,884
350,768
IInterest
300,000
591,597
600,980
Miscellaneous
316,100
338,319
366,311
Total revenues
6,397,100
7,114,474
7,132,077
Expenditures
General government
2,037,520
1,753,993
1,783,331
' Public safety
3,803,450
3,652,101
3,617,636
Total expenditures
5,840,970
5,406,094
5,400,967
Excess of revenues over expenditures
556,130
1,708,380
1,731,110
Other financing sources (uses)
Operating transfers in (out)
Debt Service Fund
(400,000)
(775,000)
Infrastructure Fund
-
(1,551,000)
-
Tax Incremental Finance
District 1 Fund
28,107
Tax Incremental Finance
District 2 Fund
-
(13,135)
(21,241)
Vehicle Replacement Fund
(185,000)
(185,000)
(152,700)
(185,000)
(2,149,135)
(920,834)
Excess (deficiency) of revenues and other
financing sources over expenditures
and other financing uses
$ 371,130
(440,755)
810,276
Fund balance
May 1
10,963,694
10,125,238
Residual equity transfer in
Municipal Audit Fund
-
28,180
' April 30
$ 10,522,939
$ 10,963,694
See accompanying notes to financial statements.
42
VILLAGE OF DEERFIELD, ILLINOIS 1
General Fund
Schedule of Revenues - Budget and Actual
Year Ended April 30,1997
Budget Actual
Taxes
Sales tax $ 2,625,000 $ 2,484,458
Local use tax 157,000 151,843
Income tax 925,000 1,053,780
Hotel /motel tax 1,300,000 1,464,815
Photofinishing tax - 31,081
5,007,000 5,185,977
Licenses and permits
Beer /liquor licenses
56,000
55,100
Food licenses
6,000
4,992
Other business licenses
32,500
34,387
Building permits
150,000
270,443
Animal licenses
7,000
4,979
Non - business licenses and permits
42,000
51,157
321,884
293,500
421,058
Charges for services
Special police services
17,500
72,709
Transfer charges
60,000
60,000
Dispatching Services
103,000
113,782
Engineering charges
10,000
9,148
Franchise fees
190,500
255,639
Fines and forfeits
290,000
321,884
Interest
300,000
591,597
Miscellaneous
False alarms
40,000
44,575
Sale of materials
-
2,645
Rentals
43,600
25,780
Miscellaneous
27,500
22,677
Franchise fees
205,000
242,642
316,100
338,319
Total revenues
43
$ 6,397,100 $ 7,114,474
VILLAGE OF DEERFIELD, ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30, 1997
Public safety
Budget
Actual
General government
Administration Department
Salaries
$ 922,540
$ 918,255
Overtime
11,390
9,401
Part -time
156,990
130,345
Employee benefits
160,000
112,859
Professional services
235,300
169,275
Travel, training, and dues
39,450
34,162
Printing and advertising
26,100
28,885
Communications
29,750
25,369
Insurance
53,000
40,950
Contractual services
119,700
113,458
Utility services
5,000
3,314
Motor vehicle maintenance
4,500
4,406
Repairs and maintenance
96,200
14,118
Rental property repairs
3,000
226
Miscellaneous
37,750
33,132
Supplies
33,200
27,377
Materials
1,000
632
Petroleum products
2,550
2,088
Housing assistance
37,000
30,185
Apparel
800
179
Small tools and equipment
1,000
853
Equipment
21,300
19,041
Historical Society
15,000
15,000
Streetscape
25,000
20,483
Total general government
2,037,520
1,753,993
Public safety
Police Department
Administrative service
Salaries
713,520
671,811
Overtime
6,730
16,861
Part -time
48,120
45,553
Employee benefits
116,330
76,709
(Continued)
44
VILLAGE OF DEERFIELD, ILLINOIS '
General Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30,1997
Investigations
Salaries
Budget
Actual
Public safety (Continued)
9,110
5,594
Police Department (Continued)
23,560
20,251
Administrative service (Continued)
2,500
1,671
Professional services
$ 4,900
$ 3,534
Travel, training, and dues
11,810
11,345
Printing and advertising
7,200
9,640
Communications
27,700
23,853
Insurance
130,000
113,043
Contractual services
59,600
35,759
Motor vehicle maintenance
1,800
1,526
Repairs and maintenance
24,000
22,667
Supplies
41,500
34,068
Petroleum products
1,000
209
Apparel
8,300
8,300
Equipment
11,000
19,022
Miscellaneous
10,000
5,911
1,223,510
1,099,811
Investigations
Salaries
175,490
168,669
Overtime
9,110
5,594
Employee benefits
23,560
20,251
Travel, training, and dues
2,500
1,671
Motor vehicle maintenance
1,700
1,505
Petroleum products
1,500
1,002
Apparel
2,100
2,100
Equipment
1,700
410
217,660
201,202
Patrol
Salaries 1,576,470 1,582,243
Overtime 51,750 60,800
Part -time 39,190 37,324
Employee benefits 230,600 194,897
Travel, training, and dues 21,300 18,883
(Continued)
45
VILLAGE OF DEERFIELD, ILLINOIS
General Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30, 1997
Special services
Overtime 19,290 57,070
Youth services
Salaries
Budget
Actual
Public safety (Continued)
7,250
5,716
Police Department (Continued)
1,600
1,600
Patrol (Continued)
39,510
30,737
Motor vehicle maintenance
$ 27,000
$ 28,338
Repairs and maintenance
-
359
Petroleum products
29,000
22,849
Apparel
29,000
26,109
Equipment
8,000
6,819
2,012,310
1,978,621
Special services
Overtime 19,290 57,070
Youth services
Salaries
270,470
267,976
Overtime
7,250
5,716
Part -time
1,600
1,600
Employee benefits
39,510
30,737
Travel, training, and dues
3,250
2,522
Motor vehicle maintenance
2,500
947
Petroleum products
2,000
993
Apparel
2,100
2,100
Equipment
2,000
2,806
330,680
315,397
Total public safety
3,803,450
3,652,101
Total expenditures
$ 5,840,970
$ 5,406,094
46
1
1
1
ISPECIAL REVENUE FUNDS
Municipal Audit Fund
To account for an independent, outside audit conducted by a firm engaged by the Mayor and
Board of Trustees on an annual basis as required by State law. These are earmarked funds that
can only be expended for audit purposes. This fund was closed in fiscal 1996.
' 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 maintainin g approximately 70 miles of
PP Y
streets and the Railroad Station in the Village of Deerfield.
Illinois Municipal Retirement Fund
' To account for the revenues and expenditures associated with providing disability and pension
benefits for 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.
IEnhanced 911 Fund
1 To account for the 911 calling telephone system activity.
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8
VILLAGE OF DEERFIELD, ILLINOIS
Municipal Audit Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30, 1997 and Actual Only for 1996
Revenues
Taxes
Property taxes
Expenditures
Excess of revenues over expenditures
Fund balance
May 1
Residual equity transfer (out)
General Fund
April 30
1997
See accompanying notes to financial statements.
49
1996
Actual
- $ 14,975
14,975
13,205
(28,180)
1
1
1
1
1
1
i
1
i
1
1
1
1
1
1
1
1
1
i
VILLAGE OF DEERFIELD, ILLINOIS
Emergency Services /Disaster Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30,1997 and Actual Only for 1996
Revenues
Taxes
Property taxes
Expenditures
Public safety
Travel, training, and dues
Communications
Insurance
Contractual
Utility services
Motor vehicle maintenance
Supplies
Equipment
Total expenditures
Excess (deficiency) of revenues
over expenditures
Fund balance
May 1
April 30
1997 1996
Budget Actual Actual
$ - $ - $ 4,992
250
-
-
1,800
1,225
1,224
600
102
120
1,400
2,658
-
600
693
682
500
565
611
500
-
-
-
-
2,795
5,650
5,243
5,432
$ (5,650)
(5,243)
(440)
(7,800) (7,360)
$ (13,043) $ (7,800)
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 30,1997 and Actual Only for 1996
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
Total revenues
Expenditures
Highways and streets
Administration
Clearing
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 of revenues and other financing
sources over expenditures and other financing uses
Fund balance
May 1
April 30
1997 1996
u et ctua Actual
$ 330,000
$ 348,464
$ 342,013
350,000
336,811
335,834
27,000
21,436
27,865
5,000
1,495
2,251
1,500
1,500
1,500
30,000
35,486
36,258
3,000
3,729
980
746,500
748,921
746,701
180,370
175,992
174,268
48,720
42,134
42,073
65,520
63,088
60,053
122,940
129,172
115,430
45,800
39,677
42,453
35,070
32,805
33,022
108,980
100,535-
97,173
69,220
62,082
68,817
176,860
233,810
223,365
69,850
77,953
65,406
16,480
14,280
11,643
32,170
17,573
25,213
20,800
13,167
14,032
992,780
1,002,268
972,948
(246,280) (253,347) (226,247)
230,000
230,000
225,000
100,000
100,000
90,000
(70,000)
(70,000)
(70,000)
260,000
260,000
245,000
$ 13,720
6,653
18,753
414,525
395,772
$ 421,178
$ 414,525
See accompanying notes to financial statements. ,
51
VILLAGE OF DEERFIELD, ILLINOIS
Street and Bridge Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30,1997
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
Professional services
Contractual
Supplies
Petroleum products
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
53,920
7,140
5,590
11,520
1,800
4,000
1,800
4,300
4,500
4,700
2,600
65,000
100
4,800
7,400
180,370
27,120
1,040
4,160
2,500
6,000
2,500
2,000
1,500
1,200
48,720
30,430
420
R
69,804
5,201
5,204
9,064
3,104
5,121
987
3,598
3,837
6,989
2,804
46,294
4,033
8,618
175,992
23,862
640
3,270
10,176
565
648
2,176
676
31,358
275
VILLAGE OF DEERFIELD, ILLINOIS
Street and Bridge Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30,1997
Pavement patching
Budget
Actual
Highways and streets (Continued)
60,960
68,577
Public works (Continued)
210
175
Traffic marking (Continued)
9,430
9,197
Part -time
$ 3,410
$ 3,491
Employee benefits
4,960
4,675
Repairs and maintenance
500
298
Motor vehicle maintenance
