Village CAFR for year ended April 30, 2009VILLAGE OF DEERFIELD, ILLINOIS
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
For the Year Ended
April 30, 2009
Prepared by Finance Department
Robert W. Fialkowski
Director of Finance
VILLAGE OF DEERFIELD, ILLINOIS
TABLE OF CONTENTS
Page(s)
INTRODUCTORY SECTION
Principal Officials....................................................................................................i
Organizat io nal 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 1-6
Basic Financial Statements
Government-Wide Financial Statements
Statement of Net Assets ....................................................................................3
Statement of Act ivit ies ......................................................................................4-5
Fund Financial Statements
Governmental Funds
Ba lance Sheet ...............................................................................................6
Reconciliation of Fund Balances of Go vernment al Funds to
the Go vernment al Act ivit ies in the Statement of Net Assets.....................7
Statement of Revenues, Expenditures and Changes in Fund Balances .......8
Reconciliation of the Go vernmental Funds Statement of Revenues,
Expenditures and Changes in Fund Balances to the Governmental
Act ivit ies in t he Statement of Activities ..............................................................9
VILLAGE OF DEERFIELD, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
FI NANCIAL 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 Fiduciar y N et Assets ............................................15
Notes to Financial Statements.........................................................................16-51
Required Supplementary Informat io n
Schedu le o f R evenues, Expenditures and Changes in Fund Balance -
Budget and Actual -General Fund.......................................................................52
Schedule of Funding Progress
Illino is Municipal Retirement Fund ...........................................................53
Police Pension Fund ..................................................................................54
Other Postemp lo yment Benefit Plan ..........................................................55
Schedule of Employer Contribut io ns
Illino is Municipal Retirement Fund ...........................................................56
Police Pensio n Fund ..................................................................................57
Other Postemp lo yment Benefit Plan ..........................................................58
Notes to Required Supplementary Informat io n ...............................................59
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 .................................60-61
Schedule of Expenditures -Budget and Actual -General Fund ............................62-64
Schedule of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual
Infrastructure Replacement Fund ...............................................................65
Tax Incremental Finance District 2 Fund ...................................................66
Debt Service Fund .....................................................................................67
NONMAJOR GOVERNMENTAL FUNDS
Combining Balance Sheet ..............................................................................68
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances ..............................................................................................69
Schedule of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual
Motor Fuel Tax Fund .................................................................................70
Enhanced 911 Fund ...................................................................................71
Bond Proceeds Fund ..................................................................................72
Project 29 Fund .........................................................................................73
MAJOR ENTEPRISE FUNDS
Water Fund
Schedule of Revenues, Expenses and Changes in Net Assets -
Budget and Actual ...................................................................................74
Schedule of Operating Expenses -Budget and Actual ................................75
Schedule of Capital Assets and Depreciat io n .............................................76
Sewerage Fund
Schedule of Revenues, Expenses and Changes in Net Assets -
Budget and Actual ...................................................................................77
Schedule of Operat ing Expenses -Budget and Actual ................................78
Schedule of Capital Assets and Depreciat io n .............................................79
VILLAGE OF DEERFIELD, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
FINANCIAL SECTION (Continued)
COMBINING AND INDIVIDUAL FUND
FINANCIAL STATEMENTS AND SCHEDULES (Continued)
MAJOR ENTEPRISE FUNDS (Continued)
Refuse Fund
Schedule of Revenues, Expenses and Changes in Net Assets -
Budget and Actual ...................................................................................80
NONMAJOR ENTEPRISE FUNDS
Commuter Parking Lot Fund
Schedule of Revenues, Expenses and Changes in Net Assets -
Budget and Actual ...................................................................................81
Schedule of Operat ing Expenses -Budget and Actual ................................82
Schedule of Capit al Assets and Depreciat io n .............................................83
INTERNAL SERVICE FUNDS
Combining Statement of Net Assets ...............................................................84
Combining Statement of Revenues, Expenses and Changes in
Net Assets ....................................................................................................85
Combining Statement of Cash Flows ..............................................................86
Garage Fund
Schedule of Revenues, Expenses and Changes in Net Assets -
Budget and Actual ...................................................................................87
Schedule of Operat ing Expenses -Budget and Actual ................................88
Vehicle and Equipment Replacement Fund
Schedule of Revenues, Expenses and
Changes in Net Assets -Budget and Actual .............................................89
FIDUCIARY FUNDS
Schedule of Changes in Plan Net Assets -Budget and Actual -
Police Pensio n Fund .....................................................................................90
Combining Statement of Changes in Assets and Liabilit ies -
Agency Funds ..............................................................................................91
VILLAGE OF DEERFIELD, ILLINOIS
TABLE OF CONTENTS (Continued)
Page(s)
FINANCIAL SECTION (Continued)
SUPPLEMENTAL DATA
Long-Term Debt Requirements
General Obligat io n Refunding Bond Series of 2003 .......................................92
General Obligat io n Refunding Bond Series of 2008 .......................................93
STATISTICAL SECTION
Financial Trends
Net Assets by Component ...................................................................................94
Change in Net Assets ..........................................................................................95-96
Fund Balances of Governmental Funds ...............................................................97
Changes in Fund Balances of Governmental Funds .............................................98
Revenue Capacit y
Sales Tax by Category ........................................................................................99
Direct and Overlapping Sales Tax Rates .............................................................100
Debt Capacit y
Ratios of Outstanding Debt by Type ...................................................................101
Ratios of General Bonded Debt Outstanding .......................................................102
Direct and Overlapping Bonded Debt -Governmental Act ivit ie s ........................103
Legal Debt Margin Information ..........................................................................104
Demographic and Economic Informat io n
Demographic and Economic Informat io n ............................................................105
Principal Emplo yers ............................................................................................106
Operating Informat io n
Full-Time Equivalent Employees ........................................................................107
Operating Indicators............................................................................................108
Capital Asset Statistics ........................................................................................109
-i -
VILLAGE OF DEERFIELD, ILLINOIS
PRINCIPAL OFFICIALS
April 30, 2009
LEGISLATIVE
VILLAGE BOARD OF TRUSTEES
Steven M. Harris, Mayor
Robert L. Benton Thomas Jester
Harriet E. Rosenthal William S. Seiden
Barbara J. Struthers Norton Wasserman
Kent Street, Clerk
ADMINISTRATIVE
Kent Street, Village Manager
FINANCE DEPARTMENT
Robert W. Fialkowski
Director of Finance/Treasurer
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, 2009 the Village's unemployment rate was estimated to be 4.9%, compared
to 8.1% for Lake County, 9.4% for the State of Illinois and 8.9% for the United States.
The overall slowdown in the national and state economy continues to affect the surrounding local area and
reduced the Village base sales tax revenue (which represents 1% of the total eligible sales) which, net of the
Walgreen’s sales tax rebate, dropped approximately 6% from 2008. No significant retailers opened or closed
during the year; however, Walgreen National continues to increase its activity 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.
Median family income figures from the 2000 Census demonstrate that the average income of Deerfield
residents far exceeds county and state averages. According to the Census Bureau, Deerfield's 2000 median
family income was $118,683, compared to $76,424 for Lake County, $55,545 for the State of Illinois and
$50,046 for the United States. This ranked Deerfield among the wealthiest communities in the State of Illinois.
We presume that these numbers are significantly higher at the present time.
New commercial and residential construction activity continued to slow compared to the prior year both in
value and number of permits issued. In 2009 there were 1,086 total permits of all categories issued, with a
building value estimated at $95.6 million. Much of this value was in commercial remodeling with some new
single family residential. There were no new major commercial occupancies during the year. Foreclosure
rates remained low, with approximately 35 to 40 single family homes in this status during the year.
vi
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. The Village has primarily followed a “pay-as-you-go” funding strategy for maintenance and
replacement of assets and has issued debt for new projects as necessary. Capital grants are sought at the
state and local level for eligible projects. A new debt issuance of $5,000,000 was made in July, 2008 to finance
capital improvements, primarily road reconstruction projects including water and sewer main replacement and
the replacement of satellite sanitary sewer lift stations.
Major Initiatives
The Village continues to work on the design of the new wastewater treatment facility including financing
options for an expected $25 million cost. The treatment process option was selected and work began in FY
2009 on the final design. As indicated above, construction began on the rebuilding of the satellite facilities
pursuant to recommendations in the study. Construction should begin in late FY 2010 on the main treatment
plant to be funded through loans from the state revolving loan fund and other local funds.
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. These projects include water
and sewer main replacement along with road reconstruction. The Village Board has previously approved
using General Fund unreserved balances for the initial funding of the program and implemented a home rule
sales tax of 0.5% on January 1, 2005 to fund a portion of the program. For FY 2010, balances in the
Infrastructure along with the home rule tax revenue will be used along with the remainder of the debt proceeds
from the 2008 issue, state and federal grants and surplus distribution from the expired TIF District #2.
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, 2008. 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 contents
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-five 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, 2008. 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
the contributions made in the preparation of this report. In particular, I would like to acknowledge the work of
Eric Burk, Assistant Finance Director and Richard Jett, Accountant, for their efforts in continuing to efficiently
administer the accounting systems of the Village.
(MD&A) - 1 -
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
April 30, 2009
The Village of Deerfield (the “Village”) management’s discussion and analysis is designed to (1) assist the reader in
focusing on significant financial issues, (2) provide an overview of the Village’s financial activity, (3) identify changes
in the Village’s financial position (its ability to address subsequent year challenges), (4) identify any material
deviations from the financial plan (the approved budget) and (5) identify individual fund issues or concerns.
Since Management’s Discussion and Analysis (MD&A) is designed to focus on the current year’s activities, resulting
changes and currently known facts, please read it in conjunction with the Transmittal Letter (beginning 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 expenditures exceeding total revenues by $546,972.
Combined with other financing sources of $8,772, the April 30, 2009 fund balance decreased by $538,200.
• New residential building activity continued to decline but was offset by an increase in commercial and non-
profit remodeling. Total building permit revenue was $801,664 for the year, an increase of 23% from the
prior year.
• Revenue from both the State income tax and local hotel/motel tax were lower compared to the prior year,
reflecting the overall negative economy. Hotel/motel tax revenue declined 17% to $1,746,051; business
travel is the primary reason for stays at Deerfield hotels. All six of the Deerfield hotels remained open during
the year.
• The Village’s base sales tax (1%) decreased 6% from the prior year; net of the Walgreen’s rebate. The
revenue decline reflects a continued slowing of sales activity in the local economy reflective of the state and
national economic situation.
• The Village retired $4,410,000 of general obligation debt during the year and issued $5,000,000 in new debt
for capital expenditures. The total balance of debt outstanding as of April 30, 2009 was $6,775,000.
• The Village terminated its second and last remaining tax increment financing district on December 31, 2008.
Activity will continue to be reported through FY 2010 to provide for the distribution of remaining surplus
funds pursuant to state statute.
• The Project 29 fund was terminated at the end of the year and the remaining balance transferred to the
Infrastructure Replacement Fund due to the completion of the project for which this fund was created.
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. Shared state sales tax, local hotel/motel tax and shared state income taxes finance the majority of
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
MD&A - 2 -
these services. The Business-type Activities reflect private sector type operations (Water, Sewer, Refuse Disposal
and Commuter Parking) where the charges for services typically cover all or most of the cost of operation, including
depreciation.
Fund Financial Statements
Traditional users of governmental financial statements will find the Fund Financial Statements presentation more
familiar. A fund is an accountability unit used to maintain control over resources segregated for specific activities or
objectives. The Village uses funds to ensure and demonstrate compliance with finance-related laws and regulations.
Within the basic financial statements, fund financial statements focus on the Village’s most significant funds rather
than the Village as a whole. Major funds are separately reported while all others are combined into a single,
aggregated presentation. Individual fund data for non-major funds is provided in the form of combining statements in
a later section of this report.
The Governmental Major Funds (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 useful in evaluating
annual financing requirements of governmental programs and the commitment of spendable resources for the near-
term.
The government-wide financial statements provide a long-term view. Comparisons between the individual
governmental fund statements and the government-wide statements provide information about financing decisions
and the amount invested in maintaining and improving infrastructure. These two perspectives can provide insight into
the long-term impact of short-term financing decisions. Both the governmental fund balance sheet and the
governmental fund statement of revenues, expenditures and changes in fund balances reconcile the differences
between these two perspectives.
Budgetary comparison schedules for other funds can be found in a later section of this report. These statements and
schedules demonstrate compliance with the Village’s budget.
Proprietary or Business-type activity funds (see pages 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) and the insurance fund. Internal service 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. Combining and
individual statements and schedules for non-major and internal service funds are presented in a subsequent section
of this report beginning on page 60.
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 ActivitiesBusiness-type Activities Total – Primary Govt.
20092008200920082009 2008
Current & Other Assets 39.3237.313.825.06 43.14 42.37
Capital Assets 63.8164.2424.0621.36 87.88 85.60
Total Assets 103.13101.5627.8926.42 131.02 127.97
Long-Term Liabilities 6.253.241.592.00 7.85 5.24
Other Liabilities 10.2210.851.932.12 12.15 12.97
Total Liabilities 16.4714.103.534.12 20.00 18.22
Net Assets:
Investment in Capital
Assets – Net of Related Debt 62.6260.2422.2919.18 84.91 79.42
Restricted 5.904.98-- 5.90 4.98
Unrestricted 18.1422.242.073.12 20.21 25.36
Total Net Assets 86.6687.4624.3622.30 111.02 109.78
The Village’s total primary government net assets increased by $1.26 million primarily due to an increase of $1.24
millions in infrastructure investment offset by net negative operating results in the General Fund and use of cash to
invest in capital outlay. 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 ActivitiesBusiness-type ActivitiesTotal – Primary Govt.
2009 2008200920082009 2008
Revenues:
Program Revenues:
Charges for Service 2.66 2.496.807.609.46 10.09
Operating Grants 0.49 0.52--0.49 0.52
Capital Grants 0.89 1.49-0.440.89 1.93
General Revenue:
Property Taxes 7.00 6.51 0.810.787.81 7.29
Other Taxes 11.02 10.99--11.02 10.99
Transfers in (out) -3.13 -2.003.132.00- -
Other 0.75 1.530.23 0.400.98 1.93
Total Revenue 19.67 21.5410.9711.2230.64 32.76
Expenses:
General Government 5.23 4.57--5.23 4.57
Public Safety 7.72 7.23--7.72 7.23
Highways and Streets 7.32 4.45--7.32 4.45
Interest 0.22 0.21--0.22 0.21
Water - -3.996.223.99 6.22
Sewer - -3.042.743.04 2.74
Refuse - -1.591.521.59 1.52
Parking Lots - -0.280.210.28 0.21
Total Expense 20.48 16.468.9110.6929.38 27.15
Excess (Deficiency)
before prior period adjust. -0.80 5.08 2.06 0.53 1.26 5.61
Changes in Net Assets -0.80 5.082.060.531.26 5.61
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
MD&A - 4 -
CURRENT YEAR IMPACTS
Governmental Activities
Revenue
In the General Fund, revenues exceeded budget by $0.04 million. Total sales taxes including home rule exceeded
budget by $0.06 million and building permit revenue was $0.20 million over budget – both reflected a somewhat
slower local economy. Investment income was below budget by $0.22 million due to a substantial drop in short term
interest rates. Hotel/motel taxes were $0.25 million below budget due to economic conditions slowing demand for
business travel which is the primary market for our local hotels.
Property tax revenues increased by $0.49 million due primarily to growth in assessed value in the Tax Increment
Financing District #2. In the Infrastructure Fund, taxes exceeded budget by $0.73 million due higher home rule sales
taxes than expected.
Expenses
Actual expenditures in the General Fund ended the year at 98.5% of the final budget. Most departments and
functions were similarly below the actual budget level except for: Highways and Streets (+$0.30 million to budget)
due to the severe winter and much higher prices for road salt; Finance (+$0.17 million) due to higher than expected
economic development payments; and Administration due to higher than expected litigation costs. Otherwise,
contractual services were lower as this area generally includes contingent line items for repair and other services; no
unusual activity in this area was incurred during the year. No transfers were made for capital projects from the
General Fund.
Business-type Activities
Revenue
A rate increase of 4.5% was implemented in May, 2008; water sales totaled $3.65 million, a decrease of $0.72 million
or 16% from the prior year and 14.5% below budget. A much wetter than normal summer along with the loss of a
substantial amount of use by the Village of Riverwoods led to the decline. Sewer user charges of $2.31 million were
$0.09 million or 4% lower than the prior year; sewer rates were also increase 4.5% and the wetter summer affected
this revenue. However, the loss of the water sales to Riverwoods had no effect on the sewer units billed. Refuse
charge rates were unchanged, and revenue of $0.62 million was essentially unchanged from the prior years.
Commuter parking revenue increased slightly from $0.213 million to $0.219.
Expenses
Operating expenses for the Water Fund decreased by $2.24 million or 29% primarily due to a decrease in capital
outlay of $2.0 and lower wholesale water cost due to the reduced usage.
Sewer Fund operating expenses increased by $0.28 million due primarily to increased maintenance costs associated
with the wastewater treatment facility and collection system. Refuse Fund operating expenses increased by $0.07
due to the annual rate change from the contract hauler which takes place on January 1.
FINANCIAL ANALYSIS OF THE VILLAGE’S FUNDS
Governmental Funds
At April 30, 2009, the governmental funds reported a combined fund balance of $24.4 million which is a 2.1%
increase from the beginning of the year ($23.9 million). The increase is primarily due to the accumulation of surplus
in the TIF 2 Fund and balances remaining in the debt proceeds account from the 2008 issue, offset by net loss in
operations in the General Fund.
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 $1.24 from $14.9 to $16.2 million. The General fund cash
balance of $15.1 million provides for 292 days of anticipated expenditures (FY 2010 budget).
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
MD&A - 5 -
Revenues were slightly above the budget of $14.9 million. Expenditures were $0.23 million less than budget. This
was due to lower than expected costs in all departments other than streets, where another unusually severe winter
coupled with a drastic increase in ice control chemicals caused expenditures over budget. Also slightly over budget
was Finance due to higher than anticipated economic development agreement payments to Walgreen National. State
shared revenues, such as income taxes and use taxes, were slightly higher than anticipated at the beginning of the
fiscal year but declined from the prior year due to overall economic conditions. State shared revenues account for
only 13% of the General Fund total, which is somewhat higher than 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 48.
General Fund Budget versus Actual
Fiscal year ended April 30, 2009
(in millions)
Original Amended
BudgetBudgetActual
Revenues
Taxes 12.27 12.27 12.10
Intergovernmental 0.04 0.04 0.06
Other 2.60 2.60 2.80
Total 14.91 14.91 14.96
Expenditures & Transfers
Expenditures 15.74 15.74 15.50
Other Uses - - -
Transfers – Net - - -
Total 15.74 15.74 15.50
Change in Fund Balance -0.83 -0.83 -0.54
In the Tax Increment Financing District #2, the major source of revenue, increment property tax, was up 9.3% to
$4.95 million. This district was terminated early on December 31, 2008 and will receive one more year of property tax
revenue (2008 taxes payable in 2009). Expenses for the year were minimal and remaining balances will be
distributed pursuant to state statute in FY 2010. In the Infrastructure Fund, total revenue increased 104% to $6.34
million due to grant revenue of $0.80 million and bond proceeds of $4.53 million. There were no transfers in from the
General Fund. Expenditures for capital improvements increased $4.43 million or 293% due to an increased number
of scheduled projects.
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 $0.61 million due to the loss of sales to the Village of
Riverwoods and a wetter than normal year. Actual operating expenses excluding depreciation were 81% of budget
due to lower wholesale water purchased and expenses generally below budget in other areas.
The Sewerage Fund operating expense excluding depreciation exceeded operating revenue by $0.52 million. Lower
than expected personnel costs and delayed capital improvements caused expenses to be substantially below budget.
Capital expenses for the foreseeable future in this fund will be transferred to the Infrastructure Fund. The
replacement of the treatment plant will likely use a new debt issuance or other borrowing
Internal Service Funds
The Village’s combined internal service funds’ net assets were $5.4 million as of April 30, 2009, with $5.2 million of
the total accumulated for major equipment purchases in the Vehicle and Equipment Replacement Fund. Total
revenue exceeded expenses by $0.03 in the Garage Fund due to lower personnel costs and an increased charge
rate for repair activity.
