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Village of Deerfield CAFR for Year Ended December 31, 2021
Village of Deerfield, Illinois Annual Comprehensive Financial Report for the Fiscal Year Ended on December 31, 2021 Annual Comprehensive Financial Report of the Village of Deerfield, Illinois For the Year Ended December 31, 2021 Prepared by Finance Department Eric L. Burk Director of Finance/Treasurer Village of Deerfield Table of Contents December 31, 2021 Page Introductory Section Letter of Transmittal i Certificate of Achievement for Excellence in Financial Reporting v Organization Chart vi Principal Officials vii Financial Section Independent Auditors' Report 1 Required Supplementary Information Management's Discussion and Analysis 4 Basic Financial Statements Government-Wide Financial Statements Statement of Net Position 12 Statement of Activities 14 Fund Financial Statements Balance Sheet - Governmental Funds 15 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position 17 Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds 18 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities 20 Statement of Net Position - Proprietary Funds 21 Statement of Revenues, Expenses and Changes in Net Position - Proprietary Funds 25 Statement of Cash Flows - Proprietary Funds 27 Statement of Fiduciary Net Position - Fiduciary Funds 31 Statement of Changes in Fiduciary Net Position - Fiduciary Funds 32 Index to Notes to Financial Statements 33 Notes to Financial Statements 34 Village of Deerfield Table of Contents December 31, 2021 Page Required Supplementary Information General Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual 70 Historical Pension and Other Postemployment Benefit Information Illinois Municipal Retirement Fund - Schedule of Changes in the Village's Net Pension Liability and Related Ratios 71 Illinois Municipal Retirement Fund - Schedule of Employer Contributions 76 Police Pension Fund - Schedule of Changes in the Village's Net Pension Liability and Related Ratios 78 Police Pension Fund - Schedule of Employer Contributions 80 Police Pension Fund - Schedule of Investment Returns 82 Retiree Health Plan - Schedule of Changes in the Village's Total OPEB Liability and Related Ratios 83 Notes to Required Supplementary Information 84 Supplementary Information Major Governmental Funds Detailed Schedule of Revenues - Budget and Actual - General Fund 85 Detailed Schedule of Expenditures - Budget and Actual - General Fund 86 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget to Actual - Debt Service Fund 89 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget to Actual - 2011B Debt Service Sinking Fund 90 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget to Actual - Infrastructure Replacement Fund 91 Nonmajor Governmental Funds Schedule of Revenues, Expenditures and Changes in Fund Balances (Deficit) - Budget and Actual - Motor Fuel Tax Fund 92 Enterprise Funds Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual - Water Fund 93 Schedule of Operating Expenses - Budget and Actual - Water Fund 94 Schedule of Capital Assets and Depreciation - Water Fund 95 Schedule of Revenue, Expenses and Changes in Net Position - Budget and Actual - Sewerage Fund 96 Village of Deerfield Table of Contents December 31, 2021 Page Schedule of Operating Expenses - Budget and Actual - Sewerage Fund 97 Schedule of Capital Assets and Depreciation - Sewerage Fund 98 Schedule of Revenues, Expenses and Changes in Net Position - Budget to Actual - Refuse Fund 99 Schedule of Revenues, Expenses and Changes in Net Position - Budget to Actual - Commuter Parking Lot Fund 100 Schedule of Operating Expenses - Budget to Actual - Commuter Parking Lot Fund 101 Schedule of Capital Assets and Depreciation - Commuter Parking Lot Fund 102 Internal Service Funds Combining Statement of Net Position - Internal Service Funds 103 Combining Statement of Revenues, Expenses and Changes in Net Position - Internal Service Funds 104 Combining Statement of Cash Flows - Internal Service Funds 105 Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual - Garage Fund 106 Schedule of Operating Expenses - Budget and Actual - Garage Fund 107 Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual - Vehicle and Equipment Replacement Fund 108 Fiduciary Funds Combining Statement of Fiduciary Net Position - Custodial Funds 109 Combining Statement of Changes in Fiduciary Net Position - Custodial Funds 110 Schedule of Changes in Fiduciary Net Position - Budget and Actual - Police Pension Trust Fund 111 Long-Term Debt Requirements General Obligation Bond Series 2011B 112 General Obligation Bond Series 2015 113 General Obligation Bond Series 2017 114 General Obligation Bond Series 2018 115 General Obligation Bond Series 2020 116 General Obligation Bond Series 2021 117 Village of Deerfield Table of Contents December 31, 2021 Page Statistical Section Net Position by Component - Last Ten Fiscal Years 118 Change in Net Position - Last Ten Fiscal Years 120 Fund Balances of Governmental Funds - Last Ten Fiscal Years 124 Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years 126 Equalized Assessed Value and Actual Value of Taxable Property Last Ten Levy Years 128 Direct and Overlapping Property Tax Rates Last Ten Levy Years 129 Principal Property Taxpayers Current Year and Nine Years Ago 130 Property Tax Extensions and Collections Last Ten Levy Years 131 Sales Tax by Category - Last Ten Calendar Years 132 Direct and Overlapping Sales Tax Rates - Last Ten Fiscal Years 134 Ratios of Outstanding Debt by Type - Last Ten Fiscal Years 135 Ratios of General Bonded Debt Outstanding - Last Ten Fiscal Years 136 Direct and Overlapping Bonded Debt - Governmental Activities 137 Legal Debt Margin Information 138 Demographic and Economic Information - Last Ten Fiscal Years 139 Principal Employers - Current Year and Nine Years Ago 140 Full-Time Equivalent Employees - Last Ten Fiscal Years 141 Operating Indicators - Last Ten Fiscal Years 142 Capital Asset Statistics - Last Ten Fiscal Years 143 Other Information Continuing Disclosures 144 Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to Village of Deerfield Illinois For its Annual Comprehensive Financial Report For the Fiscal Year Ended December 31, 2020 Executive Director/CEO v esidentsVillage R BoardVillage Boards & Commissions ManagerVillage Village Attorney Assistant Village Manager/ Community pmentDevelo ctorDire trationsdminiA nceFina tmentDepar Public Works & Engineering ClerkVillage ationInform ologyTechn Public Information/ Communications icePol tmentDepar rolPat ations &Investig SSocial ervices atch/Disp unicationsTelecomm rdsoRec ntinguAcco etingBudg nnel &Perso rollPay illing &Utility B Customer Service skRi Management unityComm Development Department mits,Per tions &Inspec Plan Review ningPlan orcementCode Enf ng &Zoni Appearance iewRev Engineering Inspections & Review Water Supply Sewer Maintenance & Sewer Treatment Vehicle Maintenance Street Maintenance Village of Deerfield, Illinois Organization Chart dingBuil eMaint nance vi vii VILLAGE OF DEERFIELD, ILLINOIS PRINCIPAL OFFICIALS December 31, 2021 LEGISLATIVE VILLAGE BOARD OF TRUSTEES Daniel C. Shapiro, Mayor Rebekah Metts-Childers Elaine Jacoby Robert L. Benton William S. Seiden Thomas L. Jester Mary M. Oppenheim Kent S. Street, Clerk ADMINISTRATIVE Kent S. Street, Village Manager FINANCE DEPARTMENT Eric L. Burk Director of Finance/Treasurer Baker Tilly US, LLP, trading as Baker Tilly, is a member of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities. © 2020 Baker Tilly US, LLP Independent Auditors' Report To the Honorable Mayor and Members of the Board of Trustees of Village of Deerfield, Illinois Report on the Audit of the Financial Statements Opinions We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund and the aggregate remaining fund information of the Village of Deerfield, Illinois (the Village), as of and for the year ended December 31, 2021, and the related notes to the financial statements, which collectively comprise the Village's basic financial statements as listed in the table of contents. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund and the aggregate remaining fund information of the Village, as of December 31, 2021 and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinions We conducted our audit in accordance with auditing standards generally accepted in the United States of Am erica (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States (GAS). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of Village and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. W e believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Responsibilities of Management for the Financial Statements Managem ent is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America; and for the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that rise substantial doubt about the Village's ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. 1 Auditors' Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and GAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with GAAS and GAS, we: Exercise professional judgment and maintain professional skepticism throughout the audit. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Village's internal control. Accordingly, no such opinion is expressed. Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Village's ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings and certain internal control-related matters that we identified during the audit. Required Supplementary Information Accounting principles generally accepted in the United States of America require that the required supplementary information, as listed in the table of contents be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic or historical context. W e have applied certain lim ited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. W e do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. 2 Supplementary Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Village's basic financial statements. The supplementary information as listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplementary information is fairly stated in all material respects, in relation to the basic financial statements as a whole. Other Information Management is responsible for the other information included in the annual report. The other information comprises the introductory section, statistical section and other information as listed in the table of contents but does not include the basic financial statements and our auditors' report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated June 16, 2022 on our consideration of the Village's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Village's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Village's internal control over financial reporting and compliance. Oak Brook, Illinois June 16, 2022 3 M A N AG E M E N T’S D I S C U S S I O N A N D A N A L Y S I S 4 VILLAGE OF DEERFIELD, ILLINOIS MANAGEMENT’S DISCUSSION AND ANALYSIS December 31, 2021 (UNAUDITED) The Village of Deerfield (the “Village”) management’s discussion and analysis is designed to (1) assist the reader in focusing on significant financial issues, (2) provide an overview of the Village’s financial activity, (3) identify changes in the Village’s financial position (its ability to address subsequent year challenges), (4) identify any material deviations from the financial plan (the approved budget) and (5) identify individual fund issues or concerns. Since Management’s Discussion and Analysis (MD&A) is designed to focus on the current year’s activities, resulting changes and currently known facts, please read it in conjunction with the Transmittal Letter and the Village’s financial statements. Financial Highlights • The Village’s General Fund ended the period with total revenues exceeding total expenditures by $5,616,620. Combined with other financing sources (uses) of $(1,370,656), the December 31, 2021 fund balance increased by $4,245,964. The 2021 General Fund budget originally showed a decrease of $3,066,989. General Fund Taxes and Intergovernmental Revenues exceeded budget due to recognizing revenue for amounts that were previously withheld as described in below. In addition, building permit revenue and Income taxes performed better than expected. Hotel tax has yet to recover from recent travel restrictions and work from home arrangements. General Fund expenditures also showed a positive variance for the year resulting largely from open positions, economic incentives, general liability insurance and delayed projects. • In 2019, the Illinois Department of Revenue (IDoR) notified the Village that its monthly distributions for sales tax and home rule sales tax would be reduced by $100,000 each per month due to previous over distributions resulting from a business that filed amended sales tax returns. The total amount owed by the Village to IDoR was $16,452,807. As part of an ongoing sales tax sharing agreement, the Village had previously rebated 80% of the overpayments ($13,162,246) to the business and needed to negotiate a repayment schedule with the business. The Village withheld further cash payments to the business, but accrued liabilities, while the repayment schedule was being negotiated. In 2021, the Village finalized a repayment agreement with the business that allows the Village to keep the amounts previously held as a reduction to the amount due from the business. In addition, the business will make monthly payments of $133,767 starting in May of 2021 until the entire $13,162,246 has been repaid to the Village. As of December 31, 2021, the Village had recovered $5,403,734 related to amounts due from the business and IDoR had withheld a total of $5,600,000 from the Village’s monthly sales tax and home rule sales tax distributions. The Statement of Net Position reflects a receivable of $7,758,512 for amounts due from the business and a payable of $10,852,807 for the remaining amount due to IDoR. • Sales tax and home rule sales tax increased $4,687,170 and $4,553,873, respectively in the current year. The increase was due largely to the repayment agreement described above. The Village recognized sales tax revenue of $2,183,171 and home rules sales tax revenue of $1,725,423 related to amounts that were previously held. In addition, the Village recognized sales tax and home rule sales tax of $535,072 each related to repayments. The IDoR withheld $1,200,000 from sales tax and home rule sales tax for a total of $2,400,000 in 2021. Sales tax and home rule sales tax excluding activity related to the economic incentive and repayments agreements increased $771,051 and $1,113,471, respectively. This increase was due to a general recovery from the prior year as well as additional taxes collected pursuant to the Leveling the Playing Field for Illinois Retail Act, which requires remote retailers and marketplace facilitators to collect and remit tax on or after January, 1 2021. • State income tax totaled $2,483,841 in 2021, which is an increase of $443,039 from 2020. The increase is due to increased population related to the 2020 Census and greater than expected corporate and individual income levels. • Hotel/motel tax revenue ($1,120,137) increased from the prior year, but fell short of the current year budget of $1,500,000; business travel is the primary reason for stays at Deerfield hotels. All six of the Deerfield hotels remained open during the year. However, hotel occupancy was significantly affected by travel restrictions and work from home accommodations related to COVID-19. VILLAGE OF DEERFIELD, ILLINOIS MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) 5 • The Village collected $1,078,509 from the Electric Utility tax and $1,171,660 from the Simplified Telecommunications tax. Electric Utility tax increased from the prior year as the prior year included a refund to an entity that mistakenly over paid in prior years. Simplified Telecommunications tax decreased slightly from the prior year, but is reasonably consistent. • The 1% food and beverage tax, which was implemented in March of 2017, totaled $606,487 for the year. The tax is allocated to the infrastructure replacement fund and increased by $135,161 from the prior year due largely to COVID-19 restrictions in place during the prior year. • The infrastructure maintenance fee of ½ of 1% of the project value, which was implemented in 2012, totaled $249,358 for the year. • The Village issued new debt of $7,050,000 and retired $2,665,000 of general obligation debt during the year. In addition, the Village refunded the 2011A, 2012 and 2013 bonds resulting in total savings of approximately $1,695,000 over the next ten years. The total balance of debt outstanding as of December 31, 2021 was $58,580,000. USING THE FINANCIAL SECTION OF THIS ANNUAL COMPREHENSIVE FINANCIAL REPORT The financial statement’s focus is on both the Village as a whole (government-wide) and on the major individual funds. Both perspectives (government-wide and major fund) allow the user to address relevant questions, broaden a basis for comparison (year-to-year or government-to-government) and enhance the Village’s accountability. Government-Wide Financial Statements The government-wide financial statements are designed to be corporate-like in that all governmental and business- type activities are consolidated into columns that add to a total for the Primary Government. The focus of the Statement of Net Position (the “Unrestricted Net Position”) is designed to be similar to bottom line results for the Village and its governmental and business-type activities. This statement combines and consolidates the governmental fund’s current financial resources (short-term spendable resources) with capital assets and long-term obligations using the accrual basis of accounting and economic resources measurement focus. The Statement of Activities is focused on both the gross and net cost of various activities (including governmental and business-type), which are supported by the government’s general taxes and other resources. This is intended to summarize and simplify the user’s analysis of the cost of various governmental services and/or subsidy to various business-type activities. The governmental activities reflect the Village’s basic services, including police, public works, engineering and administration. Property tax, shared state sales tax, local hotel/motel tax and shared state income taxes finance the majority of these services. The business-type activities reflect private sector type operations (Water, Sewer, Refuse Disposal and Commuter Parking) where the charges for services typically cover all or most of the cost of operation, including depreciation. Fund Financial Statements Traditional users of governmental financial statements will find the fund financial statements presentation more familiar. A fund is an accountability unit used to maintain control over resources segregated for specific activities or objectives. The Village uses funds to ensure and demonstrate compliance with finance-related laws and regulations. Within the basic financial statements, fund financial statements focus on the Village’s most significant funds rather than the Village as a whole. Major funds are separately reported while all others are combined into a single, aggregated presentation. Individual fund data for non-major funds is provided in the form of combining statements in a later section of this report. The governmental major funds are reported in the fund financial statements and encompass essentially the same functions reported as governmental activities in the government-wide financial statements. However, governmental fund statements report short-term fiscal accountability focusing on the use of spendable resources and balances of spendable resources available at the end of the year. They are useful in evaluating annual financing requirements of governmental programs and the commitment of spendable resources for the near-term. The government-wide financial statements provide a long-term view. Comparisons between the individual governmental fund statements and the government-wide statements provide information about financing decisions and the amount invested in maintaining and improving infrastructure. These two perspectives can provide insight into the long-term impact of short-term financing decisions. Both the governmental fund balance sheet and the VILLAGE OF DEERFIELD, ILLINOIS MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) 6 governmental fund statement of revenues, expenditures and changes in fund balances reconcile the differences between these two perspectives. Budgetary comparison schedules for other funds can be found in a later section of this report. These statements and schedules demonstrate compliance with the Village’s budget. Proprietary or business-type activity funds reported in the fund financial statements are for those services for which the Village charges customers a fee. There are two kinds of proprietary funds, enterprise and internal service. Enterprise funds essentially encompass the same functions reported as business-type activities in the government- wide statements. Enterprise fund services are primarily provided to customers external to the Village organization such as those of the water and sewer utilities, commuter parking lots and refuse collection and disposal. Internal service funds provide services and charge fees to customers within the Village organization such as equipment services (repair and maintenance of Village vehicles). Internal services are to both the governmental and business- type activities of the government-wide financial statements. Proprietary fund statements provide both long-term and short-term financial information consistent with the focus provided by the government-wide financial statements, but with more detail for major enterprise funds. Individual fund information for internal service funds and non-major enterprise funds is found in combining statements in a later section of this report. Fiduciary funds such as the employee pension plans are reported in the fiduciary fund financial statements, but are excluded from the government-wide reporting. Fiduciary fund financial statements report resources that are not available to fund Village programs. Fiduciary fund financial statements report similarly to proprietary funds. The accompanying notes to the financial statements provide information essential to a full understanding of the government-wide and fund financial statements. In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the Village’s funding of pension benefit obligations to its employees and budget information. Major funds and component units are reported in the basic financial statements as discussed. Combining and individual statements and schedules for non-major and internal service funds are presented in a subsequent section of this report. VILLAGE OF DEERFIELD, ILLINOIS MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) 7 FINANCIAL ANALYSIS OF THE VILLAGE AS A WHOLE The Village implemented the new financial reporting model (GASB #34) beginning with the fiscal year that ended April 30, 2004. Over time, as year-to-year financial information is accumulated on a consistent basis, changes in net position may be observed and used to discuss the changing financial position of the Village as a whole. STATEMENT OF NET POSITION – Village of Deerfield (in millions of dollars) Governmental Activities Business-type Activities Total – Primary Govt. 2021 2020 2021 2020 2021 2020 Current & Other Assets 82.71 77.96 6.58 5.79 89.29 83.75 Capital Assets 80.11 80.28 59.89 60.58 140.00 140.86 Total Assets 162.82 158.24 66.47 66.37 229.29 224.61 Deferred Outflows of Resources 14.85 17.67 0.54 0.64 15.39 18.31 Total Assets and Deferred Outflows of Resources 177.67 175.91 67.01 67.01 244.68 242.92 Long-Term Liabilities 43.33 60.06 25.36 26.70 68.69 86.76 Other Liabilities 22.25 28.86 1.58 1.69 23.83 30.55 Total Liabilities 65.58 88.92 26.94 28.39 92.52 117.31 Deferred Inflows of Resources 37.46 20.79 0.68 0.35 38.14 21.14 Total Liabilities and Deferred Inflows of Resources 103.04 109.71 27.62 28.74 130.66 138.45 Net Position: Net Investment in Capital Assets 56.12 55.20 34.39 34.22 90.51 89.42 Restricted 14.13 10.24 - - 14.13 10.24 Unrestricted 4.38 0.76 5.00 4.05 9.38 4.81 Total Net Position 74.63 66.20 39.39 38.27 114.02 104.47 Governmental Activities Current & Other Assets have increased mainly due to $7 million of bonds that were issued near year-end along with additional cash and investments in the 2011B Debt Service Sinking Fund. The new bonds will be used to partially fund the 2022/2023 Capital Improvement Plan. The 2011B Debt Service Sinking Fund will continue to increase until the bonds are paid off in 2028. The change in Deferred Outflows of Resources and Deferred Inflows of Resources relate to Pension items (See Employee Retirement Systems footnote) and Other Postemployment Benefits (See Other Postemployment Benefits footnote) in the Governmental and Business-type Activities. Governmental and Business-type Activity Long-Term Liabilities decreased due to $2.665 million of debt service retirements and decreases in the actuarially determined liabilities for OPEB, IMRF and Police. Other Liabilities in Governmental Activities decreased due to amounts that were held in the prior year being recognized as revenue in the current year when the repayment agreement described in the financial highlights section was finalized. VILLAGE OF DEERFIELD, ILLINOIS MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) 8 The following table provides a summary of activities causing a change in net position. Changes in Net Position – Village of Deerfield (in millions of dollars) Governmental Activities Business-type Activities Total – Primary Govt. 2021 2020 2021 2020 2021 2020 Revenues: Program Revenues: Charges for Service 3.75 4.72 9.37 8.83 13.12 13.55 Operating Grants 1.15 1.10 - - 1.15 1.10 Capital Grants 0.12 0.08 0.91 0.55 1.03 0.63 General Revenue: Property Taxes 7.75 7.96 - - 7.75 7.96 Other Taxes/ Intergovernmental 20.59 15.17 - - 20.59 15.17 Other 1.28 0.96 0.17 0.17 1.45 1.13 Total Revenue 34.19 29.99 10.45 9.55 45.09 39.54 Expenses: General Government 10.51 8.38 - - 10.51 8.38 Public Safety 3.74 9.72 - - 3.74 9.72 Highways and Streets 7.72 8.89 - - 7.72 8.89 Interest/fiscal charges 1.54 1.06 - - 1.54 1.06 Water - - 5.66 5.35 5.66 5.35 Sewerage - - 4.67 5.14 4.67 5.14 Refuse - - 1.49 1.46 1.49 1.46 Parking Lots - - 0.21 0.29 0.21 0.29 Total Expense 23.51 28.05 12.03 12.24 35.54 40.29 Increase(decrease) before transfers 11.13 1.94 -1.58 -2.69 9.55 -0.75 Transfer in (out) -2.70 -2.82 2.70 2.82 - - Changes in Net Position 8.43 -0.88 1.12 0.13 9.55 -0.75 Ending Net Position 74.63 66.20 39.39 38.27 114.02 104.47 CURRENT YEAR IMPACTS Governmental Activities Revenue Charges for Service decreased due to mainly to a decrease in interest and fiscal charges which is related to the Library’s portion of Village debt and it's refunding in 2021. Capital grants increased due as the Village received $1.26 million of funding from the American Rescue Plan Act. Other taxes/intergovernmental increased by $4.15 million due largely to recognizing revenue related to the repayment agreement described in the financial highlights section above. In addition, Hotel/Motel tax increased from the previous year, but continue to be negatively impacted by COVID-19 restrictions. Expenses The Village’s Governmental Activities expenses decreased by $4.54 million due largely to Public Safety expense. Public Safety expenses decreased by $5.98 million due to the actuarial calculation of Net Pension Liability and Other Post-Employment Benefits. The decrease in Public Safety expenses were partially offset by a $2.13 million increase in General Government expenses which was a result of increased economic incentive activity. Interest and fiscal charges reflect scheduled interest payments adjusted for interest payable and amortization of discounts/premiums. VILLAGE OF DEERFIELD, ILLINOIS MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) 9 Business-type Activities Revenue A water rate increase of 2.5% was implemented in January, 2021; water sales totaled $5.47 million, which was more than the budget of $5.03 million. Sewer user charges of $3.31 million were also more than the budget of $3.00 million. The sewer rates were increased 2.5% in January 2021. Water and sewer charges were above budget due to usage being higher than expected in the current year. Refuse user charge rates were not increased in 2021 and revenue of $0.56 million was slightly above the budgeted amount. The daily parking fee was held flat and resulted in revenue of $0.03 million, which was significantly reduced due to COVID-19 restrictions and work from home accommodations. Expenses Water Fund operating expenses increased $0.31 million from the prior year due largely to increased demand which also resulted in increased water sales. The Village’s wholesale water supplier did not increase its rates in 2021; however, a series of annual increases to fund the reconstruction of their water treatment plant is expected for the near future. Sewerage Fund operating expenses decreased $0.47 million in comparison to the prior year. The decrease was due largely to year-end accounting adjustments related to Net Pension Liability. Refuse Fund operating expenses increased slightly from the prior year due to personnel services and contractual services. Parking Fund operating expenses decreased slightly in comparison to the prior year. Both funds were under their operating expense budget. FINANCIAL ANALYSIS OF THE VILLAGE’S FUNDS Governmental Funds At December 31, 2021, the governmental funds reported a combined fund balance of $46.66 million which is a 38.79% increase from the beginning of the year ($33.62 million). The increase is due largely to $7 million of bonds that were issued near year-end and Motor Fuel tax revenue related to Rebuild Illinois Bonds. These amounts will be used as part of the 2022/2023 Capital Improvement Plan. In addition, 2011 B sinking fund increased as expected and will continue to increase until the Bonds are due on December 1, 2028. Major Governmental Funds The General Fund is the Village’s primary operating fund and the largest source of day-to-day service delivery. The General Fund cash balance of $24.86 million provides for