Village CAFR for year ended April 30, 2013
VILLAGE OF DEERFIELD, ILLINOIS
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
For the Year Ended
April 30, 2013
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 .................................................................. 1-3
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 .................................................................................. 4
Statement of Activities ...................................................................................... 5-6
Fund Financial Statements
Governmental Funds
Balance Sheet ............................................................................................... 7-8
Reconciliation of Fund Balances of Governmental Funds to
the Governmental Activities in the Statement of Net Position .................. 9
Statement of Revenues, Expenditures and Changes in Fund Balances ....... 10-11
Reconciliation of the Governmental Funds Statement of Revenues,
Expenditures and Changes in Fund Balances to the Governmental
Activities in the Statement of Activities ..................................................... 12
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 ............................................................................. 13
Statement of Revenues, Expenses and Changes in Net Position ................. 14
Statement of Cash Flows .............................................................................. 15-16
Fiduciary Funds
Statement of Fiduciary Net Position ............................................................ 17
Statement of Changes in Fiduciary Net Position ......................................... 18
Notes to Financial Statements ........................................................................... 19-51
Required Supplementary Information
Schedule of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual - General Fund ....................................................................... 52
Schedule of Funding Progress and Employer Contributions
Illinois Municipal Retirement Fund ............................................................. 53
Police Pension Fund ..................................................................................... 54
Other Postemployment Benefit Plan ............................................................ 55
Notes to Required Supplementary Information ................................................ 56
COMBINING AND INDIVIDUAL FUND
FINANCIAL STATEMENTS AND SCHEDULES
MAJOR GOVERNMENTAL FUNDS
Schedule of Revenues - Budget and Actual - General Fund ................................. 57-58
Schedule of Expenditures - Budget and Actual - General Fund ............................ 59-61
Schedule of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual
Debt Service Fund ........................................................................................ 62
Infrastructure Replacement Fund ................................................................. 63
Library Bond Proceeds Fund ........................................................................ 64
VILLAGE OF DEERFIELD, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
FINANCIAL SECTION (Continued)
COMBINING AND INDIVIDUAL FUND
FINANCIAL STATEMENTS AND SCHEDULES (Continued)
NONMAJOR GOVERNMENTAL FUNDS
Combining Balance Sheet ................................................................................. 65
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances ................................................................................................. 66
Schedule of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual
Motor Fuel Tax Fund .................................................................................... 67
Enhanced 911 Fund ...................................................................................... 68
Bond Proceeds Fund ..................................................................................... 69
2011B Sinking Fund…. ................................................................................ 70
MAJOR ENTERPRISE FUNDS
Water Fund
Schedule of Revenues, Expenses and Changes in Net Position -
Budget and Actual ...................................................................................... 71
Schedule of Operating Expenses - Budget and Actual ................................. 72
Schedule of Capital Assets and Depreciation ............................................... 73
Sewerage Fund
Schedule of Revenues, Expenses and Changes in Net Position -
Budget and Actual ...................................................................................... 74
Schedule of Operating Expenses - Budget and Actual ................................. 75
Schedule of Capital Assets and Depreciation ............................................... 76
Refuse Fund
Schedule of Revenues, Expenses and Changes in Net Position -
Budget and Actual ...................................................................................... 77
NONMAJOR ENTEPRISE FUNDS
Commuter Parking Lot 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
VILLAGE OF DEERFIELD, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
FINANCIAL SECTION (Continued)
COMBINING AND INDIVIDUAL FUND
FINANCIAL STATEMENTS AND SCHEDULES (Continued)
INTERNAL SERVICE FUNDS
Combining Statement of Net Position ............................................................... 81
Combining Statement of Revenues, Expenses and Changes in
Net Position ..................................................................................................... 82
Combining Statement of Cash Flows ................................................................ 83
Garage Fund
Schedule of Revenues, Expenses and Changes in Net Position -
Budget and Actual ...................................................................................... 84
Schedule of Operating Expenses - Budget and Actual ................................. 85
Vehicle and Equipment Replacement Fund
Schedule of Revenues, Expenses and
Changes in Net Position - Budget and Actual ............................................ 86
FIDUCIARY FUNDS
Schedule of Changes in Plan Net Position- Budget and Actual -
Police Pension Fund ........................................................................................ 87
Combining Statement of Changes in Assets and Liabilities -
Agency Funds .................................................................................................. 88
SUPPLEMENTAL DATA
Long-Term Debt Requirements
General Obligation Bond Series of 2008 .......................................................... 89
General Obligation Bond Series of 2010A ....................................................... 90
General Obligation Bond Series of 2011A ....................................................... 91
General Obligation Bond Series of 2011B ........................................................ 92
General Obligation Bond Series of 2012 .......................................................... 93
General Obligation Bonds Series of 2013 ......................................................... 94
STATISTICAL SECTION
Financial Trends
Net Position by Component ................................................................................... 95
Change in Net Position .......................................................................................... 96-97
Fund Balances of Governmental Funds ................................................................. 98
Changes in Fund Balances of Governmental Funds .............................................. 99
VILLAGE OF DEERFIELD, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
STATISTICAL SECTION (Continued)
Revenue Capacity
Sales Tax by Category ........................................................................................... 100
Direct and Overlapping Sales Tax Rates ............................................................... 101
Debt Capacity
Ratios of Outstanding Debt by Type ...................................................................... 102
Ratios of General Bonded Debt Outstanding ......................................................... 103
Direct and Overlapping Bonded Debt - Governmental Activities ......................... 104
Legal Debt Margin Information ............................................................................. 105
Demographic and Economic Information
Demographic and Economic Information .............................................................. 106
Principal Employers ............................................................................................... 107
Operating Information
Full-Time Equivalent Employees .......................................................................... 108
Operating Indicators ............................................................................................... 109
Capital Asset Statistics ........................................................................................... 110
Continuing Disclosures ............................................................................................... 111-116
- i -
VILLAGE OF DEERFIELD, ILLINOIS
PRINCIPAL OFFICIALS
April 30, 2013
LEGISLATIVE
VILLAGE BOARD OF TRUSTEES
Harriet E. Rosenthal, Mayor
Robert L. Benton Thomas L. Jester
Mary M. Oppenheim William S. Seiden
Barbara J. Struthers Alan L. Farkas
Kent Street, Clerk
ADMINISTRATIVE
Kent Street, Village Manager
FINANCE DEPARTMENT
Eric L. Burk
Director of Finance/Treasurer
Public
Boards and Mayor and Board Village Attorney
Commissions of Trustees
Assistant to the Village Manager
Village Manager 7 Employees
Police Finance Community Public Works
Development & Engineering
64 Employees 6 Employees 8 Employees 38 Employees
Patrol Budgeting Planning Water Works
Investigations Accounting Zoning Sewage
Treatment
Youth Treasury Code Streets
Management Enforcement
Communications Personnel Building Plan Vehicle
Review Maintenance
Records Utility Billing Permits Storm Drainage
Research and Purchasing Appearance Plan Design
Development Review & Review
- ii -
- iii -
- 2 -
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinions.
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects,
the respective financial position of the governmental activities, the business-type activities, each
major fund and the aggregate remaining fund information of the Village, as of April 30, 2013,
and the respective changes in financial position, and, where applicable, cash flows, thereof for
the year then ended in conformity with accounting principles generally accepted in the United
States of America.
Emphasis of Matter
The Village adopted GASB Statement No. 63, Financial Reporting of Deferred Outflows of
Resources, Deferred Inflows of Resources and Net Position and GASB Statement No. 65, Items
Previously Reported as Assets and Liabilities, during the year ended April 30, 2013. Statement
No. 63 added new classifications on the statements of position and changed net assets to net
position. Statement No. 65 changed the classifications of certain items on the statement of
position to the new classifications contained in GASB Statement No. 63. Our opinions are not
modified with respect to this matter.
Other Matters
Accounting principles generally accepted in the United States of America require that the
management’s discussion and analysis and the other required supplementary information be
presented to supplement the basic financial statements. Such information, although not a part of
the basic financial statements, is required by the Governmental Accounting Standards Board,
who considers it to be an essential part of financial reporting for placing the basic financial
statements in an appropriate operational, economic, or historical context. We have applied
certain limited procedures to the required supplementary information in accordance with auditing
standards generally accepted in the United States of America, which consisted of inquiries of
management about the methods of preparing the information and comparing the information for
consistency with management’s responses to our inquiries, the basic financial statements, and
other knowledge we obtained during our audit of the basic financial statements. We do not
express an opinion or provide any assurance on the information because the limited procedures
do not provide us with sufficient evidence to express an opinion or provide any assurance.
Our audit was conducted for the purpose of forming opinions on the basic financial statements
that collectively comprise the Village’s basic financial statements as a whole. The introductory
section, combining and individual fund financial statements and schedules, supplemental data
and statistical section are presented for purposes of additional analysis and are not a required part
of the financial statements. The combining and individual fund financial statements and
schedules and supplemental data are the responsibility of management and were derived from
and relate directly to the underlying accounting and other records used to prepare the financial
statements. The information has been subjected to the auditing procedures applied in the audit of
the financial statements and certain additional procedures, including comparing and reconciling
such information directly to the underlying accounting and other records used to prepare the
financial statements or to the financial statements themselves, and other additional procedures in
- 2 -
(MD&A) - 1 -
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
April 30, 2013
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) provi de 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 (begi nning on page iv)
and the Village’s financial statements (beginning on page 3).
Financial Highlights
The Village’s General Fund ended the year with total revenues exceeding total expenditures by $2,991,312.
Combined with other financing net uses of $2,480,065, the April 30, 2013 fund balance increased by
$511,247.
Economy sensitive revenues, i.e. sales, income, and hotel/motel taxes rebounded again from the prior year.
Building permit revenue ($1,168,462) exceeded current year expectation ($525,000) and prior year actual
($693,975), primarily due to large office remodeling projects.
Hotel/motel tax revenue increased 12% to $1,826,051; 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 $1,320,356 from the Electric Utility tax and $1,430,126 from the Simplified
Telecommunications tax.
The Village retired $1,820,000 of general obligation debt during the year, including the final payment on
bonds supported by the Water Fund. The Village issued $9,075,000 of new general obligation debt,
$3,200,000 as the final funding for the Wastewater Treatment Plant and $5,875,000 for the Library
Improvement Project. The total balance of debt outstanding as of April 30, 2013 was $56,555,000. No new
debt is anticipated in the next fiscal year.
The Village completed construction of its new W astewater Treatment Plant.
Implemented an infrastructure maintenance fee of ½ of 1% of the project value, which amounted to
$239,073 during the fiscal year.
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.
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
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
(MD&A) - 2 -
Disposal and Commuter Parking) where the charges for services typically cover all or most of the cost of operation,
including depreciation.
Fund Financial Statements
Traditional users of governmental financial statements will find the fund financial statements presentation more
familiar. A fund is an accountability unit used to maintain control over resources segregated for specific activities or
objectives. The Village uses funds to ensure and demonstrate compliance with finance -related laws and regulations.
Within the basic financial statements, fund financial statements focus on the Village’s most significant funds rather
than the Village as a whole. Major funds are separately reported while all others are combined into a single,
aggregated presentation. Individual fund data for non -major funds is provided in the form of combining statements in
a later section of this report.
The governmental major funds (see pages 6 – 10) 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 utilities, commuter parking lots and refuse function. 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 f inancial 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 employees and
budget information.
Major funds and component units are reported in the basic financial statements as discussed. Combining and
individual statements and schedules for non-major and internal service funds are presented in a subsequen t section
of this report.
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
(MD&A) - 3 -
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.
2013 2012 2013 2012 2013 2012
Current & Other Assets 50.48 53.90 1.98 1.82 52.46 55.72
Capital Assets 70.56 70.21 59.83 48.36 130.39 118.57
Total Assets 121.04 124.11 61.81 50.18 182.85 174.29
Long-Term Liabilities 57.23 49.38 0.26 0.28 57.49 49.66
Other Liabilities 6.02 8.44 .67 1.01 6.69 9.45
Total Liabilities 63.25 57.82 .93 1.29 64.18 59.11
Deferred Inflows of Resources 4.20 3.54 .90 .88 5.1 4.42
Total Liabilities and Deferred
Inflows of Resources 67.45 61.36 1.83 2.17 69.28 63.53
Net Position:
Net Investment in Capital
Assets 55.36 51.39 59.84 47.89 86.32 84.68
Restricted 2.00 1.87 - - 2.00 1.87
Unrestricted -3.77 9.49 0.14 0.12 25.24 24.21
Total Net Position 53.59 62.75 59.98 48.01 113.56 110.76
The Village’s total primary government net position increased by $2.81 million. The Governmental Activities long-
term liabilities increased due to the issuance of $9.075 million dollars of general obligation debt. $3.2 million of this
debt is being used to finance the W astewater Treatment Plant which contributed to the increase in Business-type
Activities Capital Assets. The remaining portion of the debt was used for the Library Improvement Project. The
majority of the bond proceeds from the current year and prior year issuances were expended which contributed to the
decrease in Current & Other Assets in the Governmental Activities.
Business-type Activities Current & Other Assets increased mainly due to increases in Water and Sewer fund cash
balances generated by an unusually dry summer. Capital Assets increased due to construction of the Wastewater
Treatment Plant. Long-Term liabilities decreased with a scheduled payment of debt.
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.
2013 2012 2013 2012 2013 2012
Revenues:
Program Revenues:
Charges for Service 3.60 2.89 7.89 7.05 11.49 9.94
Operating Grants 1.14 0.72 - - 1.14 0.72
Capital Grants 0.08 0.43 12.57 19.62 12.65 20.05
General Revenue:
Property Taxes 4.33 2.74 0.89 0.89 5.22 3.63
Other
Taxes/Intergovernmental 17.09 15.61 - - 17.09 15.61
Transfers in (out) - - - - -
Other 0.37 0.67 0.21 0.37 0.58 1.04
Total Revenue 26.61 23.06 21.56 27.93 48.17 50.99
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
(MD&A) - 4 -
Expenses:
General Government 18.99 24.27 - - 18.99 24.27
Public Safety 8.57 8.39 - - 8.57 8.39
Highways and Streets 5.75 6.60 - - 5.75 6.60
Interest/fiscal charges 1.79 1.10 - - 1.79 1.10
Water - - 4.63 4.46 4.63 4.46
Sewer - - 3.27 3.00 3.27 3.00
Refuse - - 1.34 1.31 1.34 1.31
Parking Lots - - 0.35 0.33 0.35 0.33
Total Expense 35.10 40.36 9.59 9.10 44.69 49.46
Changes in Net Position -8.49 -17.30 11.97 18.83 3.48 1.53
CURRENT YEAR IMPACTS
Governmental Activities
Revenue
Charges for services increased $0.71 million mainly due to increased building permit activity and the implementation
of an infrastructure maintenance fee. Operating grants increased $0.42 million with increased Federal Government
rebates related to Qualified Energy Conservation Bonds and Build America Bonds. Capital grants decreased $0.35
million with the completion of the Deerfield Road Underpass in the prior year. Property taxes increased $1.59 million
mainly due to additional debt service levy related to the Wastewater Treatment Plant. Other taxes increased $1.48
million due largely to increases in Sales Tax, Home Rule Sales Tax and Income Tax.
Expenses
General government expenses decreased $5.28 million as costs associated with construction of the Wastewater
Treatment Plant decreased as the projected neared completion. Highways and streets expenses decreased $0.82
million as less of the expenses on road reconstruction were capitalized in the current year. These assets will be
depreciated over their useful life. Interest and fiscal charges increased $0.69 million due to interest payments and
fiscal charges in connection with the issuance of debt.
Business-type Activities
Revenue
A water rate increase of 2.5% was implemented in May, 2012; water sales totaled $4.26 million, an increase of $0.37
million or 9.5% from the prior year. The dry summer weather led to an increased number of units billed. Sewer user
charges of $2.85 million were $0.35 million or 14% higher than the prior year. The sewer rates were increased 5%.
Refuse charge rates were also increased 2.5%, and revenue of $0.48 million increased $0.14 million from the prior
years.
Expenses
Operating expenses for the Water Fund increased by $0.18 million or 4.5% primarily due to an increase in personnel
costs and increased water purchases to meet increased demand from dry summer weather. In addition, the Village’s
wholesale water supplier increased its rates.
Sewer Fund operating expenses decreased by $0.11 million due primarily to personnel costs from open positions.
Refuse Fund operating expenses increased $0.04 million due largely to contractual increases with the waste hauler.
FINANCIAL ANALYSIS OF THE VILLAGE’S FUNDS
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
(MD&A) - 5 -
Governmental Funds
At April 30, 2013, the governmental funds reported a combined fund balance of $26.3 million which is a 29%
decrease from the beginning of the year ($37.1 million). The decrease is primarily due to a drawdown of prior year
bond proceeds designated for the Wastewater Treatment Plant and Library Improvement Project.
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 $0.8 million from $16.2 million to $17.0 million. The General
Fund cash balance of $16.4 million provides for approximately 275 days of anticipated annual expenditures.
Revenues exceeded the budget of $18.15 million by $3.20 million. State shared revenues, such as income taxes and
use taxes, increased from last year actual. Sales tax and Home Rule Sales tax both exceeded last year actual and
current year expectations. Building permit revenue exceeded the current year expectation and last year’s actual as
several large commercial permits were issued in the current year.
Expenditures were $1.52 million less than the revised budget. This was due to lower than expected costs in
personnel across multiple departments. Offsetting this was higher than expected Economic Incentives related to
Walgreen’s sales tax agreement. (This also resulted in higher than expected Sales Tax revenue.) The original
budget was modified to accommodate the increased Economic Incentive payments .
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 50.
General Fund Budget versus Actual
Fiscal year ended April 30, 2013
(in millions)
Original Amended
Budget Budget Actual
Revenues
Taxes 9.73 9.73 10.80
Intergovernmental 6.04 6.04 7.33
Other 2.38 2.38 3.22
Total 18.15 18.15 21.35
Expenditures & Transfers
Expenditures 17.89 19.89 18.36
Other Sources -0.01 -0.01 0.00
Transfers – Net 2.48 2.48 2.48
Total 20.36 22.36 20.84
Change in Fund Balance -2.21 -4.21 0.51
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 expectation.