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, 2009 was $63.8 million. The Village’s investment in capital assets, net of accumulated depreciation, for
VILLAGE OF DEERFIELD, ILLINOIS
MANAGEMENT’S DISCUSSION AND ANALYSIS
MD&A - 6 -
business-type activities as of April 30, 2009 was $24.1 million. Major capital asset events during the current fiscal
year included installation of new water and sewer mains. Additional information on capital assets is presented in
Note 4 to the financial statements.
Long-term debt
At the end of the fiscal year, the Village had total bonded debt outstanding of $6.78 million. $5.0 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 the remaining amount the alternate funding water
sales revenues. $5.0 million in new general obligation debt was issued during the current year. As a home rule
government, under Illinois law, the Village has no legal debt limit. As of April 30, 2009 the total Village debt
represented 0.44% 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 last
reaffirmed in July 2008.
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 reached the local Village micro-economy this year with slowdowns in local retail
sales and hotel/motel occupancies. 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 increased from 12% of total revenue in FY 2008 to 13% in FY 2009.
Neither major retail area of the Village lost any major tenants during the year which helped to pare the decrease in
year to year sales tax revenue. Building permit revenues have also stabilized with continued remodeling of both
residential and commercial properties replacing the activity in the redevelopment of residential property within the
Village. The Village is not immune to the overall tightening of the residential market and sales prices have fallen.
The Village’s hotel/motel tax declined due to less business travel with a decrease of $0.36 million or 17% from last
year. All of the Village’s six hotels have remained open during the year. The continued strength of the local
corporate employment provides a base level of demand for rooms which is the primary market for these hotels.
Contacting the Village’s Financial Management
This financial report is designed to provide a general overview of the Village’s finances, comply with finance-related
laws and regulations and demonstrate the Village’s commitment to public accountability. If you have questions about
this report or would like to request additional information, contact the Village’s Finance Director, 850 Waukegan
Road, Deerfield, IL 60015 or access the Village website at www.deerfield.il.us.
Component
Unit
Governmental Business-Type Deerfield
Activities Activities Total Public Library
ASSETS
Cash and investments 25,563,374$ 1,906,515$ 27,469,889$ 3,880,229$
Receivables (net, where applicable,
of allowances for uncollectibles)
Property taxes 7,022,140 757,188 7,779,328 2,586,000
Accounts 1,049,443 831,805 1,881,248 -
Accrued interest 49,263 4,485 53,748 -
In ventory 126,977 202,500 329,477 -
Due from other governments 2,437,491 - 2,437,491 22,285
Prepaid expenses 438,909 - 438,909 8,820
Land held for resale 1,582,087 - 1,582,087 -
Deferred charges 66,407 118,876 185,283 -
Net pension asset 982,318 - 982,318 -
Capital assets not being depreciated 19,605,293 3,997,882 23,603,175 199,173
Capital assets (net of
accumulated depreciation)44,208,643 20,066,617 64,275,260 165,199
Total assets 103,132,345 27,885,868 131,018,213 6,861,706
LIABILITIES
Accounts payable 1,932,778 552,148 2,484,926 71,822
Accrued payroll 405,846 64,413 470,259 55,655
Retainage payable 312,976 - 312,976 -
Deposits payable 8,602 16,526 25,128 -
Other payables 2,541 - 2,541 -
Accrued interest payable 80,480 23,900 104,380 -
Unearned revenues 7,163,548 808,950 7,972,498 2,756,250
Noncurrent liabilities
Due within one year 314,668 465,871 780,539 52,202
Due in more than one year 6,251,712 1,593,408 7,845,120 64,243
Total liabilities 16,473,151 3,525,216 19,998,367 3,000,172
NET ASSETS
In vestment in capital assets,
net of related debt 62,619,244 22,289,499 84,908,743 364,372
Restricted for
Maintenance of roadways 499,632 - 499,632 -
Public safety 1,089,746 - 1,089,746 -
Economic development 3,837,808 - 3,837,808 -
Debt service 472,761 - 472,761 -
Culture and recreation - - - 3,497,162
Unrestricted 18,140,003 2,071,153 20,211,156 -
TOTAL NET ASSETS 86,659,194$ 24,360,652$ 111,019,846$ 3,861,534$
Primary Government
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF NET ASSETS
April 30, 2009
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 5,228,097$ 1,645,678$ -$ -$
Public safety 7,715,014 956,468 1,210 12,812
Highways and streets 7,317,060 59,609 489,558 881,733
Interest 215,464 - - -
Total governmental activities 20,475,635 2,661,755 490,768 894,545
Business-Type Activities
Water 3,993,964 3,647,017 - -
Sewerage 3,040,082 2,306,028 - -
Refuse disposal 1,590,167 623,738 - -
Commuter parking lot 282,534 218,770 - -
Total business-type activities 8,906,747 6,795,553 - -
TOTAL PRIMARY GOVERNMENT 29,382,382$ 9,457,308$ 490,768$ 894,545$
COMPONENT UNIT
Deerfield Public Library 2,667,932$ 76,616$ 22,460$ -$
Program Revenues
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF ACTIVITIES
For the Year Ended April 30, 2009
- 4 -
Component
Unit
Deerfield
Governmental Business-Type Public
Activities Activities Total Library
(3,582,419)$ -$ (3,582,419)$ -$
(6,744,524) - (6,744,524) -
(5,886,160) - (5,886,160) -
(215,464) - (215,464) -
(16,428,567) - (16,428,567) -
- (346,947) (346,947) -
- (734,054) (734,054) -
- (966,429) (966,429) -
- (63,764) (63,764) -
- (2,111,194) (2,111,194) -
(16,428,567) (2,111,194) (18,539,761) -
- - - (2,568,856)
General Revenues
Taxes
Property 6,999,898 807,708 7,807,606 2,624,687
Replacement 93,921 - 93,921 86,835
Sales 4,438,194 - 4,438,194 -
Home rule sales 2,448,385 - 2,448,385 -
Income 1,678,335 - 1,678,335 -
Local use 259,932 - 259,932 -
Hotel/motel 1,746,051 - 1,746,051 -
Simplified telecommunications 347,666 - 347,666 -
Investment income 486,398 49,427 535,825 57,458
Miscellaneous 260,971 185,262 446,233 30,945
Transfers in (out)(3,132,729) 3,132,729 - -
Total 15,627,022 4,175,126 19,802,148 2,799,925
CHANGE IN NET ASSETS (801,545) 2,063,932 1,262,387 231,069
NET ASSETS, MAY 1 87,460,739 22,296,720 109,757,459 3,630,465
NET ASSETS, APRIL 30 86,659,194$ 24,360,652$ 111,019,846$ 3,861,534$
Primary Government
Net (Expense) Revenue and Change in Net Assets
See accompanying notes to financial statements.
- 5 -
Tax
Increment
Infrastructure Financing Debt Nonmajor
General Replacement District 2 Service Governmental Total
Cash and investments 15,095,116$ 1,702,872$ 2,249,695$ 471,845$ 2,144,478$ 21,664,006$
Receivables (net, where applicable,
of allowances for uncollectibles)
Property taxes 1,846,430 42,112 5,133,598 - - 7,022,140
Accounts 337,479 628,714 - - 82,548 1,048,741
Accrued interest 27,273 3,153 6,026 916 5,163 42,531
Due from other governments 2,180,565 220,143 - - 36,783 2,437,491
Inventory 14,215 - - - - 14,215
Prepaid items 438,909 - - - - 438,909
Land held for resale - - 1,582,087 - - 1,582,087
TOTAL ASSETS 19,939,987$ 2,596,994$ 8,971,406$ 472,761$ 2,268,972$ 34,250,120$
LIABILITIES
Accounts payable 934,024$ 983,311$ -$ -$ 7,015$ 1,924,350$
Accrued payroll 400,917 - - - - 400,917
Deposits payable 8,602 - - - - 8,602
Retainage payable - 312,976 - - - 312,976
Other payables 2,541 - - - - 2,541
Deferred property taxes 1,984,950 45,000 5,133,598 - - 7,163,548
Total liabilities 3,331,034 1,341,287 5,133,598 - 7,015 9,812,934
FUND BALANCES
Reserved for inventory 14,215 - - - - 14,215
Reserved for prepaid items 438,909 - - - - 438,909
Reserved for debt service - - - 472,761 - 472,761
Reserved for maintenance of roadways - - - - 499,632 499,632
Reserved for public safety - - - - 1,089,746 1,089,746
Reserved for economic development - - 2,255,721 - - 2,255,721
Reserved for land held for resale - - 1,582,087 - - 1,582,087
Unreserved
Undesignated - General Fund 16,155,829 - - - - 16,155,829
Undesignated - Capital Projects Funds - 1,255,707 - - 672,579 1,928,286
Total fund balances 16,608,953 1,255,707 3,837,808 472,761 2,261,957 24,437,186
TOTAL LIABILITIES AND
FUND BALANCES 19,939,987$ 2,596,994$ 8,971,406$ 472,761$ 2,268,972$ 34,250,120$
LIABILITIES AND FUND BALANCES
VILLAGE OF DEERFIELD, ILLINOIS
BALANCE SHEET
GOVERNMENTAL FUNDS
April 30, 2009
ASSETS
See accompanying notes to financial statements.
- 6 -
FUND BALANCES OF GOVERNMENTAL FUNDS 24,437,186$
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 63,813,936$
Less internal service funds (1,404,219)62,409,717
Discount on bonds issued and issuance costs are
capitalized and amortized on the statement of net assets 66,407
Long-term liabilities are not due and payable in the
current period and, therefore, are not reported in the
governmental funds
Bonds payable (5,000,000)
Other postemployment benefit payable (169,700)
Compensated absences (1,396,680)
Less internal service funds (24,714)(1,371,966)
Accrued interest on long-term liabilities is shown as a liability
on the statement of net assets (80,480)
The net pension assets of the police pension fund
are included in the governmental activities in the
statement of net assets 982,318
The net assets of the internal service fund are
included in the governmental activities in the
statement of net assets 5,385,712
NET ASSETS OF GOVERNMENTAL ACTIVITIES 86,659,194$
April 30, 2009
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, 2009
Tax
Increment
Infrastructure Financing Debt Nonmajor
General Replacement District 2 Service Governmental Total
REVENUES
Taxes 12,095,991$ 968,127$ 4,948,264$ -$ -$ 18,012,382$
Licenses and permits 1,271,817 - - - - 1,271,817
Intergovernmental 60,394 799,534 - - 489,558 1,349,486
Charges for services 316,503 - - - 410,942 727,445
Fines and forfeits 251,680 - - - - 251,680
Investment income 302,941 33,943 73,026 10,489 65,999 486,398
Miscellaneous 658,776 - - - 40,063 698,839
Total revenues 14,958,102 1,801,604 5,021,290 10,489 1,006,562 22,798,047
EXPENDITURES
Current
General government 5,156,342 - - - - 5,156,342
Public safety 7,412,526 - - - 243,807 7,656,333
Highways and streets 2,936,206 - - - 600,000 3,536,206
Capital outlay - 6,726,719 8,965 - - 6,735,684
Debt service
Principal retirement - - - 4,000,000 - 4,000,000
Interest and fiscal charges - - - 184,939 - 184,939
Total expenditures 15,505,074 6,726,719 8,965 4,184,939 843,807 27,269,504
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (546,972) (4,925,115) 5,012,325 (4,174,450) 162,755 (4,471,457)
OTHER FINANCING SOURCES (USES)
Proceeds from bonds issued, at par - - - - 5,000,000 5,000,000
Discount on bonds issued - - - - (30,867) (30,867)
Transfers in - 4,543,295 - 4,086,500 - 8,629,795
Transfers (out)- - (4,086,500) - (4,543,295) (8,629,795)
Sale of capital assets 8,772 - - - - 8,772
Total other financing sources (uses)8,772 4,543,295 (4,086,500) 4,086,500 425,838 4,977,905
NET CHANGE IN FUND BALANCES (538,200) (381,820) 925,825 (87,950) 588,593 506,448
FUND BALANCES, MAY 1 17,147,153 1,637,527 2,911,983 560,711 1,673,364 23,930,738
FUND BALANCES, APRIL 30 16,608,953$ 1,255,707$ 3,837,808$ 472,761$ 2,261,957$ 24,437,186$
See accompanying notes to financial statements.
- 8 -
NET CHANGE IN FUND BALANCES -
TOTAL GOVERNMENTAL FUNDS 506,448$
Amounts reported for governmental activities in the statement of
activities are different because:
Governmental funds report capital outlay as expenditures; however, they are
capitalized and depreciated in the statement of activities 1,859,202$
Less internal service funds (278,961)1,580,241
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 4,000,000
The issuance of bonds is reported as an other financing source on the
governmental funds income statement
Bond proceeds at par (5,000,000)
Discount on bonds issued 30,867
The increase in interest payable is reported as an increase in expense
on the statement of activities (66,065)
The increase in bond issuance costs is reported as a reduction of
expense on the statement of activities 35,540
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 (2,141,826)
Less internal service funds 207,783 (1,934,043)
The loss on disposal of capital assets for road reconstruction increases
the highways and streets expense on the statement of activities (146,629)
The decrease in compensated absences is reported as a reduction to expense
on the statement of activities (95,035)
The increase in the other postemployment benefit payable is reported
as an addition to expense on the statement of activities (81,800)
The decrease in net pension asset is reported as an addition to expense
on the statement of activities (14,136)
The change in net assets of certain activities of internal service funds is
in governmental funds 383,067
CHANGE IN NET ASSETS OF GOVERNMENTAL ACTIVITIES (801,545)$
For the Year Ended April 30, 2009
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, 2009
Governmental
Activities
Nonmajor
Enterprise Total Internal
Water Sewerage Refuse (Parking Lot)Enterprise Service
CURRENT ASSETS
Cash and investments 549,849$ 459,943$ 214,099$ 682,624$ 1,906,515$ 3,899,368$
Receivables
Property taxes - - 757,188 - 757,188 -
Accounts - billed 81,629 80,971 19,347 - 181,947 702
Accounts - unbilled 329,722 223,219 96,917 - 649,858 -
Accrued interest 1,310 970 809 1,396 4,485 6,732
Inventory 190,950 11,550 - - 202,500 112,762
Total current assets 1,153,460 776,653 1,088,360 684,020 3,702,493 4,019,564
NONCURRENT ASSETS
Deferred bond issuance costs 118,876 - - - 118,876 -
Total noncurrent assets 118,876 - - - 118,876 -
CAPITAL ASSETS
Nondepreciable 1,877,956 2,042,426 - 77,500 3,997,882 -
Depreciable 17,008,413 7,775,053 - 1,950,831 26,734,297 3,040,645
Accumulated depreciation (3,494,431) (2,452,341) - (720,908) (6,667,680) (1,636,426)
Net capital assets 15,391,938 7,365,138 - 1,307,423 24,064,499 1,404,219
Total assets 16,664,274 8,141,791 1,088,360 1,991,443 27,885,868 5,423,783
CURRENT LIABILITIES
Accounts payable 186,749 240,346 119,627 5,426 552,148 8,428
Accrued payroll 22,074 41,678 - 661 64,413 4,929
Deposits payable 10,397 6,129 - - 16,526 -
Accrued interest payable 23,900 - - - 23,900 -
Unearned property taxes - - 808,950 - 808,950 -
Compensated absences payable 11,021 29,063 - 787 40,871 2,471
Current portion of general obligations
bonds payable 425,000 - - - 425,000 -
Total current liabilities 679,141 317,216 928,577 6,874 1,931,808 15,828
LONG-TERM LIABILITIES
Compensated absences payable 99,191 121,735 - 7,082 228,008 22,243
Other postemployment benefit payable 9,300 6,100 - - 15,400 -
General obligation bonds payable 1,350,000 - - - 1,350,000 -
Total long-term liabilities 1,458,491 127,835 - 7,082 1,593,408 22,243
Total liabilities 2,137,632 445,051 928,577 13,956 3,525,216 38,071
NET ASSETS
Invested in capital assets,
net of related debt 13,616,938 7,365,138 - 1,307,423 22,289,499 1,404,219
Unrestricted 909,704 331,602 159,783 670,064 2,071,153 3,981,493
TOTAL NET ASSETS 14,526,642$ 7,696,740$ 159,783$ 1,977,487$ 24,360,652$ 5,385,712$
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, 2009
Governmental
Activities
Nonmajor
Enterprise Total Internal
Water Sewerage Refuse (Parking Lot)Enterprise Service
OPERATING REVENUES
Charges for services 3,647,017$ 2,306,028$ 623,738$ 218,770$ 6,795,553$ 981,886$
Miscellaneous 131,599 47,406 6,257 - 185,262 12,569
Total operating revenues 3,778,616 2,353,434 629,995 218,770 6,980,815 994,455
OPERATING EXPENSES
Administration 502,543 419,885 - - 922,428 -
Operations 3,040,872 2,450,866 1,590,167 255,796 7,337,701 379,345
Commodities - - - - - 142,166
Total operating expenses 3,543,415 2,870,751 1,590,167 255,796 8,260,129 521,511
OPERATING INCOME (LOSS)
BEFORE DEPRECIATION 235,201 (517,317) (960,172) (37,026) (1,279,314) 472,944
Depreciation 359,230 169,331 - 26,738 555,299 207,783
OPERATING INCOME (LOSS)(124,029) (686,648) (960,172) (63,764) (1,834,613) 265,161
NONOPERATING REVENUES (EXPENSES)
Investment income 15,222 9,263 9,019 15,923 49,427 76,906
Property taxes - - 807,708 - 807,708 -
Gain on disposal of capital assets - - - - - 41,000
Interest expense (91,319) - - - (91,319) -
Total nonoperating revenues (expenses)(76,097) 9,263 816,727 15,923 765,816 117,906
INCOME (LOSS) BEFORE CONTRIBUTIONS (200,126) (677,385) (143,445) (47,841) (1,068,797) 383,067
CONTRIBUTIONS 381,692 2,751,037 - - 3,132,729 -
CHANGE IN NET ASSETS 181,566 2,073,652 (143,445) (47,841) 2,063,932 383,067
NET ASSETS, MAY 1 14,345,076 5,623,088 303,228 2,025,328 22,296,720 5,002,645
NET ASSETS, APRIL 30 14,526,642$ 7,696,740$ 159,783$ 1,977,487$ 24,360,652$ 5,385,712$
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, 2009
Governmental
Activities
Nonmajor
Enterprise Total Internal
Water Sewer Refuse (Parking Lot)Enterprise Service
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers and users 3,721,571$ 2,388,892$ 626,058$ 218,770$ 6,955,291$ -$
Receipts from interfund services - - - - - 982,612
Receipts from miscellaneous revenues 131,599 47,406 6,257 - 185,262 12,569
Payments to suppliers (2,678,256) (1,261,634) (1,484,281) (223,510) (5,647,681) (285,415)
Payments to employees (949,975) (1,581,668) (58,642) (26,027) (2,616,312) (219,447)
Payments for interfund services (75,854) (115,308) (49,640) (2,543) (243,345) -
Net cash from operating activities 149,085 (522,312) (960,248) (33,310) (1,366,785) 490,319
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Property taxes - - 803,979 - 803,979 -
Net cash from noncapital
financing activities - - 803,979 - 803,979 -
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Proceeds from sale of capital assets - - - - - 41,000
Capital assets purchased - (125,731) - - (125,731) (278,961)
Bond principal payments (410,000) - - - (410,000) -
Bond interest payments (68,219) - - - (68,219) -
Net cash from capital and
related financing activities (478,219) (125,731) - - (603,950) (237,961)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 16,078 12,124 9,916 16,467 54,585 79,216
Net cash from investing activities 16,078 12,124 9,916 16,467 54,585 79,216
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS (313,056) (635,919) (146,353) (16,843) (1,112,171) 331,574
CASH AND CASH EQUIVALENTS, MAY 1 862,905 1,095,862 360,452 699,467 3,018,686 3,567,794
CASH AND CASH EQUIVALENTS, APRIL 30 549,849$ 459,943$ 214,099$ 682,624$ 1,906,515$ 3,899,368$
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, 2009
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)(124,029)$ (686,648)$ (960,172)$ (63,764)$ (1,834,613)$ 265,161$
Adjustments to reconcile operating income (loss)
to net cash from operating activities
Depreciation and amortization 359,230 169,331 - 26,738 555,299 207,783
(Increase) decrease in
Receivables 74,554 82,864 2,320 - 159,738 726
Inventories (69,869) 3,729 - - (66,140) 14,899
Increase (decrease) in
Accounts payable (86,548) (124,796) (2,396) 3,591 (210,149) (1,943)
Deposits payable 2,675 3,375 - - 6,050 -
Retainage payable (26,675) - - - (26,675) -
Accrued payroll 2,519 8,854 - 11 11,384 (233)
Other postemployment benefit payable 8,800 2,300 - - 11,100 -
Compensated absences payable 8,428 18,679 - 114 27,221 3,926
NET CASH FROM OPERATING ACTIVITIES 149,085$ (522,312)$ (960,248)$ (33,310)$ (1,366,785)$ 490,319$
NONCASH TRANSACTIONS
Contributions of capital assets by other funds 381,692$ 2,751,037$ -$ -$ 3,132,729$ -$
TOTAL NONCASH TRANSACTIONS 381,692$ 2,751,037$ -$ -$ 3,132,729$ -$
Business-Type Activities
See accompanying notes to financial statements.