approximately 1 year of anticipated annual expenditures. General Fund revenues were above the budget of $21.58 million by $6.91 million. Sales tax and Home Rule Sales tax were positively impacted as described in the financial highlight section. Conversely, Hotel/Motel tax was negatively impacted by COVID-19 restrictions. General Fund expenditures were $2.96 million less than the amended budget. General Fund actual expenditures were lower due to open positions, reduced training and development and lower than expected contractual services, including general liability insurance and economic incentives. VILLAGE OF DEERFIELD, ILLINOIS MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) 10 The table below shows the original and revised budget and the actual revenues and expenditures for the General Fund. More information may be found on the schedule of revenues, expenditures and changes to fund balance. General Fund Budget versus Actual Fiscal year ended December 31, 2021 (in millions) Original Amended Budget Budget Actual Revenues Taxes 11.40 11.40 13.31 Intergovernmental 6.28 6.28 10.61 Other 3.90 3.90 4.57 Total 21.58 21.58 28.49 Expenditures & Transfers Expenditures 23.17 25.72 22.87 Transfers – Net 1.48 1.48 1.37 Total 24.65 27.20 24.24 Change in Fund Balance -3.07 -5.62 4.25 Major Proprietary Funds The major proprietary (or business-type) funds operated by the Village are the Water, Sewerage and Refuse Funds. The Water Fund operating revenues totaled $5.60 million for the year. Actual operating expenses, excluding depreciation totaled $5.12 million. Operating income, excluding depreciation, of $0.48 million is a result of prior years’ emphasis on reducing water loss. Overall, net position increased $0.46 million, which included depreciation of $0.53 million and contributions of capital assets from the Infrastructure Replacement fund of $0.51 million. The Sewerage Fund operating expenses were under budget by $0.50 million due primarily to positive budget variances in Treatment plant and Cleaning and maintenance operations. Operating revenues were over budget by $0.3 million. Actual operating revenues for the year exceeded operating expenditures $0.53 million. Capital expenses for the foreseeable future in this fund have been transferred to the Infrastructure Fund. The Refuse Fund operating expenses exceeded operating revenues by $0.92 million. The Village also transfers a portion of its property tax levy to the Refuse Fund. Property tax transferred to the Refuse Fund totaled $0.98 million and the Refuse Fund’s net position increased $0.06 million during the year to $0.81 million. Internal Service Funds The Village’s combined internal service funds’ net position were $7.85 million as of December 31, 2021, with $5.35 million of the total available for major equipment purchases in the Vehicle and Equipment Replacement Fund. Total Garage Fund expenditures slightly exceeded total revenues resulting in a small decrease in net position. Capital assets Effective May 1, 2004, the Village revised its policy of capitalizing assets to raise the minimum to $25,000 (actual) or more in value. The Village’s investment in capital assets, net of accumulated depreciation, for governmental activities as of December 31, 2021 was $80.11 million. The Village’s investment in capital assets, net of accumulated depreciation, for business-type activities as of December 31, 2021 was $59.89 million. Major capital asset additions during the current year included infrastructure improvements, streets and vehicles/equipment. Additional information on capital assets is presented in Note 3 to the financial statements. VILLAGE OF DEERFIELD, ILLINOIS MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) 11 Long-term debt During the year, the Village issued $23.245 million of general obligations bonds. $16.195 million of the proceeds were used to refund $19.075 million of general obligation. The remaining $7.05 million was issued to partially fund capital projects in 2022 and 2023. The refunding resulted in total savings of approximately $1.695 million over the next ten years. In addition, the Village retired $2.665 million of general obligation debt during the year. At the end of the year, the Village had total bonded debt outstanding of $58.58 million. As a home rule government, under Illinois law, the Village has no legal debt limit. As of December 31, 2021, the total Village debt represented 3.96% of the 2020 equalized assessed value. Additional information on long-term debt is presented in Note 3 to the financial statements. Bond Rating The Village’s general obligation bonds are rated Aaa by Moody’s Investor Rating Service. The Aaa rating was reaffirmed with the issuance of the General Obligation Bond Series of 2021. Pension Funds The Village continues to fully fund its annual required contributions to both the Police Pension Fund and Illinois Municipal Retirement Fund. Increased salaries, an aging employee base, and end of career accumulated leave pay- outs have resulted in large contributions to both funds which cover all full-time employees. Additional information on the funding levels can be found in the Required Supplementary Information section. Economic Factors The national economic slowdown continues to affect the local Village micro-economy. However, slowdowns in local retail sales have not been as drastic as originally predicted. The Village is an affluent residential community with a substantial office/commercial presence including a number of headquarters operations in the health services and pharmaceutical areas. Property taxes are a minor part of the overall operating revenues. Net of a refuse fund transfer of $984,665, property taxes total approximately 10% of General Fund revenue. One of the major retail areas in the Village continues to seek major tenants and/or redevelopment. The Village is committed to working with developers and land owners to help them fill vacant retail space. Building permit revenues have again exceeded current period expectations. In December 2019, a novel strain of coronavirus was reported in Wuhan, Hubei province, China. In the first several months of 2020, the virus, SARS-CoV-2, and resulting disease, COVID-19, spread to the United States, including to areas impacting the Village. The Village’s evaluation of the effects of these events is ongoing; however, this situation continues to negatively impact Hotel/Motel tax and Commuter Parking Lot fees. The extent of the impact of COVID-19 on the Village’s operational and financial performance will depend on future developments, including the duration and spread of the outbreak and related governmental or other regulatory actions. Contacting the Village’s Financial Management This financial report is designed to provide a general overview of the Village’s finances, comply with finance-related laws and regulations and demonstrate the Village’s commitment to public accountability. If you have questions about this report or would like to request additional information, contact the Village’s Finance Director, 850 Waukegan Road, Deerfield, IL 60015 or access the Village website at www.deerfield.il.us. B A S I C F I N A N C I A L S T A T E M E N T S Village of Deerfield Statement of Net Position December 31, 2021 Governmental Activities Business- Type Activities Total Assets and Deferred Outflow s of Resources Assets Cash and investments $51,081,873 $2,730,422 $53,812,295 Receivables (net): Property taxes 8,057,803 -8,057,803 Accounts 829,465 1,735,571 2,565,036 Accrued interest 24,717 293 25,010 Electric utility tax 91,253 -91,253 Due from other governmental units 8,786,593 -8,786,593 Note receivable 7,758,512 -7,758,512 Internal balances (1,937,492)1,937,492 - Prepaid items 2,343,525 80,767 2,424,292 Inventory 191,701 96,002 287,703 Deposits 2,864,522 -2,864,522 Restricted assets: Net pension asset 2,611,623 -2,611,623 Capital assets: Capital assets not being depreciated 21,662,544 2,230,092 23,892,636 Capital assets, being depreciated 124,954,499 76,445,327 201,399,826 Less accumulated depreciation (66,502,441)(18,782,853)(85,285,294) Total assets 162,818,697 66,473,113 229,291,810 Deferred Outflow s of Resources Pension items, IMRF 1,992,052 351,181 2,343,233 Pension items, police pension 10,342,513 -10,342,513 Other postemployment benefits 2,515,986 192,102 2,708,088 Total deferred outflows of resources 14,850,551 543,283 15,393,834 Liabilities, Deferred Inflows of Resources and Net Position Liabilities Accounts payable 1,692,515 544,005 2,236,520 Accrued payroll 192,291 40,507 232,798 Contracts payable 4,217,695 -4,217,695 Deposits payable 2,244,594 52,927 2,297,521 Other payables 344,320 -344,320 Accrued interest payable 95,998 78,410 174,408 Due to other governmental units 10,852,807 -10,852,807 Noncurrent liabilities: Due within one year 2,613,766 864,616 3,478,382 Due in more than one year 43,325,443 25,359,886 68,685,329 Total liabilities 65,579,429 26,940,351 92,519,780 Deferred Inflow s of Resources Property taxes levied for a future period 8,057,803 -8,057,803 Pension items, IMRF 3,516,558 619,937 4,136,495 Pension items, police pension 25,073,021 -25,073,021 Other postemployment benefits 809,057 61,774 870,831 Total deferred inflows of resources 37,456,439 681,711 38,138,150 See notes to financial statements 12 Village of Deerfield Statement of Net Position December 31, 2021 Governmental Activities Business- Type Activities Total Net Position Net investment in capital assets $56,119,625 $34,389,742 $90,509,367 Restricted for: Maintenance of roadways 1,429,230 -1,429,230 Public safety 5,476,145 -5,476,145 Debt service 7,229,435 -7,229,435 Unrestricted 4,378,945 5,004,592 9,383,537 Total net position $ 74,633,380 $ 39,394,334 $114,027,714 See notes to financial statements 13 Village of Deerfield Statement of Activities Year Ended December 31, 2021 Program Revenues Net (Expenses) Revenues and Changes in Net Position Functions/Programs Expenses Charges for Services Operating Grants and Contributions Capital Grants and Contributions Governmental Activities Business-Type Activities Total Governmental activities: General government $10,505,819 $2,413,376 $-$-$(8,092,443)$-$(8,092,443) Public safety 3,738,541 1,096,414 --(2,642,127)-(2,642,127) Highways and streets 7,722,374 235,657 1,148,335 121,536 (6,216,846)-(6,216,846) Interest and fiscal charges 1,538,501 ---(1,538,501)-(1,538,501) Total governmental activities 23,505,235 3,745,447 1,148,335 121,536 (18,489,917)-(18,489,917) Business-type activities: Water 5,658,771 5,467,337 -506,246 -314,812 314,812 Sewerage 4,668,322 3,310,267 -402,591 -(955,464)(955,464) Refuse 1,484,341 560,282 ---(924,059)(924,059) Commuter parking lot 205,046 30,547 ---(174,499)(174,499) Total business-type activities 12,016,480 9,368,433 -908,837 -(1,739,210)(1,739,210) Total $35,521,715 $13,113,880 $1,148,335 $1,030,373 (18,489,917)(1,739,210)(20,229,127) General Revenues Taxes Property 7,753,641 -7,753,641 Replacement 247,245 -247,245 Home rule sales 5,388,083 -5,388,083 Local use 726,161 -726,161 Hotel/motel 1,120,137 -1,120,137 Simplified telecommunications 1,171,660 -1,171,660 Electric utility tax 1,078,509 -1,078,509 Food and beverage 606,487 -606,487 Intergovernmental 10,246,355 -10,246,355 Investment income (loss)(117,367)(184)(117,551) Gain on disposal of assets 67,654 -67,654 Miscellaneous 1,339,940 158,120 1,498,060 Total general revenues 29,628,505 157,936 29,786,441 Transfers (2,701,564)2,701,564 - Change in net position 8,437,024 1,120,290 9,557,314 Net Position, Beginning 66,196,356 38,274,044 104,470,400 Net Position, Ending $74,633,380 $39,394,334 $114,027,714 See notes to financial statements 14 Village of Deerfield Balance Sheet Governmental Funds December 31, 2021 General Debt Service 2011B Debt Service Sinking Infrastructure Replacement Assets Cash and investments $24,861,243 $174,741 $7,211,184 $11,847,934 Receivables: Taxes 3,902,311 4,155,492 -- Accounts 722,976 --93,305 Accrued interest 4,399 204 18,251 712 Electric utility tax 91,253 --- Due from other governments 2,295,656 5,430,000 -991,104 Note receivable 7,758,512 --- Prepaid items 2,339,577 --- Inventory 43,577 --- Deposits 2,864,522 --- Due from other funds 44,046 --- Total assets $ 44,928,072 $ 9,760,437 $ 7,229,435 $ 12,933,055 Liabilities, Deferred Inflows of Resources and Fund Balances Liabilities Accounts payable $1,234,442 $-$-$142,957 Accrued payroll 188,427 --- Contracts payable ---4,217,695 Deposits payable 2,244,594 --- Other payables 344,320 --- Total liabilities 4,011,783 --4,360,652 Deferred Inflow s of Resources Unavailable revenues 7,758,512 5,430,000 -- Property taxes levied for a future period 3,902,311 4,155,492 -- Total deferred inflows of resources 11,660,823 9,585,492 -- Fund Balances Nonspendable for inventory 43,577 --- Nonspendable for prepaid items 2,339,577 --- Assigned to subsequent year's budget 1,810,355 --- Restricted for maintenance of roadways ---- Restricted for public safety 2,864,522 --- Restricted for debt service --7,229,435 - Restricted for capital projects ---7,003,989 Assigned to capital projects ---1,568,414 Assigned to special projects 675,337 --- Assigned to debt service -174,945 -- Unassigned 21,522,098 --- Total fund balances 29,255,466 174,945 7,229,435 8,572,403 Total liabilities, deferred inflows of resources and fund balances $ 44,928,072 $ 9,760,437 $ 7,229,435 $ 12,933,055 See notes to financial statements 15 Nonmajor - Motor Fuel Tax Total $1,623,264 $45,718,366 -8,057,803 -816,281 216 23,782 -91,253 69,833 8,786,593 -7,758,512 -2,339,577 -43,577 -2,864,522 -44,046 $ 1,693,313 $ 76,544,312 $264,083 $1,641,482 -188,427 -4,217,695 -2,244,594 -344,320 264,083 8,636,518 -13,188,512 -8,057,803 -21,246,315 -43,577 -2,339,577 -1,810,355 1,429,230 1,429,230 -2,864,522 -7,229,435 -7,003,989 -1,568,414 -675,337 -174,945 -21,522,098 1,429,230 46,661,479 $ 1,693,313 $ 76,544,312 See notes to financial statements 16 Village of Deerfield Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position December 31, 2021 Total Fund Balances, Governmental Funds $46,661,479 Amounts reported for governmental activities in the statement of net position are different because: Capital assets used in governmental funds are not financial resources and, therefore, are not reported in the funds. 80,114,602 Less capital assets used in internal service funds.(2,419,353) Intergovernmental receivables from the Library is not unavailable revenue on the statement of net position.5,430,000 Some receivables that are not currently available are reported as unavailable revenues in the fund financial statements but are recognized as revenue when earned in the government-wide statements.7,758,512 The net pension asset does not relate to current financial resources and is not reported in the governmental funds.2,611,623 Deferred outflows of resources related to pensions do not relate to current financial resources and are not reported in the governmental funds.12,334,565 Deferred outflows of resources related to OPEB do not relate to current financial resources and are not reported in the governmental funds.2,515,986 Deferred inflows of resources related to pensions do not relate to current financial resources and are not reported in the governmental funds.(28,589,579) Deferred inflows of resources related to OPEB do not relate to current financial resources and are not reported in the governmental funds.(809,057) Some liabilities, including long-term debt, are not due and payable in the current period and, therefore, are not reported in the funds. Bonds and notes payable (34,942,000) Compensated absences (1,984,279) Total other postemployment benefit liability (5,934,728) Net pension liability (448,291) Accrued interest (95,998) Unamortized debt premium (2,629,911) Due to other governmental units (10,852,807) Less internal service fund long-term liabilities 47,970 Internal service funds are reported in the statement of net position as governmental activities.5,864,646 Net Position of Governmental Activities $ 74,633,380 See notes to financial statements 17 Village of Deerfield Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds Year Ended December 31, 2021 General Debt Service 2011B Debt Service Sinking Infrastructure Replacement Revenues Taxes $13,309,473 $3,330,668 $725,000 $2,212,275 Licenses and permits 1,491,882 --- Intergovernmental 10,605,343 364,084 -1,284,889 Charges for services 894,957 --- Fines and forfeits 183,964 --- Contributions -730,831 -- Investment income (loss)(2,425)(204)(112,260)(1,226) Miscellaneous 2,005,836 --324,999 Total revenues 28,489,030 4,425,379 612,740 3,820,937 Expenditures Current: General government 10,319,251 -930 - Public safety 9,629,383 --- Highway and streets 2,923,776 --- Capital outlay ---3,555,498 Debt service: Principal retirement -1,815,000 -- Interest and other -979,605 -82,983 Total expenditures 22,872,410 2,794,605 930 3,638,481 Excess (deficiency) of revenues over expenditures 5,616,620 1,630,774 611,810 182,456 Other Financing Sources (Uses) Transfers in 114,009 --500,000 Transfers out (1,484,665)(1,716,899)(114,009)- Issuance of general obligation bonds ---7,050,000 Issuance of refunding bonds -8,490,000 -- Premium on debt issued -1,702,127 -35,813 Payment to refunded bonds escrow agent -(10,172,383)-- Total other financing sources (uses)(1,370,656)(1,697,155)(114,009)7,585,813 Net change in fund balances 4,245,964 (66,381)497,801 7,768,269 Fund Balances, Beginning 25,009,502 241,326 6,731,634 804,134 Fund Balances, Ending $ 29,255,466 $174,945 $ 7,229,435 $ 8,572,403 See notes to financial statements 18 Nonmajor - Motor Fuel Tax Total $-$19,577,416 -1,491,882 1,148,335 13,402,651 -894,957 -183,964 -730,831 (388)(116,503) -2,330,835 1,147,947 38,496,033 -10,320,181 -9,629,383 549,535 3,473,311 -3,555,498 -1,815,000 -1,062,588 549,535 29,855,961 598,412 8,640,072 -614,009 -(3,315,573) -7,050,000 -8,490,000 -1,737,940 -(10,172,383) -4,403,993 598,412 13,044,065 830,818 33,617,414 $ 1,429,230 $ 46,661,479 See notes to financial statements 19 Village of Deerfield Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities Year Ended December 31, 2021 Net Change in Fund Balances, Total Governmental Funds $13,044,065 Amounts reported for governmental activities in the statement of activities are different because: Governmental funds report capital outlays as expenditures. However, in the statement of net position the cost of these assets is capitalized and they are depreciated over their estimated useful lives and reported as depreciation expense in the statement of activities. Capital outlay is reported as an expenditure in the fund financial statements but is capitalized in the government-wide financial statements 2,809,803 Internal service funds additions (744,963) Depreciation is reported in the government-wide financial statements (2,956,364) Net book value of assets retired (21,168) Receivables not currently available are reported as revenue when collected or currently available in the fund financial statements but are recognized as revenue when earned in the government-wide financial statements.(6,943,734) Debt issued provides current financial resources to governmental funds, but issuing debt increases long-term liabilities in the statement of net position. Repayment of debt principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the statement of net position. Debt issued (15,540,000) Principal repaid 1,815,000 Current refunding of bond issuances are reported as an other financing use in the governmental funds. However, current refunding are considered a change in long-term liabilities in the Statement of Net Position.10,172,383 Governmental funds report debt premiums and discounts as other financing sources or uses. However, in the statement of net position, these are reported as additions to or deductions from long-term debt. These are allocated over the period the debt is outstanding in the statement of activities and are reported as interest expense. Debt premium (1,737,940) Amortization (18,688) Some expenses in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures in the governmental funds. Compensated absences (118,680) Total other postemployment benefits liability 184,152 Accrued interest on debt (12,140) Net pension liability, IMRF 2,859,369 Net pension liability(asset), police pension 22,337,368 Deferred outflows of resources related to pensions (2,646,876) Deferred outflows of resources related to total OPEB liability (175,960) Deferred inflows of resources related to pensions (15,851,910) Deferred inflows of resources related to total OPEB liability (624,324) Due to other governmental units 2,400,000 Internal service funds portion of compensated absences 19,122 Internal service funds are used by management to charge self insurance costs to individual funds. The change in net position of the internal service fund reported with governmental activities 188,509 Change in Net Position of Governmental Activities $8,437,024 See notes to financial statements 20 Village of Deerfield Statement of Net Position Proprietary Funds December 31, 2021 Business-Type Activities - Enterprise Funds Water Sewerage Refuse Assets Current assets: Cash and investments $852,530 $1,082,060 $795,832 Receivables: Accounts, billed 338,746 251,502 34,525 Accounts, unbilled 636,757 381,835 92,206 Accrued interest 85 128 80 Prepaid items 33,653 43,423 1,954 Inventory 84,350 11,652 - Total current assets 1,946,121 1,770,600 924,597 Noncurrent assets: Capital assets: Capital assets not being depreciated 2,152,592 -- Capital assets being depreciated 25,677,138 48,817,359 - Less accumulated depreciation (6,755,995)(10,967,279)- Total noncurrent assets 21,073,735 37,850,080 - Total assets 23,019,856 39,620,680 924,597 Deferred Outflow s of Resources Pension items, IMRF 131,556 219,625 - Other postemployment benefits 76,357 115,745 - Total deferred outflows of resources 207,913 335,370 - See notes to financial statements 21 Business-Type Activities - Enterprise Funds Nonmajor - Commuter Parking Lot Total Governmental Activities - Internal Service Funds $-$2,730,422 $5,363,507 -624,773 13,184 -1,110,798 - -293 935 1,737 80,767 3,948 -96,002 148,124 1,737 4,643,055 5,529,698 77,500 2,230,092 - 1,950,830 76,445,327 5,704,045 (1,059,579)(18,782,853)(3,284,692) 968,751 59,892,566 2,419,353 970,488 64,535,621 7,949,051 -351,181 - -192,102 - -543,283 - See notes to financial statements 22 Village of Deerfield Statement of Net Position Proprietary Funds December 31, 2021 Business-Type Activities - Enterprise Funds Water Sewerage Refuse Liabilities Current liabilities: Accounts payable $362,084 $71,887 $109,295 Accrued payroll 12,620 27,267 - Accrued interest -78,410 - Deposits payable 33,025 19,902 - Notes payable -708,000 - Compensated absences payable 54,824 96,916 - Due to other funds --- Total current liabilities 462,553 1,002,382 109,295 Noncurrent liabilities: Long-term debt: Compensated absences payable 11,517 20,359 - Net pension liability 29,605 49,424 - Other postemployment benefit payable 180,112 273,021 - Bonds payable -24,794,824 - Total noncurrent liabilities 221,234 25,137,628 - Total liabilities 683,787 26,140,010 109,295 Deferred Inflow s of Resources Pension items, IMRF 232,235 387,702 - Other postemployment benefits 24,554 37,220 - Total deferred inflows of resources 256,789 424,922 - Net Position Net investment in capital assets 21,073,735 12,347,256 - Unrestricted 1,213,458 1,043,862 815,302 Total net position $ 22,287,193 $ 13,391,118 $815,302 Adjustments to reflect the consolidation of internal service funds activities related to enterprise funds. Net Position Business-Type Activities Net internal service funds reported in the statement of net position as governmental activities See notes to financial statements 23 Business-Type Activities - Enterprise Funds Nonmajor Enterprise Fund - Total Governmental Activities - Internal Service Funds $739 $544,005 $51,033 620 40,507 3,864 -78,410 - -52,927 - -708,000 - 4,876 156,616 35,186 44,046 44,046 - 50,281 1,624,511 90,083 1,024 32,900 12,784 -79,029 - -453,133 - -24,794,824 - 1,024 25,359,886 12,784 51,305 26,984,397 102,867 -619,937 - -61,774 - -681,711 - 968,751 34,389,742 2,419,353 (49,568)3,023,054 5,426,831 $919,183 37,412,796 7,846,184 1,981,538 (1,981,538) $ 39,394,334 $ 5,864,646 See notes to financial statements 24 Village of Deerfield Statement of Revenues, Expenses and Changes in Net Position Proprietary Funds Year Ended December 31, 2021 Business-Type Activities - Enterprise Funds Water Sewerage Refuse Operating Revenues Charges for services $5,467,337 $3,310,267 $560,282 Miscellaneous 129,322 21,229 7,569 Total operating revenues 5,596,659 3,331,496 567,851 Operating Expenses Administration 525,330 386,524 - Operations 4,589,865 2,413,087 1,488,811 Capital outlay --- Depreciation 526,231 1,043,214 - Total operating expenses 5,641,426 3,842,825 1,488,811 Operating income (loss)(44,767)(511,329)(920,960) Nonoperating Revenues (Expenses) Gain on sale of capital assets --- Investment income (loss)(364)(182)189 Interest and other -(863,182)- Total nonoperating revenues (expenses)(364)(863,364)189 Income (loss) before contributions and transfers (45,131)(1,374,693)(920,771) Contributions and Transfers Contributions 506,246 402,591 - Transfers in -1,716,899 984,665 Total contributions and transfers 506,246 2,119,490 984,665 Change in net position 461,115 744,797 63,894 Net Position, Beginning 21,826,078 12,646,321 751,408 Net Position, Ending $22,287,193 $13,391,118 $815,302 Adjustment to reflect the consolidation of internal service funds activities related to enterprise funds Change in net position of business-type activities See notes to financial statements 25 Business-Type Activities - Enterprise Funds Nonmajor - Commuter Parking Lot Total Governmental Activities - Internal Service Funds $30,547 $9,368,433 $1,192,334 -158,120 11,648 30,547 9,526,553 1,203,982 -911,854 - 178,309 8,670,072 489,438 --211,890 26,737 1,596,182 356,125 205,046 11,178,108 1,057,453 (174,499)(1,651,555)146,529 --67,654 173 (184)(864) -(863,182)- 173 (863,366)66,790 (174,326)(2,514,921)213,319 -908,837 - -2,701,564 - -3,610,401 - (174,326)1,095,480 213,319 1,093,509 36,317,316 7,632,865 $919,183 37,412,796 $7,846,184 24,810 $1,120,290 See notes to financial statements 26 Village of Deerfield Statement of Cash Flows Proprietary Funds Year Ended December 31, 2021 Business-Type Activities - Enterprise Funds Water Sewerage Refuse Cash Flows From Operating Activities Received from customers $5,424,862 $3,256,058 $546,380 Received from miscellaneous revenues 129,322 21,229 7,569 Paid to suppliers for goods and services (4,069,137)(1,190,550)(1,432,402) Paid to employees for services (1,022,864)(1,763,647)(58,708) Net cash flows from operating activities 462,183 323,090 (937,161) Cash Flows From Investing Activities Investment income (422)(230)189 Net cash flows from investing activities (422)(230)189 Cash Flows From Noncapital Financing Activities Interfund loan --- Interfund transfer -1,716,899 984,665 Net cash flows from noncapital financing activities -1,716,899 984,665 Cash Flows From Capital and Related Financing Activities Proceeds from sale of capital assets --- Debt issued -9,158,534 - Bond principal payments -(9,885,000)- Bond interest payments -(989,312)- Acquisition and construction of capital assets --- Net cash flows from capital and related financing activities -(1,715,778)- Net change in cash and cash equivalents 461,761 323,981 47,693 Cash and Cash Equivalents, Beginning 390,769 758,079 748,139 Cash and Cash Equivalents, Ending $852,530 $ 1,082,060 $795,832 See notes to financial statements 27 Business-Type Activities - Enterprise Funds Nonmajor - Commuter Parking Lot Total Governmental Activities - Internal Service Funds $30,581 $9,257,881 $1,179,989 -158,120 11,648 (134,513)(6,826,602)(364,370) (41,498)(2,886,717)(295,166) (145,430)(297,318)532,101 173 (290)(864) 173 (290)(864) 44,046 44,046 - -2,701,564 - 44,046 2,745,610 - --11,345 -9,158,534 - -(9,885,000)- -(989,312)- --(1,044,779) -(1,715,778)(1,033,434) (101,211)732,224 (502,197) 101,211 1,998,198 5,865,704 $-$ 2,730,422 $ 5,363,507 See notes to financial statements 28 Village of Deerfield Statement of Cash Flows Proprietary Funds Year Ended December 31, 2021 Business-Type Activities - Enterprise Funds Water Sewerage Refuse Reconciliation of Operating Income (Loss) to Net Cash Flow s From Operating Activities Operating income (loss)$(44,767)$(511,329)$(920,960) Adjustments to reconcile operating income (loss) to net cash flows from operating activities: Depreciation 526,231 1,043,214 - Changes in assets and liabilities: Receivables (42,475)(54,209)(13,902) Prepaid expenses 3,064 3,954 178 Inventories 26,551 2,065 - Accounts payable 82,949 (32,243)(2,477) Deposits payable (4,068)(3,109)- Accrued payroll 2,527 8,406 - Other postemployment benefit payable 2,284 13 - Compensated absences payable (8,765)(11,135)- Pension items (81,348)(122,537)- Net cash flows from operating activities $462,183 $323,090 $(937,161) Noncash Capital and Related Financing Activities Contributions of capital assets by other funds $506,246 $402,591 $- See notes to financial statements 29 Business-Type Activities - Enterprise Funds Nonmajor - Commuter Parking Lot Total Governmental Activities - Internal Service Funds $(174,499)$(1,651,555)$146,529 26,737 1,596,182 356,125 34 (110,552)(12,345) 158 7,354 (287) -28,616 (16,566) 92 48,321 38,622 -(7,177)- (300)10,633 901 -2,297 - 2,348 (17,552)19,122 -(203,885)- $(145,430)$(297,318)$532,101 $-$- See notes to financial statements 30 Village of Deerfield Statement of Fiduciary Net Position Fiduciary Funds December 31, 2021 Pension Trust Fund Custodial Funds Assets Cash and investments $5,426,427 $3,172,882 Investments: U.S. Treasury/agency obligations 9,690,007 - Corporate bonds 8,527,422 - Mutual funds 42,196,502 - Municipal bonds 45,169 - Receivables: Accounts -258,163 Accrued interest 71,954 - Total assets 65,957,481 3,431,045 Liabilities Accounts payable 23,987 2,348 Total liabilities 23,987 2,348 Net Position Restricted for retirement benefits $65,933,494 $- Restricted for dispatch services -3,428,697 Total net position $ 65,933,494 $ 3,428,697 See notes to financial statements 31 Village of Deerfield Statement of Changes in Fiduciary Net Position Fiduciary Funds Year Ended December 31, 2021 Pension Trust Fund Custodial Funds Additions Contributions and charges for services Contributions, employer $1,100,000 $- Contributions, employee 