Village CAFR for year ended April 30, 2012
VILLAGE OF DEERFIELD, ILLINOIS
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
For the Year Ended
April 30, 2012
Prepared by Finance Department
Robert W. Fialkowski
Director of Finance
Eric L. Burk
Assistant Director of Finance
VILLAGE OF DEERFIELD, ILLINOIS
TABLE OF CONTENTS
Page(s)
INTRODUCTORY SECTION
Principal Officials ....................................................................................................... i
Organizational Chart ................................................................................................... ii
Certificate of Achievement for Excellence in Financial Reporting ............................ iii
Director of Finance’s Letter of Transmittal ................................................................ iv-vii
FINANCIAL SECTION
INDEPENDENT AUDITOR’S REPORT .................................................................. 1-2
GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS
Management’s Discussion and Analysis ..................................................................... MD&A 1-7
Basic Financial Statements
Government-Wide Financial Statements
Statement of Net Assets ..................................................................................... 3
Statement of Activities ...................................................................................... 4-5
Fund Financial Statements
Governmental Funds
Balance Sheet ............................................................................................... 6-7
Reconciliation of Fund Balances of Governmental Funds to
the Governmental Activities in the Statement of Net Assets ..................... 8
Statement of Revenues, Expenditures and Changes in Fund Balances ....... 9-10
Reconciliation of the Governmental Funds Statement of Revenues,
Expenditures and Changes in Fund Balances to the Governmental
Activities in the Statement of Activities ..................................................... 11
VILLAGE OF DEERFIELD, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
FINANCIAL SECTION (Continued)
GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS (Continued)
Basic Financial Statements (Continued)
Fund Financial Statements (Continued)
Proprietary Funds
Statement of Net Assets ................................................................................ 12
Statement of Revenues, Expenses and Changes in Net Assets .................... 13
Statement of Cash Flows .............................................................................. 14-15
Fiduciary Funds
Statement of Fiduciary Net Assets ............................................................... 16
Statement of Changes in Fiduciary Net Assets ............................................ 17
Notes to Financial Statements ........................................................................... 18-49
Required Supplementary Information
Schedule of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual - General Fund ....................................................................... 50
Schedule of Funding Progress and Employer Contributions
Illinois Municipal Retirement Fund ............................................................. 51
Police Pension Fund ..................................................................................... 52
Other Postemployment Benefit Plan ............................................................ 53
Notes to Required Supplementary Information ................................................ 54
VILLAGE OF DEERFIELD, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
FINANCIAL SECTION (Continued)
COMBINING AND INDIVIDUAL FUND
FINANCIAL STATEMENTS AND SCHEDULES
MAJOR GOVERNMENTAL FUNDS
Schedule of Revenues - Budget and Actual - General Fund ................................. 55-56
Schedule of Expenditures - Budget and Actual - General Fund ............................ 57-59
Schedule of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual
Debt Service Fund ........................................................................................ 60
Infrastructure Replacement Fund ................................................................. 61
Bond Proceeds Fund ..................................................................................... 62
Library Bond Proceeds Fund ........................................................................ 63
NONMAJOR GOVERNMENTAL FUNDS
Combining Balance Sheet ................................................................................. 64
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances ................................................................................................. 65
Schedule of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual
Motor Fuel Tax Fund .................................................................................... 66
Enhanced 911 Fund ...................................................................................... 67
MAJOR ENTERPRISE FUNDS
Water Fund
Schedule of Revenues, Expenses and Changes in Net Assets -
Budget and Actual ...................................................................................... 68
Schedule of Operating Expenses - Budget and Actual ................................. 69
Schedule of Capital Assets and Depreciation ............................................... 70
Sewerage Fund
Schedule of Revenues, Expenses and Changes in Net Assets -
Budget and Actual ...................................................................................... 71
Schedule of Operating Expenses - Budget and Actual ................................. 72
Schedule of Capital Assets and Depreciation ............................................... 73
Refuse Fund
Schedule of Revenues, Expenses and Changes in Net Assets -
Budget and Actual ...................................................................................... 74
VILLAGE OF DEERFIELD, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
FINANCIAL SECTION (Continued)
COMBINING AND INDIVIDUAL FUND
FINANCIAL STATEMENTS AND SCHEDULES (Continued)
NONMAJOR ENTEPRISE FUNDS
Commuter Parking Lot Fund
Schedule of Revenues, Expenses and Changes in Net Assets -
Budget and Actual ...................................................................................... 75
Schedule of Operating Expenses - Budget and Actual ................................. 76
Schedule of Capital Assets and Depreciation ............................................... 77
INTERNAL SERVICE FUNDS
Combining Statement of Net Assets ................................................................. 78
Combining Statement of Revenues, Expenses and Changes in
Net Assets ........................................................................................................ 79
Combining Statement of Cash Flows ................................................................ 80
Garage Fund
Schedule of Revenues, Expenses and Changes in Net Assets -
Budget and Actual ...................................................................................... 81
Schedule of Operating Expenses - Budget and Actual ................................. 82
Vehicle and Equipment Replacement Fund
Schedule of Revenues, Expenses and
Changes in Net Assets - Budget and Actual ............................................... 83
FIDUCIARY FUNDS
Schedule of Changes in Plan Net Assets - Budget and Actual -
Police Pension Fund ........................................................................................ 84
Combining Statement of Changes in Assets and Liabilities -
Agency Funds .................................................................................................. 85
SUPPLEMENTAL DATA
Long-Term Debt Requirements
General Obligation Refunding Bond Series of 2003 ........................................ 86
General Obligation Bond Series of 2008 .......................................................... 87
General Obligation Bond Series of 2010A ....................................................... 88
General Obligation Bond Series of 2011A ....................................................... 89
General Obligation Bond Series of 2011B ........................................................ 90
General Obligation Bond Series of 2012 .......................................................... 91
VILLAGE OF DEERFIELD, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
STATISTICAL SECTION
Financial Trends
Net Assets by Component ...................................................................................... 92
Change in Net Assets ............................................................................................. 93-94
Fund Balances of Governmental Funds ................................................................. 95
Changes in Fund Balances of Governmental Funds .............................................. 96
Revenue Capacity
Sales Tax by Category ........................................................................................... 97
Direct and Overlapping Sales Tax Rates ............................................................... 98
Debt Capacity
Ratios of Outstanding Debt by Type ...................................................................... 99
Ratios of General Bonded Debt Outstanding ......................................................... 100
Direct and Overlapping Bonded Debt - Governmental Activities ......................... 101
Legal Debt Margin Information ............................................................................. 102
Demographic and Economic Information
Demographic and Economic Information .............................................................. 103
Principal Employers ............................................................................................... 104
Operating Information
Full-Time Equivalent Employees .......................................................................... 105
Operating Indicators ............................................................................................... 106
Capital Asset Statistics ........................................................................................... 107
Continuing Disclosures ............................................................................................... 108-113
- i -
VILLAGE OF DEERFIELD, ILLINOIS
PRINCIPAL OFFICIALS
April 30, 2012
LEGISLATIVE
VILLAGE BOARD OF TRUSTEES
Harriet E. Rosenthal, Mayor
Robert L. Benton Thomas Jester
Mary Oppenheim William S. Seiden
Barbara J. Struthers Alan L. Farkas
Kent Street, Clerk
ADMINISTRATIVE
Kent Street, Village Manager
FINANCE DEPARTMENT
Robert W. Fialkowski
Director of Finance/Treasurer
Eric L. Burk
Acting Finance Director
Public
Boards and Mayor and Board Village Attorney
Commissions of Trustees
Assistant to the Village Manager
Village Manager 5 Employees
Police Finance Community Public Works
Development & Engineering
56 Employees 8 Employees 7 Employees 36 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 -
(MD&A) - 1 -
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
April 30, 2012
The Village of Deerfield (the “Village”) management’s discussion and analysis is designed to (1) assist the reader in
focusing on significant financial issues, (2) provide an overview of the Village’s financial activity, (3) identify changes
in the Village’s financial position (its ability to address subsequent year challenges), (4) identify any material
deviations from the financial plan (the approved budget) and (5) identify individual fund issues or concerns.
Since Management’s Discussion and Analysis (MD&A) is designed to focus on the current year’s activities, resulting
changes and currently known facts, please read it in conjunction with the Transmittal Letter (begin ning 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 $2,856,940.
Combined with other financing net uses of $680,775, the April 30, 2012 fund balance increased by
$2,176,165.
Economy sensitive revenues, i.e. sales, income, and hotel/motel taxes rebounded again from the prior year.
Building permit revenue ($693,975) exceeded current year expectation ($500,000) but decreased from prior
year actual ($945,990), primarily due to large office remodeling projects in the prior year.
Hotel/motel tax revenue increased 6% to $1,625,052; 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 $1,306,721 from the first full year of Electric Utility tax and $1,752,850 from the
Simplified Telecommunications tax which was increased to 6% during the previous year.
The Village retired $1,160,000 of general obligation debt during the year and issued $32,400,000 of new
general obligation debt. The total balance of debt outstanding as of April 30, 2012 was $49,300,000.
The Village continued construction of a new W astewater Treatment Plant. The $32 million project will be
completed over the next several years.
$22.5 million of the debt issued during the fiscal year will be used to fund construction of the new plant along
with a final issue in fiscal year 2013. $5.9 million of the debt issued will be used to fund the Library
Improvement Project and $4 million was used to fund infrastructure improvements in the Village.
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 ad d to a total for the Primary
Government. The focus of the Statement of Net Assets (the “Unrestricted Net Assets ”) 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 e valuating
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 th e Village organization such as equipment
services (repair and maintenance of Village vehicles). Internal services are to both the governmental and business-
type activities of the government-wide financial statements.
Proprietary fund statements provide both long-term and short-term financial information consistent with the focus
provided by the government-wide financial statements, but with more detail for major enterprise funds. Individual
fund information for internal service funds and non-major enterprise funds is found in combining statements in a later
section of this report.
Fiduciary funds (see pages 16 - 17) such as the employee pension plans are reported in the fiduciary fund financial
statements, but are excluded from the government -wide reporting. Fiduciary fund financial statements report
resources that are not available to fund Village programs. Fiduciary fund financial statements report similarly to
proprietary funds.
The accompanying notes to the financial statements provide information essential to a full understanding of the
government-wide and fund financial statements. The notes to the financial statements begin on page 18 of this
report.
In addition to the basic financial statements and accompanying notes, this report also presents certain required
supplementary information concerning the Village’s funding of pension benefit obligations to its employees and
budget information.
Major funds and component units are reported in the basic financial statements as discussed. Combining an d
individual statements and schedules for non-major and internal service funds are presented in a subsequent section
of this report.
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
(MD&A) - 3 -
FINANCIAL ANALYSIS OF THE VILLAGE AS A WHOLE
The Village implemented the new financial reporting model (GASB #34) beginni ng 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
assets may be observed and used to discuss the changing financial position of the Village as a whole.
STATEMENT OF NET ASSETS – Village of Deerfield
(in millions of dollars)
Governmental Activities Business-type Activities Total – Primary Govt.
2012 2011 2012 2011 2012 2011
Current & Other Assets 53.90 36.93 1.82 2.37 55.72 39.30
Capital Assets 70.21 69.50 48.36 29.44 118.57 98.94
Total Assets 124.11 106.43 50.18 31.81 174.29 138.24
Long-Term Liabilities 49.38 18.20 0.28 0.74 49.66 18.94
Other Liabilities 11.98 8.18 1.89 1.90 13.87 10.08
Total Liabilities 61.36 26.38 2.17 2.64 63.53 29.02
Net Assets:
Investment in Capital
Assets – Net of Related Debt 51.39 64.48 47.89 28.52 84.68 93.00
Restricted 1.87 1.83 - - 1.87 1.83
Unrestricted 9.49 13.74 0.12 0.65 24.21 14.39
Total Net Assets 62.75 80.05 48.01 29.17 110.76 109.22
The Village’s total primary government net assets remained relatively consistent from year to year. The
Governmental Activities long-term liabilities increased due to the issuance of $32.4 million dollars of general
obligation debt. The majority of this debt is being used to finance the Wastewater Treatment Plant which caused the
increase in Business-type Activities Capital Assets. A portion of this debt was used to fund infrastructure
improvement causing the increase in Capital Assets in the Governmental Activities. Finally, a portion was used for
the Library Improvement Project. The remaining portion of debt has not been spent as of year end and c ontributed to
the increase in Current & Other Assets.
Business-type Activities Current & Other Assets decreased mainly due to decreases in Water and Sewer fund cash
balances. 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 assets.
Changes in Net Assets – Village of Deerfield
(in millions of dollars)
Governmental Activities Business-type Activities Total – Primary Govt.
2012 2011 2012 2011 2012 2011
Revenues:
Program Revenues:
Charges for Service 2.89 2.96 7.05 7.04 9.94 10.00
Operating Grants 0.72 0.58 - - 0.72 0.58
Capital Grants 0.43 0.36 19.62 2.96 20.05 3.32
General Revenue:
Property Taxes 2.74 2.19 0.89 0.83 3.63 3.02
Other Taxes 15.61 13.14 - - 15.61 13.14
Transfers in (out) - - - - -
Other 0.67 0.26 0.37 0.20 1.04 0.46
Total Revenue 23.06 19.49 27.93 11.03 50.99 30.52
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
(MD&A) - 4 -
Expenses:
General Government 24.27 5.48 - - 24.27 5.48
Public Safety 8.39 8.50 - - 8.39 8.50
Highways and Streets 6.60 7.75 - - 6.60 7.75
Interest/fiscal charges 1.10 0.39 - - 1.10 0.39
Water - - 4.46 4.21 4.46 4.21
Sewer - - 3.00 2.85 3.00 2.85
Refuse - - 1.31 1.60 1.31 1.60
Parking Lots - - 0.33 0.32 0.33 0.32
Total Expense 40.36 22.12 9.10 8.98 49.46 31.10
Changes in Net Assets -17.30 -2.63 18.83 2.05 1.53 -0.58
CURRENT YEAR IMPACTS
Governmental Activities
Revenue
Property taxes increased $0.61 million mainly due to additional debt service levy. Capital grants increased
significantly due to the contribution of Wastewater Treatment Plant costs by the Infrastructure Replacement Fund.
Other taxes increased due to a full year of Electric Utility tax receipts and increased Simplified Telecommunications
tax as well as a recovery in Sales Tax.
Expenses
General government expenses increased $18.79 million mainly due to costs associated with construction of the
Wastewater Treatment Plant. Highways and streets expenses decreased $1.15 million as more 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 $0.71 million due to in terest 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, 2011; water sales totaled $3.89 million, an increase of $0.11
million or 3% from the prior year and 3% below budget. Continued wet weather along with the overall economic
downturn led to the lower than expected number of units billed. Sewer user charges of $2.50 million were $0.05
million or 2% higher than the prior year and 3% above expected. The sewer rates were also increased 2.5%. Refuse
charge rates were unchanged, and revenue of $0.46 million decreased $0.14 million from the prior years. The
decrease in revenue was offset by a decrease in contractual service costs due to a new contract with the waste
hauler.
Expenses
Operating expenses for the Water Fund increased by $0.25 million or 6% primarily due to an increase in personnel
costs and the annual rate increase from the Village’s wholesale water supplier. In addition, the Village increased its
water meter replacement program which resulted in higher costs.
Sewer Fund operating expenses increased by $0.15 million due primarily to increased personnel costs and increased
depreciation expense. Refuse Fund operating expenses decreased $0.29 millions due to a new contract with the
waste hauler.
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
(MD&A) - 5 -
FINANCIAL ANALYSIS OF THE VILLAGE’S FUNDS
Governmental Funds
At April 30, 2012, the governmental funds reported a combined fund balance of $37.1 million which is a 51% increase
from the beginning of the year ($24.5 million). The increase is primarily due to unspent bond proceeds designated for
the Wastewater Treatment Plant, Library Improvement Project and other capital projects.