- 13 -
Pension Agency
Trust Fund Funds
ASSETS
Cash and cash equivalents 204,479$ 1,221,375$
Investments
U.S. Treasury obligations 7,703,151 -
U.S. agencies securities 2,742,432 -
Mutual funds 9,943,108 -
Municipal bonds 1,297,642 -
Negotiable certificates of deposit 192,007 -
Receivables
Accrued interest 118,873 151
Total assets 22,201,692 1,221,526$
LIABILITIES
Accounts payable 9,285 6,343$
Deposits payable - 1,157,416
Other payables - 57,767
Total liabilities 9,285 1,221,526$
NET ASSETS HELD IN TRUST FOR
PENSION BENEFITS 22,192,407$
VILLAGE OF DEERFIELD, ILLINOIS
STATEMENT OF FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
April 30, 2009
See accompanying notes to financial statements.
- 14 -
ADDITIONS
Contributions - employer 843,209$
Contributions - employee 359,491
Total contributions 1,202,700
Investment income
Net appreciation (depreciation) in fair value of investments (4,468,252)
Interest earned on investments 612,966
Total investment income (3,855,286)
Less investment expense (1,505)
Net investment income (3,856,791)
Total additions (2,654,091)
DEDUCTIONS
Benefits and refunds
Pension payments 1,403,226
Separation refunds 40,165
Administrative 8,364
Total deductions 1,451,755
NET INCREASE (4,105,846)
NET ASSETS HELD IN TRUST FOR
PENSION BENEFITS
May 1 26,298,253
April 30 22,192,407$
VILLAGE OF DEERFIELD, ILLINOIS
PENSION TRUST FUND
STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS
For the Year Ended April 30, 2009
See accompanying notes to financial statements.
- 15 -
-16 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
April 30, 2009
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the Village of Deerfield, Illinois (the Village) have been
prepared in conformit y w it h account ing 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 Account ing Standards Board (GASB)
is the accepted standard-setting body fo r establishing governmental account ing and
financial reporting principles. The more significant of the Village’s account ing po licies
are described below.
a.Reporting Ent it y
The Village was incorporated in 1903. The Village is a municipal corporation
governed by an elected seven-me mber board. As required by GAAP, these financial
statements present the Village (the primary government) and its component units.
The Village’s financial statements include:
Pensio n Trust Fund
Police Pensio n Employees Ret ir ement System
The Village’s po lice emplo yees part ic ipate in the Police Pensio n E mp lo yees
Retirement System (PPERS). PPERS funct io ns fo r the benefit of these emplo yees
and is governed by a five-member pensio n board. Two members appo int ed by t he
Village’s Mayor, one elected pensio n beneficiary and two elected police emplo yees
constitute the pension board. The Village and the 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 determinat io n of contribution levels. Alt hough it
possesses many of the characterist ics of a legally separate government, the PPERS is
reported as if it were part of the primary government because its sole purpose is to
finance and administer the pensio ns of the Village’s police emplo yees and because
of the fiduciary nature of such activit ies. The PPERS is reported as a pensio n t rust
fund. Separate financial statements are issued and available from t he Police Pensio n
Board.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-17 -
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
a.Reporting Ent it y (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 result ing tax levy. Upon approval
of the Village, the levy is submitted to the County. All debt of the Library is secured
by t he full fait h and credit of the Village, which is who lly liable for the debt. The
Library, while servicing the general populatio n of the Village, does not provide
services entirely to the Village. Because the Library possesses the characteristic s 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 co mponent unit portion of this report. Separate financial statements
are available at the Library, 920 Waukegan Road, Deerfield, IL 60015.
Joint Ventures
Solid Waste Agency o f Lake Count y (SWALCO)
SWALCO is a municipal corporation empowered to plan, finance, construct and
operate a solid waste disposal system to serve its member municipalit ies.
Management consists of a Board of Directors comprised of one appoint ed
representative fro m each member. The Village does not exercise any control over
the activit ies of SWALCO beyo nd it s representation on the Board of Directors.
SWALCO is reported as a proprietary jo int venture.
b.Fund Account ing
The Village uses fu nds to report on its financial position, changes in its financial
position and cash flows. Fund account ing is designed to demonstrate legal
compliance and to aid financial management by segregating transactio ns related to
certain government functions or activitie s.
A fu nd is a separate accounting entit y w it h 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.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-18 -
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
b.Fund Account ing (Continued)
Governmental funds are used to account for all or most of the Village’s general
activit ies, including the collection and disbursement of earmarked monies (special
revenue funds), the acquisit io n or construction of capital assets (capital projects
funds) and the servicing of general lo ng-term debt (debt service funds). The general
fund is used to account for all act ivit ies of the general government not accounted for
in so me other fund.
Proprietary fu nds are used to account for activit ies similar to those found in the
private sector, where the determinat io n of net income is necessary or useful to sound
financial administration. Goods or services fro m such act ivit ies 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 pronouncement s and all FASB Statements
and Interpretations, Accounting Principles Board (APB) Opinio ns and Account ing
Research Bullet ins (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 o f o ut side part ies,
including other governments, or on behalf of other funds within the Village. When
these assets are held under the terms of a fo rmal trust agreement, a pension trust fund
may be used. The Village has a police pensio n fu nd. Agency funds are used to
account for funds that the Village ho lds 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 activit ies) report informat io n on all o f the nonfiduciary act ivit ies o f t he
Village. The effect of material interfund activit y (except for activit ies reported in
int ernal service funds) has been eliminated from these statements. Go vernmental
activit ies, which normally are supported by taxes and intergovernmental revenues,
are reported separately fro m bu siness-type activit ies, which rely to a significant
extent on fees and charges for support.
The statement of act ivit ie s demonstrates the degree to which the direct expenses of a
given funct io n, segment or program are offset by program revenues. Direct expenses
are those that are clearly ident ifiable wit h 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 funct io n or segment
and 2) grants and standard revenues that are restricted to meeting the operational or
capital requirements of a particular funct io n or segment. Taxes and other items not
properly included amo ng program revenues are reported instead as general revenues.
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 fro m t he 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 fo llo wing 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 renovat ing the capital assets of the Village.
The Tax Increment Financing District 2 Fund provides funds for land
acquisit io n and improvements to the Village’s Village Center Tax Increment
Financing District.
The Debt Service Fund accounts for the accumulatio n of resources for the
payment of general lo ng-term debt.
The Village reports the fo llo wing major proprietary funds:
The Water Fund accounts for all act ivit y ne cessary 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 act ivit y ne cessary to provide such services is accounted for
in t his 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.
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)
Addit io nally, the Village reports the follo wing proprietary fund:
Internal Service Funds
The Garage Fund accounts for all act ivit y 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 act ivit ies on the government-wide
financial statements.
The Village reports a pension trust fund as a Fiduciary Fund to account for the Police
Pensio n 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 Account ing 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. Revenues and addit io ns 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.,
int ended to finance). Grants and similar items are recognized as revenue as soon as
all eligibilit y r equirements 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 invest me nt inco me,are reported as nonoperating.
Governmental fund financial statements are accounted for using a current financial
resources measurement focus and the modified accrual basis of account ing.
Revenues are recognized when suscept ible to accrual (i.e., when they beco me both
measurable and available). “Measurable”means the amount of the transact io n can
be determined and “available”means collectible wit hin the current period. The
Village recognizes property taxes when they become both measurable and available
in t he period intended to finance, generally wit hin 60 days of year end. Expenditures
are recorded when the related fund liabilit y 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
fo llo wing year.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-21 -
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
d.Measurement Focus, Basis of Account ing and Financial Statement Presentatio n
(Continued)
Those revenues suscept ible to accrual are property taxes, franchise taxes, licenses,
int erest revenue and charges for services. Sales tax, teleco mmunicat io n t ax, local
use tax and motor fuel tax and fines owed to/collected by the stat e at year end on
behalf o f t he Village also are recognized as revenue. Permit revenues are not
suscept ible 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 recognit ion 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 liabilit y fo r unearned/deferred revenue is removed fro m t he financial statements
and revenue is recognized.
e.Cash and Invest me nt s
Cash and Cash Equivalents
For purposes of the statement of cash flows, the Village’s proprietary fu nds consider
all highly liquid invest me nt s with an original maturity of three months or less when
purchased to be cash equivalents.
Invest me nt s
Invest me nt s with a maturit y o f le ss than one year when purchased and nonnegotiable
certificates of deposit are stated at cost or amortized cost. Invest me nt s with a
maturit y greater than one year when purchased and all invest me nt s of the pensio n
trust funds are stated at fair value. Fair value is based on prices listed on natio nal
exchanges as of April 30, 2009 fo r 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 int erfund loans, if any, are classified as “int erfund receivables/payables.”
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-22 -
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
g.Ad vances to Other Funds
Noncurrent portions of lo ng-term int erfund 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 ind icate that they
are not available for appropriat io n 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.
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 activit ies columns in the government-wide
financial statements.Capital assets are defined by the Village as assets with an
init ial, 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 est imated 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.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-23 -
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
j.Capital Assets (Continued)
Depreciat io n of buildings,equipment, water/sewer systems and vehicles is computed
using the straight-line method over the fo llo wing 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 vacat io n le ave, including related social securit y and
medicare, that is owed to retirees or terminated employees is reported as an
expenditure and a fund liabilit y of the governmental fund that will pay it in t he fund
financial statements and the remainder is reported in long-term debt. Vested or
accumulated vacation leave and vested sick leave of proprietary fu nds at both levels
and government al activit ies at the government-wide level is recorded as an expense
and liabilit y as the benefit s accrue to emplo yees.
l.Long-Term Obligat io ns
In the government-wide financial statements and proprietary fu nds in t he fund
financial statements, long-term debt and other long-term obligations are reported as
liabilit ies in the applicable governmental act ivit ies,business-type activit ies or
proprietary fu nd financial statements. Bond premiums and discounts, as well as
issuance costs and gains/losses on refundings, are deferred and amortized over the
life o f t he bonds using the bonds outstanding method, which approximates the
effect ive 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 perio d. 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 fro m t he actual debt proceeds received, are reported as expenditures.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-24 -
1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
m.Fund Equit y/Net Assets
In the fund financial statements, governmental funds report reservatio ns 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
fo r a specific purpose. For the year ended April 30, 2009, no net asset restrictions
were the result of enabling legislat io n 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.
Transact io ns that constitute reimbursements to a fund for expenditures/expenses
init ially made fro m 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 transact io ns, except int erfund services and reimbursements, are
reported as transfers.
o.Account ing Est imates
The preparation of financial statements in conformity w it h generally accepted
accounting principles requires management to make estimates and assumptio ns that
affect the reported amounts of assets and liabilit ies and disclosure of contingent
assets and liabilit ies 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 invest me nt pool that is available for use by all funds,
except the pensio n trust fund. Each fund’s portion of this pool is displayed on the financial
statements as “cash and invest me nt s.” In addition, invest me nt s are separately held by
several o f t he Village’s fu nds. The deposits and investments of the pensio n t rust fund are
held separately fro m t hose of other funds.
Permitted Deposits and Invest me nt s -Statutes and the Village’s invest me nt policy
authorize the Village to make deposits/invest in insured commercial banks, savings and
lo an inst it ut io ns, obligat io ns of the U.S.Treasury and U.S. agencies, insured credit unio n
shares, money market mutual funds wit h portfolios of securit ies issued or guaranteed by
the United States or agreements to repurchase these same obligatio ns, repurchase
agreements, short-term commercial paper rated within the three highest classificat io ns by
at least two standard rating services and Illino is Funds.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-25 -
2.DEPOSITS AND INVESTMENTS (Continued)
The Police Pensio n Fund can invest in the same securit ies as the Village, plus the
fo llo wing: certain non-U.S. obligat io ns (corporate debt securit ies), Illino is municipal
corporations tax ant ic ipat io n warrants, veteran’s lo ans, obligations of the State of Illinois
and its polit ical divisio ns, Illino is insurance co mpany general and separate accounts,
mutual fu nds and equit y securit ie s (not to exceed 45% of the total assets of the Police
Pensio n Fund).
It is the policy o f t he Village to invest its funds in a manner which will provide the highest
investment return with the maximum security w hile meet ing the daily cash flow demands
of the Village and conforming to all state and local statutes governing the investme nt of
public funds, using the “prudent person”standard for managing the overall portfolio . The
primary object ive of the policy is safet y (preservat ion of capital and protection of
investment principal), liquidit y a nd yield.
a.Village Deposits with Financial Inst it utions
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 invest me nt policy requires pledging of collateral with a fair value of 100%
of all bank balances in excess of federal depository insurance with the co llateral held
by t he Village’s agent in the Village’s name.
b.Village Invest me nt s
The fo llowing table presents the Village’s investments in and maturities of debt
secur it ies as o f April 30, 2009:
Investment Maturities (in Years)
Fair Greater than
Value Less than 1 1-5 6-10 10
U.S. agency obligations $5,882,895 $1,285,921 $1,839,276 $2,757,698 $-
Municipal obligations 506,065 -506,065 --
Illinois Funds 21,428,761 21,428,761 ---
TOTAL $27,817,721 $22,714,682 $2,345,341 $2,757,698 $-
In accordance with its invest me nt policy, the Village limit s it s exposure to interest
rate risk by structuring the portfolio to provide liquidit y fo r operating funds and
maximizing yields for fu nds not needed within a three-year period. However, the
investme nt policy does not limit the maximum maturity length of invest me nt s.
Invest me nt s may be purchased with maturit ie s to match future projects or liabilit y
requirements. In addit io n, the policy requires the Village to structure the investment
portfolio so that securit ie s mature to meet cash requirements for ongoing operations,
thereby avo id ing the need to sell securit ie s on the open market prior to maturit y.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-26 -
2.DEPOSITS AND INVESTMENTS (Continued)
b.Village Invest me nt s (Continued)
The Village limit s it s exposure to credit risk, the risk that the issuer of a debt security
will not pay its par value upon maturit y,by pr imarily invest ing in U.S.agency
obligat io ns rated AAA by Moody’s ratings.Illino is Funds is rated AAA by Standard
and Poor’s.
Custodial credit risk for invest me nt s is t he 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 invest me nt policy requires all securit y t ransact io ns that are exposed to
custodial credit risk to be processed on a delivery versus payment (DVP) basis with
the underlying invest me nt s 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 are not subject to
custodial credit risk.
Concentration of credit risk -The Village’s investment policy requires
diversificat io n of the portfolio, but does not specify maximum amounts that can be
invested in any one invest me nt vehicle, maturity, issuer or class of securit ies.
The Village’s invest me nt policy does not specifically prohibit the use of or the
investment in derivat ives.
c.Police Pensio n Fund’s Deposits with Financial Institut io ns
Custodial credit risk for deposits with financial institutions is the risk that in the
event of a bank’s failure, the Police Pensio n Fund’s deposits may not be returned to
them. The Police Pension Fund’s invest me nt 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 Pensio n Fund’s deposits with
financial inst it utions.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-27 -
2.DEPOSITS AND INVESTMENTS (Continued)
d.Police Pensio n Fund Invest me nt s
The fo llo wing table presents the invest me nt s and maturit ie s of the Police Pensio n
Fund’s debt securit ie s as of April 30, 2009:
Investment Maturities (in Years)
Fair Greater than
Value Less than 1 1-5 6-10 10
U.S. agency obligations $2,742,432 $1,785 $1,028,945 $-$1,711,702
U.S. Treasury obligations 7,703,150 -1,677,533 -6,025,617
Municipal bonds 1,297,642 -475,746 551,185 270,711
Illinois Funds 204,479 204,479 ---
Negotiable certificates of
deposit 192,007 192,007 ---
TOTAL $12,139,710 $398,271 $3,182,224 $551,185 $8,008,030
In accordance with its invest me nt po licy, the Police Pensio n Fund limit s it s exposure
to interest rate risk by structuring the portfolio to provide liquidit y fo r 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 invest me nt s in the
Police Pensio n Fund.
The Police Pensio n Fund limit s it s exposure to credit risk, the risk that the issuer of a
debt securit y w ill not pay its par value upon maturity, by primarily investing in
obligat io ns guaranteed by the United States Government or securit ies issued by
agencies of the United States Government that are explicitly or implicit ly guaranteed
by t he United States Government. The U.S. agency obligat io ns are rated by
Moody’s AAA and the municipal bonds are rated between A2 and AA1. Illino is
Funds is rated AAA by Standard and Poor’s. The investment policy is silent on
minimum rat ings required.
Custodial credit risk for invest me nt s is t he 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 invest me nt s that are in possessio n of an outside party. To limit its
exposure, the Police Pension Fund’s invest me nt policy requires all securit y
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 Pensio n Fund’s agent separate fro m w here the invest me nt was
purchased in the Police Pensio n Fund’s name. Illino is Fu nds are not subject to
custodial credit risk.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-28 -
2.DEPOSITS AND INVESTMENTS (Continued)
d.Police Pensio n Fund Invest me nt s (Continued)
Concentration of credit risk -The Police Pensio n Fund’s invest me nt policy limit s the
amount of the portfolio that can be invested in any one investme nt vehicle. With the
exception of U.S. Treasury securit ies and authorized pools, no more than 60% of the
Police Pensio n Fund’s total investment portfolio can be invested in a single securit y
type or with a single financial inst it ution.
The Police Pensio n Fund’s invest me nt policy does not specifically prohibit the use of
or the invest me nt in derivat ives.
3.RECEIVABLES -TAXES
Property taxes for 2008 attach as an enforceable lien on January 1, 2008 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, 2009 and August 1, 2009 and are payable in two installments, on or
about March 1, 2009 and September 1, 2009. The County co llects such taxes and remits
them periodically.
The 2009 tax levy, which attached as an enforceable lien on property as of January 1,
2009, has not been recorded as a receivable as of April 30, 2009 as the tax has not yet been
levied by the Village and will not be levied unt il D ecember 2009 and, therefore, the levy is
not measurable at April 30, 2009.
4.CAPITAL ASSETS
Capital asset activit y fo r the year ended April 30, 2009 was as follows:
Beginning
Balance Increases Decreases
Ending
Balance
GOVERNMENTAL ACTIVITIES
Capital assets not being depreciated
Land $3,009,921 $-$-$3,009,921
Land right of way 16,180,188 --16,180,188
Construction in progress 75,480 415,184 75,480 415,184
Total capital assets not being depreciated 19,265,589 415,184 75,480 19,605,293
Capital assets being depreciated
Buildings and improvements 12,232,033 12,232,033
Vehicles, machinery and equipment 2,978,810 278,961 185,866 3,071,905
Infrastructure 89,229,401 1,240,537 1,121,629 89,348,309
Total capital assets being depreciated 104,440,244 1,519,498 1,307,495 104,652,247
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 $1,932,436 $291,343 $-$2,223,779
Vehicles, machinery and equipment 1,619,199 210,909 185,866 1,644,242
Infrastructure 55,911,009 1,639,574 975,000 56,575,583
Total accumulated depreciation 59,462,644 2,141,826 1,160,866 60,443,604
Total capital assets being depreciated, net 44,977,600 (622,328)146,629 44,208,643
GOVERNMENTAL ACTIVITIES
CAPITAL ASSETS, NET $64,243,189 $(207,144)$222,109 $63,813,936
BUSINESS-TYPE ACTIVITIES
Capital assets not being depreciated
Land $1,955,456 $-$-$1,955,456
Construction in progress 270,052 1,955,868 183,494 2,042,426
Total capital assets not being depreciated 2,225,508 1,955,868 183,494 3,997,882
Capital assets being depreciated
Buildings and improvements 7,505,294 765,109 252,573 8,017,830
Parking lot improvements 1,950,830 --1,950,830
Vehicles, machinery and equipment 595,397 --595,397
Water distribution system 11,888,262 515,069 170,437 12,232,894
Sanitary sewer system 3,731,436 205,909 -3,937,345
Total capital assets being depreciated 25,671,219 1,486,087 423,010 26,734,296
Less accumulated depreciation for
Buildings and improvements 2,881,861 178,193 252,573 2,807,481
Parking lot improvements 694,170 26,738 -720,908
Vehicles, machinery and equipment 548,636 8,323 -556,959
Water distribution system 1,509,664 259,070 170,437 1,598,297
Sanitary sewer system 901,059 82,975 -984,034
Total accumulated depreciation 6,535,390 555,299 423,010 6,667,679
Total capital assets being depreciated, net 19,135,829 930,788 -20,066,617
BUSINESS-TYPE ACTIVITIES
CAPITAL ASSETS, NET $21,361,337 $2,886,656 $183,494 $24,064,499
Depreciat io n expense was charged to funct io ns/programs of the primary government as
fo llo ws:
GOVERNMENTAL ACTIVITIES
General government $158,055
Public safety 117,236
Highways and streets, including depreciation
of general infrastructure assets 1,866,535
DEPRECIATION EXPENSE -GOVERNMENTAL ACTIVITIES $2,141,826
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 omissio ns’injuries to emplo yees; illnesses of emplo yees;
and natural disasters.