450,777 - Charges for services -1,019,658 Total contributions and charges for services 1,550,777 1,019,658 Investment income Net appreciation in fair value of investments 6,985,286 - Interest and dividends earned on investments 1,067,080 1,343 Total investment income 8,052,366 1,343 Less investment expense (26,556)- Net investment income 8,025,810 1,343 Total additions 9,576,587 1,021,001 Deductions Pension payments 3,168,792 - Separation refunds 80,087 - Administrative 47,007 202,101 Public safety -561,545 Capital outlay -525 Total deductions 3,295,886 764,171 Change in fiduciary net position 6,280,701 256,830 Net Position, Beginning 59,652,793 3,171,867 Net Position, Ending $ 65,933,494 $ 3,428,697 See notes to financial statements 32 Village of Deerfield Index to Notes to Financial Statements December 31, 2021 Page 1.Summary of Significant Accounting Policies 34 Reporting Entity 34 Government-Wide and Fund Financial Statements 34 Measurement Focus, Basis of Accounting and Financial Statement Presentation 37 Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of Resources and Net Position or Equity 38 Deposits and Investments 38 Receivables 41 Inventories and Prepaid Items 41 Capital Assets 41 Deferred Outflows of Resources 42 Compensated Absences 42 Long-Term Obligations 42 Deferred Inflows of Resources 43 Equity Classifications 43 Interfund Transactions 44 2.Stewardship, Compliance and Accountability 44 Excess Expenditures Over Budget 44 3.Detailed Notes on All Funds 45 Deposits and Investments 45 Receivables 48 Capital Assets 49 Interfund Transfers 50 Long-Term Obligations 51 4.Other Information 53 Employees' Retirement System 53 Risk Management 63 Commitments and Contingencies 64 Joint Ventures 64 Other Postemployment Benefits 65 Subsequent Events 68 Tax Abatement 68 Effect of New Accounting Standards on Current-Period Financial Statements 69 33 Village of Deerfield Notes to Financial Statements December 31, 2021 1.Summary of Significant Accounting Policies The Village of Deerfield, Illinois (the Village) was incorporated in 1903. The Village is a home-rule municipality, under the 1970 Illinois Constitution, located in Lake County, Illinois. The Village is governed by an elected seven-member board. The accounting policies of the Village of Deerfield, Illinois conform to accounting principles generally accepted in the United States of America as applicable to governmental units. The accepted standard- setting body for establishing governmental accounting and financial reporting principles is the Governmental Accounting Standards Board (GASB). Reporting Entity This report includes all of the funds of the Village. The reporting entity for the Village consists of the primary government and its component units. Component units are legally separate organizations for which the primary government is financially accountable or other organizations for which the nature and significance of their relationship with the primary government are such that their exclusion would cause the reporting entity's financial statements to be misleading. The Village has not identified any organizations that meet this criteria. Fiduciary Component Units The Police Pension Employees Retirement System (PPERS) is established for the Village's police employees. PPERS functions for the benefit of these employees and is governed by a five- member pension board. Two members appointed by the Village’s President, one pension beneficiary elected by the membership and two police employees elected by the membership constitute the pension board. The Village and the PPERS participants are obligated to fund all PPERS costs based upon actuarial valuations. A municipality is considered to have a financial burden if it is legally obligated or has otherwise assumed the obligation to make contributions to the pension plan. The State of Illinois is authorized to establish benefit levels and the Village is authorized to approve the actuarial assumptions used in the determination of contribution levels. PPERS is reported as a fiduciary component unit pension trust fund and the data for the pension is included in the government's fiduciary fund financial statements as a pension trust fund. No separate annual financial report is issued for the PPERS. Government-Wide and Fund Financial Statements Government-Wide Financial Statements The statement of net position and statement of activities display information about the reporting government as a whole. They include all funds of the reporting entity except for fiduciary funds. The statements distinguish between governmental and business-type activities. Governmental activities generally are financed through taxes, intergovernmental revenues and other nonexchange revenues. Business-type activities are financed in whole or in part by fees charged to external parties for goods or services. The effect of material interfund activity (except for activities reported in internal service funds) has been eliminated from these statements. The statement of activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. The Village does not allocate indirect expenses to functions in the statement of activities. Program revenues include 1) charges to customers or applicants who purchase, use or directly benefit from goods, services or privileges provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not included among program revenues are reported as general revenues. Internally dedicated resources are reported as general revenues rather than as program revenues. 34 Village of Deerfield Notes to Financial Statements December 31, 2021 Fund Financial Statements Financial statements of the Village are organized into funds, each of which is considered to be a separate accounting entity. Each fund is accounted for by providing a separate set of self- balancing accounts, which constitute its assets, deferred outflows of resources, liabilities, deferred inflows of resources, net position/fund balance, revenues and expenditures/expenses. Funds are organized as major funds or nonmajor funds within the governmental and proprietary statements. An emphasis is placed on major funds within the governmental and proprietary categories. A fund is considered major if it is the primary operating fund of the Village or meets the following criteria: a. Total assets/deferred outflows of resources, liabilities/deferred inflows of resources, revenues or expenditures/expenses of that individual governmental or enterprise fund are at least 10 percent of the corresponding total for all funds of that category or type and b. The same element of the individual governmental or enterprise fund that met the 10 percent test is at least 5 percent of the corresponding total for all governmental and enterprise funds combined. c. In addition, any other governmental or enterprise fund that the Village believes is particularly important to financial statement users may be reported as a major fund. Separate financial statements are provided for governmental funds, proprietary funds and fiduciary funds, even though the latter are excluded from the government-wide financial statements. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements. The Village reports the following major governmental funds: General Fund General Fund accounts for the Village's primary operating activities. It is used to account for and report all financial resources except those accounted for and reported in another fund. Debt Service Funds Debt Service Fund is used to account and report the assigned resources for the payment of general long-term debt. 2011B Debt Services Sinking Fund is used to account and report the restricted resources for the payment of general long-term debt. Capital Projects Fund Infrastructure Replacement Fund is used to account for and report financial resources that are assigned to expenditures for maintaining, repairing and renovating the capital assets of the Village. 35 Village of Deerfield Notes to Financial Statements December 31, 2021 Enterprise Funds The Village reports the following major enterprise funds: Water Fund accounts for operations of the activity necessary to provide water to the residents of the Village including administration, operation, maintenance, financing and related debt service. Sewerage Fund accounts for operations of the all activities necessary to provide sewer service to the residents of the Village including administration, construction, maintenance and operations of the sewerage treatment plant and related debt service. Refuse Fund accounts for operations of the all the revenue and expenses necessary to provide the residents of the Village with refuse service. The Village reports the following nonmajor governmental and enterprise funds: Special Revenue Fund Special Revenue Fund is used to account for and report the proceeds of specific revenue sources that are restricted or committed to expenditures for specified purposes (other than debt service or capital projects). Motor Fuel Tax Fund Enterprise Fund Enterprise Fund is used to account for and report any activity for which a fee is charged to external uses for goods or services and must be used for activities which meet certain debt or cost recovery criteria. Commuter Parking Lot Fund In addition, the Village reports the following fund types: Internal Service Funds Internal Service Funds are used to account for and report the financing of goods or services provided by one department or agency to other departments or agencies of the Village or to other governmental units, on a cost-reimbursement basis. The Garage Fund accounts for all activity necessary to maintain the efficient and safe operation of the Village's vehicles and equipment and is funded by various departments according to services rendered. The Vehicle and Equipment Replacement Fund accounts for purchases of vehicles and equipment and is funded by various departments according to services rendered. Pension Trust Fund Pension Trust Fund is used to account for and report resources that are required to be held in trust for the members and beneficiaries of the defined benefit pension plan. Police Pension Trust Fund 36 Village of Deerfield Notes to Financial Statements December 31, 2021 Custodial Funds Custodial Funds are used to account for and report assets controlled by the Village and the assets are for the benefit of individuals, private organizations and/or other governmental units. East Shore Radio Network Fund Deerfield Consolidated JETSB Fund Measurement Focus, Basis of Accounting and Financial Statement Presentation Government-Wide Financial Statements The government-wide statement of net position and statement of activities are reported using the economic resources measurement focus and the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when earned and expenses are recorded when the liability is incurred or economic asset used. Revenues, expenses, gains, losses, assets and liabilities resulting from exchange and exchange-like transactions are recognized when the exchange takes place. Property taxes are recognized as revenues in the year for which they are levied. Taxes receivable for the following year are recorded as receivables and deferred inflows. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider are met. Special assessments are recorded as revenue when earned. Unbilled receivables are recorded as revenues when services are provided. As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements. Fund Financial Statements Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recorded when they are both measurable and available. Available means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. For this purpose, the Village considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Sales taxes, telecommunications taxes and use taxes use a 90-day period and income taxes use a 120-day period. Expenditures are recorded when the related fund liability is incurred, except for unmatured interest on long-term debt, claims, judgments, compensated absences and pension expenditures, which are recorded as a fund liability when expected to be paid with expendable available financial resources. Property taxes are recorded in the year levied as receivables and deferred inflows. They are recognized as revenues in the succeeding year when services financed by the levy are being provided. Intergovernmental aids and grants are recognized as revenues in the period the Village is entitled the resources and the amounts are available. Amounts owed to the Village which are not available are recorded as receivables and unavailable revenues. Amounts received before eligibility requirements (excluding time requirements) are met are recorded as liabilities. Amounts received in advance of meeting time requirements are recorded as deferred inflows. Revenues susceptible to accrual include property taxes, miscellaneous taxes, public charges for services, special assessments and interest. Other general revenues such as fines and forfeitures, inspection fees, recreation fees and miscellaneous revenues are recognized when received in cash or when measurable and available under the criteria described above. 37 Village of Deerfield Notes to Financial Statements December 31, 2021 Proprietary and Fiduciary Funds Proprietary and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as described previously in this note. The proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund's principal ongoing operations. The principal operating revenues of the water, sewerage, refuse and commuter parking lot funds are charges to customers for sales and services. Special assessments are recorded as receivables and contribution revenue when levied. Operating expenses for proprietary funds include the cost of sales and services, administrative expenses and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. All Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, deferred outflows of resources, liabilities and deferred inflows of resources and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures/expenses during the reporting period. Actual results could differ from those estimates. Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of Resources and Net Position or Equity Deposits and Investments For purposes of the statement of cash flows, the Village considers all highly liquid investments with an initial maturity of three months or less when acquired to be cash equivalents. Illinois Statutes authorize the Village to make deposits/investments in insured commercial banks, savings and loan institutions, obligations of the U.S. Treasury and U.S. Agencies, insured credit union shares, money market mutual funds with portfolios of securities issued or guaranteed by the United States or agreement to repurchase these same obligations, repurchase agreements, short- term commercial paper rated within the three highest classifications by at least two standard rating services and the Illinois Funds Investment Pool. Pension funds may also invest in certain non-U.S. obligations, Illinois municipal corporations tax anticipation warrants, veteran’s loans, obligations of the State of Illinois and its political subdivisions and the Illinois insurance company general and separate accounts, mutual funds meeting certain requirements, equity securities and corporate bonds meeting certain requirements. Pension funds with net assets in excess of $10,000,000 and an appointed investment advisor may invest an additional portion of its assets in common and preferred stocks and mutual funds, that meet certain requirements. 38 Village of Deerfield Notes to Financial Statements December 31, 2021 The Police Pension Fund's investment policy allows investments in all of the above listed accounts, but does exclude any repurchase agreements. The Police Pension Fund’s investment policy, in accordance with Illinois Statutes, establishes the following target allocation across asset classes Asset Class Target Long-Term Expected Real Rate of Return Corporate Bonds 34 % 1.70 % Equity 60 6.10 U.S. Government 5 1.00 Cash Equivalents 1 0.00 Illinois Compiled Statues (ILCS) limit the Police Pension Fund's investments in equities, mutual funds and variable annuities to 65 percent. Securities in any one company should not exceed 5 percent of the total fund. The blended asset class is comprised of all other asset classes to allow for rebalancing the portfolio. The long-term expected rate of return on the Police Pension Fund's investments was determined using an asset allocation study conducted by the Police Pension Fund's investment management consultant in which best-estimate ranges of expected future real rates of return (net of pension plan investment expense and inflation) were developed for each major asset class. These ranges were combined to produce long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. Best estimates or arithmetic real rates of return for each major asset class included in the Police Pension Fund's target asset allocation are listed in the table above. Additional restrictions may arise from local charters ordinances, resolutions and grant resolutions. The Village has adopted an investment policy. The policies follow the state statute for allowable investments.It is the policy of the Village to invest its funds in a manner which will provide the highest investment return with the maximum security while meeting the daily cash flow demands of the Village and conforming to all state and local statutes governing the investment of public funds, using the prudent person standard for managing the overall portfolio. The primary objective of the policy of the Village is safety (preservation of capital and protection of investment principal), liquidity and yield. Interest Rate Risk In accordance with its investment policy, the Village limits its exposure to interest rate risk by structuring the portfolio to provide liquidity for operating funds an maximizing yields for funds not needed within a five-year period. The Village investment policy limits maturities to five years unless tied to a specific cash flow. Investments may be purchased with maturities to match future projects or liability requirements. In addition, the policy requires the Village to structure the investment portfolio so that securities mature to meet cash requirements for ongoing operations, thereby avoiding the need to sell securities on the open market prior to maturity. In accordance with its investment policy, the Police Pension Fund limits its exposure to interest rate risk by structuring the portfolio to provide liquidity to meet required pension payments. The investment policy does not limit the maximum maturity length of investments in the fund. 39 Village of Deerfield Notes to Financial Statements December 31, 2021 Credit Risk State Statutes limit the investments in commercial paper to the top three ratings of two nationally recognized statistical rating organizations (NRSRO’s). The Village's investment policy authorizes investments in any type of security allowed for in Illinois statutes regarding the investment of public funds. The Police Pension Fund limits its exposure to credit risk by investing exclusively investment grade bonds or obligations guaranteed by the United States Government or securities issued by agencies of the United States Government that are explicitly or implicitly guaranteed by the United States Governments. Concentration of Credit Risk The Village's investment policies require diversification of the investment portfolio to minimize risk of loss resulting from over-concentration in a particular type of security, risk factor, issuer or maturity, but does not specify maximum amounts that can be invested in any one investment vehicle, maturity, issuer or class of securities. The Police Pension Fund’s investment policy limits the amount of the portfolio that can be invested in any one investment vehicle. With the exception of U.S. Treasury securities and authorized pools, no more than 65 percent of the Police Pension Fund’s total investment portfolio can be invested in a single security type or with a single financial institution. Custodial Credit Risk, Deposits The Village's and Police Pension Fund's investment policy limits the exposure to deposit custodial credit risk by requiring all deposits in excess of FDIC insurable limits to be secured with collateralization pledged by the applicable financial institution to the extent of 100 percent of the value of the deposit. Custodial Credit Risk, Investments The Village's and Police Pension Fund’s investment policies require all securities to be held by a third party custodian designated by the Treasurer and evidenced by safekeeping receipts. The Village's investment policy limits the exposure to deposit custodial credit risk by requiring all deposits in excess of FDIC insurable limits to be secured with collateralization pledged by the applicable financial institution to the extent of 100 percent of the value of the deposit in excess of federal depository insurance with the collateral held by the Village's agent in the Village's name. The Village’s investment policy also requires all security transactions that are exposed to custodial credit risk to be processed on a delivery versus payment (DVP) basis with the underlying investments held by a third party acting as the Village’s agent separate from where the investment was purchased or by the trust department of the bank where purchased, in the Village’s name. The Police Pension Fund’s investment policy requires all security transactions that are exposed to custodial credit risk to be processed on a DVP basis with the underlying investments held by a third party acting as the Police Pension Fund’s agent separate from where the investment was purchased in the Police Pension Fund’s name. Investments are stated at fair value, which is the amount at which an investment could be exchanged in a current transaction between willing parties. Fair values are based on methods and inputs as outlined in Note 3. Adjustments necessary to record investments at fair value are recorded in the operating statement as increases or decreases in investment income. Investment income on commingled investments of municipal accounting funds is allocated based on average balances. Illinois Funds is an investment pool managed by the State of Illinois, Office of the Treasurer, which allows governments within the State to pool their funds for investment purposes. Illinois Funds is not registered with the SEC as an investment company, but does operate in a manner consistent with Rule 2a7 of the Investment Company Act of 1940. Investments in Illinois Funds are valued at Illinois Fund’s share price, the price for which the investments could be sold. See Note 3 for further information. 40 Village of Deerfield Notes to Financial Statements December 31, 2021 Receivables Property taxes for levy year 2021 attaches as an enforceable lien on January 1, 2021, on property values assessed as of the same date. Taxes are levied by December following the lien date (by passage of a Tax Levy Ordinance). Tax bills for levy year 2021 are prepared by the County and issued on or about February 1 for Cook County and May 1 for Lake County and are payable in two installments, on or about March 1 and August 1 for Cook County and June 1 and September 1 for Lake County. The 2021 property tax levy is recognized as a receivable and deferred inflows in fiscal 2021, net the allowance for uncollectible. As the taxes become available to finance current expenditures, they are recognized as revenues. At December 31, 2021, the property taxes receivable and related deferred inflows consisted of the estimated amount collectible from the 2021 levy. During the course of operations, transactions occur between individual funds that may result in amounts owed between funds. Short-term interfund loans are reported as due to and from other funds. Long-term interfund loans (noncurrent portion) are reported as advances from and to other funds. Interfund receivables and payables between funds within governmental activities are eliminated in the statement of net position. Any residual balances outstanding between the governmental activities and business-type activities are reported in the government-wide financial statements as internal balances. In the governmental fund financial statements, advances to other funds are offset equally by a nonspendable fund balance account which indicates that they do not constitute expendable available financial resources and, therefore, are not available for appropriation or by a restricted fund balance account, if the funds will ultimately be restricted when the advance is repaid. Inventories and Prepaid Items Governmental fund inventories, if material, are recorded at cost based on the FIFO method using the purchases method of accounting. Proprietary fund inventories are generally used for construction and/or for operation and maintenance work. They are not for resale. They are valued at cost based on FIFO and charged to construction and/or operation and maintenance expense when used. Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements. The cost of prepaid items is recorded as expenditures/expenses when consumed rather than when purchased. Capital Assets Government-Wide Statements Capital assets, which include property, plant and equipment, are reported in the government- wide financial statements. Capital assets are defined by the government as assets with an initial cost of more than $25,000 and an estimated useful life in excess of one year. All capital assets are valued at historical cost or estimated historical cost if actual amounts are unavailable. Donated capital assets are recorded at their estimated acquisition value at the date of donation. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized. Improvements are capitalized and depreciated over the remaining useful lives of the related capital assets, as applicable. 41 Village of Deerfield Notes to Financial Statements December 31, 2021 Depreciation of all exhaustible capital assets is recorded as an allocated expense in the statement of activities, with accumulated depreciation reflected in the statement of net position. Depreciation is provided over the assets' estimated useful lives using the straight-line method. The range of estimated useful lives by type of asset is as follows: Buildings and building improvements 20-50 Years Parking improvements 15-50 Years Water/sewer system 40-60 Years Vehicles, machinery and equipment 4-20 Years Infrastructure 20-50 Years Fund Financial Statements In the fund financial statements, capital assets used in governmental fund operations are accounted for as capital outlay expenditures of the governmental fund upon acquisition. Capital assets used in proprietary fund operations are accounted for the same way as in the government-wide statements. Deferred Outflow s of Resources A deferred outflow of resources represents a consumption of net position/fund balance that applies to a future period and will not be recognized as an outflow of resources (expense/expenditure) until that future time. Compensated Absences Under terms of employment, employees are granted sick leave and vacations in varying amounts. Only benefits considered to be vested are disclosed in these statements. All vested vacation and sick leave pay is accrued when incurred in the government-wide and proprietary fund financial statements. A liability for these amounts is reported in governmental funds only if they have matured, for example, as a result of employee resignations and retirements and are payable with expendable resources. Payments for vacation and sick leave will be made at rates in effect when the benefits are used. Accumulated vacation and sick leave liabilities at December 31, 2021, are determined on the basis of current salary rates and include salary related payments. Long-Term Obligations All long-term obligations to be repaid from governmental and business-type resources are reported as liabilities in the government-wide statements. The long-term obligations consist primarily of notes and bonds payable and accrued compensated absences. Long-term obligations for governmental funds are not reported as liabilities in the fund financial statements. The face value of debts (plus any premiums) are reported as other financing sources and payments of principal and interest are reported as expenditures. The accounting in proprietary funds is the same as it is in the government-wide statements. For the government-wide statements and proprietary fund statements, bond premiums and discounts are amortized over the life of the issue using the effective interest method. The balance at year end is shown as an increase or decrease in the liability section of the statement of net position. 42 Village of Deerfield Notes to Financial Statements December 31, 2021 In the governmental fund financial statements, governmental funds recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from actual debt proceeds received, are reported as expenditures. Deferred Inflows of Resources A deferred inflow of resources represents an acquisition of net position/fund balance that applies to a future period and therefore will not be recognized as an inflow of resources (revenue) until that future time. Equity Classifications Government-Wide Statements Equity is classified as net position and displayed in three components: a. Net Investment in Capital Assets - Consists of capital assets including restricted capital assets, net of accumulated depreciation and reduced by the outstanding balances (excluding unspent debt proceeds) of any bonds, mortgages, notes or other borrowings that are attributable to the acquisition, construction or improvement of those assets. b. Restricted Net Position - Consists of net position with constraints placed on their use either by 1) external groups such as creditors, grantors, contributors or laws or regulations of other governments or, 2) law through constitutional provisions or enabling legislation. c. Unrestricted Net Position - All other net positions that do not meet the definitions of restricted or net investment in capital assets. When both restricted and unrestricted resources are available for use, it is the Village's policy to use restricted resources first, then unrestricted resources as they are needed. Fund Statements Governmental fund balances are displayed as follows: a. Nonspendable - Includes fund balance amounts that cannot be spent either because they are not in spendable form or because legal or contractual requirements require them to be maintained intact. b. Restricted - Consists of fund balances with constraints placed on their use either by 1) external groups such as creditors, grantors, contributors or laws or regulations of other governments or 2) law through constitutional provisions or enabling legislation. c. Committed - Includes fund balance amounts that are constrained for specific purposes that are internally imposed by the government through formal action of the highest level of decision making authority. Fund balance amounts are committed through a formal action (ordinance) of the Village Board. This formal action must occur prior to the end of the reporting period, but the amount of the commitment, which will be subject to the constraints, may be determined in the subsequent period. Any changes to the constraints imposed require the same formal action of the Village Board that originally created the commitment. 