Village CAFR for year ended April 30, 2011
VILLAGE OF DEERFIELD, ILLINOIS
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
For the Year Ended
April 30, 2011
Prepared by Finance Department
Robert W. Fialkowski
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
Reconciliation of Fund Balances of Governmental Funds to
the Governmental Activities in the Statement of Net Assets ..................... 7
Statement of Revenues, Expenditures and Changes in Fund Balances ....... 8
Reconciliation of the Governmental Funds Statement of Revenues,
Expenditures and Changes in Fund Balances to the Governmental
Activities in the Statement of Activities ..................................................... 9
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 ................................................................................ 10
Statement of Revenues, Expenses and Changes in Net Assets .................... 11
Statement of Cash Flows .............................................................................. 12-13
Fiduciary Funds
Statement of Fiduciary Net Assets ............................................................... 14
Statement of Changes in Fiduciary Net Assets ............................................ 15
Notes to Financial Statements ........................................................................... 16-52
Required Supplementary Information
Schedule of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual - General Fund ....................................................................... 53
Schedule of Funding Progress
Illinois Municipal Retirement Fund ............................................................. 54
Police Pension Fund ..................................................................................... 55
Other Postemployment Benefit Plan ............................................................ 56
Schedule of Employer Contributions
Illinois Municipal Retirement Fund ............................................................. 57
Police Pension Fund ..................................................................................... 58
Other Postemployment Benefit Plan ............................................................ 59
Notes to Required Supplementary Information ................................................ 60
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 ................................. 61-62
Schedule of Expenditures - Budget and Actual - General Fund ............................ 63-65
Schedule of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual
Infrastructure Replacement Fund ................................................................. 66
NONMAJOR GOVERNMENTAL FUNDS
Combining Balance Sheet ................................................................................. 67
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances ................................................................................................. 68
Schedule of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual
Motor Fuel Tax Fund .................................................................................... 69
Enhanced 911 Fund ...................................................................................... 70
Debt Service Fund ........................................................................................ 71
MAJOR ENTEPRISE FUNDS
Water Fund
Schedule of Revenues, Expenses and Changes in Net Assets -
Budget and Actual ...................................................................................... 72
Schedule of Operating Expenses - Budget and Actual ................................. 73
Schedule of Capital Assets and Depreciation ............................................... 74
Sewerage 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
Refuse Fund
Schedule of Revenues, Expenses and Changes in Net Assets -
Budget and Actual ...................................................................................... 78
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 ...................................................................................... 79
Schedule of Operating Expenses - Budget and Actual ................................. 80
Schedule of Capital Assets and Depreciation ............................................... 81
INTERNAL SERVICE FUNDS
Combining Statement of Net Assets ................................................................. 82
Combining Statement of Revenues, Expenses and Changes in
Net Assets ........................................................................................................ 83
Combining Statement of Cash Flows ................................................................ 84
Garage Fund
Schedule of Revenues, Expenses and Changes in Net Assets -
Budget and Actual ...................................................................................... 85
Schedule of Operating Expenses - Budget and Actual ................................. 86
Vehicle and Equipment Replacement Fund
Schedule of Revenues, Expenses and
Changes in Net Assets - Budget and Actual ............................................... 87
FIDUCIARY FUNDS
Schedule of Changes in Plan Net Assets - Budget and Actual -
Police Pension Fund ........................................................................................ 88
Combining Statement of Changes in Assets and Liabilities -
Agency Funds .................................................................................................. 89
SUPPLEMENTAL DATA
Long-Term Debt Requirements
General Obligation Refunding Bond Series of 2003 ........................................ 90
General Obligation Bond Series of 2008 .......................................................... 91
General Obligation Bond Series of 2010A ....................................................... 92
VILLAGE OF DEERFIELD, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
STATISTICAL SECTION
Financial Trends
Net Assets by Component ...................................................................................... 93
Change in Net Assets ............................................................................................. 94-95
Fund Balances of Governmental Funds ................................................................. 96
Changes in Fund Balances of Governmental Funds .............................................. 97
Revenue Capacity
Sales Tax by Category ........................................................................................... 98
Direct and Overlapping Sales Tax Rates ............................................................... 99
Debt Capacity
Ratios of Outstanding Debt by Type ...................................................................... 100
Ratios of General Bonded Debt Outstanding ......................................................... 101
Direct and Overlapping Bonded Debt - Governmental Activities ......................... 102
Legal Debt Margin Information ............................................................................. 103
Demographic and Economic Information
Demographic and Economic Information .............................................................. 104
Principal Employers ............................................................................................... 105
Operating Information
Full-Time Equivalent Employees .......................................................................... 106
Operating Indicators ............................................................................................... 107
Capital Asset Statistics ........................................................................................... 108
Continuing Disclosures ............................................................................................... 109-111
- i -
VILLAGE OF DEERFIELD, ILLINOIS
PRINCIPAL OFFICIALS
April 30, 2011
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
Public
Boards and Mayor and Board Village Attorney
Commissions of Trustees
Assistant to the Village Manager
Village Manager 3 Employees
Police Finance Community Public Works
Development & Engineering
51 Employees 9 Employees 7 Employees 37 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 -
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ii
i
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v
as its sole purpose is to provide retirement benefits to the Village's sworn police officers. The Deerfield Public
Library is included as a discretely presented component unit since a separately elected board of trustees
governs it. No other legally separate entity qualifies as a component unit of the Village.
Accounting System and Budgetary Control
The accounts of the Village are organized on the basis of funds, each of which is considered a separate and
distinct accounting entity. The operations of each fund are accounted for with a separate set of self-balancing
accounts that comprise its assets, liabilities, fund equity, revenues and expenditures. Revenues are allocated to
and accounted for in individual funds based upon the purpose for which they are to be expended and the means
by which spending activities are controlled. The accounting records for general governmental operations are
maintained on the modified accrual basis, with revenues being recorded when available and measurable and
expenditures being recorded when materials or services are received and the liability is incurred. Accounting
records for the Village's enterprise funds, internal service funds, agency funds and pension trust fund are
maintained on the accrual basis of accounting.
Management of the Village is responsible for establishing and maintaining a system of internal accounting
controls. These controls are designed to assure that the assets of the Village are safeguarded against any
material loss, theft or misuse. These controls assure that the financial statements are in conformity with generally
accepted accounting principles. Internal accounting controls are designed to provide reasonable, but not
absolute, assurance that control objectives will be met. The concept of reasonable assurance recognizes that (1)
the cost of control should not exceed the benefits likely to be derived; and (2) the evaluation of costs and benefits
require estimates and judgment by Management.
The annual budget serves as the foundation for the Village’s financial planning and control. State law requires
that a municipality operating under the budget system adopt its annual budget prior to the start of its fiscal year.
Through the budget, spending authority is conveyed by expenditure object. The legal level of budgetary control is
the department level, or, where no departmental segregation of a fund exists, the fund level.
Factors Affecting Financial Condition
Economic Outlook. There are several measures of economic health for local governments. Four of the more
objective measures or indicators are local employment levels, retail sales activity, family income levels and
construction activity.
Employment levels in the Village have always surpassed that of Lake and Cook Counties and the State of
Illinois as a whole. As of April 30, 2011 the Village's unemployment rate was estimated to be 6.5%, compared
to 10.5% for Lake County, 10.3% for the State of Illinois and 9.9% for the United States.
The slow but positive recovery in the national and state economy is reflected in the economy of the surrounding
local area leading to an increase in the Village base sales tax revenue (which represents 1% of the total eligible
sales) which, net of the Walgreen’s sales tax rebate, rose approximately 5% from 2010. No significant retailers
opened or closed during the year and Walgreen National’s activity slightly increased from the prior years
(pursuant to a sales tax sharing agreement, 80% of the Village share of the sales tax received from them is
rebated back) so the increase is primarily due to higher sales activity for existing businesses..
Median family income figures from 2009 Census estimates demonstrate that the average income of Deerfield
residents far exceeds county and state averages. According to the Census Bureau, Deerfield's 2009 median
family income was $151,595, compared to $67,660 for the State of Illinois and $62,363 for the United States.
This ranked Deerfield among the wealthiest communities in the State of Illinois. The median family income has
increased nearly 28% from the 2000 Census figure.
Commercial and residential construction activity continued to improve compared to the prior year both in value
and number of permits issued. In 2011 there were 1,267 total permits of all categories issued which is an
increase of 26% from 1,005 in 2010. Much of this value was in commercial and residential remodeling with 22
new single family residential. Overall permit revenue increased 6% to $945,990 which is significantly better
vi
given that a large permit fee in excess of $400,000 was received for the construction of the third Takeda
Pharmaceuticals office building in 2010. Foreclosure rates remained low; with approximately 35 to 40 single
family homes in this status during the year.
Long-term Financial Planning. The Village utilizes a 5 year Capital Improvement Program (“CIP”) to
address major capital and infrastructure improvements. For a project to be included in the CIP, it must involve
the creation or purchase of a tangible asset with an original cost of at least $25,000 and a useful life of more
than one year. Projects that are programmed for the first year of the CIP (i.e., the upcoming budget year) are
most closely scrutinized in the capital planning process because associated funding must be provided in that
budget. Until recently, the Village had primarily followed a “pay-as-you-go” funding strategy for maintenance
and replacement of assets and had issued limited debt for new projects. Capital grants are sought at the state
and local level for eligible projects. Due to the significant cost of the reconstruction of the wastewater
treatment plant, new debt was in the amount of $12.5 million was issued during the year to finance general
capital improvements ($5 million) and the first phase of the tr eatment plant construction ($7.5 million).
Additional debt issuance is planned for calendar 2011 through 2013 to complete the treatment plant and
provide for the expansion and remodeling of the Deerfield Public Library.
Major Initiatives
The Village began construction on the replacement wastewater treatment facility with a total expected cost
including engineering of $32 million. The two year project to reconstruct the Carlisle/Carriageway area
including new underground infrastructure also began. Funding for the first phase of the new treatment plant
was obtained as part of a Build America Bond issuance in fall of 2010; the remainder of the funding will be
through a combination of regular tax exempt general obligation bonds and Qualified Energy Conservation
Bonds.
As part of the regular budget planning process, Village staff has presented the Board with a capital projects
program that will require significant expenditures over the next five year period. In addition to the projects
mentioned above, these include water and sewer main replacement along with road reconstruction, bridge
reconstruction in three locations and the Deerfield Road pedestrian underpass. For FY 2012, the major
funding sources will be balances in the Infrastructure Fund, state and federal grants, the home rule tax
revenue and a debt issuance of approximately $16.5 million.
Awards and Acknowledgments
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of
Achievement for Excellence in Financial Reporting to the Village of Deerfield for its comprehensive annual
financial report for the fiscal year ended April 30, 2010. The Certificate of Achievement is a prestigious national
award, recognizing conformance with the highest standards for preparation of state and local government
financial reports. In order to be awarded a Certificate of Achievement, a governmental unit must publish an
easily readable and efficiently organized comprehensive annual financial report (CAFR) whose co ntents
conform to program standards. Such CAFR must satisfy both generally accepted accounting principles and
applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. The Village of Deerfield has received a
Certificate of Achievement for the last twenty-seven years. We believe our current report continues to
conform to the Certificate of Achievement program requirements, and we are submitting it to the GFOA.
In addition, the Village also received the GFOA’s Distinguished Budget Presentation Award for its annual
budget document dated May 1, 2010. In order to qualify for the Distinguished Budget Presentation Award, the
Village’s budget document had to be judged proficient as a policy document, a financial plan, an operations
guide and a communications device.
The preparation of the comprehensive annual financial report was made possible by the dedicated service of
the entire staff of the Finance Department. Each member of the Department has my sincere appreciation for
(MD&A) - 1 -
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
April 30, 2011
The Village of Deerfield (the “Village”) management’s discussion and analysis is designed to (1) assist the reader in
focusing on significant financial issues, (2) provi de an overview of the Village’s financial activity, (3) identify changes
in the Village’s financial position (its ability to address subsequent year challenges), (4) identify any material
deviations from the financial plan (the approved budget) and (5) identify individual fund issues or concerns.
Since Management’s Discussion and Analysis (MD&A) is designed to focus on the current year’s activities, resulting
changes and currently known facts, please read it in conjunction with the Transmittal Letter (begi nning on page iv)
and the Village’s financial statements (beginning on page 3).
Financial Highlights
The Village’s General Fund ended the year with total revenues exceeding total expenditures by $1,222,848.
Combined with other financing net uses of $179,839, the April 30, 2011 fund balance increased by
$1,043,009.
Economy sensitive revenues, i.e. sales, income, and hotel/motel taxes rebounded from prior year’s
decrease. Building permit revenue ($945,990) exceeded prior actual ($890,017) and current year
expectation ($400,000), primarily due to large office remodeling projects.
Hotel/motel tax revenue increased 8% to $1,532,536; 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 $1,162,527 from the new Electric Utility tax and $644,129 from the Simplified
Telecommunications tax which was increased to 6% during the year.
The Village retired $615,000 of general obligation debt during the year and issued $12,500,000 of new
general obligation debt. The total balance of debt outstanding as of April 30, 2011 was $18,060,000.
The Village began construction of a new wastewater treatment plant. The $30 million project will be
completed over the next several years. $7.5 million of the debt issued during the fiscal year will be used to
fund construction of the new plant along with future debt issues.
USING THE FINANCIAL SECTION OF THIS COMPREHENSIVE ANNUAL FINANCIAL REPORT
The financial statement’s focus is on both the Village as a whole (government-wide) and on the major individual
funds. Both perspectives (government-wide and major fund) allow the user to address relevant questions, broaden a
basis for comparison (year-to-year or government-to-government) and enhance the Village’s accountability.
Government-Wide Financial Statements
The government-wide financial statements (see pages 3 - 5) are designed to be corporate-like in that all
governmental and business-type activities are consolidated into columns that add to a total for the Primary
Government. The focus of the Statement of Net 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
Disposal and Commuter Parking) where the charges for services typically cover all or most of the cost of operation,
including depreciation.
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
(MD&A) - 2 -
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 – 9) 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 use ful in evaluating
annual financing requirements of governmental programs and the commitment of spendable resources for the near -
term.
The government-wide financial statements provide a long-term view. Comparisons between the individual
governmental fund statements and the government-wide statements provide information about financing decisions
and the amount invested in maintaining and improving infrastructure. These two perspectives can provide insight into
the long-term impact of short-term financing decisions. Both the governmental fund balance sheet and the
governmental fund statement of revenues, expenditures and changes in fund balances reconcile the differences
between these two perspectives.
Budgetary comparison schedules for other funds can be found in a later section of this report. These statements and
schedules demonstrate compliance with the Village’s budget.
Proprietary or business-type activity funds (see pages 10 - 13) reported in the fund financial statements are for those
services for which the Village charges customers a fee. There are two kinds of proprietary funds, enterprise and
internal service. Enterprise funds essentially encompass the same functions reported as business -type activities in
the government-wide statements. Enterprise fund services are primarily provided to customers external to the Village
organization such as those of the water and sewer utilities , commuter parking lots and refuse function. Internal
service funds provide services and charge fees to customers within the Village organization such as equipment
services (repair and maintenance of Village vehicles). Internal services are to both the governmental and business-
type activities of the government-wide financial statements.
Proprietary fund statements provide both long-term and short-term financial information consistent with the focus
provided by the government-wide financial statements, but with more detail for major enterprise funds. Individual
fund information for internal service funds and non-major enterprise funds is found in combining statements in a later
section of this report.
Fiduciary funds (see pages 14 - 15) 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 16 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. Comb ining and
individual statements and schedules for non-major and internal service funds are presented in a subsequent section
of this report.
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
(MD&A) - 3 -
FINANCIAL ANALYSIS OF THE VILLAGE AS A WHOLE
The Village implemented the new financial reporting model (GASB #34) beginning with the fiscal year that ended
April 30, 2004. Over time, as year-to-year financial information is accumulated on a consistent basis, changes in net
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.
2011 2010 2011 2010 2011 2010
Current & Other Assets 36.93 26.61 2.37 2.98 39.30 29.59
Capital Assets 69.50 66.36 29.44 27.14 98.94 93.51
Total Assets 106.43 92.97 31.81 30.12 138.24 123.10
Long-Term Liabilities 18.20 6.30 0.74 1.15 18.94 7.45
Other Liabilities 8.18 4.00 1.90 1.85 10.08 5.85
Total Liabilities 26.38 10.30 2.64 3.00 29.02 13.30
Net Assets:
Investment in Capital
Assets – Net of Related Debt 64.48 66.17 28.52 25.79 93.00 91.96
Restricted 1.83 1.70 - - 1.83 1.70
Unrestricted 13.74 14.80 0.65 1.33 14.39 16.13
Total Net Assets 80.05 82.67 29.17 27.13 109.22 109.80
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 $12.5 million dollars of general
obligation debt. A portion of this debt was used to fund capital projects which caused the increase in Capital Assets.
The remaining portion of debt has not been spent as of year end and caused the increase in Current & Other Assets.
Business-type Activities Current & Other Assets decreased mainly due to decreases in Water and Refuse 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.