Intergovernmental Personnel Benefit Cooperative (IPBC)
The Village participates in the Intergovernmental Personnel Benefit Cooperative (IPBC).
IPBC is a public ent it y r isk pool established by certain unit s 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 emplo yees and to
the officers and emplo yees of certain other governmental, quasi governmental and
nonprofit public service ent it ies.
The IPBC receives, processes and pays such claims as may co me within the benefit
program o f each member.Management consists of a Board of Directors comprised of o ne
appointed representative from each member. In addit io n, there are two officers,a Benefit
Ad ministrator and a Treasurer. The Village does not exercise any control over the
activit ies o f t he 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 ent it y r isk pool whose members are Illino is mu nicipalit ies. MICA manages and
funds first party property losses, third party liabilit y c laims, workers’co mpensat io n claims
and public o fficials’liabilit y c laims o f it s 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 appoint ed representative
fro m each member. In addit io n, there are three officers, a Risk Manager and a Treasurer.
The Village does not exercise any control over activities of MICA beyo nd it s
representation on the Board of Directors. MICA funct io ns so le ly as an administrative
agent for each member.
High-Level Excess Liabilit y P ool (HELP)
The Village participates in the High-Level Excess Liabilit y Pool (HELP). HELP is a
public entit y r isk pool established by certain municipalit ies (the Members) in Illino is to
provide excess liabilit y co verage ($10,000,000 of coverage after the $2,000,000 co verage
provided by MICA). The Village’s payments to HELP are displayed on the financial
statements as expenditures/expenses in appropriate funds.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-31 -
5.RISK MANAGEMENT (Continued)
High-Level Excess Liabilit y P ool (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 preventio n or lessening of liabilit y c laims for
injuries to persons or property or claims for errors and o missio ns 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
fro m each member municipalit y.Each dir ector 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 appropriat io ns; approves contracts; adopts resolut io ns
providing for the issuance of debt by HELP; adopts bylaws, rules and regulat io ns; 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 activit ies o f HELP beyo nd it s
representation on the Board of Directors.
6.LONG-TERM DEBT
a.General Obligat io n Bonds
The Village issues general obligat io n bonds for the acquisit io n and construction of
major capital facilit ie s.
General obligation bonds are direct obligations and pledge the full faith and credit of
the Village. General obligat io n bonds current ly o utstanding are as fo llo ws:
Issue
Fund Debt
Retired By
Balances
May 1 Additions Reductions
Balances
April 30
Current
Portion
General Obligation Bond Series
of 1998 ($17,000,000 dated
April 15, 1998; maturing
October 1, 2008; payable in
annual installments; interest
rates from 4.20% to 4.35%)
Debt
Service**$4,000,000 $-$4,000,000 $-$-
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*2,185,000 -410,000 1,775,000 425,000
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-32 -
6.LONG-TERM DEBT (Continued)
a.General Obligat io n Bonds (Continued)
Issue
Fund Debt
Retired By
Balances
May 1 Additions Reductions
Balances
April 30
Current
Portion
General Obligation Bond Series
of 2008 ($5,000,000 dated
Au gust 1 2008; maturing
December 1, 2028; payable in
annual installments; interest
rates from 3.25% to 4.25%)
Debt
Service***$-$5,000,000 $-$5,000,000 $175,000
TOTAL $6,185,000 $5,000,000 $4,410,000 $6,775,000 $600,000
The $17,000,000 in General Obligat io n Bonds, Series 1998, was authorized for the
purpose of downtown redevelopment. The bond issue is a general obligatio n bond
issue; however, it is being repaid fro m T ax Incremental District 2 funds.
The $3,460,000 in General Obligat io n 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 Obligat io n Bonds, Series 2008, 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 abates the tax levy on this bond issue annually. The debt is being
retired by transfers from the Tax Incremental Finance District 2 Fund.
***The Village abated the tax levy on this bond issue fo r fiscal 2009 and evaluates
annually if the Village is financially capable of doing so. The debt is being
retired by transfers from various funds.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-33 -
6.LONG-TERM DEBT (Continued)
b.Debt Service Requirements to Maturit y
Annual debt service requirements to maturit y are as follows:
Fiscal Year General Obligation Bonds
Ending Governmental Activities Business-Type Activities
April 30,Principal Interest Total Principal Interest Total
2010 $175,000 $193,150 $368,150 $425,000 $57,365 $482,365
2011 180,000 187,463 367,463 435,000 44,827 479,827
2012 185,000 181,613 366,613 450,000 31,125 481,125
2013 190,000 175,600 365,600 465,000 16,275 481,275
2014 195,000 169,425 364,425 ---
2015 205,000 162,844 367,844 ---
2016 210,000 155,669 365,669 ---
2017 220,000 147,794 367,794 ---
2018 225,000 139,544 364,544 ---
2019 235,000 131,106 366,106 ---
2020 245,000 122,294 367,294 ---
2021 255,000 112,800 367,800 ---
2022 265,000 102,919 367,919 ---
2023 275,000 92,319 367,319 ---
2024 290,000 81,319 371,319 ---
2025 300,000 69,356 369,356 ---
2026 315,000 56,981 371,981 ---
2027 330,000 43,987 373,987 ---
2028 345,000 29,962 374,962 ---
2029 360,000 15,300 375,300 ---
TOTAL $5,000,000 $2,371,445 $7,371,445 $1,775,000 $149,592 $1,924,592
c.Changes in Long-Term Liabilit ies
During the fiscal year, the fo llo wing changes occurred in lo ng-term liabilit ies:
Fund Debt
Retired By
Balances
May 1 Additions Reductions
Balances
April 30
Current
Portion
GOVERNMENTAL
ACTIVITIES
General obligation bonds Debt Service $4,000,000 $5,000,000 $4,000,000 $5,000,000 $175,000
Compensated absences
(Governmental)General 1,276,931 237,217 142,182 1,371,966 137,197
Compensated absences
(Internal Service)Garage 20,788 6,005 2,079 24,714 2,471
Other postemployment
benefit General 87,900 183,400 101,600 169,700 -
TOTAL GOVERNMENTAL
ACTIVITIES $5,385,619 $5,426,622 $4,245,861 $6,566,380 $314,668
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-34 -
6.LONG-TERM DEBT (Continued)
c.Changes in Long-Term Liabilit ies (Continued)
Fund Debt
Retired By
Balances
May 1 Additions Reductions
Balances
April 30
Current
Portion
BUSINESS-TYPE
ACTIVITIES
General obligation bonds
Water Water $2,185,000 $-$410,000 $1,775,000 $425,000
Compensated absences
(Enterprise)
Water/Sewer/
Parking 241,658 51,386 24,165 268,879 40,871
Other postemployment
benefit Water/Sewer 4,300 18,900 7,800 15,400 -
TOTAL BUSINESS-TYPE
ACTIVITIES $2,430,958 $70,286 $441,965 $2,059,279 $465,871
d.Legal Debt Margin
The Village is a ho me rule municipalit y.
Art ic le VII, Section 6(k) of the 1970 Illino is Constitut io n governs co mputation of the
legal debt margin.
“The General Assembly may limit by law the amount and require referendum
approval of debt to be incurred by ho me rule municipalit ies, payable fro m ad
valorem property tax receipts, only in excess o f t he fo llo wing percentages of the
assessed value of its taxable property...(2) if its populat io n is mo re than 25,000 and
less than 500,000 an aggregate of one percent: ...indebtedness which is outstanding
on the effect ive date (July 1, 1971) of this const it utio n or which is thereafter
approved by referendum... shall not be included in the foregoing percentage
amounts.”
To date, the General Assembly has set no limit s fo r home rule municipalit ies.
The Village qualifies as a Home Rule Unit under Section 6(a) of Article VII of the
1970 Constitution of Illino is and, under the powers granted by this sect io n, can
exercise any power and perform any funct io n pertaining to its government and
affairs that is not prohibited by the Illino is Co mp iled Statutes.
e.Noncommit ment Debt -Industrial Development Revenue Bonds
The issuance of Industrial Development Revenue Bonds (IDRBs) by t he Village is to
finance in who le o r in part the cost of the acquisit ion, purchase, construction,
reconstruction, improvement, equipping, betterment or extension of any econo mic
development project in order to encourage economic development within or near the
Village.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-35 -
6.LONG-TERM DEBT (Continued)
e.Noncommit ment Debt -Industrial Development Revenue Bonds (Continued)
IDRBs are not a debt of the Village. The ent it y 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 t he fo llowing 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, 2009, 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, it s original issue amount was $1,000,000.
7.INTERFUND ASSETS/LIABILITIES
Interfund Transfers
Transfers From Transfers To Amount
Tax Increment Financing District 2 Debt Service $4,086,500
Nonmajor Governmental Infrastructure Replacement 4,543,295
TOTAL $8,629,795
The purpose of significant transfers to/from other funds is as follo ws:
·$4,086,500 transferred fro m t he Tax Increment Financing District 2 Fund to
the Debt Service Fund for the debt service payment on the General Obligat io n
Bonds, Series 1998, which were issued to fund improvements in the Village
Center TIF District.The amount will not be repaid.
·$4,543,295 transferred fro m t he Nonmajor Governmental Funds to the
Infrastructure Replacement Fund consists of $4,333,113 from the Bond
Proceeds Fund to provide addit io nal funding needed to complete budgeted
capital projects and $210,182 from the Project 29 Fund fo r excess funds
remaining after complet io n of a project.
·$3,132,729 of capital assets were contributed by the governmental activities
(Infrastructure Replacement Fund) to the business-type act ivit ies and recorded
as transfers on the statement of activit ies.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-36 -
8.COMMITMENTS
High-Level Excess Liabilit y Pool (HELP)
The Village has committed to purchase excess liability insurance from HELP, a jo int
venture of Illino is municipalit ie s.
These amounts have been calculated using the Village’s current allocat io n percentage of
3.65%of premium expense. In future years, this allocat io n 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 follo wing four criteria for allocat ing premium
costs:
Miles of streets
Full-time equivalent emplo yees
Number of licensed vehicles
Operating revenues
The Village has passed a reso lut io n authorizing the extensio n of HELP for ten years
beginning May 1, 2008.
9.CONTINGENT LIABILITIES
a.Litigat io n
The Village is a defendant in various lawsuits. Although the outcome of these
lawsuits is not present ly d eterminable, in the opinion of the Village’s attorney, the
resolut io n of these matters will not have a material adverse effect on the financial
condition of the Village.
b.Grants
Amounts received or receivable from grantor agencies are subject to audit and
adjustment by grantor agencies, principally the federal government. Any disallowed
claims, including amounts already collected, may constitute a liability of the
applicable funds. The amount, if any, o f 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 Liabilit y P ool (HELP)
The Village’s agreement with HELP provides that each member is liable for its
proportionate share of any costs arising fro m defaults in payment obligations by
other members.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-37 -
9.CONTINGENT LIABILITIES (Continued)
d.Solid Waste Agency o f Lake Count y (SWALCO)
The Village’s contract with SWALCO provides that each member is liable for its
proportionate share of any costs arising fro m defaults in payment obligations by
other members.
10.JOINT VENTURES
Solid Waste Agency o f Lake Count y (SWALCO)
Descript io n of Jo int Venture
The Village is a member of SWALCO, which consists of 35 mu nicipalit ies. SWALCO is
a mu nicipal corporation and public body po lit ic and corporate established pursuant to the
Const it ut io n of the State of Illino is and the Intergovernmental Co operation Act of the State
of Illino is, as amended (the Act). SWALCO is empowered under the Act to plan,
construct, finance, operate and maintain a so lid 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 valuat io n of the municipalit ies.
The members form a contiguous geographic service area, which is located in Lake County.
Under the Agency Agreement, addit io nal members may jo in SWALCO upon the approval
of each member.
SWALCO is governed by a Board of Directors, which consists of one appointed
representative fro m each member municipalit y.Each Director has an equal vote. The
officers of SWALCO are appointed by the Board of Directors. The Board of Directors
determines the general po licy o f S WALCO; makes all appropriations; approves contracts;
adopts resolut io ns providing for the issuance of bonds or notes by SWALCO; adopts
bylaws, rules and regulat io ns; 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 municipalit ies. The Village is a participant in SWALCO, but no agreement has
been reached as to services to be provided. The Village made no payments to SWALCO
for the year ended April 30, 2009 and no future payments are expected.
Complete financial statements can be obtained from the Solid Waste Agency o f Lake
County, 1300 N. Skokie Highway, Suite 103, Gurnee, Illino is 60031.
The Village does not have an equit y int erest in SWALCO at April 30, 2009.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-38 -
11.OTHER POSTEMPLOYMENT BENEFITS
a.Plan Descript io n
In addit io n to providing the pensio n benefit s described, the Village provides
post emp lo yment healt h care benefits (OPEB) for retired emplo yees through a single-
employer defined benefit plan. The benefits, benefit levels, employee contribut io ns
and emplo yer 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
fo r 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 activit y o f t he plan is reported
in t he Village’s governmental and business-type activit ies.
b.Benefit s Provided
The Village provides pre and post Medicare postretirement health insurance to
retirees, their spouses and dependents (enrolled at time of emplo yee’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
mo nt hly health insurance premiums for the retirees up to a maximum of $50. The
retiree pays the remainder of the blended premium. Upon a retiree beco ming eligible
fo r Medicare, the amount payable under the Village’s healt h plan will be reduced by
the amount payable under Medicare fo r those expenses that are covered under both.
c.Membership
At April 30, 2008, membership consisted of:
Retirees and beneficiaries current ly receiving
benefits 32
Terminated employees ent it led
to benefit s but not yet receiving them -
Act ive emplo yees 108
TOTAL 140
Participating emplo yers 1
d.Funding Policy
The Village is not required to and currently does not advance fund the cost of
benefits that will beco me due and payable in the future. Active employees do not
contribute to the plan until retirement.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-39 -
11.OTHER POSTEMPLOYMENT BENEFITS (Continued)
e.Annual OPEB Costs and Net OPEB Obligat io n
The Village first had an actuarial valuat io n 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 contribut io n (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 2009 was as fo llo ws (informat io n fo r the third
preceding year is no t available as an actuarial valuation was performed for the first
time as of May 1, 2007):
Fiscal
Year
Ended
Annual
OPEB
Cost
Employer
Contribut io ns
Percentage of
Annual OPEB
Cost
Contributed
Net OPEB
Obligat io n
April 30, 2008 $193,800 $101,600 52.4%$92,200
April 30, 2009 202,300 109,400 54.1%185,100
The net OPEB obligat io n as of April 30, 2009, was calculated as fo llo ws:
Annual required contribut io n $202,300
Interest on net OPEB obligation -
Ad just me nt to annual required contribution -
Annual OPEB cost 202,300
Contribut io ns made 109,400
Increase in net OPEB obligat io n 92,900
Net OPEB obligat io n beginning of year 92,200
NET OPEB OBLIGATION END OF YEAR $185,100
Funded Status and Funding Progress: The funded status of the plan as of April 30,
2009, was as fo llo ws:
Actuarial accrued liabilit y (AAL)$2,642,100
Actuarial value of plan assets -
Unfunded actuarial accrued liability (UAAL)2,642,100
Funded ratio (actuarial value of p lan assets/AAL)0%
Covered payroll (act ive plan members)$8,254,700
UAAL as a percentage of covered payro ll 32.0%
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-40 -
11.OTHER POSTEMPLOYMENT BENEFITS (Continued)
e.Annual OPEB Costs and Net OPEB Obligat io n (Continued)
Actuarial valuat io ns of a n ongoing plan invo lve estimates of the value of reported
amounts and assumptions about the probabilit y o f o ccurrence of events far into the
future. Examples include assumpt io ns about future emplo yment, mortalit y a nd the
healt hcare cost trend. Amounts determined regarding the funded status of the plan
and the annual required contributions of the employer are subject to continual
revisio n as actual results are compared wit h past expectations and new est imates are
made about the future. The schedule of fu nding progress, presented as required
supplementary informat io n fo llo wing the notes to financial statements, presents
mult i-year trend informat io n t hat shows whether the actuarial value of plan assets is
increasing or decreasing over time relative to the actuarial accrued liabilit ies for
benefits.
Actuarial methods and assumpt io ns -project io ns of benefits for financial reporting
purposes are based on the substant ive plan (the plan as understood by the emplo yer
and plan members) and include the types of be nefits provided at the time of each
valuat io n 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 vo lat ilit y in actuarial
accrued liabilit ie s and the actuarial value of assets, consistent with the long-term
perspective of the calculat io ns.
In the May 1, 2008, actuarial valuation, the entry-age normal actuarial cost method
was used. The actuarial a ssumpt io ns included no investment rate of return and an
init ial healthcare cost trend rate of 10.0% with an ult imate healthcare inflat io n rate of
4.5%. Both rates include a 3.0% inflat io n assumptio n and 4.0% wage inflat io n
assumpt io n. The actuarial value of assets was not determined as the Village has not
advance funded its obligat io n. The plan’s unfunded actuarial accrued liabilit y is
being amortized as a level percentage of projected payroll o n an open basis. The
remaining amortizat io n period at May 1 , 2008, was 30 years, except for Water Fund
employees which was 18 years.
12.EMPLOYEE RETIREMENT SYSTEMS
a.Plan Descript io ns and Provisio ns
Illino is Municipal Retirement Fund
The Village contributes to the Illinois Municipal Retirement Fund (IMRF), a defined
benefit agent mult iple-employer public emplo yee retirement system that acts as a
commo n invest me nt and administrative agent for local governments and school
districts in Illino is (other than those covered by the Police Pension Plan).
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-41 -
12.EMPLOYEE RETIREMENT SYSTEMS (Continued)
a.Plan Descript io ns and Provisio ns (Cont inued)
Illino is Municipal Retirement Fund (Continued)
All emplo yees hired in posit io ns that meet or exceed the prescribed annual hourly
standard must be enro lled in IMRF as participating members. Pension benefits vest
after eight years of service. Participat ing members who retire at or after age 60 with
eight years of service are ent it led to an annual ret ir ement benefit, payable monthly
fo r life, in an amount equal to 1 2/3%of their final rate (average of the highest 48
consecut ive months’earnings during the last 10 years) of earnings for each year of
credited service up to 15 years and 2%fo r each year thereafter. IMRF also provides
death and disabilit y be nefits. The Illino is Pension Code establishes the benefit
provisions of the plan that can only be amended by the Illinois General Assembly.
Participating members are required to contribute 4.5%of their annual salary to
IMRF. The Village is required to contribut e the remaining amounts necessary to
fund the coverage of its own emplo yees in the system, using the actuarial basis
specified by state statute (entry-age normal). The employer contribut io n fo r the
calendar year ended December 31, 2008 was 11.55%of covered payroll.
IMRF issues a separate financial report which may be obtained by writ ing them at
IMRF,2211 York Road, Suite 500, Oak Brook, Illino is 60523. This report contains
informat io n fo r IMRF as a who le, but not by individual emplo yer.
