Village CAFR For Year Ended April 30, 1989 (2)COMPREHENSIVE
ANNUAL. for the y oar ended
FINANCIAL April 30, 1989
REPORT
J
VIL.LeAGE OF DEERFIEL D, IL LINOIS
ap
COMPREHENSIVE
ANNUAL
FINANCIAL REPORT
FOR; THE
FISCAL YEAR ENDED
APRIL 301 1989
PREPARED BY
GEORGE Jo VALENTINE
FINANCE DIRECTOR
VILLAGE OF DEERFIELD, ILLINOIS
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TABLE OF CONTENTS
PACE
INTRODUCTORY SECTION
Principal Officials i
Organizational Chart
Certificate of Achievement for Excellence in Financial Reporting iii
Letter of Transmittal iv-x
FINANCIAL SECTION
INDEPENDENT AUDITOR'S REPORT
1-2
GENERAL PURPOSE FINANCIAL STATEMENTS
Combined Balance Sheet - All Fund Types
and Account Groups
3
Combined Statement of Revenues, Expenditures,
and Changes in Fund Balances - All
Governmental and Fiduciary (Expendable Trust) Fund Types
4
Combined Statement of Revenues, Expenditures,
and Changes in Fund Balances - Budget and Actual -
General, Special Revenue, and Debt Service Fund Types
5
Combined Statement of Revenues, Expenses, and Changes
in Retained Earnings/Fund Balances - All Proprietary
and Fiduciary (Pension Trust) Fund Types
6
Combined Statement of Changes in Financial Position -
All Proprietary and Fiduciary (Pension Trust)
7
Fund Types
Notes to the Financial Statements
8-47
COMBINING, INDIVIDUAL FUND, AND ACCOUNT GROUP
STATEMENTS AND SCHEDULES
GOVERNMENTAL FUND TYPES
GENERAL FUND
General Fund
Financial Statements.
Balance Sheet 48
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual 49
TABLE OF CONTENTS (CONT.)
FINANCIAL SECTION (CONT.)
GOVERNMENTAL FUND TYPES (CONT.)
GENERAL FUND (CONT.)
Supplemental Schedules
Schedule of Revenues - Budget and Actual
Schedule of Expenditures - Budget and Actual
SPECIAL REVENUE FUNDS
All Funds
Financial Statements
Combining Balance Sheet
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances
Municipal Audit Fund
Financial Statements
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual
Emergency Services/Disaster Fund
Financial Statements
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual
Youth Bound Fund
Financial Statements
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual
Library Fund
Financial Statements
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual
Supplemental Schedules
Schedule of Expenditures - Budget and Actual
PAGE
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TABLE OF CONTENTS (CONT.)
FINANCIAL SECTION (CONT.)
GOVERNMENTAL FUND TYPES (CONT.)
SPECIAL REVENUE FUNDS (CONT.)
Street and Bridge Fund
Financial Statements
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual
Supplemental Schedules
Schedule of Expenditures - Budget and Actual
Illinois Municipal Retirement Fund
Financial Statements
�^ Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual
Public Benefit Fund
J
Financial Statements
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual
Motor Fuel Tax
Financial Statements
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual
Transportation Fund
Financial Statements
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual
PAGE
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62-66
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TABLE OF CONTENTS (CONT.)
PAGE
FINANCIAL SECTION (CONT.)
GOVERNMENTAL FUND TYPES (CONT.)
DEBT SERVICE FUND
Debt Service Fund
Financial Statements
Balance Sheet 71
Statement of Revenues, Expenditures, and Changes
in Fund Balance - Budget and Actual 72
Supplemental Schedules
Schedule of Expenditures - Budget and Actual 73
CAPITAL PROJECTS FUNDS
Al I Funds
Financial Statements
Combining Balance Sheet 74
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances 75
PROPRIETARY FUND TYPES
ENTERPRISE FUNDS
All Funds
Financial Statements
Combining Balance Sheet 76
Combining Statement of Changes in
Contributed Capital 77
Combining Statement of Revenues, Expenses, and
Changes in Retained Earnings - Unreserved 78
Combining Statement of Changes in
Financial Position 79
Water Fund
Financial Statements
Balance Sheet 80
Statement of Changes in Retained Earnings -
Reserved - Restricted Accounts 81
Statement of Revenues, Expenses, and Changes in
Retained Earnings - Unreserved - Budget and Actual 82
Supplemental Schedules
Schedule of Operating Expenses -
Budget and Actual 83-85
Schedule of Fixed Assets and Depreciation 86
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TABLE OF CONTENTS (CONT.)
FINANCIAL SECTION (CONT.)
PROPRIETARY FUND TYPES (CONT.)
ENTERPRISE FUNDS (CONT.)
Sewerage Fund
Financial Statements
Balance Sheet
Statement of Revenues, Expenses, and Changes in
Retained Earnings - Unreserved - Budget and Actual
Supplemental Schedules
Schedule of Operating Expenses - Budget and Actual
Schedule of Fixed Assets and Depreciation
Refuse Fund
Financial Statements
Balance Sheet
Statement of Revenues, Expenses, and Changes in
Retained Earnings - Budget and Actual
Commuter Parking Lot Fund
Financial Statements
Balance Sheet
Statement of Revenues, Expenses, and Changes in
Retained Earnings - Budget and Actual
Supplemental Schedules
Schedule of Operating Expenses - Budget and Actual
Schedule of Fixed Assets and Depreciation
INTERNAL SERVICE FUND
Garage Fund
Financial Statements
Balance Sheet
Statement of Revenues, Expenses, and Changes in
Retained Earnings - Budget and Actual
Statement of Changes in Financial Position
Supplemental Schedules
Schedule of Operating Expenses - Budget and Actual
PAGE
87
L-1.
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100
101
102
TABLE OF CONTENTS (CONT.)
PAGE
FINANCIAL SECTION (CONT.)
PROPRIETARY FUND TYPES (CONT.)
FIDUCIARY FUND TYPES
TRUST AND AGENCY FUNDS
All Funds
Financial Statements
Combining Balance Sheet
103
Statement of Revenues, Expenditures and Changes
in Fund Balance (Expendable Trust)
104
Statement of Revenues, Expenses, and Changes
in Fund Balance - Budget and Actual
(Pension Trust Fund)
105
Statement of Changes in Financial
Position (Pension Trust Fund)
106
Combining Statement of Changes in Assets and
Liabilities (Agency Funds)
107-108
ACCOUNT GROUPS
GENERAL FIXED ASSETS ACCOUNT GROUP
Supplemental Schedules
Schedule of General Fixed Assets - By Source 109
Schedule of General Fixed Assets - By Function
and Activity 110
Schedule of Changes in General Fixed Assets -
By Function and Activity ill
GENERAL LONG-TERM DEBT ACCOUNT GROUP
Supplemental Schedules
Schedule of General Long -Term Debt 112
SUPPLEMENTARY DATA
Required Supplementary Information
Analysis of Funding Progress - Illinois Municipal Retirement 113
- Police Pension 114
Revenues by Source - Illinois Municipal Retirement 115
Revenues by Source and Expenses by Type - Police Pension 116
TABLE OF CONTENTS (CONT.)
FINANCIAL SECTION (CONT.)
SUPPLEMENTARY DATA (CONT.)
Long -Term Debt Requirements
Sewerage Improvement Bond Series of 1973
Sewerage Treatment Facilities Bond Series of 1973
Corporate Purpose Bond Series of 1982
Corporate Purpose Bond Series of 1982-A
Corporate Purpose Bond Series of 1986
Corporate Purpose Bond Series of 1987
General Obligation Bond Series of 1988
Schedule of Officer's Deposits (Police Pension Fund)
Schedule of Insurance in Force
STATISTICAL SECTION
General Governmental Expenditures by Function -
Last Ten Fiscal Years
General Governmental Revenues By Source - Last Ten Fiscal Years
Property Tax Assessed Valuations, Rates, Extensions and
Collections - Last Ten Fiscal Years
Assessed and Estimated Actual Values of Taxable
Property - Last Ten Fiscal Years i
Property Tax Rates - All Overlapping Governments -
Last Ten Fiscal Years
Ratio of Net General Bonded Debt to Assessed Value
and Net Bonded Debt Per Capita - Last Ten Fiscal Years
Schedule of Legal Debt Margin
Schedule of Direct and Overlapping Debt
Ratio of Annual Debt Service Expenditures for General
Bonded Debt to Total General Governmental Expenditures -
Last Ten Fiscal Years
PAGE
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129
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131
132
133
134
TABLE OF CONTENTS (CONT.)
PAGE
STATISTICAL SECTION (CONT.)
Schedule of Revenue Bond Coverage - Water and Sewer Bonds -
Last Ten Fiscal Years 135
Property Value, Construction, and Bank Deposits -
Last Ten Fiscal Years 136
Demographic Statistics - Last Ten Fiscal Years 137
Principal Taxpayers 138
Miscellaneous Statistics 139
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I Introductory Section
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VILLAGE OF DEERFIELD, ILLINOIS
PRINCIPAL OFFICIALS
APRIL 30, 1989
LEGISLATIVE
VILLAGE BOARD OF TRUSTEES
Bernard Forrest, President
Harriet
E. Rosenthal
Edwin B.
Seidman
James L.
Marovitz
Vernon E.
Swanson
Cynthia
J. Marty
J. Robert
York
Robert D. Franz, Clerk
ADMINISTRATIVE
Robert D. Franz, Village Manager
FINANCE DEPARTMENT
George J. Valentine, Director of Finance/Treasurer
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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
April 30, 1988
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFR's) achieve the highest
standards in government accounting
and financial reporting.
-A�
President
Y2(� Le
Executive Director
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®R 9'r Y, 0, 1 %A
945.5000
ILLINOIS
850 WAUKEGAN ROAD • DEERFIELD, ILLINOIS 60015
October 18, 1989
Dear Mr. Franz:
The comprehensive annual financial report of the Village of Deerfield for
the fiscal year ended April 30, 1989, is hereby submitted. Responsibility
for both the accuracy of the data, and the completeness and fairness of
the presentation, including all disclosures, rests with the Village. To
the best of our knowledge and belief, the enclosed data are accurate in
all material respects and are reported in a manner designed to present
fairly the financial position and results of operations of the various
funds and account groups of the Village. All disclosures necessary to
enable the reader to gain an understanding of the Village's financial
activities have been included.
The comprehensive annual financial report is presented in three sections:
introductory, financial, and statistical. The introductory section
includes this transmittal letter, the Village's organizational chart and a
list of principal officials. The financial section includes the general
purpose financial statements, the combining, individual fund, and account
group financial statements, and schedules, as well as the independent
auditors' report on the financial statements and schedules. The
statistical section includes selected financial and demographic
information, generally presented on a multiyear basis.
This report includes all funds and account groups of the Village. The
Village provides a full range of services. These services include police
protection; sanitation services; the construction and maintenance of
highways, streets, sanitary sewers, waste water treatment infrastructure;
and cultural events. In addition to general Village activities, the
Village Board exercises, or has the ability to exercise, oversight of the
Village of Deerfield Police Pension Retirement System and the Deerfield
Public Library; these activities are included in the reporting entity.
However, the West Deerfield Township, Highland Park Mosquito Abatement
District, Deerfield Park District and Deerfield Bannockburn Fire Protection
District have not met the established criteria for inclusion in the
reporting entity, and, accordingly, are excluded from this report.
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ECONOMIC CONDITION AND OUTLOOK
The Village has experienced significant growth on its southern boundary.
A large portion of the growth has been in Cook County. The Cook County
area now encompasses 12.1% of the Village's equalized assessment
valuation, and, according to the 1980 census the Village has no residences
in that area. The Village now has 671 hotel rooms compared to none in
1985. There are an additional 128 rooms which will open in 1989 and under
construction is a 253 room Marriott Suites which will open in the summer
of 1990. This is important to the Village in that the Village levies a 5%
occupancy tax on rooms. This was $559,414 for the year ending 4/31/89.
The unemployment rate in Deerfield is approximately 1%. All of these
factors indicate that Deerfield will continue to be a financially vibrant
community.
The Northern Cook County and Southern Lake County area is undergoing a
rapid economic development. The major portion of this development is
centered on the Lake Cook corridor. Currently under construction are
entrance and exit ramps for the Illinois toll road at Lake Cook. This
should provide improved access to Lake Cook Road and reduce dependency on
the crowded Deerfield Road entrance. Unemployment in Lake County in
August 1989 is 3.2% compared with 5.8% in the state of Illinois.
MAJOR INITIATIVES
For the Year. The Village has continued its storm and sanitary sewer
renovation project by commencing Phase III of its renovation project.
This phase was financed with a $3,000,000 bond issue sold in October 1988.
This renovation project was started in 1982. The Village has provided a
total capital funding of $14,000,000 for this project. Any additional
phase will be small and will depend on specific demand.
The Village's central business district Tax Increment Finance District
(TIF) acquired a property at the intersection of Deerfield and
Waukegan Road for $420,000 and demolished the existing buildings. The
Village intended to make intersection improvements and construct a plaza
on this site and began the downtown Streetscape program. The financing for
the Streetscape will be provided by the TIF district, and interim financing
will be lent via an interfund loan from the General Fund to the TIP
district.
For the Future.
In October 1986, the Village of Deerfield developed a plan to upgrade the
overall quality and economic vitality of its Village Center (downtown).
Located in the geographic center of the community, this six -block area
exhibits many of the typical problems common to aging commercial districts
' throughout the country. Diverse ownership of inadequately sized and
ill -arranged parcels has resulted in incompatible development, causing
both visual and functional problems.
After approving a redevelopment plan, the Village began acquiring key
parcels of property, budgeted for public improvements essential to the
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area, and developed a Streetscape Program for the two major streets which
intersect within the Village Center.
Experience has clearly shown that economic revitalization generally occurs
in areas where there is a joint -venture effort between the public and
private sectors. Deerfield, in recognizing the importance of that
philosophy, has begun a redevelopment program that commits substantial
public funds into its Village Center. As might be expected, preference
must be given to acquisition of property and basic capital improvements
which will promote private investment in the area. At the same time,
better pedestrian access and improvement of the general appearance of a
downtown contribute significantly to its economic well-being.
Department Focus. Deerfield Police installed a state-of-the-art computer
system. This system allows the officer on patrol to inquire into Federal,
State and Local databases through a Mobile Data Terminal (MDT) installed
in the police car. Public requests for police service are computer
dispatched over this same system. Officers electonically record their
response and file their reports. The system also provides a computer
mapping module and criminal investigations module which includes digitized
"mug shots."
The Department is currently in the process of implementing an enhanced
9-1-1 system. This system will allow public access to police, fire and
emergency medical services by dialing 9-1-1 rather than the current 7
digit phone number. The caller's phone number and address will
automatically appear on a computer screen in the dispatch center with each
call.
FINANCIAL INFORMATION
Management of the Village is responsible for establishing and maintaining
an internal control structure designed to ensure that the assets of the
Village are protected from loss, theft or misuse and to ensure that
adequate accounting data are compiled to allow for the preparation of
financial statements in conformity with generally accepted accounting
principles. The internal control structure is designed to provide
reasonable, but not absolute, assurance that these objectives are met.
The concept of reasonable assurance recognizes that: (1) the cost of a
control should not exceed the benefits likely to be derived; and (2) the
valuation of costs and benefits requires estimates and judgments by
management.
Budgeting Controls. In addition, the Village maintains budgetary
controls. The objective of these budgetary controls is to ensure
compliance with legal provisions embodied in the annual appropriated
budget approved by the Village's governing body. Activities of the
general fund, special revenue funds, debt service fund, internal service
fund, enterprise fund and pension trust funds are included in the annual
appropriate budget. Project -length financial plans are adopted for the
capital projects funds. The level of budgetary control (that is, the level
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at which expenditures cannot legally exceed the appropriated amount) is
established at the fund level. The Village also maintains an encumbrance
accounting system as one technique of accomplishing budgetary control.
Encumbered amounts lapse at year end. However, encumbrances generally are
reappropriated as part of the following year's budget.
As demonstrated by the statements and schedules included in the financial
section of this report, the Village continues to meet its responsibility
for sound financial management.
General Government Functions. The following schedule presents a summary of
general fund, special revenue funds, and debt service funds revenues for
the fiscal year ended April 30, 1989, and the amount and percentage of
increases and decreases in relation to prior year revenues.
Increase Percent
Percent (Decrease) of Increase
Revenues Amount of Total from 1989 (Decrease)
Taxes 5,956,653 72.9 464,736 8.46
Licenses and Permits 746,453 9.1 365,802 96.0
Intergovernmental 331,817 4.0 14,083 4.4
Charges for Services 218,162 2.7 11,107 5.4
Fines 206,900 2.5 (33,696) (14.0)
Interest 462,576 5.7 (27,636) (5.6)
Miscellaneous 250,191 3.1 (153,860) (38.1)
Total 8,172,754 100.0 640,536 8.5
The increase in tax for 1989 vs 1988 is due primarily to the increase in
hotel tax revenues of $347,265. This reflects the addition of a valuable
revenue source to the Village. This should continue to expand as
additional hotels currently under construction become completed.
Licenses and Permits. Building permits account for $229,143 of the
increase in License and Permits. This is due to the increased building
activity in the Village. The Village does not believe that this increased
level will continue beyond two to three years because available sites are
dwindling. Vehicle licenses account for $124,429 in Licenses and Permits
due to a a change in the Village licensing year.
Miscellaneous. The reduction in Miscellaneous Revenue is due to the sale in
1988 of a piece of Village property for $140,000.
The following schedule presents a summary of general fund, special revenue
funds, and debt service funds expenditures for the fiscal year ended April
30, 1989, and the percentage of increases and decreases in relation to
' prior year amounts.
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Expenditures
Current
.General Government
Public Safety
Highways and Streets
Culture and Recreation
Miscellaneous
Debt Service
Increase Percent
Percent (Decrease) of Increase
Amount of Total from 1989 (Decrease)
1,384,532
18.3
138,188
11.1
2,365,672
31.3
108,864
4.8
1,022,507
13.5
85,819
9.2
882,873
11.7
(8,939)
(1.0)
436,349
5.8
71,684
16.4
Principal 600,000
Interest and Fiscal Charges 868,963
Other ---
Total
7.9 75,000 14.3
11.5 (31,965) (4.0)
--- (311,087) ---
7,560,896 100.0 127,564 1.7
General Government. The increase expenditure in General Government is
primarily attributable to a Village Hall remodelling which totaled
$136,270.
Police increases were due to general increases in salaries and
expenditures.
Debt. The decrease in debt in the fund "Other" of $311,087, is
attributable to a reduction in underwriting fees in a 1987-88 bond issue.
General Fund Balance. The fund balance of the general fund increased by
21.7 percent in 1989. The $723,348 increase provides the Village with a
fund balance that is the equivalent of 260 working days of expenditures.
The Village anticipates that in addition to the $820,000 already advanced
to the Central Business District TIF fund that additional funds will be
advanced, and a reserve of an additional $1,000,000 for that purpose.
Both the funds previously advanced and the reserve must be considered in
any analysis of the fund balance.
Enterprise Operations. The Village's enterprise operations are comprised
of four separate and distinct activities: the Water Fund and Sewerage
Funds, the Refuse Fund, and the Commuter Parking Lot Fund.
The $173,000 or 9.7% increase in water fund operating fund expenses was
largely due to an increase in the amount of water purchased due to an
extra dry summer. The other significant increase in the Enterprise
Operations was in the refuse fund. The increase of 113,895 or 10.6%
is due to the increase in costs in general, but particularly landfill cost
increases. The sewerage fund was minimal.
Pension Trust Fund Operations. The operations of the Village of Deerfield
Police Pension Fund (PERS) remained relatively stable in 1988. For the
year ending April 30, 1989, the pension benefit obligation is funded at
118%, the same as the prior year. While this standardized actuarial method
differs from the Illinois Department of Insurance funding requirement, it
does demonstrate actuarial stability in the police pension fund.
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Debt Administration. At April 30, 1989, the Village had a number of debt
issues outstanding. These issues included $13,951,013 of net general
obligation bonded debt and no revenue bonds. The Village has maintained
its AA from Moody's Investors Service on general obligation bond issues.
The Village of Deerfield is a home rule municipality and as such has no
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debt limitations. If, however, the Village were a non -home rule village
its available debt limit would be as follows.
Assessed Valuation - Estimated 377,208,775
Legal Debt Limit - 8.625 32,534,257
18,583,244
Legal Debt Margin
Cash Management. Cash temporarily idle during the year was invested in
demand deposits, certificates of deposit, obligations of the U.S.
Treasury, and commercial paper. The pension's trust funds investment
portfolio also includes an insurance company separate account. The
average yield on investments, except for the pension trust fund, was 7.8%.
The pension trust fund achieved a yield rate of 10.43% on cash and
investments exclusive of separate accounts which are similar to mutual
funds accounts and therefore carried at the lower of cost or market until
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sold. The separate accounts as reported by the management earned 16.52%
and 26.75% for calendar 1988. The higher rate of return on pension fund
investments is attributable to the long-term nature of most holdings in
its portfolio. The Village's investment performance ranks favorably when
compared to average yield rates of 7.8% for 90 day U.S. Treasury bills and
9.06 for 10 year U.S. Treasury notes. The Village earned interest revenue
of $1,830,905 on all investments for the year.
The Village's investment policy is to minimize credit and market risks
while maintaining a competitive yield on its portfolio. The Village only
utilizes banks and savings institutions which are profitable and have an
asset ratio in excess of 5%. The Village believes that these criteria
allow the Village to obtain competitive quotes on certificates of deposit
without the need for costly collateral. Village deposits which are
uninsured and uncollateralized total $495,953 or 1.4% of cash and investment.
The Village's investments total $33,276,812. Of these $24,590,073 are
Category 1. Category 1 includes investments that are insured or registered
or for which the securities are held by the government or its agent in the
government's name. An additional $7,088,349 is invested in the Illinois
Public Treasury Pool, $878,390 is in a deferred compensation plan asset
account, and the remaining $720,000 is in life insurance company contracts.
Risk Management. The Village participates in the Municipal Insurance
Cooperative Agency MICA. MICA is a proprietary joint venture whose
members are Illinois municipalities. MICA manages and funds first party
property losses, third party liability claims, Workers' Compensation
claims, and Public Officials Liability claims of its member
municipalities. The Village's payments to MICA are displayed on the
financial statements as expenditures/expenses in the appropriate funds.
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The Village also participates in the High -Level Excess Liability Pool
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Illinois to provide excess liability coverage ($5,000,000 of coverage
after a $1,000,000 self-insurance retention). The Village's payments to
HELP are displayed on the financial statements as expenditures/expenses in
appropriate funds.
OTHER INFORMATION
Independent Audit. State statutes require an annual audit by independent
certified public accountants. The accounting firm of Karrison, Byrne,
Jansey and Trimarco, Ltd. CPA's was selected by the Village's audit
committee. The auditor's report on the general purpose financial
statements and combining and individual fund statements and schedules is
included in the financial section of this report.
Finance Officers Association
Awards. The Government (GFOA) awarded a
Certificate of Achievement for Excellence in Financial Reporting to the
Village for its comprehensive annual financial report for the fiscal year
ended April 30, 1988. The was the sixth consecutive year that the
Village has received this prestigious award. In order to be awarded a
Certificate of Achievement, the Village published an easily readable and
efficiently organized comprehensive annual financial report. This report
satisfied both generally accepted accounting principles and applicable
legal requirements.
A Certificate of Achievement is valid for a period of one year only. We
believe that our current comprehensive annual financial report continues
to meet the Certificate of Achievement Program's requirements and we are
submitting it to the GFOA to determine its eligibility for another
certificate.