700
-
Contractual
16,000
15,513
Petroleum products
100
10
Materials
5,000
5,615
Street signs
4,000
1,853
65,520
63,088
Pavement patching
28,770
27,524
Salaries
60,960
68,577
Overtime
210
175
Employee benefits
9,430
9,197
Repairs and maintenance
3,000
2,834
Motor vehicle maintenance
5,800
6,955
Petroleum products
1,200
831
Aggregates
40,000
39,278
New equipment
840
764
Materials
1,500
561
Tarring cracks
Salaries
28,770
27,524
Overtime
110
-
Part -time
4,040
621
Employee benefits
4,380
3,442
Repairs and maintenance
1,800
1702
Motor vehicle maintenance
700
675
Petroleum products
400
424
Aggregates
600
614
Materials
5,000
4,675
45,800
39,677
(Continued)
53
VILLAGE OF DEERFIELD, ILLINOIS
Street and Bridge Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30,1997
35,070
Street lights and traffic signals
Salaries
Budget
Highways and streets (Continued)
2,070
Public works (Continued)
3,390
Drainage structures
1,000
Salaries
$ 22,560
Overtime
1,350
Employee benefits
3,960
Repairs and maintenance
800
Motor vehicle maintenance
2,000
Petroleum products
200
Aggregates
2,000
Materials
2,200
35,070
Street lights and traffic signals
Salaries
24,320
Overtime
2,070
Employee benefits
3,390
Equipment rental
1,000
Repairs and maintenance
2,000
Utility services
27,000
Motor vehicle maintenance
2,700
Contractual
40,000
Petroleum products
1,000
Aggregates
300
Materials
5,200
W: •:X
Miscellaneous maintenance
Salaries
8,690
Overtime
9,310
Employee benefits
3,170
Equipment rental
600
Repairs and maintenance
4,200
Miscellaneous
1,500
Motor vehicle maintenance
1,600
Contractual
3,700
(Continued)
54
22,112
1,210
3,216
1,887
1,532
300
1,438
32,805
25,001
1,073
3,045
494
32,847
2,661
29,680
551
85
100,535
5,157
10,606
1,100
6,619
1,240
2,152
1,120
VILLAGE OF DEERFIELD, ILLINOIS
Street and Bridge Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30,1997
Budget Actual
Highways and streets (Continued)
Public works (Continued)
Miscellaneous maintenance (Continued)
Petroleum products $ 500 $ 489
Aggregates 2,000 1,962
Materials 33,550 31,637
Small tools and equipment 400 -
69,220 62,082
Snow and ice control
Salaries
32,290
39,198
Overtime
28,980
48,952
Employee benefits
4,990
4,570
Equipment rental
1,000
-
Repairs and maintenance
25,000
41,429
Motor vehicle maintenance
12,000
13,011
Contractual
7,500
2,738
Supplies
2,600
792
Petroleum products
4,000
5,338
Salt
50,000
71,425
Aggregates
6,000
5,138
Materials
2,500
1,219
176,860
233,810
Tree removal
Salaries
13,450
14,869
Overtime
720
265
Part -time
6,000
3,499
Employee benefits
2,380
1,910
Repairs and maintenance
1,000
854
Motor vehicle maintenance
800
213
Contractual
44,500
56,223
Petroleum products
400
107
Materials
300
13
Equipment
300
-
69,850
77,953
(Continued)
55
VILLAGE OF DEERFIELD, ILLINOIS
Street and Bridge Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30,1997
Highways and streets (Continued)
3,310
Public works (Continued)
100
Tree planting
5,590
Salaries
$ 7,660
Overtime
210
Employee benefits
1,410
Repairs and maintenance
300
Motor vehicle maintenance
400
Contractual
6,000
Petroleum products
100
Materials
400
16,480
Railroad station maintenance
Salaries
3,310
Overtime
100
Part -time
5,590
Employee benefits
2,070
Repairs and maintenance
4,700
Contractual
8,500
Supplies
800
Aggregates
100
Materials
7,000
32,170
Weed control
Salaries
6,000
Part -time
3,410
Employee benefits
1,290
Repairs and maintenance
4,000
Motor vehicle maintenance
1,000
Contractual
4,000
Petroleum products
400
Materials
200
Equipment
500
�� :If
Total expenditures $ 992,780
56
7,663
1,132
5,300
94
14,280
1,943
131
384
1,739
7,458
703
17,573
5,353
985
5,768
569
153
59
$ 1,002,268
VILLAGE OF DEERFIELD, ILLINOIS
Illinois Municipal Retirement Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30,1997 and Actual Only for 1996
Revenues
Taxes
Property taxes
Replacement taxes
Interest
Total revenues
Expenditures
Miscellaneous
Illinois municipal retirement
payments - employer
FICA payments - employer
Total expenditures
Excess of revenues over expenditures
Fund balance
May 1
April 30
1997 1996
Budget Aci ._ +1
$ 910,000 $ 888,830 $ 848,864
9,000 9,720 9,428
22,000 34,480 23,361
941,000 933,030 881,653
500,000
425,846
409,029
333,000
294,097
282,230
833,000
719,943
691,259
$ 108,000
213,087
190,394
$ 453,167 $ 240,080
See accompanying notes to financial statements.
57
VILLAGE OF DEERFIELD, ILLINOIS
Motor Fuel Tax Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30,1997 and Actual Only for 1996
Revenues
Intergovernmental
Allotments earned
Interest
Total revenues
Expenditures
Highways and streets
Street resurfacing and renovation
program
Bridge rehabilitation
Traffic signals
Total expenditures
Excess (deficiency) 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
1997 1996
Budget Actual Actual
$ 402,000 $ 407,040 $ 405,129
30,000 40,078 38,164
432,000 447,118 443,293
116,000
125,247
469,278
-
1,583
3,742
225,000
10,305
63,804
341,000
137,135
536,824
91,000
309,983
(93,531)
(230,000) (230,000) (225,000)
$ (139,000) 79,983 (318,531)
741,913 1,060,444
$ 821,896 $ 741,913
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 30,1997 and Actual Only for 1996
Revenues
Charges for services
Other charges
Interest
Total revenues
Expenditures
Public safety
Travel, training, and dues
Contractual
Equipment
Total expenditures
Excess (deficiency) of revenues over expenditures
Fund balance
May 1
April 30
1997
MUM
1996
Actual
$ 108,000 $ 113,985 $ 109,768
1,000 4,024 3,991
109,000 118,009 113,759
1,500
-
-
84,500
54,010
74,704
37,800
37,752
16,021
123,800
91,762
90,725
$ (14,800)
26,247
23,034
92,233
69,199
$
118,480 $
92,233
See accompanying notes to financial statements.
59
DEBT SERVICE FUND
Debt Service Fund
To account for the accumulation of resources for the a ent of General Long-Term Debt.
P Ym g
VILLAGE OF DEERFIELD, ILLINOIS
Debt Service Fund
Balance Sheet
April 30,1997 and 1996
ASSETS
Cash and investments
Receivables
Property taxes
Accrued interest
Due from component unit
Total assets
LIABILITIES AND FUND BALANCE
Liabilities
Deferred property taxes
Fund balance
Reserved for debt service
Total liabilities and fund balance
1997 1996
$ 2,263,590 $ 2,272,360
715,493
844,344
32,687
5,375
24,048
204
$ 3,035,818
$
3,122,283
$ 800,155
$
935,293
2,235,663
$ 3,035,818
See accompanying notes to financial statements.
391
2,186,990
$ 3,122,283
VILLAGE OF DEERFIELD, ILLINOIS
Debt Service Fund
Statement of Revenues, Expenditures,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30,1997 and Actual Only for 1996
Expenditures
1997
1996
Debt service
Budget
Actual
Actual
Revenues
1,367,155 ]
1,265,000
1,195,000
Taxes
]
435,365
506,630
Property taxes
$ 800,155 $
927,705
$ 948,499
Replacement taxes
50,000
67,648
65,616
Interest
95,000
142,318
90,063
Miscellaneous
(204,500)
(351,327)
(384,144)
Tax incremental finance district
surplus property tax rebate
220,000
215,882
218,308
Total revenues
1,165,155
1,353,553
1,322,486
Expenditures
Debt service
Principal retirement
1,367,155 ]
1,265,000
1,195,000
Interest
]
435,365
506,630
Fiscal charges
2,500
4,515
5,000
Total expenditures
1,369,655
1,704,880
1,706,630
Excess (deficiency) of revenues
over expenditures
(204,500)
(351,327)
(384,144)
Other financing sources
Operating transfers in
General Fund
-
400,000
775,000
Tax Incremental Finance District
#2 Fund
-
-
317,400
-
400,000
1,092,400
Excess (deficiency) of revenues and
other financing sources over
expenditures $ (204,500) 48,673 708,256
Fund balance
May 1 2,186,990 1,478,734
April 30 $ 2,235,663 $ 2,186,990
See accompanying notes to financial statements.
61
VILLAGE OF DEERFIELD, ILLINOIS
Debt Service Fund
Schedule of Revenues and Other Financing Sources
and Expenditures - Budget and Actual
Year Ended April 30,1997
Expenditures
Budget
Actual
Revenues and other financing sources
Principal
[ $ 480,000
General Obligation Refunding Bond Series of 1993
[ 31,410
General Obligation Bond Series of 1991
Property taxes
800,155
927,705
Replacement taxes
50,000
67,648
Interest
95,000
142,318
Miscellaneous
[ 386,555
Fiscal charges
Tax incremental finance district
Total expenditures
$ 1,369,655 $ 1,704,880
surplus property tax rebate
220,000
215,882
Operating transfer in
General Fund
-
400,000
Total revenues and other financing sources
$ 1,165,155
$ 1,753,553
Expenditures
Corporate Purpose Bond Series of 1986
Principal
[ $ 480,000
Interest
[ 31,410
General Obligation Bond Series of 1991
Principal
1,367,155 [ 300,000
Interest
[ 17,400
General Obligation Refunding Bond Series of 1993
Principal
[ 485,000
Interest
[ 386,555
Fiscal charges
2,500 4,515
Total expenditures
$ 1,369,655 $ 1,704,880
62
1
CAPITAL PROJECTS FUNDS
Tax Incremental Finance District 1 Fund
rEstablished in 1982 to provide funds for land acquisition and improvements to the Village of
Deerfield Tax Increment Financing District.
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.
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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ENTERPRISE FUNDS
Water Fund
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
facilities within the Village.