The Infrastructure Replacement Fund (IRF) is primarily funded with a home rule sales tax and grants. The Village
also implemented an Infrastructure Maintenance Fee of ½ of 1% of the project value in the current year. Revenue in
the IRF exceeded the budget by $0.64 million due mainly to higher than expected sales tax revenue and the
implementation of the Infrastructure Maintenance Fee. Expenditures in the IRF totaled $14.0 million. Construction
and Engineering costs associated with the Wastewater Treatment Plant, which was substantially completed by year
end, accounted for the bulk of this fund’s expenditures.
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
(MD&A) - 6 -
$5.875 million of general obligation bonds were deposited into the Library Bond Proceeds fund during the fiscal year.
These funds will be used to fund the Library Improvement Project. At the end of the fiscal year $0.54 million of cash
remained in the fund. No additional debt is anticipated and the project will be completed during the next fiscal year.
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 increased $0.40 million over last year due mainly to increased water sales.
Actual operating expenses, excluding depreciation and interest, increased $0.18 million over last year. Overall,
operating revenues exceeded operating expenses and net position decreased $0.12 million.
The Sewerage Fund operating expenses were under budget by $0.33 million and operating costs decreased by $0.11
million over last year due primarily to personnel costs and contractual services. The operating revenue exceeded
operating expenses excluding depreciation $0.33 million due to increased summer water usage. Capital expenses
for the foreseeable future in this fund have been transferred to the Infrastructure Fund. The replacement of the
Wastewater Treatment Plant was substantially complete at year end.
The Refuse Fund operating expenses exceeded operating revenues by $0.82 million. This Village also uses a
portion of its property tax levy to fund refuse collection. The Refuse Fund’s net position increased $0.07 million
during the fiscal year to $0.05 million.
Internal Service Funds
The Village’s combined internal service funds’ net position were $6.3 million as of April 30, 2013, with $4.7 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 minimal change to net position.
Capital assets
Effective May 1, 2004, the Village revised its policy of capitalizing assets to raise the minimum to $25,000 (actual) or
more in value. The Village’s investment in capital assets, net of accumulated depreciation, for governmental activities
as of April 30, 2013 was $70.5 million. The Village’s investment in capital assets, net of accumulated depreciation, for
business-type activities as of April 30, 2013 was $59.8 million. Major capital asset additions during the current fiscal
year included streets and completion of the Wastewater Treatment Plant. Additional information on capital assets is
presented in Note 4 to the financial statements.
Long-term debt
The Village issued $9.075 million of general obligation debt during the year; $3.2 million to partially fund construction
of the Wastewater Treatment Plant and $5.875 million to fund the Library Improvement Project. The Village retired
$1.82 million of general obligation debt, including the final payment of an issue that was supported by Water revenue.
At the end of the fiscal year, the Village had total bonded debt outstanding of $56.56 million. As a home rule
government, under Illinois law, the Village has no legal debt limit. As of April 30, 2013 the total Village debt
represented 4.37% 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 2013.
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.
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
(MD&A) - 7 -
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 11% of total revenue in FY 2012 to 10% in FY 2013 due to
the growth of other revenues.
One of the major retail areas of the Village lost a major tenant during the year. The Village continues to work with
developers and land owners to fill vacated retail space. Building permit revenues have also exceeded expectations
again. The Village is not immune to the overall tightening of the residential market.
The Village’s hotel/motel tax increased $0.20 million or 12% from last year due to more business travel. However,
hotel/motel tax is still down from its high of $2 million several years ago. All of the Village’s six hotels have remained
open during the year. The continued strength of the local corporate employment provides a base level of demand for
rooms which is the primary market for these hotels.
Contacting the Village’s Financial Management
This financial report is designed to provide a general overview of the Village’s finances, comply with finance -related
laws and regulations and demonstrate the Village’s commitment to public accountability. If you have questions about
this report or would like to request additional information, contact the Village’s Finance Director, 850 Waukegan
Road, Deerfield, IL 60015 or access the Village website at www.deerfield.il.us.
Governmental Business-Type
Activities Activities Total
ASSETS
Cash and investments 29,604,776$ 857,285$ 30,462,061$
Receivables (net, where applicable,
of allowances for uncollectibles)
Property taxes 3,954,654 856,654 4,811,308
Accounts 582,652 1,013,581 1,596,233
Accrued interest 11,328 262 11,590
Electric utility tax 99,709 - 99,709
Due from other governments 13,520,437 - 13,520,437
Note receivable 90,000 - 90,000
Due from (to) other funds 1,037,408 (1,037,408) -
Inventory 125,932 284,809 410,741
Prepaid expenses 459,247 - 459,247
Net pension asset 997,599 - 997,599
Capital assets not being depreciated 21,917,772 1,963,992 23,881,764
Capital assets (net of
accumulated depreciation)48,637,707 57,870,525 106,508,232
Total assets 121,039,221 61,809,700 182,848,921
LIABILITIES
Accounts payable 2,355,378 511,802 2,867,180
Accrued payroll 362,454 94,791 457,245
Retainage payable 773,772 - 773,772
Deposits payable 1,372 32,427 33,799
Other payables 3,876 - 3,876
Accrued interest payable 728,819 - 728,819
Noncurrent liabilities
Due within one year 1,798,336 29,679 1,828,015
Due in more than one year 57,232,337 260,129 57,492,466
Total liabilities 63,256,344 928,828 64,185,172
DEFERRED INFLOWS OF RESOURCES
Unavailable property taxes 4,195,929 905,500 5,101,429
Total deferred inflows of resources 4,195,929 905,500 5,101,429
Total liabilities and deferred inflows of resources 67,452,273 1,834,328 69,286,601
NET POSITION
Net investment in capital assets 55,359,465 59,834,517 86,323,125
Restricted for
Maintenance of roadways 633,057 - 633,057
Public safety 1,367,921 - 1,367,921
Unrestricted (3,773,495) 140,855 25,238,217
TOTAL NET POSITION 53,586,948$ 59,975,372$ 113,562,320$
Primary Government
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF NET POSITION
April 30, 2013
See accompanying notes to financial statements.
- 4 -
Operating Capital
Charges Grants and Grants and
FUNCTIONS/PROGRAMS Expenses for Services Contributions Contributions
PRIMARY GOVERNMENT
Governmental Activities
General government 18,988,356$ 2,290,768$ -$ -$
Public safety 8,572,034 1,047,217 28,598 3,648
Highways and streets 5,753,656 263,607 520,115 72,216
Interest 1,791,625 - 591,791 -
Total governmental activities 35,105,671 3,601,592 1,140,504 75,864
Business-Type Activities
Water 4,625,679 4,295,580 - 109,585
Sewerage 3,267,868 2,892,170 - 12,456,875
Refuse disposal 1,343,691 476,926 - -
Commuter parking lot 352,088 223,381 - -
Total business-type activities 9,589,326 7,888,057 - 12,566,460
TOTAL PRIMARY GOVERNMENT 44,694,997$ 11,489,649$ 1,140,504$ 12,642,324$
Program Revenues
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF ACTIVITIES
For the Year Ended April 30, 2013
- 5 -
Governmental Business-Type
Activities Activities Total
(16,697,588)$ -$ (16,697,588)$
(7,492,571) - (7,492,571)
(4,897,718) - (4,897,718)
(1,199,834) - (1,199,834)
(30,287,711) - (30,287,711)
- (220,514) (220,514)
- 12,081,177 12,081,177
- (866,765) (866,765)
- (128,707) (128,707)
- 10,865,191 10,865,191
(30,287,711) 10,865,191 (19,422,520)
General Revenues
Taxes
Property 4,326,696 890,214 5,216,910
Replacement 83,937 - 83,937
Home rule sales 3,665,374 - 3,665,374
Local use 292,475 - 292,475
Hotel/motel 1,826,051 - 1,826,051
Simplified telecommunications 1,430,126 - 1,430,126
Electric utility tax 1,320,356 - 1,320,356
Intergovernmental 8,474,800 - 8,474,800
Investment income 117,770 3,024 120,794
Miscellaneous 252,924 211,867 464,791
Total 21,790,509 1,105,105 22,895,614
CHANGE IN NET POSITION (8,497,202) 11,970,296 3,473,094
NET POSITION, MAY 1 62,748,794 48,005,076 110,753,870
Prior period adjustment (664,644) - (664,644)
NET POSITION, MAY 1, RESTATED 62,084,150 48,005,076 110,089,226
NET POSITION, APRIL 30 53,586,948$ 59,975,372$ 113,562,320$
Primary Government
Net (Expense) Revenue and Change in Net Position
See accompanying notes to financial statements.
- 6 -
Library
Debt Infrastructure Bond Nonmajor
General Service Replacement Proceeds Governmental Total
Cash and investments 16,422,429$ 222,808$ 3,359,200$ 541,334$ 4,233,423$ 24,779,194$
Receivables (net, where applicable,
of allowances for uncollectibles)
Property taxes 1,985,029 1,927,047 42,578 - - 3,954,654
Accounts 507,140 - - - 74,107 581,247
Accrued interest 6,200 148 597 - 2,832 9,777
Electric utility tax receivable 99,709 - - - - 99,709
Due from other governments 2,572,080 10,608,666 308,349 - 31,342 13,520,437
Note receivable 90,000 - - - - 90,000
Due from other funds 1,037,408 - 629,379 - - 1,666,787
Inventory 27,824 - - - - 27,824
Prepaid items 459,247 - - - - 459,247
TOTAL ASSETS 23,207,066$ 12,758,669$ 4,340,103$ 541,334$ 4,341,704$ 45,188,876$
VILLAGE OF DEERFIELD, ILLINOIS
BALANCE SHEET
GOVERNMENTAL FUNDS
April 30, 2013
ASSETS
- 7 -
Library
Debt Infrastructure Bond Nonmajor
General Service Replacement Proceeds Governmental Total
LIABILITIES
Accounts payable 937,602$ -$ 1,366,980$ -$ 9,114$ 2,313,696$
Accrued payroll 352,444 - - - - 352,444
Deposits payable 1,372 - - - - 1,372
Retainage payable - - 773,772 - - 773,772
Other payables 3,876 - - - - 3,876
Due to other funds - - - - 629,379 629,379
Total liabilities 1,295,294 - 2,140,752 - 638,493 4,074,539
DEFERRED INFLOWS OF RESOURCES
Unavailable property tax revenues 2,114,000 12,645,595 45,000 - - 14,804,595
Total deferred inflows of resources 2,114,000 12,645,595 45,000 - - 14,804,595
Total liabilities and deferred inflows of resources 3,409,294 12,645,595 2,185,752 - 638,493 18,879,134
FUND BALANCES
Nonspendable for
Note receivable 90,000 - - - - 90,000
Inventory 27,824 - - - - 27,824
Prepaid items 459,247 - - - - 459,247
Restricted for
Capital projects - - - 541,334 974,067 1,515,401
Maintenance of roadways - - - - 633,057 633,057
Public safety - - - - 1,367,921 1,367,921
Unrestricted
Assigned for
Debt service 818,344 113,074 - - 728,166 1,659,584
Capital projects 1,400,000 - 2,154,351 - - 3,554,351
Unassigned 17,002,357 - - - - 17,002,357
Total fund balances 19,797,772 113,074 2,154,351 541,334 3,703,211 26,309,742
TOTAL LIABILITIES AND
FUND BALANCES 23,207,066$ 12,758,669$ 4,340,103$ 541,334$ 4,341,704$ 45,188,876$
LIABILITIES AND FUND BALANCES
See accompanying notes to financial statements.
- 8 -
FUND BALANCES OF GOVERNMENTAL FUNDS 26,309,742$
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 70,555,479$
Less internal service funds (1,418,435)69,137,044
Discount on bonds issued are
capitalized and amortized on the statement of net position 57,976
Premium on bonds issued are deferred and
amortized on the statement of net position (333,293)
Long-term liabilities are not due and payable in the
current period and, therefore, are not reported in the
governmental funds
Bonds payable (56,555,000)
Other postemployment benefit payable (716,996)
Compensated absences (1,483,360)
Less internal service funds (41,639)(1,441,721)
Intergovernmental receivable from the Library is not unearned
revenue on the statement of net position 10,608,666
Accrued interest on long-term liabilities is shown as a
liability on the statement of net position (728,819)
The net pension asset is included in the governmental
activities in the statement of net position 997,599
The net position of the internal service fund are
included in the governmental activities in the
statement of net position 6,251,750
NET POSITION OF GOVERNMENTAL ACTIVITIES 53,586,948$
April 30, 2013
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.
- 9 -
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
For the Year Ended April 30, 2013
Library
Debt Infrastructure Bond Nonmajor
General Service Replacement Proceeds Governmental Total
REVENUES
Taxes 10,801,655$ 647,823$ 45,538$ -$ 725,000$ 12,220,016$
Licenses and permits 1,645,735 - - - - 1,645,735
Intergovernmental 7,334,130 591,791 1,246,015 - 520,115 9,692,051
Charges for services 337,671 - - - 372,378 710,049
Fines and forfeits 342,740 - - - - 342,740
Contribution from library - 763,572 - - - 763,572
Investment income 73,230 2,014 7,522 9,566 25,438 117,770
Miscellaneous 820,487 - 289,072 - 3,646 1,113,205
Total revenues 21,355,648 2,005,200 1,588,147 9,566 1,646,577 26,605,138
EXPENDITURES
Current
General government 7,783,099 - - - 125 7,783,224
Public safety 8,264,879 - - - 276,078 8,540,957
Highways and streets 2,316,358 - - - 490,000 2,806,358
Capital outlay - - 13,979,033 10,499,970 - 24,479,003
Debt service
Principal retirement - 1,355,000 - - - 1,355,000
Interest and fiscal charges - 1,657,275 - 73,386 39,861 1,770,522
Total expenditures 18,364,336 3,012,275 13,979,033 10,573,356 806,064 46,735,064
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 2,991,312 (1,007,075) (12,390,886) (10,563,790) 840,513 (20,129,926)
- 10 -
Library
Debt Infrastructure Bond Nonmajor
General Service Replacement Proceeds Governmental Total
OTHER FINANCING SOURCES (USES)
Transfers in -$ 833,396$ 13,457,225$ -$ -$ 14,290,621$
Transfers (out)(2,483,396) - - - (11,807,225) (14,290,621)
Proceeds on bonds issued, at par - - - 5,875,000 3,200,000 9,075,000
Premium on bonds issued - - - 164,113 89,389 253,502
Sale of capital assets 3,331 - - - - 3,331
Total other financing sources (uses)(2,480,065) 833,396 13,457,225 6,039,113 (8,517,836) 9,331,833
NET CHANGE IN FUND BALANCES 511,247 (173,679) 1,066,339 (4,524,677) (7,677,323) (10,798,093)
FUND BALANCES, MAY 1 19,286,525 286,753 1,088,012 5,066,011 11,380,534 37,107,835
FUND BALANCES, APRIL 30 19,797,772$ 113,074$ 2,154,351$ 541,334$ 3,703,211$ 26,309,742$
See accompanying notes to financial statements.
- 11 -
NET CHANGE IN FUND BALANCES -
TOTAL GOVERNMENTAL FUNDS (10,798,093)$
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 3,387,202$
Less internal service funds (313,259)3,073,943
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 1,355,000
The increase in interest payable is reported as a addition to expense
on the statement of activities (20,172)
Bonds issued are reported as an other financing source of governmental
funds but not on the statement of activities (9,075,000)
Bonds issued and contributed to the Library are reported
as expenditures in the governmental funds, but not on
the statement of activities 9,851,321
The premium on bonds issued is reported as an other financing source in
governmental funds but not on the statement of activities (253,502)
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 (2,376,864)
Less internal service funds 242,984 (2,133,880)
The loss on disposal of capital assets for road reconstruction increases
the highways and streets expense on the statement of activities (640,914)
The decrease in compensated absences is reported as a reduction to expense
on the statement of activities 13,768
The increase in the other postemployment benefit payable is reported
as an addition to expense on the statement of activities (159,633)
The increase in net pension asset is reported as an reduction to expense
on the statement of activities 20,790
The amortization and capitalization of the discount is reported
as an addition to expense on the statement of activities (931)
The change in net position of certain activities of internal service funds is
in governmental funds 270,101
CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES (8,497,202)$
For the Year Ended April 30, 2013
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.
- 12 -
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
April 30, 2013
Governmental
Activities
Nonmajor
Enterprise Total Internal
Water Sewerage Refuse (Parking Lot)Enterprise Service
CURRENT ASSETS
Cash and investments -$ 357,056$ 114,002$ 386,227$ 857,285$ 4,825,582$
Receivables
Property taxes - - 856,654 - 856,654 -
Accounts - billed 88,182 89,574 15,010 10,778 203,544 1,405
Accounts - unbilled 429,515 307,013 73,509 - 810,037 -
Accrued interest - 30 93 139 262 1,551
Inventory 262,755 22,054 - - 284,809 98,108
Total current assets 780,452 775,727 1,059,268 397,144 3,012,591 4,926,646
CAPITAL ASSETS
Nondepreciable 1,877,956 8,536 - 77,500 1,963,992 -
Depreciable 18,818,319 44,910,812 - 1,950,830 65,679,961 3,459,910
Accumulated depreciation (4,522,164) (2,459,416) - (827,856) (7,809,436) (2,041,475)
Net capital assets 16,174,111 42,459,932 - 1,200,474 59,834,517 1,418,435
Total assets 16,954,563 43,235,659 1,059,268 1,597,618 62,847,108 6,345,081
CURRENT LIABILITIES
Accounts payable 224,918 170,577 107,141 9,166 511,802 41,682
Accrued payroll 34,143 59,744 - 904 94,791 10,010
Deposits payable 17,852 14,575 - - 32,427 -
Due to other funds 1,037,408 - - - 1,037,408 -
Unearned property taxes - - 905,500 - 905,500 -
Compensated absences payable 11,012 17,629 - 1,038 29,679 4,164
Total current liabilities 1,325,333 262,525 1,012,641 11,108 2,611,607 55,856
LONG-TERM LIABILITIES
Compensated absences payable 99,105 102,290 - 9,339 210,734 37,475
Other postemployment benefit payable 22,487 26,908 - - 49,395 -
Total long-term liabilities 121,592 129,198 - 9,339 260,129 37,475
Total liabilities 1,446,925 391,723 1,012,641 20,447 2,871,736 93,331
NET POSITION
Net investment in capital assets 16,174,111 42,459,932 - 1,200,474 59,834,517 1,418,435
Unrestricted (666,473) 384,004 46,627 376,697 140,855 4,833,315
TOTAL NET POSITION 15,507,638$ 42,843,936$ 46,627$ 1,577,171$ 59,975,372$ 6,251,750$
Business-Type Activities
See accompanying notes to financial statements.