2011 2010 2011 2010 2011 2010
Revenues:
Program Revenues:
Charges for Service 2.96 2.78 7.04 6.72 10.00 9.50
Operating Grants 0.58 0.47 - - 0.58 0.47
Capital Grants 0.36 2.20 2.96 - 3.32 2.20
General Revenue:
Property Taxes 2.19 8.53 0.83 0.81 3.02 9.34
Other Taxes 13.14 11.02 - - 13.14 11.02
Transfers in (out) - - - - -
Other 0.26 0.56 0.20 3.84 0.46 4.4
Total Revenue 19.49 25.56 11.03 11.37 30.52 36.93
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
(MD&A) - 4 -
Expenses:
General Government 5.48 9.83 - - 5.48 9.83
Public Safety 8.50 8.54 - - 8.50 8.54
Highways and Streets 7.75 10.99 - - 7.75 10.99
Interest 0.39 0.19 - - 0.39 0.19
Water - - 4.21 4.10 4.21 4.10
Sewer - - 2.85 2.64 2.85 2.64
Refuse - - 1.60 1.60 1.60 1.60
Parking Lots - - 0.32 0.26 0.32 0.26
Total Expense 22.12 29.55 8.98 8.60 31.10 38.15
Changes in Net Assets -2.63 -3.99 2.05 2.77 -0.58 -1.22
CURRENT YEAR IMPACTS
Governmental Activities
Revenue
Property taxes decreased $6.34 million as the final payment to Tax Increment Financing District #2 was received in
the prior year. Other taxes increased due to implementation of an Electric Utility tax and an increase in the Simplified
Telecommunications tax to 6%.
Expenses
General government expenses decreased $4.35 million as the prior year included the final TIF #2 surplus distribution.
Highways and streets expenses decrease $3.24 million as more of the expenses on road reconstruction were
capitalized in the current year. These assets will be depreciated over their useful life.
Business-type Activities
Revenue
A water rate increase of 2.5% was implemented in May, 2010; water sales totaled $3.78 million, an increase of $0.21
million or 6% from the prior year and 9% 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 $2.45 million were $0.13
million or 5% higher than the prior year, but 6% below expected. The sewer rates were also increased 2.5%. Refuse
charge rates were unchanged, and revenue of $0.61 million was essentially unchanged from the prior years.
Commuter parking fees decreased slightly from $0.209 million to $0.204 million.
Expenses
Operating expenses for the Water Fund increased by $0.12 million or 3% primarily due to an increase in personnel
costs and higher wholesale water cost due to a rate increase and the replacement of the supply meters which
resulted in more accurate, but higher, billings from the Village’s supplier, the City of Highland Park.
Sewer Fund operating expenses increased by $0.16 million due primarily to increased personnel costs. Refuse Fund
operating expenses remained approximately the same as last year.
FINANCIAL ANALYSIS OF THE VILLAGE’S FUNDS
Governmental Funds
At April 30, 2011, the governmental funds reported a combined fund balance of $24.5 million which is a 36% increase
from the beginning of the year ($18.0 million). The increase is primarily due to unspent bond proceeds designated for
the Wastewater Reclamation Facility and other capital projects.
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
(MD&A) - 5 -
Major Governmental Funds
The General Fund is the Village’s primary operating fund and the largest source of day -to-day service delivery. The
undesignated fund balance of the General Fund increased $1.00 million from $15.6 to $16.6 million. The General
Fund cash balance of $13.9 million provides for 275 days of anticipated expenditures (FY 2012 budget).
Revenues exceeded the budget of $16.95 million. Expenditures were $1.65 million less than the revised budget.
This was due to lower than expected costs in personnel and contractual costs across multiple departments. Offsetting
this was higher that expected costs in the street division due to unusually severe winter storms. State shared
revenues, such as income taxes and use taxes, were inline with last year actual and current year expectations . State
shared revenues accounted for 10% of the General Fund total, which is down from 11% in the prior year. The table
below shows the original and revised budget and the actual revenues and expenditures for the General Fund. More
information may be found on the schedule of revenues, expenditures and changes to fund balance on page 53.
General Fund Budget versus Actual
Fiscal year ended April 30, 2011
(in millions)
Original Amended
Budget Budget Actual
Revenues
Taxes 14.73 14.73 14.22
Intergovernmental 0.04 0.04 0.18
Other 2.18 2.18 2.86
Total 16.95 16.95 17.26
Expenditures & Transfers
Expenditures 17.69 17.69 16.04
Other Sources - - -0.03
Transfers – Net .41 .41 0.21
Total 18.10 18.10 16.22
Change in Fund Balance -1.15 -1.15 1.04
The Infrastructure Replacement Fund (IRF) is primarily funded with a home rule sales tax and grants. Revenue in the
IRF decreased by $1.5 million for the year ended April 30, 2011 as the prior year included the final surplus receipt
related to the close out of Tax Increment Financing District 2. Expenditures in the IRF increased $3.7 million due to
the partial construction of the Waste Water Treatment plant, a major road reconstruction and other capital projects.
$12.5 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. $7.5 million of the proceeds are to be used to partially fund the Waste Water
Treatment plant. The remaining $5 million are to be used for road reconstruction and other capital projects. At the
end of the fiscal year $7.5 million of cash remained in the fund.
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 fell under budget $0.37 million due to the continued loss of sales to the Village of
Riverwoods, general economic slowdown and a wetter than normal year. Actual operating expenses excluding
depreciation were 92% of budget due to lower quantities of wholesale water purchased and expenses generally
below budget in other areas. Overall, operating revenues slightly exceeded operating expenses. However, net
assets decreased $0.32 million due to depreciation and interest expense.
The Sewerage Fund operating expenses were lower than expected due mainly to lower personnel and contractual
costs. However, the operating expenses excluding depreciation exceeded operating revenue by $0.08 million which
was approximately the same as the prior year. Capital expenses for the foreseeable future in this fund will be
transferred to the Infrastructure Fund. The replacement of the wastewater treatment plant has begun and will use
new debt and other borrowing.
The Refuse Fund operating expenses exceeded operating revenues by $0.98 million. This Village also uses a
portion of its property tax levy to fund refuse collection. Overall, the Refuse Fund ended the year with a deficit fund
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
(MD&A) - 6 -
balance of $0.15 million. Just prior to year end, the Village negotiated a contract with a new waste hauler t hat will
address the deficit.
Internal Service Funds
The Village’s combined internal service funds ’ net assets were $5.8 million as of April 30, 2011, with $5.6 million of
the total accumulated for major equipment purchases in the Vehicle and Equipment Replacement Fund. Total
revenue equaled total expenses in the Garage Fund resulting in no 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 $69.5 million. The Village’s investment in capital assets, net of accumulated depreciation, for
business-type activities as of April 30, 2011 was $29.4 million. Major capital asset events during the current fiscal
year included installation of new streets and partial construction of the wastewater treatment plant. Additional
information on capital assets is presented in Note 4 to the financial statements.
Long-term debt
The Village issued $12.5 million of general obligation debt during the year ; $7.5 million to partially fund construction of
a wastewater treatment plant and $5 million to fund other capital projects . At the end of the fiscal year, the Village
had total bonded debt outstanding of $18.06 million. $10.56 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 $0.92 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, 2011 the total Village debt represented 1.20% of the equalized assessed value.
Additional information on long-term debt is presented in Note 6 to the financial statements.
Bond Rating
The Village’s general obligation bonds are rated Aaa by Moody’s Investor Rating Service. The Aaa rating was
reaffirmed in September, 2011.
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 generous end of career accumulated
leave pay-outs have resulted in increased rates of contribution 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 13% of total revenue in FY 2010 to 12% in FY 2011.
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 and home
sale prices have fallen.
The Village’s hotel/motel tax increased $0.12 million or 8% from last year due to more business travel. However,
hotel/motel tax is still down from its high of $2 million several years ago. All of the Village’s six hotels have remained
open during the year. The continued strength of the local corporate employment provides a base level of demand for
rooms which is the primary market for these hotels.
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
(MD&A) - 7 -
Contacting the Village’s Financial Management
This financial report is designed to provide a general overview of the Village’s finances, comply with finance-related
laws and regulations and demonstrate the Village’s commitment to public accountability. If you have questions about
this report or would like to request additional information, contact the Village’s Fina nce Director, 850 Waukegan
Road, Deerfield, IL 60015 or access the Village website at www.deerfield.il.us.
Component
Unit
Governmental Business-Type Deerfield
Activities Activities Total Public Library
ASSETS
Cash and investments 28,130,864$ 744,487$ 28,875,351$ 3,939,147$
Receivables (net, where applicable,
of allowances for uncollectibles)
Property taxes 2,569,192 847,679 3,416,871 2,911,214
Accounts 796,366 926,366 1,722,732 -
Accrued interest 26,789 1,257 28,046 25,513
Electric utility tax 95,647 - 95,647 -
Due from other governments 3,006,745 109,739 3,116,484 -
Note receivable 100,000 - 100,000 -
Due from (to) other funds 523,069 (523,069) - -
Inventory 144,167 206,047 350,214 -
Prepaid expenses 407,849 - 407,849 -
Deferred charges 180,788 61,280 242,068 -
Net pension asset 950,129 - 950,129 -
Capital assets not being depreciated 25,848,742 6,594,468 32,443,210 158,799
Capital assets (net of
accumulated depreciation)43,649,520 22,845,798 66,495,318 564,181
Total assets 106,429,867 31,814,052 138,243,919 7,598,854
LIABILITIES
Accounts payable 3,302,906 428,300 3,731,206 128,453
Accrued payroll 432,688 72,905 505,593 62,600
Retainage payable 541,350 - 541,350 -
Deposits payable 12,531 26,413 38,944 -
Other payables 1,226 - 1,226 -
Accrued interest payable 280,860 12,970 293,830 -
Unearned revenues 2,687,484 883,428 3,570,912 3,050,000
Noncurrent liabilities
Due within one year 925,299 475,140 1,400,439 66,916
Due in more than one year 18,198,694 740,020 18,938,714 89,983
Total liabilities 26,383,038 2,639,176 29,022,214 3,397,952
NET ASSETS
Investment in capital assets,
net of related debt 64,483,632 28,525,266 93,008,898 722,980
Restricted for
Maintenance of roadways 551,238 - 551,238 -
Public safety 1,180,422 - 1,180,422 -
Debt service 101,518 - 101,518 -
Culture and recreation - - - 3,477,922
Unrestricted 13,730,019 649,610 14,379,629 -
TOTAL NET ASSETS 80,046,829$ 29,174,876$ 109,221,705$ 4,200,902$
Primary Government
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF NET ASSETS
April 30, 2011
See accompanying notes to financial statements.
- 3 -
Operating Capital
Charges Grants and Grants and
FUNCTIONS/PROGRAMS Expenses for Services Contributions Contributions
PRIMARY GOVERNMENT
Governmental Activities
General government 5,477,968$ 2,011,535$ -$ -$
Public safety 8,497,498 873,947 28,192 108,535
Highways and streets 7,749,726 73,968 554,542 252,004
Interest 393,054 - - -
Total governmental activities 22,118,246 2,959,450 582,734 360,539
Business-Type Activities
Water 4,215,482 3,777,700 - 2,963,996
Sewerage 2,846,388 2,450,088 - -
Refuse disposal 1,600,736 608,475 - -
Commuter parking lot 322,431 204,236 - -
Total business-type activities 8,985,037 7,040,499 - 2,963,996
TOTAL PRIMARY GOVERNMENT 31,103,283$ 9,999,949$ 582,734$ 3,324,535$
COMPONENT UNIT
Deerfield Public Library 2,918,171$ 90,348$ 20,850$ -$
Program Revenues
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF ACTIVITIES
For the Year Ended April 30, 2011
- 4 -
Component
Unit
Deerfield
Governmental Business-Type Public
Activities Activities Total Library
(3,466,433)$ -$ (3,466,433)$ -$
(7,486,824) - (7,486,824) -
(6,869,212) - (6,869,212) -
(393,054) - (393,054) -
(18,215,523) - (18,215,523) -
- 2,526,214 2,526,214 -
- (396,300) (396,300) -
- (992,261) (992,261) -
- (118,195) (118,195) -
- 1,019,458 1,019,458 -
(18,215,523) 1,019,458 (17,196,065) -
- - - (2,806,973)
General Revenues
Taxes
Property 2,187,803 832,264 3,020,067 2,877,857
Replacement 90,771 - 90,771 87,072
Sales 5,281,422 - 5,281,422 -
Home rule sales 2,725,330 - 2,725,330 -
Income 1,436,146 - 1,436,146 -
Local use 265,672 - 265,672 -
Hotel/motel 1,532,536 - 1,532,536 -
Simplified telecommunications 644,129 - 644,129 -
Electric utility tax 1,162,527 - 1,162,527 -
Investment income 92,855 4,530 97,385 20,845
Miscellaneous 169,500 191,424 360,924 16,585
Total 15,588,691 1,028,218 16,616,909 3,002,359
CHANGE IN NET ASSETS (2,626,832) 2,047,676 (579,156) 195,386
NET ASSETS, MAY 1 82,673,661 27,127,200 109,800,861 4,005,516
NET ASSETS, APRIL 30 80,046,829$ 29,174,876$ 109,221,705$ 4,200,902$
Primary Government
Net (Expense) Revenue and Change in Net Assets
See accompanying notes to financial statements.
- 5 -
Infrastructure Bond Nonmajor
General Replacement Proceeds Governmental Total
Cash and investments 13,873,425$ 734,191$ 7,491,427$ 1,756,889$ 23,855,932$
Receivables (net, where applicable,
of allowances for uncollectibles)
Property taxes 2,043,860 43,179 - 482,153 2,569,192
Accounts 527,917 207,324 - 59,103 794,344
Accrued interest 19,075 267 - 2,092 21,434
Electric utility tax receivable 95,647 - - - 95,647
Due from other governments 2,734,556 234,172 - 38,017 3,006,745
Note receivable 100,000 - - - 100,000
Due from other funds 523,069 2,397,349 - - 2,920,418
Inventory 35,683 - - - 35,683
Prepaid items 407,849 - - - 407,849
TOTAL ASSETS 20,361,081$ 3,616,482$ 7,491,427$ 2,338,254$ 33,807,244$
LIABILITIES
Accounts payable 670,184$ 2,613,028$ -$ 2,592$ 3,285,804$
Accrued payroll 426,780 - - - 426,780
Deposits payable 12,531 - - - 12,531
Retainage payable - 541,350 - - 541,350
Other payables 1,226 - - - 1,226
Due to other funds - - 2,397,349 - 2,397,349
Deferred property taxes 2,140,000 45,000 - 502,484 2,687,484
Total liabilities 3,250,721 3,199,378 2,397,349 505,076 9,352,524
FUND BALANCES
Reserved for note receivable 100,000 - - - 100,000
Reserved for inventory 35,683 - - - 35,683
Reserved for prepaid items 407,849 - - - 407,849
Reserved for capital projects - - 5,094,078 - 5,094,078
Reserved for debt service - - - 101,518 101,518
Reserved for maintenance of roadways - - - 551,238 551,238
Reserved for public safety - - - 1,180,422 1,180,422
Unreserved
Undesignated - General Fund 16,566,828 - - - 16,566,828
Undesignated - Capital Projects Funds - 417,104 - - 417,104
Total fund balances 17,110,360 417,104 5,094,078 1,833,178 24,454,720
TOTAL LIABILITIES AND
FUND BALANCES 20,361,081$ 3,616,482$ 7,491,427$ 2,338,254$ 33,807,244$
LIABILITIES AND FUND BALANCES
VILLAGE OF DEERFIELD, ILLINOIS
BALANCE SHEET
GOVERNMENTAL FUNDS
April 30, 2011
ASSETS
See accompanying notes to financial statements.
- 6 -
FUND BALANCES OF GOVERNMENTAL FUNDS 24,454,720$
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 69,498,262$
Less internal service funds (1,478,513)68,019,749
Discount on bonds issued and issuance costs are
capitalized and amortized on the statement of net assets 180,788
Long-term liabilities are not due and payable in the
current period and, therefore, are not reported in the
governmental funds
Bonds payable (17,145,000)
Other postemployment benefit payable (427,643)
Compensated absences (1,551,350)
Less internal service funds (32,768)(1,518,582)
Accrued interest on long-term liabilities is shown as a
liability on the statement of net assets (280,860)
The net pension asset is included in the governmental
activities in the statement of net assets 950,129
The net assets of the internal service fund are
included in the governmental activities in the
statement of net assets 5,813,528
NET ASSETS OF GOVERNMENTAL ACTIVITIES 80,046,829$
April 30, 2011
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.
- 7 -
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
For the Year Ended April 30, 2011
Infrastructure Bond Nonmajor
General Replacement Proceeds Governmental Total
REVENUES
Taxes 14,219,787$ 953,269$ -$ 153,280$ 15,326,336$
Licenses and permits 1,431,793 - - - 1,431,793
Intergovernmental 182,983 206,819 - 554,542 944,344
Charges for services 384,226 - - 303,289 687,515
Fines and forfeits 262,542 - - - 262,542
Investment income 74,847 309 10,009 7,690 92,855
Miscellaneous 704,552 7,863 - 3,453 715,868
Total revenues 17,260,730 1,168,260 10,009 1,022,254 19,461,253
EXPENDITURES
Current
General government 5,328,331 - - - 5,328,331
Public safety 8,167,351 - - 240,065 8,407,416
Highways and streets 2,542,200 - - 490,000 3,032,200
Capital outlay - 8,278,643 - - 8,278,643
Debt service
Principal retirement - - - 180,000 180,000
Interest and fiscal charges - - 50,084 187,913 237,997
Total expenditures 16,037,882 8,278,643 50,084 1,097,978 25,464,587
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 1,222,848 (7,110,383) (40,075) (75,724) (6,003,334)
OTHER FINANCING SOURCES (USES)
Transfers in - 7,296,834 - 210,000 7,506,834
Transfers (out)(210,000) - (7,296,834) - (7,506,834)
Proceeds on bonds issued, at par - - 12,500,000 - 12,500,000
Discount on bonds issued - - (69,013) - (69,013)
Sale of capital assets 30,161 - - - 30,161
Total other financing sources (uses)(179,839) 7,296,834 5,134,153 210,000 12,461,148
NET CHANGE IN FUND BALANCES 1,043,009 186,451 5,094,078 134,276 6,457,814
FUND BALANCES, MAY 1 16,067,351 230,653 - 1,698,902 17,996,906
FUND BALANCES (DEFICIT), APRIL 30 17,110,360$ 417,104$ 5,094,078$ 1,833,178$ 24,454,720$
See accompanying notes to financial statements.