VILLAGE OF DEERFIELD, ILLINOIS I
Enterprise Funds
Combining Balance Sheet
April 30,1997
(with comparative totals for 1996) ,
Fund equity
Contributed capital
1,667,443
5,246,904
- 162,424
Commuter
7,301,575
Retained earnings
Parking
Totals
3,810,246
Water
Sewerage
Refuse
Lot
1997
1996
ASSETS
877,242 897,233
13,337,349
13,267,958
Total liabilities and
Current assets
fund equity
$ 5,690,589
$ 6,355,774
$ 957,582 $ 905,977
Cash and investments
$ 3,167,229
$1,420,048
$ 234,798
$ 740,710
$ 5,562,785
$ 4,959,416
Receivables
Property taxes
-
-
648,290
-
648,290
674,135
Accounts
423,634
286,772
62,667
-
773,073
859,476
Accrued interest
64,524
28,046
1,541
11,334
105,445
82,113
Other
21,273
14,296
3,803
-
39,372
54,537
Due from component unit
-
-
6,483
-
6,483
177
Inventories
55,043
1,804
-
-
56,847
55,527
3,731,703
1,750,966
957,582
752,044
7,192,295
6,685,381
Fixed assets (net of accumu-
lated depreciation)
1,958,886
4,604,808
-
153,933
6,717,627
7,061,401
Total assets
$ 5,690,589
$ 6,355,774
$ 957,582
$ 905,977
$ 13,909,922
$ 13,746,782
LIABILITIES AND
FUND EQUITY
Current liabilities
Accounts payable
$ 140,733
$ 116,771
$ 80,340
$ 8,744
$ 346,588
$ 277,606
Accrued payroll
3,777
6,169
-
-
9,946
3,891
Compensated absences
payable
68,390
147,649
-
-
216,039
197,327
Total liabilities
212,900
270,589
80,340
8,744
572,573
478,824
Fund equity
Contributed capital
1,667,443
5,246,904
- 162,424
7,076,771
7,301,575
Retained earnings
Unreserved
3,810,246
838,281
877,242 734,809
6,260,578
5,966,383
Total fund equity
5,477,689
6,085,185
877,242 897,233
13,337,349
13,267,958
Total liabilities and
fund equity
$ 5,690,589
$ 6,355,774
$ 957,582 $ 905,977
$ 13,909,922
$ 13,746,782
See accompanying notes to financial statements. '
65
VILLAGE OF DEERFIELD, ILLINOIS
Enterprise Funds
Combining Statement of Revenues, Expenses,
and Changes in Retained Earnings - Unreserved
Year Ended April 30,1997
(with comparative totals for 1996)
See accompanying notes to financial statements.
::
Commuter
Parldng
Totals
Water
Sewerage
Refuse
Lot
1997
1996
Operating revenues
Charges for services
Water sales
$ 2,527,341
$ -
$ -
$ -
$ 2,527,341
$ 2,468,959
Sewer charges
-
1,334,177
-
-
1,334,177
1,492,864
Refuse billings
-
-
326,377
-
326,377
515,638
Parldng lot fees
-
-
-
168,391
168,391
186,481
Surcharges
-
50,406
-
-
50,406
49,620
Miscellaneous
41,126
84,205
35,256
-
160,587
196,268
Total operating revenues
2,568,467
1,468,788
361,633
168,391
4,567,279
4,909,830
Operating expenses excluding
depreciation
Administration
202,886
224,271
76,976
-
504,133
459,905
Operations
2,209,785
1,232,270
963,687
50,454
4,456,196
4,668,307
Total operating expenses
excluding depreciation
2,412,671
1,456,541
1,040,663
50,454
4,960,329
5,128,212
Operating income (loss)
before depreciation
155,796
12,247
(679,030)
117,937
(393,050)
(218,382)
Depreciation
97,045
248,092
-
32,270
377,407
361,297
Operating income (loss)
58,751
(235,845)
(679,030)
85,667
(770,457)
(579,679)
Nonoperating revenues
Interest income
165,155
68,854
17,055
38,492
289,556
252,151
Property taxes
-
-
718,942
-
718,942
724,021
165,155
68,854
735,997
38,492
1,008,498
976,172
Income (loss) before
operating transfers
223,906
(166,991)
56,967
124,159
238,041
396,493
Operating transfers (out)
(23,000
(33,000)
(12,650)
(100,000)
(168,650)
(490,000)
Net income (loss)
200,906
(199,991)
44,317
24,159
69,391
(93,507)
Other changes in retained
earnings - unreserved
Depreciation that reduces
contributed capital
48,861
135,319
-
40,624
224,804
184,847
Net increase (decrease) in
retained earnings -
unreserved
249,767
(64,672)
44,317
64,783
294,195
91,340
Retained earnings -
unreserved
May 1- as restated
3,560,479
902,953
832,925
670,026
5,966,383
5,875,043
April 30
$ 3,810,246
$ 838,281
$ 877,242
$ 734,809
$ 6,260,578
$ 5,966,383
See accompanying notes to financial statements.
::
VILLAGE OF DEERFIELD, ILLINOIS
Enterprise Funds
Combining Statement of Cash Flows
Year Ended April 30,1997
(with comparative totals for 1996)
Commuter
Parldng Totals
Water sewerage Refuse Lat_ 1997 12L6
Cash flows from operating
activities
Operating income (loss)
$ 58,751
$ (235,845)
$ (679,030)
$ 85,667
$ (770,457)
$ (579,679)
Adjustments to reconcile operating
income (loss) to net cash provided
by operating activities
Depreciation
97,045
248,092
-
32,270
377,407
361,297
Other nonoperating revenues
-
-
718,942
-
718,942
724,021
Changes in assets and liabilities
Receivables
29,584
59,110
38,716
-
127,410
118,693
Due from other funds
-
-
-
-
-
2,137
Due from component unit
-
-
(6,306)
-
(6,306)
(177)
Inventories
(5,417)
4,097
-
-
(1,320)
12,749
Accounts payable
(1,975)
70,731
1,505
(1,279)
68,982
(33,497)
Accrued payroll
2,642
3,413
-
-
6,055
3,891
Compensated absences payable
15,593
3,119
-
-
18,712
12,833
Due to other funds
-
-
-
-
-
(604)
196,223
152,717
73,827
116,658
539,425
621,664
Cash flows from noncapital
financing activities
Operating transfers (out)
(23,000)
(33,000)
(12,650)
(100,000)
(168,650)
(490,000)
Cash flows from capital and
related financing activities
Fixed assets purchased
(24,861)
(8,772)
-
-
(33,633)
-
Cash flows from investing activities
Purchase of investment securities
(3,784,588)
(1,098,045)
-
(700,000)
(5,582,633)
(1,481,887)
Proceeds from sale and maturities
of investment securities
3,474,865
500,000
-
800,661
4,775,526
1,814,338
Interest on investments
152,396
56,745
18,337
38,509
265,987
318,463
(157,327)
(541,300)
18,337
139,170
(541,120)
650,914
Net increase (decrease) in cash and
cash equivalents (8,965) (430,355) 79,514 155,828 (203,978) 782,578
Cash and cash equivalents
May 1 382,725 750,998 5,347 34,882 1,173,952 391,374
April 30 $ 373,760 $ 320,643 $ 84,861 $ 190,710 $ 969,974 $ 1,173,952
Cash and investments
Cash and cash equivalents $ 373,760 $ 320,643 $ 84,861 $ 190,710 $ 969,974 $ 1,173,952
Investments 2,793,469 1,099,405 149,937 550,000 4,592,811 3,785,464
$ 3,167,229 $ 1,420,048 $ 234,798 $ 740,710 $ 5,562,785 $ 4,959,416
Noncash investing, capital and financing activities:
The water and sewerage funds received $24,861 and $8,772, respectively, in contributed fixed assets during the year.
See accompanying notes to financial statements.
67
VILLAGE OF DEERFIELD, ILLINOIS
Water Fund
Balance Sheet
April 30,1997 and 1996
Fixed assets
Cost 3,572,699 3,547,838
Accumulated depreciation (1,613,813) (1,516,768)
1,958,886 2,031,070
Total assets $ 5,690,589 $ 5,473,423
LIABILITIES AND FUND EQUITY
Current liabilities
Accounts payable $ 140,733 $ 142,708
Accrued payroll 3,777 1,135
Compensated absences payable 68,390 52,797
212,900 196,640
Fund equity
Contributed capital 1,667,443 1,716,304
Retained earnings
Unreserved 3,810,246 3,560,479
Total fund equity 5,477,689 5,276,783
Total liabilities and fund equity $ 5,690,589 $ 5,473,423
See accompanying notes to financial statements.
.:
122
12a
ASSETS
Current assets
Cash and investments
$ 3,167,229
$ 2,866,471
Receivables
Accounts - billed
58,555
72,725
Accounts - unbilled
365,079
360,000
Accrued interest
64,524
51,765
Other
21,273
41,766
Inventories
55,043
49,626
3,731,703
3,442,353
Fixed assets
Cost 3,572,699 3,547,838
Accumulated depreciation (1,613,813) (1,516,768)
1,958,886 2,031,070
Total assets $ 5,690,589 $ 5,473,423
LIABILITIES AND FUND EQUITY
Current liabilities
Accounts payable $ 140,733 $ 142,708
Accrued payroll 3,777 1,135
Compensated absences payable 68,390 52,797
212,900 196,640
Fund equity
Contributed capital 1,667,443 1,716,304
Retained earnings
Unreserved 3,810,246 3,560,479
Total fund equity 5,477,689 5,276,783
Total liabilities and fund equity $ 5,690,589 $ 5,473,423
See accompanying notes to financial statements.
.:
VILLAGE OF DEERFIELD, ILLINOIS ,
Water Fund
Statement of Revenues, Expenses,
and Changes in Retained Earnings - Unreserved - Budget and Actual
Year Ended April 30,1997 and Actual Only for 1996 '
1997
hud9d
Actual
1996
l
'
Operating revenues
Charges for services
t
Water sales
$ 2,460,000
$ 2,527,341
$ 2,584,678
Miscellaneous
Permits and fees
11,000
15,286
25,418
'
Penalties
27,000
25,290
25,815
Other
5,000
550
5,176
Total operating revenues
2,503,000
2,568,467
2,641,087
Operating expenses excluding depreciation
Administration
209,180
202,886
189,442
Operations
'
Distribution
1,976,770
1,892,804
1,797,045
Maintenance - mains and fire hydrants
277,170
242,537
395,776
Maintenance - meters
103,940
74,444
78,320
'
Total operating expenses excluding depreciation
2,567,060
2,412,671
2,460,583
Operating income (loss) before depreciation
(64,060)
155,796
180,504
'
Depreciation
-
97,045
89,782
Operating income (loss)
(64,060)
58,751
90,722
Nonoperating revenues
Interest income
125,000
60,940
165,155
223,906
153,078
243,800
'
Income before operating transfers
Operating transfers (out)
Vehicle Replacement Fund
(23,000)
(23,000)
(22,000)
Infrastructure Replacement Fund
-
-
(165,000)
(23,000)
(23,000)
(187,000)
Net income
$ 37,940
200,906
56,800
'
Other changes in retained earnings - unreserved
Depreciation that reduces contributed capital
48,861
40,679
r
Net increase in retained earnings - unreserved
249,767
97,479
Retained earnings - unreserved
May 1- as restated
3,560,479
3,463,000
April 30
$ 3,810,246
$ 3,560,479
'
See accompanying notes to financial statements.
