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Village CAFR for Year Ended December 31, 2020
Village of Deerfield, Illinois 2020 Comprehensive Annual Financial Report Comprehensive Annual Financial Report of the Village of Deerfield, Illinois For the Year Ended December 31, 2020 Prepared by Finance Department Eric L. Burk Director of Finance/Treasurer Village of Deerfield Table of Contents December 31, 2020 Page Introductory Section Letter of Transmittal i Certificate of Achievement for Excellence in Financial Reporting v Organization Chart vi Principal Officials vii Financial Section Independent Auditors' Report 1 Required Supplementary Information Management's Discussion and Analysis 3 Basic Financial Statements Government-W ide Financial Statements Statement of Net Position 10 Statement of Activities 12 Fund Financial Statements Balance Sheet - Governmental Funds 13 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position 15 Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds 16 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities 18 Statement of Net Position - Proprietary Funds 19 Statement of Revenues, Expenses and Changes in Net Position - Proprietary Funds 23 Statement of Cash Flows - Proprietary Funds 25 Statement of Fiduciary Net Position - Fiduciary Funds 29 Statement of Changes in Fiduciary Net Position - Fiduciary Funds 30 Index to Notes to Financial Statements 31 Notes to Financial Statements 32 Village of Deerfield Table of Contents December 31, 2020 Page Required Supplementary Information General Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual 67 Historical Pension and Other Postemployment Benefit Information Illinois Municipal Retirement Fund - Schedule of Changes in the Village's Net Pension Liability and Related Ratios 68 Illinois Municipal Retirement Fund - Schedule of Employer Contributions 72 Police Pension Fund - Schedule of Changes in the Village's Net Pension Liability and Related Ratios 74 Police Pension Fund - Schedule of Employer Contributions 75 Police Pension Fund - Schedule of Investment Returns 77 Retiree Health Plan - Schedule of Changes in the Village's Total OPEB Liability and Related Ratios 78 Notes to Required Supplementary Information 79 Supplementary Information Major Governmental Funds Detailed Schedule of Revenues - Budget and Actual - General Fund 80 Detailed Schedule of Expenditures - Budget and Actual - General Fund 81 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget to Actual - Debt Service Fund 84 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget to Actual - 2011B Debt Service Sinking Fund 85 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget to Actual - Infrastructure Replacement Fund 86 Nonmajor Governmental Funds Schedule of Revenues, Expenditures and Changes in Fund Balances (Deficit) - Budget and Actual - Motor Fuel Tax Fund 87 Village of Deerfield Table of Contents December 31, 2020 Page Enterprise Funds Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual - Water Fund 88 Schedule of Operating Expenses - Budget and Actual - Water Fund 89 Schedule of Capital Assets and Depreciation - Water Fund 90 Schedule of Revenue, Expenses and Changes in Net Position - Budget and Actual - Sewerage Fund 91 Schedule of Operating Expenses - Budget and Actual - Sewerage Fund 92 Schedule of Capital Assets and Depreciation - Sewerage Fund 93 Schedule of Revenues, Expenses and Changes in Net Position - Budget to Actual - Refuse Fund 94 Schedule of Revenues, Expenses and Changes in Net Position - Budget to Actual - Commuter Parking Lot Fund 95 Schedule of Operating Expenses - Budget to Actual - Commuter Parking Lot Fund 96 Schedule of Capital Assets and Depreciation - Commuter Parking Lot Fund 97 Internal Service Funds Combining Statement of Net Position - Internal Service Funds 98 Combining Statement of Revenues, Expenses and Changes in Net Position - Internal Service Funds 99 Combining Statement of Cash Flows - Internal Service Funds 100 Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual - Garage Fund 101 Schedule of Operating Expenses - Budget and Actual - Garage Fund 102 Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual - Vehicle and Equipment Replacement Fund 103 Fiduciary Funds Combining Statement of Fiduciary Net Position - Custodial Funds 104 Combining Statement of Changes in Fiduciary Net Position - Custodial Funds 105 Schedule of Changes in Fiduciary Net Position - Budget and Actual - Police Pension Trust Fund 106 Long-Term Debt Requirements General Obligation Bond Series 2011A 107 General Obligation Bond Series 2011B 108 Village of Deerfield Table of Contents December 31, 2020 Page General Obligation Bond Series 2012 109 General Obligation Bond Series 2013 110 General Obligation Bond Series 2015 111 General Obligation Bond Series 2017 112 General Obligation Bond Series 2018 113 General Obligation Bond Series 2020 114 Statistical Section Net Position by Component - Last Ten Fiscal Years 115 Change in Net Position - Last Ten Fiscal Years 117 Fund Balances of Governmental Funds - Last Ten Fiscal Years 121 Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years 123 Equalized Assessed Value and Actual Value of Taxable Property Last Ten Levy Years 125 Direct and Overlapping Property Tax Rates Last Ten Levy Years 126 Principal Property Taxpayers Current Year and Nine Years Ago 127 Property Tax Levies and Collections Last Ten Levy Years 128 Sales Tax by Category - Last Ten Calendar Years 129 Direct and Overlapping Sales Tax Rates - Last Ten Fiscal Years 131 Ratios of Outstanding Debt by Type - Last Ten Fiscal Years 132 Ratios of General Bonded Debt Outstanding - Last Ten Fiscal Years 133 Direct and Overlapping Bonded Debt - Governmental Activities 134 Legal Debt Margin Information 135 Demographic and Economic Information - Last Ten Fiscal Years 136 Principal Employers - Current Year and Nine Years Ago 137 Full-Time Equivalent Employees - Last Ten Fiscal Years 138 Operating Indicators - Last Ten Fiscal Years 139 Capital Asset Statistics - Last Ten Fiscal Years 140 Other Information Continuing Disclosures 141 ii The financial reporting entity of the Village of Deerfield is comprised of all funds of the primary government (i.e., the Village of Deerfield as legally defined) and its pension trust fund: the Deerfield Police Pension Fund. This fund was determined to be a pension trust fund due to its fiduciary and fiscal relationship with the Village as its sole purpose is to provide retirement benefits to the Village's sworn police officers. No other legally separate entity qualifies as a component unit of the Village. Accounting System and Budgetary Control The accounts of the Village are organized on the basis of funds, each of which is considered a separate and distinct accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures/expenses. Revenues are allocated to and accounted for in individual funds based upon the purpose for which they are to be expended and the means by which spending activities are controlled. The accounting records for general governmental operations are maintained on the modified accrual basis, with revenues being recorded when available and measurable and expenditures being recorded when materials or services are received and the liability is incurred. Accounting records for the Village's enterprise funds, internal service funds, custodial funds and pension trust fund are maintained on the accrual basis of accounting. Management of the Village is responsible for establishing and maintaining a system of internal accounting controls. These controls are designed to assure that the assets of the Village are safeguarded against any material loss, theft or misuse. These controls assure that the financial statements are in conformity with generally accepted accounting principles. Internal accounting controls are designed to provide reasonable, but not absolute, assurance that control objectives will be met. The concept of reasonable assurance recognizes that (1) the cost of control should not exceed the benefits likely to be derived; and (2) the evaluation of costs and benefits require estimates and judgment by Management. The annual budget serves as the foundation for the Village’s financial planning and control. State law requires that a municipality operating under the budget system adopt its annual budget prior to the start of its fiscal year. Through the budget, spending authority is conveyed by expenditure object. The legal level of budgetary control is the department level, or, where no departmental segregation of a fund exists, the fund level. Factors Affecting Financial Condition Economic Outlook. There are several measures of economic health for local governments. Four of the more objective measures or indicators are local employment levels, retail sales activity, family income levels and construction activity. This year’s financial results were significantly impacted by the novel coronavirus (COVID-19). Hotel tax, sales tax, home rule sales tax, food & beverage tax and commuter parking lot fees were all negatively impacted. In addition, mitigating the risks of the global pandemic resulted in increased costs. The Village has limited these negative financial effects by delaying capital projects, holding positions open and using alternative funding sources such as the Coronavirus Aid, Relief and Economic Security Act and Rebuild Illinois grants. Employment levels in the Village have always surpassed that of Lake and Cook Counties and the State of Illinois as a whole. As of December 31, 2019 the Village's unemployment rate was estimated to be 2.9%, compared to 4.2% for Lake County, 3.5% for the State of Illinois and 3.4% for the United States. Deerfield’s estimated unemployment rate decreased to 2.7% as of December 31, 2020. The unemployment rate for Lake County increased to 7.0%, the State of Illinois increased to 7.9% and the unemployment rate has increased to 6.5% for the United States. iii The Village base sales tax revenue (which represents 1% of the total eligible sales), net of the Walgreen National sales tax rebate, decreased by approximately $1,148,000 from the amount received in 2019. Pursuant to a sales tax sharing agreement, 80% of the sales tax the Village receives from Walgreen National is rebated back to them. The Walgreen National activity regularly fluctuates from year to year. 2020 receipts from Walgreen National increased which normally would result in increased Village revenue. However, Walgreen National amended several sales tax returns which resulted in the Village owing the State of Illinois approximately $16 million ($8 million for base sales tax and $8 million for home rule sales tax) for amounts that were previously distributed to the Village. The State is withholding $200,000 per month ($100,000 base sales tax and $100,000 home rule sales tax) from the Village’s disbursements until the $16 million is repaid. Sales tax revenue, net of the Walgreen National rebate, decreased by approximately $348,000 or 9.98% when the repayment to the State of Illinois is added back. Median household income figures from 2010 Census estimates demonstrate that the average income of Deerfield residents far exceeds county and state averages. According to the Census Bureau, Deerfield's 2010 median household income was $107,194 compared to $55,735 for the State of Illinois and $51,914 for the United States. This ranked Deerfield among the wealthiest communities in the State of Illinois. The median family income has increased approximately 28% from the 2000 Census figure. Commercial and residential construction activity remained relatively consistent with the prior year. Much of the activity was in commercial and residential remodeling. Overall permit revenue totaled $1,384,029 for the year ending December 31, 2020. Foreclosure rates remained low; with approximately 25 to 35 single family homes out of the Village’s 6,500 in this status during the year. Long-term Financial Planning. The Village utilizes a five year Capital Improvement Program (“CIP”) to address major capital and infrastructure improvements. For a project to be included in the CIP, it must involve the creation or purchase of a tangible asset with an original cost of at least $25,000 and a useful life of more than one year. Projects that are programmed for the first year of the CIP (i.e., the upcoming budget year) are most closely scrutinized in the capital planning process because associated funding must be provided in that budget. Until 2008, the Village had primarily followed a “pay-as-you-go” funding strategy for maintenance and replacement of assets and had issued limited debt for new projects. Capital grants are sought at the state and local level for eligible projects. No new debt was issued in 2020. Major Initiatives As part of the 2020 budget planning process, Village staff has presented the Board with an expanded capital projects program that would have required significant expenditures in 2020 and 2021. The projects originally planned for 2020 were completed. However, the projects slated for completion in 2021 have been significantly reduced as a result of the unknown impacts from COVID-19. Consequently, the $8 million bond issue planned for 2020 was reduced to a refunding only issue and no new debt was issued. Awards and Acknowledgments The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the Village of Deerfield for its comprehensive annual financial report for the fiscal year ended December 31, 2019. 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 whose contents conform to program standards. Such report 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 thirty-six years. We believe our current report continues to conform to the Certificate of Achievement program requirements, and we are submitting it to the GFOA. In addition, the Village also received the GFOA’s Distinguished Budget Presentation Award for its annual budget document dated January 1, 2020. In order to qualify for the Distinguished Budget Presentation Award, the Village’s budget document had to be judged proficient as a policy document, a financial plan, an operations guide and a communications device. Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to Village of Deerfield Illinois For its Comprehensive Annual Financial Report For the Fiscal Year Ended December 31, 2019 Executive Director/CEO v vii VILLAGE OF DEERFIELD, ILLINOIS PRINCIPAL OFFICIALS December 31, 2020 LEGISLATIVE VILLAGE BOARD OF TRUSTEES Harriet E. Rosenthal, Mayor Daniel C. Shapiro Thomas L. Jester Barbara J. Struthers William S. Seiden Robert L. Benton Mary M. Oppenheim Kent S. Street, Clerk AD MINISTRATIVE Kent S. Street, Village Manager FINANCE DEPARTMENT Eric L. Burk Director of Finance/Treasurer Baker Tilly US, LLP, trading as Baker Tilly, is a member of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities. © 2020 Baker Tilly US, LLP Independent Auditors' Report To the Honorable Mayor and Members of the Board of Trustees of Village of Deerfield Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Village of Deerfield, Illinois, as of and for the year ended December 31, 2020 and the related notes to the financial statements, which collectively comprise the Village of Deerfield's basic financial statements as listed in the table of contents. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors' Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control over financial reporting relevant to the Village of Deerfield's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Village of Deerfield's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Village of Deerfield, Illinois, as of December 31, 2020 and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. 1 Emphasis of Matter As discussed in Note 1, the Village of Deerfield adopted the provisions of GASB Statement No. 84, Fiduciary Activities, effective January 1, 2020. Our opinions are not modified with respect to this matter. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the required supplementary information as listed in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic or historical context. W e have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements and other knowledge we obtained during our audit of the basic financial statements. W e do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Supplementary Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Village of Deerfield's basic financial statements. The supplementary information as listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplementary information is fairly stated in all material respects, in relation to the basic financial statements as a whole. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Village of Deerfield's basic financial statements. The introductory section, statistical section, and other information are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has not been subjected to the auditing procedures applied in the audit of the basic financial statements and accordingly, we do not express an opinion or provide any assurance on it. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated June 22, 2021 on our consideration of the Village of Deerfield's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose of that report is soley to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing and not to provide an opinion on the effectiveness of the Village of Deerfield's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Village of Deerfield's internal control over financial reporting and compliance. Oak Brook, Illinois June 22, 2021 2 M A N AG E M E N T’S D I S C U S S I O N A N D A N A L Y S I S 3 VILLAGE OF DEERFIELD, ILLINOIS MANAGEMENT’S DISCUSSION AND ANALYSIS December 31, 2020 (UNAUDITED) The Village of Deerfield (the “Village”) management’s discussion and analysis is designed to (1) assist the reader in focusing on significant financial issues, (2) provide an overview of the Village’s financial activity, (3) identify changes in the Village’s financial position (its ability to address subsequent year challenges), (4) identify any material deviations from the financial plan (the approved budget) and (5) identify individual fund issues or concerns. Since Management’s Discussion and Analysis (MD&A) is designed to focus on the current year’s activities, resulting changes and currently known facts, please read it in conjunction with the Transmittal Letter and the Village’s financial statements. Financial Highlights • In 2019, the Illinois Department of Revenue (IDoR) notified the Village that its monthly distributions for sales tax and home rule sales tax would be reduced by $100,000 each per month due to previous over distributions resulting from a business that filed amended sales tax returns. The total amount owed by the Village to IDoR was $16,452,807. As part of an ongoing sales tax sharing agreement, the Village had previously rebated 80% of the overpayments ($13,162,246) to the business and needed to negotiate a repayment schedule with the business. The Village withheld further cash payments to the business, but accrued liabilities, while the repayment schedule was being negotiated. Subsequent to year-end, the Village finalized a repayment agreement with the business that allows the Village to keep the amounts previously withheld as a reduction to the amount due from the business. In addition, the business will make monthly payments of $133,767 starting in May of 2021 until the entire $13,162,246 has been repaid to the Village. As of December 31, 2020, the Village had withheld and accrued as a liability $3,934,411 related to amounts due from the business and IDoR had withheld a total of $3,200,000 from the Village’s monthly sales tax and home rule sales tax distributions. The Statement of Net Position reflects a receivable of $13,162,246 for amounts due from the business and a payable of $13,252,807 for the remaining amount due to IDoR. • The Village’s General Fund ended the period with total expenditures exceeding total revenues by $425,627. Combined with other financing sources (uses) of $2,684,349, the December 31, 2020 fund balance decreased by $3,109,478. The 2020 General Fund budget originally showed a decrease of $1,930,312. Revenues were significantly under budget due to IDoR withholdings from sales tax and home rule sales and well as reduced Hotel/Motel tax receipts related to COVID-19 restrictions. Revenue shortfalls were partially offset by reduced expenditures from open positions, training, general liability insurance and delayed projects. However, the planned transfers to the Infrastructure Replacement Fund and the Refuse Fund were not reduced causing the decrease to General Fund Balance to be greater than originally expected. • Sales tax and home rule sales tax decreased $866,692 and $917,215, respectively in the current year. The decrease was due largely to the IDoR reducing the Village’s monthly distributions of sales tax and home rule sales tax by $100,000 per month as described above. $1,200,000 was withheld from sales tax and home rule sales tax for a total of $2,400,000 in 2020. $400,000 was withheld from sales tax and home rule sales tax for a total of $800,000 in 2019. • In July of 2017, the State enacted a 2% administrative fee on the Village’s home rule sales tax. In addition, the Local Government Distributive Fund (LGDF) was reduced by 10%. The 2% fee was reduced to 1.5% in 2018 and the 10% LGDF reduction was decreased to 5% in 2018. The Village’s share of state income tax flows through the LGDF. The LGDF cuts were partially offset by increased state income tax due to a special census performed in 2017. State income tax totaled $2,040,802 in 2020, which is an increase of $41,877 from 2019. • Hotel/motel tax revenue ($609,330) fell short of the current year expectation of $2,300,000; business travel is the primary reason for stays at Deerfield hotels. All six of the Deerfield hotels remained open during the year. However, hotel occupancy was significantly affected by travel restrictions and work from home accommodations related to COVID-19. • The Village collected $1,038,198 from the Electric Utility tax and $1,212,527 from the Simplified Telecommunications tax. Electric Utility tax decreased from the prior year and was below the current year budget as it was discovered that an entity was mistakenly paying the tax in prior years. Simplified VILLAGE OF DEERFIELD, ILLINOIS MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) 4 Telecommunications tax decreased significantly from the prior year as the prior year included a payout from a multi-year audit completed by the Illinois Department of Revenue. • The 1% food and beverage tax, which was implemented in March of 2017, totaled $471,326 for the year. The tax is allocated to the infrastructure replacement fund and decreased by $188,019 from the prior year due largely to COVID-19 restrictions in place during the year. • The infrastructure maintenance fee of ½ of 1% of the project value, which was implemented in 2012, totaled $354,268 for the year. This amount exceeded current year expectation. • The Village retired $2,665,000 of general obligation debt during the period. In addition, the Village refunded the 2010A bonds resulting in savings of approximately $900,000 over the next ten years. The total balance of debt outstanding as of December 31, 2019 was $57,075,000. USING THE FINANCIAL SECTION OF THIS COMPREHENSIVE ANNUAL FINANCIAL REPORT The financial statement’s focus is on both the Village as a whole (government-wide) and on the major individual funds. Both perspectives (government-wide and major fund) allow the user to address relevant questions, broaden a basis for comparison (year-to-year or government-to-government) and enhance the Village’s accountability. Government-Wide Financial Statements The government-wide financial statements are designed to be corporate-like in that all governmental and business- type activities are consolidated into columns that add to a total for the Primary Government. The focus of the Statement of Net Position (the “Unrestricted Net Position”) is designed to be similar to bottom line results for the Village and its governmental and business-type activities. This statement combines and consolidates the governmental fund’s current financial resources (short-term spendable resources) with capital assets and long-term obligations using the accrual basis of accounting and economic resources measurement focus. The Statement of Activities is focused on both the gross and net cost of various activities (including governmental and business-type), which are supported by the government’s general taxes and other resources. This is intended to summarize and simplify the user’s analysis of the cost of various governmental services and/or subsidy to various business-type activities. The governmental activities reflect the Village’s basic services, including police, public works, engineering and administration. Property tax, shared state sales tax, local hotel/motel tax and shared state income taxes finance the majority of these services. The business-type activities reflect private sector type operations (Water, Sewer, Refuse Disposal and Commuter Parking) where the charges for services typically cover all or most of the cost of operation, including depreciation. Fund Financial Statements Traditional users of governmental financial statements will find the fund financial statements presentation more familiar. A fund is an accountability unit used to maintain control over resources segregated for specific activities or objectives. The Village uses funds to ensure and demonstrate compliance with finance-related laws and regulations. Within the basic financial statements, fund financial statements focus on the Village’s most significant funds rather than the Village as a whole. Major funds are separately reported while all others are combined into a single, aggregated presentation. Individual fund data for non-major funds is provided in the form of combining statements in a later section of this report. The governmental major funds are reported in the fund financial statements and encompass essentially the same functions reported as governmental activities in the government-wide financial statements. However, governmental fund statements report short-term fiscal accountability focusing on the use of spendable resources and balances of spendable resources available at the end of the year. They are useful in evaluating annual financing requirements of governmental programs and the commitment of spendable resources for the near-term. The government-wide financial statements provide a long-term view. Comparisons between the individual governmental fund statements and the government-wide statements provide information about financing decisions and the amount invested in maintaining and improving infrastructure. These two perspectives can provide insight into the long-term impact of short-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures and changes in fund balances reconcile the differences between these two perspectives. Budgetary comparison schedules for other funds can be found in a later section of this report. These statements and schedules demonstrate compliance with the Village’s budget. VILLAGE OF DEERFIELD, ILLINOIS MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) 5 Proprietary or business-type activity funds reported in the fund financial statements are for those services for which the Village charges customers a fee. There are two kinds of proprietary funds, enterprise and internal service. Enterprise funds essentially encompass the same functions reported as business-type activities in the government- wide statements. Enterprise fund services are primarily provided to customers external to the Village organization such as those of the water and sewer utilities, commuter parking lots and refuse collection and disposal. Internal service funds provide services and charge fees to customers within the Village organization such as equipment services (repair and maintenance of Village vehicles). Internal services are to both the governmental and business- type activities of the government-wide financial statements. Proprietary fund statements provide both long-term and short-term financial information consistent with the focus provided by the government-wide financial statements, but with more detail for major enterprise funds. Individual fund information for internal service funds and non-major enterprise funds is found in combining statements in a later section of this report. Fiduciary funds such as the employee pension plans are reported in the fiduciary fund financial statements, but are excluded from the government-wide reporting. Fiduciary fund financial statements report resources that are not available to fund Village programs. Fiduciary fund financial statements report similarly to proprietary funds. The accompanying notes to the financial statements provide information essential to a full understanding of the government-wide and fund financial statements. In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the Village’s funding of pension benefit obligations to its employees and budget information. Major funds and component units are reported in the basic financial statements as discussed. Combining and individual statements and schedules for non-major and internal service funds are presented in a subsequent section of this report. FINANCIAL ANALYSIS OF THE VILLAGE AS A WHOLE The Village implemented the new financial reporting model (GASB #34) beginning with the fiscal year that ended April 30, 2004. Over time, as year-to-year financial information is accumulated on a consistent basis, changes in net position may be observed and used to discuss the changing financial position of the Village as a whole. STATEMENT OF NET POSITION – Village of Deerfield (in millions of dollars) Governmental Activities Business-type Activities Total – Primary Govt. 2020 2019 2020 2019 2020 2019 Current & Other Assets 77.96 67.55 5.79 5.32 83.75 72.87 Capital Assets 80.28 77.72 60.58 61.62 140.86 139.34 Total Assets 158.24 145.27 66.37 66.94 224.61 212.21 Deferred Outflows of Resources 17.67 14.06 0.64 0.76 18.31 14.82 Total Assets and Deferred Outflows of Resources 175.91 159.33 67.01 67.70 242.92 227.03 Long-Term Liabilities 60.06 61.28 26.70 27.75 86.76 89.03 Other Liabilities 28.86 13.69 1.69 1.69 30.55 15.38 Total Liabilities 88.92 74.97 28.39 29.44 117.31 104.41 Deferred Inflows of Resources 20.79 17.65 0.35 0.12 21.14 17.77 Total Liabilities and Deferred Inflows of Resources 109.71 92.62 28.74 29.56 138.45 122.18 Net Position: Net Investment in Capital Assets 55.20 51.43 34.22 34.46 89.42 85.89 Restricted 10.24 9.19 - - 10.24 9.19 Unrestricted 0.76 6.09 4.05 3.68 4.81 9.77 Total Net Position 66.20 66.71 38.27 38.14 104.47 104.85 VILLAGE OF DEERFIELD, ILLINOIS MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) 6 Governmental Activities Current & Other Assets have