- 8 -
NET CHANGE IN FUND BALANCES -
TOTAL GOVERNMENTAL FUNDS 6,457,814$
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 5,619,695$
Less internal service funds (142,602)5,477,093
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 180,000
The increase in interest payable is reported as a addition to expense
on the statement of activities (202,750)
Bond issuance costs are reported as an expenditure in governmental funds
but not on the statement of activities 50,084
Amortization of issuance costs are expenses in the statement of activities (2,391)47,693
Bonds issued are reported as an other financing source of governmental
funds but not on the statement of activities (12,500,000)
The discount on bonds issued is reported as an other financing use in
governmental funds but not on the statement of activities 69,013
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 (2,329,899)
Less internal service funds 261,423 (2,068,476)
The loss on disposal of capital assets for road reconstruction increases
the highways and streets expense on the statement of activities (152,463)
The increase in compensated absences is reported as an addition to expense
on the statement of activities (26,269)
The increase in the other postemployment benefit payable is reported
as an addition to expense on the statement of activities (127,757)
The decrease in net pension asset is reported as an addition to expense
on the statement of activities (16,958)
The change in net assets of certain activities of internal service funds is
in governmental funds 236,228
CHANGE IN NET ASSETS OF GOVERNMENTAL ACTIVITIES (2,626,832)$
For the Year Ended April 30, 2011
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.
- 9 -
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
April 30, 2011
Governmental
Activities
Nonmajor
Enterprise Total Internal
Water Sewerage Refuse (Parking Lot)Enterprise Service
CURRENT ASSETS
Cash and investments -$ 158,485$ -$ 586,002$ 744,487$ 4,274,932$
Receivables
Property taxes - - 847,679 - 847,679 -
Accounts - billed 94,563 77,637 23,734 - 195,934 2,022
Accounts - unbilled 384,930 260,038 85,464 - 730,432 -
Accrued interest - 110 205 942 1,257 5,355
Inventory 191,314 14,733 - - 206,047 108,484
Due from other governments 109,739 - - - 109,739 -
Total current assets 780,546 511,003 957,082 586,944 2,835,575 4,390,793
NONCURRENT ASSETS
Deferred bond issuance costs 61,280 - - - 61,280 -
Total noncurrent assets 61,280 - - - 61,280 -
CAPITAL ASSETS
Nondepreciable 1,917,745 4,599,223 - 77,500 6,594,468 -
Depreciable 17,427,732 11,341,922 - 1,950,830 30,720,484 3,288,455
Accumulated depreciation (4,149,527) (2,950,777) - (774,382) (7,874,686) (1,809,942)
Net capital assets 15,195,950 12,990,368 - 1,253,948 29,440,266 1,478,513
Total assets 16,037,776 13,501,371 957,082 1,840,892 32,337,121 5,869,306
CURRENT LIABILITIES
Accounts payable 227,981 85,553 98,924 15,842 428,300 17,102
Accrued payroll 23,539 48,494 - 872 72,905 5,908
Deposits payable 15,378 11,035 - - 26,413 -
Accrued interest payable 12,970 - - - 12,970 -
Due to other funds 399,963 - 123,106 - 523,069 -
Unearned property taxes - - 883,428 - 883,428 -
Compensated absences payable 10,597 13,610 - 933 25,140 3,277
Current portion of general obligations
bonds payable 450,000 - - - 450,000 -
Total current liabilities 1,140,428 158,692 1,105,458 17,647 2,422,225 26,287
LONG-TERM LIABILITIES
Compensated absences payable 95,369 122,494 - 8,395 226,258 29,491
Other postemployment benefit payable 29,237 19,525 - - 48,762 -
General obligation bonds payable 465,000 - - - 465,000 -
Total long-term liabilities 589,606 142,019 - 8,395 740,020 29,491
Total liabilities 1,730,034 300,711 1,105,458 26,042 3,162,245 55,778
NET ASSETS
Invested in capital assets,
net of related debt 14,280,950 12,990,368 - 1,253,948 28,525,266 1,478,513
Unrestricted 26,792 210,292 (148,376) 560,902 649,610 4,335,015
TOTAL NET ASSETS 14,307,742$ 13,200,660$ (148,376)$ 1,814,850$ 29,174,876$ 5,813,528$
Business-Type Activities
See accompanying notes to financial statements.
- 10 -
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS
PROPRIETARY FUNDS
For the Year Ended April 30, 2011
Governmental
Activities
Nonmajor
Enterprise Total Internal
Water Sewerage Refuse (Parking Lot)Enterprise Service
OPERATING REVENUES
Charges for services 3,777,700$ 2,450,088$ 608,475$ 204,236$ 7,040,499$ 906,671$
Miscellaneous 115,920 41,819 12,724 - 170,463 10,414
Total operating revenues 3,893,620 2,491,907 621,199 204,236 7,210,962 917,085
OPERATING EXPENSES
Administration 532,159 473,604 - - 1,005,763 -
Operations 3,245,974 2,097,343 1,600,736 295,694 7,239,747 382,454
Commodities - - - - - 81,709
Total operating expenses 3,778,133 2,570,947 1,600,736 295,694 8,245,510 464,163
OPERATING INCOME (LOSS)
BEFORE DEPRECIATION 115,487 (79,040) (979,537) (91,458) (1,034,548) 452,922
Depreciation 368,698 275,441 - 26,737 670,876 261,423
OPERATING INCOME (LOSS)(253,211) (354,481) (979,537) (118,195) (1,705,424) 191,499
NONOPERATING REVENUES (EXPENSES)
Investment income - 372 647 3,511 4,530 20,229
Property taxes - - 832,264 - 832,264 -
Gain on disposal of capital assets - - - - - 24,500
Interest expense (68,651) - - - (68,651) -
Miscellaneous - 20,961 - - 20,961 -
Total nonoperating revenues (expenses)(68,651) 21,333 832,911 3,511 789,104 44,729
INCOME (LOSS) BEFORE CONTRIBUTIONS (321,862) (333,148) (146,626) (114,684) (916,320) 236,228
CONTRIBUTIONS - 2,963,996 - - 2,963,996 -
CHANGE IN NET ASSETS (321,862) 2,630,848 (146,626) (114,684) 2,047,676 236,228
NET ASSETS (DEFICIT), MAY 1 14,629,604 10,569,812 (1,750) 1,929,534 27,127,200 5,577,300
NET ASSETS (DEFICIT), APRIL 30 14,307,742$ 13,200,660$ (148,376)$ 1,814,850$ 29,174,876$ 5,813,528$
Business-Type Activities
See accompanying notes to financial statements.
- 11 -
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For the Year Ended April 30, 2011
Governmental
Activities
Nonmajor
Enterprise Total Internal
Water Sewer Refuse (Parking Lot)Enterprise Service
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers and users 3,780,143$ 2,455,584$ 617,952$ 204,236$ 7,057,915$ -$
Receipts from interfund services - - - - - 907,173
Receipts from miscellaneous revenues 115,920 41,819 12,724 - 170,463 10,414
Payments to suppliers (2,734,130) (763,749) (1,525,801) (259,933) (5,283,613) (231,171)
Payments to employees (1,013,038) (1,654,083) (60,797) (23,893) (2,751,811) (229,800)
Payments for interfund services (84,679) (105,427) (40,811) - (230,917) -
Net cash from operating activities 64,216 (25,856) (996,733) (79,590) (1,037,963) 456,616
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Interfund loan 399,963 - 123,106 - 523,069 -
Property taxes - - 809,064 - 809,064 -
Net cash from noncapital
financing activities 399,963 - 932,170 - 1,332,133 -
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Proceeds from sale of capital assets - - - - - 24,500
Capital assets purchased - (2,260) - - (2,260) (142,602)
Bond principal payments (435,000) - - - (435,000) -
Bond interest payments (45,228) - - - (45,228) -
Miscellaneous - 20,961 - - 20,961 -
Net cash from capital and
related financing activities (480,228) 18,701 - - (461,527) (118,102)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 282 375 751 3,371 4,779 19,072
Net cash from investing activities 282 375 751 3,371 4,779 19,072
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS (15,767) (6,780) (63,812) (76,219) (162,578) 357,586
CASH AND CASH EQUIVALENTS, MAY 1 15,767 165,265 63,812 662,221 907,065 3,917,346
CASH AND CASH EQUIVALENTS, APRIL 30 -$ 158,485$ -$ 586,002$ 744,487$ 4,274,932$
Business-Type Activities
(This statement is continued on the following page.)
- 12 -
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF CASH FLOWS (Continued)
PROPRIETARY FUNDS
For the Year Ended April 30, 2011
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)(253,211)$ (354,481)$ (979,537)$ (118,195)$ (1,705,424)$ 191,499$
Adjustments to reconcile operating income (loss)
to net cash from operating activities
Depreciation and amortization 368,698 275,441 - 26,737 670,876 261,423
(Increase) decrease in
Receivables 2,443 5,496 9,477 - 17,416 502
Inventories 49,116 (2,979) - - 46,137 2,757
Due from other governments (109,739) - - - (109,739) -
Increase (decrease) in
Accounts payable (11,283) 15,748 (26,673) 10,997 (11,211) (6,217)
Deposits payable 1,325 1,900 - - 3,225 -
Accrued payroll (3,033) 7,907 - 17 4,891 (51)
Other postemployment benefit payable 9,894 5,477 - - 15,371 -
Compensated absences payable 10,006 19,635 - 854 30,495 6,703
NET CASH FROM OPERATING ACTIVITIES 64,216$ (25,856)$ (996,733)$ (79,590)$ (1,037,963)$ 456,616$
NONCASH TRANSACTIONS
Contributions of capital assets by other funds -$ 2,963,996$ -$ -$ 2,963,996$ -$
TOTAL NONCASH TRANSACTIONS -$ 2,963,996$ -$ -$ 2,963,996$ -$
Business-Type Activities
See accompanying notes to financial statements.
- 13 -
Pension Agency
Trust Fund Funds
ASSETS
Cash and cash equivalents 1,399,207$ 1,443,696$
Investments
U.S. Treasury obligations 10,127,208 -
U.S. agencies securities 1,834,452 -
Mutual funds 15,694,660 -
Municipal bonds 1,746,092 -
Receivables
Accrued interest 91,159 67
Total assets 30,892,778 1,443,763$
LIABILITIES
Accounts payable 11,847 4,987$
Deposits payable - 1,384,024
Other payables - 54,752
Total liabilities 11,847 1,443,763$
NET ASSETS HELD IN TRUST FOR
PENSION BENEFITS 30,880,931$
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
April 30, 2011
See accompanying notes to financial statements.
- 14 -
ADDITIONS
Contributions - employer 1,350,132$
Contributions - employee 364,078
Total contributions 1,714,210
Investment income
Net appreciation in fair value of investments 3,043,536
Interest earned on investments 540,389
Total investment income 3,583,925
Less investment expense (1,662)
Net investment income 3,582,263
Total additions 5,296,473
DEDUCTIONS
Benefits and refunds
Pension payments 1,685,337
Separation refunds 4,305
Administrative 27,674
Total deductions 1,717,316
NET INCREASE 3,579,157
NET ASSETS HELD IN TRUST FOR
PENSION BENEFITS
May 1 27,301,774
April 30 30,880,931$
VILLAGE OF DEERFIELD, ILLINOIS
PENSION TRUST FUND
STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS
For the Year Ended April 30, 2011
See accompanying notes to financial statements.
- 15 -
- 16 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
April 30, 2011
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.
- 16 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 17 -
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
a. Reporting Entity (Continued)
Discretely Presented Component Unit
Deerfield Public Library
The Deerfield Public Library (the Library) has a separately elected seven-member
board, which annually determines its budget and resulting tax levy. Upon approval
of the Village, the levy is submitted to the County. All debt of the Library is secured
by the full faith and credit of the Village, which is wholly liable for the debt. The
Library, while servicing the general population of the Village, does not provide
services entirely to the Village. Because the Library possesses the characteristics of
a legally separate government and does not service the primary government, the
Library is being reported as a discrete presentation. Separate financial statements are
disclosed in the component unit portion of this report. Separate financial statements
are available at the Library, 920 Waukegan Road, Deerfield, IL 60015.
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.
- 17 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 18 -
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
b. Fund Accounting (Continued)
Governmental funds are used to account for all or most of the Village’s general
activities, including the collection and disbursement of earmarked monies (special
revenue funds), the acquisition or construction of capital assets (capital projects
funds) and the servicing of general long-term debt (debt service funds). The general
fund is used to account for all activities of the general government not accounted for
in some other fund.
Proprietary funds are used to account for activities similar to those found in the
private sector, where the determination of net income is necessary or useful to sound
financial administration. Goods or services from such activities can be provided
either to outside parties (enterprise funds) or to other departments or agencies
primarily within the 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.
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.
- 18 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 19 -
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
c. Government-Wide and Fund Financial Statements (Continued)
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
required to be accounted for in another fund.
The Infrastructure Replacement Fund was established for the purpose of
maintaining, repairing and renovating the capital assets of the Village.
The Bond Proceeds Fund accounts for the proceeds of the General Obligation
Bonds, Series 2010A, and related expenditures.
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.
- 19 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 20 -
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
c. Government-Wide and Fund Financial Statements (Continued)
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.
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.
- 20 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 21 -
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
d. Measurement Focus, Basis of Accounting and Financial Statement Presentation
(Continued)
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.
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, 2011 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.”
- 21 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 22 -
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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 a
fund balance reserve account in applicable governmental funds to indicate that they
are not available for appropriation and are not expendable available financial
resources.
h. Inventories
Inventories are valued at cost, which approximates market, using the first-in/first-out
(FIFO) method. The costs of governmental fund inventories are recorded as
expenditures when consumed rather than when purchased.
i. Prepaid Items/Expenses
Payments made to vendors for services that will benefit periods beyond the date of
this report are recorded as prepaid items/expenses and are accounted for on the
consumption method.
j. Capital Assets
Capital assets, which include property, plant, equipment, water and sewer system and
infrastructure assets (e.g., roads, bridges and similar items) are reported in the
applicable governmental or business-type activities columns in the government-wide
financial statements. Capital assets are defined by the Village as assets with an
initial, individual cost in excess of $25,000 and an estimated useful life in excess of
one year.
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.
- 22 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 23 -
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
j. Capital Assets (Continued)
Depreciation of buildings, equipment, water/sewer systems and vehicles is computed
using the straight-line method over the following useful lives:
Years
Buildings and building improvements 20-50
Parking improvements 15-50
Water/sewer system 40-60
Vehicles, machinery and equipment 4-20
Infrastructure 20-50
k. Compensated Absences
Vested or accumulated vacation leave, including related social security and
medicare, that is owed to retirees or terminated employees is reported as an
expenditure and a fund liability of the governmental fund that will pay it in the fund
financial statements and the remainder is reported in long-term debt. Vested or
accumulated vacation leave and vested sick leave of proprietary funds at both levels
and governmental activities at the government-wide level is recorded as an expense
and liability as the benefits accrue to employees.
l. Long-Term Obligations
In the government-wide financial statements and proprietary funds in the fund
financial statements, long-term debt and other long-term obligations are reported as
liabilities in the applicable governmental activities, business-type activities or
proprietary fund financial statements. Bond premiums and discounts, 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.
- 23 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 24 -
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
m. Fund Equity/Net Assets
In the fund financial statements, governmental funds report reservations of fund
balance for amounts that are not available for appropriation or are legally restricted
by outside parties for use for a specific purpose. Designations of fund balance
represent tentative management plans that are subject to change. In the government-
wide financial statements, restricted net assets are legally restricted by outside parties
for a specific purpose. At April 30, 2011, no net asset restrictions were the result of
enabling legislation adopted by the Village. Capital assets, net of related debt is the
book value of the capital assets less the outstanding principal balance of long-term
debt issued to construct or acquire the capital asset.
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.
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.
- 24 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 25 -
2. DEPOSITS AND INVESTMENTS (Continued)
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 45% 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, 2011:
Investment Maturities (in Years)
Fair Greater than
Value Less than 1 1-5 6-10 10
U.S. agency obligations $ 3,953,705 $ 77,616 $ 500,605 $ 2,500,540 $ 874,944
Municipal obligations 1,003,025 1,003,025 - - -
Illinois Funds 2,109,173 2,109,173 - - -
IMET 21,330,363 - 21,330,363 - -
TOTAL $ 28,396,266 $ 3,189,814 $ 21,830,968 $ 2,500,540 $ 874,944
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.
- 25 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 26 -
2. DEPOSITS AND INVESTMENTS (Continued)
b. Village Investments (Continued)
The Village limits its exposure to credit risk, the risk that the issuer of a debt security
will not pay its par value upon maturity, by primarily investing in U.S. agency
obligations rated AAA by Moody’s ratings. Illinois Funds 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.
- 26 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 27 -
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, 2011:
Investment Maturities (in Years)
Fair Greater than
Value Less than 1 1-5 6-10 10
U.S. Treasury obligations $ 10,127,208 $ - $ - $ - $ 10,127,208
U.S. agency obligations 1,834,452 - 533,615 - 1,300,837
Municipal bonds 1,746,092 - 748,645 200,282 797,165
Illinois Funds 287,453 287,453 - - -
IMET 1,111,755 - 1,111,755 - -
TOTAL $ 15,106,960 $ 287,453 $ 2,394,015 $ 200,282 $ 12,225,210
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 BBB 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.