Police Pension Plan
Police sworn personnel are covered by the Police Pension P lan, which is a defined
benefit single-employer pensio n plan. Although this is a single-employer pensio n
plan, the defined benefits and employee and emplo yer contribut io ns levels are
governed by Illino is Co mp iled Statutes (Chapter 40 -Article 5/3) and can be
amended only by the Illino is legislature. The Village accounts for the Police Pensio n
Pla n as a pensio n t rust fund. At April 30, 2009, the Police Pension Plan membership
consisted of:
Retirees and beneficiaries current ly receiving benefits 27
Terminated emp lo yees ent it led to benefits but not
yet receiving them 3
Current emp lo yees
Vested 25
Nonvested 12
TOTAL 67
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-42 -
12.EMPLOYEE RETIREMENT SYSTEMS (Continued)
a.Plan Descript io ns and Provisio ns (Cont inued)
Police Pensio n P la n (Continued)
The fo llo wing is a summary o f t he Police Pensio n P la n as provided for in Illino is
Compiled Statutes.
The Police Pensio n P la n provides retirement benefits as well as death and disabilit y
benefits. Emplo yees attaining the age of 50 or more with 20 or more years of
creditable service are ent it led to receive an annual retirement benefit of one-half o f
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 pensio n shall be increased by 2.5% of such
salary fo r each addit io nal year of service over 20 years up to 30 years, to a maximum
of 75%of such salary. Emplo yees with at least eig ht years but less than 20 years of
credited service may ret ir e at or after age 60 and receive a reduced benefit. The
mo nt hly pension of a police officer who retired with 20 or more years of service after
January 1, 1977 shall be increased annually, fo llo wing the fir st anniversary date of
retirement and be paid upon reaching the age of at least 55 years, by 3%of the
original pension and 3%compounded interest annually thereafter.
Covered emplo yees are required to contribute 9.91%of their base salary to the
Police Pensio n P la n. If an emplo yee leaves covered emplo yment with less than 20
years o f service, accumulated emplo yee contribut ions may be refunded without
accumulated interest. The Village is required to contribute the remaining amounts
necessary to finance the Police Pensio n P lan as actuarially determined by an enrolled
actuary. The Village’s contribut io ns must accumulate to the point where the past
service cost for the Police Pension P lan is fully funded by the year 2033.The
employer contribut io n fo r the fiscal year ended April 30, 2009 was 23.24% of
covered payroll.
The Police Pensio n 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 Account ing: The financial statements are prepared using the accrual basis
of accounting. Employee and emplo yer contributions are recognized as revenues in
the period in which emplo yee services are performed.
Method Used to Value Invest me nt s: Invest me nt s are reported at fair value.
Invest me nt inco me is recognized as earned.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-43 -
12.EMPLOYEE RETIREMENT SYSTEMS (Continued)
b.Summary of Significant Accounting Policies and Plan Asset Matters (Continued)
Gains and losses on sales and exchanges of fixed inco me securit ie s are recognized on
the transact io n date.
Significant Invest me nt s: Investments (other than U.S. Government and U.S.
Government guaranteed obligatio ns) in a Vanguard Mutual Fund represent ing 45%
of net assets available for benefit s.
Related Party Transact io ns: There were no securities of the employer or any other
related parties included in plan assets, including any lo ans.
Ad ministrative costs for the Police Pension P la n are financed primarily through
investment earnings.
c.Annual Pensio n Cost
Illinois
Municipal
Retir ement
Police
Pension
Actuarial valuation date December 31,
2006
April 1,
2008
Actuarial cost met hod Entry-age
Nor ma l
Entry-age
Nor ma l
Level Dollar
Asset valuation met hod 5 Year
Smoothed
Market
Actuarial
Value
Amortization method Level
Percentage of
Payroll
Level
Dollar
Amortization per iod 24 Years,
Closed
25 Years,
Closed
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-44 -
12.EMPLOYEE RETIREMENT SYSTEMS (Continued)
c.Annual Pensio n Cost (Continu ed)
Illinois
Municipal
Retir ement
Police
Pension
Significant actuarial assumptions
a)Rate of return on 7.50%7.75%
present and future assets Compounded Compounded
Annually Annually
b)Projected salary incr ease -4.00%3.50%
attributable to inflation Compounded Compounded
Annually Annually
c)Additional projected salary .40%to 11.60%5.50%
increases -seniority/mer it
d)Post retirement benefit increases 3.00%3.00%
Employer annual pensio n cost (APC) actual contribut io ns and the net pensio n
obligat io n (NPO) are as follows. The NPO is the cumulat ive difference between the
APC and the contributions actually made.
For
Fiscal
Year
Illinois
Municipal
Retirement
Police
Pension
Annual pension cost (APC)2007 $674,312 $666,099
2008 699,397 710,955
2009 778,342 857,345
Actual contribution 2007 $674,312 $654,414
2008 699,397 698,335
2009 778,342*843,209
Percentage of APC contributed 2007 100.00%98.25%
2008 100.00%98.22%
2009 100.00%98.35%
NPO (asset)2007 $-$(1,009,074)
2008 -(996,454)
2009 -(982,318)
*Of this amount, $634,616 (81.53%) was contributed by the Village and $143,726
(18.47%) was contributed by the Library.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-45 -
12.EMPLOYEE RETIREMENT SYSTEMS (Continued)
c.Annual Pensio n Cost (Continued)
The Village’s annual pensio n cost and net pensio n obligat io n (asset) for the Police
Pensio n Plan fo r April 30, 2009 are as fo llo ws:
Annual required contribution $843,209
Interest on net pension obligation (asset)(77,225)
Adjustment to annual required contribution 91,361
Annual pension cost 857,345
Contributions made 843,209
Increase in net pension obligation 14,136
Net pension obligation (asset) beginning of year (996,454)
NET PENSION OBLIGATION (ASSET) END OF YEAR $(982,318)
Funded Status and Funding Progress: The funded status of t he plans as of April 30,
2008 (most recent data available)were as fo llo ws. 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 12.d.
Illinois
Municipal
Retirement*
Police
Pension
Actuarial accrued liability (AAL)$15,152,271 $34,968,811
Actuarial value of plan assets 8,049,486 27,864,349
Unfunded actuarial accrued liability (UAAL)7,102,785 7,104,462
Funded ratio (actuarial value of plan
assets/AAL)53.12%79.68%
Covered payroll (active plan members)$6,738,890 $3,192,147
UAAL as a percentage of covered payroll 105.40%222.56%
*Includes both the Village and the Library.
The actuarial value of plan assets for the Police Pension P lan above is as of April 30,
2008. The Pensio n Fund experienced significant decline in the fair value (actuarial
value) of assets for the year ended April 30, 2009, which is not reflected in these
funded ratios.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-46 -
13.CONTRACTUAL COMMITMENTS
Economic Incent ive Agreements
The Village has entered into economic incent ive agreements with a commercial entit y
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 so le ly fro m sales taxes generated by the commercial ent it y. The rebates are to be
paid monthly wit h t he agreement expiring 15 years after commencement. At April 30,
2009, the Village has accrued an estimated rebate liabilit y o f $666,282 fo r amounts
collected by the state through Apr il 30, 2009 but not yet paid to the commercial entit y. To
date, the Village has paid $3,646,597 to the commercial entit y.The agreement has no
stated maximum.
14.COMPONENT UNIT -DEERFIELD PUBLIC LIBRARY
a.Summary Financial Informat io n
The follo wing is summary fund financial informat ion for the Deerfield Public
Library (the Library) for the fiscal year ended April 30, 2009:
General Adjustments
Statement of
Net Assets
ASSETS
Cash and investments $3,880,229 $-$3,880,229
Receivables
Property taxes 2,586,000 -2,586,000
Due from other governments 22,285 -22,285
Prepaid expenses 8,820 -8,820
Capital assets, net of
accumulated depreciation -364,372 364,372
Total assets 6,497,334 364,372 6,861,706
LIABILITIES
Accounts payable 71,822 -71,822
Accrued payroll 55,655 -55,655
Deferred property taxes 2,756,250 -2,756,250
Compensated
absences payable/OPEB -116,445 116,445
Total liabilities 2,883,727 166,445 3,000,172
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-47 -
14.COMPONENT UNIT -DEERFIELD PUBLIC LIBRARY (Continued)
a.Summary Financial Informat io n (Continued)
General Adjustments
Statement of
Net Assets
FUND BALANCES/NET ASSETS
Fund balances -unr es er ved
Designated for scholarship $19,485 $(19,485)$-
Undesignated 3,594,122 (3,594,122)-
Net assets
Invested in capital assets,
net of related debt -364,372 364,372
Unr estricted -3,497,162 3,497,162
TOTAL FUND BALANCES/
NET ASSETS $3,613,607 $247,927 $3,861,534
General Adjustments
Statement of
Act ivities
REVENUES
Property taxes $2,624,687 $-$2,624,687
Replacement taxes 86,835 -86,835
Intergovernmental 22,460 -22,460
Charges for services 76,616 -76,616
Investment income 57,458 -57,458
Miscellaneous 30,945 -30,945
Total revenues 2,899,001 -2,899,001
EXPENDITURES/EXPENSES
Culture and recr eation 2,793,171 (125,239)2,667,932
Total expenditures/expenses 2,793,171 (125,239)2,667,932
NET CHANGE IN FUND BALANCE/
NET ASSETS 105,830 125,239 231,069
FUND BALANCE/NET ASSETS
MAY 1 3,507,777 122,688 3,630,465
FUND BALANCES/NET ASSETS
APRIL 30 $3,613,607 $247,927 $3,861,534
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-48 -
14.COMPONENT UNIT -DEERFIELD PUBLIC LIBRARY (Continued)
b.Deposits and Invest me nt s
1)Deposits
Permitted Deposits and Invest me nt s -The Illino is Compiled Statutes and the
Library’s invest me nt policy authorize the Library to make deposits/invest in
insured co mmercial banks, savings and loan inst it ut io ns, obligat io ns o f t he
U.S. Treasury and U.S. agencies, insured credit unio n shares, money market
mutual fu nds wit h portfolio s of securit ies 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
classificat io ns by at least two standard rating services and Illino is Funds.
Illino is Funds is an invest me nt pool managed by the State of Illino is, Office of
the Treasurer, which allows governments within the state to pool their funds
fo r invest me nt purposes. Illino is Funds is not registered with the SEC as an
investment company, but does operate in a manner consistent with Rule 2a7 of
the Invest me nt Company Act of 1940. Investments in Illinois Funds are
valued at Illino is Fund’s share price, which is the price the investment could be
sold for.
It is the policy o f t he Library to invest its funds in a manner which will provide
the highest invest me nt return with the maximum securit y while meet ing the
daily cash flow demands of the Library and conforming to all state and local
statutes governing the invest me nt of public funds, using the “prudent person”
standard for managing the overall portfolio. The primary objective of the
policy is safet y (preservat io n of capital and protectio n of invest me nt principal),
liquidit y a nd yie ld.
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 invest me nt policy requires pledging of collateral held by the
Library’s agent wit h a fair value o f 100% of all bank balances in excess of
federal depository insurance. At April 30, 2009, all o f t he Library’s bank
balances were insured or collateralized.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-49 -
14.COMPONENT UNIT -DEERFIELD PUBLIC LIBRARY (Continued)
b.Deposits and Invest me nt s (Continued)
2)Invest me nt s
As o f Apr il 30, 2009, the Library had the following investments and maturit ies of
debt securities:
Investment Maturities (in Years)
Fair Value Less than 1 1-5 6-10
Greater than
10
Illinois Funds $3,503,448 $3,503,448 $-$-$-
TOTAL $3,503,448 $3,503,448 $-$-$-
In accordance with the Library’s invest me nt policy, the Library limits its
exposure to interest rate risk by structuring the portfolio to provide liquidit y for
operating funds and maximizing yields. The investment policy limits the
maximum maturit y le ngth of invest me nt s to one year fro m date of purchase,
unless matched to a specific cash flow. Reserve funds may be invested in
securit ie s exceeding one year if the maturit y o f such funds are made to
coincide as nearly as practicable with the expected use of the funds.
The Library limit s it s exposure to credit risk, the risk that the issuer of a debt
securit y w ill not pay its par value upon maturit y,by pr imarily investing in
Illino is Funds, which is rated AAA by Standard and Poor’s.
Custodial credit risk for invest me nt s is t he risk that, in the event of the failure
of the counterparty to the invest me nt , the Library will not be able to recover
the value of it s invest me nt s that are in possessio n of an outside party. Illino is
Funds is not subject to custodial credit risk.
c.Receivables -Taxes
Property taxes for the 2008 le vy year attach as an enforceable lien on January 1,
2008, 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 Count y a nd issued on or about February 1, 2009 and
August 1, 2009, and are payable in two installments, on or about March 1, 2009 and
September 1, 2009. The County co llects such taxes and remit s them periodically.
The 2008 tax levy co llect io ns are intended to finance the 2010 fiscal year and are not
considered available for current operations and are, therefore, shown as deferred
revenue. The 2009 tax levy has not been recorded as a receivable at April 30, 2009,
as the tax attached as a lien on property as of January 1, 2009;however, the tax will
not be levied until December 2009 and, accordingly, is not measurable at April 30,
2009.
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-50 -
14.COMPONENT UNIT -DEERFIELD PUBLIC LIBRARY (Continued)
d.Capital Assets
Capital assets, which include land, buildings and equipment,are reported in the
governmental act ivit ie s in the government-wide financial statements. Capital assets
are defined by the Library as assets with an init ial, individual cost in excess of
$25,000 and an est imated 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.
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 est imated useful lives:
Years
Buildings 45
Equipment 7
The fo llo wing is a summary o f c hanges 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 -133,680 -133,680
Total capital assets not being depreciated 65,493 133,680 -199,173
Capital assets being depreciated
Buildings 1,050,000 --1,050,000
Equipment -27,137 -27,137
Total capital assets being depreciated 1,050,000 27,137 -1,077,137
Less accumulated depreciation for
Buildings 886,666 23,333 -909,999
Equipment -1,939 -1,939
Total accumulated depreciation 886,666 25,272 -911,938
Total capital assets being depreciated, net 163,334 1,865 -165,199
GOVERNMENTAL ACTIVITIES
CAPITAL ASSETS, NET $228,827 $135,545 $-$364,372
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO FINANCIAL STATEMENTS (Continued)
-51 -
14.COMPONENT UNIT -DEERFIELD PUBLIC LIBRARY (Continued)
e.Changes in Long-Term Liabilit ies
The fo llo wing is a summary o f c hanges in lo ng-term liabilit ies for the year ended
April 30, 2009:
Balance,
May 1 Additions Retirements
Balance,
April 30
Current
Portion
Compensated absences $93,039 $61,041 $64,535 $89,545 $52,202
Other postemployment
benefit 13,100 13,800 -26,900 -
TOTAL LONG-TERM
LIABILITIES $106,139 $74,841 $64,535 $116,445 $52,202
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended April 30, 2009
Original Final
Budget Budget Actual
REVENUES
Taxes 12,274,250$ 12,274,250$ 12,095,991$
Licenses and permits 1,113,000 1,113,000 1,271,817
Intergovernmental 39,000 39,000 60,394
Charges for services 347,500 347,500 316,503
Fines and forfeits 213,500 213,500 251,680
Investment income 520,000 520,000 302,941
Miscellaneous 407,000 407,000 658,776
Total revenues 14,914,250 14,914,250 14,958,102
EXPENDITURES
General government 5,130,561 5,130,561 5,156,342
Public safety 7,965,900 7,965,900 7,412,526
Highways and streets 2,640,970 2,640,970 2,936,206
Total expenditures 15,737,431 15,737,431 15,505,074
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (823,181) (823,181) (546,972)
OTHER FINANCING SOURCES (USES)
Sale of capital assets 5,000 5,000 8,772
Total other financing sources (uses)5,000 5,000 8,772
NET CHANGE IN FUND BALANCE (818,181)$ (818,181)$ (538,200)
FUND BALANCE, MAY 1 17,147,153
FUND BALANCE, APRIL 30 16,608,953$
(See independent auditor's report.)
- 52 -
(6)
Un funded
(Overfunded)
Actuarial
(4)Accrued
(2)Un funded 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)
2003 14,167,618$ 15,105,472$ 93.79%937,854$ 5,241,608$ 17.89%
2004 12,061,017 14,761,287 81.71%2,700,270 5,630,533 47.96%
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%
Note: Amounts above include both the Village of Deerfield and Deerfield Public Library.
April 30, 2009
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF FUNDING PROGRESS
ILLINOIS MUNICIPAL RETIREMENT FUND
(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
May 1,Assets Entry-Age (1) / (2) (2) - (1)Payroll (4) / (5)
2003 21,397,216$ 23,235,103$ 92.09%1,837,887$ 2,612,402$ 70.35%
2004 22,248,709 26,895,164 82.72%4,646,455 2,765,899 167.99%
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%
The actuarial value of plan assets for the Police Pension Plan above is as of April 30, 2008. As disclosed
in note 12.e, the Police Pension Fund experienced significant declines in the fair value (actuarial value) of
assets for the year ended April 30, 2009, which are not reflected in these funded ratios.
April 30, 2009
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF FUNDING PROGRESS
POLICE PENSION FUND
(See independent auditor's report.)
- 54 -
(6)
Un funded
(Overfunded)
Actuarial
(4)Accrued
(2)Un funded 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
May 1,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%
Information for prior years is not available as the Village's first actuarial valuation was performed
May 1, 2007.
April 30, 2009
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF FUNDING PROGRESS
OTHER POSTEMPLOYMENT BENEFIT PLAN
(See independent auditor's report.)
- 55 -
Annual
Required
Calendar Employer Contribution Percentage
Year Contributions (ARC)Contributed
2003 399,935$ 399,935$ 100.00%
2004 522,513 522,513 100.00%
2005 551,606 551,606 100.00%
2006 674,312 674,312 100.00%
2007 699,397 699,397 100.00%
2008 778,342 778,342 100.00%
Note: Amounts above include both the Village of Deerfield and Deerfield Public Library.
April 30, 2009
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF EMPLOYER CONTRIBUTIONS
ILLINOIS MUNICIPAL RETIREMENT FUND
(See independent auditor's report.)
- 56 -
Annual
Required
Fiscal Employer Contribution Percentage
Year Contributions (ARC)Contributed
2004 325,762$ 325,762$ 100.00%
2005 614,326 614,326 100.00%
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%
April 30, 2009
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF EMPLOYER CONTRIBUTIONS
POLICE PENSION FUND
(See independent auditor's report.)
- 57 -
Annual
Required
Fiscal Employer Contribution Percentage
Year Contributions (ARC)Contributed
2008 101,600$ 193,800$ 52.43%
2009 109,400 202,300 54.08%
Information for prior years is not available as the Village's first actuarial valuation was
performed May 1, 2007.
April 30, 2009
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF EMPLOYER CONTRIBUTIONS
OTHER POSTEMPLOYMENT BENEFIT PLAN
(See independent auditor's report.)
- 58 -
-59 -
VILLAGE OF DEERFIELD, ILLINOIS
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
April 30, 2009
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, Enterprise,
Internal Service and Pensio n Trust Funds. The annual appropriated budget is legally enacted and
provides for a legal level o f control at the department level, or, where no departmental
segregation o f a fu nd exists, the fu nd level. All annual appropriat io ns lapse at fiscal year end.
Encumbrances represent commit ments related to unperformed contracts for goods or services.
Encumbrance account ing-under which purchase orders, contracts and other commit ments 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 liabilit ies because
the commit ments 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 informat io n on the past
year, current year est imates and requested appropriations for the next fiscal year.
The proposed budget is presented to the governing body for review. The governing body hold s
public hearings and can add to, subtract from or change appropriat io ns;but cannot change the
fo rm of the budget.
Management cannot amend the total budget for individual funds wit hout 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 appropriat ion or transfers of appropriated amounts.
During the year, supplementary appropriat io ns were necessary for the Debt Service and Tax
Increment Financing District #2 Funds.
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended April 30, 2009
Original Final
Budget Budget Actual
TAXES
Property 2,094,250$ 2,094,250$ 2,006,581$
Replacement 75,000 75,000 93,921
Sales 4,500,000 4,500,000 4,438,194
Home rule sales 1,400,000 1,400,000 1,525,311
Local use 245,000 245,000 259,932
Income 1,650,000 1,650,000 1,678,335
Hotel/motel 2,000,000 2,000,000 1,746,051
Telecommunication 310,000 310,000 347,666
Total taxes 12,274,250 12,274,250 12,095,991
LICENSES AND PERMITS
Beer/liquor licenses 71,000 71,000 58,950
Food licenses 8,000 8,000 4,883
Other business licenses 28,000 28,000 5,545
Building permits 600,000 600,000 801,664
Contractor's licenses 8,000 8,000 7,850
Nonbusiness licenses and permits 53,000 53,000 55,033
Vehicle licenses 345,000 345,000 337,892
Total licenses and permits 1,113,000 1,113,000 1,271,817
INTERGOVERNMENTAL
State grant 6,000 6,000 1,210
State highway maintenance 33,000 33,000 46,372
Federal grant - - 12,812
Total intergovernmental 39,000 39,000 60,394
CHARGES FOR SERVICES
Special police services 262,500 262,500 173,122
Dispatching services 79,000 79,000 88,008
50/50 tree planting 4,000 4,000 55,373
Engineering services 2,000 2,000 -
Total charges for services 347,500 347,500 316,503
FINES AND FORFEITS 213,500 213,500 251,680
INVESTMENT INCOME 520,000 520,000 302,941
(This schedule is continued on the following page.)