'
69
VILLAGE OF DEERFIELD, ILLINOIS
Water Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended April 30,1997
Operations
Budget
Actual
Administration
Salaries
$ 85,280 $
98,578
Overtime
4,040
3,766
Part -time
5,590
5,384
Employee benefits
16,570
12,371
Professional services
5,200
-
Travel, training, and dues
900
3
Printing and advertising
1,400
1,595
Communications
9,500
9,495
Contractual services
2,100
2,143
Insurance
50,000
42,588
Motor vehicle maintenance
1,900
199
Miscellaneous
1,500
1,314
Supplies
1,500
1,733
Petroleum products
400
785
Occupancy
20,000
20,000
Apparel
1,800
1,424
Repairs and maintenance
1,500
1,508
Total administration
209,180
202,886
Operations
Distribution
Salaries
105,470
78,440
Overtime
12,420
7,783
Employee benefits
11,780
10,788
Professional services
6,500
3,948
Printing and advertising
800
-
Contractual services
8,600
3,345
Utility services
71,500
74,350
Motor vehicle maintenance
2,500
1,927
Repairs and maintenance
3,500
10,540
Miscellaneous
600
484
Purchase of water
1,700,000
1,677,011
Supplies
700
-
Petroleum products
1,200
2,025
Chlorine
1,000
1,005
Equipment
48,200
18,899
Materials
2,000
2,259
Total distribution
1,976,770
1,892,804
(Continued)
70
VILLAGE OF DEERFIELD, ILLINOIS
Water Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended April 30,1997
Less non - operating expenses
Fixed assets capitalized (22,664) (22,664)
103,940 74,444
Total operating expenses $ 2,567,060 $ 2,412,671
71
Bud=t
Actual
Operations (Continued)
Main and fire hydrant maintenance
Salaries
$ 81,350
$ 80,359
Overtime
25,880
36,084
Part -time
8,900
3,315
Employee benefits
13,100
9,532
Contractual services
43,900
27,135
Motor vehicle maintenance
9,000
14,254
Repairs and maintenance
11,900
10,105
Equipment rental
1,000
135
Miscellaneous
3,000
150
Petroleum products
3,500
2,471
Small tools and equipment
300
-
Aggregates
19,000
11,081
Equipment
5,037
2,197
Materials
53,500
47,916
Total
279,367
244,734
Less non - operating expenses
Fixed assets capitalized
(2,197)
(2,197)
Total main and fire hydrant maintenance
277,170
242,537
Meter maintenance
Salaries
53,820
54,730
Overtime
1,000
115
Part -time
1,240
312
Employee benefits
9,880
6,885
Professional services
1,000
394
Travel, training, and dues
200
170
Printing and advertising
300
-
Contractual services
1,000
470
Motor vehicle maintenance
3,000
965
Repairs and maintenance
700
120
Miscellaneous
100
-
Supplies
300
-
Petroleum products
800
687
Materials
5,500
4,126
Small tools and equipment
100
-
Equipment
47,664
28,134
Total meter maintenance
126,604
97,108
Less non - operating expenses
Fixed assets capitalized (22,664) (22,664)
103,940 74,444
Total operating expenses $ 2,567,060 $ 2,412,671
71
VILLAGE OF DEERFIELD, ILLINOIS
Water Fund
Schedule of Fixed Assets and Depreciation
Year Ended April 30,1997
Assets
Balances Balances
May 1 Additions Retirements April 30
Water system $ 3,015,265 $ - $ - $ 3,015,265
Equipment and
vehicles 532,573 24,861 - 557,434
Water system
Equipment and
vehicles
Net asset value
$ 3,547,838 $ 24,861 $ - $ 3,572,699
Balances
May 1
$ 1,073,286
Accumulated
Additions
$ 46,370
A44M-7471- =7
Balances
April 30
$ 1,119,656
443,482 50,675 - 494,157
$ 1,516,768 $ 97,045 $ - $ 1,613,813
$ 1,958,886
72
VILLAGE OF DEERFIELD, ILLINOIS
Sewerage Fund
Balance Sheet
April 30,1997 and 1996
Fixed assets
Cost
122_7
1996
ASSETS
(6,412,989)
(6,164,897)
Current assets
4,604,808
4,844,128
Cash and investments
$ 1,420,048
$ 1,252,358
Receivables
Accounts - billed
48,085
104,822
Accounts - unbilled
238,687
246,024
Accrued interest
28,046
15,937
Other
14,296
9,332
Inventories
1,804
5,901
1,750,966
1,634,374
Fixed assets
Cost
11,017,797
11,009,025
Accumulated depreciation
(6,412,989)
(6,164,897)
4,604,808
4,844,128
Total assets
$ 6,355,774
$ 6,478,502
LIABILITIES AND FUND EQUITY
Current liabilities
Accounts payable
$ 116,771
$ 46,040
Accrued payroll
6,169
2,756
Compensated absences payable
147,649
144,530
Total liabilities
270,589
193,326
Fund equity
Contributed capital 5,246,904 5,382,223
Retained earnings - unreserved 838,281 902,953
Total fund equity 6,085,185 6,285,176
Total liabilities and fund equity $ 6,355,774 $ 6,478,502
See accompanying notes to financial statements.
73
VILLAGE OF DEERFIELD, ILLINOIS
Sewerage Fund
Statement of Revenues, Expenses,
1 and Changes in Retained Earnings - Unreserved - Budget and Actual
Year Ended April 30,1997 and Actual Only for 1996
1
Net income (loss)
Other changes in retained earnings - unreserved
Depreciation that reduces contributed capital
Net (decrease) in retained earnings - unreserved
Retained earnings - unreserved
May 1- as restated
April 30
1997
Operating revenues
Charges for services
1996
Sewer charges
Actual
Surcharges - construction
$ 1,375,000 $
Miscellaneous
$ 1,377,145
Permits and fees
50,406
Penalties
'
Other
Total operating revenues
29,410
Operating expenses excluding depreciation
16,014
Administration
Operations
25,000
Treatment plant
27,742
Cleaning and maintenance
'
Construction
Total operating expenses excluding
224,271
depreciation
870,840
Operating income before depreciation
887,266
Depreciation
144,467
Operating (loss)
152,710
Nonoperating revenues (expenses)
141,743
Interest income
'
Depreciation reserve
1,364,720
Income (loss) before operating transfers
1
Operating transfers (out)
102,500
Vehicle Replacement Fund
239,245
Infrastructure Replacement Fund
Net income (loss)
Other changes in retained earnings - unreserved
Depreciation that reduces contributed capital
Net (decrease) in retained earnings - unreserved
Retained earnings - unreserved
May 1- as restated
April 30
1997
1996
Budget
Actual
Actual
$ 1,375,000 $
1,334,177
$ 1,377,145
-
50,406
49,620
15,000
20,211
29,410
17,000
16,014
16,661
25,000
47,980
27,742
1,432,000
1,468,788
1,500,578
233,070
224,271
205,951
870,840
932,225
887,266
138,040
144,467
129,760
152,710
155,578
141,743
1,394,660
1,456,541
1,364,720
37,340
12,247
135,858
102,500
248,092
239,245
(65,160)
(235,845)
(103,387)
55,000
68,854
50,624
75,000
-
-
130,000
68,854
50,624
64,840
(166,991)
(52,763)
(33,000)
(33,000)
(33,000)
-
-
(165,000)
(33,000)
(33,000)
(198,000)
$ 31,840
(199,991)
(250,763)
135,319 124,403
(64,672) (126,360)
902,953 1,029,313
$ 838,281 $ 902,953
See accompanying notes to financial statements.
74
VILLAGE OF DEERFIELD, ILLINOIS
Sewerage Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended April 30,1997
Operations
et
Actual
Administration
Salaries
$ 85,290
$ 96,363
Overtime
3,830
3,660
Part -time
5,590
5,626
Employee benefits
16,510
13,416
Contractual services
4,800
3,346
Professional services
200
11,699
Travel, training, and dues
600
233
Printing and advertising
150
418
Communications
3,400
3,004
Insurance
85,000
58,005
Motor vehicle maintenance
900
2,228
Repairs and maintenance
1,800
1,289
Miscellaneous
1,200
1,046
Supplies
1,300
1,350
Petroleum products
1,000
1,216
Occupancy
20,000
20,000
Apparel
1,500
1,372
Total administration
233,070
224,271
Operations
Treatment plant
Salaries
389,060
383,636
Overtime
15,420
22,224
Part -time
5,900
3,136
Employee benefits
67,810
52,306
Professional services
5,000
-
Travel, training, and dues
2,250
1,301
Printing and advertising
300
37
Communications
7,700
7,408
Contractual services
30,500
31,226
Utility services
165,900
208,507
Motor vehicle maintenance
4,000
1,947
Repairs and maintenance
117,000
160,389
Equipment rental
3,000
-
Supplies
19,500
28,332
Petroleum products
8,000
6,031
Chlorine
5,000
8,697
Aggregates
5,000
5,833
Materials
7,000
5,668
Small tools and equipment
1,200
288
Apparel
2,100
2,137
Equipment
13,508
8,008
Miscellaneous
3,700
3,122
Total
878,848
940,233
(Continued)
75
1 VILLAGE OF DEERFIELD, ILLINOIS
Sewerage Fund
Schedule of Operating Expenses - Budget and Actual
1 Year Ended April 30,1997
Operations (Continued)
Treatment plant (Continued)
Less non - operating expenses
Fixed assets capitalized
Total treatment plant
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
Less non - operating expenses
Fixed assets capitalized
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
hudpt Actual
$ (8,008) $
(8,008)
870,840
932,225
73,280
78,137
5,490
6,286
3,110
1,854
13,720
10,290
7,000
17,800
3,500
3,043
5,000
8,477
1,000
-
2,000
918
11,300
9,856
1,400
1,101
2,600
1,000
6,000
5,424
3,104
764
300
281
138,804
145,231
(764)
(764)
138,040
144,467
90,770
80,427
830
1,019
1,760
-
16,750
10,379
5,000
15,143
6,200
8,672
3,200
5,161
1,000
-
1,000
385
2,000
2,564
8,000
6,251
16,000
25,577
200
-
152,710
155,578
$ 1,394,660 $ 1,456,541
VILLAGE OF DEERFIELD, ILLINOIS
Sewerage Fund
Schedule of Fixed Assets and Depreciation
Year Ended April 30,1997
Assets
Balances Balances
May 1 Additions Retirements April 30
Sewer system $ 10,654,792 $ - $ - $ 10,654,792
Equipment and
vehicles 354,233 8,772 - 363,005
$ 11,009,025 $ 8,772 $ - $ 11,017,797
Accumulated Depreciation
Balances Balances
May 1 Additions Retirements April 30
Sewer system $ 5,908,205 $ 234,583 $ - $ 6,142,788
Equipment and
vehicles
Net asset value
$ 6,164,897 $ 248,092
77
$ 6,412,989
$ 4,604,808
VILLAGE OF DEERFIELD, ILLINOIS
Refuse Fund
Balance Sheet
April 30,1997 and 1996
ASSETS
Current assets
Cash and investments
Receivables
Property taxes
Accounts - billed
Accounts - unbilled
Accrued interest
Other
Due from component unit
Total assets
LIABILITIES AND RETAINED EARNINGS
Current liabilities
Accounts payable
Retained earnings
Unreserved
Total liabilities and retained earnings
• • SIB
$ 234,798 $ 155,062
648,290
10,311
52,356
1,541
3,803
6,483
$ 957,582
674,135
23,549
52,356
3,042
3,439
177
$ 911,760
$ 80,340 $ 78,835
877,242
$ 957,582
See accompanying notes to financial statements.