Major Governmental Funds
The General Fund is the Village’s primary operating fund and the largest source of day-to-day service delivery. The
unassigned fund balance of the General Fund decreased $0.4 million from $16.6 million to $16.2 million. The General
Fund cash balance of $15.7 million provides for approximately 275 days of anticipated expenditures (FY 2013
budget).
Revenues exceeded the budget of $17.71 million by $2.28 million. State shared revenues, such as income taxes and
use taxes, were in line with last year actual and current year expectations. Sales tax and Home Rule Sales tax both
exceeded last year actual and current year expectations. In addition, this is the first full year of the Electric Utility tax
and the increased Telecommunications tax. Building permit revenue exceeded the current year expectation but fell
short of last year’s actual as several large commercial permits were issued in the previous year.
Expenditures were $1.10 million less than the revised budget. This was due to lower than expected costs in
personnel across multiple departments, including a lower than expected Police Pension contribution . 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.) In addition, there was unforeseen forestry costs associated with severe
wind storms.
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, expendi tures and changes to fund balance on
page 50.
General Fund Budget versus Actual
Fiscal year ended April 30, 2012
(in millions)
Original Amended
Budget Budget Actual
Revenues
Taxes 15.31 15.31 16.76
Intergovernmental 0.04 0.04 0.07
Other 2.36 2.36 3.16
Total 17.71 17.71 19.99
Expenditures & Transfers
Expenditures 17.47 18.22 17.13
Other Sources -0.01 -0.01 -0.02
Transfers – Net 0.70 0.70 0.70
Total 18.16 18.91 17.81
Change in Fund Balance -0.45 -1.20 2.18
The Debt Service Fund is funded through property taxes, Build America Bonds 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. Revenue in the
IRF exceeded the budget by $0.64 million due mainly to unbudgeted grant revenue and higher than expected sa les
tax revenue. Expenditures in the IRF totaled $22.4 million. Construction and Engineering costs associated with the
Wastewater Treatment Plant accounted for the bulk of this fund’s expenditures. Other projects included bridges, a
pedestrian underpass and a lift station.
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
(MD&A) - 6 -
$26.5 million of general obligation bonds were deposited into the Bond Proceeds Fund during the fiscal year.
Through a reimbursement resolution passed by the Board of Trustees the proceeds are used to reimburse the IRF
after expenditures have been made. $22.5 million of the proceeds are to be used to partially fund the Waste Water
Treatment plant. The remaining $4 million are to be used for road reconstruction and other capital projects. At the
end of the fiscal year $13.7 million of cash remained in the fund.
$5.9 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 $5.1 million of cash
remained in the fund. An additional, $5.9 million is anticipated to be issued to complete the project.
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 $0.22 million over last year due mainly to increased water sales.
Actual operating expenses, excluding depreciation and interest, also increased $0.22 million over last year. Overall,
operating revenues slightly exceeded operating expenses. However, net assets increased $1.7 million due to a
contribution of capital assets by the Infrastructure Replacement Fund .
The Sewerage Fund operating expenses were under budget by $0.24 million. However, operating costs increased by
$0.14 millions over last year due primarily to personnel costs and contractual services. The operating expenses
excluding depreciation exceeded operating revenue by $0.17 million. Capital expenses for the foreseeable future in
this fund have been transferred to the Infrastructure Fund. The replacement of the W astewater Treatment Plant
continues to be funded with debt issuance.
The Refuse Fund operating expenses exceeded operating revenues by $0.77 million. This Village also uses a
portion of its property tax levy to fund refuse collection. The Refuse Fund’s net assets increased $0.12 million during
the fiscal year to a $0.02 million deficit. The Village’s newly negotiated waste hauler contract should continue to
address and eliminate the deficit.
Internal Service Funds
The Village’s combined internal service funds ’ net assets were $6.0 million as of April 30, 2012, with $5.8 million of
the total accumulated 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 fund balance.
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, 2011 was $70.2 million. The Village’s investment in capital assets, net of accumulated depreciation, for
business-type activities as of April 30, 2012 was $48.4 million. Major capital asset events during the current fiscal
year included bridges, a pedestrian underpass, a lift station and continued construction of the W astewater Treatment
Plant. Additional information on capital assets is presented in Note 4 to the financial statements.
Long-term debt
The Village issued $32.4 million of general obligation debt during the year ; $22.5 million to partially fund construction
of the Wastewater Treatment Plant, $4 million to fund other capital projects and $5.9 million to fund the Library
Improvement Project. At the end of the fiscal year, the Village had total bonded debt outstanding of $49.3 million.
$13.72 million of this amount is intended to be funded directly from property taxes with an annual review by the
Village to determine the availability of using alternate revenues for the debt service. For $0.47 million, the alternate
funding is water sales revenues. For the remaining amount, the alternate funding source is general fund revenues.
As a home rule government, under Illinois law, the Village has no legal debt limit. As of April 30, 2012 the total
Village debt represented 3.54% of the equalized assessed value. Additional information on long-term debt is
presented in Note 6 to the financial statements.
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
(MD&A) - 7 -
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 2012 .
Pension Funds
The Village continues to fully fund its annual required contributions to both the Police Pension Fund and Illinois
Municipal Retirement Fund. Increased salaries, an aging employee base, and end of career accumulated leave pay-
outs have resulted in large contributions to both funds which cover all full-time employees. Additional information on
the funding levels can be found in the Required Supplementary Information section.
Economic Factors
The national economic slowdown continues to affect the local Village micro-economy. However, slowdowns in local
retail sales and hotel/motel occupancies have rebounded from the previous year. The Village is an affluent residential
community with a substantial office/commercial presence including a number of headquarters operations in the health
services and pharmaceutical areas. Property taxes are a minor part of the overall operating revenues. As a portion
of the General Fund, property tax revenue decreased from 12% of total revenue in FY 2011 to 11% in FY 2012 due to
the growth of other revenues.
Neither major retail area of the Village lost any major tenants during the year. 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 $0.09 million or 6% from last year due to more business travel. However,
hotel/motel tax is still down from its high of $2 million several years ago. All of the Village’s six hotels have remained
open during the year. The continued strength of the local corporate employment provides a base level of demand for
rooms which is the primary market for these hotels.
Contacting the Village’s Financial Management
This financial report is designed to provide a general overview of the Village’s finances, comply with finance-related
laws and regulations and demonstrate the Village’s commitment to public accountability. If you have questions about
this report or would like to request additional information, contact the Village’s Finance Director, 850 Waukegan
Road, Deerfield, IL 60015 or access the Village website at www.deerfield.il.us.
Governmental Business-Type
Activities Activities Total
ASSETS
Cash and investments 42,570,579$ 506,771$ 43,077,350$
Receivables (net, where applicable,
of allowances for uncollectibles)
Property taxes 3,343,184 836,194 4,179,378
Accounts 554,969 976,224 1,531,193
Accrued interest 25,088 861 25,949
Electric utility tax 85,565 - 85,565
Due from other governments 4,144,093 - 4,144,093
Note receivable 100,000 - 100,000
Due from (to) other funds 768,616 (768,616) -
Inventory 166,510 236,995 403,505
Prepaid expenses 441,382 - 441,382
Deferred charges 723,551 31,142 754,693
Net pension asset 976,809 - 976,809
Capital assets not being depreciated 21,192,025 23,847,244 45,039,269
Capital assets (net of
accumulated depreciation)49,018,653 24,509,003 73,527,656
Total assets 124,111,024 50,175,818 174,286,842
LIABILITIES
Accounts payable 3,496,801 363,471 3,860,272
Accrued payroll 325,667 79,587 405,254
Retainage payable 2,306,002 - 2,306,002
Deposits payable 5,174 29,320 34,494
Other payables 6,870 - 6,870
Accrued interest payable 708,647 6,780 715,427
Unearned revenues 3,547,274 883,428 4,430,702
Premium on bonds 79,791 - 79,791
Noncurrent liabilities
Due within one year 1,510,362 530,753 2,041,115
Due in more than one year 49,375,642 277,403 49,653,045
Total liabilities 61,362,230 2,170,742 63,532,972
NET ASSETS
Investment in capital assets,
net of related debt 51,392,981 47,891,247 84,682,839
Restricted for
Maintenance of roadways 601,423 - 601,423
Public safety 1,263,197 - 1,263,197
Unrestricted 9,491,193 113,829 24,206,411
TOTAL NET ASSETS 62,748,794$ 48,005,076$ 110,753,870$
Primary Government
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF NET ASSETS
April 30, 2012
See accompanying notes to financial statements.
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Operating Capital
Charges Grants and Grants and
FUNCTIONS/PROGRAMS Expenses for Services Contributions Contributions
PRIMARY GOVERNMENT
Governmental Activities
General government 24,267,281$ 1,833,930$ -$ -$
Public safety 8,388,066 986,382 10,770 11,800
Highways and streets 6,602,895 66,279 536,825 422,425
Interest 1,098,736 - 168,254 -
Total governmental activities 40,356,978 2,886,591 715,849 434,225
Business-Type Activities
Water 4,455,971 3,891,387 - 1,667,654
Sewerage 2,996,805 2,499,701 - 17,952,349
Refuse disposal 1,307,850 461,887 - -
Commuter parking lot 337,337 201,426 - -
Total business-type activities 9,097,963 7,054,401 - 19,620,003
TOTAL PRIMARY GOVERNMENT 49,454,941$ 9,940,992$ 715,849$ 20,054,228$
Program Revenues
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF ACTIVITIES
For the Year Ended April 30, 2012
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Governmental Business-Type
Activities Activities Total
(22,433,351)$ -$ (22,433,351)$
(7,379,114) - (7,379,114)
(5,577,366) - (5,577,366)
(930,482) - (930,482)
(36,320,313) - (36,320,313)
- 1,103,070 1,103,070
- 17,455,245 17,455,245
- (845,963) (845,963)
- (135,911) (135,911)
- 17,576,441 17,576,441
(36,320,313) 17,576,441 (18,743,872)
General Revenues
Taxes
Property 2,736,417 889,586 3,626,003
Replacement 86,522 - 86,522
Sales 5,968,953 - 5,968,953
Home rule sales 3,121,749 - 3,121,749
Income 1,486,493 - 1,486,493
Local use 265,887 - 265,887
Hotel/motel 1,625,052 - 1,625,052
Simplified telecommunications 1,752,850 - 1,752,850
Electric utility tax 1,306,721 - 1,306,721
Investment income 115,175 3,701 118,876
Miscellaneous 556,459 360,472 916,931
Total 19,022,278 1,253,759 20,276,037
CHANGE IN NET ASSETS (17,298,035) 18,830,200 1,532,165
NET ASSETS, MAY 1 80,046,829 29,174,876 109,221,705
NET ASSETS, APRIL 30 62,748,794$ 48,005,076$ 110,753,870$
Primary Government
Net (Expense) Revenue and Change in Net Assets
See accompanying notes to financial statements.
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Library
Debt Infrastructure Bond Bond Nonmajor
General Service Replacement Proceeds Proceeds Governmental Total
Cash and investments 15,661,722$ 124,296$ 1,719,199$ 13,670,639$ 5,066,011$ 1,787,258$ 38,029,125$
Receivables (net, where applicable,
of allowances for uncollectibles)
Property taxes 2,011,167 1,289,433 42,584 - - - 3,343,184
Accounts 478,265 - - - - 75,198 553,463
Accrued interest 17,466 73 927 - - 1,895 20,361
Electric utility tax receivable 85,565 - - - - - 85,565
Due from other governments 2,966,243 757,345 385,123 - - 35,382 4,144,093
Note receivable 100,000 - - - - - 100,000
Due from other funds 768,616 235,225 3,919,500 - - - 4,923,341
Inventory 55,190 - - - - - 55,190
Prepaid items 441,382 - - - - - 441,382
TOTAL ASSETS 22,585,616$ 2,406,372$ 6,067,333$ 13,670,639$ 5,066,011$ 1,899,733$ 51,695,704$
VILLAGE OF DEERFIELD, ILLINOIS
BALANCE SHEET
GOVERNMENTAL FUNDS
April 30, 2012
ASSETS
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Library
Debt Infrastructure Bond Bond Nonmajor
General Service Replacement Proceeds Proceeds Governmental Total
LIABILITIES
Accounts payable 828,284$ -$ 2,628,319$ -$ -$ 35,113$ 3,491,716$
Accrued payroll 318,763 - - - - - 318,763
Deposits payable 5,174 - - - - - 5,174
Retainage payable - - 2,306,002 - - - 2,306,002
Other payables 6,870 - - - - - 6,870
Due to other funds - - - 4,154,725 - - 4,154,725
Deferred revenues - 757,345 - - - - 757,345
Deferred property taxes 2,140,000 1,362,274 45,000 - - - 3,547,274
Total liabilities 3,299,091 2,119,619 4,979,321 4,154,725 - 35,113 14,587,869
FUND BALANCES
Nonspendable for
Note receivable 100,000 - - - - - 100,000
Inventory 55,190 - - - - - 55,190
Prepaid items 441,382 - - - - - 441,382
Restricted for
Capital projects - - - 9,515,914 5,066,011 - 14,581,925
Maintenance of roadways - - - - - 601,423 601,423
Public safety - - - - - 1,263,197 1,263,197
Unrestricted
Assigned for
Debt service 833,396 286,753 - - - - 1,120,149
Capital projects 1,650,000 - 1,088,012 - - - 2,738,012
Unassigned 16,206,557 - - - - - 16,206,557
Total fund balances 19,286,525 286,753 1,088,012 9,515,914 5,066,011 1,864,620 37,107,835
TOTAL LIABILITIES AND
FUND BALANCES 22,585,616$ 2,406,372$ 6,067,333$ 13,670,639$ 5,066,011$ 1,899,733$ 51,695,704$
LIABILITIES AND FUND BALANCES
See accompanying notes to financial statements.
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FUND BALANCES OF GOVERNMENTAL FUNDS 37,107,835$
Amounts reported for governmental activities in the
statement of net assets are different because:
Capital assets used in governmental activities are not
financial resources and, therefore, are not reported
in the governmental funds 70,210,678$
Less internal service funds (1,372,783)68,837,895
Bonds issued and contributed to the Library are
a receivable on the statement of net assets -
Discount on bonds issued and issuance costs are
capitalized and amortized on the statement of net assets 723,551
Premium on bonds issued are deferred and
amortized on the statement of net assets (79,791)
Long-term liabilities are not due and payable in the
current period and, therefore, are not reported in the
governmental funds
Bonds payable (48,835,000)
Other postemployment benefit payable (557,363)
Compensated absences (1,493,641)
Less internal service funds (38,152)(1,455,489)
Intergovernemtal receivable from the Library is not deferred
revenue on the statement of net assets 757,345
Accrued interest on long-term liabilities is shown as a
liability on the statement of net assets (708,647)
The net pension asset is included in the governmental
activities in the statement of net assets 976,809
The net assets of the internal service fund are
included in the governmental activities in the
statement of net assets 5,981,649
NET ASSETS OF GOVERNMENTAL ACTIVITIES 62,748,794$
April 30, 2012
VILLAGE OF DEERFIELD, ILLINOIS
RECONCILIATION OF FUND BALANCES OF GOVERNMENTAL FUNDS TO THE
GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF NET ASSETS
See accompanying notes to financial statements.