Acknowledgments. The preparation of the Comprehensive Annual Financial
Report on a timely basis was made possible by the dedicated service of the
entire staff of the finance department. Each member of the department has
our sincere appreciation for the contributions made in the preparation of
this report.
In closing, without the leadership and support of the Village Board,
preparation of this report would not have been possible.
Respe tfully submitted,
FinancW Director
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Financial Section
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AUDITOR'S OPINION
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Karrison, B me,
Jansey-&*
�o IA�� 750 EAST DIEHL ROAD • NAPERVILLE, ILLINOIS 60563
(708) 505-1900 FAX: (708) 505.1908
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
The Honorable Bernard Forrest, Mayor
Members of the Board of Trustees
Village of Deerfield
Deerfield, Illinois
We have audited the accompanying general purpose financial statements of the
Village of Deerfield, Illinois, and the combining, individual fund, and account
group financial statements of the Village of Deerfield, Illinois, as of and for
the year ended April 30, 1989, as listed in the table of contents. These
financial statements are the responsibility of the Village of Deerfield,
Illinois' management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing stand-
ards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the general purpose financial statements referred to above
present fairly, in all material respects, the financial position of the
Village of Deerfield, Illinois, at April 30, 1989, and the results of its
operations and the changes in financial position of its proprietary and similar
trust fund types for the year then ended, in conformity with generally accepted
accounting principles. Also, in our opinion, the combining, individual fund,
and account group financial statements referred to above present fairly, in all
material respects, the financial position of each of the individual funds and
account groups of the Village of Deerfield, Illinois, at April 30, 1989, and
the results of operations of such funds and the changes in financial position
of individual proprietary and similar trust funds for the year then ended, in
conformity with generally accepted accounting principles.
As discussed in Note 13B to the financial statements, the Village of Deerfield
has changed its method of accounting for special assessment bonds.
1
K
1
Our audit
was made for the
purpose of forming an opinion on the general purpose
financial
statements taken
as a whole and on the combining, individual fund,
and account
group financial
statements. The accompanying financial information
'
listed as
supplemental and
schedules in the table of contents is presented for
purposes
of additional analysis,
and is not a required part of the financial
statements
of the Village
of Deerfield, Illinois. The information has been
subjected to the auditing procedures
applied in the audit of the general
'
purpose, combining, individual fund,
and account group financial
statements
and, in our opinion, is fairly stated
in all material respects in
relation to
the financial statements of each of the
groups, taken as a whole.
respective individual funds
and account
The statistical information listed in the table of contents was not
audited by
'
us and, accordingly, we do not express
an opinion thereon.
I
1-1
1
P
t./ `7
Karrison, Byrne,
Jansey & Trimarco, Ltd.
August 1, 1989
1
1
1
1
�l
P
GENERAL PURPOSE FINANCIAL STATEMENTS
VILLAGE OF DEERFIELD, ILLINOIS
ALL FUND TYPES AND ACCOUNT GROUPS
COMBINED BALANCE SHEET
APRIL 30. 1989
(See Following Page)
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VUTAGE OF DEERFIELD, ILLINOIS
ALL PROPRIETARY AND FIDUCIARY (PENSION TRUST) FUND TYPES
COMBINED STATEHM OF REVENUES, EXPENSES,
AND GiANCES IN RMU-4ED EARNINGS - UNRESERVED/FUND BALANCE
FOR THE YEAR ENDED APRIL 30, 1989
Proprietary
Fiduc iary
Fund Types
Fund Types
Totals
Internal
Tension
(Memorandum Only)
Enterprise
Service
Trust
1989
1988
Operating Revenues
Taxes
$ 155,430
$ 155,430
$ 150,024
(harges fior Services
$4,020,119
$154,680
4,174,799
3,674,379.
Contributions
83,619
83,619
107,902
Ascellaneaus
136,388
488,746
625,134
550,017
Total Operating Revenues
4,156,507
154,680
727,795
.5,038,982
4,482,322
Operating Expenses
Adudnistration
361,473
361,473
316,636
Operations
3,693,865
165,934
3,859,799
3,599,646
Depreciation
378,631
378,631
386,448
Benefits and Refunds
88,660
88,660
87,859
Miscellaneous
1,620
1,620
53
.Total Operating Expenses
4,433,969
165,934
90,280
4,690,183
4,390,642
Operating Income (Loss)
(277,462)
(11,254)
637,515
348,799
91,680
Nmoperating Revenues (Expenses)
Interest Inane
189,685
189,685
135,047
Property Tames
541,018
541,018
485,998
Interest Expense
(1,913)
(1,913)
(3,825)
728,790
-
-
728,790
617,220
Net Income (Loss) before
Operating Transfers
451,328
(11,254)
637,515
1,077,589
708,900
Operating 'Transfers (Out)
(91,000)
(500)
-
(91,500)
(20,000)
Net Inane (Loss)
360,328
(11,754)
637,515
986,089
688,900
Other Garages in Retained Earnings -
Uareserved/Rmd Balance
Depreciation that Redures
Contributed Capital
194,373
-
-
194,373
301,500
Net Increase (Decrease) in Retained
Earnings/Rind Balance
554,701
(11,754)
637,515
1,180,462
990,400
Retained Earnings - Thresexved/
Find Balance
May 1
4,027,515
(33,302)
5,055,040
9,049,253
8,058,853
April 30
$4,582,216
$(45,056)
$5,692,555
$10,229,715
$9,049,253
See accompanying Notes to the Financial Statenents.
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1
VILLAGE OF DEERFIELD, ILLINOIS ,
NOTES TO THE FINANCIAL STATEMENTS '
APRIL 30, 1989
Summary of Significant Accounting Policies
The financial statements of the Village of Deerfield, Illinois (government),
have been prepared in conformity with generally accepted accounting principles
(GAAP) as applied to government units. The Governmental Accounting Standards
Board (GASB) is the accepted standard —setting body for establishing govern—
mental accounting and financial reporting principles. The more significant of
the government's accounting policies are described below.
A. Reporting Entity
In evaluating how to define the government, for financial reporting
purposes, management has considered all potential component units. The
decision to include a potential component unit in the reporting entity was
made by applying the criteria set forth in GAAP. The basic -- but not the
only -- criterion for including a potential component unit within the
reporting entity is the governing body's ability to exercise oversight
responsibility. The most significant manifestation of this ability is
financial interdependency. Other manifestations of the ability to exercise
oversight responsibility include, but are not limited to, the selection of
governing authority, the designation of management, the ability to
significantly influence operations, and accountability for fiscal matters.
A second criterion used in evaluating potential component units is the
scope of public service. Application of this criterion involves
considering whether the activity benefits the government and/or its
citizens, or whether the ,activity is conducted within the geographic
boundaries of the government and is generally available to its citizens. A
third criterion used to evaluate potential component units for inclusion or
exclusion from the reporting entity is the existence of special financing
relationships, regardless of whether the government is able to exercise
oversight responsibilities.
Included within the Reporting Entity
Police Pension Employees Retirement System
The government's policemen participate in the Police Pension Employees
Retirement System (PPERS). PPERS functions for the benefit of these
employees and is governed by a nine —member pension board. The PPERS fits
the criteria for inclusion in the Village's report.
Excluded from the Reporting Entity:
West Deerfield Township
Highland Park Mosquito Abatement District
Deerfield Park District
Deerfield Bannockburn Fire Protection District
1
9
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
APRIL 30, 1989
1. Summary of Significant Accounting Policies (Cont.)
' A. Reporting Entity (Cont.)
1
Excluded from the Reporting Entity (Cont.):
These potential component units have separate elected boards and provide
services to residents, generally within the geographic boundaries of the
government. These potential component units are excluded from the report-
ing entity because the government does not have the ability to exercise
influence over their daily operations, approve budgets or provide funding
Municipal
Insurance
Cooperative Agency (MICA)
MICA is an agency
programs for local
established to administer general liability insurance
governments. Management consists of a Board
of
Directors
comprised
of one appointed representative from each
member. The
government
does not
exercise any control over the activities
of the Agency
beyond its
representation on the Board of Directors. MICA is
reported as
a
'
joint venture.
' High -Level Excess Liability Pool (HELP)
HELP is a proprietary venture established for the purpose of seeking the
prevention or lessening of liability claims made against its member
municipalities. Management consists of a Board of Directors comprised of
one appointed representative from each member. The government does not
exercise any control over the activities of the Agency ;beyond its
representation on the Board of Directors. HELP is reported as a
joint venture.
The Village of Deerfield, Illinois was incorporated April 14, 1903. The
' Village operates under a Board/Manager form of government and provides the
following services as authorized by its charter: public safety (police) ,
highways and streets, sanitation, health and social services, culture -
recreation, public improvements, planning and zoning, and general admin-
strative services.
1
B. Fund Accounting
The government uses funds and account groups to report on its financial
position and the results of its operations. Fund accounting is designed Ito
demonstrate legal compliance and to aid financial management by segregating
transactions related to certain government functions or activities.
10 ,
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
APRIL 30, 1989
Summary of Significant Accounting Policies (Cont.)
B. Fund Accounting (Cont.)
A fund is a separate accounting entity with a self -balancing set of
accounts. An account group, on the other hand, is a financial reporting
device designed to provide accountability for certain assets and
liabilities that are not recorded in the funds because they do not directly
affect net expendable available financial resources.
Funds are classified into three categories: governmental, proprietary, and
fiduciary. Each category, in turn, is divided into separate "fund types".
Governmental funds are used to account for all or most of a government's
general activities, including the collection and disbursement of earmarked
monies (special revenue funds), the acquisition or construction of general
fixed assets (capital projects funds), and the servicing of general
long-term debt (debt service funds). The general fund is used to account
for all activities of the general government not accounted for in some
other fund.
Proprietary funds are used to account for activities similar to those found
in the private sector, where the determination of net income is necessary
or useful to sound financial administration. Goods or services from such
activities can be provided either to outside parties (enterprise funds) or
to other departments or agencies primarily within the government (internal
service funds).
Fiduciary funds are used to account for assets held on behalf of outside
parties, including other governments, or on behalf of other funds within
the government. When these assets are held under the terms of a formal
trust agreement, either a pension trust fund, a nonexpendable trust fund,
or an expendable trust fund is used. The terms "nonexpendable" and
"expendable" refer to whether or not the government is under an obligation
to maintain the trust principal. Agency funds generally are used to
account for assets that the government holds on behalf of others as their
agent.
C. Basis of Accounting
The accounting and financial reporting treatment applied to a fund is
determined by its measurement focus. All governmental funds and expendable
trust funds are accounted for using a current financial resources
measurement focus. With this measurement focus, only current assets and
current liabilities generally are included on the balance sheet. Operating
statements of these funds present increases (i.e., revenues and other
financing sources) and decreases (i.e., expenditures and other financing
uses) in net current assets.
1
1
' VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
APRIL 30, 1989
1. Summary of Significant Accounting Policies (Cont.)
C. Basis of Accounting (Cont.)
All proprietary funds, nonexpendable trust funds, and pension trust funds
are accounted for on a flow of economic resources measurement focus. With
this measurement focus, all assets and all liabilities associated with the
operation of these funds are included on the balance sheet. Fund equity
(i.e., net total assets) is segregated into contributed capital and
retained earnings components. Proprietary fund -type operating statements
present increases (e.g., revenues) and decreases (e.g., expenses) in net
total assets.
The modified accrual basis of accounting is used by all governmental fund
types, expendable trust funds, and agency funds. Under the modified
accrual basis of accounting, revenues are recognized when susceptiblelto
accrual (i.e., when they become both measurable and available).
'
"Measurable" means the amount of the transaction can be determined
and
"available" means collectible within the current period. The government
recognizes property taxes when they become both measurable and available
in
accordance with GASB Codification Section P70. A one-year availability
period is used for revenue recognition for all other governmental fund
revenues. Expenditures are recorded when the related fund liability
is
incurred. Principal and interest on general long-term debt are recorded
as
fund liabilities when due or when amounts have been accumulated in the debt
service fund for payments to be made early in the following year.
Those revenues susceptible to accrual are property taxes, franchise taxes,
licenses, interest revenue, and charges for services. Sales taxes
and
income taxes collected and held by the state at year end on behalf of
the
government also are recognized as revenue. Fines and permits revenues
are
not susceptible to accrual because generally they are not measurable until
received in cash.
' The accrual basis of accounting is utilized by proprietary fund types,
pension trust funds, and nonexpendable trust funds. Under this method,
revenues are recorded when earned and expenses are recorded at the time
' liabilities are incurred.
The government reports deferred revenue on its combined balance sheet.
Deferred revenues arise when a potential revenue does not meet both the
"measurable" and "available" criteria for recognition in the current
period. Deferred revenues also arise when resources are received by the
received prior to the incurrence of qualifying expenditures. In subsequent
periods, when both revenue recognition criteria are met, or when the
government has a legal claim to the resources, the liability for deferred
revenue is removed from the combined balance sheet and revenue is
recognized.
0
12 '
1.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
APRIL 30. 1989
Summary of Significant Accounting Policies (Cont.)
D. Budgets
Budgets are adopted on a basis consistent with generally accepted
accounting principles. Annual appropriated budgets are adopted for all of
the General, Special Revenue, Debt Service, Enterprise, Internal Service
and Trust funds. All annual appropriations lapse at fiscal year end.
Encumbrances represent commitments related to unperformed contracts for
goods or services. Encumbrance accounting -- under which purchase orders,
contracts and other commitments for the expenditure of resources are
recorded to reserve that portion of the applicable appropriation -- is
utilized in the governmental funds. Material encumbrances outstanding at
year end, if any, are reported as reservations of fund balances and do not
constitute expenditures or liabilities because the commitments will be
honored during the subsequent year.
E. Investments
Investments are stated at cost or amortized cost, except for investments in
the deferred compensation agency fund which are reported at market value.
F. Short-term Interfund Receivables/Payables
During the course of operations, numerous transactions occur between
individual funds for goods provided or services rendered. These
receivables and payables are classified as "due from other funds" or "due
to other funds" on the balance sheet. Short-term interfund loans, if any,
are classified as "interfund receivables/payables".
G. Inventories
Inventories are valued at cost, which approximates market, using the
first-in/first-out (FIFO) method.
H. Restricted Assets
Certain proceeds of enterprise fund revenue bonds, as well as certain
resources set aside for their repayment, are classified as restricted
assets on the balance sheet because their use is limited by applicable bond
covenants. See the note on long-term debt for additional disclosures.
1
1
1
13
VILLAGE OF DEERFIELD, ILLINOIS
' NOTES TO THE FINANCIAL STATEMENTS
APRIL 30, 1989
I
1. Summary of Significant Accounting Policies (Cont.)
1 I. Fixed Assets
k
1
General fixed assets are not capitalized in the funds used to acquire or
construct them. Instead, capital acquisition and construction are
reflected as expenditures in governmental funds, and the related assets are
reported in the general fixed assets account group. All purchased fixed
assets are valued at cost where historical records are available and at an
estimated historical cost where no historical records exist. Donated fixed
assets are valued at their estimated fair market value on. the date
received. I
The costs of normal maintenance and repairs that do not add to the value of
the asset or materially extend asset lives are not capitalized.
Improvements are capitalized and depreciated over the remaining useful
lives of the related fixed assets, as applicable.
Depreciation on fixed assets acquired through intergovernmental grants,
entitlements, or shared revenues externally restricted to capital
acquisitions is closed to contributed capital. I
Public domain ("infrastructure") general fixed assets consisting of roads,
bridges, curbs and gutters, streets and sidewalks, drainage systems and
lighting systems are not capitalized, as these assets are immovable and of
value only to the government.
Assets in the general fixed assets account group are not depreciated.
Depreciation of fixed assets in the proprietary fund types is computed
using the straight-line method.
J. Compensated Absences
Vested or accumulated vacation leave that is expected to be liquidated with
expendable available financial resources and is reported as an expenditure
and a fund liability of the governmental fund that will pay it. No
expenditure is reported for these amounts. Vested or accumulated vacation
leave of proprietary funds is recorded as an expense and liability of those
funds as the benefits accrue to employees. I
14 '
I.
VILLAGE OF DEERFIELD. ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
APRIL 30, 1989
Summary of Significant Accounting Policies Cont.)
K. Long -Term Obligations
Long-term debt is recognized as a liability of a governmental fund when
due, or when resources have been accumulated in the debt service fund for
payment early in the following year. For other long-term obligations, only
that portion expected to be financed from expendable available financial
resources is reported as a fund liability of a governmental fund. The
remaining portion of such obligations is reported in the general long-term
debt account group. Long-term liabilities expected to be financed from
proprietary fund operations are accounted for in those funds.
L. Fund Equity
Contributed capital is recorded in proprietary funds that have received
capital grants or contributions from developers, customers, or other funds.
Reserves represent those portions of fund equity not appropriable for
expenditure or legally segregated for a specific future use. Retained
Earnings - Reserved - Restricted Accounts represents amounts required to be
segregated by bond ordinance provisions. Designated fund balances
represent tentative plans for future use of financial resources.
M. Interfund Transactions
Quasi -external transactions are accounted for as revenues, expenditures, or
expenses. Transactions that constitute reimbursements to a fund for
expenditures/expenses initially made from it that are properly applicable
to another fund, are recorded as expenditures/expenses in the reimbursing
fund and as reductions of expenditures/expenses in the fund that is
reimbursed.
All other interfund transactions, except quasi -external transactions and
reimbursements, are reported as transfers. Nonrecurring or nonroutine
permanent transfers of equity are reported as residual equity transfers.
All other interfund transfers are reported as operating transfers.
N. Memorandum Only - Total Columns
Total columns on the general purpose financial statements are captioned
" memorandum only" to indicate that they are presented only to facilitate
financial analysis. Data in these columns do not present financial
position, results of operations, or changes in financial position in
conformity with generally accepted accounting principles. Neither are such
data comparable to a consolidation. Interfund eliminations have not been
made in the aggregation of this data.
1
1
1
1
1
1
1
1
1
1
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I
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1
VILLAGE OF DEERFIELD. ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
APRIL 30, 1989
1. Summary of Significant Accounting Policies (Cont.)
0. Comparative Data
Comparative total data for the prior year have been presented in the
accompanying financial statements in order to provide an understanding of
changes in the government's financial position and operations. However,
comparative data have not been presented in all statements because their
inclusion would make certain statements unduly complex and difficult to
understand.
2. Legal Compliance and Accountability
A. Budgets
All departments of the government submit requests for appropriation to the
government's manager so that a budget may be prepared. The budget is
prepared by fund, function, and activity, and includes information on the
past year, current year estimates, and requested appropriations for the
next fiscal year.
The proposed budget is presented to the governing body for review. The
governing body holds public hearings and may add to, subtract from, or
change appropriations, but may not change the form of the budget.
The budget may be amended by the governing body.
Expenditures may not legally exceed budgeted appropriations at the fund
level. During the year, no supplementary appropriations were necessary.
B. Deficit Fund Balances/Retained Earnings of Individual Funds
The following funds had a deficit in fund balance/retained earnings as of
the date of this report:
Deficit
Fund Balance
Illinois Municipal Retirement $ 75,449
Tax Increment Finance District 2 409,941
Brickyards Development 963,998
Garage 45,056
These deficits will be eliminated by future tax levies and transfers.
16 '
VILLAGE OF DEERF IELD . ILL INOIS
NOTES TO THE FINANCIAL STATEMENTS
APRIL 30, 1989
2. Legal Compliance and Accountability (Cont.)
C. Excess of Actual Expenditures/Expenses over Budget in Individual Funds
The following funds had an excess of actual expenditures/expenses
(exclusive of depreciation and amortization) over budget for the fiscal
year:
Fund Excess
Illinois Municipal Retirement
$ 23,510
Motor Fuel Tax
17,578
Debt Service
28,335
Water
136,660
Refuse
53,160
Commuter Parking Lot
8,733
Garage
1,528
3. Deposits and Investments
The government maintains a cash and investment pool that is available for use
by all funds, except the pension trust fund. Each fund type's portion of this
pool is displayed on the combined balance sheet as "cash and investments". In
addition, investments are separately held by several of the government's funds.
The deposits and investments of the pension trust funds are held separately
from those of other funds. Cash on hand of $2,540 has been excluded from the
amounts shown below.
Permitted Deposits and Investments - Statutes authorize the government to make
deposits/invest in commercial banks, savings and loan institutions, obligations
of the U. S. Treasury and U. S. Agencies, obligations of States and their
political subdivisions, credit union shares, repurchase agreements, commercial
paper rated within the three highest classifications by at least two standard
rating services, and the' Illinois Public Treasurer's Investment Pool.
Pension funds may also invest in certain non-U.S. obligations, mortgages,
veteran's loans, and life insurance company contracts.
17
1
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1
1
1
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0
VILLAGE OF DEERFIELD; ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
APRIL 30, 1989-
3. Deposits and Investments (Cont.)
A. Deposits
At year—end the carrying amount of the government's deposits totaled
$695,420, and the bank balances totaled $947,566.
Bank
Balances
Category 1
Deposits covered by federal depository
insurance, or by collateral held by
the government, or its agent, in the
government's name.
$451,613
Category 2
Deposits covered by collateral held by
the pledging financial institution's
trust department, or by its agent, in
the government's name.
—
Category 3
Deposits covered by collateral held by
the pledging financial institution, or
its trust department, .or its agent but
not in the government's name, and de—
posits which are uninsured and uncol—
lateralized.
495,953
Total Deposits
$947,566
Deposits classified as Category 3 are entirely composed of deposits which
are uninsured and uncollateralized.
For pension trust funds there are no deposits classified as Category 3.
a
18
VULAGE OF DMT ELD, ILLMIS
NOTES TO TH FDANCTAL STATENHWM
APRIL 30, 1989
3. Deposits and Investments (Cont.)
B. Investments
]he government's investments are categorized to give an indication of the level of risk assumed
by the entity at year-end. Category 1 includes investments that are insured or registered or
for which the securities are held by the government or its agent in the government's nane.
Category 2 includes uninsured and unregistered investments for ;�hich the securities are held by
the brdcer's or dealer's trust department or agent in the government's nane. Category 3
includes uninsured and unregistered investments for which the securities are held by the broker
or dealer., or by its trust department or agent but not in the government's nave and uninsured,
unregistered and uncollateralized investments.
U. S. Goverment
Securities
Life Insurance
Company Contract
Gft
Dade County Florida
Aviation Revenue
Bonds
Guaranteed Ines tment
Contract
Carrying Amount
Category �Jarle t
1 2 3 Totals Value
$13,708,000 $13,708,000 $15,377,855
882,073
$24,590,073
$470,000 470,000
579,731
882,073
882,073
10, 000, 000
10, 000, 000
250,000 250,000
250,000
- $720,000 25,310,073
27,089,659
Deferred Compensation Plan Assets 878,390 878,390
Tnestment in Illinois Public Treasurer's Investment Fbol 7,088,349 7,088,349
Total Investments $33,276,812 $35,056,398
The pension trust funds own approximately 17 percent of the investments in Category 1 and 100
percent of the investments in Category 3.
1
7
t
1
1
1
1
1
1
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11
VILLAGE OF DEERF IELD , ILL INOIS
NOTES TO THE FINANCIAL STATEMENTS
APRIL 30, 1989
4. Receivables - Taxes
Property taxes for 1988 attach as an enforceable lien on January 1, 1988, Ion
property values assessed as of the same date. Taxes are levied in September lof
the subsequent fiscal. year (by passage of a Tax Levy Ordinance). Tax bills are
prepared by the County and issued on or about April 30, 1989, and are payabile
in two installments, on or about June 1, 1989, and September 1, 1989. i e
County collects such taxes and remits them periodically.