78
832,925
$ 911,760
VILLAGE OF DEERFIELD, ILLINOIS
Refuse Fund
Statement of Revenues, Expenses,
and Changes in Retained Earnings - Unreserved - Budget and Actual
Year Ended April 30,1997 and Actual Only for 1996
See accompanying notes to financial statements.
wt
1997
1996
Budget
Actual
dal
Operating revenues
Charges for services
Refuse billing
$ 316,000 $
326,377
$ 515,638
Miscellaneous
32,500
35,256
66,046
Total operating revenues
348,500
361,633
581,684
Operating expenses
Administration
79,790
76,976
64,512
Operations
Contractual services
964,690
963,687
1,183,204
Total operating expenses
1,044,480
1,040,663
1,247,716
Operating (loss)
(695,980)
(679,030)
(666,032)
Nonoperating revenues
Interest income
10,000
17,055
12,165
Property taxes
725,000
718,942
724,021
735,000
735,997
736,186
Income before operating transfers
39,020
56,967
70,154
Operating transfers (out)
Vehicle Replacement Fund
(12,650)
(12,650)
(15,000)
Net income
$ 26,370
44,317
55,154
Retained earnings - unreserved
May 1
832,925
777,771
April 30
$
877,242
$ 832,925
See accompanying notes to financial statements.
wt
VILLAGE OF DEERFIELD, ILLINOIS
Commuter Parking Lot Fund
Balance Sheet
April 30,1997 and 1996
ASSETS
Current assets
Cash and investments
Receivables - accrued interest
Fixed assets
Cost
Accumulated depreciation
Total assets
LIABILITIES AND FUND EQUITY
Current liabilities
Accounts payable
Fund equity
Contributed capital
Retained earnings - unreserved
Total fund equity
Total liabilities and fund equity
..
$ 740,710
710,108
(556,175)
$ 905,977
_•'•
$ 685,525
710,108
(523,905)
$ 883,097
$ 8,744 $ 10,023
162,424 203,048
734,809 670,026
897,233 873,074
$ 905,977 $ 883,097
See accompanying notes to financial statements.
80
VILLAGE OF DEERFIELD, ILLINOIS
Commuter Parking Lot Fund
Statement of Revenues, Expenses,
and Changes in Retained Earnings - Unreserved - Budget and Actual
Year Ended April 30,1997 and Actual Only for 1996
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
Net income
Other changes in retained earnings -
unreserved
Depreciation that reduces
contributed capital
Net increase in retained earnings -
unreserved
Retained earnings - unreserved
May 1
1997
Budget Actual
$ 182,000 $ 168,391
59,140
122,860
122,860
29,000
151,860
(100,000)
$ 51,860
117,937
32,270
85,667
124,159
(100,000)
24,159
1996
Actual
$ 186,481
55,193
131,288
32,270
99,018
36,284
135,302
(90,000)
45,302
40,624 19,765
64,783 65,067
April 30 $ 734,809 $ 670,026
See accompanying notes to financial statements.
1
1
1
1
1
1
i
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1
1
1
1
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1
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1
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1
VILLAGE OF DEERFIELD, ILLINOIS
Commuter Parking Lot Fund
Schedule of Operating Expenses - Budget and Actual
Year Ended April 30,1997
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
Benefits
Insurance
Utility services
Repairs and maintenance
Supplies
Aggregates
Materials
Contractual
Equipment
Total parking lots - village construction
Total operating expenses
82
EJ
8,490
1,020
510
4,000
2,000
7,500
500
200
200
800
7,700
7,920
974
420
2,865
100
7,440
8
7,457
34,920 27,184
8,180
7,920
900
1,161
440
349
4,000
5,540
500
162
400
8
100
-
1,000
672
7,700
7,458
1,000
-
$ 59,140 $ 50,454
Land
Parking lot
improvements
VILLAGE OF DEERFIELD, ILLINOIS
Commuter Parking Lot Fund
Schedule of Fixed Assets and Depreciation
Year Ended April 30,1997
Balances
May
$ 77,500
Assets
�W..
-1_C - A
Balances
Any
$ 77,500
632,608 - - 632,608
$ 710,108 $ - $ - $ 710,108
Accumulated Depreciation
Balances Balances
May 1 Additions Retirements April 30
Parking lot $ 523,905 $ 32,270 $ - $ 556,175
Net asset value $ 153,933
83
INTERNAL SERVICE FUNDS
Garage Fund
To account for all activity necessary to maintain the efficient and safe operation of Village
vehicles and equipment. The Garage is operated and maintained by the Village of Deerfield
and the various departments are billed according to the services rendered.
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.
ASSETS
Current assets
Cash and investments
Receivables
Accounts
Accrued interest
Inventories
Total assets
LIABILITIES AND
RETAINED EARNINGS
Current liabilities
Accounts payable
Accrued payroll
Compensated absences
payable
Claims payable
Total liabilities
Retained earnings
Unreserved
Total liabilities and
retained earnings
VILLAGE OF DEERFIELD, ILLINOIS
Internal Service Funds
Combining Balance Sheet
April 30,1997
(with comparative totals for 1996)
Totals
Garaze Insurance 1997 1996
$ 32,530 $ 461,149 $ 493,679
- 8,096 8,096
60,398 - 60,398
$ 92,928 $ 469,245 $ 562,173
$ 456,315
110
3,952
60,398
$ 520,775
$ 3,280 $ 54,451 $ 57,731 $ 61,967
1,522 - 1,522 94
37,146 - 37,146 34,373
- 177,005 177,005 177,005
41,948 231,456 273,404 273,439
50,980 237,789
$ 92,928 $ 469,245
288,769
$ 562,173
See accompanying notes to financial statements.
84
247,336
$ 520,775
VILLAGE OF DEERFIELD, ILLINOIS
Internal Service Funds
Combining Statement of Revenues, Expenses,
and Changes in Retained Earnings - Unreserved
Year Ended April 30,1997
�i
(with comparative totals for 1996)
Totals
Gara e Insurance
1997
1996
Operating revenues
Charges for services
Billings
$ 238,577 $ 896,043 $
1,134,620 $
940,853
Operating expenses
Administration
- 906,071
906,071
845,792
1 Operations
212,182 -
212,182
192,166
Total operating
expenses
212,182 906,071
1,118,253
1,037,958
Operating income (loss)
26,395 (10,028)
16,367
(97,105)
Nonoperating revenues
Interest income
- 27,066
27,066
30,767
Income before
operating transfers
26,395 17,038
43,433
(66,338)
Operating transfers (out)
(2,000) -
(2,000)
(2,000)
Net income (loss)
24,395 17,038
41,433
(68,338)
Retained earnings -
unreserved
May 1
26,585 220,751
247,336
315,674
April 30
l
$ 50,980 $ 237,789 $
288,769 $
247,336
See accompanying notes to financial statements.
r
85
VILLAGE OF DEERFIELD, ILLINOIS
Internal Service Funds
Combining Statement of Cash Flows
Year Ended April 30,1997
(with comparative totals for 1996)
Cash flows from noncapital financing
activities
Operating transfers (out) (2,000) - (2,000) (2,000)
Cash flows from investing activities
Purchase of investment securities
- (625,000)
Totals
(400,954)
Proceeds from sale and maturities
Garage
Insurance 122
12L
Cash flows from operating activities
- 550,000
550,000
303,589
Operating income (loss)
$ 26,395
$ (10,028) $ 16,367 $
(97,105)
Adjustments to reconcile operating
- (51,201)
(51,201)
(67,485)
income (loss) to net cash provided by
(used in) operating activities
Cash and cash equivalents
$ 32,530
$ 36,149 $
Changes in assets and liabilities
$ 105,438
Investments
-
Receivables
110
- 110
190
Accounts payable
759
(4,995) (4,236)
(11,089)
Accrued payroll
1,428
- 1,428
94
Compensated absences payable
2,773
- 2,773
-
Due to other funds
-
- -
(13,088)
31,465
(15,023) 16,442
(120,998)
Cash flows from noncapital financing
activities
Operating transfers (out) (2,000) - (2,000) (2,000)
Cash flows from investing activities
Purchase of investment securities
- (625,000)
(625,000)
(400,954)
Proceeds from sale and maturities
Cash and cash equivalents
of investment securities
- 550,000
550,000
303,589
Interest on investments
- 23,799
23,799
29,880
$ 32,530
- (51,201)
(51,201)
(67,485)
Net increase (decrease) in cash and cash
equivalents
29,465
(66,224)
(36,759)
(190,483)
Cash and cash equivalents
May 1
3,065
102,373
105,438
295,921
April 30
$ 32,530
$ 36,149 $
68,679
$ 105,438
Cash and investments
Cash and cash equivalents
$ 32,530
$ 36,149 $
68,679
$ 105,438
Investments
-
425,000
425,000
350,877
$ 32,530
$ 461,149 $
493,679
$ 456,315
See accompanying
notes to financial statements.
86
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VILLAGE OF DEERFIELD, ILLINOIS
Garage Fund
Statement of Revenues, Expenses,
and Changes in Retained Earnings - Budget and Actual
Year Ended April 30,1997 and Actual Only for 1996
Operating revenues
Charges for services
Billings
Operating expenses
Operations
Income before operating transfers
Operating transfers (out)
Vehicle Replacement Fund
Net income
Retained earnings
May 1
April 30
1997 1996
Budget Actual Actual
$ 218,500 $ 238,577 $ 210,901
4,710 26,395
18,735
(2,000) (2,000)
(2,000)
$ 2,710 24,395
16,735
26,585
9,850
$ 50,980 $
26,585
See accompanying notes to financial statements.
87
VILLAGE OF DEERFIELD, ILLINOIS
Garage Fund
Schedule.of Operating Expenses - Budget and Actual
Year Ended April 30,1997
::
Budget
Actual
Operations
Public works department
Salaries
$ 104,020
$ 113,548
Overtime
6,630
11,818
Employee benefits
18,340
15,140
Apparel
500
597
Repairs and maintenance
6,000
3,573
Travel, training, and dues
700
15
Printing and advertising
400
356
Communications
700
578
Utility services
1,600
1,125
Insurance
7,000
4,263
Petroleum products
300
298
Miscellaneous
400
50
Materials
500
-
Small tools and equipment
2,500
2,263
Supplies
61,200
55,655
Equipment
3,000
2,903
Total operating expenses
$ 213,790
$ 212,182
::
VILLAGE OF DEERFIELD, ILLINOIS
Insurance Fund
Statement of Revenues, Expenses,
and Changes in Retained Earnings
Year Ended April 30,1997 and 1996
Operating revenues
Charges for services
Billings
$ 896,043
$ 729,952
Operating expenses
Administration
Insurance
906,071
845,792
Operating (loss)
(10,028)
(115,840)
Nonoperating revenues
Interest income
27,066
30,767
Net income (loss)
17,038
(85,073)
Retained earnings
May 1
220,751
305,824
April 30
$ 237,789
$ 220,751
See accompanying notes to financial statements.