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VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
For the Year Ended April 30, 2012
Library
Debt Infrastructure Bond Bond Nonmajor
General Service Replacement Proceeds Proceeds Governmental Total
REVENUES
Taxes 16,758,834$ 505,921$ 1,085,889$ -$ -$ -$ 18,350,644$
Licenses and permits 1,173,799 - - - - - 1,173,799
Intergovernmental 71,214 168,254 375,848 - - 536,825 1,152,141
Charges for services 377,640 - - - - 331,506 709,146
Fines and forfeits 317,262 - - - - - 317,262
Investment income 80,061 355 4,912 20,830 - 9,017 115,175
Miscellaneous 1,210,993 - 5,502 - - 3,454 1,219,949
Total revenues 19,989,803 674,530 1,472,151 20,830 - 880,802 23,038,116
EXPENDITURES
Current
General government 6,436,048 - - - - - 6,436,048
Public safety 8,095,045 - - - - 257,842 8,352,887
Highways and streets 2,601,770 - - - - 490,000 3,091,770
Capital outlay - - 22,357,507 - 757,345 - 23,114,852
Debt service
Principal retirement - 710,000 - - - - 710,000
Interest and fiscal charges - 663,490 - 439,928 76,644 - 1,180,062
Total expenditures 17,132,863 1,373,490 22,357,507 439,928 833,989 747,842 42,885,619
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 2,856,940 (698,960) (20,885,356) (419,098) (833,989) 132,960 (19,847,503)
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Library
Debt Infrastructure Bond Bond Nonmajor
General Service Replacement Proceeds Proceeds Governmental Total
OTHER FINANCING SOURCES (USES)
Transfers in -$ 884,195$ 21,556,264$ -$ -$ -$ 22,440,459$
Transfers (out)(701,602) - - (21,738,857) - - (22,440,459)
Proceeds on bonds issued, at par - - - 26,500,000 5,900,000 - 32,400,000
Premium on bonds issued - - - 79,791 - - 79,791
Sale of capital assets 20,827 - - - - - 20,827
Total other financing sources (uses)(680,775) 884,195 21,556,264 4,840,934 5,900,000 - 32,500,618
NET CHANGE IN FUND BALANCES 2,176,165 185,235 670,908 4,421,836 5,066,011 132,960 12,653,115
FUND BALANCES, MAY 1 17,110,360 101,518 417,104 5,094,078 - 1,731,660 24,454,720
FUND BALANCES, APRIL 30 19,286,525$ 286,753$ 1,088,012$ 9,515,914$ 5,066,011$ 1,864,620$ 37,107,835$
See accompanying notes to financial statements.
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NET CHANGE IN FUND BALANCES -
TOTAL GOVERNMENTAL FUNDS 12,653,115$
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 3,214,167$
Less internal service funds (142,602)3,071,565
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 710,000
The increase in interest payable is reported as a addition to expense
on the statement of activities (427,786)
Bond issuance costs are reported as an expenditure in governmental funds
but not on the statement of activities
Amortization of issuance costs are expenses in the statement of activities 542,763
Bonds issued are reported as an other financing source of governmental
funds but not on the statement of activities (32,400,000)
Bonds issued and contributed to the Library are reported
as expenditures in the governmental funds, but not on
the statement of activities 757,345
The premium on bonds issued is reported as an other financing source in
governmental funds but not on the statement of activities (79,791)
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 (2,417,038)
Less internal service funds 267,225 (2,149,813)
The loss on disposal of capital assets for road reconstruction increases
the highways and streets expense on the statement of activities (103,607)
The increase in compensated absences is reported as an addition to expense
on the statement of activities 63,093
The increase in the other postemployment benefit payable is reported
as an addition to expense on the statement of activities (129,720)
The decrease in net pension asset is reported as an addition to expense
on the statement of activities 26,680
The change in net assets of certain activities of internal service funds is
in governmental funds 168,121
CHANGE IN NET ASSETS OF GOVERNMENTAL ACTIVITIES (17,298,035)$
For the Year Ended April 30, 2012
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.
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VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
April 30, 2012
Governmental
Activities
Nonmajor
Enterprise Total Internal
Water Sewerage Refuse (Parking Lot)Enterprise Service
CURRENT ASSETS
Cash and investments -$ -$ 21,278$ 485,493$ 506,771$ 4,541,454$
Receivables
Property taxes - - 836,194 - 836,194 -
Accounts - billed 112,943 84,007 25,464 - 222,414 1,506
Accounts - unbilled 407,931 273,479 72,400 - 753,810 -
Accrued interest - - 177 684 861 4,727
Inventory 223,457 13,538 - - 236,995 111,320
Total current assets 744,331 371,024 955,513 486,177 2,557,045 4,659,007
NONCURRENT ASSETS
Deferred bond issuance costs 31,142 - - - 31,142 -
Total noncurrent assets 31,142 - - - 31,142 -
CAPITAL ASSETS
Nondepreciable 1,877,956 21,891,788 - 77,500 23,847,244 -
Depreciable 18,722,357 12,006,520 - 1,950,830 32,679,707 3,394,950
Accumulated depreciation (4,135,883) (3,233,702) - (801,119) (8,170,704) (2,022,167)
Net capital assets 16,464,430 30,664,606 - 1,227,211 48,356,247 1,372,783
Total assets 17,239,903 31,035,630 955,513 1,713,388 50,944,434 6,031,790
CURRENT LIABILITIES
Accounts payable 201,442 46,127 95,491 20,411 363,471 5,085
Accrued payroll 26,861 51,648 - 1,078 79,587 6,904
Deposits payable 16,170 13,150 - - 29,320 -
Accrued interest payable 6,780 - - - 6,780 -
Due to other funds 743,198 25,418 - - 768,616 -
Unearned property taxes - - 883,428 - 883,428 -
Compensated absences payable 11,392 53,364 - 997 65,753 3,815
Current portion of general obligations
bonds payable 465,000 - - - 465,000 -
Total current liabilities 1,470,843 189,707 978,919 22,486 2,661,955 15,804
LONG-TERM LIABILITIES
Compensated absences payable 102,530 102,346 - 8,974 213,850 34,337
Other postemployment benefit payable 38,106 25,447 - - 63,553 -
Total long-term liabilities 140,636 127,793 - 8,974 277,403 34,337
Total liabilities 1,611,479 317,500 978,919 31,460 2,939,358 50,141
NET ASSETS
Invested in capital assets,
net of related debt 15,999,430 30,664,606 - 1,227,211 47,891,247 1,372,783
Unrestricted (371,006) 53,524 (23,406) 454,717 113,829 4,608,866
TOTAL NET ASSETS 15,628,424$ 30,718,130$ (23,406)$ 1,681,928$ 48,005,076$ 5,981,649$
Business-Type Activities
See accompanying notes to financial statements.
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VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS
PROPRIETARY FUNDS
For the Year Ended April 30, 2012
Governmental
Activities
Nonmajor
Enterprise Total Internal
Water Sewerage Refuse (Parking Lot)Enterprise Service
OPERATING REVENUES
Charges for services 3,891,387$ 2,499,701$ 461,887$ 201,426$ 7,054,401$ 903,657$
Miscellaneous 217,612 47,083 80,635 - 345,330 33,724
Total operating revenues 4,108,999 2,546,784 542,522 201,426 7,399,731 937,381
OPERATING EXPENSES
Administration 577,547 535,727 - - 1,113,274 -
Operations 3,423,777 2,178,154 1,307,850 310,600 7,220,381 367,867
Commodities - - - - - 168,699
Total operating expenses 4,001,324 2,713,881 1,307,850 310,600 8,333,655 536,566
OPERATING INCOME (LOSS)
BEFORE DEPRECIATION 107,675 (167,097) (765,328) (109,174) (933,924) 400,815
Depreciation 399,174 282,924 - 26,737 708,835 267,225
OPERATING INCOME (LOSS)(291,499) (450,021) (765,328) (135,911) (1,642,759) 133,590
NONOPERATING REVENUES
(EXPENSES)
Investment income - - 712 2,989 3,701 22,031
Property taxes - - 889,586 - 889,586 -
Gain on disposal of capital assets - - - - - 12,500
Interest expense (55,473) - - - (55,473) -
Miscellaneous - 15,142 - - 15,142 -
Total nonoperating revenues
(expenses)(55,473) 15,142 890,298 2,989 852,956 34,531
INCOME (LOSS) BEFORE
CONTRIBUTIONS (346,972) (434,879) 124,970 (132,922) (789,803) 168,121
CONTRIBUTIONS 1,667,654 17,952,349 - - 19,620,003 -
CHANGE IN NET ASSETS 1,320,682 17,517,470 124,970 (132,922) 18,830,200 168,121
NET ASSETS (DEFICIT), MAY 1 14,307,742 13,200,660 (148,376) 1,814,850 29,174,876 5,813,528
NET ASSETS (DEFICIT), APRIL 30 15,628,424$ 30,718,130$ (23,406)$ 1,681,928$ 48,005,076$ 5,981,649$
Business-Type Activities
See accompanying notes to financial statements.
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VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For the Year Ended April 30, 2012
Governmental
Activities
Nonmajor
Enterprise Total Internal
Water Sewer Refuse (Parking Lot)Enterprise Service
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers and users 3,850,006$ 2,479,890$ 473,221$ 201,426$ 7,004,543$ -$
Receipts from interfund services - - - - - 904,173
Receipts from miscellaneous revenues 217,612 47,083 80,635 - 345,330 33,724
Payments to suppliers (2,841,288) (916,967) (1,210,541) (273,475) (5,242,271) (321,801)
Payments to employees (970,309) (1,687,185) (68,420) (31,707) (2,757,621) (223,238)
Payments for interfund services (87,593) (117,163) (32,322) - (237,078) -
Net cash from operating activities 168,428 (194,342) (757,427) (103,756) (887,097) 392,858
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Interfund loan 343,235 25,418 (123,106) - 245,547 -
Property taxes - - 901,071 - 901,071 -
Net cash from noncapital
financing activities 343,235 25,418 777,965 - 1,146,618 -
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Proceeds from sale of capital assets - - - - - 12,500
Capital assets purchased - (4,814) - - (4,814) (161,495)
Bond principal payments (450,000) - - - (450,000) -
Bond interest payments (61,663) - - - (61,663) -
Miscellaneous - 15,142 - - 15,142 -
Net cash from capital and
related financing activities (511,663) 10,328 - - (501,335) (148,995)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received - 111 740 3,247 4,098 22,659
Net cash from investing activities - 111 740 3,247 4,098 22,659
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS - (158,485) 21,278 (100,509) (237,716) 266,522
CASH AND CASH EQUIVALENTS, MAY 1 - 158,485 - 586,002 744,487 4,274,932
CASH AND CASH EQUIVALENTS, APRIL 30 -$ -$ 21,278$ 485,493$ 506,771$ 4,541,454$
Business-Type Activities
(This statement is continued on the following page.)
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VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF CASH FLOWS (Continued)
PROPRIETARY FUNDS
For the Year Ended April 30, 2012
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)(291,499)$ (450,021)$ (765,328)$ (135,911)$ (1,642,759)$ 133,590$
Adjustments to reconcile operating income (loss)
to net cash from operating activities
Depreciation and amortization 399,174 282,924 - 26,737 708,835 267,225
(Increase) decrease in
Receivables (41,381) (19,811) 11,334 - (49,858) 516
Inventories (32,143) 1,195 - - (30,948) (2,836)
Due from other governments 109,739 - - - 109,739 -
Deferred charges 30,138 - - - 30,138 -
Increase (decrease) in
Accounts payable (26,539) (39,427) (3,433) 4,569 (64,830) (12,017)
Deposits payable 792 2,115 - - 2,907 -
Accrued payroll 3,322 3,154 - 206 6,682 996
Other postemployment benefit payable 8,869 5,923 - - 14,792 -
Compensated absences payable 7,956 19,606 - 643 28,205 5,384
NET CASH FROM OPERATING ACTIVITIES 168,428$ (194,342)$ (757,427)$ (103,756)$ (887,097)$ 392,858$
NONCASH TRANSACTIONS
Contributions of capital assets by other funds 1,667,654$ 17,952,349$ -$ -$ 19,620,003$ -$
TOTAL NONCASH TRANSACTIONS 1,667,654$ 17,952,349$ -$ -$ 19,620,003$ -$
Business-Type Activities
See accompanying notes to financial statements.
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Pension Agency
Trust Fund Funds
ASSETS
Cash and cash equivalents 1,679,148$ 1,541,520$
Investments
U.S. Treasury obligations 12,089,129 -
U.S. agencies securities 1,979,037 -
Mutual funds 16,255,335 -
Municipal bonds 1,845,390 -
Receivables
Accrued interest 81,106 78
Total assets 33,929,145 1,541,598$
LIABILITIES
Accounts payable 11,273 35,750$
Deposits payable - 1,447,948
Other payables - 57,900
Total liabilities 11,273 1,541,598$
NET ASSETS HELD IN TRUST FOR
PENSION BENEFITS 33,917,872$
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
April 30, 2012
See accompanying notes to financial statements.
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ADDITIONS
Contributions - employer 860,228$
Contributions - employee 562,022
Total contributions 1,422,250
Investment income
Net appreciation in fair value of investments 3,259,551
Interest earned on investments 550,831
Total investment income 3,810,382
Less investment expense (1,834)
Net investment income 3,808,548
Total additions 5,230,798
DEDUCTIONS
Benefits and refunds
Pension payments 1,830,541
Separation refunds 346,473
Administrative 16,843
Total deductions 2,193,857
NET INCREASE 3,036,941
NET ASSETS HELD IN TRUST FOR
PENSION BENEFITS
May 1 30,880,931
April 30 33,917,872$
VILLAGE OF DEERFIELD, ILLINOIS
PENSION TRUST FUND
STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS
For the Year Ended April 30, 2012
See accompanying notes to financial statements.
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- 18 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
April 30, 2012
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
for.
- 18 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 19 -
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
a. Reporting Entity (Continued)
Joint Ventures
Solid Waste Agency of Lake County (SWALCO)
SWALCO is a municipal corporation empowered to plan, finance, construct and
operate a solid waste disposal system to serve its member municipalities.
Management consists of a Board of Directors comprised of one appointed
representative from each member. The Village does not exercise any control over
the activities of SWALCO beyond its representation on the Board of Directors.
SWALCO is reported as a proprietary joint venture.
b. Fund Accounting
The Village uses funds to report on its financial position, changes in its financial
position and cash flows. Fund accounting is designed to demonstrate legal
compliance and to aid financial management by segregating transactions related to
certain government functions or activities.
A fund is a separate accounting entity with a self-balancing set of accounts. A
minimum number of funds are maintained consistent with legal and managerial
requirements. Funds are classified into the following categories: governmental,
proprietary and fiduciary.
Governmental funds are used to account for all or most of the Village’s general
activities, including the collection and disbursement of restricted or committed
monies (special revenue funds), the funds committed, restricted or assigned for the
acquisition or construction of capital assets (capital projects funds) and the funds
committed, restricted or assigned for the servicing of general long-term debt (debt
service funds). The general fund is used to account for all activities of the general
government not accounted for in some other fund.
Proprietary funds are used to account for activities similar to those found in the
private sector, where the determination of net income is necessary or useful to sound
financial administration. Goods or services from such activities can be provided
either to outside parties (enterprise funds) or to other departments or agencies
primarily within the Village (internal service funds). The Village has elected, under
the provisions of GASB Statement 20, Accounting and Financial Reporting for
Proprietary Funds and Other Governmental Entities That Use Proprietary Fund
Accounting, to apply all applicable GASB pronouncements and all FASB Statements
and Interpretations, Accounting Principles Board (APB) Opinions and Accounting
Research Bulletins (ARB) issued on or before November 30, 1989, unless they
conflict with or contradict GASB pronouncements.
- 19 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 20 -
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
b. Fund Accounting (Continued)
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.
c. Government-Wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net assets 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.
- 20 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 21 -
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
c. Government-Wide and Fund Financial Statements (Continued)
The Bond Proceeds Fund accounts for the restricted proceeds of the General
Obligation Bonds, Series 2010A, 2011B and 2012 and related expenditures.
The Library Project Bond Proceeds Fund accounts for the restricted proceeds
of the General Obligation Bonds, Series 2011A, and related renovation
expenditures to the Library.
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.
- 21 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 22 -
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
d. Measurement Focus, Basis of Accounting and Financial Statement Presentation
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 unearned/deferred revenue on its financial statements.
Unearned/deferred revenues arise when a potential revenue does not meet both the
measurable and available criteria for recognition in the current period.
Unearned/deferred revenues also 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 liability for unearned/deferred revenue is removed from the financial statements
and revenue is recognized.
- 22 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 23 -
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, 2012 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.
- 23 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 24 -
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.
- 24 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 25 -
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, as well as
issuance costs 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. Bond issuance costs are
reported as deferred charges and amortized over the term of the related debt.