increased mainly due to recording a $13.16 million receivable as described in the Financial Highlights above. The offsetting liability caused an increase in Governmental Activities Other Liabilities. The change in Deferred Outflows of Resources and Deferred Inflows of Resources relate to Pension items (See Employee Retirement Systems footnote) and Other Postemployment Benefits (See Other Postemployment Benefits footnote) in the Governmental and Business-type Activities. Capital Assets and Net Investment in Capital Assets increased due to $5 million of road work that was partially offset by retirements and depreciation expense. Long-Term Liabilities decreased due to debt service retirements of $2.67 million and a decrease in the actuarially determined Net Pension Liability for IMRF. Decreases in Long-Term Liabilities were partially offset by increases in the actuarially determined Net Pension Liability for Police Pension and OPEB. The following table provides a summary of activities causing a change in net position. Changes in Net Position – Village of Deerfield (in millions of dollars) Governmental Activities Business-type Activities Total – Primary Govt. 2020 2019 2020 2019 2020 2019 Revenues: Program Revenues: Charges for Service 4.72 6.25 8.83 8.08 13.55 14.33 Operating Grants 1.10 0.62 - - 1.10 0.62 Capital Grants 0.08 0.31 0.55 2.62 0.63 2.93 General Revenue: Property Taxes 7.96 7.26 - - 7.96 7.26 OtherTaxes/ Intergovernmental 15.17 17.90 - - 15.17 17.90 Other 0.96 1.95 0.17 0.29 1.13 2.24 Total Revenue 29.99 34.29 9.55 10.99 39.54 45.28 Expenses: General Government 8.38 7.94 - - 8.38 7.94 Public Safety 9.72 12.58 - - 9.72 12.58 Highways and Streets 8.89 8.85 - - 8.89 8.85 Interest/fiscal charges 1.06 1.06 - - 1.06 1.06 Water - - 5.35 4.65 5.35 4.65 Sewerage - - 5.14 4.86 5.14 4.86 Refuse - - 1.46 1.49 1.46 1.49 Parking Lots - - 0.29 0.29 0.29 0.29 Total Expense 28.05 30.43 12.24 11.29 40.29 41.72 Increase(decrease) before transfers 1.94 3.86 -2.69 -0.30 -0.75 3.56 Transfer in (out) -2.82 -2.78 2.82 2.78 - - Changes in Net Position -0.88 1.08 0.13 1.08 -0.75 3.56 Ending Net Position 66.20 66.71 38.27 38.14 104.47 104.85 CURRENT YEAR IMPACTS Governmental Activities Revenue Charges for Service decreased due to decreased building permit, liquor license and business license revenue. Property taxes increased as the debt service for the 2018 Bond was abated in the previous year. Other taxes/intergovernmental decreased by $2.73 million as Sales tax, Home Rule Sales tax and Hotel/Motel tax were negatively impacted by COVID-19 restrictions. The decrease in Other Revenue is due largely to investment income as rates and balances decreased in 2020. VILLAGE OF DEERFIELD, ILLINOIS MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) 7 Expenses The Village’s Governmental Activities expenses increased by $2.38 million due largely to Public Safety expense. Public Safety expenses decreased by $2.86 million due to the actuarial calculation of Net Pension Liability and Other Post-Employment Benefits. Interest and fiscal charges reflect scheduled interest payments adjusted for interest payable and amortization of discounts/premiums. Business-type Activities Revenue A water rate increase of 9.0% was implemented in January, 2020; water sales totaled $5.06 million, which was less than the budget of $5.45 million. Sewer user charges of $3.14 million were also less than the budget of $3.20 million. The sewer rates were increased 2.5% in January 2020. Water and sewer charges were below budget due to lower usage demands in the current year. Refuse charge rates increased 2% in 2020 and revenue of $0.58 million was slightly above the budgeted amount. The daily parking fee was held flat and resulted in revenue of $0.07 million, which was significantly reduced due to COVID-19 restrictions and work from home accommodations. Expenses Water Fund operating expenses increased $0.67 million from the prior year. W holesale water purchases increased due to a rate increase from the supplier; however, the continued meter change outs and increased leak detection surveys significantly decreased water loss resulting in fewer units of water being purchased. The Village’s wholesale water supplier increased its rates by 13% on January 1st in combination with a series of annual increases to fund the reconstruction of their water treatment plant. Sewerage Fund operating expenses increased $0.20 million in comparison to the prior year. The increase was due largely to year-end accounting adjustments related to Net Pension Liability. Refuse Fund operating expenses decreased slightly from the prior year due to personnel services and contractual services. Parking Fund operating expenses decreased slightly in comparison to the prior year. Both funds were under their operating expense budget. FINANCIAL ANALYSIS OF THE VILLAGE’S FUNDS Governmental Funds At December 31, 2020, the governmental funds reported a combined fund balance of $33.65 million which is a 16.65% decrease from the beginning of the year as restated ($36.08 million). The decrease is due largely to General Fund revenues (Sales tax, Home Rule Sales tax and Hotel/Motel tax) falling short of expectation along with a planned draw down of Infrastructure Replacement Fund Balance for projects. These decreases are partially offset by expected increase in the 2011 B sinking fund, which will continue to increase until the Bonds are due on December 1, 2028 and an additional $412,536 of Motor Fuel tax revenue related to Rebuild Illinois Bonds. Major Governmental Funds The General Fund is the Village’s primary operating fund and the largest source of day-to-day service delivery. The General Fund cash balance of $24.97 million provides for approximately 1 year of anticipated annual expenditures. General Fund revenues were below the budget of $23.32 million by $3.55 million. Sales tax and Home Rule Sales tax were impacted by IDoR withholding of $1.2 million each. In addition, Hotel/Motel tax was significantly impacted by COVID-19 restrictions. General Fund expenditures were $2.40 million less than the original budget. General Fund actual expenditures were lower due to open positions, reduced training and development and lower than expected contractual services. The table below shows the original and revised budget and the actual revenues and expenditures for the General Fund. More information may be found on the schedule of revenues, expenditures and changes to fund balance. VILLAGE OF DEERFIELD, ILLINOIS MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) 8 General Fund Budget versus Actual Fiscal year ended December 31, 2020 (in millions) Original Amended Budget Budget Actual Revenues Taxes 12.69 12.69 9.30 Intergovernmental 6.97 6.97 6.23 Other 3.66 3.66 4.24 Total 23.32 23.32 19.77 Expenditures & Transfers Expenditures 22.26 22.26 19.86 Transfers – Net 2.98 2.98 2.98 Total 25.24 25.24 22.84 Change in Fund Balance -1.92 -1.92 -3.07 Major Proprietary Funds The major proprietary (or business-type) funds operated by the Village are the Water, Sewerage and Refuse Funds. The Water Fund operating revenues totaled $5.13 million for the year. Actual operating expenses, excluding depreciation totaled $4.82 million. Operating income of $0.31 million is a result of prior years’ emphasis on reducing water loss. Overall, net position decreased $0.07 million, which included depreciation of $0.54 million and contributions of capital assets from the Infrastructure Replacement fund of $0.15 million. The Sewerage Fund operating expenses were under budget by $0.14 million due primarily to positive budget variances in Treatment plant and Cleaning and maintenance operations. Operating revenues were under budget by $0.07 million. Actual operating revenues for the year exceeded operating expenditures $0.02 million. Capital expenses for the foreseeable future in this fund have been transferred to the Infrastructure Fund. The Refuse Fund operating expenses exceeded operating revenues by $0.89 million. The Village also transfers a portion of its property tax levy to the Refuse Fund. Property tax transferred to the Refuse Fund totaled $0.98 million and the Refuse Fund’s net position increased $0.10 million during the year to $0.75 million. Internal Service Funds The Village’s combined internal service funds’ net position were $7.53 million as of December 31, 2020, with $5.76 million of the total available for major equipment purchases in the Vehicle and Equipment Replacement Fund. Total Garage Fund expenditures slightly exceeded total revenues resulting in a small decrease in net position. Capital assets Effective May 1, 2004, the Village revised its policy of capitalizing assets to raise the minimum to $25,000 (actual) or more in value. The Village’s investment in capital assets, net of accumulated depreciation, for governmental activities as of December 31, 2012 was $80.28 million. The Village’s investment in capital assets, net of accumulated depreciation, for business-type activities as of December 31, 2020 was $60.58 million. Major capital asset additions during the current year included infrastructure improvements, streets and vehicles/equipment. Additional information on capital assets is presented in Note 3 to the financial statements. Long-term debt During the year, the Village issued $6.28 million of general obligations bonds to refund $6.90 million of general obligation series 2010A bonds. The refunding resulted in savings of approximately $900,00 over the next ten years. In addition, the Village retired $2.665 million of general obligation debt. At the end of the year, the Village had total bonded debt outstanding of $57.075 million. As a home rule government, under Illinois law, the Village has no legal debt limit. As of December 31, 2020, the total Village debt represented 3.74% of the 2019 equalized assessed value. Additional information on long-term debt is presented in Note 3 to the financial statements. VILLAGE OF DEERFIELD, ILLINOIS MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) 9 Bond Rating The Village’s general obligation bonds are rated Aaa by Moody’s Investor Rating Service. The Aaa rating was reaffirmed with the issuance of the General Obligation Bond Series of 2020. Pension Funds The Village continues to fully fund its annual required contributions to both the Police Pension Fund and Illinois Municipal Retirement Fund. Increased salaries, an aging employee base, and end of career accumulated leave pay- outs have resulted in large contributions to both funds which cover all full-time employees. Additional information on the funding levels can be found in the Required Supplementary Information section. Economic Factors The national economic slowdown continues to affect the local Village micro-economy. However, slowdowns in local retail sales have not been as drastic as originally predicted. The Village is an affluent residential community with a substantial office/commercial presence including a number of headquarters operations in the health services and pharmaceutical areas. Property taxes are a minor part of the overall operating revenues. Net of a refuse fund transfer of $955,984, property taxes total approximately 14% of General Fund revenue. Decreases in Hotel/Motel tax and Sales tax (caused by repayment to the State of Illinois) have caused the percentage to increase from previous years. One of the major retail areas in the Village continues to seek major tenants and/or redevelopment. The Village is committed to working with developers and land owners to help them fill vacant retail space. Building permit revenues have again exceeded current period expectations. In December 2019, a novel strain of coronavirus was reported in Wuhan, Hubei province, China. In the first several months of 2020, the virus, SARS-CoV-2, and resulting disease, COVID-19, spread to the United States, including to areas impacting the Village. The Village’s evaluation of the effects of these events is ongoing; however, we anticipate this situation could impact economically sensitive revenue sources such as Sales tax, Hotel/Motel tax, Income tax, Food & Beverage tax and Motor Fuel tax. The extent of the impact of COVID-19 on the Village’s operational and financial performance will depend on future developments, including the duration and spread of the outbreak and related governmental or other regulatory actions. Contacting the Village’s Financial Management This financial report is designed to provide a general overview of the Village’s finances, comply with finance-related laws and regulations and demonstrate the Village’s commitment to public accountability. If you have questions about this report or would like to request additional information, contact the Village’s Finance Director, 850 Waukegan Road, Deerfield, IL 60015 or access the Village website at www.deerfield.il.us. B A S I C F I N A N C I A L S T A T E M E N T S Village of Deerfield Statement of Net Position December 31, 2020 Governmental Activities Business- Type Activities Total Assets and Deferred Outflows of Resources Assets Cash and investments $43,669,483 $1,998,198 $45,667,681 Receivables (net): Property taxes 7,874,573 -7,874,573 Accounts 916,204 1,624,986 2,541,190 Accrued interest 15,000 220 15,220 Electric utility tax 41,418 -41,418 Due from other governmental units 9,874,951 -9,874,951 Note receivable 13,172,246 -13,172,246 Internal balances (1,956,728)1,956,728 - Prepaid items 1,520,676 88,121 1,608,797 Inventory 153,635 124,618 278,253 Deposits 2,674,526 -2,674,526 Capital assets: Capital assets not being depreciated 21,590,984 2,316,250 23,907,234 Capital assets, being depreciated 123,517,642 75,473,153 198,990,795 Less accumulated depreciation (64,826,295)(17,209,493)(82,035,788) Total assets 158,238,315 66,372,781 224,611,096 Deferred Outflows of Resources Pension items, IMRF 2,164,299 402,963 2,567,262 Pension items, police pension 12,817,142 -12,817,142 Other postemployment benefits 2,691,946 238,889 2,930,835 Total deferred outflows of resources 17,673,387 641,852 18,315,239 Liabilities, Deferred inflows of Resources and Net Position Liabilities Accounts payable 5,185,116 495,684 5,680,800 Accrued payroll 148,216 29,874 178,090 Contracts payable 4,482,192 -4,482,192 Deposits payable 2,194,086 60,104 2,254,190 Other payables 291,546 -291,546 Accrued interest payable 83,858 78,686 162,544 Due to other governmental units 13,252,807 -13,252,807 Noncurrent liabilities: Due within one year 3,095,653 1,027,913 4,123,566 Due in more than one year 60,184,897 26,697,314 86,882,211 Total liabilities 88,918,371 28,389,575 117,307,946 Deferred Inflows of Resources Property taxes levied for a future period 7,874,573 -7,874,573 Pension items, IMRF 1,785,139 334,620 2,119,759 Pension items, police pension 10,952,530 -10,952,530 Other postemployment benefits 184,733 16,394 201,127 Total deferred inflows of resources 20,796,975 351,014 21,147,989 See notes to financial statements 10 Village of Deerfield Statement of Net Position December 31, 2020 Governmental Activities Business- Type Activities Total Net Position Net investment in capital assets $55,202,771 $34,224,767 $89,427,538 Restricted for: Maintenance of roadways 830,818 -830,818 Public safety 2,674,526 -2,674,526 Debt service 6,731,634 -6,731,634 Unrestricted 756,607 4,049,277 4,805,884 Total net position $66,196,356 $38,274,044 $104,470,400 See notes to financial statements 11 Village of Deerfield Statement of Activities Year Ended December 31, 2020 Program Revenues Net (Expenses) Revenues and Changes in Net Position Functions/Programs Expenses Charges for Services Operating Grants and Contributions Capital Grants and Contributions Governmental Activities Business-type Activities Total Governmental activities: General government $8,384,057 $2,788,064 $-$-$(5,595,993)$-$(5,595,993) Public safety 9,716,892 914,148 --(8,802,744)-(8,802,744) Public works 8,894,754 360,269 1,095,929 84,024 (7,354,532)-(7,354,532) Interest and fiscal charges 1,060,960 659,139 --(401,821)-(401,821) Total governmental activities 28,056,663 4,721,620 1,095,929 84,024 (22,155,090)-(22,155,090) Business-type activities: Water 5,352,629 5,055,073 -150,932 -(146,624)(146,624) Sewerage 5,136,250 3,137,677 -405,251 -(1,593,322)(1,593,322) Refuse 1,459,839 572,309 ---(887,530)(887,530) Commuter parking lot 294,368 66,388 ---(227,980)(227,980) Total business-type activities 12,243,086 8,831,447 -556,183 -(2,855,456)(2,855,456) Total $40,299,749 $13,553,067 $1,095,929 $640,207 (22,155,090)(2,855,456)(25,010,546) General Revenues Taxes Property 7,962,617 -7,962,617 Replacement 140,839 -140,839 Home rule sales 1,739,777 -1,739,777 Local use 838,588 -838,588 Hotel/motel 609,330 -609,330 Simplified telecommunications 1,212,527 -1,212,527 Electric utility tax 1,038,198 -1,038,198 Food and beverage 471,326 -471,326 Intergovernmental 9,122,079 -9,122,079 Investment income 508,576 12,787 521,363 Gain on disposal of assets 43,147 -43,147 Miscellaneous 398,414 157,953 556,367 Total general revenues 24,085,418 170,740 24,256,158 Transfers (2,818,648)2,818,648 - Change in net position (888,320)133,932 (754,388) Net Position, Beginning (as restated)67,084,676 38,140,112 105,224,788 Net Position, Ending $66,196,356 $38,274,044 $104,470,400 See notes to financial statements 12 Village of Deerfield Balance Sheet Governmental Funds December 31, 2020 General Debt Service 2011B Debt Service Sinking Infrastructure Replacement Assets Cash and investments $24,969,276 $242,534 $6,723,179 $5,100,434 Receivables: Taxes 3,752,222 4,122,351 -- Accounts 907,899 --7,475 Accrued interest 4,312 167 8,455 999 Electric utility tax 41,418 --- Due from other governments 1,882,031 6,970,000 -960,581 Note receivable 13,172,246 --- Prepaid items 1,517,015 --- Inventory 22,077 --- Deposits 2,674,526 --- Total assets $48,943,022 $11,335,052 $6,731,634 $6,069,489 Liabilities, Deferred Inflows of Resources and Fund Balances Liabilities Accounts payable $4,388,167 $1,375 $-$783,163 Accrued payroll 145,253 --- Contracts payable ---4,482,192 Deposits payable 2,194,086 --- Other payables 291,546 --- Total liabilities 7,019,052 1,375 -5,265,355 Deferred Inflows of Resources Unavailable revenues 13,162,246 6,970,000 -- Property taxes levied for a future period 3,752,222 4,122,351 -- Total deferred inflows of resources 16,914,468 11,092,351 -- Fund Balances Nonspendable for note receivable 10,000 --- Nonspendable for inventory 22,077 --- Nonspendable for prepaid items 1,517,015 --- Restricted for maintenance of roadways ---- Restricted for public safety 2,674,526 --- Restricted for debt service --6,731,634 - Assigned to debt service -241,326 -- Assigned to capital projects ---804,134 Assigned to special projects 668,207 --- Unassigned 20,117,677 --- Total fund balances 25,009,502 241,326 6,731,634 804,134 Total liabilities, deferred inflows of resources and fund balances $48,943,022 $11,335,052 $6,731,634 $6,069,489 See notes to financial statements 13 Nonmajor - Motor Fuel Tax Total $768,356 $37,803,779 -7,874,573 -915,374 123 14,056 -41,418 62,339 9,874,951 -13,172,246 -1,517,015 -22,077 -2,674,526 $830,818 $73,910,015 $-$5,172,705 -145,253 -4,482,192 -2,194,086 -291,546 -12,285,782 -20,132,246 -7,874,573 -28,006,819 -10,000 -22,077 -1,517,015 830,818 830,818 -2,674,526 -6,731,634 -241,326 -804,134 -668,207 -20,117,677 830,818 33,617,414 $830,818 $73,910,015 See notes to financial statements 14 Village of Deerfield Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position December 31, 2020 Total Fund Balances, Governmental Funds $33,617,414 Amounts reported for governmental activities in the statement of net position are different because: Capital assets used in governmental funds are not financial resources and, therefore, are not reported in the funds. 80,282,331 Less capital assets used in internal service funds.(1,674,390) Intergovernmental receivables from the Library is not unavailable revenue on the statement of net position.6,970,000 Some receivables that are not currently available are reported as unavailable revenues in the fund financial statements but are recognized as revenue when earned in the government- wide statements.13,162,246 Deferred outflows of resources related to pensions do not relate to current financial resources and are not reported in the governmental funds.14,981,441 Deferred outflows of resources related to OPEB do not relate to current financial resources and are not reported in the governmental funds.2,691,946 Deferred inflows of resources related to pensions do not relate to current financial resources and are not reported in the governmental funds.(12,737,669) Deferred inflows of resources related to OPEB do not relate to current financial resources and are not reported in the governmental funds.(184,733) Some liabilities, including long-term debt, are not due and payable in the current period and, therefore, are not reported in the funds. Bonds and notes payable (31,257,000) Compensated absences (1,865,599) Total other postemployment benefit liability (6,118,880) Net pension liability (23,033,405) Accrued interest (83,858) Unamortized debt discount 51,428 Unamortized debt premium (1,057,094) Due to other governmental units (13,252,807) Less internal service fund long-term liabilities 28,848 Internal service funds are reported in the statement of net position as governmental activities.5,676,137 Net Position of Governmental Activities $66,196,356 See notes to financial statements 15 Village of Deerfield Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds Year Ended December 31, 2020 General Debt Service 2011B Debt Service Sinking Infrastructure Replacement Revenues Taxes $9,300,031 $3,516,845 $725,000 $1,051,252 Licenses and permits 1,759,947 --- Intergovernmental 6,226,776 482,308 -2,134 Charges for services 1,064,194 --- Fines and forfeits 177,321 --- Contributions -726,831 -- Investment income 216,134 3,859 173,304 62,105 Miscellaneous 990,396 --466,304 Total revenues 19,734,799 4,729,843 898,304 1,581,795 Expenditures Current: General government 8,173,040 -903 - Public safety 9,370,990 --- Highway and streets 2,616,396 --- Capital outlay ---8,221,592 Debt service: Principal retirement -1,790,000 -- Interest and other -1,101,421 -- Total expenditures 20,160,426 2,891,421 903 8,221,592 Excess (deficiency) of revenues over expenditures (425,627)1,838,422 897,401 (6,639,797) Other Financing Sources (Uses) Transfers in 300,316 --2,000,000 Transfers out (2,984,665)(1,833,983)(300,316)- Issuance of general obligation bonds -2,512,000 -- Premium on debt issued -299,206 -- Payment to refunded bonds escrow agent -(2,764,929)-- Total other financing sources (uses)(2,684,349)(1,787,706)(300,316)2,000,000 Net change in fund balances (3,109,976)50,716 597,085 (4,639,797) Fund Balances, Beginning (as Restated)28,119,478 190,610 6,134,549 5,443,931 Fund Balances, Ending $25,009,502 $241,326 $6,731,634 $804,134 See notes to financial statements 16 Nonmajor - Motor Fuel Tax Total $-$14,593,128 -1,759,947 1,095,929 7,807,147 -1,064,194 -177,321 -726,831 5,432 460,834 -1,456,700 1,101,361 28,046,102 -8,173,943 -9,370,990 750,000 3,366,396 -8,221,592 -1,790,000 -1,101,421 750,000 32,024,342 351,361 (3,978,240) -2,300,316 -(5,118,964) -2,512,000 -299,206 -(2,764,929) -(2,772,371) 351,361 (6,750,611) 479,457 40,368,025 $830,818 $33,617,414 See notes to financial statements 17 Village of Deerfield Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities Year Ended December 31, 2020 Net Change in Fund Balances, Total Governmental Funds $(6,750,611) Amounts reported for governmental activities in the statement of activities are different because: Governmental funds report capital outlays as expenditures. However, in the statement of net position the cost of these assets is capitalized and they are depreciated over their estimated useful lives and reported as depreciation expense in the statement of activities. Capital outlay is reported as an expenditure in the fund financial statements but is capitalized in the government-wide financial statements 5,436,811 Internal service funds additions (83,066) Depreciation is reported in the government-wide financial statements (2,806,559) Net book value of assets retired (76,565) Receivables not currently available are reported as revenue when collected or currently available in the fund financial statements but are recognized as revenue when earned in the government-wide financial statements.12,612,246 Debt issued provides current financial resources to governmental funds, but issuing debt increases long-term liabilities in the statement of net position. Repayment of debt principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the statement of net position. Debt issued (2,512,000) Principal repaid 1,790,000 Advance refunding of bond issuances are reported as an other financing use in the governmental funds. However, advance refunding are considered a change in long-term liabilities in the Statement of Net Position.2,760,000 Governmental funds report debt premiums and discounts as other financing sources or uses. However, in the statement of net position, these are reported as additions to or deductions from long-term debt. These are allocated over the period the debt is outstanding in the statement of activities and are reported as interest expense. Amortization (257,743) Some expenses in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures in the governmental funds. Compensated absences (403,315) Total other postemployment benefits liability (1,445,288) Accrued interest on debt 3,927 Net pension liability - IMRF 3,267,404 Net pension liability - police pension (2,422,538) Deferred outflows of resources related to pensions 4,294,499 Deferred outflows of resources related to total OPEB liability 1,330,026 Deferred inflows of resources related to pensions (5,233,716) Deferred inflows of resources related to total OPEB liability 69,144 Due to other governmental units (10,762,246) Internal service funds portion of compensated absences 8,583 Internal service funds are used by management to charge self insurance costs to individual funds. The change in net position of the internal service fund reported with governmental activities 292,687 Change in Net Position of Governmental Activities $(888,320) See notes to financial statements 18 Village of Deerfield Statement of Net Position Proprietary Funds December 31, 2020 Business-Type Activities - Enterprise Funds Water Sewerage Refuse Assets Current assets: Cash and investments $390,769 $758,079 $748,139 Receivables: Accounts, billed 363,114 222,365 20,806 Accounts, unbilled 569,914 356,752 92,035 Accrued interest 27 91 68 Prepaid items 36,717 47,377 2,132 Inventory 110,901 13,717 - Total current assets 1,471,442 1,398,381 863,180 Noncurrent assets: Capital assets: Capital assets not being depreciated 2,238,750 -- Capital assets being depreciated 25,107,556 48,414,767 - Less accumulated depreciation (6,252,586)(9,924,065)- Total noncurrent assets 21,093,720 38,490,702 - Total assets 22,565,162 39,889,083 863,180 Deferred Outflows of Resources Pension items, IMRF 154,584 248,379 - Other postemployment benefits 93,932 144,957 - Total deferred outflows of resources 248,516 393,336 - See notes to financial statements 19 Business-Type Activities - Enterprise Funds Nonmajor - Commuter Parking Lot Total Governmental Activities - Internal Service Funds $101,211 $1,998,198 $5,865,704 -606,285 830 -1,018,701 - 34 220 944 1,895 88,121 3,661 -124,618 131,558 103,140 3,836,143 6,002,697 77,500 2,316,250 - 1,950,830 75,473,153 5,146,773 (1,032,842)(17,209,493)(3,472,383) 995,488 60,579,910 1,674,390 1,098,628 64,416,053 7,677,087 -402,963 - -238,889 - -641,852 - See notes to financial statements 20 Village of Deerfield Statement of Net Position Proprietary Funds December 31, 2020 Business-Type Activities - Enterprise Funds Water Sewerage Refuse Liabilities Current liabilities: Accounts payable $279,135 $104,130 $111,772 Accrued payroll 10,093 18,861 - Accrued interest -78,686 - Deposits payable 37,093 23,011 - Notes payable -850,000 - Compensated absences payable 64,531 110,330 - Total current liabilities 390,852 1,185,018 111,772 Noncurrent liabilities: Long-term debt: Compensated absences payable 10,575 18,080 - Net pension liability 237,849 382,164 - Other postemployment benefit payable 213,511 329,492 - Bonds payable -25,505,143 - Total noncurrent liabilities 461,935 26,234,879 - Total liabilities 852,787 27,419,897 111,772 Deferred Inflows of Resources Pension items, IMRF 128,367 206,253 - Other postemployment benefits 6,446 9,948 - Total deferred inflows of resources 134,813 216,201 - Net Position Net investment in capital assets 21,093,720 12,135,559 - Unrestricted 732,358 510,762 751,408 Total net position $21,826,078 $12,646,321 $751,408 Adjustments to reflect the consolidation of internal service funds activities related to enterprise funds. Net Position Business-Type Activities Net internal service funds reported in the statement of net position as governmental activities See notes to financial statements 21 Business-Type Activities - Enterprise Funds Nonmajor Enterprise Fund - Total Governmental Activities - Internal Service Funds $647 $495,684 $12,411 920 29,874 2,963 -78,686 - -60,104 - -850,000 - 3,052 177,913 15,866 4,619 1,692,261 31,240 500 29,155 12,982 -620,013 - -543,003 - -25,505,143 - 500 26,697,314 12,982 5,119 28,389,575 44,222 -334,620 - -16,394 - -351,014 - 995,488 34,224,767 1,674,390 98,021 2,092,549 5,958,475 $1,093,509 36,317,316 7,632,865 1,956,728 (1,956,728) $38,274,044 $5,676,137 See notes to financial statements 22 Village of Deerfield Statement of Revenues, Expenses and Changes in Net Position Proprietary Funds Year Ended December 31, 2020 Business-Type Activities - Enterprise Funds Water Sewerage Refuse Operating Revenues Charges for services $5,055,073 $3,137,677 $572,309 Miscellaneous 112,025 41,339 4,589 Total operating revenues 5,167,098 3,179,016 576,898 Operating Expenses Administration 627,526 636,096 - Operations 4,187,789 2,517,963 1,467,532 Capital outlay --- Depreciation 536,293 1,033,630 - Total operating expenses 5,351,608 4,187,689 1,467,532 Operating income (loss)(184,510)(1,008,673)(890,634) Nonoperating Revenues (Expenses) Gain on sale of capital assets --- Investment income 1,713 4,999 3,978 Interest and other -(1,027,347)- Total nonoperating revenues (expenses)1,713 (1,022,348)3,978 Income (loss) before contributions and transfers (182,797)(2,031,021)(886,656) Contributions and Transfers Contributions 150,932 405,251 - Transfers in -1,833,983 984,665 Total contributions and transfers 150,932 2,239,234 984,665 Change in net position (31,865)208,213 98,009 Net Position, Beginning 21,857,943 12,438,108 653,399 Net Position, Ending $21,826,078 $12,646,321 $751,408 Adjustment to reflect the consolidation of internal service funds activities related to enterprise funds Change in net position of business-type activities See notes to financial statements 23 Business-Type Activities - Enterprise Funds Nonmajor - Commuter Parking Lot Total Governmental Activities - Internal Service Funds $66,388 $8,831,447 $1,073,327 -157,953 5,436 66,388 8,989,400 1,078,763 -1,263,622 - 267,631 8,440,915 414,246 --55,868 26,737 1,596,660 321,393 294,368 11,301,197 791,507 (227,980)(2,311,797)287,256 --43,147 2,097 12,787 47,742 -(1,027,347)- 2,097 (1,014,560)90,889 (225,883)(3,326,357)378,145 -556,183 - -2,818,648 - -3,374,831 - (225,883)48,474 378,145 1,319,392 36,268,842 7,254,720 $1,093,509 36,317,316 $7,632,865 85,458 $133,932 See notes to financial statements 24 Village of Deerfield Statement of Cash Flows Proprietary Funds Year Ended December 31, 2020 Business-Type Activities - Enterprise Funds Water Sewerage Refuse Cash Flows From Operating Activities Received from customers $4,758,069 $3,022,017 $569,367 Received from interfund services --- Received from miscellaneous revenues 112,025 41,339 4,589 Payments to suppliers (3,710,886)(1,263,470)(1,462,159) Payments to employees (1,076,813)(1,802,498)(11,058) Net cash flows from operating activities 82,395 (2,612)(899,261) Cash Flows From Investing Activities Investment income 1,686 4,951 3,978 Net cash flows from investing activities 1,686 4,951 3,978 Cash Flows From Noncapital Financing Activities Interfund transfer -1,833,983 984,665 Net cash flows from noncapital financing activities -1,833,983 984,665 Cash Flows From Capital and Related Financing Activities Proceeds from sale of capital assets --- Debt issued -4,216,810 - Bond principal payments -(5,015,000)- Bond interest payments -(1,033,883)- Net cash flows from capital and related financing activities -(1,832,073)- Net change in cash and cash equivalents 84,081 4,249 89,382 Cash and Cash Equivalents, Beginning 306,688 753,830 658,757 Cash and Cash Equivalents, Ending $390,769 $758,079 $748,139 See notes to financial statements 25 Business-Type Activities - Enterprise Funds Nonmajor - Commuter Parking Lot Total Governmental Activities - Internal Service Funds $66,593 $8,416,046 $- --1,079,969 -157,953 5,436 (201,108)(6,637,623)(215,332) (72,785)(2,963,154)(279,823) (207,300)(1,026,778)590,250 2,097 12,712 47,742 2,097 12,712 47,742 -2,818,648 - -2,818,648 - --(361,312) -4,216,810 - -(5,015,000)- -(1,033,883)- -(1,832,073)(361,312) (205,203)(27,491)276,680 306,414 2,025,689 5,589,024 $101,211 $1,998,198 $5,865,704 See notes to financial statements 26 Village of Deerfield Statement of Cash Flows Proprietary Funds Year Ended December 31, 2020 Business-Type Activities - Enterprise Funds Water Sewerage Refuse Reconciliation of Operating Income (Loss) to Net Cash Flows From Operating Activities Operating income (loss)$(184,510)$(1,008,673)$(890,634) Adjustments to reconcile operating income (loss) to net cash flows from operating activities: Depreciation 536,293 1,033,630 - Changes in assets and liabilities: Receivables (297,004)(115,660)(2,942) Prepaid expenses 3,579 4,617 208 Inventories (11,918)608 - Accounts payable 26,020 7,596 (5,893) Deposits payable 12,310 1,662 - Accrued payroll (19,378)(38,265)- Other postemployment benefit payable (56,191)56,672 - Compensated absences payable 22,337 30,245 - Pension items 50,857 24,956 - Net cash flows from operating activities $82,395 $(2,612)$(899,261) Noncash Capital and Related Financing Activities See notes to financial statements 27 Business-Type Activities - Enterprise Funds Nonmajor - Commuter Parking Lot Total Governmental Activities - Internal Service Funds $(227,980)$(2,311,797)$287,256 26,737 1,596,660 321,393 205 (415,401)6,642 185 8,589 1,066 -(11,310)(4,422) (6,564)21,159 (24,813) -13,972 - (1,354)(58,997)(5,455) -481 - 1,471 54,053 8,583 -75,813 - $(207,300)$(1,026,778)$590,250 See notes to financial statements 28 Village of Deerfield Statement of Fiduciary Net Position Fiduciary Funds December 31, 2020 Pension Trust Fund Custodial Funds Assets Cash and investments $3,503,579 $2,923,856 Investments: U.S. Treasury obligations 5,881,863 - Corporate bonds 11,730,969 - Mutual funds 38,402,089 - Municipal bonds 45,806 - Receivables: Accounts -248,957 Accrued interest 106,727 33 Total assets 59,671,033 3,172,846 Liabilities Accounts payable 18,240 979 Total liabilities 18,240 979 Net Position Restricted for retirement benefits $59,652,793 $- Restricted for dispatch services -3,171,867 Total net position $59,652,793 $3,171,867 See notes to financial statements 29 Village of Deerfield Statement of Changes in Fiduciary Net Position Fiduciary Funds Year Ended December 31, 2020 Pension Trust Fund Custodial Funds Additions Contributions and charges for services Contributions - employer $1,100,000 $- Contributions - employee 460,146 - Charges for services -1,198,662 Total Contributions and charges for services 1,560,146 1,198,662 Investment income Net appreciation in fair value of investments 7,600,284 - Interest and dividends earned on investments 1,040,427 4,940 Total investment income 8,640,711 4,940 Less Investment expense (30,943)- Net investment income 8,609,768 4,940 Total additions 10,169,914 1,203,602 Deductions Pension payments 2,939,004 - Separation refunds 139,725 - Administrative 49,247 - Public safety -430,965 Capital outlay -317,989 Total deductions 3,127,976 748,954 Change in fiduciary net position 7,041,938 454,648 Net Position, Beginning (as restated)52,610,855 2,717,219 Net Position, Ending $59,652,793 $3,171,867 See notes to financial statements 30 Village of Deerfield Index to Notes to Financial Statements December 31, 2020 Page 1.Summary of Significant Accounting Policies 32 Reporting Entity 32 Government-W ide and Fund Financial Statements 32 Measurement Focus, Basis of Accounting and Financial Statement Presentation 35 Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of Resources and Net Position or Equity 36 Deposits and Investments 36 Receivables 39 Inventories and Prepaid Items 39 Capital Assets 39 Deferred Outflows of Resources 40 Compensated Absences 40 Long-Term Obligations 40 Deferred Inflows of Resources 41 Equity Classifications 41 Interfund Transactions 42 2.Stewardship, Compliance and Accountability 42 Excess Expenditures Over Budget 42 3.Detailed Notes on All Funds 43 Deposits and Investments 43 Receivables 46 Capital Assets 46 Interfund Transfers 48 Long-Term Obligations 48 Restatement of Fund Balance/Net Position 51 4.Other Information 51 Employees' Retirement System 51 Risk Management 61 Commitments and Contingencies 61 Joint Ventures 62 Other Postemployment Benefits 62 Subsequent Event 65 Tax Abatement 65 Effect of New Accounting Standards on Current-Period Financial Statements 66 31 Village of Deerfield Notes to Financial Statements December 31, 2020 1.Summary of Significant Accounting Policies The Village of Deerfield, Illinois (the Village) was incorporated in 1903. The Village is a home-rule municipality, under the 1970 Illinois Constitution, located in Lake County, Illinois. The Village is governed by an elected seven-member board. The accounting policies of the Village of Deerfield, Illinois conform to accounting principles generally accepted in the United States of America as applicable to governmental units. The accepted standard- setting body for establishing governmental accounting and financial reporting principles is the Governmental Accounting Standards Board (GASB). Reporting Entity This report includes all of the funds of the Village. The reporting entity for the Village consists of the primary government and its component units. Component units are legally separate organizations for which the primary government is financially accountable or other organizations for which the nature and significance of their relationship with the primary government are such that their exclusion would cause the reporting entity's financial statements to be misleading. The Village has not identified any organizations that meet this criteria. Fiduciary Component Units The Police Pension Employees Retirement System (PPERS) is established for the Village's police employees. PPERS functions for the benefit of these employees and is governed by a five- member pension board. Two members appointed by the Village’s President, one pension beneficiary elected by the membership and two police employees elected by the membership constitute the pension board. The Village and the PPERS participants are obligated to fund all PPERS costs based upon actuarial valuations. A municipality is considered to have a financial burden if it is legally obligated or has otherwise assumed the obligation to make contributions to the pension plan. The State of Illinois is authorized to establish benefit levels and the Village is authorized to approve the actuarial assumptions used in the determination of contribution levels. PPERS is reported as a fiduciary component unit pension trust fund and the data for the pension is included in the government's fiduciary fund financial statements as a pension trust fund. No separate annual financial report is issued for the PPERS. Government-Wide and Fund Financial Statements In January 2017, the GASB issued Statement No. 84, Fiduciary Activities. This statement establishes criteria for identifying fiduciary activities of all state and local governments for accounting and financial reporting purposes and how those activities should be reported. This standard was implemented January 1, 2020. Government-Wide Financial Statements The statement of net position and statement of activities display information about the reporting government as a whole. They include all funds of the reporting entity except for fiduciary funds. The statements distinguish between governmental and business-type activities. Governmental activities generally are financed through taxes, intergovernmental revenues and other nonexchange revenues. Business-type activities are financed in whole or in part by fees charged to external parties for goods or services. The effect of material interfund activity (except for activities reported in internal service funds) has been eliminated from these statements. 32 Village of Deerfield Notes to Financial Statements December 31, 2020 The statement of activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. The Village does not allocate indirect expenses to functions in the statement of activities. Program revenues include 1) charges to customers or applicants who purchase, use or directly benefit from goods, services or privileges provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not included among program revenues are reported as general revenues. Internally dedicated resources are reported as general revenues rather than as program revenues. Fund Financial Statements Financial statements of the Village are organized into funds, each of which is considered to be a separate accounting entity. Each fund is accounted for by providing a separate set of self- balancing accounts, which constitute its assets, deferred outflows of resources, liabilities, deferred inflows of resources, net position/fund balance, revenues and expenditures/expenses. Funds are organized as major funds or nonmajor funds within the governmental and proprietary statements. An emphasis is placed on major funds within the governmental and proprietary categories. A fund is considered major if it is the primary operating fund of the Village or meets the following criteria: a. Total assets/deferred outflows of resources, liabilities/deferred inflows of resources, revenues or expenditures/expenses of that individual governmental or enterprise fund are at least 10 percent of the corresponding total for all funds of that category or type and b. The same element of the individual governmental or enterprise fund that met the 10 percent test is at least 5 percent of the corresponding total for all governmental and enterprise funds combined. c. In addition, any other governmental or enterprise fund that the Village believes is particularly important to financial statement users may be reported as a major fund. Separate financial statements are provided for governmental funds, proprietary funds and fiduciary funds, even though the latter are excluded from the government-wide financial statements. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements. The Village reports the following major governmental funds: General Fund General Fund accounts for the Village's primary operating activities. It is used to account for and report all financial resources except those accounted for and reported in another fund. Debt Service Fund Debt Service Fund is used to account and report the assigned resources for the payment of general long-term debt. 2011B Debt Services Sinking Fund is used to account and report the restricted resources for the payment of general long-term debt. 33 Village of Deerfield Notes to Financial Statements December 31, 2020 Capital Projects Fund Infrastructure Replacement Fund is used to account for and report financial resources that are assigned to expenditures for maintaining, repairing and renovating the capital assets of the Village. Enterprise Funds The Village reports the following major enterprise funds: Water Fund accounts for operations of the activity necessary to provide water to the residents of the Village including administration, operation, maintenance, financing and related debt service. Sewerage Fund accounts for operations of the all activities necessary to provide sewer service to the residents of the Village including administration, construction, maintenance and operations of the sewerage treatment plant and related debt service. Refuse Fund accounts for operations of the all the revenue and expenses necessary to provide the residents of the Village with refuse service. The Village reports the following nonmajor governmental and enterprise funds: Special Revenue Fund Special Revenue Fund is used to account for and report the proceeds of specific revenue sources that are restricted or committed to expenditures for specified purposes (other than debt service or capital projects). Motor Fuel Tax Fund Enterprise Fund Enterprise Fund is used to account for and report any activity for which a fee is charged to external uses for goods or services and must be used for activities which meet certain debt or cost recovery criteria. Commuter Parking Lot Fund In addition, the Village reports the following fund types: Internal Service Funds Internal Service Funds are used to account for and report the financing of goods or services provided by one department or agency to other departments or agencies of the Village or to other governmental units, on a cost-reimbursement basis. The Garage Fund accounts for all activity necessary to maintain the efficient and safe operation of the Village's vehicles and equipment and is funded by various departments according to services rendered. The Vehicle and Equipment Replacement Fund accounts for purchases of vehicles and equipment and is funded by various departments according to services rendered. 34 Village of Deerfield Notes to Financial Statements December 31, 2020 Pension Trust Fund Pension Trust Fund is used to account for and report resources that are required to be held in trust for the members and beneficiaries of the defined benefit pension plan. Police Pension Trust Fund Custodial Funds Custodial Funds are used to account for and report assets controlled by the Village and the assets are for the benefit of individuals, private organizations and/or other governmental units. East Shore Radio Network Fund Deerfield Consolidated JETSB Fund Measurement Focus, Basis of Accounting and Financial Statement Presentation Government-Wide Financial Statements The government-wide statement of net position and statement of activities are reported using the economic resources measurement focus and the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when earned and expenses are recorded when the liability is incurred or economic asset used. Revenues, expenses, gains, losses, assets and liabilities resulting from exchange and exchange-like transactions are recognized when the exchange takes place. Property taxes are recognized as revenues in the year for which they are levied. Taxes receivable for the following year are recorded as receivables and deferred inflows. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider are met. Special assessments are recorded as revenue when earned. Unbilled receivables are recorded as revenues when services are provided. As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements. Fund Financial Statements Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recorded when they are both measurable and available. Available means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. For this purpose, the Village considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Sales taxes, telecommunications taxes and use taxes use a 90-day period and income taxes use a 120-day period. Expenditures are recorded when the related fund liability is incurred, except for unmatured interest on long-term debt, claims, judgments, compensated absences and pension expenditures, which are recorded as a fund liability when expected to be paid with expendable available financial resources. Property taxes are recorded in the year levied as receivables and deferred inflows. They are recognized as revenues in the succeeding year when services financed by the levy are being provided. Intergovernmental aids and grants are recognized as revenues in the period the Village is entitled the resources and the amounts are available. Amounts owed to the Village which are not available are recorded as receivables and unavailable revenues. Amounts received before eligibility requirements (excluding time requirements) are met are recorded as liabilities. Amounts received in advance of meeting time requirements are recorded as deferred inflows. 35 Village of Deerfield Notes to Financial Statements December 31, 2020 Revenues susceptible to accrual include property taxes, miscellaneous taxes, public charges for services, special assessments and interest. Other general revenues such as fines and forfeitures, inspection fees, recreation fees and miscellaneous revenues are recognized when received in cash or when measurable and available under the criteria described above. Proprietary and Fiduciary Funds Proprietary and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as described previously in this note. The proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund's principal ongoing operations. The principal operating revenues of the water, sewerage, refuse and commuter parking lot funds are charges to customers for sales and services. Special assessments are recorded as receivables and contribution revenue when levied. Operating expenses for proprietary funds include the cost of sales and services, administrative expenses and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. All Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, deferred outflows of resources, liabilities and deferred inflows of resources and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures/expenses during the reporting period. Actual results could differ from those estimates. Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of Resources and Net Position or Equity Deposits and Investments For purposes of the statement of cash flows, the Village considers all highly liquid investments with an initial maturity of three months or less when acquired to be cash equivalents. Illinois Statutes authorize the Village to make deposits/investments in insured commercial banks, savings and loan institutions, obligations of the U.S. Treasury and U.S. Agencies, insured credit union shares, money market mutual funds with portfolios of securities issued or guaranteed by the United States or agreement to repurchase these same obligations, repurchase agreements, short- term commercial paper rated within the three highest classifications by at least two standard rating services and the Illinois Funds Investment Pool. Pension funds may also invest in certain non-U.S. obligations, Illinois municipal corporations tax anticipation warrants, veteran’s loans, obligations of the State of Illinois and its political subdivisions and the Illinois insurance company general and separate accounts, mutual funds meeting certain requirements, equity securities and corporate bonds meeting certain requirements. Pension funds with net assets in excess of $10,000,000 and an appointed investment advisor may invest an additional portion of its assets in common and preferred stocks and mutual funds, that meet certain requirements. 36 Village of Deerfield Notes to Financial Statements December 31, 2020 The Police Pension Fund's investment policy allows investments in all of the above listed accounts, but does exclude any repurchase agreements. The Police Pension Fund’s investment policy, in accordance with Illinois Statutes, establishes the following target allocation across asset classes Asset Class Target Long-Term Expected Real Rate of Return Corporate Bonds 34 % 1.70 % Equity 60 6.10 U.S. Government 5 1.00 Cash Equivalents 1 0.00 Illinois Compiled Statues (ILCS) limit the Police Pension Fund's investments in equities, mutual funds and variable annuities to 65 percent. Securities in any one company should not exceed 5 percent of the total fund. The blended asset class is comprised of all other asset classes to allow for rebalancing the portfolio. The long-term expected rate of return on the Police Pension Fund's investments was determined using an asset allocation study conducted by the Police Pension Fund's investment management consultant in which best-estimate ranges of expected future real rates of return (net of pension plan investment expense and inflation) were developed for each major asset class. These ranges were combined to produce long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. Best estimates or arithmetic real rates of return for each major asset class included in the Police Pension Fund's target asset allocation are listed in the table above. Additional restrictions may arise from local charters ordinances, resolutions and grant resolutions. The Village has adopted an investment policy. The policies follow the state statute for allowable investments.It is the policy of the Village to invest its funds in a manner which will provide the highest investment return with the maximum security while meeting the daily cash flow demands of the Village and conforming to all state and local statutes governing the investment of public funds, using the prudent person standard for managing the overall portfolio. The primary objective of the policy of the Village is safety (preservation of capital and protection of investment principal), liquidity and yield. Interest Rate Risk In accordance with its investment policy, the Village limits its exposure to interest rate risk by structuring the portfolio to provide liquidity for operating funds an maximizing yields for funds not needed within a five-year period. The Village investment policy limits maturities to five years unless tied to a specific cash flow. Investments may be purchased with maturities to match future projects or liability requirements. In addition, the policy requires the Village to structure the investment portfolio so that securities mature to meet cash requirements for ongoing operations, thereby avoiding the need to sell securities on the open market prior to maturity. In accordance with its investment policy, the Police Pension Fund limits its exposure to interest rate risk by structuring the portfolio to provide liquidity to meet required pension payments. The investment policy does not limit the maximum maturity length of investments in the fund. 37 Village of Deerfield Notes to Financial Statements December 31, 2020 Credit Risk State Statutes limit the investments in commercial paper to the top three ratings of two nationally recognized statistical rating organizations (NRSRO’s). The Village's investment policy authorizes investments in any type of security allowed for in Illinois statutes regarding the investment of public funds. The Police Pension Fund limits its exposure to credit risk by investing exclusively investment grade bonds or obligations guaranteed by the United States Government or securities issued by agencies of the United States Government that are explicitly or implicitly guaranteed by the United States Governments. Concentration of Credit Risk The Village's investment policies require diversification of the investment portfolio to minimize risk of loss resulting from over-concentration in a particular type of security, risk factor, issuer or maturity, but does not specify maximum amounts that can be invested in any one investment vehicle, maturity, issuer or class of securities. The Police Pension Fund’s investment policy limits the amount of the portfolio that can be invested in any one investment vehicle. W ith the exception of U.S. Treasury securities and authorized pools, no more than 65 percent of the Police Pension Fund’s total investment portfolio can be invested in a single security type or with a single financial institution. Custodial Credit Risk, Deposits The Village's and Police Pension Fund's investment policy limits the exposure to deposit custodial credit risk by requiring all deposits in excess of FDIC insurable limits to be secured with collateralization pledged by the applicable financial institution to the extent of 100 percent of the value of the deposit. Custodial Credit Risk, Investments The Village's and Police Pension Fund’s investment policies require all securities to be held by a third party custodian designated by the Treasurer and evidenced by safekeeping receipts. The Village's investment policy limits the exposure to deposit custodial credit risk by requiring all deposits in excess of FDIC insurable limits to be secured with collateralization pledged by the applicable financial institution to the extent of 100 percent of the value of the deposit in excess of federal depository insurance with the collateral held by the Village's agent in the Village's name. The Village’s investment policy also requires all security transactions that are exposed to custodial credit risk to be processed on a delivery versus payment (DVP) basis with the underlying investments held by a third party acting as the Village’s agent separate from where the investment was purchased or by the trust department of the bank where purchased, in the Village’s name. The Police Pension Fund’s investment policy requires all security transactions that are exposed to custodial credit risk to be processed on a DVP basis with the underlying investments held by a third party acting as the Police Pension Fund’s agent separate from where the investment was purchased in the Police Pension Fund’s name. Investments are stated at fair value, which is the amount at which an investment could be exchanged in a current transaction between willing parties. Fair values are based on methods and inputs as outlined in Note 3. Adjustments necessary to record investments at fair value are recorded in the operating statement as increases or decreases in investment income. Investment income on commingled investments of municipal accounting funds is allocated based on average balances. Illinois Funds is an investment pool managed by the State of Illinois, Office of the Treasurer, which allows governments within the State to pool their funds for investment purposes. Illinois Funds is not registered with the SEC as an investment company, but does operate in a manner consistent with Rule 2a7 of the Investment Company Act of 1940. Investments in Illinois Funds are valued at Illinois Fund’s share price, the price for which the investments could be sold. 38 Village of Deerfield Notes to Financial Statements December 31, 2020 See Note 3 for further information. Receivables Property taxes for levy year 2020 attaches as an enforceable lien on January 1, 2020, on property values assessed as of the same date. Taxes are levied by December following the lien date (by passage of a Tax Levy Ordinance). Tax bills for levy year 2020 are prepared by the County and issued on or about February 1 for Cook County and May 1 for Lake County and are payable in two installments, on or about March 1 and August 1 for Cook County and June 1 and September 1 for Lake County. The 2020 property tax levy is recognized as a receivable and deferred inflows in fiscal 2020, net the allowance for uncollectible. As the taxes become available to finance current expenditures, they are recognized as revenues. At December 31, 2020, the property taxes receivable and related deferred inflows consisted of the estimated amount collectible from the 2020 levy. During the course of operations, transactions occur between individual funds that may result in amounts owed between funds. Short-term interfund loans are reported as due to and from other funds. Long-term interfund loans (noncurrent portion) are reported as advances from and to other funds. Interfund receivables and payables between funds within governmental activities are eliminated in the statement of net position. Any residual balances outstanding between the governmental activities and business-type activities are reported in the government-wide financial statements as internal balances. In the governmental fund financial statements, advances to other funds are offset equally by a nonspendable fund balance account which indicates that they do not constitute expendable available financial resources and, therefore, are not available for appropriation or by a restricted fund balance account, if the funds will ultimately be restricted when the advance is repaid. Inventories and Prepaid Items Governmental fund inventories, if material, are recorded at cost based on the FIFO method using the purchases method of accounting. Proprietary fund inventories are generally used for construction and/or for operation and maintenance work. They are not for resale. They are valued at cost based on FIFO and charged to construction and/or operation and maintenance expense when used. Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements. The cost of prepaid items is recorded as expenditures/expenses when consumed rather than when purchased. Capital Assets Government-Wide Statements Capital assets, which include property, plant and equipment, are reported in the government- wide financial statements. Capital assets are defined by the government as assets with an initial cost of more than $25,000 and an estimated useful life in excess of one year. All capital assets are valued at historical cost or estimated historical cost if actual amounts are unavailable. Donated capital assets are recorded at their estimated acquisition value at the date of donation. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized. Improvements are capitalized and depreciated over the remaining useful lives of the related capital assets, as applicable. 