Village CAFR for year ended December 31, 2014
VILLAGE OF DEERFIELD, ILLINOIS
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
For the Year Ended
December 31, 2014
Prepared by Finance Department
Eric L. Burk
Director of Finance
VILLAGE OF DEERFIELD, ILLINOIS
TABLE OF CONTENTS
Page(s)
INTRODUCTORY SECTION
Principal Officials ....................................................................................................... i
Organizational Chart ................................................................................................... ii
Certificate of Achievement for Excellence in Financial Reporting ............................ iii
Director of Finance’s Letter of Transmittal ................................................................ iv-vii
FINANCIAL SECTION
INDEPENDENT AUDITOR’S REPORT .................................................................. 1-2
GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS
Management’s Discussion and Analysis ..................................................................... MD&A 1-7
Basic Financial Statements
Government-Wide Financial Statements
Statement of Net Position .................................................................................. 3
Statement of Activities ...................................................................................... 4-5
Fund Financial Statements
Governmental Funds
Balance Sheet ............................................................................................... 6-7
Reconciliation of Fund Balances of Governmental Funds to
the Governmental Activities in the Statement of Net Position .................. 8
Statement of Revenues, Expenditures and Changes in Fund Balances ....... 9-10
Reconciliation of the Governmental Funds Statement of Revenues,
Expenditures and Changes in Fund Balances to the Governmental
Activities in the Statement of Activities ..................................................... 11
VILLAGE OF DEERFIELD, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
FINANCIAL SECTION (Continued)
GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS (Continued)
Basic Financial Statements (Continued)
Fund Financial Statements (Continued)
Proprietary Funds
Statement of Net Position ............................................................................. 12
Statement of Revenues, Expenses and Changes in Net Position ................. 13
Statement of Cash Flows .............................................................................. 14-15
Fiduciary Funds
Statement of Fiduciary Net Position ............................................................ 16
Statement of Changes in Fiduciary Net Position ......................................... 17
Notes to Financial Statements ........................................................................... 18-53
Required Supplementary Information
Schedule of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual - General Fund ....................................................................... 54
Schedule of Funding Progress and Employer Contributions
Illinois Municipal Retirement Fund ............................................................. 55
Police Pension Fund ..................................................................................... 56
Other Postemployment Benefit Plan ............................................................ 57
Notes to Required Supplementary Information ................................................ 58
Schedule of Employer Contributions ..................................................................... 59
Schedule of Changes in the Employer’s Net Pension Liability
and Related Ratios
Police Pension Fund ....................................................................................... 60
Schedule of Investment Returns
Police Pension Fund ....................................................................................... 61
VILLAGE OF DEERFIELD, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
FINANCIAL SECTION (Continued)
COMBINING AND INDIVIDUAL FUND
FINANCIAL STATEMENTS AND SCHEDULES
MAJOR GOVERNMENTAL FUNDS
Schedule of Revenues - Budget and Actual - General Fund ................................. 62-63
Schedule of Expenditures - Budget and Actual - General Fund ............................ 64-66
Schedule of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual
Debt Service Fund ........................................................................................ 67
Infrastructure Replacement Fund ................................................................. 68
NONMAJOR GOVERNMENTAL FUNDS
Combining Balance Sheet ................................................................................. 69
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances ................................................................................................. 70
Schedule of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual
Motor Fuel Tax Fund .................................................................................... 71
Enhanced 911 Fund ...................................................................................... 72
2011B Sinking Fund…. ................................................................................ 73
Bond Proceeds Fund ..................................................................................... 74
MAJOR ENTERPRISE FUNDS
Water Fund
Schedule of Revenues, Expenses and Changes in Net Position -
Budget and Actual ...................................................................................... 75
Schedule of Operating Expenses - Budget and Actual ................................. 76
Schedule of Capital Assets and Depreciation ............................................... 77
Sewerage Fund
Schedule of Revenues, Expenses and Changes in Net Position -
Budget and Actual ...................................................................................... 78
Schedule of Operating Expenses - Budget and Actual ................................. 79
Schedule of Capital Assets and Depreciation ............................................... 80
Refuse Fund
Schedule of Revenues, Expenses and Changes in Net Position -
Budget and Actual ...................................................................................... 81
VILLAGE OF DEERFIELD, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
FINANCIAL SECTION (Continued)
COMBINING AND INDIVIDUAL FUND
FINANCIAL STATEMENTS AND SCHEDULES (Continued)
NONMAJOR ENTERPRISE FUNDS
Commuter Parking Lot Fund
Schedule of Revenues, Expenses and Changes in Net Position -
Budget and Actual ...................................................................................... 82
Schedule of Operating Expenses - Budget and Actual ................................. 83
Schedule of Capital Assets and Depreciation ............................................... 84
INTERNAL SERVICE FUNDS
Combining Statement of Net Position ............................................................... 85
Combining Statement of Revenues, Expenses and Changes in
Net Position ..................................................................................................... 86
Combining Statement of Cash Flows ................................................................ 87
Garage Fund
Schedule of Revenues, Expenses and Changes in Net Position -
Budget and Actual ...................................................................................... 88
Schedule of Operating Expenses - Budget and Actual ................................. 89
Vehicle and Equipment Replacement Fund
Schedule of Revenues, Expenses and
Changes in Net Position - Budget and Actual ............................................ 90
FIDUCIARY FUNDS
Schedule of Changes in Plan Net Position- Budget and Actual -
Police Pension Fund ........................................................................................ 91
Combining Statement of Changes in Assets and Liabilities -
Agency Funds .................................................................................................. 92
SUPPLEMENTAL DATA
Long-Term Debt Requirements
General Obligation Bond Series of 2008 .......................................................... 93
General Obligation Bond Series of 2010A ....................................................... 94
General Obligation Bond Series of 2011A ....................................................... 95
General Obligation Bond Series of 2011B ........................................................ 96
General Obligation Bond Series of 2012 .......................................................... 97
General Obligation Bonds Series of 2013 ......................................................... 98
VILLAGE OF DEERFIELD, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
STATISTICAL SECTION
Financial Trends
Net Position by Component ................................................................................... 99-100
Change in Net Position .......................................................................................... 101-104
Fund Balances of Governmental Funds ................................................................. 105-106
Changes in Fund Balances of Governmental Funds .............................................. 107-108
Revenue Capacity
Sales Tax by Category ........................................................................................... 109
Direct and Overlapping Sales Tax Rates ............................................................... 110
Debt Capacity
Ratios of Outstanding Debt by Type ...................................................................... 111
Ratios of General Bonded Debt Outstanding ......................................................... 112
Direct and Overlapping Bonded Debt - Governmental Activities ......................... 113
Legal Debt Margin Information ............................................................................. 114
Demographic and Economic Information
Demographic and Economic Information .............................................................. 115
Principal Employers ............................................................................................... 116
Operating Information
Full-Time Equivalent Employees .......................................................................... 117
Operating Indicators ............................................................................................... 118
Capital Asset Statistics ........................................................................................... 119
Continuing Disclosures ............................................................................................... 120-125
INTRODUCTORY SECTION
- i -
VILLAGE OF DEERFIELD, ILLINOIS
PRINCIPAL OFFICIALS
December 31, 2014
LEGISLATIVE
VILLAGE BOARD OF TRUSTEES
Harriet E. Rosenthal, Mayor
Robert L. Benton Thomas L. Jester
Barbara J. Struthers William S. Seiden
Robert D. Nadler Alan L. Farkas
Kent Street, Clerk
ADMINISTRATIVE
Kent Street, Village Manager
FINANCE DEPARTMENT
Eric L. Burk
Director of Finance/Treasurer
VillageofDeerfield,IllinoisOrganizationChart
Village
Residents
Village
Board
Boardsand
Commissions
Village
Manager
Assistanttothe
VillageManager
PoliceDepartment
Patrol
Investigations&
Youth
Communications
Records
Finance
Department
Accounting
Budgeting
Personnel&
Payroll
UtilityBilling&
CustomerService
Risk
Managment
Community
Development
Department
Permits,
InspectionsPlan
Review
Planning
CodeEnforcement
Zoning&
Appearance
Review
PublicWorks&
Engineering
Engineering
Inspection&
Review
WaterSupply
Sewer
Maintenance&
SewerTreatment
Vehicle
Maintenance
Street
Maintenance
Village
Attorney
- ii -
- iii -
FINANCIAL SECTION
GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS
- MD&A 1 -
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
December 31, 2014
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 (b eginning on page iv)
and the Village’s financial statements (beginning on page 3).
Financial Highlights
During the prior reporting period, the Village transitioned to a calendar year end. Many of the revenue and
expenditure items are not comparable to current year amounts as the transition was completed by using a
shortened fiscal period from May 1, 2013 to December 31, 2013. Several items can be annualized to make
reasonable comparisons. However, certain activities (snow and ice control, leaf collection, debt service
payments, property tax revenue, vehicle licenses, etc) do not need to be annualized as they were fully
completed during the prior eight month period.
The Village’s General Fund ended the period with total revenues exceeding total expenditures by
$3,966,184. Combined with other financing net uses of $2,306.396, the December 31, 2014 fund balance
increased by $1,659,788.
Economy sensitive revenues, i.e. sales, income, and hotel/motel taxes remained consistent with the prior
year on an annualized basis. Building permit revenue ($2,592,589) exceeded current year expectation
($700,000), primarily due to one-time permit fees related to two new apartment complexes.
Hotel/motel tax revenue ($2,070,324) also exceeded current year expectation of $1,550,000; business travel
is the primary reason for stays at Deerfield hotels. All six of the Deerfield hotels remained open during the
year.
The Village collected $1,294,977 from the Electric Utility tax and $1,261,799 from the Simplified
Telecommunications tax. Electric Utility tax was consistent with prior year amounts on an annualized basis.
Simplified Telecommunications tax showed a decrease from the prior year annualized amount.
The Village retired $1,690,000 of general obligation debt during the period. The total balance of debt
outstanding as of December 31, 2014 was $53,215,000. No new debt was issued during the period. $10
million of new debt is anticipated in 2015.
The infrastructure maintenance fee of ½ of 1% of the project value , which was implemented in 2012 totaled
to $317,170 for the year. This amount exceeded current year expectation and the prior year amount on an
annualized basis.
Negative investment income reflected in many of the Village’s Funds is due primarily to the write off of
approximately $685,000 that was transferred to the Illinois Metropolitan Investment Fund (IMET) liquidating
trust. IMET is actively pursuing recovery of these funds on behalf of all of its participants, including the
Village and Police Pension Fund.
USING THE FINANCIAL SECTION OF THIS COMPREHENSIVE ANNUAL FINANCIAL REPORT
The financial statement’s focus is on both the Village as a whole (government -wide) and on the major individual
funds. Both perspectives (government-wide and major fund) allow the user to address relevant questions, broaden a
basis for comparison (year-to-year or government-to-government) and enhance the Village’s accountability.
Government-Wide Financial Statements
The government-wide financial statements (see pages 3 - 5) 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 (see pages 4 – 5) 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.
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
- MD&A 2 -
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 r eported 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 (see pages 6 – 11) are reported in the fund financial statements and encompass
essentially the same functions reported as governmental activities in the government -wide financial statements.
However, governmental fund statements report short-term fiscal accountability focusing on the use of spendable
resources and balances of spendable resources available at the end of the year. They are useful in evaluating
annual financing requirements of governmental programs and the commitment of spendable resources for the near -
term.
The government-wide financial statements provide a long-term view. Comparisons between the individual
governmental fund statements and the government -wide statements provide information about financing decisions
and the amount invested in maintaining and improving infrastructure. These two perspectives can provide insight into
the long-term impact of short-term financing decisions. Both the governmental fund balance sheet and the
governmental fund statement of revenues, expenditures and changes in fund balances reconcile the differences
between these two perspectives.
Budgetary comparison schedules for other funds can be found in a later section of this report. These statements and
schedules demonstrate compliance with the Village’s budget.
Proprietary or business-type activity funds (see pages 12 - 15) 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 utilitie s, 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 (see pages 16 - 17) 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. The notes to the financial statements begin on page 18 of this
report.
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 e mployees and
budget information.
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
- MD&A 3 -
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 sec tion
of this report.
FINANCIAL ANALYSIS OF THE VILLAGE AS A WHOLE
The Village implemented the new financial reporting model (GASB #34) beginning with the fiscal year that ended
April 30, 2004. Over time, as year-to-year financial information is accumulated on a consistent basis, changes in net
position may be observed and used to discuss the changing financial position of the Village as a whole.
STATEMENT OF NET POSITION – Village of Deerfield
(in millions of dollars)
Governmental Activities Business-type Activities Total – Primary Govt.
2014 2013A 2014 2013A 2014 2013A
Current & Other Assets 52.21 47.41 2.67 2.67 54.88 50.08
Capital Assets 70.92 71.58 59.50 60.75 130.42 132.33
Total Assets 123.13 118.99 62.17 63.42 185.30 182.41
Long-Term Liabilities 23.57 24.35 30.73 31.54 54.30 55.89
Other Liabilities 4.02 4.14 1.42 1.39 5.44 5.53
Total Liabilities 27.59 28.49 32.15 32.93 59.74 61.42
Deferred Inflows of Resources 5.29 4.32 .96 .93 6.25 5.25
Total Liabilities and Deferred
Inflows of Resources 32.88 32.81 33.11 33.86 65.99 66.67
Net Position:
Net Investment in Capital
Assets 58.84 59.19 28.27 28.91 87.11 88.10
Restricted 4.33 1.69 - - 4.33 1.69
Unrestricted 27.08 25.30 .79 0.65 27.87 25.95
Total Net Position 90.25 86.18 29.06 29.56 119.31 115.74
The Village’s total primary government net position increased by $3.57 million due largely to an increase in cash and
investments and a decrease in outstanding bonds during the period. Governmental and Business-Type Activities
Capital Assets decreased due to annual depreciation expense. Long-Term Liabilities decreased due to regularly
scheduled debt service payments. Deferred Inflows of Resources relate to the 2014 property tax levy that will be
collected in 2015.
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
- MD&A 4 -
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.
2014 2013A 2014 2013A 2014 2013A
Revenues:
Program Revenues:
Charges for Service 5.42 2.83 7.13 5.58 12.56 8.41
Operating Grants 0.61 0.89 - - 0.61 0.89
Capital Grants 1.31 0.06 0.17 1.80 1.48 1.86
General Revenue:
Property Taxes 5.12 4.95 0.93 0.91 6.05 5.86
Other
Taxes/Intergovermental
16.86
11.05
-
-
16.86
11.05
Transfers in (out) -1.82 -1.79 1.82 1.79 - -
Other 0.48 0.28 0.26 0.17 .74 0.45
Total Revenue 27.98 18.27 10.32 10.25 38.30 28.52
Expenses:
General Government 7.74 5.75 - - 7.74 5.75
Public Safety 9.19 6.26 - - 9.19 6.26
Highways and Streets 6.29 6.21 - - 6.29 6.21
Interest/fiscal charges 0.69 0.63 - - 0.69 0.63
Water - - 4.34 3.15 4.34 3.15
Sewer - - 4.70 3.15 4.70 3.15
Refuse - - 1.45 0.96 1.45 .96
Parking Lots - - 0.33 0.24 0.33 0.24
Total Expense 23.91 18.85 10.82 7.50 34.73 26.35
Changes in Net Position 4.07 -0.58 -0.50 2.75 3.57 2.17
CURRENT YEAR IMPACTS
Governmental Activities
Revenue
Substantially all revenues increased in comparison to the prior shortened fiscal period. One major exception is
property tax revenue which is collected in June and September each year. Therefore , the Village received the entire
2012 tax levy during the prior fiscal period and the entire 2013 tax levy in the current year. The increase in property
tax revenue ($0.19 million) is due largely to increased costs of debt service.
Expenses
Generally all expenses increase in comparison to the prior shortened fiscal period. General Government expenses
increased slightly less than proportionately expected due partially to one-time professional services in the shortened
fiscal period. Public Safety expenses increased in proportion to the shortened fiscal period. Highways and Street
expenses increased less than proportionately expected due to a decreased Capital Improvement plan in 2014.
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
- MD&A 5 -
Business-type Activities
Revenue
A water rate increase of 2.5% was implemented in January, 2014; water sales totaled $3.76 million, which was less
than the budget of $4.08 million. Sewer user charges of $2.64 million were also short of the budget by $0.06 million.
The sewer rates were increased 2.5% in January 2014. Refuse charge rates were also increased 2.5%, and revenue
of $0.50 million was consistent with the budgeted amount.
Expenses
Water Fund operating expenditures increased in comparison to the prior shortened fiscal period. Increased
wholesale water purchases were offset by increased water rates resulting in a slight operating loss before
depreciation of $9,700. The Village’s wholesale water supplier increased its rates on January 1st in combination with
a series of annual increases to fund the reconstruction of their water treatment plant.
Sewer Fund operating expenses increased in comparison to the prior shortened fiscal period. However, these
decreases were offset by increased depreciation (non-cash) and debt service costs related to the completion of the
Wastewater Treatment Plant.
Refuse and Parking Fund operating expenses increased in comparison to the shortened fiscal period expectation.
FINANCIAL ANALYSIS OF THE VILLAGE’S FUNDS
Governmental Funds
At December 31, 2014, the governmental funds reported a combined fund balance of $28.32 million which is a
15.34% increase from the beginning of the year ($23.99 million). The increase is primarily due to a one-time building
permit revenue and grant revenue. These items will both be used to help fund future capital projects.
Major Governmental Funds
The General Fund is the Village’s primary operating fund and the largest source of day -to-day service delivery. The
unassigned fund balance of the General Fund increased $2.9 million from $16.8 million to $19.7 million. The General
Fund cash balance of $17.9 million provides for approximately 300 days of anticipated annual expenditures.
Revenues exceeded the budget of $19.7 million by $3.0 million. State shared revenues, such as income taxes and
use taxes, exceeded budgeted amounts. Sales tax and Home Rule Sales tax both exceeded current year
expectations. Building permit revenue exceeded the current year budget due to revenue from two apartment
complexes as well as several large commercial permits being issued during the period.
Expenditures were $0.92 million less than the budget. This was caused by vacant positions in multiple departments
resulting in lower than expected personnel costs. In addition, the Police Pension contribution was less than
expected.
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
- MD&A 6 -
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 on
page 54.
General Fund Budget versus Actual
Fiscal year ended December 31, 2014
(in millions)
Original Amended
Budget Budget Actual
Revenues
Taxes 10.10 10.10 10.78
Intergovernmental 6.64 6.64 7.23
Other 2.94 2.97 4.72
Total 19.68 19.71 22.73
Expenditures & Transfers
Expenditures 19.64 19.67 18.76
Other Sources - - -
Transfers – Net 2.32 2.32 2.31
Total 21.96 21.99 21.07
Change in Fund Balance -2.28 -2.28 1.66
The Debt Service Fund is funded through property taxes, Build America Bond & Qualified Energy Conservation Bond
rebates and General Fund transfers. General Fund transfers are used for debt service payments that have been
abated. Revenues and expenditures in this fund were consistent with expectati on, except that the Build America
Bond & Qualified Energy Conservation Bond rebates were reduced due to Federal Sequestration Cuts.
The Infrastructure Replacement Fund (IRF) is primarily funded with a home r ule sales tax and grants. The Village
also implemented an Infrastructure Maintenance Fee of ½ of 1% of the project value in 2012. Revenue in the IRF
exceeded the budget by $1.2 million due to a grant that was awarded to cover the street rehabilitation program in
2014. Expenditures in the IRF totaled $2.7 million. Engineering costs for upcoming projects and street
improvements accounted for the bulk of this fund’s expenditures.
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 $3.91 million for the year. Actual operating expenses, excluding
depreciation and interest totaled $3.92 million. Overall, net position decreased $0.43 million which included
depreciation of $.42million.
The Sewerage Fund operating expenses were under budget by $0.07 million due primarily to lower than expected
personnel costs which were partially offset by increased contractual services and utilities. The operating revenue
exceeded operating expenses excluding depreciation by $0.05 million due to reduced operating costs. Capital
expenses for the foreseeable future in this fund have been transferred to the Infrastructure Fund. The replacement of
the W astewater Treatment Plant was completed in the prior year.
The Refuse Fund operating expenses exceeded operating revenues by $0.9 million. This Village also uses a portion
of its property tax levy to fund refuse collection. Property tax collected for the Refuse Fund totaled $0.94 million and
the Refuse Fund’s net position increased $0.02 million during the year to $0.37 million.
Internal Service Funds
The Village’s combined internal service funds’ net position were $6.2 million as of December 31, 2014, with $4.5
million of the total available for major equipment purchases in the Vehicle and Equipment Replacement Fund. Total
revenue approximated total expenses in the Garage Fund resulting in a minimal increase in net position.
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
- MD&A 7 -
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, 2014 was $70.92 million. The Village’s investment in capital assets, net of accumulated
depreciation, for business-type activities as of December 31, 2014 was $59.50 million. Major capital asset additions
during the current year included streets and vehicles/equipment. Additional information on capital assets is
presented in Note 4 to the financial statements.
Long-term debt
The Village did not issue any debt during the year and retired $1.69 million of general obligation debt. At the end of
the year, the Village had total bonded debt out standing of $53.22 million. As a home rule government, under Illinois
law, the Village has no legal debt limit. As of December 31, 2014 the total Village debt represented 4.33% of the
equalized assessed value. Additional information on long-term debt is presented in Note 6 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 201 3.
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 and hotel/motel occupancies have rebounded from the previous year. 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. As a portion
of the General Fund, property tax revenue decreased from 14% in FY 2013 A to 10% for the year ending
December 31, 2014.
One of the major retail areas in the Village continues to attempt attracting major tenants. 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 due largely to two new apartment complexes
The Village’s hotel/motel tax has returned to it high of $2 million and exceeded current year budget by $0.52 million
due to more business travel. All of the Village’s six hotels have remained open during the year. The continued
strength of the local corporate employment provides a base level of demand for rooms which is the primary market
for these hotels.
Contacting the Village’s Financial Management
This financial report is designed to provide a general overview of the Village’s finances, comply with finance -related
laws and regulations and demonstrate the Village’s commitment to public accountability. If you have questions about
this report or would like to request additional information, contact the Village’s Finance Director, 850 Waukegan
Road, Deerfield, IL 60015 or access the Village website at www.deerfield.il.us.
Governmental Business-Type
Activities Activities Total
ASSETS
Cash and investments 28,682,292$ 1,226,788$ 29,909,080$
Receivables (net, where applicable,
of allowances for uncollectibles)
Property taxes 5,295,408 955,984 6,251,392
Accounts 661,994 1,075,350 1,737,344
Accrued interest 15,961 339 16,300
Electric utility tax 122,181 - 122,181
Due from other governments 14,622,298 - 14,622,298
Note receivable 70,000 - 70,000
Internal balances 849,795 (849,795) -
Inventory 145,506 182,503 328,009
Prepaid expenses 718,393 75,756 794,149
Net pension asset 1,020,421 - 1,020,421
Capital assets not being depreciated 22,130,618 1,955,456 24,086,074
Capital assets (net of
accumulated depreciation)48,793,240 57,545,993 106,339,233
Total assets 123,128,107 62,168,374 185,296,481
DEFERRED OUTFLOWS OF RESOURCES
None - - -
Total assets 123,128,107 62,168,374 185,296,481
LIABILITIES
Accounts payable 2,117,405 446,576 2,563,981
Accrued payroll 274,357 72,562 346,919
Retainage payable 340,499 - 340,499
Deposits payable - 38,520 38,520
Other payables 21,365 - 21,365
Unearned revenue 75,000 - 75,000
Accrued interest payable 56,005 87,388 143,393
Noncurrent liabilities
Due within one-year 1,141,498 780,640 1,922,138
Due in more than one-year 23,567,257 30,729,536 54,296,793
Total liabilities 27,593,386 32,155,222 59,748,608
DEFERRED INFLOWS OF RESOURCES
Deferred property taxes 5,295,408 955,984 6,251,392
Total deferred inflows of resources 5,295,408 955,984 6,251,392
Total liabilities and deferred inflows of resources 32,888,794 33,111,206 66,000,000
NET POSITION
Net investment in capital assets 58,835,531 28,270,616 87,106,147
Restricted for
Maintenance of roadways 927,908 - 927,908
Public safety 1,214,895 - 1,214,895
Debt service 2,183,228 - 2,183,228
Unrestricted 27,077,751 786,552 27,864,303
TOTAL NET POSITION 90,239,313$ 29,057,168$ 119,296,481$
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF NET POSITION
December 31, 2014
Primary Government
See accompanying notes to financial statements.