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 Assets
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 resolutions and 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.
- 25 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 26 -
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
m. Fund Equity/Net Assets (Continued)
In the government-wide and proprietary fund financial statements, restricted net
assets are legally restricted by outside parties for a specific purpose. At April 30,
2012, no net asset restrictions were the result of enabling legislation adopted by the
Village. Invested in capital assets, net of related debt, 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 assets consists of net
assets that do not meet the definition of restricted or invested in capital assets, net of
related debt.
The Village’s total column for net assets 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 assets invested in capital assets net of related debt have been
reduced by those bonds, but the total column does reflect that reduction to properly
reflect the bonds affect on total net assets.
n. Interfund Transactions
Interfund services are accounted for as revenues, expenditures or expenses.
Transactions that constitute reimbursements to a fund for expenditures/expenses
initially made from it that are properly applicable to another fund are recorded as
expenditures/expenses in the reimbursing fund and as reductions of
expenditures/expenses in the fund that is reimbursed.
All other interfund transactions, except interfund services and reimbursements, are
reported as transfers.
o. 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.
- 26 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 27 -
2. DEPOSITS AND INVESTMENTS (Continued)
Permitted Deposits and Investments - Statutes and the Village’s investment policy
authorize the Village to make deposits/invest in insured commercial banks, savings and
loan institutions, obligations of the U.S. Treasury and U.S. agencies, insured credit union
shares, money market mutual funds with portfolios of securities issued or guaranteed by
the United States 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.
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, 2012:
Investment Maturities (in Years)
Fair Greater than
Value Less than 1 1-5 6-10 10
U.S. agency obligations $ 4,005,935 $ - $ - $ 1,000,700 $ 3,005,235
TOTAL $ 4,005,935 $ - $ - $ 1,000,700 $ 3,005,235
- 27 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 28 -
2. DEPOSITS AND INVESTMENTS (Continued)
b. Village Investments (Continued)
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 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.
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.
- 28 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 29 -
2. DEPOSITS AND INVESTMENTS (Continued)
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, 2012:
Investment Maturities (in Years)
Fair Greater than
Value Less than 1 1-5 6-10 10
U.S. Treasury obligations $ 1,979,037 $ - $ 521,825 $ - $ 1,457,212
U.S. agency obligations 12,089,129 - - - 12,089,129
Municipal bonds 1,845,390 - 733,690 200,610 911,090
TOTAL $ 15,913,556 $ - $ 1,255,515 $ 200,610 $ 14,457,431
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.
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.
- 29 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 30 -
3. RECEIVABLES - TAXES
Property taxes for 2011 attach as an enforceable lien on January 1, 2011 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, 2012 and August 1, 2012 and are payable in two installments, on or
about March 1, 2012 and September 1, 2012. The County collects such taxes and remits
them periodically.
The 2011 tax levy collections are intended to finance the 2013 fiscal year and are not
considered available for current operations and are, therefore, shown as unearned/deferred
revenue.
The 2012 tax levy, which attached as an enforceable lien on property as of January 1,
2012, has not been recorded as a receivable as of April 30, 2012 as the tax has not yet been
levied by the Village and will not be levied until December 2012 and, therefore, the levy is
not measurable at April 30, 2012.
4. CAPITAL ASSETS
Capital asset activity for the year ended April 30, 2012 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 5,078,559 147,421 4,804,138 421,842
Total capital assets not being depreciated 25,848,742 147,421 4,804,138 21,192,025
Capital assets being depreciated
Buildings and improvements 12,232,033 - - 12,232,033
Vehicles, machinery and equipment 3,319,715 265,479 55,000 3,530,194
Infrastructure 91,008,087 7,624,299 1,331,786 97,300,600
Total capital assets being depreciated 106,559,835 7,889,778 1,386,786 113,062,827
Less accumulated depreciation for
Buildings and improvements 2,806,464 291,343 - 3,097,807
Vehicles, machinery and equipment 1,824,010 271,217 55,000 2,040,227
Infrastructure 58,279,841 1,854,478 1,228,179 58,906,140
Total accumulated depreciation 62,910,315 2,417,038 1,283,179 64,044,174
Total capital assets being depreciated, net 43,649,520 5,472,740 103,607 49,018,653
GOVERNMENTAL ACTIVITIES
CAPITAL ASSETS, NET $69,498,262 $ 5,620,161 $ 4,907,745 $70,210,678
- 30 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 31 -
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 4,639,012 17,638,290 115,514 21,891,788
Total capital assets not being depreciated 6,594,468 17,368,290 115,514 23,847,244
Capital assets being depreciated
Buildings and improvements 11,274,790 542,597 - 11,817,387
Parking lot improvements 1,950,830 - - 1,950,830
Vehicles, machinery and equipment 595,397 - - 595,397
Water distribution system 12,652,212 1,707,442 412,818 13,946,836
Sanitary sewer system 4,247,255 122,001 - 4,369,256
Total capital assets being depreciated 30,720,484 2,372,040 412,818 32,679,706
Less accumulated depreciation for
Buildings and improvements 3,304,983 278,083 - 3,583,066
Parking lot improvements 774,382 26,737 - 801,119
Vehicles, machinery and equipment 573,604 4,650 - 578,254
Water distribution system 2,056,455 306,069 412,818 1,949,706
Sanitary sewer system 1,165,262 93,296 - 1,258,558
Total accumulated depreciation 7,874,686 708,835 412,818 8,170,703
Total capital assets being depreciated, net 22,845,798 1,663,205 - 24,509,003
BUSINESS-TYPE ACTIVITIES
CAPITAL ASSETS, NET $29,440,266 $ 19,031,495 $ 115,514 $ 48,356,247
Depreciation expense was charged to functions/programs of the primary government as
follows:
GOVERNMENTAL ACTIVITIES
General government $ 158,055
Public safety 120,926
Highways and streets, including depreciation
of general infrastructure assets
2,138,057
DEPRECIATION EXPENSE - GOVERNMENTAL ACTIVITIES $ 2,417,038
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.
- 31 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 32 -
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.
- 32 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 33 -
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*
$ 915,000
$ -
$ 450,000
$ 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**
4,645,000
-
185,000
4,460,000
190,000
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***
12,500,000
-
525,000
11,975,000
540,000
- 33 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 34 -
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 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
$ -
$ 9,900,000
$ 625,000
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
-
TOTAL $ 18,060,000 $ 32,400,000 $ 1,160,000 $ 49,300,000 $ 1,820,000
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.
- 34 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 35 -
6. LONG-TERM DEBT (Continued)
a. General Obligation Bonds (Continued)
* 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 General Obligation Bonds
Ending Governmental Activities Business-Type Activities
April 30, Principal Interest Total Principal Interest Total
2013 $ 1,355,000 $ 1,653,625 $ 3,008,625 $ 465,000 $ 16,275 $ 481,275
2014 985,000 1,596,695 2,581,695 - - -
2015 1,010,000 1,580,306 2,590,306 - - -
2016 1,035,000 1,561,781 2,596,781 - - -
2017 1,060,000 1,540,106 2,600,106 - - -
2018 1,085,000 1,515,476 2,600,476 - - -
2019 1,255,000 1,487,076 2,742,076 - - -
2020 1,595,000 1,453,614 3,048,614 - - -
2021 1,650,000 1,411,060 3,061,060 - - -
2022 1,715,000 1,364,454 3,079,454 - - -
2023 1,775,000 1,313,231 3,088,231 - - -
2024 1,850,000 1,258,144 3,108,144 - - -
2025 1,925,000 1,197,256 3,122,256 - - -
2026 2,000,000 1,132,436 3,132,436 - - -
2027 2,085,000 1,061,485 3,146,485 - - -
2028 2,165,000 985,648 3,150,648 - - -
2029 14,405,000 903,545 15,308,545 - - -
2030 3,410,000 327,265 3,737,265 - - -
2031 3,535,000 209,665 3,744,665 - - -
2032 2,940,000 85,800 3,025,800 - - -
TOTAL $ 48,835,000 $ 23,638,668 $ 72,473,668 $ 465,000 $ 16,275 $ 481,275
- 35 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 36 -
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 $17,145,000 $32,400,000 $ 710,000 $48,835,000 $ 1,355,000
Compensated absences
(Governmental) General 1,518,582 148,929 212,022 1,455,489 151,547
Compensated absences
(Internal Service)
Garage
32,768
8,661
3,277
38,152
3,815
Other postemployment
benefit
General
427,643
132,240
2,520
557,363
-
TOTAL GOVERNMENTAL
ACTIVITIES $19,123,993 $32,689,830 $ 927,819 $50,886,004 $ 1,510,362
BUSINESS-TYPE
ACTIVITIES
General obligation bonds
Water Water $ 915,000 $ - $ 450,000 $ 465,000 $ 465,000
Compensated absences
(Enterprise)
Water/Sewer
/Parking
251,398
53,345
25,140
279,603
65,753
Other postemployment
benefit Water/Sewer
48,762
14,791
-
63,553
-
TOTAL BUSINESS-TYPE
ACTIVITIES
$ 1,215,160
$ 68,136
$ 475,140
$ 808,156
$ 530,753
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.”
To date, the General Assembly has set no limits for home rule municipalities.
- 36 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 37 -
6. LONG-TERM DEBT (Continued)
d. Legal Debt Margin (Continued)
The Village qualifies as a Home Rule Unit under Section 6(a) of Article VII of the
1970 Constitution of Illinois and, under the powers granted by this section, can
exercise any power and perform any function pertaining to its government and
affairs that is not prohibited by the Illinois Compiled Statutes.
e. Noncommitment Debt - Industrial Development Revenue Bonds
The issuance of Industrial Development Revenue Bonds (IDRBs) by the Village is to
finance in whole or in part the cost of the acquisition, purchase, construction,
reconstruction, improvement, equipping, betterment or extension of any economic
development project in order to encourage economic development within or near the
Village.
IDRBs are not a debt of the Village. The entity using the bond proceeds to finance a
construction or improvement project is liable for the bonds. Since the Village does
not act as an agent for IDRBs, the transactions relating to the bonds and property do
not appear in the Village’s financial statements.
The Village has authorized the issuance of the following such bonds:
Date Issued
Type of Bond
Original
Amount
Debtor
4/16/84 Industrial Revenue $ 1,000,000 Teradyne, Inc.
9/19/11 Industrial Revenue 18,920,000 Chicagoland Jewish High School
As of April 30, 2012, 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, 2012 was
$18,927,000. The aggregate principal payable for the other series of IDRBs could
not be determined; however, its original issue amount was $1,000,000.
- 37 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 38 -
7. INTERFUND ASSETS/LIABILITIES
a. Interfund Transfers
Transfers From Transfers To Amount
General Debt Service $ 701,602
Bond Proceeds Debt Service 182,593
Bond Proceeds Infrastructure Replacement 21,556,264
TOTAL $ 22,440,459
The purpose of significant transfers to/from other funds is as follows:
$701,602 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.
$182,593 transferred from the Bond Proceeds Fund to the Debt Service Fund
is capitalized interest debt. The amount will not be repaid.
$21,556,264 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
General Water $ 743,198
General Sewer 25,418
Debt Service Bond Proceeds 235,225
Infrastructure Replacement Bond Proceeds 3,919,500
TOTAL $ 4,923,341
The interfund payables/receivables all represent temporary financing that will be
repaid within one year.
- 38 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 39 -
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.
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.
- 39 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 40 -
9. CONTINGENT LIABILITIES (Continued)
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.
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, 2012.
- 40 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 41 -
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.
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, 2010, membership consisted of:
Retirees and beneficiaries currently receiving
benefits 3
Terminated employees entitled
to benefits but not yet receiving them -
Active employees 107
TOTAL 110
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.
- 41 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 42 -
11. OTHER POSTEMPLOYMENT BENEFITS (Continued)
e. Annual OPEB Costs and Net OPEB Obligation
The Village first had an actuarial valuation performed for the plan as of May 1, 2007
to determine the funded status of the plan as of that date as well as the employer’s
annual required contribution (ARC) for the fiscal year ended April 30, 2008. 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
2010 $ 316,377 $ 168,200 53.2% $ 333,277
2011 329,853 186,725 56.6% 476,405
2012 331,236 186,725 56.4% 620,916
The net OPEB obligation as of April 30, 2012, was calculated as follows:
Annual required contribution $ 328,060
Interest on net OPEB obligation 19,056
Adjustment to annual required contribution (15,880)
Annual OPEB cost 331,236
Contributions made 186,725
Increase in net OPEB obligation 144,511
Net OPEB obligation, beginning of year 476,405
NET OPEB OBLIGATION, END OF YEAR $ 620,916
Funded Status and Funding Progress - The funded status of the plan as of April 30,
2010, was as follows:
Actuarial accrued liability (AAL) $ 4,427,351
Actuarial value of plan assets -
Unfunded actuarial accrued liability (UAAL) 4,427,351
Funded ratio (actuarial value of plan assets/AAL) 0%
Covered payroll (active plan members) $ 8,446,463
UAAL as a percentage of covered payroll 53.42%
- 42 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 43 -
11. OTHER POSTEMPLOYMENT BENEFITS (Continued)
e. Annual OPEB Costs and Net OPEB Obligation (Continued)
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.
In the May 1, 2009, 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 9.0% with an ultimate healthcare inflation rate of
4.5%. 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 May 1, 2009, was 30
years, except for Water Fund employees which was 18 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).
- 43 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 44 -
12. EMPLOYEE RETIREMENT SYSTEMS (Continued)
a. Plan Descriptions and Provisions (Continued)
Illinois Municipal Retirement Fund (Continued)
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, 2011 was 14.22% of covered payroll.
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, 2011, the Police Pension Plan membership
consisted of:
- 44 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 45 -
12. EMPLOYEE RETIREMENT SYSTEMS (Continued)
a. Plan Descriptions and Provisions (Continued)
Police Pension Plan (Continued)
Retirees and beneficiaries currently receiving benefits 34
Terminated employees entitled to benefits but not
yet receiving them 3
Current employees
Vested 26
Nonvested 13
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.
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.
- 45 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 46 -
12. EMPLOYEE RETIREMENT SYSTEMS (Continued)
a. Plan Descriptions and Provisions (Continued)
Police Pension Plan (Continued)
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, 2012 was 26.75% 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.
Significant Investments - Investments (other than U.S. Government and U.S.
Government guaranteed obligations) in a Vanguard Mutual Fund representing 45%
of net assets 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.
- 46 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 47 -
12. EMPLOYEE RETIREMENT SYSTEMS (Continued)
c. Annual Pension Cost
Illinois
Municipal
Retirement
Police
Pension
Actuarial valuation date December 31,
2008
April 30,
2011
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
29.58 Years,
Closed
Significant actuarial assumptions
a) Rate of return on 7.50% 7.5%
present and future assets Compounded Compounded
Annually Annually
b) Projected salary increase - 4.00% 3.50%
attributable to inflation Compounded Compounded
Annually Annually
c) Additional projected salary .40% to 10.00% 5.50%
increases - seniority/merit
d) Postretirement benefit increases 3.00% 3.00%
- 47 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 48 -
12. EMPLOYEE RETIREMENT SYSTEMS (Continued)
c. Annual Pension Cost (Continued)
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) 2010 $ 848,052 $ 1,217,237
2011 978,074 1,367,090
2012 994,383 833,548
Actual contribution 2010 $ 848,052 $ 1,202,006
2011 978,074 1,350,132
2012 994,383* 860,228
Percentage of APC contributed 2010 100.00% 98.75%
2011 100.00% 98.70%
2012 100.00% 103..20%
NPO (asset) 2010 $ - $ (967,087)
2011 - (950,129)
2012 - (976,809)
* Of this amount, $815,411(82.0%) was contributed by the Village and $178,972
(18.0%) was contributed by the Library.