39 Village of Deerfield Notes to Financial Statements December 31, 2020 Depreciation of all exhaustible capital assets is recorded as an allocated expense in the statement of activities, with accumulated depreciation reflected in the statement of net position. Depreciation is provided over the assets' estimated useful lives using the straight-line method. The range of estimated useful lives by type of asset is as follows: Buildings and building improvements 20-50 Years Parking improvements 15-50 Years Water/sewer system 40-60 Years Vehicles, machinery and equipment 4-20 Years Infrastructure 20-50 Years Fund Financial Statements In the fund financial statements, capital assets used in governmental fund operations are accounted for as capital outlay expenditures of the governmental fund upon acquisition. Capital assets used in proprietary fund operations are accounted for the same way as in the government-wide statements. Deferred Outflows of Resources A deferred outflow of resources represents a consumption of net position/fund balance that applies to a future period and will not be recognized as an outflow of resources (expense/expenditure) until that future time. Compensated Absences Under terms of employment, employees are granted sick leave and vacations in varying amounts. Only benefits considered to be vested are disclosed in these statements. All vested vacation and sick leave pay is accrued when incurred in the government-wide and proprietary fund financial statements. A liability for these amounts is reported in governmental funds only if they have matured, for example, as a result of employee resignations and retirements and are payable with expendable resources. Payments for vacation and sick leave will be made at rates in effect when the benefits are used. Accumulated vacation and sick leave liabilities at December 31, 2020, are determined on the basis of current salary rates and include salary related payments. Long-Term Obligations All long-term obligations to be repaid from governmental and business-type resources are reported as liabilities in the government-wide statements. The long-term obligations consist primarily of notes and bonds payable and accrued compensated absences. Long-term obligations for governmental funds are not reported as liabilities in the fund financial statements. The face value of debts (plus any premiums) are reported as other financing sources and payments of principal and interest are reported as expenditures. The accounting in proprietary funds is the same as it is in the government-wide statements. For the government-wide statements and proprietary fund statements, bond premiums and discounts are amortized over the life of the issue using the effective interest method. The balance at year end is shown as an increase or decrease in the liability section of the statement of net position. 40 Village of Deerfield Notes to Financial Statements December 31, 2020 In the governmental fund financial statements, governmental funds recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from actual debt proceeds received, are reported as expenditures. Deferred Inflows of Resources A deferred inflow of resources represents an acquisition of net position/fund balance that applies to a future period and therefore will not be recognized as an inflow of resources (revenue) until that future time. Equity Classifications Government-Wide Statements Equity is classified as net position and displayed in three components: a. Net investment in capital assets - Consists of capital assets including restricted capital assets, net of accumulated depreciation and reduced by the outstanding balances (excluding unspent debt proceeds) of any bonds, mortgages, notes or other borrowings that are attributable to the acquisition, construction or improvement of those assets. b. Restricted net position - Consists of net position with constraints placed on their use either by 1) external groups such as creditors, grantors, contributors or laws or regulations of other governments or, 2) law through constitutional provisions or enabling legislation. c. Unrestricted net position - All other net positions that do not meet the definitions of restricted or net investment in capital assets. When both restricted and unrestricted resources are available for use, it is the Village's policy to use restricted resources first, then unrestricted resources as they are needed. Fund Statements Governmental fund balances are displayed as follows: a. Nonspendable - Includes fund balance amounts that cannot be spent either because they are not in spendable form or because legal or contractual requirements require them to be maintained intact. b. Restricted - Consists of fund balances with constraints placed on their use either by 1) external groups such as creditors, grantors, contributors or laws or regulations of other governments or 2) law through constitutional provisions or enabling legislation. c. Committed - Includes fund balance amounts that are constrained for specific purposes that are internally imposed by the government through formal action of the highest level of decision making authority. Fund balance amounts are committed through a formal action (ordinance) of the Village Board. This formal action must occur prior to the end of the reporting period, but the amount of the commitment, which will be subject to the constraints, may be determined in the subsequent period. Any changes to the constraints imposed require the same formal action of the Village Board that originally created the commitment. 41 Village of Deerfield Notes to Financial Statements December 31, 2020 d. Assigned - Includes spendable fund balance amounts that are intended to be used for specific purposes that do not meet the criteria to be classified as restricted or committed. The Village Board has, by ordinance, adopted a fund balance policy authorizing the Director of Finance to assign amounts for a specific purpose. Assignments may take place after the end of the reporting period. e. Unassigned - Includes residual positive fund balance within the general fund which has not been classified within the other above mentioned categories. Unassigned fund balance may also include negative balances for any governmental fund if expenditures exceed amounts restricted, committed or assigned for those purposes. Proprietary fund equity is classified the same as in the government-wide statements. The Village considers restricted amounts to be spent first when both restricted and unrestricted fund balance is available unless there are legal documents / contracts that prohibit doing this, such as in grant agreements requiring dollar for dollar spending. Additionally, the Village would first use committed, then assigned and lastly unassigned amounts of unrestricted fund balance when expenditures are made. Interfund Transactions Interfund services 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 interfund services and reimbursements, are reported as transfers. 2.Stewardship, Compliance and Accountability Excess Expenditures Over Budget Funds Budgeted Expenditures Actual Expenditures Excess Expenditures Over Budget Debt Service Fund $2,849,412 $2,891,421 $42,009 Water Fund 5,240,501 5,351,608 111,107 Sewerage Fund 5,131,882 5,215,036 83,154 The Village controls expenditures at the department level. Some individual departments experienced expenditures which exceeded appropriations. The detail of those items can be found in the Village's year-end budget to actual report. The Village does not budget for noncash expenses in the enterprise funds, such as depreciation expense. 42 Village of Deerfield Notes to Financial Statements December 31, 2020 3.Detailed Notes on All Funds Deposits and Investments The Village's deposits and investments at year end were comprised of the following: Carrying Value Statement Balances Associated Risks Deposits $17,292,107 $17,612,911 Custodial credit risk - deposits Mutual funds 38,402,090 38,402,090 N/A U.S. Treasury obligations 5,880,647 5,881,863 Custodial credit risk - investments, interest rate risk Certificates of deposit (negotiable)3,260,382 3,260,382 Credit risk, custodial credit risk - investments, concentration of credit risk, interest rate risk Corporate bonds 11,730,969 11,730,969 Credit risk, custodial credit risk - investments, concentration of credit risk, interest rate risk Municipal bonds 45,806 45,806 Credit risk, custodial credit risk - investments, concentration of credit risk, interest rate risk Illinois Funds 27,739,227 27,739,177 Credit risk U.S. Agency obligations 3,802,216 3,801,000 Credit risk, custodial credit risk - investments, concentration of credit risk, interest rate risk Petty cash 2,400 2,400 N/A Total deposits and investments $108,155,844 $108,476,598 Reconciliation to financial statements Per statement of net position Cash and investments $45,667,681 Per statement of net position, fiduciary funds Cash and investments 6,427,435 U.S. Treasury/agency obligations 5,881,863 Corporate bonds 11,730,969 Mutual funds 38,402,090 Municipal bonds 45,806 Total deposits and investments $108,155,844 Deposits in each local and area bank are insured by the FDIC in the amount of $250,000 for time and savings accounts (including NOW accounts) and $250,000 for demand deposit accounts (interest- bearing and noninterest-bearing). In addition, if deposits are held in an institution outside of the state in which the government is located, insured amounts are further limited to a total of $250,000 for the combined amount of all deposit accounts. 43 Village of Deerfield Notes to Financial Statements December 31, 2020 The Village categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs. As of December 31, 2020, the Village utilized the market valuation method for all recurring fair value measurements and investments were measured using the valuation inputs as follows: Village December 31, 2020 Investment Type Level 1 Level 2 Level 3 Total Certificates of deposit (negotiable)$-$3,260,382 $-$3,260,382 U.S. Agency obligations -3,801,000 -3,801,000 Total $-$7,061,382 $-$7,061,382 Police Pension December 31, 2020 Investment Type Level 1 Level 2 Level 3 Total U.S. Treasury obligations $5,880,647 $-$-$5,880,647 Corporate bonds -11,730,969 -11,730,969 Mutual funds 38,402,090 --38,402,090 Municipal bonds -45,806 -45,806 U.S. Agency Obligations -1,216 -1,216 Total $44,282,737 $11,777,991 $-$56,060,728 Custodial Credit Risk Deposits Custodial credit risk is the risk that in the event of a financial institution failure, the Village's deposits may not be returned to the Village. The Village does not have any deposits exposed to custodial credit risk. Investments For an investment, custodial credit risk is the risk that, in the event of the failure of the counterparty, the Village will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. The Village does not have any investments exposed to custodial credit risk. Credit Risk Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. 44 Village of Deerfield Notes to Financial Statements December 31, 2020 As of December 31, 2020, the Village's investments were rated as follows: Investment Type Standard & Poors Moody's Investors Services Certificates of deposit (negotiable)Not rated Not rated Corporate bonds BBB- to AA+ Baa3 to Aa1 Municipal bonds AAA Aaa Illinois Funds AAAm N/A U.S. Agency obligations AA+Aaa Concentration of Credit Risk Concentration of credit risk is the risk of loss attributed to the magnitude of a government's investment in a single issuer. Interest Rate Risk Interest rate risk is the risk that changes in interest rates will adversely affect the value of an investment. As of December 31, 2020, the Village's investments were as follows: Village Maturity (In Years) Investment Type Fair Value Less than 1 Year 1-5 Years 6-10 Years Greater than 10 Years Certificates of deposit (negotiable)$3,260,382 $743,946 $1,021,188 $1,495,248 $- U.S. Agency obligations 3,801,000 150,163 999,810 2,651,027 - Total $7,061,382 $894,109 $2,020,998 $4,146,275 $- Police Pension Maturity (In Years) Investment Type Fair Value Less than 1 Year 1-5 Years 6-10 Years Greater than 10 Years U.S. Treasury obligations $5,880,647 $-$4,171,945 $1,708,702 $- U.S. Agency obligations 1,216 -585 631 - Corporate bonds 11,730,969 754,450 4,761,084 5,884,608 330,827 Municipal bonds 45,806 ---45,806 Total $17,658,638 $754,450 $8,933,614 $7,593,941 $376,633 45 Village of Deerfield Notes to Financial Statements December 31, 2020 Money-Weighted Rate of Return Police Pension Fund For the year ended December 31, 2020, the annual money-weighted rate of return on the Police Pension plan investments, net of pension plan investment expense, was 16.82 percent. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested. See Note 1 for further information on deposit and investment policies. Receivables All of the receivables on the balance sheet are expected to be collected within one year except for the note receivable and the due from other governments related to the debt service fund. In 2019, the State notified the Village that its monthly distributions for sales tax and home rule sales tax would be reduced due to previous over distributions resulting from a business that filed amended state returns. As part of an ongoing sales tax sharing agreement, the Village had previously rebated 80% of the overpayments ($13,162,246) to the business and the Village negotiated a repayment schedule with the business. The Statement of Net Position reflects a note receivable of $13,162,246 for amounts due from the business and a payable of $13,252,807 for the remaining amount due to the State. On the fund level, the note receivable is reported as unavailable revenue. The Village issued General Obligation Bonds in 2011 and 2013 on behalf of the Library to finance the Library Improvement Project. These bonds are in the Village's name and are a liability of the Village. The Library receives property tax collections to pay for the bond principal and interest then remits the funds to the Village as the principal and interest payments become due. The Village has recorded a receivable, offset by unavailable revenue, for the amount of debt outstanding, less cash on hand, that the Library will be paying the Village. Capital Assets Capital asset activity for the year ended December 31, 2020, was as follows: Beginning Balance Additions Deletions Ending Balance Governmental Activities Capital assets not being depreciated: Land $5,136,924 $-$-$5,136,924 Land right of way 16,180,188 --16,180,188 Construction in progress 293,688 249,547 269,363 273,872 Total capital assets not being depreciated 21,610,800 249,547 269,363 21,590,984 Capital assets being depreciated: Buildings and improvements 13,547,556 --13,547,556 Vehicles, machinery and equipment 5,470,290 407,452 98,406 5,779,336 Infrastructure 100,782,545 5,049,174 1,640,969 104,190,750 Total capital assets being depreciated 119,800,391 5,456,626 1,739,375 123,517,642 Total capital assets 141,411,191 5,706,173 2,008,738 145,108,626 46 Village of Deerfield Notes to Financial Statements December 31, 2020 Less accumulated depreciation for: Buildings and improvements (5,389,336)(328,929)-(5,718,265) Vehicles, machinery and equipment (3,659,891)(381,527)95,415 (3,946,003) Infrastructure (54,633,320)(2,096,102)1,567,395 (55,162,027) Total accumulated depreciation (63,682,547)(2,806,558)1,662,810 (64,826,295) Net capital assets being depreciated 56,117,844 2,650,068 76,565 58,691,347 Total governmental activities capital assets, net of accumulated depreciation $77,728,644 $2,899,615 $345,928 $80,282,331 Depreciation expense was charged to functions as follows: Governmental Activities General government $182,709 Public safety 179,183 Highway and streets 2,444,666 Total governmental activities depreciation expense $2,806,558 Beginning Balance Additions Deletions Ending Balance Business-Type Activities Capital assets not being depreciation: Land $1,955,456 $-$-$1,955,456 Construction in progress 328,694 32,100 -360,794 Total capital assets not being depreciation 2,284,150 32,100 -2,316,250 Capital assets being depreciation: Buildings and improvements 45,185,189 --45,185,189 Parking lot improvements 1,950,830 --1,950,830 Vehicles, machinery and equipment 626,490 --626,490 Water distribution system 20,193,383 118,832 11,272 20,300,943 Sanitary sewer system 7,004,450 405,251 -7,409,701 Total capital assets being depreciation 74,960,342 524,083 11,272 75,473,153 Total capital assets 77,244,492 556,183 11,272 77,789,403 Less accumulated depreciation for: Buildings and improvements (9,211,380)(939,515)-(10,150,895) Parking lot improvements (1,006,105)(26,737)-(1,032,842) Vehicles, machinery and equipment (562,971)(15,880)-(578,851) Water distribution system (2,878,518)(452,083)11,272 (3,319,329) Sanitary sewer system (1,965,131)(162,445)-(2,127,576) Total accumulated depreciation (15,624,105)(1,596,660)11,272 (17,209,493) Net capital assets being depreciation 59,336,237 (1,072,577)-58,263,660 Business-type capital assets, net of accumulated depreciation $61,620,387 $(1,040,477)$-$60,579,910 47 Village of Deerfield Notes to Financial Statements December 31, 2020 Interfund Transfers The following is a schedule of interfund transfers: Fund Transferred To Fund Transferred From Am ount Principal Purpose Infrastructure Replacement General $2,000,000 To fund capital projects Refuse General 984,665 To subsidize administrative charges General Fund 2011B Debt Service Sinking 300,316 To transfer excess funds Sewerage Debt Service 1,833,983 To fund debt service paid by Sewerage Fund Total, fund financial statements 5,118,964 Less fund eliminations (2,300,316) Total transfers, government-wide statement of activities $2,818,648 Generally, transfers are used to (1) move revenues from the fund that collects them to the fund that the budget requires to expend them, (2) move receipts restricted to debt service from the funds collecting the receipts to the debt service fund and (3) use unrestricted revenues collected in the general fund to finance various programs accounted for in other funds in accordance with budgetary authorizations. Long-Term Obligations Long-term obligations activity for the year ended December 31, 2020, was as follows: Beginning Balance Increases Decreases Ending Balance Am ounts Due Within One Year Governmental Activities Bonds and notes payable: General obligation debt $33,295,000 $2,512,000 $4,550,000 $31,257,000 $1,815,000 (Discounts)/Premiums 747,923 299,206 41,463 1,005,666 - Total bonds and notes payable 34,042,923 2,811,206 4,591,463 32,262,666 1,815,000 Other liabilities: Vested compensated absences (governmental)1,442,019 1,387,647 992,915 1,836,751 1,264,787 Vested compensated absences (internal service)20,265 19,729 11,146 28,848 15,866 Total other postemployment benefit liability 4,673,592 1,445,288 -6,118,880 - Net pension liability, IMRF 6,575,064 -3,267,404 3,307,660 - Net pension liability, Police 17,303,207 2,422,538 -19,725,745 - Total other liabilities 30,014,147 5,275,202 4,271,465 31,017,884 1,280,653 Total governmental activities long- term liabilities $64,057,070 $8,086,408 $8,862,928 $63,280,550 $3,095,653 48 Village of Deerfield Notes to Financial Statements December 31, 2020 Beginning Balance Increases Decreases Ending Balance Am ounts Due Within One Year Business-Type Activities Bonds and notes payable: General obligation debt $27,065,000 $3,768,000 $5,015,000 $25,818,000 $850,000 (Discounts)/Premiums 93,640 448,810 5,307 537,143 - Total bonds and notes payable 27,158,640 4,216,810 5,020,307 26,355,143 850,000 Other liabilities: Vested compensated absences 153,015 185,528 131,475 207,068 177,913 Total other postemployment benefit liability 393,263 149,740 -543,003 - Net pension liability, IMRF 1,048,772 -428,759 620,013 - Total other liabilities 1,595,050 335,268 560,234 1,370,084 177,913 Total business-type activities long- term liabilities $28,753,690 $4,552,078 $5,580,541 $27,725,227 $1,027,913 General funds typically have been used in prior years to liquidate compensated absences, pension and OPEB liabilities. General Obligation Debt All general obligation debt payable is backed by the full faith and credit of the Village. Debt in the governmental funds will be retired by future property tax levies or tax increments accumulated by the debt service fund. Business-type activities debt is payable by revenues from user fees of those funds or, if the revenues are not sufficient, by future tax levies. Governmental Activities General Obligation Debt Date of Issue Final Maturity Interest Rates Original Indebtedness Balance December 31, 2020 General Obligation Bond Series 2011A 10/17/2011 12/01/2031 1.00% - 3.25%$9,900,000 $6,955,000 General Obligation Bond Series 2013 01/03/2013 12/01/2031 2.00% - 2.25%9,075,000 3,735,000 General Obligation Bond Series 2015 05/19/2015 12/01/2034 3.00% - 3.25%9,575,000 7,550,000 General Obligation Bond Series 2017 02/06/2017 12/01/2036 3.00% - 3.75%5,700,000 4,900,000 General Obligation Bond Series 2018 06/12/2018 12/01/2037 3.00% - 4.00%5,970,000 5,605,000 General Obligation Bond Series 2020 11/10/2020 12/01/2030 4.00% - 1.250%6,280,000 2,512,000 Total governmental activities, general obligation debt $31,257,000 49 Village of Deerfield Notes to Financial Statements December 31, 2020 Business-Type Activities General Obligation Debt Date of Issue Final Maturity Interest Rates Original Indebtedness Balance December 31, 2020 General Obligation Bond Series 2011B 10/17/2011 12/01/2028 4.00%$12,500,000 $12,480,000 General Obligation Bond Series 2012 01/21/2012 12/01/2031 1.25% - 2.75%10,000,000 8,970,000 General Obligation Bond Series 2013 01/03/2013 12/01/2031 2.00% - 2.25%9,075,000 600,000 General Obligation Bond Series 2020 11/10/2020 12/01/2030 4.00% - 1.250%6,280,000 3,768,000 Total business-type activities, general obligation debt $25,818,000 Debt service requirements to maturity are as follows: Governmental Activities Business-Type Activities General Obligation Debt General Obligation Debt Years Principal Interest Principal Interest 2021 $1,815,000 $951,379 $850,000 $870,242 2022 1,882,000 894,144 888,000 840,508 2023 1,952,000 839,760 918,000 816,229 2024 2,025,000 781,735 955,000 790,753 2025 2,093,000 721,094 982,000 764,318 2026-2030 12,235,000 2,613,082 19,230,000 2,362,062 2031-2035 7,895,000 928,043 1,995,000 54,637 2036-2037 1,360,000 63,578 -- Total $31,257,000 $7,792,815 $25,818,000 $6,498,749 Current Refunding On November 10, 2020, the Village issued $6,280,000 in general obligation bonds with an average coupon rate of 2.97 percent to refund $6,900,000 of outstanding bonds with an average coupon rate of 3.48 percent. The net proceeds along with existing funds of the Village were used to prepay the outstanding debt. The cash flow requirements on the refunded debt prior to the current refunding was $8,267,994 from 2021 through 2030. The cash flow requirements on the 2020 refunding bonds are $7,368,134 from 2021 through 2030. The current refunding resulted in an economic gain (difference between the present values of the debt service payments on the old and new debt) of $847,813. 50 Village of Deerfield Notes to Financial Statements December 31, 2020 Restatement of Fund Balance/Net Position Fund balance and net position have been restated due to the implementation of GASB 84. See Note 1 for more additional information related to this standard. The details of the restatement are as follows: Governmental Activities Custodial Funds Net position, December 31, 2019 (as reported)$66,712,346 $- Add adjustment for the implementation of GASB 84 372,330 - Add East Shore Radio Network custodial fund -209,718 Add Consolidated JETSB custodial fund -2,507,501 Net position, December 31, 2019 (as restated)$67,084,676 $2,717,219 General Fund Fund balance, December 31, 2019 (as reported)$27,747,148 Add adjustment for the implementation of GASB 84 372,330 Fund balance, December 31, 2019 (as restated)$28,119,478 4.Other Information Employees' Retirement System The Village contributes to two defined benefit pension plans, the Illinois Municipal Retirement Fund (IMRF), an agent-multiple-employer public employee retirement system; and the Police Pension Plan which is a single-employer pension plan. The benefits, benefit levels, employee contributions and employer contributions for the plans are governed by Illinois Compiled Statutes and can only be amended by the Illinois General Assembly. The Police Pension Plan does not issue a separate report on the pension plan. IMRF does issue a publicly available report that includes financial statements and supplementary information for the plan as a whole, but not for individual employers. That report can be obtained from IMRF, 2211 York Road, Suite 500, Oak Brook, Illinois 60523. This report is also available for download at www.imrf.org. For the year ended December 31, 2020, the Village recognized the following balances in the government-wide financial statements: Total Pension Liability Net Pension Liability Deferred Outflows of Resources Deferred Inflows of Resources Pension Expense IMRF $45,334,771 $3,927,673 $2,567,262 $2,119,759 $1,180,749 Police Pension Plan 79,378,538 19,725,745 12,817,142 10,952,530 1,239,177 Total $124,713,309 $23,653,418 $15,384,404 $13,072,289 $2,419,926 51 Village of Deerfield Notes to Financial Statements December 31, 2020 Illinois Municipal Retirement Fund Plan Description All employees (other than those covered by the Police Pension plan) hired in positions that meet or exceed the prescribed annual hourly standard must be enrolled in IMRF as participating members. IMRF has a two tier plan. Members who first participated in IMRF or an Illinois Reciprocal System prior to January 1, 2011 participate in Tier 1. All other members participate in Tier 2. For Tier 1 participants, pension benefits vest after 8 years of service. Participating members who retire at age 55 (at reduced benefits) or after age 60 (at full benefits) with 8 years of service are entitled to an annual retirement benefit, payable monthly for life in an amount equal to 1-2/3 percent of their final rate of earnings (average of the highest 48 consecutive months' earnings during the last 10 years) for credited service up to 15 years and 3 percent for each year thereafter. Employees hired on or after January 1, 2011, are eligible for Tier 2 benefits. For Tier 2 participants, pension benefits vest after 10 years of service. Participating members who retire at age 62 (at reduced benefits) or after age 67 (at full benefits) with 10 years of service are entitled to an annual retirement benefit, payable monthly for life in an amount equal to 1-2/3 percent of their final rate of earnings for the first 15 years of service credit, plus 2 percent for each year of service after 15 years to a maximum of 75 percent of their final rate of earnings. Final rate of earnings is the highest total earnings during any 96 consecutive months within the last 10 years of service, divided by 96. Under Tier 2, the pension is increased ever year after retirement, upon reaching age 67, by the lesser of 3 percent of the original pension amount or 1/2 of the increase in the Consumer Price Index of the original pension amount. Under the employer number within IMRF, both the Village and Deerfield Public Library contribute to the plan. As a result, IMRF is considered to be an agent multiple-employer plan through which cost-sharing occurs between the Village and Deerfield Public Library. Plan Membership At December 31, 2019, the measurement date, membership in the plan was as follows: Retirees and beneficiaries 137 Inactive, nonretired members 98 Active members 105 Total 340 Contributions As set by statute, Village and Deerfield Public Library employees participating in IMRF are required to contribute 4.50 percent of their annual covered salary. The statute requires the Village and Deerfield Public Library to contribute the amount necessary, in addition to member contributions, to finance the retirement coverage of its own employees. The Village and Deerfield Public Library’s actuarially determined contribution rate for calendar year 2019 was 10.00 percent of annual covered payroll for IMRF. The Village and Deerfield Public Library also contribute for disability benefits, death benefits and supplemental retirement benefits, all of which are pooled at the IMRF level. Contribution rates for disability and death benefits are set by the IMRF Board of Trustees, while the supplemental retirement benefits rate is set by statute. 52 Village of Deerfield Notes to Financial Statements December 31, 2020 Net Pension Liability/(Asset) The net pension liability/(asset) was measured as of December 31, 2019 and the total pension liability used to calculate the net pension liability/(asset) was determined by an actuarial valuation as of that date. Summary of Significant Accounting Policies For purposes of measuring the net pension liability/(asset), deferred outflows of resources and deferred inflows of resources related to pensions and pension expense, information about the fiduciary net position of IMRF and additions to/deductions from IMRF fiduciary net position have been determined on the same basis as they are reported by IMRF. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. Actuarial Assumptions The total pension liability for IMRF was determined by actuarial valuations performed as of December 31, 2019 using the following actuarial methods and assumptions: Actuarial cost method Entry Age Normal Asset valuation method Market Value Actuarial assumptions Investment Rate of Return 7.25% Inflation 2.50% Salary increases 3.35% to 14.25%, including inflation Mortality For nondisabled retirees, an IMRF specific mortality table was used with fully generational projection scale MP-2017 (base year 2015). The IMRF specific rates were developed from the RP-2014 Blue Collar Health Annuitant Mortality Table with adjustments to match current IMRF experience. For disabled retirees, an IMRF specific mortality table was used with fully generational projection scale MP-2017 (base year 2015). The IMRF specific rates were developed from the RP-2014 Disabled Retirees Mortality Table applying the same adjustment that were applied for nondisabled lives. For active members, an IMRF specific mortality table was used with fully generational projection scale MP-2017 (base year 2015). The IMRF specific rates were developed from the RP-2014 Employee Mortality Table with adjustments to match current IMRF experience. 