5. Fixed Assets
A. General Fixed Assets Account Group
The following is a summary of changes in the general fixed assets accoun
group during the fiscal year:
Balances
Balances
May 1
Additions Retirements
April 30
Land
$2,190,722
$418,800
$2,609,52
Building and
Improvements
1,314,850
1,314,85
Vehicles
490,037
41,914 $10,714
521,23
Equipment
1,299,496
72,755
1,372,25
$5,295,105 $533,469 $10,714 $5,817,86
B. Proprietary Fixed Assets
The following is a summary of proprietary fund -type fixed assets as of the
date of this report:
Enterprise
Land $ 77,500
Systems 11,168,633
Equipment and Vehicles 579,976
Parking Lot 613,958
12,440,067
Less Accumulated
Depreciation 3,064,295
S Q 17i_777
20
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
APRIL 30, 1989
5. Fixed Assets (Cont.)
B. Proprietary Fixed Assets (Cont.)
In proprietary funds, the following
estimated
useful lives
are used to
compute depreciation:
Buildings
40-50
years
Water/Sewer System
40-60
years
Machinery and Equipment
10-20
years
Vehicles
4-5
years
C. Construction Contracts
The government has entered into contracts
for the construction or
renovation of various facilities as follows:
Required
Project
Expended
Further
Authorization
To Date
Commitment
Financing
Sewer Treatment Plant
Clarifier
Public Works Facility
Sewer Treatment Plant
Improvement
Phase 2A Sanitary
Sewer
Phase 2B Sanitary
Sewer
Deerfield Road Pumping
Station
1988 Street
Rehabilitation
Wilmot Road Pumping
Station
Bridges
Recreational Site
$ 129,880 $129,880 -
127,300 127,300 -
428,094 428,094 -
276,000 276,000 -
3,496,464 2,200,930 $1,295,534
1,668,000 1,668,000
84,700 84,700
380,000
380,000 - -
1,392,129
1,392,129 - -
10,000
10,000 - -
>.1
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
APRIL 30, 1989
5. Fixed Assets (Cont.)
C. Construction Contracts (Cont.)
Require
Project
Expended
Furthe
Authorization
To Date
Commitment Financi
Pfingsten/Kates Road
Extension
$ 816,009
$ 755,639
$ 60,370 -
Brickyard Park
Development
28,500
25,050
3,450 -
Access Avenue 3
353,400
300,388
53,012 -
Warwick Road Pumping
Station
1,549,000
1,061,016
487,984 -
Brickyard Park Grading
14,100
-
14,100 -
Commuter Parking Lot
104,897
-
104,897 -
1989 Street Rehabilita-
tion
70,938
10,662
60,276 -
6. Risk Management
A. The government has purchased medical insurance from private insurance
companies.
B. The government participates in the Municipal Insurance Cooperatlive
Agency. MICA is a governmental joint venture whose members are Illinois
municipalities. MICA manages and funds first party property losses,
third party liability claims, workers' compensation claims, and public
officials liability claims of its members. The government's payments to
MICA are displayed on the financial statements as expenditures/expenlses
in appropriate funds.
22 1
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO 'IRE FUSANCIAL SMT&vENrS
APRIL 30, 1989
6. Risk M3cm went ((bnt .)
C. High -Level Excess Liability Fbol (HELP)
r
The governnent part ic ipates in the High-level Excess Liability Rbol (HELP). HELP is a joint
venture established by certain municipalities in Illinois to provide excess liability coverEge
($5,000,000 of coverzge after a $1,000,000 self-insurance retention) . lie governnent's
payments to HELP are displayed on the financial statenents as expenditures/expenses in
appropriate funds.
7. Lease Cbligations
No material capital or operating leases were in effect as of the date of this report.
8. logg Teen Debt
A. General Obligation Bonds
The government issues general obligation bonds to provide funds for the acquisition and
construction of major capital facilities.
General obligation bonds are direct obligations and pledge the fU l faith and credit of the
government. General obligation bonds currently outstardirg are as follays:
Issue
Sewerage Improvement BDnd
Series of 1973;
($1,080,000 dated June 1,
1973; maturing Decanber. 1,
1992; payable in annual
installments; interest
rates fran 4.4. to 5.1%)
Sewer Ti eatment Facility
Bond Series of 1973;
($2,000,000 dated June 1,
1973; maturing Decenber 1,
1992; payable in annual
installments; interest
rates fran 4.4% to 6.0%)
Fund Debt Balances Balance s
Retired By May 1 Issuances Retirements April 30
Debt
Service $ 325,000
Debt
Service 675,000
$ 7 5, 000 $2 50, 000
125,000 550,000
t
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I
VILLAGE OR DEERFIELD. ILLINOIS
NOTES TO THE FINANCIAL SIATEMIM
APRIL 30, 1989
8. lorg-Tenn Debt (Cont.)
A. General Obligation Bonds ((unt.)
Issue
Corporate Purpose Bond Series
of 1982;
($500,000 dated October 1,
1982; maturing December 1,
1994; payable in annual
installments; interest
rates from 4.4% to 6.0%)
Corporate Purpose Bond Series
of 1982—A;
($500,000 dated Decenber 1,
1982; maturing December 1,
1993; payable in annual
installments; interest
rates fran 7.0% to 8.5%)
Corporate Purpose Bond Series
of 1983;
($500,000 dated Decenber 1,
1983; maturing December 1,
1988; payable in annual
installments; interest
rates fran 8.5%)
Corporate Purpose Bond Series
of 1986;
($11,000,000 dated May 1,
1986; maturing January 1,
2005; payable in annual
installments; interest
rates fran 6.40'/. to 7.757.)
Corporate Purpose Bond Series
of 1987;
($10,000,000 dated October
8, 1987; maturing October 8,
2002; interest rate fran
8.47. to 8.5%)
Corporate Purpose Bond Series
of 1988;
($3,000,000 dated November 1,
1988; maturing January 1,
2004; payable in annual
installments; interest rates
fran 6.7% to 8.0%)
Fund Debt Balances Balances
Retired By May 1 Issuances Retirements April 30
Deb t
Service $ 425,000
Deb t
Service 300,000
Deb t
Service 125,000
Deb t
Service 10,775,000
Expendable
Trust 10,000,000
$ 50,000 $ 375
50,000 250,(
125,000 —
175,000 10,600,C
f 1 111 1/1
Deb t
Service $3,000,000
$22,625,000 $3,000,000 $600,000 $25
24
VILIACE OF DMFUU.D, ILLINOIS
NOMS TO THE FINANCIAL STATEMMS
APRIL 30, 1989
8. Tang—Zarm Debt (Cbnt.)
B . love nue Bonds
The government also issues bonds where the government pledges incare derived fran the acquired
or constructed assets to pay debt service. Revenue bonds currently outstanding are as
follaas:
Issue
Water Revenue Bond Series
of 1960;
($125,000 dated January
1, 1960; maturing May 1,
1989; payable in annual
installments; interest
rates fran 4.2%. to 4.75%)
Leter Revenue- Bond Series
of 1959;
($545,000 dated April 1,
1959; naturing May 6,
1989; payable in anmual
installnents; interest
rates fran 4.2% to 5.00%)
Rind Debt Balances Balances
Retired By May 1 Issuances Retirements April 30
%ter $ 10,000
% ter 35,000
$ 45,000
$10, 000 -
35,000 -
$45,000 —
1
25
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
APRIL 30, 1989
8. Long -Term Debt (Cont.)
C. Debt Service Requirements to Maturity
Annual debt service requirements to maturity are as follows:
General Obligation
Bonds
Fiscal Year
General
Ending
Expendable
Long -Term
April 30
Trust
Debt
Totals
1990
$ 843,000
$ 1,777,344
$ 2,620,344
1991
843,000
1,827,600
2,670,600
1992
843,000
1,827,450
2,670,450
1993
843,000
1,827,212
2,670,212
1994
843,000
1,586,475
2,429,475
1995
843,000
1,528,262
2,371,262
1996
843,000
1,430,993
2,273,993
1997
843,000
1,447,497
2,290,497
1998
843,000
1,433,997
2,276,997
1999
843,000
1,442,037
2,285,037
2000
843,000
1,429,950
2,272,950
2001
- 843,000
1,438,650
2,281,650
2002
7,549,000
1,446,200
8,995,200
2003
3,127,500
1,454,513
4,582,013
2004
1,432,050
1,432,050
2005
1,115,538
1,115,538
Total Principal
and Interest
$20,792,500
$24,445,768
$45,238,268
Interest Portion
$10,792,500
$ 9,420,768
$20,213,268
r
1
26
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
APRIL 30, 1989
8. Long -Term Debt (Cont.)
D. Changes in Long -Term Liabilities
During the fiscal year the following changes occurred in liabilities
reported in the general long-term debt account group:
Sewerage Improvement Bond
Series of 1973
Sewerage Treatment Facility
Bond Series of 1973
Corporate Purpose Bond
Series of 1982
Corporate Purpose Bond
Series of 1982-A
Corporate Purpose Bond
Series of 1983
Corporate Purpose Bond
Series of 1986
Corporate Purpose Bond
Series of 1988
Balances Balances
May 1 Additions Reductions April 30
$ 325,000
$ 75,000 $
250,000
675,000
125,000
550,000
425,000
50,000
375,000
300,000
50,000
250,000
125,000 125,000 -
10,775,000 175,000 10,600,000
$31000,000 3,000,000
$12,625,000 $3,000,000 $600,000 $15,025,000
E. Legal Debt Margin
The governmment is a home rule municipality.
Article VII, Section 6(k) of the 1970 Illinois Constitution governs comp-
,u ation of the legal debt margin.
"The General Assembly may limit by law the amount and require
referendum approval of debt to be incurred by home rule
municipalities, payable from ad valorem property tax receipts,
only in excess of the following percentages of the assessed value
of its taxable property ...(2) if its population is more than
25,000 and less than 500,000 an aggregate of one percent:
...indebtedness which is outstanding on the effective date (July 1,
1971) of this constitution or which is thereafter approved by
referendum... shall not be included in the foregoing percentage
amounts."
To date the General Assembly has set no limits for home rule municipal-
ities.
27
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
APRIL 30, 1989
8. Long -Term Debt (Cont.)
F. Revenue Bond Ordinance Disclosures
Waterworks and Sewerage Fund
The ordinance authorizing the issuance of the Water Revenue Bond Series of
1959 and the subsequent Water Revenue Bond Issue of 1960 provided for the
creation of separate accounts designated as "Operations and Maintenance
Account," "Principal and Interest Account," "Depreciation Account," "Bond
' Reserve Account," "Surplus Account," "Improvement and Extension Account,"
and "Bond Redemption Account", into which accounts there shall, be credited
as of the first day of each month, except as hereinafter provided for the
Improvement and Extension Account and the Bond Redemption Account, all
revenues of the system in accordance with the following priority:
Operation and Maintenance Account - an amount sufficient to cover the esti-
mated operating and maintenance expense of the water system for the current
month.
Depreciation Account - the sum of $250 each month until such account aggre-
gates the sum of $15,000. Funds accumulated shall be used for replacements
or unusual repairs for which funds are not otherwise available.
Bond Principal and Interest Account - an amount at least equal to the sum
of one -sixth of the interest becoming due on the next interest payment
date, and one -twelfth- of the aggregate yearly amount of principal due on
the next principal maturity date.
Bond Reserve Account - an amount of $950 each month until such account
aggregates the sum of $52,000. Funds accumulated shall be used for the
payment of bond principal and interest, should the amount available in the
bond principal and interest account be insufficient to meet the payments
when due.
Surplus Account - any revenues remaining each month after providing for the
credits to the above listed accounts shall be credited to the Surplus
Account. At the end of each fiscal year, funds in this account shall be
used to make up deficiencies in the prior accounts, 50% of the remaining
amounts be transferred to an Improvement and Extension Account accumulated
up to a maximum of $100,000 and all revenue then remaining in the surplus
account may be used for the following purposes:
A. Create a Bond Redemption Account
B. Accelerate the accmulation of funds in aforementioned accounts
C. Used for any lawful corporate purpose
The bonds issued under these ordinances were fully paid at April 30, 1989.
The reserve account will be transfered to operations and maintenance for
fiscal 1990.
28 1
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
APRIL 30, 1989
8. Long -Term Debt (Cont.)
F. Revenue Bond Ordinance Disclosures (Cont.)
Waterworks and Sewerage Fund (Cont.)
Supplemental information required under bond ordinance provisions, not
subject to audit:
Metered Customers $ 5,652
Unmetered Customers -
Hydrants 821
Gallons Pumped 1,083,541,364
Gallons Billed 1,000,841,952
Connecting Properties 5,600
G. Noncommitment Debt
Industrial Development Revenue Bonds
The government qualifies as a Home Rule Unit under Section 6(a) of Article
VII of the 1970 Constitution of Illinois and, under the powers granted by
this section, can exercise any power and perform any function pertaining to
its government and affairs which is not prohibited by the Illinois Revised
Statutes.
The issuance of Industrial Development Revenue Bonds by the government is
to finance in whole or in part the cost of the acquisition, purchase,
construction, reconstruction, improvement, equipping, betterment or
extension of any economic development project in order to encourage
economic development within or near the government.
Industrial Development Revenue Bonds are not a debt of the government. The
entity using the bond proceeds to finance a construction or improvement
project is liable for the bonds. Since the government does not act as an
agent for Industrial Development Revenue Bonds, the transactions relating
to the bonds and property do not appear in the government's financial
statements.
The government
has authorized the issuance of the
following such bonds:
Date Issued
Type of
Bond
Amount
Debtor
12/20/82
Industrial
Revenue
$1,615,000
Chi-Chi's, Inc.
4/16/84
Industrial
Revenue
1,000,000
Teradyne, Inc.
12/17/84
Industrial
Revenue
4,500,000
Industrialplex
Limited Partnership
1
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29
VILLAGE OF DEERFIELD. ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
APRIL 30, 1989
9. Interfund Assets/Liabilities
Due From/To Other Funds
Receivable Fund
Payable Fund
Amount
General
Municipal Audit
$ 2,022
General
Street and Bridge
446
Tax Increment Finance
General
District #2
820,000
General
Sewerage
5,445
General
Police Pension
275
Library
Street and Bridge
1,741
Debt Service
Emergency Services/Disaster
1,100
Debt Service
Illinois Municipal Retirement
3,264
Debt Service
Street and Bridge
1,007
Brickyards
Tax Increment Finance
Development
District #1
170,000
Refuse
Street and Bridge
2,480
Deposit
General
1,779
$1,009,559
10. Commitments
High -Level Excess Liability Pool (HELP)
The government has committed to purchase excess liability insurance from the
High -Level Excess Liability Pool (Agency), a joint venture of Illinois
municipalities. The government expects to pay the following minimum amounts
(these amounts represent the government's share of the principal and interest
- "fixed costs" - of the Agency):
Year Ending Amount
1990
$23,535
1991
23,655
1992
24,579
1993
24,493
1994
24,329
1995
24,959
1996
25,458
1997
24,947
1998
25,232
30
VIILACE OF DEERFIEID, ILLIlUIS
NOTES TO THE FINANCIAL SIAMIWIS
APRTL 30, 1989
10. Commitments (Cant.)
High -Level Excess Liability Pool (HELP) (cont.)
These amounts have been calculated using the goverrment's current allocation percentage of 3.55%.
In future years this allocation percentage will be subject to change, because the Agency's
Agreement provides that each year Members will be assessed based upon a formula which specifies
the following four criteria for allocating premium costs:
Miles of Streets
Full Time Equivalent Employees
Number of Nbtor Vehicles
Operating Revenues
11. Segment Information - Enterprise Funds
The government maintains four enterprise funds which are intended to be self-supporting through
user fees charged for services to the public. Financial segment information as of the date of
this report and for the fiscal year is as follows:
Operating Revenues
Depreciation, and
Amortization Expense
Operating Income (loss)
Operating Transfers In
Operating Transfers Out
Tax Revenues
Net Income (Loss)
Current Capital Contributions
Current Capital Transfers
Plant, Property, and Equipment
Additions
Deletions
Total Assets
Net Working Capital
Bonds and Other Long -Term
Liabilities
Payable from Operating
Revenues
Payable from Other Sources
Total Equity
Commuter
Water Sewerage Refuse Parking Lot
Fund Fund Fund Fund Totals
$2,319,290 $1,193,252 $ 526,758 $117,207 $ 4,156,507
104,219
243,714
-
30,698
378,631
288,161
(67,947)
(544,402)
46,726
(277,462)
(30,000)
(31,000)
-
(30,000)
(91,000)
-
-
541,018
-
541,018
327,724
(29,915)
45,793
16,726
360,328
17,225
29,025
-
-
46,250
4,090,908
8,161,871
641,860
644,178
13,538,817
1,587,113
1,341,543
547,595
256,275
3,732,526
3,975,022 8,031,454 547,595 642,935 13,197,006 1
I
31
VILLAGE OF DEERF IELD , ILL INOIS
NOTES TO THE FINANCIAL STATEMENTS
APRIL 30, 1989
12. Contributed Capital
During the year., contributed capital increased/decreased by the following
amounts:
Commuter
Water
Sewerage
Parking
Fund
Fund
Lot Fund
Increases
-
-
-
Decreases
Depreciation
$ 48,389
$ 118,957
$ 27,027
Net Increase
(Decrease)
(48,389)
(118,957)
(27,027)
Contributed Capital
May 1
1,961.,847
6,379,368
379,240
April 30
$1,913,458
$6,260,411
$352,213
13. Fund Equity
A. Prior Period Adjustments
During the fiscal year, prior period adjustments were made as follows:
Amount
General Fund
To properly allocate deferred charges to a
previous fiscal year. $(11,029)
To write off a receivable that was deemed by
the Village as uncollectable. (8,247)
$09,276)
Tax Incremental Finance Distict 2
To properly reflect the amount of property tax
expense booked in fiscal year 1988. $ 2,453
32
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
APRIL 30, 1989
13. Fund Equity (Cont.)
B. Restatements
The government has restated beginning the Special Assessment fund balance
due to implementation of GASB Statement 6 - "Accounting and Financial
Reporting for Special Assessments". The special assessment bonds
outstanding are "no committment debt", the government acts solely as an
agent collecting assessments/property taxes and forwarding the collections
to bondholders. Therefore, agency fund reporting has been used for GAAP
purposes.
Special Assessment Funds
Cash and Investments
Receivables
Special Assessments
Other
Vouchers Payable
Special Assessment
Bonds Payable
Fund Balances
Agency Funds
Cash and Investments
Receivables
Special Assessments
Other
Rebate Payable
Changes
As Reported Due to As Restated
April 30, 1988 Restatement April 30, 1988
$ 64,532 $(64,532) -
299 (299) -
9,354 (9,354) -
37,704 (37,704) -
64,587 (64, 587) -
(28,106) 28,106 -
64,532
$64,532
299
299
9,354
9,354
74,185
74,185
The government has restated beginning Debt Service and Capital Projects
fund balances due to the reallocation of funds to pay for capital projects
rather than debt service.
33
1
1
1
1
1
Li
1
VILLAGE OF DEERFIELD, ILL INOIS
NOTES TO THE FINANCIAL STATEMENTS
APRIL 30, 1989
13. Fund Equity (Cont.)
B. Restatements (Cont.)
Changes
As Reported
Due to
As Restated
Debt Service Fund
April 30, 1988
Restatement
April 30, 1988
Cash and Investments
$1,762,020
$(431,550)
$1,330,470
Receivables
Property Taxes
968,191
968,191
Accrued Interest
13,387
13,387
Due from Other funds
11,515
11,515
Interest Payable
24,899
24,899
Due to Other Funds
2,234
2,234
Deferred Revenues
1,096,826
1,096,826
Fund Balances
1,631,154
(431,550)
1,199,604
Capital Projects Funds
Cash and Investments
8,272,915
431,550 8,704,465
Receivables
Property Taxes
3,615,768
3,615,768
Accrued Interest
123,311
123,311
Other
118,7189
118,789
Due from Other Funds
170,000
170,000
Accounts Payable
422,257
422,257
Contracts Payable
67,527
67,527
Due to Other Funds
570,000
570,000
Deferred Revenues
3,615,768
3,615,768
Fund Balances
7,625,231
431,550 8,056,781
J
14. Contingent Liabilities
A. Litigation
The government is a defendant in various lawsuits. Although the outcome
of these lawsuits is not presently determinable, in the opinion of the
government's attorney the resolution of these matters will not have a
material adverse effect on the financial condition of the government.
34 1
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
APRIL 30, 1989
14. Contingent Liabilities (Cont.)
B. Grants
Amounts received or receivable from grantor agencies are subject to audit
and adjustment by grantor agencies, principally the federal government.
Any disallowed claims, including amounts already collected, may constitute
a liability of the applicable funds. The amount, if any, of expenditures
which may be disallowed by the grantor cannot be determined at this time
although the government expects such amounts, if any, to be immaterial.
C. High -Level Excess Liability Pool (HELP)
The government's agreement with the High -Level Excess Liability Pool
provides that each member is liable for its proportionate share of any
costs arising from defaults in payment obligations by other members.
15. Subsequent Events
There were no material subsequent events.
16. Joint Ventures
A. Municipal Insurance Cooperative Association (MICA)
Description of Joint Venture
The Municipal Insurance Cooperative Association (MICA) is a governmental
joint venture established by certain units of local gover.nemnt in Illinois
to administer some or all of their general liability insurance programs.
Management consists of a Board of Directors comprised of one appointed
representative from each member. In addition, there are three officers, a
Benefit Administrator and a Treasurer.
The government does not exercise any control over activities of MICA
beyond its representation on the Board of Directors. MICA functions soley
as an administrative agent for each member.
1
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1
t
1
1
1
11
11
35
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
APRIL 30, 1989
16. Joint Ventures (Cont.)
A. Municipal Insurance Cooperative Association (MICA) (Cont.)
Summary of Financial Information of Joint Venture
The latest available financial statements of the Cooperative dated April
30, 1987 show the following:
Government's
Total Share
Total Assets $1,360,140 $315,586
Total Liabilities $ 568,138 $131,822
Total Equity 792,002 183,764
Total Liabilities $1,360,140 $315,586
B. High -Level Excess Liability Pool (HELP)
Description of Joint Venture
The High -Level Excess Liability Pool (the "Agency") is a proprietary joint
venture and was organized on April 1, 1987. The purpose of the Agency is
to act as a joint self-insurance pool for the purpose of
seeking the
prevention or lessening of liability claims for. injuries to
persons or
property or claims for errors and omissions made against the
Members and
other parties included within the scope of coverage of the Agency.
At the date of this report, the following municipalities were
members of
the Agency:
o
Share
Share
Village of Arlington Heights 11.70% Village of Mount Prospect 7.41%
Village of Chicago Ridge 2.23 Village of Oak Lawn
9.98
1
Village of Deerfield 3.55 City of Park Ridge
5.74
City of Des Plaines 10.59 Village of Skokie
10.25
'
Village of Elk Grove Village 7.82 Village of Streamwood
Village of Glenview 6.57 City of Wheaton
4.39
7.12
Village of Hoffman Estates 6.93 Village of Winnetka
4.37
Village of Lincolnshire 1.35
100.00%
These percentage shares are subject to change in future years based upon a
formula specified in the Agency Agreement.
L
36 1
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
APRIL 30, 1989
16. Joint Ventures (Cont.)
B. High -Level Excess Liability Pool (HELP) (Cont.)
Description of Joint Venture (Cont.)