The Village’s annual pension cost and net pension obligation (asset) for the Police
Pension Plan for April 30, 2012 are as follows:
Annual required contribution $ 860,228
Interest on net pension obligation (asset) (71,260)
Adjustment to annual required contribution 44,580
Annual pension cost 833,548
Contributions made 860,228
Increase in net pension obligation (26,680)
Net pension obligation (asset), beginning of year (950,129)
NET PENSION OBLIGATION (ASSET), END OF YEAR $ (976,809)
- 48 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 49 -
12. EMPLOYEE RETIREMENT SYSTEMS (Continued)
c. Annual Pension Cost (Continued)
Funded Status and Funding Progress - The funded status of the plans as of
December 31, 2011 for Illinois Municipal Retirement and April 30, 2011 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) $ 19,062,218 $ 39,809,633
Actuarial value of plan assets 11,623,931 30,880,930
Unfunded actuarial accrued liability (UAAL) 7,438,287 8,928,703
Funded ratio (actuarial value of plan
assets/AAL)
60.98%
77.57%
Covered payroll (active plan members) $ 7,149,112 $ 3,216,370
UAAL as a percentage of covered payroll 104.04% 277.60%
* Includes both the Village and the Library.
The actuarial value of plan assets for the Police Pension Plan above is as of April 30,
2011.
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.
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,
2012, the Village has accrued an estimated rebate liability of $304,021 for amounts
collected by the state through April 30, 2012 but not yet paid to the commercial entity. To
date, the Village has paid $8,687,425 to the commercial entity. The agreement has no
stated maximum.
- 49 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended April 30, 2012
Original Final
Budget Budget Actual
REVENUES
Taxes 15,307,400$ 15,307,400$ 16,758,834$
Licenses and permits 974,000 974,000 1,173,799
Intergovernmental 39,000 39,000 71,214
Charges for services 305,500 305,500 377,640
Fines and forfeits 260,500 260,500 317,262
Investment income 120,000 120,000 80,061
Miscellaneous 706,000 706,000 1,210,993
Total revenues 17,712,400 17,712,400 19,989,803
EXPENDITURES
General government 5,703,526 6,453,526 6,436,048
Public safety 9,066,992 9,066,992 8,095,045
Highways and streets 2,694,785 2,694,785 2,601,770
Total expenditures 17,465,303 18,215,303 17,132,863
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 247,097 (502,903) 2,856,940
OTHER FINANCING SOURCES (USES)
Transfers (out)(701,602) (701,602) (701,602)
Sale of capital assets 7,500 7,500 20,827
Total other financing sources (uses)(694,102) (694,102) (680,775)
NET CHANGE IN FUND BALANCE (447,005)$ (1,197,005)$ 2,176,165
FUND BALANCE, MAY 1 17,110,360
FUND BALANCE, APRIL 30 19,286,525$
(See independent auditor's report.)
- 50 -
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)
2006 10,898,308$ 13,983,806$ 77.94%3,085,498$ 5,868,691$ 52.58%
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%
Schedule of Employer Contributions
Annual
Required
Fiscal Employer Contribution Percentage
Year Contributions (ARC)Contributed
2007 682,093$ 682,093$ 100.00%
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%
Note: Amounts above include both the Village of Deerfield and Deerfield Public Library.
April 30, 2012
VILLAGE OF DEERFIELD, ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION
ILLINOIS MUNICIPAL RETIREMENT FUND
(See independent auditor's report.)
- 51 -
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)
2006 24,863,930$ 29,916,404$ 83.11%5,052,474$ 3,038,118$ 166.30%
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%
Schedule of Employer Contributions
Annual
Required
Fiscal Employer Contribution Percentage
Year Contributions (ARC)Contributed
2007 654,414$ 654,414$ 100.00%
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%
April 30, 2012
VILLAGE OF DEERFIELD, ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION
POLICE PENSION FUND
(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
April 30,Assets Entry-Age (1) / (2) (2) - (1)Payroll (4) / (5)
2007 -$ 2,534,700$ 0.00%2,534,700$ 7,937,200$ 31.93%
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
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%
Information for prior years is not available as the Village's first actuarial valuation was performed May 7, 2007.
N/A - Not available
April 30, 2012
VILLAGE OF DEERFIELD, ILLINOIS
REQUIRED SUPPLEMENTARY INFORMATION
OTHER POSTEMPLOYMENT BENEFIT PLAN
(See independent auditor's report.)
- 53 -
- 59 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
April 30, 2012
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
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 appropriations was necessary.
- 54 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended April 30, 2012
Original Final
Budget Budget Actual
TAXES
Property 2,150,000$ 2,150,000$ 2,185,190$
Replacement 75,000 75,000 86,522
Sales 4,450,000 4,450,000 4,928,370
Home rule sales 2,535,000 2,535,000 3,121,749
Local use 225,400 225,400 265,887
Income 1,472,000 1,472,000 1,486,493
Electric utility tax 1,200,000 1,200,000 1,306,721
Hotel/motel 1,700,000 1,700,000 1,625,052
Telecommunication 1,500,000 1,500,000 1,752,850
Total taxes 15,307,400 15,307,400 16,758,834
LICENSES AND PERMITS
Beer/liquor licenses 65,000 65,000 74,283
Food licenses 5,000 5,000 5,740
Other business licenses 5,500 5,500 4,310
Building permits 500,000 500,000 693,975
Contractor's licenses 8,000 8,000 7,100
Nonbusiness licenses and permits 52,500 52,500 56,951
Vehicle licenses 338,000 338,000 331,440
Total licenses and permits 974,000 974,000 1,173,799
INTERGOVERNMENTAL
Federal grant - - 8,347
State grant 6,000 6,000 10,770
State highway maintenance 33,000 33,000 52,097
Total intergovernmental 39,000 39,000 71,214
CHARGES FOR SERVICES
Special police services 162,500 162,500 211,996
Dispatching services 86,000 86,000 97,356
50/50 tree planting 55,000 55,000 60,759
Engineering services 2,000 2,000 7,529
Total charges for services 305,500 305,500 377,640
FINES AND FORFEITS 260,500 260,500 317,262
INVESTMENT INCOME 120,000 120,000 80,061
(This schedule is continued on the following page.)
- 55 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2012
Original Final
Budget Budget Actual
MISCELLANEOUS
False alarms 28,000$ 28,000$ 28,262$
Sale of materials 2,000 2,000 -
Rentals 211,000 211,000 298,155
Reimbursements - - 301,068
Miscellaneous 125,000 125,000 229,061
Franchise fees 340,000 340,000 354,447
Total miscellaneous 706,000 706,000 1,210,993
TOTAL REVENUES 17,712,400$ 17,712,400$ 19,989,803$
(See independent auditor's report.)
- 56 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended April 30, 2012
Original Final
Budget Budget Actual
GENERAL GOVERNMENT
Finance department
Personnel services 1,227,750$ 1,227,750$ 1,232,172$
Training and development 8,300 8,300 2,160
Contractual services 1,660,550 2,410,550 2,544,401
Commodities 19,000 19,000 9,483
Utilities 20,000 20,000 18,804
Capital outlay 41,167 41,167 38,015
Total finance department 2,976,767 3,726,767 3,845,035
Administration
Personnel services 489,700 489,700 472,602
Training and development 6,500 6,500 4,826
Contractual services 519,434 519,434 558,960
Commodities 5,500 5,500 1,124
Utilities 1,500 1,500 1,477
Capital outlay 60,350 60,350 41,146
Total administration 1,082,984 1,082,984 1,080,135
Community development
Personnel services 949,860 949,860 901,184
Training and development 8,000 8,000 5,758
Contractual services 125,100 125,100 95,536
Commodities 20,200 20,200 17,355
Utilities 6,500 6,500 5,804
Capital outlay 7,500 7,500 6,741
Total community development 1,117,160 1,117,160 1,032,378
Engineering
Personnel services 306,250 306,250 296,773
Training and development 4,700 4,700 795
Contractual services 176,350 176,350 147,867
Commodities 14,250 14,250 9,621
Utilities 8,200 8,200 7,974
Capital outlay 16,865 16,865 15,470
Total engineering 526,615 526,615 478,500
Total general government 5,703,526 6,453,526 6,436,048
PUBLIC SAFETY
Police department
Administrative services
Personnel services 917,393 917,393 840,910
Training and development 18,000 18,000 9,699
(This schedule is continued on the following pages.)
- 57 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2012
Original Final
Budget Budget Actual
PUBLIC SAFETY (Continued)
Police department (Continued)
Administrative services (Continued)
Contractual services 686,500$ 686,500$ 623,840$
Commodities 45,000 45,000 31,290
Utilities 20,000 20,000 15,176
Capital outlay 150,895 150,895 148,368
Total administrative services 1,837,788 1,837,788 1,669,283
Communications
Personnel services 918,081 918,081 853,077
Training and development 5,600 5,600 2,934
Contractual services 500 500 182
Capital outlay 5,000 5,000 3,876
Total communications 929,181 929,181 860,069
Investigations
Personnel services 1,074,302 1,074,302 927,536
Training and development 6,950 6,950 2,596
Contractual services 7,000 7,000 6,546
Commodities 15,000 15,000 9,527
Capital outlay 8,000 8,000 6,711
Total investigations 1,111,252 1,111,252 952,916
Patrol
Personnel services 4,817,511 4,817,511 4,229,651
Training and development 30,900 30,900 25,423
Contractual services 66,000 66,000 74,468
Commodities 75,000 75,000 75,065
Utilities 6,000 6,000 4,865
Capital outlay 8,000 8,000 8,139
Total patrol 5,003,411 5,003,411 4,417,611
Special detail
Personnel services 185,360 185,360 195,166
Total special detail 185,360 185,360 195,166
Total public safety 9,066,992 9,066,992 8,095,045
HIGHWAYS AND STREETS
Public works department
Administration
Personnel services 261,200 261,200 263,690
Training and development 1,400 1,400 780
Contractual services 183,600 183,600 184,197
(This schedule is continued on the following page.)
- 58 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2012
Original Final
Budget Budget Actual
HIGHWAYS AND STREETS (Continued)
Public works department (Continued)
Administration (Continued)
Commodities 8,450$ 8,450$ 6,229$
Utilities 8,300 8,300 6,715
Capital outlay 156,835 156,835 156,141
Total administration 619,785 619,785 617,752
Maintenance
Personnel services 791,950 791,950 678,124
Contractual services 101,000 101,000 127,726
Commodities 73,250 73,250 95,127
Utilities 110,000 110,000 94,829
Capital outlay 2,500 2,500 1,412
Total maintenance 1,078,700 1,078,700 997,218
Snow and ice control
Personnel services 145,750 145,750 48,348
Contractual services 135,500 135,500 70,604
Commodities 367,250 367,250 296,852
Capital outlay 750 750 -
Total snow and ice control 649,250 649,250 415,804
Forestry
Personnel services 7,350 7,350 19,772
Contractual services 198,000 198,000 353,848
Commodities 8,500 8,500 18,704
Capital outlay 61,000 61,000 95,513
Total forestry 274,850 274,850 487,837
Train station maintenance
Personnel services 10,700 10,700 8,997
Contractual services 57,000 57,000 68,715
Commodities 4,000 4,000 5,447
Utilities 500 500 -
Total train station maintenance 72,200 72,200 83,159
Total highways and streets 2,694,785 2,694,785 2,601,770
TOTAL EXPENDITURES 17,465,303$ 18,215,303$ 17,132,863$
(See independent auditor's report.)
- 59 -
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, 2012
Original Final
Budget Budget Actual
REVENUES
Taxes
Property 502,500$ 502,500$ 505,921$
Replacement 20,000 20,000 -
Intergovernmental 168,255 168,255 168,254
Investment income 500 500 355
Total revenues 691,255 691,255 674,530
EXPENDITURES
Debt service
Principal retirement 715,000 715,000 710,000
Interest 656,328 656,328 662,340
Fiscal charges 3,000 3,000 1,150
Total expenditures 1,374,328 1,374,328 1,373,490
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (683,073) (683,073) (698,960)
OTHER FINANCING SOURCES (USES)
Transfers in
General Fund 701,602 701,602 884,195
Total other financing sources (uses)701,602 701,602 884,195
NET CHANGE IN FUND BALANCE 18,529$ 18,529$ 185,235
FUND BALANCE, MAY 1 101,518
FUND BALANCE, APRIL 30 286,753$
(See independent auditor's report.)
- 60 -
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, 2012
Original Final
Budget Budget Actual
REVENUES
Taxes
Property 45,000$ 45,000$ 45,306$
Sales 782,640 782,640 1,040,583
Intergovernmental - - 375,848
Investment income 500 500 4,912
Miscellaneous 3,500 3,500 5,502
Total revenues 831,640 831,640 1,472,151
EXPENDITURES
Capital outlay
Contractual services 3,061,000 3,061,000 1,535,196
Construction 20,940,000 21,120,000 20,822,311
Total expenditures 24,001,000 24,181,000 22,357,507
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (23,169,360) (23,349,360) (20,885,356)
OTHER FINANCING SOURCES (USES)
Transfers in
Bond Proceeds Fund 21,400,000 21,400,000 21,556,264
Total other financing sources (uses)21,400,000 21,400,000 21,556,264
NET CHANGE IN FUND BALANCE (1,769,360)$ (1,949,360)$ 670,908
FUND BALANCE, MAY 1 417,104
FUND BALANCE, APRIL 30 1,088,012$
(See independent auditor's report.)
- 61 -
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, 2012
Original Final
Budget Budget Actual
REVENUES
Investment income -$ -$ 20,830$
Total revenues - - 20,830
EXPENDITURES
Debt service
Issuance costs - - 439,928
Total expenditures - - 439,928
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES - - (419,098)
OTHER FINANCING SOURCES (USES)
Transfers (out)
Infrastructure Replacement Fund - - (21,738,857)
Proceeds on bonds issued, at par - - 26,500,000
Premium on bonds issued - - 79,791
Total other financing sources (uses)- - 4,840,934
NET CHANGE IN FUND BALANCE -$ -$ 4,421,836
FUND BALANCE, MAY 1 5,094,078
FUND BALANCE, APRIL 30 9,515,914$
(See independent auditor's report.)
- 62 -
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, 2012
Original Final
Budget Budget Actual
REVENUES
None -$ -$ -$
Total revenues - - -
EXPENDITURES
Capital outlay
Other capital improvements - - 757,345
Debt service
Issuance costs - - 76,644
Total expenditures - - 833,989
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES - - (833,989)
OTHER FINANCING SOURCES (USES)
Proceeds on bonds issued, at par - - 5,900,000
Total other financing sources (uses)- - 5,900,000
NET CHANGE IN FUND BALANCE -$ -$ 5,066,011
FUND BALANCE, MAY 1 -
FUND BALANCE, APRIL 30 5,066,011$
(See independent auditor's report.)
- 63 -
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.
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
April 30, 2012
Motor Enhanced
Fuel Tax 911 Total
Cash and investments 579,775$ 1,207,483$ 1,787,258$
Receivables
Accounts - 75,198 75,198
Accrued interest 674 1,221 1,895
Due from other governments 35,382 - 35,382
TOTAL ASSETS 615,831$ 1,283,902$ 1,899,733$
LIABILITIES
Accounts payable 14,408$ 20,705$ 35,113$
Total liabilities 14,408 20,705 35,113
FUND BALANCES
Restricted for
Maintenance of roadways 601,423 - 601,423
Public safety - 1,263,197 1,263,197
Total fund balances 601,423 1,263,197 1,864,620
TOTAL LIABILITIES AND
FUND BALANCES 615,831$ 1,283,902$ 1,899,733$
ASSETS
LIABILITIES AND FUND BALANCES
Special Revenue Funds
(See independent auditor's report.)
- 64 -
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For the Year Ended April 30, 2012
Motor Enhanced
Fuel Tax 911 Total
REVENUES
Intergovernmental 536,825$ -$ 536,825$
Charges for services - 331,506 331,506
Investment income 3,360 5,657 9,017
Miscellaneous - 3,454 3,454
Total revenues 540,185 340,617 880,802
EXPENDITURES
Current
Public safety - 257,842 257,842
Highways and streets 490,000 - 490,000
Total expenditures 490,000 257,842 747,842
NET CHANGE IN FUND BALANCES 50,185 82,775 132,960
FUND BALANCES, MAY 1 551,238 1,180,422 1,731,660
FUND BALANCES, APRIL 30 601,423$ 1,263,197$ 1,864,620$
Special Revenue Funds
(See independent auditor's report.)