53 Village of Deerfield Notes to Financial Statements December 31, 2020 Long-Term Expected Real Rate of Return The long-term expected rate of return on pension plan investments was determined using an asset allocation study in which best-estimate ranges of expected future real rates of return (net of pension plan investment expense and inflation) were developed for each major asset class. These ranges were combined to produce long-term expected rate of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic and geometric real rates of return for each major asset class are summarized in the following table: Projected Returns/Risks Asset Class Target Allocation One Year Arithmetic Ten Year Geometric Equities %37.00 %7.05 %5.75 International equities 18.00 8.10 6.50 Fixed income 28.00 3.70 3.25 Real estate 9.00 6.35 5.20 Alternatives 7.00 Private equity 11.30 7.60 Hedge funds -- Commodities 4.65 3.60 Cash equivalents 1.00 1.85 1.85 Discount Rate The discount rate used to measure the total pension liability for IMRF was 7.25 percent. The discount rate calculated using the December 31, 2018 measurement date was 7.25 percent. The projection of cash flows used to determine the discount rate assumed that member contributions will be made at the current contribution rate and that Village contributions will be made at rates equal to the difference between actuarially determined contribution rate and the member rate. Based on those assumptions, the fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on investments was applied to all periods of projected benefits to determine the total pension liability. Discount Rate Sensitivity The following is a sensitivity analysis of the net pension liability/(asset) to changes in the discount rate. The table below presents net pension liability/(asset) of the Village calculated using the discount rate of 7.25 percent as well as what the net pension liability/(asset) would be if it were to be calculated using a discount rate that is 1 percentage point lower (6.25 percent) or 1 percentage point higher (8.25 percent) than the current rate: 1% Decrease Current Discount Rate 1% Increase Village: Total pension liability $51,046,239 $45,334,771 $40,690,321 Plan fiduciary net pension 41,407,098 41,407,098 41,407,098 Net pension liability/(asset)$9,639,141 $3,927,673 $(716,777) 54 Village of Deerfield Notes to Financial Statements December 31, 2020 1% Decrease Current Discount Rate 1% Increase Deerfield Public Library: Total pension liability $13,769,681 $12,229,017 $10,976,180 Plan fiduciary net pension 11,122,033 11,122,033 11,122,033 Net pension liability/(asset)$2,647,648 $1,106,984 $(145,853) Total: Total pension liability $64,815,920 $57,563,788 $51,666,501 Plan fiduciary net pension 52,529,131 52,529,131 52,529,131 Net pension liability/(asset)$12,286,789 $5,034,657 $(862,630) Changes in Net Pension Liability/(Asset) The changes in net pension liability/(asset)for the calendar year ended December 31, 2019 were as follows: Increase (Decrease) Total Pension Liability (a) Plan Fiduciary Net Position (b) Net Pension Liability/(Asset) (a) - (b) Village: Balances at December 31, 2018 $43,390,452 $35,766,616 $7,623,836 Service cost 631,365 -631,365 Interest on total pension liability 3,052,021 -3,052,021 Differences between expected and actual experience of the total pension liability 646,520 -646,520 Change of assumptions 22,378 -22,378 Benefit payments, including refunds of employee contributions (2,407,965)(2,407,965)- Contributions, employer -653,687 (653,687) Contributions, employee -294,160 (294,160) Net investment income -6,729,527 (6,729,527) Other (net transfer)-371,073 (371,073) Balances at December 31, 2019 $45,334,771 $41,407,098 $3,927,673 Deerfield Public Library: Balances at December 31, 2018 $11,709,711 $9,532,307 $2,177,404 Service cost 177,945 -177,945 Interest on total pension liability 860,188 -860,188 Differences between expected and actual experience of the total pension liability 182,217 -182,217 Change of assumptions (22,378)-(22,378) Benefit payments, including refunds of employee contributions (678,666)(678,666)- Contributions, employer -184,237 (184,237) Contributions, employee -82,907 (82,907) Net investment income -1,896,665 (1,896,665) Other (net transfer)-104,583 (104,583) Balances at December 31, 2019 $12,229,017 $11,122,033 $1,106,984 55 Village of Deerfield Notes to Financial Statements December 31, 2020 Increase (Decrease) Total Pension Liability (a) Plan Fiduciary Net Position (b) Net Pension Liability/(Asset) (a) - (b) Total: Balances at December 31, 2018 $55,100,163 $45,298,923 $9,801,240 Service cost 809,310 -809,310 Interest on total pension liability 3,912,209 -3,912,209 Differences between expected and actual experience of the total pension liability 828,737 -828,737 Benefit payments, including refunds of employee contributions (3,086,631)(3,086,631)- Contributions, employer -837,924 (837,924) Contributions, employee -377,067 (377,067) Net investment income -8,626,192 (8,626,192) Other (net transfer)-475,656 (475,656) Balances at December 31, 2019 $57,563,788 $52,529,131 $5,034,657 Plan fiduciary net position as a percentage of the total pension liability %91.25 Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions For the year ended December 31, 2020, the Village recognized pension expense of $1,180,749. The Village reported deferred outflows and inflows of resources related to pension from the following sources: Deferred Outflows of Resources Deferred Inflows of Resources Village: Difference between expected and actual experience $1,080,375 $- Assumption changes 584,918 350,748 Net difference between projected and actual earnings on pension plan investments -1,769,011 Contributions subsequent to the measurement date 901,969 - Total $2,567,262 $2,119,759 Deerfield Public Library: Difference between expected and actual experience $304,495 $- Assumption changes 164,855 98,856 Net difference between projected and actual earnings on pension plan investments -498,582 Contributions subsequent to the measurement date 250,109 - Total $719,459 $597,438 56 Village of Deerfield Notes to Financial Statements December 31, 2020 Deferred Outflows of Resources Deferred Inflows of Resources Total: Difference between expected and actual experience $1,384,870 $- Assumption changes 749,773 449,604 Net difference between projected and actual earnings on pension plan investments -2,267,593 Contributions subsequent to the measurement date 1,152,078 - Total $3,286,721 $2,717,197 The amount reported as deferred outflows resulting from contributions subsequent to the measurement date in the above table will be recognized as a reduction in the net pension liability/(asset) for the year ending December 31, 2021. The remaining amounts reported as deferred outflows and inflows of resources related to pensions ($(582,554)) will be recognized in pension expense as follows: Year Ending December 31,Village Deerfield Public Library Total 2021 $(85,601)$(24,126)$(109,727) 2022 170,898 48,167 219,065 2023 292,195 82,353 374,548 2024 (831,958)(234,482)(1,066,440) Total $(454,466)$(128,088)$(582,554) Police Pension Plan Description Police sworn personnel are covered by the Police Pension Plan, which is a defined benefit single-employer pension plan. Although this is a single employer pension plan, the defined benefits and employee and employer contribution levels are governed by Illinois State Statutes (Chapter 40 ILCS 5/3) and may be amended only by the Illinois legislature. The Village accounts for the plan as a pension trust fund. As provided for in the Illinois Compiled Statutes, the Plan provides retirement benefits as well as death and disability benefits to employees grouped into two tiers. Tier 1 is for employees hired prior to January 1, 2011 and Tier 2 is for employees hired after that date. The following is a summary of the Police Pension Fund as provided for in Illinois Compiled Statutes. Tier 1 - Covered employees attaining the age of 50 or more with 20 or more years of creditable service are entitled to receive an annual retirement benefit of one half of the salary attached to the rank on the last day of service or for one year prior to the last day, whichever is greater. The pension shall be increased by 2.5 percent of such salary for each additional year of service over 20 years up to 30 years to a maximum of 75 percent of such salary. Employees with at least 8 years but less than 20 years of credited service may retire at or after age 60 and receive a reduced retirement benefit. The monthly pension of a police officer who retired with 20 or more years of service after January 1, 1977 shall be increased annually, following the first anniversary date of retirement and paid upon reaching at least the age 55, by 3 percent of the original pension and 3 percent compounded annually thereafter. 57 Village of Deerfield Notes to Financial Statements December 31, 2020 Tier 2 - Covered employees attaining the age of 55 or more with 10 or more years of creditable service are entitled to receive a monthly pension of 2.5 percent of the final average salary for each year of creditable service. The salary is initially capped at $106,800 but increases annually thereafter and is limited to 75 percent of final average salary. Employees with 10 or more years of creditable service may retire at or after age 50 and receive a reduced retirement benefit. The monthly pension of a police shall be increased annually on the January 1 occurring either on or after the attainment of age 60 or the first anniversary of the pension start date, whichever is later. Each annual increase shall be calculated at 3 percent or one-half the annual unadjusted percentage increase in the CPI, whichever is less. Plan Membership At December 31, 2020, the Police Pension membership consisted of: Retirees and beneficiaries 39 Inactive, nonretired members 8 Active members 40 Total 87 Contributions Covered employees are required to contribute 9.91 percent of their base salary to the Police Pension Plan. If an employee leaves covered employment with less than 20 years of service, accumulated employee contributions may be refunded without accumulated interest. The Village is required to contribute the remaining amounts necessary to finance the plans as actuarially determined by an enrolled actuary. Effective January 1, 2011 the Village’s contributions must accumulate to the point where the past service cost for the Police Pension Plan is 90 percent funded by the year 2040. The Village's actuarially determined contribution rate for the fiscal year ending December 31, 2020 was 23.69 percent of annual covered payroll. Net Pension Liability/(Asset) The net pension liability/(asset) was measured as of December 31, 2020 and the total pension liability used to calculate the net pension liability/(asset) was determined by an annual actuarial valuation as of that date. Summary of Significant Accounting Policies The financial statements of the Police Pension Plan are prepared using the accrual basis of accounting. Plan member contributions are recognized in the period in which contributions are due. The Village’s contributions are recognized when due and a formal commitment to provide the contributions are made. Benefits and refunds are recognized when due and payable in accordance with the terms of the plan. Plan investments are reported at fair value. Short-term investments are reported at cost, which approximated fair value. Investments that do not have an established market are reported at estimated fair values. 58 Village of Deerfield Notes to Financial Statements December 31, 2020 Actuarial Assumptions The total pension liability was determined by an actuarial valuation performed as of December 31, 2020 using the following actuarial methods and assumptions: Actuarial cost method Entry Age Normal Asset valuation method Market Value Actuarial assumptions Interest rate 7.25% Inflation 2.25% Projected salary increases 3.75% - 7.97% Cost-of-living adjustments 2.25% Mortality rates were based on the PubS-2010(A) study. Mortality improvement uses MP- 2019 Improvement Rates. Discount Rate The discount rate used to measure the total pension liability for the Police Pension Plan was 5.66 percent. The discount rate calculated using the December 31, 2019 measurement date was 6.53 percent. The projection of cash flows used to determine the discount rate assumed that member contributions will be made at the current contribution rate and that Village contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the Plan’s fiduciary net position was projected not to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on Plan investments of 7.25 percent was blended with the index rate of 2.74 percent for tax exempt 20-year general obligation municipal bonds with an average AA credit rating as of December 31, 2020 to arrive at a discount rate of 5.66 percent used to determine the total pension liability. The year ending December 31, 2062 is the last year in the project period for which projected benefit payments are fully funded. Discount Rate Sensitivity The following is a sensitivity analysis of the net pension liability to changes in the discount rate. The table below presents the pension liability of the Village calculated using the discount rate of 5.66 percent as well as what the net pension liability would be if it were to be calculated using a discount rate that is 1 percentage point lower (4.66 percent) or 1 percentage point higher (6.66 percent) than the current rate: 1% Decrease Current Discount Rate 1% Increase Total pension liability $92,585,608 $79,378,538 $68,872,682 Plan fiduciary net position 59,652,793 59,652,793 59,652,793 Net pension liability $32,932,815 $19,725,745 $9,219,889 59 Village of Deerfield Notes to Financial Statements December 31, 2020 Changes in Net Pension Liability/(Asset) The Village's changes in net pension liability/(asset) for the calendar year ended December 31, 2020 was as follows: Increase (Decrease) Total Pension Liability (a) Plan Fiduciary Net Position (b) Net Pension Liability/Asset (a) - (b) Balances at December 31, 2019 $69,914,062 $52,610,855 $17,303,207 Service cost 1,067,196 -1,067,196 Interest on total pension liability 4,328,602 -4,328,602 Differences between expected and actual experience of the total pension liability (1,829,795)-(1,829,795) Change of assumptions 8,977,202 -8,977,202 Benefit payments, including refunds of employee contributions (3,078,729)(3,078,729)- Contributions - employer -1,100,000 (1,100,000) Contributions - employee -460,146 (460,146) Net investment income -8,609,768 (8,609,768) Administration -(49,247)49,247 Balances at December 31, 2020 $79,378,538 $59,652,793 $19,725,745 Plan fiduciary net position as a percentage of the total pension liability %75.15 Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions For the year ended December 31, 2020, the Village recognized pension expense of $1,239,177. The Village reported deferred outflows and inflows of resources related to pension from the following sources: Deferred Outflows of Resources Deferred Inflows of Resources Difference between expected and actual experience $327,683 $1,931,477 Assumption changes 12,489,459 3,014,262 Net difference between projected and actual earnings on pension plan investments -6,006,791 Total $12,817,142 $10,952,530 60 Village of Deerfield Notes to Financial Statements December 31, 2020 The amounts reported as deferred outflows and inflows of resources related to pensions ($1,864,612) will be recognized in pension expense as follows: Year ending December 31:Am ount 2021 $(1,926,463) 2022 25,638 2023 43,580 2024 1,208,653 2025 1,695,392 Thereafter 817,812 Total $1,864,612 Risk Management The Village is exposed to various risks of loss related to torts; theft of, damage to or destruction of assets; errors and omissions; workers compensation; and health care of its employees. The Village participates in a public entity risk pool called Municipal Insurance Cooperative Agency and Intergovernmental Personnel Benefit Cooperative to provide coverage for losses as described below. Municipal Insurance Cooperative Agency deductibles are accounted for and financed by the fund or funds impacted by the loss. Public Entity Risk Pool Municipal Insurance Cooperative Agency The Village participates in the Municipal Insurance Cooperative Agency (MICA). MICA is a public entity risk pool whose members are Illinois municipalities. MICA manages and funds first party property losses, third party liability claims, workers’ compensation claims and public officials’ liability claims of its members. MICA provides $15,000,000 of coverage after a $2,500 deductible. The Village’s payments to MICA are displayed on the financial statements as expenditures/expenses in appropriate funds. Intergovernmental Personnel Benefit Cooperative The Village participates in the Intergovernmental Personnel Benefit Cooperative (IPBC). IPBC is a public entity risk pool established by certain units of local government in Illinois to administer some or all of the personnel benefit programs (primarily medical, dental and life insurance coverage) offered by these members to their officers and employees and to the officers and employees of certain other governmental, quasi governmental and nonprofit public service entities. The IPBC receives, processes and pays such claims as they may come within the benefit program of each member. Management consists of a Board of Directors comprised of one appointed representative from each member. In addition, there are two officers: a Benefit Administrator and a Treasurer. The Village does not exercise any control over the activities of the IPBC beyond its representation on the Board of Directors. Commitments and Contingencies Claims and judgments are recorded as liabilities if all the conditions of Governmental Accounting Standards Board pronouncements are met. The liability and expenditure for claims and judgments are only reported in governmental funds if it has matured. Claims and judgments are recorded in the government-wide statements and proprietary funds as expenses when the related liabilities are incurred. 61 Village of Deerfield Notes to Financial Statements December 31, 2020 From time to time, the Village is party to various pending claims and legal proceedings. Although the outcome of such matters cannot be forecasted with certainty, it is the opinion of management and the Village attorney that the likelihood is remote that any such claims or proceedings will have a material adverse effect on the Village's financial position or results of operations. Joint Ventures Solid Waste Agency of Lake County The Village is a member of SW ALCO, which consists of 35 municipalities. SW ALCO 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). SW ALCO is empowered under the Act to plan, construct, finance, operate and maintain a solid waste disposal system to serve its members. These percentage shares are subject to change in future years based on the combination of the population and equalized assessed valuation of the municipalities. The members form a contiguous geographic service area, which is located in Lake County. Under the agency agreement, additional members may join SW ALCO upon the approval of each member. SW ALCO 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 SW ALCO are appointed by the Board of Directors. The Board of Directors determines the general policy of SW ALCO; makes all appropriations; approves contracts; adopts resolutions providing for the issuance of bonds or notes by SW ALCO; adopts bylaws, rules and regulations; and exercises such powers and performs such duties as may be prescribed in the agency agreement or the by-laws. SW ALCO is an oversight advisory board providing long range planning services to member municipalities. The Village is a participant in SW ALCO, but no agreement has been reached as to services to be provided. Complete financial statements can be obtained from the Solid W aste Agency of Lake County, 1300 N. Skokie Highway, Suite 103, Gurnee, Illinois 60031. The Village does not have an equity interest in SW ALCO at December 31, 2020. Other Postemployment Benefits General Information about the OPEB Plan Plan Description The Village administers a single-employer defined benefit healthcare plan. The plan provides for eligible retirees through the Village’s group health insurance plan, which covers both active and retired members. Benefit provisions are established through personnel policy guidelines and collective bargaining agreements. The Retiree Health Plan does not issue a publicly available financial report. No assets are accumulated in a trust that meets the criteria in paragraph 4 of Statement 75. 62 Village of Deerfield Notes to Financial Statements December 31, 2020 Benefits Provided Contribution requirements are established through personnel policy guidelines and collective bargaining agreements and may be amended only through negotiations between the Village and the union. The Village provides pre and post-Medicare postretirement health insurance to retirees, their spouses and dependents (enrolled at time of employee's retirement). To be eligible for benefits, the employee must qualify for retirement under one of the Village's two retirement plans. The Village pays a subsidy of 50 percent of the cost of the monthly health insurance premiums for the retirees up to a maximum of $50. The retiree pays the remainder of the blended premium. Upon a retiree becoming eligible for Medicare, the amount payable under the Village's health plan will be reduced by the amount payable under Medicare for those expenses that are covered under both. Employees Covered by Benefit Terms At December 31, 2020, the following employees were covered by the benefit terms: Inactive plan members or beneficiaries currently receiving benefit payments 21 Active plan members 107 Total 128 Total OPEB Liability The Village's total OPEB liability of $6,661,883 was measured as of December 31, 2020 and was determined by an actuarial valuation as of that date. Actuarial Assumptions and Other Inputs The total OPEB liability in the actuarial valuation was determined using the following actuarial assumptions and other inputs, applied to all periods included in the measurement, unless otherwise specified: Inflation 2.25% Salary increases 2.75% Healthcare cost trend rates Initial medical rate for HMO of 5.00%, remaining as 5.00% in 2022 and initial medical rate for PPO of 6.00%, grading down to 5.00% in 2022. The discount rate was based on a combination of the Expected Long-Term Rate of Return on Plan Assets and the Municipal Bond Rate. If the Employer does not have a trust dedicated exclusively to the payment of OPEB benefits, as is the case with the Village, then only the Municipal Bond Rate is used in determining the Total OPEB Liability. Active IMRF Mortality follows the Sex Distinct Raw Rates as Developed in the PubS-2010(A) Study using MP-2019 Improved Rates. Retiree and Spousal IMRF Mortality follows the Sex Distinct Raw Rates as Developed in the PubS-2010(A) Study using MP-2019 Improved Rates. Active Police Mortality follows the Sex Distinct Raw Rates as Developed in the PubS-2010(A) Study using MP- 2019 Improved Rates. Retiree Police Mortality follows the L&A Assumption Study for Police 2020. Disabled Mortality follows the Sex Distinct Raw Rates as Developed in the PubS-2010(A) Study. Police Spouse Mortality follows the Sex Distinct Raw Rates as Developed in the PubS-2010(A) Study. The actuarial assumptions used in the December 31, 2020 valuation were based on the results of an actuarial experience study January 1, 2021. 63 Village of Deerfield Notes to Financial Statements December 31, 2020 Changes in the Total OPEB Liability Total OPEB Liability Balances at December 31, 2019 $5,066,855 Changes for the year: Service cost 111,815 Interest 124,009 Differences between expected and actual experience 648,969 Changes in assumptions or other inputs 1,347,614 Other (444,547) Benefit payments (192,832) Net changes 1,595,028 Balances at December 31, 2020 $6,661,883 Changes of assumptions and other inputs reflect a change in the discount rate from 2.74 percent for the reporting period ending December 31, 2019 to 2.12 percent for the reporting period ending December 31, 2020.. Sensitivity of the Total OPEB Liability to Changes in the Discount Rate The following presents the total OPEB liability of the Village, as well as what the Village's total OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower (2.0 percent) or 1-percentage-point higher (2.2 percent) than the current discount rate: 1% Decrease Discount Rate 1% Increase Total OPEB liability $8,095,076 $6,661,883 $5,579,257 Sensitivity of the Total OPEB Liability to Changes in the Healthcare Cost Trend Rates The following presents the total OPEB liability of the Village, as well as what the Village's total OPEB liability would be if it were calculated using healthcare cost trend rates that are 1- percentage-point lower or 1-percentage-point higher than the current healthcare cost trend rates: 1% Decrease Healthcare Cost Trend Rates 1% Increase Total OPEB liability $5,450,567 $6,661,883 $8,297,170 64 Village of Deerfield Notes to Financial Statements December 31, 2020 OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB For the year ended December 31, 2020, the Village recognized OPEB expense of $515,982. At December 31, 2020, the Village reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: Deferred Outflows of Resources Deferred Inflows of Resources Differences between expected and actual experience $595,555 $- Changes of assumptions or other inputs 2,335,280 201,127 Total $2,930,835 $201,127 Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: Year Ended December 31:Am ount 2021 $280,159 2022 280,159 2023 280,159 2024 280,159 2025 280,159 Thereafter 1,328,913 Total $2,729,708 Subsequent Event The federal government passed the American Rescue Plan Act on March 11, 2021 to respond to the COVID-19 public health emergency and its negative economic impacts. Amounts were appropriated for fiscal year 2021 to units of local government to mitigate the fiscal effects stemming from the public health emergency. The Village’s estimated award is $2,300,000, which will be used to combat the negative effects of the public health emergency in the local economy. The Village will receive 50 percent of the funds in fiscal year 2021, with the remaining expected a year later. The funds are to cover costs incurred by December 31, 2024. Tax Abatement Tax abatements are a reduction in tax revenues that results from an agreement between one or more governments and an individual or entity in which (a) one or more governments promise to forgo tax revenues to which they are otherwise entitled and (b) the individual or entity promises to take a specific action after the agreement has been entered into that contributes to economic development or otherwise benefits the governments or the citizens of those governments. The Village is disclosing all abatement agreements individually. 65 Village of Deerfield Notes to Financial Statements December 31, 2020 During the fiscal year 2002, the Village entered into an economic incentive agreement with a commercial entity. The agreement was approved by the Board, in accordance with Illinois Compiled Statues. The Village has agreed to reimburse the commercial entity 75 percent of the total sales tax revenue generated for the first six years of the agreement and 80 percent of any sales tax revenue generated for the seventh year and all subsequent years. The amount of the rebates is limited to specified time period and are payable over 20 years solely from sales taxes generated by the commercial entity. The rebates are to be paid monthly with the agreement expiring 20 years after commencement. The total amount of home-rule sales tax rebated for the fiscal year ending December 31, 2020 was $1,347,058. At December 31, 2020, the Village has accrued an estimated home-rule sales tax rebate liability of $1,974,378 for amounts collected by the state through December 31, 2020 but not yet paid to the commercial entity. To date, the Village has rebated $18,243,998 of home-rule sales tax to the commercial entity. The agreement has no stated maximum. The rebate is not subject to recapture, in whole or in part. Effect of New Accounting Standards on Current-Period Financial Statements The Governmental Accounting Standards Board (GASB) has approved the following: Statement No. 87, Leases Statement No. 89, Accounting for Interest Cost Incurred before the End of a Construction Period Statement No. 90, Majority Equity Interests - an amendment of GASB Statements No. 14 and No. 61 Statement No. 91, Conduit Debt Obligations Statement No. 92, Omnibus 2020 Statement No. 93, Replacement of Interbank Offered Rates Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements Statement No. 96, Subscription-Based Information Technology Arrangements Statement No. 97, Certain Component Unit Criteria and Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans - an amendment of GASB Statements No. 14 and No. 84 and a supersession of GASB Statement No. 32 When they become effective, application of these standards may restate portions of these financial statements. 