- 13 -
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET POSITION
PROPRIETARY FUNDS
For the Year Ended April 30, 2013
Governmental
Activities
Nonmajor
Enterprise Total Internal
Water Sewerage Refuse (Parking Lot)Enterprise Service
OPERATING REVENUES
Charges for services 4,295,580$ 2,892,170$ 476,926$ 223,381$ 7,888,057$ 873,717$
Miscellaneous 99,728 44,222 45,405 22,512 211,867 9,375
Total operating revenues 4,395,308 2,936,392 522,331 245,893 8,099,924 883,092
OPERATING EXPENSES
Administration 527,715 493,232 - - 1,020,947 -
Operations 3,657,056 2,109,451 1,343,691 325,351 7,435,549 389,587
Commodities - - - - - 37,460
Total operating expenses 4,184,771 2,602,683 1,343,691 325,351 8,456,496 427,047
OPERATING INCOME (LOSS)
BEFORE DEPRECIATION 210,537 333,709 (821,360) (79,458) (356,572) 456,045
Depreciation 399,904 273,298 - 26,737 699,939 242,984
OPERATING INCOME (LOSS)(189,367) 60,411 (821,360) (106,195) (1,056,511) 213,061
NONOPERATING REVENUES
(EXPENSES)
Investment income - 407 1,179 1,438 3,024 18,163
Property taxes - - 890,214 - 890,214 -
Gain / (loss) on disposal of capital assets - (391,887) - - (391,887) 38,877
Interest expense (41,004) - - - (41,004) -
Total nonoperating revenues
(expenses)(41,004) (391,480) 891,393 1,438 460,347 57,040
INCOME (LOSS) BEFORE
CONTRIBUTIONS (230,371) (331,069) 70,033 (104,757) (596,164) 270,101
CONTRIBUTIONS 109,585 12,456,875 - - 12,566,460 -
CHANGE IN NET POSITION (120,786) 12,125,806 70,033 (104,757) 11,970,296 270,101
NET POSITION (DEFICIT), MAY 1 15,628,424 30,718,130 (23,406) 1,681,928 48,005,076 5,981,649
NET POSITION, APRIL 30 15,507,638$ 42,843,936$ 46,627$ 1,577,171$ 59,975,372$ 6,251,750$
Business-Type Activities
See accompanying notes to financial statements.
- 14 -
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For the Year Ended April 30, 2013
Governmental
Activities
Nonmajor
Enterprise Total Internal
Water Sewer Refuse (Parking Lot)Enterprise Service
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers and users 4,298,757$ 2,853,069$ 486,271$ 212,603$ 7,850,700$ -$
Receipts from interfund services - - - - - 873,818
Receipts from miscellaneous revenues 99,728 44,222 45,405 22,512 211,867 9,375
Payments to suppliers (3,049,574) (639,031) (1,223,739) (312,875) (5,225,219) (131,108)
Payments to employees (1,019,028) (1,760,400) (73,730) (23,489) (2,876,647) (239,537)
Payments for interfund services (111,309) (112,127) (34,572) - (258,008) -
Net cash from operating activities 218,574 385,733 (800,365) (101,249) (297,307) 512,548
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Interfund loan 294,210 (25,418) - - 268,792 -
Property taxes - - 891,826 - 891,826 -
Net cash from noncapital
financing activities 294,210 (25,418) 891,826 - 1,160,618 -
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Proceeds from sale of capital assets - - - - - 63,500
Capital assets purchased - (3,635) - - (3,635) (313,259)
Bond principal payments (465,000) - - - (465,000) -
Bond interest payments (47,784) - - - (47,784) -
Net cash from capital and
related financing activities (512,784) (3,635) - - (516,419) (249,759)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received - 376 1,263 1,983 3,622 21,339
Net cash from investing activities - 376 1,263 1,983 3,622 21,339
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS - 357,056 92,724 (99,266) 350,514 284,128
CASH AND CASH EQUIVALENTS, MAY 1 - - 21,278 485,493 506,771 4,541,454
CASH AND CASH EQUIVALENTS, APRIL 30 -$ 357,056$ 114,002$ 386,227$ 857,285$ 4,825,582$
Business-Type Activities
(This statement is continued on the following page.)
- 15 -
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF CASH FLOWS (Continued)
PROPRIETARY FUNDS
For the Year Ended April 30, 2013
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)(189,367)$ 60,411$ (821,360)$ (106,195)$ (1,056,511)$ 213,061$
Adjustments to reconcile operating income (loss)
to net cash from operating activities
Depreciation and amortization 399,904 273,298 - 26,737 699,939 242,984
(Increase) decrease in
Receivables 3,177 (39,101) 9,345 (10,778) (37,357) 101
Inventories (39,298) (8,516) - - (47,814) 13,212
Deferred charges 31,142 - - - 31,142 -
Increase (decrease) in
Accounts payable 23,476 124,451 11,650 (11,245) 148,332 36,597
Deposits payable 1,682 1,425 - - 3,107 -
Accrued payroll 7,282 8,096 - (174) 15,204 3,106
Other postemployment benefit payable (15,619) 1,460 - - (14,159) -
Compensated absences payable (3,805) (35,791) - 406 (39,190) 3,487
NET CASH FROM OPERATING ACTIVITIES 218,574$ 385,733$ (800,365)$ (101,249)$ (297,307)$ 512,548$
NONCASH TRANSACTIONS
Contributions of capital assets by other funds 109,585$ 12,456,875$ -$ -$ 12,566,460$ -$
TOTAL NONCASH TRANSACTIONS 109,585$ 12,456,875$ -$ -$ 12,566,460$ -$
Business-Type Activities
See accompanying notes to financial statements.
- 16 -
Pension Agency
Trust Fund Funds
ASSETS
Cash and cash equivalents 2,490,112$ 1,566,980$
Investments
U.S. Treasury obligations 7,606,054 -
U.S. agencies securities 1,961,705 -
Mutual funds 24,195,951 -
Municipal bonds 1,116,359 -
Receivables
Accrued interest 51,193 24
Total assets 37,421,374 1,567,004$
LIABILITIES
Accounts payable 13,998 40,070$
Deposits payable - 1,482,923
Other payables - 44,011
Total liabilities 13,998 1,567,004$
NET POSITION HELD IN TRUST FOR
PENSION BENEFITS 37,407,376$
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
April 30, 2013
See accompanying notes to financial statements.
- 17 -
ADDITIONS
Contributions - employer 1,023,006$
Contributions - employee 519,857
Total contributions 1,542,863
Investment income
Net appreciation in fair value of investments 3,338,993
Interest earned on investments 738,742
Total investment income 4,077,735
Less investment expense (1,665)
Net investment income 4,076,070
Total additions 5,618,933
DEDUCTIONS
Benefits and refunds
Pension payments 2,051,186
Separation refunds 60,460
Administrative 17,783
Total deductions 2,129,429
NET INCREASE 3,489,504
NET POSITION HELD IN TRUST FOR
PENSION BENEFITS
May 1 33,917,872
April 30 37,407,376$
VILLAGE OF DEERFIELD, ILLINOIS
PENSION TRUST FUND
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
For the Year Ended April 30, 2013
See accompanying notes to financial statements.
- 18 -
- 19 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
April 30, 2013
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.
Separate financial statements are issued and available from the Police Pension
Board.
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.
- 19 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 20 -
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.
- 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
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 Library Project Bond Proceeds Fund accounts for the restricted proceeds
of the General Obligation Bonds, Series 2011A and 2013, and related
renovation expenditures to the Library.
- 21 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 22 -
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
c. Government-Wide and Fund Financial Statements (Continued)
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.
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.
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 fund:
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.
- 22 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 23 -
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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 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 nonoperating.
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.
- 23 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 24 -
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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.
Investments
Investments with a maturity of less than one year when purchased and nonnegotiable
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 April 30, 2013 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.
- 24 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 25 -
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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.
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.
- 25 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 26 -
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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.
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 authority. 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.
- 26 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 27 -
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
m. Fund Equity/Net Position (Continued)
In the government-wide and proprietary fund financial statements, restricted net
position is legally restricted by outside parties for a specific purpose. At April 30,
2013, 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.
The Village’s total column for net position has been adjusted for the 2011A, 2011B
and 2012 General Obligation Bonds recorded as governmental debt, but used to
construct business-type activity capital assets. Neither the governmental or business-
type activities net position or net investment in capital assets have been reduced by
those bonds, but the total column does reflect that reduction to properly reflect the
bonds effect on total net position.
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 position
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 position 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 one source: property taxes.
These amounts are deferred and recognized as an inflow of resources in the period
that the amounts become available. The unamortized loss on refunding is reported as
a deferred outflow of resources.
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.
- 27 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 28 -
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
o. Interfund Transactions (Continued)
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 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.
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 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.
The Police Pension Fund can invest in the same securities as the Village, plus the
following: certain non-U.S. obligations (corporate debt securities), Illinois municipal
corporations tax anticipation warrants, veteran’s loans, obligations of the State of Illinois
and its political divisions, Illinois insurance company general and separate accounts,
mutual funds and equity securities (not to exceed 50% of the total assets of the Police
Pension Fund).
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.
- 28 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 29 -
2. DEPOSITS AND INVESTMENTS (Continued)
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 April 30, 2013:
Investment Maturities (in Years)
Fair Greater than
Value Less than 1 1-5 6-10 10
U.S. agency obligations $ 3,703,726 $ - $ - $ - $ 3,703,726
TOTAL $ 3,703,726 $ - $ - $ - $ 3,703,726
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.
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 and Illinois Metropolitan
Investment Fund (IMET) are 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.
- 29 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 30 -
2. DEPOSITS AND INVESTMENTS (Continued)
b. Village Investments (Continued)
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.
c. Police Pension Fund’s 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 returned 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.
d. Police Pension Fund Investments
The following table presents the investments and maturities of the Police Pension
Fund’s debt securities as of April 30, 2013:
Investment Maturities (in Years)
Fair Greater than
Value Less than 1 1-5 6-10 10
U.S. agency obligations $ 1,961,705 $ 500,000 $ - $ - $ 1,461,705
U.S. Treasury obligations 7,606,054 - 815,997 - 6,790,057
Municipal bonds 1,116,359 - 175,641 - 940,718
TOTAL $ 10,684,118 $ 500,000 $ 991,638 $ - $ 9,192,480
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.
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 primarily 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. The U.S. agency obligations are rated by Moody’s AA2 and the
municipal bonds are rated between AA3 and AAA. Illinois Funds and IMET are
rated AAA by Standard and Poor’s. The investment policy is silent on minimum
ratings required.
- 30 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 31 -
2. DEPOSITS AND INVESTMENTS (Continued)
d. Police Pension Fund Investments (Continued)
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.
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 60% 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.
3. RECEIVABLES
a. Taxes
Property taxes for 2012 attach as an enforceable lien on January 1, 2012 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, 2013 and August 1, 2013 and are
payable in two installments, on or about March 1, 2013 and September 1, 2013. The
County collects such taxes and remits them periodically.
The 2012 tax levy collections are intended to finance the 2014 fiscal year and are not
considered available for current operations and are, therefore, shown as unavailable
revenue.
The 2013 tax levy, which attached as an enforceable lien on property as of January 1,
2013, has not been recorded as a receivable as of April 30, 2013 as the tax has not
yet been levied by the Village and will not be levied until December 2013 and,
therefore, the levy is not measurable at April 30, 2013.
- 31 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 32 -
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 April 30, 2013 was as follows:
Beginning
Balance
Increases
Decreases
Ending
Balance
GOVERNMENTAL ACTIVITIES
Capital assets not being depreciated
Land $ 4,589,995 $ - $ - $ 4,589,995
Land right of way 16,180,188 - - 16,180,188
Construction in progress 421,842 760,747 35,000 1,147,589
Total capital assets not being depreciated 21,192,025 760,747 35,000 21,917,772
Capital assets being depreciated
Buildings and improvements 12,232,033 - - 12,232,033
Vehicles, machinery and equipment 3,530,194 343,273 248,299 3,625,168
Infrastructure 97,300,600 2,318,182 1,746,949 97,871,833
Total capital assets being depreciated 113,062,827 2,661,455 1,995,248 113,729,034
Less accumulated depreciation for
Buildings and improvements 3,097,807 291,342 - 3,389,149
Vehicles, machinery and equipment 2,040,227 282,382 223,676 2,098,933
Infrastructure 58,906,140 1,803,140 1,106,035 59,603,295
Total accumulated depreciation 64,044,174 2,376,864 1,329,711 65,091,3270
Total capital assets being depreciated, net 49,018,653 284,591 665,537 48,637,707
GOVERNMENTAL ACTIVITIES
CAPITAL ASSETS, NET $70,210,678 $ 1,045,338 $ 700,537 $ 70,555,479
- 32 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 33 -
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
Construction in progress 21,891,788 8,536 21,891,788 8,536
Total capital assets not being depreciated 23,847,244 8,536 21,891,788 1,963,992
Capital assets being depreciated
Buildings and improvements 11,817,387 34,343,761 1,439,469 44,721,679
Parking lot improvements 1,950,830 - - 1,950,830
Vehicles, machinery and equipment 595,397 - - 595,397
Water distribution system 13,946,836 109,585 13,622 14,042,799
Sanitary sewer system 4,369,256 - - 4,369,256
Total capital assets being depreciated 32,679,706 34,453,346 1,453,091 65,679,961
Less accumulated depreciation for
Buildings and improvements 3,583,066 265,406 1,047,584 2,800,888
Parking lot improvements 801,119 26,737 - 827,856
Vehicles, machinery and equipment 578,254 4,650 - 582,904
Water distribution system 1,949,706 306,799 13,622 2,242,883
Sanitary sewer system 1,258,558 96,347 - 1,354,905
Total accumulated depreciation 8,170,703 699,939 1,061,206 7,809,436
Total capital assets being depreciated, net 24,509,003 33,753,407 391,885 57,870,525
BUSINESS-TYPE ACTIVITIES
CAPITAL ASSETS, NET $48,356,247 $ 33,761,943 $ 22,283,673 $ 59,834,517
Depreciation expense was charged to functions/programs of the primary government as
follows:
GOVERNMENTAL ACTIVITIES
General government $ 158,055
Public safety 102,680
Highways and streets, including depreciation
of general infrastructure assets
2,116,129
DEPRECIATION EXPENSE - GOVERNMENTAL ACTIVITIES $ 2,376,864
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.
- 33 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 34 -
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 ($10,000,000 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.
- 34 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 35 -
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 bylaws.
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
May 1
Additions
Reductions
Balances
April 30
Current
Portion
General Obligation Bond
Series of 2003 ($3,460,000 dated
February 28, 2003; maturing
December 1, 2012, payable in
annual installments; interest rates
from 2.25% to 3.50%)
Water
Fund*
$ 465,000
$ -
$ 465,000
$ -
$ -
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**
4,460,000
-
190,000
4,270,000
195,000
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***
11,975,000
-
540,000
11,435,000
545,000
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**
9,900,000
-
625,000
9,275,000
245,000
- 35 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 36 -
6. LONG-TERM DEBT (Continued)
a. General Obligation Bonds (Continued)
Issue
Fund Debt
Retired By
Balances
May 1
Additions
Reductions
Balances
April 30
Current
Portion
General Obligation Taxable Bond
Series of 2011B ($12,500,000 dated
October 17, 2011; maturing
December 1, 2031; payable in
annual installments; interest rates of
4.00%)
Debt
Service
$ 12,500,000
$ -
$ -
$ 12,500,000
$ -
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%)
Debt
Service
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
-
9,075,000
-
9,075,000
665,000
TOTAL $ 49,300,000 $ 9,075,000 $ 1,820,000 $ 56,555,000 $ 1,650,000
The $3,460,000 in General Obligation Bonds, Series 2003, was authorized to
advance refund the Series 1997 issue. The original issue was used for financing
water system improvements.
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 capital improvement projects.
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 reconstruction.
The $10,000,000 in General Obligation Bonds, Series 2012, was authorized to
finance the renovation and improvement of the wastewater reclamation facility.
- 36 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 37 -
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 abates the tax levy on this bond issue annually. The debt is recorded
in and is being retired by the Water Fund.