- 27 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 28 -
2. DEPOSITS AND INVESTMENTS (Continued)
d. Police Pension Fund Investments (Continued)
Concentration of credit risk - The Police Pension Fund’s investment policy limits the
amount of the portfolio that can be invested in any one investment vehicle. With the
exception of U.S. Treasury securities and authorized pools, no more than 60% of the
Police Pension Fund’s total investment portfolio can be invested in a single security
type or with a single financial institution.
The Police Pension Fund’s investment policy does not specifically prohibit the use of
or the investment in derivatives.
3. RECEIVABLES - TAXES
Property taxes for 2010 attach as an enforceable lien on January 1, 2010 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, 2011 and August 1, 2011 and are payable in two installments, on or
about March 1, 2011 and September 1, 2011. The County collects such taxes and remits
them periodically.
The 2010 tax levy collections are intended to finance the 2012 fiscal year and are not
considered available for current operations and are, therefore, shown as unearned/deferred
revenue.
The 2011 tax levy, which attached as an enforceable lien on property as of January 1,
2011, has not been recorded as a receivable as of April 30, 2011 as the tax has not yet been
levied by the Village and will not be levied until December 2011 and, therefore, the levy is
not measurable at April 30, 2011.
4. CAPITAL ASSETS
Capital asset activity for the year ended April 30, 2011 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 431,014 4,647,545 - 5,078,559
Total capital assets not being depreciated 21,201,197 4,647,545 - 25,848,742
Capital assets being depreciated
Buildings and improvements 12,232,033 - - 12,232,033
Vehicles, machinery and equipment 3,256,576 142,602 79,463 3,319,715
Infrastructure 91,019,712 829,548 841,173 91,008,087
Total capital assets being depreciated 106,508,321 972,150 920,636 106,559,835
- 28 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 29 -
4. CAPITAL ASSETS (Continued)
Beginning
Balance
Increases
Decreases
Ending
Balance
GOVERNMENTAL ACTIVITIES (Continued)
Less accumulated depreciation for
Buildings and improvements $ 2,515,122 $ 291,342 $ - $ 2,806,464
Vehicles, machinery and equipment 1,638,924 264,549 79,463 1,824,010
Infrastructure 57,194,543 1,774,008 688,710 58,279,841
Total accumulated depreciation 61,348,589 2,329,899 768,173 62,910,315
Total capital assets being depreciated, net 45,159,732 (1,357,749) 152,463 43,649,520
GOVERNMENTAL ACTIVITIES
CAPITAL ASSETS, NET $ 66,360,929 $ 3,289,796 $ 152,463 $ 69,498,262
BUSINESS-TYPE ACTIVITIES
Capital assets not being depreciated
Land $ 1,955,456 $ - $ - $ 1,955,456
Construction in progress 1,792,134 2,846,878 - 4,639,012
Total capital assets not being depreciated 3,747,590 2,846,878 - 6,594,468
Capital assets being depreciated
Buildings and improvements 11,274,790 - - 11,274,790
Parking lot improvements 1,950,830 - - 1,950,830
Vehicles, machinery and equipment 595,397 - - 595,397
Water distribution system 12,652,212 - - 12,652,212
Sanitary sewer system 4,127,877 119,378 - 4,247,255
Total capital assets being depreciated 30,601,106 119,378 - 30,720,484
Less accumulated depreciation for
Buildings and improvements 3,034,383 270,600 - 3,304,983
Parking lot improvements 747,645 26,737 - 774,382
Vehicles, machinery and equipment 565,282 8,322 - 573,604
Water distribution system 1,784,535 271,920 - 2,056,455
Sanitary sewer system 1,071,965 93,297 - 1,165,262
Total accumulated depreciation 7,203,810 670,876 - 7,874,686
Total capital assets being depreciated, net 23,397,296 (551,498) - 22,845,798
BUSINESS-TYPE ACTIVITIES
CAPITAL ASSETS, NET $ 27,144,886 $ 2,295,380 $ - $ 29,440,266
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
2,050,918
DEPRECIATION EXPENSE - GOVERNMENTAL ACTIVITIES $ 2,329,899
- 29 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 30 -
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.
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.
- 30 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 31 -
5. RISK MANAGEMENT (Continued)
High-Level Excess Liability Pool (HELP) (Continued)
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.
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*
$ 1,350,000
$ -
$ 435,000
$ 915,000
$ 450,000
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**
4,825,000
-
180,000
4,645,000
185,000
- 31 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 32 -
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
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
$ -
$ 12,500,000
$ 525,000
TOTAL $ 6,175,000 $ 12,500,000 $ 615,000 $ 18,060,000 $ 1,160,000
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 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 2011 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 the tax levy on this bond issue for fiscal 2011 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.
- 32 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 33 -
6. LONG-TERM DEBT (Continued)
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
2012 $ 710,000 $ 662,340 $ 1,372,340 $ 450,000 $ 31,125 $ 481,125
2013 730,000 640,403 1,370,403 465,000 16,275 481,275
2014 740,000 628,018 1,368,018 - - -
2015 755,000 614,079 1,369,079 - - -
2016 765,000 598,104 1,363,104 - - -
2017 780,000 579,129 1,359,129 - - -
2018 790,000 557,999 1,347,999 - - -
2019 810,000 534,024 1,344,024 - - -
2020 830,000 507,674 1,337,674 - - -
2021 855,000 477,120 1,332,120 - - -
2022 875,000 444,139 1,319,139 - - -
2023 900,000 408,529 1,308,529 - - -
2024 935,000 370,654 1,305,654 - - -
2025 960,000 329,666 1,289,666 - - -
2026 995,000 286,271 1,281,271 - - -
2027 1,030,000 239,958 1,269,958 - - -
2028 1,065,000 190,232 1,255,232 - - -
2029 1,095,000 138,130 1,233,130 - - -
2030 750,000 83,875 833,875
2031 775,000 42,625 817,625 - - -
TOTAL $ 17,145,000 $8,332,969 $ 25,477,969 $ 915,000 $ 47,400 $ 962,400
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 $ 4,825,000 $12,500,000 $ 180,000 $17,145,000 $ 710,000
Compensated absences
(Governmental) General 1,492,313 188,206 161,937 1,518,582 212,022
Compensated absences
(Internal Service)
Garage
26,065
9,309
2,606
32,768
3,277
Other postemployment
benefit
General
299,886
127,757
-
427,643
-
TOTAL GOVERNMENTAL
ACTIVITIES $ 6,643,264 $12,825,272 $ 344,543 $19,123,993 $ 925,299
- 33 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 34 -
6. LONG-TERM DEBT (Continued)
c. Changes in Long-Term Liabilities (Continued)
Fund Debt
Retired By
Balances
May 1
Additions
Reductions
Balances
April 30
Current
Portion
BUSINESS-TYPE
ACTIVITIES
General obligation bonds
Water Water $ 1,350,000 $ - $ 435,000 $ 915,000 $ 450,000
Compensated absences
(Enterprise)
Water/Sewer/
Parking
220,903
52,585
22,090
251,398
25,140
Other postemployment
benefit Water/Sewer
33,391
15,371
-
48,762
-
TOTAL BUSINESS-TYPE
ACTIVITIES
$ 1,604,294
$ 67,956
$ 457,090
$ 1,215,160
$ 475,140
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.
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.
- 34 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 35 -
6. LONG-TERM DEBT (Continued)
e. Noncommitment Debt - Industrial Development Revenue Bonds (Continued)
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.
5/18/06 Industrial Revenue 27,515,000 Chicagoland Jewish High School
As of April 30, 2011, there were two IDRBs outstanding. The aggregate principal
amount payable for the series which could be determined was $27,515,000. The
aggregate principal payable for the other series of IDRBs could not be determined;
however, its original issue amount was $1,000,000. The Village has been notified
that the IDRB for the Chicagoland Jewel High School is in default.
7. INTERFUND ASSETS/LIABILITIES
a. Interfund Transfers
Transfers From Transfers To Amount
General Debt Service $ 210,000
Bond Proceeds Infrastructure Replacement 7,296,834
TOTAL $ 7,506,834
The purpose of significant transfers to/from other funds is as follows:
$210,000 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.
$7,296,834 transferred from the Bond Proceeds Fund to the Infrastructure
Replacement Fund is to provide additional funding needed to complete
budgeted capital projects.
- 35 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 36 -
7. INTERFUND ASSETS/LIABILITIES (Continued)
b. Due to/from Other Funds
Receivable Fund Payable Fund Amount
General Water $ 399,963
General Refuse 123,106
Infrastructure Replacement Bond Proceeds 2,397,349
TOTAL $ 2,920,418
The interfund payables/receivables all represent temporary financing that will be
repaid within one year.
8. COMMITMENTS
High-Level Excess Liability Pool (HELP)
The Village has committed to purchase excess liability insurance from HELP, a joint
venture of Illinois municipalities.
These amounts have been calculated using the Village’s current allocation percentage of
3.69% 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.
- 36 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 37 -
9. CONTINGENT LIABILITIES (Continued)
b. Grants
Amounts received or receivable from grantor agencies are subject to audit and
adjustment by grantor agencies, principally the federal government. Any disallowed
claims, including amounts already collected, may constitute a liability of the
applicable funds. The amount, if any, of expenditures that may be disallowed by the
grantor cannot be determined at this time although the Village expects such amounts,
if any, to be immaterial.
c. High-Level Excess Liability Pool (HELP)
The Village’s agreement with HELP provides that each member is liable for its
proportionate share of any costs arising from defaults in payment obligations by
other members.
d. Solid Waste Agency of Lake County (SWALCO)
The Village’s contract with SWALCO provides that each member is liable for its
proportionate share of any costs arising from defaults in payment obligations by
other members.
10. JOINT VENTURES
Solid Waste Agency of Lake County (SWALCO)
Description of Joint Venture
The Village is a member of SWALCO, which consists of 35 municipalities. SWALCO is
a municipal corporation and public body politic and corporate established pursuant to the
Constitution of the State of Illinois and the Intergovernmental Cooperation Act of the State
of Illinois, as amended (the Act). SWALCO is empowered under the Act to plan,
construct, finance, operate and maintain a solid waste disposal system to serve its
members.
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.
- 37 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 38 -
10. JOINT VENTURES (Continued)
Solid Waste Agency of Lake County (SWALCO) (Continued)
Description of Joint Venture (Continued)
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, 2011.
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.
- 38 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 39 -
11. OTHER POSTEMPLOYMENT BENEFITS (Continued)
c. Membership
At April 30, 2010, membership consisted of:
Retirees and beneficiaries currently receiving
benefits 30
Terminated employees entitled
to benefits but not yet receiving them -
Active employees 107
TOTAL 137
Participating employers 1
d. Funding Policy
The Village is not required to and currently does not advance fund the cost of
benefits that will become due and payable in the future. Active employees do not
contribute to the plan until retirement.
e. Annual OPEB Costs and Net OPEB Obligation
The Village 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
2009 $ 202,300 $ 109,400 54.1% $ 185,100
2010 316,377 168,200 53.2% 333,277
2011 329,853 186,725 56.6% 476,405
- 39 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 40 -
11. OTHER POSTEMPLOYMENT BENEFITS (Continued)
e. Annual OPEB Costs and Net OPEB Obligation (Continued)
The net OPEB obligation as of April 30, 2011, was calculated as follows:
Annual required contribution $ 328,060
Interest on net OPEB obligation 13,331
Adjustment to annual required contribution (11,538)
Annual OPEB cost 329,853
Contributions made 186,725
Increase in net OPEB obligation 143,128
Net OPEB obligation, beginning of year 333,277
NET OPEB OBLIGATION, END OF YEAR $ 476,405
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%
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.
- 40 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 41 -
11. OTHER POSTEMPLOYMENT BENEFITS (Continued)
e. Annual OPEB Costs and Net OPEB Obligation (Continued)
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).
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, 2010 was 14.00% of covered payroll.
- 41 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 42 -
12. EMPLOYEE RETIREMENT SYSTEMS (Continued)
a. Plan Descriptions and Provisions (Continued)
Illinois Municipal Retirement Fund (Continued)
IMRF issues a separate financial report which may be obtained by writing them at
IMRF, 2211 York Road, Suite 500, Oak Brook, Illinois 60523. This report contains
information for IMRF as a whole, but not by individual employer.
Police Pension Plan
Police sworn personnel are covered by the Police Pension Plan, which is a defined
benefit single-employer pension plan. Although this is a single-employer pension
plan, the defined benefits and employee and employer contributions levels are
governed by Illinois Compiled Statutes (Chapter 40 - Article 5/3) and can be
amended only by the Illinois legislature. The Village accounts for the Police Pension
Plan as a pension trust fund. At April 30, 2011, the Police Pension Plan membership
consisted of:
Retirees and beneficiaries currently receiving benefits 27
Terminated employees entitled to benefits but not
yet receiving them 3
Current employees
Vested 29
Nonvested 9
TOTAL 68
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.
- 42 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 43 -
12. EMPLOYEE RETIREMENT SYSTEMS (Continued)
a. Plan Descriptions and Provisions (Continued)
Police Pension Plan (Continued)
Tier 2 employees (those hired on or after January 1, 2011) attaining the age of 55 or
older with ten or more years of creditable service are entitled to receive an annual
retirement benefit equal to the average monthly salary obtained by dividing the total
salary of the police officer during the 96 consecutive months of service within the
last 120 months of service in which the total salary was the highest by the number of
months of service in that period. Police officers’ salary for pension purposes is
capped at $106,800, plus the lesser of ½ of the annual change in the Consumer Price
Index or 3.00% compounded. The annual benefit shall be increased by 2.50% of
such salary for each additional year of service over 20 years up to 30 years to a
maximum of 75.00% of such salary. Employees with at least ten years may retire at
or after age 50 and receive a reduced benefit (i.e., ½% for each month under 55).
The monthly benefit of a Tier 2 police officer shall be increased annually at age 60
on the January 1st after the police officer retires, or the first anniversary of the
pension starting date, whichever is later. Noncompounding increases occur annually,
each January thereafter. The increase is the lesser of 3.00% or ½ of the change in the
Consumer Price Index for the proceeding calendar year.
Covered employees are required to contribute 9.91% of their base salary to the
Police Pension Plan. If an employee leaves covered employment with less than 20
years of service, accumulated employee contributions may be refunded without
accumulated interest. The Village is required to contribute the remaining amounts
necessary to finance the Police Pension Plan as actuarially determined by an enrolled
actuary. The Village’s contributions must accumulate to the point where the past
service cost for the Police Pension Plan is fully funded by the year 2040. The
employer contribution for the fiscal year ended April 30, 2011 was 40.2% 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.
- 43 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 44 -
12. EMPLOYEE RETIREMENT SYSTEMS (Continued)
b. Summary of Significant Accounting Policies and Plan Asset Matters (Continued)
Significant Investments - Investments (other than U.S. Government and U.S.
Government guaranteed obligations) in a Vanguard Mutual Fund representing 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.
c. Annual Pension Cost
Illinois
Municipal
Retirement
Police
Pension
Actuarial valuation date December 31,
2008
April 30,
2010
Actuarial cost method Entry-age
Normal
Entry-age
Normal
Level Dollar
Asset valuation method 5 Year
Smoothed
Market
Actuarial
Value
Amortization method Level
Percentage of
Payroll
Level
Dollar
Amortization period 30 Years,
Open
23 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%
- 44 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 45 -
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) 2009 $ 778,342 $ 857,345
2010 848,052 1,217,237
2011 978,074 1,367,090
Actual contribution 2009 $ 778,342 $ 843,209
2010 848,052 1,202,006
2011 978,074* 1,350,132
Percentage of APC contributed 2009 100.00% 98.35%
2010 100.00% 98.75%
2011 100.00% 98.70%
NPO (asset) 2009 $ - $ (982,318)
2010 - (967,087)
2011 - (950,129)
* Of this amount, $791,958 (80.97%) was contributed by the Village and $186,116
(19.03%) was contributed by the Library.
The Village’s annual pension cost and net pension obligation (asset) for the Police
Pension Plan for April 30, 2011 are as follows:
Annual required contribution $ 1,350,132
Interest on net pension obligation (asset) (72,532)
Adjustment to annual required contribution 89,490
Annual pension cost 1,367,090
Contributions made 1,350,132
Increase in net pension obligation 16,958
Net pension obligation (asset), beginning of year (967,087)
NET PENSION OBLIGATION (ASSET), END OF YEAR $ (950,129)
- 45 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 46 -
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, 2010 for Illinois Municipal Retirement and April 30, 2010 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) $ 17,300,765 $ 40,399,625
Actuarial value of plan assets 9,932,360 28,394,421
Unfunded actuarial accrued liability (UAAL) 7,368,405 12,005,205
Funded ratio (actuarial value of plan
assets/AAL)
57.41%
70.28%
Covered payroll (active plan members) $ 6,847,499 $ 3,356,276
UAAL as a percentage of covered payroll 107.61% 357.69%
* Includes both the Village and the Library.
The actuarial value of plan assets for the Police Pension Plan above is as of April 30,
2010.
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,
2011, the Village has accrued an estimated rebate liability of $361,292 for amounts
collected by the state through April 30, 2011 but not yet paid to the commercial entity. To
date, the Village has paid $6,405,155 to the commercial entity. The agreement has no
stated maximum.
- 46 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 47 -
14. SUBSEQUENT EVENT
The Village approved the issuance of 2011A Tax Exempt General Obligation Bonds of
$9,900,000 and 2011B Qualified Energy Conservation Bonds of $12,500,000 on
September 26, 2011.