43 Village of Deerfield Notes to Financial Statements December 31, 2021 d. Assigned - Includes spendable fund balance amounts that are intended to be used for specific purposes that do not meet the criteria to be classified as restricted or committed. The Village Board has, by ordinance, adopted a fund balance policy authorizing the Director of Finance to assign amounts for a specific purpose. Assignments may take place after the end of the reporting period. e. Unassigned - Includes residual positive fund balance within the general fund which has not been classified within the other above mentioned categories. Unassigned fund balance may also include negative balances for any governmental fund if expenditures exceed amounts restricted, committed or assigned for those purposes. Proprietary fund equity is classified the same as in the government-wide statements. The Village considers restricted amounts to be spent first when both restricted and unrestricted fund balance is available unless there are legal documents / contracts that prohibit doing this, such as in grant agreements requiring dollar for dollar spending. Additionally, the Village would first use committed, then assigned and lastly unassigned amounts of unrestricted fund balance when expenditures are made. Interfund Transactions Interfund services are accounted for as revenues, expenditures or expenses. Transactions that constitute reimbursements to a fund for expenditures/expenses initially made from it that are properly applicable to another fund are recorded as expenditures/expenses in the reimbursing fund and as reductions of expenditures/expenses in the fund that is reimbursed. All other interfund transactions, except interfund services and reimbursements, are reported as transfers. 2.Stewardship, Compliance and Accountability Excess Expenditures Over Budget Funds Budgeted Expenditures Actual Expenditures Excess Expenditures Over Budget Debt Service Fund $2,775,722 $2,794,605 $18,883 Garage Fund 446,700 489,438 42,738 The Village controls expenditures at the department level. Some individual departments experienced expenditures which exceeded appropriations. The detail of those items can be found in the Village's year-end budget to actual report. The Village does not budget for noncash expenses in the enterprise funds, such as depreciation expense. The Debt Service Fund is over budget due to the cost of issuance of new debt, which was appropriated through the bond ordinance. 44 Village of Deerfield Notes to Financial Statements December 31, 2021 3.Detailed Notes on All Funds Deposits and Investments The Village's deposits and investments at year end were comprised of the following: Carrying Value Statement Balances Associated Risks Deposits $23,739,627 $24,870,354 Custodial credit risk - deposits Mutual funds 42,196,502 42,196,502 N/A U.S. Treasury obligations 9,689,382 9,686,382 Custodial credit risk - investments, interest rate risk Certificates of deposit (negotiable)3,106,912 3,106,912 Credit risk, custodial credit risk - investments, concentration of credit risk, interest rate risk Corporate bonds 8,527,422 8,527,422 Credit risk, custodial credit risk - investments, concentration of credit risk, interest rate risk Municipal bonds 45,169 45,169 Credit risk, custodial credit risk - investments, concentration of credit risk, interest rate risk Illinois Funds 23,190,374 23,189,374 Credit risk US Agency obligations, explicitly guaranteed 625 625 Custodial credit risk - investments, interest rate risk U.S. Agency obligations, implicitly guaranteed 12,372,291 12,372,291 Credit risk, custodial credit risk - investments, concentration of credit risk, interest rate risk Petty cash 2,400 2,400 N/A Total deposits and investments $122,870,704 $123,997,431 Reconciliation to financial statements Per statement of net position: Cash and investments $53,812,295 Per statement of net position, fiduciary funds: Cash and investments 8,599,309 U.S. Treasury/agency obligations 9,690,007 Corporate bonds 8,527,422 Mutual funds 42,196,502 Municipal bonds 45,169 Total deposits and investments $122,870,704 45 Village of Deerfield Notes to Financial Statements December 31, 2021 Deposits in each local and area bank are insured by the FDIC in the amount of $250,000 for time and savings accounts (including NOW accounts) and $250,000 for demand deposit accounts (interest- bearing and noninterest-bearing). In addition, if deposits are held in an institution outside of the state in which the government is located, insured amounts are further limited to a total of $250,000 for the combined amount of all deposit accounts. The Village categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs. As of December 31, 2021, the Village utilized the market valuation method for all recurring fair value measurements and investments were measured using the valuation inputs as follows: Village December 31, 2021 Investment Type Level 1 Level 2 Level 3 Total Certificates of deposit (negotiable)$-$3,106,912 $-$3,106,912 U.S. Agency obligations -12,372,291 -12,372,291 Total $-$ 15,479,203 $-$ 15,479,203 Police Pension December 31, 2021 Investment Type Level 1 Level 2 Level 3 Total U.S. Treasury obligations $9,689,382 $-$-$9,689,382 Corporate bonds -8,527,422 -8,527,422 Mutual funds 42,196,502 --42,196,502 Municipal bonds -45,169 -45,169 U.S. Agency obligations -625 -625 Total $ 51,885,884 $ 8,573,216 $-$ 60,459,100 Custodial Credit Risk Deposits Custodial credit risk is the risk that in the event of a financial institution failure, the Village's deposits may not be returned to the Village. The Village does not have any deposits exposed to custodial credit risk. Investments For an investment, custodial credit risk is the risk that, in the event of the failure of the counterparty, the Village will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. The Village does not have any investments exposed to custodial credit risk. 46 Village of Deerfield Notes to Financial Statements December 31, 2021 Credit Risk Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. As of December 31, 2021, the Village's investments were rated as follows: Investment Type Standard & Poors Moody's Investors Services Certificates of deposit (negotiable)Not rated Not rated Corporate bonds BBB- to AA Baa3 to A1 Municipal bonds AAA N/A Illinois Funds AAAm N/A U.S. Agency obligations AA+Aaa Concentration of Credit Risk Concentration of credit risk is the risk of loss attributed to the magnitude of a government's investment in a single issuer. At December 31, 2021, the Village's investment portfolio was concentrated as follows: Issuer Investment Type Percentage of Net Position Federal Home Loan Mortgage Corporation U.S. Agency obligations, implicitly guaranteed %16.80 Federal Farm Credit Banks U.S. Agency obligations, implicitly guaranteed 21.60 Federal Home Loan Banks U.S. Agency obligations, implicitly guaranteed 41.60 Interest Rate Risk Interest rate risk is the risk that changes in interest rates will adversely affect the value of an investment. As of December 31, 2021, the Village's investments were as follows: Village Maturity (In Years) Investment Type Fair Value Less than 1 Year 1-5 Years 6-10 Years Greater than 10 Years Certificates of deposit (negotiable)$3,106,912 $1,003,048 $397,448 $1,706,416 $- U.S. Agency obligations 12,372,291 -6,933,160 5,439,131 - Total $ 15,479,203 $ 1,003,048 $ 7,330,608 $ 7,145,547 $- 47 Village of Deerfield Notes to Financial Statements December 31, 2021 Police Pension Maturity (In Years) Investment Type Fair Value Less than 1 Year 1-5 Years 6-10 Years Greater than 10 Years U.S. Treasury obligations $9,689,382 $2,998,940 $4,880,600 $1,809,842 $- U.S. Agency obligations 625 625 --- Corporate bonds 8,527,422 362,200 3,463,497 4,503,396 198,329 Municipal bonds 45,168 -45,168 -- Total $ 18,262,597 $ 3,361,765 $ 8,389,265 $ 6,313,238 $198,329 Money-Weighted Rate of Return Police Pension Fund For the year ended December 31, 2021, the annual money-weighted rate of return on the Police Pension plan investments, net of pension plan investment expense, was 13.78 percent. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested. See Note 1 for further information on deposit and investment policies. Receivables All of the receivables on the balance sheet are expected to be collected within one year except for the note receivable and the due from other governments related to the debt service fund. In 2019, the State notified the Village that its monthly distributions for sales tax and home rule sales tax would be reduced due to previous over distributions resulting from a business that filed amended state returns. As part of an ongoing sales tax sharing agreement, the Village had previously rebated 80 percent of the overpayments ($13,162,246) to the business and the Village negotiated a repayment schedule with the business. As of fiscal year end, The Statement of Net Position reflects a note receivable of $7,758,512 for amounts due from the business and a payable of $10,852,807 for the remaining amount due to the State. On the fund level, the note receivable is reported as unavailable revenue. The Village issued General Obligation Bonds in 2011 and 2013 on behalf of the Library to finance the Library Improvement Project. These bonds were refunded by the Village in fiscal year 2021. These bonds are in the Village's name and are a liability of the Village. The Library receives property tax collections to pay for the bond principal and interest then remits the funds to the Village as the principal and interest payments become due. The Village has recorded a receivable, offset by unavailable revenue, for the amount of debt outstanding, less cash on hand, that the Library will be paying the Village. 48 Village of Deerfield Notes to Financial Statements December 31, 2021 Capital Assets Capital asset activity for the year ended December 31, 2021, was as follows: Beginning Balance Additions Deletions Ending Balance Governmental Activities Capital assets not being depreciated: Land $5,136,924 $-$-$5,136,924 Land right of way 16,180,188 --16,180,188 Construction in progress 273,872 143,597 72,037 345,432 Total capital assets not being depreciated 21,590,984 143,597 72,037 21,662,544 Capital assets being depreciated: Buildings and improvements 13,547,556 --13,547,556 Vehicles, machinery and equipment 5,779,336 1,102,446 545,174 6,336,608 Infrastructure 104,190,750 1,635,797 756,212 105,070,335 Total capital assets being depreciated 123,517,642 2,738,243 1,301,386 124,954,499 Total capital assets 145,108,626 2,881,840 1,373,423 146,617,043 Less accumulated depreciation for: Buildings and improvements (5,718,265)(328,929)-(6,047,194) Vehicles, machinery and equipment (3,946,003)(416,256)543,816 (3,818,443) Infrastructure (55,162,027)(2,211,179)736,402 (56,636,804) Total accumulated depreciation (64,826,295)(2,956,364)1,280,218 (66,502,441) Net capital assets being depreciated 58,691,347 (218,121)21,168 58,452,058 Total governmental activities capital assets, net of accumulated depreciation $80,282,331 $(74,524)$93,205 $80,114,602 Depreciation expense was charged to functions as follows: Governmental Activities General government $184,346 Public safety 183,867 Highway and streets 2,588,151 Total governmental activities depreciation expense $ 2,956,364 49 Village of Deerfield Notes to Financial Statements December 31, 2021 Beginning Balance Additions Deletions Ending Balance Business-Type Activities Capital assets not being depreciation: Land $1,955,456 $-$-$1,955,456 Construction in progress 360,794 154,521 240,679 274,636 Total capital assets not being depreciation 2,316,250 154,521 240,679 2,230,092 Capital assets being depreciation: Buildings and improvements 45,185,189 --45,185,189 Parking lot improvements 1,950,830 --1,950,830 Vehicles, machinery and equipment 626,490 --626,490 Water distribution system 20,300,943 592,404 22,822 20,870,525 Sanitary sewer system 7,409,701 402,592 -7,812,293 Total capital assets being depreciation 75,473,153 994,996 22,822 76,445,327 Total capital assets 77,789,403 1,149,517 263,501 78,675,419 Less accumulated depreciation for: Buildings and improvements (10,150,895)(928,906)-(11,079,801) Parking lot improvements (1,032,842)(26,737)-(1,059,579) Vehicles, machinery and equipment (578,851)(15,880)-(594,731) Water distribution system (3,319,329)(452,083)22,822 (3,748,590) Sanitary sewer system (2,127,576)(172,576)-(2,300,152) Total accumulated depreciation (17,209,493)(1,596,182)22,822 (18,782,853) Net capital assets being depreciation 58,263,660 (601,186)-57,662,474 Business-type capital assets, net of accumulated depreciation $60,579,910 $(446,665)$240,679 $59,892,566 Interfund Transfers Interfund Receivables/Payables The following is a schedule of interfund receivables and payables including any overdrafts on pooled cash and investment accounts: Receivable Fund Payable Fund Amount General Fund Commuter Parking Fund $44,046 Total $44,046 All amounts are due within one year. The principal purpose of these interfunds is due to negative pooled cash balances at fiscal year end. 50 Village of Deerfield Notes to Financial Statements December 31, 2021 Transfers The following is a schedule of interfund transfers: Fund Transferred To Fund Transferred From Amount Principal Purpose Infrastructure Replacement General $500,000 To fund capital projects Refuse General 984,665 To subsidize administrative charges General 2011B Debt Service Sinking 114,009 To transfer excess funds Sewerage Debt Service 1,716,899 To fund debt service paid by Sewerage Fund Total, fund financial statements 3,315,573 Less fund eliminations (614,009) Total transfers, government-wide statement of activities $ 2,701,564 Generally, transfers are used to (1) move revenues from the fund that collects them to the fund that the budget requires to expend them, (2) move receipts restricted to debt service from the funds collecting the receipts to the debt service fund and (3) use unrestricted revenues collected in the general fund to finance various programs accounted for in other funds in accordance with budgetary authorizations. Long-Term Obligations Long-term obligations activity for the year ended December 31, 2021, was as follows: Beginning Balance Increases Decreases Ending Balance Amounts Due Within One Year Governmental Activities Bonds and notes payable: General obligation debt $31,257,000 $15,540,000 $11,855,000 $34,942,000 $1,672,000 (Discounts)/Premiums 1,005,666 1,737,940 113,695 2,629,911 - Total bonds and notes payable 32,262,666 17,277,940 11,968,695 37,571,911 1,672,000 Other liabilities: Vested compensated absences (governmental)1,836,751 1,288,815 1,189,257 1,936,309 906,580 Vested compensated absences (internal service)28,848 44,659 25,537 47,970 35,186 Total other postemployment benefit liability 6,118,880 393,297 577,449 5,934,728 - Net pension liability, IMRF 3,307,660 3,265,061 6,124,430 448,291 - Net pension liability, Police 19,725,745 5,574,659 25,300,404 -- Total other liabilities 31,017,884 10,566,491 33,217,077 8,367,298 941,766 Total governmental activities long- term liabilities $63,280,550 $27,844,431 $45,185,772 $45,939,209 $2,613,766 51 Village of Deerfield Notes to Financial Statements December 31, 2021 Beginning Balance Increases Decreases Ending Balance Amounts Due Within One Year Business-Type Activities Bonds and notes payable: General obligation debt $25,818,000 $7,705,000 $9,885,000 $23,638,000 $708,000 (Discounts)/Premiums 537,143 1,453,534 125,853 1,864,824 - Total bonds and notes payable 26,355,143 9,158,534 10,010,853 25,502,824 708,000 Other liabilities: Vested compensated absences 207,068 236,336 253,888 189,516 156,616 Total other postemployment benefit liability 543,003 30,029 119,899 453,133 - Net pension liability, IMRF 620,013 575,596 1,116,580 79,029 - Total other liabilities 1,370,084 841,961 1,490,367 721,678 156,616 Total business-type activities long- term liabilities $27,725,227 $10,000,495 $11,501,220 $26,224,502 $864,616 General funds typically have been used in prior years to liquidate compensated absences, pension and OPEB liabilities. General Obligation Debt All general obligation debt payable is backed by the full faith and credit of the Village. Debt in the governmental funds will be retired by future property tax levies or tax increments accumulated by the debt service fund. Business-type activities debt is payable by revenues from user fees of those funds or, if the revenues are not sufficient, by future tax levies. Governmental Activities General Obligation Debt Date of Issue Final Maturity Interest Rates Original Indebtedness Balance December 31, 2021 General Obligation Bond Series 2015 05/19/2015 12/01/2034 3.00% - 3.25%$9,575,000 $7,110,000 General Obligation Bond Series 2017 02/06/2017 12/01/2036 3.00% - 3.75%5,700,000 4,630,000 General Obligation Bond Series 2018 06/12/2018 12/01/2037 3.00% - 4.00%5,970,000 5,360,000 General Obligation Bond Series 2020 11/10/2020 12/01/2030 4.00% - 1.250%6,280,000 2,302,000 General Obligation Bond Series 2021 10/27/2021 12/1/2038 2.00% - 5.00%15,540,000 15,540,000 Total governmental activities, general obligation debt $ 34,942,000 Business-Type Activities General Obligation Debt Date of Issue Final Maturity Interest Rates Original Indebtedness Balance December 31, 2021 General Obligation Bond Series 2011B 10/17/2011 12/01/2028 4.00%$12,500,000 $12,480,000 General Obligation Bond Series 2020 11/10/2020 12/01/2030 4.00% - 1.250%6,280,000 3,453,000 General Obligation Bond Series 2021 10/27/2021 12/1/2031 2.00% - 5.00%7,705,000 7,705,000 Total business-type activities, general obligation debt $ 23,638,000 52 Village of Deerfield Notes to Financial Statements December 31, 2021 Debt service requirements to maturity are as follows: Governmental Activities Business-Type Activities General Obligation Debt General Obligation Debt Years Principal Interest Principal Interest 2022 $1,672,000 $1,151,963 $708,000 $940,918 2023 1,752,000 1,087,833 748,000 908,848 2024 1,835,000 1,020,403 795,000 874,928 2025 1,908,000 949,503 832,000 838,778 2026 1,993,000 875,533 877,000 800,898 2027-2031 12,042,000 3,123,485 19,678,000 1,815,880 2032-2036 11,200,000 1,185,255 -- 2037-2038 2,540,000 78,575 -- Total $34,942,000 $9,472,550 $23,638,000 $6,180,250 Current Refunding On October 27, 2021, the Village issued $23,245,000 in general obligation bonds with an average coupon rate of 3.11 percent to refund $19,075,000 of outstanding bonds with an average coupon rate of 2.59 percent and deposit $7,050,000 of new money in the Infrastructure Replacement Fund. The net proceeds along with existing funds of the Village were used to prepay the outstanding debt of the Governmental Activities 2011A and 2013 issuances and the Wastewater 2012 and 2013 issuances. The cash flow requirements on the refunded debt prior to the current refunding was $23,744,368 from 2021 through 2031. The cash flow requirements on the refunding bonds are $22,048,901 from 2021 through 2031. The cash flow savings is $1,695,467. The current refunding resulted in an economic gain (difference between the present values of the debt service payments on the old and new debt) of $1,543,528. 4.Other Information Employees' Retirement System The Village contributes to two defined benefit pension plans, the Illinois Municipal Retirement Fund (IMRF), an agent-multiple-employer public employee retirement system; and the Police Pension Plan which is a single-employer pension plan. The benefits, benefit levels, employee contributions and employer contributions for the plans are governed by Illinois Compiled Statutes and can only be amended by the Illinois General Assembly. The Police Pension Plan does not issue a separate report on the pension plan. IMRF does issue a publicly available report that includes financial statements and supplementary information for the plan as a whole, but not for individual employers. That report can be obtained from IMRF, 2211 York Road, Suite 500, Oak Brook, Illinois 60523. This report is also available for download at www.imrf.org. 53 Village of Deerfield Notes to Financial Statements December 31, 2021 For the year ended December 31, 2021, the Village recognized the following balances in the government-wide financial statements: Total Pension Liability Net Pension Liability Deferred Outflows of Resources Deferred Inflows of Resources Pension Expense IMRF $46,695,002 $527,320 $2,343,233 $4,136,495 $(282,962) Police Pension Plan 63,321,871 -10,342,513 25,073,021 (4,642,248) Total $110,016,873 $527,320 $ 12,685,746 $ 29,209,516 $(4,925,210) Illinois Municipal Retirement Fund Plan Description All employees (other than those covered by the Police Pension plan) hired in positions that meet or exceed the prescribed annual hourly standard must be enrolled in IMRF as participating members. IMRF has a two tier plan. Members who first participated in IMRF or an Illinois Reciprocal System prior to January 1, 2011 participate in Tier 1. All other members participate in Tier 2. For Tier 1 participants, pension benefits vest after 8 years of service. Participating members who retire at age 55 (at reduced benefits) or after age 60 (at full benefits) with 8 years of service are entitled to an annual retirement benefit, payable monthly for life in an amount equal to 1-2/3 percent of their final rate of earnings (average of the highest 48 consecutive months' earnings during the last 10 years) for credited service up to 15 years and 3 percent for each year thereafter. Employees hired on or after January 1, 2011, are eligible for Tier 2 benefits. For Tier 2 participants, pension benefits vest after 10 years of service. Participating members who retire at age 62 (at reduced benefits) or after age 67 (at full benefits) with 10 years of service are entitled to an annual retirement benefit, payable monthly for life in an amount equal to 1-2/3 percent of their final rate of earnings for the first 15 years of service credit, plus 2 percent for each year of service after 15 years to a maximum of 75 percent of their final rate of earnings. Final rate of earnings is the highest total earnings during any 96 consecutive months within the last 10 years of service, divided by 96. Under Tier 2, the pension is increased ever year after retirement, upon reaching age 67, by the lesser of 3 percent of the original pension amount or 1/2 of the increase in the Consumer Price Index of the original pension amount. Under the employer number within IMRF, both the Village and Deerfield Public Library contribute to the plan. As a result, IMRF is considered to be an agent multiple-employer plan through which cost-sharing occurs between the Village and Deerfield Public Library. Plan Membership At December 31, 2020, the measurement date, membership in the plan was as follows: Retirees and beneficiaries 141 Inactive, nonretired members 102 Active members 103 Total 346 54 Village of Deerfield Notes to Financial Statements December 31, 2021 Contributions As set by statute, Village and Deerfield Public Library employees participating in IMRF are required to contribute 4.50 percent of their annual covered salary. The statute requires the Village and Deerfield Public Library to contribute the amount necessary, in addition to member contributions, to finance the retirement coverage of its own employees. The Village and Deerfield Public Library’s actuarially determined contribution rate for calendar year 2020 was 12.82 percent of annual covered payroll for IMRF. The Village and Deerfield Public Library also contribute for disability benefits, death benefits and supplemental retirement benefits, all of which are pooled at the IMRF level. Contribution rates for disability and death benefits are set by the IMRF Board of Trustees, while the supplemental retirement benefits rate is set by statute. Net Pension Liability/(Asset) The net pension liability/(asset) was measured as of December 31, 2020 and the total pension liability used to calculate the net pension liability/(asset) was determined by an actuarial valuation as of that date. Summary of Significant Accounting Policies For purposes of measuring the net pension liability/(asset), deferred outflows of resources and deferred inflows of resources related to pensions and pension expense, information about the fiduciary net position of IMRF and additions to/deductions from IMRF fiduciary net position have been determined on the same basis as they are reported by IMRF. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. Actuarial Assumptions The total pension liability for IMRF was determined by actuarial valuations performed as of December 31, 2020 using the following actuarial methods and assumptions: Actuarial cost method Entry Age Normal Asset valuation method Market Value Actuarial assumptions Investment rate of return 7.25% Inflation 2.25% Salary increases 2.85% to 13.75%, including inflation Mortality For non-disabled retirees, the Pub-2010, Amount-Weighted, below-median income, General, Retiree, Male (adjusted 106 percent) and Female (adjusted 105 percent) tables, and future mortality improvements projected using scale MP-2020. For disabled retirees, the Pub-2010, Amount-Weighted, below-median income, General, Disabled Retiree, Male and Female (both unadjusted) tables, and future mortality improvements projected using scale MP-2020. For active members, the Pub-2010, Amount- Weighted, below-median income, General, Employee, Male and Female (both unadjusted) tables, and future mortality improvements projected using scale MP-2020. 