- 3 -
Operating Capital
Charges Grants and Grants and
FUNCTIONS/PROGRAMS Expenses for Services Contributions Contributions
PRIMARY GOVERNMENT
Governmental Activities
General government 7,756,784$ 3,812,004$ -$ -$
Public safety 9,189,101 1,167,096 1,100 3,108
Highways and streets 6,286,456 442,918 611,469 1,302,935
Interest 685,495 - - -
Total governmental activities 23,917,836 5,422,018 612,569 1,306,043
Business-Type Activities
Water 4,345,300 3,763,753 - -
Sewerage 4,696,545 2,645,264 - 173,695
Refuse disposal 1,448,061 500,449 - -
Commuter parking lot 334,127 226,450 - -
Total business-type activities 10,824,033 7,135,916 - 173,695
TOTAL PRIMARY GOVERNMENT 34,741,869$ 12,557,934$ 612,569$ 1,479,738$
Program Revenues
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF ACTIVITIES
For the Year Ended December 31, 2014
- 4 -
Governmental Business-Type
Activities Activities Total
(3,944,780)$ -$ (3,944,780)$
(8,017,797) - (8,017,797)
(3,929,134) - (3,929,134)
(685,495) - (685,495)
(16,577,206) - (16,577,206)
- (581,547) (581,547)
- (1,877,586) (1,877,586)
- (947,612) (947,612)
- (107,677) (107,677)
- (3,514,422) (3,514,422)
(16,577,206) (3,514,422) (20,091,628)
General Revenues
Taxes
Property 5,120,369 936,361 6,056,730
Replacement 139,743 - 139,743
Home rule sales 3,413,920 - 3,413,920
Local use 356,053 - 356,053
Hotel/motel 2,070,324 - 2,070,324
Simplified telecommunications 1,261,799 - 1,261,799
Electric utility tax 1,294,977 - 1,294,977
Intergovernmental 8,316,948 - 8,316,948
Interest (221,419) (221,419)
Miscellaneous 704,909 260,128 965,037
Transfers (1,817,019) 1,817,019 -
Total 20,640,604 3,013,508 23,654,112
CHANGE IN NET POSITION 4,063,398 (500,914) 3,562,484
NET POSITION, JANUARY 1 86,175,915 29,558,082 115,733,997
NET POSITION, DECEMBER 31 90,239,313$ 29,057,168$ 119,296,481$
Primary Government
Net (Expense) Revenue and Change in Net Position
See accompanying notes to financial statements.
- 5 -
BALANCE SHEET
GOVERNMENTAL FUNDS
December 31, 2014
Debt Infrastructure Nonmajor
General Service Replacement Governmental Total
Cash and investments 17,882,219$ 25,143$ 2,063,652$ 4,197,984$ 24,168,998$
Receivables (net, where applicable,
of allowances for uncollectibles)
Property taxes - 2,934,321 2,361,087 - 5,295,408
Accounts 578,107 - - 82,112 660,219
Accrued interest 6,014 156 474 7,992 14,636
Electric utility tax receivable 122,181 - - - 122,181
Due from other governments 2,884,772 10,135,000 1,556,631 45,895 14,622,298
Note receivable 70,000 - - - 70,000
Due from other funds 849,795 - - - 849,795
Inventory 42,968 - - - 42,968
Prepaid items 713,737 - - - 713,737
TOTAL ASSETS 23,149,793$ 13,094,620$ 5,981,844$ 4,333,983$ 46,560,240$
ASSETS
VILLAGE OF DEERFIELD, ILLINOIS
- 6 -
Debt Infrastructure Nonmajor
General Service Replacement Governmental Total
LIABILITIES
Accounts payable 1,167,976$ -$ 928,961$ 7,952$ 2,104,889$
Accrued payroll 266,328 - - - 266,328
Retainage payable - - 340,499 - 340,499
Other payables 21,365 - - - 21,365
Unearned grant revenue - - 75,000 - 75,000
Total liabilities 1,455,669 - 1,344,460 7,952 2,808,081
DEFERRED INFLOWS OF RESOURCES
Unavailable revenues - Library - 10,135,000 - - 10,135,000
Unavailable property tax revenues - 2,934,321 2,361,087 - 5,295,408
Total deferred inflows of resources - 13,069,321 2,361,087 - 15,430,408
Total liabilities and deferred inflows of resources 1,455,669 13,069,321 3,705,547 7,952 18,238,489
FUND BALANCES
Nonspendable for
Note receivable 70,000 - - - 70,000
Inventory 42,968 - - - 42,968
Prepaid items 713,737 - - - 713,737
Restricted for
Maintenance of roadways - - - 927,908 927,908
Public safety - - - 1,214,895 1,214,895
Debt service - - - 2,183,228 2,183,228
Unrestricted
Assigned for
Debt service - 25,299 - 25,299
Capital projects 1,200,000 - 2,276,297 - 3,476,297
Unassigned 19,667,419 - - - 19,667,419
Total fund balances 21,694,124 25,299 2,276,297 4,326,031 28,321,751
TOTAL LIABILITIES, DEFERRED INFLOWS
OF RESOURCES AND FUND BALANCES 23,149,793$ 13,094,620$ 5,981,844$ 4,333,983$ 46,560,240$
OF RESOURCES AND FUND BALANCES
LIABILITIES, DEFERRED INFLOWS
See accompanying notes to financial statements.
- 7 -
FUND BALANCES OF GOVERNMENTAL FUNDS 28,321,751$
Amounts reported for governmental activities in the
statement of net position are different because:
Capital assets used in governmental activities are not
financial resources and, therefore, are not reported
in the governmental funds 70,923,858$
Less internal service funds (1,614,187)69,309,671
Premium on bonds issued are capitalized and
amortized on the statement of net position (149,447)
Discount on bonds issued are deferred and
amortized on the statement of net position 57,120
Long-term liabilities are not due and payable in the
current period and, therefore, are not reported in the
governmental funds
Bonds payable (22,131,000)
Other postemployment benefit payable (862,439)
Compensated absences (1,622,989)
Less internal service funds (14,178)(1,608,811)
Intergovernmental receivable from the Library is not unavailable
revenue on the statement of net position 10,135,000
Accrued interest on long-term liabilities is shown as a
liability on the statement of net position (56,005)
The net pension asset is included in the governmental
activities in the statement of net position 1,020,421
The net position of the internal service fund are
included in the governmental activities in the
statement of net position 6,203,052
NET POSITION OF GOVERNMENTAL ACTIVITIES 90,239,313$
December 31, 2014
VILLAGE OF DEERFIELD, ILLINOIS
RECONCILIATION OF FUND BALANCES OF GOVERNMENTAL FUNDS TO THE
GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF NET POSITION
See accompanying notes to financial statements.
- 8 -
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
For the Year Ended December 31, 2014
Debt Infrastructure Nonmajor
General Service Replacement Governmental Total
REVENUES
Taxes 10,784,811$ 1,338,600$ 1,221,747$ 725,000$ 14,070,158$
Licenses and permits 3,062,263 - - 3,062,263
Intergovernmental 7,233,935 501,135 1,252,735 611,469 9,599,274
Charges for services 674,250 - - 329,798 1,004,048
Fines and forfeits 307,744 - - - 307,744
Contribution from library - 730,381 - - 730,381
Investment income (226,324) (18,116) (10,116) 33,137 (221,419)
Miscellaneous 897,875 - 317,390 3,108 1,218,373
Total revenues 22,734,554 2,552,000 2,781,756 1,702,512 29,770,822
EXPENDITURES
Current
General government 7,352,949 - - 500 7,353,449
Public safety 8,490,547 - - 472,623 8,963,170
Highways and streets 2,924,874 - - - 2,924,874
Capital outlay - - 2,777,322 - 2,777,322
Debt service
Principal retirement - 935,000 - - 935,000
Interest and fiscal charges - 693,655 - - 693,655
Total expenditures 18,768,370 1,628,655 2,777,322 473,123 23,647,470
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 3,966,184 923,345 4,434 1,229,389 6,123,352
VILLAGE OF DEERFIELD, ILLINOIS
- 9 -
Debt Infrastructure Nonmajor
General Service Replacement Governmental Total
OTHER FINANCING SOURCES (USES)
Transfers in -$ 831,850$ 1,522,330$ -$ 2,354,180$
Transfers (out)(2,333,827) (1,797,019) - (40,353) (4,171,199)
Sale of capital assets 27,431 - - - 27,431
Total other financing sources (uses)(2,306,396) (965,169) 1,522,330 (40,353) (1,789,588)
NET CHANGE IN FUND BALANCES 1,659,788 (41,824) 1,526,764 1,189,036 4,333,764
FUND BALANCES, JANUARY 1 20,034,336 67,123 749,533 3,136,995 23,987,987
FUND BALANCES, DECEMBER 31 21,694,124$ 25,299$ 2,276,297$ 4,326,031$ 28,321,751$
See accompanying notes to financial statements.
- 10 -
NET CHANGE IN FUND BALANCES -
TOTAL GOVERNMENTAL FUNDS 4,333,764$
Amounts reported for governmental activities in the statement of
activities are different because:
Governmental funds report capital outlay as expenditures; however, they are
capitalized and depreciated in the statement of activities 1,679,571$
Less internal service funds (200,367)1,479,204
The repayment of the principal portion long-term debt is reported as an
expenditure when due in governmental funds but as a reduction of principal
outstanding in the statement of activities 935,000
The decrease in interest payable is reported as a reduction of expense
on the statement of activities 1,529
Bonds issued and contributed to the Library are reported
as expenditures in the governmental funds, but not on
the statement of activities (500,000)
Some expenses in the statement of activities (e.g., depreciation) do not
require the use of current financial resources and, therefore, are not
reported as expenditures in governmental funds (2,603,437)
Less internal service funds 332,638 (2,270,799)
The loss on disposal of capital assets for road reconstruction increases
the highways and streets expense on the statement of activities 270,125
The increase in compensated absences is reported as an addition to expense
on the statement of activities (125,539)
The increase in the other postemployment benefit payable is reported
as an addition to expense on the statement of activities (72,963)
The decrease in net pension asset is reported as an addition to expense
on the statement of activities 24,829
The amortization of the discount and premium are reported
as an reduction to expense on the statement of activities 6,631
The change in net position of certain activities of internal service funds is
in governmental funds (18,383)
CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES 4,063,398$
For the Year Ended December 31, 2014
VILLAGE OF DEERFIELD, ILLINOIS
RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES,
GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF ACTIVITIES
EXPENDITURES AND CHANGES IN FUND BALANCES TO THE
See accompanying notes to financial statements.
- 11 -
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
December 31, 2014
Governmental
Activities
Nonmajor
Enterprise Total Internal
Water Sewerage Refuse (Parking Lot)Enterprise Service
CURRENT ASSETS
Cash and investments -$ 587,010$ 381,662$ 258,116$ 1,226,788$ 4,513,294$
Receivables
Property taxes - - 955,984 - 955,984 -
Accounts - billed 109,607 104,435 8,885 - 222,927 1,775
Accounts - unbilled 472,049 298,660 81,714 - 852,423 -
Accrued interest - 134 118 87 339 1,325
Prepaid expenses 30,817 41,459 1,884 1,596 75,756 4,656
Inventory 164,251 18,252 - - 182,503 102,538
Total current assets 776,724 1,049,950 1,430,247 259,799 3,516,720 4,623,588
CAPITAL ASSETS
Nondepreciable 1,877,956 - - 77,500 1,955,456 -
Depreciable 19,655,946 45,590,630 - 1,950,830 67,197,406 4,015,363
Accumulated depreciation (4,738,968) (4,040,027) - (872,418) (9,651,413) (2,401,176)
Net capital assets 16,794,934 41,550,603 - 1,155,912 59,501,449 1,614,187
Total assets 17,571,658 42,600,553 1,430,247 1,415,711 63,018,169 6,237,775
CURRENT LIABILITIES
Accounts payable 228,683 114,581 101,323 1,989 446,576 12,516
Accrued payroll 26,672 45,195 - 695 72,562 8,029
Accrued interest - 87,388 - - 87,388 -
Deposits payable 21,217 17,303 - - 38,520 -
Due to other funds 849,795 - - - 849,795 -
Notes payable - 758,000 - - 758,000 -
Compensated absences payable 11,569 10,962 - 109 22,640 3,070
Total current liabilities 1,137,936 1,033,429 101,323 2,793 2,275,481 23,615
LONG-TERM LIABILITIES
Compensated absences payable 100,892 95,419 - 978 197,289 11,108
Other postemployment benefit payable 27,048 32,366 - - 59,414 -
Unamortized premium - 146,833 - - 146,833 -
Notes payable - long-term - 30,326,000 - - 30,326,000 -
Total long-term liabilities 127,940 30,600,618 - 978 30,729,536 11,108
Total liabilities 1,265,876 31,634,047 101,323 3,771 33,005,017 34,723
DEFERRED INFLOWS OF RESOURCES
Deferred property taxes - - 955,984 - 955,984 -
Total liabilities and deferred inflows of resources 1,265,876 31,634,047 1,057,307 3,771 33,961,001 34,723
NET POSITION
Net investment in capital assets 16,794,934 10,319,770 - 1,155,912 28,270,616 1,614,187
Unrestricted (489,152) 646,736 372,940 256,028 786,552 4,588,865
TOTAL NET POSITION 16,305,782$ 10,966,506$ 372,940$ 1,411,940$ 29,057,168$ 6,203,052$
Business-Type Activities
See accompanying notes to financial statements.
- 12 -
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET POSITION
PROPRIETARY FUNDS
For the Year Ended December 31, 2014
Governmental
Activities
Nonmajor
Enterprise Total Internal
Water Sewerage Refuse (Parking Lot)Enterprise Service
OPERATING REVENUES
Charges for services 3,763,753$ 2,645,264$ 500,449$ 226,450$ 7,135,916$ 953,781$
Miscellaneous 149,604 75,837 34,687 - 260,128 10,898
Total operating revenues 3,913,357 2,721,101 535,136 226,450 7,396,044 964,679
OPERATING EXPENSES
Administration 553,835 529,892 - - 1,083,727 -
Operations 3,369,241 2,143,762 1,440,045 305,214 7,258,262 383,128
Commodities - - - - - 229,117
Total operating expenses 3,923,076 2,673,654 1,440,045 305,214 8,341,989 612,245
OPERATING INCOME (LOSS)
BEFORE DEPRECIATION (9,719) 47,447 (904,909) (78,764) (945,945) 352,434
Depreciation and amortization 422,224 968,706 - 26,737 1,417,667 332,638
OPERATING INCOME (LOSS)(431,943) (921,259) (904,909) (105,501) (2,363,612) 19,796
NON-OPERATING REVENUES
(EXPENSES)
Investment income - (4,594) (8,016) (2,176) (14,786) (38,179)
Property taxes - - 936,361 - 936,361 -
Interest expense - (1,049,591) - - (1,049,591) -
Total non-operating revenues
(expenses)- (1,054,185) 928,345 (2,176) (128,016) (38,179)
INCOME (LOSS) BEFORE
CONTRIBUTIONS AND TRANSFERS (431,943) (1,975,444) 23,436 (107,677) (2,491,628) (18,383)
CONTRIBUTIONS - 173,695 - - 173,695 -
TRANSFERS
Transfers in - 1,817,019 - - 1,817,019 -
Total transfers - 1,817,019 - - 1,817,019 -
CHANGE IN NET POSITION (431,943) 15,270 23,436 (107,677) (500,914) (18,383)
NET POSITION, JANUARY 1 16,737,725 10,951,236 349,504 1,519,617 29,558,082 6,221,435
NET POSITION, DECEMBER 31 16,305,782$ 10,966,506$ 372,940$ 1,411,940$ 29,057,168$ 6,203,052$
Business-Type Activities
See accompanying notes to financial statements.
- 13 -
Governmental
Activities
Nonmajor
Enterprise Total Internal
Water Sewerage Refuse (Parking Lot)Enterprise Service
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers and users 3,850,301$ 2,755,612$ 503,953$ 226,450$ 7,336,316$ -$
Receipts from interfund services - - - - - 956,596
Receipts from miscellaneous revenues 149,604 75,837 34,687 - 260,128 10,898
Payments to suppliers (2,886,270) (865,616) (1,276,760) (285,251) (5,313,897) (426,367)
Payments to employees (933,763) (1,651,904) (115,861) (36,376) (2,737,904) (266,423)
Payments for interfund services (92,729) (135,176) (49,355) - (277,260) -
Net cash from operating activities 87,143 178,753 (903,336) (95,177) (732,617) 274,704
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Interfund loan (87,143) 1,817,019 - - 1,729,876 -
Property taxes - - 936,361 - 936,361 -
Net cash from noncapital
financing activities (87,143) 1,817,019 936,361 - 2,666,237 -
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Proceeds from sale of capital assets - - - - - -
Capital assets purchased - - - - (200,367)
Bond principal payments - (755,000) - - (755,000) -
Bond interest payments - (1,062,020) - - (1,062,020) -
Net cash from capital and
related financing activities - (1,817,020) - - (1,817,020) (200,367)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investments - (4,691) (8,049) (2,180) (14,920) (38,434)
Net cash from investing activities - (4,691) (8,049) (2,180) (14,920) (38,434)
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS - 174,061 24,976 (97,357) 101,680 35,903
CASH AND CASH EQUIVALENTS, JANUARY 1 - 412,949 356,686 355,473 1,125,108 4,477,391
CASH AND CASH EQUIVALENTS, DECEMBER 31 -$ 587,010$ 381,662$ 258,116$ 1,226,788$ 4,513,294$
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For the Year Ended December 31, 2014
VILLAGE OF DEERFIELD, ILLINOIS
Business-Type Activities
(This statement is continued on the following page.)
- 14 -
Governmental
Activities
Nonmajor
Enterprise Total Internal
Water Sewerage Refuse (Parking Lot)Enterprise Service
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH FLOWS FROM
OPERATING ACTIVITIES
Operating income (loss)(431,943)$ (921,259)$ (904,909)$ (105,501)$ (2,363,612)$ 19,796$
Adjustments to reconcile operating income (loss)
to net cash from operating activities
Depreciation and amortization 422,224 968,706 - 26,737 1,417,667 332,638
(Increase) decrease in
Receivables 86,548 110,348 3,504 - 200,400 2,091
Prepaid expenses 4,796 6,453 294 248 11,791 724
Inventories 15,124 (3,049) - - 12,075 (12,301)
Increase (decrease) in
Accounts payable (20,946) 14,323 (2,225) (6,869) (15,717) (45,251)
Deposits payable 1,715 1,456 - - 3,171 -
Accrued payroll 4,921 16,242 - 138 21,301 3,292
Other postemployment benefit payable 2,288 2,738 - - 5,026 -
Compensated absences payable 2,416 (17,205) - (9,930) (24,719) (26,285)
NET CASH FROM OPERATING ACTIVITIES 87,143$ 178,753$ (903,336)$ (95,177)$ (732,617)$ 274,704$
NONCASH TRANSACTIONS
Contributions of capital assets by other funds -$ 173,695$ -$ -$ 173,695$ -$
TOTAL NONCASH TRANSACTIONS -$ 173,695$ -$ -$ 173,695$ -$
Business-Type Activities
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF CASH FLOWS (Continued)
PROPRIETARY FUNDS
For the Year Ended December 31, 2014
See accompanying notes to financial statements.
- 15 -
Pension Agency
Trust Fund Funds
ASSETS
Cash and cash equivalents 1,151,180$ 2,620,135$
Investments
U.S. Treasury obligations 2,031,620 -
U.S. agencies securities 5,493 -
Corporate bonds 10,038,449 -
Mutual funds 27,192,125 -
Municipal bonds 1,050,083 -
Receivables
Accrued interest 143,048 16
Total assets 41,611,998 2,620,151$
LIABILITIES
Accounts payable 17,642 6,420$
Deposits payable - 2,589,910
Other payables - 23,821
Total liabilities 17,642 2,620,151$
NET POSITION HELD IN TRUST FOR
PENSION BENEFITS 41,594,356$
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
December 31, 2014
See accompanying notes to financial statements.
- 16 -
ADDITIONS
Contributions - employer 989,616$
Contributions - employee 374,137
Total contributions 1,363,753
Investment income
Net appreciation in fair value of investments 2,644,907
Interest earned on investments 1,019,662
Total investment income 3,664,569
Less investment expense (27,059)
Net investment income 3,637,510
Total additions 5,001,263
DEDUCTIONS
Benefits and refunds
Pension payments 2,241,928
Separation refunds 205,471
Administrative 20,524
Total deductions 2,467,923
NET INCREASE 2,533,340
NET POSITION HELD IN TRUST FOR
PENSION BENEFITS
January 1 39,061,016
December 31 41,594,356$
VILLAGE OF DEERFIELD, ILLINOIS
PENSION TRUST FUND
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
For the Year Ended December 31, 2014
See accompanying notes to financial statements.
- 17 -
- 18 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
December 31, 2014
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the Village of Deerfield, Illinois (the Village) have been
prepared in conformity with accounting principles generally accepted in the United States
of America, as applied to government units (hereinafter referred to as generally accepted
accounting principles (GAAP)). The Governmental Accounting Standards Board (GASB)
is the accepted standard-setting body for establishing governmental accounting and
financial reporting principles. The more significant of the Village’s accounting policies are
described below.
a. Reporting Entity
The Village was incorporated in 1903. The Village is a municipal corporation
governed by an elected seven-member board. As required by GAAP, these financial
statements present the Village (the primary government) and its component units.
The Village’s financial statements include:
Pension Trust Fund
Police Pension Employees Retirement System
The Village’s police employees participate in the Police Pension Employees
Retirement System (PPERS). PPERS functions for the benefit of these employees
and is governed by a five-member pension board. Two members appointed by the
Village’s Mayor, one elected pension beneficiary and two elected police employees
constitute the pension board. The Village and PPERS participants are obligated to
fund all PPERS costs based upon actuarial valuations. The State of Illinois is
authorized to establish benefit levels and the Village is authorized to approve the
actuarial assumptions used in the determination of contribution levels. Although it
possesses many of the characteristics of a legally separate government, PPERS is
reported as if it were part of the primary government because its sole purpose is to
finance and administer the pensions of the Village’s police employees and because
of the fiduciary nature of such activities. PPERS is reported as a pension trust fund.
Based on the criteria of GASB Statement No 61, The Financial Reporting Entity:
Omnibus - an amendment of GASB Statements No. 14 and No. 34, there are no
component units for which the Village is considered to be financially accountable.
- 18 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 19 -
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
a. Reporting Entity (Continued)
Joint Ventures
Solid Waste Agency of Lake County (SWALCO)
SWALCO is a municipal corporation empowered to plan, finance, construct and
operate a solid waste disposal system to serve its member municipalities.
Management consists of a Board of Directors comprised of one appointed
representative from each member. The Village does not exercise any control over the
activities of SWALCO beyond its representation on the Board of Directors .
SWALCO is reported as a proprietary joint venture.
b. Fund Accounting
The Village uses funds to report on its financial position, changes in its financial
position and cash flows. Fund accounting is designed to demonstrate legal
compliance and to aid financial management by segregating transactions related to
certain government functions or activities.
A fund is a separate accounting entity with a self-balancing set of accounts. A
minimum number of funds are maintained consistent with legal and managerial
requirements. Funds are classified into the following categories: governmental,
proprietary and fiduciary.
Governmental funds are used to account for all or most of the Village’s general
activities, including the collection and disbursement of restricted or committed
monies (special revenue funds), the funds committed, restricted or assigned for the
acquisition or construction of capital assets (capital projects funds) and the funds
committed, restricted or assigned for the servicing of general long-term debt (debt
service funds). The general fund is used to account for all activities of the general
government not accounted for in some other fund.
Proprietary funds are used to account for activities similar to those found in the
private sector, where the determination of net income is necessary or useful to sound
financial administration. Goods or services from such activities can be provided
either to outside parties (enterprise funds) or to other departments or agencies
primarily within the Village (internal service funds).
Fiduciary funds are used to account for assets held on behalf of outside parties,
including other governments, or on behalf of other funds within the Village. When
these assets are held under the terms of a formal trust agreement, a pension trust fund
may be used. The Village has a police pension fund. Agency funds are used to
account for funds that the Village holds on behalf of others as their agent.
- 19 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 20 -
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
c. Government-Wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net position and the
statement of activities) report information on all of the nonfiduciary activities of the
Village. The effect of material interfund activity (except for activities reported in
internal service funds) has been eliminated from these statements. Governmental
activities, which normally are supported by taxes and intergovernmental revenues,
are reported separately from business-type activities, which rely to a significant
extent on fees and charges for support.
The statement of activities demonstrates the degree to which the direct expenses of a
given function, segment or program are offset by program revenues. Direct expenses
are those that are clearly identifiable with a specific function or segment. 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 standard revenues that are restricted to meeting the operational or
capital requirements of a particular function or segment. Taxes and other items not
properly included among program revenues are reported instead as general revenues.