The Agency is governed by a Board of Directors which consists of one
appointed representative from each member municipality. Each Director has
an equal vote. The officers of the Agency are appointed by the Board of
Directors. The Board of Directors determines the general policy of the
Agency, makes all appropriations, approves contracts, adopts resolutions
providing for the issuance of debt by the Agency, adopts by-laws, rules
and regulations, and exercises such powers and performs such duties as may
be prescribed in the Agency Agreement or the by-laws.
The government does not exercise any control over the activities of the
Agency beyond its representation on the Board of Directors.
Summary Financial Information of Joint Venture
Summary of Financial'Position as of April 30, 1989:
Assets
Liabilities and Fund
Current Assets
Current Liabilities
Cash and Investments
Claims Payable
$ 50,000
Unrestricted
$1,836,740
Due to Village of
Escrow Agreement
5,191,551
Elk Grove Village
375,000
7,028,291
Accrued Interest
Payable
136,320
Deferred Revenues
530,718
Receivables
1,092,038
Accounts
174,453
Accrued Interest
1,542
Long -Term Liabilities
175,995
Rebate Payable
14,496
Due to Village of
Elk Grove Village
4,275,000
4,289,496
Total Liabilities
5,381,534
Fund Equity
Retained Earnings 1,822,752
Total Liabilities
Total Assets $7,204,286 and Fund Equity $7,204,286
1
I
1
37
1
1
I
1
1
1
1
i
1
1
1
1
1
1
1
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1
1
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
APRIL 30, 1989 .
16. Joint Ventures (Cont.)
B. High -Level Excess Liability Pool (HELP) (Cont.)
Summary Financial Information of Joint Venture (Cont.)
Summary of Revenues, Expenses, and Changes in Retained Earnings for the
year ended April 30, 1989:
Operating Revenues $ 962,059
Operating Expenses 50,333
Operating Income 911,726
Nonoperating Revenues (Expenses)
Interest Income 501,191
Interest Expense (308,731)
192,460
Net Income 1,104,186
Retained Earnings
May 1 718,566
April 30 $1,822,,752
Government's Share of Assets, Liabilities, Fund Equity and Changes for the
year ended April 30, 1989:
Balances
May 1
Total Assets $231,570
Total Liabilities $205,729
Fund Equity
Retained Earnings 25,841
Total Liabilities
and Fund Equity $231,570
Government's Share of Net Income:
Increases Balances
(Decreases) April 30
$ 24,182 $255,752
$04,641) $191,088
38,823
$ 24,182
64,664
$255,752
$ 38,867
38 1
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
APRIL 30, 1989
16. Joint Ventures (Cont.)
B. High -Level Excess Liability Pool (HELP) (Cont.)
Joint Venture Debt - Changes in Long -Term Debt
Due to Village of
Elk Grove Village
for Retirement of
General Obligation
Bonds
Balances
May. l
$5,000,000
Balances
Issuances Retirements April 30
Joint Venture Debt - Security for the Debt
$350,000 $4,650,000
The Village of Elk Grove Village, Illinois (the initial Host Member)
issued $5,000,000 of general obligation bonds in 1987 to provide initial
funding for the Agency. The bond proceeds were put into escrow with
LaSalle National Bank as escrow agent. An intergovernmental agreement
among the Agency, the Village of Elk Grove Village, and the Members
provides that the Agency and its Members are obligated to the Village of
Elk Grove Village for payment of principal and interest on the bonds until
such bonds have been retired. Additionally each Member is liable for its
proportionate share of any default by other Members. The obligations of
the Agency and its Members are unconditional.
17. Deferred Compensation Plan
The government offers its employees a deferred compensation plan created in
accordance with Internal Revenue Code Section 457. The plan, available to all
government employees, permits them to defer a portion of their salary until
future years. Participation in the plan is optional. The deferred
compensation is not available to employees until termination, retirement,
death or unforeseeable emergency. All amounts of compensation deferred under
the plan, all property and rights purchased with those amounts, and all income
attributable to those amounts, property, or rights are (until paid or made
available to the employee or other beneficiary) solely the property and rights
of the government subject only to the claims of the government's general
creditors. Participants' rights under the plan are equal to those of general
creditors of the government in an amount equal to the fair market value of the
deferred account for each participant.
39
i
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
APRIL 30, 1989
17. Deferred Compensation
Plan (Cont.)
\
It is the opinion of
the government's legal counsel
that the government has no
liability for losses
under the plan but does have
the duty of due care that
would be required of
an ordinary prudent investor.
The government believes
that it is unlikely
that it will use the assets
to satisfy the claims of
general creditors in
the future.
1 18. Post -Employment Health Care Benefits
In addition to providing pension benefits, the government provides certain
health care and life insurance benefits for retired public safety employees.
Substantially all of the government's public safety employees may become
eligible for those benefits if they reach normal retirement age while working
for the government. The cost of retiree health care and life insurance
benefits is recognized as an expenditure as claims are paid. For the fiscal
year .those costs total $180. The retirees pay an annual premium which is
equal to the actuarially determined cost for each plan year. Accordingly no
liability has been recorded for post -retirement health care benefits.
19. Employee Retirement Systems
' A. Plan Descriptions and Provisions
Illinois Municipal Retirement
The government contributes to the Illinois Municipal Retirement Fund
('IMRF ), an agent multiple -employer public employee retirement system
that acts as a common investment and administrative agent for local
governments and school districts in Illinois. The government's total
payroll for the year ended December 31, 1988, was $4,047,365. Of this
amount, $2,529,121 in payroll earnings were reported to and covered by the
IMRF system.
All employees hired in positions that meet or exceed the prescribed annual
hourly standard must
be enrolled in IMRF as
participating members.
'
Pension benefits vest
after eight
years
of service.
Participating members
who retire at or after age 60
with
8 years of credited service are
entitled to an annual
retirement
benefit, payable
monthly for life, in an
amount equal to 1 2/3
percent of
their
final rate
(average of the highest
48 consecutive months'
earnings during
the last 10
years) of earnings, for
each year of credited
service up
to 15
years, and
2 percent for each year
thereafter. IMRF also provides death and disability benefits. These
benefit provisions and all other requirements are established by Illinois
State Statute.
k�
11
40 1
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
APRIL 30, 1989
19. Employee Retirement Systems (Cont.)
A. Plan Descriptions and Provisions (Cont.)
Illinois Municipal Retirement (Cont.) ._
Participating members are required to contribute 4.5 percent of their
annual salary to IMRF. The government is required to contribute the
remaining amounts necessary to fund the coverage of its own employees in
the System, using the actuarial basis specified by state statute (entry
age normal); for 1988 the rate was 8.08%.
Police Pension
Police sworn personnel are covered by the Police Pension Plan which is a
defined benefit single -employer. pension plan. Although this is a
single -employer pension plan, the defined benefits and employee and
employer contributions levels are governed by Illinois State Statutes
(Chapter 108 1/2 Article 3) and may be amended only by the Illinois
legislature. The government accounts for the plan as a pension trust
fund. The government's payroll for employees covered by the Police
Pension Plan for the year ended April 30, 1989 was $1,380,114 out of a
total payroll of $4,020,429. At April 30, 1989 the Police Pension Plan
membership consisted of:
Retirees and Beneficiaries Currently
Receiving Benefits and Terminated
Employees Entitled to Benefits but
not yet Receiving Them 6
Current Employees
Vested 21
Nonvested 12
Total 39
The following is a summary of the Police Pension Plan as provided for in
Illinois State Statutes.
The Police Pension Plan provides retirement benefits as well as death and
disability benefits. Employees attaining the age of 50 or more with 20 or
more years of creditable service are entitled to receive< an annual
retirement benefit of one-half of the salary attached to the rank held on
the last day of service, or for one year prior to the last day, whichever
is greater. The pension shall be increased by 2% of such salary for each
41
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
APRIL 30, 1989
19.
Systems Employee Retirement S(Cont.)Y (
A. Plan Descriptions and Provisions (Cont.)
Police Pension (Cont.)
additional year of service over 20 years up to 30 years, and 1% of such
salary for each additional year of service over 30 years, to,;a maximum of
1 75% of such salary. Employees with at least 8 years but Iless than 20
years of credited service may retire at or after age 60 and receive a
reduced benefit.
The monthly pension of a police officer who retired with 20 or more years
of service after January 1, 1977 shall be increased annually, following
the first anniversary date of retirement and be paid upon reaching the age
of at least 55 years, by 3% of the original pension and 3% simple interest
annually thereafter.
Covered employees are required to contribute 9% of their base salary to
the Police Pension Plan. If an employee leaves covered employment with
less than 20 years of service, accumulated employee contributions may be
refunded without accumulated interest. The government is required to
contribute the remaining amounts necessary to finance the plan as
actuarially determined by an enrolled actuary. By the year 2020 the
government's contributions must accumulate to the point where the past
service cost for the Police Pension Plan is fully funded.
B. Summary of Significant Accounting Policies and Plan Asset Matters
Basis of Accounting
The financial statements are prepared using the
accrual basis
of
accounting. Employee and employer
contributions
are recognized
as
revenues in the period in which employee
services are
performed.
Method Used to Value Investments
Fixed -income securities are reported at
amortized cost
with discounts
or
premiums amortized using the effective
interest rate
method, subject
to
adjustment for market declines judged to
be other than
temporary (lower
of
cost or market). Investment income is
recognized as
earned. Gains
and
losses on sales and exchanges of fixed -income
securities are recognized
on
the transaction date. Equity securities are reported
at cost subject
to
adjustment for market declines judged to
be other than
temporary (lower
of
cost or market).
t
42 1
VILLAGE OF DEERFIELD. ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
APRIL 30, 1989
19. Employee Retirement Systems (Cont.)
B. Summary of Significant Accounting Policies and Plan Asset Matters (Cont.)
Significant Investments
The following are investments (other than U.S. government and U.S.
government -guaranteed obligations) in any one organization that represent
5 percent or more of net assets available for benefits:
Plan Organization Amount
Police Pension Illinois Public Treasurer's
Investment Pool $515,453
Police Pension Life Insurance Company
Contract $470,000
Related Party Transactions
There are no securities of the employer or any other related parties
included in plan assets, including any loans.
C. Funding Status and Progress
The amount shown below as the "pension benefit obligation" is a
standardized disclosure measure of the present value of pension benefits,
adjusted for the effects of projected salary increases and step -rate
benefits, estimated to be payable in the future as a result of employee
service to date. The measure is intended to help users assess the funding
status of the system on a going -concern basis, assess progress made in
accumulating sufficient assets to pay benefits when due, and make
comparisons among employers. The measure is the actuarial present value
of credited projected benefits and is independent of the funding method
used to determine contributions to the System.
1
I
1
1
1
1
1
1
1
1
1
1
i
1
i
1
i
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
APRIL 30, 1989
19. Employee Retirement Systems (Cont.)
C. Funding Status and Progress (Cont.)
Illinois
Municipal Police
Retirement Pension
December 31, April 30,
Actuarial Valuation Date 1988 1989
Significant Actuarial
Assumptions
a) Rate of Return on Invest- 7.00% 9.00%
ment of Present and compounded compounded
Future Assets annually annually
b) Projected Salary
Increases - Attributable
to Inflation
c) Additional Projected
Salary Increases -
Attributable to
Seniority/Merit
d) Postretirement Benefit
Increases
43
3.75% ] 6.50%
compounded ] compound"ed
annually ] annually
]
}
] (Note - separate information
] for b) and c) not available)
1.00% ]
3.00% 3.00%
simple interest
annually
44
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
APRIL 30. 1989
19. Employee Retirement Systems (Cont.)
C. Funding Status and Progress (Cont.)
Pension Benefit Obligation
Retirees and Beneficiaries
Currently Receiving
Benefits and Terminated
Employees not yet
Receiving Benefits
Current Employees
Accumulated Employee
Contributions
Including Allocated
Investment Earnings
Employer - Financed Vested
Employer - Financed
Nonvested
Total Pension
Benefit Obligation
Net Assets Available for
Benefits, at Lower of
Cost or Market
(Market Values)
(IMRF - $1,596,771)
(Police - 6,105,985)
(Totals $7,702,756)
Unfunded (Assets in Excess of)
Pension Benefit Obligation
Illinois
Municipal Police
Retirement Pension
(Note A)
(Note C)
$ 46,042
$1,282,020
]
]
927,656
874,000 ]
(Note B)
1,943,800
] 2,544,490
274,101
] 69,111
3,137,943 4,823,277
Totals
$1,328,062
6,633,158
7,961,220
1,488,727 5,692,555 7,181,282
$1,649,216 $ (869,278) $ 779,938
(Note A) The pension benefit obligation applicable to retirees and beneficiaries
currently receiving benefits is not included in the above schedule due to
the fact that this obligation was transferred from the government to IMRF
as a whole when the annuity became payable.
1 45
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO THE FINANCIAL STATEMENTS
APRIL 30, 1989
19. Employee Retirement Systems (Cont.)
C. Funding Status and Progress (Cont.)
Effects on the Pension Benefit Obligation of Current -Year Changes
Illinois Municipal Retirement
Current -year changes in the actuarial assumptions, benefit provisions and
methodology are reflected in the pension benefit obligation shown above.
This amount has been calculated by the System's actuary using the measure
described above. The dollar effect of these changes on the pension
benefit obligation was not economically determinable on an individual
employer basis by IMRF.
Police Pension
There have been no current -year changes in the actuarial assumptions and
benefit provisions.
'
D. Contributions Required and Contributions Made
Illinois Municipal Retirement and Police Pension
The Systems' funding policy provides for actuarially determined periodic
contributions at rates that, for individual employees, accumulate assets
gradually over time so that sufficient assets will be available to pay
benefits when due. The rate for the government's employee group as a
whole has tended to remain level as a percentage of annual covered
payroll. The contribution rate for normal cost is determined using the
entry age normal actuarial funding method. The IMRF System used the level
percentage of payroll method, while the Police Pension System used a level
dollar amount method to amortize the unfunded liability over a 40 year
period.
The significant actuarial assumptions used to compute the actuarially
determined contribution requirements are the same as those used to compute
the pension benefit obligation as described in C. above.
11
46
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO THE FINANCIAL SEAT94M
APRIL 30, 1989
19. Employee Retirement Systens (Cont. )
D. (bntributions Required and Contributions Made ((bnt.)
Actuarial Valuation Date
Actuarially Determined Contribution
Requirement - Employer
As a Dollar Amount
Normal Cost
Ammrtirtion of Unfunded Actuarial Accrued Liability
Death and Disability Cost
As a % of Current Covered Payroll
Normal Cost
Amortization of Unfunded Actuarial Accrued Liability
Death and Disability Cost
Contribution Made
As a Dollar Amount
Empl aye r
Fsnployee
As a % of Current Covered Payroll
Illinois
Municipal
Police
Retirement
Pension Totals
December 31,
April 30,
1988
1989
$ 66,010
$ 84,690
$150,700
116,592
35,963
152,555
21,750
21,750
$204,352
$120,653
$325,005
2.61%
6.147.
3.87%
4.61
2.60
3.90
.86
.55
8.08/
8.747.
8.30%
$204,352
$155,430
$359,782
113,907
83,619
197,526
$318,259
$239,049
$557,308
Employer 8.08% 11.26% 9.20%
Employee 4.50 6.06 5.05
12.58% 17.32% 14.25%
Effects on the Contribution Requirements of Current Year (hanges
Illinois Municipal Retirement
Current -year charges in the actuarial assumptions, benefit provisions, and methodolcgy, will
be incorporated in the 1989 and 1990 employer contribution rates. These charges are estimated
to increase the 1990 rate by approximately 1.53 percent of payroll over the 1989 rate.
Separate dollar effects of each change were not econonically detemminable on an individual
employer basis by 1MRF.
�I
47
1
1
1
LJ
1
F-',
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO THE FINANCIAL STATEMWM
APRIL 30, 1989
19. FTloyee Retirenent Systems (Cont.)
D. Contributions Required and Contributions Made (Cont.)
Effects on the Contribution Requiranents of Current Year Charges (Cont.)
Police Pension
G
There have been no current -year charges in the actuarial assumptions, actuarial fmndirg
mathod, or benefit provisions.
E. Trend Information
Trend information gives an indication of the progress made in acanmulatirg sufficient assets
to pay benefits omen due. Ten-year trend information may be found in the supplenental
section of the government's annual financial report.
Illinois
Municipal Police
Year Retirement Pension Totals
Net Assets Available fDr Benefits
As a % of the Pension Benefit 1988 55.29% 118.0%
CbIimtion (PBO) 1989 47.44 118.0
Unfunded (Assets in Excess of) PBO
As a % of Annual Coer.ed Payroll
(Expressirg the unfunded pension
benefit obligation as a percent-
age of annual covered payroll
approximately adjusts fAr the
effects of inflation for
analysis purposes)
Employer Contributions
1988 63.00 62.0
1989 65.21 63.0
As a % of Annual Covered
1987
8.27
15.08
Payroll
1988
8.21
12.05
1989
8.08
11.26
Required
1987
$167,152
$108,586
$275,738
1988
179,472
139,841
319,313
1989
204,352
120,653
325,005
Made
1987
167,152
180,434
347,586
1988
179,472
150,024
329,496
1989
204,352
155,430
358,752
(During the implementation
transition period
all information
required is presented for as many
Wars as is available.)
I
1
LJ
1
1
I
1
1
I
1
1
r
E
I
1
I I
GOVERNMENTAL FUND TYPES
1
I
1
1
1
1
1
1
GENERAL FUND
Fund Description
General Fund
General Fund - (also referred to as the Corporate Fund) To account for resources
traditionally associated with governmental services not required to be accounted
for in another fund.
I
1
fl
[1
11
48
VILLAGE OF DEERFIELD, ILLINOIS
GENERAL FUND
BALANCE SHEET
APRIL 30. 1989
ASSETS
Cash and Investments
Receivables
Property Taxes
Accrued Interest
Other
Due from Other Governments
Sales Tax
State Income Tax
Court Fines
Due from Other Funds
Investment in Joint Venture - HELP
Total Assets
LIABILITIES AND FUND BALANCE
Liabilities
Accounts Payable
Accrued Payroll
Contracts Payable
Compensated Absences Payable
Other Payables
Due to Other Funds
Deferred Property Taxes
Total Liabilities
Fund Balance
Reserved for Investment in Joint Venture - HELP
Unreserved
Designated - Capital Improvements
Undesignated
Total Fund Balance
Total Liabilities.and Fund Balance
See accompanying Notes to the Financial Statements.
1989 1988
$3,418,096 $3,174,359
194,667
9,778
43,098
98,225
145,113
123,218
128,620
69,770
54,188
13,144
10,089
828,188
414,217
40,221
16,123
$4,600',640 $4,180,474
$ 109,721 $ 166,582
54,008
53,863
892
33,037
297,917
259,222
6,390
30,803
1,779
10,382
220,000
470,707
773,889
40,221 16,123
1,000,000
3,089,712
1,522,000
1,868,462
4,129,933
3,406,585
$4,600,640
$4,180,474
49
VILLAGE OF DEERF IELD , ILL INO IS
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCE — BUDGET AND ACTUAL
FOR THE YEAR ENDED APRIL 30, 1989
1989
1988
Budget
Actual
Actual
Revenues
Taxes
$2,973,000
$3,277,477
$2,806,194
Licenses and Permits
219,500
467,923
224,492
Intergovernmental
5,000
7,164
1,703
Charges for Services
109,000
100,539
83,409
Fines and Forfeits
235,000
206,902
240,598
Miscellaneous
413,820
489,664
648,067
Total Revenues
3,955,320
4,549,669
4,004,463
Expenditures
'
General Government
Public Safety
1,411,050
2,614,27-2
1,384,532
2,359,378
1,246,347
2,251,474
Total Expenditures
4,025,322
3,743,910
3,497,821
I
Excess (Deficiency) of Revenues
over Expenditures (70,002) 805,759 506,642
Other Financial Sources (uses) -
Operating Transfers In (Out)
Youth Bound Fund
(4,000)
(4)000)
Street and Bridge Fund
(135,000)
Federal Revenue Sharing Fund
2,807
Motor Fuel Tax Fund.
(6,213)
Transportation Fund
(2,000)
(2,000)
(2,000)
Tax Incremental Finance District 2 Fund
(25,000)
(50,922)
(16,255)
(31,000)
(63,135)
(154,448)
Excess (Deficiency) of Revenues and Other
Financing Sources over Expenditures and
Other Financing Uses
$ (101,002)
742,624
352,194
Fund Balance
May 1
3,406,585
3,054,391
Prior Period Adjustment
(19,276)
Adjusted Balance
3,387,309
3,054,391
April 30
$4,129,933
$3,406,585
ISee accompanying Notes to the Financial Statements.
50
VILLAGE OF DEERFIELD, ILLINOIS
GENERAL FUND
SCHEDULE OF REVENUES - BUDGET AND ACTUAL
FOR THE YEAR ENDED APRIL 30. 1989
Taxes
Property Taxes - General
Sales Tax
Income Tax
Hotel Motel Tax
Licenses and Permits
Beer/Liquor Licenses
.Food Licenses
Other Business Licenses
Building Permits
Animal Licenses
Non -Business Licenses and Permits
Intergovernmental
State Grants
Charges for Services
Special Police Services
Transfer Charges
Engineering Charges
Fines and Forfeits
Miscellaneous
False Alarms
Sale of Materials
Rentals
Interest
Miscellaneous
Franchise Fees
Income from Joint Venture
Total Revenues
Budget Actual
$ 120,000 $ 218,151
1,890,000
1,978,225
463,000
521,687
500,000
559,414
2,973,000
3,277,477
45,000
50,800
4,500
4,517
8,000
8,022
125,000
360,443
6,000
6,890
31,000
37,251
219,500
467,923
5,000 7,164
59,000
44,516
45,000
45,000
5,000
11,023
109,000
100,539
235,000 206,902
22,000
35,015
389
38,320
32,704
215,000
246,944
18,500
25,006
120,000
125,508
24,098
413,820
489,664
$3,955,320 $4,549,669
51
' VILLAGE OF DEERFIELD, ILLINOIS
GENERAL FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
FOR THE YEAR ENDED APRIL 30. 1989
1
Budget
Actual
General Government
'
Administration Department
Salaries
$ 658,250
$ 546,505
Overtime
7,900
14,258
Part -Time
105,000
89,572
Employee Benefits
90,000
74,357
Professional Services
193,000
98,484
Travel, Training and Dues
17,500
17,554
Printing and Advertising
12,000
13,563
'
Communications
23,000
20,515
Insurance
71,600
71,721
Contractual Services
Utility Services
55,000
2,000
64,041
2,915
Motor Vehicle Maintenance
6,000
4,897
Repairs and Maintenance
64,500
119,641
'
Equipment Rental
432
Rental Property Repairs
3,000
3,172
Miscellaneous
30,000
77,598
Supplies
20,000
23,759
Materials
2,000
1,484
Motor Vehicle Supplies
2,000
16,569
Dog Pound
3,483
Housing Assistance
25,000
29,250
Apparel
300
60
Small Tools and Equipment
1,000
20
Equipment
6,000
9,831
Office Furniture
49,157
Advisory Boards
9,711
Motor Vehicles
16,000
1
18,500
1
,411 ,050
,381 ,049
Computer Project
Contractual Services
-
3,483
Total General Government
$1,411,050
$1,384,532
1
'
52
'
VILLAGE OF DEERF IELD ,
ILL INOIS
GENERAL FUND
SCHEDULE OF EXPENDITURES - BUDGET
AND ACTUAL (CONT.)
'
FOR THE YEAR ENDED APRIL 30, 1989
Budget
Actual
Public Safety
Police Department
Administrative Service
'
Salaries
$ 355,950
$ 379,455
Overtime
3,150
3,590
Part -Time
15,750
11,438
'
Employee Benefits
39,570
37,056
Professional Services
5,900
1,842.