In August 2011, Standard and Poor’s reduced its rating of the U.S. Government securities
from AAA to AA+. This in turn led to a similar change in rating for IMET. This does not
affect the Village’s AAA ratings.
15. COMPONENT UNIT - DEERFIELD PUBLIC LIBRARY
a. Summary Financial Information
The following is summary fund financial information for the Deerfield Public
Library (the Library) for the fiscal year ended April 30, 2011:
General
Adjustments
Statement of
Net Assets
ASSETS
Cash and investments $ 3,939,147 $ - $ 3,939,147
Receivables
Property taxes 2,911,214 - 2,911,214
Interest 25,513 - 25,513
Capital assets, net of
accumulated depreciation - 722,980 722,980
Total assets 6,875,874 722,980 7,598,854
LIABILITIES
Accounts payable 128,453 - 128,453
Accrued payroll 62,600 - 62,600
Deferred property taxes 3,050,000 - 3,050,000
Compensated
absences payable/OPEB - 156,899 156,899
Total liabilities 3,241,053 156,899 3,397,952
FUND BALANCES/NET ASSETS
Fund balances - unreserved
Designated for scholarship 13,434 (13,434) -
Undesignated 3,621,387 (3,621,387) -
Net assets
Invested in capital assets,
net of related debt - 722,980 722,980
Unrestricted - 3,477,922 3,477,922
TOTAL FUND BALANCES/
NET ASSETS
$ 3,634,821
$ 566,081
$ 4,200,902
- 47 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 48 -
15. COMPONENT UNIT - DEERFIELD PUBLIC LIBRARY (Continued)
a. Summary Financial Information (Continued)
General
Adjustments
Statement of
Activities
REVENUES
Property taxes $ 2,877,857 $ - $ 2,877,857
Replacement taxes 87,072 - 87,072
Intergovernmental 20,850 - 20,850
Charges for services 90,348 - 90,348
Investment income 20,845 - 20,845
Miscellaneous 16,585 - 16,585
Total revenues 3,113,557 - 3,113,557
EXPENDITURES/EXPENSES
Culture and recreation 3,206,332 (288,161) 2,918,171
Total expenditures/expenses 3,206,332 (288,161) 2,918,171
NET CHANGE IN FUND BALANCE/
NET ASSETS (92,775) 288,161 195,386
FUND BALANCE/NET ASSETS,
MAY 1 3,727,596 277,920 4,005,516
FUND BALANCES/NET ASSETS,
APRIL 30 $ 3,634,821 $ 566,081 $ 4,200,902
b. Deposits and Investments
1) Deposits
Permitted Deposits and Investments - The Illinois Compiled Statutes and the
Library’s investment policy authorize the Library 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.
Illinois Funds is an investment pool managed by the State of Illinois, Office of
the Treasurer, which allows governments within the state to pool their funds
for investment purposes. Illinois Funds is not registered with the SEC as an
investment company, but does operate in a manner consistent with Rule 2a7 of
the Investment Company Act of 1940. Investments in Illinois Funds are
valued at Illinois Fund’s share price, which is the price the investment could be
sold for.
- 48 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 49 -
15. COMPONENT UNIT - DEERFIELD PUBLIC LIBRARY (Continued)
b. Deposits and Investments (Continued)
1) Deposits (Continued)
It is the policy of the Library 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 Library 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.
Custodial credit risk for deposits with financial institutions is the risk that in
the event of a banks failure, the Library’s deposits may not be returned to it.
The Library’s investment policy requires pledging of collateral held by the
Library’s agent with a fair value of 100% of all bank balances in excess of
federal depository insurance. At April 30, 2011, all of the Library’s bank
balances were insured or collateralized.
2) Investments
As of April 30, 2011, the Library had the following investments and maturities of
debt securities:
Investment Maturities (in Years)
Fair Value
Less than 1
1-5
6-10
Greater than
10
Illinois Funds $ 2,446,174 $ 2,446,174 $ - $ - $ -
TOTAL $ 2,446,174 $ 2,446,174 $ - $ - $ -
In accordance with the Library’s investment policy, the Library limits its
exposure to interest rate risk by structuring the portfolio to provide liquidity for
operating funds and maximizing yields. The investment policy limits the
maximum maturity length of investments to one year from date of purchase,
unless matched to a specific cash flow. Reserve funds may be invested in
securities exceeding one year if the maturity of such funds are made to
coincide as nearly as practicable with the expected use of the funds.
- 49 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 50 -
15. COMPONENT UNIT - DEERFIELD PUBLIC LIBRARY (Continued)
b. Deposits and Investments (Continued)
2) Investments (Continued)
The Library 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
Illinois Funds, which is rated AAA by Standard and Poor’s.
Custodial credit risk for investments is the risk that, in the event of the failure
of the counterparty to the investment, the Library will not be able to recover
the value of its investments that are in possession of an outside party. Illinois
Funds is not subject to custodial credit risk.
c. Receivables - Taxes
Property taxes for the 2010 levy year attach as an enforceable lien on January 1,
2010, on property values assessed as of the same date. Taxes are levied by
December 31 of the subsequent fiscal year end by passage of a Tax Levy Ordinance.
Tax bills are prepared by the County and issued on or about February 1, 2011 and
August 1, 2011, and are payable in two installments, on or about March 1, 2011 and
September 1, 2011. The County collects such taxes and remits them periodically.
The 2011 tax levy collections are intended to finance the 2012 fiscal year and are not
considered available for current operations and are, therefore, shown as unearned
revenue. The 2011 tax levy has not been recorded as a receivable at April 30, 2011,
as the tax attached as a lien on property as of January 1, 2011; however, the tax will
not be levied until December 2011 and, accordingly, is not measurable at April 30,
2011.
d. Capital Assets
Capital assets, which include land, buildings and equipment, are reported in the
governmental activities in the government-wide financial statements. Capital assets
are defined by the Library as assets with an initial, individual cost in excess of
$25,000 and an estimated useful life in excess of one year.
Such assets are recorded at historical cost or estimated historical cost if purchased or
constructed. Donated capital assets are recorded at estimated fair market value at the
date of donation. The costs of normal maintenance and repairs that do not add to the
value of the asset or materially extend asset lives are not capitalized.
- 50 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 51 -
15. COMPONENT UNIT - DEERFIELD PUBLIC LIBRARY (Continued)
d. Capital Assets (Continued)
Major outlays for capital assets and improvements are capitalized as projects are
constructed. Buildings and equipment are depreciated using the straight-line method
over the following estimated useful lives:
Years
Buildings 45
Equipment 7
The following is a summary of changes in capital assets during the fiscal year:
Beginning
Balance
Increases
Decreases
Ending
Balance
GOVERNMENTAL ACTIVITIES
Capital assets not being depreciated
Land $ 65,493 $ - $ - $ 65,493
Construction in progress - 93,306 - 93,306
Total capital assets not being depreciated 65,493 93,306 - 158,799
Capital assets being depreciated
Buildings 1,050,000 - - 1,050,000
Equipment 253,887 274,385 - 528,272
Total capital assets being depreciated 1,303,887 274,385 - 1,578,272
Less accumulated depreciation for
Buildings 933,332 23,333 - 956,665
Equipment 17,154 40,272 - 57,426
Total accumulated depreciation 950,486 63,605 - 1,014,091
Total capital assets being depreciated, net 353,401 210,780 - 564,181
GOVERNMENTAL ACTIVITIES
CAPITAL ASSETS, NET $ 418,894 $ 304,086 $ - $ 722,980
- 51 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
- 52 -
15. COMPONENT UNIT - DEERFIELD PUBLIC LIBRARY (Continued)
e. Changes in Long-Term Liabilities
The following is a summary of changes in long-term liabilities for the year ended
April 30, 2011:
Balance,
May 1
Additions
Retirements
Balance,
April 30
Current
Portion
Compensated absences $ 99,015 $ 61,575 $ 60,100 $ 100,490 $ 66,916
Other postemployment
benefit 41,959 14,450 - 56,409 -
TOTAL LONG-TERM
LIABILITIES $ 140,974 $ 76,025 $ 60,100 $ 156,899 $ 66,916
- 52 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended April 30, 2011
Original Final
Budget Budget Actual
REVENUES
Taxes 14,730,000$ 14,730,000$ 14,219,787$
Licenses and permits 899,000 899,000 1,431,793
Intergovernmental 39,000 39,000 182,983
Charges for services 256,500 256,500 384,226
Fines and forfeits 230,500 230,500 262,542
Investment income 180,000 180,000 74,847
Miscellaneous 610,000 610,000 704,552
Total revenues 16,945,000 16,945,000 17,260,730
EXPENDITURES
General government 5,910,427 5,910,427 5,328,331
Public safety 9,142,496 9,142,496 8,167,351
Highways and streets 2,633,408 2,633,408 2,542,200
Total expenditures 17,686,331 17,686,331 16,037,882
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (741,331) (741,331) 1,222,848
OTHER FINANCING SOURCES (USES)
Transfers (out)(410,000) (410,000) (210,000)
Sale of capital assets 7,500 7,500 30,161
Total other financing sources (uses)(402,500) (402,500) (179,839)
NET CHANGE IN FUND BALANCE (1,143,831)$ (1,143,831)$ 1,043,009
FUND BALANCE, MAY 1 16,067,351
FUND BALANCE, APRIL 30 17,110,360$
(See independent auditor's report.)
- 53 -
(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)
2005 12,458,723$ 15,094,476$ 82.54%2,635,753$ 5,751,893$ 45.82%
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%
Note: Amounts above include both the Village of Deerfield and Deerfield Public Library.
April 30, 2011
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF FUNDING PROGRESS
ILLINOIS MUNICIPAL RETIREMENT FUND
(See independent auditor's report.)
- 54 -
(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)
2005 23,569,208$ 27,807,134$ 84.76%4,237,926$ 2,864,889$ 147.93%
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%
April 30, 2011
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF FUNDING PROGRESS
POLICE PENSION FUND
(See independent auditor's report.)
- 55 -
(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%
Information for prior years is not available as the Village's first actuarial valuation was performed
May 1, 2007.
April 30, 2011
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF FUNDING PROGRESS
OTHER POSTEMPLOYMENT BENEFIT PLAN
(See independent auditor's report.)
- 56 -
Annual
Required
Fiscal Employer Contribution Percentage
Year Contributions (ARC)Contributed
2006 595,737$ 595,737$ 100.00%
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%
Note: Amounts above include both the Village of Deerfield and Deerfield Public Library.
April 30, 2011
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF EMPLOYER CONTRIBUTIONS
ILLINOIS MUNICIPAL RETIREMENT FUND
(See independent auditor's report.)
- 57 -
Annual
Required
Fiscal Employer Contribution Percentage
Year Contributions (ARC)Contributed
2006 575,395$ 575,395$ 100.00%
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%
April 30, 2011
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF EMPLOYER CONTRIBUTIONS
POLICE PENSION FUND
(See independent auditor's report.)
- 58 -
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%
Information for prior years is not available as the Village's first actuarial valuation was
performed May 1, 2007.
April 30, 2011
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF EMPLOYER CONTRIBUTIONS
OTHER POSTEMPLOYMENT BENEFIT PLAN
(See independent auditor's report.)
- 59 -
- 59 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
April 30, 2011
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, no supplementary appropriations were necessary.
- 60 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended April 30, 2011
Original Final
Budget Budget Actual
TAXES
Property 2,150,000$ 2,150,000$ 1,989,698$
Replacement 75,000 75,000 90,771
Sales 4,600,000 4,600,000 4,372,978
Home rule sales 2,650,000 2,650,000 2,725,330
Local use 230,000 230,000 265,672
Income 1,425,000 1,425,000 1,436,146
Electric utility tax 1,100,000 1,100,000 1,162,527
Hotel/motel 1,650,000 1,650,000 1,532,536
Telecommunication 850,000 850,000 644,129
Total taxes 14,730,000 14,730,000 14,219,787
LICENSES AND PERMITS
Beer/liquor licenses 65,000 65,000 73,255
Food licenses 8,000 8,000 6,890
Other business licenses 28,000 28,000 5,485
Building permits 400,000 400,000 945,990
Contractor's licenses 8,000 8,000 7,050
Nonbusiness licenses and permits 53,000 53,000 62,281
Vehicle licenses 337,000 337,000 330,842
Total licenses and permits 899,000 899,000 1,431,793
INTERGOVERNMENTAL
Federal grant - - 105,082
State grant 6,000 6,000 28,192
State highway maintenance 33,000 33,000 49,709
Total intergovernmental 39,000 39,000 182,983
CHARGES FOR SERVICES
Special police services 162,500 162,500 179,807
Dispatching services 84,000 84,000 93,492
50/50 tree planting 8,000 8,000 69,444
Engineering services 2,000 2,000 41,483
Total charges for services 256,500 256,500 384,226
FINES AND FORFEITS 230,500 230,500 262,542
INVESTMENT INCOME 180,000 180,000 74,847
(This schedule is continued on the following page.)
- 61 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2011
Original Final
Budget Budget Actual
MISCELLANEOUS
False alarms 28,000$ 28,000$ 34,817$
Sale of materials 2,000 2,000 -
Rentals 180,000 180,000 186,276
Miscellaneous 110,000 110,000 131,475
Franchise fees 290,000 290,000 351,984
Total miscellaneous 610,000 610,000 704,552
TOTAL REVENUES 16,945,000$ 16,945,000$ 17,260,730$
(See independent auditor's report.)
- 62 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended April 30, 2011
Original Final
Budget Budget Actual
GENERAL GOVERNMENT
Finance department
Personnel services 1,163,747$ 1,163,747$ 1,132,683$
Less IPBC terminal reserve dividend - - (5,097)
Training and development 8,800 8,800 3,546
Contractual services 1,964,200 1,964,200 1,649,473
Commodities 22,000 22,000 8,032
Utilities 20,000 20,000 18,085
Capital outlay 40,167 40,167 40,208
Total finance department 3,218,914 3,218,914 2,846,930
Administration
Personnel services 534,600 534,600 484,508
Training and development 6,500 6,500 3,712
Contractual services 436,975 436,975 473,066
Commodities 10,000 10,000 2,483
Utilities 1,500 1,500 870
Capital outlay 56,500 56,500 34,118
Total administration 1,046,075 1,046,075 998,757
Community development
Personnel services 926,231 926,231 864,144
Training and development 8,000 8,000 6,873
Contractual services 127,500 127,500 114,417
Commodities 22,700 22,700 10,222
Utilities 6,500 6,500 5,350
Capital outlay 7,250 7,250 6,136
Total community development 1,098,181 1,098,181 1,007,142
Engineering
Personnel services 324,800 324,800 275,324
Training and development 4,700 4,700 3,600
Contractual services 177,650 177,650 164,501
Commodities 14,250 14,250 9,922
Utilities 7,200 7,200 7,832
Capital outlay 18,657 18,657 14,323
Total engineering 547,257 547,257 475,502
Total general government 5,910,427 5,910,427 5,328,331
PUBLIC SAFETY
Police department
Administrative services
Personnel services 904,335 904,335 852,822
Training and development 24,500 24,500 4,969
(This schedule is continued on the following pages.)
- 63 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2011
Original Final
Budget Budget Actual
PUBLIC SAFETY (Continued)
Police department (Continued)
Administrative services (Continued)
Contractual services 647,000$ 647,000$ 603,143$
Commodities 52,000 52,000 28,995
Utilities 23,500 23,500 14,642
Capital outlay 145,416 145,416 144,842
Total administrative services 1,796,751 1,796,751 1,649,413
Communications
Personnel services 889,856 889,856 812,757
Training and development 5,600 5,600 2,867
Contractual services 500 500 367
Capital outlay 2,500 2,500 1,839
Total communications 898,456 898,456 817,830
Investigations
Personnel services 1,098,303 1,098,303 1,020,417
Training and development 6,950 6,950 1,077
Contractual services 7,000 7,000 5,530
Commodities 15,000 15,000 8,791
Capital outlay 7,500 7,500 2,480
Total investigations 1,134,753 1,134,753 1,038,295
Patrol
Personnel services 4,906,276 4,906,276 4,352,350
Training and development 36,900 36,900 21,835
Contractual services 66,000 66,000 46,568
Commodities 75,000 75,000 58,040
Utilities 6,000 6,000 4,632
Capital outlay 10,000 10,000 8,700
Total patrol 5,100,176 5,100,176 4,492,125
Special detail
Personnel services 212,360 212,360 169,688
Total special detail 212,360 212,360 169,688
Total public safety 9,142,496 9,142,496 8,167,351
HIGHWAYS AND STREETS
Public works department
Administration
Personnel services 262,760 262,760 221,659
Training and development 1,400 1,400 530
Contractual services 181,300 181,300 185,914
(This schedule is continued on the following page.)
- 64 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2011
Original Final
Budget Budget Actual
HIGHWAYS AND STREETS (Continued)
Public works department (Continued)
Administration (Continued)
Commodities 10,450$ 10,450$ 5,136$
Utilities 8,300 8,300 8,591
Capital outlay 144,823 144,823 143,401
Total administration 609,033 609,033 565,231
Maintenance
Personnel services 710,950 710,950 585,096
Contractual services 102,000 102,000 100,014
Commodities 67,250 67,250 80,416
Utilities 110,000 110,000 127,540
Capital outlay 10,000 10,000 8,027
Total maintenance 1,000,200 1,000,200 901,093
Snow and ice control
Personnel services 137,750 137,750 177,027
Contractual services 105,500 105,500 212,188
Commodities 419,000 419,000 387,052
Capital outlay 2,500 2,500 -
Total snow and ice control 664,750 664,750 776,267
Forestry
Personnel services 12,025 12,025 4,748
Contractual services 213,000 213,000 171,408
Commodities 8,500 8,500 4,951
Capital outlay 53,500 53,500 64,058
Total forestry 287,025 287,025 245,165
Train station maintenance
Personnel services 10,700 10,700 8,938
Contractual services 57,000 57,000 42,578
Commodities 4,500 4,500 2,928
Utilities 200 200 -
Total train station maintenance 72,400 72,400 54,444
Total highways and streets 2,633,408 2,633,408 2,542,200
TOTAL EXPENDITURES 17,686,331$ 17,686,331$ 16,037,882$
(See independent auditor's report.)