** The Village abated the tax levy on this bond issue for fiscal 2012 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 2012
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.
b. Debt Service Requirements to Maturity
Annual debt service requirements to maturity are as follows:
Fiscal Year
Ending Governmental Activities
April 30, Principal Interest Total
2014 $ 1,650,000 $ 1,765,631 $ 3,415,631
2015 1,670,000 1,752,424 3,422,424
2016 1,720,000 1,720,699 3,440,699
2017 1,770,000 1,685,324 3,455,324
2018 1,815,000 1,646,494 3,461,494
2019 1,870,000 1,603,494 3,473,494
2020 1,930,000 1,557,731 3,487,731
2021 1,990,000 1,508,478 3,498,478
2022 2,060,000 1,455,071 3,515,071
2023 2,125,000 1,396,949 3,521,949
2024 2,200,000 1,334,861 3,534,861
2025 2,280,000 1,266,974 3,546,974
2026 2,360,000 1,195,054 3,555,054
2027 2,450,000 1,116,903 3,566,903
2028 2,540,000 1,033,765 3,573,765
2029 14,785,000 944,163 15,729,163
2030 3,800,000 359,808 4,159,808
2031 3,925,000 233,628 4,158,628
2032 3,615,000 100,988 3,715,988
TOTAL $ 56,555,000 $ 23,678,439 $ 80,233,439
- 37 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 38 -
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
May 1
Additions
Reductions
Balances
April 30
Current
Portion
GOVERNMENTAL
ACTIVITIES
General obligation bonds Debt Service $48,835,000 $ 9,075,000 $ 1,355,000 $56,555,000 $ 1,650,000
Premium 79,791 253,502 - 333,293 -
Discount (58,907) - (931) (57,976) -
Compensated absences
(Governmental) General 1,455,489 - 13,768 1,441,721 144,172
Compensated absences
(Internal Service)
Garage
38,152
3,487
-
41,639
4,164
Other postemployment
benefit
General
557,363
159,633
-
716,996
-
TOTAL GOVERNMENTAL
ACTIVITIES $50,906,888 $ 9,491,622 $ 1,367,837 $59,030,673 $ 1,798,336
Fund Debt
Retired By
Balances
May 1
Additions
Reductions
Balances
April 30
Current
Portion
BUSINESS-TYPE
ACTIVITIES
General obligation bonds
Water Water $ 465,000 $ - $ 465,000 $ - $ -
Compensated absences
(Enterprise)
Water/Sewer
/Parking
279,603 406 39,596 240,413 29,679
Other postemployment
benefit Water/Sewer
63,554 1,460 15,619 49,395 -
TOTAL BUSINESS-TYPE
ACTIVITIES
$ 808,157
$ 1,866
$ 520,215
$ 289,808
$ 29,679
d. Legal Debt Margin
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 thereafter
approved by referendum... shall not be included in the foregoing percentage
amounts.”
- 38 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 39 -
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 18,790,000 Chicagoland Jewish High School
As of April 30, 2013, 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 at April 30, 2013 was
$18,790,000. The aggregate principal payable for the other series of IDRBs could
not be determined; however, its original issue amount was $1,000,000.
7. INTERFUND ASSETS/LIABILITIES
a. Interfund Transfers
Transfers From Transfers To Amount
General Debt Service $ 833,396
Bond Proceeds Infrastructure Replacement 11,807,225
General Infrastructure Replacement 1,650,000
TOTAL $ 14,290,621
- 39 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 40 -
7. INTERFUND ASSETS/LIABILITIES (Continued)
a. Interfund Transfers (Continued)
The purpose of significant transfers to/from other funds is as follows:
$833,396 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.
$11,807,225 transferred from the Bond Proceeds Fund to the Infrastructure
Replacement Fund is reimbursement for eligible construction project costs.
$1,650,000 transferred from the Bond Proceeds Fund to the Infrastructure
Replacement Fund is to provide additional funding needed to complete
budgeted capital projects.
b. Due to/from Other Funds
Receivable Fund Payable Fund Amount
Water General $ 1,037,408
Bond Proceeds Infrastructure Replacement 629,379
TOTAL $ 1,666,787
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.
These amounts have been calculated using the Village’s current allocation percentage of
3.52% 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.
- 40 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 41 -
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.
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.
- 41 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 42 -
10. JOINT VENTURES (Continued)
Solid Waste Agency of Lake County (SWALCO) (Continued)
Description of Joint Venture (Continued)
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 April 30, 2013.
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.
- 42 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 43 -
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 April 30, 2013, 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
2011 $ 329,853 $ 186,725 56.6% $ 476,405
2012 331,236 186,725 56.4% 620,916
2013 332,200 186,725 56.2% 766,391
- 43 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 44 -
11. OTHER POSTEMPLOYMENT BENEFITS (Continued)
e. Annual OPEB Costs and Net OPEB Obligation (Continued)
The net OPEB obligation as of April 30, 2013 was calculated as follows:
Annual required contribution $ 328,060
Interest on net OPEB obligation 24,837
Adjustment to annual required contribution (20,697)
Annual OPEB cost 332,200
Contributions made 186,725
Increase in net OPEB obligation 145,475
Net OPEB obligation, beginning of year 620,916
NET OPEB OBLIGATION, END OF YEAR $ 766,391
Funded Status and Funding Progress - The funded status of the plan as of April 30,
2013, 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%
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.
- 44 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 45 -
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 4.0% investment rate of return and an
initial healthcare cost trend rate of 8.0% with an ultimate healthcare inflation rate of
6.0%. Both rates include a 3.0% inflation assumption and 4.0% 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 April 30, 2013, was
30 years.
12. EMPLOYEE RETIREMENT SYSTEMS
a. Plan Descriptions and Provisions
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, 2012 was 13.85% of covered payroll.
- 45 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 46 -
12. EMPLOYEE RETIREMENT SYSTEMS (Continued)
a. Plan Descriptions and Provisions (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.
Police Pension Plan
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. At April 30, 2013, the Police Pension Plan membership
consisted of:
Retirees and beneficiaries currently receiving benefits 34
Terminated employees entitled to benefits but not
yet receiving them 3
Current employees
Vested 27
Nonvested 12
TOTAL 76
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 2.50% of such salary for each additional year of
service over 20 years up to 30 years to a maximum of 75.00% 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 3.00% of the original pension and
3.00% compounded annually thereafter.
- 46 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 47 -
12. EMPLOYEE RETIREMENT SYSTEMS (Continued)
a. Plan Descriptions and Provisions (Continued)
Police Pension Plan (Continued)
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 3.00% compounded. The annual benefit shall be increased by 2.50% of
such salary for each additional year of service over 20 years up to 30 years to a
maximum of 75.00% 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 3.00% or ½ of the change in the
Consumer Price Index for the proceeding calendar year.
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 April 30, 2013 was 39.57% of covered payroll.
The Police Pension Plan issues a separate financial report which may be obtained by
writing them at the Village of Deerfield Village Hall.
b. Summary of Significant Accounting Policies and Plan Asset Matters
Basis of Accounting - The financial statements are prepared using the accrual basis
of accounting. Employee and employer contributions are recognized as revenues in
the period in which employee services are performed.
Method Used to Value Investments - Investments are reported at fair value.
Investment income is recognized as earned.
Gains and losses on sales and exchanges of fixed income securities are recognized on
the transaction date.
- 47 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 48 -
12. EMPLOYEE RETIREMENT SYSTEMS (Continued)
b. Summary of Significant Accounting Policies and Plan Asset Matters (Continued)
Significant Investments - Investments (other than U.S. Government and U.S.
Government guaranteed obligations) in a Vanguard Mutual Fund representing 65%
of net position available for benefits.
Related Party Transactions - There were no securities of the employer or any other
related parties included in plan assets, including any loans.
Administrative costs for the Police Pension Plan are financed primarily through
investment earnings.
c. Annual Pension Cost
Illinois
Municipal
Retirement
Police
Pension
Actuarial valuation date December 31,
2010
April 30, 2012
Actuarial cost method Entry-age Normal Entry-age
Normal
Level
Percent of Pay
Asset valuation method 5 Year Smoothed
Market
Actuarial
Value
Amortization method Level Percentage
of Payroll
Level
Percent of Pay
Amortization period 30 Years,
Open
29.64 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% 3.50%
attributable to inflation Compounded Compounded
Annually Annually
- 48 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 49 -
12. EMPLOYEE RETIREMENT SYSTEMS (Continued)
c. Annual Pension Cost (Continued)
Illinois
Municipal
Retirement
Police
Pension
c) Additional projected salary .40% to 10.00% 4.00% to 14.17%
increases - seniority/merit
d) Postretirement benefit increases 3.00% 3.00%
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) 2011 $ 978,074 $ 1,367,090
2012 994,383 833,548
2013 974,395 1,002,006
Actual contribution 2011 $ 978,074 $ 1,350,132
2012 994,383 860,228
2013 974,395 1,023,006
Percentage of APC contributed 2011 100.00% 98.70%
2012 100.00% 103.20%
2013 100.00% 102.10%
NPO (asset) 2011 $ - $ (950,129)
2012 - (976,809)
2013 - (997,599)
- 49 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 50 -
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 April 30, 2013 are as follows:
Annual required contribution $ 1,023,006
Interest on net pension obligation (asset) (70,819)
Adjustment to annual required contribution 50,029
Annual pension cost 1,002,216
Contributions made 1,023,006
Increase in net pension obligation (20,790)
Net pension obligation (asset), beginning of year (976,809)
NET PENSION OBLIGATION (ASSET), END OF YEAR $ (997,599)
Funded Status and Funding Progress - The funded status of the plans as of
December 31, 2012 for Illinois Municipal Retirement and April 30, 2012 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) $ 19,697,729 $ 44,093,099
Actuarial value of plan assets 12,514,897 32,680,996
Unfunded actuarial accrued liability (UAAL) 7,182,832 11,412,103
Funded ratio (actuarial value of plan
assets/AAL)
63.53%
74.12%
Covered payroll (active plan members) $ 6,984,525 $ 3,412,049
UAAL as a percentage of covered payroll 102.84% 334.46%
* Includes both the Village and the Library.
The actuarial value of plan assets for the Police Pension Plan above is as of April 30,
2012.
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.
- 50 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 51 -
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
15 years solely from sales taxes generated by the commercial entity. The rebates are to be
paid monthly with the agreement expiring 15 years after commencement. At April 30,
2013, the Village has accrued an estimated rebate liability of $429,484 for amounts
collected by the state through April 30, 2013 but not yet paid to the commercial entity. To
date, the Village has paid $12,489,862 to the commercial entity. The agreement has no
stated maximum.
14. PRIOR PERIOD ADJUSTMENT
During the year ended April 30 2013, the Village adopted GASB Statement No. 63,
Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources,
and Net Position and GASB Statement No. 65, Items Previously Reported as Assets and
Liabilities. The Village restated beginning net position at May 1, 2013 of governmental
activities by $(664,644) to expense bond issuance costs.
- 51 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended April 30, 2013
Original Final
Budget Budget Actual
REVENUES
Taxes 9,732,000$ 9,732,000$ 10,801,655$
Licenses and permits 996,000 996,000 1,645,735
Intergovernmental 6,039,400 6,039,400 7,334,130
Charges for services 325,500 325,500 337,671
Fines and forfeits 241,500 241,500 342,740
Investment income 105,000 105,000 73,230
Miscellaneous 712,000 712,000 820,487
Total revenues 18,151,400 18,151,400 21,355,648
EXPENDITURES
General government 6,093,918 8,093,918 7,783,099
Public safety 9,188,270 9,188,270 8,264,879
Highways and streets 2,607,924 2,607,924 2,316,358
Total expenditures 17,890,112 19,890,112 18,364,336
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 261,288 (1,738,712) 2,991,312
OTHER FINANCING SOURCES (USES)
Transfers (out)(2,483,396) (2,483,396) (2,483,396)
Sale of capital assets 7,500 7,500 3,331
Total other financing sources (uses)(2,475,896) (2,475,896) (2,480,065)
NET CHANGE IN FUND BALANCE (2,214,608)$ (4,214,608)$ 511,247
FUND BALANCE, MAY 1 19,286,525
FUND BALANCE, APRIL 30 19,797,772$
(See independent auditor's report.)
- 52 -
Schedule of Funding Progress
(6)
Unfunded
(Overfunded)
Actuarial
(4)Accrued
(2)Unfunded Liability
(1)Actuarial (Overfunded)as a
Actuarial Actuarial Accrued (3)Actuarial (5)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)
2007 10,465,905$ 13,938,222$ 75.09%3,472,317$ 6,340,864$ 54.76%
2008 8,049,486 15,152,271 53.12%7,102,785 6,738,890 105.40%
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%
Schedule of Employer Contributions
Annual
Required
Fiscal Employer Contribution Percentage
Year Contributions (ARC)Contributed
2008 725,222$ 725,222$ 100.00%
2009 783,935 783,935 100.00%
2010 848,052 848,052 100.00%
2011 978,074 978,074 100.00%
2012 994,383 994,383 100.00%
2013 974,395 974,395 100.00%
Note: Amounts above include both the Village of Deerfield and Deerfield Public Library.
April 30, 2013
VILLAGE OF DEERFIELD, ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION
ILLINOIS MUNICIPAL RETIREMENT FUND
(See independent auditor's report.)
- 53 -
Schedule of Funding Progress
(6)
Unfunded
(Overfunded)
Actuarial
(4)Accrued
(2)Unfunded Liability
(1)Actuarial (Overfunded)as a
Actuarial Actuarial Accrued (3)Actuarial (5)Percentage
Valuation Value of Liability Percentage Accrued Annual of Covered
Date Plan (AAL)Funded Liability Covered Payroll
April 30,Assets Entry-Age (1) / (2) (2) - (1)Payroll (4) / (5)
2007 26,434,408$ 32,230,820$ 82.02%5,796,412$ 3,124,688$ 185.50%
2008 27,864,349 34,968,811 79.68%7,104,462 3,192,147 222.56%
2009 26,630,887 37,524,305 70.97%10,893,418 3,104,786 350.86%
2010 28,394,421 40,399,625 70.28%12,005,204 3,356,276 357.69%
2011 30,880,930 39,809,633 77.57%8,928,703 3,216,370 277.60%
2012 32,680,996 44,093,099 74.12%11,412,103 3,412,049 334.46%
Schedule of Employer Contributions
Annual
Required
Fiscal Employer Contribution Percentage
Year Contributions (ARC)Contributed
2008 698,335$ 698,335$ 100.00%
2009 843,209 843,209 100.00%
2010 1,202,006 1,202,006 100.00%
2011 1,350,132 1,350,132 100.00%
2012 860,228 860,228 100.00%
2013 1,023,006 1,023,006 100.00%
April 30, 2013
VILLAGE OF DEERFIELD, ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION
POLICE PENSION FUND
(See independent auditor's report.)
- 54 -
Schedule of Funding Progress
(6)
Unfunded
(Overfunded)
Actuarial
(4)Accrued
(2)Unfunded Liability
(1)Actuarial (Overfunded)as a
Actuarial Actuarial Accrued (3)Actuarial (5)Percentage
Valuation Value of Liability Percentage Accrued Annual of Covered
Date Plan (AAL)Funded Liability Covered Payroll
April 30,Assets Entry-Age (1) / (2) (2) - (1)Payroll (4) / (5)
2008 -$ 2,642,100$ 0.00%2,642,100$ 8,254,700$ 32.01%
2009 - 4,255,265 0.00%4,255,265 8,121,599 52.39%
2010 - 4,427,351 0.00%4,427,351 8,446,463 52.42%
2011 N/A N/A N/A N/A N/A N/A
2012 N/A N/A N/A N/A N/A N/A
2013 - 4,168,658 0.00%4,168,658 9,909,624 42.07%
Schedule of Employer Contributions
Annual
Required
Fiscal Employer Contribution Percentage
Year Contributions (ARC)Contributed
2008 101,600$ 193,800$ 52.43%
2009 109,400 202,300 54.08%
2010 168,200 315,350 53.34%
2011 186,725 328,060 56.92%
2012 186,725 328,060 56.92%
2013 186,725 328,060 56.92%
Information for prior years is not available as the Village's first actuarial valuation was performed May 1, 2007.
N/A - Not available
April 30, 2013
VILLAGE OF DEERFIELD, ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION
OTHER POSTEMPLOYMENT BENEFIT PLAN
(See independent auditor's report.)
- 55 -
- 59 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
April 30, 2013
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, a supplementary appropriation was necessary.
- 56 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended April 30, 2013
Original Final
Budget Budget Actual
TAXES
Property 2,150,000$ 2,150,000$ 2,183,336$
Replacement 85,000 85,000 83,937
Home rule sales 2,650,000 2,650,000 3,665,374
Local use 297,000 297,000 292,475
Electric utility tax 1,250,000 1,250,000 1,320,356
Hotel/motel 1,800,000 1,800,000 1,826,051
Telecommunication 1,500,000 1,500,000 1,430,126
Total taxes 9,732,000 9,732,000 10,801,655
LICENSES AND PERMITS
Beer/liquor licenses 65,000 65,000 68,382
Food licenses 5,000 5,000 4,828
Other business licenses 5,500 5,500 5,166
Building permits 525,000 525,000 1,168,462
Contractor's licenses 7,000 7,000 7,050
Nonbusiness licenses and permits 50,500 50,500 63,032
Vehicle licenses 338,000 338,000 328,815
Total licenses and permits 996,000 996,000 1,645,735
INTERGOVERNMENTAL
State grant 3,000 3,000 28,598
Sales taxes 4,550,000 4,550,000 5,610,563
Income taxes 1,443,400 1,443,400 1,642,446
State highway maintenance 43,000 43,000 52,523
Total intergovernmental 6,039,400 6,039,400 7,334,130
CHARGES FOR SERVICES
Special police services 180,500 180,500 206,453
Dispatching services 88,000 88,000 99,216
50/50 tree planting 55,000 55,000 20,002
Engineering services 2,000 2,000 12,000
Total charges for services 325,500 325,500 337,671
FINES AND FORFEITS 241,500 241,500 342,740
INVESTMENT INCOME 105,000 105,000 73,230
(This schedule is continued on the following page.)
- 57 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2013
Original Final
Budget Budget Actual
MISCELLANEOUS
False alarms 27,000$ 27,000$ 26,431$
Rentals 235,000 235,000 233,220
Miscellaneous 100,000 100,000 161,023
Franchise fees 350,000 350,000 399,813
Total miscellaneous 712,000 712,000 820,487
TOTAL REVENUES 18,151,400$ 18,151,400$ 21,355,648$
(See independent auditor's report.)