- 60 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2009
Original Final
Budget Budget Actual
MISCELLANEOUS
False alarms 35,000$ 35,000$ 32,717$
Sale of materials 2,000 2,000 -
Rentals 25,000 25,000 74,948
Miscellaneous 100,000 100,000 252,197
Franchise fees 245,000 245,000 298,914
Total miscellaneous 407,000 407,000 658,776
TOTAL REVENUES 14,914,250$ 14,914,250$ 14,958,102$
(See independent auditor's report.)
- 61 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
GENERAL FUND
For the Year Ended April 30, 2009
Original Final
Budget Budget Actual
GENERAL GOVERNMENT
Finance department
Personnel services 1,108,587$ 1,108,587$ 1,086,448$
Less: IPBC terminal reserve dividend - - (134,728)
Training and development 16,600 16,600 4,505
Contractual services 1,211,350 1,211,350 1,589,371
Commodities 27,000 27,000 13,532
Utilities 27,000 27,000 17,975
Capital outlay 65,250 65,250 49,182
Total finance department 2,455,787 2,455,787 2,626,285
Administration
Personnel services 565,274 565,274 441,543
Training and development 5,000 5,000 3,379
Contractual services 400,100 400,100 547,911
Commodities 14,500 14,500 3,069
Utilities 1,600 1,600 1,056
Capital outlay 64,571 64,571 56,029
Total administration 1,051,045 1,051,045 1,052,987
Community development
Personnel services 842,400 842,400 815,046
Training and development 8,000 8,000 4,719
Contractual services 139,100 139,100 153,956
Commodities 25,500 25,500 14,052
Utilities 12,500 12,500 6,316
Capital outlay 7,143 7,143 6,458
Total community development 1,034,643 1,034,643 1,000,547
Engineering
Personnel services 368,000 368,000 304,149
Training and development 6,600 6,600 2,287
Contractual services 184,000 184,000 137,686
Commodities 10,500 10,500 11,088
Utilities 5,000 5,000 8,084
Capital outlay 14,986 14,986 13,229
Total engineering 589,086 589,086 476,523
Total general government 5,130,561 5,130,561 5,156,342
PUBLIC SAFETY
Police department
Administrative services
Personnel services 1,449,164 1,449,164 1,492,121
Training and development 27,500 27,500 8,776
Contractual services 526,500 526,500 468,139
(This schedule is continued on the following pages.)
- 62 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2009
Original Final
Budget Budget Actual
PUBLIC SAFETY (Continued)
Police department (Continued)
Administrative services (Continued)
Commodities 53,000$ 53,000$ 31,678$
Utilities 35,000 35,000 15,528
Capital outlay 175,035 175,035 167,699
Total administrative services 2,266,199 2,266,199 2,183,941
Communications
Personnel services 819,995 819,995 766,826
Training and development 5,600 5,600 2,820
Contractual services 500 500 357
Commodities - - 280
Capital outlay 5,000 5,000 1,129
Total communications 831,095 831,095 771,412
Investigations
Personnel services 788,207 788,207 809,826
Training and development 6,950 6,950 3,723
Contractual services 6,200 6,200 11,224
Commodities 15,960 15,960 11,189
Capital outlay 9,750 9,750 3,430
Total investigations 827,067 827,067 839,392
Patrol
Personnel services 3,517,989 3,517,989 3,279,455
Training and development 36,900 36,900 17,423
Contractual services 60,600 60,600 75,376
Commodities 75,000 75,000 58,417
Utilities 6,500 6,500 5,734
Capital outlay 19,500 19,500 9,920
Total patrol 3,716,489 3,716,489 3,446,325
Special detail
Personnel services 325,050 325,050 171,456
Total special detail 325,050 325,050 171,456
Total public safety 7,965,900 7,965,900 7,412,526
HIGHWAYS AND STREETS
Public works department
Administration
Personnel services 267,000 267,000 225,995
Training and development 6,200 6,200 1,032
Contractual services 153,600 153,600 145,283
(This schedule is continued on the following page.)
- 63 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (Continued)
GENERAL FUND
For the Year Ended April 30, 2009
Original Final
Budget Budget Actual
HIGHWAYS AND STREETS (Continued)
Public works department (Continued)
Administration (Continued)
Commodities 12,800$ 12,800$ 10,114$
Utilities 10,500 10,500 8,629
Capital outlay 167,750 167,750 169,837
Total administration 617,850 617,850 560,890
Maintenance
Personnel services 585,950 585,950 593,287
Contractual services 128,000 128,000 100,908
Commodities 106,000 106,000 89,757
Utilities 80,000 80,000 100,686
Capital outlay 135,000 135,000 121,316
Total maintenance 1,034,950 1,034,950 1,005,954
Snow and ice control
Personnel services 145,930 145,930 174,275
Contractual services 90,500 90,500 171,230
Commodities 244,000 244,000 642,665
Capital outlay 27,000 27,000 27,357
Total snow and ice control 507,430 507,430 1,015,527
Forestry
Personnel services 78,750 78,750 8,089
Contractual services 236,500 236,500 192,794
Commodities 8,500 8,500 5,922
Capital outlay 55,000 55,000 95,908
Total forestry 378,750 378,750 302,713
Train station maintenance
Personnel services 15,290 15,290 8,361
Contractual services 82,000 82,000 39,965
Commodities 4,200 4,200 2,796
Utilities 500 500 -
Total train station maintenance 101,990 101,990 51,122
Total highways and streets 2,640,970 2,640,970 2,936,206
TOTAL EXPENDITURES 15,737,431$ 15,737,431$ 15,505,074$
(See independent auditor's report.)
- 64 -
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, 2009
Original Final
Budget Budget Actual
REVENUES
Taxes
Property 45,000$ 45,000$ 45,053$
Sales 850,000 850,000 923,074
Intergovernmental 1,484,900 1,484,900 799,534
Investment income 12,000 12,000 33,943
Miscellaneous 348,500 348,500 -
Total revenues 2,740,400 2,740,400 1,801,604
EXPENDITURES
Capital outlay
Contractual services 1,683,000 1,683,000 905,780
Construction 7,800,000 7,800,000 5,820,939
Total expenditures 9,483,000 9,483,000 6,726,719
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (6,742,600) (6,742,600) (4,925,115)
OTHER FINANCING SOURCES (USES)
Proceeds from bonds issued, at par 5,000,000 5,000,000 -
Transfers in - - 4,543,295
Total other financing sources (uses)5,000,000 5,000,000 4,543,295
NET CHANGE IN FUND BALANCE (1,742,600)$ (1,742,600)$ (381,820)
FUND BALANCE, MAY 1 1,637,527
FUND BALANCE, APRIL 30 1,255,707$
(See independent auditor's report.)
- 65 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
TAX INCREMENTAL FINANCE DISTRICT 2 FUND
For the Year Ended April 30, 2009
Original Final
Budget Budget Actual
REVENUES
Taxes
Property 4,500,000$ 4,500,000$ 4,948,264$
Investment income 110,000 110,000 73,026
Total revenues 4,610,000 4,610,000 5,021,290
EXPENDITURES
Capital outlay
Construction - - 8,965
Other costs 25,000 25,000 -
Total expenditures 25,000 25,000 8,965
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 4,585,000 4,585,000 5,012,325
OTHER FINANCING SOURCES (USES)
Transfers (out)(2,130,000) (4,130,000) (4,086,500)
Total other financing sources (uses)(2,130,000) (4,130,000) (4,086,500)
NET CHANGE IN FUND BALANCE 2,455,000$ 455,000$ 925,825
FUND BALANCE, MAY 1 2,911,983
FUND BALANCE, APRIL 30 3,837,808$
(See independent auditor's report.)
- 66 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
DEBT SERVICE FUND
For the Year Ended April 30, 2009
Original Final
Budget Budget Actual
REVENUES
Taxes
Property 400,000$ 400,000$ -$
Replacement 20,000 20,000 -
Investment income 25,000 25,000 10,489
Total revenues 445,000 445,000 10,489
EXPENDITURES
Debt service
Principal retirement 2,000,000 4,000,000 4,000,000
Interest 530,000 530,000 148,201
Fiscal charges 41,000 41,000 36,738
Total expenditures 2,571,000 4,571,000 4,184,939
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (2,126,000) (4,126,000) (4,174,450)
OTHER FINANCING SOURCES (USES)
Transfers in
Tax Incremental Finance District 2 Fund 2,130,000 4,130,000 4,086,500
Total other financing sources (uses)2,130,000 4,130,000 4,086,500
NET CHANGE IN FUND BALANCE 4,000$ 4,000$ (87,950)
FUND BALANCE, MAY 1 560,711
FUND BALANCE, APRIL 30 472,761$
(See independent auditor's report.)
- 67 -
NONMAJOR GOVERNMENTAL FUNDS
Motor Fuel Tax Fund -To account for activit y funded by the state share of tax on the use of
mo tor 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.
Bond Proceeds Fund -To account for the proceeds of the General Obligation Bonds, Series 2008.
Project 29 Fund -Established pursuant to an escrow agreement with the Corps of Engineers and
State of Illino is t o account for grant funds for a floodwater control project in the Village.
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
April 30, 2009
Motor Enhanced Bond Project
Fuel Tax 911 Proceeds 29 Total
Cash and investments 462,138$ 1,012,585$ 669,755$ -$ 2,144,478$
Receivables
Accounts - 82,548 - - 82,548
Accrued interest 711 1,628 2,824 - 5,163
Due from other governments 36,783 - - - 36,783
TOTAL ASSETS 499,632$ 1,096,761$ 672,579$ -$ 2,268,972$
LIABILITIES
Accounts payable -$ 7,015$ -$ -$ 7,015$
Total liabilities - 7,015 - - 7,015
FUND BALANCES
Reserved for maintenance of roadways 499,632 - - - 499,632
Reserved for public safety - 1,089,746 - - 1,089,746
Unreserved - undesignated - - 672,579 - 672,579
Total fund balances 499,632 1,089,746 672,579 - 2,261,957
TOTAL LIABILITIES AND
FUND BALANCES 499,632$ 1,096,761$ 672,579$ -$ 2,268,972$
ASSETS
LIABILITIES AND FUND BALANCES
Special Revenue Funds Capital Projects
(See independent auditor's report.)
- 68 -
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For the Year Ended April 30, 2009
Motor Enhanced Bond Project
Fuel Tax 911 Proceeds 29 Total
REVENUES
Intergovernmental 489,558$ -$ -$ -$ 489,558$
Charges for services - 410,942 - - 410,942
Investment income 7,448 18,591 36,559 3,401 65,999
Miscellaneous - - - 40,063 40,063
Total revenues 497,006 429,533 36,559 43,464 1,006,562
EXPENDITURES
Public safety - 243,807 - - 243,807
Highways and streets 600,000 - - - 600,000
Total expenditures 600,000 243,807 - - 843,807
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (102,994) 185,726 36,559 43,464 162,755
OTHER FINANCING SOURCES (USES)
Proceeds from bonds issued, at par - - 5,000,000 - 5,000,000
Discount on bonds issued - - (30,867) - (30,867)
Transfers (out)- - (4,333,113) (210,182) (4,543,295)
Total other financing sources (uses)- - 636,020 (210,182) 425,838
NET CHANGE IN FUND BALANCES (102,994) 185,726 672,579 (166,718) 588,593
FUND BALANCES, MAY 1 602,626 904,020 - 166,718 1,673,364
FUND BALANCES, APRIL 30 499,632$ 1,089,746$ 672,579$ -$ 2,261,957$
Special Revenue Funds Capital Projects
(See independent auditor's report.)
- 69 -
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, 2009
Original Final
Budget Budget Actual
REVENUES
Intergovernmental
Allo tments earned 525,000$ 525,000$ 489,558$
Investment income 25,000 25,000 7,448
Total revenues 550,000 550,000 497,006
EXPENDITURES
Highways and streets
Capital outlay 600,000 600,000 600,000
Total expenditures 600,000 600,000 600,000
NET CHANGE IN FUND BALANCE (50,000)$ (50,000)$ (102,994)
FUND BALANCE, MAY 1 602,626
FUND BALANCE, APRIL 30 499,632$
(See independent auditor's report.)
- 70 -
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, 2009
Original Final
Budget Budget Actual
REVENUES
Charges for services
Other charges 300,000$ 300,000$ 410,942$
Investment income 14,000 14,000 18,591
Total revenues 314,000 314,000 429,533
EXPENDITURES
Public safety
Contractual services 120,545 120,545 110,297
Utilit ies 75,000 75,000 70,666
Capital outlay 75,067 75,067 62,844
Total expenditures 270,612 270,612 243,807
NET CHANGE IN FUND BALANCE 43,388$ 43,388$ 185,726
FUND BALANCE, MAY 1 904,020
FUND BALANCE, APRIL 30 1,089,746$
(See independent auditor's report.)
- 71 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
BOND PROCEEDS FUND
For the Year Ended April 30, 2009
Original Final
Budget Budget Actual
REVENUES
Investment income -$ -$ 36,559$
Total revenues - - 36,559
EXPENDITURES
None - - -
Total expenditures - - -
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES - - 36,559
OTHER FINANCING SOURCES (USES)
Proceeds from bonds issued, at par - - 5,000,000
Discount on bonds issued - - (30,867)
Transfers (out)
Infrastructure Replacement Fund - - (4,333,113)
Total other financing sources (uses)- - 636,020
NET CHANGE IN FUND BALANCE -$ -$ 672,579
FUND BALANCE, MAY 1 -
FUND BALANCE, APRIL 30 672,579$
(See independent auditor's report.)
- 72 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
PROJECT 29 FUND
For the Year Ended April 30, 2009
Original Final
Budget Budget Actual
REVENUES
Investment income -$ -$ 3,401$
Miscellaneous - - 40,063
Total revenues - - 43,464
EXPENDITURES
None - - -
Total expenditures - - -
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES - - 43,464
OTHER FINANCING SOURCES (USES)
Transfers (out)
Infrastructure Replacement Fund - - (210,182)
Total other financing sources (uses)- - (210,182)
NET CHANGE IN FUND BALANCE -$ -$ (166,718)
FUND BALANCE, MAY 1 166,718
FUND BALANCE, APRIL 30 -$
(See independent auditor's report.)
- 73 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES AND
CHANGES IN NET ASSETS - BUDGET AND ACTUAL
WATER FUND
For the Year Ended April 30, 2009
Original Final
Budget Budget Actual
OPERATING REVENUES
Charges for services
Water sales 4,262,000$ 4,262,000$ 3,647,017$
Miscellaneous
Permits and fees 30,000 30,000 38,846
Penalties 37,000 37,000 38,581
Other 58,000 58,000 54,172
Total operating revenues 4,387,000 4,387,000 3,778,616
OPERATING EXPENSES EXCLUDING
DEPRECIATION
Administration 523,365 523,365 502,543
Operations
Distribution 2,577,815 2,577,815 2,174,042
Maintenance - mains and fire hydrants 885,460 885,460 576,646
Maintenance - meters 380,650 380,650 290,184
Total operating expenses excluding depreciation 4,367,290 4,367,290 3,543,415
OPERATING INCOME (LOSS) BEFORE
DEPRECIATION 19,710 19,710 235,201
Depreciation - - 359,230
OPERATING INCOME (LOSS)19,710 19,710 (124,029)
NONOPERATING REVENUES (EXPENSES)
Investment income 41,000 41,000 15,222
Interest expense (478,820) (478,820) (91,319)
Total nonoperating revenues (expenses)(437,820) (437,820) (76,097)
NET INCOME (LOSS) BEFORE CONTRIBUTIONS (418,110) (418,110) (200,126)
CONTRIBUTIONS - - 381,692
CHANGE IN NET ASSETS (418,110)$ (418,110)$ 181,566
NET ASSETS, MAY 1 14,345,076
NET ASSETS, APRIL 30 14,526,642$
(See independent auditor's report.)
- 74 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
WATER FUND
For the Year Ended April 30, 2009
Original Final
Budget Budget Actual
ADMINISTRATION
Personnel services 285,870$ 285,870$ 291,031$
Training and development 6,400 6,400 1,016
Contractual services 148,900 148,900 136,934
Commodities 9,800 9,800 7,114
Utilities 16,000 16,000 11,053
Capital outlay 56,395 56,395 55,395
Total administration 523,365 523,365 502,543
OPERATIONS
Distribution
Personnel services 107,958 107,958 114,112
Contractual services 72,350 72,350 24,826
Commodities 2,267,207 2,267,207 1,920,597
Utilities 87,300 87,300 114,507
Capital outlay 43,000 43,000 -
Total distribution 2,577,815 2,577,815 2,174,042
Main and fire hydrant maintenance
Personnel services 406,760 406,760 425,316
Contractual services 231,500 231,500 69,241
Commodities 140,200 140,200 80,149
Capital outlay 107,000 107,000 1,940
Total main and fire hydrant maintenance 885,460 885,460 576,646
Meter maintenance
Personnel services 161,450 161,450 139,263
Contractual services 10,100 10,100 2,505
Commodities 7,100 7,100 4,109
Capital outlay 202,000 202,000 144,307
Total meter maintenance 380,650 380,650 290,184
TOTAL OPERATING EXPENSES 4,367,290$ 4,367,290$ 3,543,415$
(See independent auditor's report.)
- 75 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
WATER FUND
For the Year Ended April 30, 2009
Assets
Balances Balances
May 1 Additions Retirements April 30
Land 1,877,956$ -$ -$ 1,877,956$
Construction in progress 133,377 - 133,377 -
Buildings 4,180,123 - - 4,180,123
Water system improvements 11,888,262 515,068 170,437 12,232,893
Equipment and vehicles 595,397 - - 595,397
TOTAL 18,675,115$ 515,068$ 303,814$ 18,886,369$
Balances Balances
May 1 Additions Retirements April 30
Buildings 1,247,337$ 91,837$ -$ 1,339,174$
Water system improvements 1,509,665 259,070 170,437 1,598,298
Equipment and vehicles 548,636 8,323 - 556,959
TOTAL 3,305,638$ 359,230$ 170,437$ 3,494,431$
NET ASSET VALUE 15,391,938$
Accumulated Depreciation
(See independent auditor's report.)
- 76 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES AND
CHANGES IN NET ASSETS - BUDGET AND ACTUAL
SEWERAGE FUND
For the Year Ended April 30, 2009
Original Final
Budget Budget Actual
OPERATING REVENUES
Charges for services
Sewer charges 2,524,000$ 2,524,000$ 2,306,028$
Miscellaneous
Permits and fees 22,000 22,000 7,030
Penalties 34,000 34,000 26,652
Other 5,000 5,000 13,724
Total operating revenues 2,585,000 2,585,000 2,353,434
OPERATING EXPENSES EXCLUDING
DEPRECIATION
Administration 521,405 521,405 419,885
Operations
Treatment plant 2,094,481 2,094,481 1,757,411
Cleaning and maintenance 289,700 289,700 329,919
Construction 1,020,100 1,020,100 363,536
Total operating expenses excluding
depreciation 3,925,686 3,925,686 2,870,751
OPERATING INCOME (LOSS)
BEFORE DEPRECIATION (1,340,686) (1,340,686) (517,317)
Depreciation - - 169,331
OPERATING INCOME (LOSS)(1,340,686) (1,340,686) (686,648)
NONOPERATING REVENUES (EXPENSES)
Investment income 15,000 15,000 9,263
Grants 160,000 160,000 -
Total nonoperating revenues (expenses)175,000 175,000 9,263
INCOME (LOSS) BEFORE CONTRIBUTIONS (1,165,686) (1,165,686) (677,385)
CONTRIBUTIONS - - 2,751,037
CHANGE IN NET ASSETS (1,165,686)$ (1,165,686)$ 2,073,652
NET ASSETS, MAY 1 5,623,088
NET ASSETS, APRIL 30 7,696,740$
(See independent auditor's report.)