89
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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.
Agency Funds
Deposit Fund - to account for monies on deposit with the Village which are being held on a
temporary basis.
Deferred Compensation Plan Fund - to account for salary deductions held by the government
employees. The deferred compensation is available to employees upon termination or
retirement.
Deerfield Cemetery Association Fund - to account for the monies on deposit with the Village
which 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 which
are being held for the East Shore Radio Network.
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VILLAGE OF DEERFIELD, ILLINOIS
Police Pension Fund
Statement of Revenues, Expenses,
and Changes in Fund Balance - Budget and Actual
Year Ended April 30,1997 and Actual Only for 1996
Operating revenues
Taxes
Property taxes
Replacement taxes
Contributions
Employee contributions
Interest
Total revenues
Operating expenses
Benefits and refunds
Pension payments
Separation refunds
Miscellaneous
Miscellaneous
Total operating expenses
Net income
Fund balance
May 1
April 30
1997
$ 240,000 $
8,000
195,000
1,493,000
383,830
20,000
405,830
$ 1,087,170
.. •-
238,120
$ 225,170
7,637
7,408
186,027
182,731
1,089,631
1,185,565
371,015 318,461
372,908 319,905
1,148,507 1,280,969
12,686,498 11,405,529
$ 13,835,005 $ 12,686,498
See accompanying notes to financial statements.
91
VILLAGE OF DEERFIELD, ILLINOIS
Agency Funds
Combining Statement of Changes in Assets and Liabilities
Year Ended Apri130,1997
Balances Balances
May-1 Additions Deductions Al2ril 30
All Funds
ASSETS
Cash and investments
$ 906,162
$ 856,400
$
379,062
$1,383,500
Receivables - other
149,761
4,236
8,869
137,866
16,131
Assets held by agents for deferred
$ 960,481
$ 452,250
$ 96,314 $1,316,417
compensation plan (market value)
3,111,526
674,139
130,657
3,655,008
Total assets
$ 4,167,449
$1,534,775
$
647,585
$ 5,054,639
LIABILITIES
Accounts payable
$ 42,572
$ 361,730
$
367,109
$ 37,193
Deposits payable
973,444
467,626
118,781
1,322,289
Due to other funds
8,869
2,892
-
11,761
Due to participants
3,142,564
702,527
161,695
3,683,396
Total liabilities
$ 4,167,449
$ 1,534,775
$
647,585
$ 5,054,639
Deposit Fund
ASSETS
Cash and investments 864,167 452,250 - $ 1,316,417
Receivables- other 96,314 - 96,314 -
$ 960,481 $ 452,250 $ 96,314 $ 1,316,417
LIABILITIES
Accounts payable
$ 7,753
$ 6,347
$ 7,118 $ 6,982
Deposits payable
943,859
443,011
89,196 1,297,674
Due to other funds
8,869
2,892
- 11,761
Total liabilities
$ 960,481
$ 452,250
$ 96,314 $1,316,417
Deferred Compensation '
Plan Fund
ASSETS '
Assets held by agents for deferred
plan (market value) $ 3,111,526 $ 674,139 $ 130,657 $ 3,655,008
LIABILITIES '
Due to participants $ 3,111,526 $ 674,139 $ 130,657 $ 3,655,008
(Continued) '
92
VILLAGE OF DEERFIELD, ILLINOIS
Agency Funds
Combining Statement of Changes in Assets and Liabilities
Year Ended April 30,1997
Deerfield Cemetery Association Fund
ASSETS
Cash and investments
Receivables - other
Total assets
' LIABILITIES
Accounts payable
' Deposits Payable
Total liabilities
Lake -Cook Metra Study Grant Fund
ASSETS
Cash and investments
Receivables - other
Total assets
LIABILITIES
Accounts payable
East Shore Radio Network Fund
ASSETS
Cash and investments
Receivables - other
Total assets
LIABILITIES
Accounts payable
Due to participants
Total liabilities
Balances Balances
Mall Additions Deductions Al2ril 30
$ 19,632 $ 24,615 $ 31,527 $ 12,720
11,895 - - 11,895
31,527 24,615 31,527 24,615
$ 1,942 $ - $ 1,942 $ -
29,585 24,615 29,585 24,615
$ 31,527 $ 24,615 $ 31,527 $ 24,615
$ 3
$ 345,862
$ 325,175
$ 20,690
31,663
4,236
31,663
4,236
$ 31,666
$ 350,098
$ 356,838
$ 24,926
$ 31,666 $ 350,098 $ 356,838 $ 24,926
$ 22,360 $ 33,673 $ 22,360 $ 33,673
9,889 - 9,889 -
$ 32,249 $ 33,673 $ 32,249 $ 33,673
$ 1,211
$ 5,285
$ 1,211
$ 5,285
31,038
28,388
31,038
28,388
$ 32,249
$ 33,673
$ 32,249
$ 33,673
See accompanying notes to financial statements.
93
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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.
1
1
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VILLAGE OF DEERFIELD, ILLINOIS
General Fixed Assets Account Group
Schedule of General Fixed Assets - by Source
April 30,1997 and 1996
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
94
1997 1996
$ 7,596,346 $ 3,771,232
4,916,773 4,915,798
901,836 1,051,944
2,643,901 2,357,781
$ 16,058,856 $ 12,096,755
$ 10,057,847 $ 6,095,746
4,101,009 4,101,009
1,500,000 1,500,000
400,000 400,000
$ 16,058,856 $ 12,096,755
VILLAGE OF DEERFIELD, ILLINOIS
General Fixed Assets Account Group
Schedule of General Fixed Assets - by Function
April 30,1997
95
Buildings
and
Function
Land
Improvements
Vehicles
Equipment
Totals
General government
$ 6,175,564
$ 296,254
$ 59,035
$ 1,045,448
$ . 7,576,301
Public safety
1,271,340
1,064,723
109,064
983,412
3,428,539
Public works
149,442
3,555,796
733,737
615,041
5,054,016
$ 7,596,346
$ 4,916,773
$ 901,836
$ 2,643,901
$ 16,058,856
95
VILLAGE OF DEERFIELD, ILLINOIS
General Fixed Assets Account Group
Schedule of Changes in General Fixed Assets - by Function
Year Ended April 30,1997
M-1
Balances
Balances
Function
May 1
Additions
Retirements
April 30
General government
$ 3,665,977
$ 3,921,364
$ 11,040
$ 7,576,301
Public safety
3,395,032
201,507
168,000
3,428,539
Public works
5,035,746
48,270
30,000
5,054,016
$ 12,096,755
$ 4,171,141
$ 209,040
$ 16,058,856
M-1
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GENERAL LONG -TERM DEBT ACCOUNT GROUP
ITo account for the noncurrent portion of the Government's Bond Issue liabilities.
VILLAGE OF DEERFIELD, ILLINOIS
General Long -Term Debt Account Group
Schedule of General Long -Term Debt
April 30, 1997
(with comparative totals for 1996)
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
1997 1996
$ 2,235,663 $ 2,186,990
6,719,337 8,033,010
$ 8,955,000 $ 10,220,000
$ 8,955,000 $ 10,220,000
See accompanying notes to financial statements.
97
1
1
I
ri
1
r.
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.
1
1
1
VILLAGE OF DEERFIELD, ILLINOIS
Component Unit - Public Library
Combining Balance Sheet
April 30,1997
(with comparative totals for 1996)
Agency
Fund
Deferred General Fixed
General Compensation Asset Account Totals
General Plan On= 122 122
ASSETS
Cash and investments
$ 1,140,560
$ -
$ - $ 1,140,560
$ 769,760
Receivables - property taxes
1,081,244
-
- 1,081,244
1,081,376
Due from primary government
-
-
- -
200
Assets held by agents for
deferred compensation plan
(market value)
-
56,809
- 56,809
46,403
General fixed assets
-
-
1,428,694 1,428,694
1,428,694
Total assets
$ 2,221,804
$ 56,809
$ 1,428,694 $ 3,707,307
$ 3,326,433
LIABILITIES AND
FUND EQUITY
Liabilities
Accounts payable
$ 58,954
$ -
$ - $ 58,954
$ 44,796
Due to primary government
43,767
-
- 43,767
1,475
Deferred property taxes
1,209,217
-
- 1,209,217
1,197,857
Due to participants
-
56,809
- 56,809
46,403
Total liabilities
1,311,938
56,809
- 1,368,747
1,290,531
Fund equity
Investment in general
fixed assets
-
-
1,428,694 1,428,694
1,428,694
Fund balance - unreserved
Designated - capital
improvements
203,250
-
- 203,250
140,000
Undesignated
706,616
-
- 706,616
467,208
Total fund equity
909,866
-
1,428,694 2,338,560
2,035,902
Total liabilities and
fund equity
$ 2,221,804
$ 56,809
$ 1,428,694 $ 3,707,307
$ 3,326,433
See accompanying notes to financial statements.
M
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
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 30,1997 and Actual Only for 1996
Revenues
Taxes
Property taxes
Replacement taxes
Intergovernmental
Grants
Charges for services
Non - resident fees
Fees, fines, penalties
Xerox
Videos
Interest
Miscellaneous
Impact fees
Tax incremental finance district
surplus property tax rebate
Gifts
Insurance Rebate
Reserve for repairs and
replacement
Total revenues
Expenditures
Culture and recreation
Excess (deficiency) of revenues
over expenditures
Fund balance
May 1
April 30
1997 1996
Budget Actual Actual
$ 1,209,487
$ 1,188,139
$ 1,095,201
16,000
23,475
22,770
21,000
21,659
21,659
16,000
19,393
17,496
35,000
36,480
37,391
8,000
9,041
8,872
10,000
16,425
16,487
30,000
57,797
43,257
53,250
24,442
26,318
150,000
185,970
166,063
500
4,579
5,051
-
9,680
18,960
360,000
-
-
1,909,237
1,597,080
1,479,525
1,909,237
1,294,422
1,497,702
$ -
302,658
(18,177)
$ 909,866 $ 607,208
See accompanying notes to financial statements.