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:
The General (Corporate) Fund is the Village’s primary operating fund. It
accounts for all financial resources of the general government, except those
accounted for in another fund.
The Debt Service Fund was established to accumulate restricted resources for
the payment of general long-term debt.
The Infrastructure Replacement Fund was established for the purpose of
maintaining, repairing and renovating the capital assets of the Village.
The Village reports the following major proprietary funds:
The Water Fund accounts for all activity necessary to provide water to the
residents of the Village including administration, operation, maintenance,
financing and related debt service.
- 20 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 21 -
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
c. Government-Wide and Fund Financial Statements (Continued)
The Village reports the following major proprietary funds: (Continued)
The Sewerage Fund accounts for the provision of sewer service to the residents
of the Village. All activity necessary to provide such services is accounted for
in this fund including, but not limited to, administration, construction,
maintenance and operations of the Sewerage Treatment Plant and related debt
service.
The Refuse Fund accounts for all revenues and expenses necessary to provide
the residents of the Village with refuse service.
Additionally, the Village reports the following proprietary funds:
The Parking Lot Fund accounts for all activity related to the commuter lot.
Internal Service Funds
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.
These funds are reported as governmental activities on the government-wide
financial statements.
The Village reports a pension trust fund as a Fiduciary Fund to account for the Police
Pension Fund. The Village also reports Agency Funds to account for street deposits
and water meter deposits (Deposit Fund), DARE Funds and radio dispatching funds
(East Shore Radio Network Fund) that the Village holds on behalf of others as their
agent.
d. Measurement Focus, Basis of Accounting and Financial Statement Presentation
The government-wide financial statements are reported using the economic resources
measurement focus and the accrual basis of accounting, as are the proprietary fund
and fiduciary fund financial statements (Agency Funds have no measurement focus).
Revenues and additions are recorded when earned and expenses and deductions are
recorded when a liability is incurred. Property taxes are recognized as revenues in
the year for which they are levied (i.e., intended to finance). Grants and similar items
- 21 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 22 -
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
d. Measurement Focus, Basis of Accounting and Financial Statement Presentation
(Continued)
are recognized as revenue as soon as all eligibility requirements imposed by the
provider have been met. Operating revenues/expenses include all revenues/expenses
directly related to providing the day-to-day enterprise fund services. Incidental
revenues/expenses, such as property taxes and investment income, are reported as
non-operating.
Governmental fund financial statements are accounted for using a current financial
resources measurement focus and the modified accrual basis of accounting.
Revenues are recognized when susceptible to accrual (i.e., when they become both
measurable and available). “Measurable” means the amount of the transaction can be
determined and “available” means collectible within the current period. The Village
recognizes property taxes when they become both measurable and available in the
period intended to finance, generally within 60 days of year end. 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.
Principal and interest on general long-term debt are recorded as fund liabilities when
due or when amounts have been accumulated in the debt service fund for payments
to be made early in the following year.
Those revenues susceptible to accrual are property taxes, franchise taxes, licenses,
interest revenue and charges for services. Sales tax, telecommunication tax, local use
tax and motor fuel tax and fines owed to/collected by the state at year end on behalf
of the Village also are recognized as revenue. Permit revenues are not susceptible to
accrual because generally they are not measurable until received in cash.
The Village reports unavailable revenue and unearned revenue on its financial
statements. Unavailable revenues arise when a potential revenue does not meet both
the measurable and available or earned criteria for recognition in the current period.
Unearned revenues arise when resources are received by the Village before it has a
legal claim to them, as when grant monies are received prior to the incurrence of
qualifying expenditures. In subsequent periods, when both revenue recognition
criteria are met, or when the Village has a legal claim to the resources, the deferred
inflow of resources for unavailable revenue or the liability for unearned revenue is
removed from the financial statements and revenue is recognized.
e. Cash and Investments
Cash and Cash Equivalents
For purposes of the statement of cash flows, the Village’s proprietary funds consider
all highly liquid investments with an original maturity of three months or less when
purchased to be cash equivalents.
- 22 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 23 -
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
e. Cash and Investments (Continued)
Investments
Investments with a maturity of less than one year when purchased and
non-negotiable certificates of deposit are stated at cost or amortized cost.
Investments with a maturity greater than one year when purchased and all
investments of the pension trust funds are stated at fair value. Fair value is based on
prices listed on national exchanges as of December 31, 2014 for debt and equity
securities.
f. Short-Term Interfund Receivables/Payables
During the course of operations, numerous transactions occur between individual
funds for goods provided or services rendered. These receivables and payables are
classified as “due from other funds” or “due to other funds” on the balance sheet.
Short-term interfund loans, if any, are classified as “interfund receivables/payables.”
g. Advances to Other Funds
Noncurrent portions of long-term interfund loan receivables are reported as advances
between funds in the fund financial statements. The advances are offset equally by
nonspendable fund balance in applicable governmental funds to indicate that they are
not available for appropriation and are not expendable available financial resources.
h. Inventories
Inventories are valued at cost, which approximates market, using the first-in/first-out
(FIFO) method. The costs of governmental fund inventories are recorded as
expenditures when consumed rather than when purchased.
i. Prepaid Items/Expenses
Payments made to vendors for services that will benefit periods beyond the date of
this report are recorded as prepaid items/expenses and are accounted for on the
consumption method.
j. Capital Assets
Capital assets, which include property, plant, equipment, water and sewer system and
infrastructure assets (e.g., roads, bridges and similar items) are reported in the
applicable governmental or business-type activities columns in the government-wide
financial statements. Capital assets are defined by the Village as assets with an
initial, individual cost in excess of $25,000 and an estimated useful life in excess of
one year.
- 23 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 24 -
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
j. Capital Assets (Continued)
All purchased capital assets are valued at cost where historical records are available
and at an estimated historical cost where no historical records exist. Donated capital
assets are valued at their estimated fair market value on the date received.
The costs of normal maintenance and repairs that do not add to the value of the asset
or materially extend asset lives are not capitalized. Improvements are capitalized and
depreciated over the remaining useful lives of the related capital assets, as
applicable.
Depreciation of buildings, equipment, water/sewer systems and vehicles is computed
using the straight-line method over the following useful lives:
Years
Buildings and building improvements 20-50
Parking improvements 15-50
Water/sewer system 40-60
Vehicles, machinery and equipment 4-20
Infrastructure 20-50
k. Compensated Absences
Vested or accumulated vacation leave, including related Social Security and
Medicare, that is owed to retirees or terminated employees is reported as an
expenditure and a fund liability of the governmental fund that will pay it in the fund
financial statements and the remainder is reported in long-term debt. Vested or
accumulated vacation leave and vested sick leave of proprietary funds at both levels
and governmental activities at the government-wide level is recorded as an expense
and liability as the benefits accrue to employees.
l. Long-Term Obligations
In the government-wide financial statements and proprietary funds in the fund
financial statements, long-term debt and other long-term obligations are reported as
liabilities in the applicable governmental activities, business-type activities or
proprietary fund financial statements. Bond premiums and discounts, and
gains/losses on refundings, are deferred and amortized over the life of the bonds
using the bonds outstanding method, which approximates the effective interest
method. Bonds payable are reported net of the applicable bond premium or discount
and gains/losses on refundings.
- 24 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 25 -
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
l. Long-Term Obligations (Continued)
In the 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 the
actual debt proceeds received, are reported as expenditures.
m. Fund Equity/Net Position
Governmental funds equity is classified as fund balance. Fund balance is further
classified as nonspendable, restricted, committed, assigned or unassigned.
Nonspendable fund balance is reported for amounts that are either not in spendable
form or legally or contractually required to be maintained intact. Restrictions of fund
balance are reported for amounts constrained by legal restrictions from outside
parties for use for a specific purpose or externally imposed by outside entities.
Committed fund balance is constrained by formal actions of the Village Board,
which is considered the Village’s highest level of decision making aut hority. Formal
actions include ordinances approved by the Village Board. Assigned fund balance
represents amounts constrained by the Village’s intent to use them for a specific
purpose. The authority to assign fund balance has been delegated to the Finance
Director through the approved fund balance policy of the Village. Any residual fund
balance of the General Fund and any deficits in other funds, if any, is reported as
unassigned.
The Village’s flow of funds assumption prescribes that the funds with the highest
level of constraint are expended first. If restricted or unrestricted funds are available
for spending, the restricted funds are spent first. Additionally, if different levels of
unrestricted funds are available for spending the Village considers committed funds
to be expended first followed by assigned and then unassigned funds.
In the government-wide and proprietary fund financial statements, restricted net
position is legally restricted by outside parties for a specific purpose. At
December 31, 2014, no net position restrictions were the result of enabling
legislation adopted by the Village. Net investment in capital assets represents the
Village’s investment in the book value of capital assets, less any outstanding debt
that was issued to construct or acquire the capital asset. Unrestricted net position
consists of net position that does not meet the definition of restricted or net
investment in capital assets.
- 25 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 26 -
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
n. Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position will sometimes report a
separate section for deferred outflows of resources. This separate financial statement
element, deferred outflows of resources, represents a consumption of net assets that
applies to a future period(s) and so will not be recognized as an outflow of resources
(expense/expenditure) until then. In addition to liabilities, the statement of financial
position will sometimes report a separate section for deferred inflows of resources.
This separate financial statement element, deferred inflows of resources, represents
an acquisition of net assets that applies to a future period(s) and so will not be
recognized as an inflow of resources (revenue) until that time. The government has
two types of item, which arises under a modified accrual basis of accounting that
qualifies for reporting in this category. Accordingly, the item, unavailable revenue, is
reported in the governmental funds balance sheet. The governmental funds report
unavailable revenues from two sources: property taxes and the long-term receivable
from the Library. These amounts are deferred and recognized as an inflow of
resources in the period that the amounts become available.
o. 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.
p. Accounting Estimates
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 and liabilities 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.
2. DEPOSITS AND INVESTMENTS
The Village maintains a cash and investment pool that is available for use by all funds,
except the Pension Trust Fund, 2011B Sinking Fund and the Bond Proceeds Fund. Each
fund’s portion of this pool is displayed on the financial statements as “cash and
investments.” In addition, investments are separately held by several of the Village’s
funds. The deposits and investments of the pension trust fund are held separately from
those of other funds.
- 26 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 27 -
2. DEPOSITS AND INVESTMENTS (Continued)
Permitted Deposits and Investments - Statutes and the Village’s investment policy
authorize the Village to make deposits/invest in insured commercial banks, savings and
loan institutions, obligations of the U.S. Treasury and U.S. agencies, insured credit union
shares, money market mutual funds with portfolios of securities issued or guaranteed by
the United States Government or agreements to repurchase these same obligations,
repurchase agreements, short-term commercial paper rated within the three highest
classifications by at least two standard rating services and Illinois Funds.
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 is safety (preservation of capital and protection of
investment principal), liquidity and yield.
a. Village Deposits with Financial Institutions
Custodial credit risk for deposits with financial institutions is the risk that in the
event of a bank’s failure, the Village’s deposits may not be returned to it. The
Village’s investment policy requires pledging of collateral with a fair value of 100%
of all bank balances in excess of federal depository insurance with the collateral held
by the Village’s agent in the Village’s name.
b. Village Investments
The following table presents the Village’s investments in and maturities of debt
securities as of December 31, 2014:
Investment Maturities (in Years)
Fair Less than Greater than
Value 1 1-5 6-10 10
U.S. agency obligations $ 8,119,020 $ - $ 3,996,720 $ - $ 4,122,300
TOTAL $ 8,119,020 $ - $ 3,996,720 $ - $ 4,122,300
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 and
maximizing yields for funds not needed within a three-year period. However, the
investment policy does not limit the maximum maturity length of investments.
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.
- 27 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 28 -
2. DEPOSITS AND INVESTMENTS (Continued)
b. Village Investments (Continued)
The Village limits its exposure to credit risk, the risk that the issuer of a debt security
will not pay its par value upon maturity, by primarily investing in U.S. agency
obligations rated AAA by Moody’s ratings. Illinois Funds is rated AAA by Standard
and Poor’s, the fair value of which are the same as the value of the pool shares.
Custodial credit risk for investments is the risk that, in the event of the failure of the
counterparty to the investment, the Village will not be able to recover the value of its
investments that are in possession of an outside party. To limit its exposure, the
Village’s investment policy 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. Illinois Funds and IMET are not
subject to custodial credit risk.
Concentration of credit risk - The Village’s investment policy requires
diversification of the portfolio, but does not specify maximum amounts that can be
invested in any one investment vehicle, maturity, issuer or class of securities.
The Village’s investment policy does not specifically prohibit the use of or the
investment in derivatives.
3. RECEIVABLES
a. Taxes
Property taxes for 2014 attach as an enforceable lien on January 1, 2014 on property
values assessed as of the same date. Taxes are levied by December of the subsequent
fiscal year (by passage of a Tax Levy Ordinance). Tax bills are prepared by the
County and issued on or about February 1 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 County collects
such taxes and remits them periodically.
The 2014 tax levy collections are intended to finance 2015 year and are not
considered available for current operations and are, therefore, shown as
unavailable/deferred revenue.
- 28 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 29 -
3. RECEIVABLES (Continued)
b. Due from Other Governments
The Village issued General Obligation Bonds in 2011 and 2013 on behalf of the
Library to finance the Library Improvement Project. These bonds are in the Village’s
name and are a liability of the Village. The Library receives property tax collections
to pay for the bond principal and interest and 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 to the Village.
4. CAPITAL ASSETS
Capital asset activity for the year ended December 31, 2014 was as follows:
Beginning
Balance
Increases
Decreases
Ending
Balance
GOVERNMENTAL ACTIVITIES
Capital assets not being depreciated
Land $ 4,589,995 $ 69,800 $ - $ 4,659,795
Land right of way 16,180,188 - - 16,180,188
Construction in progress 906,984 449,651 66,000 1,290,635
Total capital assets not being depreciated 21,677,167 519,451 66,000 22,130,618
Capital assets being depreciated
Buildings and improvements 12,232,033 - - 12,232,033
Vehicles, machinery and equipment 3,980,254 667,671 - 4,647,925
Infrastructure 98,948,654 1,025,753 999,527 98,974,880
Total capital assets being depreciated 115,160,941 1,693,424 999,527 115,854,838
Less accumulated depreciation for
Buildings and improvements 3,583,377 291,342 - 3,874,719
Vehicles, machinery and equipment 2,112,390 395,894 - 2,508,284
Infrastructure 59,564,740 1,916,202 802,347 60,678,595
Total accumulated depreciation 65,260,507 2,603,438 802,347 67,061,598
Total capital assets being depreciated, net 49,900,434 (910,014) 197,180 48,793,240
GOVERNMENTAL ACTIVITIES
CAPITAL ASSETS, NET $ 71,577,601 $ (390,563) $ 263,180 $ 70,923,858
- 29 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 30 -
4. CAPITAL ASSETS (Continued)
Beginning
Balance
Increases
Decreases
Ending
Balance
BUSINESS-TYPE ACTIVITIES
Capital assets not being depreciated
Land $ 1,955,456 $ - $ - $ 1,955,456
Total capital assets not being depreciated 1,955,456 - - 1,955,456
Capital assets being depreciated
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 14,849,333 - - 14,849,333
Sanitary sewer system 4,411,869 173,695 - 4,585,564
Total capital assets being depreciated 67,023,711 173,695 - 67,197,406
Less accumulated depreciation for
Buildings and improvements 3,437,002 963,064 - 4,400,066
Parking lot improvements 845,681 26,737 - 872,418
Vehicles, machinery and equipment 458,297 19,293 - 477,590
Water distribution system 2,103,100 314,477 - 2,417,577
Sanitary sewer system 1,389,666 94,096 - 1,483,762
Total accumulated depreciation 8,233,746 1,417,667 - 9,651,413
Total capital assets being depreciated, net 58,789,965 (1,243,972) - 57,545,993
BUSINESS-TYPE ACTIVITIES
CAPITAL ASSETS, NET $ 60,745,421 $ (1,243,972) $ - $ 59,501,449
Depreciation expense was charged to functions/programs of the primary government as
follows:
GOVERNMENTAL ACTIVITIES
General government $ 158,055
Public safety 172,092
Highways and streets, including depreciation
of general infrastructure assets
2,273,291
DEPRECIATION EXPENSE - GOVERNMENTAL ACTIVITIES $ 2,603,438
5. RISK MANAGEMENT
The Village is exposed to various risks of loss related to torts; theft of, damage to and
destruction of assets; errors and omissions’ injuries to employees; illnesses of employees;
and natural disasters.
- 30 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 31 -
5. RISK MANAGEMENT (Continued)
Intergovernmental Personnel Benefit Cooperative (IPBC)
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 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 IPBC beyond its representation on the Board of Directors.
Municipal Insurance Cooperative Agency (MICA)
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 $2,000,000 of
coverage after a $1,000 deductible. The Village’s payments to MICA are displayed on the
financial statements as expenditures/expenses in appropriate funds.
Management consists of a Board of Directors comprised of one appointed representative
from each member. In addition, there are three officers, a Risk Manager and a Treasurer.
The Village does not exercise any control over activities of MICA beyond its
representation on the Board of Directors. MICA functions solely as an administrative agent
for each member.
High-Level Excess Liability Pool (HELP)
The Village participates in the High-Level Excess Liability Pool (HELP). HELP is a public
entity risk pool established by certain municipalities (the Members) in Illinois to provide
excess liability coverage ($13,000,000 of coverage after the $2,000,000 coverage provided
by MICA). The Village’s payments to HELP are displayed on the financial statements as
expenditures/expenses in appropriate funds.
HELP was organized on April 1, 1987. The purpose of HELP is to act as a joint self-
insurance pool for the purpose of seeking the prevention or lessening of liability claims for
injuries to persons or property or claims for errors and omissions made against the
Members and other parties included within the scope of coverage of HELP.
- 31 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 32 -
5. RISK MANAGEMENT (Continued)
High-Level Excess Liability Pool (HELP) (Continued)
HELP is governed by a Board of Directors, which consists of one appointed representative
from each member municipality. Each director has an equal vote. The officers of HELP are
appointed by the Board of Directors. The Board of Directors determines the general policy
of HELP; makes all appropriations; approves contracts; adopts resolutions providing for
the issuance of debt by HELP; adopts bylaws, rules and regulations; and exercises such
powers and performs such duties as may be prescribed in the Agency Agreement or the
by-laws.
The Village does not exercise any control over the activities of HELP beyond its
representation on the Board of Directors.
6. LONG-TERM DEBT
a. General Obligation Bonds
The Village issues general obligation bonds for the acquisition and construction of
major capital facilities.
General obligation bonds are direct obligations and pledge the full faith and credit of
the Village. General obligation bonds currently outstanding are as follows:
Issue
Fund Debt
Retired By
Balances
December 31
Additions
Reductions
Balances
December 31
Current
Portion
General Obligation Bond Series of
2008 ($5,000,000 dated August 1
2008; maturing December 1, 2028;
payable in annual installments;
interest rates from 3.25% to 4.25%)
Debt
Service*
$ 4,075,000
$ -
$ 205,000
$ 3,870,000
$ 210,000
General Obligation Bond Series of
2010A ($12,500,000 dated
November 3, 2010; maturing
December 1, 2030; payable in
annual installments; interest rates
from .80% to 5.50%)
Debt
Service**
Sewer
4,356,000
6,534,000
-
-
220,000
330,000
4,136,000
6,204,000
222,000
333,000
General Obligation Bond Series of
2011A ($9,900,000 dated
October 17, 2011; maturing
December 1, 2031; payable in
annual installments; interest rates
from 1.00% to 3.25%)
Debt
Service*
9,030,000
-
255,000
8,775,000
270,000
- 32 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 33 -
6. LONG-TERM DEBT (Continued)
a. General Obligation Bonds (Continued)
Issue
Fund Debt
Retired By
Balances
December 31
Additions
Reductions
Balances
December 31
Current
Portion
General Obligation Taxable Bond
Series of 2011B ($12,500,000 dated
October 17, 2011; maturing
December 1, 2028; payable in
annual installments; interest rates
of 4%)
Sewer***
$ 12,500,000
$ -
$ 20,000
$ 12,480,000
$ -
General Obligation Bond Series of
2012 ($10,000,000 dated February
21, 2012; maturing December 1,
2031, payable in annual
installments; interest rates from
1.25% - 2.75%)
Sewer
10,000,000
-
-
10,000,000
-
General Obligation Bond Series of
2013 ($9,075,000 dated January 3,
2013; maturing December 1, 2031,
payable in annual installments;
interest rates from 2.00% - 2.25%)
Debt
Service
Sewer
5,605,000
2,805,000
-
-
255,000
405,000
5,350,000
2,400,000
260,000
425,000
TOTAL $ 54,905,000 $ - $ 1,690,000 $ 53,215,000 $ 1,720,000
The $5,000,000 in General Obligation Bonds, Series 2008, was authorized to finance
various capital improvement projects.
The $12,500,000 in General Obligation Bonds, Series 2010A, was authorized to
finance various general and wastewater reclamation facility improvements.
The $9,900,000 in General Obligation Bonds, Series 2011A, was authorized to
finance $4,000,000 in street improvement projects and $5,900,000 for the library
renovation project.
The $12,500,000 in General Obligation Bonds, Taxable Series 2011B (Qualified
Energy Conservation Bonds), was authorized to finance the wastewater reclamation
facility improvements.
The $10,000,000 in General Obligation Bonds, Series 2012, was authorized to
finance the wastewater reclamation facility improvements.
- 33 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 34 -
6. LONG-TERM DEBT (Continued)
a. General Obligation Bonds (Continued)
The $9,075,000 in General Obligation Bonds, Series 2013, was authorized to finance
$3,200,000 in wastewater reclamation facility improvements and $5,875,000 for the
library renovation project.
* The Village abated the tax levy on this bond issue for fiscal 2014 and evaluates
annually if the Village is financially capable of doing so. The debt is being
retired by transfers from various funds.
** The Village abated a portion of the tax levy on this bond issue for fiscal 2014
and evaluates annually if the Village is financially capable of doing so. The
bonds were issued as taxable Build America Bonds and are eligible for a 35%
direct payment interest credit from the U.S. Government.
*** The Village abated a portion of the tax levy on this bond issue for fiscal 2014
and evaluates annually if the Village is financially capable of doing so. The
bonds were issued as taxable Qualified Energy Conservation Bonds and are
eligible for a 70% direct payment interest credit from the U.S. Government.
b. Debt Service Requirements to Maturity
Annual debt service requirements to maturity are as follows:
Year Ending Governmental Activities Business-Type Activities
December 31, Principal Interest Total Principal Interest Total
2015 $ 962,000 $ 672,059 $ 1,634,059 $ 758,000 $ 1,047,840 $ 1,805,840
2016 989,000 651,844 1,640,844 781,000 1,032,680 1,813,680
2017 1,011,000 629,642 1,640,642 804,000 1,016,052 1,820,052
2018 1,045,000 605,265 1,650,265 825,000 997,429 1,822,429
2019 1,079,000 578,612 1,657,612 851,000 978,319 1,829,319
2020 1,115,000 548,694 1,663,694 875,000 958,983 1,833,983
2021 1,159,000 517,173 1,676,173 901,000 937,098 1,838,098
2022 1,195,000 483,569 1,678,569 930,000 912,580 1,842,580
2023 1,243,000 447,469 1,690,469 957,000 886,592 1,843,592
2024 1,289,000 408,397 1,697,397 991,000 857,777 1,848,777
2025 1,342,000 366,989 1,708,989 1,018,000 827,265 1,845,265
2026 1,395,000 322,417 1,717,417 1,055,000 793,686 1,848,686
2027 1,453,000 274,849 1,727,849 1,087,000 758,116 1,845,116
2028 1,334,000 223,811 1,557,811 13,431,000 719,552 14,150,552
2029 1,915,000 175,373 2,090,373 1,885,000 184,435 2,069,435
2030 1,985,000 113,102 2,098,102 1,940,000 120,525 2,060,525
2031 1,620,000 46,350 1,666,350 1,995,000 54,638 2,049,638
TOTAL $ 22,131,000 $ 7,065,615 $ 29,196,615 $ 31,084,000 $ 13,083,567 $ 44,167,567
- 34 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 35 -
6. LONG-TERM DEBT (Continued)
c. Changes in Long-Term Liabilities
During the fiscal year, the following changes occurred in long-term liabilities:
Fund Debt
Retired By
Balances
December 31 Additions Reductions
Balances
December 31
Current
Portion
GOVERNMENTAL
ACTIVITIES
General obligation
bonds Debt Service $ 23,066,000 $ - $ 935,000 $ 22,131,000 $ 962,000
Premium 156,570 - 7,123 149,447 -
Discount (57,612) - (492) (57,120) -
Compensated absences
(Governmental) General 1,483,272 288,503 162,964 1,608,811 176,428
Compensated absences
(Internal Service)
Garage
40,463
2,610
28,895
14,178
3,070
Other postemployment
benefit
General
789,476
72,963
-
862,439
-
TOTAL
GOVERNMENTAL
ACTIVITIES $ 25,478,169 $ 364,076 $ 1,133,490 $ 24,708,755 $ 1,141,498
Fund Debt
Retired By
Balances
December 31
Additions
Reductions
Balances
December 31
Current
Portion
BUSINESS-TYPE
ACTIVITIES
General obligation bonds
Sewer Sewer $ 31,839,000 $ - $ 755,000 $ 31,084,000 $ 758,000
Premium 158,146 - 11,313 146,833 -
Compensated absences
(Enterprise)
Water/Sewer/
Parking 244,650 13,420 38,141 219,929 22,640
Other postemployment
benefit Water/Sewer 54,388 5,026 - 59,414 -
TOTAL BUSINESS-TYPE
ACTIVITIES $ 32,296,184
$ 18,446
$ 804,454
$ 31,510,176
$ 780,640
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 percent: ...indebtedness which is outstanding
on the effective date (July 1, 1971) of this constitution or which is t hereafter
approved by referendum... shall not be included in the foregoing percentage
amounts.”