- 65 -
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, 2012
Original Final
Budget Budget Actual
REVENUES
Intergovernmental
Allotments earned 472,880$ 472,880$ 536,825$
Investment income 3,000 3,000 3,360
Total revenues 475,880 475,880 540,185
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 (14,120)$ (14,120)$ 50,185
FUND BALANCE, MAY 1 551,238
FUND BALANCE, APRIL 30 601,423$
(See independent auditor's report.)
- 66 -
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, 2012
Original Final
Budget Budget Actual
REVENUES
Charges for services
Other charges 355,000$ 355,000$ 331,506$
Investment income 8,000 8,000 5,657
Miscellaneous - - 3,454
Total revenues 363,000 363,000 340,617
EXPENDITURES
Public safety
Contractual services 115,600 115,600 114,660
Utilities 58,000 58,000 46,440
Capital outlay 339,642 339,642 96,742
Total expenditures 513,242 513,242 257,842
NET CHANGE IN FUND BALANCE (150,242)$ (150,242)$ 82,775
FUND BALANCE, MAY 1 1,180,422
FUND BALANCE, APRIL 30 1,263,197$
(See independent auditor's report.)
- 67 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES AND
CHANGES IN NET ASSETS - BUDGET AND ACTUAL
WATER FUND
For the Year Ended April 30, 2012
Original Final
Budget Budget Actual
OPERATING REVENUES
Charges for services
Water sales 4,000,000$ 4,000,000$ 3,891,387$
Miscellaneous
Permits and fees 37,000 37,000 34,070
Penalties 37,000 37,000 29,689
Other 36,000 36,000 153,853
Total operating revenues 4,110,000 4,110,000 4,108,999
OPERATING EXPENSES EXCLUDING
DEPRECIATION
Administration 585,117 585,117 577,547
Operations
Distribution 2,332,100 2,454,035 2,504,461
Maintenance - mains and fire hydrants 616,185 616,185 553,349
Maintenance - meters 388,450 388,450 365,967
Total operating expenses excluding depreciation 3,921,852 4,043,787 4,001,324
OPERATING INCOME BEFORE
DEPRECIATION 188,148 66,213 107,675
Depreciation - - 399,174
OPERATING INCOME (LOSS)188,148 66,213 (291,499)
NONOPERATING REVENUES (EXPENSES)
Investment income 1,000 1,000 -
Interest expense (482,125) (482,125) (55,473)
Total nonoperating revenues (expenses)(481,125) (481,125) (55,473)
INCOME (LOSS) BEFORE CONTRIBUTIONS (292,977) (414,912) (346,972)
CONTRIBUTIONS - - 1,667,654
CHANGE IN NET ASSETS (292,977)$ (414,912)$ 1,320,682
NET ASSETS, MAY 1 14,307,742
NET ASSETS, APRIL 30 15,628,424$
(See independent auditor's report.)
- 68 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
WATER FUND
For the Year Ended April 30, 2012
Original Final
Budget Budget Actual
ADMINISTRATION
Personnel services 326,350$ 326,350$ 336,929$
Training and development 2,000 2,000 550
Contractual services 185,789 185,789 171,646
Commodities 6,800 6,800 5,500
Utilities 10,700 10,700 9,744
Capital outlay 53,478 53,478 53,178
Total administration 585,117 585,117 577,547
OPERATIONS
Distribution
Personnel services 125,550 125,550 120,415
Contractual services 43,350 165,285 165,965
Commodities 2,053,200 2,053,200 2,108,076
Utilities 90,000 90,000 89,960
Capital outlay 20,000 20,000 20,045
Total distribution 2,332,100 2,454,035 2,504,461
Main and fire hydrant maintenance
Personnel services 415,985 415,985 365,221
Contractual services 86,000 86,000 67,465
Commodities 112,200 112,200 120,034
Capital outlay 2,000 2,000 629
Total main and fire hydrant maintenance 616,185 616,185 553,349
Meter maintenance
Personnel services 172,750 172,750 167,891
Contractual services 8,100 8,100 15,743
Commodities 5,600 5,600 6,714
Capital outlay 202,000 202,000 175,619
Total meter maintenance 388,450 388,450 365,967
TOTAL OPERATING EXPENSES 3,921,852$ 4,043,787$ 4,001,324$
(See independent auditor's report.)
- 69 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
WATER FUND
For the Year Ended April 30, 2012
Assets
Balances Balances
May 1 Additions Retirements April 30
Land 1,877,956$ -$ -$ 1,877,956$
Construction in progress 39,789 - 39,789 -
Buildings 4,180,123 - - 4,180,123
Water system improvements 12,652,212 1,707,443 412,818 13,946,837
Equipment and vehicles 595,397 - - 595,397
TOTAL 19,345,477$ 1,707,443$ 452,607$ 20,600,313$
Balances Balances
May 1 Additions Retirements April 30
Buildings 1,519,466$ 88,455$ -$ 1,607,921$
Water system improvements 2,056,456 306,069 412,818 1,949,707
Equipment and vehicles 573,605 4,650 - 578,255
TOTAL 4,149,527$ 399,174$ 412,818$ 4,135,883$
NET ASSET VALUE 16,464,430$
Accumulated Depreciation
(See independent auditor's report.)
- 70 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES AND
CHANGES IN NET ASSETS - BUDGET AND ACTUAL
SEWERAGE FUND
For the Year Ended April 30, 2012
Original Final
Budget Budget Actual
OPERATING REVENUES
Charges for services
Sewer charges 2,427,000$ 2,427,000$ 2,499,701$
Miscellaneous
Permits and fees 12,000 12,000 11,600
Penalties 32,000 32,000 26,488
Other 5,000 5,000 8,995
Total operating revenues 2,476,000 2,476,000 2,546,784
OPERATING EXPENSES EXCLUDING
DEPRECIATION
Administration 542,276 542,276 535,727
Operations
Treatment plant 1,731,283 1,731,283 1,620,232
Cleaning and maintenance 323,900 323,900 225,558
Construction 354,450 354,450 332,364
Total operating expenses excluding
depreciation 2,951,909 2,951,909 2,713,881
OPERATING INCOME (LOSS)
BEFORE DEPRECIATION (475,909) (475,909) (167,097)
Depreciation - - 282,924
OPERATING INCOME (LOSS)(475,909) (475,909) (450,021)
NONOPERATING REVENUES (EXPENSES)
Investment income 500 500 -
Miscellaneous - - 15,142
Total nonoperating revenues (expenses)500 500 15,142
INCOME (LOSS) BEFORE CONTRIBUTIONS (475,409) (475,409) (434,879)
CONTRIBUTIONS - - 17,952,349
CHANGE IN NET ASSETS (475,409)$ (475,409)$ 17,517,470
NET ASSETS, MAY 1 13,200,660
NET ASSETS, APRIL 30 30,718,130$
(See independent auditor's report.)
- 71 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
SEWERAGE FUND
For the Year Ended April 30, 2012
Original Final
Budget Budget Actual
ADMINISTRATION
Personnel services 244,000$ 244,000$ 252,162$
Training and development 1,900 1,900 1,480
Contractual services 228,750 228,750 217,223
Commodities 6,500 6,500 5,170
Utilities 4,600 4,600 3,916
Capital outlay 56,526 56,526 55,776
Total administration 542,276 542,276 535,727
OPERATIONS
Treatment plant
Personnel services 1,017,435 1,017,435 1,029,342
Training and development 5,600 5,600 3,042
Contractual services 236,214 236,214 139,695
Commodities 112,000 112,000 93,987
Utilities 281,400 281,400 261,921
Miscellaneous 50,000 50,000 19,000
Capital outlay 33,448 33,448 78,059
Subtotal treatment plant 1,736,097 1,736,097 1,625,046
Less nonoperating expenses
Capital assets capitalized (4,814) (4,814) (4,814)
Total treatment plant 1,731,283 1,731,283 1,620,232
Cleaning and maintenance
Personnel services 289,400 289,400 191,914
Contractual services 20,500 20,500 15,430
Commodities 14,000 14,000 18,214
Total cleaning and maintenance 323,900 323,900 225,558
Construction
Personnel services 274,250 274,250 242,450
Contractual services 29,000 29,000 24,970
Commodities 51,200 51,200 64,944
Total construction 354,450 354,450 332,364
TOTAL OPERATING EXPENSES 2,951,909$ 2,951,909$ 2,713,881$
(See independent auditor's report.)
- 72 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
SEWERAGE FUND
For the Year Ended April 30, 2012
Assets
Balances Balances
May 1 Additions Retirements April 30
Construction in progress 4,599,223$ 17,368,290$ 75,725$ 21,891,788$
Sewer system 4,247,255 122,001 - 4,369,256
Buildings and
improvements 7,094,667 542,597 - 7,637,264
TOTAL 15,941,145$ 18,032,888$ 75,725.00$ 33,898,308$
Accumulated Depreciation
Balances Balances
May 1 Additions Retirements April 30
Sewer system 1,165,261$ 93,297$ -$ 1,258,558$
Buildings and
improvements 1,785,516 189,628 - 1,975,144
TOTAL 2,950,777$ 282,925$ -$ 3,233,702$
NET ASSET VALUE 30,664,606$
(See independent auditor's report.)
- 73 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL
REFUSE FUND
For the Year Ended April 30, 2012
Original Final
Budget Budget Actual
OPERATING REVENUES
Charges for services
Refuse billing 473,900$ 473,900$ 461,887$
Miscellaneous 6,000 6,000 80,635
Total operating revenues 479,900 479,900 542,522
OPERATING EXPENSES
Operations
Personnel services 69,750 69,750 68,420
Contractual services 1,210,975 1,210,975 1,207,989
Commodities 10,500 10,500 22,264
Capital outlay 9,177 9,177 9,177
Total operating expenses 1,300,402 1,300,402 1,307,850
OPERATING INCOME (LOSS)(820,502) (820,502) (765,328)
NONOPERATING REVENUES (EXPENSES)
Investment income 1,500 1,500 712
Property taxes 883,428 883,428 889,586
Total nonoperating revenues (expenses)884,928 884,928 890,298
CHANGE IN NET ASSETS 64,426$ 64,426$ 124,970
NET ASSETS (DEFICIT), MAY 1 (148,376)
NET ASSETS (DEFICIT), APRIL 30 (23,406)$
(See independent auditor's report.)
- 74 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL
COMMUTER PARKING LOT FUND
For the Year Ended April 30, 2012
Original Final
Budget Budget Actual
OPERATING REVENUES
Parking lot fees 227,000$ 227,000$ 201,426$
Total operating revenues 227,000 227,000 201,426
OPERATING EXPENSES
Operations 381,748 381,748 310,600
Depreciation - - 26,737
Total operating expenses 381,748 381,748 337,337
OPERATING INCOME (LOSS)(154,748) (154,748) (135,911)
NONOPERATING REVENUES (EXPENSES)
Investment income 4,000 4,000 2,989
Total nonoperating revenues (expenses)4,000 4,000 2,989
CHANGE IN NET ASSETS (150,748)$ (150,748)$ (132,922)
NET ASSETS, MAY 1 1,814,850
.
NET ASSETS, APRIL 30 1,681,928$
(See independent auditor's report.)
- 75 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
COMMUTER PARKING LOT FUND
For the Year Ended April 30, 2012
Original Final
Budget Budget Actual
OPERATIONS
Parking lots - village and federal funds
Personnel services 15,050$ 15,050$ 16,278$
Contractual services 206,534 206,534 143,896
Commodities 750 750 333
Utilities 3,300 3,300 3,302
Total parking lots - village and
federal funds 225,634 225,634 163,809
Parking lots - village construction
Personnel services 15,580 15,580 16,278
Contractual services 133,534 133,534 121,946
Commodities 1,000 1,000 333
Utilities 6,000 6,000 8,234
Total parking lots - village construction 156,114 156,114 146,791
TOTAL OPERATING EXPENSES 381,748$ 381,748$ 310,600$
(See independent auditor's report.)
- 76 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
COMMUTER PARKING LOT FUND
For the Year Ended April 30, 2012
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 774,382$ 26,737$ -$ 801,119$
NET ASSET VALUE 1,227,211$
(See independent auditor's report.)
- 77 -
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF NET ASSETS
INTERNAL SERVICE FUNDS
April 30, 2012
Vehicle and
Equipment
Garage Replacement Total
CURRENT ASSETS
Cash and investments 109,712$ 4,431,742$ 4,541,454$
Receivables
Accounts 1,506 - 1,506
Accrued interest 115 4,612 4,727
Inventory 111,320 - 111,320
Total current assets 222,653 4,436,354 4,659,007
CAPITAL ASSETS
Depreciable - 3,394,950 3,394,950
Accumulated depreciation - (2,022,167) (2,022,167)
Net capital assets - 1,372,783 1,372,783
Total assets 222,653 5,809,137 6,031,790
CURRENT LIABILITIES
Accounts payable 5,085 - 5,085
Accrued payroll 6,904 - 6,904
Compensated absences payable 3,815 - 3,815
Total current liabilities 15,804 - 15,804
LONG-TERM LIABILITIES
Compensated absences payable 34,337 - 34,337
Total long-term liabilities 34,337 - 34,337
Total liabilities 50,141 - 50,141
NET ASSETS
Invested in capital assets - 1,372,783 1,372,783
Unrestricted 172,512 4,436,354 4,608,866
TOTAL NET ASSETS 172,512$ 5,809,137$ 5,981,649$
(See independent auditor's report.)
- 78 -
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS
INTERNAL SERVICE FUNDS
For the Year Ended April 30, 2012
Vehicle and
Equipment
Garage Replacement Total
OPERATING REVENUES
Interfund services
Billings 344,049$ 559,608$ 903,657$
Miscellaneous 11,726 21,998 33,724
Total operating revenues 355,775 581,606 937,381
OPERATING EXPENSES
Operations 367,867 - 367,867
Commodities - 168,699 168,699
Total operating expenses 367,867 168,699 536,566
OPERATING INCOME (LOSS) BEFORE
DEPRECIATION (12,092) 412,907 400,815
Depreciation - 267,225 267,225
OPERATING INCOME (LOSS)(12,092) 145,682 133,590
NONOPERATING REVENUES
(EXPENSES)
Investment income 520 21,511 22,031
Gain on disposal of capital assets - 12,500 12,500
Total nonoperating revenues (expenses)520 34,011 34,531
CHANGE IN NET ASSETS (11,572) 179,693 168,121
NET ASSETS, MAY 1 184,084 5,629,444 5,813,528
NET ASSETS, APRIL 30 172,512$ 5,809,137$ 5,981,649$
(See independent auditor's report.)
- 79 -
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
For the Year Ended April 30, 2012
Vehicle and
Equipment
Garage Replacement Total
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from interfund services 344,565$ 559,608$ 904,173$
Receipts from miscellaneous revenue 11,726 21,998 33,724
Payments to suppliers (153,102) (168,699) (321,801)
Payments to employees (223,238) - (223,238)
Net cash from operating activities (20,049) 412,907 392,858
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 - 12,500 12,500
Capital assets purchased - (161,495) (161,495)
Net cash from capital and related
financing activities - (148,995) (148,995)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 551 22,108 22,659
Net cash from investing activities 551 22,108 22,659
NET INCREASE IN CASH AND
CASH EQUIVALENTS (19,498) 286,020 266,522
CASH AND CASH EQUIVALENTS, MAY 1 129,210 4,145,722 4,274,932
CASH AND CASH EQUIVALENTS, APRIL 30 109,712$ 4,431,742$ 4,541,454$
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH FLOWS FROM
OPERATING ACTIVITIES
Operating income (loss)(12,092)$ 145,682$ 133,590$
Adjustments to reconcile operating income (loss) to
net cash from operating activities
Depreciation - 267,225 267,225
(Increase) decrease in
Accounts receivable 516 - 516
Inventories (2,836) - (2,836)
Increase (decrease) in
Accounts payable (12,017) - (12,017)
Accrued payroll 996 - 996
Compensated absences payable 5,384 - 5,384
NET CASH FROM OPERATING ACTIVITIES (20,049)$ 412,907$ 392,858$
(See independent auditor's report.)