Travel, Training and Dues
5,600
4,105
Printing and Advertising
6,400
3,865
,
Communications
34,700
20,510
Insurance
141,300
133,455
Contractual Services
38,500
24,886
'
Motor. Vehicle Maintenance
2,000
1,540
Repairs and Maintenance
16,500
4,129
Supplies
13,500
11,100
Apparel
3,750
3,750
'
Equipment
26,000
8,896
Motor Vehicles
8,000
7,000
Miscellaneous
8,000
13,426
,
724,570
670,043
Invest igat ions
'
Salaries
120,750
83,211
Overtime
9,350
4,568
Employee Benefits
15,210
7,987
Travel, Training and Dues
1,250
337
'
Contractual Services
27,090
26,638
Motor Vehicle Maintenance
2,750
2,067
Repairs and Maintenance
1,800
203
'
Supplies
4,500
2,853
Motor Vehicle Supplies
1,000
856
Apparel
1,200
1,200
Equipment
8,950
6,808
193,850
136,728
Patrol
'
Salaries
1,125,800
1,096,441
Overtime
50,400
49,695
Part -Time
45,170
28,951
'
Employee Benefits
131,060
107,804
Travel, Training and Dues
24,240
14,236
Motor Vehicle Maintenance
2.5,790
25,197
53
1
1
i
1
1
1
1
1
1
1
1
1
1
1
1
1
i
1
VILLAGE OF DEERF IELD , ILL INOIS
GENERAL FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (CONT.)
FOR THE YEAR ENDED APRIL 30, 1989
Budget Actual
Public Safety (Cont.)
Police Department (Cont,.)
Patrol (Cont.)
Repairs and Maintenance $ 2,000 $ 584
Supplies 8,800 6,183
Motor Vehicle Supplies 25,000 20,127
Apparel 14,900 18,469
Equipment 10,600 5,318
Motor Vehicles 3g_nnn A 79A
Special Services
Salaries 26,250 18,004
Youth Services
Salaries
140,200
115,830
Overtime
6,300
3,464
Employee Benefits
17,312
10,910
Travel, Training and Dues
1,600
200
Motor Vehicle Maintenance
2,500
2,712
Repairs and Maintenance
900
Supplies
930
380
Motor Vehicle Supplies
2,000
1,240
Apparel
800
800
Equipment
1,300
1,336
173,842
136,872
Total Public Safety
2,614,272
2,359,378
Total Expenditures
$4.025.322
83.743.91n
F
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SPECIAL REVENUE FUNDS
1
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Fund Descriptions
Municipal Audit Fund
Municipal Audit Fund - An independent, outside audit is conducted by a firm engaged
by the Mayor and Board of Trustees on an annual basis as required by State law.
These are earmarked funds that can only be expended for audit purposes.
I
Emergency Services/Disaster Fund
Emergency Services and Disaster Fund - The Emergency Services and Disaster Agency
supersedes the Civil Defense Agency and now
basically relates to natural disasters
caused by floods
and tornadoes. The Agency
also prepares a plan of action to be
taken if man-made
disasters occur.
Youth Bound Fund
'
Youth Bound Fund
- Accounts for the revenues collected and the expenditures
incurred for this
unique and very successful
youth project of the Deerfield Police
Department.
Library Fund
'
Library Fund - To
account for _the resources
necessary to provide the educational,
cultural and recreational activities of the Deerfield Public Library.
' Street and Bridge Fund
Street and Bridge Fund - Accounts for the revenues and resources used in main-
taining approximately 70 miles of street and the Railroad Station in the Village of
Deerfield.
' Illinois Municipal Retirement Fund
Illinois Municipal Retirement Fund - To account for the revenues and expenditures
' associated with providing disability and pension benefits for Deerfield employees.
The fund also provides the employer with a portion of F.I.C.A. Contributions.
Public Benefit Fund
' Public Benefit Fund - To account for the public benefit portion of local
improvements installed under the special assessment procedure of financing is paid
from this fund.
1
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Fund Descriptions
Motor Fuel Tax Fund
Motor Fuel Tax Fund - To account for the activities involved with street
maintenance and construction. Financing is provided by the Village's share of
State gasoline taxes. State law required these gasoline taxes to be used for the
following purposes: (1) Street construction or reconstruction to improve traffic
capacity; (2) Installation of traffic signs, signals, and controls; (3) Sidewalk
repair and replacement; and (4) The public benefit share of new street improvements
when certain criteria are met in connection with a special assessment project.
Transportation Fund
Transportation Fund - To account for the Taxi Subsidy Program established for
senior citizens and the handicapped.
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1
VILLAGE OF DEERF IELD , ILL INOIS
MUNICIPAL AUDIT FUND
STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE YEAR ENDED APRIL 30. 1989
Revenues
Taxes
Property Taxes
Miscellaneous
Interest
Other
Total Revenues
Expenditures
Miscellaneous
Contractual
Excess (Deficiency) of Revenues
over Expenditures
Fund Balance
May 1
April 30
1989 1988
Budget Actual Actual
$12,000 $10,419 $10,772
34 36
13
12,000 10,453 10,821
12,000 11,600
10,850
- (1,147)
(29)
12,223
12,252
$11,076
$12,223
See accompanying Notes to the Financial Statements.
57
VILLAGE OF DEERF IELD , ILL INOIS
EMERGENCY SERVICES/DISASTER FUND
STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCE- BUDGET AND ACTUAL
FOR THE YEAR ENDED APRIL 30. 1989
Revenues
Taxes
Property Taxes
Miscellaneous
Interest
Other
Total Revenues
Expenditures
Public Safety
Travel, Training and Dues
Communications
Insurance
Contractual
Utility Services
Motor Vehicle Maintenance
Motor Vehicle Supplies
Repairs and Maintenance
Supplies
Equipment
Total Expenditures
Excess (Deficiency) of Revenues
over Expenditures
Fund Balance
May 1
April 30
1989
1988
Budget
Actual
Actual
$ 5,000
$ 4,948
$ 5,130
12
17
6
5,000
4,960
5,153
600
572
496
1,400
1,563
1,747
600
69
365
300
156
100
109
116
1,300
798
1,488
200
800
323
755
500
346
211
500
2,514
6,300
6,294
5,334
$0 ,300)
(1,334)
(181)
See accompanying Notes to the Financial Statements.
18,718 18,899
$17,384 $18,718
1
1
1
i
1
1
1
1
1
1
1
1
1
1
1
VILLAGE OF DEERFIELD, ILLINOIS
YOUTH BOUND FUND
STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE YEAR ENDED APRIL 30, 1989
Revenues
Charges for Services
Project Income
Expenditures
Culture and Recreation
Travel Advances
Travel, Training and Dues
Insurance
Motor Vehicle Maintenance
Motor Vehicle Supplies
Repairs and Maintenance
Supplies'
Equipment
Communications
Contractual
Total Expenditures -
Excess (Deficiency) of Revenues
over Expenditures
Other Financing Sources,
Operating Transfers In
General Fund
Excess (Deficiency) of Revenues and Other
Financing Sources over Expenditures
Fund Balance
May 1
April 30
1989 1988
Budget Actual Actual
$10,500 - $ 7,210
4,085
1,100
779
650
$ 69
395
3,500
1,140
5,895
900
8
628
200
5,200
849
1,500
1,600
794
1,582
1,000
128
1,544
15,650
2,139
15,757
(5,150)
(2,139)
. (8,547)
4,000 4,000 4,000
$0 ,150) 1,861 (4,547)
See accompanying Notes to the Financial Statements.
2,449 6,996
$ 4,310 $ 2,449
58
59
VILLAGE OF DEERFIELD, ILLINOIS
LIBRARY FUND
STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE YEAR ENDED APRIL 30, 1989
Revenues
Taxes
Property Taxes
Replacement Taxes
Intergovernmental
Grants
Charges for Services
Non -Resident Fees
Fees, Fines, Penalties
Reciprocal Borrowing
Xerox
Videos
Miscellaneous
Interest
Gifts
Reserve for Repairs and Replacement
Other
Total Revenues
Expenditures
Culture and Recreation
Excess (Deficiency) of Revenues
over Expenditures
Fund Balance
May 1
April 30
1989 1988
Budget Actual Actual
$722,017
$716,732
$689,406
16,000
20,326
16,894
17,255
17,432
17,313
15,000
13,499
13,224
22,696
26,999
23,113
2,000
4,087
1,074
15,000
11,131
14,075
21,000
28,029
23,483
25,000
34,416
31,500
500
753
761
140,000
727
996,468
873,404
831,570
996,468
880,734
876,055
-
(7,330)
(44,485)
See accompanying Notes to the Financial Statements.
263,149 307,634
$255,819 $263,149
1
11
11
1
VILLAGE OF DEERF IELD , ILL INOIS
LIBRARY FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
FOR THE YEAR ENDED APRIL 30, 1989
Culture and Recreation
Salaries - Professional
Salaries - Non -Professional
Employee Benefits
Professional Services
Education, Travel and Dues
Communication
Insurance
Contractual Services
Utilities
Repairs, Maintenance of Building and
Equipment Building Supplies
Supplies - Library and Office
Books
Periodicals
Audio -Visual
Binding
Special Library Programs
Data Base
New Equipment
Printing
Computer Service
Cataloging Service
Miscellaneous
Automation Project
Improvements - Other than Building
Total Expenditures 11
Budget
$219,561
295,419
30,000
6,000
8,000
8,000
12,000
11,000
700
39,000
21,000
86,000
26,000
18,000
1,000
5,000
1,500
35,000
5,000
5,000
400
72,000
90,888
$996,468
Actual
$218,828
286,533
31,879
1,393
6,934
8,971
10,806
7,408
662
46,406
20,460
94,440
25,956
20,173
1,195
4,121
516
28,479
4,183
411
3,693
1,800
55,487
$880 ,734
61
VILLAGE OF DEERFIELD, ILLINOIS
STREET AND BRIDGE FUND
STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE YEAR ENDED APRIL 30. 1989
1989
1988
Budget
Actual
Actual
Revenues
Taxes
Property Taxes
$330,000
$233,835
$246,210
Other Taxes
180,000
180,000
180,000
Licenses and Permits
Vehicle Licenses
270,000
278,530
156,159
Charges for Services
State Highway Maintenance
18,000
20,765
23,752
50/50 Sidewalk and Curb
25,000
9,208
15,055
50/50 Tree
5,000
3,905
1,160
Train Station Maintenance
1,500
1,500
Miscellaneous
Interest
22,000
42,172
32,691
Other
5,000
6,718
8,585
Total Revenues
856,500
775,133
665,112
Expenditures
Highways and Streets
Administration
121,580
129,876
95,371
Cleaning
36,350
30,324
30,136
Traffic Marking
43,350
39,548
38,474
Pavement Patching
87,930
86,050
71,723
Tarring Cracks
54,960
49,335
37,411
Drainage Structure
17,770
24,937
17,259
Street Lights and Traffic Signals
120,630
89,468
111,819
Miscellaneous Maintenance
86,580
97,398
71,715
Snow and Ice Control
122,830
108,166
133,670
Weed Control
17,740
19,002
12,317
Leaf Removal
23,820
22,998
24,978
Tree Removal
33,410
27,960
24,020
Tree Planting
16,490
12,906
10,195
Railroad Station Maintenance
40,080
27,961
28,618
Total Expenditures
823,520
765,929
707,706
Excess (Deficiency) of Revenues
over Expenditures
32,980
9,204
(42,594)
Other Financing Sources (Uses)
Operating Transfers In (Out)
General Fund
135,000
Commuter Parking Lot Fund
30,000
30,000
20,000
Replacement Fund
(61,000)
(61,000)
(31,000)
(31,000)
155,000
Excess (Deficiency) of Revenues and Other
Financing Sources over Expenditures and
Other Financing Uses
$ 13980
(21,796)
112,406
Fund Balance
May 1
226,856
114,450
April 30
$205,060
$226,856
soe accompanying Notes to the Financial Statements.
1
62
VILLAGE OF DEERFIELD, ILLINOIS
STREET AND BRIDGE FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
FOR THE YEAR ENDED APRIL 30, 1989
Budget
Actual
Highways and Streets
Public Works
Administration
Salaries
$ 37,300
$ 50,964
Overtime
3,900
Employee Benefits
6,650
4,684
Professional Services
2,200
464
r
Travel, Training and Dues
1,000
2,187
Printing and Advertising
4,400
4,139
Communications
Other
4,630
48,600
5,135
44,359
Motor Vehicle Maintenance
2,000
3,190
Miscellaneous
2,200
2,958
Supplies
3,000
3,522
Motor Vehicle Supplies
1,200
4,551
Apparel
1,800
1,350
Repairs and Maintenance
1,500
172
Contractual
1,200
2,201
121,580
129,876
Cleaning
Salaries
13,500
11,038
Overtime
1,160
1,762
Employee Benefits
3,190
1,129
Small Tools and Equipment
500
455
Contractual
3,700
1,997
Motor Vehicle Maintenance
4,000
4,742
Repairs and Maintenance
5,500
6,921
Equipment Rental
1,500
Motor Vehicle Supplies
Supplies
1,500
1,800
1,791
489
36,350
30,324
'
Traffic Marking
Salaries
13,130
15,025
Overtime
320
155
Part -Time
Employee Benefits
2,730
4,370
2,691
1,961
Motor Vehicle Maintenance
1,000
161
Repairs and Maintenance
800
544
Motor Vehicle Supplies
500
42
63 1
VILLAGE OF DEERFIELD, ILLINOIS
STREET AND BRIDGE FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
(CONT.)
FOR THE YEAR ENDED APRIL 30, 1989
�r
Budget
Actual
Highways and Streets (Cont.)
Public Works (Cont.)
Traffic Marking (Cont.)
Materials
$ 4,000
$ 1,023
Street Signs
6,500.
7,039
Contractual
10,000
10,907
43,350
39,548
Pavement Patching
Salaries
33,540
35,861
Overtime
1,260
335
Employee Benefits
7,230
3,520
Motor Vehicle Maintenance
5,000
6,916
Repairs and Maintenance
5,500
4,214.
Supplies
600
Motor Vehicle Supplies
2,000
529
Aggregates
30,800
32,909
Materials
2,000
1,766
87,930
86,050
Tarring Cracks
Salaries
19,140
20,768
Overtime
Part -Time
630
2,730
235
2,667
Employee Benefits
1,660
2,995
Motor Vehicle Maintenance
1,400
1,143
Repairs and Maintenance
1,900
1,441
Motor Vehicle Supplies
3,000
864
Aggregates
500
846
Materials
15,000
12,938
Equipment Rental
2,500
331
Equipment
6,500
5,107
54,960
49,335
'
Drainage Structures
Salaries
7,650
13,468
Overtime
950
65
Employee Benefits
1,570
1,962
Motor Vehicle Maintenance
2,000
3,923
Repairs and Maintenance
2,300
693
Motor Vehicle Supplies
300
71
Aggregates
1,000
1,132
Materials
2,000
3,623
17,770
24,937
1
DO
VILLAGE OF DEERF IELD , ILL INOIS
STREET AND BRIDGE FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (CONT.)
FOR THE YEAR ENDED APRIL 30, 1989
Budget
Actual
Highways and Streets (Cont.)
Public Works (Cont.)
Street Lights and Traffic Signals
Salaries
$ 7,000
$ 8,637
Overtime
1,160
2,433
Employee Benefits
1,470
993
Contractual
31,000
8,361
Utility Services
65,400
53,541
Motor Vehicle Maintenance
1,500
1,466
Repairs and Maintenance
1,000
3,619
Equipment Rental
1,000
Motor Vehicle Supplies
800
151
Aggregates
300
505
Materials
10,000
9,762
120,630
89,468
Miscellaneous Maintenance
Salaries
20,400
24,360
Overtime
1,160
5,946
Employee Benefits
720
2,120
Contractual
53,700
49,937
Motor Vehicle Maintenance
1,000
1,077
Repairs and Maintenance
3,000
2,759
Small Tools and Equipment
300
29
Miscellaneous
500
956
Motor Vehicle Supplies
600
757
Aggregates
1,000
4,982
Materials
2,200
4,132
Equipment Rental
2,000
343
86,580
97,398
Snow and Ice Control
Salaries
38,850
8,161
Overtime
9,870
20,637
Employee Benefits
1,510
1,415
Communications
800
Motor Vehicle Maintenance
7,000
10,582
Repairs and Maintenance
18,000
17,910
Equipment Rental
1,000
Supplies
2,500
518
Motor Vehicle Supplies
5,300
1,633
Salt
32,000
39,463
11
65
VILLAGE OF DEERFIELD, ILLINOIS
STREET AND BRIDGE FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
(CONT.)
FOR THE YEAR ENDED APRIL 30, 1989
Budget
Actual
Highways and Streets (Cont.)
Public Works (Cont.)
Snow and Ice Control (Cont.)
Aggregates
$ 4,000
$ 3,966
Materials
2,000
3,881
122,830
108,166
Weed Control
Salaries
6,380
7,995
Overtime
110
31
Part -Time
2,730
2,607
Employee Benefits
520
944
Motor Vehicle Maintenance
1,000
1,612
Repairs and Maintenance
3,000
4,091
Motor Vehicle Supplies
500
380
Materials
3,000
842
Equipment
500
500
17,740
19,002
Leaf Removal
Salaries
12,760
8,152
Overtime
2,300
7,044
Employee Benefits
2,760
1,173
Motor Vehicle Maintenance
1,500
956
Repairs and Maintenance
4,000
5,318
Motor Vehicle Supplies
500
280
Supplies
75
23,820
22,998
Tree Removal
Salaries
7,000
8,580
Overtime
630
455
Part -Time
4,300
4,133
Employee Benefits
1,580
1,242
Contractual
15,000
10,054
Motor Vehicle Maintenance
700
922
Repairs and Maintenance
600
1,818
Motor Vehicle Supplies
400
102
Materials
2,200
207
Equipment
500
447
Equipment Rental
500
33,410
27,960
1
1
1
t
1
1
1
1
1
1
1
1
1
1
1
1
1
1
VILLAGE OF DEERFIELD, ILLINOIS
STREET AND BRIDGE FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (CONT.)
FOR THE YEAR ENDED APRIL 30, 1989
Budget
Actual
Highways and Streets (Cont.)
-
Public Works (Cont.)
Tree Planting
Salaries
$ 7,650
$ 5,950
Overtime
420
102
Employee Benefits
2,520
454
Contractual
4,200
5,980
Motor Vehicle Maintenance
500
63
Repairs and Maintenance
300
70
Motor Vehicle Supplies
400
51
Materials
500
236
16,490
12,906
Railroad Station Maintenance
Salaries
14,030
12,862
Overtime
950
671
Part -Time
3,780
3,870
Employee Benefits
720
1,892
Contractual Services
8,300
2,291
Repairs and Maintenance
Supplies
2,400
500
Aggregates
1,500
854
Materials
500
386
7,900
4,635
40,080
27,961
Total Expenditures
$823,520
$765,929
67
VILLAGE OF DEERF IELD , ILL INOIS
ILLINOIS MUNICIPAL RETIREMENT FUND
STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE YEAR ENDED APRIL 30. 1989
1989
1988
Budget
Actual
Actual
Revenues
Taxes
Property Taxes
$390,000
$335,923
$333,410
Replacement Taxes
8,000
8,416
6,995
Miscellaneous
Interest Earnings
14,000
13,425
12,795
Other
404
Total Revenues
412,006
357,764
353,604
Expenditures
Miscellaneous
Illinois Municipal Retirement
, Payments - Employer 395,000 418,510 348,698
Excess (Deficiency) of Revenues over
Expenditures $ 17,000 (60,746) 4,906
Fund Balance
May 1 04,703) (19,609)
April 30 $(75,449) $04,703)
See accompanying Notes to the Financial Statements.
i
1
1
1
1
1
A
1
1
1
1
1
1
1
1
1
1
VILLAGE OF DEERF IELD , ILL INOIS
PUBLIC BENEFIT FUND
STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE YEAR ENDED APRIL 30. 1989
1989 1988
Budget Actual Actual
Revenues
Miscellaneous
Interest
Other
Total Revenues - - -
Expenditures
General Government
Contractual - - -
Excess (Deficiency) of Revenues
over Expenditures - - -
Fund Balance
May 1 $63,273 $63,273
April 30 $63,273 $63,273
See accompanying Notes to the Financial Statements.
VILLAGE OF DEERFIELD, ILLINOIS
MOTOR FUEL TAX FUND
STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE YEAR ENDED APRIL 30, 1989
Revenues
Intergovernmental
Allotments Earned
Miscellaneous
Interest
Other
Total Revenues
Expenditures
Highways and Streets
Street Maintenance
Street Resurfacing and
Renovation Program
Total Expenditures
Excess of Revenues
over Expenditures
Operating Transfer. In
General Fund
Excess of Revenues and Other
Sources over Expenditures
Fund Balance
May 1
April 30
1989 1988
Budget Actual Actual
$305,000 $303,551 $293,696
25,000 35,084 24,063
5,275
330,000 338,635 323,034
180,000
180,000
180,000
59,000
76,578
48,982
239,000
256,578
228,982
91,000
82,057
94,052
6,213
-
$-91,000 88,270 -
See accompanying Notes to the Financial Statements.
401,850 307,798
$490,120 $401,850
70
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VILLAGE OF DEERFIELD, ILLINOIS
TRANSPORTATION FUND
STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE YEAR ENDED APRIL 30, 1989
Revenues
Intergovernmental
Grant
Expenditures
Miscellaneous
Transportation
Excess (Deficiency) of Revenues
over Expenditures
Other Financing Sources
Operating Transfers In
General Fund
Excess (Deficiency) of Revenues and Other
Financing Sources over Expenditures
Fund Balance
May 1
April 30
1989
Budget Actual
$ 4,500 $ 3,670
6,500 6,239
(2,000) (2,569)
See accompanying Notes to the Financial Statements.
2,000 2,000
1988
Actual
$5,022
5,117
(95)
2,000
(569) 1,905
7,000 5,095
$ 6,431 $7,000
1
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DEBT SERVICE FUND
11
1
Fund Description
IDebt Service Fund
Debt Service Fund - To account for the accumulation of resources for the payment of
General Long -Term Debt.
1
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Fj
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71
VILLAGE OF DEERFIELD, ILLINOIS
DEBT SERVICE FUND
BALANCE SHEET
APRIL 30, 1989
ASSETS
Cash and Investments
Receivables
Property Taxes
Accrued Interest
Due from Other Funds
Total Assets
LIABILITIES AND FUND BALANCE
Liabilities
Interest Payable
Due to Other Funds
Deferred Property Taxes
Total Liabilities
Fund Balance
Reserved for Debt Service
Total Liabilities and Fund Balance
See accompanying Notes to the Financial Statements.
1989
$1,182,676
1,314,290
22,713
5,371
$2,525,050
$ 20,000
1,431,063
1,451,063
1,073,987
&n cnc ncn
WIN
$1,330,470
968,191
13,387
11,515
4�q Iql ccl
$ 24,899
2,234
1 ,096 ,826
1,123,959
1,199,604
$2,323,563
72
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VILLAGE OF DEERFIELD, ILLINOIS
DEBT SERVICE FUND
STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE YEAR ENDED APRIL 30, 1989
1989
Budget Actual
kevenues
Taxes
Property Taxes
$1,300,950
Replacement Taxes
40,000
Miscellaneous
Interest
100,000
Other
Total Revenues
1,440,950
Expenditures
Debt Service
Principal Retirement
Interest
Fiscal Charges
Other
Total Expenditures
1,440,638
Excess (Deficiency) of Revenues
over Expenditures
312
Other Financing Sources
Operating Transfers In
Tax Incremental Finance District 1 Fund
84,280
Excess (Deficiency) of Revenues and Other
Financing Sources over Expenditures
$ 84,592
Fund Balance
May 1
April 30
See accompanying Notes to the Financial Statements.