- 77 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
SEWERAGE FUND
For the Year Ended April 30, 2009
Original Final
Budget Budget Actual
ADMINISTRATION
Personnel services 252,700$ 252,700$ 179,039$
Training and development 5,400 5,400 1,561
Contractual services 187,200 187,200 166,772
Commodities 8,500 8,500 6,883
Utilities 5,000 5,000 4,896
Capital outlay 62,605 62,605 60,734
Total administration 521,405 521,405 419,885
OPERATIONS
Treatment plant
Personnel services 966,580 966,580 904,063
Training and development 7,100 7,100 3,465
Contractual services 317,400 317,400 173,047
Commodities 150,500 150,500 83,592
Utilities 295,000 295,000 333,071
Miscellaneous 65,000 65,000 27,280
Capital outlay 292,901 292,901 232,893
Total treatment plant 2,094,481 2,094,481 1,757,411
Cleaning and maintenance
Personnel services 225,500 225,500 291,101
Contractual services 30,000 30,000 19,490
Commodities 34,200 34,200 18,594
Capital outlay - - 734
Total cleaning and maintenance 289,700 289,700 329,919
Construction
Personnel services 264,400 264,400 237,298
Contractual services 90,500 90,500 32,657
Commodities 60,200 60,200 66,749
Capital outlay 730,731 730,731 152,563
Subtotal construction 1,145,831 1,145,831 489,267
Less nonoperating expenses
Capital assets capitalized (125,731) (125,731) (125,731)
Total construction 1,020,100 1,020,100 363,536
TOTAL OPERATING EXPENSES 3,925,686$ 3,925,686$ 2,870,751$
(See independent auditor's report.)
- 78 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
SEWERAGE FUND
For the Year Ended April 30, 2009
Assets
Balances Balances
May 1 Additions Retirements April 30
Construction in progress 136,676$ 1,955,868$ 50,117$ 2,042,427$
Sewer system 3,731,436 205,909 - 3,937,345
Buildings and
improvements 3,325,172 765,108 252,573 3,837,707
TOTAL 7,193,284$ 2,926,885$ 302,690$ 9,817,479$
Accumulated Depreciation
Balances Balances
May 1 Additions Retirements April 30
Sewer system 901,059$ 82,975$ -$ 984,034$
Buildings and
improvements 1,634,524 86,356 252,573 1,468,307
TOTAL 2,535,583$ 169,331$ 252,573$ 2,452,341$
NET ASSET VALUE 7,365,138$
(See independent auditor's report.)
- 79 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL
REFUSE FUND
For the Year Ended April 30, 2009
Original Final
Budget Budget Actual
OPERATING REVENUES
Charges for services
Refuse billing 628,500$ 628,500$ 623,738$
Miscellaneous 9,000 9,000 6,257
Total operating revenues 637,500 637,500 629,995
OPERATING EXPENSES
Operations
Personnel services 96,500 96,500 58,642
Contractual services 1,669,612 1,669,612 1,500,080
Commodities 10,500 10,500 13,770
Capital outlay 17,675 17,675 17,675
Total operating expenses 1,794,287 1,794,287 1,590,167
OPERATING INCOME (LOSS)(1,156,787) (1,156,787) (960,172)
NONOPERATING REVENUES (EXPENSES)
Investment income 14,000 14,000 9,019
Property taxes 841,360 841,360 807,708
Total nonoperating revenues (expenses)855,360 855,360 816,727
CHANGE IN NET ASSETS (301,427)$ (301,427)$ (143,445)
NET ASSETS, MAY 1 303,228
NET ASSETS, APRIL 30 159,783$
(See independent auditor's report.)
- 80 -
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, 2009
Original Final
Budget Budget Actual
OPERATING REVENUES
Parking lot fees 203,000$ 203,000$ 218,770$
Total operating revenues 203,000 203,000 218,770
OPERATING EXPENSES
Operations 326,340 326,340 255,796
Depreciation - - 26,738
Total operating expenses 326,340 326,340 282,534
OPERATING INCOME (LOSS)(123,340) (123,340) (63,764)
NONOPERATING REVENUES (EXPENSES)
Investment income 15,000 15,000 15,923
Total nonoperating revenues (expenses)15,000 15,000 15,923
CHANGE IN NET ASSETS (108,340)$ (108,340)$ (47,841)
NET ASSETS, MAY 1 2,025,328
NET ASSETS, APRIL 30 1,977,487$
(See independent auditor's report.)
- 81 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
COMMUTER PARKING LOT FUND
For the Year Ended April 30, 2009
Original Final
Budget Budget Actual
OPERATIONS
Parking lots - Village and federal funds
Personnel services 17,680$ 17,680$ 13,076$
Contractual services 145,530 145,530 105,476
Commodities 5,800 5,800 2,018
Utilities 3,300 3,300 2,797
Capital outlay 5,000 5,000 -
Total parking lots - Village and
federal funds 177,310 177,310 123,367
Parking lots - Village construction
Personnel services 18,100 18,100 13,076
Contractual services 122,530 122,530 113,069
Commodities 1,400 1,400 298
Utilities 6,000 6,000 5,986
Capital outlay 1,000 1,000 -
Total parking lots - Village construction 149,030 149,030 132,429
TOTAL OPERATING EXPENSES 326,340$ 326,340$ 255,796$
(See independent auditor's report.)
- 82 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF CAPITAL ASSETS AND DEPRECIATION
COMMUTER PARKING LOT FUND
For the Year Ended April 30, 2009
Assets
Balances Balances
May 1 Additions Retirements April 30
Land 77,500$ -$ -$ 77,500$
Parking lot
improvements 1,950,831 - - 1,950,831
TOTAL 2,028,331$ -$ -$ 2,028,331$
Accumulated Depreciation
Balances Balances
May 1 Additions Retirements April 30
Parking lot
improvements 694,170$ 26,738$ -$ 720,908$
NET ASSET VALUE 1,307,423$
(See independent auditor's report.)
- 83 -
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF NET ASSETS
INTERNAL SERVICE FUNDS
April 30, 2009
Vehicle and
Equipment
Garage Replacement Total
CURRENT ASSETS
Cash and investments 92,522$ 3,806,846$ 3,899,368$
Receivables
Accounts 702 - 702
Accrued interest 102 6,630 6,732
Inventory 112,762 - 112,762
Total current assets 206,088 3,813,476 4,019,564
CAPITAL ASSETS
Depreciable - 3,040,645 3,040,645
Accumulated depreciation - (1,636,426) (1,636,426)
Net capital assets - 1,404,219 1,404,219
Total assets 206,088 5,217,695 5,423,783
CURRENT LIABILITIES
Accounts payable 8,428 - 8,428
Accrued payroll 4,929 - 4,929
Compensated absences payable 2,471 - 2,471
Total current liabilities 15,828 - 15,828
LONG-TERM LIABILITIES
Compensated absences payable 22,243 - 22,243
Total long-term liabilities 22,243 - 22,243
Total liabilities 38,071 - 38,071
NET ASSETS
Invested in capital assets - 1,404,219 1,404,219
Unrestricted 168,017 3,813,476 3,981,493
TOTAL NET ASSETS 168,017$ 5,217,695$ 5,385,712$
(See independent auditor's report.)
- 84 -
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS
INTERNAL SERVICE FUNDS
For the Year Ended April 30, 2009
Vehicle and
Equipment
Garage Replacement Total
OPERATING REVENUES
Interfund services
Billings 397,683$ 584,203$ 981,886$
Miscellaneous 12,569 - 12,569
Total operating revenues 410,252 584,203 994,455
OPERATING EXPENSES
Operations 379,345 - 379,345
Commodities - 142,166 142,166
Total operating expenses 379,345 142,166 521,511
OPERATING INCOME BEFORE
DEPRECIATION 30,907 442,037 472,944
Depreciation - 207,783 207,783
OPERATING INCOME 30,907 234,254 265,161
NONOPERATING REVENUES
(EXPENSES)
Investment income 1,163 75,743 76,906
Gain on disposal of capital assets - 41,000 41,000
Total nonoperating revenues (expenses)1,163 116,743 117,906
CHANGE IN NET ASSETS 32,070 350,997 383,067
NET ASSETS, MAY 1 135,947 4,866,698 5,002,645
NET ASSETS, APRIL 30 168,017$ 5,217,695$ 5,385,712$
(See independent auditor's report.)
- 85 -
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
For the Year Ended April 30, 2009
Vehicle and
Equipment
Garage Replacement Total
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from interfund services 398,409$ 584,203$ 982,612$
Receipts from miscellaneous revenue 12,569 - 12,569
Payments to suppliers (143,249) (142,166) (285,415)
Payments to employees (219,447) - (219,447)
Net cash from operating activities 48,282 442,037 490,319
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 - 41,000 41,000
Capital assets purchased - (278,961) (278,961)
Net cash from capital and related
financing activities - (237,961) (237,961)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 1,120 78,096 79,216
Net cash from investing activities 1,120 78,096 79,216
NET INCREASE IN CASH AND
CASH EQUIVALENTS 49,402 282,172 331,574
CASH AND CASH EQUIVALENTS, MAY 1 43,120 3,524,674 3,567,794
CASH AND CASH EQUIVALENTS, APRIL 30 92,522$ 3,806,846$ 3,899,368$
RECONCILIATION OF OPERATING INCOME
TO NET CASH FLOWS FROM
OPERATING ACTIVITIES
Operating income 30,907$ 234,254$ 265,161$
Adjustments to reconcile operating income to
net cash from operating activities
Depreciation - 207,783 207,783
(Increase) decrease in
Accounts receivable 726 - 726
Inventories 14,899 - 14,899
Increase (decrease) in
Accounts payable (1,943) - (1,943)
Accrued payroll (233) - (233)
Compensated absences payable 3,926 - 3,926
NET CASH FROM OPERATING ACTIVITIES 48,282$ 442,037$ 490,319$
(See independent auditor's report.)
- 86 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL
GARAGE FUND
For the Year Ended April 30, 2009
Original Final
Budget Budget Actual
OPERATING REVENUES
Interfund services
Billings 315,000$ 315,000$ 397,683$
Miscellaneous 1,000 1,000 12,569
Total operating revenues 316,000 316,000 410,252
OPERATING EXPENSES
Operations 358,875 358,875 379,345
OPERATING INCOME (LOSS)(42,875) (42,875) 30,907
NONOPERATING REVENUES (EXPENSES)
Investment income 500 500 1,163
Total nonoperating revenues (expenses)500 500 1,163
CHANGE IN NET ASSETS (42,375)$ (42,375)$ 32,070
NET ASSETS, MAY 1 135,947
NET ASSETS, APRIL 30 168,017$
(See independent auditor's report.)
- 87 -
VILLAGE OF DEERFIELD, ILLINOIS
SCHEDULE OF OPERATING EXPENSES - BUDGET AND ACTUAL
GARAGE FUND
For the Year Ended April 30, 2009
Original Final
Budget Budget Actual
OPERATING EXPENSES
Public works department
Personnel services 206,850$ 206,850$ 223,140$
Training and development 1,900 1,900 290
Contractual services 25,000 25,000 11,750
Commo dit ies 112,900 112,900 133,169
Utilit ies 4,700 4,700 4,605
Capital outlay 7,525 7,525 6,391
TOTAL OPERATING EXPENSES 358,875$ 358,875$ 379,345$
(See independent auditor's report.)
- 88 -
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, 2009
Original Final
Budget Budget Actual
OPERATING REVENUES
Interfund services
Billings 584,203$ 584,203$ 584,203$
OPERATING EXPENSES
Capital outlay 1,321,700 1,321,700 421,127
Less capital assets capitalized (278,961) (278,961) (278,961)
Net capital outlay 1,042,739 1,042,739 142,166
OPERATING INCOME BEFORE
DEPRECIATION (458,536) (458,536) 442,037
Depreciation - - 207,783
OPERATING INCOME (458,536) (458,536) 234,254
NONOPERATING REVENUES (EXPENSES)
Investment income 90,000 90,000 75,743
Gain on disposal of capital assets - - 41,000
Total nonoperating revenues (expenses)90,000 90,000 116,743
CHANGE IN NET ASSETS (368,536)$ (368,536)$ 350,997
NET ASSETS, MAY 1 4,866,698
NET ASSETS, APRIL 30 5,217,695$
(See independent auditor's report.)
- 89 -
Original Final
Budget Budget Actual
ADDITIONS
Contributions - employer 790,000$ 790,000$ 843,209$
Contributions - employee 344,400 344,400 359,491
Total contributions 1,134,400 1,134,400 1,202,700
Investment income
Net appreciation (depreciation) in
fair value of investments - - (4,468,252)
Interest earned on investments 800,000 800,000 612,966
Total investment income 800,000 800,000 (3,855,286)
Less investment expense (1,750) (1,750) (1,505)
Net investment income 798,250 798,250 (3,856,791)
Total additions 1,932,650 1,932,650 (2,654,091)
DEDUCTIONS
Benefits and refunds
Pension payments 1,561,400 1,561,400 1,403,226
Separation refunds 15,000 15,000 40,165
Administrative 10,500 10,500 8,364
Total deductions 1,586,900 1,586,900 1,451,755
NET INCREASE (DECREASE)345,750$ 345,750$ (4,105,846)
NET ASSETS HELD IN TRUST FOR
PENSION BENEFITS
May 1 26,298,253
April 30 22,192,407$
VILLAGE OF DEERFIELD, ILLINOIS
POLICE PENSION FUND
SCHEDULE OF CHANGES IN PLAN NET ASSETS - BUDGET AND ACTUAL
For the Year Ended April 30, 2009
(See independent auditor's report.)
- 90 -
VILLAGE OF DEERFIELD, ILLINOIS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
AGENCY FUNDS
For the Year Ended April 30, 2009
Balances Balances
May 1 Additions Deductions April 30
ASSETS
Cash and investments 1,666,762$ 127,851$ 573,238$ 1,221,375$
Receivables - accrued interest 217 151 217 151
TOTAL ASSETS 1,666,979$ 128,002$ 573,455$ 1,221,526$
LIABILITIES
Accounts payable 31,697$ 6,343$ 31,697$ 6,343$
Deposits payable 1,560,699 63,892 467,175 1,157,416
Other payables 74,583 57,767 74,583 57,767
TOTAL LIABILITIES 1,666,979$ 128,002$ 573,455$ 1,221,526$
ASSETS
Cash and investments 1,591,899$ 66,392$ 498,375$ 1,159,916$
TOTAL ASSETS 1,591,899$ 66,392$ 498,375$ 1,159,916$
LIABILITIES
Accounts payable 31,200$ 2,500$ 31,200$ 2,500$
Deposits payable 1,560,699 63,892 467,175 1,157,416
TOTAL LIABILITIES 1,591,899$ 66,392$ 498,375$ 1,159,916$
ASSETS
Cash and investments 74,863$ 61,459$ 74,863$ 61,459$
Receivables - accrued interest 217 151 217 151
TOTAL ASSETS 75,080$ 61,610$ 75,080$ 61,610$
LIABILITIES
Accounts payable 497$ 3,843$ 497$ 3,843$
Other payables 74,583 57,767 74,583 57,767
TOTAL LIABILITIES 75,080$ 61,610$ 75,080$ 61,610$
DEPOSIT FUND
ALL FUNDS
EAST SHORE RADIO NETWORK FUND
(See independent auditor's report.)
- 91 -
Date of Issue February 28, 2003
Date of Maturity December 1, 2012
Authorized Issue $3,460,000
Denomination of Bonds $5,000
Interest Rates 2.25%, 2.55%, 2.95%, 3.15%, 3.30%, 3.50%
Principal Maturity Date December 1
Payable at Cole Taylor Bank, Chicago, Illinois
Tax
Levy Bond
Year Numbers Principal Interest Total June 1 Amount December 1 Amount
2008 338-422 425,000$ 57,365$ 482,365$ 2009 28,682$ 2009 28,683$
2009 423-509 435,000 44,827 479,827 2010 22,414 2010 22,413
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
1,775,000$ 149,592$ 1,924,592$ 74,796$ 74,796$
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, 2009
(See independent auditor's report.)
- 92 -
Date of Issue August 1, 2008
Date of Maturity December 1, 2028
Authorized Issue $5,000,000
Denomination of Bonds $5,000
In terest Rates 3.25%, 3.375%, 3.50%, 3.75%, 3.875%, 4.00%, 4.125%. 4.25%
Principal Maturity Date December 1
Payable at Cole Taylor Bank, Chicago, Illinois
Tax
Levy Bond
Year Numbers Principal In terest Total June 1 Amount December 1 Amount
2008 1-35 175,000$ 193,150$ 368,150$ 2009 96,575$ 2009 96,575$
2009 36-71 180,000 187,463 367,463 2010 93,731 2010 93,732
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
5,000,000$2,371,445$7,371,445$1,185,720$1,185,725$
FUTURE PRINCIPAL AND INTEREST REQUIREMENTS
Tax Levy In terest Due on
VILLAGE OF DEERFIELD, ILLINOIS
LONG-TERM DEBT REQUIREMENTS
GENERAL OBLIGATION BOND SERIES OF 2008
April 30, 2009
(See independent auditor's report.)
- 93 -
STATISTICAL SECTION
This part of the Village of Deerfield’s comprehensive annual financial report presents detailed
info rmation as a context for understanding what the information in the financial statements, note
disclosures, and required supplementary info rmation 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.94-98
Revenue Capacity
These schedules contain information to help the reader assess the Village’s
mo st significant local revenue source, the property tax.99-100
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.101-104
Demographic and Economic Information
These schedules offer demographic and economic indicators to help t he reader
understand the environment within which the Village’s financial activities take
place. 105-106
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.107-109
Sources: Unless otherwise noted, the information in these schedules is derived from the
comprehensive annual financial reports for the relevant year. The Village implement ed GASB
Statement 34 in FY 2004; schedules presenting government-wide information include information
beginning in t hat year.