- 65 -
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, 2011
Original Final
Budget Budget Actual
REVENUES
Taxes
Property 45,000$ 45,000$ 44,825$
Sales 800,000 800,000 908,444
Intergovernmental 4,911,000 4,911,000 206,819
Investment income 1,000 1,000 309
Miscellaneous 348,500 348,500 7,863
Total revenues 6,105,500 6,105,500 1,168,260
EXPENDITURES
Capital outlay
Contractual services 1,361,000 1,361,000 491,502
Construction 16,769,000 16,769,000 7,787,141
Total expenditures 18,130,000 18,130,000 8,278,643
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (12,024,500) (12,024,500) (7,110,383)
OTHER FINANCING SOURCES (USES)
Transfers in
Bond Proceeds Fund 12,500,000 12,500,000 7,296,834
Total other financing sources (uses)12,500,000 12,500,000 7,296,834
NET CHANGE IN FUND BALANCE 475,500$ 475,500$ 186,451
FUND BALANCE, MAY 1 230,653
FUND BALANCE (DEFICIT), APRIL 30 417,104$
(See independent auditor's report.)
- 66 -
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.
Debt Service Fund - to account for the accumulation of resources for the payment of general
long-term debt.
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
April 30, 2011
Motor Enhanced Debt
Fuel Tax 911 Service Total
Cash and investments 512,619$ 1,122,525$ 121,745$ 1,756,889$
Receivables
Property taxes - - 482,153 482,153
Accounts - 59,103 - 59,103
Accrued interest 602 1,386 104 2,092
Due from other governments 38,017 - - 38,017
TOTAL ASSETS 551,238$ 1,183,014$ 604,002$ 2,338,254$
LIABILITIES
Accounts payable -$ 2,592$ -$ 2,592$
Deferred property taxes - - 502,484 502,484
Total liabilities - 2,592 502,484 505,076
FUND BALANCES
Reserved for maintenance of roadways 551,238 - - 551,238
Reserved for public safety - 1,180,422 - 1,180,422
Reserved for debt service - - 101,518 101,518
Total fund balances 551,238 1,180,422 101,518 1,833,178
TOTAL LIABILITIES AND
FUND BALANCES 551,238$ 1,183,014$ 604,002$ 2,338,254$
ASSETS
LIABILITIES AND FUND BALANCES
Special Revenue Funds
(See independent auditor's report.)
- 67 -
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For the Year Ended April 30, 2011
Motor Enhanced Debt
Fuel Tax 911 Service Total
REVENUES
Taxes -$ -$ 153,280$ 153,280$
Intergovernmental 554,542 - - 554,542
Charges for services - 303,289 - 303,289
Investment income 2,219 5,235 236 7,690
Miscellaneous - 3,453 - 3,453
Total revenues 556,761 311,977 153,516 1,022,254
EXPENDITURES
Current
Public safety - 240,065 - 240,065
Highways and streets 490,000 - - 490,000
Debt service
Principal retirement - - 180,000 180,000
Interest and fiscal charges - - 187,913 187,913
Total expenditures 490,000 240,065 367,913 1,097,978
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 66,761 71,912 (214,397) (75,724)
OTHER FINANCING SOURCES (USES)
Transfers in - - 210,000 210,000
Total other financing sources (uses)- - 210,000 210,000
NET CHANGE IN FUND BALANCES 66,761 71,912 (4,397) 134,276
FUND BALANCES, MAY 1 484,477 1,108,510 105,915 1,698,902
FUND BALANCES, APRIL 30 551,238$ 1,180,422$ 101,518$ 1,833,178$
Special Revenue Funds
(See independent auditor's report.)
- 68 -
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, 2011
Original Final
Budget Budget Actual
REVENUES
Intergovernmental
Allotments earned 475,000$ 475,000$ 554,542$
Investment income 3,500 3,500 2,219
Total revenues 478,500 478,500 556,761
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 (11,500)$ (11,500)$ 66,761
FUND BALANCE, MAY 1 484,477
FUND BALANCE, APRIL 30 551,238$
(See independent auditor's report.)
- 69 -
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, 2011
Original Final
Budget Budget Actual
REVENUES
Charges for services
Other charges 414,000$ 414,000$ 303,289$
Investment income 10,000 10,000 5,235
Miscellaneous - - 3,453
Total revenues 424,000 424,000 311,977
EXPENDITURES
Public safety
Contractual services 102,545 102,545 112,538
Utilities 58,000 58,000 47,137
Capital outlay 100,398 100,398 80,390
Total expenditures 260,943 260,943 240,065
NET CHANGE IN FUND BALANCE 163,057$ 163,057$ 71,912
FUND BALANCE, MAY 1 1,108,510
FUND BALANCE, APRIL 30 1,180,422$
(See independent auditor's report.)
- 70 -
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, 2011
Original Final
Budget Budget Actual
REVENUES
Taxes
Property 366,613$ 366,613$ 153,280$
Replacement 20,000 20,000 -
Investment income 500 500 236
Total revenues 387,113 387,113 153,516
EXPENDITURES
Debt service
Principal retirement 185,000 185,000 180,000
Interest 181,613 181,613 187,463
Fiscal charges 2,000 2,000 450
Total expenditures 368,613 368,613 367,913
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 18,500 18,500 (214,397)
OTHER FINANCING SOURCES (USES)
Transfers in
General Fund 410,000 410,000 210,000
Total other financing sources (uses)410,000 410,000 210,000
NET CHANGE IN FUND BALANCE 428,500$ 428,500$ (4,397)
FUND BALANCE, MAY 1 105,915
FUND BALANCE, APRIL 30 101,518$
(See independent auditor's report.)
- 71 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES AND
CHANGES IN NET ASSETS - BUDGET AND ACTUAL
WATER FUND
For the Year Ended April 30, 2011
Original Final
Budget Budget Actual
OPERATING REVENUES
Charges for services
Water sales 4,150,000$ 4,150,000$ 3,777,700$
Miscellaneous
Permits and fees 35,000 35,000 39,633
Penalties 37,000 37,000 31,740
Other 43,000 43,000 44,547
Total operating revenues 4,265,000 4,265,000 3,893,620
OPERATING EXPENSES EXCLUDING
DEPRECIATION
Administration 563,478 563,478 532,159
Operations
Distribution 2,495,643 2,495,643 2,349,005
Maintenance - mains and fire hydrants 679,730 679,730 662,696
Maintenance - meters 380,200 380,200 234,273
Total operating expenses excluding depreciation 4,119,051 4,119,051 3,778,133
OPERATING INCOME BEFORE
DEPRECIATION 145,949 145,949 115,487
Depreciation - - 368,698
OPERATING INCOME (LOSS)145,949 145,949 (253,211)
NONOPERATING REVENUES (EXPENSES)
Investment income 3,000 3,000 -
Interest expense (480,828) (480,828) (68,651)
Total nonoperating revenues (expenses)(477,828) (477,828) (68,651)
CHANGE IN NET ASSETS (331,879)$ (331,879)$ (321,862)
NET ASSETS, MAY 1 14,629,604
NET ASSETS, APRIL 30 14,307,742$
(See independent auditor's report.)
- 72 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
WATER FUND
For the Year Ended April 30, 2011
Original Final
Budget Budget Actual
ADMINISTRATION
Personnel services 311,750$ 311,750$ 311,369$
Training and development 2,800 2,800 417
Contractual services 183,073 183,073 161,485
Commodities 10,300 10,300 4,701
Utilities 10,200 10,200 9,082
Capital outlay 45,355 45,355 45,105
Total administration 563,478 563,478 532,159
OPERATIONS
Distribution
Personnel services 126,593 126,593 124,619
Contractual services 45,850 45,850 43,793
Commodities 2,228,200 2,228,200 2,083,395
Utilities 90,000 90,000 96,174
Capital outlay 5,000 5,000 1,024
Total distribution 2,495,643 2,495,643 2,349,005
Main and fire hydrant maintenance
Personnel services 472,030 472,030 438,843
Contractual services 92,500 92,500 66,690
Commodities 111,200 111,200 156,296
Capital outlay 4,000 4,000 867
Total main and fire hydrant maintenance 679,730 679,730 662,696
Meter maintenance
Personnel services 163,750 163,750 155,074
Contractual services 8,850 8,850 7,166
Commodities 5,600 5,600 3,824
Capital outlay 202,000 202,000 68,209
Total meter maintenance 380,200 380,200 234,273
TOTAL OPERATING EXPENSES 4,119,051$ 4,119,051$ 3,778,133$
(See independent auditor's report.)
- 73 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
WATER FUND
For the Year Ended April 30, 2011
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 - - 12,652,212
Equipment and vehicles 595,397 - - 595,397
TOTAL 19,345,477$ -$ -$ 19,345,477$
Balances Balances
May 1 Additions Retirements April 30
Buildings 1,431,011$ 88,455$ -$ 1,519,466$
Water system improvements 1,784,536 271,920 - 2,056,456
Equipment and vehicles 565,282 8,323 - 573,605
TOTAL 3,780,829$ 368,698$ -$ 4,149,527$
NET ASSET VALUE 15,195,950$
Accumulated Depreciation
(See independent auditor's report.)
- 74 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES AND
CHANGES IN NET ASSETS - BUDGET AND ACTUAL
SEWERAGE FUND
For the Year Ended April 30, 2011
Original Final
Budget Budget Actual
OPERATING REVENUES
Charges for services
Sewer charges 2,620,000$ 2,620,000$ 2,450,088$
Miscellaneous
Permits and fees 12,000 12,000 12,200
Penalties 32,000 32,000 29,019
Other 5,000 5,000 600
Total operating revenues 2,669,000 2,669,000 2,491,907
OPERATING EXPENSES EXCLUDING
DEPRECIATION
Administration 511,379 511,379 473,604
Operations
Treatment plant 1,685,597 1,685,597 1,506,375
Cleaning and maintenance 239,650 239,650 251,369
Construction 384,100 384,100 339,599
Total operating expenses excluding
depreciation 2,820,726 2,820,726 2,570,947
OPERATING INCOME (LOSS)
BEFORE DEPRECIATION (151,726) (151,726) (79,040)
Depreciation - - 275,441
OPERATING INCOME (LOSS)(151,726) (151,726) (354,481)
NONOPERATING REVENUES (EXPENSES)
Investment income 1,000 1,000 372
Miscellaneous - - 20,961
Total nonoperating revenues (expenses)1,000 1,000 21,333
INCOME (LOSS) BEFORE CONTRIBUTIONS (150,726) (150,726) (333,148)
CONTRIBUTIONS - - 2,963,996
CHANGE IN NET ASSETS (150,726)$ (150,726)$ 2,630,848
NET ASSETS, MAY 1 10,569,812
NET ASSETS, APRIL 30 13,200,660$
(See independent auditor's report.)
- 75 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
SEWERAGE FUND
For the Year Ended April 30, 2011
Original Final
Budget Budget Actual
ADMINISTRATION
Personnel services 223,000$ 223,000$ 215,758$
Training and development 2,700 2,700 406
Contractual services 216,900 216,900 193,643
Commodities 8,500 8,500 5,348
Utilities 4,600 4,600 3,427
Capital outlay 55,679 55,679 55,022
Total administration 511,379 511,379 473,604
OPERATIONS
Treatment plant
Personnel services 993,320 993,320 980,063
Training and development 5,600 5,600 2,416
Contractual services 229,760 229,760 113,670
Commodities 106,000 106,000 79,405
Utilities 281,400 281,400 291,501
Miscellaneous 50,000 50,000 24,500
Capital outlay 21,777 21,777 17,080
Subtotal treatment plant 1,687,857 1,687,857 1,508,635
Less nonoperating expenses
Capital assets capitalized (2,260) (2,260) (2,260)
Total treatment plant 1,685,597 1,685,597 1,506,375
Cleaning and maintenance
Personnel services 198,900 198,900 228,522
Contractual services 24,000 24,000 18,503
Commodities 16,750 16,750 4,344
Total cleaning and maintenance 239,650 239,650 251,369
Construction
Personnel services 291,900 291,900 262,759
Contractual services 29,000 29,000 25,216
Commodities 63,200 63,200 51,624
Total construction 384,100 384,100 339,599
TOTAL OPERATING EXPENSES 2,820,726$ 2,820,726$ 2,570,947$
(See independent auditor's report.)
- 76 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
SEWERAGE FUND
For the Year Ended April 30, 2011
Assets
Balances Balances
May 1 Additions Retirements April 30
Construction in progress 1,752,345$ 2,846,878$ -$ 4,599,223$
Sewer system 4,127,877 119,378 - 4,247,255
Buildings and
improvements 7,094,667 - - 7,094,667
TOTAL 12,974,889$ 2,966,256$ -$ 15,941,145$
Accumulated Depreciation
Balances Balances
May 1 Additions Retirements April 30
Sewer system 1,071,965$ 93,296$ -$ 1,165,261$
Buildings and
improvements 1,603,371 182,145 - 1,785,516
TOTAL 2,675,336$ 275,441$ -$ 2,950,777$
NET ASSET VALUE 12,990,368$
(See independent auditor's report.)
- 77 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL
REFUSE FUND
For the Year Ended April 30, 2011
Original Final
Budget Budget Actual
OPERATING REVENUES
Charges for services
Refuse billing 621,900$ 621,900$ 608,475$
Miscellaneous 6,000 6,000 12,724
Total operating revenues 627,900 627,900 621,199
OPERATING EXPENSES
Operations
Personnel services 68,750 68,750 60,797
Contractual services 1,667,105 1,667,105 1,511,211
Commodities 12,000 12,000 19,551
Capital outlay 9,177 9,177 9,177
Total operating expenses 1,757,032 1,757,032 1,600,736
OPERATING INCOME (LOSS)(1,129,132) (1,129,132) (979,537)
NONOPERATING REVENUES (EXPENSES)
Investment income 3,200 3,200 647
Property taxes 883,428 883,428 832,264
Total nonoperating revenues (expenses)886,628 886,628 832,911
CHANGE IN NET ASSETS (242,504)$ (242,504)$ (146,626)
NET ASSETS (DEFICIT), MAY 1 (1,750)
NET ASSETS (DEFICIT), APRIL 30 (148,376)$
(See independent auditor's report.)
- 78 -
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, 2011
Original Final
Budget Budget Actual
OPERATING REVENUES
Parking lot fees 221,000$ 221,000$ 204,236$
Total operating revenues 221,000 221,000 204,236
OPERATING EXPENSES
Operations 337,362 337,362 295,694
Depreciation - - 26,737
Total operating expenses 337,362 337,362 322,431
OPERATING INCOME (LOSS)(116,362) (116,362) (118,195)
NONOPERATING REVENUES (EXPENSES)
Investment income 7,500 7,500 3,511
Total nonoperating revenues (expenses)7,500 7,500 3,511
CHANGE IN NET ASSETS (108,862)$ (108,862)$ (114,684)
NET ASSETS, MAY 1 1,929,534
NET ASSETS, APRIL 30 1,814,850$
(See independent auditor's report.)
- 79 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
COMMUTER PARKING LOT FUND
For the Year Ended April 30, 2011
Original Final
Budget Budget Actual
OPERATIONS
Parking lots - village and federal funds
Personnel services 15,050$ 15,050$ 12,382$
Contractual services 156,366 156,366 142,400
Commodities 3,100 3,100 328
Utilities 3,300 3,300 1,361
Capital outlay 1,500 1,500 -
Total parking lots - village and
federal funds 179,316 179,316 156,471
Parking lots - village construction
Personnel services 16,280 16,280 12,382
Contractual services 133,366 133,366 120,785
Commodities 1,400 1,400 328
Utilities 6,000 6,000 5,728
Capital outlay 1,000 1,000 -
Total parking lots - village construction 158,046 158,046 139,223
TOTAL OPERATING EXPENSES 337,362$ 337,362$ 295,694$
(See independent auditor's report.)
- 80 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
COMMUTER PARKING LOT FUND
For the Year Ended April 30, 2011
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 747,645$ 26,737$ -$ 774,382$
NET ASSET VALUE 1,253,948$
(See independent auditor's report.)
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VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF NET ASSETS
INTERNAL SERVICE FUNDS
April 30, 2011
Vehicle and
Equipment
Garage Replacement Total
CURRENT ASSETS
Cash and investments 129,210$ 4,145,722$ 4,274,932$
Receivables
Accounts 2,022 - 2,022
Accrued interest 146 5,209 5,355
Inventory 108,484 - 108,484
Total current assets 239,862 4,150,931 4,390,793
CAPITAL ASSETS
Depreciable - 3,288,455 3,288,455
Accumulated depreciation - (1,809,942) (1,809,942)
Net capital assets - 1,478,513 1,478,513
Total assets 239,862 5,629,444 5,869,306
CURRENT LIABILITIES
Accounts payable 17,102 - 17,102
Accrued payroll 5,908 - 5,908
Compensated absences payable 3,277 - 3,277
Total current liabilities 26,287 - 26,287
LONG-TERM LIABILITIES
Compensated absences payable 29,491 - 29,491
Total long-term liabilities 29,491 - 29,491
Total liabilities 55,778 - 55,778
NET ASSETS
Invested in capital assets - 1,478,513 1,478,513
Unrestricted 184,084 4,150,931 4,335,015
TOTAL NET ASSETS 184,084$ 5,629,444$ 5,813,528$
(See independent auditor's report.)