$1,110,004
58,573
90,489
1,259,066
600,000
866,226
2,737
1,468,963
(209,897)
1988
Actual
$1,148,224
48,682
127,932
525,000
900,924
1,000
3,065
1,429,989
(103,760)
84,280 222,400
(125,617) 118,640
1,199,604 1,080,964
C1 n7z GQ7 ct too rni,
73
VILLAGE OF DEERFIELD, ILLINOIS
DEBT SERVICE FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
FOR THE YEAR ENDED APRIL 30, 1989
Debt Service
Sewerage Improvement Bond Series of 1973
Principal
Interest
Sewerage Treatment Facility Bond Series of 1973
Principal
Interest
Corporate Purpose Bond Series of 1983
Principal
Interest
Corporate Purpose Bond Series 1982
Principal
Interest
Corporate Purpose Bond Series 1982-A
Principal
Interest
Corporate Purpose Bond Series of 1986
Principal
Interest
Fiscal Charges
Total Expenditures
Budget Actual
$ 75,000
14,337
125,000
30,562
125, 000
9,000
50,000
38,400
50,000
24,750
175,0-00
749,177
2,737
$1,440,638 $1,468,963
I
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CAPITAL PROJECT FUNDS
Fund Descriptions
Land Acquisition Fund
Established in 1974 to acquire land in the area now known as The Brickyards. The
funds remaining are held against the potential need of reimbursing the Illinois
Department of Transportation in the event a retention pond is not constructed.
Capital Projects Fund
Established in 1983 to provide funds for the study and review of the Village of
Deerfield Storm and Sanitary Sewer System.'
Tax Incremental Finance.District 1 Fund
Established in 1982 to provide funds for land acquisition and improvements to the
Village of Deerfield Tax Increment Financing District.
Tax Incremental Finance District 2 Fund
Established in 1987 to provide funds for land acquisition and improvements to the
Village of Deerfield Tax Increment Financing District.
Capital Improvements Series A Fund
Established in December, 1984, to provide funds for Storm Sewer Improvements,
Sanitary Improvements and a Street Rehabilitation Program.
Capital Improvements Series B Fund
Established in December, 1985, to provide funds for major renovation to the Storm
and Sanitary Sewers and a Street Rehabilitation Program.
Brickyards Development Fund
Established for the purpose of providing improvements to the area known as The
Brickyards property. This includes construction of Culverts, Creek Realignment,
and the extension of Pfingsten Road, which includes a bridge at Lake -Cook and an
overpass.at Kates Road.
Vehicle Replacement Fund
iEstablished to account for the
replacement of certain vehicles.
U
funds annually set aside for the eventual
Fund Descriptions (Cont.)
Capital Improvements Series 1987 Fund
Established in December, 1987 to provide funds for the maintenance and repairs of
the Village's streets.
Brickyard Park Fund
Established in 1988 to account for the construction and engineering of a park for
Deerfield Park District located within the area known as The Brickyards.
Capital Improvements Series 1988 Fund
Established in 1988 to provide funds for the acquisition of right-of-way for the
Access Avenue Project: traffic signal modification; sanitary sewer and street
rehabilitation; the installment of a new 16 inch water main, and storm drainage
improvements.
1
VILLAGE OF DEERFIELD, ILLINOIS
CAPITAL PROJECTS FUND
COMBINING BALANCE SHEET
APRIL 30. 1989
�l
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I(See Following Page)
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PROPRIETARY FUND TYPES
I
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ENTERPRISE FUNDS
I
r
1
1 Water'Fund
Fund Descriptions
Water Fund - To account for all activity necessary to provide water to the
residents of the Village of Deerfield including administration, operation,
maintenance, financing and related Debt Service.
1 Sewerage Fund
Sewerage Fund - To account for the provision of sewer service to the residents of
the Village of Deerfield. All activity necessary to provide such services is
accounted for in this fund including, but not limited to, administration,
construction, maintenance, and operations of the Sewerage Treatment Plant.
Refuse Fund
' Refuse Fund - To account for all revenues and expenses necessary to provide the
residents of the Village of Deerfield with refuse service.
Commuter Parking Lot Fund
1 Commuter Parking Lot Fund - To account for all activity necessary to construct,
operate, and maintain the commuter parking facilities within the Village.
�I
1
76
VILLAGE
OF DEERFIELD,
ILLINOIS
ENTERPRISE FUNDS
COMBINING
BALANCE
SHEET
APRIL 30, 1989
Commuter
,
Parking
Totals
Water
Sewerage
Refuse
Lot
1989
1988
ASSETS
Current Assets
Cash and Investments
$1,226,591
$1,171,046
$ 16,044
$257,518
$ 2,671,199
$ 2,114,665
Receivables
Property Taxes
500,538
500,538
420,303
,
Accrued Interest
3,824
9,774
13,598
13,496
Accounts
405,963
250,191
119,816
775,970
714,333
Other
19,653
16,839
2,982
39,474
74,771
Due from Other Funds
2,480
2,480
4,173
Inventories
39,907
6,728
46,635
40,278
Investment in Joint
Venture - HELP
7,061
17,382
24,443
9,674
1,702,999
1,471,960
641,860
257,518
4,074,337
3,391,693
Restricted Assets
Cash and Investments
88,708
-
-
-
88,708
88,708
Fixed Assets (Net of
Accumulated Depreciation)
2,299,201
6,689,911
-
386,660
9,375,772
9,708,152
,
Total Assets
$4,090,908
$8,161,871
$641,860
$644,178
$13,538,817
$13,188,553
LIABILITIES AND FUND EQUITY
Current Liabilities
Accounts Payable
$ 97,953
$ 75,685
$ 94,265
$ 587
$ 268,490
$ 237,628
Accrued Payroll
3,638
8,079
11,717
7,774
,
Compensated Absences Payable
14,295
41,208
55,503
33,022
Other Payables
656
656
24,404
Due to Other Funds
5,445
5,445
4,047
115,886
130,417
94,265
1,243
341,811
306,875
Long -Term Liabilities
Revenue Bonds Payable
-
-
-
-
-
45,000
Total Liabilities
115,886
130,417
94,265
1,243
341,811
351,875
'
Fund Equity
Contributed Capital
1,913,458
6,2609411
-
352,213
8,526,082
8,720,455
Retained Earnings
Reserved - Restricted Accounts
88,708
88,708
88,708
Unreserved
1,972,856
1,771,043
547,595
290,722
4,582,216
4,027,515
Total Retained Earnings
2,061,564
1,771,043
547,595
290,722
4,670,924
4,116,223
Total Fund Equity
3,975,022
8,031,454
547,595
642,935
13,197,006
12,836,678
'
Total Liabilities and
Fund Equity
$4,090,908
$8,161,871
$641,860
$644,178
$13,538,817
513,188,553
See accompanying Notes to the Financial
Statements.
77
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VILLAGE OF DMFIELD, ILLINOIS
EKTERPRISE FUNDS
COMBINING STATEMENT OF QIANGES IN GONIRIBiT M CAPTTAL
FOR THE YEAR ENDED APRIL 30, 1989
Increases
Contributions fran
Other Funds
Decreases
Depreciation that Reduces
Contributed Capital
Dbt Increase (Decrease)
Account Balances
May I
April 30
Ocrrmuter
Parldrg
Water Sewerage Refuse Lot
$ 48,389 $ 118,957
(48,389) (118,957)
Totals
$ 27,027 $ 194,373
(27,027) (194,373)
1,%1,847
6,379,368 -
379,240
8,720,455
$1,913,458
$6,260,411 -
$352,213
$8,526,082
See accompanying Notes to the Financial Staterents.
VILLAGE OF DEERFIELD, ILLINOIS
ENTERPRISE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES,
AND CHANGES IN RETAINED EARNINGS - UNRESERVED
FOR THE YEAR ENDED APRIL 30, 1989
Operating Revenues
Charges for Services
Water Sales
Sewer Charges
Refuse Billings
Parking Lot Fees
Surcharges
Miscellaneous
Total Operating Revenues
Operating Expenses Excluding
Depreciation
Administration
Operations
Total Operating Expenses
Excluding Depreciation
Operating Income (Loss)
before Depreciation
Depreciation
Operating Income (Loss)
Nonoperating Revenues (Expenses)
Interest Income
Property'Taxes
Interest Expense
Net Income (Loss)
before Operating Transfers
Operating Transfers (Out)
Net Income (Loss)
Other Changes in Retained Earnings -
Unreserved
Depreciation that Reduces
Contributed Capital
Net Increase in Retained Earnings -
Unreserved
Retained Earnings - Unreserved
May 1
April 30
Commuter
Parking
Totals
Water
Sewerage
Refuse
Lot
1989
1988
$2,239,905
S2,239,905
$1,942,437
$1,047,364
1,047,364
934,476
$ 526,758
526,758
453,555
$117,207
117,207
91,181
88,885
88,885
101,376
79,385
57,003
136,388
76,620
2,319,290
1,193,252
526,758
117,207
4,156,507
3,599,645
154,316
191,986
15,171
361,473
316,636
1,772,594
825,499
1,055,989
39,783
3,693,865
3,423,295
1,926,910
1,017,485
1,071,160
39,783
4,055,338
3,739,931
392,380
175,767
(544,402)
77,424
101,169
(140,286)
104,219
243,714
-
30,698
378,631
386,448
288,161
(67,947)
(544,402)
46,726
(277,462)
(526,734)
71,476
69,032
49,177
189,685
135,047
541,018
541,018
485,998
(1,913)
(1,913)
(3,825)
69,563
69,032
590,195
-
728,790
617,220
357,724
1,085
45,793
46,726
451,328
90,486
(30,000)
(31,000)
-
(30,000)
(91,000)
(20,000)
327,724
(29,915)
45,793
16,726
360,328
70,486
48,389 118,957 - 27,027 194,373 301,500
376,113 89,042 45,793 43,753 554,701 371,986
1,596,743 1,682,001 501,802 246,969 4,027,515 3,655,529
$1,972,856 $1,771,043 $ 547,595 $290,722 S4,582,216 S4,027,515
See accompanying Notes to the Financial Statements.
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:M
VILLAGE OF DEERFIELD, ILLINOIS
BALANCE SHEET
APRIL 30, 1989
1989
1988
ASSETS
Current Assets
Cash and Investments
$1,226,591
$ 860,539
Receivables
Accrued Interest
3,824
4,289
Accounts - Billed
119,722
131,897
- Unbilled
286,241
260,540
Other
19,653
43,604
Inventories
39,907
33,153
Investment in Joint Venture - HELP
7,061
2,786
1,702,999
1,336,808
Restricted Assets
Cash and Investments
88,708
88,708
Fixed Assets
Cost
3,159,154
3,141,929
Accumulated Depreciation
(859,953)
(755,735)
2,299,201
2,386,194
Total Assets
•L
$4,090,908
$3,811,710
LIABILITIES AND FUND EQUITY
Current Liabilities
Accounts Payable
$ 97,953
$ 110,107
Compensated Absences Payable
14,295
5,992
Other Payables
3,638
2,867
Due to Other Funds
446
115,886
119,412
Long -Term Liabilities
Revenue Bonds Payable
-
45,000
Total Liabilities
115,886
164,412
Fund Equity
Contributed Capital
1,913,458
1,961,847
Retained Earnings
Reserved - Restricted Accounts
88,708
88,708
Unreserved
1,972,856
1,596-,743
Total Retained Earnings
2,061,564
1,685,451
Total Fund Equity
3,975,022
3,647,298
Total Liabilities and Fund Equity
$4,090,908
$3,811,710
See accompanying Notes to the Financial Statements.
81
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
VILLAGE OF DEERF IELD , ILL INOIS
WATER FUND
STATEMENT OF CHANGES IN RETAINED EARNINGS - RESERVED - RESTRICTED ACCOUNTS
FOR THE YEAR ENDED APRIL 30, 1989
Principal
and Bo nd
Interest Depreciation Reserve Totals
Increases - - - -
Decreases - - - -
Net Increase (Decrease) - - -
Account Balances
May 1 $21,708 $15,000 $52,000 $88,708
April 30 $21,708 $15,000 $52,000 $88,708
See accompanying Notes to the Financial Statements.
82
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF REVENUES, EXPENSES,
AND CHANGES IN RETAINED EARNINGS - UNRESERVED - BUDGET AND ACTUAL
FOR THE YEAR ENDED APRIL 30, 1989
Operating Revenues
Charges for Services
Water Sales
Miscellaneous
Permits and Fees
Penalties
Other
Total Operating Revenues
Operating Expenses Excluding Depreciation
Administration
Operations
Distribution
Maintenance - Mains and Fire Hydrants
Maintenance - Meters
Total Operating Expenses
Excluding Depreciation
Operating Income
before Depreciation
Depreciation
Operating Income
Nonoperating Revenues (Expenses)
Interest Income
Interest Expense - Revenue Bonds
1989
Budget Actual
$1,825,000 $2,239,905
20,000 56,713
25,000 22,672
1,870,000 2,319,290
141,640
154,316
1,417,130
1,540,757
169,000
162,391
62,480
69,446
1,790,250 1,926,910
79,750 392,380
- 104,219
79,750 288,161
50,000
71,476
(2,000)
(1,913)
48,000
69,563
Net Income before Operating Transfers 127,750 357,724
Operating Transfers (Out)
Replacement Fund (30,000) (30,000)
Net Income $ 97,750 327,724
Other Changes in Retained Earnings - Unreserved
1988
Actual
$1,942,437
16,169
22,154
3,328
1,984,088
121,993
1,419,254
160,341
52,319
1,753,907
230,181
106,240
123,941
41,002
(3,825)
37,177
161,118
161,118
Depreciation that Reduces Contributed Capital 48,389 50,500
Net Increase in Retained Earnings - Unreserved 376,113 211,618
Retained Earnings - Unreserved
May 1 1,596,743 1,385,125
April 30 $1,972,856 $1,596,743
See accompanying Notes to the Financial Statements.
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
FOR THE YEAR ENDED APRIL 30, 1989
Administration
Salaries
Employee Benefits
Professional Services
Travel, Training and Dues
Printing and Advertising
Communications
Contractual Services
In s ur anc e
Motor Vehicle Maintenance
Miscellaneous
Supplies
Motor Vehicle Supplies
Occupancy
Apparel
Bond Principal
Repairs and Maintenance
Total
Less Nonoperating Items
Bond Principal
Total Administration
Operations
Distribution
Salaries
Overtime
Employee Benefits
Professional Services
Printing and Advertising
Contractual Services
Utility Services
Motor Vehicle Maintenance
Repairs and Maintenance
Miscellaneous
Purchase of Water
Supplies
Budget
Actual
$ 59,370
$ 82,684
9,520
7,698
3,700
350
300
1,050
700
522
9,850
9,087
1,000
90
36,900
30,888
1,200
530
300
1,562
500
1,364
700
1,440
15,000
15,000
1,800
2,051
45,000
45,000
800
186,640
199,316
45,000 45,000
141,640 154,316
48,460
42,067
6,300
13,436
6,020
5,614
1,500
1,440
1,100
1,116
8,100
3,315
85,500
71,128
2,150
2,979
3,000
1,064
1,300
604
1,250,000
1,395,230
500
513
83
84
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL (CONT.)
FOR THE YEAR ENDED APRIL 30, 1989
Budget Actual
J
Operations (Cont.)
Distribution (Cont.)
Motor Vehicle Supplies $ 1,000 $ 247
Chlorine 1,000 375
Materials 1,200 1,629
Total Distribution 1,417,130 1,540,757
Maintenance - Main and Fire Hydrants
Salaries
52,510
44,191
Overtime
12,100
17,225
Part -Time
19,320
14,054
Employee Benefits
5,620
6,647
Contractual Services
33,900
22,185
Motor Vehicle Maintenance
3,950
8,978
Repairs and Maintenance
10,500
8,084
Equipment Rental
1,000
100
Miscellaneous
400
(30)
Motor Vehicle Supplies
1,900
714
Small Tools and Equipment
300
305
Aggregates
6,000
6,522
Materials
21,500
33,416
Equipment
5,080
4,758
Improvements - Not Buildings
180,000
Total
354,080
167,149
Less Nonoperating Items
Fixed Assets Capitalized
185,080
4,758
Total Maintenance - Main and Fire Hydrants
169,000
162,391
1
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1
VILLAGE OF - DEERF IELD , ILL INOIS
WATER FUND
SCHEDULE OF OPERATING EXPENSES.- BUDGET AND ACTUAL (CONT.)
FOR THE YEAR ENDED APRIL 30, 1989
Operations (Cont.)
Maintenance - Meters
Salaries
Overtime
Part -Time
Employee Benefits
Professional Services
Travel, Training and Dues
Printing and Advertising
Contractual Services
Motor Vehicle Maintenance
Repairs and Maintenance
Miscellaneous
Supplies
Motor Vehicle Supplies
Materials
Small Tools and Equipment
Equipment
Total
Less Nonoperating Items
Fixed Assets Capitalized
Total Maintenance - Meters
Total Expenses
Budget Actual
$ 38,810
$ 42,177
840
341
950
889
6,330
4,858
3,000
300
1,000
88
2,200
689
2,700
2,019
1,400
18
300
38
350
30
1,000
1,973
3,000
1,806
300
139
ti 16,500
26,848
78,980
81,913
16,500 12,467
62,480 69,446
¢t ion qsn ci DnK o,n
85
VILLAGE OF DEERFIELD, ILLINOIS
WATER FUND
SCHEDULE OF FIXED ASSETS AND DEPRECIATION
FOR THE YEAR ENDED APRIL 30, 1989
Assets
Balances Balances
May 1 Additions Deletions April 30
Water System $2,808,048 $ 17,225 $2,825,273
Equipment and Automotive 333,881 333,881
$3,141,929 $ 17,225 - $3,159,154
Accumulated Depreciation
Balances Balances
May 1 Provisions Deletions April 30
Water System $ 554,749 $ 71,924 $ 626,673
Equipment and Automotive 200,986 32,294 233,280
$ 755,735 $104,218 - $ 859,953
Net Asset Value q? 90Q 9ni
87
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1
VILLAGE OF DEERFIELD, ILLINOIS
SEWERAGE FUND
BALANCE SHEET
APRIL 30, 1989
ASSETS
Current Assets
Cash and Investments
Receivables
Accrued Interest
Accounts - Billed
- Unbilled
Other
Inventories
Investment in Joint Venture - HELP
Fixed Assets
Cost
Accumulated Depreciation
Total Assets
LIABILITIES AND FUND EQUITY
Current Liabilities
Accounts Payable
Accrued Payroll
Compensated Absences Payable
Other Payables
Due to Other Funds
Total Liabilities
Fund Equity
Contributed Capital
Retained Earnings - Unreserved
Total Fund Equity
Total Liabilities and Fund Equity
See accompanying Notes to the Financial Statements.
J
1989 1988
$ 1,171,046 $ 991,313
9,774
5,221
73,927
57,908
176,264
168,873
16,839
26,797
6,728
7,125
17,382
6,888
1,471,960
1,264,125
8,589,455 8,560,430
(1,899,544) (1,655,830)_
6,689,911 6,904,600
S R IAA 5271 C A I4,Q 77S
$ 75,685
$ 47,953
8,079
7,774
41,208
27,030
20,998
5,445
3,601
130,417
107,356
6,260,411 6,379,368
1,771,043 1,682,001
8,031,454 8,061,369
$ 8,161,871 $ 8,168,725
W.
V ILLA GE OF DEERF IELD , ILL INOI S
SEWERAGE FUND
STATEMENT OF REVENUES, EXPENSES,
AND CHANGES IN RETAINED EARNINGS - UNRESERVED - BUDGET AND ACTUAL
FOR THE YEAR ENDED APRIL 30. 1989
Operating Revenues
Charges for Services
Sewer Charges
Surcharges - Construction
Surcharges - Sara Lee
Miscellaneous
Permits and Fees
Penalties
Other
Total Operating Revenues
Uperating Expenses Excluding Depreciation
Administration
Operations
Treatment Plant
Cleaning and Maintenance
Construction
Total Operating Expenses
Excluding Depreciation
Operating Income (Loss)
before Depreciation
1989
Budget Actual
$ 980,000 $1,047,364
50,000
46,964
41,921
20,000
45,260
10,000
10,606
1,000
1,137
1,061,000 1,193,252
187,660 191,986
1988
Actual
$ 934,476
45,325
56,051
18,610
8,932
7,427
1,070,821
167,030
780,080
629,158
613,027
120,440
98,674
84,760
141,030
97,667
140,760
1,229,210
1,017,485
1,005,577
(168,210)
175,767
65,244
Depreciation
68,500
243,714
249,510
Operating Income (Loss)
(236,710)
(67,947)
(184,266)
Nonoperating Revenues
Interest Income
55,000
69,032
56,281
Net Income (Loss) before Operating Transfers
(181,710)
1,085
(127,985)
Operating Transfers (Out)
Replacement Fund
(31,000)
(31,000)
Net Income (Loss) $
(212,710)
(29,915)
(127,985)
Other Changes in Retained Earnings - Unreserved
Depreciation that Reduces Contributed Capital
118,957
224,000
Net Increase in Retained Earnings - Unreserved
89,042
96,015
Retained Earnings - Unreserved
May 1
1,682,001
1,585,986
April 30
$1,771,043
$1,682,001
See accompanying Notes to the Financial Statements.
1
1
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1
VILLAGE OF DEERFIELD, ILLINOIS
SEWERAGE FUND
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
FOR THE YEAR ENDED APRIL 30, 1989
Budget
Actual
Administration
Salaries
$ 59,370
$ 69,434
Overtime
530
8
Employee Benefits
10,030
7,698
Professional Services
2,200
605
Travel, Training and Dues
200
492
Printing and Advertising
100
64
Communications
3,030
3,550
Insurance
90,300
80,994
Motor Vehicle Maintenance
900
2,029
Repairs and Maintenance
1,300
33
Miscellaneous
700
519
Supplies
600
900
Motor Vehicle Supplies
700
8,858
Occupancy
15,000
15,000
Apparel
1,500
1,112
Contractual Services
1,200
690
Total Administration
187,660
191,986
Operations
Treatment Plant
Salaries
261,400
234,932
Overtime
7,880
9,972
Part -Time
4,300
3,261
Employee Benefits
36,300
34,950
Professional Services
21,000
Travel, Training and Dues
900
2,162
Printing and Advertising
1,000
55
Communications
5,400
9,350
Contractual Services
34,500
1,382
Utility Services
205,300
164,575
Motor Vehicle Maintenance
3,000
2,144
Repairs and Maintenance
163,500
124,294
Equipment Rental
1,000
1,200
Supplies
8,600
10,732
Motor Vehicle Supplies
7,000
4,307
Chlorine
7,000
7,250
Aggregates
2,500
3,025
Materials
4,000
4,693
Street Signs
300
89
VILLAGE OF DEERFIELD, ILLINOIS
SEWERAGE FUND
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
FOR THE YEAR ENDED APRIL 30, 1989
Budget Actual
Operations (Cont.)
Treatment Plant (Cont.)