55 Village of Deerfield Notes to Financial Statements December 31, 2021 Long-Term Expected Real Rate of Return The long-term expected rate of return on pension plan investments was determined using an asset allocation study in which best-estimate ranges of expected future real rates of return (net of pension plan investment expense and inflation) were developed for each major asset class. These ranges were combined to produce long-term expected rate of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic and geometric real rates of return for each major asset class are summarized in the following table: Projected Returns/Risks Asset Class Target Allocation One Year Arithmetic Ten Year Geometric Equities %37.00 %6.35 %5.00 International equities 18.00 7.65 6.00 Fixed income 28.00 1.40 1.30 Real estate 9.00 7.10 6.20 Alternatives 7.00 Private equity 10.35 6.95 Hedge funds -- Commodities 3.90 2.85 Cash equivalents 1.00 0.70 0.70 Discount Rate The discount rate used to measure the total pension liability for IMRF was 7.25 percent. The discount rate calculated using the December 31, 2019 measurement date was 7.25 percent. The projection of cash flows used to determine the discount rate assumed that member contributions will be made at the current contribution rate and that Village contributions will be made at rates equal to the difference between actuarially determined contribution rate and the member rate. Based on those assumptions, the fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on investments was applied to all periods of projected benefits to determine the total pension liability. Discount Rate Sensitivity The following is a sensitivity analysis of the net pension liability/(asset) to changes in the discount rate. The table below presents net pension liability/(asset) of the Village calculated using the discount rate of 7.25 percent as well as what the net pension liability/(asset) would be if it were to be calculated using a discount rate that is 1 percentage point lower (6.25 percent) or 1 percentage point higher (8.25 percent) than the current rate: 1% Decrease Current Discount Rate 1% Increase Village: Total pension liability $52,372,561 $46,695,002 $42,251,044 Plan fiduciary net pension 46,167,682 46,167,682 46,167,682 Net pension liability/(asset)$ 6,204,879 $527,320 $(3,916,638) 56 Village of Deerfield Notes to Financial Statements December 31, 2021 1% Decrease Current Discount Rate 1% Increase Deerfield Public Library: Total pension liability $14,135,524 $12,603,132 $11,403,693 Plan fiduciary net pension 12,455,434 12,455,434 12,455,434 Net pension liability/(asset)$ 1,680,090 $147,698 $(1,051,741) Total: Total pension liability $66,508,085 $59,298,134 $53,654,737 Plan fiduciary net pension 58,623,116 58,623,116 58,623,116 Net pension liability/(asset)$ 7,884,969 $675,018 $(4,968,379) Changes in Net Pension Liability/(Asset) The changes in net pension liability/(asset)for the calendar year ended December 31, 2020 were as follows: Increase (Decrease) Total Pension Liability (a) Plan Fiduciary Net Position (b) Net Pension Liability/(Asset) (a) - (b) Village: Balances at December 31, 2019 $45,334,771 $41,407,098 $3,927,673 Service cost 650,199 -650,199 Interest on total pension liability 3,190,457 -3,190,457 Differences between expected and actual experience of the total pension liability 762,475 -762,475 Change of assumptions (668,348)-(668,348) Benefit payments, including refunds of employee contributions (2,574,552)(2,574,552)- Contributions, employer -900,062 (900,062) Contributions, employee -315,934 (315,934) Net investment income -5,902,666 (5,902,666) Other (net transfer)-216,474 (216,474) Balances at December 31, 2020 $ 46,695,002 $ 46,167,682 $527,320 Deerfield Public Library: Balances at December 31, 2019 $12,229,017 $11,122,033 $1,106,984 Service cost 182,116 -182,116 Interest on total pension liability 893,621 -893,621 Differences between expected and actual experience of the total pension liability 213,563 -213,563 Change of assumptions (194,074)-(194,074) Benefit payments, including refunds of employee contributions (721,111)(721,111)- Contributions, employer -252,100 (252,100) Contributions, employee -88,491 (88,491) Net investment income -1,653,288 (1,653,288) Other (net transfer)-60,633 (60,633) Balances at December 31, 2020 $ 12,603,132 $ 12,455,434 $147,698 57 Village of Deerfield Notes to Financial Statements December 31, 2021 Increase (Decrease) Total Pension Liability (a) Plan Fiduciary Net Position (b) Net Pension Liability/(Asset) (a) - (b) Total: Balances at December 31, 2019 $57,563,788 $52,529,131 $5,034,657 Service cost 832,315 -832,315 Interest on total pension liability 4,084,078 -4,084,078 Differences between expected and actual experience of the total pension liability 976,038 -976,038 Change of assumptions (862,422)-(862,422) Benefit payments, including refunds of employee contributions (3,295,663)(3,295,663)- Contributions, employer -1,152,162 (1,152,162) Contributions, employee -404,425 (404,425) Net investment income -7,555,954 (7,555,954) Other (net transfer)-277,107 (277,107) Balances at December 31, 2020 $ 59,298,134 $ 58,623,116 $675,018 Plan fiduciary net position as a percentage of the total pension liability %98.86 Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions For the year ended December 31, 2021, the Village recognized pension expense of $282,962. The Village reported deferred outflows and inflows of resources related to pension from the following sources: Deferred Outflows of Resources Deferred Inflows of Resources Village: Difference between expected and actual experience $1,176,031 $- Assumption changes 282,677 506,895 Net difference between projected and actual earnings on pension plan investments -3,629,600 Contributions subsequent to the measurement date 884,525 - Total $ 2,343,233 $ 4,136,495 Deerfield Public Library: Difference between expected and actual experience $329,396 $- Assumption changes 79,175 141,977 Net difference between projected and actual earnings on pension plan investments -1,016,621 Contributions subsequent to the measurement date 247,748 - Total $656,319 $ 1,158,598 58 Village of Deerfield Notes to Financial Statements December 31, 2021 Deferred Outflows of Resources Deferred Inflows of Resources Total: Difference between expected and actual experience $1,505,427 $- Assumption changes 361,852 648,872 Net difference between projected and actual earnings on pension plan investments -4,646,221 Contributions subsequent to the measurement date 1,132,273 - Total $ 2,999,552 $ 5,295,093 The amount reported as deferred outflows resulting from contributions subsequent to the measurement date in the above table will be recognized as a reduction in the net pension liability/(asset) for the year ending December 31, 2022. The remaining amounts reported as deferred outflows and inflows of resources related to pensions ($(3,427,814)) will be recognized in pension expense as follows: Year Ending December 31,Village Deerfield Public Library Total 2022 $(400,690)$(112,230)$(512,920) 2023 (279,228)(78,209)(357,437) 2024 (1,404,918)(393,507)(1,798,425) 2025 (592,951)(166,081)(759,032) Total $(2,677,787)$(750,027)$(3,427,814) Police Pension Plan Description Police sworn personnel are covered by the Police Pension Plan, which is a defined benefit single-employer pension plan. Although this is a single employer pension plan, the defined benefits and employee and employer contribution levels are governed by Illinois State Statutes (Chapter 40 ILCS 5/3) and may be amended only by the Illinois legislature. The Village accounts for the plan as a pension trust fund. As provided for in the Illinois Compiled Statutes, the Plan provides retirement benefits as well as death and disability benefits to employees grouped into two tiers. Tier 1 is for employees hired prior to January 1, 2011 and Tier 2 is for employees hired after that date. The following is a summary of the Police Pension Fund as provided for in Illinois Compiled Statutes. Tier 1 - Covered employees attaining the age of 50 or more with 20 or more years of creditable service are entitled to receive an annual retirement benefit of one half of the salary attached to the rank on the last day of service or for one year prior to the last day, whichever is greater. The pension shall be increased by 2.5 percent of such salary for each additional year of service over 20 years up to 30 years to a maximum of 75 percent of such salary. Employees with at least 8 years but less than 20 years of credited service may retire at or after age 60 and receive a reduced retirement benefit. The monthly pension of a police officer who retired with 20 or more years of service after January 1, 1977 shall be increased annually, following the first anniversary date of retirement and paid upon reaching at least the age 55, by 3 percent of the original pension and 3 percent compounded annually thereafter. 59 Village of Deerfield Notes to Financial Statements December 31, 2021 Tier 2 - Covered employees attaining the age of 55 or more with 10 or more years of creditable service are entitled to receive a monthly pension of 2.5 percent of the final average salary for each year of creditable service. The salary is initially capped at $106,800 but increases annually thereafter and is limited to 75 percent of final average salary. Employees with 10 or more years of creditable service may retire at or after age 50 and receive a reduced retirement benefit. The monthly pension of a police shall be increased annually on the January 1 occurring either on or after the attainment of age 60 or the first anniversary of the pension start date, whichever is later. Each annual increase shall be calculated at 3 percent or one-half the annual unadjusted percentage increase in the CPI, whichever is less. Plan Membership At December 31, 2021, the Police Pension membership consisted of: Retirees and beneficiaries 39 Inactive, nonretired members 8 Active members 40 Total 87 Contributions Covered employees are required to contribute 9.91 percent of their base salary to the Police Pension Plan. If an employee leaves covered employment with less than 20 years of service, accumulated employee contributions may be refunded without accumulated interest. The Village is required to contribute the remaining amounts necessary to finance the plans as actuarially determined by an enrolled actuary. Effective January 1, 2011 the Village’s contributions must accumulate to the point where the past service cost for the Police Pension Plan is 90 percent funded by the year 2040. The Village's actuarially determined contribution rate for the fiscal year ending December 31, 2021 was 24.18 percent of annual covered payroll. Net Pension Liability/(Asset) The net pension liability/(asset) was measured as of December 31, 2021 and the total pension liability used to calculate the net pension liability/(asset) was determined by an annual actuarial valuation as of that date. Summary of Significant Accounting Policies The financial statements of the Police Pension Plan are prepared using the accrual basis of accounting. Plan member contributions are recognized in the period in which contributions are due. The Village’s contributions are recognized when due and a formal commitment to provide the contributions are made. Benefits and refunds are recognized when due and payable in accordance with the terms of the plan. Plan investments are reported at fair value. Short-term investments are reported at cost, which approximated fair value. Investments that do not have an established market are reported at estimated fair values. 60 Village of Deerfield Notes to Financial Statements December 31, 2021 Actuarial Assumptions The total pension liability was determined by an actuarial valuation performed as of December 31, 2021 using the following actuarial methods and assumptions: Actuarial cost method Entry Age Normal Asset valuation method Market Value Actuarial assumptions Interest rate 7.25% Inflation 2.25% Projected salary increases 3.75% - 7.97% Cost-of-living adjustments 2.25% Active mortality rates were based on the PubS-2010(A) study. Mortality improvement uses MP-2019 Improvement Rates. Retiree mortality rates were based on the L&A Assumption Study for Police 2020. These rates are experience weighted with the Sex Distinct Raw Rates as developed in the PubS-2010(A) Study improved to 2017 using MP-2019 Improvement Rates. These rates are then improved fully generationally using MP-2019 Improvement Rates. Disabled mortality follows the Sex Distinct Raw Rates as developed in the PubS-2010 Study for disabled participants. Mortality improvement uses MP-2019 Improvement Rates applied on a fully generational basis. Spouse mortality follows the Sex Distinct Raw Rates as developed in the PubS-2010(A) Study for contingent survivors. For all rates not provided there (ages 45 and younger) the PubG- 2010 Study for general employees was used. Mortality improvement uses MP-2019 Improvement Rates applied on a fully generational basis. Discount Rate The discount rate used to measure the total pension liability for the Police Pension Plan was 7.25 percent. The discount rate calculated using the December 31, 2020 measurement date was 5.66 percent. The projection of cash flows used to determine the discount rate assumed that member contributions will be made at the current contribution rate and that Village contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the Plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on Plan investments was applied to all periods of projected benefit payments to determine the total pension liability. 61 Village of Deerfield Notes to Financial Statements December 31, 2021 Discount Rate Sensitivity The following is a sensitivity analysis of the net pension liability to changes in the discount rate. The table below presents the pension liability of the Village calculated using the discount rate of 7.25 percent as well as what the net pension liability would be if it were to be calculated using a discount rate that is 1 percentage point lower (6.25 percent) or 1 percentage point higher (8.25 percent) than the current rate: 1% Decrease Current Discount Rate 1% Increase Total pension liability $72,046,591 $63,321,871 $56,178,448 Plan fiduciary net position 65,933,494 65,933,494 65,933,494 Net pension liability (asset)$ 6,113,097 $(2,611,623)$(9,755,046) Changes in Net Pension Liability/(Asset) The Village's changes in net pension liability/(asset) for the calendar year ended December 31, 2021 was as follows: Increase (Decrease) Total Pension Liability (a) Plan Fiduciary Net Position (b) Net Pension Liability/Asset (a) - (b) Balances at December 31, 2020 $79,378,538 $59,652,793 $19,725,745 Service cost 1,371,154 -1,371,154 Interest on total pension liability 4,203,508 -4,203,508 Differences between expected and actual experience of the total pension liability (3,515,627)-(3,515,627) Change of assumptions (14,866,823)-(14,866,823) Benefit payments, including refunds of employee contributions (3,248,879)(3,248,879)- Contributions, employer -1,100,000 (1,100,000) Contributions, employee -450,777 (450,777) Net investment income -8,025,810 (8,025,810) Administration -(47,007)47,007 Balances at December 31, 2021 $ 63,321,871 $ 65,933,494 $(2,611,623) Plan fiduciary net position as a percentage of the total pension liability %104.12 62 Village of Deerfield Notes to Financial Statements December 31, 2021 Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions For the year ended December 31, 2021, the Village recognized pension expense of $(4,642,248). The Village reported deferred outflows and inflows of resources related to pension from the following sources: Deferred Outflows of Resources Deferred Inflows of Resources Difference between expected and actual experience $257,295 $4,240,779 Assumption changes 10,085,218 13,587,117 Net difference between projected and actual earnings on pension plan investments -7,245,125 Total $ 10,342,513 $ 25,073,021 The amounts reported as deferred outflows and inflows of resources related to pensions ($(14,730,508)) will be recognized in pension expense as follows: Year ending December 31:Amount 2022 $(3,599,469) 2023 (3,581,527) 2024 (2,416,454) 2025 (1,929,715) 2026 (2,054,447) Thereafter (1,148,896) Total $(14,730,508) Risk Management The Village is exposed to various risks of loss related to torts; theft of, damage to or destruction of assets; errors and omissions; workers compensation; and health care of its employees. The Village participates in a public entity risk pool called Municipal Insurance Cooperative Agency and Intergovernmental Personnel Benefit Cooperative to provide coverage for losses as described below. Municipal Insurance Cooperative Agency deductibles are accounted for and financed by the fund or funds impacted by the loss. Public Entity Risk Pool Municipal Insurance Cooperative Agency The Village participates in the Municipal Insurance Cooperative Agency (MICA). MICA is a public entity risk pool whose members are Illinois municipalities. MICA manages and funds first party property losses, third party liability claims, workers’ compensation claims and public officials’ liability claims of its members. MICA provides $15,000,000 of coverage after a $2,500 deductible. The Village’s payments to MICA are displayed on the financial statements as expenditures/expenses in appropriate funds. 63 Village of Deerfield Notes to Financial Statements December 31, 2021 Intergovernmental Personnel Benefit Cooperative The Village participates in the Intergovernmental Personnel Benefit Cooperative (IPBC). IPBC is a public entity risk pool established by certain units of local government in Illinois to administer some or all of the personnel benefit programs (primarily medical, dental and life insurance coverage) offered by these members to their officers and employees and to the officers and employees of certain other governmental, quasi governmental and nonprofit public service entities. The IPBC receives, processes and pays such claims as they may come within the benefit program of each member. Management consists of a Board of Directors comprised of one appointed representative from each member. In addition, there are two officers: a Benefit Administrator and a Treasurer. The Village does not exercise any control over the activities of the IPBC beyond its representation on the Board of Directors. Commitments and Contingencies Claims and judgments are recorded as liabilities if all the conditions of Governmental Accounting Standards Board pronouncements are met. The liability and expenditure for claims and judgments are only reported in governmental funds if it has matured. Claims and judgments are recorded in the government-wide statements and proprietary funds as expenses when the related liabilities are incurred. From time to time, the Village is party to various pending claims and legal proceedings. Although the outcome of such matters cannot be forecasted with certainty, it is the opinion of management and the Village attorney that the likelihood is remote that any such claims or proceedings will have a material adverse effect on the Village's financial position or results of operations. Joint Ventures Solid Waste Agency of Lake County The Village is a member of SWALCO, which consists of 35 municipalities. SWALCO is a municipal corporation and public body politic and corporate established pursuant to the Constitution of the State of Illinois and the Intergovernmental Cooperation Act of the State of Illinois, as amended (the Act). SWALCO is empowered under the Act to plan, construct, finance, operate and maintain a solid waste disposal system to serve its members. These percentage shares are subject to change in future years based on the combination of the population and equalized assessed valuation of the municipalities. The members form a contiguous geographic service area, which is located in Lake County. Under the agency agreement, additional members may join SWALCO upon the approval of each member. SWALCO is governed by a Board of Directors, which consists of one appointed representative from each member municipality. Each Director has an equal vote. The officers of SWALCO are appointed by the Board of Directors. The Board of Directors determines the general policy of SWALCO; makes all appropriations; approves contracts; adopts resolutions providing for the issuance of bonds or notes by SWALCO; adopts bylaws, rules and regulations; and exercises such powers and performs such duties as may be prescribed in the agency agreement or the by-laws. 64 Village of Deerfield Notes to Financial Statements December 31, 2021 SWALCO is an oversight advisory board providing long range planning services to member municipalities. The Village is a participant in SWALCO, but no agreement has been reached as to services to be provided. Complete financial statements can be obtained from the Solid Waste Agency of Lake County, 1300 N. Skokie Highway, Suite 103, Gurnee, Illinois 60031. The Village does not have an equity interest in SWALCO at December 31, 2021. Other Postemployment Benefits General Information about the OPEB Plan Plan Description The Village administers a single-employer defined benefit healthcare plan. The plan provides for eligible retirees through the Village’s group health insurance plan, which covers both active and retired members. Benefit provisions are established through personnel policy guidelines and collective bargaining agreements. The Retiree Health Plan does not issue a publicly available financial report. No assets are accumulated in a trust that meets the criteria in paragraph 4 of Statement 75. Benefits Provided Contribution requirements are established through personnel policy guidelines and collective bargaining agreements and may be amended only through negotiations between the Village and the union. The Village provides pre and post-Medicare postretirement health insurance to retirees, their spouses and dependents (enrolled at time of employee's retirement). To be eligible for benefits, the employee must qualify for retirement under one of the Village's two retirement plans. The Village pays a subsidy of 50 percent of the cost of the monthly health insurance premiums for the retirees up to a maximum of $50. The retiree pays the remainder of the blended premium. Upon a retiree becoming eligible for Medicare, the amount payable under the Village's health plan will be reduced by the amount payable under Medicare for those expenses that are covered under both. Employees Covered by Benefit Terms At December 31, 2021, the following employees were covered by the benefit terms: Inactive plan members or beneficiaries currently receiving benefit payments 21 Active plan members 107 Total 128 Total OPEB Liability The Village's total OPEB liability of $6,387,861 was measured as of December 31, 2021 and was determined by an actuarial valuation as of that date. 65 Village of Deerfield Notes to Financial Statements December 31, 2021 Actuarial Assumptions and Other Inputs The total OPEB liability in the actuarial valuation was determined using the following actuarial assumptions and other inputs, applied to all periods included in the measurement, unless otherwise specified: Inflation 2.25% Salary increases 2.75% Healthcare cost trend rates Initial medical rate for HMO of 5.00%, remaining as 5.00% in 2022 and initial medical rate for PPO of 6.00%, grading down to 5.00% in 2022. The discount rate was based on a combination of the Expected Long-Term Rate of Return on Plan Assets and the Municipal Bond Rate. If the Employer does not have a trust dedicated exclusively to the payment of OPEB benefits, as is the case with the Village, then only the Municipal Bond Rate is used in determining the Total OPEB Liability. Active IMRF Mortality follows the Sex Distinct Raw Rates as Developed in the PubS-2010(A) Study improved to 2017 using MP-2019 Improved Rates. Retiree Mortality follows the L&A Assumption Study for Police 2020. These rates are experience weighted with the Sex Distinct Raw Rates as developed in the PubS-2010(A) Study improved to 2017 using MP-2019 Improvement Rates. Disabled Mortality follows the Sex Distinct Raw Rates as developed in the PubS-2010 Study for disabled participants improved to 2017 using MP-2019 Improvement Rates. These rates are then improved generationally using MP-2019 Improvement Rates. Spouse Mortality follows the Sex Distinct Raw Rates as developed in the PubS-2010(A) Study for contingent survivors. For all rates not provided there (ages 45 and younger) the PubG-2010 Study for general employees was used. Mortality improvement uses MP-2019 Improvement Rates applied on a fully generational basis. The actuarial assumptions used in the December 31, 2021 valuation were based on the results of an actuarial experience study January 1, 2021. Changes in the Total OPEB Liability Total OPEB Liability Balances at December 31, 2020 $6,661,883 Changes for the year: Service cost 279,068 Interest 144,258 Changes in assumptions or other inputs (757,840) Other 224,932 Benefit payments (164,440) Net changes (274,022) Balances at December 31, 2021 $ 6,387,861 Changes of assumptions and other inputs reflect a change in the discount rate from 2.12 percent for the reporting period ending December 31, 2020 to 2.06 percent for the reporting period ending December 31, 2021. 66 Village of Deerfield Notes to Financial Statements December 31, 2021 Sensitivity of the Total OPEB Liability to Changes in the Discount Rate The following presents the total OPEB liability of the Village, as well as what the Village's total OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower (1.06 percent) or 1-percentage-point higher (2.06 percent) than the current discount rate: 1% Decrease Discount Rate 1% Increase Total OPEB liability $ 7,638,034 $ 6,387,861 $ 5,427,351 Sensitivity of the Total OPEB Liability to Changes in the Healthcare Cost Trend Rates The following presents the total OPEB liability of the Village, as well as what the Village's total OPEB liability would be if it were calculated using healthcare cost trend rates that are 1- percentage-point lower or 1-percentage-point higher than the current healthcare cost trend rates: 1% Decrease Healthcare Cost Trend Rates 1% Increase Total OPEB liability $ 5,227,857 $ 6,387,861 $ 7,945,945 OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB For the year ended December 31, 2021, the Village recognized OPEB expense of $650,105. At December 31, 2021, the Village reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: Deferred Outflows of Resources Deferred Inflows of Resources Differences between expected and actual experience $560,446 $- Changes of assumptions or other inputs 2,147,642 870,831 Total $ 2,708,088 $870,831 Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: Year Ended December 31:Amount 2022 $226,778 2023 226,778 2024 226,778 2025 226,778 2026 226,778 Thereafter 703,367 Total $ 1,837,257 67 Village of Deerfield Notes to Financial Statements December 31, 2021 Subsequent Events Effective January 1, 2020, Illinois Public Act 101-0610 consolidates the assets of the state's more than 650 downstate and suburban public safety pension funds into two consolidated investment funds. Thus, the investments for Deerfield Article 3 (police officers) pension plan will be transferred to the consolidated funds in May 2022. Subsequent to December 31, 2021, the investment markets have experienced significant volatility. It is highly likely that the values of the Village's investments have changed by material amounts since year end. Tax Abatement Tax abatements are a reduction in tax revenues that results from an agreement between one or more governments and an individual or entity in which (a) one or more governments promise to forgo tax revenues to which they are otherwise entitled and (b) the individual or entity promises to take a specific action after the agreement has been entered into that contributes to economic development or otherwise benefits the governments or the citizens of those governments. The Village is disclosing all abatement agreements individually. During the fiscal year 2002, the Village entered into an economic incentive agreement with a commercial entity. The agreement was approved by the Board, in accordance with Illinois Compiled Statues. The Village has agreed to reimburse the commercial entity 75 percent of the total sales tax revenue generated for the first six years of the agreement and 80 percent of any sales tax revenue generated for the seventh year and all subsequent years. The amount of the rebates is limited to specified time period and are payable over 20 years solely from sales taxes generated by the commercial entity. The rebates are to be paid monthly with the agreement expiring 20 years after commencement. The total amount of home-rule sales tax rebated for the fiscal year ending December 31, 2021 was $2,291,138. At December 31, 2021, the Village has accrued an estimated home-rule sales tax rebate liability of $243,564 for amounts collected by the state through December 31, 2021 but not yet paid to the commercial entity. To date, the Village has rebated $20,535,136 of home-rule sales tax to the commercial entity. The agreement has no stated maximum. The rebate is not subject to recapture, in whole or in part. 68 Village of Deerfield Notes to Financial Statements December 31, 2021 Effect of New Accounting Standards on Current-Period Financial Statements The Governmental Accounting Standards Board (GASB) has approved the following: Statement No. 87, Leases Statement No. 91, Conduit Debt Obligations Statement No. 92, Omnibus 2020 Statement No. 93, Replacement of Interbank Offered Rates Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements Statement No. 96, Subscription-Based Information Technology Arrangements Statement No. 97, Certain Component Unit Criteria and Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans - an amendment of GASB Statements No. 14 and No. 84 and a supersession of GASB Statement No. 32 Statement No. 99, Omnibus 2022 Statement No. 100, Accounting Changes and Error Corrections—an amendment of GASB Statement No. 62 Statement No. 101, Compensated Absences When they become effective, application of these standards may restate portions of these financial statements. 69 R E Q U I R E D S U P P L E M E N T A R Y I N F O R M A T I O N Village of Deerfield Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - General Fund Year Ended December 31, 2021 Budgeted Amounts Original Final Actual Revenues Taxes $11,399,222 $11,399,222 $13,309,473 Licenses and permits 1,420,500 1,420,500 1,491,882 Intergovernmental 6,275,000 6,275,000 10,605,343 Charges for services 1,137,000 1,137,000 894,957 Fines and forfeits 282,500 282,500 183,964 Investment income (loss)200,000 200,000 (2,425) Miscellaneous 869,500 869,500 2,005,836 Total revenues 21,583,722 21,583,722 28,489,030 Expenditures General government 9,308,655 11,808,655 10,319,251 Public safety 11,038,613 11,038,613 9,629,383 Highway and streets 2,818,778 2,870,778 2,923,776 Total expenditures 23,166,046 25,718,046 22,872,410 Excess (deficiency) of revenues over (under) expenditures (1,582,324)(4,134,324)5,616,620 Other Financing Sources (Uses) Transfers in --114,009 Transfers out (1,484,665)(1,484,665)(1,484,665) Total other financing sources (uses)(1,484,665)(1,484,665)(1,370,656) Net change in fund balance $(3,066,989)$(5,618,989)4,245,964 Fund Balance, Beginning 25,009,502 Fund Balance, Ending $ 29,255,466 See notes to required supplementary information 70 See notes to required supplementary information 71 Village Library Total Total Pension Liability Service cost 646,241$ 171,785$ 818,026$ Interest 2,679,659 712,314 3,391,973 Differences between expected and actual experience (15,329) (4,075) (19,404) Changes of assumptions 45,001 11,962 56,963 Benefit payments, including refunds of member contributions (1,925,766) (511,913) (2,437,679) Net change in total pension liability 1,429,804 380,075 1,809,879 Total Pension Liability, Beginning 34,986,441 9,300,194 44,286,635 Total Pension Liability, Ending (a)36,416,246$ 9,680,268$ 46,096,514$ Plan Fiduciary Net Position Employer contributions 793,323$ 210,883$ 1,004,206$ Employee contributions 274,164 72,879 347,043 Net investment income 159,860 42,495 202,355 Benefit payments, including refunds of member contributions (1,925,766) (511,913) (2,437,679) Other (net transfer)536,509 142,616 679,125 Net change in plan fiduciary net position (161,911) (43,040) (204,950) Plan Fiduciary Net Position, Beginning 32,563,157 8,656,029 41,219,186 Plan Fiduciary Net Position, Ending (b)32,401,247$ 8,612,990$ 41,014,236$ Employer's Net Pension Liability, Ending (a) - (b)4,014,999$ 1,067,279$ 5,082,278$ Plan Fiduciary Net Position as a Percentage of the Total Pension Liability 88.97% Covered Payroll 6,330,297 Employer's Net Pension Liability as a Percentage of Covered Payroll 80.28% Notes to Schedule The Village implemented GASB Statement No. 68 in fiscal year 2015. Information prior to fiscal year 2015 is not available. 