VILLAGE OF DEERFIELD, ILLINOIS
NET ASSETS BY COMPONENT
Last Six Fiscal Years
Fiscal Year 2004 2005 2006 2007 2008 2009
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$
Restricted 7,143,495 5,642,027 6,634,566 4,088,876 4,979,340 5,899,947
Unrestricted 23,683,161 22,293,758 24,431,788 18,185,786 22,238,210 18,140,003
TOTAL GOVERNMENTAL ACTIVITIES 76,039,057$ 74,352,259$ 78,426,760$ 82,380,789$ 87,460,739$ 86,659,194$
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$
Unrestricted 5,750,279 4,753,661 4,066,666 4,841,210 3,120,381 2,071,153
TOTAL BUSINESS-TYPE ACTIVITIES 18,283,955$ 19,081,563$ 19,965,655$ 21,767,836$ 22,296,720$ 24,360,652$
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$
Restricted 7,143,495 5,642,027 6,634,566 4,088,876 4,979,340 5,899,947
Unrestricted 29,433,440 27,047,419 28,498,454 23,026,996 25,358,591 20,211,156
TOTAL PRIMARY GOVERNMENT 94,323,012$ 93,433,822$ 98,392,415$ 104,148,625$ 109,757,459$ 111,019,846$
Data Source
Audited Financial Statements
- 94 -
Fiscal Year 2004 2005 2006 2007 2008 2009
EXPENSES
Governmental activities
General government 13,407,856$ 17,160,850$ 14,956,404$ 4,602,570$ 4,569,982$ 5,228,097$
Public safety 6,718,927 6,660,439 6,780,176 7,154,536 7,232,143 7,715,014
Highways and streets 4,809,688 7,113,852 6,404,266 5,822,340 4,451,069 7,317,060
Interest 574,558 462,600 372,475 295,435 209,430 215,464
Total governmental activities expenses 25,511,029 31,397,741 28,513,321 17,874,881 16,462,624 20,475,635
Business-type activities
Water 3,915,324 3,940,038 4,319,188 4,264,602 6,224,262 3,993,964
Sewerage 2,335,993 2,380,517 2,126,395 2,450,965 2,735,053 3,040,082
Refuse disposal 1,388,879 1,386,178 1,397,308 1,496,548 1,520,190 1,590,167
Commuter parking 43,573 195,513 225,498 246,153 210,307 282,534
Total business-type activities expenses 7,683,769 7,902,246 8,068,389 8,458,268 10,689,812 8,906,747
TOTAL PRIMARY GOVERNMENT EXPENSES 33,194,798$ 39,299,987$ 36,581,710$ 26,333,149$ 27,152,436$ 29,382,382$
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$
Public safety 770,963 867,230 884,195 911,421 935,302 956,468
Highways and streets - 10,091 57,912 69,216 75,400 59,609
Operating grants and contributions 534,561 558,143 557,050 544,823 524,423 490,768
Capital grants and contributions 297,220 1,019,794 235,298 213,575 1,492,153 894,545
Total governmental activities
program revenues 2,750,574 4,072,316 4,118,750 3,482,853 4,507,286 4,047,068
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$
Sewerage 1,772,816 1,713,520 1,788,238 2,372,061 2,396,295 2,306,028
Refuse disposal 640,430 630,935 615,349 623,681 624,349 623,738
Commuter parking 151,133 202,497 206,205 204,177 212,585 218,770
Capital grants and contributions - - 573,179 1,002,909 441,605 -
Total business-type activities
program revenues 6,673,382 6,585,550 7,827,715 8,453,766 8,040,601 6,795,553
TOTAL PRIMARY GOVERNMENT
PROGRAM REVENUES 9,423,956$ 10,657,866$ 11,946,465$ 11,936,619$ 12,547,887$ 10,842,621$
NET (EXPENSE) REVENUE
Governmental activities (22,760,455)$ (27,325,425)$ (24,394,571)$ (14,392,028)$ (11,955,338)$ (16,428,567)$
Business-type activities (1,010,387) (1,316,696) (240,674) (4,502) (2,649,211) (2,111,194)
TOTAL PRIMARY GOVERNMENT
NET (EXPENSE) REVENUE (23,770,842)$ (28,642,121)$ (24,635,245)$ (14,396,530)$ (14,604,549)$ (18,539,761)$
CHANGE IN NET ASSETS
VILLAGE OF DEERFIELD, ILLINOIS
Last Six Fiscal Years
- 95 -
VILLAGE OF DEERFIELD, ILLINOIS
CHANGE IN NET ASSETS (Continued)
Last Six Fiscal Years
Fiscal Year 2004 2005 2006 2007 2008 2009
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$
Sales 3,420,855 4,490,379 4,480,111 4,533,261 4,552,097 4,438,194
Home rule sales - - 1,875,874 1,832,281 1,913,268 2,448,385
Simplified telecommunications 339,634 298,021 305,226 323,358 354,984 347,666
Other 2,899,641 3,214,073 3,600,623 3,891,356 4,065,091 3,684,318
Investment income 499,724 835,537 871,624 1,557,378 1,253,533 486,398
Miscellaneous 182,343 175,507 221,617 210,116 278,667 260,971
Special items (1,370,009) - - - - -
Contribution to Component Unit - (127,335) - - - -
Transfers in (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
Business-type activities
Property taxes 761,356 740,915 786,228 859,502 780,785 807,708
Investment income 56,301 113,401 66,823 188,864 192,967 49,427
Miscellaneous 101,007 218,095 271,715 214,481 204,343 185,262
Contributions 365,926 1,041,893 - - - -
Transfers in (out)- - - 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
TOTAL PRIMARY GOVERNMENT 23,530,309$ 27,752,931$ 29,561,177$ 20,152,739$ 20,213,383$ 19,802,148$
CHANGE IN NET ASSETS
Governmental activities (514,736)$ (1,686,798)$ 4,041,840$ 2,897,864$ 5,079,950$ (801,545)$
Business-type activities 274,203 797,608 884,092 2,858,345 528,884 2,063,932
TOTAL PRIMARY GOVERNMENT
CHANGE IN NET ASSETS (240,533)$ (889,190)$ 4,925,932$ 5,756,209$ 5,608,834$ 1,262,387$
Data Source
Audited Financial Statements
- 96 -
VILLAGE OF DEERFIELD, ILLINOIS
FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
Fiscal Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
GENERAL FUND
Reserved 4,370,978$ 4,577,551$ 4,108,931$ 4,108,983$ 4,101,576$ 4,090,258$ 3,638,004$ 3,219,255$ 2,233,242$ 453,124$
Unreserved 10,920,309 12,523,449 9,545,203 11,586,730 12,997,848 13,734,009 17,242,457 16,968,193 14,913,911 16,155,829
TOTAL GENERAL FUND 15,291,287$ 17,101,000$ 13,654,134$ 15,695,713$ 17,099,424$ 17,824,267$ 20,880,461$ 20,187,448$ 17,147,153$ 16,608,953$
ALL OTHER GOVERNMENTAL FUNDS
Reserved 13,610,616$ 6,377,762$ 2,880,845$ 2,940,619$ 10,037,943$ 3,805,267$ 6,634,566$ 4,088,876$ 4,979,340$ 5,899,947$
Unreserved, reported in
Special Revenue Funds 2,575,863 2,796,582 2,630,136 1,234,478 361,876 - - - - -
Capital Project Funds 5,854,524 8,837,732 11,960,387 12,473,866 892,287 3,627,272 1,185,564 976,571 1,804,245 1,928,286
TOTAL ALL OTHER
GOVERNMENTAL FUNDS 22,041,003$ 18,012,076$ 17,471,368$ 16,648,963$ 11,292,106$ 7,432,539$ 7,820,130$ 5,065,447$ 6,783,585$ 7,828,233$
Data Source
Audited Financial Statements
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VILLAGE OF DEERFIELD, ILLINOIS
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
Fiscal Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
REVENUES
Taxes 19,359,314$ 20,831,978$ 20,891,111$ 22,243,312$ 22,933,661$ 24,754,920$ 27,343,170$ 17,122,400$ 17,503,089$ 18,012,382$
Licenses and permits 898,849 1,109,682 877,546 934,518 939,098 1,390,602 2,151,791 1,454,044 1,161,276 1,271,817
Intergovernmental 489,252 524,575 512,901 660,996 831,782 1,582,943 795,364 762,016 713,470 1,349,486
Fines and forfeitures 396,164 260,435 223,465 193,060 166,175 230,320 244,100 239,668 716,522 727,445
Charges for services 535,458 467,173 566,787 954,827 561,219 606,071 657,581 701,606 261,495 251,680
Investment income 1,346,836 3,203,955 1,570,967 1,415,015 499,720 835,537 871,621 1,557,378 1,253,533 486,398
Miscellaneous 1,419,645 5,140,866 1,069,550 549,700 434,648 433,279 491,534 514,765 614,796 698,839
Total revenues 24,445,518 31,538,664 25,712,327 26,951,428 26,366,303 29,833,672 32,555,161 22,351,877 22,224,181 22,798,047
EXPENDITURES
General government 2,987,855 3,312,324 10,175,205 10,491,626 12,787,565 17,159,086 14,733,899 4,208,961 4,827,462 5,156,342
Public safety 4,364,584 4,652,692 4,628,549 5,469,406 6,455,809 6,655,195 6,818,734 7,114,542 7,273,503 7,656,333
Highways and streets 1,312,867 2,189,880 1,591,611 1,414,832 1,760,743 1,860,596 2,167,013 2,333,709 3,034,841 3,536,206
Capital outlay 13,885,848 20,318,258 7,132,673 4,767,424 2,864,456 4,203,040 4,107,770 8,260,631 4,204,984 6,735,684
Debt service
Principal 1,080,000 2,630,000 2,685,000 2,725,000 2,750,000 2,485,000 1,500,000 2,000,000 2,000,000 4,000,000
Interest 957,529 904,749 876,891 739,459 598,683 482,750 377,850 302,600 216,600 184,939
Total expenditures 24,588,683 34,007,903 27,089,929 25,607,747 27,217,256 32,845,667 29,705,266 24,220,443 21,557,390 27,269,504
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (143,165) (2,469,239) (1,377,602) 1,343,681 (850,953) (3,011,995) 2,849,895 (1,868,566) 666,791 (4,471,457)
OTHER FINANCING SOURCES (USES)
Transfers in 4,830,585 7,250,015 10,801,457 4,505,297 2,044,550 2,441,750 2,438,479 4,702,000 4,216,000 8,629,795
Transfers (out)(4,639,585) (6,999,990) (10,604,457) (3,754,318) (2,044,550) (2,569,085) (1,877,250) (6,302,000) (6,216,000) (8,629,795)
Bonds issued - - 3,546,013 - - - - - - 5,000,000
Discount on bonds issued - - - - - - - - - (30,867)
Refunding of bonds - - (3,510,000) - - - - - - -
Special item - - - - (1,370,009) - - - - -
Sale of capital assets - - - - - 4,606 - 20,870 11,052 8,772
Total other financing sources (uses)191,000 250,025 233,013 750,979 (1,370,009) (122,729) 561,229 (1,579,130) (1,988,948) 4,977,905
NET CHANGE IN FUND BALANCES 47,835$ (2,219,214)$ (1,144,589)$ 2,094,660$ (2,220,962)$ (3,134,724)$ 3,411,124$ (3,447,696)$ (1,322,157)$ 506,448$
Debt Service as a Percentage of
Noncapital Expenditures 19.04%25.82%17.85%16.62%13.75%10.36%7.34%14.43%14.43%16.29%
Data Source
Audited Financial Statements
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VILLAGE OF DEERFIELD, ILLINOIS
SALES TAX BY CATEGORY
Last Ten Calendar Years
Calendar Year 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
General merchandise 87,177$ 78,758$ 79,268$ 82,011$ 162,873$ 214,657$ 297,344$ 217,623$ 268,413$ 181,355$
Food 185,920 222,214 248,773 307,716 418,454 506,945 646,617 709,999 712,229 656,766
Drinking and eating places 373,500 398,872 457,226 476,341 472,203 469,889 604,698 666,821 749,845 756,872
Apparel 2,983 23,447 66,162 73,784 91,238 108,410 140,908 189,351 195,358 178,925
Furniture & H.H. & radio 489,107 514,293 545,153 560,267 528,154 579,127 1,026,827 836,653 784,397 676,075
Lumber, building hardware 464,986 488,534 511,579 502,467 441,858 490,021 741,273 681,704 614,752 532,637
Automobile and filling stations 153,378 189,363 166,908 160,031 157,021 168,139 264,775 317,435 257,719 283,125
Drugs and miscellaneous retail 718,124 742,858 782,309 763,484 793,503 994,536 1,707,928 1,899,467 1,877,780 2,184,421
Agriculture and all others 192,926 172,334 176,498 178,602 163,866 186,343 685,694 788,059 737,298 711,157
Manufacturers 115,031 141,888 60,744 96,720 65,151 63,701 95,169 125,147 93,150 143,018
TOTAL 2,783,132$ 2,972,561$ 3,094,620$ 3,201,423$ 3,294,321$ 3,781,768$ 6,211,233$ 6,432,259$ 6,290,941$ 6,304,351$
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%0.00%0.00%0.50%0.50%0.50%
Data Source
Illinois Department of Revenue
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VILLAGE OF DEERFIELD, ILLINOIS
DIRECT AND OVERLAPPING SALES TAX RATES
Last Ten Fiscal Years
Village
Lake RTA Cook RTA Home Village
Fiscal County Lake County County Cook County Rule Direct State
Year Rate Rate Rate Rate Rate Rate Rate
1999 0.25%0.25%0.75%1.00%0.00%1.00%5.00%
2000 0.25%0.25%0.75%1.00%0.00%1.00%5.00%
2001 0.25%0.25%0.75%1.00%0.00%1.00%5.00%
2002 0.25%0.25%0.75%1.00%0.00%1.00%5.00%
2003 0.25%0.25%0.75%1.00%0.00%1.00%5.00%
2004 0.25%0.25%0.75%1.00%0.00%1.00%5.00%
2005 0.25%0.25%0.75%1.00%0.50%1.00%5.00%
2006 0.25%0.25%0.75%1.00%0.50%1.00%5.00%
2007 0.25%0.75%0.75%1.25%0.50%1.00%5.00%
2008 0.25%0.75%1.75%1.25%1.00%1.00%5.00%
Data Source
Village and County Records
- 100 -
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*
2000 22,825,000$ 4,735,000$ 27,560,000$ 1.43%1,530.94$
2001 20,195,000 4,460,000 24,655,000 1.25%1,338.49
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
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 105 for personal
statements.
- 101 -
VILLAGE OF DEERFIELD, ILLINOIS
RATIOS OF GENERAL BONDED DEBT OUTSTANDING
Last Ten Fiscal Years
(1)Percentage of
(1)Less: Amounts Estimat ed
General Available Actual Taxable
Fiscal Obligation In Debt Value of Per
Year Bonds Service Fund Total Property Capita
2000 22,825,000$ 2,414,791$ 20,410,209$ 0.97%1,133.77$
2001 20,195,000 2,660,397 17,534,603 0.79%951.93
2002 17,460,000 2,880,845 14,579,155 0.61%791.49
2003 14,735,000 2,840,619 11,894,381 0.46%645.73
2004 11,985,000 1,674,419 10,310,581 0.37%559.75
2005 9,500,000 361,876 9,138,124 0.31%496.10
2006 8,000,000 1,094,777 6,905,223 0.18%374.88
2007 6,000,000 533,758 5,466,242 0.13%296.76
2008 4,000,000 560,711 3,439,289 0.07%186.71
2009*5,000,000 472,761 4,527,239 0.10%245.78
* 2007 EAV used as it is the most recent data available
Data Source
(1) Audited Financial Statements
- 102 -
***
(1)(2)
Gross Percentage ***
General of Debt Village's
Obligation Applicable to Share
Governmental Unit Debt Government of Debt
Village of Deerfield 5,000,000$ 100.000%5,000,000$
Lake County - (1)4.304%-
Lake County Forest Preserve 206,524,438 (2)4.304%8,888,812
Cook County 2,953,610,000 0.136%4,016,910
Cook County Forest Preserve 121,270,000 0.136%164,927
Deerfield Park District 6,990,000 98.070%6,855,093
Park District of Highland Park 1,300,000 1.324%17,212
Northbrook Park District 17,450,000 4.289%748,431
Lake School District No. 109 18,480,000 (4)73.333%13,551,938
Lake School Distrtict No. 112 24,095,000 (1)0.193%46,503
Lake High School District No. 113 58,300,000 26.802%15,625,566
Cook High School District No. 225 96,584,614 (2)3.822%3,691,464
Community College No. 532 9,157,475 (1)(2)4.528%414,650
Metro Water Reclamation District 1,453,547,772 (3)0.139%2,020,431
North Shore Sanitary District 6,717,990 (3)0.025%1,679
4,974,027,289 56,043,616
Total gross debt 4,979,027,289 61,043,616
Less Debt Service Fund amount
available - Village of Deerfield 472,761 472,761
TOTAL DIRECT AND OVERLAPPING DEBT 4,978,554,528$60,570,855$
(1)
(2)Includes outstanding original principal amounts of General Obligation Capital Appreciation Bonds.
(3)Includes bonds payable to the IEPA.
(4)Excludes outstanding debt certificates.
*Most recent data available.
**
***Amount of column (2) multiplied by amount in column (1).
Data Source
Office of the County Clerk
VILLAGE OF DEERFIELD, ILLINOIS
DIRECT AND OVERLAPPING BONDED DEBT -
April 30, 2009
Determined by ratio of assessed value of property subject to taxation in overlapping unit to value of property subject to taxation.
GOVERNMENTAL ACTIVITIES
Excludes outstanding principal amounts of General Obligation (Alternate Revenue Source) Bonds which are expected to be paid from
sources other than general taxation.
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VILLAGE OF DEERFIELD, ILLINOIS
LEGAL DEBT MARGIN INFORMATION
April 30, 2009
EQUALIZED ASSESSED VALUATION - 2008*1,534,804,968$
Legal Debt Limit - 8.625%132,376,928$
Amount of debt applicable to limit:
General Obligation Bonds Series 2008 5,000,000
LEGAL DEBT MARGIN 127,376,928$
* 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:
- 104 -
Median
Fiscal Personal Household Unemployment
Year Population Income Income Rate
2000 18,002 1,929,706,388$ 107,194$ 0.90%
2001 18,420 1,974,513,480 107,194 0.90%
2002 18,420 1,974,513,480 107,194 1.40%
2003 18,420 1,974,513,480 107,194 3.20%
2004 18,420 1,974,513,480 107,194 3.80%
2005 18,420 1,974,513,480 107,194 1.40%
2006 18,420 1,974,513,480 107,194 1.10%
2007 18,420 1,974,513,480 107,194 2.80%
2008 18,420 1,974,513,480 107,194 3.40%
2009 18,420 1,974,513,480 107,194 4.90%
Data Source
U.S. Census Bureau and U.S. Bureau of Labor Statistics
VILLAGE OF DEERFIELD, ILLINOIS
DEMOGRAPHIC AND ECONOMIC INFORMATION
Last Ten Fiscal Years
- 105 -
% of % of
Total Village Total Village
Employer Employees Rank Population Employees Rank Population
Baxter International Inc 4,500 1 24%- -
Walgreen Co 2,400 2 13%1,800 1 10%
Takeda Pharmaceuticals North 2,300 3 12%- -
Astellas Pharma Us Inc 1,200 4 7%- -
Fortune Brands 905 5 5%- -
Illinois Student Assistance Commission 550 6 3%512 2 3%
Deerfield High School 500 7 3%- -
United Stationers Supply 500 8 3%- -
Sears, Roebuck & Co.380 9 2%- -
Thompson Financial LLC 350 10 2%- -
Alliant Food Service - - 450 3 3%
Pactiv Corp - - 400 4 2%
MMI Companies - - 380 5 2%
West Group - - 300 6 2%
Teradyne Inc., Telecommunications Division - - 275 7 2%
William M. Mercer, Inc.- - 240 8 1%
Nestle Clinical Nutrition - - 225 9 1%
Whitehall North - - 206 10 1%
13,585 74%4,788 27%
Village population 18,420 18,002
Data Source
Lake County Partners
VILLAGE OF DEERFIELD, ILLINOIS
PRINCIPAL EMPLOYERS
Current Year and Nine Years Ago
2009 2000
- 106 -
Function/Program 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
GENERAL GOVERNMENT
Village Manager 3 3 3 3 3 3 3 3 3 3
Finance 7 7 7 8 8 8 9 10 10 10
Engineering 1 1 1 1 1 1 2 3 3 3
Community development 5 5 5 5 5 5 6 7 7 7
PUBLIC WORKS
Administration 3 3 3 3 3 3 2 4 4 4
Street maintenance 7 7 7 7 7 7 7 7 7 7
Utilities maintenance 12 12 13 13 13 13 13 14 15 15
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 8 8 7 7 7
Communications 7 7 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 32 32 31 31 31
TOTAL 102 102 104 105 105 105 107 111 112 112
Data Source
Village budget office
VILLAGE OF DEERFIELD, ILLINOIS
FULL-TIME EQUIVALENT EMPLOYEES
Last Ten Fiscal Years
- 107 -
Function/Program 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
PUBLIC SAFETY
Police
Physical arrests 611 580 515 458 552 463 498 532 587 568
Parking violations 5,043 4,830 4,446 4,113 3,911 3,260 2,332 2,625 2,690 2,385
Traffic violations 3,862 5,401 5,122 3,523 3,767 3,836 4,140 4,119 4,278 4,255
PUBLIC WORKS
Street resurfacing (miles)1.63 0.00 0.00 0.91 0.00 2.21 3.11 3.18 3.21 3.14
WATER
Water main breaks 84 92 76 68 110 107 141 62 77 47
Average daily consumption (gallons)2,864,885 3,001,529 2,906,003 2,842,063 2,997,941 2,998,732 3,350,346 2,998,220 3,128,000 2,566,000
Peak daily consumption (gallons)6,484,740 5,074,860 6,149,350 6,271,610 5,461,590 4,225,510 4,932,570 4,476,210 5,894,000 5,279,000
WASTEWATER
Average daily treatment (gallons)3,353,425 3,238,356 3,682,192 3,104,110 2,926,027 3,106,164 2,809,671 3,204,822 2,963,972 3,324,536
Data Source
Various Village departments
VILLAGE OF DEERFIELD, ILLINOIS
OPERATING INDICATORS
Last Ten Calendar Years
- 108 -
Function/Program 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
PUBLIC SAFETY
Police
Stations 1 1 1 1 1 1 1 1 1 1
Number of Police Officers 40 40 40 40 40 40 39 39 39 39
PUBLIC WORKS
Arterial streets (miles)8 8 8 8 8 8 8 8 8 8
Residential streets (miles)62 62 62 62 68 68 68 68 68 68
Traffic signals 8 9 9 9 9 10 10 10 10 10
WATER
Water mains (miles)82 82 82 82 83 84 84 84 84 84
Fire hydrants 1,174 1,174 1,174 1,174 1,189 1,203 1,203 1,203 1,203 1,203
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 8,000,000
WASTEWATER
Sewers (miles)140 140 140 140 140 140 151 151 151 151
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
- 109 -