- 35 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 36 -
6. LONG-TERM DEBT (Continued)
d. Legal Debt Margin (Continued)
To date, the General Assembly has set no limits for home rule municipalities.
The Village qualifies as a Home Rule Unit under Section 6(a) of Article VII of the
1970 Constitution of Illinois and, under the powers granted by this section, can
exercise any power and perform any function pertaining to its government and
affairs that is not prohibited by the Illinois Compiled Statutes.
e. Noncommitment Debt - Industrial Development Revenue Bonds
The issuance of Industrial Development Revenue Bonds (IDRBs) by the Village is to
finance in whole or in part the cost of the acquisition, purchase, construction,
reconstruction, improvement, equipping, betterment or extension of any economic
development project in order to encourage economic development within or near the
Village.
IDRBs are not a debt of the Village. The entity using the bond proceeds to finance a
construction or improvement project is liable for the bonds. Since the Village does
not act as an agent for IDRBs, the transactions relating to the bonds and property do
not appear in the Village’s financial statements.
The Village has authorized the issuance of the following such bonds:
Date Issued
Type of Bond
Original
Amount
Debtor
4/16/84 Industrial Revenue $ 1,000,000 Teradyne, Inc.
9/19/11 Industrial Revenue 18,920,000 Chicagoland Jewish High School
As of December 31, 2014, there were two IDRBs outstanding. The IDRB for the
Chicagoland Jewel High School was refinanced during the fiscal year ended
April 30, 2012, and the aggregate principal amount payable was $18,491,000. The
aggregate principal payable for the other series of IDRBs could not be determined;
however, its original issue amount was $1,000,000.
- 36 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 37 -
7. INTERFUND ASSETS/LIABILITIES
a. Interfund Transfers
Transfers From Transfers To Amount
General Debt Service $ 831,850
Bond Proceeds Infrastructure Replacement 22,330
General Infrastructure Replacement 1,500,000
General Bond Proceeds Fund 1,977
Bond Proceeds Fund Sewer 20,000
Debt Service Sewer 1,797,019
TOTAL $ 4,173,176
The purpose of significant transfers to/from other funds is as follows:
$831,850 transferred from the General Fund to the Debt Service Fund is to
make principal and interest payments on debt as property taxes were abated.
The amount will not be repaid.
$1,500,000 transferred from the General Fund to the Infrastructure
Replacement Fund is to provide additional funding needed to complete
budgeted capital projects.
$1,797,019 transferred from Debt Service Fund to the Sewer Fund is to make
the principal and interest payments for the sewer bonds.
b. Due to/from Other Funds
Receivable Fund Payable Fund Amount
General Water $ 849,795
TOTAL $ 849,795
The interfund payables/receivables all represent temporary financing that will be
repaid within one year.
8. COMMITMENTS
High-Level Excess Liability Pool (HELP)
The Village has committed to purchase excess liability insurance from HELP, a joint
venture of Illinois municipalities.
- 37 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 38 -
8. COMMITMENTS (Continued)
These amounts have been calculated using the Village’s current allocation percentage of
3.94% of premium expense. In future years, this allocation percentage will be subject to
change because HELP’s agreement provides that the members will be assessed each year
based upon a formula that specifies the following four criteria for allocating premium
costs:
Miles of streets
Full-time equivalent employees
Number of licensed vehicles
Operating revenues
The Village has passed a resolution authorizing the extension of HELP for ten years
beginning May 1, 2008.
9. CONTINGENT LIABILITIES
a. Litigation
The Village is a defendant in various lawsuits. Although the outcome of these
lawsuits is not presently determinable, in the opinion of the Village’s attorney, the
resolution of these matters will not have a material adverse effect on the financial
condition of the Village.
b. Grants
Amounts received or receivable from grantor agencies are subject to audit and
adjustment by grantor agencies, principally the federal government. Any disallowed
claims, including amounts already collected, may constitute a liability of the
applicable funds. The amount, if any, of expenditures that may be disallowed by the
grantor cannot be determined at this time although the Village expects such amounts,
if any, to be immaterial.
c. High-Level Excess Liability Pool (HELP)
The Village’s agreement with HELP provides that each member is liable for its
proportionate share of any costs arising from defaults in payment obligations by
other members.
d. Solid Waste Agency of Lake County (SWALCO)
The Village’s contract with SWALCO provides that each member is liable for its
proportionate share of any costs arising from defaults in payment obligations by
other members.
- 38 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 39 -
10. JOINT VENTURES
Solid Waste Agency of Lake County (SWALCO)
Description of Joint Venture
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 bylaws.
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, 2014.
11. OTHER POSTEMPLOYMENT BENEFITS
a. Plan Description
In addition to providing the pension benefits described, the Village provides
postemployment health care benefits (OPEB) for retired employees through a
single-employer defined benefit plan. The benefits, benefit levels, employee
contributions and employer contributions are governed by the Village and can be
amended by the Village through its personnel manual and union contracts. The plan
is not accounted for as a trust fund, as an irrevocable trust has not been established to
account for the plan. The plan does not issue a separate report. The activity of the
plan is reported in the Village’s governmental and business-type activities.
- 39 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 40 -
11. OTHER POSTEMPLOYMENT BENEFITS (Continued)
b. Benefits Provided
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% 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.
c. Membership
At December 31, 2014, membership consisted of:
Retirees and beneficiaries currently receiving
benefits 15
Terminated employees entitled
to benefits but not yet receiving them -
Active employees 103
TOTAL 118
Participating employers 1
d. Funding Policy
The Village is not required to and currently does not advance fund the cost of
benefits that will become due and payable in the future. Active employees do not
contribute to the plan until retirement.
e. Annual OPEB Costs and Net OPEB Obligation
The Village’s annual OPEB cost, the percentage of annual OPEB cost contributed to
the plan and the net OPEB obligation for the last three years was as follows:
Fiscal
Year
Ended
Annual
OPEB
Cost
Employer
Contributions
Percentage of
Annual OPEB
Cost
Contributed
Net OPEB
Obligation
April 30, 2013 $ 332,200 $ 186,725 56.2% $ 766,391
December 31, 2013 186,180 108,707 58.4% 843,864
December 31, 2014 186,696 108,707 58.2% 921,853
- 40 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 41 -
11. OTHER POSTEMPLOYMENT BENEFITS (Continued)
e. Annual OPEB Costs and Net OPEB Obligation (Continued)
The net OPEB obligation as of December 31, 2014 was calculated as follows:
Annual required contribution $ 181,070
Interest on net OPEB obligation 33,755
Adjustment to annual required contribution (28,129)
Annual OPEB cost 186,696
Contributions made 108,707
Increase in net OPEB obligation 77,989
Net OPEB obligation, beginning of year 843,864
NET OPEB OBLIGATION, END OF YEAR $ 921,853
Funded Status and Funding Progress - The funded status of the plan as of April 30,
2013 (most recent data available), was as follows:
Actuarial accrued liability (AAL) $ 4,168,658
Actuarial value of plan assets -
Unfunded actuarial accrued liability (UAAL) 4,168,658
Funded ratio (actuarial value of plan assets/AAL) 0.00%
Covered payroll (active plan members) $ 9,909,624
UAAL as a percentage of covered payroll 42.1%
Actuarial valuations of an ongoing plan involve estimates of the value of reported
amounts and assumptions about the probability of occurrence of events far into the
future. Examples include assumptions about future employment, mortality and the
healthcare cost trend. Amounts determined regarding the funded status of the plan
and the annual required contributions of the employer are subject to continual
revision as actual results are compared with past expectations and new estimates are
made about the future. The schedule of funding progress, presented as required
supplementary information following the notes to financial statements, presents
multi-year trend information that shows whether the actuarial value of plan assets is
increasing or decreasing over time relative to the actuarial accrued liabilities for
benefits.
Actuarial methods and assumptions - projections of benefits for financial reporting
purposes are based on the substantive plan (the plan as understood by the employer
and plan members) and include the types of benefits provided at the time of each
valuation and the historical pattern of sharing of benefit costs between the employer
and plan members to that point. The actuarial methods and assumptions used include
techniques that are designed to reduce short-term volatility in actuarial accrued
liabilities and the actuarial value of assets, consistent with the long-term perspective
of the calculations.
- 41 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 42 -
11. OTHER POSTEMPLOYMENT BENEFITS (Continued)
e. Annual OPEB Costs and Net OPEB Obligation (Continued)
In the May 1, 2012, actuarial valuation, the entry-age normal actuarial cost method
was used. The actuarial assumptions included 4% investment rate of return and an
initial healthcare cost trend rate of 8% with an ultimate healthcare inflation rate of
6%. Both rates include a 3% inflation assumption and 4% wage inflation assumption.
The actuarial value of assets was not determined as the Village has not advance
funded its obligation. The plan’s unfunded actuarial accrued liability is being
amortized as a level percentage of projected payroll on an open basis over a 30 year
amortization period. The remaining amortization period at December 30, 2014, was
30 years.
12. EMPLOYEE RETIREMENT SYSTEMS
a. Plan Descriptions
Illinois Municipal Retirement Fund
The Village contributes to the Illinois Municipal Retirement Fund (IMRF), a defined
benefit agent multiple-employer public employee retirement system that acts as a
common investment and administrative agent for local governments and school
districts in Illinois (other than those covered by the Police Pension Plan).
IMRF provides two tiers of pension benefits. Employees hired prior to January 1,
2011, are eligible for Tier 1 benefits. For Tier 1 employees, pension benefits vest
after eight years of service. Participating members who retire at age 55 (reduced
benefits) or after age 60 (full benefits) with eight years of credited service are
entitled to an annual retirement benefit, payable monthly for life, in an amount equal
to 1 2/3% of their final rate of earnings, for each year of credited service up to 15
years, and 2% for each year thereafter.
Employees hired on or after January 1, 2011, are eligible for Tier 2 benefits. For
Tier 2 employees, pension benefits vest after ten years of service. Participating
members who retire at age 62 (reduced benefits) or after age 67 (full benefits) with
ten years of credited service are entitled to an annual retirement benefit, payable
monthly for life, in an amount equal to 1 2/3% of their final rate of earnings, for each
year of credited service up to 15 years, and 2% for each year thereafter.
Participating members are required to contribute 4.5% of their annual salary to
IMRF. The Village is required to contribute the remaining amounts necessary to fund
the coverage of its own employees in the system, using the actuarial basis specified
by state statute (entry-age normal). The employer contribution for the calendar year
ended December 31, 2014 was 13.97% of covered payroll.
- 42 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 43 -
12. EMPLOYEE RETIREMENT SYSTEMS
a. Plan Descriptions (Continued)
Illinois Municipal Retirement Fund (Continued)
IMRF issues a separate financial report which may be obtained by writing them at
IMRF, 2211 York Road, Suite 500, Oak Brook, Illinois 60523. This report contains
information for IMRF as a whole, but not by individual employer. The employer
contributions were determined as follows:
Illinois
Municipal
Retirement
Police
Pension
Actuarial valuation date December 31, 2012 December 31, 2013
Actuarial cost method Entry-age
Normal
Entry-age Normal
Level Percent
of Payroll
Asset valuation method 5 Year
Smoothed
Market
5 Year
Smoothed
Market
Amortization method Level Percentage of
Payroll
Level Dollar
(Closed)
Amortization period 29 Years,
Open
27 Years,
Closed
Significant actuarial assumptions
a) Rate of return on 7.50% 7.25%
present and future assets Compounded Compounded
Annually Annually
b) Projected salary increase - 4.00% 3.00%
attributable to inflation Compounded Compounded
Annually Annually
c) Additional projected salary .40% to 10.00% 4.00% to 14.17%
increases - seniority/merit
d) Postretirement benefit increases 3.00% 3.00%
- 43 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 44 -
12. EMPLOYEE RETIREMENT SYSTEMS
a. Plan Descriptions (Continued)
Police Pension Plan
Plan Administration
Police sworn personnel are covered by the Police Pension Plan, which is a defined
benefit single-employer pension plan. Although this is a single-employer pension
plan, the defined benefits and employee and employer contributions levels are
governed by Illinois Compiled Statutes (Chapter 40 - Article 5/3) and can be
amended only by the Illinois legislature. The Village accounts for the Police Pension
Plan as a pension trust fund.
The plan is governed by a five-member pension board. Two members are appointed
by the Village’s Board, one elected by retired pension members and two elected by
active members constitute the pension board.
The plan is accounted for on the economic resources measurement focus and the
accrual basis of accounting. Employer and employee contributions are recognized
when earned in the year that the contributions are required, benefits and refunds are
recognized as an expense and liability when due and payable.
The Police Pension Plan does not issue a separate financial report.
Plan Membership
At December 31, 2014, the Police Pension Plan membership consisted of:
Inactive plan members currently receiving benefits 36
Inactive plan members but not
yet receiving benefits 2
Active plan members
Vested 24
Nonvested 15
TOTAL 77
- 44 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 45 -
12. EMPLOYEE RETIREMENT SYSTEMS
a. Plan Descriptions (Continued)
Police Pension Plan (Continued)
Benefits Provided
The following is a summary of the Police Pension Plan as provided for in Illinois
Compiled Statutes.
The Police Pension Plan provides retirement benefits as well as death and disability
benefits. Tier 1 employees (those hired prior to January 1, 2011) attaining the age of
50 or older with 20 or more years of creditable service are entitled to receive an
annual retirement benefit equal to one-half of the salary attached to the rank held on
the last day of service, or for one year prior to the last day, whichever is greater. The
annual benefit shall be increased by 2.5% of such salary for each additional year of
service over 20 years up to 30 years to a maximum of 75% of such salary.
Employees with at least eight years but less than 20 years of credited service may
retire at or after age 60 and receive a reduced benefit. The monthly benefit of a
police officer who retired with 20 or more years of service after January 1, 1977
shall be increased annually, following the first anniversary date of retirement and be
paid upon reaching the age of at least 55 years, by 3% of the original pension and 3%
compounded annually thereafter.
Tier 2 employees (those hired on or after January 1, 2011) attaining the age of 55 or
older with ten or more years of creditable service are entitled to receive an annual
retirement benefit equal to the average monthly salary obtained by dividing the total
salary of the police officer during the 96 consecutive months of service within the
last 120 months of service in which the total salary was the highest by the number of
months of service in that period. Police officers’ salary for pension purposes is
capped at $106,800, plus the lesser of ½ of the annual change in the Consumer Price
Index or 3% compounded. The annual benefit shall be increased by 2.5% of such
salary for each additional year of service over 20 years up to 30 years to a maximum
of 75% of such salary. Employees with at least ten years may retire at or after age 50
and receive a reduced benefit (i.e., ½% for each month under 55). The monthly
benefit of a Tier 2 police officer shall be increased annually at age 60 on the January
1st after the police officer retires, or the first anniversary of the pension starting date,
whichever is later. Noncompounding increases occur annually, each January
thereafter. The increase is the lesser of 3% or ½ of the change in the Consumer Price
Index for the proceeding calendar year.
- 45 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 46 -
12. EMPLOYEE RETIREMENT SYSTEMS
a. Plan Descriptions (Continued)
Police Pension Plan (Continued)
Contributions
Covered employees are required to contribute 9.91% 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 Police Pension Plan as actuarially determined by an enrolled
actuary. Effective January 1, 2011, the Village has until the year 2040 to fund 90%
of the past service cost for the Police Pension Plan. The employer contribution for
the fiscal year ended December 31, 2014 was 26.37% of covered payroll.
Investment Policy
Permitted Deposits and Investments - Statutes and the Fund’s investment policy
authorize the Fund to make deposits/invest in insured commercial banks, savings and
loan institutions, obligations of the U.S. Treasury and U.S. agencies, insured credit
union shares, money market mutual funds with portfolios of securities issued or
guaranteed by the United States Government or agreements to repurchase these same
obligations, repurchase agreements, short-term commercial paper rated within the
three highest classifications by at least two standard rating services, Illinois Funds,
IMET, certain non-U.S. obligations, Illinois municipal corporations tax anticipation
warrants, veteran’s loans, obligations of the State of Illinois and its political
subdivisions, and Illinois insurance company general and separate accounts, mutual
funds and equity securities (not to exceed 65% of the total net position of the Fund).
During the year, no changes to the investment policy were approved by the Board of
Trustees.
The Fund’s Board and its investment manager established the following target
allocation across asset classes:
Asset Class
Target
Long-Term
Expected Real
Rate of Return
Corporate Bonds 34% 1.70%
Domestic Equity 60% 6.10%
Fixed Income 5% 1.00%
- 46 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 47 -
12. EMPLOYEE RETIREMENT SYSTEMS (Continued)
a. Plan Descriptions (Continued)
Police Pension Plan (Continued)
Investment Policy (Continued)
Long-term expected real returns under GASB reflect the period of time that begins
when a plan member begins to provide service to the employer and ends at the point
when all benefits to the plan member have been paid. The expected inflation rate is
3% and is included in the long-term rate of return on investments. Long-term rates of
return are expected to exhibit geometric properties. Geometric rates of return are
equal to arithmetic rates of return when the annual returns exhibit no volatility over
time. When arithmetic returns are volatile on a year-to-year basis, the actual realized
geometric returns over time will be lower. The higher the volatility, the greater the
difference.
Investment Valuations
All investments in the plan are stated at fair value and are recorded as of the trade
date. Fair value is based on quoted market prices at December 31 for debt securities,
equity securities and mutual funds and contract values for any insurance contracts.
Investment income is recognized as earned. Gains and losses on sales and exchanges
of fixed income securities are recognized on the transaction date.
Investment Rate of Return
For the year ended December 31, 2014, the annual money-weighted rate of return on
pension plan investments, net of pension plan investment expense, was 7.48%. The
money-weighted rate of return expresses investment performance, net of investment
expense, adjusted for the changing amounts actually invested.
Deposits with Financial Institutions
Custodial credit risk for deposits with financial institutions is the risk that in the
event of a bank’s failure, the Police Pension Fund’s deposits may not be r eturned to
them. The Police Pension Fund’s investment policies do not require pledging of
collateral for all bank balances in excess of federal depository insurance, since flow-
through FDIC insurance is available for the Police Pension Fund’s deposits with
financial institutions.
- 47 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 48 -
12. EMPLOYEE RETIREMENT SYSTEMS (Continued)
a. Plan Descriptions (Continued)
Police Pension Plan (Continued)
Interest Rate Risk
The following table presents the investments and maturities of the Police Pension
Fund’s debt securities as of December 31, 2014:
Investment Maturities (in Years)
Fair Less than Greater than
Value 1 1-5 6-10 10
U.S. agency obligations $ 5,493 $ - $ - $ 3,186 $ 2,307
U.S. Treasury obligations 2,031,620 - 89,625 - 1,941,995
Corporate bonds 10,038,449 386,844 6,638,048 2,448,725 564,832
Municipal bonds 1,050,083 - 150,526 314,109 585,448
TOTAL $ 13,125,645 $ 386,844 $ 6,878,199 $ 2,766,020 $ 3,094,582
In accordance with its investment policy, the Police Pension Fund limits its exposure
to interest rate risk by structuring the portfolio to provide liquidity for operating
funds and maximizing yields for funds not needed within a one year period. The
investment policy does not limit the maximum maturity length of investments in the
Police Pension Fund.
Credit Risk
The Police Pension Fund limits its exposure to credit risk, the risk that the issuer of a
debt security will not pay its par value upon maturity, by investing in obligations
guaranteed by the U.S. Government or securities issued by agencies of the U.S.
Government that are explicitly or implicitly guaranteed by the U.S. Government
bonds. The U.S. Treasury and agency obligations are rated by Moody’s Aaa, the
corporate bonds are rated between Baa3 and Aaa, and the municipal bonds are rated
between Aa3 and Aaa. Illinois Funds is rated Aaa by Standard and Poor’s. The
investment policy is silent on minimum ratings required.
Custodial Credit Risk - Investments
Custodial credit risk for investments is the risk that, in the event of the failure of the
counterparty to the investment, the Police Pension Fund will not be able to recover
the value of its investments that are in possession of an outside party. To limit its
exposure, the Police Pension Fund’s investment policy 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 Police Pension Fund’s agent separate from where the investment was
purchased in the Police Pension Fund’s name. Illinois Funds and IMET are not
subject to custodial credit risk.
- 48 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 49 -
12. EMPLOYEE RETIREMENT SYSTEMS (Continued)
a. Plan Descriptions (Continued)
Police Pension Plan (Continued)
Custodial Credit Risk - Investments (Continued)
Concentration of credit risk - 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% of the
Police Pension Fund’s total investment portfolio can be invested in a single security
type or with a single financial institution.
The Police Pension Fund’s investment policy does not specifically prohibit the use of
or the investment in derivatives.
Net Pension Liability
The components of the net pension liability of the Police Pension Plan as of
December 31, 2014 calculated in accordance with GASB Statement No. 67 were as
follows:
Total pension liability $ 50,957,374
Plan fiduciary net position 41,594,356
Village’s net pension liability 9,363,018
Plan fiduciary net position as a percentage of the
total pension liability
81.63%
See the schedule of changes in the employer’s net pension liability and related ratios
in the required supplementary information for additional information related to the
funded status of the Fund.
- 49 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 50 -
12. EMPLOYEE RETIREMENT SYSTEMS (Continued)
a. Plan Descriptions (Continued)
Police Pension Plan (Continued)
Actuarial Assumptions
The total pension liability above was determined by an actuarial valuation performed
using the following actuarial methods and assumptions.
Actuarial valuation date December 31, 2014
Actuarial cost method Entry-age normal
Assumptions
Inflation 3.00%
Salary increases 4.50%
Interest rate 7.25%
Cost of living adjustments 3.00%
Asset valuation method Market
Mortality rates were based on the L&A 2012 Illinois Police Table. The actuarial
assumptions used in the December 31, 2014 valuation were based on the results of
an actuarial experience study conducted by the Illinois Department of Insurance.
Discount Rate
The discount rate used to measure the total pension liability was 7%. 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 the 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 Fund’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 pension
plan investments was applied to all periods of projected benefit payments to
determine the total pension liability.
- 50 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 51 -
12. EMPLOYEE RETIREMENT SYSTEMS (Continued)
a. Plan Descriptions (Continued)
Police Pension Plan (Continued)
Discount Rate Sensitivity
The following is a sensitive 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% as well as what the Village’s net pension liability
would be if it were calculated using a discount rate that is 1 percentage point lower
(6%) or 1 percentage point higher (8%) than the current rate:
1% Decrease
Current
Discount Rate
1% Increase
(6%) (7%) (8%)
Net pension liability $ 15,733,678 $ 9,363,018 $ 4,049,899
b. Significant Investments
There were no investments (other than U.S. Government and U.S. Government
guaranteed obligations) in any one organization that represent more than 5% or more
of plan net position for the Police Pension Plan.
c. Annual Pension Cost
Employer annual pension cost (APC) actual contributions and the net pension
obligation (NPO) are as follows. The NPO is the cumulative difference between the
APC and the contributions actually made.