Small Tools and Equipment $ 500 $ 490
Apparel 1,700 956
Miscellaneous 3,000 5,212
Equipment 16,800 25,247
Total 796,880 650,189
Less Nonoperating Items
Fixed Assets Capitalized 16,800 21,031
Total Treatment Plant 780,080 629,158
Cleaning and Maintenance
Salaries
51,050
49,420
Overtime
4,620
2,396
Part -Time
2,520
2,443
Employee Benefits
8,650
6,034
Contractual Services
10,000
2,498
Motor Vehicle Maintenance
4,000
4,191
Repairs and Maintenance
5,000
4,246
Equipment Rental
3,000
240
Miscellaneous
2,000
Supplies
20,100
13,209
Motor Vehicle Supplies
1,500
462
Aggregates
1,000
6,127
Materials
7,000
5,563
Equipment
12,700
9,494
Small Tools and Equipment
300
345
Total
133,440
106,668
Less Nonoperating Items
Fixed Assets Capitalized
13,000
7,994
Total Cleaning and Maintenance
120,440
98,674
1
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91
VILLAGE OF DEERFIELD, ILLINOIS
SEWERAGE FUND
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL (CONT.)
FOR THE YEAR ENDED APRIL 30. 1989
Operations (Cont.)
Construction
Salaries
Overtime
Part -Time
Employee Benefits
Contractual Services
Motor Vehicle Maintenance
Repairs and Maintenance
Equipment Rental
Supplies
Motor Vehicle Supplies
Aggregates
Materials
Small Tools and Equipment
Total Construction
Total Expenses
Budget Actual
$ 83,100
$ 64,669
2,200
257
1,260
1,256
12,270
8,280
5,000
5,500
5,254
7,500
3,397
1,000
2,000
297
2,000
1,938
5,000
3,334
14,000
8,784
200
201
141,030 97,667
$1,229,210 $1,017,485
92
V ILLA GE OF DEERF IELD , ILL INO I S
SEWERAGE FUND
SCHEDULE OF FIXED ASSETS AND DEPRECIATION
Sewer System and Plant
Equipment and Automotive
Sewer System and Plant
Equipment and Automotive
FOR THE YEAR ENDED APRIL 30, 1989
Assets
Balances Balances
May 1 Additions Deletions April 30
$8,343,360 $8,343,360
217,070 $ 29,025 246,095
$8,560,430 $ 29,025 - $8,589,455
Accumulated Depreciation
Balances
May 1 Provisions Deletions
$1,492,899
$216,330
162,931
27,384
$1,655,830
$243,714
Balances
April 30
$1,709,229
190,315
$1,899,544
Net Asset Value $6.689.911
93
VILLAGE OF DEERF IELD , ILL INOIS
BALANCE SHEET
APRIL 30, 1989
ASSETS
Current Assets
Cash and Investments
Receivables
Property Taxes
Accrued Interest
Accounts - Billed
- Unb it led
Other
Due from Other Funds
Total Assets
LIABILITIES AND FUND EQUITY
Current Liabilities
Account Payable
Total Liabilities
Fund Equity
Retained Earnings - Unreserved
Total Liabilities and Fund Equity
See accompanying Notes to the Financial Statements.
1989 1988
$ 16,044 $ 52,578
500,538 420,303
3,986
28,337
17,855
91,479
77,260
2,982
4,370
2,480
4,173
$641,860 $580,525
$ 94,265 $ 78,723
94,265 78,723
547,595 501,802
$641,860 $580,525
94
V ILLA GE OF DEERF IELD , ILL INO I S
REFUSE FUND
STATEMENT OF REVENUES, EXPENSES, AND CHANGES
IN RETAINED EARNINGS - UNRESERVED - BUDGET AND ACTUAL
FOR THE YEAR ENDED APRIL 30, 1989
Operating Revenues
Charges for Services
Refuse Billing
Operating Expenses
Administration
Operations
Contractual Services
Total Operating Expenses
Operating Income (Loss)
Nonoperating Revenues (Expenses)
Interest Income
Property Taxes
Net Income (Loss)
Retained Earnings - Unreserved
May 1
April 30
1989 1988
Budget Actual Actual
$ 477,000 $ 526,758 $ 453,555
18,000 15,171 27,613
1,000,000 1,055,989 929,652
1,018,000 1,071,160 957,265
(541,000) (544,402) (503,710)
11,000
49,177
37,764
475,000
541,018
485,998
486,000
590,195
523,762
$ (55,000)
45,793
20,052
See accompanying Notes to the Financial Statements.
501,802 481,750
$ 547,595 $ 501,802
95
VILLAGE OF DEERFIELD, ILLINOIS
COMMUTER PARKING LOT FUND
BALANCE SHEET
APRIL 30, 1989
ASSETS
Current Assets
Cash and Investments
Fixed Assets
Cost
Accumulated Depreciation
Total Assets
LIABILITIES AND FUND EQUITY
Current Liabilities
Accounts Payable
Other Payables
Total Liabilities
Fund Equity
Contributed Capital
Retained Earnings - Unreserved
Total Fund Equity
Total Liabilities and Fund Equity
See accompanying Notes to the Financial Statements.
1989 1988
$ 257,518 $ 210,235
691,458
691,458
(304,798)
(274,100)
386,660
417,358
$ 644,178
$ 627,593
$ 587 $ 845
656 539
1,243 1,384
352,213 379,240
290,722 246,969
642,935 626,209
$ 644,178 $ 627,593
VILLAGE OF DEERFIELD, ILLINOIS
COMMUTER PARKING LOT FUND
STATEMENT OF REVENUES, EXPENSES, AND CHANGES
IN RETAINED EARNINGS - UNRESERVED - BUDGET AND ACTUAL
FOR THE YEAR ENDED APRIL 30. 1989
Operating Revenues
Parking Lot Fees
Operating Expenses Excluding Depreciation
Operations
Operating Income before
Depreciation
Depreciation
Operating Income before
Operating Transfers
Operating Transfers (Out)
Street and Bridge Fund
Net Income
Other Changes in Retained Earnings - Unreserved
Depreciation that Reduces Contributed Capital
Net Increase in Retained Earnings - Unreserved
Retained Earnings - Unreserved
May 1
April 30
1989 1988
Budget Actual Actual
$ 91,000 $117,207 $ 91,181
31,050 39,783 23,182
59,950 77,424
- 30,698
67,999
30,698
59,950 46,726 37,301
(30,000) (30,000)
$ 29,950 16,726
See accompanying Notes to the Financial Statements.
27,027
43,753
246,969
$290,722
(20,000)
17,301
27,000
44,301
202,668
$246,969
1
97
1
11
VILLAGE OF DEERFIELD; ILLINOIS
COMMUTER PARKING LOT FUND
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
FOR THE YEAR ENDED APRIL 30, 1989
Budget
Operations
Parking Lots - Village and Federal Funds
Salaries
$ 4,000
Benefits
190
Insurance
40
Utility Services
2,300
Repairs and Maintenance
1,000
Supplies
500
Aggregates
500
Equipment
500
Property Rentals
7,500
Materials
800
Total 17,330
Less Nonoperating Items
Fixed Assets Capitalized 500
Total Parking Lots - Village and Federal Funds 16,830
Parking Lots - Village Construction
Salaries
4,100
Overtime
Benefits
180
Insurance
340
Utility Services
6,800
Repairs and Maintenance
1,000,
Supplies
500
Aggregates
200
Materials
1,000
Equipment
100
Total Parking Lots - Village Construction
14,220
Total Operating Expenses $31 050
Actual
$ 4,926
389
377
2,358
60
14,880
431
23,421
23,421
4,430
1,374
455
377
2,897
2,779
958
3,092
16,362
$39,783
98
VILLAGE OF DEERFIELD, ILLINOIS
COMMUTER PARKING LOT FUND
SCHEDULE OF FIXED ASSETS AND DEPRECIATION
FOR THE YEAR ENDED APRIL 30, 1989
Assets
Balances Balances
May 1 Additions Deletions April 30
Land $ 77,500 $ 77,500
Parking Lot 613,958 613,958
$691 ,458 - - $691 ,458
Accumulated Depreciation
Balances Balances
May 1 Provisions Deletions April 30
Parking Lot $274,100 $30,698 $304,798
$274,100 $30,698 - $304,798
Net Asset Value $386,660
rl
1
111
I
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INTERNAL SERVICE FUND
1
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Fund Description
Garage Fund
Garage Fund - To account for all activity necessary to maintain the efficient and
safe operation of Village vehicles and equipment. The Garage is operated and
maintained by the Village of Deerfield and the various departments are billed
according to the services rendered.
1
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11
99
VILLAGE OF DEERFIELD, ILLINOIS
BALANCE SHEET
ASSETS
Receivables - Accounts
Due from Other Funds
Inventories
Total Assets
LIABILITIES AND FUND EQUITY
Liabilities
Cash Overdrafts
Accounts Payable
Compensated Absences Payable
Other Payables
Total Liabilities
Fund Equity
Retained Earnings - Unreserved
Total Liabilities and Fund Equity
See accompanying Notes to the Financial Statements.
1989 1988
$ 334 $ 1,618
12,675
36,750 34,091
$ 37,084 $ 48,384
$ 67,658
$ 67,268
2,470
3,693
10,656
9,255
1,356
1,470
82,140
81,686
(45,056) (33,302)
$ 37,084 $ 48,384
,
100
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VILLAGE OF DEERFIELD, ILLINOIS
GARAGE FUND
STATEMENT OF REVENUES, EXPENSES,
AND CHANGES IN RETAINED EARNINGS - BUDGET AND ACTUAL
FOR THE YEAR ENDED APRIL 30, 1989
Operating Revenues
Charges for Services
Billings
Operating Expenses
Operations
Net Income (Loss) before Operating
Transfers
Operating Transfers (Out)
Replacement Fund
Net Income (Loss)
Retained Earnings
May 1
April 30
rr
1989
Budget Actual
$174,100 $154,680
1988
Actual
$151,354
164,405 165,934 176,351
9,695 (11,254) (24,997)
(500) (500) -
$ 9,195 (11,754) (24,997)
See accompanying Notes to the Financial Statements.
(33,302) (8,305)
$(45,056) $(33,302)
101
VILLAGE OF DEERF IELD , ILL INO IS
STATEMENT OF CHANGES IN FINANCIAL POSITION
FOR THE YEAR ENDED APRIL 30, 1989
Cash Was Provided By
Decrease in Current Assets
Increase in Current Liabilities
Cash Was Used To
Fund Operations
Net Loss
Increase Current Assets
Net Increase (Decrease)
Cash and Investments
May 1
April 30
See accompanying Notes to the Financial Statements.
1989 1988
$ 11,300
64 $ 22
11,364 22
11,754 24,997.
2,093
11,754 27,090
(390) (27,068)
(67,268) (40,200)
$(67,658) $(67,268)
1
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102
VILLAGE OF DEERFIELD, ILLINOIS
GARAGE FUND
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
FOR THE YEAR ENDED APRIL 30, 1989
Operations
Public Works Department
Salaries
Overtime
Employee Benefits
Apparel
Travel, Training and Dues
Printing and Advertising
Insurance
Miscellaneous
Professional Services
Contractual Services
.Utility Services
Repairs and Maintenance
Supplies
Motor Vehicle Supplies
Equipment
Communications
Materials
Small Tools and Equipment
Total Operating Expenses-,
Budget Actual
$ 69,990 $ 68,593
5,570
7,991
10,030
9,403
500
207
500
345
400
301
6,800
6,019
200
97
50
100
45
1,600
1,116
5,000
3,960
53,700
59,004
800
343
6,065
5,677
1,100
768
500
593
1,500
1,472
$164,405 $165,934
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TRUST AND AGENCY FUNDS
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IFund Descriptions
Corporate Purpose Bond Series of 1987 Redemption Fund
Is used to account for Investments held in escrow to pay future pr.inicipal and
interest requirements on the Corporate Purpose Bond Series of 1987.
' Police Pension Fund
Police Pension Fund - To account for the resources necessary to provide retirement
and disability benefits to personnel of the Village of Deerfield Police
Department.
Deposit Fund
Deposit Fund - To account for monies on deposit with the Village which are being
held on a temporary basis.
Deferred Compensation Plan Fund
Deferred Compensation Plan Fund - To account for salary deductions held by the
Village for certain Village employees. The deferred compensation is available to
employees upon termination or retirement.
Special Assessment Fund
Special Assessment Fund - To
account
for the collection of assessments levied to
retire special assessments for
which
the Village has no obligation.
Deerfield Cemetery Association
Fund
Deerfield Cemetery Association
Fund -
To account for the monies on deposit with the
Village which are being held for the
Deerfield Cemetery Association.
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VILLAGE OF DEERFIELD, ILLINOIS
EXPENDABLE TRUST FUND
CORPORATE PURPOSE BOND SERIES OF 1987
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
FOR THE YEAR ENDED APRIL 30, 1989
Revenues - Interest
Expenditures - Interest
Excess of Revenues over
Expenditures
Fund Balance
May 1
April 30
See accompanying Notes to the Financial Statements.
$843,000
843,000
105
VILLAGE OF DEERF IELD , ILL INOIS
TRUST AND AGENCY FUND
POLICE PENSION FUND
STATEMENT OF REVENUES, EXPENSES,
AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
FOR. THE YEAR ENDED APRIL 30, 1989
Operating Revenues
Taxes
Property Taxes
Replacement Taxes
Contributions
Employee Contributions
Miscellaneous
Interest
Other
Total Operating Revenues
Operating Expenses
Benefits and Refunds
Pension Payments
Separation Refunds
Miscellaneous
Filing Fee
Total Operating Expenses
Net Income
Fund Balances
May 1
April 30
1989 1988
Budget Actual - Actual
$150,000
$ 148,818
$ 144,528
6,000
6,612
5,496
115,000
83,619
107,902
450,000
488,746
473,179
218
721,000
727,795
731,323
131,500 67,970 87,859
20,000 20,690
500 1,620 53
152,000 90,280 87,912
$569,000 637,515 643,411
5,055,040 4,411,629
ec Goq ccc ec ncc ALA
See accompanying Notes to the Financial Statements.
1
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1
VILLAGE OF DEERF IELD , ILL INOIS
TRUST AND AGENCY FUNDS
POLICE PENSION FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
FOR THE YEAR ENDED APRIL 30, 1989
Cash Was Provided By
Operations
Net Income
Decrease in Current Assets
Increase in Current Liabilities
Cash Was Used To
Decrease Current Liabilities
Increase Current Assets
Net Increase
Cash and Investments
May 1
April 30
See accompanying Notes to the Financial Statements.
1989 1988
$ 637,515 $ 643,411
25,657
275
637,790 669,068
1,406
6,434
631,356 667,662
4,839,333 4,171,671
$5,470,689 $4,839,333
106
VILLAGE OF DEERFIELD, ILLINOIS
AGENCY FUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED APRIL 30, 1989
Balances
May 1
Additions
Deductions
All Funds
ASSETS
Cash and Investments
$230,993
$,20,658
Receivables
Assessments
9,385
$ 299
Other
299
553
9,354
Due from Other Funds
1,779
Assets Held by Agents for Deferred
Compensation Plan (Market Value)
716,674
210,696
48,980
Total Assets
$957,351
$233,686
$ 58,633
LIABILITIES
Accounts Payable
$ 461
$ 181
Deposits Payable
155,324
29,969
Due to Other Funds
10,707
$ 10,707
Due to Participants
716,674
210,696
48,980
Rebate Payable
74,185
6,106
Total Liabilities
$957,351
$240,846
$ 65,793
Deposit Fund
ASSETS
Cash and Investments
$166,461
$
492
Receivables - Other
31
134
Due from Other Funds
1,779
Total Assets
$166,492
$
2,405 -
LIABILITIES
Accounts Payable
$ 461
$
181
Deposits Payable
155,324
12,931
Due to Other Funds
10,707
$0 0,707)
Total Liabilities
$166,492
$
13,112 $0 0,707)
Deferred Compensation Plan Fund
ASSETS
Assets Held by Agents for Deferred
Compensation Plan (Market Value) $716,674 $210,696 $ 48,980
LIABILITIES
Due to Participants $716,674 S210,696 $ 48,980
See accompanying Notes to the Financial Statements.
1G7
Balances
April 30
$ 251,651
584 ,1,779
878,390
$1,132,404
$ 642
185,293
878,390
68,079
$1,132,404
$ 166,953
165
1 ,779
$ 168,897
$ 642
168,255
$ 168,897 r
$ 878,390
S 878,390 ,
1
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VILLAGE OF DEERFIELD, ILLINOIS
AGENCY FUNDS
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES (CONT.)
Special Assessment
ASSETS
Cash and Investments
Receivables - Assessments
- Other
Total Assets
LIABILITIES
Rebate Payable
FOR THE YEAR ENDED APRIL 30, 1989
Balances Balances
May 1 Additions Deductions April 30
$ 64,532 $ 3,547
299
9,354
$ 74,185 $ 3,547
$ 74,185
$68,079
$ 299
9,354
$9,653 $68,079
$6,106 $68,079
Deerfield Cemetery
Association
ASSETS
Cash and Investments
$16,619
$16,619
Receivables - Other
419
419
Total Assets
- $17,038
�- 4_\ $17,038
LIABILITIES
Deposits Payable
$17,038
$17,038
Total Liabilities
- $17,038
- $17,038
See accompanying Notes to the Financial Statements.
108
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ACCOUNT GROUPS
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GENERAL FIXED ASSETS ACCOUNT GROUP
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General Fixed Assets
Account Group
To account for fixed assets not in proprietary fund operations or accounted for in
trust funds.
109
VILLAGE OF DEERFIELD, ILLINOIS
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF GENERAL FIXED ASSETS - BY SOURCE
APRIL 30. 1989
GENERAL FIXED ASSETS
L and
Buildings and Improvements
Vehicles
Equipment
INVESTMENT IN GENERAL FIXED ASSETS
General Revenues
General Obligation Bonds
Installment Contracts
$2,609,522
1,314,850
521,237
1,372,251
er 017 Qcn
$3,917,860
1,500,000
400,000
CS Q17 09n
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VILLAGE OF DEERFIELD, ILL INOIS
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY
FOR THE YEAR ENDED APRIL 30, 1989
Balances
Function and Activity May 1
General Government $1,539,818
Public Safety 2,793,671
Public Works 961,616
6c 'Inc Inc
Balance s
Additions
Deletions
April 30
$479,916
$ 1,200
$2,018,534
33,147
2,400
2,824,418
20,406
7,114
974,908
$533,469
$10,714
$5,817,860
d
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GENERAL LONG TERM DEBT ACCOUNT GROUP
I
General Long -Term Debt
Account Group
1
To account for the long-term portion of the Village's Bond Issues and Installment
' Contracts.
1
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SUPPLEMENTARY DATA
1
113
1
1
1
VILLAGE OF DEERFIELD, ILLINOIS
ILLINOIS MUNICIPAL RETIREMENT FUND
REQUIRED SUPPLEMENTARY INFORMATION
ANALYSIS OF FUNDING PROGRESS
APRIL 30. 1989
(1)
Net Assets
Available (2) (3)
for Benefits Pension Percentage
Calendar (Lower of Cost Benefit Funded
Year or Market) Obligation (1) r (2)
(4 ) (6 )
Unfunded Unfunded Pension
Pension (5) Benefit Obligation
Benefit Annual as a Percentage
Obligation Covered of Covered Payroll
(2) - (1) Payroll (4) - (5)
1988 $1,785,417 $3,229,435 55.29% $1,444,018 $2,292,114 63.00%
1989 1,488,727 3,137,943 47.44 1,649,216 2,529,121 65.21
(During the implementation transition period all information required is
presented for as many years as is available.)
Analysis of the dollar mounts of net assets available for benefits, pension
benefit obligation, and unfunded pension benefit obligation in isolation can be
misleading. Expressing the net assets available for benefits as a percentage of
the pension benefit obligation provides one indication of funding status on a
going -concern basis. Analysis of this percentage over time indicates whether the
system is becoming financially stronger or weaker. Generally, the greater this
percentage, the stronger the PERS. Trends in unfunded pension benefit obligation
and annual covered payroll are both affected by inflation. Expressing the unfunded
pension benefit obligation as a percentage of annual covered payroll approximately
adjusts for the effects of inflation and aids analysis of progress made in
accumulating sufficient assets to pay benefits when due. Generally, the smaller
this percentage, the stronger. the PERS.
(1)
Net Assets
Available
for Benefits
Fiscal (Lower of Cost
Year or Market)
1988 $5,055,040
1989 5,692,830
VILLAGE OF DEERFIELD, ILLINOIS
POLICE PENSION FUND
REQUIRED SUPPLEMENTARY INFORMATION
ANALYSIS OF FUNDING PROGRESS
APRIL 30, 1989
(2) (3)
Pension Percentage
Benefit Funded
Obligation (1) t (2)
$4,290,531 118.0%
4,823,277 118.0
(4)
Unfunded
(Assets in
Excess of)
Pension
Benefit
Obligation
(2) - (1)
(5)
Annual
Covered
Payroll
$(764,509) $1,237,594
(6 )
Unfunded (Assets
in Excess of)
Pension Benefit
Obligation as a
Percentage of
Covered Payroll
(4) - (5)
(869,278) 1,380,114
(62.0)%
(63.0)
(During the implementation transition period all information required is
presented for as many years as is available.)
Analysis of the dollar amounts of net assets available for benefits, pension
benefit obligation, and unfunded pension benefit obligation in isolation can be
misleading. Expressing the net assets available for benefits as a percentage of
the pension benefit obligation provides one indication of funding status on a
going -concern basis. Analysis of this percentage over time indicates whether the
system is becoming financially stronger or weaker. Generally, the greater this
percentage, the stronger the PERS. Trends in unfunded pension benefit obligation
and annual covered payroll are both affected by inflation. Expressing the unfunded
pension benefit obligation as a percentage of annual covered payroll approximately
adjusts for the effects of inflation and aids analysis of progress made in
accumulating sufficient assets to pay benefits when due. Generally, the smaller
this percentage, the stronger the PERS.