• •
VILLAGE OF DEERFIELD, ILLINOIS
Component Unit - Public Library
General Fund
Schedule of Expenditures - Budget and Actual
Year Ended April 30,1997
Culture and recreation
Salaries - professional
$ 382,721
Salaries - non - professional
441,240
Employee benefits
64,965
Professional services
5,000
Education, travel, and dues
7,800
Communication
9,700
Insurance
21,885
Contractual services
20,600
Utilities
1,500
Repairs, maintenance of building and
equipment building supplies
115,000
Supplies - library and office
20,000
Books
118,630
Periodicals
38,500
Audio - visual
23,000
Binding
3,600
Special library programs
8,500
Data base
3,000
New equipment
11,000
Printing
9,000
Cataloging service
5,000
Miscellaneous
1,500
Automation project
107,846
Remodeling project
252,154
Improvements - other than building
33,846
TIF Reserve
203,250
Total expenditures
100
377,147
385,130
57,579
41,892
8,348
9,372
24,671
15,503
1,067
35,652
30,754
119,325
26,459
20,020
251
12,172
9,772
5,163
11,615
3,652
1,082
97,588
208
$ 1,909,237 $ 1,294,422
VILLAGE OF DEERFIELD, ILLINOIS
Component Unit - Public Library
Agency Fund
Statement of Changes in Assets and Liabilities
Year Ended April 30,1997
Deferred Compensation
Plan Fund
ASSETS
Assets held by agents
for deferred plan
(market value)
LIABILITIES
Due to participants
Balances Balances
May-1 Additions Deductions Al2ri130
$ 46,403 $ 18,202 $ 7,796 $ 56,809
$ 46,403 $ 18,202 $ 7,796 $ 56,809
See accompanying notes to financial statements.
101
VILLAGE OF DEERFIELD, ILLINOIS
Component Unit - Public Library
General Fixed Assets Account Group
Schedule of General Fixed Assets - by Source
April 30,1997
GENERAL FIXED ASSETS
Land $ 145,556
Buildings and improvements 848,116
Equipment 435,022
$ 1,428,694
INVESTMENT IN GENERAL FIXED ASSETS
General revenues $ 1,428,694
102
IVILLAGE OF DEERFIELD, ILLINOIS
Illinois Municipal Retirement Fund
Required Supplementary Information
Analysis of Funding Progress
' April 30,1997
'
1987
$1,851,900
$ 3,229,435
57.34%
$1,377,535
(6)
60.10%
(1)
1988
1,488,727
3,137,943
47.44
Unfunded
rAssets
Net
1989
1,770,910
3,489,507
Pension
Benefit
1,718,597
Available
65.19
'
(4)
2,320,255
Obligation
'
for
Benefits
(2)
(3)
Unfunded
Pension
(5)
as a
Percentage
4,709,444
(Lower of
Pension
Percentage
Benefit
Annual
of Covered
3,782,246
Calendar Cost or
Benefit
Funded
Obligation
Covered
Payroll
'
Year Market )
Obligation
(1)+(2)
(2 - 1
Payroll
(4)+(5
* Market value
(During the implementation transition period all information required is presented for as many
years as is available.)
'Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation,
Y P
and unfunded pension benefit obligation in isolation can be misleading. Expressing the net
' assets available for benefits as a percentage of the pension benefit obligation provides one
indication of funding status on a going- concern basis. Analysis of this percentage over time
indicates whether the system is becoming financially stronger or weaker. Generally, the greater
this percentage, the stronger the PERS. Trends in unfunded pension benefit obligation and
annual covered payroll are both affected by inflation. Expressing the unfunded pension benefit
obligation as a percentage of annual covered payroll approximately adjusts for the effects of
' inflation and aids analysis of progress made in accumulating sufficient assets to pay benefits
when due. Generally, the smaller the percentage, the stronger the PERS.
103
1987
$1,851,900
$ 3,229,435
57.34%
$1,377,535
$2,292,114
60.10%
'
1988
1,488,727
3,137,943
47.44
1,649,216
2,529,121
65.21
1989
1,770,910
3,489,507
50.75
1,718,597
2,636,443
65.19
'
1990
2,320,255
4,464,450
51.97
2,144,195
2,800,891
76.55
1991
2,916,035
4,709,444
61.92
1,793,409
2,990,934
59.96
'
1992
3,782,246
5,482,073
68.99
1,699,827
3,115,096
54.57
1993
4,437,725
6,231,398
71.22
1,793,673
3,349,867
53.54
'
1994
5,213,379
7,105,834
73.37
1,892,455
3,551,486
53.29
1995
7,032,907
8,572,278
82.04
1,539,371
3,693,506
41.68
'
1996
8,623,155*
9,097,515
94.79
474,360
3,828,030
12.39
* Market value
(During the implementation transition period all information required is presented for as many
years as is available.)
'Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation,
Y P
and unfunded pension benefit obligation in isolation can be misleading. Expressing the net
' assets available for benefits as a percentage of the pension benefit obligation provides one
indication of funding status on a going- concern basis. Analysis of this percentage over time
indicates whether the system is becoming financially stronger or weaker. Generally, the greater
this percentage, the stronger the PERS. Trends in unfunded pension benefit obligation and
annual covered payroll are both affected by inflation. Expressing the unfunded pension benefit
obligation as a percentage of annual covered payroll approximately adjusts for the effects of
' inflation and aids analysis of progress made in accumulating sufficient assets to pay benefits
when due. Generally, the smaller the percentage, the stronger the PERS.
103
VILLAGE OF DEERFIELD, ILLINOIS I
Police Pension Fund
Required Supplementary Information
Analysis of Funding Progress
April 30,1997 '
(During the implementation transition period all information required is presented for as many
years as is available.)
Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation,
and unfunded pension benefit obligation in isolation can be misleading. Expressing the net
assets available for benefits as a percentage of the pension benefit obligation provides one
indication of funding status on a going- concern basis. Analysis of this percentage over time
indicates whether the system is becoming financially stronger or weaker. Generally, the greater
this percentage, the stronger the PERS. Trends in unfunded pension benefit obligation and
annual covered payroll are both affected by inflation. Expressing the unfunded pension benefit
obligation as a percentage of annual covered payroll approximately adjusts for the effects of
inflation and aids analysis of progress made in accumulating sufficient assets to pay benefits
when due. Generally, the smaller the percentage, the stronger the PERS.
104
(6)
Unfunded
(Assets in
(1)
Excess of)
Net
(4)
Pension
Assets
Unfunded
Benefit
Available
(Assets in
Obligation
for
Excess of)
as a
Benefits
(2)
(3)
Pension
(5)
Percentage
(Lower of
Pension
Percentage
Benefit
Annual
of Covered
Fiscal
Cost or
Benefit
Funded
Obligation
Covered
Payroll
Year
Market )
Obligation
(1)+(2)
Q-(1)
Pa3roll
(4)+(5
1988
$5,055,040
$ 4,290,531
118.00
$ (764,509)
$1,237,594
(62.00)%
1989
5,692,830
4,823,277
118.00
(869,278)
1,380,114
(63.00)
1990
6,425,063
5,242,623
122.55
(1,182,440)
1,460,008
(80.99)
1991
7,494,864
6,309,081
118.79
(1,185,783)
1,565,933
(75.72)
1992
8,380,701
7,017,405
119.43
(1,363,296)
1,552,844
(87.79)
1993
9,274,684
8,394,887
110.48
(879,797)
1,767,665
(49.77)
1994
10,327,550
9,257,629
111.56
(1,069,921)
1,832,033
(58.40)
1995
11,405,529
10,324,705
110.47
(1,080,824)
1,937,400
(55.79)
1996
12,686,498
11,132,504
113.96
(1,553,994)
2,030,345
(76.54)
1997
13,835,005
12,200,363
113.40
(1,634,642)
2,071,280
(78.92)
(During the implementation transition period all information required is presented for as many
years as is available.)
Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation,
and unfunded pension benefit obligation in isolation can be misleading. Expressing the net
assets available for benefits as a percentage of the pension benefit obligation provides one
indication of funding status on a going- concern basis. Analysis of this percentage over time
indicates whether the system is becoming financially stronger or weaker. Generally, the greater
this percentage, the stronger the PERS. Trends in unfunded pension benefit obligation and
annual covered payroll are both affected by inflation. Expressing the unfunded pension benefit
obligation as a percentage of annual covered payroll approximately adjusts for the effects of
inflation and aids analysis of progress made in accumulating sufficient assets to pay benefits
when due. Generally, the smaller the percentage, the stronger the PERS.
104
VILLAGE OF DEERFIELD, ILLINOIS
Illinois Municipal Retirement Fund
Required Supplementary Information
Revenues by Source
April 30,1997
N/A - not applicable
105
Employer
Contributions
as a
------------------
- - - - -- Revenues by
Source------------------- - - - - --
Percentage
Calendar
Employee
Employer
Investment
of Covered
Year
Contributions
Contributions
Income
Totals
Payroll
1987
$ 103,137
$ 179,472
N/A
$ 282,609
8.21%
1988
113,907
204,352
N/A
318,259
8.08
1989
118,539
266,280
N/A
384,819
10.10
1990
126,040
329,945
N/A
455,985
11.78
1991
134,592
372,669
N/A
507,261
12.46
1992
140,232
399,043
N/A
539,275
12.81
1993
150,744
385,905
N/A
536,649
11.52
1994
159,817
410,551
N/A
570,368
11.56
1995
166,208
406,655
N/A
572,863
11.01
1996
172,261
415,342
N/A
587,603
10.85
N/A - not applicable
105
VILLAGE OF DEERFIELD, ILLINOIS '
Police Pension Fund
Required Supplementary Information '
q PP rY
Revenues by Source and Expenses by Type
April 30,1997 '
------------------- - - - - -- Expenses by Tv-De --------------------- - - - - --
Fiscal
Administrative
Year
Employer
Expenses Refunds
Totals
1988
$ 87,859
$ 53 $ -
Contributions
1989
88,660
1,620 -
90,280
1990
as a
568 -
--------------------- - - - - -- Revenues by
Source------------------- - - - - --
Percentage
Fiscal
Employee
Employer
Investment
1,019 12,438
of Covered
Year
Contributions
Contributions
Income
Totals
Payroll
1988
$107,902
$ 150,024
$ 473,397
$ 731,323
12.08%
1989
83,619
155,430
488,746
727,795
11.26
1990
127,777
160,461
562,558
850,796
11.00
1991
136,638
155,284
772,839
1,064,761
9.92
1992
139,756
166,382
809,346
1,115,484
10.71
1993
160,894
180,787
789,704
1,131,385
10.23
1994
1641883
195,933
987,515
1,348,331
10.69
1995
174,366
222,673
988,561
1,385,600
11.49
1996
182,731
232,578
1,185,565
1,600,874
11.46
1997
186,027
245,757
1,089,631
1,521,415
11.86
------------------- - - - - -- Expenses by Tv-De --------------------- - - - - --
Fiscal
Administrative
Year
Benefits
Expenses Refunds
Totals
1988
$ 87,859
$ 53 $ -
$ 87,912
1989
88,660
1,620 -
90,280
1990
117,720
568 -
118,288
1991
154,844
585 -
155,429
1992
216,190
1,019 12,438
229,647
1993
234,872
2,530 -
237,402
1994
290,772
1,189 3,504
295,465
1995
305,114
2,507 -
307,621
1996
318,461
1,444 -
319,905
1997
371,015
1,893 -
372,908
106
VILLAGE OF DEERFIELD, ILLINOIS
Schedule of Insurance in Force
April 30,1997
Insureds
Description of Coverage
Amount of Coverage
Village of Deerfield
Workers' Compensation
Statutory/
$ 30,000,000
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
$ 30,000,000
Village of Deerfield
Boiler and Machinery
$10,000
Public Officials
Blanket Bond Coverage
$10,000/
$1,000,000
Village of Deerfield
Excess Coverage
$10,000,000
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.