For Fiscal
Year
Illinois
Municipal
Retirement
Police
Pension
Annual pension cost (APC) April 30, 2013 $ 974,395 $ 1,002,006
December 31, 2013 705,723 897,486
December 31, 2014 1,060,839 964,787
Actual contribution April 30, 2013 $ 974,395 $ 1,023,006
December 31, 2013 705,723 895,479
December 31, 2014 1,060,839 989,616
Percentage of APC contributed April 30, 2013 100.00% 102.10%
December 31, 2013 100.00% 99.78%
December 31, 2014 100.00% 102.57%
NPO (asset) April 30, 2013 $ - $ (997,599)
December 31, 2013 - (995,592)
December 31, 2014 - (1,020,421)
- 51 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 52 -
12. EMPLOYEE RETIREMENT SYSTEMS (Continued)
c. Annual Pension Cost (Continued)
The Village’s annual pension cost and net pension obligation (asset) for the Police
Pension Plan for December 31, 2014 are as follows:
Annual required contribution $ 989,616
Interest on net pension obligation (asset) (72,181)
Adjustment to annual required contribution 47,352
Annual pension cost 964,787
Contributions made 989,616
Increase (decrease) in net pension obligation (24,829)
Net pension obligation (asset), beginning of year (995,592)
NET PENSION OBLIGATION (ASSET), END OF YEAR $ (1,020,421)
Funded Status and Funding Progress - The funded status of the plans as of
December 31, 2014 for Illinois Municipal Retirement and December 31, 2013 for the
Police Pension (most recent data available) were as follows. The actuarial
assumptions used to determine the funded status of the Police Pension Plan are the
same actuarial assumptions used to determine the employer APC of the plan as
disclosed in Note 12c.
Illinois
Municipal
Retirement*
Police
Pension
Actuarial accrued liability (AAL) $ 21,429,811 $ 48,259,455
Actuarial value of plan assets 14,833,591 37,368,284
Unfunded actuarial accrued liability (UAAL) 6,596,220 10,891,171
Funded ratio (actuarial value of plan
assets/AAL)
69.22%
77.43%
Covered payroll (active plan members) $ 7,593,696 $ 3,752,319
UAAL as a percentage of covered payroll 86.86% 290.25%
* Includes both the Village and the Library.
The actuarial value of plan assets for the Police Pension Pl an above is as of
December 31, 2013.
Multi-year trend information is presented immediately after the notes to financial
statements in the required supplementary information section for the pension plans
and the OPEB plan.
- 52 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 53 -
13. CONTRACTUAL COMMITMENTS
Economic Incentive Agreements
The Village has entered into economic incentive agreements with a commercial entity
whereby the Village has agreed to reimburse the commercial entit y through sales tax
rebates. 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. At December 31,
2014, the Village has accrued an estimated rebate liability of $747,051 for amounts
collected by the state through December 31, 2014 but not yet paid to the commercial
entity. To date, the Village has paid $17,707,637 to the commercial entity. The agreement
has no stated maximum.
14. SUBSEQUENT EVENT
On May 15, 2015, the Village issued General Obligation Bonds, Series 2015 in the amount
of $9,575,000 with interest of 3% maturing in increments of $380,000 to $650,000 through
December 1, 2034. The proceeds will be used to improve the Village’s infrastructure.
- 53 -
REQUIRED SUPPLEMENTARY INFORAMTION
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended December 31, 2014
Original Final
Budget Budget Actual
REVENUES
Taxes 10,073,560$ 10,073,560$ 10,784,811$
Licenses and permits 1,163,000 1,163,000 3,062,263
Intergovernmental 6,643,000 6,643,000 7,233,935
Charges for services 627,000 627,000 674,250
Fines and forfeits 292,000 292,000 307,744
Investment income 105,000 105,000 (226,324)
Miscellaneous 777,000 807,000 897,875
Total revenues 19,680,560 19,710,560 22,734,554
EXPENDITURES
General government 7,603,895 7,603,895 7,352,949
Public safety 9,392,027 9,422,027 8,490,547
Highways and streets 2,645,925 2,645,925 2,924,874
Total expenditures 19,641,847 19,671,847 18,768,370
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 38,713 38,713 3,966,184
OTHER FINANCING SOURCES (USES)
Transfers (out)(2,331,850) (2,331,850) (2,333,827)
Sale of capital assets 7,500 7,500 27,431
Total other financing sources (uses)(2,324,350) (2,324,350) (2,306,396)
NET CHANGE IN FUND BALANCE (2,285,637)$ (2,285,637)$ 1,659,788
FUND BALANCE, JANUARY 1 20,034,336
FUND BALANCE, DECEMBER 31 21,694,124$
(See independent auditor's report.)
- 54 -
Schedule of Funding Progress
(6)
Unfunded
Actuarial
(2)(4)Accrued
(1)Actuarial Unfunded Liability as
Actuarial Actuarial Accrued (3)Actuarial (5)a Percentage
Valuation Value of Liability Percentage Accrued Annual of Covered
Date Plan (AAL)Funded Liability Covered Payroll
December 31,Assets Entry-Age (1) / (2) (2) - (1)Payroll (4) / (5)
2009 9,107,659$ 16,821,384$ 54.14%7,713,725$ 7,006,916$ 110.09%
2010 9,932,360 17,300,765 57.41%7,368,405 6,847,499 107.61%
2011 11,623,931 19,062,218 60.98%7,438,287 7,149,112 104.04%
2012 12,514,897 19,697,729 63.53%7,182,832 6,984,525 102.84%
2013 13,985,637 20,224,889 69.15%7,182,832 7,168,621 100.20%
2014 14,833,591 21,429,811 69.22%6,596,220 7,593,696 86.86%
Schedule of Employer Contributions
Annual
Required
Fiscal Employer Contribution Percentage
Year Contributions (ARC)Contributed
April 30, 2010 848,052$ 848,052$ 100.00%
April 30, 2011 978,074 978,074 100.00%
April 30, 2012 994,383 994,383 100.00%
April 30, 2013 974,395 974,395 100.00%
December 31, 2013*705,723 705,723 100.00%
December 31, 2014 1,060,839 1,060,839 100.00%
* The Village changed to a December 31 year-end for the fiscal year ended December 31, 2013.
Note: Amounts above include both the Village of Deerfield and Deerfield Public Library.
December 31, 2014
VILLAGE OF DEERFIELD, ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION
ILLINOIS MUNICIPAL RETIREMENT FUND
(See independent auditor's report.)
- 55 -
Schedule of Funding Progress
(6)
Unfunded
Actuarial
(2)(4)Accrued
(1)Actuarial Unfunded Liability as
Actuarial Accrued (3)Actuarial (5)a Percentage
Actuarial Value of Liability Percentage Accrued Annual of Covered
Valuation Plan (AAL)Funded Liability Covered Payroll
Date Assets Entry-Age (1) / (2) (2) - (1)Payroll (4) / (5)
April 30, 2009 26,630,887$ 37,524,305$ 70.97%10,893,418$ 3,104,786$ 350.86%
April 30, 2010 28,394,421 40,399,625 70.28%12,005,204 3,356,276 357.69%
April 30, 2011 30,880,930 39,809,633 77.57%8,928,703 3,216,370 277.60%
April 30, 2012 32,680,996 44,093,099 74.12%11,412,103 3,412,049 334.46%
April 30, 2013 35,139,089 46,720,153 75.21%11,581,064 3,512,925 329.67%
December 31, 2013*37,368,284 48,259,455 77.43%10,891,171 3,752,319 290.25%
* The Village changed to a December 31 year-end for the fiscal year ended December 31, 2013.
Schedule of Employer Contributions
Annual
Required
Fiscal Employer Contribution Percentage
Year Contributions (ARC)Contributed
April 30, 2010 1,202,006$ 1,202,006$ 100.00%
April 30, 2011 1,350,132 1,350,132 100.00%
April 30, 2012 860,228 860,228 100.00%
April 30, 2013 1,023,006 1,023,006 100.00%
December 31, 2013*895,479 895,479 100.00%
December 31, 2014 989,616 989,616 100.00%
December 31, 2014
VILLAGE OF DEERFIELD, ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION
POLICE PENSION FUND
(See independent auditor's report.)
- 56 -
Schedule of Funding Progress
(6)
Unfunded
Actuarial
(2)(4)Accrued
(1)Actuarial Unfunded Liability as
Actuarial Accrued (3)Actuarial (5)a Percentage
Actuarial Value of Liability Percentage Accrued Annual of Covered
Valuation Plan (AAL)Funded Liability Covered Payroll
Date Assets Entry-Age (1) / (2) (2) - (1)Payroll (4) / (5)
April 30, 2009 -$ 4,255,265$ 0.00%4,255,265$ 8,121,599$ 52.39%
April 30, 2010 - 4,427,351 0.00%4,427,351 8,446,463 52.42%
April 30, 2011 N/A N/A N/A N/A N/A N/A
April 30, 2012 N/A N/A N/A N/A N/A N/A
April 30, 2013 -$ 4,168,658$ 0.00%4,168,658$ 9,909,624$ 42.07%
December 31, 2014 N/A N/A N/A N/A N/A N/A
Schedule of Employer Contributions
Annual
Required
Fiscal Employer Contribution Percentage
Year Contributions (ARC)Contributed
April 30, 2010 168,200$ 315,350$ 53.34%
April 30, 2011 186,725 328,060 56.92%
April 30, 2012 186,725 328,060 56.92%
April 30, 2013 186,725 328,060 56.92%
December 31, 2013*108,707 181,070 60.04%
December 31, 2014 108,707 181,070 60.04%
* The Village changed to a December 31 year-end for the fiscal year ended December 31, 2013.
N/A - Not available
December 31, 2014
VILLAGE OF DEERFIELD, ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION
OTHER POSTEMPLOYMENT BENEFIT PLAN
(See independent auditor's report.)
- 57 -
- 59 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
December 31, 2014
BUDGETS
Budgets are adopted on a basis consistent with GAAP. Annual appropriated budgets are adopted
(at the fund level) for the General, Special Revenue, Debt Service, Capital Projects (except the
Library Bond Proceeds Fund), Enterprise, Internal Service and Pension Trust Funds. The annual
appropriated budget is legally enacted and provides for a legal level of control at the department
level, or, where no departmental segregation of a fund exists, the fund level. All annual
appropriations lapse at fiscal year end.
Encumbrances represent commitments related to unperformed contracts for goods or services.
Encumbrance accounting under which purchase orders, contracts and other commitments for the
expenditure of resources are recorded to reserve that portion of the applicable appropriation is
utilized in the governmental funds. Material encumbrances outstanding at year end, if any, are
reported as reservations of fund balances and do not constitute expenditures or liabilities because
the commitments will be honored during the subsequent year.
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
must approve any over expenditures of appropriation or transfers of appropriated amounts.
During the year, one supplementary appropriation was approved.
The following fund was over budget due to unanticipated separation refunds:
Budget Actual
Police Pension $ 2,295,800 $ 2,467,923
- 58 -
April 30,
2006 2007 2008 2009 2010 2011 2012 2013 2013 2014
Actuarially determined contribution 575,395$ 654,414$ 698,335$ 843,209$ 1,202,006$ 1,350,132$ 860,228$ 1,023,006$ 895,479$ 989,616$
Contribution in relation to the actuarially
determined contribution 575,395 654,414 698,335 843,209 1,202,006 1,350,132 860,228 1,023,006 895,479 989,616
CONTRIBUTION DEFICIENCY (Excess)- - - - - - - - - -
Covered-employee payroll 3,038,118$ 3,124,688$ 3,192,147$ 3,104,786$ 3,356,276$ 3,216,370$ 3,412,049$ 3,512,925$ 3,512,925$ 3,752,319$
Contributions as a percentage of covered-
employee payroll 18.94%20.94%21.88%27.16%35.81%41.98%25.21%29.12%25.49%26.37%
The information directly above is formatted to comply with the requirements of GASB Statement No. 67
Annual
Required
Fiscal Employer Contribution Percentage
Year Contributions (ARC)Contributed
April 30, 2010 1,202,006$ 1,202,006$ 100.00%
April 30, 2011 1,350,132 1,350,132 100.00%
April 30, 2012 860,228 860,228 100.00%
April 30, 2013 1,023,006 1,023,006 100.00%
December 31, 2013*895,479 895,479 100.00%
December 31, 2014 989,616 989,616 100.00%
* The Village changed to a December 31 year-end for the fiscal year ended December 31, 2013.
Notes to the Required Supplementary Information:
This information directly above is presented in accordance with GASB Statement No.25.The information presented was determined as part of the actuarial valuations as of January 1.Additional information as of the latest
actuarial valuation presented is as follows:the actuarial cost method was entry-age normal;the amortization method was level percent of pay,closed and the amortization period was 26 years;the asset valuation method was at
market value;and the significant actuarial assumptions were an investment rate of return of 7.25%annually,projected salary increase assumption of 4.5%compounded annually and postretirement benefit increases of 3%
compounded annually.
VILLAGE OF DEERFIELD, ILLINOIS
POLICE PENSION FUND
SCHEDULE OF EMPLOYER CONTRIBUTIONS
Last Ten Fiscal Years
December 31,
(See independent auditor's report.)
- 59 -
TOTAL PENSION LIABILITY
Service cost 841,716$
Interest 3,358,650
Changes of benefit terms -
Differences between expected and actual experience -
Changes of assumptions -
Benefit payments, including refunds of member contributions (2,447,399)
Net change in total pension liability 1,752,967
Total pension liability - beginning 49,204,407
TOTAL PENSION LIABILITY - ENDING 50,957,374$
PLAN FIDUCIARY NET POSITION
Contributions - employer 989,616$
Contributions - member 374,137
Net investment income 3,637,510
Benefit payments, including refunds of member contributions (2,447,399)
Administrative expense (20,524)
Net change in plan fiduciary net position 2,533,340
Plan net position - beginning 39,061,016
PLAN NET POSITION - ENDING 41,594,356$
EMPLOYER'S NET PENSION LIABILITY 9,363,018$
Plan fiduciary net position
as a percentage of the total pension liability 81.63%
Covered employee payroll 3,752,319$
Employer's net pension liability
as a percentage of covered employee payroll 249.53%
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF CHANGES IN THE EMPLOYER'S
NET PENSION LIABILITY AND RELATED RATIOS
POLICE PENSION FUND
December 31, 2014
(See independent auditor's report.)
- 60 -
2014
Annual money-weighted rate of return,
net of investment expense 7.48%
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF INVESTMENT RETURNS
POLICE PENSION FUND
December 31, 2014
(See independent auditor's report.)
- 61 -
COMBINING AND INDIVIDUAL FUND
FINANCIAL STATEMENTS AND SCHEDULES
MAJOR GOVERNMENTAL FUNDS
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended December 31, 2014
Original Final
Budget Budget Actual
TAXES
Property 2,213,560$ 2,213,560$ 2,247,995$
Replacement 85,000 85,000 139,743
Home rule sales 3,200,000 3,200,000 3,413,920
Local use 275,000 275,000 356,053
Electric utility tax 1,250,000 1,250,000 1,294,977
Hotel/motel 1,550,000 1,550,000 2,070,324
Telecommunication 1,500,000 1,500,000 1,261,799
Total taxes 10,073,560 10,073,560 10,784,811
LICENSES AND PERMITS
Beer/liquor licenses 65,000 65,000 75,100
Food licenses 5,000 5,000 5,710
Other business licenses 5,500 5,500 7,448
Building permits 700,000 700,000 2,592,589
Contractor's licenses 7,000 7,000 7,550
Nonbusiness licenses and permits 50,500 50,500 44,935
Vehicle licenses 330,000 330,000 328,931
Total licenses and permits 1,163,000 1,163,000 3,062,263
INTERGOVERNMENTAL
State grant - - 1,100
Sales taxes 5,100,000 5,100,000 5,434,044
Income taxes 1,500,000 1,500,000 1,744,931
State highway maintenance 43,000 43,000 53,860
Total intergovernmental 6,643,000 6,643,000 7,233,935
CHARGES FOR SERVICES
Special police services 280,000 280,000 272,778
Dispatching services 190,000 190,000 230,847
50/50 tree planting 55,000 55,000 122,089
Engineering services 102,000 102,000 48,536
Total charges for services 627,000 627,000 674,250
FINES AND FORFEITS 292,000 292,000 307,744
INVESTMENT INCOME 105,000 105,000 (226,324)
(This schedule is continued on the following page.)
- 62 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended December 31, 2014
Original Final
Budget Budget Actual
MISCELLANEOUS
False alarms 27,000$ 27,000$ 25,929$
Rentals 235,000 235,000 269,092
Miscellaneous 140,000 170,000 170,740
Franchise fees 375,000 375,000 432,114
Total miscellaneous 777,000 807,000 897,875
TOTAL REVENUES 19,680,560$ 19,710,560$ 22,734,554$
(See independent auditor's report.)
- 63 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended December 31, 2014
Original Final
Budget Budget Actual
GENERAL GOVERNMENT
Finance department
Personnel services 967,500$ 967,500$ 1,025,482$
Training and development 8,050 8,050 3,090
Contractual services 3,234,420 3,234,420 3,214,020
Commodities 14,500 14,500 6,651
Utilities 19,700 19,700 17,998
Capital outlay 35,917 35,917 35,284
Total finance department 4,280,087 4,280,087 4,302,525
Administration
Personnel services 759,223 759,223 737,079
Training and development 14,000 14,000 9,315
Contractual services 604,892 604,892 508,391
Commodities 3,550 3,550 3,500
Utilities 2,200 2,200 2,533
Capital outlay 74,950 74,950 38,816
Total administration 1,458,815 1,458,815 1,299,634
Community development
Personnel services 1,037,568 1,037,568 1,014,871
Training and development 5,700 5,700 3,975
Contractual services 126,519 126,519 84,590
Commodities 20,700 20,700 9,435
Utilities 7,500 7,500 6,751
Capital outlay 9,000 9,000 9,059
Total community development 1,206,987 1,206,987 1,128,681
Engineering
Personnel services 320,000 320,000 326,111
Training and development 4,500 4,500 4,544
Contractual services 283,055 283,055 251,113
Commodities 13,500 13,500 8,616
Utilities 8,700 8,700 7,235
Capital outlay 28,251 28,251 24,490
Total engineering 658,006 658,006 622,109
Total general government 7,603,895 7,603,895 7,352,949
PUBLIC SAFETY
Police department
Administrative services
Personnel services 945,014 945,014 911,831
Training and development 19,100 19,100 9,163
(This schedule is continued on the following pages.)
- 64 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended December 31, 2014
Original Final
Budget Budget Actual
PUBLIC SAFETY (Continued)
Police department (Continued)
Administrative services (Continued)
Contractual services 672,485$ 672,485$ 506,056$
Commodities 35,000 35,000 32,338
Utilities 19,650 19,650 16,659
Capital outlay 167,395 167,395 164,477
Total administrative services 1,858,644 1,858,644 1,640,524
Communications
Personnel services 995,053 995,053 897,219
Training and development 5,600 5,600 4,313
Contractual services 500 500 236
Capital outlay 4,200 4,200 2,659
Total communications 1,005,353 1,005,353 904,427
Investigations
Personnel services 1,027,738 1,027,738 942,898
Training and development 6,250 6,250 2,787
Contractual services 7,480 7,480 3,039
Commodities 17,140 17,140 15,255
Capital outlay 7,175 7,175 3,593
Total investigations 1,065,783 1,065,783 967,572
Patrol
Personnel services 5,027,297 5,027,297 4,667,750
Training and development 36,000 36,000 39,799
Contractual services 65,400 65,400 42,109
Commodities 99,600 99,600 65,958
Utilities 4,000 4,000 3,136
Capital outlay 34,350 64,350 34,267
Total patrol 5,266,647 5,296,647 4,853,019
Special detail
Personnel services 195,600 195,600 125,005
Total special detail 195,600 195,600 125,005
Total public safety 9,392,027 9,422,027 8,490,547
HIGHWAYS AND STREETS
Public works department
Administration
Personnel services 295,350 295,350 289,515
Training and development 1,250 1,250 1,372
Contractual services 185,757 185,757 159,830
(This schedule is continued on the following page.)
- 65 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended December 31, 2014
Original Final
Budget Budget Actual
HIGHWAYS AND STREETS (Continued)
Public works department (Continued)
Administration (Continued)
Commodities 4,300$ 4,300$ 7,996$
Utilities 8,100 8,100 7,316
Capital outlay 147,068 147,068 145,013
Total administration 641,825 641,825 611,042
Maintenance
Personnel services 754,000 754,000 684,975
Contractual services 107,000 107,000 125,170
Commodities 108,000 108,000 120,241
Utilities 110,000 110,000 110,965
Capital outlay 2,500 2,500 -
Total maintenance 1,081,500 1,081,500 1,041,351
Snow and ice control
Personnel services 136,250 136,250 255,370
Contractual services 99,000 99,000 182,588
Commodities 267,250 267,250 309,253
Capital outlay 750 750 1,288
Total snow and ice control 503,250 503,250 748,499
Forestry
Personnel services 9,600 9,600 6,132
Contractual services 273,000 273,000 357,859
Commodities 9,000 9,000 11,501
Capital outlay 62,000 62,000 112,005
Total forestry 353,600 353,600 487,497
Train station maintenance
Personnel services 10,750 10,750 9,363
Contractual services 51,000 51,000 24,896
Commodities 3,500 3,500 2,226
Utilities 500 500 -
Total train station maintenance 65,750 65,750 36,485
Total highways and streets 2,645,925 2,645,925 2,924,874
TOTAL EXPENDITURES 19,641,847$ 19,671,847$ 18,768,370$
(See independent auditor's report.)
- 66 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
DEBT SERVICE FUND
For the Year Ended December 31, 2014
Original and
Final Budget Actual
REVENUES
Taxes
Property 1,319,886$ 1,338,600$
Intergovernmental 493,300 501,135
Contribution from library - 730,381
Investment income 500 (18,116)
Total revenues 1,813,686 2,552,000
EXPENDITURES
Debt service
Principal retirement 1,160,000 935,000
Interest 1,532,043 690,405
Fiscal charges 6,000 3,250
Total expenditures 2,698,043 1,628,655
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (884,357) 923,345
OTHER FINANCING SOURCES (USES)
Transfers in 831,850 831,850
Transfers (out)- (1,797,019)
Total other financing sources (uses)831,850 (965,169)
NET CHANGE IN FUND BALANCE (52,507)$ (41,824)
NET POSITION, JANUARY 1 67,123
NET POSITION, DECEMBER 31 25,299$
(See independent auditor's report.)
- 67 -
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
INFRASTRUCTURE REPLACEMENT FUND
For the Year Ended December 31, 2014
Original and
Final Budget Actual
REVENUES
Taxes
Property 82,885$ 83,774$
Home rule sales tax 900,000 1,137,973
Intergovernmental 380,000 1,252,735
Investment income 1,500 (10,116)
Miscellaneous 200,000 317,390
Total revenues 1,564,385 2,781,756
EXPENDITURES
Capital outlay
Contractual services 1,070,000 847,039
Construction 1,960,000 1,930,283
Total expenditures 3,030,000 2,777,322
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (1,465,615) 4,434
OTHER FINANCING SOURCES (USES)
Transfers in 1,500,000 1,522,330
Total other financing sources (uses)1,500,000 1,522,330
NET CHANGE IN FUND BALANCE 34,385$ 1,526,764
NET POSITION, JANUARY 1 749,533
NET POSITION, DECEMBER 31 2,276,297$
VILLAGE OF DEERFIELD, ILLINOIS
(See independent auditor's report.)
- 68 -
NONMAJOR GOVERNMENTAL FUNDS
Motor Fuel Tax Fund - to account for activity funded by the state share of tax on the use of motor
fuels.
Enhanced 911 Fund - to account for the operation of the E911 emergency response system which
is funded by a per line charge on land-based and cellular phones.
2011B Sinking Fund - to accumulate restricted resources for the payment of general long-term
debt.
Bond Proceeds Fund - to account for the restricted proceeds of the General Obligation Bonds,
Series 2010A, 2011B and 2012 and related expenditures.
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
December 31, 2014
Debt Capital
Service Fund Project Fund
Motor Enhanced 2011B Bond
Fuel Tax 911 Sinking Proceeds Total
ASSETS
Cash and investments 881,854$ 1,140,387$ 2,175,743$ -$ 4,197,984$
Receivables
Accounts - 82,112 - - 82,112
Accrued interest 159 348 7,485 - 7,992
Due from other governments 45,895 - - - 45,895
TOTAL ASSETS 927,908$ 1,222,847$ 2,183,228$ -$ 4,333,983$
LIABILITIES AND FUND BALANCES
LIABILITIES
Accounts payable -$ 7,952$ -$ -$ 7,952$
Total liabilities - 7,952 - - 7,952
FUND BALANCES
Restricted for
Maintenance of roadways 927,908 - - - 927,908
Public safety - 1,214,895 - - 1,214,895
Debt service - - 2,183,228 - 2,183,228
Capital projects - - - - -
Total fund balances 927,908 1,214,895 2,183,228 - 4,326,031
TOTAL LIABILITIES AND
FUND BALANCES 927,908$ 1,222,847$ 2,183,228$ -$ 4,333,983$
Special Revenue Funds
VILLAGE OF DEERFIELD, ILLINOIS
(See independent auditor's report.)