- 58 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended April 30, 2013
Original Final
Budget Budget Actual
GENERAL GOVERNMENT
Finance department
Personnel services 983,500$ 983,500$ 882,909$
Training and development 9,550 9,550 2,473
Contractual services 2,026,750 4,026,750 3,976,482
Commodities 14,500 14,500 8,912
Utilities 20,700 20,700 17,723
Capital outlay 46,567 46,567 42,132
Total finance department 3,101,567 5,101,567 4,930,631
Administration
Personnel services 686,433 686,433 685,302
Training and development 13,100 13,100 4,327
Contractual services 518,746 518,746 519,413
Commodities 3,550 3,550 1,489
Utilities 1,300 1,300 3,278
Capital outlay 73,500 73,500 55,654
Total administration 1,296,629 1,296,629 1,269,463
Community development
Personnel services 970,693 970,693 940,659
Training and development 7,200 7,200 6,153
Contractual services 131,289 131,289 87,879
Commodities 19,700 19,700 9,990
Utilities 6,500 6,500 6,393
Capital outlay 19,749 19,749 14,844
Total community development 1,155,131 1,155,131 1,065,918
Engineering
Personnel services 319,950 319,950 321,336
Training and development 5,950 5,950 1,794
Contractual services 171,839 171,839 158,430
Commodities 15,001 15,001 9,357
Utilities 8,200 8,200 8,813
Capital outlay 19,651 19,651 17,357
Total engineering 540,591 540,591 517,087
Total general government 6,093,918 8,093,918 7,783,099
PUBLIC SAFETY
Police department
Administrative services
Personnel services 961,696 961,696 851,031
Training and development 17,600 17,600 13,684
(This schedule is continued on the following pages.)
- 59 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2013
Original Final
Budget Budget Actual
PUBLIC SAFETY (Continued)
Police department (Continued)
Administrative services (Continued)
Contractual services 696,470$ 696,470$ 580,671$
Commodities 43,000 43,000 33,104
Utilities 18,200 18,200 16,521
Capital outlay 128,325 128,325 125,781
Total administrative services 1,865,291 1,865,291 1,620,792
Communications
Personnel services 945,975 945,975 884,885
Training and development 5,600 5,600 3,893
Contractual services 500 500 312
Capital outlay 5,000 5,000 894
Total communications 957,075 957,075 889,984
Investigations
Personnel services 1,060,153 1,060,153 931,092
Training and development 6,950 6,950 4,958
Contractual services 7,000 7,000 2,959
Commodities 15,000 15,000 11,812
Capital outlay 5,000 5,000 4,285
Total investigations 1,094,103 1,094,103 955,106
Patrol
Personnel services 4,870,401 4,870,401 4,426,110
Training and development 30,900 30,900 30,884
Contractual services 66,000 66,000 65,145
Commodities 75,000 75,000 94,577
Utilities 6,000 6,000 3,641
Capital outlay 9,500 9,500 8,334
Total patrol 5,057,801 5,057,801 4,628,691
Special detail
Personnel services 214,000 214,000 170,306
Total special detail 214,000 214,000 170,306
Total public safety 9,188,270 9,188,270 8,264,879
HIGHWAYS AND STREETS
Public works department
Administration
Personnel services 271,000 271,000 245,581
Training and development 1,900 1,900 1,523
Contractual services 187,028 187,028 208,273
(This schedule is continued on the following page.)
- 60 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2013
Original Final
Budget Budget Actual
HIGHWAYS AND STREETS (Continued)
Public works department (Continued)
Administration (Continued)
Commodities 6,200$ 6,200$ 6,754$
Utilities 8,300 8,300 6,965
Capital outlay 166,121 166,121 165,801
Total administration 640,549 640,549 634,897
Maintenance
Personnel services 686,700 686,700 678,769
Contractual services 96,000 96,000 88,398
Commodities 88,500 88,500 87,695
Utilities 110,000 110,000 106,145
Capital outlay 2,500 2,500 -
Total maintenance 983,700 983,700 961,007
Snow and ice control
Personnel services 130,500 130,500 91,827
Contractual services 139,000 139,000 84,741
Commodities 367,250 367,250 194,611
Capital outlay 75 75 3,600
Total snow and ice control 636,825 636,825 374,779
Forestry
Personnel services 12,900 12,900 1,517
Contractual services 198,000 198,000 215,288
Commodities 8,500 8,500 10,037
Capital outlay 61,000 61,000 74,497
Total forestry 280,400 280,400 301,339
Train station maintenance
Personnel services 10,450 10,450 9,178
Contractual services 52,000 52,000 31,353
Commodities 3,500 3,500 3,805
Utilities 500 500 -
Total train station maintenance 66,450 66,450 44,336
Total highways and streets 2,607,924 2,607,924 2,316,358
TOTAL EXPENDITURES 17,890,112$ 19,890,112$ 18,364,336$
(See independent auditor's report.)
- 61 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
DEBT SERVICE FUND
For the Year Ended April 30, 2013
Original Final
Budget Budget Actual
REVENUES
Taxes
Property 1,467,995$ 1,467,995$ 647,823$
Replacement 20,000 20,000 -
Intergovernmental 774,384 774,384 591,791
Contribution from library - - 763,572
Investment income 500 500 2,014
Total revenues 2,262,879 2,262,879 2,005,200
EXPENDITURES
Debt service
Principal retirement 740,000 740,000 1,355,000
Interest 1,427,296 1,427,296 1,653,625
Fiscal charges 4,750 4,750 3,650
Total expenditures 2,172,046 2,172,046 3,012,275
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 90,833 90,833 (1,007,075)
OTHER FINANCING SOURCES (USES)
Transfers in
General Fund 833,396 833,396 833,396
Total other financing sources (uses)833,396 833,396 833,396
NET CHANGE IN FUND BALANCE 924,229$ 924,229$ (173,679)
FUND BALANCE, MAY 1 286,753
FUND BALANCE, APRIL 30 113,074$
(See independent auditor's report.)
- 62 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
INFRASTRUCTURE REPLACEMENT FUND
For the Year Ended April 30, 2013
Original Final
Budget Budget Actual
REVENUES
Taxes
Property 45,000$ 45,000$ 45,538$
Intergovernmental 900,000 900,000 1,246,015
Investment income 1,500 1,500 7,522
Miscellaneous 3,500 3,500 289,072
Total revenues 950,000 950,000 1,588,147
EXPENDITURES
Capital outlay
Contractual services 2,540,000 2,540,000 1,481,250
Construction 17,156,000 17,156,000 12,497,783
Total expenditures 19,696,000 19,696,000 13,979,033
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (18,746,000) (18,746,000) (12,390,886)
OTHER FINANCING SOURCES (USES)
Transfers in 16,600,000 16,600,000 13,457,225
Total other financing sources (uses)16,600,000 16,600,000 13,457,225
NET CHANGE IN FUND BALANCE (2,146,000)$ (2,146,000)$ 1,066,339
FUND BALANCE, MAY 1 1,088,012
FUND BALANCE, APRIL 30 2,154,351$
(See independent auditor's report.)
- 63 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
LIBRARY BOND PROCEEDS FUND
For the Year Ended April 30, 2013
REVENUES
Investment income 9,566$
Total revenues 9,566
EXPENDITURES
Capital outlay
Other capital improvements 10,499,970
Debt service
Issuance costs 73,386
Total expenditures 10,573,356
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (10,563,790)
OTHER FINANCING SOURCES (USES)
Proceeds on bonds issued, at par 5,875,000
Premium on bonds issued 164,113
Total other financing sources (uses)6,039,113
NET CHANGE IN FUND BALANCE (4,524,677)
FUND BALANCE, MAY 1 5,066,011
FUND BALANCE, APRIL 30 541,334$
(See independent auditor's report.)
- 64 -
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.
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
April 30, 2013
Debt Capital
Service Fund Project Fund
Motor Enhanced 2011B Bond
Fuel Tax 911 Sinking Proceeds Total
Cash and investments 601,567$ 1,302,521$ 725,889$ 1,603,446$ 4,233,423$
Receivables
Accounts - 74,107 - - 74,107
Accrued interest 148 407 2,277 - 2,832
Due from other governments 31,342 - - - 31,342
TOTAL ASSETS 633,057$ 1,377,035$ 728,166$ 1,603,446$ 4,341,704$
LIABILITIES
Accounts payable -$ 9,114$ -$ -$ 9,114$
Due to other funds - - - 629,379 629,379
Total liabilities - 9,114 - 629,379 638,493
FUND BALANCES
Restricted for
Maintenance of roadways 633,057 - - - 633,057
Public safety - 1,367,921 - - 1,367,921
Debt service - - 728,166 - 728,166
Capital projects - - - 974,067 974,067
Total fund balances 633,057 1,367,921 728,166 974,067 3,703,211
TOTAL LIABILITIES AND
FUND BALANCES 633,057$ 1,377,035$ 728,166$ 1,603,446$ 4,341,704$
ASSETS
LIABILITIES AND FUND BALANCES
Special Revenue Funds
(See independent auditor's report.)
- 65 -
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For the Year Ended April 30, 2013
Debt Capital
Service Fund Project Fund
Motor Enhanced 2011B Bond
Fuel Tax 911 Sinking Proceeds Total
REVENUES
Property taxes -$ -$ 725,000$ -$ 725,000$
Intergovernmental 520,115 - - - 520,115
Charges for services - 372,378 - - 372,378
Investment income 1,519 4,778 3,291 15,850 25,438
Miscellaneous - 3,646 - - 3,646
Total revenues 521,634 380,802 728,291 15,850 1,646,577
EXPENDITURES
Current
General government - - 125 - 125
Public safety - 276,078 - - 276,078
Highways and streets 490,000 - - - 490,000
Debt service
Issuance costs - - - 39,861 39,861
Total expenditures 490,000 276,078 125 39,861 806,064
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 31,634 104,724 728,166 (24,011) 840,513
OTHER FINANCING SOURCES (USES)
Transfers (out)
Infrastructure Replacement Fund - - - (11,807,225) (11,807,225)
Proceeds on bonds issued, at par - - - 3,200,000 3,200,000
Premium on bonds issued - - - 89,389 89,389
Total other financing sources (uses)- - - (8,517,836) (8,517,836)
NET CHANGE IN FUND BALANCES 31,634 104,724 728,166 (8,541,847) (7,677,323)
FUND BALANCES, MAY 1 601,423 1,263,197 - 9,515,914 11,380,534
FUND BALANCES, APRIL 30 633,057$ 1,367,921$ 728,166$ 974,067$ 3,703,211$
Special Revenue Funds
(See independent auditor's report.)
- 66 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
MOTOR FUEL TAX FUND
For the Year Ended April 30, 2013
Original Final
Budget Budget Actual
REVENUES
Intergovernmental
Allotments earned 453,800$ 453,800$ 520,115$
Investment income 2,000 2,000 1,519
Total revenues 455,800 455,800 521,634
EXPENDITURES
Highways and streets
Capital outlay 490,000 490,000 490,000
Total expenditures 490,000 490,000 490,000
NET CHANGE IN FUND BALANCE (34,200)$ (34,200)$ 31,634
FUND BALANCE, MAY 1 601,423
FUND BALANCE, APRIL 30 633,057$
(See independent auditor's report.)
- 67 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
ENHANCED 911 FUND
For the Year Ended April 30, 2013
Original Final
Budget Budget Actual
REVENUES
Charges for services
Other charges 350,000$ 350,000$ 372,378$
Investment income 7,000 7,000 4,778
Miscellaneous - - 3,646
Total revenues 357,000 357,000 380,802
EXPENDITURES
Public safety
Contractual services 172,000 172,000 164,100
Utilities 58,000 58,000 45,742
Capital outlay 332,071 332,071 66,236
Total expenditures 562,071 562,071 276,078
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (205,071) (205,071) 104,724
NET CHANGE IN FUND BALANCE (205,071)$ (205,071)$ 104,724
FUND BALANCE, MAY 1 1,263,197
FUND BALANCE, APRIL 30 1,367,921$
(See independent auditor's report.)
- 68 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
2011B SINKING FUND
For the Year Ended April 30, 2013
Original Final
Budget Budget Actual
REVENUES
Property taxes -$ -$ 725,000$
Investment income - - 3,291
Total revenues - - 728,291
EXPENDITURES
Contractual services - - 125
Total expenditures - - 125
NET CHANGE IN FUND BALANCE -$ -$ 728,166
FUND BALANCE, MAY 1 -
FUND BALANCE, APRIL 30 728,166$
(See independent auditor's report.)
- 69 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
BOND PROCEEDS FUND
For the Year Ended April 30, 2013
Original Final
Budget Budget Actual
REVENUES
Investment income -$ -$ 15,850$
Total revenues - - 15,850
EXPENDITURES
Debt service
Issuance costs - - 39,861
Total expenditures - - 39,861
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES - - (24,011)
OTHER FINANCING SOURCES (USES)
Transfers (out)
Infrastructure Replacement Fund - - (11,807,225)
Proceeds on bonds issued, at par - - 3,200,000
Premium on bonds issued - - 89,389
Total other financing sources (uses)- - (8,517,836)
NET CHANGE IN FUND BALANCE -$ -$ (8,541,847)
FUND BALANCE, MAY 1 9,515,914
FUND BALANCE, APRIL 30 974,067$
(See independent auditor's report.)
- 70 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES AND
CHANGES IN NET POSITION - BUDGET AND ACTUAL
WATER FUND
For the Year Ended April 30, 2013
Original Final
Budget Budget Actual
OPERATING REVENUES
Charges for services
Water sales 4,100,000$ 4,100,000$ 4,295,580$
Miscellaneous
Permits and fees 37,000 37,000 38,568
Penalties 34,000 34,000 30,191
Other 32,000 32,000 30,969
Total operating revenues 4,203,000 4,203,000 4,395,308
OPERATING EXPENSES EXCLUDING
DEPRECIATION
Administration 593,267 593,267 527,715
Operations
Distribution 2,310,900 2,610,900 2,660,916
Maintenance - mains and fire hydrants 615,500 615,500 667,538
Maintenance - meters 429,600 429,600 328,602
Total operating expenses excluding depreciation 3,949,267 4,249,267 4,184,771
OPERATING INCOME BEFORE
DEPRECIATION 253,733 (46,267) 210,537
Depreciation - - 399,904
OPERATING INCOME (LOSS)253,733 (46,267) (189,367)
NONOPERATING REVENUES (EXPENSES)
Investment income 100 100 -
Interest expense (482,275) (482,275) (41,004)
Total nonoperating revenues (expenses)(482,175) (482,175) (41,004)
INCOME (LOSS) BEFORE CONTRIBUTIONS (228,442) (528,442) (230,371)
CONTRIBUTIONS - - 109,585
CHANGE IN NET POSITION (228,442)$ (528,442)$ (120,786)
NET POSITION, MAY 1 15,628,424
NET POSITION, APRIL 30 15,507,638$
(See independent auditor's report.)
- 71 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
WATER FUND
For the Year Ended April 30, 2013
Original Final
Budget Budget Actual
ADMINISTRATION
Personnel services 335,400$ 335,400$ 290,990$
Training and development 2,100 2,100 1,151
Contractual services 184,139 184,139 164,747
Commodities 5,500 5,500 5,442
Utilities 10,700 10,700 10,300
Capital outlay 55,428 55,428 55,085
Total administration 593,267 593,267 527,715
OPERATIONS
Distribution
Personnel services 128,500 128,500 120,202
Contractual services 30,000 30,000 34,879
Commodities 2,052,400 2,352,400 2,414,236
Utilities 90,000 90,000 83,307
Capital outlay 10,000 10,000 8,292
Total distribution 2,310,900 2,610,900 2,660,916
Main and fire hydrant maintenance
Personnel services 405,100 405,100 420,465
Contractual services 96,200 96,200 97,288
Commodities 112,200 112,200 148,175
Capital outlay 2,000 2,000 1,610
Total main and fire hydrant maintenance 615,500 615,500 667,538
Meter maintenance
Personnel services 174,200 174,200 175,229
Contractual services 27,000 27,000 5,951
Commodities 5,400 5,400 5,748
Capital outlay 223,000 223,000 141,674
Total meter maintenance 429,600 429,600 328,602
TOTAL OPERATING EXPENSES 3,949,267$ 4,249,267$ 4,184,771$
(See independent auditor's report.)
- 72 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
WATER FUND
For the Year Ended April 30, 2013
Assets
Balances Balances
May 1 Additions Retirements April 30
Land 1,877,956$ -$ -$ 1,877,956$
Buildings 4,180,123 - - 4,180,123
Water system improvements 13,946,836 109,585 13,622 14,042,799
Equipment and vehicles 595,397 - - 595,397
TOTAL 20,600,312$ 109,585$ 13,622$ 20,696,275$
Balances Balances
May 1 Additions Retirements April 30
Buildings 1,607,921$ 88,455$ -$ 1,696,376$
Water system improvements 1,949,706 306,799 13,622 2,242,883
Equipment and vehicles 578,255 4,650 - 582,905
TOTAL 4,135,882$ 399,904$ 13,622$ 4,522,164$
NET ASSET VALUE 16,174,111$
Accumulated Depreciation
(See independent auditor's report.)
- 73 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES AND
CHANGES IN NET POSITION - BUDGET AND ACTUAL
SEWERAGE FUND
For the Year Ended April 30, 2013
Original Final
Budget Budget Actual
OPERATING REVENUES
Charges for services
Sewer charges 2,668,000$ 2,668,000$ 2,892,170$
Miscellaneous
Permits and fees 12,000 12,000 8,650
Penalties 30,000 30,000 28,852
Other 5,000 5,000 6,720
Total operating revenues 2,715,000 2,715,000 2,936,392
OPERATING EXPENSES EXCLUDING
DEPRECIATION
Administration 542,426 542,426 493,232
Operations
Treatment plant 1,785,783 1,785,783 1,660,260
Cleaning and maintenance 244,285 244,285 229,715
Construction 361,950 361,950 219,476
Total operating expenses excluding
depreciation 2,934,444 2,934,444 2,602,683
OPERATING INCOME (LOSS)
BEFORE DEPRECIATION (219,444) (219,444) 333,709
Depreciation - - 273,298
OPERATING INCOME (LOSS)(219,444) (219,444) 60,411
NONOPERATING REVENUES (EXPENSES)
Investment income 100 100 407
Gain / (Loss) on disposal of capital assets - - (391,887)
Total nonoperating revenues (expenses)100 100 (391,480)
INCOME (LOSS) BEFORE CONTRIBUTIONS (219,344) (219,344) (331,069)
CONTRIBUTIONS - - 12,456,875
CHANGE IN NET POSITION (219,344)$ (219,344)$ 12,125,806
NET POSITION, MAY 1 30,718,130
NET POSITION, APRIL 30 42,843,936$
(See independent auditor's report.)