- 80 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL
GARAGE FUND
For the Year Ended April 30, 2012
Original Final
Budget Budget Actual
OPERATING REVENUES
Interfund services
Billings 385,000$ 385,000$ 344,049$
Miscellaneous 7,000 7,000 11,726
Total operating revenues 392,000 392,000 355,775
OPERATING EXPENSES
Operations 393,125 393,125 367,867
OPERATING INCOME (LOSS)(1,125) (1,125) (12,092)
NONOPERATING REVENUES (EXPENSES)
Investment income 500 500 520
Total nonoperating revenues (expenses)500 500 520
CHANGE IN NET ASSETS (625)$ (625)$ (11,572)
NET ASSETS, MAY 1 184,084
NET ASSETS, APRIL 30 172,512$
(See independent auditor's report.)
- 81 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
GARAGE FUND
For the Year Ended April 30, 2012
Original Final
Budget Budget Actual
OPERATING EXPENSES
Public works department
Personnel services 232,950$ 232,950$ 229,618$
Training and development 1,000 1,000 -
Contractual services 33,600 33,600 20,601
Commodities 112,900 112,900 111,551
Utilities 4,500 4,500 2,681
Capital outlay 8,175 8,175 3,416
TOTAL OPERATING EXPENSES 393,125$ 393,125$ 367,867$
(See independent auditor's report.)
- 82 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL
VEHICLE AND EQUIPMENT REPLACEMENT FUND
For the Year Ended April 30, 2012
Original Final
Budget Budget Actual
OPERATING REVENUES
Interfund services
Billings 559,608$ 559,608$ 559,608$
Miscellaneous - - 21,998
Total operating revenues 559,608 559,608 581,606
OPERATING EXPENSES
Capital outlay 578,302 578,302 311,301
Less capital assets capitalized (142,602) (142,602) (142,602)
Net operating expenses 435,700 435,700 168,699
OPERATING INCOME BEFORE
DEPRECIATION 123,908 123,908 412,907
Depreciation - - 267,225
OPERATING INCOME 123,908 123,908 145,682
NONOPERATING REVENUES (EXPENSES)
Investment income 28,000 28,000 21,511
Gain on disposal of capital assets - - 12,500
Total nonoperating revenues (expenses)28,000 28,000 34,011
CHANGE IN NET ASSETS 151,908$ 151,908$ 179,693
NET ASSETS, MAY 1 5,629,444
NET ASSETS, APRIL 30 5,809,137$
(See independent auditor's report.)
- 83 -
Original Final
Budget Budget Actual
ADDITIONS
Contributions - employer 1,000,000$ 1,000,000$ 860,228$
Contributions - employee 390,000 390,000 562,022
Total contributions 1,390,000 1,390,000 1,422,250
Investment income
Net appreciation in fair value
of investments 500,000 500,000 3,259,551
Interest earned on investments 600,000 600,000 550,831
Total investment income 1,100,000 1,100,000 3,810,382
Less investment expense (1,750) (1,750) (1,834)
Net investment income 1,098,250 1,098,250 3,808,548
Total additions 2,488,250 2,488,250 5,230,798
DEDUCTIONS
Benefits and refunds
Pension payments 1,823,055 1,823,055 1,830,541
Separation refunds 15,000 15,000 346,473
Administrative 34,275 34,275 16,843
Total deductions 1,872,330 1,872,330 2,193,857
NET INCREASE 615,920$ 615,920$ 3,036,941
NET ASSETS HELD IN TRUST FOR
PENSION BENEFITS
May 1 30,880,931
April 30 33,917,872$
VILLAGE OF DEERFIELD, ILLINOIS
POLICE PENSION FUND
SCHEDULE OF CHANGES IN PLAN NET ASSETS - BUDGET AND ACTUAL
For the Year Ended April 30, 2012
(See independent auditor's report.)
- 84 -
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
AGENCY FUNDS
For the Year Ended April 30, 2012
Balances Balances
May 1 Additions Deductions April 30
ASSETS
Cash and investments 1,443,696$ 106,536$ 8,712$ 1,541,520$
Receivables - accrued interest 67 11 - 78
TOTAL ASSETS 1,443,763$ 106,547$ 8,712$ 1,541,598$
LIABILITIES
Accounts payable 4,987$ 30,922$ 159$ 35,750$
Deposits payable 1,384,024 65,424 1,500 1,447,948
Other payables 54,752 10,201 7,053 57,900
TOTAL LIABILITIES 1,443,763$ 106,547$ 8,712$ 1,541,598$
ASSETS
Cash and investments 1,388,524$ 96,346$ 1,500$ 1,483,370$
TOTAL ASSETS 1,388,524$ 96,346$ 1,500$ 1,483,370$
LIABILITIES
Accounts payable 4,500$ 30,922$ -$ 35,422$
Deposits payable 1,384,024 65,424 1,500 1,447,948
TOTAL LIABILITIES 1,388,524$ 96,346$ 1,500$ 1,483,370$
ASSETS
Cash and investments 55,172$ 10,190$ 7,212$ 58,150$
Receivables - accrued interest 67 11 - 78
TOTAL ASSETS 55,239$ 10,201$ 7,212$ 58,228$
LIABILITIES
Accounts payable 487$ -$ 159$ 328$
Other payables 54,752 10,201 7,053 57,900
TOTAL LIABILITIES 55,239$ 10,201$ 7,212$ 58,228$
DEPOSIT FUND
ALL FUNDS
EAST SHORE RADIO NETWORK FUND
(See independent auditor's report.)
- 85 -
Date of Issue February 28, 2003
Date of Maturity December 1, 2012
Authorized Issue $3,460,000
Denomination of Bonds $5,000
Interest Rates 2.25%, 2.55%, 2.95%, 3.15%, 3.30%, 3.50%
Principal Maturity Date December 1
Payable at Amalgamated Bank, Chicago, Illinois
Tax
Levy
Year Principal Interest Total June 1 Amount December 1 Amount
2011 465,000$ 16,275$ 481,275$ 2012 8,138$ 2012 8,137$
465,000$ 16,275$ 481,275$ 8,138$ 8,137$
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax Levy Interest Due on
VILLAGE OF DEERFIELD, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION REFUNDING BOND SERIES OF 2003
April 30, 2012
(See independent auditor's report.)
- 86 -
Date of Issue August 1, 2008
Date of Maturity December 1, 2028
Authorized Issue $5,000,000
Denomination of Bonds $5,000
Interest Rates 3.25%, 3.375%, 3.50%, 3.75%, 3.875%, 4.00%, 4.125%, 4.25%
Principal Maturity Date December 1
Payable at Amalgamated Bank, Chicago, Illinois
Tax
Levy
Year Principal Interest Total June 1 Amount December 1 Amount
2011 190,000$ 175,600$ 365,600$ 2012 87,800$ 2012 87,800$
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
4,460,000$ 1,809,219$ 6,269,219$ 904,608$ 904,611$
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, 2012
(See independent auditor's report.)
- 87 -
Date of Issue November 3, 2010
Date of Maturity December 1, 2030
Authorized Issue $12,500,000
Denomination of Bonds $5,000
Interest Rates .80% - 5.50%
Principal Maturity Date December 1
Payable at Depository Trust Company, Chicago, Illinois
Tax
Levy
Year Principal Interest Total June 1 Amount December 1 Amount
2011 540,000$ 464,802$ 1,004,802$ 2012 232,401$ 2012 232,401$
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
11,975,000$ 5,861,407$ 17,836,407$ 2,930,700$ 2,930,707$
VILLAGE OF DEERFIELD, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 2010A
April 30, 2012
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax Levy Interest Due on
(See independent auditor's report.)
- 88 -
Date of Issue October 17, 2011
Date of Maturity December 1, 2031
Authorized Issue $9,900,000
Denomination of Bonds $5,000
Interest Rates 1.00% - 3.25%
Principal Maturity Date December 1
Payable at Depository Trust Company, Chicago, Illinois
Tax
Levy
Year Principal Interest Total June 1 Amount December 1 Amount
2011 625,000$ 269,519$ 894,519$ 2012 149,436$ 2012 120,083$
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
9,900,000$ 3,595,339$ 13,495,339$ 1,812,353$ 1,782,986$
VILLAGE OF DEERFIELD, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 2011A
April 30, 2012
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax Levy Interest Due on
(See independent auditor's report.)
- 89 -
Date of Issue October 17, 2011
Date of Maturity December 1, 2028
Authorized Issue $12,500,000
Denomination of Bonds $5,000
Interest Rates 4.00%
Principal Maturity Date December 1, 2028
Payable at Depository Trust Company, Chicago, Illinois
Tax
Levy
Year Principal Interest Total June 1 Amount December 1 Amount
2011 -$ 561,111$ 561,111$ 2012 311,111$ 2012 250,000$
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$ 8,561,111$ 21,061,111$ 4,311,111$ 4,250,000$
VILLAGE OF DEERFIELD, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 2011B
April 30, 2012
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax Levy Interest Due on
(See independent auditor's report.)
- 90 -
Date of Issue February 21, 2012
Date of Maturity December 1, 2031
Authorized Issue $10,000,000
Denomination of Bonds $5,000
Interest Rates 1.25% - 2.75%
Principal Maturity Date December 1
Payable at Depository Trust Company, Chicago, Illinois
Tax
Levy
Year Principal Interest Total June 1 Amount December 1 Amount
2011 -$ 182,593$ 182,593$ 2012 65,212$ 2012 117,381$
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$ 3,811,593$ 13,811,593$ 1,879,708$ 1,931,885$
VILLAGE OF DEERFIELD, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 2012
April 30, 2012
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax Levy Interest Due on
(See independent auditor's report.)
- 91 -
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.
92-96
Revenue Capacity
These schedules contain information to help the reader assess the Village’s
most significant local revenue source, the property tax.
97-98
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.
99-102
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.
103-104
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.
105-107
Sources: Unless otherwise noted, the information in these schedules is derived from the
comprehensive annual financial reports for the relevant year. The Village implemented GASB
Statement 34 in FY 2004; schedules presenting government-wide information include
information beginning in that year.
VILLAGE OF DEERFIELD, ILLINOIS
NET ASSETS BY COMPONENT
Last Nine Fiscal Years
Fiscal Year 2004 2005 2006 2007 2008 2009 2010 2011 2012
GOVERNMENTAL ACTIVITIES
Invested in capital assets
net of related debt 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$
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
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
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$
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$
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
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$
PRIMARY GOVERNMENT
Invested in capital assets
net of related debt 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$
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
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
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$
Data Source
Audited Financial Statements
- 92 -
Fiscal Year 2004 2005 2006 2007 2008 2009 2010 2011 2012
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$
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
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
Interest 574,558 462,600 372,475 295,435 209,430 215,464 193,105 393,054 1,098,736
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
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
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
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
Commuter parking 43,573 195,513 225,498 246,153 210,307 282,534 262,458 322,431 337,337
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
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$
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$
Public safety 770,963 867,230 884,195 911,421 935,302 956,468 866,510 873,947 986,382
Highways and streets - 10,091 57,912 69,216 75,400 59,609 47,219 73,968 66,279
Operating grants and contributions 534,561 558,143 557,050 544,823 524,423 490,768 474,526 582,734 715,849
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
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
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$
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
Refuse disposal 640,430 630,935 615,349 623,681 624,349 623,738 622,629 608,475 461,887
Commuter parking 151,133 202,497 206,205 204,177 212,585 218,770 209,165 204,236 201,426
Capital grants and contributions 365,926 - 573,179 1,002,909 441,605 - - 2,963,996 19,620,003
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
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$
CHANGE IN NET ASSETS
VILLAGE OF DEERFIELD, ILLINOIS
Last Nine Fiscal Years
- 93 -
VILLAGE OF DEERFIELD, ILLINOIS
CHANGE IN NET ASSETS (Continued)
Last Nine Fiscal Years
Fiscal Year 2004 2005 2006 2007 2008 2009 2010 2011 2012
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)$
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
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)$
GENERAL REVENUES AND OTHER
CHANGES IN NET ASSETS
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$
Sales 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
Home rule sales - - 1,875,874 1,832,281 1,913,268 2,448,385 2,525,183 2,725,330 3,121,749
Simplified telecommunications 339,634 298,021 305,226 323,358 354,984 347,666 326,528 644,129 1,752,850
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
Investment income 499,724 835,537 871,624 1,557,378 1,253,533 486,398 166,844 92,855 115,175
Miscellaneous 182,343 175,507 221,617 210,116 278,667 260,971 393,359 169,500 556,459
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
Business-type activities
Property taxes 761,356 740,915 786,228 859,502 780,785 807,708 807,968 832,264 889,586
Investment income 56,301 113,401 66,823 188,864 192,967 49,427 8,304 4,530 3,701
Miscellaneous 101,007 218,095 271,715 214,481 204,343 185,262 146,400 191,424 360,472
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
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$
CHANGE IN NET ASSETS
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)$
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
TOTAL PRIMARY GOVERNMENT
CHANGE IN NET ASSETS (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$
Data Source
Audited Financial Statements
- 94 -
VILLAGE OF DEERFIELD, ILLINOIS
FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
Fiscal Year 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
GENERAL FUND
Reserved 4,108,983$ 4,101,576$ 4,090,258$ 3,638,004$ 3,219,255$ 2,233,242$ 453,124$ 447,892$ 443,532$ -$
Unreserved 11,586,730 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
Inventory - - - - - - - - - 55,190
Prepaid items - - - - - - - - - 441,382
Unrestricted
Assigned for debt service - - - - - - - - - 833,396
Assigned for capital projects - - - - - - - - - 1,650,000
Unassigned - - - - - - - - - 16,206,557
TOTAL GENERAL FUND 15,695,713$ 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$
ALL OTHER GOVERNMENTAL FUNDS
Reserved 2,940,619$ 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 1,234,478 361,876 - - - - - - - -
Capital Project Funds 12,473,866 892,287 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
Maintenance of roadways - - - - - - - - - 601,423
Public safety - - - - - - - - - 1,263,197
Unrestricted
Assigned for
Debt service - - - - - - - - - 286,753
Capital projects - - - - - - - - - 1,088,012
TOTAL ALL OTHER
GOVERNMENTAL FUNDS 16,648,963$ 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$
* 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
- 95 -
VILLAGE OF DEERFIELD, ILLINOIS
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
Fiscal Year 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
REVENUES
Taxes 22,243,312$ 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$
Licenses and permits 934,518 939,098 1,390,602 2,151,791 1,454,044 1,161,276 1,271,817 1,366,472 1,431,793 1,173,799
Intergovernmental 660,996 831,782 1,582,943 795,364 762,016 713,470 1,349,486 951,183 944,344 1,152,141
Fines and forfeitures 193,060 166,175 230,320 244,100 239,668 716,522 727,445 654,662 687,515 709,146
Charges for services 954,827 561,219 606,071 657,581 701,606 261,495 251,680 227,686 262,542 317,262
Investment income 1,415,015 499,720 835,537 871,621 1,557,378 1,253,533 486,398 166,844 92,855 115,175
Miscellaneous 549,700 434,648 433,279 491,534 514,765 614,796 698,839 821,396 715,868 1,219,949
Total revenues 26,951,428 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
EXPENDITURES
General government 10,491,626 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
Public safety 5,469,406 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
Highways and streets 1,414,832 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
Capital outlay 4,767,424 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
Debt service
Principal 2,725,000 2,750,000 2,485,000 1,500,000 2,000,000 2,000,000 4,000,000 175,000 180,000 710,000
Interest 739,459 598,683 482,750 377,850 302,600 216,600 184,939 193,150 237,997 1,180,062
Total expenditures 25,607,747 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
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 1,343,681 (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)
OTHER FINANCING SOURCES (USES)
Transfers in 4,505,297 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
Transfers (out)(3,754,318) (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)
Bonds issued - - - - - - 5,000,000 - 12,500,000 32,400,000
Premium (discount) on bonds issued - - - - - - (30,867) - (69,013) 79,791
Refunding of bonds - - - - - - - - - -
Special item - (1,370,009) - - - - - - - -
Sale of capital assets - - 4,606 - 20,870 11,052 8,772 94,690 30,161 20,827
Total other financing sources (uses)750,979 (1,370,009) (122,729) 561,229 (1,579,130) (1,988,948) 4,977,905 94,690 12,461,148 32,500,618
NET CHANGE IN FUND BALANCES 2,094,660$ (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$
Debt service as a percentage of
noncapital expenditures 16.62%13.75%10.36%7.34%14.43%12.77%20.38%1.53%2.09%4.75%
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
- 96 -
VILLAGE OF DEERFIELD, ILLINOIS
SALES TAX BY CATEGORY
Last Ten Calendar Years
Calendar Year 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
General merchandise 82,011$ 162,873$ 214,657$ 297,344$ 217,623$ 268,413$ 181,355$ 215,487$ 222,696$ 233,408$
Food 307,716 418,454 506,945 646,617 709,999 712,229 656,766 708,194 772,736 798,668
Drinking and eating places 476,341 472,203 469,889 604,698 666,821 749,845 756,872 931,610 932,074 970,059
Apparel 73,784 91,238 108,410 140,908 189,351 195,358 178,925 205,112 207,981 240,746
Furniture & H.H. & radio 560,267 528,154 579,127 1,026,827 836,653 784,397 676,075 644,981 752,175 713,431
Lumber, building hardware 502,467 441,858 490,021 741,273 681,704 614,752 532,637 622,406 610,072 590,742
Automobile and filling stations 160,031 157,021 168,139 264,775 317,435 257,719 283,125 284,289 434,095 513,421
Drugs and miscellaneous retail 763,484 793,503 994,536 1,707,928 1,899,467 1,877,780 2,184,421 3,211,071 2,625,382 3,625,900
Agriculture and all others 178,602 163,866 186,343 685,694 788,059 737,298 711,157 895,708 852,588 1,138,377
Manufacturers 96,720 65,151 63,701 95,169 125,147 93,150 143,018 196,451 203,171 214,511
TOTAL 3,201,423$ 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$
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%0.00%0.50%0.50%0.50%1.00%1.00%1.00%
Data Source
Illinois Department of Revenue
- 97 -
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
2002 0.25%0.25%0.25%0.75%0.75%0.00%1.00%5.00%
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%
Data Source
Village and County Records
- 98 -
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*
2003 14,735,000$ 4,105,000$ 18,840,000$ 0.95%1,022.80$
2004 11,985,000 3,730,000 15,715,000 0.80%853.15
2005 9,500,000 3,360,000 12,860,000 0.65%698.15
2006 8,000,000 2,980,000 10,980,000 0.56%596.09
2007 6,000,000 2,585,000 8,585,000 0.43%466.07
2008 4,000,000 2,185,000 6,185,000 0.31%335.78
2009 5,000,000 1,775,000 6,775,000 0.34%367.81
2010 4,825,000 1,350,000 6,175,000 0.31%335.23
2011 17,145,000 915,000 18,060,000 0.91%940.43
2012 48,835,000 465,000 49,300,000 0.91%2,678.62
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 103 for personal
statements.