66 R E Q U I R E D S U P P L E M E N T A R Y I N F O R M A T I O N Village of Deerfield Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - General Fund Year Ended December 31, 2020 Budgeted Amounts Original Final Actual Revenues Taxes $12,689,437 $12,689,437 $9,300,031 Licenses and permits 1,420,500 1,420,500 1,759,947 Intergovernmental 6,965,000 6,965,000 6,226,776 Charges for services 873,000 873,000 1,064,194 Fines and forfeits 276,000 276,000 177,321 Investment income 250,000 250,000 216,134 Miscellaneous 844,500 844,500 990,396 Total revenues 23,318,437 23,318,437 19,734,799 Expenditures General government 8,775,497 8,775,497 8,173,040 Public safety 10,596,608 10,596,608 9,370,990 Highway and streets 2,891,979 2,891,979 2,616,396 Total expenditures 22,264,084 22,264,084 20,160,426 Excess (deficiency) of revenues over (under) expenditures 1,054,353 1,054,353 (425,627) Other Financing Sources (Uses) Transfers in --300,316 Transfers out (2,984,665)(2,984,665)(2,984,665) Total other financing sources (uses)(2,984,665)(2,984,665)(2,684,349) Net change in fund balance $(1,930,312)$(1,930,312)(3,109,976) Fund Balance, Beginning 28,119,478 Fund Balance, Ending $25,009,502 See notes to required supplementary information 67 See notes to required supplementary information 68 Village Library Total Total Pension Liability Service cost 646,241$ 171,785$ 818,026$ Interest 2,679,659 712,314 3,391,973 Differences between expected and actual experience (15,329) (4,075) (19,404) Changes of assumptions 45,001 11,962 56,963 Benefit payments, including refunds of member contributions (1,925,766) (511,913) (2,437,679) Net change in total pension liability 1,429,804 380,075 1,809,879 Total Pension Liability, Beginning 34,986,441 9,300,194 44,286,635 Total Pension Liability, Ending (a)36,416,246$ 9,680,268$ 46,096,514$ Plan Fiduciary Net Position Employer contributions 793,323$ 210,883$ 1,004,206$ Employee contributions 274,164 72,879 347,043 Net investment income 159,860 42,495 202,355 Benefit payments, including refunds of member contributions (1,925,766) (511,913) (2,437,679) Other (net transfer)536,509 142,616 679,125 Net change in plan fiduciary net position (161,911) (43,040) (204,950) Plan Fiduciary Net Position, Beginning 32,563,157 8,656,029 41,219,186 Plan Fiduciary Net Position, Ending (b)32,401,247$ 8,612,990$ 41,014,236$ Employer's Net Pension Liability, Ending (a) - (b)4,014,999$ 1,067,279$ 5,082,278$ Plan Fiduciary Net Position as a Percentage of the Total Pension Liability 88.97% Covered Payroll 6,330,297 Employer's Net Pension Liability as a Percentage of Covered Payroll 80.28% Notes to Schedule The Village implemented GASB Statement No. 68 in fiscal year 2015. Information prior to fiscal year 2015 is not available. Village of Deerfield 2015 Last Six Fiscal Years and Related Ratios Schedule of Changes in the Village's Net Pension Liability Illinois Municipal Retirement Fund See notes to required supplementary information 69 Village Library Total Village Library Total 646,241$ 171,785$ 818,026$ 639,717$ 170,051$ 809,768$ 2,679,659 712,314 3,391,973 2,783,677 739,965 3,523,642 (15,329) (4,075) (19,404) 393,734 104,664 498,398 45,001 11,962 56,963 (93,810) (24,937) (118,747) (1,925,766) (511,913) (2,437,679) (1,901,945) (505,580) (2,407,525) 1,429,804 380,075 1,809,879 1,821,373 484,163 2,305,536 36,416,246 9,680,268 46,096,514 37,846,050 10,060,343 47,906,393 37,846,050$ 10,060,343$ 47,906,393$ 39,667,423$ 10,544,506$ 50,211,929$ 793,323$ 210,883$ 1,004,206$ 802,016$ 213,194$ 1,015,210$ 274,164 72,879 347,043 285,554 75,907 361,461 159,860 42,495 202,355 2,246,277 597,112 2,843,389 (1,925,766) (511,913) (2,437,679) (1,901,945) (505,580) (2,407,525) 536,509 142,616 679,125 4,088 1,088 5,176 (161,911) (43,040) (204,950) 1,435,990 381,721 1,817,711 32,401,247 8,612,990 41,014,236 32,239,336 8,569,950 40,809,286 32,239,336$ 8,569,950$ 40,809,286$ 33,675,326$ 8,951,671$ 42,626,997$ 5,606,714$ 1,490,393$ 7,097,107$ 5,992,097$ 1,592,835$ 7,584,932$ 85.19%84.89% 6,330,297 7,943,748 112.11%95.48% 20172016 See notes to required supplementary information 70 Village Library Total Total Pension Liability Service cost 630,479$ 177,642$ 808,121$ Interest 2,885,733 813,078 3,698,811 Differences between expected and actual experience 103,738 29,229 132,967 Changes of assumptions (1,504,058) (328,295) (1,832,353) Benefit payments, including refunds of member contributions (2,026,138) (570,880) (2,597,018) Net change in total pension liability 89,754 120,774 210,528 Total Pension Liability, Beginning 39,667,423 10,544,506 50,211,929 Total Pension Liability, Ending (a)39,757,177$ 10,665,280$ 50,422,457$ Plan Fiduciary Net Position Employer contributions 754,638$ 212,625$ 967,263$ Employee contributions 282,423 79,575 361,998 Net investment income 5,824,071 1,640,978 7,465,049 Benefit payments, including refunds of member contributions (2,026,138) (570,880) (2,597,018) Other (net transfer)(507,940) (143,117) (651,057) Net change in plan fiduciary net position 4,327,054 1,219,181 5,546,235 Plan Fiduciary Net Position, Beginning 33,675,326 8,951,671 42,626,997 Plan Fiduciary Net Position, Ending (b)38,002,380$ 10,170,852$ 48,173,232$ Employer's Net Pension Liability, Ending (a) - (b)1,754,797$ 494,428$ 2,249,225$ Plan Fiduciary Net Position as a Percentage of the Total Pension Liability 95.54% Covered Payroll 8,044,417 Employer's Net Pension Liability as a Percentage of Covered Payroll 27.96% Notes To Schedule: The Village implemented GASB Statement No. 68 in fiscal year 2015. Information prior to fiscal year 2015 is not available. Village of Deerfield Illinois Municipal Retirement Fund Schedule of Changes in the Village's Net Pension Liability and Related Ratios Last Six Fiscal Years 2018 See notes to required supplementary information 71 Village Library Total Village Library Total 610,785$ 174,443$ 785,228$ 631,365$ 177,945$ 809,310$ 2,882,294 823,197 3,705,491 3,052,021 860,188 3,912,209 1,149,983 328,441 1,478,424 646,520 182,217 828,737 1,181,440 344,175 1,525,615 22,378 (22,378) - (2,191,227) (625,825) (2,817,052) (2,407,965) (678,666) (3,086,631) 3,633,275 1,044,431 4,677,706 1,944,319 519,306 2,463,625 39,757,177 10,665,280 50,422,457 43,390,452 11,709,711 55,100,163 43,390,452$ 11,709,711$ 55,100,163$ 45,334,771$ 12,229,017$ 57,563,788$ 815,652$ 232,954$ 1,048,606$ 653,687$ 184,237$ 837,924$ 292,465 83,529 375,994 294,160 82,907 377,067 (2,053,766) (586,566) (2,640,332) 6,729,527 1,896,665 8,626,192 (2,191,227) (625,825) (2,817,052) (2,407,965) (678,666) (3,086,631) 901,112 257,363 1,158,475 371,073 104,583 475,656 (2,235,764) (638,545) (2,874,309) 5,640,482 1,589,726 7,230,208 38,002,380 10,170,852 48,173,232 35,766,616 9,532,307 45,298,923 35,766,616$ 9,532,307$ 45,298,923$ 41,407,098$ 11,122,033$ 52,529,131$ 7,623,836$ 2,177,404$ 9,801,240$ 3,927,673$ 1,106,984$ 5,034,657$ 82.21%91.25% 8,355,421 8,379,246 117.30%60.08% 2019 2020 See notes to required supplementary information 72 Village Library Total Village Library Total Actuarially Determined Contribution 787,421$ 209,314$ 996,735$ 802,017$ 213,194$ 1,015,211$ Contributions in Relation to the Actuarially Determined Contribution (793,323) (210,883) (1,004,206) (802,016) (213,194) (1,015,210) Contribution deficiency (excess)(5,902)$ (1,569)$ (7,471)$ 1$ -$ 1$ Covered Payroll 7,702,244$ 7,943,748$ Contributions as a Percentage of Covered Payroll 13.04%12.78% Village Library Total Actuarially Determined Contribution 653,688$ 184,237$ 837,925$ Contributions in Relation to the Actuarially Determined Contribution (653,687) (184,237) (837,924) Contribution deficiency (excess)1$ -$ 1$ Covered Payroll 8,987,212$ Contributions as a Percentage of Covered Payroll 9.32% Notes To Schedule Valuation Date Methods and Assumptions Used to Determine Contribution Rates Actuarial cost method Entry age normal Amortization method Level percentage of payroll, closed Remaining amortization period 24 years Asset valuation method 5-Year Smoothed Market Inflation 2.50% Salary increases 3.35% to 14.25% including inflation Investment rate of return 7.50% Retirement Age Experience-based table of rates that are specific to the type of eligibility condition Mortality RP-2014 CHBCA Other Information There were no benefit changes during the year. 2020 20162015 Last Six Fiscal Years The Village implemented GASB Statement No. 68 in fiscal year 2015. Information prior to fiscal year 2015 is not available. Actuarially determined contribution rates are calculated as of December 31 each year, which are 12 months prior to the beginning of the fiscal year in which contributions are reported. Illinois Municipal Retirement Fund Village of Deerfield Schedule of Employer Contribtuions See notes to required supplementary information 73 Village Library Total Village Library Total Village Library Total 759,433$ 201,875$ 961,308$ 749,992$ 211,316$ 961,308$ 815,651$ 232,954$ 1,048,605$ (764,138) (203,125) (967,263) (754,638) (212,625) (967,263) (815,652) (232,954) (1,048,606) (4,704)$ (1,251)$ (5,955)$ (4,646)$ (1,309)$ (5,955)$ (1)$ -$ (1)$ 8,044,417$ 8,355,421$ 8,379,246$ 12.02%11.58%12.51% 2018 20192017 See notes to required supplementary information 74 2014 2015 2016 2017 2018 2019 2020 Total Pension Liability Service cost 841,716$ 1,138,463$ 941,842$ 1,002,497$ 781,798$ 999,423$ 1,067,196$ Interest 3,358,650 2,800,129 4,212,748 3,862,179 4,040,019 4,150,305 4,328,602 Differences between expected and actual experience - 2,088,324 (2,314,800) 106,742 8,204 390,324 (1,829,795) Change of Benefit Terms - - - - - 364,298 - Changes of assumptions - 12,175,632 (5,531,502) (6,365,881) 5,851,896 1,898,463 8,977,202 Benefit payments, including refunds of member contributions (2,447,399) (2,443,015) (2,603,139) (2,900,648) (2,805,095) (2,892,518) (3,078,729) Net change in total pension liability 1,752,967 15,759,533 (5,294,851) (4,295,111) 7,876,822 4,910,295 9,464,476 Total Pension Liability, Beginning 49,204,407 50,957,374 66,716,907 61,422,056 57,126,945 65,003,767 69,914,062 Total Pension Liability, Ending (a)50,957,374$ 66,716,907$ 61,422,056$ 57,126,945$ 65,003,767$ 69,914,062$ 79,378,538$ Plan Fiduciary Net Position Employer contributions 989,616$ 871,305$ 934,918$ 1,100,000$ 1,100,000$ 1,100,000$ 1,100,000$ Employee contributions 374,137 517,457 425,791 390,162 418,230 427,942 460,146 Net investment income 3,637,510 (4,524) 3,845,026 6,296,845 (1,613,045) 9,035,470 8,609,768 Benefit payments, including refunds of member contributions (2,447,399) (2,443,015) (2,603,139) (2,900,648) (2,805,095) (2,892,518) (3,078,729) Administration (20,524) (23,217) (41,182) (41,938) (39,371) (38,955) (49,247) Net change in plan fiduciary net position 2,533,340 (1,081,994) 2,561,414 4,844,421 (2,939,281) 7,631,939 7,041,938 Plan Fiduciary Net Position, Beginning 39,061,016 41,594,356 40,512,362 43,073,776 47,918,197 44,978,916 52,610,855 Plan Fiduciary Net Position, Ending (b)41,594,356$ 40,512,362$ 43,073,776$ 47,918,197$ 44,978,916$ 52,610,855$ 59,652,793$ Village's Net Pension Liability, Ending (a) - (b)9,363,018$ 26,204,545$ 18,348,280$ 9,208,748$ 20,024,851$ 17,303,207$ 19,725,745$ Plan Fiduciary Net Position as a Percentage of the Total Pension Liability 81.63%60.72%70.13%83.88%69.19%75.25%75.15% Covered Payroll 3,702,863$ 3,806,499$ 3,825,286$ 3,949,608$ 4,220,281$ 4,318,271$ 4,643,250$ Village's Net Pension Liability as a Percentage of Covered Payroll 252.86%688.42%479.66%233.16%474.49%400.70%424.83% Notes to Schedule Changes of assumptions: There was a change in assumption related to the discount rate made since the prior measurement date. The discount rate used in the current actuarial valuation, dated December 31, 2020, is 5.66%. The discount rate used in the prior actuarial valuations, dated December 31, 2019 and December 31, 2018 was 6.5% and 7.25%, and dated December 31, 2017, December 31, 2016, December 31, 2015 and December 31, 2014 was 7.25%, 6.44%, 5.63%, and 7.00%, respectively. The Pension implemented GASB Statement No. 67 in fiscal year 2014. Information prior to fiscal year 2014 is not available. Last Seven Fiscal Years Schedule of Changes in the Village's Net Pension Liability and Related Ratios Police Pension Fund Village of Deerfield 2012 2013 2013* 2014 Actuarially Determined Contribution 860,228$ 1,023,006$ 895,479$ 989,616$ Contributions in Relation to the Actuarially Determined Contribution 860,228 1,023,006 895,479 989,616 Contribution deficiency (excess)-$ -$ -$ -$ Covered Payroll 3,412,049$ 3,512,925$ 3,591,966$ 3,702,863$ Contributions as a Percentage of Covered-Employee Payroll 25.21% 29.12% 24.93% 26.73% *The Village changed to a December year end for the fiscal year ended December 31, 2013. Notes To Schedule 2014 is derived from actuarial valuations developed in conformity with GASB Statement No. 25 and 27. Valuation Date Actuarially determined contributions are calculated as of December 31 of the current fiscal year. Methods and Assumptions Used to Determine Contribution Rates Actuarial cost method Entry-age normal Amortization method Level Dollar Remaining amortization period 23 years Asset valuation method Market value Inflation 2.25% Salary increases 3.25%, Individual pay increases 3.75% - 7.97% Investment rate of return 7.25%, net of pension plan investment expense, including inflation Retirement age 50-62 Mortality Pub-2010 Adjusted for Plan Status, Demographics, & Illinois Public Pension Data The Plan implemented GASB Statement No. 67 in fiscal year 2014. Information prior to fiscal year Last Ten Fiscal Years Schedule of Employer Contributions Police Pension Fund Village of Deerfield See notes to required supplementary information 75 2015 2016 2017 2018 2019 2020 871,305$ 934,918$ 934,836$ 850,587$ 929,599$ 944,434$ 871,305 934,918 1,100,000 1,100,000 1,100,000 1,100,000 -$ -$ (165,164)$ (249,413)$ (170,401)$ (155,566)$ 3,806,499$ 3,825,286$ 3,949,608$ 4,220,281$ 4,318,271$ 4,643,250$ 22.89% 24.44% 27.85% 26.06% 25.47% 23.69% See notes to required supplementary information 76 See notes to required supplementary information 77 Annual money-weighted rate of return, net of investment expense 9.54 %(0.02) %9.73 %15.08 %(3.42) %20.62 %16.82 % Notes to Schedule The Pension implemented GASB Statement No. 67 in fiscal year 2014. Information prior to fiscal year 2014 is not available. Last Seven Fiscal Years Schedule of Investment Returns Police Pension Fund Village of Deerfield 2020201820172016201520142019 See notes to required supplementary information 78 2018 2019 2020 Total OPEB Liability Service cost 90,149$ 80,482$ 111,815$ Interest 127,960 135,867 124,009 Changes of benefit terms (202,501) - - Differences between expected and actual experience - - 648,969 Changes of assumptions (251,824) 1,623,157 1,347,614 Benefit payments (163,613) (172,047) (192,832) Other changes - - (444,547) Net change in total OPEB liability (399,829) 1,667,459 1,595,028 Total OPEB Liability, Beginning 3,799,225 3,399,396 5,066,855 Total OPEB Liability, Ending 3,399,396$ 5,066,855$ 6,661,883$ Plan Fiduciary Net Position as a Percentage of the Total OPEB Liability 0.00%0.00%0.00% Covered payroll 9,522,034$ 10,807,795$ 11,397,335$ Total OPEB liability as a percentage of covered payroll 35.70%46.88%58.45% Notes to Schedule Changes of assumptions: and at end of the year was 2.12% Village of Deerfield Schedule of Changes in the Village's Total OPEB Liability Last Three Fiscal Years The Village implemented GASB Statement No. 75 in fiscal year 2018. Information prior to fiscal year 2018 is not available. In 2020, the discount rate at the beginning of the year was 2.74% Retiree Health Plan and Related Ratios Village of Deerfield Notes to Required Supplementary Information Year Ended December 31, 2020 Budgetary Information Annual budgets are adopted on a basis consistent with generally accepted accounting principles for all governmental funds. (at the fund level) for the general, special revenue, debt service, capital projects, enterprise, internal service and pension trust funds, with the exception of the Bond Proceeds Fund. The budget is as amended by the Board of Trustees. 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 assign or commit 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 balance and do not constitute expenditures or liabilities because the commitments will be honored during the subsequent year. No material encumbrances were recorded for 2020. All departments of the Village submit requests for appropriation to the Village's manager so that a budget may be prepared. The budget is prepared by fund and includes information on the past year, current year estimates and requested appropriations for the next fiscal year. The proposed budget is presented to the governing body for review. The governing body holds public hearings and can add to, subtract from or change appropriations; but cannot change the form of the budget. Management cannot amend the total budget for individual funds without seeking the approval of the governing body. Expenditures cannot legally exceed budgeted appropriations at the fund level and the Board of Trustees must approve any over expenditures of appropriation or transfers of appropriated amounts. 79 S U P P L E M E N T A R Y I N F O R M A T I O N Village of Deerfield Detailed Schedule of Revenues - Budget and Actual - General Fund Year Ended December 31, 2020 Budgeted Amounts Original Final Actual Taxes Property $3,704,437 $3,704,437 $3,720,772 Replacement 135,000 135,000 140,839 Home rule sales 3,350,000 3,350,000 1,739,777 Local use 500,000 500,000 838,588 Electric utility 1,250,000 1,250,000 1,038,198 Hotel/Motel 2,300,000 2,300,000 609,330 Telecommunication 1,450,000 1,450,000 1,212,527 Total taxes 12,689,437 12,689,437 9,300,031 Licenses and Permits Beer/liquor licenses 70,000 70,000 11,250 Food licenses 5,000 5,000 691 Other business licenses 5,500 5,500 3,150 Building permits 925,000 925,000 1,384,029 Contractor's licenses 7,000 7,000 5,950 Nonbusiness licenses and permits 38,000 38,000 15,125 Vehicle licenses 370,000 370,000 339,752 Total licenses and permits 1,420,500 1,420,500 1,759,947 Intergovernmental State grant --21,482 Federal grant --794,402 Sales taxes 5,200,000 5,200,000 3,296,050 Income taxes 1,700,000 1,700,000 2,040,802 State highway maintenance 65,000 65,000 63,141 Cannabis Tax --10,899 Total intergovernmental 6,965,000 6,965,000 6,226,776 Charges for Services Billings 348,000 348,000 266,687 Dispatching services 405,000 405,000 456,290 50/50 tree planting 65,000 65,000 3,268 Engineering services 55,000 55,000 27,768 Impact fees --310,181 Total charges for services 873,000 873,000 1,064,194 Miscellaneous False alarms 27,000 27,000 13,850 Rentals 250,000 250,000 267,467 Miscellaneous 110,000 110,000 285,548 Sale of capital assets 7,500 7,500 830 Franchise fees 450,000 450,000 422,701 Total miscellaneous 844,500 844,500 990,396 Fines and forfeits 276,000 276,000 177,321 Investment income 250,000 250,000 216,134 Total revenues $23,318,437 $23,318,437 $19,734,799 80 Village of Deerfield Detailed Schedule of Expenditures - Budget and Actual - General Fund Year Ended December 31, 2020 Budgeted Amounts Original Final Actual General Government Finance department: Personnel services $1,015,100 $1,015,100 $1,002,845 Training and development 14,300 14,300 1,198 Contractual services 3,217,088 3,217,088 3,000,454 Commodities 10,500 10,500 2,660 Utilities 18,500 18,500 23,764 Capital outlay 4,000 4,000 7,795 Total finance department 4,279,488 4,279,488 4,038,716 Administration: Personnel services 1,383,082 1,383,082 1,286,699 Training and development 19,800 19,800 1,884 Contractual services 801,642 801,642 696,351 Commodities 6,300 6,300 7,215 Utilities 12,300 12,300 10,810 Capital outlay 101,217 101,217 94,361 Total administration 2,324,341 2,324,341 2,097,320 Community development: Personnel services 1,206,300 1,206,300 1,173,890 Training and development 10,000 10,000 2,579 Contractual services 149,837 149,837 79,966 Commodities 9,900 9,900 8,657 Utilities 10,900 10,900 9,791 Capital outlay 10,750 10,750 6,250 Total community development 1,397,687 1,397,687 1,281,133 Engineering: Personnel services 465,900 465,900 489,633 Training and development 6,100 6,100 855 Contractual services 252,109 252,109 226,280 Commodities 10,500 10,500 7,387 Utilities 7,100 7,100 4,796 Capital outlay 32,272 32,272 26,920 Total engineering 773,981 773,981 755,871 Total general government 8,775,497 8,775,497 8,173,040 Public Safety, Police Department Administrative services: Personnel services 1,131,859 1,131,859 1,026,329 Training and development 12,490 12,490 581 Contractual services 804,086 804,086 547,119 Commodities 24,860 24,860 19,779 Utilities 23,325 23,325 20,724 Capital outlay 179,825 179,825 177,705 Total administrative services 2,176,445 2,176,445 1,792,237 81 Village of Deerfield Detailed Schedule of Expenditures - Budget and Actual - General Fund Year Ended December 31, 2020 Budgeted Amounts Original Final Actual Communications: Personnel services $1,152,535 $1,152,535 $1,084,494 Training and development 7,100 7,100 1,559 Contractual services 500 500 436 Capital outlay 5,000 5,000 76 Total communications 1,165,135 1,165,135 1,086,565 Investigations: Personnel services 1,193,056 1,193,056 930,825 Training and development 18,300 18,300 4,038 Contractual services 6,800 6,800 7,406 Commodities 13,400 13,400 1,914 Capital outlay 10,500 10,500 8,831 Total investigations 1,242,056 1,242,056 953,014 Patrol: Personnel services 5,654,730 5,654,730 5,314,848 Training and development 60,210 60,210 21,207 Contractual services 60,560 60,560 64,599 Commodities 80,686 80,686 52,583 Utilities 9,500 9,500 9,458 Capital outlay 40,286 40,286 55,477 Total patrol 5,905,972 5,905,972 5,518,172 Special detail: Personnel services 107,000 107,000 21,002 Total special detail 107,000 107,000 21,002 Total public safety, police department 10,596,608 10,596,608 9,370,990 Highways and Streets Administration: Personnel services 297,000 297,000 270,551 Training and development 4,400 4,400 1,162 Contractual services 238,325 238,325 190,058 Commodities 7,700 7,700 8,375 Utilities 9,600 9,600 5,716 Capital outlay 220,604 220,604 221,038 Total administration 777,629 777,629 696,900 Maintenance: Personnel services 775,300 775,300 744,562 Contractual services 184,000 184,000 192,801 Commodities 147,000 147,000 113,670 Utilities 120,000 120,000 120,656 Total maintenance 1,226,300 1,226,300 1,171,689 82 Village of Deerfield Detailed Schedule of Expenditures - Budget and Actual - General Fund Year Ended December 31, 2020 Budgeted Amounts Original Final Actual Snow and ice control: Personnel services $88,750 $88,750 $62,767 Contractual services 124,000 124,000 121,657 Commodities 182,750 182,750 133,522 Capital outlay 750 750 - Total snow and ice control 396,250 396,250 317,946 Forestry: Personnel services 8,400 8,400 98 Contractual services 242,500 242,500 225,148 Commodities 10,000 10,000 2,123 Capital outlay 172,000 172,000 148,832 Total forestry 432,900 432,900 376,201 Train station maintenance: Personnel services 9,500 9,500 11,463 Contractual services 43,500 43,500 38,141 Commodities 3,000 3,000 2,033 Utilities 2,900 2,900 2,023 Total train station maintenance 58,900 58,900 53,660 Total highways and streets 2,891,979 2,891,979 2,616,396 Total expenditures $22,264,084 $22,264,084 $20,160,426 83 Village of Deerfield Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Debt Service Fund Year Ended December 31, 2020 Budgeted Amounts Original Final Actual Revenues Taxes Property $3,472,136 $3,472,136 $3,516,845 Intergovernmental 479,228 479,228 482,308 Contribution from library 726,831 726,831 726,831 Investment income 6,000 6,000 3,859 Total revenues 4,684,195 4,684,195 4,729,843 Expenditures Debt Service Principal retirement 1,790,000 1,790,000 1,790,000 Interest and other 1,053,412 1,053,412 1,053,412 Fiscal charges 6,000 6,000 3,375 Paying agent fees --44,634 Total expenditures 2,849,412 2,849,412 2,891,421 Excess (deficiency) of revenues over (under) expenditures 1,834,783 1,834,783 1,838,422 Other Financing Sources (Uses) Transfers out (1,833,983)(1,833,983)(1,833,983) General obligation debt issued --2,512,000 Premium on debt issued --299,206 Payment to refunded bonds escrow agent --(2,764,929) Total other financing sources (uses)(1,833,983)(1,833,983)(1,787,706) Net change in fund balance $800 $800 50,716 Fund Balance, Beginning 190,610 Fund Balance, Ending $241,326 84 Village of Deerfield Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - 2011B Debt Service Sinking Fund Year Ended December 31, 2020 Budgeted Amounts Original Final Actual Revenues Property taxes $725,000 $725,000 $725,000 Investment income 90,000 90,000 173,304 Total revenues 815,000 815,000 898,304 Expenditures Current General government: Contractual services 1,500 1,500 903 Total general government 1,500 1,500 903 Total expenditures 1,500 1,500 903 Excess (deficiency) of revenues over (under) expenditures 813,500 813,500 897,401 Other Financing Sources (Uses) Transfers out (50,000)(50,000)(300,316) Total other financing sources (uses)(50,000)(50,000)(300,316) Net change in fund balance $763,500 $763,500 597,085 Fund Balance, Beginning 6,134,549 Fund Balance, Ending $6,731,634 85 Village of Deerfield Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Infrastructure Replacement Fund Year Ended December 31, 2020 Budgeted Amounts Original Final Actual Revenues Taxes Home rule sales $1,150,000 $1,150,000 $579,926 Food and beverage 550,000 550,000 471,326 Intergovernmental --2,134 Investment income 50,000 50,000 62,105 Miscellaneous 327,500 327,500 466,304 Total revenues 2,077,500 2,077,500 1,581,795 Expenditures Capital Outlay Contractual services 1,862,000 1,862,000 1,215,586 Construction 6,155,000 7,455,000 7,006,006 Total expenditures 8,017,000 9,317,000 8,221,592 Excess (deficiency) of revenues over (under) expenditures (5,939,500)(7,239,500)(6,639,797) Other Financing Sources (Uses) Transfers in 6,000,000 6,000,000 2,000,000 Total other financing sources (uses)6,000,000 6,000,000 2,000,000 Net change in fund balance $60,500 $(1,239,500)(4,639,797) Fund Balance, Beginning 5,443,931 Fund Balance, Ending $804,134 86 Village of Deerfield Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Motor Fuel Tax Fund Year Ended December 31, 2020 Budgeted Amounts Original Final Actual Revenues Intergovernmental Allotments earned $750,000 $750,000 $683,393 Rebuild Illinois bond receipts --412,536 Investment income 6,000 6,000 5,432 Total revenues 756,000 756,000 1,101,361 Expenditures Current Highway and Streets: Capital outlay 750,000 750,000 750,000 Total highway and streets 750,000 750,000 750,000 Total expenditures 750,000 750,000 750,000 Excess (deficiency) of revenues over (under) expenditures 6,000 6,000 351,361 Net change in fund balance $6,000 $6,000 351,361 Fund Balance, Beginning 479,457 Fund Balance, Ending $830,818 87 Year Ended December 31, 2020 Original Final Total Operating Revenues Charges for services: Water sales 5,450,000$ 5,450,000$ 5,055,073$ Miscellaneous: Miscellaneous - - - Permits and fees 40,000 40,000 26,077 Penalties 30,000 30,000 7,346 Other 71,500 71,500 78,602 Total operating revenues 5,591,500 5,591,500 5,167,098 Operating Expenses Administration 724,484 724,484 627,526 Operations: Distribution 3,545,829 3,545,829 3,226,357 Maintenance - mains and fire hydrants 699,950 699,950 752,241 Maintenance - meters 270,238 270,238 209,191 Total operating expenses excluding depreciation 5,240,501 5,240,501 4,815,315 Operating income (loss) before depreciation 350,999 350,999 351,783 Depreciation - - 536,293 Operating income (loss) 350,999 350,999 (184,510) Nonoperating Revenues (Expenses) Investment income - - 1,713 Total nonoperating revenues (expenses)- - 1,713 Income (loss) before contributions 350,999 350,999 (182,797) Contributions Contributions - - 150,932 Total contributions - - 150,932 Change in net position 350,999$ 350,999$ (31,865) Net Position, Beginning 21,857,943 Net Position, Ending 21,826,078$ Budgeted Amounts Village of Deerfield Schedule of Revenues, Expenses and Changes in Net Position - Budget to Actual Water Fund 88 89 Original Final Actual Administration Personnel services 370,150$ 370,150$ 354,044$ Training and development 3,350 3,350 2,189 Contractual services 282,649 282,649 203,476 Commodities 5,500 5,500 4,262 Utilities 9,300 9,300 9,926 Capital Outlay 53,535 53,535 53,629 Total administration 724,484 724,484 627,526 Operations Distribution: Personnel services 155,529 155,529 156,939 Contractual services 48,000 48,000 45,414 Commodities 3,244,800 3,244,800 2,954,428 Utilities 92,500 92,500 69,576 Capital outlay 5,000 5,000 - Total distribution 3,545,829 3,545,829 3,226,357 Main and fire hydrant maintenance: Personnel services 409,000 409,000 433,402 Contractual services 121,750 121,750 136,111 Commodities 162,200 162,200 176,488 Capital outlay 7,000 7,000 6,240 Total main and fire hydrant maintenance 699,950 699,950 752,241 Meter maintenance: Personnel services 129,238 129,238 130,053 Contractual services 35,000 35,000 7,144 Commodities 4,000 4,000 1,883 Capital outlay 102,000 102,000 70,111 Total meter maintenance 270,238 270,238 209,191 Total operations 4,516,017 4,516,017 4,187,789 Total operating expenses 5,240,501$ 5,240,501$ 4,815,315$ Budgeted Amounts Village of Deerfield Schedule of Operating Expenses - Budget and Actual Water Fund Year Ended December 31, 2020 90 Year Ended December 31, 2020 Balances Balances December 31,December 31, 2019 Additions Retirements 2020 Land 1,877,956$ -$ -$ 1,877,956$ Construction in Progress 328,694 32,100 - 360,794 Buildings 4,180,123 - - 4,180,123 Water System Improvements 20,193,383 118,832 11,272 20,300,943 Equipment And Vehicles 626,490 - - 626,490 Total 27,206,646$ 150,932$ 11,272$ 27,346,306$ Balances Balances December 31,December 31, 2019 Additions Retirements 2020 Buildings 2,286,076$ 68,330$ -$ 2,354,406$ Water System Improvements 2,878,518 452,083 11,272 3,319,329 Equipment And Vehicles 562,971 15,880 - 578,851 Total 5,727,565$ 536,293$ 11,272$ 6,252,586 Net asset value 21,093,720$ Assets Accumulated Depreciation Village of Deerfield Schedule of Capital Assets and Depreciation Water Fund Original Final Total Operating Revenues Charges for services: Sewer charges 3,195,500$ 3,195,500$ 3,137,677$ Miscellaneous: Miscellaneous - - 29,241 Permits and fees 15,000 15,000 5,300 Penalties 30,000 30,000 6,798 Other 5,000 5,000 - Total operating revenues 3,245,500 3,245,500 3,179,016 Operating Expenses Administration 673,844 673,844 636,096 Operations: Treatment plant 1,856,055 1,856,055 1,766,364 Cleaning and maintenance 333,600 333,600 259,150 Construction 432,400 432,400 492,449 Total operating expenses excluding depreciation 3,295,899 3,295,899 3,154,059 Operating income (loss) before depreciation (50,399) (50,399) 24,957 Depreciation - - 1,033,630 Operating income (loss) (50,399) (50,399) (1,008,673) Nonoperating Revenues (Expenses) Investment income 9,000 9,000 4,999 Interest and other (960,983) (960,983) (1,027,347) Total nonoperating revenues (expenses)(951,983) (951,983) (1,022,348) Income (loss) before contributions and transfers (1,002,382) (1,002,382) (2,031,021) Contributions and Transfers Contributions - - 405,251 Transfers in 1,833,983 1,833,983 1,833,983 Total contributions and transfers 1,833,983 1,833,983 2,239,234 Change in net position 831,601$ 831,601$ 208,213 Net Position, Beginning 12,438,108 Net Position, Ending 12,646,321$ Budgeted Amounts Village of Deerfield Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual Sewerage Fund Year Ended December 31, 2020 91 92 Original Final Actual Administration Personnel services 255,900$ 255,900$ 297,447$ Training and development 2,500 2,500 604 Contractual services 320,550 320,550 247,791 Commodities 5,050 5,050 2,565 Utilities 5,200 5,200 3,195 Capital outlay 84,644 84,644 84,494 Total administration 673,844 673,844 636,096 Operations Treatment plant: Personnel services 1,022,980 1,022,980 978,123 Training and development 11,400 11,400 1,575 Contractual services 271,710 271,710 279,855 Commodities 121,000 121,000 95,578 Utilities 317,700 317,700 310,414 Miscellaneous 48,900 48,900 43,214 Capital outlay 62,365 62,365 57,605 Total treatment plant 1,856,055 1,856,055 1,766,364 Cleaning and maintenance: Personnel services 267,100 267,100 181,904 Contractual services 49,000 49,000 60,885 Commodities 17,500 17,500 16,361 Total cleaning and maintenance 333,600 333,600 259,150 Construction: Personnel services 347,700 347,700 418,632 Contractual services 20,500 20,500 15,699 Commodities 64,200 64,200 57,459 Capital outlay - - 659 Total construction 432,400 432,400 492,449 Total operations 2,622,055 2,622,055 2,517,963 Total operating expenses 3,295,899$ 3,295,899$ 3,154,059$ Budgeted Amounts Village of Deerfield Schedule of Operating Expenses - Budget and Actual Sewerage Fund Year Ended December 31, 2020 93 Balances Balances December 31,December 31, 2019 Additions Retirements 2020 Sewer System 7,004,450$ 405,251$ - 7,409,701$ Buildings and Improvements 41,005,066 - - 41,005,066 Total 48,009,516$ 405,251$ -$ 48,414,767$ Balances Balances December 31,December 31, 2019 Additions Retirements 2020 Sewer System 1,965,131$ 162,445$ -$ 2,127,576$ Buildings and Improvements 6,925,304 871,185 - 7,796,489 Total 8,890,435$ 1,033,630$ -$ 9,924,065 Net asset value 38,490,702$ Assets Accumulated Depreciation Village of Deerfield Schedule of Capital Assets and Depreciation Sewerage Fund Year Ended December 31, 2020 94 Original Final Total Operating Revenues Charges for services: Refuse billing 546,950$ 546,950$ 572,309$ Miscellaneous 17,000 17,000 4,589 Total operating revenues 563,950 563,950 576,898 Operating Expenses Operations Personnel services 118,250 118,250 11,058 Contractual services 1,424,400 1,424,400 1,430,293 Commodities 24,700 24,700 12,433 Capital outlay 13,748 13,748 13,748 Total operating expenses excluding depreciation 1,581,098 1,581,098 1,467,532 Operating income (loss)(1,017,148) (1,017,148) (890,634) Nonoperating Revenues (Expenses) Investment income 5,000 5,000 3,978 Total nonoperating revenues (expenses)5,000 5,000 3,978 Income (loss) before transfers (1,012,148) (1,012,148) (886,656) Transfers Transfers in 984,665 984,665 984,665 Total transfers 984,665 984,665 984,665 Change in net position (27,483)$ (27,483)$ 98,009 Net Position, Beginning 653,399 Net Position, Ending 751,408$ Budgeted Amounts Village of Deerfield Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual Refuse Fund Year Ended December 31, 2020 95 Original Final Total Operating Revenues Charges for services: Parking lot fees 293,000$ 293,000$ 66,388$ Total operating revenues 293,000 293,000 66,388 Operating Expenses Operations 296,100 296,100 267,631 Total operating expenses 296,100 296,100 267,631 Operating income (loss) before depreciation (3,100) (3,100) (201,243) Depreciation - - 26,737 Operating income (loss) (3,100) (3,100) (227,980) Nonoperating Revenues (Expenses) Investment income 4,000 4,000 2,097 Total nonoperating revenues (expenses)4,000 4,000 2,097 Change in net position 900$ 900$ (225,883) Net Position, Beginning 1,319,392 Net Position, Ending 1,093,509$ Budgeted Amounts Village f Deerfield Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual Commuter Parking Lot Fund Year Ended December 31, 2020 96 Original Final Actual Operations Parking lots, village and federal funds: Personnel services 23,000$ 23,000$ 36,451$ Contractual services 133,400 133,400 98,722 Commodities - - - Utilities 3,300 3,300 1,904 Total parking lots, village and federal funds 159,700 159,700 137,077 Parking lots, village construction: Personnel services 23,000 23,000 36,451 Contractual services 107,400 107,400 91,397 Commodities 1,000 1,000 - Utilities 5,000 5,000 2,706 Total parking lots, village construction 136,400 136,400 130,554 Total operating expenses 296,100$ 296,100$ 267,631$ Budgeted Amounts Village of Deerfield Schedule of Operating Expenses - Budget and Actual Commuter Parking Lot Fund Year Ended December 31, 2020 97 Balances Balances December 31,December 31, 2019 Additions Retirements 2020 Land 77,500$ -$ -$ 77,500$ Parking Lot Improvements 1,950,830 - - 1,950,830 Total 2,028,330$ -$ -$ 2,028,330$ Balances Balances December 31,December 31, 2019 Additions Retirements 2020 Parking Lot Improvements 1,006,105$ 26,737$ -$ 1,032,842$ Total 1,006,105$ 26,737$ -$ 1,032,842 Net asset value 995,488$ Assets Accumulated Depreciation Village of Deerfield Schedule of Capital Assets and Depreciation Commuter Parking Lot Fund Year Ended December 31, 2020 Village of Deerfield Combining Statement of Net Position Internal Service Funds December 31, 2020 Garage Fund Vehicle & Equipment Replacement Total Assets Current assets: Cash and investments $1,246 $5,864,458 $5,865,704 Receivables: Accounts, billed 830 -830 Accrued interest -944 944 Prepaid items 3,661 -3,661 Inventory 131,558 -131,558 Total current assets 137,295 5,865,402 6,002,697 Noncurrent assets: Capital assets: Property and equipment -5,146,773 5,146,773 Less accumulated depreciation -(3,472,383)(3,472,383) Total noncurrent assets -1,674,390 1,674,390 Total assets 137,295 7,539,792 7,677,087 Liabilities Current liabilities: Accounts payable 12,411 -12,411 Accrued payroll 2,963 -2,963 Compensated absences payable 15,866 -15,866 Total current liabilities 31,240 -31,240 Noncurrent liabilities: Compensated absenses payable 12,982 -12,982 Total noncurrent liabilities 12,982 -12,982 Total liabilities 44,222 -44,222 Net Position Net investment in capital assets -1,674,390 1,674,390 Unrestricted 93,073 5,865,402 5,958,475 Total net position $93,073 $7,539,792 $7,632,865 98 Village of Deerfield Combining Statement of Revenues, Expenses and Changes in Fund Net Position Internal Service Funds Year Ended December 31, 2020 Garage Fund Vehicle & Equipment Replacement Totals Operating Revenues Billings $407,967 $665,360 $1,073,327 Miscellaneous 5,436 -5,436 Total operating revenues 413,403 665,360 1,078,763 Operating Expenses Operations 414,246 -414,246 Capital outlay -55,868 55,868 Depreciation -321,393 321,393 Total operating expenses 414,246 377,261 791,507 Operating income (loss)(843)288,099 287,256 Nonoperating Revenues (Expenses) Gain on sale of capital assets -43,147 43,147 Investment income -47,742 47,742 Total nonoperating revenues (expenses)-90,889 90,889 Income (loss) before contributions and transfers (843)378,988 378,145 Change in net position (843)378,988 378,145 Net Position, Beginning 93,916 7,160,804 7,254,720 Net Position, Ending $93,073 $7,539,792 $7,632,865 99 Village of Deerfield Combining Statement of Cash Flows Internal Service Funds Year Ended December 31, 2020 Garage Fund Vehicle & Equipment Replacement Total Cash Flows From Operating Activities Receipts from interfund services $410,317 $669,652 $1,079,969 Receipts from miscellaneous revenue 5,436 -5,436 Payments to suppliers (137,596)(77,736)(215,332) Payments to employees (279,823)-(279,823) Net cash flows from operating activities (1,666)591,916 590,250 Cash Flows From Investing Activities Investment income -47,742 47,742 Net cash flows from investing activities -47,742 47,742 Cash Flows From Capital and Related Financing Activities Acquisition and construction of capital assets -(361,312)(361,312) Net cash flows from capital and related financing activities -(361,312)(361,312) Net change in cash and cash equivalents (1,666)278,346 276,680 Cash and Cash Equivalents, Beginning 2,912 5,586,112 5,589,024 Cash and Cash Equivalents, Ending $1,246 $5,864,458 $5,865,704 Reconcilation of Operating Income (Loss) to Net Cash Flows From Operating Activities Operating income (loss)$(843)$288,099 $287,256 Adjustments to reconcile operating income (loss) to net cash flows from operating activities: Depreciation -321,393 321,393 Changes in assets and liabilities: Accounts receivable 2,350 4,292 6,642 Prepaid expenses (4,422)-(4,422) Inventories 1,066 -1,066 Accounts payable (2,945)(21,868)(24,813) Accrued payroll (5,455)-(5,455) Compensated absences payable 8,583 -8,583 Net cash flows from operating activities $(1,666)$591,916 $590,250 Noncash Capital and Related Financing Activities None 100 Village of Deerfield Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual Garage Fund Year Ended December 31, 2020 Budgeted Amounts Original Final Actual Operating Revenues Interfund services: Billings $ 406,000 $ 406,000 $ 407,967 Miscellaneous 10,000 10,000 5,436 Total operating revenues 416,000 416,000 413,403 Operating Expenses Operations 418,134 418,134 414,246 Total operating expenses 418,134 418,134 414,246 Operating Loss $ (2,134)$ (2,134)(843) Net Position, Beginning 93,916 Net Position, Ending $ 93,073 101 102 Original Final Actual Operating Expenses Public works department: Personnel services 275,534$ 275,534$ 282,951$ Training and development 3,000 3,000 - Contractural services 26,400 26,400 16,502 Commodities 104,800 104,800 110,030 Utilities 4,200 4,200 3,063 Capital Outlay 4,200 4,200 1,700 Total operating expenses 418,134$ 418,134$ 414,246$ Budgeted Amounts Village of Deerfield Schedule of Operating Expenses - Budget and Actual Garage Fund Year Ended December 31, 2020 Village of Deerfield Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual Vehicle & Equipment Replacement Fund Year Ended December 31, 2020 Budgeted Amounts Original Final Actual Operating Revenues Interfund services: Billings $665,360 $665,360 $665,360 Total operating revenues 665,360 665,360 665,360 Operating Expenses Capital outlay 1,056,432 1,056,432 560,071 Less capital assets capitalized --(504,203) Depreciation --321,393 Total operating expenses 1,056,432 1,056,432 377,261 Operating income (391,072)(391,072)288,099 Nonoperating Revenues Gain on sale of capital assets --43,147 Investment income 80,000 80,000 47,742 Total nonoperating revenues 80,000 80,000 90,889 Change in net position $(311,072)$(311,072)378,988 Net Position, Beginning 7,160,804 Net Position, Ending $7,539,792 103 Village of Deerfield Combining Statement of Fiduciary Net Position Custodial Funds December 31, 2020 East Shore Radio Deerfield Consolidated JETSB Fund Total Assets Cash and investments $202,278 $2,721,578 $2,923,856 Receivables: Accounts -248,957 248,957 Accrued interest 33 -33 Total assets 202,311 2,970,535 3,172,846 Liabilities Accounts payable 290 689 979 Total liabilities 290 689 979 Net Position Restricted for dispatch services $202,021 $2,969,846 $3,171,867 104 Village of Deerfield Combining Statement of Changes in Fiduciary Net Position Custodial Funds Year Ended December 31, 2020 East Shore Radio Deerfield Consolidated JETSB Fund Total Additions Contributions: Other charges $-$1,198,662 $1,198,662 Total contributions -1,198,662 1,198,662 Investment income: Investment income -4,940 4,940 Total investment income -4,940 4,940 Net investment income -4,940 4,940 Total additions -1,203,602 1,203,602 Deductions Contractual services 7,697 419,135 426,832 Utilities -4,133 4,133 Capital outlay -317,989 317,989 Total deductions 7,697 741,257 748,954 Change in net position (7,697)462,345 454,648 Net Position, Beginning 209,718 2,507,501 2,717,219 Net Position, Ending $202,021 $2,969,846 $3,171,867 105 Village of Deerfield Schedule of Changes in Fiduciary Net Position - Budget and Actual Police Pension Trust Fund Year Ended December 31, 2020 Budgeted Amounts Original Final Actual Additions Contributions: Contributions, employer $1,100,000 $1,100,000 $1,100,000 Contributions, employee 400,000 400,000 460,146 Total contributions 1,500,000 1,500,000 1,560,146 Investment income: Net appreciation in fair value of investments 500,000 500,000 7,600,284 Interest and dividends earned on investments 700,000 700,000 1,040,427 Total investment income 1,200,000 1,200,000 8,640,711 Less investment expense (32,000)(32,000)(30,943) Net investment income 1,168,000 1,168,000 8,609,768 Total additions 2,668,000 2,668,000 10,169,914 Deductions Pension payments 3,200,000 3,200,000 2,939,004 Separation refunds 15,000 15,000 139,725 Administrative 49,500 49,500 49,247 Total deductions 3,264,500 3,264,500 3,127,976 Change in net position $(596,500)$(596,500)7,041,938 Net Position, Beginning 52,610,855 Net Position, Ending $59,652,793 106 L O N G-T E R M D E B T R E Q U I R E M E N T S 107 Tax Levy Year Principal Interest Total June 1 Amount December 1 Amount 2020 365,000$ 199,565$ 564,565$ 2021 99,783$ 2021 99,782$ 2021 380,000 192,265 572,265 2022 96,133 2022 96,132 2022 400,000 183,715 583,715 2023 91,858 2023 91,857 2023 425,000 174,115 599,115 2024 87,058 2024 87,057 2024 450,000 163,490 613,490 2025 81,745 2025 81,745 2025 475,000 151,340 626,340 2026 75,670 2026 75,670 2026 500,000 138,277 638,277 2027 69,139 2027 69,138 2027 355,000 123,277 478,277 2028 61,639 2028 61,638 2028 1,280,000 112,628 1,392,628 2029 56,314 2029 56,314 2029 1,335,000 74,228 1,409,228 2030 37,114 2030 37,114 2030 990,000 32,175 1,022,175 2031 16,088 2031 16,087 6,955,000$ 1,545,075$ 8,500,075$ 772,541$ 772,534$ October 17, 2011 December 1, 2031 $9,900,000 $5,000 1.00% to 3.25% Tax Levy Interest Due on Village of Deerfield Long-Term Debt Requirements General Obligation Bond Series 2011A December 31, 2020 Future Principal and Interest Requirements Date of Issue Date of Maturity Authorized Issue Denomination of Bonds Interest Rates Principal Maturity Date Payable at December 1 Depository Trust Company, Chicago Illinois 108 Tax Levy Year Principal Interest Total June 1 Amount December 1 Amount 2020 -$ 499,200$ 499,200$ 2021 249,600$ 2021 249,600$ 2021 - 499,200 499,200 2022 249,600 2022 249,600 2022 - 499,200 499,200 2023 249,600 2023 249,600 2023 - 499,200 499,200 2024 249,600 2024 249,600 2024 - 499,200 499,200 2025 249,600 2025 249,600 2025 - 499,200 499,200 2026 249,600 2026 249,600 2026 - 499,200 499,200 2027 249,600 2027 249,600 2027 12,480,000 499,200 12,979,200 2028 249,600 2028 249,600 12,480,000$ 3,993,600$ 16,473,600$ 1,996,800$ 1,996,800$ October 17, 2011 December 1, 2028 $12,500,000 $5,000 4% Tax Levy Interest Due on Village of Deerfield Long-Term Debt Requirements General Obligation Bond Series 2011B December 31, 2020 Future Principal and Interest Requirements Date of Issue Date of Maturity Authorized Issue Denomination of Bonds Interest Rates Principal Maturity Date Payable at December 1 Depository Trust Company, Chicago Illinois 109 Tax Levy Year Principal Interest Total June 1 Amount December 1 Amount 2020 475,000$ 220,750$ 695,750$ 2021 110,375$ 2021 110,375$ 2021 495,000 212,438 707,438 2022 106,219 2022 106,219 2022 515,000 203,775 718,775 2023 101,887 2023 101,888 2023 540,000 193,475 733,475 2024 96,737 2024 96,738 2024 555,000 182,674 737,674 2025 91,337 2025 91,337 2025 580,000 170,188 750,188 2026 85,094 2026 85,094 2026 600,000 157,138 757,138 2027 78,569 2027 78,569 2027 455,000 142,138 597,138 2028 71,069 2028 71,069 2028 1,380,000 130,762 1,510,762 2029 65,381 2029 65,381 2029 1,425,000 92,812 1,517,812 2030 46,406 2030 46,406 2030 1,950,000 53,625 2,003,625 2031 26,812 2031 26,813 8,970,000$ 1,759,775$ 10,729,775$ 879,886$ 879,889$ February 21, 2012 December 1, 2031 $10,000,000 $5,000 1.25% to 2.75% Tax Levy Interest Due on Village of Deerfield Long-Term Debt Requirements General Obligation Bond Series 2012 December 31, 2020 Future Principal and Interest Requirements Date of Issue Date of Maturity Authorized Issue Denomination of Bonds Interest Rates Principal Maturity Date Payable at December 1 Depository Trust Company, Chicago Illinois 110 Tax Levy Year Principal Interest Total June 1 Amount December 1 Amount 2020 345,000$ 90,618$ 435,618$ 2021 45,309$ 2021 45,309$ 2021 350,000 83,718 433,718 2022 41,859 2022 41,859 2022 350,000 76,718 426,718 2023 38,359 2023 38,359 2023 355,000 69,718 424,718 2024 34,859 2024 34,859 2024 360,000 62,618 422,618 2025 31,309 2025 31,309 2025 365,000 55,416 420,416 2026 27,708 2026 27,708 2026 375,000 48,118 423,118 2027 24,059 2027 24,059 2027 380,000 40,618 420,618 2028 20,309 2028 20,309 2028 390,000 32,542 422,542 2029 16,271 2029 16,271 2029 390,000 23,962 413,962 2030 11,981 2030 11,981 2030 675,000 15,183 690,183 2031 7,592 2031 7,591 4,335,000$ 599,229$ 4,934,229$ 299,615$ 299,614$ January 3, 2013 December 1, 2031 $9,075,000 $5,000 2.00% to 2.25% Tax Levy Interest Due on Village of Deerfield Long-Term Debt Requirements General Obligation Bond Series 2013 December 31, 2020 Future Principal and Interest Requirements Date of Issue Date of Maturity Authorized Issue Denomination of Bonds Interest Rates Principal Maturity Date Payable at December 1 Depository Trust Company, Chicago Illinois 111 Tax Levy Year Principal Interest Total June 1 Amount December 1 Amount 2020 440,000$ 229,700$ 669,700$ 2021 114,850$ 2021 114,850$ 2021 455,000 216,500 671,500 2022 108,250 2022 108,250 2022 470,000 202,850 672,850 2023 101,425 2023 101,425 2023 485,000 188,750 673,750 2024 94,375 2024 94,375 2024 495,000 174,200 669,200 2025 87,100 2025 87,100 2025 510,000 159,350 669,350 2026 79,675 2026 79,675 2026 530,000 144,050 674,050 2027 72,025 2027 72,025 2027 545,000 128,150 673,150 2028 64,075 2028 64,075 2028 560,000 111,800 671,800 2029 55,900 2029 55,900 2029 575,000 95,000 670,000 2030 47,500 2030 47,500 2030 595,000 77,750 672,750 2031 38,875 2031 38,875 2031 610,000 59,900 669,900 2032 29,950 2032 29,950 2032 630,000 41,600 671,600 2033 20,800 2033 20,800 2033 650,000 21,125 671,125 2034 10,562 2034 10,563 7,550,000$ 1,850,725$ 9,400,725$ 925,362$ 925,363$ December 1, 2034 $9,575,000 $5,000 3.00% to 3.25% December 1 Tax Levy Interest Due on Village of Deerfield Long-Term Debt Requirements General Obligation Bond Series 2015 December 31, 2020 Future Principal and Interest Requirements Date of Issue Date of Maturity Authorized Issue Denomination of Bonds Interest Rates Principal Maturity Date Payable at May 19, 2015 Depository Trust Company, Chicago Illinois 112 Tax Levy Year Principal Interest Total June 1 Amount December 1 Amount 2020 270,000$ 163,638$ 433,638$ 2021 81,819$ 2021 81,819$ 2021 280,000 155,538 435,538 2022 77,769 2022 77,769 2022 290,000 147,138 437,138 2023 73,569 2023 73,569 2023 300,000 138,438 438,438 2024 69,219 2024 69,219 2024 310,000 129,438 439,438 2025 64,719 2025 64,719 2025 320,000 120,138 440,138 2026 60,069 2026 60,069 2026 330,000 110,538 440,538 2027 55,269 2027 55,269 2027 345,000 99,812 444,812 2028 49,906 2028 49,906 2028 - 88,600 88,600 2029 44,300 2029 44,300 2029 - 88,600 88,600 2030 44,300 2030 44,300 2030 - 88,600 88,600 2031 44,300 2031 44,300 2031 455,000 88,600 543,600 2032 44,300 2032 44,300 2032 475,000 73,812 548,812 2033 36,906 2033 36,906 2033 490,000 57,188 547,188 2034 28,594 2034 28,594 2034 510,000 38,812 548,812 2035 19,406 2035 19,406 2035 525,000 19,683 544,683 2036 9,842 2036 9,841 4,900,000$ 1,608,573$ 6,508,573$ 804,287$ 804,286$ December 1, 2036 $5,700,000 $5,000 3.00% to 4.003.75 December 1 U.S. Bank National Association, Chicago, Illinois Tax Levy Interest Due on Future Principal and Interest Requirements Payable at Village of Deerfield Long-Term Debt Requirements General Obligation Bond Series 2017 December 31, 2020 Date of Issue February 28, 2017 Date of Maturity Authorized Issue Denomination of Bonds Interest Rates Principal Maturity Date 113 Tax Levy Year Principal Interest Total June 1 Amount December 1 Amount 2020 245,000$ 193,930$ 438,930$ 2021 96,965$ 2021 96,965$ 2021 255,000 184,130 439,130 2022 92,065 2022 92,065 2022 265,000 173,930 438,930 2023 86,965 2023 86,965 2023 275,000 163,330 438,330 2024 81,665 2024 81,665 2024 285,000 152,330 437,330 2025 76,165 2025 76,165 2025 295,000 140,930 435,930 2026 70,465 2026 70,465 2026 310,000 129,130 439,130 2027 64,565 2027 64,565 2027 320,000 119,830 439,830 2028 59,915 2028 59,915 2028 325,000 110,230 435,230 2029 55,115 2029 55,115 2029 335,000 100,480 435,480 2030 50,240 2030 50,240 2030 350,000 90,096 440,096 2031 45,048 2031 45,048 2031 360,000 79,246 439,246 2032 39,623 2032 39,623 2032 370,000 67,364 437,364 2033 33,682 2033 33,682 2033 385,000 55,154 440,154 2034 27,577 2034 27,577 2034 395,000 42,450 437,450 2035 21,225 2035 21,225 2035 410,000 29,020 439,020 2036 14,510 2036 14,510 2036 425,000 14,875 439,875 2037 7,437 2037 7,438 5,605,000$ 1,846,455$ 7,451,455$ 923,227$ 923,228$ June 12, 2018 December 1, 2037 $5,970,000 $5,000 3.00% to 4.00% Future Principal and Interest Requirements Tax Levy Interest Due on Village of Deerfield Long-Term Debt Requirements General Obligation Bond Series 2018 December 31, 2020 Date of Issue Date of Maturity Authorized Issue Denomination of Bonds Interest Rates Principal Maturity Date Payable at December 1 U.S. Bank National Association, Chicago, Illinois 114 Tax Levy Year Principal Interest Total June 1 Amount December 1 Amount 2020 525,000$ 224,221 749,221$ 2021 118,290$ 2021 105,931$ 2021 555,000 190,863 745,863 2022 95,432 2022 95,432 2022 580,000 168,663 748,663 2023 84,332 2023 84,332 2023 600,000 145,463 745,463 2024 72,732 2024 72,732 2024 620,000 121,463 741,463 2025 60,732 2025 60,732 2025 645,000 96,663 741,663 2026 48,332 2026 48,332 2026 665,000 70,862 735,862 2027 35,431 2027 35,431 2027 685,000 44,262 729,262 2028 22,131 2028 22,131 2028 700,000 16,862 716,862 2029 8,431 2029 8,431 2029 705,000 8,812 713,812 2030 4,406 2030 4,406 6,280,000$ 1,088,134$ 7,368,134$ 550,247$ 537,888$ November 10, 2020 December 1, 2030 $6,280,000 $5,000 3.00% to 4.00% Future Principal and Interest Requirements Tax Levy Interest Due on Village of Deerfield Long-Term Debt Requirements General Obligation Bond Series 2020 December 31, 2020 Date of Issue Date of Maturity Authorized Issue Denomination of Bonds Interest Rates Principal Maturity Date Payable at December 1 U.S. Bank National Association, Chicago, Illinois Table of Contents This part of the Village of Deerfield, Illinois' comprehensive annual financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the Village's overall financial health. Page Financial Trends 115 - 132 These schedules contain trend information to help the reader understand how the Village's financial performance and well-being have changed over time. Revenue Capacity 125 - 131 These schedule contain information to help the reader assess the Village's most significant local revenue source, property tax. Additionally, the Village presents information to help readers assess the Village's most significang revenue source, the sales tax. Debt Capacity 132 - 134 These schedules present information to help the reader assess the affordability of the Village's current levels of outstanding debt and the Village's ability to issue additional debt in the future. Demographic and Economic Information 135 - 138 These schedules offer demographic and economic indicators to help the reader understand the environment within the Village's financial activities take place. Operating Information 139 - 140 These schedules contain service and infrastructure data to help the reader understand how the Village's financial report relates to the services the Village provides and the activities it performs. Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year. Village of Deerfield Statistical Section 115 Fiscal Year 2012 2013 2013*2014 Governmental Activities Net investment in capital assets 51,392,981$ 55,359,465$ 59,186,881$ 58,835,531$ Restricted 1,864,620 2,000,978 1,690,206 4,326,031 Unrestricted 9,491,193 (3,773,495) 25,298,828 27,077,751 Total governmental activities 62,748,794$ 53,586,948$ 86,175,915$ 90,239,313$ Business-Type Activities Net investment in capital assets 47,891,247$ 59,834,517$ 28,906,421$ 28,270,616$ Unrestricted 113,829 140,855 651,661 786,552 Total business-type activities 48,005,076$ 59,975,372$ 29,558,082$ 29,057,168$ Primary Government Net investment in capital assets 84,682,839$ 86,323,125$ 82,313,682$ 87,106,147$ Restricted 1,864,620 2,000,978 1,690,206 4,326,031 Unrestricted 24,206,411 25,238,217 31,730,109 27,864,303 Total primary government 110,753,870$ 113,562,320$ 115,733,997$ 119,296,481$ The Village implemented GASB Statement No.68 in 2015, causing a reduction in unrestricted net position. * Eight months ended December 31, 2013. Data Source Audited financial statements Last Ten Fiscal Years Net Position by Component Village of Deerfield 116 2015 2016 2017 2018 2019 2020 55,025,274$ 55,732,838$ 56,110,035$ 49,784,690$ 51,431,009$ 55,202,771$ 4,467,283 5,129,514 5,867,341 7,455,951 9,189,233 10,236,978 14,516,742 13,144,539 7,143,730 8,393,474 6,092,104 756,607 74,009,299$ 74,006,891$ 69,121,106$ 65,634,115$ 66,712,346$ 66,196,356$ 29,869,458$ 32,118,523$ 32,574,200$ 32,548,303$ 34,461,747$ 34,224,767$ (194,463) 376,014 2,257,403 3,116,674 3,678,365 4,049,277 29,674,995$ 32,494,537$ 34,831,603$ 35,664,977$ 38,140,112$ 38,274,044$ 84,894,732$ 87,851,361$ 88,684,235$ 82,332,993$ 85,892,756$ 89,427,538$ 4,467,283 5,129,514 5,867,341 7,455,951 9,189,233 10,236,978 14,322,279 13,520,553 9,401,133 11,510,148 9,770,469 4,805,884 103,684,294$ 106,501,428$ 103,952,709$ 101,299,092$ 104,852,458$ 104,470,400$ 117 Fiscal Year 2012 2013 2013*2014 Expenses Governmental activities: General government 24,267,281$ 18,988,356$ 5,755,847$ 7,756,784$ Public safety 8,388,066 8,572,034 6,256,914 9,189,101 Public works 6,602,895 5,753,656 6,208,891 6,286,456 Interest and fiscal charges 1,098,736 1,791,625 628,554 685,495 Total governmental activities expenses 40,356,978 35,105,671 18,850,206 23,917,836 Business-type activities: Water 4,455,971 4,625,679 3,153,643 4,345,300 Sewerage 2,996,805 3,267,868 3,147,664 4,691,951 Refuse disposal 1,307,850 1,343,691 953,301 1,440,045 Commuter Parking 337,337 352,088 243,017 331,951 Total business-type activities expenses 9,097,963 9,589,326 7,497,625 10,809,247 Total primary government expenses 49,454,941 44,694,997 26,347,831 34,727,083 Program Revenues Governmental activities: Charges for services: General government 1,833,930 2,290,768 1,811,306 3,812,004 Public Safety 986,382 1,047,217 783,151 1,167,096 Public works 66,279 263,607 234,034 442,918 Interest - - - - Operating grants and contributions 715,849 1,140,504 890,860 612,569 Capital Grants and contributions 434,225 75,864 58,791 1,306,043 Total governmental activities program revenues 4,036,665 4,817,960 3,778,142 7,340,630 Business-type activities: Charges for services: Water 3,891,387 4,295,580 3,006,491 3,763,753 Sewerage 2,499,701 2,892,170 2,065,472 2,645,264 Refuse disposal 461,887 476,926 324,969 500,449 Commuter parking 201,426 223,381 187,386 226,450 Capital grants and contributions 19,620,003 12,566,460 1,802,087 173,695 Total business-type activities program revenues 26,674,404 20,454,517 7,386,405 7,309,611 Total primary government program revenues 30,711,069 25,272,477 11,164,547 14,650,241 Net Revenue (Expense) Governmental activities (36,320,313) (30,287,711) (15,072,064) (16,577,206) Business-type activities 17,576,441 10,865,191 (111,220) (3,499,636) Total primary government net revenue (expense)(18,743,872)$ (19,422,520)$ (15,183,284)$ (20,076,842)$ Last Ten Fiscal Years Change in Net Position Village of Deerfield 118 2015 2016 2017 2018 2019 2020 8,182,572$ 8,938,512$ 10,097,910$ 9,106,754$ 7,943,887$ 8,384,057$ 11,870,633 11,516,466 10,868,594 10,796,954 12,580,314 9,716,892 8,065,953 12,905,603 13,068,419 9,194,654 8,849,016 8,894,754 1,113,073 918,603 1,008,199 1,095,898 1,061,861 1,060,960 29,232,231 34,279,184 35,043,122 30,194,260 30,435,078 28,056,663 4,517,289 4,405,066 4,098,233 4,339,113 4,654,721 5,352,629 4,533,170 4,996,664 3,960,118 4,648,489 4,857,062 5,136,250 1,433,697 1,449,954 1,322,473 1,435,418 1,496,633 1,459,839 284,789 306,583 301,514 348,009 298,131 294,368 10,768,945 11,158,267 9,682,338 10,771,029 11,306,547 12,243,086 40,001,176 45,437,451 44,725,460 40,965,289 $41,741,625 40,299,749 2,214,956 2,706,969 2,538,758 2,808,343 $3,126,661 2,788,064 1,218,489 1,221,896 1,127,634 1,465,852 1,900,377 914,148 606,549 417,398 301,855 575,536 551,713 360,269 - 711,369 586,016 686,907 673,020 659,139 445,554 464,020 472,113 480,661 616,062 1,095,929 442,690 6,853,567 949,252 77,526 314,103 84,024 4,928,238 12,375,219 5,975,628 6,094,825 7,181,936 5,901,573 3,701,281 4,058,510 4,211,302 4,241,528 4,359,790 5,055,073 2,724,235 2,853,730 2,936,590 2,917,006 2,874,981 3,137,677 513,672 515,496 526,418 538,185 554,694 572,309 270,799 277,048 292,829 294,221 292,861 66,388 2,249,741 2,922,849 1,058,155 797,356 2,622,337 556,183 9,459,728 10,627,633 9,025,294 8,788,296 10,704,663 9,387,630 14,387,966 23,002,852 15,000,922 14,883,121 17,886,599 15,289,203 (24,303,993) (21,903,965) (29,067,494) (24,099,435) (23,253,142) (22,155,090) (1,309,217) (530,634) (657,044) (1,982,733) (601,884) (2,855,456) (25,613,210)$ (22,434,599)$ (29,724,538)$ (26,082,168)$ (23,855,026)$ (25,010,546)$ 119 Fiscal Year 2012 2013 2013*2014 General Revenues and Other Changes in Net Position Governmental activities: Taxes: Property and replacement 2,822,939$ 4,410,633$ 5,010,070$ 5,260,112$ Home rule sales 3,121,749 3,665,374 2,257,183 3,413,920 Simplified telecommunications 1,752,850 1,430,126 936,501 1,261,799 Other 4,684,153 3,438,882 2,398,124 3,721,354 Intergovernmental 5,968,953 8,474,800 5,396,719 8,316,948 Investment income 115,175 117,770 -(221,419) Miscellaneous 556,459 252,924 279,991 704,909 Contributions - - - - Transfers (out)- - - (1,817,019) Total governmental activities 19,022,278 21,790,509 16,278,588 20,640,604 Business-type activities: Property taxes 889,586 890,214 906,951 936,361 Investment income 3,701 3,024 (4,588) (14,786) Miscellaneous 360,472 211,867 174,010 260,128 Transfers in - - - 1,817,019 Total business-type activities 1,253,759 1,105,105 1,076,373 2,998,722 Total primary government 20,276,037 22,895,614 17,354,961 23,639,326 Change in Net Position Governmental activities (17,298,035) (8,497,202) 1,206,524 4,063,398 Business-type activities 18,830,200 11,970,296 965,153 (500,914) Total primary government change in net position 1,532,165$ 3,473,094$ 2,171,677$ 3,562,484$ * Eight months ended December 31, 2013. Data Source Audited financial statements Last Ten Fiscal Years Change in Net Position (cont.) Village of Deerfield 120 2015 2016 2017 2018 2019 2020 5,527,577$ 7,335,510$ 7,350,802$ 7,349,472$ 7,416,705$ 8,103,456$ 2,941,572 3,484,806 3,841,934 3,252,733 2,427,689 1,739,777 1,707,745 1,722,295 1,370,180 1,368,145 5,896,439 1,212,527 3,797,848 3,817,963 4,363,655 4,570,428 4,939,071 2,957,442 7,697,052 8,350,115 8,990,723 8,152,479 4,480,336 9,122,079 130,060 191,929 393,675 759,659 1,605,244 508,576 676,294 431,172 646,776 109,854 351,193 441,561 732,831 - - - - - (1,805,840) (2,770,464) (2,776,036) (2,778,413) (2,785,304) (2,818,648) 21,405,139 22,563,326 24,181,709 22,784,357 24,331,373 21,266,770 965,948 22 - - - - 4,055 4,753 10,848 23,967 44,367 12,787 218,479 226,012 207,226 213,257 247,348 157,953 1,805,840 2,770,464 2,776,036 2,778,413 2,785,304 2,818,648 2,994,322 3,001,251 2,994,110 3,015,637 3,077,019 2,989,388 24,399,461 25,564,577 27,175,819 25,799,994 27,408,392 24,256,158 (2,898,854) 659,361 (4,885,785) (1,315,078) 1,078,231 (888,320) 1,685,105 2,470,617 2,337,066 1,032,904 2,475,135 133,932 (1,213,749)$ 3,129,978$ (2,548,719)$ (282,174)$ 3,553,366$ (754,388)$ 121 Fiscal Year 2012 2013 2013* 2014 General Fund Nonspendable for: Note receivable 100,000$ 90,000$ 80,000$ 70,000$ Inventory 55,190 27,824 54,477 42,968 Prepaid items 441,382 459,247 752,402 713,737 Advance - - - - Restricted for: Public safety - - - - Unrestricted: Assigned for debt service 833,396 818,344 831,850 - Assigned for capital projects 1,650,000 1,400,000 1,500,000 1,200,000 Assigned for special projects - - - - Subsequent year's budget - - - - Unassigned 16,206,557 17,002,357 16,815,607 19,667,419 Total general fund 19,286,525 19,797,772 20,034,336 21,694,124 All Other Governmental Funds Restricted for: Capital projects 14,581,925 1,515,401 40,280 - Maintenance of roadways 601,423 633,057 325,768 927,908 Public safety 1,263,197 1,367,921 1,364,438 1,214,895 Debt service - - - 2,183,228 Unrestricted: Assigned for: Debt service 286,753 841,240 1,473,632 25,299 Capital projects 1,088,012 2,154,351 749,533 2,276,297 Total all other governmental funds 17,821,310$ 6,511,970$ 3,953,651$ 6,627,627$ *Eight months ended December 31, 2013.