- 74 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
SEWERAGE FUND
For the Year Ended April 30, 2013
Original Final
Budget Budget Actual
ADMINISTRATION
Personnel services 246,000$ 246,000$ 224,207$
Training and development 1,400 1,400 950
Contractual services 228,850 228,850 201,655
Commodities 5,800 5,800 7,636
Utilities 4,600 4,600 3,008
Capital outlay 55,776 55,776 55,776
Total administration 542,426 542,426 493,232
OPERATIONS
Treatment plant
Personnel services 1,071,485 1,071,485 1,145,394
Training and development 5,480 5,480 1,793
Contractual services 252,805 252,805 148,064
Commodities 101,000 101,000 83,459
Utilities 281,200 281,200 242,636
Miscellaneous 49,500 49,500 19,000
Capital outlay 27,948 27,948 23,549
Subtotal treatment plant 1,789,418 1,789,418 1,663,895
Less nonoperating expenses
Capital assets capitalized (3,635) (3,635) (3,635)
Total treatment plant 1,785,783 1,785,783 1,660,260
Cleaning and maintenance
Personnel services 209,285 209,285 203,511
Contractual services 19,500 19,500 13,527
Commodities 15,500 15,500 12,677
Total cleaning and maintenance 244,285 244,285 229,715
Construction
Personnel services 263,750 263,750 161,053
Contractual services 26,000 26,000 15,794
Commodities 72,200 72,200 42,629
Total construction 361,950 361,950 219,476
TOTAL OPERATING EXPENSES 2,934,444$ 2,934,444$ 2,602,683$
(See independent auditor's report.)
- 75 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
SEWERAGE FUND
For the Year Ended April 30, 2013
Assets
Balances Balances
May 1 Additions Retirements April 30
Construction in progress 21,891,788$ 8,536$ 21,891,788$ 8,536$
Sewer system 4,369,256 - - 4,369,256
Buildings and
improvements 7,637,264 34,343,761 1,439,469 40,541,556
TOTAL 33,898,308$ 34,352,297$ 23,331,257$ 44,919,348$
Accumulated Depreciation
Balances Balances
May 1 Additions Retirements April 30
Sewer system 1,258,558$ 96,347$ -$ 1,354,905$
Buildings and
improvements 1,975,144 176,951 1,047,584 1,104,511
TOTAL 3,233,702$ 273,298$ 1,047,584$ 2,459,416$
NET ASSET VALUE 42,459,932$
(See independent auditor's report.)
- 76 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES
AND CHANGES IN NET POSITION - BUDGET AND ACTUAL
REFUSE FUND
For the Year Ended April 30, 2013
Original Final
Budget Budget Actual
OPERATING REVENUES
Charges for services
Refuse billing 487,150$ 487,150$ 476,926$
Miscellaneous 72,000 72,000 45,405
Total operating revenues 559,150 559,150 522,331
OPERATING EXPENSES
Operations
Personnel services 85,250 85,250 73,730
Contractual services 1,245,400 1,245,400 1,238,146
Commodities 21,750 21,750 22,638
Capital outlay 9,177 9,177 9,177
Total operating expenses 1,361,577 1,361,577 1,343,691
OPERATING INCOME (LOSS)(802,427) (802,427) (821,360)
NONOPERATING REVENUES (EXPENSES)
Investment income 750 750 1,179
Property taxes 905,500 905,500 890,214
Total nonoperating revenues (expenses)906,250 906,250 891,393
CHANGE IN NET POSITION 103,823$ 103,823$ 70,033
NET POSITION (DEFICIT), MAY 1 (23,406)
NET POSITION, APRIL 30 46,627$
(See independent auditor's report.)
- 77 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES
AND CHANGES IN NET POSITION - BUDGET AND ACTUAL
COMMUTER PARKING LOT FUND
For the Year Ended April 30, 2013
Original Final
Budget Budget Actual
OPERATING REVENUES
Parking lot fees 200,000$ 200,000$ 223,381$
Miscellaneous - - 22,512
Total operating revenues 200,000 200,000 245,893
OPERATING EXPENSES
Operations 417,019 417,019 325,351
Depreciation - - 26,737
Total operating expenses 417,019 417,019 352,088
OPERATING INCOME (LOSS)(217,019) (217,019) (106,195)
NONOPERATING REVENUES (EXPENSES)
Investment income 3,200 3,200 1,438
Total nonoperating revenues (expenses)3,200 3,200 1,438
CHANGE IN NET POSITION (213,819)$ (213,819)$ (104,757)
NET POSITION, MAY 1 1,681,928
.
NET POSITION, APRIL 30 1,577,171$
(See independent auditor's report.)
- 78 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
COMMUTER PARKING LOT FUND
For the Year Ended April 30, 2013
Original Final
Budget Budget Actual
OPERATIONS
Parking lots - village and federal funds
Personnel services 15,550$ 15,550$ 11,861$
Contractual services 156,035 156,035 156,771
Commodities 750 750 333
Utilities 3,300 3,300 3,364
Total parking lots - village and
federal funds 175,635 175,635 172,329
Parking lots - village construction
Personnel services 15,850 15,850 11,860
Contractual services 218,534 218,534 133,228
Commodities 1,000 1,000 333
Utilities 6,000 6,000 7,601
Total parking lots - village construction 241,384 241,384 153,022
TOTAL OPERATING EXPENSES 417,019$ 417,019$ 325,351$
(See independent auditor's report.)
- 79 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
COMMUTER PARKING LOT FUND
For the Year Ended April 30, 2013
Assets
Balances Balances
May 1 Additions Retirements April 30
Land 77,500$ -$ -$ 77,500$
Parking lot
improvements 1,950,830 - - 1,950,830
TOTAL 2,028,330$ -$ -$ 2,028,330$
Accumulated Depreciation
Balances Balances
May 1 Additions Retirements April 30
Parking lot
improvements 801,119$ 26,737$ -$ 827,856$
NET ASSET VALUE 1,200,474$
(See independent auditor's report.)
- 80 -
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
April 30, 2013
Vehicle and
Equipment
Garage Replacement Total
CURRENT ASSETS
Cash and investments 96,618$ 4,728,964$ 4,825,582$
Receivables
Accounts 1,405 - 1,405
Accrued interest 29 1,522 1,551
Inventory 98,108 - 98,108
Total current assets 196,160 4,730,486 4,926,646
CAPITAL ASSETS
Depreciable - 3,459,910 3,459,910
Accumulated depreciation - (2,041,475) (2,041,475)
Net capital assets - 1,418,435 1,418,435
Total assets 196,160 6,148,921 6,345,081
CURRENT LIABILITIES
Accounts payable 10,662 31,020 41,682
Accrued payroll 10,010 - 10,010
Compensated absences payable 4,164 - 4,164
Total current liabilities 24,836 31,020 55,856
LONG-TERM LIABILITIES
Compensated absences payable 37,475 - 37,475
Total long-term liabilities 37,475 - 37,475
Total liabilities 62,311 31,020 93,331
NET POSITION
Invested in capital assets - 1,418,435 1,418,435
Unrestricted 133,849 4,699,466 4,833,315
TOTAL NET POSITION 133,849$ 6,117,901$ 6,251,750$
(See independent auditor's report.)
- 81 -
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET POSITION
INTERNAL SERVICE FUNDS
For the Year Ended April 30, 2013
Vehicle and
Equipment
Garage Replacement Total
OPERATING REVENUES
Interfund services
Billings 341,233$ 532,484$ 873,717$
Miscellaneous 9,375 - 9,375
Total operating revenues 350,608 532,484 883,092
OPERATING EXPENSES
Operations 389,587 - 389,587
Commodities - 37,460 37,460
Total operating expenses 389,587 37,460 427,047
OPERATING INCOME (LOSS) BEFORE
DEPRECIATION (38,979) 495,024 456,045
Depreciation - 242,984 242,984
OPERATING INCOME (LOSS)(38,979) 252,040 213,061
NONOPERATING REVENUES
(EXPENSES)
Investment income 316 17,847 18,163
Gain on disposal of capital assets - 38,877 38,877
Total nonoperating revenues (expenses)316 56,724 57,040
CHANGE IN NET POSITION (38,663) 308,764 270,101
NET POSITION, MAY 1 172,512 5,809,137 5,981,649
NET POSITION, APRIL 30 133,849$ 6,117,901$ 6,251,750$
(See independent auditor's report.)
- 82 -
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
For the Year Ended April 30, 2013
Vehicle and
Equipment
Garage Replacement Total
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from interfund services 341,334$ 532,484$ 873,818$
Receipts from miscellaneous revenue 9,375 - 9,375
Payments to suppliers (124,668) (6,440) (131,108)
Payments to employees (239,537) - (239,537)
Net cash from operating activities (13,496) 526,044 512,548
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
None - - -
Net cash from noncapital
financing activities - - -
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Proceeds from sale of capital assets - 63,500 63,500
Capital assets purchased - (313,259) (313,259)
Net cash from capital and related
financing activities - (249,759) (249,759)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 402 20,937 21,339
Net cash from investing activities 402 20,937 21,339
NET INCREASE IN CASH AND
CASH EQUIVALENTS (13,094) 297,222 284,128
CASH AND CASH EQUIVALENTS, MAY 1 109,712 4,431,742 4,541,454
CASH AND CASH EQUIVALENTS, APRIL 30 96,618$ 4,728,964$ 4,825,582$
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH FLOWS FROM
OPERATING ACTIVITIES
Operating income (loss)(38,979)$ 252,040$ 213,061$
Adjustments to reconcile operating income (loss) to
net cash from operating activities
Depreciation - 242,984 242,984
(Increase) decrease in
Accounts receivable 101 - 101
Inventories 13,212 - 13,212
Increase (decrease) in
Accounts payable 5,577 31,020 36,597
Accrued payroll 3,106 - 3,106
Compensated absences payable 3,487 - 3,487
NET CASH FROM OPERATING ACTIVITIES (13,496)$ 526,044$ 512,548$
(See independent auditor's report.)
- 83 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES
AND CHANGES IN NET POSITION - BUDGET AND ACTUAL
GARAGE FUND
For the Year Ended April 30, 2013
Original Final
Budget Budget Actual
OPERATING REVENUES
Interfund services
Billings 385,000$ 385,000$ 341,233$
Miscellaneous 8,000 8,000 9,375
Total operating revenues 393,000 393,000 350,608
OPERATING EXPENSES
Operations 390,300 390,300 389,587
OPERATING INCOME (LOSS)2,700 2,700 (38,979)
NONOPERATING REVENUES (EXPENSES)
Investment income 500 500 316
Total nonoperating revenues (expenses)500 500 316
CHANGE IN NET POSITION 3,200$ 3,200$ (38,663)
NET POSITION, MAY 1 172,512
NET POSITION, APRIL 30 133,849$
(See independent auditor's report.)
- 84 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
GARAGE FUND
For the Year Ended April 30, 2013
Original Final
Budget Budget Actual
OPERATING EXPENSES
Public works department
Personnel services 233,700$ 233,700$ 246,130$
Training and development 930 930 70
Contractual services 33,400 33,400 21,191
Commodities 112,600 112,600 116,391
Utilities 4,500 4,500 3,043
Capital outlay 5,170 5,170 2,762
TOTAL OPERATING EXPENSES 390,300$ 390,300$ 389,587$
(See independent auditor's report.)
- 85 -
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 April 30, 2013
Original Final
Budget Budget Actual
OPERATING REVENUES
Interfund services
Billings 532,484$ 532,484$ 532,484$
Total operating revenues 532,484 532,484 532,484
OPERATING EXPENSES
Capital outlay 903,259 903,259 350,719
Less capital assets capitalized (313,259) (313,259) (313,259)
Net operating expenses 590,000 590,000 37,460
OPERATING INCOME BEFORE
DEPRECIATION (57,516) (57,516) 495,024
Depreciation - - 242,984
OPERATING INCOME (57,516) (57,516) 252,040
NONOPERATING REVENUES (EXPENSES)
Investment income 28,000 28,000 17,847
Gain on disposal of capital assets - - 38,877
Total nonoperating revenues (expenses)28,000 28,000 56,724
CHANGE IN NET POSITION (29,516)$ (29,516)$ 308,764
NET POSITION, MAY 1 5,809,137
NET POSITION, APRIL 30 6,117,901$
(See independent auditor's report.)
- 86 -
Original Final
Budget Budget Actual
ADDITIONS
Contributions - employer 1,000,000$ 1,000,000$ 1,023,006$
Contributions - employee 410,000 410,000 519,857
Total contributions 1,410,000 1,410,000 1,542,863
Investment income
Net appreciation in fair value
of investments 500,000 500,000 3,338,993
Interest earned on investments 600,000 600,000 738,742
Total investment income 1,100,000 1,100,000 4,077,735
Less investment expense (1,750) (1,750) (1,665)
Net investment income 1,098,250 1,098,250 4,076,070
Total additions 2,508,250 2,508,250 5,618,933
DEDUCTIONS
Benefits and refunds
Pension payments 2,040,000 2,040,000 2,051,186
Separation refunds 15,000 15,000 60,460
Administrative 30,800 30,800 17,783
Total deductions 2,085,800 2,085,800 2,129,429
NET INCREASE 422,450$ 422,450$ 3,489,504
NET POSITION HELD IN TRUST FOR
PENSION BENEFITS
May 1 33,917,872
April 30 37,407,376$
VILLAGE OF DEERFIELD, ILLINOIS
POLICE PENSION FUND
SCHEDULE OF CHANGES IN PLAN NET POSITION - BUDGET AND ACTUAL
For the Year Ended April 30, 2013
(See independent auditor's report.)
- 87 -
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
AGENCY FUNDS
For the Year Ended April 30, 2013
Balances Balances
May 1 Additions Deductions April 30
ASSETS
Cash and investments 1,541,520$ 66,855$ 41,395$ 1,566,980$
Receivables - accrued interest 78 - 54 24
TOTAL ASSETS 1,541,598$ 66,855$ 41,449$ 1,567,004$
LIABILITIES
Accounts payable 35,750$ 4,320$ -$ 40,070$
Deposits payable 1,447,948 54,821 19,846 1,482,923
Other payables 57,900 7,714 21,603 44,011
TOTAL LIABILITIES 1,541,598$ 66,855$ 41,449$ 1,567,004$
ASSETS
Cash and investments 1,483,370$ 55,339$ 19,846$ 1,518,863$
TOTAL ASSETS 1,483,370$ 55,339$ 19,846$ 1,518,863$
LIABILITIES
Accounts payable 35,422$ 518$ -$ 35,940$
Deposits payable 1,447,948 54,821 19,846 1,482,923
TOTAL LIABILITIES 1,483,370$ 55,339$ 19,846$ 1,518,863$
ASSETS
Cash and investments 58,150$ 11,516$ 21,549$ 48,117$
Receivables - accrued interest 78 - 54 24
TOTAL ASSETS 58,228$ 11,516$ 21,603$ 48,141$
LIABILITIES
Accounts payable 328$ 3,802$ -$ 4,130$
Other payables 57,900 7,714 21,603 44,011
TOTAL LIABILITIES 58,228$ 11,516$ 21,603$ 48,141$
DEPOSIT FUND
ALL FUNDS
EAST SHORE RADIO NETWORK FUND
(See independent auditor's report.)
- 88 -
Date of Issue August 1, 2008
Date of Maturity December 1, 2028
Authorized Issue $5,000,000
Denomination of Bonds $5,000
Interest Rates 3.25%, 3.375%, 3.50%, 3.75%, 3.875%, 4.00%, 4.125%, 4.25%
Principal Maturity Date December 1
Payable at Amalgamated Bank, Chicago, Illinois
Tax
Levy
Year Principal Interest Total June 1 Amount December 1 Amount
2012 195,000$ 169,425$ 364,425$ 2013 84,712$ 2013 84,713$
2013 205,000 162,844 367,844 2014 81,422 2014 81,422
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
4,270,000$ 1,633,619$ 5,903,619$ 816,808$ 816,811$
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax Levy Interest Due on
VILLAGE OF DEERFIELD, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 2008
April 30, 2013
(See independent auditor's report.)
- 89 -
Date of Issue November 3, 2010
Date of Maturity December 1, 2030
Authorized Issue $12,500,000
Denomination of Bonds $5,000
Interest Rates .80% - 5.50%
Principal Maturity Date December 1
Payable at Depository Trust Company, Chicago, Illinois
Tax
Levy
Year Principal Interest Total June 1 Amount December 1 Amount
2012 545,000$ 458,592$ 1,003,592$ 2013 229,296$ 2013 229,296$
2013 550,000 451,235 1,001,235 2014 225,617 2014 225,618
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
11,435,000$ 5,396,605$ 16,831,605$ 2,698,299$ 2,698,306$
VILLAGE OF DEERFIELD, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 2010A
April 30, 2013
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax Levy Interest Due on
(See independent auditor's report.)
- 90 -
Date of Issue October 17, 2011
Date of Maturity December 1, 2031
Authorized Issue $9,900,000
Denomination of Bonds $5,000
Interest Rates 1.00% - 3.25%
Principal Maturity Date December 1
Payable at Depository Trust Company, Chicago, Illinois
Tax
Levy
Year Principal Interest Total June 1 Amount December 1 Amount
2012 245,000$ 233,915$ 478,915$ 2013 116,958$ 2013 116,957$
2013 255,000 231,465 486,465 2014 115,733 2014 115,732
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 2030 16,088 2030 16,087
9,275,000$ 3,325,820$ 12,600,820$ 1,662,917$ 1,662,903$
VILLAGE OF DEERFIELD, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 2011A
April 30, 2013
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax Levy Interest Due on
(See independent auditor's report.)