107
VILLAGE OF DEERFIELD, ILLINOIS
Long -Term Debt Requirements
General Obligation Refunding Bond Series of 1993
April 30,1997
Date of Issue
Date of Maturity
Authorized Issue
Denomination of Bonds
Interest Rates
Interest Dates
Payable at
Tax
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
Levy
Bond
--------------- - - - - -- -Tax Levy
Amount
Year
Numbers
Principal
Interest
Totals
1996
211 -411
$1,000,000
$ 367,155
$ 1,367,155
1997
412 -622
1,050,000
326,155
1,376,155
1998
623 -839
1,080,000
283,105
1,363,105
1999
840 -1056
1,130,000
238,825
1,368,825
2000
1057 -1294
1,185,000
192,495
1,377,495
2001
1295 -1543
1,240,000
143,910
1,383,910
2002
1544 -1797
1,265,000
93,070
1,358,070
2003
1798 -1999
1,005,000
41,205
1,046,205
$11L5 ,000 $1,685,920 $ 10,640 220
108
- --
- -- Interest Due On---- __�_____
June 15
Amount
Dec 15
Amount
1997
$ 183,577
1997
$ 183,578
1998
163,078
1998
163,077
1999
141,552
1999
141,553
2000
119,413
2000
119,412
2001
96,247
2001
96,248
2002
71,955
2002
71,955
2003
46,535
2003
46,535
2004
20,603
2004
20,602
$ 842,960
$ 842,960
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Property Tax Assessed Valuations, Rates, Extensions, and Collections
Last Ten Fiscal Years
April 30,1997
(See Following Page)
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VILLAGE OF DEERFIELD, ILLINOIS
Assessed and Estimated Actual Value of Taxable Property
Last Ten Fiscal Years
April 30, 1997
Data Source
Office of the County Clerk
112
Ratio of
------------- - - - - -- Real Property-------------
- - - - --
Total Assessed
Tax
Equalized
Estimated
Value to
Levy
Assessed
Actual
Total Estimated
Year
Value
Value
Actual Value
1987
$ 314,987,029
$ 945,000,000
33.3
1988
377,208,775
1,131,000,000
33.3
1989
428,039,204
1,284,000,000
33.3
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
Data Source
Office of the County Clerk
112
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VILLAGE OF DEERFIELD, ILLINOIS
Schedule of Direct and Overlapping Bonded Debt
April 30,1997
* - Determined by ratio of assessed value of property subject to taxation in overlapping
unit to value of property subject to taxation.
** - Amount in column (2) multiplied by amount in column (1).
Data Source
Office of the County Clerk
115
(2)
* Percentage
'
of Debt
(1)
Applicable
Gross
to
** Government's
' Governmental Unit
Bonded Debt
Government
Share of Debt
Village of Deerfield
$ 8,955,000
100.000%
$ 8,955,000
Metropolitan Sanitary District
1,083,315,000
.095
1,029,149
Lake County and Forest Preserve
150,081,175
4.141
6,214,861
Cook County and
Cook County Forest Preserve
1,679,045,000
0.093
1,561,512
North Shore Sanitary District
17,268,820
0.025
4,317
Deerfield Park District
370,000
97.395
360,362
Northbrook Park District
12,702,350
2.935
372,814
Deerfield School District # 109
19,950,000
71.228
14,209,986
Township High School #113
3,100,000
26.725
828,475
Northfield Township High School #225
9,225,000
2.489
229,610
Junior College #532
16,850,658
4.385
738,901
Lake County Special Service Area #5
240,000
45.566
109,358
Total gross debt
3,001,103,003
34,614,345
Less debt service fund amount
available - Village of Deerfield
2,235,663
2,235,663
r Total gross debt less available amount
2,998,867,340
$ 32,378,682
* - Determined by ratio of assessed value of property subject to taxation in overlapping
unit to value of property subject to taxation.
** - Amount in column (2) multiplied by amount in column (1).
Data Source
Office of the County Clerk
115
VILLAGE OF DEERFIELD, ILLINOIS ,
Schedule of Legal Debt Margin
April 30, 1997
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 -1996 $ 624,187,752
Legal debt limit - 8.625% 53,836,194
Amount of debt applicable to limit
General Obligation Refunding Bond Series 1993 8,955,000
Legal debt margin $ 44,881,194
116
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VILLAGE OF DEERFIELD, ILLINOIS
Demographic Statistics
Last Ten Fiscal Years
April 30, 1997
(2)
Percentage of
People Over
25 Years
of Age
With Four
or More
Years of
College
51.3%
51.5
51.8
48.8
48.3
58.8
59.6
60.7
60.0
59.6
(4)
(1)
Unemploy-
School
ment
Per
(1)
Fiscal
(1)
Household
Median
Year
Population
Income
Age
1988
17,500
$ 48,100
37.2
1989
17,500
50,900
37.4
1990
17,500
53,600
37.5
1991
17,327
55,000
37.7
1992
17,327
71,966
36.3
1993
17,327
70,046
36.3
1994
17,327
78,830
35.9
1995
17,327
71,966
35.6
1996
17,327
71,966
35.9
1997
17,327
71,966
35.9
(2)
Percentage of
People Over
25 Years
of Age
With Four
or More
Years of
College
51.3%
51.5
51.8
48.8
48.3
58.8
59.6
60.7
60.0
59.6
Data Sources
(1) Derived from data from the Department of Commerce, Bureau of the Census, 1990
(2) Percentage of people over 25 years of age or over with 4 or more years of college
education. Northeastern Illinois Planning Commission
(3) Enrollment figures derived from combined enrollment of District 109 (grade school) and
District 113 (high school)
(4) Unemployment figures based on 1/4 of Lake County figures from the Bureau of Labor
Statistics
118
(4)
(3)
Unemploy-
School
ment
Enrollment
Percentage
3,276
1.1%
3,238
0.9
3,106
1.0
3,277
1.0
3,251
1.2
3,410
1.3
3,462
1.1
4,287
1.0
3,978
.9
4,060
.9
Data Sources
(1) Derived from data from the Department of Commerce, Bureau of the Census, 1990
(2) Percentage of people over 25 years of age or over with 4 or more years of college
education. Northeastern Illinois Planning Commission
(3) Enrollment figures derived from combined enrollment of District 109 (grade school) and
District 113 (high school)
(4) Unemployment figures based on 1/4 of Lake County figures from the Bureau of Labor
Statistics
118
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
VILLAGE OF DEERFIELD, ILLINOIS
Property Value, Construction, and Bank Deposits
Last Ten Fiscal Years
April 30,1997
Data Sources
(1) Construction figures - Village of Deerfield, Building and Zoning Department
(2) Bank Deposits were based on commercial bank deposits at the top three banks in
Deerfield
(3) Lake and Cook County Tax Extension Offices
119
(1)
(1)
Commercial
- - - -- Construction ------
Fiscal
Number
Total
Year
of Units
Value
1988
110
$ 21,705,751
1989
222
75,592,000
1990
150
33,113,366
1991
89
16,908,426
1992
497
10,639,343
1993
114
14,582,113
1994
103
6,525,766
1995
128
11,879,282
1996
126
10,244,658
1997
110
20,622,746
Data Sources
(1) Construction figures - Village of Deerfield, Building and Zoning Department
(2) Bank Deposits were based on commercial bank deposits at the top three banks in
Deerfield
(3) Lake and Cook County Tax Extension Offices
119
(1)
Residential
(3)
- - - -- Construction - - - - --
(2)
Total
Number
Bank
Property
of Units
Value
Deposits
Value
51
$ 5,489,656
$ 149,182,000
$ 945,000,000
72
12,463,000
163,472,790
1,131,000,000
77
12,085,690
187,961,000
1,284,000,000
21
3,836,605
230,405,569
1,467,000,000
256
8,922,854
114,301,809
1,567,000,000
49
8,575,000
339,627,000
1,643,000,000
25
4,552,000
134,200,800
1,712,000,000
161
13,543,000
126,586,600
1,749,000,000
139
4,366,274
266,731,677
1,811,000,000
28
9,710,530
255,374,171
1,891,000,000
Data Sources
(1) Construction figures - Village of Deerfield, Building and Zoning Department
(2) Bank Deposits were based on commercial bank deposits at the top three banks in
Deerfield
(3) Lake and Cook County Tax Extension Offices
119
VILLAGE OF DEERFIELD, ILLINOIS
Principal Taxpayers
April 30,1997
Percentage
Data Source
Office of the County Clerk
120
$ 132,676,402 21.26%
1996
of Total
Assessed
Assessed
Taxpayers
Tyke of Business
Valuation
Valuation
VMC, Inc.
Deerbrook Shopping Center
$ 22,367,861
3.58
Matas Corporation
Corporate 500 Center
20,164,847
3.23
CarrAmerica
Parkway North
19,646,563
3.15
Stein and Company
Lake Cook Office Center
17,941,421
2.87
Estate of James
Campbell
Office Building
14,596,061
2.34
Travenol Labs
Office Buildings
$13,744,410
2.20
Marriott Corporation
Hotels
7,378,007
1.18
Equitable Life
Insurance
Hyatt Campus Office Park
5,883,981
.94
Draper and Kramer
Office Buildings
5,650,694
.91
State Farm Insurance
Office Building
5,302,557
.85
Data Source
Office of the County Clerk
120
$ 132,676,402 21.26%
VILLAGE OF DEERFIELD, ILLINOIS
Miscellaneous Statistics
April 30,1997
Date of Incorporation 1903
Form of Government
Manager /Council
Geographic Location
North Suburban
Population
4
1960
11,748
1970
18,876
1980
17,430
1990
17,327
Municipal Services & Facilities
Number of Full -Time Employees
104
Miles of Streets
70
Miles of Alleys
4
Miles of Sewers
140
Building Inspection
Number of Permits Issued in Fiscal Year 1996 907
Fire Protection District
Number of Firefighters and Officers 31
Number of Stations 1
(Continued)
121
VILLAGE OF DEERFIELD, ILLINOIS
Miscellaneous Statistics
April 30,1997
Police Protection
Number of Stations 1
Number of Policemen and Officers 38
Library Services
Number of Branch Libraries 1
Number of Books 150,000
Recreation Facilities
Number of Parks and Playgrounds 20
Park Area in Acres 288
Municipal Water Utility
Population Serviced - Number of service connections 5,986
Average Daily Pumpage 2,864,605 gals.
Miles of Water Mains 82
Data Source
Village Records
122