- 69 -
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For the Year Ended December 31, 2014
Debt Capital
Service Fund Project Fund
Motor Enhanced 2011B Bond
Fuel Tax 911 Sinking Proceeds Total
REVENUES
Property taxes -$ -$ 725,000$ -$ 725,000$
Intergovernmental 611,469 - - - 611,469
Charges for services - 329,798 - - 329,798
Investment income (9,329) (9,826) 52,219 73 33,137
Miscellaneous - 3,108 - - 3,108
Total revenues 602,140 323,080 777,219 73 1,702,512
EXPENDITURES
Current
General government - - 500 - 500
Public safety - 472,623 - - 472,623
Total expenditures - 472,623 500 - 473,123
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 602,140 (149,543) 776,719 73 1,229,389
OTHER FINANCING SOURCES (USES)
Transfers (out)
Infrastructure Replacement Fund - - - (40,353) (40,353)
Total other financing sources (uses)- - - (40,353) (40,353)
NET CHANGE IN FUND BALANCES 602,140 (149,543) 776,719 (40,280) 1,189,036
NET POSITION, JANUARY 1 325,768 1,364,438 1,406,509 40,280 3,136,995
NET POSITION, DECEMBER 31 927,908$ 1,214,895$ 2,183,228$ -$ 4,326,031$
Special Revenue Funds
(See independent auditor's report.)
- 70 -
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
MOTOR FUEL TAX FUND
For the Year Ended December 31, 2014
Original and
Final Budget Actual
REVENUES
Intergovernmental
Allotments earned 425,000$ 611,469$
Investment income 1,500 (9,329)
Total revenues 426,500 602,140
EXPENDITURES
Highways and streets
Capital outlay 494,000 -
Total expenditures 494,000 -
NET CHANGE IN FUND BALANCE (67,500)$ 602,140
NET POSITION, JANUARY 1 325,768
NET POSITION, DECEMBER 31 927,908$
VILLAGE OF DEERFIELD, ILLINOIS
(See independent auditor's report.)
- 71 -
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
ENHANCED 911 FUND
For the Year Ended December 31, 2014
Original Final
Budget Budget Actual
REVENUES
Charges for services
Other charges 350,000$ 350,000$ 329,798$
Investment income 7,000 7,000 (9,826)
Miscellaneous 3,650 3,650 3,108
Total revenues 360,650 360,650 323,080
EXPENDITURES
Public safety
Contractual services 170,050 190,050 135,384
Utilities 53,000 53,000 42,848
Capital outlay 337,621 357,621 294,391
Total expenditures 560,671 600,671 472,623
NET CHANGE IN FUND BALANCE (200,021)$ (240,021)$ (149,543)
NET POSITION, JANUARY 1 1,364,438
NET POSITION, DECEMBER 31 1,214,895$
VILLAGE OF DEERFIELD, ILLINOIS
(See independent auditor's report.)
- 72 -
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
2011B SINKING FUND
For the Year Ended December 31, 2014
Original and
Final Budget Actual
REVENUES
Property taxes -$ 725,000$
Investment income - 52,219
Total revenues - 777,219
EXPENDITURES
Contractual services - 500
Total expenditures - 500
NET CHANGE IN FUND BALANCE -$ 776,719
NET POSITION, JANUARY 1 1,406,509
NET POSITION, DECEMBER 31 2,183,228$
VILLAGE OF DEERFIELD, ILLINOIS
(See independent auditor's report.)
- 73 -
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
BOND PROCEEDS FUND
For the Year Ended December 31, 2014
Original and
Final Budget Actual
REVENUES
Investment income -$ 73$
Total revenues - 73
EXPENDITURES
None - -
Total expenditures - -
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES - 73
OTHER FINANCING SOURCES (USES)
Transfers (out)
Infrastructure Replacement Fund - (40,353)
Total other financing sources (uses)- (40,353)
NET CHANGE IN FUND BALANCE -$ (40,280)
NET POSITION, JANUARY 1 40,280
NET POSITION, DECEMBER 31 -$
VILLAGE OF DEERFIELD, ILLINOIS
(See independent auditor's report.)
- 74 -
MAJOR ENTERPRISE FUNDS
SCHEDULE OF REVENUES, EXPENSES AND
CHANGES IN NET POSITION - BUDGET AND ACTUAL
WATER FUND
For the Year Ended December 31, 2014
Original and
Final Budget Actual
OPERATING REVENUES
Charges for services
Water sales 4,080,000$ 3,763,753$
Miscellaneous
Permits and fees 37,000 78,145
Penalties 34,000 25,847
Other 32,000 45,612
Total operating revenues 4,183,000 3,913,357
OPERATING EXPENSES EXCLUDING
DEPRECIATION
Administration 605,856 553,835
Operations
Distribution 2,552,300 2,483,536
Maintenance - mains and fire hydrants 593,800 576,624
Maintenance - meters 275,900 309,081
Total operating expenses excluding depreciation 4,027,856 3,923,076
OPERATING INCOME (LOSS) BEFORE
DEPRECIATION 155,144 (9,719)
Depreciation - 422,224
OPERATING INCOME (LOSS)155,144 (431,943)
CHANGE IN NET POSITION 155,144$ (431,943)
NET POSITION, JANUARY 1 16,737,725
NET POSITION, DECEMBER 31 16,305,782$
VILLAGE OF DEERFIELD, ILLINOIS
(See independent auditor's report.)
- 75 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
WATER FUND
For the Year Ended December 31, 2014
Original and
Final Budget Actual
ADMINISTRATION
Personnel services 363,200$ 339,593$
Training and development 1,850 1,326
Contractual services 176,200 147,297
Commodities 5,500 5,550
Utilities 7,100 8,881
Capital outlay 52,006 51,188
Total administration 605,856 553,835
OPERATIONS
Distribution
Personnel services 134,900 131,507
Contractual services 50,000 60,762
Commodities 2,272,400 2,203,873
Utilities 90,000 83,060
Capital outlay 5,000 4,334
Total distribution 2,552,300 2,483,536
Main and fire hydrant maintenance
Personnel services 397,600 307,718
Contractual services 82,000 104,949
Commodities 112,200 161,426
Capital outlay 2,000 2,531
Total main and fire hydrant maintenance 593,800 576,624
Meter maintenance
Personnel services 155,500 164,570
Contractual services 13,000 5,598
Commodities 5,400 3,796
Capital outlay 102,000 135,117
Total meter maintenance 275,900 309,081
TOTAL OPERATING EXPENSES 4,027,856$ 3,923,076$
(See independent auditor's report.)
- 76 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
WATER FUND
For the Year Ended December 31, 2014
Balances Balances
December 31, December 31,
2013 Additions Retirements 2014
Land 1,877,956$ -$ -$ 1,877,956$
Buildings 4,180,123 - - 4,180,123
Water system improvements 14,849,333 - - 14,849,333
Equipment and vehicles 626,490 - - 626,490
TOTAL 21,533,902$ -$ -$ 21,533,902$
Balances Balances
December 31, December 31,
2013 Additions Retirements 2014
Buildings 1,755,346$ 88,455$ -$ 1,843,801$
Water system improvements 2,103,100 314,476 - 2,417,576
Equipment and vehicles 458,298 19,293 - 477,591
TOTAL 4,316,744$ 422,224$ -$ 4,738,968$
NET ASSET VALUE 16,794,934$
Accumulated Depreciation
Assets
(See independent auditor's report.)
- 77 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES AND
CHANGES IN NET POSITION - BUDGET AND ACTUAL
SEWERAGE FUND
For the Year Ended December 31, 2014
Original and
Final Budget Actual
OPERATING REVENUES
Charges for services
Sewer charges 2,700,500$ 2,645,264$
Miscellaneous
Permits and fees 12,000 22,800
Penalties 30,000 26,455
Other 5,000 26,582
Total operating revenues 2,747,500 2,721,101
OPERATING EXPENSES EXCLUDING
DEPRECIATION
Administration 540,170 529,892
Operations
Treatment plant 1,566,880 1,540,879
Cleaning and maintenance 277,800 283,940
Construction 356,950 318,943
Total operating expenses excluding
depreciation 2,741,800 2,673,654
OPERATING INCOME (LOSS)
BEFORE DEPRECIATION 5,700 47,447
Depreciation and amortization - 968,706
OPERATING INCOME (LOSS)5,700 (921,259)
NON-OPERATING REVENUES (EXPENSES)
Investment income 100 (4,594)
Interest expense - (1,049,591)
Total non-operating revenues (expenses)100 (1,054,185)
INCOME (LOSS) BEFORE CONTRIBUTIONS AND TRANSFERS 5,800 (1,975,444)
CONTRIBUTIONS - 173,695
TRANSFERS IN - 1,817,019
CHANGE IN NET POSITION 5,800$ 15,270
NET POSITION, JANUARY 1 10,951,236
NET POSITION, DECEMBER 31 10,966,506$
(See independent auditor's report.)
- 78 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
SEWERAGE FUND
For the Year Ended December 31, 2014
Original and
Final Budget Actual
ADMINISTRATION
Personnel services 242,050$ 269,501$
Training and development 2,300 1,019
Contractual services 221,100 183,849
Commodities 4,800 6,160
Utilities 4,000 3,237
Capital outlay 65,920 66,126
Total administration 540,170 529,892
OPERATIONS
Treatment plant
Personnel services 959,200 924,512
Training and development 5,880 3,813
Contractual services 179,800 216,610
Commodities 134,000 83,918
Utilities 227,360 251,545
Miscellaneous 20,000 19,000
Capital outlay 40,640 41,481
Subtotal treatment plant 1,566,880 1,540,879
Less nonoperating expenses
Capital assets capitalized - -
Total treatment plant 1,566,880 1,540,879
Cleaning and maintenance
Personnel services 228,800 211,851
Contractual services 24,000 57,441
Commodities 25,000 14,648
Total cleaning and maintenance 277,800 283,940
Construction
Personnel services 276,750 247,815
Contractual services 23,000 19,716
Commodities 57,200 51,412
Total construction 356,950 318,943
TOTAL OPERATING EXPENSES 2,741,800$ 2,673,654$
(See independent auditor's report.)
- 79 -
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
SEWERAGE FUND
For the Year Ended December 31, 2014
Balances Balances
December 31, December 31,
2013 Additions Retirements 2014
Sewer system 4,411,869$ 173,695$ -$ 4,585,564$
Buildings and
improvements 41,005,066 - - 41,005,066
TOTAL 45,416,935$ 173,695$ -$ 45,590,630$
Balances Balances
December 31,December 31,
2013 Additions Retirements 2014
Sewer system 1,389,665$ 94,097$ -$ 1,483,762$
Buildings and
improvements 1,681,656 874,609 - 2,556,265
TOTAL 3,071,321$ 968,706$ -$ 4,040,027$
NET ASSET VALUE 41,550,603$
Assets
Accumulated Depreciation
VILLAGE OF DEERFIELD, ILLINOIS
(See independent auditor's report.)
- 80 -
SCHEDULE OF REVENUES, EXPENSES
AND CHANGES IN NET POSITION - BUDGET AND ACTUAL
REFUSE FUND
For the Year Ended December 31, 2014
Original and
Final Budget Actual
OPERATING REVENUES
Charges for services
Refuse billing 500,900$ 500,449$
Miscellaneous 52,000 34,687
Total operating revenues 552,900 535,136
OPERATING EXPENSES
Operations
Personnel services 92,250 115,861
Contractual services 1,369,500 1,284,897
Commodities 26,200 27,638
Capital outlay 11,649 11,649
Total operating expenses 1,499,599 1,440,045
OPERATING INCOME (LOSS)(946,699) (904,909)
NON-OPERATING REVENUES (EXPENSES)
Investment income 750 (8,016)
Property taxes 928,140 936,361
Total non-operating revenues (expenses)928,890 928,345
CHANGE IN NET POSITION (17,809)$ 23,436
NET POSITION, JANUARY 1 349,504
NET POSITION, DECEMBER 31 372,940$
VILLAGE OF DEERFIELD, ILLINOIS
(See independent auditor's report.)
- 81 -
NONMAJOR ENTERPRISE FUNDS
SCHEDULE OF REVENUES, EXPENSES
AND CHANGES IN NET POSITION - BUDGET AND ACTUAL
COMMUTER PARKING LOT FUND
For the Year Ended December 31, 2014
Original and
Final Budget Actual
OPERATING REVENUES
Parking lot fees 208,000$ 226,450$
Total operating revenues 208,000 226,450
OPERATING EXPENSES
Operations 336,750 305,214
Depreciation - 26,737
Total operating expenses 336,750 331,951
OPERATING INCOME (LOSS)(128,750) (105,501)
NON-OPERATING REVENUES (EXPENSES)
Investment income 3,200 (2,176)
Total non-operating revenues (expenses)3,200 (2,176)
CHANGE IN NET POSITION (125,550)$ (107,677)
NET POSITION, JANUARY 1 1,519,617
.
NET POSITION, DECEMBER 31 1,411,940$
VILLAGE OF DEERFIELD, ILLINOIS
(See independent auditor's report.)
- 82 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
COMMUTER PARKING LOT FUND
For the Year Ended December 31, 2014
Original and
Final Budget Actual
OPERATIONS
Parking lots - village and federal funds
Personnel services 20,500$ 13,292$
Contractual services 161,100 141,431
Commodities 750 -
Utilities 3,300 2,855
Total parking lots - village and
federal funds 185,650 157,578
Parking lots - village construction
Personnel services 20,500 13,292
Contractual services 123,600 127,332
Commodities 1,000 -
Utilities 6,000 7,012
Total parking lots - village construction 151,100 147,636
TOTAL OPERATING EXPENSES 336,750$ 305,214$
(See independent auditor's report.)
- 83 -
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
COMMUTER PARKING LOT FUND
For the Year Ended December 31, 2014
Balances Balances
December 31,December 31,
2013 Additions Retirements 2014
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,
2013 Additions Retirements 2014
Parking lot
improvements 845,681$ 26,737$ -$ 872,418$
NET ASSET VALUE 1,155,912$
Assets
Accumulated Depreciation
VILLAGE OF DEERFIELD, ILLINOIS
(See independent auditor's report.)
- 84 -
INTERNAL SERVICE FUNDS
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
December 31, 2014
Vehicle and
Equipment
Garage Replacement Total
CURRENT ASSETS
Cash and investments 31,911$ 4,481,383$ 4,513,294$
Receivables
Accounts 1,775 - 1,775
Accrued interest 9 1,316 1,325
Prepaid expenses 4,656 - 4,656
Inventory 102,538 - 102,538
Total current assets 140,889 4,482,699 4,623,588
CAPITAL ASSETS
Depreciable - 4,015,363 4,015,363
Accumulated depreciation - (2,401,176) (2,401,176)
Net capital assets - 1,614,187 1,614,187
Total assets 140,889 6,096,886 6,237,775
CURRENT LIABILITIES
Accounts payable 12,516 - 12,516
Accrued payroll 8,029 - 8,029
Compensated absences payable 3,070 - 3,070
Total current liabilities 23,615 - 23,615
LONG-TERM LIABILITIES
Compensated absences payable 11,108 - 11,108
Total long-term liabilities 11,108 - 11,108
Total liabilities 34,723 - 34,723
NET POSITION
Net investment in capital assets - 1,614,187 1,614,187
Unrestricted 106,166 4,482,699 4,588,865
TOTAL NET POSITION 106,166$ 6,096,886$ 6,203,052$
(See independent auditor's report.)
- 85 -
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET POSITION
INTERNAL SERVICE FUNDS
For the Year Ended December 31, 2014
Vehicle and
Equipment
Garage Replacement Total
OPERATING REVENUES
Interfund services
Billings 382,842$ 570,939$ 953,781$
Miscellaneous 10,898 - 10,898
Total operating revenues 393,740 570,939 964,679
OPERATING EXPENSES
Operations 383,128 - 383,128
Commodities - 229,117 229,117
Total operating expenses 383,128 229,117 612,245
OPERATING INCOME (LOSS) BEFORE
DEPRECIATION 10,612 341,822 352,434
Depreciation - 332,638 332,638
OPERATING INCOME (LOSS)10,612 9,184 19,796
NON-OPERATING REVENUES
(EXPENSES)
Investment income 340 (38,519) (38,179)
Total non-operating revenues (expenses)340 (38,519) (38,179)
CHANGE IN NET POSITION 10,952 (29,335) (18,383)
NET POSITION, JANUARY 1 95,214 6,126,221 6,221,435
NET POSITION, DECEMBER 31 106,166$ 6,096,886$ 6,203,052$
VILLAGE OF DEERFIELD, ILLINOIS
(See independent auditor's report.)
- 86 -
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
For the Year Ended December 31, 2014
Vehicle and
Equipment
Garage Replacement Total
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from interfund services 385,657$ 570,939$ 956,596$
Receipts from miscellaneous revenue 10,898 - 10,898
Payments to suppliers (156,374) (269,993) (426,367)
Payments to employees (266,423) - (266,423)
Net cash from operating activities (26,242) 300,946 274,704
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
None - - -
Net cash from noncapital
financing activities - - -
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Capital assets purchased - (200,367) (200,367)
Net cash from capital and related
financing activities - (200,367) (200,367)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 342 (38,776) (38,434)
Net cash from investing activities 342 (38,776) (38,434)
NET INCREASE IN CASH AND
CASH EQUIVALENTS (25,900) 61,803 35,903
CASH AND CASH EQUIVALENTS, JANUARY 1 57,811 4,419,580 4,477,391
CASH AND CASH EQUIVALENTS, DECEMBER 31 31,911$ 4,481,383$ 4,513,294$
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH FLOWS FROM
OPERATING ACTIVITIES
Operating income (loss)10,612$ 9,184$ 19,796$
Adjustments to reconcile operating income (loss) to
net cash from operating activities
Depreciation - 332,638 332,638
(Increase) decrease in
Accounts receivable 2,091 - 2,091
Prepaid expenses 724 - 724
Inventories (12,301) - (12,301)
Increase (decrease) in
Accounts payable (4,375) (40,876) (45,251)
Accrued payroll 3,292 - 3,292
Compensated absences payable (26,285) - (26,285)
NET CASH FROM OPERATING ACTIVITIES (26,242)$ 300,946$ 274,704$
(See independent auditor's report.)
- 87 -
SCHEDULE OF REVENUES, EXPENSES
AND CHANGES IN NET POSITION - BUDGET AND ACTUAL
GARAGE FUND
For the Year Ended December 31, 2014
Original and
Final Budget Actual
OPERATING REVENUES
Interfund services
Billings 385,000$ 382,842$
Miscellaneous 8,000 10,898
Total operating revenues 393,000 393,740
OPERATING EXPENSES
Operations 386,032 383,128
OPERATING INCOME (LOSS)6,968 10,612
NON-OPERATING REVENUES (EXPENSES)
Investment income 500 340
Total non-operating revenues (expenses)500 340
CHANGE IN NET POSITION 7,468$ 10,952
NET POSITION, JANUARY 1 95,214
NET POSITION, DECEMBER 31 106,166$
VILLAGE OF DEERFIELD, ILLINOIS
(See independent auditor's report.)
- 88 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
GARAGE FUND
For the Year Ended December 31, 2014
Original and
Final Budget Actual
OPERATING EXPENSES
Public works department
Personnel services 240,300$ 243,430$
Training and development 400 585
Contractual services 26,000 22,490
Commodities 109,000 109,113
Utilities 3,825 1,966
Capital outlay 6,507 5,544
TOTAL OPERATING EXPENSES 386,032$ 383,128$
(See independent auditor's report.)
- 89 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES
AND CHANGES IN NET POSITION - BUDGET AND ACTUAL
VEHICLE AND EQUIPMENT REPLACEMENT FUND
For the Year Ended December 31, 2014
Original Final
Budget Budget Actual
OPERATING REVENUES
Interfund services
Billings 570,939$ 570,939$ 570,939$
Total operating revenues 570,939 570,939 570,939
OPERATING EXPENSES
Capital outlay 480,367 660,600 429,484
Less capital assets capitalized (200,367) (200,367) (200,367)
Net operating expenses 280,000 460,233 229,117
OPERATING INCOME BEFORE
DEPRECIATION 290,939 110,706 341,822
Depreciation - - 332,638
OPERATING INCOME 290,939 110,706 9,184
NON-OPERATING REVENUES (EXPENSES)
Investment income 28,000 28,000 (38,519)
Total non-operating revenues (expenses)28,000 28,000 (38,519)
CHANGE IN NET POSITION 318,939$ 138,706$ (29,335)
NET POSITION, JANUARY 1 6,126,221
NET POSITION, DECEMBER 31 6,096,886$
(See independent auditor's report.)
- 90 -
FIDUCIARY FUNDS
Original and
Final Budget Actual
ADDITIONS
Contributions - employer 1,100,000$ 989,616$
Contributions - employee 410,000 374,137
Total contributions 1,510,000 1,363,753
Investment income
Net appreciation in fair value
of investments 500,000 2,644,907
Interest earned on investments 600,000 1,019,662
Total investment income 1,100,000 3,664,569
Less investment expense (10,000) (27,059)
Net investment income 1,090,000 3,637,510
Total additions 2,600,000 5,001,263
DEDUCTIONS
Benefits and refunds
Pension payments 2,250,000 2,241,928
Separation refunds 15,000 205,471
Administrative 30,800 20,524
Total deductions 2,295,800 2,467,923
NET INCREASE 304,200$ 2,533,340
NET POSITION HELD IN TRUST FOR
PENSION BENEFITS
January 1 39,061,016
December 31 41,594,356$
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF CHANGES IN PLAN NET POSITION - BUDGET AND ACTUAL
POLICE PENSION FUND
For the Year Ended December 31, 2014
(See independent auditor's report.)
- 91 -
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
AGENCY FUNDS
For the Year Ended December 31, 2014
Balances Balances
December 31, December 31,
2013 Additions Deductions 2014
ASSETS
Cash and investments 1,774,033$ 882,387$ 36,285$ 2,620,135$
Receivables - accrued interest 10 16 10 16
TOTAL ASSETS 1,774,043$ 882,403$ 36,295$ 2,620,151$
LIABILITIES
Accounts payable 22,274$ 6,420$ 22,274$ 6,420$
Deposits payable 1,690,694 1,015,943 116,727 2,589,910
Other payables 61,075 - 37,254 23,821
TOTAL LIABILITIES 1,774,043$ 1,022,363$ 176,255$ 2,620,151$
ASSETS
Cash and investments 1,707,523$ 882,387$ -$ 2,589,910$
TOTAL ASSETS 1,707,523$ 882,387$ -$ 2,589,910$
LIABILITIES
Accounts payable 16,829$ -$ 16,829$ -$
Deposits payable 1,690,694 1,015,943 116,727 2,589,910
TOTAL LIABILITIES 1,707,523$ 1,015,943$ 133,556$ 2,589,910$
ASSETS
Cash and investments 66,510$ -$ 36,285$ 30,225$
Receivables - accrued interest 10 16 10 16
TOTAL ASSETS 66,520$ 16$ 36,295$ 30,241$
LIABILITIES
Accounts payable 5,445$ 6,420$ 5,445$ 6,420$
Other payables 61,075 - 37,254 23,821
TOTAL LIABILITIES 66,520$ 6,420$ 42,699$ 30,241$
All Funds
1. Deposit Fund
2. East Shore Radio Network Fund
(See independent auditor's report.)
- 92 -
SUPPLEMENTAL DATA
VILLAGE OF DEERFIELD, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 2008
December 31, 2014
Date of Issue August 1, 2008
Date of Maturity December 1, 2028
Authorized Issue $5,000,000
Denomination of Bonds $5,000
Interest Rates 3.25%, 3.375%, 3.50%, 3.75%, 3.875%, 4.00%, 4.125%, 4.25%
Principal Maturity Date December 1
Payable at Amalgamated Bank, Chicago, Illinois
Tax
Levy
Year Principal Interest Total June 1 Amount December 1 Amount
2014 210,000$ 155,669$ 365,669$ 2015 77,834$ 2015 77,835$
2015 220,000 147,794 367,794 2016 73,897 2016 73,897
2016 225,000 139,544 364,544 2017 69,772 2017 69,772
2017 235,000 131,106 366,106 2018 65,553 2018 65,553
2018 245,000 122,294 367,294 2019 61,147 2019 61,147
2019 255,000 112,800 367,800 2020 56,400 2020 56,400
2020 265,000 102,919 367,919 2021 51,459 2021 51,460
2021 275,000 92,319 367,319 2022 46,159 2022 46,160
2022 290,000 81,319 371,319 2023 40,659 2023 40,660
2023 300,000 69,356 369,356 2024 34,678 2024 34,678
2024 315,000 56,981 371,981 2025 28,491 2025 28,490
2025 330,000 43,987 373,987 2026 21,994 2026 21,993
2026 345,000 29,962 374,962 2027 14,981 2027 14,981
2027 360,000 15,300 375,300 2028 7,650 2028 7,650
3,870,000$ 1,301,350$ 5,171,350$ 650,674$ 650,676$
Tax Levy Interest Due on
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
(See independent auditor's report.)