- 91 -
Date of Issue October 17, 2011
Date of Maturity December 1, 2028
Authorized Issue $12,500,000
Denomination of Bonds $5,000
Interest Rates 4.00%
Principal Maturity Date December 1, 2028
Payable at Depository Trust Company, Chicago, Illinois
Tax
Levy
Year Principal Interest Total June 1 Amount December 1 Amount
2012 -$ 500,000$ 500,000$ 2013 250,000$ 2013 250,000$
2013 - 500,000 500,000 2014 250,000 2014 250,000
2014 - 500,000 500,000 2015 250,000 2015 250,000
2015 - 500,000 500,000 2016 250,000 2016 250,000
2016 - 500,000 500,000 2017 250,000 2017 250,000
2017 - 500,000 500,000 2018 250,000 2018 250,000
2018 - 500,000 500,000 2019 250,000 2019 250,000
2019 - 500,000 500,000 2020 250,000 2020 250,000
2020 - 500,000 500,000 2021 250,000 2021 250,000
2021 - 500,000 500,000 2022 250,000 2022 250,000
2022 - 500,000 500,000 2023 250,000 2023 250,000
2023 - 500,000 500,000 2024 250,000 2024 250,000
2024 - 500,000 500,000 2025 250,000 2025 250,000
2025 - 500,000 500,000 2026 250,000 2026 250,000
2026 - 500,000 500,000 2027 250,000 2027 250,000
2027 12,500,000 500,000 13,000,000 2028 250,000 2028 250,000
12,500,000$ 8,000,000$ 20,500,000$ 4,000,000$ 4,000,000$
VILLAGE OF DEERFIELD, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 2011B
April 30, 2013
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax Levy Interest Due on
(See independent auditor's report.)
- 92 -
Date of Issue February 21, 2012
Date of Maturity December 1, 2031
Authorized Issue $10,000,000
Denomination of Bonds $5,000
Interest Rates 1.25% - 2.75%
Principal Maturity Date December 1
Payable at Depository Trust Company, Chicago, Illinois
Tax
Levy
Year Principal Interest Total June 1 Amount December 1 Amount
2012 -$ 234,762$ 234,762$ 2013 117,381$ 2013 117,381$
2013 - 234,762 234,762 2014 117,381 2014 117,381
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$ 3,629,000$ 13,629,000$ 1,814,496$ 1,814,504$
VILLAGE OF DEERFIELD, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 2012
April 30, 2013
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax Levy Interest Due on
(See independent auditor's report.)
- 93 -
Date of Issue January 3, 2013
Date of Maturity December 1, 2031
Authorized Issue $9,075,000
Denomination of Bonds $5,000
Interest Rates 2.00% - 2.25%
Principal Maturity Date December 1
Payable at Depository Trust Company, Chicago, Illinois
Tax
Levy
Year Principal Interest Total June 1 Amount December 1 Amount
2012 665,000$ 168,936$ 833,936$ 2013 76,227$ 2013 92,709$
2013 660,000 172,118 832,118 2014 86,059 2014 86,059
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
9,075,000$ 1,693,391$ 10,768,391$ 838,455$ 854,936$
VILLAGE OF DEERFIELD, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 2013
April 30, 2013
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax Levy Interest Due on
(See independent auditor's report.)
- 94 -
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
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.
95-99
Revenue Capacity
These schedules contain information to help the reader assess the Village’s
most significant local revenue source, the property tax.
100-101
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.
102-105
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.
106-107
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.
108-110
Sources: Unless otherwise noted, the information in these schedules is derived from the
comprehensive annual financial reports for the relevant year.
VILLAGE OF DEERFIELD, ILLINOIS
NET POSITION BY COMPONENT
Last Ten Fiscal Years
Fiscal Year 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
GOVERNMENTAL ACTIVITIES
Net investment in capital assets 45,212,401$ 46,416,475$ 47,360,406$ 60,106,127$ 60,243,189$ 62,619,244$ 66,174,872$ 64,483,632$ 51,392,981$ 55,359,465$
Restricted 7,143,495 5,642,027 6,634,566 4,088,876 4,979,340 5,899,947 1,698,902 1,833,178 1,864,620 2,000,978
Unrestricted 23,683,161 22,293,759 24,431,788 18,185,786 22,238,210 18,140,003 14,799,887 13,730,019 9,491,193 (3,773,495)
TOTAL GOVERNMENTAL ACTIVITIES 76,039,057$ 74,352,261$ 78,426,760$ 82,380,789$ 87,460,739$ 86,659,194$ 82,673,661$ 80,046,829$ 62,748,794$ 53,586,948$
BUSINESS-TYPE ACTIVITIES
Invested in capital assets
net of related debt 12,533,676$ 14,327,902$ 15,898,989$ 16,926,626$ 19,176,339$ 22,289,499$ 25,794,886$ 28,525,266$ 47,891,247$ 59,834,517$
Unrestricted 5,750,279 4,753,661 4,066,666 4,841,210 3,120,381 2,071,153 1,332,314 649,610 113,829 140,855
TOTAL BUSINESS-TYPE ACTIVITIES 18,283,955$ 19,081,563$ 19,965,655$ 21,767,836$ 22,296,720$ 24,360,652$ 27,127,200$ 29,174,876$ 48,005,076$ 59,975,372$
PRIMARY GOVERNMENT
Net investment in capital assets 57,746,077$ 60,744,377$ 63,259,395$ 77,032,753$ 79,419,528$ 84,908,743$ 91,969,758$ 93,008,898$ 84,682,839$ 86,323,125$
Restricted 7,143,495 5,642,027 6,634,566 4,088,876 4,979,340 5,899,947 1,698,902 1,833,178 1,864,620 2,000,978
Unrestricted 29,433,440 27,047,420 28,498,454 23,026,996 25,358,591 20,211,156 16,132,201 14,379,629 24,206,411 25,238,217
TOTAL PRIMARY GOVERNMENT 94,323,012$ 93,433,824$ 98,392,415$ 104,148,625$ 109,757,459$ 111,019,846$ 109,800,861$ 109,221,705$ 110,753,870$ 113,562,320$
Data Source
Audited Financial Statements
- 95 -
Fiscal Year 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
EXPENSES
Governmental activities
General government 13,407,856$ 17,160,850$ 14,956,404$ 4,602,570$ 4,569,982$ 5,228,097$ 9,833,315$ 5,477,968$ 24,267,281$ 18,988,356$
Public safety 6,718,927 6,660,439 6,780,176 7,154,536 7,232,143 7,715,014 8,543,631 8,497,498 8,388,066 8,572,034
Highways and streets 4,809,688 7,113,852 6,404,266 5,822,340 4,451,069 7,317,060 10,985,018 7,749,726 6,602,895 5,753,656
Interest 574,558 462,600 372,475 295,435 209,430 215,464 193,105 393,054 1,098,736 1,791,625
Total governmental activities expenses 25,511,029 31,397,741 28,513,321 17,874,881 16,462,624 20,475,635 29,555,069 22,118,246 40,356,978 35,105,671
Business-type activities
Water 3,915,324 3,940,038 4,319,188 4,264,602 6,224,262 3,993,964 4,103,889 4,215,482 4,455,971 4,625,679
Sewerage 2,335,993 2,380,517 2,126,395 2,450,965 2,735,053 3,040,082 2,643,276 2,846,388 2,996,805 3,267,868
Refuse disposal 1,388,879 1,386,178 1,397,308 1,496,548 1,520,190 1,590,167 1,599,244 1,600,736 1,307,850 1,343,691
Commuter parking 43,573 195,513 225,498 246,153 210,307 282,534 262,458 322,431 337,337 352,088
Total business-type activities expenses 7,683,769 7,902,246 8,068,389 8,458,268 10,689,812 8,906,747 8,608,867 8,985,037 9,097,963 9,589,326
TOTAL PRIMARY GOVERNMENT EXPENSES 33,194,798$ 39,299,987$ 36,581,710$ 26,333,149$ 27,152,436$ 29,382,382$ 38,163,936$ 31,103,283$ 49,454,941$ 44,694,997$
PROGRAM REVENUES
Governmental activities
Charges for services
General government 1,147,830$ 1,617,058$ 2,384,295$ 1,743,818$ 1,480,008$ 1,645,678$ 1,862,200$ 2,011,535$ 1,833,930$ 2,290,768$
Public safety 770,963 867,230 884,195 911,421 935,302 956,468 866,510 873,947 986,382 1,047,217
Highways and streets - 10,091 57,912 69,216 75,400 59,609 47,219 73,968 66,279 263,607
Operating grants and contributions 534,561 558,143 557,050 544,823 524,423 490,768 474,526 582,734 715,849 1,140,504
Capital grants and contributions 297,220 1,019,794 235,298 213,575 1,492,153 894,545 2,195,963 360,539 434,225 75,864
Total governmental activities program revenues 2,750,574 4,072,316 4,118,750 3,482,853 4,507,286 4,047,068 5,446,418 3,902,723 4,036,665 4,817,960
Business-type activities
Charges for services
Water 4,109,003 4,038,598 4,644,744 4,250,938 4,365,767 3,647,017 3,567,809 3,777,700 3,891,387 4,295,580$
Sewerage 1,772,816 1,713,520 1,788,238 2,372,061 2,396,295 2,306,028 2,320,123 2,450,088 2,499,701 2,892,170
Refuse disposal 640,430 630,935 615,349 623,681 624,349 623,738 622,629 608,475 461,887 476,926
Commuter parking 151,133 202,497 206,205 204,177 212,585 218,770 209,165 204,236 201,426 223,381
Capital grants and contributions 365,926.00 - 573,179 1,002,909 441,605 - - 2,963,996 19,620,003 12,566,460
Total business-type activities program revenues 7,039,308 6,585,550 7,827,715 8,453,766 8,040,601 6,795,553 6,719,726 10,004,495 26,674,404 20,454,517
TOTAL PRIMARY GOVERNMENT
PROGRAM REVENUES 9,789,882$ 10,657,866$ 11,946,465$ 11,936,619$ 12,547,887$ 10,842,621$ 12,166,144$ 13,907,218$ 30,711,069$ 25,272,477$
CHANGE IN NET POSITION
VILLAGE OF DEERFIELD, ILLINOIS
Last Ten Fiscal Years
- 96 -
VILLAGE OF DEERFIELD, ILLINOIS
CHANGE IN NET POSITION (Continued)
Last Ten Fiscal Years
Fiscal Year 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
NET (EXPENSE) REVENUE
Governmental activities (22,760,455)$ (27,325,425)$ (24,394,571)$ (14,392,028)$ (11,955,338)$ (16,428,567)$ (24,108,651)$ (18,215,523)$ (36,320,313)$ (30,287,711)$
Business-type activities (644,461) (1,316,696) (240,674) (4,502) (2,649,211) (2,111,194) (1,889,141) 1,019,458 17,576,441 10,865,191
TOTAL PRIMARY GOVERNMENT
NET (EXPENSE) REVENUE (23,404,916)$ (28,642,121)$ (24,635,245)$ (14,396,530)$ (14,604,549)$ (18,539,761)$ (25,997,792)$ (17,196,065)$ (18,743,872)$ (19,422,520)$
GENERAL REVENUES AND OTHER
CHANGES IN NET POSITION
Governmental activities
Taxes
Property 16,273,531$ 16,752,445$ 17,081,336$ 6,542,142$ 6,617,648$ 7,093,819$ 8,618,052$ 2,278,574$ 2,822,939$ 4,410,633$
Home rule sales - - 1,875,874 1,832,281 1,913,268 2,448,385 2,525,183 2,725,330 3,121,749 3,665,374
Simplified telecommunications 339,634 298,021 305,226 323,358 354,984 347,666 326,528 644,129 1,752,850 1,430,126
Other 2,899,641 3,214,073 3,600,623 3,891,356 4,065,091 3,684,318 3,097,643 4,396,881 4,684,153 3,438,882
Intergovernmental 3,420,855 4,490,379 4,480,111 4,533,261 4,552,097 4,438,194 4,995,509 5,281,422 5,968,953 8,474,800
Investment income 499,724 835,537 871,624 1,557,378 1,253,533 486,398 166,844 92,855 115,175 117,770
Miscellaneous 182,343 175,507 221,617 210,116 278,667 260,971 393,359 169,500 556,459 252,924
Special items (1,370,009) - - - - - - - - -
Contribution to component unit - (127,335) - - - - - - - -
Transfers (out)- - - (1,600,000) (2,000,000) (3,132,729) - - - -
Total governmental activities 22,245,719 25,638,627 28,436,411 17,289,892 17,035,288 15,627,022 20,123,118 15,588,691 19,022,278 21,790,509
Business-type activities
Property taxes 761,356 740,915 786,228 859,502 780,785 807,708 807,968 832,264 889,586 890,214
Investment income 56,301 113,401 66,823 188,864 192,967 49,427 8,304 4,530 3,701 3,024
Miscellaneous 101,007 218,095 271,715 214,481 204,343 185,262 146,400 191,424 360,472 211,867
Transfers in - - - 1,600,000 2,000,000 3,132,729 - - - -
Total business-type activities 918,664 1,072,411 1,124,766 2,862,847 3,178,095 4,175,126 962,672 1,028,218 1,253,759 1,105,105
TOTAL PRIMARY GOVERNMENT 23,164,383$ 26,711,038$ 29,561,177$ 20,152,739$ 20,213,383$ 19,802,148$ 21,085,790$ 16,616,909$ 20,276,037$ 22,895,614$
CHANGE IN NET POSITION
Governmental activities (514,736)$ (1,686,798)$ 4,041,840$ 2,897,864$ 5,079,950$ (801,545)$ (3,985,533)$ (2,626,832)$ (17,298,035)$ (8,497,202)$
Business-type activities 274,203 (244,285) 884,092 2,858,345 528,884 2,063,932 (926,469) 2,047,676 18,830,200 11,970,296
TOTAL PRIMARY GOVERNMENT
CHANGE IN NET POSITION (240,533)$ (1,931,083)$ 4,925,932$ 5,756,209$ 5,608,834$ 1,262,387$ (4,912,002)$ (579,156)$ 1,532,165$ 3,473,094$
Data Source
Audited Financial Statements
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VILLAGE OF DEERFIELD, ILLINOIS
FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
Fiscal Year 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
GENERAL FUND
Reserved 4,101,576$ 4,090,258$ 3,638,004$ 3,219,255$ 2,233,242$ 453,124$ 447,892$ 443,532$ -$ -$
Unreserved 12,997,848 13,734,009 17,242,457 16,968,193 14,913,911 16,155,829 15,619,459 16,566,828 - -
Nonspendable for
Note receivable - - - - - - - - 100,000 90,000
Inventory - - - - - - - - 55,190 27,824
Prepaid items - - - - - - - - 441,382 459,247
Unrestricted
Assigned for debt service - - - - - - - - 833,396 818,344
Assigned for capital projects - - - - - - - - 1,650,000 1,400,000
Unassigned - - - - - - - - 16,206,557 17,002,357
TOTAL GENERAL FUND 17,099,424$ 17,824,267$ 20,880,461$ 20,187,448$ 17,147,153$ 16,608,953$ 16,067,351$ 17,010,360$ 19,286,525$ 19,797,772$
ALL OTHER GOVERNMENTAL FUNDS
Reserved 10,037,943$ 3,805,267$ 6,634,566$ 4,088,876$ 4,979,340$ 5,899,947$ 1,698,902$ 6,927,256$ -$ -$
Unreserved, reported in
Special Revenue Funds 361,876 - - - - - - - - -
Capital Project Funds 892,287 3,627,272 1,185,564 976,571 1,804,245 1,928,286 230,653 417,104 - -
Restricted for
Capital projects - - - - - - - - 14,581,925 1,515,401
Maintenance of roadways - - - - - - - - 601,423 633,057
Public safety - - - - - - - - 1,263,197 1,367,921
Unrestricted
Assigned for
Debt service - - - - - - - - 286,753 841,240
Capital projects - - - - - - - - 1,088,012 2,154,351
TOTAL ALL OTHER
GOVERNMENTAL FUNDS 11,292,106$ 7,432,539$ 7,820,130$ 5,065,447$ 6,783,585$ 7,828,233$ 1,929,555$ 7,344,360$ 17,821,310$ 6,511,970$
* 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
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VILLAGE OF DEERFIELD, ILLINOIS
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
Fiscal Year 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
REVENUES
Taxes 22,933,661$ 24,754,920$ 27,343,170$ 17,122,400$ 17,503,089$ 18,012,382$ 19,562,915$ 15,326,336$ 18,350,644$ 12,220,016$
Licenses and permits 939,098 1,390,602 2,151,791 1,454,044 1,161,276 1,271,817 1,366,472 1,431,793 1,173,799 1,645,735
Intergovernmental 831,782 1,582,943 795,364 762,016 713,470 1,349,486 951,183 944,344 1,152,141 9,692,051
Charges for services 166,175 230,320 244,100 239,668 716,522 727,445 654,662 687,515 709,146 710,049
Fines and forfeitures 561,219 606,071 657,581 701,606 261,495 251,680 227,686 262,542 317,262 342,740
Contribution from library - - - - - - - - - 763,572
Investment income 499,720 835,537 871,621 1,557,378 1,253,533 486,398 166,844 92,855 115,175 117,770
Miscellaneous 434,648 433,279 491,534 514,765 614,796 698,839 821,396 715,868 1,219,949 1,113,205
Total revenues 26,366,303 29,833,672 32,555,161 22,351,877 22,224,181 22,798,047 23,751,158 19,461,253 23,038,116 26,605,138
EXPENDITURES
General government 12,787,565 17,159,086 14,733,899 4,208,961 4,827,462 5,156,342 12,471,646 5,328,331 6,436,048 7,783,224
Public safety 6,455,809 6,655,195 6,818,734 7,114,542 7,273,503 7,656,333 8,322,821 8,407,416 8,352,887 8,540,957
Highways and streets 1,760,743 1,860,596 2,167,013 2,333,709 3,034,841 3,536,206 2,916,045 3,032,200 3,091,770 2,806,358
Capital outlay 2,864,456 4,203,040 4,107,770 8,260,631 4,204,984 6,735,684 6,207,466 8,278,643 23,114,852 24,479,003
Debt service
Principal 2,750,000 2,485,000 1,500,000 2,000,000 2,000,000 4,000,000 175,000 180,000 710,000 1,355,000
Interest 598,683 482,750 377,850 302,600 216,600 184,939 193,150 237,997 1,180,062 1,770,522
Total expenditures 27,217,256 32,845,667 29,705,266 24,220,443 21,557,390 27,269,504 30,286,128 25,464,587 42,885,619 46,735,064
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (850,953) (3,011,995) 2,849,895 (1,868,566) 666,791 (4,471,457) (6,534,970) (6,003,334) (19,847,503) (20,129,926)
OTHER FINANCING SOURCES (USES)
Transfers in 2,044,550 2,441,750 2,438,479 4,702,000 4,216,000 8,629,795 923,389 7,506,834 22,440,459 14,290,621
Transfers (out)(2,044,550) (2,569,085) (1,877,250) (6,302,000) (6,216,000) (8,629,795) (923,389) (7,506,834) (22,440,459) (14,290,621)
Bonds issued - - - - - 5,000,000 - 12,500,000 32,400,000 9,075,000
Premium (discount) on bonds issued - - - - - (30,867) - (69,013) 79,791 253,502
Special item (1,370,009) - - - - - - - - -
Sale of capital assets - 4,606 - 20,870 11,052 8,772 94,690 30,161 20,827 3,331
Total other financing sources (uses)(1,370,009) (122,729) 561,229 (1,579,130) (1,988,948) 4,977,905 94,690 12,461,148 32,500,618 9,331,833
NET CHANGE IN FUND BALANCES (2,220,962)$ (3,134,724)$ 3,411,124$ (3,447,696)$ (1,322,157)$ 506,448$ (6,440,280)$ 6,457,814$ 12,653,115$ (10,798,093)$
Debt service as a percentage of
noncapital expenditures 13.75%10.36%7.34%14.43%12.77%20.38%1.53%2.09%4.75%7.16%
Note: The 2004 speical item was a payment to the park district for the building improvements to the Senior Center.