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VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS
INTERNAL SERVICE FUNDS
For the Year Ended April 30, 2011
Vehicle and
Equipment
Garage Replacement Total
OPERATING REVENUES
Interfund services
Billings 371,747$ 534,924$ 906,671$
Miscellaneous 10,414 - 10,414
Total operating revenues 382,161 534,924 917,085
OPERATING EXPENSES
Operations 382,454 - 382,454
Commodities - 81,709 81,709
Total operating expenses 382,454 81,709 464,163
OPERATING INCOME (LOSS) BEFORE
DEPRECIATION (293) 453,215 452,922
Depreciation - 261,423 261,423
OPERATING INCOME (LOSS)(293) 191,792 191,499
NONOPERATING REVENUES
(EXPENSES)
Investment income 555 19,674 20,229
Gain on disposal of capital assets - 24,500 24,500
Total nonoperating revenues (expenses)555 44,174 44,729
CHANGE IN NET ASSETS 262 235,966 236,228
NET ASSETS, MAY 1 183,822 5,393,478 5,577,300
NET ASSETS, APRIL 30 184,084$ 5,629,444$ 5,813,528$
(See independent auditor's report.)
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VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
For the Year Ended April 30, 2011
Vehicle and
Equipment
Garage Replacement Total
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from interfund services 372,249$ 534,924$ 907,173$
Receipts from miscellaneous revenue 10,414 - 10,414
Payments to suppliers (135,619) (95,552) (231,171)
Payments to employees (229,800) - (229,800)
Net cash from operating activities 17,244 439,372 456,616
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 - 24,500 24,500
Capital assets purchased - (142,602) (142,602)
Net cash from capital and related
financing activities - (118,102) (118,102)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 514 18,558 19,072
Net cash from investing activities 514 18,558 19,072
NET INCREASE IN CASH AND
CASH EQUIVALENTS 17,758 339,828 357,586
CASH AND CASH EQUIVALENTS, MAY 1 111,452 3,805,894 3,917,346
CASH AND CASH EQUIVALENTS, APRIL 30 129,210$ 4,145,722$ 4,274,932$
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH FLOWS FROM
OPERATING ACTIVITIES
Operating income (loss)(293)$ 191,792$ 191,499$
Adjustments to reconcile operating income (loss) to
net cash from operating activities
Depreciation - 261,423 261,423
(Increase) decrease in
Accounts receivable 502 - 502
Inventories 2,757 - 2,757
Increase (decrease) in
Accounts payable 7,626 (13,843) (6,217)
Accrued payroll (51) - (51)
Compensated absences payable 6,703 - 6,703
NET CASH FROM OPERATING ACTIVITIES 17,244$ 439,372$ 456,616$
(See independent auditor's report.)
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VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL
GARAGE FUND
For the Year Ended April 30, 2011
Original Final
Budget Budget Actual
OPERATING REVENUES
Interfund services
Billings 330,000$ 330,000$ 371,747$
Miscellaneous 7,000 7,000 10,414
Total operating revenues 337,000 337,000 382,161
OPERATING EXPENSES
Operations 405,975 405,975 382,454
OPERATING INCOME (LOSS)(68,975) (68,975) (293)
NONOPERATING REVENUES (EXPENSES)
Investment income 500 500 555
Total nonoperating revenues (expenses)500 500 555
CHANGE IN NET ASSETS (68,475)$ (68,475)$ 262
NET ASSETS, MAY 1 183,822
NET ASSETS, APRIL 30 184,084$
(See independent auditor's report.)
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VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
GARAGE FUND
For the Year Ended April 30, 2011
Original Final
Budget Budget Actual
OPERATING EXPENSES
Public works department
Personnel services 247,450$ 247,450$ 236,452$
Training and development 1,000 1,000 -
Contractual services 32,600 32,600 23,571
Commodities 112,900 112,900 116,710
Utilities 4,500 4,500 3,196
Capital outlay 7,525 7,525 2,525
TOTAL OPERATING EXPENSES 405,975$ 405,975$ 382,454$
(See independent auditor's report.)
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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, 2011
Original Final
Budget Budget Actual
OPERATING REVENUES
Interfund services
Billings 534,924$ 534,924$ 534,924$
OPERATING EXPENSES
Capital outlay 404,402 404,402 224,311
Less capital assets capitalized (142,602) (142,602) (142,602)
Net operating expenses 261,800 261,800 81,709
OPERATING INCOME BEFORE
DEPRECIATION 273,124 273,124 453,215
Depreciation - - 261,423
OPERATING INCOME 273,124 273,124 191,792
NONOPERATING REVENUES (EXPENSES)
Investment income 36,000 36,000 19,674
Gain on disposal of capital assets - - 24,500
Total nonoperating revenues (expenses)36,000 36,000 44,174
CHANGE IN NET ASSETS 309,124$ 309,124$ 235,966
NET ASSETS, MAY 1 5,393,478
NET ASSETS, APRIL 30 5,629,444$
(See independent auditor's report.)
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Original Final
Budget Budget Actual
ADDITIONS
Contributions - employer 1,350,000$ 1,350,000$ 1,350,132$
Contributions - employee 390,000 390,000 364,078
Total contributions 1,740,000 1,740,000 1,714,210
Investment income
Net appreciation in fair value
of investments 500,000 500,000 3,043,536
Interest earned on investments 600,000 600,000 540,389
Total investment income 1,100,000 1,100,000 3,583,925
Less investment expense (1,750) (1,750) (1,662)
Net investment income 1,098,250 1,098,250 3,582,263
Total additions 2,838,250 2,838,250 5,296,473
DEDUCTIONS
Benefits and refunds
Pension payments 1,736,350 1,736,350 1,685,337
Separation refunds 15,000 15,000 4,305
Administrative 26,500 26,500 27,674
Total deductions 1,777,850 1,777,850 1,717,316
NET INCREASE 1,060,400$ 1,060,400$ 3,579,157
NET ASSETS HELD IN TRUST FOR
PENSION BENEFITS
May 1 27,301,774
April 30 30,880,931$
VILLAGE OF DEERFIELD, ILLINOIS
POLICE PENSION FUND
SCHEDULE OF CHANGES IN PLAN NET ASSETS - BUDGET AND ACTUAL
For the Year Ended April 30, 2011
(See independent auditor's report.)
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VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
AGENCY FUNDS
For the Year Ended April 30, 2011
Balances Balances
May 1 Additions Deductions April 30
ASSETS
Cash and investments 1,130,802$ 410,087$ 97,193$ 1,443,696$
Receivables - accrued interest 78 - 11 67
TOTAL ASSETS 1,130,880$ 410,087$ 97,204$ 1,443,763$
LIABILITIES
Accounts payable 11,320$ 167$ 6,500$ 4,987$
Deposits payable 1,069,701 401,398 87,075 1,384,024
Other payables 49,859 8,522 3,629 54,752
TOTAL LIABILITIES 1,130,880$ 410,087$ 97,204$ 1,443,763$
ASSETS
Cash and investments 1,080,701$ 401,398$ 93,575$ 1,388,524$
TOTAL ASSETS 1,080,701$ 401,398$ 93,575$ 1,388,524$
LIABILITIES
Accounts payable 11,000$ -$ 6,500$ 4,500$
Deposits payable 1,069,701 401,398 87,075 1,384,024
TOTAL LIABILITIES 1,080,701$ 401,398$ 93,575$ 1,388,524$
ASSETS
Cash and investments 50,101$ 8,689$ 3,618$ 55,172$
Receivables - accrued interest 78 - 11 67
TOTAL ASSETS 50,179$ 8,689$ 3,629$ 55,239$
LIABILITIES
Accounts payable 320$ 167$ -$ 487$
Other payables 49,859 8,522 3,629 54,752
TOTAL LIABILITIES 50,179$ 8,689$ 3,629$ 55,239$
DEPOSIT FUND
ALL FUNDS
EAST SHORE RADIO NETWORK FUND
(See independent auditor's report.)
- 89 -
Date of Issue February 28, 2003
Date of Maturity December 1, 2012
Authorized Issue $3,460,000
Denomination of Bonds $5,000
Interest Rates 2.25%, 2.55%, 2.95%, 3.15%, 3.30%, 3.50%
Principal Maturity Date December 1
Payable at Amalgamated Bank, Chicago, Illinois
Tax
Levy Bond
Year Numbers Principal Interest Total June 1 Amount December 1 Amount
2010 510-599 450,000$ 31,125$ 481,125$ 2011 15,562$ 2011 15,563$
2011 600-692 465,000 16,275 481,275 2012 8,138 2012 8,137
915,000$ 47,400$ 962,400$ 23,700$ 23,700$
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, 2011
(See independent auditor's report.)
- 90 -
Date of Issue August 1, 2008
Date of Maturity December 1, 2028
Authorized Issue $5,000,000
Denomination of Bonds $5,000
Interest Rates 3.25%, 3.375%, 3.50%, 3.75%, 3.875%, 4.00%, 4.125%, 4.25%
Principal Maturity Date December 1
Payable at Amalgamated Bank, Chicago, Illinois
Tax
Levy Bond
Year Numbers Principal Interest Total June 1 Amount December 1 Amount
2010 72-108 185,000$ 181,613$ 366,613$ 2011 90,806$ 2011 90,807$
2011 109-146 190,000 175,600 365,600 2012 87,800 2012 87,800
2012 147-185 195,000 169,425 364,425 2013 84,712 2013 84,713
2013 186-226 205,000 162,844 367,844 2014 81,422 2014 81,422
2014 227-268 210,000 155,669 365,669 2015 77,834 2015 77,835
2015 269-312 220,000 147,794 367,794 2016 73,897 2016 73,897
2016 313-357 225,000 139,544 364,544 2017 69,772 2017 69,772
2017 358-404 235,000 131,106 366,106 2018 65,553 2018 65,553
2018 405-453 245,000 122,294 367,294 2019 61,147 2019 61,147
2019 454-504 255,000 112,800 367,800 2020 56,400 2020 56,400
2020 505-557 265,000 102,919 367,919 2021 51,459 2021 51,460
2021 558-612 275,000 92,319 367,319 2022 46,159 2022 46,160
2022 613-670 290,000 81,319 371,319 2023 40,659 2023 40,660
2023 671-730 300,000 69,356 369,356 2024 34,678 2024 34,678
2024 731-793 315,000 56,981 371,981 2025 28,491 2025 28,490
2025 794-859 330,000 43,987 373,987 2026 21,994 2026 21,993
2026 860-928 345,000 29,962 374,962 2027 14,981 2027 14,981
2027 929-1,000 360,000 15,300 375,300 2028 7,650 2028 7,650
4,645,000$ 1,990,832$ 6,635,832$ 995,414$ 995,418$
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, 2011
(See independent auditor's report.)
- 91 -
Date of Issue November 3, 2010
Date of Maturity December 1, 2030
Authorized Issue $12,500,000
Denomination of Bonds $5,000
Interest Rates .80% - 5.50%
Principal Maturity Date December 1
Payable at Depository Trust Company, Chicago, Illinois
Tax
Levy Bond
Year Numbers Principal Interest Total June 1 Amount December 1 Amount
2010 1-105 525,000 480,727$ 1,005,727$ 2011 246,226$ 2011 234,501$
2011 106-213 540,000 464,802 1,004,802 2012 232,401 2012 232,401
2012 214-322 545,000 458,592 1,003,592 2013 229,296 2013 229,296
2013 323-432 550,000 451,235 1,001,235 2014 225,617 2014 225,618
2014 433-543 555,000 442,435 997,435 2015 221,217 2015 221,218
2015 544-655 560,000 431,335 991,335 2016 215,667 2016 215,668
2016 656-768 565,000 418,455 983,455 2017 209,227 2017 209,228
2017 869-883 575,000 402,918 977,918 2018 201,459 2018 201,459
2018 884-1000 585,000 385,380 970,380 2019 192,690 2019 192,690
2019 1001-1120 600,000 364,320 964,320 2020 182,160 2020 182,160
2020 1121-1242 610,000 341,220 951,220 2021 170,610 2021 170,610
2021 1243-1367 625,000 316,210 941,210 2022 158,105 2022 158,105
2022 1368-1496 645,000 289,335 934,335 2023 144,667 2023 144,668
2023 1497-1628 660,000 260,310 920,310 2024 130,155 2024 130,155
2024 1629-1764 680,000 229,290 909,290 2025 114,645 2025 114,645
2025 1765-1904 700,000 195,970 895,970 2026 97,985 2026 97,985
2026 1905-2048 720,000 160,270 880,270 2027 80,135 2027 80,135
2027 2049-2195 735,000 122,830 857,830 2028 61,415 2028 61,415
2028 2196-2345 750,000 83,875 833,875 2029 41,937 2029 41,938
2029 2345-2500 775,000 42,625 817,625 2030 21,312 2030 21,313
12,500,000$ 6,342,134$ 18,842,134$ 3,176,926$ 3,165,208$
VILLAGE OF DEERFIELD, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 2010A
April 30, 2011
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax Levy Interest Due on
(See independent auditor's report.)
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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.
93-97
Revenue Capacity
These schedules contain information to help the reader assess the Village’s
most significant local revenue source, the property tax.
98-99
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.
100-103
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.
104-105
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.