- 93 -
VILLAGE OF DEERFIELD, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 2010A
December 31, 2014
Date of Issue November 3, 2010
Date of Maturity December 1, 2030
Authorized Issue $12,500,000
Denomination of Bonds $5,000
Interest Rates .80% to 5.50%
Principal Maturity Date December 1
Payable at Depository Trust Company, Chicago, Illinois
Tax
Levy
Year Principal Interest Total June 1 Amount December 1 Amount
2014 555,000$ 442,435$ 997,435$ 2015 221,217$ 2015 221,218$
2015 560,000 431,335 991,335 2016 215,667 2016 215,668
2016 565,000 418,455 983,455 2017 209,227 2017 209,228
2017 575,000 402,918 977,918 2018 201,459 2018 201,459
2018 585,000 385,380 970,380 2019 192,690 2019 192,690
2019 600,000 364,320 964,320 2020 182,160 2020 182,160
2020 610,000 341,220 951,220 2021 170,610 2021 170,610
2021 625,000 316,210 941,210 2022 158,105 2022 158,105
2022 645,000 289,335 934,335 2023 144,667 2023 144,668
2023 660,000 260,310 920,310 2024 130,155 2024 130,155
2024 680,000 229,290 909,290 2025 114,645 2025 114,645
2025 700,000 195,970 895,970 2026 97,985 2026 97,985
2026 720,000 160,270 880,270 2027 80,135 2027 80,135
2027 735,000 122,830 857,830 2028 61,415 2028 61,415
2028 750,000 83,875 833,875 2029 41,937 2029 41,938
2029 775,000 42,625 817,625 2030 21,312 2030 21,313
10,340,000$ 4,486,778$ 14,826,778$ 2,243,386$ 2,243,392$
Tax Levy Interest Due on
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
(See independent auditor's report.)
- 94 -
VILLAGE OF DEERFIELD, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 2011A
December 31, 2014
Date of Issue October 17, 2011
Date of Maturity December 1, 2031
Authorized Issue $9,900,000
Denomination of Bonds $5,000
Interest Rates 1.00% to 3.25%
Principal Maturity Date December 1
Payable at Depository Trust Company, Chicago, Illinois
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax
Levy
Year Principal Interest Total June 1 Amount December 1 Amount
2014 270,000$ 228,915$ 498,915$ 2015 114,458$ 2015 114,457$
2015 280,000 226,215 506,215 2016 113,108 2016 113,107
2016 295,000 222,715 517,715 2017 111,358 2017 111,357
2017 310,000 218,290 528,290 2018 109,145 2018 109,145
2018 325,000 212,865 537,865 2019 106,433 2019 106,432
2019 340,000 206,365 546,365 2020 103,183 2020 103,182
2020 365,000 199,565 564,565 2021 99,783 2021 99,782
2021 380,000 192,265 572,265 2022 96,133 2022 96,132
2022 400,000 183,715 583,715 2023 91,858 2023 91,857
2023 425,000 174,115 599,115 2024 87,058 2024 87,057
2024 450,000 163,490 613,490 2025 81,745 2025 81,745
2025 475,000 151,340 626,340 2026 75,670 2026 75,670
2026 500,000 138,277 638,277 2027 69,139 2027 69,138
2027 355,000 123,277 478,277 2028 61,639 2028 61,638
2028 1,280,000 112,628 1,392,628 2029 56,314 2029 56,314
2029 1,335,000 74,228 1,409,228 2030 37,114 2030 37,114
2030 990,000 32,175 1,022,175 2031 16,088 2031 16,087
8,775,000$ 2,860,440$ 11,635,440$ 1,430,226$ 1,430,214$
Tax Levy Interest Due on
(See independent auditor's report.)
- 95 -
VILLAGE OF DEERFIELD, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 2011B
December 31, 2014
Date of Issue October 17, 2011
Date of Maturity December 1, 2028
Authorized Issue $12,500,000
Denomination of Bonds $5,000
Interest Rates 4.00%
Principal Maturity Date December 1, 2028
Payable at Depository Trust Company, Chicago, Illinois
Tax
Levy
Year Principal Interest Total June 1 Amount December 1 Amount
2014 -$ 499,200$ 499,200$ 2015 249,600$ 2015 249,600$
2015 - 499,200 499,200 2016 249,600 2016 249,600
2016 - 499,200 499,200 2017 249,600 2017 249,600
2017 - 499,200 499,200 2018 249,600 2018 249,600
2018 - 499,200 499,200 2019 249,600 2019 249,600
2019 - 499,200 499,200 2020 249,600 2020 249,600
2020 - 499,200 499,200 2021 249,600 2021 249,600
2021 - 499,200 499,200 2022 249,600 2022 249,600
2022 - 499,200 499,200 2023 249,600 2023 249,600
2023 - 499,200 499,200 2024 249,600 2024 249,600
2024 - 499,200 499,200 2025 249,600 2025 249,600
2025 - 499,200 499,200 2026 249,600 2026 249,600
2026 - 499,200 499,200 2027 249,600 2027 249,600
2027 12,480,000 499,200 12,979,200 2028 249,600 2028 249,600
12,480,000$ 6,988,800$ 19,468,800$ 3,494,400$ 3,494,400$
Tax Levy Interest Due on
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
(See independent auditor's report.)
- 96 -
VILLAGE OF DEERFIELD, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 2012
December 31, 2014
Date of Issue February 21, 2012
Date of Maturity December 1, 2031
Authorized Issue $10,000,000
Denomination of Bonds $5,000
Interest Rates 1.25% to 2.75%
Principal Maturity Date December 1
Payable at Depository Trust Company, Chicago, Illinois
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax
Levy
Year Principal Interest Total June 1 Amount December 1 Amount
2014 -$ 234,762$ 234,762$ 2015 117,381$ 2015 117,381$
2015 - 234,763 234,763 2016 117,381 2016 117,382
2016 - 234,763 234,763 2017 117,381 2017 117,382
2017 135,000 234,763 369,763 2018 117,381 2018 117,382
2018 440,000 233,075 673,075 2019 116,537 2019 116,538
2019 455,000 227,575 682,575 2020 113,787 2020 113,788
2020 475,000 220,750 695,750 2021 110,375 2021 110,375
2021 495,000 212,438 707,438 2022 106,219 2022 106,219
2022 515,000 203,775 718,775 2023 101,887 2023 101,888
2023 540,000 193,475 733,475 2024 96,737 2024 96,738
2024 555,000 182,674 737,674 2025 91,337 2025 91,337
2025 580,000 170,188 750,188 2026 85,094 2026 85,094
2026 600,000 157,138 757,138 2027 78,569 2027 78,569
2027 455,000 142,138 597,138 2028 71,069 2028 71,069
2028 1,380,000 130,762 1,510,762 2029 65,381 2029 65,381
2029 1,425,000 92,812 1,517,812 2030 46,406 2030 46,406
2030 1,950,000 53,625 2,003,625 2031 26,812 2031 26,813
10,000,000$ 3,159,476$ 13,159,476$ 1,579,734$ 1,579,742$
Tax Levy Interest Due on
(See independent auditor's report.)
- 97 -
VILLAGE OF DEERFIELD, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 2013
December 31, 2014
Date of Issue January 3, 2013
Date of Maturity December 1, 2031
Authorized Issue $9,075,000
Denomination of Bonds $5,000
Interest Rates 2.00% to 2.25%
Principal Maturity Date December 1
Payable at Depository Trust Company, Chicago, Illinois
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax
Levy
Year Principal Interest Total June 1 Amount December 1 Amount
2014 685,000$ 158,918$ 843,918$ 2015 79,459$ 2015 79,459$
2015 710,000 145,218 855,218 2016 72,609 2016 72,609
2016 730,000 131,018 861,018 2017 65,509 2017 65,509
2017 615,000 116,418 731,418 2018 58,209 2018 58,209
2018 335,000 104,118 439,118 2019 52,059 2019 52,059
2019 340,000 97,418 437,418 2020 48,709 2020 48,709
2020 345,000 90,618 435,618 2021 45,309 2021 45,309
2021 350,000 83,718 433,718 2022 41,859 2022 41,859
2022 350,000 76,718 426,718 2023 38,359 2023 38,359
2023 355,000 69,718 424,718 2024 34,859 2024 34,859
2024 360,000 62,618 422,618 2025 31,309 2025 31,309
2025 365,000 55,416 420,416 2026 27,708 2026 27,708
2026 375,000 48,118 423,118 2027 24,059 2027 24,059
2027 380,000 40,618 420,618 2028 20,309 2028 20,309
2028 390,000 32,542 422,542 2029 16,271 2029 16,271
2029 390,000 23,962 413,962 2030 11,981 2030 11,981
2030 675,000 15,183 690,183 2031 7,592 2031 7,591
7,750,000$ 1,352,337$ 9,102,337$ 676,169$ 676,168$
Tax Levy Interest Due on
(See independent auditor's report.)
- 98 -
STATISTICAL SECTION
STATISTICAL SECTION
This part of the Village of Deerfield’s 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.
Contents Page(s)
Financial Trends
These schedules contain trend information to help the reader understand how
the Village’s financial performance and well-being have changed over time.
99-108
Revenue Capacity
These schedules contain information to help the reader assess the Village’s
most significant local revenue source, the property tax.
109-110
Debt Capacity
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.
111-114
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader
understand the environment within which the Village’s financial activities take
place.
115-116
Operating Information
These schedules contain service and infrastructure data to help the reader
understand how the information in the Village’s financial report relates to the
services the Village provides and the activities it performs.
117-119
Sources: Unless otherwise noted, the information in these schedules is derived from the
comprehensive annual financial reports for the relevant year.
Fiscal Year 2006 2007 2008 2009
GOVERNMENTAL ACTIVITIES
Net investment in capital assets 47,360,406$ 60,106,127$ 60,243,189$ 62,619,244$
Restricted 6,634,566 4,088,876 4,979,340 5,899,947
Unrestricted 24,431,788 18,185,786 22,238,210 18,140,003
TOTAL GOVERNMENTAL ACTIVITIES 78,426,760$ 82,380,789$ 87,460,739$ 86,659,194$
BUSINESS-TYPE ACTIVITIES
Net investment in capital assets 15,898,989$ 16,926,626$ 19,176,339$ 22,289,499$
Unrestricted 4,066,666 4,841,210 3,120,381 2,071,153
TOTAL BUSINESS-TYPE ACTIVITIES 19,965,655$ 21,767,836$ 22,296,720$ 24,360,652$
PRIMARY GOVERNMENT
Net investment in capital assets 63,259,395$ 77,032,753$ 79,419,528$ 84,908,743$
Restricted 6,634,566 4,088,876 4,979,340 5,899,947
Unrestricted 28,498,454 23,026,996 25,358,591 20,211,156
TOTAL PRIMARY GOVERNMENT 98,392,415$ 104,148,625$ 109,757,459$ 111,019,846$
* Eight months ended December 31, 2013
Data Source
Audited Financial Statements
VILLAGE OF DEERFIELD, ILLINOIS
NET POSITION BY COMPONENT
Last Ten Fiscal Years
- 99 -
2010 2011 2012 2013 2013*2014
66,174,872$ 64,483,632$ 51,392,981$ 55,359,465$ 59,186,881$ 58,835,531$
1,698,902 1,833,178 1,864,620 2,000,978 1,690,206 4,326,031
14,799,887 13,730,019 9,491,193 (3,773,495) 25,298,828 27,077,751
82,673,661$ 80,046,829$ 62,748,794$ 53,586,948$ 86,175,915$ 90,239,313$
25,794,886$ 28,525,266$ 47,891,247$ 59,834,517$ 28,906,421$ 28,270,616$
1,332,314 649,610 113,829 140,855 651,661 786,552
27,127,200$ 29,174,876$ 48,005,076$ 59,975,372$ 29,558,082$ 29,057,168$
91,969,758$ 93,008,898$ 84,682,839$ 86,323,125$ 82,313,682$ 87,106,147$
1,698,902 1,833,178 1,864,620 2,000,978 1,690,206 4,326,031
16,132,201 14,379,629 24,206,411 25,238,217 31,730,109 27,864,303
109,800,861$ 109,221,705$ 110,753,870$ 113,562,320$ 115,733,997$ 119,296,481$
- 100 -
Fiscal Year 2006 2007 2008 2009
EXPENSES
Governmental Activities
General government 14,956,404$ 4,602,570$ 4,569,982$ 5,228,097$
Public safety 6,780,176 7,154,536 7,232,143 7,715,014
Highways and streets 6,404,266 5,822,340 4,451,069 7,317,060
Interest 372,475 295,435 209,430 215,464
Total governmental activities expenses 28,513,321 17,874,881 16,462,624 20,475,635
Business-Type Activities
Water 4,319,188 4,264,602 6,224,262 3,993,964
Sewerage 2,126,395 2,450,965 2,735,053 3,040,082
Refuse disposal 1,397,308 1,496,548 1,520,190 1,590,167
Commuter parking 225,498 246,153 210,307 282,534
Total business-type activities expenses 8,068,389 8,458,268 10,689,812 8,906,747
TOTAL PRIMARY GOVERNMENT EXPENSES 36,581,710$ 26,333,149$ 27,152,436$ 29,382,382$
PROGRAM REVENUES
Governmental Activities
Charges for services
General government 2,384,295$ 1,743,818$ 1,480,008$ 1,645,678$
Public safety 884,195 911,421 935,302 956,468
Highways and streets 57,912 69,216 75,400 59,609
Operating grants and contributions 557,050 544,823 524,423 490,768
Capital grants and contributions 235,298 213,575 1,492,153 894,545
Total governmental activities program revenues 4,118,750 3,482,853 4,507,286 4,047,068
Business-Type Activities
Charges for services
Water 4,644,744 4,250,938 4,365,767 3,647,017
Sewerage 1,788,238 2,372,061 2,396,295 2,306,028
Refuse disposal 615,349 623,681 624,349 623,738
Commuter parking 206,205 204,177 212,585 218,770
Capital grants and contributions 573,179 1,002,909 441,605 -
Total business-type activities program revenues 7,827,715 8,453,766 8,040,601 6,795,553
TOTAL PRIMARY GOVERNMENT
PROGRAM REVENUES 11,946,465$ 11,936,619$ 12,547,887$ 10,842,621$
VILLAGE OF DEERFIELD, ILLINOIS
CHANGE IN NET POSITION
Last Ten Fiscal Years
- 101 -
2010 2011 2012 2013 2013*2014
9,833,315$ 5,477,968$ 24,267,281$ 18,988,356$ 5,755,847$ 7,756,784$
8,543,631 8,497,498 8,388,066 8,572,034 6,256,914 9,189,101
10,985,018 7,749,726 6,602,895 5,753,656 6,208,891 6,286,456
193,105 393,054 1,098,736 1,791,625 628,554 685,495
29,555,069 22,118,246 40,356,978 35,105,671 18,850,206 23,917,836
4,103,889 4,215,482 4,455,971 4,625,679 3,153,643 4,345,300
2,643,276 2,846,388 2,996,805 3,267,868 3,148,403 4,696,545
1,599,244 1,600,736 1,307,850 1,343,691 955,227 1,448,061
262,458 322,431 337,337 352,088 244,940 334,127
8,608,867 8,985,037 9,097,963 9,589,326 7,502,213 10,824,033
38,163,936$ 31,103,283$ 49,454,941$ 44,694,997$ 26,352,419$ 34,741,869$
1,862,200$ 2,011,535$ 1,833,930$ 2,290,768$ 1,811,306$ 3,812,004$
866,510 873,947 986,382 1,047,217 783,151 1,167,096
47,219 73,968 66,279 263,607 234,034 442,918
474,526 582,734 715,849 1,140,504 890,860 612,569
2,195,963 360,539 434,225 75,864 58,791 1,306,043
5,446,418 3,902,723 4,036,665 4,817,960 3,778,142 7,340,630
3,567,809 3,777,700 3,891,387 4,295,580 3,006,491 3,763,753$
2,320,123 2,450,088 2,499,701 2,892,170 2,065,472 2,645,264
622,629 608,475 461,887 476,926 324,969 500,449
209,165 204,236 201,426 223,381 187,386 226,450
- 2,963,996 19,620,003 12,566,460 1,802,087 173,695
6,719,726 10,004,495 26,674,404 20,454,517 7,386,405 7,309,611
12,166,144$ 13,907,218$ 30,711,069$ 25,272,477$ 11,164,547$ 14,650,241$
- 102 -
Fiscal Year 2006 2007 2008 2009
NET (EXPENSE) REVENUE
Governmental activities (24,394,571)$ (14,392,028)$ (11,955,338)$ (16,428,567)$
Business-type activities (240,674) (4,502) (2,649,211) (2,111,194)
TOTAL PRIMARY GOVERNMENT
NET (EXPENSE) REVENUE (24,635,245)$ (14,396,530)$ (14,604,549)$ (18,539,761)$
GENERAL REVENUES AND OTHER
CHANGES IN NET POSITION
Governmental Activities
Taxes
Property and replacement 17,081,336$ 6,542,142$ 6,617,648$ 7,093,819$
Home rule sales 1,875,874 1,832,281 1,913,268 2,448,385
Simplified telecommunications 305,226 323,358 354,984 347,666
Other 3,600,623 3,891,356 4,065,091 3,684,318
Intergovernmental 4,480,111 4,533,261 4,552,097 4,438,194
Investment income 871,624 1,557,378 1,253,533 486,398
Miscellaneous 221,617 210,116 278,667 260,971
Transfers (out)- (1,600,000) (2,000,000) (3,132,729)
Total governmental activities 28,436,411 17,289,892 17,035,288 15,627,022
Business-Type Activities
Property taxes 786,228 859,502 780,785 807,708
Investment income 66,823 188,864 192,967 49,427
Miscellaneous 271,715 214,481 204,343 185,262
Transfers in - 1,600,000 2,000,000 3,132,729
Total business-type activities 1,124,766 2,862,847 3,178,095 4,175,126
TOTAL PRIMARY GOVERNMENT 29,561,177$ 20,152,739$ 20,213,383$ 19,802,148$
CHANGE IN NET POSITION
Governmental activities 4,041,840$ 2,897,864$ 5,079,950$ (801,545)$
Business-type activities 884,092 2,858,345 528,884 2,063,932
TOTAL PRIMARY GOVERNMENT
CHANGE IN NET POSITION 4,925,932$ 5,756,209$ 5,608,834$ 1,262,387$
* Eight months ended December 31, 2013
Data Source
Audited Financial Statements
VILLAGE OF DEERFIELD, ILLINOIS
CHANGE IN NET POSITION (Continued)
Last Ten Fiscal Years
- 103 -
2010 2011 2012 2013 2013*2014
(24,108,651)$ (18,215,523)$ (36,320,313)$ (30,287,711)$ (15,072,064)$ (16,577,206)$
(1,889,141) 1,019,458 17,576,441 10,891,928 (115,808) (3,514,422)
(25,997,792)$ (17,196,065)$ (18,743,872)$ (19,395,783)$ (15,187,872)$ (20,091,628)$
8,618,052$ 2,278,574$ 2,822,939$ 4,410,633$ 5,010,070$ 5,260,112$
2,525,183 2,725,330 3,121,749 3,665,374 2,257,183 3,413,920
326,528 644,129 1,752,850 1,430,126 936,501 1,261,799
3,097,643 4,396,881 4,684,153 3,438,882 2,398,124 3,721,354
4,995,509 5,281,422 5,968,953 8,474,800 5,396,719 8,316,948
166,844 92,855 115,175 117,770 - (221,419)
393,359 169,500 556,459 252,924 279,991 704,909
- - - - - (1,817,019)
20,123,118 15,588,691 19,022,278 21,790,509 16,278,588 20,640,604
807,968 832,264 889,586 890,214 906,951 936,361
8,304 4,530 3,701 3,024 - -
146,400 191,424 360,472 211,867 174,010 260,128
- - - - - 1,817,019
962,672 1,028,218 1,253,759 1,105,105 1,080,961 3,013,508
21,085,790$ 16,616,909$ 20,276,037$ 22,895,614$ 17,359,549$ 23,654,112$
(3,985,533)$ (2,626,832)$ (17,298,035)$ (8,497,202)$ 1,206,524$ 4,063,398$
(926,469) 2,047,676 18,830,200 11,970,296 965,153 (500,914)
(4,912,002)$ (579,156)$ 1,532,165$ 3,473,094$ 2,171,677$ 3,562,484$
- 104 -
Fiscal Year 2006 2007 2008 2009
GENERAL FUND
Reserved 3,638,004$ 3,219,255$ 2,233,242$ 453,124$
Unreserved 17,242,457 16,968,193 14,913,911 16,155,829
Nonspendable for
Note receivable - - - -
Inventory - - - -
Prepaid items - - - -
Unrestricted
Assigned for debt service - - - -
Assigned for capital projects - - - -
Unassigned - - - -
TOTAL GENERAL FUND 20,880,461$ 20,187,448$ 17,147,153$ 16,608,953$
ALL OTHER GOVERNMENTAL FUNDS
Reserved 6,634,566$ 4,088,876$ 4,979,340$ 5,899,947$
Unreserved, reported in
Special Revenue Funds - - - -
Capital Project Funds 1,185,564 976,571 1,804,245 1,928,286
Restricted for
Capital projects - - - -
Maintenance of roadways - - - -
Public safety - - - -
Debt service - - - -
Unrestricted
Assigned for
Debt service - - - -
Capital projects - - - -
TOTAL ALL OTHER
GOVERNMENTAL FUNDS 7,820,130$ 5,065,447$ 6,783,585$ 7,828,233$
* Eight months ended December 31, 2013
** The Village implemented GASB Statement No. 54 for the year ended April 30, 2012. This resulted in a change in fund balance
classification. The Village has not elected to report this change retroactively.