2015 Last Seven Fiscal Years and Related Ratios Schedule of Changes in the Village's Net Pension Liability Illinois Municipal Retirement Fund Village of Deerfield See notes to required supplementary information 72 Village Library Total Village Library Total 646,241$ 171,785$ 818,026$ 639,717$ 170,051$ 809,768$ 2,679,659 712,314 3,391,973 2,783,677 739,965 3,523,642 (15,329) (4,075) (19,404) 393,734 104,664 498,398 45,001 11,962 56,963 (93,810) (24,937) (118,747) (1,925,766) (511,913) (2,437,679) (1,901,945) (505,580) (2,407,525) 1,429,804 380,075 1,809,879 1,821,373 484,163 2,305,536 36,416,246 9,680,268 46,096,514 37,846,050 10,060,343 47,906,393 37,846,050$ 10,060,343$ 47,906,393$ 39,667,423$ 10,544,506$ 50,211,929$ 793,323$ 210,883$ 1,004,206$ 802,016$ 213,194$ 1,015,210$ 274,164 72,879 347,043 285,554 75,907 361,461 159,860 42,495 202,355 2,246,277 597,112 2,843,389 (1,925,766) (511,913) (2,437,679) (1,901,945) (505,580) (2,407,525) 536,509 142,616 679,125 4,088 1,088 5,176 (161,911) (43,040) (204,950) 1,435,990 381,721 1,817,711 32,401,247 8,612,990 41,014,236 32,239,336 8,569,950 40,809,286 32,239,336$ 8,569,950$ 40,809,286$ 33,675,326$ 8,951,671$ 42,626,997$ 5,606,714$ 1,490,393$ 7,097,107$ 5,992,097$ 1,592,835$ 7,584,932$ 85.19%84.89% 6,330,297 7,943,748 112.11%95.48% 20172016 See notes to required supplementary information 73 Village Library Total Total Pension Liability Service cost 630,479$ 177,642$ 808,121$ Interest 2,885,733 813,078 3,698,811 Differences between expected and actual experience 103,738 29,229 132,967 Changes of assumptions (1,504,058) (328,295) (1,832,353) Benefit payments, including refunds of member contributions (2,026,138) (570,880) (2,597,018) Net change in total pension liability 89,754 120,774 210,528 Total Pension Liability, Beginning 39,667,423 10,544,506 50,211,929 Total Pension Liability, Ending (a)39,757,177$ 10,665,280$ 50,422,457$ Plan Fiduciary Net Position Employer contributions 754,638$ 212,625$ 967,263$ Employee contributions 282,423 79,575 361,998 Net investment income 5,824,071 1,640,978 7,465,049 Benefit payments, including refunds of member contributions (2,026,138) (570,880) (2,597,018) Other (net transfer)(507,940) (143,117) (651,057) Net change in plan fiduciary net position 4,327,054 1,219,181 5,546,235 Plan Fiduciary Net Position, Beginning 33,675,326 8,951,671 42,626,997 Plan Fiduciary Net Position, Ending (b)38,002,380$ 10,170,852$ 48,173,232$ Employer's Net Pension Liability, Ending (a) - (b)1,754,797$ 494,428$ 2,249,225$ Plan Fiduciary Net Position as a Percentage of the Total Pension Liability 95.54% Covered Payroll 8,044,417 Employer's Net Pension Liability as a Percentage of Covered Payroll 27.96% Notes To Schedule: The Village implemented GASB Statement No. 68 in fiscal year 2015. Information prior to fiscal year 2015 is not available. Village of Deerfield Illinois Municipal Retirement Fund Schedule of Changes in the Village's Net Pension Liability and Related Ratios Last Seven Fiscal Years 2018 See notes to required supplementary information 74 Village Library Total Village Library Total 610,785$ 174,443$ 785,228$ 631,365$ 177,945$ 809,310$ 2,882,294 823,197 3,705,491 3,052,021 860,188 3,912,209 1,149,983 328,441 1,478,424 646,520 182,217 828,737 1,181,440 344,175 1,525,615 22,378 (22,378) - (2,191,227) (625,825) (2,817,052) (2,407,965) (678,666) (3,086,631) 3,633,275 1,044,431 4,677,706 1,944,319 519,306 2,463,625 39,757,177 10,665,280 50,422,457 43,390,452 11,709,711 55,100,163 43,390,452$ 11,709,711$ 55,100,163$ 45,334,771$ 12,229,017$ 57,563,788$ 815,652$ 232,954$ 1,048,606$ 653,687$ 184,237$ 837,924$ 292,465 83,529 375,994 294,160 82,907 377,067 (2,053,766) (586,566) (2,640,332) 6,729,527 1,896,665 8,626,192 (2,191,227) (625,825) (2,817,052) (2,407,965) (678,666) (3,086,631) 901,112 257,363 1,158,475 371,073 104,583 475,656 (2,235,764) (638,545) (2,874,309) 5,640,482 1,589,726 7,230,208 38,002,380 10,170,852 48,173,232 35,766,616 9,532,307 45,298,923 35,766,616$ 9,532,307$ 45,298,923$ 41,407,098$ 11,122,033$ 52,529,131$ 7,623,836$ 2,177,404$ 9,801,240$ 3,927,673$ 1,106,984$ 5,034,657$ 82.21%91.25% 8,355,421 8,379,246 117.30%60.08% 2019 2020 See notes to required supplementary information 75 Village Library Total Total Pension Liability Service cost 650,199$ 182,116$ 832,315$ Interest 3,190,457 893,621 4,084,078 Differences between expected and actual experience 762,475 213,563 976,038 Changes of assumptions (668,348) (194,074) (862,422) Benefit payments, including refunds of member contributions (2,574,552) (721,111) (3,295,663) Net change in total pension liability 1,360,231 374,115 1,734,346 Total Pension Liability, Beginning 45,334,771 12,229,017 57,563,788 Total Pension Liability, Ending (a)46,695,002$ 12,603,132$ 59,298,134$ Plan Fiduciary Net Position Employer contributions 900,062$ 252,100$ 1,152,162$ Employee contributions 315,934 88,491 404,425 Net investment income 5,902,666 1,653,288 7,555,954 Benefit payments, including refunds of member contributions (2,574,552) (721,111) (3,295,663) Other (net transfer)216,474 60,633 277,107 Net change in plan fiduciary net position 4,760,584 1,333,401 6,093,985 Plan Fiduciary Net Position, Beginning 41,407,098 11,122,033 52,529,131 Plan Fiduciary Net Position, Ending (b)46,167,682$ 12,455,434$ 58,623,116$ Employer's Net Pension Liability, Ending (a) - (b)527,320$ 147,698$ 675,018$ Plan Fiduciary Net Position as a Percentage of the Total Pension Liability 98.86% Covered Payroll 8,987,212 Employer's Net Pension Liability as a Percentage of Covered Payroll 7.51% Notes To Schedule: The Village implemented GASB Statement No. 68 in fiscal year 2015. Information prior to fiscal year 2015 is not available. Village of Deerfield Illinois Municipal Retirement Fund Schedule of Changes in the Village's Net Pension Liability and Related Ratios Last Seven Fiscal Years 2021 See notes to required supplementary information 76 Village Library Total Village Library Total Actuarially Determined Contribution 787,421$ 209,314$ 996,735$ 802,017$ 213,194$ 1,015,211$ Contributions in Relation to the Actuarially Determined Contribution (793,323) (210,883) (1,004,206) (802,016) (213,194) (1,015,210) Contribution deficiency (excess)(5,902)$ (1,569)$ (7,471)$ 1$ -$ 1$ Covered Payroll 7,702,244$ 7,943,748$ Contributions as a Percentage of Covered Payroll 13.04%12.78% Village Library Total Village Library Total Actuarially Determined Contribution 653,688$ 184,237$ 837,925$ 900,061$ 252,100$ 1,152,161$ Contributions in Relation to the Actuarially Determined Contribution (653,687) (184,237) (837,924) (900,062) (252,100) (1,152,162) Contribution deficiency (excess)1$ -$ 1$ (1)$ -$ (1)$ Covered Payroll 8,987,212$ 9,130,792$ Contributions as a Percentage of Covered Payroll 9.32%12.62% Notes To Schedule Valuation Date Methods and Assumptions Used to Determine Contribution Rates Actuarial cost method Entry age normal Amortization method Level percentage of payroll, closed Remaining amortization period 23 years Asset valuation method 5-Year Smoothed Market Inflation 2.50% Salary increases 3.35% to 14.25% including inflation Investment rate of return 7.25% Retirement Age Experience-based table of rates that are specific to the type of eligibility condition Mortality RP-2014 CHBCA Other Information There were no benefit changes during the year. 2020 20162015 Last Seven Fiscal Years 2021 The Village implemented GASB Statement No. 68 in fiscal year 2015. Information prior to fiscal year 2015 is not available. Actuarially determined contribution rates are calculated as of December 31 each year, which are 12 months prior to the beginning of the fiscal year in which contributions are reported. Illinois Municipal Retirement Fund Village of Deerfield Schedule of Employer Contributions See notes to required supplementary information 77 Village Library Total Village Library Total Village Library Total 759,433$ 201,875$ 961,308$ 749,992$ 211,316$ 961,308$ 815,651$ 232,954$ 1,048,605$ (764,138) (203,125) (967,263) (754,638) (212,625) (967,263) (815,652) (232,954) (1,048,606) (4,704)$ (1,251)$ (5,955)$ (4,646)$ (1,309)$ (5,955)$ (1)$ -$ (1)$ 8,044,417$ 8,355,421$ 8,379,246$ 12.02%11.58%12.51% 2018 20192017 See notes to required supplementary information 78 2014 2015 2016 Total Pension Liability Service cost 841,716$ 1,138,463$ 941,842$ Interest 3,358,650 2,800,129 4,212,748 Differences between expected and actual experience - 2,088,324 (2,314,800) Change of Benefit Terms - - - Changes of assumptions - 12,175,632 (5,531,502) Benefit payments, including refunds of member contributions (2,447,399) (2,443,015) (2,603,139) Net change in total pension liability 1,752,967 15,759,533 (5,294,851) Total Pension Liability, Beginning 49,204,407 50,957,374 66,716,907 Total Pension Liability, Ending (a)50,957,374$ 66,716,907$ 61,422,056$ Plan Fiduciary Net Position Employer contributions 989,616$ 871,305$ 934,918$ Employee contributions 374,137 517,457 425,791 Net investment income 3,637,510 (4,524) 3,845,026 Benefit payments, including refunds of member contributions (2,447,399) (2,443,015) (2,603,139) Administration (20,524) (23,217) (41,182) Net change in plan fiduciary net position 2,533,340 (1,081,994) 2,561,414 Plan Fiduciary Net Position, Beginning 39,061,016 41,594,356 40,512,362 Plan Fiduciary Net Position, Ending (b)41,594,356$ 40,512,362$ 43,073,776$ Village's Net Pension Liability, Ending (a) - (b)9,363,018$ 26,204,545$ 18,348,280$ Plan Fiduciary Net Position as a Percentage of the Total Pension Liability 81.63%60.72%70.13% Covered Payroll 3,702,863$ 3,806,499$ 3,825,286$ Village's Net Pension Liability as a Percentage of Covered Payroll 252.86%688.42%479.66% Notes to Schedule Changes of assumptions: The Pension implemented GASB Statement No. 67 in fiscal year 2014. Information prior to fiscal year 2014 is not available. Village of Deerfield Police Pension Fund Schedule of Changes in the Village's Net Pension Liability and Related Ratios Last Eight Fiscal Years There was a change in assumption related to the discount rate made since the prior measurement date. The discount rate used in the current actuarial valuation, dated December 31, 2021, is 7.25%. The discount rate used in the prior actuarial valuations, dated December 31, 2020, December 31, 2019 and December 31, 2018 was 5.66%, 6.5% and 7.25%, and dated December 30, 2017, December 31, 2016, December 15, 2015 and December 31, 2014 was 7.25%, 6.44%, 5.63%, and 7.00%, respectively. See notes to required supplementary information 79 2017 2018 2019 2020 2021 1,002,497$ 781,798$ 999,423$ 1,067,196$ 1,371,154$ 3,862,179 4,040,019 4,150,305 4,328,602 4,203,508 106,742 8,204 390,324 (1,829,795) (3,515,627) - - 364,298 - - (6,365,881) 5,851,896 1,898,463 8,977,202 (14,866,823) (2,900,648) (2,805,095) (2,892,518) (3,078,729) (3,248,879) (4,295,111) 7,876,822 4,910,295 9,464,476 (16,056,667) 61,422,056 57,126,945 65,003,767 69,914,062 79,378,538 57,126,945$ 65,003,767$ 69,914,062$ 79,378,538$ 63,321,871$ 1,100,000$ 1,100,000$ 1,100,000$ 1,100,000$ 1,100,000$ 390,162 418,230 427,942 460,146 450,777 6,296,845 (1,613,045) 9,035,470 8,609,768 8,025,810 (2,900,648) (2,805,095) (2,892,518) (3,078,729) (3,248,879) (41,938) (39,371) (38,955) (49,247) (47,007) 4,844,421 (2,939,281) 7,631,939 7,041,938 6,280,701 43,073,776 47,918,197 44,978,916 52,610,855 59,652,793 47,918,197$ 44,978,916$ 52,610,855$ 59,652,793$ 65,933,494$ 9,208,748$ 20,024,851$ 17,303,207$ 19,725,745$ (2,611,623)$ 83.88%69.19%75.25%75.15%104.12% 3,949,608$ 4,220,281$ 4,318,271$ 4,643,250$ 4,548,701$ 233.16%474.49%400.70%424.83%-57.41% See notes to required supplementary information 80 2013 2013*2014 2015 Actuarially Determined Contribution 1,023,006$ 895,479$ 989,616$ 871,305$ Contributions in Relation to the Actuarially Determined Contribution 1,023,006 895,479 989,616 871,305 Contribution deficiency (excess)-$ -$ -$ -$ Covered Payroll 3,512,925$ 3,591,966$ 3,702,863$ 3,806,499$ Contributions as a Percentage of Covered Payroll 29.12%24.93%26.73%22.89% *The Village changed to a December year end for the fiscal year ended December 31, 2013. Notes To Schedule 2014 is derived from actuarial valuations developed in conformity with GASB Statement No. 25 and 27. Valuation Date Actuarially determined contributions are calculated as of December 31 of the current fiscal year. Methods and Assumptions Used to Determine Contribution Rates Actuarial cost method Entry-age normal Amortization method Level Dollar Remaining amortization period 20 years Asset valuation method Market value Inflation 2.25% Salary increases 3.25%, Individual pay increases 3.75% - 7.97% Investment rate of return Retirement age 50-62 Mortality Pub-2010 Adjusted for Plan Status, Demographics, & Illinois Public Pension Data Village of Deerfield 7.25%, net of pension plan investment expense, including inflation The Plan implemented GASB Statement No. 67 in fiscal year 2014. Information prior to fiscal yea Last Ten Fiscal Years Schedule of Employer Contributions Police Pension Fund See notes to required supplementary information 81 2016 2017 2018 2019 2020 2021 934,918$ 934,836$ 850,587$ 929,599$ 944,434$ 795,747$ 934,918 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 -$ (165,164)$ (249,413)$ (170,401)$ (155,566)$ (304,253)$ 3,825,286$ 3,825,286$ 3,949,608$ 4,220,281$ 4,318,271$ 4,548,701$ 24.44%28.76%27.85%26.06%25.47%24.18% See notes to required supplementary information 82 Annual money-weighted rate of return, net of investment expense 9.54 %(0.02) %9.73 %15.08 %(3.42) %20.62 %16.82 %13.78 % Notes to Schedule The Pension implemented GASB Statement No. 67 in fiscal year 2014. Information prior to fiscal year 2014 is not available. 20152014 2019 Village of Deerfield Police Pension Fund Schedule of Investment Returns Last Eight Fiscal Years 20212020201820172016 See notes to required supplementary information 83 2018 2019 2020 2021 Total OPEB Liability Service cost 90,149$ 80,482$ 111,815$ 279,068$ Interest 127,960 135,867 124,009 144,258 Changes of benefit terms (202,501) - - - Differences between expected and actual experience - - 648,969 - Changes of assumptions (251,824) 1,623,157 1,347,614 (757,840) Benefit payments (163,613) (172,047) (192,832) (164,440) Other changes - - (444,547) 224,932 Net change in total OPEB liability (399,829) 1,667,459 1,595,028 (274,022) Total OPEB Liability, Beginning 3,799,225 3,399,396 5,066,855 6,661,883 Total OPEB Liability, Ending 3,399,396$ 5,066,855$ 6,661,883$ 6,387,861$ Plan Fiduciary Net Position as a Percentage of the Total OPEB Liability 0.00%0.00%0.00%0.00% Covered-employee payroll 9,522,034$ 10,807,795$ 11,397,335$ 11,708,206$ Total OPEB liability as a percentage of covered-employee payroll 35.70%46.88%58.45%54.56% Notes to Schedule Changes of assumptions: and at end of the year was 2.06% The Village does not accumulate assets in a trust to pay related benefits for the OPEB plan. and Related Ratios Last Four Fiscal Years The Village implemented GASB Statement No. 75 in fiscal year 2018. Information prior to fiscal year 2018 is not available. In 2021, the discount rate at the beginning of the year was 2.12% Village of Deerfield Retiree Health Plan Schedule of Changes in the Village's Total OPEB Liability Village of Deerfield Notes to Required Supplementary Information Year Ended December 31, 2021 Budgetary Information Annual budgets are adopted on a basis consistent with generally accepted accounting principles for all governmental funds. (at the fund level) for the general, special revenue, debt service, capital projects, enterprise, internal service and pension trust funds. The budget is as amended by the Board of Trustees. All annual appropriations lapse at fiscal year end. Encumbrances represent commitments related to unperformed contracts for goods or services. Encumbrance accounting under which purchase orders, contracts and other commitments for the expenditure of resources are recorded to assign or commit that portion of the applicable appropriation is utilized in the governmental funds. Material encumbrances outstanding at year end, if any, are reported as reservations of fund balance and do not constitute expenditures or liabilities because the commitments will be honored during the subsequent year. No material encumbrances were recorded for 2021. All departments of the Village submit requests for appropriation to the Village's manager so that a budget may be prepared. The budget is prepared by fund and includes information on the past year, current year estimates and requested appropriations for the next fiscal year. The proposed budget is presented to the governing body for review. The governing body holds public hearings and can add to, subtract from or change appropriations; but cannot change the form of the budget. Management cannot amend the total budget for individual funds without seeking the approval of the governing body. Expenditures cannot legally exceed budgeted appropriations at the fund level and the Board of Trustees must approve any over expenditures of appropriation or transfers of appropriated amounts. 84 S U P P L E M E N T A R Y I N F O R M A T I O N Village of Deerfield Detailed Schedule of Revenues - Budget and Actual - General Fund Year Ended December 31, 2021 Budgeted Amounts Original Final Actual Taxes Property $3,779,222 $3,779,222 $3,697,973 Replacement 135,000 135,000 247,245 Home rule sales 2,835,000 2,835,000 5,267,788 Local use 550,000 550,000 726,161 Electric utility 1,150,000 1,150,000 1,078,509 Hotel/Motel 1,500,000 1,500,000 1,120,137 Telecommunication 1,450,000 1,450,000 1,171,660 Total taxes 11,399,222 11,399,222 13,309,473 Licenses and Permits Beer/liquor licenses 70,000 70,000 16,770 Food licenses 5,000 5,000 3,376 Other business licenses 5,500 5,500 3,358 Building permits 925,000 925,000 1,083,490 Contractor's licenses 7,000 7,000 6,250 Nonbusiness licenses and permits 38,000 38,000 34,388 Vehicle licenses 370,000 370,000 344,250 Total licenses and permits 1,420,500 1,420,500 1,491,882 Intergovernmental State grant --41,307 Federal grant --2,741 Sales taxes 4,400,000 4,400,000 7,983,200 Income taxes 1,800,000 1,800,000 2,483,841 State highway maintenance 65,000 65,000 68,157 Cannabis Tax 10,000 10,000 26,097 Total intergovernmental 6,275,000 6,255,000 10,605,343 Charges for Services Billings 396,000 396,000 256,571 Dispatching services 405,000 405,000 620,428 Engineering services 336,000 336,000 10,161 Impact fees --7,797 Total charges for services 1,137,000 1,137,000 894,957 Miscellaneous False alarms 27,000 27,000 17,650 Rentals 275,000 275,000 286,592 Miscellaneous 110,000 110,000 1,262,344 Sale of capital assets 7,500 7,500 1,955 Franchise fees 450,000 450,000 437,295 Total miscellaneous 869,500 869,500 2,005,836 Fines and forfeits 282,500 282,500 183,964 Investment income (loss)200,000 200,000 (2,425) Total revenues $ 21,583,722 $ 21,563,722 $ 28,489,030 85 Village of Deerfield Detailed Schedule of Expenditures - Budget and Actual - General Fund Year Ended December 31, 2021 Budgeted Amounts Original Final Actual General Government Finance department: Personnel services $1,066,600 $1,066,600 $1,021,321 Training and development 14,300 14,300 2,255 Contractual services 3,210,129 5,710,129 4,966,613 Commodities 10,500 10,500 2,602 Utilities 18,500 18,500 27,280 Capital outlay 9,000 9,000 7,294 Total finance department 4,329,029 6,829,029 6,027,365 Administration: Personnel services 1,308,980 1,308,980 1,231,084 Training and development 19,800 19,800 7,638 Contractual services 807,945 807,945 717,217 Commodities 6,300 6,300 4,348 Utilities 12,300 12,300 11,984 Capital outlay 118,717 118,717 124,926 Total administration 2,274,042 2,274,042 2,097,197 Community development: Personnel services 1,337,900 1,337,900 1,308,848 Training and development 10,000 10,000 2,599 Contractual services 154,651 154,651 102,706 Commodities 13,900 13,900 10,449 Utilities 10,900 10,900 10,523 Capital outlay 17,875 17,875 17,073 Total community development 1,545,226 1,545,226 1,452,198 Engineering: Personnel services 495,666 495,666 495,208 Training and development 6,100 6,100 1,019 Contractual services 599,040 599,040 208,807 Commodities 10,500 10,500 8,800 Utilities 7,100 7,100 5,033 Capital outlay 41,952 41,952 23,624 Total engineering 1,160,358 1,160,358 742,491 Total general government 9,308,655 11,808,655 10,319,251 Public Safety, Police Department Administrative services: Personnel services 1,162,057 1,162,057 1,144,572 Training and development 21,590 21,590 977 Contractual services 836,499 836,499 595,629 Commodities 27,360 27,360 20,009 Utilities 23,325 23,325 23,282 Capital outlay 319,628 319,628 199,444 Total administrative services 2,390,459 2,390,459 1,983,913 86 Village of Deerfield Detailed Schedule of Expenditures - Budget and Actual - General Fund Year Ended December 31, 2021 Budgeted Amounts Original Final Actual Communications: Personnel services $1,187,278 $1,187,278 $1,116,426 Training and development 7,100 7,100 1,351 Contractual services 500 500 196 Capital outlay 5,000 5,000 320 Total communications 1,199,878 1,199,878 1,118,293 Investigations: Personnel services 1,189,268 1,189,268 1,034,866 Training and development 18,300 18,300 4,755 Contractual services 6,700 6,700 6,831 Commodities 12,930 12,930 3,338 Capital outlay 10,500 10,500 2,882 Total investigations 1,237,698 1,237,698 1,052,672 Patrol: Personnel services 5,865,541 5,865,541 5,275,485 Training and development 75,974 75,974 26,031 Contractual services 59,560 59,560 75,654 Commodities 90,325 90,325 62,247 Utilities 8,000 8,000 6,106 Capital outlay 20,178 20,178 8,583 Total patrol 6,119,578 6,119,578 5,454,106 Special detail: Personnel services 91,000 91,000 20,399 Total special detail 91,000 91,000 20,399 Total public safety, police department 11,038,613 11,038,613 9,629,383 Highways and Streets Administration: Personnel services 303,820 303,820 269,408 Training and development 4,400 4,400 862 Contractual services 230,843 230,843 179,424 Commodities 7,700 7,700 5,777 Utilities 9,600 9,600 6,632 Capital outlay 175,765 175,765 174,665 Total administration 732,128 732,128 636,768 Maintenance: Personnel services 757,600 757,600 782,498 Contractual services 174,000 174,000 192,512 Commodities 157,000 157,000 205,152 Utilities 120,000 120,000 128,259 Capital outlay --335 Total maintenance 1,208,600 1,208,600 1,308,756 87 Village of Deerfield Detailed Schedule of Expenditures - Budget and Actual - General Fund Year Ended December 31, 2021 Budgeted Amounts Original Final Actual Snow and ice control: Personnel services $88,750 $88,750 $74,246 Contractual services 129,000 129,000 204,341 Commodities 182,750 234,750 198,336 Capital outlay 750 750 1,700 Total snow and ice control 401,250 453,250 478,623 Forestry: Personnel services 8,400 8,400 - Contractual services 242,500 242,500 266,538 Commodities 10,000 10,000 3,774 Capital outlay 157,000 157,000 177,538 Total forestry 417,900 417,900 447,850 Train station maintenance: Personnel services 9,500 9,500 11,084 Contractual services 43,500 43,500 37,580 Commodities 3,000 3,000 1,097 Utilities 2,900 2,900 2,018 Total train station maintenance 58,900 58,900 51,779 Total highways and streets 2,818,778 2,870,778 2,923,776 Total expenditures $ 23,166,046 $ 25,718,046 $ 22,872,410 88 Village of Deerfield Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Debt Service Fund Year Ended December 31, 2021 Budgeted Amounts Original Final Actual Revenues Taxes Property $3,397,351 $3,397,351 $3,330,668 Intergovernmental 359,239 359,239 364,084 Contribution from library 730,831 730,831 730,831 Investment income (loss)4,500 4,500 (204) Total revenues 4,491,921 4,491,921 4,425,379 Expenditures Debt Service Principal retirement 1,815,000 1,815,000 1,815,000 Interest and other 954,722 954,722 873,070 Fiscal charges 6,000 6,000 3,467 Paying agent fees --103,068 Total expenditures 2,775,722 2,775,722 2,794,605 Excess (deficiency) of revenues over (under) expenditures 1,716,199 1,716,199 1,630,774 Other Financing Sources (Uses) Transfers out (1,716,899)(1,716,899)(1,716,899) Issuance of refunding bonds --8,490,000 Premium on debt issued --1,702,127 Payment to refunded bonds escrow agent --(10,172,383) Total other financing sources (uses)(1,716,899)(1,716,899)(1,697,155) Net change in fund balance $(700)$(700)(66,381) Fund Balance, Beginning 241,326 Fund Balance, Ending $174,945 89 Village of Deerfield Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - 2011B Debt Service Sinking Fund Year Ended December 31, 2021 Budgeted Amounts Original Final Actual Revenues Property taxes $725,000 $725,000 $725,000 Investment income (loss)90,000 90,000 (112,260) Total revenues 815,000 815,000 612,740 Expenditures Current General government: Contractual services 1,500 1,500 930 Total general government 1,500 1,500 930 Total expenditures 1,500 1,500 930 Excess (deficiency) of revenues over (under) expenditures 813,500 813,500 611,810 Other Financing Sources (Uses) Transfers out (50,000)(50,000)(114,009) Total other financing sources (uses)(50,000)(50,000)(114,009) Net change in fund balance $763,500 $763,500 497,801 Fund Balance, Beginning 6,731,634 Fund Balance, Ending $ 7,229,435 90 Village of Deerfield Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Infrastructure Replacement Fund Year Ended December 31, 2021 Budgeted Amounts Original Final Actual Revenues Taxes Home rule sales $975,000 $975,000 $1,605,788 Food and beverage 495,000 495,000 606,487 Intergovernmental --1,284,889 Investment income (loss)45,000 45,000 (1,226) Miscellaneous 300,000 300,000 324,999 Total revenues 1,815,000 1,815,000 3,820,937 Expenditures Capital Outlay Contractual services 1,280,000 1,280,000 698,509 Construction 1,538,000 2,838,000 2,856,989 Paying agent fees --82,983 Total expenditures 2,818,000 4,118,000 3,638,481 Excess (deficiency) of revenues over (under) expenditures (1,003,000)(2,303,000)182,456 Other Financing Sources (Uses) Transfers in 500,000 500,000 500,000 Issuance of general obligation bonds --7,050,000 Premium on debt issued --35,813 Total other financing sources (uses)500,000 500,000 7,585,813 Net change in fund balance $(503,000)$(1,803,000)7,768,269 Fund Balance, Beginning 804,134 Fund Balance, Ending $ 8,572,403 91 Village of Deerfield Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Motor Fuel Tax Fund Year Ended December 31, 2021 Budgeted Amounts Original Final Actual Revenues Intergovernmental Allotments earned $1,037,000 $1,037,000 $735,799 Rebuild Illinois bond receipts --412,536 Investment income (loss)6,000 6,000 (388) Total revenues 1,043,000 1,043,000 1,147,947 Expenditures Current Highway and streets: Capital outlay 1,824,000 1,824,000 549,535 Total highway and streets 1,824,000 1,824,000 549,535 Total expenditures 1,824,000 1,824,000 549,535 Excess (deficiency) of revenues over (under) expenditures (781,000)(781,000)598,412 Net change in fund balance $(781,000)$(781,000)598,412 Fund Balance, Beginning 830,818 Fund Balance, Ending $ 1,429,230 92 93 Year Ended December 31, 2021 Original Final Total Operating Revenues Charges for services: Water sales 5,031,000$ 5,031,000$ 5,467,337$ Miscellaneous: Permits and fees 40,000 40,000 44,328 Penalties 30,000 30,000 (28) Other 71,500 71,500 85,022 Total operating revenues 5,172,500 5,172,500 5,596,659 Operating Expenses Administration 733,834 733,834 525,330 Operations: Distribution 3,265,100 3,565,100 3,435,652 Maintenance - mains and fire hydrants 722,750 799,750 870,155 Maintenance - meters 278,656 278,656 284,058 Total operating expenses excluding depreciation 5,000,340 5,377,340 5,115,195 Operating income (loss) before depreciation 172,160 (204,840) 481,464 Depreciation - - 526,231 Operating income (loss) 172,160 (204,840) (44,767) Nonoperating Revenues (Expenses) Investment income (loss)(1,500) (1,500) (364) Total nonoperating revenues (expenses)(1,500) (1,500) (364) Income (loss) before contributions 170,660 (206,340) (45,131) Contributions Contributions - - 506,246 Total contributions - - 506,246 Change in net position 170,660$ (206,340)$ 461,115 Net Position, Beginning 21,826,078 Net Position, Ending 22,287,193$ Budgeted Amounts Village of Deerfield Schedule of Revenues, Expenses and Changes in Net Position - Budget to Actual Water Fund 94 Original Final Actual Administration Personnel services 385,250$ 385,250$ 247,618$ Training and development 3,350 3,350 2,611 Contractual services 282,736 282,736 217,993 Commodities 5,500 5,500 4,199 Utilities 9,300 9,300 9,157 Capital Outlay 47,698 47,698 43,752 Total administration 733,834 733,834 525,330 Operations Distribution: Personnel services 150,800 150,800 147,489 Contractual services 48,000 48,000 44,971 Commodities 2,968,800 3,268,800 3,166,285 Utilities 92,500 92,500 75,244 Capital outlay 5,000 5,000 1,663 Total distribution 3,265,100 3,565,100 3,435,652 Main and fire hydrant maintenance: Personnel services 426,800 426,800 412,244 Contractual services 131,750 131,750 192,693 Commodities 162,200 239,200 263,416 Capital outlay 2,000 2,000 1,802 Total main and fire hydrant maintenance 722,750 799,750 870,155 Meter maintenance: Personnel services 137,656 137,656 130,211 Contractual services 35,000 35,000 23,231 Commodities 4,000 4,000 1,982 Capital outlay 102,000 102,000 128,634 Total meter maintenance 278,656 278,656 284,058 Total operations 4,266,506 4,643,506 4,589,865 Total operating expenses 5,000,340$ 5,377,340$ 5,115,195$ Budgeted Amounts Village of Deerfield Schedule of Operating Expenses - Budget and Actual Water Fund Year Ended December 31, 2021 95 Year Ended December 31, 2021 Balances Balances December 31,December 31, 2020 Additions Retirements 2021 Land 1,877,956$ -$ -$ 1,877,956$ Construction in Progress 360,794 154,521 240,679 274,636 Buildings 4,180,123 - - 4,180,123 Water System Improvements 20,300,943 592,404 22,822 20,870,525 Equipment And Vehicles 626,490 - - 626,490 Total 27,346,306$ 746,925$ 263,501$ 27,829,730$ Balances Balances December 31,December 31, 2020 Additions Retirements 2021 Buildings 2,354,406$ 58,268$ -$ 2,412,674$ Water System Improvements 3,319,329 452,083 22,822 3,748,590 Equipment And Vehicles 578,851 15,880 - 594,731 Total 6,252,586$ 526,231$ 22,822$ 6,755,995 Net asset value 21,073,735$ Assets Accumulated Depreciation Village of Deerfield Schedule of Capital Assets and Depreciation Water Fund 96 Original Final Total Operating Revenues Charges for services: Sewer charges 2,975,250$ 2,975,250$ 3,310,267$ Miscellaneous: Miscellaneous - - 15,579 Permits and fees 15,000 15,000 5,650 Penalties 30,000 30,000 - Other 5,000 5,000 - Total operating revenues 3,025,250 3,025,250 3,331,496 Operating Expenses Administration 641,821 641,821 386,524 Operations: Treatment plant 1,874,822 1,874,822 1,635,671 Cleaning and maintenance 323,500 323,500 263,542 Construction 460,100 460,100 513,874 Total operating expenses excluding depreciation 3,300,243 3,300,243 2,799,611 Operating income (loss) before depreciation (274,993) (274,993) 531,885 Depreciation - - 1,043,214 Operating income (loss) (274,993) (274,993) (511,329) Nonoperating Revenues (Expenses) Investment income (loss)7,000 7,000 (182) Interest and other (868,899) (868,899) (863,182) Total nonoperating revenues (expenses)(861,899) (861,899) (863,364) Income (loss) before contributions and transfers (1,136,892) (1,136,892) (1,374,693) Contributions and Transfers Contributions - - 402,591 Transfers in 1,716,899 1,716,899 1,716,899 Total contributions and transfers 1,716,899 1,716,899 2,119,490 Change in net position 580,007$ 580,007$ 744,797 Net Position, Beginning 12,646,321 Net Position, Ending 13,391,118$ Budgeted Amounts Village of Deerfield Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual Sewerage Fund Year Ended December 31, 2021 97 Original Final Actual Administration Personnel services 263,000$ 263,000$ 94,333$ Training and development 2,500 2,500 541 Contractual services 321,350 321,350 240,445 Commodities 5,050 5,050 3,298 Utilities 5,200 5,200 3,666 Capital outlay 44,721 44,721 44,241 Total administration 641,821 641,821 386,524 Operations Treatment plant: Personnel services 1,049,025 1,049,025 915,628 Training and development 11,400 11,400 1,113 Contractual services 279,873 279,873 278,550 Commodities 121,000 121,000 84,293 Utilities 319,200 319,200 268,354 Miscellaneous 48,900 48,900 43,243 Capital outlay 45,424 45,424 44,490 Total treatment plant 1,874,822 1,874,822 1,635,671 Cleaning and maintenance: Personnel services 257,000 257,000 205,237 Contractual services 49,000 49,000 38,569 Commodities 17,500 17,500 19,736 Total cleaning and maintenance 323,500 323,500 263,542 Construction: Personnel services 375,400 375,400 423,196 Contractual services 20,500 20,500 24,907 Commodities 64,200 64,200 65,771 Total construction 460,100 460,100 513,874 Total operations 2,658,422 2,658,422 2,413,087 Total operating expenses 3,300,243$ 3,300,243$ 2,799,611$ Budgeted Amounts Village of Deerfield Schedule of Operating Expenses - Budget and Actual Sewerage Fund Year Ended December 31, 2021 98 Balances Balances December 31,December 31, 2020 Additions Retirements 2021 Sewer System 7,409,701$ 402,592$ - 7,812,293$ Buildings and Improvements 41,005,066 - - 41,005,066 Total 48,414,767$ 402,592$ -$ 48,817,359$ Balances Balances December 31,December 31, 2020 Additions Retirements 2021 Sewer System 2,127,576$ 172,576$ -$ 2,300,152$ Buildings and Improvements 7,796,489 870,638 - 8,667,127 Total 9,924,065$ 1,043,214$ -$ 10,967,279 Net asset value 37,850,080$ Assets Accumulated Depreciation Village of Deerfield Schedule of Capital Assets and Depreciation Sewerage Fund Year Ended December 31, 2021 99 Original Final Total Operating Revenues Charges for services: Refuse billing 546,950$ 546,950$ 560,282$ Miscellaneous 17,000 17,000 7,569 Total operating revenues 563,950 563,950 567,851 Operating Expenses Operations Personnel services 118,250 118,250 58,708 Contractual services 1,425,400 1,425,400 1,408,403 Commodities 24,700 24,700 10,992 Capital outlay 10,708 10,708 10,708 Total operating expenses excluding depreciation 1,579,058 1,579,058 1,488,811 Operating income (loss)(1,015,108) (1,015,108) (920,960) Nonoperating Revenues (Expenses) Investment income 4,000 4,000 189 Total nonoperating revenues (expenses)4,000 4,000 189 Income (loss) before transfers (1,011,108) (1,011,108) (920,771) Transfers Transfers in 984,665 984,665 984,665 Total transfers 984,665 984,665 984,665 Change in net position (26,443)$ (26,443)$ 63,894 Net Position, Beginning 751,408 Net Position, Ending 815,302$ Budgeted Amounts Village of Deerfield Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual Refuse Fund Year Ended December 31, 2021 100 Original Final Total Operating Revenues Charges for services: Parking lot fees 293,000$ 293,000$ 30,547$ Total operating revenues 293,000 293,000 30,547 Operating Expenses Operations 220,100 220,100 178,309 Total operating expenses 220,100 220,100 178,309 Operating income (loss) before depreciation 72,900 72,900 (147,762) Depreciation - - 26,737 Operating income (loss) 72,900 72,900 (174,499) Nonoperating Revenues (Expenses) Investment income 2,000 2,000 173 Total nonoperating revenues (expenses)2,000 2,000 173 Change in net position 74,900$ 74,900$ (174,326) Net Position, Beginning 1,093,509 Net Position, Ending 919,183$ Budgeted Amounts Village f Deerfield Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual Commuter Parking Lot Fund Year Ended December 31, 2021 101 Original Final Actual Operations Parking lots, village and federal funds: Personnel services 23,000$ 23,000$ 21,773$ Contractual services 95,900 95,900 67,021 Utilities 3,300 3,300 1,935 Total parking lots, village and federal funds 122,200 122,200 90,729 Parking lots, village construction: Personnel services 23,000 23,000 21,773 Contractual services 69,900 69,900 63,362 Utilities 5,000 5,000 2,445 Total parking lots, village construction 97,900 97,900 87,580 Total operating expenses 220,100$ 220,100$ 178,309$ Budgeted Amounts Village of Deerfield Schedule of Operating Expenses - Budget and Actual Commuter Parking Lot Fund Year Ended December 31, 2021 102 Balances Balances December 31,December 31, 2020 Additions Retirements 2021 Land 77,500$ -$ -$ 77,500$ Parking Lot Improvements 1,950,830 - - 1,950,830 Total 2,028,330$ -$ -$ 2,028,330$ Balances Balances December 31,December 31, 2020 Additions Retirements 2021 Parking Lot Improvements 1,032,842$ 26,737$ -$ 1,059,579$ Total 1,032,842$ 26,737$ -$ 1,059,579 Net asset value 968,751$ Assets Accumulated Depreciation Village of Deerfield Schedule of Capital Assets and Depreciation Commuter Parking Lot Fund Year Ended December 31, 2021 Village of Deerfield Combining Statement of Net Position Internal Service Funds December 31, 2021 Garage Fund Vehicle & Equipment Replacement Total Assets Current assets: Cash and investments $4,565 $5,358,942 $5,363,507 Receivables: Accounts, billed 1,839 11,345 13,184 Accrued interest -935 935 Prepaid items 3,948 -3,948 Inventory 148,124 -148,124 Total current assets 158,476 5,371,222 5,529,698 Noncurrent assets: Capital assets: Property and equipment -5,704,045 5,704,045 Less accumulated depreciation -(3,284,692)(3,284,692) Total noncurrent assets -2,419,353 2,419,353 Total assets 158,476 7,790,575 7,949,051 Liabilities Current liabilities: Accounts payable 24,862 26,171 51,033 Accrued payroll 3,864 -3,864 Compensated absences payable 35,186 -35,186 Total current liabilities 63,912 26,171 90,083 Noncurrent liabilities: Compensated absences payable 12,784 -12,784 Total noncurrent liabilities 12,784 -12,784 Total liabilities 76,696 26,171 102,867 Net Position Net investment in capital assets -2,419,353 2,419,353 Unrestricted 81,780 5,345,051 5,426,831 Total net position $81,780 $ 7,764,404 $ 7,846,184 103 Village of Deerfield Combining Statement of Revenues, Expenses and Changes in Net Position Internal Service Funds Year Ended December 31, 2021 Garage Fund Vehicle & Equipment Replacement Total Operating Revenues Billings $466,497 $725,837 $1,192,334 Miscellaneous 11,648 -11,648 Total operating revenues 478,145 725,837 1,203,982 Operating Expenses Operations 489,438 -489,438 Capital outlay -211,890 211,890 Depreciation -356,125 356,125 Total operating expenses 489,438 568,015 1,057,453 Operating income (loss)(11,293)157,822 146,529 Nonoperating Revenues (Expenses) Gain on sale of capital assets -67,654 67,654 Investment income (loss)-(864)(864) Total nonoperating revenues (expenses)-66,790 66,790 Income (loss) before contributions and transfers (11,293)224,612 213,319 Change in net position (11,293)224,612 213,319 Net Position, Beginning 93,073 7,539,792 7,632,865 Net Position, Ending $81,780 $ 7,764,404 $ 7,846,184 104 Village of Deerfield Combining Statement of Cash Flows Internal Service Funds Year Ended December 31, 2021 Garage Fund Vehicle & Equipment Replacement Total Cash Flows From Operating Activities Received from customers $465,488 $714,501 $1,179,989 Receipts from miscellaneous revenue 11,648 -11,648 Paid to suppliers for goods and services (178,651)(185,719)(364,370) Paid to employees for services (295,166)-(295,166) Net cash flows from operating activities 3,319 528,782 532,101 Cash Flows From Investing Activities Investment income -(864)(864) Net cash flows from investing activities -(864)(864) Cash Flows From Capital and Related Financing Activities Acquisition and construction of capital assets -(1,044,779)(1,044,779) Proceeds from sale of capital assets -11,345 11,345 Net cash flows from capital and related financing activities -(1,033,434)(1,033,434) Net change in cash and cash equivalents 3,319 (505,516)(502,197) Cash and Cash Equivalents, Beginning 1,246 5,864,458 5,865,704 Cash and Cash Equivalents, Ending $ 4,565 $ 5,358,942 $ 5,363,507 Reconcilation of Operating Income (Loss) to Net Cash Flow s From Operating Activities Operating income (loss)$(11,293)$157,822 $146,529 Adjustments to reconcile operating income (loss) to net cash flows from operating activities: Depreciation -356,125 356,125 Changes in assets and liabilities: Accounts receivable (1,009)(11,336)(12,345) Prepaid expenses (287)-(287) Inventories (16,566)-(16,566) Accounts payable 12,451 26,171 38,622 Accrued payroll 901 -901 Compensated absences payable 19,122 -19,122 Net cash flows from operating activities $ 3,319 $528,782 $532,101 Noncash Capital and Related Financing Activities None 105 Village of Deerfield Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual Garage Fund Year Ended December 31, 2021 Budgeted Amounts Original Final Actual Operating Revenues Interfund services: Billings $395,000 $395,000 $466,497 Miscellaneous 10,000 10,000 11,648 Total operating revenues 405,000 405,000 478,145 Operating Expenses Operations 446,700 446,700 489,438 Total operating expenses 446,700 446,700 489,438 Operating loss $(41,700)$(41,700)(11,293) Net Position, Beginning 93,073 Net Position, Ending $81,780 106 107 Original Final Actual Operating Expenses Public works department: Personnel services 296,600$ 296,600$ 315,189$ Training and development 2,500 2,500 1,010 Contractual services 29,400 29,400 20,025 Commodities 104,800 104,800 139,813 Utilities 4,200 4,200 3,776 Capital Outlay 9,200 9,200 9,625 Total operating expenses 446,700$ 446,700$ 489,438$ Budgeted Amounts Village of Deerfield Schedule of Operating Expenses - Budget and Actual Garage Fund Year Ended December 31, 2021 Village of Deerfield Schedule of Revenues, Expenses and Changes in Net Position - Budget and Actual Vehicle & Equipment Replacement Fund Year Ended December 31, 2021 Budgeted Amounts Original Final Actual Operating Revenues Interfund services: Billings $546,188 $546,188 $725,837 Total operating revenues 546,188 546,188 725,837 Operating Expenses Capital outlay 1,551,065 1,551,065 1,256,669 Less capital assets capitalized --(1,044,779) Depreciation --356,125 Total operating expenses 1,551,065 1,551,065 568,015 Operating income (1,004,877)(1,004,877)157,822 Nonoperating Revenues Gain on sale of capital assets --67,654 Investment income (loss)50,000 50,000 (864) Total nonoperating revenues 50,000 50,000 66,790 Change in net position $(954,877)$(954,877)224,612 Net Position, Beginning 7,539,792 Net Position, Ending $ 7,764,404 108 Village of Deerfield Combining Statement of Fiduciary Net Position Custodial Funds December 31, 2021 East Shore Radio Deerfield Consolidated JETSB Fund Total Assets Cash and investments $-$3,172,882 $3,172,882 Receivables: Accounts -258,163 258,163 Total assets -3,431,045 3,431,045 Liabilities Accounts payable -2,348 2,348 Total liabilities -2,348 2,348 Net Position Restricted for dispatch services $-$ 3,428,697 $ 3,428,697 109 Village of Deerfield Combining Statement of Changes in Fiduciary Net Position Custodial Funds Year Ended December 31, 2021 East Shore Radio Deerfield Consolidated JETSB Fund Total Additions Contributions: Other charges $80 $ 1,019,578 $ 1,019,658 Total contributions 80 1,019,578 1,019,658 Investment income: Investment income -1,343 1,343 Total investment income -1,343 1,343 Net investment income -1,343 1,343 Total additions 80 1,020,921 1,021,001 Deductions Contractual services -539,867 539,867 Utilities -21,678 21,678 Administrative 202,101 -202,101 Capital outlay -525 525 Total deductions 202,101 562,070 764,171 Change in net position (202,021)458,851 256,830 Net Position, Beginning 202,021 2,969,846 3,171,867 Net Position, Ending $-$ 3,428,697 $ 3,428,697 110 Village of Deerfield Schedule of Changes in Fiduciary Net Position - Budget and Actual Police Pension Trust Fund Year Ended December 31, 2021 Budgeted Amounts Original Final Actual Additions Contributions: Contributions, employer $1,100,000 $1,100,000 $1,100,000 Contributions, employee 400,000 400,000 450,777 Total contributions 1,500,000 1,500,000 1,550,777 Investment income: Net appreciation in fair value of investments 500,000 500,000 6,985,286 Interest and dividends earned on investments 700,000 700,000 1,067,080 Total investment income 1,200,000 1,200,000 8,052,366 Less investment expense (32,000)(32,000)(26,556) Net investment income 1,168,000 1,168,000 8,025,810 Total additions 2,668,000 2,668,000 9,576,587 Deductions Pension payments 3,400,000 3,400,000 3,168,792 Separation refunds 15,000 15,000 80,087 Administrative 49,500 49,500 47,007 Total deductions 3,464,500 3,464,500 3,295,886 Change in net position $(796,500)$(796,500)6,280,701 Net Position, Beginning 59,652,793 Net Position, Ending $ 65,933,494 111 L O N G-T E R M D E B T R E Q U I R E M E N T S 112 Tax Levy Year Principal Interest Total June 1 Amount December 1 Amount 2021 -$ 499,200$ 499,200$ 2022 249,600$ 2022 249,600$ 2022 - 499,200 499,200 2023 249,600 2023 249,600 2023 - 499,200 499,200 2024 249,600 2024 249,600 2024 - 499,200 499,200 2025 249,600 2025 249,600 2025 - 499,200 499,200 2026 249,600 2026 249,600 2026 - 499,200 499,200 2027 249,600 2027 249,600 2027 12,480,000 499,200 12,979,200 2028 249,600 2028 249,600 12,480,000$ 3,494,400$ 15,974,400$ 1,747,200$ 1,747,200$ Tax Levy Interest Due on Village of Deerfield Long-Term Debt Requirements General Obligation Bond Series 2011B December 31, 2021 Future Principal and Interest Requirements Date of Issue Date of Maturity Authorized Issue Denomination of Bonds Interest Rates Principal Maturity Date Payable at December 1 Depository Trust Company, Chicago Illinois October 17, 2011 December 1, 2028 $12,500,000 $5,000 4% 113 Tax Levy Year Principal Interest Total June 1 Amount December 1 Amount 2021 455,000$ 216,500$ 671,500$ 2022 108,250$ 2022 108,250$ 2022 470,000 202,850 672,850 2023 101,425 2023 101,425 2023 485,000 188,750 673,750 2024 94,375 2024 94,375 2024 495,000 174,200 669,200 2025 87,100 2025 87,100 2025 510,000 159,350 669,350 2026 79,675 2026 79,675 2026 530,000 144,050 674,050 2027 72,025 2027 72,025 2027 545,000 128,150 673,150 2028 64,075 2028 64,075 2028 560,000 111,800 671,800 2029 55,900 2029 55,900 2029 575,000 95,000 670,000 2030 47,500 2030 47,500 2030 595,000 77,750 672,750 2031 38,875 2031 38,875 2031 610,000 59,900 669,900 2032 29,950 2032 29,950 2032 630,000 41,600 671,600 2033 20,800 2033 20,800 2033 650,000 21,125 671,125 2034 10,562 2034 10,563 7,110,000$ 1,621,025$ 8,731,025$ 810,512$ 810,513$ Tax Levy Interest Due on Village of Deerfield Long-Term Debt Requirements General Obligation Bond Series 2015 December 31, 2021 Future Principal and Interest Requirements Date of Issue Date of Maturity Authorized Issue Denomination of Bonds Interest Rates Principal Maturity Date Payable at May 19, 2015 Depository Trust Company, Chicago Illinois December 1, 2034 $9,575,000 $5,000 3.00% to 3.25% December 1 114 Tax Levy Year Principal Interest Total June 1 Amount December 1 Amount 2021 280,000$ 155,538$ 435,538$ 2022 77,769$ 2022 77,769$ 2022 290,000 147,138 437,138 2023 73,569 2023 73,569 2023 300,000 138,438 438,438 2024 69,219 2024 69,219 2024 310,000 129,438 439,438 2025 64,719 2025 64,719 2025 320,000 120,138 440,138 2026 60,069 2026 60,069 2026 330,000 110,538 440,538 2027 55,269 2027 55,269 2027 345,000 99,812 444,812 2028 49,906 2028 49,906 2028 - 88,600 88,600 2029 44,300 2029 44,300 2029 - 88,600 88,600 2030 44,300 2030 44,300 2030 - 88,600 88,600 2031 44,300 2031 44,300 2031 455,000 88,600 543,600 2032 44,300 2032 44,300 2032 475,000 73,812 548,812 2033 36,906 2033 36,906 2033 490,000 57,188 547,188 2034 28,594 2034 28,594 2034 510,000 38,812 548,812 2035 19,406 2035 19,406 2035 525,000 19,683 544,683 2036 9,842 2036 9,841 4,630,000$ 1,444,935$ 6,074,935$ 722,468$ 722,467$ Date of Maturity Authorized Issue Denomination of Bonds Interest Rates Principal Maturity Date Village of Deerfield Long-Term Debt Requirements General Obligation Bond Series 2017 December 31, 2021 Date of Issue February 28, 2017 U.S. Bank National Association, Chicago, Illinois Tax Levy Interest Due on Future Principal and Interest Requirements Payable at December 1, 2036 $5,700,000 $5,000 3.00% to 4.003.75 December 1 115 Tax Levy Year Principal Interest Total June 1 Amount December 1 Amount 2021 255,000$ 184,130$ 439,130$ 2022 92,065$ 2022 92,065$ 2022 265,000 173,930 438,930 2023 86,965 2023 86,965 2023 275,000 163,330 438,330 2024 81,665 2024 81,665 2024 285,000 152,330 437,330 2025 76,165 2025 76,165 2025 295,000 140,930 435,930 2026 70,465 2026 70,465 2026 310,000 129,130 439,130 2027 64,565 2027 64,565 2027 320,000 119,830 439,830 2028 59,915 2028 59,915 2028 325,000 110,230 435,230 2029 55,115 2029 55,115 2029 335,000 100,480 435,480 2030 50,240 2030 50,240 2030 350,000 90,096 440,096 2031 45,048 2031 45,048 2031 360,000 79,246 439,246 2032 39,623 2032 39,623 2032 370,000 67,364 437,364 2033 33,682 2033 33,682 2033 385,000 55,154 440,154 2034 27,577 2034 27,577 2034 395,000 42,450 437,450 2035 21,225 2035 21,225 2035 410,000 29,020 439,020 2036 14,510 2036 14,510 2036 425,000 14,875 439,875 2037 7,437 2037 7,438 5,360,000$ 1,652,525$ 7,012,525$ 826,262$ 826,263$ Future Principal and Interest Requirements Tax Levy Interest Due on Village of Deerfield Long-Term Debt Requirements General Obligation Bond Series 2018 December 31, 2021 Date of Issue Date of Maturity Authorized Issue Denomination of Bonds Interest Rates Principal Maturity Date Payable at December 1 U.S. Bank National Association, Chicago, Illinois June 12, 2018 December 1, 2037 $5,970,000 $5,000 3.00% to 4.00% 116 Tax Levy Year Principal Interest Total June 1 Amount December 1 Amount 2021 555,000$ 190,863$ 745,863$ 2022 95,432$ 2022 95,432$ 2022 580,000 168,663 748,663 2023 84,332 2023 84,332 2023 600,000 145,463 745,463 2024 72,732 2024 72,732 2024 620,000 121,463 741,463 2025 60,732 2025 60,732 2025 645,000 96,663 741,663 2026 48,332 2026 48,332 2026 665,000 70,862 735,862 2027 35,431 2027 35,431 2027 685,000 44,262 729,262 2028 22,131 2028 22,131 2028 700,000 16,862 716,862 2029 8,431 2029 8,431 2029 705,000 8,812 713,812 2030 4,406 2030 4,406 5,755,000$ 863,913$ 6,618,913$ 431,957$ 431,957$ Future Principal and Interest Requirements Tax Levy Interest Due on Village of Deerfield Long-Term Debt Requirements General Obligation Bond Series 2020 December 31, 2021 Date of Issue Date of Maturity Authorized Issue Denomination of Bonds Interest Rates Principal Maturity Date Payable at December 1 U.S. Bank National Association, Chicago, Illinois November 10, 2020 December 1, 2030 $6,280,000 $5,000 3.00% to 4.00% 117 Tax Levy Year Principal Interest Total June 1 Amount December 1 Amount 2021 835,000$ 846,650 1,681,650$ 2021 423,325$ 2021 423,325$ 2022 895,000 804,900 1,699,900 2022 402,450 2022 402,450 2023 970,000 760,150 1,730,150 2023 380,075 2023 380,075 2024 1,030,000 711,650 1,741,650 2024 355,825 2024 355,825 2025 1,100,000 660,150 1,760,150 2025 330,075 2025 330,075 2026 1,175,000 605,150 1,780,150 2026 302,575 2026 302,575 2027 975,000 546,400 1,521,400 2027 273,200 2027 273,200 2028 2,795,000 497,650 3,292,650 2028 248,825 2028 248,825 2029 2,950,000 357,900 3,307,900 2029 178,950 2029 178,950 2030 3,470,000 210,400 3,680,400 2030 105,200 2030 105,200 2031 950,000 141,000 1,091,000 2031 70,500 2031 70,500 2032 970,000 122,000 1,092,000 2032 61,000 2032 61,000 2033 985,000 102,600 1,087,600 2033 51,300 2033 51,300 2034 1,005,000 82,900 1,087,900 2034 41,450 2034 41,450 2035 1,025,000 62,800 1,087,800 2035 31,400 2035 31,400 2036 1,045,000 42,300 1,087,300 2036 21,150 2036 21,150 2037 1,070,000 21,400 1,091,400 2037 10,700 2037 10,700 23,245,000$ 6,576,000$ 29,821,000$ 3,288,000$ 3,288,000$ Village of Deerfield Long-Term Debt Requirements General Obligation Bond Series 2021 December 31, 2021 Date of Issue October 27, 2021 Date of Maturity December 1, 2030 Authorized Issue $23,245,000 Denomination of Bonds $5,000 Future Principal and Interest Requirements Tax Levy Interest Due on Interest Rates 2.00% to 5.00% Principal Maturity Date December 1 Payable at U.S. Bank National Association, Chicago, Illinois Table of Contents This part of the Village of Deerfield, Illinois' comprehensive annual financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the Village's overall financial health. Page Financial Trends 115 - 132 These schedules contain trend information to help the reader understand how the Village's financial performance and well-being have changed over time. Revenue Capacity 125 - 131 These schedule contain information to help the reader assess the Village's most significant local revenue source, property tax. Additionally, the Village presents information to help readers assess the Village's most significant revenue source, the sales tax. Debt Capacity 132 - 134 These schedules present information to help the reader assess the affordability of the Village's current levels of outstanding debt and the Village's ability to issue additional debt in the future. Demographic and Economic Information 135 - 138 These schedules offer demographic and economic indicators to help the reader understand the environment within the Village's financial activities take place. Operating Information 139 - 140 These schedules contain service and infrastructure data to help the reader understand how the Village's financial report relates to the services the Village provides and the activities it performs. Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year. Village of Deerfield Statistical Section 118 Fiscal Year 2013 2013*2014 2015 Governmental Activities Net investment in capital assets 55,359,465$ 59,186,881$ 58,835,531$ 55,025,274$ Restricted 2,000,978 1,690,206 4,326,031 4,467,283 Unrestricted (3,773,495) 25,298,828 27,077,751 14,516,742 Total governmental activities 53,586,948$ 86,175,915$ 90,239,313$ 74,009,299$ Business-Type Activities Net investment in capital assets 59,834,517$ 28,906,421$ 28,270,616$ 29,869,458$ Unrestricted 140,855 651,661 786,552 (194,463) Total business-type activities 59,975,372$ 29,558,082$ 29,057,168$ 29,674,995$ Primary Government Net investment in capital assets 86,323,125$ 82,313,682$ 87,106,147$ 84,894,732$ Restricted 2,000,978 1,690,206 4,326,031 4,467,283 Unrestricted 25,238,217 31,730,109 27,864,303 14,322,279 Total primary government 113,562,320$ 115,733,997$ 119,296,481$ 103,684,294$ The Village implemented GASB Statement No.68 in 2015, causing a reduction in unrestricted net position. * Eight months ended December 31, 2013. Data Source Audited financial statements Village of Deerfield Net Position by Component Last Ten Fiscal Years 119 2016 2017 2018 2019 2020 2021 55,732,838$ 56,110,035$ 49,784,690$ 51,431,009$ 55,202,771$ 56,119,625$ 5,129,514 5,867,341 7,455,951 9,189,233 10,236,978 14,134,810 13,144,539 7,143,730 8,393,474 6,092,104 756,607 4,378,945 74,006,891$ 69,121,106$ 65,634,115$ 66,712,346$ 66,196,356$ 74,633,380$ 32,118,523$ 32,574,200$ 32,548,303$ 34,461,747$ 34,224,767$ 34,389,742$ 376,014 2,257,403 3,116,674 3,678,365 4,049,277 5,004,592 32,494,537$ 34,831,603$ 35,664,977$ 38,140,112$ 38,274,044$ 39,394,334$ 87,851,361$ 88,684,235$ 82,332,993$ 85,892,756$ 89,427,538$ 90,509,367$ 5,129,514 5,867,341 7,455,951 9,189,233 10,236,978 14,134,810 13,520,553 9,401,133 11,510,148 9,770,469 4,805,884 9,383,537 106,501,428$ 103,952,709$ 101,299,092$ 104,852,458$ 104,470,400$ 114,027,714$ 120 Fiscal Year 2013 2013*2014 2015 Expenses Governmental activities: General government 18,988,356$ 5,755,847$ 7,756,784$ 8,182,572$ Public safety 8,572,034 6,256,914 9,189,101 11,870,633 Highways and streets 5,753,656 6,208,891 6,286,456 8,065,953 Interest and fiscal charges 1,791,625 628,554 685,495 1,113,073 Total governmental activities expenses 35,105,671 18,850,206 23,917,836 29,232,231 Business-type activities: Water 4,625,679 3,153,643 4,345,300 4,517,289 Sewerage 3,267,868 3,147,664 4,691,951 4,533,170 Refuse disposal 1,343,691 953,301 1,440,045 1,433,697 Commuter Parking 352,088 243,017 331,951 284,789 Total business-type activities expenses 9,589,326 7,497,625 10,809,247 10,768,945 Total primary government expenses 44,694,997 26,347,831 34,727,083 40,001,176 Program Revenues Governmental activities: Charges for services: General government 2,290,768 1,811,306 3,812,004 2,214,956 Public Safety 1,047,217 783,151 1,167,096 1,218,489 Public works 263,607 234,034 442,918 606,549 Interest - - - - Operating grants and contributions 1,140,504 890,860 612,569 445,554 Capital Grants and contributions 75,864 58,791 1,306,043 442,690 Total governmental activities program revenues 4,817,960 3,778,142 7,340,630 4,928,238 Business-type activities: Charges for services: Water 4,295,580 3,006,491 3,763,753 3,701,281 Sewerage 2,892,170 2,065,472 2,645,264 2,724,235 Refuse disposal 476,926 324,969 500,449 513,672 Commuter parking 223,381 187,386 226,450 270,799 Capital grants and contributions 12,566,460 1,802,087 173,695 2,249,741 Total business-type activities program revenues 20,454,517 7,386,405 7,309,611 9,459,728 Total primary government program revenues 25,272,477 11,164,547 14,650,241 14,387,966 Net Revenue (Expense) Governmental activities (30,287,711) (15,072,064) (16,577,206) (24,303,993) Business-type activities 10,865,191 (111,220) (3,499,636) (1,309,217) Total primary government net revenue (expense)(19,422,520)$ (15,183,284)$ (20,076,842)$ (25,613,210)$ Village of Deerfield Change in Net Position Last Ten Fiscal Years 121 2016 2017 2018 2019 2020 2021 8,938,512$ 10,097,910$ 9,106,754$ 7,943,887$ 8,384,057$ 10,505,819$ 11,516,466 10,868,594 10,796,954 12,580,314 9,716,892 3,738,541 12,905,603 13,068,419 9,194,654 8,849,016 8,894,754 7,722,374 918,603 1,008,199 1,095,898 1,061,861 1,060,960 1,538,501 34,279,184 35,043,122 30,194,260 30,435,078 28,056,663 23,505,235 4,405,066 4,098,233 4,339,113 4,654,721 5,352,629 5,658,771 4,996,664 3,960,118 4,648,489 4,857,062 5,136,250 4,668,322 1,449,954 1,322,473 1,435,418 1,496,633 1,459,839 1,484,341 306,583 301,514 348,009 298,131 294,368 205,046 11,158,267 9,682,338 10,771,029 11,306,547 12,243,086 12,016,480 45,437,451 44,725,460 40,965,289 $41,741,625 40,299,749 35,521,715 2,706,969 2,538,758 2,808,343 $3,126,661 2,788,064 2,413,376 1,221,896 1,127,634 1,465,852 1,900,377 914,148 1,096,414 417,398 301,855 575,536 551,713 360,269 235,657 711,369 586,016 686,907 673,020 659,139 - 464,020 472,113 480,661 616,062 1,095,929 1,148,335 6,853,567 949,252 77,526 314,103 84,024 121,536 12,375,219 5,975,628 6,094,825 7,181,936 5,901,573 5,015,318 4,058,510 4,211,302 4,241,528 4,359,790 5,055,073 5,467,337 2,853,730 2,936,590 2,917,006 2,874,981 3,137,677 3,310,267 515,496 526,418 538,185 554,694 572,309 560,282 277,048 292,829 294,221 292,861 66,388 30,547 2,922,849 1,058,155 797,356 2,622,337 556,183 908,837 10,627,633 9,025,294 8,788,296 10,704,663 9,387,630 10,277,270 23,002,852 15,000,922 14,883,121 17,886,599 15,289,203 15,292,588 (21,903,965) (29,067,494) (24,099,435) (23,253,142) (22,155,090) (18,489,917) (530,634) (657,044) (1,982,733) (601,884) (2,855,456) (1,739,210) (22,434,599)$ (29,724,538)$ (26,082,168)$ (23,855,026)$ (25,010,546)$ (20,229,127)$ 122 Fiscal Year 2013 2013*2014 2015 General Revenues and Other Changes in Net Position Governmental activities: Taxes: Property and replacement 4,410,633$ 5,010,070$ 5,260,112$ 5,527,577$ Home rule sales 3,665,374 2,257,183 3,413,920 2,941,572 Simplified telecommunications 1,430,126 936,501 1,261,799 1,707,745 Other 3,438,882 2,398,124 3,721,354 3,797,848 Intergovernmental 8,474,800 5,396,719 8,316,948 7,697,052 Investment income 117,770 -(221,419) 130,060 Miscellaneous 252,924 279,991 704,909 676,294 Contributions - - - 732,831 Transfers (out)- - (1,817,019) (1,805,840) Total governmental activities 21,790,509 16,278,588 20,640,604 21,405,139 Business-type activities: Property taxes 890,214 906,951 936,361 965,948 Investment income 3,024 (4,588) (14,786) 4,055 Miscellaneous 211,867 174,010 260,128 218,479 Transfers in - - 1,817,019 1,805,840 Total business-type activities 1,105,105 1,076,373 2,998,722 2,994,322 Total primary government 22,895,614 17,354,961 23,639,326 24,399,461 Change in Net Position Governmental activities (8,497,202) 1,206,524 4,063,398 (2,898,854) Business-type activities 11,970,296 965,153 (500,914) 1,685,105 Total primary government change in net position 3,473,094$ 2,171,677$ 3,562,484$ (1,213,749)$ * Eight months ended December 31, 2013. Data Source Audited financial statements Last Ten Fiscal Years Change in Net Position (cont.) Village of Deerfield 123 2016 2017 2018 2019 2020 2021 7,335,510$ 7,350,802$ 7,349,472$ 7,416,705$ 8,103,456$ 8,000,886$ 3,484,806 3,841,934 3,252,733 2,427,689 1,739,777 5,388,083 1,722,295 1,370,180 1,368,145 5,896,439 1,212,527 1,171,660 3,817,963 4,363,655 4,570,428 4,939,071 2,957,442 3,531,294 8,350,115 8,990,723 8,152,479 4,480,336 9,122,079 10,246,355 191,929 393,675 759,659 1,605,244 508,576 (117,367) 431,172 646,776 109,854 351,193 441,561 1,407,594 - - - - - - (2,770,464) (2,776,036) (2,778,413) (2,785,304) (2,818,648) (2,701,564) 22,563,326 24,181,709 22,784,357 24,331,373 21,266,770 26,926,941 22 - - - - - 4,753 10,848 23,967 44,367 12,787 (184) 226,012 207,226 213,257 247,348 157,953 158,120 2,770,464 2,776,036 2,778,413 2,785,304 2,818,648 2,701,564 3,001,251 2,994,110 3,015,637 3,077,019 2,989,388 2,859,500 25,564,577 27,175,819 25,799,994 27,408,392 24,256,158 29,786,441 659,361 (4,885,785) (1,315,078) 1,078,231 (888,320) 8,437,024 2,470,617 2,337,066 1,032,904 2,475,135 133,932 1,120,290 3,129,978$ (2,548,719)$ (282,174)$ 3,553,366$ (754,388)$ 9,557,314$ 124 Village of Deerfield Fiscal Year 2013 2013* 2014 2015 General Fund Nonspendable for: Note receivable 90,000$ 80,000$ 70,000$ 60,000$ Inventory 27,824 54,477 42,968 21,031 Prepaid items 459,247 752,402 713,737 707,640 Advance - - - - Restricted for: Public safety - - - - Unrestricted: Assigned for debt service 818,344 831,850 - - Assigned for capital projects 1,400,000 1,500,000 1,200,000 1,000,000 Assigned for special projects - - - - Subsequent year's budget - - - 2,960,593 Unassigned 17,002,357 16,815,607 19,667,419 15,200,930 Total general fund 19,797,772$ 20,034,336$ 21,694,124$ 19,950,194$ All Other Governmental Funds Restricted for: Capital projects 1,515,401$ 40,280$ -$ 696,658$ Maintenance of roadways 633,057 325,768 927,908 388,546 Public safety 1,367,921 1,364,438 1,214,895 1,130,293 Debt service - - 2,183,228 2,948,444 Unrestricted: Assigned for: Debt service 841,240 1,473,632 25,299 58,021 Capital projects 2,154,351 749,533 2,276,297 4,707,033 Total all other governmental funds 6,511,970$ 3,953,651$ 6,627,627$ 9,928,995$ *Eight months ended December 31, 2013.