1
115
VILLAGE'OF DEERFIELD, ILLINOIS
ILLINOIS MUNICIPAL RETIREMENT FUND
REQUIRED SUPPLEMENTARY INFORMATION
REVENUES BY SOURCE
APRIL 30. 1989
Employer
Revenues by
Source
Contributions as
Fiscal
Employee
Employer
Investment
a Percentage of
Year
Contributions
Contributions
Income
Totals
Covered Payroll
1979
$ 51,742
$ 84,897
N/A
$136,639
8.36%
1980
59,013
94,605
N/A
153,618
8.35
1981
70,160
93,047
N/A
163,207
8.35
1982
73,144
102,696
N/A
175,840
8.32
1983
78,651
114,848
N/A
193,499
8.32
1984
82,899
127,571
N/A
210,470
8.30
1985
89,372
151,116
N/A
240,488
8.30
1986
95,745
167,152
N/A
262,897
8.27
1987
103,137
179,472
N/A
282,609
8.21
1988
113,907
204,352
N/A
318,259
8.08
116
VILLAGE OF DEERFIELD, ILLINOIS
POLICE PENSION FUND
REQUIRED SUPPLEMENTARY INFORMATION
REVENUES BY SOURCE AND EXPENSES BY TYPE
APRIL 30, 1989
Employer
Contributions
Revenues by Source
as a Percentage
Fiscal
Employee
Employer
Investment
of Covered
Year
Contributions
Contributions
Income
Totals
Payroll
1980
$ 60,413
$128,163
$ 86,824
$275,400
14.11%
1981
67,138
124,536
109,761
301,435
14.20
1982
74,509
109,258
111,758
295,525
14.35
1983
76,123
127,124
212,511
415,758
14.40
1984
83,022
140,265
265,078
488,365
14.56
1985
86,623
156,125
315,417
558,165
14.53
1986
97,525
173,723
361,378
632,626
14.52
1987
99,923
180,434
458,868
739,225
15.08
1988
107,902
150,024
473,397
731,323
12.08
1989
83,619
155,430
488,746
727,795
11.26
Expenses
by Type
Fiscal
Administrative
Year
Benefits
Expenses
Refunds
Totals
1980
$25,231
$ 55
$
188
$ 25,474
1981
25,992
25
5,276
31,293
1982
29,413
320
14,281
44,014
1983
29,403
200
23,003
52,606
1984
37,455
75
37,530
1985
65,912
25
10,873
76,810
1986
66,736
937
1,137
68,810
1987
83,885
99
17,050
101,034
1988
87,859
53
87,912
1989
67,970
1,620
20,690
90,280
1
117
VILLAGE OF DEERFIELD, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
SEWERAGE IMPROVEMENT BOND SERIES OF 1973
APRIL 30, 1989
Date of Issue June 1, 1973
Date of Maturity December 1, 1992
Authorized Issue $1,080,000
Actual Issue $1,080,000
Denomination of Bonds $5,000
Interest Rate 4.4%-5.1%
Principal Maturity Date December 1
Interest Dates June 1 and December 1
Payable at Belleville National Savings
Bank
PRINCIPAL AND INTEREST REQUIREMENTS
Tax
Bond
Levy
Numbers
Year
Principal
152-166
1987
167-181
1988
$ 75,000
182-196
1989
75,000
197-206
1990
50,000
207-216
1991
50,000
$250,000
Interest
Totals
$ 6,250
$ 6,250
10,625
85,625
6,875
81,875
3,750
53,750
1,250
51,250
$28,750
$278,750
Couuons Due on
Dec. 1 Amount June 1 Amount
1989 $ 6,250
1989 $ 6,250 1990 4,375
1990 4,375 1991 2,500
1991 2,500 1992 1,250
1992 1,250
$14,375 $14,375
118
VILLAGE OF DEERFIELD, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
SEWERAGE TREATMENT FACILITIES BOND SERIES OF 1973
APRIL 30, 1989
Date of Issue
Date of Maturity
Authorized Issue
Actual Issue
Denomination of Bonds
Interest Rate
Principal Maturity Date
Interest Dates
Payable at
Bond
Numbers
266-296
297-315
316-340
341-370
371-400
Tax
Levy
Year
1987
1988
1989
1990
1991
June 1, 1973
December. 1, 1992
$2,00 0,000
$2,000,000
$ - 5,000
4.4%-6.0%
December 1
June 1 and December 1
Belleville National Savings
Bank
PRINCIPAL AND INTEREST REQUIREMENTS
Principal Interest Totals
$13, 750 $ 13,750
$125,000
24,375
149,375
125,000
18,125
143,125
150,000
11,250
161,250
150,000
3,750
153,750
$550,000 $71,250 $621,250
Coupons Due on
Dec. 1 Amount June 1 Amount
1989 $13,750
1989 $13,750 1990 10,625
1990 10,625 1991 7,500
1991 7,500 1992 3,750
1992 3,750
$35,625 $35,625
1
119
1
1
1
1
1
1
1
1
1
VILLAGE OF DEERFIELD, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
CORPORATE PURPOSE BOND SERIES OF 1982
APRIL 30. 1989
Date of Issue
October 1, 1982
Date of Maturity
December 1, 1994
Authorized Issue
$500,000
Actual Issue
$500,000
Denomination of Bonds
$ 5,000
Interest Rate
9.60% - 10.25%
Principal Payment Date
December 1
Interest Dates
June 1 and December 1
Payable at
The Northern Trust Company
PRINCIPAL AND INTEREST REQUIREMENTS
Tax
Bond Levy Coupons Due on
Numbers Year Principal Interest Totals June 1 Amount Dec. 1 Amount
26-35
1988
$ 50,000
$ 34,275
$ 84,275
1989
$17,138
1989
$17,137
36-45
1989
50,000
30,025
80,025
1990
15,013
1990
15,012
46-55
1990
50,000
25,650
75,650
1991
12,825
1991
12,825
56-70
1991
75,000
21,150
96,150
1992
10,575
1992
10,575
71-85
1992
75,000
14,250
89,250
1993
7,125
1993
7,125
86-100
1993
75,000
7,200
82,200
1994
3,600
1994
3,600
$375,000
$132,550
$507,550
$66,276
$66,274
120
VILLAGE OF DEERFIELD, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
CORPORATE PURPOSE BOND SERIES OF 1982 - A
APRIL 30, 1989
Date of Issue
Date of Maturity
Authorized Issue
Actual Issue
Denomination of Bonds
Interest Rate
Principal Payment Date
Interest Dates
Payable at
December 1, 1982
December 1, 1993
$500 ,000
$500,000
$ 5,000
7.0% - 8.5%
December 1
June 1 and December 1
American Fletcher National
Bank, Indianapolis
PRINCIPAL AND INTEREST REQUIREMENTS
Tax
Bond
Levy
Coupons
Due on
Numbers
Year
Principal
Interest
Totals
June 1
Amount
Dec. 1
Amount
51-60
1988
$ 50,000
$20,750
$ 70,750
1989
$10,375
1989
$10,375
61-70
1989
50,000
16,750
66,750
1990
8,375
1990
8,375
71-80
1990
50,000
12,750
62,750
1991
6,375
1991
6,375
81-90
1991
50,000
8,500
58,500
1992
4,250
1992
4,250
91-100
1992
50,000
4,250
54,250
1993
2,125
1993
2,125
$250,000
$63,000
$313,000
$31,500
$31,500
121
' VILLAGE OF DEERFIELD, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
CORPORATE PURPOSE BOND SERIES OF 1986
APRIL 30, 1989
Date
of Issue
May 1, 1986
'
Date
of Maturity
January 1,
2005
Authorized Issue
$11,000,000
'
Actual Issue
Denomination of Bonds
$11,000,000
$ 5,000
Interest Rate
6.4% 7.75%
Principal Payment
Date
January 1
Interest Dates
January 1 and
July
1
Payable at
American National
Bank & Trust
Co.
Chicago,
Illinois
PRINCIPAL
AND INTEREST
REQUIREMENTS
'
Tax
Levy
Coupons
Due on
Year
Principal
Interest
Totals
July 1
Amount
Jan. 1
Amount
1988
$ 300,000
$ 735,613
$ 1,035,613
1989
$ 367,806
1990
$ 367,807
1989
1990
410,000
445,000
712,363
680,588
1,122,363
1,125,588
1990
1991
356,181
340,294
1991
1992
356,182
340,294
1991
485,000
646,100
1,131,100
1992
323,050
1993
323,050
1992
515,000
608,513
1,123,513
1993
304,256
1994
304,257
1993
545,000
568,600
1,113,600
1994
284,300
1995
284,300
1994
580,000
529,905
1,109,905
1995
264,952
1996•.
264,953
1995
620,000
492,785
1,112,785
1996
246,392
1997
246,393
1996
660,000
452,485
1,112,485
1997
226,242
1998
226,243
1997
700,000
408,925
1,108,925
1998
204,462
1999
204,463
1998
750,000
362,025
1,112,025
1999
181,012,
2000
181,013
1999
800,000
311,025
1,111,025
2000
155,512
2001
155,513
'
2000
855,000
255,825
1,110,825
2001
127,912
2002
127,913
2001
915,000
198,113
1,113,113
2002
99,056
2003
99,057
2002
975,000
136,350
1,111,350
2003
68,175
2004
68,175
2003
1,045,000
70,538
1,115,538
2004
35,269
2005
35,269
$10,600,000
$7,169,753
$17,769,753
$3,584,871
$3,584,882
122 '
VILLAGE OF DEERFIELD, ILLINOIS t
LONG-TERM DEBT REQUIREMENTS
CORPORATE PURPOSE BOND SERIES OF 1987
APRIL 30, 1989
Date of Issue
October 8,
1987
Date of Maturity
October 8,
2002
,
Authorized Issue
$10,000,000
Actual Issue
$10,000,000
Denomination of Bonds
$ 5,000
Interest Rate
8.4% - 8.5%
Interest Dates
October 8 and April 8
Payable at
Marine National
Bank
CURRENT AND FUTURE
PRINCIPAL AND INTEREST
REQUIREMENTS
'
Tax
Levy
Requirements
Coupons
Due on
Year Principal
Interest
Totals
Apr. 8
Amount
Oct. 8
Amount
,
1987
$ 421,500
$ 421,500
1989
$ 421,500
'
1988
843,000
843,000
1990 $
421,500
1990
421,500
1989
843,000
843,000
1991
421,500
1991
421,500
1990
843,000
843,000
1992
421,500
1992
421,500
1991
843,000
843,000
1993
421,500
1993
421,500
1992
843,000
843,000
1994
421:500
1994
421,500
1993
843,000
843,000
1995
421,500
1995
421,500
1994
843,000
843,000
1996
421:500
1996
4215500
'
1995
843,000
843,000
1997
421,500
1997
421,500
1996
.843,000
843,000
1998
421,500
1998
421,500
1997
843,000
843,000
1999
421,500
1999
421,500
'
1998
843,000
843,000
2000
421,500
2000
421,500
1999 $ 7,000,000
843,000
7,843,000
2001
421,500
2001
421,500
2000 3,000,000
255,000
3,255,000
2002
127,500
2002
127,500
,
$10,000,000
$10,792,500
$20,792,500
$5,185,500
$5,607,000
' 123
' VILLAGE OF DEERFIELD, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND, SERIES OF 1988
APRIL 30. 1989
' Date of Issue November 1, 1988
Date of Maturity January 1, 2004
Authorized Issue $3,000,000
Denomination of Bonds $5,000
' Interest Rates 6.50%, 6.60%, 6.70-6.75%, 6,80%,
6.90%, and 8.0%
Interest Dates January 1 - July 1
Principal Maturity Date January 1
Payable at American National Bank and Trust Company
of Chicago
CURRENT AND FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax
Levy
Tax Levy
Interest Due
on
Year
Principal
Interest
Totals
July 1
Amount
Jan 1
Amount
'
1988
$ 100,000
$ 246,706
$ 346,706
1989
$140,975
1990
$105,731
1989
125,000
203,462
328,462
1990
101,731
1991
101,731
1990
150,000
193,462
343,462
1991
96,731
1992
96,731
'
1991
150,000
181,462
331,462
1992
90,731
1993.
90,731
1992
150,000
169,462
319,462
1993
84,731
1994'
84,731
1993
175,000
157,462
332,462
1994
78,731
1995'
78,731
1994
175,000
146,088
321,088
1995
73,044
1996
73,044
'
1995
200,000
134,712
334,712
1996
67,356
1997
67,356
1996
200,000
121,512
321,512
1997
60,756
1998
60,756
1997
225,000
108,112
333,112
1998
54,056
1999
54,056
1998
225,000
92,925
317,925
1999
46,462
2000
46,463
1999
250,000
77,625
327,625
2000
38,812
2001
38,813
2000
275,000
60,375
335,375
2001
30,187
2002
30,188
2001
300,000
41,400
341,400
2002
20,700
2003
20,700
2002
300,000
20,700
320,700
2003
10,350
2004
10,350
'
$3,000,000
$1,955,465
$4,955,465
$995,353
$960,112
124 ,
VILLAGE OF DEERFIELD, ILLINOIS
POLICE PENSION FUND
SCHEDULE OF OFFICERS' DEPOSITS
APRIL 30, 1989
Balance
May 1
Deposits Withdrawals
Kenneth Anderson
$ 31,830
$ 4,662
Leo Anderson
31,421
4,538
Mark Anfenson
13,375
3,462
Marcea Ross
23,508
3,438
Richard Brandt
47,271
6,077
Kurt Bruno
6,228
$ 6,228
William Butler
37,102
3,462
Louis Cacciatore
8,960
3,440
Robert Davenport, Jr.
47,502
5,056
David P. Ebert
33,168
1,266
John Elofson
30,716
3,462
William Ennis
24,998
3,114
Marie Rose Gawne
21,570
2,406
Robert Hamilton
42,547
4,181
Thomas Hill
38,881
4,298
George Hoffman
32,567
3,462
Kevin K. Keel
3,294
2,790
Dave Lemmer
10,000
3,463
Eric Lundahl
17,515
3,462
Jeffrey McDermott
42,083
4,366
Robert Ogden
16,070
3,461
Rand J. Roel
12,543
3,462
Michael E. Scarry
6,481
3,032
John Sebben
29,684
3,462
Thomas Sheahan
26,398
26,398
Thomas Skrabala
38,046
5,056
John Sliozis
26,762
4,406
Michael Soler
27,909
3,462
Melvin Soltwisch
7,149
3,164
Gary Stryker
37,615
4,440
Larry Tousignant
42,809
4,537
David Turnbaugh
38,306
4,301
Richard Weil
17,025
3,462
Ross Roel
125
2,342
Brian Budnz
1,884
Tom Foley
372
Geoffrey Ruther
335
Karen Stachowicz
384
Richard Wilh
1,292
$871,458 $123,259 $32,626
Balance
April 30
$ 36,492
35,959
16,837
26,946
53,348
40,564
12,400
52,558
34,434
34,178
28,112
23,976
46,728
43,179
36,029
6,084
13,463
20,977
46,449
19,531
16,005
9,513
33,146
.43,102
31,168
31,371
10,313
42,055
47,346
42,607
20,487
2,467
1,884
372
335
384
1,292
$962,091
i
1
1
1
1
1
1
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1
1
1
1
1
1
1
1
1
1
125
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF INSURANCE IN FORCE
APRIL 30, 1989
Insureds
Description of Coverage
Village
of
Deerfield
Workmens Compensation
Statutory/
$30,000,000
Village
of
Deefield
Comprehensive Automobile Liability
:
Bodily Injury and Property
$1,000,000
Village
of
Deerfield
General Liability
$1,000,000
Village
of
Deerfield
Blanket Building and Contents
$30,000,000
Village
of
Deerfield
Boiler and Machinery
$10,000
Public Officials
Blanket Bond Coverage
$10,000/
$1,000,000
The Village of Deerfield is a member of the Municipal Insurance Cooperative Agency.
Property, automobile liability, general liability, and workers' compensation are
provided under the Agency. The Village of Deerfield is also a member of the High -
Level Excess Liability Pool Agency. Excess liability coverage is provided under
this agency.
'
J
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Statistical Section
7
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VILLAGE OF DEERFIELD, ILLINOIS
PROPERTY TAX ASSESSED VALUATIONS, RATES,
EXTENSIONS AND COLLECTIONS
LAST TEN FISCAL YEARS
APRIL 30, 1989
(See Following Page)
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VILLAGE OF DEERFIELD, ILLINOIS
ASSESSED AND ESTIMATED VALUE OF TAXABLE PROPERTY
LAST TEN FISCAL YEARS
APRIL 30, 1989
Tax
Assessed
Value
Levy
Real
Personal
Railroad
Estimated
Year
Property
Property
Property-
Totals
Value
1979
$187,888,610
*
$16,018
$187,904,628
$564,000,000
1980
221,339,145
*
18,044
221,357,189
664,000,000
1981
227,433,235
*
24,051
227,457,286
682,000,000
1982
236,918,613
*
25,565
236,944,178
711,000,000
1983
235,899,599
*
31,938
235,931,537
708,000,000
1984
245,799,001
*
39,522
245,838,523
738,000,000
1985
249,312,226
*
38,331
249,350,557
748,000,000
1986
279,339,024
*
47,194
279,386,218
839,000,000
1987
314,936,632
*
50,397
314,987,029
945,000,000
1988
377,155,705
*
53,070
377,208,775
995,000,000
* No longer assessed due to change in Illinois State Statutes.
Data Source
Office of the County Clerk
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1
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE -OF -LEGAL DEBT MARGIN
APRIL 30, 1989
Article VII, Section 6(k) of the 1970 Illinois Constitution governs computation
of the legal debt margin.
' "The General Assembly may limit by law the amount and require refer—
endum approval of debt to be incurred by home rule municipalities,
payable from ad valorem property tax receipts, only in excess of the
following percentages of the assessed value of its taxable property...
(2) if its populations is more than 25,000 and less than 500,000 an
aggregate of one percent:... indebtedness which is outstanding on the
effective date (July 1, 1971) of this constitution or which is there—
after approved by referendum. ..shall not be included in the foregoing
percentage amounts."
' To date the General Assembly has set no limits for home rule municipalities.
Illustrative Computation of Debt Margin
' if Village Were Not a Home Rule Municipality
Village of Deerfield is a home rule municipality and as such has no debt
' limitations. If, however, the Village were a non —home rule village its available
debt limit would be as follows:_
Assessed Valuation — Estimated $377,208,775
Legal Debt Limit — 8.625 $ 32,534,257
Amount of Debt Applicable to Limit
Sewerage Improvement Bonds $ 250,000
Sewerage Treatment Facility Bonds 550,000
Corporate Purpose Bond Series 1982 375,000
' Corporate Purpose Bond Series 1982—A 250,000
Corporate Purpose Bond Series 1986 10,600,000
Corporate Purpose Bond Series 1987 10,000,000
General Obligation Bond Series 1988 3,000,000
Available Funds (11,073,987) 13,951,013
Legal Debt Margin $ 18,583,244
The Village has available funds in the Debt Service and Expendable Trust Funds
in the amount of $11,073,987.
133
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF DIRECT AND OVERLAPPING DEBT
APRIL 30, 1989
(1)
Governmental Unit
Village of Deerfield $
25,025,000
Metropolitan Sanitary District
746,430,000
Lake County
54,745,000
Cook County
564,880,000
North Shore Sanitary District
4,124,000
Deerfield Park District
1,160,000
Northbrook Park District
17,445,000
Highland Park District
2,425,000
Deerfield Elementary #109
-
Highland Park Elementary #108
525,000
Township High School #113
6,200,000
Northfield Township High School #225
4,900,000
Junior College #532
10,450,000
Lake County Special Service Area #5
850,000
Total Gross Debt 1,439,159,000
Less Debt Service and
Expendable Trust Funds
Village of Deerfield 11,073,987
Total Gross Debt Less
Available Amount $1,428,085,013
(2)
* Percentage of
Debt Applicable
to the Village
100.000%
.081
5.236
.079
.026
96.718
3.680
1.751
73.050
6.723
28.388
2.469
6.348
31.631
1
** Village's ,
Share of Debt
$25,025,000
604,608
2,866,448
446,255
1,072
1,121,929
641,976
42,462
35,296
1,760,056
120,981
663,366
268,864
33,598,313
11,073,987
$22,524,326
* - Determined by ratio of assessed value of property subject to taxation
in overlapping unit to value of property subject to taxation.
** - Amount in column (2) multiplied by amount in column (1).
Data Source
(1) Office of the County Clerk
(2) Office of the County Clerk
134
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VILLAGE OF DEERFIELD. ILLINOIS
PROPERTY VALUE, CONSTRUCTION, AND BANK DEPOSITS
LAST TEN FISCAL YEARS
APRIL 30. 1989
(1)
Commercial
Construction
Fiscal
Number
Year
of Units
Value
1980
52
$ 1,580,392
1981
59
3,235,868
1982
77
9,758,795
1983
84
20,369,020
1984
52
12,146,201
1985
101
34,504,614
1986
135
37,746,399
1987
79
44,287,589
1988
110
21,705,751
1989
222
75,592,000
Data Sources
(1)
Residential (3)
Construction (2) Total
Number
of Units
67
85
86
104
46
50
90
86
51
72
Bank
Property
Value
Deposits
Value
$ 5,650,240
$ 49,178,000
$564,000,000
1,852,788
52,282,000
664,000,000
1,689,832
53,522,000
682,000,000
5,673,638
63,218,000
711,000,000
5,131,160
63,877,000
708,000,000
6,552,552
64,750,000
710,800,000
11,318,142
130,155,000
748,100,000
8,089,179
141,241,000
838,160,000
5,489,656
149,182,000
944,962,000
12,4632000
163,472,790
995,080,000
(1) Construction figures - Village of Deerfield, Building and Zoning Department.
(2) Bank Deposits were based on commercial bank deposits.
(3) Estimated historical cost data provided by Township's Assessors Office
137
VILLAGE OF DEERFIELD. ILLINOIS
DEMOGRAPHIC STATISTICS
LAST TEN FISCAL YEARS
APRIL 30, 1989
(3)
Percentage of
People Over
(2)
25 Years of
(4)
(5)
Per
(2)
Age With Four
School
Unemploy-
Fiscal
(1)
Household
Median
or More Years
Enroll-
went
Year
Population
Income
Age
of College
went
Percentage
1980
17,430
$35,000
32.7
50..1
4,568
1.8%
1981
17,453
37,000
33.3
50.1
4,318
1.7
1982
17,476
39,000
34.0
50.3
4,106
2.2
1983
17,487
41,000
34.7
50.4
3,933
2.1
1984
17,500
45,000
35.4
50.7
3,788
1.9
1985
17,500
45,400
36.1
50.8
3,703
2.0
1986
17,500
46,100
36.5
51.0
3,715
1.7
1987
17,500
47,500
36.8
51.1
3,602
1.3
1988
17,500
48,100
37.2
51.3
3,276
1.1
1989
17,500
50,900
37.4
51.5
3,238
.9
Data Sources
(1) 1980 - Census figure; 1981-1989 derived from data from the Department of
Commerce and Community Affairs.
(2) 1980, Northeastern Illinois Planning Commission figures; 1981-1989 based upon
Deerfield Chamber of Commerce figures.
(3) Percentage of people over 25 years of age or over with 4 or more years of
College education. Northeastern Illinois Planning Commission.
(4) Enrollment figures derived.from combined enrollement of District 109 (grade
school), and District 113 (high school).
(5) Unemployment figures based on 1/4 of Lake County figures. 1980 Census data
figures show 7.0% unemployment for Lake County and 1.8% for Deerfield.
1
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VILLAGE OF DEERFIELD, ILLINOIS
PRINCIPAL TAXPAYERS
APRIL 30, 1989
Taxpayers
Baxter International
VMC, Inc.
Stein and Company
Deerfield - Saunders
Joint Venture
Lake Cook Plaza
Kitchens of Sara Lee
LaSalle National Bank
Tollway North
Draper and Kramer
Flodstrom Construction
Data Source
Office of the County Clerk
Business
Office Buildings
Deerbrook Shopping Center
Lake Cook Office Center
Parkway North Office
Building
Shopping Center
Bakery Products
Office Buildings
Tollway North Office Park
Deerfield Business Center
Office Building
138
Percentage
1988
Assessed
Valuation
of Total
Assessed
Valuation
$16,611,570
4.4%
15,344,855
4.1
12,982,741
3.4
6,307,718
1.7
5,599,912
1.5
5,547,947
1.5
5,173,490
1.4
4,.593,652
1.2
4,036,541
1.1
2,978,993
.8
$79,177,419 21.1%
139
VILLAGE OF DEERFIELD, ILLINOIS
MISCELLANEOUS STATISTICS
APRIL 30, 1989
Date of Incorporation
1903
Form of Government
Manager/Council
Geographic Location
North Suburban
Chicago
Area
Population
1950
3,288
1960
11,748
1970
18,876
.1980
17,430
MUNICIPAL SERVICES AND FACILITIES
Fire Protection:
Number of Stations 1
Number of Firemen and Officers 29
Police Protection:
Number of Stations 1
Number of Policemen and Officers 38
Education
Elementary Schools 7
High Schools 1
� Municipal Water Department:
Number of Consumers 5,646
Average Daily Consumption 2,742,033 gals.
Miles of Water Main 70
Sewers
Sanitary Sewers 65
Storm Sewers 46
Building Permits Issued 920
Recreation -and Culture
Number of Parks 131 Acres
Number of Libraries 1
Number of Volumes (Approx.) 125,300
Employees
Administration 25