Data Source
Audited Financial Statements
VILLAGE OF DEERFIELD, ILLINOIS
FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
- 105 -
2010 2011 2012 2013 2013*2014
447,892$ 443,532$ -$ -$ -$ -$
15,619,459 16,566,828 - - - -
- - 100,000 90,000 80,000 70,000
- - 55,190 27,824 54,477 42,968
- - 441,382 459,247 752,402 713,737
- - 833,396 818,344 831,850 -
- - 1,650,000 1,400,000 1,500,000 1,200,000
- - 16,206,557 17,002,357 16,815,607 19,667,419
16,067,351$ 17,010,360$ 19,286,525$ 19,797,772$ 20,034,336$ 21,694,124$
1,698,902$ 6,927,256$ -$ -$ -$ -$
- - - - - -
230,653 417,104 - - - -
- - 14,581,925 1,515,401 40,280 -
- - 601,423 633,057 325,768 927,908
- - 1,263,197 1,367,921 1,364,438 1,214,895
- - - - - 2,183,228
- - 286,753 841,240 1,473,632 25,299
- - 1,088,012 2,154,351 749,533 2,276,297
1,929,555$ 7,344,360$ 17,821,310$ 6,511,970$ 3,953,651$ 6,627,627$
- 106 -
Fiscal Year 2006 2007 2008 2009
REVENUES
Taxes 27,343,170$ 17,122,400$ 17,503,089$ 18,012,382$
Licenses and permits 2,151,791 1,454,044 1,161,276 1,271,817
Intergovernmental 795,364 762,016 713,470 1,349,486
Charges for services 244,100 239,668 716,522 727,445
Fines and forfeitures 657,581 701,606 261,495 251,680
Contribution from library - - - -
Investment income 871,621 1,557,378 1,253,533 486,398
Miscellaneous 491,534 514,765 614,796 698,839
Total revenues 32,555,161 22,351,877 22,224,181 22,798,047
EXPENDITURES
General government 14,733,899 4,208,961 4,827,462 5,156,342
Public safety 6,818,734 7,114,542 7,273,503 7,656,333
Highways and streets 2,167,013 2,333,709 3,034,841 3,536,206
Capital outlay 4,107,770 8,260,631 4,204,984 6,735,684
Debt service
Principal 1,500,000 2,000,000 2,000,000 4,000,000
Interest 377,850 302,600 216,600 184,939
Total expenditures 29,705,266 24,220,443 21,557,390 27,269,504
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 2,849,895 (1,868,566) 666,791 (4,471,457)
OTHER FINANCING SOURCES (USES)
Transfers in 2,438,479 4,702,000 4,216,000 8,629,795
Transfers (out)(1,877,250) (6,302,000) (6,216,000) (8,629,795)
Bonds issued - - - 5,000,000
Premium (discount) on bonds issued - - - (30,867)
Special item - - - -
Sale of capital assets - 20,870 11,052 8,772
Total other financing sources (uses)561,229 (1,579,130) (1,988,948) 4,977,905
NET CHANGE IN FUND BALANCES 3,411,124$ (3,447,696)$ (1,322,157)$ 506,448$
Debt service as a percentage of
noncapital expenditures 7.34%14.43%12.77%20.38%
* Eight months ended December 31, 2013
Data Source
Audited Financial Statements
VILLAGE OF DEERFIELD, ILLINOIS
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
- 107 -
2010 2011 2012 2013 2013*2014
19,562,915$ 15,326,336$ 18,350,644$ 12,220,016$ 9,876,878$ 14,070,158$
1,366,472 1,431,793 1,173,799 1,645,735 1,277,977 3,062,263
951,183 944,344 1,152,141 9,692,051 6,342,610 9,599,274
654,662 687,515 709,146 710,049 565,213 1,004,048
227,686 262,542 317,262 342,740 236,390 307,744
- - - 763,572 742,476 730,381
166,844 92,855 115,175 117,770 (164,823) (221,419)
821,396 715,868 1,219,949 1,113,205 998,549 1,218,373
23,751,158 19,461,253 23,038,116 26,605,138 19,875,270 29,770,822
12,471,646 5,328,331 6,436,048 7,783,224 5,063,339 7,353,449
8,322,821 8,407,416 8,352,887 8,540,957 6,117,121 8,963,170
2,916,045 3,032,200 3,091,770 2,806,358 2,326,884 2,924,874
6,207,466 8,278,643 23,114,852 24,479,003 5,280,135 2,777,322
175,000 180,000 710,000 1,355,000 928,000 935,000
193,150 237,997 1,180,062 1,770,522 699,324 693,655
30,286,128 25,464,587 42,885,619 46,735,064 20,414,803 23,647,470
(6,534,970) (6,003,334) (19,847,503) (20,129,926) (539,533) 6,123,352
923,389 7,506,834 22,440,459 14,290,621 3,152,954 2,354,180
(923,389) (7,506,834) (22,440,459) (14,290,621) (4,943,562) (4,171,199)
- 12,500,000 32,400,000 9,075,000 -
- (69,013) 79,791 253,502 -
- - - - -
94,690 30,161 20,827 3,331 8,386 27,431
94,690 12,461,148 32,500,618 9,331,833 (1,782,222) (1,789,588)
(6,440,280)$ 6,457,814$ 12,653,115$ (10,798,093)$ (2,321,755)$ 4,333,764$
1.53%2.09%4.75%7.16%9.02%7.35%
- 108 -
SALES TAX BY CATEGORY
Last Ten Calendar Years
Calendar Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
General merchandise 297,344$ 217,623$ 268,413$ 181,355$ 215,487$ 222,696$ 233,408$ 222,366$ 224,653$ 247,348$
Food 646,617 709,999 712,229 656,766 708,194 772,736 798,668 796,940 743,285 870,464
Drinking and eating places 604,698 666,821 749,845 756,872 931,610 932,074 970,059 1,018,539 1,032,833 1,108,407
Apparel 140,908 189,351 195,358 178,925 205,112 207,981 240,746 205,856 180,876 210,488
Furniture & H.H. & radio 1,026,827 836,653 784,397 676,075 644,981 752,175 713,431 473,808 345,052 291,839
Lumber, building hardware 741,273 681,704 614,752 532,637 622,406 610,072 590,742 564,884 583,287 642,214
Automobile and filling stations 264,775 317,435 257,719 283,125 284,289 434,095 513,421 348,318 358,919 510,550
Drugs and miscellaneous retail 1,707,928 1,899,467 1,877,780 2,184,421 3,211,071 2,625,382 3,625,900 5,476,027 4,692,108 4,937,251
Agriculture and all others 685,694 788,059 737,298 711,157 895,708 852,588 1,138,377 1,005,454 966,396 914,323
Manufacturers 95,169 125,147 93,150 143,018 196,451 203,171 214,511 237,039 226,254 251,653
TOTAL 6,211,233$ 6,432,259$ 6,290,941$ 6,304,351$ 7,915,309$ 7,612,970$ 9,039,263$ 10,349,231$ 9,353,663$ 9,984,537$
Village direct sales tax rate 1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00%1.00%
Village home rule rate 0.00%0.00%0.50%0.50%0.50%1.00%1.00%1.00%1.00%1.00%
Data Source
Illinois Department of Revenue
VILLAGE OF DEERFIELD, ILLINOIS
- 109 -
VILLAGE OF DEERFIELD, ILLINOIS
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
2005 0.25%0.25%0.25%0.75%0.75%0.50%1.00%5.00%
2006 0.25%0.25%0.25%0.75%0.75%0.50%1.00%5.00%
2007 0.25%0.25%0.25%0.75%0.75%0.50%1.00%5.00%
2008 0.25%0.75%0.25%1.75%1.00%0.50%1.00%5.00%
2009 0.25%0.75%0.25%1.75%1.00%1.00%1.00%5.00%
2010 0.25%0.75%0.25%1.25%1.00%1.00%1.00%5.00%
2011 0.25%0.75%0.25%1.00%1.00%1.00%1.00%5.00%
2012 0.25%0.75%0.25%0.75%1.00%1.00%1.00%5.00%
2013 0.25%0.75%0.25%0.75%1.00%1.00%1.00%5.00%
2014 0.25%0.75%0.25%0.75%1.00%1.00%1.00%5.00%
Data Source
Village and County Records
- 110 -
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*
2006 8,000,000$ 2,980,000$ 10,980,000$ 1.60%596.09$
2007 6,000,000 2,585,000 8,585,000 1.25%466.07
2008 4,000,000 2,185,000 6,185,000 0.90%335.78
2009 5,000,000 1,775,000 6,775,000 0.98%367.81
2010 4,825,000 1,350,000 6,175,000 0.90%335.23
2011 17,145,000 915,000 18,060,000 2.13%940.43
2012 48,835,000 465,000 49,300,000 5.86%2,678.62
2013 56,555,000 - 56,555,000 6.55%3,063.98
2013**23,066,000 31,839,000 54,905,000 6.49%2,975.56
2014 22,131,000 31,084,000 53,215,000 5.97%2,890.86
** 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
* See the schedule of Demographic and Economic Statistics on page 115 for personal income and
population data.
VILLAGE OF DEERFIELD, ILLINOIS
- 111 -
(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
2006 8,000,000$ 2,980,000$ 1,094,777$ 9,885,223$ 0.26%536.66$
2007 6,000,000 2,585,000 533,758 8,051,242 0.20%437.09
2008 4,000,000 2,185,000 560,711 5,624,289 0.12%305.34
2009 5,000,000 1,775,000 472,761 6,302,239 0.13%342.14
2010 4,825,000 1,350,000 105,915 6,069,085 0.13%329.48
2011 17,145,000 915,000 101,518 17,958,482 1.18%935.14
2012 48,835,000 465,000 286,753 49,013,247 3.52%2,656.26
2013 56,555,000 - 113,074 56,441,926 4.36%3,058.85
2013**23,066,000 31,839,000 1,473,632 53,431,368 4.13%2,895.70
2014*22,131,000 31,084,000 2,208,527 51,006,473 4.15%2,770.89
* 2013 EAV used as it is the most recent data available
** Eight months ended December 31, 2013
Data Source
(1) Audited Financial Statements
VILLAGE OF DEERFIELD, ILLINOIS
RATIOS OF GENERAL BONDED DEBT OUTSTANDING
Last Ten Fiscal Years
- 112 -
***
(1)(2)
Gross Percentage ***
General of Debt Village's
Obligation Applicable to Share
Governmental Unit Debt Government of Debt
Village of Deerfield 53,215,000$ 100.000%53,215,000$
Lake County (1)103,460,000 4.753%4,917,356
Lake County Forest Preserve 298,140,000 4.753%14,170,312
Cook County 3,598,980,000 0.109%3,909,327
Cook County Forest Preserve 172,535,000 0.109%187,413
Deerfield Park District (2)2,230,000 97.688%2,178,432
Park District of Highland Park (3)14,330,000 1.277%183,007
Northbrook Park District 8,610,000 3.858%332,212
Lake Elementary School District No. 109 (3)16,653,226 76.097%12,672,675
Lake High School District No. 113 91,715,000 29.071%26,662,853
Cook Northfield Township High School District No. 225 94,984,026 3.051%2,897,944
Community College of Lake County No. 532 79,175,000 5.012%3,968,130
Oakton Community College District No. 535 21,400,000 0.723%154,794
Metropolitan Water Reclamation District of Greater Chicago (4)2,394,997,000 0.111%2,654,120
Total gross debt 6,950,424,252 128,103,575
Less Debt Service Fund amount
available - Village of Deerfield 2,208,527 2,208,527
TOTAL DIRECT AND OVERLAPPING DEBT 6,948,215,725$ 125,895,048$
(1)
(2)Excludes Self-Supporting debt.
(3)Includes Debt Cerfiticates that are not supported by a property tax levy.
(4)Includes Illinois Environmental Protection Agency loans.
*Most recent data available.
**
***Amount of column (2) multiplied by amount in column (1).
Data Source
Lake and Cook County Clerk's Offices
VILLAGE OF DEERFIELD, ILLINOIS
DIRECT AND OVERLAPPING BONDED DEBT -
December 31, 2014
Determined by ratio of assessed value of property subject to taxation in overlapping unit to value of property subject to taxation.
GOVERNMENTAL ACTIVITIES
Excludes Alternate Revenue Source Bonds.
- 113 -
LEGAL DEBT MARGIN INFORMATION
December 31, 2014
EQUALIZED ASSESSED VALUATION - 2013*1,228,417,175$
Non-Home Rule Legal Debt Limit - 8.625%105,950,981
Amount of debt applicable to limit:
General Obligation Bonds Series 2008 3,870,000
General Obligation Bonds Series 2010A 10,340,000
General Obligation Bonds Series 2011A 8,775,000
General Obligation Bonds Series 2011B 12,480,000
General Obligation Bonds Series 2012 10,000,000
General Obligation Bonds Series 2013 7,750,000
Total amount of debt applicable to limit:53,215,000
NON-HOME RULE LEGAL DEBT MARGIN 52,735,981$
* Most Recent EAV Available
VILLAGE OF DEERFIELD, ILLINOIS
Illustrative Computation of Debt Margin If Government Were Not a Home Rule Municipality
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:
The Village is a home rule municipality.
Article VII, Section 6(k) of the 1970 Illinois Constitution governs computation of the legal debt margin:
To date, the General Assembly has set no limits for home rule municipalities.
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.
- 114 -
Per Capita Median
Fiscal Personal Household Unemployment
Year Population Income Income Rate
2006 *18,420 37,361$ 107,194$ 1.10%
2007 *18,420 37,361 107,194 2.80%
2008 *18,420 37,361 107,194 3.40%
2009 *18,420 37,361 107,194 4.90%
2010 *18,420 37,361 107,194 7.10%
2011 **19,204 44,127 131,585 5.60%
2012 ***18,405 45,703 131,534 5.75%
2013 ****18,458 46,782 132,785 5.30%
2013 *****18,452 45,823 129,187 5.85%
2014 ******18,408 48,431 135,881 5.05%
Data Source
* U.S. Census Bureau "Census 2000 Summary Files" and U.S. Bureau of Labor Statistics
** U.S. Census Bureau "2005-2009 American Community Survey 5-Yr. Estimates" and
U.S. Bureau of Labor Statistics
*** U.S. Census Bureau "2006-2010 American Community Survey 5-Yr. Estimates" and
U.S. Bureau of Labor Statistics
**** U.S. Census Bureau, "2007-2011 American Community Survey 5-Yr. Estimates"
***** U.S. Census Bureau, "2008-2012 American Community Survey 5-Yr. Estimates" and
U.S. Bureau of Labor Statistics
****** U.S. Census Bureau, "2009-2013 American Community Survey 5-Yr. Estimates" and
U.S. Bureau of Labor Statistics
VILLAGE OF DEERFIELD, ILLINOIS
DEMOGRAPHIC AND ECONOMIC INFORMATION
Last Ten Fiscal Years
- 115 -
% of % of
Total Village Total Village
Employer Employees Rank Population Employees Rank Population
Walgreen Co.9,800 1 53.24%2,500 1 13.57%
Baxter International Inc 5,900 2 32.05%1,000 2 5.43%
Takeda Pharmaceuticals North 1,700 3 9.24%0.00%
Mondelez International, Inc.1,200 4 6.52%0.00%
United Stationers 1,100 5 5.98%0.00%
East West Distributing Co.700 6 3.80%0.00%
Beam Inc.610 7 3.31%250 8 1.36%
Deerfield Park District 500 8 2.72%0.00%
Illinois Student Assistance Commission 499 9 2.71%515 4 2.80%
Deerfield School District 109 406 10 2.21%400 6 2.17%
Hewitt Associates 0.00%800 3 4.34%
Fujisawa USA Incorporated 0.00%450 5 2.44%
Wm M. Mercer Inc.0.00%250 7 1.36%
Township High School District 113 0.00%246 9 1.34%
Shand Morahan 0.00%240 10 1.30%
TOTAL 22,415 121.78%6,651 36.11%
Village population 18,408 18,420
Data Source
Lake County Partners
VILLAGE OF DEERFIELD, ILLINOIS
PRINCIPAL EMPLOYERS
Current Year and Nine Years Ago
2014 2005
- 116 -
Function/Program 2006 2007 2008 2009 2010 2011 2012 2013 2013*2014
GENERAL GOVERNMENT
Village Manager 3 3 3 3 3 2 4 5 5 5
Finance 9 10 10 10 10 10 8 8 8 8
Engineering 2 3 3 3 3 2 2 2 2 2
Community Development 6 7 7 7 7 7 7 7 7 8
PUBLIC WORKS
Administration 2 4 4 4 4 4 4 4 4 4
Street Maintenance 7 7 7 7 7 7 7 7 7 7
Utilities Maintenance 13 14 15 15 15 14 14 14 14 14
Sewage Treatment Plant 8 8 8 8 8 8 8 7 7 7
Garage 2 2 2 2 2 2 2 2 2 2
PUBLIC SAFETY
Police
Administration 8 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 32 31 31 31 31 31 31 33 33 34
TOTAL 107 111 112 112 112 109 109 111 111 113
* Eight months ended December 31, 2013
Data Source
Village budget office
VILLAGE OF DEERFIELD, ILLINOIS
FULL-TIME EQUIVALENT EMPLOYEES
Last Ten Fiscal Years
- 117 -
Function/Program 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
PUBLIC SAFETY
Police
Physical arrests 498 532 587 568 415 575 513 485 367 337
Parking violations 2,332 2,625 2,690 2,385 1,656 1,509 1,343 2,628 2,307 2,560
Traffic violations 4,140 4,119 4,278 4,255 3,703 3,106 3,391 3,367 3,550 3,452
PUBLIC WORKS
Street resurfacing (miles)3.11 3.18 3.21 3.14 0.89 0.86 1.83 2.80 1.76 1.96
WATER
Water main breaks 141 62 77 47 59 76 75 78 108 56
Average daily consumption (gallons)3,350,346 2,998,220 3,128,000 2,566,000 2,630,000 2,683,526 2,522,061 2,805,124 2,730,295 2,571,000
Peak daily consumption (gallons)4,932,570 4,476,210 5,894,000 5,279,000 4,510,000 5,009,819 5,502,196 5,482,125 5,069,827 3,903,000
WASTEWATER
Average daily treatment (gallons)2,809,671 3,204,822 2,963,972 3,324,536 3,313,068 2,930,000 3,530,000 2,395,000 2,761,000 3,452,000
Data Source
Various village departments
VILLAGE OF DEERFIELD, ILLINOIS
OPERATING INDICATORS
Last Ten Calendar Years
- 118 -
Function/Program 2006 2007 2008 2009 2010 2011 2012 2013 2013*2014
PUBLIC SAFETY
Police
Stations 1 1 1 1 1 1 1 1 1 1
Number of Police Officers 42 41 41 41 41 41 41 42 43 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)84 84 84 84 88 90 90 90 90 90
Fire hydrants 1,203 1,203 1,203 1,203 1,212 1,217 1,208 1,220 1,205 1,208
Storage capacity (gallons)8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,200,850 8,200,850 8,200,850 8,200,850 8,200,850
WASTEWATER
Sewers (miles)80 80 80 80 80 80 80 80 80 80
Treatment capacity (gallons)8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 9,200,000 9,200,000 9,200,000 9,200,000
* Eight months ended December 31, 2013
Data Source
Various village departments
VILLAGE OF DEERFIELD, ILLINOIS
CAPITAL ASSET STATISTICS
Last Ten Fiscal Years
- 119 -
Debt Information
Direct Debt :
General Obligation Bonds $53,215,000
Gross General Percent Village's Share
Obligation Debt Applicable of Debt
Overlapping Debt :
Lake County (1)103,460,000 4.753%4,917,356
Lake County Forest Preserve 298,140,000 4.753%14,170,312
Cook County 3,598,980,000 0.109%3,909,327
Cook County Forest Preserve 172,535,000 0.109%187,413
Deerfield Park District (2)2,230,000 97.688%2,178,432
Park District of Highland Park (3)14,330,000 1.277%183,007
Northbrook Park District 8,610,000 3.858%332,212
Lake School District No. 109 (3)16,653,226 76.097%12,672,675
Lake High School District No. 113 91,715,000 29.071%26,662,853
Cook High School District No. 225 94,984,026 3.051%2,897,944
Community College No. 532 79,175,000 5.012%3,968,130
Community College No. 535 21,400,000 0.723%154,794
Metro Water Reclamation District (4)2,394,997,000 0.111%2,654,120
Total Overlapping Debt $74,888,575
Total Direct and Overlapping Debt $128,103,575
Source: Lake and Cook County Clerk's Offices.
(1) Excludes Alternate Revenue Bonds.
(2) Excludes Self-Supporting debt.
(3) Includes Debt Certificates that are not supported by a property tax levy.
(4) Includes Illinois Environmental Protection Agency loans.
- 120 -
Statement of Indebtedness
Amount % of % of Estimated
Applicable EAV True Value Per Capita*
2013 Equalized Assessed Valuation (1)1,228,417,175$ 100.00%33.33%66,733
Estimated True Value 3,685,251,525 300.00%100.00%200,198
Direct Debt 53,215,000 4.33%1.44%2,891
Overlapping Debt 74,888,575 6.10%2.03%4,068
Direct and Overlapping Debt 128,103,575 10.43%3.48%6,959
*Population of 18,408 based on 2014 CAFR.
(1) Reflects 2013 Lake County EAV and 2013 Cook County EAV.
- 121 -
Equalized Assessed Valuation
2009 2010 2011 2012 2013
Residential $1,170,079,592 $1,108,117,369 $1,012,534,720 $938,649,978 898,117,390$
Commerical 412,939,520 397,215,326 364,721,276 340,275,838 316,522,689
Industrial 23,884,106 17,827,124 15,266,443 14,338,152 13,777,096
Total $1,606,903,218 $1,523,159,819 $1,392,522,439 $1,293,263,968 $1,228,417,175
Source: Offices of Lake and Cook County Clerk.
Lake County
Residential $1,168,909,109 $1,107,301,252 $1,011,816,893 $937,972,021 897,492,359$
Farm - - - - -
Commerical 212,436,454 210,585,916 220,050,035 207,908,753 191,692,037
Industrial 2,514,757 2,723,342 2,713,600 2,562,167 2,460,043
Total $1,383,860,320 $1,320,610,510 $1,234,580,528 $1,148,442,941 1,091,644,439$
Cook County
Residential 1,170,483$ 816,117$ 717,827$ 677,957$ 625,031$
Farm - - - - -
Commerical 200,503,066 186,629,410 144,671,241 132,367,085 124,830,652
Industrial 21,369,349 15,103,782 12,552,843 11,775,985 11,317,053
Total $223,042,898 $202,549,309 157,941,911$ 144,821,027$ 136,772,736$
- 122 -
Tax Rates Per $100 of Assessed Valuation
2009 2010 2011 2012 2013
Bonds and Interest 0.010 0.034 0.098 0.159 0.175
Corporate 0.123 0.143 0.154 0.164 0.184
Garbage 0.053 0.059 0.064 0.071 0.077
All Other 0.003 0.003 0.004 0.063 0.067
Total Village 0.189 0.239 0.320 0.457 0.503
County Including Forest Preserve 0.660 0.703 0.755 0.820 0.881
Deerfield Elementary Dist. 109 2.455 2.665 2.892 3.254 3.424
High School District 113 1.748 1.921 2.167 2.178 2.364
Community College (Lake County) Dist. 532 0.200 0.218 0.240 0.272 0.296
Deerfield Park District 0.431 0.460 0.503 0.546 0.585
Deerfield-Bannockburn Fire Protection Dist.0.447 0.486 0.529 0.593 0.637
Library 0.180 0.204 0.237 0.262 0.290
All Other 0.045 0.065 0.073 0.053 0.048
Total 6.355 6.961 7.716 8.435 9.028
Village as a Percent of Total 3.0%3.4%4.1%5.4%5.6%
Source: Office of Lake County Clerk.
- 123 -
Tax Extensions and Collections
LAKE COUNTY COOK COUNTY
Levy Collection Levy Collection
Year Year Taxes Extended Amount Percent Year Year Taxes Extended Amount Percent
2003 2004 3,677,468 3,671,745 99.84%2003 2004 255,507 255,507 100.00%
2004 2005 3,980,792 3,958,956 99.45%2004 2005 258,537 261,462 101.13%
2005 2006 4,723,411 4,706,769 99.65%2005 2006 444,012 457,708 103.08%
2006 2007 4,290,135 4,287,885 99.95%2006 2007 420,514 416,589 99.07%
2007 2008 4,700,551 4,690,657 99.79%2007 2008 409,907 410,137 100.06%
2008 2009 4,838,606 4,829,011 99.80%2008 2009 414,860 407,960 98.34%
2009 2010 5,106,445 5,098,946 99.85%2009 2010 399,022 402,287 100.82%
2010 2011 5,850,305 5,838,131 99.79%2010 2011 445,248 452,011 101.52%
2011 2012 7,469,212 7,470,033 100.01%2011 2012 521,208 520,642 99.89%
2012 2013 8,257,305 8,247,653 99.88%2012 2013 593,766 595,080 100.22%
2013 2014 8,558,492 8,550,030 99.90%2013 2014 607,271 608,961 100.28%
Total
Levy Collection
Year Year Taxes Extended Amount Percent
2003 2004 3,932,975 3,927,252 99.85%
2004 2005 4,239,329 4,220,418 99.55%
2005 2006 5,167,423 5,164,477 99.94%
2006 2007 4,710,649 4,704,474 99.87%
2007 2008 5,110,458 5,100,794 99.81%
2008 2009 5,253,466 5,236,971 99.69%
2009 2010 5,505,467 5,501,233 99.92%
2010 2011 6,295,553 6,290,142 99.91%
2011 2012 7,990,420 7,990,675 100.00%
2012 2013 8,851,071 8,842,733 99.91%
2013 2014 9,165,763 9,158,991 99.93%
Lake County and Cook County as of 3/31/2015.
Total Collections
Source: Lake County Clerk's Office.
Total Collections
Source: Lake and Cook County Clerk's Office.
Total Collections
Source: Cook County Clerk's Office.
- 124 -
Principal Taxpayers within the Village
Taxpayer
Taxable Assessed
Value
% of Total Taxable
Assessed Valuation
Arden Realty, Inc.$35,825,134 0.97%
Scott Dressing, Sr Mgr Taxation 28,149,369 0.76%
Walgreen Co.25,967,214 0.70%
JBC Funds Parkway North LLC 15,542,659 0.42%
CRM Properties Group 13,877,380 0.38%
Midamerica Asset Management 12,744,008 0.35%
Wells Core REIT - Four Parkway North LLC 6,834,232 0.19%
MLQ MB Hotels 2011 LLC 5,742,560 0.16%
RREEF America Reit Agent Corner Partners 5,511,706 0.15%
% Deloitte PTS 5,436,321 0.15%
Total $155,630,583 4.23%
Data Source: Lake & Cook County Clerk's & Assessor's Offices.
- 125 -