- 99 -
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
2003 14,735,000$ 4,105,000$ 2,840,619$ 15,999,381$ 0.61%868.59$
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
* 2011 EAV used as it is the most recent data available
Data Source
(1) Audited Financial Statements
- 100 -
***
(1)(2)
Gross Percentage ***
General of Debt Village's
Obligation Applicable to Share
Governmental Unit Debt Government of Debt
Village of Deerfield 48,835,000$ 100.000%48,835,000$
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 6,956,588,554 96,089,914
Less Debt Service Fund amount
available - Village of Deerfield 286,753 286,753
TOTAL DIRECT AND OVERLAPPING DEBT 6,956,301,801$ 95,803,161$
(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, 2012
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
- 101 -
VILLAGE OF DEERFIELD, ILLINOIS
LEGAL DEBT MARGIN INFORMATION
April 30, 2012
EQUALIZED ASSESSED VALUATION - 2011*1,392,522,439$
Non-Home Rule Legal Debt Limit - 8.625%120,105,060$
Amount of debt applicable to limit:
General Obligation Bonds Series 2008 4,460,000
General Obligation Bonds Series 2010A 11,975,000
General Obligation Bonds Series 2011A 9,900,000
General Obligation Bonds Series 2011B 12,500,000
General Obligation Bonds Series 2012 10,000,000
Total amount of debt applicable to limit:48,835,000
NON-HOME RULE LEGAL DEBT MARGIN 71,270,060$
* 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:
- 102 -
Per Capita Median
Fiscal Personal Household Unemployment
Year Population Income Income Rate
2003 *18,420 37,361$ 107,194$ 3.20%
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%
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
VILLAGE OF DEERFIELD, ILLINOIS
DEMOGRAPHIC AND ECONOMIC INFORMATION
Last Ten Fiscal Years
- 103 -
% of % of
Total Village Total Village
Employer Employees Rank Population Employees Rank Population
Walgreen Co 3,500 1 19%2,500 1 14%
Baxter International Inc 2,371 2 13%1,000 2 5%
Takeda Pharmaceuticals North 1,500 3 8%- -
Fortune Brands Inc.1,375 4 7%250 8 1%
Kinetek Inc 1,100 5 6%- -
Illinois Student Assistance Commission 550 6 3%515 4 3%
Deerfield School District 109 412 7 2%400 6 2%
Astella US Technologies 400 8 2%- -
Elexa Consumer Products Inc.350 9 2%- -
Township High School District 113 280 10 2%246 9 1%
Hewitt Associates - - 800 3 4%
Fujisawa USA Incorporated - - 450 5 2%
Wm M Mercer Inc.- - 250 7 1%
Shand Moran - - 240 10 1%
11,838 64%6,651 34%
Village population 18,405 18,420
Data Source
Lake County Partners
VILLAGE OF DEERFIELD, ILLINOIS
PRINCIPAL EMPLOYERS
Current Year and Nine Years Ago
2012 2003
- 104 -
Function/Program 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
GENERAL GOVERNMENT
Village Manager 3 3 3 3 3 3 3 3 2 4
Finance 8 8 8 9 10 10 10 10 10 8
Engineering 1 1 1 2 3 3 3 3 2 2
Community development 5 5 5 6 7 7 7 7 7 7
PUBLIC WORKS
Administration 3 3 3 2 4 4 4 4 4 4
Street maintenance 7 7 7 7 7 7 7 7 7 7
Utilities maintenance 13 13 13 13 14 15 15 15 14 14
Sewage treatment plant 8 8 8 8 8 8 8 8 8 8
Garage 2 2 2 2 2 2 2 2 2 2
PUBLIC SAFETY
Police
Administration 8 8 8 8 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 32 31 31 31 31 31 31
TOTAL 105 105 105 107 111 112 112 112 109 109
Data Source
Village budget office
VILLAGE OF DEERFIELD, ILLINOIS
FULL-TIME EQUIVALENT EMPLOYEES
Last Ten Fiscal Years
- 105 -
Function/Program 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
PUBLIC SAFETY
Police
Physical arrests 458 552 463 498 532 587 568 415 575 513
Parking violations 4,113 3,911 3,260 2,332 2,625 2,690 2,385 1,656 1,509 1,343
Traffic violations 3,523 3,767 3,836 4,140 4,119 4,278 4,255 3,703 3,106 3,391
PUBLIC WORKS
Street resurfacing (miles)0.91 0.00 2.21 3.11 3.18 3.21 3.14 0.89 0.86 1.83
WATER
Water main breaks 68 110 107 141 62 77 47 59 76 75
Average daily consumption (gallons)2,842,063 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
Peak daily consumption (gallons)6,271,610 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
WASTEWATER
Average daily treatment (gallons)3,104,110 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
Data Source
Various village departments
VILLAGE OF DEERFIELD, ILLINOIS
OPERATING INDICATORS
Last Ten Calendar Years
- 106 -
Function/Program 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
PUBLIC SAFETY
Police
Stations 1 1 1 1 1 1 1 1 1 1
Number of Police Officers 40 40 40 39 39 39 39 39 39 39
PUBLIC WORKS
Arterial streets (miles)8 8 8 8 8 8 8 8 8 8
Residential streets (miles)62 68 68 68 68 68 68 68 68 68
Traffic signals 9 9 10 10 10 10 10 10 10 10
WATER
Water mains (miles)82 83 84 84 84 84 84 88 90 90
Fire hydrants 1,174 1,189 1,203 1,203 1,203 1,203 1,203 1,212 1,217 1,208
Storage capacity (gallons)8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 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 8,000,000 9,200,000
Data Source
Various village departments
VILLAGE OF DEERFIELD, ILLINOIS
CAPITAL ASSET STATISTICS
Last Ten Fiscal Years
- 107 -
DebtInformation
DirectDebt:
GeneralObligationBonds $49,300,000.00
GrossGeneralPercentVillage'sShare
ObligationDebtApplicableofDebt
OverlappingDebt:
LakeCounty (1)-4.622%-
LakeCountyForestPreserve295,270,0004.622%13,646,670
CookCounty3,814,460,0000.104%3,961,773
CookCountyForestPreserve195,875,0000.104%203,440
DeerfieldParkDistrict (2)3,055,00097.572%2,980,825
ParkDistrictofHighlandPark (3)8,375,0001.351%113,115
NorthbrookParkDistrict8,210,0003.606%296,090
LakeSchoolDistrictNo.109 (3)14,790,00076.158%11,263,713
LakeSchoolDistrictNo.11214,370,0000.102%14,677
LakeHighSchoolDistrictNo.11328,350,00029.117%8,254,799
CookHighSchoolDistrictNo.22592,449,5542.921%2,700,344
CommunityCollegeNo.53226,085,0004.866%1,269,415
MetroWaterReclamationDistrict (4)2,406,464,0000.106%2,550,053
TotalOverlappingDebt $47,254,914.00
TotalDirectandOverlappingDebt $96,554,914.00
Source:LakeandCookCountyClerk'sOffices.
(1)ExcludesAlternateRevenueBonds.
(2)ExcludesSelf-Supportingdebt.
(3)IncludesDebtCertificatesthatarenotsupportedbyapropertytaxlevy.
(4)IncludesIllinoisEnvironmentalProtectionAgencyloans.
- 108 -
StatementofIndebtedness
Amount%of%ofEstimated
ApplicableEAVTrueValuePerCapita*
2011EqualizedAssessedValuation (1)1,392,522,439$100.00%33.33%72,512$
EstimatedTrueValue4,177,567,317300.00%100.00%217,536
DirectDebt49,300,0003.54%1.18%2,567
OverlappingDebt47,254,9143.39%1.13%2,461
DirectandOverlappingDebt96,554,9146.93%2.31%5,028
*Populationof19,204basedon2011CAFR.
(1)Reflects2011LakeCountyEAVand2010CookCountyEAV.
- 109 -
EqualizedAssessedValuation
20072008200920102011
Residential$1,122,337,249$1,152,038,203$1,170,079,592$1,108,117,369$1,012,534,720
Commerical374,399,228397,882,340412,939,520397,215,326364,721,276
Industrial19,959,31219,601,64223,884,10617,827,12415,266,443
Total$1,516,695,789$1,569,522,185$1,606,903,218$1,523,159,819$1,392,522,439
Source:OfficesofLakeandCookCountyClerk.
LakeCounty
Residential$1,121,491,113$1,150,686,329$1,168,909,109$1,107,301,252$1,011,816,893
Farm-----
Commerical195,786,327201,651,978212,436,454210,585,916220,050,035
Industrial2,916,2912,572,6412,514,7572,723,3422,713,600
Total$1,320,193,731$1,354,910,948$1,383,860,320$1,320,610,510$1,234,580,528
CookCounty
Residential1,351,874$1,170,483$816,117$717,827$
Farm----
Commerical196,230,362200,503,066186,629,410144,671,241
Industrial17,029,00121,369,34915,103,78212,552,843
Total$214,611,237$223,042,898$202,549,309157,941,911$
- 110 -
TaxRatesPer$100ofAssessedValuation
200620072008200920102011
BondsandInterest0.0000.0000.0000.0100.0340.098
Corporate0.1380.1300.1270.1230.1430.154
Garbage0.0560.0530.0520.0530.0590.064
AllOther0.0000.0000.0030.0030.0030.004
TotalVillage0.1940.1830.1820.1890.2390.320
CountyIncludingForestPreserve0.6540.6400.6500.6600.7030.755
DeerfieldElementaryDist.1092.3662.2862.3462.4552.6652.892
HighSchoolDistrict1131.6351.6191.6601.7481.9212.167
CommunityCollege(LakeCounty)Dist.5320.1950.1920.1960.2000.2180.240
DeerfieldParkDistrict0.4170.4020.4190.4310.4600.503
Deerfield-BannockburnFireProtectionDist.0.4350.4100.4260.4470.4860.529
Library0.1710.1730.1770.1800.2040.237
AllOther0.0410.0420.0440.0450.0650.073
Total6.1085.9476.1006.3556.9617.716
VillageasaPercentofTotal3.2%3.1%3.0%3.0%3.4%4.1%
Source:OfficeofLakeCountyClerk.
- 111 -
TaxExtensionsandCollections
LAKECOUNTYCOOKCOUNTY
LevyCollectionLevyCollection
YearYearTaxesExtendedAmountPercentYearYearTaxesExtendedAmountPercent
20012002$3,587,656$3,574,56099.63%20012002$283,929$283,929100.00%
200220033,667,6523,664,37899.91%20022003272,766275,117100.86%
200320043,677,4683,671,74599.84%20032004255,507255,507100.00%
200420053,980,7923,958,95699.45%20042005258,537261,462101.13%
200520064,723,4114,706,76999.65%20052006444,012457,708103.08%
200620074,290,1354,287,88599.95%20062007420,514416,58999.07%
200720084,700,5514,690,65799.79%20072008409,907410,137100.06%
200820094,838,6064,829,01199.80%20082009414,860407,96098.34%
200920105,106,4455,098,94699.85%20092010399,022402,287100.82%
201020117,469,2127,179,58596.12%20102011521,208519,38199.65%
Total
LevyCollection
YearYearTaxesExtendedAmountPercent
20012002$3,871,585$3,858,48999.66%
200220033,940,4183,939,49599.98%
200320043,932,9753,927,25299.85%
200420054,239,3294,220,41899.55%
200520065,167,4235,164,47799.94%
200620074,710,6494,704,47499.87%
200720085,110,4585,100,79499.81%
200820095,253,4665,236,97199.69%
200920105,253,4665,236,97199.69%
201020117,990,4217,698,96696.35%
LakeCountyasof9/20/2012andCookCountyasof9/30/2012.
TotalCollections
Source:CookCountyClerk'sOffice.
TotalCollections
Source:LakeCountyClerk'sOffice.
TotalCollections
Source:LakeandCookCountyClerk'sOffice.
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PrincipalTaxpayerswithintheVillage
Taxpayer
TaxableAssessed
Value
%ofTotalTaxable
AssessedValuation
ArdenRealty,Inc.$39,517,6770.95%
ScottDressing,SrMgrTaxation33,543,8490.80%
JBCFundsParkwayNorthLLC20,206,9410.48%
CRMPropertiesGroup15,307,7390.37%
RREEFAmericaReitAgentCornerPartners7,699,9150.18%
WellsCpreReot-FourParkwayNorthLLC7,538,6460.18%
WalgreensCoRE#1079-26,864,6820.16%
WalgreensCoRE#00001-26,686,6830.16%
AEW-DOWDeerfield,LLC6,334,4530.15%
%DeloittePTS5,996,6500.14%
Total $149,697,2353.58%
DataSource:Lake&CookCountyClerk's&Assessor'sOffices.
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