106-108
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 Eight Fiscal Years
Fiscal Year 2004 2005 2006 2007 2008 2009 2010 2011
GOVERNMENTAL ACTIVITIES
Invested in capital assets
net of related debt 45,212,401$ 46,416,474$ 47,360,406$ 60,106,127$ 60,243,189$ 62,619,244$ 66,174,872$ 64,483,632$
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
Unrestricted 23,683,161 22,293,758 24,431,788 18,185,786 22,238,210 18,140,003 14,799,887 13,730,019
TOTAL GOVERNMENTAL ACTIVITIES 76,039,057$ 74,352,259$ 78,426,760$ 82,380,789$ 87,460,739$ 86,659,194$ 82,673,661$ 80,046,829$
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$
Unrestricted 5,750,279 4,753,661 4,066,666 4,841,210 3,120,381 2,071,153 1,332,314 649,610
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$
PRIMARY GOVERNMENT
Invested in capital assets
net of related debt 57,746,077$ 60,744,376$ 63,259,395$ 77,032,753$ 79,419,528$ 84,908,743$ 91,969,758$ 93,008,898$
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
Unrestricted 29,433,440 27,047,419 28,498,454 23,026,996 25,358,591 20,211,156 16,132,201 14,379,629
TOTAL PRIMARY GOVERNMENT 94,323,012$ 93,433,822$ 98,392,415$ 104,148,625$ 109,757,459$ 111,019,846$ 109,800,861$ 109,221,705$
Data Source
Audited Financial Statements
- 93 -
Fiscal Year 2004 2005 2006 2007 2008 2009 2010 2011
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$
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
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
Interest 574,558 462,600 372,475 295,435 209,430 215,464 193,105 393,054
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
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
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
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
Commuter parking 43,573 195,513 225,498 246,153 210,307 282,534 262,458 322,431
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
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$
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$
Public safety 770,963 867,230 884,195 911,421 935,302 956,468 866,510 873,947
Highways and streets - 10,091 57,912 69,216 75,400 59,609 47,219 73,968
Operating grants and contributions 534,561 558,143 557,050 544,823 524,423 490,768 474,526 582,734
Capital grants and contributions 297,220 1,019,794 235,298 213,575 1,492,153 894,545 2,195,963 360,539
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
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$
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
Refuse disposal 640,430 630,935 615,349 623,681 624,349 623,738 622,629 608,475
Commuter parking 151,133 202,497 206,205 204,177 212,585 218,770 209,165 204,236
Capital grants and contributions - - 573,179 1,002,909 441,605 - - 2,963,996
Total business-type activities program revenues 6,673,382 6,585,550 7,827,715 8,453,766 8,040,601 6,795,553 6,719,726 10,004,495
TOTAL PRIMARY GOVERNMENT
PROGRAM REVENUES 9,423,956$ 10,657,866$ 11,946,465$ 11,936,619$ 12,547,887$ 10,842,621$ 12,166,144$ 13,907,218$
CHANGE IN NET ASSETS
VILLAGE OF DEERFIELD, ILLINOIS
Last Eight Fiscal Years
- 94 -
VILLAGE OF DEERFIELD, ILLINOIS
CHANGE IN NET ASSETS (Continued)
Last Eight Fiscal Years
Fiscal Year 2004 2005 2006 2007 2008 2009 2010 2011
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)$
Business-type activities (1,010,387) (1,316,696) (240,674) (4,502) (2,649,211) (2,111,194) (1,889,141) 1,019,458
TOTAL PRIMARY GOVERNMENT
NET (EXPENSE) REVENUE (23,770,842)$ (28,642,121)$ (24,635,245)$ (14,396,530)$ (14,604,549)$ (18,539,761)$ (25,997,792)$ (17,196,065)$
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$
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
Home rule sales - - 1,875,874 1,832,281 1,913,268 2,448,385 2,525,183 2,725,330
Simplified telecommunications 339,634 298,021 305,226 323,358 354,984 347,666 326,528 644,129
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
Investment income 499,724 835,537 871,624 1,557,378 1,253,533 486,398 166,844 92,855
Miscellaneous 182,343 175,507 221,617 210,116 278,667 260,971 393,359 169,500
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
Business-type activities
Property taxes 761,356 740,915 786,228 859,502 780,785 807,708 807,968 832,264
Investment income 56,301 113,401 66,823 188,864 192,967 49,427 8,304 4,530
Miscellaneous 101,007 218,095 271,715 214,481 204,343 185,262 146,400 191,424
Contributions 365,926 1,041,893 - - - - 3,693,017 2,963,996
Transfers in - - - 1,600,000 2,000,000 3,132,729 - -
Total business-type activities 1,284,590 2,114,304 1,124,766 2,862,847 3,178,095 4,175,126 4,655,689 3,992,214
TOTAL PRIMARY GOVERNMENT 23,530,309$ 27,752,931$ 29,561,177$ 20,152,739$ 20,213,383$ 19,802,148$ 24,778,807$ 19,580,905$
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)$
Business-type activities 274,203 797,608 884,092 2,858,345 528,884 2,063,932 2,766,548 5,011,672
TOTAL PRIMARY GOVERNMENT
CHANGE IN NET ASSETS (240,533)$ (889,190)$ 4,925,932$ 5,756,209$ 5,608,834$ 1,262,387$ (1,218,985)$ 2,384,840$
Data Source
Audited Financial Statements
- 95 -
VILLAGE OF DEERFIELD, ILLINOIS
FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
Fiscal Year 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
GENERAL FUND
Reserved 4,108,931$ 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 9,545,203 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
TOTAL GENERAL FUND 13,654,134$ 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$
ALL OTHER GOVERNMENTAL FUNDS
Reserved 2,880,845$ 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 2,630,136 1,234,478 361,876 - - - - - - -
Capital Project Funds 11,960,387 12,473,866 892,287 3,627,272 1,185,564 976,571 1,804,245 1,928,286 230,653 417,104
TOTAL ALL OTHER
GOVERNMENTAL FUNDS 17,471,368$ 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$
Data Source
Audited Financial Statements
- 96 -
VILLAGE OF DEERFIELD, ILLINOIS
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
Fiscal Year 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
REVENUES
Taxes 20,891,111$ 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$
Licenses and permits 877,546 934,518 939,098 1,390,602 2,151,791 1,454,044 1,161,276 1,271,817 1,366,472 1,431,793
Intergovernmental 512,901 660,996 831,782 1,582,943 795,364 762,016 713,470 1,349,486 951,183 944,344
Fines and forfeitures 223,465 193,060 166,175 230,320 244,100 239,668 716,522 727,445 654,662 687,515
Charges for services 566,787 954,827 561,219 606,071 657,581 701,606 261,495 251,680 227,686 262,542
Investment income 1,570,967 1,415,015 499,720 835,537 871,621 1,557,378 1,253,533 486,398 166,844 92,855
Miscellaneous 1,069,550 549,700 434,648 433,279 491,534 514,765 614,796 698,839 821,396 715,868
Total revenues 25,712,327 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
EXPENDITURES
General government 10,175,205 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
Public safety 4,628,549 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
Highways and streets 1,591,611 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
Capital outlay 7,132,673 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
Debt service
Principal 2,685,000 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
Interest 876,891 739,459 598,683 482,750 377,850 302,600 216,600 184,939 193,150 237,997
Total expenditures 27,089,929 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
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (1,377,602) 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)
OTHER FINANCING SOURCES (USES)
Transfers in 10,801,457 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
Transfers (out)(10,604,457) (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)
Bonds issued 3,546,013 - - - - - - 5,000,000 - 12,500,000
Discount on bonds issued - - - - - - - (30,867) - (69,013)
Refunding of bonds (3,510,000) - - - - - - - - -
Special item - - (1,370,009) - - - - - - -
Sale of capital assets - - - 4,606 - 20,870 11,052 8,772 94,690 30,161
Total other financing sources (uses)233,013 750,979 (1,370,009) (122,729) 561,229 (1,579,130) (1,988,948) 4,977,905 94,690 12,461,148
NET CHANGE IN FUND BALANCES (1,144,589)$ 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$
Debt service as a percentage of
noncapital expenditures 17.85%16.62%13.75%10.36%7.34%14.43%12.77%20.38%1.53%2.09%
Data Source
Audited Financial Statements
- 97 -
VILLAGE OF DEERFIELD, ILLINOIS
SALES TAX BY CATEGORY
Last Ten Calendar Years
Calendar Year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
General merchandise 79,268$ 82,011$ 162,873$ 214,657$ 297,344$ 217,623$ 268,413$ 181,355$ 215,487$ 222,696$
Food 248,773 307,716 418,454 506,945 646,617 709,999 712,229 656,766 708,194 772,736
Drinking and eating places 457,226 476,341 472,203 469,889 604,698 666,821 749,845 756,872 931,610 932,074
Apparel 66,162 73,784 91,238 108,410 140,908 189,351 195,358 178,925 205,112 207,981
Furniture & H.H. & radio 545,153 560,267 528,154 579,127 1,026,827 836,653 784,397 676,075 644,981 752,175
Lumber, building hardware 511,579 502,467 441,858 490,021 741,273 681,704 614,752 532,637 622,406 610,072
Automobile and filling stations 166,908 160,031 157,021 168,139 264,775 317,435 257,719 283,125 284,289 434,095
Drugs and miscellaneous retail 782,309 763,484 793,503 994,536 1,707,928 1,899,467 1,877,780 2,184,421 3,211,071 2,625,382
Agriculture and all others 176,498 178,602 163,866 186,343 685,694 788,059 737,298 711,157 895,708 852,588
Manufacturers 60,744 96,720 65,151 63,701 95,169 125,147 93,150 143,018 196,451 203,171
TOTAL 3,094,620$ 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$
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%0.00%0.50%0.50%0.50%1.00%1.00%
Data Source
Illinois Department of Revenue
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VILLAGE OF DEERFIELD, ILLINOIS
DIRECT AND OVERLAPPING SALES TAX RATES
Last Ten Fiscal Years
Cook Village
Lake RTA Cook County RTA Home Village
Calendar County Lake County County Home Rule Cook County Rule Direct State
Year Rate Rate Rate Rate Rate Rate Rate Rate
2001 0.25%0.25%0.25%0.75%0.75%0.00%1.00%5.00%
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%
Data Source
Village and County Records
- 99 -
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*
2002 17,460,000$ 4,170,000$ 21,630,000$ 1.10%1,174.27$
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
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 104 for personal
statements.
- 100 -
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
2002 17,460,000$ 4,170,000$ 2,880,845$ 18,749,155$ 0.78%1,017.87$
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
* 2009 EAV used as it is the most recent data available
Data Source
(1) Audited Financial Statements
- 101 -
***
(1)(2)
Gross Percentage ***
General of Debt Village's
Obligation Applicable to Share
Governmental Unit Debt Government of Debt
Village of Deerfield 17,145,000$ 100.000%17,145,000$
Lake County (1)- 0.000%-
Lake County Forest Preserve 286,485,000 4.607%13,199,441
Cook County 3,499,615,000 0.125%4,383,454
Cook County Forest Preserve 101,935,000 0.125%127,679
Deerfield Park District (2)3,280,000 98.258%3,222,858
Park District of Highland Park (3)8,905,000 1.382%123,038
Northbrook Park District 14,335,000 3.953%566,724
Lake Elementary School District No. 109 (3)17,265,000 75.794%13,085,801
Lake Elementary School Distrtict No. 112 9,930,000 0.201%20,008
Lake High School District No. 113 39,500,000 28.724%11,345,999
Cook Northfield Township High School District No. 225 96,684,613 3.337%3,226,321
Community College of Lake County No. 532 8,990,000 4.849%435,932
Metropolitan Water Reclamation District of Greater Chicago (4)1,961,974,000 0.128%2,508,227
6,048,898,613 52,245,482
Total gross debt 6,066,043,613 69,390,482
Less Debt Service Fund amount
available - Village of Deerfield 101,518 101,518
TOTAL DIRECT AND OVERLAPPING DEBT 6,065,942,095$ 69,288,964$
(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, 2011
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
- 102 -
VILLAGE OF DEERFIELD, ILLINOIS
LEGAL DEBT MARGIN INFORMATION
April 30, 2011
EQUALIZED ASSESSED VALUATION - 2010*1,523,159,819$
Non-Home Rule Legal Debt Limit - 8.625%131,372,534$
Amount of debt applicable to limit:
General Obligation Bonds Series 2008 4,645,000
General Obligation Bonds Series 2010A 12,500,000
Total amount of debt applicable to limit:17,145,000
NON-HOME RULE LEGAL DEBT MARGIN 114,227,534$
* 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:
- 103 -
Per Capita Median
Fiscal Personal Household Unemployment
Year Population Income Income Rate
2002 *18,420 37,361$ 107,194$ 1.40%
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%
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
- 104 -
% of % of
Total Village Total Village
Employer Employees Rank Population Employees Rank Population
Walgreen Co 3,500 1 18%2,500 1 14%
Baxter International Inc 1,970 2 10%1,000 2 5%
Takeda Pharmaceuticals North 1,100 3 6%- -
Kinetek Inc 1,080 4 6%- -
Fortune Brands Inc.1,045 5 5%225 10 1%
Illinois Student Assistance Commission 550 6 3%550 4 3%
Deerfield School District 109 390 7 2%389 6 2%
NCH Promotional Services Inc.370 8 2%- -
Delta Pharma Inc.350 9 2%- -
Elexa Consumer Products Inc.350 10 2%- -
Randstad Professionals US LLP 350 11 2%- -
Thomson Reuters LLC 350 12 2%- -
Hewitt Associates - - 800 3 4%
U.S. Foodservice - - 450 5 2%
Fujisawa USA Incorporated - - 355 7 2%
Wm M Mercer Inc.- - 300 8 2%
Township High School District 113 - - 242 9 1%
11,405 60%6,811 36%
Village population 19,204 18,420
Data Source
Lake County Partners
VILLAGE OF DEERFIELD, ILLINOIS
PRINCIPAL EMPLOYERS
Current Year and Nine Years Ago
2011 2002
- 105 -
Function/Program 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
GENERAL GOVERNMENT
Village Manager 3 3 3 3 3 3 3 3 3 2
Finance 7 8 8 8 9 10 10 10 10 10
Engineering 1 1 1 1 2 3 3 3 3 2
Community development 5 5 5 5 6 7 7 7 7 7
PUBLIC WORKS
Administration 3 3 3 3 2 4 4 4 4 4
Street maintenance 7 7 7 7 7 7 7 7 7 7
Utilities maintenance 13 13 13 13 13 14 15 15 15 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 8 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 32 31 31 31 31 31
TOTAL 104 105 105 105 107 111 112 112 112 109
Data Source
Village budget office
VILLAGE OF DEERFIELD, ILLINOIS
FULL-TIME EQUIVALENT EMPLOYEES
Last Ten Fiscal Years
- 106 -
Function/Program 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
PUBLIC SAFETY
Police
Physical arrests 515 458 552 463 498 532 587 568 415 575
Parking violations 4,446 4,113 3,911 3,260 2,332 2,625 2,690 2,385 1,656 1,509
Traffic violations 5,122 3,523 3,767 3,836 4,140 4,119 4,278 4,255 3,703 3,106
PUBLIC WORKS
Street resurfacing (miles)0.00 0.91 0.00 2.21 3.11 3.18 3.21 3.14 0.89 0.86
WATER
Water main breaks 76 68 110 107 141 62 77 47 59 76
Average daily consumption (gallons)2,906,003 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
Peak daily consumption (gallons)6,149,350 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
WASTEWATER
Average daily treatment (gallons)3,682,192 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
Data Source
Various village departments
VILLAGE OF DEERFIELD, ILLINOIS
OPERATING INDICATORS
Last Ten Calendar Years
- 107 -
Function/Program 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
PUBLIC SAFETY
Police
Stations 1 1 1 1 1 1 1 1 1 1
Number of Police Officers 40 40 40 40 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 62 68 68 68 68 68 68 68 68
Traffic signals 9 9 9 10 10 10 10 10 10 10
WATER
Water mains (miles)82 82 83 84 84 84 84 84 88 90
Fire hydrants 1,174 1,174 1,189 1,203 1,203 1,203 1,203 1,203 1,212 1,217
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 8,000,000 8,200,850
WASTEWATER
Sewers (miles)140 140 140 140 151 151 151 151 151 151
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 8,000,000
Data Source
Various village departments
VILLAGE OF DEERFIELD, ILLINOIS
CAPITAL ASSET STATISTICS
Last Ten Fiscal Years
- 108 -
- 109 -
PROPERTY TAX INFORMATION
Equalized Assessed Valuation
2007 2008 2009 2010
Residential $1,122,337,249 $1,152,038,203 $1,170,079,592 $1,108,117,369
Commerical 374,399,228 397,882,340 412,939,520 397,215,326
Industrial 19,959,312 19,601,642 23,884,106 17,827,124
Total $1,516,695,789 $1,569,522,185 $1,606,903,218 $1,523,159,819
Source: Offices of Lake and Cook County Clerk.
Note: Cook County tax year is one year behind Lake County. 2010 EAV reflects 2010 EAV from Lake
County and 2009 EAV from Cook County.
Tax Rates Per $100 of Assessed Valuation
2006 2007 2008 2009 2010
Bonds and Interest 0.000 0.000 0.000 0.010 0.034
Corporate 0.138 0.130 0.127 0.123 0.143
Garbage 0.056 0.053 0.052 0.053 0.059
All Other 0.000 0.000 0.003 0.003 0.003
Total Village 0.194 0.183 0.182 0.189 0.239
County Including Forest Preserve 0.654 0.640 0.650 0.660 0.703
Deerfield Elementary Dist. 109 2.366 2.286 2.346 2.455 2.665
High School District 113 1.635 1.619 1.660 1.748 1.921
Community College (Lake County) Dist. 532 0.195 0.192 0.196 0.200 0.218
Deerfield Park District 0.417 0.402 0.419 0.431 0.460
Deerfield-Bannockburn Fire Protection Dist.0.435 0.410 0.426 0.447 0.486
Library 0.171 0.173 0.177 0.180 0.204
All Other 0.041 0.042 0.044 0.045 0.065
Total 6.108 5.947 6.100 6.355 6.961
Village as a Percent of Total 3.2%3.1%3.0%3.0%3.4%
Source: Office of Lake County Clerk.
- 110 -
Tax Extensions and Collections
Principal Taxpayers within the Village
Taxpayer
Taxable Assessed
Value
% of Total Taxable
Assessed Valuation
JBC Funds Parkway North LLC $32,276,631 0.68%
Long Ridge Office Portfolio, LP 29,217,672 0.61%
Scott Dressing, Sr Mgr Taxation 28,994,016 0.61%
Walgreens Co. Re 22,427,406 0.47%
CRM Properties Group 14,435,027 0.30%
BB# 01-18703-CLR001 8,302,549 0.17%
RREEF America Reit Agent 7,266,384 0.15%
% Deloitte PTS 5,675,759 0.12%
Marvin Poer & Company 5,652,996 0.12%
MJH Deerfield, LLC 5,502,012 0.12%
Hyatt Equities, LLC 4,399,749 0.09%
Total $164,150,201 3.45%
Data Source: Lake & Cook County Clerk's & Assessor's Offices
Levy Collection
Year Year Taxes Extended Amount Percent
2001 2002 $3,587,656.00 $3,574,560.00 99.63%
2002 2003 $3,667,652.00 $3,664,378.00 99.91%
2003 2004 $3,677,468.00 $3,671,745.00 99.84%
2004 2005 $3,980,792.00 $3,958,956.00 99.45%
2005 2006 $4,723,411.00 $4,706,769.00 99.65%
2006 2007 $4,290,135.00 $4,287,885.00 99.95%
2007 2008 $4,700,551.00 $4,690,657.00 99.79%
2008 2009 $4,838,606.00 $4,829,011.00 99.80%
2009 2010 $5,106,444.59 $5,098,946.44 99.85%
Total Collections
Source: Lake County Clerk's Office.
- 111 -
Debt Information
Direct Debt :
Outstanding Bonds $18,060,000
The Bonds $22,400,000
Total Direct Debt $40,460,000
Gross General Percent Village's Share
Obligation Debt Applicable of Debt
Overlapping Debt :
Lake County (1)- 4.607%-
Lake County Forest Preserve 286,485,000 4.607%13,199,441
Cook County 3,499,615,000 0.125%4,383,454
Cook County Forest Preserve 101,935,000 0.125%127,679
Deerfield Park District (2)3,280,000 98.258%3,222,858
Park District of Highland Park (3)8,905,000 1.382%123,038
Northbrook Park District 14,335,000 3.953%566,724
Lake School District No. 109 (3)17,265,000 75.794%13,085,801
Lake School District No. 112 9,930,000 0.201%20,008
Lake High School District No. 113 39,500,000 28.724%11,345,999
Cook High School District No. 225 96,684,613 3.337%3,226,321
Community College No. 532 8,990,000 4.849%435,932
Metro Water Reclamation District (4)1,961,974,000 0.128%2,508,227
Total Overlapping Debt $52,245,482
Total Direct and Overlapping Debt $92,705,482
Source: Lake and Cook County Clerk's Offices.
(1) Excludes Alternate Revenue Bonds.
(2) Excludes Self-Supporting debt.
(3) Includes Debt Certificates that are not supported by a property tax levy.
(4) Includes Illinois Environmental Protection Agency loans.
Statement of Indebtedness
Amount % of % of Estimated
Applicable EAV True Value Per Capita*
2010 Equalized Assessed Valuation (1)1,523,159,819$ 100.00%33.33%83,575$
Estimated True Value 4,569,479,457 300.00%100.00%250,726
Direct Debt 40,460,000 2.66%0.89%2,220
Overlapping Debt 52,245,482 3.43%1.14%2,867
Direct and Overlapping Debt 92,705,482 6.09%2.03%5,087
*Population of 18,225 based on 2010 Census.
(1) Reflects 2010 Lake County EAV and 2009 Cook County EAV.