*Eight months ended December 31, 2013. Data Source Audited financial statements Last Ten Fiscal Years Fund Balances of Governmental Funds Village of Deerfield 122 2015 2016 2017 2018 2019 2020 60,000$ 50,000$ 40,000$ 30,000$ 20,000$ 10,000$ 21,031 26,643 26,844 28,516 43,026 22,077 707,640 904,041 1,180,641 1,188,498 1,374,119 1,517,015 - 1,075,689 684,083 374,695 - - - - - - 2,575,227 2,674,526 - - - - - - 1,000,000 1,300,000 - - - - - - - - - 668,207 2,960,593 2,117,018 606,765 949,698 - - 15,200,930 14,963,328 16,561,166 17,391,240 23,734,776 20,117,677 19,950,194 20,436,719 19,099,499 19,962,647 27,747,148 25,009,502 696,658 - - - - - 388,546 360,593 340,455 832,299 479,457 830,818 1,130,293 1,124,743 1,071,465 1,364,908 - - 2,948,444 3,644,178 4,455,421 5,258,744 6,134,549 6,731,634 58,021 111,920 177,263 171,299 190,610 241,326 4,707,033 5,935,979 4,121,126 8,494,316 5,443,931 804,134 9,928,995$ 11,177,413$ 10,165,730$ 16,121,566$ 12,248,547$ 8,607,912$ 123 Fiscal Year 2012 2013 2013* 2014 Revenues Taxes 18,350,644$ 12,220,016$ 9,876,878$ 14,070,158$ Licenses and permits 1,173,799 1,645,735 1,277,977 3,062,263 Intergovernmental 1,152,141 9,692,051 6,342,610 9,599,274 Charges for services 709,146 710,049 565,213 1,004,048 Fines and forfeitures 317,262 342,740 236,390 307,744 Contribution from library - 763,572 742,476 730,381 Investment income 115,175 117,770 (164,823) (221,419) Miscellaneous 1,219,949 1,113,205 998,549 1,218,373 Total revenues 23,038,116 26,605,138 19,875,270 29,770,822 Expenditures General government 6,436,048 7,783,224 5,063,339 7,353,449 Public safety 8,352,887 8,540,957 6,117,121 8,963,170 Highways and streets 3,091,770 2,806,358 2,326,884 2,924,874 Capital outlay 23,114,852 24,479,003 5,280,135 2,777,322 Debt service Principal 710,000 1,355,000 928,000 935,000 Interest 1,180,062 1,770,522 699,324 693,655 Total expenditures 42,885,619 46,735,064 20,414,803 23,647,470 Excess (deficiency) of revenues over expenditures (19,847,503) (20,129,926) (539,533) 6,123,352 Other Financing Sources (Uses) Transfers in 22,440,459 14,290,621 3,152,954 2,354,180 Transfers (out)(22,440,459) (14,290,621) (4,943,562) (4,171,199) Bonds issued 32,400,000 9,075,000 - - Premium (discount) on bonds issued 79,791 253,502 - - Payment to refunded bonds escrow agent - - - - Sale of capital assets 20,827 3,331 8,386 27,431 Total other financing sources (uses)32,500,618 9,331,833 (1,782,222) (1,789,588) Net change in fund balances 12,653,115$ (10,798,093)$ (2,321,755)$ 4,333,764$ Debt Service as a Percentage of Noncapital Expenditures 4.75%7.16%9.02%7.35% *Eight months ended December 31, 2013. Data Source Audited financial statements Last Ten Fiscal Years Changes in Fund Balances of Governmental Funds Village of Deerfield 124 2015 2016 2017 2018 2019 2020 14,955,266$ 17,522,177$ 18,207,216$ 17,625,022$ 21,489,133$ 14,593,128$ 1,464,015 1,958,108 1,784,230 1,877,242 2,412,956 1,759,947 8,102,221 15,007,986 9,628,692 8,119,258 7,541,062 7,807,147 1,114,515 971,304 849,759 1,487,963 1,673,921 1,064,194 292,284 286,981 264,926 277,967 274,725 177,321 732,831 730,131 726,706 727,581 727,631 726,831 130,060 191,929 344,598 659,671 1,423,052 460,834 1,348,025 1,555,393 1,572,755 1,338,187 1,553,367 1,456,700 28,139,217 38,224,009 33,378,882 32,112,891 37,095,847 28,046,102 8,266,520 8,906,902 9,406,290 8,826,989 7,996,398 8,173,943 9,136,003 9,054,499 9,336,602 9,458,681 9,873,759 9,370,990 2,816,855 2,749,322 2,985,820 2,782,979 3,802,858 3,366,396 11,958,472 11,652,625 11,362,494 5,058,776 6,736,792 8,221,592 962,000 1,369,000 1,441,000 1,460,000 1,634,000 1,790,000 674,859 944,819 1,032,016 1,019,059 1,201,229 1,101,421 33,814,709 34,677,167 35,564,222 28,606,484 31,245,036 32,024,342 (5,675,492) 3,546,842 (2,185,340) 3,506,407 5,850,811 (3,978,240) 10,191,142 4,241,596 6,367,905 4,087,145 7,595,613 2,300,316 (11,996,982) (7,012,060) (9,143,941) (6,865,558) (9,534,942) (5,118,964) 9,575,000 - 5,700,000 5,970,000 - 2,512,000 422,335 - 240,732 120,990 - 299,206 - - (3,328,259) - - (2,764,929) - - - - - - 8,191,495 (2,770,464) (163,563) 3,312,577 (1,939,329) (2,772,371) 2,516,003$ 776,378$ (2,348,903)$ 6,818,984$ 3,911,482$ (6,750,611)$ 6.60%7.67%8.42%9.21%10.16%10.88% 125 Total Total Total Fiscal Residential Farm Commercial Industrial Assessed Actual Direct Tax Year Property Property Property Property Total Railroad Value Value Rate 2011 1,170,079,592$ -$ 412,939,520$ 23,884,106$ 1,606,903,218$ -$ 1,606,903,218$ 4,820,709,654$ 0.1890 2012 1,108,117,369 - 397,215,326 17,827,124 1,523,159,819 - 1,523,159,819 4,569,479,457 0.2390 2013 938,649,978 - 340,275,838 14,338,152 1,293,263,968 - 1,293,263,968 3,879,791,904 0.4570 2014 898,117,390 - 316,522,689 13,777,096 1,228,417,175 - 1,228,417,175 3,685,251,525 0.5030 2015 909,922,822 - 311,130,618 6,248,146 1,227,301,586 - 1,227,301,586 3,681,904,758 0.5300 2016 984,948,931 - 327,995,985 6,125,472 1,319,070,388 - 1,319,070,388 3,957,211,164 0.8920 2017 1,052,928,225 - 348,028,112 6,556,025 1,407,512,362 - 1,407,512,362 4,222,537,086 0.8580 2018 1,098,197,935 - 363,288,977 6,754,542 1,468,241,454 - 1,468,241,454 4,404,724,362 0.8340 2019 1,097,716,621 - 355,750,738 6,755,220 1,460,222,579 - 1,460,222,579 4,380,667,737 0.8450 2020 1,105,253,539 - 410,864,413 7,998,881 1,524,116,833 - 1,524,116,833 4,572,350,499 0.8860 Data Source: Lake County Clerk & Cook County Clerk Village of Deerfield Equalized Assessed Value and Actual Value of Taxable Property Last Ten Levy Years 126 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Direct Village Rate Bonds & interest 0.034 0.098 0.159 0.175 0.251 0.278 0.316 0.305 0.306 0.338 Corporate 0.143 0.154 0.164 0.184 - 0.261 0.249 0.239 0.241 0.250 Garbage 0.059 0.064 0.071 0.077 0.080 - - - - - Library 0.003 0.004 0.063 0.067 0.199 0.353 0.293 0.290 0.298 0.298 Total direct village rate 0.239 0.320 0.457 0.503 0.530 0.892 0.858 0.834 0.845 0.886 Overlapping Rates Lake County including Forest Preserve 0.703 0.755 0.820 0.881 0.893 0.871 0.825 0.809 0.794 0.777 Deerfield Elementary Dist 109 2.665 2.892 3.254 3.424 3.401 3.211 3.070 3.049 3.069 3.120 High School District 113 1.921 2.167 2.178 2.364 2.421 2.309 2.187 2.164 2.222 2.280 Community College District 532 0.218 0.240 0.272 0.296 0.306 0.299 0.285 0.281 0.282 0.282 Deerfield Park District 0.460 0.503 0.546 0.585 0.599 0.552 0.542 0.535 0.548 0.567 Deerfield-Bannockburn Fire Prot Dist 0.486 0.529 0.593 0.637 0.650 0.624 0.612 0.608 0.625 0.638 All other (1)0.065 0.073 0.053 0.048 0.053 0.049 0.059 0.045 0.046 0.046 Total overlapping rates 6.518 7.159 7.716 8.235 8.323 7.915 7.580 7.491 7.586 7.710 Total direct and overlapping tax rate 6.757 7.479 8.173 8.738 8.853 8.807 8.438 8.325 8.431 8.596 *Rates are per $100 of Assessed Value (1) Total of West Deerfield Township & Southlake Mosquito Abatement District Data Source: Office of the Lake County Clerk Village of Deerfield Direct and Overlapping Property Tax Rates Last Ten Levy Years 127 2019 2010 Assessed Assessed Taxpayer Value Rank Value Rank Walgreen Co.55,186,631$ 1 3.62 %22,427,406$ 4 0.47 % Gateway Fairview Inc.39,737,831 2 2.61 Marvin F. Poer & Co.34,015,033 3 2.23 5,652,996 9 0.12 Scott Dressing, Sr Mgr Taxation 31,190,256 4 2.05 28,994,016 3 0.61 TNREF III Parkway JV, LLC 18,448,213 5 1.21 SRC Arbor LK 16,809,460 6 1.10 LO Deerfield Operating 16,466,562 7 1.08 CRM Properties Group 15,491,250 8 1.02 14,435,027 5 0.30 LPF Woodview LLC 13,898,281 9 0.91 North Parkway One Investment LLC 11,837,074 10 0.78 JBC Funds Parkway North LLC 32,276,631 1 0.68 Long Ridge Office Portfolio, LP 29,217,672 2 0.61 BB# 01-18703-CLR001 8,302,549 6 0.17 RREEF America Reit Agent 7,266,384 7 0.15 %Deloitte PTS 5,675,759 8 0.12 MJH Deerfield, LLC 5,502,012 10 0.12 253,080,591$ 16.61 %159,750,452$ 3.35 % Note: Every effort has been made to seek out and report the largest taxpayers. However, many of the taxpayers listed contain multiple parcels and it is possible some parcels and their valuations have been overlooked. The 2019 EAV is the most current available for this purpose. Data Source: Office of the Lake County Clerk Percentage Current Year and Nine Years Ago Principal Property Taxpayers Village of Deerfield Value Assessed of Total Percentage Value Assessed Taxable of Total City 128 Taxes Levied Collections in for the Subsequent Fiscal Year Amount Years Amount 2011*5,888,285$ 5,851,862$ 99.38 %- 5,851,862$ 99.38 % 2012*6,675,642 6,624,625 99.24 - 6,624,625 99.24 2013 9,328,980 9,266,916 99.33 - 9,266,916 99.33 2014 9,658,145 9,596,025 99.36 - 9,596,025 99.36 2015 10,783,925 10,725,053 99.45 - 10,725,053 99.45 2016 11,821,939 11,772,386 99.58 - 11,772,386 99.58 2017 12,088,181 12,045,734 99.65 - 12,045,734 99.65 2018 12,289,037 12,270,843 99.85 - 12,270,843 99.85 12,388,275 12,349,237 99.68 - 12,349,237 99.68 2020**12,987,904 11,769,607 90.62 - 11,769,607 90.62 ** As part of a COVID taxpayer relief plan, Lake County offered more flexible payment plans to taxpayers for the tax bills due in 2020. As a result, several distributions for 2020 taxes were made after January 1, 2021. A total of $360,402 was collected in early 2021 for the 2020 tax bills. The total collected for 2020 tax bills as of May 2021 is $12,130,009 for a percentage of levy of 93.39%. Fiscal * Represent years ended 04/30 prior to switching to 12/31 fiscal years 2019 Data Source: Lake County Treasurer, Cook County Treasurer and Village Records Year Village of Deerfield Property Tax Levies and Collections Last Ten Levy Years of Levy Percentage of Levy Percentage Total Collections to Date Collected within the Fiscal Year of the Levy Ended Dec 31 129 2011 2012 2013 2014 General merchandise 233,408$ 222,366$ 224,653$ 247,348$ Food 798,668 796,940 743,285 870,464 Drinking and eating places 970,059 1,018,539 1,032,833 1,108,407 Apparel 240,746 205,856 180,876 210,488 Furniture and H.H. and radio 713,431 473,808 345,052 291,839 Lumber, building hardware 590,742 564,884 583,287 642,214 Automobile and filling stations 513,421 348,318 358,919 510,550 Drugs and miscellaneous retail 3,625,900 5,476,027 4,692,108 4,937,251 Agriculture and all others 1,138,377 1,005,454 966,396 914,323 Manufacturers 214,511 237,039 226,254 251,653 Total 9,039,263$ 10,349,231$ 9,353,663$ 9,984,537$ Village direct sales tax rate 1.00%1.00%1.00%1.00% Village home rule rate 1.00%1.00%1.00%1.00% Data Source: Illinois Department of Revenue Village of Deerfield Sales Tax by Category Last Ten Calendar Years 130 2015 2016 2017 2018 2019 2020 208,851$ 195,293$ 210,058$ 213,577$ 32,036$ 254,174$ 874,095 746,457 764,304 853,120 789,576 814,096 1,128,992 1,036,096 1,123,950 1,151,138 1,285,275 884,502 164,410 150,231 112,184 103,293 95,657 30,650 288,538 279,964 264,646 427,117 495,247 336,543 542,259 507,057 545,393 554,529 796,423 560,515 314,993 347,603 332,391 323,516 320,502 249,337 4,069,522 5,664,948 6,818,569 5,171,319 2,764,728 1,909,666 839,745 910,728 852,451 678,301 679,896 458,746 266,575 220,430 183,720 191,992 181,331 150,897 8,697,980$ 10,058,807$ 11,207,666$ 9,667,902$ 7,440,671$ $5,649,126 1.00%1.00%1.00%1.00%1.00%1.00% 1.00%1.00%1.00%1.00%1.00%1.00% 131 Calendar Year 2011 0.25 %0.75 %0.25 %1.00 %1.00 %1.00 %1.00 %5.00 % 2012 0.25 0.75 0.25 0.75 1.00 1.00 1.00 5.00 2013 0.25 0.75 0.25 0.75 1.00 1.00 1.00 5.00 2014 0.25 0.75 0.25 0.75 1.00 1.00 1.00 5.00 2015 0.25 0.75 0.25 0.75 1.00 1.00 1.00 5.00 2016 0.25 0.75 0.25 0.75 1.00 1.00 1.00 5.00 2017 0.25 0.75 0.25 1.75 1.00 1.00 1.00 5.00 2018 0.25 0.75 0.25 1.75 1.00 1.00 1.00 5.00 2019 0.25 0.75 0.25 1.75 1.00 1.00 1.00 5.00 2020 0.25 0.75 0.25 1.75 1.00 1.00 1.00 5.00 Data Source: Village and County Records Rate County Lake Rate Lake County RTA Rate County Cook Rate Home Rule County Direct and Overlapping Sales Tax Rates Village of Deerfield Rate Direct Village Rate State Last Ten Fiscal Years Cook Rate Cook County RTA Rate Rule Home Village 132 Governmental Business-Type Activities Activities General General Total Obligation Obligation Primary Per Bonds Bonds Government Capita* 48,835,000$ 465,000$ 49,300,000$ 4.28 %2,671.80 56,555,000 - 56,555,000 4.91 3,064.98 23,164,958 31,997,146 55,162,104 4.78 2,996.64 22,223,327 31,230,833 53,454,160 4.58 2,893.17 31,252,022 30,460,961 61,712,983 5.05 3,320.04 29,859,606 29,667,530 59,527,136 4.65 3,169.88 31,118,917 28,850,541 59,969,458 4.39 3,173.66 35,715,167 28,014,826 63,729,993 4.60 3,417.89 34,042,923 27,158,640 61,201,563 4.42 3,282.29 32,262,666 26,355,143 58,617,809 4.03 3,143.72 *See the schedule of Demographic and Economic Statistics for personal income and population data. **Eight months ended December 31, 2013 Note: Details of the Village's outstanding debt can be found in the notes to financial statements. Data Source: Audited Financial Statements 2020 2018 Ended Year 2019 Village of Deerfield 2016 2017 2012 2013 2013 ** 2014 2015 Fiscal Last Ten Fiscal Years Ratios of Outstanding Debt by Type Income* of Personal Percentage 133 (1)(1) Governmental Business-Type (1) Activities Activities Less Amounts General General Available Fiscal Obligation Obligation In Debt Per Year Bonds Bonds Service Fund Total Capita* 2012 48,835,000$ 465,000$ 286,753$ 49,013,247$ 3.52 %2,655.39 2013 56,555,000 - 113,074 56,441,926 4.36 3,058.85 2013**23,164,958 31,997,146 1,473,632 53,688,472 4.15 2,909.63 2014 22,223,327 31,230,833 2,208,527 51,245,633 4.17 2,783.88 2015 31,252,022 30,460,961 2,983,643 58,729,340 4.79 3,178.68 2016 29,859,606 29,667,530 3,756,098 55,771,038 4.23 3,000.38 2017 31,118,917 28,850,541 4,632,684 55,336,774 3.93 2,946.74 2018 35,715,167 28,014,826 5,430,043 58,299,950 3.97 3,085.31 2019 34,042,923 27,158,640 6,134,549 55,067,014 3.77 2,953.29 2020 32,262,666 26,355,143 6,972,960 51,644,849 3.39 2,769.75 * Eight months ended December 31, 2013 Data Source (1) Audited Financial Statements Actual Taxable Value of Property Village of Deerfield Ratios of General Bonded Debt Outstanding Last Ten Fiscal Years Percentage of Estimated 134 * (1) Gross *** General Village's Obligation Share Debt of Debt Direct Debt Village of Deerfield 32,262,666$ 100.00 %34,042,923$ Total direct debt 34,042,923 Overlapping Debt Lake County 147,785,000 4.89%7,226,687 Lake County Forest Preserve 200,815,000 4.89%9,819,854 Cook County 2,663,661,751 0.12%3,196,394 Cook County Forest Preserve 125,285,000 0.12%150,342 Deerfield Park District 565,000 97.58%551,327 Park District of Highland Park 12,340,000 1.36%167,824 Northbrook Park District 11,615,000 3.63%421,625 Lake Elementary School District No. 109 19,450,000 77.42%15,058,190 Lake High School District No. 113 75,365,000 30.47%22,963,716 Cook Northfield Township High School District No. 225 60,080,429 3.18%1,910,558 Community College of Lake County No. 532 47,850,000 5.14%2,459,490 Oakton Community College District No. 535 47,200,000 0.76%358,720 Metropolitan Water Reclamation District of Greater Chicago 2,694,934,289 0.12%3,233,921 Total overlapping debt 67,518,648 Total gross debt & total direct and overlapping debt 6,139,209,135 101,561,571 Less Debt Service Fund Amount Available, Village of Deerfield 6,972,960 6,972,960 Total direct and overlapping debt 6,132,236,175$ 94,588,611$ *Most recent data available. **Determined by ratio of assessed value of property subject to taxation in overlapping unit to value of property subject to taxation. ***Amount of column (2) multiplied by amount in column (1). Data Sources Lake and Cook County Clerk's Offices Village of Deerfield Direct and Overlapping Bonded Debt - Governmental Activities December 31, 2020 Governmental Unit Government Applicable to of Debt Percentage (2) ** 135 The General Assembly may limit by law the amount and require referendum approcal of debt to be incurred by home rule municipalities, payable from ad valorem property tax receipts, only in excess of the followign 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 shich is thereafter approved by referendum…shall not be included in the foregoing percentage. rule municipality, its available debt limit would be as follows: Equalized Assessed Valuation - 2019*1,524,116,833$ Non-Home Rule Legal Debt Limit - 8.625%131,455,077 Amount of debt applicable to limit: General Obligation Bonds Series 2010A 6,955,000 General Obligation Bonds Series 2013 3,735,000 General Obligation Bonds Series 2015 7,550,000 General Obligation Bonds Series 2017 4,900,000 General Obligation Bonds Series 2018 5,605,000 General Obligation Bonds Series 2020 2,512,000 Total amount of debt applicable to limit 31,257,000 Non-Home Rule Legal Debt Margin 100,198,077$ * Most Recent EAV Available The Village is a home rule municipality and, as such, has no debt limitations. If, however, the Village were a non-home Village of Deerfield The Village is a home rule municipality. Article VII, Section 6(k) of the 1970 Illinois Constitution governs computation of the legal debt margin: To date, the General Assembly has set no limits for home rule municipalities. Illustrative Computation of Debt Margin If Government Were Not a Home Rule Municipality Legal Debt Margin Information December 31, 2020 136 Per Capita Median Personal Household Population Income Income 2012 (a)18,458 62,631$ 132,785$ 5.75 % 2013 (b)18,452 62,405 129,187 5.30 2013*(c)18,452 62,405 129,187 5.85 2014 (d)18,408 62,731 135,881 5.05 2015 (e)18,476 63,190 135,754 4.20 2016 (f)18,588 65,757 137,423 4.40 2017 (g)18,779 68,101 143,729 3.60 2018 (h)18,896 72,334 142,621 3.25 2019 (i)18,646 74,334 144,229 2.90 2020 (j)18,646 77,954 153,431 7.40 * Eight months ended December 31, 2013 Data Sources (a) U.S. Census Bureau, "2007-2011 American Community Survey 5-Yr. Estimates" U.S. Bureau of Labor Statistics (b) U.S. Census Bureau, "2008-2012 American Community Survey 5-Yr. Estimates" and U.S. Bureau of Labor Statistics (c) U.S. Census Bureau, "2008-2012 American Community Survey 5-Yr. Estimates" and U.S. Bureau of Labor Statistics (d) U.S. Census Bureau, "2009-2013 American Community Survey 5-Yr. Estimates" and U.S. Bureau of Labor Statistics (e) U.S. Census Bureau, "2010-2014 American Community Survey 5-Yr. Estimates" and U.S. Bureau of Labor Statistics (f) U.S. Census Bureau, "2011-2015 American Community Survey 5-Yr. Estimates" and U.S. Bureau of Labor Statistics (g) U.S. Census Bureau, "2012-2016 American Community Survey 5-Yr. Estimates" and U.S. Bureau of Labor Statistics and Special Census (h) U.S. Census Bureau, "2013-2017 American Community Survey 5-Yr. Estimates" and U.S. Bureau of Labor Statistics (i) U.S. Census Bureau and U.S. Bureau of Labor Statistics (j) U.S. Census Bureau and U.S. Bureau of Labor Statistics Rate Unemployment Last Ten Fiscal Years Demographic and Economic Information Village of Deerfield Fiscal Year 137 Employer Employees Rank Employees Rank Walgreen Boots Alliance Inc 6,500 1 34.86 %- % Walgreen Co 2,500 2 13.41 3,500 1 18.23 Alera Group Inc 1,900 3 10.19 - Baxter International, Inc 1,700 4 9.12 1,970 2 10.26 Baxter Healthcare Corp 800 5 4.29 - Essendant 800 6 4.29 - Deerfield Park District 500 7 2.68 - Trinity International University 500 8 2.68 - Deerfield School District 109 415 9 2.23 390 7 2.03 CF Industries Holdings Inc 350 10 1.88 - Takeda Pharmaceuticals North - - 1,100 3 5.73 Kinetek Inc - - 1,080 4 5.62 Fortune Brands - - 1,045 5 5.44 Illinois Student Assistance Commission - - 550 6 2.86 NCH Promotional Services Inc - - 370 8 1.93 Delta Pharma Inc - - 350 9 1.82 Elexa Consumer Products Inc - - 350 10 1.82 Total 15,965 85.63 %10,705 55.74 % Village Population 18,646 19,204 Data Source 2021 Illinois Manufacturers Directory and 2021 Illinois Services Directory Current Year and Nine Years Ago Principal Employers Village of Deerfield 20112020 Population Total Village % of Population Total Village % of 138 Function/Program 2012 2013 2013*2014 2015 2016 2017 2018 2019 2020 General Government Village Manager 4 5 5 5 5 5 6 8 8 8 Finance 8 8 8 8 8 8 8 7 7 7 Engineering 2 2 2 2 3 3 3 3 3 3 Community Development 7 7 7 8 8 8 8 8 8 8 Public Works Administration 4 4 4 4 4 4 4 4 3 3 Street Maintenance 7 7 7 7 7 7 7 7 7 7 Utilities Maintenance 14 14 14 14 13 13 13 13 13 13 Sewage Treatment Plant 8 7 7 7 7 7 7 7 7 7 Garage 2 2 2 2 2 2 2 2 2 2 Public Safety Police Administration 7 7 7 7 7 7 7 7 7 7 Communications 8 8 8 8 8 8 8 8 8 8 Investigations/Youth 7 7 7 7 7 7 7 7 7 7 Patrol 31 33 33 34 34 34 34 34 34 34 Total 109 111 111 113 113 113 114 115 114 114 * Eight months ended December 31, 2013 Data Source Village budget office Last Ten Fiscal Years Full-Time Equivalent Employees Village of Deerfield 139 Function/Program 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Public Safety Police: Physical arrests 513 485 367 337 336 426 346 452 378 158 Parking violations 1,343 2,628 2,307 2,560 1,709 1,598 2,452 2,160 1,725 481 Traffic violations 3,391 3,367 3,550 3,452 3,765 3,463 2,858 3,725 3,178 1,201 Public Works Street resurfacing (miles)1.83 2.8 1.76 1.96 6.45 0.36 0.74 1.77 3.64 0.24 Water Water main breaks 75 78 108 56 61 53 52 32 42 52 Average daily consumption (gallons)2,522,061 2,805,124 2,730,295 2,571,000 2,380,000 2,306,605 2,228,298 2,145,000 1,982,144 2,192,000 Peak daily consumption (gallons)5,502,196 5,482,125 5,069,827 3,903,000 3,800,000 4,363,018 5,127,763 3,911,685 4,104,601 4,502,000 Wastewater Average daily treatment (gallons)3,530,000 2,395,000 2,761,000 3,452,000 3,180,000 2,680,000 2,740,000 2,850,000 3,460,000 2,520,000 Data Source Various village departments Last Ten Calendar Years Operating Indicators Village of Deerfield 140 Function/Program 2012 2013 2013*2014 2015 2016 2017 2018 2019 2020 Public Safety Police: Stations 1 1 1 1 1 1 1 1 1 1 Number of police officers 41 42 43 40 40 40 40 40 40 40 Public Works Arterial streets (miles)8 8 8 8 8 8 8 8 8 8 Residential streets (miles)68 68 68 68 68 68 68 68 68 68 Traffic signals 10 10 10 10 10 10 10 10 10 10 Water Water mains (miles)90 90 90 90 90 90 90 90 90 90 Fire hydrants 1,208 1,220 1,205 1,208 1,206 1,267 1,260 1,260 1,280 1,280 Storage capacity (gallons)8,200,850 8,200,850 8,200,850 8,200,850 8,200,850 8,200,850 8,200,850 8,200,850 9,050,000 9,050,000 Wastewater Sewers (miles)80 80 80 80 80 80 80 80 80 80 Treatment capacity (gallons)9,200,000 9,200,000 9,200,000 9,200,000 9,200,000 9,200,000 9,200,000 9,200,000 9,200,000 9,200,000 * Eight months ended December 31, 2013 Data Source Various village departments Last Ten Fiscal Years Capital Asset Statistics Village of Deerfield O T H E R I N F O R M A T I O N 141 Taxable Series Series Series Series Series Series Series Series Total Calendar 2011A 2011B (QSEB) (2)2012 2013 2015 2016 2018 2020 Principal Year (12/1)(12/1)(12/1)(12/1)(12/1)(12/1)(12/1)(12/1)All G.O. Bonds Amount 2021 365,000$ -$ 475,000$ 345,000$ 440,000$ 270,000$ 245,000$ 525,000$ 2,665,000$ 2,665,000$ 4.67 % 2022 380,000 - 495,000 350,000 455,000 280,000 255,000 555,000 2,770,000 5,435,000 9.52 2023 400,000 - 515,000 350,000 470,000 290,000 265,000 580,000 2,870,000 8,305,000 14.55 2024 425,000 - 540,000 355,000 485,000 300,000 275,000 600,000 2,980,000 11,285,000 19.77 2025 450,000 - 555,000 360,000 495,000 310,000 285,000 620,000 3,075,000 14,360,000 25.16 2026 475,000 - 580,000 365,000 510,000 320,000 295,000 645,000 3,190,000 17,550,000 30.75 2027 500,000 - 600,000 375,000 530,000 330,000 310,000 665,000 3,310,000 20,860,000 36.55 2028 355,000 12,480,000 455,000 380,000 545,000 345,000 320,000 685,000 15,565,000 36,425,000 63.82 2029 1,280,000 - 1,380,000 390,000 560,000 - 325,000 700,000 4,635,000 41,060,000 71.94 2030 1,335,000 - 1,425,000 390,000 575,000 - 335,000 705,000 4,765,000 45,825,000 80.29 2031 990,000 - 1,950,000 675,000 595,000 - 350,000 - 4,560,000 50,385,000 88.28 2032 - - - - 610,000 455,000 360,000 - 1,425,000 51,810,000 90.78 2033 - - - - 630,000 475,000 370,000 - 1,475,000 53,285,000 93.36 2034 - - - - 650,000 490,000 385,000 - 1,525,000 54,810,000 96.03 2035 - - - - - 510,000 395,000 - 905,000 55,715,000 97.62 2036 - - - - - 525,000 410,000 - 935,000 56,650,000 99.26 2037 - - - - - - 425,000 - 425,000 57,075,000 100.00 Total 6,955,000$ 12,480,000$ 8,970,000$ 4,335,000$ 7,550,000$ 4,900,000$ 5,605,000$ 6,280,000$ 57,075,000$ Notes: (1) Source: The Village. (2) The Village has established a mandatory sinking fund for the Series 2011B Bonds and has agreed to make annual sinking fund payments on December 1 of each year equalling $725,000 through 2027 and $900,000 upon maturity in 2028. The sinking fund is held by the Village. Village of Deerfield Percent Cumulative Principal Retired Village General Obligation Bonded Debt (1) (Principal Only) 142 Statement of Bonded Indebtedness (1) PER CAPITA Amount (2019 Census- Applicable 18,646) Assessed Valuation of Taxable Property, 2019 1,524,116,833$ 100.00 %33.33 %81,740$ Estimated Actual Value, 2019 4,572,350,499$ 300.00 %100.00 %245,219$ Village Direct Bonded Debt (2)57,075,000$ 3.74 %1.25 %3,061$ Overlapping Debt: (3) Schools 42,750,673 2.80 0.93 2,293 All Others 24,767,973 1.63 0.54 1,328 Total Overlapping Bonded Debt 67,518,646 4.43 1.48 3,621 Total Net Direct & Overlapping Debt (2)124,593,646$ 8.17 %2.72 %6,682$ Notes: (1) Source: The Village. (2) Includes the Bonds, excludes the Refunded Bonds, and is subject to change. (3) Overlapping debt as of April 21, 2021. Village of Deerfield EAV Actual Estimated Ratio to 143 Outstanding Debt (2) Amount Schools: Elementary School District 109 19,450,000$ 77.42 %15,058,190$ High School District Number 113 75,365,000 30.47 22,963,716 High School District Number 225 60,080,429 3.18 1,910,558 Community College District Number 532 47,850,000 5.14 2,459,490 Community College District Number 535 47,200,000 0.76 358,720 Total schools 42,750,673 Others: Lake County 147,785,000$ 4.89 7,226,687 Lake County Forest Preserve District 200,815,000 4.89 9,819,854 Cook County 2,663,661,751 0.12 3,196,394 Cook County Forest Preserve District 125,285,000 0.12 150,342 Metropolitan Water Reclamation District of Greater Chicago 2,694,934,289 0.12 3,233,921 Deerfield Park District 565,000 97.58 551,327 Northbrook Park District 11,615,000 3.63 421,625 Park District of Highland Park 12,340,000 1.36 167,824 Total others 24,767,973 Total schools and others overlapping bonded debt 67,518,646$ Notes: (1) Source: Lake and Cook County Clerks. (2) Includes original principal amounts of capital appreciation bonds and alternate revenue bonds. Excludes debt certificates. (3) Percentages are based on 2019 Equalized Assessed Valuations, the most recent available. Detailed Overlapping Bonded Debt (1) (As of April 21, 2020) Applicable to Village Village of Deerfield Percent (3) 144 Property Class Residential Commercial Industrial Total County Lake County Cook County Total Percent change +(-)(13.34) %(7.13) %(2)(5.01) %(0.09) %(2)7.48 %6.70 %4.31 %(0.55) %4.38 % Notes: (1) Source: Lake and Cook County Clerks' Offices. (2) Percentage based on 2013 EAV of $1,228,417,175. 144,244,362 1,460,222,579 Village of Deerfield Equalized Assessed Valuation (1) 2018 1,097,716,621 20192017201620152014201320122011 410,864,413 1,105,253,539 1,468,241,454 147,921,763 1,320,319,691 1,468,241,454 6,754,542 363,288,977 1,098,197,935 1,524,116,833 193,951,512 1,330,165,321 1,524,116,833 7,998,881 1,315,978,217 6,755,220 1,460,222,579 1,052,928,225 1,319,070,388 128,869,021 1,190,201,367 1,319,070,388 6,125,472 327,995,985 984,948,931 1,407,512,362 142,490,007 1,265,022,355 1,407,512,362 6,556,025 355,750,738 311,130,618 909,922,822 1,228,417,175 136,772,736 1,091,644,439 1,228,417,175 13,777,096 316,522,689 898,117,390 1,227,301,586 130,525,161 1,096,776,425 1,227,301,586 6,248,146 348,028,112 938,649,978 340,275,838 14,338,152 1,293,263,968 1,293,263,968 144,821,027 1,148,442,941 364,721,276 1,012,534,720 1,392,522,439 157,941,911 1,234,580,528 1,392,522,439 15,266,443 145 2011 2012 2013 2014 2015 2016 2017 2018 2019 Village Rates: Bond and interest 0.0980$ 0.1590$ 0.1750$ 0.2510$ 0.2784$ 0.3158$ 0.3042$ 0.3058$ 0.3380$ Corporate 0.1540 0.1640 0.1840 - 0.2612 0.2478 0.2394 0.2407 0.2500 Garbage 0.0640 0.0710 0.0770 0.0800 0.0004 - - - - All other 0.0040 0.0630 0.0670 0.1990 0.3534 0.2933 0.2898 0.2986 0.2983 Total village rate 0.3200 0.4570 0.5030 0.5300 0.8934 0.8569 0.8335 0.8450 0.8863 Lake County (Including Forest Preserve)0.7550 0.8200 0.8810 0.8930 0.8707 0.8249 0.8091 0.7937 0.7765 Deerfield Elementary Dist. 109 2.8920 3.2540 3.4240 3.4010 3.2107 3.0702 3.0492 3.0691 3.1197 High School District 113 2.1670 2.1780 2.3640 2.4210 2.3090 2.1872 2.1637 2.2224 2.2797 Community College District Number 532 0.2400 0.2720 0.2960 0.3060 0.2994 0.2854 0.2806 0.2819 0.2815 Deerfield Park District 0.5030 0.5460 0.5850 0.5990 0.5521 0.5422 0.5353 0.5481 0.5670 Deerfield-Bannockburn Fire Protection District 0.5290 0.5930 0.6370 0.6500 0.6243 0.6121 0.6077 0.6254 0.6379 All other (2)0.0730 0.0530 0.0480 0.0530 0.0491 0.0592 0.0454 0.0458 0.0465 Total (3) 7.4790$ 8.1730$ 8.7380$ 8.8530$ 8.8087$ 8.4381$ 8.3245$ 8.4315$ 8.5951$ Notes: (1) Source: Lake County Clerk (2) Includes the Township of West Deerfield and the Southlake Mosquito Abatement District. (3) Representative tax rate is for Lake County Tax Code 17004, which represents the largest tax code of the Village's 2019 EAV; the latest data available. Village of Deerfield Per $100 of Equalized Assessed Valuation (1) Representative Tax Rates For Property Located in the Village of Deerfield 146 Levy Collection Tax Total Year Year Extensions Collected 2011 2012 8,456,349$ 8,407,192$ 99.42 % 2012 2013 9,328,980 9,266,916 99.33 2013 2014 9,658,145 9,596,025 99.36 2014 2015 10,783,925 10,725,053 99.45 2015 2016 11,821,939 11,772,386 99.58 2016 2017 12,088,181 12,045,734 99.65 2017 2018 12,289,037 12,270,843 99.85 2018 2019 12,388,275 12,349,237 99.68 2019 2020*12,987,904 11,769,607 90.62 Note: (1) Source: the Village * As part of a COVID taxpayer relief plan, Lake County offered more flexible payment plans to taxpayers for the tax bills due in 2020. As a result, several distributions for 2020 taxes were made after January 1, 2021. A total of $360,402 was collected in early 2021 for the 2020 tax bills. The total collected for 2020 tax bills as of May 2021 is $12,130,009 for a percentage of levy of 93.39%. Village Tax Extensions and Collections (1) Village of Deerfield Percent 147 Taxpayer Name Business/Service EAV Walgreen Co.Pharmacy, Company Headquarters 55,186,631$ Gateway Fairview Inc.Real Property 39,737,831 Marvin F Poer & Co.Real Property 34,015,033 Scott Dressing, Sr Mgr Taxation Real Property 31,190,256 TNREF III Parkway JV, LLC Real Property 18,448,213 SRC Arbor LK Real Property 16,809,460 LO Deerfield Operating Real Property 16,466,562 CRM Properties Group Real Property 15,491,250 LPF Woodview LLC Real Property 13,898,281 North Parkway Once Investment LLC Real Property 11,837,074 Total 253,080,591$ 10 Largest Taxpayers as Percent of Total 16.61% Notes: However, many of the taxpayers listed contain multiple parcels, and it is possible that some parcels and their valuations have been overlooked. The Lake County 2019 EAV and Cook County 2019 EAV are the most current available for this purpose. (2) Every effort has been made to seek out and report the largest taxpayers. Village of Deerfield Principal Taxpayers (1) (1) Source: Lake and Cook County Clerks' Offices.