*Eight months ended December 31, 2013. Data Source Audited financial statements Last Ten Fiscal Years Fund Balances of Governmental Funds 125 2016 2017 2018 2019 2020 2021 50,000$ 40,000$ 30,000$ 20,000$ 10,000$ -$ 26,643 26,844 28,516 43,026 22,077 43,577 904,041 1,180,641 1,188,498 1,374,119 1,517,015 2,339,577 1,075,689 684,083 374,695 - - - - - - 2,575,227 2,674,526 2,864,522 - - - - - - 1,300,000 - - - - - - - - - 668,207 675,337 2,117,018 606,765 949,698 - - 1,810,355 14,963,328 16,561,166 17,391,240 23,734,776 20,117,677 21,522,098 20,436,719$ 19,099,499$ 19,962,647$ 27,747,148$ 25,009,502$ 29,255,466$ -$ -$ -$ -$ -$ 7,003,989$ 360,593 340,455 832,299 479,457 830,818 1,429,230 1,124,743 1,071,465 1,364,908 - - - 3,644,178 4,455,421 5,258,744 6,134,549 6,731,634 7,229,435 111,920 177,263 171,299 190,610 241,326 174,945 5,935,979 4,121,126 8,494,316 5,443,931 804,134 1,568,414 11,177,413$ 10,165,730$ 16,121,566$ 12,248,547$ 8,607,912$ 17,406,013$ 126 Fiscal Year 2013 2013* 2014 2015 Revenues Taxes 12,220,016$ 9,876,878$ 14,070,158$ 14,955,266$ Licenses and permits 1,645,735 1,277,977 3,062,263 1,464,015 Intergovernmental 9,692,051 6,342,610 9,599,274 8,102,221 Charges for services 710,049 565,213 1,004,048 1,114,515 Fines and forfeitures 342,740 236,390 307,744 292,284 Contribution from library 763,572 742,476 730,381 732,831 Investment income 117,770 (164,823) (221,419) 130,060 Miscellaneous 1,113,205 998,549 1,218,373 1,348,025 Total revenues 26,605,138 19,875,270 29,770,822 28,139,217 Expenditures General government 7,783,224 5,063,339 7,353,449 8,266,520 Public safety 8,540,957 6,117,121 8,963,170 9,136,003 Highways and streets 2,806,358 2,326,884 2,924,874 2,816,855 Capital outlay 24,479,003 5,280,135 2,777,322 11,958,472 Debt service Principal 1,355,000 928,000 935,000 962,000 Interest 1,770,522 699,324 693,655 674,859 Total expenditures 46,735,064 20,414,803 23,647,470 33,814,709 Excess (deficiency) of revenues over expenditures (20,129,926) (539,533) 6,123,352 (5,675,492) Other Financing Sources (Uses) Transfers in 14,290,621 3,152,954 2,354,180 10,191,142 Transfers (out)(14,290,621) (4,943,562) (4,171,199) (11,996,982) Bonds issued 9,075,000 - - 9,575,000 Premium (discount) on bonds issued 253,502 - - 422,335 Payment to refunded bonds escrow agent - - - - Sale of capital assets 3,331 8,386 27,431 - Total other financing sources (uses)9,331,833 (1,782,222) (1,789,588) 8,191,495 Net change in fund balances (10,798,093)$ (2,321,755)$ 4,333,764$ 2,516,003$ Debt Service as a Percentage of Noncapital Expenditures 7.16%9.02%7.35%6.60% *Eight months ended December 31, 2013. Data Source Audited financial statements Last Ten Fiscal Years Changes in Fund Balances of Governmental Funds Village of Deerfield 127 2016 2017 2018 2019 2020 2021 17,522,177$ 18,207,216$ 17,625,022$ 21,489,133$ 14,593,128$ 19,577,416$ 1,958,108 1,784,230 1,877,242 2,412,956 1,759,947 1,491,882 15,007,986 9,628,692 8,119,258 7,541,062 7,807,147 13,402,651 971,304 849,759 1,487,963 1,673,921 1,064,194 894,957 286,981 264,926 277,967 274,725 177,321 183,964 730,131 726,706 727,581 727,631 726,831 730,831 191,929 344,598 659,671 1,423,052 460,834 (116,503) 1,555,393 1,572,755 1,338,187 1,553,367 1,456,700 2,330,835 38,224,009 33,378,882 32,112,891 37,095,847 28,046,102 38,496,033 8,906,902 9,406,290 8,826,989 7,996,398 8,173,943 10,320,181 9,054,499 9,336,602 9,458,681 9,873,759 9,370,990 9,629,383 2,749,322 2,985,820 2,782,979 3,802,858 3,366,396 3,473,311 11,652,625 11,362,494 5,058,776 6,736,792 8,221,592 3,555,498 1,369,000 1,441,000 1,460,000 1,634,000 1,790,000 1,815,000 944,819 1,032,016 1,019,059 1,201,229 1,101,421 1,062,588 34,677,167 35,564,222 28,606,484 31,245,036 32,024,342 29,855,961 3,546,842 (2,185,340) 3,506,407 5,850,811 (3,978,240) 8,640,072 4,241,596 6,367,905 4,087,145 7,595,613 2,300,316 614,009 (7,012,060) (9,143,941) (6,865,558) (9,534,942) (5,118,964) (3,315,573) - 5,700,000 5,970,000 - 2,512,000 15,540,000 - 240,732 120,990 - 299,206 1,737,940 - (3,328,259) - - (2,764,929) (10,172,383) - - - - - (2,770,464) (163,563) 3,312,577 (1,939,329) (2,772,371) 4,403,993 776,378$ (2,348,903)$ 6,818,984$ 3,911,482$ (6,750,611)$ 13,044,065$ 7.67%8.42%9.21%10.16%10.88%10.64% 128 Total Total Total Fiscal Residential Farm Commercial Industrial Assessed Actual Direct Tax Year Property Property Property Property Total Railroad Value Value Rate 2012 1,108,117,369 - 397,215,326 17,827,124 1,523,159,819 - 1,523,159,819 4,569,479,457 0.2390 2013 938,649,978 - 340,275,838 14,338,152 1,293,263,968 - 1,293,263,968 3,879,791,904 0.4570 2014 898,117,390 - 316,522,689 13,777,096 1,228,417,175 - 1,228,417,175 3,685,251,525 0.5030 2015 909,922,822 - 311,130,618 6,248,146 1,227,301,586 - 1,227,301,586 3,681,904,758 0.5300 2016 984,948,931 - 327,995,985 6,125,472 1,319,070,388 - 1,319,070,388 3,957,211,164 0.8920 2017 1,052,928,225 - 348,028,112 6,556,025 1,407,512,362 - 1,407,512,362 4,222,537,086 0.8580 2018 1,098,197,935 - 363,288,977 6,754,542 1,468,241,454 - 1,468,241,454 4,404,724,362 0.8340 2019 1,097,716,621 - 355,750,738 6,755,220 1,460,222,579 - 1,460,222,579 4,380,667,737 0.8450 2020 1,105,253,539 - 410,864,413 7,998,881 1,524,116,833 - 1,524,116,833 4,572,350,499 0.8860 2021 1,080,979,802 - 390,865,454 7,686,905 1,479,532,161 - 1,479,532,161 4,438,596,483 0.8460 Data Source: Lake County Clerk & Cook County Clerk Village of Deerfield Equalized Assessed Value and Actual Value of Taxable Property Last Ten Levy Years 129 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 DIRECT VILLAGE RATE Bonds & Interest 0.098 0.159 0.175 0.251 0.278 0.316 0.305 0.306 0.338 0.318 Corporate 0.154 0.164 0.184 0.000 0.261 0.249 0.239 0.241 0.250 0.244 Garbage 0.064 0.071 0.077 0.080 0.000 0.000 0.000 0.000 0.000 0.000 Library 0.004 0.063 0.067 0.199 0.353 0.293 0.290 0.298 0.298 0.284 Village 0.320 0.457 0.503 0.530 0.892 0.858 0.834 0.845 0.886 0.846 OVERLAPPING RATES Lake County including Forest Preserve 0.755 0.820 0.881 0.893 0.871 0.825 0.809 0.794 0.777 0.780 Deerfield Elementary Dist 109 2.892 3.254 3.424 3.401 3.211 3.070 3.049 3.069 3.120 3.292 High School District 113 2.167 2.178 2.364 2.421 2.309 2.187 2.164 2.222 2.280 2.391 Community College District 532 0.240 0.272 0.296 0.306 0.299 0.285 0.281 0.282 0.282 0.290 Deerfield Park District 0.503 0.546 0.585 0.599 0.552 0.542 0.535 0.548 0.567 0.580 Deerfield-Bannockburn Fire Prot Dist 0.529 0.593 0.637 0.650 0.624 0.612 0.608 0.625 0.638 0.676 All Other (1)0.073 0.053 0.048 0.053 0.049 0.059 0.045 0.046 0.046 0.048 TOTAL DIRECT AND OVERLAPPING TAX RATE 7.479 8.173 8.738 8.853 8.807 8.438 8.325 8.431 8.596 8.903 *Rates are per $100 of Assessed Value (1) Total of West Deerfield Township & Southlake Mosquito Abatement District Data Source: Office of the Lake County Clerk Village of Deerfield Direct and Overlapping Property Tax Rates Last Ten Levy Years 130 Percentage Percentage of Total City of Total Taxable Assessed Assessed Taxpayer Rank Value Rank Value Walgreen Co.$54,984,827 1 3.72%$ Gateway Fairview Inc.39,737,831 2 2.69% Marvin F. Poer & Co.33,622,320 3 2.27% Horizon Properties Holding LLC 29,638,894 4 2.00% TNREF III Parkway JV, LLC 17,817,427 5 1.20% SRC Arbor LK 16,809,460 6 1.14% LO Deerfield Operating 16,466,562 7 1.11% CRM Properties Group 14,924,047 8 1.01%15,307,739 4 0.37% LPF Woodview LLC 13,737,821 9 0.93% AMLI Residential 11,650,519 10 0.79% Arden Realty, Inc.39,517,677 1 0.95% Scott Dressing, Sr Mgr Taxation 33,543,849 2 0.80% JBC Funds Parkway North LLC 20,206,941 3 0.48% RREEF America Reit Agent Corner Partners 7,699,915 5 0.18% Wells Cpre Reot-Four Parkway North LLC 7,538,646 6 0.18% Walgreens Co RE#1079-2 6,864,682 7 0.16% Walgreens Co RE#00001-2 6,686,683 8 0.16% AEW-DOW Deerfield, LLC 6,334,453 9 0.15% % Deloitte PTS 5,996,650 10 0.14% $249,389,708 16.86%$149,697,235 3.57% Note: Every effort has been made to seek out and report the largest taxpayers. However, many of the taxpayers listed contain multiple parcels and it is possible some parcels and their valuations have been overlooked. Based on the 2020 EAV for Lake County and 2019 EAV for Cook County, the most current available for this purpose. Data Source: Office of the Lake County Clerk Value Value Village of Deerfield Principal Property Taxpayers Current Year and Nine Years Ago 2020 2011 Assessed Assessed 131 Fiscal Taxes Collections Year Extended in Ended for the Percentage Subsequent Percentage Dec 31 Fiscal Year Amount of Levy Years Amount of Levy 2012*6,675,642 6,624,625 99.24%- 6,624,625 99.24% 2013 9,328,980 9,266,916 99.33%- 9,266,916 99.33% 2014 9,658,145 9,596,025 99.36%- 9,596,025 99.36% 2015 10,783,925 10,725,053 99.45%- 10,725,053 99.45% 2016 11,821,939 11,772,386 99.58%- 11,772,386 99.58% 2017 12,088,181 12,045,734 99.65%- 12,045,734 99.65% 2018 12,289,037 12,270,843 99.85%- 12,270,843 99.85% 2019 12,388,275 12,349,237 99.68%- 12,349,237 99.68% 2020 13,506,340 13,431,524 99.45%- 13,431,524 99.45% 2021 12,708,185 11,793,586 92.80%- 11,793,586 92.80% Data Source: Lake County Treasurer, Cook County Treasurer and Village Records * Year ended 04/30 prior to switching to 12/31 fiscal years Village of Deerfield Property Tax Extensions and Collections Last Ten Levy Years Collected within the Fiscal Year of the Levy Total Collections to Date 132 Village of Deerfield Sales Tax By Category Last Ten Calendar Years Calendar Year 2012 2013 2014 2015 General merchandise 222,366$ 224,653$ 247,348$ 208,851$ Food 796,940 743,285 870,464 874,095 Drinking and eating places 1,018,539 1,032,833 1,108,407 1,128,992 Apparel 205,856 180,876 210,488 164,410 Furniture and H.H. and radio 473,808 345,052 291,839 288,538 Lumber, building hardware 564,884 583,287 642,214 542,259 Automobile and filling stations 348,318 358,919 510,550 314,993 Drugs and miscellaneous retail 5,476,027 4,692,108 4,937,251 4,069,522 Agriculture and all others 1,005,454 966,396 914,323 839,745 Manufacturers 237,039 226,254 251,653 266,575 TOTAL 10,349,231$ 9,353,663$ 9,984,537$ 8,697,980$ Village direct sales tax rate 1.00%1.00%1.00%1.00% Village home rule rate 1.00%1.00%1.00%1.00% Data Source Illinois Department of Revenue 133 2016 2017 2018 2019 2020 2021 195,293$ 210,058$ 213,577$ 32,036$ 254,174$ 95,872$ 746,457 764,304 853,120 789,576 814,096 876,891 1,036,096 1,123,950 1,151,138 1,285,275 884,502 981,146 150,231 112,184 103,293 95,657 30,650 75,411 279,964 264,646 427,117 495,247 336,543 472,896 507,057 545,393 554,529 796,423 560,515 834,246 347,603 332,391 323,516 320,502 249,337 330,532 5,664,948 6,818,569 5,171,319 2,764,728 1,909,666 5,010,790 910,728 852,451 678,301 679,896 458,746 632,473 220,430 183,720 191,992 181,331 150,897 205,530 10,058,807$ 11,207,666$ 9,667,902$ 7,440,671$ 5,649,126$ 9,515,787$ 1.00%1.00%1.00%1.00%1.00%1.00% 1.00%1.00%1.00%1.00%1.00%1.00% 134 Village of Deerfield Direct and Overlapping Sales Tax Rates Last Ten Fiscal Years Cook Village Lake RTA Cook County RTA Home Village Calendar County Lake County County Home Rule Cook County Rule Direct State Year Rate Rate Rate Rate Rate Rate Rate Rate 2012 0.25%0.75%0.25%0.75%1.00%1.00%1.00%5.00% 2013 0.25%0.75%0.25%0.75%1.00%1.00%1.00%5.00% 2014 0.25%0.75%0.25%0.75%1.00%1.00%1.00%5.00% 2015 0.25%0.75%0.25%0.75%1.00%1.00%1.00%5.00% 2016 0.25%0.75%0.25%0.75%1.00%1.00%1.00%5.00% 2017 0.25%0.75%0.25%1.75%1.00%1.00%1.00%5.00% 2018 0.25%0.75%0.25%1.75%1.00%1.00%1.00%5.00% 2019 0.25%0.75%0.25%1.75%1.00%1.00%1.00%5.00% 2020 0.25%0.75%0.25%1.75%1.00%1.00%1.00%5.00% 2021 0.25%0.75%0.25%1.75%1.00%1.00%1.00%5.00% Data Source Village and County Records 135 Ratios of Outstanding Debt By Type Last Ten Fiscal Years Governmental Business-Type Activities Activities Percentage Fiscal General General Total of Year Obligation Obligation Primary Personal Per Ended Bonds Bonds Government Income*Capita* 2013 56,555,000 - 56,555,000 4.91%3,064.98 2013 **23,164,958 31,997,146 55,162,104 4.79%2,989.49 2014 22,223,327 31,230,833 53,454,160 4.63%2,903.85 2015 31,252,022 30,460,961 61,712,983 5.29%3,340.17 2016 29,859,606 29,667,530 59,527,136 4.87%3,202.45 2017 31,118,917 28,850,541 59,969,458 4.69%3,193.43 2018 35,715,167 28,014,826 63,729,993 4.66%3,372.67 2019 34,042,923 27,158,640 61,201,563 4.42%3,282.29 2020 32,262,666 26,355,143 58,617,809 4.03%3,143.72 2021 37,571,911 25,502,824 63,074,735 3.99%3,285.83 * **Eight months ended December 31, 2013 Note: Details of the Village's outstanding debt can be found in the notes to financial statements. Data Source Audited Financial Statements Village of Deerfield See the schedule of Demographic and Economic Statistics for personal income and population data. 136 (1)(1) Governmental Business-Type (1)Percentage of Activities Activities Less Amounts Estimated General General Available Actual Taxable Fiscal Obligation Obligation In Debt Value of Per Year Bonds Bonds Service Fund Total Property Capita 2013 56,555,000 - 113,074 56,441,926 4.36%3,058.85 2013*23,164,958 31,997,146 1,473,632 53,688,472 4.15%2,909.63 2014 22,223,327 31,230,833 2,208,527 51,245,633 4.17%2,783.88 2015 31,252,022 30,460,961 2,983,643 58,729,340 4.79%3,178.68 2016 29,859,606 29,667,530 3,756,098 55,771,038 4.23%3,000.38 2017 31,118,917 28,850,541 4,632,684 55,336,774 3.93%2,946.74 2018 35,715,167 28,014,826 5,430,043 58,299,950 3.97%3,085.31 2019 34,042,923 27,158,640 6,325,158 54,876,405 3.76%2,943.07 2020 32,262,666 26,355,143 6,972,960 51,644,849 3.39%2,769.75 2021 37,571,911 25,502,824 7,404,381 55,670,354 3.76%2,900.10 * Eight months ended December 31, 2013 Data Source (1) Audited Financial Statements Village of Deerfield Ratios of General Bonded Debt Outstanding Last Ten Fiscal Years 137 *** (1)(2) Gross Percentage *** General of Debt Village's Obligation Applicable to Share Governmental Unit Debt Government of Debt Direct Debt: Village of Deerfield 37,571,911$ 100.00%37,571,911$ Total Direct Debt:37,571,911 Overlapping Debt: Lake County 147,785,000 4.76%7,034,566 Lake County Forest Preserve 206,810,000 4.76%9,844,156 Cook County 2,663,661,751 0.12%3,196,394 Cook County Forest Preserve 125,285,000 0.12%150,342 Deerfield Park District 565,000 97.62%551,553 Park District of Highland Park 12,340,000 1.38%170,292 Northbrook Park District 11,615,000 3.63%421,625 Lake Elementary School District No. 109 19,450,000 77.46%15,065,970 Lake High School District No. 113 75,365,000 30.38%22,895,887 Cook Northfield Township High School District No. 225 60,080,429 3.18%1,910,558 Community College of Lake County No. 532 47,300,000 5.00%2,365,000 Oakton Community College District No. 535 47,200,000 0.76%358,720 Metropolitan Water Reclamation District of Greater Chicago 2,694,934,289 0.12%3,233,921 Total Overlapping Debt:67,198,984 Total Gross Debt & Total Direct and Overlapping Debt 6,149,963,380 104,770,895 Less Debt Service Fund Amount Available - Village of Deerfield 7,404,381 7,404,381 TOTAL DIRECT AND OVERLAPPING DEBT 6,142,558,999$ 97,366,514$ *Most recent data available. ** ***Amount of column (2) multiplied by amount in column (1). Data Sources Lake and Cook County Clerk's Offices Determined by ratio of assessed value of property subject to taxation in overlapping unit to value of property subject to taxation. Village of Deerfield Direct and Overlapping Bonded Debt - Governmental Activities December 31, 2021 138 Legal Debt Margin Information December 31, 2021 EQUALIZED ASSESSED VALUATION - 2020*1,479,532,161$ Non-Home Rule Legal Debt Limit - 8.625%127,609,649 Amount of debt applicable to limit: General Obligation Bonds Series 2015 7,110,000 General Obligation Bonds Series 2017 4,630,000 General Obligation Bonds Series 2018 5,360,000 General Obligation Bonds Series 2020 2,302,000 General Obligation Bonds Series 2021 15,540,000 Total amount of debt applicable to limit:34,942,000 NON-HOME RULE LEGAL DEBT MARGIN 92,667,649$ * Most Recent EAV Available The Village is a home rule municipality and, as such, has no debt limitations.If,however, the Village were a non-home rule municipality, its available debt limit would be as follows: Village of Deerfield The Village is a home rule municipality. Article VII, Section 6(k) of the 1970 Illinois Constitution governs computation of the legal debt margin: The General Assembly may limit by law the amount and require referendum approval of debt to be incurred by home rule municipalities, payable from ad valorem property tax receipts, only in excess of the following percentages of the assessed value of its taxable property...(2)if its population is more than 25,000 and less than 500,000 an aggregate of one per cent: ...indebtedness which is outstanding on the effective date (July 1, 1971) of this constitution or which is thereafter approved by referendum...shall not be included in the foregoing percentage. To date, the General Assembly has set no limits for home rule municipalities. Illustrative Computation of Debt Margin If Government Were Not a Home Rule Municipality 139 Village of Deerfield Demographic and Economic Information Last Ten Fiscal Years Per Capita Median Fiscal Personal Household Unemployment Year Population Income Income Rate 2013 (a)18,452 62,405 129,187 5.30% 2013*(b)18,452 62,405 129,187 5.85% 2014 (c)18,408 62,731 135,881 5.05% 2015 (d)18,476 63,190 135,754 4.20% 2016 (e)18,588 65,757 137,423 4.40% 2017 (f)18,779 68,101 143,729 3.60% 2018 (g)18,896 72,334 142,621 3.25% 2019 (h)18,646 74,334 144,229 2.90% 2020 (i)18,646 77,954 153,431 7.40% 2021 (j)19,196 82,426 162,064 4.05% * Eight months ended December 31, 2013 Data Sources (a) U.S. Census Bureau, "2008-2012 American Community Survey 5-Yr. Estimates" and U.S. Bureau of Labor Statistics (b) U.S. Census Bureau, "2008-2012 American Community Survey 5-Yr. Estimates" and U.S. Bureau of Labor Statistics (c) U.S. Census Bureau, "2009-2013 American Community Survey 5-Yr. Estimates" and U.S. Bureau of Labor Statistics (d) U.S. Census Bureau, "2010-2014 American Community Survey 5-Yr. Estimates" and U.S. Bureau of Labor Statistics (e) U.S. Census Bureau, "2011-2015 American Community Survey 5-Yr. Estimates" and U.S. Bureau of Labor Statistics (f) U.S. Census Bureau, "2012-2016 American Community Survey 5-Yr. Estimates" and U.S. Bureau of Labor Statistics and Special Census (g) U.S. Census Bureau, "2013-2017 American Community Survey 5-Yr. Estimates" and U.S. Bureau of Labor Statistics (h) U.S. Census Bureau and U.S. Bureau of Labor Statistics (i) U.S. Census Bureau and U.S. Bureau of Labor Statistics (j) U.S. Census Bureau and U.S. Bureau of Labor Statistics 140 % of % of Total Village Total Village Employer Employees Rank Population Employees Rank Population Walgreen Boots Alliance Inc 6,500 1 33.86%0.00% Walgreen Co 2,500 2 13.02%4,200 1 22.75% Alera Group Inc 1,900 3 9.90%0.00% Baxter International, Inc 1,700 4 8.86%4,000 2 21.67% Baxter Healthcare Corp 800 5 4.17%0.00% Essendant 800 6 4.17%0.00% Deerfield Park District 500 7 2.60%500 8 2.71% Trinity International University 500 8 2.60%0.00% Deerfield School District 109 415 9 2.16%0.00% CF Industries Holdings Inc 350 10 1.82%0.00% Takeda Pharmaceuticals North - 0.00%1,776 3 9.62% Mondelez International Inc - 0.00%1,200 4 6.50% Astella US Technologies - 0.00%900 5 4.88% United Stationers - 0.00%700 6 3.79% Cornerstone Deerfield - 0.00%500 7 2.71% Illinois Student Assistance Commission - 0.00%499 9 2.70% Jim Beam Brands - 0.00%430 10 2.33% TOTAL 15,965 83.17%14,705 79.67% Village population 19,196 18,458 Data Source 2021 Illinois Manufacturers Directory and 2021 Illinois Services Directory Village of Deerfield Principal Employers Current Year and Nine Years Ago 2021 2012 141 Village of Deerfield Full-time Equivalent Employees Last Ten Fiscal Years Function/Program 2013 2013*2014 2015 2016 2017 2018 2019 2020 2021 GENERAL GOVERNMENT Village Manager 5 5 5 5 5 6 8 8 8 8 Finance 8 8 8 8 8 8 7 7 7 7 Engineering 2 2 2 3 3 3 3 3 3 3 Community Development 7 7 8 8 8 8 8 8 8 8 PUBLIC WORKS Administration 4 4 4 4 4 4 4 3 3 3 Street Maintenance 7 7 7 7 7 7 7 7 7 7 Utilities Maintenance 14 14 14 13 13 13 13 13 13 13 Sewage Treatment Plant 7 7 7 7 7 7 7 7 7 7 Garage 2 2 2 2 2 2 2 2 2 2 PUBLIC SAFETY Police Administration 7 7 7 7 7 7 7 7 7 7 Communications 8 8 8 8 8 8 8 8 8 8 Investigations/Youth 7 7 7 7 7 7 7 7 7 7 Patrol 33 33 34 34 34 34 34 34 34 34 TOTAL 111 111 113 113 113 114 115 114 114 114 * Eight months ended December 31, 2013 Data Source Village budget office 142 Village of Deerfield Operating Indicators Last Ten Calendar Years Function/Program 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 PUBLIC SAFETY Police Physical arrests 485 367 337 336 426 346 452 378 158 171 Parking violations 2,628 2,307 2,560 1,709 1,598 2,452 2,160 1,725 481 396 Traffic violations 3,367 3,550 3,452 3,765 3,463 2,858 3,725 3,178 1,201 1,634 PUBLIC WORKS Street resurfacing (miles)2.80 1.76 1.96 6.45 0.36 0.74 1.77 3.64 0.24 0.00 WATER Water main breaks 78 108 56 61 53 52 32 42 52 59 Average daily consumption (gallons)2,805,124 2,730,295 2,571,000 2,380,000 2,306,605 2,228,298 2,145,000 1,982,144 2,192,000 2,336,000 Peak daily consumption (gallons)5,482,125 5,069,827 3,903,000 3,800,000 4,363,018 5,127,763 3,911,685 4,104,601 4,502,000 4,776,000 WASTEWATER Average daily treatment (gallons)2,395,000 2,761,000 3,452,000 3,180,000 2,680,000 2,740,000 2,850,000 3,460,000 2,520,000 2,370,000 Data Source Various village departments 143 Village of Deerfield Capital Asset Statistics Last Ten Fiscal Years Function/Program 2013 2013*2014 2015 2016 2017 2018 2019 2020 2021 PUBLIC SAFETY Police Stations 1 1 1 1 1 1 1 1 1 1 Number of Police Officers 42 43 40 40 40 40 40 40 40 40 PUBLIC WORKS Arterial streets (miles)8 8 8 8 8 8 8 8 8 8 Residential streets (miles)68 68 68 68 68 68 68 68 68 68 Traffic signals 10 10 10 10 10 10 10 10 10 10 WATER Water mains (miles)90 90 90 90 90 90 90 90 90 90 Fire hydrants 1,220 1,205 1,208 1,206 1,267 1,260 1,260 1,280 1,280 1,280 Storage capacity (gallons)8,200,850 8,200,850 8,200,850 8,200,850 8,200,850 8,200,850 8,200,850 9,050,000 9,050,000 9,050,000 WASTEWATER Sewers (miles)80 80 80 80 80 80 80 80 80 80 Treatment capacity (gallons)9,200,000 9,200,000 9,200,000 9,200,000 9,200,000 9,200,000 9,200,000 9,200,000 9,200,000 9,200,000 * Eight months ended December 31, 2013 Data Source Various village departments O T H E R I N F O R M A T I O N 144 Taxable Series Series Series Series Series Series Total Calendar 2011B (QSEB) (2)2015 2016 2018 2020 2021 Principal Year (12/1)(12/1)(12/1)(12/1)(12/1)(12/1)All G.O. Bonds Amount Percent 2022 -$ 455,000$ 280,000$ 255,000$ 555,000$ 835,000$ 2,380,000$ 2,380,000$ 4.06% 2023 - 470,000 290,000 265,000 580,000 895,000 2,500,000 4,880,000 8.33% 2024 - 485,000 300,000 275,000 600,000 970,000 2,630,000 7,510,000 12.82% 2025 - 495,000 310,000 285,000 620,000 1,030,000 2,740,000 10,250,000 17.50% 2026 - 510,000 320,000 295,000 645,000 1,100,000 2,870,000 13,120,000 22.40% 2027 - 530,000 330,000 310,000 665,000 1,175,000 3,010,000 16,130,000 27.53% 2028 12,480,000 545,000 345,000 320,000 685,000 975,000 15,350,000 31,480,000 53.74% 2029 - 560,000 - 325,000 700,000 2,795,000 4,380,000 35,860,000 61.22% 2030 - 575,000 - 335,000 705,000 2,950,000 4,565,000 40,425,000 69.01% 2031 - 595,000 - 350,000 - 3,470,000 4,415,000 44,840,000 76.54% 2032 - 610,000 455,000 360,000 - 950,000 2,375,000 47,215,000 80.60% 2033 - 630,000 475,000 370,000 - 970,000 2,445,000 49,660,000 84.77% 2034 - 650,000 490,000 385,000 - 985,000 2,510,000 52,170,000 89.06% 2035 - - 510,000 395,000 - 1,005,000 1,910,000 54,080,000 92.32% 2036 - - 525,000 410,000 - 1,025,000 1,960,000 56,040,000 95.66% 2037 - - - 425,000 - 1,045,000 1,470,000 57,510,000 98.17% 2038 - - - - - 1,070,000 1,070,000 58,580,000 100.00% Total 12,480,000$ 7,110,000$ 4,630,000$ 5,360,000$ 5,755,000$ 23,245,000$ 58,580,000$ Notes: (1) Source: The Village. (2) The Village has established a mandatory sinking fund for the Series 2011B Bonds and has agreed to make annual sinking fund payments on December 1 of each year equaling $725,000 through 2027 and $900,000 upon maturity in 2028. The sinking fund is held by the Village. VILLAGE OF DEERFIELD Village General Obligation Bonded Debt (1) (Principal Only) Cumulative Principal Retired 145 Statement of Bonded Indebtedness (1) PER CAPITA Estimated (2020 Census Data- Amount Applicable EAV Actual 19,196) Assessed Valuation of Taxable Property, 2020 1,479,532,161$ 100.00%33.33%77,075$ Estimated Actual Value, 2020 4,438,596,483$ 300.00%100.00%231,225$ Village Direct Bonded Debt (2)58,580,000$ 3.96%1.32%3,052$ Overlapping Debt: (3) Schools 42,596,135$ 2.88%0.96%2,219$ All Others 24,602,849 1.66%0.55%1,281.67 Total Overlapping Bonded Debt 67,198,983$ 4.54%1.51%$3,500.68 Total Net Direct & Overlapping Debt (2)125,778,983$ 8.50%2.83%$6,552.35 Notes: (1) Source: The Village. (2) Includes the Bonds, excludes the Refunded Bonds, and is subject to change. (3) Overlapping debt as of August 20, 2021. Ratio to VILLAGE OF DEERFIELD 146 Outstanding Debt (2) Percent (3)Amount Schools: Elementary School District 109 19,450,000$ 77.46%15,065,970$ High School District Number 113 75,365,000 30.38%22,895,887 High School District Number 225 60,080,429 3.18%1,910,558 Community College District Number 532 47,300,000 5.00%2,365,000 Community College District Number 535 47,200,000 0.76%358,720 Total Schools 42,596,135$ Others: Lake County 147,785,000$ 4.76%7,034,566$ Lake County Forest Preserve District 206,810,000 4.76%9,844,156 Cook County 2,663,661,751 0.12%3,196,394 Cook County Forest Preserve District 125,285,000 0.12%150,342 Metropolitan Water Reclamation District of Greater Chicago 2,694,934,289 0.12%3,233,921 Deerfield Park District 565,000 97.62%551,553 Northbrook Park District 11,615,000 3.63%421,625 Park District of Highland Park 12,340,000 1.38%170,292 Total Others 24,602,849$ Total Schools and Others Overlapping Bonded Debt 67,198,984$ Notes: (1) Source: Lake and Cook County Clerks. (2) Includes original principal amounts of capital appreciation bonds and alternate revenue bonds. Excludes debt certificates. (3) Percentages are based on 2020 Equalized Assessed Valuations, the most recent available. Detailed Overlapping Bonded Debt(1) (As of August 20, 2021) Applicable to Village VILLAGE OF DEERFIELD 147 Equalized Assessed Valuation (1) Property Class 2012 2013 2014 2015 2016 2017 2018 2019 2020 Residential 938,649,978$ 898,117,390$ 909,922,822$ 984,948,931$ 1,052,928,225$ 1,098,197,935$ 1,097,716,621$ 1,105,253,539$ 1,080,979,802$ Commercial 340,275,838 316,522,689 311,130,618 327,995,985 348,028,112 363,288,977 355,750,738 410,864,413 390,865,454 Industrial 14,338,152 13,777,096 6,248,146 6,125,472 6,556,025 6,754,542 6,755,220 7,998,881 7,686,905 Total 1,293,263,968$ 1,228,417,175$ 1,227,301,586$ 1,319,070,388$ 1,407,512,362$ 1,468,241,454$ 1,460,222,579$ 1,524,116,833$ 1,479,532,161$ County Lake County 1,148,442,941$ 1,091,644,439$ 1,096,776,425$ 1,190,201,367$ 1,265,022,355$ 1,320,319,691$ 1,315,978,217$ 1,330,165,321$ 1,294,595,296$ Cook County 144,821,027 136,772,736 130,525,161 128,869,021 142,490,007 147,921,763 144,244,362 193,951,512 184,936,865 Total 1,293,263,968$ 1,228,417,175$ 1,227,301,586$ 1,319,070,388$ 1,407,512,362$ 1,468,241,454$ 1,460,222,579$ 1,524,116,833$ 1,479,532,161$ Percent change +(-)-19.52%-5.01%-0.09%7.48%6.70%4.31%-0.55%4.38%-2.93% Notes: (1) Source: Lake and Cook County Clerks' Offices. VILLAGE OF DEERFIELD 148 Representative Tax Rates For Property Located in the Village of Deerfield Per $100 of Equalized Assessed Valuation (1) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Village Rates: Bond and Interest 0.098$ 0.159$ 0.175$ 0.251$ 0.278$ 0.316$ 0.305$ 0.306$ 0.338$ 0.318$ Corporate 0.154 0.164 0.184 0.000 0.261 0.249 0.239 0.241 0.250 0.244 Garbage 0.064 0.071 0.077 0.080 0.000 0.000 0.000 0.000 0.000 0.000 All Other 0.004 0.063 0.067 0.199 0.353 0.293 0.290 0.298 0.298 0.284 Total Village Rate 0.320$ 0.457$ 0.503$ 0.530$ 0.892$ 0.858$ 0.834$ 0.845$ 0.886$ 0.846$ Lake County (Including Forest Preserve)0.755 0.820 0.881 0.893 0.871 0.825 0.809 0.794 0.777 0.780 Deerfield Elementary Dist. 109 2.892 3.254 3.424 3.401 3.211 3.070 3.049 3.069 3.120 3.292 High School District 113 2.167 2.178 2.364 2.421 2.309 2.187 2.164 2.222 2.280 2.391 Community College District Number 532 0.240 0.272 0.296 0.306 0.299 0.285 0.281 0.282 0.282 0.290 Deerfield Park District 0.503 0.546 0.585 0.599 0.552 0.542 0.535 0.548 0.567 0.580 Deerfield-Bannockburn Fire Protection District 0.529 0.593 0.637 0.650 0.624 0.612 0.608 0.625 0.638 0.676 All Other (2)0.073 0.053 0.048 0.053 0.049 0.059 0.045 0.046 0.046 0.048 Total (3) 7.479$ 8.173$ 8.738$ 8.853$ 8.807$ 8.438$ 8.325$ 8.431$ 8.596$ 8.903$ Notes: (1) Source: Lake County Clerk (2) Includes the Township of West Deerfield and the Southlake Mosquito Abatement District. (3) Representative tax rate is for Lake County Tax Code 17004, which represents the largest tax code of the Village's 2019 EAV; the latest data available. Levy Years VILLAGE OF DEERFIELD 149 Levy Collection Tax Total Year Year Extensions Collected Percent 2011 2012*6,675,642$ 6,624,625$ 99.24% 2012 2013 9,328,980 9,266,916 99.33% 2013 2014 9,658,145 9,596,025 99.36% 2014 2015 10,783,925 10,725,053 99.45% 2015 2016 11,821,939 11,772,386 99.58% 2016 2017 12,088,181 12,045,734 99.65% 2017 2018 12,289,037 12,270,843 99.85% 2018 2019 12,388,275 12,349,237 99.68% 2019 2020 13,506,340 13,431,524 99.45% 2020 2021 12,708,185 11,793,586 92.80% Note: (1) Source: the Village * Year ended 04/30 prior to switching to 12/31 fiscal years Village Tax Extensions and Collections (1) VILLAGE OF DEERFIELD 150 Taxpayer Name Business/Service 2020 EAV Walgreen Co.Pharmacy, Company Headquarters 54,984,827$ Gateway Fairview Inc.Real Property 39,737,831 Marvin F. Poer & Co.Real Property 33,622,320 Horizon Properties Holding LLC Real Property 29,638,894 TNREF III Parkway JV, LLC Real Property 17,817,427 SRC Arbor LK Real Property 16,809,460 LO Deerfield Operating Real Property 16,466,562 CRM Properties Group Real Property 14,924,047 LPF Woodview LLC Real Property 13,737,821 AMLI Residential Real Property 11,650,519 Total 249,389,708$ 10 Largest Taxpayers as Percent of Total 16.86% Notes: (1) Source: Lake and Cook County Clerks' Offices. Principal Taxpayers (1) (2) Every effort has been made to seek out and report the largest taxpayers. However, many of the taxpayers listed contain multiple parcels, and it is possible that some parcels and their valuations have been overlooked. Based on the 2020 EAV for Lake County and the 2019 EAV for Cook County, the most current available for this purpose. VILLAGE OF DEERFIELD