Data Source
Audited Financial Statements
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VILLAGE OF DEERFIELD, ILLINOIS
SALES TAX BY CATEGORY
Last Ten Calendar Years
Calendar Year 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
General merchandise 162,873$ 214,657$ 297,344$ 217,623$ 268,413$ 181,355$ 215,487$ 222,696$ 233,408$ 22,350$
Food 418,454 506,945 646,617 709,999 712,229 656,766 708,194 772,736 798,668 796,940
Drinking and eating places 472,203 469,889 604,698 666,821 749,845 756,872 931,610 932,074 970,059 1,018,539
Apparel 91,238 108,410 140,908 189,351 195,358 178,925 205,112 207,981 240,746 205,856
Furniture & H.H. & radio 528,154 579,127 1,026,827 836,653 784,397 676,075 644,981 752,175 713,431 473,808
Lumber, building hardware 441,858 490,021 741,273 681,704 614,752 532,637 622,406 610,072 590,742 694,743
Automobile and filling stations 157,021 168,139 264,775 317,435 257,719 283,125 284,289 434,095 513,421 348,318
Drugs and miscellaneous retail 793,503 994,536 1,707,928 1,899,467 1,877,780 2,184,421 3,211,071 2,625,382 3,625,900 5,476,027
Agriculture and all others 163,866 186,343 685,694 788,059 737,298 711,157 895,708 852,588 1,138,377 1,005,454
Manufacturers 65,151 63,701 95,169 125,147 93,150 143,018 196,451 203,171 214,511 237,039
TOTAL 3,294,321$ 3,781,768$ 6,211,233$ 6,432,259$ 6,290,941$ 6,304,351$ 7,915,309$ 7,612,970$ 9,039,263$ 10,279,074$
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%0.00%0.50%0.50%0.50%1.00%1.00%1.00%1.00%
Data Source
Illinois Department of Revenue
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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
2003 0.25%0.25%0.25%0.75%0.75%0.00%1.00%5.00%
2004 0.25%0.25%0.25%0.75%0.75%0.00%1.00%5.00%
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%
Data Source
Village and County Records
- 101 -
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*
2004 11,985,000$ 3,730,000$ 15,715,000$ 2.28%853.15
2005 9,500,000 3,360,000 12,860,000 1.87%698.15
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
Note:
income and population data.
Data Source
Audited Financial Statements
VILLAGE OF DEERFIELD, ILLINOIS
Note: Details of the Village's outstanding debt can be found in the notes to financial
* See the schedule of Demographic and Economic Statistics on page 106 for personal
statements.
- 102 -
VILLAGE OF DEERFIELD, ILLINOIS
RATIOS OF GENERAL BONDED DEBT OUTSTANDING
Last Ten Fiscal Years
(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
2004 11,985,000$ 3,730,000$ 1,674,419$ 14,040,581$ 0.51%762.25$
2005 9,500,000 3,360,000 361,876 12,498,124 0.42%678.51
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%2,663.04
2013*56,555,000 - 113,074 56,441,926 4.36%3,066.66
* 2012 EAV used as it is the most recent data available
Data Source
(1) Audited Financial Statements
- 103 -
***
(1)(2)
Gross Percentage ***
General of Debt Village's
Obligation Applicable to Share
Governmental Unit Debt Government of Debt
Village of Deerfield 56,555,000$ 100.000%56,555,000$
Lake County (1)- 0.000%-
Lake County Forest Preserve 295,270,000 4.622%13,646,670
Cook County 3,814,460,000 0.104%3,961,773
Cook County Forest Preserve 195,875,000 0.104%203,440
Deerfield Park District (2)3,055,000 97.572%2,980,825
Park District of Highland Park (3)8,375,000 1.351%113,115
Northbrook Park District 8,210,000 3.606%296,090
Lake Elementary School District No. 109 (3)14,790,000 76.158%11,263,713
Lake Elementary School Distrtict No. 112 14,370,000 0.102%14,677
Lake High School District No. 113 28,350,000 29.117%8,254,799
Cook Northfield Township High School District No. 225 92,449,554 2.921%2,700,344
Community College of Lake County No. 532 26,085,000 4.866%1,269,415
Metropolitan Water Reclamation District of Greater Chicago (4)2,406,464,000 0.106%2,550,053
6,907,753,554 47,254,914
Total gross debt 6,964,308,554 103,809,914
Less Debt Service Fund amount
available - Village of Deerfield 113,074 113,074
TOTAL DIRECT AND OVERLAPPING DEBT 6,964,195,480$ 103,696,840$
(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 -
April 30, 2013
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
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VILLAGE OF DEERFIELD, ILLINOIS
LEGAL DEBT MARGIN INFORMATION
April 30, 2013
EQUALIZED ASSESSED VALUATION - 2012*1,293,263,968$
Non-Home Rule Legal Debt Limit - 8.625%111,544,017$
Amount of debt applicable to limit:
General Obligation Bonds Series 2008 4,270,000
General Obligation Bonds Series 2010A 11,435,000
General Obligation Bonds Series 2011A 9,275,000
General Obligation Bonds Series 2011B 12,500,000
General Obligation Bonds Series 2012 10,000,000
General Obligation Bonds Series 2013 9,075,000
Total amount of debt applicable to limit:56,555,000
NON-HOME RULE LEGAL DEBT MARGIN 54,989,017$
* Most Recent EAV Available
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 nonhome rule municipality, its available debt limit would be as follows:
"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,
...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."
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.
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:
- 105 -
Per Capita Median
Fiscal Personal Household Unemployment
Year Population Income Income Rate
2004 *18,420 37,361$ 107,194$ 3.80%
2005 *18,420 37,361 107,194 1.40%
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%
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
VILLAGE OF DEERFIELD, ILLINOIS
DEMOGRAPHIC AND ECONOMIC INFORMATION
Last Ten Fiscal Years
- 106 -
% of % of
Total Village Total Village
Employer Employees Rank Population Employees Rank Population
Walgreen Co 4,200 1 23%2,500 1 14%
Baxter International Inc 4,000 2 22%1,000 2 5%
Takeda Pharmaceuticals North 1,776 3 10%- -
Mondelez International, Inc.1,200 4 7%250 8 1%
Astella US Technologies 900 5 5%- -
United Stationers 700 6 4%515 4 3%
Cornerstone Deerfield 500 7 3%400 6 2%
Deerfield Park District 500 8 3%- -
Illinois Student Assistance Commission 499 9 3%- -
Jim Beam Brands 430 10 2%- -
Township High School Distrit 113 - - 246 9 1%
Hewitt Associates - - 800 3 4%
Fujisawa USA Incorporated - - 450 5 2%
Wm M Mercer Inc.- - 250 7 1%
Shand Morahan - - 240 10 1%
14,705 82%6,651 34%
Village population 18,458 18,420
Data Source
Lake County Partners
VILLAGE OF DEERFIELD, ILLINOIS
PRINCIPAL EMPLOYERS
Current Year and Nine Years Ago
2013 2004
- 107 -
Function/Program 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
GENERAL GOVERNMENT
Village Manager 3 3 3 3 3 3 3 2 4 5
Finance 8 8 9 10 10 10 10 10 8 8
Engineering 1 1 2 3 3 3 3 2 2 2
Community development 5 5 6 7 7 7 7 7 7 7
PUBLIC WORKS
Administration 3 3 2 4 4 4 4 4 4 4
Street maintenance 7 7 7 7 7 7 7 7 7 7
Utilities maintenance 13 13 13 14 15 15 15 14 14 14
Sewage treatment plant 8 8 8 8 8 8 8 8 8 7
Garage 2 2 2 2 2 2 2 2 2 2
PUBLIC SAFETY
Police
Administration 8 8 8 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 32 32 31 31 31 31 31 31 33
TOTAL 105 105 107 111 112 112 112 109 109 111
Data Source
Village budget office
VILLAGE OF DEERFIELD, ILLINOIS
FULL-TIME EQUIVALENT EMPLOYEES
Last Ten Fiscal Years
- 108 -
Function/Program 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
PUBLIC SAFETY
Police
Physical arrests 552 463 498 532 587 568 415 575 513 485
Parking violations 3,911 3,260 2,332 2,625 2,690 2,385 1,656 1,509 1,343 2,628
Traffic violations 3,767 3,836 4,140 4,119 4,278 4,255 3,703 3,106 3,391 3,367
PUBLIC WORKS
Street resurfacing (miles)0.00 2.21 3.11 3.18 3.21 3.14 0.89 0.86 1.83 2.80
WATER
Water main breaks 110 107 141 62 77 47 59 76 75 78
Average daily consumption (gallons)2,997,941 2,998,732 3,350,346 2,998,220 3,128,000 2,566,000 2,630,000 2,683,526 2,522,061 2,805,124
Peak daily consumption (gallons)5,461,590 4,225,510 4,932,570 4,476,210 5,894,000 5,279,000 4,510,000 5,009,819 5,502,196 5,482,125
WASTEWATER
Average daily treatment (gallons)2,926,027 3,106,164 2,809,671 3,204,822 2,963,972 3,324,536 3,313,068 2,930,000 3,530,000 2,395,000
Data Source
Various village departments
VILLAGE OF DEERFIELD, ILLINOIS
OPERATING INDICATORS
Last Ten Calendar Years
- 109 -
Function/Program 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
PUBLIC SAFETY
Police
Stations 1 1 1 1 1 1 1 1 1 1
Number of Police Officers 40 40 39 39 39 39 39 39 39 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 9 10 10 10 10 10 10 10 10 10
WATER
Water mains (miles)83 84 84 84 84 84 88 90 90 90
Fire hydrants 1,189 1,203 1,203 1,203 1,203 1,203 1,212 1,217 1,208 1,220
Storage capacity (gallons)8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 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 8,000,000 8,000,000 9,200,000 9,200,000
Data Source
Various village departments
VILLAGE OF DEERFIELD, ILLINOIS
CAPITAL ASSET STATISTICS
Last Ten Fiscal Years
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Debt Information
Direct Debt :
General Obligation Bonds 56,555,000$
Gross General Percent Village's Share
Obligation Debt Applicable of Debt
Overlapping Debt :
Lake County (1)- 4.622%-
Lake County Forest Preserve 295,270,000 4.622%13,646,670
Cook County 3,814,460,000 0.104%3,961,773
Cook County Forest Preserve 195,875,000 0.104%203,440
Deerfield Park District (2)3,055,000 97.572%2,980,825
Park District of Highland Park (3)8,375,000 1.351%113,115
Northbrook Park District 8,210,000 3.606%296,090
Lake School District No. 109 (3)14,790,000 76.158%11,263,713
Lake School District No. 112 14,370,000 0.102%14,677
Lake High School District No. 113 28,350,000 29.117%8,254,799
Cook High School District No. 225 92,449,554 2.921%2,700,344
Community College No. 532 26,085,000 4.866%1,269,415
Metro Water Reclamation District (4)2,406,464,000 0.106%2,550,053
Total Overlapping Debt 47,254,914$
Total Direct and Overlapping Debt 103,809,914$
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.
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Statement of Indebtedness
Amount % of % of Estimated
Applicable EAV True Value Per Capita*
2012 Equalized Assessed Valuation (1)1,293,263,968$ 100.00%33.33%70,267$
Estimated True Value 3,879,791,904 300.00%100.00%210,801
Direct Debt 56,555,000 4.37%1.46%3,073
Overlapping Debt 47,254,914 3.65%1.22%2,568
Direct and Overlapping Debt 103,809,914 8.03%2.68%5,640
*Population of 18,405 based on 2012 CAFR.
(1) Reflects 2012 Lake County EAV and 2012 Cook County EAV.
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Equalized Assessed Valuation
2008 2009 2010 2011 2012
Residential $1,152,038,203 $1,170,079,592 $1,108,117,369 $1,012,534,720 $938,649,978
Commerical 397,882,340 412,939,520 397,215,326 364,721,276 340,275,838
Industrial 19,601,642 23,884,106 17,827,124 15,266,443 14,338,152
Total $1,569,522,185 $1,606,903,218 $1,523,159,819 $1,392,522,439 $1,293,263,968
Source: Offices of Lake and Cook County Clerk.
Lake County
Residential $1,150,686,329 $1,168,909,109 $1,107,301,252 $1,011,816,893 $937,972,021
Farm - - - - -
Commerical 201,651,978 212,436,454 210,585,916 220,050,035 207,908,753
Industrial 2,572,641 2,514,757 2,723,342 2,713,600 2,562,167
Total $1,354,910,948 $1,383,860,320 $1,320,610,510 $1,234,580,528 $1,148,442,941
Cook County
Residential 1,351,874$ 1,170,483$ 816,117$ 717,827$ 677,957$
Farm - - - - -
Commerical 196,230,362 200,503,066 186,629,410 144,671,241 132,367,085
Industrial 17,029,001 21,369,349 15,103,782 12,552,843 11,775,985
Total $214,611,237 $223,042,898 $202,549,309 157,941,911$ 144,821,027$
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Tax Rates Per $100 of Assessed Valuation
2007 2008 2009 2010 2011 2012
Bonds and Interest 0.000 0.000 0.010 0.034 0.098 0.159
Corporate 0.130 0.127 0.123 0.143 0.154 0.164
Garbage 0.053 0.052 0.053 0.059 0.064 0.071
All Other 0.000 0.003 0.003 0.003 0.004 0.063
Total Village 0.183 0.182 0.189 0.239 0.320 0.457
County Including Forest Preserve 0.640 0.650 0.660 0.703 0.755 0.820
Deerfield Elementary Dist. 109 2.286 2.346 2.455 2.665 2.892 3.254
High School District 113 1.619 1.660 1.748 1.921 2.167 2.178
Community College (Lake County) Dist. 532 0.192 0.196 0.200 0.218 0.240 0.272
Deerfield Park District 0.402 0.419 0.431 0.460 0.503 0.546
Deerfield-Bannockburn Fire Protection Dist.0.410 0.426 0.447 0.486 0.529 0.593
Library 0.173 0.177 0.180 0.204 0.237 0.262
All Other 0.042 0.044 0.045 0.065 0.073 0.053
Total 5.947 6.100 6.355 6.961 7.716 8.435
Village as a Percent of Total 3.1%3.0%3.0%3.4%4.1%5.4%
Source: Office of Lake County Clerk.
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Tax Extensions and Collections
LAKE COUNTY COOK COUNTY
Levy Collection Levy Collection
Year Year Taxes Extended Amount Percent Year Year Taxes Extended Amount Percent
2002 2003 3,667,652 3,664,378 99.91%2002 2003 272,766 275,117 100.86%
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%
Total
Levy Collection
Year Year Taxes Extended Amount Percent
2002 2003 3,940,418 3,939,495 99.98%
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%
Lake County as of 10/11/13 and Cook County as of 10/11/2012.
Total Collections
Source: Cook County Clerk's Office.
Total Collections
Source: Lake County Clerk's Office.
Total Collections
Source: Lake and Cook County Clerk's Office.
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Principal Taxpayers within the Village
Taxpayer
Taxable Assessed
Value
% of Total Taxable
Assessed Valuation
Arden Realty, Inc.$37,312,352 0.96%
Scott Dressing, Sr Mgr Taxation 32,552,216 0.84%
JBC Funds Parkway North LLC 31,279,964 0.81%
CRM Properties Group 14,453,476 0.37%
RREEF America Reit Agent Corner Partners 6,814,044 0.18%
Walgreens Co RE#00001-2 6,313,526 0.16%
Walgreens Co RE#1079-2 6,002,933 0.15%
AEW-DOW Deerfield, LLC 5,980,952 0.15%
% Deloitte PTS 5,662,002 0.15%
CRP Holdings Pfingsten 5,109,668 0.13%
Total $151,481,133 3.90%
Data Source: Lake & Cook County Clerk's & Assessor's Offices.
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